BusinessMirror May 23, 2022 by BusinessMirror

‘Close borders, cut Omicron exposure risk’ BIR misses ₧551.78-B Q1 revenue goal By Cai U. Ordinario

@caiordinario By Bernadette D. Nicolas

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@BNicolasBM

LOSING the country’s borders one ofofthe most Revenue immediate HE is Bureau Internal courses of action the govern(BIR) fell short of its P551.78ment mustrevenue take to target prevent billion forthe thelatest Covid-19 variant, Omicron, from first quarter of the year as its colreaching Philippine shores, accordlections during the period settled at ing to local economists. P503.5 billion. T he new var iant is a threat, In a report to Finance Secretary Care s p e c i a l l y w it h t he hol id ay s los G. Dominguez III, BIR Deputy Comcoming up and more missioner Arnel Guballa saidforeigners their aca llowed to travel to the tualbeing collection from January to March Philippines, De La Sa lle Univerthis year was lower by 8.8 percent or sit ybillion economist Mar Ella P48.3 than the goaliaset by Oplas the told BusinessMirror. Cabinet-level Development Budget The holidays usually bring in Coordination Committee (DBCC). Overseas Filipino Workers (OFWs) who are eager to spend Christmas

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with their loved ones, while foreigners living regions Despite this, in thetemperate government’s usually want to relax in tropical biggest tax collection agency mancountries like the This aged to surpass its Philippines. P470.5-billion year’stake influx expected revenue in of theOFWs same is period last to beby heavier since many of them were year 7 percent. unable to come home for the holidays The bulk of BIR’s collections came in December 2020. from its operations amounting to recommendation is tobelow protect P485.4“My billion, which was also the borders. Do not allow people with by 8.9 percent than the P532.6-billion a history of travel to countries with target set by DBCC for the period. positive attributed cases to enter,” Oplas said. Guballa the collection “We should be more shortfall in BIR’s actualrestrictive. operations[We have to be]using moretheir protective in terms to businesses input valueof our measures.” added tax (VAT) credits from pursaid that while chasedOplas capital goods underthis the will Tax be a setback to some industries, this Reform for Acceleration and Incluis a fair measure considering that sion (TRAIN) law. this could help prevent placing the country in another strict lockdown,

n Monday, May 23, 227 Monday, November 29,2022 2021Vol.Vol.1717No.No.52

which, she said, the economy can no longer Prior toafford. January 1, 2022, the Tax is better that we do protective Code “It requires that input VAT from preventive measures than purchased capital goods with anget ag-exposedacquisition again. Wecost haveofaP1lot to lose,” gregate million said. “We do itover nowa so andOplas above, must be should spread out that we can open just before Christperiod of 60 months beginning the mas.of If it gets contained, we can open month purchase. it again.” With the outright crediting of for Economic input Ateneo VAT byCenter businesses, the BIRResearch and Development incurred a shortfall of P17.4 (ACERD) billion Associate Director Ser Percival in VAT collections and another P9.4 K. Peña-Reyes closingforthe billion in income taxsaid collections borders would be effecthecountry’s first quarter of 2022 alone as tive but should still adhere to the compared to the DBCC-set targets, standards Guballa said. set by the World Health Organization However, BIR’s(WHO). collection from is needed, Peña-Reyes told VAT inWhat the first three months of the this newspaper, is for travel restrictions to be put in place swiftly and

for government to be proactive in imposing year reachedthem. P113.5 billion, up by 16 Previous instances when the percent year-on-year. country had the opportunity to imThe BIR collected P18.1 billion pose restrictions didin notthe prefrom itstravel non-BIR operations vent the spread of Covid-19. That was same period. mainly the decision For thisbecause year, the BIR aims towas col-not made immediately, he said. lect P2.438 trillion in revenues, 17.2 “Kung papatay patayfull-year [If we’re percent higher than its 2020 slow] and we get caught flat-foottarget of P2.081 trillion. ed, [that’s We were too reIn 2021, therisky] BIR narrowly missed active instead of proactive before. its full-year target by 0.15 percent, should learn from that,” Peñaas We it collected only P2.078 trillion. Reyes said.the “It’scountry a delicate balancing To recall, had to react. We to pushmobility testingreand impose lastneed year stricter tracing to be properly informed strictions in several areas, including of our decisions. Blanket/shotgun Metro Manila, in order to curb the approaches could spread of Covid-19. have dire consequences on the economy.” See “Omicron,” A2

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

30 YRS NEEDED TO REVERT NATL GOVT BORROWINGS TO PRE-COVID DEBT LEVEL FOR 10 MOS DIP TO P2.75T By Cai U. Ordinario By Bernadette D. Nicolas

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@caiordinario

Omicron risk spurs revival of quarantine rules in PHL

@BNicolasBM

ANDEMIC babies born last year may already be in their 30s by the HE national government’s time the country returns to pregross Covid-19 debt levels, according to a study borrowings released by as theofPhilippine Institute for end-October shrank Development Studies (PIDS). by almost 6 percent year-on-year to In a discussion paper, PIDS reP2.75 trillion. searchers led by Research Fellows

led by Maria Margarita D. Gonzales and Philippine Economic Society Latest data from the BureauDiokof the President Charlotte Justine Treasury showed that the governno-Sicat said returning to prepanment’s debt grosslevels borrowings during the demic will depend on 10-month periodthat fell by 5.99 fiscal rectitude will bepercent implefrom P2.92 trillion a year ago. mented by the government. With only two months left for If the country’s fiscal rectitude this year, the latest figure is already —which includes spending cuts equivalent 89.6 percent of its and efficienttorevenue collection— P3.07-trillion borrowing program. reaches an equivalent of 3.4 percent Broken down, gross of GDP annually, thedomestic country borwill rowings from January October reach prepandemic debtto levels in a settled at trillion, down by decade; butP2.23 if only 1.3 percent of 5.08ispercent trillion GDP achievedfrom everyP2.35 year, prepanin 2020. demic debt levels could be attained The bulk of the amount was sourced from Fixed Rate Treasury Bonds (P1.19 trillion), followed by short-term borrowings from Bangko Sentral ng Pilipinas or BSP (P540 billion), Retail Treasury Bonds/Premyo Bonds (P463.3 billion), Retail Onshore By Dollar Bonds (P80.84 bilBianca Cuaresma lion). In the same period, there was @BcuaresmaBM also a net redemption of Treasury Bills amounting to P43.94 OCAL markets arebillion. still in Net debt redemption means a wait-and-see mode after there were more debts repaid comthe elections, as investors pared to the borrowed await theamount appointment ofdurkey ing Cabinet the period. officials under the inMeanwhile, gross foreigna local borcoming administration, rowings in the same period also economist said. contracted by 9.7 percent to P518.7 Rizal Commercial Bankbillion last year’s P574.4 ingfrom Corporation (RCBC)billion. chief This was raised through global economist Michael Ricafort bonds billion), program said(P146.17 the recent movement in loans billion), the(P139.98 local bourse and theeuro-deforeign nominated bonds (P121.97 billion), exchange market reflects invesa project loan (P86.41 billion), and tors’ search for cues on the next yen-denominated samurai bonds administration’s direction. (P24.19 billion). See “Borrowings,” A2

@sam_medenilla

only 30 years after or in 2051. “Our results suggest that reaching the target debt ratio by 2031 may be difficult given the large fiscal adjustments that this would involve (1.4 percent to 3.4 percent of GDP for the gentlest fiscal consolidation path), on top of the adjustments implied by our assumed primary balance paths,” the researchers said. “As smaller fiscal gaps are associated with longer debt reduction time horizons, achieving the debt target later than 2031 appears more feasible, especially as there is need for further spending to prevent economic scarring,” they added.

HORROR IN HANOI! The Philippines lost what is considered the most precious gold medal at the Southeast Asian Games after Indonesia conquered Gilas Pilipinas, 85-81, in a battle of unbeaten teams in men’s basketball. The team with the most number of wins after the single-round event wins the See “30 years,” A2 gold—Indonesia swept the seven-game event, with the Philippines, composed professional players, absorbing their only loss in the Games. Photo PEOPLE walk past the mural of Gat Andres Bonifacio atmostly ManilaofCity Hall Underpass. shows June Mar Fajardo getting a tough treatment from Indonesia’s Van Dorn The country will celebrate the 158th birth anniversary of Filipino revolutionary Brandon. More SEA Games stories in Sports, B8. NONIE REYES hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO

MARKET IN WAIT-AND-SEE MODE PENDING NEW CABINET NAMES

By Samuel P. Medenilla

‘PHL food supply is enough, no need to stock up’

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

“In view of the transition phase before the new adminBy Jasper Emmanuel Arcalas istration takes office onY.June @jearcalas 30, 2022 or more than a month from now, the financial marthanfor3 admillion kets are stillORE waiting coconut farmers ditional details on the new and workersEconomic are now regisadministration’s tered with the government’s regTeam,” Ricafort said. istry, which serves as the basis Investors, according to the for the number of people to be economist, are particularly covered by the utilization looking at whether the newof the P75-billionof coconut levy fund. appointments the incoming Philippine government will Coconut follow a Authority con(PCA) Deputy Administrator tinuity narrative, at the very Roel M.of Rosales said about 3.11 million least, the previous adminiscoconut farmers and farm worktration’s work. ers have been registered with the See “Market,” A3 government since it started up-

NTER NATIONA L concerns over the possible spread of the more infectious Omicron Covid-19 variant prompted the government to reimpose mandatory facility-based quarantine for all arriving passengers in the country. Acting Presidential spokesperson Karlo B. Nograles announced on Sunday that the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) suspended the implementation of its Resolution No. 150A (s.2021), effectively imposing stricter protocols for all inbound travelers. To note, IATF Resolution 150A had allowed fully vaccinated non-visa travelers from Green List areas to enter the country without the need for facility-based quarantine as long as they secure negative Reverse TranscriptionPolymerase Chain Reaction (RTPCR) test within 72 hours prior to their departure. the highest,” said Castelo. “Except fortocountries According the tradeclassified official, as ‘Red,’ the testing and quarantine the goods which fall under the protocols forincrease all inbound interna10-percent are water in tional travelers all ports entry bottles, potableinwater in of bottles shallcontainers, comply withprocessed the testingmilk, and and quarantine protocols for ‘Yellow’ instant noodles, coffee and salt, list countries,” among others. Nograles said, citing theThe provision Resolution increaseofinIATF prices of these No. 151-A. basic commodities is unstoppable He noted Hong Kong, since manufacturers ofwhich somehas of confirmed a case of the Omicron these goods also faced price hikes variant, willthe also fallmaterials under theused Yelin securing raw lowproduce list countries. to them. Among the prodsuspension the rules for uctsThe that posted a of price increase “Green List” countries will be in in raw materials were canned fish effect from November 28, 2021 to products and instant noodles. December 15, 2021. See “PHL food,” A2

By Andrea E. San Juan

dating its registry following the enactment of the Coconut FarmHE Philippines has sufficient ers and Industry Trust Fund law. food supply amid the DepartRosales about ment ofexplained Trade andthat Industry 500,000 coconut farmers and (DTI)’s recent approval of price workers were added to the PCA’s hikes in 82 basic goods on its latest 2018 list that had about 2.5 million suggested retail price (SRP) list, a coconut farmers and farm workers. Trade undersecretary assured the PCA’s next step is to conpublicThe at the weekend. duct exclusion-inclusion pro“We an have no problem with food, cedure by making the updated especially for manufactured food farmers’We registry public, products. don’t have to providbuy so ing everyone thegrab opportunity to much or hoard or everything check the veracity of the list, Roon grocery shelves. Our supply added. is sales complete, so there’s no need to “The listConsumer will be posted in public worry,” DTI Protection spaces where people can easily Group Undersecretary Ruth see B.

Castelo said, partly in Filipino, in This allows everyone to see athem. television interview. who are listed in the registry and if Just a week ago, the Department farmer doesn’t see his name then hea of Trade and Industry approved shall coordinate with minimum increase forthe 82 PCA basicimnemediately,” he explained at a recent cessities and prime commodities dialogue with coconut farmers. (BNPCs) in its latest suggested reother hand, if people tail“On pricethe (SRP) list. would see names the listbread, and These productson include they think they are not coconut canned fish, potable water in farmersand or their details are incorbottles containers, processed rect, they can report it to the PCA milk, locally manufactured instant for immediate he added. noodles, coffee,action,” salt, laundry soap, The PCA official noted that detergent, candles, flour, processed the completion of the initial and canned pork, processed list and of coconut farmers registry canned beef, vinegar, fishwould sauce be just soy in time fortoilet the expected (patis), sauce, soap, and rollout of coconut levy-funded batteries. The guide includes addi-

tional stock keeping units (SKUs) programs as President Duterte such as Bareta Bar White (360g) isand expected to sign the industry Bareta Bar FabCon (360g). development in early 2022. Although plan the DTI stressed that Rosales said thein PCA only 82 products thewill SRPnot bulstop list of coconut letinupdating posed anitsincrease in prices farmers them to regout of and 212enjoined shelf-keeping units, ister in order to reap the Castelo noted that thebenefits approved ofpercent the decades-long idled age of pr ice coconut increa se levy fund. “We will not at 3.1 among the said goodsstop is substanmillion. We hope that more indi-not tial, while stressing that it did viduals will register in our coconut exceed 10 percent. farmers registry,” said. percent“They’re quitehehefty The[ofupdating ofBut thewhat coconut ages increases]. we apfarmers registry is mandated by of proved finally is only a maximum Republic Act (RA) 11524 or the 10-percent increase. Some are just Coconut Industry Trust Fund Act. two percent, three percent, four See “3-M farmers,” percent, and 10 percent A2 is already

Continued on A2

PESOEXCHANGE EXCHANGERATES RATESnnUSUS50.4600 52.3900 nnJAPAN JAPAN0.4374 0.4101 nnUKUK67.2329 65.3618nnHKHK6.4722 6.6761nnCHINA CHINA7.9013 7.8069nnSINGAPORE SINGAPORE36.8968 37.9555 nnAUSTRALIA AUSTRALIA36.2807 36.9192 nnEU EU56.5758 55.4601 nnSAUDI SAUDIARABIA ARABIA13.4531 13.9670Source: Source: (May 13, 26, 2022) PESO BSPBSP (November 2021)

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BusinessMirror

A2 Monday, May 23, 2022

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DOH issues tips on dealing with new variant, ‘long Covid’

By Claudeth Mocon-Ciriaco @claudethmc3

RACTICING minimum public health standards by wearing the best fitting mask, isolating when sick, ensuring good airflow, getting vaccinated—and being vaccine boosted—are the best way to protect families and loved ones against any new Covid-19 variant or even the post Covid-19 condition, more commonly known as “long Covid,” the Department of Health (DOH) said on Sunday.

ERC...

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The Department of Energ y (DOE) has pursued a technology-neutral approach in terms of energy mix. This means there is no preference as to which technology should be dominant in the mix. However, the Developers of Renewable Energy for AdvanceMent, Inc. (DREAM) had said technology neutrality poses a hindrance to the development of RE. “How do we push for more renewables? We should declare . . .renewables to be the preferred energy resource, not a technology-neutral policy. We should declare that our policy should be more pro-renewables,”

DREAM President Jose M. Layug, also former DOE Undersecretary and former NREB (National Renewable Energy Board) Chairman, said earlier. Two years ago, the DOE ordered a moratorium on new coal power projects. In November 2021, while the agency vowed to scale up deployment of renewables in the country, it did not commit to phase out existing coal power projects in the country. During the COP26 climate summit in Glasgow, the DOE did not commit to phase out coal power by 2030 for major economies and 2040 for the rest of the world, and

In an advisory, the DOH reiterated that post Covid-19 condition has symptoms such as “fatigue, cough, chest pain, shortness of breath, joint pain, etc.” “These can be felt usually three months after being infected with the Covid-19 virus, may last for at least two months, and cannot be explained by other conditions. Symptoms may be anew onset after one has already recovered, or may continue from the initial Covid-19 episode,” the DOH advisory read. To date, the DOH said that there is no test to diagnose long Covid. “Consult your doctor or health-

care provider for first aid. If you experience the following, immediately go to the nearest Emergency Room: difficulty breathing (catching breath, can only say one word); severe chest pain; light-headedness or fainting,” the DOH added. According to the DOH, the most effective way to avoid long Covid is to avoid getting Covid-19 in the first place. “We know what works: continue practicing minimum public health standards (wear the best fitting mask, isolate when sick, ensure good airflow), and also get vaccinated as soon as possible and boosted once eligible,” the DOH said.

to end all investment in new coal power generation domestically and internationally because other declarations do not align with the country’s Philippine Energy Plan (PEP). In its updated Energy Plan 20202040, the DOE seeks to make RE account for 35 percent of the Philippine energy mix by 2030 and 50 percent by 2040. “We cannot behave like developed economies since we are a developing country. Nonetheless, we remain committed to a gradual transition to renewable energy. Immediate transition will entail additional cost so we must strike a healthy balance in protecting our consumers and our economy and our quest for a cleaner environ-

ment,” DOE Secretary Alfonso Cusi had said. Meanwhile, Greenpeace Philippines Campaigner Khevin Yu urged the DOE to ramp up its commitment to phase out coal by revising the PEP. It suggested increasing the country’s RE target to 50 percent by 2030, halt all plans for fossil gas, and improve grid development for utility-scale solar and wind to massively scale up RE deployment. “The DOE’s delusions that it can have its cake and eat it too—transition away from coal power and shift to RE without ending coal investments or phasing out coal power—is utterly ridiculous,” Yu said. The Center for Energy, Ecology, and Development (CEED), described the government’s commitments as an “empty gesture.” “This reluctance in the energy transition comes as no surprise. It was seen just a few days ahead the climate conference, and on the first anniversary of a coal moratorium put in place by the DOE, when several frontline coalaffected communities and climate and environmental justice advocates demanded that the DOE shelve remaining coal projects once and for all. They were met with silence,” said CEED. Natural gas, meanwhile, is touted as the transition fuel as the country embarks on achieving a higher RE share in its power mix. “Our point of view is that over the short to medium term, we still need the transition fuel and that would be gas. We already have a moratorium on coal, and there’s less support for coal from financial institutions and the broader investment world,” commented ACEN Energy Corp. President Eric Francia.

‘Fast, transparent and credible’ canvassing for prexy, VP votes vowed Continued from A12

Upon adoption of the resolution of both houses, the Speaker and the Senate President shall proclaim the President-elect and the Vice President-elect.

Drilon: Only recourse for BBM opposers is PET

MARCOS Jr. is expected to avail of legal options to affirm his ascent to the presidency amid efforts by opposers to nullify his stunning victory in the May 9 polls. This, as the only recourse against former Senator Marcos Jr.—in the event he is disqualified by the Supreme Court after Congress has proclaimed him—is to run to the Presidential Electoral Tribunal (PET), said Minority Leader Franklin Drilon. In a radio interview over the weekend, Drilon reiterated the lawmakers’ determination to proceed with their constitutionally mandated duty to canvass votes for and proclaim the next president and vice president. The opposition lawmaker affirmed that “Congress will do its duty [under the Constitution]. It’s as simple as that.” Meanwhile, both houses of Congress prepared to submit their comments, as directed by the Supreme Court, on a petition seeking to reverse the Commission on Elections dismissal of disqualification petitions against Marcos Jr., who got over 31 million votes in the unof-

30 years...

ficial tally. The petitioners, mostly martiallaw activists and human rights advocates, also asked the SC for a restraining order to stop the House and the Senate from proceeding with the canvass starting May 24, a move that both Drilon and Senate President Sotto warned would lead to a constitutional crisis. However, the High Court did not issue the TRO and instead directed leaders of the House of Representatives and Senate to comment within 15 days on the petition. He stressed that “we cannot [afford to] not follow the process,” citing a view earlier asserted by Sotto III. For his part, Marcos’s lawyer Estelito Mendoza also asserted in an earlier TV interview that the petitioners against the former senator are wrong to try to use the SC to stop his proclamation. Drilon said he could not recall a similar situation among electoral cases, adding that “even the petitioners admit this is a case of first impression.” The minority leader said the procedures laid down by law are there, noting that even if Congress proclaims Marcos Jr. president and the SC eventually disqualifies him, the proper venue is there for the protestants—the Presidential Electoral Tribunal. “The loser must file a case before the PET,” said Drilon, a former Justice secretary and veteran legislator.

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However, the researchers said the study has a few limitations. For one, the authors said their estimates did not consider the possible impact of “too much fiscal tightening” which could raise debts and weaken growth. The estimates, the researchers said, did not include the impact of exchange rates in their estimates. They noted, however, that foreign debt accounts for 30.3 percent of total debt stock as of 2021. The researchers also did not factor in uncertainties that are associated with economic conditions that have yet to happen. “While we present alternative scenarios, our approach gives no assessment of the likelihood of their occurrence. Given these, our results should be interpreted as indications of the fiscal challenge rather than as precise estimates,” the researchers said.

Debt-to-GDP ratio

LAST week, the Bureau of the

PHL food...

Treasury (BTr) disclosed that the debt-to-gross domestic product (GDP) ratio soared to 63.5 percent in the first quarter, the highest in 17 years. This is also above the internationally recommended 60-percent threshold by multilateral lenders for emerging markets like the Philippines, and also the highest since the country’s debtto-GDP ratio hit 65.7 percent in 2005 under the Arroyo administration. In 2021, the national government capped the year with a debtto-GDP ratio of 60.4 percent. As a share of the economy, domestic debt climbed to 44.4 percent by the end of the first quarter of this year from 42.1 percent as of end-2021. Likewise, external debt rose to 19.1 percent as of end-March this year from 18.3 percent as of the end of last year.

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“For example, the tamban, for canned fish products, posted a big price hike in terms of percentage. Even instant noodles, the palm oil they use for that, posted up to 32.14 percent [in price hike],” Castelo stressed. According to a Bloomberg report, on April 28, Indonesia, the

top producer of palm oil, imposed a ban on palm oil exports. However, Indonesian President Joko Widodo said late Thursday that exports can resume from May 23. This, after considering improvements in domestic supply and prices, as well as the 17 million workers in the industry. Palm oil is used in everything from food to soap to fuel, and Indonesia’s ban pushed up prices even more, although they have since retreated due to weak demand from top buyers. Castelo, meanwhile, highlighted that fuel prices also increased by 28.84 percent. “So if you really consider their raw materials, if their major raw materials really posted big price increases, you cannot afford to leave the finished products prices unchanged,” she explained, in a mix of English and Filipino. Still, she emphasized

that as much as possible the DTI is still restrained when it comes to raising prices, making sure that only up to 30 percent of the items will experience price movements. “But this time, because we still had pending requests for increase even before the latest, even before the January publication, we had to move prices for 38 percent of the goods. That’s why we have 82 SKUs that moved,” Castelo added. The undersecretary added that the DTI is actively monitoring whether the supermarkets and groceries are complying with the suggested retail price. However, Castelo said, the DTI does not have jurisdiction over convenience stores and sari-sari stores because “the supply chain mechanism is different.” Further, Castelo noted that they don’t just monitor the prices; they also look out for supply of retail and manufacturing goods. In line with this, she assured the public that even with what’s going on right now, the country will never run out of basic goods.

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Groups partner for marine resources conservation in Subic Bay

Lawmakers to tackle pending bills, official canvassing of May 9 votes By Jovee Marie N. Dela Cruz @joveemarie

& Butch Fernandez

@butchfBM

PAWIKAN hatchlings make their way to the sea in the Subic Bay Freeport in this photo taken last December. PHOTO COURTESY OF BRIGHTERDAY SUBIC LTD. INC. By Henry Empeño Correspondent

UBIC BAY FREEPORT—Three government agencies and two private organizations formed a partnership here to intensify protection efforts for sea turtles and regenerate coral reefs to save the marine environment in the Subic Bay Freeport Zone. The Department of Environment and Natural Resources (DENR) through its Zambales office led the initiative and signed last Friday an agreement for the marine resources conservation project. The agreement is with resort operator Brighterday Subic Ltd. Inc. (BSLI), the nongovernment organization Sangkalikasan Producer Cooperative, Subic Bay Metropolitan Authority (SBMA) and the Philippine National Police (PNP) Maritime Group. Zambales Provincial Environment and Natural Resources Officer Marife L. Castillo said the partnership was formed as the agency observed the “Month of the Ocean,” which carries this year’s theme “Protect and Restore Ecosystems and Biodiversity.” The marine turtle (pawikan), recognized as critically-endangered species, is among the species found within the territorial waters of the

Subic Bay Freeport, Castillo said. The DENR is mandated under Executive Order 192 as the primary government agency to oversee the development, conservation and management of coastal and marine environment and resources and the maintenance of ecological balance. Under the agreement, BSLI undertakes to put up a coral nursery along the coastal waters of its beachfront to help enhance and rehabilitate coral reefs in the area. At the same time, BSLI will establish a pawikan hatchery in its area to support the government’s marine turtle conservation program and help ensure the perpetuation of the endangered turtle species.

Agreement details

BSLI Chairman Mark S. Dayrit said his company has already released about 8,000 sea turtles that were hatched at the resort since 2012. With the new agreement, BSLI will further collaborate with the Zambales DENR office and the SBMA in managing the marine turtle nesting site, ensure vigilant monitoring of pawikan sightings and coral augmentation and prepare periodic reports on these projects and provide logistical support to the SBMA Harbor Patrol for marine resources maintenance and protection activities.

HE 18th Congress reconvenes today, May 23, with the House of Representatives expected to pass pending local bills and prepare for the official canvassing of votes for President and Vice President in the recently-concluded elections. Senators, meanwhile, are on track to tackle a full agenda. The members of the Senate and the House of Representatives, fulfilling their constitutional duties, reconvene the two chambers’ 3rd Regular Session of the 18th Congress. As soon as Senate President Vicente C. Sotto III bangs the gavel signalling resumption of their session at 10 a.m. of Monday, senators will approve a concurrent resolution convening the Senate and the House of Representatives as the National Board of Canvassers (NBOC) starting May 24, and proceed to canvass the votes and promptly proclaim the country’s duly elected President and Vice President.

COCs, ERs

AFTER votes were cast in the presidential and vice presidential elections last May 9, the Senate has been receiving Certificates of Canvass (COCs) and Election Returns (ER) for president and vice president from various parts of the Philippines and from other countries, where absentee voting were held. Under Article 7, Section 4 of the Constitution, the Senate is mandated to receive the returns of every election for President and Vice President, duly certified by the board of canvassers of each province or city. This, even as the senators are also expected to promptly pass a number of legislative measures pending in the chamber.

Up for approval in its agenda for third and final reading are Senate Bill (SB) 2490 seeking to strengthen the Office of the Government Corporate Counsel (OGCC) by rationalizing and professionalizing its organization, as well as SB 2450, providing the permanent validity of birth, death and marriage certificates. The lawmakers, likewise, are expected to pass on final reading the following: SB 2484, embodying the proposed Provincial Science and Technology Office Act; SB 2455 or the proposed Creative Industries Charter of the Philippines; SB 2423 or the proposed Private Security Services Industry Act; and, SB 2399 or the proposed Parent Effectiveness Service Program Act.

‘Active participation’

MAJORITY Leader and Leyte Rep. Martin G. Romualdez said “the 18th congress will still be active on this duty of ours; there’s some legislation left to do. “There are several pending local bills that we have to pass on the 23rd,” Romualdez added. “[And on the 24th] we convene as a joint committee for the canvassing and proclamation of president-elect and vice president-elect.” He said they expect “active participation” from the members of the House during this process. The ballot boxes containing the COCs and ERs will be delivered from the Senate to the House on May 23. With the strict implementation of the government’s health protocol, House Secretary General Mark Llandro L. Mendoza has earlier said only 460 people, including lawmakers, poll watchers and observers, will be allowed inside the session hall. Mendoza added that a mandatory antigen testing will be conducted for those who will enter the plenary hall. The tabulation will be done at

Experts suggest strategic plans for next government Sustainable growth

IN the book, Diwa Guinigundo, former Bangko Sentral ng Pilipinas deputy governor for Monetary and Economics Sector, recognized that economic scarring has become a persistent challenge to recovery. “The next government must be able to recognize the role of good private and public institutions, promote the need for better physical, health, and digital infrastructure, implement a green sustainable finance, and craft appropriate legislative measures in attracting investments. On top of this, however, the paper argues that priority must be put in health mitigation in order to minimize further risks of uncertainty, as experienced in the first two years of the pandemic,” he said. Guinigundo added that the next administration should pursue policies and legislative measures that promote investments to address the health and economic ramifications of the pandemic—anchoring growth and resilience models on investments and building crossborder partnerships and collaborations for long-term solutions in protecting against economic crises and stress. “[We should] strengthen the health care system with investments filling the gaps in this sector addressing the impact of Covid-19 and potential issues that may arise and refocus on governance issues such as poverty and inequality and corruption and bureaucracy for sustainable growth and development while expanding market reach and investment,” he said.

