BusinessMirror May 30, 2022 by BusinessMirror

‘Close borders, cut Omicron exposure risk’ Local pork producers nix low-tariff extension By CaiEmmanuel U. Ordinario By Jasper Y. Arcalas

C L

@caiordinario @jearcalas

LOSING country’s OCAL foodthe producers areborders bucking the is one ofof the most immediate extension lower pork tariffs and recoursesofof action thearguing governduction corn tariffs, that it ment must take to prevent the lat-amid is better to boost domestic production est Covid-19 variant, Omicron, from tightening global supply of commodities. reaching Philippine shores, accordPork Producers Federation of the Philing to local economists. ippines Inc. (ProPork) President Rolando T he new is a threat, Tambago saidvar theiant government should efocus s p e con i a l hiking l y w it local h t hepork holproduction id ay s comingofupdepending and moreonforeigners instead the country’s being of a llowed supply imports.to travel to the Philippines, De La Sa lle Univer“Given the worldwide crisis on food, sit y economist Mar ia Ella Oplas this is the best time” for the government told BusinessMirror. to “focus instead on local production with The usually bring in strategicholidays actionable plans for a sustainOverseas Filipino Workers (OFWs) able food supply, not import-dependent,” who are eager to spend Christmas

w w

with their loved ones, while foreigners living in temperate regions usually want to relax in tropical countries like the Philippines. This year’s influx of OFWs is expected to be heavier since many of them were unable to come home for the holidays in December 2020. “My recommendation is to protect the borders. not allow people with “While we Do understand the need for more a history of travel to countries with affordable pork retail prices for the positive casesthetoprevious enter,”EOOplas said. consumers, (Executive Order) “We134, should [We whichbe wasmore issuedrestrictive. in May last year, did havenot todeliver be] more protective in terms its promise of cheaper pork.” of our measures.” —(ProPork) President Rolando Tambago Oplas said that while this will be a setback to told some this Tambago theindustries, BusinessMirror. is a fair measure considering that Tambago said the whole hog inthisdustry could help prevent placing is “saddened” by thethe decicountry in another strict lockdown,

n Monday, May 30, 234 Monday, November 29,2022 2021Vol.Vol.1717No.No.52

which, said, the Duterte economytocan no sion she of President extend longer afford. lower pork tariff rates until the end “Itthe is better that we do protective of year. This, he said, may push preventive measures than getbyexback recovery efforts done the posed again.from We have a lot to lose,” industry African swine fever Oplas said. “We should do it now so (ASF) devastation. that we can just before “It willopen definitely affectChristthe secmas. If it gets contained, we can open tor’s confidence to reinvest for init again.” creased production output,” he said. Ateneo Center for Economic ReTambago claimed that consumsearch and Development (ACERD) ers may not be able to benefit from Associate Percival the tariffDirector reductionsSer while the govK. ernment Peña-Reyes saidhuge closing the will “lose potential” country’s borders would tariff revenues. “Whilebe weeffecundertive but the should adhere to the stand needstill for more affordable standards set by the World Health pork retail prices for the consumers, Organization the previous(WHO). EO (Executive Order) Whatwhich is needed, Peña-Reyes 134, was issued in Maytold last this newspaper, is for travel restric-of year, did not deliver its promise tions to be put in place swiftly and

for government to said. be proactive in cheaper pork,” he imposing them. He was certain, he added, that Previous instances the “consumers can expectwhen the same country had the opportunity to imresult from this new EO [171]. Govpose travelwill restrictions did not preernment lose huge potential tax vent the spread oftariff Covid-19. was revenue due to cutsThat without mainly because thetodecision was not tangible benefits the consumers.” made immediately, he said. “Kung papatay patay [If we’re Corn tariffs slow] and we get caught flat-footPHILIPPINE Maize Federation Inc. ed, [that’s risky] We were too re(PhilMaize) President Roger V. Naactive instead of proactive before. varro said they respect the “deciWe should from of that,” Peñasion” andlearn “wisdom” President Reyes said. a delicate balancing Duterte in“It’s slashing corn tariffs to as act. to push testing and lowWe as 5need percent. Navarro, however, tracing to be properly informed pointed out that they “anticipate” ofthat our the decisions. Blanket/shotgun lower tariff rates would approaches could have dire conseonly be “temporary.” quences onContinued the economy.” on A6 See “Omicron,” A2

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

NATL FINALGOVT PUSHBORROWINGS FOR RCEP SET BUT 10 TRADE FOR MOS DEAL DIP TOHANGS P2.75T n

By Bernadette D. Nicolas @BNicolasBM, By Bernadette D. Nicolas Butch Fernandez, @butchfBM

@BNicolasBM

Omicron risk spurs revival of quarantine rules in PHL

& Andrea San Juan

HEeconomic national managers, including the HE government’s current and incoming secretary of trade, gross are making a final push for ratification this week of the Regional Comprehensive borrowings as of Economic Partnership end-October shrank (RCEP), but its fate at the Senate remains uncertain. by almost 6 percent

year-on-year to Sen. Panfilo Lacson noted that P2.75 trillion. “the two-thirds vote” required for

treaty ratification “may be a tall order under the present composition Latest data from thepointed Bureau oftothe of the Senate,” as he a Treasury showed that the governgeneral sense of “reluctance” given ment’s gross borrowings the uncertainties of whetherduring the Phil10-month period fell by 5.99 percent ippines was competitive enough to from P2.92 a year ago.of the engage the trillion other members With only two months left for trade bloc. this year, the latest figure is He, however, hastened toalready clarify equivalent to 89.6 percent of its that “at least, that is my own opinP3.07-trillion borrowing program. ion which may not affect that of at Broken gross domestic borleast 15 down, others.” rowings from January to basis October The reluctance on the of settled at P2.23 trillion, downwas by competitiveness questions 5.08 percent from P2.35 trillion in 2020. The bulk of the amount was sourced from Fixed Rate Treasury Bonds (P1.19 trillion), followed by short-term borrowings from Bangko Sentral ng Pilipinas or BSP (P540 billion), Retail Treasury Bonds/PreBy Cai U. Ordinario myo Bonds (P463.3 billion), @caiordinario Retail Onshore Dollar Bonds (P80.84 billion). In the same period, there was HE Philippines remains also a net on redemption of Treasury track to becoming Bills amounting to P43.94 an upper middle billion. income Net debt redemption means country (UMIC) by next year, there were more debts repaid but local economists saidcomthe pared to the amount borrowed government must not bedurfixing the atedperiod. with this, given the fiscal Meanwhile, gross foreign challenges confronting theborinrowings in the same period coming administration. also contracted 9.7 percent P518.7 In a by recent virtualtobriefing billion from last year’s P574.4 billion. at the Kapihan sa Manila Bay, This was raised through global outgoing Socioeconomic Planbonds (P146.17 billion), program ning Secretary Karl Kendrick loans euro-deT. (P139.98 Chua saidbillion), the country will nominated bonds (P121.97 become a UMIC at the billion), earliest a project loan (P86.41 billion), and in 2023. yen-denominated samurai Being classified as a bonds UMIC (P24.19 billion).

By Samuel P. Medenilla @sam_medenilla

expected to be bolstered by remarks from President-elect Ferdinand “Bongbong” Marcos Jr. last week that he would rather hold off on the RCEP until he finishes reviewing it and is satisfied that the Philippine agriculture sector can hold its own against bloc members. However, Socioeconomic Planning Secretary Karl Kendrick Chua urged senators to vote in favor of ratification, stressing such will benefit the agriculture sector and the entire country. See “RCEP” A2

PHL ON TRACK TO 2023 UMIC STATUS, BUT EXPERTS WARY

See “Borrowings,” A2

PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. The country will celebrate the 158th birth anniversary of Filipino revolutionary hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO

means the country’s Gross National Income (GNI) per capita, based on World Bank classifications, increased to By Jasper Emmanuel Y. Arcalas between $4,096 and $12,695. @jearcalas As a lower middle income country, the Philippines’s GNI per than$1,046 3 million capita falls ORE between and $4,095. coconut farmers and workers are now “Our latest estimate is (atregistered with the government’s the) earliest 2023. The reason registry, which serveseconomy as the basis being (is the) domestic for the number of people that is strong enough,” Chuato be covered byhoping the utilization said. “We are our OFWof the P75-billion coconut levy infund. (Overseas Filipino Worker) come Philippine (will catch Coconut up) and Authority that Administrator will(PCA) allowDeputy us to reach the UMIC Roel M. Rosales said about 3.11 million or upper middle income country coconut farmers and status; earliest (is) 2023.”farm workers have registered with the Seebeen “PHL,” A2 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 RACING AGAINST RAINS Workers rushto theenter excavation a sewage project areas theforcountry within Timog, Quezon City on Sunday, May 29, 2022. Several similar construction out the need for facility-based LACZA projects for sewage are under way inquarantine preparation forasthe rainyas season. long theyNONOY secure negative Reverse TranscriptionPolymerase Chain Reaction (RTPCR) test within 72 hours prior to their departure. programs as President Duterte “Except for countries classified isasexpected to sign the industry as ‘Red,’ the testing and quarantine much as 50 percent. To achieve which have been operating coaldevelopment plan in early 2022. protocols for all inbound internathis, Ranque also proposed that fired power plants for a long time Rosales said the PCAthe willelectric not tional travelers in all ports…Out of entry government empower to relax on their rates of stop updating(ECs). its list of coconut shall complyand withcorporate the testing and cooperatives compassion social farmers and enjoined to regquarantine protocols for ‘Yellow’ “These electric them cooperatives responsibility, I have this feeling ister in order to reap the benefits list countries,” Nograles citing should be equipped with their own they’d consider it,” said said, Ranque. ofpower the decades-long idled coconut the provision of IATF Resolution plant, preferably renewable Also, he raised the possibility of levy fund. “We will By notdoing stop atso, 3.1we 151-A. energy facilities. aNo. price discount—P3.26 per liter for million. We hope that more indiHe noted which has get to spare them from buying exgasoline andHong P1.40Kong, per liter for dieviduals will register in our coconut confirmed a case of the Omicron pensive electricity from the power sel—if the 19th Congress enacts a farmers registry,” variant, will also falltounder the Yelgenerators and sellhe tosaid. their consumlegislative measure suspend the TheRanque updating low Fuels list countries. ers,” said.of the coconut Bio Act of 2006. farmers is mandated by to The suspension of theand rules for Also,registry power firms may opt “Public transportation small Republic Act (RA) 11524 or the “Green List” countries will be in extend a flexible pricing scheme business will directly benefit from Coconut Industry Trust Fund Act. effect from November 28, 2021 to to ease the burden on the public. this measure. But that is just for the See ask “3-M energy farmers,”companies A2 December 15, 2021. said Ranque. “We’ll immediate concern,”

OVER 3-M FARMERS LISTED FORsubsidy’s P75-B COCO LEVY FUND Lifeline power 100-day extension sought

dating its registry following the enactment of the Coconut FarmBy Lenie Lectura ers and Industry Trust Fund law. @llectura Rosales explained that about 500,000 coconut and N official of thefarmers Department workers were added to the PCA’s of Energy (DOE) is proposing 2018to listexpand that had about 2.5 million the lifeline subsicoconut farmers and farm dy to P800 every month forworkers. housePCA’s next is to conholdsThe consuming 100step kilowatt per duct an exclusion-inclusion month during the first 100 daysproin cedure by making the updated office of President-elect Ferdinand farmers’ Marcos Jr. registry public, providing everyone opportunity to A lifeline ratethe is a subsidized rate check the veracity of the list, Rofor those below a threshold level as sales added. determined by the Energy Regula“The list will be posted in public tory Commission (ERC). The cost, spaces where people can easily see however, is being passed on to non-

them. This allows everyone to see who areconsumers. listed in the registry and if lifeline farmer doesn’t see his namefor thenSpehe DOE Undersecretary shallConcerns coordinate with the PCA imcial Benito Ranque, in a mediately,” he explained at a recentof statement, said the expansion dialogue with coconut farmers. the lifeline subsidy is more fea“On thesuspending other hand,excise if people sible than and would see names on the list such and value added taxes because they think they are not coconut suspension requires tedious confarmers or their details are incor-it gressional deliberations. Also, rect, they cangovernment report it to the PCA could affect efforts for immediate added.of meant to ease action,” adverse he effects PCA official noted that the The pandemic. theStill, completion the initial Ranque of stressed that list it is of coconut farmers registry would imperative for the next administrabe just in time the expected tion to come up for with a long-term rollout of coconut levy-funded program reducing power rates by

Continued on A2

PESO EXCHANGE RATESn nUSUS50.4600 52.3790 n JAPAN 0.4121 n UK 66.0394 n HK 6.6729 n CHINA 7.7738 n SINGAPORE 38.1576 n AUSTRALIA 37.1577 n EU 56.2131 n SAUDI ARABIA 13.9659 Source: BSP (May 27, 2022) PESO EXCHANGE RATES n JAPAN 0.4374 n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 n AUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531 Source: BSP (November 26, 2021)

News

BusinessMirror

A2 Monday, May 30, 2022

No data lost with shutdown of 3 AES servers–Comelec

By Samuel P. Medenilla

@sam_medenilla

O election results data will be lost with the shutdown of three Automated Election System (AES) servers of the Commission on Elections used in the May 9, 2022 polls. Comelec Commissioner George M. Garcia made the assurance with the scheduled shutdown of the servers on Monday morning. “All of the content of the serv-

PHL...

ers will be preserved [by Comelec],” Garcia said in a Viber message. In an advisory issued during the weekend, the Comelec announced the activity, to be done in the pres-

Continued from A1

Chua explained that the computation of GNI includes Net Factor Income from Abroad (NFIA), the primary component of which is the income of OFWs. In the first quarter, Chua said the NFIA increased 100 percent. He said the growth was significant because while the government did bring home thousands of OFWs abroad during the pandemic, many have already been able to return to their host countries to work. While the UMIC status may be desirable, one of the caveats of being classified as a “richer” country is the “graduation” from concessional assistance from multilaterals. In the case of the Asian Development Bank (ADB), members such

as Brunei Darussalam; Hong Kong, China; the Republic of Korea; Singapore; and Taipei, China have already graduated from concessional lending. Despite this risk, Chua said, attaining UMIC status remains a good thing because of the prospect that the income of Filipinos will increase. This bodes well for the poverty alleviation efforts of the government. “There are so many more benefits of being a more prosperous country. We can’t just be poor to avail of cheaper lending, that is not what development is about,” Chua told BusinessMirror on Wednesday after the virtual briefing. Gains outweigh risks LOCAL economists such as Univer-

ence of political parties and citizen’s arms, will be streamed live on the official Comelec Facebook Page and YouTube Channel. The event will not be available for media coverage since it will be held in secure data centers. The affected Comelec servers include its Central Data Center in PLDT Vitro Taguig, Transparency Data Center in PLDT Vitro Parañaque, and the Backup Data Center on Data One in Quezon City. The three servers stored the election results transmitted by the clustered precincts during the recently concluded polls.

“The public is hereby informed that the Commission on Elections on 30 May 2022 will commence the shutdown of the AES system and network infrastructure in relation to the 2022 National and Local Elections,” Comelec said. Garcia urged the public to witness the event online as part of Comelec’s efforts to make its operation transparent to the public. Comelec decided to shut down the servers following the successful proclamation of all the winning candidates in the May 2022 polls.

sity of Asia and the Pacific (UA&P) economist Cid L. Terosa and University of the Philippines School of Economics Director for Research Renato Reside told BusinessMirror that moving up to a higher income classification is always desirable. Terosa agreed with Chua that the benefits “far outweigh” the risks. He said becoming a UMIC means better standards of living and improved general economic welfare for all Filipinos. “I don’t think a country will shy away from achieving UMIC status simply because it means higher cost of borrowing. That is trivial compared to the economic advancements necessary to achieve UMIC status. It is strange for a country to wish to remain as a low-income or lower middle-income country,” Terosa stressed. Chua also expressed full confidence in the economy’s ability to withstand more expensive borrow-

ings, should the need arise. He said the economy can outgrow its debts because of its strong macroeconomic fundamentals. Reside agreed with Terosa and Chua but also said there is still a need to manage the country’s fiscal position in the next few years. Only this will be able to ensure affordable borrowing rates for the country. “ There’s no relation between UMIC status and borrowing rates. Borrowing rates are dependent on the fiscal balances of the country, general global interest rates and macroeconomic outlook and political risks and outlook,” Reside told BusinessMirror. Survival mode NATIONAL Scientist Raul V. Fabella told this newspaper that UMIC is going to be challenging considering the country’s challenges during the pandemic. Fabella stressed that the country continues to suffer from low investments and Foreign Direct Investments (FDI) are “on the retreat.” These will make it even more challenging to get the economy back to its 2019 performance. Freedom from Debt Coalition President Rene Ofreneo said it would be better for the outgoing administration, including Chua, to admit and explain the formidable economic challenges confronting the country today. Ofreneo said the debt sustainability situation is crucial at this point because it places the country in a “very fragile” position. There is a need to maintain fiscal stability and prevent the country’s debt to GDP ratio from going beyond 70 percent. “What Karl was discussing is very unreal given the situation we are in now. Stop this crazy business of spouting rhetorics on Ambisyon 2040, upper middle, etc. Survival muna [first] and recovery for all, especially those at the bottom,” Ofreneo told BusinessMirror in an email. Ateneo Eagle Watch Senior Fellow Leonardo A. Lanzona Jr. agreed with Ofreneo’s point and said economic growth is good, but growth with equity is better at this point. Lanzona said his primary concern at the moment is whether the economy can really get back on its feet as easily as the government -- Chua in this case -- claims it to be. “The lockdowns we had were more stringent than those imposed by other countries, even within the Asean. So this objective to attain UMIC may take more time, regardless of what we do. It may be more prudent to alleviate poverty first before we even think of reaching UMIC,” Lanzona said. Based on the latest data from the Philippine Statistics Authority (PSA), poverty incidence among the population in the first semester of 2021 increased to 23.7 percent. This translated to 26.14 million Filipinos living below the poverty threshold estimated at P12,082, on the average, for a family of five per month in the first semester of 2021. The proportion of Filipinos whose income is not enough to meet even the basic food needs, was registered at 9.9 percent, or about 10.94 million Filipinos in the first semester of 2021. On the average, the monthly food threshold for a family of five for the same period was estimated at P8,393. Among families, the First Semester 2021 poverty incidence was estimated at 18 percent, which is equivalent to around 4.74 million poor families. Meanwhile,thesubsistenceincidence among families was recorded at 7.1 percent, or around 1.87 million food poor families in the first semester of 2021.

www.businessmirror.com.ph

RCEP...

Continued from A1

To further improve the agricultural sector, the National Economic Development Authority (Neda) said the country must join RCEP and pursue parallel efforts in fixing structural issues of the sector. In a dialogue with members of the Samahang Industriya ng Agrikultura (SINAG), Chua explained the bigger benefits that the agriculture sector and the country can if reap if the Philippines joins RCEP. Chua was joined in the dialogue by Department of Trade and Industry (DTI) Secretary Ramon Lopez and officials from Neda, DTI, and the Department of Agriculture. While the Neda chief acknowledged the sector’s concerns on importation, he explained that importation is a temporary measure that the government needs to undertake to improve agricultural productivity.

‘Time is of the essence’

“ T H E e c o no m i c t e a m h a s pushed for the passage of three liberalization laws that will bring in a lot of foreign direct investments. But if we limit our intervention by not joining RCEP, then we will not reap the full benefits of all the reforms that we have pushed and are pushing for. By not joining RCEP, we lose out on so many other opportunities. Today, countries are looking for the next best source of agricultural and non-agricultural products because of the Russia-Ukraine conflict. Time is of the essence, and we do not have time to waste,” Chua said. He added: “We hope the Senate will urgently ratify the RCEP this week, given its urgency and large benefits to the country.” The RCEP is a free-trade agreement among the 10 members of the Association of Southeast Asian Nations (Asean), along with China, Japan, South Korea, Australia, and New Zealand. This covers roughly 50.4 percent of the Philippines’ export markets and 67.3 percent of the country’s import sources. President Duterte already ratified the RCEP agreement on September 2, 2021. However, it still requires the approval of Senate Resolution No. 963, pursuant to the constitutional requirement that this needs the concurrence of the Senate. Joining RCEP will preserve 98.1 percent of tariff lines, which corresponds to 228 commodities or USD 16.9 billion of imports. Only 15 agricultural commodities representing 33 tariff lines will see lower tariff rates. They account for only 1.9 percent of total tariff lines and only 132 million dollars or 0.8 percent of total agricultural imports. These commodities will be affected since RCEP rates for these items are generally lower than the most favored nation rate and lower than the ASEAN+1 rate. The Philippine Institute for Development Studies (PIDS), in December 2021, estimated that participating in the RCEP could provide a 10.47-percent increase in the country’s exports and a 2.02-percent increase in real gross domestic product (GDP). Factors that enable this include the lower transaction costs as a result of wider sourcing of raw materials for sectors in manufacturing and inputs for agricultural production, said PIDS.

Root causes of problems

WHILE conceding that there are other problems in the agriculture sector that require urgent solutions, Chua said the solution is not to stop RCEP but to address the root causes of the sector’s inefficiency.

The issue with the agriculture sector is not about funding but also how best to allocate resources to improve productivity, he explained. “Even if we have funds for the sector, if we misuse it or don’t allocate it properly, or if we put it in production inputs only and not support services or mechanization or high-yielding seeds, we can spend the same amount and achieve little results. Our support to agriculture will have to change from providing subsidies, which is what we have done for decades, to providing public goods and support services. That is really how I think we can improve productivity,” said Chua.

Pascual’s take

MANAGEMENT Association of the Philippines (MAP) President Alfredo Pascual said he agrees with Trade Secretary Ramon Lopez that RCEP ratification must not be stopped as the trade deal is safe for agriculture In a televised interview on Friday night, Trade Secretarydesignate Alfredo E. Pascual said the regional economic deal is safe mainly because no new sensitive products were included in the regional trade deal. “Yes that’s one argument why we can go ahead with the ratification by the Senate of RCEP because the impact on the agricultural sector is not as being imagined,” said Pascual. In fact, Pascual stressed, “MAP which I now head and I will head up to the end of June has taken a position in favor of RCEP.”

Senate running out of time

THE Senate is still poised to firm up a consensus to ratify or not the RCEP in its remaining plenary agenda before Congress adjourns from June 4 to July 24, after which the 19th Congress takes its place on July 25. At the outset, Senator Aquilino Pimentel III pointed out, however, that “action on the RCEP depends on the sentiment of the majority in the Senate,” despite Marcos Jr’s remarks about holding off. Asked if the Senate should still put RCEP in its plenary agenda, Lacson said, “It is not much of a question of whether or not the incoming leadership wants the RCEP passed or not.” Rather, Lacson said, “it is more of the indication that a good number of senators have reservations about having the measure ratified in plenary primarily because of our country’s apparent lack of competitiveness to be a co-signatory of RCEP.” He admitted that “I, for one, share that reluctance.” As earlier endorsed by Malacanang for Senate ratification, the objective of launching RCEP negotiations was to “achieve a modern, comprehensive, highquality, and mutually beneficial” economic partnership agreement among the Asean members and their foreign partners, Lacson said. The incoming trade chief also stressed that reviews have already been made on the regional economic deal and it’s only “a matter of getting all the stakeholders together and agreeing on what is real impediment and what’s just misunderstood at this point.” The DTI aims to submit its full statement on this matter when the Senate resumes deliberation on RCEP this week. Further, Lopez said that they will provide a paper on the regional economic deal as part of their briefing papers to the incoming administration along with Trade Secretary-designate Pascual.

BusinessMirror

www.businessmirror.com.ph

Monday, May 30, 2022 A3

Alveo’s Astela: A stellar development rises in Makati

ASTELA T1 facade

By Roderick L. Abad Contributor

HERE is truly no stopping new developments from coming full circle in Circuit Makati, and the brightest of which is Astela, Alveo Land’s latest residential condominium in this thriving Ayala estate. This two-tower high-rise development is envisioned to become an emblem of contemporary urban living where future residents can enjoy the amplified experiences and urban comforts right inside their abodes. This newest development from Alveo, Ayala Land’s upscale real estate developer, brings to the forefront fun and enriching experiences for arts, culture and entertainment at the heart of a dynamic 21-hectare mixed-use growth center. With its vast gamut of offerings within or outside its confines, Astela befits every fancy of end-users who

are either single, early to full/empty nesters, or investors looking for a Makati condo strategically within close proximity to the central business district (CBD). A towering city living experience located in Circuit Makati, this vertical community promises to provide prospective buyers a first-hand feel of modern city living. Illuminating urban lifestyles from the ground up, Astela offers a wide array of possibilities for daily leisure and relaxation. Astela offers key building features such as an interior-designed main lobby (with concierge and mail-

CIRCUIT Performing Arts Theater

room), high-end retail spaces at the ground and second floors, as well as a seven-story podium parking. At the 10th floor, the amenity deck is seated for play and well-being of unit owners and their guests. Here, they can enjoy indoor and outdoor amenities and facilities like gym, adult and kiddie swimming pools, pool deck, lounge pool, library, function and board rooms, zen lounge, play area, and landscaped deck.

Generous dwelling units, add-ons, ‘green’ features

WITH Astela, Alveo Land offers 409 units in different configurations— studio, one-bedroom, two-bedroom and three-bedroom spaces—ranging from approximately 33 to 126 sq. m. to house both individuals and families. Withtheunits’locationstartingfrom the 10th floor and up, the residents are provided with the exhilarating view of the vibrant city and neighboring areas, complemented by its well-thought out

SWIMMING POOL Artist’s Perspective

THREE-BEDROOM UNIT Artist’s Perspective

architecture that evokes a modern yet timeless vibe. Boasting exclusivity and privacy, the low-density condo is designed with a maximum of only 16 units per floor.

Multi-faceted, accessible surroundings

TEEMING with new developments, Circuit Makati is an address showcasing multi-facted entertainment and cultural offerings. This rising growth center hosts a cornucopia of lifestyle destinations, such as an open theatre park, interactive central walkway and even theaters for world-class performances. Located in the former horse racetrack, Astela provides easy walkability to daily conveniences within its surroundings since everything here is reachable within approximately a 15-minute radius walk.

Apart from the Makati CBD, Astela is in close proximity to the Bonifacio Global City in Taguig, Ortigas and Manila, wherein top local and international corporations’ headquarters, premier shopping and leisure sites, hotels, academic institutions, healthcare facilities, residential communities, and transport networks abound.

Profitable investment

Astela is a promising development with high investment potential, given Alveo’s proven track record in the industry for over 20 years. The development’s master planned design and full line-up of lifestyle experiences are complemented with a strategic location and rising rental yield potential. Astela, with its shining urban lifestyle attributes, is an emerging address in Makati to be reckoned with.

