BusinessMirror November 06, 2023 by BusinessMirror

House vows timely OK of budget, Ledac bills By Jovee Marie N. dela Cruz @joveemarie

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CHINA SUPPORTED SANCTIONS ON NORTH KOREA’S NUCLEAR PROGRAM. IT’S ALSO BEHIND THEIR FAILURE

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OLLOWING a five-week recess, the House of Representatives is set to resume regular sessions on Monday with a clear focus on expediting the approval of the P5.768-trillion national budget for 2024 and advancing the few remaining priority bills of the Marcos administration. Speaker Ferdinand Martin G. Romualdez on Sunday emphasized the House’s commitment to give top priority to the swift approval of the 2024 spending plan, recognizing its crucial role in sustaining government operations and addressing

the nation’s needs. Romualdez underscored the ultimate goal of ensuring that the budget measure reaches President Ferdinand “Bongbong” R. Marcos Jr.’s desk and is signed by the chief executive by yearend. “The budget is the lifeblood of our nation’s progress and development. The House is fully dedicated to the task at hand, ensuring that the national budget is ratified and enacted on time to guarantee the continuity of essential services, support economic growth, and promote the well-being of our citizens,” Romualdez said. Following extensive deliberations, the House submitted last

Saturday the approved 2024 General Appropriations Bill (GAB) to the Senate, featuring P194.5 billion in realignments to address security, inflation protection, and food security. Upon resuming the session, Romualdez emphasized that the House will address other important bills, including the remaining 11 key legislative priorities outlined primarily in both the LegislativeExecutive Development Advisory Council (Ledac) and President Marcos’ State of the Nation Address (Sona) last July. Under Ledac, the pending bills include the Department of Water Resources and Services and

Creation of Water Regulatory Commission, Tatak-Pinoy (Proudly Filipino) Act, and Blue Economy Law, all of which have received approvals from their respective mother committees and are awaiting feedback from the House Committee on Appropriations. Additionally, amendments to the Electric Power Industry Reform Act (Epira) or Republic Act (RA) No. 9136, Government Procurement Reform Act, and Amendment of the Cooperative Code are currently under committee/technical working group (TWG) consideration, while Budget Reforms Modernization, National Defense See “House,” A2

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PRIME Minister Fumio Kishida of Japan strengthens maritime cooperation with the Philippines, delivering a historic speech at the House of Representatives (right), the first by a Japanese premier in a special joint session of the Philippine Congress during his two-day visit to Manila, Kishida pledged ongoing support to enhance the capabilities of the Philippine military and maritime agencies. The visit concluded with his symbolic tour of the Japanese-built BRP Teresa Magbanua at the Philippine Coast Guard headquarters on Saturday, November 4, 2023. “I truly hope that this will lead to regional peace and prosperity as well as a free and open Indo-Pacific,” Kishida expressed to top Philippine government and coast guard officials aboard the Magbanua, one of the two biggest patrol ships of Manila’s underfunded coast guard. EZRA ACAYAN/AARON FAVILA VIA AP

By Cai U. Ordinario

@caiordinario

ATIONAL government financing data contracted in September on the back of a decline in domestic borrowings, according to the Bureau of the Treasury (BTr). The data showed national government borrowings declined to P84.578 billion in September 2023, the lowest since the P51.601 billion posted in December 2022. Compared to September last year, national government borrowings contracted 76.59 percent from P361.354 billion in 2022. The BTr data showed domestic net borrowings contracted 75.248 percent to P92.067 billion in September from the P371.96 billion in the same period last year. Under domestic borrowings for September, the largest was Fixed

Rate Treasury Bonds at P61.064 billion. It can be noted that net amortization during the period reached P148.88 billion. In September, net External borrowings also contracted 29.4 percent to -P7.489 billion in 2023 from -P10.61 billion in the same period last year. Based on BTr data, the government’s borrowings reached P1.66 trillion in the nine-month period. This was a contraction of 0.849 percent from the P1.68 trillion in the same period last year. See “Sept,” A2

WB: PHL CAN’T MEET NET-ZERO GOALS DESPITE GHG REDUCTION

VEN if the Philippines reduces its greenhouse gas (GHG) emissions by 75 percent, the country will still fail to meet its nationally determined contributions (NDCs) as well as net-zero targets, according to the World Bank. In a Country Climate and Development report for the Philippine transport sector, the World Bank said the only way to meet these targets “is to completely decarbonize” the transport sector. T h i s mea n s conver t i ng all land transport to electric vehicles (EVs) and using 100 percent renewable energy in power generation or biofuels for non-EVs. “Full implementation of the

accelerated decarbonization measures will lower GHG emissions from the transport sector, but it will not enable the transport sector to achieve its NDC target, more so achieve net zero emissions,” the report stated. In order to address this problem, the World Bank recommended that the government implement a more ambitious program to promote low carbon transport nationwide. This new program should include high-capacity public transport and Non-Motorized Transport (NMT) as well as expanding mass transit systems in Metro Manila and provincial capitals. See “WB,” A2

Senate to tackle ’24 budget, including intel fund tweaks By Butch Fernandez @butchfBM

HEN sessions resume today (Nov. 6) after a fiveweek break, the Senate will buckle down to work on the 2024 national budget, with a vow to finish it on time to avoid government operating a reenacted appropriations program in January. This, after Senate President Juan Miguel F. Zubiri led senators in accepting at the weekend House Bill No. 8980, or the General Appropriations Bill for 2024, from House Speaker Martin Romualdez at the House of Representatives on Saturday, when the two chambers held a joint special session to receive visiting Japanese Prime Minister Kishida Fumio. The Senate will start to delib-

erate the national budget for next year when it resumes session on November 6, 2023, officials said. The House of Representatives officially transmitted the approved P5.768-trillion 2024 General Appropriations Bill (GAB) to the Senate, including P194.5 billion in reallocated funds dedicated to enhancing national security, shielding Filipinos from global inflation, and ensuring food security. As part of the House amendments, substantial funds were allocated to vital agencies involved in accelerating human development, according to an earlier BusinessMirror report. Among these agencies are the Department of Agriculture, the Department of Health (DOH), the University of See “Senate,” A2

PESO EXCHANGE RATES n US 56.8080 n JAPAN 0.3776 n UK 69.3285 n HK 7.2599 n CHINA 7.7675 n SINGAPORE 41.6420 n AUSTRALIA 36.5503 n EU 60.3528 n KOREA 0.0426 n SAUDI ARABIA 15.1431 Source: BSP (November 3 , 2023)

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After Kishida visit, House vows to safeguard WPS

OLLOWING Prime Minister Kishida Fumio’s remarks, the leadership of the House of Representatives on Sunday affirmed its commitment to safeguarding Philippine interests in the West Philippine Sea.

During a historic speech at the special joint session of the House of Representatives and the Senate on Saturday, Kishida underscored Japan’s unwavering commitment to the Philippines in matters of security and defense cooperation. “ P r i me Mi n i ster K i sh id a’s remarks prove that Japan is a dependable, eager, and stable partner of the Philippines in fostering international order. Together with like-minded nations such as the United States [US], we look forward to solidifying the cooperation blueprint with Japan,” Speaker Ferdinand

Martin Romualdez said. Kishida also emphasized Japan’s “renewed commitment” to upholding a Free and Open IndoPacific (FOIP). He highlighted the significance of extending efforts for the security and safe utilization of both sea and air in the FOIP framework. The Japanese leader announced Japan’s donation of 12 ships to the Philippine Coast Guard (PCG) and the delivery of a warning and control radar system to the Philippine Air Force (PAF). Additionally, the Philippine Navy awaits coastal surveillance radars from Japan under the newly established Official

WB...

The World Bank also recommended that the government implement the broad electrification of

Continued from A1

KISHIDA

Security Assistance (OSA) program. There is also the commitment to the Japan-Philippines Reciprocal Access Agreement (RAA), which serves as both countries’ equivalent of the Visiting Forces Agreement (VFA). “Incidentally, we in the House of Representatives have also begun to take serious steps to augment the capabilities of our PCG, public transport sector; encourage greener transport modes including rails for both passenger and freight

Armed Forces of the Philippines [AFP], and other security agencies with the realignment of P1.23 billion in confidential funds under the P5.768-trillion General Appropriations Bill [GAB],” said Romualdez. “ The partnerships we have highlighted are truly exceptional. Therefore, we will do our part in our budget to support our Coast Guard, Navy, and Armed Forces... to strengthen our rights here in the Philippines, especially in the Kalayaan Island Group [KIG] within the West Philippine Sea,” the House leader stated. The KIG is situated in the WPS. Romualdez also recalled one of President Marcos’s campaign promises, which was, that the Philippines “will not lose an inch” of its territory. Earlier, Kishida emphasized the strong and growing relationship between Japan and the Philippines. “About a half century has passed since then. Exchanges between our two countries have deepened, and today, the relationship between Japan and the Philippines is stronger than ever,” Kishida said. Jovee Marie N. Dela Cruz

transport; and embrace compact city development to avoid high motorization and sprawl growing path. “Given the relatively low motorization rate and rapid urbanization at the same time, the country has a good window of opportunity to pursue sustainable low carbon transport development,” the report stated. Efforts to ensure the successful implementation of low transport programs is crucial since the World Bank said the “current program has been slow with the majority of the program partially implemented.” The World Bank said one of the major reasons for this is that planned activities have not all received sufficient budgets. Another issue is overlapping mandates among government institutions on transportation interventions. To address these, the Washington-based lender said the national transport master plan should be used to guide these efforts. As such, it should also be updated alongside the Philippine Development Plan. The government should also improve interagenc y and intra-gover nment coordination through legislation as well as the institutionalization of project management offices instead of hiring contract-based workers. Efforts to strengthen the monitoring, evaluation, and reporting as well as verification of the progress and impact of low transport programs should be undertaken. Cai U. Ordinario

BSP’S...

Continued from A12

There are 39 billion pieces of coins in circulation in the country. At 110 million Filipinos, this translates to around 355 coins per capita which is a 195 percent growth from the 120 coins per capita eight years ago. Medalla said since many coins are stored at home, it takes months for them to circulate. He said ideally, coins should change hands at least every week, but because of the informal storage of coins in the country, coin circulation happens twice a year or less. This prompts the BSP to mint additional coins, which can be very expensive. Medalla said the government only spends P7 to print 1,000 peso bills but can spend P10 to make a 20-peso coin.

House...

Continued from A1

Act, New Government Auditing Code, and Philippine Defense Industry Development Act are under committee deliberations. For Sona priority, seven bills remain pending, with six of them also listed as Ledac measures. The six Sona measures that align with Ledac bills include the Department of Water Resources and Services and Creation of Water Regulatory Commission, TatakPinoy (Proudly Filipino) Act, Blue Economy Law, New Government Auditing Code, Government Procurement Reform Act, and Amendment of the Cooperative Code. The seventh Sona bill pertains to the Motor Vehicle User’s Charge/Road User’s Tax, making for a total of 11 Ledac and Sona bills in focus. Moreover, Romualdez reiterated his commitment to ensuring the timely passage of the remaining priority bills, recognizing their substantial contribution to addressing critical issues and improving the well-being of Filipinos. “Our primary focus continues to be the legislative agenda outlined by President Marcos, and we are fully committed to working diligently to

Senate...

pass these vital bills for the betterment of our nation,” he said. Romualdez, meanwhile, emphasized the importance of cooperation between the legislative and executive branches through the Ledac, recognizing that unity and collaboration are essential in developing effective policies and reforms. Out of the 57 Ledac priority measures, eight have become law, including the SIM Registration Act, Postponement of Barangay/SK Elections in 2022, and the Agrarian Reform Debts Condonation. Two measures, the Ease of Paying Taxes and Amendment to the BuildOperate-Transfer (BOT)/PublicPrivate Partnership (PPP) Code, have achieved ratification by the bicameral conference committee. Thirty-five bills have passed the third reading, encompassing significant initiatives like the Virology Institute of the Philippines, the Passive Income and Financial Intermediary Taxation Act (Pifita) (Package 4), and the National Disease Prevention Management Authority, among others. Other measures are currently pending at the committee level.

Continued from A1

the Philippines-Philippine General Hospital (UP-PGH), the Department of Social Welfare and Development (DSWD), the Department of Labor and Employment (DOLE), the Technical Education and Skills Development Authority (Tesda), and the Commission on Higher Education (CHED) to support various critical programs, including healthcare, social welfare, and education. Following a frenzy of comments about the huge intelligence funds sought by agencies that are not involved with national security, the House also reallocated funds to those deemed more deserving of such: the National Intelligence Coordinating Agency, the National Security Council (NSC), the Philippine Coast Guard (PCG), and the Department of Transportation (DOTr). At the weekend, Speaker Ferdinand Martin G. Romualdez pointed out that the 2024 budget underwent a comprehensive review to address the immediate concerns of ordinary Filipinos, particularly in light of global inflation and rising commodity prices. “I am proud of the finished product that we are now handing over

Sept...

formally to the Senate. The House of the People remained steadfast in its commitment to timely, transparent budgeting, free from the shadows of pork barrel. We meticulously scrutinize every peso, ensuring that it serves the welfare and aspirations of the nation and our people,” Romualdez said. The House leader noted that the 2024 budget has been meticulously reviewed to address the pressing concerns of ordinary Filipinos, especially in these trying times of global inflation and the escalating prices of basic commodities. “The House has made significant institutional and individual amendments to provide immediate relief and long-term solutions for this particular problem,” he said. Measures to help people cope with persistently high inflation and its impacts were also incorporated in the budget tweaks, said the House leader. For its part, the Senate vowed to scrutinize the budget well and bring to fore the key concerns raised in earlier hearings that its subcommittees under the Finance mother committee of Sen. Juan Edgardo Angara, held with various agencies before the recess.

Continued from A1

Domestic net borrowings in the January to September period in 2023 reached P1.34 trillion. This was a contraction of 1.01 percent from the P1.36 trillion posted in the same period in 2022. Under Domestic borrowing, the largest was Fixed Rate Treasury Bonds at P965.83 billion. It can be noted that amortizations during the period reached P852 billion. In the nine-month period, net External borrowings grew 20.27 percent to P317.56 billion in 2023 from P264.03 billion in 2022. Last week, the BTr said the national government plans to borrow as much as P225 billion next

month from the tender of various government securities. The borrowing plan set by the Treasury for Treasury bills (T-bills) and Treasury bonds (T-bonds) is P75 billion higher than the P150 billion programmed amount for October. In November, the national government aims to raise P75 billion from five auctions of T-bills with a volume of offering of P15 billion per tender. The Treasury is also scheduled to hold next month five auctions of T-bonds with varying tenors with a total value of P150 billion. Each T-bonds auction would have a volume of offering of P30 billion.

East Timor’s...

Continued from A12

Among those who led the Philippine initiative was noted activist and patriot Renato “RC” Constantino Jr., a friend of Ramos Horta. When the tensions ran high between Indonesian militias and East Timorese just before the new millennium, it was mainly Philippine Christian groups who provided refuge to East Timorese who were being harassed by the militias.

Subsequently, Manila Archbishop Jaime Cardinal Sin lent support to a civilian-led campaign, including by businessmen, to help the East Timor independence campaign. Fears by the government that the support for East Timor’s freedom campaign would strain relations between Asean neighbors Manila and Jakarta were shortlived, as the two long-time allies soon restored complete ties. Samuel P. Medenilla

Monday, November 6, 2023

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

Govt to miss 2023 exports target By Andrea San Juan @andreasanjuan

HILIPPINE exports won’t likely hit the target set under the Philippine Export Development Plan (PEDP) 2023-2028 for this year as the goals discounted the flaring of geopolitical tensions, Department of Trade and Industry (DTI) official revealed.

DTI-Export Marketing Bureau Director Bianca Pearl R. Sykimte said the Marcos administration would face difficulties hitting the country’s $126.8-billion exports target for 2023 as the figure was ideated before geopolitical tensions flared up. Sykimte said it would be “most likely difficult” to hit the exports target under the PEDP because these were crafted in a situation where there were still no geopolitical tensions, inflation was stable and before China posted a less favorable economic recovery. She said dur ing an online news br ief ing l a st T hu rsd ay that the agency is eyeing “at

least” a 5 -percent grow th in terms of total exports. In 2022, the country’s exports hit about $98 billion worth of export earnings from services and goods, Sykimte said. Based on the computations made by the BusinessMirror, the country’s exports should amount to $102.9 billion of export earnings from goods and services this year if it aims to grow by five percent. Sykimte emphasized that the DTI is still discussing with the Philippine Exporters Confederation Inc. (Philexport) and the Export Development Council if they would “recalibrate” the targets set in the country’s export develop-

ment plan. She added that they usually adjust targets based on “trading environments.” Citing the Philippine Statistics Authority (PSA), Sykimte revealed that merchandise exports of the Philippines from January to August 2023 amounted to $47.8 billion, 6.6 percent down from the $51.18 billion recorded in the same period in 2022. Despite the decline, however, she underscored that the country’s export performance year-to-date is “sort of in the middle of the pack” compared to its peers in the region. “We’re about 6.6 percent down; other Asian countries in terms of export performance are down by 7.8 percent,” Sykimte said citing Malaysia as example. She cited that Vietnam’s export is down by 9.6 percent and Indonesia by 11.8 percent. “Korea, Singapore, Hong Kong, Taiwan, double-digit down din,” Sykimte said. She said that Asian countries that are ahead of the Philippines in terms of export performance are Japan with a 2.1-percent growth in the 8-month period. Sykimte added that China’s exports went down by 5.1 percent and Thailand with a 5.4-percent decline in the said time frame. As for the country’s services exports, the Trade official revealed that from January to June, which is the latest data they have

in hand, is “way better than merchandise exports” as it went up by 22 percent. This growth, Sykimte noted, was “primarily driven by travel services from $800 million last year to more than $4 billion in terms of exports ng travel services.” “Other ex ports of ser v ices under [IT and Business Process Management] IT-BPM, telecommunications, computer information services and other business services up by 49 percent from January to June,” the trade and industry official said. “Ang medyo malaki lang na decline natin for services export is manufacturing services: it’s down by 23 percent.” Export industry groups such as the Philexport and the Semiconductor and Electronics Industries in the Philippines, Foundation Inc. (SEIPI) have been pointing to geopolitical conflicts such as the trade war between US and China and the conflict in Eastern Europe, among others, as the culprits behind the country’s failure to meet exports targets. In fact, the Seipi has adjusted its growth goal for electronics exports from 5 percent to zero percent for 2023. (Full story here: https://businessmirror.com. ph/2023/08/31/seipi-adjuststo-0-growth-goal-in-electronic-exports/)

Meralco to raise rates on generation charges By Lenie Lectura @llectura

L EC T R IC I T Y r ates t h i s mont h cou ld go up be cause of higher generation charge, according to the Manila Electric Co. (Meralco). “While we have yet to receive the final billings from our suppliers, initial indication shows that there is upward pressure on the generation charge this month,” Mera lco Spokesma n Jose M. Zaldarriaga said. Generation charges comprise bulk of power rates. Zaldarriaga said that the upward adjustment in generation charge is ex pected to be dr iven by higher W holesale Electricity Spot Market ( W ESM) pr ices in October due to t he prev iously repor ted increase in plant outages. “We hope that these can somehow be mitigated by other supply

factors. Rest assured that Meralco is relentlessly working to deliver stable and reliable electricity service at the least possible cost,” Zaldarriaga added. Last month, Meralco rates went up by P0.4201 per kilowatt hour (kW h). This brought overall rate for a typical household to P11.8198 per kW h in October from P11.3997 per kW h in September. For resident i a l c u stomers consuming 200 kW h, the adjustment was equivalent to an increase of around P84 in their total electricity bill. The generation charge for October, Meralco had announced, went up by P0.3015 to P7.1267 per kWh from P6.8252 per kWh in September. Last month, monetary authorities have cited electricity fares as among the factors that puts the balance of risks to the inflation outlook on the upside.

Govt ‘fine-tuning’ e-visa Sustainability in projects, policies cited by PPP Ctr system to boost tourism

NDER SECR ETA RY Ma. Cynthia C. Hernandez, executive director of the Public-Private Partnership (PPP) Center of the Philippines, discussed PPP policies and infrastructure projects that support the transition to a sustainable economy and climate resilient PPPs during the a tax symposium organized by SGV & Co. held last month. Hernandez presented policy initiatives on developing PPPs and integrating resilience in emerging sectors. She mentioned PPP Governing Board Resolution 201812-02, which covers safeguards addressing PPPs environmental impacts of proposed projects, climate change, indigenous peoples and vulnerable groups and gender. She also presented partnerships with the Asian Development Bank (ADB), the Urban Climate Change Resilience Trust Fu nd ( UCC RT F ) a nd A gence França ise de Développement (AFD), which are intended to

THIS Wednesday, October 25, 2023, photo courtesy of the Public-Private Partnership Center of the Philippines (PPP Center) shows Undersecretary Ma. Cynthia C. Hernandez speaking during 2nd SGV Tax Symposium in Makati City. PUBLIC-PRIVATE PARTNERSHIP CENTER OF THE PHILIPPINES (PPP CENTER)

integrate resilience in emerging PPP sectors. These initiatives complement the policy signals supporting the transition to a

sustainable economy and climateresilient PPPs. The Undersecretary also discussed the PPP project pipeline,

which features 6 projects that have been approved during the current administration. These include the following: the UP-PGH Cancer Center Project; the upgrade, expansion and operation and maintenance of the Ninoy Aquino International Airport; the Dialysis Center PPP Project for the Renal Center Facility of the Baguio General Hospital and Medical Center; the upgrade, expansion and operation and maintenance of the Laguindingan International Airport; and, the Tarlac-Pangasinan-La Union Expressway (TPLEX) Extension Project. A statement issued by the PPP Center reads that the second SGV Tax Symposium, which has the theme “Tax Sustainability and You,” brings together industry leaders and key government representatives to share their insights and experiences gained towards sustainability as the Philippines traverses across the post-pandemic environment.

Govt to give cash, rice to Manila, Laguna poor By Jovee Marie N. Dela Cruz @joveemarie

DMITTING that government cannot lower the price of rice, as President

Marcos promised, the House of Representatives and the Department of Social Welfare and Development (DSWD) launched a program to provide aid to disadvantaged and vulnerable Filipino

families in the legislative districts of Metro Manila and two cities in Laguna. According to Speaker Ferdinand Martin G. Romualdez, the program has been devised as a response to the challenge laid down by President Ferdinand R. Marcos Jr. to Congress “to find a way to provide affordable and high-quality rice to our communities.” “Today is a historic day, not only in Laguna but throughout Metro

Manila as well. This morning, we formally launch the latest program of our government—the Cash Assistance and Rice Distribution, or Card, program,” Romualdez said during the introduction of the program in Biñan City, Laguna. “We are well aware of the global increase in prices due to inflation caused by conflicts in the Middle East, affecting the cost of living worldwide,” Romualdez said. “Consequently, it is not easy for the government to lower rice prices here in the Philippines.” “Nonetheless, we endeavored to find a way to assist our fellow citizens in light of rising rice and commodity prices. Our target is to provide aid to 10,000 beneficiaries in each district,” he added. The Card Program was initiated in the 33 legislative districts of Metro Manila, with each district having 10,000 impoverished and vulnerable beneficiaries, totaling

By Samuel P. Medenilla

HE government is now close to rolling out its improved electronic visas (e-visa) for travellers from India and other countries. President Ferdinand R. Marcos Jr. made the remark during his meeting with Indian Ambassador to the Philippines Shambhu Kumaran in Malacañang last week. Marcos said the concerned agencies are now just “ finetuning some measures,” which will extend the validity of the e-visas. “It won’t be just India, we are doing it with…several other countries as well to keep it. Again, we will just apply the same principles that we did with others—to India. But that is something that’s easy for us,” the chief executive told Kumaran. The Department of Tourism

(DOT) earlier said it is eyeing the implementation of the evisa as well as the reduced visa requirements to attract more tourists from its target markets, which include China and India. The said measures were part of the 2023-2028 National Tourism Development Plan, which was approved last May. With the full implementation of the plan, DOT expects to attract 52 million visitors to the countr y in the next five years. L a st yea r, DOT repor ted 49,330 of the country’s foreign arrivals were from India making it one of the country’s top 10 tourist markets Other countries included in the list were the United States (461,947), South Korea (387,780), Australia (122,971), Canada (112,015), United K ingdom (93,440), Japan (91,557), Singapore (50,964), Malaysia (44,357), and Vietnam (37,028).

330,000 recipients. The distribution of aid will be divided into four installments. In addition to the NCR launch, the program also includes distributions in Biñan City (3,000 beneficiaries) and Santa Rosa City (2,000 beneficiaries), bringing the total beneficiaries for the launch to 335,000. Each beneficiar y will receive at least P2,000 in assistance, which includes P950 for a 25-kilogram sack of rice at P38 per kilo and the remaining amount in cash to purchase other essential food items. The DSWD is responsible for identif ying beneficiar ies and may adjust the assistance amount based on the prevailing circumstances. The event coincided with the launch of the “Bagong Pilipinas Serbisyo” Fair (BPSF) in Laguna after its inauguration in Biliran, Davao de Oro, Leyte, Camarines Sur and Ilocos Norte. The BPSF is a program that brings over a hundred government services directly to the people, Romualdez

explained. Like the BPSF, the CARD program will extend beyond Metro Manila to encompass the remaining 250 congressional districts in the Philippines, he added. With 10,000 beneficiaries per district, the Card program is expected to reach 2.5 million indigent and vulnerable Filipinos. “Our aim is to expand this program not only throughout Luzon but in every corner of the country. We will prioritize cities in Visayas and Mindanao where there is a shortage of affordable, high-quality rice,” Romualdez explained. He further underscored that the program was conceived in response to the escalating rice prices and the challenges faced by Filipino consumers, empowering them to access rice at more affordable prices and enhancing their purchasing power. The program also serves as a countermeasure against those who stockpile large quantities of rice and engage in price manipulation.

@sam_medenilla

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

FFW urges govt to issue visas to Pinoys’ Palestinian spouses

ABOR group Federation of Freedom Workers (FFW) called on the Philippine government last Sunday to issue visas to the Palestinian spouses of Filipinos set to return to the country. The Department of Foreign Affairs (DFA) Undersecretary Eduardo José A. Vega on Saturday stated that the 134 Filipinos in Gaza have been permitted to leave. However, their Palestinian spouses are not allowed to exit. A statement issued by the FFW read that the labor group emphasizes the “necessity of family unification,” specifically for repatriated Filipinos with Palestinian spouses who prefer to evacuate from Gaza. “The family and its values are important to us Filipinos that’s why we understand why many Filipinos in Gaza remain if they are not with their Palestinian spouses,” said Chairperson of FFW-Trade Federation 1 Warie Espada in Filipino. Meanwhile, FFW Women Network President Ma. Victoria G. Bellosillo said

their appeal of family unity is “not only a humanitarian obligation but also resonates with the fundamental values of human rights and the constitutional protection to family as a social institution in the country.” According to Immigration Rules and Regulations 13(a), non-quota visas may be issued to foreign nationals “who have contracted a valid marriage, recognized by Philippine laws, with a Filipino citizen.” In addition, the petitioner of the visa should be the Filipino spouse. FFW President Jose G. Matula cited Article 16 of the Universal Declaration of Human Rights (UDHR), which “underscores the importance of safeguarding individuals’ intimate lives, advocating for every adult’s right to marry and establish a family if they wish.” Article 16 accentuates the State’s duty to provide protection to the family, reflecting a profound commitment to its welfare, he added. Patrick V. Miguel

Comelec rules in Negros Oriental special polls out

HE Commission on Elections (Comelec) has outlined the calendar of activities of the special elections in Negros Oriental’s 3rd legislative district on December 9, filling in the vacant seat of an expelled congressman. According to the poll body’s Resolution 10945, the filing of candidacy is scheduled on November 6 to November 9. Meanwhile, the campaign period will begin on November 9 until December 7. The Comelec has also implemented a gun ban during the election period, which kicks off on November 9 until December 24.

