BusinessMirror November 07, 2023 by BusinessMirror

PBBM approves Maharlika Fund revised IRR By Samuel P. Medenilla @sam_medenilla

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GAZA LOST TELECOM CONTACT AGAIN; ISRAEL’S MILITARY SAYS IT HAS SURROUNDED GAZA CITY

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RESIDENT Ferdinand R. Marcos Jr. announced on Monday the new version of the Implementing Rules and Regulations (IRR) of the Maharlika Investment Fund (MIF) has been finalized after it was reviewed last month. In a post on his Facebook page, the chief executive said the IRR of the MIF, the country’s first sovereign fund, will be implemented soon. “Upon approval, we’ll swiftly

establish the corporate structure, getting the MIF up and running,” Marcos said. He earlier said he wants the MIF to become operational within the year. Among the officials, who participated in finalizing the IRR were Presidential Management Staff (PMS) Senior Undersecretary Elaine T. Masukat and PMS Undersecretar y Rodolfo John Robert C. Palattao IV, and Office of the Executive Secretary (OES) Undersecretary Leonardo Roy A. Cervantes. Also involved were Govern-

ment Service Insurance System (GSIS) General Manager Jose Arnulfo Veloso, Office of the Presidential Adviser for Investment and Economic Affairs Mr. Raphael DC Consing Jr. as well as representatives from the Bureau of Treasury, Office of the Deputy Executive Secretary for General Administration (Odesga) and the Office of the Deputy Executive Secretary for Legal Affairs (Odesla). Last month, Executive Secretar y Lucas P. Bersamin issued a memorandum directing the Land Bank of the Philippines

( L BP) a nd t he De ve lopme nt Bank of the Philippines (DBP) to defer the rollout of the IRR pending f ur ther study of its provisions. Marcos said the review was meant to further improve the provisions of the MIF IRR. Under Republic Act No. 11954 or the Maharlika Investment Fund of 2023, the Treasurer of the Philippines will promulgate the IRR. Several incumbent and former lawmakers have asked the Supreme Court to declare the MIF as unconstitutional. The High Court has yet to decide on the matter.

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Tuesday, November 7, 2023 Vol. 19 No. 27

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MAY BOOST Q3 GROWTH By Cai U. Ordinario

@caiordinario

HE Philippines is expected to see an improvement in its economic performance in the third quarter this year on the back of higher government spending, according to Moody’s Analytics. In its weekly economic view, Moody’s Analytics said the country’s GDP may have improved to 5.1 percent. This is higher than the 4.3 percent posted in the second quarter. In April to June 2023, the country’s economic growth suffered from the contraction of 7.1 percent in public spending, the lowest since the first quarter of 2011. (Full story: https://businessmirror.com.ph/2023/08/11/4-3gdp-growth-in-q2-slowest-in-2years/). “We expect government spending to lift on account of state agencies stepping up the implementation of certain projects, but elevated inflation and high interest rates will weigh on consumer spending,” Moody’s Analytics said. Inflation in October, the think tank said, may have reached 5.7 percent, which is slower than the 6.1 percent posted in September. The projection of Moody’s Analytics is within the month-ahead forecast of the Bangko Sentral ng Pilipinas (BSP) at 5.1 to 5.9 percent in October. Moody’s Analytics said inflation has not been tamed in the Philippines in September, leading the BSP to make an off-cycle rate hike last week. “The cases vary but reflect the risks faced by the region to stabilize inflation and financial conditions. Despite a cap on rice prices, the Philippine central bank is clearly concerned with rising inflation,” Moody’s Analytics said. Earlier, the think tank of the Australia and New Zealand (ANZ) Banking Group Ltd. said the country’s inflation rate in October may have breached the expectations of the BSP. 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 See “Spending,” A2

A VOICE IN A BUOY A collective of fishermen in Masinloc, Zambales, took a significant step on Monday (November 6, 2023) by releasing a massive buoy bearing the proclamation “Atin ang Pinas!” on the island of San Salvador. President Ferdinand R. Marcos Jr. reassured the nation that his administration remains committed to safeguarding the Philippines' maritime territory and upholding the rights of Filipino fisherfolk. This commitment comes in the wake of Marcos's recent directive to dismantle the floating barriers erected by the China Coast Guard at the southeast entrance of Scarborough Shoal, also known as Bajo de Masinloc. NONOY LACZA

PHL seeks $6.53B in loans from ADB for 15 projects T HE Philippine government is seeking approval for $6.534 billion worth of financing from Manila-based multilateral development bank, Asian Development Bank (ADB), to fund several projects. The amount covers 15 projects awaiting approval between 2023 and 2025. The financing will mostly be extended through loans, fol-

“These losses [from traffic] would rise to P5.4 billion per day in NCR and P5.9 billion per day in surrounding areas by 2035 if no action is taken.”— ADB

lowed by technical assistance and grants. The bulk of the amount of $5.11 billion will cover projects that have yet to be approved this year, while $1.33 billion will be for projects whose approval is slated for 2024; the remaining $100 million is for a project that could be approved in 2025.

CUSTOMS LETS FUEL IMPORTERS APPLY FOR DUTY DRAWBACKS

HE Bureau of Customs (BOC) has allowed fuel importers to apply for duty drawbacks of up to 99 percent of the duty imposed by law for fuel imported for the use of sea vessels engaged in international trade. The privilege is provided for under its latest Customs Memorandum Order (CMO). These importers also cover those

importing fuel for the propulsion of sea vessels engaged in coastwise trade, provided that the Maritime Industry Authority (Marina) or an appropriate agency authorized the temporary conversion of that vessel to engage in international trade. “ [The CMO is issued] to ensure that there will be no double See “Customs,” A2

See “PHL,” A2

PESO EXCHANGE RATES n US 56.2520 n JAPAN 0.3768 n UK 69.6400 n HK 7.1898 n CHINA 7.7269 n SINGAPORE 41.5512 n AUSTRALIA 36.5751 n EU 60.3640 n KOREA 0.0430 n SAUDI ARABIA 14.9945 Source: BSP (November 6, 2023)

News

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A2 Tuesday, November 7, 2023

www.businessmirror.com.ph

DTI advises consumers Zubiri confident of Senate to be ready for costlier vote on RAA with Japan items for Noche Buena By Butch Fernandez

he sees the treaty getting Senate approval, as mandated by the Constitution, without much debate.

The treaty provides for interoperability between the two Asian neighbors’ defense forces, and crosstraining provisions, similar to the provisions of the existing Visiting Forces Agreement (VFA) the Philippines has with the United States. “We need 16 votes. I believe we have more than that to ratify the RAA,” Zubiri told reporters on Monday. He praised Japan’s overt show of goodwill for the Philippines, as manifested in last week’s visit by Prime Minister Kishida Fumio. Zubiri does not see much problem in having members of the Japanese self-defense forces train alongside their Filipino counterparts. “Napakadisiplinado ng Japanese Self Defense Forces [SDF], Zubiri said, adding: “Mayroon naman tayong guidelines dito sa RAA, hindi pwedeng abusuhin…that is to follow rule of law in the Philippines, and for Filipinos to also follow rule of law sa Japan. Hindi naman yan one-sided...

Nakita din natin ilang taon na po VFA. It’s already been over 30 years since we approved the VFA.” [The Japanese SDF are so disciplined. We also have guidelines in the RAA, so it can’t be abused. That is, to follow rule of law in the Philippines, and for Filipinos to also follow rule of law sa Japan. That’s not one-sided. We have seen how it can work with the VFA. It’s already been over 30 years since we approved the VFA]. The blossoming of Japan-Philippine relations comes in stark contrast to their status over 70 years ago, when Japan invaded and occupied the Philippines from 1942 to 1944. The brutal Japanese occupation had been raised by critics of Manila’s friendly embrace of Japan in recent decades. The Philippines and Japan agreed “to commence negotiations” on a bilateral reciprocal access agreement (RAA) during the visit of Kishida Fumio.

Bataan-Cavite Interlink Bridge Project is a 32-kilometer permanent road link. It also called the Manila Bay bridge, and will connect the provinces of Bataan and Cavite. The Laguna Lakeshore Road

Network project will benefit road users between NCR and Laguna by improving connectivity through the reduction of transport time and cost to road users. In a document released in March 2023, the ADB said the economic losses due to traffic congestion was estimated at P3.5 billion per day in 2017 in NCR and P2.5 billion in surround-

ing provinces, including Laguna. “These losses would rise to P5.4 billion per day in NCR and P5.9 billion per day in surrounding areas by 2035 if no action is taken,” the ADB document stated. Meanwhile, in 2024, the largest projects that are up for approval are the Manila Metro Rail Transit Line 4 Project, which is estimated to cost $1 billion and the Sustainable Tourism Development Project which is set to be financed through a $100-million loan and $500,000 grant. The MRT 4 project will be a fully elevated railway mass-transit system to serve the eastern side of Metro Manila, including highly populated areas of Rizal province. As a high-capacity urban public-transport system, ADB said the MRT4 will address the current transport bottleneck along the Ortigas avenue, will be approximately 13.4 kilometer long, with 10 stations, and barrier-free design to allow inclusive access. The Sustainable Tourism Development Project, meanwhile, will support sustainable, resilient and inclusive ocean-based tourism development in Coron and El Nido in Palawan Province. For 2025, the only project that is currently listed is the Mindanao Agro-Enterprise Development Project, which is being proposed for $100 million. The project, ADB said, aims to enhance agricultural diversification and food value chain development in Mindanao. This will be done through the promotion of private investments in agro-industry; improvement of agricultural logistics and services; and enhanced product quality and competitiveness. Earlier, ADB said it could lend as much as $20 billion to the Philippines in the next five years once its new Country Partnership Strategy (CPS) is completed next year. ADB Philippine Country Director Pavit Ramachandran recently told reporters the projected annual lending of the bank to the country is $3.5 billion to $4 billion annually. This is the program lending for this year and next year, which could be the same amount for the next CPS. Ramachandran said much of this lending at 70 percent will be dedicated to large project investments, and the remaining 30 percent is for budget support. He said the CPS of ADB with the Philippine government is being drafted and may be completed in the second semester of 2024. The new CPS, Ramachandran said, will mainly follow the previous CPS but will have greater focus on climate change-related efforts. These efforts will include financing urban mobility, flood resilience, connectivity, and river basin projects. Cai U. Ordinario

@butchfBM

ENATE President Juan Miguel Zubiri on Monday expressed confidence the Senate can readily muster the two-thirds vote to ratify a treaty expanding the Philippines’s defense cooperation with Japan, which has expressed keen interest in helping bolster the country’s security capacities amid continuing tensions in the West Philippines Sea. Zubiri told reporters the Reciprocal Access Agreement (RAA) with Japan should see no hurdles, and

PHL...

Continued from A1

Among projects that have yet to be approved in 2023, the largest are the $2.108-billion loan for the Bataan-Cavite Interlink Bridge Project and the $2-billion loan for the Laguna Lakeshore Road Network Project.

By Andrea E. San Juan @andreasanjuan

ILIPINO consumers should spend their Noche Buena budget wisely, particularly on ham, as they might feel the pinch of an increase of around 4 percent in the prices of meat products due to rising production costs, according to an official of the Department of Trade and Industry (DTI). Mary Jean T. Pacheco, Officerin-Charge (OIC) of DTI-Consumer Protection Group (CPG) said the Trade department usually sets a meeting with Noche Buena manufacturers. “So, lagi po itong ginagawa ng DTI na naglalabas tayo ng Noche Buena Guide. Ang sinasabi po natin ay kakausapin natin iyong mga manufacturers at isa po sa manufacturers na nakausap natin are the meat processors,” Pacheco said in a televised interview on Monday. [The DTI always puts out a Noche Buena Guide. We talk to the manufacturers. And among the manufacturers we’ve talked to are the meat processors.] The officer-in-charge of the agency’s consumer protection arm quoted meat processors as saying their production cost grew by 15 to 20 percent. Amid the increase in production cost, however, these meat processors shouldered a chunk of the cost to avoid passing the cost to the consumers. With this, Trade and Industry Secretary Alfredo E. Pascual said the increase in some of the meat products ranges from zero to 4 percent, which Pacheco deemed “ver y minimal.” Pacheco reiterated DTI’s reminder to consumers to spend within their means. For instance, ham, which is a Christmas staple for Filipinos, offers a wide variety of choices to consumers in the market. “Alam po ninyo napakaraming

Customs...

klase ng hamon, parang 30 yata, so napakaraming klase ng hamon. Hindi po lahat ng hamon ay tumaas, based po sa aming pag-monitor, hindi naman po at iyon po ang nakita namin, kinolekta po namin iyong mga manufacturers SRP at hindi po naman lahat nagtaas,” Pacheco emphasized. [There are many types of ham, about 30, and not all of them have seen their prices rise. That’s what we saw]. With this, the agency’s consumer protection official told the public, “So ano po iyong payo natin? Mamili po tayo ng naaayon sa budget natin at sa panlasa natin [So, what’s our advice? Let’s buy according to our budget and taste].” She said consumers should be mindful of their purchases as the Christmas season is fast approaching. “Ang gusto namin matuto tayong pumili at maging mapanuri para pagpunta po natin sa grocery alam po natin iyong bibilhin natin, iyong bibilhin kasi napagpilian na natin, ito kaya kong bilhin, kaya ng bulsa ko, ito kaya ng budget ko at gusto ko rin itong brand na ito,” Pacheco said. [We’d like the people to learn how to pick well and be critical when we go to the grocery; and to know in advance what we plan to buy: this is what I can afford, and this is a brand I want]. Last year, the Trade department released a list of Noche Buena Products Price Guide to enable consumers to choose from a wide range of products at varying prices. The Noche Buena price guide last year included products such as ham, fruit cocktail, keso de bola, cheese, sandwich spread, mayonnaise, pasta or spaghetti, elbow macaroni, salad macaroni, spaghetti sauce, tomato sauce and creamer or all-purpose cream. (Full story here: https://businessmirror. com.ph/2022/11/23/dti-releases-price-guide-for-noche-buenaproducts/)

Continued from A1

claims in the processing, approval, and manner of payment for Duty Drawback claims,” CMO 16-2023 stated. The CMO also said the claimants may file a Motion of Reconsideration on the denial of their claim for Duty Drawback with the Tax Credit Committee (TCC) within 10 days from the date of receipt of the denial. Per the order, the BOC Commissioner will render a decision on the reconsideration within a period of 30 days from the receipt of the appeal and the submission of necessary documents. BOC said claims for duty drawback shall be processed, generated, and released within 60 to 120 days following the receipt of properly completed claims and validated supporting documents. “The claimant may also appeal to the Court of Tax Appeals the denial of his claim by the Commissioner within 30 days from receipt of the decision of denial,” CMO 162023 stated.

The United States Customs and Border Protection defined drawbacks as the refund of certain duties, internal revenue taxes and certain fees collected upon the importation of goods and refunded when the merchandise is exported or destroyed. The CMO outlined the procedures for processing duty drawback claims through the issuance of Customs Memorandum Order (CMO) No. 16-2023, in accordance with Customs Administrative Order (CAO) No. 4-2019. The order will cover all claims for Duty Drawback filed pursuant to Sec. 900 (A) to (C) of the CMTA and all claims for Duty Drawback previously filed with the Department of Finance’s One-Stop -Shop Inter-A genc y Tax Credit and Duty Drawback Center (“CENTER”) in view of Administrative Order (AO) No. 04, s. 2023 issued by the Office of the President transferring the processing to the Bureau of Customs. Cai U. Ordinario

Spending...

Continued from A1

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 reemerging inflationary pressures.” ANZ-RE staff said they “now

anticipate another rate hike of 25 basis points this year, followed by a pause through 2024.” The ANZ-RE also said the country may continue its lackluster economic performance with a thirdquarter GDP growth of 4.5 percent. This is only two percentage points higher than the 4.3 percent posted in the second quarter.

Tuesday, November 7, 2023

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

PBBM orders creation of task force to probe radioman Jumalon’s killing By Rex Anthony Naval & Jovee Marie N. Dela Cruz @joveemarie

epartment of the Interior and Local Government (DILG) Secretary Benjamin C. Abalos Jr. on Monday said President Ferdinand R. Marcos Jr. has ordered the Philippine National Police (PNP) to create a task force to look into the fatal shooting of local broadcaster Juan Jumalon, popularly known as DJ Johnny Walker, in Misamis Occidental last Sunday November 5. “Upon the directive of President Ferdinand R. Marcos Jr., the PNP has already activated Special Investigation Task Group [SITG] ‘Johnny Walker’ to run after and send the perpetrators behind bars,” he added. Abalos also confirmed that the SITG has already come up with computerized facial sketch of one of the suspects. The sketch has already been made available to the public for identification and the task force has already conducted cross matching of the shells and slug found in the crime scene. “Likewise, it also already enhanced the recovered CCTV footages with the help of the PNP Re-

gional Anti-Cybercrime Unit. We expect to have breakthroughs in this case at the soonest time possible, “Abalos said.

‘Very revolting to the senses’

JUSTICE Secretary Jesus Crispin Remulla on Monday said the National Bureau of Investigation (NBI) is already conducting its investigation into the assassination, who was shot dead Sunday while live streaming his program on Facebook at his residence in Misamis Occidental. Remulla said he expects the NBI to submit its initial report on Jumalon’s killing within the next 24 hours following the dispatch of its investigators on the field. “It’s very sad. I cannot imagine this happening just like that. It’s really gruesome and it’s difficult to believe that it actually happened. So we will not allow this to go unresolved and we will do everything to get the perpetrator or perpetrators. We will also determine the real motive behind this killing,” Remulla said at a news briefing. Remulla said there are initial theories reaching the Department of Justice (DOJ) as to the motive of the killing but stressed that he would rather wait for the initial report of the NBI before pursuing

AJEX-DAGIT-PA to enhance military’s capabilities to meet threats–Brawner

oint exercises like the annual Armed Forces of the Philippines Joint Exercise Dagat-LangitLupa (AJEX DAGIT-PA) will greatly enhance the military’s capability to respond to any emerging threats. AFP chief Gen. Romeo Brawner Jr. emphasized this as he formally opened this year’s iteration of AJEX DAGIT-PA in Camp Aguinaldo, Quezon City Monday. “I always tell our AFP, the members of the AFP and the other uniformed services that at this point we have to take this very seriously because we can face a formidable competitor or adversary anytime in the future, it could be in the near future, it could be in the far future but it is important that we prepare today,” the AFP chief explained. AJEX DAGIT-PA will involve more than 1,500 active and reserve

desensitizes people,” Remulla said. The DOJ earlier said Jumalon’s killing “is an affront to the principles of democracy, freedom of expression and the sanctity of a free press.” “We vow to spare no effort in ensuring a thorough investigation, the swift apprehension of the perpetrators, and their subsequent prosecution to the fullest extent of the law,” the DOJ said. “Any attempt to silence or intimidate journalists will be met with the full force of the law,” it added.

forces from the Army, Air Force, Navy, Marines, Special Operations Command and Cyber Group in staff, command post, cyber defense, and field training events in the Northern Luzon Command area of responsibility that will last until November 17. “The importance of joint operating concepts cannot be overstated. Together we will harness the power of seamless collaboration of services leaving no room for weakness or division,” Brawner said. The AFP chief added that the power of seamless collaboration across all branches of service would be harnessed in this exercise. “We will demonstrate to the world that we are a force to be reckoned with. Strive to surpass our own expectations and redefine the limits of what is possible,” Brawner said. Rex Anthony Naval

Swift justice

the said theories. “I feel, I think these theories too soon given maybe a sort of cover in some ways, that’s why I do not want to cast judgment on any possible theory about the case, too many theories so early might not serve us well,” Remulla said. Remulla said Jumalon’s death

was “very revolting to the senses” and called on the public to stop the showing and sharing of the video of the killing on social media platforms. “It’s too brazen, it’s too open, it’s too gruesome. Probably, the social media platforms should stop allowing these to be spread out, this

Speaker Ferdinand Martin G. Romualdez on Monday called for swift justice on the killing of Jumalon. Romualdez condemned the murder and underscored the importance of holding those responsible for the heinous crime accountable. Romualdez also emphasized that freedom of the press is the cornerstone of democracy. “Our thoughts and prayers are with DJ Johnny Walker’s family, friends, and colleagues during this challenging time,” Romualdez said. “Every journalist deserves the right to exercise their profession without fearing for their safety or their lives. Any attack or violence against members of the media is un-

acceptable and deeply troubling,” he added. Romualdez stressed that the voices of journalists and their stories are significant. “To Filipino journalists: Your voices matter. Your stories matter. We stand with you and will continue to advocate for your safety and the right to perform your duties without intimidation or harm,” said Romualdez. “Together, we will strive to put an end to these senseless acts of violence and uphold the sanctity of free expression in the Philippines,” he added. Also, Bayan Muna EVP and former journalist, Carlos Isagani Zarate also condemned this disturbing act of violence. “The brazen assassination today [Sunday] of Radio Broadcaster Juan Jumalon a.k.a. DJ Johnny Walker, is emblematic of impunity still running amuck in our country today. This tragic act is clearly spawned by the ‘kill, kill, kill’ mentality that was enabled and weaponized on a grand scale in the past,” he added. “As we demand swift justice for Jumalon and the other EJK victims, we also reiterate the call for accountability for the enablers of these condemnable bloody attacks against our people,” Zarate said.

