BusinessMirror November 01, 2022

PhilSA issues alert for ships, aircraft vs China rocket debris

By Lorenz S. Marasigan @lorenzmarasigan

ACHINESE space rocket is expected to cause debris to fall on some parts of the Philippine airspace and waterways, prompting the Philippine Space Agency (PhilSA) to issue a warning for ships, aircraft, fishing boats, and other vessels in expected drop zones.

I n an advisory, space authorities recommended precautionary mea sures following the launch of Long March 5B from China’s Hainan Is land on Monday, as debris could pose “considerable risk to ships, aircraft, fishing boats, and other vessels that will pass through the drop zones.”

A ccording to a notice from

the Civil Aviation Administration of China (Caac) to the Civil Avia tion Authority of the Philippines (Caap), drop zone 1 is approxi mately 72 kilometers from Bajo de Masinloc, while drop zone 2 is approximately 39 kilometers from Busuanga, Palawan.

“Anticipated to fall within these areas are the ‘expected un

ment of targeted non-monetary interventions to help address price pressures.

burned debris,’ or parts of the rocket designed to be discarded as the rocket enters outer space. These components get separated from the rocket minutes after the launch and are designed to shed over bodies of water to minimize the hazard of falling in populated areas,” PhilSA said.

T he rocket’s booster stages are expected to fall on drop zone 1, while the rocket fairing is expected to fall on drop zone 2.

PhilSA noted that debris are “unlikely to fall on land features or inhabited areas in the Philippine territory.” However, PhilSA said, it could pose “considerable risk to ships, aircraft, fishing boats, and other vessels that will pass through the drop zones.”

Actual drop zones may also vary because of various factors such as the Earth’s rotation, weather, and climate conditions. There is also a possibility for the debris to float around the area and wash toward nearby coasts.

This underscores the importance of having a credible central bank,” Medalla said.

Furthermore, the possibility of an uncontrolled re-entry to the atmosphere of the rocket’s upper stages returning from outer space cannot be ruled out at this time,” PhilSA said.

L ong March 5B is carrying the Mengtian laboratory module or “Dreaming of the Heavens,” the last of the three models for the Tiangong space station, a research facility being built by China in orbit.  P rior to the launch, the Philip pine space authorities issued an advisory to all relevant government agencies on the estimated drop zones, and proposed the issuance of appropriate warnings on air and marine access.

“ PhilSA reiterates its earlier public advisory to immediately in form local authorities if suspected debris is sighted. PhilSA also cau tions against retrieving or coming in close contact with these mate rials that may contain remnants of toxic substances such as rocket fuel,” PhilSA said.

higher commodity prices.

Congress asked to pass law giving MTRCB powers over video, online games

SEN. Sherwin Gatchalian, mov ing to “uphold the safety and well-being of children amid their exposure to new technologies,” is asking Congress to pass a law ex panding the powers and functions of the Movie and Television Review and Classification Board (MTRCB) to include regulation of video and online games.

E mbodied in Senate Bill 1063, Gatchalian envisions  the proposed law to be known as the Video and Online Games and Outdoor Media Regulation Act, amending the Mar cos-era Presidential Decree No. 1986 that created the MTRCB.

“While we continue to change and expand the way we use tech nology, we must also make sure we provide the proper protection and guidance to our children, especially from the bad influence and effects that may come with such technol ogy,” Gatchalian said in Filipino, to explain his bill.

He cited 2020 gaming statistics revealing that 43 million gamers drove the unprecedented rise in the Philippine gaming industry and across Southeast Asia, with 74 per cent of the Philippine online gaming

population playing on their mobile devices, 65 percent on PC games, and 45 percent playing on the classic con sole games.

M oreover, 43 million gamers in the country spent $572 million on games in 2019. This made the Philippines the world’s 25th’s big gest market by game revenues, as well as a key driver of Southeast Asia’s overall games market dur ing that time.

A part from video and online games, the senator is eyeing pas sage of an enabling law empowering the MTRCB to also regulate outdoor media, including advertising signs, Light Emitting Diode (LED) signs and billboards, ground signs, roof signs, and sign infrastructures.

In approving and disapproving the exhibition of video and online games, and outdoor media, the procedure that applies on a motion picture, television program, still and other pictorial ad vertisements shall apply.

T he procedure on examination and review, as well as banning of media deemed unfit for consumption in the Philippines, will also apply to video and online games, and outdoor media.  B utch Fernandez

Medalla said BSP’s policy tool kit includes interest rate adjust ments, a flexible exchange rate, and the use of foreign exchange reserves.

T he BSP also supports the imple mentation by the national govern

“ The BSP consistently signals to the market its unwavering com mitment to use the tools at its dis posal to address the current chal lenges brought by monetary policy tightening of advanced economies and its impact on small open economies like the Philippines.

L ast week, Fitch maintained the outlook on the country’s BBB rating as “negative,” citing risks to the Philippines’s medium-term growth prospects, fiscal adjust ment path, and external buffers in an environment of higher interest rates, weaker external demand, and

A ccording to Fitch, “BBB” rat ings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered ade quate, but adverse business or eco nomic conditions are more likely to impair this capacity.

A negative outlook, mean while, means Fitch could poten tially downgrade the country’s credit rating in the next 12 to 24 months.

F itch expects the country’s real gross domestic product (GDP) growth at 6.8 percent in 2022, driven by strong domestic de mand, reflecting normalization of economic activity after the pandemic and the government’s investment program.

It also forecasts “the general government deficit to narrow to 4.3 percent of GDP in 2022 and 2.4 percent of GDP by 2024, from 4.8 percent of GDP in 2021.”

T he Philippines’s net external creditor position is likely to re main stronger than the “BBB” me dian, according to Fitch. While the rating agency expects the current account deficit (CAD) to widen to 5.0 percent of the GDP in 2022, “the wider CAD is largely driven by higher commodity imports supported by strong domestic demand.”

F itch forecasts a narrowing of the CAD to 1.8 percent of GDP by 2024. Fitch added that “the emer gence of CAD has put pressure on foreign exchange reserves, although we expect reserve cov erage to remain ample at about six months of current external payments.”

B ased on the latest BSP data, the CAD is financeable considering that liquidity buffers remain robust as of end-September 2022.

G ross international reserves (GIR) stood at $93 billion, rep resenting a more than adequate external liquidity buffer equiv alent to 7.4 months’ worth of imports of goods and payments services.

Moreover, the GIR is also about 4 to 6.6 times the country’s shortterm external debt. This exceeds the three months’ worth of imports that the International Monetary Fund suggests as a rule of thumb in reserve adequacy.

A sovereign investment-grade rating indicates lower credit risk, thus allowing a country to access funding from development part ners and international capital markets at lower cost. This en ables a country to channel funds that would have otherwise been allotted for interest payments to socially beneficial programs and projects.

Damage in the corn sector was at P5.59 million with a volume loss of 298 MT, while losses in the highvalue crops sector was estimated at P60 million, based on the DADRRM OpCen report.

Paeng damaged 299 hectares of corn farms and 379 hectares of as sorted fruits and vegetables, OpCen added.

T he OpCen has now recorded P1.92 million in damage and losses in the livestock and poultry sec tors as Paeng affected 1,334 heads of chicken, swine, cattle, carabao, goat, sheep, duck and horse.

The Department of Agriculture, through its Regional Field Offices [RFOs], is conducting assessment of damage and losses brought by Paeng in the agri-fisheries sector,” it said.

M arcos, concurrent DA Sec retary, said many of the affected farmers had just finished sowing their seeds due to the ongoing planting season.

He said the government will pro vide aid to the affected farmers.

“

So we have to see which among [their crops] could be salvaged, which ones could no longer be re covered and we will have to pro vide—inputs for the agri sector,”

Marcos said.

Raise sugar SRP IN a related development, the Unifed Federation of Sugar Produc ers (Unifed) urged government to increase the suggested retail price (SRP) on refined sugar to a range of P85 per kilogram as Paeng dam aged sugarcane farms.

T he current SRP on refined sugar is at P70 per kilogram, according to the Unifed.

Our sugar farmers need help to recover from the damage caused by the recent typhoon that has inundated hundreds of sugar farms from north to south and the rest of the Visayas,” Unifed President Manuel Lamata said in a statement.

T he group is also seeking an in crease in millgate prices to P3,000 per 50-kilogram bag from P2,900.

T he increase in both millgate prices and SRP would help sugar cane farmers cope with the rising fertilizer and fuel prices, Lamata claimed.

“ Fertilizers and fuel prices are still on the rise and compounded with the typhoon’s damage, our sugar farmers will have a hard time surviving this time,” he said.

Meanwhile, other implementing agencies of the Price Act ensure price stability and availability of supply for the products under their jurisdiction.

For instance, the Department of Agriculture (DA) is in charge of rice, corn, cooking oil, fresh, dried and other marine products, fresh eggs, fresh pork, beef and poultry meat, fresh milk, fresh vegetables, root crops, sugar, and fresh fruits while the Department of Health (DOH) takes care of drugs classi fied as essential.

A ccording to the Price Act,

business establishments found to have violated the price freeze will face a penalty of imprisonment for a period of one to 10 years, or fine ranging from P5,000 to P1,000,000, or both, at the dis cretion of the court.

T he DTI said the price freeze shall be automatically lifted on their end date unless sooner lifted by the President.

I n a message sent to reporters via Viber, the Trade department said, “We will continue to monitor and provide feedback on possible concerns.” Andrea E. San Juan

This year’s board of judges were: lawyer Arnel Jose S. Bañas of the Philippines Senate; Benito C. Beng zon Jr., executive director, Philip pine Hotel Owners Association; Ed ward D. Esparagoza, International Rice Research Institute; Grace L. Fernandez, Anti-Red Tape Author ity; Rosario Virginia C. Gaetos, former Trade Assistant Secretary; Eduardo A. Jarque Jr., DLSU Ma

nila-College of St. Benilde; Michael Sherwin M. Macatangay, founder, One-A-Teams Consultants Pte. Ltd.; Jerico P. Matawaran, ICTSI; Giną Barreto-Santos, Citibank; Mary Claribel T. Villarico, Asian Development Bank; Gerard O. Zor rilla, president of Issues Manage ment Group Inc.; and Roberto Z. Zozobrado, president, Pacific Asia Travel Association-Philippines.

nixes natl state of calamity proposal as death toll reaches 98

By Samuel P. Medenilla @sam_medenilla

PRESIDENT Ferdinand R. Marcos Jr. has thumbed down the recommendation of the National Disaster Risk Re duction and Management Council (NDRRMC) to place the entire coun try under a state of calamity due to the devastation caused by Severe Tropical Storm “Paeng” (interna tional code name Nalgae).

T his developed as nearly 100 people have died in one of the most destructive storms to lash the Philippines this year with doz ens more feared missing after vil lagers fled in the wrong direction and got buried in a boulder-laden mudslide. Almost 2 million others were swamped by floods in several provinces, officials said Monday.

A t least 53 of 98 people who died—mostly in flooding and land slides—were from Maguindanao province in a Muslim autonomous region, which was swamped by un

usually heavy rains set off by Tropi cal Storm Nalgae. The storm blew out into the South China Sea on Sunday, leaving a trail of destruction in a large swath of the archipelago.

Damage isolated to some areas

IN a news conference in Noveleta, Cavite, last Monday, Marcos ex plained he made the decision to set aside the proposal for a national state of emergency since the heavy damage caused by the storm was isolated to only some areas.    “ The damage was highly localized. We’re talking about the east coast of Quezon, here in Cavite, and then Maguindanao,” the President said.

He noted other areas, which were affected by Paeng such as the Visayas, Regions 1 and 2 did not register an “extensive damage” from Paeng.

I nstead of a nationwide cover age, Marcos said, he prefers the declaration of state of calamity to be localized.

“I think we will focus better if we stay with the calamity status as we

have now,” Marcos said.

L ast Saturday, NDRRMC an nounced its recommendation to the President to declare a one-year na tional state of calamity to help in the recovery of Paeng-hit areas.

T he declaration would have al lowed local government units (LGU) to tap their calamity funds.

Cavite flood-control plan

IN the same event, the President also said he wants the creation of a longterm flood-control plan in Cavite after it was inundated from Paeng’s torrential rains.

M arcos expressed concern over the eroded dike in the said province, which aggravated the flooding in the area.

While the winds were not that strong. [Paeng brought about] large amounts of water. Our flood control was unable to handle this and the waters overflowed from dikes and reached the towns. That is what hap pened,” Marcos explained after he led an aerial ocular inspection over the

Cavite province area.

He said a long-term plan should be crafted to contain floodwaters even during strong typhoons.

L ast Sunday, the local govern ment unit of Noveleta reported their river wall near the Ylang-Ylang Riv er was destroyed by heavy flooding caused by Paeng.

M any of the residents in the municipality were forced to climb to higher floors or the roof of their homes to escape rising floods.

Some of them stayed in the evacu ation center in Barangay San Jose II in Noveleta, which was visited by Marcos and by the Department of Social Welfare and Development for relief aid distribution.

T he government is currently dis tributing P50 million worth of relief goods for the around 18,000 families, who were evacuated from Cavite.

PRC rescue operations

THE Philippine National Red Cross (PRC), meanwhile, said it has rescued some 279 people in Aklan, Batangas,

Catanduanes, Cavite, Cotabato City, Laguna, and the National Capital Re gion from rapidly rising floodwaters amid Paeng’s onslaught.

A mong those rescued were pa tients of San Juan District Hospital in San Juan, Batangas, which was breached with waist-deep floodwater.

The Philippine Red Cross has a team of reliable volunteers and staff members and trained for search and rescue,” PRC Chairman and CEO Richard J. Gordon.

T he PRC emergency respond ers used rescue boats, 6 x 6 trucks, Humvees and an amphibian. Rescue operations are still ongoing as of this writing.

Kusiong’s grief

A LARGE contingent of rescuers with bulldozers and backhoes resumed re trieval work in southern Kusiong vil lage in hard-hit Maguindanao, where as many as 80 to 100 people, includ ing entire families, are feared to have been buried by a boulder-laden mud slide or swept away by flash floods

that started overnight Thursday, said Naguib Sinarimbo, the interior minister for the Bangsamoro autono mous region run by former separatist guerrillas under a peace pact.

T he government’s main disasterresponse agency also reported 69 people were injured in the onslaught and at least 63 others remain missing. More than 1.9 million people were lashed by the storm, includ ing more than 975,000 villagers who fled to evacuation centers or homes of relatives.

More than 4,100 houses and 16,260 hectares of rice and other crops were damaged by floodwaters at a time when the country was bracing for a looming food crisis because of global supply disruptions, officials said.

Sinarimbo said the official tally of missing people did not include most of those feared missing in the huge mudslide that hit Kusiong because entire families may have been buried and no member was left to provide names and details to authorities.

With AP and Claudeth Mocon–Ciriaco

SRA sets meetings on proposed reforms

By Jasper Emmanuel Y. Arcalas @jearcalas

THE Sugar Regulatory Admin istration (SRA) will conduct a series of stakeholders meeting this month to discuss the proposed reforms regarding its board compo sition and powers.

I n a memorandum circular, SRA Administrator David John Thaddeus P. Alba announced the conduct of stakeholders’ consulta tion on the proposed amendment of Executive Order No. 18 Series of 1986, the legal instrument that created the SRA.

A lba explained that the Office of the Deputy Executive Secre tary for General Administration under the Office of the President referred to the SRA the comments and recommendations of the Sen ate Blue Ribbon Committee re garding the proposed amendment

of the SRA charter.

T he recommendations made by the Senate Blue Ribbon Committee Report No. 3 included “incorporat ing transparency and accountabil ity” provisions in the process of issuing import permits and other critical issuances, including the SRA’s audit processes, procedures and public consultations.

T he proposal also included expanding the membership of the SRA Board from two to eight members with additional members coming from the following sectors: industrial and household consum ers, sugar industry workers, sugar transportation sector workers, other relevant stakeholders.

Under the proposal, the Agricul ture Secretary shall continue to act as the ex-officio Chairman of the SRA board. The SRA is an attached government-owned and -controlledcorporation of the DA.

T he Senate Blue Ribbon commit tee also recommended “prohibiting the SRA board from delegating its authority to reclassify sugar,” accord ing to the MC.

“ Considering that these pro posed amendments and policy rec ommendations will directly affect your interests as stakeholders of the sugarcane industry, Zoom con sultation meetings will be conduct ed within the month of November upon complete submission of your position papers,” Alba said in MC 4 Series of 2022.

Stakeholders are given a dead line of until November 10 to sub mit their comments and position papers regarding the proposed amendments to the SRA charter.

At present, the SRA board is com prised of four people: the Agriculture Secretary, the SRA administrator, a representative from the sugarcane planters sector and another repre

sentative from sugar millers.

The SRA board serves as the policymaking body of the SRA from local production guidance to sugar impor tation programs, among others.