According to Chairman George Erwin M. Garcia, there is a possibility they might impose Comelec control in Negros Oriental during the special elections. During the recent Barangay and Sangguniang Kabataan Elections (BSKE), the province was placed under Comelec control. Earlier in August, the House of Representatives voted to expel 3rd District Rep. Arnolfo A. Teves Jr. for disorderly conduct and continued absence. Teves is also facing murder charges in relation to the killing of Negros Oriental Governor Roel R. Degamo. Patrick V. Miguel

Malacañang lifts LTFRB chief’s suspension order

ITH no more pending corruption allegations against Land Transportation Franchising and Regulatory Board (LTFRB) Chairman Teofilo E. Guadiz III, Malacañang said last Sunday it ordered the lifting of preventive suspension issued against him. “The Office of the President lifted the suspension order imposed upon Guadiz after Jefferson Gallos Tumbado, who appears to be the sole witness in his case, executed an ‘Affidavit of Recantation’ withdrawing his statements and allegations against him,” Executive Secretary Lucas P. Bersamin was quoted as saying by a statement. However, Bersamin said the suspension may be reimposed against Guadiz if “a supervising event maintaining the same accusations against him are put forth before the OP.” Last Saturday, the Depar tment of Transportation (DOTr) announced Guadiz

will be returning to his duties as the chairman of LTFRB. President Ferdinand R. Marcos Jr. suspended Guadiz last month after he was linked by Tumbado to illegal activities at the LTFRB. Tumabado, a LTFRB executive assistant, however, later withdrew his allegation on Guadiz’s supposed involvement in the bribery incidents in the issuance of public transportation franchises. Congress cited Tumbado in contempt last week for his unsubstantiated and inconsistent claims of corruption at the LTFRB. He was ordered to be detained at the Batasang Pambansa Complex for a maximum of 10 days. Tumbado insisted some LTFRB officials were accepting bribes from transport operators to speed up the processing of their applications. Samuel P. Medenilla

Monday, November 6, 2023

DENR chief sets quota for tree-seedlings production By Jonathan L. Mayuga @jonlmayuga

NVIRONMENT Secretary Maria Antonia Yulo-Loyzaga has ordered all satellite offices of the Department of Environment and Natural Resources (DENR) to put up forest nurseries to ensure a steady supply of planting materials for treeplanting activities. The country’s chief steward of the environment and natural resources has issued an order putting up a quota for every DENR satellite office to produce annually. “For existing and fully operational nurseries, the minimum number of seedlings of indigenous and endemic species to be produced per office, annually, shall be 15,000 seedlings,” the order states. “In case the production of both ind igenous/endemic species and

bamboo, a minimum total of 10,000 planting materials shall be produced of which a minimum of 7,500 seedlings are indigenous and/or endemic species and a minimum of 2,500 are bamboo culms,” it continued. The DENR is allocating P200,000 for the operational cost of each forest and tree seedlings that already exist and would-be established in compliance with the order. DENR Memorandum Order 202303 signed by Yulo-Loyzaga in July was posted on the DENR-FMB website. It provides the guidelines for the establishment of the forest or tree nurseries for City Environment and Natural Resources Offices (Enros) and Provincial Enros, including satellite offices of the DENR in the National Capital Region. These nurseries are expected to ensure the steady supply of planting materials for tree-planting activities, boosting the ambitious

Enhanced-National Greening Program (E-NGP). The E-NGP aims to reforest the remaining open, degraded and denuded forest in the country by 2028. There are still about 7.5-million hectares of open, degraded, and denuded forests that need to be rehabilitated. DENR offices with no space may use nearby areas within their jurisdiction to produce sufficient planting materials for “greening”. The DENR chief wants operators of the forest or tree nurseries to prioritize planting indigenous or native tree species, including bamboo, although in the NCR, ornamental plants not exceeding 30 percent of the total volume of tree seedlings to be produced are allowed. The order said seeds “may be sourced from Seed Production Areas (SPAs), Individual Plus Trees (IPTs), or from Forest Tree Seed Centres (FTSC)

Senator Bong Go bats for better consumer welfare protection amid existing and emerging global crises

N light of the escalating Israel-Hamas conflict and its potential impact on global prices especially oil and other commodities, Senator Christopher “Bong” Go has called on the government to be vigilant in protecting consumer welfare. The senator emphasized the need for monitoring price levels and implementing necessar y inter ventions to mitigate the impact especially on the poor and vulnerable sectors. “Global events have local consequences. We cannot afford to be passive spectators. The government has a moral and social obligation to protect the welfare of its citizens, particularly those who are most vulnerable,” said the senator while elaborating on the critical role of price monitoring in safeguarding consumer welfare. “By keeping a close eye on market prices, we can preemptively identify and address potential issues before they escalate into full-blown crises,” Go explained. The World Bank has sounded the alarm on the ongoing Israel-Hamas conflict, warning that it could lead to significant price shocks on essential commodities like oil and agricultural products.

Coupled with the ongoing war in Russia and Ukraine, these global crises have created a volatile economic landscape that could have severe repercussions locally. “Sa mga panahon pong ito na marami tayong kinakaharap na economic issues, kabilang na ang inflation, kailangan nating magkaisa at kumilos agad para sa kapakanan ng ating mga kababayan, lalo na iyong mga pinaka-nangangailangan ng tulong at atensyon ng gobyerno,” said Go. According to the World Bank, the future is uncertain with various scenarios that could unfold depending on global oil prices. With this, Go emphasized the importance of being vigilant and proactive in navigating these economic uncertainties. He urged the government to lay down necessary measures to alleviate the burden on the poor. “Kaya ang pakiusap ko sa mga ahensya ng ating pamahalaan, unahin po natin ang kapakanan ng mga mahihirap. Ang bawat piso ay napakahalaga para sa kanila,” he said. Previously, Go urged various government agencies to amplify and accelerate their interventions for the most affected sectors of society as the country grapples with the economic challenges posed by high

inflation rates. “Wala dapat pinipiling tulungan. Basta gamitin nang maayos at tama ang pondo ng bayan para makabenepisyo ang mga mahihirap, hopeless, helpless at walang malalapitan maliban sa pamahalaan,” he earlier stressed. Go is specifically urging the Department of Social Welfare and Development (DSWD) and the Department of Trade and Industry (DTI) to enhance their efforts in providing aid and support to Filipinos who are struggling to make ends meet. “Ang apela ko sa DTI na dapat ay nasa unahan sila ng ating pagprotekta sa ordinaryong consumers. Kailangan ng agarang inter ventions para hindi malubhang tumaas ang presyo ng mga bilihin. I -monitor ang mga presyo ng mga produkto at serbisyo at maglatag ng mga hakbang para mapagaan ang epekto nito sa buhay ng mga mahihirap nating kababayan,” he appealed. “Umapela rin tayo sa DSWD na ipagpatuloy at mas palawakin pa ang kanilang mga programa na tumutulong sa kuwalipikadong mahihirap na pamilya at biktima ng iba’t ibang krisis na

being managed and maintained by the DENR or may also be produced from accredited seed producers of goods quality and good provenance.” While the seedlings shall not be sold to requesting parties and shall be distributed to individuals, organizations, the general public including government agencies, nongovernment organizations, and other advocates “free of charge,” the cost and other logistics shall be covered by the requesting party. The DENR chief wants to ensure proper auditing of the distributed seedlings and wants a list of the names of the receiving party to identify the purpose of the request or intended use, and the location where the seedlings shall be planted. T he gover n ment h a s a l ready spent around P49 billion in implementing the National Greening Program and the Expanded NGP from 2011 to 2020. For 2024, the DENR, mandated to manage the country’s natural wealth, is proposing a P24-billion budget. Some P2.2 billion of which will be for the E-NGP, including the development of 31,992 hectares of plantation forest and the production of 19,157,939 seedlings.

makaraos ang mga ito sa pamamagitan ng agarang tulong pinansyal. Sabi ko nga sa DSWD, nandiyan naman ang pondo at mga programa na aprubado ng Kongreso kaya dapat ay gamitin agad para mapakinabangan nang walang pili ng mga higit na nangangailangan,” he added. The senator also appealed to the D epar tment of Agric ulture (DA) to implement measures that would help farmers overcome the economic challenges and become more productive. He said the agriculture sector is one of the most affected by inflation and that investing in it would help achieve food security and stabilize prices. “Nagpaalala rin tayo sa DOLE na patuloy na alalayan ang mga kababayan nating displaced workers para mabigyan sila ng pansamantalang trabaho,” he added referring to the Department of Labor and Employment. “Sa parte ko, sinuportahan natin ang mga panukalang budget at mga programa para sa 2024 ng DTI, DSWD, DA at DOLE noong natalakay ito sa budget hearings sa Senado. Ang importante sa akin ay magamit ang pera ng bayan nang wasto at walang nasasayang para makabenepisyo ang taumbayan,” Go said. “Patuloy rin tayo sa ating misyon na ilapit ang serbisyo at tulong mula sa gobyerno sa iba’t ibang sektor na nahaharap sa krisis at hirap,” he added.

Monday, November 6, 2023

The World BusinessMirror

Editor: Angel R. Calso

Warplanes hit Gaza Strip refugee camp as Israel rejects US push for cease-fire By Najib Jobain & Samy Magdy

The Associated Press

HAN YOUNIS, Gaza Strip—Israeli warplanes struck a refugee camp in the Gaza Strip early Sunday, killing at least 33 people and wounding dozens, health officials said. The strike came as Israel said it would press on with its offensive to crush the territory’s Hamas rulers, despite US appeals for a pause to get aid to desperate civilians. The soaring death toll in Gaza has sparked growing international anger, with tens of thousands from Washington to Berlin taking to the streets Saturday to demand an immediate cease-fire. Israel has rejected the idea of halting its offensive, even for brief humanitarian pauses proposed by US Secretary of State Antony Blinken during his current tour of the region. Instead, it said that the besieged enclave’s Hamas rulers were “encountering the full force” of its troops. “Anyone in Gaza City is risking their life,” Israel’s Minister of Defense Yoav Gallant said. Large columns of smoke rose as Israel’s military said it had encircled Gaza City, the initial target of its offensive against Hamas. Gaza’s Health Ministry has said more than 9,400 Palestinians have been killed in the territory in nearly a month of war,

and that number is likely to rise as the assault continues. Early Sunday, airstrikes hit the Maghazi refugee camp in central Gaza, killing at least 33 people and wounding 42, said Ashraf al-Qidra, the spokesman for the Health Ministry. He said first responders, aided by residents, were still searching the rubble for dead or possible survivors. The camp, a built-up residential area, is located in the evacuation zone where Israel’s military had urged Palestinian civilians in Gaza to seek refuge as it focuses its military offensive in the northern areas. Despite such appeals, Israel has continued its bombardment across Gaza, saying it is targeting Hamas fighters and assets everywhere. It has accused Hamas of using civilians as human shields. Critics say Israel ’s strikes are often disproportionate, consider-

Palestinians look at the destruction after Israeli strikes on the Gaza Strip in Khan Younis, Saturday, November 4, 2023. AP Photo/Fatima Shbair ing the large number of women and children killed in such attacks. Blinken met with Arab foreign ministers in Jordan on Saturday after talks in Israel with Prime Minister Benjamin Netanyahu, who insisted there could be no temporary ceasefire until all hostages held by Hamas are released. Jordan’s Foreign Minister Ayman Safadi said Arab countries want an immediate cease-fire, saying “the whole region is sinking in a sea of hatred that will define generations to come.” Blinken, however, said “it is our view now that a cease-fire would simply leave Hamas in place, able to regroup and repeat what it did on October 7,” when the group launched a wide-ranging attack from Gaza into southern Israel, triggering the war. He said humanitarian pauses can be critical in protecting civilians, getting aid in and getting foreign nationals out, “while still enabling Israel to achieve its objective, the defeat of

Hamas.” Senior Hamas officia l Osama Hamdan told reporters in Beirut that Blinken “should stop the aggression and should not come up with ideas that cannot be implemented.” The spokesman of the Hamas military wing, who goes by Abu Obeida, said in a speech that fighters had destroyed 24 Israeli vehicles and inflicted casualties in the past two days. Egyptian officials said they and Qatar were proposing humanitarian pauses for six to 12 hours daily to allow aid in and casualties to be evacuated. They were also asking for Israel to release a number of women and elderly prisoners in exchange for hostages, suggestions Israel seemed unlikely to accept. They spoke on condition of anonymity because they were not authorized to brief the press on the discussions. Israel has repeatedly demanded that northern Gaza’s 1.1 million residents flee south, and on Saturday it

offered a three-hour window for residents to do so. An Associated Press journalist on the road, however, saw nobody coming. The head of the government media office in Gaza, Salama Maarouf, said no one went south because the Israeli military had damaged the road. Israel asserted that Hamas “exploited” the window to move south and attack its forces. There was no immediate Hamas comment on that claim, which was impossible to verify. Some Palestinians said they didn’t flee because they feared Israeli bombardment. “We don’t trust them,” said Mohamed Abed, who sheltered with his wife and children on the grounds of al-Shifa hospital, one of thousands of Palestinians seeking safety at medical centers in the north. Swaths of residential neighborhoods in northern Gaza have been leveled in airstrikes. UN monitors say more than half of northern Gaza’s remaining residents, estimated at around 300,000, are sheltering in UN-run facilities. But deadly Israeli strikes have also repeatedly hit and damaged those shelters. The UN agency for Palestinian refugees has said it has lost contact with many in the north. A n Israeli airstrike overnight struck a water well in Tal al-Zatar in northern Gaza, cutting off water for tens of thousands of people in the area, the Hamas-run municipality in the town of Beit Lahia said in a statement early Sunday. At least 1,115 Palestinian dual nationals and wounded have exited Gaza into Egypt, but on Saturday authorities in Gaza didn’t allow foreign

passport holders to leave because Israel was preventing the evacuation of Palestinian patients for treatment in Egypt, said Wael Abu Omar, a spokesman for the Palestinian Crossings Authority. The UN said about 1.5 million people in Gaza, or 70 percent of the population, have fled their homes. Food, water and the fuel needed for generators that power hospitals and other facilities are running out. Thousands of Israelis protested outside Netanyahu’s official residence in Jerusalem, urging him to resign and calling for the return of roughly 240 hostages held by Hamas. Netanyahu has refused to take responsibility for the October 7 attack in southern Israel that killed more than 1,400 people. “I find it difficult to understand why trucks with humanitarian aid are going to monsters,” said Ella Ben Ami, whose parents were abducted. She called for aid to be halted until the hostages are released. Air raid sirens sounded Saturday evening in southern Israel as Hamas launched rockets into Ashkelon. Rocket fire has continued in the area throughout the conflict, forcing tens of thousands of people to evacuate their homes. Among the Palestinians killed in Gaza are more than 3,900 Palestinian children, the Gaza Health Ministry said, without providing a breakdown of civilians and fighters. The Israeli militar y said four more soldiers have died during the Gaza ground operation, bringing the confirmed death toll to 28. Magdy reported from Cairo. Associated Press writer Matthew Lee in Amman, Jordan contributed to this report.

Thousands sleep outside in Nepal after earthquake Protest marches from US to Berlin call kills at least 157 people and destroys most houses for halt to Israeli bombing of Gaza Strip By Fatima Hussein & Oleg Cetinic

By Binaj Gurubacharya The Associated Press

The Associated Press

ATHMANDU, Nepal—Thousands of villagers in the mountains of northwestern Nepal slept outdoors Saturday night in the bitter cold after an earthquake killed at least 157 people and damaged or destroyed most homes. Most of the houses in villages in Jajarkot district either collapsed or were severely damaged by the sudden earthquake Friday night, while the few concrete houses in towns were also damaged. “We are waiting to cremate the bodies of our villagers and have been trying to take care of the people who were injured in the earthquake,” said Lal Bahadur Bika, a resident of Chiuri village, pointing to 13 bodies wrapped in white cloth awaiting cremation on Sunday morning. Most houses in Chiuri village collapsed. People used whatever they could find to set up shelter for the night, using plastic sheets and old clothes to keep them warm. Most people have been unable to retrieve their belongings from under the rubble. Most of those killed were crushed by debris when their houses — usually made by stacking rocks and logs — crumbled under the force of the earthquake, local media reported. While rescuers were scrambling to rush aid, operations were hampered by the fact that many of the mountainous villages could only be reached by foot. Roads were also blocked by landslides triggered by the earthquake. Soldiers could be seen trying to clear the blocked roads. The government is trying to get aid to the affected areas, Deputy Prime Minister Narayan Kaji Shrestha said on Saturday. Tents, food and medicine were flown in as thou-

This handout photo provided by Nepal Prime Minister’s Office shows an earthquake-affected area in northwestern Nepal on Saturday, November 4, 2023. Helicopters and ground troops rushed to help people hurt in a strong earthquake that shook northwestern Nepal districts just before midnight Friday, killing more than 100 people and injuring dozens more, officials said Saturday. Nepal Prime Minister’s Office via AP sands became homeless overnight. “I was fast asleep when all of a sudden it started shaking violently. I tried to run but the whole house collapsed. I tried escaping but half my body got buried in the debris,” said Bimal Kumar Karki, one of the first people to be brought to the regional hospital. “I screamed, but every one of my neighbors was in the same situation and screaming for help. It took nearly a half-hour to an hour before rescuers found me,” he said. A nother injured man recovering in the hospital also described getting buried while he was asleep. “I was asleep and around 10 or 11 at night it started shaking and the house caved. So many houses have collapsed and so many people have been buried,” said Tika Ram Rana, who had his head wrapped in a white bandage. Besides aid, rescuers were focused on finding sur v ivors. Local television aired footage of troops recovering bodies while others helped dig out and carry the injured. The US Geological Survey said the earthquake had a preliminary magnitude of 5.6 and occurred at a depth of 11 miles (18 kilometers). Nepal’s

National Earthquake Monitoring & Research Center said its epicenter was in Jajarkot, which is about 400 kilometers (250 miles) northeast of the capital, Kathmandu. In Jajarkot district, a mostly agricultural area, at least 105 people were confirmed dead while 52 were killed in the neighboring Rukum district, officials said. Another 184 were injured. At the regional hospital in the city of Nepalgunj, more than 100 beds were made available and teams of doctors stood by to help the injured. Apart from rescue helicopters, small government and army planes able to land in the short mountain strips were also used to ferry the wounded to Nepalgunj. The quake, which hit when many people were already asleep in their homes, was also felt in India’s capital, New Delhi, more than 800 kilometers (500 miles) away. E a r t hqu a kes a re com mon i n mountainous Nepal. A 7.8 magnitude earthquake in 2015 killed some 9,000 people and damaged about 1 million structures. Associated Press Television cameraman Upendra Man Singh contributed to this report.

ASHINGTON—From Washington to Milan to Paris, tens of thousands of pro-Palestinian demonstrators marched Saturday, calling for a halt to Israel’s bombardment of Gaza Strip. The marches reflected growing disquiet about the mounting civilian casualty toll and suffering from the Israel-Hamas war. Protesters, particularly in countries with large Muslim populations, including the US, U.K. and France, expressed disillusionment with their governments for supporting Israel while its bombardments of hospitals and residential areas in the Gaza strip intensify. The Palestinian death toll in the IsraelHamas war has reached 9,448, according to the Hamas-run Health Ministry in Gaza. In Israel, more than 1,400 people have been killed, most of them in the October 7 Hamas attack that started the war. In the US, thousands converged on the nation’s capital to protest the Biden administration’s support of Israel and its continued military campaign in Gaza. “Palestine will be free,” demonstrators donning black and white keffiyehs chanted as an enormous Palestinian flag was unfurled by a crowd that filled Pennsylvania Avenue—the street leading up to the White House. Leveling direct criticism of President Joe Biden, Renad Dayem of Cleveland said she made the trip with her family so her children would know “the Palestinian people are resilient—and we want a leader who won’t be a puppet to the Israeli government.” Dozens of small white body bags with the names of children killed by Israeli missiles lined the street and demonstrators held signs calling for an immediate cease-fire. Protesters held signs and banners with messages such as “Biden betrays us” and “In November we remember,” highlighting how the issue could be a factor in Biden’s reelection bid. Jinane Ennasri, a 27 year-old New York res-

ident, said the Biden administration’s support of Israel despite the thousands of Palestinian deaths has made her rethink voting in the 2024 presidential election, where Biden will likely face GOP front-runner Donald Trump. “We thought he would represent us, but he doesn’t,” she said, “and our generation is not afraid to put elected officials in their place.” Ennasri, like many demonstrators, said they would likely sit out the 2024 election. Biden was in Rehoboth Beach, Delaware, for the weekend and didn’t comment on the protests. In a brief exchange with reporters as he left St. Edmond Roman Catholic Church on Saturday, he suggested there has been some forward movement in the US efforts to persuade Israel to agree to a humanitarian pause, answering “yes” when asked if there was progress. Steve Strauss, a 73-year-old Baltimore resident, said he is one of many Jewish people protesting Israel’s treatment of Palestinians. “They are trying to kill as many Palestinians as they can get away with,” Strauss said. “I am here to stand up and be a voice for the people who are oppressed.” In Paris, several thousand protesters called for an immediate cease-fire in Gaza and some shouted “Israel, assassin!” Banners on a sound-system truck at the Paris march through rain-dampened streets read: “Stop the massacre in Gaza.” Demonstrators, many carrying Palestinian flags, chanted “Palestine will live, Palestine will win.” Demonstrators also took aim at French President Emmanuel Macron, chanting “Macron, accomplice.” Paris’ police chief authorized the march from République to Nation, two large plazas in eastern Paris, but vowed that any behavior deemed antisemitic or sympathetic to terrorism would not be tolerated. Multiple countries in Europe have reported increasing antisemitic attacks and incidents since October 7. In an attack Saturday, an assailant knocked on the door of a Jewish woman in the French city of Lyon and, when she opened, said “Hello” before stabbing her twice in the

stomach, according to the woman’s lawyer, Stéphane Drai, who spoke to broadcaster BFM. He said police also found a swastika on the woman’s door. The woman was being treated in a hospital and her life was not in danger, the lawyer said. At the London rally, the Metropolitan Police said its officers made 11 arrests, including one on a terrorism charge for displaying a placard that could incite hatred. The police force had forewarned that it would also monitor social media and use facial recognition to spot criminal behavior. On Friday, two women who attended a pro-Palestinian march three weeks ago were charged under the UK’s Terrorism Act for displaying images on their clothing of paragliders. In its October 7 surprise attack on Israel, Hamas employed paragliders to get some fighters across the border between Gaza and southern Israel. Prosecutors said the images aroused suspicion they were supporters of Hamas, which UK authorities regard as a terrorist group. In Berlin, around 1,000 police officers were deployed to ensure order after previous pro-Palestinian protests turned violent. German news agency dpa reported that about 6,000 protesters marched through the center of the German capital. Police banned any kind of public or written statements that are antisemitic, antiIsraeli or glorify violence or terror. Several thousand protesters also marched through the west German city of Duesseldorf. In Romania’s capital, hundreds gathered in central Bucharest, many waving Palestinian flags and chanting “Save the children from Gaza.” At a rally by several thousand people in Milan, Matteo Salvini, a deputy prime minister, spoke out against antisemitism, calling it “a cancer, a virulent plague, something disgusting.’’ Cetinic reported from Paris. Associated Press writers Aamer Madhani in Rehoboth Beach, Delaware, John Leicester in Le Pecq, France, Stephen McGrath in Bucharest, Romania, Brian Melley in London, Frances D’Emilio and Silvia Stellacci in Rome, and Kirsten Grieshaber in Berlin contributed to this report.

Monday, November 6, 2023

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

‘House to intensify scrutiny of PHL food trade’ By Jovee Marie N. Dela Cruz

@joveemarie

ESPITE the reduction in the price of onions, a member of the House Committee on Agriculture and Food said the lower chamber will continue to intensify its scrutiny of hoarders and price manipulators of agricultural products. However, Deput y Major it y Leader Rep. David Suarez said the executive department, must continue with the filing of cases and prosecuting all those involved in these cartels until they are put behind bars and locked up for good. Suarez said the chamber will intensify its scrutiny of hoarders and price manipulators, not only in the onion market but also in

essential food items like rice. “We commend the efforts of the Department of Agriculture [DA] in stabilizing the retail prices of essential commodities, and we welcome as good news its report that the retail price of onions has decreased by P10 per kilo, with the cost of the red bulbs going down to P130 per kilo from the previous P140 per kilo,” said Suarez.

A MAN checks rice at a store in Quezon City, on August 14, 2023. AP/AARON FAVILA/FILE

“Buoyed by this development and upon the instruction of Speaker Martin Romualdez, the House Committee on Agriculture and Food will intensify its investigation into hoarders and price manipulators not only of onions but of other staple food items like rice.” Suarez also said the lower house

has pledged its “unequivocal support” for the government’s call for an all-out campaign against smuggling, hoarding, and price manipulation. “Our mission order is clear: there is no room for smugglers, hoarders, and price manipulators under this administration.”

Wholesale price of regular milled rice up 23% in Sept

H E ave r a ge w hole s a le price of regular milled rice jumped by almost a quarter in September, according to the latest data from the Philippine Statistics Authority (PSA). PSA data showed that the average wholesale price of rice in September reached P43.05 per kilo, or 23.2 percent higher than the P34.93 per kilo recorded a year ago. At the wholesale level, regular milled rice was most expensive in Central Visayas where it averaged P46.57 per kilo in September. This was followed by Zamboanga Peninsula where traders sold rice for P46.34 per kilo. In other areas in Mindanao, regular milled rice was sold for more than P44 per kilo at the wholesale level. The quotation of

traders in Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), Caraga and the Davao Region averaged P44.93 per kilo, P44.33 per kilo, and P44.05 per kilo, respectively. In terms of the year-on-year growth rate, the highest was recorded in the National Capital Region where the wholesale price went up by 41.7 percent to P42.29 per kilogram, from P29.84 per kilo recorded in September 2022. Double-digit wholesale price hikes were seen in almost all regions except in Mimaropa, where the average quotation went up by only 9.9 percent. As for well-milled rice, data from the PSA showed that the highest average wholesale price was recorded in Central Visayas

where it reached P51.34 per kilo. The figure is 25.3 percent higher than the P40.97 per kilo recorded a year ago. PSA data also showed that quotations in BARMM reached P50.92 per kilo. In Zamboanga Peninsula, it averaged P49.88 per kilo or 30 percent higher than the P38.29 per kilo recorded a year ago. While the average whole price of well-milled rice in the National Capital Region was relatively lower than in other regions, the year-on-year growth rate was the highest in Metro Manila. The average quote in September at P44.97 per kilo was 35 percent higher than the P33.31 per kilo recorded in 2022. Double-digit growth rates in the average wholesale price of

well-milled rice were also recorded in Cagayan valley, Central Luzon, Calabarzon, Bicol Region, Western Visayas, Eastern Visayas, Northern Mindanao, Davao REgion, Soccsksargen, and Caraga. PSA data also indicated Zamboanga Peninsula recorded the highest average whole price of prem iu m r ice i n Se ptember. Traders in the region sold premium rice for P53.28 per kilo, or nearly 32 percent higher than the P40.38 per kilo recorded a year ago. Premium rice was also expensive in Cagayan Valley, Bicol Region, Central Visayas, Eastern Visayas, Northern Mindanao, Caraga and BARMM. Average quotations in these areas breached the P50per kilo mark.

