BusinessMirror November 02, 2023 by BusinessMirror

Developing countries need $3T to fill SDG gaps

THE WORLD »A6

MORE THAN 40% OF UKRAINIANS NEED HUMANITARIAN HELP–UN

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion

EVELOPING countries, including the Philippines, will require additional investments of about $3 trillion annually in order to finance the Sustainable Development Goals (SDGs) and undertake “stronger climate action,” according to the United Nations Economic and Social Commission for Asia and the Pacific (Unescap). Unescap said the latest estimates of the G20 Independent Expert Group report also showed that two-thirds of this amount is expected to come from domestic resource mobilization and local finance. The UN agency also said external financing commitments are expected to contribute to the remaining $1 trillion, which will be

“split evenly” between both official development assistance (ODA) and private capital. “The imperative for the significant needed additional investments in SDGs is colored by an increasing number of countries experiencing rising debt distress. In this environment, a key policy challenge is how to accelerate investments in SDGs while maintaining public debt sustainability in the long term,” said Armida Salsiah Alisjahbana, Undersecretary-General of the United Nations and Executive Secretary of Unescap. Unescap said the Covid-19 pandemic, fallout from the war in Ukraine and other global turbulences over the last several years

have left many governments in Asia and the Pacific short on public funds to meet their commitments on the 2030 Agenda for Sustainable Development, which is already at midpoint this year. The UN agency said identifying long-term financing solutions to get the SDGs back on track and incorporating investment requirements while assessing debt risks. This is the main discussion point at the fourth session of the Committee on Macroeconomic Policy, Poverty Reduction and Financing for Development. Unescap said the “SDG Stimulus to deliver the 2030 Agenda for Sustainable Development” aims to tackle the high cost of debt, scale up long-term financing for devel-

opment and expand contingency financing to countries in need. Competing pressures, however, have resulted in ballooning debt for many regional economies, with the public debt-to-GDP ratio reaching an 18-year high by 2021 and exposing an increasing number of countries to the risk of debt distress. Unescap contends that a high level of public debt is not necessarily bad; what matters is how it is used. Its analysis recommends adopting a long-term approach to assess the risk of debt distress and shows that debt levels can indeed go down if the socioeconomic and environC  A

BusinessMirror A broader look at today’s business

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

(2017, 2018, 2019, 2020)

DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS

BSP NOW PROJECTS OCT www.businessmirror.com.ph

■

Thursday, November 2, 2023 Vol. 19 No. 22

P.  |     | 7 DAYS A WEEK

INFLATION AT 5.1-5.9% B C U. O

@caiordinario

OWER prices of food such as rice may have tamed inflation in October, according to the Bangko Sentral ng Pilipinas (BSP). The BSP said it now projects that October 2023 inflation will settle within the range of 5.1 to 5.9 percent. This is slower than the 6.1 percent inflation recorded in September 2023. “Lower prices of rice, meat and vegetables along with the reduction in the prices of petroleum products could contribute to downward price pressures,” BSP said. The increase in prices in October, BSP said, will be due to the increase in electricity prices, liquefied petroleum gas (LPG), fruits and fish. BSP added that jeepney fares are also among the primary sources of upward price pressures in October. “Going forward, the BSP will continue to closely monitor developments affecting the outlook for infl ation and growth in line with its data-dependent approach to monetary policy formulation,” S “BSP,” A

BLESSINGS AT ‘UNDAS’

At the Palanyag Public Cemetery in Parañaque City, Rev. Fr. Mark Randy Baluso, affiliated with Parañaque Cathedral, conducts his rounds, offering blessings to the tombs of the dead. A notable characteristic of this cemetery is its well-known “apartment tombs”—niches stacked one on top of another. This unconventional arrangement serves as a temporary solution for underprivileged families who may face challenges in affording a permanent plot for the burial of their loved ones. NONIE REYES

WB REPORT: CLIMATE CHANGE Reg’l travel fair generates TO DISRUPT PHL FARM SECTOR P1.3-M sales for Ilocos biz

LIMATE change is expected to wreak havoc on the country’s farm sector, raising prices of commodities such as rice and corn and causing millions to go hungry, according to the World Bank. Based on the Country Climate and Development Report, climate change could increase corn prices by 12 percent; rice and corn milling, 7 percent; and palay at 7 percent by 2050. With the high prices caused by a decrease in production, the World Bank said 17.4 million Filipinos could go hungry in 2030 and 17.11 million by 2050. This is 8 percent higher than the 16.11

million estimate in 2030 and 12.8 percent from the 15.16 million in 2050. “The Philippines is projected to experience diverse impacts from climate change, including rising temperatures, rising sea levels, saltwater intrusion, and increasing variability in annual rainfall. These will impact crop farming, negatively affecting food security and nutrition,” the World Bank said. “Large declines in yield and production are expected for corn and other crops. Typhoons, climate shocks, and disasters also C  A

B M. S F. A

@akosistellaBM Special to the BM

OME P1.3 million in sales were generated at the recent 12th Regional Travel Fair (RTF), organized by the Tourism Promotions Board (TPB), the marketing arm of the Department of Tourism (DOT). In a news statement, the TPB also estimated some P396 million in business leads were generated during the fair from October 13 to 15—held at Robinsons Ilocos in San Nicolas, Ilocos Norte—shattering record-sales and sales leads of previous regional trade fairs. “The Tourism Promotions Board

brings this event to different parts of our beautiful country, allowing host regions to shine, exhibit their local products, and showcase their unique destinations,” said TPB Chief Operating Officer Maria Margarita Montemayor Nograles. “This RTF is an opportunity for all of us to fall in love over and over again with the Philippines. We are thrilled to have this fair become everyone’s gateway to discover all that there is to love about the Ilocos region,” she added. The RTF aims to strengthen and promote domestic tourism by showcasing tourism products and services within their locality, their C  A

STUDY: OFWS REINTEGRATION IS WEAKEST LINK IN PHL LABOR MIGRATION POLICY STORY ON A10

PESO EXCHANGE RATES US 56.9030 ■ JAPAN 0.3818 ■ UK 69.2396 ■ HK 7.2758 ■ SINGAPORE 41.7024 ■ AUSTRALIA 36.2472 ■ SAUDI ARABIA 15.1677 ■ EU 60.4139 ■ KOREA 0.0423 ■ CHINA 7.7827 Source: BSP (October 31, 2023)

News BusinessMirror

Thursday, November 2, 2023

DEVELOPING COUNTRIES NEED $3T TO FILL SDG GAPS C  A

mental gains of investments in SDGs are taken into account. The Committee is scheduled to deliberate on debt sustainability and sustainable fi nance issues and hear from the experience of participants to increase understanding of the need for, and the policy implications of, a long-term public debt sustainability analysis that takes into consideration investments in the SDGs and climate action. The Committee will also review the 10 broad principles underpinning the actions to be undertaken by governments, regulators and private finance entities to scale up sustainable finance in Asia and the Pacific. These 10 principles are guiding ideas that are in line with the Paris Agreement and the 2030 Agenda to support financing for the SDGs and climate action, rather than binding commitments by member-states. Cai U. Ordinario

www.businessmirror.com.ph

2 Pinoy doctors exit Gaza Strip; 136 Pinoys remain

B M T-B

@maloutalosig

WO Filipino doctors working for international medical humanitarian group Doctors Without Borders (Médecins Sans Frontières or MSF) were finally allowed to leave the besieged Gaza Strip. The names of the Filipinos—Dr. Darwin Dela Cruz and Dr. Regidor Esguerra—were among those in the published list of foreign workers of nongovernment organizations trapped inside the enclave. Rafah Crossing, the border between Gaza and Egypt, was finally opened last Wednesday for the first time since the October 7 surprise Hamas attacks in southern Israel. Since the attacks, Israel launched retaliatory missile attacks and ground assault on Gaza Strip, kill-

ing 8,300 people. The two Filipino doctors are among the 138 Filipinos in Gaza Strip who were told by the Philippine government to evacuate. For two weeks, majority of the Filipinos moved to southern Gaza, waiting for the Rafah Crossing to open so they can be evacuated to Egypt. After weeks of negotiations, the US, Israel, Egyptian governments and Hamas agreed to allow the exit of 81 severely injured Palestinians, and 400 foreign nationals and dual

citizens. Foreign Affairs Undersecretary Eduardo De Vega said, “We welcome the decision to open the Rafah crossing for foreign nationals, starting with members of international organizations. Already, there are two Filipino doctors with Doctors Without Borders who are included in the initial list of foreign nationals to be allowed exit from Gaza.” Philippine Ambassador to Amman Wilfredo Santos, whose Embassy exercises consular jurisdiction over Palestine territories, said once the Filipino doctors are cleared by border authorities of both sides, the MSF will escort them to Cairo. A team from the Philippine Embassy in Egypt will assist them and arrange their repatriation to the Philippines. This leaves to 136 the number of Filipinos who are still inside Gaza Strip. “Israel and Egypt are both friends of the Philippines and it is

EDUARDO DE VEGA

our sincere hope that Filipino nationals will be prioritized among the foreign civilians to be allowed exit from Gaza into Egypt,” De Vega said.

WB REPORT: CLIMATE CHANGE TO DISRUPT PHL FARM SECTOR C  A

pose localized risks that can diminish crop production,” it added. Based on the climate projection

for the Philippines, the country’s mean temperature, under a moderate emission scenario, could be 1 to 2 degrees higher by 2065 and up to 2.5 degrees Celsius higher by 2099.

Under a high-emission scenario, the World Bank said the country’s mean temperature could rise by 2 degrees Celsius earlier or even before 2065.

Further, the mean temperature is expected to exceed 4 degrees Celsius by 2099.

Lower yields, higher prices

THIS is expected to lead to lower crop yields for various commodities such as rainfed rice which is projected to decline 4.5 percent; rainfed maize, 21.6 percent; rainfed sugarcane, 4.7 percent; irrigated sugarcane, 4.3 percent; and banana, 3.7 percent. “Substantial price increases are foreseen across the board, with the biggest jumps impacting corn, rice, and fruits and vegetables. The greatest decline in per-capita consumption relative to the baseline is projected for food corn, followed by rice, sugar, and fruits and vegetables,” the report stated. With lower yields and higher prices, consumption for these commodities are expected to decline. Corn consumption will decline 3.2 percent in 2030 and 5.6 percent in 2050; while rice consumption will decline by 2.2 percent in 2030 and 2.9 percent in 2050. The data also showed consumption for fruits and vegetables will decline by 1.2 percent in 2030 and 2.3 percent in 2050; pulses, 0.2 percent in 2030 and 0.4 percent in 2050; roots and tubers, 0.5 percent in 2030 and 0.9 percent in 2050; and sugarcane, 1.3 percent in 2030 and 2.4 percent in 2050.

Lower growth, wages

THE World Bank said this all will lead to lower agriculture growth and even lower agricultural wages. Real agriculture gross value added could decline 1.95 percent by 2050; government savings, 13.41 percent; and agricultural wages, 2.94 percent. “By 2050, with adaptation, the agricultural GVA will be 10 percent higher, while agricultural wages

BSP...

C  A

BSP said. BSP Governor Eli M. Remolona Jr. earlier alluded to this slower inflation and said it may only be short-lived, as inflation is expected to rear its ugly head soon after. (Full story here: https://businessmirror.com.ph/2023/10/25/bsp-off-cyclerate-hike-is-on-the-table/).

Last week, the Monetary Board (MB) hiked key policy interest rates by 25 basis points to 6.5 percent to

may decline by 4 percent. Government savings will also decline by 3 percent, despite larger outlays for government consumption and a shift into increased capital formation for irrigation development,” the report stated. Given these risks, the World Bank recommended that support be provided to both adaptation and mitigation. This will lead to a “triple win” in terms of increasing productivity and profitability for producers regardless of the impact of climate change. The World Bank also recommended that government provide direct financial subsidies “when appropriate and necessary” in order to help with mitigation and adaptation efforts.

Barriers to action

THE report also cited a need to lower or eliminate barriers that prevent the private sector from taking climate-smart action. These barriers include inadequate information about climate change impacts and solutions, poorly functioning mechanisms to disseminate information to producers. The list also includes weak implementation capacity at all levels, inadequate coordination when collective action by producers is required, and imperfect access to the right financial instruments. “The private sector will drive these climate-smart changes through its own decisions and investments, yet government policies will have to play a critical role in promoting and supporting them,” the report stated. “A key first step is ensuring that existing government policies, regulations, and investments do not undercut private-sector incentives for necessary changes,” it added. Cai U. Ordinario

arrest the increase in the prices of goods and services. The MB, the BSP’s highest policy-making body, decided to raise the target reverse repurchase (RRR) rate by 25 basis points effective on October 27. With the decision, the interest rates on the overnight deposit and lending facilities will be set at 6.0 percent and 7.0 percent, respectively, according to the BSP. Remolona cited the broadening of second-round effects of higher transportation fare and minimum wages for the need for monetary policy tightening.

Reg’l travel fair generates P1.3-M sales for Ilocos biz C  A

neighboring provinces, and all other destinations with the participation of various DOT regional offices. Nograles described the RTF in Ilocos Norte as a “milestone,” being one of the first national tourism events the TPB has held in the Ilocos region. Some 70 sellers/exhibitors participated in the business-tobusiness (B2B) sessions, where they sought to expand their networks and establish innovative travel-related offerings with buyers that have similar business goals. Local officials also shared insights on tourism developments in their respective provinces, which included Ilocos Norte, Ilocos Sur, La Union, and Pangasinan. Would-be travelers were also able to discover other destinations in the country during the business-to-consumer (B2C) sessions held on the last two days of the RTF. Exhibitors from different parts of the country presented discounted tour packages, and sold airline tickets, guest rooms in accommodation establishments, woven products, and other local goods to the public. Post-event tours were held after the travel fair, giving TPB members a choice to join a trip to Baccara and Paoay, or to Laoag. These tours gave an opportunity for sellers to craft tour packages for Ilocos. Nograles underscored more opportunities for domestic tourists to visit Laoag with the launch of Philippine Airlines’ (PAL) nonstop flights from Cebu on December 15. The 12th RTF was a collaboration among the TPB, DOTRegion I, the provincial government of Ilocos Norte, the city government of San Nicolas, and the city government of Laoag. TPB’s event partners for the three-day travel fair were Robinsons Ilocos, Cebu Pacific, and PAL.

BELMONTE AMONG U.N.’S CHAMPIONS OF THE EARTH

HE United Nations Environment Programme (UNEP) has named Quezon City Mayor Joy Belmonte as one of this year’s UN Champions of the Earth for her leadership and effective climate actions to eliminate plastic pollution in the city. UNEP formally announced Belmonte and other individuals and institutions as laureates of the award in their official website (www.unep. org/championsofearth). Inger Andersen, Executive Director of UNEP, said: “For her efforts to transform Quezon City into an environmental trailblazer, Belmonte has been named the 2023 Champion of the Earth for Policy Leadership, one of the UN’s highest environmental honors. Mayor Josefina Belmonte’s passionate leadership and policy achievements exemplify how local authorities can solve global environmental problems. Cities can be the dynamic engines of change we need to overcome the triple planetary crisis of climate change, nature and biodiversity loss, and pollution and waste—and mayors can help to lead that charge.” Belmonte is the first Filipino elected official to receive the Champions of the Earth recognition, the UN’s highest environmental award. Past Filipino awardees are former Department of Environment and Natural Resources (DENR) Sec. Elisea “Bebet” Gillera Gozun in 2007, human rights activist and environmentalist Joan Carling in 2018, and environmentalist Louise Mabulo in 2019. Belmonte said that the award will serve as an inspiration to develop more sustainable initiatives for the benefit of every QCitizen.

Thursday, November 2, 2023

www.businessmirror.com.ph • Editor: Vittorio V. Vitug

Parliamentary union presses ‘prompt action’ on Castro’s complaint vs ex-President Duterte By Jovee Marie N. Dela Cruz @joveemarie

HE Inter-Parliamentary Union (IPU) expressed its deep concern and demanded “prompt action” regarding House Deputy Minority Leader France Castro’s complaint against former President Rodrigo Duterte over alleged grave threats. The call was issued by the IPU though a resolution passed on October 27 at its meeting in Luanda, Angola. The IPU’s strong stance was apparently aimed at addressing an issue that has sparked controversy and heightened tensions in the Philippines. The Governing Council of the Inter-Parliamentary Union said it is appalled that the former President of the Philippines directly threatened on air the life of a member of parliament. “This matter also has a serious impact on the functioning of the Filipino Parliament as a whole, as it may deter its members from speaking out on important matters and put their lives at significant risk,” it said. The IPU also trusts that the House of Representatives, exercising its oversight function, is actively addressing the matter with the Executive to ensure Castro’s protection. “[The governing council] demands that, in light of the serious concerns arising from this situation, the treatment of Ms. Castro’s complaint will proceed speedily; and wishes to be kept informed in this regard,” the group said. The IPU also trusts that the criminal case against Castro and the other accused individuals will move towards completion without delay. “The organization requests to be kept informed of any trial dates beyond November 2023 and wishes to receive official information on the facts adduced to sustain the charges against Ms. Castro, as it fails to understand at the present time how she could stand accused of the crime of child

abuse,” it added. Earlier, Castro took legal action by filing a grave threat complaint against Duterte. “I was shocked by the threat to my life issued by former President Duterte. I believe this is related to our investigation into confidential funds, which led to the removal of such funds from various agencies,” Castro of the Act Teachers party list said. “Duterte’s grave threats, and the fact that their continued spread even until today, present dangers to my life, liberty, and security, and with that knowledge, I now live in constant fear that I will be a victim of such extrajudicial killing, forced disappearance, illegal arrest, or detention that he repeatedly admitted having perpetrated in the past,” she added. According to Castro, Duterte’s presidential immunity has ceased since his term ended in 2016, and he can no longer evade accountability. The former president allegedly issued the threat against Castro during a TV program in Davao City. Castro, along with her Makabayan bloc colleagues, has been vocal in her critique of Vice President Sara Duterte’s request for P650 million in confidential and intelligence funds (CIFs) comprising P500 million for her Vice Presidential office and P150 million for the Department of Education, which she heads. The House of Representatives reallocated the P650 million, alongside CIFs to various civilian offices, to agencies responsible for safeguarding the country’s territorial integrity, particularly in the West Philippine Sea (WPS), as well as supporting Filipino fishermen and intelligence information collection and assessment efforts. Furthermore, funds were allocated for the development of Pag-asa Island, situated in the WPS, as a testament to the government’s resolve to fortify its presence in the region—a territory contested by China, which also controls a significant portion of the strategic South China Sea trade route.

DND delegation briefed on missile corvettes’ construction in S. Korea

DEPARTMENT of National Defense (DND) delegation was briefed on the construction of the two guided missile corvettes being constructed by South Korean shipbuilder HD Hyundai Heavy Industries (HHI). This took place on the sidelines of the October 17 to 22 of the 12th Seoul Defense Dialogue (SDD) and Seoul International Aerospace and Defense Exhibit (ADEX) that took place in Seoul. Senior Undersecretary Irineo Espino headed the delegation, the DND statement on Tuesday said. “The DND delegation also paid a visit to various ROK [Republic of Korea/South Korea] defense industries, including the Hanwha Ocean and HD HHI, which afforded the delegation to witness the progress of the Philippine Navy’s [PN] Corvette Acquisition Project,” it added. Earlier, HHI said that the first missile corvettes would be delivered by 2025 with the second in the following year. The DND signed a P28-billion contract with HHI for the acquisition of two brand-new corvettes for the PN, which are capable of anti-ship, anti-submarine and anti-air warfare missions on December 27, 2021, and will be more heavily armed than the Jose Rizal-class frigates. These ships will backstop the two Jose Rizalclass frigates, also constructed by HHI currently in PN service. Meanwhile, Hanwha Ocean is offering their

Jangbogo IIPN submarines for the Armed Forces of the Philippines Modernization Program (AFPMP) Horizon 3 scheduled for 2023 to 2028. If approved, the submarine project, which calls for two brand-new submarines, will have a budget in excess of P110 billion. The DND said the SDD is a high-level multilateral consultative platform, which facilitates discussions on current and emerging security issues among more than 50 participating countries. With the theme “Cooperation and Solidarity for Freedom, Peace, and Prosperity,” this year’s iteration of the SDD facilitated discussions on key challenges to the peace and stability of the Indo-Pacific region, the security situation in the Korean Peninsula and its broader impact on international security, and the development of regional and global cooperation regimes within a changing security environment. Meanwhile, the Seoul ADEX is one of the most comprehensive aviation and aerospace exhibitions in the region, bringing together around 100 to 500 exhibitors from across the world annually. “On the sidelines, Senior Undersecretary Espino also held bilateral meetings with outgoing ROK Vice Minister of National Defense Shin Beom-chul and ROK Chief of Navy Admiral Lee Jong-Ho, during which both sides reaffirmed the strong bilateral defense relations between the Philippines and the ROK and exchanged views on regional and global security trends,” the DND emphasized. Rex Anthony Naval

PBBM: Let’s remember the courage of our saints and dearly departed

E inspired by the good examples of saints and the departed to live virtuous and resilient lives. This was the appeal of President Ferdinand R. Marcos Jr. to Filipinos on Wednesday to all Filipinos in his message for the commemoration of All Saints’ and All Souls’ Day. He urged the public to use both religious holidays to reflect how they can aspire to lead the same virtues of those, who have passed away. “Let the examples of faith demonstrated by our forebears bind us all in appreciating the joy of leading a virtuous life here on earth as well as in recognizing the promise of eternal life through Jesus Christ,” the Chief Executive stressed. “Let us remember the courage that our saints and dearly departed have shown amidst their plight so that we may be empowered to be bold in living with and for Christ no matter the difficulties that we face in this world,” he added. All Saints’ Day, which commemorated every November 1, celebrates the lives of Christian saints, while All Souls’ Day falls every November 2 for the commemoration of the dead.

Malacañang usually declares both days as holidays.

Holiday commemoration

MARCOS urged Filipinos to also use both holidays, which he described as “gifts,” to spend time with their families and strengthen their faith. “Our people’s earnest obedience to his holy obligation throughout the centuries has given birth to the traditions that we carry to this very day— traditions that display the essence of the Filipino culture and that is to give utmost importance to our faith and family,” the President said. The President commemorated All Saints’ Day last Wednesday by visiting the grave of his father, the late strongman and former President Ferdinand E. Marcos Sr. at the Libingan ng mga Bayani (LNB) in Taguig City. Among those who accompanied Marcos at the LNB were first Lady Louise “Liza” Araneta-Marcos and their sons, Joseph Simon and William Vincent. His mother, former First Lady Imelda Marcos, and sisters, Sen. Imee Marcos and Irene Marcos-Araneta were also present. No program was held after the mass. Samuel P. Medenilla

CICC warns public vs online scams, cyber attacks amid ‘Undas’ holidays By Lorenz S. Marasigan @lorenzmarasigan

HE Cybercrime Investigation and Coordinating Center (CICC) issued a stark warning to Filipino consumers: Be vigilant against an array of online scams and cyber attacks during the “Undas” Holidays. CICC Executive Director Undersecretary Alexander Ramos cautioned that cybercriminals are known to take advantage of public holidays when people tend to be less guarded. “We want the public to be more vigilant against various online scam activities especially when we are out of our homes,” Ramos said.

Avoid open Wi-Fi networks

THE agency specifically warned against connecting to open and unsecured Wi-Fi networks, stating that such connections can expose personal information to hackers. “People enjoy accessing these open Wi-Fi because they are free without realizing that their open and unsecured nature also makes them vulnerable to attackers,” Ramos said. He explained that devices are susceptible to Man-in-the-Middle (MTM) attacks when using open Wi-Fi.

“An attacker will intercept the communication flow between your handsets and browser and steal information and potentially allowing your device to be hijacked,” Ramos said.

Beware of fake apps, customer service

RAMOS also warned against fake e-wallet apps and counterfeit customer service channels. They may look like legitimate e-wallet apps but are actually created by scammers and are also widespread. “Scammers can access your real ewallet credentials if you download and install a fake e-wallet app. The public must download e-wallet from legitimate app stores,” Ramos explained. Meanwhile, fake customer service channels often impersonate banks and e-wallet companies, aiming to extract personal information and money from unsuspecting individuals. “These fake customer service channels will target your personal information and money. Always check the source of the channel if it’s legitimate or not,” he said.

Don’t fall for tech support scams

ANOTHER prevalent scam is fake tech

support, where fraudsters call to falsely claim that there’s a problem with your account. “Ignore calls from numbers you don’t know [since it may] involve scammers calling you and claiming to be from your e-wallet provider. The scammers will claim that there is a problem with your account and that they need your personal information to fix the problem. However, the scammers will simply steal your personal information and money,” he said.

that fake e-commerce sites and package scams are also on the rise. “Never believe a too good to be true sales offers. If the product is too cheap then it must be fake or worse, it does not exist. Always check the legitimacy of the seller and never transact outside the e-commerce site,” he said. Ramos also advised consumers to be on the watch for deceptive emails and text messages about intercepted package delivery to make people into giving personal details, money, and data by tricking them into clicking a link or attachment with malware. “Always verify the sender or email address. Make sure that you don’t schedule a delivery when you are not home. Never entertain messages or calls from unknown senders,” he said.

Be smart about phishing, fake e-commerce, package scams

Watch out for ‘traditional’ scams

PHISHING scams are also on the rise, Ramos warned, advising the public to never click on links from unknown emails or texts. The holiday season additionally sees a surge in package scams, where deceptive emails and texts trick recipients into revealing personal details. “Never click links from unknown emails or text messages because these are phishing scams that can lead to account takeover by stealing personal information, account name, and passwords. Worse, many may also include malware,” Ramos added. He noted that the CICC has found

LASTLY, Ramos mentioned the persistence of the Dugo-Dugo Gang, a “traditional” scam that has found new life online. Criminals call homeowners, claiming a family emergency that requires money. “This is the most conventional that continues to victimize a lot of people. People left in should always have a way to contact the homeowner to verify report of accidents and other emergencies,” he added. Ramos advised consumers to report incidents of online scams to the InterAgency Response Center (I-ARC) Hotline 1326.

Editor: Vittorio V. Vitug • www.businessmirror.com.ph

Thursday, November 2, 2023

DSWD retains 761,150 PHL, Canadian biz councils push Punay: pandemic-hit 4Ps beneficiaries nuclear inclusion in energy mix T By Manuel T. Cayon

@awimailbox

AVAO CITY—The Philippine and Canadian business councils in the Asia Pacific Economic Cooperation (APEC) will push for the inclusion of nuclear energy in the energy mix among members of the world’s largest economic bloc. Although a big number of member economies in the Asia Pacific region are poor, the APEC-Business Advisory Council (ABAC) Philippines and ABAC Canada “have received backing for the integration of nuclear energy into the energy mix to meet rising energy demands in the APEC region,” the ABAC Philippines Secretariat said in a recent news statement. Sabin Aboitiz, president and CEO of the Aboitiz Group, and also vice chairman of the ABAC Sustainable Growth Working Group, said there is a need for a nuclear energy roadmap leading to an innovative project in the coming years. “We aim to craft tangible outcomes

that are both actionable and visionary. The output of the discourse will be inputs to a proposed nuclear energy cooperation framework,” said Aboitiz. The ABAC Philippine Secretariat said the ABAC Nuclear Energy Transition hosted last week extensive roundtable discussions on funding mechanisms and the viability of nuclear energy as a sustainable option. These discussions mark the initial phase of the initiative, it added. The roundtable served as a preparatory platform to strengthen the presentation by the ABAC Sustainable Growth Working Group on the potential of nuclear energy. The insights shared

by industry leaders will be highlighted at the upcoming ABAC 4 meetings in November in San Francisco, USA. “This will not only reflect the shared intellect and aspirations of this working group but will serve as a precursor to a more ambitious undertaking—envisioning a nuclear energy roadmap that could culminate into a groundbreaking project in the near future,” Aboitiz added. Toronto Region Board of Trade President and CEO and ABAC Canada member Jan De Silva emphasized the increasing collective interest in either introducing or scaling nuclear energy as part of every country’s energy mix. She noted the primary advantage of ABAC lies in its ability to leverage the expertise of leaders from various economies to bring valuable insights to the table, the ABAC Philippines also said. “The transition to a low-carbon future is expected to be the largest economic transition in history, with 50 percent of this to be driven by energy. In the move to decarbonize and boost energy security and independence, attention has returned to nuclear as a scalable solution. One that is able to produce carbon-free power for a range of industrial, and other energy-intensive activities that are difficult to fully electrify,”

South Korea chamber lauds plan to grant EV perks, but cites PHL’s infra deficiency

ANILA’S planned incentives for electric vehicles (EV) will help attract Korean EV manufacturers, according to the president of the Korean Chamber of Commerce of the Philippines. Joseph Um, President of the Korean Chamber of Commerce of the Philippines stressed the Philippine government’s planned incentives for EV will help in attracting EV manufacturers in Korea. “Yeah, I think so because Korea is quite advanced also in electric cars,” Um told reporters on the sidelines of the 12th Arangkada Philippines Forum last week. However, Um said the challenge lies in the lack of charging stations and infrastructure in the Philippines. According to earlier local news reports, the government is “looking to incentivize the manufacture of 4 million EV units in the next 10 years.”

