BusinessMirror November 01, 2021 by BusinessMirror

Saudis to pay ₧4.6-B wages of 9K OFWs By Samuel P. Medenilla sam_medenilla

OME 9,000 overseas Filipino workers (OFW) displaced in the Kingdom of Saudi Arabia (KSA) are expected to finally get P4.6 billion worth of unpaid salaries before the end of the year, according to the Department of Labor and Employment (DOLE). Labor and Employment Secretary Silvestre H. Bello III said Saudi Labor Minister Ahmed alRajhi made the commitment to him in their meeting last week at the sidelines of the Abu Dhabi Dialogue in the United Arab Emir-

ates (UAE). “So the unpaid salaries of our OFWs can be settled just in time for Christmas,” Bello said in a statement on Sunday. “Our gover nment is rea lly thankful that the meeting with the KSA labor minister was fruitful,” he added. In exchange for the payment of the claims, Bello said he will remove the suspension on Arab m e g a r e c r u i t m e nt a g e n c i e s which were responsible for the deployment of the concerned OFWs. The agencies were unable to settle the claims of their OFWs despite the Saudi Court ordering them to

“So the unpaid salaries of our OFWs can be settled just in time for Christmas.”

SILVESTRE BELLO III SECRETARY OF DEPARTMENT OF LABOR AND EMPLOYMENT

do so. The 9,000 OFWs, who were retrenched due to the economic slowdown in KSA, were repatriated by

Monday, November 1, 2021 Vol. 17 No. 24

the government in 2016 and are still waiting for the settlement of their unpaid claims from their Saudi employers.

NG GROSS BORROWINGS HIT P2.6T FROM JAN-SEPT n

P25.00 nationwide | 2 sections 20 pages |

UNHEALTHY CITIES WERE COVID-19 ‘INCUBATORS’ By Cai U. Ordinario @caiordinario

RESIDENTS of San Dionisio in Parañaque City ready their containers as they await water supply in their barangay. Fire trucks criss-crossed several cities in Metro Manila at the weekend to supply water to residents affected by a massive disruption of water services to make way for a major public works project in Manila. NONIE REYES

By Bernadette D. Nicolas

@BNicolasBM

ROSS borrowings of the national government from January to September this year have reached P2.6 trillion, posting a double-digit growth compared to a year ago.

Latest data from the Bureau of the Treasury showed gross borrowings in the nine-month period surged by 15.1 percent year-on-year from P2.26 trillion in the same period in 2020. The latest figure is already equivalent to 84.7 percent of the P3.07-trillion programmed gross

borrowings for this year. Gross domestic borrowings as of end-September soared by 22.56 percent year-on-year to P2.096 trillion from P1.71 trillion. More than half of the gross domestic borrowings were sourced from Fixed Rate Treasury Bonds (P1.099 trillion). See “NG gross borrowings,” A2

Peza asks FIRB: reconsider WFH threshold By Tyrone Jasper C. Piad

@Tyronepiad

HE Philippine Economic Zone Authority (Peza) is asking the Fiscal Incentives Review Board (FIRB) to revisit the implementation of the work-fromhome (WFH) threshold on the basis of gross revenues for the information technology-business process management (IT-BPM) firms, after denying their earlier request. “Peza is guiding the IT-BPM [sector] to comply with the FIRB’s WFH [arrangement] based on the number of workers while we send a reconsideration for the gross revenues as basis of WFH,” Peza Direc-

tor General Charito Plaza told the BusinessMirror. The Peza proposal, which seeks to base the threshold on gross revenues, means the locators will be allowed to have 100-percent WFH arrangement for the workforce but it also means that only 90 percent of the revenues of the activity will be subject to incentives. Plaza said the proposal is also for the interim while the national state of calamity is in effect. Last month, however, Finance Assistant Secretary and FIRB Secretariat Head Juvy C. Danofrata said that Peza’s plea was denied because it is “not consistent with the economic strategy of the government to gradually and safely reopen the

PESO EXCHANGE RATES n US 50.7700

economy.” Danofrata claimed that the FIRB resolution regarding the WFH scheme was already “reasonable,” given that activities should be held in the economic zones in the first place. The FIRB has approved the extension until March 31, 2022, of WFH arrangements for up to 90 percent of employees in the IT-BPM sector.

Safety seals “Peza is guiding the IT-BPM [sector] to comply with the FIRB’s WFH [arrangement] based on the number of workers while we send a reconsideration for the gross revenues as basis of WFH.”—Peza Director General Charito Plaza

FOR now, the regulator of economic zones said they are yet to be oriented about the policies set in the Safety Seals program, as 10 percent of the workforce is expected to return to the offices. See “Peza,” A2

NHEALTHY and overcrowded cities pre-pandemic have made urban areas “incubators” for Covid-19, according to an Asian Development Bank (ADB) official. In an Asian Development Blog, ADB Vice President for Knowledge Management and Sustainable Development Bambang Susantono said this has caused suffering for millions of poor and informal workers. This warrants finding ways, for countries in developing Asia, to help cities build back better and “build forward better” to adapt to the new normal, Susantono said. “Today’s cities face many challenges. They include rapid urbanization, aging societies, infrastructure deficits, climate change and disaster risk. Well before Covid-19, many urban areas were already overcrowded, unsafe, and unhealthy,” Susantono said. “They provided the virus with a natural incubator. The poor and informal workers were particularly vulnerable, without financial means or access to formal social protection systems, such as those related to unemployment,” he added. Susantono said cities must use risk-sensitive land-use management, nature-based solutions, the circular economy, and low-carbon practices in order to “build forward better” in a postpandemic era. Ultimately, Susantono said cities in the region must become “greener, more inclusive, more competitive, and more resilient” after the pandemic. “Urban infrastructure and services have struggled to keep up with Asia’s transformation over the past 50 years. But in today’s world—and to deliver a better world for future generations—falling behind is no longer an option,” Susantono said. He offered six recommendations on how cities can achieve this. The first is to focus on inclusion by strengthening social protection and standardizing

urban services for all. Susantono said cities have become a home for all kinds of people including women, the elderly, the poor, and persons with disabilities. This means their special needs must also be addressed in urban areas. Another recommendation, Susantono said, is for cities to provide urban services and infrastructure that employ the best available technologies as well as digital solutions. This means turning to technological solutions to provide services such as water; boost land-related tax collection, value-capture, and planning; and employ urban planning when building infrastructure. Relatedly, Susantono said, urban planning systems should incorporate the lessons of the pandemic. This is his third recommendation for urban areas. “This helps cities plan for better resilience against future shocks by providing open public spaces and green corridors, and by creating affordable housing, especially for the poor, vulnerable, and returning migrant workers,” Susantono said. “Reviving sustainable tourism and risk-informed urban planning for low-carbon development, environmental protection, and disaster risk management are also priorities for most cities in the region,” he added. Susantono said his fourth recommendation is on financial sustainability and building governance capacity. Cities, he said, must maximize their revenues—one of the lessons of the pandemic, he pointed out. Covid-19 exposed the financial weaknesses of cities and, Susantono said, they must remedy this by adopting transparent, accountable, consistent and coherent responses to shocks and stresses. Another recommendation is for cities to build healthy and environmentally sustainable urban areas. Cities must conduct health impact assessments; prepare age-friendly plans; and implement efforts that promote health and sustainable environments.

n JAPAN 0.4471 n UK 70.0626 n HK 6.5278 n CHINA 7.9430 n SINGAPORE 37.7613 n AUSTRALIA 38.2857 n EU 59.3197 n SAUDI ARABIA 13.5358

Source: BSP (October 29, 2021)

News

BusinessMirror

A2 Monday, November 1, 2021

Rufus pushes halt to hike in oil excise tax for 4 years A By Jovee Marie N. dela Cruz

@joveemarie

LEADER of the House of Representatives is pushing for the passage of a measure suspending the collection of the increase in excise taxes on gasoline, diesel and other oil products for four years. Deputy Speaker Rufus Rodriguez said his House Bill 10246, which he filed last October 29, 2021, seeks to suspend excise tax increase on oil products from 2022 to 2025. Under the measure, only the excise tax adjustments imposed in Section 43 of Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion (TRAIN) Law would be suspended. Rodriguez noted that for the past eight weeks, the price of unleaded gasoline went up by P7.20 per liter and diesel by P8.65 per liter. He said prices of unleaded gasoline and regular diesel in Metro Manila are now around P70.44 and P50.17 per liter, respectively; while in the Visayas, unleaded gasoline costs P73.96 per liter and diesel

sells for P64.95 per liter. In Mindanao, he said unleaded gasoline retails for P74.85 per liter and diesel for P70.65 per liter. Once the suspension takes effect under the bill, the government would continue collecting excise levies on oil products based on the old rates contained in the National Internal Revenue Code. According to the lawmaker, Section 43 includes a suspension provision covering the period 2018 to 2020 whenever crude oil prices exceeded $80 per barrel. “Unfortunately, the provision for the suspension of the increase of excise taxes can only be applied until 2020. Then the Covid-19 pandemic happened. Jobs were lost, businesses closed and the economy suffered,” he said. He said at present, the economy

is only starting to gradually reopen and people are beginning to go back to work. However, the weekly increases in the pump prices of oil products are adding to the people’s suffering, he added. He said the increases in pump prices cause a domino effect on the prices of consumer goods, bringing more suffering to the people. “One way to help the Filipino people is to temporarily suspend the collection of the increase in excise taxes on oil products imposed under the TRAIN Law until the country has fully recovered from the Covid-19 pandemic,” he said. Rodriguez added that once the adjustments are suspended, the old rates that would apply would be P4.35 and P5.35 per liter on regular gasoline and unleaded gasoline instead of the present P10, while diesel, kerosene and liquefied petroleum gas would not be imposed any excise tax. The suspension should result in a corresponding decrease in the prices of consumer goods and services, he said.

DOE authority

MEANWHILE, in a recent meeting of the House Committee on Ener-

gy, Deputy Majority Leader Juan Miguel Macapagal Arroyo said giving the Department of Energy the authority to suspend the excise tax on oil would affect the country’s revenue generation, thus the need to confer with the Department of Finance (DOF). The panel held a briefing last week on the implications of the proposed suspension, as well as a review on the provisions of Republic Act 8479 or the Downstream Oil Industry Deregulation Act of 1998. Aimed at easing the burdens of Filipinos amid the rise in oil prices in the global market, DOE Oil Industry Management Bureau Director Rino Abad recommended amending Section 43 of RA 10963 of the TRAIN Law to allow the suspension of excise tax on petroleum products. Abad also discussed the DOE’s proposed amendments to RA 8479, including adding a security of supply provision and mandating oil companies to submit unbundled weekly price adjustment and pump price. But DOF Strategy, Economics, and Results Group Director Euvimil Nina Asuncion objected to the proposed suspension of excise tax. Asuncion said it would be detrimental to the country’s economic recovery and long-term growth.

NG Gross borrowings... Continued from A1

The rest of the amount came from short-term borrowings from Bangko Sentral ng Pilipinas (BSP) at P540 billion and from Retail Treasury Bonds/Premyo Bonds (P463.32 billion). There was also a net redemption of P6.94 billion in Treasury Bills. Net debt redemption means there were more debts repaid compared to the amount borrowed during the period.

Foreign borrowings

ON the other hand, gross foreign borrowings in the same period shrank by 7.9 percent to settle at P506.67 billion from last year’s P550.27 billion. The amount was raised through global bonds (P146.17 billion), program loans (P139.98 billion), euro-denominated bonds (P121.97 billion), a project loan (P74.36 billion), and yen-denominated samurai bonds (P24.19 billion). For September alone, the national government’s gross borrowings amounted to P215.1 billion. This was a reversal from last year’s actual net debt redemption of P209.4 billion. In September last year, the government repaid P300 billion in short-term borrowing from BSP. The government borrows to meet its spending requirements as well as to finance its budget deficit. The national government’s outstanding debt as of end-September this year ballooned to another record high of P11.92 trillion, already breaching the government’s expected level of debt stock of P11.73 trillion by the end of this year. This was also higher by 27.2 percent, or P2.55 trillion, than the P9.37 trillion in the same period in 2020. Finance Secretary Carlos G. Dominguez III earlier said the country’s debt-to-GDP ratio is projected to rise to 59.1 percent this year and peak next year at 60.8 percent—slightly above the internationally accepted threshold—before gradually tapering off to 60.7 percent and 59.7 percent in 2023 and 2024.

www.businessmirror.com.ph

DOLE reminds employers of Nov. 1 special pay rules By Samuel P. Medenilla @sam_medenilla

ORKERS will only get holiday pay on Monday amid an existing government policy, which declared All’s Souls Day as a “working” holiday. Last week, the Department of Labor and Employment (DOLE) issued its Labor Advisory No. 19, series of 2021, reminding employers of the special pay rules, which will take effect this week. In that issuance, Acting Labor Secretary Ana Dione noted that a “no work, no pay” policy will take effect on Nov. 1. 2021 after it was declared by President Duterte as a special non-working holiday. Only employees who report for work during the said day will get an additional 30 percent of their basic wage for the first eight hours of work. They will get an additional 30 per-

cent of their hourly rate if they will work overtime during the special holiday and an additional 50 percent of their basic wage if the said event coincides with their day-off. Since Nov. 2, 2021 is considered as a special working holiday under Presidential Proclamation No. 1107, Dione said workers will not get any premium pay for that day. Labor and Employment Secretary Silvestre H. Bello III urged employers to comply with the pay rules during both holidays despite the ongoing Covid-19 pandemic. “The government commiserates with various small and medium enterprises in the country who are struggling to survive due to the imposition of Covid-19 health protocols; however, the proper payment of wages for their workers, not only during the declared holidays, should not be compromised as stated under the law,” Bello said.

Poe to authorities: Ensure govt aid to transport sector By Butch Fernandez

@butchfBM

ENATOR Grace Poe on Sunday pushed transport authorities to make sure all government assistance for the transport sector is implemented well and fast, as drivers reel from a series of oil price hikes even while being barred from raising fares. In a radio interview, the chairperson of the Senate Committee on Public Services lamented the absence of quick response from authorities tasked to deal with the mounting problems of the public transport sector, topped by inadequate government assistance and delays in payments under the service contracting scheme. Poe acknowledged the brewing unrest in the transport sector needs to be addressed quickly to avert inconvenience to commuters. “That is becoming a problem,” said Poe, noting there is even a still unsettled P20 million that LTFRB has yet to pay for service contracting, even as she conveyed concerns that this is a “very serious issue with many drivers if they do not get the promised payment for their services.” She described it as “a life-ordeath ([issue) for many of our drivers,” reminding authorities concerned about the possible repercussions if drivers do not receive the promised payment for

their services. The senator said they reminded officials of the Department of Transportation and its attached agencies that they will review whether the government’s obligations to the stakeholders have been given before approving their 2022 budgets in plenary. Meanwhile, another brewing issue has arisen between drivers and the transport operators on the computation of their shares from daily fares collection computed on the number of passengers. “Now, that is not just the only problem,” she said, adding, partly in Filipino: “Sometimes drivers complain about their pay not being commensurate to the kilometers they covered in a day. For example, a driver covers 120 kms in one day, but he gets paid only for the equivalent of between 20 and25 kms. Meanwhile, while acknowledging the recent government service to provide P1 billion in cash aid to over 170,000 transport workers, Poe slammed the poor implementation of well-meaning policies. “We [lawmakers] allocated nearly P6 billion for service contracting, but they spent less than P1 billion. That’s money, we know how money rolls and primes the economy. You give that to displaced transport workers so they have temporary jobs and their families can spend it, and in turn help the businesses that supply what they need.”

Advocacy group… Although we expect fossil gas to

play a part in the Philippine energy mix, it is not an inevitability. Gas is very significantly expensive and with prices extremely volatile, it may be unmanageable if the power sector is not ready,” she said. AC Energy President Eric Francia, Management Association of the Philippines Energy Committee Chair Ernesto Pantangco, and Negros ENGINE Institute Senior Advisor Marlon Apañada also joined the discussion as reactors. “Striking the right balance is cru-

Peza

Continued from A1

This, after the Department of Labor and Employment (DOLE) urged the IT-BPM firms to secure said certification. “On the Safety Seals, we need to be appraised yet by the DOLE of this requirement,” Plaza told this newspaper. Safet Seals are a certification that

Continued from A12

cial in this energy transition, and we need to recognize that it will take time. AC Energy is committed to net zero emissions by 2050 and we gear our generation portfolio towards renewables,” said Francia. He also cited the importance of having a competitive power market. “We hope to make full use of the Electric Power Industry Reform Act [Epira] and RE policies. There are still some gaps in the implementation. It just needs execution, and the market will step up to the plate,” Francia added. an establishment adheres to the minimum public health standards set by the government amid the pandemic. Those who secure the said document are also allowed additional operating capacity. “When workers are assured of their safety and health at their respective workplaces, work quality and productivity are also enhanced,” Labor Secretary Silvestre H. Bello III said in an earlier statement.

The Nation BusinessMirror

www.businessmirror.com.ph

Killing of journalist invokes condemnation, probe order

AVAO CITY and Manila— The killing of Davao-based journalist Orlando “Dondon” Dinoy has invoked condemnation from a coalition of the country’s biggest labor groups as well as an order by the police chief for a thorough investigation. Dinoy, who worked for online news site “Newsline Philippines” and hosted a block-time program at Energ y FM station in Digos City, was shot dead in Bansalan, Davao del Sur, last Saturday evening. The Bansalan police said they cou ld not yet ascer t a in how many assailants were involved but it said one gunman barged into the apartment of Dinoy at 6 p.m. of October 30 and shot him at close range. Dinoy was also using his apartment room as his news room, according to a police report. Photographs posted on Facebook shows him sprawled on the floor with the upper part of his body at the bottom of a table. At the wall was a red cloth banner with the word “Newsline” on it. Dinoy was also a correspondent for the Cebuano paper Sunstar Balita and formerly wrote for the Philippine Daily Inquirer newspaper until 2020.

Condemnation

THE Kapisanan ng mga Brodkaster ng Pilipinas-Davao City Chapter has condemned the killing. “This is an attack and affront to the lives of journalists and the freedom of expression guaranteed in the Philippine Constitution,” the statement of the organization of broadcasters read. “We demand speedy and fast police investigation to identify the person/s behind the killing and put the perpetrators behind bars immediately.” A close associate of Dinoy who requested anonymity when speaking with the BusinessMirror said the victim would criticize politicians in his Facebook posts. But he would not do it during his radio broadcasts, the person said. In a statement issued last Sunday, Nagkaisa (N1) Chairman Sonny G.

Matula called for the immediate investigation on Dinoy’s death. He said the Justice Department’s Inter-Agency Committee on Extra-Legal Killings, Enforced Disappearances, Torture and Other Grave Violations of the Right to Life, Liberty and Security of Persons (IAC) should look into the matter. “The killing of another [media] worker is too many that needs to stop,” Matula said. “N1 joins with other groups in their cry for justice.”

Probe set

ON Hallows Eve, National Police chief General Guillermo Lorenzo T. Eleazar ordered a thorough investigation into the killing of Dinoy. “We will look into all the possible angles on this case and we are also asking the help of our kababayan (compatriot) to provide us with any information that could lead to the resolution of this case,” Eleazar said while extending his condolences to the victim’s family. A statement from the Presidential Task Force on Media Security headed by Undersecretary Joel Sy Egco said they are coordinating with the police in Bansalan over the case. “Even if the motive seems to be a personal matter, the Task Force will see to it that justice will be served to those responsible for Dinoy’s death,” he said. Egco added that according to Dinoy’s colleague, Edith Caduaya, also the president of the Mindanao Independent Press Council, Dinoy was not a hard-hitting journalist and had no enemy. However, Caduaya told the presidential task force that the victim had an altercation with someone before the killing. “Dinoy was also reportedly being urged to run for vice mayor in the locality but was advised not to,” Egco said. Both Eleazar and Egco urged members of the media to immediately report to the police any forms of harassment, attack and threat. Rene Acosta, Manuel Cayon and Samuel P. Medenilla

Editor: Vittorio V. Vitug • Monday, November 1, 2021 A3

Police on heightened alert after top NPA leader’s slay By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

& Rene Acosta

@reneacostaBM

AVAO CITY and Manila— All police forces around the country were placed under heightened alert last Sunday following the military’s killing of the celebrated leader and highest commander of the New People’s Army (NPA) in Mindanao. The military reported that George “Ka Oris” Madlos, who was said to be the spokesman for the whole national operations command (NOC) of the NPA and the National Democratic Front of the Philippines (NDFP)Mindanao, was killed during an air and ground operations at Sitio Gabunan, Barangay Dumalaguing, Impasugong, Bukidnon, last October 30. Another NPA guerilla, Eighfel dela Pena, aka “Pika” and “Maui,” said to

be an NPA-NOC communications and medical staff, also died during the assault, according to the military. National Police chief General Guillermo Lorenzo T. Eleazar placed all police units and offices around the country on alert in anticipation of possible retaliatory attacks from rebels as a result of Madlos’s killing. Major Gen. Romeo S. Brawner Jr., commander of the Army’s 4th Infantry Division based in Cagayan de Oro City, told reporters that barangay residents tipped them of Madlos’s location in a secluded area in Impasugong. Madlos was said to be a longstanding member both of the central committee and executive committee of the Communist Party of the Philippines (CPP). Elements of the 403rd Infantry Brigade under the 4th ID launched operations against the rebels at around 12:30 a.m. following what the military said reports by civil-

ians about the presence of what was believed a composite team from the NOC of the CPP-NPA’S Mindanao Committee, Regional Operations Command and Guerilla Front 89 of the North Central Mindanao Regional Command.

Sympathies

AS government troops from the 8th Infantry Battalion and 1st Special Forces Battalion approached the camp of the rebels in a mountainous area of Sitio Gabunan, they detected that the camp’s perimeter had been laden with anti-personnel mines, prompting them to call in for airstrikes, the Armed Forces of the Philippines (AFP) said. At around 11:30 a.m., the troops clashed with the rebels and scoured the area where they discovered two bodies and recovered an M-14 rifle and a KG-9 rifle along with other war materiel and rebel documents. Brawner later announced that one

PHL-bound passengers dropped 72% in 9 mos By Joel R. San Juan @jrsanjuan1573

GHOST CEMETERY The security officer of the Manila South Cemetery in Makati City walks past a statue of The Risen Christ at a columbary as the City Government of Manila ordered cemeteries under its jurisdiction closed from October 29 to November 2. Millions of Filipinos visit the final resting place of their departed ancestors and loved ones on All Saints’ Day and All Souls’ Day. ROY DOMINGO

DENR still studying closure of ₧389-million dolomite beach By Jonathan L. Mayuga @jonlmayuga

MID the clamor for its closure to prevent the spread of the dreaded coronavirus, the Department of Environment and Natural Resources (DENR) is still contemplating closing the dolomite beach until the completion of the second phase of the project after November 3. During the second phase of the P389-million “beach nourishment” project, more crushed dolomite from Cebu will be shipped to Roxas Boulevard to expand the “Boracay-like” white-sand beach along the Manila Baywalk area. This as officials of the DENR reiterated that public health remains

the top concern in the dolomite beach crowd management. In a statement issued on Sunday, the DENR said measures of either closing the beach on weekends or closing it until the second phase of the rehabilitation is completed shall be carefully examined and will be based on the decision of the Manila Bay Task Force and the Alert Level status in Metro Manila. The DENR said that it is putting in place adequate crowd management measures to ensure visitors’ adherence to the health protocols should the agency decides to keep the controversial white sand beach along Roxas Boulevard open after November 3. “The public’s health is still of

paramount concern for us. This is the reason why we at the DENR are studying the guidelines to make sure that the public can still appreciate the beauty of the dolomite beach while keeping them free from sickness,” DENR Secretary Roy A. Cimatu said in a statement. During an online news conference last October 27, Cimatu announced that the Manila Bay Task Force (MBTF) will conduct an investigation on the October-24 overcrowding incident to assure the people that the incident will not happen again in the future. A total of 121,744 people visited the dolomite beach nine days after its “soft reopening.” The DENR chief also apologized, saying that the agency “will

confront the things that need to be corrected.” To prevent overcrowding at the dolomite beach, the DENR has decided to close the area from October 29 to November 3 in conjunction with the long holiday weekend. Aside from these measures, the DENR is also considering several strategies to help ease the crowding situation in the dolomite beach. “We are aware that if this [overcrowding] situation continues and the minimum health standards are ignored, this may bring us to a scenario of a possible super spreader event,” DENR Undersecretary for Policy, Planning and International Affairs Jonas R. Leones said. According to Leones, the DENR

has already “implemented the temporary ban on minors to enter the dolomite beach, consistent with Covid-19 Inter-Agency Task Force for the Management of Emerging Infectious Diseases’ protocols.” Children 11 years old and below will not be allowed at the dolomite beach. The DENR is also considering the “cinema approach” for those who want to visit the dolomite beach, he pointed out. Visitors may be given “stubs” just like in movie houses, which will then give a “fair chance for everyone to enjoy the beach.” Also recommended is the designation of a special lane for persons with disabilities, pregnant women and senior citizens.

New Covid cases at 3,410 Roque slams news item’s portrayal as ‘war criminal’ By Claudeth Mocon-Ciriaco @claudethmc3

HE Department of Health (DOH) on Sunday announced it has logged 3,410 additional Covid-19 cases, bringing the total number of infections in the country to 2,787,276. There were also 5,825 recoveries and 128 deaths. About 1.6 percent (45,233) of the total number of infections is active; 96.8 percent (2,698,871) have recovered and 1.55 percent (43,172) has died.

Thirty duplicates were removed from the total case count. Of these, 25 are recoveries. Moreover, 91 cases that were previously tagged as recoveries were reclassified as deaths after final validation. All laboratories were operational on October 29 but four labs were not able to submit their data to the Covid-19 Document Repository System. Based on data in the last 14 days, the 4 non-reporting labs contribute, on average, 0.6 percent of samples tested and 0.4 percent of positive individuals.

of the two bodies recovered was that of Madlos following identification and a revalidation. Madlos’ death came a day after the military also killed Salahuddin Hassan, head of the Daulah Islamiya (DI) during an operation at Sitio Pinareng, Barangay Damablac, Talayan, Maguindanao. Hassan, former leader and founder of the notorious Al-Khobar terrorist group, replaced Hatib Hadjan Sawadjaan as the leader of DI, the local front of the Islamic State in the country. Sawadjaan died during a firefight with soldiers in Sulu last year. Documents given by the AFP said Madlos was wanted for criminal cases such as murder, multiple murders with double frustrated murder, robbery with double homicide and damage to properties. While we have a different belief in addressing social problems, I personally extend my sympathies to Madlos’s family, Eleazar said.

RESIDENTIAL Spokesman Harry Roque condemned the “malicious” report, which allegedly portrayed him as a war criminal. In a statement issued last Sunday, Roque singled out the article of the Philippine Daily Inquirer (PDI) on the protest held by Bayan-USA in the restaurant in New York, where he was supposedly entertaining several foreign missions. The demonstrators accused Roque of being a war criminal and should not be nominated in the International Law Commission (ILC). Roque said the article was “edito-

rialized” by the reporter, who wrote it, when it claimed he did not comment on the issue. “Your reporter never even interviewed me; that is indubitable,” Roque said addressing the PDI management. “By publishing (what is clearly an opinion) that I did not answer the accusations, PDI effectively represented that the questions it published were legitimate. So now PDI imputes that I am a war criminal and a human rights violator,” he added.