AYALA Malls Circuit

A4 Monday, May 30, 2022 • Editor: Vittorio V. Vitug

Nation BusinessMirror

Suspected Vietnamese head of ‘5-6’ lending gang nabbed By Joel R. San Juan @jrsanjuan1573

HE Bureau of Immigration (BI) recently announced the arrest of a Vietnamese suspected of leading a notorious gang involved in the “5-6” lending business in several parts of Luzon. The suspect was identified as Vo Van Tai, 26, who was apprehended by operatives of the BI’s intelligence division in Purok Rosal, Poblacion West in the Science City of Muñoz, Nueva Ecija, following a mission order issued by BI Com-

missioner Jaime H. Morente. Two other Vietnamese nationals alleged to be members of the gang were also arrested by the BI operatives. They were identified as Vo Khac Binh and Vo Thi Mai, both 49 years old. Vo Van reportedly headed a syndicate accused of illegally lending money and physically injuring or kidnapping those who are unable to pay their debts. Vo Van reportedly transferred his operations to various places in Luzon to evade arrest and cover up their illegal dealings. The gang leader’s arrest came after the BI arrested eight other gang

members who were caught in Lemery, Batangas last April 28. The BI said last Sunday that its operatives discovered a counterfeit BIR TIN ID bearing an alias in Vo Van’s possession. A previous complaint also reported him for having numerous spurious documents to hide his real identity. Apart from being tagged as undesirable aliens for facilitating the use of fake documents, his two cohorts were also found to be undocumented and overstaying. The three Vietnamese are now detained at the BI’s facility in Bicutan, Taguig while

they await deportation proceedings. “These illegal businessmen are not welcome in the country. They do not follow our laws and at the same time bring fear and disorder to the community,” Morente said. “We will ensure that once deported, they will not be able to set foot in the country again.” The Department of Justice (DOJ) earlier said that the interest in the “5-6” lending activity is legal after the repeal of the Usury Law and the removal of the interest ceilings. However, the DOJ emphasized that operating a lending business requires a permit and other requirements.

FFW backs call to exclude OFWs from PhilHealth fees By Samuel P. Medenilla @sam_medenilla

LABOR group said it is backing the calls in Congress to amend the law governing the Philippine Health Insurance Corp. (PhilHealth) for imposing “exorbitant” premiums on overseas Filipino workers (OFW). In a statement issued last Sunday, the Federation of Free Workers (FFW) said it welcomed the statement of Albay 2nd District Rep. Jose S. Salceda to push for new legislation

in the 19th Congress, which will implement comprehensive reforms in PhilHealth. Salceda hit the imposition of PhilHealth membership fees on OFWs, which could reach as high as P38,400. “FFW is one with Salceda’s proposal to reform the healthcare system, exempt OFWs from contributions or make OFW contributions voluntary,” the labor group said. Earlier this month, PhilHealth announced it will start implement-

ing the mandatory membership for OFWs, which was suspended in 2020 upon the instruction of President Rodrigo R. Duterte. Based on its Circular 2020-0014, PhilHealth imposed a schedule of premium percentage increase based from the percentage of the income of OFWs with a corresponding income floor and income ceiling in line with the provisions of Republic Act 11223 or the Universal Health Care (UHC) Act. The issuance started with a 2.75 percent rate in 2019, which has al-

ready risen to 4 percent this year. The FFW said the premium policy was passed without a comprehensive consultation with the affected OFWs. “When they (Congress) [drafted] the bill, they did it without consultation in Qatar about the Universal Health Care; not with the Filipino community here,” former President of the Bayanihan ng mga Manggagawa sa Konstruksyon sa Qatar - Federation of Free Workers (BMKQ-FFW) Ressie S. Fos said.

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Pagasa Island airfield completed end-June By Rene Acosta @reneacostaBM

HE ongoing construction of the airfield in Pagasa Island should be completed by the end of next month, Defense Secretary Delfin N. Lorenzana said on Sunday, adding the project will allow the landing of aircraft in Kalayaan municipality’s biggest island any time of the day. “What we are currently improving right now is the airport so that we could land there any time of the day or even any day because before, our aircraft could not land there if it was raining,” the defense chief said in an interview over radio station DZBB. Lorenzana said completion is being rushed but spillover of work could go until August. “If it is completed, we could already go there daily.” While Lorenzana did not name the “airport,” it could be the Rancudo AirField, which the military had earlier eyed to improve so that it could land aircraft and military personnel on the island. The repair of the airfield was one of the two major projects in Pagasa under the Duterte administration. The other one, the construction of a beaching ramp, had been completed last year. Lorenzana said the airport project was just among rehabilitation works eyed in the seat of the

Kalayaan municipality following the construction of a fishermen’s shelter. The Philippine Coast Guard reported last week that Filipino fishermen have kept increasing their presence in the waters of the Kalayaan Island Group, which is part of the province of Palawan. “So (our projects are) ongoing there,” Lorenzana said, adding the other islands may be improved next. The defense secretary said that China may be adding new buildings in the Subi Reef. There were reports that Beijing is busy in its construction activities. Lorenzana said this was allowed under the agreement that the country signed with China. “That’s one of the agreements between the two countries; that we can improve ‘in your occupied’ features as long as you do not occupy new features,” he said. Lorenzana said the Chinese have been in Subi Reef for many years, which they later made into a manmade island and fortified into a military base. C h i n a occ upied Subi R eef in the middle part of 1990s by sending fishermen under the guise of seeking shelter from bad weather. The Chinese have not left the feature since and instead permanently occupied it before transforming it into a military base.

Congress pressed to pass stiffer law against indiscriminate firing By Butch Fernandez

@butchfBM

HE Senate and the House of Representatives were prodded to frontload final passage of a tougher gun law providing stiffer penalties against “indiscriminate firing of guns.” “It is high time that stiffer penalties be meted out against those involved in indiscriminate firing of firearms, including devices that can be functionally used as a firearm such as homemade gun, to emphasize the seriousness of the offense,” Senator Sherwin T. Gatchalian said. In a statement over the weekend, the Senator emphasized that “perpetrators of these shooting sprees should be dealt with an iron hand by making them suffer heavier penalties.” “Hindi dapat natin hayaan ang mga iresponsableng indibidwal na nakawin ang mga inosenteng buhay dahil lamang sa kapritso nilang magpaputok ng baril na dapat ay gina-

gamit lamang sa pagtatanggol sa sarili laban sa mga kriminal,” he added. [We should not allow irresponsible individuals to steal innocent lives just because of their whim to fire a gun that should only be used in self-defense against criminals.] Gatchalian aired the appeal as principal author of Senate Bill 2501 that was passed on third reading last Thursday. As crafted, the bill, titled “An Act Penalizing Willful and Indiscriminate Discharge of Firearms” aims to amend Republic Act 3815, known as the Revised Penal Code (RPC). The bill also seeks to transfer the act of discharging firearms from the purview of “Alarms and Scandal” provision of the RPC to the level of “more serious offense” of Discharge of Firearms under Article 254, which carries a stiffer penalty of arresto mayor in its maximum period or six months of imprisonment. Moreover, it imposes a penalty one degree higher if the offender hap-

pens to be a member of the military and military auxiliary agencies, law enforcement agencies authorized to bear firearms and if such discharge of firearms is not in the performance of official duties. “They may also be held administratively liable and their firearm license or permit shall be summarily cancelled and shall also be perpetually disqualified from being granted any firearm licenseorpermit,Gatchalian’sbilladded. The senator acknowledged the stiffer penalties provided in the bill “may be harsh to some but these, I believe, would not even be enough to compensate for the loss of lives of innocent victims.” “Many instances of indiscriminate firing also brought permanent disability to some who were unintentionally injured,” Gatchalian said. “These senseless acts of individuals who probably believe that their shooting sprees are harmless should be put to a stop. Gun owners should do their share in keeping their communities safe.”

Ease of doing business tops incoming DTI chief’s agenda By Andrea San Juan

NCOMING Trade Chief Alfredo E. Pascualnotedthateaseofdoingbusiness (EODB) is an area that will be addressed by the Department of Trade and Industry (DTI) under his watch. Pascual said he is “working closely with business groups that are making studies on their own and making suggestions.” He cited that the Management Association of the Philippines (MAP), which he currently heads until the end of June this year, has a list of recommendations on the ease of doing business in the Philippines, citing digitalization as the primary solution. “There’s this idea of improving the delivery of public services; some can be done quickly, the others may take time because, ultimately, as I see it, the solution for effective and efficient government action on business registration can be achieved through digitalization,” Pascual said in a televised interview last Friday. He added that several local govern-

ment units (LGUs) have already tried platforms in terms of ease of doing business but the incoming trade chief stressed that the ultimate goal is to replicate what the LGUs have started. “It’s only a matter of replicating these, starting with the LGUs that are a favorite location for businesses,” Pascual said. “And there have been other ideas like ‘one time only data entry’ instead of getting an applicant for registration going to different offices just to be…and that can be achieved through digitalization,” he added. Meanwhile,theincomingtradechief alsorecommendsthatrequirementsfor small businesses be waived for the formative years of their operation. “And one idea that I’ve been toying around for small businesses, probably the requirements for registration can be waived for the first few years and only get them to submit regulatory requirements as soon as they are able to take off the ground and generate profitability,” Pascual said. Currently, the Philippines has Re-

public Act (RA) 11032 (Ease of Doing Business and Efficient Government Service Delivery Act of 2018). The law aims to streamline the current systems andproceduresofgovernmentservices. This particular agenda pertains to improving the competitiveness of and ease of doing business in the Philippines. The Ease of Doing Business Act was signed into law on May 28,2018, amending RA 9485 (AntiRed Tape Act of 2007). The strengthened version of the law is expected to facilitate prompt actions or resolution of all government transactions with efficiency. It applies to all government offices and agencies in the Executive Department including local government units (LGUs), governmentowned or government-controlled corporations and other government instrumentalities located in the Philippines or abroad that provide services covering business-related and non-business transactions as defined in the Implementing Rules and Regulations (IRR).

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Editor: Vittorio V. Vitug • Monday, May 30, 2022 A5

Bill addressing plastic waste gets Lower House approval

By Jovee Marie N. Dela Cruz

@joveemarie

HE House of Representatives has recently ratified the proposed “Extended Producer Responsibility Act of 2022.” This after the bicameral conference committee approved the report on the disagreeing provisions of House Bill 10696 and Senate Bill

2425 or the proposed “Extended Producer Responsibility Act of 2022,” amending for the purpose Republic Act 9003 or the “Ecological Solid

Waste Management Act of 2000.” The proposal will be transmitted to the President once the Senate ratifies the same report. When enacted into law, the measure would institutionalize the extended producer responsibility (EPR) mechanism as a practical approach to efficient waste management, focusing on waste reduction, recovery and recycling, the development of environment-friendly products that advocate the internationally accepted principles on sustainable consumption and production, cir-

cular economy, as well as producers’ full responsibility throughout the life cycle of their plastic products. The bill defines circular economy as an economic model of creating value by extending product lifespan through improved design and servicing and relocating ways from the end of the supply chain to the beginning. The bill—principally authored by Deputy Speaker Camille A. Villar, Camarines Sur Rep. Luis Raymund F. Villafuerte and Deputy Speaker Rufus B. Rodriguez—seeks to address

the problem of uncollected plastic wastes and prevent it from leaking to the environment. It also encourages the reduction, recovery, diversion of non-environmentally friendly products into the circular economy so that nothing goes to waste. Villafuerte said “EPR systems are now being observed in some of the European Union member-countries such as Austria, Belgium, Czech Republic, France, Germany, Italy, Sweden and Spain. The EPR initiatives to be undertaken by manufacturers,

distributors and retailers of goods.” Villar said Philippine laws, including RA 9003, RA 9275 (Clean Water Act of 2004) and RA 8749 (Clean Air Act of 1999) were passed to ensure the Constitutional mandate on environmental preservation and protection. However, Villar said, the “lack of enforcement hinders the realization of the objectives of the fundamental law and several legal issuances.” “Solid waste management continues to be a problem in the country,” she added.

No-more-tears arrival rules for intl travelers as Covid tests scrapped By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror

OURISM stakeholders welcomed the further easing of travel restrictions to the Philippines, with inbound passengers no longer requiring uncomfortable, tears-inducing nasal swabs prior to departure from their ports of origin. Starting today, May 30, fully vaccinated international passengers with at least one booster shot, don’t have to take a Covid-19 test prior to their departure to the Philippines, the Department of Tourism (DOT) announced over the

weekend. They are also no longer required, “but highly encouraged,” to secure travel insurance prior to arrival in the country. “We greatly appreciate the further lifting of travel requirements to the Philippines by` the IATF (Inter-Agency Task Force for the Management of Emerging Infectious Diseases) as recommended by the DOT,” said Tourism Congress of the Philippines president Jose C. Clemente III. “This easing of restrictions will be extremely helpful to the Philippine tourism industry as we make travel to the country a simpler experience. Of course, we continue to call for our visitors to continue observing health protocols and to get their boosters as

needed,” he added. Despite the further relaxation of arrival guidelines, Clemente said he was still keeping his arrivals target at 1 million to 1.2 million. “We’re already at 500,000 arrivals. So we’re on schedule. If it goes higher than that [1.2 million], I’d be pleasantly surprised. It would depend on the Chinese, Japanese and Korean markets to finally activate.”

Arrivals data

DATA prov ided by t he DO T showed 538,861 international arrivals in the country from February 10 to May 25, 2022. The bulk, at 60.32 percent or 325,017, were

foreign tourists, while the rest, at 213,844 were balikbayans (homecoming Filipinos). Of the foreign tourists, 109,128, came from the United States. They were followed by arrivals from South Korea at 30,380; Canada at 25,096; Australia at 24,246; the United Kingdom at 21,426; and Japan at 13,792. Arrivals from Vietnam (10,461); Germany (8,801); Singapore (7,654); and Malaysia (6,320) rounded up the top 10 source markets for tourist. Meanwhile, IATF Resolution No. 168 also exempted from Covid-19 testing prior to departure from their port of origin are foreign nationals and Filipinos aged 12 to 17, who have

received their primary Covid-19 vaccines; and those aged below 12 and traveling with fully vaccinated or boostered parents or guardians.

Vaccination proof

THEY must, however, still show proof of their vaccination status either via World Health Organization International Certificate of Vaccination and Prophylaxis, VaxCertPH, national/state manual or digital certificate of the passenger’s foreign government or home country. “We are glad that the proposals we have worked on have been approved by the IATF and are now up for implementation. As we make it more convenient for tourists

to visit the country, the public’s health and safety will remain the DOT’s priority,” said Tourism Secretary Bernadette Romulo Puyat in a news statement. “The DOT sees this development as a win for the local tourism industry as welcoming more tourists in the country will yield more revenues for our MSMEs and restore more jobs and livelihoods in the sector,” she added. As of Sunday, however, the Bureau of Quarantine (BoQ) has yet to update its web site regarding the new arrival guidelines. International passengers are supposed to fill up BoQ’s One Health Pass declaration prior to arriving in the country.

Agriculture/Commodities

A4 Monday, May 30, 2022 • Editor: Jennifer A. Ng A6

BusinessMirror

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PHL still second-largest banana exporter–FAO @jearcalas

HE Philippines remained as the world’s second-largest exporter of bananas for the fourth consecutive year in 2021 despite stiff competition from Latin American producers, according to a United Nations agency. The country is still one of the world’s top suppliers of bananas despite a 33.58-percent decline in its banana shipments last year, the UN Food and Agriculture Organization (FAO) said in a report which was published recently. The international agency’s preliminary report titled “International Trade Banana” showed that the Philippine banana exports last year reached 2.529 million metric tons (MMT) lower than the 3.808 MMT it shipped in 2020. FAO said the decline in the country’s banana shipments was due to “severe production difficulties.” Because of these problems, the FAO report noted that key Asian markets slashed their purchases of bananas from the Philippines. “Industry information conveys that banana supplies from the Philippines continued to be affected by severe production difficulties arising

from the combined impact of Covid-19 and the spread of TR4, which were worsened by hurricane damage and the high costs of inputs seen in 2021,” the report read. “This reportedly had a particularly detrimental effect on small scale banana producers in the country, who struggled to procure the necessary agricultural inputs to meet the quality requirements of export markets.” The FAO noted that China and Japan reduced their orders of bananas from small producers in the Philippines “substantially due to quality concerns.” Historical FAO data showed that the Philippines’s banana exports last year were even 8.26 percent lower than the country’s average volume of shipments from 2015 to 2019.

BUSINESSMIRROR FILE PHOTO

By Jasper Emmanuel Y. Arcalas

Tight spot

THE annual FAO report showed that Ecuador remained as the world’s top exporter of bananas, with shipments reaching 6.75 MMT. However, FAO data showed that the Philippines could easily be overtaken by American and Central American producers given its slim margin in terms of export volume. The banana exports of Costa Rica

last year reached 2.348 MMT while shipments by Guatemala and Colombia reached 2.292 MMT and 2.109 MMT, respectively, compared to the Philippines’s 2.529 MMT. Pilipino Banana Growers and Exporters Association (PBGEA) Ex-

ecutive Director Stephen A. Antig said they expect the country’s total banana export volume this year to remain low due to persistent production woes. Antig said the industries continues to reel from the adverse impact

of the Panama disease which has already affected more farms, particularly those owned and tilled by small-scale banana farmers. He added that the industry is not also spared from the impact of more expensive inputs, such as fertilizer

as well as fuel. “Hopefully our volume will remain the same. If we can hit the same volume as last year that would be okay already,” Antig told the BusinessMirror in an interview. Aside from competition from Latin American banana producers, FAO said the Philippines is also facing tough competition from neighboring countries, particularly in its key Asian markets. “As smaller producers in the Philippines struggled to meet the quality expectations of the Chinese import market, traders reportedly reduced or even cancelled their orders from Philippine smallholders,” it said. “In response to this, China considerably raised imports from Vietnam and Cambodia, where an upsurge in Chinese owned banana plantations has been seen in recent years.” The BusinessMirror broke the story last year that the Philippines is losing market share for bananas in key Asian markets to neighboring countries like Vietnam and Cambodia as well as Latin American producers (Related story: https://businessmirror.com. ph/2021/05/04/phl-bananaslosing-out-in-asia-to-lat inamerica-asean-producers/).

DA sets sights on hiking fishery exports to South Korea DAR distributes land titles

HE Department of Agriculture (DA) has expressed confidence that the partnership forged between Manila and Seoul will pave the way for more fishery exports to South Korea. Agriculture Secretary William D. Dar and Deputy Director Soo-jin Cho, with Assistant Director Chan-hwei Lee of the Imported Food Inspection Management under the Korea Ministry of Food and Drug Safety (MFDS) met last Friday to complete the plans for the Mutual Recognition Arrangement (MRA) on Food Safety of Philippine Exports to Korea. Dar said in a statement that the MRA meeting “will build a better relationship” between the two countries and usher in increased exports

of Philippine seafood and fisheries products while ensuring food safety for the Korean consumers. The MRA will also facilitate digitalization and efficient export document submission through the implementation of e-health certification of fresh and processed fishery products from the Philippines bound for Korea, said Maria Aleli Maghirang, agriculture attaché to Korea. The Korean mission also visited Cebu and General Santos to inspect the operations and food safety compliance of three Filipino agri-fishery processing business firms, namely: Siargao’s Bounty Seafoods Corp.; Philippine Union Frozen Foods Inc.; and MK Smoked Fish Corp. They are leading exporters of Philippine octopus,

abalone, and smoked fish to Korea. On December 20, 2021, the Philippine Agriculture Office in Seoul facilitated and finalized the signing of the Special MRA between MFDS and the DA-Bureau of Fisheries and Aquatic Resources that will be finally executed on June 20. According to MFDS, among the nine countries which inked an MFA with South Korea, the Philippines is to date the fastest to implement after six months of finalization. The country will also be the first among the fisheries trading partners of MFDS to adapt the e-certification system, said Cho. The Philippines enjoys a favorable balance of trade with Korea, despite some production and logistical challenges during the last two years due

to the Covid-19 pandemic, registering a surplus of more than $288 million last year, Dar said. In 2021, the Philippines exported $526 million worth of various farm and fishery products, which is 20 percent higher than in 2020, said Maghirang. Ofthetotal,fisheryproductsamounted to $29.5 million last year, majority of which are high-value products like octopus, abalone, black tiger prawns, sea cucumber, and smoked tuna. Dar expressed his gratitude and appreciation to the MFDS for donating pesticide analytical equipment, through another Korea ODA project, to enhance the capability of the Bureau of Plant Industry to further boost exports of fresh Philippine fruits to Korea.

Local pork producers nix low-tariff extension Navarro argued that the tariff collections from the imports must be allocated for the development of the domestic corn industry. “We earnestly hope that the necessary investments for the corn post-harvest and storage facility that our corn sector so badly needs the longest time will be realized and be truly put in place in the strategic corn farming areas in the country,” he told the BusinessMirror. Navarro said the government should create the corn development fund where tariff collections from imported corn would be used to develop the local industry. “[We] hope they will prioritize and put the tariff collections to develop the corn sector...maybe course the fund through the Corn Development Fund,” he said.

For its part, the Philippine Association of Meat Processors Inc. (PAMPI) welcomed the extension of lower pork tariff rates, noting that it would help in keeping meat prices stable amid global economic challenges. “This will enable us to provide affordable prices for our pork-based products to the benefit of the consumers,” the group said in a statement sent to the BusinessMirror. “We are all still recovering from the impact of the pandemic and face new challenges in the global supply chain, so the President’s move is an important step in ensuring food security during these times,” the group added. Duterte earlier issued EO 171 that kept the lower tariff rates on pork and rice and reduced the tariffs on imported corn and coal. Duterte issued

the EO to cushion the impact of the Ukraine-Russia conflict on domestic food prices and supply. (Related story: https://businessmirror. com.ph/2022/05/28/palace-eoextends-lower-tariffs-on-porkand-rice-until-december/) Duterte noted the ongoing conflict between Ukraine and Russia has pushed “worldwide prices” of various commodities, including corn, to “multi-year highs.” He added that the increase in prices of oil products, corn and fertilizers “generated a corresponding sharp increase in domestic prices of commodities and energy,” which resulted in “upward pressures” in the country’s inflation. Duterte said he also reduced the tariffs on imported corn and coal “to mitigate and stabilize the impacts

continued from a1

of inflationary pressures” brought about by the Ukraine-Russia crisis. Lowering the tariff rates on these two commodities would allow the country to expand its supply sources and reduce prices of key commodities, he said. Under EO 171, the in-quota tariff rates on imported pork shall remain at 15 percent while out-quota tariff rates would be at 25 percent. The uniform 35-percent tariff on imported rice shall remain in effect until the end of the year. For corn, imports within the minimum access volume (MAV) or in-quota shall be slapped with a 5 percent tariff while out-quota volume will be levied with a 15-percent tariff rate. Imported coal products shall have zero tariff rates for the duration of the EO 171.

PHL pushes safe work rules, but unionists’ slays fester continued from a12 It also includes 12 labor group representatives from the Kilusang Mayo Uno (KMU), Trade Union Congress of the Philippines (TUCP), Sentro ng mga Nagkakaisa at Progresibong Manggagawa (Sentro), and Federation of Free Workers (FFW), and 13 business representatives from the Employers Confederation of the Philippines (ECOP).

Accountability

IN a Viber message, Sentro Secretary General Joshua T. Mata told BusinessMirror they want the country included in the shortlist of the ILO Committee on Applications and Standards (CAS) during the ILC. The CAS reviews observations

on the application of labor standards of certain states in a tripartite setting and tends to draw international attention. “After failing to conduct the ILO High Level Tripartite Mission, the ILO’s investigative arm for violations of freedom of association, as planned in May 2022, we are asking the ILC to ensure that the Philippine government would really allow the mission to do its task,” Mata said. “We are gravely concerned that the failure of the ILO to conduct the HLTM does not augur well for the working class in light of the continuing trade union harassment, redtagging and assassination of trade union leaders,” he added.

FFW President Sonny Matula hopes the “unsolved extra judicial killings of trade union leaders” will be among the cases to be presented in CAS, which will start its session on May 30, 2022. As of Sunday, the CAS has yet to finalize the 22 countries it will deliberate on during its session.

Pending road map

IN February, ILO’s Committee of Experts on the Application of Conventions and Recommendation released a report expressing grave concern on the cases of violation and intimidation of local labor leaders as reported by the International Trade Union Confederation (ITUC).

DOLE assured the ILO the government is monitoring the 60 cases of extra judicial killings and attempted murder of local labor union leaders and members, as raised by local labor groups and the ITUC. It committed to come out with a roadmap to prevent similar issues from happening again. Bello said his road map is still being drafted with inputs and comments from the labor and employers. “The roadmap is not however all about the reported killings and harassment. It is about the overall promotion of the freedom of association consistent with ILO convention 87,” Bello told BusinessMirror in a SMS.

to farmers in North Cotabato By Jonathan L. Mayuga @jonlmayuga

HE Department of Agrarian Reform (DAR) announced on Sunday the distribution of land titles to a total of 128 agrarian reform beneficiaries from the town of Makilala, North Cotabato. The distribution of the certificates of land ownership awards (CLOAs) benefitted landless farmers from 18 of the 38 barangays in the Makilala, a town located on the southeast portion of Cotabato Province and the last town going to Davao City. Makilala is a first class municipality that connects 3 bustling cities in the region. It is 129 kilometers away from Cotabato City, 100 kilometers away from Davao City, and 114 kilometers away from General Santos City. DAR Provincial Agrarian Reform Program Officer Charish Paña said

the distributed CLOAs covered 149.9 hectares of land implemented under the Comprehensive Agrarian Reform Program (CARP). “I would like to congratulate all the beneficiaries on their recent victory of having ownership and possession of their CLOA. It is indeed a great opportunity and a privilege to be an ARB. Take good care of the land and make it productive,” Paña said in a statement. Municipal Agrarian Reform Program Officer Julie Garcia said all the beneficiaries were properly oriented about their roles, duties, and responsibilities receiving their CLOAs, and proof of ownership of government-awarded land through CARP. “We also reminded the ARBs that the DAR will continue to provide support services interventions to make their lands more productive to generate more income for their respective families,” Garcia said.

FAO unveils new public tool based on agri census data

OLICY makers and the researchers who advise them now have a powerful new tool, according to the Food and Agriculture Organization (FAO) of the United Nations. FAO is endowing FAOSTAT, the world’s largest agricultural data base, with an important new domain that enables much easier comparison and assessment of trends over time of the agricultural structures of all Member countries. An open access portal serving as a global public good, FAOSTAT gathers and harmonizes a wealth of data on the production, trade and consumption in the agricultural sectors, by far the world’s largest economic sector in terms of employment and sustaining livelihoods. In recent years FAO has added an increasing array of critical information on greenhouse gas emissions, land use, forest cover and investment. Now it is adding “Structural Data from Agricultural Censuses,” which present fine-grained national reports that track, among others, how large farm holdings are, who works on them, and who owns them. “This data is not available anywhere in the world,” said Jairo Castaño, Senior Statistician and Leader of the FAO’s World Pro-

gramme for the Census of Agriculture, and who steered the project to fruition. “This is precious bottomup information based on actual farms, all the world’s farms.” The new domain allows rapid access to knowing how many farms exist in a given country, what their sizes are, the tenure typology determining its ownership, the farmer’s gender, and how many people live and work on them, all sourced to national Agricultural Censuses. “This allows policy workers to compare the structure of the agricultural sector of one country with that of another or of a region, while also allowing researchers to analyze, for example, the distribution of farm sizes both at the national and global level,” Castaño said in a statement. The data currently encompassed the census rounds of 1990, 2000 and 2010, with 2020 data soon to be added as it arrives. FAO’s Statistics Division will also embark on the process of scanning, text mining and uploading historical data, some of which goes back to the 1930s and was initially collected by the International Institute of Agriculture, an entity whose role FAO subsumed when established in 1945.