Of which, majority will be two wheelers and e-trikes along with e-PUVs (public utility vehicles) and e-bus. DTI Undersecretary for Competitiveness and Innovation Group Rafaelita Aldaba said the agency would provide two types of support, which she said would not only be directed on the supply side, but on the demand side as well. With this, the local report noted “under the consumer subsidy program, the government is looking to provide consumers with direct financial rebates or discounts when they purchase an EV.” In particular, Aldaba said the government is looking at providing a P10,000 subsidy for buyers of two-wheeler EVs, P20,000 for three-wheeled EVs and P500,000 for e-PUVs, the report added. The American Chamber of Commerce of the Philippines (AmCham) also said

last week that it backs the government’s plans of giving more incentives to both manufacturers and consumers of EVs, noting that the countr y should take advantage of the law on EVs. L a s t S e p t e m b e r 2 0 2 3 , Tr a d e Undersecretary for Industry Development and Trade Policy Group (IDTPG) Ceferino S. Rodolfo said the free trade agreement (FTA) signed between the Philippines and South Korea is expected to generate investments, particularly in “future-oriented” industries in the country like EVs. The Trade official explained it was “futureoriented” at the time the negotiations for the FTA began in 2019. “At that time, future-oriented pa ang electric vehicles; pero ngayon, nandiyan na talaga si EVs,” Rodolfo said at a news briefing last Friday. Rodolfo explained that Chapter 7 of

1,100 positions in BARMM unproclaimed after BSKE

AVAO CITY–Bangsamoro Chief Minister Ahod Ebrahim, who is also chairman of the Moro Islamic Liberation Front, urged newly-elected barangay leaders to leave behind the trail of violence in this year’s Barangay and Sangguniang Kabataan Elections (BSKE), and begin upholding moral governance being advocated by his administration. The bulk of violence in the country’s conduct of the BSKE was reported in the autonomous region but Ebrahim said “your noble task begins right now.”

“I appeal to all peace-loving [citizens of] Bangsamoro to remember that we can only sustain peace and continue to reap the fruits of the peace process if we safeguard and maintain peace among ourselves and our communities,” he said. Ebrahim said he hoped for the barangay and youth leaders to be the active partners of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) government “in advancing peace and development in their Bangsamoro barangays.” Ray Sumalipao, regional director of the

Commission on Elections (Comelec-BARMM) said there was no evidence of election failures, and that “despite sporadic incidents, the electoral process was marked by its overall peaceful and credible nature.” He said more than 60 percent of barangay officials have already been proclaimed, or about 1,400 barangay officials. Sumalipao, however, admitted there are still 1,100 positions that remain unproclaimed. He explained that the delayed results were due “to the significant number of voters in large barangays with multiple precincts,

De Silva said during last week’s discussion. The discussion last week was held in the Philippines with a keynote message delivered by Department of Energy Secretary Raphael P.M. Lotilla, “shedding light on the Philippine government’s dedication to a sustainable future and adopting technological advancements in clean and alternative energy sources for improved energy security, stability, reliability, and affordability for the Philippines.” “We, in the Philippines foresee offshore winds, nuclear and other emerging technologies, accounting for the increase in power capacities at around 19,000 megawatts. The entry of these emerging technologies in the energy mix will complement the country’s energy transition. New nuclear technologies such as small modular reactors can bolster the role of nuclear power in our energy mix,” ABAC Philippines quoted Lotilla as saying. “Specifically, President Ferdinand Marcos Jr. has given instructions for us to ramp up efforts to diversify the country’s energy sources. This would of course include nuclear power and an openness to other alternative energy sources,” Lotilla said.

the FTA states that “the parties, on the basis of mutual benefits, shall explore and undertake cooperative activities focusing on the following areas: industrial development including health and life sciences-related manufacturing and cooperation on processing of technology metals.” Drawing from this chapter in the trade agreement, he earlier said the Philippines is negotiating, through a memorandum of understanding (MOU), an agreement on processing of critical minerals. Rodolfo said the two countries that are “really very good when it comes to EV batteries” are China and South Korea. The Electric Vehicle Association of the Philippines (EVAP) said two weeks ago that the industry could sell over 6.6 million units of electric vehicles (EV) by 2030. In the first quarter of 2023, sales of EVs in the Philippines reached 2,536 units. Data from EVAP showed that in January, electric vehicles sold reached 452 units; 760 in February and 1,324 units in March. From 2010 to 2022, EVAP noted that manufacturers sold a total of 14,357 units. Andrea E. San Juan

as well as the active involvement of the candidates and their supporters, which occasionally resulted in minor incidents.” “Despite violence and untoward incidents, I would say that it’s generally peaceful and absolutely honest, orderly, and credible elections,” Sumalipao said. “Our primary objective is to uplift the welfare of the residents in our barangays,” he stated. Ebrahim and Sumalipao extended their gratitude to the Armed Forces of the Philippines, the National Police “and the other frontliners, volunteer teachers, and stakeholders who contributed to the success of BSKE 2023.” Manuel T. Cayon

Poll shows jump in House Speaker’s performance and satisfaction rating

O U S E S p e a ke r Fe rd i n a n d G . Romualdez ’s per formance and satisfaction rating significantly increased in a recent OCTA survey The Speaker’s firm stance in pursuing hoarders of basic goods, as well as his decision on the controversial confidential and intelligence fund (CIF), could be some of the possible reasons for the jump. Based on the survey conducted from September 30 to October 4, Romualdez’s performance and satisfaction ratings increased by six points, from 55 percent in July to 61 percent. It was learned that only the House

Speaker, among the country’s top officials, which includes President Ferdinand Marcos Jr., Vice President Sara Duterte and Senate President Juan Miguel Zubiri, who recorded a surge in ratings. Romualdez was followed by Senate President Juan Miguel “Migz” Zubiri who recorded a 1 percent increase in performance and satisfaction rating, from 57 percent in July as well. Meanwhile, VP Sara’s rating dropped significantly, from 82 percent in July to 70 percent in the recent survey. According to OCTA Research scientists, the 12-point drop in the VP’s rating might be

related to the controversial CIF of the Office of the Vice President (OVP) and the Department of Education (DepEd) which she heads. Prof. Ranjit Rye of the OCTA Research Group explained, “Mainit pa kasi yung isyu when we conducted the survey.” He added, “the decision of the party leaders of Congress na alisan ng CIF ang mga civilian agencies, dahil naging kontrobersyal na ito, was a plus factor for the Speaker.” Rye also said that the Speaker’s crackdown on onion hoarders and the series of inspections of rice warehouses in Bulacan in recent months due to lack of food supply, could also be the reason why Romualdez’s

performance rating significantly increased. Meanwhile, President Marcos’ rating also dropped by six points from 71 percent in July but the survey also showed that 65 percent or more than half of the Filipinos still have confidence in his ability to lead and are satisfied with his performance. “Maliit lang ang ibinaba ng rating ni PBBM [Marcos] kumpara sa ibang survey, sa tingin ko dahil malamang nakikita ng mga tao na ginagawan naman ng administrasyon ng paraan ang problema sa mahal na bilihin tulad ng rice price cap at kaliwa’t-kanang ayuda sa mga mahihirap,” the research team member added.

HE Department of Social Welfare and Development (DSWD) confirmed that a total of 761,150 households would continue to be part of the Pantawid Pamilyang Pilipino Program (4Ps) beneficiary list, while 339,660 households are recommended for “graduation” or exit from the program. DSWD Undersecretary for Innovations Edu Punay explained that the list of households is the result of the reassessment of beneficiaries in line with the directive of Social Welfare Secretary Rex Gatchalian. “ This means that they [761,150 households] will not be graduating from the program; they will continue to benefit from the program. Because of the assessment, our department saw that they are still nonpoor and still need assistance under the 4Ps program,” he added. “That means they will be retained in the 4Ps program. The reason found by the department for this is the impact of the pandemic,” Punay said. More than 760,000 households were originally part of the 1.1 million households assessed as non-poor under Listahanan 3 of

the National Household Targeting System for Poverty Reduction (NHTS-PR). Of the 1.1 million 4Ps members, 339,660 households were assessed as Level 3 or self-sufficient, which is recommended for graduation or exit from the program. “What we do here with our graduations is endorse them to local government units, and we also provide them with various assistance or programs, such as the Sustainable Livelihood Program [SLP] to still help them as they exit from the 4Ps program,” he added. The 4Ps program is the national poverty reduction strategy and a human capital investment program of the government that provides conditional cash transfers to qualified household beneficiaries. It is a human development program that provides social protection, social assistance, social development, and other complementary support services in partnership with concerned agencies, local government units, and other stakeholders toward improving the health and nutrition, education, and socioeconomic aspects of the lives of the beneficiaries. Jovee Marie N. Dela Cruz

DOJ legal opinion allows immediate replenishment of NDRRMC’s QRFs

HE Depar tment of Justice (DOJ) declared that allocation for the Quick Response Fund (QRF) under Republic Act No. 10121, otherwise known as the Philippine Disaster Risk Reduction and Management Act of 2010, is not limited to 30 percent. In a three-page legal opinion, the DOJ through Undersecretary Raul Vasquez, noted that the 30 percent allocation of the National Disaster Risk Reduction and Management (NDRRM) Fund set aside as QRF merely provides the minimum allotment owing to the nature and purpose of the QRF. QRFs are standby funds for relief and recovery programs in order that situations and living conditions of people in communities or areas stricken by disasters, calamities, epidemics, or complex emergencies, may be normalized as soon as possible. “Without divesting importance to activities addressing disaster risk reduction or mitigation, prevention and preparedness activities like training of personnel, procurement of equipment and capital expenditures, the law will become futile

and ineffective for its avowed purposes and intentions when needed assistance for people in disaster in the affected areas are left to fund themselves by reason of restrictive application of the provision of the law,” the DOJ said. “The provision of the law is fashioned in a way as not to require a restrictive application,” it added. The DOJ issued the legal opinion in response to the letter-request sent by Undersecretary Ariel Nepomuceno, National Disaster Risk Reduction and Management Council (NDRRMC) executive director, seeking clarification on whether the allocation for the QRF replenishment under Section 22 (c) of RA 10121 is limited to 30 percent. The NDRRMC believes that the intent of Section 22 (c) is to only set a minimum funding allocation for quick disaster response by designating 30 percent of the NDRRM Fund as QRF. Nepomuceno maintained that there should always be enough QRF to address situations and living conditions of people in affected communities. Joel R. San Juan

Bulacan voters reject SJDM’s bid for HUC

ULAC AN voters have decided to reject the bid of San Jose del Monte (SJDM) City’s conversion into a highly urbanized city (HUC). According to the certificate of canvas released by the Commission on Elections (Comelec), 820,385 residents have voted against the bid of San Jose del Monte City, while only 620,707 have chosen “yes.” A total of 1,608,004 out of 2,092,248 voters in the province joined the plebiscite on Monday, alongside the holding of the Barangay and Sangguniang Kabataan Elections (BSKE).

Based on Section 452 of Republic Act (RA) 7160 or the Local Government Code of 1991, a city with a minimum population of 200,000 inhabitants and with an annual income of at least P50 million a year can be classified as HUC. In December 2020, former President Rodrigo Duterte issued Proclamation 1057 that ratified a plebiscite in SJDM City towards the decision of becoming a HUC or not. The proclamation was issued following the request of the City Council of San Jose del Monte through Resolution 2019-059-09. Patrick V. Miguel

PNP assures public security, safety amid ‘Undas’ holidays

HE Philippine National Police (PNP) assured that no effort would be spared to ensure the safety and security of the public during the All Saints’ and All Souls Day (‘Undas’ 2023) holidays. This is despite the recently concluded “Barangay and Sangguniang Kabataan Elections” (BSKE), PNP acting public affairs information chief Col. Jean Fajardo said in a statement Tuesday night. She added the PNP remains vigilant, prepared, and dedicated to maintaining peace and order in various key locations across the country. “To achieve this, the PNP has implemented comprehensive plans to manage crowd control, traffic flow, and overall public safety. Working in collaboration with other law enforcement agencies and force multipliers, a total of 27,161 personnel will be deployed to key locations, including 3,808 memorial parks, public cemeteries, and columbaria. Their presence aims to maintain peace and order, prevent criminal activities, and address any emergency situations promptly,” Fajardo stressed.

The PNP also advised the public to remain vigilant in securing their homes while away and to exercise caution when visiting crowded areas. Citizens are also encouraged to report any suspicious activities or individuals to the nearest police officers or through the PNP hotlines. Additionally, the PNP is urging motorists to obey traffic rules and cooperate with authorities to maintain the flow of traffic and prevent congestion. Meanwhile, PNP chief Gen. Benjamin Acorda Jr., said the police is determined to ensure the safety and security of citizens, especially during occasions when large numbers of people gather, especially during the holidays. “We want everyone to be able to observe this important tradition without any concerns about their well-being. Our officers are fully prepared to ensure a peaceful environment for everyone,” he added. And by working together, Acorda said a peaceful and secure “Undas” observance can be achieved. Rex Anthony Naval

TheWorld Thursday, November 2, 2023

Opponents of military rule in Myanmar applaud new sanctions on gas revenues

THE US Treasury Department building is shown at dusk in Washington on June 6, 2019. The US Treasury Department said Tuesday, October 31, 2023, it was imposing sanctions on Myanmar’s state-owned Myanma Oil and Gas Enterprise (MOGE), a joint venture partner in all offshore gas projects and a vital source of hard cash for the military government. AP/PATRICK SEMANSKY

ANGKOK—A United Nations-appointed human rights expert and opponents of Myanmar’s military government have welcomed the latest sanctions imposed by the United States, the United Kingdom and Canada on companies providing financial resources to the army-installed regime and high-ranking officials. The move is linked to rising violence and human rights abuses in the Southeast Asian nation. The US Treasury Department said Tuesday it was imposing sanctions on Myanmar’s state-owned Myanma Oil and Gas Enterprise, a joint venture partner in all offshore gas projects and a vital source of hard cash for the military government. The sanctions block access to money and resources under US control, and prohibit US citizens from providing financial services to—or for the benefit of—MOGE starting from December 15. Five officials are on the sanctions list: the ministers of industry and investment and foreign economic relations; the director generals of the prosecution and prisons departments; and the chief of general staff for the combined military forces. Three organizations were also designated for sanctions, according to the Treasury Department. The UK also sanctioned five people and one entity that it said are involved either in providing financial services to the regime or the supply of restricted goods, including aircraft parts. Canada also imposed sanctions against 39 individuals and 22 entities in coordination with the UK and the US. Tom Andrews, a special rapporteur working with the UN human rights office, said in a statement that the fresh sanctions were important steps forward and that the ban on financial services that benefit MOGE would hit the junta’s largest source of revenue. “These actions signal to the people of Myanmar that they have not been forgotten, but there is much more that the international community can and must do,” said Andrews, urging U.N. member states to take stronger, coordinated action “to support the heroic efforts of the people of Myanmar to defend their nation and save their children’s future.” Justice for Myanmar, an underground group of researchers and activists from Myanmar, also said the US move against MOGE was a welcome step “to disrupt the junta’s single biggest source of foreign revenue.” The group operates covertly because the military government does not tolerate critics of its rule. “The US should continue to target the junta’s access to funds, including through full sanctions on MOGE in coordination with its allies,” the group said in a statement. The sanctions are the latest the Western governments have imposed on Myanmar’s military regime, after the army seized power from the elected civilian government of Aung San Suu Kyi on February 1, 2021. Widespread nonviolent protests following the military takeover were suppressed by deadly force and triggered armed resistance in much of the country that some experts characterize as a civil war. “Today’s action, taken in coordination with Canada and the United Kingdom...denies the regime access to arms and supplies necessary to commit its violent acts,” Brian Nelson, the Treasury Department’s undersecretary for terrorism and financial intelligence, said in a statement. “Collectively, we remain committed to degrading the regime’s evasion tactics and continuing to hold the regime accountable for its violence,” he said. The Myanmar public and human rights groups had called for sanctions targeting gas revenues shortly after the army takeover. About 50% of Myanmar’s foreign income derives from natural gas revenues. Several offshore gas fields operate in Myanmar’s maritime territory, run by companies from Thailand, Japan, Malaysia, India and South Korea in partnership with MOGE. China is an investor in the pipeline that delivers the gas to the country. The European Union imposed sanctions against MOGE in February last year. AP

Thursday, November 2, 2023

TheWorld BusinessMirror

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

Gaza’s phone and Internet connections cut off again, as Israeli troops battle Hamas militants By Najib Jobain & Samy Magdy

The Associated Press

AFAH, Gaza Strip—Palestinians reported another widespread outage of Internet and phone service in Gaza early Wednesday, hours after Israeli airstrikes leveled apartment buildings near Gaza City and as ground troops battled Hamas militants inside the besieged territory. The Palestinian telecoms company Paltel reported a “complete disruption” of Internet and mobile phone services in Gaza, marking the second time in five days that residents were largely cut off from the world. Communications also went down over the weekend, as Israeli troops pushed into Gaza in larger numbers. Humanitarian aid agencies have warned that such blackouts severely disrupt their work in an already dire situation in Gaza, where more than half of the population of 2.3 million Palestinians has been displaced and basic supplies are running low more than three weeks into the war triggered by Hamas’ bloody October 7 rampage into southern Israel. Meanwhile, dozens of people could be seen entering the Rafah crossing from Gaza to Egypt on Wednesday. It appeared to be the first time foreign passport holders have been allowed to leave the besieged territory since the start of the war. Attempts to reach Gaza residents by phone were unsuccessful

early Wednesday. Internet-access advocacy group NetBlocks.org confirmed that Gaza “is in the midst of a total or near-total telecoms blackout consistent with ” the weekend blackout. The International Committee of the Red Cross said the communication blackout would disrupt the work of first responders and make it harder for civilians to seek safety. “Even the potentially lifesaving act of calling an ambulance becomes impossible,” said Jessica Moussan, an ICRC spokesperson. On Tuesday, a barrage of airstrikes leveled apartment buildings in a refugee camp near Gaza City. Rescuers frantically dug through the destruction to pull men, women and children from the rubble. The director of a nearby hospital where casualties were taken, Dr. Atef Al-Kahlot, said hundreds of people were wounded or killed, but the exact toll was not yet known. Israel said the strike, which targeted senior Hamas military leader Ibrahim Biari, destroyed a militant command center and

PALESTINIANS inspect the damage of buildings destroyed by Israeli airstrikes on Jabaliya refugee camp on the outskirts of Gaza City on Tuesday, October 31, 2023. AP/ABDUL QADER SABBAH

an underground tunnel network, and killed dozens of other fighters. Military spokesman Jonathan Conricus said Biari had also been a key planner of the October 7 attack, and that the apartment buildings collapsed only because the underground Hamas complex had been destroyed. Neither side’s account could be independently confirmed. In recent days, Israeli troops have advanced toward the outskirts of Gaza City from the north and east. Israeli officials say Hamas’ military infrastructure, including hundreds of kilometers (miles) of tunnels, is concentrated in the city, which was home to some 650,000 people before the war. Israel has been vague about its operations in Gaza, but residents and spokesmen for militant groups say troops appear to be trying to take control of the two main northsouth roads. An estimated 800,000 Palestinians have fled south from Gaza City and other northern areas

following Israeli orders to evacuate, but hundreds of thousands remain in the north, including many who left and later returned because Israel is also carrying out airstrikes in the south. Gaza has been sealed off since the start of the war, causing shortages of food, water, medicine and fuel. Israel has allowed international aid groups to send more than 200 trucks carrying food and medicine to enter from Egypt over the past 10 days, but aid workers say it’s not nearly enough. Israel has barred fuel imports, leading to a territory-wide blackout and warnings from hospitals that their emergency generators may soon shut down, putting patients on life support at risk. Israel says it won’t allow fuel to enter because Hamas would confiscate it to use for military purposes. The strike in Jabaliya underlined the anticipated surge in casualties on both sides as Israeli troops advance toward dense residential neighborhoods. The

military confirmed Wednesday that nine soldiers were killed in fighting in northern Gaza, bringing the total of military casualties since the start of the ground operation to 11. Israel has vowed to cr ush Hamas’ ability to govern Gaza or threaten it, while also saying it does not plan to reoccupy the territory, from which it withdrew soldiers and settlers in 2005. But it has said little about who would govern Gaza afterwards. In congressional testimony on Tuesday, US Secretary of State Antony Blinken suggested that “at some point, what would make the most sense is for an effective and revitalized Palestinian Authority to have governance and ultimately security responsibility for Gaza.” Hamas drove PA forces out of Gaza in a week of heavy fighting in 2007, leaving it with limited authority over parts of the Israelioccupied West Bank. Palestinian support for the President Mahmoud Abbas has plunged since then, with many Palestinians dismissing the PA as little more than a security subcontractor for Israel, because it helps suppress Hamas and other militant groups. Returning to Gaza “on the back of an Israeli tank,” as Palestinians routinely phrase it, would be a fatal blow to the PA’s legitimacy. The Palestinians have not held national elections in 17 years, and the US and Israel are unlikely to support any vote in which Hamas could gain power, as it did in 2006. More than 8,500 Palestinians have been killed in the war, mostly women and minors, the Gaza Health Ministry said Tuesday, without providing a breakdown between civilians and fighters.

The figure is without precedent in decades of Israeli-Palestinian violence. Over 1,400 people have died on the Israeli side, mainly civilians killed during Hamas’ initial attack, also an unprecedented figure. Palestinian militants also abducted around 240 people during their incursion and have continued firing rockets into Israel. Hamas’ armed wing said Tuesday that it plans to release some non-Israeli hostages in coming days. Hamas has previously released four hostages, and has said it would let the others go in return for thousands of Palestinian prisoners held by Israel, which has dismissed the offer. Israeli forces rescued a 19-year-old soldier earlier this week. The war has also threatened to ignite fighting on other fronts. Israel and Lebanon’s Hezbollah militant group have traded fire daily along the border, and Israel and the US have struck targets in Syria linked to Iran, which supports Hamas, Hezbollah and other armed groups in the region. The military said it shot down what appeared to be a drone near the southernmost city of Eilat and intercepted a missile over the Red Sea on Tuesday, neither of which entered Israeli airspace. Iranian-backed Houthi rebels in Yemen later claimed they fired ballistic missiles and drones at Israel, saying it was their third such operation and threatening more. Israel said Wednesday that it had dispatched navy missile boats to the Red Sea. Magdy reported from Cairo. Associated Press writers Wafaa Shurafa in Deir al-Balah, Gaza Strip, and Amy Teibel in Jerusalem, contributed to this report.

More than 40% of Ukrainians need humanitarian help–UN China sends 43 planes, 7 ships By Edith M. Lederer The Associated Press

NITED NATIONS—Russian strikes are inflicting unimaginable suffering on the people of Ukraine and more than 40 percent of them need humanitarian assistance, a senior UN official told the UN Security Council on Tuesday. Ramesh Rajasingham, director of coordination in the UN humanitarian office, said thousands of civilians have been killed in strikes on homes, schools, fields and markets since Russia’s invasion in February 20022. The UN human rights office has formally verified 9,900 civilians killed, but he said “the actual number is certainly higher.” Ukrainian civilians are suffering “horrendous humanitarian consequences” and “unimaginable levels of suffering” from the Russian strikes, Rajasingham said. About 18 million Ukrainians—more than 40 percent of the population—need some form of humanitarian assistance, and as winter approaches “needs will be magnified,” he said. Rajasingham said significant damage and destruction of critical infrastructure continues to severely impact civilian access to electricity, heating, water and telecommunications, “a particular concern as winter fast approaches,” which will put the elderly, disabled and displaced most at risk. The Russian military methodically targeted Ukraine’s power stations and other critical infrastructure with missile and drone strikes during the last winter season, resulting in frequent power outages.

PEOPLE react near the memorial for the victims of a Russian rocket attack in the village of Hroza near Kharkiv, Ukraine on October 8, 2023. A report by UN investigators has pointed a finger at Russia as likely being responsible for the deaths of 59 civilians at a village café hit by a missile in eastern Ukraine in early October, in what was one of the deadliest strikes since the Kremlin’s forces launched a full-scale invasion 20 months ago. AP/ALEX BABENKO

To prepare for the freezing temperatures this winter, the UN official said, the humanitarian community is helping people carrying out household repairs and ensuring that water and heating systems are functional. “The aim is to ensure that every civilian has access to somewhere both safe and warm during the winter ahead,” Rajasingham said. Ukrainians must also deal with diminished health care, he said. Since the invasion, the UN World Health Organization has verified over 1,300 attacks on health care—more than 55 percent of all attacks worldwide during the same period, he said. And 111 health care workers and patients have been killed, with 13 health facilities impacted by attacks just since the beginning of September. As the war continues, it has

become more dangerous for hum a n it a r i a n orga n i z at ions to operate, with the number of aid workers killed more than tripling from four in 2022 to 14 so far in 2023, Rajasingham said. Despite the risks, more than 500 humanitarian organizations—the majority of them local—reached nine million people with aid in the first nine months of 2023, thanks to more than $2 billion contributed by donors to the UN’s $3.9 billion appeal for this year, he said. But over 40 percent of the appeal is still unfunded. US Deputy Ambassador Robert Wood told the council Russian attacks reduced Ukraine’s power generating capacity to roughly half its pre-war capacity, according to a UN estimate in June. And between October 2022 and March 2023, many civilians spent roughly 35 days

without power. He said Russian attacks on critical infrastructure have already resumed, “risking critical services and exacerbating the humanitarian crisis.” Wood pointed to a single day in September when Russia launched 44 missiles at energy facilities in six regions, and a Ukrainian government report that from October 11-12, Russia launched artillery, missiles and drones against the Kherson region “an estimated 100 times.” From mid-July, when Russia pulled out of the initiative enabling Ukraine to ship critically needed wheat and other foodstuffs from Black Sea ports, until mid-October, Russian attacks destroyed nearly 300,000 tons of Ukrainian grain, he said. “We call on the international community to continue providing essential humanitarian support to Ukraine, including supporting Ukraine’s efforts to restore its energy grid,” Wood said. Russia’s UN Ambassador Vassily Nebenzia claimed it is Ukrainian missiles—not Russian airstrikes— that hit “civilian objects.” And he accused the Kyiv government of making up “lies about Russia” and blaming Moscow for “high profile tragedies” in Ukraine in order to elicit Western support for more military assistance. While Western diplomats speak out about casualties and destruction in Ukraine, Nebenzia added, they never mention anything about casualties and destruction in the eastern Donbas region, which Russia illegally annexed in October 2022.

to keep up pressure on Taiwan By Christopher Bodeen The Associated Press

A I P E I , Ta i w a n —Ta i w a n s a i d Wednesday that China sent 43 military aircraft and seven ships near the self-ruled island, the latest sign that Beijing plans no let-up in its campaign of harassment, threats and intimidation. Taiwan’s Defense Ministry said the figure was current for the 24 hours up to 6:00 a.m. Wednesday and that 37 of the aircraft had crossed the median line in the Taiwan Strait, which China no longer recognizes as an informal divider between the sides. It said Taiwan had monitored the situation, scrambled jet fighters, dispatched ships and activated land-based missile systems, all standard responses to Chinese military activities, which include crossing into Taiwan’s air defense identification zone but not into its actual airspace. Such Chinese maneuvers have become frequent and aggressive since then-US House Speaker Nancy Pelosi visited Taiwan in August 2022. China suspended military communication with the US to show its displeasure over her trip to Taiwan, which Beijing considers part of its territory to be brought under its control by force if necessary. China’s military maneuvers are seen as intended to break down Taiwanese morale, exhausting its pilots and other personnel and wearing down its equipment. Despite that, the present status of de-facto independence remains widely popular among the island’s voters and the defense budget has been increased to purchase new equipment from the US, its chief ally, and to produce some items locally, including

submarines. At an international defense forum in Beijing on Monday, China’s secondranking military official Gen. Zhang Youxia reiterated threats by the Chinese government to retaliate against moves toward establishing Taiwan’s formal independence, saying that “no matter who tries to split Taiwan from China in any form, China and the Chinese military will never allow that to happen.” Zhang, who is also vice chairman of the Central Military Commission, which oversees the world’s largest standing military, opened the three-day event in the absence of former Defense Minister Gen. Li Shangfu, who would have normally hosted the event. Li was removed from his position last week after a two-month absence from public view. The government has not provided any reason for his removal. The Beijing event, attended by military representatives from dozens of countries, was an occasion for China to project regional leadership and boost military cooperation. That comes despite frictions with the US, with Japan over an uninhabited East China Sea island group, with its Southeast Asian neighbors over China’s claim to virtually the entire South China and with India along their disputed border. But in a sign that Washington and Beijing were considering a possible resumption of military dialogue, the US was represented at the forum by a delegation led by Cynthia Carras, the Defense Department’s leading official on China. As of Wednesday, it appeared she had departed without holding any formal meetings with Chinese officials or speaking to the media.

