BusinessMirror November 03, 2022

rejects

THE national government was unable to raise a single centavo after the Bureau of the Treasury (BTr) rejected all the offers in its twin auction on Wednesday of P50 billion worth of government securities as investors continue to be aggressive in their asking rates.

e Treasury did not award a single debt paper as investors sought interest rates that were higher by as much as 169.7 basis points (bps) than prevailing secondary benchmark rates.

e Treasury auctioned P15 billion worth of Treasury bills (Tbills)—P5 billion each of 90-day,

bids

181-day and 362-day tenors—and P35-billion Treasury bonds (Tbonds).

National Treasurer Rosalia V. De Leon said investors sought higher yields in anticipation of a hike in interest rate by the US Federal Reserve coupled with the Central Bank’s announcement on the country’s October infl ation print.

Foreign news agencies reported that the Fed is expected to deliver a 75-basis-point rate hike in its November meeting.

De Leon told reporters after the auction that the market has been pricing in excessive buffers to cover for the Fed’s “sustained hawkish actions and BSP [Bangko Sentral ng Pilipinas] forecast of [October] infl ation [of] 7.1 [percent] to 7.9

[percent].”

Rates for the T-bond offering averaged at 6.763 percent with a range of as low as 6 percent to as high as 8 percent. e secondary benchmark rate for the similar debt paper was only at 6.303 percent.

Treasury received rates ranging between 4.25 percent and 5.125 percent for its 90-day T-bill, 4.65 percent to 5.925 percent for the 181-day tenor and 5 percent to 6.3 percent for the 362-day government security.

e secondary benchmark rates for the government securities based on Bloomberg Valuation were at 3.75 percent (90-day), 4.535 percent (181-day) and 4.888 percent (362-day).

Investors swamped the 90-day T-bill offering as total tenders amounted to P8.485 billion while the 181-day tenor was almost fully subscribed at P4.93 billion.

e 362-day T-bill fetched tenders amounting to a little more than half of the total intended amount to be raised or about P2.67 billion.

As for the T-bonds auction, investors tendered a total amount of P36.336 billion.

e national government has been laboring to tap the local debt market in the past month as investors continue to dig their heels in their position vis-à-vis yields.

is month alone, the national

THE Bangko Sentral ng Pilipinas (BSP) assured the public that its arsenal to intervene in the foreign exchange market is much larger than the country’s reserves.

e country’s Gross International Reserves (GIR) includes Overseas Filipino remittances, business process outsourcing, and foreign direct investments.

Under its expanded toolkit which is also in line with the central bank’s price stability mandate, the BSP is now employing the reserves to sell dollars to help manage foreign-exchange movements.

“ e tools that we can use for intervention are much larger than our reserves,” Central Bank Governor Felipe M. Medalla said. e central bank chief also explained that while the GIR now represents lower import cover compared with earlier months, BSP may tap other sources of dollars.

As a matter of policy, the BSP’s

Taberna case vs bank an acid test for

BROADCASTER-ENTREPRE-

NEUR Anthony Taberna continues to hold out hope for a just resolution of his case against EastWest Bank, which he accused before the central bank of allowing unauthorized fund transfers— a total of P15.38 million—to the former fi nance officer of the successful food business he had built up for years.

e Taberna case is seen as an acid test of the regulators’ will to strictly enforce the newly minted Financial Products and Services Consumer Protection Act, which regulators like Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission, had actively prodded the 18th Congress to pass, citing the over 40,000

complaints of fi nancial consumers between 2019 and 2021.

Taberna earlier pressed the BSP to act on his administrative complaint against EastWest and Gualberto Baluyut, the manager of its UP Village branch, for allowing Ernie Patrick Aquino, his former fi nance officer, to siphon off millions without his knowledge and consent in a series of unauthorized fund transfers between August 2018 and November 2020.

is was apparently done because, as Taberna alleged in his complaint-affidavit, Aquino—after convincing Taberna to open a payroll account with the UP Village Branch for Taberna Foods under EastWest’s e-credit facility—was able to open seven other bank ac-

counts under Taberna Foods. is, without submitting to the bank a secretary’s certificate or board resolution.

“Baluyut allowed the opening of all the accounts notwithstanding the fact that they pertained to different branches of Ka Tunying’s Café throughout Luzon. Despite lack of authority and supporting documents, Baluyut allowed the operning of these accounts in clear violation of existing banking regulations,” Taberna said, referring to the EastWest manager.

A subsequent review indicated that many transfers were made on random dates that were outside payroll periods, even though it was a payroll facility. As fi nance officer, Aquino, stressed Taberna, had no

authority to approve fund transfers beyond payroll payments.

Baluyut in his counteraffidavit denied all of Taberna’s allegations, insisting that he got to know Aquino only when the latter approached him about opening the payroll account, contrary to Taberna’s claim that Aquino persuaded him to open the account because he knew the branch manager well.

Taberna said earlier the bank was included in the complaint at BSP because it never informed the client-company about the apparent irregularity.

e administrative complaint Taberna fi led is handled by the Consumer Protection and Market

THE Department of Trade and Industry (DTI) said the prices and supply of basic necessities and prime commodities are “generally stable” based on its latest nationwide situational report.

“ e prices and supply of basic necessities and prime commodities are generally stable based on the latest nationwide situational report,” Trade Secretary Alfredo E. Pascual said in a statement on Wednesday.

In a statement on Wednesday, the Trade department said it ensures the submission of daily situational monitoring reports from its provincial and regional offices following the onslaught of severe tropical storm “Paeng.”

As chairman of the National Price Coordinating Council, the Trade department said it is coordinating with the Philippine Chamber of Food Manufacturers which is composed of manufacturers and retailers of basic necessities and prime commodities (BNPC), to guarantee “timely and constant replenishment of goods” particularly in the typhoon-stricken areas. Hence, the agency said it has been “continuously conducting intensified monitoring of prices and

Zamora says Israel envoy’s visit bodes well for City of San Juan’s ‘smart city’ aspiration

MAYOR Francis Zamora on Wednesday said the visit of Israel Ambassador to the Philippines Ilan Fluss to San Juan City on Wednesday would help boost their goal for digital transformation.

Zamora said that Fluss was excited to partner with the City of San Juan in terms of expanding digitalization and tech innovations, promoting historical tourism and enriching cultural development—the major thrusts the nation of Israel and the City of San Juan have in common.

“With our administration’s centerpiece program of making San Juan a ‘smart city’ in governance

‘Online death verification will prevent bogus claims’

and public service, a partnership with the country of Israel can bring a major breakthrough for San Juan,” Zamora said. Israel, the mayor added, is a global center in technology whose homegrown innovations and developments continue to make an impact on a global scale. “From their famous Iron Dome missile and rocket interceptor, the only system of its kind in military defense, to medical tech-

SETTING up an online death verification system in the country will facilitate early detection and prevention of identity theft of deceased persons, Senator Jinggoy Ejercito Estrada said on Wednesday.

“In many cases investigated by the Senate, it was shown that the names of the deceased were used

for fraudulent payment claims, cheating in elections through ghost voters, and other deceptive means. It’s time to solve this,” he said, speaking partly in Filipino.

Estrada is set to fi le a bill proposing the establishment of the Philippine Death Check (PDC) Register, a centralized electronic database containing mortality data regis-

tered with the Local Civil Registrar (LCR), to be managed by the Philippine Statistics Authority (PSA). Under the proposed “Online Death Verification System Act,” once the death of a person is registered with the LCR, the information shall be immediately uploaded with the PDC Register Electronic System.

e PSA shall ensure the secu-

rity and integrity of the PDC by safeguarding its data from breaches and other modes of tampering for the purpose of committing fraud.

Estrada noted that criminals and syndicates have been exploiting the lack of immediate access to death data in carrying out their fraudulent activities and corrupt practices. Butch Fernandez

Taberna case vs bank an acid test for new law

Conduct Office of the BSP, which the broadcast journalist earlier called out for inaction on his case more than year since its fi ling.

Efforts by media entities to get a reply from BSP have thus far gone unanswered.

Still, Taberna was earlier reported as saying he could consider withdrawing the criminal case he fi led in court if that is the one thing that stymies the central bank from presiding over a process to resolve the case he fi led with it.

e 18th Congress had rushed passage of the Financial Products and Services Consumer Protection Act, signed into law last May 6, 2022 by then-President Rodrigo Duterte.

During congressional deliberations, officials of the BSP and the Securities and Exchange Commission (SEC) had asked lawmakers

to rush its passage to give them a wider arsenal for dealing with financial fraud and misconduct by fi nancial institutions, including banks.

en BSP Governor (now Finance secretary) Benjamin Diokno, appearing before the Senate Banks committee, urged senators to rush passage of the measure, which he said will “protect every Juan and Maria making fi nancial transactions.” As things stand, he said, regulators like BSP, SEC and Insurance Commission have limited means for running after wrongdoers or those who abuse consumers of fi nancial products, including bank deposits.

e BSP, in fact, has been swamped with so many—42,456— complaints in 2020 and 2021; and the cumulative total of money involved in the complaints from 2019 to 2021 amount to P2 billion, Diokno told senators then.

supply of BNPCs.”

So far, the areas that have been placed under a state of calamity based on Proclamation No. 84 issued by President Ferdinand “Bongbong” Marcos Jr. On Monday are Region 4A (Calabarzon), Region 5 (Bicol Region), Region 6 (Western Visayas), and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

Under Proclamation No. 84, the state of calamity (SOC) shall remain in force and effect for six months unless earlier lifted by the President.

According to Republic Act No. 7581 or the Price Act as amended, the prices of basic necessities are automatically frozen at their prevailing prices for 60 days once a state of calamity is declared in an area, unless sooner lifted by the President.

As part of the Trade department’s mandate, it monitors prices of canned fi sh, locally manufactured instant noodles, bottled water, bread, processed milk, coffee, candles, laundry soap, detergent, and salt under basic necessities.

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

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

On Monday, DTI reminded business establishments in areas under a state of calamity to adhere to the price freeze on basic necessities. e Trade chief said on Monday, “ e DTI is closely coordinating with the Office of the Civil Defense [OCD] on the declarations of State of Calamity. Automatic price freeze shall apply to basic necessities. Establishments found violating the price freeze may be subjected to administrative cases and

nes.”

government aims to raise P215 billion from the sale of debt papers. e amount covers P75 billion worth of T-bills and P140 billion in T-bonds.

For the whole year, the government is set to borrow a total of P2.21 trillion, of which 75 percent will be sourced locally while the remaining 25 percent will come from foreign sources.

‘FOREX MARKET TWEAK TOOLS BIGGER THAN GIR’

participation in the FX market is limited to tempering sharp fluctuations in the exchange rate. e BSP does not target nor avoid any level of the peso and does not alter currency trends.

However, BSP stands ready to provide liquidity and ensure that legitimate demands for foreign currency are satisfied when warranted.

In accordance with its mandate of ensuring price stability, the BSP consistently signals to the market its unwavering commitment to use the tools at its disposal to stabilize the exchange rate.

“You have to come in and reduce the volatility,” Medalla said. “ is underscores the importance of a credible central bank.”

Robust GIR

AT end-September this year, the GIR remained robust at $93 billion, providing an external liquidity buffer of 7.4 months’ worth of

imports of goods and payments of services.

is exceeds three months’ worth of imports that the International Monetary Fund (IMF) suggests as a standard in reserve adequacy.

Meanwhile, the BSP on Wednesday increased the offer volume in the term deposit facility (TDF) to P380 billion from last week’s offering of P280 billion.

e total volume was allocated between the 7-day and 14-day tenors at P220 billion (from P170 billion) and P160 billion (from P110 billion), respectively.

Both tenors were undersubscribed with bid-to-cover ratios at 0.66x and 0.73x the respective offerings in the 7-day and 14-day TDF.

Total tenders received amounted to P261.287 billion, lower than the BSP’s range of expected volume.

“ e results of the TDF auction reflect the weaker demand for the BSP deposit facility following the

All Saints’ Day holidays as well as the lower excess liquidity in the short term,” BSP Deputy Governor Francisco Dakila Jr. said.

“Looking ahead, the BSP’s monetary operations will remain guided by its assessment of the latest liquidity conditions and market developments,” he added.

Of the total bids received, the BSP accepted P243.687 billion, of which P127.778 billion were awarded in the 7-day tenor and P115.909 billion in the 14-day tenor.

e weighted average interest rates (WAIR) for the awarded bids in both tenors continued to rise from the previous week. e WAIR for the 7-day tenor increased by 14.2245 bps to 4.9569 percent as that for the 14-day tenor rose by 15.2243 bps to 5.0567 percent.

e yields accepted in the 7-day TDF shifted higher but were at a steady range of 4.8000-5.1500 percent. On the other hand, the yields accepted in the 14-day TDF shifted upward and widened to a range of 4.7500-5.3500 percent.

E. San Juan

Nation

MMDA collects lesser ‘Undas’ trash this year

By Claudeth Mocon-Ciriaco @claudethmc3

THE Metropolitan Manila De velopment Authority (MMDA) collected lesser volume of gar bage from various cemeteries in this year’s observance of All Saints’ Day as compared to 2019.

From October 28 to November 1, 2022, the garbage collected by MMDA personnel reached seven truckloads or 24.2 tons, lesser as compared to the 47.65 tons collected in 2019.

It may be recalled that cemeter ies, memorial parks, and colum baria were closed to the public in 2020 and 2021 due to the threat of Covid-19.

T he MMDA said their person nel were only responsible for cleaning the areas surrounding the cemeteries and not the cem etery grounds.

E arlier, sidewalk and road clear ing groups were tasked to remove all forms of obstructions on major roads, particularly those leading to cemeteries.

M embers of the Metro Park ways Clearing Group were in charge of maintaining the cleanli ness in the vicinity of cemeteries and memorial parks.

PBBM okays IATF reso waiving Covid testing for vaxxed inbound passengers

By Samuel P. Medenilla @sam_medenilla

PRESIDENT Ferdinand R. Marcos Jr. has approved an Inter-Agency Task Force for the Management of Emerging In fectious Diseases (IATF) recom mendation to further ease entry restrictions for foreign inbound passengers and travelers.

E xecutive Secretary Lucas P. Bersamin issued on Friday issued

a memorandum informing the IATF the President has approved its Resolution No. 2 (s. 2022) in “the interests of public safety and in pursuit of safe resumption of travels to the Philippines.”

O ffice of the Press Secretary (OPS) Officer-in-Charge Cheloy E. Velicaria-Garafil said the memo randum took effect immediately after it was issued by Bersamin last week.

Under IATF Resolution No. 2,

pre-departure testing for fully vac cinated inbound travelers, whether Filipino or foreign nationals will no longer be required.

It noted inbound travelers would be deemed “fully vaccinated” if they received a second in a two-dose se ries or a single dose Covid-19 vaccine more than 14 days to the date and time of departure from the country of origin/port of embarkation.

T hey must also present the following proof of vaccinations:

World Health Organization Inter national Certificate of Vaccination and Prophylaxis; VaxCertPH; Na tional or state manual/digital vac cination certificate of the country/ foreign government; and other proof of vaccination.

In case they are unvaccinated, partially vaccinated, or whose vac cination status cannot be indepen dently validated, they must undergo pre-departure or post arrival testing.

Bersamin reminded the Bureau of

Quarantine, Department of Health and other concerned agencies to already identify other acceptable proof of vaccinations that may be presented by the inbound travelers.  He said this would prevent confu sion and inconvenience on the part of travelers.

A side from the easing of entry protocols, the government also made the wearing of face masks voluntary in an attempt to attract more foreign tourists in the country.

Millions of students troop back to schools for F-to-F classes after virus lockdowns

MILLIONS of students trooped back to public schools across the Philip pines on Wednesday as the govern ment enforced the mandatory re sumption of in-person classes after more than two years of coronavirus pandemic lockdowns.

Daunting problems hounded the reopening of classes in grade and high schools in several cities and provinces—primarily the exten sive damage and flooding caused by severe tropical storm “Paeng” (international code name Nalgae), which blew out of the archipelago on Sunday.

T he storm left more than 130 people dead and a trail of destruc tion, including damaged school buildings. Shortages in teachers and classrooms have also been a longstanding problem.

By Glen Jacob Jose

children in preschool and basic edu cation have gradually returned to school to learn and interact with their teachers and classmates.

A ccording to a recent Social Weather Survey (SWS) commis sioned by UNICEF, around 94 per cent of Filipinos are satisfied with the process of school reopening.

To sustain these gains, UNICEF urged that more effort should be done to reach the most vulnerable children, including children with disabilities and children living in disaster-prone areas.

Some 70 percent of public schools do not have the minimum facilities, provisions and practices for safe water supply, adequate toilets and hygiene education.

L ikewise, addressing children’s mental health and psychosocial needs, strengthening protection measures to prevent sexual abuse, and engaging parents and caregiv ers are also important.

POLICE

operatives seized some P50 million worth of shabu in separate buy-bust operations in Cebu province, Police Regional Office (PRO) 7 (Central Visayas) Di rector Brig. Gen. Roderick Augustus Alba reported on Wednesday.

A lba identified the suspects as Christian Amistad Peña, 32 and his cohort, Burt Jason Faburada Turno, 36, of Sitio Cahipa, Barangay Hipo dromo, Cebu City, who were both arrested Tuesday night at Barangay Mabolo in Cebu City.

Peña is a former overseas Filipino worker engaged in illicit drug activi ties for two months already and his cohort, Turno, acted as his drug cou rier around the city.

A ccording to reports, Peña has sufficient market base that can dispose of 3 to 5 kilos of shabu monthly at Barangays Hipodro mo, Carreta, Mabolo, and other neighboring barangays in the city.

T he operation, led by the City Intelligence Unit, City Drug En forcement Unit of Mabolo Police Station, Cebu City Police Of fice, and Regional Intelligence Division 7, netted 3,225 grams of shabu estimated to be worth P21.9 million.

I n a separate operation, two other suspects were arrested for illegal possession of P28 million of the same drug, Alba said.

T he joint operation by the Provincial Intelligence Unit, Pro vincial Drug Enforcement Unit, and Consolacion Municipal Po lice Station under the Cebu Police Provincial Police led to the arrest of Dondonico Pacot Duaban, who was caught in possession 2 ki los of shabu worth P13.6 million during the buy-bust operation at West Binabag in Barangay Tayud on Monday.

At the same, day, a 43-year-old fe male drug personality, Arceli Auron Cortez, a native of Butuan City and residing at Soong Center in Mactan, Lapu-Lapu City.

Cortez was included on the drug watch list as a high-value individual, and seized from her was an estimat ed weight of 2,100 grams of shabu worth P14.2 million.

President Ferdinand Marcos Jr. has taken steps to fully reopen the economy, which plunged in 2020 to its worst recession since World War II after his predecessor shut down schools, workplaces and public trans port to combat spiking coronavirus infections in what would become one of the world’s longest lockdowns.

M arcos Jr. has lifted the man datory requirement for people to wear face masks in public areas and indoors.

Nearly 29 million students en rolled for the school year, including in privately owned schools, which can decide whether to resume in-person classes or maintain a mix of face-toface or online classes each week.

Many schools resumed face-toface (F-to-F) classes in August at the start of a transition period to normal classes. The prolonged school clo sures had sparked fears that literacy

rates among Filipino children—al ready at alarming levels before the pandemic—could worsen.

A World Bank study last year showed about nine out of 10 children in the Philippines were suffering from “learning poverty,” or the in ability of children by age 10 to read and understand a simple story.

Sustain PHL educational gains–UNICEF

FOLLOWING the resumption of classes on Wednesday, the United Nations Children’s Emergency Fund

(UNICEF) Philippines urged the gov ernment to sustain the momentum on learning recovery, even as the or ganization lauded the Department of Education (DepEd) for implementing the RAPID framework for learning recovery promoted by the UN and the development community.

UNICEF noted that some regions have conducted rapid literacy assess ments, more non-teaching staff are being recruited to ease the burden of administrative work on teachers, and dedicated sessions are being con ducted to focus on children’s reading

and comprehension. “ The decisive action of educa tion authorities to start school and ensure full face-to-face learning are milestones in our learning recovery and will allow to further improve foundational skills such as reading, writing and basic numeracy. Building on these foundational skills will help us inch closer to a resilient education system that leaves no one behind,”

UNICEF Philippines Representative Oyunsaikhan Dendevnorov said.

Since the first day of the new school year in August, UNICEF said,

Children 3 to 4 years old attending pre-school need significant support to be ready to enter formal school.

U NICEF’s Education Pro gramme supports the Department of Education, the Early Childhood Care and Development (ECCD) Council and the Bangsamoro Re gion’s Ministry of Basic, Higher and Technical Education (MBHTE) and the Ministry of Social Services and Development (MSSD).

T he partnership includes devel opment of learning materials in science and math, capacity building of teachers, early identification and referral of children with disabilities, and repair of schools or provision of temporary learning spaces in areas hit by typhoons, among others.

AP with Claudeth Mocon-Ciriaco

By Cai U. Ordinario @caiordinario

THOUSANDS of Filipinos use injectable drugs with the majority of them living with other communicable diseases apart from their drug abuse habit, according to a United Kingdombased nongovernment organiza tion (NGO).

In its Global State of Harm Reduc tion 2022, Harm Reduction Inter national (HRI) said there are 7,200 Filipinos who inject drugs in the country based on their estimates.

Apart from the drug abuse, inject ing drugs have led to the increase of communicable diseases with 29 percent of these Filipinos injecting drugs already positive for HIV; 36 percent have Hepatitis C; and 7.1 percent have Hepatitis B.

The continued significance of injecting drug use is reflected by the region’s epidemiological pic ture: HIV infections continue to rise in countries such as the Philip pines and Malaysia, despite a global decline, while hepatitis C [HCV] prevalence remains high among people who inject drugs,” the HRI

report stated.

“ HIV infections continue to rise in countries such as the Philippines and Malaysia, despite a global de cline, while hepatitis C [HCV] preva lence remains high among people who inject drugs [e.g. 80 percent of men who inject drugs in Cebu City, Philippines are living with hepatitis C],” it added.

T he use of injectables is particu larly popular with “chemsex,” which is a practice among men who have sex with men to enhance and pro long sexual pleasure. This is common when they engage in group sex.

T his practice, HRI said, is on the rise in Asia with three to as much as 31 percent of gay men and other men engaging in chemsex in the past year.