Concert-for-a-cause collects 7,257 kilos of ‘toxic’ e-waste By Jonathan L. Mayuga @jonlmayuga

concert-for-a-cause, which exchanges tickets for waste electrical and electronic equipment (WEEE), was able to collect 7,257 kilos of these so-called e-waste, putting the spotlight on the growing problem on their safe disposal. E-waste contains hazardous materials like lead, mercury and other heavy metals, flame retardant chemicals like polybrominated diphenyl ethers (PBDEs), and other substances of concern. Released into the environment through reckless disposal and uncontrolled dismantling, e-waste can harm workers and their communities. On the other hand, e-waste also contains valuable components like aluminum, copper, iron and gold, which if properly retrieved and recycled can be used by manufacturers as secondary substitutes to virgin raw materials. The concert at the Marikina

Sports Center (MSC), the “Together WEEE Can! An E-Waste Collection Concert” established a national record in terms of physical attendance in an event solely dedicated to promoting safe ewaste management, the organizers of the event said in a statement. Some 15,000-mostly youth participants braved the intermittent rain to listen to their favorite artists and, yes, to support the call for a sound management of e-waste, the organizers added. The concert also set a record in the volume of e-waste collected for proper recycling. Records show that over eight tons of assorted e-waste was traded in on site and in designated drop-off points in exchange for concert tickets. The Philippines has a per capita ewaste generation exceeding 4 kg. At the MSC, attendees lined up to exchange discarded phone chargers, mobile phones, speakers, headsets, tablets, laptops, keyboards, and small household appliances like electric fans and

irons for entrance tickets. In addition, partner groups and individuals brought bigger ewaste items, including computer monitors, TV picture tubes, airconditioners and washing machines, in several designated ewaste exchange centers around the metropolis. Speaking at the concert, Marikina City District 1 Rep. Marjorie Ann Teodoro told the crowd in Filipino: “Huwag po nating itigil ang ating ginagawa para sa tamang pangangasiwa ng ating mga e-waste. Itong concert na ito ay para sa inyo at sa kalikasan.” T he “ Together W EEE Can” concert was organized by the Depa r t ment of Env i ronment and Natural Resources (DENR), United Nations Industrial Development Organizations (UNIDO) and the EcoWaste Coalition with support from the Global Environment Facility (GEF). “This campaign aims to tackle the detrimental effects of e-waste; enhance awareness regarding re-

sponsible e-waste management; and encourage individuals, businesses, and governments to take proactive measures in reducing e-waste and ensuring its proper disposal,” Environmental Management Bureau (EMB) Director and DENR Assistant Secretary Gilbert Gonzales said. “Our keen collaboration with our government and industry partners, the informal waste sector, particularly the e-waste dismantlers, and with the invited performers and their fans made this historic concert for the environment a big success,” said Aileen Lucero, national coordinator, EcoWaste Coalition. “We look forward to continuing our shared advocacy with them towards a truly zero waste and non-toxic circular economy,” she added. Among the performers who joined the advocacy concert were Kiyo, 7th, Alisson Shore, Omar Baliw, Because, Cean Jr., Chrstn, Kean Cipriano, Kenaniah, Issa Loki, Eugene Layug, Shortone, Stef Monce, EJ Rosita and Zild.

prison overcrowding and establish new policies and initiatives that would expedite the processing of criminal cases and alleviate jail congestion. The summit, which is scheduled to be held on December 6 and 7, will be attended by JSCC leaders, such as Chief Justice Alexander Gesmundo, Justice Secretary Jesus Crispin Remulla and Interior and Local Government Secretary Benjamin Abalos Jr. “A m i d g r o w i n g c o n c e r n s about the adverse impacts of overcrowding on the criminal justice system, which is presently estimated to be at the rate of 386 percent, or an overcrowding of 70 percent of the detention facilities of the Bureau of Jail Management and Penolog y [BJMP], the Summit will provide an essential platform for col l aborat ive d isc u ssion, i nnovative idea sharing, and the

exploration of evidence-based practices,” the JSCC said. “Addressing the root causes of overpopulation and implementing effective measures to alleviate the strain on correctional systems are among the primary objectives of this crucial gathering,” it added. In connection with the summit and in observance of this year’s 28th National Correctional Consciousness Week, CJ Gesmundo personally made a series of to persons deprived of liberty (PDLs) at the New Bilibid Prison in Muntinlupa City last October 27 and at the Pasay City Jail on October 29, 2023, along with Justice Undersecretary Raul Vasquez. During their visit at the Pasay City Jail, the Chief Magistrate acknowledged the difficulties being faced by persons deprived of liberty (PDL), particularly the deficiency in facilities and space

within the prisons. The Chief Justice earlier told the BusinessMirror that the implementation of the Writ of Kalayaan is one of the measures being eyed by the SC to address the overcrowding in prison and jail facilities. “Perhaps the promulgation of the Writ of Kalayaan can address the issue of jail congestion in the detention facilities,” the Chief Justice said. The writ will be a continuing mandamus for those in charge of the custody of the PDLs to comply with the court-sanctioned plan to rectify the substandard conditions of prison facilities within a specified timetable. If not met, a Writ of Kalayaan will be issued for the release of the PDL, either through bail, recognizance or probation until the facility has been improved to a humane level.

No destabilization plot vs. Marcos govt–Año JSSC slates jail decongestion summit on December 6 and 7

here is no brewing destabilization plot in the government, especially in the military and security sector, National Security Adviser (NSA) Eduardo Año said in a statement over the weekend. “There is no destabilization plot/movement against the government. The AFP [Armed Forces of the Philippines] and the entire security sector are loyal to the Commander-in-Chief and will not be inf luenced to join any destabilization plot against the government,” he added. Also, Año said the security sector remains vigilant and ready to take immediate action against any sinister group that will undermine the country’s national security. He also stressed that A FP chief Gen. Romeo Brawner Jr. was merely “misquoted or misinterpreted” by the media while he was talking to the troops.

“Yes, there were healthy and passionate exchanges/debates among some retired or former military officers and even so… criticism against certain policies of the current administration, but they are within the bounds of our democratic space,” the NSA stressed. Año explained these discussions are part of the freedom of expression where most are academic discussions or politically motivated. “The PBBM [President Ferdinand R. Marcos Jr.] administration’s trust rating remains high, which means that the people are satisfied with the performance of the government in delivering services to the people and addressing all concerns and issues to include protecting our sovereignty, sovereign rights, and jur isdiction in the West Philippine Sea,” he added. Rex Anthony Naval

By Joel R. San Juan @jrsanjuan1573

HE Justice Coordinating Council (JSCC) is set to hold a national summit early next month to address overcrowding in various prison and detention facilities across the country. In a news statement released through the Supreme Court’s Public Information Office, the JSCC said the National Jail Decongestion Summit intends “to make a serious dent” on jail congestion problems nationwide by bringing together all stakeholders in the criminal justice system, including legal experts, law enforcers, prosecutors, advocacy groups, and representatives from relevant government agencies. The JSCC said it would identify root causes of prolonged detention in jails, which contribute to

Tuesday, November 7, 2023

Economy

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

PHL seeks UN aid to boost fisherfolk, Progress in future? Not without teamwork! farmers’ resilience vs climate change By Samuel P. Medenilla

@sam_medenilla

ITH agricultural losses and damages reaching a staggering P260.45 billion in the last decade from severe typhoons and prolonged droughts, the Philippine government is now seeking aid from the United Nations (UN) to boost the resilience of local farmers and fisherfolk against extreme weather induced by climate change. In a statement, Climate Change Commission (CCC) Vice Chairperson and Executive Director Robert E.A. Borje said he already held ini-

tial tal k s last Fr id ay w it h t he UN’s Food and A g r icu lture Organization (FAO). Among those who joined the

meeting were FAO Philippines Country Representative Lionel Dabbadie, Suzette SimondacManilay, Env ironmental Programme Coordination, and Nikki Antonette De Vera, Programme Coordination Specialist. Their discussions covered possible partnerships on enhancing the capacities of local government units and the country’s climate reports. The details of the cooperation is expected to be finalized in the succeeding CCCFAO meetings. Borje stressed the importance of technology development and transfer to allow agricultural workers to adapt to the effects of climate change and ensure the country’s food security. “ This strategic approach is pivotal in building a climateresilient agriculture sector and

Bill provides fair pay, stronger job protection for BPO workers By Jovee Marie N. Dela Cruz @joveemarie

N recognition of the critical role played by the business process outsourcing (BPO) industry in the Philippines’ economy, a deputy speaker has filed a bill that aims to ensure the safety, welfare, and fair treatment of BPO workers. In House Bill 9342, or the BPO Workers’ Welfare and Protection Act of 2023, Deputy Speaker Camille Villar said the BPO industry has grown to be one of the major driving forces of the Philippine economy by providing valuable job opportunities and attracting foreign investments. The bill also seeks to establish clear guidelines for the humane and equitable treatment of BPO employees. She noted that the Philippine

government has offered a wide range of privileges to BPO companies, among them tax perks and incentives, to attract more investments in the sector and to keep the country’s status as a top outsourcing destination for global investors. As a result, the Information Technology and Business Process Association of the Philippines predicts that the industry’s workforce will reach 1.7 million, with a revenue of $35.9 billion, or approximately P2 trillion, in 2023. “With the importance of the BPO industry in the Philippine economy, it is fitting to establish standards to ensure the safety, well-being, and rights of employees working in the BPO sector. BPO workers, who are often working night shift hours and sacrificing their health and time for their families, need protections like

occupational health and safety, work-life balance, fair compensation, anti-discrimination, medical and health benefits, transportation perks, and the right to selforganization,” Villar said. Villar emphasized the need to treat BPO workers fairly and justly, ensuring that their rights and benefits align with the provisions of the Labor Code. The bill strictly prohibits abusive language, physical violence, or any actions that degrade an individual’s dignity in the workplace. Under the bill, BPO companies are prohibited from compelling an employee to pay a company bond and from imposing an unreasonable or exorbitant fee to be paid by the employee upon leaving the company before a specified length of time or before at the end of contract.

safeguarding the livelihoods of millions of Filipinos,” he said. The strategy is part of the Philippines’ National Climate Change Action Plan (NCCAP). Citing data from the Philippine Statistics Authority (PSA), CCC said 4.5 million Filipino farmers and fisherfolk were affected by adverse weather events from 2012 to 2022. They are expected to face more challenges in the future after the Work Bank recently released its Country Climate Development Report, where it pointed out that rising temperatures and sea levels, increasing variability in rainfall, and typhoons are expected to greatly reduce agriculture production. It said this would result in lower agricultural wages and for more people to suffer hunger if left unaddressed.

All workers of the BPO industry shall be protected from discrimination by reason of ethnicity, gender, sexual orientation, age, race, color, religion, political, or other opinion, national, social, or geographical origin, disability, property, birth, civil status, pregnancy, physical characteristics or disability, or other status as established by human rights standards. After completing the six-month probationary or apprenticeship period, employees will be considered regular workers. Their work hours shall not exceed eight hours a day, and they shall work for no more than six consecutive days per week. Termination can only occur for just and authorized reasons, as outlined in the Labor Code. The bill also outlines penalties for BPO companies found guilty of violating the provisions, including fines starting at P100,000 and imprisonment for a period ranging from two months to one year. Villar said safeguarding the interests of the workforce is paramount to sustaining the industry’s growth.

MMDA to slap higher fines on EDSA bus lane violators By Claudeth Mocon-Ciriaco @claudethmc3

DSA bus lane violators will face higher fines starting Monday, November 13, the Metropolitan Manila Development Authority (MMDA) warned on Monday. “These EDSA bus lane violators will be reported to the Land Transportation Office (LTO) and penalties will be attached to the vehicle owners,” said Artes. Under MMDA Regulation No. 23-002, approved by the Metro Manila Council, the increased fines for the violation of exclusive city bus lane/EDSA carousel lane regulation for both public and private vehicles are:

First Offense-P5,000 Second Offense-P10,000 plus one month suspension of driver’s license, and required to undergo a Road Safety Seminar Third Offense-P20,000 plus one year suspension of driver’s license Fourth Offense-P30,000 plus recommendation to LTO for revocation of driver’s license A r tes sa id t hat t hey have been receiving reports that some drivers evade apprehension by speeding off their vehicles when flagged down. He pointed out that the increase in penalties for EDSA bus lane violators is for the safety of motorists and undisrupted travel of authorized city buses plying in

the exclusive lane. Faster turnaround time of buses, carrying 50 to 60 passengers, benefits lots of commuters. The increased fines apply on both drivers of public and private vehicles who are not authorized to use the exclusive bus lane. Meanwhile, Artes also reported the formation of a strike force that will augment the clearing operations of illegally parked vehicles in Mabuhay Lanes and other areas of jurisdiction in Metro Manila. The strike force will be composed of several teams of motorcycle riding traffic enforcers to be deployed in areas where illegal parking is reported. MMDA General Manager Usec

would head the strike force. Procopio Lipana and Traffic Discipline Office Director for Enforcement Atty. Victor Nuñez. Target areas for the strike force are those where the agency previously conducted operations. “The strike force shall conduct regular clearing operations on all Mabuhay Lanes and reported areas to ensure that alternate routes for EDSA are passable and obstruction-free. They will be equipped with body-worn cameras and handheld ticketing devices, which they will use in their operation,” said Artes. Artes also urged the public to report to the agency areas where there is a high concentration of illegally parked vehicles.

By Henry J. Schumacher

ODAY, I would like to cover three areas in the “Future of Work,” hoping that we will start a dialogue so that we can all learn:

Topic 1: Generations in the workforce of the future

kind of people they want to be and the ideal world they want to create; as such they expect brands to be aligned with their personal values before they want to be employed and invest their time and creativity in the brands’ products and services development. n We need the right combination of high-tech and high-touch in human relations to attract and keep the right people; sustainable products & services and integrity and ethics are high on their agenda. And as indicated above, empathy is the skill of the future, needed in growing an innovation mindset in an organization as it helps business leaders to come up with better solutions. You agree?

Topic 3: Is there a middle ground between employment and entrepreneurship?

We are increasingly faced with the fact that at least 3 generations are facing each other in companies today: the baby boomers, the millennials and the centennials. What issues do we have to deal with? n The young ones want to become the biggest asset of your company! n In dealing with them, we have to be brave and think out of the box. n We have to find ways to dream jointly, inspire a team, be different, accept work changes, take risks and lead change. n As baby boomers we have no choice but to embrace the millennials and centennials. You agree?

n How can internal entrepreneurship ensure business growth momentum? n Intrapreneurship is a very good way to encourage entrepreneurship inside the organization, but leaders have to be courageous. n Creativity is not a product; we need somebody to take the creation and make it into a product. n Promoting entrepreneurship will advance the goal of sustainability but it has to be a collective effort. n Business leaders should help their teams develop an innovation mindset, understanding clearly that we all have to reframe challenges into opportunities. You agree? If you do, let’s complicate matters a bit:

Topic 2: Move over millennials, here come the centennials

Topic 3b: Navigating the GIG economy

n Many companies complain about unrealistic expectations of millennial workers and that millennials are sometimes difficult to manage and likely to quit at a moment’s notice. As mentioned above, we must realize that millennials want work changes; if these changes are not allowed, they will take the consequences. n Generation Z—Born into the Age of Information, they are not only digital natives; they are a generation born into a flux of very fast technological advancement, heightened digital consumption, and hyper connectivity. n Centennials believe that the things that they own reflect the

n Companies are starting to embrace the new work setup and are employing freelancers for certain projects or tasks. n It is important for organizations to strike a balance between keeping a regular set of full-time employees and hiring remote experts as consultants for specific tasks and specific times, as we are living in a volatile, complex and ambiguous world. n Most freelancers want to become “solopreneurs”! You still agree? I sincerely hope for plenty of feedback so that we can all learn as we move forward; contact me at hjschumacher59@gmail.com

Petro firms roll back fuel pump prices By Lenie Lectura @llectura

IL firms announced Monday a price rollback to be implemented starting Tuesday. They said in separate advisories that gasoline prices will go down by P0.45 per liter, diesel by P1.10 per liter, and kerosene by P1.05 per liter. Petron, Shell, Caltex, Total, Seaoil, Unioil, PTT, Phoenix and Jetti said they would adjust their pump prices at 6 a.m. today, November 7. Cleanfuel, meanwhile, will reduce its prices at 12:01 a.m.

“These reflect movements in the world oil market,” they said separately. Last week, oil companies implemented a mixed adjustment on the price of petroleum products. The price of kerosene and diesel has dropped by P1.20 and P1.25 per liter, respectively. On the other hand, the price of gasoline increased by P0.45 per liter. These price adjustments resulted in a year-to-date net increase of P14.20/liter for gasoline, P10.45/liter for diesel and P5.04/ liter for kerosene. Oil firms adjust their prices every week.

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

News BusinessMirror

Tuesday, November 7, 2023

PBBM orders DND, AFP to bolster external defense amid emerging geopolitical realities By Samuel P. Medenilla @sam_medenilla

ONCERNED by future geopolitical realities, President Ferdinand R. Marcos Jr. called on the Armed Forces of the Philippines (AFP) to “bolster the country’s external defense” to secure the country’s territories.

During the 67th Founding Anniversary of the Naval Special Operations Command (NAVSOCOM) in Sangley Point, Cavite last Monday, the Commander-in-Chief stressed the importance of reviewing the country’s defense strategies. “I exhort the DND [Department of Defense] and the AFP to maximize and strategically review the deployment of our forces to ensure that their strategies remain responsive to the current and future geopolitical realities,” he said. He made the remark after China’s latest aggression in the West Philippine Sea, which resulted in two col-

lision incidents between Philippine and Chinese vessels last month. The NAVSOCOM, he said, will play a crucial role in keeping the country’s maritime borders safe. “ The NAVSOCOM, with its expertise in Sea, Air, and Land or SEAL operations, must be utilized to support naval defense and enhance maritime security,” Marcos said. The elite unit, which falls under the command of the Philippine Navy, greatly contributed in combating terrorism and curbing smuggling and other illegal activity at sea, he added. The President said he wants to

further improve the capability of NAVSOCOM through new capacity building initiatives through training and new equipment. “Rest assured that this administration remains firm in its commitment to strengthen NAVSOCOM’s capabilities through the acquisitions under the Revised AFP Modernization Program,” Marcos said. “We will likewise support you in implementing programs to enhance your knowledge and skill as well as ensure your welfare and equally important your family’s well-being,” he added.

Japan delivers P5.5-billion air surveillance radar system to PHL By Malou Talosig-Bartolome @maloutalosig

& Rex Anthony Naval

JAPAN has delivered a part of the $103.5 million (P5.5 billion) air surveillance radar system to the Philippines, Japan’s Ministry of Defense attached agency Acquisition Technology and Logistics Agency (ATLA) said. The Japanese radar system involves three fixed, long-range a ir sur vei l lance rad ars w it h building facilities each and mobile surveillance radar. These radars can detect the movement of fighter jets and identify threats and intrusions within the Philippines’ exclusive economic zone (EEZ). The Philippine bought the radar system under a government-togovernment deal from Japan’s Mitsubishi Electric Corp. (MELCO). The Department of National Defense earlier said that these new radars would cover large areas of the Philippine Rise east of Luzon, southern areas of the country and southern portion of the West Philippine Sea. TheradarsboughtbythePhilippine government from Israel Aerospace Industries are already covering most of the western seaboard of the West Philippine Sea (WPS) and the

southwestern areas near Sabah. “For Japan, the Philippines is a strategic partner sharing basic values, and to enhance cooperation in defense equipment and technology with the Philippines is important for ensuring peace and stability in Japan and the region. Japan Ministry of Defense will continue to strengthen bilateral cooperation with the Philippines,” the Japanese defense ministry said in a separate statement.

1st Japanese made defense equipment exported

THE MELCO radar system is the first export sale of Japan of a major defense equipment to another country since former Japanese Prime Minister Shinzo Abe eased export controls in 2014. The MELCO radar system is an improved version that the Japanese Self-Defense Forces is currently using to detect missiles or other aircrafts from North Korea and other threats. “As the very first transfer case of finished equipment, the first air sur veillance radar system manufactured by Mitsubishi Electric Corporation [MELCO] has been delivered to the Philippines,” ATLA tweeted on November 2, a day before the visit of Japanese Prime

In an unfolding political drama, House reso affirms support for Romualdez’s speakership HOUSE deputy speakers and party leaders on Monday adopted a resolution to uphold the “integrity a nd honor” of t he House of Representatives, while strongly suppor ting the leadership of Speaker Ferdinand Martin G. Romualdez. In House Resolution 1414, law ma kers sa id t he d ig nit y, integrity, and reputation of the House of Representatives are of utmost importance and must be preserved at all times. “ T he undersig ned Deput y Speakers, Party Leaders, and Me m b e r s o f t he Hou s e o f Representatives stand united in expressing our deep gratitude and respect to our esteemed Speaker, Ferdinand Martin G. Romualdez,” it added. “[We are] acutely aware of the intense pressures and covert threats some of our colleagues’ face. Our Speaker, through unwavering commitment and leadership, has served as a protective barrier in ensuring that the foundational principles of the House of the People remain intact,” the resolution read. Also, House leaders said the Speaker has “remained steadfast in defending the integrity and honor of this revered institution” against the machinations and intrigues of t hose d r iven by persona l ambitions and power. “As a source of our strength

and inspiration, we support the Speaker’s relentless dedication to amplifying the voice of every Representative, regard less of t he c h a l lenges a nd ba r r iers encountered, as demonstrated by his staunch commitment to preserve democratic values,” it added. According to the resolution, t he House has a lways ta ken criticisms as part and parcel of a healthy, vibrant, and working democracy, but it takes exception to statements made that undermine the independence, integrity, and reputation of the institution, more so when these statements a re couc hed w it h t hreats or insinuations of physical harm to a sitting member of Congress. “The safety and security of each member of the House, while in the performance of their duties, will always remain paramount, and the House remains committed to achieving unity for the betterment of the country,” it added. “In these turbulent times, it is crucial for us to stand firmly behind our Speaker’s leadership, preserving the honor and integrity of the House of Representatives and pledging our allegiance and unity in opposition to any entity aiming to destabilize the core of our democratic institution,” said the joint resolution. Jovee Marie N. Dela Cruz

Minister Kishida Fumio to Manila. ATLA said it would continue to work together with MELCO to deliver the remaining systems to the Philippines and “to further strengthen defense cooperation, including defense equipment and technology cooperation.” Philippine Air Force personnel were trained in Japan to operate and maintain the radars. MELCO won the bidding for the Philippine second batch of radar system purchase under Horizon 2 Air Surveillance Radar System in March 2020.