Panama Canal traffic is being throttled by climate change impact

HE Panama Canal doesn’t have enough water. A lack of rainfall, blamed on climate change, is leading to a steady decline in water levels on the vital conduit. The problem is so bad that quotas are being imposed on how many ships can pass through it, a move set to snarl trade in energy, consumer goods and food as carriers are forced to sail thousands of extra miles to make deliveries. Restrictions started this month and will continue through at least February, the canal’s managing authority said. By then, trips will be limited to 18 per day, a 50-percent drop from a year earlier. Excluded vessels will likely alter course to the Suez Canal—adding at least a week to the journey between the United States and China—or around the bottom of South America. Such voyages will burn more fuel and lead to higher freight costs. “It’s really a disaster playing out in slow motion,” said Peter Sand, chief analyst with Oslo-based Xeneta, which analyzes ocean and air freight markets. “We expect this will drag on for at least another year.” The crisis mirrors what happened to Europe’s rivers during record-setting heat waves in 2022. The Rhine and Danube, for example, were evaporating at such a rate that trade valued at about $80 billion annually was disrupted. It affected oil refining, power generation and corn farming. This October was the driest on record in Panama since record-keeping began in 1950. The level of Gatun Lake, a body of freshwater that vessels navigate on their way through the canal, has dropped to an unprecedented low. Trade through the isthmus generated $4.3 billion in revenue last year, according to the canal authority. Core users include tankers bringing petroleum products—

CARGO ships wait in the anchor zone to cross the Panama Canal from the Pacific entrance near Panama City on September 1. BLOOMBERG NEWS

especially liquefied propane—from US refineries to Asia; container ships delivering made-in-China goods to the US eastern seaboard; and bulkers moving millions of tons of grains and other agricultural products. Severe traffic restrictions appear to be particularly challenging for propane traders. US inventories of propane and propylene have risen to their highest seasonal level on record, while Asia’s demand for the petrochemical feedstocks keeps rising. The US is expected to export as much as 12% more propane this winter compared with last, according to a government forecast. Much of those exports need to go through the canal, and delays there can be costly to shippers and consumers alike. To one shipper, avoiding the wait was worth $2.85 million—the amount paid in an auction to skip the line next week, said Oystein Kalleklev, chief executive officer of shipping companies Flex LNG and Advance Gas. M o re t h a n h a l f o f U S p ro p a n e

shipments went to Asia in 2022, according to data from the US Energy Information Administration. Prices in Asia surged to the highest levels since January this week at more than $750 a ton on mounting concerns about delays, according to traders who specialize in that market. That jump took place even amid signs of softer demand in the region, particularly from China’s petrochemical sector. For container carriers, the drought is the latest in a string of events that roiled capacity during the past several years—whether it was the pandemic-related chaos gripping China’s manufacturing exporters or the blockage of the Suez Canal by a giant ship that wedged itself into its banks. The February curtailment in booking slots will hit just as importers seek to restock after the holidays. Though spot container prices from Asia to the US Gulf and East Coasts through Panama have declined in recent months, they have been “ticking up” recently and may continue to rise as

the waiting line lengthens into February, Sand said. The canal bottleneck has the effect of reducing capacity and putting a floor under seaborne freight rates for goods for vessels going through. Transpacific freight likely will be rerouted through US West Coast ports and then loaded on trains or trucks to reach the East Coast, rather than wait to transit Panama, said Glenn Koepke, general manager of network collaboration at Chicago-based FourKites Inc., a supply-chain visibility provider. That should put upward pressure on rates and “help provide a needed bump to the steamship lines and freight forwarders who are struggling with profitability,” he said. The snarls mean it takes about 10 percent longer for a container to move from a Chinese port to a destination on the US East Coast, according to project44, a supply-chain data company in Chicago. “Expect lead times for the canal to remain high, and as drought conditions continue, additional restrictions will most likely follow,” project44, a logistics firm, said in a research note this week. About 38.4 million long tons of grains— the vast majority of it going from east to west—went through the canal in 2022, Panama Canal Authority data show. If waiting times are too long, some agricultural traders will consider diverting grains through the Suez Canal, said Jan Rindbo, chief executive officer of D/S Norden A/S, which operates a fleet of oil and bulk carriers. It’s also possible that fertilizer shipments from Europe to the west coast of South America are replaced by supplies from Asia, he said. “There are big challenges with the canal with the drought they have,” Rindbo said. “It is not a challenge that is going away.” Bloomberg News

Suarez said the recent drop in onion prices and the initiation of legal action against those involved in artificially creating a shortage of onions underscore the effectiveness of collaboration between the executive branch and the House of Representatives in the fight against profiteering. “The continuing reduction in the price of onions is a testament to the effectiveness of our strategies against price manipulation and profiteering. However, it does not signify the end of our mission. The Speaker said there will be no let-up in our committee investigation until we break down the cartels responsible for hoarding and artificial shortages of basic commodities.” Suarez acknowledged the DA’s “diligent monitoring,” which has led to stable prices for onions, garlic, and other commodities, saying the assurances from Agriculture Assistant Secretary Arnel de Mesa regarding the ample supply

of vegetables, including potatoes, up to the first quarter of 2024 is “a positive development.” He noted the reduction in local chili prices, which dropped to a range of P200 to P350 per kilo from P800 per kilo in September. “However, while we celebrate these gains, we remain committed to ensuring that no individual or entity takes undue advantage of our citizens. The recent controversy surrounding the onion crisis in 2022, where prices skyrocketed to as high as P720 per kilo, serves as a stark reminder of the challenges we face,” Suarez said. “The House Committee on Food and Agriculture will leave no stone unturned in our pursuit to protect consumers from unscrupulous traders. We are committed to working hand-in-hand with the DA and other relevant agencies to ensure that the Filipino people are safeguarded from price m a n ipu l at ions a nd hoa rd i ng activities.”

Report: PHL likely to receive below-normal rainfall until March 2024

EATHER forecasts indicate a “high likelihood” of below-average rainfall between November 2023 and March 2024 in several countries in East Asia, including the Philippines, according to a report released by the Food and Agriculture Organization of the United Nations (FAO) last Friday. In its report titled “Crop Prospects and Food Situation,” FAO said parts of Indonesia, Timor-Leste and Sri Lanka will also see below-average rainfall due to El Niño. “If this forecast materializes, production from the 2023 secondary season crops in the northern hemisphere countries may be affected,” the report read. Despite this the FAO report said paddy production in the Philippines and its sources of imports—Vietnam and Malaysia—is forecast at “nearaverage levels.” The Philippines’s paddy output this year could reach 19.6 million metric tons (MMT), according to the FAO report. However, the figure is slightly lower than the 19.76 MMT produced by the country in 2022. “Production of paddy, the major staple in the region, is forecast at an above-average level of 701 million tons, reflecting expectations of large output in Bangladesh, Cambodia, India, the Lao People’s Democratic Republic, Pakistan, and Thailand.” Production of coarse grains, mostly maize, is forecast at 413.2 million tons, 6 percent above the 5-year average, mainly reflecting large plantings due to strong demand by the feed industry. “Bumper maize outputs are forecast in the subregion’s main producers, including Bangladesh, China [mainland], India, Pakistan and the Philippines.”

Food price index

THE benchmark for world food commodit y pr ices declined moderately in October, down by 0.5 percent from September with the index for dairy products the only one to rise, FAO said.

The FAO Food Price Index, which tracks monthly changes in the international prices of a set of globally-traded food commodities, averaged 120.6 points in October, down 10.9 percent from its corresponding value a year earlier. The FAO Cereal Price Index declined by 1.0 percent from the previous month. “International rice prices dropped by 2 percent amid generally passive global import demand, while those of wheat dropped by 1.9 percent, weighed on by strong supplies from the United States and strong competition among exporters. By contrast, quotations for coarse grains rose slightly, led by maize due to thinning supplies in Argentina.” Meanwhile, the FAO Vegetable Oil Price Index fell by 0.7 percent from September, as lower world palm oil prices, due to seasonally higher outputs and subdued global import demand, more than offset higher prices for soy, sunflower and rapeseed oils. Soy oil prices rose owing to a robust demand from the biodiesel sector. “The FAO Sugar Price Index declined by 2.2 percent but remained 46.6 percent above its year-earlier level. The October decline was mainly driven by a strong pace of production in Brazil, although concerns over a tighter global supply outlook in the year ahead capped the drop.” The meat price index, according to FAO, went down by 0.6 percent, as sluggish import demand especially from East Asia led to a fall in the international prices of pig meat, more than offsetting marginal increases in the prices of poultry, bovine and ovine meats. In a contrasting trend, FAO said its dairy price index rose by 2.2 percent in October, ending a nine-month decline. World milk powder prices rose the most on the back of surging import demand for both near and longer-ter m supplies as well as some uncertainty over the impact of the El Niño weather conditions on the upcoming milk production in Oceania.

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Monday, November 6, 2023

‘Our hearts bleed for them’: Palestinian envoy mourns Filipino victims in Gaza By Edd K. Usman

Exclusive to BusinessMirror

ANILA—As the Philippine government brings Filipinos back home from the ruins of and the devastation that is the Gaza Strip, including those who lost their lives in Israel, Palestinian Ambassador Saleh A.F. Mohammad sent his sympathies and condolences to families of the victims. “Our hearts bleed for them,” he told the BusinessMirror in an exclusive interview at the Embassy of the State of Palestine in the Philippines on Friday, November 3. Seated behind his office table, his voice seemed to crack as he cited how Filipinos have been endeared to Palestinians. “My sincere condolences to the families of those who lost their lives amid these crises.” He said for the Filipinos who live in the Occupied Palestinian Territories (OPT), “we don’t consider them foreigners, we consider them Palestinians. They are members of the Palestinian family.” “I know how difficult it is for families to lose their breadwinner, somewhere very far from home. They are coming back now to the Philippines this Christmas time to be with their families, instead they have this bad news.” News reports quoting the Department of Foreign Affairs (DFA) showed four Filipinos died during the October 7 unprecedented attack by Hamas militants through land, sea, and air in Israel, killing over 1,400 Israeli civilians and soldiers. “I pray for their souls to rest in peace, and I hope that they will accept our sympathies and condolences. Again, our hearts bleed for them and pray for them for the repose of their souls in Paradise,” said ambassador Mohammad. The Israeli death toll from the horrendous Hamas atrocities is small compared to that in the Gaza Strip, the enclave Hamas rules and is the Ground Zero for the Israeli Defense Forces’ (IDF) relentless bombings, leveling to the ground hundreds—if not thousands—of buildings and homes. Even some international leaders described it as “disproportionate” to the Hamas attack. Netizens and other observers have dubbed Gaza Strip the world’s biggest “open-air prison” for being blockaded by the Israeli military for decades on end

from land, sea, and air. “As we speak now, there are around 10,000 Palestinians killed...majority of them women and children” said the ambassador who, like hundreds of thousands of other Palestinians, is a refugee. Along with over 700,000 Palestinians, he and his family were forced to abandon their homes in Palestine after the 1967 war. “As far as I know,” he said, when asked how many Filipinos are in the Gaza Strip presently being pulverized with unrelenting bombings campaign by the Netanyahu regime, “there are around 136 Filipinas who are married to Palestinians.” He added, “For us, we always welcome everybody, consider them as part of the family, their children. They [Filipinos] live with their sisters and brothers in Gaza. They have the same fates...living under the same threats of the Israeli bombardment.” He noted that many Palestinian families have a member married to a non-Palestinian. A former journalist who covered the Iran-Iraq War, then an analyst, among others, before he became a diplomat, Mohammad represents the State of Palestine covering West Bank, Gaza Strip, and East Jerusalem, which Yasser Arafat, the late chairman of the Palestinian Liberation Organization (PLO), proclaimed in 1988. He thanked the Philippines as he recalled it was among the countries that gave recognition to the Palestinian state in its infancy. Established in 1994, the Palestinian Authority (PA) now headed by President Mahmoud Abbas of the Fatah Party rules and governs the West Bank while Hamas runs the government of Gaza Strip. Amid the din of discordant voices, it’s easy to forget that Hamas is a government, a political organization with ideology and with an armed wing.

Both enclaves since the Arab-Israeli war in 1967 have been under Israeli military occupation, largely seen as the recurring catalyst for Palestinian resistance, including the two waves of Intifada—where young men used Molotov cocktails and slingshots. Some say the Israeli-Palestinian conflict is like a “David and Goliath”, with Israel as “Goliath” (mighty giant) in terms of military arsenal. And Palestinians are the little “Davids” in the two Intifadas—1987-1993 and 2000-2005—with their slingshots. The Palestinian diplomat said he learns every day of Palestinian expats in the Philippines married to Filipino women and are now settled in the country. “Let me take this opportunity to express our gratitude to the government of the Philippines [for accepting Palestinians], either as refugees, or opening the doors for them to come work here,” the journalist-turneddiplomat said. He emphasized that “every country is important to us, regardless of the location, whether it’s a big country or a small country...whether it’s in Latin America, Asia, North America [and other locations]. It’s important to us.” The Philippines, he noted, is an Asian country. “We are also Asian people, so this is common with us.” He pointed out the Philippines is in Southeast Asia, “we are in the extreme western part of Asia, but we are still Asians.” So, he added, “we have a lot of things in common, first of all. And we have to be here because the nature of things is that we should be here. “The Philippines is a very important country, over 110 million people, a giant countr y. The location is very important...member of many international organizations. And also, we have many things in common.” The envoy noted underlying cultural and religious commonalities between the Philippines and Palestine, saying both have Muslim and Christian people. A no t h e r c o m mo n a l it y : t h e Philippines was also under occupation in the past. He was apparently referring to the centuries of Spanish and American occupation. Today, he said, the Palestinian territories are still under Israeli occupation. Being under occupation as Filipinos had experienced, like Palestinians now, is a dire situation—being killed, oppressed, and deprived of liberty and freedom, the Arab diplomat said. “No people will welcome their oppressors.” He pointed out: “You know that Palestine is the cradle of Christianity and the cradle of Islam. Our country is the birthplace of Jesus Christ [peace be upon him], and also our country was

the first Muslim Qiblah in the Masjid Al-Aqsa in Jerusalem.” (“Qiblah” is the direction every Muslim faces in their prayers; now it is Makkah’s Masjidil Haram.) Palestine, he said, has the Church of the Holy Sepulchre in East Jerusalem, where Christians all over the world, including from the Philippines, travel on pilgrimage. The Philippines being the third l a r ge s t C at hol ic cou nt r y a f te r Brazil and Mexico also renders its importance, he said. “ We h i g h l y a p p re c i at e t he Philippines as a nation. Filipinos are very hardworking people; wherever country you go there are Filipinos. They are very disciplined, soft-spoken, they are not aggressive. We can explain ourselves in a better way.” To be absent in the Philippines is not in the Palestinians’ interest, he pointed out. “So, we requested for the opening of an embassy here. Luckily, our voice was heard by the previous administration. Our dream, our expectation, our wish from the bilateral relationship with the Philippines [would] be on different levels,” he said.

‘Misunderstanding’

Meanwhile, Mohammad also wants what he described as a “misunderstanding” cleared on the status of Palestinians, saying “we have to be part of the international political agenda of the Philippines and the votes of the Philip-

ment unit (LGU) hospitals if they refuse to accept GLs. He said the DOH will also digitize and streamline the MAIP system to expedite the conversion of GLs into cash through online processing. Herbosa said they are also seeking an adjustment in the administrative cost allocation from 2 percent to 5 percent to support the hiring of additional staff to manage the increasing workload associated with the growing annual MAIP budget and beneficiaries. Herbosa said that the DOH has entered into MOAs on the MAIP with over 1,300 private HCIs. Villafuerte underscored the urgency of addressing this problem, as the refusal of doctors to accept GLs remains a significant issue in government and LGU hospitals, hindering patients’ timely discharge.

AFP’s EastMinCom assures troops OK amid destab yarn

duty of protecting the people and the state.” He said this should prevent any destabilization plot against the current administration. “Our significant administrative and operational gains have consistently been progressive. We will not engage in any other activities not congruent to what we have sworn to do,” he said. Manuel T. Cayon

SENIOR lawmaker has raised concerns about certain private doctors who refuse to accept guarantee letters (GLs) as payment for their services under the Department of Health’s (DOH) Medical Assistance for Indigent Patients (MAIP) program. Camarines Sur Rep. LRay Villafuerte said these concerns were shared with Health Secretary Teodoro Herbosa during a hearing of the Commission on Appointments (CA). Villafuerte pointed out that these doctors’ reluctance to accept GLs granted to indigent patients has led to adverse consequences. The lawmaker said affected patients cannot be discharged from hospitals even when they have recovered since

AVAO CIT Y—All troops are accounted for, at least in the eastern half of Mindanao. This was the assurance of the Armed Forces’ Eastern Mindanao Command (EastMinCom) in a statement coming a few

they lack the necessary clearances from their attending physicians. Villafuerte said this situation is particularly alarming, as the proposed budget for MAIP in 2024 is P22 billion. This initiative follows the enactment of Republic Act (RA) 11463, also known as the “Malasakit Centers Act,” in 2019. Administrative Order (AO) 2020-0060 was issued by the DOH to improve the delivery of medical aid to indigent patients and consolidate various sources of medical assistance. During a CA hearing on Herbosa’s Cabinet posting, Villafuerte bemoaned to the health secretary that a number of doctors, especially those who expect to each get between P100,000 and P200,000 or more in professional fees (PFs) for their services, do not accept GLs granted to their patients under the Medical Assistance for Indigent Patients (MAIP) program because of the

days after AFP Chiefof Staff, Gen. Romeo S. Brawner Jr. disclosed of scattered feedbacks about destabilization moves to President Ferdinand Marcos Jr. “We have not monitored any persuasion moves within our ranks or

any unauthorized movement in our joint operational area [JOA],” said Lt. Gen. Greg T. Almerol, commander of EastMinCom. He said he has “consistently” reminded all troops “to remain professional and dedicated to their constitutional mandates and stern

@maloutalosig

HE exit of the first batch of 20 Filipinos from Gaza Strip on Sunday has been delayed following the airstrike on an ambulance that allegedly carried Hamas terrorists. Among the 20 Filipinos waiting at the Gaza-Egypt border are several minors including a one-month old baby, two mothers who are nine months and three months pregnant, and one OFW. Philippine Ambassador to Amman Wilfredo Santos said the exit of the 20 Filipinos was rescheduled from Sunday to Monday. The exit of the second batch composed of 26 Filipinos supposedly on Monday was moved to a later date, which was not given. This is why the Philippine Embassy in Tel-Aviv will appeal for the inclusion of the 26 Filipinos to join the first batch on Monday. “Hopefully, the exit of at least the first batch of 20 Filipinos will materialize tomorrow [Monday],” Santos said.

PALESTINIAN ambassador Saleh Mohammad

following reasons: First, Villafuerte said, doctors are reluctant to receive only 50 percent of their professional fees (PFs), as MAIP covers a maximum of 50 percent of their approved fees. Second there are significant delays in the encashment of GLs, sometimes taking more than two months. Also, Villafuerte said, doctors are required to declare government-issued GLs as income and pay income taxes, even though they are uncertain about when they will receive the actual payments. For his part, Herbosa acknowledged the dilemma and outlined measures to address it, including issuing an order to prohibit private doctors accredited by the DOH from rejecting MAIP-issued GLs for patients in government hospitals. Herbosa said the DOH will revoke the accreditation of private doctors to practice in national and local govern-

@joveemarie

Ambulance airstrike delays exit of Pinoys from Gaza By Malou Talosig-Bartolome

Solons, DOH move to prod doctors to accept ‘GL’ to cover their fees By Jovee Marie N. Dela Cruz

Exit of Filipinos in batches

pines in the international arena. And as I was assured, the Philippines is supporting Palestine in accordance with international legitimacy, and Security Council resolutions.” The relationship between Palestine and the Philippines is “OK, so far,” he noted. “But we dream, we have an expectation from the friendly people and the government of the Philippines, that this support will, at least, be more clear, more tangible, like sometimes when it comes to criticism on a very clear issue, like the one we are having now.” He added, “We expect that we should have a better understanding on our status, to our situation, positions in certain issues.” One example the ambassador provided is on the “just cause” of the Palestinians as some segments of the Western media regarded them as “terrorists.” The Arab diplomat pointed out that on the two countries’ bilateral relations, the Palestinian people are similar to other nations, very vibrant and they can contribute to the Philippines, like exchanging trade, education. “We can sign MOU [memorandum of understanding] in many fields. So, it is quite open, step by step. We are in no hurry. We believe that the relationship is moving slowly but surely. We on our side we will make sure that this growing relationship will be handled, will be taken care of by us with love, with care, with hope that in the future it will develop for the welfare of the two sides.”

ISRAEL had earlier agreed to the request of the Philippine government to allow the Filipinos to be prioritized among foreigners wanting to leave the war-torn Gaza Strip. The arrangement was for Israel to exit Gaza in batches. The first batch will be composed of 20, and the second will be composed of 30. Since Palestinian spouses of Filipinos are not allowed to leave with the Filipinos, only 46 have signed up for actual border crossing for the first and second batches, Santos explained.

Ambulance airstrike

SANTOS said the Rafah Crossing in southern Gaza was closed Saturday after the aircraft of the Israel Defense Forces (IDF) struck an ambulance. At least 15 people and 60 others were injured in the Israel attack. Gaza health officials said the ambulance was part of the convoy carrying injured civilians from north to south. However, according to the IDF, the ambulance was being used by a Hamas terrorist cell to transport “terrorist operatives and weapons in ambulances.” “A number of Hamas terrorist operatives were k illed in the strike,” the IDF spokesman said. “We emphasize that this area is a battle zone. Civilians in the area are repeatedly called upon to evacuate southwards for their own safety.

Marcos condemns, orders probe of Misamis radio anchor’s slay By Samuel P. Medenilla @sam_medenilla

RESIDENT Ferdinand R. Marcos Jr. on Sunday ordered an immediate investigation into the brutal killing of a Juan T. Jumalon, radio anchor in Misamis Occidental. Jumalon, who is also known as DJ Johnny Walker, was an anchor and station manager of Gold FM 94.7. He was shot dead by still unidentified assailants, last Sunday, while inside his radio booth. A video clip of the gruesome incident circulated online and became viral. “I condemn in the strongest terms the murder of broadcaster Juan Jumalon. I have instructed the PNP to conduct a thorough investigation to swiftly bring the perpetrators to justice,” Marcos said in a post in his X account (formerly Twitter). He stressed such attacks against the media will not be tolerated under this administration. Aside from the PNP, the National

Bureau of Investigation (NBI) is also looking into the incident as part of the Presidential Task Force on Media Security (PTFoMS). PTFoMS executive director, Undersecretary Paul M. Gutierrez said he already alerted the NBI on the matter so it can start gat her ing pieces of ev idence related to the incident. Gutierrez called on the media and the public not to resort to any speculation, which can distract investigators on the cause of Jumalon’s death. T he Nationa l Union of Journalists of the Philippines (NUJP) condemned the latest incidence of media killing, which it said is the fourth under the current administration. “ T he at t ac k is even more condemnable since it happened at Jumalon’s own home, which also served as the radio station,” NUJP said. “The killing also comes in the same week as the International Day to End Impunity for Crimes Against Journalists,” it added.

A10 Monday, November 6, 2023 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

Keeping the AFP away from contentious politics

‘T

here are no attempts to overthrow the administration of President Ferdinand R. Marcos Jr.,” AFP Spokesperson Col. Medel Aguilar said in a statement on Saturday. “AFP Chief of Staff Gen. Romeo Brawner Jr. was simply misquoted. In his message to the troops during the change of command ceremony of the Western Mindanao Command on Friday, he merely mentioned the reported efforts by certain individuals to upset the peace and stability that the country is enjoying right now under the leadership of President Marcos.”

The clarification came following media reports about alleged revelation by Brawner that there is a group of retired AFP officers trying to convince military troops to overthrow the Marcos administration. The media quoted Brawner as saying, “May mga nagsasabi na magkaroon muli ng coup d’etat and sadly, some of them were former officers of the AFP.” In a speech during the change of command ceremony at the Western Mindanao Command (Wesmincom) on Friday, Brawner urged soldiers not to entertain invitations to join destabilization efforts against the government. He said members of the AFP should not pay attention to the group seeking to destabilize the government, but instead focus their efforts in the fulfillment of the AFP’s transformation roadmap. Without providing details, Brawner made another disclosure during the change of command program, which is the “infiltration that is happening in the country, including Zamboanga City and Bangsamoro Autonomous Region in Muslim Mindanao [BARMM].” “Ang sinasabi natin ay dapat bantayan natin ’yung mga government and education institutions, business sector, communication, because if you are infiltrated, they could monitor our activities, and they could counter our plans,” Brawner said. “There is no destabilization plot and movement against the government,” National Security Adviser Eduardo Año said. Although there were criticisms from some retired military officers against certain policies of the administration, they are “within the bounds of our democratic space,” he added. Police Major Gen. Benjamin Acorda Jr., head of the Philippine National Police, said there is no basis to say a destabilization plot exists. “The uniformed services may have had issues with government attempts to tinker with their pensions, but these have been resolved. So, I don’t see any reason for any destabilization,” he said. Brawner on Saturday told the media he was misquoted, and what he said during his speech in Zamboanga on Friday was “taken out of context.” He explained that he made no mention of any destabilization plans or plots and that he respected former military officers who exercised their democratic right to express their opinions on the government. “Pag sinabi nating plot, parang plano na ito na ie-execute na lang. Ang sinabi ko during my statement was that may mga naririnig tayo na mga ugong-ugong ng mga destabilization efforts. ’Yun ’yung specific word na ginamit ko, so I did not use the word ‘plot,’” Brawner said. Pundits believe that Brawner’s mention of destabilization efforts could be his way to depoliticize the armed forces, and to keep it away from contentious politics. Many countries in the world have seen cases of power grab through the use of military force. Although no two coups d’etat are alike, they all have a common denominator: poverty. For example, Myanmar’s military coup in 2021 has wiped out the country’s economic progress made under civilian rule. It is reassuring to hear Defense and Police officials ruling out any destabilization plot against the Marcos administration. But they have to continuously monitor the activities of some individuals trying to disrupt the peace and stability of the government. Evil actors with bad intentions should not be allowed to spark a new wave of political instability, which may make foreign investors nervous and decide to go away.

Since 2005

Armed Forces of the Philippines Chief of Staff General Romeo Brawner Jr. walks past honor guards during the arrival ceremony at Western Command, Puerto Princesa, Palawan, on August 10, 2023. Eloisa Lopez/Pool via AP

Get ready for Gen Z Atty. Jose Ferdinand M. Rojas II

RISING SUN

he members of Gen Z, those who are now 18 to 26 years old, are in a special place as they are inheriting the world’s huge challenges, as well as global opportunities. The biggest issues would be economic and political stability, climate change, mental health crisis, and technological advancements, among many other things.