“Common drugs used by people engaged in chemsex in the region, typically in a polydrug-use con text, include methamphetamine, ecstasy [MDMA], poppers [alkyl nitrites], ketamine and gammahydroxybutyrate or gamma-bu tyrolactone [GHB/GBL], and will often use more than one type of drug during their chemsex ses sions,” HRI said.

T he report also noted that the

Philippines is among the list of coun tries that have “explicit supportive reference to harm reduction in na tional policy documents.”

However, there are no other harm reduction programs in place that could reduce the abuse or the spread of HIV and viral hepatitis.

In fact, HRI said, no country in Asia has made major changes in the availability of needle and syringe programs (NSPs) or opioid agonist treatment (OAT).

T his is in contrast to the practice in 16 countries with legal and opera tional drug consumption rooms, in cluding new sites in Greece, Iceland, Mexico and the United States.

Further, a total of 92 countries deliver needle and syringe programs. All new services opening up in the past two years are based in African countries: Burundi, Côte d’Ivoire, Democratic Republic of the Congo, Guinea and Uganda.

Instead of using harm reduction, many countries resort to executions of people convicted of drug traffick ing despite vocal opposition from civil society and the United Nations Office of the High Commissioner for Human Rights.

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

DAVAOCITY—TheBangsamoro government is serious about the passage of the electoral code in the first quarter of next year, the Presidential Peace adviser said.

Secretary Carlito Galvez Jr., Presi dential Adviser on Peace, Reconcili ation and Unity, said the Bangsam oro government “has shown moral conviction to uphold their commit ment to the President of enacting the proposed electoral code in the first quarter of 2023.”

Galvez said he was confident of the passage of the electoral code by the Bangsamoro Transition Author ity, the interim Parliament of the autonomous region on the sched ule that the Bangsamoro leadership has promised President Ferdinand Marcos Jr. to be passed by the first quarter of next year.

He said this would give the Com mission on Elections, regional po litical parties and other stakeholders “sufficient time to prepare for the 2025 synchronized elections.”

E arlier, Chief Minister Ahod Balawag Ebrahim of the Bangsam

oro Autonomous Region in Muslim Mindanao assured President Marcos Jr. and the Bangsamoro constitu ents it would pass the electoral and local governance codes by the BTA “to uphold its mandate under the Bangsamoro Organic Law.”

T he Moro Islamic Liberation Front (MILF)-led interim govern ment in the region must enact the re maining priority codes, such as elec toral, local governance, revenue, and indigenous peoples’ rights during the transition period, the Bangsamoro Information Office said.

It has already enacted three codes: administrative, civil service and education.

On the last week of October, the Bangsamoro Parliament concluded the first of a series of public consul tations on the region’s proposed elec toral law, which outlines the struc tural, organizational, and procedural rules for regional officials’ elections, the information office said.

It said it tapped the opinion and in put of “experts and resource persons from the Commission on Elections, the Philippine National Police, BARMM’s district representatives, election watchdogs, civil society organizations, and other key stakeholders.”

A STUDENT embraces his fetcher at a public school in Quezon City, Philippines, on Wednesday, November 2, 2022. Millions of students trooped back to public schools across the Philippines on Wednesday as the government enforced the mandatory resumption of in-person classes after more than two years of coronavirus pandemic lockdowns. AP

Economy

Palace proclamation declares state of calamity in 4 ‘Paeng’-hit regions

By Samuel P. Medenilla @sam_medenilla

PRESIDENT Ferdinand “Bong bong” R. Marcos Jr. has de clared a state of calamity in four regions, which were devastated by severe tropical storm “Paeng” (in ternational code name Nalgae) over the weekend.

I n his Proclamation No. 84,

which he issued through Execu tive Secretary Lucas P. Bersamin on Wednesday, Marcos said the decla ration would cover Calabarzon, Bicol Region, Western Visayas, and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

O ver 1.4 million people in the said regions were adversely affected by the floods and landslides caused by Paeng.

“All government departments, agencies, and instrumentalities concerned are hereby directed to continue implementing and execut ing rescue, recovery, relief, and reha bilitation measures in accordance with pertinent operational plans and directions,” Marcos said in the two-page issuance.

T he state of calamity in the said regions will remain in effect for

six months unless earlier lifted by the President.

I n areas covered by Proclama tion 84, the government may use calamity funds, impose price freeze for basic necessities and grant zerointerest loans.

Marcos said the areas covered by the proclamation might be expanded upon the recommendation of the Na tional Disaster Risk Reduction and

Management Council (NDRRMC) and consistent with existing laws and issues.

N DRRMC initially recommend ed for the entire country to be placed under the state of calamity for one year.

But Marcos rejected the proposal and instead limited the state of ca lamity status to some provinces se verely affected by Paeng.

DOST installs sun-powered streetlights in Davao village

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

cially since the roads are not yet developed.”

Gatchalian pushes creation of public school database

By Butch Fernandez @butchfBM

SEN. Sherwin T. Gatchalian

DAVAO

CITY—A remote northern village here got new solar-powered streetlights to end dependence on kerosene and moonlit nights.

T he Department of Science and Technology Region 11 (DOST 11) gave 55 solar-powered lights and accessories to officials of Baran gay Salaysay in Marilog District, to light up the unelectrified parts of the barangay.

S alaysay is 12 kilometers south of problacion Marilog, and Marilog is 58 kilometers north of down town Davao.

For many years, a large part of the community relies on gasera lamps, candles, and flashlights to light their houses and tracks when traveling at night, the DOST said in a news statement.

It quoted Jeorge Elvilo, a farm er from the area, as saying that “this will really help students and farmers because it will make them feel safer at night, espe

HOW can the Philippines develop a longterm development strategy that is sus tainable, equitable, and less vulnerable to natural and social disruptions as it moves forward in the post-pandemic world?

T he Philippine Economic Society (PES) aims

to answer this question as it holds its Annual Meeting and Conference from November 9 to11 in a hybrid format.

T his year’s PES conference, which also cel ebrates the 60th anniversary of the founding of the organization, tackles the theme, “From Bouncing Back to Leap ing Forward Towards a Future Ready Phil ippines.” Speakers in eight plenary sessions and 26 parallel ses sions will highlight the importance of compre hensive responses for a dynamic and inclusive society as the country continues to move into the 21st century.

T he first day of the conference will be held at the Novotel Manila Araneta City, Quezon City, with all sessions available for virtual streaming via Zoom.

Professor Dani Ro drik, president of the International Econom ic Association and Pro fessor of International Political Economy at

the Harvard Kennedy School, will deliver the keynote address, which will highlight new economic models vis-à-vis the challenges of intensified geopolitical competition, de-in dustrialization, climate transition, and postpandemic aftermath.

Prof. Rodrik’s presentation will be fol lowed by a panel discussion on what poli cies and programs are necessary to meet the challenges in the coming decade and beyond. This panel features Socioeconomic Planning Secretary Arsenio Balisacan of the Nation al Economic and Development Authority (Neda), National Scientist Dr. Raul Fabella of the University of the Philippines School of Economics and Resident Representative Dr. Selva Ramachandran of the United Nations Development Programme.

The second plenary session, organized by Neda, will focus on the importance of strength ening the culture of planning by tackling the process of creating the country’s economic blue print, the Philippine Development Plan. This is in line with the theme of Economic and Fi nancial Literacy (EFL) Week 2022, “ISAPLANO: Bagong Philippine Development Plan para sa Patuloy na Pagsulong,” which will be celebrated from November 7 to 11, 2022.

Other plenary sessions on the first day will delve on the benefits and challenges of sustain able and green competition policies; studies on development policies that aim to solve poverty

We really wanted the govern ment to provide benefits, including those in the secluded areas because the residents and students are af fected,” he added.

B arangay Chairman Roberto Itdang Sr. said it would be un likely that the sitios of his baran gay would be reached by electric ity. “We will really benefit from these solar lights especially the students,” Itdang said.

T he solar light donation was part of DOST’s “goal to empower the poor and marginalized sec tors and improve their quality of life by slowly alleviating poverty under the Community Empower ment through Science and Tech nology Programs.”

L ast year, the DOST 11’s Sci ence and Technology Center part nered with the Ateneo de Davao University to install a Solar Pho tovoltaic System at the Barangay Hall of Salaysay, to serve as an emergency source of electricity and to reduce the cost of electric ity cost for the barangay.

is pressing timely passage by Congress of an enabling law creating a National Public School Database to “promote an easier and seamless access to education for the public through a streamlined enroll ment process.”

A s provided in Gatchalian’s Senate Bill No. 478 to be known as the Public School Database Act, the Department of Education (DepEd) is mandated to develop, operate, and maintain a National Public School Database that con tains learner information that will “include, but not limited to, school grades, personal data, good moral record, and improvement tracking.”

I n filing the remedial legisla tion, Gatchalian noted that physical documents are easily damaged and lost due to fragile storage, flood, fire, and other disasters.

“ By storing learners’ school re cords in a database,” the senator envisions  “important documents are preserved and become easily accessible to help with assessment, planning, and setting of opera tional targets.”

and inequality; prospects of reintegration of migrant workers after the pandemic; and the future of skills and human capital in a postpandemic economy.

The second and third days of the confer ence will feature 26 parallel virtual sessions that will cover a wide range of economic con cerns, including agriculture, trade, finance and banking, digital economies and competi tion, poverty and inequality, macroeconomic modeling, economics of disaster, public policy and governance, education and human capital formation, health, among others.

In the afternoon of the third day, the PES is organizing a virtual plenary session on ad dressing the social insurance needs of the Filipino population, featuring a panel which consist of Marikina City Rep. Stella Luz Qui mbo; Atty. Eli Dino Santos, officer-in-charge president of the Philippine Health Insurance Corporation; Mr. Sem Cordial, manager at the Philippine Crop Insurance Corporation; and Mr. Jun Jay Perez, executive director of the Rimansi Organization for Asia and the Pacific. This session is in celebration of the EFL Week 2022.

Capping off the three-day conference is the closing plenary session, where panelists will present their economic and financial projec tions for the Philippine economy moving for ward. Panelists in this session include World Bank Country Director Dr. Ndiamé Diop, Asian Development Bank Country Director Dr. Kelly Bird, Ateneo de Manila University Professor Dr. Cielito Habito, and Citigroup Chief Asia Economist Dr. Johanna Chua.

PES annual conferences are held every sec ond week of November as part of its observa tion of the Economic and Financial Literacy Week, which is mandated under Republic Act No. 10922. PES is expected to lead private sector efforts in improving the level of eco nomic and financial understanding of the Filipino public.

The 60th PES Annual Meeting and Confer ence is organized in cooperation with the PES’ major partners, namely: Neda, the Friedrich Naumann Foundation, the Philippine Com petition Commission, the United Nations De velopment Programme, De La Salle University and the Southeast Asian Regional Center for Graduate Study in Agriculture.

T he lawmaker affirmed that under the proposed remedial mea sure, school administrators shall be given access to the National Public School Database containing learner records and other learner specific data, including exam scores, grade levels, attendance, and immuniza tion records.

He added that “this is to help with the recording of biographical data” for all learners, handling admissions and discharges, and the transfer of learners to other schools.

At the same time, the Gatchal ian bill also provides for “a Data base Information Program to train education professionals in the de velopment and maintenance of the information in the National Public School Database.”

T he senator likewise affirmed that DepEd is further mandated to ensure the security and con fidentiality of the information contained in the National Public School Database.

T he Gatchalian bill also provides that access to and the processing of information in the database shall be in accordance with the provisions of Republic Act No. 10173 or the Data Privacy Act of 2012.

“ The National Public School Da tabase will serve as a mechanism to provide timely, relevant, and ac curate information to school heads and teachers that will help them perform their administrative tasks more efficiently,” Gatchalian pointed out in the bill’s explana tory note.

To uphold the safety and wellbeing of children amid their expo sure to new technologies, Gatch alian is also seeking to expand the powers and functions of the Movie and Television Review and Classification Board (MTRCB) to include regulation of video and online games.

Gatchalian made this proposal in Senate Bill 1063 or the Video and Online Games and Outdoor Me dia Regulation Act, which seeks to amend Presidential Decree 1986 that created the MTRCB.

ATA tribesmen are taught on the basics of installing solar-powered streetlights in Davao City. PHOTO COURTESY OF DOST REGION 11

THE family of slain newsman Percival “Percy Lapid” Mabasa met with officials at the De partment of Justice Wednesday and expressed guarded optimism over developments in the case.

Mabasa’s brother, Roy Mabasa, met with Justice Secretary Jesus Crispin Remulla and representatives of the National Bureau of Investiga tion (NBI) to get an update on the assassination of Percy in a Las Piñas suburb last October 3.

“Nagkaroon po kami ng maikling case conference with SOJ [Secretary of Justice] Remulla saka ’yung mga kinatawan ng NBI upang malaman po namin bilang pamilya, miyembro ng pamilya ni Ka Percy ’yung progreso sa isinasagawang imbestigasyon. Kami po naman ay nagpapasalamat sa DOJ, sa NBI at maging sa PNP sa kanilang mga ginagawang pagkilos upang malutas natin itong pagpatay sa aking kapatid at matunton kung sino ang nasa likod nito kasama ’yung mga tinutukoy na mastermind [We had a brief case conference with Secretary Remulla and the representative of the NBI to update the family on the progress of the investigation being undertaken. We are thankful to the DOJ, NBI and the PNP on their moves to solve this case and find the mastermind in the killing],” Roy said.

Mabasa said they were shown a timeline of events and sworn state ments of potential witnesses, saying they were also promised substantial developments in the case by the end of the week.

“Pinakita sa amin ’yung mga time line and affidavits ng mga kanilang kinausap so far naintindihan ko kung bakit doon sila nakatuon kasi may mga corroboration ’yung mga statements doon sa mga personalidad na nabanggit [We were shown the timeline and af fidavits on why they were focusin on certain personalities because there were corroboration in the statements on these personalities],” he said.

“It’s going well so far, but as I said, I will reserve our comments until Friday pag nabuo na po ito. medyo gu mugulong na po ang kaso [when it is done. The investigation on the case has started],” he added.

Mabasa also said they welcome plans to provide the family of Percy with temporary security personnel, short of having them placed under the government’s witness protection program (WPP), following threats made to them.

“Actually in principle we agree dun sa security but not the WPP program itself kasi sa ngayon nalil imitahan na ’yung aming mga galaw bilang pamilya, especially mga anak ni Ka Percy, subalit kung ilalagay ko sa

WPP ay lalo na siguro sila makukulong [right now, the family limits its move ments and if we are placed under WPP it would have more resrictions]. So, ang iniisip namin ay bigyan na lang ng seguridad, siguro, nag agree naman si Secretary Remulla even a few days ago kaya ’yun ’yung gagawin natin [So, what we thought was to provide se curity and Secretary Remulla agreed so that is what we will do],” he said.

Mabasa said the family’s kin in Tuguegarao province has likewise received threats. Percy was shot dead while on board his car last Oc tober 3 in a Las Piñas City suburb.

An individual, Joel Escorial, has since come forward claiming to be the gunman and part of a team who planned the attack.

CEGP’s ‘Undas’ prayerfor slain journalists

THIS All Saints’ Day, the Col lege Editors Guild of the Phil ippines prays for the souls of slain journalists Rey Blanco and Percy Lapid.

B lanco, an anchorman for Mabinay, Negros Oriental-based Power 102.1 DYRY RFM, was known as the first journalist killed under the Marcos Jr. ad ministration. He was stabbed in the neck on September 19.

Gunned down on October 3 while on the way to his broadcast studio, Lapid was the second journalist killed during the Marcos Jr. regime. He was popular with his hard-hitting com mentaries on political figures and is sues on his online show “Lapid Fire.”

Blanco’s case was already closed as his perpetrator surrendered to the authorities. It was, however, a different story for Lapid’s case.

Currently, the investigation into Lapid’s case is still ongoing with his confessed gunman naming suspect ed middlemen inside the New Bilibid Prison. One of the identified middle men, Jun Villamor, has since died at the same time the gunman showed up in the media. An independent au topsy showed he died of suffocation under mysterious circumstances.

T he Guild thus hopes that right ful justice will be served for Blanco and Lapid as soon as possible.

A s killings of journalists in the country go brazen day-by-day, per petrators and those who failed to en sure the safety and security of media workers must be made accountable.

We enjoin our fellow Guilders, the journalism community, and all freedom-loving Filipinos to give a moment of silence for Blanco and Lapid as well as all journal ists killed in service of truth and democracy. PNA

THE Philippine Postal Corporation (PHLPost) main Post Office branch at the Manila Central Post Office in Liwasang Bonifacio earned its ISO 9001:2015 certification following the successful establishment of its Quality Management System (QMS).

T he certification was issued by WQA Phils Inc., an international certification body that provides quality certification services for various kinds of management systems in diverse sectors, in a simple handover of certificate ceremony witnessed by post office officials and employees led by Postmaster General Norman Fulgencio, today, Wednesday, November 2, a news statement said.

The Post Office was regularly and rigorously assessed based on in ternationally recognized standards to demonstrate the competence, impartiality, and performance capability of post office services.

It underwent a successful 2-stage audit, verifying how the Manila Central Post Office in Liwasang Bonifacio operates a management system that has been assessed in conformity with the requirements of ISO 9001:2015 with the scope “Acceptance, Processing, Dispatch ing and Delivery of Mails and Parcels to and from Manila.”

“The Post Office is an important institution created by our forefa thers to connect to the world through communication and it should not only be protected and sustained but also improved. We, postal workers, are guardians in ensuring that we evolve and improve the postal experience in this changing world through ISO certification and technology,” Postmaster General Norman Fulgencio said.

He added, “This is a testament to our commitment to strengthen and continuously improve our products and services and to go be yond public expectations.”

Several initiatives such as training of officials and employees on Quality Management Systems and setting up of QMS structures and teams were achieved in assessing and monitoring the compliance of the required standards.

Expert presents options to resolve Philippine seaports’ ‘inadequacy’

By Andrea E. San Juan

THE Philippine seaport system needs a more conducive envi ronment and a national trans port policy to allow ports to operate efficiently and compete regionally, according to maritime research.

W hile the country’s seaport system is “sufficient in quantity,” maritime research stressed that it is “generally lacking in quality.”

C iting Kris Francisco, a research fellow at the Philippine Institute for Development Studies, the Philip pine Exporters Confederation Inc. (Philexport) said in a news state ment issued on Wednesday, “The country has more international seaports than most of its neighbors in the Asean but trails others in in ternational cargo throughput and shipping container volume.”

In a recent online presentation, Francisco said the Philippines, like Indonesia, has more ports than the rest of the Asean members because its archipelagic nature necessitates more water transport support.

In fact, the Philexport statement noted that based on the latest data, the country has over 1,800 ports con sisting of fishing, feeder, and public and private commercial ports.

T he research fellow said that despite this numerical superior ity, the Philippines is “bested” by Singapore, Malaysia and Indonesia in international cargo volume, and bows to Singapore and Malaysia in container throughput.

There are a lot of factors affect ing the direction of trade but this just indicates that having more interna tional seaports is not enough to at tract maritime trade,” Francisco said.

C iting performance indicators

for select Asean countries, the re search fellow noted that Singapore and Malaysia could accommodate larger vessels compared to the rest. Moreover, the ports of Singapore and Thailand are more efficient with median times in port of only 0.7 day, although the Philippines is not far behind at one day.

On the ranking of Asean ports based on quality of port infrastruc ture and services, executives’ “per ceived quality of ports in the Phil ippines is low,” with the country occupying the bottom rung of the Asean-6 group, Francisco noted.

R egarding port connectivity to global liner shipping networks— an important factor for benefit ing from international maritime trade—the country also scored low while Singapore and Malaysia earned the highest points.

“ There’s definitely a huge room for improvement if we want to maximize our chances of gaining more from in ternational trade,” said the analyst.  Several issues and challenges con strain the sector from improving and catching up to the regional

frontrunners.

A mong these is that while there are enough seaports, most are un derdeveloped with poor quality, ca pacity and service delivery, Francisco observed. The inadequacy of port infrastructure with its insufficient equipment and facilities is among the contributing factors for the high logis tics and export costs in the country.

T he increasing congestion at the port of Manila adds to the problem, as majority of shippers and shipping lines still prefer Manila over other ports outside the metropolis. Con gestion is exacerbated by misman agement of shipping containers, in creasing cargo and passenger traffic, and lack of depot areas in the Greater Capital Region, the researcher said.

T he conflicting roles of govern ment agencies are another major deterrent to development, as it im pacts port competition and drives rates upwards.

“Conflicting roles as operator, developer and regulator is unfavor able for the growth of the sector,” Francisco said. “There is a need to provide checks against influence of

operational interests in the formula tion of policy and regulations.”

T he lack of nationwide coordi nation in port planning is likewise problematic, leading to the ineffi ciency of the national port network and imbalance in port investment, said Francisco.

She said the updated Philippine Development Plan 2017-2022 al ready includes an important legis lative agenda in recognition of the strong need to address the water transport sector’s huge problems. The plan prescribes the enactments of the National Transport Policy (NTP), a law establishing indepen dent regulatory bodies for the rail way and maritime transport sec tors, and another law establishing an independent body for transport safety and security.

“ Water transport infrastructure has an undeniably crucial role in fa cilitating a balanced growth within the Philippine economy,” said Fran cisco, but pointed out, “Little atten tion has been given to providing a conductive institutional environ ment to allow ports to compete and operate efficiently.”

In the immediate term, the pri ority should be to implement the National Transport Policy to ensure coordinated planning and efficient functioning of the whole transport system. The NTP will streamline processes and regulations in the transport sector by creating indepen dent regulatory bodies for seaports, airports and railways and separating operating, development and regula tory functions. Implementing this policy will resolve conflict of inter est and other prevailing bottlenecks while improving the competitiveness of the sector, said Francisco.

THE government is expand ing its ongoing ease of doing business reform initiatives to sustain the growth of businesses and bolster economic activity, as it also collaborates with the private sector to strengthen exports.

A nti-Red Tape Authority (ARTA) Deputy Director General for Opera tions Ernesto Perez said the Philip pine Ease of Doing Business (EODB) Reporting System would be used to measure the quality of regulatory practices that impact the business climate and ease of doing business in the country.

Perez said the reporting system also assesses the compliance of na tional government agencies, local government units, and other govern ment instrumentalities performing business-related transactions with the provisions of Republic Act 11032, or the Ease of Doing Business and Ef ficient Government Service Delivery Act of 2018.

This project is the Authority’s next step as we continue to moni tor the agencies’ significant efforts to improve the now-defunct World Bank Doing Business Report,” he said during the 30th anniversary of the

Philippine Exporters Confederation Inc. (Philexport).