Editor: Angel R. Calso

The World BusinessMirror

Monday, May 30, 2022

Shanghai seen easing Covid testing requirements as case numbers fall

hanghai will loosen Covid test requirements for people who enter public places as the city tries to restore a sense of normalcy after a two-month lockdown of the city’s 25 million population. Residents will be required to hold a negative nucleic acid test result taken within 72 hours of entering public spaces or using public transportation from June 1, the municipal government said at a briefing on Sunday. The previous requirement was for people to be screened within 48 hours. People who travel from Shanghai to other areas still have to have had a nucleic acid test 48 hours before departing and must carry a negative rapid antigen test result taken in the previous 24 hours, it said. The measures could be revised in line with developments, according to the local government. Shanghai reported 122 new local Covid cases for Saturday, a decline from the 170 for Friday. Only one positive case was found outside government quarantine. The residential compound in which the infected person lived was carefully scrutinized and has been upgraded to a mediumrisk area, officials from the city’s health commission said. China’s dogged adherence to its Covid Zero policy at all costs—epitomized by Shanghai’s lockdown that began in late March and restrictions imposed elsewhere in the country of 1.4 billion—has slowed everything from consumer spending to manufacturing in the world’s second-largest economy. Industrial output and consumer spending slid to the worst levels in April since the pandemic began in early 2020, while the confinement has sparked clashes between residents and police. The capital Beijing will loosen mobility curbs in several districts from Sunday after authorities said its outbreak was under control. The city reported 21 new cases on Sunday, declining for the seventh straight day. There were 215 local cases reported nationwide for Saturday, including 161 people with no symptoms, according to a statement from the National Health Commission. Earlier, Beijing police detained 17 employees of a Covid-19 lab for failing to test samples properly, blaming the infractions for worsening the outbreak that’s enveloped China’s capital for a month. Workers at the lab diluted samples to the point that infections may not be able to be detected, officials said at a briefing on Friday. It led to cases not being found and spawned the risk of further spread, said Li Ang, an official with the Beijing Municipal Health Commission. The city will tighten supervision over labs, including daily inspections. Mass testing has been a hallmark of China’s Covid Zero approach and officials have mobilized a legion of private diagnostic companies to help with the process. But inaccurate results produced by some firms have led to uninfected people with false positive results being sent to makeshift hospitals in Shanghai and infections not being detected in a timely manner in Beijing. Officials said Friday the outbreak was coming under control, with all cases detected in the 24 hours up to 3 p.m. local time found in quarantine. Community spread is a key metric used by government officials to determine the severity of an outbreak and whether to ease restrictions. Shanghai began unraveling its lockdown after reporting consecutive days of zero cases in the community. Premier Li Keqiang warned cadres in a rare emergency meeting Wednesday that growth risks slipping out of a reasonable range, people familiar with the matter told Bloomberg News. Local officials throughout China were given a list of objectives to focus on this year, including better balancing the containment of Covid with economic growth.

Early arrival of monsoon rains in India brightens crop outlook

he monsoon arrived earlier than normal in India, raising hopes that output of crops like rice and oilseeds will get a boost after a brutal heat wave hit winter-sown wheat and prompted the nation to restrict exports. The Southwest monsoon has set in over Kerala three days ahead of its normal date, according to the India Meteorological Department on Sunday. The livelihood of millions of farmers in the country of about 1.4 billion people depends on rains brought by the winds from the Indian Ocean. The farm sector is the main source of income for 60% of its population and accounts for 18% of the economy. The monsoon, which waters more than half of India’s farmland, normally arrives in the southern Kerala state on June 1. The monsoon is critical to India’s farm output and economic growth at a time when the country, where man-made systems like canals and tube wells irrigate only a part of the land, is battling soaring food prices. The war in Ukraine has pushed up world food costs to a record. India is forecast to witness a normal rainy season for a fourth year. Showers during the June-September period would provide relief to people, especially in central and northwestern parts, after temperatures at some places hovered near 50 degrees Celsius (122 degrees Fahrenheit) this month, with the risk of sun strokes and heat exhaustion forcing people to stay indoors. The northern region was the warmest in 122 years in both March and April this year. The extreme weather exacerbated the country’s power crisis, and slashed crop output. A reduction of more than 5% in wheat output estimates and concerns about high prices promoted the government to restrict wheat exports, and limit sugar shipments as a precautionary measure. Timely and normal rains are set to boost production outlook for monsoon-sown crops such as rice, soybeans and pulses and help in softening soaring inflation. Bountiful rains would also fill reservoirs, which in turn would brighten prospects for winter crops, usually planted during October and November. Bloomberg News

On the ground in the mega-city, anxiety over the social costs of wideranging curbs is also mounting. The city’s health commission on Friday set up a task force to investigate an incident of a person who died due to delayed treatment, after claims from his family that an ambulance took too long to arrive due to Covid controls. Shunyi district officials have suspended relevant staff at the medical emergency center and vowed that

treatment would not be delayed for anyone, they said. Anger over the incident is spreading on social media platforms, echoing similar episodes in Shanghai and Xi’an where Covid restrictions prevented timely medical care, resulting in deaths. Local officials have faced growing unhappiness and pushback from residents over the harsh rules, posing a challenge to President Xi Jinping’s staunch deployment of the

strategy nationwide. China is struggling to balance its need to hit a growth target of about 5.5% this year with its steadfast adherence to a Covid approach that is becoming less tenable as the rest of the world opens up and more transmissible virus variants take hold. The country’s borders remain effectively closed, all cases and their close contacts are put into government isolation and consistent, sometimes dis-

ruptive mass testing remains a key part of the Covid playbook. Profits at Chinese industrial firms shrank last month for the first time in two years amid Covid outbreaks and lockdowns. The country has fallen to second-last in Bloomberg’s Covid Resilience Ranking of the best and worst places to be in the pandemic, as outbreaks trigger curbs on mobility and the functioning of business and everyday life. Bloomberg News

The World BusinessMirror

A8 Monday, May 30, 2022

Russia takes small cities, aims to expand east Ukraine battle

By Yuras Karmanau & Elena Becatoros The Associated Press

RAMATORSK, Ukraine— Russia asserted Saturday that its troops and separatist fighters had captured a key railway junction in eastern Ukraine, the second small city to fall to Moscow’s forces this week as they fought to seize all of the country’s contested Donbas region. Russian Defense Ministry spokesman Igor Konashenkov said the city of Lyman had been “completely liberated” by a joint force of Russian soldiers and the Kremlin-backed separatists, who have waged war in the eastern region bordering Russia for eight years. Lyman, which had a population of about 20,000 before Russia invaded Ukraine on Feb. 24, serves as a regional railway hub. Ukraine’s train system has ferried arms and evacuated citizens during the war, and it wasn’t immediately clear how the development might affect either capability. Controlling the city would give the Russian military a foothold for advancing on larger Ukrainian-held cities in Donetsk and Luhansk, the two provinces that make up the Donbas. Since failing to occupy Kyiv, Ukraine’s capital, Russia has concentrated on seizing the last parts of the region not controlled by the separatists. “If Russia did succeed in taking over these areas, it would highly likely be seen by the Kremlin as a substantive political achievement and be portrayed to the Russian people as justifying the invasion,” the British Ministry of Defense said in a Saturday assessment. Fight ing cont inued Sat urd ay around Sievierodonetsk and nearby Lysychansk, twin cites that are last major areas under Ukrainian control in Luhansk province. Ukrainian President Volodymyr Zelenskyy reiterated that the situation in the east was “difficult” but expressed confidence his country would prevail. “If the occupiers think that Lyman or Siev ierodonetsk w ill be theirs, they are wrong. Donbas will be Ukrainian,” he said. On Tuesday, Russian troops took over Svitlodarsk, a small municipality south of Sievierodonetsk that hosts a thermal power station, while intensifying efforts to encircle and

capture the larger city. The governor of Luhansk warned that Ukrainian soldiers might have to retreat from Sievierodonetsk to avoid being surrounded. The advance of Russian forces raised fears that residents would experience the same horrors as people in the southeastern port city Mariupol in the weeks before it fell. Sievierodonetsk’s mayor, Oleksandr Striuk, said Friday that some 1,500 civilians have died there during the war, including from a lack of medicine or because of diseases that could not be treated while the city was under siege. Before the war, Sievierodonetsk was home to around 100,000 people. About 12,000 to 13,000 remain in the city, where 90% of the buildings are damaged, the mayor told The Associated Press. Ukraine’s police force said Saturday afternoon that the city is “under constant enemy fire” and civilians were wounded, but did not specify the number. Just south of Sievierodonetsk, volu nteers worked to e vac u ate people Friday amid a threatening soundtrack of air raid sirens and booming artillery. AP reporters saw elderly and ill civilians bundled into soft stretchers and slowly carried down apartment building stairs in Bakhmut, a city in northeast Donetsk province. Svetlana Lvova, the manager of two buildings in Bakhmut, tried to convince reluctant residents to leave but said she and her husband would not evacuate until their son, who was in Sieverodonetsk, returned home. “I have to know he is alive. That’s why I’m staying here,” Lvova, 66, said. A nearly three-month siege of Mariupol ended last week when Russia claimed the city’s complete. The city became a symbol of mass destruction and human suffering, as well as of Ukrainian determination to defend the country. More

In this satellite image provided by Maxar Technologies, Russian forces are deployed in the town of Kolodyazi, approximately 11 kilometers northeast of Lyman, Ukraine, on Thursday, May 26, 2022. Vehicles are positioned near buildings throughout the town. Satellite image ©2022 Maxar Technologies via AP

than 20,000 of its civilians are feared dead. Mariupol’s port reportedly resumed operations after Russian forces finished clearing mines in the Azov Sea off the once-vibrant city. Russian state news agency Tass reported that a vessel bound for the southern Russian city of Rostovon-Don entered Mariupol’s seaport early Saturday. Meanwhile, the Ukrainian navy said Saturday morning that Russian ships “continue to block civilian navigation in the waters of the Black and Azov seas” along Ukraine’s southern coast, “making them a zone of hostilities.” The war in Ukraine has caused global food shortages because the country is a major exporter of grain and other commodities. Moscow and Kyiv have traded blame over which is responsible for keeping shipments tied up, with Russia saying Ukrainian sea mines prevented safe passage. The press service of the Ukrainian Naval Forces said in a Facebook post that two Russian missile carriers “capable of carrying up to 16 missiles” were ready for action in the Black Sea. It said that only shipping routes, which had been established through multilateral treaties, could be considered safe. Ukrainian officials pressed Western nations for more sophisticated and powerful weapons, especially multiple launch rocket systems. The US Defense Department would not confirm a Friday CNN report saying the Biden administration was preparing to send long-range rocket systems to Ukraine. Russian Foreign Minister Sergei Lavrov warned that providing rockets that could reach his country would represent “a most serious step toward unacceptable escalation.” He spoke in an interview with RT Arabic

Lagarde prepares for ECB liftoff with yet more record inflation

he European Central Bank’s debate over how aggressively to tighten monetary policy is likely to intensify this week in the prelude to a pre-decision blackout period as data probably show a new record for inflation. All but one economist surveyed by Bloomberg foresee an acceleration in annual price increases, with the median estimate at 7.8%. Out of the four biggest economies in the euro region, only Spain won’t show a quickening in inflation. Those data will emerge against the backdrop of a vigorous public discussion on interest rates by ECB officials whose window to speak out before the June 9 decision will close on Thursday. Behind the scenes meanwhile, exchanges between staff in Frankfurt and at central banks around the euro zone will also pick up pace as they finalize crucial forecasts for President Christine Lagarde to unveil the following week alongside a choreography of planned tightening through September. All of that will be pivotal for officials arguing over how fast and how far rates will rise. Dutch central bank Governor Klaas Knot, who won’t rule

out an aggressive half-point increase as the US Federal Reserve did this month, points to inflation and associated underlying indicators as key data to watch. “These new numbers are extremely important to determine the speed at which rate hikes will need to happen,” Giorgio di Giorgio, a professor at Luiss University in Rome, said in an interview. “There’s a real tangle of factors that have come together to complicate the picture, from the pandemic to supply bottle necks, then the war in Ukraine, now China’s zero Covid policy and its fallout.” “Together with weak sentiment, high energy costs are holding back the eurozone’s economic recovery. Even so, mounting underlying inflationary pressure is also strengthening the ECB’s resolve to lift rates. We see 25-basis-point hikes in July, September and December,” said Bloomberg economists Maeva Cousin and Jamie Rush. The inflation statistics will begin trickling out on Monday, with Spain forecast by economists at 8.3% and then Germany at 8.1%. Belgium will also publish price data that day. Then on Tuesday, reports will be released for France and Italy as well as Aus-

tria, Portugal, Slovenia and the euro zone as a whole. The region’s so-called measure of core inflation, stripping out volatile elements such as food and energy, is also likely to reach a new record, at 3.6%. Meanwhile the 0.6% monthly consumer-price increase predicted by economists would match that of April. “Even when supply shocks fade, the disinflationary dynamics of the past decade are unlikely to return,” Lagarde said last week in a blog post laying out what ECB officials describe as a roadmap for monetary policy. “As a result, it is appropriate for policy to return to more normal settings.” The president signaled the probable outcomes of the ECB’s three next decisions, with June’s likely to confirm an end to bond purchases, followed by quarter-point rate increases in July and September to exit subzero monetary policy. How that path materializes is the focus of robust debate, with some officials pushing for bigger hikes to be at least an option. They include Knot, his Austrian colleague Robert Holzmann, and Latvia’s Martins Kazaks. See “Legarde,” A9

that aired Friday. In Russia on Saturday, President Vladimir Putin signed into law a bill that raises the age limits for Russian army contracts. Contractors can now first enter service until age 50 and work until they reach legal retirement age, which is 65 for men and 60 for women. Previously, Russian law set an age limit of 40 for Russians and 30 for foreigners to sign an initial contract. Russia’s Defense Ministry said t he Ru ssi a n n av y successf u l ly launched a new hypersonic missile from the Barents Sea. The ministry said the recently developed Zircon hypersonic cruise missile had struck its target about 1,000 kilometers away. If confirmed, the launch could spell trouble for NATO voyages in the Arctic and North Atlantic. Zircon, described as the world’s fastest non-ballistic missile, can be armed with either a conventional or a nuclear warhead, and is said to be impossible to stop with current anti-missile defense systems. Moscow’s claims, which could not be immediately verified, came a week after Defense Minister Sergey Shoigu announced that Russia would form new military units in the west of the country in response to Sweden and Finland’s bids to join NATO. Putin marked the annual Border Guards Day by congratulating the members of the Russian service. “The tasks you are facing are particularly important now, given the unprecedented political, economic and information pressure on our country and the buildup of NATO military capacity right at Russia’s borders,” Putin said. Karmanau reported from Lviv, Ukraine. Andrea Rosa in Kharkiv, Ukraine, Andrew Katell in New York and AP journalists around the world contributed.

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UN human rights high commissioner asks China to rethink Uyghur policies By Ken Moritsugu The Associated Press

EIJING—The top UN human rights official said Saturday that she raised concerns with Chinese officials about the impact of the broad application of counterterrorism and deradicalization measures on the rights of Uyghurs and other predominantly Muslim groups in China’s Xinjiang region. Michelle Bachelet, who visited the northwestern region as part of a six-day trip to China, said the visit was not an investigation but a chance to have direct talks with senior Chinese leaders and pave the way for more regular interactions to support China in fulfilling its obligations under international human rights law. “It provides an opportunity for me to better understand the situation in China, but also for the authorities in China to better understand our concerns and to potentially rethink policies that we believe may impact negatively on human rights,” she said in a video news conference before leaving the country. Bachelet’s measured words, while expected, did not satisfy activists and likely will not sit well with governments such as the United States, which have been critical of her decision to visit Xinjiang. China’s ruling Communist Party, which has vehemently denied all reports of human rights violations and genocide in Xinjiang, showed no sign of being open to change in a government statement on the trip. The statement, attributed to Vice Foreign Minister Ma Zhaoxu, accused some Western countries and anti-China elements of fabricating sensational lies about Xinjiang under the guise of human rights. It said that the government had adopted lawful measures to combat violent terrorism and brought security, stability and prosperity to the region in China’s northwest. “The Chinese side pointed out that essentially, Xinjiang is not at all a human rights issue, but a major issue concerning upholding national sovereignty, security and territorial integrity,” the statement said. “All ethnic groups of Xinjiang belong to the family of the Chinese nation.” Agnes Callamard, the secretary general of Amnesty International, said that Bachelet should condemn human rights violations in Xinjiang, and call on China to release people arbitrarily detained and end systematic attacks on ethnic minorities in the region. “The high commissioner’s visit has been characterized by photo opportunities with senior government officials and manipulation of her statements by Chinese state media, leaving an impression that

she has walked straight into a highly predictable propaganda exercise for the Chinese government,” Callamard said in a news release. Bachelet, making the first visit by a U.N. high commissioner for human rights to China in 17 years, said she raised the lack of independent judicial oversight for a system of internment camps that swept up a million or more Uyghurs and other ethnic minorities, according to estimates by experts. China, which describes the camps as vocational training and education centers to combat extremism, says they have been closed. The government has never publicly said how many people passed through them. Bachelet, who visited a prison and a former center in the Xinjiang city of Kashgar, noted the reliance by police on 15 indicators to determine “tendencies towards violent extremism” that could result in detention, the allegations of use of force and reports of unduly severe restrictions on religious practices. “It is critical that counterterrorism responses do not result in human rights violations,” she said. “The application of relevant laws and policies, and any mandatory measures imposed on individuals, need to be subject to independent judicial oversight, with greater transparency of judicial proceedings. All victims must be able to seek redress.” Bachelet described as “deeply worrying” the arrest of lawyers, activists, journalists and others under Hong Kong’s national security law, noting the semi-autonomous Chinese city’s reputation as a center for human rights and independent media in Asia. She said it is important to protect the linguistic, religious and cultural identity of Tibetans and that they be allowed to participate fully and freely in decisions about their religious life. “I...stressed the importance of children learning in their language and culture in the setting of their families or communities,” she said. Before her trip, Bachelet heard from Uyghur families living abroad that have lost contact with their relatives. In her meetings in China, she said she appealed to authorities to make it a priority to take steps to provide information to families. “To those who have sent me appeals asking me to raise issues or cases with the authorities, I have heard you,” she said. “Your advocacy matters and my visit was an opportunity to raise a number of specific situations and issues of concern with the government.” The UN and China agreed to set up a working group to hold followup discussions on a range of issues, including the rights of minorities, counterterrorism and human rights, and legal protection, Bachelet said.

Covid surge leaves Taiwan’s insurers struggling to pay out

aiwan’s worst Covid outbreak has left the island’s insurers bracing for more than $1 billion in claims that the financial regulator is urging them to honor. The head of the Financial Supervisory Commission, Huang Tien-mu, has ordered insurers to pay out on valid Covid-related insurance policies after they faced criticism from lawmakers for dismissing claims, canceling policies and delaying payouts. Insurers are looking to limit their losses on policies after underestimating the extent of the disease. There are currently more than 6.3 million still-active Covid-related policies and another million waiting for approval, according to the FSC. This year, insurers have already paid out more to customers—NT$2.6 billion ($89 million)—than the NT$2.1 billion in revenue they have received from premiums.

Read more on Taiwan’s Covid outbreak

And with only around 2% of policies subject to claims so far and Taiwan’s outbreak showing no sign of abating, insurers are facing a wave of further claims in June and July. Speaking to lawmakers last Monday, Huang said

payouts will likely be higher than the NT$41 billion estimate mentioned by lawmakers. While that is just a tiny fraction of the NT$2 trillion in net assets held by Taiwan’s insurance industry, the large life insurers hold the majority of those. The potential claims represent around 25% of the assets held by property insurance companies, which were among the most active in selling Covid policies.

Risk models

Property insurers, which focus primarily on car protection, have struggled to find growth in recent years and saw Covid as a great opportunity, according to Andy Chang, director of Taiwan Ratings Corp. When working out their risk models, many miscalculated the potential number of cases by a factor of almost 100. They also didn’t adequately estimate the necessary capital buffer. “They shouldn’t have just said, ‘how much are our competitors selling? We want to sell that much too,’” Chang said in a phone interview. Even Taiwan’s largest insurers are likely to take a hit. Claims at Fubon Life Insurance Co. and Cathay Life Insurance Co. could reach NT$5 bil-

lion, equivalent to about 2% of their net income this year, Bloomberg Intelligence analyst Steven Lam wrote in a May 13 note. The generosity of the policies insurers sold is a major part of the problem. Since the beginning of the pandemic, many companies have offered policies protecting customers against negative health impacts of Covid and the associated costs. Quarantine insurance is among the most popular. For as little as NT$666 a year, the insurers guarantee to pay out NT$50,000 if the customer is required by the government to isolate. If the client later tests positive for Covid, they can get another NT$50,000.

‘Blow up’

Until recently, Taiwan had managed to keep the pandemic broadly under control, making Covid-related policies a solid source of revenue. But cases began surging in late April as the omicron variant breached the island’s border controls. Taiwan recorded more than 90,000 cases on Friday, a daily record, according to data from the Centers for Disease Control. The health minister said around 15% of the population—about 3.5 million people—could end up getting Covid. Bloomberg News

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BusinessMirror

Monday, May 30, 2022 A9

US economic data signals firmer growth that may ease by yearend

irmer consumer spending and a decisive narrowing of the merchandise trade deficit show the US economy is emerging in short order from a first-quarter pothole. Sustaining that momentum later this year is more of a question mark as manufacturing and housing soften along with employment and wage growth. Inflation, while easing a bit, remains elevated and the Federal Reserve will continue to press harder on the monetary policy brakes. In Apr il, inf lation-adjusted household purchases posted the strongest advance in three months and will help queue up a rebound in gross domestic product this quarter. The goods-trade deficit—a huge contributor to the 1.5% annualized decline in first-quarter GDP—shrank last month by the most since 2009. While these developments are reasons for optimism about the economy, regional manufacturing surveys showed setbacks, while orders for capital equipment moderated a touch. Next week, the government is projected to report that employment growth cooled in May, suggesting labor demand is starting to become less heated. That may help to alleviate wage pressures later this year and eventually provide some comfort to central bankers as they seek to reduce inflation.

Consumer resilience

Consumer spending was strong in April, rising 0.7% on an inflation-adjusted basis. But the saving rate fell to the lowest level since 2008, indicating that Americans are increasingly relying on savings as price pressures strain budgets. T he spend ing increase was

broad-based, driven by both goods and services. Economists have been expecting demand for services like travel and entertainment to outpace outlays for merchandise as pandemic concerns subside, but inflationadjusted spending on goods rose 1% in April from the prior month and services increased 0.5%. The “report makes clear that consumers continue to consume despite facing the highest inflation in 40 years,” Wells Fargo & Co. economists Tim Quinlan and Shannon Seery wrote in a note. “But, we’re getting closer to the end of the lollipop,” they said, noting the decline in the saving rate. At the same time, while yearover-year inflation is cooling, it is still running three times faster than the Fed’s 2% target and helps explain why central bankers are expected to implement half-point interest rate hikes in coming meetings. That could also lead to a downshift in consumer spending over the next several quarters, the Wells Fargo economists wrote.

Housing stumbles

The hot housing market of last year is cooling rapidly, as a steep climb in mortgage rates compounds affordability issues. In April, sales of new homes plummeted the most in nearly nine years, according to government data Tuesday. A gauge of contract signings on previously owned houses fell for a sixth straight month, the longest such skid since 2018. The data show that the Fed’s interest rate hikes and telegraphing of more increases are broadly curbing demand. Mortgage rates, which have fallen in the last two weeks, are still hovering near the highest since 2009, according to Freddie Mac.

In another sign that the pace of the market is decelerating, the number of home sellers lowering asking prices reached the highest level since October 2019. Other measures of how hot the market is, including a house’s time on market and the percentage of homes selling above listing price, have also plateaued, Redfin Corp. data showed.