Strategic alliances

NOTING that the Russia-Ukraine conflict has caused fuel and commodity price hikes that would lead to faster inflation, Manhit said a stra-

tegic approach is necessary to shield Filipinos from further price shocks. “In the face of various security challenges, the incoming administration should work toward formulating a responsive and strategic foreign policy that allows the country to pursue its strategic interests and positively contribute to regional affairs,” he said. “Achieving this would entail the configuration and protection of our national sovereignty, particularly in the context of the West Philippine Sea issue and the evolving international order,” he added. Manhit said the incoming leaders must also foster multilateral and inclusive cooperation through alliances and strategic partnerships with like-minded states including the United States, Japan, Australia, and the European Union. Likewise, economic diplomacy must be prioritized through participation in regional and global initiatives. “Today, more than ever, we need disruptive leadership and an innovative government that will put game-changing reforms in place. We need a government with crystalclear vision, and one that is ready to harness the nation’s talents, craft a sustainable development strategy, and uphold, at all times, the rule of law,” Manhit added. “[We should also] strengthen the country’s role in international politics and its inherent state power by developing its military, economic, scientific, and cultural capabilities and strengthening alliances and strategic partnerships,” he added. For his part, Dr. Renato Cruz De Castro, De La Salle University Trustee and Program Convenor for Stratbase, urged the next government to formulate a new National Security Strategy based on the 2016

Editor: Vittorio V. Vitug • Monday, May 23, 2022 A3

Arbitral Ruling to direct attention and resources. “[We should] incorporate nontraditional security priorities, such as public health, in the National Security Strategy and the National Development Plan while continuing the efforts to the Armed Forces of the Philippines Modernization Program with a specific focus on asymmetrical warfare capabilities,” he said. De Castro said the defense budget must be increased to effect these reforms, especially with the Armed Forces of the Philippines Modernization Program, and allocate funds to resources needed in addressing current and potential security threats.

Farm sector

Dr. Carlos Primo David, professor at the National Institute of Geological Sciences at University of the Philippines Diliman, and Stratbase Trustee and Program Convenor, said the next government should work for a climate-resilient agriculture sector that would advance production and growth through a government-industry synergized strategy, he said. It should also promote crop overproduction and food processing with a guaranteed purchase agreement with the private sector and/or government. “[We should] optimize smallholder farms instead of mechanization and the promotion of land consolidation strategies and encourage the creation of social enterprise farms which will be the main training ground for our next generation of farmers—an ecosystem consisting of these important elements is what is referred to as food production areas,” he added.

Governance

DR. Francisco Magno, professor at

continued from a12

De La Salle University and Stratbase Trustee and Program Convenor, sought a comprehensive approach on corruption prevention strategic to include institutional capacity building and higher transparency and accountability in integrity development measures/programs for all levels of the career service. “[We should also] enable the interoperability of government in the delivery of service through e-governance to manage the interdependencies across areas of government and among levels of implementation in national government agencies and local government units,” he said. “[They also need to] anchor the governance agenda on the Sustainable Development Goals through localization the context of the need to mobilize research capacity, analyze data, harness technology, and build knowledge partnerships to generate solutions to real-world problems,” he added. For his part, Dr. Ronald Mendoza, dean and professor at Ateneo School of Government, said the next government must prioritize political and electoral reforms, not economic alone, to address deep-seated structural weaknesses. “[We need to] promote inequality reduction in the lens of governance to achieve political stability, crisis resilience and sustained economic development,” Mendoza said. The next administration, he added, must review implementation strategies of laws passed and revisit stalled measures that address the inequality issue, such as TRAIN, Bangsamoro Basic Law, Rice Tariffication Law, Universal Health Care Law, 4Ps Law; and the Rightsizing the National Government, Freedom of Information Law, Anti-Political Dynasty Law etc.

the House premises in the Batasan complex in Quezon City.

Speedy canvass

THE canvassing of votes for the presidential and vice presidential candidates in the 2022 national elections would be done from May 24 to 27. Mendoza said the canvassing will take place starting at 2 p.m. of May 24 while the canvassing will last from 10 a.m. to 10 p.m. from May 25 to 27. The 1987 Constitution provides that the President of the Senate should, not later than 30 days after the day of elections, open all the certificates in the presence of the Senate and of the House in a joint public session. The members of the Congressional Canvass Committee acting as the NBOC will be presided over by Speaker Lord Allan Jay Q. Velasco and Senate President Sotto. Velasco said they expect a speedy canvass and proclamation of the winners. Leaders of the House of Representatives and the Senate are eyeing the proclamation of the new president and vice president by May 27 or May 28.

Covid-19, economy

MEANWHILE, Romualdez, who will most likely be elected Speaker of the House in the 19th Congress, said the Lower Chamber would prioritize measures to get the country out of the Covid-19 pandemic and sustain its economic recovery. “In nearly two months, we need to buckle to work as we convene the 19th congress on July 25. We will continue the programs of President Rodrigo Duterte in line with President-elect Bongbong Marcos’s statements during the campaigns,” he said. “We are looking to an overwhelming majority coalition in the 19th

congress and, as such, we are leveraging on that to pass the measures that we need so badly because as we exiting the pandemic and entering hopefully the endemic stage we still have to continue to heal the country health wise but more importantly the economy,” Romualdez added. He said lawmakers are now in consultation with the Department of Budget and Management and Department of Finance for needed legislation. “May we come up with measures similar to the Bayanihan laws that we passed to empower the Presidentelect with the ability to harness the resources to get the economy going,” Romualdez added. “We [lawmakers] will be working closely with the president-elect.”

Change in nomenclature

ROMUALDEZ said the next Congress is eyeing the passage of Bayanihantype of legislation to be called “Bayan Bangon Muli” and the re-setting of the scheduled December barangay elections to save P8 billion that can be used to fight the pandemic. Romualdez said this bill will contain a stimulus package “that will allow the incoming President to harness the resources available during the closing period of 2022 and [pass] measures that are needed for the pandemic; hopefully endemic stage of this Covid.” Unlike in Bayanihan 1 and 2, Albay Rep. Edcel C. Lagman said there is nothing more to be realigned in the 2022 national budget because 90 percent has already been released to departments and agencies. “Unless the new administration can find or create fresh funds, the ‘stimulus package’ monikered as ‘Bayan Bangon Muli’ will be mere sloganeering and simply a change in nomenclature from the original Bayanihan,” Lagman said.

SC denies dismissed Pasig RTC judge’s appeal for clemency

HE Supreme Court has denied the appeal for clemency filed by Regional Trial Court (RTC) of Pasig City Presiding Judge Rolando Mislang who was ordered dismissed from the service in 2016 after finding him guilty of gross ignorance of the law in issuing several orders favorable to detained Globe Asiatique Realty Holdings Corp. President Delfin Lee. In a 14-page en banc resolution, the Court noted that Mislang failed to show “prima facie circumstances” to warrant the grant of clemency and to allow him to retire with full benefits. Mislang also asked the Court to lift his disqualification to seek employment in any branch of instrumentality of the government, including government-owned and -controlled corporations. It noted that based on its operative guidelines for resolving requests for judicial clemency, a prima facie case may be said to exist when the

petitioner sufficiently demonstrates that he or she has sincerely expressed remorse for his past infractions, has convincingly reformed in his or her ways and deserving of the clemency based on surrounding circumstances. The High Tribunal noted that while Mislang complied with the minimum 5-year period to seek clemency for dismissal or disbarment, he failed to show “prima facie showing of his genuine repentance and remorse of his past infractions.”

Lack of remorse

THE High Tribunal said that “accordingly, the Court cannot simply allow clemency cases to proceed without first thoroughly sifting through the petition and uncovering, at least, ostensible proof of a prima facie case.” Indeed, to permit the contrary would undermine the public’s confidence in the genuineness of the clemency process and, in turn, reflect poorly on the sanctity of the judicial system,” the Court said. Joel R. San Juan

Market. . . continued from a1 They will also be looking at potential reform measures, especially on fiscal policy and debt management, as well as other policy priorities. The Philippine Stock Exchange Index (PSEi) ended the previous trading week on a positive note, rising by +86.28 points or +1.3 percent to close at 6,746.33. Data from the Bankers Association of the Philippines (BAP), meanwhile, showed that the local currency also ended last week on an upbeat note, closing at P52.23 to a dollar against the P52.45 to a dollar in the previous day.

Earlier this month, Fitch Solutions—the research arm of the Fitch Group—said they expect the current administration as a “continuity candidate,” as economic reforms and foreign policies are “most similar” to the outgoing Duterte administration. Overall, Ricafort said the recent national and local election campaign led to increased election-related spending, and could have boosted economic activities in terms of higher gross domestic product (GDP) growth prospects especially for the second quarter of 2022 onwards.

A4 Monday, May 23, 2022 • Editor: Vittorio V. Vitug

Economy BusinessMirror

1,153-has. of Siargao Protected Area now under CARP coverage

By Jonathan L. Mayuga

@jonlmayuga

BOUT 1,153-hectares (has.) of the Siargao Island Protected Landscape and Seascape (Siplas) in Siargao, Surigao del Norte, are now covered by the Comprehensive Agrarian Reform Program (CARP).

The Department of Agrarian Reform (DAR) and the Department of Environment and Natural Resources (DENR) recently signed a deed of transfer paving the way for the coverage of the said portion of Siplas under CARP by virtue of Executive Order 75 (series of 2019). DENR Executive Director Nonito M. Tamayo and DAR Caraga Regional Director Leomides R. Villareal led

the signing of the deed of transfer. Based on the review and findings of the DAR validation committee, some portions of the Siplas are considered alienable and disposable (A&D) agricultural governmentowned land (GOL) under the DENR and are no longer actually used for its purpose. These assessed lands can, therefore, be covered under the CARP, through EO 75, subject to final de-

lineation and precise survey. Villareal received the deed of transfer containing an aggregate area of 1,153.3644 has. of land in the municipalities of Del Carmen, General Luna, Pilar, San Isidro, Burgos, and Socorro. The Siplas is the largest marine protected area in the Philippines. It contains an approximate area of 278,914.131 hectares as a protected landscape and seascape. On October 10, 1996, the terrestrial, wetland and marine areas of Siargao and its surrounding islets in the northeastern part of Mindanao, province of Surigao del Norte, were declared as a protected area under the category of protected landscape and seascape, through Proclamation 902 issued by then President Fidel V. Ramos. EO 75, signed by President Rodrigo R. Duterte in February, 2019, directed all government instrumentalities to identify idle lands owned

by the government suitable for agricultural purposes that will be distributed to qualified beneficiaries of the CARP. After the transfer is completed, the DAR will proceed with the process of land acquisition and distribution. Qualified beneficiaries for the Siplas portion covered by CARP are: farmers, tillers, or farmworkers who are landless or who own less than three hectares of agricultural lands; Filipino citizens; residents of the barangay (or the municipality if there are not enough qualified beneficiaries in the barangay) where the landholding is located; at least 15 years of age at the time of identification, screening and selection of the farmer-beneficiaries; and, with willingness, aptitude and ability to cultivate and make the land as productive as possible as provided under Section 22 of Republic Act 6657 (Comprehensive Agrarian Reform Law), as amended.

Davao City fortifies borders vs Avian flu By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

AVAO CITY—The city government fortified its borders against entry of fowls and live birds, especially in the southwest where at least a town and a city have reported infection among its fowls in the last two months. The new border controls were directed by the city government “banning the entry of live birds and their by-products from infected areas and adding more checkpoints at all entry and exit points of the city.” Acting Mayor Sebastian Z. Duterte signed Executive Order 19 (series of 2022) last week, which ordered a temporary ban on the entry of all live domestic and captured wild birds and their products and by-products. The latter includes day-old chick, eggs, semen, manure and feathers from Luzon and other areas with reported cases of Avian Influenza.

The ordinance also sets the requirements for the entry of live domestic and captured wild birds and their products and by-products from unrestricted regions into the City of Davao. Dr. Cerelyn B. Pinili, head of the City Veterinarian’s Office (CVO), said the city has put up 15 quarantine checkpoints due to many bypass roads. Pinili added that the Department of Agriculture (DA) has confirmed avian flu cases in neighboring provinces of South Cotabato, North Cotabato and Magsaysay town in Davao del Sur. The DA earlier detected in Bulacan and Pampanga the Highly Pathogenic Avian Influenza (HPAI) H5N1 strain, commonly known as bird flu, using the real-time polymerase chain reaction. The HPAI H5N1 strain was detected last March in Tacurong City, Sultan Kudarat province and the municipality of Magsaysay, Davao del Sur, by April. The checkpoints at all entry and exit points were coordinated with the

Philippine Army, Davao City Police Office and Task Force Davao. Pinili also called on the public to cooperate and help maintain Davao City as Avian-Influenza-free. The CVO chief also asks for patience and cooperation of shippers regarding the procedures at checkpoints. Pinili said these procedures aim to ensure compliance with required documents upon entry to the city. According to him, the ban aims to protect the general public from the ill effects of Bird Flu. He said a Meat Inspection Certificate (MIC) and/or a Certificate of Meat Inspection (COMI) issued by the National Meat Inspection Service (NMIS) and a shipping permit from the Bureau of Animal Industry (BAI) must be presented before allowing the entry of fresh and frozen meat. Those entering uncooked processed meat and meat products are required to have a shipping permit from the Bureau of Animal Industry (BAI). The manufacturers and distributors of these products shall secure

the License to Operate (LTO) for the meat processing plant or Certificate of Product Registration (CPR) issued by the Food and Drug Administration (FDA). If there is no LTO and CPR from the FDA, the LTO issued by NMIS, which is still valid, shall be honored. A shipping permit is no longer required for cooked processed meat and egg products (including but not limited to fresh egg and powdered egg). However, manufacturers and distributors of these products shall secure the LTO and CPR from FDA. The city prohibits movement of poultry dung and/or manure. EO 19 has mandated City Veterinary inspectors to intercept the entry and confiscate live domestic and wild birds, their products and by-products, from restricted regions during the conduct of inspection at quarantine checkpoints, seaports, airport and other points of entry. All confiscated items must be shipped back to origin by the owner or shipper at his expense.

www.businessmirror.com.ph

PHL among top 10 countries with high no. of IDPs in 2021 By Cai U. Ordinario @caiordinario

ORE Filipinos were internally displaced by conflicts, violence and disasters at the end of 2021, according to the 2022 Global Report on Internal Displacement by the Internal Displacement Monitoring Centre (IDMC). Based on the report, the total number of internally-displaced persons (IDPs) in the country due to disasters more than quadrupled or grew 382.76 percent to 700,000 in 2021 compared to the 145,000 in 2020. This placed the Philippines among the top 10 with the most internal displacements caused by disasters in 2021. The country ranked third after Afghanistan with IDPs reaching 1.4 million and China, 943,000 due to disasters. “At least 5.9 million people were living in internal displacement as a result of disasters at the end of 2021 across 84 countries and territories. This is only the third year that we have compiled such a global figure and it should be considered a significant underestimate. Afghanistan, China and the Philippines had the highest figures, accounting for more than three million,” the report by the Geneva, Switzerland-based group said. The report stated that most of the people who were displaced by disasters in Afghanistan fled their homes even before 2021. Majority of Afghans who became IDPs were affected by drought and floods that affected their country as early as 2018. “Some of our estimates for China and the Philippines are based on housing destruction data, because both countries tend to be significantly affected by typhoons that cause widespread devastation of this type,” the report added. The total number of Filipinos internally displaced by conflict and violence, however, contracted 29.41 percent to 108,000 in 2021 from 153,000 in 2020. In terms of “new” displacements caused by disasters, there were a total of 5.68 million in 2021. This represented a 27.69-percent growth from the 4.45 million posted in 2020. The ranks of those who were considered “new” displaced persons

in terms of violence and conflict, there was also an increase of 26.13 percent to 140,000 in 2021 from 111,000 in 2020. “A ‘newly displaced person’ would refer to someone fleeing for the first time and this data does not exist globally. In fact, many people are displaced more than once. If a person were to flee conflict or disasters four times during a year, it would be counted as four internal displacements, not four people newly displaced,” the report stated. “Why is the total number of IDPs sometimes higher than the number of internal displacements? Because the total number of IDPs includes people displaced in previous years and still living in internal displacement,” it added. The IDMC reported that the number of people living in internal displacement around the world reached a record 59.1 million at the end of 2021, up from 55 million a year earlier. Around 38 million internal displacements, or movements, were reported during 2021, the second highest annual figure in a decade after 2020’s record-breaking year for disaster displacement. Conflict and violence triggered 14.4 million movements, an increase of almost 50 percent on the year before. Disasters continued to trigger most internal displacements globally, with 23.7 million recorded in 2021. Weather-related hazards accounted for 94 percent of the total, many of which were pre-emptive evacuations in the face of cyclones and floods that struck densely populated areas of Asia and the Pacific region. Conflict and violence collided with disasters in many countries, forcing people to flee several times. Be it in Mozambique, Myanmar, Somalia or South Sudan, overlapping crises had severe knock-on effects on food security and heightened the vulnerability of millions. Covid-19 also aggravated inequalities and made IDPs’ lives even more precarious. Around 25.2 million of the world’s IDPs are under the age of 18 and the effects of their displacement go well beyond their immediate safety, wellbeing and education. A healthy and happy child is more likely to contribute to an equitable society and a functioning economy.

Massacre Benguet producers get assistance from IPOPHL of old trees expected at Tampakan T By Andrea San Juan

HE Intellectual Property Office of the Philippines (IPOPHL) assisted several producers in Benguet in registering their distinct local products as geographical indications (GIs) for greater marketability and higher global reach. “This workshop aims to help you brand your products and services with more impact and recall in the market, especially in the international market where products with quality and a good story thrive. And you can achieve this with GI protection,” Bureau of Trademarks (BOT) Director Jesus Antonio Z. Ros told representatives of different Baguiobased industries during a one-day workshop last month. A geographical indication is a community-owned “protectable” mark used on a product that has qualities, reputation and characteristics attributable to the place where it is made or produced. “While IPOPHL is really looking at the potential of your strawberries, cacao, coffee and handicrafts, goods for which Benguet is really known for, you are still the best authority to identify the highest quality goods that can be covered by GI,” Ros added. During the workshop, Ros laid down a number of successful case studies on potential GI goods, such as the Guimaras Mangoes which helped producers see their profits soar after

securing its quality seal in the form of a collective mark. Ros also elaborated the process toward GI protection, including the organization of a group, association or federation, who will be the rightful registrant of the GI under the current legal regime. The Trademarks bureau director also mentioned the drafting of the Code of Practice, which will focus on standard production and processes to preserve the integrity and quality of the GI product. “The GI group owner must also identify the specific kinds of goods which will be covered by the Code of Practice,” added Ros. The recent GI workshop, which was held in collaboration with the Department of Trade and Industry (DTI) in Benguet, is part of the Bureau of Trademark’s broader work to promote GI and collective mark protection as effective branding strategies. The Trademark bureau has already mapped out several potential GIs across the country, including the famous Guimaras Mangoes, the Tau Sebu T’nalak and the Cordillera Heirloom Rice, which are all registered as collective marks. On top of these are: the Bicol Pili; Davao Pomelo; Camiguin Lanzones; Davao Cacao; Kalinga Coffee; Antique’s Bagtason Loom; Aurora’s Sabutan Weave; Samar’s Basey Banig; and, the Basilan and Zamboanga’s Yakan cloth.

By Jonathan L. Mayuga @jonlmayuga

NVIRONMENTAL groups expressed dismay over the expected massacre of old trees to pave the way for the Tampakan Copper-Gold Project in South Cotabato. The Kalikasan People’s Network for the Environment (Kalikasan PNE) said last Sunday it received reports that tree-cutting operations are expected to begin at the 10,000-hectare Tampakan project area despite the local open-pit mine ban still in effect. “We urge public authorities to immediately hold and investigate the imminent cutting of up to 900 trees at the Tampakan mine area. We fear that these eager beavers’ aim to clear so many old-growth trees is part and parcel of the development activities for [an] open-pit mine project. Any activity linked to…mine development should still be prohibited while South Cotabato’s open-pit mine ban is still in place,” Kalikasan PNE National Coordinator Jose Leon A. Dulce was quoted in a statement as saying. According to Dulce, local sources at Tampakan relayed to KalikasanPNE that operations aim to start cutting around 100 trees last Satur-

HEALTHY BUILDING

This May 20, 2022, photo shows Senate Committee on Health Chairman Christopher Lawrence “Bong” T. Go-(4th left) during the groundbreaking ceremony for the four-storey Malasakit Center of Valenzuela Medical Center in Valenzuela City. Go was joined by (from left): House Deputy Speaker Rep. Weslie T. Gatchalian; Valenzuela Medical Center Chief II Dr. Nimfa M. Putong; Department of Health Director IV Dr. Enrique A. Tayag; House Deputy Speaker Eric M. Martinez; and, Undersecretary of Health Leopoldo J. Vega. ROY DOMINGO

day and ramp-up to more than 900 trees over a 90-hectare area over the following days. This development comes on the heels of the controversial provincial ordinance passed by the South Cotabato local government attempting to lift the ban on open-pit mines within the provincial environmental code.

The ban remains in effect while the regulation remains “unreceived” by the office of South Cotabato Governor Reynaldo S. Tamayo Jr. In a recent pronouncement in front of protesters, Tamayo said he knew of this imminent tree cutting but claimed his hands were tied because the permit issued was from the national office and

out of his jurisdiction. “Greed is the name of the game as the proponents of the Tampakan mine are aggressively pushing to commence mine development. We can see how they readily seek to destroy our last remaining forests to start digging up entire mountains at Tampakan,” Dulce said. Jonathan L. Mayuga

Agriculture/Commodities BusinessMirror

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Editor: Jennifer A. Ng • Monday, May 23, 2022 A5

Local sugar prices surge as supplies shrink By Jasper Emmanuel Y. Arcalas @jearcalas

HE average retail price of refined sugar in Metro Manila has gone up by 32 percent year-on-year and is inching closer to a record high on dwindling local supplies. Latest Sugar Regulatory Administration (SRA) data showed that the average retail price of refined sugar as of May 13 in wet markets reached P69.71 per kg, P17.07 higher than last year’s P52.64 per kg. SRA data also showed that the average retail price of refined sugar in Metro Manila-based supermarkets expanded by 28 percent to P69.54 per kg from P54.20 per kg last year. The average retail prices of refined sugar in Metro Manila markets are already over 30 percent higher than the level recorded at the start of crop year 2021-2022 in September. SRA data also indicated that the average wholesale price of refined sugar remained above P3,200 per 50-kg (LKg) bag for two consecutive weeks. As of May 13, the average wholesale price of refined sugar reached P3,215.38 per LKg, 40 percent higher than the previous year’s P2,305 per LKg.

The same upward trend was observed for raw sugar prices as the average wholesale price reached P2,551.07 per LKg, 40 percent higher compared to the P1,815 per LKg recorded last year. This translated to a retail price of about P56.21 per kg in wet markets and P54.83 per kg in supermarkets. The retail price of raw sugar in Metro Manila markets last year ranged from a low of P41 per kg to a high of P55 per kg, based on SRA data. SRA Administrator Hermenegildo R. Serafica said the “runaway sugar prices” could have been prevented if the government’s import program had not been stalled by legal challenges. “This would have been addressed earlier by the stalled implementation of the SO [sugar order]. Be that as it may, it is hoped that this importation will cushion the skyrocketing prices of sugar,” Serafica told the BusinessMirror via SMS. He said the SRA’s regulation department is “judiciously” finalizing the import allocation for qualified sugar importers under SO 3, which resumed implementation earlier this month. “As to volume of first arrival, the

A SHOPPER checks out the prices of sugar products at a local supermarket in this BusinessMirror file photo.

SRA would have no knowledge as to purely private transactions con-

tracted by prospective importers.” Earlier this month, Serafica is-

sued Memorandum Circular (MC) 11 which authorized the resumption

of the sugar import program. Under MC 11, the SRA will start processing import applications from Luzon, Visayas (expect Western Visayas), and Mindanao. In March, Executive Judge Reginald M. Fuentebella of the Regional Trial Court Branch 73 in Sagay City, Negros Occidental issued a writ of preliminary injunction against SO 3 (Related story: https://businessmirror.com.ph/2022/03/01/ court-halts-sras-sugar-importation-plan/). SO 3 allowed the importation of 200,000 metric tons (MT) of refined sugar to stabilize prices. Latest SRA data showed that raw sugar production as of May 8 declined 12.68 percent year-on-year to 1.732 million MT (MMT) from 1.983 MMT a year ago. Total raw sugar supply nationwide, meanwhile, fell by 11.34 percent year-on-year to 1.984 MMT. The country’s total refined sugar supply declined by 13.32 percent to 891,404.3 MT from 1.028 MMT last year. Current raw sugar stock was estimated at 374,053.84 MT, 30.67 percent lower than the 539,535.69 MT recorded last year. SRA data also showed that current physical refined stock was down by 53.35 percent year-on-year to 155,984.05 MT.

Rice imports of eligible traders, firms leap in Jan-April SL Agritech inks hybrid rice

HE country’s rice imports in January to April leaped by 47.77 percent year-on-year to 1.189 million metric tons (MMT), the latest Bureau of Plant Industry (BPI) data showed. BPI data indicated that total rice imports during the four-month period were 384,594.907 MT higher than the 804,996.53 MT recorded a year ago. Also, rice imports of as May 12 have reached 1.289 MMT. The BPI said 113 eligible traders, companies and entities used 1,590 sanitary and phytosanitary import clearances to bring in the volume. Imports came from Cambodia, China, India, Italy, Japan, South Korea, Myanmar, Pakistan, Singapore, Spain, Taiwan, Thailand

and Vietnam. Vietnam remained as the country’s top imported rice supplier as it accounted for 1.008 MMT followed by Myanmar which supplied 120,859.280 MT. Rice imports during the period from Pakistan and Thailand reached 75,930.675 MT and 74,593.125 MT, respectively. BPI data showed that Bestow Industries Inc. was the top rice importer as of May 12 with 80,115 MT followed by Macman Rice and Corn Trading with 63,200 MT. The BusinessMirror earlier reported the increase in this year’s rice imports could be attributed to the stockpiling by importers amid expectations of a tighter supply and lower domestic output due to the spike in production inputs (Related sto-

Reckless farming, climate crisis killing bees, other pollinators–FAO

EES, pollinators and many other insects are declining in abundance due to unsustainable agricultural practices and the climate crisis according to the Food and Agriculture Organization (FAO) of the United Nations. FAO noted that bees and other pollinators are key allies that ensure the health of the planet and the lives of human beings. They are critical for food production and livelihoods and directly link wild ecosystems with agricultural production systems. “Almonds, apples, coffee, or strawberries are all foods that we can enjoy thanks to the meticulous pollination activities of bees and other pollinating insects. In addition to food, these insects indirectly contribute to the provision of medicines and the production of fiber, biofuels, and other materials,” it said. So many gifts come from their tireless work, but bees and pollinators face many challenges today. FAO, which recently observed the World Bee Day, warned of declining pollination services in many parts of the world. “Bees, pollinators, and many other insects are declining in abundance due to unsustainable agricultural practices, pesticides, pests and pathogens, habitat destruction, and climate crisis,” FAO Director-General QU Dongyu said in a video message at a ceremony last Friday to mark the event which falls on May 20. “We must act collectively to support, restore and enhance the role of bees, pollinators and beekeeping.” The virtual event was attended

by bee and pollinator experts from around the world. It featured discussions and stories from the field that highlighted not only the great benefits of these tiny creatures for humans and nature but also the threats and challenges these insects face today due to humans’ negative impact on the environment. FAO said this year’s theme, “Bee engaged: celebrating the diversity of bees and beekeeping systems,” encourages us all to become involved because we can all do something to respect and protect these insects that do so much for us. In their interventions at the FAO event, experts drew attention to the importance of the diversity bees and beekeeping systems that exist around the world. Beekeeping is an activity that goes beyond honey production and contributes to the achievement of many Sustainable Development Goals. Since it can be done with limited resources and locally available materials, beekeeping provides a source of income for those living in extreme poverty, helping to improve the resilience and livelihoods of rural and indigenous communities. “Beekeeping is a widespread and global activity, with millions of beekeepers, including Indigenous Peoples, depending on bees for their livelihoods and well-being,” the FAO Director-General stressed. Indeed, indigenous peoples are crucial to the conservation of important genetic reservoirs and are often the only ones who know about local bee species and all their products and services.

ry: https://businessmirror.com. ph/2022/04/25/dim-outlook-fuels-phl-rice-imports-surge/). An industry group also told the BusinessMirror earlier that the election season had contributed to the need for more rice imports given the increase in demand for low-cost rice (Related story: https://businessmirror.com.ph/2022/05/02/ elections-driving-demand-forlow-cost-rice/). “The election campaigns and relief operations created the demand for low-priced rice in the market that can be supplied by some countries like Myanmar,” said multisector industry group Philippine Rice Industry Stakeholders Movement. The group said the current government “can ill afford” a repeat of

the 2018 rice price crisis when prices of palay and milled rice skyrocketed and caused inflation to accelerate. “Panic buying and long queuing for rice can be disastrous for public image during election.” The United States Department of Agriculture (USDA) had projected that the Philippines could retain its status as the world’s second largest buyer of rice for the fourth consecutive year in 2023, when total import volume is projected to reach 3 MMT. The USDA said the Philippines’s rice imports this year and next year would hit the 3-MMT level. (Related story: https://businessmirror.com.ph/2022/05/16/phl-toimport-more-rice-as-output-tostay-flat/). Jasper Emmanuel Y. Arcalas

deal with Bangladesh agency

YBRID rice producer SL Agritech Corp. signed on Saturday a memorandum of agreement (MOA) with the Bangladesh Agricultural Development Corp. (BADC) to extend the collaborative agreement on SL-8H F1 seed production. “This is a collective effort on rice production to alleviate poverty,” said SL Agritech CEO Henry Lim Bon Liong. Lim said the partnership with the BADC in propagating the SL8H variety in Bangladesh “has gained popularity and keeps expanding” despite their agro climatic condition, proving its tolerance to drought and salinity. Right now, Lim said BADC is

producing hybrid rice seeds in over 500 hectares under the agreement between SL Agritech and BADC. Agriculture Secretary William Dar said the development of hybrid rice is a big boost in the fight against climate change as stronger varieties are needed to feed the country’s growing population. “The production of hybrid rice can also contribute towards achieving self-sufficiency in rice production for the country,” Dar said. MD Sayedul Islam, agriculture secretary of Bangladesh, said his country is confident more partnerships in the future can be pursued by the two countries in food production. Rizal Raoul Reyes

The climate threat hidden in your hamburger

HAT hamburger you just ate may be more carbon-intensive than you think. Researchers have for the first time quantified rising greenhouse gas emissions embodied in the international trade of specific agricultural products like beef that results in deforestation. Such “land-use emissions” account for about 25 percent of global greenhouse gas emissions and mostly occur in poorer countries that export food to the United States, Europe, China and other industrialized regions, according to a peer-reviewed paper published May 6 in the journal Science. “These land-use emissions are substantial enough to threaten international climate goals even if fossil fuel emissions are drastically reduced,” the paper stated. Land-use emissions are those from agriculture production, such as the methane burped by grazing cattle, as well as greenhouse gases emitted from cutting down forests for agricultural purposes like creating pastures for livestock. The researchers found that three-quarters of emissions from international agriculture trade are from changes in land use. A model they created based on trade and agricultural data found that between 2004 and 2017, land-use emissions in international trade increased 14 percent. “The land-use change problem needs to be front and center on our radar,” said Steven Davis, a co-author of the paper and an associate professor of Earth system science at the University of California at Irvine. Davis and other scientists said wealthy nations are outsourcing landuse emissions to countries such as

“LAND-USE emissions” account for about 25 percent of global greenhouse gas emissions and mostly occur in poorer countries that export food to the United States, Europe, China. BLOOMBERG NEWS

Brazil and Indonesia. “In places like the US or Europe, there’s very little land-use change going on for agriculture because we did our deforestation earlier in our history,” said Davis. Timothy Seachinger, a senior research scholar at Princeton University and technical director of the World Resources Institute food program, studies agriculture land use and climate change. He said policies designed to lower greenhouse emissions from transportation in developed nations are increasing land-use emissions as woodlands are converted to grow crops for biofuels. For instance, the European

Union’s plan to reduce emissions at least 55 percent by 2030 relies in part on an expansion of biofuels. That, he said, would require conversion of a fifth of the EU’s agriculture land from food to fuel unless crops for biofuels are imported. “Europe has offshored a lot of its land use for agriculture to other countries,” said Searchinger, who was not involved in the land-use emissions study. “We have massive rising demand for food and policymakers have added to that with bioenergy mandates.” The paper sends an important message about the responsibility for land-use emissions, he added.