P erez said the EODB Act, a landmark piece of legislation, promotes competitiveness and improves the country’s overall business environment.

“...We need all hand[s] on deck to consistently push for reforms to im prove the ease of doing business in the country and accelerate us towards digital transformation,” he said.

Perez also cited the crucial role the business sector plays in pro moting government service open ness and accountability, which has

“firsthand knowledge of the conse quences of red tape.”

He said improving bureaucratic efficiency is included in the eightpoint socioeconomic agenda of the Marcos Jr. administration as the country gears towards the economic recovery from the adverse effects caused by the Covid-19 pandemic. For his part, Philexport President Sergio Ortiz-Luis Jr. highlighted the significance of public-private partnerships (PPP), particularly on advocacy and services to help fulfill the group’s mandate of nation build ing through exports.

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AMAZON OPERATION SERVICES PHILIPPINES, INC. B21 Three E-com Moa Complex, Harbour Drive Cor. Bay Shore, Brgy. 076, Pasay City

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The World

2 Koreas exchange missile tests near tense sea border

By Hyung-Jin Kim The Associated Press

SEOUL, South Korea—Air raid sirens sounded on a South Korean island and residents there evacuated to underground shelters after North Korea fired about a dozen missiles in its direction Wednesday, at least one of them landing near the rivals’ tense sea border. South Korea quickly responded by performing its own missile tests at the same border area.

The launches came hours after North Korea threatened to use nuclear weapons to get the US and South Korea to “pay the most horrible price in history” as it in tensified its fiery rhetoric target ing the ongoing South Korean-US military drills that it views as an invasion rehearsal.

They also came a few hours af

ter The White House pushed back against North Korea’s saber rat tling, reiterating that the drills are part of a routine training schedule with South Korea.

“We reject the notion that they serve as any sort of provocation. We have made clear that we have no hostile intent towards [North Korea] and call on them to engage

in serious and sustained diploma cy,” White House National Secu rity Council spokesperson Adri enne Watson said late Tuesday.

North Korea “continues to not respond. At the same time, we will continue to work closely with our allies and partners to limit the North’s ability to advance its unlawful weapons programs and threaten regional stability,” Watson said.

The North’s barrage of missile tests also came as world attention was focused on South Korea follow ing a weekend Halloween tragedy that saw more than 150 people killed in a crowd surge in Seoul in what was the country’s largest di saster in years.

South Korea’s military said North Korea launched more than 10 missiles of various kinds off its eastern and western coasts on Wednesday.

One of the missiles—a ballistic weapon—was flying toward South Korea’s Ulleung Island before it eventually landed 167 kilometers (104 miles) northwest of the is land. South Korea’s military subse quently issued an air raid alert on the island, according to the South’s Joint Chiefs of Staff. South Korean media published photos showing island residents moving to under ground shelters.

Hours later on Wednesday, South Korea’s military said it lifted the air raid alert on the island.

That missile landed 26 kilome ters (16 miles) away from the rivals’ sea border. The landing site is in international waters but far south of the extension of the nations’ sea border. South Korea’s military said it was the first time a North Korean missile had landed so close to the sea border since the countries’ di vision in 1948.

“This is very unprecedented and we will never tolerate it,” South Ko rea’s Joint Chiefs of Staff said in a separate statement.

In 2010, North Korea shelled a frontline South Korean is land off the peninsula’s western coast, killing four people. But the weapons used were artillery rock ets, not ballistic missiles whose launches or tests are banned by multiple UN Security Council resolutions.

Later Wednesday, South Kore an fighter jets launched three airto-surface, precision-guided mis siles near the eastern sea border to show its determination to get tough on North Korean provoca tions. South Korea’s military said the missiles landed in interna tional waters at the same distance of 26 kilometers (16 miles) north of the extension of the sea border as the North Korean missile fell earlier Wednesday.

It said it maintains a readiness to win “an overwhelming victory” against North Korea in potential clashes.

“North Korea firing missiles in a way that sets off air raid sirens appears intended to threaten South Koreans to pressure their govern ment to change policy,” said LeifEric Easley, a professor at Ewha University in Seoul. “North Korea’s expanding military capabilities and tests are worrisome, but offering concessions about alliance coopera tion or nuclear recognition would make matters worse.”

South Korea’s Joint Chiefs of Staff earlier identified three of the North Korean weapons launched as “short-range ballistic missiles” fired from the North’s eastern coastal town of Wonsan, includ ing the one that landed near the sea border.

North Korean short-range weap ons are designed to strike key fa cilities in South Korea, including US military bases there.

In an emergency meeting with top security officials, South Korean President Yoon Suk Yeol ordered officials to take swift unspecified steps to make North Korea face consequences for its provocation. He said he would consider the North Korean missile’s landing near the border “a virtual violation of [our] territorial waters.”

During the emergency South Korean meeting, “participants la mented the provocations commit ted during our national mourning period and pointed out that this clearly showed the nature of the North Korean government,” ac cording to South Korea’s presiden tial office.

Earlier Wednesday, Japanese Defense Minister Yasukazu Hamada told reporters that at least two ballistic missiles fired by North Korea showed a possi bly “irregular” trajectory. This suggests the missiles are the North’s highly maneuverable, nuclear-capable KN-23 missile, which was modeled on Russia’s Iskander missile.

Japanese Prime Minister Fumio Kishida called North Korea’s con tinuing missile tests “absolutely impermissible.”

Analyst Cheong Seong-Chang at the private Sejong Institute in South Korea said that the danger of armed clashes between the Ko reas off their western or eastern coasts is increasing. He said South Korea needs to make “proportional responses” to North Korean prov ocations, not “overwhelming re sponses,” to prevent tensions from spiraling out of control and possibly leading the North to use its tactical nuclear weapons.

Animosities on the Korean Pen insula have been running high in recent months, with North Korea testing a string of nuclear-capa ble missiles and adopting a law authorizing the preemptive use of its nuclear weapons in a broad range of situations. Some experts still doubt North Korea would use nuclear weapons first in the face of US and South Korean forces.

North Korea has argued its re cent weapons tests were meant to issue a warning to Washington and Seoul over their series of joint military drills that it views as an invasion rehearsal, including this week’s exercises involving about 240 warplanes.

In a statement released early Wednesday, Pak Jong Chon, a secretary of the ruling Workers’ Party who is considered a close confidant of leader Kim Jong Un, called the so-called Vigilant Storm air force drills “aggressive and provocative.”

“If the US and South Korea at tempt to use armed forces against [North Korea] without any fear, the special means of the [North’s] armed forces will carry out their strategic mission without delay,” Pak said, in an apparent reference to his country’s nuclear weapons.

“The US and South Korea will have to face a terrible case and pay the most horrible price in history,” he said.

US and South Korean officials have steadfastly said their drills are defensive in nature and that they have no intentions of attacking North Korea.

China locks down area around Foxconn’s ‘iPhone City’ plant

CHINA has ordered a sev en-day lockdown of the area around Foxconn Technology Group’s main plant in Zhengzhou, a move that will severely curtail shipments in and out of the world’s largest iPhone factory.

The lockdown will last until November 9, the local government said in a statement posted to its WeChat account. No vehicles are allowed to operate except for those carrying necessities, the govern ment said. The notice emerged af ter Zhengzhou reported Covid-19 cases jumped to 359 for Tuesday, up from 95 the day before.

The abrupt action reflects Beijing’s Covid Zero approach to stamping out outbreaks, and is likely to further disrupt Fox conn’s main operations base. The Taiwanese company, whose main listed arm is Hon Hai Precision Industry Co., is grappling with a Covid flare-up that forced some of its 200,000 staff into quarantine and pushed others to flee the facil ity—some on foot. The lockdown will complicate efforts to recruit and bring in new staff as well as ship production materials to keep operations going.

Representatives for Foxconn and Apple Inc. didn’t immediately respond to requests for comment.

Foxconn has sought to mitigate the potential disruption by raising wages and arranging for backup from its other Chinese plants should as sembly lines stall in Zhengzhou. In recent days, it’s also fought to quell speculation on social media that some of the infected staff had died. The lockdown comes at a crucial time for Apple, which launched the iPhone 14 during an unprecedented slump in global electronics demand. While faring better than other smartphone makers, the company has backed off plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize, Bloomberg has reported. Apple has reported better-than-expected results but warned of a holiday slowdown.

Foxconn’s Zhengzhou facility is responsible for 80 percent of capacity for the iPhone 14 se ries, with more than 85 percent of iPhone 14 Pro capacity based there, according to Counterpoint senior analyst Ivan Lam. Any disruption there threatens to snarl Apple’s finely orchestrat ed supply chain. Thousands of components from Europe to Asia are shipped into Zhengzhou, as sembled manually into devices, and then shuttled off to the rest of the world. Bloomberg News

By Cathy Chan & Krystal Chia

AS Wall Street’s biggest bosses gathered on a panel at Hong Kong’s big financial comeback summit, one topic was conspicuously avoided: China’s growing risks.

Instead, the biggest risks dis cussed by Goldman Sachs Group Inc. Chief Executive Officer Da vid Solomon and Morgan Stan ley’s James Gorman were infla tion, volatility in the markets and whether central banks would be able to steer the world toward a soft landing. The panel was moderated by Hong Kong Mon etary Authority Chief Executive Eddie Yue.

Chinese regulators, speaking at an earlier panel, even urged the gathered bankers to look on the bright side, avoid reading international media and instead study President Xi Jinping’s lat est work paper.

“Don’t bet against China,” Fang Xinghai, a vice chairman of the China Securities Regulatory Commission, said in a recorded interview to the gathering of more than 200 top financiers. China’s opening can only be come “bigger and bigger” going forward, he said.

One executive to touch on the subject was UBS Group AG Chair man Colm Kelleher, who said he doesn’t read the American press a nd is “very pro China.”

“We actually buy the story, but it’s a bit waiting for Zero Covid to open up in China,” he said.

Chinese markets, and those in Hong Kong, tumbled last month after Xi secured a third term and installed allies in all key posi tions, raising doubt about the country’s future economic trajec tory. Even so, stocks rallied in the run-up to the summit, in part on rumors that China is forming a committee to exit its strict pur suit of Covid Zero. China’s For eign Ministry said it was unaware of such a committee.

scale investments as the country opened its doors to full foreign ownership over the past years. But those plans have been stymied by Covid Zero, tumbling markets and an opaque regulatory system.  Fang stressed that China would continue its opening as it still doesn’t have enough high quality institutional inves tors. “We want to share China’s growth with the rest of the world,” he said.

So far, global banks have ex ceeded their plans in the country, Fang said.  Hong Kong leader, John Lee, also took the opportunity in his keynote speech to highlight Hong Kong as an irreplaceable connec tion between the mainland and the rest of the world. Still, the city has lost ground as a financial hub, in particular to Singapore where money and talent is pouring in.   In an interview with Bloom berg Television outside of the summit, HSBC Holdings Plc Chief Executive Officer Noel Quinn said he was upbeat on China.  “We are continuing to invest in our wealth business in China and also in Singapore and India,” Quinn said. “China will emerge from Covid. It will rebound.”

On more global topics, Gold man’s Solomon warned of con siderable uncertainty ahead and said that a better equilibrium will probably be reached in the markets in the coming quarters.

Morgan Stanley’s Gorman said it was improbable that inflation rates will go back to 1 percent to 2 percent and that interest rates will remain at 4 percent to 5 per cent over the next few years.

“There’s still a significant amount of uncertainty as we get into 2023,” Solomon said. As we “start to have a clear understand ing of the trajectory of capital markets, I think you’ll see issuers and capital allocators meet again in the middle, although with dif ferent valuations and a different cost of capital they have operat ing with over the course of last decade.”

hani in Washington, D.C. contributed to this report.

Global banks such as Goldman Sachs and UBS have been building up in China with plans for large-

With assistance from Yvonne Man, Kiuyan Wong, Ambereen Choudhury and Adam Haigh

Yamaguchi

Tokyo and

Hong Kong summit steers clear of talk on China risks, reopening

Agriculture/Commodities

Average rice production cost hits 7-year high

By Jasper Emmanuel Y. Arcalas @jearcalas

THE Philippines’s average palay production cost last year rose to a 7-year high and returned to the P12-per-kilogram territory, due to expensive fertilizer and higher wage rates.

T he average cost of producing a kilogram of palay in 2021 rose by 4.52 percent to P12.02 from P11.50 driven by higher expenditures on fertilizer and hired labor, the latest Philippine Statistics Authority (PSA) data showed.

It was the highest palay produc tion cost since the P12.33 per kg re corded in 2014, “reversing” whatever gains the rice sector made after the annual P10-billion Rice Competi tiveness Enhancement Fund (RCEF) took effect in 2019.

PSA data showed that the average cost per hectare of palay last year reached a record-high of P49,920, 6.15 percent higher than the P47,027 recorded in 2020.

Likewise, cash costs, which ac counted for nearly half of the total costs, rose to a record level of P24,258 per hectare.

P SA data showed that cash ex penses for fertilizer posted the highest growth rate at 31 percent as it reached a 13-year high of

P5,019 per hectare.

Palay farmers spent P10,794 per hectare for hired labor last year, 5.4 percent higher than the P10,241 re corded in 2020. Historical PSA data showed that this was the highest hired labor cost on record.

T he increase in palay farmers’ total costs outpaced the increase in their gross revenues per hectare which inched up by 1.57 percent on an annual basis.

P SA data showed that rice farm ers’ gross revenues last year reached P69,600 compared to the P68,519 recorded in 2020. This means that the net income of Filipino rice farm ers declined by 8.43 percent yearon-year to an 8-year low of P19,680 per hectare.

R ice farmers earned only P0.39 for every peso they spent in pro ducing the staple, which was 15.21 percent lower than the P0.46 net profit-cost ratio recorded in 2020.

T he average farm-gate price of palay last year declined to a 9-year low of P16.75 per kg.

Despite the reduction in farmers’ income, nationwide average palay yield rose to a record level of 4,154 kg or 4.154 metric tons (MT) per hectare, PSA data showed.

P hilippine Chamber of Agri culture and Food Inc. President Danilo V. Fausto said that while

the 4.15-MT average palay yield nationwide is “commendable,” the government can still improve

farmers’ productivity.

said the national government may have a difficult time reaching its goal of harvesting an average of

6 MT per hectare.

A t this point, he noted that the gains from the RCEF had been “re versed and may not have been felt at all.”

What has RCEF done? The law is good but it seems the implemen tation is the problem. The spirit of the law is very, very good,” he told the BusinessMirror

There was something wrong with the implementation since the yield improved by 60 kilograms only from 2020. The government should review it.”

Fausto also said the Philippines cannot do anything about the spike in fertilizer prices as this was largely due to Russia’s inva sion of Ukraine.

He argued, however, that the continuous rise in labor costs is something that the government must look into. He claimed that rising agricultural wages is coun terintuitive to the government’s mechanization program that seeks to cut labor costs by making farm ing more efficient through the use of machines.

T he goals set by the government for RCEF was to improve nationwide palay yield within the range of 5 MT per hectare to 6 MT per hectare while bringing down production cost to around P9 per kg.

By Jonathan L. Mayuga @jonlmayuga

THE Department of Agrarian Reform (DAR) said 30 agrar ian reform beneficiary mem bers of the Ilayang Yuni Multi-Pur pose Cooperative (IYMPC) based in Mulanay, Quezon, have completed livelihood training on organic agri culture production.

T he training would help the farmers mitigate the effect of cli mate change through organic farm

ing, the Department of Agrarian Reform (DAR) said.

This livelihood training extend ed to the cooperative has equipped the farmers with knowledge and skills on organic vegetable farming. This will be a big help in increasing their productivity and income,” Pro vincial Agrarian Reform Program Officer Cornelio Villapando said.

During the training, the farmers were encouraged to practice organic farming to enhance the fertility of the soil, and improve farm biodiversity.

This can also help in preventing further depletion of natural resourc es,” added Villapando.

T he farmers were lectured on cli mate change awareness and good ag ricultural practices and had handson intensive training on producing organic fertilizer and the process and management of organic veg etable production.

T he training came with farm ma chines for the cooperative together with a power tiller, a water pump, two grasscutters, three knapsack spray

ers, two pressurized power sprayers, and five plastic drums. Villapando said the farmers were also trained in the proper use and maintenance of the farm machines.

At the end of the training, the co operative celebrated with a harvest festival featuring the vegetables they planted in their demo farm.

We are so grateful for this train ing because we learned so much. Now we know how to deal with the impacts of climate change on our crops,” said Ronelo de Lara, man

ager of Ilayang Yuni Multi-Purpose Cooperative (IYMPC).

Farmers in Quezon learn organic veggie production DA to Surigao local govt: Buy products of planters

T he four-month-long training was conducted under the DAR’s Cli mate Resilient Farm Productivity Support (CRFPS). The program is geared towards building resiliency and enhancing agricultural produc tivity as an adaptation measure to combat climate change.

T he project also aims to mecha nize farm production systems and to be used as revenue-generating assets of the cooperatives.

global dairy demand

HEAT and drought are inflict ing perilous strain on dairy cows across the globe, dry ing up their milk production and threatening the long-term global supply of everything from butter to baby formula.

Volumes of dairy are forecast to sink by nearly half a million met ric tons this year in major exporter Australia as farmers exit the indus try after years of pressure from heat waves. In India, small-scale farmers are contemplating investing in cool ing equipment they’d have to stretch to afford. And producers in France had to pause making one type of high-quality cheese when parched fields left grass-fed cows with no where to graze.

Some of the world’s biggest milkmaking regions are becoming less hospitable to these animals due to ex treme weather brought on by climate change: Cows don’t yield as much milk under the stress of scorching temperatures, and arid conditions and storms compound the problem by withering or destroying the grass and other crops they eat.

In the US alone, some scientists estimate climate change will cost the dairy industry $2.2 billion per year by the end of the century—a financial hit not easily shouldered by a sector that already struggles to make money. If greenhouse gas emissions remain high, one study estimates that the dairy and meat industries will lose $39.94 billion per year to heat stress by that same date.

A t the same time, a swelling middle class in many developing na tions is adding to demand for dairy items, while policies aimed at helping the environment are discouraging farmers in some areas from expand

ing their production. That collision portends higher prices and potential shortages of grocery-list staples such as cream cheese or yogurt.

“Climate change adds to the vola tility or the variation in your supply, and the knock-on effect to that can be increased food insecurity,” said Mary Ledman, global dairy strate gist at Rabobank.

Cows under stress

DESPITE expensive efforts to keep their cattle cool, dairy farmers can’t escape the impact heat has on their herds.

Tom Barcellos, who has been rais ing and milking the animals for 45 years in Tipton, California, has a complex cooling system at his farm.

Complete with fans and misting machines, it even plans around the direction of the wind. But he finds warm nights can sap production.

If you have higher tempera tures in the evening, and it’s a little more stressful on the cows, there’s a potential to lose 15 percent, or

maybe even 20 percent, in the most extreme cases,” said Barcellos, who has 1,800 cows.

It’s a similar story on the other side of the world, where Sharad Bhai Harendra Bhai Pandya and his brother have more than 40 cows in the western Indian state of Gujarat.

Pandya houses his cattle in a shed with a fogger system, which pumps in water and converts it to mist. But he still sees milk production at his farm decline more than 30 percent during the sweltering heat of summer.

R ising temperatures are likely to make such conditions a reality for more farmers, for longer stretches of time. That makes for difficult in vestment decisions.

R anu Bhai Bharvad, a dairy farm er in India, doesn’t even own a shelter for his herd of 35 animals. His cattle only have the shade of a neem tree to fend off heat stress.

I can’t afford to build a shed for my cattle,” said Bharvad, who sup ports his family of 15 with the profits from his farm.

Bharvad is hardly unique: India is by far the world’s biggest milk produc er, accounting for almost a quarter of all supplies. Its massive volumes are produced in large part by tens of mil lions of small farmers who maintain modest numbers of animals.

A mul Dairy, which buys milk from Bharvad and other farmers like him, is responding to the chal lenging conditions by taking steps to protect supply.

“During winter when production is more, we conserve extra milk in [the form] of powder and use that defense in case of deficit during the summer,” said RS Sodhi, the manag ing director of the Gujarat Coopera tive Milk Marketing Federation Ltd., which owns the Amul brand.

Australia’s drought

AUSTRALIA , the driest inhabited continent on Earth, offers a preview of how the global dairy industry could crack under the pressure of climate change.

T he country was once a heavy weight in the business, but milk pro duction has trended sharply down wards and its share of global dairy trade has dropped from 16 percent in the 1990s to around 6 percent in 2018.

T he downscaling was fueled by a succession of extreme heat waves, including a drought that lasted from 1997 to 2010 and another that spanned 2017 to 2020. The more recent one was the nation’s worst on record, and the pressure it put on prices for water and cattle feed squeezed farmers’ bottom lines. Those difficult business conditions added to a mass exodus from the sector: The number of dairy farms Down Under shrunk by almost three quarters from 1980 to 2020.

Now, dairy farmers still face the risk of punishing weather, but fresh pressures have been layered on that are driving still more of them out of the business. In 2022, Australia’s milk volumes are forecast to sink by more than 4 percent to 8.6 million metric tons, according to the US De partment of Agriculture.

T he USDA says that reflects dry conditions in key milk-producing regions, but also challenges associ ated with worker shortages, includ ing some farmers opting to switch to beef cattle production, which is less labor-intensive.

Government policies, too, could end up weighing on global dairy production. In neighboring New Zealand, the world’s biggest dairy exporter, farmers will start paying a levy on agricultural emissions by 2025. While dairy farmers have done much to mitigate emissions, neces sities such as manure, fertilizer and feed production still make them fairly heavy emitters of greenhouse gases. Farm groups are sounding the alarm that the tax might nudge dairy producers to repurpose their land for forestry or other uses.

French cheese

THE challenges facing dairy farmers are already affecting availability of certain products. In France, a type of premium cheese called Salers isn’t being produced this year. It must be made using milk from cows that are grass-fed—a hurdle when pastures were destroyed as a heat wave swept the country this year.

W hile the absence of fancy cheese is hardly an emergency, similar pro duction issues could roil the market on a grander scale amid extreme temperatures.

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

CITY—The Surigao provincial government should buy the produce of farmers to ensure the sustainability and development of local agriculture, the Caraga office of the Department of Agriculture (DA) said.

DAVAO

Top-ranking government leaders of Surigado del Norte are likely to heed the call of the DA as they said agriculture has the potential to uplift the lives of their constituents.