Manufacturing moderating

Government figures this week showed a 0.8% gain in shipments of core capital goods that may allow for firmer business outlays for equipment at the start of the second quarter. At the same time, growth in core orders moderated after a March surge. The figures suggest companies are adhering to capital expenditures plans as they seek to enhance productivity to ease the burden of high inflation and a tight labor market. It’s less clear, however, whether businesses later this year will reconsider the current pace of investment in the face of higher interest rates and an anticipated cooling of economic growth. The most-recent regional Fed bank surveys showed a clear pullback in activity. Manufacturing gauges in New York state and the Richmond and Philadelphia Fed regions all declined in May and are at or near their lowest levels since mid-2020. Softer production growth, in conjunction with a pickup in inventories, may help further limit demand for goods and materials made overseas. The government reported Friday that the merchandise-trade deficit shrank nearly by nearly $20 billion in April. Imports fell 5% during the month on less demand for industrial supplies, capital goods and consumer merchandise. Bloomberg News

EU spares pipeline oil from Russian embargo package to break logjam

ately hit their supplies.

he European Union proposed banning seaborne oil from Russia while delaying restrictions on imports from a key pipeline in an effort to satisfy Hungarian objections and clinch an agreement on a stalled sanctions package that would target Moscow for its war in Ukraine. The European Commission, the EU’s executive arm, sent a revised proposal to national governments on Saturday that would spare shipments of oil through the giant Druzhba pipeline, which is Hungary’s main source of crude imports, according to people familiar with the matter. Member states would phase out their imports of seaborne crude in six months and refined petroleum products in eight months, said the people, who asked not to be identified because the discussions are private. The proposal would give more time to Hungary, which has opposed the deal, to find a technical solution that satisfies its energy needs. It would also address the concerns of other landlocked countries, including Slovakia and the Czech Republic. Under the revised draft, Bulgaria would get a transition period

until June or December 2024 and Croatia could get an exemption for imports of vacuum gas oil. The commission also proposed restricting re-exports of Russian oil supplied by pipeline to other member states or third countries. The commission also appears to have limited the scope of a provision that would affect services linked to the shipment of oil to third countries. The draft currently prohibits providing technical assistance, brokering services or financing or financial assistance in six months following its adoption. The previous proposal also included “any other services,” which was understood as a reference to providing insurance for shipments. EU ambassadors are scheduled to meet on Sunday when they could discuss the revised package. Some member states are pushing to have an agreement before EU leaders meet in Brussels on Monday to discuss the war in Ukraine. The sanctions package requires the backing of all member states. Several nations had previously opposed distinguishing between seaborne and pipeline deliveries over concerns that such a split was unfair as it would disproportion-

The EU had previously proposed phasing out all Russian oil imports by early next year. Hungary and Slovakia would have been given until the end of 2024 to comply, while the Czech Republic would have been granted an exemption until June 2024. The countries are heavily reliant on Russian oil, but they account for a relatively small portion of the EU’s overall imports from Moscow. Exempting pipeline oil from the measures—which Hungary had previously asked as a condition to back the package, along with more time and infrastructure investments—will dent the impact of the sanctions. Russia shipped about 720,000 barrels a day of crude to European refineries through its main pipeline to the region last year. That compares with seaborne volumes of 1.57 million barrels a day from its Baltic, Black Sea and Arctic ports. However, the bulk of the pipeline deliveries are to Germany and Poland, which have signaled they will wean themselves off Russian supplies regardless of any EU action. Bloomberg News

Lagarde...

held out the possibility it may need to go higher. He is among several policy makers still due to speak before the pre-decision blackout period begins. More of those appearances will be by officials usually considered more dovish, including Bank of Italy Governor Ignazio Visco and Bank of Spain chief Pablo Hernandez de Cos. ECB Chief Economist Philip Lane, who is seen in the same camp, is also due to speak. All the while he will be managing the process of compiling quarterly forecasts. Unlike the last outlook in March, this projection exercise is a more comprehensive biannual effort involving national central bank staff. The numbers will be all the

more important for the role they will play in the decision on June 9. ECB Vice President Luis de Guindos told Bloomberg Television last week that the outlook won’t be “very different” from that of the European Commission. Its officials predicted on May 16 that inf lation will average 6.1% this year and will be 2.7% next year, still above the ECB’s 2% goal. For vetera n U K econom i st Charles Goodhart, a former Bank of England policy maker who anticipated the inflation shock early on in the pandemic, the supplyfocused nature of the price surge aff licting the euro zone makes the job of Lagarde and her colleagues all the more challenging. Bloomberg News

Continued from a8

Bundesbank President Joachim Nagel may concur. He also expressed ambitions for at least three moves to get ECB rates above zero before the end of the year, in an interview with Spiegel released on Friday. By contrast, his French colleague Francois Villeroy de Galhau insisted to Bloomberg Television last week that a half-point increase “is not part of the consensus at this point, I am clear.” He still reckoned on the rate rising next year to a level deemed as neutral that neither stimulates nor constricts the economy, and

Sanctions impact

A10 Monday, May 30, 2022 • Editor: Angel R. Calso

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editorial

Understanding the ‘think tanks’

ll of us, including nations, want external affirmation of what we are doing. We all want approval, and in a perfect world that would also mean learning from criticism how to perform more effectively and successfully. Theoretically, an outsider’s evaluation of our performance would be the most helpful because “theoretically” it will be an objective assessment. There is also something special about getting an expert’s opinion. A think tank, or policy institute, is a research organization that performs analysis and often advocacy concerning social policy, political strategy, economics, military, technology, and culture. Most think tanks are nongovernmental organizations. Historian Jacob Soll writes that the origins of the think-tank model can be traced to Europe back to the 800s when emperors and kings began arguing with the Catholic Church about taxes. A tradition of hiring teams of independent lawyers to advise monarchs about their financial and political rights against the church spans from Charlemagne. It is important to note that while we usually think of independent research as neutral and impartial, from the beginning these enterprises were formed to study and advise a group with a particular agenda and purpose. A study in 2020 by researchers at the University of California Santa Cruz examined 100,000 papers published from 2005 to 2019 from the six largest “think tanks” in the US. Conclusion: “Even though think tanks present research-based advocacy, it is not devoid of an inherent bias about the topics they talk about.” From the language used, “The subjectivity of a think tank’s opinion can be often ascribed to their founding ideology.” Everyone has a hidden agenda. However, you might think that at least the subject of economics and economies would be relatively favoritism-free. It is not, since everyone, including think tanks, must pay the bills. Further, since economics always includes some sort of predictions, even the “thinkers” cannot afford to be wrong too often. Therefore, if you are going to make a forecast about the Philippine economy, for example, it is better to go low and have the numbers come in high and be “pleasantly surprised.” It is never good to predict high and have the data come in low. It is not a matter in this case of being biased, but it is a big concern of not wanting to be wrong. Economic forecasting is always guesswork. But to be respected in the business your guesses must be sensible and at least close enough to be helpful. Founded in 1999, Capital Economics out of London is a highly regarded and reputable company. Their analysis is always worth reading. However, you cannot—as with all think tanks—bet all your money on their accuracy. June 18, 2019: “Capital Economics: Peso to weaken to 55:$1 by end-2019.” On December 30, 2019, the peso closed at 50.65 with the year low at 52.96. By the way, April 29, 2022: “UK think tank: Peso to fall to 54 per dollar this year.” July 27, 2020: “Capital Economics: Philippines’ gross domestic product likely slid 18 percent in Q2.” Second quarter 2020 GDP came in at a negative 16.9 percent, which, with all things considered, made Capital’s forecast reasonably accurate. May 9, 2022: “Capital Economics expects the economy to have grown by 6.7 percent in January-March.” Actual growth was 8.3 percent. Many “pleasant surprises.” January 10, 2022: “London-based think tank: ‘Uninspiring’ presidential bets ‘bode poorly’ for PH economy.” May 28, 2022: “After, at first, flagging a potentially disastrous Marcos Jr. presidency for an economy still reeling from its pandemic-induced slump, London-based think tank Capital Economics has made a turnaround, praising the president-elect for ‘picking competent economic managers.’” Conditions change, as must the predictions. But even expert analysis cannot be depended on to be accurate or consistent.

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Are you ready for Starlink? Atty. Jose Ferdinand M. Rojas II

RISING SUN

or many years, the Philippines has been struggling with slow Internet connection. Despite the entry of so-called fiber optic technology into the market, users are still dealing with erratic or non-existent Internet connection. This has proven to be very disadvantageous, especially at a time when people are working from home and students are taking online classes. There appears to be a light at the end of this dark tunnel. A few days ago, the National Telecommunications Commission (NTC) granted a Certificate of Registration (COR) to Elon Musk’s private aerospace company SpaceX, approving it as a Value-Added Service (VAS) provider. The business is formally known in the Philippines as “Starlink Internet Services Philippines Inc.” This permit allows Starlink to provide Internet Access Service through Satellite Service until April of 2023, use an Internet service spectrum, and build and operate broadband

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quirements. The “swift processing” was done for an “immediate roll out” of the service to be able to provide Internet to the entire nation. This is also seen as a positive development as far as disaster response is concerned. The company is now preparing to set up terrestrial gateways to be able to link to SpaceX’s low-earth

orbit (LEO) satellites. As the name suggests, these are satellites that are closer to the earth, which allows almost all places to access high-speed Internet, making it ideal for providing Internet to far-flung areas and underserved/unserved regions. Talks are reportedly being held to start with the Bataan LGU for the construction of a gateway facility in the province. W hen the infrastructure is ready, it is expected to bring to customers faster Internet connection with download speeds between 100 and 200 Mbps. There will always be disadvantages, of course, in terms of service interruptions (due to various environmental factors and network load) and pricing. The monthly payments are said to cost more than the regular Internet fees, plus customers have to pay for the receiver equipment and shipping fee. You will also need space for the receiver, naturally, so your living arrangement should be a consideration. Starlink is definitely worth looking into, and as with anything, careful study is necessary to determine if a satellite connection will fit your needs and circumstances.

The new admin’s possible transport roadmap

✝ Ambassador Antonio L. Cabangon Chua Publisher

facilities. Satellite-based Internet is still new in the country, as we have been using fixed line broadband and fiber optic technology from leading providers such as PLDT, Globe, and Converge. According to the Department of Trade and Industry (DTI), this will make the Philippines the first Southeast Asian country to enjoy Starlink’s service. It also paves the way for SpaceX’s expansion to other Southeast Asian nations. According to SpaceX’s lawyer, the license was issued within 30 minutes after submission of the re-

When the infrastructure is ready, it is expected to bring to customers faster Internet connection with download speeds between 100 and 200 Mbps. There will always be disadvantages, of course, in terms of service interruptions (due to various environmental factors and network load) and pricing. The monthly payments are said to cost more than the regular Internet fees, plus customers have to pay for the receiver equipment and shipping fee. You will also need space for the receiver, naturally, so your living arrangement should be a consideration.

ow that we have Ferdinand Marcos Jr. as our incoming president, we all need to end our partisan political engagement and go back to being citizens of the republic. The government needs all hands on deck, especially with our ship Philippines facing such stormy seas up ahead. And all of us, regardless of political color, need to do our part in the democratic process that we promised to uphold. In this journey our country is now in, let us not be barriers but rather guardrails to ensure that we are on the right track. In an interview last week, the presumptive president included transport as one of the areas that his administration will focus on. And studying statements on transport he made during the campaign, as well as during his past public service stint, it can be deduced that he will not just focus on infrastructure development, the so-called “hard” component of the programs, but also on needed transport policies (“soft” component) that will prioritize the interests of the riding public. A possible transport roadmap for the new Marcos administration may include the following vital components: Transport as key driver of re-

gional development—In the said interview, the presumptive president announced his intent to build more seaports and airports to spur domestic economic growth. Most likely, these projects will be via Public-Private Partnership (PPP) given the stressed coffers that the outgoing administration is leaving behind. Mega PPP projects such as the Bulacan and Sangley airports will most likely see fruition. In the meantime, present BBB programs, mostly in the rail sector, will see much of their completion under the new administration, making it the bedrock of land-based commercial and commuter activities. Commuter safety—Then Sen-

There is always that sense of hope among the people every time a new administration comes in, regardless of political affiliations. We are, after all, in the same ship, with the new president as our captain. In this new journey we find ourselves in, and based on the presumptive president’s past pronouncements, I believe we will be on the right track to a more sustainable, technology-based, people- and environment-centered transport roadmap.

ator Ferdinand Marcos Jr. emphasized the need for the safety and convenience of commuters, calling for a Code of Transportation and Commuter Safety, citing that present laws are geared toward protecting transport businesses rather than the commuters. From educating motorists to rehabilitating and improving safety devices, as well as enforcing or enhancing safety regulations, his administration has his work cut out in this much-neglected aspect of transport. Modernization beyond vehicle change—Duterte’s DOTr pushed for public transport modernization focusing on vehicles change, starting with the jeepneys.

But that is just one aspect of the program. Equally important are its other components such as passenger convenience to include PWDs (persons with disability) and operator/driver benefits. And beyond the jeepneys is the modernization of other modes of public transport such as buses, trucks and even the last mile carriers such as tricycles and bicycles. Rationalization with commuters in mind—Hand in hand with commuter safety is commuter convenience. And the beginning of ensuring both the convenience and safety of commuters is having and efficient public transport system. As it is right now, we are nowhere near that. In many road corridors, commuters need to grapple with transport shortage or its extreme, overlapping modes that compete in certain corridors with no end-to-end cohesiveness. Hence, you have an oversupply in one area then a total shortage in another. Immediately needed is an honest national transport corridor-based audit vis-à-vis passenger demand, which I believe has not been done in decades. Added to this is the need to use central depots not just for buses but also for other transportation modes. Green transport—On a bigger scale, commuter protection entails protecting the environment and See “Orbos,” A11

Opinion BusinessMirror

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Tax financing a bankrupt state

BBM’s metanoia Siegfred Bueno Mison, Esq.

THE PATRIOT

Joel L. Tan-Torres

DEBIT CREDIT Conclusion

S I have indicated in my earlier article, enhancement of tax administration and not new tax imposition laws is my preferred option in tax financing a bankrupt state. The Department of Finance has presented to the incoming administration a series of suggestions for a fiscal consolidation and resource mobilization program. These encompass both tax administration and tax legislation measures (https://www.dof.gov.ph/fiscal-consolidationand-resource-mobilization-plan-necessary-to-reverse-p3-2-t-covid-related-debt-and-recover-from-economic-crisis-dof/). I have presented several recommendations for improving the tax administration processes, systems, and structure in this series. These are doable actions, especially with the assistance of digital tools and solutions, and a change of mindset among the stakeholders in the tax community. It is high time that the talks and plans on improvement of the tax system be immediately implemented and the outcomes and benefits secured. I hasten to mention that if at all tax legislation may have to be pursued, I submit that laws be enacted for streamlining the tax administration eco-system. This process should involve a whole of tax community approach. This should be a collaborative effort consisting of the government think tanks (the Senate Tax Research Office, the Congressional Policy and Budget Research Department, Philippine Institute of Development Studies, and National Tax Research Center), the private sector advocacy groups (Tax Management Association of the Philippines, Philippine Chamber of Commerce and Industry, Philippine Institute of Certified Public Accountants, and Integrated Bar of the Philippines), and of course, the taxpayers. The legislative tax measures can follow the initiative of the United States in 2018 of reimagining the Internal Revenue Service to put taxpayers first (https://www.irs.gov/taxpayer-first-act); passing laws on anti-tax abuse and tax-avoidance measures similar to what are developing in a number of coutries; and legislating an effective whistleblowers program, to encourage tax informants to disclose tax evasion practices.

Orbos . . .

continued from A10

here we lag behind, with road transport contributing almost a third of all greenhouse gases emitted in our country. Laws on green vehicles have been lagging in Congress. We have flipped-flopped on the needed roadworthiness tests. Bicycle commuting remains to be for those who ride public transport rather than being an option for private motorists. Technology-driven transport—Many times in the past, Marcos Jr. mentioned science and technology as an equalizer for general development, and he recognized the need for more support for scientists and IT professionals.

The legislative tax measures can follow the initiative of the United States in 2018 of reimagining the Internal Revenue Service to put taxpayers first; passing laws on anti-tax abuse and tax-avoidance measures similar to what are developing in a number of coutries; and legislating an effective whistleblowers program, to encourage tax informants to disclose tax evasion practices. I wind up my 12-part series by thinking aloud that there is hope for a bankrupt state to recover. This should be doable in the shortest time possible. Quick wins and lowhanging fruit solutions should be pursued. The use of available digital tools (not necessary a long term transformation) should be part of the recovery process. A change of mindset, a collaborative effort of stakeholders in the tax community, and an innovative way to effect marked improvements will go a long way towards enhancing tax administration to finance a bankrupt state. 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.

It is then expected that we will see technology-based solutions for transport, which will hopefully include smart cities and sustainable transport technology. There is always that sense of hope among the people every time a new administration comes in, regardless of political affiliations. We are, after all, in the same ship, with the new president as our captain. In this new journey we find ourselves in, and based on the presumptive president’s past pronouncements, I believe we will be on the right track to a more sustainable, technologybased, people- and environmentcentered transport roadmap. The author may be reached via: tmo45@georgetown.edu

hether clad in a Barong Tagalog or in a business suit, the 17th President of the Republic of the Philippines looks dapper in his recent interviews. Though he appears hopeful and forthright, his universal aura is not a far cry from how he looked like more than three decades ago when, at age 28, he stood resolutely next to his dictator-father, dressed in army fatigues the day his family fled Malacañang in 1986. Ferdinand “Bongbong” Marcos Jr. seems to be the same driven, unbendable guy from the archival footage that was circulated on social media during the campaign period. Whether BBM is in fact what his father wrote about in the latter’s diary entries from 1972 (“too carefree and lazy”) is a matter that can be best proved or belied, not in a court trial on the merits, but on the court of public opinion in the coming days.

Based on the official count of Congress, Marcos Jr. won the presidential contest by 31,629,783 votes. He says entrenched in the votes cast are the people’s aspirations for him and for the country thus, he is inspired by the responsibility. What came as a striking avowal from one of his interviews of late was his distinctive appeal to the Filipino people—“I ask you all, pray for me, wish me well. I want to do well because when a president does well, the country does well. And I want to do well for this country.” BBM is certainly cognizant of the existing and far-reaching critique and disapproval of his presidency, if not of his character in the same weight as he is mindful of the massive affirmation of his victory. He therefore takes to task, and expectantly at heart, the humility of seeking a supernatural force so he can carry out the duties of his office exceptionally. Some say a miracle is necessary for BBM to recuperate from the past that continues to hound him. His family name has been made synonymous with corruption and abuses as independent coverage and court

documents proffer irrefutable proof of the massive excesses and human rights abuses during his kin’s rule. With a deposed president for a father and a spendthrift first lady for a mother, the son was always saddled with the “fruit of the poisonous tree” impression. As if this would not suffice for a menacing history, BBM’s performance as an executive and legislative official in his home town at the North is perceived to be less than stellar, an imprint that was carried over during his term as a legislator in the two chambers of Congress. And as matter of judicial notice, court decisions lay a mark on his conviction for tax offenses, as well as an apparent evasion of his family’s duty to settle an estate tax now humongous in amount. With all these facts in tow, some say BBM needs all the prayers he can get, in miraculous proportions to boot! To those whose doubts are still in the nature of the sword of Damocles hanging above President BBM’s head, I say that the future could not be bleak after all. His call for prayer is nothing short of admirable humility. His

Monday, May 30, 2022 A11

choice for his economic team speaks positively about a likely transformation. A 180-degree conversion happened before; it can happen again. Two thousand years ago, the Apostle Paul (or more precisely Saul as he was known at the time), as told in Acts 9:1-19 and retold in Acts 22:6-21 and Acts 26:12-18, was transformed. Before encountering the risen Jesus on the road to Damascus, Paul was a narcissistic authority who was presumed to be religious yet walked the path of a church persecutor. But upon meeting Jesus Christ, the love of God dramatically changed his life and he became one of the church’s most devoted servants. One writer interprets Paul’s epistle in Philippians 4:12 that “he [Paul] understands the necessity of focusing one’s heart and mind on Christ rather than the things of this world; including money, power, control, and fame, and fortune.” In his younger years, BBM may well have been exposed to these elements of power and abundance. While he may have commenced his presidency with a humbling call for spiritual intercession, true transformation entails a “change of mind,” or more appropriately, “right believing.” The word repentance in the New Testament of the Bible is the Greek word “metanoia”—meaning, “a change of mind” (Meta for change, and noia referring to the mind). Any person, BBM included, can say one thing but do another. We can claim we have been transformed yet remain unchanged in mindset as seen in our actions. Strong statements and passionate emotions do not equal transformation. As one pastor enunciates, “it is ‘right believing’ that brings about true repentance [change of mind] and hence genuine transformation.” My prayer, and perchance the prayer of every Filipino, is for BBM and the whole of the Philippine citizenry not to be trapped in a “cycle of defeat and hypocrisy” or be swayed by man-centered teachings of repentance that can sound

Bloomberg Opinion

S border curbs and mandatory quarantines fall away, a fresh challenge is emerging for global aviation—rehiring staff fast enough to cope with a rebound in air travel that is already straining the industry. Singapore, which has flung open its borders again, is hosting a two-day job fair through May 28 targeting everyone from graduates to mid-career professionals and former aviation workers who

quit during the Covid crisis. Over 6,600 positions are available at the country’s airport, often voted the world’s best. The task is to lure people to work in an industry that’s been decimated by the virus. Job losses and pay cuts hit aviation workers hard, and many have taken up other, less volatile careers. That’s resulted in a lack of manpower to properly handle the recovery. Sydney Airport has struggled with queues and flight disruptions, while staff shortages at London’s Heathrow Airport hurt the earnings of British Airways Plc parent IAG SA. The country’s flag carrier, Singapore Airlines, is also ramping up its workforce

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.

Seychelles says the rich world is failing on climate By Antony Sguazzin & Kamlesh Bhuckory Bloomberg Opinion

limate-aid pledges by industrialized nations are worthless, says the leader of the Seychelles, an Indian Ocean archipelago threatened by rising sea levels.

Promises made at COP26, the United Nations climate change conference in November, have not been met, said President Wavel Ramkalawan, adding that he expects nothing better at this year’s event. “I am totally disappointed. The big promises, the commitments and everything else, not one cent has come through,” the leader said in an interview from his office in Victoria, the capital, on Thursday. This year “my expectations are not that high, but we have to go through the motions I guess,” he said. Wealthy countries agreed at the summit in Glascow to double the funding they give to poor nations to cope with climate change, without giving a specific figure. This year’s COP27 will be in Egypt and is expected to focus on Africa’s needs. A pledge made years ago to give $100 billion in funding annually wasn’t met. Ramkalawan, 61, called for a revamp of the way the need for grants and concessional finance to counter

the impact of a warming planet— currently focused on wealth—is assessed. While states such as the Seychelles aren’t among the poorest, rising sea levels threaten to swamp the beaches they rely on for tourism dollars and, in cases such as the Maldives, flood the amount of land where people can live. “We are labeled a high-income earning country and therefore the West will tell us now ‘we can’t make any grants’. They prefer to give their money to countries that waste everything, where things just don’t happen,” he said. “We need to establish a vulnerability index” that will allow us to receive assistance, he said. Such an indicator is being promoted by a UN office that represents least-developed countries, landlocked states and small island developing nations, or SIDS.

‘Biggest trouble’

“Most SIDS are not the poorest

nations: but their costs are so much greater—and accessing financing is more difficult,” the UN office said on its website. “SIDS have the smallest carbon footprint but find themselves in the biggest trouble. SIDS are responsible for only 0.2 percent of the global carbon emission and yet suffer most from the impact of climate change.” Seychelles, with a population of just under 100,000, has gross domestic product per capita of about $10,764, according to the World Bank. That compares with an average of about $1,501 for sub-Saharan Africa. Ramkalawan argues that his government is already working hard to protect the environment. Together with Mauritius—another Indian Ocean island nation with which Seychelles competes to lure tourists to palm-fringed beaches —it’s managing the Saya de Malha Bank, the largest seagrass meadow in the world. The underwater ecosystem, which is bigger than Switzerland, is a so-called carbon sink, storing emissions that would otherwise contribute to global warming. It’s also pushing for the Aldabra Atoll, the second-largest coral island and home to 152,000 giant tortoises, to receive Unesco biosphere reserve status.

Aviation jobs up for grabs as Singapore races to recruit By Anurag Kotoky & Nurin Sofia

so well. Genuine transformation can only be made possible through a personal encounter with Jesus, just like the experience and transformation of the Apostle Paul. President-elect BBM asked us to pray for him, which can be seen as an early indication of his metanoia. Any person, BBM included, can surely and genuinely be transformed if he has the right sense of believing to begin with. Over time, we may all be looking at a converted Marcos Jr. whose metanoia dramatically made the country better. The late President Noynoy Aquino was known for saying “Kayo ang Boss Ko!” to indicate that he is and will be the servant of the people during his term. What a wonderful Philippines it could be if President BBM would say “Ang Diyos ang Boss Ko!” in keeping to what the Bible tells us in Colossians 3:23, “Whatever you do, work at it with all your heart, as working for the Lord, not for human masters.” With God’s grace and prayers from well-meaning Filipinos, I hope and pray that BBM, as the head of this nation, can shred his clothes as the son of a dictator and start wearing the armor of God, sooner rather than later, to protect him against evil that lurk in the horizon. Discard that Barong Tagalog or that business suit. Believers, myself included, prefer to see BBM wearing the armor of God—“the belt of truth, breastplate of righteousness, shoes of peace, shield of faith, helmet of salvation, and the sword of the spirit, which is the Word of God” (Ephesians 6:10-18).

as travel to one of Asia’s largest aviation hubs rebounds. The airline plans to hire about 2,000 cabin crew by March 2023, Straits Times reported, citing Chief Executive Officer Goh Choon Phong.

Career change

“People may be thinking twice about returning to such a cyclical industry, especially with economic growth concerns on the horizon,” said Jason Sum, an analyst at DBS Bank Ltd. Hong Kong’s Cathay Pacific Airways Ltd., which saw its workforce shrink 37 percent from a 2019 high to the end of 2021, sent out e-mails to hundreds of

former cabin crew to gauge their interest in rejoining the company, according to a person familiar with the matter. It’s an uphill task for a carrier hit harder than most due to Hong Kong’s travel restrictions. In its recently released 2021 sustainability report, Cathay said the number of permanent employees voluntarily leaving jumped to a record 17 percent. Two-fifths of all departures were aged under 30, a sign that younger people may have concluded that aviation isn’t a viable career. In the US, which reopened quicker than Asia, thousands of flights were

canceled by Southwest Airlines Co. and American Airlines Group Inc. last year partly due to crew issues. Dutch airline KLM capped the sale of flights from its Amsterdam Schiphol hub due to an acute shortage of airport security staff.

Travel Strains

Airline passengers, having been starved of travel options for so long, are getting frustrated as the impact of staffing shortages becomes clear. According to SITA Baggage IT Insights, airlines mishandled 24 percent more bags in 2021 than in 2020, as international and long haul flights resumed.

By preserving marine environments, Seychelles could generate blue carbon—credits that could be sold to polluters to offset their emissions. Still, its more than 100 islands are already under threat from climate change.

‘Island boy’

While the bulk of its people live on granitic outcrops that rise as much as 3,000 feet above sea level, meaning they are unlikely to see their homes ruined, the coral islands on the periphery of the archipelago are under threat from rising waters. “We are seeing how certain islands are already changing shape,” the president said. “It’s scary, because the trees are falling, the sand dunes are starting to disappear.” For now, Ramkalawan, who says he may seek a second term in three years time, will continue to protect the environment by saving mangrove swamps and ensuring that stocks of red snapper, octopus and sea cucumbers are harvested sustainably. “I personally want to continue to live as this island boy, I want to continue to see the stars at night,” said the nation’s leader, who is also an Anglican priest. “I want to be able to go in the ocean, to snorkel and admire the beauty of the reefs.”

In India, 79 percent of customers said service and the behavior of airline staff has deteriorated sharply since Covid, a survey undertaken for Bloomberg News shows. SpiceJet, IndiGo Faulted for Poor Service and Behavior Hiring at Singapore’s Changi Airport will be focused on front-line passenger-service positions, cargo, retail and cleaning, the airport operator said. Before Covid, air transport and spending by foreign tourists arriving in Singapore by air contributed 11.8 percent to the local economy and supported 375,000 jobs, according to the International Air Transport Association.

A12 Monday, May 30, 2022

PHL PUSHES SAFE WORK RULES, BUT UNIONISTS’ SLAYS FESTER By Samuel P. Medenilla @sam_medenilla

ABOR officials will push for mainstreaming of safe working conditions amid the pandemic as well as the standardization of apprenticeship schemes during the ongoing 110th Session of the International Labor Conference (ILC). However, the Philippine contingent may also be faced with issues concerning the reported killings and harassment of local labor unionists, expected to be raised again by labor groups during the event.