Some of them are still in school, trying to gain skills and knowledge that they can use to navigate the world of work. Many of them have entered the workforce, turning many established systems upside down with their novel and sometimes shocking ideas and ways. Leadership and responsibility are slowly being passed on from the older generations to the Gen Zers. It’s starting to feel like their world, that it’s now their time to make their mark.

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laborate, and succeed. That gives the older generations bigger reasons to clean up their act once and for all—there is still time—and ensure that the confidence of the youth isn’t misplaced. It’s a big job for everyone, in particular the education departments (DepEd, CHED), our educators, and institutions. Businesses, policymakers, and even the family unit are now being called to step up their game for the sake of the youth. Are we giving our children the appropriate specialist training to arm them for an unpredictable, constantly changing future? How are

Tales of two courts: The Supreme Court and basketball court

BusinessMirror A broader look at today’s business Publisher

While it may seem that they have been handed bad cards, the truth is they don’t have any choice but to make the most of what they have. This would probably force some to become bitter and afraid, which is totally understandable. However, surveys have shown that most Gen Zers are still optimistic about the future, in spite of. They trust that their seniors—millennials and Gen Xers—will give them opportunities to learn, col-

By helping the youth, we do not only focus on the individuals. These efforts will bring lasting benefits to society and the planet. Our acts of hope and support will be felt by the generations after Gen Z. That’s what makes this time a crucial time. Our collective action is needed now more than ever.

he University Athletic Association of the Philippines (UAAP) games galvanized an extraordinary sense of solidarity for University of the Philippines constituents, often described as the microcosm of a highly diverse nation. An academic community all too easily fractured by politics and personal interests, the cheer “UP FIGHT!” reverberated during UAAP games as the UP Fighting Maroons fought UP style—“may giting at tapang.” Every point is worth screaming for. Each game became mini-reunions of Titos and Titas with endless photo-ops and reminiscing of college days’ memories over coffee, lunch, merienda or dinner. Basketball is everywhere in the Philippines: on every public sports complex, on street corners, and on television screens from north to south of the archipelago. Despite its popularity, the sport is not exempt from any legal controversy. In Cruz v. Pandacan Hiker’s Club, Inc. (GR 188213, January 11, 2016), the barangay captain was held administratively liable for giving an

order to destroy the basketball ring. She alleged that it affected the peace in the barangay and was the subject of many complaints from residents asking for its closure. The Supreme Court held that a basketball ring, at most, is a mere nuisance per accidens, for it does not pose an immediate effect upon the safety of persons and property, the definition of a nuisance per se. A basketball ring, by itself, poses no immediate harm or danger to anyone but is merely an object of recreation. Neither is it, by its nature, injurious to rights of property, of health or of comfort of the community and, thus, it may not be abated as a nuisance without the benefit of a judicial hearing. “Nuisance” has been applied to those that have interfered with the rights of the citizens, either in person, property, the enjoyment of his

Basketball is everywhere in the Philippines: on every public sports complex, on street corners, and on television screens from north to south of the archipelago. Despite its popularity, the sport is not exempt from any legal controversy.

property, or his comfort. “Pride, when unchecked, can waste our youth and cause the forfeiture of all meaning in life, even in the most inconsequential things: in this case, a basketball game,” said my UP Law professor and SC Senior Associate Justice Marvic Leonen in the case of Daayata et al vs People of the Philippines (GR 205745, March 08, 2017). A frustrated murder case emanated from a violent altercation in the course of a basketball game. The complainant alleged that he suffered a head injury due to the assault the next day by the accused players. The accused argued that they did not initiate an assault but the complainant sustained the injury on his forehead through his own fault. The accused were acquitted due to inconsistencies in the testimonies. Leonen noted that proof beyond reasonable doubt charges the prosecution with the immense responsibility of establishing moral certainty. The prosecution’s case must rise on its own merits, not merely on relative

we equipping and empowering our youth so they will become relevant and needed in the global marketplace? How are we handling their enthusiasm and positivity? How can we support them about things that are so new we barely understand them ourselves? Are we putting the right measures in place to enable this young generation to overcome the larger-than-life challenges they are facing? They do have a lot going for them—technological advancements, their generation’s digital proficiency, innovative thinking, resilience, collaborative spirit, and optimism. They can build a better world—or maybe it’s more apt to say rebuild—especially with support from the older generations. By helping the youth, we do not only focus on the individuals. These efforts will bring lasting benefits to society and the planet. Our acts of hope and support will be felt by the generations after Gen Z. That’s what makes this time a crucial time. Our collective action is needed now more than ever.

strength as against that of the defense. Should the prosecution fail to discharge its burden, acquittal must follow as a matter of course. In Bernarte v. Philippine Basketball Association (GR 192084, September 14, 2011), the Court ruled that a referee hired by the PBA is not an employee but rather an independent contractor. An illegal dismissal case was filed by a referee whose contract was not renewed following its expiration. The Court ruled in favor of the PBA by using the so-called “control test” to determine an employer-employee relationship. Once in the playing court, the referees exercise their own independent judgment, based on the rules of the game, as to when and how a call or decision is to be made. The referees decide whether an infraction was committed, and the PBA cannot overrule them once the decision is made on the playing court. The referees are the only, absolute, and final authority on the playing court. PBA or any of the PBA officers cannot and do not determine which calls to make or not to make and cannot control the referee when he blows the whistle because such authority exclusively belongs to the referees. In PBA vs Games and Amusement Board (GR 170312, June 26, 2009), the Supreme Court ruled that the PBA must pay the GAB P3.4 million See “Gorecho,” A11

www.news.businessmirror@gmail.com

Opinion

How big is our tax gap?

Hygge

BusinessMirror

Joel L. Tan-Torres

Siegfred Bueno Mison, Esq.

DEBIT CREDIT

came across a very interesting study on tax gap while doing my research for my University of the Philippines doctoral dissertation. This tax gap paper is the October 2023 report of the Internal Revenue Service of the United States of America that released the updated tax gap estimates (https://www.irs.gov/pub/irs-pdf/p5869. pdf ). The tax gap is the difference between potential tax revenues from actual tax collections. The difference provides an estimate of how much the tax-collecting offices, like the IRS or our Bureau of Internal Revenue (BIR), lose annually due to taxpayer non-compliance or non-reporting of taxable transactions. The tax gap is loosely referred to as tax evasion in some studies on the topic. Per the IRS report, the tax gap has risen since the last IRS study for the 2014 to 2019 taxable years. It disclosed that for the taxable year 2021, the estimate of tax loss or tax gap amounts to $688 billion a year, comprised of the sum of these three components: n Non-filing: $77 billion (from failure to file a required tax return); n Underreporting: $542 billion (from inaccurate tax returns); and, n Underpayment: $68 billion (from failure to pay taxes owed). This tax gap of the USA represents 17.2 percent of total IRS collections in 2021 of $4 trillion, or 14.6 percent of potential tax revenues. I am quite surprised that there is a high level of tax gap losses from the USA, which I perceive to be relatively a tax-compliant nation governed by a comparatively efficient IRS. The Philippines has its estimates of the tax gap in the country. However, these have been few and far between. Studies on the tax gap situation have been done by the Department of Finance, the National Tax Research Center, the Philippine Institute of Development Studies, educational institutions and academicians, and multilateral agencies. I conducted a quick Internet search and came out with at least four reputable articles on the Philippine tax gap situation. A 1988 study by Dr. Rosario Manasan in her research on “Tax Evasion in the Philippines” disclosed that the gap comes up to 50 percent of the potential revenues for the year (https://core.ac.uk/download/ pdf/6506456.pdf). In a separate and later study, Dr. Manasan presented that the average tax gap for 2004 to 2009 on the segregated potential tax revenues from value added tax and individual income tax amounts to a high of 64 percent and 14 percent of potential revenues from the Value Added Tax and the individual income tax on non-wage income earners, respectively https://www.eria.org/ uploads/media/Research-Project-Report/RPR_FY2010_1_Chapter_6.pdf. Applying a conservative rate of tax gap of 50 percent culled from the studies cited above, the BIR, if it is able to collect the tax gap, can double its tax collection goal of P2.599 trillion for 2023 and collect about P5.2 billion in taxes. However, these projections should be considered only after coming up with an updated determination of the tax gap using the appropriate methodology. The tax gap studies over the years present a wide variance in the estimates. There are differences due to

Gorecho . . .

continued from A1o

representing GAB’s three percent share in the PBA’s gross receipts and income from the television and radio broadcast for 2002, regardless of whether those had already been received by the PBA. The Court affirmed the earlier decision of the Office of the President in favor of GAB on the grounds that PD No. 871 intended the operating association, the PBA, to pay GAB the equivalent of 3 percent of its gross revenue and income from television and/or radio broadcast once earned; that income is considered earned

The tax gap is the difference between potential tax revenues from actual tax collections. The difference provides an estimate of how much the tax-collecting offices, like the IRS or our Bureau of Internal Revenue (BIR), lose annually due to taxpayer noncompliance or non-reporting of taxable transactions. The tax gap is loosely referred to as tax evasion in some studies on the topic. the various methodologies used in estimating the tax gap. These methods include, among others, the gap, tax audit, elasticity, and underground economy approaches, the Revenue Administration Gap Analysis of the International Monetary Fund, and the IRS projection method. Tax gap analysis can benefit the country since this can pinpoint the potential of increasing tax collections. While the present data from these studies will not pinpoint specific sectors of non-compliance by taxpayers, these can direct the taxcollecting agencies to put in administrative measures to plug some of the tax gaps in a broad-based manner. An example is what the IRS is contemplating instituting. As a result of its Tax Gap study, the IRS will enhance its information reporting rules by requiring third-party payment processors such as PayPal and Venmo, and other gig economy-enabled applications like Uber and AirBnB to report to the IRS all their payments over $600 to recipients. With this, the IRS will have more data to match tax returns for underreporting, as well as be able to detect more non-filers that previously went under its radar. Clearly, if the BIR can effectively use tax gap data to pursue measures promoting better compliance from these contributors to the tax gap, the tax revenue coffers of government will increase multifold times over. But the question remains, will our government tax and finance officials be able to tap this tax gap opportunity? Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and Tax partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He is now back to his tax and consultancy practice and can be contacted at joeltantorress@yahoo.com and his firm JL2T Consultancy.

when one’s right to it becomes fixed under the terms of the governing contract; that it does not matter whether PBA has actually received the fee due it from its franchisee, or whether this franchisee has physically transferred the amount to the PBA, because once the PBA’s own contractual fees become due and payable, these fees constitute income from which to source and determine the GAB’s 3 percent share. Peyups is the moniker of the University of the Philippines. Atty. Dennis R. Gorecho heads the seafarers’ division of the Sapalo Velez Bundang Bulilan law offices. For comments, e-mail info@ sapalovelez.com, or call 0917-5025808 or 09088665786.

THE PATRIOT

n Philippine law, workers can be full time or part time or engaged as consultant or on a project basis. But for the most part, a huge majority of the workforce in the Philippines is full time, who are given at least 15 days of paid leaves. Aside from these leave benefits, these workers are given, by law, a sufficient number of rest days—12 regular and 9 special non-working holidays in 2023. These rest days are intended for rest, as in time to reenergize. Due to the barangay elections this 2023 and the observance of All Saints and All Souls’ Day, quite a few workers availed themselves of their vacation leaves as part of worklife balance. Some colleagues traveled abroad, others went on a weeklong retreat. Either way, these unusually longer vacations pay dividends for the employers in terms of a recharged workforce. But when it comes to breaks from work, countries in Scandinavia such as Norway, Sweden, Finland, and Denmark are known to have the best work-life balance. Finland has been touted as the happiest country in the world by the World Happiness Report as the country encourages recreational activities by having the most flexible working schedule on the planet! Most Finns have an active and healthy lifestyle allowing workers to explore the outdoors with the cleanest air in the world. On the other hand, Denmark reportedly has an official workweek of 37 hours (compared to 40 hours in the Philippines). Overtime is discouraged in the workplace. Companies are practically closed for business in

July when most Danes take weeks off to enjoy summer in line with their lifelong principle of “hygge,” meaning comfort, contentment, and wellbeing. Translation? Fewer sick days, a happier workforce, and a more empathetic environment. This country too should promote this hygge, not only by having vacations and enjoying the ambience of the outdoors, but by staying connected with loved ones, including and especially the One who loves us the most! In the few years that I have strived to stay connected to Him through the Bible, I realized that reading is far easier than understanding God’s word. The words simply don’t stick as easily compared to how I read law books and Supreme Court decisions.

Monday, November 6, 2023 A11

Denmark reportedly has an official workweek of 37 hours (compared to 40 hours in the Philippines). Overtime is discouraged in the workplace. Companies are practically closed for business in July when most Danes take weeks off to enjoy summer in line with their lifelong principle of “hygge,” meaning comfort, contentment, and well-being. Translation? Over time, I learned that the power of God’s word is not dependent upon my understanding. Bible studies and group discussions help yet I still struggle with understanding the Bible, especially those written by the prophets in the Old Testament. Nonetheless, we should all still see value in reading it. Somehow, whenever we read the Bible, the Spirit within us is activated to guide us in our daily lives. Discernment, as in choosing between what is right and more right in everything we do, can be developed by committing our decisions to God. In hindsight, with greater discernment and godly wisdom, I could have been a better public servant at the Bureau. Leaders should practice taking a step back from what they have been accustomed to before making any decision. Better leaders should honestly contemplate what God wants them to do. With a spirit-guided decision, their successes and failures are dedicated to glorify our Almighty God. But these decisions can only be Spirit-filled whenever leaders are

constantly engaged and connected to God in prayer every day and not just during the crucial matters. The Bible teaches us in Psalms 119:105 that, “Your word is a lamp for my feet, a light on my path.” The light from His word allows everyone to navigate through their life’s challenges with clarity and purpose—a state similar to having that work-life balance. His Word helps us in our journey towards being better decision makers. Hence, we need His word daily to light our path. Thus, “hygge” cannot simply sprout from a single occasion. Staying balanced in life with meaningful vacations and being connected with loved ones must be consciously pursued. Government has contributed in giving employees many vacation days, although not as many as those in the Nordic region. Ultimately, living with “hygge” depends on each person who ought to go “all in” when it comes to doing things right, not just for himself or his loved ones, but for His Creator. With greater commitment towards being Christlike comes the real work-life balance! A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.

Can Neda prevent the ‘unwanted futures’ facing the country? Dr. Rene E. Ofreneo

LABOREM EXERCENS

ational Economic and Development Authority, like the Department of Trade and Industry, has embraced industrial policy, on paper. After five decades of ignoring the central role of an activist state in the industrialization of a country, Neda is now trying to push the economy back to the industrial path of development. In this connection, one major development instrument that Neda is trying to promote is the countrywide upgrading and diffusion of technological innovation. The National Innovation Council led by Neda released recently the “2023-2032 National Innovation Agenda and Strategy Document.” Accordingly, NIASD, through the advancement of technology, shall prevent the three “unwanted futures” for the country—“masakuna” (disaster-prone), “langit-lupa” (widespread inequalities) and “mabagal” (slow progress). Through the NIASD and its Philippine Development Plan 20232028, Neda claims that the Philippines shall attain the status of an “upper middle income developing economy” within the term of PBBM. An upper middle developing economy is one with a per capita gross domestic product of over $4,000, a level already reached by Vietnam last year with its per capita GDP of $4,170. In contrast, the Philippines, whose per capita GDP was several times higher than Vietnam in the late 1980s, managed to register a per capita GDP of $3,633 in 2022. This means the Philippines has remained trapped in the category of a low-income developing economy for over five decades, that is, since the mid-1970s! On NIASD, the overall message is industrial, agricultural and economic transformation through technological progress. For this purpose, Neda has set the following targets: GERD (government expenditures on research and development) to rise from .3 percent of GDP to 1.8 percent (which is substantial but still low compared to spending by Asian heavyweights like China, Japan and South Korea, which have GERD ranging from 3 to 6 percent;

Ranking in the global innovation index rising from 59th (out of 132 countries) to 43rd by 2028; and Multi-dimensional transformation of the economy into a “competitive and resilient” one. Further, the government shall promote a supportive environment for R&D by re-engineering basictechnical-vocational and higher education, increasing national expenditures on R&D and its commercialization. There are also proposals on more scientific exploration, techno entrepreneurship, digitalization, innovative transformation of agriculture and various sectors of the economy, and yes, strengthening and upgrading of the manufacturing sector. It is difficult to quarrel with Neda on the above NIASD goals and the different technological upgrading and R&D measures contained in the NIASD. However, there are missing elements in the NIASD that the policy makers should pay attention to. As it is, NIASD is long on rhetoric but short on details on how the culture and environment of innovation can be built up. First, NIASD fails to discuss how the management of technology can address widespread poverty and inequality in the country. A prime example here is the situation in agriculture. PBBM officials talk of “clustering” farms, introduction of new machines and development of value chains, etc. Who will do this? They end up mentioning the role of big agribusiness firms as leaders and small farmers and landowners as followers. The endless social and economic conflicts in the countryside are easily traceable to the failure of the government to clarify on which side or which interests it is trying to

uphold and promote. No amount of technology advisories and extension work will succeed in eradicating rural poverty if land reform (7 decades of stop-go implementation) remains unfinished and if the farmers are not treated as the rightful leaders in modernization. Neda even fails to connect NIASD with the SDGs (17 in all), which seek to address inequality and sustainability concerns. Second, NIASD fails to address forcefully the importance of marrying technology advancement and acquisition with the full industrialization of the country. A national government successfully arranging the marriage of technological advancement and home-grown industry groups is amply illustrated in the stories of Asia’s industrializers: Japan, China, South Korea and Taiwan. But Neda only talks in generalities, of partnerships between business and the scientific community. Relatedly, NIASD fails to include in the agenda the proposal of Senator Sonny Angara regarding the promotion of “Tatak Pinoy” products being generated and developed across the country. Third, NIASD has no program of “leapfrogging” or “catching up” in areas where the Philippines can excel or must invest. Easily, what comes to mind is the development of the maritime industry in an archipelagic country. Neda and DTI were given a low-hanging fruit when Hanjin, with its 300-hectare shipyard in Subic, collapsed and became bankrupt. Philippine Navy officials and local shipbuilding entrepreneurs expressed interest in the Hanjin facility to develop our capacity to build and repair naval vessels and to build Tatak Pinoy ocean-going sea vessels. Instead, the government gave the facility to an American company, Cerberus. The case of Hanjin is a clear proof that the Philippines still does not have a clear industrial policy. The declarations of DTI and Neda that they are embracing industrial policy remain paper declarations. The reality is that sustained industrialization growth requires a dynamic spiral of innovation, learning and technology upgrading and their application in growing up the country’s industrial and agricultural base. And yet, this is not elaborated in NIASD. It appears that our Neda technocrats remain heavily influenced by their free-market mumbojumbo, with their naïve expectations

that in an open economy, FDI would come in and would eventually help raise the technological base of the country. The job then of the government was simply graduate more engineers and technical personnel. History tells us that technological progress does not occur simply because there is openness in the market. The reality is that the role of the government is crucial in industry upgrading processes and in developing a strong domestic science and technical base, which allows an economy to be creative, flexible and responsive to changing market situations. Donna Doane of Fair Trade Alliance wrote that Japan and the Asian NICs have pursued innovation and technology development in varied ways but all focused their efforts on 1) moving the country up the technology ladder and developing “high-tech industries and technology clusters,” and 2) encouraging “low and medium tech” areas through the preservation and transformation of indigenous skills and technical skills (“technology blending” and clustering). There is no space to discuss the specific details of the experiences of each of these countries in scaling up the technology laddering. But what is clear is that in each country, the role of a strong, visionary and developmental state is central. Japan and the Asian NICs single-mindedly pursued a program of industrial policy, which entailed government support in capacity building in strategic industrial areas (both domestic and export) which have the potentials of pushing industrialization at a higher and faster level even if initially these industries had no comparative advantage; for examples, car-making in Japan during the 1950s and steel making in South Korea in the 1970s. In a way, what China has done in the last four and a half decades is a replication on a grand scale of the industrial policy experience of Japan and the Asian NICs. Now, can the Philippines emulate its successful Asian neighbors by taking a more explicit and assertive position in the promotion and unification of technological advancement and industrial development, especially in building up the capacity of local or domestic industry, at the regional and national levels? Can Neda adopt a clearer and stronger position on having a “Tatak Pinoy” in manufacturing and agriculture?

A12 Monday, November 6, 2023

BSP’s bet on coin machines yields ₧1.3-M turnover daily

By Cai U. Ordinario

@caiordinario

HE coin deposit machines (CoDMs) have collected an average of a million pesos per day since June, according to the latest data from the Bangko Sentral ng Pilipinas (BSP), which rolled out the program four months ago to ease the coin shortage and cut government losses in minting coins.

As of October 30, the CoDM collections have reached P171.09 million since June 20. This means an average of P1.29 million worth of coins every day for a period of 133 days. As of October 20, only 10 days prior, collections already reached P146.78 million. This means, in just 10 days, some P25.31 million or an addition of P2.53 million worth of coins were collected per day. The data obtained by BusinessMirror also showed that a total of 59.8 million coins were deposited in CoDMs as of October 30. T his means an average of 449,607 coins were deposited into the 25 CoDMs located in various malls and groceries in Metro Ma-

nila. This translates to about 17,984 coins per machine everyday. These coins include the P20, P10, P5, P1, 25 centavo, 10 centavo, 5 centavo, and 1 centavo. These are converted into e-wallets and shopping vouchers. Based on the data, more than half of the coins deposited in CoDMs are P1 and 25 centavo coins. A total of 22.96 million P1 coins were deposited between June 20 and October 30 while 13.79 million 25 centavo coins were received by the machines during the period. This was followed by the P5 coin with 12.89 million pieces; P10 coin, 3.02 million pieces; 5 centavo coin, 2.73 million pieces; P20 coin, 2.49

million pieces; and P10 centavo coin, 1.88 million pieces. The lowest was the 1 centavo coin with only 47,496 pieces. In the data as of October 20, the largest sum ever deposited in a single transaction was P105,818. This was deposited on September 30 in an SM-owned location. The highest volume of coins deposited during the period reached 33,794 pieces which was received in a CoDM in another SM-owned property last September 3. The data as of October 20, also showed almost all or 97.63 percent of the amount of the coins collected by CoDMs were converted into GCash credits. The total amount converted into

GCash reached P142.33 million as of October 20. In terms of coin volume, GCash also converted the most into credits with 51.13 million coins or 97.63 percent of the total. This covered a total of 50,225 transactions or 97.04 percent of all CoDM transactions. In June, BSP rolled out the CoDMs to alleviate the coin shortage in the country and cut the government’s losses in minting coins. Former BSP Governor Felipe M. Medalla said the Philippines currently has a problem with coins, given that its coins per capita have more than doubled in less than a decade. See “BSP’s,” A2

EAST TIMOR’S RAMOS-HORTA DUE IN PHL, PALACE CONFIRMS

ALACAÑANG on Sunday confirmed the upcoming state visit of Timor-Leste President Jose Ramos-Horta to the Philippines this week. In a statement, Presidential Communications Office (PCO) Secretary Cheloy V. Garafil announced Horta will arrive in the country on November 10, 2023 to strengthen PhilippinesTimor Leste bilateral relations. “President Ramos-Horta’s state visit to the Philippines will tackle the various areas of cooperation between the Philippines and Timor-Leste in terms of technical, political, educational and economic partnerships,” Garafil said. Horta will be meeting with President Ferdinand R. Marcos, Jr. as well as officials of the Department of Foreign Affairs (DFA), Department of Trade and Industry (DTI), Department of Justice (DOJ), Department of Science and Technology (DOST), and the Department of Social Welfare and Development (DSWD). The President and Horta already met during a bilateral meeting at the sidelines of the 42nd Association of Southeast Asian Nations (ASEAN) Summit in Indonesia last May. In their talk at the event, Marcos expressed his continued support for Timor Leste’s

bid to become a member of the Association of Southeast Asian Nations (Asean). Pending its membership application, Timor Leste participated at the 42nd Asean Summit as an observer. Last year, Asean issued a statement that it decided, in principle, to admit Timor Leste as its 11th member. However, Asean said Timor Leste, which became independent from Indonesia in 2002, must still complete the necessary requirements before it is given full membership.

Philippine role

THE Philippines played a key role in Timor Leste’s long road to independence. In 1994, the First Asia-Pacific Conference on East Timor (Apcet), an initiative by international nongovernment organizations (NGO) to help the East Timorese gain independence after 20 years of annexation by Indonesia, was mounted in Manila. The Philippine government then under President Fidel V. Ramos banned Apcet and refused entry to some famous international delegates, including Danielle Mitterrand, the wife of then French Prime Minister. However, NGOs local and foreign proceeded to hold it, thus shining a light for the first time in two decades on their struggles. See “East Timor’s,” A2

Coldplay, Taylor Swift boosting tourism, travel in AsPac–ForwardKeys By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

HE recovery of the travel sector in the Asia-Pacific region continues to accelerate towards the yearend, with certain events like sports and concerts providing significant impetus for people to get on the plane. These were the latest findings of ForwardKeys presented recently at a forum on tourism trends and outlook in Guilin, China, organized by the United Nations World Tourism Organization (UNWTO) and Pacific Asia Travel Association (Pata). ForwardKeys Vice President-Insights Olivier Ponti cited as an example the 47-percent bump in international travel to Hangzhou, China for the Asian Games from September 23 to October 8, 2023. He added, “The live music industry is also helping attract tourism,” with Singapore benefiting the most in the first quarter of 2024. Booked tickets from Southeast Asia to Singapore as of October 9 showed a 241-percent jump from January to 23-31 2024 versus the same in 2019 due to Coldplay’s concert, and a 380-percent increase on March 2-9, for Taylor Swift’s Eras Tour. ForwardKeys is an aggregator of global aviation data and forward ticket bookings to destinations. Booked tickets to Asia Pacific for the fourth quarter are 25-percent less

than prepandemic levels, showing a significant improvement after being 45-percent behind in the first three quarters, versus the same in 2019. In particular, international arrivals in Southeast Asia for the fourth quarter will be 29-percent lower than prepandemic levels, with the most notable recoveries in Vietnam (-18 percent), the Philippines (-20 percent), and Thailand (-26 percent), based on air ticket data as of October 10.

Travelers are flying premium

THE restoration of flights continues to hamper the full recovery of Southeast Asia at some 20-percent less in the fourth quarter versus the same period in 2019. The subregion comes behind South Asia (India, Maldives, Sri Lanka), which has fully restored air supply, and Oceania (Australia, New Zealand, Pacific islands) at 10-percent less than the fourth quarter in 2019. Meanwhile, Ponti noted that that travelers to the region are now booking premium seats, staying longer in their intended destinations, and are “[booking] with greater anticipation.” In addition, travel in China is clearly back on track in its recovery phase. “Premium travel is driving [Asia Pacific’s] recovery,” he said, citing bookings for the fourth quarter at just 7-percent less than the same period in 2019, compared to economy seat, which are 24-percent behind 2019. Bookings as of October 7 showed that 49 percent of international tourists have booked stays for nine

days and more in Asia-Pacific destinations, which is 6.6- percent over pre-pandemic stays in 4Q 2019.