In an agricultural development meeting in September, DA-Caraga Regional Director Ricardo M. Oñate Jr., said local chief executives “being at the forefront in agriculture devel opment or food czar may directly, through their local government unit [LGU], procure farmers’ produce based on the Sagip Saka Act.”

S ection 11 of Sagip Saka Act which was signed into law in 2019 authorizes all government offices and LGUs to directly buy goods and produce from accredited farmers and fisherfolk cooperatives, the DA said.

“Agriculture projects are a big investment on the part of the gov ernment, we must ensure its sus tainability and it should be located in a strategic location based on the Comprehensive Land Use Plan of every LGU concerned,” Oñate said.

He briefed LGU officials on the projects and programs of the DA, emphasizing the importance of col laboration between the DA and LGUs in achieving the common goal of hav ing a sufficient food supply.

In that meeting, Governor Robert Lyndon S. Barbers said agriculture “is one of his priority agenda.”

“ We’ve been experiencing the pandemic, in which agriculture is the only sector that remains standing.

During calamities, our immediate need is food, hence, agriculture is very important for all,” he said.

Rep. Robert Ace Barbers said he noted “the importance of constant dialogue with agricultural stake holders to ensure joint and unified agricultural directions between the LGU and the national government.”

A t the rate the local palay pro ductivity is improving, Fausto

editorial

Providing health care for mother and child

Maternal

health refers to the health of women during pregnancy, childbirth and the postnatal period. the World Health Organization said each stage should be a positive experience, ensuring women and their babies reach their full potential for health and well-being. Global data showed that approximately 295,000 women died from complications of pregnancy and childbirth in 2017, and nearly 2 million babies are stillborn every year. WHO said these numbers are a stark reminder of the major threats to their survival that too many women and newborns continue to face.

Most maternal deaths are preventable with timely management by a skilled health professional. A WHO report said the most common direct causes of maternal injury and death are excessive blood loss, infection, high blood pressure, unsafe abortion, and obstructed labor, as well as indirect causes such as anemia, malaria, and heart disease.

Ending preventable maternal death must remain at the top of the global agenda, the report said. At the same time, simply surviving pregnancy and childbirth can never be the marker of successful maternal health care. It is critical to expand efforts to reduce maternal injury and disability to promote health and well-being. Addressing inequalities that affect health outcomes is fundamental to ensuring all women have access to high-quality maternity care.

Before the pandemic, the Philippines saw about 2,600 women dying every year due to complications from pregnancy or childbirth, according to a study by the University of the Philippines Population Institute and the United Nations Population Fund. It said the maternal mortality cases in 2020 could increase up to 670 additional deaths from the 2019 level.

Moving to address increasing maternal and newborn mortalities, Sen. Mark Villar is prodding Congress to frontload passage of a law to “improve the availability of health-care services before, during, and after mothers give birth.” In filing Senate Bill No. 1416, Villar sought to enlist majority support from both the Senate and the House of Representatives for the early enactment of the proposed law, dubbed “An Act Safeguarding the Health of Filipino Mothers at the Time of Their Childbirth, Providing Protective Mechanism Therefor and For Other Purposes.” (Read, “Sen. Mark Villar bill aims to cut maternal, infant mortality rate,” in the BusinessMirror, October 28, 2022).

Villar said he recognized how difficult the role of a mother is, especially during pregnancy and delivery. “Every child deserves safe delivery at the time of birth and every mother deserves to have a quality health care for a safe pregnancy and delivery, ” he said

The Villar bill provides that local government units (LGUs) shall encourage facility-based delivery among all women. “Further, no maternal hospital, clinic, health center, lying-in, midwifery facility, or similar center, whether public or private shall deny or refuse to assist, admit, or accept the entry of a mother at the time of childbirth.”

When enacted into law, Villar’s bill will mandate LGUs to upgrade and improve devolved health services and medical facilities to provide quality emergency obstetric care. “At this point in time, where all medical facilities are equipped with modern-day technologies, it’s still alarming to know that there’s an increasing number of maternal mortalities directly resulting from pregnancy complications during labor, delivery, and the postpartum period,” Villar said.

Villar cited data from the Philippine Statistics Authority, which showed that direct obstetric deaths posted the highest growth rate among the causes of maternal death in the first semester of this year. Accordingly, some 468 Filipinos were killed by “other direct obstetric deaths,” representing a 10.1 percent increase from the 425 posted in the same period last year.

“We can also attribute maternal mortality due to access to services and location of health facilities. With the passage of the bill, I am certain that this administration will ensure access to health facilities for all expecting mothers regardless of economic status and location,” Villar said.

We commend Senator Villar for initiating this measure. It’s time to strengthen the care of women during pregnancy and childbirth. We need a whole of nation approach to avoid maternal deaths.

Zombie investing

all zombie movies have one thing in common. the zombies are relentless. Virtually all zombie movies have another common factor. the zombies win.

Sure, you may point to a story that a cure has been found or another where the zombies die because of one reason or another. Then there is the story of where the humans are able to isolate themselves protected by whatever means from the zombies. But regardless, you never see what happens next.

Money is like zombies. It is relentless and it usually wins. And also like zombies, money is not particularly intelligent, but it is extremely smart. Zombies may not know how to open the gate, but they know the humans have to get through the gate to gather food.

Zombies are always looking for brains to eat; money is always looking for profit.

“Money” has a starting point and that is “cash.” From the moment you have a wad of bills in your hand, you are always looking for more. Of course, there are those who are only interested in converting cash to some equivalent of “sex, drugs, and rock and roll.” Fortunately, they die out quickly though, like an environmen-

talist who gets spayed or neutered so as to not bring any more children into the world.

To make profit, cash must be converted to an asset and then converted back to cash. It is the conversion process that builds wealth. Further, there are only a limited numbers of asset classes beyond “cash.”

While there are sub-categories, the basic asset classes are equity (stocks), fixed-income (debt: bonds and bank deposits), currency exchange, commodities that are consumable like rice, lumber, or oil, real estate (may be income-producing but primarily for capital appreciation), and precious metals/crypto currencies/collectibles (like art or basketball shoes) again only for appreciation.

A self-owned business is not considered an asset class, as by definition it is not a passive investment, but which value depends on your personal management. It’s a job.

Moving your “cash” around those assets is how you get rich as long as you are at the right place at the right

The most successful zombie is the one that catches the old man who can’t run fast or the hero who falls at a bad time. The most successful investor is the one who does his/her homework and catches the asset class on the way up.

time as the “cash value” of the asset is increasing and then going back to cash before the “price/value” goes down.

It is the 3Q of 2022. What class is best?

The price index for Primary Commodities was at 141 in March 2021, rose to 238 one year later (March 2022) and last month was trading at 219. Food, industrial, and agricultural commodities all peaked about the same time seven months ago.

The NFT (Non-fungible tokens) Index is down 82 percent in US dollar value in 12 months. Gold hit $1,900 in July 2021 and now trades at $1,650. Bitcoin (BTC) hit its high at $60,000 one year ago. Had you bought the US government 10-year bond last November, you would be receiving 1.5 percent annual interest, the secondary market price of the bond is down substantially, and you get principal back in 2032.

The Financial Times “All-World Stock Index” is down 22 percent in 12 months.

We all know that they aren’t making any more land and that most of

the world has some or another housing shortage depending on the price and local. As of the end of 2Q 2022, the “Average Annual Price Change Across 56 Countries” in The Global House Price Index—from the UK Knight Frank residential and commercial property consultancy firm —is 10 percent. Now that sounds like a good investment.

But the “real” return after inflation is 1.6 percent. Even here in the Philippines, the Residential Real Estate Price Index hit 180+ in the NCR and 150+ nationally just before the pandemic in 2020 and is now 157 and 142, respectively.

However, note this. Since the late 1920s, the CAGR (compounded annual growth rate) for the Standard & Poor 500 Company Index is about 7.63 percent, assuming that all dividends were reinvested and adjusted for inflation. Also note this: Not a big deal at all.

Before you tell me BTC is up 14,665 percent in 10 years, it is down 65 percent in the past year proving my point, “you get rich as long as you are at the right place at the right time.”

The most successful zombie is the one that catches the old man who can’t run fast or the hero who falls at a bad time. The most successful investor is the one who does his/her homework and catches the asset class on the way up.

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.

Brazil’s Bolsonaro declines to concede, but OKs transition

By Diane Jeantet & Carla Bridi | The Associated Press

Brazil—Brazilian President Jair Bolsonaro on tuesday stopped short of conceding the election to leftist rival luiz Inácio lula da Silva, instead using his first public comments since his defeat two days ago to thank his supporters and encourage their protests, as long as they remain peaceful.

BraSIlIa,

Moments after the remarks, which lasted less than two minutes, the outgoing president’s chief of staff, Ciro Nogueira, announced that Bolsonaro had authorized him to begin the process of handing over power.

The conservative leader, who before the election had repeatedly questioned the reliability of the country’s electoral system, had little room for potentially rejecting the results. US President Joe Biden and other international leaders have publicly recognized da Silva’s victory, as have some of Bolsonaro’s closest allies. And Cabinet members, governors-elect and evangelical leaders who have been strident supporters of Bolsonaro are now offering overtures to the incoming leftist government.

Bolsonaro lost Sunday’s race by a thin margin, garnering 49.1 percent of the vote to da Silva’s 50.9 percent, according to the nation’s electoral authority. It was the tightest presidential race since Brazil’s return to democracy in 1985, and marks the first time Bolsonaro has lost an election in his 34-year political career.

Flanked by more than a dozen ministers and allies as he delivered his short speech at the presidential residence, the fiery leader did not mention the election results, however. Instead, he defended his tenure.

“I have always been labeled as anti-democratic and, unlike my accusers, I have always played within the four lines of the constitution,” he said.

Bolsonaro also thanked the 58

million people who voted for him and said he supports ongoing protests by truckers who have erected nationwide roadblocks, as long as they don’t become violent.

“Current popular movements are the result of indignation and a feeling of injustice regarding how the electoral process occurred,” he said.

The president’s statement amounted to a “two-fold move,” said Thomas Traumann, an independent political analyst.

“He didn’t recognize his defeat, and sustains the suspense,” Traumann said. “But as he wants to continue to dominate, to be the leader, he maintains the possibility of peaceful demonstrations.”

Much like former US President Donald Trump, whom Bolsonaro openly admires, the far-right incumbent has claimed that electronic voting machines are prone to fraud. He never provided any proof, even when ordered to do so by the electoral court.

Many of his supporters also said they believed the election had been fraudulent and some called for mili-

tary intervention and for Congress and the Supreme Court to be disbanded.

Earlier Tuesday, the Brazilian Supreme Court ordered the federal highway police to immediately clear the roadblocks.

A majority of the court’s justices backed the decision, which accuses the highway police of “omission and inertia.” Failure to comply will mean its director could be fined up to 100,000 reais (more than $19,000) per hour, be removed from his duties and even face arrest. Federal prosecutors in Sao Paulo and Goias states said they had opened investigations into the blockades.

Highway police said late Tuesday that they had removed 358 blockades, but more than 200 were still in place.

Earlier in Sao Paulo—Brazil’s most populous state and largest economy—traffic jams around the international airport led to dozens of flight cancellations, with videos on social media showing travelers rolling their suitcases along the

OUTSIDE THE BOX John Mangun

The advantages of mastering the English language

By Noli V. Viloria

English is the language of business, science, technology, government, education, and global communication. The Philippine Constitution and all our laws are written in English. Knowing English increases your chances of getting a good job or closing an international business deal.

The Philippines continues to be deemed as having high proficiency in English, standing in second spot in Asia. In the 2021 edition of the Education First’s English Proficiency Index, Singapore, the Philippines, Malaysia, Hong Kong, and South Korea have emerged as the top five countries/regions among 24 Asian markets.

Currently, we have good English teachers in the Philippines. Postpandemic, the influx of foreign learners of English is expected to rise due to the relatively more affordable but quality English as a Second Language (ESL) programs being offered in the country. Even during the pandemic, many locked down Filipinos continuously earned dollars teaching the English language online.

However, pundits have been warning that we are losing our advantage in English language proficiency. In a 2015 roundtable discussion organized by the British Council, key stakeholders from the government, academe, private, and non-government sectors raised concerns on our deteriorating advantage. The stakeholders agreed that the country needs to step up its efforts in improving the teaching and learning of English.

“To maintain the Philippines’s strength as a major ESL destination, we need to address the gap in qualified ESL teachers and the issues around ensuring the quality of ESL schools. This also includes exploring how we can extend incentives to ESL schools and teachers,” said Renee Marie Reyes, the Chief of the ESL Market Development Group under the Department of Tourism. DOT at that time was encouraging local ESL schools to offer structured tour packages to ESL learners, the majority of whom come from South Korea, China,

Russia, and Japan, by incorporating English learning activities into the travel experience.

Before the pandemic, the Philippines was considered the world’s fifth-largest ESL provider. As part of government’s efforts to build back better post-pandemic, it would do well for the Tourism department to continue and enhance the country’s position as an ESL hub. It needs to showcase to prospective foreign visitors the country’s education tourism programs, including those being offered by private institutions.

Proficiency in the English language is also one of the country’s strengths that has helped drive the economy and even made the Philippines the top voice outsourcing destination in the world, surpassing India in 2012. The Philippines became the call center capital of the world because all our college graduates can speak English. At present, the Business Process Outsourcing industry is contributing about $26 billion to the Philippine economy. It is estimated that some 1.3 million Filipinos are employed in over 1,000 BPO companies in the country.

As English language communication has become a necessity for everyone in today’s world, we need to continue educating globally competitive Filipinos who are great English communicators. It would be good for us to maintain our high proficiency in English, which allows us to be part of a global conversation in so many ways. With the advent of the Fourth Industrial Revolution, it pays to remember that the English language will play a pivotal role in all the aspects of modern life.

The author is Master Teacher II at Ballesteros National High School in Ballesteros, Cagayan.

reporter saw truck drivers kneeling in front of police officers and refusing to evacuate.

Kudos to BBM for taking charge of the DA

Dr. Jesus Lim Arranza

MAKE SENSE

ThE country saw an unprecedented move by a Malacañang occupant when President Ferdinand R. Marcos Jr. decided to take the lead in the country’s agricultural development as head of the Department of Agriculture on a concurrent capacity.

While there are some isolated clamors for the President to appoint a new agriculture secretary, we find the President’s handling of issues affecting the agriculture sector, especially on the reported smuggling of agricultural products, timely, responsive and appropriate.

For instance, heads already rolled in the sugar smuggling controversy. Operatives of the Bureau of Customs, upon orders from Malacañang, also undertook raids on warehouses suspected to be hoarding rice and sugar. And with the President himself on top of the situation as DA head, the

usual finger-pointing circus of top government officials on who are to blame every time controversies happen will hopefully be reduced if not eliminated.

And for all that the President has done to fix the major problems at the Department of Agriculture, we in the industry sector and the antismuggling advocates are throwing our support for the President’s cause to help our farmers. The President’s message to clean the DA is clear: “The buck stops here”

We are therefore hoping that with the President’s deep concern

for the agriculture sector, he will finally order the Bureau of Customs to make the shipping lines’ inward foreign manifest (IFM) available to certain industry groups, as an initial and real step to stop smuggling.

With the IFM open for the private sector to see, the misdeclaration, misclassification and underdeclaration of imported goods at the BOC would be avoided.

The IFM is practically the ship’s stowage plan. It indicates the real weight, actual size and kind of cargoes loaded on a vessel, to establish a good balance for the vessel during its voyage. Thus, misdeclaration, underdeclaration and misclassification of cargoes will easily be detected. Undervaluation, another smuggling scheme used by illicit traders with the connivance of corrupt Customs officials, can be addressed by posting the reference values of commodities on the BOC website for the public to see. This way they can see if a particular importation is grossly undervalued.

Our numerous requests from previous administrations for a copy of the IFM from the BOC have all fallen

on deaf ears. We are hoping that under the BBM administration, he will order the BOC to provide copies of the IFM to the private sector.

Transparency is the foundation of government’s credibility because it builds trust among the governed. If there is an erosion of transparency, faith in government becomes corrosive.

We have faith in the President’s desire to completely stop smuggling, which can help rebuild our suffering economy. We are fully behind him in this effort. It would be beneficial for the Philippine economy if he orders the Bureau of Customs to make the shipping lines’ inward foreign manifest available to certain industry groups like the Federation of Philippine Industries. This way, we can help the government in its fight against illicit trade activities, particularly smuggling in all its ugly forms.

Dr. Jesus Lim Arranza is the chairman of the Federation of Philippine Industries and Fight Illicit Trade; a broad-based, multisectoral movement intended to protect consumers, safeguard government revenues and shield legitimate industries from the ill effects of smuggling.

3 tragedies in Asia take hundreds of lives in 1 month

By David Rising | The Associated Press

Indonesia tragedy

India bridge collapses

highway in the dark trying to catch their flights. The highways had been cleared by Tuesday morning, but airport officials said access remained difficult as traffic was still backed up in and out of the airport.

There, Dalmir Almeida, a 38-yearold protester, told The Associated Press that after completing three days of strikes, he and others will drive their trucks to the military barracks to ask for their support. “The army will be in our favor,” he added.

At another roadblock in Sao Paulo state, protesters set tires on fire. Several demonstrators were wrapped in the Brazilian flag, which has been co-opted by the nation’s conservative movement for demonstrations. Huge lines of cars could be seen snaking along the highway.

Concern about escalation grew as the country’s leftist Landless Workers’ Movement, a key ally of da Silva’s that has long staged occupations of what it considers vacant or unused lands, asked its militants on Tuesday to organize demonstrations in several states to unblock roads.

Sao Paulo Gov. Rodrigo Garcia told a news conference that the time for negotiations was over, and he was not ruling out the use of force by law enforcement.

In Minas Gerais, a key battleground state in the election, a video on social media showed a protester telling a reporter from the O Tempo news outlet that the election was “fraudulent” and warned of future protests. “We want Bolsonaro in 2023 and for the years to come,” he said.

In Itaborai, a region in Rio de Janeiro state, an Associated Press

Users on social media, including in multiple Telegram and WhatsApp chat groups with names like “Paralysation,” shared demands that the military take the streets, or that Congress and the Supreme Court be disbanded and the president remain in office.

Following the election, the electoral authority blocked two-dozen Telegram groups that defended a military coup and called on their more than 150,000 followers to organize demonstrations, according to online news site UOL.

The Supreme Court’s decision on Tuesday permits regular state police forces to reinforce federal highway police. The same was done in 2018, when an 11-day trucker strike brought Brazil to a halt.

Bolsonaro commands wide support from the police forces’ rank and file, however, and it wasn’t clear how effective their involvement would be.

The 2018 stoppage caused food prices to spike and left supermarket shelves without products as gas stations ran out of fuel. It caused billions in losses and revealed the vast power that truckers possess, particularly when they organize through social media platforms.

Bolsonaro, a lawmaker at the time and months away from winning that year’s presidential election, was an outspoken supporter of the truckers, who are now among his constituents. This year, his administration limited interstate fuel taxes to help bring down prices and launched a financial aid program for truckers just months before the election. Jeantet reported from Rio de Janeiro. Associated Press producer Diarlei Rodrigues and writer David Biller in Rio contributed to this report

sEOU

l, south Korea—More than 400 people died in October in a series of crowd-related disasters in Asia, when a bridge packed with revelers collapsed in india, ha lloween partiers were crushed in south Korea’s capital, and spectators fled a stadium in indonesia after police fired tear gas.

The dynamics in the three situations were distinct, though experts say poor planning and crowd management contributed to the disasters in Indonesia and South Korea. In India, authorities are investigating whether the recently repaired bridge was properly inspected.

In Seoul, 156 people died when more than 100,000 flocked to the popular nightlife district of Itaewon on Saturday for Halloween celebrations, the first since the country’s strict Covid-19 restrictions were lifted.

The narrow, sloping alleys of the district became clogged with people, leading to what experts call “crowd turbulence.” That’s when people are so packed together that they don’t have full control over their movements, and the crowd moves as a continuous body.

“It doesn’t require anybody to misbehave, doesn’t require anybody to aggressively or intentionally push,” said Milad Haghani, a researcher at Australia’s University of New South Wales, Sydney.

It is well documented that when crowd densities reach the levels estimated at the Itaewon celebration, people will fall, triggering a domino effect, said Haghani, who has studied more than 275 such crowd-related tragedies dating back to 1902.

But it’s also preventable, he said.

Seoul authorities have been criticized for having 137 officers on hand Saturday to deal with such a large crowd. Officials regularly dispatch many more police to control protests in the capital.

Yoon Hee Keun, commissioner general of the Korean National Police Agency, told a televised news conference Tuesday that he felt a “heavy responsibility” for the loss of life.

By looking at past celebrations, and factoring in the end of Covid-19 restrictions, authorities could have easily anticipated large crowds, Haghani said.

More important than additional police, South Korean authorities could have employed crowd-control experts to monitor the flow of people and prevented the area from getting as packed as it did, he said.

Lessons from well-studied tragedies like Germany’s 2010 Love Parade disaster, where 21 people died trying to exit an area through a bottleneck, make crowd turbulence situations predictable when experts are watching, he said.

“It is really disappointing to see that despite all of the expert experience, all of the studies, all of the conclusions and everything that was done, it happened again in another country, in another location, and it actually resulted in many more people dying,” said Haghani.

I N DONESIA is still investigating the October 1 tragedy at a soccer stadium, in which 135 people died, including dozens of children. Police fired tear gas into the stadium, where some gates were locked, after some the crowd of 42,000 spilled onto the field, sending them rushing toward the exits and causing a crush.

Soehatman Ramli, chairman of Indonesia’s World Safety Organization, told The Associated Press that the case showed what can occur without a proper risk management plan and courses of action in case of emergency.

“These plans should include evacuation routes and crowd management for controlling panic situations,” Ramli said.

Already, police have said that Kanjuruhan stadium in Malang city did not have a proper operating certificate and that criminal charges would be brought against six people for negligence, including the three police officers who allowed or ordered officers to use tear gas.

Authorities have removed the police chiefs of East Java province and Malang district and suspended other officers over violations of professional ethics.

A fact-finding team set up by President Joko Widodo found that the tear gas was the main cause of the tragedy—a conclusion Haghani said was not surprising.

“Experience has shown that tear gas in a sports stadium is a recipe for disaster, in that it agitates the crowds, it creates a fight-back tendency in the crowd, and more aggressive behavior,” he said.