T he recommendations of the Sen ate Blue Ribbon committee were a result of its series of hearings on the “infamous” sugar importation fiasco that involved high-ranking government officials, including then Executive Secretary Victor Rodri guez. (Related story: https://busi nessmirror.com.ph/2022/09/07/ ex-sra-chiefs-600k-mt-sugar-im port-float-stirs-senate-hearing/)

In September, the blue ribbon panel recommended the filing of criminal and administrative charges against four officials, led by Agricul ture Undersecretary Leocadio Sebas tian. (Related story: https://busi nessmirror.com.ph/2022/09/09/ blue-ribbon-wants-4-execs-pros ecuted-in-sugar-order-mess/)

Cyber security and data privacy protection–digital trust matters and must be addressed

By Lenie Lectura @llectura

FOR the second consecutive week, oil firms announced Monday a reduction in pump prices starting Tuesday morning.

G asoline prices will be re duced by P0.25 per liter, diesel will go down by P.60 per liter, and kerosene will be sold at P0.25 per liter cheaper.

Prior to this week’s price adjust ment, oil companies implemented a per liter decrease in gasoline by P0.35, diesel by P1.10 and P0.45 for kerosene. These resulted to the yearto-date total adjustments to stand at a net increase of P16.10/liter for gasoline, P37.40/liter for diesel, and P29.20/liter for kerosene.

Oil firms adjust their prices every week to reflect movements in the world oil market. Prior to this week’s oil price rollback, MOPS gasoline has decreased by around $1.00 per barrel as well as MOPS diesel and kerosene by nearly $2.80 and $2.15 per barrel, respectively.

T he country is relying on MOPS as the benchmark for local fuel prod ucts. It is the daily average of all trad ing transaction of diesel and gasoline as assessed by Standard and Poor’s Platts of Singapore.

T he agency said oil prices re treated as China’s commitment to zero-Covid dashed hopes for a sharp rebound of near-term de mand in the world’s largest crude oil importer. Asian gasoline crack versus Dubai slightly recovered as stockpiles saw a weekly draw in the US and Singapore.

ALMOST 10,000 law graduates are set to take the 2022 Bar examinations that will be held in the second and third week of November of this year.

Supreme Court (SC) spokesman Brian Keith Hosaka said he was in formed that as of last week, there were 9,916 graduates from various law schools in the country who are expected to take the Bar exams.

T he number is lower than the original 10,075 approved applicants for the 2022 Bar exams as some ap plicants possibly backed out for dif ferent reasons.

T his year’s Bar exams will be held on November 9 (Wednesday), 13 (Sunday), 16 (Wednesday) and 20 (Sunday) under a “regionalized and digitalized” set-up which was first adopted in the 2020-2021 Bar exams held in February of this year.

T he SC decided to use the said set-up in the 2020 and 2021 Bar exams due to the health and travel restrictions brought by the Co vid-19 pandemic.

A total of 8, 241 or 72.78 perper

cent out of 11,402 who took the 2020/2021 Bar exams passed.

T he SC earlier announced that it has designated 14 testing cent ers across the country for the 2022 Bar examinations.

T here are five schools in the National Capital Region (NCR) that have been designated as testing centers.

T hese include San Beda Universi ty, De La Salle University, Manila Ad ventist College, Ateneo Junior High School Complex, Ateneo de Manila University, and the state-run Uni versity of the Philippines-Bonifacio Global City.

I n Luzon, the sites for the Bar examinations include University of St. Louis in Baguio City, De La Salle Lipa City and University of Nueva Caceres in Naga City.

For examinees in the Visayas, the testing centers are located in the University of Cebu, University of San Jose Recoletos in Cebu City and Dr. Vicente Orestes Romualdez Education Foundation in Tacloban City. Joel R. San Juan

By Henry J. Schumacher

THE Internet is awash in more cyber attacks than ever, and gullible users are the problem. Here’s how Apple, Amazon, Google, Microsoft and a host of other companies plan to take the weakest link— you—out of the cyber security equation.

T hat’s good news. Question is: what do we do in the mean time to protect ourselves against cyber attacks?

I like the idea of Singapore to address the issue: The Digital and Intelligence Service, the Singapore Armed Forces’ fourth arm, was established a few days ago to  pro vide timely intelligence and safe guard Singapore against digital threats, including cyber attacks and electronic warfare.

I suggest that the Philippine government cooperates with Sin gapore and brings the same kind of protective service to the Philip pines. We need it, given the fact that the Philippines ranked 23rd out of 250 territories with a total 523,684 leaked accounts in the third quarter of this year.

A s organizations place ad vanced data and sophisticated analytics at the center of their op erations, new cyber security and privacy challenges are emerging that require private sector and government leaders to take digi tal trust seriously. Considering the ingenuity of scammers and other malicious actors, we need to strengthen our defenses by setting up cyber security measures. There is no doubt that cyber security and data privacy protection need to be treated as a matter of national se curity—as indicated above in the Singapore example.

T his was announced by House Speaker Martin Romualdez on Monday as the Batasang Pambansa Complex in Quezon City was trans formed into a hub for sorting and repacking of relief goods since last weekend. Jovee Marie N. Dela Cruz

P asswords have long been the linchpin in the machinery pro tecting our online accounts. In creasingly, they are seen instead as a weak link—one that some companies want to do away with entirely.

In the future, there will be no passwords. Your smartphone’s and computer’s ability to scan your face and read your fingerprints are the key to a better online security.

In the meantime, we need to focus our activities on data gov ernance, which is the process by which an organization ensures that its data is accurate, complete and compliant with all relevant laws and regulations. I t encompasses the develop ment of policies and procedures for managing data, ensuring that those policies and proce dures are followed while peri odically reviewing and updating them as needed.

Data governance aims to pro tect an organization’s data assets and minimize risk. Without proper governance, data can become frag mented, siloed and difficult to man age. This situation can lead to costly mistakes and inefficiencies.

It is evident that managing compliance and data security risks is not an easy task; it requires managing a lot of complicated processes, a myriad of stakehold ers, as well as fostering a culture of ethics and compliance.

T he complexity of compliance management and understanding, that the safe journey into data protection needs automation, in spired me to create a cooperation with Straits Interactive, a company in Singapore, that has developed the DPOinBox, Data Protection At Your Service, to equip professionals, managers and executives with the competencies to perform their jobs in data protection. The DPOinBox platform delivers data protection to build trust with customers and stakeholders. If you need assistance, don’t hesitate to contact me.

I am available at hjschumacher59@ gmail.com

THE House of Representatives has raised

pledges in its continuing

of the families affected by Severe Tropical Storm (STS) Paeng (international code name Nalgae).

No more excuses

ThePhilippines has been described as one of the world’s most naturally deadly countries where catastrophes can strike almost anywhere—in the mountains, in the valleys, and even in the urban jungles of Metro Manila.

We know that its geographical location makes the Philippines prone to tropical cyclones that generally produce heavy rains, causing landslides and flooding of large areas. We also know that typhoons usually result in heavy casualties to human life and destructions to crops and properties. According to World Risk Index 2020, the Philippines ranks ninth globally in terms of disaster risk, second highest among Asian countries.

Although the country faces an average of 20 cyclones every year, there’s a yawning fissure in the people’s knowledge about disaster preparedness. A study by the Harvard Humanitarian Initiative DisasterNet Philippines said only 36 percent of Filipinos feel they are completely prepared for disasters. The study identified numerous vulnerable populations, such as those living below the national poverty level and informal settlers in coastal or flood-prone areas. While vulnerable populations can invest in disaster preparedness, it said this becomes a problem when people may not have enough resources to cover even basic needs. The study said income is the biggest hurdle, as 47.5 percent of Filipinos cited inadequate funds as a barrier preventing them from better preparing for disasters.

Severe Tropical Storm Paeng is the 16th storm to slam the country in 2022. It affected areas in Luzon, Visayas and Mindanao and killed 67 people in the Bangsamoro Autonomous Region in Muslim Mindanao.

The National Disaster Risk Reduction and Management Council said Saturday it is validating reports that about 72 people have died due to Paeng’s devastation. According to its latest update, the NDRRMC said under validation are two deaths reported in Western Visayas, three in Soccsksargen, and 67 in BARMM.

The high number of BARMM casualties shocked President Marcos, who asked why the affected residents were not immediately evacuated. “It will be important to us to look back and see why this happened, that we could not prevent the 67 casualties. That seems very high for a flooding incident,” Marcos said. “So, maybe if we can start with that first just to give me a better idea of what happened, what caused the flooding, and why were they not evacuated? Why were there so many casualties?”

Paeng affected 277,383 families and 932,077 individuals in 14 regions, from Cagayan Valley, Central Luzon, Calabarzon to Central Visayas, the Bicol Region, the Davao Region, and down to the Caraga and Bangsamoro region. The NDRRMC said 40,319 individuals were evacuated before Paeng’s onslaught.

President Marcos ordered officials to declare a state of calamity in provinces worst affected by Paeng, including BARMM and the Bicol Region. But he rejected the NDRRMC recommendation to place the entire country under a state of calamity, saying Paeng’s devastation was highly localized. “We’re talking about the east coast of Quezon, in Cavite, and then Maguindanao," Marcos said, noting that other affected areas such as the Visayas, Regions 1 and 2 did not register an "extensive damage" from Paeng.

Paeng yet again exposed significant gaps in the country’s disaster management capacities across all regions. It would do well for the government to build a comprehensive national data bank, which can give a clear picture of the disaster preparedness of local government units. This will help establish disaster resilience among LGUs and improve decision-making during emergencies.

When shared nationally, this comprehensive database will give our disaster managers important information when it is much needed. A timely response during calamities is the best way for government to show that it does stand with the people in their time of greatest need. We need a good database that will arm our disaster managers with useful information. When a typhoon threatens a particular place, for example, they immediately know the flood prone areas and the landslide prone areas. Lives are saved if political leaders know what to do. We don’t want to hear the President again asking why the most vulnerable people were not evacuated.

Masks down: Learning from our neighbors

The road to normalcy is now just around the corner. We will definitely celebrate a merrier Christmas in December, with Covid-19 variants and sub-variants proving to be less virulent than their ancestors. and with the further easing of mask mandates, we can foresee much-increased economic activities in the coming months.

President Ferdinand Marcos Jr., like his predecessor, is attuned to the needs of the people on the ground. People like to travel during the holidays, move and shop with ease or little discomfort, and exercise more freedom in their daily routine.

President Marcos as of press time is about to sign an executive order making the wearing of face masks indoors voluntary. We are one of the last few nations in Asia to ease the wearing of masks in public places. Taking off those masks indoors is a clear indication that we have defeated Covid-19 and that we are about to resume our old normal before the pandemic altered

it in early 2020.

The Philippines is the odd man out in Southeast Asia. Lifting the mask mandate indoors here, as the Cabinet correctly noted, will enable the Philippines to be at par with our neighbors in the region, which have long liberalized their mask mandates.

Thailand, one of the hardest-hit by the pandemic with almost 4.7 million Covid-19 cases as of late last week, was the first to relax its mask mandate. Thailand on June 23 this year made the wearing of face masks optional in public places for both locals and foreign visitors.

Malaysia on Sept. 7 made the

The signs of normalcy are unmistakable. Travelers will no longer undergo a reverse transcriptionpolymerase chain reaction (RT-PCR) test as a pre-departure requirement. Unvaccinated foreigners will be allowed entry into the Philippines as long as they present negative results of an antigen test taken 24 hours before departure. Or they can take an antigen test upon arrival in the Philippines.

wearing of face masks in enclosed places also optional, except in public transport and medical facilities, while Singapore did it earlier on August 29.

Vietnam, meanwhile, eased the regulations on wearing of face masks on September 6. Hanoi no longer requires masks in public places, such as parks, restaurants, supermarkets, stadiums, movie theaters and other outdoor areas.

Australia ended on Sept. 11 its mask mandate for both domestic and international flights. Many Australian states, though, require mask wearing on other forms of public transport.

Being contrary and an opportunist

John Mangun

OuTSIDE THE BOX

ary: not being in conformity with what is usual, perversely inclined to do the opposite of what is expected. Contrarian: a person who rejects popular opinion.

Contrarian investor: decisively going against prevailing market trends by selling when others are buying and buying when most investors are selling. When people say the stock market is going up, it means they are fully invested without more cash to buy, and the market then goes down. When people predict a downturn, they have already sold out, and the market can only go up.

Over the decades of investing in the stock market, I have tried to follow certain principles. Buy when prices are going up not down. A

stock price bottom is found when the price shows a sustainable/verifiable uptrend, which is why I prefer looking at longer term price action. It is better to be the last one “in” and the first one “out”. You won’t make as much profit, but you will never be left holding an empty bag. There are more.

Stock prices go higher because buyers are willing to pay a higher price. Stock prices go down because buyers are not willing to pay a higher price. Buyers control the market; sellers are just along for the ride.

Being an opportunist essentially means being at or even a little ahead of the curve. Being a contrarian investor means being awake to how people are reacting to that curve.

Any other analysis does not have a connection to real world. All a seller can do is hope that there is a buyer out there willing to pay the asking price. Who has more control over the revenues of the company: the Board of Directors of SM Investments Corp. or the shoppers who did not go to the SMBF Three-Day Sale this past weekend?

Every merchandise buyer for a department store knows how critical it is to understand and follow the consumer “herd mentality.” It is the same in the stock market. The retail buyer never asks why consumers are buying a particular clothing style or color, but only which style and color is popular. If the stock price of a company that you think is a “dog” is going higher and you can profit

Mask wearing in Japan, however, is not a contentious issue. Face masks have been a common sight in Japan even before the onset of Covid-19 as a protection against colds and hay fever. Most people in Japan wear masks in all indoor situations, on public transportation and in the city streets. Many people go beyond the recommendation of experts and will wear masks.

But Japan, a favorite tourism destination for many Filipinos, reopened its borders to foreign travelers and reintroduced visa-free entry from October 11, 2022. Foreign tourists can now enter Japan again like during pre-pandemic days, especially for triple-vaccinated travelers.

Japan was one of the countries that shut down its borders early to foreign travelers. It closed most tourist attractions in the second quarter of 2022 and shuttered many of them again during the succeeding waves of the virus.

The Philippines shares the same experience. It introduced lockdowns and curfews, and restricted people’s mobility to curb the spread of the virus. The harsh measures resulted in the closure of many establishments and displaced millions of Filipino workers. Yet, we persevered as a See “Villar,” A7

from that movement, why would you waste any time worrying about how dumb investors are for buying that issue?

To be successful in business and the stock market, this is what you need to be and what your investment strategy should follow. “Opportunist: someone who tries to get an advantage from a situation without thinking about what is right.”

The idea that the Chinese use two brush strokes to write the word, “crisis” and that one brush stroke stands for danger; the other for opportunity is inaccurate since that comes from a Western interpretation. Crisis, (wēi jī) where (wēi) indeed translates to “danger,” to endanger. However, (jī) by itself doesn’t really translate to “opportunity.” (ji hui) means “opportunity,” but an accurate translation of (jī) by itself is more like “a crucial point, when something begins to change.” Therefore, in a crisis, be aware of the danger but recognize the prospective opportunity.

THE EnTrEprEnEur

Manny B. Villar

CoNTr

Witnesses describe ‘a hell’ inside South Korean crowd surge

By Foster Klug & Hyung-Jin Kim | The Associated Press

L, South Korea—in one moment, thousands of Halloween revelers crammed into the narrow, vibrant streets of Seoul’s most cosmopolitan neighborhood, eager to show off their capes, wizard hats and bat wings.

In the next, a surge of panic spread as an unmanageable mass of people jammed into a narrow alley in Itaewon. Toppled revelers were trapped for as long as 40 minutes, stacked on one another “like dominoes” in a chaotic crush so intense that clothes were ripped off.

A stunned Seoul was just beginning on Monday to put together the huge scope of the crowd surge on Saturday night that killed at least 154, mostly people in their 20s and 30s, including foreign nationals. Officials said they expected more deaths because there were nearly 150 others injured, 33 of them in serious conditions.

Witnesses described a nightmarish scene as people performed CPR on the dying and carried limp bodies to ambulances, while dance music pulsed from garish clubs lit in bright neon. Others tried desperately to pull out those trapped at the bottom of the crush of people, but often failed because there were too many of the fallen on top of them.

“We were just stuck together so tightly we couldn’t even shift to call out and report the situation,” said one survivor, surnamed Lee. “We were strangers, but we held each others’ hands and repeatedly shouted out, ‘Let’s survive!’”

Kim Mi Sung, who works for a non-profit organization in Itaewon, told The Associated Press that nine out of the 10 people she gave CPR to eventually died. Many were bleeding from their noses and mouths. Most were women who dressed as witches or were in other Halloween costumes; two were foreigners.

“It was like a hell,” Kim said. “I still can’t believe what happened.”

In this ultra-wired, high-tech country, anguish, terror and grief —as well as many of the details of what happened—are playing out most vividly on social media. Users posted messages desperately seeking friends and loved ones, as witnesses and survivors described what they went through.

“I thought I was dying,” one woman said in posts on Twitter. “My entire body was stuck among everyone else, while people laughed from a terrace and videotaped us. I thought I would really die if I cried out. I stretched my hands out to (others) who were above me and I managed to get out.”