Thursday, November 2, 2023

www.businessmirror.com.ph • Editor: Jennifer A. Ng

Shift to market-driven agri education to entice the next generation of farmers, experts say By Joel C. Paredes

Special to the BusinessMirror

WO leading agriculture experts were members of rival fraternities during their college days at the University of the Philippines Los Baños (UPLB), but they have found a common ground in a shared conviction. Dr. Rey Velasco, a former UPLB chancellor, and US-trained retired UPLB horticulture professor Dr. Chito Protacio were one in motivating young minds to embrace farming, saying that the future of the country’s food security hinges on the next generation of agriculture leaders. True, there has been a continuing decline in the enrollment of agriculture schools, and the situation has become a global phenomenon. But they believe this is a wakeup call for leaders of government, the academe and agriculture sector to finally address the issue on why people tend to look down on agriculture as a professional degree—and farming as a career in life now that the sector continues to be dominated by aging farmers. “They [really] don’t see an opportunity for them to earn better and to have a better life if they go into agriculture,” said Velasco, an entomologist who recently retired as a professor at the UPLB College of Agriculture and Food Science. “Perhaps, young people also see the influence of their parents on them. They would prefer the so-called dignified professions.” Protacio, meanwhile, said that unless the “age-old stigma” is addressed, the Philippines will continue to face the problem of aging farmers with a “low-tech” environment as far as agriculture is concerned. “We can’t really survive without agriculture.” Simply put, he said, “we need clothing. We need shelter, food, and medicine. We can get all

DR. Chito Protacio

of these from agriculture. And we eat three times a day.”

Reality check

ACCORDING to Velasco, the country’s agriculture enrollment is about 40,000 students nationwide, compared to 60,000 to 70,000 in recent years. Still, that means 10,000 students continue to graduate annually. “So, it’s not really a matter of attracting the youth. It’s a question of how we make sure these people who are graduates of agriculture will go into agriculture as a career and a profession,” he said. The question, he said, is “are we crafting a good curriculum for agriculture that will match the demand for the modernization of Philippine agriculture?” He then lamented that the students do not see an opportunity since Bachelor of Science degrees were merely focused on production. In many instances, those who graduated in specialized fields like food technology and agribusiness, looked at their degrees as a mere “stepping stone” to other professions. “They don’t see the opportunity to earn if they get involved in the different stages in the agriculture supply chain,” he added. Meanwhile, the number of mod-

DR. Rey Velasco

erately or severely food insecure Filipino households had reportedly increased to 62 percent from 43 percent during the Covid-19 pandemic, based on the Department of Science and Technology-Food and Nutrition Research Institute (DOST-FNRI) data. The Philippines eventually dropped to 67th out of 113 countries in the 2022 Global Food Index Rating. The United States Department of Agriculture (USDA), in its latest “Grain: World Markets and Trade” report, also ranked the Philippines as the world’s top importer of rice as it expects the country’s purchases to hit 3.9 million metric tons (MMT) during the 2022-2023 trade year, compared to China’s 3.5 million metric tons. Protacio, who once headed the Philippine Rice Research Institute (PhilRice), said support to local farming—and not just importation—is essential in every government’s quest for food security. Agriculture modernization, he said, can be a “huge come-on” for the Filipino youth and young professionals pursuing a career in agriculture. Importation, he said, was a policy of the government. “Even then when I was in Philrice, then DA [De-

partment of Agriculture] Secretary [Proceso] Alcala had always been at odds with the NEDA [National Economic and Development Authority] because he wants to produce to be self-reliant for rice, but in the NEDA, they have a different viewpoint. They said it’s cheaper to import so let’s just import,” he said. The Philippines, he said produced “a bit higher per area,” of rice, compared to Thailand, one of the country’s major sources of imported grains. “It’s just that they [Thai farmers] could produce more because they have a lot more area for rice production,” he said. The Philippines has only about 3 million hectares, while Thailand reportedly has 9 million hectares plus the Mekong Delta system.

Creativity in agri education

“WE must be creative in how we offer agriculture,” said Velasco, as he cited the Technical Education and Skills Development Authority (TESDA), which now offers agriculture courses, from Farm Field School on Production of High-Quality InBed Rice and Seed Certification and Farm Mechanization to Agroentrepreneurship and digital agri-

culture course. According to Velasco, these programs that are being crafted as short-degree courses are professional programs for those interested in agriculture, even if they have completed other degrees in college. Velasco said that there is an opportunity in agriculture production, along with integration, value-adding, and trading. He then quickly pointed out that unless the government works out the supply chain, the small production units in agriculture won’t find it profitable to go into farming for business. “Our farmers are very fragmented. They know how to plant highvalue crops, but they stick to rice, corn, and coconut where the supply chain has been established. They know that they can sell even if the margin is low,” he said. He cited success stories of landless farmers in Batangas who merely leased farmlands for about P150,00 per half-a- hectare annually, and yet earned over a million pesos by planting “sailing labuyo” and other high-value crops which are later being marketed in Tanauan. He also said that the so-called “bagsakan” center set up by Alcala has become a lucrative trading post

for vegetable farmers who organized themselves into a cooperative in Quezon province. “The unifying and sustaining factor for cooperatives is for the farmers to be assured that they will earn from their hard work. Ang kita mo d’yan is where you can have good access to the market. Kapag hindi mo mapapatkabo ‘yung iyong produce, hindi ka kikita,” he said. According to Velasco, the government has a “complete” program for agriculture, ranging from production to marketing. “It’s just like how you cook the abobo, you have the right ingredients. Ang problema natin ‘yung pagluluto. Paano lulutuin para masarap ang adobo,” he said. “It’s really time to address inherent problems of our agriculture system, and it’s not only in production. In the old school of economics productive will drive everything, but now we realize that it’s not production. It’s the market,” he added. Protacio, meanwhile, said there is also a need to motivate students and young professionals’ farmers on “smart agriculture,” which involves various disciplines and technologies. “We need to start at a younger stage because if they don’t get introduced to agriculture as a very viable course a career, then most often than not, they will not take agriculture because of the bias in the agriculture sectors,” he said. According to Protacio, the cost of agriculture education has also become more affordable, with the new free tuition policy in all state colleges and universities, most of which offer agriculture degrees nationwide. Protacio, a Beta Sigman, and Velasco, a member of the Upsilon Sigma Phi, are not merely breaking old enmities. They are sowing the seeds for a more sustainable future for Philippine agriculture.

DA keen on using seaweed in animal feeds

AGRICULTURE IS THE WAY TO GO Senate President Juan Miguel F. Zubiri, joined by Senator Pia S. Cayetano and Senator Joseph Victor G. Ejercito, meets the Minister of Agriculture of Hungary Istvan Nagy, at the Agriculture Ministry in Budapest. Both sides agree to invest more in agriculture as the means of not only boosting food security but also creating more job opportunities. Senate President Zubiri stressed the importance of strengthening trade of agricultural products between the two countries. Nagy expressed willingness to assist the Philippines through technology transfer, sharing of information and good practices and exchanges with its Philippine counterpart, the Department of Agriculture, to modernize the Philippines’s agricultural sector to be able to compete globally and meet the demands of the growing Philippine population. OS ZUBIRI

HE Department of Agriculture (DA) will explore the feasibility of using seaweed for animal feeds amid the spike in the prices of commercial feeds. Agriculture Undersecretary Deogracias Victor B. Savellano said converting seaweeds into feeds is “cost-efficient.” “In the future, we are looking at the conversion of seaweeds as feeds for our livestock to relieve the local animal raisers from the high cost of commercial feeds in the market,” he said. “We are tapping the expertise of Mr. Lionil Henri Valentin Dabbadie, the country representative of the Food and Agriculture Organization [FAO] of the United Nations, for the exploration of

the making of seaweeds as commercial feeds for farm animals and livestock.” Savellano, the countr y has abundant seaweed resources that grow in its coastal waters whose length is one of world ’s fifth longest. Seaweeds are relatively cheaper and are very rich sources of protein. Seaweed is a sustainable source of macronutrients, particularly dietary fiber, and micronutrients to animal feed. It provides several antioxidants which can increase the animals longevity and may lower the risk of infections. There are three main reasons to use seaweed in poultry feed—improve animal immune status, decrease microbial load in the digestive tract, and

raise beneficial nutrient content on the meat and egg. In the recent celebration of the World Food Day, Savellano said that aside from processing the seaweeds as animal feeds, he is also looking at the production of native pigs and native chicken which are easier to raise and require commercial feeds with lesser cost. “We need to go back to the basics and the traditional way of raising our livestock so we can augment our budget for food for our family.” Consider i ng t h at cor n accounts for 80 percent of feed formulation, the agency is working on corn planting at the former sugarcane plantation in Western Batangas following the closure

of a Batangas sugar mill. This is to ensure the livelihood replacement of the affected sugarcane farmers and to help provide the yellow corn requirement for animal feed production. According to Savellano, these initiatives are in line with the three marching orders of President Ferdinand R. Marcos Jr. to the different units of the agency: Volume where food production will increase fivefold, affordable price of foods in the market, and margin or a reasonable income for the livestock raisers. “These are some of our agency initiatives to achieve the ultimate goal of the president of having abundant and affordable food for every Filipino.”

Thai sugar crop outlook worsens as mills grapple with new export rules T HAILAND’S sugar crop prospects are deteriorating just as the country’s millers are struggling to get to grips with the implications of new export regulations announced this week. Sweetener production is likely to drop to 7-8 million tons in 2023-24 from 11 million tons crushed in the previous crop, according to the Thai Sugar Millers Corp. That means exports could fall to 4-5 million tons next year from 7 million expected in 2023, said the group’s director Rangsit Hiangrat. The outlook has worsened since early September when Rangsit estimated output in 2023-24 at around 9 million tons and exports of 6 million tons next year compared with 8

million tons initially forecast for 2023. Drought has ravaged the plantations and reduced the amount of cane available for crushing. Thailand is one of the world’s top three exporters. The output decline in Thailand will further tighten global supply and support futures that are already near the highest level in 12 years after India said last month it would keep curbs on overseas shipments beyond the end of October. Now the industry also needs to grapple with the consequences of a government decision on Tuesday to list sugar as a controlled commodity, a move aimed at ensuring domestic supplies of the sweetener and keeping inflation in check. The addition

to the control list is effective for one year. Like other controlled goods, this means that any retail price changes or exports of one ton or more of sugar will need to be first cleared by a regulating panel. Rangsit from the millers group said the move may cause delays in fulfilling delivery contracts for sugar already sold on the futures market. “Exports will be affected and the industry will be hurt, including millers and cane farmers, as long as the government is slow to clear up uncertainties,” Rangsit said in an interview. “If exporting sugar becomes more difficult, it will disrupt global supply and the futures contracts we’ve already committed to.” Meanwhile, groups of cane growers

around the country have said they will protest the cabinet’s move on Sunday, with plans to gather and block sugar from being moved out of mills to be sold at what they called unfair prices. The government said Tuesday it will seek ways to supplement cane growers’ income and expects to propose a measure in a cabinet meeting in two weeks.

Metal prices

METALS mostly dropped, following two days of gains, after Chinese factory activity contracted in October. The official manufacturing purchasing managers index in the world’s biggest

commodities importer came in below expectations at 49.5. The non-manufacturing gauge, which measures activity in the construction and services sectors, also missed analyst forecasts. The figures suggest there’s still more work to do to get economic growth back on track in the top metals consumer after President Xi Jinping announced fresh support measures last week. Signs of solidity in the Chinese economy have improved sentiment toward raw materials in recent days, particularly as visible inventories contract. “Though the disappointing Chinese Purchasing Managers’ Indices that were published early this morning will probably

take the wind out of the sails of the recovery for now, the outlook for base metals is generally brightening,” analysts at Commerzbank AG, including Thu Lan Nguyen, wrote in a note. “The copper price, for example, is finding support from stocks on the LME, which did not rise any further last week.” Copper fell 0.3 percent to $8,115.50 a ton on the London Metal Exchange as of 4:29 p.m. local time. The industrial metal is down 1.9 percent in October, heading for a third straight monthly drop. Other base metals were lower. Aluminum slid 0.7 percent, while zinc fell 1.3 percent. Both are on track for monthly declines. Bloomberg News

A8 Thursday, November 2, 2023 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

New breed of ‘Makapili’ selling PHL sovereignty

he dispute between the Philippines and China over the Ayungin Shoal in the West Philippine Sea has been going on for decades. But starting this year, the Marcos administration has adopted a deliberate policy to shine the spotlight on China’s aggressive and abusive behavior in asserting control over territories within the Philippine exclusive economic zone. The confrontations, which led to an October 22 collision of Chinese and Philippine vessels near the shoal, prompted US President Joe Biden to warn China that the US will defend the Philippines in case of any attack in the disputed waters, as he reiterated his “ironclad” defense commitment to the Philippines. Biden’s comments came days after two collisions between Filipino and Chinese vessels in the contested waters. Unfortunately, as the Marcos administration is trying to expose to the world China’s bullying behavior inside Philippine territory, there’s a small but vocal group of Filipinos echoing pro-Beijing narratives. For example, the head of an obscure pro-China group defended China’s use of water cannon on television, calling it “benign.” He said: “That was just a spray,” and insisted that China was only exercising its “sovereignty over the area.” National Security Council Assistant Director General Jonathan Malaya told the Philippine Center for Investigative Journalism in an interview that it was only this year that the NSC publicly recognized the existence of China’s “operators” or “proxies” undermining the country’s claims in the West Philippine Sea. “We’ve presumed there was a Chinese information operation in the Philippines. They operate everywhere in the world. But we started really being alarmed when we saw that there were Filipinos who were parroting the Chinese narrative,” he said. Malaya said the government has largely ignored their social media posts, but the security threat changed when these groups appeared to be helping Chinese Embassy officials in undermining national interests on Philippine soil. Some of these groups have pushed back against the government’s allegations, citing freedom of speech. The NSC would have continued to ignore them, Malaya said, but the threat assessment changed when personalities behind the group would later invite Chinese Embassy officials to a press conference that sought to undermine the Philippine claims. “As a democracy, we are used to dissent,” said Malaya. “Even during the time of President Duterte. It was free for all. People can say whatever they want.... But we started really being alarmed when we saw that there were Filipinos who were parroting the Chinese narrative. And then there were press conferences being called for purposes of undermining the Philippine position and then the script is obviously coming from Beijing. That is when we became alarmed,” he said. The same press conference prompted President Marcos to issue the government’s response to Beijing’s misinformation. Philippine Coast Guard Spokesperson Jay Tarriela was extremely annoyed by some Facebook users that appeared to defend China back in August, when the Philippines protested the dangerous maneuvers by the Chinese Coast Guard against a resupply mission of the Philippines to the Ayungin Shoal. He called them “traitors” and “unpatriotic.” “If you are a Filipino, whether in government or private sector, regardless of your politics, defending and making excuses for China’s aggressive behavior should deem you unpatriotic, and a traitor to the Philippines and to our people,” Tarriela posted on X. “The government will find it difficult to obtain support for any step that will restrict public opinion on social media. But it’s important to correct the lies,” retired Supreme Court Senior Associate Justice Antonio Carpio told PCIJ. “They [Filipinos who echo pro-Beijing narratives] are definitely a small group. Small but vocal.... They might sway some people so it’s our duty to continually object and present the real facts and present the law, because we don’t want our people to be misled,” said Carpio, who has become among the country’s most dedicated advocates of the country’s claims in the West Philippine Sea. Some reactions online to the PCIJ story: “Disgusting Pinoys.” “We must call a spade a spade. Let’s ‘traitor-tag’ them.” “These traitors are either ethnic Chinese holding Philippine passports but loyal to PRC and China paid trolls.” “It is time for the world to wake up to China’s years of infiltration into the fabric of every country. It is time to weed them out for good.” The Makabayang Katipunan ng mga Pilipino, better known as the Makapili, was a militant group formed in the Philippines during World War II to give military aid to the Imperial Japanese Army. In the 21st century, it seems there’s a new breed of “Makapili” that are determined to sell Philippine sovereignty to their Chinese patrons.

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor Senior Editors

STREET TALK

he start of any pathway to order on our roads is to have all vehicles accurately registered. Programs that help mitigate traffic are more effective if we know the number of vehicles using our roads. Monitoring the number of vehicles is not just about mitigating traffic; it’s also about proper accounting of vehicles for tax purposes. Registration of all vehicles impacts on government’s policy-making decisions and the measures that lead to a better traffic management, transport availability for citizens, adequate road capacities, environmental protection, crime reduction, road safety, and therefore contributing greatly to our country’s overall economic development. But we know that there are countless vehicles on our roads that are unregistered. There are also those with expired registrations, or worse, those with false or double registrations. No doubt, these are constantly posing a big problem and even danger to the public and therefore should be addressed. It is bad enough that we have seen

the lack of vehicle license plates for the past three administrations because of legal disputes, but the government’s inability to have all plying vehicles registered is a more serious concern. It is estimated that there are anywhere from one to two million vehicles that are under this category. Most of these are motorcycles that can easily be lost in the sheer number of two-wheeled motorized vehicles plying our roads; but there are four-wheeled vehicles as well, including heavy utility vehicles that carry various goods, and even dangerous cargoes. Think about the crimes, accidents, injuries and loss of lives that involved unregistered vehicles. More alarming is that a good number of these unregistered cars are governmentowned, even those units used for law enforcement. There are many reasons why so many vehicles re-

Creative Director Chief Photographer

Eduardo A. Davad Nonilon G. Reyes D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com

www.news.businessmirror@gmail.com

Printed by brown madonna Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila

main unregistered. The worst reason would be the dubious nature of their origins—smuggled, carnapped, etc. But there are instances where a vehicle is not registered simply because of neglect; somehow their owners did not know what to do, or just did not care anymore. And while we are on the subject of unregistered vehicles, it is also high time to begin strictly enforcing the registration of e-bikes, e-trikes and e-quads that are fast increasing in number on our streets. These are practically two, three or fourwheeled bikes and light vehicles with batteries, mostly from China, affordably low priced and are readily available online or from small dealerships, or sometimes sold in hardware or department stores. Although they

here are more than enough geopolitical press/social media experts out there to twist public opinion any way the warmongers wish. I will stay in my lane to protect my family and maybe yours from financial ruin as I did in 2019 and 2020 and beyond.

After 16 years of interest rate/currency exchange rate manipulation, how badly distorted are the markets? No one knows. And do not even mention a widening of The Wars. We could move into a period of massive dollar debasement or substantial dollar appreciation. Either way, our personal wealth may take a large, very unpleasant hit.

Even so, I do have this to say. From attorney and retired army infantry Colonel Kurt Schlichter: “The true nature of the world is savagery. The world’s true nature is that good is forever pitted against evil. That has never changed. What happened over the last 70 years or so was an interregnum—a pause in the savagery —bringing peace to the West. But it was not normal. It was an anomaly, a glorious one, but an anomaly nonetheless. The world is not a peaceful place, and it never was, and it never will be. The hard truth is that the world contains bad people who must be crushed through ruthless violence,

and finally for their cultures and nations. Females are tasked with the equally necessary and critical nurturing, healing, and teaching. Gender roles can be switched but both must flourish for human survival and prosperity. Western men as a general group no longer provide and protect. But they can win against a woman in a beauty contest, bicycle race, and one-on-one in Mixed Martial Arts. The barbarians who will always be at the gates are not much impressed. In the meantime, while trying to figure out which war is just and who are the heroes, we have a situation. In 2007, the world embarked on

John Mangun

Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

And while we are on the subject of unregistered vehicles, it is also high time to begin strictly enforcing the registration of e-bikes, e-trikes and e-quads that are fast increasing in number on our streets. These are practically two, three or four-wheeled bikes and light vehicles with batteries, mostly from China, affordably low priced and are readily available online or from small dealerships, or sometimes sold in hardware or department stores.

A critical time for the US dollar

Lourdes M. Fernandez

Ruben M. Cruz Jr.

MEMBER OF

Thomas M. Orbos

T. Anthony C. Cabangon

Online Editor

Chairman of the Board President Advertising Sales Manager Group Circulation Manager

A call for vehicle registration amnesty and e-trikes registration

OUTSIDE THE BOX

which shocks and horrifies modern sensibilities.” Further because of this anomaly, the men in the West have become flaccid. The term “toxic masculinity” originated in the 1980s and 1990s. According to the sociologist Michael Flood, these include “expectations that boys and men must be active, aggressive, tough, daring, and dominant,” interestingly, all the qualities that helped make humans the most comfortable, safest, and successful species on the planet. Males by design are the protectors and providers of the species, first for themselves, then for their families,

fall in the same category as the Teslas and the hybrid Toyotas or Benzes, these bicycle and rickshaw-looking vehicles are definitely of a different class, with their passengers susceptible to serious injuries in case of road accidents. For a while, there was confusion whether these vehicles needed to be registered or driven by licensed individuals. But the passage of RA 11697 or the E-Vehicles Act, and the LTO AO 2021-039 that followed, required the registration of such types of electric vehicles classified as e-bikes L2b, L3, L4, L5, L6, L7—all of which have a higher displacement and speed capability. However, it is apparent that there is much work to be done insofar as enforcing the registration of these vehicles is concerned. In most towns and cities and even on major roads such as Edsa and C5, we see these vehicles, sometimes driven by minors, competing with other much heavier motorized transport—an accident waiting to happen. A ready solution to this would be to call for an amnesty for all unregistered vehicles in the country, to include the electric types that we previously mentioned. This is similar to the amnesty on loose firearms that the PNP would implement every now and then, resulting in thousands of new registrations, thus contributing to higher government revenues and an accurate count of vehicles on See “Orbos,” A9

a journey not taken before in history. In a concerted effort by the central banks and governments that control the global money supply, an unprecedented amount of money was pushed into the global financial state. The US Federal Reserve “balance sheet” of government debt holdings increased from $870 billion to $9 trillion or by a factor of over 900 percent. With that increase in “cash” came the reduction of global interest rates—the actual cost of money—to the lowest in 5,000 years. Literally. We know what interest rates were 5,000 years ago based on contracts between merchants in ancient economies for borrowing and lending. There is a financial instrument that you have never heard of—along with most of the “experts” and economists called the ‘TLT ETF.’ It is a Nasdaq traded Exchange-Traded Fund that mirrors the value and price movement of the long-term US government “20-Plus-Year Treasury Bond.” The higher the price of this asset, the lower the interest rate. In midSee “Mangun” A9

www.news.businessmirror@gmail.com

Asia factories grapple with high costs amid Israel-Hamas war By Claire Jiao

anufacturing activity in Asia slumped again in October as conflict in the Middle East drove oil prices higher, costs rose and global demand remained under pressure.

Most countries across the region reported pressures from cost inflation, shrinking output and new orders, according to manufacturing purchasing managers’ indexes published Wednesday by S&P Global and au Jibun Bank. A private gauge of factory activity in China unexpectedly contracted, underlining fragility within the world’s second-largest economy. The data are a discouraging sign for global growth, which has seen its bid for recovery threatened by uncertainty over the Israel-Hamas war and the prospect of wider conflict in the region. Asia—which makes much of the world’s goods—has struggled to ramp up production this year amid patchy demand from major markets including the US and Europe. PMI readings for Japan and South Korea remained mired in contraction at 48.7 and 49.8, respectively, little changed from the prior month. A reading above 50 indicates an expansion in activity, while anything below suggests contraction. “The rate of inflation was robust and the strongest seen in the year to date amid reports of higher raw material prices, notably those linked to oil,” said Usamah Bhatti, economist at S&P Global Market Intelligence, in a statement accompanying the South Korean data. Bhatti also noted that firms had mentioned unfavorable exchange rates as their currencies came under pressure, leading to higher input costs.

Inflation returns

While oil prices are beginning to cool again, war in the Middle East led to volatility over the last month— just as many Asian factories had begun to enjoy cooling inflation and widening profit margins. Crude costs may surge further this quarter if a broader conflict erupts. Elevated interest rates—or ones that climb even higher—would crimp any plans to expand manufacturing activity. India, the region’s star performer, was not entirely immune to the headwinds. Its PMI slipped to an eight-month low of 55.5 on softer increases in new orders, production and exports. Most of Southeast Asia—which has typically been able to rely on the strength of its domestic markets to power growth—was also in contraction. PMIs for Vietnam, Myanmar and Thailand deteriorated, while Malaysia was unchanged. Only Indonesia managed to expand in October from the prior month, though the rate of growth was slower. The stop-start recovery is also

Mangun . . .

continued from A8

2007, the ETF price was $85.17. It increased to $171.00 in July 2020. During that period, the US interest rate declined from 4.70 percent to 0.06 percent in 2011, back up to 2.40 percent in 2019 and back down to 0.06 percent through most of 2020 to early 2022. Currently, the US interest rate is at the highest level since the 2007 preglobal Debt Crisis at 5.33 percent. The ‘TLT ETF’ price is $84.72, lower than in 2007. Here is the significance and what it means to you and me. If interest rates continue higher, we could see much more US dollar appreciation. The US dollar is basically at a 20-year high. That is a huge problem for the more than 70 percent of dollar denominated Emerging Market sovereign debt. Buying US dollars effectively increases the amount of debt. But why can’t they just pay in another

The data are a discouraging sign for global growth, which has seen its bid for recovery threatened by uncertainty over the Israel-Hamas war and the prospect of wider conflict in the region. Asia—which makes much of the world’s goods—has struggled to ramp up production this year amid patchy demand from major markets including the US and Europe. evident in China, where the private Caixin survey of manufacturing activity fell to 49.5 in October from 50.6 the month before. That mirrored an official gauge this week that also showed factory activity shrank given the stretch of public holidays in the month along with muted market demand. “Manufacturers were not in high spirits in October,” said Wang Zhe, senior economist at Caixin Insight Group, in a statement accompanying the Caixin data that cited falling supply, employment and external demand. “The economy has showed signs of bottoming out, but the foundation of recovery is not solid.” “China’s October Caixin manufacturing survey hammered home the message that growth momentum is softening despite proactive policy support—in line with the signal from the official PMI. The surprise decline in the PMI deepens our concerns over prospects for small, export-oriented companies—and the strength and durability of the recovery more broadly,” said Bloomberg economists Chang Shu and Eric Zhu. There have been a couple of signs that the worst may be over for at least some parts of the region as activity and demand attempt to recover. Trade bellwether Taiwan—which has seen PMI contract for more than a year—recorded a PMI of 47.6 in October. The best reading in seven months suggested that the decline in activity in the economy is becoming less severe. South Korea, meanwhile, posted an increase in exports of 5.1 percent in October from a year earlier—the first rise since late 2022 and an indication that there is some resilience in the global economy. Manufacturers also reported improved business optimism over the coming 12 months, saying in the PMI survey that resurgent demand would stimulate new product launches and sales. With assistance from Fran Wang and Jasmine Ng/Bloomberg

currency? For the same reason BPI would not take my beautiful homeraised chicken eggs to pay my credit card bill. If interest rates take a descending trend, what happens with the inflation rate? Will consumer prices increase? Will the US dollar lose value? After 16 years of interest rate/currency exchange rate manipulation, how badly distorted are the markets? No one knows. And do not even mention a widening of The Wars. We could move into a period of massive dollar debasement or substantial dollar appreciation. Either way, our personal wealth may take a large, very unpleasant hit. On a personal note, congratulations to our son and daughter-in-law Chris and CJ on the birth of their baby girl. 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.