Global aviation 75% of 2019 level

INTERNATIONAL travelers also seem more excited than usual to travel to the region, with 35 percent of tickets having been issued 60 days and more prior to their departure, and 20 percent issued between 30 and 59 days. Both were 8-percent more than third quarter, 2019 levels. Meanwhile, in a news statement, ForwardKeys said global aviation has already reached 75 percent of its prepandemic levels, based on ticketing data issued up to September 26, 2023, which captured scheduled flight arrivals to that date and bookings up to the end of the year. The data showed the Caribbean as the global destination of choice in 2023, continuing its dominance of the destination rankings since the outbreak of Covid-19 in 2020. Also, North America, specifically the US, is driving most of international outbound travel with flight bookings set to be just 3-percent behind prepandemic levels. “In 2023, many destinations and travel businesses remained focused on recovery post-Covid-19. The speed of that recovery has varied by region, but by the end of 2024, it will be complete, even for those countries that lifted travel restrictions most recently,” said Ponti.

Indian envoy pitches supply of choppers to Marcos By Samuel P. Medenilla @sam_medenilla

NDIA is now seeking “consideration” by President Ferdinand R. Marcos, Jr. of the pending chopper supply deal between the Philippine Coast Guard (PCG) and an Indian aeronautics manufacturer. In his meeting with the President last week, Indian Ambassador to the Philippines Shambu Kumaran said the deal will help boost the

security operations of PCG. “The discussion is going on very well. The Coast Guard is very interested – they’ve flown the helicopter…I would request your consideration because that would be a very positive [program],” Kumran told Marcos. The Indian envoy said the units, which will be supplied to the PCG, are also being used by India’s Navy and Coast Guard. He said the negotiations for the supply deal, which will cover seven helicopter units

between the Indian government and the Department of Transportation (DOTr), is still ongoing. PCG is an attached agency of DOTr. Marcos said he is open to acquisition since it will help improve PGC’s rescue and humanitarian efforts. “We’re trying to build up our capacity – our capabilities in terms of our coast guard, in terms of our – of course, the search and rescue is always the primary consideration,” the President said in the meeting.

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, November 6, 2023

Corporate registrations hit Wind project gets green lane access record high last year–SEC

By VG Cabuag

@villygc

ompany registrations with the Securities and Exchange Commission (SEC) hit a record high last year, partly as a result of its digital transformation program, according the agency.

The SEC said it recorded a total of 42,926 corporate registrations in 2022, 13 percent higher than the previous year’s 38,052. This marks a record high for the agency’s 85year history as the country’s company registrar. In 2021 alone, the total number of company registrations jumped by 67 percent, as the business sector gradually started to recover

from the impacts of the pandemic in 2020. The SEC attributes the robust activity in corporate registrations to the launch of its digital services since 2021, which have helped improve the process of putting up a business in the country. “The digital transformation of the SEC was inspired by our vision for a company registration process

that can be completed with ease and convenience, transactions that are safe and secure, and corporate data that are easily accessible,” SEC Chairman Emilio B. Aquino said. “This vision is slowly becoming a reality, thanks to our stakeholders who have also adapted well and embraced digital transformation as part of their business strategies. The SEC will continue to develop its goals toward digitalization to further push the business sector toward its best,” he added. “A s more Fi lipinos rea lize their entrepreneurial aspirations through the corporate vehicle, we expect more and better employment opportunities for our countrymen across the archipelago, and ultimately a more comfortable and secure life for everyone.” In 2021, the SEC launched the Electronic Simplified Processing of Application for Registration of

Companies, and its subsystem, the One Day Submission and Electronic Registration of Companies. With eSPARC, the SEC was able to reduce the company registration process from 16 steps in 34 days to 3 days. The process is even faster with the use of OneSEC, with a record processing time of 1 minute and 14 seconds from the start of application to the receipt of a digital Certificate of Incorporation. Prior to eSPARC, the SEC also launched the Electronic Filing and Submission Tool (eFAST), previously called the Online Submission Tool, allowing for the submission of digital copies of reportorial requirements such as annual financial statements and general information sheet. Some two years since the launch of eFAST, submission of AFS and GIS have transitioned completely online.

Globe 9-mo. profit down by 27% By Lorenz S. Marasigan @lorenzmarasigan

lobe Telecom Inc. saw its profits plunge by more than a quarter in January to September despite posting all-time high consolidated service revenues due to higher depreciation costs and a non-operate charge versus last year. The company said in a statement that its net income during the period dropped by 27 percent “due to the increased depreciation expense as well as this period’s non-operating charges versus last year’s non-operating income which included the partial sale of Globe’s data center business.”

‘Petron, Shell are PHL’s top oil firms’

etron Cor p. and Shell Pilipinas Corp. maintained their ranks as the country’s top oil companies in the local petroleum market. The Department of Energ y (DOE), in a report released recently, said Petron’s market share at end-June this year stood at 22.3 percent while Shell had 15.23 percent. Petron, Shell, and Caltex used to be called the “Big Three” until new and independent oil firms dominated the market ending the first half with a market share of 51.11 percent. Caltex was no longer the third largest oil company as it ended the period with 4.25-percent market share. Instead, Unioil bagged the third spot with a market share of 8.14 percent. Seaoil ranked fourth, 7.11 percent; followed by Insular, 7.02 percent; Liquigaz, 2.46 percent; Jetti, 2.4 percent; FLC, 2.33 percent; and SPI, 1.96 percent, in the 10th place. Major oil companies—Petron Corp., Chevron and Pilipinas Shell Petroleum Corp.—got the 43.13 percent market share of the total demand. Lenie Lectura

“Excluding this one-time gain, normalized net income would have been P14.8 billion, or down by 11 percent compared to the previous year,” the company said. It closed the period ending September with all-time high consolidated revenues of P121.1 billion, up by 3 percent from a year prior “despite the extended macroeconomic headwinds faced by the industry.” “This remarkable performance was mainly fueled by the strong contributions from its mobile, corporate data, and non-telco services, which fully offset the anticipated decline in home broadband,” the company said. Meanwhile, Globe’s total operat-

ing expenses including subsidy as of the nine-month period of 2023 amounted to P60.4 billion, up from P57.6 billion reported last year. “The group continued its efforts to control costs as evidenced by lower marketing and subsidy, lease, and provisions. However, these savings were fully offset by increases in repairs and maintenance, services and others, as well as administrative expenses.” Its core net income was also down by 8 percent to P14.8 billion. “Our third quarter results show that our telecom business performance is very much aligned to the guidance we have set. On the other

hand, our pivot to a techco business is showing signs of momentum. We are happy that more of the non-telco businesses are contributing to the Group’s overall business growth and resilience. We will continue to look for opportunities to thrive amidst the macroeconomic challenges and competition. We believe that our renewed focus on innovation, collaboration, sustainability and service, backed by our unwavering commitment to network excellence are the imperatives that will keep us ahead and will pave the way for a digitally inclusive and prosperous Philippines,” Globe President Ernest L. Cu said.

STOCK-MARKET OUTLOOK Last week

Share prices inched higher last week, but trading was lackluster during the two-day trading week due to a series of public holidays. The benchmark Philippine Stock Exchange index gained 27.28 points to close at 5,989.27 points. Average volume of trade reached P3.59 billion, with foreign investors, who accounted for 62 percent of the trades, were net sellers at P922.54 million. All other sub-indices ended mixed. The All Shares index rose 16.58 points to close at 3,263.05 points, the Financials index fell 1.55 to 1,704.16, the Industrial index declined 35.61 to 8,498.28, the Holding Firms index was up 5.33 to 5,727.48, the Property index climbed 33.22 to 2,546.63, the Services index added 25.62 to 1,476.94 and the Mining and Oil index was down 38.97 to 9,807.15. For the week, gainers led losers 114 to 74 and 35 shares were unchanged. Top gainers were Manulife Financial Corp., Repower Energy Development Corp., First Abacus Financial Holdings Corp., Philippine Realty and Holdings Corp., Keppel Philippines Holdings Inc. A shares, I-Remit Inc. and SOCResources Inc. Top losers, meanwhile, were Seafront Resources Corp., Centro Escolar University, Greenergy Holdings Inc., Vivant Corp., Monde Nissin Corp., Lepanto Consolidated Mining Co. B and Easycall Communications Philippines Inc.

This week

Share prices may gain this week after the United States Federal Reserve maintained its benchmark rates after

the GDP of the US rose 4.9 percent in the third quarter and core inflation improved. “The ‘higher for longer’ rhetoric has been reiterated, as inflation has yet to go beneath the Fed target of 2 percent. inflationary pressures in the medium term support the notion that this may not be achievable until early 2024, also evident in movement in yields so far in the fourth quarter,” broker 2TradeAsia said. Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said the US long-term treasury yields have been declining while the peso has appreciated against the US dollar. “If the said trends are sustained, this could help the local bourse in advancing further this week. The S&P Global Philippines Manufacturing PMI print of 52.4 for October may also help lift sentiment,” he said. He said upcoming economic data, primarily the inflation and GDP data, are expected to play a crucial role in the market’s performance. “Inflation data significantly slower than September’s 6.1 percent and a strong rebound in the GDP growth figure for third quarter is seen to spur optimism in the bourse. If we don’t see such however, tepid expectations for the local economy could remain which in turn may keep the market downwardly biased,” Tantiangco said. The market’s current support is seen at 5,700 while its current resistance is seen at 6,000. This week, the market may still test 6,000, he said.

Stock picks

Maybank Securities has maintained its

buy rating on Areit Inc., the real estate investment trust sponsored by Ayala Land Inc., despite the fall in revenue projections with the asset infusion of 313,000 square meters of gross leasable area. With the infusion, which raised its area by 46 percent to 986,000 square meters, its average yearly revenue per square meter were reduced by 25 percent to P7,384. This also trimmed its revenue assumptions by 4 percent to P6 billion this year and P7.9 billion by next year, it said. “Higher opex [operating expenses] from the asset infusion also resulted in 11 percent and 13 percent cuts to our 2023 and 2024 earnings estimates. Still, given strong projected earnings, attractive potential asset infusion pipeline, we maintain our buy call on Areit.” Areit shares were last traded on Friday and closed at P33.65 apiece. Meanwhile, it also maintained its buy rating on Robinsons Retail Holdings Inc. despite missing consensus on its income fro the third quarter. It also affected its net income forecast for the year due to interest expense arising from its loan for acquiring Bank of the Philippine Islands and share of losses from GoTyme bank. “As such, we lower our 2023 net income by 8 percent but slightly raise our 2024 forecast by 2 percent due to a lower effective interest rate forecast. This reduces our target price by 3 percent to P65. Nevertheless, we maintain buy as we believe RRHI’s earnings growth trajectory is stable, complemented by its physical expansion plan.” Robinsons Retail share price closed last week at P40.65 apiece. VG Cabuag

Photo from www.thebluecircle.sg

By Andrea E. San Juan @andreasanjuan

he Board of Investments (BOI) said it has granted green lane endorsement to a P10.85-billion wind project in Laguna. Through its One-Stop Action for Strategic Investments (OSACSI), the BOI awarded a Green Lane Certificate of Endorsement to the Kalayaan 2 Wind Power Project of Laguna Wind Energy Corp. (LWEC) located in Paete and Kalayaan, Laguna. With an investment cost of P10.85 billion, the project is set to start its commercial operations by 2026 and is expected to generate at least 30 direct and 500 indirect jobs. BOI also noted that the wind power project aims to harness renewable wind resources to power industries and promote sustainable and greener economic growth. The Blue Circle (TBC), through its subsidiary Laguna Wind Energy Corp. (LWEC), is currently developing the Kalayaan 2 wind power project to spearhead its efforts in increasing its presence in the Philippines, with an overall portfolio of more than 2.5 gigawatt (GW) worth of renewable energy projects in development in the entire country, according to the BOI. The Kalayaan 2 project’s footprint will cover 70 hectares of land with an

installed 100.8 MW of clean energy capacity utilizing the latest stateof-the-art wind turbine generator technology. Aligned with the Department of Energy’s (DOE) target of a 35-percent share of renewable energy in the power generation mix by 2030, BOI said the Kalayaan 2 project will contribute to accelerating the Philippines’s goal to reduce harmful greenhouse gas emissions while promoting economic growth in the project’s region. Executive Order (EO) No. 18 or the measure Constituting Green Lanes for Strategic Investments was approved by the Office of the President last February 2023. The measure aims to “expedite, streamline and automate” processes on the application of permits and licenses of strategic investments. As the “single entry” of strategic investments, OSACSI will be facilitating the processing of permits and licenses of the endorsed project to ensure the “fast realization” of energy investments in the country, according to the BOI. In a document sent to reporters last week, BOI reported that as of October 26, it approved 16 projects for green lane processing. These projects are worth P336.29 billion. According to BOI, these 16 projects are expected to generate 32,730 jobs. Majority of these projects are into renewable energy.

Bacolod court disallows lawyer from testifying on behalf of Yanson siblings

Bacolod City court has disqualified lawyer Philip Sigfrid A. Fortun from testifying on behalf of the four Yanson siblings in the proceedings of the estate of the late Ricardo B. Yanson Sr. In an order, the Bacolod City Regional Trial Court Branch 45 Presiding Judge Pheobe A. Gargantiel-Balbin granted the motion filed by Ginnette Yanson Dumancas to disqualify Fortun as a witness in the case. “The motion to disqualify filed by the petitioner is granted. Atty. Philip Sigfrid A. Fortun is hereby disqualified from testifying on behalf of the oppositors,” the court said in its order dated October 2. The court also reset the next hearing on the case to December 12, to provide the Yanson four—composed of Roy, Emily, Ma. Lourdes Celina and Ricardo Jr.—time to prepare the judicial affidavit and presentation of other witnesses. Ginnette Dumancas filed a petition seeking the disqualification of Fortun on the ground that the Code of Professional Responsibility prohibits a counsel from testifying on behalf of his client. She said Fortun could not be

allowed to testify as a witness in the support of their motion to remove Olivia V. Yanson as special administratix. In her decision, Judge Gargantiel-Balbin said the court agreed with the petitioner, Dumangcas, that the testimony of Fortun does not fall within the first exception under Rule 12.08 of the Code of Professional Responsibility which states that a lawyer shall avoid testifying in behalf of his client except on formal matters such as the mailing, authentication or custody of an instrument or the like. The court also noted that Section 22, Rule 130 of the Amended Rules of Court provides that a witness can testify only to those facts which he or she knows of his or her personal knowledge, that is which are derived from his or her own perception. “A reading of the judicial affidavit of Atty. Fortun would show that he has no personal knowledge of the facts he intends to testify,” the court said. The Supreme Court in an October 2004 decision explained the reason behind the rule on the disqualification of lawyers from testifying on behalf of their client. VG Cabuag

Companies BusinessMirror

Monday, November 6, 2023

Move It exclusion from pilot program will kill jobs–group

By Lorenz S. Marasigan

@lorenzmarasigan

ransport workers group United Motorcycle Taxi Community (UMTC) slammed House Committee on Metro Manila Development Chairperson and Rep. Rolando Valeriano for recommending the removal of Move It from the pilot program, saying this is a move of “job killers.” UMTC Representative Romeo Maglunsod said the recommendation to shut down the operations of Move It, a motorcycle company, is an initiative whose negative effects will ripple not only to its 6,500 riderpartners but also to the families that depend on them. “Why is Congressman Valeriano

killing jobs? Life is hard. Everything is expensive. We have families we need to take care of. If Move It is shut down and we lose our jobs, how will we feed them?” he said. About a thousand UMTC members recently staged a protest in Manila to oppose the recommendation of Valeriano.

Maglunsod said Valeriano’s recommendation is an “unjustifiable threat” to their livelihoods. Jet Cruz, another representative of the transport group, appealed to legislators to “use their power and influence to provide riders with more job opportunities by opening up the motorcycle taxi industry instead of limiting the number of players in the country.” “This is not just about Move It but about the whole motorcycle taxi industry,” said Cruz. “There are motorcycle taxi bills pending in Congress that could open the doors to more job opportunities, and we urge House leaders to prioritize this instead of paying attention to recommendations that would rob people of jobs and employment opportunities.” To recall, Valeriano supposedly recommended to Congress the removal of Move It from the pilot program, citing the acquisition of Grab Philippines as one of the main grounds. He supposedly alleged that the acquisition circumvented the

rules of the pilot program, also citing previous fines that Grab had to pay after Uber’s exit in 2018. In a separate statement, Grab and Move It jointly belied the supposed accusations of Valeriano noting that the acquisition was “above board” citing the ruling of the Philippine Competition Commission and statements from the Department of Transportation. “If true, this attempt by the House Committee on Metro Manila Development will put drivers and consumers on the losing end as they would have less, only sub-optimal options available. Lawmakers need to listen to consumers, who are delighted with the service of Move It,” the statement read. Move It noted it is “open to any scrutiny, as long as it is a level playing field, and Angkas and Joyride subject themselves to the same level of scrutiny and high standards.” “Move It must not be singled out as this is anti-competitive and discriminatory,” the statement read.

Maersk cuts 10K jobs on weakening global trade

.P. Moller-Maersk A/S, a bellwether for global trade, fell after saying it’s cutting at least 10,000 jobs to shield its profitability in a shipping market that is set to remain weak until about 2026. Maersk shares extended declines to more than 18 percent, bringing the destruction of market value to about 36 billion kroner ($5.1 billion), at 1:08 p.m. in Copenhagen. “If you look at the order book and what is going to come over the next couple of years, I think we’re probably settling in for a very subdued and pressured environment for two to three years ahead,” Chief Executive Officer Vincent Clerc said in an interview with Bloomberg TV’s Mark Cudmore and Tom MacKenzie. The personnel reductions, equivalent to 9 percent of headcount, are prompted by lower freight rates and increased competition in marine transport. About 6,500 of those positions have already been eliminated, Clerc said.

Maersk expects to save $600 million through the job cost measures, according to a statement on Friday. The Copenhagen-based company will also put its 2024 share buyback program under review and reduced its estimate for capital expenditure in 2023 and 2024. Container lines are facing an abrupt drop in earnings after record profits in 2021 and 2022 when high demand for consumer goods during the pandemic, coupled with limited vessel supply, drove freight prices higher. This year, global economic growth has lost steam and companies are working through existing inventories instead of transporting new goods to Europe and the US. At the same time, an oversupply of vessels is building up on the market. Maersk’s earnings before interest, tax, depreciation and amortization fell more than 80 percent to $1.88 billion in the third quarter, meeting analyst estimates. Bloomberg News

MUTUAL FUNDS

November 3, 2023

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 194.85 -1.73% -1.86% -4.05% -2.21% -6.56% ATRAM Alpha Opportunity Fund, Inc. -a 1.3983 9.62% 8.72% 0.39% 0.84% 4.02% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6833 -2.06% -1.41% -6.36% -3.81% -7.95% Climbs Share Capital Equity Investment Fund Corp. -a 0.6602 -1.2% -2.37% -4.92% n.a -4.84% First Metro Consumer Fund, Inc. -a 0.6007 -4.24% -4.2% -5.33% n.a -7.39% 4.3096 -2.45% -0.78% -2.71% -1.85% First Metro Save and Learn Equity Fund, Inc. -a -7.32% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6397 -3.92% -2.62% n.a n.a -8.76% MBG Equity Investment Fund, Inc. -a 85.08 12.09% -0.58% -4.9% n.a 13.05% PAMI Equity Index Fund, Inc. -a 39.6575 -2.86% -1.6% -3.09% n.a -8.19% Philam Strategic Growth Fund, Inc. -a 413.37 -2.14% -2.33% -3.11% -2.22% -6.99% Philequity Dividend Yield Fund, Inc. -a 1.1375 -1.19% 2.68% -1.03% n.a -3.2% Philequity Fund, Inc. -a 31.2746 -1.4% 0.41% -2.16% -0.28% -6.07% Philequity MSCI Philippine Index Fund, Inc. -a 0.7893 -1.62% -1.2% n.a n.a -7.01% Philequity PSE Index Fund, Inc. -a 4.173 -1.78% -0.63% -2.2% -0.4% -7.18% Philippine Stock Index Fund Corp. -a 694.14 -1.91% -0.8% -2.28% -0.57% -7.32% Soldivo Strategic Growth Fund, Inc. -a 0.6259 -0.84% -0.83% -5.08% n.a -7.15% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.1003 -2.87% -1.48% -4.27% -2.17% -8.09% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7872 -2.26% -1.13% -2.6% n.a -7.59% United Fund, Inc. -a 2.9158 -1.73% -0.57% -2.58% -1.33% -5.77% Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 0.9777 -2.34% n.a n.a n.a -7.43% COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,20.9959 n.a n.a n.a n.a n.a Philequity Alpha One Fund, Inc. -a 0.9572 -1.96% 0.05% n.a n.a -8.52% Philippine Stock Index Fund Corp. -a 842.64 -2.05% n.a n.a n.a -7.36% Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c94.1892 -1.34% -0.48% -1.99% n.a -6.85% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.7653 1.44% -10.86% -3.17% -2.44% -10.18% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4559 3.83% -0.96% 4.4% n.a 2.24% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.3978 -5.99% -3.3% -2.66% -2.64% -5.85% ATRAM Philippine Balanced Fund, Inc. -a 2.0493 1.93% -0.63% -0.86% -0.68% -2.66% First Metro Save and Learn Balanced Fund, Inc. -a 2.3766 -1.73% -1.03% -0.48% -1.86% -5.14% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1821 -2.1% -0.72% n.a n.a -5.89% NCM Mutual Fund of the Phils., Inc. -a 1.8458 0.52% -0.5% 0.68% 0.07% -5.08% PAMI Horizon Fund, Inc. -a 3.3437 0.33% -2.02% -0.14% -0.92% -2.84% Philam Fund, Inc. -a 14.6746 -0.63% -2.67% -0.7% -1.19% -3.08% Solidaritas Fund, Inc. -a 1.9381 0.48% -0.53% -0.59% 0.2% -2.6% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2076 -0.25% -1.3% -1.87% -1.32% -3.67% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8412 -0.18% 0.96% -1.25% n.a -4.29% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.8986 1.85% -2.09% n.a n.a -1.81% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.7853 -1.15% -3.11% n.a n.a -6.02% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.7657 -1.86% -3.16% n.a n.a -6.91% Primarily invested in foreign currency securities (shares) -7.18% -2.09% -0.41% -3.98% Cocolife Dollar Fund Builder, Inc. -a $0.03113 -0.77% PAMI Asia Balanced Fund, Inc. -b $0.837 6.46% -7.65% -1.74% -2.06% -6.58% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.8119 1.15% -2.59% 2% 1.91% -0.88% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $0.9399 -0.83% -5.19% -0.82% n.a -3.26% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 387 3.03% 1.61% 2.53% 2.08% 2.45% ATRAM Corporate Bond Fund, Inc. -a 1.8937 1.5% -1.03% 0.44% -0.12% 1.01% 0.74% 2.14% 3.68% 2.08% Cocolife Fixed Income Fund, Inc. -a 3.2778 2.14% Ekklesia Mutual Fund, Inc. -a 2.2203 3.15% -1.01% 0.93% 0.99% 1.96% First Metro Save and Learn Fixed Income Fund, Inc. -a 2.3985 0.62% -0.64% 1.63% 0.99% 0.31% Philam Bond Fund, Inc. -a 4.1355 0.69% -3.6% 1.7% 0.18% -0.29% Philam Managed Income Fund, Inc. -a 1.3555 3.18% 1.1% 2.92% 1.63% 2.7% Philequity Peso Bond Fund, Inc. -a 3.9517 3.23% 0% 2.69% 1.13% 2.15% Soldivo Bond Fund, Inc. -a 1.0376 3.06% 0.09% 3.48% n.a 2.07% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2095 3.5% 0.36% 3.15% 1.57% 2.02% Sun Life Prosperity GS Fund, Inc. -a 1.719 2.45% -0.39% 2.39% 1.02% 1.37% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $489.34 2.54% 0.64% 1.87% 2.37% 1.94% ALFM Euro Bond Fund, Inc. -a Є211.24 1.55% -1% -0.17% 0.72% 0.76% ATRAM Total Return Dollar Bond Fund, Inc. -b $0.9941 0.32% -7.29% -2.37% -0.47% -1.52% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.024 0.84% -3.13% -0.65% n.a 1.27% PAMI Global Bond Fund, Inc -b $0.8249 -1.76% -8.82% -4.24% -3.6% -4.67% $2.1266 2.07% -5.28% 0.01% 0.97% -2.48% Philam Dollar Bond Fund, Inc. -a Philequity Dollar Income Fund, Inc. -a $0.0606709 2.01% -0.63% 1.31% 1.51% 1.29% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.5358 -2.12% -7.19% -2.49% -0.57% -6.83% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 136.07 2.34% 1.7% 2.53% 2% 2.12% First Metro Save and Learn Money Market Fund, Inc. -a 1.102 3.04% 1.75% n.a n.a 2.65% Sun Life Prosperity Peso Starter Fund, Inc. -a 1.3687 2.64% 1.92% 2.46% 1.95% 2.26% Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 103.82 3.83% n.a n.a n.a 3.35% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0901 2.11% 1.23% 1.48% n.a 1.88% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 40.6591 -8.51% n.a n.a n.a -5.29% Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.309 4.59% 9.76% n.a n.a 6.24% Sun Life Prosperity World Income Fund, Inc. -a,1 0.9358 n.a n.a n.a n.a n.a Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.7389 -5.56% -7.05% n.a n.a -6.85%

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

November 3, 2023

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE FERRONOUX HLDG IREMIT MANULIFE NTL REINSURANCE PHIL STOCK EXCH

26,700 355,453,384 137,060 266,969,619.50 3,484,290 1,168,520 162,038,751.50 156,920 69,392 168,300 243,440 10,898,210.50 738,081.50 11,690 28,900 2,100 85,250 19,000 165,198

-4,450 -55,091,561 700 -36,460,433.50 -469,865 781,460 -48,777,800.50 -12,768.00 -241,100 -7,934,971.50 -57 137,700