“People think it’s just some kind of perverse activity by developing countries chopping down forests,” said Searchinger. “What’s driving this is for demand for products” in the US, Europe and China. Davis and his colleagues determined that cereals and oil crops, such as soybean and palm oil, accounted for 45 percent to 55 percent of landuse emissions in international agriculture trade between 2004 and 2017. Cattle, pigs and other animals represented 14 percent to 19 percent of emissions while fruits and vegetables were responsible for less than 8 percent. Bloomberg News

PutoL THE CIT Y OF LIFE

Business

Monday, May 23, 2022 | www.businessmirror.com.ph

BIÑAN’S PUTO LATIK FESTIVAL

A TRIUMPH OF CULTURE, CA

COSTUME Parade and Competition winners: (From left): Representing Barangay Dela Paz (1st runner-up); Representing Barangay Canlalay (champion); and Representing Barangay Poblacion (2nd runner-up).

BARANGAY MAMPLASAN: Street dance competition champion.

BLY conquering the Covid-19 pandemic, the city of Biñan opened its gates to its biggest, barangay-based, face-to-face, cultural and productivity festival after two years of online only celebrations. A beaming Dr. Bryan Jayson T. Borja, head of the Biñan City Culture, History, Arts and Tourism Office (BCHATO), underscored the importance of the muchawaited 12th Puto Latik Festival of the city held for nine days from May 15 to May 23. “This is the first time we are holding the festival live after Covid-19. We look back at

our history and culture, giving importance to our local history and local heritage. We give thanks to the National Commission for Culture and the Arts (NCCA) for being our partner in our 6th Cultural Summit, one of the highlights of the Puto Latik Festival,” Borja said. The festival was made possible every year through the sustained support and patronage of Biñan

MEMBERS of the audience pose with Professor Felipe De Leon Jr., former chairperson of the National Commission for Culture and the Arts who spoke at the Biñan Cultural Summit which had the theme “Pamanang Lokal: Binhi ng Kulturang Pilipino.”

City officials led by Mayor Walfredo “Arman” R. Dimaguila Jr., ViceMayor Angelo B. Alonte, and Rep. Marlyn “Len” B. Alonte-Naguiat.

CULTURAL SUMMIT

BORJA, a recipient of the Most Outstanding Tourism Officer of the Philippines Award during the 2019

Moving to the next normal with The Big Three T

HE timing of Biñan’s 12th Puto Latik Festival was perfect. It happened when Biñan Mayor Walfredo “Armand” R. Dimaguila, Jr., Vice Mayor Angelo “Gel” B. Alonte and Biñan Lone District Rep. Marlyn “Len” Alonte-Naguiat were overwhelmingly re-elected to serve the constituents of Biñan for another term. Mayor Arman admitted in an interview that he did not expect to win by a very wide margin. He received 68.66 percent of the total number of votes that were cast. “This only confirms that our constituents were satisfied with the way I performed during the Covid-19 pandemic. The challenge for me now is to do better and to complete the projects that we started,” he said.

Fresh mandate

Sharing the same sentiment was Vice Mayor Gel who added that he was grateful for being given a fresh mandate. He managed to win 82.59 percent of the votes that were cast. “Thank you to the people of Biñan for all your support, trust and for voting for me again and I promise you that I will give my all to the people of Biñan,” he said. For her part, Cong. Len said she, Mayor Arman and Vice Mayor Gel had already surpassed the stage where they would try to outdo each other. She stressed that she is proud that the three of them and the other leaders can work together for the good of the Biñanenses. “This is reflected in the number of projects that we have been able to implement and most of them are nearing

completion. That is how well we work and support each other,” she said. Cong. Len garnered 69.68 percent of the votes that were cast.

Infrastructure programs

Thanks to the good working relationship amongst The Big Three, the local government of Biñan has been able to initiate the following infrastructure projects: nThe newly constructed Biñan City Fire Station is strategically located in Barangay San Vicente. It is a modern, fully-equipped facility. nThe new four-story building of the Polytechnic University of the Philippines (PUP)-Biñan Campus located in Barangay Zapote, the building is one Mayor Aman’s pet projects. Although PUP-Biñan is a

state university, it is funded by the local government of Biñan. Additionally, students at PUP- Biñan who are under the Iskolar ng Biñan Program receive P10,000 cash assistance every semester. nThe New Biñan City Hospital (Ospital ng Biñan extension) in Barangay Canlalay is a four-story structure which aims to improve the health and medical services in the city. When completed, it will have a 200-bed capacity, a modern Intensive Care Unit (ICU) and full diagnostic laboratory. This project is a joint effort of the City Government of Biñan and the Lone Congressional District Office of Biñan. nThe Elevated Parking, Commercial Center and Hotel located in the busy market and trade area of Barangay Poblacion is nearing completion. It is the first ever Public and

A 12-foot mannequin representation of Inang Biñan infused with over 1,000 pieces of Puto Biñan is on display at Southwoods Mall.

Pearl Awards of the Association of Tourism Officers of the PhilippinesDepartment of Tourism (ATOP-DOT), said that Biñan’s Cultural Summit this

Private Partnership for the People (P4) project in the City of Biñan which costs P170 million. nThe New Biñan City Jail and Custodial Facility for women is one of Cong. Len’s priority projects situated within the proposed Biñan Esplanade in Barangay Dela Paz. It is a P100 million project that can house over 300 inmates. nBiñan City Senior High School – West Campus in Barangay Langkiwa ground breaking ceremony was held on March 3. This is one of the legacy projects of the current administration as the education sector is very important for Mayor Arman, Vice Mayor Gel and Cong. Len. nBiñan City Centre for Dental Health groundbreaking ceremony was held February 22. It is a priority project of Cong. Len Alonte. When completed, it will be the first ever stand-alone dental health center in the whole country. nWith the help of Department of Public Works and Highways (DPWH), Cong. Len

year was headlined by Prof. Felipe de Leon, Jr., former NCCA chairperson and foremost expert on Philippine culture and history.

successfully pushed through with the Biñan River Control Project and Road Widening Projects in the main thoroughfares of the city. nBiñan City Esplanade in Barangay Dela Paz is a priority infrastructure project of the Big Three. It was introduced on February 4. It is nearly an eight-hectare property that will house the New City Jail and Custodial Facility for men and women, basketball court, covered court, tennis court, skating rink, picnic grove, open theater, light house, recreational park and bay walk. nThe other projects that were instituted by Cong. Len are the Evacuation Center and Children Livelihood Center both in Barangay San Antonio; Canal riprapping in Barangay Malaban and road widening at Generosa Village in Barangay Casile. “I am happy that together with Vice Mayor Gel and Cong. Len, we will soon be able to reap what we sowed,” Mayor Arman said. “We hope that through these infrastructure projects, we will make all Biñanenses proud of their city,” he added.

Latik

sMirror

www.businessmirror.com.ph | Monday, May 23, 2022 A7

CITY OF LIFE AWARDS

ARING & PRODUCTIVITY

DEVOTEES carry the Nuestra Señora Dela Paz, “The Queen of Biñan,” to the San Isidro Labrador de Biñan Diocesan Shrine. On September 8, the image of the Queen of Biñan will receive an Episcopal Coronation from the Bishop of the Diocese of San Pablo.

BIÑAN CITY local government officials led by Rep. Len Alonte (6th from left), Mayor Arman Dimaguila (8th from left), and Vice Mayor Gel Alonte (5th from left) at the mass marking the opening of the 12th Puto Latik Festival.

CORONATION night: The winners of the Mister and Miss Biñan pageant (from left) Yuan Carlos Raflores, Brgy. Platero, and Noon Elzeiber, Brgy. Loma (2nd runner-up); Clayton Kyle Belan, Brgy. San Antonio, and Allyza Fleur Magistrado, Brgy. San Francisco (Mister and Miss Biñan) ; and Armando Reyes, Brgy. Timbao and Gracieday Bonagua, Brgy. Dela Paz (1st runner-up).

BEAUTIFUL AND GAY: Miss Biñan Gay Queen 2022 winners (from left): Ian Reyes, Brgy. San Antonio (2nd runner-up): Joan Zapata, Brgy. Dela Paz (Miss Biñan Gay Queen); and Ara Villanueva, Brgy. Dela Paz, (1st runner-up).

With the theme, “Pamanang Lokal: Binhi ng Kulturang Pilipino,” the May 18 summit saw the participation of teachers from some 14 high schools in Biñan City and various non-governmental organizations. During the summit’s “Usapang Kultura” lecture, De Leon praised the City of Biñan for the conduct of the festival. “Tama yang ginagawa ninyo na [You are right in doing it] one town, one product. The Biñan Puto Latik Festival is a productivity festival which promotes industry and trade.” He added that festivals like this must be sustained and should involve the grassroots. “When a festival is rooted in culture and people understand what it is for, that festival will not die because the people themselves will value and support it. Also, it is important for a festival to have many events,”

Felipe said in the vernacular. It seems the advice of the former NCCA chairperson was followed to the letter by Biñan City’s culture gurus.

PROCESSION, COMPETITIONS

AT Plaza Rizal Park, hundreds of devotees braved the rain, as they faithfully observed the karakol, a religious dance procession in honor of the Nuestra Señora Dela Paz y Buenviaje, the Queen of Biñan. The traditional parade ended at the Diocesan Shrine of Biñan's patron saint San Isidro Labrador, which was celebrating its 385th Feast Day. The procession formally signaled last May 15 the start of the multi-awarded Puto Latik Festival. Prior to the pandemic, the festival was already a two-year Pearl awardee (2018 and 2019), recognized as one of the five Outstanding Tourism Events in the

country by the ATOP-DOT. Opening day was punctuated by choice residents from various barangays entering fun competitions and participating in colorful parades. Their competitive styles garnered shrieks of excitement and avid support from friends, relatives, and supporters. First on the mark was the drum beating competition, followed by the costume parade and competition, and culminating in the exciting interbarangay street dance competition. Brgy. Canlalay lorded it over in the Puto Latik Costume Parade and Competition, followed by Brgy. Dela Paz (1st runner-up), and Brgy. Poblacion (2nd runner-up). The much anticipated Puto Latik Inter-Barangay Street Dance Contest was won by Brgy. Mamplasan, with Brgy. Dela Paz as 1st runner-up and Brgy. Langkiwa as 2nd runner-up.

“It was so heartening to see the lively performances of the various barangays. They really miss attending these festivities and the action,” Mayor Dimaguila said.

BEAUTY PAGEANTS

ON May 16, some 26 candidates for the Mister and Miss Biñan displayed their best walks and talents at the Pre-Pageant competition held at the Southwoods Mall. The coronation night was held on May 21 and Clayton Kyle Belan of Brgy. San Antonio and Allyza Fleur Magistrado from Brgy. San Francisco were crowned Mister and Miss Biñan respectively. Named 1st runner-up were Armando Reyes of Brgy. Timbao and Gracieday Bonagua of Brgy. Dela Paz while Yuan Carlos Raflores of Brgy. Platero and Noon Elzeiber from Brgy. Loma were named 2nd runners-up.

Judges for the pageant included Laguna tourism officers, city department heads, veteran stage director Dr. Alexander Cortez, fashion icon Avel Bacudio and reigning Binibining Pilipinas International Ms. Hannah Arnold. The city likewise held its coronation night for Miss Biñan Gay Queen last May 19. Joan Zapata of Brgy. Dela Paz was crowned Queen after registering an average score of 93 percent, compared to her rivals. The new Biñan Gay Queen took home a cash prize and a 100 percent scholarship at Trimex Colleges, among other prizes. Ara Villanueva, also from Brgy. Dela Paz, was named 1st runnerup, while Ian Reyes of Brgy. San Antonio was named 2nd runner-up. The crowns of both pageants were made by Jezerel Sto. Domingo of Biñan.

Last May 20, the Puto Latik Festival organizers gave out the City of Life Awards 2022 for the outstanding companies and barangays in the City of Biñan. The winners include: Most functional barangay councils for the protection of children (BCPC) 2021—Brgy. Sto Domingo and Brgy Tubigan (tied for 1st place), Brgy. Zapote (2nd), Brgy. San Vicente (3rd); Outstanding barangays for Lupong Tagapamayapa—Brgy. San Vicente (1st), Brgy. Mamplasan (2nd), Brgy. Sto. Domingo (3rd); Seal of Good Local Governance for Barangays 2021— Brgy. San Vicente; Top performing Barangay in Biñan City in the area of initiatives and development in Culture, History, Arts, and Tourism— Brgy. San Vicente; Outstanding tourism establishments in Biñan City— Splash Island, Mahalina Inn, and Marina Traveller’s Hotel, Inc.; Top 3 Most Business-Friendly barangays—Brgy. Poblacion (1st), Brgy. San Antonio (2nd), Brgy. San Francisco (3rd); Top 3 barangays with most increase in number of registered businesses—Brgy. Bungahan (1st), Brgy. Soro-Soro (2nd), Brgy. Poblacion (3rd); Top 10 Business Tax Payer for 2021—Isuzu Philippines Corporation (1st), Inabata Phils. Inc. (2nd), Atlas Copco Phils. Inc. (3rd), Nagase Phils. International Services Corp. (4th), Gardenia Bakeries (Philippines) Inc. (5th), Elematec Philippines Inc. (6th), Kodo (Philippines) Inc. (7th), Amherst Laboratories, Inc. (8th), Toyota Boshoku Philippines Corp. (9th), and Cummins Sales and Service Philippines, Inc. (10th). Dimaguila said that the billions of pesos collected from business establishments in the city have made the local government selfsufficient, enabling it to provide more quality services for its people. “You are not just taxpayers,” Dimaguila said, “you are stakeholders and partners of the city government. Thank you very much.”

COOK-OFF CHALLENGE

AT the closing of the Puto Latik Festival this May 23, Biñan residents and visitors will be treated to the Puto Biñan 2.0: Puto Biñan Cook-off Challenge. To be held at the Sentrong Pangkultura ng Biñan, participants of this cook-off will be challenged to come up with unique Puto Biñan flavors and varieties. This event is in partnership with Biñan's iconic Puto Brand "Nila's Puto." Popular chef RV Manabat, a native of Biñan, will serve as judge. “It will be interesting to see what new flavors will be coming out from this cook-off. We were able to have a cook-off last year and I am sure that everyone here in Biñan is eager to sample these delectable delicacies,” Dimaguila said. A Thanksgiving Mass in honor of San Isidro Labrador, an Employees Day for the City government of Biñan, and a Grand Santacruzan will cap off the nine-day festival.

THE newly constructed and fully equipped Biñan City Fire Station is strategically located in Barangay San Vicente. BERNARD TESTA

THIS is part of the river control project. BERNARD TESTA

REP. LEN ALONTE, Mayor Arman Dimaguila and Vice Mayor Gel Alonte at the groundbreaking ceremony of the Biñan City Centre for Dental Health.

THE new Biñan City Jail and Custodial Facility for Women is one of Cong. Len’s priority projects.

CONSTRUCTION of the Ospital ng Biñan extension is in full blast. BERNARD TESTA

ONE of Cong. Len’s projects is the river control project.

THE new four-story building of the Polytechnic University of the Philippines (PUP) - Biñan Campus is one of Mayor Arman’s major projects. BERNARD TESTA

THE evacuation center is located in Barangay San Antonio.

Riprapping of the Canal in Barangay Malaban.

AN architectural perspective of the future administration building of the Biñan City Senior High School.

The World BusinessMirror

A8 Monday, May 23, 2022

Biden highlights Hyundai’s pledge to invest $10B in US By Josh Boak & Aamer Madhani

The Associated Press

EOUL, South Korea—President Joe Biden tended to both business and security interests Sunday as he wrapped up a three-day visit to South Korea, showcasing Hyundai’s pledge to invest at least $10 billion in electric vehicles and related technologies in the United States. In his final stop before heading to Japan, Biden visited Osan Air Base, where US and South Korean troops monitor the rapidly evolving North Korean nuclear threat. “You are the front line, right here in this room,” Biden said in a command center with maps of the Korean peninsula projected across screens on a wall. Afterwards, Biden ate two helpings of ice cream and chatted with troops and their dependents at the base’s bowling alley. Biden’s overall visit to Asia was intended to demonstrate the US commitment to the region’s security. Earlier Sunday, he brushed aside questions about any possible provocation by North Korea, such as testing a nuclear weapon or missile during his trip. “We are prepared for anything North Korea does,” he said. Asked if he had a message for the country’s leader, Kim Jong Un, Biden offered a clipped response. “Hello,” he said. “Period.” It was another sharp departure from his predecessor, President Donald Trump, who once said he “fell in love” with Kim. Biden’s first appearance of the day was alongside Hyundai chief executive Eusiun Chung to highlight the company’s expanded investment in the United States, including $5.5 billion for an electric vehicle and battery factory in Georgia. “Electric vehicles are good for our climate goals, but they’re also good for jobs,” Biden said. “And they’re good for business.” Chung also said his company would spend another $5 billion on artificial intelligence for autonomous vehicles and other technologies. The major US investment by

a South Korean company was a reflection of how the countries are leveraging their longstanding military ties into a broader economic partnership. Earlier in his trip, Biden toured a computer chip plant run by Samsung, the Korean electronics giant that plans to build a $17 billion production facility in Texas. Biden has made greater economic cooperation with South Korea a priority, saying on Saturday that “it will bring our two countries even closer together, cooperating even more closely than we already do, and help strengthen our supply chains, secure them against shocks and give our economies a competitive edge.” The pandemic and Russia’s invasion of Ukraine in February has forced a deeper rethinking of national security and economic alliances. Coronavirus outbreaks led to shortages of computer chips, autos and other goods that the Biden administration says can ultimately be fixed by having more manufacturing domestically and with trusted allies. Hyundai’s Georgia factory is expected to employ 8,100 workers and produce up to 300,000 vehicles annually, with plans for construction to begin early next year and production to start in 2025 near the unincorporated town of Ellabell. But the Hyundai plant shows that there are also tradeoffs as Biden pursues his economic agenda. The president has tried to link the production of electric vehicles to automakers with unionized workforces, and during his trip he called on Korean companies to hire union labor for their US operations. However, there has been no guar-

US President Joe Biden, center right, with South Korean President Yoon Suk Yeol, center left, speaks at the Combat Operations Floor of the Osan Air Base, Sunday, May 22, 2022, in Pyeongtaek, South Korea. Gen. Paul J. LaCamera, US Forces Korea, United Nations Command, and Combined Forces Command Commander, is at right. Lt. Gen. Sung Chun Choi, Commander, Air Force Operations Command, South Korea’s Air Force is at left. AP Photo/Evan Vucci

antee that the Hyundai Georgia plant’s workers will be unionized. Georgia is a “right-to-work ” state, which means that workers may not be required to join a union or make payments to a union as a condition of employment. A Hyundai spokesperson did not respond to an e-mail asking if the Georgia plant would be unionized. A senior Biden administration official, who briefed reporters on the condition of anonymity, said there was no contradiction between Biden encouraging investors to embrace union workforces while his administration does “whatever it can” to encourage investment and bring jobs to the US. Biden passed on visiting the demilitarized zone on the North and South’s border, a regular stop for US presidents when visiting Seoul. Instead, Biden, who had visited the DMZ as vice president, was more interested in visiting Osan Air Base, said White House national security adviser Jake Sullivan. Biden and Korean President Yoon Sook Yeol on Saturday announced they will consider expanded joint military exercises to deter the nuclear threat posed by North Korea. The push toward deterrence by Biden and Yoon, who is less than two weeks into his presidency, marks a shift by the leaders from their predecessors. Trump had considered scrapping the exercises and expressed affection for North Korea’s Kim. And the last South Korean president, Moon Jae-in, remained

committed to dialogue with Kim to the end of his term despite being repeatedly rebuffed by the North. Yoon campaigned on a promise to strengthen the US-South Korea relationship. He reiterated at a dinner on Saturday in Biden’s honor that it was his goal to move the relationship “beyond security” issues with North Korea, which have long dominated the relationship. “I will try and design a new future vision of our alliances with you, Mr. President,” Yoon said. Biden heads to Tokyo later Sunday. On Monday, he will meet with Japanese Prime Minister Fumio Kishida and lay out his vision for negotiating a new trade agreement called the Indo-Pacific Economic Framework. A central theme for the trip, Biden’s first to Asia as president, is to tighten US alliances in the Pacific to counter China’s influence in the region. But within the Biden administration, there’s an ongoing debate about whether to lift some of the $360 billion in Trump-era tariffs on China. US Treasury Secretary Janet Yellen recently said some of the tariffs are doing more harm to US business and consumers than they are to China. On Tuesday, Japan will host Biden at a summit for the Quad, a four-country strategic alliance that also includes Australia and India. The US president will then return to Washington. Associated Press writers Chris Megerian and Darlene Superville in Washington contributed to this report.

Australian Labor beats conservatives; Prime Minister-elect faces early tests By Rod Mcguirk

The Associated Press

ANBERR A, Australia—Australia’s center-left opposition party toppled the conservative government after almost a decade in power, and Prime Minister-elect Anthony Albanese in his Saturday election victory speech promised sharper reductions in greenhouse gas emissions while he faces an early foreign policy test. Prime Minister Scott Morrison said he quickly conceded defeat despite millions of votes yet to be counted because an Australian leader must attend a Tokyo summit on Tuesday with US President Joe Biden, Japanese Prime Minister Fumio Kishida and Indian Prime Minister Narendra Modi. Albanese, who has described himself as the only candidate with a “non-Anglo Celtic name” to run for prime minister in the 121 years that the office has existed, referred to his own humble upbringing in the Sydney suburb of Camperdown. “It says a lot about our great country that a son of a single mom who was a disability pensioner, who grew up in public housing down the road in Camperdown can stand before you

tonight as Australia’s prime minister,” Albanese said. “Every parent wants more for the next generation than they had. My mother dreamt of a better life for me. And I hope that my journey in life inspires Australians to reach for the stars,” he added. Albanese will be sworn in as prime minister after his Labor party clinched its first electoral win since 2007. Labor has promised more financial assistance and a robust social safety net as Australia grapples with the highest inflation since 2001 and soaring housing prices. The party also plans to increase minimum wages, and on the foreign policy front, it proposed to establish a Pacific defense school to train neighboring armies in response to China’s potential military presence on the Solomon Islands on Australia’s doorstep. It also wants to tackle climate change with a more ambitious 43% reduction in greenhouse gas emissions by 2030 and net zero emissions by 2050. Morrison’s Liberal party-led coalition was seeking a fourth three-year term. It held the narrowest of majorities — 76 seats in the 151-member House of Representatives, where par-

ties need a majority to form a government. In early counting on Saturday, the coalition was on track to win 51 seats, Labor 72, 10 were unaligned lawmakers and 18 were too close to call. The major parties bled votes to fringe parties and independents, which increases the likelihood of a hung parliament and a minority government. Australia most recent hung parliaments were from 2010-13, and during World War II. The minor Australian Greens party appeared to have increased its representation from a single seat to three. The Greens supported a Labor minority government in 2010, and will likely support a Labor administration again if the party falls short of a 76seat majority. As well as campaigning against Labor, Morrison’s conservative Liberals fought off a new challenge from socalled teal independent candidates to key government lawmakers’ reelection in party strongholds. At least four Liberal lawmakers appeared to have lost their seats to teal independents including Liberal Party deputy leader Josh Frydenberg, who had been considered Morrison’s most likely successor. “What we have achieved here is ex-

traordinary,” teal candidate and former foreign correspondent Zoe Daniels said in her victory speech. “Safe Liberal seat. Two-term incumbent. Independent,” she added. The teal independents are marketed as a greener shade than the Liberal Party’s traditional blue color and want stronger government action on reducing Australia’s greenhouse gas emissions than either the government or Labor are proposing. The government’s Senate leader Simon Birmingham was concerned by big swings toward several teal candidates. “It is a clear problem that we are losing seats that are heartland seats, that have defined the Liberal Party for generations,” Birmingham said. “If we lose those seats—it is not certain that we will—but there is clearly a big movement against us and there is clearly a big message in it,” Birmingham added. Due to the pandemic, around half of Australia’s 17 million electors have voted early or applied for postal votes, which will likely slow the count. Early polling for reasons of travel or work began two weeks ago and the Australian Electoral Commission will continue collecting postal votes for another two weeks.