Questionable info?

ROQUE also hit another PDI article re-

garding an Asia-Pacific lawyers’ group also opposing his ILC nomination. In the said piece, he questioned why PDI “legitimized” the Confederation of Lawyers of Asia and the Pacific (Colap) despite the lack of credible information about its existence. He also called out the article for its supposed “wrong” claim that the entire University of the Philippines-Diliman also opposed his ILC nomination. “The UP Diliman Executive Council, led by Chancellor Fidel R. Nemenzo, is the one that issued a statement against me. The Diliman executive council is NOT the UP system,” Roque said.

HE number of passengers who arrived in the country from January to September of 2021 dropped by 72 percent due to the impact of the Covid-19 pandemic on the international travel industry. In a statement, BI Commissioner Jaime H. Morente noted that a total of 893,886 international travelers arrived during the first nine months of the year as compared to the 3.2 million recorded in 2020. “This is a far cry from our pre-pandemic figures, wherein we reached 12.6 million arrivals already by the third quarter,” Morente said. While the pandemic started in 2020, Morente noted that the BI still recorded a high arrival of passengers during that year since the government decided to close its borders only in March. Morente said there were already 2.8 million arrivals recorded during the first quarter of 2020. The BI chief said the agency is expecting the low turnout of arriving passengers would continue at least until the end of 2021. “Statistics show that since January the volume of arrivals in our international ports has been averaging at only around 90,000 to 100,000 a month so we foresee this trend to persist until the end of this year,” he added. The low figures, according to Morente, are due to the daily cap on passenger arrivals as well as the imposed travel restrictions. On the other hand, the Bi recorded a 68-percent decrease in the number of passengers who left for abroad during the first three-quarters of the year. From 3.6 million who left the country in 2020, the number fell to 1.1 million from January to September of 2021. “The bulk of these travelers were overseas Filipino workers as well as foreigners who were returning to their home countries,” Morente said. But Morente said the agency is optimistic that the international travel industr y would bounce back as the country begins to relax travel restrictions following its aggressive vaccination drive against Covid-19.

A4 Monday, November 1, 2021 • Editor: Vittorio V. Vitug

Economy BusinessMirror

‘Populism imperils economic reforms’ By Cai U. Ordinario @caiordinario

HE continuation of a populist wave in the country imperils the economic reforms put in place by the current administration, according to the dean of the Ateneo School of Government (ASOG). During the Economic Journalists Association of the Philippines (EJAP) webinar last week, ASOG Dean Ronald U. Mendoza said the performance of the country in the next 10 years would largely depend on the choices that voters would make in May 2022. Mendoza said that if voters place the country in the hands of an administration that will not use the reforms introduced by the current administration and would even prac-

Labor group asks senators to defer RCEP bill approval By Samuel P. Medenilla @sam_medenilla

LABOR group urged the Senate to withhold its concurrence on the ratification of the Regional Comprehensive Economic Partnership (RCEP) until its provisions could be sufficiently disclosed to the public. The Sentro ng Nagkakaisa at Progresibong Manggagawa (united and progressive workers’ center or Sentro) said the measure is necessary due to the “secrecy” of the government, when it negotiated the provision of the international trade deal. In a Viber message, Sentro Secretary General Joshua T. Mata told the BusinessMirror that no less than the Department of Trade and Industry (DTI) made the admission during the Senate hearing for its concurrence of the RCEP. In fact, he said DTI is now planning to conduct roadshows to disseminate the effects of the RCEP to the sectors, which will be affected by it.

Industry impact

MATA emphasized that the public deserves to know the provision of the RCEP, which was signed by 15 countries, including the Philippines, since it will affect many local industries. The deal was already ratified by President Rodrigo R. Duterte last month, and will remove as much as 90 percent of the tariffs on specified traded goods after it takes effect. Sentro noted the agreement will be beneficial to some industries, and detrimental to others. “That’s why, in all our discussions with our negotiators, we’ve been asking for an analysis on its implications on jobs,” Mata said. “If there are winners and losers, who would be the winners? Who would be the losers? What’s the net impact,” he added.

tice poor governance, the impact of these reforms on the economy and the country would “be for naught.” “I have every respect for what the reformists like [Socioeconomic planning Secretary] Karl [Kendrick T. Chua] are pushing,” Mendoza said last October 28. “On the other hand, I am very concerned about the continuation of a populist wave in the country and I think populism is much, much more virulent than the pandemic. He added that focus should be “on bringing back greater social cohesion in the country, greater political stability in the country and greater credibility in the way governance is pushed in the country.” Mendoza said one of the important reforms that the current admin-

istration introduced was the National ID. He said through this effort, the government would be able to reform the social protection system. He said the pandemic saw the government having a difficult time extending “ayuda” to help all those Filipinos who lost their jobs, especially during the Enhanced Community Quarantine (ECQ) imposed in March to April 2020. The ECQ, according to the National Economic and Development Authority (Neda), closed down 70 percent of the Philippine economy. It also led to the loss of 8.7 million jobs. Chua said the latest data from the Philippine Statistics Authority (PSA) shows that around 40 million Filipinos have already registered for the National ID. This is only

Lawmaker cites labor ‘horror stories,’ calls for bill’s passage By Jovee Marie N. Dela Cruz @joveemarie

ITING untold horror stories that “floating workers” and workers with chopped wages have reached 388,000 since January, a lawmaker is calling for a bill granting paid leave. House Assistant Minority Leader Arlene D. Brosas of Gabriela Partylist last Sunday called on the Palace to certify House Bill (HB) 7909, or the “Paid Pandemic Leave” bill as urgent, so that Congress can expedite its passage once its resumes its session on Monday next week. Brosas said the measure is not just for Covid-19 infected workers but for workers who remain in “floating status” due to temporary closures and

reduced operations of companies. “We need to prioritize the paid pandemic leave bill; this [bill] covers floating workers due to economic disruptions brought by the pandemic,” she added. Based on Department of Labor and Employment (DOLE) data, Brosas said nearly 400,000 Filipino workers are affected by the temporary closures of 12,409 establishments since January. The bulk of these workers were in the accommodation and food service activities, the DOLE data revealed. “This means nearly 400,000 families are living with vastly reduced income levels and are possibly sliding down to informal modes of work to make ends meet, on top of the millions of workers who permanently lost their

jobs under the pandemic,” Brosas said. Under HB 7909, 14 days of paid additional leave at full pay will be granted to Covid-19-exposed workers, while a maximum of 60 days paid leave at 80 percent pay will be provided to “floating workers” or those involuntarily out of work but still employed amid the pandemic effects on enterprises. “Filipino workers are still compelled to report to work because of ‘no work, no pay schemes’ [despite strict restriction] Worst, they are either required to work without hazard pay or be placed on unpaid forced leave or floating status. This is why the government should certify as urgent the Makabayan bloc’s [HB 7909] to provide social safety nets in place as workers and their families continue to suffer from income losses,” Brosas said.

DAR, DOLE aid Agusan del Norte co-operative with livelihood grant By Jonathan L. Mayuga @jonlmayuga

EMBERS of the Farmers for Peace and Progress and Agriculture Cooperative (FPPAC) based in Agusan del Norte was recently awarded a livelihood grant worth P996,888 by the Department of Agrarian Reform (DAR) and the Department of Labor and Employment (DOLE). DAR Provincial Agrarian Reform Program Officer Andre B. Atega said the livelihood grant is expected to be used as working capital to support the cooperative’s cocoa production. Atega was quoted in a statement as saying that the FPPAC is venturing into cocoa production. “With the money, they will buy materials and equipment for processing food products such as cocoa

powder, cacao nibs and tableya [cocoa tablet],” Abega added. “We are glad that through the DOLE’s integrated livelihood program (DILP), we opened a new opportunity to advance the business enterprise of FPPAC, which we know will uplift the lives of its agrarian reform beneficiary members,” he added. Renato Manabat, chairman of FPPAC received the livelihood grant and expressed gratitude to the DAR-Agusan del Norte for the release of the livelihood assistance to their cooperative. DOLE Provincial Office Head Keith C. Duran said that the DILP livelihood assistance is an interagency convergence initiative with the barangay local government unit, in delivering support services to various parts of agrarian reform

communities in the province. Duran said that with the joint effort of the DOLE and the DAR of Agusan del Norte, the FPPAC will finally purchase the needed equipment and materials to help transform their economic activity that will serve as a stable source of income. Ellen J. Torralba, chief agrarian reform program officer (Carpo) of the Program Beneficiaries Development Division (PBDD) of DAR-Agusan del Norte, said that the delivery of livelihood assistance by the DOLE seeks to contribute to poverty reduction through the promotion of community enterprise of the cooperatives. She said that the project is expected to bring desirable changes in the lives of the farmers and will open new opportunities to forward the cooperative’s livelihood income.

Neda chief optimistic all not lost with Covid

OCIOECONOMIC Planning Secretary Karl Kendrick T. Chua believes the pandemic will not plunge the economy in a lost decade because of the reforms the administration introduced. Through the national ID alone, the government is able to achieve financial inclusion, according to the chief of the National Economic and Development Authority (Neda). Chua said he estimates that there is a financial inclusion gap of 8 to 9 million in the Philippines. But through the kiosks of the LandBank of the Philippines available at the National ID registration centers, the government has allowed around 6 million Filipinos to open bank accounts. He added that other reforms included the tax reform system that allowed the government the financial headroom to spend five percent of GDP for infrastructure every year, except for 2020. Reforms such as the Rice Trade Liberalization (RTL) Law has removed rice from the list of top 10 causes of inflation. Rice prices have posted negative growth since the RTL was implemented. “So I do not agree that we have 10 years of lost opportunity. We have done many reforms that will advance our development,” Chua said during a webinar organized by the Economic Journalists Association of the Philippines (EJAP) and held last week. “I would continue to rally all of you, both private and government, to work together, to use this crisis and get as many things done. In this crisis we are also passing three important liberalization laws. So there is momentum so let’s keep it going,” he said last October 28.

Long Covid

CHUA reiterated Neda’s findings that the pandemic will cost the economy a total of P41.4 trillion over the next 40 years. Of this amount, P11 trillion represents the reduction in future wages and productivity, as a result of the suspension of faceto-face classes in the school year 2020 to 2021. This estimate includes the lost wages of parents who forgo or reduce work hours to accompany their children in online classes. In the Philippines, Chua said 3 million households or 12.5 percent of households have children and seniors living together. In a Neda online survey, almost 60 percent of families have one parent who skips work to teach their children. This results to 25-percent forgone income. Due to lost income of parents and inability of some students to engage in distance learning, enrollment declined by 1.1 million or around 5 percent. Chua noted that in the Philippines, due to online classes, around

865 private schools reportedly closed down. Citing World Bank data, Chua said, the 12 years of expected schooling in the Philippines is equivalent to only 8 years of learning adjusted based on the results of international assessments. This is likely to fall as a result of the long school closure.

Education, health

FURTHER, Chua said, citing the Asian Development Bank, each year of lost schooling translates to around 10 percent permanent lower wages in the future. “All these mean the pandemic and school closure are exacerbating the already unequal access and lower quality of education in the Philippines,” Chua said in a presentation. Apart from education, health also suffered. Chua said PhilHealth claims for high burden diseases such as cancer, diabetes and hypertension have dropped by 77 percent during the pandemic. He said this means that the majority of the people are deferring health treatment due to lack of resources for healthcare, mobility restrictions, or the fear of getting infected in hospitals. Further, 1 in 3 children below 5 years old are stunted (short for their age); 1 in 5 are underweight; and 1 in 17 are wasted (low weight for their height).

Lower productivity

CHUA said unwanted pregnancies increased by 320,000 over the 16 month quarantine period. The share of pregnant women receiving prenatal care also dropped from 99 to 61 percent. The data also showed more than half of Filipino workers faced a mental health challenge and 23 percent of workers thought about quitting their job. Chua said studies by the World Health Organization estimated that life expectancy post-Covid could be 1 to 4 years shorter. If life expectancy will be cut due to early death, Chua said this will lead to foregone wages. In the Philippines, the PSA noted that life expectancy is at 71 years old for males and 77 for females. If this will be cut by 1 to 4 years, the life expectancy of males will be reduced to 67 to 70 years while life expectancy for females will be cut to around 76 to 73 years. Chua noted in his presentation that people who recover from COVID-19 experience other health concerns such as brain fog, weakness, respiratory damage. “Many more people will become unable to work fully due to the inability to get treatment from other diseases. Both of these lead to lower productivity,” Chua said. “In addition, there are also additional healthcare costs associated with these various diseases and sickness.” Cai U. Ordinario

Govt gives CLOAs to widows of ARBs

Senate decision

MATA said if the Senate finds the RCEP is against public interest, it should refuse to concur the agreement. “The Senate is under no obligation to concur if they find that the RCEP would not be beneficial for the country and its people. In such a situation, it is actually the duty of the senate not to concur,” Mata said. RCEP is expected to take effect by January 1, 2022, by threefifths of the 15 signatories, which includes the 10 members of the Association of Southeast Asian Nations (Asean) together with Australia, China, Japan, Korea, and New Zealand. Currently, only China, Singapore and Japan have ratified the RCEP.

10 million shy of the 50 million target this year. Chua said for 2022, the target is to register another 45 million Filipinos in the National ID system. This means, if this is achieved, only Filipinos younger than 5 years old will not be registered in the PhilSys. “These are good things. But the question is really about governance,” Mendoza said. “I think that is what’s at stake with the May 2022 elections. So despite all these reforms if we transfer it into the hands of administrators who are not necessarily going to make use of all that ability, all of that power well, and there will be governance issues; then, of course, there is risk that all of it will be for naught,” he added.

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NORTH OF MANILA This October 31 photo courtesy of the campaign group of Francisco “Isko Moreno” Domagoso shows the Manila mayor in traditional Nueva Vizcaya tribal garb. Domagoso said during a town hall meeting last October 30 at Santa Fe, Nueva Vizcaya that he will focus on the protection of life and promotion of livelihood if he becomes president in 2022. He promised to cut taxes of oil products and electricity by 50 percent, build more hospitals, school buildings and mass housing for the poor and stimulate medium, small and micro enterprises to generate more jobs, among others. PHOTO COURTESY IMD FOR PRESIDENT

OUR widows in their 60s and 70s whose husbands were among the recipients of a certificate of land ownership award (CLOA) distributed by the Department of Agrarian Reform (DAR) were among 32 other farmers who finally get to cultivate their governmentawarded land. This after the DAR finally installed the ARBs during simple rites held in Ormoc City, according to a statement from the government agency. Physically taking possession of the government-awarded land fulfills the land-transfer component of the Comprehensive Agrarian Reform Program (CARP). Due to the delay in the actual distribution of land, many ARBs have already passed away, leaving

behind their farm to the surviving member of the families; in this case, their widows. Rosario Torlao, 65, was among the ARBs widows who get to inherit the land awarded by the government under CARP. “I am now very happy, but at the same time sad because my husband is no longer here to experience this,” Rosario was quoted in a statement released by the DAR. “This could have helped us a long time ago,” as she could not believe her family now owns an almost threehectare lot, which used to be a sugar land,” she added. In 1997, Rosario’s husband, Vicente, became a recipient of a CLOA covering a 2.9-hectare lot in Barangay Patag, formerly owned by the Larrazabals.

But Vicente, according to Municipal Agrarian Reform Program Officer (Marpo) Artheiriza Manalo, failed to take full possession of the said land due to several agrarian issues and disputes until he died in 2013. Aside from Rosario, three other widows, Teresita Caliwan (71), Asuncion Agcang (78) and Trinidad Solayao (77) were also installed as they likewise took over a lot of their late ARB husbands during the installation. According to Provincial Agrarian Reform Officer Tomas Martinez, the four widows were among the 33 ARBs, who now take full possession of their awarded lots after having been physically installed following DAR survey teams conduct of a perimeter survey. Jonathan L. Mayuga

Agriculture/Commodities BusinessMirror

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Editor: Jennifer A. Ng • Monday, November 1, 2021 A5

‘Income from planting rice falls to 5-year low’

By Jasper Emmanuel Y. Arcalas

@jearcalas

ILIPINO rice farmers saw their income decline to a 5-year low in 2020 as higher labor costs reversed a downward trend in average production cost, latest government data showed.

In its latest report, the Philippine Statistics Authority (PSA) said the net profit-cost ratio of palay produc-

tion, which refers to the farmers’ net income for every peso spent, declined to 0.46 in 2020 from 0.48

recorded in 2019. Historical PSA data showed that this is the lowest net profit-cost ratio since 2016, when it reached 0.58. “Net profit cost-ratio ranged from 0.40 during the wet season cropping to 0.52 during the dry season cropping,” the PSA said in its report on the updated palay and corn production costs released recently. The PSA said the average cost of producing palay rose to a 6-year high of P47,089 while gross returns on a per hectare basis declined to a 4-year low of P68,519. The PSA said the highest average cost of producing palay was recorded

in Ilocos Region at P64,776 per hectare while the lowest was recorded in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) where farmers spent P32,271. “Central Luzon registered the highest average gross returns at P84,506 per hectare. BARMM registered the lowest average gross returns at P49,164 per hectare,” the PSA added. Historical PSA data showed that the net returns last year declined to a 5-year low at P21,430 per hectare. “Northern Mindanao registered the highest average net returns among regions at P29,010 per hectare. Central Visayas registered the

least net returns at P2,148 per hectare,” the PSA said. Historical PSA data showed that labor costs last year surged to a record. Hired labor cash costs reached P10,241 per hectare while hired labor paid in kind reached P838 per hectare. Combined imputed labor costs per hectare (operator labor, family labor, exchange labor) totaled P6,780. PSA data indicated that the average palay production cost last year rose to P11.52 per kilogram from P11.45 per kg recorded in 2019. “During the wet season cropping, it was higher at P11.53 [per kg] while during the dry season cropping, it

was at P11.43 [per kg],” the PSA said. The report also showed a downward trend in the average farm-gate price of palay as it fell to P16.76 per kilogram, the lowest in 7 years or since 2014, when the average quotation reached P20.07 per kg. “During the dry season cropping, farm-gate price was higher at P17.37 per kilogram compared with the wet season cropping at P16.14 per kilogram,” it added. However, the PSA reported that the average palay yield per hectare rose for the third consecutive year at 4.089 metric ton per hectare, the highest on record.

Vietnam seafood firms in south of country hit by virus outbreak

UNDREDS of workers at seafood companies in the south of Vietnam have tested positive for coronavirus, according to the media, after officials eased some restrictions in and around the nation’s commercial hub of Ho Chi Minh City. More than 150 of the 1,000 workers at an unidentified seafood export

company in Can Tho City’s Tra Noc Industrial Park tested positive for Covid-19, according to the news website VnExpress. The factory suspended operations for 14 days beginning October 27, it said. The city, a fourhour drive from Ho Chi Minh City, has recorded about 500 virus infections in the past seven days, includ-

ing 180 at three industrial parks. Nearby Bac Lieu province reported 414 new virus cases on Sunday morning, including 210 tied to an outbreak at two seafood companies, Thanh Nien newspaper reported on its website. Local authorities ordered virus tests for everybody in high-risk areas and has increased

efforts to vaccinate factory workers, VnExpress reported. Another 230 employees at a seafood company in Soc Trang Province tested positive for the virus, the news website said. The new clusters come after officials began easing restrictions earlier this month in Ho Chi Minh City and surrounding provinces,

allowing for factory reopenings and greater travel across the south. Health Minister Nguyen Thanh Long warned in a post on the ministry’s web site last week that the country risked another Covid-19 outbreak because of people flooding back to rural provinces from virus hot spots.

Vietnam on Saturday reported 5,244 new local virus cases and 64 deaths, bringing the country’s total infections to 915,603 with 22,030 fatalities, according to the health ministry. More than 24 pecent of its population has been fully vaccinated, according to the ministry. Bloomberg News

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Monday, November 1, 2021

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

G-20 endorses global corporate minimum tax at Rome summit

OME—Leaders of the world’s biggest economies on Saturday endorsed a global minimum tax on corporations, a linchpin of new international tax rules aimed at blunting the edge of fiscal paradises amid skyrocketing profits of some multinational businesses.

The move by the Group of 20 summit in Rome was hailed by US Treasury Secretary Janet L. Yellen as benefiting American businesses and workers. G-20 finance ministers in July had already agreed on a 15% minimum tax. It awaited formal endorsement at the summit Saturday in Rome of the world’s economic powerhouses. Yellen predicted in a statement that the deal on new international tax rules, with a minimum global tax, “will end the damaging race to the bottom on corporate taxation.” The deal did fall short of US President Joe Biden’s original call for a 21% minimum tax. Still, Biden tweeted his satisfaction. “Here at the G20, leaders representing 80% of the world’s GDP—allies and competitors alike—made clear their support for a strong global minimum tax,” the president said in the tweet. “This is more than just a tax deal—it’s diplomacy reshaping our global economy and delivering for our people.” The agreement aims to discourage multinationals from stashing profits in countries where they pay little or no taxes. These days,

Thousands protest Sudan’s Coup; 3 killed, 110 wounded

AIRO — Tens of thousands of Sudanese took to the streets across the country Saturday, in the largest pro-democracy protest yet since the military seized control earlier this week. Three protesters were killed and dozens injured—several by live rounds—as security forces opened fire in several locations, a doctors’ union said. The coup, condemned by the international community, has threatened to derail Sudan’s fitful transition to democracy, which began after the 2019 ouster of long-time autocrat Omar al-Bashir. Since then, the military and civilian leaders have governed in an uneasy partnership. Pro-democracy groups had called for protests across the country Saturday to demand the reinstating of a deposed transitional government and the release of senior political figures from detention. The United States and the United Nations had warned Sudan’s strongman, Gen. Abdel-Fattah Burhan, that they view the military’s treatment of the protesters as a test, and called for restraint. Burhan has claimed that the transition to democracy would continue despite the military takeover, saying he would install a new technocrat government soon. But the pro-democracy movement in Sudan fears the military has no intention of easing its grip, and will appoint politicians it can control. Saturday’s large turnout is bound to increase pressure on the generals who face condemnations from the US and other Western countries to restore a civilian-led government. Crowds began to gather Saturday afternoon in the capital of Khartoum and its twin city Omdurman. Marchers chanted “Give it up, Burhan,” and “revolution, revolution.” Some held up banners reading, “Going backward is impossible.” The demonstrations were called by the Sudanese Professionals’ Association and the so-called Resistance Committees. Both were at the forefront of an uprising that toppled longtime autocrat Omar al-Bashir and his Islamist government in 2019. They are also calling for the dismantling of paramilitary groups and restructuring of the military, intelligence and security agencies. All three protesters killed Saturday were shot in Omdurman. One was shot in his head, another in his stomach, and a third in his chest, the Sudan Doctors Committee and protesters said. The committee, which is part of the Sudanese Professionals’ Association, said security forces had used live ammunition against protesters in Omdurman and nearby. It said it counted more than 110 people wounded, some with gunshots, in Khartoum, Omdurman and the eastern province of al-Qadarif. AP

multinationals can earn big profits from things like trademarks and intellectual property. These companies can then assign earnings to a subsidiary in a tax haven country. Briefing reporters midway through the summit, German Chancellor Angela Merkel said: “There are good things to report here. The world community has agreed on a minimum taxation of companies. That is a clear signal of justice in times of digitalization.” Mathias Cormann, secretary-general of the Paris-based Organization for Economic Cooperation and Development, said that the deal clinched in Rome “will make our international tax arrangements fairer and work better in a digitalized and globalized economy.” The minimum rate “completely eliminates the incentive for businesses around the world to restructure their affairs to avoid tax,” Cormann contended. On other issues crucial to fairness across the globe—including access to Covid-19 vaccines—the summit on the first of its two days heard pleas to boost the percentage of those in poor countries being vaccinated. Italian Premier Mario Draghi made a sharp call to pick up the pace in getting vaccines to poor countries. Draghi, the summit host, said Saturday that only 3% of people in the world’s poorest countries are vaccinated, while 70% in rich countries have had at least one shot. “These differences are morally unacceptable and undermine the global recovery,” said Draghi, an economist and former chief of the European Central Bank. French President Emmanuel Macron has pledged to use the summit to press fellow European Union leaders to be more generous in donating vaccines to low-income countries. But advocates of civil society, which have held discussions with G-20 officials, said suspension of vaccine patents was crucial to increasing access in poor countries. Canada noted it was both sharing vaccines as well as donating money to develop production in

South Africa, which is a G-20 country. Chrystia Freeland, deputy prime minister, said Canada was increasing its commitment to international vaccine sharing through the COVAX program by donating 200 million doses. The summit is also confronting two-track global recovery in which rich countries are bouncing back faster. Rich countries have used vaccines and stimulus spending to restart economic activity, leaving the risk that developing countries that account for much of global growth will remain behind due to low vaccinations and financing difficulties. Macron has told reporters he expects the G-20 to confirm an additional $100 billion to support Africa’s economies. On the urgent problem of climate change, Italy is hoping the G-20 will secure crucial commitments from countries responsible for about 80% of global carbon emissions—ahead of the UN climate conference that begins Sunday in Glasgow, Scotland, just as the Rome summit winds down. Most of the G-20 leaders will head to Glasgow. Presidents Vladimir Putin of Russia and Xi Jinping of China, whose efforts to reduce emissions are paramount to combating climate change, were participating remotely in the Rome summit. But midway through the summit it was the corporate tax rate rule that dominated. White House officials say the new tax rate would create at least $60 billion in new revenue a year in the US—a stream of cash that could help partially pay for a nearly $3 trillion social services and infrastructure package that Biden is seeking. US adoption is key because so many multinational companies are headquartered there. But Civil 20, which represents some 560 organizations from more than 100 countries in a network making recommendations to the G-20, was less enthusiastic. The 15% rate is “a little more than those (rates) we’d consider fiscal paradises,” Civil 20 official Riccardo Moro told reporters following the summit. AP