Opinion BusinessMirror

Thursday, November 2, 2023 A9

Cutting-edge AI raises fears about risks to humanity. Are tech and political leaders doing enough? By Kelvin Chan | AP Business Writer

ONDON—Chatbots like ChatGPT wowed the world with their ability to write speeches, plan vacations or hold a conversation as good as or arguably even better than humans do, thanks to cutting-edge artificial intelligence systems. Now, frontier AI has become the latest buzzword as concerns grow that the emerging technology has capabilities that could endanger humanity.

Everyone from the British government to top researchers and even major AI companies themselves are raising the alarm about frontier AI’s as-yet-unknown dangers and calling for safeguards to protect people from its existential threats. The debate comes to a head Wednesday, when British Prime Minister Rishi Sunak hosts a twoday summit focused on frontier AI. It’s reportedly expected to draw a group of about 100 officials from 28 countries, including US Vice President Kamala Harris, European Commission President Ursula von der Leyen and executives from key US artificial intelligence companies including OpenAI, Google’s Deepmind and Anthropic. The venue is Bletchley Park, a former top secret base for World War II codebreakers led by Alan Turing. The historic estate is seen as the birthplace of modern computing because it is where Turing’s team famously cracked Nazi Germany’s Enigma code using the world’s first digital programmable computer. In a speech last week, Sunak said only governments—not AI companies—can keep people safe from the technology’s risks. However, he also noted that the UK’s approach “is not to rush to regulate,” even as he outlined a host of scary-sounding threats, such as the use of AI to more easily make chemical or biological weapons. “We need to take this seriously, and we need to start focusing on trying to get ahead of the problem,” said Jeff Clune, an associate computer science professor at the University of British Columbia focusing on AI and machine learning. Clune was among a group of influential researchers who authored a paper last week calling for governments to do more to manage risks

from AI. It’s the latest in a series of dire warnings from tech moguls like Elon Musk and OpenAI CEO Sam Altman about the rapidly evolving technology and the disparate ways the industry, political leaders and researchers see the path forward when it comes to reining in the risks and regulation. It’s far from certain that AI will wipe out mankind, Clune said, “but it has sufficient risk and chance of occurring. And we need to mobilize society’s attention to try to solve it now rather than wait for the worstcase scenario to happen.” One of Sunak’s big goals is to find agreement on a communiqué about the nature of AI risks. He’s also unveiling plans for an AI Safety Institute that will evaluate and test new types of the technology and proposing creation of a global expert panel, inspired by the UN climate change panel, to understand AI and draw up a “State of AI Science” report. The summit reflects the British government’s eagerness to host international gatherings to show it has not become isolated and can still lead on the world stage after its departure from the European Union three years ago. The UK also wants to stake its claim in a hot-button policy issue where both the US and the 27-nation EU are making moves. Brussels is putting the final touches on what’s poised to be the world’s first comprehensive AI regulations, while US President Joe Biden signed a sweeping executive order Monday to guide the development of AI, building on voluntary commitments made by tech companies. China, which along with the US is one of the two world AI powers, has been invited to the summit, though Sunak couldn’t say with “100 percent certainty” that representatives from

Beyond the grave By Herman M. Lagon

LL SOULS’ Day, observed on the 2nd of November and by many on the day before, forms an integral part of a three-day observance that encompasses All Saints’ Day and All Hallows’ Eve. Rooted in Catholic traditions, the day offers a poignant moment for believers to remember and pray for the departed. In the Philippines, where the majority identifies as Catholic, these traditions and practices interweave with local customs, lending the observance a distinct cultural richness. However, beyond the surface of rituals lies a deeper narrative that emphasizes the importance of mental health in our modern context.

The Philippines is notable for its vibrant celebration of All Souls’ Day. Families gather at cemeteries to pay their respects, sometimes even camping overnight. The cleaning and decorating of graves are not just acts of remembrance but also gestures of deep respect. Lighting candles, for instance, is believed to guide souls on their journey or ensure their return to visit the living. Such practices, though rooted in religious customs, often blend with superstitions. Noisy processions are believed to wake up the dead, church bells are thought to guide souls to heaven, and preparing special meals marks the spirit’s return.

Orbos . . .

continued from A8

the road. It would do well for the government to implement an amnesty program for the registration of unregistered vehicles. The amnesty could even include the change of ownership of vehicles, particularly second hand

Tech companies shouldn’t be involved in drafting regulations because they tend to “underestimate or downplay” the urgency and full range of harms, Raji said. They also aren’t so open to supporting proposed laws “that might be necessary but might effectively endanger their bottom line,” she said.

Beijing will attend. The paper signed by Clune and more than 20 other experts, including two dubbed the “godfathers” of AI—Geoffrey Hinton and Yoshua Bengio—called for governments and AI companies to take concrete action, such as by spending a third of their research and development resources on ensuring safe and ethical use of advanced autonomous AI. Frontier AI is shorthand for the latest and most powerful systems that go right up to the edge of AI’s capabilities. They’re based on foundation models, which are algorithms trained on a broad range of information scraped from the Internet to provide a general, but not infallible, base of knowledge. That makes frontier AI systems “dangerous because they’re not perfectly knowledgeable,” Clune said. “People assume and think that they’re tremendously knowledgeable, and that can get you in trouble.” The meeting, though, has faced criticism that it’s too preoccupied with far-off dangers. “The focus of the summit is actually a bit too narrow,” said Francine Bennett, interim director of the Ada Lovelace Institute, a policy research group in London focusing on AI. “We risk just forgetting about the broader set of risk and safety” and the algorithms that are already part of everyday life, she said at a Chatham House panel last week. Deb Raji, a University of California, Berkeley, researcher who has studied algorithmic bias, pointed to problems with systems already deployed in the UK, such as police facial recognition systems that had a much higher false detection rate for Black people and an algorithm

However, while customs and beliefs associated with All Souls’ Day vary, a common thread remains: the human need for connection, be it with the living or the departed. The act of remembering is therapeutic, offering solace and a way to process grief. It invites us to find goodness in all things, even in mourning. The focus is not just on remembering the dead but also on the internal reflection and peace it brings to the living. Yet, as we dive deep into these customs, it is essential to remember the importance of mental well-being. The tradition of remembering the departed serves as a reminder that dealing with grief is a journey, one

that requires care, time, and support. Schools and workplaces, in recognizing these traditions, are encouraged also to address the broader conversation around mental health. Acknowledging our emotions, finding solace in shared experiences, and seeking support are steps toward a healthier mind. Moreover, as Filipinos gather to celebrate, there is also a communal acknowledgment of collective grief, loss, and remembrance. This shared

vehicles. We have been told that this is now exactly what the Land Transportation Office, under its new leadership, is planning to undertake. We trust that indeed the LTO, which by the way has been busy with a lot of innovations and on-ground problem solving activities, will implement the amnesty soon. The last two months of the year (November and December) would

be the best time to implement this as these are the lean months of registration of old vehicles (registration is based on the last digit of the vehicle license plate numbers). This will also provide a revenue windfall for the government, with anywhere from P1,000 to P 5,000 in registration fees. It may be that the hallmark of this administration will be its push

that botched a high school exam. The summit is a “missed opportunity” and marginalizes communities and workers that are most affected by AI, more than 100 civil society groups and experts said in an open letter to Sunak. Skeptics say the UK government has set its summit goals too low, given that regulating AI will not be on the agenda, focusing instead on establishing “guardrails.” Sunak’s call to not rush into regulation is reminiscent of “the messaging we hear from a lot of the corporate representatives in the US,” Raji said. “And so I’m not surprised that it’s also making its way into what they might be saying to UK officials.” Tech companies shouldn’t be involved in drafting regulations because they tend to “underestimate or downplay” the urgency and full range of harms, Raji said. They also aren’t so open to supporting proposed laws “that might be necessary but might effectively endanger their bottom line,” she said. DeepMind and OpenAI didn’t respond to requests for comment. Anthropic said co-founders Dario Amodei and Jack Clark would be attending. Microsoft said in a blog post that it looked forward “to the UK’s next steps in convening the summit, advancing its efforts on AI safety testing, and supporting greater international collaboration on AI governance.” The government insists it will have the right mix of attendees from government, academia, civil society and business. The Institute for Public Policy Research, a center-left UK think tank, said it would be a “historic mistake” if the tech industry was left to regulate itself without government supervision. “Regulators and the public are largely in the dark about how AI is being deployed across the economy,” said Carsten Jung, the group’s senior economist. “But self-regulation didn’t work for social media companies, it didn’t work for the finance sector, and it won’t work for AI.” Associated Press writer Jill Lawless contributed to this report.

experience becomes a form of communal healing. While the graves are beautified for the occasion, the essence is in bringing families together, emphasizing connection and unity. Filipinos show that mourning is not a solitary act but a collective experience, a shared journey toward healing and acceptance. In today’s fast-paced world, where emotions often take a backseat, traditions like All Souls’ Day serve as a pause button. They allow introspection, remembrance, and a realization of the transient nature of life. This is not just about remembering the deceased but understanding and prioritizing our mental and emotional well-being. The message is clear: while we remember and pray for departed souls, it is equally crucial to care for the living, to prioritize their mental health, and to ensure they are emotionally well-equipped to handle life’s challenges. Doc H fondly describes himself as a “student of and for life” who, like many others, aspires to a lifegiving and why-driven world that is grounded in social justice and the pursuit of happiness. His views herewith do not necessarily reflect those of the institutions he is employed or connected with.

towards digitalization, and rightly so given that indeed we are already in the midst of a digital world. But there are still aspects in our governance that need catching up. Proper, accurate and needed vehicle registration is one of them. This should happen without further delay. The author may be reached at thomas_orbos@sloan.mit.edu

A10 Thursday, November 2, 2023

‘KISHIDA VISIT TO UNLOCK NEW PATHWAYS FOR COOPERATION’ THE leadership of the House of Representatives said on Wednesday that the upcoming two-day official visit of Japanese Prime Minister Fumio Kishida to the Philippines, including his address to a special joint session of Congress on November 4, 2023, is expected to unlock new avenues for mutually beneficial collaboration between the two nations. Speaker Ferdinand Martin Romualdez said the visit of Kishida, along with his wife Yuko, to meet with President Ferdinand “Bongbong” R. Marcos, Jr. marks a significant milestone in the robust diplomatic ties between the Philippines and Japan. The Speaker said that the visit will encompass a wide spectrum of critical topics, with a primary focus on fortifying the already excellent relations and exploring new opportunities between the two countries. “We are optimistic that through our discussions, new pathways for collaboration and development will emerge, promising enhanced opportunities and a brighter future for all Filipinos, here and in Japan,” Romualdez said. He said the Philippines and Japan are committed to turning the two-day visit into concrete collaborations that will not only

strengthen bilateral relations but also contribute to global peace and prosperity. “This visit, symbolizing the deep and longstanding bond our nations have forged, built on mutual respect, shared values, and a unified vision for peace, stability, and prosperity in the Asia-Pacific region, signifies the strength of our bilateral ties,” Romualdez said. The House of Representatives and the Senate are set to conduct a special joint session on Saturday, November 4, 2023, for the Japanese Prime Minister. Romualdez assured that, as the esteemed host venue for this momentous event at the Batasang Pambansa Complex, “we are dedicated to ensuring that Prime Minister Kishida’s visit is both productive and memorable.” “We warmly welcome His Excellency K ishida Fumio, Prime Minister of Japan, on his significant official visit to our country on November 3 and 4 this year. It is with great anticipation that we look forward to his address to the Congress of the Republic of the Philippines in a Special Joint Session on November 4, 2023, at 11:00 in the morning,” the top House leader said.

Study: OFWs reintegration weakest link in PHL policy

By Samuel P. Medenilla

@sam_medenilla

RGANIZATIONAL challenges, fragmented programs, and lack of data continue to hamper the reintegration services of the government, making it the “weakest link” in the country’s migration governance, according to a new study from Friedrich Naumann Foundation. The 22-page paper, entitled PostPandemic Reintegration Efforts for Overseas Filipino Workers written by Alvin P. Ang, Marie T. Magante, Marie V. Militante, and Jeremaiah M. Opiniano, highlighted the gaps in the reintegration programs for overseas Filipino workers (OFWs). It noted how the frequent change in the government agency tasked to handle reintegration affected its delivery. It was initially handled by the Well Fund in the 1980s, before it was later transferred to the Overseas Workers Welfare Administration (OWWA), Re-Placement and Monitoring Center (RPMC), and the National Reintegration Center

for OFWs (NRCO). The NRCO was transferred back and forth between OWWA and the Department of Labor and Employment (DOLE) before eventually ending up with the Department of Migrant Workers (DMW) this year. “From 2007 to 2022, however, the NRCO underwent a series of organizational transitions that stifled its fullest potential to make migrant reintegration a broader development effort (not just by agencies within the migrant sector,” the study said.

Other limitations

THE limited participation of other government agencies in the gov-

ernment’s reintegration programs restricted the services returning OFWs received, which were usually limited to economic interventions such as cash aids and loans. Another challenge for the government in consolidating its reintegration intervention is the lack of a “reliable set of data of returning migrants.” The lack of data, the study pointed out, was somewhat addressed during Covid-19 pandemic, when the government kept track of the over 1.8 million OFWs who went home. Of these, 728,826 availed themselves of reintegration services. To fix the said gaps, the paper proposed the review of the 2017 National Master Plan on Reintegration so it can incorporate the Bridging Recruitment and Reintegration program of the United Nations. The updated plan can include careful implementation of economic reintegration programs, additional social reintegration programs, and psychosocial services.

Ongoing initiatives

THE study recognized the ongoing efforts by the DMW, which only became operational this year, to improve

government reintegration services. Among the DMW initiatives commended in the report was the agency’s plan to strengthen the nationwide implementation of reintegration programs with the deployment of regional reintegration offices next year. Also recognized was the agency’s implementation of its full-cycled reintegration framework and its use of the OFW Reintegration Advisor of the International Organization for Migration, which will provide its users online access to service from other government agencies. This was confirmed by DMW Assistant Secretary Venecio V. Legaspi in an interview. He said it will provide OFWs with reintegration services, which will include local employment facilitation, reskilling or upskilling, and entrepreneurship among others via referral system. As for the issue on reliable reintegration data, the DMW official said they are aiming to launch a mobile-based monitoring system before the end of the year. He noted the initiative will allow the government to keep track of OFWs, who will need reintegration services.

Jovee Marie N. Dela Cruz

UN body calls on PHL to pass menstrual leave, Sogie, legal abortion bills By Malou Talosig-Bartolome @maloutalosig

HE United Nations body tasked to monitor performance of countries in protecting the rights of women has called on the Philippine government to immediately pass legislation for comprehensive anti-discrimination, allowing women to have menstrual leave, and legalize abortion in certain circumstances. In an October 30 report on their periodic review on the Philippines, the UN Committee on the Elimination of Discrimination against Women (Cedaw) listed a number of deficiencies that it thinks the Philippine government must address.

SOGIE bill

CEDAW is “concerned” over the absence of a “comprehensive antidiscrimination legislation” in the Philippines that would protect disadvantaged and marginalized groups of women particularly Bangsamoro women, disabled, lesbian, bisexual and transgender and intersex persons, rural women, refugees, detainees, human rights defenders and journalists. The Committee particularly mentioned the Comprehensive Anti-Discrimination Bill and the Sexual Orientation and Gender Identity Expression (Sogie) Equality Bill which has been pending in both houses for a long time.

2-day menstrual leave

CEDAW also recommended to “accelerate the adoption of the Menstrual Leave Act.” Two congresswomen have filed the bill for female employees in private and public spaces to be given a maximum of two days of menstrual leave. They also called for the adoption of the Magna Carta of Workers in the Informal Economy “to facilitate women’ access to formal employ-

ment and social security coverage.”

Reproductive health

CEDAW noted with “concern” the “persistently high rate of maternal mortality” in the Philippines, i.e., 78 deaths per 100,000 live births in 2020. Filipino women in rural areas have limited access to antenatal and postnatal health care services. It suggested “antenatal, perinatal and postnatal health services to reduce the high rates of maternal mortality, including by training midwives and other relevant health professionals, especially in rural areas.” Despite the recent increase of maternity leave to 105 days, ”only seven days leave is allocated to fathers or alternative caregivers,” it noted. Cedaw is also concerned about the “lack of progress to decriminalize abortion and the high number of unsafe abortions.” “Amend article 256-259 of the Revised Penal Code to legalize abortion in cases of risk to life or health of the pregnant woman, rape, incest or severe fetal impairment and decriminalize it in all others,” the Cedaw suggested. Currently, physicians and midwives who perform abortions in the Philippines may face up to six years in prison. Women who undergo abortion are punished by imprisonment from two to six years. Cedaw also urged the Philippine government to “ensure” that women and girls, those with disabilities, be given “adequate access” to sexual and reproductive health services and information, including “family planning, modern forms of contraception, and safe abortion and post-abortion services.” There were also high rates of breast cancer mortality due to lack of awareness, lack of resources, lack of access to mammograms and other life-saving treatments.

UNIQUE BLEND At the Chinese Cemetery in Manila, members of the Filipino-Chinese community pause to extend heartfelt prayers for their departed loved ones, observing customs deeply rooted in their cultural heritage. This sacred space, as the second oldest cemetery in Manila following La Loma Cemetery, encompasses a unique blend of Christian, Buddhist and Taoist burials. NONIE REYES

Win backs P300-M DICT confidential fund

HE chairman of the Senate Ways and Means Committee is backing a request by the Department of Information and Communication Technology (DICT) for P300 million in confidential funds to boost the agency’s ability to protect the government from an alarming rash of cyber attacks. This, as Senator Sherwin Gatchalian cautioned, however, that the government must first make sure the Filipino people are fully informed that the cyber threat is real and not like what they “view on television” so that the general public will also take precautions. Speaking mostly in Filipino in a radio interview, he added: “If this [the spate of cyberattacks on government institutions] worsens – I think it is not yet that bad but once it worsens – all of us are at risk of having all the personal information we give to government being

leaked and ending up in the hands of criminals.” He said his analysis of the situation indicates that “we are truly not prepared for this. We lack the capability, and we lack the skilled persons who can fight this. And I think the situation will get worse in the coming days.” Asked if he agreed with the move to release the requested P300-million confidential fund to “buy equipment” for the DICT, the senator replied: “That was also the senators’ question when we had an executive session. They were asking for P300 million and they said they needed this to be in the nature of confidential funds” because, if ordinary procurement rules were followed, they would have to publicize their planned purchases, and hackers would then know what equipment they have and what sorts of attacks they can thwart.”

Gatchalian said he agreed with that logic, and in his view, “many of our national security equipment should not be made known to other countries because then they would know our capabilities especially in defense or national security …. because if they know what we have, they will know what we can do, what we can’t.” In the DICT’s case, he stressed, this prudence in sharing information is totally justifiable, he added, “because the issue of cybersecurity and cyberattacks is worsening.” Nonetheless, he thinks it’s only the DICT that should be given this leeway in purchasing equipment for cyber security since it has the main mandate of providing “internet safeguard or protection for all our state agencies. It should be only the DICT.” Asked if he agreed on the need to tag the requested monies as confidential fund as there were “various accounting [processes], while the

procurement law allows exemptions,” the senator replied: “As a rule, I’d agree that those should be in line item … that’s why I said, as a rule everything that’s bought should be in line item in the General Appropriations Act.” However, he also conceded that many types of specialized equipment “cannot be publicized to the whole world,” and this, he said, is a gap in the current procurement rules, which he described as “very strict” without room for protecting information on vital, sensitive purchases. “If there’s really a national security implication, if it can be proven it can impact our security, then let’s give an exemption.” He said this is one of the key issues senators are looking at as they work on amendments to the Procurement Act, an initiative led by Sen. Juan Edgardo Angara. Butch Fernandez

Companies BusinessMirror

Editor: Jennifer A. Ng

Thursday, November 2, 2023

Meralco set to hold tender A for additional power supply

Aboitiz 9-month profit down 16%

By Lenie Lectura

@llectura

he Manila Electric Co. (Meralco) will pursue the conduct of the competitive selection process (CSP) for the 3,000 megawatts (MW) of baseload power supply before the year ends to continue servicing the requirements of its customers. Under the 2023 Power Supply Procurement Plan (PSPP) submitted by Meralco to the Department of Energy (DOE), the first wave of supply procurement will be for 1,200 MW baseload supply and for 1,800MW baseload supply. Baseload power supply is mostly sourced from coal power plants that must run on 24-hours a day. Meralco utility economics head Lawrence Fernandez said the CSPs for both need to commence within the year in accordance with the DOE approved PSPP. “The DOE asked us to commence both CSPs on our before November 15. Meralco needs both. The 1,200MW will replace the emer-

gency PSAs that were used to temporarily tide us over the termination of the 2019 PSAs of SMC [San Miguel Corp.],” said Fernandez in a text message. The 1,200 MW baseload will replace the terminated power supply agreement (PSAs) with South Premiere Power Corp. (SPPC); San Miguel Energy Corp., now known as Sual Power Inc. (SPI); and the 200MW which should have been supplied by Solar Philippines Batangas Baseload Corp. if negotiations did not break down. Meralco said these PSAs will have the following capacity and commercials operations date: 810 MW by December 26, 2023 to in-

crease to 1,010 MW by February 26, 2024, and to further increase to 1,200 MW by March 26, 2024. Its contract term is 15 years. For the 1,800 MW baseload CSP conducted by Meralco last October 2020 to February 2021, the utility firm signed two PSAs with Excellent Energy Resources Inc. (EERI) for contract capacity of 1,200 MW, with commercial operation date (COD) by November 26, 2024, and with Masinloc Power Partners Co. Ltd. (MPPCL) for contract capacity of 600MW, COD by April 26, 2025. Subsequently, EERI and MPPCL sent termination notices of the PSAs effective last April 1, 2023. Accordingly, Meralco will proceed to include a CSP for the 1,800 MW baseload supply requirement in its revised 2023 PSPP, consistent with the Energy Regulatory Commission’s orders last September 5, 2023. Similar to the term of the 1,800MW requirement during its CSP last 2020-2021, the 1,800 MW baseload rebidding CSP will have the following capacity and COD: 1,200 MW by Nov 26, 2024 and additional capacity of 600 MW by April 26, 2025. Its contract term is also 15 years from November 26, 2024 and April 26, 2025, respectively.

Meralco had said the execution of CSPs will help shield electricity consumers from volatile and potentially higher generation costs in the Wholesale Electricity Spot Market, which is historically recorded during the dry season when power demand spikes. Distribution utilities, such as Meralco, are strongly encouraged to include the procurement of power supply from greenfield power generation projects. They are required to prepare and submit the Distribution Development Plan and PSPP; upload in the DOE CSP e-based portal the latest PSPP on or before 30th of June each year; and publish the bid invite, terms of reference, bid offers in the DOE CSP e-based portal.