Fundamental principles

THE Department of Labor and Employment (DOLE) said it will back the agenda of the International Labor Organization (ILO) in the ILC in Geneva, Switzerland, which started last Friday and will last until June 11, 2022. Labor and Employment Secretary Silvestre H. Bello III said they want to include safe and healthy working conditions in the International Labor Organization’s (ILO) framework of fundamental principles and rights at work (FPRW). “More than ever, our obligation and commitment to the life, health, and dignity of workers

cannot be overemphasized,” Bello said in a statement on Sunday. If the proposal is approved in the ILC, it will make healthy working conditions binding for all states, regardless of whether or not they ratified relevant Conventions. T he FPRW cur rently includes freedom of association and the effective recognition of the right to collective bargaining, the elimination of forced or compulsory labor, the abolition of child labor, and the elimination of discrimination in respect of employment and occupation.

New standards

BELLO said the Philippine contingent in the ILC will also participate in the proposed creation of an international labor standard for apprentices. ILO considers apprentices as “a unique form of technical vocational education” thus needing new standards. The contingent will also join the discussions for the creation of a social and solidarity economy mechanism for the ILO Declaration on Social Justice for a Fair Globalization to promote “decent work agenda.” The Philippine contingent in the ILC led by Bello is composed of six other labor officials. Continued on A6

Study COA coco levy report, DOF orders trust fund execs

By Bernadette D. Nicolas @BNicolasBM & Manuel T. Cayon @awimailbox Mindanao Bureau Chief

INANCE Secretary Carlos G. Dominguez III has ordered the conduct of a thorough study on the Commission on Audit (COA) report on the status of the coconutlevy acquired assets. Dominguez directed Finance Undersecret a r y a nd Coconut Farmers and Industry Trust Fund (CFITF) manager Antonette Tionko and the TFMC Secretariat, headed by National Treasurer Rosalia de Leon, to do the study given the volume of data involved in the COA audit. Chaired by Dominguez, the TFMC is tasked to oversee the utilization of the CFITF. According to the Department of

Finance, the Presidential Commission on Good Government (PCGG) reported that the value of coco levy assets amounted to P113.88 billion as of December 2020. However, COA found out in its audit that this was overstated by P2.63 billion, with its adjusted tally amounting to P111.25 billion. “Please go over this report and parse it, and to go through this with a fine-tooth comb, and report to the Committee as soon as

possible of what is the real status of the assets, what can be disposed, what cannot be disposed, what’s tied up in court, and other related matters,” said Dominguez at the 7th TFMC meeting on May 4, 2022, when COA presented a brief report of its audit. The report by the Commission on Audit (COA) on the status of the coconut levy-acquired assets should be a good starting point to proceed with the coconut levy fund issue that continued to hound the countr y for five decades, Dominguez said. Dominguez also commended COA for its “heroic effort” of examining the extensive amount of data on the coco levy assets. “Thisisaverygoodbeginningand, as Undersecretary Tionko said, we will continue to engage with you to go through the fine points and to report in great detail,” Dominguez told the COA team led by Commissioner Roland Pondoc. Under Republic Act No. 11524 creating the CFITF, the COA is mandated to audit the inventory done by the PCGG on the coco levy assets “to determine the completeness of said inventory, establish the reasonableness of the asset valuation, trace the flow of the coconut levy funds, and to

determine compliance with pertinent laws, rules and regulations on the reconveyance of the Coconut Levy Assets and/or Funds to the Republic.” Tionko said the COA audit is a “good starting point” in determining how to properly dispose of the coco levy assets and in coming up with an investment portfolio strategy for the benefit of the coconut industry and the country’s estimated 2.5 million coconut farmers. During the meeting, the Philippine Coconut Authority also presented to the TFMC the status of the implementation of the Coconut Farmers and Industry Development Plan. The TFMC also resumed discussions on the legal options available to speed up the disposal of several coco levy assets so that their proceeds can be used for the benefit of the country’s coconut farmers. The meeting was also attended by, among others, TFMC members Justice Secretary Menardo Guevarra and Budget Officer-in-Charge (OIC)-Secretary Tina Rose Marie Canda; OIC Deputy Treasurer Eduardo Mariño; PCGG Chairman John Agbayani; and Land Bank of the Philippines Senior Vice President Gonzalo Bongolan.

China ‘harasses’ PHL research, exploration ships–US think tank By Malou Talosig-Bartolome @maloutalosig

HINA has allegedly harassed marine research and hydrological exploration activities inside the Philippine exclusive economic zone since March, the USbased think tank Asia Maritime Transparency Initiative reported. “Chinese coast guard and militia dangerously harassed Philippine and Taiwanese vessels in the Philippine EEZ in three separate showdowns in March and April. Beijing giving the Marcos admin a preview of what it can expect,” Greg Poling, senior fellow and director of AMTI wrote on Twitter. The first incident happened last March in a “cat-and-mouse” chase involving the Taiwanese research vessel, The Legend, that started northwest of Babuyan Islands in Batanes and ended near the Panatag (Scarborough) Shoal in Zambales. The Legend was conducting hydrographic surveys off Babuyan Islands when a Coast Guard vessel based in Panatag (Mischief) Reef began shadowing it dangerously close at a distance of 2-3 nautical miles on March 24. Taipei immediately dispatched its own Coast Guard from Pratas Island and maneuvered to keep the Chinese Coast Guard away from the Legend for two days. China continued to shadow Legend when it moved closer to the Philippine coast, towards the disputed Scarborough Shoal. It was during this time that the Philippine Coast Guard patrol vessel BRP Capones accompanied the Taiwanese vessel. The Chinese Coast Guard stopped tailing the Taiwanese vessel when the latter returned to Taiwan on April 9. The second incident happened on April 4, around 60 miles off the western coast of Palawan. A Norwegian survey ship, the Geo Coral and its supply ship Mariska G were contracted to conduct seismic surveys by the PXP Energy Corp. near Recto (Reed) Bank, southwest of the Malampaya gas field. They had just arrived at SC 75 when they picked up a tail from a Chinese Coast Guard vessel.

AMTI’s infograph shows the incidents involving the Norwegian survey ship, the Geo Coral and its supply ship Mariska G, which were contracted to conduct seismic surveys by the PXP Energy Corp. near Recto (Reed) Bank, southwest of the Malampaya gas field, at SC 75.

The Chinese Coast Guard vessel followed the two vessels until the Philippine Department of Energy ordered PXP Energy to put on hold all exploration activities for SC 75 and SC 72. On April 21, Chinese law enforcement and militia ships again interfered with Philippine research activity. The M/V DA BFAR, a 60-meter research vessel operated by the Department of Agriculture’s Bureau of Fisheries and Aquatic Resources, was heading for Ayungin (Second Thomas) Shoal when a Chinese Coast Guard vessel pursued the DA BFAR at “extremely close distances, coming as close as 100 meters in multiple instances.” Then another Chinese Coast Guard vessel and two Hainan-based militia vessels closed in from the north. Feeling the pressure, the DA BFAR retreated toward Pag-asa Island. Then the Philippine Coast Guard’s BRP Cape Engaño later on approached the Ayungin Shoal and was again shadowed by the same Chinese Coast Guard vessel and militia vessel that harassed DA BFAR at distances of “approximately 1 nautical mile.” The three vessels were around 6 nautical miles east of the Ayungin shoal when three more Chinese militia vessels came and flanked them

to the east of Cape Engaño. A standoff ensued for several hours, and Cape Engaño later turned back eastward, before heading toward unoccupied Whitsun Reef. “A ll three incidents demonstrate Beijing’s determination to control maritime activity within the nine-dash line, and to create a high risk of collisions at sea to do so. In one instance, its tactics clearly succeeded, convincing the Philippines to backpedal on an October 2020 decision to lift a nearly decade-old moratorium on oil and gas exploration in areas of its continental shelf that fall within the nine-dash line. This follows a complete lack of progress on joint exploration despite a 2018 memorandum of understanding with Beijing, making it unclear whether the Philippines will ever be able to access its hydrocarbon resources at Reed Bank,” the AMTI said. “On other fronts, Philippine law enforcement, navy, and marine science actors have been stepping up their activities in the South China Sea despite an increasingly assertive China. But with a new administration taking power at the end of June, it remains to be seen how forcefully the Philippines will continue to assert those rights,” it added.

Companies

Editor: Jennifer A. Ng

Monday, May 30, 2022

ERC issues GEAR prices

By Lenie Lectura

@llectura

he Energy Regulatory Commission (ERC) has released the Green Energy Auction Reserve (GEAR) prices for the first round of the Green Energy Auction Program (GEAP).

The GEAR price for solar is P3.6779 per kilowatt hour (kWh), P6.0584 per kWh for wind, P5.0797 per kWh for biomass, and P5.4913 per kWh for run-of-river hydro. These shall serve as the ceiling price for the first round of the auction that would be conducted by the Department of Energy (DOE). “We have set the GEAR Prices for

each type of technology consistent with the Notice of Auction of the DOE setting the auction capacities on a per technology basis, and using the Discounted Cash Flow Model with 46 parameters and assumptions for each technology,” ERC Chairperson and CEO Agnes VST Devanadera said. The ERC, in accordance with its mandate under Section 25 of the

Electric Power Industry Reform Act, is tasked to allow the recovery of prudent and reasonable economic costs incurred, consistent with the declared policy to ensure transparent and reasonable prices of electricity in a regime of free and fair competition and full public accountability, in order to achieve greater operational and economic efficiency and enhance the competitiveness of Philippine products in the global market. The approved GEAR prices considered the stakeholders’ comments, inputs, and concerns before and after the public consultation held last April 12. The financial model used by the ERC does not allow any escalation or adjustment due to changes in foreign exchange and inflation, therefore, the GEAR prices are fixed during the whole life of the project. Further, the GEAR Prices are low-

er or within the range of the recent Power Supply Agreements (PSA) for newly constructed plants or plants that are ongoing construction, taking into consideration the approved rates and the escalation/ adjustment provisions of these PSAs. “In the determination of a representative project and the computation of the GEAR Prices, the Commission was guided by the principle of efficiency and international benchmarks to ensure that only the cost of efficient plants will be passed on to consumers,” Devanadera added. The implementation of GEAP is seen to encourage greater private sector participation in the generation sector through renewables. With GEAP, the country’s renewable energy program will be met particularly in targeting the attainment of the 35-percent RE share in the generation mix by 2030.

Balai ni Fruitas IPO secures nod of PSE T he Philippine Stock Exchange (PSE) has approved the P309.37-million initial public offering (IPO) of Balai ni Fruitas Inc., a company engaged in fruit-based beverages and desserts and baked goods. The company will list on the small, medium and emerging board of the PSE under the trading symbol BALAI. Balai’s shares will be sold at a

price of up to P0.75 apiece from June 17 to 23. The company will offer up to 325 million primary shares and 50 million secondary shares with up to 37.50 million over-allotment option shares. The final offer price will be determined on June 14, after the company conducts its book building exercise. “We are on track to have the most number of SME Board list-

ings in a year with the IPO of Balai ni Fruitas. The company’s debut will also expand the mix of SME firms listed as Balai is the first food and beverage business to list on this board,” PSE President and CEO Ramon S. Monzon said. Net proceeds from the sale of the primary shares of about P220.4 million will be used by the company for store network expansion, commissary setup and introduction of new

concepts and potential acquisitions. Meanwhile, assuming the oversubscription option is fully exercised, the selling shareholder can net up to P65.6 million from the sale of the secondary shares. VG Cabuag

PLDT targeting to complete migration program by 2023

ELECOMMUNIC ATIONS titan PLDT Inc. aims to complete the migration of its copper and hybrid-fiber broadband customers by 2023 with the first phase of this migration program set to be completed within the quarter. PLDT SVP and Head of Consumer Business Jeremiah de la Cruz said the group will complete the migration of its ADSL—or asymmetric digital subscriber line, which essentially runs on copper technology—subscribers within the second quarter of the year. “We are on track to meet it by the end of the second quarter when ADSL subscribers would have been migrated to our fiber network,” he said. Another 250,000 customers under VDSL—or very high-speed digital sub-

scriber line, which essentially is a hybrid line of both fiber and copper—will be migrated to fiber by 2023. “We have about 240,000 to 250,000 homes that are actually on VDSL. The next focus is to migrate them to fiber. We absolutely want to have that done by the end of 2023,” de la Cruz said. Once completed, PLDT Home will “be focused on fiber as our technology moving forward.” PLDT Home added 213,000 new fiber-to-the-home subscribers in the first three months of the year, pushing total fiber-to-the-home customers to a market-leading 2.6 million. The business vertical ended March with a total subscriber base of 3.1 million, including non-fiber broadband customers. Lorenz S. Marasigan

Companies BusinessMirror

Monday, May 30, 2022

Megaworld to infuse more properties into subsidiary

By VG Cabuag

@villygc

reit Inc. said its sponsor, Megaworld Corp., will infuse P15 billion worth of commercial assets that are mostly located outside of Metro Manila into the company. “For our next infusion, we are already considering properties from townships in key growth areas outside of Metro Manila where Mreit does not have a presence yet. This will further diversify our portfolio and allow us to tap into other growth centers around the country,” Kevin Andrew L. Tan, Mreit president and CEO, said. The said announcement follows last month’s injection of P5.3 billion worth of assets via a property

for share swap between Mreit and Megaworld. “In line with our vision, we prepared a roadmap that calls for the expansion of Mreit’s property portfolio to 1 million square meters before the end of the decade,” Tan said during Mreit’s annual stockholders’ meeting. “Given our access to Megaworld’s extensive office portfolio amounting to 1.4 million square meters, we believe that this is achievable. In 2022 alone, we are looking to acquire up to

SEC director is one of Asia’s sustainability champions for 2021

ecurities and Exchange Commission (SEC) Director Rachel Esther Gumtang-Remalante has been named as one of Asia’s Top Sustainability Superwomen for 2021, in recognition of her role as sustainability champion for the Philippine corporate sector. Remalante joins the list of 10 women from Asia who showed their excellence and contribution toward driving change and making a longlasting impact in the area of sustainability. “I am deeply honored to join the ranks of women who have made significant strides in ensuring sustainability for their organizations,” she said. Remalante currently heads the SEC’s Corporate Governance and Finance Department (CGFD), where she has spearheaded several programs in line with the Commission’s pursuit of sustainable practices. As CGFD director, Remalante was instrumental in the issuance of a memorandum circular that requires publicly-listed companies to submit a separate document on sustainability reporting.

With the issuance of the guidelines, the SEC was awarded the International Standards of Accounting and Reporting (ISAR) Honours, given by the United Nations Conference on Trade and Development in Geneva, Switzerland in October 2019. Remalante also initiated the agency’s own issuance of its sustainability report. The SEC partnered and collaborated with international independent standards firm Global Reporting Initiative for the creation of a technical working group that would be in charge of releasing the SEC’s first sustainability report, set to be published this year. She also ensured the SEC’s adherence to good corporate governance practices, which led to several awards from both local and international firms. This includes the 3G Advocacy and Commitment to Corporate Governance Award 2021 in the 6th Global Good Governance Awards (3G Awards) conferred by Londonbased Cambridge IFA, as well as the Best Sustainability Company of the Year given by the Asia CEO Awards in October 2021. VG Cabuag

P20 billion worth of office properties from our sponsor.” Mreit started its expansion drive shortly after its listing in October, when the company acquired four properties before the year-end for a total consideration of P9.1 billion. As a result of this acquisition, the company is now looking at declaring dividends equivalent to P1 per share this year, which is 6 percent higher than originally contemplated in the real estate investment trust plan. Once the pending acquisitions are completed, Mreit’s portfolio will cover 18 office properties in four Megaworld premier townships in Eastwood in Libis, Quezon City, McKinley in Taguig and Iloilo Business Park. Mreit said its income for the first three months of the year came in at P687.17 million, a reversal of the previous year’s P12.47-million loss, while revenues came in at P901.56 million. At the end of 2021, the company had a net income of P2 billion and

revenues of P1.46 billion as it completed the acquisition of properties from its sponsor Megaworld. Distributable income for the first quarter reached P639 million, 18 percent higher compared to the previous quarter as the company’s recent acquisitions provided their first full quarter contribution during the period. The company earlier said it will acquire additional four prime properties worth P5.3 billion. The acquisition will be undertaken via a property for share swap and is subject to the approval of the Securities and Exchange Commission. Once completed, the acquisition will expand Mreit’s gross leasable area portfolio by 16 percent to 325,000 square meters. “We hope to complete the acquisition within the month of May. We look forward to the completion of this deal as it will further cement Mreit’s presence in the Fort Bonifacio area, which continues to command one of the highest rental rates in the Philippines today,” Tan said.

STOCK-MARKET OUTLOOK Last week

Share prices were slightly down last week as higher consumer prices continued to spook investors. The benchmark Philippine Stock Exchange index lost 20.19 points to close at 6,726.14 points. The main index continued its decline during the first two days of the week, falling the most on Tuesday, when it lost 1.6 percent to close at the 6,500-point level. It recovered during the three successive sessions after President-elect Ferdinand Marcos Jr. announced the nomination of familiar faces for his economic team. The recovery, however, was not enough to offset the huge fall early in the week. Average daily trading for the week was low at just P5.88 billion, while foreign investors, which now made up more than half of the trades, were net sellers at P9.84 billion. All other sub-indices ended in the red, with the exception of the Services index which gained 11.40 points to close at 1,907.12 points. The broader All Shares index shed 17.11 to 3,596.13, the Financials index lost 16.46 to 1,606.93, the Industrial index declined 15.88 to 9,435.29, the Holding Firms index retreated 37.59 to 6,152.73, the Property index was down 8.38 to 3,060.61 and the Mining and Oil index dropped 32.20 to 11,654.50. For the week, losers edged gainers 132 to 83 and 33 shares were unchanged. Top gainers were Easycall Communications Philippines Inc., MJC Investments Corp., Harbor Star Shipping Services Inc., Lodestar Investment Holdings Corp., Mabuhay Vinyl Corp., iPeople Inc. and Liberty Flour Mills, Inc. Top losers were Primex Corp., Lorenzo Shipping Corp., PH Resorts Group Holdings Inc., TKC Metals Corp., Macay Holdings Inc., ATN Holdings Inc. B and SOCResources Inc.

This week

Share prices may continue to decline this week as investors will start pricing in the latest round of the interest rate hike by the Bangko Sentral ng Pilipinas (BSP), possibly in June. There will also be a consolidation of prices after the previous week’s V-shaped recovery of the main index. Broker 2TradeAsia said there will be another round of volatility in the coming sessions after the BSP governor hinted at another interest rate hike in the June meeting of the policy-making Monetary Board. This is to keep up with rising inflation in the country and also with the US Federal Reserve’s possible move to raise its rates by 50 basis points for June and July. “Despite lack of severe market reaction from the (BSP’s) first 25 basis points rate hike, some risk off attitude is warranted,” the broker said. “The combined rate hikes (of the BSP and US Fed) is one of the fastest in the past decade and should douse inflation fears, but will tighten valuations and crimp capex [capital expenditure] plans for the second half of the year and 2023.” Investors will also digest the moves of the Marcos administration’s new economic team, which will start its meetings with the current administration for a smooth transition of power by the end of June. Immediate support for the main index is seen at 6,400 points and resistance at 6,900 to 7,000 points.

Stock picks

Broker Regina Capital Development Corp. advised to buy on pullbacks in the stock of Robinsons Land Corp. (RLC) after the stock climbed for four consecutive trading days last week. “Market players look like they are keeping an eye on this stock” as its technical readings showed bearishness on the stock, the broker said. “Nonetheless, the playability for this stock hasn’t died down yet for investors to catch on to pullbacks.” RLC shares closed Friday at P18.74 apiece. Meanwhile, the broker advised to buy when its support price holds on the stock of Ayala Land Inc. after it extended its loss during last week’s trading, but still within the consolidation range. “Based on the technical indicators, the bears picked up along with increasing momentum with relatively low buying pressure. There might be a continued sell-down as the stock is already approaching the oversold condition,” it said. It placed a support price for the stock at between P26.70 to P27.50. Ayala Land shares closed last week at P28.85 apiece. VG Cabuag

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

May 27, 2022

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL NTL REINSURANCE PHIL STOCK EXCH

96,590 317,250,996 641,957 120,947,798 1,426,075 3,286,280 87,367,934.50 496,300 1,467,822 6,882 1,135 765,448 108,019,504.50 3,474,945.50 42,490 122,370 379,000 1,188,255

30,590 103,620,496 990 -22,968,965.50 8,070 -2,405,791 30,025,236 70,000 -1,864 50,000 -2,204,595.50 619,262 -463,970

INDUSTRIAL AC ENERGY 6.95 7 6.9 7.08 6.9 6.95 19,257,900 134,843,652 ALSONS CONS 1 1.01 1.01 1.01 1.01 1.01 21,000 21,210 ABOITIZ POWER 30.4 30.5 30.5 31 30.4 30.5 929,100 28,424,280 BASIC ENERGY 0.39 0.4 0.41 0.41 0.39 0.4 10,880,000 4,339,550 FIRST GEN 19.2 19.72 19.58 19.9 19.2 19.2 1,234,800 23,899,166 FIRST PHIL HLDG 67 67.5 67 67.5 67 67.5 9,130 612,836 MERALCO 356 360 359.6 360 352.2 360 101,000 36,251,142 MANILA WATER 18.7 18.76 18.76 18.88 18.7 18.7 444,900 8,338,512 PETRON 3.21 3.24 3.23 3.25 3.2 3.24 223,000 720,030 PETROENERGY 4.9 5.02 4.9 5.02 4.9 5.02 1,800 8,832 PHX PETROLEUM 9.07 9.86 9.86 9.86 9.86 9.86 15,000 147,900 SYNERGY GRID 12.84 12.9 12.96 12.98 12.8 12.9 1,800,400 23,251,060 PILIPINAS SHELL 18.44 18.5 18.4 18.5 18.4 18.44 64,800 1,196,768 SPC POWER 12.98 13 12.96 13 12.96 12.98 264,200 3,432,428 SOLAR PH 1.84 1.85 1.79 1.86 1.78 1.85 98,385,000 179,437,250 AGRINURTURE 4.69 4.73 4.77 4.79 4.7 4.73 28,000 132,830 AXELUM 2.32 2.36 2.34 2.36 2.32 2.36 278,000 653,950 CENTURY FOOD 21.3 21.35 21.35 21.45 21.1 21.3 701,600 14,923,520 DEL MONTE 13.22 13.38 13.36 13.4 13.2 13.38 15,200 200,820 DNL INDUS 7.22 7.24 7.27 7.3 7.09 7.24 160,800 1,153,420 EMPERADOR 18.1 18.22 18.2 18.22 17.92 18.22 804,400 14,523,676 SMC FOODANDBEV 61.15 61.6 62 62.15 61.15 61.6 116,830 7,187,511 FIGARO COFFEE 0.495 0.5 0.5 0.52 0.5 0.5 3,250,000 1,634,000 FRUITAS HLDG 1.07 1.08 1.09 1.1 1.05 1.08 18,552,000 19,870,260 GINEBRA 106.6 110.5 108.1 110.5 106.6 110.5 11,330 1,212,196 JOLLIBEE 212.8 213 214 216 212 213 798,060 170,601,380 KEEPERS HLDG 1.18 1.19 1.18 1.19 1.16 1.18 517,000 610,990 MAXS GROUP 5.49 5.5 5.6 5.76 5.49 5.5 124,100 688,373 MG HLDG 0.121 0.128 0.12 0.128 0.12 0.128 1,980,000 237,680 MONDE NISSIN 16.64 16.68 16.4 16.68 16.32 16.68 24,215,000 401,044,490 SHAKEYS PIZZA 7.38 7.45 7.41 7.5 7.38 7.38 163,400 1,209,692 ROXAS AND CO 0.55 0.57 0.53 0.58 0.53 0.57 1,791,000 1,001,330 RFM CORP 4.2 4.3 4.29 4.29 4.2 4.2 5,000 21,090 SWIFT FOODS 0.099 0.102 0.099 0.099 0.099 0.099 100,000 9,900 UNIV ROBINA 105.3 105.7 104.1 105.7 103.6 105.3 1,338,790 140,533,894 VITARICH 0.62 0.63 0.61 0.63 0.61 0.61 1,195,000 728,970 CEMEX HLDG 0.74 0.75 0.73 0.76 0.71 0.74 2,050,000 1,494,740 EAGLE CEMENT 12.1 12.26 12.3 12.3 12.26 12.26 18,600 228,658 EEI CORP 3.54 3.6 3.66 3.66 3.54 3.54 542,000 1,924,990 HOLCIM 5.34 5.48 5.34 5.48 5.34 5.48 35,500 192,713 MEGAWIDE 4.39 4.42 4.43 4.43 4.33 4.42 121,000 529,600 PHINMA 19.9 19.92 19.92 19.92 19.9 19.92 19,500 388,140 TKC METALS 0.67 0.68 0.67 0.7 0.66 0.68 329,000 221,410 VULCAN INDL 0.86 0.87 0.85 0.87 0.84 0.87 929,000 792,280 CROWN ASIA 1.81 1.83 1.85 1.85 1.78 1.78 3,000 5,410 EUROMED 1.06 1.07 1.07 1.07 1.02 1.06 70,000 73,020 LMG CORP 3.6 4.29 3.6 3.6 3.6 3.6 1,000 3,600 MABUHAY VINYL 5.3 5.39 5.38 5.39 5.38 5.39 2,000 10,778 PRYCE CORP 5.5 5.59 5.4 5.6 5.4 5.6 3,000 16,400 CONCEPCION 18 18.98 19 19 18 18.98 700 13,198 GREENERGY 1.76 1.77 1.72 1.79 1.72 1.77 10,040,000 17,707,540 INTEGRATED MICR 6.95 6.99 6.99 7 6.95 6.99 15,100 105,301 PANASONIC 5.93 6.1 6.1 6.2 5.8 6.1 71,900 428,694 SFA SEMICON 1.07 1.1 1.12 1.12 1.12 1.12 3,000 3,360 CIRTEK HLDG 2.84 2.85 2.93 2.93 2.82 2.84 1,347,000 3,837,840

28,457,505 1,010 -495,960 -5,459,832 -99,900 11,790,858 -1,232,358 8,031,314 1,300 1,487,390 -19,050.00 -129,360 63,310 -500,062 4,469,580 396,397.50 500,000 52,500 324,278 -14,624,918 11,600 -653,364 87,873,382.00 -334,326 -54,638,109 -165,970 -195,498 3,600 -318,510 -64,540 -1,154,600 -6,990 -

HOLDING & FRIMS

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG GT CAPITAL JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP METRO PAC INV PACIFICA HLDG PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER ZEUS HLDG

43.7 126.8 9.96 95.4 26.7 7.15 53.15 6.81 18.64 56 90.2 20 91 80.8 2.02 3.49 0.65 190.1

1.3 679.5 50.9 10.82 8.95 0.89 0.455 4.71 8.8 509.5 51.25 0.52 2.97 8.3 3.84 2.58 1.72 0.85 838.5 103.8 110.1 0.159

44.95 127.3 9.98 95.6 26.95 7.18 53.8 7 18.74 57.35 114 20.2 91.3 80.9 2.09 3.5 0.67 193.9

1.31 680 51 10.9 9.1 0.92 0.49 4.72 8.83 510.5 51.35 0.57 2.99 8.31 3.87 2.8 1.76 0.88 840 104.7 115 0.16