INDUSTRIAL ACEN CORP 5.38 5.39 5.34 5.45 5.33 5.38 16,860,800 90,953,457 ALSONS CONS 0.54 0.55 0.55 0.6 0.55 0.55 634,000 350,400 0.82 0.83 0.87 0.87 0.82 0.82 769,000 641,810 ALTERNERGY HLDG ABOITIZ POWER 36.3 36.4 36 36.45 36 36.4 783,700 28,491,865 1.22 1.25 1.23 1.28 1.23 1.28 92,000 114,810 RASLAG BASIC ENERGY 0.192 0.196 0.191 0.198 0.191 0.196 1,030,000 197,100 18.1 18.3 18.08 18.3 18.08 18.3 56,900 1,031,274 FIRST GEN FIRST PHIL HLDG 60.2 60.8 60.1 60.8 60.1 60.2 5,260 316,828 355 359 355 368 355 355 118,510 42,402,358 MERALCO 16.92 17.1 17.1 17.14 16.92 16.92 511,100 8,698,480 MANILA WATER PETRON 3.21 3.27 3.3 3.3 3.11 3.27 507,000 1,643,530 5.01 5.99 5.99 5.99 5.99 5.99 1,000 5,990 PHX PETROLEUM REPOWER ENERGY 7.02 7.04 6.48 7.2 6.48 7.04 422,500 2,931,781 7.21 7.3 7.4 7.4 7.21 7.3 467,100 3,427,210 SYNERGY GRID SHELL PILIPINAS 12.6 12.78 12.58 12.78 12.04 12.78 140,000 1,754,382 7.98 7.99 7.8 7.99 7.8 7.98 11,800 93,744 SPC POWER VIVANT 14.54 15.94 14.54 14.54 14.54 14.54 3,100 45,074 2.11 2.18 2.1 2.19 2.09 2.18 1,366,000 2,877,610 AGRINURTURE 1.84 1.89 1.85 1.86 1.84 1.84 46,000 85,050 AXELUM CENTURY FOOD 28 28.65 28.5 28.75 27.95 28.65 514,200 14,616,090 7.2 7.7 7.7 7.7 7.7 7.7 300 2,310 DEL MONTE DNL INDUS 6.31 6.38 6.42 6.45 6.31 6.31 439,000 2,804,250 20.75 20.8 20.7 20.85 20.7 20.8 45,200 938,865 EMPERADOR SMC FOODANDBEV 49.65 50.6 50.9 50.9 49.6 50.6 21,610 1,089,383.50 0.63 0.64 0.64 0.64 0.63 0.63 6,581,000 4,175,850 FIGARO COFFEE FRUITAS HLDG 1.07 1.09 1.06 1.09 1.05 1.08 4,798,000 5,165,180 167.1 170 169.8 171 167 167.1 6,060 1,032,844 GINEBRA 208 209 208 211.6 204 209 972,760 201,465,676 JOLLIBEE KEEPERS HLDG 1.36 1.39 1.41 1.41 1.36 1.36 360,000 498,800 3.98 4 4 4 3.98 4 186,000 742,990 MAXS GROUP MONDE NISSIN 7.9 7.99 8.25 8.3 7.9 7.9 11,920,500 95,444,273 9.4 9.55 9.25 9.4 9.16 9.4 584,000 5,476,400 SHAKEYS PIZZA ROXAS AND CO 0.48 0.51 0.42 0.52 0.42 0.52 190,000 88,200 2.99 3.1 3.1 3.1 2.99 3 257,000 770,040 RFM CORP UNIV ROBINA 110.1 112.2 111 113.5 110.1 110.1 917,890 102,490,801 0.51 0.53 0.51 0.51 0.51 0.51 16,000 8,160 VITARICH VICTORIAS 3.5 3.69 3.69 3.69 3.69 3.69 1,000 3,690 CONCRETE A 40 44 44 44 44 44 100 4,400 0.8 0.85 0.81 0.89 0.8 0.8 47,000 38,000 CEMEX HLDG EC VULCAN CORP 0.82 0.84 0.81 0.84 0.81 0.84 585,000 480,240 5.44 5.49 5.45 5.65 5.45 5.49 125,100 697,561 EEI CORP MEGAWIDE 3.13 3.2 3.16 3.2 3.13 3.2 89,000 280,550 19.5 20.4 20.4 20.4 20 20 51,100 1,022,440 PHINMA TKC METALS 0.46 0.5 0.5 0.52 0.5 0.5 6,000 3,020 1.55 1.59 1.55 1.59 1.55 1.59 26,000 40,340 CROWN ASIA EUROMED 0.84 0.88 0.84 0.87 0.84 0.87 124,000 104,430 MABUHAY VINYL 5.6 5.78 5.69 5.78 5.69 5.78 2,100 12,048 5.19 5.3 5.49 5.49 5.2 5.3 42,500 224,408 PRYCE CORP GREENERGY 0.3 0.305 0.295 0.31 0.295 0.305 23,910,000 7,218,150 3.41 3.5 3.4 3.41 3.4 3.41 9,000 30,660 INTEGRATED MICR IONICS 1.24 1.25 1.24 1.25 1.21 1.24 301,000 371,870 2.18 2.21 2.17 2.21 2.17 2.21 296,000 648,550 SFA SEMICON CIRTEK HLDG 1.8 1.84 1.8 1.89 1.79 1.84 154,000 282,840

13,029,381 265,410 10,789,265 7,380 -304,546.00 -79,434 -5,776,166 -4,085,712 -425,690 -432,641 -962,180 -9,588 -168,260 4,798,690 -1,500,777 -446,040 -571,736.50 64,000 51,287 -25,620,748 -149,600 -332,000 -52,125,078 287,505 -542,450 -43,660,190 -8,090 5,450 57,040 67,040 -58,650 3,400 1,220 -327,500 -

HOLDING & FRIMS

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG GT CAPITAL JG SUMMIT LOPEZ HLDG LT GROUP PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER WELLEX INDUS

44.5 128 6.8 99.05 30.3 8.85 51.95 8.4 18.28 54.8 23.4 74.95 59.95 1.41 2.71 0.61 870 0.35 170

1.04 615.5 45.7 10.66 10.92 0.47 0.38 4.6 9.15 528 35.95 4.39 8.78 2.78 0.91 805 102.8 95.3 0.25

45.1 130.1 7.2 100.4 30.4 8.86 52 8.6 18.62 55 23.75 75 60 1.47 2.9 0.7 1,049 0.445 174

1.06 616 45.85 10.76 11 0.58 0.39 4.61 9.18 529.5 36.25 4.55 8.79 2.85 0.94 810 103 105 0.26

44.5 133.8 7 103 30.25 8.72 52.7 8.3 18.24 55 23.4 76.95 60.4 1.46 2.89 0.7 865 0.38 170

1.05 610 45.8 10.34 11.08 0.47 0.38 4.61 9.27 550 36 4.37 8.8 2.87 0.97 812 105.1 100 0.25

44.5 134 7.4 105 30.4 8.86 52.95 8.5 18.62 55 23.75 77 60.4 1.47 2.89 0.7 1,050 0.38 174.9

1.08 618 46.85 10.76 11.08 0.47 0.38 4.64 9.29 554.5 37.25 4.37 8.84 2.88 0.97 815.5 105.1 107 0.25

44.5 128 6.9 99.05 30.25 8.72 52 8.3 18.24 55 23.4 75 59.65 1.46 2.89 0.7 865 0.38 170

1.04 607 45.55 10.34 10.9 0.47 0.38 4.61 9.15 526.5 35.8 4.37 8.72 2.71 0.94 804 103 95.1 0.25

44.5 128 7.4 99.05 30.3 8.85 52 8.5 18.62 55 23.4 75 59.95 1.47 2.89 0.7 1,050 0.38 174

1.06 616 45.7 10.76 10.9 0.47 0.38 4.61 9.18 528 35.95 4.37 8.79 2.85 0.94 805 103 107 0.25

600 2,723,290 18,900 2,619,430 114,900 132,600 3,102,080 18,500 3,800 3,060 10,400 144,600 12,290 8,000 10,000 3,000 90 50,000 970

1,600,000 116,610 1,095,500 1,298,100 13,800 120,000 20,000 215,000 2,605,600 432,340 749,200 2,000 2,050,500 113,000 11,000 285,670 107,320 4,540 450,000

1,689,840 71,692,330 50,090,180 13,805,528 151,332 56,400 7,600 992,760 23,948,138 230,338,920 27,102,905 8,740 18,026,131 311,240 10,370 230,330,825 11,083,345 442,745 112,500

PROPERTY ANCHOR LAND 4.5 5.3 4.5 5.5 4.5 5.5 1,200 6,499 AYALA LAND 27.35 27.9 27.35 28.1 27.35 27.35 7,442,200 206,235,650 1.65 1.69 1.69 1.7 1.65 1.65 989,000 1,657,560 AYALA LAND LOG ALTUS PROP 8.77 9.19 8.77 8.77 8.77 8.77 3,300 28,941 1.02 1.06 1.03 1.06 1.03 1.06 418,000 437,630 ARANETA PROP AREIT RT 33.2 33.65 33.4 33.75 33.1 33.65 156,200 5,244,860 0.69 0.73 0.75 0.75 0.74 0.74 2,000 1,490 CITYLAND DEVT CEB LANDMASTERS 2.53 2.56 2.52 2.56 2.52 2.56 24,000 61,160 0.305 0.31 0.315 0.315 0.31 0.31 860,000 266,650 CENTURY PROP CITICORE RT 2.53 2.54 2.54 2.54 2.53 2.54 1,441,000 3,652,260 DOUBLEDRAGON 6.81 6.94 6.8 6.82 6.79 6.81 24,900 169,336 1.27 1.29 1.28 1.29 1.27 1.27 2,551,000 3,249,000 DDMP RT DM WENCESLAO 6.32 6.35 6.35 6.35 6.32 6.32 10,400 65,800 0.131 0.132 0.133 0.133 0.131 0.132 300,000 39,720 EMPIRE EAST EVER GOTESCO 0.29 0.3 0.295 0.3 0.29 0.3 1,200,000 353,950 2.98 3 3 3.01 2.98 2.99 2,366,000 7,078,800 FILINVEST RT FILINVEST LAND 0.59 0.6 0.61 0.61 0.6 0.6 2,869,000 1,721,720 0.76 0.82 0.76 0.76 0.76 0.76 300,000 228,000 GLOBAL ESTATE 0.77 0.78 0.78 0.79 0.77 0.79 30,000 23,310 CITY AND LAND MEGAWORLD 1.98 1.99 1.98 1.99 1.96 1.98 2,404,000 4,767,420 0.185 0.188 0.183 0.191 0.183 0.188 420,000 77,910 MRC ALLIED MREIT RT 12.18 12.2 12.2 12.26 12.18 12.2 287,000 3,506,478 0.226 0.24 0.229 0.229 0.229 0.229 30,000 6,870 OMICO CORP PREMIERE RT 1.51 1.52 1.52 1.52 1.51 1.52 38,000 57,510 2.53 3.01 3.08 3.08 2.85 3.02 16,000 46,290 PRIMEX CORP RL COMM RT 4.76 4.83 4.74 4.83 4.72 4.76 742,000 3,535,340 13.92 13.94 14.02 14.3 13.92 13.94 2,754,700 38,626,416 ROBINSONS LAND 0.154 0.181 0.16 0.181 0.16 0.181 430,000 69,010 PHIL REALTY ROCKWELL 1.33 1.4 1.33 1.33 1.32 1.32 22,000 29,220 3.55 3.56 3.59 3.59 3.5 3.55 8,000 28,370 SHANG PROP STA LUCIA LAND 2.96 3.2 3.2 3.2 3.2 3.2 1,000 3,200 30.4 30.6 30.2 30.75 30.15 30.4 3,104,000 94,603,510 SM PRIME HLDG VISTAMALLS 2.32 2.45 2.45 2.45 2.45 2.45 6,000 14,700 0.73 0.75 0.81 0.81 0.75 0.75 95,000 71,310 SUNTRUST RESORT VISTA LAND 1.6 1.61 1.6 1.62 1.6 1.61 534,000 858,970 1.67 1.68 1.66 1.68 1.66 1.68 99,000 166,260 VISTAREIT RT SERVICES ABS CBN 3.62 3.7 3.65 3.7 3.65 3.7 22,000 81,050 GMA NETWORK 8.26 8.3 8.26 8.3 8.26 8.3 80,500 665,640 0.213 0.243 0.215 0.215 0.212 0.212 30,000 6,390 MANILA BULLETIN GLOBE TELECOM 1,762 1,772 1,775 1,788 1,760 1,762 27,360 48,341,085 1,231 1,239 1,231 1,245 1,224 1,239 83,850 103,838,105 PLDT APOLLO GLOBAL 0.015 0.016 0.016 0.016 0.015 0.016 26,800,000 411,800 8.43 8.6 8.5 8.7 8.4 8.43 7,225,500 61,920,969 CONVERGE DITO CME HLDG 2.88 2.89 2.84 2.94 2.84 2.89 1,876,000 5,427,400 1.36 1.37 1.39 1.41 1.36 1.37 1,428,000 1,982,530 NOW CORP 0.14 0.148 0.14 0.148 0.14 0.148 300,000 42,080 TRANSPACIFIC BR ASIAN TERMINALS 15.42 15.8 15.42 15.8 15.42 15.42 1,222,900 19,089,726 1.3 1.32 1.3 1.32 1.3 1.32 91,000 119,900 CHELSEA CEBU AIR 32.6 33 32.35 33 32.35 32.6 54,100 1,760,350 204.2 205 204 209.6 201.4 205 1,194,770 246,485,442 INTL CONTAINER MACROASIA 3.9 3.91 3.81 3.92 3.81 3.9 491,000 1,914,020 5.2 5.28 5.19 5.2 5.19 5.2 6,900 35,878 PAL HLDG HARBOR STAR 0.76 0.77 0.76 0.77 0.76 0.77 26,000 19,960 8.3 9.04 9.05 9.05 8.22 8.22 10,100 83,362 CENTRO ESCOLAR 5.9 6.88 6.88 6.88 6.88 6.88 100 688 IPEOPLE STI HLDG 0.43 0.435 0.415 0.435 0.415 0.435 8,060,000 3,442,550 1.17 1.18 1.18 1.2 1.16 1.18 15,000 17,700 BELLE CORP BLOOMBERRY 9.28 9.3 9.29 9.41 9.24 9.28 7,995,600 74,330,061 2.7 2.79 2.71 2.8 2.55 2.79 652,000 1,737,910 PACIFIC ONLINE PH RESORTS GRP 0.91 0.92 0.94 0.95 0.88 0.91 5,333,000 4,788,440 0.59 0.6 0.6 0.6 0.58 0.6 4,483,000 2,674,610 PREMIUM LEISURE DIGIPLUS 6.77 6.79 6.79 6.83 6.7 6.79 2,407,900 16,311,370 1.75 1.8 1.78 1.8 1.78 1.8 9,000 16,110 PHILWEB ALLDAY 0.172 0.174 0.17 0.174 0.17 0.174 760,000 130,800 BERJAYA 7.1 8 7.1 8 7.1 8 300 2,220 1.5 1.51 1.5 1.52 1.49 1.51 1,501,000 2,261,050 ALLHOME METRO RETAIL 1.16 1.17 1.16 1.19 1.16 1.16 122,000 141,600 27.5 27.6 27.65 28 27.25 27.6 410,200 11,335,200 PUREGOLD ROBINSONS RTL 40.6 40.65 41.2 41.7 40.5 40.65 426,400 17,493,660 76 80 80 80 76 76 10,180 774,326 PHIL SEVEN CORP SSI GROUP 2.77 2.79 2.77 2.88 2.77 2.77 201,000 560,260 1.51 1.73 1.75 1.75 1.75 1.75 10,000 17,500 UPSON INTL CORP WILCON DEPOT 20.2 20.4 19.8 20.4 19.7 20.4 3,940,300 78,685,200 APC GROUP 0.226 0.243 0.232 0.245 0.232 0.245 1,470,000 350,080 2.61 2.89 2.99 2.99 2.89 2.89 3,000 8,870 EASYCALL MEDILINES 0.4 0.405 0.39 0.405 0.39 0.405 70,000 27,600 0.182 0.185 0.19 0.19 0.181 0.181 860,000 158,840 PRMIERE HORIZON MINING & OIL ATOK 5.29 5.3 5.48 5.48 5.36 5.36 10,800 58,479 2.59 2.6 2.58 2.62 2.58 2.59 1,716,000 4,468,480 APEX MINING ATLAS MINING 3.12 3.2 3.2 3.2 3.2 3.2 156,000 499,200 5.1 5.15 5.07 5.2 5 5.17 507,300 2,608,180 BENGUET A BENGUET B 5.1 5.2 5.1 5.3 5.1 5.3 46,000 238,900 2.55 2.59 2.5 2.59 2.5 2.57 1,014,000 2,584,480 FERRONICKEL LEPANTO A 0.086 0.09 0.089 0.09 0.089 0.09 2,470,000 221,830 0.085 0.089 0.084 0.084 0.084 0.084 10,000 840 LEPANTO B MANILA MINING A 0.0047 0.0048 0.0047 0.0047 0.0047 0.0047 49,000,000 230,300 MARCVENTURES 1.03 1.06 1.07 1.08 1.04 1.06 708,000 753,570 5.48 5.49 5.45 5.51 5.38 5.48 600,600 3,271,553 NICKEL ASIA ORNTL PENINSULA 0.68 0.71 0.71 0.71 0.66 0.71 185,000 127,320 2.86 2.9 2.97 2.97 2.84 2.9 2,122,000 6,056,720 PX MINING SEMIRARA MINING 29 29.25 29 29.25 28.85 29 1,158,300 33,677,805 0.0045 0.0047 0.0047 0.0047 0.0047 0.0047 2,000,000 9,400 UNITED PARAGON ENEX ENERGY 5.8 5.99 5.8 5.99 5.8 5.99 2,700 15,869 0.0084 0.0086 0.0084 0.0084 0.0084 0.0084 4,000,000 33,600 ORNTL PETROL A PHILODRILL 0.0082 0.0086 0.0085 0.0085 0.0083 0.0083 13,000,000 108,100 PXP ENERGY 3.35 3.4 3.33 3.4 3.21 3.35 199,000 665,190 PREFFERED ACEN PREF B 1,040 1,047 1,040 1,047 1,040 1,047 1,570 1,643,090 AC PREF AR 2,470 2,500 2,470 2,496 2,470 2,470 50 124,040 485 490 485 485 485 485 290 140,650 AC PREF B2R BRN PREF A 96.5 99.3 99.45 99.45 99.3 99.3 520 51,658.50 31.8 32 31.8 32 31.8 32 7,200 229,860 CEB PREF DD PREF 90.05 91 90 90 90 90 500 45,000 81 93.5 96.2 96.2 80 80 14,320 1,340,337 EEI PREF B MWIDE PREF 2B 90 93.8 93.7 93.8 93.7 93.8 1,380 129,405 90 94 94 94 94 94 30 2,820 MWIDE PREF 4 MWIDE PREF 5 100.6 101 101 101 101 101 220 22,220 PNX PREF 4 253 276.8 260 276.8 260 276.8 1,570 416,546 968.5 970 970 970 970 970 10 9,700 PCOR PREF 3A PCOR PREF 4A 945 1,000 990 999 990 999 20 19,890 981 996 990 990 990 990 2,000 1,980,000 PCOR PREF 4C SMC PREF 2F 72.05 73 73 73 72 73 54,730 3,941,629 72.3 73 72.9 72.95 72.9 72.95 40,720 2,970,024 SMC PREF 2I SMC PREF 2J 65.05 68.95 68.95 68.95 65 65 75,000 4,916,255 65.05 66.5 66.5 66.5 66.5 66.5 450 29,925 SMC PREF 2K 49 49.7 49 49 49 49 1,000 49,000 TECH PREF B2D

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR GMA HLDG PDR

WARRANTS

TECH WARRANT

3.26 7.5

3.45 8 7.5 7.5 7.5 7.5 100

0.34

0.365

0.37

40,000

-11,305,625 4,232,280 3,309,638 -609,220 -4,987,933.00 -87,717,435 -10,087,145 -2,397,110 -32,489,535 5,193,867 293,315 -53,437,440 10,060 -8,770 2,538,335 7,910.00 -25,167 -43,410 -3,711,600 -49,740 76,000 9,230 195,660 -2,564,378 7,550 -2,151,370 -28,971,198 7,090 -41,222,980 -662,800 33,600 -19,101,140 21,302,770 3,000 -20,703,280 501,380 1,370 0 -446,490 53,245,348 900,780 2,497 2,879,450 -20,633,107.00 2,760 -58,390 6,435,236 -1,358,430 5,850 -531,515 -7,888,210 222,680.50 110,240 0 3,011,394 71,260 -989,370 -1,103,220 7,100 811,600 -7,603,850 -144,000 9,900 9,900 2,920 51,065 1,953.00 1,995 -

750

-750

14,800

SMALL, MEDIUM & EMERGING

0.43 0.43 0.41 0.41 270,000 112,000 -25,800 0.86 0.89 0.86 0.89 136,000 119,160 0.7 0.74 0.69 0.73 193,000 135,790 1.07 1.1 1.06 1.06 1,936,000 2,067,590 53,500 0.226 0.227 0.226 0.226 280,000 63,290 -

EXHANGE TRADE FUNDS

94 95.6 94 94.6 7,890 748,474 -33,502

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

BALAI FRUITAS HAUS TALK ITALPINAS MERRYMART XURPAS

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

FIRST METRO ETF

0.41 0.86 0.72 1.05 0.226 94.1

0.43 0.89 0.73 1.06 0.227 94.6

www.news.businessmirror@gmail.com

Banking&Finance

DTI eyes ADB funding for innovation project By Andrea San Juan

HE Department of Trade and Industry (DTI) said it is hoping to secure between $200 million and up to $400 million from the Asian Development Bank (ADB) for the National Innovation Gateway (NIG), a project expected to spur application of advanced technologies like Artificial Intelligence (AI). “It’s not just going to be the CAIR [Center for Artificial Intelligence Research] but it will also include the ‘Industry 4.0 Pilot Factory,’” Rafaelita M. Aldaba, Undersecretary for DTI-Competitiveness and Innovation Group, told reporters on the sidelines of a news briefing last week. To note, the CAIR is unfunded under the 2024 National Expenditure Program (NEP). Aldaba said the funds would also go into the building of the NIG, which is expected to house modern facilities such as spaces for startups as well as a sandbox. The Trade official said the construction is expected to start in 2025. Aldaba said DTI officials are in the process of negotiating the loan and the feasibility study. “The construction will not take years. In Indonesia, they did it and they were able to complete the entire project [and] the structure,” the DTI official noted. While the structure is yet to be put up, Aldaba unveiled the initiatives of the Trade department to bridge skills gaps to ramp up productivity in the Philippines with the use of AI. She said the DTI is pushing to subsidize more online courses, provide skillsbased tax incentives for employers and promote government awareness campaigns to utilize the AI as a tool. Despite government avoiding funding DTI’s tinkering with AI,

the department is urged to continue doing so. Senator Loren Legarda said at a budget hearing that the DTI should continuously conduct workshops and capacity-building initiatives on AI while the infrastructure is yet to be set up to help the country keep pace with the AI evolution in the global landscape. “All our research on AI will not ensue until the structure is done and then we fund the acquisition of computers, etc.,” Legarda reportedly said during the hearing. “So that by 2025 and beyond...so by that time, all Asean neighbors advance, tayo wala.” Aldaba said the agency would need funds for space, supercomputers and salaries to hire all necessary staff. Citing a report published by Microsoft Corp. last May, the Trade official emphasized that “Generative AI” technology alone can unlock $79.3 billion in productive capacity in the Philippines. According to the report, 54 percent of the potential economy-wide gains would come from manufacturing and wholesale and retail trade. The study also revealed that more than half or 56 percent of the Filipino workforce will potentially use Generative AI in 5 percent to 20 percent of their activities at work. “It is estimated that only 1 percent of the Philippine workforce would see generative AI used for more than 20 percent of their work,” the report noted. Meanwhile, at a recent forum, Aldaba cited calculations of EDBI and Kearney for the Philippines noting that, if successfully implemented, AI could result in a $29-billion contribution to the country’s economy. The latter translates to around 12 percent of the country’s gross domestic product.

Pagcor bullish on revenues despite whales’ absence

This October 23, 2023, photo courtesy of the Philippine Amusement and Gaming Corp. shows Pagcor Chairman and CEO Alejandro H. Tengco speaking during the “RGB International Gala Night.” CREDIT: Philippine Amusement and Gaming Corp.

ESPITE the absence of traditional high rollers—called ”whales” among gamblers— in local casinos, the Philippine Amusement and Gaming Corp. (Pagcor) remains confident of growing its gaming revenues back to prepandemic levels this year. A statement quoted Pagcor Chairman and Chief Executive Officer Alejandro H. Tengco as saying that the lifting of travel and movement restrictions has benefitted local casinos. The easing of mobility restrictions, Tengco said, has also fueled demand for dining, shopping and other outdoor activities that were not possible during the pandemic. “And so, one year into the term of President Ferdinand Marcos Jr., our gross gaming revenues have returned to near the levels of 2019, which was the year Pagcor achieved its all-time high for Philippine GGR [gross gaming revenue] levels,” he said. “Today, we expect the 2023 GGR to match, if not surpass, our 2019 record. Not bad considering that many of our traditional high rollers and junkets have not fully returned, but our domestic players and the influx of new tourists have filled the void,” the Pagcor chief added. Tengco said future growth of the local gaming industry will also be

supported by the opening of more integrated resorts including those in Clark. Further, he said the state gaming agency is also embarking on a modernization program to increase revenues. These efforts include Pagcor’s recent purchase of 3,000 brand new slot machines by January next year. “We have an agreement in place with a supplier for a revenue-sharing scheme for these new machines which we expect to generate at least P18 billion in revenues in the next five years,” Tengco said. “We are also modernizing our table games by replacing our old ones with new and more sophisticated gaming tables to attract more players and further increase revenues,” he added. In August, Pagcor said it will achieve a P75.495 billion in total income this year, about 28.04 percent higher than last year’s P58.96 billion. About P71.307 billion of Pagcor’s projected total revenues this year would come from its gaming operations, according to the presentation. Pagcor’s total income in 2019 stood at P79.419 billion, with P75.759 billion coming from gaming operations. Pagcor’s total income in the first half rose by 35.64 percent to P36.217 billion from P26.7 billion in the same period last year. Cai U. Ordinario

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Editor: Dennis D. Estopace • Monday, November 6, 2023

Inflation may have breached BSP’s expectations–analyst

By Cai U. Ordinario

@caiordinario

HE country’s inflation rate in October may have breached the expectations of the Bangko Sentral ng Pilipinas (BSP), according to the think tank of the Australia and New Zealand (ANZ) Banking Group Ltd.

The “Asia Macro Weekly” report by the bank’s unit ANZ ResearchEconomics (ANZ-RE) revealed that the country may have recorded an inflation rate of 6 percent, higher than the BSP’s 5.1 to 5.9 percent projection for October. Given this, the think tank expects the BSP to deliver another rate hike of 25 basis points. The ANZ-RE report noted that the objective of the monetary tightening in the country was to “contain re-emerging inflationary pressures.” ANZ-RE staff said they “now anticipate another rate hike of 25 basis points this year, followed by a pause

through 2024.” “We also note the central bank has shifted its reverse repurchase (RRP) facility format from a fixed to variable interest rate with the objective of enhancing monetary policy transmission,” they added. The ANZ-RE also said the country may continue its lackluster economic performance with a third-quarter gross domestic product (GDP) growth of 4.5 percent. This is only two percentage points higher than the 4.3 percent posted in the second quarter. “We believe GDP growth will continue to stabilise in the coming quarters. Both monetary and fiscal

policy will remain restrictive and will not support growth,” ANZ-RE said. “We may see some boost if exports recover meaningfully but that will likely take time. Our 2023 and 2024 full-year GDP forecasts stand at 5 percent and 5.6 percent, respectively,” it added. Meanwhile, Oxford Economics expects that an escalation of the Israel-Hamas war will severely disrupt the global supply of oil. However, the UK-based think tank said any global recession would be mild even if oil prices reached $150 per barrel. Oxford Economics also said its severe scenario assumes substantial energy supply disruption with oil prices spiking to $150 per barrel and stocks will drop 12 percent. This will also lead central banks to tighten policy due to higher near-term inflation. Overall, the think tank said, the escalation of the Israel-Hamas war will slow down global growth. In 2024, Oxford Economics said global growth would amount to 1.1 percent, 0.8-percentage points below their baseline forecast. “Despite rising concerns over the risk from an escalation of the IsraelHamas war, businesses continue to

see little chance of severe economic weakness in the year ahead. The relatively limited reaction of financial markets to recent developments in the Middle East suggests that investors agree,” the think tank said. A pause in the rate hike of the US Federal Reserve failed to convince analysts that Philippine monetary authorities will take the same position when they meet in two weeks. Local analysts are not discounting the possibility that the Monetary Board (MB) will again raise interest rates after an off-cycle hike of 25 basis points. With the unscheduled rate hike, the target RRP Rate is now at 6.5 percent, a new 16-year high. The MB is expected to meet on November 16, the second to the last meeting of the monetary authorities for the year. The last meeting is scheduled for December 14. Late last Tuesday, the BSP disclosed it is expecting October inflation to average anywhere between 5.1 percent and 5.9 percent. This is slower than the 6.1-percent inflation posted in September. (Full story here: https://businessmirror.com.ph/2023/11/02/ bsp-now-projects-october-inflation-at-5-1-5-9/).