Coastal radar

A DAY after ATLA announced the delivery of the Horizon 2 to the Philippines, Foreign Affairs Secretary Enrique Manalo and Japanese Ambassador Koshikawa Kazuhiko signed and exchanged notes for the purchase of coastal radars to the Philippines. T he sig ning was done in Malacañang and witnessed by President Ferdinand R. Marcos Jr. and Prime Minister Kishida. Under the new agreement, the Japanese government will provide Y600 million (P235 million) grant to the Philippine Navy for its coastal radars. “The Philippines faces important

sea lanes for Japan, including the South China Sea and the Luzon Strait. To ensure the safety and security of these sea lanes, it is very timely and crucial that the maritime domain awareness [MDA] capabilities of the Department of National Defense, including the Armed Forces of the Philippines and especially the Philippine Navy, are enhanced for the effective monitoring of these sea lanes and waters,” the Japanese Embassy in Manila said. The coastal radar systems grant is Japan’s official security assistance (OSA) ever since OSA was established in 2023 as a new cooperation framework.

Committed

JAPAN is committed to beefing up the defensive capabilities of its partner nations in the Asia-Pacific Region, National Security Adviser (NSA) Eduardo Año said on Sunday. He made this comment following the Japanese pledge to grant to the Philippines that will allow the country to acquire coastal surveillance radars that will help defend its vast maritime territory. “Moreover, the commitment of Japan to provide coastal surveillance radars and support through the Official Security Assistance program

is a testament to their dedication to strengthening the security and deterrence capabilities of partner countries in the Asia-Pacific region,” Año noted. He added the Philippines is honored to be the first beneficiary of this program, which aligns with ongoing efforts to improve the country’s maritime domain awareness capability, maintain regional stability, and protect the rules based international order. Año also noted that ongoing trilateral cooperation between Japa n, t he Ph i l ippines, a nd the United States is pivotal in safeguarding the freedom of the seas in the WPS and promoting international law. “Ja p a n’s s u p p o r t i n t h e form of equipment, technology cooperation, and patrol vessels will further enhance our maritime law enforcement capabilities,” he noted. The NSA also emphasized that the reciprocal access agreement (RAA) the Philippines and Japan formally discussed will undoubtedly boost military cooperation and contributes to regional security. He added the proposed RAA will facilitate the procedures and set guidelines when Philippine forces visit Japan for training and joint exercises, and vice versa.

Tiu Laurel bares plan to reactivate DA’s BAS By Andrea E. San Juan @andreasanjuan

NEWLY appointed Department of Agriculture Secretary (DA) Francisco Tiu Laurel Jr. said he is planning to reactivate the Bureau of Agricultural Statistics (BAS) to manage data on production and demand amid overimportation issues on agricultural products. Asked how he would address the issue of over-importation of meats and poultry products, the Agriculture chief said he would have to look at the data of production versus demand. “The problem right now is medyo incomplete ‘yung data that is available. ‘Yung data natin hindi ganun ka-accurate. I’m not blaming anybody on this,” Tiu Laurel said at a media briefing in Quezon City on Monday. Tiu Laurel had been appointed as the new secretary of the Department of Agriculture (DA) by President Ferdinand R. Marcos Jr. last Friday. As the new head of the Agriculture

department, Tiu Laurel stressed that “one of the major things that I have to do from the start is to bring back, if possible ‘yung Bureau of Agricultural Statistics so that we will have accurate data.” He also emphasized, “I’m not for importation. I am pro-production,” adding that he was a producer in his “past life.” “While I import, I produce a lot more so I believe that the Filipinos can produce more. But then we have to really import when it is needed. But in order to make the right balance, we have to have the right demand to be managed properly,” Tiu Laurel said. Tiu Laurel divulged during the same briefing that his key thrusts as the new head of the agency would be to increase food production and modernize agriculture. In a statement on Monday, DA said Tiu Laurel shared that the marching order of the President is to modernize agriculture so the country could be “food secure, less dependent on imports and lift millions of farmers and fisherfolk out of poverty by

the time his term ends.” For his part, DA Assistant Secretary Arnel De Guzman said the BAS is expected to cover different commodities and this will go hand in hand with the price and volume watch body, which serves as a platform for production guidance among industry stakeholders. Last January 2023, the agriculture department reactivated its price and volume watch body to ensure proper coordination with the livestock and poultry stakeholders in securing the country’s meat supplies. According to an earlier story published by the BusinessMirror, Senior Agriculture Undersecretary Domingo F. Panganiban issued Special Order (SO) 19 that ordered the recomposition of the price and volume watch committee and advisory groups for livestock and poultry. Agriculture Assistant Secretar y Kristine Y. Evangelista earlier said the revival of the price and volume watch group had long been proposed since it serves as a platform for production

Go bares stand on sea dispute SENATOR Christopher “Bong” Go remains steadfast in his stance to uphold the rights of the Philippines in the West Philippine Sea (WPS) amid accusations by the Chinese government that the country is trespassing into the waters adjacent to Bajo de Masinloc (Scarborough Shoal). As vice chairman of the Senate Committee on National Defense, Go emphasized the country’s right to patrol these waters without a need for Chinese approval, considering that Bajo de Masinloc falls within the exclusive economic zone (EEZ) of the Philippines. Nevertheless, China asserts its “indisputable sovereignty” over the shoal and the surrounding waters. “ W hat is ours is ours. We must remain consistent on our foreign policy of being friends to all, enemy to none. But we must also stand firm on protecting our sovereignty,” Go stressed. The senator likewise echoed National Security Adviser Eduardo Año’s sentiment that China was “overhyping” the incident and provoking tensions given the situation. “It did not illegally enter any space under Chinese sovereignty because Bajo de Masinloc is part of the Philippine archipelago and EEZ [exclusive economic zone],” Año was quoted as saying in a recent statement. Go’s stance is in line with international law, specifically the United Nations Convention on the Law of the Sea (UNCLOS), which recognizes the EEZs of coastal states. Under UNCLOS, the Philippines has the legal right to patrol and conduct maritime activities in its EEZ without requiring approval from foreign governments. In addition to asserting the country’s sovereignty, Go also stressed the need for a peaceful and diplomatic resolution to conflicts in the SCS. He highlighted the importance of open lines of communication and the avoidance of unnecessary escalations in order to maintain regional stability. Meanwhile, Go continues to push for Senate Bill No. 2112, which is aims to modernize the Philippine Coast Guard (PCG) and enhancing its capabilities to better protect the Philippines’ maritime resources. The bill seeks improve the capacity of the agency with the necessary assets and resources to more effectively perform its duties and responsibilities. guidance among industry stakeholders. Evangelista noted that the body guides stakeholders whether there is enough supply or shortfall and therefore helps them in deciding whether to increase their production or not. “It is also helpful to the department since we would have better projections regarding the sufficiency of our meat commodities,” Evangelista told reporters in January 2023. Meanwhile, according to a study published by the Philippine Institute for Development Studies (PIDS) in 2009, “one of the critical factors in import decision making is rice production,” noting that importation has remained as one of the most “feasible” options for the government to meet the growing demand for rice. With this, the 2009 study noted that it is imperative for the government to develop a strategy that would ensure “adequate” supply and minimum importation costs. Further, the study said the Inter-Agency Committee on Rice and Corn, where the National Food Authority and Bureau of Agricultural Statistics are members, decides on importation when there is an impending production shortfall in the coming season.

Comelec chief says no plan to file raps vs teachers who withdrew from poll duties By Patrick V. Miguel

THE Commission on Elections (Comelec) clarified they will not file criminal complaints against teachers who backed out from their poll duties in the Barangay a nd S a n g g u n i a n g K a b at a a n Elections (BSKE). The poll body will investigate the incident not to impose punishment

against the teachers but to probe whether they were harassed into backing out or not, Comelec Chairman George Garcia explained. “We have no plans imprisoning even one teacher. That is not our intention,” said Garcia in Filipino. Around 2,500 teachers backed out from their poll duties on t he d ay of t he B SK E i n t he Bangsamoro region.

According to the report of conf lict watchdog Council for Climate and Conflict Action Asia (CCAA), the teachers did not show up due to their “lack of trust” to law enforcers’ abilities to protect them. Earlier, Garcia said Comelec will “respect their decision” as it is within their right to withdraw and election duty is “not mandatory to teachers.” Members of the Philippine

National Police (PNP) took over poll duties from the teachers. Meanwhile, the Department of Education (DepEd) thanked Comelec for not filing charges against the teachers. “DepEd would like to thank the Commission for recognizing the various threats that confronted them during this time,” said Vice President Sara Duterte in a statement.

BusinessMirror

Tuesday, November 7, 2023

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE

No.

2MG INCORPORATED Unit 301-305 17 Vatican Bldg. Dr., Bf Resort Village, Talon Dos, City Of Las Piñas KALSARIYA, DINESHBHAI VALLABHBHAI Business Development Administrator 1.

Brief Job Description: Assist in preparing and formatting business development proposals, presentations, and reports. Generate regular reports on sales activities, leads and pipeline progress.

Basic Qualification: College graduate. With previous work experience in a related field. Excellent interpersonal, leadership and communication skills.

CHEN, CONGYU Customer Service Representative - Mandarin Speaking 2.

Brief Job Description: Attracts potential customers by answering products and service questions, and suggesting information about other products and services. DU, YONGSHENG Customer Service Representative - Mandarin Speaking

Brief Job Description: Attract potential customers by answering product and service questions, and suggesting information about other products and services. DUONG, VAN TRONG Customer Service Representative - Mandarin Speaking

Brief Job Description: Attract potential customers by answering product and service questions, and suggesting information about other products and services. HENDRY Customer Service Representative - Mandarin Speaking

Brief Job Description: Attract potential customers by answering product and service questions, and suggesting information about other products and services. JEONG, KIIL Customer Service Representative - Mandarin Speaking

Brief Job Description: Attracts potential customers by answering products and service questions, and suggesting information about other products and services. JIN, JEONGSIK Customer Service Representative - Mandarin Speaking

Brief Job Description: Attracts potential customers by answering products and service questions, and suggesting information about other products and services. JU, YUNJEONG Customer Service Representative - Mandarin Speaking

Brief Job Description: Attracts potential customers by answering products and service questions, and suggesting information about other products and services. JU, YUNMI Customer Service Representative - Mandarin Speaking

Brief Job Description: Attracts potential customers by answering products and service questions, and suggesting information about other products and services. LEE, MIWON Customer Service Representative - Mandarin Speaking

10.

Brief Job Description: Attracts potential customers by answering products and service questions, and suggesting information about other products and services. LUONG THI PHUONG THAO Customer Service Representative - Mandarin Speaking

11.

Brief Job Description: Attracts potential customers by answering products and service questions, and suggesting information about other products and services. M NURWANSYAH Customer Service Representative - Mandarin Speaking

12.

Brief Job Description: Attract potential customers by answering product and service questions, and suggesting information about other products and services. MASIH, SHAFQAT AYUB Customer Service Representative - Mandarin Speaking

13.

Brief Job Description: Attract potential customers by answering product and service questions, and suggesting information about other products and services. NGUYEN VAN SONG Customer Service Representative - Mandarin Speaking

14.

Brief Job Description: Attracts potential customers by answering products and service questions, and suggesting information about other products and services. NONG, THI THUY Customer Service Representative - Mandarin Speaking

15.

Brief Job Description: Attract potential customers by answering product and service questions, and suggesting information about other products and services.

PHUNG, XUAN VIEN Customer Service Representative - Mandarin Speaking 16.

17.

Basic Qualification: Fluent in spoken & written Mandarin and other dialect spoken in other parts of China. Salary Range: Php 30,000 - Php 59,999

18.

19.

20.

21.

Basic Qualification: Fluent in spoken & written Mandarin and other dialect spoken in other parts of China. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in spoken & written Mandarin and other dialect spoken in other parts of China. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in spoken & written Mandarin and other dialect spoken in other parts of China. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in spoken & written Mandarin and other dialect spoken in other parts of China. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Mandarin speaking with at least some secondary education.

22.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in spoken & written Mandarin and other dialect spoken in other parts of China.

23.

Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Attracts potential customers by answering products and service questions, and suggesting information about other products and services.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Mandarin speaking with at least some secondary education.

No.

30.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Mandarin speaking with at least some secondary education. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Mandarin speaking with at least some secondary education. Salary Range: Php 30,000 - Php 59,999

ALVIN JEHIAN Bilingual Admin Officer 24.

Brief Job Description: Manage large amount of calls, and handle customers concerns. SRI RAHMA PRUNA NINGSIH Indonesian Speaking Customer Service Officer

25.

Brief Job Description: Manage large amount of calls, and handle customers concerns.

31.

26.

Brief Job Description: Apply knowledge and services, VOPI technology and networking hardware and software. Provide technical support to customers, troubleshoot and repair solutions.

32.

27.

Brief Job Description: Enforcing business strategies.

YU, JUN Livestream Operations Manager 33.

28.

Brief Job Description: Teach in degree and special courses, conduct research in the field of sustainability and digital transformation and serve in administrative functions, among others.

Basic Qualification: Fluent in spoken & written Mandarin and other dialect spoken in other parts of China.

Basic Qualification: Mandarin speaking with at least some secondary education.

SOW CHUN WAI Assistant Operations Manager 34.

35.

36.

Basic Qualification: Foreign language speaking.

Basic Qualification: College graduate. Excellent in French language. Basic knowledge on VOIP, networking, routers and modems.

29.

Brief Job Description: Attracts potential customers by answering product and service questions.

Brief Job Description: Assist in providing business operations solutions and in the development of new business solutions to complex and diverse data management systems.

ROBERT Operations Analyst

Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Assists in the overall management of the operations of a business service unit including the planning and implementation of strategic goals.

HUYNH GIA DINH Operations Analyst

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Excellent in foreign language speaking.

Brief Job Description: Assist in providing business operations solutions and in the development of new business solutions to complex and diverse data management systems.

RUSLI CHANDRA Operations Analyst 37.

Brief Job Description: Assist in providing business operations solutions and in the development of new business solutions to complex and diverse data management systems.

SERIYANI Operations Analyst 38.

Brief Job Description: Assist in providing business operations solutions and in the development of new business solutions to complex and diverse data management systems.

Salary Range: Php 150,000 - Php 499,999 TONY GIOVANNI CHEN Operations Analyst 39. Basic Qualification: Can speak Mandarin language. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: With PhD in Political Science and with at least 5 years of teaching experience in an AACSB accredited schools. Salary Range: Php 150,000 - Php 499,999

Basic Qualification: Can speak Mandarin language. Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Can speak Mandarin language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Can speak Mandarin language. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Bachelor’s degree graduate or above. More than 7 years of working experience and at least 3 years of leadership roles in rapid growth organizations, have proven experience in being responsible for delivering revenue growth KPIS and fast iterations of operation models; and candidates who are used to working with, or have connections with content, media, celebrities, and live streaming platforms are preferred.

CASPO INCORPORATED 43/f, 45/f, 49/f Pbcom Tower, 6795 Ayala Ave. Cor. V.a. Rufino St., Bel-air, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in spoken & written Mandarin and other dialect spoken in other parts of China.

Basic Qualification: Can speak Mandarin language.

Salary Range: Php 500,000 and above

Salary Range: Php 30,000 - Php 59,999

BAOLONG TECHNOLOGY INDUSTRY GROUP LIMITED INC. 24th-27th/f Century Diamond Tower, Kalayaan Ave. Cor. Salamanca St., Poblacion, City Of Makati IWAN Mandarin Speaking Customer Service

Brief Job Description: Establish and maintain long-term relationships with creators such as celebrities, influencers and content creators for the live-stream ecosystem; understand and review trends in-app and identify content potential and scout rising talent.

Salary Range: Php 30,000 - Php 59,999

ASIAN INSTITUTE OF MANAGEMENT, INC. 123, Paseo De Roxas, San Lorenzo, City Of Makati BRIGGS, CHAD MICHAEL Professor

Brief Job Description: Attracts potential customers by answering product and service questions.

QUALIFICATION AND SALARY RANGE

BYTEDANCE PHILIPPINES, INC. Figari Solutions, 12th Floor, The Curve Building, 3rd Avenue Corner 32nd Street, Bonifacio Global City, Fort Bonifacio, City Of Taguig

Salary Range: Php 30,000 - Php 59,999

ALPHA CENTURY CONSULTANCY INC. 15/f Tower 2 Rcbc Plaza, 6819 Ayala Ave., Bel-air, City Of Makati ZHANG, GANG Mandarin Director

Brief Job Description: Attracts potential customers by answering product and service questions. YATSUK, DINA Mandarin Speaking Customer Service

ACQUIRE ASIA PACIFIC PHILIPPINES INC. 32nd Floor, Robinsons Cyberspace Gamma, Topaz And Ruby Roads, Ortigas Center, San Antonio, City Of Pasig

PONSART, BRUNO CHRISTIAN F. Tier 1 Phones Support (Multilingual)

Brief Job Description: Attracts potential customers by answering product and service questions. LIEW HSEN CHUNG Mandarin Speaking Customer Service

Basic Qualification: Mandarin speaking with at least some secondary education.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION LE HUYEN BAO CHI Mandarin Speaking Customer Service

7 PRIME TECH, INC. 10/f Ewestpod, Eton Westend Square, Yakal St. Cor. Don Chino Roces Ave., San Antonio, City Of Makati

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Mandarin speaking with at least some secondary education.

Brief Job Description: Attract potential customers by answering product and service questions, and suggesting information about other products and services. ZHANG, YAN Customer Service Representative - Mandarin Speaking

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Mandarin speaking with at least some secondary education.

Brief Job Description: Attracts potential customers by answering products and service questions, and suggesting information about other products and services. YU, HWAJEONG Customer Service Representative - Mandarin Speaking

Basic Qualification: Fluent in spoken & written Mandarin and other dialect spoken in other parts of China. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Attract potential customers by answering product and service questions, and suggesting information about other products and services. YAO, LIHUA Customer Service Representative - Mandarin Speaking

Basic Qualification: Fluent in spoken & written Mandarin and other dialect spoken in other parts of China. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Attract potential customers by answering product and service questions, and suggesting information about other products and services. VI, VAN VU Customer Service Representative - Mandarin Speaking

Basic Qualification: Mandarin speaking with at least some secondary education. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Attract potential customers by answering product and service questions, and suggesting information about other products and services. TRIEU VAN LAM Customer Service Representative - Mandarin Speaking

Basic Qualification: Mandarin speaking with at least some secondary education. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Attract potential customers by answering product and service questions, and suggesting information about other products and services. TONG, VAN TINH Customer Service Representative - Mandarin Speaking

Basic Qualification: Mandarin speaking with at least some secondary education. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Attract potential customers by answering product and service questions, and suggesting information about other products and services. TONG, KHANH LINH Customer Service Representative - Mandarin Speaking

Salary Range: Php 30,000 - Php 59,999

3D ANALYZER INFORMATION TECHNOLOGIES INC. 7-8/f Double Dragon Plaza, 255 Edsa Cor. Macapagal Blvd., Barangay 76, Pasay City

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

www.businessmirror.com.ph

Brief Job Description: Assist in providing business operations solutions and in the development of new business solutions to complex and diverse data management systems.

Basic Qualification: Has extensive experience in data analytics and data management; and is proficient and able to communicate in Mandarin or any Chinese language. Salary Range: Php 150,000 - Php 499,999 Basic Qualification: Has extensive experience in data analytics and data management; and is proficient and able to communicate in Mandarin or any Chinese language. Salary Range: Php 90,000 - Php 149,999 Basic Qualification: Has extensive experience in data analytics and data management; and is proficient and able to communicate in Mandarin or any Chinese language. Salary Range: Php 150,000 - Php 499,999 Basic Qualification: Has extensive experience in data analytics and data management; and is proficient and able to communicate in Mandarin or any Chinese language. Salary Range: Php 150,000 - Php 499,999 Basic Qualification: Has extensive experience in data analytics and data management; and is proficient and able to communicate in Mandarin or any Chinese language. Salary Range: Php 150,000 - Php 499,999 Basic Qualification: Has extensive experience in data analytics and data management; and is proficient and able to communicate in Mandarin or any Chinese language. Salary Range: Php 150,000 - Php 499,999

CEBGO, INC. Cebu Pacific Bldg., Domestic Road St., Barangay 191, Pasay City

40.

41.

ARIAWAN ARIE PUTRA Pilot

Basic Qualification: Licensed pilot.

Brief Job Description: Operates commercial flights.

Salary Range: Php 90,000 - Php 149,999

MOUNIVONG, SOUKSAVANH Pilot

Basic Qualification: Licensed pilot.

Brief Job Description: Operates commercial flights.

Salary Range: Php 90,000 - Php 149,999

CELINNE BEAUTY CENTER INC. 9377-c, Calantas St., San Antonio, City Of Makati MAI, THI THUY Vietnamese Marketing Officer 42.

Brief Job Description: Meets marketing and sales financial objectives by forecasting requirements and preparing annual budgets.

Basic Qualification: Expert in a foreign language. Salary Range: Php 30,000 - Php 59,999

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION VI, THI THU Vietnamese Marketing Officer

43.

Brief Job Description: Meets marketing and sales financial objectives by forecasting requirements and preparing annual budgets.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE

Salary Range: Php 30,000 - Php 59,999

44.

Brief Job Description: Understand client, brief the product/services, and all its aspects, conduct research and gather appropriate information from relevant resources.

Basic Qualification: Bachelor of Science/ Mathematics/English or equivalent to Bachelor of Arts in Literature graduate. Salary Range: Php 90,000 - Php 149,999

DIVERSIFY INTELLIGENT STAFFING SOLUTIONS, INC. 27th Floor Twenty-four Seven Mckinley Building, 24th St. Corner 7th Ave., Bgc, Fort Bonifacio, City Of Taguig COELHO, SANGEETA DAIMARI Senior Recruitment Manager

45.

Brief Job Description: Maintain the work structure by updating job requirements and job descriptions for all positions. Maintain organization staff by establishing a recruiting, testing and interviewing program, counseling managers on candidate selection, conducting and analyzing initial interviews recommending changes.

Basic Qualification: College graduate. With at least 5 years of work experience in talent acquisition/recruitment in a similar role. With excellent communication and interpersonal skills. Salary Range: Php 90,000 - Php 149,999

64.