43.7 124 9.9 96 26.9 7.24 52.75 7 18.8 57.35 113.5 20 91.05 80.3 2 3.5 0.66 195

1.31 668 49.6 10.66 9 0.88 0.445 4.66 8.96 504.5 51.55 0.51 2.99 8.34 3.86 2.79 1.71 0.91 837 104.8 108.3 0.158

44 127.3 9.99 96.45 26.9 7.28 53.8 7 18.8 57.35 113.5 20 92 81 2.09 3.5 0.66 195

1.31 682 51.45 10.9 9 0.88 0.49 4.71 8.96 516 51.9 0.57 2.99 8.41 3.87 2.84 1.85 0.91 839.5 104.8 115 0.16

43.7 123.5 9.9 94.25 26.6 7.13 52.5 7 18.34 57.35 113.5 19.96 90.8 80.3 2 3.49 0.65 190

1.3 666.5 48.25 10.6 9 0.88 0.445 4.65 8.7 504.5 50.8 0.51 2.96 8.28 3.81 2.79 1.71 0.88 834.5 104 108.3 0.158

44 127.3 9.98 95.6 26.7 7.15 53.8 7 18.74 57.35 113.5 19.96 91 80.8 2.09 3.49 0.65 190.1

1.31 679.5 51 10.9 9 0.88 0.49 4.71 8.8 510.5 51.35 0.57 2.96 8.31 3.87 2.84 1.76 0.88 838.5 104.7 115 0.16

2,200 2,519,850 64,400 1,266,870 53,300 458,400 1,639,560 70,900 78,300 120 10 38,300 1,183,370 43,040 21,000 35,000 580,000 6,140

5,754,000 299,640 2,724,400 2,310,600 100 55,000 2,150,000 506,000 3,087,700 144,870 2,751,880 106,000 360,000 2,166,200 12,199,000 5,000 367,000 26,000 199,820 170,000 610 100,000

7,493,800 203,212,650 138,777,330 24,908,192 900 48,400 977,100 2,361,950 27,281,155 73,855,070 141,273,893.50 56,330 1,076,150 18,022,997 46,985,010 14,000 657,070 23,060 167,290,445 17,794,904 70,083 15,840

PROPERTY ARTHALAND CORP 0.56 0.57 0.56 0.56 0.56 0.56 1,700,000 952,000 AYALA LAND 28.85 28.9 28.45 28.85 28.1 28.85 13,453,100 384,647,000 AYALA LAND LOG 4.13 4.14 4.07 4.16 4.07 4.13 601,000 2,463,700 ALTUS PROP 16.18 17.1 16.16 17.1 16.16 17.1 2,300 37,430 ARANETA PROP 1.59 1.65 1.69 1.69 1.59 1.59 490,000 801,380 AREIT RT 40.75 40.9 40.8 41.2 40.75 40.75 417,300 17,041,200 A BROWN 0.81 0.82 0.81 0.81 0.79 0.81 144,000 116,160 CITYLAND DEVT 0.69 0.72 0.69 0.69 0.69 0.69 17,000 11,730 CROWN EQUITIES 0.09 0.091 0.093 0.095 0.09 0.09 2,970,000 267,390 CEB LANDMASTERS 2.7 2.74 2.75 2.75 2.7 2.74 77,000 208,540 CENTURY PROP 0.405 0.41 0.405 0.41 0.405 0.41 990,000 404,000 CITICORE RT 2.54 2.55 2.55 2.58 2.51 2.55 2,445,000 6,226,400 DOUBLEDRAGON 7.96 8.01 8.05 8.05 7.95 7.96 136,500 1,091,710 DDMP RT 1.62 1.64 1.67 1.68 1.62 1.62 3,093,000 5,110,010 DM WENCESLAO 6.88 6.89 6.86 6.89 6.84 6.89 359,700 2,460,945 EMPIRE EAST 0.216 0.223 0.214 0.223 0.214 0.223 980,000 210,170 EVER GOTESCO 0.27 0.28 0.29 0.295 0.27 0.28 13,670,000 3,794,750 FILINVEST RT 7.32 7.34 7.33 7.34 7.32 7.34 3,131,100 22,950,887 FILINVEST LAND 0.96 0.98 0.99 1.01 0.96 0.96 12,773,000 12,392,150 8990 HLDG 10.12 10.3 10.1 10.4 10.08 10.4 9,100 94,240 GOLDEN MV 640 675 621 675 621 675 430 285,605 PHIL INFRADEV 0.9 0.93 0.96 0.96 0.9 0.9 161,000 149,400 CITY AND LAND 0.77 0.79 0.77 0.79 0.77 0.77 89,000 69,800 MEGAWORLD 2.74 2.75 2.74 2.77 2.72 2.75 5,427,000 14,862,000 MRC ALLIED 0.211 0.212 0.219 0.219 0.211 0.212 8,960,000 1,914,680 MREIT RT 16.8 16.82 16.88 16.88 16.8 16.82 1,178,700 19,868,420 PHIL ESTATES 0.395 0.415 0.4 0.4 0.395 0.395 190,000 75,400 PRIMEX CORP 2.01 2.1 2.06 2.12 2.01 2.01 206,000 420,530 RL COMM RT 7.12 7.15 7.1 7.21 7.06 7.15 5,022,300 35,979,779 ROBINSONS LAND 18.74 18.8 18.68 18.8 18.42 18.74 1,041,900 19,477,122 ROCKWELL 1.28 1.29 1.28 1.31 1.28 1.28 74,000 94,920 STA LUCIA LAND 2.76 2.94 2.94 2.94 2.94 2.94 35,000 102,900 SM PRIME HLDG 37.5 37.8 36.7 37.8 36.7 37.8 12,529,600 467,160,285 SUNTRUST HOME 0.95 1 0.98 1 0.98 1 39,000 38,360 VISTA LAND 2.39 2.41 2.46 2.46 2.36 2.4 2,541,000 6,095,490 SERVICES ABS CBN 9.8 9.9 9.8 9.9 9.65 9.9 68,300 667,220 GMA NETWORK 11.88 11.94 11.54 11.96 11.5 11.94 276,200 3,280,648 MLA BRDCASTING 7.6 8.1 9.88 9.88 8.1 8.1 39,200 337,347 GLOBE TELECOM 2,524 2,540 2,560 2,560 2,524 2,524 58,290 147,936,680 PLDT 1,945 1,950 1,952 1,969 1,936 1,950 128,755 251,320,450 APOLLO GLOBAL 0.045 0.046 0.045 0.047 0.045 0.046 165,700,000 7,583,800 CONVERGE 26.5 26.7 26.5 26.9 26.35 26.5 28,503,800 758,609,910 DFNN INC 3.49 3.5 2.96 3.49 2.96 3.49 1,717,000 5,683,250 DITO CME HLDG 4.57 4.58 4.66 4.66 4.53 4.57 5,539,000 25,376,180 JACKSTONES 1.59 1.6 1.6 1.6 1.6 1.6 12,000 19,200 NOW CORP 1.45 1.46 1.47 1.5 1.41 1.45 2,213,000 3,229,040 TRANSPACIFIC BR 0.33 0.34 0.295 0.34 0.29 0.34 44,350,000 14,173,500 2GO GROUP 6.95 7.3 6.91 7.4 6.91 7.2 4,000 28,942 ASIAN TERMINALS 13.22 13.78 13.22 13.22 13.22 13.22 3,100 40,982 CHELSEA 1.46 1.47 1.5 1.5 1.47 1.47 420,000 620,750 CEBU AIR 46.7 46.8 47.5 47.5 46.7 46.7 61,600 2,898,390 INTL CONTAINER 221.8 222.8 219 223.8 215 222.8 663,810 147,361,756 LBC EXPRESS 24 25 24 25 24 25 200 4,900 LORENZO SHIPPNG 0.69 0.7 0.69 0.69 0.69 0.69 28,000 19,320 MACROASIA 4.84 4.85 4.89 4.89 4.84 4.85 271,000 1,315,670 PAL HLDG 6.08 6.19 6.2 6.2 6.19 6.19 10,500 64,997 HARBOR STAR 0.99 1 0.81 1 0.81 1 3,381,000 3,130,300 BOULEVARD HLDG 0.095 0.096 0.094 0.098 0.093 0.096 122,780,000 11,770,590 DISCOVERY WORLD 1.7 1.73 1.73 1.73 1.7 1.7 69,000 117,690 WATERFRONT 0.42 0.445 0.42 0.42 0.42 0.42 50,000 21,000 STI HLDG 0.345 0.355 0.35 0.355 0.35 0.35 220,000 77,050 BELLE CORP 1.27 1.29 1.26 1.26 1.26 1.26 7,000 8,820 BLOOMBERRY 6.25 6.27 6.2 6.25 6.11 6.25 5,412,200 33,469,137 PACIFIC ONLINE 1.31 1.39 1.31 1.39 1.31 1.39 24,000 31,520 LEISURE AND RES 1.29 1.3 1.32 1.35 1.3 1.3 2,725,000 3,619,900 MJC INVESTMENTS 1.03 1.35 1.4 1.4 1.3 1.3 13,000 17,350 PH RESORTS GRP 1.09 1.1 1.16 1.17 1.1 1.1 3,708,000 4,156,410 PREMIUM LEISURE 0.405 0.415 0.42 0.42 0.41 0.415 4,690,000 1,936,050 PHILWEB 3.8 3.81 3.9 4.09 3.81 3.81 5,960,000 23,435,390 ALLDAY 0.405 0.415 0.415 0.42 0.405 0.405 14,990,000 6,175,950 BERJAYA 5.46 6.26 5.46 5.46 5.46 5.46 8,300 45,318 ALLHOME 5.38 5.39 5.42 5.45 5.35 5.39 204,000 1,100,564 METRO RETAIL 1.43 1.44 1.43 1.43 1.43 1.43 89,000 127,270 PUREGOLD 32.9 33.05 33 33.5 32.8 33.05 2,593,500 85,716,940 ROBINSONS RTL 52.15 52.2 52.1 52.3 51.85 52.2 449,300 23,449,662.50 SSI GROUP 1.32 1.33 1.32 1.34 1.32 1.32 778,000 1,030,250 WILCON DEPOT 26.8 27 27 27 26.65 27 854,700 23,002,825 APC GROUP 0.211 0.22 0.225 0.225 0.225 0.225 10,000 2,250 MEDILINES 0.67 0.69 0.69 0.7 0.67 0.69 1,413,000 960,600 PRMIERE HORIZON 0.42 0.425 0.425 0.43 0.42 0.42 4,310,000 1,823,550 SBS PHIL CORP 3.9 4.1 3.95 4.1 3.95 4.1 50,000 203,450 MINING & OIL ATOK 7.6 7.66 7.35 7.74 7.35 7.6 611,200 4,628,439 APEX MINING 1.57 1.6 1.57 1.6 1.57 1.57 585,000 920,900 ATLAS MINING 5.95 5.99 5.93 6.03 5.93 5.99 7,300 43,628 BENGUET A 6.85 6.9 6.99 7 6.85 6.85 151,700 1,045,611 BENGUET B 6.85 7 6.95 6.95 6.95 6.95 10,000 69,500 COAL ASIA HLDG 0.21 0.237 0.227 0.227 0.227 0.227 100,000 22,700 CENTURY PEAK 2.71 2.79 2.71 2.79 2.71 2.79 111,000 309,610 FERRONICKEL 2.55 2.58 2.65 2.65 2.55 2.55 2,473,000 6,318,090 LEPANTO A 0.132 0.133 0.134 0.134 0.133 0.133 10,760,000 1,440,430 MANILA MINING A 0.0093 0.0096 0.0093 0.0093 0.0093 0.0093 24,000,000 223,200 MARCVENTURES 1.66 1.67 1.66 1.66 1.63 1.66 3,615,000 5,931,890 NIHAO 0.95 1.01 1.02 1.02 0.94 0.94 28,000 27,920 NICKEL ASIA 6.85 6.86 6.8 6.92 6.8 6.85 4,590,300 31,450,994 ORNTL PENINSULA 0.76 0.77 0.77 0.77 0.73 0.76 137,000 103,530 PX MINING 4.54 4.6 4.51 4.59 4.5 4.54 178,000 811,570 SEMIRARA MINING 33 33.05 32.6 33.2 32.35 33.05 2,492,200 82,162,525 ACE ENEXOR 12.98 13 13.2 13.36 12.7 13 121,100 1,582,258 ORNTL PETROL A 0.011 0.012 0.012 0.012 0.011 0.011 2,600,000 28,800 ORNTL PETROL B 0.011 0.012 0.011 0.011 0.011 0.011 5,000,000 55,000 PHILODRILL 0.009 0.0091 0.0089 0.0091 0.0089 0.0091 78,000,000 694,800 PXP ENERGY 4.82 4.9 4.8 4.9 4.8 4.9 247,000 1,186,150 PREFFERED HOUSE PREF A 98.9 100.8 100.9 100.9 100.9 100.9 30 3,027 AC PREF B1 501 504 503 504 500 503 6,560 3,293,700 ALCO PREF C 100.9 108.2 100.9 100.9 100.9 100.9 100 10,090 AC PREF B2R 500 505 500 504.5 500 500 1,200 600,045 BRN PREF A 104 106 105 106 105 106 1,500 158,500 CEB PREF 46.7 47 47 47 46.6 46.7 3,700 172,570 DD PREF 99.4 99.8 99.7 99.9 99 99 41,230 4,108,481 EEI PREF B 105 108.8 108.8 108.8 108.8 108.8 300 32,640 JFC PREF A 980 990 985 985 985 985 30 29,550 MWIDE PREF 2A 94.05 99 99 99 99 99 10 990 PNX PREF 3B 100.1 100.4 100.4 100.4 100.4 100.4 1,000 100,400 PNX PREF 4 970.5 985 970.5 985 970 985 1,410 1,373,880 PCOR PREF 3B 1,086 1,099 1,086 1,086 1,086 1,086 175 190,050 SMC PREF 2F 76.4 77 76.4 76.5 76.4 76.5 76,900 5,875,260 SMC PREF 2H 76.5 76.8 76.5 76.7 76.5 76.7 1,220 93,570 SMC PREF 2J 74.6 75.15 75.15 75.15 75.15 75.15 1,000 75,150 SMC PREF 2K 74.1 74.5 74.15 74.15 74.1 74.1 3,400 251,961.50 TECH PREF B2D 56 58.4 56 56 56 56 2,830 158,480 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 9.32 10.36 9.32 9.32 9.32 9.32 10,100 94,132 GMA HLDG PDR 11.5 11.7 11.7 11.7 11.5 11.5 2,700 31,390 WARRANTS TECH WARRANT 0.52 0.54 0.58 0.58 0.5 0.54 421,000 221,870

5,706,880 88,338,855 38,350,425 592,632 2,024,660 8,572,454.00 -5,998,135 -50,782,466 -1,073,170 -1,697,927 -2,091,320 -78,744,930 -465,890 -3,200 -28,006,255 -45,210.00 -5,285,110 -137,700 -156,790 -216,512 1,356,700 -2,384,599 -605,000 4,416,965 -11,627,880 -8,529,600 6,569,192 10,548,146 10,752,484 8,960 49,452,390 -4,245,200 -16,273,790 15,304,535 -46,000 -73,662,510 -412,580 -2,798,420 -207,700 -101,800 7,300 136,620 37,470,100 -32,070 47,500 3,550 1,260 -1,902,388 -162,470 82,000 -417,780 12,450 -392,650 -2,860 1,694,650 -17,895,092 396,000 -11,597,285 -38,300 34,670 -17,961 309,610 2,812,010 -101,240 6,934,311 -54,710 26,627,535 8,206 27,300 4,800 -100,000 33,345 -

SMALL & MEDIUM ENTERPRISES

CTS GLOBAL HAUS TALK ITALPINAS MERRYMART XURPAS

0.82 1.01 0.8 1.62 0.3

0.83 1.03 0.81 1.63 0.305

EXHANGE TRADE FUNDS FIRST METRO ETF

103.5

104

0.84 1.06 0.8 1.65 0.29

0.84 1.06 0.82 1.65 0.31

0.82 1 0.79 1.62 0.29

0.83 1.03 0.81 1.63 0.305

2,085,000 65,000 241,000 872,000 1,130,000

1,725,190 67,050 194,800 1,421,150 343,250

104 104 103 103.5 4,140 427,552 -10,260

www.businessmirror.com.ph

Banking&Finance

MB OKs amendments on currencies transfer By Bianca Cuaresma @BcuaresmaBM

HE Bangko Sentral ng Pilipinas (BSP) announced the Monetary Board approval of further amendments to the rules on cross-border transfer of currencies, allowing international travelers to accomplish the new currencies declaration form (CDF) online. In a statement issued by the BSP over the weekend, the central bank said the amendments will offer “convenience” to declarants and provide faster, more efficient and timely capture of data on physical cross-border transfer of currencies. Under the amendment, the BSP has issued a new CDF, which replaces the Foreign Currency and Other Foreign Exchange-Denominated Bearer Monetary Instruments Declaration Form. The new CDF also consolidates the data requirements of the Bureau of Customs (BOC), the Anti-Money

Laundering Council and the BSP. The following are the amendments to the FX regulations embodied in the new CDF: (a) requirements that any person bringing into or taking out of the Philippines legal tender Philippine notes and coins, checks, money order and other bills of exchange in excess of P50,000 and foreign currencies or other foreign currency-denominated bearer monetary instruments in excess of $10,000 or its equivalent to declare the whole amount using the prescribed CDF; (b) clarification on the allowable purposes for cross-border transfer of local currency in excess of the peso limit; and (c) declaration under oath, which is a requirement of the BOC. “These reforms are part of the BSP’s commitment to strengthen compliance with policy on crossborder transfer of currencies and to integrate digital technology into BSP’s processes,” the BSP said.

Perspectives KPMG in the Philippines announces ESG commitments

S KPMG in the Philippines (R.G. Manabat & Co.) celebrates its 15th anniversary, it is an opportune time for them to take a step to positively impact their people, clients, communities and stakeholders. “The future is green,” KPMG in the Philippines Chairman and CEO, Sharon G. Dayoan said. “Our stakeholders are demanding environmental, social and governance (ESG) commitments and initiatives from the companies with which they do business. “We must ensure that, as we assist our clients in transforming their businesses and implementing real and systemic changes to meet their ESG commitments, we are also doing so in our own operations,” Dayoan said. “This means we must work consciously toward a better and more sustainable future for all, guided by our ‘purpose of inspiring confidence, empowering change.’” In line with this, the firm is pleased to announce its ESG commitments. PLANET: Decarbonization n Reduce our carbon footprint n Report our carbon footprint and climate performance n Drive sustainable climate practices in our operations (e.g., paperless processes, waste management, renewables, supply chain) PEOPLE: Inclusion, diversity and equity. Champion inclusion and gender equality where everyone can thrive and make opportunities for themselves and others Health and well-being. Protect the physical and mental health and well-being of our people Continuous learning. Foster a learning culture where our people continuously grow and

develop their essential and technical skills Responsibility to respect human rights. Respect and defend human rights PROSPERITY: Purposeful business n Operate the business in accordance with our purpose – to inspire confidence and empower change n Do work that matters which can create a positive difference for our clients, people and communities. n Lead the profession in audit quality Education and communities n Uplift our communities through the KPMG R.G. Manabat Foundation n Champion education through scholarships and other knowledgesharing activities Governance n Act lawfully, ethically and in the public interest n Work against corruption in all its forms n Maintain client confidentiality “As we commit to leading the ESG movement, I extend an open invitation to all of you to join us in making a significant difference in the world. Changing people’s lives and creating a path to long-term progress are our top priorities,” KPMG in the Philippines’s ESG Services Lead Partner Kristine I. Aguirre added. To know more about KPMG in the Philippines’ ESG Commitments, visit KPMG: Our Impact Plan 2022. For inquiries, you may send a message via social media or visit www.home.kpmg/ph. Copyright 2022 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent member-firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

BusinessMirror

Editor: Dennis D. Estopace • Monday, May 30, 2022

NG subsidies to GOCCs in Jan.-Apr. drop 30.8%

By Bernadette D. Nicolas

@BNicolasBM

HE national government extended less subsidies to government-owned and -controlled corporations (GOCCs) in the first four months of the year compared to a year ago.

Latest data from the Bureau of the Treasury (BTr) showed subsidies extended by the national government from January to April dropped by

30.8 percent to P24.39 billion this year from P35.26 billion in the same period last year. The national government pro-

vides subsidies to state-run firms to fund operations not covered by the corporate revenues or to finance specific programs or projects. Taking the biggest subsidy among government corporations during the period is the National Irrigation Administration (NIA) with P9 billion, equivalent to about 37 percent of the total. Next to NIA are the following: National Food Authority with P3.2 billion; National Housing Authority (P3.19 billion); Bases Conversion and Development Authority (P2.17 billion); and, Philippine Fisheries Development Authority (P828 million). For April alone, subsidies disbursed by the national government

plunged by 78.5 percent year-on-year to P5.1 billion from P23.84 billion. As of end-April, the national government has yet to disburse subsidies to state-run Philippine Health Insurance Corporation (PhilHealth), which has been the top recipient since 2014. For this year, PhilHealth is set to receive its P79.99 billion subsidy under the P5.024-trillion 2022 national budget. Amid the Covid-19 pandemic, PhilHealth had the biggest share of subsidies last year with P80.98 billion or 43.8 percent of the total amount disbursed. In 2021, GOCC subsidies dropped to P184.77 billion, the lowest level since 2018’s P136.65 billion.

Public told to be wary as BSP has no official mobile no.

HE Bangko Sentral ng Pilipinas (BSP) urged the public to be cautious of dealing with mobile phone numbers that are using automated voice prompts or recorded messages purportedly from the BSP trunkline. According to the BSP, there are several reports from consumers claiming to have received fraudulent calls from various mobile numbers. When consumers returned these calls, they reportedly heard a recorded message that sounded similar to the BSP trunkline voice prompt. “The BSP does not have an official

mobile phone number. Official BSP contact details, including its trunk line (+632) 8811-1277, are posted on the BSP website,” the BSP said. The BSP reminded the public to refrain from providing any personal or financial information to unverified or suspicious sources. “The public is urged to report persons suspected to be unlawfully representing the BSP to the following office: Consumer Protection And Market Conduct Office Consumer Assistance Kiosk, Ground Floor, Multi-Storey Building, BSP Complex, Malate, Manila,” the BSP

said. Contact details are also on the BSP website. Earlier this month, the BSP has mandated local banks to adopt more robust fraud management systems, based on the Central Bank’s ongoing cyberthreat surveillance activities. In particular, the BSP has amended the information technology (IT) risk management rules for supervised entities to further strengthen the financial system’s cybersecurity posture and minimize losses from fraud and cybercriminal activities.

“Based on its ongoing cyberthreat sur veillance activities, the BSP observed that the impact of cyber attacks and fraudulent schemes affect two or more financial institutions simultaneously,” BSP governor Benjamin Diokno earlier said. “To address this, the circular calls for complementary controls, as robust and effective fraud management systems for both originating and receiving institutions will serve as early warning mechanisms that can significantly reduce fraud losses,” he added. Bianca Cuaresma

Benefits of privatization of NAIA cited by Salceda By Jovee Marie N. dela Cruz @joveemarie

leader of the House of Representatives has reiterated that the privatization of the Ninoy Aquino International Airport (NAIA) will help the next government to raise new revenues while decongesting Metro Manila. House Committee on Ways and Means Chairman Joey Sarte Salceda said in a statement that the privatization of the NAIA can help the incoming Marcos government to offset the fiscal impacts of Covid-19. Salceda has urged the next administration to privatize the NAIA and some parts of Manila Bay as a means to raise P500 billion to pay for its debts. “Let me clarify: I don’t mean just an outright sale, if the incoming President is uncomfortable with disposing government properties,” the lawmaker said. “We can adopt the New Clark City approach of master-planning in the area, profiting from the sale of development rights, rental income, appreciating value due to new business activity and other non-sale means.” Salceda further explained that the NAIA sits on 625 hectares, “double the size of Bonifacio Global City (BGC).” “So, there’s plenty of potential for value creation there.” According to the lawmaker, the government can master-plan it so

that there is space for worker in-city housing, parks, public transport and public spaces. “A study done on the matter five years ago estimated multiplier effects of redevelopment to be as much as P5.4 trillion in economic value. The land, of course, costs around P400 billion,” added Salceda, citing the proposal of San Miguel Corp. for the closure and redevelopment of the airport. Earlier, Finance Secretary Carlos G. Dominguez III said he is open to selling the NAIA to raise the muchneeded revenues to help pay for debts the government incurred after it imposed lockdown measures against Covid-19. While the privatization of government assets was not listed in the Department of Finance’s (DOF) proposed fiscal consolidation and resource mobilization plan for the incoming administration, Dominguez said selling NAIA is possible but they have to ensure first the development of alternative international airports.

New connection

SALCEDA further said that decommissioning the airport for redevelopment will allow the government to open new “North-South” and “EastWest” connections in the National Capital Region (NCR). “You can now basically connect BGC and Manila Bay via an east-west BRT or rail route. It would also allow you to connect Taft Avenue with C-5

[Circumferential Road 5] directly and we can again establish a BRT [Bus Rapid Transit] route to connect that area to the LRT 1 [Light Rail Transit Line 1]. Look at NCR’s map. The shape of NCR is like a bottleneck and NAIA is like a clog in the bottleneck,” he explained. Salceda, however, said that the redevelopment of the NAIA should be complemented with the completion of the North-South Commuter Rail project, as air traffic will be diverted to the Bulacan Airport and to Clark. “The immediate need, of course, is to have some way for people in places like Batangas or Laguna to have easy access to the new airports in Central Luzon. Otherwise, they lose out,” Salceda said. “So, you want the North-South commuter rail to be finished as we redevelop NAIA. That ensures that the South of Manila area has access to international airports.” According to the lawmaker, government must also need to complete the “Bicol Express, the PNR South Long Haul project, because that will allow people from Quezon and Camarines Norte to choose between going to Central Luzon or using the Bicol International Airport as their airport for use.” “But basically, completing these rail projects will ensure that NAIA redevelopment plays a larger role in NCR decongestion,” Salceda added.

Council

SALCEDA also suggested the cre-

ation of the “Mega Manila Development Council” as a means to connect the development of what he calls the “North of Manila Growth Corridor” and the “South of Manila Growth Corridor.” “The MMDA (Metro Manila Development Authority) is no longer enough to plan development in the area. You need the governors of Pampanga, Rizal, Cavite, Laguna and Bulacan talking to each other and the MMDA about decongesting the NCR and planning transport and commerce between these areas better,” he said. “I think President Marcos can create the body by Executive Order and he can designate a Presidential Adviser for Mega Manila Development as their liaison to Malacañang. Marcos knows well that a convergence strategy is a good way to plan development for these areas, because it was during the time of his father that we had a Metro Manila Governor Imelda Marcos,” Salceda said. “And, if we are to be fair in our assessment of development planning, former President Marcos’s concept of unified development in NCR, through the Metro Manila Commission with its own commissioner for planning under Presidential Decree 824, was probably and still is the correct approach to developing our main urban area. It’s just that we have to extend it, since development has now exceeded NCR’s borders,” he added.