An unidentified woman in her 20s wept as she described the scene to the Yonhap news agency: “It looked like the graves of people piled upon one another. Some of them were slowly losing consciousness and others seemed to have already died.”

A man, surnamed Kong, said he managed to escape to a nearby bar with his friends after the crush happened. He saw through the bar windows that people were falling on

Mangun. . .

Continued from

I favor opportunistic companies and I want to own them. “Airlines and telecommunications companies are likely to be among the first to benefit from the amended Public Service Act, which raised foreign ownership limits.” No problem with that.

But wouldn’t companies that seized opportunities as situations changed be better than those who depend on externals to change to their benefit? Example: Companies that started within a couple of weeks of the lockdown in March 2020 to move to home delivery. Although, many companies were forced to close some if not many large mall stores and are now being replaced by op-

Witnesses described a nightmarish scene as people performed CPR on the dying and carried limp bodies to ambulances, while dance music pulsed from garish clubs lit in bright neon. Others tried desperately to pull out those trapped at the bottom of the crush of people, but often failed because there were too many of the fallen on top of them.

top of each other “like dominoes,” Yonhap reported.

When a 27-year-old office worker who gave only his surname, Choi, left the bar he’d been in during the crush, he saw dozens of police and paramedics. “It kind of looked like a war zone,” he said.

The bodies of 10 to 15 people were lined up in front of the King Kebab restaurant on the asphalt and were being covered up with blue tarps as he walked by.

“It looked like they were sleeping —eyes closed, mouth opened. They looked like mannequins,” Choi said.

Friends and family members gathered at a local government office to try to find news about the missing.

One Twitter user posted a series of messages asking for information about a 17-year-old friend who had gone to Itaewon to celebrate wearing a hairband that looked like cat ears.

“I lost contact with her. She’s been a friend of mine for 12 years, and we were like family. Please help me,” the message said.

Even after the crush, witnesses said they saw some revelers not immediately making way for emergency vehicles, rescuers and police officers.

One viral video clip on Twitter showing a crowd of young people dancing and singing near the carnage drew several insults from South Koreans.

Ken Fallas, a Costa Rican architect who has worked in Seoul for the past eight years, watched stunned as a dozen or more unconscious partygoers were carried out from a narrow backstreet packed with youngsters dressed like movie characters.

Fallas said police and emergency workers pleaded with people to step up if they knew how to give CPR because they were overwhelmed by the large number of injured.

“I saw a lot of (young) people laughing, but I don’t think they were (really) laughing because, you know, what’s funny?” Fallas said. “They were laughing because they were too scared. Because to be in front of a thing like that is not easy. Not everyone knows how to process that.”

AP journalists Juwon Park in Seoul, South Korea, and Jee-won Jeong and Kiko Rosario in Bangkok contributed to this story.

portunistic others and possibly at a lower rent.

Importers being hurt by a lower valued peso exchange rate? What about a company that produces locally and then generates 80 percent of its revenue overseas in US dollars?

Sounds like a potential winner? And what about using part of those dollars buying into US companies to produce in the Philippines and again earn foreign revenues?

Being an opportunist essentially means being at or even a little ahead of the curve. Being a contrarian investor means being awake to how people are reacting to that curve.

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

General professional partnerships: Local business tax

Tax Law for Business

Aprovince or city may impose an annual professional tax upon a person engaged in the exercise or practice of his profession requiring government examination. Such tax shall be paid to the province or city where the professional practices his profession or in case he practices his procession in several places, to the place where he maintains his principal office. The payment of this professional tax entitles the professional to practice in any part of the country without being subjected to any other national or local tax, license, or fee for the practice of his profession.

There is no argument that professionals are subject to the annual professional tax. But the payment of the annual professional tax entitles them to exemption from other taxes for the practice of the profession.

The exemption of professionals from other local taxes is further reinforced by the definition of “contractors.” A “contractor” includes persons, natural or juridical, not subject to professional tax, whose activity consists essentially of the sale of all kinds of services for a fee.

For purposes of local taxation, contractors or those engaged in the business of providing services exclude those subject to professional taxes.

Clearly, persons who are subject to professional taxes are not included in the term contractor. Hence, they are not subject to the local business tax imposed on contractors or businesses providing services.

These rules are all provided in the Local Government Code (LGC).

Some local government units (LGUs) though still attempt to impose tax on professionals in addition to the annual professional tax. In fact, there are a number of local revenue codes that include specific provisions on the taxation of professionals. There are also local revenue codes that recognize the said provisions based on what is provided in the LGC, and yet the local treasurers disregard them.

While the exemption from local taxation of professionals are clear, there seems to be confusion on its implementation. To address the improper imposition and collection of taxes, fees and charges on professionals, Local Finance Circular No. 001-2019 was issued by the Department of Finance. This circular reflects that of the LGC with more detailed guidelines.

With the professionals subject only to the annual professional tax and exempt from all other local taxes, fees and charges, does this extend to

For taxation purposes, partners of general professional partnerships are subject to taxes in their individual capacities. And provided that the partners are paying professional taxes, they are not subject to local taxes. This was the recent pronouncement of the Court of Tax Appeals.

a general professional partnership?

Aside from the usual business partnership, two or more persons may also form a partnership for the exercise of a profession. (Article 1767, New Civil Code of the Philippines) This type of partnership is called general professional partnership. “General professional partnership” is defined in the LGC as partnership formed by persons for the sole purpose of exercising their common profession, no part of the income of which is derived from engaging in any trade or business.

For taxation purposes, partners of general professional partnerships are subject to taxes in their individual capacities. And provided that the partners are paying professional taxes, they are not subject to local taxes. This was the recent pronouncement of the Court of Tax Appeals.

In that case (CTA AC 247, September 16, 2022), a partnership composed of architects was issued an assessment for local business tax by the city treasurer on fees received by them from architectural services. The assessment was made despite the fact that the partners of the said firm have been paying their professional taxes in their individual capacities. Likewise, they were not engaged in

any trade or business other than the general practice of architecture as a profession. The Court of Tax Appeals confirmed the decision of the Regional Trial Court that the firm is a general professional partnership, and as such, it is exempt from local taxes. This and other similar earlier pronouncements should provide enough bases for local government units to stop imposing local taxes, fees and other charges on general professional partnerships. LGUs need to check compliance only with the payment of annual professional tax by the members of the firm. LGUs may also check if a firm is engaged in other business activities that do not constitute the practice of their professions. But even in the latter case, tax should not extend to the revenues derived from the practice of profession but only to the revenues derived from other activities.

The power granted to LGUs to create their sources of revenues is not a blank authority to impose tax on any subject at will. This is subject to the limitations provided by the grantor. That includes the limitations to impose tax to professionals and to the general professional partnerships to which they belong.

The author is the Managing Partner of DuBaladad and Associates Law Offices (BDB Law), a member-firm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at fulvio.dawilan@ bdblaw.com.ph or call 8403-2001 loc 310.

US suggests EU consider using export controls to target China

By Jorge Valero | Bloomberg Opinion

THeUS has raised with european allies the idea of drawing upon lessons from the export control regime they’re using to punish russia to target china, according to people familiar with the matter.

The conversations came up as European Union and US officials are negotiating the agenda for their next high-level trade forum in early December. The allies have cooperated on restricting exports to Moscow since President Vladimir Putin invaded Ukraine, and the Biden administration is exploring using some of the same information sharing and enforcement coordination to reinforce its own bilateral restrictions on exports to China, said the people, who asked for anonymity to address sensitive topics.

So far, the people added, the EU isn’t inclined to consider following the same approach to China as with Russia because the circumstances are different, but one of the people said there may be room to look at goods that could be used by Beijing to bolster its military capability. It’s unclear whether the topic will come up when US Trade Representative Katherine Tai meets EU trade ministers who are in Prague for an informal meeting on Monday.

“The US is not considering extending the Russia export controls to China nor have we raised doing so with the Europeans,” Saloni Sharma, a spokeswoman for the US National Security Council, said in response to questions.

Export controls have been one of the more effective tools to cripple Russia’s arsenal and are seen as po-

Villar. . .

Continued from A6

nation. We have successfully stopped the virus spread and have learned to live with Covid-19 despite the economic reopening.

The signs of normalcy are unmistakable. Travelers will no longer

tentially useful to slow down China in the global tech race. Earlier this month, the Biden administration restricted US companies from selling some chips used for supercomputing and artificial intelligence to Chinese firms.

Senior EU and US officials are set to meet Dec. 5 near Washington to agree on a list of economic plans in the third meeting of the Trade and Technology Council. The European Commission, the EU’s executive arm, is considering six priorities, including the joint development of digital infrastructure projects, an artificial intelligence roadmap or megawatt electric vehicle charging, the people said.

Some member states have been wary of the US efforts to turn the forum into an anti-China body and instead have preferred to focus on a positive bilateral agenda.

But European countries are increasingly worried about what they see as the confrontational stance of the Chinese government, in particular following the recent party congress that cemented President Xi Jinping’s leadership. Some member states including Germany have suggested that the bloc should revise its approach toward China, as Beijing is becoming less a partner or a competitor and more a rival, the people said.

EU leaders held a strategic discussion on China this month, where

undergo a reverse transcriptionpolymerase chain reaction (RT-PCR) test as a pre-departure requirement. Unvaccinated foreigners will be allowed entry into the Philippines as long as they present negative results of an antigen test taken 24 hours before departure. Or they can take an antigen test upon arrival in the Philippines.

Export controls have been one of the more effective tools to cripple Russia’s arsenal and are seen as potentially useful to slow down China in the global tech race. Earlier this month, the Biden administration restricted US companies from selling some chips used for supercomputing and artificial intelligence to Chinese firms.

there was consensus on the need to reduce critical dependences on Beijing, a senior EU diplomat summarized.

Some European capitals are in favor of using the TTC to bolster coordination with the US to develop effective anti-coercion and trade defense tools against non-market economies, including China, a second senior EU official said.

Commission spokesperson Miriam Garcia Ferrer said that contacts with the US administration are ongoing as the EU analyzes the implications of the latest US restrictive measures on China.

Last year, the US and EU agreed on a joint statement after a TTC meeting which said that “a multilateral approach to export controls is most effective for protecting international security and supporting a global level-playing field,” and restrictions should not unduly disrupt strategic supply chains.

The Netherlands has expressed concerns about the impact of the US export controls, especially in the field of semiconductors, the people said. The country is home to ASML Holding NV, a Dutch maker of semiconductor manufacturing gear.

Negotiations ahead of the next

But are we ready for the optional wearing of face masks indoors? I personally believe the Philippines is. Filipinos, especially our workers, are responsible people. They have protected themselves against the virus by way of vaccination, social distancing, hand washing and proper hygiene.

I will not be surprised, though, if

TTC meeting have been hampered by the recently passed US Inflation Reduction Act, which provides subsidies to support green technologies in the US and is seen as discriminatory by the EU and other countries. Officials from both sides are scheduled to meet this week to address the European concerns, and the EU executive’s arm hoped to solve these irritants before the high-level meeting takes place in early December.

Tai said the US and EU have overcome other trade disputes under the Biden administration, including fights over subsidies to civilian aircraft makers and the aluminum trade.

“I feel like we have every right to feel confidence about our ability to navigate these conversations around the EU’s concerns on the Inflation Reduction Act also,” she said in an interview at Bloomberg’s Washington office Friday. “In terms of our actual work with the EU, it is an important and additional item that we have to take on now. But it is not in my view, overshadowing.”

A large majority of member states expressed serious concerns about the US law during a meeting of EU ambassadors last week, the people said, noting that the law could hurt the bloc’s green transition and its competitiveness in general. France said that it could lose 8 billion euros ($8 billion) in green investments, the people said.

Countries including Germany and France believe that the best solution would be to obtain the same treatment Mexico and Canada get under the IRA and the bloc should use all the tools available to that end, the people said. With assistance from Jenny Leonard and Alberto Nardelli / Bloomberg.

many Filipinos will continue wearing face masks indoors despite the less rigid set-up, as what the Japanese have been doing for decades. We should always err on the side of caution.

For comments, send e-mail to mbv_secretariat@vistaland.com.ph or visit www.mannyvillar. com.ph

fulvio D. Dawilan

ASEAN’S LABOR CHIEFS PITCH PORTABILITY FOR MIGRANT WORKER PERKS

By Samuel P. Medenilla @sam_medenilla

THE portability of social se curity benefits for migrant workers may be among the issues to be tackled during the 40th and 41st  Association of Southeast Asian Nations (Asean) Summits next month.

T his, after Asean labor offi cials endorsed for the upcoming summits on Nov. 10 to 13 the adoption of a declaration for the said policy.

The Declaration highlights Asean Member States’ commit ment for smooth and fair tran sition of social security benefits that migrant workers are enti tled from countries of employ ment to their home countries,” the Asean Labor Ministers said in a Joint Communique, final ized during their meeting last Friday.

T he meeting, chaired by La bor and Employment Secretary Bienvenido E. Laguesma, was held at the Shangri-La Hotel in Bonifacio Global City.

I f approved, the declaration will become the Asean guide lines for the implementation of the portability of social security benefits.

It will also support the en

forcement of the Asean Consen sus on the Protection and Pro motion of the Rights of Migrant Workers Consensus.

A side from the endorsed dec laration, the 27th Asean Labor Ministers’ Meeting (ALMM) last week discussed the promotion of information and communi cation technology (ICT) and digitalization in operationaliz ing the Asean Comprehensive Recovery Framework.

T hey also talked about re forms in the Asean human re sources development systems to ensure workers will possess “future skills” required by in dustries.

A lso tackled was the modern ization of agriculture to ensure food security and help generate more jobs in Asean.

T he member states supported the 2-year agenda of the Philip pines to modernize the agricul ture sector through initiatives, which will be aligned with the Asean Integrated Food Security (AIFS) Framework and Strategic Plan of Action on Food Security 2015 to 2020.

“ Focusing on agriculture will not only help us address hunger but also expand employment and lift many out of poverty,” Laguesma said.

‘PHL must push for climate-related loss and damage funds’

COUNTRIES like the Phil ippines must continue to push for acknowledgment and compensation for “loss and damage” ahead of Conference of the Parties (COP) 27, or the 2022 United Nations Climate Change Conference, House Committee on Ways and Means Chairman Joey Sarte Salceda has said.

I n a statement, Salceda said that “Typhoon Paeng wasn’t supposed to be that strong, and yet killed several dozens of people due to stronger than expected floods.”

S alceda, who was formerly the Co-Chair of the United Nations Green Climate Fund, will be part of the Philippine delegation to the Conference of the Parties (COP) 27, or the 2022 United Nations Climate Change Conference, set in Egypt this year.

“Climate change kills. There is loss and damage. And countries like the Philippines that are the most at-risk due to its impacts have a moral responsibility and the moral ascendancy to fight for the principle of loss and damage,” Salceda said.

L oss and damage, in interna tional climate law, refers to the permanent loss or irreparable damage caused by climate change, including extreme weather events like typhoons,as well as slow-onset events such as sea-level rise.

International aid and green fi nancing are not enough. There has to be some form of compensation to the most vulnerable and affected countries,” he said.

Due to climate risks, we are now the most at-risk country in the world according to the 2022 Global Risk Report. Arguably, no body is more affected by climate change than we are. If we are soft on this position, we throw other climate-vulnerable countries under the bus. So, we have to be strong on loss and damage,” Sal ceda added.

S alceda said he hopes that vulnerable countries will band together in COP 27 to demand more from major polluters like the United States and the Euro pean Union, as well as from the world’s oil-rich countries, which tend to be the highest per-capital polluters.

“ Paeng isn’t even that strong, as far as typhoons in the October-No vember season go. Some 45 people dead during a ‘normal’ storm is no small matter. It’s the climate prob lem manifesting itself in the death toll,” he added.

“ It didn’t even hit Mindanao, as far as landfalls go. But most of the dead is from Mindanao. More com munities are becoming vulnerable to the effects of stronger weather events,” the lawmaker said.

Calamity fund

SALCEDA said that apart from demanding more support for the country’s clean energy transition, countries like the Philippines should also ask for more direct compensation mechanisms and funds that can be activated as soon as climate-related disasters take place.

“ If the world won’t achieve con sensus on loss and damage, we at least need a global ‘quick response fund’ similar to our Calamity Fund but funded to by countries accord ing to their pollution contributions, and accessed by countries as soon as climate-related disasters affect them,” he said.

S alceda said the fund can be ad ministered by a committee where both developed and developing countries are represented.

“ Mitigation and adaptation mea sures are not enough. They’re good, but not enough. And coming from a disaster like Paeng, we have the moral duty and moral ascendancy to make demands to the world’s biggest polluters,” he said.

Jovee Marie N. Dela Cruz

BSP: Pay-based consumer loans surge 56.8% in Sept

By Cai U. Ordinario @caiordinario

2022, respectively.

C redit card loans increased to P507.416 billion in September 2022 from P402.407 billion in September 2021.

Motor vehicle loans, meanwhile, increased to P324.12 billion in the period ending September 2022 from P310.77 billion in the same period in 2021.

loans, net of RRPs, increased by 1.7 percent.

O utstanding loans to residents, net of RRPs, rose by 13 percent in September following an expansion of 12.1 percent in August.