46.

47.

Basic Qualification: Foreign language speaking.

Brief Job Description: Manage large amount of incoming phone calls.

Salary Range: Php 60,000 - Php 89,999

ZHANG, HANWEN Chinese Customer Service Representative

Basic Qualification: Foreign language speaking.

Brief Job Description: Manage large amount of incoming phone calls.

Salary Range: Php 60,000 - Php 89,999

MARK DESICA Indonesian Finance Manager 48.

Brief Job Description: Ensures that the product supports the company’s overall strategy and goals. WINSTON KHONADI Indonesian HR Head

49.

50.

51.

52.

53.

54.

55.

Brief Job Description: Ensures that the product supports the company’s overall strategy and goals. SINTYA NATHANIA ANDREAN Indonesian IT Support Specialist Brief Job Description: Maintaining hardware and software installations.

SOOD, VIKRAMJEET Associate General Manager/senior Service Excellence Manager 65.

TANG, CHUANSEN Technical Sales Engineer 66.

68.

Brief Job Description: Planning and managing Marketing Co-Promotion. Analyzing feedback and marketing insights. CHAO, YU-HUI a.k.a. JHAU, YU-HUEI Thai Finance Officer

69.

Brief Job Description: Collecting, interpreting and reviewing financial information. Predicting future financial trends.

ARUNTHAWEERAT, GUNSITA Research Specialists

Basic Qualification: Foreign language speaking.

Brief Job Description: Supervises the performance of training activities.

Salary Range: Php 60,000 - Php 89,999

SIERREGIO MENDEZA Indonesian Trainer

Basic Qualification: Foreign language speaking.

Brief Job Description: Supervises the performance of training activities.

Salary Range: Php 60,000 - Php 89,999

TOMMY LIONG Indonesian Trainer

Basic Qualification: Foreign language speaking.

Brief Job Description: Supervises the performance of training activities.

Salary Range: Php 60,000 - Php 89,999

KIM, JUNSU Customer Service Representative

Basic Qualification: Foreign language speaking.

Brief Job Description: Makes initial contact with a client and explains the service available on certain language (Korean). Process customer orders and payments. Maintain customer database, updates data and makes necessary changes.

Brief Job Description: Working with account payable, account receivable and payroll.

Brief Job Description: Answering employee questions regarding computer system.

70.

Salary Range: Php 60,000 - Php 89,999

71.

72.

Basic Qualification: Foreign language speaking.

Brief Job Description: Supports the Human Resource (HR) Department in carrying out key HR processes and initiatives to ensure a productive and harmonious work environment, and must be fluent in Mandarin language.

LOZANO NUÑEZ, LUIS ERNESTO Concierge, Lac And Eu 73.

Brief Job Description: Manage and handle member call reach outs, that include periodic schedules on a regular basis. Prepare and circulate meeting notes as needed. Monitor action items and all communication via Samepage and other channels.

LY KHAI DIEN Quality Analyst 74.

Brief Job Description: Review voice/email interactions in Cantonese and Mandarin languages. Adhere to follow the end-toend support model.

CHOI, ILWOO Managing Director

Basic Qualification: Foreign language speaking.

Brief Job Description: Developing and executing business strategies to achieve short and long-term goals. Reporting to the board, providing market insights and strategic advice.

GULLIVER INTEGRATED OUTSOURCING INC. 21/f Oledan Square Bldg., 6788 Ayala Ave., San Lorenzo, City Of Makati

TOKITSU, KATSUMA Director Of Food And Beverage

78.

Basic Qualification: College graduate. Bilingual. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate. With previous work experience in a related field. With strong analytical skills.

79.

80.

Basic Qualification: College graduate. Proficient in speaking, reading and writing in Korean and English languages. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate. With at least 5 years of professional experience in an organization with a global presence. Excellent MS Office application skills. Fluent in Spanish and English languages.

81.

Salary Range: Php 90,000 - Php 149,999

75.

Basic Qualification: College graduate. With at least 1-year professional relevant work experience in a related industry. Fluent in Korean and English languages.

82.

Brief Job Description: Provide outstanding and exceptional customer service. PHAN BAO NGOC Customer Service Representative

83.

Brief Job Description: Provide outstanding and exceptional customer service. YUAN, QINWEN Customer Service Representative

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Fluent in Chinese language (writing and speaking). Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate. With 5 plus years of work experience in a similar role. Salary Range: Php 150,000 - Php 499,999

Brief Job Description: Provide outstanding and exceptional customer service.

Basic Qualification: Can speak Chinese/ Mandarin language fluently. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Can speak Chinese/ Mandarin language fluently. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Can speak Chinese/ Mandarin language fluently. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Can speak Chinese/ Mandarin language fluently. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Can speak Chinese/ Mandarin language fluently. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Can speak Chinese/ Mandarin language fluently. Salary Range: Php 30,000 - Php 59,999

MOA CLOUDZONE CORP. 4th-11th Flr. Nexgen Tower, C4 Rd. Edsa Ext., Barangay 76, Pasay City LY MINH DUC Call Center Agent 85.

Brief Job Description: Managing incoming calls and customer service inquires. NGUYEN VAN HIEN Call Center Agent

86.

Brief Job Description: Managing incoming calls and customer service inquires. NGUYEN XUAN VAN ANH Call Center Agent

87.

Brief Job Description: Managing incoming calls and customer service inquires.

Basic Qualification: College graduate/level and fluent in Mandarin/basic English language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/level and fluent in Mandarin/basic English language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/level and fluent in Mandarin/basic English language. Salary Range: Php 30,000 - Php 59,999

NISSIN-UNIVERSAL ROBINA CORPORATION 9th Flr. Tera Tower Bridgetowne, E Rodriguez Jr. Ave., Ugong Norte, Quezon City NAGATA, LISA Brand Manager - International

88.

Brief Job Description: Providing coordination from Nissin Japan to NissinUniversal Robina Corp. on projects and programs related to the development of new instant noodle products and/or new segments and categories following operating procedures, technologies and innovation principle of Nissin Japan.

Basic Qualification: College graduate. With at least 3 years of work experience in brand marketing preferably in an FMGC company, preferably a Japanese company. Advance proficiency in the Japanese language. Salary Range: Php 30,000 - Php 59,999

OCEAN MIGHT SUPPORT MANAGEMENT INC. 33/f Tower 6789, Ayala Ave., Bel-air, City Of Makati 32/f Tower 6789, Ayala Ave., Bel-air, City Of Makati DJONG SU FONG Customer Service Representative 89.

Brief Job Description: Responsible for handling questions, comments and complaints regarding a particular business. Their ultimate goal is to provide positive customer experiences by enhancing relationships between them. HE, JIE Customer Service Representative

90.

Salary Range: Php 30,000 - Php 59,999 91.

LAN TIAN ZI XUN INC. Natividad Almeda Lopez St Unit 205 2/f Zen Tower, 1111, First District, 1000, Barangay 659, Ermita, City Of Manila

Brief Job Description: Provide outstanding and exceptional customer service. MAI THI HIEN Customer Service Representative

Salary Range: Php 90,000 - Php 149,999

Basic Qualification: Excellent verbal and written communication skills in Cantonese and Mandarin languages.

Brief Job Description: Provide outstanding and exceptional customer service. LIAN, ZHILI Customer Service Representative

84.

Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Provide outstanding and exceptional customer service. LAM SAM BINH Customer Service Representative

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Broad generalist HR experience across a range of populations and range of seniority. Must be fluent in Mandarin language.

Brief Job Description: Accountable for the efficient operations of the Food and Beverage Division, while ensuring the provision of the quality food and beverage service as an industry leader, while maximizing turnover and maintaining the highest possible departmental revenues and profit margin.

CHEN, CHUANPING Customer Service Representative

Basic Qualification: College graduate. Fluent in Thai language. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Fluent in Chinese language (writing and speaking).

MARKETROLE ASIA PACIFIC SERVICES, INC. 27/f & 28/f The Enterprise Center Tower 1, 6766 Ayala Ave. Cor. Paseo De Roxas, San Lorenzo, City Of Makati

KOREA SME BUSINESS CENTER CORP. U-1807 18/f One San Miguel Avenue Condo., San Miguel Ave. Cor. Shaw Blvd., Ortigas Center, San Antonio, City Of Pasig

Salary Range: Php 60,000 - Php 89,999

Salary Range: Php 150,000 - Php 499,999

Brief Job Description: This position requires the exercise of discretion in the application of the principles, practices and techniques related to planning and analysis, design, development and implementation, maintenance, support and management of information technology functions.

QUALIFICATION AND SALARY RANGE

MANILA PENINSULA HOTEL, INC. Ayala Ave., Makati Ave., San Lorenzo, City Of Makati

Basic Qualification: Proficient in speaking, reading and writing in Mandarin language.

JPMORGAN CHASE BANK, N.A.- PHILIPPINE GLOBAL SERVICE CENTER 25f Jpmorgan Chase & Co Tower, 9th Avenue Cor. 38th St., Uptown Bonifacio, Fort Bonifacio, City Of Taguig

Basic Qualification: Foreign language speaking. Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 30,000 - Php 59,999

77.

JOHN CLEMENTS CONSULTANTS, INC. 14/f Lkg Tower, 6801 Ayala Ave., Bel-air, City Of Makati

Basic Qualification: Foreign language speaking. Salary Range: Php 60,000 - Php 89,999

Basic Qualification: Bachelor’s/College Degree in Computer Science, Cosmetic Science, Chemical Engineering or equivalent. At least 2-3 years of working experience in the related field is required to this position.

INTERNATIONAL HOLDINGS CORPORATION 2-c The Grand Hamptons Tower Ii, 1st Ave. Cor. 31st St. Crescent Park, Fort Bonifacio, City Of Taguig

Basic Qualification: Foreign language speaking. Salary Range: Php 60,000 - Php 89,999

Brief Job Description: Conduct surveys and collect data with emphasis on extracting new market data, using methods such as phone interviews, questionnaires, market analysis surveys, internet search techniques and review of industry publications.

CHEN, XIAOSHAN Human Resources Business Partner

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Foreign language speaking.

Salary Range: Php 150,000 - Php 499,999

INTELUCK CORPORATION 9/f 107 Aguirre Bldg., Aguirre St., San Lorenzo, City Of Makati

Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Foreign language speaking.

76.

Salary Range: Php 90,000 - Php 149,999

Basic Qualification: College graduate. With at least 12 years of proven work experience as IT infrastructure Project Manager.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION QU, HONGTAO Chinese IT Specialist

INDUSTRIAL INFORMATION RESOURCES, INC. Unit 2401 & 2402, 24th Floor Exquadra Tower, Jade Drive, Ortigas Center, San Antonio, City Of Pasig

SHERLYA Indonesian Trainer

LEE, SANGYEOP Korean IT Support Specialist 63.

NG KIAP GIAP Bilingual Marketing Manager

Salary Range: Php 60,000 - Php 89,999

Brief Job Description: Answering employee questions regarding computer system.

No.

IDEAL FOCUS SERVICES INC. 24/f Pbcom Tower, 6795 Ayala Ave. Cor. V.a. Rufino, Bel-air, City Of Makati

Brief Job Description: Supervises the performance of training activities.

LEE, JAEHUN Korean IT Support Specialist 62.

Brief Job Description: In charge of business operation process planning and management in accordance with the company`s strategy.

Basic Qualification: Foreign language speaking.

LEE, INHYUK Korean IT Support Specialist 61.

67.

ANDI Indonesian Trainer

LEE, GYEYOUNG Korean IT Support Specialist 60.

LI, QIUSHI Network Consultant

Salary Range: Php 60,000 - Php 89,999

KIM, YOUNGMAN Korean IT Support Specialist 59.

Salary Range: Php 60,000 - Php 89,999

Brief Job Description: Provide technical support for clients when necessary. Service existing clients and maintain business relationship. Established new accounts/client for the company. Provide report on clients, sales and product strength.

Brief Job Description: Supervises the performance of training activities.

HONG, SUNGHO Korean IT Support Specialist 58.

Basic Qualification: Exceptional ability to provide technical support and resolve queries.

Basic Qualification: College graduate. Native Japanese language speaker who is fluent in Kanji, Hiragana and Katakana.

HUAWEI TECHNOLOGIES PHILS. INC. 53/f Pbcom Tower, 6795 Ayala Ave., Cor., V.a. Rufino St., Bel-air, City Of Makati

Basic Qualification: Fluent in both Indonesian & English languages. Salary Range: Php 60,000 - Php 89,999

QUALIFICATION AND SALARY RANGE

HEBE BEAUTY COSMETICS INC. 20th Floor Two Neo Building, 3rd Avenue Corner 28th Street, Bonifacio Global City, Fort Bonifacio, City Of Taguig

Basic Qualification: Foreign language speaking.

LEE, KYEONGMI Korean Account Specialist 57.

Salary Range: Php 60,000 - Php 89,999

Brief Job Description: Conducting GAP/Maturity assessment. Conducting Predictive Analysis (for performance, productivity and process). Performance benchmarking (Account, Operations and Resources).

ALDINO BUMAY SHABARA Indonesian Trainer

KIM, MINSEO Korean Account Specialist 56.

Basic Qualification: Foreign language speaking.

Brief Job Description: Responsible for the day to day administration, analysis and communications concerning Japanese product marketing e-commerce, providing the best practices and expertise in three Japanese alphabet (Kanji, Hiragana and Katakana).

ESTABLISHMENT / ADDRESS

HCL TECHNOLOGIES PHILIPPINES, INC. 6th Floor, Science Hub Tower 4 Campus Avenue Corner Turin Street, Mckinley Hill Cyberpark, Fort Bonifacio, City Of Taguig

GIGA INFORMATION TECHNOLOGY AND SOFTWARE DEVELOPMENT INC. 2/f Lipam’s Building, 40 Presidents Avenue, B. F. Homes, City Of Parañaque 31/f Pbcom Tower 6795 Ayala Ave., Cor. V.a. Rufino St.,, Bel-air, City Of Makati GUAN, JUN Chinese Customer Service Representative

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION MORIGUCHI, KUMIKO Japanese Marketing Specialist

Basic Qualification: Expert in a foreign language.

COGNIZANT TECHNOLOGY SOLUTIONS PHILIPPINES, INC. 2nd, 3rd, And 4th Floors, Science Hub Tower 4 Bldg., Mckinley Hill Cyberpark, Fort Bonifacio, City Of Taguig ROY, DEBAYAN Associate

No.

Tuesday, November 7, 2023

Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

BusinessMirror

Tuesday, November 7, 2023

A6 A8

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION LAN, RONGBO Customer Service Representative

92.

93.

94.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

95.

Brief Job Description: Oversees all risk and compliance functions of the company, including liaison with regulators, and other institutions.

105.

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Proven record of liaison ability at high levels; knowledgeable in relevant laws and regulations; able to compile and deliver cogent written and verbal reports to the board and high-level officials.

106.

96.

BI, HONGBIN Mandarin Operations Specialist Brief Job Description: Mandarin operations specialist.

OPTIMUS SYSTEM SOLUTIONS INC. 8/f Alphaland Makati Tower 3, 7232 Ayala Ave. Extn. Cor. Malugay St., Bel-air, City Of Makati LINDA WATI Indonesian Accounts Leader 97.

Brief Job Description: Knowledgeable in computer skills including common business applications.

Basic Qualification: Any nationality who can speak and write Mandarin language fluently. Salary Range: Php 30,000 - Php 59,999

DANG, THU HA Mandarin Customer Service 107.

LI, SHENGNAN Mandarin Administrative Specialist 98.

Brief Job Description: Maintain workflow, create and revise systems and procedures and develop/train administrative staff.

108.

SHI, LIANGYOU Mandarin Sales Consultant 99.

Brief Job Description: Guide other businesses in the implementation and improvement of their sales process. Train sales team members.

109.

SHI, WENXIU Mandarin Sales Consultant 100.

Brief Job Description: Guide other businesses in the implementation and improvement of their sales process. Train sales team members.

110.

111.

Brief Job Description: Serves as primary contact for problem resolution and information gathering regarding customer complaints and work assignment.

112.

YAMAZAKI, YUMIKO Japanese Language Teacher 102.

Brief Job Description: Teaches Japanese language to Japan bound trainees & ensures that the students will pass the JLPT.

Basic Qualification: Proven professional work experience. Salary Range: Php 60,000 - Php 89,999

ANDRE TANJUNG Indonesian Customer Service Representative 113.

CHO, WONHO Travel Agent 103.

Brief Job Description: Responsible for businesses plan, work and personal travel. Their duties include advising clients on travel destinations, creating itineraries and booking plane travel and hotel accommodations.

114.

KIM, JANG KYU Travel Agent 104.

Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Attracts potential customer.

DICKY ANDREAN Indonesian Customer Service Representative Brief Job Description: Attracts potential customer.

HARIS SOPIAN ROHMATULLOH Indonesian Customer Service Representative 116.

117.

118.

119.

120.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ bachelor’s degree, and at least 1-2 years working experience in the related position. Flexible, trustworthy, and proficient in speaking and writing in English & Korean Hangeul languages.

Brief Job Description: Attracts potential customer.

CHONDRO LI Indonesian Customer Service Representative

SNOWVIT SERVICES CORPORATION Unit 5d Rose Industries, Bldg. No. 11, Pioneer Street, Kapitolyo, City Of Pasig Basic Qualification: College graduate/ bachelor’s degree, and at least 1-2 years working experience in the related position. Flexible, trustworthy, and proficient in speaking and writing in English & Korean Hangeul languages.

Brief Job Description: Maintain the operations of electronic gaming devices.

121.

122.

Brief Job Description: Attracts potential customer.

HERMAN Indonesian Customer Service Representative Brief Job Description: Attracts potential customer.

JEFFREY Indonesian Customer Service Representative Brief Job Description: Attracts potential customer.

RESKY HAFID PRAMUDYA Indonesian Customer Service Representative Brief Job Description: Attracts potential customer.

RUDY CHANDRA Indonesian Customer Service Representative Brief Job Description: Attracts potential customer.

STEPHEN ISFANI CHOLAS Indonesian Customer Service Representative Brief Job Description: Attracts potential customer.

TOMMY Indonesian Customer Service Representative Brief Job Description: Attracts potential customer.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

WIKITECH SERVICES INC. 10/f Alphaland Corporate Tower, 7232 Ayala Avenue Ext. Corner Malugay St., Bel-air, City Of Makati

Salary Range: Php 30,000 - Php 59,999

WISHLAND SOFTWARE TECHNOLOGY INC. 28/f Techzone Condo Corp., 213 Buendia Ave., San Antonio, City Of Makati

Basic Qualification: College graduate/ bachelor’s degree, and at least 1-2 years working experience in the related position. Flexible, trustworthy, and proficient in speaking and writing in English & Korean Hangeul languages.

LU, JUN Mandarin Technical Support 123.

Basic Qualification: Can speak Mandarin language.

124.

125.

126.

127.

128.

129.

130.

131.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate with experience in maintaining gaming devices. Fluent in Mandarin language and gaming devices. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Proficient in reading, writing and speaking Bahasa language.

132.

133.

134.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in reading, writing and speaking Bahasa language.

135.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in reading, writing and speaking Bahasa language.

136.

137.

138.

139.

140.

MAU THUY NGHI Bilingual Support Service Brief Job Description: Provide support services and resolves issues. SEEDALONG, NATTHA Bilingual Support Service Brief Job Description: Provide support services and resolve the issue. TAENGTHAI, WANSIRI Bilingual Support Service Brief Job Description: Provide support services and resolve the issue. VENYLYN KONG XIN WAYE Bilingual Support Service Brief Job Description: Provide support services and resolve the issue. WANWATTANAKUL, SIRIKATE Bilingual Support Service Brief Job Description: Provide support services and resolve the issue.

Brief Job Description: Providing details to clients relative to services being offered.

Brief Job Description: Providing details to clients relative to services being offered. HSIA, HSIANG-YIN Chinese Language - Marketing Staff

141.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in reading, writing and speaking Bahasa language.

Brief Job Description: Provide support services and resolve the issues.

GU, YUANZHENG Chinese Language - Marketing Staff

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in reading, writing and speaking Bahasa language.

MANEELOET, ACHITA Bilingual Support Service

GAN, BO Chinese Language - Marketing Staff

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in reading, writing and speaking Bahasa language.

Brief Job Description: Provides support services and resolve the issue.

CHO, YU-FANG Chinese Language - Marketing Staff

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in reading, writing and speaking Bahasa language.

CHIN BOON HING Bilingual Support Service

CHANG, YAO-TING Chinese Language - Marketing Staff

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in reading, writing and speaking Bahasa language.

Brief Job Description: Providing details to clients relative to services being offered.

CAI, HAO Chinese Language - Marketing Staff

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in reading, writing and speaking Bahasa language.

Brief Job Description: Providing details to clients relative to services being offered. LAM, CHAN HUY Bilingual Marketing Staff

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate with experience in maintaining gaming devices. Fluent in Mandarin language and gaming devices.

Brief Job Description: Providing details to clients relative to services being offered. KHRUTTO, TAMMANOON Bilingual Marketing Staff

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Can speak Mandarin language.

Brief Job Description: Provides administrative support to ensure efficient operation. WONG FAH LOONG Bilingual Finance Officer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Can speak Mandarin language.

Brief Job Description: Providing details to clients relative to services being offered. LEONG PUI MUN Bilingual Administrative Support

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Can speak Mandarin language.

Brief Job Description: Monitoring and maintaining computer systems and networks.

LAU SHOWN KEAT Bilingual Administrative Support

VICTORY 88 GROUP LTD INC. 8/f, I Land Bay Plaza Bldg., D-macapagal Ave. Moa Complex, Barangay 76, Pasay City

Salary Range: Php 30,000 - Php 59,999

SAKURA JAPANESE LANGUAGE SCHOOL INC. Unit C,d & E 2nd & 3rd Flr. Miki Mari Bldg., Sta. Cecilia Rd., Talon Dos, City Of Las Piñas

Brief Job Description: Maintain the operations of electronic gaming devices.