Maya Bank notes citation from National Privacy Commission on ecosystem By Rizal Raoul S. Reyes @brownindio

EWLY-established Maya Bank Inc. was cited by the National Privacy Commission (NPC) for building a more secure ecosystem for consumers and enterprises. “We are very honored to be recognized by the NPC for our efforts. As the country’s all-in-one money platform, Maya commits to continuously work with the government and the rest of the fintech industry to

uphold data privacy and security,” Shailesh Baidwan, Co-Founder and Board Member of Maya Bank said in recent webinar. Baidwan said Maya won the coveted “Privacy Initiative of the Year” for its “#FraudPatrol” campaign as a “unique approach to building a culture of privacy that combines consumer protection advocacy, gamified experience and awareness testing for its employees.” Maya Bank’s John Christopher Retardo was also a finalist for the “Data Protection Officer of the Year”

award. Baidwan said the award is “a testament to Maya’s recognition of the critical role of its employees in protecting the data privacy of its customers.” He added the digital payments operator utilized “engaging” activities, including social media challenges, gamified missions, awareness testing, webinars and interactive content. Maya reported zero victims of phishing and malware (malicious software) attack incidents in the workplace for 2021. The number of employees proactively reporting

suspicious phishing also increased tremendously. “Maya’s ‘FraudPatrol’ campaign is just one of the company’s initiatives to uphold data privacy and security. Maya has heavily invested in privacy and security initiatives across people, infrastructure, products, processes and design through the years,”Baidwan said. For example, the recently launched all-new Maya app incorporates features starting at the account opening and registration stages. The Maya app offers a stronger know-

your-customer (KYC) experience, employing artificial intelligence and machine learning for face matching, ID image classification, fake ID detection, ID OCR and biometrics. To help customers against nefarious elements, Baidwan said Maya has continuously been conducting information and education drives, releasing privacy and security-focused advisories on its official social media accounts. Maya also partnered with the Anti-Money Laundering Council (AMLC) on information sharing and

capacity building to help combat financial crimes which impact privacy. It recently forged a pact with the Philippine National Police Anti-Cybercrime Group to help prevent and fight financial crimes in the country. Through its Data Privacy Office, Baidan said Maya is also playing an active role in strengthening data privacy practices in the country by actively participating in NPC’s stakeholder consultations, providing valuable inputs on upcoming circulars and supporting various NPC initiatives.

Explainer BusinessMirror

B4 Monday, May 30, 2022

www.businessmirror.com.ph

What’s at stake for China

on South Pacific visit?

CHINESE Premier Li Keqiang shows the way to Solomon Islands Prime Minister Manasseh Sogavare as they attend a signing ceremony at the Great Hall of the People in Beijing on October 9, 2019. Thomas Peter/Pool Photo via AP

HINA’S Foreign Minister Wang Yi is visiting the South Pacific with a 20-person delegation this week in a display of Beijing’s growing military and diplomatic presence in the region.

The US has traditionally been the area's major power, but China has been pursuing inroads, particularly with the Solomon Islands, a nation less than 2,000 km from Australia. In a sign of Australia’s concern, new Foreign Minister Penny Wong is heading to Fiji less than a week after her Labor Party won national elections. Below is a look at Wang’s tour and its likely outcomes.

Where is Wang headed?

WANG is due to stop in the Solomon Islands, Kiribati, Samoa, Fiji, Tonga, Vanuatu, Papua New

Guinea and East Timor on a 10day trip. The visits emphasize China's push for engagement with the region, which has traditionally retained close ties with Beijing's major rivals including the United States and Australia. China has also waged a protracted struggle for influence because of Taiwan. China considers the self-governed island its own territory and opposes foreign interactions that treat Taiwan as autonomous and independent, but four South Pacific island nations are among Taiwan's dwindling number of formal

diplomatic allies. A more robust Chinese presence in the South Pacific could enable its naval forces to make port calls and possibly put personnel and equipment at a base in the area. That would complicate US defense strategy, particularly over contingency plans for any Chinese move to take Taiwan that would likely draw in Japan and other allies.

What’s behind the new diplomatic push?

UNDER leader Xi Jinping, China has been expanding its foreign economic and diplomatic clout through the Belt and Road Initiative that seeks to link East Asia with Europe and beyond through ports, railways, power plants and other infrastructure. The results have been mixed, with client states such as Sri Lanka and Pakistan falling deeply in debt and developed nations citing national security grounds in banning Chinese government-backed companies including telecoms

giant Huawei. The South Pacific, however, remains relatively open for Chinese advances at low cost and potentially high reward. China has mostly sat on the sidelines over Russia's invasion of Ukraine and its top leaders haven't left the country in more than two years amid strict anti-Covid measures and deteriorating ties with the US, Canada and the EU. With Xi seeking a third five-year term as head of the ruling Communist Party, a foreign policy victory would help cement his authority and fend off criticism of his handling of the pandemic and its economic costs.

What’s in the pact between China and Solomon Islands?

The agreement could allow China to send security forces to the Solomons at its government's request for what are described as peacekeeping duties. It would also enable Chinese navy ships to make port calls to resupply and provide recreation for sailors, possibly

leading to a permanent presence in the islands. The United States has said it would take unspecified action against the Solomon Islands if the agreement with China poses a threat to US or allied interests.

What is Australia’s major concern?

APART from worries over Chinese expansion across the vast Pacific, under its new government, Australia has urged Beijing to lift trade sanctions if it wants to reset their bilateral relationship. The Chinese premier’s congratulatory letter to Prime Minister Anthony Albanese on his election victory was widely seen as a relaxation of Beijing’s two-year ban on high-level government contact with Australia. Premier Li Keqiang said China was ready to work with Australia to improve ties, which plummeted after Australia passed legislation targeting Chinese influence in its elections and political discourse.

In retaliation, China has created a series of official and unofficial trade barriers in recent years to a range of Australian exports worth billions of dollars including coal, wine, barley, beef and seafood.

What other plans does China have in the region?

ACCORDING to a draft of an agreement obtained by The Associated Press, China wants 10 Pacific nations to enter into an arrangement with it covering everything from security to fisheries. The draft shows that China wants to expand law enforcement cooperation, jointly develop a fisheries plan, increase cooperation on running the region’s internet networks, and set up cultural Confucius Institutes and classrooms. Wang is hoping the countries w i l l endorse the pre-w r itten agreement as part of a joint communique after a May 30 meeting in Fiji with the other foreign ministers. AP

What’s the 4-nation Quad, where did it come from?

EADERS of the US, Japan, Australia and India gathered in Tokyo on Tuesday, May 24, 2022, for a summit of the “Quad.” What is the group, where did it come from and why do diplomats keep coming up with strange names for various partnerships?

What is the Quad?

FORMALLY the Quadrilateral Security Dialogue, the Quad began as a loose partnership after the devastating 2004 Indian Ocean tsunami, when the four countries joined together to provide humanitarian and disaster assistance to the affected region. It was formalized by former Japanese Prime Minister Shinzo Abe in 2007, but then fell dormant for nearly a decade, particularly amid Australian concerns that its participation in the group would irritate China. The group was resurrected in 2017, reflecting changing attitudes

in the region toward China’s growing influence. Both the Trump and Biden administrations saw the Quad as key to a pivot toward placing more focus on the Indo-Pacific region, particularly as a counterweight to China’s assertive actions. The Quad leaders held their first formal summit in 2021 and met again virtually in March.

Is it an ‘Asian Nato’?

CHINA has complained that the group represents an attempt at forming an “Asian NATO,” though unlike the European alliance there is no mutual-defense pact in effect. Quad members say the group is meant to deepen economic, diplomatic and military ties among the four countries. And while they don’t often explicitly say it, those partnerships are meant to be a bulwark against Chinese aggression. In a March 2021 declaration laying out the “Spirit of the Quad,” the leaders

said, “We bring diverse perspectives and are united in a shared vision for the free and open Indo-Pacific. We strive for a region that is free, open, inclusive, healthy, anchored by democratic values, and unconstrained by coercion.”

Who are the new faces?

TUESDAY’S meeting marks the first in-person gathering of the group for Japanese Prime Minister Fumio Kishida, who took office last October, as well as for Australia’s new prime minister, Anthony Albanese. He was sworn in on Monday, just two days after Australia’s parliamentary election and one day before the summit.

What about India?

INDIAN Prime Minister Narendra Modi is attending as he faces increasing global scrutiny over his government’s crackdown on minorities and some authoritarian

tendencies. In addition, while the other members of the Quad have been united in standing up against Russia’s invasion of Ukraine, especia l ly w it h sa nct ions, Ind ia increased its purchases of Russian energ y supplies after the invasion. Moreover, the invasion has led to food shortages that are causing price spikes, yet India banned wheat exports following a heat wave that could make this global challenge much tougher to resolve.

Who else is involved?

SOUTH Korea has expressed interest in joining the Quad, though US officials have said they are not contemplating adjusting the group’s membership. The group has held “Quad-plus” meetings that have included South Korea, New Zealand and Vietnam, which could form the basis for future expansion or partnership in the region.

A DISPLAY case of photos is seen outside the Chinese Embassy in Honiara, Solomon Islands, on April 2, 2022. AP/Charley Piringi

Why the odd name?

DIPLOM AT S c a n’t he lp t hemselves. Once they start up different pairings or partnerships, they can't resist assigning shorthand names like the Quad or baff ling acronyms like AUKUS (the new

Austra lia-UK-US a lliance). A nother acronym that got attention this week while President Joe Biden was in Asia: IPEF, short for the US-proposed new trade pact called the Indo-Pacific Economic Framework. AP

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• Monday, May 30, 2022

Miss World Philippines 2022 Winnables ■ CARLA MANUEL, MANILA—Taking inspiration from the trailblazing suffragette Pura Villanueva, Carla wore an immaculate creation by Russell Villafuerte. “It felt surreal standing onstage. As a pageant newbie, I’m still learning what looks best suit me, as you can see in these photos. But there’s always something to improve, right? And that is also what I’m here for: growth!” ■ MARIA GIGANTE, CEBU—As Reina Mora, the Binibining Cebu Charity 2017 and Binibining Pilipinas 2016 candidate wore a creation by Axel Que, echoing the identity of the designer as a Muslim Filipino. “To have people come up to me and appreciate the artistry of Axel is a testament to our goal all along... to produce something meaningful, a work of art that expands the idea of what we know to be beautiful, to be relevant and timely. I hope that in some way our collaboration has touched, pleased or provoked you to contemplate what it means to be an exceptionally empowered Filipino.” ■ ASHLEY SUBIJANO MONTENEGRO, MAKATI CITY— Designer Ole’ Morabe paid tribute to the Blessed Mother in his creation for Ashley, whose mother is the iconic Caroline Subijano, Miss World 1994 Top 10. As a legacy, Ashley is the Girl to Beat this year. “In my experience so far, I don’t think there is anything that could have prepared for me the pressure that’s been placed upon me these past few months. But I try to take it as a blessing and embrace it. Sometimes people put me on a pedestal, sometimes they put me down. Regardless, I’m still the same as any other person in pursuit of their goals; the only difference is that more people happen to be paying attention this time.” ■

N June 5, a new set of queens will be crowned at the Miss World Philippines 2022 Coronation Night at the Mall of Asia Arena. Unlike the eight crowns that were given in the exhausting show last year, the four crowns up for grabs make this year’s edition more exciting: Miss World Philippines, Miss Supranational Philippines, Miss Eco International Philippines, and Reina Hispanoamericana Filipinas. The live telecast will be shown on CNN Philippines, on June 5 at 9 pm. Thirty-six candidates are in contention. My Tantalizing 10 are featured in their incredibly beautiful national costumes, as they share the substantial thoughts behind their pretty faces. ■ BEATRIZ ABALAJON MCLELLAND, AKLAN—As the “Carnival Queen,” Beatriz wore a creation by Chico Estiva. “I rested long enough from pageantry to finally say that I am back and I am better. I am back with a greater cause and for a more meaningful purpose serving the people through pageantry, especially the cause that I stand for—the fight against cervical cancer. Together with my CerviQ family whom I have started advocating with since last year, with your help, we will be able to take a step forward in ending cervical cancer in our country.” ■ NATAZHA VEA BAUTISTA, MISAMIS ORIENTAL—As Reyna de las Flores, Vea wore a Mindanao Silk creation by Gil Macaibay III, a metaphor for a modernday reyna—modest, elegant and empowered. An international studies student at Xavier University—Ateneo de Cagayan, she is the fourth runner-up at Miss Kuyamis 2022. Her sister Nellza Bautista was Miss Earth Philippines Fire 2017. “An ‘Exceptionally Empowered Filipina’ is always prepared. She knows how to remain graceful under pressure.” ■ GWENDOLYNE FOURNIOL, NEGROS OCCIDENTAL—As Reyna Emperatris, Gwendolyne wore a stupendous Louis Pangilinan piece inspired by the MassKara Festival of Bacolod City. “I had the opportunity to express myself in ways that I could have never imagined at my press conference. It was a reminder to myself as to why I have the strength to keep pushing myself to my limits by joining @msworldphil a second time, because I knew deep in my heart that I have a special purpose and that purpose can only be fully realized with a crown. Hence, I’m working hand in hand with ERDA Foundation [which] is taking care of children, segregated from their human right to access education.” ■ ALISON BLACK, LAS PIÑAS CITY—As Reyna de las Estrellas, Alison wore a creation by Patrick Isorena. “I woke up today as a ‘Beauty With A Purpose’ finalist. It’s true what they say—to be a beauty queen is to have a platform. I’m immensely grateful for this platform at @msworldphil where I can talk about the women who made Project Girl Boss possible. Thank you @cribsfoundationinc for allowing my project to come to life and for giving me an opportunity to fall in love with the CRIBS girls even when I was teaching them ballet. I can’t wait to see them grow up as entrepreneurs and leaders of their own lives.” ■ CHARYZAH ESPARRAGO, TAGUIG—Also Reyna de las Estrellas, Charyzah wore a design by Kieren

7 DAYS IS ALL YOU NEED TO GET THE BEST VERSION OF YOUR SKIN

MISAMIS ORIENTAL—Natazha Vea Mortola Bautista in Gil Macaibay III, styled by Odelon Simpao (@RAYMONDSALDANA_KLICKBOX); Manila—Carla Manuel in Russell Tero Villafuerte (@RAPYUPHOTOS); Taguig—Charyzah Esparrago in @kierenmesoftly; Parañaque City—Ingrid Santamaria in @ehrranmontoya creation and @farah_abu headpiece (@MIGOTILYOMANILA); Negros Occidental—Gwendolyne Fourniol in Louie Pangilinan (ELROE BANAWA); Cebu—Maria Gigante in Axel Que (JON UNSON); Albay—Paula Madarieta Ortega in Bet Acuña (@FTRLO); Makati City—Ashley Subijano Montenegro in Ole’ Morabe (@RAPYUPHOTOS); Aklan—Beatriz Abalajon McLelland in Chico Estiva (@ROJMIGUEL); Las Piñas City— Alison Black in @patrick_isorena (@ROJMIGUEL).

Stefan Tirado. “Some of you may know me as Charyzah, or Candidate 23, but allow me to introduce my favorite title: Ate Cha! I already had an affinity for working with kids since I would often go to work with my mom who was a babysitter at a time. There is nothing more unstoppable than a curious child and my advocacy project works to ensure that even children in difficult circumstances feel empowered to pursue whatever education they please. To @habitatupd , thank you for allowing me to be the [vice president] of advocacy and connecting me with the most amazing community.” ■ PAULA ORTEGA, ALBAY—As Reyna Elena, Paula wore a “Daragang Mayon” creation totally made of abaca by Bet Acuña. “My Beauty with a Purpose project is ‘Safe spaces for children with special needs.’ In 2020, after stressful events and a pandemic in between, I was diagnosed with depression. I lived with the fear of being judged and tagged as ‘unstable,’ when I was just vulnerable. Children with special needs are severely

affected by the stigma and I want to change this perception. I want these children not to be scared like I was. Let’s bring hope and happiness to these kids’ lives by giving them the guidance and empowerment they deserve.” ■ MARIA INGRID TERESITA PALANCA SANTAMARIA, PARAÑAQUE CITY—As Reyna Elena, Sam wore a blush pink Filipiñana in “Sunduan” silhouette by Ehrran Montoya, paired with a custom Farah Abu headpiece. Sam was a finalist at Miss Universe Philippines 2021. “Looking forward to the start of a new experience and coming back stronger than ever with my dearest mentors at @thecampofficial. Thank you for always seeing my potential and believing in my abilities. You guys are my strength on the days when I feel defeated, and my courage when I feel lost and afraid. Being on this journey is not easy. There are times where I am overwhelmed with emotion and question my worth, but you’ve inspired me to see my own greatness and use it to empower others. For that, I will be forever grateful.”

COLLAGEN makes up about 80 percent of the skin and is a crucial element for building proteins. But by the time one turns 25, the skin begins to lose this key element. As the skin loses more collagen over time, it becomes harder for the skin to stay smooth and plump. For decades, global beauty brand Avon has innovated with technology that set the benchmark for skin care. This year, the company’s latest innovation is the breakthrough skin-care product Anew Renewal Serum, which promises healthier and future-proof skin in just seven days. The Anew Renewal Serum harnesses the power of Protinol, a world-exclusive formula that works way quicker, gentler and more effective than retinol, the previous benchmark in the category. Protinol is designed to strengthen the skin’s foundation with a unique double collagen boost, restoring two types of collagen—collagen 1 and collagen 3, also known as baby collagen, which allow these small building blocks to bind together more efficiently. Working together with niacinamide, the Protinol in the Anew Renewal Serum helps restore baby skin in just seven days, along with seven powerful skin benefits—fine lines reduced, firmer and smoother-looking skin, more radiant glow, minimized pores, and stronger-feeling and more resilient skin. A clinical efficacy test conducted among women aged 40 to 65 years old reveal 100 percent proven results showing an improvement in at least one of these benefits after using Anew Renewal Serum. More information is available with an Avon representative, or at www.avonshop.ph.

Marian Rivera renews contract with home fragrance brand ONE of the most insightful things I heard about actress Marian Rivera, and this story came from Beautéderm’s Corp. President and CEO Rhea Anicoche Tan, is when she once paid a surprise visit to the actress’ house and saw Beautéderm Home stuff like candles and diffusers in the Rivera-Dantes home. This anecdote shows that as an endorser, Marian is someone who doesn’t just hold a product for the public to see. She really uses what she tries to sell to her fans. I also heard this from a friend who used to work for a multinational, which has a brand that Marian still endorses to this day. You will seldom see stories about how the actress is the one of the most in-demand endorsers right now, but she really is that. Marian’s endorsements are also always renewed. The truth is, and I say this not as a fan but as a consumer, Marian Rivera can make me buy anything (if I can afford it, of course). Marian was signed on as Beautéderm’s Home’s ambassador in 2018. Recently, her contract was renewed for another 30 months. “I usually don’t play favorites with my brand ambassadors but Marian is a favorite. She’s a close friend and someone who I consider as a family,” said Tan. Tan said she appreciates how pro-active and involved Marian is with Beautéderm Home. It’s a mutual admiration society.

Marian, meanwhile, recalls the time she attended a Beautéderm event in Clark and how what she saw left a good and long-lasting impression on her. “When I got home, I told Dong [her husband, actor Dingdong Dantes] how happy the Beautéderm dealers and employees were and how Ate Rei took such good care of them.” Beyond business, Tan and Marian share a common love for fashion and they’d usually be messaging each other when new collections drop. They also love talking about family, their kids and everything else under the sun. Tan appreciates how thoughtful Marian is. “She’s very sweet. She isn’t the type who’d message just

because she needs something. She’s a real friend.” The Reverie line—the name a play of words between the name of Beautéderm’s president and CEO, plus Marian’s maiden name, and the concept of the brand’s desired effect to its users—of Beautéderm Home includes Into The Woods (Bamboo Scent), Smells Like Candy (Cherry Scent), Time To Bloom (Fresh Rose Scent), Something Minty (Eucalyptus Scent), and Rest & Relaxation (Lavender Scent). The line was created, from formulation to individual packaging, in very close collaboration with Marian. In 2021, the line introduced two additional scents, namely, Matcha To Love and Take Me Away. This year, Beautéderm Home levels-up as it introduces brand-new, essential products under the Reverie line. Pour Tout Faire, a three-in-one multipurpose spray that deodorizes, disinfects, and protects as it is formulated to eliminate unpleasant odors, disinfect surfaces as it destroys bacteria and viruses upon contact, and protect. With its two variants—Fresh & Vibrant and Clean & Calm—Pour Tout Faire is good for sanitizing and freshening the air, and linens and all surfaces; and it may also be sprayed on the skin and on clothes while being 100 percent safe for children and pets. Also, as a special treat to mark the partnership renewal of Beautéderm Home and Marian, Reverie is releasing a special limited-edition soy candle box set that includes three new

scents, including Inviting Cherimoya, Irresistible Vanilla, and Tempting Pear and Melon. Marian, who’s an accomplished cook, loves the Pour Tout Faire sprays for getting rid of cooking odors. Meanwhile, here’s a short review of something I never thought I’d need: American Crew Gray Shampoo is a product that works to minimize yellow tones that gray hair can get due to minerals in the water, impurities in the air and product buildup. Disclaimer: My hair is just around 50 percent gray or even less. Anyway, I started using this shampoo which I received as a press sample. Parts of my hair are bleached, and this shampoo works like a purple shampoo in that it helps prevent colored or bleached hair from being brassy. It’s also quite moisturizing and makes hair as soft and as shiny as it can get. It removes yellow tones from gray hair and also eliminates dullness. If your hair is more than half gray or bleached blonde, this would work for you. Just remember to use it only twice a week or your gray or blonde hair will turn blue. I buy it from Hairmnl for P850. I also get my hair color from Hairmnl. Since the pandemic, I’ve been doing my own hair color most of the time and I realize the box colors in drugstores don’t really last long on me, so I get the Revlon Professional Color Sublime Ammonia Free Hair Color Set from Hairmnl for P895. It covers gray hair effectively and lasts longer than box colors.

B6 Monday, May 30, 2022

The SM Store makes green living easy for moms

Maxicare pursues better healthcare services via the AI SmartScan technology

LMOST every quick guide to self-care says winning starts with taking charge of one’s self in the morning. It could be as simple as going for a walk, meditating, drinking coffee without hurry or reading without distractions. While self-care has many aspects, starting right is critical to helping moms make sound decisions throughout the day, from the clothes they wear to the products they use. Sustainable self-care, according to the International Self Care Foundation, is practical and people-centered, and the people behind the SM Store affirms, that it can also be effortless with a clean home and a variety of clean beauty products from the SM Store.

Self-care is waking up to a home you love with SM Home

AXICAREHealthcareCorporation, the leading health maintenance organization (HMO) in the Philippines, has partnered with leading digital solutions provider Advanced Abilities Solution Management and Services Inc. to introduce the latest innovation in healthcare technology. Maxicare CEO and President Christian S. Argos, together with Advanced Abilities CEO Angelo Antonio Buendia, recently announced their partnership, which aims to provide Filipinos with better healthcare services using the AI SmartScan technology. AI SmartScan is an innovative solution that leverages artificial intelligence (AI) and machine learning to assist Radiologists in rapidly analyzing chest X-rays and computerized tomography or CT scans. It boasts delivering quick results completing the usually long triaging process in just 2 minutes. Using AI technology, digital chest scans are automatically evaluated to provide accurate analyses for 25 different chest pathologies including tuberculosis (TB), pneumonia, lung nodules, emphysema

(smoker’s disease), cardiomegaly (enlarged heart), COVID-19 and even the early detection of lung cancer. “Back in the day, getting tested for various lung and heart diseases would cost a patient a rather large sum of money and a lot of time waiting for the results to arrive. With AI SmartScan, we are able to eliminate so many factors that can add to a patient’s distress. In that sense, we are able to democratize patient care through an innovative solution that will invariably reduce hospitalization and rescue the already overburdened healthcare infrastructure in the country,” says Advanced Abilities Chief Technology Officer Christer Cruz. Picking up from the difficult experience of the healthcare industry at the height of the COVID-19 outbreak, Maxicare took the initiative to look for solutions to quickly mitigate the further spread of diseases. “We figured that one of the keys in limiting the contagion is rapid diagnosis. Through the quick end-toend health screening solution provided by the AI SmartScan, we are able to complete the process even before health risks become aggravated.

This technology could not have come at a more opportune time as Maxicare continues to find ways to improve its services for its clients,” says Argos. Apart from providing quick solutions to urgent needs during the pandemic, the AI Smart Scan ultimately banks on improving overall healthcare services in the country to deliver speedy, cost-efficient, and accurate test results with added features of scalability and portability for better patient care. “We are very happy to take part in the realization of Maxicare’s vision to bring the most efficient healthcare innovations closer to our customers. Through our partnership, we aim to boost healthcare infrastructure in the country for the benefit of the people. Technological advances, after all, particularly artificial intelligence, holds an enormous position in saving the lives of millions of people around the world,” says Buendia. To learn more about the AI Smart Scan, visit the Advanced Abilities website at www.advabilities.com. To learn more about how Maxicare can help you live your best life, visit www.maxicare.com.ph.

A tech-driven future will be led by fast-thinking AlphaKids

HE world has always changed fast. But because of technology, it is changing at a faster rate than ever. Case in point: think of how children today access content and keep themselves entertained versus just 10 years ago. In fact, according to the World Economic Forum, 65% of children entering primary school today will end up in job types that don’t exist yet. How then can parents prepare children for a future world they can’t even begin to imagine? “Parents should start building their children’s leadership abilities as early as possible,” says expert educator David Esteban. “They can do this by encouraging them to be curious about their world, think about why things are so, identify problems, and create solutions. Close attention should be paid to developing their executive functions.” Executive functions is the collective term for a set of mental skills that include cognitive flexibility, or children’s

ability to adapt their behavior and thinking in response to their environment, inhibitory control, which is children’s ability to resist their impulses and exert control over how they respond to situations, and working memory, or the ability to absorb, retain, and use different pieces of information over a period of time. With a child’s brain developing more rapidly between the ages of three to five than at any other time in life, those 2 years present themselves as the golden window of opportunity to develop brain connections and executive functions, especially since the brain is already 90% developed by age 25. Georgina Wilson, a celebrity mom, businesswoman, and economist, has always believed that her children can do anything. She instills in them a love for learning, without being too focused on one subject or branch of knowledge. But even she has recognized that both nutrition and stimulation have advanced beyond what

they were 10 years ago, much more since she was a child herself. “His (her son Archie’s) brain is like a sponge, so what do we feed that sponge?” she asks. To make the most of the golden window of opportunity for the brain, kids need the best brain nutrition. DHA was the celebrated brain nutrient for the longest time; however, it may no longer be enough. Alpha-Lipids, found only in Promil Gold Four, contain the five major phospholipids (or intelligent fats) necessary for brain development. Multiple studies have shown that young children’s brains rely on phospholipids to form brain connections and transmit messages to and from the brain. With the brain primed to receive and transmit messages, the right stimulation is then absorbed and processed, making sure that knowledge is not only retained, but understood and within reach when needed. Teacher has a question? There’s a problem to be solved? A fast-thinking AlphaKid is first to understand, first to answer, and therefore on track for lifelong success, even at such a young age. More and more AlphaMoms (onthe-go, uncompromising women who will settle for nothing less than the best for their children) are joining Georgina Wilson in taking the needed steps to maximize the golden window of opportunity for brain development and choosing Promil Gold Four. “He loves his milk! He calls it ‘big boy’s milk,’ which is so cute,” Georgina says. No matter what kind of future is in store for the world, with the right nutrition and stimulation, your child can be an AlphaKid who doesn’t just do well, but thrives in it.