Data showed salary-based gen eral purpose consumption loans jumped 56.8 percent to P117.391 billion as of September 2022 from P74.869 billion in the same period last year.

T his accounted for 1.1 percent of the net of reverse repurchase (RRP) placements of universal and commercial banks (U/KBs) with the BSP which amounted to P10.494 trillion as of September.

The continued expansion in lending activity and ample liquid ity will support the recovery of

economic activity and domestic demand. Looking ahead, the BSP will ensure that liquidity and lend ing conditions remain consistent with its price and financial stabil ity mandates,” BSP said.

Salary-based loans are under Con sumer Loans which posted a growth of 20.5 percent to P965.99 billion as of September 2022, from P801.398 billion in the same period in 2021.

A lso under consumer loans are credit card and motor vehicle loans which posted a growth of 26.1 per cent and 4.3 percent in September

“Consumer loans to residents grew by 20.5 percent in September from 18.3 percent in August, driven mainly by the year-on-year increase in credit card loans, motor vehicle loans, and salary-based general pur pose consumption loans,” BSP said.

Net of reverse repurchase (RRP) placements of U/KBs with the BSP expanded by 13.4 percent year-onyear in September, faster than the 12.2-percent increase in August.

O n a month-on-month season ally-adjusted basis, outstanding universal and commercial bank

O utstanding loans for produc tion activities went up by 12.3 percent in September from an 11.5-percent expansion in the pre vious month, due mainly to the rise in lending to key sectors such as real estate activities at 16.3 percent.

T he data also showed lending to manufacturing increased 16.2 percent; information and commu nication, 25.5 percent; and whole sale and retail trade, repair of mo tor vehicles and motorcycles, 10.8 percent.

O utstanding loans to nonresidents also increased by 26.6 percent in September after a 16.3-percent expansion in the previous month.

Hotel sector still faces challenges in recovery

By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror

DESPITE an increase in hotel bookings, the accommoda tions industry is still not out of the woods.

I n his welcome remarks at the re cent 8th Virtus Awards, Hotel Sales and Marketing Association (HSMA) president Benjamin Martinez said the group “generated P35 million in gross sales” during the group’s September Online Sale (SOS), with 78 member hotels and resorts par ticipating. This year’s sales exceeded that of last year’s SOS, which gener ated P29.2 million in gross sales.

He added, “2022 has seen remark able stories of our industry’s resil ience. We are breaking free from the pandemic, but the challenges con tinue as we struggle to bring back the pre-pandemic sales and market demands.  We are called upon to be more resourceful, to think out of the box, and to be able to pivot faster.”

I n a text message to the Busi nessMirror , he explained, “Tar gets in the corporate and govern ment market segments are not achieved as expected in rooms and banquets. It has been challenging. Social functions are more intimate now, while meetings and conferenc es are smaller this year compared to 2019.” The same concern was shared by meetings and events organizers with this paper recently. (See, “In ternational travelers are coming, but not all tourism businesses are benefiting,” in the Business Mirror , October 31, 2022.)

Inflation discouraging functions

HOTELS are also coping with quicker inflation with the increase in prices of food ingredients. The establish ments have had no choice but to raise food and beverage rates, which is “discouraging potential customers to hold their functions in hotels. In ternational guest arrivals and func tions are still far from 2019 levels.”

The Bangko Sentral ng Pilipinas has

just predicted inflation rate to hit 7.9 percent in October, due to ris ing prices in food crops, fuel, and transportation.

M artinez said average hotel occu pancy of their members this year is about 60-65 percent, despite having lost the valuable quarantine market. In 2019, prior to the pandemic, aver age hotel occupancy among HSMA members was about 70 percent.

D uring the pandemic, HSMA of fered to the DOT that hotels host quarantining arrivals, at less than their usual hotel rates, in an effort to keep revenue flowing. The removal of quarantine procedures in February as the Philippines reopened its borders to fully vaccinated leisure travelers, however, resulted in an immediate drop in hotel occupancies.

Virtus Awardees

MEANWHILE , HSMA recognized this year’s best practices and staff in sales and marketing at the Grand Ballroom of Okada Manila. The 8th Virtus awardees were: Jhune

Niño T. Calinawan (Quest Hotel & Conference Center-Cebu) for Out standing Sales and Marketing As sociate; Marie Antonnette P. De Bel en (Conrad Manila), Outstanding Sales and Marketing Manager; Mi chelle Angeli R. Crudo (Novotel Manila Araneta City), Outstanding Sales and Marketing Leader; and Newport World Manila’s “I Love Earth” campaign, Outstanding Marketing Campaign.

I n her speech, Virtus Awards chair Rose H. Libongco said, “In the process of organizing and execut ing the Virtus Awards, we honor the value of real world learning, the exchange of best practices, the demonstration of productive sales interactions and skilled cus tomer engagement, the display of enthusiasm amid difficulties, the focus on solutions vs. problems, the can-do attitude rather than complacency or worse, [and] de feat in the face of overwhelming difficulties.”

DAY OF FIRSTS IN NYC For the first time since it was built in 1733, Bowling Green Park in New York City saw the Philippine flag raised, to cap rites honoring the extraordinary contributions of Filipino-Americans to New York City and throughout the United States during Filipino-American History Month. “Kababayans” from the community, including city mayor Eric Adams who gamely wore Barong Tagalog, and Maria Torres Springer, first Filipino American Deputy Mayor of New York, graced the historic event. They are seen here with Consul General Elmer G. Cato, who raised the Philippine flag. TROI SANTOS

SALARY-BASED consumer loans surged by more than half as of September, according to data released by the Bangko Sentral ng Pilipinas (BSP).

Fintech player sets sights on health workers in PHL

By Lorenz S. Marasigan @lorenzmarasigan

“Aside from being convenient, NextPay was also more affordable compared to other payment solutions. It provided me with ease of collection of receivables, especially since payments can be done online,” Dr. Juan Carlo M. Peralta, a veterinarian who uses NextPay, said.

After conducting teleconsultations, doctors can easily accept payments through single-use and reusable payment links, which will then redirect patients to a page wherein they can choose their preferred payment method, such as credit cards, eWallets, or direct debit.

disbursement feature.

Aside from these, NextPay also relieves medical professionals of the burden of manually recording every transaction. NextPay provides users with a dashboard that enables them to track their transactions and provides for easier accounting and bookkeeping since it displays the names of those who paid and the date of the transaction, without any need for screenshots of payment from patients.

Mindanao’s power spot market to go live by yearend

By Lenie Lectura @llectura

The wholesale electricity spot market (W eSM) in Mindanao is all set to start commercial operations by yearend, according to the Mindanao Development Authority (MinDa).

Montenegro said the electricity market is expected to unlock advantages, such as having market-driven electricity price, transparency of dispatch, power sourcing flexibility for grid connected electric cooperatives, and market viability for renewable energy players.

Next e n terprises C e O Don Pansacola said independent medical professionals can use their platform to transact with their patients and suppliers, helping them collect and send money and manage their finances.

“We see a huge potential in tapping the independent medical professionals market, as the budding sector continues to grow along with the accelerated digital transformation of the Philippines,” he said.

“Medical professionals [who] engage in telemedicine and onsite consultations can leverage [our] platform to run their daily operations effectively, allowing them to focus on serving their patients instead of managing their business finances.”

By Henry Empeño Correspondent

By using the platform, doctors and other healthcare professionals are able to accept payments from different channels–from QR codes, eWallet, debit, credit, to direct bank transfers–providing them and their patients flexibility and greater convenience, he added.

They can also keep track of their business activities using a digital ledger that integrates all of their transactions, enabling them to manage their finances more efficiently and accurately, Pansacola said.

To date, several medical professionals have signed up with NextPay to avail of the different benefits it offers, including increased transparency and security, constant growth and customer-centric solutions.

Medical practitioners who also hold onsite consultations–doctors, veterinarians, dentists and cosmetic doctors–can also opt to use NextPay’s unified QR Code payments system. Patients simply have to scan the QR code and choose their preferred payment method.

The collected funds for both Payment Links and QR Codes will be credited to their NextPay account. Both solutions increase data security for independent healthcare professionals, since they remove the need to manually share and divulge bank information to receive payments electronically.

Independent medical professionals can also use NextPay to conveniently pay their suppliers or even their employees through NextPay’s

seaport revenues

SUBIC BAY FR eePORT—Seaport revenues here rose by 14 percent year-on-year to P1.14 billion in January to September, according to the Subic Bay Metropolitan Authority (SBMA).

The difference between this year’s tally from the 2021 figure of just over P1 billion is P145.12 million, prompting officials to claim that the port sector here “is thriving.”

Seaport revenues are derived from vessel charges, cargo charges, processing fee, SBMA share, lease/ rental of facilities, and other charges.

The National electrification Administration (Ne A) said Monday the initial cost of damages incurred by affected electric cooperatives (eCs) due to Typhoon “Paeng” has reached P7.4 million. The agency said 96 eCs were placed under different tropical cyclone wind Signals. Based on the latest Ne A Power Monitoring Report (Ne A-PMR), 35 of the 96 experienced partial power interruption. Of this figure, 45 are now in normal operation, three are still without power, while 13 eCs did not submit reports.

“The initial damage cost is estimated at around P7,421,980.63 from 12 eCs,” Ne A said.

These are Abra electric Cooperative (ABR eCO), Pampanga II electric Cooperative Inc. (PeLCO II), Marinduque electric Cooperative Inc. (MAR eLCO), Zambales II e lectric Cooperative Inc. (ZAM e CO II), Romblon e lectric Cooperative Inc. (ROMeLCO), Tablas Island electric Cooperative Inc. (TIeLCO), Camarines Sur II electric Cooperative Inc. (CASUR eCO II), Aklan electric Cooperative Inc. (AK eLCO), Northern Negros electric Cooperative Inc. (NONeCO), Samar II electric Cooperative Inc. (SAMeLCO II), Leyte V electric Cooperative Inc. (Le Y eCO V) and Province of Siquijor electric Cooperative Inc. (PROSIeLCO). Lenie Lectura

VISA Inc. said it has tapped Brankas Digital Technologies Inc. as its first partner in Southeast Asia to offer live access to its “open data” products that could help increase financial inclusion in the region.

Both companies have been collaborating on data and money movement initiatives for months, leveraging on each other’s expertise in open finance, global payments and data intelligence.

According to Brankas C e O Todd Schweitzer, the digitalization of the region’s banking industry has strengthened the market’s confidence on financial institutions.

Seeing the opportunity to provide solutions for businesses to offer quality customer experience, Schweitzer said their partnership allows them “to unlock accelerated transaction processing and payment alternatives to boost their offerings.”

“We are very excited to team up with Visa to increase financial in-

clusion across Southeast Asia and we believe that our joint solutions will do just that.”

With these products, financial institutions can now use the current available transaction data to immediately improve their solution offerings, Schweitzer said.

Two of the pilot customers— Tongdun Technology Co. Ltd. and PT IziData—are already using the joint solutions, where Brankas integrates Visa Cardholder Transaction Score (VCTS) and Visa’s range of payment rails into its core solutions to bring new “credit decisioning” and payment products.

Digital banks, BNPLs (buy now, pay later services providers), alternative lenders, e-commerce platforms and Insurtechs wanting to enhance their credit decisioning capabilities can now get access to valuable, verified data that reveal a cardholder’s aggregated spend insights and creditworthiness.

This significantly improves risk evaluation methods and enables

The digital consultations market saw a spike of 170 percent in 2020. Teleconsults continue to be a trend as it has become embedded in the Filipino lifestyle.

“By providing them with the right tools and services, we are able to empower independent medical professionals to integrate digital finance into their daily operations. Our drive to provide them with digital financial solutions is aligned with our goal of putting the power of big banks to growing businesses,” NextPay Chief ex perience Officer and Co-Founder Aldrich Tan said.

NextPay is backed by Silicon Valley-based startup accelerator Y Combinator, Singapore-based venture capitalist Golden Gate Ventures, the Ayala Group’s Kickstart and Gentree Fund, the private investment vehicle of the Sy Family of the SM Group conglomerate and other investors.

MinDa Deputy executive Director Romeo Montenegro said that “with all systems in place and rules laid out,” the commercial operation of W eSM in Mindanao will happen by the end of 2022.

“Mindanao gets ready to transition from bilateral contracts to market operated electricity regime with the anticipated commercial start of the Wholesale electricity Spot Market (W eSM) Mindanao by yearend,” he announced via social media last week.

MinDA, Department of e nergy (DOe), and energy Regulatory Commission (eRC), representatives of various electric cooperatives attended last week’s W eSM Mindanao roadshow that was jointly organized by Independent electricity Market Operator of the Philippines (IeMOP) and the Association of Mindanao Rural electric Cooperatives (AMR eCO) at the SMX Convention Center in Davao City.

“As co-chair of the Mindanao Power Monitoring Committee (MPMC), MinDA had supported measures, both policies and programs, put forward by DOe to improve the Mindanao power situation, address pricing infirmities and accelerate renewable energy deployment especially in geographically isolated and disadvantaged areas in Mindanao.”

DOe energy Management Bureau (R eMB) Senior Science Research Specialist Jordan Ballaran said there are some recurring issues that needs to be fully addressed before W eSM in Mindanao opens. “So for that reason they will open it with some considerations on those issues.”

e stablished under the e lectric Power Industry Reform Act of 2001, W eSM serves as the country’s electricity trading market.

The commercial operation of W eSM in Mindanao has been postponed many times due to unfinished software audit, among others.

SEC to co-chair Asean committee

Martinez also said that from January to September, the Subic port received 1,810 ship calls, an increase of 350 ships or 24 percent over the 1,460 calls in the same period last year. A total of 1,087 of these were foreign ship calls, an increase of 18 percent over last year’s 921 record.

Meanwhile, 723 domestic ships called at Subic in the same period, or 34 percent higher than last year’s 539.

Martinez also reported a 30-percent increase in gross tonnage (GT) to 22.8 million GT, from last year’s 17.5 million GT, or an increase of 5.3 million GT.

automated credit decisioning to facilitate faster processing of services such as loans and credit card issuance.

Brankas and Visa have co-developed a new account-to-account payment suite for more local and cross-border money movement means that banks and merchants can use to provide customers a new way to make instant payments while saving on transaction fees.

For Visa Group Country Manager, Regional Southeast Asia and Senior Vice President for Global Client Management Tareq Muhmood, they are well positioned to empower people, businesses and governments to make more confident financial decisions and move money safely.

This is well complemented by Brankas as it combines core banking, data, payments and issuance products in a single stack to allow customers to launch latest innovative solutions fast, he noted.

Roderick

The Securities and exchange Commission (SeC) said it will co-chair the Asean Working Committee-Capital Market Development (WC-CMD).

The SeC said the committee of the Association of Southeast Asian Nations (Asean) was established with the vision of achieving cross-border collaboration among capital markets in the bloc.

The Philippines, together with the Ministry of Finance and economy Brunei Darussalam, will co-chair the committee from 2022 to 2024.

The two countries took over the leadership of the WC-CMD from Indonesia’s Ministry of Finance and SeC Myanmar in a virtual handover event held last August 11.

“In the past two years, as the WCCMD’s activities heightened and collaboration among its members increased, notable feats in sustainable finance have been achieved, giving way for regional economic stability despite other external factors,” SeC Commissioner Kelvin Lester K. Lee said.

“We acknowledge that collaboration is important in the process to ensure that WC-CMD will produce valuable and significant deliverables next year, as well as remarkable milestones in sustainable finance activities in the Asean,” said Nella hendriyetty, director of the Center for Regional and Bilateral Policy of the Indonesia Ministry of Finance’s Fiscal Policy Agency.

To date, the WC-CMD has collaborated with the working groups of the Asean Capital Markets Forum (ACMF) on infrastructure financing and sustainable financing to enhance regional cooperation and integration among capital markets in Southeast Asia. It has also developed a sustainable finance report focusing on government and quasigovernment sectors in the Asean.

These efforts are part of the working committee’s endeavor to achieve its six priorities for 2022.

Other priorities laid out during the handover include the further refinement of the Asean taxonomy for sustainable finance, further development of the Asean transition standards, further engagement with the joint sustainable finance working group with the ACMF, the preparation of a whitepaper as part of stakeholder engagement, and the finalization of the conversation on sustainable finance, which it completed in March.

Following the handover event, the WC-CMD reconvened on September 14 to discuss various developments in cross-sectoral cooperation including updates on the Asean Bond Market Development Scorecard, the Risk Monitoring Template and the successful socialization of the Conversation Pack of Sustainable Finance First for Sustainable Projects’ Initiative.

The conversation pack is a key tool for the working committee to achieve their sustainable finance goals, as it aims to kickstart discussions with the relevant ministries, government agencies, project owners and promoters to consider using sustainable finance as the first choice for financing for sustainable projects. It encourages further involvement of relevant government bodies to be part of the sustainable finance agenda.