Army shelling in Myanmar burn 160 homes, churches

ANGKOK — More than 160 buildings in a town in northwestern Myanmar, including at least three churches, have been destroyed by fires caused by shelling by government troops, local media and activists reported Saturday. The destruction of parts of the town of Thantlang in Chin state appeared to be another escalation in the ongoing struggle between Myanmar’s military-installed government and forces opposed to it. The army seized power in February from the elected government of Aung San Suu Kyi, but has failed to quell the widespread resistance. A government spokesman denied “nonsense allegations being reported in the country-destroying media,” and blamed insurgents for instigating the fighting and setting the fires. Human rights groups and U.N. experts recently warned that the government is planning a major offensive in the country’s northwest, including Chin state, along with the regions of Magway and Sagaing. Residents of the rugged area have a reputation for their fierce fighting spirit, and have put up stiff resistance to military rule despite being only lightly armed with single-shot hunting rifles and homemade weapons. There were no immediate reports of casualties from the fire, which started early Friday and burned through the night, according to reports. The humanitarian aid agency Save the Children said its offices were in one of the buildings that was “deliberately set ablaze.” “The destruction caused by this violence is utterly senseless. Not only has it damaged one of our offices, it risks destroying the whole town and the homes of thousands of families and children,” said a statement from the London-headquartered agency. Thantlang had already been largely abandoned due to previous attacks by government soldiers. Eighteen other houses and a hotel were destroyed by fire set off by another shelling on Sept. 18, and a Christian pastor was shot when he tried to help put out the blaze. More than 10,000 residents then fled the town, some staying temporarily in nearby villages and others seeking shelter across the border in Mizoram, India. About 20 staff and children in care of an orphanage on the outskirts of the town are believed to be its only remaining residents. The Chin Human Rights Organization is-

sued a statement saying the fires in Thantlang had died down by Saturday morning, after as many as 200 houses may have been destroyed. “Most of the structures on the main street, which has shop stalls and all kinds of businesses, have been destroyed. There is nothing left to salvage,” said the statement, signed by the group’s deputy executive director, Salai Za Uk Ling. “The manner in which the fire was burning indicates that it was not just the incendiary rocket fires but also deliberately torching of houses and structures manually.” According to the Chinland Defense ForceThantlang, a local militia fighting the military, a Presbyterian Church and a building housing the Pentecostal Church on the Rock were among the 164 structures it had counted destroyed by fire. The defense force said the shelling began after fighting broke out when it tried to prevent government soldiers from looting a house in the town. In a phone interview Saturday night on state television MRTV, government spokesman Maj. Gen. Zaw Min Tun said the events began when members of the PDF—or People’s Defense Forces, as the local militia are generally known—attacked security forces, who returned fire. He said the insurgents took cover in houses in the town and set fires as they fled, keeping government reinforcements from putting out the flames by shooting at them. He added that it was not possible to bring firefighting resources from the state capital, Hakha, because a bridge on the road connecting the towns had been blown up on Oct. 21. “It’s needless to say who blew up the bridge. These videos can be found on country-destroying media,” said Zaw Min Thin, in a reference to video that circulated widely on social video showing several explosive charges being detonated on the span. He described the sequence of events as “a deliberate plot.” The statement from the Chin Human Rights Organization expressed concern that what happened may represent just the beginning of a major government offensive known as “Operation Anawrahta.” The government has not acknowledged such a plan. “The high number of troops being sent to Chin state in recent days and weeks has been truly unprecedented. They have brought with them destruction and death,” said the human rights group. It called for urgent action on the part of the U.N. Security Council “to help prevent mass atrocities before they happen.” AP

A man watches as wildfires approach Kochyli beach near Limni village on the island of Evia, north of Athens, Greece on August 6, 2021. AP Photo/Thodoris Nikolaou

Climate change reshaped Earth with extreme weather this year

ires raged. Rivers flooded. Ice melted. Droughts baked. Storms brewed. Temperatures soared. And people died. Climate change in 2021 reshaped life on planet Earth through extreme weather. World leaders are gathering in Scotland to try to accelerate the fight to curb climate change. So far, it’s not working, as the world keeps getting hotter and its weather more extreme, scientists and government officials say. They don’t have to point far back in time or far off for examples. There have been deadly floods in Belgium, Germany, China and Tennessee. Fire blazed in parts of the US West, Greece and even the Arctic. Heat waves proved deadly and unprecedented, pushing temperatures in the Northwest and even reaching 116 degrees Fahrenheit (47 degrees Celsius) in Portland, Oregon, a city known for its mild climate. Hurricane Ida paralyzed New York City with record-break-

ing, deadly rain. “These events would have been impossible without human-caused climate change,” UN SecretaryGeneral Antonio Guterres said. In just the United States, there have been 18 weather or climate disasters this year with losses exceeding $1 billion a year, according to the National Oceanic and Atmospheric Administration. Those 18 disasters caused 538 deaths and nearly $105 billion in damage. In the 1980s, the average year only saw three such disasters. A report from AIR Worldwide, a global risk modeling firm, estimates that now each year extreme weather is costing $320 billion around the world, with only about one-third of it insured. “We now have five times the number of recorded weather disasters than we had in 1970, and they are seven times more costly,” Guterres said, speaking about global totals. “Even the most developed countries have become vulnerable.” AP

Thailand’s big reopening set to test pandemic-era tourism

hailand is ending quarantine for vaccinated visitors from more than 60 countries, the biggest reopening gamble in Asia and one that could mark a turning point for the revival of mass tourism during the pandemic. Starting Monday, fully-vaccinated travelers f lying in from the US, China, Singapore, Japan, India and most of Europe will be able to freely tour Thailand ’s sandy beaches, temples and tropical islands after testing negative for Covid on arrival. Inoculated visitors from countries not on the list can travel to Bangkok and 16 other regions, but they will be confined to their initial destination for the first seven days before being allowed to travel elsewhere. It’s the biggest step Thailand has taken to welcome back a slice of the nearly 40 million visitors it hosted the year before the pandemic, and is billed as a “fight to win foreign tourists” as countries from Australia to the UK also loosen Covid curbs. A successful Thai experiment could help salvage its battered economy and serve as a model for countries wary of virus resurgence from reopenings. “We’re not expecting the rooms to be full overnight, but it’s a great first step,” said John Blanco, general manager at luxury hotel Capella Bangkok. “All countries are taking the same posture—that is, we need to learn to live with Covid. It’s a general theme around the world.” Hotels in places such as the US, Mexico and Turkey have reported higher occupancy after easing travel restrictions, but the rush may not be as strong for Thailand given how low it sits on the Covid resilience ranking, especially for tourists who still have to quarantine on returning home. While Thailand fumbled in its previous reopening attempts due to a virus flareup and tardy progress in its vaccinations, it has had some success with the so-called Phuket Sandbox experiment that allowed vaccinated visitors to travel to other parts of the country after a limited stay on the resort island.

Almost 60,000 tourists have visited the country since the plan started in July. To boost the confidence of tourists and the public, Thailand is linking the reopening to a higher vaccination rate, which “is a measured approach that has a lot of logic to it,” according to Amar Lalvani, chairman of US boutique hotel operator Standard International. “You have examples in places like Mexico and Turkey, which have been quite wide-opened and very low on restrictions, and their business is actually booming,” Lalvani said. “Countries in Asia, Thailand included, have prioritized public health. Now that you have that under control, you’re going to feel more comfortable opening up.” The travel industry is already preparing for the Thai reopening. International carriers have scheduled more flights to the Southeast Asian nation, while hotels and beach resorts are offering bargains and the island of Phuket is hosting a New Year’s Eve party featuring Italian opera tenor Andrea Bocelli. Academy award winner Russell Crowe, who was in Phuket and Bangkok for a film shoot, lauded Thailand’s tourism experiments and tweeted about the country’s plan to welcome back tourists. W hile Chinese tourists, who made up almost a third of the total arrivals before the pandemic, will be deterred by 21-day quarantine on return home, the reopening may still draw hundreds of thousands of visitors and stave off another year of economic contraction. Thailand’s economy shrunk 6.1% last year, the worst performance since the Asian financial crisis in 1998. There are also fears the wider reopening could worsen the Covid outbreak, with Thailand already reporting about 8,000 new infections a day. More than 90% of the participants in a recent survey had some concerns about the Nov. 1 move. Still, for Thailand’s pandemichit economy and millions of people who depend on tourism for a living, it’s never too early for the return of tourists. Bloomberg News

mirror_sports@yahoo.com.ph | Editor: Jun Lomibao

could go down to the last shot or putt. The organizing Pilipinas Golf Tournaments Inc., meanwhile, is enforcing strict safety measures to guarantee the health and safety of all those involved as per government guidelines the way it conducted its previous successful bubble tournaments.

BusinessMirror

Monday, November 1, 2021 A9

HIDILYN: BACK TO SQUARE ONE

Avaricio goes after elusive win at Aoki WICE foiled in her breakthrough bid, Chanelle Avaricio hopes to finally nail it this time—sans her twotime tormentor—as she top-bills the International Container Terminal Services Inc. (ICTSI) Aoki Classic at Eagle Ridge, which unwraps on Wednesday in Gen. Trias, Cavite. The Alabama State U alumna barely missed scoring her first win at Sherwood Hills, falling short by one to Princess Superal, then losing by three to her again at Eagle RidgeNorman, both last July, before play on the Ladies Philippine Golf Tour was suspended due to the spike of coronavirus cases. But those setbacks are expected to strengthen not just her game but the mental side as well as she resumes her pursuit of the elusive crown at the third restart of the country’s premier ladies circuit put up by ICTSI. Strategy and decision-making will indeed be the key points as the field tackles the challenging Aoki course kept in championship form year-round with Avaricio facing a set of rivals also all geared up for the 54hole championship offering a total prize fund of P750,000. That includes Harmie Constantino, who actually marked her pro debut with a two-shot victory over Superal at Aoki last March although the former national amateur champion slowed down in her next two outings, ending up third behind Superal and Avaricio at Sherwood and winding up fourth at Eagle Ridge-Norman. But with Superal out of the picture to pursue her own campaign in Japan, Avaricio and Constantino look forward to a title clash next week with the likes of Chihiro Ikeda, Daniella Uy, Cyna Rodriguez, Sunshine Baraquiel and Marvi Monsalve also hopeful of coming out on top on Friday. A host of others are also raring to spring a surprise, including Sarah Ababa, Lovelyn Guioguio, Apple Fudolin, Pamela Mariano, Eva Miñoza, Florence Bisera, Majorie Palumbarit and Sheryl Villacencio, in a title chase that

Sports

HIDILYN DIAZ will put her body to test before deciding on competing at the world championships.

By Josef Ramos

LYMPIC gold medalist Hidilyn Diaz’s back in the very same home in Malacca where she, husband-to-be Julius Naranjo and then Chinese head coach Kaiwen Gao set up training camp for more than a year ahead of their successful campaign in Tokyo. Kaiwen’s not with Team Hidilyn anymore, he’s gone back home to Beijing. But Diaz and Naranjo are

focused on returning to serious training the moment they complete quarantines set by Malaysian authorities. But for now, it’s going back to basics and toning and conditioning the mind and those muscles that won her the country’s first Olympic gold medal in July. The world championships in Tashkent in December would be the focus, but not necessarily an urgent one. “I want to go back to training— that’s all. I’m not sure about anything yet including the world championships,” Diaz told BusinessMirror in a message on Sunday. “I just really need to go back to basics, try to train six-toseven days a week.” Diaz was a very busy Olympic champion right after that fateful July 26 night in Tokyo when she not only won gold, but also booked Olympic records in the process. A windfall of incentives and rewards—cash, homes,

condominium unit and vehicles— came her way and was busied for days by numerous commercial endorsements, photo and video shoots and television appearances. She could only train three days a week at the most and couldn’t control her diet. “Unlike before when I trained six to seven days a week, I just trained three to four days while I was in the Philippines,” she said. “I also forgot my diet. For many years, I prepared for the Tokyo Olympics, and I just wanted to enjoy it.” Diaz admitted she’s undecided for the world championships, saying she’s not in a “good condition and her confidence level is very low.” “We’ll see if I regain my strength,” she said. “There’re still a lot of world championships… not only this year but next year or next, next year.” “So all I can for now is to work hard for it and then let’s see,” Diaz said. “The world championships

gold medal is still my dream.” Diaz has won gold medals at almost every available major international Olympics—Tokyo Olympics, 2019 Southeast Asian Games and 2018 Asian Games—but never the world championships. “Now that I am here [Malacca], I hope I can set myself and ready to go,” she said. Diaz and Naranjo arrived in Kuala Lumpur on Saturday and headed directly to Malacca. It was in Malacca where she, Naranjo and Kaiwen were locked down in March last year and stayed there to prepare almost incognito for Tokyo. She left Malacca only in April this year to complete the sixth and last qualifier for the Olympics— the Asian championships in Tashkent. She returned to Malaysia and flew straight to Tokyo in July. “I love weightlifting so I will go for the SEA Games and Asian Games next year,” she said. “But for Paris 2024, let’s see because there’re qualifying tournaments for that.”

SEAG Federation on same page with Asean sports ministers

HE Southeast Asian Games Federation (SEAGF) on Friday acknowledged the initiative of the Asean Sports Ministers on the alignment of the sports played at the SEA Games with those of the Asian Games and the Olympics. The SEAGF, in a statement issued on Friday, said that it “shares the concerns of all stakeholders as regards the sports program of the SEAGF,” and that it “has been, and will continue, to review our SEAG sports program from time to time in view of, and to keep up with, the ever-changing world sports landscape, and to keep a balance of sports competed at each SEAG.” In the Sixth Asean Ministerial Meeting on Sports that was held virtually on Thursday (October 28), the Sports Ministers reiterated their recognition on the importance of providing

the region’s athletes with “more competition opportunities at the Asean level before they compete at the regional and international levels by aligning the sports played at the SEA Games with those at the Asian and Olympic Games. “We adopt the Joint Statement of Asean Sports Ministers on Cementing Strong Foundation for Asean Athletes at the Southeast Asian Games,” the region’s sports ministers said. Philippine Olympic Committee (POC) President Rep. Abraham “Bambol” Tolentino praised the SEAGF for its unwavering stand on developing sports in the region as well as on its support for the Asean Sports Ministers’ initiatives. “The SEAGF and the Asean Sports Ministers are standing on the same page and are bound by one goal—to develop further sports

and athletes in the region,” Tolentino said. “There has always been a healthy and symbiotic relationship between the two bodies and with that, we have been reaping the success of that bond.” There were 50 athletes—19 Filipinos— from six SEAGF members who competed at the Tokyo Olympics with the Philippines emerging as the best performer at 50th place with one gold (Hidilyn Diaz), two silver (Carlo Paalam and Nesthy Petecio) and one bronze (Eumir Felix Marcial), followed by Indonesia (55th) with 1-1-3 (goldsilver-bronze), Thailand (59th) 1-0-1, Malaysia (74th) 0-1-1. The SEAGF assured the Sports Ministers that Asian Games and

Sultan whips Puerto Rican in 10-rounder in New York

CHANELLE AVARICIO tries again to shine.

The audacity of Chot Reyes THE TNT Tropang Giga defeated Magnolia, 4-1, in the Philippine Cup Finals that ended over three years of dominance by San Miguel Corp. teams and 11 straight titles in the Philippine Basketball Association (PBA). It was also the eighth title for head coach Chot Reyes and his first since he last coached TNT to a title in 201112. Furthermore, it tied him with the late great Baby

JONAS SULTAN connects a solid one on Carlos Jose Caraballo. Dalupan for the most All-Filipino titles with six. Ten years and he returns like some conquering king. Amazing. I first saw Chot Reyes when he was playing for the Ateneo Blue Eagles. His younger brother, Jun, who later starred for Ateneo and went onto the PBA, was a batchmate of mine and he would oft invite us to watch his older brother’s matches at the Loyola Center as today’s Blue Eagle Gym is called. Imagine in 1983, he made the University Athletic Association of the Philippines Mythical Five selection alongside Allan Caidic, Jerry Codinera, Pido Jarencio, and Glenn Capacio. So I knew he was good. As a coach? That was when he was coaching the Blue Eagles and they went up against a powerhouse La Salle team that walloped them in the first round. Shockingly, Reyes’s Ateneo team beat La Salle literally at their own game. He made them run a triangle-and-two which was what La Salle employed against Ateneo in the first round. I remember in the post-match interview then how Reyes merely threw back at them what they did. “The audacity of the man,” I recalled thinking back then. In a good way of course since I am a product of the blue side of Katipunan.

ONAS SULTAN halted Carlos Jose Caraballo’s win streak with a unanimous decision victory on Sunday to capture the vacant World Boxing Organization (WBO) international bantamweight belt at the Madison Square Garden in New York City. And in style did Sultan beat the Puerto Rican Caraballo who absorbed his first defeat in 15 fights he highlighted with 14 knockouts. Fighting with an aching left wisdom tooth and uncomfortable with the way his feet were wrapped, the 29-year-old Sultan scored four knockdowns on the way to 94-93 scores from all three judges in the 10-round bout. “I fought with a painful and

regular Olympic sports would always be prioritized for each SEA Games editions, but would also put emphasis on the inclusion of sports indigenous to the region. “Category 1 in Clause 34 [SEAGF Charter and Rules] provides for the compulsory sports [Athletics and Aquatics (Swimming, Diving and Water Polo are mandatory)] of the SEAG, Category 2 states that the host NOC must select and include at least 14 sports from its list of 38 Olympic and Asian Games sports, and Category 3 states that the host NOC [national Olympic Committee] may select and include at least two but not more than eight other sports listed therein,” the SEAGF said.

swelling wisdom tooth. And at the same time, I regretted putting a wrap inside my shoes which was not advisable,” Sultan told BusinessMirror. “But tonight is my night. I got everything in control except in my feet, but that’s fine.” The former world title challenger overcame Caraballo’s tactical stance as he countered and avoided the Puerto Rican’s desperate attacks in the last round. Sultan unleashed a crisp left hook right on the face of the Puerto Rican in the ninth for his fourth knockdown of the bout. The Filipino also knocked down the 25-year-old protege of former world champion Miguel Cotto in the second, third and sixth rounds. Sultan improved his win-loss record to 18-5 with 11 knockouts. Josef Ramos

After leaving Ateneo, he led Coney Island (Purefoods) to an All-Filipino championship beating the star-studded San Miguel Beermen that had Hector Calma, Caidic and Ato Agustin. While this San Miguel team was post-1989 Grand Slam, they would still win three more titles, two second runnersup and three second runners-up trophies. Of course, Coney Island had very good players in Dindo Pumaren, Alvin Patrimonio and Jerry Codinera. When Reyes moved to Coca Cola, the Tigers had become a refuge for ex-Alaska players in Johnny Abarrientos (who was said to be washed up), Jeff Cariaso and Poch Juinio; exTanduay Rhum Maker Rudy Hatfield, ex-Beerman Freddie Abuda, as well as hard-working non-descript players like Will Antonio, Leo Avenido, Ato Morano and Rafi Reavis. Said Juinio of that Tigers team of Reyes, “Back then, most teams set up their offense or ran the slow break. We took advantage of that by running and to outrun the opponent. Coach Chot also made me shoot from the outside. He made sure that everyone improved on both ends of the court.” “Our motivation (Jeff, Johnny and me) was to prove that we can still win a championship. Having Rudy and

SISI RONDINA keeps her lofty billing in the Philippine beach volleyball scene.

Rondina-Pons, Garcia-Arbasto complete sweep in Santa Ana tilt

REAMLINE 1’s Sisi Rondina and Bernadeth Pons completed a golden double in the bubble following a 21-13, 21-11 conquest of Creamline 2’s Dij Rodriguez and Dzi Gervacio in the Beach Volleyball Republic on Tour second leg on Sunday in Santa Ana, Cagayan. Rondina and Pons went perfect in 13 matches since the first leg last weekend and won 19 consecutive games dating back to the 2019 Lianga leg where the prolific duo also emerged champion. Krung Arbasto and Jude Garcia of Creamline 1 beat Tuguegarao’s James Pecaña and AJ Pareja, 21-17, 21-16, to also pull off a double in the men’s contest. The championship capped a successful two-leg bubble which was BVR on Tour’s first tournament since September 2019. BVR founder Charo Soriano said the Santa Ana leg was all worth it. It was Rondina’s fifth BVR crown, while Pons captured her third. The twin Santa Ana legs also served as a buildup for the national team standouts, led by Rondina and Pons for next month’s Asian Senior Beach Volleyball Championship in Phuket, Thailand. “We are grateful for the opportunity to play here,” Pons said. “Our goal remains and we would like to thank the Philippine National Volleyball Federation and the BVR for making it happen.” Rondina and Pons withstood PLDT’s Ella and Iza Viray’s A-game in the first set before hammering out a 21-17, 21-12 semifinals victory to advance to the title match. Rodriguez and Gervacio scraped past Sta. Lucia 1’s Jackie Estoquia and DM Demontaño, 21-13, 17-21, 18-16, in a 52-minute semifinal to arrange the championship duel with Rondina and Pons. The Viray twins turned back Estoquia and Demontaño, 21-17, 21-19, to claim the bronze medal. The title was seventh for Arbasto in the BVR, while Garcia captured his second straight crown, both in the bubble. “We were focused on our goal. We didn’t preparely solely for this event, but for the Asian Senior Beach Volleyball Championship in Thailand [next month] and the Southeast Asian Games next year,” said Garcia.

Rafi helped our team a lot. Rudy improved on his offense when he got to Coca Cola.” The he had TNT challenging for a Grand Slam. They were unable to do so but I really thought they were the disadvantage of bad officiating that ultimately cost them a shot at matching the feat of Baby Dalupan, Tommy, Manotoc, Norman Black and Tim Cone. I remember before TNT started winning, they went to Italy to train. When they came back the Tropang Texters were playing like a European team predicated on long-range shooting, slick passing and almost position-less basketball. Then with the national team, Reyes ushered in a new era of greatness. The excitement of placing second in the 2013 Fiba Asia Cup and going to the World Cup the following year has broken new ground for the national team. Anything less now is a disappointment. Reyes is now back at the helm of TNT and what a triumph this was. Just when the PBA was beginning to get boring with its one-storyline of SMC champions, he barges in and throws a monkey wrench into this dynasty. And this latest title run will rank among his masterpieces. The interesting thing though is…Chot Reyes isn’t done yet.

A10 Monday, November 1, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Halloween fears

he name “Halloween” comes from “All Hallows’ Eve,” the evening before the Christian holy days of All Hallows’ Day (All Saints’ Day) on November 1st and All Souls’ Day on November 2nd. Remembrance and celebration of the saints and martyrs were held primarily in springtime. It was held on May 13th in the 4th century. In the 9th century the Church shifted the date of All Saints’ Day to November 1 and November 2 later became All Souls’ Day. Samhain is a Gaelic festival marking the end of the harvest season and beginning of winter. Over time, Samhain and All Saints’/All Souls’ Days influenced each other into the modern Halloween. Halloween, with its current traditions, did not really become popular in the US until the late 19th century. “Trick-or-treating” did not become a widespread practice until the 1930s. Dressing up in costumes was prevalent in Scotland and Ireland at Halloween by the late 19th century. One author suggested that by dressing up as creatures “who caused us to fear and tremble,” people can poke fun at Satan. In 2021, according to Google, the most popular costumes are witch, rabbit, dinosaur, and Spiderman. Some of the least popular are fairy godmother, zebra, Fred Flintstone, and Spider-girl. But what do people fear more than clowns and vampires? Corruption: the dishonest or fraudulent conduct undertaken by a person or an organization entrusted with a position of authority, in order to acquire illicit benefits for one’s personal gain. Everyone is afraid of something from alektorophobia, the fear of chickens, to zeusophobia, the fear of gods. However, repeatedly, corruption ranks at the top with “very afraid” or “afraid.” In 2015, 58 percent of Americans ranked “Corruption of government officials” as their “Top Fear” followed by Cyber-Terrorism with 48 percent. Two years later in 2017, “Corruption of government officials” was still No. 1, followed by “Pollution of Oceans, Lakes, and Rivers.” But the No. 1 fear was now felt by 74 percent. There were no changes in the “Fear Index” in 2018. But this year, 2021, and even with the pandemic, “People I love dying” ranks second at 58 percent and “Corruption of government officials” now comes in at 80 percent. The World Economic Forum estimates the global cost of corruption is at least $2.6 trillion, or 5 percent of the global gross domestic product. If the Philippines carries that global average, that means P900 billion is lost every year to corruption or P8,000 for each Filipino. “Candidate vows to catch “big fish” in fight vs corruption, including Cabinet members.” “To Corrupt Officials; You will be out.” “Not corrupt? Show us your SALN.” The reality is that the problem of corruption is not necessarily at the higher level. Perhaps the candidates should read the GAN Integrity Inc. “Risk and Compliance Portal.” “Corruption risks are high in the judicial system. Bribes and irregular payments in return for favorable judicial decisions are common. Companies report that they cannot rely on the police services. Businesses rate the National Police’s commitment to fighting corruption as ‘poor.’” Further, “Corruption risks in the land administration are high. Two out of five companies report expecting to give gifts when obtaining a construction permit. Businesses have insufficient confidence in the protection of property rights. Companies operating in the natural resources sector face a high risk of corruption.” If local and foreign businesses cannot trust first the courts and cops, all the public disclosure of SALNs is not going to make a difference. And neither will changes in the foreign investment laws and rules. Since 2005

BusinessMirror A broader look at today’s business

See you in the metaverse

eta is a word that means many things. It could mean “after” or “beyond,” as in “beyond reality” or “beyond the real world.” It could also refer to an “explicit awareness of itself/ oneself.” Metaverse, therefore, could refer to an immersive virtual world—distinct from reality—where people (or their virtual representations) gather to socialize, play, and work.

We don’t need to jump into the metaverse bandwagon just yet, but preparation is definitely necessary. Every organization has to be vigilant and also to look at how they are presently using digital technology. Microsoft CEO Satya Nadella said, “Every organization will not only need to adopt the latest technology but more importantly build their own unique digital technology or be left behind.”

On October 29, Facebook CEO Mark Zuckerberg announced that the company is rebranding itself as “Meta,” the “next chapter for the Internet,” according to Zuckerberg himself. At this time it is merely a vision, but Facebook and other big tech companies are investing heavily in building this virtual world. In early 2020, Matthew Ball (matthewball.vc) wrote about Facebook’s purchase of Oculus VR and the Horizon virtual world, along with many other projects like AR glasses and brain-to-machine interfaces and

to the ability to move through various virtual spaces. Standardization paves the way for interoperability by creating technological standards to make widespread adoption possible. Needless to say, our society and economy will be greatly affected by this technological development. It will affect how we relate to others, how powers operate, how culture evolves, and so on. For businesses, the metaverse presents exciting opportunities and endless possibilities in creating new markets, networks, and innovations. The metaverse will allow people

Atty. Jose Ferdinand M. Rojas II

RISING SUN

From weekend cycling to bicycle commuting Thomas M. Orbos

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communication, all in preparation for the creation of the metaverse. But even Ball himself said last year that the creation of this meta technology is still decades away. With Zuckerberg’s announcement, however, it seems to be closer than we all expected. Three key aspects are said to exist within the metaverse: presence, interoperability, and standardization. Presence has to do with the feeling of actually being or existing in a virtual space, alongside other virtual characters. Interoperability refers

to engage in economic activities as they do in the real world—shopping, trading, investing, building, etc. Many are starting to discover or explore ways to use non-fungible tokens as a tool for value creation, and a way to accelerate the transition into virtual worlds. An NFT is “a claim of ownership for a unique, non-interchangeable digital asset that is stored on a blockchain.” NFTs and cryptocurrencies are blockchain technologies that can facilitate the transfer of digital goods across virtual borders. Tech players are also finding ways to maximize the functions of smartphones, 5G networks, augmented reality, virtual currencies, and social networks to grow businesses and address certain gaps in society. We don’t need to jump into the metaverse bandwagon just yet, but preparation is definitely necessary. Every organization has to be vigilant and also to look at how they are presently using digital technology. Microsoft CEO Satya Nadella said, “Every organization will not only need to adopt the latest technology but more importantly build their own unique digital technology or be left behind.”

ithout a doubt, the number of Metro Manilans cycling their way on our city streets have increased tremendously in recent times with 3-5 thousand cyclists recorded daily on Edsa alone. Bicycle sales dramatically increased with close to 2 million bicycles sold this year. Whether as a form of transport due to fear of virus infection, a means of staying healthy, or as a personal way of beating that lockdown feeling, cycling has become one of the rare good news in this pandemic with its key benefit, the lowering of harmful carbon emissions that take their toll on public health. And for all intents and purposes, we need to make sure that this newfound collective good habit that we now have will stay permanent.