DoubleDragon buys land in Spain

oubleDragon Corp. said its unit Hotel101 Global has purchased 6,593 square meters of commercial land in Madrid, Spain. Following the completion of the land purchase, Hotel101 Global has taken full possession of the prime land in Madrid. The space is located in Avenida Fuerzas Armadas, Valdebebas which is surrounded by major landmark buildings and is about minutes of walking time to the Valdebebas Train Station, IFEMA convention complex, Real Madrid Sports Complex and the new Madrid Barajas International Airport. Hotel101-Madrid Spain is expected to be completed in the fourth quarter of 2025. Condotel sales revenue of about 143.3 million euros, or about P8.8 billion, is ex-

pected to be generated from the Hotel101Madrid project, the company said. The Golden Visa processing and advisory fee that costs about 6,000 euros will be free of charge for those who will purchase three Hotel101 units in Spain from the start of the unit pre-selling until December 31 this year, or until the units are fully sold out. “If there is one hotel chain that can optimize the use of modern technology in the global hospitality space, we believe it will be Hotel101 given its pioneering standardized single room type asset-light concept globally,” DoubleDragon and Hotel101 Global Chairman Edgar Injap Sia II said. “Hotel101 Global is envisioned to eventually become one of the Top 5 hotel brands

globally with a total room portfolio exceeding 500,000 uniform rooms operating in 100 countries by 2040,” Sia said. The first three overseas Hotel101 projects will be in Niseko Hokkaido Japan, Madrid Spain, California in the United States. These first three overseas sites will serve as bridge projects to jumpstart the transition of Hotel101 to transcend beyond these first three countries and become a global brand with a unique business concept that can be planted in over 100 countries. Target near term expansion roadmap for Hotel101 Global is to be in these first 25 countries by 2026 including India, Cambodia, Mexico, South Korea, Australia, Canada and Switzerland. VG Cabuag

Air Niugini orders the A220–Airbus FINSI builds towers in Luzon

iber Infrastructure and Network Services Inc. (FINSI), a member of the Globe Group, said on Wednesday it is advancing digital connectivity across the nation with its rapid tower construction initiatives. FINSI General Manager Marc Kerveillant said in the first half of 2023, the company has erected communication towers in vital areas including Calabarzon, Central Luzon, Cagayan, and Ilocos Norte. He said these towers have been instrumental in “enhancing connectivity for local businesses and communities.” “With our unwavering commitment to enhancing engineering and infrastructure, FINSI is dedicated to contributing to the nation’s progress by strategically erecting towers in key areas in the country,” Kerveillant said. He noted that the company is setting targets to complete additional towers in Batangas and Laguna “within the coming month, with a focus on eventual nationwide integration.” “Driven by our commitment to improving people’s lives through digital transformation, FINSI’s efforts are aligned with our core mission. As FINSI extends its reach beyond the telecommunications sector and ventures into the tower erection industries, our ultimate goal remains to bridge the connectivity gap and foster nationwide growth and progress,” Asticom Group of Companies President and CEO Mharicar Castillo-Reyes said. Lorenz S. Marasigan

ir Niugini, the national carrier of Papua New Guinea, has signed a firm order with Airbus for six latest generation single aisle A220-100s under its fleet modernization program. In addition, the carrier will acquire three A220-300s and another two A220100s from third party lessors. The order was announced at a special event in Port Moresby by Gary Seddon, Acting CEO Air Niugini and Anand Stanley, President Airbus Asia-Pacific, in the presence of the Papua New Guinea Prime Minister James Marape and Minister for State Enterprises William Duma. Combining the longest range, lowest fuel consumption and widest cabin in the 100-150 seat category, the A220 will be operated by Air Niugini across its domestic and regional network. The new fleet will deliver more capacity and greater reliability across the domestic network and enable the carrier to fly from capital Port Moresby to new destinations across the Asia-Pacific region. Seddon said: “This is a milestone in the history of our national airline that will support the growth of trade and tourism in Papua New Guinea. The new aircraft will offer the highest levels of comfort for our passengers, while also ensuring a significant reduction in fuel consumption and emissions when compared to the aircraft they will replace.” “This is a momentous occasion for

Air Niugini. Coinciding with the airline’s 50th Anniversary, Air Niugini secures six new regional jets that will revolutionize travel for the citizens of Papua New Guinea. I am looking forward to welcoming the ‘People’s Balus’ [the people’s plane] to our skies,” said Duma. Christian Scherer, Airbus chief commercial officer and head of international, said: “Air Niugini has seen how much more the A220 brings to their airline than the competing product in this space, so much more efficiency, range, comfort and growth potential. We thank Air Niugini for its confidence in Airbus and are committed to offering our full support to the airline as it transitions to its new fleet.” Air Niugini also announced that it has selected a flight planning support system from Airbus subsidiary NAVBLUE for its fleet. Called N-Flight Planning (N-FP), the solution will help the airline optimize on fuel, time and cost to meet operational needs, while ensuring overall safety and compliance. The A220 is the most modern airliner in its size category, carrying between 100 to 150 passengers on flights of up to 3,450 nautical miles (6,390 km). Depending on cabin configuration, the A220-100 serves the 100-135 seat market, while the larger A220-300 is perfectly tailored for the 120-150 seat market.

boitiz Equity Ventures Inc. (AEV) said its income in January to September declined by 16 percent to P18 billion from last year’s P21.4 billion. The company said it recognized non-recurring gains of P738 million for the period, lower than the P5.3 billion in non-recurring gains last year. Without these one-off gains, the company’s core net income for the first nine months of 2023 was P17.3 billion, an 8 percent increase year-on-year. For the third quarter alone, its income dropped 21 percent to P7.6 billion from the previous year’s P9.6 billion. The company said it recognized non-recurring gains of P1.4 billion during the period, primarily due to foreign exchange gains arising

from the revaluation of its US dollar cash and liquid financial instruments, compared to the P2.6 billion in non-recurring gains last year. Without these one-off gains, the company’s core net income for the third quarter amounted to P6.2 billion, which was 12 percent lower than last year. Power accounted for 70 percent of the total income contributions from AEV’s units. Financial services accounted for 20 percent, while income contributions from infrastructure, real estate, and food, were at 4 percent, 4 percent and 3 percent, respectively. Aboitiz Power Corp.’s income contribution to AEV during the period reached P13.9 billion, 37 percent higher than the previous year’s P10.1 billion. VG Cabuag

Companies BusinessMirror

Thursday, November 2, 2023

PSE STOCK QUOTATIONS

October 31, 2023

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK COL FINANCIAL FIRST ABACUS MANULIFE PHIL STOCK EXCH SUN LIFE

298,150 455,548,106 10,500 406,097,391 4,269,260 2,681,367 94,187,339.50 368,864 86,900 2,000 1,100,000 19,017,107 5,393,332 11,540 15,050 17,200 340,610 13,250

-4,450 -21,980,131 -16,664,277.50 -1,412,920 2,061,791 -24,781,551 142,196 430,961 -4,696,629 320,200 -

INDUSTRIAL ACEN CORP 5.3 5.31 5.26 5.34 5.22 5.3 11,277,500 59,745,983 ALSONS CONS 0.54 0.55 0.56 0.56 0.55 0.55 609,000 338,040 ALTERNERGY HLDG 0.83 0.85 0.89 0.89 0.82 0.85 1,245,000 1,031,620 ABOITIZ POWER 35.7 35.95 35 36 35 35.95 765,700 27,397,515 RASLAG 1.2 1.23 1.22 1.23 1.2 1.2 111,000 133,740 BASIC ENERGY 0.19 0.2 0.19 0.202 0.189 0.2 480,000 92,260 FIRST GEN 18.08 18.2 18.04 18.1 18.02 18.08 247,100 4,467,306 FIRST PHIL HLDG 60.3 61.5 61.6 61.6 60.1 60.3 19,050 1,150,076 MERALCO 354.8 355 358 358 351.2 355 332,990 118,122,280 MANILA WATER 16.92 17.5 17.5 17.5 16.8 16.92 808,600 13,737,944 PETRON 3.25 3.27 3.29 3.34 3.04 3.27 1,211,000 3,803,030 PETROENERGY 4.23 4.67 4.49 4.68 4.49 4.67 30,000 135,070 PHX PETROLEUM 5.3 5.99 5.99 5.99 5.99 5.99 6,000 35,940 REPOWER ENERGY 6.03 6.5 6 7 6 6.5 93,000 571,250 SYNERGY GRID 7.19 7.4 7.25 7.46 7.16 7.4 882,900 6,466,054 SHELL PILIPINAS 12.8 13 13.1 13.1 12.58 12.8 21,000 269,456 SPC POWER 7.78 7.8 7.9 8 7.8 7.8 12,300 97,259 VIVANT 14.56 15.96 15.9 15.9 15.9 15.9 200 3,180 AGRINURTURE 2.06 2.08 2.03 2.09 2 2.09 5,380,000 10,980,620 AXELUM 1.84 1.9 1.9 1.9 1.9 1.9 5,000 9,500 CENTURY FOOD 27.6 28 27.65 28.2 27.5 28 1,525,900 42,417,050 DEL MONTE 7.5 7.7 7.69 7.75 7.69 7.7 70,900 548,440 DNL INDUS 6.27 6.4 6.45 6.45 6.26 6.4 1,790,500 11,387,004 EMPERADOR 20.8 20.85 20.7 20.85 20.7 20.8 582,200 12,085,230 SMC FOODANDBEV 49.55 50.9 50.4 50.9 49.5 50.9 65,490 3,302,746 FIGARO COFFEE 0.63 0.64 0.63 0.64 0.62 0.64 2,790,000 1,779,040 FRUITAS HLDG 1.04 1.06 1.08 1.09 1.03 1.06 5,226,000 5,475,810 GINEBRA 166 169.8 169.7 170 163 169.8 12,250 2,072,254 JOLLIBEE 205 207 209.4 212 204.2 205 1,337,770 275,586,876 KEEPERS HLDG 1.36 1.38 1.38 1.38 1.36 1.38 372,000 510,800 LIBERTY FLOUR 13.04 15.96 15.98 15.98 15.98 15.98 300 4,794 MAXS GROUP 3.98 4 4.04 4.05 4 4 59,000 236,450 MG HLDG 0.096 0.114 0.105 0.105 0.105 0.105 150,000 15,750 MONDE NISSIN 8.2 8.25 8.5 8.5 8.18 8.2 4,105,200 33,760,884 SHAKEYS PIZZA 9.25 9.39 9.3 9.3 9.24 9.25 90,000 832,584 ROXAS AND CO 0.46 0.53 0.46 0.46 0.46 0.46 100,000 46,000 RFM CORP 2.99 3.1 3.04 3.04 2.99 2.99 897,000 2,692,260 UNIV ROBINA 109 109.3 110 110.3 108.1 109.3 1,320,450 144,182,975 VITARICH 0.51 0.53 0.53 0.53 0.53 0.53 13,000 6,890 VICTORIAS 3.5 3.69 3.69 3.69 3.69 3.69 8,000 29,520 CEMEX HLDG 0.81 0.87 0.8 0.81 0.8 0.81 42,000 33,990 EC VULCAN CORP 0.82 0.83 0.81 0.85 0.81 0.82 386,000 315,910 EEI CORP 5.45 5.52 5.53 5.57 5.45 5.53 85,400 473,026 MEGAWIDE 3.11 3.17 3.2 3.2 3.1 3.17 41,000 128,860 PHINMA 19.5 20 20 20 20 20 12,000 240,000 TKC METALS 0.5 0.52 0.5 0.54 0.5 0.52 33,000 16,780 CROWN ASIA 1.5 1.57 1.55 1.55 1.55 1.55 28,000 43,400 EUROMED 0.73 0.87 0.87 0.87 0.87 0.87 50,000 43,500 LMG CORP 2.48 3.38 3.38 3.38 3.38 3.38 1,000 3,380 MABUHAY VINYL 5.3 5.69 5.61 5.69 5.61 5.69 2,200 12,490 PRYCE CORP 5.2 5.49 5.3 5.3 5.2 5.2 2,000 10,470 CONCEPCION 14.5 14.98 14.84 14.98 14.82 14.98 1,800 26,732 GREENERGY 0.285 0.29 0.335 0.345 0.285 0.29 68,260,000 20,812,450 INTEGRATED MICR 3.4 3.49 3.45 3.49 3.4 3.49 9,000 31,160 IONICS 1.22 1.23 1.18 1.22 1.17 1.22 346,000 415,320 SFA SEMICON 2.15 2.2 2.18 2.2 2.15 2.2 371,000 813,260 CIRTEK HLDG 1.75 1.78 1.77 1.79 1.74 1.78 46,000 80,760

30,421,762 277,000 4,856,700 57,000 -3,035,778.00 -301,938 -26,466,098 -6,245,690 -652,870 -35,940 -3,000 1,000,073 -223,916 -546,940.00 7,037,060 -329,640 -537,417 -10,502,545 -975,236 125,220 59,500 -91,272 -25,980,914 -180,370 -26,999,327 116,566 -287,770 -30,530,257 -9,600 5,270 -2,964 205,550 -6,900 -323,400 -

HOLDING & FRIMS

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL JG SUMMIT KEPPEL HLDG A LODESTAR LOPEZ HLDG LT GROUP PACIFICA HLDG PRIME MEDIA REPUBLIC GLASS SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP SEAFRONT RES TOP FRONTIER

44.5 127.5 7 99.05 30.2 8.84 52 18.4 54.8 95 23.4 74.85 59.5 2.84 0.6 865 169 2,500

1.05 605 45.8 10.32 10.88 0.47 0.38 4.61 9.1 5.22 545 35.85 5 0.435 4.5 8.81 1 2.7 2.71 0.9 801 103.2 1.51 92.45

45.4 128 7.4 100.5 30.25 8.86 52.3 18.66 55 100 23.7 77 59.9 2.93 0.68 1,099 170 2,650

1.06 605.5 46.2 10.6 11 0.5 0.39 4.69 9.17 5.41 549 36.75 6.38 0.47 4.55 8.85 1.26 2.83 3.06 0.94 806 105.1 1.97 95

44.5 128.9 7 98.9 30.15 8.71 52 18.4 55 100 23.7 74.95 59.2 2.93 0.55 860 170 2,650

1.05 602.5 46.4 10.16 11 0.46 0.38 4.7 9.49 5.3 547 35.85 6.5 0.435 4.5 8.52 1 2.72 3.05 0.94 810 104.3 1.51 100

44.5 131 7 101 30.25 8.84 52.5 18.66 55 100 23.7 77 60 2.93 0.68 860 171 2,650

1.07 607 46.4 10.6 11 0.47 0.38 4.7 9.49 5.35 549 36.85 6.5 0.465 4.5 8.85 1 2.89 3.05 0.94 818.5 105.1 1.51 100

44.5 127.5 7 98.4 30.15 8.71 51.75 18.2 55 100 23.4 74.7 59.2 2.84 0.55 860 169 2,650

1.02 602 45.55 10.16 10.88 0.46 0.38 4.61 9.01 5.3 535 35.1 6.5 0.435 4.35 8.5 1 2.62 3.05 0.94 801 103 1.51 95

44.5 127.5 7 100.5 30.25 8.84 52.3 18.66 55 100 23.4 77 59.5 2.84 0.68 860 169 2,650

1.05 605.5 45.8 10.6 11 0.47 0.38 4.61 9.17 5.35 549 36.75 6.5 0.465 4.5 8.85 1 2.84 3.05 0.94 801 105.1 1.51 95

6,700 3,548,280 1,500 4,091,650 141,400 305,400 1,808,800 20,200 1,580 20 47,000 251,680 90,740 4,000 25,000 20 2,000 5

447,000 177,370 1,504,800 2,003,700 26,700 30,000 810,000 56,000 4,655,900 300 124,650 1,335,400 100 530,000 137,000 2,105,700 25,000 309,000 200,000 12,000 289,500 51,690 1,000 2,240

468,870 107,265,320 68,934,365 20,969,006 293,460 13,900 307,800 259,030 42,766,581 1,595 67,769,760 48,430,530 650 230,850 613,550 18,265,659 25,000 834,840 610,000 11,280 232,689,880 5,379,854 1,510 217,794.50

PROPERTY AYALA LAND 27.5 27.85 26.75 28 26.2 27.85 14,379,500 390,582,395 AYALA LAND LOG 1.66 1.69 1.7 1.7 1.65 1.69 302,000 504,680 ALTUS PROP 8.77 9.19 8.77 8.77 8.77 8.77 800 7,016 ARANETA PROP 1.03 1.06 1.04 1.09 1.03 1.03 673,000 714,080 AREIT RT 32.7 32.8 33.4 33.4 32.25 32.8 384,500 12,549,090 A BROWN 0.67 0.69 0.7 0.7 0.69 0.69 21,000 14,690 CITYLAND DEVT 0.69 0.72 0.69 0.74 0.69 0.72 95,000 65,730 CROWN EQUITIES 0.07 0.072 0.069 0.07 0.069 0.07 200,000 13,900 CEB LANDMASTERS 2.53 2.57 2.53 2.57 2.53 2.53 9,000 22,810 CENTURY PROP 0.31 0.315 0.31 0.31 0.305 0.305 60,000 18,550 CITICORE RT 2.53 2.54 2.53 2.54 2.51 2.53 1,836,000 4,639,660 DOUBLEDRAGON 6.8 6.85 6.8 6.9 6.8 6.8 14,800 100,814 DDMP RT 1.28 1.29 1.28 1.29 1.27 1.28 542,000 693,180 DM WENCESLAO 6.3 6.35 6.35 6.35 6.3 6.3 11,500 72,545 EMPIRE EAST 0.13 0.133 0.135 0.135 0.133 0.133 30,000 4,010 EVER GOTESCO 0.285 0.3 0.285 0.3 0.285 0.3 1,030,000 303,800 FILINVEST RT 2.99 3 3 3.01 3 3 215,000 645,060 FILINVEST LAND 0.6 0.61 0.6 0.61 0.6 0.61 414,000 248,900 8990 HLDG 8.6 9.04 8.5 9.04 8.5 9.04 200 1,754 GOLDEN MV 792 820 810 820 810 820 1,230 1,004,500 PHIL INFRADEV 0.485 0.57 0.59 0.59 0.57 0.57 11,000 6,290 KEPPEL PROP 5.69 6.9 6.9 6.9 6.9 6.9 100 690 CITY AND LAND 0.77 0.78 0.78 0.78 0.77 0.77 13,000 10,030 MEGAWORLD 1.95 1.98 1.96 1.98 1.93 1.98 8,353,000 16,324,330 MRC ALLIED 0.182 0.188 0.183 0.189 0.182 0.188 910,000 169,310 MREIT RT 12.18 12.2 12.28 12.28 12.16 12.18 192,200 2,345,548 OMICO CORP 0.228 0.229 0.228 0.228 0.228 0.228 20,180,000 4,601,040 PREMIERE RT 1.5 1.51 1.5 1.51 1.5 1.51 43,000 64,630 RL COMM RT 4.72 4.74 4.73 4.81 4.71 4.74 892,000 4,244,350 ROBINSONS LAND 13.94 14.18 14 14.8 13.86 13.94 2,129,200 29,821,488 PHIL REALTY 0.15 0.159 0.152 0.152 0.15 0.15 2,300,000 348,760 ROCKWELL 1.32 1.43 1.32 1.32 1.32 1.32 4,000 5,280 SHANG PROP 3.5 3.58 3.58 3.58 3.5 3.58 58,000 203,560 STA LUCIA LAND 3 3.2 3.2 3.2 3.2 3.2 5,000 16,000 SM PRIME HLDG 29.8 30 30.2 30.4 29.55 30 8,378,800 250,143,045 SOC RESOURCES 0.36 0.42 0.41 0.42 0.41 0.42 30,000 12,400 VISTAMALLS 2.27 2.45 2.37 2.41 2.27 2.41 9,000 21,340 VISTA LAND 1.6 1.62 1.61 1.62 1.6 1.6 156,000 251,120 VISTAREIT RT 1.67 1.68 1.65 1.68 1.65 1.66 281,000 469,280 SERVICES ABS CBN 3.6 3.68 3.65 3.7 3.6 3.65 43,000 157,350 GMA NETWORK 8.26 8.29 8.3 8.3 8.25 8.26 138,300 1,143,952 GLOBE TELECOM 1,760 1,775 1,765 1,790 1,760 1,760 9,485 16,731,010 PLDT 1,202 1,210 1,206 1,224 1,190 1,210 88,955 107,052,480 APOLLO GLOBAL 0.015 0.016 0.015 0.016 0.014 0.015 31,700,000 474,700 CONVERGE 8.27 8.37 8.28 8.55 8.18 8.37 4,980,000 41,277,020 DFNN INC 3.1 3.15 3.15 3.15 3.15 3.15 317,000 998,550 DITO CME HLDG 2.82 2.83 2.97 2.97 2.83 2.83 3,863,000 11,117,270 NOW CORP 1.36 1.37 1.33 1.37 1.33 1.37 975,000 1,319,110 TRANSPACIFIC BR 0.138 0.149 0.138 0.139 0.138 0.139 140,000 19,450 ASIAN TERMINALS 15.42 15.8 15 15.8 15 15.8 8,000 125,454 CHELSEA 1.28 1.32 1.31 1.32 1.28 1.32 168,000 220,110 CEBU AIR 32.4 33 33 33 32.25 33 82,200 2,707,525 INTL CONTAINER 201.2 204 201 205.8 198.1 201.2 1,453,750 292,531,354 MACROASIA 3.77 3.8 3.77 3.8 3.77 3.8 69,000 261,520 PAL HLDG 5.19 5.28 5.19 5.19 5.19 5.19 1,400 7,266 HARBOR STAR 0.75 0.77 0.71 0.77 0.71 0.77 4,000 2,900 CENTRO ESCOLAR 8.5 9.05 8.45 8.45 8.45 8.45 2,400 20,280 FAR EASTERN U 600 648 565 565 565 565 100 56,500 IPEOPLE 5.9 6.89 6.89 6.89 6.89 6.89 200 1,378 STI HLDG 0.4 0.405 0.395 0.405 0.395 0.405 300,000 120,500 BELLE CORP 1.17 1.18 1.18 1.18 1.18 1.18 30,000 35,400 BLOOMBERRY 9.11 9.18 9.07 9.17 8.95 9.11 8,141,200 74,099,700 PACIFIC ONLINE 2.7 2.79 2.8 2.81 2.65 2.78 421,000 1,151,970 PH RESORTS GRP 0.9 0.94 0.96 0.97 0.91 0.94 967,000 908,700 PREMIUM LEISURE 0.59 0.6 0.59 0.61 0.59 0.59 10,044,000 6,018,770 DIGIPLUS 6.64 6.65 6.48 6.67 6.48 6.65 1,372,400 9,073,156 PHILWEB 1.72 1.77 1.79 1.79 1.72 1.75 79,000 136,780 ALLDAY 0.17 0.172 0.17 0.172 0.168 0.17 880,000 149,330 BERJAYA 7.1 8 8 8 8 8 100 800 ALLHOME 1.48 1.5 1.48 1.55 1.47 1.5 284,000 426,520 METRO RETAIL 1.16 1.19 1.16 1.16 1.16 1.16 6,000 6,960 PUREGOLD 27.05 27.1 26.9 27.65 26.9 27.1 930,200 25,281,285 ROBINSONS RTL 39.95 41 41.25 41.25 39.8 41 400,900 16,149,620 PHIL SEVEN CORP 76.1 80 76 76 76 76 25,070 1,905,320 SSI GROUP 2.62 2.68 2.71 2.74 2.6 2.62 364,000 960,340 UPSON INTL CORP 1.68 1.8 1.68 1.68 1.68 1.68 6,000 10,080 WILCON DEPOT 19.78 19.8 19.78 19.8 19.26 19.8 2,624,200 51,451,310 APC GROUP 0.22 0.232 0.22 0.232 0.22 0.232 50,000 11,120 MEDILINES 0.395 0.405 0.4 0.4 0.4 0.4 10,000 4,000 PRMIERE HORIZON 0.189 0.19 0.187 0.193 0.186 0.19 990,000 185,620 SBS PHIL CORP 3.76 3.97 3.81 3.98 3.8 3.98 46,000 176,240 MINING & OIL ATOK 4.95 5 5 5 5 5 12,000 60,000 APEX MINING 2.56 2.58 2.5 2.6 2.5 2.58 3,057,000 7,824,510 ATLAS MINING 3.12 3.2 3.1 3.1 3.1 3.1 20,000 62,000 BENGUET A 4.9 5 5.09 5.1 4.95 5 156,000 780,750 BENGUET B 4.9 5.1 4.75 5.1 4.75 4.9 13,000 65,200 FERRONICKEL 2.53 2.57 2.56 2.58 2.52 2.57 1,012,000 2,593,480 GEOGRACE 0.035 0.038 0.037 0.037 0.035 0.035 800,000 28,200 LEPANTO A 0.085 0.089 0.085 0.089 0.085 0.089 60,000 5,140 LEPANTO B 0.08 0.091 0.08 0.08 0.08 0.08 10,000 800 MANILA MINING A 0.0045 0.0047 0.0046 0.0046 0.0046 0.0046 81,000,000 372,600 MANILA MINING B 0.0047 0.007 0.0048 0.0049 0.0048 0.0048 11,000,000 53,000 MARCVENTURES 1.06 1.07 1.02 1.07 1.02 1.07 540,000 569,450 NIHAO 0.53 0.59 0.59 0.59 0.59 0.59 20,000 11,800 NICKEL ASIA 5.37 5.45 5.33 5.47 5.32 5.45 1,418,000 7,686,711 PX MINING 2.9 2.91 2.9 2.96 2.9 2.91 1,192,000 3,484,240 SEMIRARA MINING 28.9 29 30.05 30.1 29 29 1,979,200 57,874,655 ENEX ENERGY 5.85 6 5.8 6 5.8 6 7,100 41,200 ORNTL PETROL A 0.0084 0.0086 0.0085 0.0085 0.0084 0.0084 15,000,000 126,200 PHILODRILL 0.0082 0.0087 0.0086 0.0087 0.0082 0.0087 16,000,000 132,100 PXP ENERGY 3.35 3.36 3.2 3.35 3.2 3.35 167,000 542,870 PREFFERED ACEN PREF A 1,010 1,035 1,035 1,035 1,035 1,035 5 5,175 ACEN PREF B 1,030 1,040 1,030 1,030 1,030 1,030 40 41,200 AC PREF AR 2,470 2,496 2,468 2,470 2,468 2,470 40 98,760 ALCO PREF C 90.3 101.2 101.2 101.2 101.2 101.2 10 1,012 ALCO PREF D 430.6 468 468 468 468 468 110 51,480 AC PREF B2R 485 490 485 485 485 485 4,000 1,940,000 BRN PREF A 96.15 96.5 95 96.5 95 96.2 2,010 193,498 CEB PREF 31.8 32.1 32 32.2 31.8 31.8 56,400 1,799,640 DD PREF 90 90.95 90.95 90.95 90.95 90.95 230 20,918.50 GTCAP PREF B 917 948.5 917 917 915 915 5,810 5,319,075 JFC PREF B 915 925 925 925 915 915 20 18,400 PNX PREF 3B 27.55 31.15 29.55 31.65 29.55 31.4 1,900 57,080 PNX PREF 4 255 260 260 260 260 260 330 85,800 PCOR PREF 3A 968 990 967 970 965.5 968 1,700 1,645,225 PCOR PREF 4A 933 999 980 999 980 999 20 19,790 PCOR PREF 4C 981 999 999 999 999 999 670 669,330 SMC PREF 2F 72.1 73 72.1 72.1 72.05 72.1 11,980 863,413 SMC PREF 2I 70.75 72.95 70.7 70.7 70.7 70.7 10,000 707,000 SMC PREF 2J 65 68.95 65 65 65 65 10,000 650,000 SMC PREF 2K 65.1 66.45 66.5 66.5 66.5 66.5 20 1,330 TECH PREF B2D 48.05 49 48.95 48.95 48.95 48.95 1,600 78,320

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR GMA HLDG PDR

WARRANTS

TECH WARRANT

3.26 3.45 3.28 3.34 3.26 3.26 840,000 7.8 8 8 8 8 8 22,000

0.335

0.37

7,860 -17,843,555 -16,774,985 7,486,270 21,760 -203,300 -6,730,102 -13,397,075 -203,425 2,715,014 -63,571,030 2,697,437 7,840 1,600,610 8,400 -6,743,575 14,000 -49,040.00 3,050 221,680.00 -17,072 -21,730 6,350 21,000 -12,000 -324,000 240,550 -140,174 -1,428,160 -18,317,126.00 10,740 -104,712,170 -169,040 -11,707,940 -8,329,080 15,600 -12,384,449.00 998,550 -765,460 -352,740 -12,800 -197,150.00 9,726,595 15,100 -5,190 844.9999 -17,581,983 -47,000 -80,300 1,130,060 -20,640 -183,250 5,968,615 -2,983,690 1,900,000 -191,670 -267,808 19,100 690,040 4,900 -929,530.00 0 -8,480 0 -4,592,923 1,610,400 -6,725,295 -334,950 5,175 5,150 -49,360 1,012 -1,713,580 19,980 -

2,754,610 176,000

-205,890 -136,000

SMALL, MEDIUM & EMERGING

0.435 0.435 0.41 0.43 180,000 77,050 0.76 0.76 0.75 0.76 127,000 96,220 0.71 0.74 0.71 0.74 45,000 32,580 0.064 0.065 0.064 0.064 260,000 16,670 1.07 1.08 1.07 1.07 509,000 546,900 -5,350

EXHANGE TRADE FUNDS

94.3 100 93 93.7 19,880 1,866,719 -419,720

BALAI FRUITAS CTS GLOBAL ITALPINAS LFM PROP MERRYMART

FIRST METRO ETF

0.41 0.75 0.73 0.059 1.07 93.5

0.43 0.76 0.74 0.064 1.09 93.7

www.businessmirror.com.ph

SMC unit will borrow ₧40B for battery storage plants

By Lenie Lectura

@llectura

niversal Power Solutions Inc. (UPSI) is borrowing P40 billion to finance its battery energy storage system (BESS) projects, the unit of San Miguel Global Power Holdings Corp. said. In a filing, the power arm of conglomerate San Miguel Corp. (SMC) said UPSI entered into financing agreements for the BESS projects built or to be built across multiple sites in the country. SMC had said that it plans to put up a total of 32 BESS network with a combined capacity of 1,000 megawatt hours (MWh). San Miguel Global Power will guarantee the loan, which will be

divided into two tranches—P12 billion and P8 billion. “In its capacity as shareholder of UPSI, [San Miguel Global Power] has likewise entered into such relevant agreements as sponsor and shares security guarantor of UPSI in the project financing.” The loan would be obtained from China Banking Corp., Bank of Commerce, and BDO Unibank, Inc. Last March, SMC inaugurated its BESS facilities in Limay, Bataan

which have a combined capacity of 90MWh. “Now, we have around 640MW that are ready. The balance of 360MW by December,” SMC President Ramon Ang said during the inauguration. The company’s BESS facilities will support the country’s power grid by storing excess power from existing plants, and injecting this power back, when and where it is needed, within milliseconds. “Government is working to avert a power crisis. But we know it takes time to complete new power facilities. The BESS network is already here, and it can provide immediate mitigation to the power crisis,” Ang added. Currently, the main challenge of renewables is intermittence, or the unreliable nature of renewable sources such as wind, solar, and hydropower. BESS will enable renewable energy (RE) capacity to be stored, ready to be deployed even when solar

or wind farms or hydropower plants are down. “Equally important, our facilities can support the integration of over 5,000 MW of renewable power sources into the grid. They can store excess energy from traditional and renewable sources during periods of low demand and release it back into the grid when demand increases. The solution that we need to help address our most pressing energy concerns, is already at our doorstep,” said Ang. BESS technology was actually pioneered in the Philippines as far back as 2016 by what is now SMC’s Masinloc power facility. That pioneering BESS project introduced the use of advanced lithium-ion battery technologies in the Philippines and Southeast Asia. Today, BESS contributes to the ancillary services of the National Grid Corporation of the Philippines for grid stability and security.