Apart from the WC-CMD, the SeC ’s active regional involvement in sustainable finance and capital market development can also be felt in the ACMF. SeC Philippines has also participated in the ACMF Deputies Meeting held last September 19, which provided updates on matters such as bond standards, sustainable finance pand the Asean Taxonomy for Sustainable Finance. VG Cabuag

SBMA Seaport Department General Manager Jerome Martinez said in a report that revenues collected in

9-months have reached 81 percent of the agency’s revenue forecast of P1.4 billion for the year.

Image shows

Banking&Finance

ADB to focus on private sector, green projects

By Cai U. Ordinario @caiordinario

The Asian Development Bank (ADB) has revamped its operating model to focus more on private sector development and climate change-related projects.

In a report on its new operative model, the Manila-based multilateral development bank said it will increase private sector financing to a third of its operations by 2024. The

share of nonsovereign operations (NSO) in bank operations stood at 27 percent in 2021.

The report also stated that climate change-related projects will

take up 100 percent of its sovereign operations and 85 percent of its NSO aligned with the Paris Agreement by 2023.

“These reforms are both timely and essential,” ADB President Masatsugu Asakawa said in a statement. “Our new operating model will position us to better respond to the complex development challenges now faced by Asia and the Pacific. It builds on ADB’s core strength, our staff, to help us deliver solutions with the greatest development impact for the region.”

The focus on increasing its NSO will mean that the ADB will expand its Private Sector Operations De-

partment (PSOD). This will mean hiring more staff with private sector transaction-related skills.

The report also noted that in terms of climate change, this means the bank does not only intend to increase projects financing of adaptation and mitigation measures but also intends to improve its quality.

“The changing development landscape prompted ADB to focus on aspects of its business in which a paradigm shift would enable it to do more for and remain relevant to its DMCs. As a result, the organizational review focuses on the following four fundamental shifts: solutions, private sector development, climate

change, and ways of working,” the report read.

The road map is the result of an organizational review, led by Asakawa, that began in June 2021 and was informed by views from ADB’s regional clients, Management, Board of Directors, and staff.

ADB said its review process was guided by the principle of maximizing its development effectiveness.

For ADB’s clients, the new operating model will enhance the experience of working with the Bank. ADB’s five regional departments—covering Central and West Asia, East Asia, the Pacific, South Asia, and Southeast Asia—and resident missions in coun-

tries with operations will become a single window for all ADB products and services, both sovereign and nonsovereign.

Staff and expertise from the sectors, themes, and other specializations in which ADB operates will be consolidated, with increased deployment to regions and countries to offer a better range and quality of solutions, resulting in more staff working in the field, closer to clients.

The new operating model is expected to roll out in the second quarter of 2023. A phased implementation will minimize disruptions to ADB’s clients and development partners.

Beyond death and taxes Local money supply hits ₧15.4T in September–report

ONE thing that is almost certain is change. Change is constant. Nothing is forever the same.

One powerful proof is we all get old and there is no stopping time from moving forward. The song “Some Good Things Never Last” showed that even in the field of romance, nothing is permanent.

As per my personal experience in my former job, I have seen changes in my tenure. From day one, I told myself that I will serve my employer until I reach the age of 60.

How would I have known that my retirement at age 46 be dependent on the company’s change of direction?

Luckily I was able to do something earlier that majority failed to do: I took the risk and INVESTED.

As Facebook founder Mark Zuckerberg said, “The biggest risk is not taking any risk. In a world that changes really quickly, the only strategy that is guaranteed to fail is not taking risks.”

What is investing?

IN VESTING is an act of buying assets with the hope that it will generate income or will appreciate in the future. Most of the time the investment is a monetary asset purchased with the idea that the asset will provide income in the future or will be sold at a higher price for a profit.

Investing also can be in the form of time you put into the study of a prospective business. It must be noted that time is also money. Facebook was a result of investing in time wherein Zuckerberg is reaping tons of benefits today.

His idea benefitted us all by making us connected and making him one of the richest people in the world at a young age.

Why invest?

I N VESTING wisely is the key to building wealth. But remember that investing comes with risk. The return is not guaranteed so it is very important to make a research on the instrument. To build wealth, the investment must outpace inflation.

As price of goods keep on going up, our money should grow at a faster rate so that our money does not outlive us in the future. Otherwise, in our old age, reality will set in and no amount of regretting can help us recover our lost ground.

perSOnal FinanCe

How to invest

D E PENDING on the knowledge acquired, you can make an investment via a bank, a broker, or even in an insurance company. In most cases, these organizations pool the investment money to make more large-scale investments, and each individual investor has a share of the larger investment.

You can also make an investment with a broker, who will handle the order in exchange for a fee or commission.

Types of investment

T HERE are two major kinds of investment: fixed income and variable income. Fixed income investment refers to an investment instrument that brings in a regular amount of interest income on a regular basis, such as bonds or time deposits.

Variable income investment refers to business or property ownership such as mutual funds or stock shares. In the variable income investment, the income that results can come in many forms, including profit and appreciation specially on long term. Another earning can also come from trading/speculating which are short-term and often deal with heavy turnover and, consequently, a higher amount of risk.

Before investing, make sure you have the following:

1. Paid off-debts. Nothing beats being debt-free. Without debt, you are free from bondage.

2. Emergency funds. Emergency fund strikes anytime so it makes sense to have buffer fund so that you do not bother your money in making more for you.

3. Insurance. You need to cover life’s risks as the occurrence of the risks can easily wipe out your investments and might put you deep in debt.

Edmund Lao, is a registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 99th RFP program this January 2023. To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-6248110.

THE country’s domestic liquidity (M3) grew 5 percent yearon-year in September on the back of the double-digit growth in domestic claims, according to the latest report from the Bangko Sentral ng Pilipinas (BSP).

The M3 growth rate in September, however, was slower than the 6.7 percent recorded in August, the BSP said in a report. The country’s money supply in reached P15.4 trillion in September.

BSP data also showed that on a month-on-month seasonally-adjusted basis, M3 contracted 0.4 percent.

“Looking ahead, the BSP will continue to ensure that domestic liquidity conditions remain in line with the BSP’s price and financial stability objectives,” it said in a statement.

Compared to August, the domestic liquidity level in September was lower by P63.536 billion. However, compared to September last year, the M3 level was higher by P730.728 billion.

BSP data showed domestic claims rose by 10.8 percent year-on-year in September from the revised 11.4 percent posted in the previous month,

due to the improvement in bank lending to the private sector.

“Claims on the private sector grew by 10.1 percent in September from 8.9 percent in August with the sustained expansion in bank lending to non-financial private corporations and households,” it said.

Meanwhile, net claims on the central government rose by 15.3 percent in September from 21.2 percent in August owing to the sustained borrowing by the National Government.

Net foreign assets (NFA) in peso terms fell by 1.7 percent in September following the 0.8-percent contraction in August.

The NFA of banks declined mainly on account of higher bills payable. Meanwhile, the BSP’s NFA position was broadly steady year-on-year.

OFCS claims

T HE BSP also said preliminary data on the Other Financial Corporations Survey (OFCS), showed the domestic claims of these corporations went up in the April to June period.

Data showed there was a 1.7 percent growth in the domestic claims of OFCS to P7.206 trillion in the second

quarter of 2022 from P7.083 trillion a year ago.

“This developed on account of the OFCs’ higher claims on the private sector and on the central government,” the BSP said.

In the second quarter, the BSP said OFCs claims on the private sector expanded due to an increase in loans extended to households as well as higher investments in equity securities issued by private nonfinancial corporations.

“The growth in the domestic claims can be attributed to OFCs’ higher claims on the national government due to the sector’s increased holdings of government securities,” it added.

The Central Bank also reported that the OFCs’ claims on depository corporations declined in the second quarter compared to the same period last year due to the decline in the sector’s bank deposits and holdings of bank-issued debt securities.

OFCs’ net foreign assets rose significantly in second quarter, largely on account of higher investments in debt and equity securities issued by nonresident entities.

The increase in OFCs’ assets was funded mainly by the sector’s issuances of shares and other equity.

The OFCS is a comprehensive measure of the claims and liabilities of the OFCs. OFCs refer to institutional units providing financial services other than banks, non-banks with quasi-banking functions, nonstock savings and loan associations, and the central bank.

These institutional units are comprised of non-money market funds of trust institutions, trust corporations, and investment companies, private and public insurance corporations, holding companies, government-owned or -controlled corporations engaged in financial intermediation, and other financial intermediaries and auxiliaries.

The private sector is composed of other nonfinancial corporations, and households and non-profit institutions serving households.

The other nonfinancial corporations refer to private corporations and quasi-corporations whose principal activity is the production of market goods or nonfinancial services. Cai U. Ordinario

FPG: New product offers protection vs cyber risks

FPG

Insurance, an affliate of the Zuellig Group of Companies, has launched a product designed to protect people from the risks of virus attacks, financial scams as well as personal abuse in the form of cyber bullying and identity theft.

“We know that Filipinos are very active in social media, online shopping, and banking, which makes them exposed to cyber risk. Thus, we want to offer them protection with MyCyberProtect Mate,” said FPG Chief Underwriting Officer Sharon Navarro.

Navarro said “MyCyberProtect Mate” provides protection against cyber crimes ranging from online fraud to cyberbullying and identity theft. Navarro assured the company will provide an additional level of service as it has shown in its extensive insurance portfolio.

“Customers will just need to call the 24/7 call assistance hotline to inform them of the issue. The customer will then be guided

through the process of immediately securing the customer’s e-accounts and the claim documents that need to be prepared/submitted,” said Navarro.

“If fraud resulted in the loss of $1,000, we will reimburse the exact expense up to the limit of the coverage,” she added.

Navarro also said FPG wants to provide assistance to victims of cyberbullying through reimbursement of costs for psychological consultation. “The MyCyberProtect Mate will become both your defense and offense partner to remedy online breaches.”

The insurance product comes with the following features: n On online purchases: Insurance claim on items bought online that have not been delivered to the customer at all; n On Internet payment scams: Covers financial losses arising from unauthorized transfer of funds to online bank accounts, e-wallets, or credit/debit cards caused by phishing and social en-

gineering, pharming, malware, and fraudulent electronic fund transfer;

n On identity theft: Compensation to recover, for example, public records in the course of processing a new passport and other related documents.

n On cyber bullying: Financial assistance for psychological consultation, relocation costs, online reputation restoration, and legal expenses of the insured bullied, provided the incident is reported within 72 hours of discovery.

n 24/7 assistance services: Round-the-clock hotline manned by dedicated cyber security experts who are ready to provide support to the insured.

For the filing of compensation or reimbursement, Navaro said claimants will have to submit documents and related proof that cybercrime has been committed against the insured. The reimbursement will also depend on the insurance policy.

Gigi Pio de Roda, president and

CEO of FPG Insurance Co. Inc. said, “This new product is part of our continuing efforts to provide Filipinos with innovative non-life insurance product solutions. MyCyberProtect Mate will help keep safe every Filipino’s hard-earned money.”

She added that FPG wants to enable every victim of cyber bullying to start over and go back to their normal life. “As its name implies, we are your mate, your friend, and your ally that will handhold you on your recovery from cyber fraud, identity theft, or cyber bullying.”

FPG has set its sights on at least 10 percent of the 43 million Internet users in the Philippines.

“Every customer can look forward to a straightforward application process and insurance claims by calling the 24/7 hotline, CyberScout. Moreover, FPG adapts to local culture and customs so every action recognizes the social peculiarity of the individual insured,” the company said.

Rizal Raoul S. Reyes

Fintech venture of Aboitiz launches group advocating digital transformation

UBX, the financial technology (fintech) venture studio of the Aboitiz Group, recently launched the Digital Transformation ng Pilipinas (#DigiPinas) Initiative, a multi-stakeholder advocacy group that will work closely with all relevant stakeholders towards the digital transformation of the country.

#DigiPinas is composed of platforms and solutions providers, local chief executives, policymakers, national government agency representatives, members of the academe and people organizations.

UBX President John Januszc-

zak said #DigiPinas members will advocate digital transformation in government, supported by enabling laws, policies, and regulations, including Republic Act 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act; RA 8792 or the Electronic Commerce Act; Executive Order (EO) 170 or the Adoption of Digital Payments for Disbursements and Collections; and the Bangko Sentral ng Pilipinas’ (BSP) National Strategy for Financial Inclusion and Digital Payments Transformation Roadmap.

“One of our core values and ad-

vocacies in UBX is to include everyone and even though we have come a long way towards a more inclusive Philippines, there is still much more to be done. #DigiPinas is our response to the call for an accelerated digital transformation in government to help bring essential and critical services closer to Filipinos,” Januszczak said.

The ongoing pandemic forced the Philippines to accelerate its digital transformation initiatives over the last two years. The move yielded a positive development as it helped push the Philippines in the latest International Institute for Manage-

ment Development’s 2022 World Competitiveness Yearbook, which ranked the Philippines 48th in 2021, a four-notch improvement from the year prior, but still considered second lowest in the Asia Pacific.

With this, #DigiPinas intends to help the government in the development of technologies that transform everyday experiences, particularly government services and transactions.

As a country experiencing a dearth of resources Department of Information and Communications Technology (DICT) Director Jose Reyes said forming a partnership

with the private sector and working simultaneously with synergy is key to achieving that goal.

The Philippines is facing obstacles in achieving digital transformation, such as low digital adoption, lack of awareness, gaps in access, digital skills gap, and complex regulations.

Only 26 percent of micro, small, and medium enterprises (MSMEs) were aware of digitalization programs offered.

Meanwhile, 32 percent of households in the National Capital Region (NCR) had access to the internet, but only 5 percent had access in rural regions such as the Bicol province,

according to Senator Grace Poe. #DigiPinas will identify national government agencies and local government units that it can support through digital transformation, equipping each government partner with digital tools and solutions to bring their services closer to their constituents.

“Digitalizing government services will help reduce inequalities and inequities, as the Internet, as they say, is the greatest equalizer. But we are still far from the new digital world that we seek,” #DigiPinas Spokesperson Mikan Leachon said.

Rizal Raoul S. Reyes

edmund lao

Tom Brady, Gisele Bündchen announce divorce after 13 years

Tom Brady and Gisele Bündchen have finalized their divorce, they announced on Friday, ending the 13-year marriage between two superstars who respectively reached the pinnacles of football and fashion.

Divorce documents were filed on Friday in Glades County, Florida, a rural location near Lake Okeechobee far from the big-city limelight, according to court records. The divorce was made final the same day.

“The marriage of the parties is dissolved because the marriage is irretrievably broken, and each spouse is restored to the status of being single and unmarried,” Circuit Judge Jack Lundy said in his order, noting that the couple’s settlement agreement will not be filed in court but they “are ordered to comply with the terms” of that document as well as a confidential parenting plan for their children.

Brady and Bündchen posted statements on Friday morning on Instagram, each saying they had “amicably” reached the decision.

“The decision to end a marriage is never easy but we have grown apart and while it is, of course, difficult to go through something like this, I feel blessed for the time we had together and only wish the best for Tom always,” Bündchen wrote.

Both said their priorities lay with their children and asked for privacy.

“We arrived at this decision to end our marriage after much consideration,” Brady wrote. “Doing so is, of course, painful and difficult, like it is for many people who go through the same thing every day around the world.”

The divorce landed in the midst of Brady’s 23rd NFL season, and amid his first three-game losing streak in 20 years, just months after the seven-time Super Bowl champion put an end to his short-lived

retirement. The Tampa Bay Buccaneers quarterback— who had long stated a desire to spend more time with Bündchen and his three children—announced his departure from the game in February, only to change his mind 40 days later. AP

5 best-reviewed horror films on Jungo Pinoy

ThE newest streaming app in the Philippines, Jungo Pinoy hosts the largest Tagalog-dubbed movie library in the world, as well as original films and TV series. The horror genre is one of Jungo Pinoy’s specialties with tons of free movies and other titles accessible with a super-friendly subscription. There is something for those who can never get enough scares, with spooky horror themes ranging from paranormal and zombies to creature features and slasher films. Based on internet reviews from audiences and critics, here are the Top 5 viewers can enjoy on the streaming service.

1. ‘nigHT of THe living DeAD’: This is a rare gem that many argue created the template for modern zombie

films and ushered in the splatter film subgenre that paved the way for the slasher classics of the 1970s, 1980s and beyond. Night of the Living Dead, directed by George A. Romero, is a groundbreaking horror film about a ragtag group of Pennsylvanians who barricade themselves in an old farmhouse to remain safe from a horde of flesh-eating ghouls that are ravaging the East coast.

2. ‘HAlloween’: it is the ultimate seasonal horror movie. it’s the 1978 classic by John carpenter that launched Jamie Lee curtis into megastardom as the scream Queen. And it is the film that began it all the genesis of Michael Myers and the freaky William shatner mask.

3. ‘DeeP reD’: The hatchet Murders: A 1975 horror classic from italian director dario Argento. When a pianist witnesses the murder of a psychic, he attempts to find the wever, he consistently faces new road blocks as each new source winds up dead. From the maker of Suspiria, enter a world of macabre, suspense and the supernatural.