There are basically two kinds of cyclists that are now on our roads. Those who ride as their means of commuting and those who are recreational road warriors that crowd the bike lanes on weekends. But for us to really ensure that we do not go back to the traffic jams we used to see before, we need to attract these so-called weekend road warriors and make them use their bicycles for commuting especially on weekdays, if only for their short and last mile trips. These weekend warriors are the ones most likely use their cars regularly. Now they are biking

on city streets on weekends. That should be a good start. But there is work to be done, if the intent is to make cycling more of a staple transport similar to how it is in many developed countries. The government has, in all fairness, done well with close to P800 million committed to the construction of bike lanes in Metro Manila alone. But given that such a program was done in a hurry, there are many gaps that need to be covered. First is to rationalize bike lanes with other transport corridors. Present bike lanes should all converge on a seamless network

According to the UNDP, conversion to bicycles from car usage equates to taking out 150 grams of harmful CO2 emissions per kilometer. That alone should suffice as good reason to switch to bicycles. We already have the weekend road warriors getting a taste of the benefits of biking. We just need to make them use their bikes for commuting, and now is the perfect time for that.

that would connect to rail and bus lines, making them the preferred last mile transport. In these “end of trip” points, secured bike racks can be placed in a “park and ride” fashion. The current bike lanes need to be improved. Cases in point are the width of the lanes and their separators. In some areas, the lanes are not wide enough and pushed against the embankments, which can cause injury to the cyclists in case of a misstep, especially the ones with cement separators. There is also a need to light up the lanes with more reflectors and ambient streetlights. Moving forward, all future infra road developments should incorporate such bike lanes and rack facilities and make them mandatory. Private developments, especially the mall developers and other roadside establishments, must be required to put up similar bike infra as well. New roads

under the Build, Build, Build 2.0 of the incoming 2022 administration should not be car-centric but rather people centric. And having bike lanes will ensure that. Then there is the issue of security. To entice vehicle owners out of their cars and bike their way on city streets, the government needs to assure them that the roads are safe. Safe to use and safe from the bad elements of society. CCTVs and the streetlights can definitely help, but more important is the presence of roving enforcers—on bicycles, of course—in strategic areas along the bike networks. Having more people out of their cars and switching to bicycles will definitely benefit our Metro Manila society. According to the UNDP, conversion to bicycles from car usage equates to taking out 150 grams of harmful CO2 emissions per kilometer. That alone should be a good reason for us to switch to bicycles. We already have the weekend road warriors getting a taste of the benefits of biking. We just need to make them use their bikes for commuting, and now is the perfect time for that. Thomas “Tim” Orbos is currently a transport policy advisor for an international organization and worked in government on transport and urban development matters. He is an alumnus of Georgetown University and the MIT Sloan School of Management. He can be reached via e-mail—tmo45@ georgetown.edu /thomas_orbos@sloan.mit.edu

Opinion

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Insurance coverage of corporation reputation risk now available

The pursuit of power Siegfred Bueno Mison, Esq.

THE PATRIOT

By Reynaldo A. de Dios

O start, a reputation risk may be defined as an event that reduces the perception that the general public has of a particular company and this is aggravated by social media. When a company faces a reputational risk, more often than not, the initial reaction of most CEOs is to resort to their public relations firm that likely handles their advertising programs. The usual tactics of these firms would be to neutralize criticism of the news reporters. Thus, reputation management has enjoyed an evolution beyond public relations. It is also possible that tales of intimidation from trolling on social media have also been practiced. The rapid growth in mobile devices has resulted in unforeseen levels of viral immediacy in the sharing of stories, thus negative commentary about products and services can spread anytime and can be very difficult to control. The younger generations, an increasingly important consumer segment, are more inclined to use social media to consume news and opinion rather than traditional sources of media like established newspapers. While reputation risk has become increasingly relevant especially for the large corporations, insurers have difficulty in underwriting this risk, as they have to know the components of their prospective client’s reputation in relation to customers, suppliers, peers and investors. In addition, the problem of determining the premium and the limits of protection would have to be mutually acceptable to the insured and the insurer. If the limits of protection are rather high, the insurer

While reputation risk has become increasingly relevant especially for the large corporations, insurers have difficulty in underwriting this risk, as they have to know the components of their prospective client’s reputation in relation to customers, suppliers, peers and investors. may consider sharing the risk with a rated reinsurer. Even more needed is that insurance brokers should recognize the reputational risks they face and that a consensus on qualification requirements and professional standards is a necessary requirement to be a broker. Also, they should refrain from recommending insurers without a financial strength from a recognized agency. The author is a risk management consultant and Editor of Insurance Philippines magazine.

Govt policy on vaccinated individuals gets confusing on the ground By Lito U. Gagni

Special Projects Editor, Philippines Graphic Magazine

BusinessMirror

here is a need for clear-cut guidelines on a government policy relative to the vaccination protocol since there are still many issues that have not yet been clearly spelled out.

For instance, in the case of diners in al fresco settings where the capacity is relaxed as per the guidelines from the Department of Trade and Industry together with the Inter-Agency Task Force, there are instances when those dining outside the restaurants enter the dine-in area to use the lavatories. Following the authorities’ logic in segregating their dining areas, that then puts at risk the diners in the dine-in area where vaccinated individuals are supposed to be allowed to dine and with the tight capacity protocol supposed to be in place. This leads to a violation then of the supposed strict capacity for restaurants’ dining areas, since those at the al fresco dining places can enter the lavatories and thus lead to the increased capacity utilization that is not within the dining guidelines. And then there are the swimming pools. Some condominiums impose strict protocols that bar unvaccinated individuals from their pools. Many residents are questioning this policy since it has been proven that open areas are supposed to be safe. Yet, many condo establishments have issued this undue policy on unvaccinated individuals, despite concerns that it runs counter to the science that Covid-19 experts mouth: that open areas are better than closed ones, among others. These two instances alone reflect the policy questions that have arisen from the current set of never-ending rules for various venues and situations. With these, the government is duty bound to come up with clear-cut rules to govern establishments with respect to measures against Covid-19. Here in the Philippines and elsewhere, there are those who do not

ur free-sidentiable series, where credentials of candidates vying for the highest position in the land were discussed, explored the freedom of people to choose to run and to vote for those who are running. While there have been others who filed, aside from Pacquiao, Lacson, Moreno, Marcos, and Roberto, I think we need to move on and focus on why these five presidential aspirants are running in the first place. After such political extravaganza where many candidates filed their respective Certificates of Candidacy, the next question to ask is—What kind of leadership does our country need to usher in an era of social and political healing, if not economic recovery? In my impulsive musings, I realize that there are questions whose answers may far exceed man’s ability to comprehend, corollary to the premise that they probably dwell beyond the mind ’s recesses—at least for a fleeting moment. This notwithstanding, I am prompted to explore what triggers a person to seek the presidency! Arguably, that level of leadership coincides with much power, one can only surmise with both expectation and apprehension. This brings us to Russia, circa 1540s, and examine the rule of Ivan the Terrible (Ivan Grozny, byname Ivan Vasilyevich, also called Ivan IV). He was the first to be proclaimed tsar of Russia (in 1547), the equivalent of “emperor” per his contemporaries. In seeking to impose military discipline and a centralized administration, he set up a reign of terror against the hereditary nobility. He sponsored the service gentry against the more landed nobility. He was known to have forged a good foreign policy for Russia to be introduced into Europe. But chief of Ivan’s “legacies” is his reign of terror, executions and murders, in particular! Such terroristic approach resulted in the deterioration of all levels of the

aristocracy. The prolonged Livonian War strained the state’s resources and even led Russia to the brink of economic collapse. Ivan’s pursuit of power could be considered, at best, imprudent. With so much power, he failed to maintain a government detached from his personal and tumultuous inclinations. The reforms and the reorganization of both central and local administration in Russia during his time, while admirable, could not austerely erase the reign of terror from which his moniker Ivan the Terrible was derived. In defending the divine right of a ruler to unlimited power under God, a focus he allegedly adhered to, Ivan IV may have pursued that much power and abused it liberally. His spiritual conviction was opposed to his reality! History has seen many resurrected versions of Ivan IV in other countries: Adolf Hitler of Germany, Benito Mussolini of Italy, Saddam Hussein of Iraq, Pol Pot of Cambodia, and of course, Ferdinand Marcos Sr. of the Philippines. The reign of these leaders was accentuated with killings through the abuse of power. Any centralization of power into one person, when unmistakably misdirected, can lead to tyranny. I see that

in the Army and in most hierarchical organizations. I was raised to believe that power and authority should enable a wellmeaning person in government to pursue righteousness. But those who chase the iniquitous kind of power yield wickedness. To me, a leader should search for and run after the one true source of power that empowers him to do well, with a morally upright governing body, to please the people he swore to serve. The pursuit of which type of power proves critical in the leader we choose. I recall the story of an unnamed woman in the Bible who pursued the power that can only come from Jesus. “If I could just touch the hem of his garment, I will be healed.” This was the conviction of the broken woman who was looking for healing in the Book of Mark 5:25-34. Bleeding for 12 years, this woman was an outcast and doctors provided no hope. But when Jesus came to town, this woman instantly knew what to do—pursue such great power from the Greatest Healer! The woman followed Him amidst a large crowd, surreptitiously inching behind Him. She confidently ran after the Man who can cure her from disease and free her from oppression. She pursued the kind of power that can only generate good. After expressing such pursuit, the woman was able to finally touch the fringe of Jesus’ clothes, “Immediately her bleeding stopped and she felt in her body that she was freed from her suffering” (Mark 5:29). Further, we read that Jesus felt a release of power from Him, for even as His companions disclosed that with so many people crowding over and touching Him, it was difficult to pinpoint who exactly laid a hand on Him and yet, Jesus knew: “At once Jesus realized that power had gone out from him. He turned around in the crowd and asked, “Who touched my clothes?” (Mark 5:30) The woman reached out to Jesus in faith. She was rewarded with a divine release of power! Finally, the story ended with Jesus saying, “Daughter, your faith has healed you. Go in

peace and be freed from your suffering.” (Mark 5:34) Taking the cue from this unnamed Biblical woman, aspirants for leadership positions ought to pursue that one great power! Political candidates should pursue public office to touch the clothes of a higher power—the kind that will enable them to experience what is good—healing, peace, freedom from suffering, wisdom, right direction, decency in speech and behavior, professionalism, and good governance! Such power can only come from the Almighty God through our Savior Jesus Christ, thus, “Then Jesus came to them and said, “All authority in heaven and on earth has been given to me.” (Matthew 28:18). Candidates for public office should reach out and touch the robe of Jesus and seek counsel from Him. They should ask for His reminder, His grace and the wisdom that only comes from Him. By imploring the aid of Almighty God, let these candidates be empowered for righteousness and not wickedness. Ambitious as this may seem, if the winning candidates for next year’s leadership positions will only pursue and wield the kind of power that comes from the Almighty God, then this country will usher in a glorious period where our nation will be governed with integrity and decency. A good source of power equals a virtuous yield. No sooner than we can ever dream of, the pursuit of this better kind of power, after all, can prove to be exhausting yet rewarding, win or lose! 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.

Woes of our departed and their loved ones Joel L. Tan-Torres

subscribe to the idea of having the jab even with the repeated admonitions by the World Health Organization that the vaccine is needed to forestall the pandemic wave. In fact, in India, there has been a report of Covid-19 protocols that include the dispensing of Ivermectin, an organic drug discovered more than three decades ago. That report noted that those who had Covid-19 were cured of the virus. In the United States, there have been reports of government workers refusing to be vaccinated, with some seeking court protection, and here in the country, there have been attempts to enforce the vaccination protocols before anyone can be allowed entry to their places. Concerned citizens are worried that some guidelines attributed to the control of Covid-19 do not conform to many issues that other epidemiologists, virologists and other experts state. These experts who do not subscribe to the vaccine mandate also have their own scientific papers to back up their claims. In such a case, the government needs to come up with its own clearcut guidelines that would spell out the mandates on Covid-19 prevention and control, especially those concerning unvaccinated individuals. In Malacañang, Covid-19 protocol allows unvaccinated individuals to be allowed entry with just the presentation of a negative swab test or an antigen test right there in the Malacanang grounds. This Malacañang protocol could prove to be the key to solving the impasse generated by those who want to enforce the vaccine and those who do not believe in it in the meantime.

Monday, November 1, 2021 A11

DEBIT CREDIT

E make it a practice to remember our departed loved ones (either newly or longtime buried six feet under) during these All Saints’ and All Souls’ Days celebrations. But not too many people know that equally important as these spiritual vocations is ensuring that their departure will not bring more pain to their families, with unpaid liabilities and properties that have impediments that make transfers to the heirs quite difficult. Take the case of two prominent personalities who died some time ago and left some unfinished business and problems for their heirs to settle. In the case of legendary singer Michael Jackson, the settlement of his estate and the payment of the taxes to the Internal Revenue Service (IRS) of the US took about 13 years from the date of his death in June 2009. It was only in May 2021

when the US Tax Court made a final ruling on the value of Michael Jackson’s estate. Jackson’s estate administrators valued his net worth at the time of his death at over $7 million, while the IRS estimated it at $1.125 billion, resulting in over $700 million of tax assessments. The Tax Court ruled that the estate was to be valued at $111 million. Now, after a long period of time, the heirs of the

King of Pop, including his mother, can now start enjoying whatever assets and monies are left over after paying the IRS tax bill and lawyer’s fees for handling the over a decade court case. Another sensational case involving post-death problems in tax and inheritance is that of Samsung Electronic Corporation Chairman Lee Kun-hee who died in October 2020. Though Chairman Lee left trillions of dollars worth of properties to his heirs, he also left a gargantuan inheritance tax bill of $10 billion. This tax is considered a world record for estate or inheritance tax liability for a decedent. To put this amount in context relative to the Philippine tax situation, this inheritance tax on one person alone is equivalent to about 25 percent of the Bureau of Internal Revenue’s tax collection goal for 2021. The heirs of Chairman Lee are now disposing of some of the assets of the estate and their own properties to pay this huge tax bill. Could this after-death Halloweenlike horror stories be avoided? Yes,

but surprisingly these celebrities, such as Michael Jackson and the Chairman of Samsung Electronics, were unable to do the appropriate measures to forestall family woes after their death. The same is true for a great number of common people and even the more sophisticated or learned persons in our society in the Philippines. They forget to put in place the right estate tax planning strategy and implementation when they still have the opportunity to do so—when they are still alive.

To be continued

Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. This column accepts articles for publication from the business and academic community. Articles not exceeding 600 words can be e-mailed to jltantorres@up.edu.ph.

Japan heads to polls as Kishida seeks to limit losses By Isabel Reynolds Bloomberg Opinion

apanese voters went to the polls Sunday for the country’s first general election in almost four years, with new Prime Minister Fumio Kishida’s long-ruling Liberal Democratic Party expected to lose seats but hold on to power with its coalition partner. Voting for the 465-seat lower house is set to end at 8 p.m. and exit polls released soon after are expected to give an early indications of the results. Voters get to pick a candidate in their constituency as well as select a party in the proportional represen-

tation section of the ballot. Voter turnout was at 21.49 percent as of 2 p.m. compared with 21.83 percent at the same time in the last election in 2017, according to public broadcaster NHK. The LDP and Buddhist-backed Komeito controlled more than 300 seats before the election. Severe losses could weaken Kishida’s grip over the LDP, increasing the chances he might be dispatched through the “revolving door” of Japanese politics that claimed six premiers between 20072012. His immediate predecessor, Yoshihide Suga, also lasted only a year. While details are still sparse, Kishida is touting plans to spread the

fruits of economic growth more evenly, after low-paid workers were disproportionately hit by falling incomes during the pandemic. He’s also promised tens of trillions of yen in economic stimulus. The left-leaning main opposition Constitutional Democratic Party argues it’s better qualified to achieve the goal of narrowing disparities. Almost a decade after its predecessor crashed out of power, the CDP has allied itself with smaller parties to field unified candidates in more than 200 constituencies, resulting in a tough fight in many of them. The CDP and its partners, however, are not generating the level of interest

that could lead to a change in government, surveys have shown. Even if the LDP loses its outright majority, the party is expected to retain control of government with junior coalition partner Komeito providing enough seats for the group to stay in power, surveys have indicated. The Yomiuri and Nikkei newspapers said Friday the LDP was in danger of losing the single-handed majority it has held since 2012, with the CDP set to gain some seats. The conservative-leaning opposition Ishin party is likely to win seats and may become the third-largest party in parliament, according to the Nikkei.

A12 Monday, November 1, 2021

CONGESTION OF ‘OLD NORMAL’ CREEPING BACK, EXPERT WARNS

By Lorenz S. Marasigan @lorenzmarasigan

HE congestion from the socalled “old normal” is now creeping in as the country eases travel restrictions, a transportation expert has warned, adding that people should expect road and mass transport problems to be commonplace again if the government does not step in to address this. Jose Regin F. Regidor, a research fellow at the University of the Philippines-Diliman National Center for Transportation Studies, said his group has observed the resurgence of both road congestion and mass transport congestion in the country. During a public forum organized by Ibon Foundation, he described this as “long waiting time, long travel time, and incurring congestion costs.” All of which, he said, are detrimental to both commuters and the economy. “Road congestion and what we call mass transport congestion are common sights pre-pandemic, and unfortunately these common sights are now coming back,” Regidor said. An unexpected gain from the lockdowns was that the air was cleaner and there was little to no congestion, two factors that are “consistent with our aspiration of a sustainable transportation.” However, he added, “we have observed that there are benefits; these are just short-term benefits like reduced road crashes, reduced motor vehicle congestion, reduced fuel consumption, and reduced air pollution. But these are temporary because of the pandemic situation,” Regidor said. What needs to be done, he said, is for the government to assess what its priorities are. “For the new normal, priorities that we should look at are the promotion of active transport, and that public transport should be intermodal and inclusive. The government has to check routes,

and check the vehicle types that are good for these routes,” he said. Julius Dalay, the resident transport urban planner of consumer group Commuters of the Philippines, shared this view, saying the government must supply the “right mixture of public transport modes” in order to address the demand from commuters. Meanwhile, Rosario Guzman, who heads the research department of Ibon, said the government’s effort towards promoting mass transport is commendable given the National Transport Policy. However, she said the government must also consider “people economics” as the foundation in implementing policies and projects for mass transportation. “In people economics, what we want—without compromise—are updated and reliable travel statistics. If we should come up with a sustainable public transport system, the best place to start is to have updated and reliable travel statistics,” she said. The second thing that needs to be done is a “first-step, longterm modal shift from road-based transport to rail.” “No country developed for roads only, and developing rail means we have to go from light to heavy rail,” Guzman said. Third, she said, the government must be able to craft a route rationalization plan for both public utility jeepneys and buses. “What the government needs to do is to identify where the masses are and what their optimal travel times are, including their travel stops between work and abode. The route rationalization plan should also include walkways and bike lanes. And for a route rationalization plan to be truly systematic, PUVs and PUBs should be publiclyrun,” she said. Lastly, the government must also put a limit on vehicle ownership. “We should also restrain from private car sales because of finite roads,” she said.

Govt recalls new imported meat label rules amid furor

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE government will rescind its supplemental guidelines on labeling of imported meat products following concerns raised by certain industry groups that the new rules may cause shortages in the days leading up to the holidays because exporters were reportedly reluctant to ship to the Philippines on account of these. Agriculture Secretary William D. Dar confirmed to the BusinessMirror that the National Meat Inspection Service (NMIS) will withdraw its recent Memorandum Circular (MC) 10-2021-038 that sent the meat importers sector worrying. “I have now talked with NMIS and we decided that they withdraw the NMIS issuance,” he said via SMS on Sunday evening. The meat processing industry group claimed that exporters were hesitating to ship meat products to the Philippines due to new rules stipulated in MC 10-2021-038, which could exacerbate the supply chain problems faced by the industry. Industry sources also confirmed the hesitancy from foreign suppliers pending clarity from the Philippines regarding the new rules. In a series of letters to government authorities, the Philippine Association of Meat Processors Inc. (Pampi) claimed the NMIS’s latest circular on labeling caused problems with imported meat products, calling for its immediate suspension. In a letter to NMIS Executive

Director Jocelyn Salvador, Pampi said foreign suppliers “panicked and stopped loading shipments” upon learning of the agency’s latest circular dated October 26. “All incoming shipments are now considered non-compliant under your new memorandum and therefore subject to confiscation by your agency upon arrival,” Pampi said in its letter dated October 28. Pampi said the industry’s main problem with NMIS’s MC is the mandatory inclusion of three different dates on imported meat labels, instead of just two as stipulated in Department of Agriculture (DA) Administrative Order (AO) 26 series of 2005. The new MC requires the following dates: 1) manufacture, 2) packaging and 3) minimum durability (best before or expiration date), since it made a distinction between manufacturing and packaging dates contrary to the guidelines of AO 26, the group claimed. “Please note that the said AO states ‘date of manufacturing and packaging’, not dates of manufacturing and packaging”, it said. “It is not for us to hazard an ex-

planation on why AO 26 specified only two dates, but this has been in effect for more than 15 years,” it added. Foreign meat exporters to the Philippines have been facing challenges this year since the NMIS started to amend the guidelines on labeling requirements. Changes in labeling information, particularly adding specific details, pose a logistical problem to exporters who have to create a label specific template for the Philippines, incurring additional costs. Pampi and other industry sources told the BusinessMirror the Philippines will be the first and only country in the Asean region, at least, to require three dates for labels in non-retail containers. Industry analysts closely monitoring the situation told the BusinessMirror that importing countries in the region only require one date, which is any of the following: a slaughter or production or packing date. Pampi claimed in its letter it was not consulted by the NMIS in issuing the supplemental guidelines, contradicting the premise in the MC that the agency consulted industry players. Industry sources told the BusinessMirror that the two big meat importing groups in the country —Pampi and Meat Importers and Traders Association (Mita)—were not consulted by the NMIS about MC-10-2021-038. Even representatives of foreign meat exporting groups in the country and embassy representatives were not consulted, according to knowledgeable sources. The NMIS MC claimed that it

conducted dialogues with the stakeholders in issuing the supplemental guidelines.

Usurpation of authority

IN a separate letter, Pampi brought to Secretary Dar’s attention their concerns about NMIS’s latest MC, calling it a usurpation of Dar’s authority since it effectively amended an existing AO issued by an agriculture secretary. Pampi explained that the NMIS MC amended Section VII Item D-7 of AO 26 of 2005 on the date of manufacture and packaging. “The effect on the trade has been immediate and alarming as exporters in the US, Canada and Brazil advised that they are holding back loading of hundreds of containers until the new NMIS memorandum is clarified and/or recalled,” the group said. “Exporters fear that the shipments due for loading this week and thereafter are no longer compliant with the new labelling rule and therefore subject to NMIS confiscation upon arrival in December and January,” it added. Pampi said the delayed shipments of meat products would “exacerbate” the “already desperate situation” of the country’s supply chain “arising from prolonged international marine traffic.” “The circular is viewed by our trade partners as another non-tariff trade barrier foisted by NMIS on international trade under the guise of food safety,” it added. The BusinessMirror sought Salvador’s comment for this story but the NMIS chief has not responded as of press time.

Advocacy group bats for faster shift to RE regime By Lenie Lectura

@llectura

HE Institute for Climate and Sustainable Cities (ICSC) has stressed the urgency to fast track the energy transition in the country, citing overcapacity in baseload power plants and unreliability of coal power plants. “Evidence clearly shows even before the pandemic that coal has been intermittent and unreliable. As households and the private sector struggle with the economic impacts of Covid-19, data also shows coal is the reason behind spiking electricity bills and rotating blackouts. Continuing with coal is Code Red for businesses,” said Jephraim Manansala, chief data scientist of the ICSC. The Code Red warning was issued by the United Nations Framework Convention on Climate Change (UNFCCC) early this year. Manansala emphasized that the Philippines has an overcapacity of baseload coal-fired power plants, yet rotating power outages were still experienced in different parts of the country years, that in turn led to significantly high electricity costs. The coal plants in the country, added Manansala, are the cause of the rotating brownouts and high electricity cost last summer. Historically, the ICSC cited, coal plants have not met the allowable planned and unplanned outage duration while variable renewable energy plants have consistently outperformed coal plants in terms of viability. Manansala said since the power generation of variable RE plants coincides with the peak demand, it

has historically reduced the price of electricity during peak hours by 28 percent despite accounting for only 3 percent of the energy mix. “We need to shift from centralized to distributed generation. Centralized generation through coal is expensive, unreliable, dependent on imported fuels, and will soon be stranded assets. We have seen that the price of coal in the world market has already tripled since the start of 2020, and this just further reinforces the need for this shift to indigenous renewable energy sources to stabilize the electricity prices,” he said. Global climate change think thank, E3G, pointed out that coal has continually proved to be unreliable and will soon be history globally. “The pipeline of proposed coal power plants has collapsed by more than three-quarters, with 1,175 gigawatts of planned projects cancelled, since the Paris Agreement negotiations in 2015, bringing the end of new coal power into view,” said E3G program leader Camilla Fenning.