A F TER the weekend collapse of a newly repaired suspension bridge in India’s Gujarat state in which 134 people died, authorities have announced the arrest of nine people, including managers of the bridge’s operator.

The 143-year-old bridge reopened four days before Sunday’s collapse under the weight of hundreds of people who were celebrating during the Hindu festival season.

A security video of the disaster showed it shaking violently and people trying to hold on to its cables and metal fencing before the aluminum walkway gave out and crashed into the river.

The bridge split in the middle with its walkway hanging down and its cables snapped.

Investigations are still underway, but a local official told the Indian Express newspaper that the company reopened the bridge without first obtaining a “fitness certificate.”

Disasters as reminders

A LL three October disasters serve as reminders of the variety of ways in which authorities are responsible for ensuring public safety, said Dirk Helbing, a professor of computational social science at the ETH Zurich university, who studies crowd dynamics.

“In the past decades, science has provided many new insights and tools to contribute to crowd safety and management,” he said. “I hope this knowledge will spread quickly and thereby help to avoid disasters in the future.” Associated Press writer Niniek Karmini in Jakarta, Indonesia, contributed to this story.

Ships sail after Russia exits grain deal, but future in flux

By Courtney Bonnell The Associated Press

LONDON—Ships loaded with grain departed Ukraine on Tuesday despite Russia suspending its participation in a UNbrokered deal that ensures safe wartime passage of critical food supplies meant for parts of the world struggling with hunger. But the United Nations said vessels would not move Wednesday, raising concerns about future shipments.

Three ships carrying 84,490 metric tons of corn, wheat and sunflower meal left Ukraine through a humanitarian sea corridor set up in July, while 36 other vessels cleared inspections near Turkey to head to their final destinations, the UN said. The corridor, brokered by Turkey and UN, was seen as a breakthrough to ensure Africa, the Middle East and parts of Asia would receive grain and other food from the Black Sea region

during Russia’s war in Ukraine.

Russia cited allegations of a Ukrainian drone attack against its Black Sea fleet in announcing over the weekend that it was suspending its part in the grain deal. The Russian Defense Ministry said Monday that ship traffic from ports in southern Ukraine was halted, calling the movement “unacceptable.”

But a total of 14 ships sailed that day, including one chartered by the UN World Food Program to bring wheat to Ethiopia, which along with neighboring Somalia and Kenya, is badly affected by the worst drought in decades. The UN has warned that parts of Somalia are facing famine. Thousands of people have died there.

Despite grain-laden ships leaving Ukraine this week, the UN announced that such vessels would not travel Wednesday, raising fears about the future of the initiative. Amir Abdulla, the agreement’s UN coordina-

tor, later tweeted that “we expect loaded ships to sail on Thursday.”

But it was unclear what would happen later this week. Ukraine, Turkey and the UN have carried out vessel inspections without Russia, allowing some shipments to continue, in what the international body called “a temporary and extraordinary measure.”

The UN operation had been prioritizing a large backlog of ships waiting for checks off Istanbul, said Munro Anderson, head of intelligence of the risk consultancy Dryad Global.

After suspending its participation, “it is likely that Russia will use this as a tool of negotiation to secure what it needs from the deal,” Anderson said. “We know that Russia has been looking to export fertilizer products and to seek a sanctions reprieve on those so it can do so effectively.”

While Western sanctions on Russia don’t affect its grain exports and

a parallel wartime deal was meant to clear the way for the country’s food and fertilizer shipments, some shipping and insurance companies have been wary of running afoul of the penalties or want to avoid doing business with Moscow.

Russian President Vladimir Putin pointed to the fertilizer issue in a call Tuesday with Turkish President Recep Tayyip Erdogan, saying Russia’s agricultural exports still were not unblocked. Putin also said resuming the grain deal would require an investigation into the attack on Russia’s Black Sea fleet, according to a Kremlin readout of the call.

Erdogan told Putin “that if they solve the grain crisis through a constructive approach, they will (also) encourage steps toward a return to negotiations” to end the war in Ukraine, according to the Turkish president’s office.

AP reporters Suzan Fraser in Ankara, Turkey, and Edith M. Lederer at the United Nations contributed

MORE OFWS TO FLY OUT SOON AS DEPLOYMENT CURBS LIFTED BY DMW

By Samuel P. Medenilla @sam_medenilla

MORE overseas Fili pino workers (OFW) are expected to be deployed by next week as the Department of Migrant Work ers (DMW) lifts its deployment restriction for the Kingdom of Saudi Arabia (KSA).

L ast month, DMW Secretary Susan V. Ople announced the resumption of deployment of household, construction and other skilled workers by Nov. 7, 2022.

Recruitment consultant Em manuel Geslani said around 20,000 OFWs affected by the deployment suspension since November 2021 are expected to benefit with its lifting.

“As of now deployment of land-based workers in the Middle East is still low with the closure of Saudi Arabia, which is the largest labor [market for] OFWs,” Geslani said.

With the opening of the

labor market in the Kingdom the numbers are expected to rise dramatically by the start of 2023,” he added.

T he Department of Labor and Employment (DOLE), which previously handled OFW af fairs before it was taken over by DMW, imposed the suspension due to the reported abuses of Filipino household workers as well as the non-payment of the pending claims of over 9,000 Filipino construction workers in KSA who lost their jobs dur ing the economic downturn.  G eslani said the implemen tation of the Philippine Over seas Employment Administra tion (POEA) Governing Board Resolution No. 5, series of 2022, which streamlines the process ing of job orders of private re cruitment agencies (PRA) will ensure they can accommodate more OFWs.

He said this will allow DMW to reduce the one to two months processing time of OFWs to just three weeks.

PHL wheat sector bears costs inflated by war, costlier fuel

By Andrea E. San Juan

THE local wheat industry continues to bear the high cost of wheat grains due to the war between Russia and Ukraine and the “tightness of supply,” among others, the Philippine Association of Flour Millers, Inc. (Pafmil) said on Wednesday.

“ We continue to take the high cost of wheat grains due to the Ukraine war, due to the tightness of supply, higher fuel and therefore logistics cost, higher cost of other inputs to farming,” Pafmil Executive Director Ric Pinca told the BusinessMirror

P inca said these contribute to the higher cost of the wheat as a raw material. He thinks the conflict between Russia and Ukraine will not change “in the near future,” and the Philippines, like many countries relying on the key exports of the protagonists, will remain at the receiving end of the harsh effects of the war.

We will have again to deal with this in the future because obviously the situation in Ukraine and Russia will not change in the near future, not until December,” said Pinca.

Moreover, Pinca said Russia’s pulling out of the United Nations-brokered Black Sea grain deal has already affected the whole wheat industry.

A ccording to Oxford Economics, “Russia’s decision to halt its participation in the UN-brokered Black Sea grain deal risks a renewal of global food price pressures and could prove damaging to Ukraine’s agricultural output long term.”

H owever, on Wednesday, a Reuters report revealed that “Russia said it would resume its participation in a deal to free up vital grain exports from war-torn Ukraine after suspending it over the weekend

in a move that had threatened to exacerbate hunger across the world.”

Further, the report noted, “The Russian defense ministry said it had received written guarantees from Kyiv not to use the Black Sea grain corridor for military operations against Russia.”

The Russian Federation considers that the guarantees received at the moment appear sufficient, and resumes the implementation of the agreement,” the ministry statement was quoted in the report.

“

The grain deal already loosened up a bit the tightness in the supply, but those supplies really mostly went to Africa and the Mediterranean countries, not to Asia and not to the Philippines in particular,” Pinca told the BusinessMirror

W ith this, Pinca said the Philippines is still dependent on the United States, Canada, and Australia “which are our mill suppliers in the first place.”

A s local millers keep tabs on their inventory, Pinca said, “we continue to maintain a threemonth  lead time as far as our supply is concerned. We are assured of our wheat supply three months ahead so we have for November, December and January.”

He added that the time of loading is about 30 days before it arrives in the country.

But, he said that as far as supply is concerned, the country has the supply. However, Pinca said, “there will definitely be a change in the price because prices keep on going up as far as wheat is concerned.”

Freight cost is also a culprit behind the rising prices mainly due to the “oil situation”, he said.

He said, reassuringly, that supply is not the problem. However, he said “we should look at the consequence of price due to the current war situation.”

Fish supply enough despite Paeng, group nixes imports

By Jasper Emmanuel Y. Arcalas @jearcalas

THE country’s fish supply remains sufficient despite the onslaught of Typhoon Paeng and any plan to import is unnecessary and would be detrimental to local producers, advocacy group Tugon Kabuhayan said.

In a statement, various members of Tugon Kabuhayan claimed that there is no need to import frozen fish to augment domestic supply following the aftermath of Paeng.

“ We want the government to know that our industry remains re silient regardless of the strong winds, rain, and flooding. Despite Typhoon Paeng affecting many fish producers, it did not hinder our production,” Mario Balazon, director of Taal Lake Aquaculture Alliance Inc., said.

We can still supply the whole country without importing fish. Don’t use this calamity as a reason

to justify importation. Support our local producers first before turn ing to other countries for fish,” Balazon added.

Balazon said local fishermen and aquaculture producers can supply the country’s fish requirements de spite the damage caused by Paeng to some fish farms. He estimated that aquaculture sustained P22 million in damage and losses due to the typhoon.

“Approximately 200 tons of fish escaped the cages. In Calauan, La guna, the supply of fingerlings was washed out,” he said, but quickly

added that, “we are confident that in three months we will be able to re-stock again and are rest assured that this will not affect the supply of tilapia.”

J on Juico, president of the Philippine Tilapia Association, said Pampanga fish farms were unscathed from Paeng with local harvests being non-stop.

We are always prepared here in Minalin since we don’t use nets. We use dikes, and we are affected more by dams releasing water, not by typhoons,” Juico said.

Juico warned that any plans of fish importation may depress local prices just like last year.

“ Last year the prices for bangus and tilapia plummeted because of

importation,” he said.

Our local producers were forced to sell their fish for only P60 to P70, while the cost of production per fish was at P90. It devastated the industry when the market was inundated by imports,” he added.

Norbert Chingcuanco, a co-con venor of Tugon Kabuhayan, said fish that escapes aquaculture cages will be caught by municipal fishermen, hence, ensuring continuous supply of the animal protein in the market.

“ When fish from aquaculture cages escape, the municipal fish ermen catch those fish. It doesn’t disappear. Our fishing industry is robust and we can always fulfill the demand. There is no need to import,” Chingcuanco said.

Mayor Vico says he quit Aksyon Demokratiko

By Claudeth S. Mocon-Ciriaco @claudethmc3

PASIG City Mayor Vico Sotto on Wednesday announced that he has resigned from Aksyon Demokratiko, saying that he no longer shared “the same po litical and ideological goals” with his party members.

S otto even posted on social me dia a copy of his resignation letter dated June 30, 2022.

Since I resigned from Aksyon Demokratiko last July, I never made any announcement. But since media has now reported it, here is

my resignation letter,” Sotto posted on Twitter.

H e said that he maintains the highest respect for the party’s leadership and members and be cause of such respect he decided to delay his resignation until af ter the 2022 National and Local Elections.

S otto said that he respected party decisions while he was a member, “but for reasons stated in the letter, I decided to resign after the elections.”

S otto said that he joined Aksyon Demokratiko in 2018, in “search of a reform-oriented political party

that stood for principled politics and inclusive governance.”

“ I became Mayor in 2019, proudly under the banner of Aksyon De mokratiko,” said Sotto.

However, he cited, but did not elaborate, that recent events “have made it apparent that the party is now headed towards a different direction.”

W ith his different political goals and ideals, the mayor said, “To me, this defeats the purpose of being a member of a political party.”

H is resignation, he stressed, has nothing to do with any particular person or candidate.

FACE TO FACE Teachers from Parañaque Elementary School Unit II assist their students and show them the proper way of wearing face masks before they start classes, as the government starts implementing full face-to-face classes on Wednesday, November 2, 2022. NONIE REYES

MARIO BALAZON DIRECTOR OF TAAL LAKE AQUACULTURE ALLIANCE INC.

We want the government to know that our industry remains resilient regardless of the strong winds, rain, and flooding. Despite Typhoon Paeng affecting many fish producers, it did not hinder our production.

Semirara profit hits record on high coal, power prices

By Lenie Lectura @llectura

p5,224/MT due to the surge in global index prices following russia’s invasion of Ukraine.

on recovering demand, higher fuel costs and thin power supply margins.

CPG launches brand for first-home buyers

By VG Cabuag @villygc

Consunji-led

semirara Mining and Power Corp. (sMPC) reported a new profit record, as its consolidated net income in nine months surged 250 percent to P36 billion from P10.3 billion.

The increase was mainly due to the combined effect of elevated market prices, all-time high coal production and higher spot electricity sales volume.

“Historically, the third quarter is our slowest because of the rainy season and sluggish demand. But because of improved market prices, we did much better than expected,”

said SMpC president and Coo Maria Cristina C. gotianun.

For the third quarter alone, SMpC netted p10.2 billion, a 153-percent upswing from p4 billion during the same period last year.

From January to September, average selling prices of Semirara coal rallied by 122 percent to p5,224 per metric ton (MT), from p2,351/MT to

average newcastle prices surged by 191 percent from $121.70 to $353.80 while average indonesian Coal index 4 expanded by 50 percent $84.30 from $56.10.

nine-month coal production grew by 27 percent from 10.8 million metric tons (MMT) to a record 13.7 MMT due to controlled water seepage levels in Molave mine and better coal access in east Block 4 and South Block 5.

Meanwhile, its power business posted a 216-percent increase in spot market sales from 489 gigawatt hours (gW h) to 1,546 gW h owing to a 5-percent uptick in plant availability, 7-percent improvement in gross generation and pivot away from bilateral contracts.

its average spot selling price rose by 38 percent to p7.33 from p5.30

in February, the company reported that it posted its highest-ever net income last year.

it ended 2021 with a net income of p16.2 billion, a 393-percent leap from the previous year’s p3.3 billion, mainly due to an 8-percent rise in coal production, 16-percent jump in coal shipments and 71-percent surge in average coal selling prices.

Contributions from the coal segment grew by 535 percent to p11.4 billion from p1.8 billion while both power subsidiaries delivered improved performances.

Sem-Calaca power Corp. contributed p3.3 billion, a 154-percent upturn from p1.3 billion the previous year. Meanwhile, Southwest Luzon power generation Co. recorded a 1,563-percent rise in contributions to p1.4 billion from p87 million.

Aboitiz fintech expands customer base

By Lorenz S. Marasigan @lorenzmarasigan

Singapore—The business verticals of UBX, the fintech venture studio of the a b oitiz group, has experienced exponential growth over the last three years, a ranking official said on Wednesday.

UBX Managing Director for open Finance Jaime garchitorena said the company’s business customers grew 184x since 2019 to 230,000 business to business customers, representing almost a fifth of the total number of enterprises in the philippines.

With this magnitude of customers, UBX’s gross transaction volume has reached $1 billion, a 383-percent

surge since its commercial launch three years ago.

“Today, UBX has over 200 financial institutions and thousands of agents in our ecosystems. We’ve built award-winning and globally-recognized agnostic, open, and interoperable platforms that serve as the future backbone of open finance in the philippines,” garchitorena said.

BUX, its payments platform, meanwhile saw its transaction volume reach 50 million over the last three years, recording a 440x growth with 100,000 merchants, 60,000 access points, and 30 payment channels.

Lending platform SeekCap, meanwhile registered over 48,000 micro, small and medium sized

enterprises (MSM e s) and has processed over $300 million worth of business loans or 14x bigger since its launch in 2019.

SeekCap is the country’s first digital lending marketplace made especially for MSMes that need access to credit to run and scale their businesses.

Lastly, its banking platform, called i2i, has seen its transactions balloon by 5.4x over the last three years, connecting customers to hundreds of financial institutions found in communities, such as rural banks and remittance centers with over 10,000 touchpoints, all over the country.

“o ver the last three years we went from trying to engage individuals

to engaging individuals throughout their communities. a nd we’ve seen powerful results not just from a business perspective but from a social perspective as well,” garchitorena said.

He added that through open finance, UBX is able to bridge gaps among the unbanked, underbanked, and the banked.

“The depth of coverage allows the inclusion of the widest range of customers availing of financial services. Through our technology, we already have onboarded these customers and given then a digital identity and a transaction history that can be easily consolidated into a digital wallet making them part of the digital ecosystem of open finance.”

Cen T Ury properties group inc. (Cpg) on Wednesday said it has expanded is horizontal housing brand, now called phirst, that will cater to different market segments of first-home buyers.

The brand’s maiden middleincome development is in Batulao, a horizontal residential project in n a sugbu, Batangas. Located adjacent to the existing p h irst p a rk Homes Batulao community, p h irst e d itions Batulao spans 14 hectares and will house 629 units. i t has a projected sales value of p 3 .1 billion.

“We created the phirst brand to introduce new house packages at different price points to give buyers more options in owning their first home,” company president r icky M. Celis said.

it s project portfolio will cover segments from socialized housing with units priced at p580,000, economic housing with units ranging from p800,000 to p1.7 million, affordable housing with units ranging from p1.7 million to 3.2 million and middle income, priced from p3.2 million to p6 million.

“phirst’s product diversification allows it to take part in providing quality property developments to a broad range of first-time homebuyers who wish to celebrate their life milestones by investing in their very own home,” Cpg president and Ceo Marco r a ntonio said.

“it is our answer to the strong demand for varied home suburban options and will bear the ph irst stamp of quality that many of our homebuyers have already put their trust in,” said Celis.

The project will offer single attached and single detached units and come in four models. These are Cartland 54, priced at about p3.5 million; Charles 70, p4.3 million; Christie 90, p5.8 million; and Corin 105, p7 million.

The project’s lot sizes range from 88 to 132 square meters with floor sizes ranging from 54 to 105 square meters.

in terms of amenity and recreation offerings, the Batulao project will offer a clubhouse and an amenity area that has hammocks, a bike trail, an outdoor cinema, a rope bridge and a pet park with WiFi coverage.

ph irst pa rk Homes, which has launched 12 projects to date, will remain an affordable housing brand.

Tokyo Tokyo sales get boost from food trailers

By Andrea E. San Juan @andreasanjuan

“ i f before ‘yung customers

AST o n Martin Lagonda

global Holdings plc shares slumped after the luxury car-maker said it will deliver fewer vehicles than expected this year due to persistent supply-chain problems.

The company now expects to deliver as few as 6,200 cars, down from an earlier projection of more than 6,600 units after parts shortages prevented some 400 autos from being shipped in the third quarter, it said Wednesday. a s ton also reported a worse-than-expected operating loss in the period.

a l though these headwinds, which are already improving in Q4, have disrupted our near-term financial performance and modestly impacted our full year guidance, the medium and long-term outlook is robust,” e x ecutive Chairman Lawrence Stroll said in a statement.

The carmaker has been struggling with a turnaround plan to raise output and lower debt, and has long been suffering from the supply-chain problems that have plagued the industry. Volkswagen ag last month cut its sales expectations for the year as semiconductor availability remains scarce and logistics continue to pose a challenge. Japan’s Toyota Motor Corp. lowered its production target for the same reasons.

a ston plunged as much as 16.5 percent in London, the steepest intraday drop in more than four months. The shares are down around 81 percent this year.

ABoi T i z infraCapital (a iC) has teamed up with the national government representing the philippine business sector to attract korean investors at the recently-concluded philippine-korea investment Forum.

o ver 80 business leaders from various manufacturing companies across korea joined the forum, with a iC--represented by its p resident and Ceo Cosette Canilao and First Vice president r afael Fernandez de Mesa–locking in discussions and negotiations with korean investors who are looking at expanding operations at a iC ’s economic estates in Batangas and Cebu.

The philippine embassy in South k orea, ph ilippine economic zone authority (peza), Department of Trade and industry (DT i), Board of investments (Boi), and philippine Trade and investment Center (pTiC)Seoul organized the said gathering to guide prospective korean and global investors on the incentives, benefits, and perks they can enjoy should they choose the philippines as their next investment destination.

DT i Undersecretary Ceferino rodolfo tackled the philippine investment Climate, specifically the country’s game-changing laws and incentives stipulated by the Cr eaTe Law, while the Boi touched on the number of investment opportunities in the country. peza relayed to the korean business delegation the process of setting up operations in

the philippines.

Meanwhile, aboitiz infraCapital, a leader in industrial estate development in the philippines, showcased the pioneering smart city and sustainability initiatives that the company has incorporated and continues to build upon at its economic estates in Batangas and Cebu. in addition, Fernandez de Mesa highlighted the 240 hectares of ongoing expansions at LiM a estate in Lipa-Malvar Batangas and West Cebu estate in Balamban, Cebu, which sparked interest among the investors in attendance. The expansions position a iC ’s economic estates to capitalize on the demand from korean manufacturers looking to invest in the philippines, and are expected to stimulate economic activity by generating up to 90,000 jobs.

at present, a iC has established a track record of promoting the philippines as an investment hub. its partnership with peza and DT i has promoted the development of economic zones to accommodate foreign investments in the philippines.

The company currently has three decades of experience in delivering innovative concepts through its mixed-use estates complemented by a mix of commercial, residential, and institutional uses.

a side from local and global accolades it received, a iC ’s LiM a estate was also awarded a 5-Star Ber De District Certification and the Leadership in Sustainable Design and performance award from philippine green Building Council for its efforts in pushing forward sustainability across its developments.

Tokyo Tokyo, one of the leading Japanese fast-food restaurants in the country, said it is banking on the resilience of its food trailers which allowed the restaurant to reach its sales target for the year.

Without disclosing figures, g e naline a u stero, the Marketing Head of the Japanese fast-food restaurant told reporters during a press briefing, “we have actually reached our target for the year.”

She added that Tokyo Tokyo hit its sales target in the 2nd quarter of 2022.

a u stero said Tokyo Tokyo owes this growth to the continued expansion of its stores, “primarily driven by the trailers and then the opening of the food stores, the dine-in stores, and then the new products that we keep launching month-on-month.”

Moreover, she said, the restaurant’s sales are “actually doing good”, as quarantine restrictions have eased.

The marketing chief of Tokyo Tokyo said the Japanese restaurant “pivoted” amid the pandemic. a u stero said they decided to put up food trailers, in the hope of staying close to its customers, considering the mobility struggles at the height of the Covid-19 pandemic.

“So we pivoted, we put up these trailers, and it’s actually an opportunity. We saw an opportunity for Tokyo Tokyo with that pivot that we did because it has brought the brand—our stores, closer to our customers,” a u stero said.