MA VAN CHINH IT Specialist

RUNNINGMAN CORPORATION 8/f Techzone Bldg., 213 Sen. Gil Puyat Ave., San Antonio, City Of Makati

101.

Brief Job Description: Maintains customer records by updating account information.

DINH HAI DUONG IT Specialist

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: A native speaker of Vietnamese and fluent in English language (spoken and written).

No.

VERTEX DIGITAL ENTERTAINMENT TECHNOLOGIES, INC. 1439 Adriatico Cor. Sta. Monica St., 072, Barangay 669, Ermita, City Of Manila

115.

NGUYEN PHUONG THUY Customer Support Staff - Vietnamese Language

Brief Job Description: Maintains customer records by updating account information. LIM CHEE CHUNG Mandarin Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate. Fluent in Chinese-Mandarin language. Excellent communications and computer application skills.

Brief Job Description: Maintains customer records by updating account information. LAM SIN SANG Mandarin Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate. Fluent in Chinese-Mandarin language. Excellent communications and computer application skills.

Brief Job Description: Maintains customer records by updating account information. GIANG THI DAO Mandarin Customer Service

PANMANILA CONSULTANCY CORP. Unit 2l Kensington Place Condominium, 1st Ave Cor. 29th St. Crescent Park West, Bonifacio Global City, Fort Bonifacio, City Of Taguig Basic Qualification: College graduate. Fluent in Chinese-Mandarin language. Excellent communications and computer application skills.

QUALIFICATION AND SALARY RANGE

TELFA OUTSOURCING SERVICES INC. 21/f Tower 2 The Enterprise Center, 6766 Ayala Ave. Cor. Paseo De Roxas, San Lorenzo, City Of Makati

Basic Qualification: Can speak Mandarin language. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Travel coordinator make travel arrangements for individuals, group including scheduling flights and ground transportation, booking accommodations and handling any other trip-related tasks.

ESTABLISHMENT / ADDRESS

Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 90,000 - Php 149,999 ONE BORDERLINE CREATIVES INC. Unit 11-ij3, 11/f Burgundy Corporate Tower, 252 Sen. Gil Puyat Ave., Pio Del Pilar, City Of Makati

SEO, HYUNWOO Travel Coordinator

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

CHA, JUNGKYU Travel Coordinator

Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

OMNIPAY, INC. 27f Chatham House, 116 Valero/v.a. Rufino Sts., Bel-air, City Of Makati

CUTLER, STEPHEN PAUL Enterprise Risk And Compliance Officer

No.

www.businessmirror.com.ph

Brief Job Description: Providing details to clients relative to services being offered.

LAI, SIMEI Chinese Language - Marketing Staff 142.

Brief Job Description: Providing details to clients relative to services being offered.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in reading, writing and speaking Bahasa language. Salary Range: Php 30,000 - Php 59,999

WENG, HUNG-YU Chinese Language - Marketing Staff 143.

Brief Job Description: Providing details to clients relative to services being offered.

Basic Qualification: Can speak Mandarin language. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent in bilingual languages. Salary Range: Php 90,000 - Php 149,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent in bilingual languages. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent in bilingual languages. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent in bilingual languages. Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Excellent in bilingual languages. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent in Vietnamese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent in bilingual languages. Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Excellent in bilingual languages. Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Excellent in bilingual languages. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent in bilingual languages. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION WU, CHAO Chinese Language - Marketing Staff

144.

Brief Job Description: Providing details to clients relative to services being offered. XU, NANNAN Chinese Language - Marketing Staff

145.

Brief Job Description: Providing details to clients relative to services being offered. YANG, MENGYU Chinese Language - Marketing Staff

146.

Brief Job Description: Providing details to clients relative to services being offered. LIN, HUNG-CHIH Chinese Language Research Analyst

147.

Brief Job Description: Conduct research on products and services as specified. HUNG, PEICHEN Chinese Language Support Service

148.

Brief Job Description: Provide support services across technology programs and projects. CHAN, CHENG-CHAN Chinese Language- Marketing Staff

149.

Brief Job Description: Providing details to clients relative to services being offered. CHEN, YU-CHIANG Chinese Language-marketing Staff

150.

Brief Job Description: Providing details to clients relative to services being offered. CHEN, YU-REN Chinese Language-marketing Staff

151.

Brief Job Description: Providing details to clients relative to services being offered. GUO, ZONG-HAN Chinese Language-marketing Staff

152.

Brief Job Description: Providing details to clients relative to services being offered. LAI, CHUN-NIEN Chinese Language-marketing Staff

153.

Brief Job Description: Providing details to clients relative to services being offered. LAN, BO Chinese Language-marketing Staff

154.

Brief Job Description: Providing details to clients relative to services being offered. LI, DEXIN Chinese Language-marketing Staff

155.

Brief Job Description: Providing details to clients relative to services being offered. LI, JUNJIE Chinese Language-marketing Staff

156.

Brief Job Description: Providing details to clients relative to services being offered. LI, PO-LIN Chinese Language-marketing Staff

157.

Brief Job Description: Providing details to clients relative to services being offered. LI, SHAOFENG Chinese Language-marketing Staff

158.

Brief Job Description: Providing details to clients relative to services being offered. LI, ZONG-SHIAN Chinese Language-marketing Staff

159.

Brief Job Description: Providing details to clients relative to services being offered. LIN, PEI-QING a.k.a. LIN, YU-CHEN Chinese Language-marketing Staff

160.

Brief Job Description: Providing details to clients relative to services being offered. LIN, SHU-HUI Chinese Language-marketing Staff

161.

Brief Job Description: Providing details to clients relative to services being offered. LIN, YI-CHUN Chinese Language-marketing Staff

162.

Brief Job Description: Providing details to clients relative to services being offered.

LIU, XU Chinese Language-marketing Staff 163.

Brief Job Description: Providing details to clients relative to services being offered.

LIU, YONGLONG Chinese Language-marketing Staff 164.

Brief Job Description: Providing details to clients relative to services being offered.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

No.

LU, WEN Chinese Language-marketing Staff 165.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

166.

Salary Range: Php 60,000 - Php 89,999

167.

168.

169.

Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999

170.

171.

172.

Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999

173.

Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Providing details to clients relative to services being offered. TANG, YU-HSIANG Chinese Language-marketing Staff

174.

Brief Job Description: Providing details to clients relative to services being offered. WEI, QIUPING Chinese Language-marketing Staff

175.

Brief Job Description: Providing details to clients relative to services being offered. WEI, XIAOBAO Chinese Language-marketing Staff

176.

Brief Job Description: Providing details to clients relative to services being offered. YANG, SHENGYU Chinese Language-marketing Staff

177.

Brief Job Description: Providing details to clients relative to services being offered. YE, YE Chinese Language-marketing Staff

178.

Brief Job Description: Providing details to clients relative to services being offered. DIANA Indonesian Language Support Service

179.

Brief Job Description: Providing details to clients relative to services being offered. DARFIN Indonesian Language-support Service

180.

Brief Job Description: Providing details to clients relative to services being offered. FENDI Indonesian Language-support Service

181.

Brief Job Description: Providing details to clients relative to services being offered. LE HOAI SUONG Vietnamese Language Research Analyst

182.

183.

Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Providing details to clients relative to services being offered. TAN, YA Chinese Language-marketing Staff

Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Providing details to clients relative to services being offered. SHEN, JIARUI Chinese Language-marketing Staff

Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Providing details to clients relative to services being offered. PEI, ZHENDONG Chinese Language-marketing Staff

Basic Qualification: Excellent in Chinese language. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Providing details to clients relative to services being offered. PAN, YANAN Chinese Language-marketing Staff

Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Providing details to clients relative to services being offered. PAN, SHIZE Chinese Language-marketing Staff

Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Providing details to clients relative to services being offered. NIU, XUEBING Chinese Language-marketing Staff

Basic Qualification: Excellent in Chinese language. Salary Range: Php 60,000 - Php 89,999

Brief Job Description: Providing details to clients relative to services being offered. MA, LEILEI Chinese Language-marketing Staff

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent in Chinese language.

Brief Job Description: Providing details to clients relative to services being offered. LUO, XIAONAN Chinese Language-marketing Staff

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

184.

185.

Brief Job Description: Providing details to clients relative to services being offered. CHANG HOC VAN Vietnamese Language Support Service Brief Job Description: Provide support services and resolve issues.

HOANG CANH QUY Vietnamese Language Support Service Brief Job Description: Provide support services and resolve issues.

LAI MINH QUANG Vietnamese Language Support Service Brief Job Description: Provide support services and resolves issues.

Tuesday, November 7, 2023

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

No.

186.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

187.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

188.

189.

190.

191.

192.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

193.

194.

195.

196.

197.

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999

198.

Basic Qualification: Excellent in Vietnamese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent in Vietnamese language. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Excellent in Vietnamese language. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Provide support services and resolves issues.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent in Vietnamese language.

Brief Job Description: Provide support services and resolves issues.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent in Vietnamese language.

Brief Job Description: Provide support services and resolves issues.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent in Vietnamese language.

Brief Job Description: Provide support services and resolves issues.

Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Providing details to clients relative to services being offered.

TRUONG LE PHUONG Vietnamese Language-marketing Staff 199.

Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

Brief Job Description: Providing details to clients relative to services being offered.

WNS GLOBAL SERVICES PHILIPPINES, INC. 9/f 1880 Bldg., Eastwood City Cyberpark, Bagumbayan, Quezon City GUPTA, POOJA Corporate Vice President - Operations

200.

Basic Qualification: Proficient in speaking, reading and writing in Chinese language. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Excellent in Vietnamese language.

NGUYEN ANH TUAN Vietnamese Language-marketing Staff

Salary Range: Php 30,000 - Php 59,999

NGO HUE BAO Vietnamese Language-marketing Staff

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

Brief Job Description: Provide support services and resolves issues.

LUONG TRUC VY Vietnamese Language-marketing Staff

Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

Basic Qualification: Excellent in Vietnamese language.

NGUYEN THI QUYNH TRAM Vietnamese Language Support Service

LIU HY PHI Vietnamese Language-marketing Staff

Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Provide support services and resolves issues.

KIT SAY PHU Vietnamese Language-marketing Staff

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Excellent in Vietnamese language.

NGUYEN LE CHAU Vietnamese Language Support Service

HOANG MANH HUNG Vietnamese Language-marketing Staff

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

Salary Range: Php 30,000 - Php 59,999

VONG MINH TUAN Vietnamese Language Support Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent in Chinese language.

Brief Job Description: Provide services support and resolves issues.

TRANG, HUNG PHAN Vietnamese Language Support Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

Basic Qualification: Excellent in Vietnamese language.

MAI DIEP NGOC TRAM Vietnamese Language Support Service

TRAN HIEU THANG Vietnamese Language Support Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

QUALIFICATION AND SALARY RANGE

PHAM GIA CUONG Vietnamese Language Support Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Brief Job Description: Responsible for the overall management of daily activities of the Operation team. Provide guidance to the Operation Team. Mentor subordinates by identifying strength and areas for improvement and enforce adherence to company policies.

Basic Qualification: College graduate. With at least 2 years of work experience in a similar role. Salary Range: Php 30,000 - Php 59,999

YOFC INTERNATIONAL (PHILIPPINES) CORPORATION Unit 1405-1406 Omm Citra Building, San Miguel Ave. Ortigas Center, San Antonio, City Of Pasig XIAO, SHUYU HR Manager

201.

Brief Job Description: Human Resource Manager supervise a company or organization’s hiring process, from recruiting, interviewing, and hiring new staff. They help connect executives with employees, build an employer brand, improve employee engagement, and build strategic talent resources plans.

Basic Qualification: Must have vast work experience in the related field. Salary Range: Php 30,000 - Php 59,999

*Date Generated: Nov 6, 2023 In the ad material of Notice of Filing of Application for Alien Employment Permits published on November 1, 2023, the position of HE, YUJIAO under the company GRAND EVEREST HOLDING INC., should have been read as CHINESE SPEAKING BUSINESS FINANCIAL OFFICER and not as published. Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

A10 Tuesday, November 7, 2023

TheWorld BusinessMirror

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

Gaza lost telecom contact again; Israel’s military says it has surrounded Gaza City By Wafaa Shurafa, Najib Jobain & Kareem Chehayeb

The Associated Press

EIR AL-BALAH, Gaza Strip— Gaza lost communications Sunday in its third total outage of the Israel-Hamas war, while Israel’s military said it encircled Gaza City and divided the besieged coastal strip into two.

“Today there is north Gaza and south Gaza,” Rear Adm. Daniel Hagari told reporters, calling it a “significant stage” in Israel’s war against the Hamas militant group ruling the enclave. Israeli media reported troops were expected to enter Gaza City within 48 hours. Strong explosions were seen in northern Gaza after nightfall. The “collapse in connectivity” across Gaza, reported by Internet access advocacy group NetBlocks. org and confirmed by Palestinian telecom company Paltel, made it even more complicated to convey details of the new stage of the military offensive. “We have lost communication with the vast majority of the UNRWA team members,” UN Palestinian refugee agency spokesperson Juliette Touma told The Associated Press. The first Gaza outage lasted 36 hours and the second one for a few hours. Earlier Sunday, Israeli warplanes struck two refugee camps, killing at least 53 people and wounding dozens in central Gaza, the zone where Israel’s military had urged Palestinian civilians to seek refuge, health officials said. Israel said it would press on with its offensive to crush Hamas, despite US appeals for even brief pauses to get aid to desperate civilians. Gaza’s Hamas-run Health Ministry said more than 9,700 Palestinians have been killed in nearly a month of war in Gaza, more than 4,000 of them children and minors. That toll likely will rise as

Israeli troops advance into dense, urban neighborhoods. A irstrikes hit the Maghazi refugee camp, killing at least 40 people and wounding 34 others, the Health Ministry said. An AP reporter at a nearby hospital saw eight dead children, including a baby, brought in after the strike. A surviving child was led down the corridor, her clothes caked in dust. Arafat Abu Mashaia, who lives in the camp, said the Israeli airstrike flattened several multistory homes where people forced out of other parts of Gaza were sheltering. “It was a true massacre,” he said. “All here are peaceful people. I challenge anyone who says there were resistance (fighters) here.” There was no immediate comment from the Israeli military. Another airstrike hit a house near a school at the Bureij refugee camp in central Gaza. Staff at AlAqsa Hospital told the AP at least 13 people were killed. The camp was struck on Thursday as well. Despite appeals and overseas protests, Israel has continued its bombardment across Gaza, saying it is targeting Hamas and accusing the militant of using civilians as human shields. Critics say Israel’s strikes are often disproportionate, considering the large number of civilians killed. On the ground, Israeli forces in Gaza have reported finding stashes of weapons, at times including explosives, suicide drones and missiles. The Israeli military said 29 of its soldiers have died during

This photo released by the Israeli military on Sunday, November 5, 2023, shows ground operation inside the Gaza Strip ISRAEL DEFENSE FORCES VIA AP

the ground operation. US Secretary of State Antony Blinken met with Palestinian President Mahmoud Abbas in the occupied West Bank on Sunday, a day after meeting Arab foreign ministers in Jordan. Abbas, who has had no authority in Gaza since Hamas took over in 2007, said the Palestinian Authority would only assume control of Gaza as part of a “comprehensive political solution” establishing an independent state that includes the West Bank and east Jer usa lem—lands Israel seized in the 1967 war. His remarks seemed to further narrow the already slim options for who would govern Gaza if Israel topples Hamas. The last peace talks with Israel broke down more than a decade ago, and Israel’s government is dominated by opponents of Palestinian statehood. Blinken later visited Iraq to meet with Prime Minister Mohammed Shia al-Sudani about the need to prevent the conflict from spreading, and about efforts to increase the flow of aid to Gaza, which Blinken called “grossly insufficient” at about 100 truckloads a day. A Jordanian military cargo

plane air-dropped medical aid to a field hospital in northern Gaza, King Abdullah II said on social media early Monday. This appeared to be the first aid delivered by Jordan, a key US ally that has a peace deal with Israel. Earlier in his tour, Blinken met with Israeli Prime Minister Benjamin Netanyahu, who on Sunday reiterated that “there will be no cease-fire without the return of our abductees.” Arab leaders have called for an immediate cease-fire. But Blinken said that “would simply leave Hamas in place, able to regroup and repeat what it did on October 7,” when it stormed into southern Israel from Gaza, triggering the war. Swaths of residential neighborhoods in northern Gaza have been leveled in airstrikes. The U.N. office for humanitarian affairs says more than half the remaining residents, estimated at around 300,000, are sheltering in U.N.run facilities. The U.N. said Sunday that 88 staff members from its Palestinian refugees agency have been reported killed—“the highest number of United Nations fatalities ever recorded in a single conflict.” Israeli planes again dropped

leaf lets urging people to head south during a four-hour window Sunday. Crowds walked down Gaza’s main north-south highway carrying baggage or pets and pushing wheelchairs. Others led donkey carts. One man said they walked 500 meters (yards) with their hands raised while passing Israeli troops. Another described seeing bodies along the road. “The children saw tanks for the first time. Oh world, have mercy on us,” said one Palestinian man who declined to give his name. Israel’s military said a oneway corridor would continue for residents to flee to southern Gaza. The U.N. said about 1.5 million people in Gaza, or 70% of the population, have fled their homes. Food, water and the fuel needed for generators that power hospitals are running out. No fuel has come for nearly one month, the U.N. Palestinian refugee agency said. The war has stoked wider tensions, with Israel and Lebanon’s Hezbollah militant group trading fire along the border. Four civilians were killed by an Israeli airstrike in south Lebanon on Sunday evening, including three children, a local civil defense

official and state-run media reported. The Israeli military said it had attacked Hezbollah targets in response to anti-tank fire that killed an Israeli civilian. Hezbollah said it fired Grad rockets from southern Lebanon into Israel in response. In the Israeli-occupied West Bank, at least two Palestinians were killed during an Israeli arrest raid in Abu Dis, just outside of Jerusalem, according to the Palestinian Health Ministry. The military said a militant who had set up an armed cell and fired at Israeli forces was killed. At least 150 Palestinians have been killed in the West Bank since the start of the war. Many Israelis have called for Netanyahu to resign and for the return of roughly 240 hostages held by Hamas. Some families are traveling abroad to try to make sure the hostages aren’t forgotten. Netanyahu has refused to take responsibility for the Oct. 7 attack by Hamas that killed more than 1,400 people. Ongoing Palestinian rocket fire has forced tens of thousands of people in Israel to leave their homes. In another reflection of widespread anger, a junior government minister, Amihai Eliyahu, suggested in a radio interview that Israel could drop an atomic bomb on Gaza. He later called the remarks “metaphorical.” Netanyahu suspended Eliyahu from cabinet meetings, a move with no practical effect. The US military on Sunday acknowledged positioning a nuclear weapon-capable Ohio-class submarine in the Middle East, although it’s unclear if it’s armed with nuclear ballistic missiles. Several Ohio-class submarines instead carry cruise missiles and the capability to deploy with special operations forces. Jobain reported from Khan Younis, Gaza Strip, and Chehayeb from Beirut. Associated Press writers Matthew Lee in Ramallah, West Bank; Samy Magdy in Cairo; Julia Frankel in Jerusalem and Cara Anna in New York contributed to this report.

Blinken shuttles from West Bank to Iraq trying to contain the fallout from the Israel-Hamas war By Matthew Lee

AP Diplomatic Writer

AMALLAH, West Bank—US Secretary of State Antony Blinken took his diplomatic push on the IsraelHamas war to the occupied West Bank on Sunday, trying to assure Palestinian President Mahmoud Abbas that the Biden administration was intensifying efforts to ease the plight of Gaza’s civilians and insisting that Palestinians must have a main say in whatever comes next for the territory after the conflict. Blinken later flew to Baghdad for talks with Iraqi Prime Minister Mohammed Shia al-Sudani as American forces in the region face a surge of attacks by Iranian-allied militias in Iraq and elsewhere. US forces shot down another one-way attack drone Sunday that was targeting American and coalition troops near their base in neighboring Syria, a US official said. From Baghdad Blinken traveled to Turkey. President Joe Biden’s top diplomat traveled through the West Bank city of Ramallah in an armored motorcade and under tight security. It was his third day of shuttle diplomacy aimed at trying to limit the destabilizing regional fallout from the war and overcome what has been Israeli Prime Minister Benjamin Netanyahu’s refusal to consider a US proposal for intermittent pauses in its attack on Hamas long enough

to rush vital aid to Gaza’s civilians. Netanyahu had pushed back Friday against the US pressure to start implementing pauses in the fighting, saying there would be no temporary cease-fire until Hamas releases some 240 foreign hostages it is holding. “This is a process,” Blinken told reporters on the matter Sunday. “Israel has raised important questions about how humanitarian pauses would work. We’ve got to answer those questions,” including how pauses would affect Hamas hostages. “We’re working on exactly that.’’ The Biden administration, while remaining the strongest backer of Israel’s military response to Hamas’ attacks on October 7, is increasingly seeking to use its influence with Israel to try to temper the effect of Israel’s weeks of complete siege and near round-the-clock air, ground and sea assaults in Gaza, home to 2.3 million civilians. Blinken’s meeting with Abbas in the West Bank came on the same day that Israeli planes bombed two refugee camps in Gaza, killing at least 53 people, according to health officials in Gaza. An Associated Press reporter saw the dead bodies of eight children brought in to a nearby Gaza hospital after one of those strikes. Israel’s military announced its forces had effectively split the Gaza Strip in two before an expected escalated assault on Hamas targets in the north. As word spread of Blinken’s arrival in Ramallah, Palestinians turned out to protest

US Secretary of State Antony Blinken meets with Palestinian President Mahmoud Abbas amid the ongoing conflict between Israel and the Palestinian Islamist group Hamas, at the Muqata in Ramallah in the Israeli-occupied West Bank on Sunday, November 5, 2023. JONATHAN ERNST/POOL VIA AP

US support for Israel’s war. Demonstrators held signs showing dripping blood and with messages that included, “Blinken blood is on your hands.” Neither Blinken nor Abbas spoke as they greeted each other in front of cameras and their meeting ended without any public comment. The Palestinian Authority administers semiautonomous areas of the Israelioccupied West Bank. It has not been a factor in the Gaza Strip since 2007, when Hamas seized control after winning in elections there a year earlier. Abbas himself is unpopular among Palestinians.