THougHT’: This lesser known film from 2007 has a strong fan base that lives on. After christy dawson loses her father, she begins having dreams about him. The dreams are innocent enough, until they start to become prophetic and lead to the death of those around her.

cHAngeling’: d rected by acclaimed filmmaker Peter Medak, the film is anchored by strong acting performances, telling the story about a man’s grief after losing his wife and daughter. When he secludes himself in a long-vacant historic mansion, he discovers that a spirit lives in this house with him and needs him to unravel histories of horror and deceit.

ve into a streaming world that’s especially made for you. wnload the Jungo Pinoy app on Google Play store and ore. To unlock more content, check out Jungo Pinoy’s partnership with diTO Telecommunity and take your pick from their affordable subscription plans.

SubScriberS cAn now enjoy neTflix in filiPino

WHEN Netflix launched in the Philippines six years ago, subscribers were given access to thousands of TV shows and movies made available in their original language with an option to enjoy these titles with English subs and dubs. Over time, as more viewers joined the streaming service, Netflix realized that there was a need to offer viewers an interface that speaks the audiences’ local language. That is why Netflix now has a user interface (UI) available in Filipino.

This new feature allows subscribers to navigate the UI, read titles and synopses, plus watch shows and movies with Filipino subtitles and in Filipino dubbing. Interested in watching Stranger Things again, but this time using your local language? Well, it is possible as you can now enjoy this fan-favorite title using the Filipino language as an option on the platform.

Wondering what other titles you can enjoy using this new feature? To name a few, binge on Emily in Paris, You and The Queen’s Gambit this weekend using the Filipino UI setting and experience entertainment in a very local way.

“At Netflix, we believe our members should be able to choose their viewing experience, whether it be the genre, format, or language of the content. We are very happy that our Filipino members will now have the option to enjoy their favorite Netflix content from all over the world with Filipino subtitles and dubbing, should they prefer to watch as such,” said Malobika Banerji, Netflix content director for Southeast Asia.

The Filipino UI feature offers flexibility among members as they will be able to switch their profile to Filipino from the language option in the “Manage Profiles” section on their desktop, TV, or mobile browsers. The complete Netflix experience in Filipino is available across all devices—from member sign-up, to search function, and even on payment options.

Netflix subscribers can set up to five profiles in each account, with each profile having the option to choose its own language setting. Watching Netflix in another country or region? Don’t worry, the Filipino UI feature is also available to members outside of the Philippines.

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Penn Badgley, 36; Natalia Tena, 38; Jenny McCarthy, 50; Anthony Kiedis, 60.

BIRTHDAY: Details and truth matter and will influence how well you get along with friends, relatives and peers. Don’t invite trouble by trying to force your opinion on others or letting others drag you in a direction that isn’t in your best interest. Stay in your lane and do what’s best for you. If you want to make a difference, participate. Your numbers are 4, 11, 22, 28, 35, 44, 47.

ARIES (March 21-April 19): You’ll be a welcome addition to any group or organization you join. Your ability to get things done, regardless of temptation or opposition, will put you in a critical position. Do what you do best, and the rest will fall into place. HHHH

TAURUS (April 20-May 20): Be secretive regarding your plans until you have everything in place. Someone will be eager to steal your thunder or take advantage of you. Put your energy, intelligence and physical attributes to work for you, and a positive change will be yours. HH

GEMINI (May 21-June 20): Do what you do best. Ignore what others are doing and concentrate on what you are trying to establish. Refuse to let someone throw you off course or play games with you. A steady pace and solid plan will help you succeed. HHHHH

CANCER (June 21-July 22): Choose to live the dream and do what makes you happy. A creative outlet or getting involved in something that concerns you will bring out your passion for making a difference. Change begins with you. HHH

eLEO (July 23-Aug. 22): A responsible attitude will pay off and give you the fortitude and freedom to reach your goal. Don’t let what others do or say get in the way. Finish what you start, live up to your promises and protect your reputation. HHH

fVIRGO (Aug. 23-Sept. 22): Reach out to friends, relatives and peers, and you’ll receive plenty of interesting thoughts to help you move forward. A partnership will face some discord, but it will be easy to achieve success once you establish who does what. HHH

gLIBRA (Sept. 23-Oct. 22): Getting out and about will lift your spirits and encourage you to engage in activities that are creative or familyoriented. A change of scenery will be enlightening, and educational pursuits will present new opportunities. HHHHH

h SCORpIO (Oct. 23-Nov. 21): Problems with electronics and equipment are apparent. Look for alternative ways to compensate for any setback or inconvenience you face. A backup plan will help you stay on track and give you the edge in a competitive situation. HH

iSAGITTARIUS (Nov. 22-Dec. 21): Stay focused. Don’t take no for an answer or give up on your dreams. Call on all your resources for information that will give you the edge you need when dealing with slippery characters. HHHH

CApRICORN (Dec. 22-Jan. 19): Don’t be too eager to implement change. Study situations thoroughly before you act. Look for a path that offers something unique or sparks your imagination. A change at home will provide relief and help you find work-related options to eliminate debt. HHH

j

AQUARIUS (Jan. 20-Feb. 18): Watch what’s happening around you. Don’t let the changes others implement make you scramble to keep up. Time is on your side, and taking a wait-and-see attitude will spare you from loss. HHH

k

l

pISCES (Feb. 19-March 20): Don’t let anger take over. Look over your investments, money management and contracts to confirm everything is updated. Go the extra mile to avoid complaints. An unexpected change will favor you. HHH

BIRTHDAY BABY: You are original, unpredictable and forceful. You are sensitive and intuitive.

H: Avoid conflicts; work behind the scenes. HH: You can accomplish, but don’t rely on others. HHH: Focus and you’ll reach your goals. HHHH: Aim high; start new projects. HHHHH: Nothing can stop you; go for gold.

DREW SCHMENNER

by David Steinberg

GisELE BündchEn and Tom Brady at the The Metropolitan Museum of Art’s costume institute

gala

Pajarito, Penaso present new pieces

VISUAL artists Herbert Pajarito and Sam Penaso showcased their latest works in respective, recently concluded solo exhibitions with Art Lounge Manila-The Podium, Ortigas Center (@artloungemanila). The shows ran from October 23 to 31.

Pajarito revisited the concept of divine creation, visualized in his signature degree of intricacy. It’s a sophisticated abstract expression of active lines and busy colors that won him several recognitions, including top prizes at the 2013 Metrobank Art and Design Excellence and the 66th Art Association of the Philippines Annual Awards.

In Garden in the Sky, Pajarito’s latest solo exhibition curated by Ricky Francisco, which also served as the artist’s seventh with Art Lounge Manila, the Oriental Mindoro-born artist took inspiration from a lucid dream. In it, he visited a paradise of peace and flowers.

From this fortuitous excursion, Pajarito was caught in awe yet again of the Creator. Thus, as he did in his fourth and sixth solo exhibitions, the artist honored the divine. Inspired patterns of flowers and constellations filled the frames in his new show, along with spontaneous expressions of line drawings that imply wonder of and submission to the Almighty.

creates a complex universe of green leaves and pink flowers floating like celestial bodies, together with lines that break and swirl in different hues. Family Bond strikes with the same overwhelming sense of magnificence, sans a central body but with much more free-flowing action between curves and rainbows.

Meanwhile, Guardian Angels brings to mind hieroglyphic symbols that demand to be deciphered.

An outline of a man on the left panel draws initial attention, but there are rich details that await discovery elsewhere. Around the area of the subject’s right foot, for instance, are smaller human outlines, but with wings spread out at different angles.

Opposite Pajarito’s one-man exhibition was that of

Sam Penaso. Titled Splice, the show was curated by Jay Bautista.

Penaso is a multi-disciplinary artist who has presented his works here and abroad, winning several awards to boot. Driven by the unsatiable pursuit of new means of creative expression, he is known for pushing his boundaries. The disposition led him to dabble in sculpture and performance, as well as experimenting with different mediums for his paintings, including stainless steel.

In his latest exhibition, Penaso revisited the concept and produced new pieces of acrylic on the ubiquitous alloy, which we see anywhere from jeepneys to kitchen wares. Splice offers us the artist’s latest set of wall-bound pieces and sculptures, bearing random images impressed in more than 5,000 silkscreen platforms. The figures include aquatic animals, the human body, a grenade, and much more. Humanscape presents a physiological mosaic, while Seascape brings us manifold water creatures. In, Infinityscape 98, Penaso utilizes steel not as the canvas but as the subject itself, dictating it to dance in soft lines going around and through a ball in the middle and half of it at the base.

More information about Pajarito’s Garden in the Sky and Penaso’s Splice is available at www.artloungemanila. com. n

Poland says book given to PoPe by Macron wasn’t wwii Plunder

WarSaW, Poland—Poland’s culture minister on Wednesday rejected speculation that a rare book given to Pope Francis earlier this week by French President emmanuel Macron might have been looted from Poland during World War II. The minister, Piotr Glinski, said the book “is not a Polish war loss,” and that “contrary to the claims of some media...this work was not stolen from Poland.”

Concerns had risen in Poland after a photo was published of a stamp in the old book from a library in lviv, a city that is now part of Ukraine but was the Polish city of lwow until WWII. The volume is the first French edition of German philosopher Immanuel Kant’s work On eternal peace, dating from 1796.

Poland saw much of its cultural patrimony destroyed or looted during the country’s wartime occupation by Nazi Germany and the Soviet Union, and about 500,000 artifacts remain missing. The country has been making efforts to recover as much as possible. The Culture Ministry has a Division for looted ar t that keeps a database of missing objects and scours foreign collections and auctions.

When they locate a looted Polish painting, book or other object, they inform law enforcement officials of the country it’s found in. a P

Vermeer’s ‘Girl with a Pearl earring’ back on display

THe HaGUe, Netherlands—Johannes Vermeer’s Girl with a pearl earring went back on display at the Netherlands’ Mauritshuis museum on Friday, a day after climate activists targeted the 17th-century masterpiece.

“We are incredibly grateful that the Girl remained undamaged and is back in her familiar place so quickly,” the museum’s director, Martine Gosselink, said in a statement.

a video posted on Thursday on Twitter showed a man pouring a red substance from a can over another protester who appeared to attempt to glue his head to the glassprotected painting. The second man stuck his hand to the panel holding the painting. The painting was removed from the wall and thoroughly checked in the museum’s conservation studio. It went back on wall on Friday afternoon.

Police arrested three people for “public violence against property.” Their identities were not released, in line with Dutch privacy rules.

earlier this month, climate protesters threw mashed potatoes at a Claude Monet painting in a German museum. Other protesters threw soup over Vincent van Gogh’s Sunflowers at london’s National Gallery. In both cases, the paintings were undamaged. a P

THe recent 34th Kulay Sa Tubig Invitational Watercolor Competition and exhibit at the Mega Fashion Hall of SM Megamall celebrated the everyday life of Filipinos—women serenely sewing, riders on their bikes, children at play, foodie fare, and still life subjects. a joint project of Gallery Genesis and SM Megamall, with support from the Filipino Heritage Foundation and French Baker, Kulay Sa Tubig has remained as the avenue for new as well seasoned Filipino aquarelle artists to showcase their works. a total of 90 artists competed for the Top Five Watercolorists awards and Five runners-Up. each winner received a trophy, a certificate, and cash prize. Felipe de leon Jr., former chairman of the National Commission for Culture and the ar ts (NCCa), led the distinguished panel of judges which included

Metropolitan Museum of Manila president Tina Colayco, Zonta Club president and ar teFino cofounder Maritess Mendoza-Pineda; art historian, curatorial consultant and professor Dr. laya Boquiren-Gonzales; former arts and books editor Joselito Zulueta, and ayala Museum senior curator and head of conservation Ken esguerra.

Kulay Sa Tubig’s Top Five Watercolorists in this year’s edition included renato Canlas (Spring of Hope), ralvin Dizon (Sa pagitan ng pahina at paalam), rolando Guina (Bike check), Dan Macapugay (ina), and richard romeo (a Golden Hour in Basilan). renato Canlas was elevated to Hall of Fame among artists who have won three times (he was also awarded in 2019 and 2021). Special awards were also given to other Hall of Famers present during the

awarding ceremony: rogelio Cerda, edgar Fernandez, Christian Mirang, Margarita lim, Jose Ceriola, Noli Principe Manalang, and Clarence aduarte. Meanwhile, aizza Joy allid (ang pagtatahi ), Gilbert enriquez (The Happiness of Hope), arnold estrella (Danggit), Vic Nabor (cleansing), and Jun Velasco (igorota Hand Weaver) were named the Five runnersUp.

Kulay Sa Tubig, identified as the country’s most prestigious watercolor competition, was established by well-respected art patron and currently chairman emeritus of Gallery Genesis araceli “Chichi” Salas. Since its first edition in 1983, Kulay Sa Tubig has changed the lives of local artists for the better as winners have gone to make waves in both the local and international art scene.

of the

In Ihasik ang Binhi ng Liwanag at Pag-asa, Pajarito

Gallery Genesis president Patrice Salas, chairman emeritus and Kulay Sa Tubig founder araceli “Chichi” Salas, and chairman ernesto Salas with SM’s Millie Dizon during the opening of 34th Kulay Sa Tubig Invitational Watercolor Competition and exhibit at SM Megamall.

SeaScape, Sam Penaso, 2021, acrylic on stainless steel, 36”x36”

Family Bond, Herbert Pajarito, 2022, acrylic on canvas, 36”x36”

by rodney de Guzman

Kulay Sa Tubig runners-up, ang pagtatahi by aizza Joy allid.

it by Margarita lim, 34th Kulay Sa Tubig Invitational Watercolor Competition Hall of Fame awardee.

THe Vermeer masterpiece Girl with a pearl earring has become the latest artwork targetted by climate activists in a protest at the Mauritshuis museum in The Hague on October 27, 2022. aP

November shower of treats at Las Casas Filipinas de Acuzar, QC

FOR many of us, November is the time when we are all preparing for the merriest and busiest season of the year. Christmas is nearest this month and what better way to immerse ourselves at the moment than experiencing awesome treats from Las Casas Filipinas de Acuzar located along Roosevelt Avenue, Quezon City.

Aside from bringing you to an era where some of you miss or might want to feel and discover bits and pieces of yesteryears, Las Casas Filipinas de Acuzar also has monthly offerings for everyone to enjoy.

Starting October 31, 2022, Las Casas introduces its Happy Hour every day from 5:00 to 8:00 pm. If you just had your dinner at the Kusina ni Nanay or its Italian restaurant, the La Bella Teodora, and can’t get enough of the place, why not stay awhile and enjoy their Buy 2 Get 1 special cocktail of their (Bucket of Beer) Buy 5 + 1 on Beers and Lagers? And perfectly pair them with your favorite mouth-watering dishes specially curated by their able chefs.

Take pleasure in all of these and prepare to be entertained at the Plaza with their in-house violinist, Marcel Escundo as he serenades you with his R&B music and some new Pop Songs of today.

Dance your way to hot Salsa Nights all Wednesday of November (starting November 3) from 7:00 to 11:00 pm at the Garden Area with dance instructors (D.I) at hand, or you may bring your own to fully enjoy the dancefloor together with the rhythm of the music of the DJ.

There is a P500 door charge per person for the Salsa Night that comes with one choice of cocktails. There will also be a mobile bar to provide you with

your special mix requests in case you want it done your way!

You also have to fill your tummies with delectable Spanish dishes after all those dancing and grooving on the floor.

Can’t get enough of dancing? Here’s more!

EVERY Friday, Las Casas will give you the 80s and 90s vibe with its Disco Fever Nights at the Garden Area from 7:00 to 11:00 pm for P500 per person. Think of ‘Never Gonna Give You Up by Rick Astley, Michael Jackson’s Billie Jean, Girls Just Wanna Have Fun by Cyndy Lauper, or Baby One More Time by Britney Spears! Songs we can’t get enough of on the dancefloor simply keep us reeling and grooving.

There will also be D.I.s present and a live DJ will be providing the best musical choices of the era and you can also do ballroom dancing during those nights. Good food as usual will also be ready for you to partake in.

We all love to hear Christmas songs to

make us truly feel the holiday spirit is upon us. And for us Filipinos, Christmas comes early. It begins at the stroke of midnight on September 1! With that being said, Las Casas is on the lookout for an angelic rendition of our Christmas tracks through their Christmas Carol Contest which will have auditions officially starting on December 1, 2022, until December 18.

Audition days are every Thursday, Friday, Saturday, and Sunday from 6:00 pm onwards. The Grand Finals will be on December 23.

But even before the Christmas Carol Contest begins, Las Casas will have their own Christmas Tree Lighting on November 26, 2022, at 6:00 pm with special guests and live performers plus Cocktails and Buffet for guests.

Visit us at Las Casas Quezon City, located at 134 Roosevelt Avenue, San Francisco del Monte, Quezon City. For more details and inquiries, email us at contact@lascasasqc. com or call 09171366796 or 09338224522.

Richmonde Hotel Iloilo‘s The Granary serves heritage cuisine on a modern table courtesy of Iloilo born and raised chef

This rich broth which you can enjoy with shrimp, salmon, lechon kawali or beef ribs, is guaranteed to hit the spot when you’re craving for some soupy comfort. But batuan is not just for soups and entrées. To demonstrate its versatility, Castañeda combined batuan compote, fresh Guimaras mangoes, goat cheese, and meringue shards to create a one-ofa-kind dessert, the Batuan & Guimaras Mango Pavlova. There’s even a batuanflavored French macaron!