‘yung lumalapit sa amin para puntahan, bisitahin, kumain sa stores namin, ngayon mas malapit na kami sa kanila. Mas madali na nila kaming puntahan, mas madali na silang mag-order. p u wede na sila mag-order via takeout or puwede magpadeliver.”

a u stero also said the Japanese fast food restaurant will continue to expand the brand nationwide. “We’re opening our Cebu trailer next week.”

The two trailers that Tokyo Tokyo will launch next week in Cebu will rise in Banilad and LapuLapu cities.

Currently, a u stero said Tokyo Tokyo has 100 food trailers across the country and 70 food stores. a food trailer per shift employs around two employees, depending on their shift, the location and demands of the trailer.

She said Tokyo Tokyo trailers are also present in the countryside, specifically in pa mpanga, Tarlac, Laguna. The Cebu trailers are the first two trailers outside of Luzon.

a u stero also said that despite the spike in the prices of raw materials, the restaurant was able to maintain the quality of its products largely on the efforts of its supply management team.

“We have a very good supply management team so they make sure that...we negotiate for the best possible price so that we are still able to maintain the quality that our customers are looking for because we don’t want to shortchange them.”

o n Wednesday, the Japanese fast-food restaurant launched the Umami Fried Chicken.

Aboitiz

fraCapital

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Rafael Fernandez de Mesa discusses A i C ’s

at the company’s Economic

Banking&Finance

AUB ready vs headwinds with ₧4.6B in net income

EXECUTIVES

of Asia United Bank Corp. (AUB) remain confident the lender would be able to maintain its strong financial position amid constraints to profitability like a weak currency and high inflation.

In a disclosure to the Philippine Stock Exchange (PSE), AUB posted a 57-percent increase in the third quarter compared to the same period a year ago. The lender said its bottomline was 3.8-percent higher than its pre-pandemic net income. Nonetheless, AUB executives said despite the lender beating performance prior to lockdown measure in 2020, it will be on the lookout for headwinds. These include: inflationary pressures due to higher interest rates; the continuous depreciation of the peso against the greenback; rising commodity prices; geopolitical tensions; and, a resurgence in Covid-19 variants.

“We will remain prudent, vigilant and agile, even as we continue to be confident of ending 2022 with a stronger financial position,” AUB President Manuel A. Gomez was quoted in a statement as saying.

AUB and its subsidiaries posted a net income of P4.6 billion in the period ended September 30, 2022. Last year, net income for the same period was at P2.9 billion and in the pre-pandemic period, P4.4 billion.

“Since AUB started at the height of the 1997 financial crisis, it has consistently been among the top five publicly-listed local banks in the country that have posted healthy profitability ratios,” Gomez said. “We are extremely pleased to have beaten our pre-pandemic performance as we celebrate our 25th anniversary.”

AUB said its success was due to gains from trading and investment securities, combined with increased lending and better credit quality, accounted for the group’s “stellar” performance during the period.

In particular, AUB said its net in-

terest income rose by 14 percent to P9.3 billion while interest expense decreased by nine percent to P1.2 billion, year-on-year.

Low-cost current account/savings account (CASA) deposits reached P214 billion as of end-September, five percent higher versus the same period in 2021.

Operational efficiency

CASA-TO TOTAL deposits ratio improved to 82 percent from 78 percent during the period in review.

The Group’s net income for the period translated to a Return on Assets of 1.9 percent and a Return on Equity of 16.4 percent.

Executives said they believe the bank remained consistent in terms of operational efficiency with only a 3-percent increase in operational expenses from P4.1 billion a year ago, resulting in a cost-to-income ratio of 38.6 percent from 44 percent a year ago.

Other operating income increased by 40 percent to P1.6 billion for the period, boosted by an 850-percent surge in trading and securities gain to P164.2 million as well as a 100-percent rise in foreign exchange gain to P345.2 million. The executives attributed these gains to their trading strategy that, they said, was “effective.” Trust income also increased 21 percent to P97.8 million for the period due to higher trust volume as investors flocked to AUB’s trust products, among which includes its “Gold Dollar Fund.”

Gomez and his team was able to further trim the lender’s provision for credit and impairment losses by 27 percent to P1 billion during the period. The country’s 13th-largest bank by asset saw its total equity increase by three percent to P38 billion, resulting in a Common Equity Tier 1 Ratio of 14.04 percent and a Capital Adequacy Ratio of 14.64 percent, both above the regulatory requirements. Cai U. Ordinario

as

By Cai U. Ordinario @caiordinario

SAN Miguel Corp. (SMC) affiliate Bank of Commerce (BankCom) has now been added to the list of the country’s universal banks.

In a disclosure to the local bourse last Wednesday, BankCom said they were conferred the authority to operate as a universal bank through a formal certificate from the Bangko Sentral ng Pilipinas (BSP).

Based on BSP policies, among the powers of a universal bank is to act as an investment house as well as invest in non-allied enterprises.

“As a universal bank, BankCom will strengthen its presence in the domestic market and deepen its relationship with clients through a broader range of financial solutions by being able to generate and warehouse interest-bearing assets such as marketable securities, and offer more investment banking products and services,” BankCom President and CEO Michelangelo R. Aguilar was quoted in a statement as saying.

The lender quoted the BSP as saying that among the powers of uni-

versal banks is to own 100 percent of equity in a thrift bank, a rural bank, a financial allied enterprise or a non-financial allied enterprise, as well as fully own the voting stock of only one other universal or commercial bank.

The BSP issued the certificate in a ceremony led by Central Bank Governor Felipe M. Medalla and Monetary Board member Antonio S. Abacan Jr. and BSP Deputy Governor Chuchi G. Fonacier as well as BankCom executives led by its Chairman Ambassador Francis C. Chua.

“SMC has continued to invest in major initiatives that will serve the current and future needs of various sectors and industries that continue to grow, despite the challenges of the pandemic. This upgrade of the Bank of Commerce means there will now be another major player in the banking sector that can help push SMEs and companies pursue their growth targets and long-term goals,” SMC President and CEO Ramon S. Ang was quoted in a statement as saying.

BankCom said following its change of status to a universal bank,

Moves vs leakage, smuggling bring ₧714.3B to BOC coffers

By Jasper Emmanuel Y. Arcalas @jearcalas

THE Customs bureau said its revenue collections from January to October expanded by 37 percent on an annual basis to P714.3 billion due to measures curbing revenue leakages and smuggling.

The Bureau of Customs (BOC) said its revenue collections during the 10-month period was P188.9billion higher than the P525.4 billion it collected in the same period of last year.

With the double-digit growth rate, the BOC said it has surpassed by

P111.5 billion its P602.8 billion revenue target for the reference period.

The bureau attributed its higher revenue performance to measures that allegedly addressed the perennial problems it faced such as revenue leakages and corruption.

“The BOC continues to imple-

ment measures against revenue leakages, corruption and smuggling while easing process bottlenecks,” the statement it released last Wednesday read.

In October alone, the BOC generated P75.5 billion in revenues, which was nearly 35 percent higher than the P56 billion it collected in the same month of last year. The bureau also exceeded its revenue collection target in October of P63.7 billion.

The statement credits the Bureau’s “modernization programs and process innovations to sustain outstanding performance and improve services to stakeholders.”

The BOC has been tasked to collect P721.5 billion this year. Ruiz earlier expressed confidence the agency is on track to hit its higher internal collection goal of P740 billion.

Apart from increasing revenue

generation, BOC Commissioner Yogi Filemon Ruiz earlier disclosed he was ordered to eliminate the smuggling of illegal drugs, firearms and agricultural products as well as full automation and digitalization of Customs processes. (Related story: https://businessmirror.com. ph/2022/09/05/customs-bureaurakes-in-%E2%82%A778-9b-onrising-imports/)

The BOC’s digitalization rate now stands at 91.18 percent wherein 155 out of its total 170 processes have been digitized.

The Bureau said its management information system and technology group is currently working on the development of other systems “to further strengthen border control, enhance trade facilitation and improve collection of lawful revenues.”

GSIS keeps ISO certification for major processes for 7 yrs

STATE pension fund Government Service Insurance System (GSIS) maintained its International Organization for Standardization (ISO) 9001:2015 certification for its major processes for seven straight years following the audit by TÜV Rheinland Philippines Inc. (TUV-R) last October 28.

“We are happy to share this piece of good news with our members, pensioners, and other stakeholders. With the ISO seal of approval, our members and pensioners can be assured of world-class service from GSIS when they transact with us. Our clients deserve nothing less,” GSIS president and general manager Jose Arnulfo A. Veloso was quoted in a statement as saying.

“Congratulations to the men and women of GSIS. Their consistent adherence to world-class standards shows that our core values of service excellence, integrity, and professionalism are deeply ingrained in our employees,” Veloso added.

bank

it is setting its sights on further boosting its lending portfolio to support local businesses—particularly the small to medium enterprises— to help propel activities driving the country’s economic growth.

This is in line with the recent approval of the lender’s Board of Directors on the reallocation of the remaining P940 Million from its initial public offering proceeds for lending activities beginning in the fourth quarter of 2022 as it previously disclosed investments will now be funded by its increased revenue streams.

BankCom posted a net income of P886.91 million for the six months ended 30 June 2022, an increase of 290 percent compared to the P304.37 million from the same period last year.

Second quarter net income of P526.32 million is 45.96 percent higher than the P360.59 million in the previous quarter this year.

The increase was mainly spearheaded by growth in the bank’s core business (net interest income and service charges, fees and commissions).

A total of nine major GSIS processes were recertified consisting of: loans processing; membership administration; maturity claims; funeral benefit claims; motor vehicle claims; data center facilities management; marketing process for renewal of bidding accounts for nonlife insurance; renewal of Philippine Charity Sweepstakes Office surety bonds; and, releasing of notice to claim transfer certificate of title for non-problematic fully-paid housing accounts.

An ISO 9001:2015 certification shows a company’s capability to consistently serve the needs of its client and comply with legal and regulatory requirements. Through the implementation of a quality management system, the certification safeguards customer satisfaction.

TUV-R, one of the leading third party ISO-certifying bodies in the country, recommended the ISO recertification of GSIS processes this year. The audit was conducted on-site for the first time after the pandemic. It was held at the GSIS

By Lorenz S. Marasigan @lorenzmarasigan

SINGAPORE—Four months after its commercial launch, the Aboitiz Group’s UnionDigital Bank Inc. (UDB) acquired 1.7 million customers with a portfolio of $50 million in deposits and $80 million in loan book size.

During an interview with reporters at the Singapore Fintech Festival, UDB Chief Revenue Officer Mark Singh described the first semester of commercial operations as “remarkable.”

Singh said the company is focusing on the “underserved” customers of UnionBank, offering them “tailored” digital solutions that were otherwise not available to them via traditional banking, including access to credit and lending.

“It’s a profitable business,” he told reporters.

He added that the group also intends to tap into the customer base of its partners, noting that UDB is “open to collaboration with different communities…not just with the bank, but with our partners like insurance companies.”

headquarters in Pasay City. The audit was conducted online in 2020 and 2021. GSIS initially obtained its first ISO certification in 2015 when the certifying body conferred the ISO 9001:2008 for the pension fund’s quality management system (QMS) on loans processing.

In 2016, GSIS gained ISO recertifica-

tion for its loans processing system under the updated version, ISO 9001:2015. On the same year, the scope of certification was expanded to include membership administration.

The two processes were recertified in 2017 when maturity claims and motor vehicle claims processing were included for the first time.

By 2018, all four processes, plus the data center facilities management, have been certified.

Funeral benefit and marketing of non-life insurance were the additional processes to be ISO-certified in 2019.

Amid the Covid-19 pandemic in 2020, all seven processes were recertified via a virtual audit.

Last year, GSIS gained certification for the renewal of Philippine Charity Sweepstakes Office surety bonds and releasing of notice to claim transfer certificate of title for non-problematic fullypaid housing accounts as well as recertification of the seven existing processes.

UDB Chief Product, Customer Experience and Operations Officer

Maria Gaitanidou said the recent figures presented during the fintech festival are a “validation” of the group’s strategy.

“The most important thing is that this is a validation of the strategy that we adopted—our focus on communities,” Gaitanidou said.

She added that the group focuses on the “low hanging fruits” in banking, an opportunity that Singh said, is huge, citing data of the borrowing practices of Pinoys.

Seven out of 10 Filipinos borrow and five of those borrow from informal sources, Singh said, explaining the disadvantages related to tapping loan sharks for immediate funds.

Singh said the company is empowering those in the “lower brackets” to gain access to credit lines and loan facilities by leveraging data from their transactions with UnionBank.

A significant percentage of the current loan book of UDB is from existing UnionBank customers.

Corporate customer UDB onboarded its first corporate

account customer, Philippine Digital Asset Exchange (PDAX), marking the commencement of accumulating corporate account openings.

“Corporate partnerships are vital to helping us reach the communities who need it the most. They are integral to the cohesive network the bank seeks to build and I believe their involvement is critical to reaching a fully digital Philippines,” UDB President Ramon Vicente V. de Vera said.

“With this in mind, the start we’ve had with PDAX joining us on our journey affirms my excitement to include more corporate partners,” de Vera said. “We look forward to collaborating with partners of the same caliber to maximize the difference we bring to the financial lives of fellow Filipinos.”

The group is hopeful that it can grow its corporate customers after onboarding PDAX as its first client. De Vera said they look to provide a customer experience for corporates to make payments and transfer money. He said they plan to offer core banking services such as treasury services.

Singaporean financial services provider inks sales partnership with insurtech

By Roderick L. Abad @rodrik_28 Contributor

MITI Ventures Asia (MVA) Pte. Ltd., the Singaporean operator of the yufin brand of financial services in Asia, announced it partnered with the local operator of Singapore-headquartered insurtech Gigacover Pte. Ltd. to sell insurance in the Philippines.

To note, the Insurance Commission website has no data on whether Gigacover Philippines Inc. has a license to sell in the country.

In a statement, MVA said that the

partnership targets to recruit owners of Philippines-based small-scale and medium-sized enterprises (SMEs) for the sale of family and health insurances to their respective customers.

“Many consumer goods like coffee and shampoo are sacheted to make them more accessible and affordable in markets such as the Philippines,” said MVA Head of Business Development and Partnerships Liz Servañez.

“With partnerships such as our partnership with Gigacover, muchneeded financial services products, like insurance protection can also be sacheted to make them accessible and

affordable for the yufin merchant network and their customers,” Servañez said.

“Small businesses are the lifeblood of Southeast Asian economies and communities but many are underserved,” MVA Co-Founder Shubhrendu Khoche was quoted in the statement as saying.

According to the MVA statement, in the Philippines, over one million SMEs, including sari-sari stores, are often managed by one or two people, many are women. Less than 20 percent of them are estimated to have bank accounts while more than 80

percent have access to smartphones, the firm said.

The firm said more than 15,000 SMEs in Davao City have already signed up to yufin’s network since it was launched last May.

“Our partnership with Gigacover helps us bring insurance to last-mile merchants to give them peace of mind and to help them offer their customers much-needed access to insurance protection,” Khoche said.

The insurer, according to Gigacover Philippines Inc. head Chesca Marie Figueroa, has been focused on “giving the underserved and un-

derbanked access to better financial health.”

“By providing these microinsurance products, we are able to help them take a step closer to building a more financially sound future by protecting their income from unprecedented events,” Figueroa said.

She said Gigacover aims to further support MVAs efforts in selling products and services to SMEs in the country.

Figueroa said the yufin app would allow SMEs to manage transactions, payments and order inventory. It has a gateway to a suite of products and

services that MVA believes would help SMEs grow. The platform is supported by local field staff, the firm said. MVA Head of Merchant Acquiring Gerald Dominic Chua noted the welcome that the yufin app “has received so far from our community merchant partners.”

According to Chua, MVA would also provide credit to SME owners. He added that MVA also provides “options” to access a range of thirdparty products and services that they can sell to customers. Chua didn’t say whether these options are free or pay-to-use.

VELOSO

Health& Fitness

Grieving for more than a year? Seek professional help—expert

By Claudeth Mocon-Ciriaco

EvEry

November 1, we remember our loved ones who have gone before us and whose loss we feel.

The big question, however, is, “Can you ever really get over los ing a loved one?

Dr. Mariel Kristine T. r u bia, a licensed psychologist and Phil Care’s Director for Corporate Men tal he alth, recently discussed in a webinar on how to manage grief and mental health.

“Grief is a response to a loss. When you have experienced loss it is natural to feel a wide range of emotions and you might feel overwhelmed by grief,” said Dr. r u bia who also lost her father last month.

Grief, she added, is a powerful emotional and physical reaction to the loss of someone or something. It is characterized by deep feelings of sadness and sorrow, and often by a powerful yearning or longing

to be with that person again. It is just more than sadness.

“There are other effects of grief such as feeling numb and empty as if there is no meaning to any thing,” Dr. r u bia said.

Grief is also physical, she said, for one might be struggling to eat or sleep, or might feel sick in the stomach.

Waves of grief

Dr. r u bia said that every time a person remembers his loved o ne, “these feelings may come in waves and it may toss from one to another.”

h a ving these feelings, she said, is normal part of grieving despite the pain.

“The process of grieving is an important part of how we come to

terms with loss,” she said adding that waves of grief can feel like they come from nowhere or can be triggered when you are reminded of the person that you have lost.

“With time, the size of the waves tends to lessen. You will ex perience many firsts as you navi gate life without your loved one,” she furthered.

Circumstances affecting how you grieve

Dr. r u bia also elaborated the cir cumstances affecting the griev ing person. These include a death that is anticipated and expected; one that is sudden and unex pected and one that is traumatic or violent.

s he also shared the T e A r model of grief researcher William Wor den. T stands for “to accept the re ality of loss.” e means “experienc ing the pain of the loss.” A means “adjusting to a new life without the lost person while r stands for “reinvestment in the new reality.”

The T e A r Model of Grief illus trates these four tasks of mourn ing which are to accept the reality of the loss; to work through the

top

pain of grief; to adjust to an en vironment in which the deceased is missing and to find an endur ing connection with the deceased while embarking on a new life.

Meanwhile, to cope with grief, Dr. r u bia said that there impor tant things to remember or do. These include rituals and customs, expressing your grief, making a memory box, telling your grief story, tackling avoidance, feel the story of your loved one, writing a letter to your loved and getting in touch with the part of your grief.

Grief counselling

Dr. r u bia also encouraged those who are grieving to see a profes sional especially if they feel that they can no longer take care of themselves, can no longer move forward, feel stuck and that this feeling has been going on for more than a year.

“Do not allow yourself to grieve for more than a year. If you can not move forward, do something. s e e a professional and try to open up about your feelings for it will really, really help,” Dr. r u bia en couraged.

Does adversity make you stronger?

By Lindsey Tanner

There’s an old saying that adversity makes you stron ger. r e al life shows that’s not always true, but the adage high lights an evolving debate among s cientists about resilience.

After traumatic events and cri ses such as child abuse, gun violence o r a pandemic, what explains why some people bounce back, while others struggle to cope? Is it na ture—genes and other inherent t raits? Or nurture—life experi ences and social interactions?

D ecades of research suggest both play a role, but that neither seals a person’s fate.

Although scientists use differ ent definitions, resilience gener ally refers to the ability to handle s evere stress.

“It involves behaviors, thoughts and actions that can be learned and developed in anyone,” according to the American Psychological Asso ciation. That effort is harder for s ome people, because of genetics, biology and life circumstances, evi dence suggests.

L andmark U s  research in the mid 1990s linked adverse child hood experiences with poor mental a nd physical health in adulthood. It found that every additional adver sity added to higher risks later on.

s c ientists have conducted nu merous studies trying to answer w hy some kids are more vulnerable to those experiences than others.

emphasized that many genes are likely involved; there is no single “resilience gene.”

In other studies, Duke Univer sity researchers Terrie Moffitt and Avshalom Caspi have linked varia tions in genes that help regulate m ood with increased risks for de pression or antisocial behavior in k ids who experienced child abuse or neglect.

But “genes are not destiny,” says Dr. Dennis Charney, academic af fairs president at Mount s i nai h e alth sy stem in New York, who has studied ways to overcome ad versity.

Trauma can affect the develop ment of key brain systems that r egulate anxiety and fear. Psycho therapy and psychiatric medica tion can sometimes help people w ho’ve experienced severe trauma and hardship. And Charney said a loving family, a strong network of friends and positive experiences in school can help counterbalance the ill effects.

With an early childhood in h a iti marked by poverty and other trau ma, 19-year-old s t eeve Biondolillo seems to have beat long odds.

h i s desperate parents sent him at age 4 to an orphanage, where he lived for three years.

“I didn’t really understand what was happening,” he recalls. “I just got thrown into a big house full of other kids.’’ he r emembers feeling frightened and abandoned, certain he’d live there forever.

As an archipelago, the Philippines faces a unique set of challenges when it comes to health care. One of the most prevalent is the lack of access in the nation’s remote areas. Patients lack access to doctors, while doctors lack ac cess to proper equipment and training.

To address this, Johnson & Johnson (J&J) Philippines is collaborating with the Lung Center of the Philippines (LCP) through two key initiatives—Remote s u rgical Education and Collaboration in Thoracic s u rgery (RE s E CT) and Remote Education in Thoracic Anesthesia Pro gram (RETAP).

T hrough RE s E CT and RETAP, multiple surgeons in remote locations are able to virtually interact and undergo telemen toring through the innovative Proximie p latform, which allows them to virtually “scrub in” to any operating room any where in the Philippines.

“As a company in the business of car ing, we are committed to supporting ho spitals and institutions in continuing the education of surgeons. Part of this commitment is our support for the LCP’s Department of s u rgery in advancing the surgical skills of thoracic surgeons in remote areas,” says Dino Alejandro, com mercial lead, Ethicon Philippines for J&J M edTech Philippines. “We are reimagin ing every part of the health-care experi ence to save lives—and ignite all that’s po ssible in everybody.”

J&J Philippines has three main goals for this solution: to drive the advancement of surgical skills of surgeons in remote areas via the virtual scrub-in; to simulate face-to-face skills and procedure training during “live” surgery; and to help build the confidence of surgeons operating in remote areas (in the absence of a mentor surgeon in the operating room).

LCP is the first hospital in the Philip pines to use Proximie under RE s E CT and RETAP, which were launched in October last year. Through these programs, LCP and J&J Philippines have collaborated with 30 thoracic surgeons and anesthesi ologists across the Philippines, includ ing Metro Manila, Zamboanga, Palawan, I loilo, Bacolod, Cebu, Davao, Cagayan de Oro, and Baguio.