Blinken said in Baghdad that the Palestinian Authority “is playing a very important role right now in the West Bank in trying to keep stability there. That’s hugely important because no one wants another front in the West Bank or anywhere else, and they’re really stepping up under very difficult conditions to do the necessary work.” He said that “what we all agree” is that in shaping a future for Gaza, the West Bank and “ultimately” for a Palestinian state, “Palestinian voices have to be at the center of that. The Palestinian Authority is the representative of those voices so it’s important that it play a leading role.’’

Abbas, however, said the Palestinian Authority would only assume power in Gaza as part of a “comprehensive political solution” to the Israeli-Palestinian conflict, according to the Palestinians’ official WAFA news agency. He also condemned Israel’s bombardment of Gaza as a “genocidal war” and urged Blinken “to immediately stop them from committing such crimes,” the news agency reported. On his second trip to the Middle East since the war began, Blinken met with Netanyahu on Friday before holding talks in Jordan with Arab ministers Saturday. Netanyahu so far has rejected humanitarian pauses. The Arab officials pushed for an immediate cease-fire. Blinken said that would be counterproductive and could encourage more violence by Hamas. US officials believe that Netanyahu may soften his opposition to the pause idea if he can be convinced that it is in Israel’s strategic interests to ease the plight of Palestinian civilians in Gaza. The soaring death toll among Palestinians—more than 9,700, according to officials of Gaza’s Hamas-run health ministry— has sparked growing international anger, with tens of thousands from Washington to Berlin taking to the streets over the weekend to demand a cease-fire now. Arab states are resisting American suggestions that they play a larger role in resolving crisis, expressing outrage at the civilian toll of the Israeli military operations

but believing Gaza to be a problem largely of Israel’s own making. Among Arab leaders, Blinken said it is clear that “everyone would welcome the humanitarian pause.” He said it “could advance things that we’re all trying to accomplish,” including freeing hostages, bringing in aid and getting out foreign citizens. On that last point, he said: “We’ve had important progress there in recent days but also real complications that come along with it. We continue to work through them.’’ In Baghdad, the talks touched on the security of US forces. “I made very clear that the attacks, the threats coming from the militia that are aligned with Iran, are totally unacceptable and we will take every necessary step to protect” American personnel, Blinken said. He said the prime minister expressed his own determination to stop the militia strikes. The US has deep concerns that Iran and its proxies, including several militia groups in Iraq, may take advantage of the situation in Gaza to further destabilize the Middle East. Already Iranian-backed militias have intensified rocket and other attacks on US military facilities in Iraq and Syria, drawing at least one retaliatory strike from American forces. The Associated Press writers Tara Copp and Lolita C. Baldor in Washington contributed to this report.

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Asian markets advance after Wall Street registers its best week in nearly a year By Zimo Zhong

The Associated Press

ONG KONG—Asian shares advanced Monday following Wall Street gains last week that were buoyed by hopes for early interest rate cuts. US futures were higher and oil prices gained as the Israeli military announced late Sunday that it had encircled Gaza City and cut the besieged coastal strip in two, fueling investors’ fears of a deepening conflict. South Korean stocks surged 4 percent to 2,463.91, after the government restored a ban on shortselling, aiming to prevent illegal use of the trading tactic that is often used by hedge funds and investors. Short-selling refers to selling borrowed shares to profit from price declines. Japan’s Nikkei 225 index gained 2.3 percent to 32,670.38.

However, the country’s services activity in October expanded at its slowest pace this year, raising concerns about weakness in a key sector driving Japanese economic activity. The Bank of Japan is gradually moving towards tightening its monetary policy as the central bank’s head stated on Monday that the country has made progress toward reaching its inflation target. But BOJ Gov. Kazuo Ueda said the change was not sufficient for raising its near zero interest rate stance. The Hang Seng in Hong Kong added 1.6 percent to 17,944.91

A POST office worker rides a bicycle past an electronic stock board showing Japan’s Nikkei 225 index at a securities firm on Monday, November 6, 2023, in Tokyo. Asian shares advanced Monday following Wall Street gains last week that were buoyed by hopes for early interest rate cuts. AP/EUGENE HOSHIKO

and the Shanghai Composite inde x was up 0.7 percent at 3,052.37. Australia’s S&P/ASX 200 rose 0.3 percent to 6,997.40. India’s Sensex was 0.5 percent higher and Bangkok’s SET gained 0.2 percent. Wall Street steamrolled higher Friday as it closed out its best week in nearly a year.

The S&P 500 climbed 0.9 percent, to 4,358.34. It rose every day last week. The Dow Jones Industrial Average gained 0.7 percent to 34,061.32, and the Nasdaq composite jumped 1.4 percent to 13,478.28. Stocks have surged on rising hopes the Federal Reserve is finally done with its market-crunching

hikes to interest rates, meant to get inflation under control. A report Friday underscored that pressure is easing on inflation, showing employers hired fewer workers last month than economists expected. Strong profit reports helped drive some stocks to towering gains. Generac, a maker of backup generators, soared nearly 28 percent for its best week since its stock began trading in 2010. At Expedia Group, another stronger-than-forecast report sent its stock nearly 22 percent higher for its best week since the market was surging out of the early 2020 coronavirus crash. Stocks have struggled under the weight of rapidly rising Treasury yields. Those yields were in turn catching up to the Fed’s main interest rate, which is above 5.25 percent and at its highest level since 2001. Higher rates and yields slow the economy, hurt prices for investments and raise the risk of something breaking within the financial system. In the bond market, Treasury yields tumbled just after the jobs

report, releasing more of the pressure that had built up on Wall Street. The yield on the 10-year Treasury eased to 4.58 percent early Monday from its highest level since 2007, at more than 5 percent, two weeks earlier. A separate report on Friday said growth in US services industries, such as finance and construction, was weaker last month than economists expected. Despite reporting strongerthan-expected profits, Apple, the most influential stock on Wall Street, fell 0.5 percent. Analysts said investors were likely disappointed with Apple’s revenue forecast for the last three months of 2023. A barrel of benchmark US oil rose 46 cents to $80.97 in electronic trading on the New York Mercantile Exchange. It fell $1.95 to $80.51 per barrel Friday. Brent crude, the international standard, gained 36 cents to $85.25 per barrel. In currency trading, the US dollar rose to 149.58 Japanese yen from 149.37 yen. The euro cost $1.0739, up from $1.0728.

Premier Li seeks to bolster his country’s economic outlook at Shanghai trade fair

T IN this photo released by Russian Defense Ministry Press Service on Sunday, November 5, 2023, The Emperor Alexander III nuclear submarine of the Russia navy test-fires a Bulava intercontinental ballistic missile from the White Sea. The Defense Ministry said the missile’s warheads successfully reached designated practice targets on the Kura range on the fareastern Kamchatka Peninsula. RUSSIAN DEFENSE MINISTRY PRESS SERVICE VIA AP

Russia says it test-fired an intercontinental ballistic missile from a nuclear submarine

OSCOW—The Russian m i l it a r y on Su nd ay reported a successful test launch of an intercontinental ballistic missile designed to carry nuclear warheads from a new nuclear submarine. The report comes as tensions are soaring between Russia and the West over the fighting in Ukraine. Adding to those tensions, President Vladimir Putin last week signed a bill revoking Russia’s ratification of a global nuclear test ban in a move that Moscow said was needed to establish parity with the United States. The Russian Defense Ministry said in a statement that the Imperator Alexander III strategic missile cruiser fired the Bulava missile from an underwater position in Rus-

sia’s northern White Sea, and hit a target in the far-eastern region of Kamchatka. It wasn’t immediately clear from the statement when the test launch occurred. The Imperator Alexander III is one of the new Borei-class nuclear submarines that carry 16 Bulava missiles each and are intended to serve as the core naval component of the nation’s nuclear forces in the coming decades. According to the Defense Ministry, launching a ballistic missile is the final test for the vessel, after which a decision should be made on its induction into the fleet. The Russian navy currently has three Borei-class submarines in service, one more is finishing tests and three others are under construction, the Defense Ministry said. AP

AIPEI, Taiwan—Chinese Premier Li Qiang on Sunday pledged to continue deepening reforms, expand free trade zones and relax market access for foreign investment while seeking to generate excitement around a largely lackluster economy. Li made the remarks when delivering a keynote speech at the opening of the 6th China International Import Expo in Shanghai, seeking to draw thousands of foreign businesses shopping for Chinese products and looking to expand trade and investment with the world’s second-largest economy. China’s economy expanded at a 4.9 percent annual pace between July and September, beating analysts’ forecasts of about 4.5 percent, official data show. But that was much slower than the 6.3 percent annual growth rate of the previous quarter. The Chinese government has adopted various policies to help the economy; raising spending on building ports and other infrastructure, cutting interest rates and easing curbs on home buying. But economists say wider reforms are needed to address long-term problems that are stifling growth. The expo being held through Friday is an annual event launched by President Xi Jinping in 2018 with the theme of promoting China’s image as being in favor of free trade. “We will further relax market access...protecting the rights and

CHINA’S Premier Li Qiang speaks during the China International Import Expo opening session in Shanghai, China on Sunday, November 5, 2023. LUKAS COCH/AAP IMAGE VIA AP

interests of foreign investment in accordance with the law, and continue to create a market-oriented, legal, and international business environment,” Li said at the opening. Foreign businesses have complained of a worsening investment env ironment in China, particularly with the passage of new legislation that could deem the possession of standard economic forecasts as being a form of espionage. A merican businesses have said current conditions make it almost impossible to invest in China without taking on significant risks. This year’s expo brought Australian Prime Minister Anthony Albanese, currently paying an official visit to China, which is largely focused on restoring trade links

blocked for years due to economic and political tensions. From the outset of his prime ministership, Albanese had demanded that China immediately lift what he described as “unjustified” official and unofficial trade barriers costing Australian exporters 20 billion Australian dollars ($13 billion) a year. Those barriers have since been substantially reduced and now cost around AU$2 billion ($1.3 billion). “The fact that it is the first visit in seven years to our major trading partner is a very positive step and I look forward to constructive discussions and dialogue with the president and the premier during my visit to Shanghai and Beijing,” Albanese said prior to his departure on Saturday. At a luncheon in Shanghai on

Saudi, Russia stick to planned oil cuts amid Mideast tension By Grant Smith & Salma El Wardany

AUDI Arabia and Russia reaffirmed that they will stick with oil supply curbs of more than 1 million barrels a day until the end of the year, even as turmoil in the Middle East roils global markets. The leaders of the Opec+ coalition announced the plans in separate official statements on Sunday. Riyadh has slashed daily crude production by 1 million barrels

and Moscow is curbing exports by 300,000 barrels, on top of earlier cuts made with fellow Opec+ nations. Saudi Arabia will review its production volumes next month and consider “extending the cut, deepening the cut, or increasing production,” according to a statement on the Saudi Press Agency. Russia’s Deputy Prime Minister Alexander Novak echoed the Saudi comments on future production policy in a separate statement.

Oil prices have fluctuated in recent weeks on concern that the conflict between Israel and Hamas could escalate into a wider regional conflagration involving major crude producer Iran. Brent futures closed below $85 a barrel in London on Friday. A broader conflict could prompt the Saudis and Russia to revise their planned cuts, according to the International Energy Agency, which has warned of the risks that high fuel prices pose for inflation and the global economy.

Yet for the time being, the Organization of Petroleum Exporting Countries and its partners seem intent on keeping supplies on a tight leash. The Saudis may need oil prices as high as $100, according to Bloomberg Economics, to fund expensive projects such the futuristic city known as Neom, and the purchase of high-profile footballers and golfers for domestic sporting franchises. President Vladimir Putin, meanwhile, needs petroleum revenues to finance his

Sunday, Albanese said he was planning to discuss joint approaches to climate change, challenges to agriculture and cooperation in the arts, and said, despite its ups and downs, the relationship continued to be “based on respect, maturity, and mutual benefit.” “Australia will cooperate where we can, disagree where we must and engage in our national interest,” Albanese said. “Dialogue with China is vital to helping secure peace, prosperity and security in our region and globally, and to navigate the challenges and opportunities our region will face this century.” More than 200 Australian companies are being represented at the Shanghai fair. A lbanese has signaled that Austra lia won’t back China’s bid to join the free trade agreement known as the 12-nation Comprehensive and Progressive A g reement for Tra ns -Pac i f ic Partnership, or the CPTPP, saying China did not live up to the proposed standards. He has also said he would protest a lack of transparency in China’s treatment of a detained Australian democracy blogger Yang Hengjun when meeting with President Xi Jinping in Beijing. Despite that, Li said China would continue to “actively pursue the accession to the CPTPP and the Digital Economy Partnership Agreement and negotiate for the conclusion of more high standard free trade agreements.” AP

war against Ukraine. Last month, Saudi Energy Minister Prince Abdulaziz bin Salman said at the Future Investment Initiative conference in Riyadh that the kingdom’s oil-market strategy is working. Bloomberg News

A12 Tuesday, November 7, 2023 • Editor: Angel R. Calso

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‘Japan-PHL relations stronger than ever’

resident Marcos on Friday welcomed Japanese Prime Minister Fumio Kishida to the Philippines and expressed his desire to further strengthen bilateral relations with Japan in the wake of China’s aggressive behavior in the West Philippine Sea. He said that the Filipino people are grateful for the support extended by the Japanese to the Philippines. “Excellency, please bring home this message to the Japanese people, that for their support, the Filipino people are grateful. Let us renew our commitment to sustaining the vigor of this relationship in its prime,” Marcos said, as he thanked Japan for the transfer of the first air surveillance radar system to the Philippines. Kishida said Japan will continue to help improve the Philippines’ security capabilities through its new cooperation framework, the Official Security Assistance (OSA), which is seen contributing to regional peace and stability. He said Japan agreed to provide the Philippines with coastal surveillance radars to help boost its deterrence capabilities, adding that the radar system is the first cooperation project in the world under Japan’s OSA program. The two leaders announced that they will begin talks to forge a reciprocal access agreement (RAA), a pact that provides the legal framework for greater bilateral security cooperation, which would allow both nations to hold joint military drills for the first time on Philippine shores. “We are cognizant of the benefits of having this arrangement both to our defense and military personnel and to maintaining peace and stability in our region,” Marcos said. In the first ever speech to the Philippine Congress by a Japanese prime minister, Kishida on Saturday said the Philippines, which has the second largest population in Asean and has over 300,000 citizens living in Japan, “is an irreplaceable partner for Japan. I am deeply honored to have had the opportunity to address this traditional parliament, becoming the first Prime Minister of Japan to do so.” “In 1977, then Prime Minister Takeo Fukuda gave a speech in Manila in the presence of President Ferdinand Edralin Marcos Sr. I recall that former Prime Minister Fukuda expressed his intention to build a relationship of trust and heart-to-heart contact with Southeast Asia, including the Philippines, as equal partners,” he said. “About half a century has passed since then. Exchanges between Japan and the Philippines have deepened, and the relationship between the two countries is now stronger than ever. However, looking back at history, the relationship between the two countries has not always been smooth sailing. We cannot forget that it was the efforts of our predecessors based on a spirit of tolerance, such as President Quirino’s pardon of Japanese war criminals in 1953, which enabled us to overcome difficult times,” Kishida said, adding that bilateral relations between Japan and the Philippines are now at a “golden age.” Underscoring Japan’s unwavering commitment to the Philippines in matters of security and defense cooperation, Kishida announced Japan’s donation of 12 ships to the Philippine Coast Guard, on top of the delivery of a warning and control radar system to the Philippine Air Force. Kishida also emphasized Japan’s “renewed commitment” to upholding a Free and Open Indo-Pacific (FOIP), stressing the significance of extending efforts for the security and safe utilization of both sea and air in the FOIP framework. Giving prominence to the defense cooperation between Japan, the United States, and the Philippines, he said a multi-layered cooperation among allies and like-minded countries is important to maintain and strengthen a free and open international order based on the rule of law. “In September, the three of us had our first exchange of views with President Marcos and US Vice President Harris, and we were able to confirm the strengthening of our cooperation. In the West Philippine Sea, cooperation among the three countries is progressing to protect free seas,” Kishida said, adding that it is necessary to strengthen security cooperation among Japan, the Philippines and the United States because the international order based on the rule of law is currently in grave danger.

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T looks like the fourth-quarter consumer spending will keep the Philippine economy afloat this year, based on increased mobility and hectic commercial activities in Metro Manila and other urban centers in October and early part of November. The extended weekend, because of the Barangay and SK elections as well as the observance of All Saints’ Day and All Souls’ Day, provided families with an opportunity to travel and spend some leisure time in their hometowns. The massive amount of money that circulated in the provinces in those days supported countless businesses such as printers, flower vendors, bus companies, restaurants, grocery chains, and shopping malls, to name a few. It should bump up the gross domestic product (GDP) growth in the fourth quarter, which covers the months of October, November and December. The fourth quarter normally has the highest contribution to the GDP. In 2022, this period accounted for 28 percent of the economic output, taking into account the impact of the main harvest season and the release of 13th-month pay and bonuses in the government and the private sector.

While the GDP growth eased to 4.3 percent in the second quarter from 6.4 percent in the first quarter this year, there are indications that growth picked up in the third quarter and would accelerate further in the fourth quarter. Household spending remains robust despite the hawkish stance of the Bangko Sentral ng Pilipinas (BSP), which recently delivered a 25-basis-point interest rate hike in an off-cycle move that brought the overnight borrowing rate to 6.5 percent from just 2 percent at the height of the pandemic. Bank borrowers already felt the pinch of the BSP’s monetary tightening cycle when they saw their monthly mortgages increase this year. Consumers, however, are not about to lose hope. In fact, bank loans continue to grow, per the BSP report. Latest data show that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with

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‘Higher consumer spending is now evident’

OUTSIDE THE BOX

bout a month ago on ANC Market Edge, I said that I expected the price of Brent crude oil to be about $107 per barrel by the end of the year, even with all the “wars and rumors of wars” going on. That predicted price seems foolish with Brent now at the $85 level. While that is great news for the Philippines and our inflation rate, it shows how poorly economic conditions may be in the outside world. Even with oil moving from $75 at the beginning of the third quarter and closing September at $97, the economy of Saudi Arabia contracted by 4.5 percent year-on-year in the third quarter of 2023 on lower production. According to the IMF, World Economic Outlook, October 2023, the Philippines (5.3 percent), along with India (6.3 percent), and Indonesia (5.0 percent), will be the global economic

growth leaders for 2023. But these are not exactly the global “engines of economic growth.” With the US and Japan expected to hopefully reach 2 percent for the year, that does not offset enough the UK at 0.5 percent growth and Germany projected to see a negative growth of 0.5 percent. So, what should the Philippines do to be better? Once again, the call is to “Be like Vietnam” and that attitude may be correct. Everyone will tell you thoughtfully and with sadness that the number one problem in the nation is POLI-

the BSP in August 2023, were still 7.2 percent higher, compared to the same month last year. This signals that the economy remains healthy. Consumer credit, in particular, grew 22.7 percent year-on-year in August on higher demand for credit card and car loans. BSP Deputy Governor Chuchi Fonacier even sees a sustained increase in the use of credit cards amid the positive macroeconomic prospects that provide the backdrop for robust spending. She said despite the higher inflation and interest rates, the latest BSP surveys indicate a more upbeat outlook for Filipinos for the next quarter and beyond due to the higher number of jobs, security of tenure and higher income from remittances and other sources. The BSP official noted the upbeat loan demand, powered by higher consumption and more attractive bank financing terms. A market study validates the frenzied spending this year. Kantar, a marketing data and analytics company, expects Filipino households to increase spending on food and beverage items during the holidays. Per the Kantar survey, there is usually a 7-percent spending increase on the fast-moving consumer goods (FMCG) segment during the holidays. It says Filipinos look forward to having a merry Christmas celebration in 2023, on the back of expected bonuses and in observance of longheld family traditions. The study says Filipinos spend 11 percent more on food and 9 percent more on beverage

categories during the holidays. The increased household spending will be particularly good for the retail sector. I share the general sentiment that we will have more vibrant business activities in the fourth quarter, starting with the retail industry. This improvement will eventually translate into the growth of other sectors, such as manufacturing, agriculture, finance, logistics and services. Real estate and construction will soon catch up. The growth of these industries will have a positive effect on government finances. Per Department of Finance (DOF) Secretary Benjamin Diokno, the dynamic economic environment in the fourth quarter would result in improved revenue collections this year. The expected deceleration in inflation in the fourth quarter could also provide support to consumption. Inflation, which hit 6.1 percent in September, is seen softening in the coming months on stabilizing food and fuel prices. The government expects bumper rice harvest this quarter, as no major typhoons disrupted crop production in recent weeks. All told, we can expect a better growth in the fourth quarter. Let us hope that this will carry over to 2024 in line with our goal to sustain a rapid and inclusive growth for the benefit of every Filipino.