Bond traders on collision course with Fed mantra

OND investors and rates traders are increasingly betting interest-rate cuts will start by the summer, challenging policymakers’ mantra of high borrowing costs for the foreseeable future. Markets are now wagering that the Federal Reserve will cut rates for the first time in June, and will have enacted almost 100 basis points of reductions by the end of 2024. A similar amount of cuts is priced from the European Central Bank, potentially starting as soon as April. And in the UK, the Bank of England is seen reducing the benchmark rate by close to 70 basis points. That could prove a problem for central bankers, who’ve acknowledged the degree to which expectations for policy to remain tight have boosted bond yields, helping cool the economy. “Officials will want to push back against this for as long as possible to avoid easing financial conditions,” said Henry Cook, senior economist at MUFG. If data continue to sour over the coming months—as Cook expects—the stance of central bankers “will become increasingly hard to maintain,” he said. The pricing highlights market skepticism that’s set in after 2021 as central banks insisted inflation would prove transitory. For rate setters, the drop in bond yields threatens to ease financial condi-

tions whether officials cut or not, undermining the impact of the hikes they’ve already delivered. ECB Executive Board member Christine Lagarde has pushed back, warning that any discussion of when to cut interest rates is “totally premature.” “The challenge is how to prevent the market from getting a bit too excited,” said Sebastian Vismara, senior economist at BNY Mellon Investment Management. “As long as there isn’t any credible risk of a rate hike, I think the market will continue to have this tendency to price in rate cuts.” On Friday, traders scrambled to bring forward expectations for the first US cut to June from July after data showed weaker-than-expected payroll numbers and rising unemployment.

‘Self-defeating’

THERE’S a danger the aggressive positioning could be their undoing. It wouldn’t be the first time they’ve been on the wrong side of the trade. Time and again this cycle, the market has either jumped the gun and called an end to the rate hikes too soon—or priced in tightening that rapidly looked excessive. The US 10-year yield has dropped from 5 percent to 4.50 percent in less than two weeks on expectations that rate hikes are over. Just as Fed Chair Jerome Powell acknowledged

last week that rising bond yields had helped policymakers, so central bankers are alert to signs that financial conditions may be easing too quickly. Such an outcome “might be self-defeating and central banks might have to come out again strongly and try to reverse that,” said Vismara. In the UK, where inflation is running at three times the 2 percent target, Bank of England Governor Andrew Bailey has tried to slap down market wagers directly. On Thursday, at the BOE’s post-rate decision press conference, he repeated that it’s much too soon to be thinking about easing. “Markets don’t believe the BOE would resist cutting rates if activity contracts or employment deteriorates, whatever the inflation backdrop,” said Axel Botte, head of markets strategy at Ostrum Asset Management in Paris.

Too hasty?

TO be sure, some strategists say the market pricing has it wrong and investors have been too hasty switching their focus to cuts. Mark Dowding, chief investment officer at BlueBay Asset Management, doubts any of the major central banks will deliver cuts for at least another nine months. Inflation is still above target and there are scant signs of a serious weakening

in the US economy so far, he said. Those positioning for 100 basis points of cuts from the ECB next year will be disappointed, according to Adam Kurpiel and colleagues at Societe Generale SA. “The last FOMC meeting provided an excuse for markets to factor in a rate-cutting cycle again and for risky assets to rally,” they wrote. “This may prove more complex than markets would like it to be.” At the same time, the view policy is already overly restrictive is taking hold, suggesting market pressure will remain potent. In Canada, the central bank’s decision to keep the possibility of another hike open was decried by Pimco’s former head of Canadian portfolio management, who argued policymakers should already be talking about cuts. David Zahn, head of European fixed income at Franklin Templeton, meanwhile, says bets on cuts in Europe from April may be premature, but further into the future the ECB will have to loosen by more than what’s currently priced in order to shore up the economy. “It’s very clear that they’re done hiking and so it’s now just a question of when they’re going to start cutting,” he said. “You want to start looking at being long duration in portfolios to be ready for a sustained rate cutting cycle in Europe.” Bloomberg News

Bankers seek legal cover after backing $1.5T of ESG debt

ANKERS servicing one of the world’s biggest ESG debt markets are now actively seeking legal protections to guard against the potential greenwashing allegations that may be ahead. In the handful of years they’ve existed, sustainability-linked loans have mushroomed into a $1.5-trillion market. SLLs let borrowers and lenders say that a loan is tied to some environmental or social metric. But the documentation to back those claims generally isn’t available to the public, nor is the market regulated. Lawyers advising SLL bankers say the reputational risks associated with mislabeling such products are now too big to ignore. Greg Brown, a London-based partner in Allen & Overy’s banking practice, says he’s seen a surge in clients asking for new legal clauses in SLL documentation. Such add-ons

are designed to let lenders strip the “sustainability” claim from a loan. So-called declassification provisions mean bankers can just book what had been an SLL as a normal loan, should they subsequently realize the product doesn’t actually merit an environmental, social or governance label. Rachel Richardson, head of ESG at London-based law firm Macfarlanes, says her firm’s clients are now asking for “more and more” declassification clauses. “I would describe it as protection for lenders for greenwashing risk,” she said in an interview. The newness of such clauses means it’s not yet clear how often clients will end up triggering them. But their introduction is an important signal. Jamie Macpherson, senior counsel at Macfarlanes, pointed to a letter

by the UK’s Financial Conduct Authority in June addressed to heads of sustainable finance. The FCA, which noted that it does “not directly regulate this part of the market,” said then that concerns around the “integrity” of some SLLs had been “corroborated by market intelligence.” As a result, “accusations of greenwashing” may follow, the FCA said. For SLL bankers, that means “publicizing anything that you can’t back up with good robust processes is a danger from a regulatory perspective,” Macpherson said. The SLL market is far from transparent, and not all deals can be seen in public filings. Based on data compiled by BloombergNEF, sustainability-linked loans arranged in the first three quarters of 2023 amounted to only 40% of the level seen at the same time last year, or roughly $136 billion.

Next year, meanwhile, a large number of SLL borrowers will need to get existing loans rolled over. An estimated $187 billion worth of SLLs will come due in 2024, according to data compiled by Bloomberg. More than 90% of that will be in the form of revolving credit facilities. The most active SLL lenders are Bank of America Corp. and JPMorgan Chase & Co., according to league data compiled by Bloomberg. Representatives from both banks declined to comment. “The real downside risk for lenders is, if you take your SLL book and you publicize to the world—or to your regulator—that you are now financing X-trillion-dollars of sustainable finance, what happens if someone then takes a ruler to that and actually delves down into what that means?” Brown said in an interview. Bloomberg News

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China supported sanctions on North Korea’s nuclear program. It’s also behind their failure

North Korean leader Kim Jong Un, center, walks around what it says is a Hwasong-17 intercontinental ballistic missile (ICBM) on the launcher at an undisclosed location in North Korea on March 24, 2022. Korean Central News Agency/Korea News Service via AP

By ALAN SUDERMAN

The Associated Press

hinese middlemen launder the proceeds of North Korean hackers’ cyber heists while Chinese ships deliver sanctioned North Korean goods to Chinese ports. Chinese companies help North Koreans workers—from cheap laborers to well-paid IT specialists—find work abroad. A Beijing art gallery even boasts of North Korean artists working 12-hour days in its heavily surveilled compound, churning out paintings of idyllic visions of life under communism that each sell for thousands of dollars. That’s all part of what international authorities say is a growing mountain of evidence that shows Beijing is helping cash-strapped North Korea evade a broad range of international sanctions designed to hamper Pyongyang’s nuclear weapons program, according to an Associated Press review of United Nations reports, court records and interviews with experts. “It’s overwhelming,” Aaron Arnold, a former member of a UN panel on North Korea and a sanctions expert at the Royal United Services Institute, said of the links between China and sanctions evasion. “At this point, it’s very hard to say it’s not intentional.” China has had a complicated relationship with Pyongyang since the 1950-53 Korean War. Though uneasy with a nuclear menace at its doorstep, China doesn’t want its neighbor’s government to collapse, experts say. China views North Korea as a buffer against the US, which maintains a significant troop presence in South Korea. Beijing has long maintained it enforces the sanctions it has supported since North Korea started testing nuclear weapons and forcefully pushed back on any suggestions to the contrary. “China has been fully and strictly implementing the [UN Security Council] resolutions," a Chinese ambassador said in a recent letter to

the UN, adding that his country had “sustained great losses” in doing so. But in recent years, Beijing has sought to weaken those very sanctions and last year vetoed new restrictions on Pyongyang after it conducted a nuclear test. This summer a top ruling Chinese party official provided a vivid example of China’s ambiguity on sanctions as he stood clapping next to North Korean Leader Kim Jong Un during a Pyongyang military parade. Rolling past the two men were trucks carrying nuclear-capable missiles and other weapons the regime isn’t supposed to have. They were joined by Russia’s defense minister, apparently part of a new effort by the Kremlin, struggling in its invasion of Ukraine, to strengthen ties with North Korea. The US has accused North Korea of supplying artillery shells and rockets to Russia, while new evidence shows Hamas fighters likely fired North Korean weapons during their October 7 assault on Israel. But while Russia and a handful of other countries have been accused of helping North Korea evade sanctions, none has been as prolific as China, according to court records and international reports. “China violates North Korea sanctions it voted for and says won’t work because it’s afraid they’ll work. And, also, says it isn’t violating them” said Joshua Stanton, a human rights advocate and attorney who has helped write US sanction laws against North Korea. A review by the AP found a majority of the people placed on the US government’s sanctions list related to North Korea in recent years have ties to China. Many are North Kore-

This photo provided by the North Korean government shows what it says are intercontinental ballistic missiles on display during a military parade to mark the 75th founding anniversary of North Korea’s army at Kim Il Sung Square in Pyongyang, North Korea. Korean Central News Agency/ Korea News Service via AP

A North Korean military officer, center, attends the 10th Beijing Xiangshan Forum in Beijing, Tuesday, October 31, 2023. AP/Ng Han Guan ans working for alleged Chinese front companies while others are Chinese citizens who US authorities say launder money or procure weapons material for North Korea. North Korea has said the US-led sanctions against it are stifling its economy, calling them proof of US hostility against the country. Besides sanctions, US criminal prosecutions against individuals or entities assisting North Korea’s regime often have links to China. That’s especially true for cases related to North Korea's sophisticated hackers, who experts believe have stolen upwards of $3 billion in digital

currency in recent years. That windfall has coincided with the speedy growth of the country’s missile and weapons program. An indictment filed earlier this year alleges that a Chinese middleman helped launder cryptocurrency stolen by the regime’s top hackers into US dollars. And a similar case was filed in 2020 that accused two Chinese brokers of laundering more than $100 million in digital currencies stolen by North Korea. Such “over-the-counter” brokers allow North Korean hackers to bypass know-your-customer rules governing banks and other financial exchanges.

North Korea depends heavily on China’s financial system and Chinese companies to obtain prohibited technology and goods, as well as to acquire US dollars and gain access to the global financial system, records show. “The [Chinese] banks are less rigorous because the Chinese government is not pushing them,” said former top US Treasury official Anthony Ruggiero. North Korea imported more than $250,000 worth of aluminum oxide, which can be used in processing nuclear weapons fuel, from a Chinese company in 2015, according to customs records cited in a think tank report. US prosecutors have alleged the same company accounted for a significant share of overall trade between North Korea and China; its customers included the Chinese government’s Ministry of Commerce, which was bidding on North Korean projects. Images from North Korean military parades have shown the regime’s nuclear missiles being transported on launchers made with Chinese heavyduty truck chassis. China told the UN panel of experts that North Korea had promised it would use the trucks to move timber. China regularly ignores reams of satellite photos and vessel tracking data compiled by a UN panel of ex-

perts showing Chinese-flagged vessels docking with North Korean ships and transferring goods. North Korean ships are banned by UN sanctions from participating in ship-to-ship transfers, which are often done to obscure the flow of sanctioned goods like coal exports and oil imports. The US and other leading democracies sent China a letter this summer saying they were “disappointed” that satellite photos continue to show cargo ships that have allegedly been documented breaking sanctions operating in Chinese ports and territorial waters. “The international community is closely watching China’s commitment to upholding its UN obligations,” the letter warns. China dismisses such findings, frequently saying that its own investigations uncovered no evidence of wrongdoing, without providing any alternative information or explanation. Beijing said last year it couldn’t provide Chinese port of call records for several North Korean ships because the UN panel hadn’t provided the ships’ IMO number, a unique identifier painted on large vessels. Those numbers can easily be looked up using a ship’s name. Eric Penton-Voak, the former coordinator of the UN panel of experts, said such excuses were ludicrous in light of China’s vast surveillance powers and showed the ruling communist party’s contempt for enforcing the sanctions it agreed to. “It’s just grasping at any straw“ to avoid providing an answer, he said. When the UN panel urged Beijing to investigate Chinese garment companies that were likely employing North Korean workers, China said there was nothing it could do because the tip was too vague. The UN panel, Beijing said, had only provided the company names in Korean and English. China told the UN panel in a letter that its “business registration system uses only the Chinese language.” Associated Press writer Dake Kang in Beijing contributed. The Associated Press receives support for nuclear security coverage from the Carnegie Corporation of New York and Outrider Foundation. The AP is solely responsible for all content.

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Editor: Gerard S. Ramos • Monday, November 6, 2023

Ehrran Montoya embraces his metamorphosis

ESSENTIAL TIPS FOR FLAWLESS MAKEUP APPLICATION AS the demand for perfect makeup looks continues to rise, Joycenyl of MQ Cosmetics offers valuable tips for achieving flawless makeup application. With years of experience in the industry, Joycenyl shares her expertise to help individuals enhance their beauty and confidence through makeup. n Prepping the skin: Before applying makeup, it is crucial to prepare the skin properly. Joycenyl advises moisturizing the skin and applying a primer that suits your skin type. This step ensures a smooth canvas for makeup application and helps the products to last longer. n Choosing the right blush: For morena skin, she suggests a coral or peach blush, while fair skin can opt for a pink blush. n Eye makeup routine: Include eye cream in the preparation of the eyes. Apply eyeshadow primer before any eyeshadow to prevent creasing. n Lipstick selection: When choosing a lipstick color, it is important to consider your skin tone. By selecting shades that complement your complexion, you can achieve a harmonious and flattering look. n Long-lasting makeup: Moisturize the skin thoroughly and apply a primer before the makeup base. This helps to prolong the wear of the products and prevent caking. n Avoiding Skin Irritation: To prevent skin irritation caused by makeup, importance to conduct a patch test before applying any products, especially for those with sensitive skin. n Apply sunscreen using the “2 finger method” to ensure adequate sun protection. This step is essential for maintaining healthy skin and preventing sun damage. Joycenlyn’s makeup tips provide a comprehensive guide for individuals looking to enhance their makeup skills and achieve flawless looks. By following her advice, individuals can feel confident and beautiful in their everyday makeup routines.

IKE a butterfly taking flight, the career trajectory of emerging fashion designer Ehrran Montoya is beautiful to behold. One of the more exciting talents to come out postpandemic, Ehrran is steadily carving a name for himself in the cutthroat world of local fashion. Ehrran, 28, has a fine arts degree from the Far Eastern University, studying fashion design under Oz Go. At renowned designer Francis Libiran’s couture workshop, he served as an associate fashion designer and creative director for five years. Currently practicing in San Juan, Metro Manila, Ehrran is the CEO and creative director of his own label, Atelier Montoya. He is also the NCR director for the Fashion Designers’ Alliance Manila, or FaDal. “I specialize both in avant-garde and wearable pieces. My years of learning from Francis Libiran helped me balance which look to create for each client. I am sometimes over the top and most of the time trying to calm myself with just minimalist pieces,” the celebrity designer says. “I find it amazing how I can find beauty in both aesthetics. I really can see art in any corner so I try to discover all sides of fashion as much as possible,” the Morong, Rizal-raised designer adds. “I always make sure that I have my own touch in each garment I create, even if it’s just minimal.”

INSPIRATIONS AND INFLUENCES

Ehrran cites as his influences John Galliano, Alexander McQueen, Thierry Mugler, Rei Kawakubo, Bob Mackie, Björk and Lady Gaga. His mentors are Francis Libiran, Michael Cinco, Cary Santiago, Roel Rosal, Levenson Rodriguez, Miguel Alomajan, Jingx Cruz, Jina Andaya, Lakan John Olivares, Jocie Munsayac, Regi Cruz, Duds Santiago and Oz Go. “When I left Francis Libiran, I had to leave everything behind including his own design aesthetic. It’s one way of showing respect as an artist. I wasn’t allowed to create pieces for one year and this also happened during the pandemic. I could not create garments also as there were no demands for them, and that’s why I went back to painting. “It was art which saved me during my lowest points. I was so close to giving up when I heard a call from one of my FaDal mentors, Mamu Roel Rosal, who insisted that I continue fighting for my dreams. “It was also Mother Nature which reminded me of how I was going to start again. So when I began to create garments, most of my pieces were inspired by it. I also found myself healing my inner child so I fused anything related to it. And the rest is just magical.”

THE BUTTERFLY EFFECT

Ehrran served as the finale designer at the Jered

Model Management Spring Glamour Fashion Show 2023: Cyrsos on October 27, 2023. It was by directed by Raymund Ramirez Seranillo and organized by Jeff Peniones. Here, the no-nonsense, unapologetically nonbinary designer explains the methods to crafting his extraordinary creations. “My collection is called ‘Spora,’ which is the celebration of life. It is the entire life cycle of the metamorphosis of a butterfly. It all started from my first collection, ‘Lepidoptera,’ which was released during the height of the pandemic, It was all colors and textures to add vibrance to the chaotic environment. It was followed by ‘The Secrets of Metamorphosis,’ which showcased the very core of my design aesthetic and magical inspirations. Then the ‘Chrysalis,’ released just this year for capsule pieces for client-offer purposes. “I made it backwards from the life cycle of the butterfly. So ‘Spora’ is the continuation of the cycle but this time I showed the entirety of the process. The five-part collection started with ‘Thorax,’ which is part of the main body of the butterfly. I was inspired to follow the exoskeleton of the body and wings. The pieces were in white hues to give an impression of Birth and Life. “The spiritual meaning of ‘Cecropia Moth’ represents transformation, rebirth, intuition, and embracing vulnerability. The pieces were in black to signify Life and Struggles, and to give an impression of a butterfly’s main body. A transitioning piece was showcased through an existing ‘Chrysalis’ piece worn by Mercator model Barbara Bullaude to blend in for the next segment, which is the Fusarium.

“‘Fusarium’ is a mold of a large genus, many of which cause plant diseases, especially wilting. I was inspired to create pieces that highlight every struggle we face in life. I carefully chose the colors based on the microscopic photos of a fusarium, which features a cool shade of blue that is perfect for the Spring/ Summer 2024 color trend—Elemental Blue—and soft muted grays. “The face of Atelier Montoya, Barbie Forteza, wore ‘Romantic Wings,’ a haltered-serpentine gown with different hues of blush, sage, off white, marigold and dusty blue. The overall colors of the entire collection were used for the linear beadworks to create a lengthy silhouette that is perfect for Barbie. It was handbeaded in a way that it will look like brushstrokes, reminding me of how I started as an artist before I started creating the brand. The overall look was finished in a detachable train with multilayers of delicate tulle, giving an impression of a Monarch butterfly in flight.”

FASHION FORWARD

“MY next career move is to cater to all the clients to keep my atelier growing. I am open to any show invitations in the future as I love to always express myself without limitations. Expect to see my creations at international red carpets and appearances. “I wish that the government will show more support to our local weaving industry so we will be able to flourish more in and outside of the country. I am also looking forward for more fresh up-andcoming designers to make the local fashion scene more exciting.”n

ATELIER MONTOYA FACES AND MUSES Drag Queens Precious Paula Nicole, NAIA Black and Marina Summers for the “Fungus” collection; Rhian Ramos for “Monarch”; Star Magic's Zach Guerrero for “Fusarium;” Barbie Forteza and Arci Muñoz for “Monarch;” Ricci Rivero for “Fusarium;” Ehrran Montoya with Pauline Amelincx, Annabelle McDonnell, Maureen Montagne; Jasmine MaierhoferPatrimonio; and Johannes Rissler for “Thorax.”

PHOTOGRAPHED BY MYRA HO

This treatment is said to be better than fillers

I first heard of Sculptra from my friend Shen Cala-or, who had it done because she lost so much weight and needed some toning and firming. Shen looked wonderful after her first Sculptra session. She looked fresh and refreshed. Sculptra is not a new injectable. It was launched in the UK as New-Fill in 2000. Sculptra is the first and original FDAapproved PLLA collagen stimulator that, when injected into the cheek area, helps stimulate natural collagen production to smooth wrinkles and improve skin quality such as firmness and glow, with results lasting up to two years Luminisce Holistic Skin Innovation, one of the Philippines’ leading dermatology clinics, recently introduced Sculptra at its clinics in Alabang, BGC, and The Podium. We sat down with Luminisce founder Dr. Kaycee Reyes to talk about Sculptra. As Reyes explained it, Sculptra is a treatment method where PLLA microparticles are precisely injected into the skin’s matrix to stimulate collagen production.

It’s been called a “semi-permanent filler” but Sculptra is actually a bio-stimulator that’s been said to “age like fine wine.” With Sculptra, PLLA, a biocompatible, biodegradable substance that is gradually absorbed by the body, is injected into the skin. Restored collagen subsequently helps bring back facial volume and the look of fullness to wrinkles and folds. “Sculptra produces more natural-looking results because the poly-L-lactic acid works over time to stimulate collagen and plump up the treated areas,” said Reyes. Thanks to this biostimulatory effect, Sculptra claims to last about twice as long as hyaluronic acid fillers. Sculptra is a lunchtime procedure that lasts for less than an hour. There is minimal downtime. First, an anesthetic is injected into the skin. Then, Sculptra is injected into the subcutaneous layer along the outer border of the face, from temples to chin. After the treatment, the patient is encouraged to massage their face five times a day for five days for five minutes to avoid lumps (the risk of this happening is 1 percent). Please note that any procedure, whether invasive or noninvasive, presents risks. If you’re interested in Sculptra, you may book a consultation with a Luminisce dermatologist by calling 09778044601 or e-mail patientsupport@luminisce.com. You may also visit www.luminisce.com.

KERASTASE LAUNCHES HOLIDAY GIFT SETS

Luxury hair care brand Kérastase has just launched their holiday gift sets with a wide range of options each designed to address specific hair care concerns. The Genesis gift set specific to thin hair includes a

Shen Cala-or’s before and after Sculptra shots (left). The Kerastase Elixir serum gift set (right). PHOTOS FROM LUMINISCE AND KERASTASE

shampoo, conditioner and serum, while the gift set for thick hair includes a shampoo, mask, and serum. The Symbiose range is a range that combines luxury and efficacy for your hair and scalp. It is designed for those who want to treat dandruff from the source. The Symbiose range brings balance back to the scalp and promises to leave hair feeling refreshed and full of life. The Symbiose gift set includes a shampoo, conditioner and serum. The Chroma Absolu range is for those who have colored hair. The products in the gift set claims to help to protect color vibrancy and shine while maintaining hair health, ensuring that hair color looks vibrant and lasts longer. The Chroma Absolu gift set includes a shampoo, mask and serum. The Blond Absolu range offers deep hydration and neutralization so that blonde hair is bright, radiant, and free

from unwanted brassiness. The Blond Absolu gift set includes a shampoo, conditioner and oil. The Discipline range gift set promises a flawless and smooth finish, even in the most humid or damp conditions so that hair is always silky, manageable and frizz-free. The gift set includes a shampoo, conditioner, and a thermique. The Elixir serum gift set provides intense nourishment, giving hair six times more shine and a satisfyingly smooth texture. The frizz control and nourishment set includes a full size (100ml) and a travel size (50ml) hair oil. This is my favorite gift set. Get the Kérastase Holiday Gift Sets now, and the sets come in gifting-ready boxes, by visiting Kérastase partner salons and counters. These are also available on Kerastase’s official Lazada Flagship Store.

Monday, November 6, 2023

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DIGITAL FINANCIAL TOOLS KEY TO MSME GROWTH IN COMPUTER AGE

ICRO, small and medium enterprises (MSMEs) should adopt digitalization, exploring in particular how digital finance tools can support their operations, reduce their costs, and help their business thrive, according to finance and technology experts.

Certified public accountant Aris Casera said in a recent presentation that digital financial tools can support business operations by enabling a seamless flow of transactions, streamlining processes, and reducing the chances of errors and delays. The use of digital tools can also lead to greater business expansion and development, boost productivity, and provide affordable, convenient and secure digital services to individuals, while also benefiting the government in obtaining records from taxpayers. Casera said digital financial tools are defined as technology-based solutions that streamline financial transactions and management for individuals and businesses. These tools leverage the power of digital platforms to provide convenient and accessible financial services, such as budgeting, savings, payments, and investing, all in one place. Financial tools for business help maintain the financial health of the organization by planning, organizing, controlling, and monitoring financial

transactions, added Casera, who spoke at the hybrid seminar on financial fitness conducted on October 25, 2023 by the Department of Trade and IndustryPhilippine Trade Training Center. To maximize profits and cost savings, a steady cash flow needs to be maintained. By using the right tools in financial management, businesses can keep tabs on the inflow and outflow of cash and budget future expenses, according to Casera. He said some examples of digital financial tools include online banking, file management systems, point-ofsale (POS) systems, payroll systems, accounting systems, purchasing and operations systems, budgeting systems, inventory management systems, mobile payment facilities such as GCash and Maya, and automated teller machines or ATMs. Aiko Reyes, chief operating officer and co-founder of Peddlr, a free-to-use POS mobile app for small businesses in the Philippines, noted in the same seminar that many MSMEs are still us-

ing pen and paper to record sales, log expenses, and track inventory. This leads to time wasted, unmonitored growth, and even the possibility of business closure, she said. Reyes recalled the case of a small merchant who thought they were doing well because there was always a small but steady profit at the end of each day. However, because they were not keeping records and doing inventory, they did not notice that their volume was slowly shrinking until they were eventually forced to close shop. Both Casera and Reyes observed that a stumbling block to the use of digital financial tools by MSMEs is an inability to adapt to change. Many entrepreneurs and business owners are hesitant to adopt these tools due to fear of technology, concerns over security and privacy, or reliance on traditional methods. Reyes urged MSMEs to start using digital finance tools, arguing that “there is no other way because we are in a digital age right now. We have to force ourselves to adopt digitalization for efficiency and more income.” To get started on their digitalization journey, she said MSMEs can use free-to-download mobile POS mobile apps like Peddlr to manage their operations better. These tools can offer benefits such as improving control over business, maximizing efficiency, and enhancing enterprise image. Such apps can also assist MSMEs through their online communit y groups that can provide knowledge sharing, skills development, and mentorship and guidance.

AboitizPower, COTELCO sign MOA for line-clearing operations in Cotabato

THE MOA signing was led by, front row, from left, COTELCO-Main OIC and General Manager Cresmasita Golosino, COTELCO-Main Director Marilyn Padios, and AboitizPower Area Manager-Mindanao Sales Renee Villar.