THE makings of a clean home begin not only by ensuring tidiness but also by investing in sustainable products that are built to lastbenefiting you, the family, and the environment. SM Home offers the best collection of global and homegrown products from tableware, storage, linens, decor, and furniture. Waking up to a home that allows you to feel great for the rest of the day. Take linens as an example, choose a sustainable type of fabric that is not only stronger, but quick to dry, and easy to maintain. Preparing food in the kitchen also becomes easy to relish with high-quality and accessible set of kitchenware made of bamboo. Choosing what and who to cook for, and cooking with intention and attention is a form of self-care. A good, well-organized kitchen is a hallowed place for moms who know that food is fuel, and fuel is what keeps people going throughout the day.

Ending the day with clean beauty from SM Beauty

AFTER the chaos that comes with a packed schedule and some playtime with the kids inbetween, the much-deserved “me time” for mom calls for a soothing bath, a nightly skincare ritual, and a favorite scented candle to bask in

the tranquility of one’s private space. SM Beauty offers a line of Argan oil products that help revitalize hair. Under the label, Watsons Naturals-these products are made with the finest organic ingredients from around the world meant to draw from nature’s essential goodness for head-to-toe beautifying luxury. Aside from better-sourced ingredients, Watsons Naturals uses better packaging to help reduce waste and make bottle recycling easier. Clean beauty products help moms easily reinvigorate their senses from head to toe. Recharged and ready to face the new dawn of the morning, they are empowered to take care of their loved ones better. “To make the sustainable shift possible, we need to make the greener options widely available. For moms who split their time between work and taking care of family, finding and choosing sustainable options for self-care can feel tedious, unless we make sustainable the default,” says SM Retail Inc. President Ponciano Manalo Jr. Shop online for your home beauty essentials at shopsm.com or head to the nearest SM Store.

Enchanted Kingdom presents Flores De Laguna 2022

LORES De Mayo is a Filipino festival that is celebrated as one of the May devotions, the Blessed Virgin Mary celebrated throughout the entire month of May. This celebration culminates with a religious and cultural beauty pageant—the Santacruzan. Last May 22, Enchanted Kingdom brings

back their own twist on the Filipino tradition, Flores De Laguna 2022, in partnership with The Designers Circle Philippines (DCP) Laguna. Flores De Laguna is a celebration of our motherland and the Filipino creativity and beauty. This event is an opportunity for 20 of the most promising local designers and loveliest ladies to showcase their passion for fashion as they sashay the catwalk, celebrating the meaningful religious tradition of flower offering and celebrating the culture of the Philippines. Through its events, Enchanted Kingdom aims to promote not only its rides and attractions but also Filipino culture and build national pride, as the talented Filipino designers and models display their original creations. For more information on promos and ticket reservations and bookings, visit Enchanted Kingdom at www.enchantedkingdom.ph, online store https://shop.enchantedkingdom.ph/or www.facebook.com/enchantedkingdom.ph.

Suntrust Cup unwraps at Sherwood Hills Golf Club

EADING real estate developer Suntrust Properties, Inc., in its continuing efforts to bring together its clients, partners, and suppliers through a friendly golf tournament held the 10th Suntrust Cup at the Sherwood Hills Golf Club in Trece Martires, Cavite last May 21. “The Suntrust Group is excited with this opportunity to be with our partners. This is a day for us to bond and build camaraderie. Since this tournament was halted when the pandemic happened in 2020, the 10th Suntrust Cup is a good indication that we are now getting back on track,” said Suntrust president Atty Harry M. Paltongan. The Suntrust Cup, a two-man scramble event was graced by a total of 160 players

composed of the club’s members, Suntrust contractors, business partners, and friends. Atty. Paltongan and Gary Sales bagged the tournament’s overall Champions title. Other winners were: Beejay Chua and Derek Ramsay, Division 1 Champions; Yancy Siladan and Jaime Panganiban, Division 2 Champions; Sonny Berdin and Jerry Rubis, Division 3 Champions; Reagan Fernandez and Efren Caboteja, Division 4 Champions. Lead event partners included Beneficial Life Insurance Co., Davis Paint Philippines, Vision Properties Development Corp., Emalco Industries Inc., Sagada Constructions Development Corp., James Hardie Philippines, Inc., Saver's Quality Builders Supplies, and Casino Filipino.

ATTY. Harry Paltongan and Gary Sales (center) were hailed overall champions during the 10th Suntrust Cup.

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The coronavirus chronicles:

Things we have to rethink about A

By Millie F. Dizon

1. Experience

How much do you value experience when choosing somebody to work with? Do we look for people with proven track records or are we willing to consider potentials? Zetlin says that Grant would like us to rethink the belief that experience is all that matters, citing a meta-analysis of 81 studies that compared the previous experience of job candidates with their performance once they got a job. While experience counts, Grant believes that “it’s how people can learn to do a job, not how long they’ve done it.” In our own experience, there are many factors to consider when choosing a person to work with. People are gifted with different

n Awards: Watch cinematic ‘Tokyo Rain,’ winner of the best Short Award in Short Shorts Film Festival & Asia 2022

TOKYO, JAPAN—Short Shorts Film Festival & Asia (SSFF & ASIA), one of Asia’s largest international short film festivals, has announced its festival winners. Now in its 24th year, the theme of the film festival is “Meta Cinema: Transcending, Discovering, and Beginning.” With the advancement of online measures, the festival wanted to implement new ways to create a platform where people can experience the future of visual filmmaking in a more three-dimensional way and find new styles of entertainment to create a visual culture together between the creators and the viewers. This year, 257 submissions were received from all over t he world, and t he w inner of the Cinematic Tokyo best Short Award (Governor of Tokyo Award) was “Tokyo Rain,” directed by Michel Wilde and

Robert Schneider of Switzerland. Bessho introduced the film by saying, “It is a story about a businessman who falls asleep at his desk in his office at night and has a nightmare that Tokyo is caught in a flood. He also praised the quality of the film, saying, “The graphic beauty of the images and the elements of environmental issues are excellent!” SSFF & ASIA has co-sponsored the Cinematic Tokyo Competition since 2016 with the Tokyo Metropolitan Government as a competition to promote the “Tokyo Brand,” a tourism policy of the Tokyo Metropolitan Government. For more information, visit their web site.

n Campaign Spotlight: SSFF & Asia, Cinema Sports Project launch special short film ‘Samurai Swordfish’

TOKYO, JAPAN—In a courtesy visit to Tokyo Governor Yuriko Koike at the Tokyo Metropolitan Government Building on Monday, May 23, 2022, SSFF & Asia President Tetsuya Bessho announced the completion of “Samurai Swordfish,” a short film from the “Cinema Sports Project.”

the force of our arguments to persuade them. Grant wants you to set aside these tactics, and instead as he describes in a New York Times essay from his book, try what is called motivational interviewing with a vaccine-rejecting friend. Rather than present his friend with the science, Grant asked his friend his views on how to deal with the pandemic. In the end, both opened their minds, at least a little. The friend allowed that vaccines may make sense in some circumstances. And Grant changed his own mind about the value of convincing others of his opinions.

5. Disagreement

CHRISTINA MORILLO | PEXELS.COM

PR Matters

S we approach midyear, it’s a good time to reassess and reconsider how we look at things. After all, everything is changing around us—brought about by the pandemic that we still have to cope with, world events, and closer to home, national elections. And how we approach these challenges will certainly matter. In an article in Inc.com, Minda Zetlin, coauthor of The Geek Gap, says that “the best minds are willing to rethink their assumptions and change their opinions.” That insight comes from Wharton organizational psychologist and best-selling author Adam Grant, whose latest book Think Again, invites readers to rethink their assumptions just about everything. It is those, after all, who are willing to change their viewpoints that “keep learning forever at the top.” Citing his own thought process as an example, he shows how these can upend your usual beliefs and practices about how to be a good leader, a persuasive speaker, or even a good friend. And their all good things to think about as the year progresses. Here, Zetlin lists 5 things W h a r ton Psyc holog ist Ad a m Grant wants you to rethink in 2022.

skills, strengths and weaknesses, and we can only realize this when they are on the job. Sadly, many do not even bother to develop these skills, and right away seek the assistance of an agency especially when they have the budget. And then, there is the matter of adaptability and flexibility, as each situation and each corporate culture is different. Of course, we welcome new ideas from different workplaces, but they should also be able to adapt these to the matter at hand. At the end of the day, experience and potential should work together and adapt to the time.

2. Rest

taking time off to rewind, relax, and reenergize—has always been an important part of the work-life balance. In unhealthy cultures, Grant wrote, “people see rest as taking your foot off the gas pedal.” That is, you go for as long as you can, doing as much as you

The Cinema Sports Project intends to create original short films that express the vibrancy of Tokyo, where international sporting events are held, and make people want to visit the places where they were shot. In addition to Hiroki Iijima, who plays the lead role, the cast included Maito Fujioka, Marty Friedman, Hiroshi Fujioka (special appearance). Keiichi Kimura and Takayuki Suzuki, gold medalists in the 2020 Para Swimming Championships, also made cameo appearances.

n People: Sorada Sonprasit and Paruj Daorai to co-CEO Publicis Groupe Thailand

BANGKOK, THAILAND—Songkran Sethesompobe, current CEO of Publicis Groupe Thailand, will be ending his innings with the Groupe after 11 years of leadership. The Groupe will be moving to a co-CEO structure in the market with Sorada Sonprasit, currently CEO of Brilliant & Million, and Paruj Daorai, currently Managing Director of Digitas Thailand, joining forces to lead Publicis Groupe in Thailand. The move to a co-CEO structure in the market is in line with the scale of the Groupe’s busi-

can and when you’re too tired to do anymore, you rest. Grant suggests that we instead think of rest as the fuel that allows the gas pedal to work, and that we “take regular breaks to maintain energy and avoid burnout.” In other words, even if you don’t think you’re tired—which most of us are bad at recognizing anyhow—you should take a break now to have more energy later on.

write, but Grant wants you to consider another one: It’s a great way to think through and understand your own thoughts and ideas. “Writing exposes gaps in your knowledge and logic,” he says. “It pushes you to articulate assumptions and consider counterarguments. One of the best paths of sharper thinking is frequent writing.”

3. Writing

In communications, we have to create awareness about the brands, the events, and the company we work for all the time. It’s not an easy task, especially when we have to convince people with a certain mindset and set of beliefs. How do you ask others to rethink their own assumptions? How do you get them to recognize they could be wrong? This is where many of us bring on the data—facts and figures collected along, sharing anecdotes and personal experiences, or use

As communicators, writing is an essential part of our work. There are many tips on how we can improve our writing. But why do we write? Most, likely, says Zetlin, “it’s because we have something to say.” Whether it’s a memo to your team, a blog post, an opinion piece, or even a book, the reason we take to write something “is so that you can share your ideas, insights, experiences, and learnings with others.” That’s an excellent reason to

ness in Thailand, aligned with the ambition in the coming years to make Thailand a real focus for transformation and acceleration, as well as representative of the potential in Southeast Asia of Thailand as a market. This is to ensure that all business units are well-covered and well taken care of. Both Sonprasit and Daorai will report to Amrita Randhawa, CEO of Publicis Groupe, Singapore & Southeast Asia. The appointment is effective June 1st, 2022 with the outgoing CEO overlapping for a smooth transition. Sonprasit is Founder and CEO of Brilliant & Million, one of Thailand’s leading digital agencies. She started Brilliant & Million after an illustrious career working with companies like American Express and Citibank. Always ahead of her time, she saw a huge opportunity for digital in 2007 and started Brilliant & Million. And in 2018 once again saw the immense potential of taking the agency to the next level by integrating Brilliant & Million into Publicis Groupe. And there has been no looking back since. Her list of achievements is long from 5 consecutive Agency of the Year wins with Campaign Asia to being named

4. Opening other people’s minds

“Woman to Watch” in 2017 and 2021, to having CMO Asia award her Asia Woman Leader of 2017, Thailand Woman Leader of 2017, and a Global Woman Achiever in 2022. Beyond work, Sonprasit is obsessed with developing talent and is an honorary lecturer at many leading universities in Thailand. Dorai began his career in advertising as a copywriter. From a small agency in Bangkok to a degree in graphic design in the US and stints in ad and design firms across the USA, Paruj came home to Bangkok to start the second phase of his career working at D’Arcy (DMB&B), Lowe Bangkok, and Ogilvy & Mather Thailand. A move to the Leo Burnett Group Thailand shaped up the third phase of Dorai’s career. Moving from CD to ECD to launching Digitas Thailand, which has since enjoyed double-digit growth across multiple years, Paruj’s work has been recognized at the Cannes Lions, Clio Awards, London international Awards, Epica Awards, Spikes Asia, AdFest, and more. He gives back to the industry by serving on multiple awards juries and currently serves as the president of Digital Advertising Association

“The clearest sign of intellectual chemistry isn’t agreeing with someone. It’s enjoying your disagreements with them,” Grant tweeted. While most of us tend to spend our time with people who share our views and vision, can you spend some time with those who disagree with you, but who you still respect? Zetlin believes that when you find someone who doesn’t share your beliefs, but you enjoy discussing your ideas with them and listening to what they have to say, that’s someone you should try to keep in your inner circle. They will keep your thinking sharp— and maybe they’ll broaden it as well. Maybe they’ll even help you do some more rethinking of your own. 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 professionals around the world. Millie Dizon, the senior vice president for Marketing and Communications of SM, is the former local chairman. We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.

of Thailand (DAAT). “I am delighted to see Sorada and Paruj step up into this role. Both are leaders who have been ahead of their time in developing digitally-led services for clients and work really well in partnership with each other, making them a very strong choice as we continue to transform the Groupe and its services in Thailand. I would also like to thank Khun Jod for his many years of service to the Groupe and for building strong relationships with our people and our clients. He is a trusted voice who will be missed,” said Amrita Randhawa on the appointment. Songkran joined Publicis Groupe as CEO of Leo Burnett Thailand in April 2011. Together with his team, he has led Leo Burnett Thailand to become one of the most recognized and awarded agencies in Thailand. In May 2016, Songkran was appointed Country Head of Publicis Groupe Thailand. With the birth of Digitas Thailand and Prodigious and the acquisition of Brilliant & Million, he continued to grow the business as well as championing bespoke client teams hubbed in Thailand, while supporting business units like Publicis Sapient in their expansion.

Sports BusinessMirror

| Monday, May 30, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

AUSTRALIA’S Jai Hindley wears the pink jersey as he celebrates on the podium at the end of the 20th stage on Saturday. AP

Hindley powers to likely victory in Giro d’Italia

ARMOLADA, Italy—Jai Hindley stormed into the lead of the Giro d’Italia on the fearsome Marmolada on Saturday with a day left. A mighty mountainous stage was won by Alessandro Covi for his first grand tour victory following a long solo attack. Race favorite Richard Carapaz, the 2019 champion and Olympic gold medalist in Tokyo, led the Giro since last Saturday, but by only three seconds. The Ineos Grenadiers cyclist cracked inside the final three kilometers of the penultimate stage on Saturday and Hindley rode away to likely glory. Hindley, who rides for Bora– Hansgrohe, will take an advantage of one minute and 25 seconds into the race-ending individual time trial in Verona. “I knew this was going to be the crucial stage with the finish, I knew it was just a brutal finish, and if you had the legs you could make a difference here,” Hindley said. “We stayed patient and we really just saved ourselves until today and actually it was perfect. “When I heard Carapaz was dropping the wheel I just went all out. It was an epic stage,” he added. Hindley went into the final time trial in 2020 in the same position but the Australian finished runner-up to Tao Geoghegan Hart. However, they were both on the same overall time and, barring an incident or disaster, Hindley should do one better on Sunday. “We’ll see how it goes. It’s always hard to say how a time trial is going to go on the last day of a threeweek race but I’ll die for the jersey tomorrow,” Hindley said. Mikel Landa remained third, 1:51 behind Hindley. The 20th stage was given the maximum difficulty rating of five stars and featured three grueling climbs: The Passo San Pellegrino, the Passo Pordoi—the race’s highest point—and the final Passo Fedaia to the foot of the Marmolada glacier at the end of the 168-kilometer (104-mile) route from Belluno. All three were top classified ascents with nearly 4,500 meters of climbing packed into the day. Covi attacked on the lower slopes of the Passo Pordoi and soloed across the Cima Coppi to take the prize for crossing the highest point of the Giro first. AP

JOSIE ANAPE GABUCO in action during the Vietnam 31st Southeast Asian Games and with her 15-year-old son Mack Joseph.

COACHING CAREER AWAITS GABUCO By Josef Ramos

COACHING career beckons Josie Anape Gabuco—a national boxer for 18 years and owner of all types of international boxing medals, from gold to silver to bronze. But the pride of Puerto Princesa City still feels the competitive instinct in her 35-year-old body. “I still can fight, I’m satisfied with my performance, especially during the last SEA [Southeast Asian] Games,” Gabuco told BusinessMirror on Sunday. “And my coaches know I still can fight.” Gabuco owns gold medals on the world, Asian and SEA Games stage, but never an Olympic mint. Her weight class, women’s light flyweight or -48 kgs, is not on the Olympic program. But she’s never regretted that, what with her collection of a gold medal from the 2012 World

Lakers pick Milwaukee’s Ham as next head coach DARVIN HAM is getting his first head coaching job as the 28th coach in Lakers history. AP

Next major step for Raffy Verano WHEN Raffy Verano was recruited by Tab Baldwin to play for the Ateneo de Manila, “it was taking a big step,” described Verano. “From the known to the unknown,” is how Verano described coming out to the Philippines where he had

Championships in Qinhuangdao, China, 2019 Asian Championships in Bangkok and five consecutive titles in the SEA Games from Laos in 2009 to Philippines in 2019. Her SEA Games reign, though, was snapped at the recent Vietnam SEA Games where she lost to an opponent from Thailand via majority decision. But she took the loss in stride. “That’s life, there are things that are not meant to be or there are things that are not for you,” she said, adding that even the Paris 2024 Olympics is not in her radar. “I’m not thinking of Paris.” Gabuco could actually get a shot at the Olympics if she either moves up or down in weight. But she and her coaches don’t see her in tough form at 51 kgs. Through her boxing career, Gabuco also serves the Philippine Navy with a rank of Seaman Second Class. She said the Navy’s been an enjoyable career but transforming into a coach is an option that could look inevitable.

OS ANGELES—A person with knowledge of the decision says Darvin Ham has accepted an offer to be the next head coach of the Los Angeles Lakers. The person spoke with The Associated Press on Friday on condition of anonymity because the deal has not been publicly announced. The 48-year-old Ham is getting his first head coaching job as the 28th coach in Lakers history. He has been an assistant to Mike Budenholzer with the Milwaukee Bucks since 2018, and he played a significant role in their run to the 2021 National Basketball Association title. Ham will be the successor to Frank Vogel, who was fired one day after the Lakers wrapped up one of the most disappointing seasons

never played basketball before. Six years later, Raffy is making that bold next step—still the known to the unknown. “I spent the past six years playing for Coach Tab and now he will not be there,” said Verano. “It is definitely exciting but scary. But as coach says, ‘just roll with the punches and be ready for success and failure.” Verano is equal parts nervous and excited about the next stage of his journey now that his college days and career are over. Sadly, he wasn’t able to go out on a high note as the Ateneo Blue Eagles were defeated by the University of the Philippines Fighting Maroons, 2-1, in the University Athletic Association of the Philippines (UA AP) Season 84 Finals. “I’ve got mixed emotions but I have to say this is exciting. I dreamt of this moment and now I am taking a huge step from college ball to professional ball,” he said. During the past UAAP season, Raffy was considering going to the Philippine Basketball Association (PBA) Draft along with teammates Tyler Tio and Gian Mamuyac. However, as the season progressed, Verano thought that it might be in his best interests to take the year off and try his

POC to give cash bonuses to SEA Games medalists

“I’m not yet sure if I will pursue a coaching career or continue the fight this year,” Gabuco said, adding that the Asian Boxing Confederation tournament is lined up for her later in the year. “I can’t confirm it yet. I haven’t made a decision yet.” A coaching career, she said, would give her the opportunity to pass on what she knows in her sport. “It’s not a matter of teaching fellow women with self defense but for boxing as a competitive sport, that’s the reason why I like to coach,” she said. “I want to be part of the coaching staff to help develop our women’s boxers for any competitions like the Olympics and world championships.” “I want to share what I learned and help inspire women on what boxing has done in my life,” she added. “But if you ask about my health, I am still okay, I can still fight. I am satisfied with my performance during the SEA Games, and my

coaches too, even though we didn’t get the decision.” Pat Gaspi, one of the coaches of the Association of Boxing Alliances in the Philippines (ABAP), said they would respect Gabuco’s decision, although he stressed she’s still competitive. “She’s welcome to the coaching staff, but she can still fight competitively especially if she’s in good condition,” Gaspi said of Gabuco, who clinched a bronze medal at the Dubai Asian Boxing Confederation Championships in May 2021. Gabuco doesn’t look in a hurry toward a coaching career, although she’s now embedded into helping manage as one of the directors of the association after its former president now chairman Ricky Vargas sought for the inclusion of athletes—former and current—on the ABAP board. In the meantime, Gabuco said she plans to go on vacation with 15-yearold son Mack Joseph in Palawan.

in NBA history by going 33-49 and missing the playoffs. The Lakers flopped despite another impressive season from LeBron James, who welcomed his new head coach on social media even before the move was publicly announced. “So damn EXCITED!!!!!!!!” James tweeted. “Congrats and welcome Coach DHam!!” Ham will be the 15th Black coach currently in the NBA, the most ever at one time. Ham was a player development assistant coach with Kobe Bryant’s Lakers from 2011-13 on the staffs of head coaches

Mike Brown and Mike D’Antoni. Ham then had a five-year stint on the Atlanta Hawks’ staff under Budenholzer, developing a reputation as an effective communicator with versatile tactical knowledge. AP

luck in Asian countries like Japan, Korea or Taiwan. “Basketball is opening up and it would be good to prepare myself for this next stage. In Ateneo, I played the four spot but we all know I cannot play that position even in the PBA assuming I get drafted,” he said. “So, I need to learn what it is like to play the three spot all over again.” “I never thought of seriously playing pro ball until I graduated,” he added. “It is all hitting me now.” The plan for now is to go back to the United States by either the end of June or early July to get ready for playing abroad. “I need to train and re-configure my game,” clarified Verano. “I see how Thirdy (Ravena, his former Ateneo teammate), thrive in Japan. I see how his game has evolved where he does everything. He matured as a player and as a person; gaining that from playing overseas—away from his comfort zone. If I can gain that experience too it will help.” Right now, Verano is hoping he can play in Korea. “Theirs is a systems-style way of playing,” he pointed out. “And having played for Ateneo, we are all about systems. I want to try Korea because they have such a high level of basketball.” “Like Coach Tab they have a system and to be able to

HE Philippine Olympic Committee (POC) will honor the medalists in the recent Vietnam 31st Southeast Asian Games on top of announcing the release of their financial incentives during its General Assembly—the sixth for the year—at the Knights Templar Hotel in Tagaytay City. The General Assembly, according to POC president Rep. Abraham “Bambol” Tolentino, will also welcome the Samahang Kickboxing ng Pilipinas and Philippine Esports Organization, as regular members of the organization. “Tops on the agenda is honoring our Filipino athletes who competed strongly in the Vietnam SEA Games,” Tolentino said. “The country may have relinquished the overall championship, but our athletes were a ‘fighting team’ in Vietnam.” Filipino athletes finished fourth in the medals race with 52 gold, 70 silver and 105 bronze medals—the best finish by the country when it’s not hosting the games—in the May 12 to 23 competitions that Vietnam exaggeratedly ruled with a haul of 205 gold medals with 125 silvers and 116 bronze medals. The host’s haul was 40 percent of the 522 events spread out to 40 sports with Thailand finishing a far second with 92-103-136 gold-silverbronze and Indonesia landing at third place with 69-91-81. Singapore was fifth with 47-46-43. “Everyone knew beforehand that Vietnam will relentlessly dominate the games but still, our athletes still held their ground despite limitations in their training and preparations because of the Covid-19 pandemic,” Tolentino said. “And to honor and recognize the athletes, the POC is rewarding them with incentives,” said Tolentino, who presided over the POC Executive Board meeting on Saturday at the East Ocean Palace Restaurant in Pasay City. “We’re hopeful that when the 32nd SEA Games are hosted by Cambodia in May 2023, our athletes will remain in gold medal form.” Tolentino, meanwhile, said the kickboxing federation headed by Senator Francis “Tol” Tolentino and the esports bodies have completed the requisite two SEA Games participation to warrant their regular membership with the POC. Kickboxing accounted for two gold, four silver and two bronze medals and esports contributed two golds and two silvers in the Vietnam SEA Games campaign. The POC will also welcome the Philippine National Rugby League as a recognized member.

WORLD SLASHER CUP

Binibining Pilipinas Grand International Samantha Panlilio (left) and runner-up Meiji Cruz (right) flank sportsmen (from left) Faustino Datu, Ferdie Chua, Dr. Belle Almojera (Florida) and Edwin Tan during a cock pitting session for the World Slasher Cup at the Novotel Manila Araneta City over the weekend. The World Slasher Cup returns starting on Tuesday up to June 6. NONOY LACZA

experience it in an international level would be huge.” Raffy’s parents—Mike and Therese—plus his confidants and advisers—give him advice. “My father likes to point out all these opportunities that open up today and how I and many others are lucky to experience this. Whatever I am told, ultimately, it is my decision and they will support me. Let me just say that this support group means a lot to me.” It has been said that college is supposed to prepare you for the rest of your life. Raffy Verano came over from California, USA, six years ago. He only imagined what it was like from the stories of his parents and relatives. But the reality is even better. “I won two UAAP championships,” he summed up. “Played in four UAAP finals. Experienced the Jones Cup and many other things. If you told me this would all happen, I wouldn’t have believed you.” “College prepared me in so many ways. Now, we put that to the test. Now, I am here…going out of my comfort zone again. Coming out to the Philippines and college life prepared me for that. And I am ready and confident to take the next step.”