Editor: Angel R. Calso

Fate of 2,500 Ukrainian POWs from steel plant stirs concern By Elena Becatoros, Oleksandr Stashevskyi & Ciaran Mcquillan The Associated Press

OKROVSK, Ukraine—With Russia claiming to have taken prisoner nearly 2,500 Ukrainian fighters from the besieged Mariupol steel plant, concerns grew about their fate as a Moscow-backed separatist leader vowed they would face tribunals. Russia has declared its full control of the Azovstal steel plant, which for weeks was the last holdout in Mariupol and a symbol of Ukrainian tenacity in the strategic port city, now in ruins with more than 20,000 residents feared dead. The seizure gives Russian President Vladimir Putin a badly wanted victory in the war he began nearly three months ago. A s t he West ra l l ies be h i nd Ukraine, Polish President Andrzej Duda arrived in Ukraine on an unannounced visit and will address the country’s parliament on Sunday, his office said. Poland, which has welcomed millions of Ukrainian refugees since the start of the war, is a strong supporter of Ukraine’s desire to join the European Union. With Russia blocking Ukraine’s sea ports, Poland has become a major gateway for Western humanitarian aid and weapons going into Ukraine and has been helping Ukraine get its grain and other agricultural products to world markets. The Russian Defense Ministry released video of Ukrainian soldiers being detained after announcing that its forces had removed the last holdouts from the Mariupol plant’s extensive underground tunnels. It said a total of 2,439 had surrendered. Family members of the fighters, who came from a variety of military and law enforcement units, have pleaded for them to be given rights as prisoners of war and eventually returned to Ukraine. Deputy Prime Minister Iryna Vereshchuk said Saturday that Ukraine “will fight for the return” of every one of them. Denis Pushilin, the pro-Kremlin head of an area of eastern Ukraine controlled by Moscow-backed separatists, said the captured fighters included some foreign nationals, though he did not provide details. He said they were sure to face a tribunal. Russian officials and state media have sought to characterize the fighters as neo-Nazis and criminals. “I believe that justice must be restored. There is a request for this from ordinary people, society, and, probably, the sane part of the world community,” Russian state news agency Tass quoted Pushilin as saying. Among the defenders were members of the Azov Regiment, whose far-right origins have been seized on by the Kremlin as part of its effort to cast the invasion as a battle against Nazi influence in Ukraine. A prominent member of Russia’s parliament, Leonid Slutsky, said Moscow was studying the possibility of exchanging the Azovstal fighters for Viktor Medvedchuk, a wealthy Ukrainian with close ties to Putin who faces criminal charges in Ukraine, the Russian news agency Interfax reported. Slutsky later walked back those remarks, saying he agreed with Pushilin that their fate should be decided by a tribunal. The Ukrainian government has not commented on Russia’s claim of capturing Azovstal. Ukraine’s military had told the fighters their mission was complete and they could come out. It described their extraction as an evacuation, not a mass surrender. The capture of Mariupol furthers Russia’s quest to create a land bridge from Russia stretching through the Donbas region to the Crimean Peninsula, which Moscow seized from Ukraine in 2014. The impact on the broader war remained unclear. Many Russian troops already had been redeployed from Mariupol to elsewhere in the conflict. Russian Defense Ministry spokesman Igor Konashenkov reported Saturday that Russia destroyed a Ukrainian special-operations base near Odesa, Ukraine’s main Black

Sea port, as well as a significant cache of Western-supplied weapons in northern Ukraine’s Zhytomyr region. There was no confirmation from the Ukrainian side. The Ukrainian military reported heavy fighting in much of the Donbas in eastern Ukraine. “The situation in Donbas is extremely difficult,” President Volodymyr Zelenskyy said in his nightly video address to the nation. “As in previous days, the Russian army is trying to attack Sloviansk and Sievierodonetsk.” He said Ukrainian forces are holding off the offensive “every day.” Sievierodonetsk is the main city under Ukrainian control in the Luhansk region, which together with the Donetsk region makes up the Donbas. Gov. Serhii Haidai said the only functioning hospital in the city has just three doctors and supplies for 10 days. On Sunday, the British Ministry of Defense said Russia’s only operational company of BMP-T Terminator tank support vehicles, which are designed to protect main battle tanks, “has likely been deployed to the Sievierodonetsk axis of the Donbas offensive.” It said, however, with a maximum of 10 of the vehicles deployed, “they are unlikely to have a significant impact on the campaign.” Sloviansk, in the Donetsk region, is critical to Russia’s objective of capturing all of eastern Ukraine and saw fierce fighting last month after Moscow’s troops backed off from Kyiv. Russian shelling on Saturday killed seven civilians and injured 10 more elsewhere in the region, the governor said. A monastery in the Donetsk region village of Bohorodichne was evacuated after being hit by a Russian airstrike, the regional police said Saturday. About 100 monks, nuns and children had been seeking safe shelter in the basement of the church and no one was hurt, the police said in a Facebook post, which included a video showing extensive damage to the monastery as well as nuns, monks and children boarding vans on Friday for the evacuation. Zelenskyy on Saturday emphasized that the Donbas remains part of Ukraine and his forces were fighting to liberate it. Speaking at a joint news conference with Portuguese Prime Minister Antonio Costa, he pressed Western countries for multiple-launch rocket systems, which he said “just stand still” in other countries yet are key to Ukraine’s success. Portugal and Poland, where Costa stopped for talks before traveling on to Kyiv, support bringing Ukraine into the European Union quickly, even if some other EU members balk at granting it speedy access. US President Joe Biden signed off Saturday on a fresh, $40 billion infusion of aid for Ukraine, with half for military assistance. Portugal pledged up to 250 million euros, as well as continued shipments of military equipment. Mariupol, which is part of the Donbas, was blockaded early in the war and became a frightening example to people elsewhere in the country of the hunger, terror and death they might face if the Russians surrounded their communities. The seaside steelworks, occupying some 11 square kilometers (4 square miles), were a battleground for weeks. Drawing Russian airstrikes, artillery and tank fire, the dwindling group of outgunned Ukrainian fighters held out with the help of airdrops that Zelenskyy said cost the lives of many “absolutely heroic” helicopter pilots. The Russian Defense Ministry on Saturday released video of Russian troops taking into custody Serhiy Volynskyy, the commander of the Ukrainian Navy’s 36th Special Marine Brigade, which was one of the main forces defending the steel plant. The Associated Press has not been able to independently verify the date, location and conditions of the video. McQuillan reported from Lviv. Stashevskyi reported from Kyiv. Associated Press journalists Yuras Karmanau in Lviv, Andrea Rosa in Kharkiv, Frances D’Emilio in Rome, and other AP staffers around the world contributed.

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Monday, May 23, 2022 A9

Water outages loom over major South African hub

By S’thembile Cele

undreds of thousands of people in one of South Africa’s most important economic regions risk having their taps run dry within weeks. A severe drought has depleted dams in the southern Nelson Mandela Bay municipality, which includes the coastal city of Gqeberha, with three of the main reservoirs that supply about a third of its 1.3 million people close to empty. Much of the remaining water is of poor quality and the overuse of chemicals to treat it has led to the deaths of at least two children, livestock and vegetation. T he water shor tages have evoked memories of Cape Town’s plight four years ago, when a drought forced the city’s more than 4 million residents to halve their daily consumption. It’s also a sign of things to come -- the government estimates demand for water will outstrip supply nationally within the next two years, and the country will face a

deficit of almost 20% by the end of the decade. “Nelson Mandela Bay currently faces an unprecedented crisis in the delivery of basic water supply,” a committee set up by local residents said in a statement. The Kouga Dam that supplies the area will likely be depleted by monthend, “which will consequently leave taps dry across Nelson Mandela Bay’s western areas. We have reached Day Zero,” it said. South Africa and other nations on the continent are among those most vulnerable to food and water insecurity caused by extreme weather events, according to the latest report by the Intergovernmental Panel on Climate Change. T he wa r m ing of t he pl a net, caused by human emissions of greenhouse gases, is leading to more frequent and more extreme

floods and droughts in the world’s poorest continent, according to the scientists. Nelson Mandela Bay was hit by severe drought in 2016 and dams have never been replenished, with levels remaining below 20% the whole of last year. The area typically gets rain throughout the year. Gqeberha and its surrounds go through 290 megaliters (76 million gallons) of water a day, about a fifth more than the national Water and Sanitation Department says it should, with households accounting for 65% of consumption and businesses the balance. The municipality is the main economic hub in the Eastern Cape province, which accounts for about 7.7% of South Africa’s $429 billion gross domestic product. Volkswagen AG is among several multinational companies w ith operations in the area. While its manufacturing plant in the industrial town of Kariega hasn’t been affected by the water shortages, it is concerned about the impact on its suppliers and employees, especially those who live in the KwaNobuhle township, which has been identified as a high-risk area. Rainwater is harvested at the plant and the

US sees risk of Covid supply rationing without more funds

A S H I N G T O N —T h e White House is planning for “dire” contingencies that could include rationing supplies of vaccines and treatments this fall if Congress doesn’t approve more money for fighting Covid-19. In public comments and private meetings on Capitol Hill, Dr. Ashish Jha, the White House coronavirus coordinator, has painted a dark picture in which the US could be forced to cede many of the advances made against the coronavirus over the last two years and even the most vulnerable could face supply shortages. Biden administration officials have been warning for weeks that the country has spent nearly all the money in the $1.9 trillion American Rescue Plan that was dedicated directly to Covid-19 response. A small pool of money remains, and the administration faces critical decisions about how to spend it. That means tough decisions, like weighing whether to use it to secure the next generation of vaccines to protect the highest risk populations or giving priority to a supply of highly effective therapies that dramatically reduce the risks of severe illness and death. That decision may be made in the coming week, according to the administration, as the White House faces imminent deadlines to begin placing orders for vaccines and treatments before other nations jump ahead of the US in accessing supply. Jha has warned that without more money, vaccines will be harder to come by, tests will once again be scarce, and the therapeutics that are helping the country weather the current Omicrondriven surge in cases without a commensurate increase in deaths could be sold overseas before

Americans can access them. “I think we would see a lot of unnecessary loss of life if that were to happen,” Jha said this past week. “But we’re looking at all the scenarios and planning for all of them.” He said the administration was “getting much more into the scenario-planning business to make sure that we know what may be ahead of us so we can plan for it and obviously also lay those out in front of Congress.” Jha, who declined to put a specific projection on potential loss of life, has become the face of the Biden administration’s efforts to persuade Congress to approve an additional $22.5 billion for Covid-19 response. “The scenarios that we’re planning for are for things like what if Congress gives us no money and we don’t have adequate vaccines,” Jha told the AP in a May 12 interview. “We run out of therapies. We don’t have enough tests. What might things look like? Obviously, that’s a pretty dire situation.” Already, the domestic production of at-home testing is slowing, with workers beginning to be laid off. In the coming weeks, Jha said, manufacturers will sell off equipment and “get out of this business,” leaving the US once again dependent on overseas suppliers for rapid test. Drug manufactures and the Food and Drug Administration, meanwhile, are working on evaluating the next generation of vaccines, potentially including ones that are targeted at the dominant Omicron strain. But getting them ready before the predicted case surge in the fall means placing orders now, since they take two to three months to produce. Jha said this week that the US has yet to start negotiations with drugmakers because of the lack of money.

“We’ve had some very preliminary conversations with the manufacturers,” he said. “But the negotiations around it have not yet begun, partly because we’re waiting for resources.” He added: “The truth is that other countries are in conversations with the manufacturers and starting to kind of advance their negotiations.” The US, he said, doesn’t have enough money to purchase additional booster vaccines for anyone who wants one. Instead, the supplies of those vaccines may be restricted to just the most vulnerable—not unlike the chaotic early days of the Covid-19 vaccine rollout. “Without additional funding from Congress, we will not be able to buy enough vaccines for every American who wants one once these new generation of vaccines come out in the fall and winter,” he said. And while the US has built up a stockpile of the antiviral pill Paxlovid, which has been widely effective at reducing severe disease and death, it’s running out of money to purchase new doses—or other, even more effective therapies that are in the final stages of development. “If we don’t get more resources from Congress, what we will find in the fall and winter is we will find a period of time where Americans can look around and see their friends in other countries — in Europe and Canada — with access to these treatments that Americans will not have,” Jha said. A congressional deal for a slimmed-down Covid-19 response package of about $10 billion fell apart in March over the Biden administration’s plans to lift virusrelated restrictions on migration at US borders. But a federal judge on Friday put that plan on hold, just days before it was to take effect on Monday. AP

Biden: ‘Monkeypox outbreak concerning’

he growing monkeypox outbreak is “something everyone should be concerned about,” President Joe Biden said. Biden told reporters he’d spoken to advisers about the virus. “We’re working on it hard to figure out what we do and what vaccine if any might be available for

it,” he said Sunday before boarding Air Force One in South Korea. “It is a concern in that if it were to spread it would be consequential.” The rare and potentially deadly cousin of the smallpox virus is traditionally confined to regions in Africa, but health officials are concerned about its recent wider spread.

Con f i r med a nd su spec ted cases of monkeypox have been ticking up in Europe and North America, including at least one confirmed case in the US. “It is something everybody should be concerned about,” said Biden, who heads next to Japan, the final leg of his first trip to Asia as president. Bloomberg News

water it uses is recycled, it said in an emailed response to questions. The 9,000-hectare (22,200-acre) Coega special economic industrial zone, which lies north of Gqeberha and is one of the government’s flagship development projects, has also been hard-hit by the water shortages. Companies have resorted to using rainwater tanks, and have had to contend with reduced water pressure and flows being restricted, said Simlindele Manqina, the zone’s spokesman. W hile environmental approval was granted last year for a desalination plant in Coega, construction has yet to begin. The authorities have urged residents to use a maximum of 50 liters of water a day each. “There needs to be a very conscious reduction in water demand,” said Sputnik Ratau, the water department’s spokesman. “We should be able to get through this period” if the municipality sticks to within its water allocation, and over the longer term more water could be made available by building new infrastructure and linking the river basins that supply the area, he said. Politics has compounded the prob-

lem of insufficient rainfall. No party won an outright majority in Nelson Mandela Bay in the past two municipal elections and the region has been ruled by a series of unstable coalitions, with power changing hands five times in as many years. That’s led to policy uncertainty and a lack of accountability, with new administrations blaming their predecessors for the mounting water crisis. The response has been inadequate “due to the ongoing instability issues facing the city council and the resultant impact on the municipality’s ability to deliver basic services,” said Denise Van Huyssteen, chief executive officer of the Nelson Mandela Bay Business Chamber. In an informal settlement in Missionvale, 15 kilometers (7 miles) northeast of the Gqeberha city center, water gushes from communal taps and residents complain that leaks can go unfixed for months, with municipal workers unresponsive to their complaints. Some poor communities already go without running water for days, or even weeks, according to Siyabulela Mama, a member of the residents’ water crisis committee.

“They queue for hours in lines at communal taps in some workingclass communities,” he said. The quality of the water is also so poor that it is making people sick so they are either forced to boil it, which pushes up their electricity costs, or buy bottled water, he said. The municipality intends drilling boreholes to augment the water supply, is fixing the reticulation system and replacing old pipes, and is working on plans to divert water sourced from the country’s biggest dam to western areas, according to Joseph Tsatsire, its acting executive director for infrastructure and engineering. While more than 30,000 leaks have been repaired since 2020, a backlog of about 4,000 remained, he said in an interview posted on the municipality’s website. Nelson Mandela Bay Mayor Eugené Johnson declined to comment and her office didn’t immediately respond to questions on what contingency plans were in place should suburbs run dry. Implementing rotating water cuts to reduce consumption isn’t an option, according to the water department’s Rantau. Bloomberg News

A10 Monday, May 23, 2022 • Editor: Angel R. Calso

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editorial

How to grow the economy

S a child we were probably all asked at one time or another what we wanted to be when we grow up. The eventual decision that we made was presumably because of both our skills and desires. External factors and opportunities weighed in and, of course, we needed and wanted to make money. It is not much different, at least in theory, from nations. It is not so much a matter of the government having to choose what “job” the country must take. Nonetheless, government policy can, and maybe should, provide a focus and even incentives for how national income is earned. Government policies and the implementation helped build the massive overseas work force that provides income to the Philippines. Governments are like people, sometimes—maybe too often—making bad “career” choices. In an effort that was politically and economically motivated, the US government created the stock market and housing crash of 2008. That is not an exaggeration. The global debt crisis was precipitated by the collapse of the US mortgage market that had been financed by lenders from almost all countries, the Philippines and Southeast Asia being an exception. Beginning in 1999, US government mortgage lenders Fannie Mae and Freddie Mac made home loans accessible to borrowers who had bad credit and a higher risk of defaulting on those loans. In 1995 President Bill Clinton loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods. We have a continuing debate in the Philippines about how to best grow the economy. We know that overseas workers’ remittances have been a significant part of our growth. From encompassing 3 percent of the GDP in 1988, remittances’ share of gross domestic product (GDP) grew to 12 percent in 2004. However, since 2011 (9.8 percent) it has stayed at a 9.65 percent yearly average. We are told that government should help increase the amount of GDP from exports, which is relatively low at 25 percent of the GDP. This is the comparison of our neighbors: Malaysia 61 percent, Vietnam 105 percent, Thailand 52 percent, and Indonesia 17 percent. Interestingly, the share of global GDP from trade has been decreasing from 61 percent in 2008 to the current 52 percent. The problem is not as much as our low export of goods and services but our negative balance of trade because of high amounts of imports. Aside from “electronic products” (25 percent of imports), we spend a fortune on “mineral fuels” at 21 percent of imports. Now if some of the social media economic experts could figure out where we can get free crude oil or find major domestic production, we would be in great shape. Before you get too excited about the prospects of South China Sea oil, while China warns everyone to stay away, the only place they have explored for oil in the region is well within their own exclusive economic zone. Household consumption is about 60 percent of global GDP. For the first quarter, Philippine household consumption was 78 percent. Government spending is important—in 2016 it was 19 percent of GDP and is now up to 27 percent. But too much of the growth is from increased borrowing. Capital investment is critical and here is where we are lacking—with only 17.4 percent of GDP, the same as Italy, which is not exactly an economic growth mentor at 5.8 percent growth and 6 percent inflation. Here we lag far behind our peers: Indonesia, 32; Vietnam, 27; Thailand, 24; and Malaysia, 20. The best way to grow the economy, increase wealth, and lower poverty is to incentivize the private sector to invest and create jobs. That should be the priority. Since 2005

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Celebrate history and culture Atty. Jose Ferdinand M. Rojas II

RISING SUN

E just commemorated International Museum Day on May 18, so what better way to spend your free time and weekends than to visit a few of our excellent museums here in the city? Heritage, history, and culture are things we must cherish and protect as citizens of this country. As museums hold valuable information and relics, these places are great learning and teaching spaces not just for children and young people but also for grown-ups who must do their part in raising awareness on the importance of places like museums. Some of the Metro Manila museums you can visit are the National Museum of the Pilippines, Ayala Museum, Yunchengco Museum, Museo de Intramuros, UST Museum, and the Mind Museum. And speaking of the National Museum, they just announced the revival of their Museum Volunteer Program. Their announcement reads: “This program is an opportunity for individuals interested in different museum-related disciplines, to assist in our various activities and learn from the experience of

working with museum collections, exhibitions, and facilities.” If you or anyone you know is interested, send a CV with a letter of intent to visitorsandvolunteers@nationalmuseum.gov.ph nnn

AN interesting event is happening on the 26th of May at 7:00 p.m. It’s called La Nuit de Idées (The Night of Ideas), presented by the Embassy of France to the Philippines and Micronesia and the Alliance Française de Manille. The event streams live from the Ayala Museum on the

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Facebook pages of the French Embassy and the Alliance Française de Manille. With the theme “(Re)building Together: Smart Ideas, Smart Projects Born during the Pandemic,” this event “seeks to serve as a platform to explore how individuals, the private sector, civil society, and government are emerging from

Take out the number coding scheme

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Some of the Metro Manila museums you can visit are the National Museum of the Pilippines, Ayala Museum, Yunchengco Museum, Museo de Intramuros, UST Museum, and the Mind Museum. And speaking of the National Museum, they just announced the revival of their Museum Volunteer Program. Their announcement reads: “This program is an opportunity for individuals interested in different museum-related disciplines, to assist in our various activities and learn from the experience of working with museum collections, exhibitions, and facilities.” If you or anyone you know is interested, send a CV with a letter of intent to visitorsandvolunteers@nationalmuseum.gov.ph

STREET TALK

or us Metro Manilans, it is obvious that the dreaded Metro Manila traffic has reared its ugly head once more, though not as bad and worrisome as before. In a way, it is a good sign that the capital region is back on its feet, after the two-year pandemic hiatus, but the thought of going back to those days when traversing Edsa would take hours would give the new administration, especially our new set of transport and traffic managers, its work cut out when they take over. My unsolicited advice—no need to re-implement the United Vehicle Volume Reduction Program (UVVRP) or more commonly known as the “number coding” scheme. This scheme, with its many variations, had been with us for the longest time. It began some 30 years ago during the first Aquino administration incidentally by my brother, Oscar, who was then the transport secretary. Originally intended to be a short-term traffic solution while the many infrastructure and transport developments were being worked out, the scheme has become a permanent fixture many administrations after. But such measure

does not really work in the long term. The number coding scheme plus the lack of public transport only resulted to more vehicles on the road, or what can be said as an incident of “induced demand.” Hence, families bought an extra vehicle or two, leading to another pressure point of lack of parking space. Therefore, my wish for the next administration—let’s not fall into this trap, especially because there are also significant advantages that other

There are many other schemes with less or minimal costs that can definitely ease the pressure of traffic. We need not always depend on institutionalized volume reduction, which we know will only worsen the situation. With a new administration coming in, we need to look for more sustainable traffic solutions beyond quick fix measures such as the number coding scheme. administrations never had before— more infrastructure and transport development, some completed during the pandemic and more still in the pipeline. In the meantime, there are many traffic enforcement gaps that can be filled in. It is just a matter of strict enforcement and attention to detail. We did this in a way with some success, in the worst of times in the last quarter of 2016, when I was at the MMDA. We actually shaved off more than 10 minutes of travel time, without spending any capital expenditure but just focusing on enforcement work that we were tasked to do anyway. Allow me to share our solutions then and some things we

this global crisis with new ideas and projects to rebuild the cultural sector and help institutions and artists adapt to what we now call the new normal.” Aside from the institutions mentioned, this event is being organized with the support of the Cultural Center of the Philippines, the Philippine-Italian Association, Art Fair Philippines, Liter of Light, the National Book Development Board, and Brave New World. nnn

One very fulfilling way to savor and cherish culture and heritage is by going on a real adventure to visit any of our more than seven thousand islands. The Manila walking tour guide Manilakad is reintroducing his brand to include destinations outside of Metro Manila. On June 11, he is guiding a group through Byaheng Banahaw to unwind and relax in Bangkong Kahoy Valley, a mountain resort located in between Mounts Banahaw and Cristobal. He writes, “It lies 2,000 feet above sea level on a 21-hectare property brimming with milflores flowers and other endemic species. You can pick wild raspberry or simply try their raspberry shake. This quiet idyll can be reached via an See “Rojas,” A11

were working on at that time. 1. Strict truck ban implementation—right now suspended due to Covid. My suggestion—implement daytime limitation to peripheral roads but allow full use of all roads, even Edsa, during the night—from 10 p.m. to 5 a.m. 2. Implement the closure of Edsa provincial bus terminals, but address commuter convenience without added costs to them. My suggestion —bring in more commuter buses to traverse the central provincial terminals; and build a central hub in Metro Manila, it could be in Caloocan but definitely not on Edsa. 3. Fix persistent traffic areas: Baclaran/Taft and Cloverleaf Balintawak where you have all modes of transport present 24/7—even tricycles, and sidewalk vendors taking up 2 lanes. 4. While we are at it—jeepneys are not supposed to be on Edsa, but they are there again in the areas I mentioned. Why? Enforcement! 4. Open up once more the military camps, private roads and exclusive villages on limited time and specified roads, if need be. We did this in 2016. This can be done again definitely. 5. Temper the ingress/egress ar-

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Tax financing a bankrupt state

Tip your hat Siegfred Bueno Mison, Esq.

THE PATRIOT

Joel L. Tan-Torres

DEBIT CREDIT Eleventh part

he recent (and ongoing) fiasco between the Bureau of Internal Revenue and a stock market-listed taxpayer, the Megaworld Corp., further highlights the contentious situation that can arise in any BIR enforcement action against taxpayers. In this situation, the BIR issued a Revenue Special Order authorizing the BIR Regional Office in Makati to conduct a special audit of real estate developers. While the intent for initiating this special audit may be noble, the implementation of the BIR of this enforcement action was short of disastrous. This is a case where the BIR had a number of flip-flopping actions, an aggrieved taxpayer valiantly attempting to manage its tax and image issues that unfortunately directly (or indirectly) adversely affected the recent decline of its stock market price, a public and media that immediately got to know of the media coverage of the debacle, and a crisis management response by top officials of the Department of Finance and the BIR to weather the storm. In the end, these missteps resulted in a lot of suspicions on the intent and actions of the protagonists and questions on the credibility of the BIR enforcement procedures. I hope that the stakeholders, specially the BIR, will be able to take immediate remedial action to correct any irregularities that have definitely cropped up in this situation. This should include the proper oversight of the different phases in the BIR tax enforcement and audit process. I have previously discussed in my earlier articles my recommendations for enhancing the processes in the pre-audit and the conduct of the tax investigation by the BIR. I will conclude in this article by listing what improvements can be done in the post-audit phase. Any BIR audit should have the proper closure. This includes the assessment of the conduct and results of the audit. The BIR has this “revalida” or review process in place. It is a manually driven process that is time consuming as well as prone to inefficiencies in the tasks at hand. This revalida can be improved further. It is evident that this evaluation should focus on ascertaining that the procedural rules contained in the various BIR issuances have been complied by BIR examiners and the reviewers and approvers of the audit results. These should include looking into the timelines of the audit case, the documentation submitted in the audit docket, and the “quality” of the audit procedures. Assessing the quality of the audit is the crucial element. This should be focused not only on monitoring the compliance to the audit guidelines contained in the Revenue Audit Memorandum Orders and other issuances, but equally, if not more important, on the measures adopted by the examiner to check and detect if the audited taxpayer has substantially complied with the tax and accounting rules. The use of digital tools will go a long way in enhancing the system and the

Any BIR audit should have the proper closure. This includes the assessment of the conduct and results of the audit. The BIR has this “revalida” or review process in place. It is a manually driven process that is time consuming as well as prone to inefficiencies in the tasks at hand. This revalida can be improved further.

Rojas . . .

continued from A10

unpaved road from the foothills of Banahaw known for mystical folk religious groups. On our way to this mountain retreat, we will pass by the National Shrine of Our

Orbos . . .

continued from A10

eas of the super malls that we have along Edsa. 6. Start utilizing the newly built “flanker bridges” parallel to Guadalupe Bridge crisscrossing the Pasig

results of the audit and review. There are existing technology on data analytics and Artificial Intelligence for red flagging areas of deviations or instances for more tax findings that may have been missed in the regular process. The review process can also include getting anonymous feedback from the taxpayers who have been audited. Taxpayers should be given the opportunity to anonymously express their sentiments and disclosures on their audit experience. If the audit and its subsequent evaluation are done properly with these enhancements and the use of digital tools, this can result in various outcomes that will benefit the BIR and the taxpayers. The win-win outcomes abound. These can include higher tax collections arising from audit, reduction of arbitrary tax findings and deficiency assessments, less confrontational interaction between the BIR and taxpayers, less graft and corruption, more transparency and regularity in the audit process, more accountability on all stakeholders, performance evaluation of the BIR examiners and their superiors, recommendations for the improvement of the various audit phases and processes, and better voluntary tax compliance by taxpayers. Overall, these outcomes will bring relief to a bankrupt state thirsting for higher tax financing. To be continued. Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. This column accepts articles from the business and academic community for consideration for publication. Articles not exceeding 600 words can be e-mailed to jltantorres@up.edu.ph.

wo weeks after the elections, many are probably still feeling a tinge of sadness over the defeat of their candidates, while some are animated with the triumph of their chosen contenders. After all, never have we seen such an enormous amount of people participation, both digital and physical, in a hyped-up electoral campaign. Obviously, every aspirant’s conquest was a product of more hands and minds than most. As we pick up the campaign litter and debris, physically and emotionally, and fix our eyes on a new administration, we should tip our hats, however forced for some. I especially tip my hat to salute the ordinary Filipinos from every color of our political diaspora who volunteered to help candidates. President-elect Ferdinand “Bongbong” Marcos Jr. expressed his gratitude during the partial and unofficial counting of votes, stating in Filipino that “Hindi makapag-antay ang aking pasasalamat” (My thanks could not wait). He acknowledged that such a large endeavor as the presidential race “involved many people working in very many different ways.” On the other hand, Vice President and presidential contender Leni Robredo issued a live-streamed video statement on Facebook early morning of May 10 thanking everyone who joined her People’s Campaign, and addressing them with a heartfelt note that “Hindi kayang sukatin ng numero ang lalim ng pagmamahal ninyo” (no number can measure the depth of your love). The significant number of those who voted is a huge victory by itself, compounded by a large number of ordinary people who pitched in time and effort to support their candidates, outside of the usual political machinery. To the millions who voted, a “thank you” might be an understatement, and to the millions more who offered a voice, a hand and a pair of feet, a “thank you” might not suffice. Everybody, both from the winning and losing side, deserves recognition and salutation. As we have witnessed, money is just a portion of a far bigger structure plowing the fields to success. Those who gathered at the rallies, printed tarpaulins, spoke with neighbors and strangers, lent their voice in echoing one’s advocacies, shared

an announcement on social media, watched the debates, and wore their candidates’ color—all of them likely and collectively influenced the voting public. In a mocking way, I also tip my hat, sarcastically, to individuals who spread fake news, and the trolls who berated other aspirants and supporters. Their shameless unabated conduct contributed to the rise (and fall) of quite a number of electoral contestants. They, too, carried out a mission, viciously effective in total disregard of ethical standards. Putting myself in the candidates’ shoes, had I won, my heart will certainly be overjoyed that it has no other recourse but to swell naturally with gratitude. Far beyond winning, nothing can compare with the satisfaction of having those who pushed me up, rejoicing with me in my success. Parenthetically, had I lost, I will take the earliest opportunity to convey my message of gratefulness even in the midst of defeat. Yes, the latter might be quite a daunting duty, especially since we have seen losing candidates disappearing like a bubble with nary a word of thanks to their supporters, only to appear again in the next elections. Volunteers, supporters, followers and benefactors, even onlookers are similarly expected to be thankful, whether in victory or defeat, for we are called to be thankful “in all circumstances” (1 Thessalonians 5:16-18 of the Bible). One thing should be constant in every contest—the attitude of grati-

Monday, May 23, 2022 A11

Giving thanks, openly or privately, in words or in deed, especially to those who participated valiantly but failed in these 2022 elections as a voter or as a supporter, is one sure way of being a good follower of the Law of the Lord and the law of the land. tude. Giving thanks during pleasant moments is easy; but on occasions of loss or helplessness, offering a word of thanksgiving could be difficult. Fortunately, the Bible offers many inspiring stories of gratitude with fortitude. The biblical Daniel could have buckled under pressure in light of the irrevocable royal decree to pray only to the king (Darius) or else suffer the lion’s den. But as was his habit, Daniel bent to pray and give thanks to God three times a day (Daniel 6:10). Daniel chose gratitude despite the risk. The biblical Jonah was in dire straits when he disobeyed God’s command. In defiance, he ran away, boarded a ship that almost capsized, was thrown overboard, and was swallowed by a large whale. Filled with despair, shame and guilt, Jonah repented and gave thanks while entombed in the belly of a fish (Jonah 2:2-6). Jonah chose gratitude in the midst of hardship. And need we look farther? Jesus Christ Himself fed the 5,000 who followed and listened to him preach. “Taking the five loaves and two fish and looking up to heaven, he gave thanks and broke them” (Luke 9:16). The apostles distributed the food, the crowd was subsequently satiated, and 12 baskets of leftovers were gathered. Facing insufficiency, Jesus gave thanks! Jesus chose gratitude despite uncertainty. Post elections, a large number of my colleagues and friends still find it hard to express a heart of gratitude. Beyond the lines of speculation, sentiments of anxiety, of hatred, and of despondency hound their hearts in view of the dubious character of some of the elected. The skepticism attributed to how the votes were counted makes them more vengeful than thankful. Seeing as it is that the better future envisioned for the Filipino could rest in the fabric of uncertainty, it is almost a reflex to be unappreciative. Nevertheless, following the examples demonstrated by Daniel, Jonah and Jesus Christ himself,

Cold comfort awaits a springtime Davos By Richard Quest

S Davos without the cold and snow still Davos? We are about to find out. For those accustomed to coming together in January to “improve the state of the world,” the World Economic Forum’s decision to hold its annual jamboree in springtime will give us the chance to work out exactly how much the cold icy environment helped stimulate debate and discussion.