BOITIZ Power Cor poration (AboitizPower) and the main office of the Cotabato Electric Cooperative, Inc. (COTELCO) signed a Memorandum of Agreement (MOA) that will help support the latter’s initiatives to prevent the obstruction of electrical lines within its franchise area. Under the MOA, AboitizPower will donate chainsaws to aid COTELCO’s front liners in clearing and organizing electrical wires that may disrupt its disaster response team during calamities. “The province of Cotabato can be a

flood-prone area during the typhoon season. The conceptualization of this project is very timely as we can start with our disaster preparedness efforts as early as now using the equipment to be donated by AboitizPower,” said COTELCO-Main OIC and General Manager Cresmasita Golosino. “This project will go a long way in making sure our team is agile enough to respond to any potential risks and are well-equipped to clear out any obstructions that may endanger the safety of our memberconsumers.” COTELCO-Main has been a long-

term partner of AboitizPower, having been its partner for the past 12 years. Both parties have collaborated on several corporate social responsibility projects, like donating computers, rewiring classrooms, and supporting radio-based instruction, in pursuit of developing communities and improving disaster resilience among its member-consumers. AboitizPower’s Wholesale Head Angeli Parcia also stressed the importance of supporting the government’s mandate to “ensure continuous and uninterrupted transmission and distribution of electricity” which is enshrined in Republic Act 11361 or the Anti Obstruction of Power Lines Act. “AboitizPower has always been in support of government policies that look after the welfare of electricity consumers. Obstruction to electrical wires that could potentially pose risk hazards to the community definitely need to be addressed,” she shared. “We are happy to partner with COTELCO-Main as this project is a great opportunity to contribute to risk reduction and promote disaster preparedness in the region.”

PAGCOR slates P10 million linked bingo games on December 10

EGABUCK winnings await lucky bingo aficionados when the Philippine Amusement and Gaming Corporation (PAGCOR) holds its linked bingo games dubbed “Paskong Big Time Bingo Milyonaryo” at The Ballroom of New Coast Hotel Manila on December 10, 2023. A total of P10 million in guaranteed prize winnings is at stake in the event and all players will have an opportunity to bag P1 million per game. Tickets are available for P3,000 each and players will get four cards per game for the scheduled ten games. Apart from the host site, interested players may also join the linked bingo event at participating Casino Filipino (CF) branches and satellites in Angeles, Bacolod, Cebu, Grand Regal, Ilocos Norte, Iloilo, Mactan, Madison,

Mandaue, Malabon Grand, Olongapo, Tagaytay, Tagum and Talisay. Games start at exactly 2 p.m. For inquiries, please call 0927-8040304, 0917-5518354 or 0917-8430970.

#DrinkToPossibilities: Support sustainability with Summit Still and Sparkling and its partner hotels

REATING a difference as an ecowarrior begins with making the right decisions, no matter how small they may seem. Summit, recognizing the huge environmental impact of our consumption behavior and product choices, embarked on a mission to provide refreshing and guilt-free hydration solutions. The result: Summit Still and Sparkling, positioned as the Philippines’ first locally produced still and sparkling water in recyclable glass bottles. A ligned with Summit’s commitment to sustainability, these eco-friendly products not only deliver top-quality hydration but also give you the confidence in making an environmentally responsible choice. Summit Still and Sparkling comes in 100 percent recyclable glass which presents lower carbon footprint vs. imported brands and features Summit’s signature quality. Summit Stil l, made w ith natura l drinking water, is perfect for an active and on-the-go lifestyle. Made with natural drinking water, it is carefully sourced from high-quality aquifers and meticulously filtered bottles. This allows you to refresh and relax on a deeper level on your next yoga session or morning routine exercise, knowing that you’ve made the right decision for both yourself and the environment with Summit Still. However, Summit Still is not only for the active and on-the-go lifestyle. It’s equally perfect for those serene “Still” moments when you just want to unwind and rejuvenate. Whether you’re recharging after a busy day or simply savouring a tranquil moment, Summit Still stands as your refreshment of choice, always in harmony with your pace of life. For social gatherings that call for cheers, toast with Summit Sparkling. It’s a more luxurious and healthier way to hydrate and a fantastic soda alternative. Made of locally crafted premium quality water greatly carbonated, Summit Sparkling offers that fizzy feel without the added sugar and excess calories. Summit Sparkling is indeed a great choice for special occasions and celebrations with a sustainable touch. To encourage more eco-warriors in the sustainability movement, Summit Glass has actively collaborated with some of the top hotels in Metro Manila. This partnership places Summit Still and

Sparkling on countertops of leading accommodation establishments, bringing these eco-friendly products closer to guests as they enjoy their relaxing stays. Among the participating hotels promoting sustainability are Conrad Manila, Dusit Thani Manila, Westin Manila, and Hilton Manila. Also a part of this movement are City of Dreams, Shangri-La The Fort, Edsa Shangri-la, and Shangri-la Makati. By choosing Summing Still and Sparkling, these hotel partners are taking a significant step towards reducing their environmental impact. Choosing Summit Still and Sparkling provides guests with good quality hydration during their visits, while also ensuring the long-term well-being of the environment. Aside from these establishments, Summit Still and Sparkling is also available at affordable prices in supermarkets nationwide and online at https:// asiabrewery.com/. The 330 ml bottle costs only P39 SRP while the 1 L bottle goes for P73 SRP. T he nex t time you f ind yourself checked-in at a hotel or doing your groceries, consider the environmental impact of your choices. By supporting Summit Still and Sparkling, you’re not just hydrating yourself, but you’re also quenching your thirst for a more sustainable world. Keep posted about Summit Still and Sparkling’s sustainability initiatives and its premium quality water products by following the brand on Facebook at https:// www.facebook.com/SummitStillandSparklingWater and Instagram at https://www. instagram.com/summitstillandsparkling/.

Ex-GIGIL Creatives, Humanap ng Iba, Launch Indie Creative Shop Leron Leron Sinta

FTER winning multiple international and local awards for GIGIL, Dionie Tanada and Sajid Guerrero recently launched Leron Leron Sinta, a new independent agency, along with Senior Copywriter Varge Pollins Masanque and Account Supervisor Joshua Surquia. Tañada and Guerrero were among the creative leads at GIGIL who contributed significantly to the agency’s award-winning campaigns for RC Cola, GrabUnlimited, Orocan, Julie’s Bakeshop, Mega Tuna, TNT Sim Reg, Cheers, a few successful Netflix titles, and more. Masanque handled campaigns for

The KoolPals, Profriends, SOHO International Film Festival, and other accounts. Lastly, Surquialed major campaigns for Bank of the Philippine Islands (BPI), Bayer, and Profriends at GIGIL. He has also led major accounts like Alaska Milk, Del Monte, and Spotify during his days at TBWA/SMP. “Leron Leron Sinta is mass based. And we ant to create real, relatable and effective campaigns prepared by the masses for the masses,” said Tañada, Co-founder and Creative Partner (Copy) of Leron Leron Sinta. “An indie shop like Leron Leron is relentless in its quest for look for

something different. We want to provide a platform for relentless creatives like us looking for opportunities in the creative industry. This is our time,” said Guerrero, Cofounder and Creative Partner (Art) of Leron Leron Sinta. Leron Leron Sinta has now opened their doors for new clients looking for partners for their advertising and marketing campaigns. You may contact them through the following: Web site: leronleronsinta.com; Facebook, X (formerly Twitter), Instagram: @leronleronsinta.ph; Email: huy@leronleronsinta.com; Mobile: (+63) 962 046 3748

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Monday, November 6, 2023 B7

Age ain’t nothing but a number

here is no age limit to discovering new things, to learning new skills, to reinventing yourself. National Artist for Music Ryan Cayabyab taught me this recently when he opened his first art exhibition last month. Yes, that’s right. The Maestro also paints, and he does a mean job of it. Well into his 60s, Mr. C, as he is fondly called by friends and industry colleagues, reunited with paint, brush, and canvas to create beautiful works of art. His journey in visual arts started in his teens, having won third prize in the YMCA National Painting Contest in 1968, but this was relegated to the sidelines as he pursued a career in music. He would do the occasional doodle, but nothing really serious. Until the Covid-19 pandemic struck, and he suddenly found himself with a lot of time on his hands. He got acquainted with acrylic paint, a medium he has never used before, and found himself so fascinated with it that he could not stop painting. Fast forward to

Dubbed “Tunay na Ligaya,” after one of his well loved songs, the exhibit showcased 53 pieces curated by artist Nell Belgado. From October 21 to November 5, the artworks were displayed for the public to enjoy at the Power Plant Mall in Rockwell, Makati. The 53 art pieces were divided into seven collections: “Red” in bold sunset hues; “Estilo” in geometric neoplasticism; “Riprap” in the use of model paste; “Hardin” in vivid, bursting florals; “Dreams” in fluid color play; “Explorations” in modernist lines and strokes; and the “Eyefie” series, a 16-part col-

lection inspired by the Maestro’s 16 voices in his “One” album from 1981. The opening of the exhibit last October 21 was a feast for both eyes and ears, with musical performances by the choral ensemble from The Music School of Ryan Cayabyab, conducted by no less than Mr. C’s wife Emmy, and the Ryan Cayabyab Singers. The Maestro himself accompanied them on the piano. Federico “Piki” Lopez, Chair and CEO of First Philippine Holdings Inc. and President of the orchestral music foundation Ang Misyon, and Lilia de Lima, former Philippine Economic Zone Authority Director General, delivered heartwarming messages. Mr. C sits on the board of Ang Misyon, which aims to make orchestral music more accessible through its Orchestra of the Filipino Youth. De Lima, on the other hand, used to study voice in the Cayabyabs’ music school, and through that has developed a deep friendship with the couple. In his speech, Lopez zeroed in on Mr. C’s evolution as an artist, on how he continued to learn and develop despite everything that he has already achieved in his life. “During the pandemic, a lot of us found the extra time at home to hone undeveloped talents and explore our inner child. Ryan returned to his early love for painting. And just when we thought we had seen the depth of his talents, we see him continually learning, evolving, and adding the visual arts to his arsenal of creativity,” Lopez said. “With this new layer, he likes to say that it deepens his

purchase in Germany and the rest of Europe with the help of its exclusive European distributor from Cologne, LUORO GmbH. Originally developed in the Philippines to help reduce plastic pollution and save marine ecosystems, the Dissolving Bottle will help make the same change in Europe under the plain b brand. The solid shampoo bar comes in cardboard packaging ditching the traditional plastic bottles that shampoo comes in. It is also carefully crafted with high-quality

ingredients and free of artificial additives that ensures a particularly healthy and strong hair structure. David Guerrero, Creative Chairman at BBDO Guerrero, said, “The Dissolving Bottle project has come a long way since the inception of the idea and we believe that it is only the beginning. We are genuinely excited to finally launch this product with our partner, LUORO who helped not just by bringing this idea beyond the Philippines but for also expanding it and helping spread the promise

of a more sustainable lifestyle in Europe.” LUORO Co-founder Burak Dönmezer shared, “We want to start a trend reversal with the Dissolving Bottle. Because if you want to live more sustainably and considerately, you don’t have to turn your whole life upside down, but rather make small but smart decisions in the right places. We want to help with this by offering the Dissolving Bottle, a product that facilitates the turnaround and also convinces you

The Dissolving Bottle by BBDO Guerrero debuts in Germany and Europe MANILA, PHILIPPINES—Creative agency BBDO Guerrero’s awardwinning product design, The Dissolving Bottle, is now available for

2023: he is all over the place again, busy with gigs left and right, with little to no time for painting. However, he has already created enough pieces to hold an exhibit, so that was exactly what he did. “[There is] no profound reason why I want to put up an exhibit. I just want to show a collection of art pieces that reflect my current state of expression, after re-discovering color and texture in the visual arts,” Cayabyab said.

Tunay na Ligaya

understanding and love of all his other creative forms of expression as well, particularly music. I’m personally excited to see the new pathways it will take him to as an artist.” De Lima, for her part, shared that Mr. C’s foray back into the visual arts was an inspiration for her to go back to painting herself, a hobby that she has set aside over the years because of her busy schedule. She added that this exhibit was proof that there was no age limit to exploring new things, especially when that exploration was driven by passion. “I saw a brief clip of him painting and advising others to ‘dig into your inner selves and see what your other passions are. There are still so many things that we can do. There is no age limit to what we can do.’ Great advice! Even seniors like us can still do so much,” she said. “Maestro and painter Ryan Cayabyab used the word ‘passions.’ He did not use the word ‘inclinations’ or ‘interests.’ I think that is his secret: his passion in everything he does. He is multi-awarded, multifaceted, outstanding, and extraordinary—because passion spells the difference between mediocrity and excellence. We look forward to more of your excellence, this time in the beautiful world of painting,” she added.

to stay because of its impressive care effect. Sustainability, quality and customer-friendly usability must therefore go hand in hand. That’s why all four variants of The Dissolving Bottle will also be available at the beginning of December in BIPA retail stores.” A month ago, BBDO Guerrero and LUORO announced their antiplastic alliance with Berlin-based environmental protection organization CleanHub to utilize an impactful and sustainable consumer

Almost sold out

J ust d ays a f ter t he e x hibit opened, more than half of the paintings had already been sold, with some buyers getting more than one piece from the collection. Lopez was among those buyers,

saying he was “stunned by [Mr. C’s] works and couldn’t resist buying a couple of them.” Other buyers were, like Lopez, business executives, while some were people who just fell in love with the artworks. “Tunay na Ligaya” will have a second run on November 10-26, this time at the East Wing of the Estancia Mall in Pasig. Inquiries about the art pieces may be directed to Ma. Dinah Remolacio (dinah. remolacio@gmail.com, contact number: +639985561158). “It’s clear: despite all his national and international accolades, Ryan’s not done yet and the best is yet to come,” Lopez said. Mr. C is just a few months shy of celebrating his 70th birthday. He said he is not done with painting yet, although a second exhibit is not something that he is thinking about just yet. All he knows is that his exploration of the visual arts has just restarted and will not stop anytime soon. PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier organization for PR professionals around the world. Abigail L. Ho-Torres is AVP and Head of Customer Experience of Maynilad Water Services Inc. She spent more than a decade as a business journalists before making the leap to the corporate world. We are devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail.com.

experience. Each purchase of The Dissolving Bottle by plain b will help in collecting plastic wastes in coastal communities in Asia and Africa. The Dissolving Bottle by plain b will soon be available in ecommerce stores Wing Guard and plain b. The 80g solid shampoo bar will be available in four variants, Shiny Rose, Red Blood Orange, Patchouli and Cedar, and Fresh Aloe Vera. It will also be soon available in BIPA stores—the largest specialist health and beauty retailer in Austria.

June Mar Fajardo: 7-time PBA MVP J

UNE MAR FAJARDO was declared Most Valuable Player (MVP) for Season 47 of the Philippine Basketball Association (PBA). It was his seventh trophy and, if not for injuries that bothered him two seasons ago, could have booked a record eight-straight MVP awards—his reign interrupted only in Season 46 by Scottie Thompson of San Miguel Beer’s sister team Barangay Ginebra San Miguel. “I didn’t expect this,” an emotional Fajardo said as he clutched his trophy beside PBA Chairman Ricky Vargas during Sunday’s annual Leo Awards that preceded the Magnolia-TNT Season 48 opener at the Smart Araneta Coliseum. “I never expected that I’ll be getting another MVP [award] because when I was injured, to tell you the truth, I thought I couldn’t compete anymore to this level again,” he said. “I’m really happy to win an MVP again after a major injury.” He fractured his right tibia in February 2020 and was immobile for most of the year. The 6-foot-10 center called “The Kraken” because of his imposing presence had averages of 17.7 points, 13.5 rebounds, 2.9 assists and 1.3 blocks last season to top the Statistical Points (SPs) race with 42.2. He totaled 2248 points from the SPs and votes from players and media, beating in the process Ginebra big man Christian Standhardinger (1559), Thompson (1539) and teammate CJ Perez (1177).

Converge’s big man Justin Arana shared the spotlight by clinching Rookie of the Year honors with 2019 points over Blackwater’s Ato Ular (1582). Arana played out of Arellano University and was the FiberXers’ fourth overall pick in last year’s draft. Maverick Ahanmisi, also of Ginebra, was the Most Improved Player while playing for Converge last season. NLEX’s Kevin Alas, meanwhile, claimed his second-straight Samboy Lim Sportsmanship Award with 2826 points, beating by 374 points Paul Zamar of NorthPort. Fajardo, 33, was also named to the Mythical Five for the eighth time and All-Defensive Team for the seventh time. “I want to dedicate this latest MVP to my late mother,” said Fajardo, whose mom Marites passed away in August 2021. “I will push myself to improve some more. I want to win a championship for the Beermen this season.” Joining Fajardo—a nine-time PBA champion with San Miguel Beer and a member of the gold medal-winning team in the Hangzhou 19th Asian Games last month—in the Mythical Five were Standhardinger, Thompson, Perez and Ginebra’s Jamie Malonzo. With the Cebuano in the AllDefensive team were Standhardinger, Meralco’s Cliff Hodge and Chris Newsome and Magnolia’s Jio Jalalon. NorthPort’s Robert Bolick and Arvin Tolentino, TNT’s Mikey Williams and Calvin Oftana and Magnolia’s Calvin Abueva made up the Second Mythical Five. Josef Ramos

UMIR FELIX MARCIAL already knows almost half of the 19 other athletes he would compete alongside with in the light heavyweight class of boxing at the Paris 2024 Olympics. His camp needs to know 11 others who’ll come from future qualifying tournaments for the July 26 to August 11 Games in the French capital, giving him at least nine months to prepare. “I haven’t seen them all, and I have been fighting Asians since,” Marcial told BusinessMirror on Sunday from his home in Tagaytay City. “I have to be familiar with the others, especially from the other continents.” Marcial qualified for Paris with his silver medal at the Hangzhou 19th Asian Games last month. His final tormentoer, Tuohetaerbie Tanglatihan, is also in for the Olympics. Also qualified for the Olympics is Oleksandr Khyzhniak—the “Drago-

like” fighter of the “Rocky” film series fame—who beat Marcial in the semifinals in Tokyo. The others are Pan American Games winners gold and silver medalists Arlen Lopez of Cuba and Wanderley Pereira of Brazil, Salvatore Cavallaro of Italy, Gabrijel Vocic of Croatia and and Azerbaijan’s Murad Allahverdiyev who were gold, silver and bronze medalists at the European Games like Khyzhniak and African Games qualifier Abdelrahman Oraby of Egypt. The other qualifiers will be culled from the Pacific Games from November 19 to December 2 in the Solomon Islands and two world qualification tournaments in Busto Arsizio in Italy, from February 29 to March 12 and in Bangkok from May 23 to June 3. Marcial, who turned 28 last October 29, clinched bronze in Tokyo as a middleweight but the 75-kg class was scrapped for Paris in favor of light heavyweight or 81 kgs. He was one of three medalists in Tokyo—the others were silver

JUNE MAR FAJARDO towers over (from left) league chairman Ricky Vargas (TNT), Siliman Sy (Blackwater), Commissioner Willie Marcial, Alfrancis Chua (Ginebra), Rene Pardo (Magnolia), Rod Franco (NLEX) and Atty. Raymond Zorilla (Phoenix). RUDY ESPERAS

PAL Mabuhay Miles Elite Invitational golf returns

EUMIR FELIX MARCIAL and his father Eulalio are treated to a motorcade in a homecoming in the Olympic bronze medalist’s hometown Zamboanga City last month. medalists Carlo Paalam (men’s flyweight) and Nesthy Petecio (women’s featherweight). He admits he has yet to get into the groove as a light heavyweight. “There are so many things to improve on because this is not my ordinary or natural fighting weight,” he said. “I need to be faster, stronger and wiser in this new weight class. I must be versatile boxer.”

Marcial also won all his four professional fights as a middleweight and expects to fight twice—in January or February and in June— before the Paris Olympics. He expects to fly to the US before the year ends to resume training.

Gay Games on in Hong Kong despite lawmakers’ opposition

ONG KONG—Scores of athletes celebrated the opening of the Gay Games in Hong Kong on Saturday despite opposition from anti-LGBTQ lawmakers, marking the first time the international sporting event to be held in Asia. Nearly 2,400 participants from about 45 territories, including Britain, the United States, and

Australia, are competing in a variety of games, from tennis and swimming to culturally rich activities like dragon boat racing and mahjong in the nine-day event. The games are being held concurrently in the Mexican city of Guadalajara featuring many of the same events, a first for the competition that was first held in San

PARTICIPANTS sign on the quilt at the AIDS Quilt Memorial Ceremony in Hong Kong Saturday. AP

Wemby VICTOR WEMBANYAMA has gotten me to watch the National Basketball Association (NBA) for the first time in a long time. Okay, I did follow the Chicago Bulls during DeMar DeRozan’s first year with the club when they were taking

BusinessMirror

onday, November 6, 2023 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Marcial gets to know potential rivals in light heavyweight division in Paris By Josef Ramos

Sports

B8 | M

Francisco in 1982. Following the procession of athletes, a series of performances followed, highlighting Hong Kong’s Chinese culture, but also incorporating modern dance, musical theater and lion dancers. LGBTQ+ activism is a rare spot that is still making considerable progress in Hong Kong under a government crackdown on its civil society following the 2019 prodemocracy protests. The games foster hopes for a wider inclusion of sexual minorities in the Asian financial hub after court wins last month over housing and inheritance rights for same-sex couples married overseas. The city is also moving toward a framework for recognizing same-sex partnerships following a landmark ruling in September. AP

names during the early part of the season before injuries derailed whatever title aspiration they had. I used to be a die-hard NBA fan but in the last 10 years, have followed it intermittently. I can chalk that up to being busier than ever and a lack of success by the clubs that I followed (Chicago and then Philadelphia). I would sleepwalk through the regular season and ratchet up the interest come the playoffs. As much as I am in awe of Giannis Antetokounmpo, marveling at the sustained greatness and durability of LeBron James, and the all-around game of Luka Doncic, I would not follow the NBA on a regular basis. Because of Wembanyama, now I follow the Spurs’ matches (no, I am not a fan of the team but I am keeping tabs on the Frenchman). How he played against that loaded Phoenix Suns team left me shaking my head and watching those highlights again and again. And those moves…sweet! I was thinking while watching him play, “And this kid is still learning the game.” And to think that he is only 19 years old!

ERIC VAN DER LINDEN brings his world-class form back to Palawan.

UTCHMAN Eric van der Linden is back in pursuit of the Ironman 70.3 Puerto Princesa that blasts off Sunday in Palawan—only five months after ruling the full Ironman Philippines in exacting conditions in Subic. Van der Linden will lead a crack roster of foreigners from 38 countries and local bets in the 1.9-km swim, 90-km bike and 21.1-km run event that returns to the city of forest following a successful hosting of the premier endurance race last year. The 49-year-old Schagen (North

MERRY mix of players in business both here and abroad make up the full 300-strong field of the revival of the Philippine Airlines (PAL) Mabuhay Miles Elite Invitational golf tournament on Monday at the world-class layout of The Orchard Golf and Country Club in Cavite. PAL President and Chief Operating Officer Capt. Stanley K. Ng will be among the prominent executives hitting the ceremonial drive before the 7:30 a.m. shotgun start at the Player and Palmer courses. “It’s our way of giving back to our most valued clients,” said Ng, who has taken up the sport recently. “Golf is also a way for us to get in touch, spend time with them and for all of the players to have the chance to get to know each other.” Carrying the theme “Reviving Legends,” the 18-hole tournament has, since its inception in 1992, been graced by the veritable bigwigs in business and several other fields, all of them members of the upper echelon of PAL’s frequent flier program. The event was forced into a hiatus during the pandemic and its return this year will be its 27th staging overall as the Philippines’ top airline dangles attractive prizes while fostering friendly competition

and camaraderie. Movie actor and now Ormoc City Rep. Richard Gomez will also take part, while the Class A race will be bannered by former national pool member Brixton Aw and PAL Interclub standouts RJ Rizada and Edmund Yee. Rizada and Yee played competitive basketball at different levels in the past before taking up golf and helping Tagaytay and Luisita in the Regular Men’s and Senior divisions, respectively, of the PAL Interclub, the annual event considered to be the Philippines’ unofficial national team championships. A Chery Tiggo 5X Pro Comfort, a Get Go golf cart and a P100,000 Free Play Certificate from Okada await those who score the first three aces on both courses. The serious part of the event will have the lowest gross champion walking away with a handsome trophy and 120,000 Mabuhay Miles and the lowest net champion gets a trophy and 140,000 Mabuhay Miles. The day culminates with the awarding ceremonies with PAL enlisting top notch entertainers while providing fine food and drinks for festivities expected to last well into the night.

Dutchman back to chase crown in Ironman 70.3 Puerto Princesa Holland) native placed sixth in the inaugurals, crowding Fer Casares, Satar Salem, John Alcala, Mervin Santiago and Jailani Lamama for early control in the swim leg but losing momentum in the bike and run stages, enabling the strong-finishing Alcala to win and earn bragging rights as the first Ironman 70.3 Puerto Princesa champion. But Van der Linden’s triumph in Subic, where he battled through rough waters and windy and wet conditions in the 3.8-km swim, 180-km bike and 42-km run race that finished close to midnight, should boost the

Then, “Does this mean France will become the world’s top basketball power?” The last time a center got me excited and followed NBA basketball was when the Houston Rockets drafted Yao Ming in 2002. In my opinion, the San Antonio Spurs are going to win a title with Wembanyama. I mean, they should, right? After all, they have a player who is changing the game. How lucky can San Antonio get with these centers? First, David Robinson and then Tim Duncan and now Wembanyama. There was a time when I thought that the Los Angeles Lakers were the luckiest basketball team as they have acquired some of the best all-time centers from Wilt Chamberlain to Kareem Abdul-Jabbar to Vlade Divac to Shaquille O’Neal to Pau Gasol to Anthony Davis. The Lakers won a title with every center save for Divac. Now, the Spurs. Yes, they are only 3-2 as of this writing, but as they surround Wembanyama with better talent, they’ll be even more awesome.

Sydney Olympics veteran’s confidence heading to the upcoming race also serving as first-time host to the Asia TriClub and Relay Championship. Making up the early roster in the Asia TriClub and Relay Championship—offering a top purse of P500,000 put up by Puerto Princesa Mayor Lucilo Bayron—are Tri SND Barracuda, Fit PH, Baguio Benguet Triathlon, Gas Coaching, Las Vegas Tri Club, Heroes Hotel Adventure, Army Navy Southtri, Loolaba Tri Club, Les Sables Vendee, La Rochelle Tri and KOA Sports. AP

Have you checked the internet for all these Wembanyama memes? I even saw one on Instagram today of how this guy would shoot high high (yes, double high) arcing shots with Wembanyama guarding him. And there’s this one of Victor moving in to reject Ray Allen’s shot for the Miami Heat that “hypothetically would have not given the Heat a title.” And there’s another one where this player pretends Wembanyama is looking to block his shot. They are hilarious but that all points to the impact he is having. Of course, everyone is also waiting for that player to posterize Wembanyama. For sure that will go viral. Hahahaha. It is all part of the game. Now that I am older, I have discarded a lot of the NBA memorabilia that I have stored over the decades (save the Michael Jordan stuff). I have sold almost my entire NBA jersey collection. Guess what? I am going to get a Wembanyama jersey! And I will wait for San Antonio’s game (I am still not a Spurs fan) against the Indiana Pacers this Tuesday, November 7.