CA r DI NAL s a ntos Medical Center (C sMC) was recently awarded National e xemplar under the People Program of the Year category at the People Man agement Association of the Phil ippines (PMAP) Awards 2022. The ceremony was held at the s o fitel Philippine Plaza Manila last Oc tober 14.

The award was given for C sMC’s exceptional training program under the Philippine Center for Advanced s urgery—Minimally Invasive s u rgery Training Cen ter (PCA s MI s T C). Prior to this, C sMC was already named r e gional e x emplar in the same category. In 2016, the hospital bagged the e m ployer of the Year Award, mak ing it the first private hospital to receive this accolade from PMAP.

The PCA s MI s T C is a worldclass training center equipped with state-of-the-art facilities and staffed by leading medical experts in various surgical fields. It is the Philippines’s first, and only MI s

t raining center, and its programs have been accredited by local and international organizations, such as the endoscopic and Laparoscop ic s u rgeons of Asia ( e L s A ), Asia Pacific h e rnia s o ciety (AP h s ) Asia e n do- s u rgery Task Force (A e T F), Philippine Association of Laparoscopic and e n doscopic su rgeons (PAL e s), and Asia Pacific e ndo-Lap s u rgery Group (APe L s ) The center is headed by one of the leading MI s experts in the country, Dr. Alfred Allen Buenafe.

The PCA s MI s T C aids in na tion-building by providing train ing opportunities for surgeons, particularly those who are based in the provinces. As a leader in the Asia Pacific region, the quality of training meets international stan dards, with foreign surgeons also attending workshops spearheaded by PCA s MI s TC

“With much pride and great joy, we are extremely honored to receive such a prestigious award on behalf of our caring Cardinal

family. Yes, it is one of Cardinal s a ntos’ own ways of contributing to nation-building in the Philip pines,” said C s MC President and C e O, r a ul C. Pagdanganan in his acceptance speech. “This award fires up our commitment to con tinue introducing innovations in health care and providing excel lent training comparable to those in advanced countries to help make MI s and its benefits more accessible to a greater number of people across the country and the world.”

The PMAP Awards Program was established in 1977, with the goal of recognizing outstanding organizations and individuals that have made strides in the advance ment and improvement of people management in the country. As an organization, PMAP helps mem bers become effective people man agers that are able to participate actively in nation-building. This makes C s MC’s win all the more significant.

California pediatrician and re searcher Dr. Thomas Boyce decided t o dig deeper into that question because of his own family history. h e a nd his sister, who is two years younger, were extremely close amid sometimes turbulent family circumstances. As they grew into adulthood, Boyce’s life seemed blessed by good luck, while his sis ter sank into hardship and mental i llness.

In laboratory tests, Boyce found that about 1 in 5 kids have elevated biological responses to stress. h e f ound signs of hyper activity in their brains’ fight-orf light response and in their stress hormones. r e al-world evidence showed kids like these have high er rates of physical and mental t roubles when raised in stressful family situations. But evidence also shows these hyper-sensitive kids can thrive with nurturing, supportive parenting, Boyce says.

Ananda Amstadter, who stud ies traumatic stress and genetics a t Virginia Commonwealth Uni versity, said her research suggests t hat stress resilience is roughly half influenced by genes and half by environmental factors. But she

An American couple visited the orphanage and made plans to adopt him and a younger brother. But then came h a iti’s devastat ing 2010 earthquake, which killed m ore than 100,000 and decimated h a iti’s capital and nearby towns.

“All the hope that I had suddenly vanished,” Biondolillo said.

Ultimately, the adoption went through, and the family eventu ally moved to Idaho. Biondolillo’s n ew life gave him opportunities he never dreamed of, but he says he was still haunted by “the baggage and trauma that I had from h a iti.”

h i s adoptive parents got him in volved in a local Boys & Girls club, a place where he and his brother could go after school just to be kids and have fun. Biondolillo says sup portive adults there gave him space t o talk about his life, so different from the other kids,’ and helped him feel welcomed and loved.

Now a college sophomore major ing in social work, he envisions a c areer working with the needy, help ing to give back and nurture others.

It has been a journey, he says, from “scared little kid to me, proud young man with big goals and a big future.” AP

FAC e T O FAC e c lasses have finally resumed. As children begin to spend more time in school, more than ever, schools must be safe spaces where children can learn and play with friends. Aside from requiring face masks and physical distancing, what can schools do to minimize the risk of students and staff get ting sick? One answer is to ensure clean indoor air.

Why classrooms need clean air

Ch I LDr e N a re particularly vul nerable to the effects of poor air quality. A global study by UNIC e F estimates over 600,000 children under five years old passed away because of diseases linked to pol luted air.

Due to the fact that people spend up to 90 percent of their time indoors, exposure to pol luted air is still more likely to

happen in indoor environments. Viruses like the flu and Covid-19 can also spread through the air in crowded and poorly ventilated indoor spaces.

Strategies to improve indoor air quality

I N A pril 2022, the Department of e d ucation (Dep e d ) released revised operational guidelines for face-to-face classes. Among the provisions for classroom lay out and structure were measures highlighting the importance of both clean air and proper ven tilation.

For non-airconditioned spaces, windows and doors must be kept open to maximize airflow. ho w ever, in air-conditioned rooms or in spaces where access to outside air isn’t feasible, air purifiers with high-efficiency particulate air ( h e PA) filtration systems must

be used.

h e P A filters work by forc ing air through a fine mesh that traps pollutants such as pollen, pet dander, dust mites, and to bacco smoke. Portable air puri fiers that use he PA filters as the primary mechanism of air clean ing are both easy to install and can be placed in different areas of a classroom and other indoor spaces.

r e cent studies have shown that portable air purifiers may help to reduce exposure to respiratory vi ruses, including Covid-19 in poorly ventilated indoor environments. As such, the use of portable air purifiers is recognized by several scientific societies and organiza tions as a protective measure in a multi-layered approach to help minimize the transmission of Covid-19 and other respiratory infections.

Clean air at the push of a button

I N Makati City, classes opened at 100 percent on-site capacity ahead of the Dep e d m andate to fully implement face-to-face classes by November. In preparation, the Makati City government equipped its public schools with measures in compliance with Covid-19 pro tocols set by the Department of h e alth.

These measures include ther mal scanners at entry points, UV light filters, and air purifiers in every classroom—something the local government tested as early as the limited in-person class pilot runs held last year.

With the full implementation of face-to-face classes on the ho rizon, accessible and reliable fil tration technology is a must to ensure children stay healthy as they continue to return to school and interact with the world once

again. To help keep indoor spaces such as classrooms and homes clean and protected at the push of a button, the Philips 800 s e ries Air Purifier quickly and effec tively filters viruses, allergens, or pollutants in spaces up to 48 m². It uses multi-layer filtration technology present in all Philips Air Purification s o lutions. The pre-filter catches dust and air, while the NanoProtect he PA fil ter is designed to capture over 99 percent of particles as small as 0.003 microns, smaller than smallest known virus.

Philips Air Purifiers are avail able on Lazada. Follow us on our Facebook (Philips ho me Living) and Instagram (@Philipshomeliv ingPh) pages for updates.

For

doesn’t always, say scientists

Parentlife

How parents and schools can get chronically absent kids back in the classroom

By Joshua Childs University of Texas at Austin

INthe wake of the pandemic, more students are missing school than ever before. But there are steps parents and schools can take to get kids back into class.

In 2019, before the pandemic began, nearly 6 percent of the nation’s students missed more than 15 days of school during the average year, for any reason or combination of reasons. Students who miss that amount of school are termed “chronically absent.”

Since the beginning of the pandemic, when school buildings were closed for a period of time, the number of chronically absent students has nearly doubled because of a number of factors, such as students not returning to school once schools reopened, students staying home with Covid-19 or in quarantine or family anxiety about coming back to school during the pandemic. Also, more schools reported increases in students missing classes or school altogether since the majority of schools have transitioned to back to face-to-face instruction.

Of course, some of these absences stem from pandemic-related policies, such as students who are asked to stay home if they show Covid-19 symptoms or have been in close contact with someone who has tested positive. And the more than 1 million US deaths from the pandemic have also required many students to care for other family members, which may require them to miss school.

As a researcher who studies chronic absence, I see five ways that schools and districts can seek improvements in student attendance.

1. Collect, analyze and explain attendance data. Most schools collect overall attendance data on how many students are present on a given day. But many of them really care only about unexcused absences—ones for which parents or doctors haven’t sent a note. That can be a problem, because kids miss learning opportunities when they’re not in school, regardless of the reason they’re out. Some schools— including those in San Francisco and Baltimore— look more closely at the reasons students miss class. They have found some problems schools can help solve, such as replacing unreliable transportation with carpools or providing information about local bus service. Teachers and other school staff members who use data to further understand the reasons for their students’ absences can help encourage students who have missed school to return to class. For instance, in Illinois, students are allowed to take up to five mental health days and, when they return to school, are able to make up missed assignments. It may also be useful for schools to examine absence data for trends of weeks or months when many students are absent, or even when particular students tend to miss school. With that information, they can take steps to reduce absenteeism.

For example, one San Francisco elementary school enters every kid who shows up on a Monday or a Friday into a raffle for a prize, encouraging more people to attend on days that are frequently skipped. A program in Pittsburgh high schools gives a scholarship to college to students who get good grades and have better than 90 percent attendance.

2. Use technology. Many schools already use text messaging to communicate with students and their families. Some schools use it to alert parents if their kids are absent without permission and help get them back to school. Four Georgia school districts reduced chronic absence by 8 percent by simply texting parents when their children were absent and

warning them that kids who miss school are less likely to graduate.

That might not sound like a lot, but it is a starting point. And when it is coupled with other efforts, more kids may spend even more time learning.

3. Pair chronically absent students with mentors. If students have a close contact at school— a teacher, another staff member or even a fellow student—that person can encourage them to stay in school. A mentoring program launched in New York City saw students who missed school frequently gain almost two weeks of instruction because of mentoring connections and creating relationships with adults.

If needed, a formal program can match chronically absent students with mentors who can help them connect with others at school, get help with missed work or even find staff who can provide mental and social services.

Evidence on mentorship programs has shown they help keep students in school through high school graduation. This includes regularly checking in on a student’s family, providing academic supports and helping students to navigate social dynamics within schools.

4. Connect students to mental and physical health services. Some of the leading reasons students miss school involve their mental or physical health. Dental cavities, asthma or other breathing conditions and stress from violence or hunger are all potential factors.

If students don’t have health insurance or can’t afford to go to the doctor, they may miss school because of illnesses or even untreated long-term conditions. Research based in Pennsylvania has found that school nurses can play an important role in identifying and addressing health problems that cause students to miss school. They can help arrange for key services such as medical testing and exams,

check on students when they are in school.

My own research, co-authored with social psychologist Chris Kearney, has found that school counselors can also be crucial to providing the support students need to stay in school. Often this help is not academic but rather involves connecting students with therapists to deal with trauma or food banks to reduce hunger, for example.

In California, local school districts that have launched student-retention efforts within the school and throughout the surrounding community have found attendance improves. These attendance review boards have shifted from being punitive to focusing on getting kids back in school by meeting the needs of students and families.

5. Create local partnerships. Research has shown that schools cannot address all attendance issues on their own. Pittsburgh, Detroit and Austin, Texas, are just a few of the cities whose schools have expanded attendance campaigns into the wider community. These cities have been able to bring together community-based organizations in order to rely on their expertise and support to improve attendance. Such cities as Chicago and Long Beach, California, have sent district and school employees out to canvass their local neighborhoods about what might be affecting students’ attendance. This not only helped them identify potential barriers, such as unreliable transportation, but also provided solutions to overcome them such as changing bus routes or providing alternative transportation options. And it reinforced the importance of school to community members.

As in-person learning returns, schools will play an important role in addressing the pandemic’s impact on student attendance. Deploying the right strategies can help to create learning environments in which students feel supported in attending school and want

THE CONVERSATION

IN fulfilling its vision to fuel a better future for Filipinos, SeaOil, the leading independent fuel company in the Philippines, inks a partnership with the Pamantasan ng Lungsod ng Pasig (PLP) to spearhead its Angat Pangarap program.

Through the initiative, SeaOil will provide PLP with P1 million that will be awarded as incentive to PLP student(s) who will place first in the National Licensure Examinations in the following courses: Bachelor of Science in Accountancy, Bachelor of Science in Nursing, Bachelor of Science in Electronics Engineering, Bachelor of Elementary Education, and Bachelor of Secondary Education.

The program will run for two years. The amount that will not be utilized will fund training and research programs for the faculty to strengthen the quality of education

in the university. “Our students are the future of this society, hence we need to ensure they are driven to maximize the resources available to them and be accountable for their own learning. I hope this initiative will

the licensure examinations but also give their best in everything that they do, whether in class or in their other endeavors,” SeaOil president for retail business and CFO Mark

Yu said in a statement.

“The PLP community is grateful to Mr. Mark Yu and SeaOil Philippines for the Angat Pangarap project. We welcome this initiative with great excitement as it will engage parents and teachers alike in the academic lives of the students. This gives us renewed hope and commitment to improve the quality of tertiary education to our students,” said PLP officer in charge Dr. Reggie Maningas.

“We were thinking of ways to encourage and inspire our students to do better in their studies. By collaborating with all stakeholders involved, led by SeaOil, we are now putting this to fruition. I hope the Angat Pangarap project will be an inspiration to our students—our future engineers, nurses, teachers and accountants,” said Pasig City mayor Vico Sotto.

THINK LOCAL FOR CHRISTMAS

MALLGOERS at The Podium in Ortigas Center recently had a preview of the magic, joys and artistic spirit of a uniquely Filipino holiday season during the recent Kultura Christmas Market, a showcase of the store’s décor, gifts and more at the Atrium East of the mall.

With a towering Christmas tree made of homespun baskets as it centerpiece, it was also an exciting preview of what’s in store for shoppers in all Kultura outlets nationwide.

There were fun and festive with parols in natural materials—raffia, abaca, and burlap—crafted by local artisans. There were also foldable lanterns perfect for gifts overseas, and tabletop abaca cone trees and topiaries for smaller spaces. Handmade capiz ornaments in angel, star and tree shapes were among the best-sellers.

Kultura’s Christmas Market was also a treasure trove of gift ideas: inabel bed runners, blankets, and throws from Ilocos; table napkins handpainted by local artisans; and handwoven blankets and bath towels from Bicol. Foodies will love the local liquor; teas in pandan, lemon ginger and tanglad flavors; and gourmet coffee and chocolate.

Shoppers can also enjoy services like embroidered monograms to customize gifts and special giftwrapping with sustainable sinamay bags and pandan gift boxes. More information is available at www. kulturafilipino.com.

MERRY and bright foldable parols at the Kultura Christmas Market.

HEALTHY and better than ever gifts for the holiday are these plant-based Auro Chocolate Crunch with colorful designs inspired by famous Philippine Festivals.

PHOTO BY TAYLOR FLOWE ON UNSPLASH

GOURMET Farms’ healthy Pesto, Salsa Dip and Sundried Tomato sauces.

HEALTHY essential skin care products like bar soaps, handwash, hand sanitizers, and moisturizers—all from Savonille.

Johnnie Walker Luxury Boutique opens in Rustan‘s Shangri-la Mall with rare, exceptional whisky blends

Security Bank relocates Tagum branch; boosts customer footprint in Davao

IN line with its vision to become the most-customer centric bank in the Philippines, Security Bank moved its Tagum City, Davao del Norte branch to a bigger and more accessible location at the Ground Floor, SG Complex, National Highway, Purok Tandang Sora, Magugpo Poblacion, Tagum City.

The Tagum branch now has a fully transformed look and setup which consists of three areas: 1) automated area where clients have access to ATMs, CAMs (cash acceptance machines), and a

service phone to easily contact the Bank’s customer service hotline; 2) self-serve area equipped with an iPad, laptop, and queue machine, and 3) face-to-face area where clients can easily transact with customer advisors and speak with other branch personnel.

The Bank hopes to increase its customer footprint in the city and in Davao del Norte with a branch that is now situated near more commercial establishments, such as the Gaisano Grand Mall.

“We will continue to improve our

branch network to reach more Filipinos and provide them with innovative, BetterBanking branch experiences, tailored to their needs. We look forward to serving more clients as we achieve our vision of becoming the most customercentric bank in the country,” said Leslie Y. Cham, EVP, Branch Banking Group.

To know more about Security Bank’s branch locations and to find the one nearest you, visit Security Bank’s website or its official Facebook page for more information.

TMP TECH STUDENTS QUALIFY FOR NATIONAL SKILLS COMPETITION. Toyota Motor Philippines School of Technology (TMP Tech) recently bagged two gold medals at the 2022 Technical Education and Skills Development Authority (TESDA)

- CALABARZON Regional Skills Competition during the culmination ceremony held at the Antipolo Sports Club, Rizal. TMP Tech student representatives Raul Cervo II (left) and Resty Gamoza Jr. (right) emerged as champions under the “Automobile Technology” and “Autobody Repair” categories, respectively. They are now preparing to represent the school in the upcoming Philippine National Skills Competition in November this year. With Cervo and Gamoza in photo are their coaches and TMP Tech instructors Apolinar Rampola and Nathanael Bacsal. TMP Tech is a premiere technical training institution in Santa Rosa City, Laguna and is TESDA’s 2021 “Two Stars” awardee for being a center of technical proficiency in automotive servicing.

DIAGEOPhilippines officially unveiled the newest Johnnie Walker Luxury Boutique at Rustan’s Shangri-La Plaza, opening up a luxurious world of whiskies for shoppers to discover. Bringing a portfolio of some of the world’s rarest and most exceptional blends, the Johnnie Walker Luxury Boutique allows guests to explore the diverse family of luxury spirits Diageo has to offer.

“We’re delighted to bring the Luxury Boutique concept to Rustan’s in Shangri-La Plaza to continue driving growth for the spirits category in the country while making high-end, luxury whisky accessible to consumers in one of Metro Manila’s most prestigious shopping destinations,” shares Fatima Espineda-Caeg, Marketing Manager, Luxury and Whisky of Diageo Philippines.

The Luxury Boutique showcases Diageo’s lineup of Prestige scotch whisky brands, led by Johnnie Walker Blue Label and its unparalleled depth of flavor. Consumers can also find the impressive Rare & Exceptional collection featuring the John Walker & Sons XR21, Mortlach Single Malt Scotch Whisky 12YO, and Mortlach Single Malt Scotch Whisky 16YO.

The centerpiece of the Luxury Boutique is its personalization and gifting station where shoppers can personalize their whisky purchases with options such as engraving services or custom leather tags, further positioning Johnnie Walker as the perfect gift for special occasions and gatherings. All purchases also come in limited edition gift packaging.

Customers can avail of the Luxury Boutique’s engraving services with a minimum order of any two bottles. After payment, guests

fill out a personalization form indicating which name or short message they would like engraved on the bottles. The personalized bottles are then delivered directly to the customers' homes within three to five working days.

“We envision the Johnnie Walker Luxury Boutique as a way for our customers to give the special people in their lives an elevated gift that captures and magnifies the unique characteristics of our whisky,” adds EspinedaCaeg. “We see this as a way for the brand’s deep heritage to be brought to new life, allowing more people to discover the true depths of flavor it has to offer.”

Experience the depth of flavor of Johnnie Walker and visit the Johnnie Walker Luxury Boutique, located at the 3rd floor of Rustan’s Shangri-La Plaza, until December 31, 2022. Follow @johnniewalkerph on Instagram for more details.

Drink responsibly. Visit the DrinkIQ.com site to learn more about alcohol facts.

DSWD chief joins PBBM visit to areas hit by Paeng; distributes aid for victims with local gov‘t officials

PRESIDENT Ferdinand R. Marcos Jr., together with Department of Social Welfare and Development (DSWD) Secretary Erwin T. Tulfo, led the distribution of assistance to families affected by Severe Tropical Storm “Paeng” during his visit to Noveleta, Cavite on Monday, October 31. The President and the Secretary spearheaded the distribution of aid worth P4.1 million to some 500 families hardest hit by the disaster. Included in the provisions were 1,600 Family Food Packs (FFPs), 500 sleeping kits,

500 hygiene kits and cash assistance. Joining President Marcos and Tulfo in the dole out were Senator Bong Revilla, Cavite Governor Jonvic Remulla, Cavite 1st District Representative Jolo Revilla, and Noveleta town Mayor Dino Chua.

Meanwhile, the DSWD said that it has provided more than P65.8 million worth of assistance to the affected localities nationwide as of October 31. The DSWD ensures continued support and assistance to affected population following the instruction from the President.

Luxe Organix Bath Splash returns with 2nd wave of giveaway promo with over

AFTER almost eight years since its launch in the Philippines, LUXE ORGANIX has become a beauty regimen brand favorite among Filipinos. The famous beauty and skincare brand is known for its line of serums, soothing gels, soaps, lotions, and hair care that aims to transform and empower the beauty of every Filipina.

worth of prizes

SINCE

2017, Caravan Food Group has been prominent in making innovations to food concepts in the Philippine food and beverage industry which houses the brands of Overdoughs, Elait, and RAW All Natural Juice Bar. Likewise, it made a mark with each and every customer about its deaf inclusive advocacy by mainstreaming deaf staff across branches in the Metro Manila region.

Today, they take the mission of Doing Good through Good Food to the extensive course of social and corporate events and giveaways under the label of Caravan Catering.

Caravan Catering brings the pride of goodness and happiness through event food carts that offer Dessert Bar by Overdoughs and Elait Rolled Ice Cream Carts which are manned by these friendly and capable Deaf Partners.

These exceptionally good occasion treats ensure the top-quality food selection and service just like how it’s done in the stores so clients get to be part of the food journey while creating meaningful celebrations.

To know more about Caravan Catering’s event carts, you can email at info@caravanfgi.ph or contact Ara Rabino at 0917 8611 059.

To celebrate the success of its first run, Luxe Organix announced last October 14 the second wave of its famous giveaway promo Bath Splash. “As our way of expressing our deepest gratitude to all our customers, we would like to treat them with a bigger giveaway promo,” shares Eugene T. Yap, CEO of Genson Distribution Inc.

A minimum single receipt purchase of P1,500 worth of Luxe Organix skin, body and hair care products gives the customer a chance to score any of the exciting prizes worth over P2 million. Prizes include three iPhone 14 and iPad 9, two Louis Vuitton bags, and an Hermes Birkin Bag. The giveaway promo runs from October 1 to December 31, 2022.