Recently I interviewed the secretary general of Nato. I found myself asking him what his plans were if the Russia-Ukraine war turned nuclear. I could not believe that I was actually asking about the real possibility of nuclear conflict. Ultimately, my entire week in Davos will be colored by that moment. These are serious times. At least for now, “improving the state of the world” is as simple as not blowing it to smithereens.

Lady of Sorrows, patron saint of OFWs. Earlier in the day, we will experience rafting in one of the serene Seven Lakes of San Pablo and cruise around the lake-side promenade of Sampaloc Lake.” If that entices you, send him a message through Messenger (JP Ordona or Manilakad).

I’ve always thought there was a camaraderie that comes from schlepping up the mountain in winter. The cold is a great leveller: the rich and powerful can fall over and sprain an ankle just as easily as the rest of us mere mortals (even as they are climbing out of their sustainable limos). Of course, the WEF has been unable to hold a Davos for the last two years, not that it didn’t farcically try to arrange them—firstly in Singapore, then in Davos itself—only cancelling them at the very last moment when it was blindingly obvious that the events couldn’t take place. This time going to Davos sans snow will have a gravity and seriousness about it that I cannot recall in two decades of attending. Europe is at war. We are facing the worst inflation in 40 years, with central bankers wrestling to get it

under control by stamping on the brakes. The entire structure of globalization—the very mother’s milk of Davos—is teetering. There is one common refrain amongst policymakers and CEOs: this is the most difficult time that they can remember. Everyone knows that the geopolitical situation will never be the same again. The postSecond World War beliefs, buttressed by the end of the Cold War, are in tatters. Don’t believe me? Then why are Sweden and Finland, countries with long histories of non-military alliance, about to join Nato (assuming Erdogan gives in)? Then there’s China, continuing its extraordinary zero Covid policy. While the rest of us are pretty much back to normal, tens of millions of people in China are still living under the yoke of lockdowns. What’s more,

the country is exporting its supply chain issues to the rest of us, and worsening an already bad situation. So much for globalization. This, dear WEF, is the landscape into which you are “committed to improving the state of the world.” Bearing this in mind, I’m dismayed to find this year’s agenda to be a raft of often bizarre debates and panels, woolly in tone and esoteric in topic. The right people may be coming to Davos, but the wrong questions are being asked of them. If I was in charge, I think I would keep it to one simple question: “What

River to ease the north-south traffic. 7. Secure and strengthen the underutilized corridors: Bike lanes and the Pasig River ferries—expand to Mega Manila, especially on the river tributaries 8. Technology! Why not have the ERP (electronic road pricing) system similar to Singapore; and

CCTV monitoring for better enforcement. 9. Try implementing measures that work in other countries such as carpooling and flexi time. 10. Personnel! Professionalize the enforcers and increase their numbers similar to what we have done with the police force. Maintain

I—ACT or interagency cooperation and put more cohesiveness to LGU and national traffic managers. 11. Increase and encourage public transport. Rationalize their routes. And if need be, let government subsidize modernization. 12. Open up side corridors. Decongesting Edsa would mean de-

congesting as well the connecting corridors. There are many other schemes with less or minimal costs that can definitely ease the pressure of traffic. We need not always depend on institutionalized volume reduction, which we know will only worsen the situation. With a

all of us should be inclined towards gratitude when faced with risk, hardship, and uncertainty. Grateful people, who think and act positively, have been proven by empirical data to be better citizens. A research on gratitude involved participants who wrote a few sentences each week on particular topics. Conducted by two psychologists from the University of California (Dr. Robert A. Emmons) and University of Miami (Dr. Michael E. McCullough), the study disclosed that after 10 weeks, those who wrote about gratitude were more optimistic and felt better about their lives! Gratitude is the best antidote for dissatisfaction. Being thankful multiplied 112 million times (Philippine population) ought to result to a buoyant nation far more than any leader could promise. These days, the principal challenge is predicated on lending a grateful hand to those whose preferences are at odds with ours, like those who voted and supported a different candidate. They too toiled in the hope that our nation will be great again and provided their resources in the belief, no matter how eccentric, that certain people deserve to lead. Conceivably, it is about time we tip our hats to them as an expression of respect. For believers, when things on earth appear to be tumultuous and seem out of control, their faith never waver knowing that God’s sovereign will can never be shaken. Giving thanks, openly or privately, in words or in deed, especially to those who participated valiantly but failed in these 2022 elections as a voter or as a supporter, is one sure way of being a good follower of the Law of the Lord and the law of the land. No sooner will we realize that this gentle gesture of thanksgiving could be more potent than any bureaucratic machinery in giving hope to our Filipino nation! A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.

do we need to do next to avoid world war, years of mediocre economic growth and famine?” And before you excoriate me for putting forward a rich world agenda —try running the rest of the world when the developed economies are in deep trouble. I’m not totally pessimistic: I still believe there is great value in all the decision-makers coming together to hear what they think, what they believe, how they think we must act. The optimistic part of me is focused on the possibility that coming together will help us sort a way through, providing we don’t get sidetracked by WEF gobbledygook. Recently I interviewed the secretary general of Nato. I found myself asking him what his plans were if the Russia-Ukraine war turned nuclear. I could not believe that I was actually asking about the real possibility of nuclear conflict. Ultimately, my entire week in Davos will be colored by that moment. These are serious times. At least for now, “improving the state of the world” is as simple as not blowing it to smithereens. Richard Quest is a CNN Anchor and Business Editor-at-Large.

new administration coming in, we need to look for more sustainable traffic solutions beyond quick fix measures such as the number coding scheme. The author may be reached at: tmo45@ georgetown.edu

A12 Monday, May 23, 2022

EXPERTS SUGGEST STRATEGIC PLANS FOR NEXT GOVERNMENT By Jovee Marie N. dela Cruz @joveemarie

& Rizal Raoul S. Reyes @brownindio

EEKS before the start of a new administration, an independent international research organization has recommended a strategic agenda for the country’s next president. At the recent launching of a book titled “Beyond the Crisis: A Strategic Agenda for the Next President,” Stratbase ADR Institute President Victor Andres Manhit stressed the importance of observing the external environment and growing trends to assess their possible impact on national interest and development. “Through this book, the Institute hopes to spark conversation, sustain enlightened discourse, encourage involvement, and create positive change with the principal goal of uplifting the lives of Filipinos and achieving a better Philippines,” he said. At this juncture, he said, the country will need a disruptive leadership and an innovative government that will put gamechanging reforms in place. “We need a government with crystal-clear vision, and one that is ready to harness the nation’s talents, craft a sustainable de-

velopment strategy, and uphold, at all times, the rule of law,” according to Manhit. Stratbase ADR brought together 16 experts from various fields to craft this strategic government agenda with resilience and sustainability in mind, taking into consideration the next six years and perceivably beyond political timelines. “Our mission since the last presidential elections in 2016 has always been to nurture and advocate policy agendas and citizen-led reform initiatives. We continue to do this in the pursuit of strategic regional balancing and a development-oriented system of governance that is just, responsive, transparent, and accountable,” he added. According to Manhit, the newly elected gover nment should strive to ensure economic development by increasing investment opportunities and exploring more possibilities for Public-Private Partnerships (PPP). “Such efforts could also help address the Philippines’s growing trade deficit as its imports continue to outgrow exports. The country also continues to endure spikes in domestic oil prices, which reflects global market movements,” he said. Continued on A3

ERC: Energy mix goal must be fixed to lure investments

By Lenie Lectura

@llectura

AVING a target energy supply mix that should be fixed for the next 40 years is key to encouraging more investments in the energy sector, the Energy Regulatory Commission (ERC) chief has suggested. Agnes Devanadera explained that investment in power projects are capital-intensive and longterm in nature. Thus, the target supply mix should not be shifting from time to time. Otherwise, investors will end up with stranded investments that they can no longer recover from later. The energy mix, she stressed, should take effect for more than six years, longer than the term of the country’s president. This is to ensure that the same mix will be carried out by the next administration after nuclear energy has been

added into the existing mix. “ The energ y mix has to be rea l ly longer than si x years, longer than 10 years. In most countries, it’s really good for 40 years,” she said. To ensure continuity, Devanadera agreed that legislation must be enacted to embody it. “In some countries, that’s covered by legislation so that the changes in administration due to election will not affect energy mix, and it will be more difficult to change the energy mix. There is permanency so that policies don’t keep chang-

ing. What investors would want to come in if we keep changing the setup?” the ERC chief pointed out, speaking partly in Filipino. At present, most of the country’s electricity supply comes from coal, at approximately 44 percent. In off-grid areas, or areas not connected to the grid, electricity supply from oil-based plants is at 87 percent. In the last six years, the national government was aiming to increase the use of RE sources. However, there has been no fixed target energy supply mix with definite ratio for the share allocated to renewable energy (RE) and share allocated to other types of sources. Devanadera said the ideal energy mix should include a target of at least 2,000 megawatts (MW) of new capacity which, she stressed, is urgently needed. “That’s what’s truly needed. You know when you also have so much supply that can be a way of bringing down the price. It should, at least, target about 2,000 MW new capacity. If you put on existing plus new capacities we need, then that should be the mix,” said, adding the need for consultations with other agencies like the National Economic and Development Authority (Neda) “because it should go side by side

‘Fast, transparent and credible’ canvassing for prexy, VP votes vowed By Jovee Marie N. dela Cruz @joveemarie

& Butch Fernandez @butchfBM

PEAKER Lord Allan Velasco on Sunday assured the nation that the canvassing of votes and proclamation of winners in the recently concluded presidential and vice presidential elections will be “expeditious, transparent and credible.” Velasco made the assurance as the House of Representatives and the Senate are set to hold a joint public session this coming week to convene as the National Board of Canvassers (NBOC), as mandated by the Constitution, to count the votes cast and proclaim the country’s next President and Vice President. “ The Congress, sitting as the NBOC, is duty-bound to make sure that the entire process of vote counting and transmission of results will be done expeditiously and with utmost transparency and integrity,” Velasco said in a statement. As agreed upon by the leaders of both houses of Congress, the legislature—through Velasco and Senate President Vicente Sotto III—is scheduled to proclaim the duly-elected President and Vice President on May 27. The House chief also said that the vote canvassing will proceed despite a pending disqualification case against presidential candidate Ferdinand “Bongbong” Marcos Jr. before the Supreme Court. “Our duty to canvass is mandated by the Constitution itself,” Velasco pointed out. “Nothing therein says that this duty is suspended while a case, which has already been dismissed by the Commission on Elections, is pending with the Supreme Court.” On May 23, the House and the Senate will resume their separate sessions to adopt a joint resolution convening Congress to a joint session and act as

with the development plans for the Philippines.” A firm supply mix should indicate a definite figure as to the share of renewable energy, and share of other technologies like nuclear and natural gas. “It is important that we define the energy mix so that we would be able to come up with policies. Also, the breakdown of that because we said that we enacted the RE law but we have been left behind when it comes to development of RE. That’s why it’s important that we have this,” she stressed. The ERC also proposed providing a specific target in terms of capacity and technology to provide investors with better signals as to where to invest. For example, the present administration may plan to increase t he ava i lable capacity in the next six years in graduated manner. Lastly, ERC said all possible increases in capacity should be coordinated with the National Grid Corporation of the Philippines (NGCP) in order to match the new capacity with the existing available transmission capacity, thus avoiding any stranded capacity similar to the Negros solar and biomass power plants.

NBOC for the two highest elective posts of the land. Each chamber is expected to formally create a contingent to the Joint Committee that will do the actual count of votes cast for President and Vice President during the May 9 polls, starting May 24. Each contingent will have seven regular members and four alternate members. The Speaker and the Senate President shall designate the chairperson of each panel. It is expected that the Senate will initiate the delivery to the House of the ballot boxes containing the certificates of canvass (CoCs) to be counted by the Joint Committee. The Speaker and the Senate President shall serve as presiding officers during the joint session. The Senate President shall open, in the order they were received, all electronically transmitted CoCs in the Consolidation and Canvassing System (CCS) and all manually counted and physically delivered CoCs not electronically transmitted in the CCS. The Joint Committee shall decide all questions and issues raised involving the CoCs by a majority of vote of its members, each panel voting separately. In case the two panels disagree, the decision of the chairperson shall prevail. In case of a deadlock, the matter shall be resolved by the Speaker and the Senate President. Once the canvassing is completed, the joint committee report shall be approved and signed by a majority of the members of the Joint Committee. The report shall be approved and signed by a majority of the members of the Joint Committee. Each panel will vote separately. After which, the report shall be submitted to the joint public session for consideration and approval. A majority of senators and House members, voting separately, shall approve the report and adopt the resolution of both chambers proclaiming the duly elected President and Vice President. Continued on A2

See “ERC,” A2

MMDA preps for heavy traffic during rainy season By Claudeth Mocon-Ciriaco @claudethmc3

HE Metropolitan Manila Development Authority (MMDA) said that they are bracing for traffic snarls in times of heavy rainfall, but traffic enforcers are ready to manage the flow of vehicles and assist motorists. The Philippine Atmospheric, Geophysical, and Astronomical Services Administration (PAGASA) declared the onset of the rainy season on May 18. MMDA Chairman Romando Artes said at the weekend that there will be “full deployment” of the agency’s traffic enforcers as vehicular traffic is hard to manage during heavy downpour. “Full deployment at may rain gears ang mga enforcers [We will have full deployment of traffic enforcers and they have rain gears also],” Artes said in a radio interview. Artes said that traffic enforcers were told to seek shelter during heavy rains but were directed also to ensure smooth traffic flow. “Ngayong may mga pagbaha, may panukat silang dala para magaba yan ang motorista kung pwede silang tumuloy o hindi [Since there is already f looding, they carry with them a measurement tool that will determine if a motorist can still pass through or not],” Artes said. Artes also encouraged the public to send their suggestions by posting these on the social media pages of the agency or by sending them a direct message.

Companies

Editor: Jennifer A. Ng

Monday, May 23, 2022

Share swap deal to diversify Areit portfolio–Ayala Land By VG Cabuag

@villygc

roperty developer Ayala Land Inc. has executed a property for share swap deal valued at P11.25 billion with its real estate investment trust, Areit Inc. The deal involves the issuance of 252.13 million primary common shares of Areit to Ayala Land at an issue price of P44.65 per share in exchange for identified properties. The transaction, first announced in March, will see Ayala Land increasing its ownership in Areit to 66 percent from the previous 60.32 percent. Areit shares closed Friday at

P38.10. Ayala Land said the deal supports Areit’s “growth plans of building a larger and more diversified portfolio.” The buildings which will be infused into Areit have an overall occupancy of between 91 percent and 99 percent. These are eBloc 1 which was completed in 2009 and has a gross leasable space of 20,842

square meters; eBloc 2 (2011) has 27,727 sq. m.; eBloc 3 (2014), 15,233 sq.m.; eBloc 4 (2015), 16,167 sq. m.; ACC Tower (2016), 27,517 sq. m.; and Tech Tower 1 (2018), 16,813 sq. m. The two firms executed the deed of exchange for the said properties on May 19. The transaction was first approved by Areit’s board at its special meeting held last March 10, and by Ayala Land’s board during its organizational meeting last April 23. The subscription of Ayala Land in exchange for the properties was also approved by Areit stockholders during its annual stockholders meeting held last April 21. The company said the transaction prices are all within the range indicated in the fairness opinion issued by Isla Lipana Co. and the appraisal reports issued by Asian Appraisal Co. Inc.

The assets were valued using the discounted cashflows (DCF) approach as the primary method to estimate the fair value of the Areit shares and the properties. “Under the DCF approach, Isla Lipana discounted the cashflows of Areit and the properties based on a weighted average cost of capital using the capital asset pricing model. The comparable companies approach and precedent transactions approach were used as secondary methods to cross-check the value of the Areit shares. The direct capitalization approach was used to cross-check the value of the properties,” Ayala Land said in its disclosures. These properties will be transferred to Areit upon the Security and Exchange Commission’s approval of the shares for the property swap deal.

Solon to probe Megaworld case By Jovee Marie N. Dela Cruz @joveemarie

he chairman of the House Committee on Ways and Means called for a special briefing with the officials of the Bureau of Internal Revenue and Department of Finance (DOF) on Monday on the issues involving Megaworld Corp. Panel chairman and Albay Rep. Joey Sarte Salceda said he wants tax authorities to explain the cancellation of the closure order against Megaworld Corp. “It is clear to me that the issue could have been resolved internally within the Bureau of Internal Revenue. I have not heard from the Large Taxpayer Service, and so far releases have only come from the NCR South Regional Office,” he said. “Releases such as the closure order should not have been made public without a unified BIR agency position. I still haven’t seen one.

To clarify things, I am calling for a special hearing on this matter on Monday.” On May 17, a media advisory from the South NCR Revenue Region of the bureau indicated the issuance of a closure order of the company on May 18. On May 20, in a press release, the BIR said its Revenue Region 8BSouth conveys its position that it has jurisdiction over such enforcement activity as supported by a Revenue Special Order signed by the commissioner of the BIR. The agency said the investigation involves the verification of taxes on the One-Time Transactions (ONETT) on the sale/transfer of properties by Megaworld. It added although Megaworld is considered a large taxpayer under the jurisdiction of the Large Taxpayers Service, the BIR national office, ONETT falls under the jurisdiction of the BIR regional offices since the situs of taxation of sale, transfer, and

other disposition of real properties is where the property is located. Salceda said, “the markets are already uncertain. It’s a sin to the financial markets and to make economic and fiscal stability to create the impression that tax enforcement is arbitrary and tax authorities can simply inflict reputational damage at will.” “We are trying very hard to build the country’s tax institutions and improve their performance. We know the damage that tax uncertainty can create. Unforced errors like this hurt our reputation as an investment destination and as a tax jurisdiction.” According to Salceda, tax authorities “need to be more transparent, more professional, and more bythe-book” about the tax system and instruments of enforcement. “The BIR Central Office has been a close partner of my committee so I hope I will get better answers from them once they are called.”

Top execs of PLCs to headline PSE event

ey executives of 15 publicly-listed companies (PLCs) will brief fund managers, equities analysts and investors on their first quarter financial performance and business strategies in the new normal during a virtual event hosted by the Philippine Stock Exchange Inc. (PSE). The three-day event, dubbed PSE STAR (Strengthening Access and Reach): Investor Day, will serve as a one-stop shop for company updates straight from CEOs and CFOs of 15 listed companies, the PSE said. “We are pleased to offer a platform for these non-PSE index and recently listed companies to come together to provide relevant corporate information and developments to the event participants. We hope this briefing will help investors and analysts understand the prospects of these companies, which are mostly comprised of second-tier issues and gauge the value of their stocks listed in the PSE,” PSE President and CEO Ramon S. Monzon said. “By communicating their story and their growth plans and strategy, we hope to see improved liquidity among these non-PSEi stocks. Attracting new investors, which will increase demand for

its shares, may even prompt these companies to do follow-on offerings in the next year or so.” T he event, which w ill run from May 24 to 26, is co-hosted by Bloomberg L.P. with the Fund Managers Association of the Philippines and Trust Officers Association of the Philippines as event partners. The first day will kick off with a message from PSE’s Monzon. Executives who will address the investor day audience include Monde Nissin Corp.’s CFO Jesse C. Teo, Max’s Group Inc.’s President Isaias Ariel P. Fermin, Century Pacific Food Inc.’s Executive Chairman Christopher T. Po, The Keeper’s Holdings Inc. President Jose Paulino L. Santamarina and Axelum Resources Corp.’s Vice President, CFO and Treasurer Marie Z. Paguirigan. Speakers for second day are Filinvest Land Inc.’s President Tristaneil D. Las Marias, RL Commercial REIT Inc.’s Chairman Frederick D. Go, Megawide Construction Corp.’s founder, CEO and Chairman Edgar B. Saavedra, Cemex Holdings Philippines Inc. Vice President for Planning and Administration Alejandro García and AllDay Marts Inc.’s President and CEO Frances Rosalie T. Coloma.

The third day will have China Banking Corp.’s Executive Vice President and CFO Patrick D. Cheng, Security Bank Corp.’s Executive Vice President and CFO Eduardo M. Olbes, Pilipinas Shell Petroleum Corp.’s President and CEO Lorelie Quiambao-Osial, Nickel Asia Corp.’s Vice president for Public and Social Affairs Group Jose Bayani D. Baylon and Converge Information and Communications Technology Solutions Inc.’s CFO Advisor Matthias Vukovich. Roel A. Refran, PSE’s COO, will deliver the closing message. Aside from the company briefings, Bloomberg economists and analysts will provide their outlook on the economy and the food and beverage, property, construction, services, financials, and mining sectors. The PSE’s online platform, which can be accessed at https:// startickets.pse.com.ph, will also have virtual booths for each participating listed firms that attendees may visit. The booths will showcase relevant corporate materials and videos and will allow investors to interact with company representatives who may be online during the event proper. Investors may also leave queries or questions though the booths. VG Cabuag

NGCP holds annual blackout simulation

he National Grid Corporation of the Philippines (NGCP) has recently conducted its blackout drill for the Luzon, Visayas, and Mindanao grids. The annual exercise is meant to secure the continuity of power transmission services in the case of a major system disturbance. Stakeholders from the generation sector and distribution sector, as well as representatives from the Department of Energy, Energy Regulatory Commission, National Transmission Corp., Independent Electricity Market Operator of the Philippines, and the Power Sector Assets and Liabilities Management Corp. took part in both tabletop discussions and an actual simulation drill. The presentations were still conducted virtually via video conferencing, to minimize face-to-face interac-

tion and limit the spread of Covid-19. Discussions included black start services, actual restoration experiences, blackout restoration guidelines and procedures, and workshops focusing on area-specific blackout restoration highways. A week after the tabletop presentations, a simulation drill was held to replicate an actual blackout scenario. “We conduct the blackout drill every year because it is critical that every power stakeholder knows their role in the event of a system collapse. When everyone understands their part in the system, we are able to effectively communicate, efficiently respond, and recover from a blackout,” NGCP said. This year’s theme, “Cutting Down Restoration Time-Sharing Lessons Learned,” highlights the importance of past experiences and moving forward to lessen recovery time in the event of a system blackout. Lenie Lectura

Companies BusinessMirror

Monday, May 23, 2022

PSE STOCK QUOTATIONS

May 20, 2022

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

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

70,320 360,201,407 2,063,030 141,631,310 1,199,295 5,886,990 151,249,435 140,714 846,964 507,000 129,027,801.50 30,825,027.50 581,410 18,080 1,482 860,390 230,010

4,370 -6,235,333 -52,278 43,767,792 10,820 -2,746,038 -47,785,082.50 39,250 188,000 -36,533,954 714,706.50 38,390 218,500

INDUSTRIAL AC ENERGY 7.06 7.12 7.05 7.22 7.02 7.06 18,227,500 129,698,527 ALSONS CONS 0.99 1 0.98 1 0.98 1 334,000 329,720 ABOITIZ POWER 31.2 31.5 30.75 31.5 30.55 31.5 433,700 13,528,655 BASIC ENERGY 0.405 0.41 0.38 0.415 0.38 0.41 9,640,000 3,922,450 FIRST GEN 20.45 20.55 19.5 20.6 19.5 20.45 399,300 8,008,649 FIRST PHIL HLDG 68.6 69.95 68 68.6 68 68.6 2,330 158,762 MERALCO 360 360.2 345 360 344.8 360 277,800 99,487,228 MANILA WATER 17.2 17.4 16.9 17.52 16.9 17.4 1,141,400 19,793,578 PETRON 3.25 3.28 3.3 3.3 3.25 3.25 1,209,000 3,942,440 PETROENERGY 4.98 5 4.98 4.98 4.98 4.98 3,800 18,924 PHX PETROLEUM 8.6 9.49 9.3 9.49 9.3 9.49 71,000 670,630 SYNERGY GRID 12.32 12.4 12.34 12.6 12.3 12.4 7,209,700 89,350,606 PILIPINAS SHELL 18.1 18.12 18 18.1 18 18.1 121,500 2,189,324 SPC POWER 13.24 13.26 13.3 13.3 13.22 13.24 352,100 4,673,700 SOLAR PH 1.76 1.77 1.71 1.79 1.71 1.77 18,603,000 32,851,670 VIVANT 14.16 16.72 14.12 14.12 14.12 14.12 100 1,412 AGRINURTURE 4.56 4.69 4.7 4.7 4.55 4.7 122,000 562,320 AXELUM 2.41 2.43 2.43 2.43 2.4 2.43 371,000 900,340 CENTURY FOOD 21.55 21.6 21.55 21.8 21.5 21.6 2,642,900 57,146,790 DEL MONTE 13 13.2 13.2 13.2 13.2 13.2 2,400 31,680 DNL INDUS 7.23 7.25 7.2 7.31 7.1 7.23 1,013,800 7,352,686 EMPERADOR 18.96 19 19.2 19.4 18.98 19 6,068,500 115,885,470 SMC FOODANDBEV 60.05 61.45 60 61.45 59.9 61.45 8,910 542,721.50 FIGARO COFFEE 0.49 0.495 0.495 0.5 0.49 0.495 630,000 311,800 ALLIANCE SELECT 0.59 0.6 0.6 0.62 0.6 0.62 21,000 12,620 FRUITAS HLDG 1.1 1.11 1.04 1.12 1.01 1.1 25,622,000 27,531,540 GINEBRA 108 109.5 109 110 108.1 109.5 7,270 796,594 JOLLIBEE 212.2 212.4 210 214 210 212.4 510,500 108,368,820 KEEPERS HLDG 1.16 1.17 1.19 1.19 1.16 1.16 2,913,000 3,402,150 LIBERTY FLOUR 18.74 24.2 20.5 20.5 20.5 20.5 600 12,300 MACAY HLDG 5.52 6.19 6.24 6.24 6.24 6.24 200 1,248 MAXS GROUP 5.61 5.8 5.51 5.82 5.51 5.8 30,400 172,085 MG HLDG 0.121 0.129 0.121 0.129 0.121 0.129 80,000 9,840 MONDE NISSIN 15.86 15.98 15.6 15.98 15.26 15.98 25,469,900 400,066,630 SHAKEYS PIZZA 7.48 7.5 7.5 7.5 7.5 7.5 2,298,500 17,238,750 ROXAS AND CO 0.56 0.58 0.55 0.6 0.53 0.58 2,700,000 1,483,700 ROXAS HLDG 1.12 1.13 1.15 1.15 1.13 1.13 34,000 38,820 SWIFT FOODS 0.1 0.106 0.101 0.106 0.1 0.106 11,200,000 1,120,300 UNIV ROBINA 107.8 108 104.2 109.1 104.1 108 2,186,430 233,405,184 VITARICH 0.61 0.64 0.63 0.64 0.61 0.64 110,000 69,240 CONCRETE A 45.05 47.45 47.45 47.45 47.45 47.45 100 4,745 CEMEX HLDG 0.74 0.75 0.76 0.76 0.75 0.75 654,000 492,680 EAGLE CEMENT 12.82 12.84 12.6 12.82 12.6 12.82 125,000 1,601,866 EEI CORP 3.73 3.75 3.61 3.85 3.6 3.75 1,585,000 5,934,960 HOLCIM 5.21 5.3 5.17 5.3 5.17 5.3 456,900 2,419,781 MEGAWIDE 4.5 4.54 4.35 4.54 4.35 4.54 858,000 3,777,320 PHINMA 19.8 19.9 19.9 19.92 19.9 19.92 5,100 101,492 VULCAN INDL 0.83 0.86 0.83 0.86 0.81 0.83 4,334,000 3,647,410 CROWN ASIA 1.81 1.84 1.84 1.84 1.84 1.84 6,000 11,040 EUROMED 1.02 1.08 1.08 1.08 1.08 1.08 4,000 4,320 MABUHAY VINYL 4.32 4.41 4.41 4.41 4.41 4.41 9,000 39,690 PRYCE CORP 5.35 5.4 5.35 5.37 5.35 5.37 12,000 64,400 CONCEPCION 18.44 18.62 18.92 18.92 18.62 18.62 6,100 114,862 GREENERGY 1.59 1.6 1.57 1.63 1.54 1.6 10,680,000 17,076,710 INTEGRATED MICR 7.08 7.1 7 7.09 7 7.08 52,300 368,715 IONICS 0.61 0.64 0.64 0.64 0.64 0.64 11,000 7,040 PANASONIC 6.51 6.62 6.48 6.6 6.48 6.6 171,500 1,116,188 SFA SEMICON 1.07 1.1 1.1 1.1 1.1 1.1 26,000 28,600 CIRTEK HLDG 3.01 3.05 2.9 3.08 2.83 3.01 1,182,000 3,497,100