‘Old world unravelling’

DEPUTY Speaker Loren Legarda, who opened the event, said in her keynote, “This is not the time for short-term thinking. The old world is unravelling fast. For too long we have been told renewable energy is expensive and unreliable. The reality is the opposite.” Melissa Brown, director of energy finance studies in Asia of the Institute for Energy Economics and Financial Analysis (IEEFA), cited challenges in using fossil gas to fuel the energy transition. “Financing gas will be a heavy lift. See “Advocacy group,” A2

AHEAD of the 2021 United Nations Climate Change Conference (COP26), artist-advocates led by AG Saño started a mural in Marikina Riverbanks representing the youth’s call for climate justice. The activity is supported by Greenpeace Philippines. The project “Pangarap Hindi Panaginip,” features puzzle pieces symbolizing Filipino communities’ collaborative dream amid worsening impacts of the climate crisis. PHOTO BY BASILIO SEPE / GREENPEACE

Ping to govt: Let China heed ‘60-40’ in oil deal

ENATOR Panfilo Lacson has endorsed an option being considered by the Duterte administration to forge a joint venture deal with China in exploring for oil in the West Philippine Sea, but Lacson asserts China must first commit to abide by the Philippine Constitution’s 60-40 split provision. Lacson, speaking before a forum hosted by big business groups led by the Financial Executives Institute of the Philippines (FINEX) over the weekend, said this would “show that the Philippines owns and has sovereign rights over the area.” The senator assured business

leaders that “as long as the [Duterte government] adheres to the constitutional provision of 60-40, I am all for it. If it’s 60-40, it shows we ‘own,’ we have sovereign rights over the area.” Lacson affirmed, “If they would adhere to 60-40, I’m all for it. If not we should go back and review our security situation.” He reminded business leaders at the forum that under Section 2, Article XII of the 1987 Constitution, “the State may enter into co-production, joint venture, or production-sharing agreements with Filipino citizens, or corporations or associations at least sixty per centum of whose capital is

“If they would adhere to 60-40, I’m all for it. If not we should go back and review our security situation. —Sen. Ping Lacson

owned by such citizens.” Moreover, the senator cited information indicating the West Phil-

ippine Sea is rich in natural gas and oil, affirming that this “could help address our energy needs. Recalling that China has sent geologists to the area as far back as 1968, Lacson asserted that “if China would not agree to the 60-40 rule, the Philippines can turn to its allies, especially those it has bilateral agreements with.” He added that Australia, Japan and even the European Union “have now shown more willingness to patrol the area as they have interests in making sure the area is open to maritime trade,” and said concerned authorities “should seize the opportunity.” Butch Fernandez

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, November 1, 2021

Meralco: Easing of curbs to hike Oct electricity sales By Lenie Lectura

@llectura

he Manila Electric Co. (Meralco) could register higher electricity sales volume in October on the back of the continued reopening of the economy and increased mobility. “We’re expecting close to 3,900 gigawatt hours for October,” said Meralco First Vice President and Chief Commercial Officer Ferdinand Geluz. He said Meralco recorded in October last year around 3,700 GWh. “We will definitely be better than last year,” added Geluz. At end-September this year, Meralco’s consolidated energy sales volumes rose 6 percent to 34,398 GWh from 32,539 GWh in 2020 as commercial and industrial sectors

recovered in the 9-month period following more flexible community quarantine restrictions, and sustained growth in the residential sector. Energy sales volumes from Meralco and Clark Electric were 6 percent and 10 perent higher, respectively. In terms of the sales mix, residential sales accounted for 37 percent, while commercial and industrial sales accounted for 33 percent and 30 percent, respectively, from January to September this year.

In September, Meralco customers went up by 4 percent to 7.4 million from 7.1 million in the same period in 2020. Meralco continued to expand and upgrade facilities to build a more resilient distribution network. Major capital projects completed in January to September include the expansion of the 115-34.5 kilovolt, First Philippine Industrial Park substation; and development of the 115-34.5 kV San Mateo substation. Meralco also completed relocation of 1,170 electric poles. In addition, 933 electric poles have been retired for the road widening projects of the Department of Public Works and Highways. The company reported last October 25 that its consolidated core net income in September grew by 15 percent to P18.1 billion from last year’s P15.7 billion driven by the combined effect of the 6-percent increase in energy distributed with the easing of quarantine restrictions, and in-

creased contribution from its different business units and subsidiaries. Reported net income improved by 47 percent year-on-year to P16.5 billion from P11.3 billion due to lower exceptional charges arising from the impairment recognized from the company’s investment in PacificLight Power Ltd. in 2020. Consolidated total revenues were higher by 11 percent to P231.7 billion from P208.8 billion, mainly boosted by electricity revenues, which grew by 11 percent to P225.4 billion from P203 billion. Meralco spent P18.5 billion on capital expenditures (capex) at endSeptember. Of which, almost 60 percent went to networks capex. About 90 percent of the networks capex was spent on new connections, asset renewals and load growth projects; while the balance was used to support other projects including the government’s Build, Build, Build program and the Meralco Electrification Program.

Globe warns public of SIM swap scam

The Keepers cuts follow-on offer price By VG Cabuag @villygc

he Keepers Holdings, which now houses Lucio Co’s three liquor distribution firms, has slashed the price for its followon offering to just P1.50 per share. Formerly Da Vinci Capital Holdings Inc., the company that distributes liquor brands, such as Alfonso brandy, expects to raise some P4.5 billion from the primary sale of 3 billion common shares. The figure is lower than the P5.82 billion to P7.29 billion that the company expects to raise based on an offer price of P2 to P2.50 per share. “The new offer price range will allow both institutional and retail investors to experience the potential

future value of the Keepers Holdings as it transitions from a company without any operations or real resources to a holding company with three highly profitable operating subsidiaries,” company president Jose Paulino L. Santamarina said. Proceeds from the offering will finance strategic acquisition opportunities, expansion of product portfolio and distribution channels, investments in distribution and logistics network, and working capital. In September, the company changed the par value of its shares to P0.10 from P0.023 to make it more accessible to individual investors and to improve trading volume and liquidity. With the change, the company said there will also be adjustments

in the market price and number of issued and outstanding shares of the company to 258.75 million common shares from 1.12 billion common shares, with the market price being adjusted from its last closing price of P2.95 per share in July to P12.82 per share effective from September 13. The change in par value was part of the increase in the company’s authorized capital stock, from which 11.25 billion common shares of stock of the company, now being traded under the ticker KEEPR, were issued in exchange for full ownership of Montosco, Meritus and Premier. “The offer price range considers the corresponding adjustments to the valuation for this transac-

tion, after implementation of the adjustment to the company’s par value change and increase in capital stock,” the company said. The company’s shares are still suspended for trading at the Philippine Stock Exchange (PSE) as it fell below the minimum public float due to the backdoor listing of Co’s liquor distribution firms. The offer period will run from November 4 to 10. The listing of the shares on the main board of the PSE is scheduled for November 19. China Bank Capital Corp., PNB Capital and Investment Corp., and SB Capital Investment Corp. have been mandated as the joint issue managers, joint lead underwriters and joint bookrunners for the offering.

Comelec, DOJ: File criminal raps against Organico F2 Logistics T ink deal

espite opposition from election watchdogs, the Commission on Elections (Comelec) has signed the P535-million contract for the transportation of election paraphernalia. The copy of the contract it forged with F2 Logistics was posted on the website of Comelec after it was signed last Friday. Under the agreement, F2 Logistics will be responsible for the delivery of all Automated Election System related equipment, peripherals, forms and supplies for the roadshow, field tests, mock elections, training, Final Testing and Sealing (FTS) and Election Day of Comelec. “Provider shall exercise extraordinary diligence in the handling and delivery of all Comelec Cargoes. Any loss or damage to Comelec shipments is subject to the pertinent provisions of this Contract,” according to the 32-page contract. F2 Logistics bagged the contract as it was able to meet the Performance Security in the form of a bank guarantee last September 21. Comelec has drawn criticism after it awarded the contract to F2 Logistics, which was linked to Davao businessman Dennis Uy, a known ally of President Duterte. Samuel P. Medenilla

he Department of Justice (DOJ) has recommended t he f i l i ng of c r i m i n a l charges against Organico Agribusiness Ventures Corp. and its officers for unauthorized solicitation of investments from the public. The DOJ September 3 resolution, which affirmed the previous findings of the Securities and Exchange Commission, state prosecutors found probable cause to charge Organico, its president and chairman Cerrone Roial Posas, and officers Marve Subere Posas, Renato Subong, Anthony Butaslac and Karen Maasin for violations of the Securities Regulation Code (SRC) and the Cybercrime Prevention Act of 2012. The DOJ also recommended the filing of charges against Kathleen Hortesano, Rochelle Camacho and Annielyn O. Hilotin for acting as agents of Organico, offering and selling unauthorized securities to the public. “(T)he business operations carried out by respondent Organico is in the form of a Ponzi scheme whereby purported returns to existing investors are culled from funds contributed by new investors,” the DOJ said. “It is not an investment strategy but a gullibility scheme and which only works as long as there is an increasing number of new investors joining.”

The SEC, together with the Philippine National Police-Criminal Investigation and Detection Group, filed a criminal complaint against Organico before the DOJ on September 10, 2019, for luring the public to invest in the company without the necessary license. Organico’s investment scheme involved the sale of a piglet for P3,60 0 eac h, w it h prom ised returns of P7,000 after three months. The company also engaged in crowdfunding activities through the internet where an investor should buy at least 10 shares worth P1,800 each, for a payout of P450 every 15 days or P2,700 in three months. T he S E C s a i d O r g a n i c o’s scheme involved the sale of securities in the form of investment

contracts, in which an individual invests his money in a common enterprise and is led to expect profits from the efforts of others. The SRC provides that securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the SEC. “The records also consistently show that respondents constantly made use of the internet, through Facebook and Facebook Messenger applications, to further disseminate information regarding their fraudulent scheme,” according to the DOJ resolution “By posting their offers of investments in their Facebook page and various group chats, they successfully reached a wider audience and was able to tempt or lure more victims to invest in their Ponzi scheme.” The SEC has issued an advisory on Organico as early as May 21, 2018 to warn the public about its illegal activities. The agency then issued a cease and desist order against the company on May 28, 2019 and revoked its corporate registration on May 31, 2019. Posas and his other co-accused Organico officers have a standing warrant of arrest issued by Judge Mario Duaves of the Davao Regional Trial Court Branch 15 for five counts of syndicated estafa. VG Cabuag

By Lorenz S. Marasigan @lorenzmarasigan

lobe Telecom Inc. warned the public on Sunday about the resurgence of a so-called SIM swap scam. It involves a fraudster gathering various information from a target individual for the first few days or weeks of the scam. These include personal information, e-mails, bank account details, and trading information, among others. Soon after, the fraudster will then pose as the victim and seek for the temporary disconnection of the victim’s mobile phone line, citing the loss of the phone. The fraudster will then personally go to a store to request for a new SIM card, presenting valid IDs and a notarized affidavit of loss to gain the new SIM card. The new SIM card will then be used to acquire the one-time pin that is used by most financial apps and even social networking apps to provide users access to their mobile apps. Globe said it urges its customers to “use strong and unique passwords for their digital accounts, change it regularly, and use other authentication methods such as security keys, applications, or device prompts.” It also advises customers “not to

share personal information, such as birth dates, anniversary dates, TIN, school or company ID, passport details and other information on social media, as these may compromise a customer’s safety. Scammers and fraudsters may get the answer to your security questions from these details.” It added that scammers may call pretending to be telco or bank representatives requiring some personal information and bank details in exchange for some offers or perks. Bank statements, utility bills, delivery packages, and other documents that contain one’s personal information disposed of in an unsecured manner can also be a source of identity theft, Globe said. Recently, the wife of an engineering company executive reportedly fell victim to the scam, wherein the fraudsters amassed roughly P1.7 million from 14 transactions to crypto trading platform Binance. Due to this incident, Globe is “implementing stricter measures to prevent unauthorized SIM change.” “For replacement of lost SIM, this includes 24-hour SIM reactivation to allow a stronger customer verification. Also, a notarized affidavit of loss is mandatory patterned with the banks which require the same document when replacing lost cards and other financial records,” Globe said.

‘Costly oil, curbs pose risks for logistics sector’

he increase in oil prices and the possible reimposition of lockdown measures could affect the performance of the logistics sector next year, according to the top official of a local logistics company. “Escalating fuel prices, unpredictable mobility restrictions, disruptions in the manufacturing sector and volatile demand will have a direct impact on logistics growth going into the early months of 2022,” Jay Capino, president of Kerry Logistikus Inc., told the BusinessMirror

in an email interview Capino said 2021 was “a very challenging year” due to the two Covid-19 surges that reduced demand. However, he said Kerry Logistikus realized in 2020 that it was capable of pivoting to certain industries that benefited during the lockdowns. One growth driver for the company, he said, is the provision of services to vital sectors, such as the electronics and appliances sector, automotive and transport sectors in Visayas and Mindanao. Rizal Raoul Reyes

Companies BusinessMirror

Monday, November 1, 2021

PSE STOCK QUOTATIONS

October 29, 2021

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

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG IREMIT MEDCO HLDG PHIL STOCK EXCH

43.65 124.1 86.2 24.15 9.36 47.7 8.55 20.1 57.95 104.9 19.34 120.5 90.55 1.79 4.08 3.25 1.08 0.315 219.2

45.5 125.1 86.95 24.2 9.47 48.2 9.09 20.2 58 105 19.98 120.9 91 1.8 4.09 3.4 1.17 0.32 220

45.9 127 86.9 24.1 9.5 48.15 9.1 20.4 57.6 99.2 19.32 122 92.9 1.41 4.1 3.4 1.11 0.32 220

45.9 128.7 87 24.2 9.5 48.8 9.15 20.4 58.05 104.9 20 122.3 92.9 1.9 4.1 3.58 1.11 0.32 220

45.9 124.1 84.5 23.9 9.4 47.65 9.09 20.1 57.6 99.2 19.32 119.7 90.55 1.41 4.08 3.4 1.07 0.32 219.2

45.9 124.1 86.95 24.15 9.47 47.7 9.09 20.1 58 104.9 19.34 120.9 90.55 1.79 4.08 3.4 1.07 0.32 220

400 2,721,290 3,069,830 130,100 616,700 2,088,500 14,800 797,000 6,770 180 51,900 255,010 43,700 13,612,000 51,000 55,000 224,000 10,000 630

18,360 340,518,855 263,707,807.50 3,134,855 5,838,627 100,060,300 134,668 16,086,470 391,887 18,366 1,004,008 30,827,751 3,995,507 23,352,420 208,230 188,980 243,340 3,200 138,586

18,360 -138,554,039 -66,575,261.50 12,309 -23,113,835 1,889,525.00 -13,862,876 -73,826.50 1,176,290 -13,320 -

INDUSTRIAL AC ENERGY 12.24 12.26 12.5 12.74 12 12.26 26,650,600 328,205,222 1.14 1.15 1.15 1.15 1.14 1.14 70,000 80,210 ALSONS CONS ABOITIZ POWER 32.05 32.15 32.1 32.5 31.9 32.15 2,548,000 81,945,745 0.66 0.67 0.68 0.69 0.65 0.66 23,528,000 15,626,750 BASIC ENERGY FIRST GEN 30.1 30.15 30.05 30.3 30.05 30.1 735,400 22,121,485 74.5 74.95 75 75 74.5 74.5 113,280 8,477,718 FIRST PHIL HLDG MERALCO 287 291 293 293 287 287 404,690 116,976,532 26.2 26.5 25.5 26.5 24.9 26.5 2,236,300 57,998,905 MANILA WATER PETRON 3.87 3.88 3.86 3.93 3.85 3.87 1,690,000 6,549,880 4.4 4.44 4.35 4.45 4.35 4.44 16,000 70,880 PETROENERGY PHX PETROLEUM 11.12 11.4 11.5 11.5 11.4 11.4 11,600 133,290 21.6 21.9 22.5 22.9 21.1 21.6 316,900 6,957,145 PILIPINAS SHELL SPC POWER 13.62 13.68 13.8 13.82 13.62 13.68 150,800 2,067,780 5 5.06 5.07 5.07 4.98 5.06 32,300 161,993 AGRINURTURE AXELUM 2.82 2.9 2.94 2.94 2.81 2.9 643,000 1,848,930 28.3 28.35 27.55 28.3 27.05 28.3 2,964,400 82,601,405 CENTURY FOOD DEL MONTE 15.3 15.34 15.18 15.4 15.18 15.3 193,800 2,963,494 8.36 8.44 8.22 8.44 8.15 8.44 9,764,800 80,878,812 DNL INDUS EMPERADOR 18.18 18.3 18.4 18.4 18.1 18.3 878,400 15,996,802 75.95 76 76 76.2 75.95 76 270,050 20,528,672 SMC FOODANDBEV ALLIANCE SELECT 0.61 0.62 0.61 0.62 0.61 0.62 30,000 18,500 1.33 1.34 1.35 1.35 1.32 1.34 19,278,000 25,590,680 FRUITAS HLDG GINEBRA 100.8 101 104.1 105 101 101 168,120 17,230,417 235.2 236 240.4 241.2 234 235.2 759,740 178,927,472 JOLLIBEE LIBERTY FLOUR 28.05 29.25 29 29.25 29 29.25 600 17,500 6.35 6.98 6.35 6.35 6.35 6.35 400 2,540 MACAY HLDG MAXS GROUP 7.21 7.22 7.38 7.38 7.2 7.22 101,500 734,564 0.183 0.184 0.19 0.191 0.184 0.184 1,070,000 201,910 MG HLDG MONDE NISSIN 16.06 16.1 16.4 16.48 16.02 16.1 9,373,100 152,101,026 8 8.1 8.1 8.1 8 8.01 93,800 751,466 SHAKEYS PIZZA ROXAS AND CO 0.73 0.74 0.74 0.75 0.73 0.74 561,000 411,910 4.5 4.59 4.51 4.55 4.5 4.5 23,000 103,730 RFM CORP SWIFT FOODS 0.118 0.119 0.12 0.12 0.118 0.118 300,000 35,700 135.5 138 138.1 138.9 133 138 1,499,500 204,855,789 UNIV ROBINA VITARICH 0.76 0.77 0.78 0.78 0.76 0.77 329,000 253,870 2.26 2.45 2.31 2.31 2.31 2.31 8,000 18,480 VICTORIAS CONCRETE A 46.35 47 47 47 47 47 900 42,300 49 58.8 58.9 58.9 58.9 58.9 600 35,340 CONCRETE B CEMEX HLDG 1.23 1.24 1.28 1.28 1.23 1.24 4,634,000 5,808,110 14.3 14.4 14.3 14.4 14.28 14.4 50,500 722,656 EAGLE CEMENT EEI CORP 6.45 6.5 6.68 6.68 6.45 6.5 138,100 899,295 5.85 5.9 5.9 5.95 5.86 5.86 557,100 3,273,952 HOLCIM MEGAWIDE 6.09 6.1 6.07 6.14 6.07 6.1 678,500 4,140,669 14.7 14.76 14.76 14.76 14.72 14.76 9,600 141,664 PHINMA TKC METALS 0.87 0.88 0.88 0.88 0.88 0.88 10,000 8,800 1.2 1.21 1.21 1.22 1.18 1.21 2,259,000 2,716,980 VULCAN INDL CROWN ASIA 1.66 1.67 1.67 1.67 1.66 1.66 220,000 365,560 1.59 1.6 1.61 1.61 1.6 1.6 26,000 41,610 EUROMED LMG CORP 3.91 4.01 3.85 4.05 3.12 4 4,038,000 12,625,850 3.98 4 4.3 4.41 3.91 4 215,000 862,470 MABUHAY VINYL 5.49 5.5 5.43 5.5 5.43 5.5 3,142,600 17,222,194 PRYCE CORP CONCEPCION 22 22.95 22.95 22.95 22.95 22.95 200 4,590 2.45 2.47 2.46 2.49 2.43 2.47 6,627,000 16,297,170 GREENERGY INTEGRATED MICR 8.88 8.93 9.1 9.25 8.86 8.88 559,100 5,024,692 0.84 0.87 0.85 0.87 0.85 0.87 159,000 136,730 IONICS PANASONIC 5.95 6.05 6.04 6.05 6.04 6.05 6,500 39,300 1.12 1.14 1.13 1.13 1.12 1.12 306,000 344,920 SFA SEMICON CIRTEK HLDG 4.46 4.47 4.46 4.47 4.4 4.46 891,000 3,942,050

-31,007,468 15,583,290 20,000 20,512,605 -206,563 -42,968,618 14,870,720 -571,810 -8,900 -1,260,040 40,980 -69,871 -508,480 5,231,040 -53,107,699 -1,146,392 -780,443 -88,440 3,243,257 -61,081,278 -32,913,448 -265,941 22,200 -69,662,416 294,810 28,039 -531,848 -651,701 -19,350 16,700 16,452,623 26,690 5,992 31,360 8,830

HOLDING & FRIMS ABACORE CAPITAL 1.13 1.14 1.15 1.15 1.12 1.14 6,388,000 7,266,070 5.36 6 5.5 5.5 5.5 5.5 4,600 25,300 ASIABEST GROUP AYALA CORP 863 864 856 864 849 863 345,390 295,782,425 48.4 48.5 48.25 49.5 47.8 48.4 2,048,800 98,780,325 ABOITIZ EQUITY ALLIANCE GLOBAL 10.4 10.42 10.32 10.52 10.32 10.4 2,560,100 26,629,110 5.79 5.8 5.67 5.85 5.62 5.8 10,542,600 61,135,264 AYALA LAND LOG ANSCOR 6.95 7.28 7.3 7.3 6.95 6.95 19,000 135,631 0.92 0.93 0.91 0.93 0.91 0.92 470,000 432,310 ANGLO PHIL HLDG ATN HLDG A 0.48 0.5 0.5 0.5 0.5 0.5 20,000 10,000 5.22 5.23 5.17 5.26 5.17 5.22 5,078,500 26,494,679 COSCO CAPITAL DMCI HLDG 7.94 7.95 8.2 8.38 7.87 7.95 33,318,900 266,766,969 7.76 8.11 8.12 8.12 7.75 8.05 9,100 73,586 FILINVEST DEV FJ PRINCE A 2.61 2.79 2.7 2.7 2.7 2.7 5,000 13,500 0.29 0.305 0.29 0.31 0.29 0.31 150,000 44,600 FORUM PACIFIC GT CAPITAL 553 565 553 565 544 565 114,370 63,178,800 60.2 61.65 62.3 63.3 60.2 60.2 3,560,730 217,771,881 JG SUMMIT KEPPEL HLDG A 5.99 6.05 6.05 6.05 6.05 6.05 1,100 6,655 0.64 0.65 0.63 0.64 0.63 0.64 513,000 323,390 LODESTAR LOPEZ HLDG 3.15 3.22 3.16 3.29 3.15 3.15 1,688,000 5,335,250 10.04 10.06 10.28 10.3 10 10.06 3,174,300 32,104,142 LT GROUP METRO PAC INV 3.75 3.79 3.82 3.88 3.75 3.75 38,685,000 146,836,900 1.72 1.73 1.7 1.72 1.67 1.72 290,000 491,780 PRIME MEDIA REPUBLIC GLASS 2.76 2.9 2.9 2.9 2.9 2.9 28,000 81,200 965 965.5 993 993 961 965 520,640 503,509,130 SM INVESTMENTS SAN MIGUEL CORP 116.5 116.9 116.9 116.9 116.1 116.9 171,210 19,994,411 0.65 0.73 0.65 0.65 0.65 0.65 11,000 7,150 SOC RESOURCES TOP FRONTIER 129 130.9 130.9 130.9 130.9 130.9 1,500 196,350 0.18 0.185 0.19 0.19 0.185 0.185 90,000 16,730 ZEUS HLDG

2,077,720.00 62,370,360 -16,948,025 -6,194,474 33,784,514 21,842 -212,530 1,151,618 -6,360,040 -18,899,775 -95,567,471 -546,970 1,877,716 -74,100,810 -6,680 -260,050,110 -2,299,594 -

PROPERTY ARTHALAND CORP 0.63 0.66 0.65 0.66 0.65 0.66 19,000 12,510 35.1 35.2 35.65 35.95 34.5 35.1 12,187,700 428,129,670 AYALA LAND AREIT RT 42.8 42.85 42.8 42.9 42.45 42.8 1,006,300 43,055,315 1.36 1.4 1.39 1.4 1.37 1.4 216,000 301,620 BELLE CORP A BROWN 0.85 0.87 0.85 0.88 0.84 0.87 201,000 171,410 0.74 0.76 0.75 0.75 0.75 0.75 264,000 198,000 CITYLAND DEVT CROWN EQUITIES 0.114 0.116 0.117 0.117 0.114 0.116 18,190,000 2,074,000 6.23 6.5 6.26 6.3 6.23 6.23 45,100 282,349 CEBU HLDG CEB LANDMASTERS 2.89 2.9 2.92 2.93 2.89 2.9 1,456,000 4,230,610 0.45 0.46 0.455 0.465 0.45 0.46 5,840,000 2,663,650 CENTURY PROP DOUBLEDRAGON 10.28 10.3 10.22 10.36 10.22 10.28 109,800 1,128,702 1.8 1.81 1.81 1.81 1.8 1.8 3,683,000 6,638,190 DDMP RT DM WENCESLAO 6.88 6.98 6.88 6.88 6.87 6.88 32,200 221,396 0.275 0.28 0.275 0.28 0.275 0.28 710,000 195,300 EMPIRE EAST EVER GOTESCO 0.37 0.375 0.38 0.38 0.37 0.375 7,830,000 2,939,500 7.39 7.4 7.45 7.45 7.38 7.4 1,645,900 12,181,840 FILINVEST RT FILINVEST LAND 1.14 1.15 1.14 1.15 1.14 1.15 9,446,000 10,770,030 0.9 0.91 0.88 0.91 0.88 0.91 582,000 515,650 GLOBAL ESTATE 8990 HLDG 10 10.3 10.18 10.34 9.7 10.3 245,500 2,497,130 1.24 1.25 1.21 1.26 1.21 1.25 888,000 1,104,420 PHIL INFRADEV CITY AND LAND 0.98 1 0.99 1 0.97 1 289,000 284,310 3.07 3.09 3.08 3.19 3.06 3.07 29,722,000 92,302,220 MEGAWORLD MRC ALLIED 0.295 0.3 0.305 0.31 0.295 0.295 19,400,000 5,843,300 18.08 18.1 18.04 18.1 18 18.1 8,857,600 160,207,964 MREIT RT PHIL ESTATES 0.5 0.51 0.5 0.52 0.495 0.51 2,157,000 1,076,870 1.83 1.84 2.05 2.12 1.84 1.84 1,682,000 3,189,850 PRIMEX CORP RL COMM RT 6.98 6.99 7.03 7.03 6.96 6.99 5,401,900 37,790,158 17 17.08 17 17.18 16.98 17 1,731,000 29,467,774 ROBINSONS LAND PHIL REALTY 0.241 0.245 0.246 0.247 0.241 0.245 560,000 137,540 1.54 1.58 1.51 1.54 1.51 1.54 51,000 78,320 ROCKWELL SHANG PROP 2.59 2.62 2.58 2.62 2.58 2.62 143,000 369,890 2.84 2.91 2.84 2.92 2.83 2.92 23,000 66,000 STA LUCIA LAND SM PRIME HLDG 33.1 33.2 33.8 34.5 33.1 33.1 19,175,400 639,810,120 3.78 3.85 3.82 3.82 3.82 3.82 2,000 7,640 VISTAMALLS SUNTRUST HOME 1.42 1.47 1.47 1.47 1.42 1.42 100,000 142,190 3.74 3.77 3.76 3.78 3.72 3.77 1,852,000 6,958,520 VISTA LAND SERVICES ABS CBN 13.96 14 14.2 14.24 13.9 13.96 598,100 8,387,586 14.8 14.82 14.82 14.82 14.62 14.8 984,000 14,520,026 GMA NETWORK MANILA BULLETIN 0.41 0.42 0.43 0.43 0.405 0.405 60,000 24,550 8 10.8 11 11 10.9 10.9 200 2,190 MLA BRDCASTING GLOBE TELECOM 2,996 3,004 2,984 3,030 2,984 2,996 100,895 302,759,850 1,642 1,650 1,693 1,693 1,630 1,642 111,325 183,655,375 PLDT APOLLO GLOBAL 0.092 0.093 0.094 0.095 0.091 0.093 198,230,000 18,343,490 31.8 31.9 32.4 32.5 31.55 31.8 8,154,300 260,089,235 CONVERGE DFNN INC 3.35 3.39 3.43 3.49 3.35 3.39 675,000 2,301,690 7.04 7.05 7.1 7.15 7.01 7.04 4,525,500 31,972,006 DITO CME HLDG NOW CORP 1.82 1.83 1.82 1.84 1.81 1.83 2,906,000 5,311,340 0.36 0.365 0.37 0.39 0.36 0.365 34,780,000 13,015,950 TRANSPACIFIC BR PHILWEB 2.24 2.27 2.27 2.27 2.2 2.27 579,000 1,291,290 7.95 8.05 7.95 8.1 7.95 7.95 1,100 8,815 2GO GROUP ASIAN TERMINALS 14.14 14.78 14.78 14.78 14.78 14.78 200 2,956 1.96 1.97 1.96 1.98 1.95 1.97 387,000 759,200 CHELSEA CEBU AIR 44.05 44.25 44.5 44.6 44 44.25 219,000 9,671,660 180 181.7 185.8 187.9 180 180 1,905,220 345,355,106 INTL CONTAINER LBC EXPRESS 20.65 21.8 20.65 21.9 20.65 21.8 1,900 41,145 5.14 5.15 5.22 5.27 5.1 5.15 922,300 4,746,858 MACROASIA METROALLIANCE A 1.55 1.6 1.58 1.58 1.58 1.58 9,000 14,220 1.01 1.03 1.02 1.03 1.02 1.02 145,000 148,510 HARBOR STAR ACESITE HOTEL 1.49 1.5 1.53 1.54 1.49 1.5 30,000 45,830 2.15 2.2 2.28 2.28 2.13 2.2 2,286,000 5,015,050 DISCOVERY WORLD WATERFRONT 0.5 0.51 0.5 0.51 0.5 0.51 217,000 110,640 6.49 6.5 6.5 6.51 6.5 6.5 3,300 21,463 CENTRO ESCOLAR IPEOPLE 6.92 7.17 7.08 7.17 7.08 7.17 300 2,142 0.355 0.36 0.36 0.36 0.355 0.36 480,000 171,800 STI HLDG BERJAYA 5.35 5.59 5.35 5.75 5.35 5.59 136,300 755,582 6.75 6.8 6.8 6.8 6.67 6.8 2,588,700 17,474,380 BLOOMBERRY LEISURE AND RES 1.55 1.57 1.57 1.57 1.55 1.56 82,000 127,170 1.78 1.98 1.8 1.8 1.8 1.8 386,000 694,800 MANILA JOCKEY PH RESORTS GRP 0.93 0.94 0.95 0.95 0.92 0.92 544,000 507,940 0.43 0.435 0.435 0.44 0.43 0.435 3,620,000 1,569,300 PREMIUM LEISURE ALLHOME 10.28 10.3 10.48 10.48 10.12 10.3 471,100 4,839,116 1.33 1.34 1.33 1.35 1.33 1.34 953,000 1,268,760 METRO RETAIL PUREGOLD 42.15 42.25 41.7 42.35 41.65 42.25 2,396,300 100,889,435 62.25 62.3 61 62.5 60 62.25 1,917,200 119,224,453 ROBINSONS RTL PHIL SEVEN CORP 90.05 91 96.4 96.4 90.05 91 8,590 792,061 1.23 1.24 1.23 1.24 1.22 1.24 764,000 938,790 SSI GROUP WILCON DEPOT 30.8 31.2 31.2 31.8 30.15 31.2 8,042,000 250,764,890 0.243 0.248 0.249 0.249 0.249 0.249 40,000 9,960 APC GROUP EASYCALL 4.6 4.84 4.5 4.55 4.5 4.55 9,000 40,850 525 540 520 540 520 540 170 90,920 GOLDEN MV PRMIERE HORIZON 0.82 0.83 0.85 0.85 0.81 0.83 10,213,000 8,442,440 MINING & OIL