During the event, Luxe Organix announced that it had added another feather to its cap as the brand received a Dermatologically tested seal acknowledged by experts in KC Research Center in South Korea and Dermatest Research Institute for Reliable Results in Germany.

This announcement follows the company’s mission of providing every Filipino customer with high-quality products at affordable price points, “At Luxe Organix we pride ourselves on extensive scientific rigor when it comes to developing a new product,” said Yap.

The exclusive seal from experts is a nod to the company’s vision that ensures all products

are suitable and safe for sensitive skin. All of Luxe Organix’s products were tested in their final form assessing each and every potential that might cause irritation and sensitization (allergic reactions) on the skin.

Present at the launch were Dr. Drolah Sanchez, Dr. Bea Maxine Chan, and Dr. Kei Rebolleda who explained the importance of this seal. When having sensitive skin, which can translate into redness, itchiness, and dryness, among other symptoms, people tend to be anxious about trying new products.

Understanding the role sensitive skin plays in most people’s everyday lives has the same importance as understanding the role the “dermatologically tested” label plays for Luxe Organix’s cosmetic and hair products.

“We are committed to providing holistic Filipina beauties with clinic-grade skincare products that are highly effective and give great value for money,” Yap ended in a statement.

SECURITY BANK OPENS ITS NEW HOME IN TAGUM CITY. From left are Jason Ang, (Region 4 Head, Branch Banking Group), Adi Sexcion, (Branch Channel Manager), Jocelyn Angcos, (Branch Manager), Robert So, (President-Tagum Pioneer Foods), Norma Maglente (Corporate Treasurer, Power Up – Tires, Battery, and Auto Supply), Leslie Cham, (EVP and Branch Banking Group Head) and Salvador Castro (Cluster Head).

Envoys&Expats

SFA Manalo participates in special Asean foreign ministers’ meeting

JAKARTA—Secretary of Foreign

Affairs Enrique A. Manalo took part in a Special Asean Foreign Ministers’ Meeting (AMM) at the Asean Secretariat on October 27.

The conference evaluated the modest progress in the implementation of the Five-Point Consensus, which was reached during the Asean Leaders’ Meeting on April 24. Member-states, including Myanmar’s military government, agreed on the consensus to settle the political crisis in the said country. The gathering also discussed its representation in Asean meetings.

Preparing for the 40th and 41st Asean Summits in Phnom Penh, Cambodia on November 11

and 12, the foreign ministers also considered recommendations for elevation to the Asean leaders, in response to the situation in Myanmar.

Prior to the special meeting, Manalo conversed with Deputy Prime Minister and Foreign Minister Don Pramudwinai of Thailand to discuss bilateral relations, and possible ways forward on the implementation of the Five-Point Consensus.

US VP visit

MEANWHILE, the Department of

China to push for increasing investments in PHL–envoy

CHINA will encourage more of its companies to make the Philippines their “first investment destination,” as the Asian superpower moves toward its new goal of “modernization,” while bolstering partnerships with neighboring countries.

In a recent “Pandesal Forum” in Quezon City, Ambassador Huang Xilian said his country’s new modernization efforts would have a “far-reaching implication” for the Philippines: “In the future, we will focus on the new development pattern of dual circulation, continue to open up [my country, and] boost trade.”

Local firms, he said, are also welcome to tap China as a “global supermarket.”

“In exploring the path of modernization, China and the Philippines will go hand-in-hand, and benefit from each other,” Huang stated.

China is also looking to heighten “inclusive development” to promote cooperation, while improving the quality of life in both countries.

“We should earnestly implement the spirit of the consensus reached by the two heads of state, and further promote cooperation in the four key areas of agriculture, infrastructure, energy, and humanities, so that the dividends of development can continuously enhance the sense of gain, happiness, and security of the two peoples,” the ambassador was quoted as saying.

His country’s development, he said, would be peaceful, and would

promote joint efforts from the two countries to maintain peace and stability in the region.

“China and the Philippines are good neighbors, good relatives, and good partners…[Our] traditional friendship has a long history,” Huang stated.

On territorial disputes, he said differences between neighboring countries are “normal,” but must not affect or “sabotage” overall relations: “What China brings to the Philippines is not colonization and war, but cooperation and friendship.”

He also echoed statements from the just-concluded National Congress of the Communist Party of China (CPC), which highlighted Beijing’s “second centenary goal” of building a “great, modern socialist country in all respects, [advancing] the rejuvenation of the Chinese nation on all fronts through Chinese modernization.”

“The report of the 20th National Congress of the CPC outlines a two-stage general strategic arrangement: to realize socialist modernization in the first stage from 2020 to 2035, and then develop China into a…prosperous, strong, democratic, culturally advanced, harmonious and beautiful [nation] after another 15 years,” the envoy said.

The congress was held from October 16 to 22 in Beijing, where Chinese President Xi Jinping was reelected for a third term as the secretary-general of the CPC Central Committee. Raymond Carl Dela Cruz/PNA

Foreign Affairs (DFA) on October 29 announced the forthcoming visit of United States Vice President Kamala Harris in Manila.

“The DFA looks forward to welcoming…Harris and Second Gentleman Douglas Emhoff,” the department said in a statement. “This will be yet another excellent opportunity to further strengthen our engagement with the US, following

the recent high-level meetings and exchange of visits between our two countries.”

It further stated: “The DFA is coordinating closely with the US Embassy…to finalize arrangements for the working visit of the VPOTUS [vice president of the US] and the SGOTUS [second gentleman of the US]. We will share further details as soon as possible.”

Czech Republic imparts cyber security expertise

By Rizal Raoul S. Reyes

THE world will have to form a united front to fight the huge threat brought about by international cyber crimes.

In her remarks during the recent “Czech Connect 2022: Exploring Cyberspace through International and Local Lenses” hybrid conference, Ambassador Jana Šedivá said that “given the interconnectedness of the communities in society and cyber space, the risks of digital threats affect everyone. Hence, there is no better way to solve the challenges in securing global cyber space than a concerted initiative.”

The gathering was participated by cyber security experts around the world who shared their technical and analytical know-how to combat the prevalent cyber threats related to education, foreign investments, ongoing geopolitical issues, and national security.

In his keynote speech, Secretary Ivan John Uy of the Department of Information and Communications Technology said the government is pushing hard to solve prevalent cyber challenges in the Philippines. One such is the CyberSafe.ph campaign.

He highlighted cyber security as one of the priorities of the current administration: “In this new reality, it is imperative that cyber security be given the same importance as personal security.”

Czech and Filipino cyber security experts were in agreement and highlighted the need for collaboration between the private sector and the government of countries to address such issues and prevent possible cyber aggressions.

Monika Kutějová from the National Cyber and Information Security Agen-

cy, with Ondřej Kopečný of the Ministry of Industry and Trade of the Czech Republic, remotely discussed means to address common and complex cyber challenges faced by the education sector and private sector, specifically in protecting the data of universities and screening activities of investors with malicious interests.

Meanwhile, Lito Averia of Secure Connections, which is a private coalition of stakeholders, discussed the lack of policies governing national cyber security, and possible ways to address them—including the passage of a legislative bill.

Christine Castillo, a research Officer at the National Defense College of the Philippines, further dwelled on the critical role of the Department of National Defense in strengthening national security and military systems to safeguard the country from cyber attacks.

The hybrid conference was organized by the Embassy of the Czech Republic to support priorities of the Czech presidency of the European Union Council for collective action on securing cyber space. Special Envoy for Cyber Space and Director of the Cybersecurity Department of the Czech Ministry of Foreign Affairs Richard Kadlčák graced the event directly from the Czech Republic.

Japan, Australia honor 78th year of the Battle of Surigao Strait

THE Embassy of Japan’s Vice Defense Attaché Commander Takeharu Sekine took part in a series of activities and ceremonies hosted by the provincial government of Surigao del Norte, in commemoration of the 78th anniversary of the Battle of Surigao Strait on October 24.

Sekine and Surigao del Norte Mayor Pablo Yves Dumlao led the wreath-laying rites at the Japanese Cremation Site inside the Surigao del Norte National High School.

The ceremony was also graced by Chargé d’Affaires Richard Sisson of the Australian Embassy and Captain Jack Silver, who is the executive officer of the Joint Australian Training Team-Philippines.

The commemoration of the Battle of Surigao Strait in Dinagat Island followed the next day with a memorial ceremony, which included messages of solidarity from the

embassies of Japan, United States and Australia; the wreath-laying rites at the Battle of Surigao Strait Memorial Site; and the lighting of the Memorial Flame. It concluded with a wreath-laying and floweroffering at sea.

A groundbreaking ceremony for the new Dinagat Island Provincial Governance Center (Governor’s Hall) was also conducted. The new provincial capitol, which takes inspiration from Japan’s IJN Yamashiro battleship, will house the Battle of Surigao Strait memorabilia.

The Japanese commander delivered Chargé d’Affaires Kenichi Matsuda‘s message, where the latter paid sincere tribute to those who suffered and perished during the Second World War in the Philippines. He added that “Japan will continue in the steadfast course of a peace-loving nation, as it has long devoted itself to world peace and prosperity.”

Sri Lanka, Magsaysay Group explore links in maritime, hospitality sectors

DISPLAYING interests in the maritime and hospitality industries, the Embassy of Sri Lanka and officials from Magsaysay Group of Companies are keen on pursuing potential linkages with the Philippines in the maritime education and cruise hospitality sectors.

In their discussion, Ambassador Shobini Gunasekera briefed the local group on her country’s emerging position as a regional maritime hub in South Asia and its growing seafaring industry.

Recognizing the valuable economic contribution of the sector for countries like Sri Lanka and the Philippines, Gunasekera elaborated on the importance of collaborating on initiatives to further develop the capabilities of the maritime labor force through education and training that are at par with global standards.

With the Philippines’s recognized standing in the global seafaring industry, she added that both countries can learn from each other’s best practices, and work together in pursuing work opportunities through mutually beneficial

ventures for leading industry players like the Magsaysay Group and its Sri Lankan counterparts.

President and CEO Doris Magsaysay Ho of the Magsaysay Group of Companies, together with her team, expressed interest to explore prospects in engaging with Sri Lanka. With the maritime and cruise-line industries’ recovery from the pandemic, employment opportunities for seafarers have also risen, and are paving the way for potential collaborations in catering to employment opportunities in major maritime and cruise-line companies—particularly for chefs, cooks and kitchen staff, among others.

At present an initial dialogue and introduction were organized by the embassy for the Magsaysay Group and their counterparts in Sri Lanka to provide the company with a comprehensive understanding of the industry in the latter, as well as to encourage collaborative ventures. The Magsaysay Group’s prospective visit to network with industry players was also proposed.

CONFERENCE Secretary-general of the Hague Conference on Private International Law Dr. Christophe Bernasconi (from left), Secretary of Foreign Affairs Enrique A. Manalo and Supreme Court Chief Justice Alexander Gesmundo graced the opening ceremony of the HCCH Asia Pacific Week Manila 2022 on October 18. The event, hosted by the Philippines, centered around the theme: “Enabling Cross-border Cooperation in the Region and Beyond.” JESS M. ESCAROS JR./PNA

DONATION International Organization for Migration Deputy Director General Amy Pope (second from right) hands over to Secretary for Migrant Workers Maria Susana Ople (second from left) a donation of laptops on October 18. The latter said the Department of Migrant Workers will use the equipment to monitor the situation of overseas Filipino workers in various parts of the world. ROBERT OSWALD P. ALFILER/PNA

NEW CHAIR Labor Secretary Bienvenido E. Laguesma (left) assumes the chairmanship of the Asean Labor Ministers’ Meeting beginning 2022 until 2024 from outgoing chair Ida Fauziyah, who is Indonesia’s secretary-general of the Ministry of Manpower during the 27th ALMM on October 28 in Manila. The biennial event convenes labor ministers from the 10 member-states to discuss labor and employment plans and programs in the region. DOLE-IPS/JEROME SAJISE

MANALO (left) with Thai Deputy Prime Minister-Foreign Minister Don Pramudwinai DFA

vICE Defense Attaché Commander Takeharu Sekine (in military uniform) salutes at a fallen soldier’s grave, as he is joined by Australian Embassy’s Chargé d’Affaires Richard Sisson and Captain Jack Silver (immediate to the right of Sekine).

By Josef Ramos

CARLOS YULO looks forward to an all-mental, allpsychological finals at the World Artistic Gymnastics Championships in Liverpool where he’s in medal position in four events—his favorite floor exercise, vault, parallel bars and the all-around.

Th at means he won’t be tinkering with his routines in all four.

Same routine but perfect execution,” Yulo told BusinessMirror via internet video call on Wednesday.

Motivated by his strong in during the qualification stage Tuesday at the M&S Bank Arena, the 22-yearold Tokyo Olympian said that he

only needs to perfectly execute the same routine prepared by his long-time Japanese coach Munehiro Kugumiya to get better results.

I need to focus on overcoming my doubts and fears,” said Yulo, who’ll be going for a medal in the men’s all-around on Friday and will defend his vault gold and improve on the parallel bars silver from last year’s Kitakyushu worlds and try to regain the floor exercise gold he won in Stuttgart in 2019—all on Saturday and Sunday.

I will do the same routine, no need to do something else,” he said.

Paalam tests fists, skills in heavier bantamweight division in Amman

IT’S a dilemma that would someday soon confront the national boxing association right on the chin—Tokyo Olympics silver medalist Carlo Paalam and medal potential Rogen Ladon vying for the same flyweight slot for the Paris 2024 Olympics.

B ut that decision will have to wait awhile. In the meantime, the game plan is to strategize and maximize at the ongoing Asian Boxing Confederation (ASBC) Asian Elite Men and Women Championships in Amman, Jordan.

It’s only temporary, it’s for this tournament only,” said Marcus Jarwin Manalo, secretary general of the Association of Boxing Alliances (ABAP) in the Philippines, referring to Paalam competing in the heavier bantamweight division and Ladon staying as a flyweight.

“ We want to maximize on Carlo and Rogen so Carlo moved to bantamweight for now,” Manalo said.” He’s doing very well in training although it’s his first time to compete in the division. But his speed and high-level tactical awareness should help him against bigger opponents.”

The flyweight division is set at 51 kgs and bantamweight at 54 kgs.

B ut come the qualifiers for the Paris Olympics, the ABAP—and perhaps the boxers and coaches—would have to confront the dilemma.

“ Bantamweight is not an Olympic weight [division],” Manalo said. “Carlo has to compete with Rogen [Ladon] for the spot if he wants to qualify again [for Paris].”

L adon is a two-time Southeast Asian Games gold winner and a legitimate flyweight.

Paalam debuts in Amman against Turkmenistan’s Mohanov Dovlet and Ladon against South Korea’s Jo Sehyeong in the preliminary round on Friday.

The ABAP fielded 13 boxers in Amman that started Wednesday and end November. Featherweight Mario Fernandez faced hometown bet Yousef Iashash and light welterweight James Palicte battled Iraqi Jaafar Abdulreal-Sudani late Wednesday.

A lso competing are Tokyo Olympics silver medalist featherweight Nesthy Petecio, minimum weight Mark Lester Durens and Althea Shine Pores, flyweight Aira Cordero Villegas, men’s lightweight Paul Julyfer Bascon, middleweight Marjon Piañar, Tokyo Olympian flyweight Irish Magno, bantamweight Marecil Dela Torre and women’s middleweight Hergie Bacyadan.

“ We have limited international exposure leading to this tournament, but the boxers had a good training camp in Baguio,” Manalo said. Josef Ramos

ABL back after three years with Invitational in January

AFTER a three-year lull, the Asean Basketball League (ABL) is finally set for a muchawaited return with its 11th season through the Invitational Tournament Series 2023.

A s the sporting world gets back to its feet, the league is forging ahead with the Invitational Tournament that will feature games across the region starting on January 2, 2023.

The league will then take a break in February to give way to the international window for men’s basketball before the playoffs and the finals take place in early March.

Some of the best squads around the region are expected to take centerstage and go for a mad dash for glory in the three-month Southeast Asian league.

Even as the leagues around the region have grown along with the progression of the ABL over the years since its founding in 2009, the Invitational remains consistent to the league’s commitment to maintain a strong presence as a developmental platform for all the teams involved.

A BL Chief Operating Officer

Kuhan Foo is pleased with the return of the first regional basketball league in Asia, noting that the move is a huge step forward in sustaining the growth of the sport in the region over the past 10 years.

We’re glad to announce that the Asean Basketball League is finally coming back for its 11th season with the Invitational Tournament Series 2023,” Foo said. “After the Covid-19 pandemic put everything to a halt, the return of the ABL is a huge step towards the right direction as we hope to give our fans the sense of normalcy while we continue to recover from the after-effects of the pandemic.”

“ We are excited to welcome our teams, our players and our fans back in our bid to further foster the growth of basketball across the region,” added Foo as he stressed the role of the league to the vast improvements of countries like Singapore and Vietnam which finally won historic medals in the Southeast Asian Games with Singapore making the podium in 2013 and 2015 while Vietnam bagging one in 2019.

Sports

“I just have to overcome myself— that’s the only way and there’s no secret on what I do. I just practice hard and [wise].”

Yulo, the most bemedaled Filipino at the Hanoi Southeast Asian Games last May with five golds and two silvers, placed third in the men’s all-around qualification with 84.664 score behind Japan’s Wataru Tanigawa (84.731) and Daiki Hashimoto (84.665).

He topped the qualification for the floor exercise with 15.266 points, second in vault and fourth place in parallel bars.  Yulo said he had no regret improvising in the qualification that

caused him a top spot in the vault and stressed he has gained more confidence after executing the “Ri Se-gwang”— backward full-twisting double tucked move—named after the former Olympic gold medalist and three-time world champion gymnast from North Korea.

That was my first time to do that, but it gave me the confidence now to compete in the finals so all I have to do is bring out my best,” Yulo said. “I will just try my best to perfect it.”

A fter Tuesday’s qualification phase, Yulo, Kugumiya and his physiotherapist Junpei Kunno took a five-minute leisurely walk back to their hotel from the competition venue.

The floor exercise final is on Saturday and the vault and parallel bars medal plays are on Sunday.

Fighting Maroons, Red Warriors defeat rivals in lopsided fashion in UAAP Season 85 hoops action

DEFENDING

champion University of the Philippines (UP) extended its winning streak to five games while University of the East (UE) continued to embrace a winning attitude in University Athletic Association of the Philippines Season 85 men’s basketball action on Wednesday at the Mall of Asia Arena.

UP stormed past Adamson University, 91-70, for a now leaguebest 8-1 won-lost record, while UE checked a three-game skid with a dominant 81-51 win over University of Santo Tomas (UST) to improve with a 4-5 card.

The Fighting Maroons used a huge second-half surge to book the rout that sent the Soaring Falcons to their fifth loss also in eight games. “We didn’t have the start that we wanted,” UP coach Goldwin Monteverde said. “We need to improve on our defense, we have to work on that. Being consistent and not thinking about whatever standing we’re at now is our priority.”

JD Cagulangan kicked off the Fighting Maroons’ breakaway with a triple with 25 seconds left in the third quarter for a 69-57.

Harold Alarcon and Zavier Lucero then combined for six straight points to open the fourth for an insurmountable 18-point UP advantage, 75-57.

Malick Diouf delivered a career-high 20 points on 7-of-11 shooting eight rebounds and five steals, while Carl Tamayo was a plus-25 with 18 points and five rebounds and Lucero and Terrence Fortea finished with 14 and 12 points, respectively, for UP.

Jerom Las timosa led the Soar ing Fal cons with 19 points, three rebounds, three assists and three steals, but hurt his right ankle with under six minutes remaining.

The Red Warriors, meanwhile, pulled away after a 20-9 second for a 22-point spread at the half, 45-23.

UE led by as many as 34, 81-47, after a Harvey Pagsanjan triple with 43.1 seconds left in the match.

Harper, Phillies top Astros, tie World Series HR record

HILADELPHIA—Bryce Harper hammered his sixth postseason home run, whispered an assist to Alec Bohm before his solo shot and the Philadelphia Phillies tied a World Series record with five homers to rout the Houston Astros, 7-0, Tuesday night and take a 2-1 series lead.

randon Marsh also homered, and Kyle Schwarber and Rhys Hoskins hit back-to-back shots in the fifth inning to chase Astros starter Lance McCullers Jr. Philadelphia used the long ball to end the long wait for its first World Series home win since Game 5 of the 2009 World Series.

ose Phillies couldn’t finish the job. anger Suárez tossed three-hit ball over five shutout innings and inched this year’s team closer to getting it done. arper, Bohm, Marsh and the rest of the Phillies on the last team to qualify for the playoffs are two wins away from ending the season as the last team standing. With a sparkling 6-0 record at Citizens Bank Park this postseason, the Phillies just may not return to Texas.

It’s our fan base. I mean, plain and simple.” Harper said. “They keep us going, keep us fired up.” nother red, raucous, resolute crowd of 45,712 let the Astros have it from the first pitch with chants of “Cheater! Cheater!” for Jose Altuve

and “Check the Bat! Check the Bat!” for Martin Maldonado.

T he fans—already amped from the jump after another sliding catch by right fielder Nick Castellanos in the first—didn’t wait long to go wild for the home run barrage.

W ith leadoff hitter Schwarber on first base, Harper repeated his flair for playoff power when he ripped a tworun shot off McCullers into the right field seats for the fast lead. That made Harper 2 for 2 on home run swings in Philly—he sent the Phillies to the World Series with a two-run drive in Game 5 of the National League Championship Series to beat San Diego.

H arper crossed the plate and again exclaimed “This is my house!” before he ripped off his helmet, exposed his Phillie Phanatic headband and was mobbed by teammates in the dugout.

H arper’s homers shook the stadium to the point they should be measured on the Richter scale rather in feet—and they seem as automatic these days as a Phillie Phanatic spin on his ATV.

H arper has hit four postseason homers that gave the Phillies the lead and showed that, yes, Bryce Bombs do go off in November, the first time more World Series games will be played in this month than October.

Oh, and Harper might have a second career as a homer whisperer.

HARPER’S homers shake the stadium to the point they should

on the Richter scale rather in feet. AP

CJ PAYAWAL leads University of the East bid with 17 points along with eight rebounds and five assists.

CARLOS YULO executes a difficult Ri Se-gwang” during the vault qualification phase.

PHOTO JAT TENORIO