-1,763,922 624,035 8,000 -126,604 -20,500 40,893,686 -2,748,898 13,060 13,910,244 159,520 -660,350 237,610 -242,130 3,623,375 -3,584,273 46,353,402 -300,430 -620 721,534 -20,630,706 -1,095,500 151,322,032 -2,090,250 -860,530.00 -1,000,000 -125,471,610 -15,920 1,449,822 3,031,960 -2,112,490 -1,054,410.00 -14,896 -3,660,370 -110,030

HOLDING & FRIMS ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL HOUSE OF INV JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP METRO PAC INV PACIFICA HLDG PRIME MEDIA REPUBLIC GLASS SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER ZEUS HLDG

43.75 128.9 11.12 97.9 27.1 7.19 52.1 7.8 18.7 20.1 94.45 81 2.1 3.6 4.97 199.9 2,306

1.27 680.5 48 10.88 9.12 0.93 0.48 0.485 4.66 8.91 7 523 3.42 54.15 0.455 3.03 8.4 3.87 2.58 1.8 2.61 0.81 845 104.5 112.9 0.153

44.95 129.9 11.14 98 27.2 7.2 52.2 8.1 18.88 20.3 94.5 81.4 2.11 3.68 7 200 2,400

1.28 683 48.2 10.9 9.17 0.95 0.49 0.49 4.68 8.94 7.13 529 3.69 54.2 0.51 3.16 8.41 3.89 2.79 1.82 2.99 0.87 848 104.9 114 0.16

43.7 131.8 11.52 97 27.1 7.32 51 7.88 18.78 20.2 93 76.55 2.15 3.68 4.94 204.2 2,302

1.26 694.5 47.95 10.94 9.18 0.93 0.53 0.5 4.73 8.8 7.13 506.5 3.68 54.65 0.51 3.15 8.4 3.82 2.79 1.85 3 0.87 848 105 113.6 0.16

44 132.7 11.52 98.7 27.2 7.32 52.2 7.88 18.88 20.3 95 82.2 2.17 3.68 4.94 207 2,302

1.28 704 48.45 11.08 9.18 0.93 0.53 0.5 4.73 8.96 7.13 529 3.68 55.2 0.51 3.15 8.52 3.93 2.79 1.87 3.23 0.87 855 105 113.6 0.16

43.7 128.9 11.12 95.6 27.05 7.16 51 7.8 18.7 20.2 93 76.55 2.1 3.6 4.94 200 2,300

1.25 680.5 47.5 10.76 9.1 0.93 0.48 0.485 4.65 8.75 7.13 506.5 3.68 54.05 0.45 3.15 8.37 3.82 2.79 1.77 2.9 0.87 835 103.6 110 0.152

44 128.9 11.12 98 27.1 7.2 52.2 7.8 18.88 20.3 94.5 81 2.11 3.6 4.94 200 2,300

1.28 680.5 48 10.88 9.12 0.93 0.49 0.485 4.65 8.94 7.13 529 3.68 54.2 0.455 3.15 8.41 3.89 2.79 1.83 2.9 0.87 845 104.9 112.9 0.153

1,600 2,769,660 184,700 1,445,570 44,200 817,400 2,911,580 18,000 45,200 25,000 1,365,520 383,200 274,000 5,000 300 4,290 100

26,915,000 235,110 1,145,500 2,503,000 14,400 44,000 1,290,000 180,000 236,000 9,984,400 400 253,540 25,000 1,921,070 50,000 1,005,000 6,678,000 30,117,000 1,000 703,000 180,000 25,000 156,420 12,580 471,510 6,040,000

33,906,460 161,923,285 54,974,575 27,179,148 131,466 40,920 643,690 89,150 1,103,650 88,732,178 2,852 132,670,395 92,000 104,848,371.50 22,710 3,165,750 56,138,933 116,493,080 2,790 1,275,650 526,330 21,750 132,315,175 1,317,058 53,233,218 918,190

PROPERTY

ARTHALAND CORP 0.53 0.55 0.56 0.56 0.55 0.55 61,000 33,560 ANCHOR LAND 6 6.9 6 6 6 6 5,000 30,000 AYALA LAND 28.95 29 28.5 29.2 28.15 29 15,251,600 439,761,570 AYALA LAND LOG 4.24 4.26 4 4.26 3.99 4.26 8,301,000 34,318,060 ARANETA PROP 1.75 1.76 1.75 1.82 1.75 1.76 840,000 1,493,300 AREIT RT 38.05 38.1 38.5 38.65 38.05 38.1 200,500 7,683,400 A BROWN 0.79 0.8 0.78 0.8 0.78 0.8 130,000 102,820 CITYLAND DEVT 0.69 0.72 0.69 0.69 0.69 0.69 30,000 20,700 CROWN EQUITIES 0.091 0.095 0.096 0.097 0.091 0.097 4,040,000 367,750 CEB LANDMASTERS 2.75 2.77 2.8 2.8 2.74 2.77 233,000 643,500 CENTURY PROP 0.415 0.42 0.425 0.425 0.41 0.42 1,470,000 614,950 CITICORE RT 2.45 2.46 2.46 2.47 2.46 2.46 7,805,000 19,234,780 DOUBLEDRAGON 8.13 8.14 8 8.14 7.92 8.13 28,900 229,965 DDMP RT 1.61 1.62 1.57 1.62 1.57 1.61 7,582,000 11,959,660 DM WENCESLAO 6.88 6.9 6.9 6.9 6.86 6.9 21,000 144,760 EMPIRE EAST 0.221 0.224 0.223 0.223 0.223 0.223 240,000 53,520 EVER GOTESCO 0.249 0.25 0.25 0.25 0.244 0.25 9,250,000 2,286,000 FILINVEST RT 7.35 7.39 7.33 7.4 7.33 7.39 922,600 6,781,774 FILINVEST LAND 1.01 1.02 1.02 1.02 1 1.01 130,000 131,960 GLOBAL ESTATE 0.85 0.88 0.87 0.9 0.83 0.9 3,612,000 3,049,230 8990 HLDG 10.28 10.4 10.44 10.58 10.28 10.4 112,000 1,168,350 GOLDEN MV 620 675 610.5 675 610.5 675 120 79,240 PHIL INFRADEV 0.9 0.95 0.9 0.9 0.9 0.9 107,000 96,300 MEGAWORLD 2.84 2.85 2.84 2.85 2.79 2.85 10,537,000 29,817,420 MRC ALLIED 0.214 0.215 0.213 0.215 0.212 0.214 6,270,000 1,341,230 MREIT RT 16.88 16.9 16.96 17.18 16.8 16.9 2,535,600 42,852,542 PHIL ESTATES 0.395 0.405 0.395 0.395 0.39 0.395 300,000 117,600 PRIMEX CORP 2.44 2.45 2.58 2.58 2.45 2.45 558,000 1,421,410 RL COMM RT 7.18 7.2 7.26 7.26 7.16 7.2 2,434,100 17,514,774 ROBINSONS LAND 18.68 18.7 18.48 18.8 18.34 18.7 768,800 14,303,338 PHIL REALTY 0.241 0.248 0.245 0.245 0.241 0.241 70,000 17,110 ROCKWELL 1.3 1.36 1.32 1.32 1.3 1.3 56,000 72,830 SHANG PROP 2.51 2.58 2.57 2.58 2.57 2.58 11,000 28,350 SM PRIME HLDG 37.4 37.8 36.25 37.85 36.25 37.8 15,958,000 601,620,740 SOC RESOURCES 0.6 0.62 0.62 0.62 0.62 0.62 103,000 63,860 VISTAMALLS 3.21 3.39 3.21 3.21 3.21 3.21 8,000 25,680 SUNTRUST HOME 0.97 1.02 0.96 1.02 0.96 1.02 69,000 68,480 PTFC REDEV CORP 43.1 56.45 43.5 43.5 43.5 43.5 200 8,700 VISTA LAND 2.5 2.52 2.51 2.54 2.45 2.5 978,000 2,426,910 SERVICES ABS CBN 9.9 9.98 9.72 9.99 9.72 9.9 93,200 925,073 GMA NETWORK 11.64 11.66 11.4 11.68 11.4 11.66 2,063,600 23,872,860 MANILA BULLETIN 0.36 0.365 0.385 0.39 0.36 0.365 900,000 338,450 GLOBE TELECOM 2,506 2,510 2,490 2,530 2,490 2,506 86,085 216,388,700 PLDT 1,982 1,983 1,945 1,984 1,940 1,982 132,005 260,165,150 APOLLO GLOBAL 0.047 0.048 0.047 0.05 0.046 0.048 1,587,400,000 77,065,000 CONVERGE 28.05 28.3 28.05 28.5 27.95 28.05 14,221,100 401,561,200 DFNN INC 3.1 3.14 3.05 3.18 2.85 3.14 527,000 1,642,450 DITO CME HLDG 4.93 4.94 4.88 4.98 4.88 4.94 2,424,000 11,980,260 NOW CORP 1.33 1.34 1.37 1.37 1.31 1.33 1,655,000 2,201,030 TRANSPACIFIC BR 0.29 0.295 0.295 0.295 0.29 0.295 5,640,000 1,642,400 2GO GROUP 6.9 7.4 7.42 7.42 6.86 6.9 500 3,546 ASIAN TERMINALS 13.08 13.48 13.8 13.8 13.06 13.06 42,800 582,244 CHELSEA 1.55 1.58 1.57 1.59 1.54 1.57 84,000 130,190 CEBU AIR 47.7 48.3 46.1 48.3 46.1 48.3 895,700 42,733,695 INTL CONTAINER 210.2 212.6 212 213.2 209.4 210.2 1,390,320 292,485,456 LBC EXPRESS 23.5 24.4 22.15 24.45 22.15 23 17,900 419,175 MACROASIA 4.99 5 4.86 5 4.85 5 195,000 966,360 METROALLIANCE A 0.92 0.94 0.92 0.93 0.92 0.92 27,000 25,040 PAL HLDG 6.1 6.18 5.93 6.2 5.93 6.1 8,700 53,215 HARBOR STAR 0.75 0.77 0.72 0.77 0.72 0.77 282,000 207,650 ACESITE HOTEL 1.43 1.75 1.41 1.41 1.41 1.41 2,000 2,820 BOULEVARD HLDG 0.104 0.105 0.096 0.11 0.093 0.105 744,380,000 77,283,010 DISCOVERY WORLD 1.74 1.82 1.74 1.74 1.74 1.74 1,000 1,740 CENTRO ESCOLAR 6.51 6.84 6.8 6.84 6.8 6.84 600 4,096 STI HLDG 0.35 0.36 0.35 0.36 0.35 0.36 240,000 84,100 BELLE CORP 1.25 1.28 1.28 1.28 1.2 1.28 659,000 799,750 BLOOMBERRY 6.61 6.65 6.45 6.74 6.45 6.61 16,242,500 108,053,865 PACIFIC ONLINE 1.32 1.39 1.3 1.4 1.3 1.32 304,000 395,520 LEISURE AND RES 1.35 1.39 1.39 1.39 1.34 1.35 4,038,000 5,479,560 PH RESORTS GRP 1.27 1.28 1.27 1.33 1.23 1.27 4,634,000 5,874,220 PREMIUM LEISURE 0.41 0.42 0.415 0.42 0.41 0.42 5,610,000 2,347,500 PHILWEB 3.7 3.75 3.7 3.84 3.68 3.75 1,795,000 6,752,700 ALLDAY 0.41 0.415 0.405 0.415 0.4 0.41 14,130,000 5,744,750 BERJAYA 5.46 5.7 5.46 5.46 5.46 5.46 1,000 5,460 ALLHOME 5.81 5.9 5.82 5.98 5.8 5.9 4,215,000 24,567,187 METRO RETAIL 1.42 1.43 1.42 1.42 1.42 1.42 542,000 769,640 PUREGOLD 33.7 33.75 34 34.7 33.55 33.75 601,600 20,321,075 ROBINSONS RTL 52 52.65 51.55 52.95 51.5 52 775,210 40,123,250.50 PHIL SEVEN CORP 53.85 54 53.55 54.5 53.5 54 20,220 1,094,522 SSI GROUP 1.32 1.33 1.28 1.33 1.28 1.33 12,785,000 16,732,080 WILCON DEPOT 27.75 27.8 27.25 28.5 27.25 27.75 3,407,200 94,392,020 APC GROUP 0.215 0.229 0.215 0.229 0.215 0.226 100,000 22,330 IPM HLDG 6.8 7 7 7 7 7 3,300 23,100 MEDILINES 0.71 0.72 0.72 0.73 0.71 0.72 1,485,000 1,068,310 PRMIERE HORIZON 0.45 0.455 0.44 0.46 0.425 0.455 2,560,000 1,142,300 MINING & OIL ATOK 6.9 7 7.2 7.2 6.9 6.9 220,000 1,525,982 APEX MINING 1.61 1.62 1.63 1.63 1.59 1.62 1,119,000 1,805,180 ATLAS MINING 6.06 6.07 6.08 6.08 6 6.06 156,700 948,885 BENGUET A 7.17 7.2 7.39 7.39 7.2 7.2 76,100 550,183 BENGUET B 7.01 7.1 7.29 7.29 7.1 7.1 20,000 143,360 CENTURY PEAK 2.7 2.8 2.7 2.8 2.6 2.8 294,000 805,680 FERRONICKEL 2.51 2.55 2.5 2.57 2.5 2.55 7,318,000 18,466,900 GEOGRACE 0.174 0.182 0.176 0.176 0.174 0.174 510,000 88,920 LEPANTO A 0.138 0.139 0.139 0.139 0.137 0.138 4,050,000 562,100 MANILA MINING A 0.0096 0.0099 0.0096 0.0096 0.0096 0.0096 15,000,000 144,000 MANILA MINING B 0.0097 0.01 0.0097 0.0097 0.0097 0.0097 300,000 2,910 MARCVENTURES 1.73 1.74 1.75 1.76 1.68 1.74 5,143,000 8,901,910 NIHAO 0.92 0.95 0.98 0.98 0.91 0.91 11,000 10,710 NICKEL ASIA 6.94 6.99 6.85 7.03 6.8 6.99 13,557,300 94,170,635 ORNTL PENINSULA 0.77 0.79 0.77 0.79 0.76 0.77 1,406,000 1,087,430 PX MINING 4.36 4.39 4.35 4.42 4.35 4.39 958,000 4,203,990 SEMIRARA MINING 32.4 32.5 31.7 32.5 31.5 32.5 8,618,700 277,548,355 UNITED PARAGON 0.0062 0.0064 0.006 0.0064 0.006 0.0064 23,000,000 139,200 ACE ENEXOR 13 13.68 13.1 13.68 13 13.68 175,000 2,357,920 ORNTL PETROL A 0.011 0.012 0.011 0.011 0.011 0.011 13,700,000 150,700 PXP ENERGY 4.98 4.99 4.6 4.99 4.6 4.99 319,000 1,555,440 PREFFERED AC PREF B1 500 505 500 505 500 505 1,030 515,150 ALCO PREF D 508 530 508 508 508 508 260 132,080 CEB PREF 46.05 47.5 45 47.5 45 47.5 22,100 1,035,175 DD PREF 99.5 99.7 99.6 99.7 99.6 99.6 4,770 475,143 EEI PREF A 100.7 104 100.6 100.6 100.6 100.6 800 80,480 EEI PREF B 108.9 109.5 109.5 109.5 109.5 109.5 5,470 598,965 FGEN PREF G 102.8 105.5 105.5 105.5 105.5 105.5 90 9,495 GTCAP PREF B 1,005 1,010 1,010 1,010 1,010 1,010 360 363,600 JFC PREF A 980 990 988 990 988 990 20 19,780 JFC PREF B 965 998 990 990 965 965 180 176,200 MWIDE PREF 2B 95.65 100.5 101 101 100.5 100.5 450 45,350 PNX PREF 3B 99.8 100.9 100 100.9 100 100.9 32,790 3,282,293 PNX PREF 4 970 988 988 988 988 988 230 227,240 PCOR PREF 3A 1,066 1,069 1,069 1,069 1,069 1,069 40 42,760 SMC PREF 2F 76.55 78 78 78 76.4 76.4 1,150 88,100 SMC PREF 2J 74.3 74.5 74.5 74.5 74.5 74.5 701,890 52,290,805 SMC PREF 2K 74 74.85 74.1 74.2 73.8 73.8 732,900 54,373,378.50 TECH PREF B2D 55.5 58.95 55.5 55.5 55.5 55.5 12,880 714,840 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 9.32 10.38 10 10.38 10 10.38 306,200 3,062,456 GMA HLDG PDR 11.42 11.5 11.2 11.5 11.2 11.5 17,300 194,360 WARRANTS TECH WARRANT 0.56 0.58 0.54 0.59 0.51 0.59 491,000 269,070

22,461,150 -28,319,070 -1,661,740 -12,188,598 -46,700 9,712,030 89,499,655 -45,191,703.50 0 -23,000,150 15,763,060 4,784,240 66,987 -913,600 -53,054,715 10,058,990 88,000 -2,158,550 -364,000 -5,066,950 -9,723 9,620 -501,000 1,575,296 7,080 92,700 -4,263,420 171,000 16,276,314 -514,000 4,713,627 6,851,332 313,272,235 8,700 -777,040 21,265,570 90,087,365 5,852,300 -55,822,660 -31,500 -2,242,820 -16,220 -306,118 35,718,890 -38,988,822 29,140 12,400 -1,417,540 -41,200 -23,828,407 -390,000 75,600 -244,000 -20,100 2,011,850 -5,460 -3,120,550 -8,732,615 -22,677,593.50 -486,171 4,381,520 -25,431,600 -7,200 41,850 14,000 -59,720.00 27,555 512,340 13,564,560 15,840.00 -16,661,387 -1,918,250 72,450,510 -120,000 -95,146 -10,000 37,000 5,550 () -121,720

SMALL & MEDIUM ENTERPRISES

CTS GLOBAL HAUS TALK ITALPINAS MERRYMART XURPAS

0.83 1.02 0.79 1.59 0.285

0.85 1.03 0.8 1.6 0.29

EXHANGE TRADE FUNDS FIRST METRO ETF

103.5

103.9

0.83 1 0.8 1.57 0.275

0.9 1.05 0.81 1.62 0.29

0.82 1 0.79 1.57 0.275

0.83 1.02 0.8 1.59 0.285

15,231,000 399,000 582,000 829,000 530,000

12,967,270 408,500 462,680 1,323,120 151,000

-7,080 -27,520 -

102 104 102 103.9 8,220 850,499 386,866

www.businessmirror.com.ph

TaskUs wants to set up shop in Tier 2 cities in PHL–exec

By Andrea E. San Juan

@andreasanjuan

askUs Inc., a US-based provider of outsourced digital services to fast growing tech companies, said it will put up two more offices, possibly in cities in Northern Luzon, according to company officials. “So there’s probably two locations that we’re looking [to put up] within the end of this year (up) to next year,” Stephan Daoust, COO of TaskUs Inc., told reporters in an interview on Thursday. Br yce Maddock, co-founder and CEO of TaskUs, said the company’s goal is to bring jobs “as close to the people as possible.” He noted that TaskUs opened its first office in Cavite in 2008. “I don’t know if you call that a Tier 2 city, but it is certainly not at the center of Metro Manila and it’s much closer to where people actually live.” Daoust said the company is keen on setting up shop in Tier 2 cities given the availability of excellent talent and the necessary infrastructure that makes

it easier for workers to travel to the office. “We know that people have to travel countless hours to get to the office and that is a burden that we don’t want our employees to have to go through, so we go to Tier 2 cities where we have excellent talent, excellent infrastructure. We have the capability of hiring hundreds and thousands of people that are just so happy to travel 15 minutes rather have them travel 3 or 4 hours.” Currently, TaskUs has 9 branches across the Philippines—Taguig; Anonas, Quezon City; Clark, Pampanga; Imus, Cavite; Meycauayan, Bulacan; Antipolo, Rizal; Batangas City; San Fernando, La Union; and Tagbilaran, Bohol. Of its existing branches, three

STOCK-MARKET OUTLOOK Last week

Share prices rebounded last week with the main index returning to the 6,700-point level, after investors picked up cheaper stocks following the index’s steep fall during the previous sessions. The benchmark Philippine Stock Exchange Index (PSEi) gained 367.18 points to close at 6,746.33 points. The main index was up, except on Thursday, when it gave up points in anticipation of the 25 basis points rate hike of the Bangko Sentral ng Pilipinas (BSP). Volume of trade was higher this week, reaching an average value of P7.2 billion, but foreign investors, which made up 47 percent of the trades, were net sellers at P515.1 million. All other sub-indices ended in the green, led by the broader All Shares index that gained 155.84 points to close at 3,613.24 points, the Financials index added 86.22 to 1,623.39, the Industrial index surged 518.68 to 9,451.17, the Holding Firms index rose 334.51 to 6,190.32, the Property index climbed 183.05 to 3,068.99, the Services index was up 58.97 to 1,895.72 and the Mining and Oil index soared 937.09 to 11,686.70. For the week, gainers led losers 147 to 76 and 32 shares were unchanged. Top gainers were Boulevard Holdings Inc., Anchor Land Holdings Inc., PXP Energy Corp., Roxas and Co Inc., ATN Holdings Inc. A and B shares, Semirara Mining and Power Corp. and Manulife Financial Corp. Top losers were Jolliville Holdings Corp., Filipino Fund Inc., AllHome Corp., F and J Prince Holdings Corp. A, I-Remit Inc. and Lodestar Investment Holdings Corp.

This week

Share prices may still go down this week as headwinds, such as elevated consumer prices caused by the war in Ukraine, still persist. Broker 2TradeAsia said there may have been a “V-shaped recovery” for the main index last week, but intraday movements remain tense in general “and will likely remain that way until headwinds turn the corner. For the strong-handed no sweeter time to hunt for bargains (this week)”. “Local street consensus is that the BSP has more legroom (to maintain the key policy rates) than its US counterpart, owing to better CPI [consumer price index] and surprise GDP figures for the first quarter. But energy prices and forex remain outside of comfortable levels, and the protraction is not helping the outlook going into the second half of the year,” the broker said. Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said while there may still be room for bargain hunting as a lot of stocks are still at attractive levels, lingering economic concerns may weigh on sentiment and cause investors to book gains from last week’s rally. “In the US, worries over recession risks brought by the Federal Reserve’s hawkish policy outlook in light of their elevated inflation may cause negative spillovers that could weigh on the local bourse. Finally, investors are still expected to watch out for further details on the economic policies of the incoming administration.” The PSEi’s immediate support is seen at its 10-day exponential moving average of 6,672.21 as of May 20, followed by the 6,600 level, while immediate resistance is seen at 6,745.05 to 6,910.11.

Stock picks

Broker Regina Capital and Development Corp. advised to trade the range on the stock of Puregold Price Club Inc. after its shares ended a whipsaw session last week slightly lower after delivering strong gains in the prior session. “Intraday, it went to as low as P32.30 and as high as P36—above its short-term moving averages,” it said. While it looks like the bears outnumbered the bulls, some of its technical readings showed signs of a potential trend reversal in the buy region, the broker said. Puregold shares closed Friday at P33.75 apiece. Meanwhile, the broker advised to sell on rallies on the shares of Aboitiz Power Corp. (AP) after the stock rebounded from the prior steep declines. “During the early session, the price was pushed up and from then consolidated and sustained the uptrend. For the week, AP may continue creeping upwards,” it said, placing a target price at P31.59. AboitizPower closed last week at P31.50. VG Cabuag

are in Tier 2 cities, three in Tier 1, including two that are within the metropolis. The three other branches are located outside of the National Capital Region. “We have a team of over a hundred mental health professionals who work for TaskUs and they just do an amazing job of (holding) wellness sessions, one-on-one council sessions. We make that investment not only because it’s the right thing to do, but it’s also great business. Our employees are more engaged and more capable of doing their jobs,” said Maddock. Vina Paglicawa, director of the company’s Wellness and Resiliency department, said “study after study shows that engagement really leads to retention.” As for its work from home arrangement, the company said that

it intends to eventually bring majority of its frontline workers back to the office. “We’re doing that because we think that we’re better together. We built a culture that revolves around coming into an office and experiencing the instagrammable nature of these spaces, working out in the gym, bringing the kids to the daycare center, having a free meal at the canteen and working together face-to-face,” said Maddock. “We do have some work from home opportunities, but we think that in most cases we need people in the office to do our best work.” TaskUs serves clients in the fastest-growing sectors, including social media, e-commerce, gaming, streaming media, food delivery and ridesharing, HiTech, Fintech and HealthTech.

mutual funds

May 20, 2022

NAV

One Year Three Year Five Year

per share Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

213.68

5.87%

-5.7%

-4.59%

-8.33%

ATRAM Alpha Opportunity Fund, Inc. -a

1.4236

14.75%

-3.42%

-1.41%

-14.46%

6.36%

-9.59%

-7.14%

-9.37%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7242 1.78%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.9345

-7.15% n.a.

-4.27% -11.99%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6785 -0.06%

-6.94% n.a.

First Metro Save and Learn Equity Fund,Inc. -a 4.8252

8.11%

-2.96%

-2.02%

-6.9%

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

0.7172

13.07%

-5.22%

-5.36%

-13.06% n.a.

-15.04%

MBG Equity Investment Fund, Inc. -a

80.23

-14.38%

PAMI Equity Index Fund, Inc. -a

43.9441

6.66%

-4.28%

-3.08%

-8.69%

Philam Strategic Growth Fund, Inc. -a

458.02

5.5%

-4.38%

-3.24%

-8.52%

Philequity Dividend Yield Fund, Inc. -a

1.3092

22.01%

0.8%

0.39%

-3.47%

Philequity Fund, Inc. -a

33.5864

8.06%

-3.57%

-1.99%

-8.22%

-4.64% n.a.

Philequity MSCI Philippine Index Fund, Inc. -a

0.8675

8.19%

Philequity PSE Index Fund Inc. -a

4.5474

7.68%

-3.6%

-2.49%

-7.85% -8.33%

Philippine Stock Index Fund Corp. -a

757.36

7.26%

-3.67%

-2.56%

-8.59%

Soldivo Strategic Growth Fund, Inc. -a

0.6765

5.65%

-9.46%

-5.46%

-10.11%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.4124

5.95%

-6.62%

-3.96%

-9.62%

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

0.8623

6.96%

-3.99%

-2.81%

United Fund, Inc. -a

6.05%

-4.36%

-1.75%

-7.93%

3.1647

-8.44%

-8.7%

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

1.0839

Philippine Stock Index Fund Corp. -a

923.62 n.a. n.a. n.a. n.a.

8.59% n.a. n.a.

-6.78%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 102.2636

7.94%

-3.4%

-2.12%

-8.26%

Primarily invested in foreign currency securities (shares) $0.9231

-25.59%

-1.71%

-0.79%

-18.06%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.5212

ATRAM AsiaPlus Equity Fund, Inc. -b

-11.47%

6.13%

5.96%

-17.61%

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

1.5464

-4%

-2.6%

-2.66%

-8.61%

ATRAM Philippine Balanced Fund, Inc. -a

2.136

1.03%

-1.87%

-1.82%

-6.38%

-0.1%

-0.05%

-4.59%

First Metro Save and Learn Balanced Fund Inc. -a 2.5675

4.19%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1993

7.96% n.a. n.a.

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

1.47%

0.36%

1.914

0.23%

PAMI Horizon Fund, Inc. -a

3.5205

1.15%

-0.86%

-1%

-6.5%

Philam Fund, Inc. -a

15.7766

1.05%

-1.09%

-1.07%

-6.35%

Solidaritas Fund, Inc. -a

2.01

-5.25%

2.99%

-1.52%

-1.19%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3894 2.39%

-3.55%

-2%

-7.07%

Sun Life Prosperity Dynamic Fund, Inc. -a

-2.97%

-1.58%

-7.34%

0.8842

8.65%

-4.64%

-5.09%

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

0.9144

-3.17%

-2.18% n.a.

-7.62%

Sun Life Prosperity Achiever Fund 2038, Inc. -a

0.8563

1.81%

-3.99% n.a.

-9.34%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.8454

2.85%

-4.31% n.a.