ATOK 6.7 6.74 6.83 6.83 6.4 6.74 43,800 287,539 APEX MINING 1.45 1.47 1.46 1.46 1.45 1.45 406,000 590,010 6.3 6.31 6.35 6.38 6.21 6.3 764,700 4,817,281 ATLAS MINING BENGUET A 6.05 6.29 6.3 6.3 6.05 6.29 232,300 1,424,167 5.97 6.1 5.97 6 5.97 6 27,200 162,624 BENGUET B COAL ASIA HLDG 0.29 0.295 0.295 0.295 0.285 0.295 330,000 95,850 2.12 2.13 2.13 2.14 2.12 2.12 1,730,000 3,675,900 FERRONICKEL GEOGRACE 0.216 0.225 0.22 0.239 0.216 0.216 2,510,000 568,410 0.131 0.134 0.131 0.134 0.13 0.134 5,380,000 704,390 LEPANTO A MANILA MINING A 0.0092 0.0095 0.0093 0.0093 0.0092 0.0093 11,000,000 101,900 0.0091 0.0098 0.0094 0.0094 0.0089 0.0089 31,000,000 284,600 MANILA MINING B MARCVENTURES 0.91 0.92 0.91 0.93 0.9 0.92 291,000 263,220 1.03 1.06 1.02 1.1 1.02 1.06 697,000 739,790 NIHAO NICKEL ASIA 5.48 5.49 5.5 5.55 5.46 5.48 1,810,500 9,973,115 0.82 0.84 0.84 0.84 0.84 0.84 202,000 169,680 ORNTL PENINSULA PX MINING 5.21 5.27 5.35 5.39 5.2 5.21 1,666,800 8,833,894 25.8 26 26.05 26.5 25.1 26 5,225,800 135,235,965 SEMIRARA MINING ACE ENEXOR 18.62 18.8 18.9 18.9 18.42 18.62 112,400 2,092,890 0.01 0.011 0.011 0.011 0.011 0.011 23,300,000 256,300 ORNTL PETROL A ORNTL PETROL B 0.011 0.012 0.011 0.011 0.011 0.011 200,000,000 2,200,000 0.0092 0.0093 0.0095 0.0096 0.0093 0.0093 94,000,000 888,700 PHILODRILL PXP ENERGY 6.61 6.62 6.44 6.94 6.42 6.61 438,400 2,941,905 PREFFERED ALCO PREF B 101.3 102.6 101.3 101.3 101.2 101.2 23,590 2,387,818 44 44.4 44.05 44.5 44 44 30,200 1,330,255 CEB PREF CPG PREF A 103 104.4 104.4 104.4 104.4 104.4 10 1,044 100.5 100.6 100.6 100.6 100.5 100.6 33,260 3,345,656 DD PREF FGEN PREF G 102.5 105.4 105.4 105.4 105.4 105.4 520 54,808 1,026 1,050 1,050 1,050 1,050 1,050 30 31,500 JFC PREF A JFC PREF B 1,044 1,045 1,044 1,044 1,043 1,044 1,890 1,973,110 100.1 101.9 100.9 102.1 100 101.9 56,380 5,693,050 MWIDE PREF MWIDE PREF 2A 100 100.9 100.4 100.4 100.4 100.4 160 16,064 102.6 102.8 102.3 102.7 102.3 102.7 1,410 144,643 MWIDE PREF 2B MWIDE PREF 4 99.7 100 100.1 102 100 100 66,090 6,690,950 104 105 105.2 105.2 104 105 16,980 1,780,582 PNX PREF 3B PNX PREF 4 1,004 1,007 1,005 1,007 1,003 1,007 455 456,585 1,115 1,120 1,115 1,115 1,115 1,115 550 613,250 PCOR PREF 3A SMC PREF 2F 79.2 79.25 79.05 79.2 79.05 79.2 14,360 1,135,230 78.6 79.5 79.5 79.5 79.5 79.5 640 50,880 SMC PREF 2I SMC PREF 2J 76.3 77 76.3 77 76.3 76.3 19,440 1,483,412 75.65 76.4 75.5 75.65 75.5 75.65 1,500 113,375 SMC PREF 2K PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 13.32 14.2 13.52 13.6 13.32 13.32 65,800 886,100 13.8 13.9 14.08 14.08 13.9 13.9 312,400 4,353,106 GMA HLDG PDR WARRANTS TECH WARRANT 1.26 1.28 1.32 1.32 1.24 1.26 2,363,000 2,986,670

-97,107,810 -25,320,305 -6,900.00 -143,250 -58,844 -382,140 -237,900 84,306 1,357,710 -11,550 84,748 94,300.00 5,790 -20,520 142,780 -40,676,070 201,450 -30,810,136 25,500 -15,490 6,305,002 -697,606 35,320 -94,533,825 1,177,370 -1,190,520 -64,768,145 754,380 -94,352,445 24,110 1,178,922 9,100 -268,650 5,880 -6,095,565 -53,252,584 -1,169,096 17,440 13,000 -90,000 -24,037 -6,340,780 19,320 -430,000 -125,294 -83,790 21,347,930 62,217,578 -238,563 -24,331,625 -10,400 32,900 11,680 -607,045 271,990 -2,390 49,500 -138,020 -2,117,547 -4,723,053 3,288,755 1,862 - 770,250 10,510 1,097,214 15,400 - -886,100 -3,297,642 -12,800

SMALL & MEDIUM ENTERPRISES

ALTUS PROP ITALPINAS KEPWEALTH MAKATI FINANCE MERRYMART

17 1.82 3.85 2.41 3.24

FIRST METRO ETF

107

17.3 1.85 3.9 2.7 3.27

EXHANGE TRADE FUNDS

107.5

17.02 1.85 3.9 2.45 3.26

17.3 1.85 3.9 2.7 3.37

17.02 1.82 3.9 2.45 3.24

17.3 1.85 3.9 2.7 3.24

25,400 333,000 4,000 199,000 11,721,000

433,826 615,810 15,600 510,500 38,384,310

-3,583,230

109 109 107 107 50,680 5,461,861 361,554

www.businessmirror.com.ph

ERC fines more power firms for breaching outage limit

By Lenie Lectura

@llectura

he Energy Regulatory Commission (ERC) has imposed penalties against two more power firms for exceeding the number of unplanned outage days for their hydroelectric power facilities. CBK Power Co. Ltd. (CBK) was found liable for having incurred 7.5 days of unplanned outages for its Kalayaan Unit 4. For hydroelectric power plants, the ERC allows a maximum allowable unplanned outage of 6.8 days per year. “CBK is hereby directed to pay the penalty of P416,200 within 10 days of receipt hereof,” the ERC said. CBK told the ERC that Kalayaan Unit 4’s Outdoor Sealing End (ODSE) was in critical condition due to an internal oil leak but could not have

it repaired immediately because of the travel restrictions imposed by the government. CBK was also able to show proof that the pandemic hindered its foreign specialists from entering the country. But the ERC said CBK’s explanations and submitted evidence focused on the steps it took after the occurrence of the outage incident and that “CBK was eerily silent” as to the cause of the internal leak in ODSE that resulted in an unplanned outage, and whether preventive measures

STOCK-MARKET OUTLOOK

could have prevented the occurrence of the outage. “The Commission is convinced that CBK has been remiss in its obligations which eventually led to Kalayaan Unit 4’s forced outage beyond the maximum allowable limit,” the ERC said in its 14-page decision. Based on ERC’s records, SN Aboitiz Power-Benguet Inc.’s (SNAPBI) Ambuklao Unit 1 hydro plant was out from January 3 to April 25 this year, with a total of 21.1 unplanned outage days. The ERC said SNAP-BI only provided an explanation for the outage that happened from March 20 to April 4 this year. SNAP-BI argued that the outage from said dates are planned as its three request letters for the revision of its annual preventive maintenance schedule has been approved by the National Grid Corporation of the Philippines (NGCP). SNAP-BI said the outage from March 20 to April 4 this year must be classified as planned outage. As such, its total unplanned outage days are only 6.41 days, which is within

the maximum allowable unplanned outage days of 6.8. But the ERC said SNAP-BI’s arguments are “bereft of merit.” This is because SNAP-BI admitted that it has incurred a total of 21.71 outage days from January 3 to April 25, wherein 15.31 days are planned and 6.41 days are unplanned, the commission said. More importantly, SNAP-BI’s revised maintenance schedule was not approved by the Department of Energy (DOE). “Although it showed proof that three request letters were approved by the NGCP, it failed to show that the same letters were approved by the DOE. While the NGCP has an essential role in ensuring energy security of the country as the system operator, NGCP has no power to approve the Grid Operating and Maintenance Program, which power is clearly vested with the DOE,” said the ERC. The commission maintained that SNAP-BI’s total cumulative unplanned outage days is 21.1 days. It was ordered to pay a fine of P875,000.

mutual funds

October 29, 2021 NAV

One Year Three Year Five Year

per share

Return*

Y-T-D Return

Stock Funds

Last week

Share prices retreated last week, with the main index inching closer below the 7,000-point level, as investors decided to pocket gains ahead of the holiday break. The benchmark Philippine Stock Exchange index (PSEi) fell 234.91 points to close at 7,054.70 points. The main index was down for most of the week but it posted a slight gain on Tuesday. Analysts said investors were spooked by rising oil prices, which rose for the 10th consecutive week. Average daily trading for the week reached P6.73 billion, as foreign investors, who made up 40 percent of the trades, were net sellers at P1.5 billion. Most of the sub-indices ended lower, led by the broader All Shares index that fell 75.91 points to close at 4,386.79 points, the Financials index declined 19.16 to 1,533.09, the Industrial index rose 157.83 to 10,831.23, the Holding Firms index slumped 390.02 to 6,937.40, the Property index plunged 235.69 to 3,118.89, the Services index was up 14.52 to 1,889.14 and the Mining and Oil index lost 412.26 to 10,095.86. For the week, losers edged gainers 142 to 86 and 25 shares were unchanged. Top gainers were Bright Kindle Resources and Investments Inc., Concrete Aggregates Corp. B, Manila Broadcasting Co., Transpacific Broadband Group International Inc., LBC Express Holdings Inc. and Ever-Gotesco Resources and Holdings Inc. Top losers were Basic Energy Corp., Primex Corp., Mabuhay Vinyl Corp., City and Land Developers Inc., JG Summit Holdings Inc., DMCI Holdings Inc.and Metro Pacific Investments Corp.

This week

Share price may recover this week, though many analysts said the 7,000-point support range may be tested further. “Last week, the local market was brought down to its 7,000 to 7,100 support range. This week, the said range could be tested further. The failed hopes of downgrading the National Capital Region’s alert level by November 1 may cause some selling pressures by this week’s start,” said Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc. “Still, the downtrend in our Covid-19 cases, if sustained, may provide support to the market this week since it raises the possibility of restrictions being eased in the government’s next deciding period.” This will be a four-day trading week as November 1 is a public holiday in the Philippines. Broker 2TradeAsia noted that the US Federal Reserve will hold a media conference this week, while the Philippines will announce the October inflation rate towards the end of the week. These two events will both shape the macro-economic outlook for the country. “As transportation capacity is increased and travel is opened to greater demographic, there may be higher ceiling for the fourth quarter of 2021 and 1st quarter 2022 gross domestic product growth, provided this level of mobility is sustained,” it said. “This is also contingent on the likelihood of ‘revenge spending’ offsetting ‘cautious consumerism’ observed in the last quarters.” The October inflation print poses a downside risk, according to Tantiangco. If it would come in faster than September’s 4.8 percent, analysts said this may cause negative sentiment in the market. The 7,300 level is still seen as the market’s resistance. If the 7,000-7,100 range fails to hold, the market’s next major support is seen at 6,600, Tantiangco said.

ALFM Growth Fund, Inc. -a

227.7

9.68%

-1.89%

-2.57%

0.22%

ATRAM Alpha Opportunity Fund, Inc. -a

1.6555

49.2%

6.48%

3.62%

26.09%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.1796

12.84%

-5.3%

-5.26%

1.49%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7499 4.53%

-4.31% n.a.

-7.74%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7959 14.07%

0.04% n.a.

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

5.1256

7.32%

15.45%

-0.45%

3.73%

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

0.7672

9.85%

-1.21%

-4.22%

100.54

15.91%

-2.9% n.a.

-1.3%

PAMI Equity Index Fund, Inc. -a

47.0123

12.06%

0.21%

-1.1%

0.37%

Philam Strategic Growth Fund, Inc. -a

489.27

9.53%

0.18%

-1.7%

0.07%

Philequity Alpha One Fund, Inc. -a,d

1.1436

18.86% n.a. n.a.

4.22%

Philequity Dividend Yield Fund, Inc. -a

1.2833

21.28%

2.12%

0.48%

9.85%

Philequity Fund, Inc. -a

35.7326

14.8%

0.62%

-0.13%

2.77%

11.8% n.a. n.a.

0.85%

Philequity MSCI Philippine Index Fund, Inc. -a

0.9208

Philequity PSE Index Fund Inc. -a

4.8428

12.99%

1.02%

-0.38%

1.08%

Philippine Stock Index Fund Corp. -a

808.44

12.79%

1.02%

-0.44%

0.85%

Soldivo Strategic Growth Fund, Inc. -a

0.7411

14.42%

-3.15%

-3.46%

3.09%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.6879

12.76%

-1.68%

-1.86%

1.77%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9224 12.32%

0.66%

-0.63%

0.51%

United Fund, Inc. -a

0.44%

0.33%

2.11%

1.21%

0.06%

3.3885

13.52%

-1.18%

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

108.7119

12.9%

1.08%

Primarily invested in foreign currency securities $1.1749

7.95%

8.45%

5.52%

-2.33%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.8396

ATRAM AsiaPlus Equity Fund, Inc. -b

20.13%

15.7%

12.18%

9.97%

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

1.6858

7.76%

1.58%

-0.83%

1.03%

ATRAM Philippine Balanced Fund, Inc. -a

2.2319

6.11%

1.22%

-0.73%

-2.34%

First Metro Save and Learn Balanced Fund Inc. -a 2.6759

8.8%

3.1%

1.04%

1.87%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1994

6.97% n.a. n.a.

NCM Mutual Fund of the Phils., Inc. -a 1.9919

5.97%

3.6%

1.34%

PAMI Horizon Fund, Inc. -a

3.719

4.09%

3.26%

-1.87%

Philam Fund, Inc. -a

16.656

4.2%

0.02%

-1.68%

Solidaritas Fund, Inc. -a

2.0926

5.79%

1.47%

0.11%

0.07%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.6032 7.49%

0.58%

-0.46%

0.84%

Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9818

2.05% n.a. n.a.

-3.99%

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.9267

6.55% n.a. n.a.

-2.37%

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.9171

8% n.a. n.a.

-1.71%

Sun Life Prosperity Dynamic Fund, Inc. -a

0.9258

12.34%

1.09%

0.66%

1.26%

-0.49%

4.29%

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

$0.0378

-3.3%

2.91%

1.1%

-3.32%

PAMI Asia Balanced Fund, Inc. -b

$1.0836

1.31%

5.73%

3.15%

-4.11%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.7953 14.38%

11.43%

8.56%

6.26%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.2193 6.13%

6.39%

4.38%

1.42%

0.43%

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

372.71

1.05%

2.97%

2.48%

ATRAM Corporate Bond Fund, Inc. -a

1.9252

-1.45%

1.18%

0.13%

1.31%

Cocolife Fixed Income Fund, Inc. -a

3.2418

1.14%

3.24%

4.08%

0.82%

Ekklesia Mutual Fund Inc. -a

2.2404

-2.14%

1.87%

1.34%

-2.52%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4225 -0.89%

3.08%

1.72%

-1.25%

5.1%

1.32%

-4.79% -0.28%

Philam Bond Fund, Inc. -a Philam Managed Income Fund, Inc. -

4.4084

-4.55%

1.3176

0.4%

3.94%

2.63%

Philequity Peso Bond Fund, Inc. -a

3.9589

0.13%

4.58%

2.69%

-1.05%

Soldivo Bond Fund, Inc. -a

1.0256

-1.04%

5.4%

1.76%

-1.72%

0.51%

5.04%

3.14%

-0.51%

-0.59%

4.21%

2.42%

-1.35%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1898 Sun Life Prosperity GS Fund, Inc. -a

1.7313

Primarily invested in foreign currency securities

Stock picks

Broker Regina Capital Development Corp. advised to buy when its support price holds on the stock of SM Prime Holdings Inc. (SMPH) as the bears have taken the wheel out of the bulls’ grasp during last week’s trade. “SMPH’s stock broke down from its previous resistance at P33.90. Now, the stock is trading at a discount to its key historical prices. But since the selling pressure is spiking and the momentum is catching up, it could mean that a few more profit-takers are yet to exit,” it said. It advised that it would be better to wait and see if the support at P33.40 will hold before buying into the stock SM Prime shares closed Friday at P33.10 apiece. Meanwhile, the broker recommended to buy on breakout on the stock of International Container Terminal Services Inc. (ICT) as its rise last week was limited and it failed to get to its resistance levels. “The indicators suggest that ICT may continue to move sideways with an upward bias. (Technical readings are) showing increasing bullishness, but buying pressure slides lower, accompanied by momentum. In the short term, ICT’s support at P183 is likely going to hold. Resistance, on the other hand, at P189 would likely be retested. If this gets broken, the next level of resistance is at P200.” ICTSI shares closed last week at P180 apiece. VG Cabuag

ALFM Dollar Bond Fund, Inc. -a

$488.37

1.63%

3.06%

2.19%

0.9%

ALFM Euro Bond Fund, Inc. -a

Є219.95

0.98%

1.04%

0.77%

0.33%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1974

-6.44%

-4.18%

2.23%

1.29%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.026 -1.52%

1.59%

0.79%

-2.26%

PAMI Global Bond Fund, Inc -b

$1.0198

-6.35%

-0.12%

-1.44%

-6.44%

Philam Dollar Bond Fund, Inc. -a

$2.4878

-0.91%

5.31%

1.99%

-2.06%

Philequity Dollar Income Fund Inc. -a $0.0624717 1.01%

3.16%

1.96%

0.28%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1577 -1.19%

3.14%

0.9%

-2.04%

2.54%

0.82%

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

130.89

1.2%

2.93%

First Metro Save and Learn Money Market Fund, Inc. -a 1.0565 0.99% n.a. n.a. Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3122

1.52%

2.7%

2.54%

0.8% 1.18%

Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0598

0.87%

1.53% n.a.

0.59%

Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d 1.3645

34.27% n.a. n.a.

20.79%

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -a,d

$0.98

5.38% n.a. n.a.

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

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

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Banking&Finance

Fresh banknotes won’t run out for X’mas–BSP By Bianca Cuaresma @BcuaresmaBM

inongs and ninangs need not worry this Christmas, as the Bangko Sentral ng Pilipinas (BSP) assured the public that there will be enough fresh banknotes for the holidays this year. Over the weekend, the BSP issued a statement saying there will be an adequate supply of fresh banknotes and coins in anticipation of higher currency demand during the Christmas season. The BSP said the peak of currency demand starts from October and continues to increase until December of each year. This is in line with the Filipinos’ tradition of giving fresh—or newlyprinted banknotes—as monetary gifts for the holidays or the so-called “aguinaldo.” According to the Central Bank, there is usually greater demand for denominations of 1-000-peso, 100peso, and 20-peso banknotes; and 20-peso, 5-peso and 1-peso coins during the holiday season. “There will be no shortage of new banknotes in the Yule season. As in previous years and to support seasonal demand, 40 percent and 50 percent of the total volume of banknotes and coins, respectively, will be serviced in the fourth quarter

of the year,” BSP Governor Benjamin E. Diokno was quoted in the statement as saying. The BSP also said the public is advised to exchange their unfit banknotes and coins for new ones with their banks. “The BSP, likewise, urges the public to practice proper handling of banknotes and coins under its ‘Clean Note and Coin Policy.’ The policy is aimed at extending the life span of banknotes and coins, thereby reducing the cost of currency production,” the BSP said. The Central Bank also urged Filipinos to use digital money this Christmas. “Digital wallets offer a safe, efficient, and convenient way to transfer funds to family and friends during the season of giving. The use of digital money is highly recommended to reduce virus transmission amid the ongoing health crisis,” Diokno said. Earlier, the BSP said it is eyeing to circulate—on a limited and trial basis—new 1000-peso banknotes made out of polymer. The limited test run, targeted to start next year, will help the BSP evaluate if the Philippines is ready to shift to polymer notes. Currently, Philippine banknotes are made out of 80-percent cotton and 20-percent abaca.

SSS to sell assets, guides delivery riders on status

HE Social Security System (SSS) announced over the weekend its plan to sell foreclosed properties. The pension fund manager also recently advised delivery riders in food delivery and courier activities to become self-employed members and be covered for social security protection to enjoy various benefit programs and loan privileges offered by the pension fund. In a statement, the SSS said they gave the advice to nearly 1,000 participants who joined the virtual forum it organized last October 18. The SSS said the online forum is the kickoff event for a series of outreach activities for delivery riders providing services to various digital platform companies. SSS President and Chief Executive Officer Aurora C. Ignacio said that “undeniably, among many industries, the digital platform delivery sector has one of the fastest and most extensive growths in recent years, especially during the pandemic.” “We have realized that this population comprised of our delivery riders has greatly helped our citizens in purchasing and getting their goods or services without going out of their respective homes,” Ignacio was quoted in the statement as saying. “Considering the high risk of their profession by being in the field most of the time, they need a solid protection that in cases of contingencies, they can have something to turn to.”

Financial protection

Many delivery riders of various digital platform companies are classified as independent contractors or freelancers, according to the SSS. “Consequently, they are not considered regular employees of the company, which disqualify them from benefits that employees typically receive under the country’s labor and social security laws,” it added. Ignacio emphasized that it is essential that while they are doing their delivery activities, they have financial protection from any unforeseen events or times of contingencies. “We encourage them to become SSS members or to continue their membership under the self-employed coverage program. The SSS is the most affordable and meaningful savings option which can provide them with several types of

benefits,” she added. As self-employed SSS members, they will be entitled to social security benefits such as sickness, maternity, retirement, disability, funeral, and death. Likewise, they shall become eligible for loan programs which include salary, calamity, educational assistance, among others. They will also have additional coverage from the Employees’ Compensation (EC) Program for workrelated contingencies such as sickness, disability, death and funeral, medical and rehabilitation services. The ECP provides them and their dependents with an extra layer of protection from work-related contingencies, aside from their SSS coverage.

Properties for sale

MEANWHILE, the SSS announced it is now selling its foreclosed properties where members can get affordable housing with affordable and flexible payment terms. Broken down, a total of 88 foreclosed properties are located in the following areas: 10 properties in the National Capital Region (NCR); 40 in Central Luzon; five in Southern Luzon; four in Central Visayas and Western Visayas; and, 29 in Northern Mindanao and Southern Mindanao. “For an ordinary worker, buying and owning a house is every Filipinos’ ultimate dream. SSS is here to offer affordable yet decent housing for our members through this special program called Housing and Acquired Assets (HAA),” Ignacio was quoted in a separate statement as saying. “These properties are mostly basic structures which are still subject for improvement or repairs. Members can now call their new property as their investment.” The HAA are sold on an “as-is, where-is’ basis where the selling price for disposal will be based on the fair market value of the property or the book value whichever is higher. Mode of payment is either through cash or installment basis. Interested availees who will purchase or repurchase should also facilitate a down payment to be paid in cash or manager’s check in the amount not less than five percent of the selling price for HAAs of up to P 500,000; or 10 percent of the selling price for HAAs over P 500,000.