SU, First Gen ink power supply deal A unit of First Gen Corp. will supply renewable energy (RE) to Silliman University (SU) for a total of 7 megawatts (MW) in three years. Under the three-year contract, SU will be supplied with 2.1MW in the first year, 2.3MW in the second year, and 2.5MW in the last year. The RE will be sourced from the Nasulo geothermal facility in Valencia, Negros Oriental of Energy Development Corp. (EDC). The first year of the retail electricity contract commenced last October 26 and will end on October 25, 2024. EDC has over 1,480MW total installed capacity that accounts for 20 percent of the country’s total installed RE capacity. Its 1,181MW geothermal portfolio accounts for 62 percent of the country’s total installed geothermal capacity and has put the Philippines on the map as the third largest geothermal producer in the world. The university has chosen to stay with First Gen for its full load requirement not only because the power that it provides through EDC is clean, renewable, and reliable but also because it is cheaper, based on its experience when it first shifted to the RE provider’s geothermal power or Geo 24/7 four years ago. Part of SU’s power supply also comes from its own solar power panels. “More than the savings generated by our switch to renewable energy, what is more compelling is our contribution to a ‘decarbonized and regenerative future.’ To concretize this,

with just a year’s use of renewable energy from 2020-2021, we were able to prevent an equivalent of 974.5 tons of carbon dioxide from going into the atmosphere,” said Jane Annette L. Belarmino, SU’s Vice President for Development,Enterprise, and External Affairs. The only university in Negros Island and one of the few in the country to be 100 percent powered by RE, SU is known for its strong preference for renewable energy as part of its sustainable development programs. SU President Betty Cernol McCann said renewing its partnership with First Gen is a testament to the institution’s commitment since 2018 to “finalizing its environmental Principles, Policies, and Guidelines which highlight the university’s commitment to a green and sustainable campus. One of the identified ways for the university to demonstrate its sustainable operations is through the use of renewable energy to reduce its carbon footprint.” Silliman University is a pioneer partner of EDC-initiated Net Zero Carbon Alliance (NZCA), an initiative that brings together Philippine institutions and businesses to work towards carbon neutrality and create a positive impact on the environment. It is also a partner of the EDC-initiated 10 million trees in 10 years for a Greener Negros Movement (10Min10) that aims to plant, grow, and nurture at least 10 million trees to bring back the forests in Negros Island. Lenie Lectura

WeWork shares sink after report it plans to file bankruptcy

eWork Inc. shares fell as much as 42 percent in premarket trading following a report in the Wall Street Journal that the company plans to file for bankruptcy. WeWork may file its Chapter 11 petition in New Jersey as early as next week, the Journal reported, citing people familiar with the matter who it didn’t name. The company had one of the most dramatic trajectories of the last startup boom—reaching a valuation of $47 billion before a disastrous attempt at an initial public offering and challenges to its co-working model during the pandemic.

The shares declined to as low as $1.33 in early trading before US markets opened on Wednesday. The stock had closed down 12 percent to $2.28 on Tuesday giving it a market value of $165.7 million. A spokesperson for the company said it would “not comment on speculation,” and pointed to a Tuesday filing, which said WeWork had been holding discussions with creditors about “improving its balance sheet” and taking steps to “rationalize its real estate footprint.” On Monday, the company entered into a forbearance agreement with its creditors that will end in seven days. Bloomberg News

MUTUAL FUNDS

October 31, 2023

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 194.52 -2.4% -1.52% -4.08% -2.22% -6.72% ATRAM Alpha Opportunity Fund, Inc. -a 1.4004 11.64% 8.65% 0.42% 0.86% 4.18% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6712 -2.95% -1.19% -6.44% -3.86% -8.36% Climbs Share Capital Equity Investment Fund Corp. -a 0.6618 -0.73% -2.04% -4.87% n.a -4.61% First Metro Consumer Fund, Inc. -a 0.6061 -3.46% -4.1% -5.16% n.a -6.55% First Metro Save and Learn Equity Fund, Inc. -a 4.3095 -2.96% -0.37% -2.71% -1.85% -7.32% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6386 -4.46% -2.27% n.a n.a -8.91% MBG Equity Investment Fund, Inc. -a 84.66 13.49% -0.61% -4.99% n.a 12.49% PAMI Equity Index Fund, Inc. -a 39.585 -3.45% -1.25% -3.13% n.a -8.35% Philam Strategic Growth Fund, Inc. -a 412.79 -2.78% -2% -3.14% -2.24% -7.12% Philequity Dividend Yield Fund, Inc. -a 1.1399 -1.13% 3.1% -0.98% n.a -3% Philequity Fund, Inc. -a 31.2262 -1.57% 0.73% -2.19% -0.3% -6.22% Philequity MSCI Philippine Index Fund, Inc. -a 0.7866 -2.56% -0.84% n.a n.a -7.33% Philequity PSE Index Fund, Inc. -a 4.165 -2.37% -0.28% -2.24% -0.42% -7.35% Philippine Stock Index Fund Corp. -a 692.86 -2.49% -0.46% -2.31% -0.59% -7.49% Soldivo Strategic Growth Fund, Inc. -a 0.6226 -1.66% -0.71% -5.18% n.a -7.64% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.0955 -3.02% -1.16% -4.3% -2.18% -8.23% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7858 -2.83% -0.79% -2.64% n.a -7.76% United Fund, Inc. -a 2.9079 -2.08% -0.31% -2.64% -1.35% -6.03% Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 0.9757 -2.93% n.a n.a n.a -7.62% COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,20.9956 n.a n.a n.a n.a n.a Philequity Alpha One Fund, Inc. -a 0.9557 -1.65% 0.27% n.a n.a -8.67% Philippine Stock Index Fund Corp. -a 841.12 -2.62% n.a n.a n.a -7.53% Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c94.0111 -1.88% -0.12% -2.03% n.a -7.03% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.7642 -0.26% -10.57% -3.2% -2.46% -10.31% Sun Life Prosperity World Voyager Fund, Inc. -a $1.454 4.32% -0.89% 4.37% n.a 2.11% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.3981 -6.36% -3.21% -2.66% -2.63% -5.83% ATRAM Philippine Balanced Fund, Inc. -a 2.0456 0.48% -0.52% -0.9% -0.7% -2.84% First Metro Save and Learn Balanced Fund, Inc. -a 2.3778 -1.94% -0.75% -0.47% -1.86% -5.09% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1824 -2.67% -0.36% n.a n.a -5.74% NCM Mutual Fund of the Phils., Inc. -a 1.8457 0.09% -0.36% 0.68% 0.07% -5.08% PAMI Horizon Fund, Inc. -a 3.342 -0.02% -1.81% -0.15% -0.93% -2.89% Philam Fund, Inc. -a 14.6645 -0.75% -2.46% -0.71% -1.2% -3.15% Solidaritas Fund, Inc. -a 1.9359 0.06% -0.34% -0.62% 0.18% -2.71% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2067 -0.45% -1.08% -1.87% -1.32% -3.69% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8403 -0.46% 1.15% -1.27% n.a -4.39% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.9019 1.85% -1.77% n.a n.a -1.45% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.7852 -1.51% -2.8% n.a n.a -6.03% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.7654 -2.25% -2.82% n.a n.a -6.94% Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03118 0.13% -7.2% -2.06% -0.39% -3.82% PAMI Asia Balanced Fund, Inc. -b $0.8308 4.77% -7.95% -1.88% -2.13% -7.28% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.8049 1.52% -2.64% 1.96% 1.9% -1.07% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $0.9378 -0.6% -5.3% -0.87% n.a -3.48% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 386.93 3.02% 1.61% 2.53% 2.08% 2.44% ATRAM Corporate Bond Fund, Inc. -a 1.8939 1.4% -1.03% 0.44% -0.12% 1.02% Cocolife Fixed Income Fund, Inc. -a 3.2796 2.06% 0.76% 2.16% 3.69% 2.14% Ekklesia Mutual Fund, Inc. -a 2.2228 3.16% -0.95% 0.95% 1% 2.08% First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4024 0.76% -0.56% 1.66% 1% 0.47% Philam Bond Fund, Inc. -a 4.1398 0.45% -3.55% 1.72% 0.19% -0.19% Philam Managed Income Fund, Inc. -a 1.3548 3.08% 1.07% 2.91% 1.63% 2.65% Philequity Peso Bond Fund, Inc. -a 3.9531 3.17% -0.01% 2.7% 1.13% 2.19% Soldivo Bond Fund, Inc. -a 1.0378 2.96% 0.06% 3.48% n.a 2.09% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2147 3.32% 0.46% 3.18% 1.58% 2.19% Sun Life Prosperity GS Fund, Inc. -a 1.7212 2.47% -0.37% 2.41% 1.03% 1.5% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $489.07 2.46% 0.61% 1.86% 2.36% 1.88% ALFM Euro Bond Fund, Inc. -a Є211.11 1.63% -1.02% -0.19% 0.71% 0.7% ATRAM Total Return Dollar Bond Fund, Inc. -b $0.9916 1.12% -7.42% -2.42% -0.49% -1.76% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.024 0.84% -3.13% -0.65% n.a 1.27% PAMI Global Bond Fund, Inc -b $0.824 -1.03% -8.89% -4.26% -3.61% -4.77% Philam Dollar Bond Fund, Inc. -a $2.1285 2.9% -5.34% 0.03% 0.98% -2.39% Philequity Dollar Income Fund, Inc. -a $0.0606696 2.02% -0.64% 1.31% 1.51% 1.28% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.5342 -1.37% -7.3% -2.5% -0.58% -6.89% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 136.02 2.32% 1.69% 2.52% 1.99% 2.09% First Metro Save and Learn Money Market Fund, Inc. -a 1.1017 3.04% 1.74% n.a n.a 2.62% Sun Life Prosperity Peso Starter Fund, Inc. -a 1.3686 2.63% 1.92% 2.46% 1.95% 2.26% Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 103.77 3.82% n.a n.a n.a 3.31% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0897 2.08% 1.22% 1.47% n.a 1.84% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 40.9729 -7.08% n.a n.a n.a -4.56% Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.3139 4.79% 9.85% n.a n.a 6.64% Sun Life Prosperity World Income Fund, Inc. -a,1 0.941 n.a n.a n.a n.a n.a Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.7417 -4.86% -7.26% n.a n.a -6.49%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. 1 - Renaming was approved by the SEC last July 8, 2021 (formerly, Sun Life Prosperity Money Market Fund, Inc.). 2 - Adjusted due to stock dividend issuance last November 25, 2022. 3 - Re-classified into a Index Fund starting December 5, 2019 (formerly an Equity Fund) 4 - Renaming was approved by the SEC last October 14, 2021 (formerly, First Metro Consumer Fund on MSCI Phils. IMI, Inc.). 5 - Launch date is October 4, 2022. 6 - Launch date is August 22, 2023. “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

pifa. com.ph to see the latest NAVPS/NAVPU.”

www.news.businessmirror@gmail.com

Banking&Finance BusinessMirror

COA cites BOI for financial management performance

HE Board of Investments announced it achieved outstanding performance in the Financial Management Performance Rating for the year 2022, according to the evaluation conducted by the Commission on Audit during the COA Entrance Conference held on October 18. Among the government agencies under the Department of Trade and Industry (DTI), the BOI has been distinguished as one of only two agencies to achieve an “Excellent” rating, the agency’s statement read. Out of the 14 criteria evaluated for the “financial management performance rating,” the BOI demonstrated exceptional performance by securing a flawless score in 13 of 14 items assessed. The audit process, meticulously conducted in strict adherence to the rigorous International Standards of Supreme Audit Institutions (ISSAI), facilitated a comprehensive evaluation of BOI’s financial management performance. This diligent examination identified areas for potential enhancement in the implementation of audit recommendations. The audit concluded with an unmodified opinion affirming the fairness of the agency’s finan-

cial statements. Remarkably, this marks the fourth consecutive year that the BOI has received the highest opinion attainable from auditors, showcasing the agency’s firm dedication to financial integrity and accountability. The agency’s financial management performance earned a score of 94.34, officially classified as “Excellent.” This achievement places BOI among the top-performing government agencies, solidifying its position as a benchmark for financial management excellence within the government sector. “The ‘Excellent’ rating from COA is a testament to our unwavering commitment to financial accountability and transparency,” Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo was quoted in the statement as saying. “We take this achievement as both an honor and a challenge to continually improve and ensure the efficient use of public funds.” The BOI said that with the accolade from COA, it “remains steadfast in its mission to promote economic growth and investment in the Philippines while maintaining its continuous pursuit of excellence in financial management.”

Fed’s ‘hawkish pause’ to keep option to hike

HE Federal Reserve is poised to hold interest rates steady at a 22-year high for a second meeting, while leaving open the possibility of another hike as soon as December with economic growth staying resilient. The Federal Open Market Committee will keep rates unchanged at its two-day meeting ending Wednesday in a range of 5.25 percent to 5.5 percent, a level first reached in July. The rate decision and an accompanying statement will be released at 2 p.m. in Washington. Chair Jerome Powell will hold a press conference 30 minutes later. Powell has signaled that Fed leaders would prefer to wait to evaluate the impact of past increases on the economy as they near the end of their rate-hiking campaign. With inflation still well above the committee’s 2 percent target and the economic growth rate near a two-year high, policymakers want to retain the option to move again. “It will be kind of a hawkish pause,” said Thomas Simons, senior economist at Jefferies LLC. “The economy is doing well and inflation hasn’t gotten to target yet. They more or less have to continue to say we may need to raise rates one more time.”

Rate decision

SURGING US Treasur y yields have contributed to a tightening of financial conditions, which a number of Fed officials said could make it less necessary to raise rates this meeting. Deutsche Bank AG, for example, estimates the recent surge could be the equivalent to as many as three quarter-point Fed rate hikes. That’s led even more hawkish members of the FOMC, including the Dallas Fed’s Lorie Logan and Governor Christopher Waller, to indicate they would be patient in making rate moves. No dissents are expected. T he committee may tweak the language describing the recent economy, reflecting the 4.9 percent growth rate in the past quarter and continued solid job gains. The FOMC could also acknowledge recent tightening of financial conditions, which Fed officials have highlighted in recent speeches. No change in guidance is expected. “In general, the bias is for as little change as possible,” said El-

len Meade, a former senior adviser to the Fed board and a research professor at Duke University. “The first paragraph will likely be revised to acknowledge the strength of the incoming data: labor market, inflation, GDP growth.” Powell has highlighted elevated geopolitical tensions, following the Israel-Hamas war, and the FOMC may discuss whether to include this as a risk in its statement as well. Market reaction to the FOMC might be muted: The decision is well anticipated and investors have been focused on the US fiscal deficit, so the Treasury refinancing announcement might overshadow the Fed Wednesday. “Almost the bigger event on Wednesday is going to be the refunding announcement in the morning,” Simons said.

Press conference

POWELL will be pressed by reporters on whether he agrees with the committee’s forecasts from September, when it penciled in another hike by year’s end. He could say that future hikes depend on the incoming data and that monetary policy works with a lag, so the full effect of higher interest rates hasn’t yet been felt in the economy. Powell will “leave a quarter point on the table, but it’ll be kind of half-hearted,” said Vincent Reinhart, the chief economist at Dreyfus and Mellon who previously spent more than two decades working at the Fed. “He expects more credit constriction to the banking system, but appreciates that takes time. He thinks there is more to come and being patient is fine.” The chair is likely to be asked to explain why a recent pickup in growth and above-target inflation didn’t prompt a hike. His press conference may echo themes from an October 19 speech to the Economic Club of New York, where he said additional hikes would depend on the data, outlook and balance of risks. “Powell has to walk the line he did two weeks ago,” Meade said. “Their first mission is to bring inflation back to 2 percent and they aren’t giving up. They might have to go higher but they might be done, with a lean into the possibility of going higher so market participants don’t misinterpret.” Bloomberg News

Editor: Dennis D. Estopace • Thursday, November 2, 2023

BOC ‘Approved Exporter’ label to open access for RCEP gains

By Andrea San Juan

ILIPINO exporters are being encouraged to leverage the benefits of the Regional Comprehensive Economic Partnership (RCEP) by applying for the “approved exporter” status with the Bureau of Customs (BOC), according to the Philippine Exporters Confederation Inc. (Philexport).

According to Philexport, foremost of the benefits of RCEP that Filipino exporters could utilize is being allowed to source materials and products from the 14 other RCEP member parties at lower duty rates. Gina C. German, head of the Preferential Rate Unit of the BOC Port of Manila (PoM), urged local exporters to study and comply with the RCEP’s rules of origin (ROO), a requirement to get preferential tariff treatment under the world’s largest trade deal. Philexport explained that the “ROO can be regarded as a passport for products, a way to determine the country of origin of a product and establish its eligibility for preferential tariff treatment.” The umbrella organization of Philippine exporters added that rules of origin can help businesses reduce costs and boost their competitive-

ness within the regional market. Under RCEP, “originating goods” are those falling under three categories: wholly obtained in the RCEP party or member state of the agreement; those produced in a party exclusively from originating materials from one or more of the parties; and those produced in a party using non-originating materials, provided the good satisfies the “applicable” requirements. In her online presentation, German said applicants seeking “approved exporter” status under RCEP should submit these requirements: duly accomplished application form; BOC’s Certificate of Registration; and, Product Evaluation Report (PER), if applicable. Meanwhile, for traders applying for approved exporter status, German said they should submit a producer’s declaration indicating the

originating status of the good for which the trader will be completing a declaration of origin (DO) and stating the producer’s readiness to cooperate in verification. “If you are a trader, you need to know who produces the good or you still have a declaration that it is originating in the Philippines so that you will be ready during the retro verification or verification of the importing country,” German said at a webinar organized by the Department of Trade and Industry (DTI). In addition, she said applicants have to submit a list of the authorized signatories of the declaration of origin and their respective specimen signatures. The application form should be submitted in both hard copy and electronic Portable Document Format (PDF) to the deputy commissioner of the Assessment and Operations Coordinating Group through the Customer Care Center (CCC), the Customs official noted. Philex port also noted that BOC’s Export Coordination Division (ECD) will then evaluate the application of exporters based on several criteria. The ECD assesses if the exporter is a “legitimate” exporter who must have been transacting with the BOC for at least one year prior to the date of application. Another consideration of the ECD is that the exporter must have been exporting products to at least one RCEP party for at least one year. The Custom department’s export coordination arm said it would also ensure that the exporter “must have

good compliance measured by risk management of the BOC.” In evaluating the application of exporters, ECD will also consider if the exporter has a “sound bookkeeping and recordkeeping system.” ECD also noted that the “Exporter must have responsible officers or persons authorized to sign the DO, who must have sufficient knowledge competence in ROO application.” The export coordination division of BOC said the exporter must also be willing to be subjected to regular monitoring and inspection to determine “correctness” of its declaration with respect to the goods exported. After evaluation, the ECD will grant the status of approved exporter to the successful applicants by issuing a written authorization with its corresponding authorization code within 14 working days. From there, the BOC will input the details of the approved exporter in its Approved Exporter Database for circulation among the RCEP parties. The RCEP entered into force for the Philippines last June 2, 2023, after the Senate ratified the agreement in February of this year. The Philippines was the last country to ratify RCEP, a free trade pact among the members of the Association of Southeast Asian Nations and the five Asean FTA partners Australia, China, Japan, South Korea and New Zealand. The goal of RCEP is to remove tariffs on at least 90 percent of commodities traded among member countries while also strengthening regulations for non-tariff measures.

Japan faces speculators on two sides as yen, bonds struggle

HE contradictions in Japan’s efforts to protect the yen while slowing the pace of rising bond yields was on clear display in currency and debt markets on Wednesday. The day began with the nation’s top currency official at the finance ministry giving one of the starkest warnings yet that authorities were ready to intervene in the foreign exchange market to stem the yen’s fall. By lunchtime the Bank of Japan (BOJ) was preparing to wade into the debt market to slow the speed of the 10-year bond yield’s ascent toward 1 percent. The BOJ’s unscheduled bond purchases were jarring—coming just 24 hours after the central bank removed its 1-percent cap on these yields. The operation also worked directly against efforts to support the yen, which is being weighed down by the wide gulf between interest rates in Japan and the US. The upshot for the currency was a modest 0.3 percent advance that left it near 151 versus the dollar and within 1 yen of a 33-year low. The 10-year bond yield was still up for the day and just 1.5 basis points below the fresh decade high it set before the central bank announced its buying operations. “The MOF and BOJ’s actions are out of sync,” said Tsuyoshi Ueno, senior economist at NLI Research Institute, who sees the answer to the

This March 8, 2023, photo shows a man riding a bicycle outside the Bank of Japan headquarters in Tokyo. The BOJ is seen fending off speculation on the yen and Japan securities. Kentaro Takahashi/Bloomberg

problem lying out of their hands and in any future interest rate cuts in the US. “Until then, authorities will have to be patient.” Speculators in both markets are betting that Japan’s policymakers won’t be able to maintain their balancing act, and the stakes are rising. An excessive yen depreciation could worsen Japan’s inflation, in part by pushing up import prices, while higher yields could prematurely crimp Japan’s recovery. “We’re on standby,” said Masato Kanda, the top currency official at the ministry, echoing language he used a year ago on the day Japan made the first of three forays into the market. “But I can’t say what we’ll do,

and when—we’ll make judgments overall, and we’re making judgments in a state of urgency. His comments followed the yen’s biggest one-day drop since April on Tuesday after the BOJ’s underwhelming tweak to its cap on bond yields showed that moves away from ultra-loose policy would likely continue to be slow and gradual. Japan’s stock market, on the other hand, saw the Topix index climb the most in more than a year because of the tailwind to equities from low borrowing costs and the yen weak. “Yesterday’s BOJ meeting led to a perception that long-term interest rates will not significantly exceed 1 percent for some time,” said Tomo

Kinoshita, a global market strategist at Invesco Asset Management. “The weak yen is also positive for export stocks.” While Japan’s the 10-year benchmark yield had doubled since July 27, one day before Governor Kazuo Ueda made his first tweak to yield-curve control, it is still about four percentage points below its US equivalent. The BOJ appears intent on moderating moves while traders are constantly trying to push yields higher. “Although the BOJ took action to discourage rises in yields, market players probably want to see the long-term yield reaching 1 percent,” said Keisuke Tsuruta, a senior fixedincome strategist at Mitsubishi UFJ Morgan Stanley Securities Co. He added that the unscheduled buying operation this time may have been a pre-preemptive move before a closely-watched 10-year bond auction Thursday. “At the bottom of the BOJ’s thinking is its lack of assurance that they could achieve sustainable inflation of 2 percent, so a somewhat easy monetary policy needs to be maintained,” said Shusuke Yamada, head of Japan currency and rates strategy at BofA Securities Inc. “For the finance ministry, it’s looking at volatility and trading levels for foreign exchange. Letting the yen weaken has disadvantages for consumers.” Bloomberg News

Vietnam CB struggles to help economy, curb inflation

IETNAM’S central bank is facing pressure to jumpstart the economy amid continuing slow growth of bank loans while also ensuring inflation remains in check, State Bank of Vietnam Governor Nguyen Thi Hong told lawmakers during a national broadcast of parliament on Wednesday. The nation’s bank credit growth as of October 27 was at 7.1 percent from the end of last year, Hong said.

That’s well below the government’s 2023 loan growth target of 14 percent to 15 percent. “Our policies need to respond to immediate developments, but must also give fundamental solutions for the medium- and long-term period,” she said. “Only then can we ensure macroeconomic balances in a sustainable way.” Vietnam’s export-reliant economy is expected to grow about 5 percent this year, down from the

government’s 2023 gross domestic product target of 6.5 percent. Prime Minister Pham Minh Chinh, in his address to the National Assembly last week, said the global economy continues to be “complicated and unpredictable” and is weighing on the nation’s factories that ship everything from sneakers to smartphones across the globe. The regulator continues to put in place policies to boost lending while ensuring liquidity in the banking

system, Hong said. It has also implemented measures to reduce lending interest rates for new loans by about 2 percentage points from the end of last year, Hong said. The State Bank has organized numerous meetings, conferences and seminars across the country to improve links between businesses and banks, she said. About 95 percent of Vietnamese companies are small and medium businesses. Bloomberg News

Health&Fitness

B4 Thursday, November 2, 2023

BusinessMirror

Editor: Anne Ruth Dela Cruz

practitioners call for urgent Pinoy doctors value face-to-face dealings Healthcare action vs severity of fatty liver in PHL but are seeing fewer number of patients By Rizal Raoul s. Reyes

Contributor

ilipino doctors still value inperson interactions, with the highest number of face-to-face engagements with industry representatives (11.8 per month) and one of the highest number of in-person events attended (3.6 per month) compared to their neighbors in Southeast Asia, according to the latest study by Doquity Jobs. Despite a moderate level of digitalization in Filipino clinics, local physicians see the lowest number of patients per day (18.8), due to time constraints and other local healthcare sector challenges. “Greater digitalization of their clinics, including the rise of digital consultations and digital prescriptions, has the potential to help them better allocate time to patient consultations,” Indranil Roychowdhury, Docquity CEO and Co-Founder told the BusinessMirror in a recent email interview.

Royc howd hur y obser ved t hat there are also some notable subtleties to these behaviors though. He also pointed out that two distinct learning cohorts of doctors have emerged: digital dominant learners and in-person dominant learners. “However, both cohorts engage in digital learning yet display unique engagement behaviors. For example, in-person learners attend a similar number of Docquity app sessions as their digital counterparts, but spend less time per session, while digital learners are more flexible across dif-

ferent industry engagement channels,” he explained.

Maximizing online outreach Across the region, Roychowdhury observed the substantial market share of digital and nuanced doctor preferences highlight a strong opportunity for the healthcare industry to improve the quality of healthcare and doctorindustry interactions by maximizing online outreach, complemented by a strategic allocation of offline resources. As a response, Roychowdhury said Docquity will have to meet their evolving needs and work with healthcare enterprises to improve engagements with healthcare professionals (HCPs) for stronger industry collaboration. With the doctor-patient ratio in Asia remaining below the Organization for Economic Cooperation and Development’s (OECD) average, Docquity’s study found that 75.2 percent of Southeast Asia’s doctors anticipate the continued rise of teleconsultations in the coming year. Roychudhowry said the growth of digital healthcare is in line with doctor learning habits too, as 91.1 percent of Southeast Asia’s doctors continue to participate in digital learning events, despite the societal return to in-person interactions. In fact, the study

found that the region’s doctors attend digital learning events at a higher rate (3.9 times per month) compared to inperson events (3.0 times per month).

Job opportunities Moreover, the Docquity report said the application in 2022 revealed that 88 percent of healthcare professionals (HCPs) in Southeast Asia are open to exploring new job opportunities. Given the highly specialized nature of their work, Roychowdhury said HCPs have a different way of looking for employment compared to other professions. Nevertheless, traditional job platforms are not tailored to support the unique needs of medical professionals, including industry-specific language and processes. Roychowdhury said Docquity created Doquity Jobs, the first regional job portal that exclusively showcases the most relevant healthcare job opportunities from top industry employers. Aside from supporting HCPs in their career progression, Docquity Jobs provides healthcare organizations, like hospitals, clinics, and pharmaceutical companies, with the insights and opportunity to reach a much larger yet targeted healthcare talent pool compared to traditional job search sites.