-9.48%

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

$0.0336

-11.42%

-2.78%

-1.14%

-11.44%

PAMI Asia Balanced Fund, Inc. -b

$0.9425

-16.65%

-0.59%

-0.32%

-11.68%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.0822 -11.08%

3.47%

3.89%

-14.99%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.0417 -11.43%

-0.18%

0.79%

-13.09%

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

372.23

0.25%

2.21%

2.29%

ATRAM Corporate Bond Fund, Inc. -a

1.8874

-1.45%

-0.15%

0.13%

-0.55% 0.14%

Cocolife Fixed Income Fund, Inc. -a

3.232

0.24%

2.18%

3.42%

-0.37%

Ekklesia Mutual Fund Inc. -a

2.1848

-3.23%

0.27%

0.82%

-2.96%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4109 -0.97%

2.09%

1.74%

-0.62% -3.95%

Philam Bond Fund, Inc. -a

4.2219

-5.65%

1.27%

0.84%

Philam Managed Income Fund, Inc. -a

1.3125

-0.8%

2.99%

2.71%

-0.5%

3.873

-2.59%

2.23%

2.2%

-2.34%

1.0091

-1.72%

3.07%

1.77%

-1.86%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1359

-1.9%

2.66%

2.77%

-1.62%

-2.64%

1.85%

2.04%

-1.92%

Philequity Peso Bond Fund, Inc. -a Soldivo Bond Fund, Inc. -a Sun Life Prosperity GS Fund, Inc. -a

1.6974

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

$481.73

-0.48%

1.88%

1.9%

-1.6%

ALFM Euro Bond Fund, Inc. -a

Є213.17

-2.91%

-0.46%

0.21%

-3.11%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0677

-9.13%

-3.03%

-0.95%

-11.31%

-1.2%

-0.32%

-5.77%

-5.52%

-3.44%

-11.78% -10.86%

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

$0.9023

-13.96%

$2.2335

-10.06%

-0.7%

0.19%

$0.0608545

-3.02%

1.31%

1.29%

-2.31%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.771 -11.62%

-2.51%

-1.39%

-13.3%

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

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

131.73

1.26%

2.33%

2.51%

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

1.0623

1.03%

1.66% n.a.

0.41%

Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3234

1.52%

2.24%

2.49%

0.43%

0.59%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.063

0.59%

1.21% n.a.

0.23%

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

42.9161 n.a. n.a. n.a. n.a.

Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.1997

-1.58% n.a. n.a.

-13.25%

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

$0.8432

-14.83% n.a. n.a.

-13.07%

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

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

Banking &Finance BusinessMirror

Editor: Dennis D. Estopace • Monday, May 23, 2022 B3

Wage hikes low, more aid needed, group says

By Bernadette D. Nicolas

@BNicolasBM

AMENTING that the recently-approved minimum wage hikes are “not enough,” labor group Federation of Free Workers (FFW) called on the government to release more subsidies or loans to small businesses and displaced workers.

FFW President Jose “Sonny” G. Matula said through a statement issued by the group last Sunday that the increases in minimum wages approved by several Regional Tripartite Wages and Productivity Boards are insufficient to fulfill the needs of Filipino workers. Still, the lawyer said this could somehow help cushion the impact of soaring inflation. Several regions with approved minimum wage hikes include: National Capital Region with an additional P33, Soccsksargen (South Cotabato, Cotabato, Sultan Kudarat, Sarangani and General Santos) with P32, Mimaropa (Mindoro, Marinduque, Romblon and Palawan) with P35 and Western Visayas with P55 to P110. “Ang mga increases na ito ay hindi sapat na dagdag sa pangangailangan ng manggagawang Pilipino,” Matula was quoted in the statement as saying. “Subalit makakatulong ito pantawid para panagot sa pagbaba ng purchasing power dahil sa inflation, pagtaas ng pamasahe at presyo ng mga pangunahing bilihin. [These increases would add little to help Filipino workers meet their needs; but these will help bridge the gap in purchasing power due to inflation, rising fares and commodity prices.]”

Inflation in April hit 4.9 percent, the highest since 5.2 percent recorded in December 2018. Latest forecasts from monetary authorities point to inflation hitting an average of 4.6 percent for this year, from the previous forecast of 4.3 percent. This is a higher deviation from the ceiling of the government’s target for the year of keeping inflation within the 2-percent to 4-percent band. Matula also urged the government to roll out a P100billion stimulus package for the provision of subsidies or loans to micro, small, and medium enterprises and to workers who lost their jobs. Apart from this, the labor group emphasized the need to pass a law institutionalizing a national minimum wage. Meanwhile, FFW is urging other regional wage boards to speedily promulgate new wage increases in their respective jurisdictions. “Kailangan pa rin ang batas para sa pambansang minimum wage para walang diskriminasyon at di mahirap ang pagpatupad ng minimum wage law. [A law for the national minimum wage is still needed to quash discrimination and make it easy to apply a minimum wage],” Matula said.

SSS resumes updating member’s contact info

HE Social Security System (SSS) announced last May 20 that members may update their contact information online after the staterun pension fund resumed the said online updating of record on the My.SSS portal. In a statement, SSS President and CEO Michael G. Regino said members using their My.SSS account can update or change their contact details, such as telephone number, mobile number, mailing address, foreign address and e-mail address, without visiting any SSS branch to file their member data change request. Those with no existing contact information except their mobile number may also update their contact details. On the other hand, members without registered mobile numbers with SSS need to visit any branch office to submit their mobile number using the Member Data Change Request Form and set a branch appointment through their My.SSS account or they can do walk-in transactions following the schedule based on the last digit of their SSS number. “We exerted all our efforts to expedite the completion of all the necessary IT enhancements for the My.SSS and provide our members a more convenient way of updating their contact information at the comfort of their homes or offices, 24/7,” Regino was quoted in the statement as saying. “Moreover, it has always been our goal to give a better service to our members and help them facilitate their SSS transactions.” The state-run pension fund has suspended the online updating of contact details on the My.SSS starting on August 3, 2021, to enhance the online portal and boost its security features to protect the confidential information of its members.

Explainer BusinessMirror

B4 Monday, May 23, 2022

www.businessmirror.com.ph

A quest for significance gone horribly wrong: How mass shooters pervert a universal desire to make a difference in the world By Arie Kruglanski | University of Maryland

GONIZING questions are being raised by the recent tragic shooting incident in Buffalo, New York, where 18-year-old Payton S. Gendron is alleged to have shot 10 people dead and wounded three. As in the recent years’ similar acts of horror at a synagogue in Pittsburgh, a Walmart in El Paso, and a mosque in Christchurch, New Zealand, people want to know how such senseless acts of violence can even happen, why they happen so often, and whether anything can be done to stem their dreadful tide. An easy answer has been to shunt the discourse over to mental illness as the cause and in this way marginalize the problem and identify a ready, if superficial, solution to it: improving mental health. It also absolves the rest of society of responsibility to address a pernicious trend of mass shootings that between 2009 and 2020 claimed 1,363 lives in the US alone, more than anywhere else in the world. T he idea t hat comm it t ing atrocities and killing innocent victims reflects mental illness has been long discarded by terrorism researchers like me. The over 40,000 foreign fighters who joined the Islamic State organization to kill and die weren’t all mentally disturbed, nor were the mass shooters who in the first 19 weeks of 2022 managed to carry out nearly 200 attacks on US soil. There is a mental and psychological dimension to the problem, to be sure, but it is not illness or pathology. It is the universal human quest for significance and respect—the mother, I believe, of all social motives.

I am a psychologist who studies this ubiquitous motivation and its far-reaching consequences. My research reveals that this quest is a major force in human affairs. It shapes the course of world history and determines the destiny of nations. It also plays a major role in the tragic incidents of mass shootings, including, it seems, the Buffalo killings.

Triggering the quest

This quest for significance and respect must first be awakened before it can drive behavior. It can be triggered by the experience of significant loss through humiliation and failure. When we suffer such a loss, we desperately seek to regain significance and respect. The quest for significance can also be triggered by an opportunity for substantial gain—becoming a hero, a martyr, a superstar. Both circumstances appear acutely in adolescence, during the momentous life transition between childhood and adulthood, marked by soaring hormones, tur-

Rik Trottier | Dreamstime.com

The Conversation

bulent emotions and gnawing uncertainty about one’s self-worth. Gendron is 18; most school shootings were carried out by young people between 11 and 17 years old, although the average age of mass shooters is 33.2. Yet, neither age nor the quest for significance alone can explain the occurrence of mass shootings. After all, the vast majority of adolescents go through their teen years without resorting to murderous violence. What is it, then, that tips the scales for those who don’t?

‘Shortcuts to fame and glory’

THE research my colleagues and I have done suggests that a crucial factor in turning a person into a mass murderer is the significancepromising narrative—essentially, a story—that individuals come to embrace. This story acquires its powers of persuasion through the support of the individuals’ social network, the group from which one seeks approval. T he mainstream nar rative that most of us follow promises significance and social worth as rewards for hard work, notable achievements and social service. Yet there exist alternative nar-

ratives that offer tempting shortcuts to fame and glory. These identify an alleged villain, scheme or conspiracy that threatens one’s group—race, nation, or religion. The mortal danger being invoked calls for brave heroes willing to sacrifice all on the altar of the cause. A striking example of such a narrative is the so-called “white replacement theory” that Gendron allegedly embraced. It is the idea that progressive leftists are planning to flood the country with people of color, aiming to disempower the white population and destroy its values and way of life. The sense of existential danger this theor y invokes fuels blind hatred against the alleged usurpers, and presumed conspirators, a loathing that overrides all restraints. It unleashes the rawest, most primordial impulses of which the human reptilian brain is capable. Murderous rage and mayhem are often the result. In 21st-century America, such toxic narratives not only proliferate but increasingly gain legitimacy and currency within public discourse. Some politicians are quick to recognize the seductive

appeal of these ideas, particularly in times of widespread, significance-threatening uncertainty engendered by creeping economic inequalities, the pandemic, inflation and other destabilizing problems. The wide availability of socialmedia platforms exacerbates the problem by orders of magnitude. In the not-so-distant past, those with heinous views would need to look hard for similarly minded others. But these days, no matter how deviant or morally abhorrent their beliefs, people have no trouble finding soulmates on 4chan, 8chan or Telegram.

First, understand the psychology

THIS technologically based predicament, and the primitive appeal of violence as a path to significance, make the problem of violence in our public spaces particularly difficult and unlikely to respond to quick solutions. I have studied this appeal to violence for decades, and I believe that to conquer it requires first understanding the psychology that drives it all. It requires parents to appreciate the dread of insignificance their children may be experiencing, their quest

White ‘replacement theory’ fuels racist attacks

RACIST ideology seeping from the internet’s fringes into the mainstream is being investigated as a motivating factor in the supermarket shooting that killed 10 people in Buffalo, New York. Most of the victims were Black. Ideas from the “great replacement theor” filled a racist screed supposedly posted online by the white 18-year-old accused of targeting Black people in Saturday’s rampage. Authorities were still working to confirm its authenticity. Certainly, there was no mistaking the racist intent of the shooter.

What is the ‘great replacement theory’?

SIMPLY put, the conspiracy theory says there’s a plot to diminish the influence of white people. Believers say this goal is being achieved both through the immigration of nonwhite people into societies that have largely been dominated by white people, as well as through simple demographics, with white people having lower birth rates than other populations. The conspiracy theory’s more

racist adherents believe Jews are behind the so-called replacement plan: White nationalists marching at a Charlottesville, Virginia, rally that turned deadly in 2017 chanted “You will not replace us!” and “Jews will not replace us!” A more mainstream view in the US baselessly suggests Democrats are encouraging immigration from Latin America so more likeminded potential voters replace “traditional ” Americans, says Mark Pitcavage, senior research fellow at the Anti-Defamation League Center on Extremism.

What are this conspiracy theory's origins?

HOW long has racism existed? Broadly speaking, the roots of this “theory” are that deep. In the US, you can point to efforts to intimidate and discourage Black people from voting—or, in antagonists' view, “replacing” white voters at the polls—that date to the Reconstruction era, after the 15th Amendment made clear suffrage couldn't be restricted on account of race. In the modern era, most experts point to two inf luential books. The Turner Diaries, a 1978

novel written by William Luther Pierce under the pseudonym Andrew Macdonald, is about a violent revolution in the United States with a race war that leads to the extermination of nonwhites. The FBI called it a “bible of the racist right,” says Kurt Braddock, an American University professor and researcher at the Polarization and Extremism Research & Innovation Lab. Renaud Camus, a French writer, published a 2011 book claiming that Europe was being invaded by Black and brown immigrants from Africa. He called the book Le Grand Remplacement, and a conspiracy's name was born.

Who are its adherents?

TO some of the more extreme b e l ie vers, cer t a i n wh ite supremacist mass k i l lers—at a Norway summer camp in 2011, two Christchurch, New Zealand, mosques in 2019, a Pittsburgh s y n a gog ue i n 2018 , a Bl ac k church in Charleston, South Carolina, in 2015—are considered saints, Pitcavage says. Those “accelerationist white supremacists” believe small societal changes won't achieve much,

so the only option is tearing down society, he says. T he Buffalo shooter’s purpor ted w r it ten d i at r ibe a nd some of the methods indicate he closely studied the Christchurch shooter—particularly the effort to livestream his rampage. According to apparent screenshots from the Buffalo broadcast, the shooter inscribed the number 14 on his gun, which Pitcavage says is shorthand for a 14-word white supremacist slogan. A written declaration by the Christchurch shooter was widely spread online. If the message attributed to the Buffalo shooter proves authentic, it's designed to also spread his philosophy and methods to a large audience.

Is the theory making wider inroads?

WHILE more virulent forms of racism are widely abhorred, experts are concerned about extreme views nonetheless becoming mainstream. In a poll released last week, The Associated Press and the NORC Center for Public Affairs Research found that about 1 in 3 Americans believes an effort is underway to

replace US-born Americans with immigrants for electoral gain. On a regular basis, many adherents to the more extreme versions of the “great replacement” theory converse through encrypted apps online. They tend to be careful. They know they’re being watched. “They are very clever,” Braddock says. “They don’t make overt calls to arms.”

Who’s talking up this theory?

IN particular, Tucker Carlson, Fox News’ most popular personality, has pushed false views that are more easily embraced by some white people who are concerned about a loss of their political and social power. “I know that the left and all the gatekeepers on Twitter become literally hysterical if you use the term ‘replacement,’ if you suggest the Democratic Party is trying to replace the current electorate, the voters now casting ballots, with new people, more obedient voters from the Third World,” he said on his show last year. “But they become hysterical because that’s what's happening, actually, let’s just say it. That’s true.” A study of five years’ worth of

of proving themselves worthy and how the combination of human needs, narratives and networks can produce murder. It also requires educational and community institutions to provide youngsters idealistic alternatives to violence, to quench their thirst for mattering. It requires attention to social justice and economic inequalities that leave millions feeling disrespected and left behind. And it requires resolutely confronting hateful narratives, and our demonization of one another. No doubt, these challenges are a tall order and call for a whole society’s effort, all hands on deck. But if we fail to measure up to the task, murder will not stop. The horrific shooting incident in Buffalo’s supermarket is but a grim reminder of the evil that can happen. Ignoring it is at our own peril. This article is republished from The Conversation under a Creative Commons license. Read the original article here: https://theconversation.com/a-quest-for-significance-gone-horribly-wrong-howmass-shooters-pervert-a-universal-desire-to-make-a-differencein-the-world-183199.

Carlson’s show by The New York Times found 400 instances where he talked about Democratic politicians and others seeking to force demographic change through immigration. Fox News defended the host, pointing to repeated statements that Carlson has made denouncing political violence of all kinds. The attention paid by many Republican politicians to what they see as a leaky southern border along the United States has been interpreted, at least by some, as a nod to the concern of white people who worry about being “replaced.” House Republican Conference Chair Elise Stefanik’s campaign committee was criticized last year for an advertisement that said “radical Democrats” were planning a “permanent election insurrection” by granting amnesty to undocumented immigrants who would create a permanent liberal majority in Washington. Stefanik represents a New York district. Pitcavage says he’s concerned about the message Carlson and supporters are sending: “It actually introduces the ‘great replacement theory’ to a conservative audience in an easier-to-swallow pill.”

Style

BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Monday, May 23, 2022

Santacruzan Eleganza CLOCKWISE: Binibini 40 Roberta Tamondong in Lanny Liwag, Binibini 17 Chelsea Fernandez in Marbin Garcia, Binibini 8 Nicole Budol in Geronie Labora, Binibini 35 Diana Mackey in Jomar Peralta, Binibini 30 Jashmin Dimaculangan in Adrian Lagundino, Binibini 26 Cyrille Payumo in Rich Sabinian, Binibini 31 Yllana Marie Aduana in Richard Roque, Binibini 25 Anna Valencia Lakrini in Louis Pangilinan, Binibini 5 Karen Laurrie Mendoza in Jerome Navarro.

A summer of ease IT’S time to ease into warmer weather, and global fashion brand COS, which can be found at SM Aura Premier, does just that with its Men’s Summer Capsule Collection. These menswear modern essentials are designed with versatility in mind, highlighting pieces that can be styled seamlessly—whether for work, downtime, or play. Featuring model-turned-actor Shon Min-ho and fashion model Yugo Takano, the images were shot in Seoul by photographer Junkyoung Lee, capturing the warm glow of the sun on a summer afternoon. Vibrant, uplifting hues take centerstage, with lilac, olive green and mustard injecting freshness, while summer neutrals such as camel and ivory add a polished touch. Lighter fabrication such as cotton terry knits offer a playful take on weekend set-dressing, or add interest when layered against contrasting textures. Casual seersucker shirts are made for days spent on the go, keeping the overall look crisp and breezy. Essentials such as the knitted polo shirts are refreshed with refined details such as contrast trims and intricately knitted jacquard micro-checks.

HUMID afternoon with threat of rainfall didn’t dampen the eleganza at the Grand Santacruzan at Araneta City. As the opening activity of Binibining Pilipinas 2022, the parade of 40 candidates in Filipiniana finery was a fashion triumph for the “City of Firsts.” “‘Flores de Mayo’ is the Spanish term for ‘Flowers of May’, or as we also call it, Santacruzan. It is a Catholic celebration held annually in the warm month of May and is considered to be the ‘Queen of Filipino Festivals’ where we Filipinos venerate the Blessed Virgin Mary, Mother of Christ,” explains the vivacious Anna Valencia Lakrini, Binibining Bataan, who wore a wondrous gown from Louis Pangilinan. Rev. Father Ronnie Santos from Our Lady of Perpetual Help Parish celebrated a Holy Mass and blessed the festivity at the Smart Araneta Coliseum. The religious-fashion presentation was led by Binibining Pilipinas 2021 Runner-up Meiji Cruz as Reyna de los Santos wearing Manuel Fule, Binibining Pilipinas Grand International 2021 Samantha Panlilio as Reyna del Cielo wearing Rian Fernandez; The Miss Globe 2021 Maureen Montagne as Reyna de las Virgines wearing Louis Pangilinan, Miss Intercontinental 2021 Cindy Obenita as Reyna de las Flores wearing Renee Salud, Binibining Pilipinas International 2021 Hannah Arnold as Reyna Elena wearing Manny Halasan, and Miss International 2005 Precious Lara Quigaman as Reyna Emperatríz wearing Paul Tenorio. Pink was a recurring color, as seen on Binibining La Union Ethel Abellanosa as Reyna de los Confesores wearing Francis Lee; Binibining Nueva Ecija Diana Mackey as Reyna de la Paz in Jomar Peralta; and Binibining Laguna Yllana Marie Aduana as Corazón de María in gown by Richard Roque of Glamorosa and heart props by Jomar Peralta. A black ensemble in a supposedly colorful spectacle, as worn by Binibining Cebu Nicole Borromeo as Reyna Abogada, was a standout in an Edward Castro creation. Couture in a biblical context was also exhibited by Binibining Mexico, Pampanga Maria Isabela David as Santa Maria Salome in Michael Bongga; Binibining Iba, Zambales Joanna Marie Rabe as Reyna Esperanza in Mara Chua; Binibining Bulacan Joanna Day as Samaritana in June Samson Pugat; and Binibining Sarangani Fatima Kate Bisan as Reyna Mora in Garvy Molinos Terrado. Rosa Mistica, a coveted title, was assigned to Binibining Albay Jashmin Lyn Dimaculangan, who was in a red-hot fringe number and a cape with a hand-painting of Mother Mary by Adrian Lagundino Ebrada and metal headpiece by Ben Torres Metalcraft. Binibining San Pablo, Laguna Roberta Angela Tamondong as Reyna de los Apóstoles was the perfect finale to a splendid display of Filipino fashion creativity. She wore an elaborate terno by Lanny Liwag, who also did her national costume when she

PHOTOS BY BRUCE CASANOVA

was crowned Miss Eco Teen International 2020 in Egypt. Binibining Angono, Rizal Herlene Nicole Budol, easily the darling of the crowd as Pamayanan Guadalupe, was in a mascota masterpiece by Geronie Lebora, who swept the “Mascota de Zamboanga” and “Festival de las Bellas” design competitions the past years. A mascota is a formal gown worn by the alta sociedad during the Spanish Colonial Period in the Zamboanga Peninsula. The Grand Santacruzan, one of the biggest national events that are now being safely held amid the pandemic, brought out remarkable beauties that we expect from Binibining Pilipinas: Binibining Marabut, Western Samar Natasha Ellena Jung as

Reyna Banderada, Binibining Borongan, Eastern Samar Gabrielle Basiano as Key of Heaven, Binibining Porac, Pampanga Cyrille Payumo as Reyna de los Ángeles, and Binibining Tacloban City Chelsea Fernandez as Santa María Cleofe. “Ang Flores de Mayo ay isa sa paboritong kong tradition ng mga Pilipino. Every end of the month, sabaysabay kami manunuod ng pamilya ko sa mga reyna sa Santacruzan,” Binibining Iloilo City Karen Laurrie Mendoza shares on her Instagram. “Thank you so much @bbpilipinasofficial for this opportunity. [On May 14] I saw myself walking as one of the reynas. Before, isa ako sa mga batang naka-white, nagru-rosary sa likod ng speaker. Yesterday, I was your Pamayanan de la Paz.” n

Fashion-forward K-pop idol Key of SHINee to perform in Manila concert

IF you’d come up with a list of the most fashionforward idols in K-pop, SHINee’s Key will definitely be in the Top 5. Who could forget the Maleficent coat that Key wore while performing in the 2015 MAMA? Or the leather harness he donned underneath an open black jacket for his solo number at a SHINee concert? Even his off-stage clothes are lovely. He looks good in shorts and jeans, but you’ll never catch him dressed so casually that he looks like he’s just going to the supermarket. Come to think of it, SHINee has always been a fashion-forward group. Their stage outfits are always talked about. Among the pieces of clothing they’ve popularized are printed scarves, vests, red jeans, ripped jeans, even headbands. Key collaborated with Bridge Shop House to design SHINee’s concert outfits and was one of SM Entertainment’s fashion directors. Key’s fashion sense is bold and adventurous. It’s not always leather or neon colors. Sometimes,

he’s just wearing black jeans and a white hoodie but he still looks fashionable. Key is also known for his eyebrow scar and in 2021, he collaborated with French makeup brand Make Up For Ever as they launched their Aqua Resist eyebrow collection. So why am I talking about Key? He is coming to Manila, along with three other K-pop acts, for the first K-pop (and international concert) here since February 29, 2020. I know the exact date because I watched that concert and the performers in that event, NCT Dream, will also be with Key, WEi and Alice, in Begin Again: KPOP Edition happening on May 29, 5 pm, at the Smart Araneta Coliseum. It’s not the first time for Key, NCT Dream and Alice (formerly Elris) in the Philippines, but WEi (except for Kim Dong-han who performed as a solo artist here before) is a first-time visitor. By the way, the last time Key was here was with SHINee in 2017 for a benefit concert. All four groups are fresh off the releases of their latest works. NCT Dream successfully wrapped their “Glitch Mode” era with 2 million albums sold. This comeback also marked their first entry on the Billboard 200 Chart at No. 50, proving their popularity on the international scene. Meanwhile, SHINee’s KEY debuted as a solo artist in 2018 and he has since released multiple albums with Bad Love being the latest. The mini-album came out in September of last year and had six tracks, including the title single. It earned Key his first music show win along with critical acclaim, including the third spot at NME’s “The 25 best K-pop songs of 2021.”

Despite being only two years old, boy group WEi is also a force to be reckoned with. Members Dae-hyeon, Dong-han, Yong-ha, Yo-han, Seok-hwa and Jun-seo recently released their mini-album Love Pt.1: First Love, last March. The album earned them the fifth spot on Korea’s Gaon Chart. Finally, girl group Alice released their latest single “Power of Love” last May 4. Members EJ, Do-A, Chaejeong, Yeon-jae, Yu-kyung, So-hee and Karin lent their beautiful voices to this emotional ballad. It sings of longing for a distant loved one but never losing faith in their connection—the perfect song for these tumultuous times. Tickets are available at www.ticketnet.com.ph and all Ticketnet outlets nationwide. This event is being brought in by CDM Entertainment in partnership with BRODYWORKS. By the way, we are finally going out and wearing makeup again. I’m still not wearing a lot, usually just brow product (Benefit 24-HR Brow Setter Clear Brow Gel), concealer (Make Up For Ever Ultra HD Concealer) and lip gloss (NYX Butter Gloss) or lipstick (usually MAC because it doesn’t get messy under a mask). The Benefit 24-HR Brow Setter Clear Brow Gel is something I fell in love with during the pandemic. You can achieve a laminated look with this clear brow gel. I love it because it really keeps my brows in place, doesn’t flake and would probably last 24 hours like it says it will. Meanwhile, the Make Up For Ever Ultra HD Concealer is the only concealer I have finished completely. I know that I have talked about it in this space a number of times and I’m still in love with it.

My favorite thing about this concealer is that it’s selfsetting and doesn’t need to be set with powder. The second thing I love about it is the finish and its ability to stay put under my eyes without creasing. At P1,900, it’s kind of expensive but worth every centavo.

PHOTO FROM @ SHINEEWORLDPH_ ON TWITTER

B6 Monday, May 23, 2022

CSC issues post-elections appointment guidelines

Sun Life, Boehringer Ingelheim launch financial, medical & insurance initiatives

THE TIE UP WAS RECENTLY FORMALIZED IN A VIRTUAL GATHERING ATTENDED BY THE ORGANIZATIONS’ TOP EXECUTIVES. Joining Narciso and Cheong were Sun Life’s General Counsel, Atty. Edgar Tordesillas; Head of Distribution & Business Development Deo Orpilla; Head of Health & Accident Lirio Torres; and Sun Life Affinity Partnerships Manager Francesca Tolentino. Representatives from Boehringer included D.r Greta Cortez (Head of Medicine), Ermel Teodoro (Head of Finance and Administration), Gerry Alcantara-Dorotan (Head of Market Access and Healthcare Affairs), Jackie Cortez (Healthcare Affairs Manager), and Dr Giov Nazario (Medical Advisor).

ITH financial and medical concerns coming to the fore amid the continuing COVID-19 pandemic, Sun Life of Canada (Philippines), Inc. (Sun Life) and Boehringer Ingelheim (Philippines), Inc. are coming together in a bid to help Filipinos address their challenges. Sun Life, the number one life insurance company in the country, and Boehringer

Ingelheim (Philippines), one of the leading research-based and innovation pharmaceutical companies, have teamed up to launch initiatives focused on the financial, medical, and insurance needs of Filipinos. “What a pleasure it is to find in Boehringer Ingelheim (Philippines) an ally in our advocacy,” Sun Life President Alex Narciso said.

“Their expertise will surely add another dimension in how we deliver our purpose to Filipinos. Together, we can help more of our countrymen achieve lifetime financial security and live healthier lives.” “At Boehringer Ingelheim, we embrace the power of strategic partnerships to make a difference and real impact on our patients’ lives,” General Manager and Head of Human Pharma, Boehringer Ingelheim (Philippines), Yee Kok Cheong said. “This tie up marks a milestone for Boehringer Ingelheim (Philippines), Inc. and it is our aim to educate and empower patients, especially those who are underserved and vulnerable.” The collaboration kicks off with a medical-financial literacy program which will consist of webinars, forums, and the development of educational materials. Two health webinars are already in the pipeline: Pulmonary Care on August 19, 2022, and Critical Pulmonary Illnesses on September 23, 2022. Sun Life and Boehringer Ingelheim will also explore possible insurance solutions covering critical non-communicable diseases affecting Filipino patients, beginning with pulmonary disorders such as chronic obstructive pulmonary disease (COPD) and interstitial lung disease (ILD). “We thank Boehringer Ingelheim (Philippines) for their trust in Sun Life,” Narciso said. “This alliance has much potential and we look forward to exploring the possibilities ahead.”

Sunshine Place offers Little Sunshine Watercolor Workshop

HIS summer break, let your kids bring out their creative and artistic side! Allow them to have fun by creating their own watercolor paintings of fruits, nature, pets, sea animals, and famous animated characters. Let your kids explore the many ways of using watercolor in art and share their artwork with friends and family or turn them into one-ofa-kind gifts. Join us for a Watercolor Workshop with Ms. Beth Robles of Playcrafts PH starting May 28, until June 25, 2022. The full course will have five sessions every Saturday from 10:30 am to 11:30 am. Per session course is also available. This workshop is open to kids aged 5-10 years old. Beth Robles of Play Crafts PH has conducted Calligraphy workshops

and Floral Painting workshops using different media such as watercolor, gouache, soft pastels and acrylic at the Sunshine Place. For more details, please call Sunshine Place M. (0917) 515-5656 or E. online.

sunshineplace@gmail.com or visit http:// www.sunshineplaceph.com/. Follow Sunshine on Facebook @ SunshinePlace56Jupiter, Instagram: @ sunshineplaceph, YouTube: Sunshine Place: Senior Recreation Center.

appointments are followed. This is pursuant to Sections 112 and 113 of the 2017 Omnibus Rules on Appointments and Other Human Resource Actions (ORAOHRA) as revised by CSC Resolution No. 1800692. The CSC stressed that appointments issued after the elections up to 30 June that do not meet the said requisites shall be disapproved or invalidated upon their submission for attestation.