TICS. One local pundit wrote: “There are many reasons why we are eating Vietnam’s dust. Bad politics nurtured by blood sucking politicians is a major reason.” Every national election ends with the thought “How could people be so stupid as to vote for Estrada/ Arroyo/Aquino/Duterte/Marcos?” As Jesus of Nazareth said, “The stupid voter you will always have with you” and you cannot fix stupid. Except Vietnam has found the solution. Do not let anyone, stupid or otherwise, vote. Simple. Start with allowing only one political party. You can vote in your province for either Khoi My or Tran Thanh but both will pass laws that the Đàng CÔng Sàn Viêt Nam (Communist Party of Vietnam) tells them to vote for. No vote buying. No campaign violence. No cheating. Political paradise. Let’s be honest. Does anyone know the name of Vietnam’s head of government? Hint: It’s Pham Minh Chính. And if foreign investors have no idea who the leader is, there is no controversy. Another necessary step to eliminate bad politics is to eliminate “op-

position” press and media. Vietnam has many newspapers in addition to the “privately” owned Hanoi Times and the Saigon Times. There is ‘Nhân Dân’, the official newspaper of the Communist Party of Vietnam, ‘Thanh Niên’, the official organ of the Vietnam United Youth League, and ‘Tiên Phong’ published by the Central Committee of the Ho Chi Minh Communist Youth Union. Two books that will soon be released in Da Nang bookstores are “Martial Law: Whenever We Want” and “How to Stand Up for our Leader: The Fight for Our Future.” Another critical step to economic progress is not to let special interest groups—like farmers and fishermen —stand in the way. No one should be allowed to own property except the government. The Vietnam government department responsible for securing “Right-of-Way” for public projects has a simple motto taken from rapper Ludacris: “Move, bitch, get out the way, Get out the way, bitch, get out the way.” Close to my heart is the Vietnam stock market. Here, the Philippines See “Mangun,” A13

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

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Tuesday, November 7, 2023 A13

Leasing EVs through A call for LGUs’ support on the government’s employers offers affordable Estate Tax Amnesty Program Many inherited real properties options in the UK remain in the name of our ancesBy Olivia Rudgard

olin Dart, a technology manager at business incubator SETsquared Exeter, is the proud driver of a brand new Mazda MX-30. The electric model has better navigation, sharper acceleration and more comfortable seats than his old diesel car, a trifecta that Dart says has “added a lot of comfort” to his daily commute. Dart’s family of five has long wanted an EV, but costs were prohibitive. Even the mid-size MX-30, which retails for £31,250 ($38,000) isn’t exactly cheap. But Dart doesn’t own the car outright—he leases it via his employer. The monthly payments, discounted thanks to government incentives, come right out of his paycheck. As the UK’s EV transition kicks off in earnest, fleets are leading the way. Thanks to certain tax breaks on electric cars, company cars—on which employees only pay a bit of extra tax—and “salary sacrifice” cars, where employees give up part of their pre-tax pay for use of a companyleased vehicle, are experiencing a resurgence. Companies buy a lot of cars in the UK: Some 53 percent of new cars sold last year went to businesses. Estimates by the British Vehicle Rental and Leasing Association, an industry group, suggest that the overall number of vehicles used as company cars reached 790,000 for the 12 months ended in March, up 3.5 percent from a year earlier. Salary sacrifice cars rose by 41 percent over the same period, to almost 50,000. Drawn by the emissions benefits—and the appeal of shiny new cars at lower prices—workers like Dart are increasingly expecting access to EVs as part of their employment. Those expectations are helping businesses embrace electric models, which afford them tax perks, too, as well as a reduced carbon footprint and environmental cred with investors. The number of battery electric vehicles in fleets is up 50 percent since last year, according to the Society of Motor Manufacturers and Traders, even as private EV purchases are down by 14 percent. Fleet electrification can also be considered a hedge against potential regulation, which might eventually require companies to report their employees’ carbon footprint from commuting. While company cars have long been a staple of the UK car market, salary sacrifice in particular has taken off in recent years. Employees who wouldn’t qualify for a company car—a perk typically reserved for senior staff or those who drive a lot for work—can pay for a car out of their pre-tax earnings, giving them a big discount as well as price certainty for the length of the lease. These arrangements are especially attractive for electric cars. On petrol vehicles, the employee is charged tax on up to 37 percent of the car’s value; for EVs, it’s just 2 percent. That’s up from 1 percent in 2021 and 0 percent in 2020, but still puts a driver’s likely annual tax bill at hundreds of pounds instead of thousands. (The employer, meanwhile, doesn’t have to pay as much tax on the employee’s salary.) At Zenith, a car leasing management company, over 40 percent of the fleet is now electric, up from 27 percent just a year ago. “It’s very, very popular. It’s very, very attractive,” says Ian Hughes, chief executive officer of Zenith’s corporate division. “And it’s working incredibly well.” The UK has rolled back some incentives for private EV ownership in recent years, making the salary sacrifice model even more appealing to would-be converts looking to save money. An upfront grant of up to £1,500 was withdrawn in 2022; since then, private buyers’ share of new EV sales fell from 36 percent to 24 percent, according to the Society of Motor Manufacturers and Traders. Still, there are risks ahead for fleets—especially if the market for secondhand EVs starts to soften. In the UK, used-car sales outnumber sales of new cars by a factor of three to one. The fleet company business mod-

Companies buy a lot of cars in the UK: Some 53 percent of new cars sold last year went to businesses. Estimates by the British Vehicle Rental and Leasing Association, an industry group, suggest that the overall number of vehicles used as company cars reached 790,000 for the 12 months ended in March, up 3.5 percent from a year earlier. Salary sacrifice cars rose by 41 percent over the same period, to almost 50,000. el depends on making enough money selling secondhand cars to private owners to be able to offer business customers affordable leases on newer models. That means cars that do well in the secondhand market are cheap upfront for business lease customers, while those less likely to sell secondhand are more expensive. If EVs start to struggle on the used market, it could spell price hikes for more models in company car programs. And the market for secondhand electric cars is looking shaky. In June, the average price of a used EV in the UK was down around 20 percent year over year, to £31,340. Hundreds of thousands more used models are expected to enter the market over the next few years, as company cars come to the end of their lease periods. There’s also concern about consumer demand. The government’s recent decision to delay until 2035 a ban on sales of new petrol and diesel cars—plus a flurry of negative press for EVs in recent months—have alarmed fleet companies, according to the BVRLA. “There is a big imbalance between the supply of those vehicles coming onto the market and the demand from used buyers,” says Toby Poston, director of corporate affairs at the BVRLA. “Some of our members have real concerns that they could see a market failure, unless we get that right set of incentives, and we get the consumer confidence going.” Not everyone can access a car through their employer. But while the company car stereotype might be a wealthy executive, a growing number of salary sacrifice customers have lower incomes. Dart’s MX-30 lease was arranged by Tusker, a salary sacrifice management company that was recently bought by Lloyds Banking Group. Over 50 percent of Tusker’s customers are basic-rate taxpayers, meaning they earn less than £50,270 ($60,994). Insurance and servicing are included with the leases, and employees are less vulnerable to interest rate rises that could push costs up. Secondhand EVs are also starting to become available through salary sacrifice, which increases affordable options for business customers and could in theory help fleet companies profit from their cars for longer. Loveelectric, another salary sacrifice company focused on electric cars, says it had a record day of orders and app logins when it launched its secondhand offering last month. “We’re really trying to make a big push to make this as inclusive an employee benefit as possible,” says Steve Tigar, the company’s founder and CEO. Teslas have long been the most popular cars on Loveelectric, but the electric Mini Cooper—infrequently chosen among new cars—is one of its most sought-after secondhand models. A used Mini leased through Loveelectric costs a worker around £259 a month, or just over 10 percent of monthly pay for someone earning £30,000 a year. A private lease would cost over £400 a month. “It just shows the appetite of people to get an EV,” Tigar says, “but for it to be as affordable as possible.” Bloomberg

Atty. Rodel C. Unciano

Tax Law for Business

ith the effectivity of Republic Act 11956, which further amended RA 11213 or the “Tax Amnesty Act,” the estate tax amnesty has been expanded to cover the estate of decedents who died on or before May 31, 2022, while the period of availment is now extended up to June 14, 2025. RA 11956, however, failed to reinstate the original intention of RA 11213 on the one-time imposition of the six percent tax amnesty rate, which was vetoed by then President Duterte. Thus, the estate tax amnesty rate of six percent shall remain to be imposed on each decedent’s total net taxable estate at the time of death and at every stage of transfer of property in cognizance with the rules on succession under the Civil Code. While the amnesty on the estate tax is a great relief to the heirs intending to transfer titles on the properties that they have inherited, the imposition of the six percent rate on every stage of transfer of the property from one decedent to another makes it still burdensome to the concerned heirs. Further, even with the payment of the six percent estate tax amnesty, the heirs may still be unable to transfer the estate in their names without the payment of the tax on

the transfer of real property ownership as required under the Local Government Code of 1991. Note that aside from the national internal revenue tax, which is the estate tax, the LGC of 1991 also allows local government units (LGUs), specifically, the provinces and cities where properties are located, to impose tax on sales, donations, barters or on any other modes of transferring ownership or title over real properties at the rate of not more than 50 percent of one percent of the total consideration or fair market value of the properties involved in a transfer. And like any other tax, the tax on transfer of ownership over real property is also subject to surcharge and interest due to late payment. The Tax Amnesty Act and its amendments under RA 11569 and RA 11956 failed to extend amnesty on this local transfer tax. In support of the government’s estate tax amnesty program and to align with the national government’s

tors because of the estate tax and increments that should be paid and as part of the requirements in the transfer of titles on properties from the decedent to the heirs. Making the government’s estate tax amnesty program more generous and less cumbersome to avail is a must for it to be successful. To give more meaning to this amnesty, LGUs should follow by providing similar amnesties. This will allow properties located in their respective jurisdictions to be transferred in the names of their current owners.

objective of giving reasonable tax relief to estates with deficiency taxes, the Bureau of Local Government Finance (BLGF) attempted to provide relief to taxpayers by encouraging LGUs to grant relief on surcharges and interest on tax on transfer of real property ownership. But of course, LGUs cannot grant this relief without a local ordinance duly enacted by the local sanggunian for this purpose. This is pursuant to Section 192 of the LGC of 1991, which allows LGUs to grant reliefs or even tax exemptions to taxpayers under such terms and conditions as the local sanggunian may deem necessary. Thus, to further encourage concerned taxpayers to avail themselves

of the national government’s tax amnesty program, LGUs may enact ordinances granting reliefs on the imposition of surcharges and interests on tax on transfer of real property ownership during the period covered in the estate tax amnesty program. And perhaps, a reduction on the rate of transfer taxes or even exemption, if warranted, would certainly encourage concerned taxpayers to avail themselves of the government’s estate tax amnesty program. Many inherited real properties remain in the name of our ancestors because of the estate tax and increments that should be paid and as part of the requirements in the transfer of titles on properties from the decedent to the heirs. Making the government’s estate tax amnesty program more generous and less cumbersome to avail is a must for it to be successful. To give more meaning to this amnesty, LGUs should follow by providing similar amnesties. This will allow properties located in their respective jurisdictions to be transferred in the names of their current owners. The author is a partner of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@ bdblaw.com.ph or call 8403-2001 local 140.

Israel’s fight with Iran proxies in Syria poisons Russia ties By Sam Dagher, Henry Meyer & Ethan Bronner

ince it went to war with Hamas early last month, Israel has stepped up strikes against Iran-backed militias in Syria that have moved close to the Israeli border.

The development comes with a key shift in Israeli policy—it no longer always tells Syria’s patron Russia in advance about attacks on Syrian territory. “As a general rule,” Israel isn’t informing Russia before its strikes in Syria, Russian Deputy Foreign Minister Mikhail Bogdanov said Friday, according to the Interfax news service. “We find out after they happen.” The change is worsening already troubled relations between Israel and Russia. And there’s a danger of Syria emerging as a new front in the Israel-Hamas war, a situation the US and regional allies are trying to avoid as they seek to contain the conflict. Tensions are already high on Israel’s border with Lebanon, Hezbollah’s base and from where it’s exchanging fire with the Israeli military on a daily basis. “Spillover into Syria is not just a risk; it has already begun,” Geir Pedersen, the United Nations special envoy for the country, said this week. “Fuel is being added to a tinderbox that was already beginning to ignite.” Over the last decade, Syria became a global battleground. The US has almost 1,000 troops there to counter Islamist extremists and Turkey is fighting Kurdish groups in the north. Iran and Russia, meanwhile, are helping President Bashar al-Assad stay in power. Hundreds of thousands of people have been killed, and millions forced to flee. Today, all-out war has been replaced by more sporadic fighting but the conflict in Israel-Gaza is exacerbating tensions. On October 30, Israeli warplanes bombed a Syrian military base in the southern province of Daraa. That

Mangun. . .

Continued from A12

could do much more. All of the top 20 largest VN listed companies are substantially (30 percent) owned by VN

Israel condemned Moscow for hosting a delegation from Hamas and Iran’s deputy foreign minister last week. And on October 29, a mob invaded an airport in Dagestan in southern Russia to seek out passengers on an incoming flight from Israel. Putin blamed Ukraine and Western intelligence services for the antisemitic incident.

was after Israel had dropped leaflets warning Syrian forces against allowing Iran and its proxies to operate near the border with Israel, according to the people familiar with the situation. Five days earlier, Israel struck a weapons depot at a large Syrian base in the south, where Iranian officers and operatives from its proxy Hezbollah are embedded with Syrian forces. The attack killed more than a dozen Syrian soldiers and officers, according to the people. Israeli warplanes also hit air surveillance radars at a nearby facility, they added. Members of the Russian military police are occasionally present at a facility next to this base. It’s unclear if they were there when Israel struck. The Syrian military acknowledged both attacks. Israel did not notify Russia in advance of the strikes, said the people who spoke about them. And in the past three weeks, Israel struck Syria’s main two airports in Damascus and Aleppo several times, putting them out of service and forcing civilian aircraft to land in the Russian airbase in Hmeimim on Syria’s Mediterranean coast instead, said the UK-based Syrian Observatory for Human Rights. Israel has for years routinely struck targets in Syria, mainly to thwart Hezbollah militants there or secure its own north-eastern border. Since Russia intervened in the Syrian war in 2015, it’s coordinated with Israel to ensure their forces don’t clash or mistakenly fire on each other. Israel’s Defense Ministry declined to comment on the recent lack of warnings or whether leaflets were dropped on Syrian forces ahead of

Monday’s strike. Israeli Defense Minister Yoav Gallant said his forces were determined to stop Iran ferrying weapons through Syria to neighboring Lebanon, where Hezbollah is based. “We will not allow a new Hezbollah front there or permit an Iranian military presence in Syria,” he told reporters Tuesday. Hamas and Hezbollah receive extensive funding and training from Iran. They’re both designated as terrorist groups by the US. The Israeli warnings to Russia served both countries. Five years ago, Russian President Vladimir Putin assured Israeli Prime Minister Benjamin Netanyahu he would do everything to prevent Iran and Hezbollah from gaining a foothold in southwest Syria, across from the Israeli occupied Golan Heights. But after Russia sent troops into Ukraine in 2022, Moscow tightened its alliance with Iran, straining relations with Israel. The war against Hamas, which rules Gaza and is also backed by Iran, and the deep cooperation between Israel and the US have driven the two even further apart. The US has moved two aircraft carriers to the region since October 7, when Hamas militants swarmed southern Israeli communities and killed 1,400 people, many of them children. Washington stood by Israel as it launched a mass of airstrikes on

government and/or have more than 50 percent foreign ownership and/or have less than 20 percent public float (small shareholders can be so annoying). Even the 148-year-old national beer company—Saigon Beer—is 36 percent owned by the government.

And the Philippine government sold San Miguel. Finally, the daily minimum wage in Vietnam is US$6.36 while it is $10.14 in the Philippines. While we cannot make Vietnam raise its minimum wage, the government can im-

Gaza and started a ground offensive. Russia has criticized Israel’s actions, which Hamas-led authorities say have killed more than 9,000 people. Israel condemned Moscow for hosting a delegation from Hamas and Iran’s deputy foreign minister last week. And on October 29, a mob invaded an airport in Dagestan in southern Russia to seek out passengers on an incoming flight from Israel. Putin blamed Ukraine and Western intelligence services for the antisemitic incident. “Russia is basically supporting our enemies,” said Amos Yadlin, a former head of Israeli military intelligence, referring to Moscow’s close military cooperation with Iran and its contacts with groups such as Hamas and Hezbollah. Since the Israel-Hamas war started, hundreds of Iran-backed militiamen have moved from the Iraq-Syria border to be nearer Israel. They have conducted at least 12 attacks against Israel, according to Charles Lister, who heads the Syria Program at the Washington-based Middle East Institute think tank. He said his tally also indicates 33 attacks by Iran-linked militias on US bases in Iraq and Syria during the same period. He said Russia has ramped up electronic jamming from its Hmeimim base in Syria, which has interfered with commercial air traffic including flights landing in Tel Aviv. “Russia is very happy to both stand back and get out of the way and watch chaos unfold,” said Lister. “But it’s also quite happy to facilitate chaos.” Badr Jamous, an Istanbul-based Syrian opposition leader, said Moscow may be content to see an Iranbacked escalation on the Israel-Syria front to distract the West further from Ukraine. Putin may also want to force the US and its allies to seek Russia’s help in preventing a wider conflagration, he said. Bloomberg

mediately lower ours. That might be a good first step to “be like Vietnam.” E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

A 14 Tuesday, November 7, 2023

36 TRADE EVENTS DRAW $970M IN SALES FOR PHL EXPORTERS By Andrea E. San Juan @andreasanjuan

HIRTY-SIX trade promotion events participated in by Philippine exporters from January to September 2023 generated over US$970 million in booked and potential export sales, according to the Department of Trade and Industry-Export Marketing Bureau (DTI-EMB). In a document sent to reporters on Sunday, the export marketing arm of the Trade department unveiled the “outcomes” of recent trade promotion, particularly in the second half of the year. Accord ing to DT I-EMB, Gamescom, a trade fair for video games held annually in Germany generated US$7 million worth of export sales. The External Development Summit (XDS), which is an annual event held in Vancouver, Canada with a primary focus on “external development for art, animation, audio, software engineering,” among others, generated US$46 million. Anuga, one of the world’s leading trade fairs for food and beverages, which is also held in Germany, generated US$10 million in sales, the DTI-EMB noted. Meanwhile, Malaysia International Halal Showcase resulted in US$3 million export sales. America’s Natural Product Expo East, a leading natural, organic and healthy products event, resulted in US$26 million. The World Coconut Congress,

which it said was held in the Philippines, generated P6 million in export sales. The Philippine Die & Mold Machineries and Equipment Exhibition, which was also held in the Philippines last August, resulted in P3 million export sales. This industry includes metal stamping, plastics, rubber and packaging, die casting and forging, electronics and semiconductors tooling, among others. The Philippine Semiconductor and Electronics Convention and Exhibition, the Philippines’s “premier” event for the semiconductor and electronics industry which was held last October, resulted in US$1.1 million. Manila FAME, Philippines, a trade show “renowned” for showcasing home, fashion, and lifestyle products, generated US$3.79-million initial export sales, the export marketing arm of DTI said. The Mining Conference which was also held in the Philippines generated P17 million in export sales. DTI-EMB said it has conducted 27 Usapang Exports information sessions, sevem of which had Free Trade Agreement (FTA) discussions, including Regional Comprehensive Economic Partnership (RCEP) and one-on-one consultations with exporters on how to avail of FTAs. From January to August, the country’s merchandise exports amounted to $47.81 billion, 6.6 percent down from the $51.18 billion recorded in the same period in 2022.

8th prospective bidder steps up for ₧170.6-B Naia PPP

By Lorenz S. Marasigan

@lorenzmarasigan

NOTHER prospective bidder has acquired the bidding documents for the P170.6-billion Ninoy Aquino International Airport (Naia) Public-Private Partnership (PPP) deal, the chief of the Department of Transportation (DOTr) said on Monday. During the Economic Journalists Association of the Philippines (Ejap) Infrastr ucture For um, Transportation Secretary Jaime J. Bautista said Limak Group of Turkey bought bid documents for the deal, bringing the total number of prospective bidders to eight. GMR Airports International, San Miguel Holdings Corp., Manila International Airport Consortium, Spark 888 Management, Asian Airport Consortium, Cengiz Insaat Sanayi ve Ticaret A.S., and Incheon Airport Corp. have so far bought bid documents for the project. “We are now in the process of one-on-one meetings. We’re ex-

pecting that they will be able to meet our deadline to submit their proposals by December 27. We have given them the bidding documents —the terms of reference—that they will need to follow, we just hope that all of them will submit their best and final offer by December 27,” he said. Bautista noted that the DOTr will be needing about a month to evaluate the bids, gunning to award the deal by the first quarter of 2024 and conduct the financial closing by the second quarter. The winning concessionaire shall sign a Rehabilitate-OperateExpand-Transfer (ROET) deal with

BAUTISTA

the DOTr and the Manila International Airport Authority (Miaa). Under the initial terms of reference for the deal, the winning consortium shall provide an upfront payment of P30 billion to the government as premium, and another P2 billion in annuity payments. It is also required to remit a certain percentage of the revenues to the government. This will be the main bid parameter for the auction — the higher the proposed share of

the government in the Naia’s revenues are, the better. The concession was initially set for 15 years with an option to extend by 10 years as long as the concessionaire is “not in flagrant violation of the concession agreement.” Certain key performance indicators, according to the Transportation Undersecretary Timothy Batan, shall determine whether the concessionaire is entitled to have its contract extended. The Naia PPP seeks to rehabilitate and expand the current threeterminal gateway in Manila. Once completed, its capacity shall be expanded from 35 million passengers per annum (MPPA) to 62 MMPA. The concessionaire shall also rehabilitate and upgrade the passenger terminals, commercial assets, surface access facilities, and modernize the communications, navigation, and surveillance systems of the airport. It is also required to provide a connection at the Naia Terminal 3 to the Metro Manila Subway, deploy buses for boarding transfers, and improve the baggage handling systems.