E-cigarettes easily available, are luring more teens, study says By Claudeth Mocon-Ciriaco

moking and vaping are prohibited in cemeteries on November 1 and 2. Parents against Vape (PAV) and Youth Against Vape (YAV) said that people visiting their departed loved ones may be exposed to secondhand smoke if authorities don’t strictly implement the provisions of Republic Act (R A) 11900 or the Vape Law and Executive Order 26 or the Nationwide Smoking Ban. EO 26 provides for the establishment of smoke-free environments in public and enclosed spaces while the vape law prohibits those 18 years old and below from using it. “Families, including young children, troop to cemeteries to remember their dearly departed loved ones. Let us allow families to have a safe space to pray and honor the dead by

ensuring that cemeteries are free from cigarette smoke and vape aerosols,” PAV said. “Local government units should not allow smoking in public places including cemeteries and memorial parks.” “Apart from the vape law and EO 26, we also have another law, R A 8749 or the Clean Air Act, that aims to achieve and maintain healthy air for all Filipinos. This means exposure to secondhand smoke should be avoided as it can cause coronary heart disease, stroke, lung cancer, and other diseases. It can also result in premature death,” PAV added. For its part, YAV urged their fellow youth not to start the habit of vaping. “Contrary to what the tobacco industry wants us to believe, vapes or e-cigarettes are not safe. According to the American Lung Association, e-cigarettes contain chemicals that can cause irreversible

lung damage and alter teen brains. They contain harmful chemicals such as formaldehyde, which is known to cause cancer, and nicotine, which is highly addictive.”

Youth on e-cigarettes The results of the 2019 Global Youth Tobacco Survey (GYTS) revealed that there is a higher prevalence of e-cigarettes use than the use of any other tobacco products among Filipino students aged 13 to 15 years. About 14.1 percent, or one in seven, students aged 13 to 15 said that they are currently using e-cigarettes. Overall, about one in eight students of the same age group (12.5 percent) are currently using various tobacco products. One in four (24.5 percent), meanwhile, have tried using e-cigarettes. The GYTS is a cross-sectional, nationally representative school-based survey of students in grades seven

to 10, with ages 13 to 15 years. Conducted in the Philippines in 2019 by the Epidemiology Bureau of the Department of Health in coordination with the Department of Education and Centers for Health Development, the survey involved a total of 6,670 students under the said age bracket. The GYTS also revealed how easy it is for the youth to buy tobacco products in the country, with about two in five students who currently smoke (37 percent) saying that it was easy for them to buy tobacco products regardless of their age. “This data should serve as a wakeup call for our legislators to consider amending the vape law to increase the age of accessibility from 18 to 21 years old, and limit the flavors to menthol and tobacco. Flavors entice the youth to try vapes and e-cigarettes. Therefore, flavors shouldn’t be attractive to the youth,” YAV said.

Fashion and philanthropy join forces to raise funds for childhood cancer treatment By Rory Visco Contributor

ASED on the latest estimates of the World Health Organization (WHO), about 350,000 children are diagnosed with cancer every year. Sadly, WHO chief Tedros Ghebreyesus said these are children of families coming from low- and middle-income nations, where many have no access to much-needed treatment. “Only 25 percent of low-income countries cover childhood cancer medicines in their health benefit packages,” Ghebreyesus lamented. This raises the probability that children and their families may become vulnerable to getting subpar or worse, fake medicines, which further adds to their misery and suffering, the WHO chief warns. “As a result, survival for children in these countries is less than 30 percent, compared with more than 90 percent for children in high-income countries.” At present, the WHO has its Global Initiative for Childhood Cancer, which was launched in 2018 initially in countries like Ghana, Morocco, Myanmar, Peru, Senegal, Sri Lanka, Ukraine, Uzbekistan, Zambia, and the Philippines. This initiative looks at increasing survival rate in low- and middle-income countries to at least 60 percent by year 2030, concentrating on six cancer types that are highly curable and are present in over half of all childhood cancers.

Cancer—why children? ALTHOUGH cancer is a relatively rare occur-

rence among children, it can affect children from birth to 19 years old. However, what causes it is largely unknown so by the time it is diagnosed, it is already in its advanced stage. For cancer among children, the most common symptoms include dizziness, vomiting, unexplained fever or recurring fever, unexplained weight loss, frequent headaches, fatigue, paleness, sudden eye or vision changes, excessive bruising or bleeding, swelling or pain in the joints, bones, pelvis, back or legs, lump in the armpit, leg, chest, stomach or pelvis, and recurring or persistent infections. As for children in the Philippines, acute lymphoblastic leukemia is considered a common form of cancer, with the bone marrow as a usual starting point, although it can also be seen in the liver, spleen, lymph nodes, among others, and manifested through fatigue and paleness, fever, bruising or bleeding. However, even if cancer is believed to be a manageable and most definitely curable disease, the country logged a high 80 percent mortality rate among children with cancer as many of them opt to discontinue the treatment, mainly because of high costs, and the lack of knowhow about palliative care, one of the most effective forms of treatment for cancer patients.

Possible solutions to the problem THE University of the Philippines-Open University, together with the Philippine Children’s Medical Center, came up with a webbased platform called “Aruga sa Batang may Cancer” or simply “ABC,” that will take care

of concerns of inaccessibility to support care services among pediatric cancer patients in the Philippines. Launched in 2019, the ABC (www.arugaproject.com), which was funded by the Department of Science and TechnologyPhilippine Council for Health Research and Development (PCHRD), was developed to increase access to palliative care information, services, and experts not just for the patients, but even to caregivers, medical professionals, and health providers, in an article that was posted on the PCHRD website. Through ABC, geographic distance will not be a problem anymore for patients to access information from oncology experts and specialists. Training is also provided to medical professionals in terms of palliative care, and knowledge and support on children care for caregivers.

Fashion and philanthropy OVER a month ago, fashion and philanthropy displayed its might in supporting noteworthy causes, especially those involving the health of children. As part of its 10th anniversary celebration, the I Want to Share Foundation (IWTS) recently held its first charity gala event in order to raise funds for the benefit of the Childhood Cancer Help Desk and Bone Marrow Transplant Unit of the Pediatrics Hematology-Oncology Clinic at the University of the Philippines-Philippine General Hospital (UP-PGH) in Manila. During the gala, young cancer patients donned couture masterpieces crafted by renowned designers in the industry such as

Mark Bumgarner, Rajo Laurel, Andrea Tetangco, Martin Bautista and Avel Bacudio, in celebration of their unwavering strength and an opportunity to shine the spotlight on their incredible battle to survive. “My own journey as a cancer survivor has been a significant catalyst in my devotion to this cause. God’s healing grace gave me another lease on life, and I honor that every day by helping children at the UP-PGH to have hope for a brighter future,” says Sheila Romero, founder and chairman of IWTS. Aside from fashion, art also played a significant role as an incredible array of artwork and jewelry from Master Sculptor Daniel Dela Cruz, contemporary artist Andres Barrioquinto and Dino Gabito, were part of the live auction to raise funds. The original target was to raise P12 million, but because of the generosity of everyone, expectations were exceeded as a total of over P19 million were raised during the night. The gathering showed and proved how prominent people from a variety of professional fields can be a force for good and has potential to serve a higher purpose. The undertaking was indeed a living testament to everyone’s boundless compassion to reach out to the ones who need it most. “IWTS will continue in its mission to make a difference and contribute to society as we lead a purpose-driven life. The gala is a testament to what we can achieve when we unite to pursue a shared objective,” Romero shared. “Together, we can inspire others, reshape lives and illuminate the path for those who need it most.”

s cases continue to rise, the health sector is drawing attention to the prevalence of Non-Alcoholic Fatty Liver Disease (NAFLD) in the country. “The burden of liver diseases around the world is enormous, the coverage of the number of people suffering from liver disease can encompass the entire damage of Covid-19,” said Dr. Jose Sollano, Hepatologist and Professor of Medicine at the University of Santo Tomas (UST). The Global State of Liver Health 2022 Report published by the Global Liver Institute suggests that one out of four people in the world are impacted by NAFLD, and in the Philippines alone, approximately 16,500 individuals die from liver disease complications per year. Furthermore, in a previous webinar hosted by the Hepatology Society of the Philippines, Dr. Diana Payawal, Immediate Past President of the Philippine College of Physicians and Scientific Advisor to the Global State of Liver Health 2022 estimated that NAFLD affects about 10 to 20% of the Filipino population.

Low public awareness In the face of the severity of this disease, health officials and medical professionals are seeking ways to reduce the rapid pace of NAFLD risk nationwide. In the Philippines, one in 14 adults is living with diabetes and 38.6 percent of adults are overweight to obese, all of which are at risk for NAFLD. “Despite the risk of NAFLD encompassing a significant portion of the Filipino population, public awareness around it remains alarmingly low. We need to guide our patients in navigating this potentially life-threatening disease, from understanding, early detection, to active prevention,” said Dr. Yvonne Ferrer, Sanofi Consumer Healthcare ASEA Medical Head. NAFLD covers a range of liver conditions caused by fat buildup, commonly seen in individuals who are overweight or obese. It is a disease more susceptible in those suffering from diabetes or cardiovascular diseases. NAFLD is an interplay of genetics, environment, diet, and microbiota, so high cholesterol levels, sedentary lifestyle and inappropriate eating habits can also increase an individual’s NAFLD risk, often leading to liver damage, disease, or even liver failure. “The difference between the Philippines and other countries is that we are an archipelago, where bodies of water separate us, making it harder [for the public] to consult with a specialist,” said Dr. Payawal.

Standardized information With this, medical practitioners are calling for the urgent need for

standardized liver health information and resources, as well as guidelines in preventing the disease, especially in far-flung areas of the nation. Available medications that have been explored for NAFLD treatment, such as fatty liver drugs and pioglitazone, only offer minimal effectiveness in managing the disease. So, by the time a patient’s condition has reached a point where medication must be considered, the disease may still advance significantly, highlighting the importance of preventive techniques. “Millions of people are suffering from chronic liver diseases brought about by alcohol, and now [we deal with] the metabolic syndrome, but these diseases are preventable, curable, and some [cases] can be controlled,” Dr. Sollano underscored.

Self-care Apart from the fact that there are no standardized guidelines geared towards managing NAFLD, there are also very few liver disease prevention techniques being recommended for the general population. “The key factor to avoid NAFLD is to keep your metabolic parameters normal, keep your numbers normal, whether it’s weight, cholesterol, etcetera,” Dr. Payawal advised. “Since this is a mitochondrial and multi-factorial disease, you need to hit different aspects of the disease in order to control it.” Proper self-care, where individuals are intentional about maintaining their health in their day-to-day lives, is crucial to preventing NAFLD. Taking proactive steps that account for one’s holistic well-being like exercising, developing healthy food habits, and regularly consulting a doctor, is pivotal to reducing the risk of liver diseases. However, should Filipinos find themselves at risk or in early stages of NAFLD, patients can still work towards reversing this disease as the liver is one of the organs that can regenerate. This comes with increased responsibility on lifestyle choices, but several supplements also help boost liver regeneration. “Embracing the practice of proactive self-care can positively impact liver health. By prioritizing proper nutrition, exercise, and phospholipid intake, at-risk individuals can play an active role in reducing their NAFLD risk,” Dr. Ferrer concluded. Individuals have a responsibility to themselves and their loved ones to put their health in their own hands, and liver care is a little-known but prominent part of overall well-being. The more that people are aware of the effects of liver diseases like NAFLD, the more that they can be intentional in avoiding or treating it.

PHILHEALTH Z BENEFIT PACKAGE FOR CABG The Medical City South Luzon now offers PhilHealth’s Z Benefit Package for Coronary Artery Bypass (CABG) after it was accredited by the government agency. The accreditation makes TMC Luzon the first hospital in Laguna to offer this subsidized CABG package. The photo is a group photo of Philhealth Region 4A and TMC South Luzon staff during the ceremonial signing headed by, seated from left to right, Dr. Danilo M. Reynes, PhilHealth 4A Regional Vice President, and Dr. Norman D. Manlapaz, Chief Medical Officer of TMC South Luzon

Parentlife BusinessMirror

www.businessmirror.com.ph

Social platforms sued for being addictive and harming children’s mental health Dozens of US states, including California and New York, are suing Meta Platforms Inc. for harming young people and contributing to the youth mental health crisis by knowingly and deliberately designing features on Instagram and Facebook that addict children to its platforms. A lawsuit filed by 33 states in federal court in California, claims that Meta routinely collects data on children under 13 without their parents’ consent, in violation of federal law. In addition, nine attorneys general are filing lawsuits in their respective states, bringing the total number of states taking action to 41 and Washington, DC. “Meta has harnessed powerful and unprecedented technologies to entice, engage, and ultimately ensnare youth and teens. Its motive is profit, and in seeking to maximize its financial gains, Meta has repeatedly misled the public about the substantial dangers of its social media platforms,” the complaint says. “It has concealed the ways in which these platforms exploit and manipulate its most vulnerable consumers: teenagers and children.” The suits seek financial damages and restitution and an end to Meta’s practices that are in violation of the law. “Kids and teenagers are suffering from record levels of poor mental health and social media companies like Meta are to blame,” said New York Attorney General Letitia James in a statement. “Meta has profited from children’s pain by intentionally designing its platforms with manipulative features that make children addicted to their platforms while lowering their self-esteem.” In a statement, Meta said it shares “the attorneys general’s commitment to providing teens with safe, positive experiences online, and have already introduced over 30 tools to support teens and their families.” “We’re disappointed that instead of working productively with companies across the industry to create clear, age-appropriate standards for the many apps teens use, the attorneys general have chosen this path,” the company added. The broad-ranging federal suit is the result of an investigation led by a bipartisan coalition of attorneys general from California, Florida, Kentucky, Massachusetts, Nebraska, New Jersey, Tennessee, and Vermont. It follows damning newspaper reports, first by The Wall Street Journal in the fall of 2021, based on the Meta’s own research that found that the company knew about the harms Instagram can cause teenagers—especially teen girls—when it comes to mental health and body image issues. One internal study cited 13.5 percent of teen girls saying Instagram makes thoughts of suicide worse and 17 percent of teen girls saying it makes eating disorders worse. Following the first reports, a consortium of news organizations, including The Associated Press, published their own findings based on leaked documents from whistleblower Frances Haugen, who has testified before Congress and a British parliamentary committee about what she found. “Meta has been harming our children and teens, cultivating addiction to boost corporate profits,” said California Attorney General Rob Bonta. “With today’s lawsuit, we are drawing the line.” The use of social media among teens is nearly universal in the US and many other parts of the world. Almost all teens ages 13 to 17 in the US report using a social media platform, with about a third saying they use social media “almost constantly,” according to the Pew Research Center. To comply with federal regulation, social media companies ban kids under 13 from signing up to their platforms—but children have been shown to easily get around the bans, both with and without their parents’ consent, and many younger kids have social media accounts. The states’ complaint says Meta knowingly violated this law, the Children’s Online Privacy Protection Act, by collecting data on children without informing and getting permission from their parents. Other measures social platforms have taken to address concerns about children’s mental health are also easily circumvented. For instance, TikTok recently introduced a default 60-minute time limit for users under 18. But once the limit is reached, minors can simply enter a passcode to keep watching. TikTok, Snapchat and other social platforms that have also been blamed for contributing to the youth mental health crisis are not part of Tuesday’s lawsuit. In May, US Surgeon General Dr. Vivek Murthy called on tech companies, parents and caregivers to take “immediate action to protect kids now” from the harms of social media. AP

Editor: Gerard S. Ramos • Thursday, November 2, 2023

Boys graduate high school at lower rates than girls, with lifelong consequences

By Carolyn Thompson The Associated Press

UFFALO, New York—They attend the same classes with access to the same programs, and even come from the same families. But girls consistently are outperforming boys, graduating at higher rates at public high schools around the country. The gap between them is wide, often as wide as the achievement gap between students from affluent and low-income families, a problem that officials have tracked closely for years. But the reasons why boys are falling short are not as clear. Interviews with students, educators and researchers point to several factors. Men generally can earn the same wages as women with less education. But boys also are more likely to face suspensions or other discipline knocking them off track, and they don’t pursue help as often when they face mental health challenges. Some boys are fine when they first drop out, landing jobs providing steady incomes. But over the long term, lacking a high school degree can hold men back. Studies show young men who drop out of high school earn less over their lifetimes and are more likely to end up in jail. Bryant West was halfway through high school in Pascagoula, Mississippi, when he dropped out in 2020. Instead of learning algebra and other things he couldn’t imagine ever needing, he felt his time was better spent working at Popeye’s and on landscaping crews to help his mother with bills. “I feel like it was pointless,” he said. West, 18, planned instead to earn his GED, which he received three years later, in September. “It was just another way that I wanted to do it,” he said. In some cases, boys like West aren’t in as much of a hurry to graduate as girls because they haven’t needed a high school degree to cover rent and groceries, said Beth Jarosz, a program director at research organization PRB. A man without a high school diploma often earns as much as a woman who has completed a year or two of college, Jarosz said. The US government doesn’t require states to report graduation data by gender the way they must break it out by racial and ethnic groups and for children with disabilities, English language learners and homeless students. But in every state reporting high school graduation rates by gender, research shows female students graduate at higher rates. More than 45,000 fewer boys than girls graduated high school in 2018, according to an estimate by researcher Richard Reeves based on data available from 37 reporting states. That year, about 88 percent of girls graduated on time compared with 82 percent of boys, according to Reeves, who this year left the Brookings Institution to launch the American Institute for Boys and Men. The gap was still 6 percentage points in 2021, according to a follow-up analysis this year. The gender gap has gone largely unaddressed by

schools, but some have found effective strategies. The city of Yonkers, New York, raised graduation rates for boys of color through supports such as mentoring. Former Superintendent Edwin Quezada said addressing the racial gap in graduation rates was useful toward understanding the overall gender gap, which was 7 percentage points in 2022. Boys are referred to special education at higher rates than girls in early grades and are suspended at higher rates throughout school, all of which can derail plans for an on-time graduation, Quezada said. “When the decks are stacked differently for young men than they are for young ladies, why should we expect different outcomes?” asked Quezada, who retired from the district in July. In Buffalo, Benjamin Nichols’ troubles in school started early. After his parents divorced when he was 6, he started acting out and was held back. By the time he turned things around in high school, Nichols was older than his classmates and a better fit for an accelerated-credit night program, he said. He enrolled, only to be told the program was being shut down. “I was lashing out because I wasn’t OK,” said Nichols, who ended up leaving high school after ninth grade. “The more and more of me getting punished and reprimanded, I just lashed out more.” There would be more than 10 years of starts and stops before he earned his GED in 2019. Nichols, now 33, earned a two-year degree in electrical construction and maintenance this past year. “The best piece of advice that I probably would have given teachers back then when dealing with me is to ask if I’m OK,” he said. “No one even bothered

really to ask the question.” Like Yonkers, Buffalo schools have incorporated initiatives from “My Brother’s Keeper,” the program started by former President Barack Obama to help boys succeed in school. Buffalo also has enlisted education advocacy group Say Yes Buffalo to provide mentoring to male students and recruit men to teach, spokesman Jeffrey Hammond said. Still, the urban district posted a 10-point graduation gender gap in 2022 (84 percent to 74 percent) and an 11-point gap (84 percent to 73 percent) in 2021. Research is clear, Hammond wrote in an e-mail: “Girls nationally succeed in school over boys because they are more apt to plan ahead, set academic goals and put forth effort in achieving these goals.” Plus, he said, girls receive fewer school suspensions, showing they are generally more likely to follow rules and receive more close instruction from teachers. Only 10 states reporting graduation rates by gender break it down further by race, making it difficult to understand how much race is a factor in the gender gap. But Reeves found in his latest analysis that the gender gaps in the five largest states in the group were much larger between Black girls and boys than they were between white girls and boys or Asian girls and boys. The graduation gender gap “is harder to explain than some of the other disparities we see,” PRB’s Jarosz said. “We know that structural racism is part of the explanation for why Black youth and Hispanic, Latino youth and American Indian youth are less likely to graduate.” “But it’s not a structural racism issue for boys versus girls,” she said. n

Holiday magic comes alive with retailer’s enchanting Christmas shop AS the days grow shorter and the air turns crisper, you know the season of joy and splendor has begun. There’s no better time to spruce up your home than now to avoid the Christmas rush. This year, Robinsons Department Store (RDS) is pulling out all the stops to make your Christmas shopping magical and stress-free with the opening of its Celebrate Christmas Shop—in stores and online. Robinsons Department Store is letting shoppers choose how they want to shop for their holiday décor with different Christmas themes. Browse the e-catalog and add to your cart if you’re pressed for time to go to the mall but want to start with your home decoration right now, or visit the Christmas Shop for additional inspiration as the department stores are decorated for the holidays. Here’s a guide on how to achieve a cohesive theme for your home this holiday season. n CHOOSING A CHRISTMAS TREE. The first step in choosing a Christmas tree is determining the size that will best fit your space. Where will you put the tree? In the living room, dining room, or foyer? Measure the height and width of the area and ensure that there’s enough clearance for the tree—and the tree topper—to stand upright without touching the ceiling. Robinsons Department Store’s Christmas Shop offers a variety of trees in

different colors (white, silver and green), materials (tinsel, vinyl balsam, and royal Dakota), and shapes (slim and full). Price and size also come in a wide range to suit your space and budget. n CLASSIC CHRISTMAS. Nothing says enchanting Christmas more than the timeless colors of red and green. For those who cherish the holiday traditions they grew up with, the Christmas Shop offers delightful décor in these classic colors. Think red and green Christmas balls, Nutcracker soldiers, twinkling fairy lights, poinsettias, green and red leaves on slim

branches, wreaths, tabletop trees, garlands, and other ornaments like plush toys. Classic Christmas embodies the warmth of nostalgia and holiday traditions. n SPLENDOR CHRISTMAS. On the other end of the color spectrum are the rich, jewel colors that bring a touch of luxury to your home. The ornaments sparkle and shine in deep blue, maroon, fuchsia, gold, and even black and translucent—and are mostly embellished with silver or gold trims. Gold fillers and ribbons are strategically wound throughout the tree for that extra touch of luxury. Gold wreaths, stylized nativity

figurines, reindeer, and brush-like tabletop trees complete the look. n CHRISTMAS WITH SANTA. One of the most beloved symbols of Christmas is Santa Claus. With his never-ending supply of gifts from his sack and his jolly laughter, Father Christmas has caught the hearts of generations of children and adults. What better way to celebrate the happy spirit of the season than with a Santa theme? Mini Santa, Rudolph and the Snow Man can decorate your tree for that festive spirit, while tabletop Santa on his sleigh, and Christmas socks and throw pillows create a cheerful atmosphere all around your space. n CHRISTMAS TABLESCAPE. Entertaining is a huge part of the holidays and you can flex your cooking as well as your decorating skills in one go. Create a truly unforgettable holiday dining experience with dinnerware and cutlery from the Christmas Shop. They range from minimalist white plates with just a hint of holiday print to colorful ones. Your table can be as opulent or as simple as you want. Robinsons Department Store’s Christmas Shop is your one-stop shop for all your Christmas decorating essentials. Browse the e-catalog (tinyurl.com/2p9jxst9) and add it to your cart on GoCart, LazMall, and Shopee Mall; or visit any Robinsons Department Store for more holiday inspiration.

PHOTO BY JESWIN THOMAS ON UNSPLASH

Thursday, November 2, 2023

www.businessmirror.com.ph

MERALCO REMAINS ON FULL ALERT FOR THE ‘UNDAS’ BREAK

HE Manila Electric Company (Meralco) has assured its customers that it remains on full alert and its personnel and systems are ready to respond 24/7 to any possible powerrelated concerns as Filipinos mark All Saints’ Day and All Souls’ Day.

This came after the distribution utility reported that there were no major power interruptions across its franchise area during the 2023 Barangay

and Sangguniang Kabataan Elections last October 30. “We are one with the nation in observing All Saints’ Day. While Meralco

Business Centers will be closed from November 1 to 2, which are declared as special non-working holidays, we would like to assure our customers that Meralco personnel will continue to be on standby 24/7 to respond to any troubles and concerns related to our facilities,” Meralco Vice President and Head of Corporate Communications Joe R. Zaldarriaga said. “For a worry-free holiday break, we urge our customers to continue practicing electrical safety and energy efficiency measures,” Zaldarriaga added. With many expected to flock to cemeteries, Meralco reminded customers to practice electrical safety tips such as keeping combustible materials away from outdoor light-

ing and other sources of heat, and ensuring that electrical wires and cords are organized, tucked, or stored away. In addition, customers should also refrain from using “octopus connections” or plugging in extension cords into a single power outlet as this could overheat and result in a fire and other accidents. They should also avoid placing and running electrical cords under rugs or carpets as constantly walking on these could damage the insulation of the wires. Meralco also urged its customers to continue practicing energy efficiency to help manage their consumption. These include turning off appliances when not in use especially when going away for several days unless the appli-

ances are designed to stay on such as refrigerators. Through the Appliance Calculator available in the Meralco Mobile App, the distribution utility continues to empower its customers to better understand their electricity consumption and manage their monthly budget better. For more energy efficiency tips, customers may visit the Meralco website at www.meralco.com.ph. To report power outages and other concerns, customers may reach Meralco through its social media accounts on Facebook (www.facebook. com/meralco) and X (formerly Twitter) @ meralco. They may also text their concerns to 0920-9716211 or 0917-5516211, or contact the Meralco Hotline at 16211.

QC government to host “Future of Work Conference” in November T

O prepare business establishments for the future of work, the Quezon City government will be holding the “INNOVATE. ADAPT.THRIVE: The Quezon City Future of Work Conference 2023” on November 13 and 14, 2023 at the Crowne Plaza Hotel in Ortigas, Quezon City. The two-day conference will communicate relevant knowledge and best practices in creating safe, inclusive, resilient and sustainable workplace environments. “We want Quezon City to be at the forefront of promoting future ready work environments. To do so, we need to enable businesses to face the challenges of a rapidly changing world,” Quezon City Mayor Joy Belmonte explained.

MARINA-BATANGAS EASES SHIPPING SCHEDULES FOR UNDAS 2023

N anticipation of the forthcoming “Synchronized Barangay and Sangguniang Kabataan Election and Undas 2023,” the MARINA Regional Office 4 (MRO4) has issued a directive to relax the authorized schedule of trips for shipping operators within its jurisdiction. This decision comes in response to the expected surge in passengers and cargo in the coming days. The directive aims to ensure the safe, reliable, and convenient transportation of passengers and rolling cargoes while accommodating the heightened demand. The relaxation of schedules is guided by the conditions outlined in MARINA Advisory No. 2015-10, which provides “Guidelines during Emergency, Holiday Season, and Special Occasion.” Key provisions of the said directive include immediate departure when passenger and cargo capacities are met, prompt return to congested ports, increased sailing frequencies, and a strict “First Come, First Served” policy for passengers and cargoes. In cases where the measures taken to address congestion and meet demand prove insufficient, other shipping companies or operators may be authorized to deploy their vessels to ensure the swift recovery of affected areas from emergency situations, congestion, or similar circumstances. Changes or adjustments in ship schedules will be allowed with written confirmation from MARINA and are subject to modification, cancellation, or revocation for valid reasons. A copy of this order will be provided to concerned shipping lines and government agencies, with a particular focus on the PCG, its stations, PPA, and local government units. This directive is effective until November 6, 2023 or until shipping operations on the affected routes return to normal, whichever occurs earlier.

The Future Of Work conference will discuss how work, workers and the workplace are predicted to evolve in the coming years.