Other must-try items on the menu include Baked Talaba Bombs (fresh oysters, milk butter and garlic confit served on white lava stones), L3 or Latik, Liempo, Lukon (puree of kalabasa, coconut milk, lechon kawali, sea prawns, and market vegetables), Green Curry Seafood Adobado (flash-fried sea prawns, butterflied squid, market fish fillet and mussels in Ilonggo green curry), and many more. Richmonde’s signature dishes and local & international favorites are also available.

#NormalForMe campaign marks beauty brand Avon's 30th year in crusade vs Breast Cancer

ONE in eight women will develop breast cancer in their lifetime. In 2019, Filipino women are even more vulnerable as it was estimated that the Philippines has the highest prevalence of the disease in Asia, and ninth highest in the world. The following year, Breast Cancer, was still one of the top two most common among Filipino women with majority diagnosed at advanced stages.

This alarming rate is most likely caused by low health literacy and gendered socio-cultural pressures including the absence of organized national screening programs. Fortunately, early detection of symptoms has helped patients with a 90 percent survival rate through immediate treatment and medication.

This is why every year in October, the world observes Breast Cancer Awareness Month to encourage more people to know more about this indiscriminate disease and be more proactive in regular self-checks that can help detect preliminary symptoms.

Global beauty brand Avon has been one of the most prominent brands who supports this cause, now marking three decades of being at the forefront of the fight against the disease since launching the Breast Cancer Crusade in UK in 1992.

Through the support of over five million representatives worldwide, associates, customers and the Avon Foundation for Women, the beauty brand has donated more than US$947 million to breast cancer-related causes, educated over 180 million people about the disease, and funded screenings for approximately 16.6 million women over the last three decades.

This year, Avon continues this worthy cause with a global campaign encouraging everyone to discover what’s #NormalForMe by asking themselves: what three words best describe their boobs?

The campaign invites women to know

their normal by coming up with three words according to how their breasts usually look and feel and share those three words and the initiative to inspire others to also regularly check themselves. Knowing one’s normal can prevent potentially life-threatening changes that can lead to Breast Cancer.

In partnership with Philippine Cancer Society and to make sure this advocacy is internally practiced, Avon encouraged their local Avon Representatives to avail of the free clinical breast examinations at select branches—October 17 at Taft/San Fernando, October 21 at Shaw Blvd and Batangas, and October 31 at Cebu and Davao. Associates were also motivated to get free breast checkups at the Avon Head Office at Makati on October 19 and 20.

Finally, Avon extended this advocacy to a larger network and invites everyone to pink it up by supporting products and services from Avon and partner brands to raise awareness and raise funds on behalf of the Philippine Cancer Society.

Save lives by shopping dedicated fundraising products like the Self-Check Watch, Mariposa 2-in-1 Accessory Giftset, Avon Empower Non-Wire Mastectomy Bra, and the Avon Empower Bra Prosthesis. Purchase these items via avonshop.ph or contact an Avon Representative.

DINING is a multisensory experience, but with Ilonggo cuisine, it becomes completely immersive because every bite brings with it the unique character and charm of the region’s culinary history.

Chef Ariel Castañeda of Richmonde Hotel Iloilo, knows this well, having been born and raised in Iloilo City and exposed to authentic Ilonggo cooking all his life. When he took over the reins of the hotel’s kitchen as Executive Chef in December of last year, he made it his mission to promote heritage cuisine not only to the visitors of Iloilo, but also to Iloilo’s younger generation by introducing creative ways of presenting heirloom recipes and serving them in a contemporary setting that’s worthy of global recognition. And his first step towards achieving this is by revamping the a la carte menu of Richmonde’s all-day dining restaurant, The Granary.

Inspired by the concept of a “modern Filipino table”, the young Executive Chef gave innovative twists to a number of well-loved and popular Ilonggo fare while retaining the essences that made them famous. For instance, the typical pancit

molo would consist of a garlicky soup with wonton dumplings. In Castañeda’s reimagined version, the savory broth and diced pork and shrimp are placed inside the wonton to make a Pancit Molo Xiao Long Bao. Another soup favorite, batchoy, gets a Japanese makeover. The Batchoy Ramen looks like a ramen with its spring onion, nori, and seven-minute egg, but still tastes like batchoy with its broth, lechon kawali, grilled barbecue pork liver, and egg noodles.

The menu also features dishes famous for the region’s distinctive cooking techniques like the Linagpang na Ilonggo Inasal where slices of chicken and pork roulade are grilled and added to a linagpang broth with blistered tomatoes; and the Dinagyang Adobo Ilonggo where chicken and pork are combined in a roulade and cooked in annatto sauce and topped with crispy shallots that look like a festive headdress.

Native to the islands of Panay and Negros is the batuan fruit which is a common souring agent in Ilonggo cooking. Thus, it is but natural for Castañeda to include Sinigang sa Batuan in the menu.

“As Ilonggos, my kitchen team and I are honored to present our own interpretation of the dishes, ingredients, and flavors we grew up with to our fellow kababayans. With our modern take on classic Ilonggo fare, we hope to bridge the gap between the past and the present,” shares Castañeda. General Manager Natalie Lim adds, “There is no replacing Iloilo’s treasured original heirloom recipes. We, however, believe in keeping these fresh, exciting, and interesting. This is our way of preserving the legacy of the region’s food culture.”

Indeed, every item in the new menu of The Granary is an ode to the rich culinary origins of Iloilo and an exciting preview of the future of Ilonggo cuisine. Visit The Granary now and experience for yourself a deliciously unforgettable gastronomical journey in time.

The Granary is open daily from 6am to 10pm. For inquiries and table reservations, call +6333 328 7888 or message Richmonde Hotel Iloilo on Facebook @RichmondeHotelIloilo.

MPTC holds multi-stakeholder dialogue to tackle smart urban mobility, technically efficient solutions

AS cities globally recover and adapt to post-pandemic needs, conversations about smart urban mobility have been increasingly important. At the forefront is the need for economically and environmentally sustainable as well as technologically efficient solutions that will enable and sustain smart urban settings.

In the Philippine context, smart urban mobility entails the integration of intelligent transport and traffic systems that are needsresponsive and provide a seamless experience.

Likewise, it calls for an updated governance and policy framework that supports the public’s growing demand for mobility spurred by economic and social activities; infusion of private equity to bring in modern infrastructure and technology; and constituent-friendly local governments who want to rebuild their cities centered on enhanced public service, economic viability and environmental care.

Towards Smart Urban Mobility As one of the proponents of advancing smart

urban mobility in the country, Metro Pacific Tollways Corporation (MPTC), the largest private toll road developer and operator in the ASEAN region, is bringing together industry luminaries for an in-depth discussion of pressing issues.

Game changers learned and interacted with each other and looked into creating and building forward a blueprint for smart urban mobility ecosystems for the Filipino people at the MPTC|MPT Mobility Multi-Stakeholder Dialogue 2022, titled MoBUILDity: Synergized, Smart and Sustainable.

The dialogue was led by an impressive roster of speakers headed by MPTC President and CEO Rodrigo Franco, Transportation Secretary Jaime Bautista, Chief Engineer of Singapore’s Land Transport Authority Dr. Chin Kian Keong, Santa Rosa City, Laguna Mayor Arlene Arcillas, McKinsey & Company PH Acting Managing Director Jon Canto, and Manila Transport Planning Lead of Arup Lize de Beer.

PANCIT Molo Xiao Long Bao

PUEBLO DE ORO TOPS OFF THE HUB. Pueblo de Oro Development Corporation (PDO) recently celebrated the topping-off ceremony of The Hub at Bamboo Lane, a three-storey commercial building envisioned as a neighborhood retail center at the heart of the Calaanan Valley in Cagayan de Oro City. The Hub will have a provision of 23 commercial units, including a convenience store and a pharmacy. The building is scheduled to be completed in December 2022. The Hub is strategically located and easily accessible to homeowners of PDO’s residential communities such as Westwoods, Forest View Homes, San Agustin Valley Homes, Bamboo Lane and Familia Apartments, as well as other residents from nearby barangays Canitoan and Carmen, who will soon have a convenient lifestyle center only minutes from home. In photo during the ceremony are (from left) PDO Assistant Vice President Mylin Batchanicha, PDO Vice President and General Manager for Mindanao Chrysler Acebu, Barangay Carmen Councilor Exudio Vidal, JDE Construction representative Theresa Casolocan, Cagayan de Oro City Councilor Malvern Esparcia, and ILMI Project Manager Rogelio Aleria.

Lula da Silva defeats Bolsonaro to again become Brazil president

By Mauricio Saverese & Diane Jeantet The Associated Press

Suspension bridge collapse kills

By Ajit Solanki, Krutika Pathi & Sheikh Saaliq The Associated Press

MORBI, India—At least 132 people were killed after a century-old cable suspension bridge collapsed into a river Sunday evening in the west ern Indian state of Gujarat, send ing hundreds plunging in the water in one of the worst accidents in the country over the past decade, officials said.

Authorities said the 19thcentury, colonial-era pedestrian bridge over the Machchu River in the state’s Morbi district col lapsed because it could not handle the weight of the large crowd, as the Hindu festival season drew hundreds of people to the recent ly opened tourist attraction. The bridge had been closed for reno vation for almost six months and was reopened just four days ago.

It was not immediately clear exactly how many people were on the 232-meter (761-foot) -long bridge, but officials fear the death toll could rise. State minister Harsh Sanghvi told re porters that 132 people have died so far and many were admitted to hospitals in critical condition.

Sanghvi said emergency respond ers and rescuers worked overnight to search for the survivors and those killed and injured were mostly teens, women and older people. Teams from the Indian Army, Navy and Air Force were also dispatched to help with the rescue.

Videos on social media showed people clinging onto the metal cables of the partly submerged bridge in distress as emergency teams and rescuers used boats and inflatable tires to reach them. Some people were seen swimming ashore to safety. Others, who were

in India

fished from the waters, were car ried away and transported to the hospitals in private vehicles and ambulances.

Local news channels ran pic tures of the missing shared by concerned relatives in search of their loved ones. Many relatives raced overnight to overcrowded hospitals looking for their kin.

Prime Minister Narendra Modi, who is in his home state of Gujarat on a three-day visit, said he was “deeply saddened by the tragedy.” His office announced compensation to the families of the dead and urged for speedy rescue efforts.

A vote for Gujarat’s state gov ernment—led by Modi’s party—is expected in the coming months and opposition parties have de manded an investigation into the collapse, saying that the bridge was reopened without getting safety clearance from the city’s civic body. The claim could not be independently verified, but the state government said it has formed a special team to investi gate the disaster.

Modi ruled the state as the top elected official for 12 years before becoming India’s prime minister in 2014.

India’s infrastructure has long been marred by safety concerns, sometimes leading to major disas ters on its highways and bridges.

The bridge collapse is Asia’s third major disaster involving large crowds in a month.

On Saturday, a Halloween crowd surge killed more than 150 mostly young people who attended festivities in Itaewon, a neighbor hood in Seoul, South Korea. On October 1, police in Indonesia fired tear gas at a soccer match, causing a crush that killed 132 people as spectators attempted to flee.

SÃO

the Amazon rainforest.

With 99.9 percent of the votes tallied in the runoff vote, da Silva had 50.9 percent and Bolsonaro 49.1 percent, and the election au thority said da Silva’s victory was a mathematical certainty. At about 10 p.m. local time, three hours af ter the results were in, the lights went out in the presidential palace and Bolsonaro had not conceded nor reacted in any way.

Before the vote, Bolsonaro’s campaign had made repeated— unproven—claims of possible electoral manipulation, raising fears that he would not accept defeat and would challenge the results if he lost.

The high-stakes election was a stunning reversal for da Silva, 77, whose imprisonment for corrup tion sidelined him from the 2018 election that brought Bolsonaro, a defender of conservative social values, to power.

“Today the only winner is the Brazilian people,” da Silva said in a speech at a hotel in downtown São Paulo. “This isn’t a victory of mine or the Workers’ Party, nor the parties that supported me in campaign. It’s the victory of a democratic movement that formed above political parties, personal interests and ideologies so that democracy came out victorious.”

Da Silva is promising to gov ern beyond his party. He wants to bring in centrists and even some leaning to the right who voted for him for the first time, and to re store the country’s more prosper ous past. Yet he faces headwinds in a politically polarized society where economic growth is forecast to slow and inflation remains high.

uled to take place on January 1. He last served as president from 2003-2010.

Thomas Traumann, an indepen dent political analyst, compared the results to Biden’s 2020 victory, saying da Silva is inheriting an ex tremely divided nation.

“The huge challenge that Lula has will be to pacify the country,” he said. “People are not only polar ized on political matters, but also have different values, identity and opinions. What’s more, they don’t care what the other side’s values, identities and opinions are.”

Congratulations for da Silva— and Brazil—began to pour in from around Latin America and across the world Sunday evening, including from US President Joe Biden, who highlighted the country’s “free, fair, and credible elections.” The Euro pean Union also congratulated da Silva in a statement, commending the electoral authority for its effec tiveness and transparency through out the campaign.

Bolsonaro had been leading throughout the first half of the count and, as soon as da Silva overtook him, cars in the streets of downtown São Paulo began honking their horns. People in the streets of Rio de Janeiro’s Ipane ma neighborhood could be heard shouting, “It turned!”

Da Silva’s headquarters in downtown São Paulo hotel only erupted once the final result was announced, underscoring the tension that was a hallmark of this race.

he kindled nostalgia for his presi dency, when Brazil’s economy was booming and welfare helped tens of millions join the middle class.

But while da Silva topped the October 2 first-round elections with 48 percent of the vote, Bol sonaro was a strong second at 43 percent, showing opinion polls significantly had underestimated his popularity.

Bolsonaro’s administration has been marked by incendiary speech, his testing of democratic institu tions, his widely criticized handling of the Covid-19 pandemic and the worst deforestation in the Amazon rainforest in 15 years. But he has built a devoted base by defending conservative values and presenting himself as protection from leftist policies that he says infringe on personal liberties and produce eco nomic turmoil. And he shored up support in an election year with vast government spending.

“We did not face an opponent, a candidate. We faced the machine of the Brazilian state put at his service so we could not win the election,” da Silva told the crowd in São Paulo.

Da Silva built an extensive so cial welfare program during his tenure that helped lift tens of mil lions into the middle class. The man universally known as Lula also presided over an economic boom, leaving office with an ap proval rating above 80 percent, prompting then US President Barack Obama to call him “the most popular politician on Earth.”

“We will once again monitor and do surveillance in the Amazon. We will fight every illegal activity,” da Silva said in his acceptance speech.

“At the same time we will promote sustainable development of the communities of the Amazon.”

The president-elect has pledged to install a ministry for Brazil’s original peoples, which will be run by an Indigenous person.

But as da Silva tries to achieve these and other goals, he will be confronted by strong opposi tion from conservative lawmak ers likely to take their cues from Bolsonaro.

Carlos Melo, a political science professor at Insper University in São Paulo, compared the likely po litical climate to that experienced by former President Dilma Rous seff, da Silva’s handpicked succes sor after his second term.

“Lula’s victory means Brazil is trying to overcome years of tur bulence since the reelection of President Dilma Rousseff in 2014. That election never ended; the op position asked for a recount, she governed under pressure and was impeached two years later,” said Melo. “The divide became huge and then made Bolsonaro.”

By Jinshan Hong

CHINA reported 2,675 new local Covid cases for Sunday, up 802 from a day earlier, marking the biggest nationwide surge in infections since August 10.

The virus is spreading more rapidly in two-thirds of the country’s 31 provinces, including some of its biggest and most economically significant areas. Nationwide, the count accelerated from about 1,400 cases on average over the previous five days.

Three years into the pandemic, China is sticking to its Covid Zero policy despite heavy economic costs, growing discontent and isolation from the rest of the world. There are signs that the approach is starting to weigh on workers and families as well, as gradually increasing Covid controls make it more difficult to run the country’s businesses and participate in social activities.

Walt Disney Co.’s Shanghai resort and parks, including Disneyland and Disneytown, unexpectedly shut on Monday citing pandemic prevention and control requirements. The flagship theme park had reopened in June after being closed for 101 days during the city’s brutal lockdown this spring. There were 10 new local infections

in the city reported Sunday.

The main production plant for Apple Inc.’s iPhones in Zhengzhou is grappling with an outbreak and struggling to care for the people responsible for assembling one of the hottest gifts as the year-end holidays approach.

Workers fled the closed-loop system set up in Foxconn Technology Group’s facility known as “iPhone City” over the weekend, citing inadequate living conditions. The company said it may boost capacity at other manufacturing sites to make up for any shortfall at its main plant in China.

The rising case counts are much more dramatic in Guangdong, a manufacturing powerhouse that accounted for 23 percent of China’s exports last year. It reported 757 new local infections on Sunday, nearly triple a day earlier and up from less than 100 for most of last week. Other provinces with large outbreaks include Xinjiang and Heilongjiang.