BusinessMirror

Editor: Dennis D. Estopace • Monday, November 1, 2021

PPA urged to give up share in cargo-handling revenues

By Tyrone Jasper C. Piad

@Tyronepiad

HE local export industry stakeholders want to eliminate the share of Philippine Ports Authority (PPA) in cargo-handling revenues to bring down logistics costs amid the shipment constraints.

The Export Development Council (EDC) has endorsed the draft executive order (EO) that aims to change the 41-year-old regulation providing PPA cargo-handling revenue share. The letter, signed by EDC’s Networking Committee on Legislative Advocacy and Monitoring Chair Oscar A. Barrera, was sent last week to Transportation Secretary and PPA Board Chair Arthur Tugade and PPA General Manager Jay Daniel R. Sanitago. The proposal seeks to amend Letter of Instruction (LOI) 1005-A by removing Instruction 3 and Instruction 4. This, in turn, will eradicate the share of PPA in revenues coming from cargo-handling contractors and port-related service operators. LOI’s Instruction 3 notes that the government has a share of at least 10 percent from the related revenues. Instruction 4, meanwhile, states

that the PPA is instruction to “conduct spot audit either on its own or in coordination with such other government agencies under the visitorial power of the state” to ensure the collection of the government’s share. “It is a time of acute suffering for exporters whose operations have been most heavily affected by the Covid-19 pandemic. However, the [PPA] has regularly and reliably increased the cargo-handling charges that it permits to be imposed,” Barrera said. “Further, it [PPA] touts its collections as an achievement, ignoring the impact that its regulatory [policy might have] on local industry. The passage of this [EO] is a small step in the direction of supporting our local manufacturers,” he added. To recall, the EDC also released a resolution requesting to repeal LOI 1005-A in 2017, which was signed by Trade Secretary Ramon M. Lo-

pez as well. The resolution said that both instructions result in conflict of interest as the PPA benefits from its own regulation. The regulations in place provide the agency “the incentive to increase the rate to improve its financial health,” it noted. In addition, the resolution mentioned that the Department of Transportation, Department of Trade and Industry, Joint Foreign Chambers of Commerce and National Competitiveness Council asked for lower cost of port services as this will eventually bode well for the consumers. The EDC, along with the Philippine Exporters Confederation Inc. (Philexport) and the Supply Chain Management Association of the Philippines (SCMAP), has been against the port fee increase. In July, the EDC and the SCMAP appealed the 15.33-percent tariff increase proposal by Manila North Harbour Port Inc. (MNHPI) as this is seen to further burden the already ailing economy. The EDC and SCMAP noted that the “untimely proposal” will take a toll on the micro, small and medium enterprises (MSMEs), whose operations—for most cases—are either temporarily closed or scaled down amid the lockdown protocols. The export industry stakeholders pointed out that the pandemic has forced logistics service to be more expensive amid mobility re-

strictions, limitations in personnel and other related capacity concerns. “The new policy of MNHPI forcing ships calling at the port to use their quay cranes—therefore subjecting shippers, and ultimately business, to cranage fee—also was an additional burden, one that did not go through consultation with affected stakeholders,” they added. “We must anticipate that the rate increase will further diminish the country’s competitiveness, drive away investors and discard the efforts of government agencies and stakeholders to bolster ease of doing business in the country. Moreover, the added cost will ultimately be borne by the end consumers—the ordinary Filipino people, and our foreign buyers,” Philexport President Sergio Ortiz-Luis Jr. said. Prior to this, the EDC, SCMAP, Philexport and the Philippine Chamber of Commerce and Industry sent a letter to the House of Representatives’ Committee on Transportation requesting the implementation of standardized shipping fees. The stakeholders stressed that shipping charges based on International Commercial Terminology—a globally-accepted standard for international trade—will allow businesses to have better cost management. As such, they said shipping lines can also be more competitive as it levels the playing field in terms of pricing.

PayMaya rolls out QR-based merchant pay system

ayMaya Philippines Inc. announced the rollout of the “QR Ph P2M” (quick response Philippines person-to-merchant) system across its enterprise partners. PayMaya said it’s the first financial technology company to adopt the “QR Ph P2M” when the standard was first introduced by the Bangko Sentral ng Pilipinas (BSP) last April. The “QR Ph P2M” is the national QR standard for merchant payments fully launched by the BSP last October. The company said it has rolled out the most number of QR Ph P2M acceptance points across its enterprise base, now at over 160,000. This number includes both online and on-ground touchpoints for all types of merchants, including large companies, government agencies, MSMEs. “We are excited to be at the forefront of the full rollout of QR Ph P2M. It’s a boost, especially for our enterprise customers, as they can start accepting payments from more consumers using just their ‘QR Ph P2M’ code enabled by PayMaya,” PayMaya President Shailesh Baidwan was quoted in a statement as saying. “We support the BSP in this thrust as this is a major step towards building a stronger payment ecosystem across businesses, consumers, and government.”

BSP Deputy Governor Mamerto E. Tangonan is shown here paying for his purchase at a stall in Farmer’s Plaza in Araneta, Cubao, Quezon City, by scanning the PayMaya QR Ph of the merchant using his UnionBank app. Photo courtesy Paymaya Philippines Inc.

With the QR Ph P2M, enterprises can provide consumers with a more convenient digital payment option because they can accept QR payments regardless of their customers’ bank or e-wallet accounts. There is no

need for businesses to have several QR codes on their counters to accept payments from different financial institutions. On the other hand, consumers can now enjoy more convenient and

hassle-free transactions as they no longer need to have different apps to be able to scan-to-pay a merchant’s QR code. The full launch of QR Ph P2M means that PayMaya-enterprises equipped with a QR Ph P2M code can now accept payments from consumers who have accounts with several banks and financial conduits. Since its pilot launch last April, PayMaya has been equipping enterprises of all sizes with QR Ph P2M. For large businesses enabled with the PayMaya One Android device and MSMEs using the Paymaya Negosyo app, the rollout of QR Ph P2M has been easier as PayMaya rolls out software updates over the air. PayMaya is also updating the QR codes of partner enterprises with the PayMaya QR standees in their physical stores. The rollout of QR Ph is part of PayMaya’s thrust in promoting greater financial inclusion by enabling more Filipino businesses to go digital on their payments acceptance. PayMaya has been introducing innovative products that make it easier for enterprises to accept any cashless payment from any Visa, Mastercard, and JCB credit, debit, and prepaid card; Bancnet and QR Ph; and other e-wallets, on top of its PayMaya wallet.

Pru Life UK announces new president and CEO

ru Life UK announced last October 29 the appointment of Eng Teng Wong as its new President and CEO effective today, November 1. Wong succeeded Antonio Manuel G. De Rosas on his retirement after serving the company as its leader for more than 13 years. From 2014 to 2019, Wong held many other leadership positions with Prudential Services Asia and Prudential Assurance Malaysia Berhad to deliver customer-centric solutions, customer service innovation, business transformation and operational improvements. Before joining Prudential, Wong had significant regional and local

experience across a diverse range of industries, such as banking, telecommunications, manufacturing, and consulting. Under the sponsorship from the Malaysian Government (Public Services Department), Wong graduated with a Bachelor of Engineering in Electrical and Electronics Engineering from University of Manchester Institute of Science and Technology, United Kingdom in June 1995. Previously the chief revenue officer and chief officer for the ecosystem implementation of Prudential Services Asia, Wong led the launch of the insurer’s AI-powered application in many countries across Asia

WONG

and Africa to help consumers “to become healthier and wealthier,” the company said. “Since two years ago, I have been working very closely with Pru Life UK to implement and launch [the app] in the Philippines with a clear vision to empower Filipinos with useful health and wellness information as well as customer-centric solutions to help them become healthier and wealthier,” Wong was quoted in a statement as saying. “I am blessed with so many talented, committed and passionate people of Pru Life UK.” “Putting customers at the heart of everything we do, Wong will lead the business,” the company said in a statement.

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What is COP26? Here’s how global climate negotiations work and what’s expected from the Glasgow summit

By Shelley Inglis | University of Dayton The Conversation

ver two weeks in November, world leaders and national negotiators will meet in Scotland to discuss what to do about climate change. It’s a complex process that can be hard to make sense of from the outside, but it’s how international law and institutions help solve problems that no single country can fix on its own. I worked for the United Nations for several years as a law and policy adviser and have been involved in international negotiations. Here’s what’s happening behind closed doors and why people are concerned that COP26 might not meet its goals.

What is COP26?

In 1992, countries agreed to an international treaty called the United Nations Framework Convention on Climate Change (UNFCCC), which set ground rules and expectations for global cooperation on combating climate change. It was the first time the majority of nations formally recognized the need to control greenhouse gas emissions, which cause global warming that drives climate change. That treaty has since been updated, including in 2015 when nations signed the Paris climate agreement. That agreement set the goal of limiting global warming to “well below” 2 degrees Celsius (3.6 F), and preferably to 1.5 C (2.7 F), to avoid catastrophic climate change. COP26 stands for the 26th Conference of Parties to the UNFCCC. The “parties” are the 196 countries that ratified the treaty plus the European Union. The United Kingdom, partnering with Italy, is hosting COP26 in Glasgow, Scotland, from Oct. 31 through Nov. 12, 2021, after a one-year postponement due to the Covid-19 pandemic.

Why are world leaders so focused on climate change?

The UN Intergovernmental Panel on Climate Change’s latest report,

released in August 2021, warns in its strongest terms yet that human activities have unequivocally warmed the planet, and that climate change is now widespread, rapid and intensifying. The IPCC’s scientists explain how climate change has been fueling extreme weather events and flooding, severe heat waves and droughts, loss and extinction of species, and the melting of ice sheets and rising of sea levels. UN Secretary-General António Guterres called the report a “code red for humanity.” Enough greenhouse gas emissions are already in the atmosphere, and they stay there long enough, that even under the most ambitious scenario of countries quickly reducing their emissions, the world will experience rising temperatures through at least mid-century. However, there remains a narrow window of opportunity. If countries can cut global emissions to “net zero” by 2050, that could bring warming back to under 1.5 C in the second half of the 21st century. How to get closer to that course is what leaders and negotiators are discussing.

What happens at COP26?

During the first days of the conference, around 120 heads of state, like US President Joe Biden, and t heir representat ives w i l l gat her to demonstrate their political commitment to slowing climate change. Once the heads of state depart, country delegations, often led by

IN this November 15, 2019, file photo, a view of flooded St. Mark's Square in Venice, Italy. Lashing winds that pushed 1.87 meters of water into Venice in November 2019 and ripped the lead tiles off St. Mark’s Basilica for the first time ever shocked Venetians with the city’s second-worst flood in history, but it was the additional four exceptional floods over the next six weeks that triggered fears about the impact of worsening climate change. AP/Luca Bruno

ministers of environment, engage in days of negotiations, events and exchanges to adopt their positions, make new pledges and join new initiatives. These interactions are based on months of prior discussions, policy papers and proposals prepared by groups of states, UN staff and other experts. Nongovernmental organizations and business leaders also attend the conference, and COP26 has a public side with sessions focused on topics such as the impact of climate change on small island states, forests or agriculture, as well as exhibitions and other events. The meeting ends with an outcome text that all countries agree to. Guterres publicly expressed disappointment with the COP25 outcome, and there are signs of trouble heading into COP26.

What is COP26 expected to accomplish?

Countries are required under the Paris Agreement to update their national climate action plans every five years, including at COP26. This year, they’re expected to have ambitious targets through 2030. These are known as nationally determined contributions, or NDCs. The Paris Agreement requires countries to report their NDCs, but it allows them leeway in determining how they reduce their

greenhouse gas emissions. The initial set of emission reduction targets in 2015 was far too weak to limit global warming to 1.5 degrees Celsius. One key goal of COP26 is to ratchet up these targets to reach net zero carbon emissions by the middle of the century. Another aim of COP26 is to increase climate finance to help poorer countries transition to clean energy and adapt to climate change. This is an important issue of justice for many developing countries whose people bear the largest burden from climate change but have contributed least to it. Wealthy countries promised in 2009 to contribute $100 billion a year by 2020 to help developing nations, a goal that has not been reached. The US, UK and EU, among the largest historic greenhouse emitters, are increasing their financial commitments, and banks, businesses, insurers and private investors are being asked to do more. Other objectives include phasing out coal use and generating solutions that preserve, restore or regenerate natural carbon sinks, such as forests. Another challenge that has derailed past COPs is agreeing on implementing a carbon trading system outlined in the Paris Agreement.

Are countries on track to meet the international climate goals?

The UN warned in September 2021 that countries’ revised targets were too weak and would leave the world on pace to warm 2.7 C (4.9 F) by the end of the century. However, governments are also facing another challenge this fall that could affect how they respond: Energy supply shortages have left Europe and China with price spikes for natural gas, coal and oil. China—the world ’s largest emitter—has not yet submitted its NDC. Major fossil fuel producers such as Saudi Arabia, Russia and Australia seem unwilling to strengthen their commitments. India—a critical player as the second-largest consumer, producer and importer of coal globally – has also not yet committed. Other developing nations such as Indonesia, Malaysia, South Africa and Mexico are important. So is Brazil, which, under Javier Bolsonaro’s watch, has increased deforestation of the Amazon— the world’s largest rainforest and crucial for biodiversity and removing carbon dioxide from the atmosphere.

What happens if COP26 doesn’t meet its goals? M an y COP26 having ments

i nsiders be l ie ve t h at won’t reach its goal of strong enough commitfrom countr ies to cut

globa l g reenhouse gas emissions 45% by 2030. That means the world won’t be on a smooth course for reaching net-zero emissions by 2050 and the goal of keeping warming under 1.5 C. But organizers maintain that keeping warming under 1.5 C is still possible. Former Secretary of State John Kerry, who has been leading the US negotiations, remains hopeful that enough countries will create momentum for others to strengthen their reduction targets by 2025. The cost of failure is astronomical. Studies have shown that the difference between 1.5 and 2 degrees Celsius can mean the submersion of small island states, the death of coral reefs, extreme heat waves, flooding and wildfires, and pervasive crop failure. That translates into many premature deaths, more mass migration, major economic losses, large swaths of unlivable land and violent conflict over resources and food – what the UN secretary-general has called “a hellish future.” This article is republished from The Conversation under a Creative Commons license. Read the original article here: https://theconversation.com/what-is-cop26-hereshow-global-climate-negotiationswork-and-whats-expected-fromthe-glasgow-summit-169434.

Greenpeace chief warns of ‘greenwashing’ at UN climate talks By Frank Jordans The Associated Press

ERLIN—The head of environmental group Greenpeace on Thursday warned against efforts by countries and corporations at the forthcoming UN climate talks in Glasgow to “greenwash” their ongoing pollution of the planet. The summit hosted by Britain has been described as “the world’s last best chance ” to prevent global warming from reaching dangerous levels, and is expected to see a flurry of new commitments from governments and businesses to reduce their emissions of greenhouse gases. But climate campaigners say behind-the-scenes lobbying before the summit could hamper efforts to achieve an ambitious deal that would ensure the world stands a chance of capping global warming at 1.5 degrees Celsius (2.7 Fahrenheit) as agreed in Paris in 2015. “This Glasgow meeting really is a vital moment where governments need to be courageous,” said Jennifer Morgan, the executive director of Greenpeace International.

“They need to show they’ve understood the science, listen to their people and go much further than they’ve been stating thus far," she told The Associated Press in an interview. By doing so, governments would "give that kind of hope and confidence to their people that they got this and that they’re willing to do things that their corporate interests don’t want them to do,” she added. Morgan pointed to leaked documents showing how countries such as Australia, Brazil and Saudi Arabia are apparently trying to water down an upcoming UN science panel report on global warming as evidence of the way in which some governments’ public support for climate action is undermined by their efforts behind closed doors. Documents obtained by Greenpeace indicate how those countries wanted the Intergovernmental Panel on Climate Change to remove references to the need to shut down coalfired power stations, reduce meat consumption and focus on actual emissions cuts rather than ways to capture carbon already released into the atmosphere.

A spokesman for the IPCC’s secretariat in Geneva downplayed the impact such lobbying efforts have on the panel's final reports. “Review by governments and experts is a fundamental part of the IPCC process for preparing reports,” said the spokesman, Jonathan Lynn. “The IPCC principles are designed to ensure that this review contributes to a comprehensive, balanced and objective assessment in an open and transparent way.” Australian Minister for Industry, Energy and Emissions Reduction Angus Taylor’s office said in a statement that to assert Australia “commenting on a draft is somehow ‘interference’ is categorically false.” All comments received by the IPCC are published with their reports as they are finalized. “This ensures complete transparency,” the statement said. Greenpeace's Morgan said much of the lobbying is driven by corporations, some of which will also be at the socalled COP26 talks — including as part of government delegations. “They’ll try and use this COP to show that they care, that they are

JENNIFER MORGAN, executive director of the environment organization Greenpeace International, poses for a photo during an interview with the Associated Press in Berlin, Germany, Thursday, October 21, 2021. AP/Markus Schreiber

really doing a lot,” said Morgan. “There’ll be a big greenwashing effort in Glasgow that needs to be called out and recognized.” Governments, too, are likely to use

the UN talks to announce new climate measures, even as they lobby against others, she said. “If you look at what they’re doing to try and hold back the world from moving forward, it’s stunning,” she said. “It’s immoral, it’s unacceptable.” Greenpeace and other environmental campaign groups have been critical of a wave of announcements by countries and industry groups, ranging from airlines to shipping firms, to aim for ‘net zero’ emissions. Rather than cut greenhouse gas emissions to nil, those aiming for net zero pledge to release only as much carbon dioxide or other pollutants into the atmosphere by a certain date as can be captured again. The math around net zero is murky and activists say if it’s not scientifically rigorous that target risks detracting from the effort to cut emissions as quickly as possible. “(Some companies) want to continue what they’re doing, but they want to pay just to plant trees somewhere else,” said Morgan. “That is not the solution to the nature and biodiversity crisis.” She cited a recent report by the International Energy Agency which

concluded that there can be no more new coal mines or oil and gas wells if the Paris goal is to be achieved. Yet last week, a separate UN-backed study found that even current fossil fuel production plans for the coming decade would result in over twice the emissions allowed for the world to maintain a chance of meeting the Paris goals. Morgan said the spotlight being put on the talks in Glasgow and some parties’ efforts to bloc agreements on sensitive issues could embolden those countries that want an ambitious deal. “They have to be ready to move, go beyond their comfort zones and come together because you can see the level of opposition that’s coming in at them," she said. A group of nine nations, including Costa Rica, Sweden and the Marshall Islands, on Thursday called for countries that haven’t yet done so to update their climate targets ahead of the Oct. 31-Nov. 12 talks in Glasgow. They also backed a long-standing demand from poor nations for rich countries to make good on their pledge of providing $100 billion in aid each year to tackle climate change.

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Editor: Gerard S. Ramos

• Monday, November 1, 2021

Miss Intercontinental 2021: ‘A Cinderella Story’ Louis Vuitton bags still sell well despite easing growth By Angelina Rascouet Bloomberg News LVMH’s sales growth eased from the previous quarter, when purchases of Louis Vuitton bags and other luxury items surged after stores reopened from lockdowns. Organic revenue at the fashion and leather goods unit rose 24 percent in the third quarter from a year earlier, the company said in a statement Tuesday. Analysts had expected a gain of 21 percent. In the second quarter, sales in that key division had more than doubled from a year earlier, when stores were mostly shut during the first wave of Covid. LVMH said after the close of trading Tuesday that it’s confident the current growth will continue. The shares rose as much as 2.2 percent Wednesday in Paris. The French company is one of the first luxury groups to report this quarter, and its results suggest the industry’s growth remains on track as the pandemic eases its grip, even if the pace slows. Before the latest figures, analysts cited concern about potential demand disruption in China amid a virus resurgence and government plans to reach “common prosperity” through income regulation and redistribution. LVMH doesn’t expect this new policy to be detrimental to the upper-middle class that forms the bulk of its customer base in China, Chief Financial Officer Jean-Jacques Guiony told analysts during a call, adding it could be even be positive for sales. “We’re not particularly worried,” he said. Asia, excluding Japan, was LVMH’s biggest region at the end of September, accounting for 36 percent of sales. The US ranked second, contributing a quarter of revenue. LVMH’s sales update should “reassure” investors, Thomas Chauvet, analyst at Citigroup said in a note, citing resilient growth in the high-margin fashion and leather goods unit and the improved trends in September in Asia and China after a slowdown in August. The fashion and leather division grew 38 percent on a 2-year basis in the third quarter after growing 40 percent in the previous quarter. Third-quarter organic revenue growth came in at 18 percent at the watches and jewelry unit. Analysts expected 23 percent. Sales of this unit—which has included Tiffany since January—were “soft” in Asia in August amid virus restrictions but improved in September, Guiony added. Still, momentum for Tiffany was “particularly strong” in the US, Financial Communications Director Chris Hollis said during the call. The label, known for its robin’s egg blue packaging, launched a campaign during the period featuring rapper Jay-Z and his wife Beyonce performing the song “Moon River,” associated with the 1961 movie Breakfast at Tiffany’s.

Cinderella Faye Ello Obeñita, sparkling in an Odelon Simpao creation, is Miss Intercontinental 2021

HE Philippines proves yet again that when it comes to pageantry, our international campaigners are unstoppable. On October 3, Olongapo City’s Alexandra Faith Garcia, 28, was crowned Miss Aura International 2021 in Antalya, Turkey. On October 17, Leonard Kodie Macayan, 31, of Quezon City, won a pandemic-delayed Mister Gay World 2020 in a virtual competition. On Saturday dawn, October 30, Cinderella Faye Ello Obeñita, 25, was crowned Miss Intercontinental 2021 in Sharm el-Sheikh, Egypt. Before she won Binibining Pilipinas Intercontinental, Cindy was Miss Camiguin Tourism 2015 and Miss Cagayan de Oro 2019. This is the country’s second victory after Karen Juanita Gallman of Bohol won the Intercon crown in 2018.

THE CONTENDERS Cindy bested more than 70 contestants, including Filipino-Kiwi Arielle Keil, a transwoman from New Zealand, and Andreia Correia of Portugal, who crowned our first Miss Aura, Alexandra Faith. Cindy’s court is composed of Mexico’s Paulina Uceda (first runner-up); England’s Romy Simpkinsin second; Seychelles’ Kelly-Mary Anette in third; Canada’s Kaitlyn Li in fourth; and bringing up the rear at fifth was Colombia’s Maria Paula Castillo Lopez. Fanni Miko of Hungary, the 2019 winner, relinquished her title to Cindy. To date, the most famous alumna of the pageant is India’s Lara Dutta, the 1997 winner who later on became Miss Universe 2000. Powerhouse Venezuela boasts of five winners in 49 editions of the self-proclaimed “United Nations of glamour and beauty,” which “started in 1971 as a promotional event for the tourism industry in Aruba.” Miss Intercontinental looks for “the most beautiful woman of all continents.” Each contestant has to be confident. She must be able to show authenticity and express herself and articulate her ambitions as a titleholder. The pageant showcases and evaluates the contestant’s aspirations. THE QUESTION A masscomm magna cum laude graduate at Liceo de Cagayan, the cancer-awareness and campus-press advocate nailed the pivotal question-and-answer portion. Cindy’s question was similar to Janine Tugonon’s at Miss Universe 2012: “As an international ambassador, do you believe that speaking English is important for Miss Intercontinental? Why or why not?” Without skipping a beat, Cindy replied: “As an ambassador, I don’t think that speaking a specific language is very important here in Miss Intercontinental or any pageant at all. As long as that woman is a woman of power and grace, commitment, and intelligence, no matter what language she speaks, and that woman is actually a woman of style and substance, then she can win any pageant or any endeavor that she is into.”

THE TEAM

THE CLINCHER I KNEW Cindy since 2016, when we did a pictorial for this paper showcasing the designers of CDO.

Then working as a model while studying, she knew how to project for the camera. Her gift of gab would be evident in later years. As it did on the Binibining Pilipinas 2021 finals night when as a wild card, she snatched the crown from the much-ballyhooed candidates by giving a now-iconic response to how important are luxury items in an economic downturn. For a virtual presscon after her coronation, I asked for clarification about her winning answer: How will you “comfort the afflicted” and “afflict the comfortable”? Her explanation should be the gold standard: “I’m so happy that this line has made an impact on a huge number of people. Actually when I answered the question, what I meant was there are different levels of comfort. What I meant about comfortable are those people in power, people in government, people in business institutions or communities who have overflowing resources. So I think to comfort the afflicted and afflict the comfortable is to really help marginalized communities. The point I was trying to make is that we really need to shake up the status quo that it is dangerous for our brothers and sisters who are suffering from injustices and inequalities. If we have the resources and if we have the power, we can make an impact in their lives and we could also make meaningful ways for our lives to be productive.” n

skin and your mental health to not be perfect—and to seek help for both. It’s as perfectly acceptable to have a psychiatrist as it is to have a dermatologist. If you don’t feel guilty when your skin or makeup isn’t flawless, you shouldn’t feel guilty when your mental health isn’t either,” said Goyena. “Seeking help is a sign of strength,” said Dr. Honey Carandang. “The pandemic has resulted in a lot of hopelessness and helplessness. It is important to face your emotions and not put them at the back of your mind. Be honest and put your emotions in front of you.” The pandemic, said Carandang, did not likely cause these feelings of hopelessness and helplessness but it triggered them. Goyena said BYS Philippines is working on raising funds for sponsorships for patients who have no money to pay the professional fees of doctors. They will also negotiate with doctors for discounts on their fees. Goyena likened having a mental health problem and our capacity to take care of others to being on a plane with a child. When passengers on a plane need that oxygen mask during an emergency, adults are advised to put on the mask first before helping the child they are with, meaning we need to help

ourselves before we can help others. Psychologist Gisa Paredes said it is important to take breaks during times when you feel your energy is eroded. Lastly, she reminds people: It’s not just in your mind. Meanwhile, to bid Miss Universe Philippines 2021 Beatrice Gomez goodbye for the 70th Miss Universe pageant in Israel this December, e-commerce platform Lazada is hosting a special send-off for her. Ahead of Gomez’s appearance at the 11.11 Super Show, fans and shoppers can start showing their support for the beauty queen in the main competition through three special send-off activities. Help Gomez pack for Israel by voting what Self-care Package she should bring along, send her your most inspiring artwork or share a personal goodbye message, all through Lazada’s social-media pages from November 3-20. For more details on Lazada’s Phenomenal Sendoff available, visit lzd.co/PhenomenalSendOff. Gomez, along with K-pop group Seventeen, Lazada Happiness Ambassadors, local brand ambassadors Bea Alonzo, Alden Richards, Maine Mendoza, Mimiyuuuh and SB19, are featured in Lazada’s biggest signature Super Show on November 11, which kicks off the 11.11 Biggest One-Day Shopping Festival.