It will tackle how organizations can plan for a just transition to digitization, adapt to AI, retool their workforce, as well as retrofit their workspaces with environmentally sustainable technologies and make them disaster proof. Mayor Belmonte added that this will also be an opportune time to help businesses comply with local and national regulations about safe and inclusive workspaces. “The speakers we have invited will present local and global best practices relevant to the growth of QC businesses. We hope to reinforce and strengthen the city’s thrust of becoming a resilient and sustainable city,” Belmonte added. For more details about the “Quezon City Future of Work Conference 2023,” you can visit qcfutureofwork.quezoncity.gov.ph

PUEBLO DE ORO, ICCP GROUP TREE PLANTING IN MALVAR. In keeping with its promise to safeguard Mother Earth, Pueblo de Oro Development Corporation (PDO) took part in a tree-planting program this month in Barangay San Gregorio in the municipality of Malvar, province of Batangas. The tree-planting event was organized by the ICCP Group’s Green Committee in cooperation with the ICCP Group Foundation, Inc. (IGFI), Science Park of the Philippines, inc. (SPPI), Pueblo de Oro, and the local government of Barangay San Gregorio. The ecological activity was attended by officers and staff from the ICCP Group and employees from Malvar Enerzone Corporation, PERSTIMA (Philippines) Inc., Monde Nissin and Farmesa Asia Pacific, Inc., locator-partners of SPPI from Light Industry & Science Park IV in Malvar, Batangas. PTA members of San Gregorio Elementary School and police personnel in the area also joined the tree planting.

SM scholars take their turn in spreading social good

‘O

NCE an SM scholar, always an SM scholar.” This is an adage beneficiaries of SM Foundation’s college scholarship program hold dearly. Their journey to bringing out their limitless abilities doesn’t end when they toss their graduation caps proudly up in the air; it continues for as long as they live. It’s not only the honor that’s ingrained in their hearts, but also the values instilled by the SM group, one of which is spreading social good. SM scholar alumnus Melvin Matanos proved that persistence will open limitless opportunities. Now working as an engineer in New York, U.S.A, his inspiring past remains vivid. “Poverty motivated me to study hard and inspired me to help my family in the future,” he reminisced, explaining why it has always been his goal to help his family. Amidst the challenges of being a fresh graduate in 2004, he persisted until he had the opportunity to work internationally in the Middle East and the United States. These were life-changing experiences that enabled him to help his family more. “I started buying our own house and put up a small business. Extending support to my brother and sister in building their own financial resources was my top priority.” In his relentless pursuit of mastery and skill enhancement, he embarked on graduate studies. The culmination of this dedication came when he achieved his Master of Science in Data Science from the City University of New York, marked by academic excellence that earned him a remarkable grade point average of 3.97 out of 4.0. “In the United States, rapidly changing technologies, and innovations, especially in the field of data science led me to complete my master’s degree. I found this field very important in my current role as a Staff En-

MELVIN (first from left) spends time with his family, who serves as his inspiration to work hard. gineer because it combines tools, methods, and technology to generate meaning from data. Technically, my background in statistics, computer science, and mathematics helps me excel in the program.” “As an SM Scholar, I already have the foundation of being hardworking, submitting work on time, actively participating in class, and achieving high grades. Those characteristics are the significant factors that help me land a job in the United States,” he added. Another SM scholar alumnus spreading social good through technology is Darmae Tan. According to her, the greatest lesson she learned is that it matters to pay it forward as no one has made it through life without receiving help, and to make this world a better place for the future generation is to make it less difficult for each other. This inspired her to launch Errandboy at the height of the pandemic. Beyond providing

DARMAE (center) with the employees of ErrandBoys help for those who had difficulty going around during the lockdown, Darmae’s venture provided jobs to the people in her community. “Errandboy is a pandemic-born business as it aimed to fill a gap when we were in lockdown and not mobile. The bulk of the business then was providing service to senior citizens, mothers, and families buying much-needed supplies for their homes safely and conveniently,” she started. Amidst the rising tide of unemployment in the country, Darmae’s company provides fulltime employment opportunities and healthcare benefits to its workforce. “We made seemingly insurmountable tasks possible even for those who were in another province and even in a different country altogether. We uplift the lives of Cebuanos near and far but close to home what we are most proud of is that we were able to employ our loyal drivers and staff when they needed it most.

Today, we continue to make Cebuanos’ lives easier by doing any and all errands for them – safe, convenient, and worry-free,” she added. Taking SM Foundation’s philosophy of people helping people to heart, the partner company of Errandboy MYT SoftDev Solutions established MYT Foundation. The foundation financially supports high school and college scholars and student-athletes. The foundation was also active during Typhoon Odette by providing and facilitating the sourcing and distribution of drinkable water to families, especially infants and children. Darmae and Melvin stand as shining examples among the over 4,000 SM college scholar graduates to date, exemplifying the core values of SM Foundation. Their inspiring stories ref lect the vision of SM group founder, Henry Sy, Sr., as they continue to inf luence and uplift the lives of their families and communities.

Envoys&Expats BusinessMirror

envoys.expats.bm@gmail.com

Thursday, November 2, 2023

LEYTE GULF LANDING ANNIVERSARY Embassy officials from Japan led by Minister and Consul-General Takahiro Hanada (fourth from right), as well as Ambassador HK Yu PSM of Australia (third from right) plus those from the United States—including Philippine government officials, representatives of veterans’ organizations and guests, graced the commemoration of 79th year of the Leyte Gulf Landings on October 20, 2023. FB: PALO LGU

ORDER OF MERIT Norway’s honorary consul to Cebu and Negros Occidental Candice Gotianuy received the Royal Norwegian Order of Merit in a ceremony led by Ambassador Christian Lyster on October 2, 2023. The order is conferred on foreign and Norwegian nationals as a reward for their outstanding service in the interest of the Scandinavian nation. ROYAL NORWEGIAN EMBASSY

EXPLORING AREAS OF COOPERATION Ambassador Extraordinary and Plenipotentiary of Germany Dr. Andreas Michael Pfaffernoschke (left) exchanged ideas with Labor Secretary Bienvenido E. Laguesma on potential areas of cooperation in labor and employment, and expressed optimism for the continued success of the bilateral relationship between their countries. REGIE D. MASON/ DOLE-IPS

Consul-general: Japan a prime partner in Intl Bazaar to herald preserving peace, stability in Indo-Pacific Christmas festivities

KEY embassy official reiterated Japan’s vital role in maintaining a common, multilateral goal of preserving the peace and stability in the Indo-Pacific Region. During the 79th anniversary of the Leyte Gulf Landings commemoration in the municipality of Palo, Minister and Consul-General Takahiro Hanada affirmed that his country wishes for ever-lasting peace, and is determined to uphold the rules-based international order. Hanada also mentioned that Japan and the Philippines have become the closest friends nearly eight decades after the war. He said the former has largely contributed to national advancement, and that of Leyte Province, as a top donor-

country by way of official development assistance or ODA. Furthermore, the minister and consul-general cited President Ferdinand R. Marcos Jr.’s remarks that Japan is “a most reliable partner in times of both crises and of prosperity.” He hoped for a heightened Japan-Philippines cooperation, as well as Japan-Philippines-United StatesAustralia relations to greater heights. Amid the “increasingly harsh international security situations,” including those in Ukraine, Israel and Palestine, as well as the complex

MINISTER and Consul-General Takahiro Hanada MUNICIPALITY GOVERNMENT OF PALO AND PROVINCIAL GOVERNMENT OF LEYTE

situation in the Indo-Pacific, Hanada mentioned that Japan would work closely with the Philippines, US and Australia as “mutually trusted democratic partners.” In his speech, the Japanese Embassy official offered deepest condolences to all the victims of the Second World War in the Philippines, and expressed his utmost respect to all individuals—including

the war veterans who have greatly contributed to the peace and stability that the country and the region enjoy today. “Reflecting on our past and bearing in mind the feelings of deep remorse, [I affirm Japan’s] wishes for ever-lasting peace, and is determined to uphold the rules-based international order,” said the minister and consul-general.

Veteran envoy leads diplomacy protocols, etiquette orientation to LGUs in Pasig City

ITH more than 40 years of distinguished experience in public service through her domestic and overseas postings, veteran ambassador Monina Estrella Callangan Rueca imparted her expertise to Pasig City’s local government units (LGU) officials on the proper rules and decorum in promoting diplomatic relations. The lecture was made possible through the collaboration between Mayor Victor Ma. Regis “Vico” Sotto and the De La Salle-College of Saint Benilde (DLS-CSB) School of Diplomacy and Governance (SDG). Dean Gary Ador Dionisio DPA of the SDG shared that the initiative was part of the college’s “Town and Gown Approach,” wherein higher education institutions (HEIs) continue to assist LGUs to capacitate leaders, while building a strong and responsible community. “The HEIs have a critical role not only to educate its students, but also…establish cooperation and promote innovation with LGUs in the fields training, research, and capacity-building,” Dionisio furthered. Rueca, who began her career with the Department of Foreign Affairs in 1968 and had served in various foreign posts—the last being in Hungary—provided an overview of her book: A Guide to Protocol, Social Graces,

FORMER diplomat Monina Rueca (from left), Mayor Vico Sotto and Dean Gary Ador Dionisio

and Etiquette. The envoy launched the publication in 2021, which serves as a manual in the procedures of formality and customs that delegates must observe. An educator at DLS-CSB’s SDG, she discussed guidelines on ceremonies, business courtesies, organizing and hosting formal social functions, and even appropriate seating arrangements. Applying acquired knowledge from the discussions, a simulation of activities was conducted among participants such as the “Order of Precedence,” which highlights the ranking of statesmen who will first enter and leave the room. They likewise practiced bilateral meetings, and memoranda of agreements signing. A member of DLS-CSB SDG’s Governance and Public Affairs Program Council of Advisers, Sotto also attended the seminars and actively joined the exercises. Executive and administrative officers, as well as staff from the offices of the mayor, vice mayor, congressman, city administrator, city planning development, land management and recovery, public information, “Ugnayan Sa Pasig,” cultural affairs and tourism, plus the Maybunga Rainforest Park, fielded participants.

Study: Israel-Hamas War get 90% negative online mentions in PHL; Capstone-Intel calls on natl govt to expedite repatriation of Pinoys

RECENT social-listening report from Capstone-Intel Corp. revealed that of the 24,967 total mentions across social and nonsocial media platforms of the Israel-Hamas war, 90 percent were negative, which highlights a crucial role for the national government to swiftly address the issue. In terms of top posts, a multimedia news report from TV Patrol, which tells how Hamas militants have exposed to kill civilian hostages if Israel does not stop its missile strikes on Gaza, garnered the highest engagement with a 9,366.2 score. This was followed by another report from the newscast, which narrated how a Filipino caregiver

survived and protected the elderly when Hamas members forcibly entered their home. It received a total of 6,046.8 engagement score. Said news report highlighted the third-most captivating story, which had an Israeli official praising a Filipina nurse who tragically perished during the Israel-Hamas strife. The deputy mayor of Jerusalem disclosed that the overseas Filipino worker (OFW) declined to evacuate without her elderly patient. The story yielded a total of 2,131.9 engagement score, according to Capstone-Intel’s data. Upon analyzing the intensity of the topic’s online mentions, along with the top posts, Capstone-Intel said that it is high time that the

national government and attached agencies concerned with the issue start expediting their efforts of bringing home all other OFWs to minimize casualties brought by the raging war in Israel. However, throughout the duration of the study, Capstone-Intel data failed to find any Palestine-related news, which showed that Israel-related stories dominated coverage from Philippine media agencies. “The 90 percent negative mentions across social and nonsocial media platforms, along with the top engaging posts about the topic in the Philippines, show how worried Filipinos are about the state of OFWs, and even locals in Israel,” Capstone-Intel

said. “This has to be acted upon immediately, and ensure that they are safe enough from the rubbles of the raging war.” The research and intelligence company also noted that, along with repatriation efforts, the government should also provide financial and emotional assistance to returning OFWs so that they could recuperate from the trauma the war may have caused them. “[Also, it is essential to create reintegration programs that provide returning OFWs with opportunities for sustainable livelihood and gainful work. These may include] provision of skills training and job-placement services,” it ended.

HE International Bazaar Foundation Inc. (IBF), in cooperation with the Department of Foreign Affairs, the Diplomatic and Consular Corps of the Philippines, and Spouses of the Heads of Mission (SHOM), will hold the International Bazaar 2023 on Sunday, November 19, 2023 from 9 a.m. to 7 p.m. at Forum Tents 2 and 3 of the Philippine International Convention Center in Pasay City. In a press conference, IBF C h a i r p e r s on Pa me l a L ou i s e Manalo announced that “in this 57th International Bazaar, we celebrate not just numbers—42 participants from the Diplomatic and Consular Corps [and] 31 from our own Philippine Best’s exhibitors—but also the stories, tastes and craftsmanship that each booth will offer.” Participating countries will include Argentina, Australia, Austria, Bangladesh, Belgium, China, Denmark, Finland, France, Georgia, Hungary, India, Indonesia, Iran, Ireland, Israel, Japan, South Korea, Laos, Lebanon, Malaysia, Malta, Mexico, Myanmar, the Netherlands, New Zealand, Pakistan, Palestine, Romania, Russia, Singapore, Spain, Sri Lanka, Switzerland, Syria, Tanzania, Thailand, Turkey, Ukraine, Uruguay, United States, and Venezuela. Proceed s f rom t he ba z a a r will be handed over to various IBF and SHOM charity projects and programs that aim to uplift marginalized communities and extend learning opportunities to indigent scholars. Manalo also stated that “be-

yond the delightful shopping and cultural experiences, the essence of our endeavor goes deeper.” She added that this year’s theme “Shop Global, Help Local” encapsulates the foundation’s mission: “ The funds we raise through this event empower us to touch lives: supporting abused women, homeless individuals, and marginalized communities, offering them not just aid, but hope.” Arkadiusz Jan Tracz of Hungary represented SHOM at the press conference, where he said that “through this bazaar, we not only bring products from our homelands to the Philippines, but also aim to make the idea of shopping more altruistic, and less ‘self-centric.’ We want every bazaar participant: from the vendors, the organizers, to the buyers, feel like they give someone a chance to live a better life with every peso spent, while they enjoy shopping.” The International Bazaar, an annual tradition, is one of the most anticipated that usher in the start of Christmas festivities in Metro Manila. It enjoys the participation of the diplomatic community, as well as Philippine product exhibitors. Established in 1966, the IBF is a nonprofit fundraising institutional foundation. For 57 years, it remains committed to its vision of assisting disadvantaged sectors of the community through its charitable activities, as well as fostering stronger bonds within the diplomatic community in Manila.

ICCPI, CRIF Phils., PE2 join forces for data-driven sustainability discussion

R IF Phi ls., t he Ita l ian Chamber of Commerce in the Philippines (ICCPI), and the Philippine Energy Efficiency Alliance Inc. (PE2) hosted a luncheon-discussion on “Sustainable Business Growth through Data-Driven Approaches.” Centered around the pivotal themes of “Profit, People, and Planet,” the gathering delved into the ever-increasing significance of harnessing data to propel sustainable business practices forward. The luncheon drew a diverse assembly of key enterprise leaders, industry experts, and sustainability advocates. Among the attendees, primarily composed of ICCPI and PE2 members, was a shared curiosity to explore the nexus of data-driven decision-making and the ethos of sustainability. Conversations resonated with the profound impact of data in steering businesses toward conscious, sustainable choices. Executive Vice President and General Manager Cris Matunan of CRIF Phils. underscored the importance of data: “We believe that data [is key to harmonizing] profitability, social responsibil-

ity, and environmental preservation. The event was a testament to the commitment of all stakeholders to foster an environment where profit, people, and the planet coexist harmoniously.” Execut ive Director L orenz Ziller of ICCPI affirmed: “[We are proud to be part of this collaborative effort that addresses the ‘triple bottom line of the environment, sustainability and governance or ESG].’ We believe… sustainable business practices are ethical and key to long-term success.” For his part, PE2 president Alexander Ablaza emphasized their dedication to sustainability: “[We are] committed to promoting energy-efficient practices. Events like these provide a platform for knowledge exchange, and inspire businesses to adopt eco-friendly solutions, contributing to a more sustainable world.” The event served as a testament to the commitment of CRIF Phils., ICCPI and PE2 in championing sustainable business practices, encouraging innovation, and fostering a brighter, greener future for all.

Angels take on Cargo Movers in key PVL duel

AKARI’S Fifi Sharma is all fired up as she challenges Cignal’s defense during their match Tuesday. The HD Spikers won, 25-18, 19-25, 25-21, 25-20.

ZENG ZHIYING is currently one of the 150 best women tennis table players in the world. AP

Sports BusinessMirror

B8 | T

hursday, November 2, 2023 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

ETRO GAZZ stakes its unbeaten record against a team on a rebound as the Premiere Volleyball League (PVL) on Tour makes its fourth stop in the AllFilipino Conference at the Santa Rosa Sports Complex in Laguna Thursday. F2 Logistics, which shook off a tough five-set defeat to Akari last October 17 with two shutout wins over lightweight rivals, is more than ready to take on the Angels head-on in their 6 p.m. encounter in a match expected to go the distance. The Angels and Cargo Movers are coming off 3-0 romps over the Nxled Chameleons and the Galeries Tower Highrisers, respectively, in faraway Candon, Ilocos Sur, over the weekend and both are deemed to have recovered from the rigors of the long trip and be in top form come game time. “We need to prepare against the strong teams,” said F2 Logistics coach Regine Diego. “But we’ll do our best and hopefully no more injuries.” Top hitter Myla Pablo, who missed the action up north, is expected to be back and join Ara Galang, Ivy Lacsina, Aby Maraño, Majoy Baron and Jolina dela Cruz as they slug it out with the streaking Angels, who also rolled to 3-0 victories over the Highrisers and the Gerflor Defenders to stalk fellow unbeaten solo leader Creamline Cool Smashers (4-0). “Rest is very welcome but there’s no change in our game plan—training and staying focused,” said Petro Gazz assistant coach Stephen Patrona, who took over from head mentor Timmy Sto. Tomas the last time out. Sto. Tomas is also expected to be back for the Angels, who will again be spearheaded by the crack crew of Grethcel Soltones, Aiza Pontillas, Djanel Cheng, Kecelyn Galdones, Jonah Sabete and Ranya Musa, making the duel truly a match to watch. Choco Mucho, meanwhile, shoots for its third straight win after dropping a four-setter to Creamline as it mixes it up with the winless Defenders at 4 p.m. with Sisi Rondina also raring to soar again with her highly-charged plays. PLDT, on the other hand, tangles with Nxled in the 2 p.m. opener with the High Speed Hitters likewise setting out for a third win in a row after a four-set setback to the Cignal HD Spikers.

AMDEN, New Jersey— James Harden publicly called his boss a liar and swore he would never again play for the Philadelphia 76ers. So he won’t—the 10-time All-Star with a history of trade demands only slightly shorter than his signature beard is on the move to his fifth National Basketball Association (NBA) team, chasing his first championship, this time in his native California. Harden joins Kawhi Leonard, Paul George and Russell Westbrook to shape a core group of veterans trying to win the Los Angeles Clippers their first NBA title. Even though the trade is not fina lized, Harden arrived in Los Angeles before Tuesday’s night’s game against the Orlando Magic. He was greeted by owner Steve Ballmer when he arrived at Crypto.Com Arena and then met with his new teammates in the locker room. He hugged Russell Westbrook and Paul George upon seeing them. Harden’s No. 1 blue jersey was ready and waiting for him at his locker. When asked by a reporter if he was excited about coming to the

Clippers, Harden said “you don’t understand.” Clippers coach Tyronn Lue, who did his pregame availability 45 minutes before Harden’s arrival, had no comment about the imminent deal. The 76ers are simply trying to move on from the Harden Headache and continue their own long shot bid at a championship behind reigning NBA MVP Joel Embiid and star-in-waiting Tyrese Maxey. The final haul was yet to be settled on Tuesday—coach Nick Nurse and Maxey danced around the topic of the trade following practice—but the key parts were this: the 76ers sent Harden, PJ Tucker and Filip Petrušev to Los Angeles for Marcus Morris, Robert Covington, Nic Batum, KJ Martin, a 2028 unprotected firstround draft pick, two second-round picks, a 2029 draft-pick swap and an additional first-rounder from a third team, a person familiar with the trade told The Associated Press. The person spoke to the AP on condition of anonymity because the final details of the trade were not yet official. Maxey texted the 34-year-old

Harden when word of the deal broke overnight—Nurse said he slept through the trade call—and thanked his former teammate for his contributions in 79 total regularseason games with the 76ers. “I told him I loved him, told him I appreciated him,” Maxey said. “One thing he really installed in me was confidence. I’ve always been a confident person. He made me be even more confident than I already was. All I can do is appreciate him for that.” Maxey turns 23 on Saturday and has improved his numbers in each of his first three seasons—8.5 points per game to 17.5 to 20.3 to 30.3 and his first Eastern Conference Player of the Week award in a small sample this season. That improvement has the 76ers finally believing he can be the star to pair with Embiid and remain contenders. Not Ben Simmons. Not Harden. “Everything’s been going well, the flow’s been well, the organization’s been great, the team believes, the coach believes in himself,” Maxey said. “Everything’s been great.” Still, the longer the Harden melodrama lingered in Philly, the greater the chance the situation

JAMES HARDEN has a history of trade demands only slightly shorter than his signature beard. AP would eventually implode. Harden— now traded by Houston, Brooklyn and the 76ers in each of the past three seasons—had long wanted to play in Philadelphia. Harden and team president Daryl Morey, who was not available Tuesday for comment, were first allies when they were in Houston. Harden was a league MVP and had scoring titles for the Rockets. But when the Rockets went into a rebuild, Harden issued his first ultimatum and forced his way to Brooklyn in 2021. He joined Kevin Durant and Kyrie Irving in a “Big Three” that was never very big. The trio was socked by injuries and other controversies and played only 18 games together before Harden wanted out. AP

Israel soccer team plays key ‘home’ games in Hungary

Gallaudet head coach Chuck Goldstein (center) uses American Sign Language (ASL) to communicate with players during an NCAA college football game against Hilbert College in Washington recently. Since arriving at Gallaudet as an assistant in 2009 just as his next job, Goldstein has embraced coaching a team of deaf and hard-of-hearing players and the adjustments that go with it. He learned ASL as the primary method of communication. During games, he still worries about opponents being injured because his players can’t hear whistles. AP

ANTIAGO, Chile—Table tennis player Zeng Zhiying left China all alone for an adventure in Chile in 1989. As her native country boiled with street protests that led to the Tiananmen Square massacre that year, she remained in the north of the South American nation, near the Atacama desert, working to make the sport grow there. About 34 years later, the 57-yearold Zeng—or Tania, as Chileans call her—is no longer by herself. She has

Disgruntled Harden ends up with Clippers

When your players can’t hear the whistle...

RI SND Barracuda, Fit PH and Baguio Benguet Triathlon lead eight other leading teams looking to reach peak form in time for the Ironman 70.3 Puerto Princesa that serves as first-time host to the Asia TriClub and Relay Championship on November 12 in Palawan. The City of Puerto Princesa, headed by Mayor Lucilo Bayron, is putting up a P500,000 prize for the top club in the premier endurance race to be disputed over a 1.9-km swim, 90-km bike and 21.1-km run race over an exacting course in what

Introducing Chile’s table tennis bet Zeng, already 57 but still competing

Top teams brace for Asia TriClub showdown in Puerto Princesa has long been considered as the city in the forest. Making up the early roster in the Asia TriClub are Gas Coaching, Las Vegas Tri Club, Heroes Hotel Adventure, Army Navy Southtri, Loolaba Tri Club, Les Sables Vendee, La Rochelle Tri and KOA Sports with more teams expected to join the hunt. The points will be counted based on results and number of participants from each tri club.

Registration is ongoing. For details, log on to ironman.com/ im703-puerto-princesa-register, according to the organizing The Ironman Group/Sunrise Events Inc. Bayron has also provided money prizes in other categories, including P60,000 each for the top overall male and female finishers in the event backed by Global premier partners Vinfast, Active, Gatorade, HOKA, ROKA and Breitling 1884

and Global technical partners Athletic Brewing Co., Fulgaz, Hyperice, Qatar Airways, Red Bull, Santini and Wahoo. The team with the fastest cumulative time of top five members regardless of age and gender will also receive P 50,000 while the top relay all male and all female and mixed teams will each get P10,000. The fastest in swim, bike and run events will also net P10,000 each.

YON, Switzerland—The Israel men’s soccer team will play two European Championship qualifying “home” games in Hungary at a stadium near the home village of Prime Minister Viktor Orban. The Israel-Hamas war has left the national team two games behind schedule in a three-way race with Switzerland and Romania to advance as the top two in the Group I standings. Israel, which joined UEFA as a member in 1994, has never qualified for a Euros tournament. Israel now needs to play four games from November 12 to 21 and the two “home” games must be played in a neutral country for security reasons. The Pancho Aréna stadium of the Puskás Akadémia club in Felcsút will host the games, UEFA said Tuesday. It declined to comment on how it chose the location.

a family and millions of fans cheering for her at the Pan American Games in Santiago. Zeng became famous overnight in the Andean nation after she beat Dominican Eva Peña Brito by 4 sets to 2 in her first match in the women’s singles tournament. She lost the first two sets, but she managed to turn the match around in front of raucous fans screaming for her. “I came to watch the table tennis grandma,” said Chilean fan Gustavo Ibarra, 14, before Zeng’s round-of-16 clash with American Lily Ann Zhang on Tuesday. “Everyone in this country wants to see her win. She is just so humble.” Zeng has two children, but no grandchildren. Chile’s President Gabriel Boric is another one of the table tennis player’s new fans watching her on TV. “Tremendous!,” Boric wrote on his social media channels after the Chinese-Chilean’s victory on Monday. Zeng has lived most of her life in Iquique, a city near the Atacama desert 1,800 kilometers north of Santiago, Chile’s capital. After teaching the sport to local children for years, she started a business and made it her main source of income until recently. Playing table tennis as a professional only crossed her mind during the Covid pandemic. She quickly made it to Chile’s national team and now hopes to be part of it for the Paris Olympics next year. Zeng is currently among the 150 best women tennis table players in the world. “I am fighting with all I have, and the supporters are there for me now. I feel very confident. Competing at such a high level is a new thing for me,” Zeng said Tuesday. “I win. I lose. Some things come a little off. But people support me the same. I really wasn’t expecting any of this.” “I came here because the table tennis association of Arica, in the north, invited me. Then I moved to Iquique, and made my life there. I am Chilean, no doubt,” said Zeng in a fluent Spanish she learned in soap operas. She now she prefers to watch Turkish TV series when at home. As she arrived to play US’s Zhang on Tuesday, a big roar was heard at Chile’s Olympic training center, where table tennis competitions are taking place. Zeng was no match for the American, who won 4 sets to 0 (11-7, 11-6, 11-4 and 11-5), largely thanks to her higher speed and intensive footwork. The two had faced off before, with the 27-year-old Zhang also winning that encounter. “It is an inspiration that a 57-yearold player is here with us, giving her best,” Zhang said after the match. While Zhang calmy went back to preparing for her next matches, Zeng was busy outside giving autographs. “I will be upset for a little bit after this defeat. But life goes on,” she said. “This sport is still the greatest thing for me. I am happy every day I am still in it.” AP Hungary has been a regular replacement venue for UEFAorganized games since 2020 when the Covid-19 pandemic started, though not before in Orban’s home stadium in Felcsút where he used to play. On November 15, Israel will face Switzerland in a game that could not be played on October 12. Israel will also play Romania there on November 18. Israel’s game at Kosovo that could not be played on October 15 has been rescheduled for November 12. Israel completes its schedule on November 21 at Andorra. Israel already went to Hungary in June to face group rival Belarus, which is playing home games in Budapest. UEFA blocked Belarus from hosting games while it is Russia’s military ally waging war on Ukraine. If Israel finishes outside the top two, it will enter the qualifying playoffs in March. Three teams will advance from the playoff brackets to complete a 24-team Euro 2024 lineup. AP