Many China watchers expected President Xi Jinping to signal a pivot away from what has become his signature Covid Zero policy when he took the podium at the Communist Party’s congress this month. Instead, he defended the no-tolerance strategy as one that saves lives, and offered no steer on when it’s likely to end. Bloomberg News

This was the country’s tightest election since its return to democ racy in 1985, and the first time that a sitting president failed to win re election. Just over 2 million votes separated the two candidates; the previous closest race, in 2014, was decided by a margin of roughly 3.5 million votes.

The highly polarized election in Latin America’s biggest economy extended a wave of recent leftist victories in the region, including Chile, Colombia and Argentina.

Da Silva’s inauguration is sched

“Four years waiting for this,” said Gabriela Souto, one of the few supporters allowed in due to heavy security.

Outside Bolsonaro’s home in Rio, ground-zero for his support base, a woman atop a truck deliv ered a prayer over a speaker, then sang excitedly, trying to generate some energy as the tally grew for da Silva. But supporters decked out in the green and yellow of the flag barely responded. Many perked up when the national anthem played, singing along loudly with hands over their hearts.

For months, it appeared that da Silva was headed for easy victory as

But he is also remembered for his administration’s involvement in vast corruption revealed by sprawling investigations. Da Sil va’s arrest in 2018 kept him out of that year’s race against Bolsonaro, a fringe lawmaker at the time who was an outspoken fan of former US President Donald Trump.

Da Silva was jailed for 580 days for corruption and money laun dering. His convictions were later annulled by Brazil’s top court, which ruled the presiding judge had been biased and colluded with prosecutors. That enabled da Silva to run for the nation’s highest office for the sixth time.

Da Silva has pledged to boost spending on the poor, reestablish relationships with foreign gov ernments and take bold action to eliminate illegal clear-cutting in

Unemployment this year has fallen to its lowest level since 2015 and, although overall inflation has slowed during the campaign, food prices are increasing at a doubledigit rate. Bolsonaro’s welfare pay ments helped many Brazilians get by, but da Silva has been presenting himself as the candidate more will ing to sustain aid going forward and raise the minimum wage.

In April, he tapped center-right Geraldo Alckmin, a former rival, to be his running mate. It was an other key part of an effort to cre ate a broad, pro-democracy front to not just unseat Bolsonaro, but to make it easier to govern.

“If Lula manages to talk to vot ers who didn’t vote for him, which Bolsonaro never tried, and seeks negotiated solutions to the eco nomic, social and political crisis we have, and links with other na tions that were lost, then he could reconnect Brazil to a time in which people could disagree and still get some things done,” Melo said.

Carla Bridi contributed to this report from Brasilia.

Sedition trial begins for closed Hong Kong news site editors

By Kanis Leung Associated Press

HONG KONG—A sedition trial opened in Hong Kong on Monday for two former top editors of a shuttered online media outlet who have been detained without bail for 10 months.

Stand News editor-in-chief Chung Pui-kuen and acting editor-in-chief Patrick Lam were arrested last December during a crackdown on dissent following widespread anti-government protests in 2019.

Stand News was one of the city’s last openly critical voices after the closure of

the pro-democracy Apple Daily newspaper, whose jailed founder Jimmy Lai faces collusion charges under a sweeping national security law enacted in 2020.

Ahead of the opening statements, the judge heard arguments from both sides about which articles could be included as part of the prosecution’s case and whether it was necessary to prove the defendants had seditious intent.

Unlike Lai, Chung and Lam were charged under a colonial-era sedition law that has been used increasingly to snuff out critical voices in the semi-autonomous Chinese city. Hong Kong was a British colony until its return to China in 1997.

Best Pencil (Hong Kong) Limited, the holding company of Stand News, faces the same charge of conspiracy to publish seditious materials. It had no representative show up at the trial.

Among the court spectators were former Stand News reporters and local veteran journalists.

Sedition is punishable by a maximum jail term of two years and a fine of 5,000 Hong Kong dollars (about $640) for a first offense, and three years for a subsequent offense. The trial is expected to last 20 days.

Stand News shut down in December after the arrests and a high-profile police

raid at its office. Armed with a warrant to seize relevant journalistic materials under the national security law, more than 200 officers were deployed in the search. But the pair and the company were not charged under the security law.

Months before that, police had also raided the offices of Apple Daily and seized boxes of materials and computer hard drives to assist in their probe of the newspaper.

Hong Kong fell more than 60 places to 148th in Reporters Without Borders’ latest World Press Freedom Index released in May. The global media watchdog cited the closure of the two outlets.

PAULO—Luiz Inácio Lula da Silva has done it again: Twenty years after first winning the Brazilian presidency, the leftist defeated incumbent Jair Bolsonaro Sunday in an extremely tight election that marks an about-face for the country after four years of far-right politics.

FORMER Brazilian President Luiz Inacio Lula da Silva celebrates with his wife Rosangela Silva, left, and running mate Geraldo Alckmin, right, after defeating incumbent Jair Bolsonaro in a presidential run-off to become the country’s next president, in São Paulo, Brazil, on Sunday, October 30, 2022.

AP/ANDRE PENNER

TNT Tropang Giga capture

PBA 3x3 crown

TNT lived up to its billing as king of Philippine Basketball Association 3x3 when it captured the First Conference championship at the expense of Platinum Karaoke Sunday night at Robinsons Place Novaliches.

The Tropang Giga leaned on the clutch baskets of Almond Vosotros and Gyrann Mendoza down the stretch to take the close 20-17 victory and capped a dominant campaign in the opening tournament of Season 2.

Mendoza scored on a layup with 19 seconds to go in the grand finale to break the game’s final deadlock, after which Vosotros put the final nail on the coffin by hitting two-for-two from the line to run away with the title and the P750,000 prize money.

Vosotros led the team with eight points, Mendoza added seven, while big man Lervin Flores and Ping Exciminiano had three and two points, respectively, for TNT, which became the first team to win two conference championships in the standalone tournament.

“ We always took our everyday practice seriously and we made sure we stayed focused,” winning coach Mau Belen said.

The Tropang Giga ended their Season 1 campaign by claiming the Third Conference championship behind a dramatic overtime win over Purefoods TJ Titans.

Then they picked up from where they left off as the team topped three out of the six legs at stake in the First Conference of the new season, making the Tropang Giga the No. 1 seed heading into the grand finals.

T NT routed NorthPort in the quarterfinals, 21-11, and then turned back fourth seed Cavitex in the semifinals, 21-16, to earn a return trip to the finals.

Platinum Karaoke, meanwhile, went up the ladder after going through the pool play, and proved it is for real when it hacked out a 19-15 grind-out win against no. 3 J&T Express in the quarterfinals.

In the semifinals, the team of coach Anton Altamirano survived Meralco by the skin of its teeth, 16-15, to arrange the finals showdown with TNT.

Platinum fell early on, 5-0, but clawed its way back and even led, 15-14, after two free throws by Nico Salva inside the final two minutes.

It last held the lead at 17-16 on a pair of Yutien Andrada basket from the foul line with 41 seconds left, before the Tropang Giga countered by scoring the last four points of the game for the win.

It was the second runner-up finish for Platinum Karaoke, seeded sixth, after similarly ending up at second place during the Season 1 First Conference grand finals behind champion Limitless App.

The quartet of Salva, Andrada, Terrence Tumalip, and Brandon Bates received the runner-up purse worth P250,000.

YULO READY TO

JUMP, WIN IN LIVERPOOL

By Josef Ramos

CARLOS YULO plunges into action as one of the favorites in the World Artistic Gymnastics Championships on Tuesday morning (Manila time) at the M&S Bank Arena in Liverpool, England.

He’s a marked competitor for at least three reasons—he won gold in floor exercise in the Stuttgart worlds in 2019 that qualified him for the Tokyo Olympics and topped the vault and clinched silver in the parallel bars in Kitakyushu last year.

B ut he’s up for a tough challenge

in Liverpool, not exactly from a talent-laden field but from the draw for the order of apparatus that he has to compete in—the pommel horse is first for Yulo and the floor exercise his last.

Pommel horse will be the first apparatus so we’re all praying that he keeps his strength up to the floor exercise. I am asking for your prayers,” she added.

“ I believe it is going to be a difficult test for Caloy [Yulo], but I’m confident he can make it to the finals of his favorite apparatus [floor],” Gymnastics Association of the Philippines President

Cynthia Carrion-Norton told BusinessMirror through internet call from Liverpool Monday.

The order for taking on apparatus, Carrion-Norton clarified is not determined by the International Gymnastics Federation nor the organizer, but it’s drawn for the athletes.

A fter the horse, Yulo goes to the rings, vault, parallel bars, horizontal bar and finally the floor exercise.  Carrion-Norton said Yulo has bright chances in the floor, vault and parallel bars and to set his mind on the challenge, sports psychologist Dr. Marissa

Cellar-dwelling Lakers end 0-5 start with victory over Nuggets at home

LOS ANGELES—LeBron

James scored 26 points and Anthony Davis added 23 to help the Los Angeles Lakers to their first win of the season with a 121-110 victory over the Denver Nuggets on Sunday night.

R ussell Westbrook had 18 points for the Lakers (1-5), who had lost their first five games of the season under first-year Head Coach Darvin Ham.

L os Angeles was the last winless

team in the National Basketball Association (NBA).

H am celebrated in the locker room with his team and received a celebratory dousing of water.

We needed to prove something to ourselves,” Ham said. “Not to the world, not the media. We had to prove it to ourselves. I feel great about how we responded throughout the game.”

Westbrook, who came off the bench again and has been accepting of that role, drove the lane and scored on a layup to extend the Lakers lead to 117-106 in the final minutes as the Lakers closed out the win.

I n the third quarter, he raised his arms to get fans on their feet and he obliged.

“ Like I’ve mentioned since Day One, whatever is needed from me to help the team win, that’s what I’ll do,” Westbrook said.

Nikola Jockic scored 23 points and Jamal Murray added a season-high 21 for the Nuggets (4-3), who had four of their last five and two straight games before Sunday’s loss.

Austin Reaves made a 3-pointer from the top of the arc and Lonnie Walker IV drove the baseline for a dunk to give the Lakers a 113-100 advantage. That 13-point lead was

their largest of the season.

The Lakers made 13 3-pointers on 13-for-30 shooting after struggling with long-range shots this season in their previous five games. The Nuggets made 15 3-pointers.

Davis was aggressive early after missing one game with lower back tightness and was questionable Sunday but played. He tweaked his back in the game against Denver on Wednesday when the Nuggets beat the Lakers 110-99 in Denver.

Davis, who called Sunday’s game a must-win, said he’ll have to manage the pain.

“ It’s day by day,” Davis said. “One day, I feel great. The next day (it’s hard). Just try to manage it and keep getting treatment.”

The Lakers led 55-51 at halftime. They trailed by as many as 10 points in the first quarter but overcame that deficit by halftime.

“ They were playing with desperation and I felt like we had them and let it slip away,” Nuggets forward Aaron Gordon said.

Guinto from the University of the Philippines will have last-minute sessions with him.

Doc Marissa [Guinto] will be talking to Caloy to keep his mind sharp, confident and intact,” she said. “Let’s pray that he won’t get tired when he does the floor.”

Yulo has his Japanese coach Munehiro Kugimiya in Liverpool, as well as physiotherapist Junpei Kunno.

The men’s field is composed 32 athletes, including Tokyo Olympics floor exercise gold medalist Artem Dolgopyat of Israel and parallel bars bronze medalist Fehrat Arican of Turkey.

Lady Bulldogs defeat Lady Maroons, keep record unscathed

NATIONAL University (NU) stayed perfect after cruising past University of the Philippines (UP), 25-21, 25-16, 25-20, in the second round of the Shakey’s Super League Collegiate Pre-season Championship at the Rizal Memorial Coliseum Sunday night.

The veteran trio of Bella Belen, Sheena Toring, and team captain Ces Robles did most of the damage for the Lady

Bulldogs, who improved their carryover winloss record to 2-0, putting them in a good position to clinch the crossover quarterfinals top seed in Pool E. Ateneo, meanwhile, survived a feisty University of Perpetual Help System Dalta, 25-21, 26-24, 26-24, for a 1-1 carryover record also in Pool E.

A lexis Miner led three other Blue Eagles in double figures with 15 points. Lyann De Guzman had 13 markers while Faith Nisperos and Vannie Gandler had 12 and 10 points, respectively.

The Lady Altas, who got 15 points from Shaira Omipon in a lost cause, dropped to a 0-2 slate.

N U extended its winning run to four straight following a clean sweep of the group stage.

The reigning University Athletic Association of the Philippines (UAAP) champions relied on their seasoned players to ward off the Fighting Maroons, who saw their four-game winning streak snapped.

“As team captain I tried to lead the team by example,” said Robles, who had six points all coming off timely hits that repelled UP’s attempts to mount a significant rally.

We were a bit tentative in the opening set. Coach Karl (Dimaculangan) just told us to stick with our game plan and execute what we prepared for in training and we just did what we were supposed to do,” she added.

B elen, the UAAP Season 84

PISTONS CATCH WARRIORS NAPPING

SADDIQ BEY scored 28 points, Cade Cunningham was an assist short of a triple-double and the Detroit Pistons beat the defending champion Golden State Warriors, 128-114, on Sunday night to end a fivegame losing streak.

I’m overjoyed for our guys after the work they put in tonight,” Pistons coach Dwane Casey said.

“That’s what happens with a young,

rebuilding team. Tthere are going to be nights like this where people are going to say, ‘Whoa, where did that come from?’ That’s exciting.” AP

Lomachenko wins in return from military service in Ukraine

fight went on after a slow start that perhaps could have been due to his ring rust.

NEW YORK—Vasiliy

Lomachenko is headed home to Ukraine, ready to resume military service during his country’s war with Russia.

Ne xt time he returns, he hopes it’s for a chance to become the undisputed lightweight champion. Look, I’m ready,” Lomachenko said. “I’m ready for any option.”

L omachenko beat Jamaine Ortiz by unanimous decision Saturday night to restart his quest to get another shot at what he calls his dream of owning all four 135-pound titles.

L omachenko got stronger as the

L omachenko returned to his country after it was invaded in February and joined a territorial defense battalion, patrolling the streets to enforce a 10 p.m. curfew.

Wearing trunks that looked like military camouflage with Ukraine’s blue-and-yellow flag along the side of the belt, he’s back now and hoping for a shot at Devin Haney, the undisputed lightweight champion who was sitting ringside and joined him in the ring after the fight.

You know what motivated me?” Lomachenko said. “Four belts!”

L omachenko (17-2) won by scores of 117-111, 116-112 and 115-113—a couple of the cards too

wide for Teofimo Lopez, the former 135-pound champion who beat Lomachenko in October 2020.

“ Welcome to the business of boxing,” he said as he walked by press row at Madison Square Garden.

The Associated Press scored it 115-113 for Lomachenko.

T he area around Lomachenko’s right eye was already swollen in the second round as he tried to get inside against his longerarmed opponent, but the two-time Olympic gold medalist eventually found his footing.

He won the final six rounds on two of the scorecards and finished with a 125-122 advantage in punches landed.

O rtiz (16-1-1) lost for the first time, appearing to wear down in the

later rounds under Lomachenko’s relentless pressure.

L omachenko said he was given breaks to train during his service, so he didn’t expect to have any ring rust.

The bigger problem was Ortiz’s three-and-a-half-inch reach advantage.

He used it to start well, pushing Lomachenko back with good shots to the body. Even by the time Lomachenko landed some good straight lefts in the fifth, the confidence coming from around the Worcester, Massachusetts product was clear.

Let’s go! You’re bigger than this dude!” came a shout from his corner.

But Lomachenko is used to that and he eventually started landing much cleaner shots, knocking Ortiz

off balance a few times in a strong finish.

L omachenko has already owned titles in three weight classes, but the goal is to have all four at lightweight. He was on his way there earlier this year, with a bout being planned against George Kambosos Jr., who had taken the titles by upsetting Lopez.

But when the war broke out, Lomachenko returned home from Greece and told his handlers he would be unavailable for that fight. Haney got it instead and beat Kambosos, then won again easily two weeks ago in the rematch.

Now he could be next for Lomachenko.

Rookie of the Year and Most Valuable Player, and Toring had eight markers each while Erin Pangilinan had seven points for the Lady Bulldogs, who will take on Perpetual Help on November 5 in the resumption of their postponed match last Saturday due to inclement weather brought about by severe tropical storm “Paeng”.

U P tied Ateneo with a 1-1 card but slid to third spot with just two points compared to three points earned by the Blue Eagles.

Jewel Encarnacion finished with eight points to pace the Fighting Maroons, who will face Ateneo on Saturday to determine their final ranking heading into the knockout quarter finals scheduled on Sunday.

The Final Four is slated on November 11 while the winner-take-all championship match is set on November 19.

LEBRON JAMES and

out

LOMACHENKO

TEAM captain Ces Robles is leading the Lady Bulldogs by example.

AFTER a routine training in the rings, Carlos Yulo gets instructions from his Japanese coach Munehiro Kugimiya.

PHOTO BY KAT TENORIO