AS soon as she arrived at the pageant venue, an organizer gushed: “Finally, the famous Cinderella of the Philippines!” Her team knew then that every time Cindy stepped out, her style and persona were under public scrutiny. That sealed her status as frontrunner. Odelon Simpao, the stylist and CDO-raised designer, created the national costume design called “Diwata,” a gold ensemble with beaten brass by Ben Torres, neck piece by Tres Cartera, with Aljethro Amorin Sebastian doing the leaves fabric manipulation. It reminded me of Akasha, the “Queen of the Damned”, who ruled over what became Egypt in Anne Rice’s book series The Vampire Chronicles. A prescient sartorial decision, as Cindy was soon crowned in the Land of the Pharaohs. Simpao called his evening gown “Kislap,” a sparkling corset fully embellished with crystals and semi-precious stones that follow the pattern of sun rays on the bodice. At the end of the night, the Intercon crown on Cindy’s head completed the glitzy look.

‘It’s not just in your mind’

One of the biggest challenges brought about by the pandemic is dealing with our mental health. So many of us are struggling with pain and some are debilitated by it. It’s not really something that we can overcome with prayer and/or fortitude. In this case, the struggle is real. And living in such close quarters with family members, not all of whom understand the struggles we go through, makes it even more difficult. Makeup and skin-care brand BYS Philippines, which has always supported mental health initiatives, is marking its ninth anniversary in the country by launching a digital platform dedicated

to help Filipinos gain access to a directory of mental health professionals and other resources they can connect with. “BYS, for those who don’t know, stands for Be Yourself. But it’s really hard to be yourself if and when you don’t love yourself, or when your current self is going through something extremely difficult. It’s hard if you can’t break the stigma of acknowledging your internal pain and seeking help, and most importantly judging ourselves and others for not having a perfect mental health state,” said Angie Goyena, president of iFace Inc. Break Your Stigma (www.breakyourstigma.com) is a digital platform that, beyond providing a directory of mental health professionals, hopes to get rid of the shame in acknowledging that someone is suffering from a mental health problem. The brand has sought help from different partners—the Mindfulness, Love and Compassion Institute for Psychosocial Services Inc. led by Dr. Honey Carandang, licensed psychologist Gisa Paredes of Healing Minds, and the creative team of Where To Next—for its mental health initiative. “We should normalize talking about mental health the way we talk about skin care. It’s okay for your

B6 Monday, November 1, 2021

PLDT out-speeds all other PH internet providers for 4th consecutive year analysis of consumer-initiated tests taken with Speedtest,” said Doug Suttles, Ookla CEO. Analyzing internet speed data per city, Ookla® places the biggest emphasis on a network’s download speeds and median speeds as those represent what most customers experience on a day-to-day basis. Ookla® assessed the best network speeds attained across a given network, accounting for tests that are taken on various Speedtest® platforms.

Most Extensive Fiber Network

LDT remains to be the undisputed fastest fixed network in the Philippines with its four-peat record at the Ookla®Speedtest Awards™. The latest Speedtest Awards™ for Q1-Q2 2021 shows PLDT achieving the fastest download and upload speeds in Makati, Cebu, and Davao, with an overall speed score of 46.25 for the quarter – besting all other major internet providers in the country. Ookla noted that the telco giant recorded top download and upload speeds of 113.2 Mbps and 136.61 Mbps, respectively. This was culled from data comparing millions of consumer-initiated tests taken on Speedtest® platforms. These include speed tests using computer devices connected to a fixed network, as well as over a Wi-Fi connection. “PLDT’s digital services have greatly contributed to the lives of many Filipinos

as we navigate the new normal of working, studying and doing things at home. The Ookla Speedtest Award™ is a recognition of our unwavering initiatives to provide the best broadband connectivity through our robust expansion and migration of our fixed network to serve more Filipino homes nationwide,” says Butch G. Jimenez, Jr., Senior Vice President and Head of PLDT Home Business.

PH’s Undisputed Speed Leader

“SPEEDTEST Awards, presented by Ookla, are reserved for an elite delegation of network operators that have delivered exceptional internet performance and coverage within a market. It is our pleasure to present PLDT with the award for Fastest Fixed Network in the Philippines. This recognition is testament to their exceptional performance in Q1-Q2 2021 based on Ookla’s rigorous

TO date, PLDT reigns superior with the most powerful and fastest fiber network in the country, delivering up to 1000 Mbps symmetrical speeds. This enables users to experience equal upload and download speeds, and seamless video streaming. Reinforcing its network superiority, PLDT continues to aggressively increase its fiber infrastructure reaching 524,000 kilometers, extending its reach to 11.3 million homes passed and 4.8 million fiber-powered ports in the first half of 2021. The company also leads in providing future-ready homes with access to superior Wifi technologies in the market – including the Wi-Fi 5, Wi-Fi 6, and Wifi Mesh solutions, through flexible broadband plans. PLDT is also on track to increase its broadband subscriber base by one million by yearend as the company rolled out aggressive programs to improve install capacity, offer superior products and broadband plans, and innovative loyalty customer programs. Know more about PLDT Home products and services at www. pldthome.com.

Pueblo de Oro launches 42-ha township in Malvar, Batangas

UEBLO de Oro Development Corporation (PDO), the property development arm of the ICCP Group, has announced the launch of a 42-hectare residential, institutional and commercial project, which completes the Group’s 212-hectare ‘live-work’ community development in Malvar, Batangas. Dubbed “Townscapes Malvar”, the project is composed of exclusive residential subdivisions, complemented by five hectares of commercial area and an educational hub. It was masterplanned by internationally acclaimed architectural firm Pomeroy Studios, whose works include the Kallang Alive in Singapore and BSD Digital Hub in Indonesia. “The goal of Pueblo de Oro is to create

a landmark in the heart of Batangas, with a vibrant and green mixed-used township inspired by Southern Luzon’s urban charm,” said PDO President and COO Prim Nolido. Townscapes Malvar is adjacent to the Light Industrial Science Park IV, a 170-hectare industrial park for light manufacturing, developed by Science Park of the Philippines, Inc. (SPPI), one of the country’s leading industrial estate developers in the country and a member of the ICCP Group. Townscapes Malvar is strategically located at the heart of Batangas, accessible via the South Luzon Arterial Road (STAR), just few minutes from Malvar Exit, and an easy 1.5-hour drive to and from Manila. “Malvar, Batangas is also an ideal location because of its

proximity to the Batangas International Port, which has attracted manufacturing and industrial companies to locate in the province, thereby providing employment opportunities,” Nolido explained. “The South is also benefiting from relocation trends during the pandemic and has proven to be a dependable location with excellent transportation routes. Exemplary schools and a booming economy also help attract both locals and city dwellers to relocate in Batangas,” he added. The company is also hoping the scenery and quality of life offered by Batangas would make living in Malvar desirable, inspiring prospective home buyers to relocate and settle down in Townscape Malvar’s 15-hectare Pueblo de Oro Residences and 12-hectare Pueblo de Oro Townhomes.

MEGA AND BRIGHT AT SM. All is mega and bright as SM Megamall welcomes Christmas with a 45-foot tree adorned with thousands of Christmas lights, teal blue and gold ornaments, and oversized acrylic butterflies in yellow, teal blue, and pink neon gel flex lights. Around the tree are five augmented reality stations where a Magical Christmas Garden comes alive. The SM Supermalls bring Christmas cheer to its shoppers with its traditional tree and centerpiece lighting.

‘Kalingang Malabonian Lugaw on Wheels’ provides food to the hungry, fights malnutrition amid the pandemic

CHILDREN in Barangay Catmon line up for the free lugaw – a complete and nutritious meal.

UNGER and malnutrition issues became significantly more urgent to address due to the COVID-19 pandemic. Vulnerable communities in the Philippines such as those who recently lost their jobs and low-income families are greatly affected by the pandemic. To address these pressing challenges, the City Government of Malabon continues to provide nutritional packages, relief goods, vitamins, and non-food items to the community through its various Kalingang Malabonian programs. A few months ago, “Kalingang Malabonian

Lugaw on Wheels” program was launched by Mayor Lenlen Oreta, a nutrition champion recognized by the National Nutrition Council. The program aims to provide filling food that can supplement the caloric and nutritional needs of every Malabonian amid the pandemic. “We continue to do our best so that no one will be left behind in Malabon, especially about health during the pandemic. It is a simple program yet it is very fulfilling because we are able to help and spread happiness within our community” says Mayor Lenlen Oreta. Since May 2021, Malabon’s Mobile Kitchen visits various barangays in the city every Monday, Wednesday, and Friday to serve free ‘lugaw’ – a comfort food which is a complete meal full of various nutrients as it contains rice, eggs, chicken, and other condiments such as dried garlic and onion chives for added seasoning. The mobile kitchen is located at a strategic area in the barangay so that the community workers and volunteers can guarantee safety health protocols during the distribution. Volunteers from food for work also deliver the individually packed porridge to each household through e-bikes. But anyone can visit the mobile kitchen – it’s unlimited, until supplies last. “Hopefully by December, our Mobile Kitchen is able to do a round trip visit in all the 21 barangays in Malabon City. Together, we can fight both the COVID-19 pandemic and malnutrition in our community” says Mayor Lenlen Oreta.

Avoid dry and flaky skin with Japonesa Probiotic Soap

OES the cold weather make your skin dry and flaky? Japonesa’s CEO & Skin Expert MJ Jamias will share basic tips to help ease symptoms and improve your skin health. “When the air is dry, the skin cannot extract enough moisture from its surroundings, and this can be a problem because symptoms of existing dry skin may surface,” Jamias started. “The next on my list is the use of harsh skin care products. We might not be aware but we’re causing our skin to dry up because of cleansers with high PH, washing your face too often, and using soaps without moisturizers.” Jamias also mentioned stress, fatigue, and exposure to UV rays as contributing factors to dry skin. Hydrating yourself would be of great help.  Drink enough water, be sure that you’re able to replace water gone after workouts or just simple sweating.  Reduce coffee and tea intake to normal levels. (you may replace them with skim or low-fat milk, as this type of milk is a perfect post-workout drink).  Consume more fruits and vegetables, like berries, melons, oranges, grapes, carrots, lettuce, cabbage, and spinach. Here are tips from our skin expert:  Look for a soap that can protect your skin from harmful UV rays, “The most

effective ingredient in a soap that can protect our skin against harmful UV rays is probiotics” says Jamias.  Look for a soap that has strong moisturizing capabilities, “Don’t forget that it has to be gentle, something babies can use, and that can be fulfilled by Glycerin, usually this ingredient is present in handmade soaps” ends Jamias. Putting them together will ensure your skin will be as healthy and hydrated. Probiotics and Glycerin are in every bar of Japonesa! If you’re interested in having a beautiful skin, go and check out Watsons until November 3, 2021 as Japonesa is giving away one bar for every 3 bars purchased!

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Monday, November 1, 2021 B7

The coronavirus chronicles: sustainability and your company’s communications

PR Matters By Millie F. Dizon

Arts & Culture: Maria Taniguchi, Eric Zamuco, Therese Regalado open exhibitions at Silverlens

MANILA, Philippines—Three fascinating exhibitions by artists with distinct practices are opening this month at Silverlens Galleries. Therese Regalado’s first solo exhibition, Material Research, looks into the coming together of materials, textures, and forms through persistent inquiry and curiosity. Her workflow is spurred by puzzle-solving, like piecing together a game without fixed mechanics which Regalado then opens up to allow for reorientation. These objects, she says, really are built through magic: for her, the maker, a belief in the life and energy of materials and for us, the user, a conviction in our interest and intelligence. In many ways these assembled things con-

vey experiments in faith. Whether or not one is able to touch them, however, it is apparent that inherent in the structure of the fixtures is a range for generous pivot. This investment in give reveals Regalado’s fixation on the bisagra or the hinge—a joint that connects, fastens and secures several parts. It’s a fascination with the swinging and moving of parts, one that always intends for things to be more than just one thing; or materials that persuade despite intention, projecting and animating lives of their own. Meanwhile, “Working on the Mountain” by Eric Zamuco is taken from the title of a book of essays by N.V.M. Gonzales. In this series of work, the mixed media artist ponders on the metaphor of geologic accretion and formation found in ancient temples and applies it to objects in the thick of instability and ruin. Each assemblage called “Templo” is a self-contained compound of metal rods inserted through overlapping glass panels and wood like acupuncture points marking a body. Zamuco makes use of a collection of odds and ends stocked from his studio yet

WWW.FREEPIK.COM

UR previous column, The Get-Go in Green Communications, highlighted today’s significant desire for environmental advocacy. It is important for PR PROs to communicate this to the public. As going green increasingly becomes part of the initiatives of many companies, communicators working in organizations should grow in their awareness of environmental issues and sustainability. More important, they should be able to communicate these efforts well to boost their company’s image. And with good reason. A July 2020 survey found “79 percent of brand consumers are changing their purchase preferences based on a brand’s social responsibility, inclusiveness, or environmental impact.” In a PR News article, “How to Ensure Sustainability is Part of Your Company’s Communications,” CRC Founder Cindy Riccio cites how sustainability is at the center of companies like Patagonia and Tom’s of Maine, both of which have effectively communicated their advocacies. Patagonia, an outdoor and adventure wear brand leads the way on taking care of the Earth. It is taking impressive action to reduce its environmental impact. All of its cotton is certified by the Global Organic Textile Standard (GOTS), and it is bluesign certified for some of its fabrics. A high proportion of its materials is made from recycled fabrics, including its polyester, nylon, and wool. For years, the company has been working throughout its supply chain to reduce its environmental footprint, and hopes to inspire a movement of businesses doing the same. Tom’s of Maine manufactures personal care products with only natural ingredients. Its soaps, toothpastes, deodorants, and mouthwashes are intentionally made without ingredients that are chemically derived, environmentally damaging, or tested on animals. While most of its products are vegan, some contain propolis and/ or beeswax sourced from bees. Formulas are free of artificial flavors, colors, sweeteners, and preservatives.

Tom’s prioritizes the use of recycled and renewable materials, and strives to reduce packaging waste through recyclability and biodegradability. It is working to minimize the total environmental impact of its supply chain. And of course, there is The Body Shop. The Body Shop, founded by Dame Anita Roddick is 1976 in Little Hampton, England, pioneered corporate activism and was built on a philosophy that business can be a force for good. With its brand expression, Beauty with a Heart, the company continues to be focused on five core values: Against Animal Testing, Support Community Trade Fair, Activate SelfEsteem, Defend Human Rights, and Protect the Planet. All products are created using the finest ingredients from the four corners of the globe, which are not tested on animals, and are 100% vegetarian. The Body Shop, which is now affiliated with SM Retail, has been in the Philippine Market for 25 years, with over 60 strategically with over 60 strategically located stores nationwide. But beyond these exemplar

widely diverse in their material. In one work, shards of a glass bottle are encased like precious emeralds. In another, a blackand- white image of decapitated fish heads printed on a glass panel surprises, as the viewer is left to guess its connection to the other objects in the grouping room of phases is a new solo exhibition by Maria Taniguchi. This marks the third individual presentation by the artist with the gallery; her previous shows include: Maria Taniguchi (2014) in Singapore and Manila, and Maria Taniguchi (2017). In Taniguchi’s work, each canvas is created using silkscreen, using a thin layer of paint. Labor and resource in these works persistently insist themselves in the attempts at repetition. The abstraction assured by the grid and achieved by the gradation is cultivated against considerations material and bodily. It is within this framework that Taniguchi, in developing a set of paintings that comprise a singular work, articulates a method of engaging with space. room of phases by Maria Taniguchi will be on view from 14 October and run until November 13,

companies, Riccio says “it is essential for brands and communicators to inform consumers and clients about some sustainable practices.” After all, “consumers are asking companies to report on sustainability.” And she has some concerns we should ask ourselves. n Have we included a section on our website that quantifies the company’s sustainability efforts? n Are we writing blog posts and op-eds to highlight current efforts and future goals? n Have we applied for sustainable and eco-conscious awards, recognitions, and certifications?

publications like The Good Trade and Ecocult, require that your company remain competitive to secure media. In addition, “mainstream publications ranging from People Magazine to the NY Times continue to increase sustainable-focused stories and coverage. Many online publications have entire sections dedicated to sustainability.” She admits that “sustainability can be overwhelming, especially for small communication teams.” It is, after all, a fairly new ideology with few roadmaps. Fortunately, “there are small, simple ways to begin implementing sustainable practice.”

around sustainability.” n Collaborations and partnerships with nonprofits and environmental groups promote them and your company. In addition, such activities help increase your company’s trust quotient. Lastly, “while you’re helping raise awareness of sustainability inside and outside your company, make sure that you and your communication colleagues are walking the talk. We must make sustainability an industry norm, continuing to practice eco-friendly tactics every day.”

n We can raise our credibility with a Fair Trade or B Corp certification

n Track and quantify your company’s initiatives and communicate its success. Make sure consumers know the company is committed to change. Transparency and dedication to positive change are foundations of a successful communication plan for sustainability.

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.

n Have we made sure that we are remaining relevant, competitive, and included in the sustainable focused press? Riccio notes that eco-centric

n Consider organizing company -wide volunteer days. Help employees find volunteer work in their community for nonprofits and/or organizations centered

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.

n Are we considering submitting for Green Product Awards, Good Global Awards, and others?

2021, alongside Working on the Mountain by Eric Zamuco. These exhibitions will be accessible on our web site, www.silverlensgalleries.com by October 13, 2021. Gallery visits are strictly by appointment only. The gallery will be open for physical viewing on October 14 through November 13, 2021. Schedule your visit through bit.ly/Visit-Silverlens. For more information, please contact info@silverlensgalleries.com or at +63 917 587 4011.

Campaign Spotlight: TMRW and Pantarei launch TMRW Power Saver for different saving styles

JAKARTA, INDONESIA—After changing the digital banking game through a game-like saving feature, TMRW is launching TMRW Power Saver: a new deposit saver offering rewarding interest and flexibility. This new feature is launched through a campaign in collaboration with Pantarei as the Creative Agency. The campaign highlights the diversity of Indonesian young professionals with their financial aspirations and saving habits through personality tests and a series of videos. To launch TMRW Power Saver,

Pantarei came up with Nabung Gaya Kamu: a campaign that supports the diverse saving style “species” with their own ways of saving to optimize their saving habits with TMRW’s saving features. Aidil Akbar Latief, the Creative Director of Pantarei shares his thoughts on this creative approach “People are just like different species with their unique ways to survive the wilderness. We want to support each of them to optimize their saving by acknowledging their aspirations and their saving styles. Whichever their style is, they can save according to their ways in TMRW.” Pantarei’s creative approach goes hand in hand with the objective of Arief Tjakraamidjaja as the Country Marketing Head UOB Indonesia. “We intend to support the different needs of different savers through products that are compatible with their habits. We also want to help them expand their portfolio by bringing the flexible and accessible deposit savings for the savers who have longer-term aspirations.” Nabung Gaya Kamu is the most recent campaign by TMRW after Waktu Indonesia Nabung, a cam-

paign that has been awarded the Best Revenue Generator Initiatives by TMRW Regional Award. TMRW has also won many international awards, such as The Best Digital Bank in Asia by 15th Annual Alpha SouthEast Asia Best FI Awards 2021, Top 10 Banking Apps by App Annie, and World’s Best Consumer Digital Bank in Asia-Pacific 2021 for Indonesia by Global Finance. The Nabung Gaya Kamu campaign launches in a timely manner considering how Indonesian young professionals’ financial aspirations and habits are affected by the pandemic. They have different ways of managing their money for different aspirations. For 59% of Indonesian young professionals, emergency funds and money for enjoyment matters more, making liquid investment in the short term more appealing. On the other hand, many others prefer long-term investment as a way to combat short-term splurge, for example, the 50,7% of young professionals who choose an additional non-salary income for their future needs. For each of their aspiration and saving habits, TMRW offers saving features that suit them.

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OF START-UPS AND SCALE-UPS

By Anne Ruth Dela Cruz

EOPLE know him as the Chairman of the Board of The Medical City. Not too many people, however, know that Jose Xavier “Eckie” B. Gonzales also owns or has interests in businesses that are into remittance, power generation and even farming. If you receive remittances regularly from a loved one who works abroad, you would probably have gone to the nearest USSC (Universal Storefront Services Corporation) outlet to get your remittance via Western Union. Gonzales acquired and became the majority owner of USSC, which was formerly known as RCPI, in 2005. It is the largest Western Union remittance partner in the Philippines with more than 800 stores and 3,000 subagents nationwide. “We pay out something like nine percent of all the remittances. We have our own mobile app and digital wallet and we move something like P200 billion annually between our stores,” Gonzales related in an interview with BusinessMirror. In 2015, he also developed a 60-megawatt run-of-the-river project in the Amburayan River in Benguet. Run-of-the-river hydroelectric systems are hydroelectric systems that harvest the energy from the flowing water to generate electricity in the absence of a large dam and reservoir. “It is a P12 billion financing project where you let the water move into an eight-kilometer tunnel. It moves fast and drops 250 meters down to a turbine which generates power and sends the power via wires to substations in Bacnotan, La Union which is over 24 kilometers away,” he related.

Healthcare businesses

GONZALES also has interests in other healthcare businesses, artificial intelligence and property. He is also a strong partner to his wife Maria Olivia “Moppet” C. Gonzales, who has an agricultural farm that supplies Go Salads, a business run by one of his sons. “So I don’t know if I am an accidental entrepreneur. I started out with intrapreneurial skills within the Lopez Group in developing those businesses,” he said. Gonzales related that when he graduated in 1976, he worked for SGV and Bancom. He even had the opportunity to work under Manuel V. Pangilinan. After working for a while in Hong Kong, he moved together with his family to the United States and stayed there from 1978 to 1992. While in the US, Gonzales studied at Harvard and then joined Chemical Bank where he worked for 12 years. While at Chemical Bank, Gonzales worked in different business units – from landing and investments, leading, transaction and cash management and then operations. “I did all the rounds but my path was the traditional, shall we say like a lending officer, investment banking path,” he said.

Homecoming

IN 1992, Gonzales decided to bring his family home to the Philippines. Since he was already 38 years old at

that time, he felt that he needed to return to the Philippines so that he could decide whether he could start a career or to go into business. Upon his return, he was hired by Geny Lopez first as Chief Finance Officer (CFO) and then later as Chief Operating Officer (COO) of Benpres which is now known as Lopez Holdings Corporation. “At Benpres, they used to have a term called intrapreneurship, meaning trying to create an entrepreneur environment within a company. And because this was the holding company, there were a lot of opportunities to start-up or scale-ups businesses,” he said. When he joined the Lopez Group in March 1993, Gonzales was tasked to look at trying to create the alternative carrier to PLDT. At that time, the Lopezes had just purchased RCPI and RCPI partnered with Globe Mackay (now known as Globe Telecom), Eastern Telecoms and Telstra of Australia to set up Bayantel.

Service areas

HOWEVER, the administration of President Fidel V. Ramos decided then that it would assign the new telecom players with service areas. Gonzales and his team decided to choose an area in Quezon City and in Tacloban, which to him “had missionary aspects as well as commercial aspects.” “As you know, Bayantel did not end quite well. Its biggest issues had to do with interconnection because the interconnection environment was very weak and so the brand was damaged because the way to interconnect was through PLDT,” he said. “And effectively, the only guy that was able to survive other than PLDT was Globe because it had a base in Makati and it also made some good moves in terms of telecommunications.” Gonzales related that it was also around that time when the Lopez Group decided to consolidate all their assets so it had Meralco, First Holdings, ABS CBN, Sky Cable, “a bit of Bayantel and we raised money to expand and that was in the hey day of the emerging markets starting from 1993 up to 1997.” “During that time, from 1992 to 1993, when Benpres went public up to 1997, it was a high growth area for emerging markets and in that period of time, Benpres expanded its footprint,” he related. “And as CFO and then COO, I was pushing concessions and new businesses.”

Concessions

ONE of the concessions that Gonzales successfully negotiated back in 1993 was for the Northern Luzon Expressway where the Lopez Group built a connection from Tipo and Subic and rehabilitated the expressway in the process. The Group partnered with French firm Egis for the project. The Lopez Group also made a bid

JOSE Xavier “Eckie” B. Gonzales on the privatization of the Metropolitan Waterworks and Sewerage System (MWSS) and they won the concession and named the company Manila Water. This was subsequently acquired by the Ayala Group. “We also funded First Holdings’ expansion in generation and we used some of the funds to enable them to work on their gas projects, First Gas, First Generation and these were the companies that they set up. We also funded the expansion of Bayantel which did not work out well and then we also did Rockwell. So in the case of Rockwell, there is a bit connection to The Medical City,” Gonzales said. Gonzales pointed out that he and his boss shared “a common mission that in any development, there should be a social anchor.” The Lopezes acquired the Rockwell compound in Ortigas – one area was 15.5 hectares and the other was 27 hectares. Both agreed that this would be an ideal site for a hospital like The Medical City. “As you know Dr. Alfredo Bengzon is my uncle and at that time he was the Executive Vice President of The Medical City and the Dean of the Ateneo Professional Schools and we decided to cultivate a partnership so there was a donated land for Meralco, for The Medical City and the Ateneo Medical School,” he said.

Mini city

THE Lopezes also developed Rockwell Power Plant in Makati and transformed it into a mini city “where you could live, work and play.” “Then we created the first rack of

residences and then we sold the piece of land to Nestle and PHINMA and they put up their headquarters there and that was what started Rockwell and the Ateneo Professional Schools,” Gonzales added. To fund all these projects, Gonzales related that Benpres had to rationalize their holdings. With the Lopezes owning 26 percent of First Philippine Holdings and 26 to 30 percent of Meralco, he said the Group consolidated the holdings of Meralco with First Holdings and ended up owning 45 percent of First Philippine Holdings and 100 percent of ABS CBN which was subsequently sold down through IPO and now the Lopezes owned 52 percent. The Group, however, had to undergo another round of rationalization because of the financial crisis in 1997. The Lopezes decided to pull out it stake in PCI Bank and sold its shares in Meralco. This helped the company replenish its capital. “I left the Lopez Group in 2001. I retired. So my view is that I have always been a business building ad of course I understand also financing and what it takes to make things work now,” Gonzales said. “I was at the holding company level so I could only do so much in terms of creating strategic partnerships, doing fundraising as well as rationalizing portfolio of the businesses that we had.”

Entrepreneur

IN 2001, Gonzales started up his own business together with an Indian partner called CCube, a call center that had 1,800 employees and was located in

an old textile plant in Eastwood. “It’s interesting that a lot of my start-ups or scale-ups had to do with spin offs that were not core businesses of the Lopez Group. I ended up acquiring and sort of funding. I took over the call center, and then sold my stake in it in 2005 and I ended up buying RCPI which subsequently became USSC,” he said. “And then starting around the late 2008, I ended up investing in The Medical City shares so I ended up becoming a 10 percent stakeholder before I brought in another partner to scale-ups and so we put up some investments in 2013,” he added.

Empowerment

WHEN asked how is able to manage all of his businesses at the same time, Gonzales said that “this will be an impossible task if you don’t empower, decentralize, engage, allow teams and people to express themselves.” “Unless you have teams that you can empower and trust, you won’t be able to move forward,” he said. “You also need different viewpoints. I know I have strong opinions and thoughts but you have to be able to listen and encourage dissent or an alternate point of view.” While he admits though that he is forever in a problem solving mode, he needs to discuss these problems with someone who can come up with constructive solutions. “And because I am oriented towards action and construction solutions, you sort of have a North Star that you can follow and you can cut through all the chase and focus because strategy is really a matter of choice,” he said.