Yakult breaks ground for Misamis Oriental plant

ATTENDING THE GROUNDBREAKING CEREMONY OF YAKULT EL SALVADOR CITY PLANT ARE, FROM LEFT: Yakult Philippines Inc. President Alberto Dy Sun, Executive Vice President Hiroshi Suzuki, Vice President Michael Ong, CCT Constructors Corporation Chairman Hiroki Nakazawa, and El Salvador City Mayor Edgar Lines.

LBERTO R. DY Sun President of Yakult Philippines Inc, together with Mayor Edgar Lignes of El Salvador City, Misamis Oriental, headed the groundbreaking ceremony of Yakult El Salvador (Y.E.S) plant recently, at Barangay Quibonbon, El Salvador City, Misamis Oriental, Mindanao. The event was also attended by the executives of Yakult Philippines Inc. and CCT constructors Corporation.

The project, which started back in 2021, is set to rise on a 4.2-hectare property, is considerably larger than the plant located in Calamba, Laguna. The Yakult El Salvador plant is meant to fulfill the demand for the iconic drink and start the expansion of its production to Visayas Mindanao. It targets to significantly increase the total daily product production of both Yakult original and the Yakult Light.

Innovative new web series ‘Ming Y Tomas’ will make viewers laugh and want to fall in love

Home Credit customer service now available 24/7 RUE to its commitment to providing Filipino consumers excellent customer service experience, the country’s leading consumer finance company Home Credit Philippines has officially made its customer service available 24/7. HCPH is the first non-bank financial institution in the Philippines to make its customer support available round-theclock, allowing its existing and potential customers receive 24/7 support for their concerns and other service inquiries. This

HE Civil Service Commission (CSC) reminded government agencies that, as a general rule, appointments issued after the 9 May election up to 30 June 2022 shall be disapproved or invalidated. The CSC advised outgoing elective and appointive (coterminous with the President) officials who act as appointing authorities that issuing appointments during the said period are only allowed under the following conditions: The appointee meets the approved minimum qualification standards or qualification standards required under special law, if any, for the position to which he/she was appointed; The appointee has undergone the Human Resource Merit Promotion and Selection Board (HRMPSB) screening prior to the election ban. In this case, the appointing officer/authority or agency shall submit the minutes of the HRMPSB meetings and the evaluation report of the applicants; There is an urgent need for the issuance of the appointment/s so as not to prejudice public service or endanger public safety; and Civil Service Law, rules and regulations, and special laws, if any, on the issuance of

is the latest among many developments that HCPH has implemented to ensure customers’ easy access to its various digital touchpoints. “We at Home Credit Philippines are proud to provide our Filipino consumers with a seamless customer experience by making our customer support available day and night. Being the first local nonbank financial company to offer roundthe-clock customer service, we at Home Credit are confident that we’ll be able to address our customers’ service concerns in

the most convenient and efficient way possible and, at the same time, further strengthen our relationship with them,” shares HCPH’s Head of Operations, Pratim Bhattacharya. With this initiative, HCPH’s customers will now be able to send their concerns and questions any time of the day, including during graveyard hours. This, in turn, will enable HCPH to learn about customers’ needs faster and resolve concerns in product and cash loans, payment status, account balance, product availability, partner brands, retail stores, gift payments, among others. Running on multiple touchpoints, this new 24/7 service allows customers to seek assistance from a customer service representative about their concerns by sending a message through the official Facebook and Twitter accounts of HCPH. Customers who are browsing HCPH’s official website may click the “Chat with Us” icon at the lower right side of the website to send in their queries. While for those customers who prefer to coordinate via email, they may send their concerns to info@homecredit.ph. More details are found on the “Contact Us” page of HCPH’s website.

HEN so much media nowadays seems to be about challenging things happening around us, romcoms offer us a breath of fresh air. At their very best, romantic comedies are sheer joy. They are about forging human connections and people bringing out the best from one another. It is a genre that’s about delivering joy and kilig to the audience. Watching a romcom feels worthwhile because they rekindle our hope for love and the best that life can offer with its fair share of laughs in store for the viewers. Launched by the Philippines’ favorite pampagana, Mang Tomas All-Around Sarsa, the new three-episode series “Ming YTomas” delivers the thrills that every kilig-hunter hopes to take comfort in. The series offers

viewers everything that one should expect from the genre: a cast of lovably authentic characters that follow a storyline with the perfect emotional hook and laughs that will keep men and women of all ages glued to their screen. Ming Y Tomas shows how fate brings together two individuals on different life paths to fall in love. On one hand, we have Ming, a sweet and dainty girl blessed with a ganado appetite, proving that anyone regardless of gender and physical build can be a true macho ganado with the perfect meal partner like Mang Tomas. On the other hand, we have Tomas, a hardworking boy who has more sides than meets the eye. Each episode reveals several twists and turns to their love story that makes you excited and curious about what’s going to happen next. At the helm of the project are awardwinning directors Joel Ferrer and Chris Cahilig. Shot exclusively on mobile phones with the guidance of Tristan Cua who’s dubbed as the father of mobile filmmaking in the Philippines, the video offers us a more intimate and immersive view into the lives of the characters. As a format, using mobile phone for filming made the series feel very authentic, almost as if you’re with the characters. Beyond sharing conversations over dinner, is there a more intimate experience these days than connecting through the phone screen? Catch the first two episodes of Ming Y Tomas for FREE on the Mang Tomas Facebook page and NutriAsia YouTube page, “AngMANGhuhula” and “Ang GANAduo”. Viewers answer the question at the end of the episodes for a chance to win #MachoGanado gift packs. Like and follow the Mang Tomas Facebook and Instagram pages for more updates.

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Monday, May 23, 2022 B7

Post-election thoughts and how

to cleanse our minds of election anxiety T

PR Matters

By Joy Lumawig-Buensalido

HE country’s recently concluded 2022 national elect ions t ur ned out to be such an intense and emotionally charged democratic exercise that the results had a severe and deeply personal impact on a great number of people. Perhaps it was the quickest reporting of electoral results— done in less than 24 hours—that sparked this initial reaction from so many citizens, especially among those rooting for the losing candidates. Facebook, Viber, Messenger, Twitter, and other digital platforms were swamped by all kinds of sad or crying emoticons that underscored their feelings of disbelief, anger, and disgust. Messages of grief and sadness went viral on social media as though someone had died or left them orphaned and broken. This made us wonder: why is everyone—teachers, businessmen, students, mothers, and even pastors and priests—taking this personally? The answer to this, I believe, is that many of us considered the national elections a “make or break” situation, driving us to resolutely take part in improving the lives of Filipinos.This was, after all, our chosen candidate’s platform, and we all felt we had a major role in effecting this change.This roused our passion for the values our candidate stood for. And this is why we expected to win. Almost everyone had a say. It was amazing how people were able to process their thoughts and express their political convictions on social media. Here are some snippets from messaging app Viber that demonstrate how the election results moved them to write:

From a Bishop:

Sometimes we have to look beyond the obvious.She didn’t win in the Comelec count but she won the hearts of people.... My thinking is that God sent Leni to make us realize that there is innate goodness in the Filipino. Each Filipino has the ability to rise above oneself. I think God never meant for Leni to win. Her mission was to wake us up. We gained character, we saw people volunteer their time, money, and themselves for something beyond them. And it was wonderful. We may not win elections but the feelings of joy and wonderment were priceless. And just maybe, that brief moment was actually a glimpse of Heaven.

From a Mom:

Dear Daughter: There are many lessons here: 1. Some battles take time to win, my child. Winning hearts and minds take time. 2. A true leader does not lead her flock to slaughter; she asks her followers

Brand & Business: Rediscover the luxury of casual gatherings at Arcana Lounge

MANILA, PHILIPPINES—As reemergence from routine in the past two years continues, there’s a premium on the quality of experiences people wish to create or be a part of. Gath-

ering in person has become a luxury for many, and this is what inspired the concept of Arcana Lounge. As the newest place to gather in the now-normal lifestyle, Arcana Lounge is a place that aims to inspire people to rediscover the luxury of casual gatherings through a well-curated dining experience that’s meant to be shared with those who matter most. Conveniently located at Promenade Mall in Greenhills, Arcana Lounge opens its doors to the curious and sociable—those in search for new places that offer low-

in a “dark place”. You are better off being proactive and changing the subject. Explain gently that stressinducing topics are not helpful to both of you and switching to another will do yourselves a favor. In the same manner, avoid getting into potentially heated discussions with people who might not share your views or convictions. The best way is to avoid these altogether or simply end the conversation as respectfully as you can. Pointless arguments are emotionally draining.

Choose healthy coping mechanisms

to continue their pursuit of good governance by continuing to become good versions of themselves. That is good leadership—sacrificing herself for the good of the many. 3. Always play fair even if the world doesn’t. Others might view this as a weakness but doing right despite difficult circumstances is the challenge for the strong. 4. Fighting for what is right is never easy. The world is often unkind and sometimes rewards what is wrong. Never abandon the good fight.

From an 83-year-old former valedictorian from Iloilo:

Dear Leni: At my age, I have seen the best and the worst of election proceedings and have even rationalized irregularities as part of the game.But I could not give a knowledgeable answer to my 25-year-old apo who questioned WHY and HOW. I appreciate your composure and call for sobriety but I request that you don’t discourage the youth from going out to the streets again if they deem it necessary to protest injustice.... They want to protect their votes. They have a right to be angry and show it.... Your best hope is the youth whose minds are still unfettered. The youth will continue to be noisy. Silence is not an option. I must admit that I myself was not spared from feeling down, depressed, and disappointed. I could not focus on work right away. While looking for a way to overcome post-election blues, I found an article in verywellmind.com by Amy Morin updated in 2020 and, coincidentally, my dear friend and grief counselor Cathy Babao shared it in her Instagram account the day after elections.

key luxury experiences that are within reach. With seats and private rooms good for small groups or a little more, Arcana Lounge made space for its guests to comfortably indulge in its array of dishes and drinks. Get familiar once more with some of your favorite dishes made more special with some delicious and well thought-out twists and turns. From our Sisig Rolls, Sliders, and Buffalo Wings to Rib Eye, Porterhouse Steaks, Lamb Rack, Pork Ribs, Pan Seared Salmon, and Prawns Ther-

Based on that article and with a few inputs of my own, here are some steps that we can take to maintain our mental and emotional equilibrium regarding our candidate’s seeming loss.

Accept what happened

WE don’t have to agree with the election results to accept these. We can acknowledge that it happened without having to validate it. Acceptance is important because it prevents us from dwelling on thoughts like: “How did this happen?” or “More people should have voted!” or “We were cheated!” We can also understand that the result is infuriating, disappointing, and frustrating but we should not waste time wishing everything had been different.

Name your feelings

DURING uncertain times, we go through a lot of “uncomfortable emotions” and simply recognizing and naming those feelings might be helpful. Research supports the idea that labeling our feelings may reduce their intensity. So if you’re feeling depressed, angry, frustrated or even very sad that you feel like crying, say so and name all your emotions. Write this down and tell your closest friends about it—you’ll be surprised how doing so will relieve your stress and make you feel a little better.

Argue the opposite of what you are fearing

YOU might tend to brood over the worst-case scenarios now that your candidate has lost. Try to take the opposite view and ask yourself some questions like: Is there something good that could

midor, we have a keen sense when it comes to details and deliciousness which makes each dish not only more than enough to celebrate about, but are also perfect inclusions to any celebration. Aptly named, Arcana Lounge also offers a wide selection of drinks for every type of person, and for any type of occasion. Its versions of Forgotten Classics such as the rich Whiskey Sour, or the bittersweet freshness of the Negroni are surefire hits for those with a more nostalgic palette. For those with a taste

possibly happen? Might things turn out to be better than you had anticipated? Would some people be better off as a result of the election? This exercise is not meant for you to think of unrealistically positive scenarios. It’s about spurring you to think of different possible outcomes apart from the very negative thoughts you might be entertaining.

Limit your media consumption

STEER clear of television news or social media if viewing or reading bad news only fuels your anxiety and despair. If you can’t avoid checking the news, just be mindful of where you are getting it. Remember that so much fake news is being thrown around, which will only clutter your mind and make you feel more stressed. This is especially true for people who spend an excessive amount of time viewing TV news, and for whom the toxic election season only made it worse. Steven Stosny, a relationship expert from Maryland who, in 2016, coined the term “election stress disorder,” said: “I suggest limiting your checking of the news to three times per day, at the same time every day. If it becomes a routine, then it’s not as anxietyprovoking.”

Stop commiserating or arguing with friends

IT is quite tempting to seek out friends and kin who share your disappointment so you can all wallow and get emotional support. While this may initially help you vent your emotions, dwelling on the negative side might keep you stuck

for something new and exciting however, Arcana Lounge also has a list of Signature Cocktails that are worth a shot or two. Tickle your taste buds with the unlikely combination that makes the Picnic cocktail a treat to remember. The Arcana Twister is a creamy yet refreshing take on your favorite pineapple drink, giving you a taste of summer whenever you feel like it. These are just few of the drinks that await those who enjoy long, hearty conversations with great company at Arcana Lounge.

INSTEAD of turning to junk food or binge-watching Netflix, you could opt for healthy coping habits such as reading a book, practicing yoga, writing down your thoughts, or going back to an exercise program. Personally, I recommend going to mass now that Churches are open again or even hearing online mass and listening to God's word for just 30 minutes a day. Any of these activities can restore your peace of mind and well-being, both in the short or long haul.

Take positive action

WE may not be able to change the outcome of the election but we can take a myriad positive steps to continue supporting what is good and what we firmly believe in. We could also choose to just be kind or do random acts of kindness, not only to people we know but to strangers. Let’s keep doing what we started during those massive rallies where no one went hungry, no one got hurt or fought each other, and no trash was strewn around—thanks to our sense of community and love for our country. Better yet, let us all join and support the Angat Buhay NGO that will be launched in July to nurture the seeds that were planted during the campaign. This would be our best option and a most positive way to stay focused, healthy and hopeful! Peace be with everyone. PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior communications professionals around the world. Joy Lumawig-Buensalido is the President and CEO of Buensalido PR and Communications. She was past Chairman of the Ipra Philippine chapter for two terms. PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@ gmail.com.

This time around, you are invited to get familiar with the unfamiliar. Let new memories unfold as you dine and unwind with those that matter most. Have more reason to celebrate and discover all the different ways you can gather around great food and delicious drinks, all in a place that makes casual gatherings more special. Discover what lies ahead at Arcana Lounge. Follow Arcana Lounge on Instagram @arcanalounge. ph and on Facebook @ArcanaLounge.

Gilas women lose, too, but keep gold

ANOI—The national women’s team absorbed a first loss to Malaysia, 9693, on Friday but still retained the gold medal on the final day of the basketball competitions of the 31st Southeast Asian Games at the Thanh Tri Gymnasium. Yin Yin nailed a three-pointer with 17.2 seconds left and Malaysia closed out the game with seven unanswered points to give the Philippines its first loss in its fifth and last match in the games. The Gilas women were already assured of the gold medal even before tipoff with Malaysia, which bowed to Vietnam, 69-65, late Saturday night to also finish with a 4-1 won-lost record. Indonesia played Singapore in a late game on Sunday but even if the Indonesians won and forged a three-way tie at 4-1, the Philippines will still bag the gold by virture of the winnerover-the-other rule. “I congratulate Malaysia. They still had that heart to play the game,” Philippine team coach Patrick Aquino said. “Even though they were down, we really had a hard time. They were making shots.” It was still a solid showing for the Gilas women, who had an average winning margin of 23 points in their previous games. “I still tap my hats off for the girls. They played their hearts out. It’s just not as sweet as we want it to be. But we are still gold medalist. I’m so proud of them having that feat,” said Aquino. It was the second consecutive victory for the Philippines in the event it found difficult to win in the past. Janine Pontejos had 18 points, six rebounds and three assists while Afril Bernardino had 16 points, seven rebounds, two assists, seven steals and three blocks for Gilas. Jun Lomibao

Sports B8

| Monday, May 23, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

EUMIR FELIX MARCIAL is a class act in Hanoi. NONIE REYES

HORROR

IN HANOI! THIRDY RAVENA scores against his defender but the Philippines sees the gold medal slip away as Janine Pontejos plays a prolific game for the women’s squad. NONIE REYES

By Jun Lomibao

MEDAL TABLE R

COUNTRY

GOLD

SILVER

BRONZE

TOTAL

Vietnam

197

117

110

Thailand

127

311

Indonesia

223

424

Philippines

212

Singapore

162

Malaysia

163

Myanmar

Cambodia

Laos

Brunei

Timor-Leste

Source: seagames2021.com

Start ’em young so athletes can bloom in intl play–Ramirez

PORTS leaders should scout and train their athletes early so they can develop and flourish in international competitions such as the Southeast Asian Games, according to Philippine Sports Commission (PSC) Chairman William “Butch” Ramirez. “Rome wasn’t built in a day, so athletes do not become champions overnight in international play like the SEA Games,” Ramirez said. “It’s good to start them young because it takes time to develop them. Ramirez said Tokyo Olympic gold medalist Hidilyn Diaz and world champion Carlos Edriel Yulo, who stamped their class in weightlifting and gymnastics, respectively, in Hanoi, are products of long-term programs that made them elite athletes. “Diaz is a product of the PSC grassroots development program when she first made her debut as wild card entry at the 2008 Beijing Olympic Games at the ripe age of 17,” recalled the PSC chief, who was then the chef de mission to the Summer Games. “Haidie (Diaz’s nickname) did not do well in the 2012 London Olympics but won a silver medal in the Rio Summer Games in 2016

during the start of our second term as PSC chairman,” he said. “She finally delivered the country’s first gold in Tokyo last year.” A protégé of the Gymnastics Association of the Philippines since he was eight years old, Yulo emerged as the country’s top athlete for the second straight SEA Games in Vietnam with five golds and two silvers. “Before Caloy (Yulo’s nickname) became a world-class athlete, he excelled in the Batang Pinoy and the Palarong Pambansa,” said Ramirez, who first came to the PSC in 1998 as a commissioner under the late chairman Carlos Tuason, of the two-youth oriented meets that the government sports agency is associated with. “Yulo’s skills were honed in both the Batang Pinoy and Palaro that helped him become an outstanding gymnast,” said the PSC chief, who lamented that both sportsfests were suspended for two straight years due to the Covid-19 pandemic. He prayed that both events and the PSC’s Philippine National Games, another breeding ground of sports talent, would resume soon, as the country copes with the virus crisis better and conditions continue to improve.

Opportunity of a lifetime “GUSTO mo lumaban sa UFC?” Wallen del Rosario thought that his Coach John Baylon was playing a joke on him.

MARCIAL, LADON TRIUMPH

BusinessMirror

ANOI—Eumir Felix Marcial and two other boxers won their final bouts on Sunday but the biggest news—or more appropriately the saddest—came from the men’s basketball final where Indonesia scored a monumental upset and snatched what is considered as the most important gold medal for the Philippines. Indonesia stunned a Gilas Pilipinas side that struggled to wrest the driver’s seat all game long, scoring an 85-81 victory that reverberated from the Thanh Tri Gymnasium here and into every living room, office, nook and cranny in the Philippine archipelago where basketball is a passion, if not close to being a religion. Indonesia came prepared and with naturalized player Marques Bolden, Derrick Michael Xzavierro and Damar Abraham Gratiwa doing the damage on both ends, ended the Philippines’ 33-year reign as king of SEA Games basketball. The Philippines also lost the gold medal first in 1970 and in 1989 when it settled for the silver medals against host Malaysia. “Our players played their best,” Philippine head coach Chot Reyes said after he emerged from the dugout. “Indonesia came with a very good game plan. They shot well from the three-point line. In the end, we just couldn’t match it.” National Basketball Association veteran Bolden, who played only his second game in these games, scored on a followup to give Indonesia an 81-76 lead with 40.8 seconds left. Matthew Wright buried a triple to cut the deficit to three, but after Gilas forced a turnover, Wright missed a contested shot allowing Grahita to complete the victory by sinking two free throws with 6.1 seconds remaining. Reyes took responsibility for the embarrassing loss as calls for his resignation from the national basketball team program filled the social media. “Obviously that’s on me. I take full accountability and responsibility for the result,” said Reyes who was outwitted by his predecessor at Gilas, Serbian Raiko Toroman, who’s been handling the Indonesian team for years now. “Like I said, they tried their best and that’s sports. That’s life. Some-

“Hindi nga?” The 29-year-old Caviteño was ecstatic, his heart racing like he was strapped on Lewis Hamilton’s Formula 1 Mercedes. Del Rosario was invited to compete in the Road to the UFC as part of UFC 275: Glover Teixeira vs. Jiri Prochazka; the fight organization’s first pay-per-view in Asia that will be held at the Singapore Indoor Stadium this June 12. The Road to UFC is a “win and advance” tournament featuring prospects from Japan, Korea, Philippines, Thailand, Indonesia, India, and from the UFC Academy in China who will compete in each of four men’s weight classes: flyweight, bantamweight, featherweight and lightweight. The opening round of ROAD TO UFC will take place across two days, June 9 and June 10 ahead of UFC 275. The semifinals and finals are scheduled for later this year. A UFC contract will be awarded to each of the four division’s winners.

times, things don’t work out the way we played.” The Gilas Pilipinas women also absorbed a surprising 93-96 setback to Malaysia but still won the gold medal via the winner-over-the-other rule. With a 4-1 card, the Gilas women bagged the gold. Indonesia can match that record with a win over the Singapore later Sunday but Gilas will still prevail, having beaten the Indonesians, 93-77, Monday last week. Tokyo Olympics bronze medalist Eumir Marcial, meanwhile, manhandled unheralded Delio Anzaqeci Mouzinho of Timor Leste via referee stopped contest in the second round. Ladon edged Thao Tran Van of Vietnam, 3-2, in men’s 52 kgs and Bautista humbled Naing Latt of Myanmar, 5-0, in men’s 57 kgs. Tokyo Olympian Irish Magno lost to Vietnamese Nguyen Thi Tam in the women’s flyweight final and bagged the silver medal, the same fate suffered by the esports team in the League of Legends showdown of esports against Vietnam 0-3. The Philippines, backed by the Philippine Sports Commission and the Philippine Olympic Committee, finished the 12-day biennial games with 51 gold medals on top of 67 silver and 92 bronze medals, a big reduction from the 149-117-121 gold-silverbronze harvest 2019 when the country emerged as overall champion as host. Host Vietnam iced its dominant run to the overall crown with a 193115-109 haul, followed by Thailand (84-96-126) and Indonesia (63-83-74). Singapore, which seized fourth overall from the Philippines last Friday, remained stuck at 47 golds with 45 silver and 67 bronze medals for fifth.

AC NINH, Vietnam—Eumir Felix Marcial, Rogen Ladon and Ian Clark Bautista pounced on their opponents one after the other on Sunday to scoop three gold medals from boxing in the 31st Southeast Asian Games at the Bac Ninh Stadium. Marcial, the 26-year-old Tokyo Olympics bronze medalist, as expected, disposed of Timor Leste’s Delio Anzaqeci Mouzinho in the first

Sarno draws motivation, inspiration from mom, siblings, Olympic dream By Josef Ramos

ANOI—Vanessa Sarno goes back home not only with a weightlifting gold medal from the Vietnam 31st Southeast Asian Games hanging around her neck but with a heart and mind packed with the motivation to shoot for an Olympic gold medal. And the reason for all the motivation and inspiration comes from, who else, her family. “I’m inspired and motivated to work hard to help my mother, brothers and sisters because my father has abandoned us,” said Sarno, whose 48-year-old mother Emelita is making both ends meet for the family in their native Barangay Poblacion in Dauis, Bohol, one of the Philippines’ weightlifting hotbeds. “My mom didn’t give up on us despite of what happened. That’s why I promised her that I will take care of her and my siblings,” Sarno, 18 and the Asian champion in her category, said. “I told my mother not to work anymore because I need her on my side.” Sarno is the second of four siblings—Van Leslie, Vincent and younger sister Veronica. The family problem almost caused Sarno to drop weight-

lifting, but her coach, Nick Jaluag, and fellow weightlifter, Fernando Agad Jr., were there to push her pursue her athletic career. “There was a time when I wanted to give up because of what happened [his dad abandoning them], but I didn’t because of the people who inspired me,” she said. While she was nine, Sarno found herself walking into a makeshift gym along the shores of Tagbilaran City and nine years, she’s now being hailed as an heir apparent to her idol, Olympic champion Hidilyn Diaz. “My dream is to qualify for the Olympics in Paris [2024] and win the gold there,” she said, adding Diaz has always been her idol. Sarno handily beat Thailand’s Siriyakorn Khaipandung for the women’s 71 kgs class at the SEA Games. She lifted 135 kgs in the clean and jerk to the Thai’s 120 kgs, 104 kgs in snatch as againt her foe’s 103 and at the end of the duel, was six kgs better at 239 kgs for the gold medal. Indonesia’s Restu Anggi got the bronze with a 212-kg total. lift. Sarno has this year’s world championships and the Hangzhou Asian Games that were postponed for next year as her next mission. Sarno will be flying back home to Manila with Diaz and the rest of the national weightlifting team at dawn Monday. VANESSA SARNO enjoys herself as she lifts her way to the gold medal. NONIE REYES

Senator Go hails Diaz’s success EN. Christopher “Bong” Go congratulated Hidilyn Diaz for retaining her women’s 55 kgs weightlifting gold medal at the 31st Southeast Asian Games in Hanoi. “Your success is the success of the entire country. Mabuhay!” Go said over the weekend. Hidilyn sent a video message to the senator, saying, “Thank you so much for your support to Philippine sports. See you soon!”

round with a referee stopping contest decision to clinch the gold medal in the middleweight category. “I shouted to him to extend the fight, but it didn’t reach the last twominute mark, I guess. The referee just stopped the fight,” women’s featherweight bronze medalist Nesthy Petecio said while cheering for the country’s four Filipino finalists in boxing. Ladon made sure Tran Van Thao won’t have any chance of pulling off a controversial win by outhustling the hometown bet in all three rounds for a unanimous decisionwin in men’s flyweight. Bautista added the third gold from boxing after he defeated Naing Latt of Myanmar in the men’s featherweight final. Unfortunately, Tokyo Olympian Irish Magno lost to Vietnamese Nguyen Thi Tam in the women’s flyweight championship to settle for a silver medal. The country hauled three gold, one silver and five bronze medals— a less than half of the seven gold, three silver and two bronze medals won by the country in the 2019 Philippine SEA Games. Besides Petecio, women’s light flyweight Josie Gabuco, lightweight Risa Pasuit and men’s welterweight Marjon Piañar and lightweight James Palicte bagged a bronze each. Josef Ramos

Go also wished Olympic bronze medalist Eumir Felix Marcial good luck as the latter is set to battle for the gold medal in the Middleweight Boxing event this coming Sunday. In an ambush interview after he attended the groundbreaking ceremony of the four-storey hospital building and monitoring visit of the Malasakit Center at the Valenzuela Medical Center, Go expressed his full support to the Filipino athletes

When del Rosario sat down and calmed himself, he realized that “malaking bagay ’to.” “Kailangan maghanda ng mabuti.” Sporting a 10-3 record, del Rosario has fought in the alphabet soup minor MMA leagues in Southeast Asia. “First sport ko talaga yung mixed martial arts (MMA),” he said. “Katorse anyos pa lang ako nagsimula na ako mag-train ng MMA.” Wallen is the latest homegrown Filipino fighter to get an opportunity to fight in the world’s premier combat sports organization. Other homegrown fighters include Eddie Yagin (2011-12 with a 1-1 UFC record), Dave Galera (2014 with a 0-1 UFC record), Mark Eddiva (2014-16 with a 1-3 UFC record), Jenel Lausa (2016-18 with a 1-3 UFC slate), Rolando Dy (2017-18 with a 1-3 UFC record), Carls John de Tomas (2017 with a 0-2 UFC record), and Joshua Culibao (2020 with a 0-1-1 UFC record) to name a few. Most recently, Baguio City-based Filipino-American fighter Mark Streigl fought in the UFC but he was

competing in Hanoi. “As chairman of the Senate Committee on Sports, I always fully support all our athletes’ needs, especially on their budget requirements,” Go said. “I won’t stop in making sure our athletes are well attended to.” Go said that he will try to seek for more incentives for Filipino athletes who bring honors to the country. “I cannot speak on behalf of the President [Rodrigo Duterte] especially now that his term is almost over,” he said. “But I will push for more incentives for our athletes.”

released after going 0-2. There are two other fighters of Filipino descent in the UFC at the moment—Fil-Am Jordan Williams and Filipino-Salvadorian Ricky Turcios. The Caviteño pointed to Eduard Folayang and Connor MacGregor as his inspirations. The Road to UFC in Singapore will only be del Rosario’s third fight overseas. He twice fought in the Chinese promotion, WLF Wars in Zhengzhou, China, where he knocked out Ye Bian in 2017. In his second match, he lost via unanimous decision to Jinbo Zou. The Road to UFC in Singapore—where Wallen will be up against a Chinese fighter—will be his third and biggest match in his career. He hopes that ring rust will not be a factor as he hasn’t seen action since the pandemic began in March of 2020. “Gagawin ko ang best ko hindi lang para sa sarili ko pero para sa bayan,” promised del Rosario. “Magandang pagkakataon ito.”