DOTr-Miaa keen on PHL Village Hotel takeover By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

HE Department of Transportation (DOTr) is intent on taking possession of the old Philippine Village Hotel property for the expansion of the Ninoy Aquino International Airport (Naia). In Monday’s infrastructure forum by the Economic Journalists Association of the Philippines, Transportation Secretary Jaime J. Bautista said the disputed property, which has long been eyed as the site of the Naia passenger terminalextension, will “definitely be part of the Naia rehabilitation project…. We are just waiting for an agency to assist us.” While the land on which the crumbling 20-year-old hotel sits on is owned by the Manila International Airport Authority (Miaa), he explained that the Government Service Insurance System (GSIS) “has interest in the building” due to unpaid obligations by the hotel owner, Philippine Village Hotel Inc. (PVHI). The hotel firm, once owned by hotel and resort operator Jose Marcel Panlilio, is now headed by Rogelio Serafica of Burgundy Realty Corp., and continues to claim ownership of the building. The entire property is being secured by armed guards, who have prevented Miaa personnel from entering it. “But we were able to get a writ of [execution] through the Nayong Pilipino Foundation Inc. (NPFI). We’re working on it to take possession of the property,” said Bautista. He said he has already met with Pasay City Mayor Imelda Calixto-Rubiano, so MIAA will be allowed to enter the hotel and take over the entire property. The DOTr stressed, “We will demolish the building,” which is the only remaining block to the modernization of Naia. The writ of execution was issued in 2020 by the Pasay Regional Trial Court Branch 45. Separate court decisions have also been issued over the years or-

dering PVHI to vacate the entire property. Earlier, Miaa Officer-in-Charge Bryan Co wrote Calixto-Rubiano raising security concerns about the property. “Given its abandoned state, the building’s security has become increasingly compromised, making it susceptible to trespassing, vandalism, and other criminal activities. The possible presence of these criminal elements not only jeopardizes the smooth functioning of the airport terminal but also raises serious concerns about the possibility of terrorist activities being planned or executed from within the structure and undermines the overall safety of the area. As such we ask for your intervention for Miaa to be allowed to secure the area,” said Co. In a previous interview, GSIS President and General Manager Jose Arnulfo “Wick” Veloso said they were willing to sit down with Miaa to discuss the terms of the latter’s take over of the hotel property. (See, “PHL Village Hotel issue still blocking Naia-2 expansion,”in the BusinessMirror, March 27, 2023.) When the Nayong Pilipino cultural park, in which miniature replicas of the Philippines’ famed tourist sports were built, was closed in 2002, some 9 hectares of NPFI’s property was transferred to the Miaa. Later, in 2012, about 22 hectares also owned by NPFI was turned over to MIAA for use in its Naia expansion plan. The DOTr is currently accepting bids for the P171-billion rehabilitation of the Naia until December 27, with Bautista expressing hope the project can be awarded by the first quarter of 2024. There are now eight potential bidders for the airport rehabilitation project, which the DOTr chief said will help “accommodate more tourists” in the country. The Naia modernization project will increase the airport’s rated capacity from 32 million passengers per year to 62 million passengers per year.

A FARMER walks through the lush green rice fields of Maragondon, Cavite, where expanses of land remain dedicated to rice farming. Recent reports reveal that the House of Representatives has redirected the most substantial budget increase, amounting to P64.5 billion, to the Department of Agriculture in its approved version of the proposed P5.768-trillion budget for 2024. The P20 per kilo rice “aspiration” is not yet possible today but the Department of Agriculture will follow the directive of President Ferdinand R. Marcos Jr. to “modernize, irrigate and mechanize” to make the price of the commodity affordable, newly designated Agriculture Secretary Francisco Tiu Laurel, Jr. said. NONIE REYES

₧20/kilo rice: Not today, but cheap rice is goal By Andrea E. San Juan @andreasanjuan

HE P20 per kilo rice “aspiration” is not yet possible today but the Department of Agriculture will follow the directive of President Ferdinand R. Marcos Jr. to “modernize, irrigate and mechanize” to make the price of the commodity affordable, newly designated Agriculture Secretary Francisco Tiu Laurel, Jr. said. “The P20 per kilo is an aspiration, right? The problem now . . . we are in a 15 year-high [for rice prices] in the world market. The previous $230 per ton from Vietnam, today it’s $700 per ton. So today that [P20 per kilo rice] is not possible,” Tiu Laurel said at a media briefing in Quezon City on Monday.

Nonetheless, the newly installed DA chief said that with the directive of the President to modernize, irrigate with the right seeds and mechanize, the agency is “getting ready to do our best to try to make price affordable.” Tiu Laurel said the DA hopes to do these steps towards the end of next year. “Of course, building and modernizing is not easy. May procurement process so it might take a little time, but we’re going to do it as fast as possible,” he added. The DA chief said it’s hard to say that the price of the staple would go down to P20 per kilo because of climate change. “It’s hard to say ‘no. The problem today is that the world is so complicated. There’s climate change. El Niño is now here and it will continue

until next year,” Tiu Laurel said. While it is possible to lower the price of rice amid the geopolitical conflicts, the DA chief said, “We have to have our silos, we have to have buffer stock. We have to change some laws.” In addressing the El Niño phenomenon, the Agriculture chief said he has specific plans in mind, but he still has to consult with his team and have a “common direction” to assess the situation. Meanwhile, when asked whether rice production is the main priority of the agency under his leadership, Tiu Laurel said based on DA’s statement on Monday, that while rice is the country’s staple food, there are other “equally important sectors like livestock, poultry, fisheries and high value crops that require government attention and support.”

The country’s rice imports from January to September declined by almost 12 percent to 2.672 million metric tons (MMT) from 3.035 MMT recorded in the same ninemonth period last year, Bureau of Plant Industry data showed. The United States Department of Agriculture earlier projected that the Philippines could become the world’s top rice importer this year with a total estimated volume of 3.9 MMT. However, DA Assistant Secretary Arnel De Mesa told reporters on the sidelines of the media briefing on Monday that the total rice imports of the country for 2023 will “definitely be lower” than the 3.8 MMT recorded last year, as this will be compensated by the country’s local production.

Companies BusinessMirror

Editor: Jennifer A. Ng

Tuesday, November 7, 2023

Malls, residential unit buoy SEC: Firms may apply for amnesty SM Prime 9-month income until end of 2023 By VG Cabuag

@villygc

hopping mall operator SM Prime Holdings Inc. said its income in January to September rose 37 percent to P30.1 billion from the previous year’s P22 billion. Consolidated revenues reached P92.6 billion for the period, some 26 percent growth from last year’s P73.7 billion. “Our strategic operations over the past months provided us remarkable results this quarter, which we expect to lead us to a stronger fullyear performance. I would like to thank our customers and partners for their continued support that aim to deliver convenience and comfort

to everyone,” SM Prime President Jeffrey Lim said. For the July to September quarter alone, its income rose 35 percent to P10.7 billion from P7.9 billion in the previous year, Consolidated revenues rose 20 percent to P32.7 billion from last year’s P27.3 billion. SM Prime’s mall business for the nine months of the year, accounts for 57 percent of the company’s con-

solidated revenues, at P52.5 billion, up by 37 percent from P38.2 billion last year. Mall rental income rose to P44.8 billion in for the period, 29 percent higher than last year’s P34.7 billion. SM Prime’s cinemas, event ticket sales and other revenues more than doubled to P7.7 billion from P3.5 billion last year. The company’s residential business, led by SM Development Corp., reported P11.1 billion in revenues in the third quarter, 20 percent higher than P9.3 billion last year. Primary residential business revenues were up by 10 percent to P28.7 billion in the nine months from P26.1 billion last year. SMDC’s reservation sales reached P89.3 billion, 6 percent higher than last year’s P83.9 billion. Its other key businesses, which include offices, hotels and conven-

tion centers, generated P9.5 billion in revenues, a 33-percent growth from P7.2 billion last year. The company’s office business segment posted P4.9 billion in revenues, 14 percent higher than last year, while the hotels and convention centers business segment’s revenues reached P4.6 billion, 64 percent higher than the previous year. Last February, SM Prime reported that its net income in 2022 rose 38 percent to P30.1 billion from P21.8 billion in 2021 on the recovery of its malls. Consolidated revenues rose 29 percent to P105.8 billion from the previous year’s P82.3 billion. In 2022, SM Prime expanded certain malls and opened four new malls in the Philippines—Roxas in Capiz, Tanza in Cavite, Sorsogon in Bicol and Tuguegarao in Cagayan.

Aboitiz unit teams up with JBIC By Lenie Lectura @llectura

boitiz Power Corp. has sought support from Japan Bank for International Cooperation (JBIC) to help execute the power firm’s energy transition plans. The power firm said Monday it signed a memorandum of understanding (MOU) with the public financial institution to “foster international cooperation in developing the Philippine power industry.” A statement from the power firm did not mention if there is any amount involved in the MOU. It only said that AboitizPower will leverage JBIC’s support to strengthen efforts

ACEN unit, Yoma agree to rework $27-M loan

CEN Corp.’s subsidiary, ACEN Renewables International Pte. Ltd. (ACRI), will restructure $27 million worth of debt, including interest, incurred by Yoma Strategic Investments Ltd. (YSIL). In a disclosure, ACEN and ACRI entered into a loan restructuring agreement with Yoma Strategic Holdings Ltd. (Yoma) and its wholly-owned subsidiary YSIL. ACRI made available a $25-million facility to YSIL, guaranteed by Yoma, to fund the rollout of the micro grids for telecommunications towers by Yoma Micro Power Pte. Ltd. (YMPS), Yoma’s joint venture with Norfund, IFC and the YMPS founder. Under the restructure agreement, YSIL will purchase the loan from ACRI, payable within a 10year period, with a Yoma parent guarantee. In 2019, YSIL formed a strategic partnership with ACEN to drive the growth of YMPS. Under the partnership, the parties will jointly explore developing around 200MW of additional renewable energy projects within Myanmar including participation in large utility scale renewable projects. Lenie Lectura

in emissions reduction, introduce cutting-edge transition technologies like liquified natural gas (LNG), and help accelerate renewable energy development in the Philippines. “We are pleased with our collaboration with the Japan Bank for International Cooperation as it revolves around a collective aspiration to help drive environmental sustainability and a just energy transition. With JBIC’s support, we can strengthen our efforts to reduce emissions, introduce cutting-edge technologies like LNG, and help accelerate renewable energy development in the Philippines,” said Emmanuel Rubio, AboitizPower Presi-

dent, when sought for comment. For its part, JBIC said that it will contribute toward realizing global carbon neutrality by supporting and accelerating energy transition toward a decarbonized society in emerging and developing countries. AboitizPower is embarking on transforming its generation portfolio to have 50 percent renewable energy—equivalent to 4,600 megawatts—by 2030. It already has over 1,000 MW of disclosed projects from various indigenous energy sources and is constantly pursuing opportunities to grow its portfolio for solar, hydro, geothermal, wind, and energy storage systems.

At end-September, the power firm recorded a P26.7-billion net income, up by 37 percent from the P19.5-billion recorded in the same period a year ago on the back of its strong generation and distribution businesses. “Looking ahead to 2024, we are optimistic about our prospects. Building upon the momentum of 2023, we look forward to diversifying our energy offerings further, focusing on sustainable practices and creating more technology-driven energy solutions. Our pursuit of responsible business and meaningful collaborations will continue to propel us toward a prosperous and sustainable future,” said Rubio.

ICTSI: Mexican unit hits milestone By Lorenz S. Marasigan @lorenzmarasigan

nternational Container Terminal Services Inc. (ICTSI) said on Monday its Mexican subsidiary Contecon Manzanillo S.A. (CMSA) has “hit a new milestone” after handling 14,400 twenty-foot equivalent units (TEUs) of cargo during a recent call of the CMA CGM vessel APL Vanda. According to CMSA CEO José Antonio Contreras, the port was able to handle the said volume within 7,800 moves, breaking the record in Mexico for a single vessel operation. “The operation on the APL Vanda, with more than 14,400 TEUs, is a historic milestone for Contecon Manzanillo and the entire Mexican port community. It reaffirms our capability to handle mega ships and large volumes per vessel call, and consolidates the confidence of our customers, with whom we jointly support the development and growth of Mexico,” he said. APL Vanda, which sails under CMA CGM’s Asia Central South America service, is the second vessel with 400-meter length overall to arrive at the Port of Manzanillo following the arrival of CMA CGM Alexander von Humboldt last August. It is also currently the largest vessel to dock at the port and has a capacity of 17,292 TEUs. Contreras noted that the arrival of the APL Vanda highlights the “continued growth of the Port of

Photo from www.ictsi.com

Manzanillo and its critical role in facilitating global trade.” He added that it also “consolidates Manzanillo’s reputation as Mexico’s gateway for cargo from Asia.” In the next two years, CMSA plans to expand its capacity by over 40 percent, having a infrastructure investment plan to meet the “growing demands of the industry.” The company reported last August that its net income attributable to equity holders went up by 7 percent to $313.8 million in the first half from last year’s $294.48 million, thanks to the strong performance of its terminals across the globe. In the same comparative periods, ICTSI recorded a 10-percent growth in gross revenues to $1.16 billion from $1.06 billion, owing to the 9-percent increase in consolidated volume to 6.28 million twenty-foot equivalent units (TEUs) from 5.75 million TEUs. “The macroeconomic and geo-

political climate continues to be uncertain but these results give us continued confidence in our financial and operational resilience,” ICTSI Chairman and President Enrique K. Razon said. “The opportunities for future growth are considerable and we will work closely with our stakeholders to achieve positive change for the communities in which we operate and deliver long-term sustainable growth.” Meanwhile, consolidated cash operating expenses in the first six months of 2023 was 15 percent higher at $325.85 million compared to $283.86 million in 2022. Capital expenditures, excluding capitalized borrowing costs, amounted to $152.23 million during the period. These were invested in the expansion and acquisition of equipment for the ports in Mexico, Australia, Manila, and the Democratic Republic of Congo.

BusinessMirror file photo

he Securities and Exchange Commission (SEC) has again extended the deadline for the filing of amnesty applications until the end of 2023, giving noncompliant and suspended or revoked corporations another chance to avail of lower fines and penalties. The agency on November 3 issued SEC Memorandum Circular No. 20, Series of 2023, which extended the deadline for corporations to file their amnesty application and settle the amnesty fees to December 31. The amnesty program provides corporations, which have incurred penalties for the late and non-filing of their general information sheet (GIS), annual financial statements (AFS) and official contact details, a reduction on penalties for noncompliance with their reportorial requirements, as provided under Republic Act 11232, or the Revised Corporation Code. Corporations may avail of amnesty by accepting the web-based Expression of Interest form on their SEC Electronic Filing and Submission Tool (eFAST) accounts. Submission of all other requirements will be accept-

ed until January 31, 2024, so long as the company has filed its expression of interest before December 31. Non-compliant corporations must also upload and submit their latest due GIS and AFS on eFAST before January 31, 2024. Suspended and revoked corporations must submit their respective petitions to lift their suspension or revocation on eFAST, along with their latest GIS and AFS, within the same period. For suspended and revoked corporations, additional requirements, such as copies of their certificates of incorporation, latest mayor’s or business permits, and certificates of registration with the Bureau of Internal Revenue must be submitted to the SEC Company Registration and Monitoring Department or to the nearest SEC Extension Office initially through email by January 31, 2024. Should an applicant fail to submit the complete set of requirements by January 31, 2024, the amnesty fee paid, as well as the P3,060 petition fee initially collected from suspended/revoked corporation, will be forfeited in favor of the SEC. VG Cabuag

Companies BusinessMirror

Tuesday, November 7, 2023

PSE STOCK QUOTATIONS

November 6, 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 COL FINANCIAL FERRONOUX HLDG IREMIT PHIL STOCK EXCH SUN LIFE

44.6 130 7 100 30.35 8.85 52.2 8.4 18.4 55 23.35 74.9 60.05 1.4 2.85 2.73 0.62 170 2,550

45.4 130.5 7.5 100.1 30.4 8.86 52.35 8.6 18.6 56 23.7 75 60.15 1.47 2.93 2.88 0.7 174 2,650

44.5 129 7.3 99.1 30.35 8.85 52.2 8.4 18.64 55 23.75 74.9 60.35 1.41 2.93 2.73 0.7 173.8 2,550

44.6 131 7.5 100 30.4 8.86 52.55 8.4 18.68 56 23.75 76 60.4 1.47 2.93 2.89 0.7 174 2,650

44.5 129 7.3 99.1 30.35 8.75 52 8.4 18.28 54.8 23.35 74.9 60 1.41 2.93 2.73 0.7 173.8 2,550

44.6 130 7.5 100 30.4 8.85 52.35 8.4 18.6 56 23.35 74.9 60.15 1.47 2.93 2.89 0.7 174 2,650

6,700 4,608,440 13,900 1,157,960 6,400 95,200 623,960 19,600 88,900 3,490 13,800 154,850 17,480 88,000 3,000 10,000 2,000 4,330 240

298,160 599,595,885 102,360 115,514,815.50 194,440 841,932 32,584,499 164,640 1,648,730 192,138 323,050 11,613,988.50 1,052,401 128,940 8,790 28,260 1,400 753,200 613,500

INDUSTRIAL

-4,460 -64,730,514 -10,973,657 -112,380 678,205 -9,631,000 -273,252 -296,925 -8,756,211.50 67,516.50 735,811 -

ACEN CORP 5.45 5.46 ALSONS CONS 0.55 0.59 ALTERNERGY HLDG 0.83 0.84 ABOITIZ POWER 36.3 36.35 RASLAG 1.21 1.23 BASIC ENERGY 0.192 0.196 FIRST GEN 18.02 18.3 FIRST PHIL HLDG 61 61.2 MERALCO 352 354.8 MANILA WATER 16.94 17.1 PETRON 3.25 3.26 PETROENERGY 4.44 4.66 PHX PETROLEUM 5.04 5.99 REPOWER ENERGY 7.13 7.18 SYNERGY GRID 7.28 7.29 SHELL PILIPINAS 12.58 12.8 SPC POWER 7.42 7.72 AGRINURTURE 2.01 2.04 AXELUM 1.84 1.9 CENTURY FOOD 28.65 28.8 DEL MONTE 7.25 7.7 DNL INDUS 6.35 6.36 EMPERADOR 20.75 20.85 SMC FOODANDBEV 50 50.85 FIGARO COFFEE 0.64 0.65 FRUITAS HLDG 1.08 1.09 GINEBRA 166.6 169.8 JOLLIBEE 207.6 209 KEEPERS HLDG 1.37 1.38 MAXS GROUP 3.99 4 MG HLDG 0.1 0.11 MONDE NISSIN 7.81 7.89 SHAKEYS PIZZA 9.21 9.4 ROXAS AND CO 0.48 0.5 RFM CORP 2.98 3.05 UNIV ROBINA 111 111.3 VITARICH 0.51 0.52 CEMEX HLDG 0.82 0.88 EC VULCAN CORP 0.81 0.82 EEI CORP 5.37 5.38 MEGAWIDE 3.15 3.2 TKC METALS 0.455 0.46 CROWN ASIA 1.55 1.59 MABUHAY VINYL 5.6 5.77 PRYCE CORP 5.19 5.2 CONCEPCION 13.22 14.96 GREENERGY 0.295 0.3 INTEGRATED MICR 3.4 3.6 IONICS 1.25 1.26 PANASONIC 4.71 4.88 SFA SEMICON 2.17 2.19 CIRTEK HLDG 1.76 1.79

5.42 0.57 0.81 36.4 1.27 0.196 18.3 60.5 355 16.92 3.26 4.23 5.99 7.05 7.3 12.5 7.98 2.14 1.84 28.7 7.7 6.38 20.75 49.6 0.63 1.09 167.1 210 1.36 4 0.1 7.93 9.2 0.49 3 111 0.54 0.8 0.83 5.49 3.2 0.455 1.54 5.78 5.3 14.02 0.305 3.4 1.25 4.86 2.2 1.82

5.49 0.59 0.84 36.6 1.27 0.197 18.3 61.6 359 17.26 3.3 4.68 5.99 7.2 7.32 12.8 7.99 2.14 1.9 29 7.7 6.45 20.9 50.85 0.66 1.09 170 214.8 1.4 4 0.1 7.94 9.2 0.51 3 113.1 0.54 0.83 0.83 5.62 3.2 0.495 1.59 5.78 5.3 14.98 0.31 3.41 1.27 4.88 2.21 1.82

5.4 0.55 0.81 36.25 1.23 0.192 18.02 60.5 348 16.92 3.24 4.23 5.99 7.04 7.22 12.5 7.2 1.95 1.84 28.65 7.7 6.34 20.75 49.6 0.63 1.07 166.2 206.2 1.36 3.98 0.1 7.7 9.2 0.48 2.98 110.6 0.52 0.8 0.81 5.3 3.13 0.45 1.54 5.78 5.2 14 0.295 3.39 1.25 4.86 2.19 1.74

5.45 0.55 0.83 36.35 1.23 0.192 18.02 61 352 16.94 3.25 4.68 5.99 7.13 7.28 12.8 7.72 2.05 1.85 28.8 7.7 6.35 20.75 50.85 0.65 1.08 169.8 207.6 1.37 3.98 0.1 7.81 9.2 0.51 3 111.3 0.52 0.82 0.82 5.37 3.2 0.46 1.59 5.78 5.2 14.96 0.295 3.39 1.26 4.88 2.19 1.8

14,399,200 902,000 474,000 1,188,100 115,000 740,000 144,900 3,690 318,690 240,600 620,000 34,000 1,000 521,400 234,300 29,200 246,500 1,513,000 117,000 220,100 1,200 514,700 1,608,500 45,470 16,304,000 1,432,000 4,750 908,620 56,000 87,000 160,000 5,736,100 70,100 119,000 150,000 908,760 402,000 210,000 1,184,000 935,100 71,000 299,000 18,000 1,600 178,200 2,400 53,310,000 43,000 243,000 9,000 312,000 374,000

78,549,480 496,960 391,510 43,246,010 141,830 143,320 2,618,602 226,371.50 112,070,690 4,095,684 2,019,910 146,750 5,990 3,720,551 1,703,437 372,146 1,856,396 3,078,230 217,780 6,327,585 9,240 3,279,709 33,453,795 2,283,472.50 10,591,460 1,539,630 801,096 190,403,292 76,280 346,920 16,000 45,115,563 644,920 58,600 448,630 101,734,962 209,060 169,200 959,280 5,032,101 224,740 135,265 28,570 9,248 926,820 34,744 16,164,850 146,070 305,300 43,810 684,860 655,180

42,752,783 326,780 -1,971,990 55,360 -1,960 -2,549,892 -8,416.50 -54,013,696 -3,211,740 -309,130 -41,595 337,613 -253,000 -72,024 -154,980 -37,000 1,560,310 -7,700 -2,700,992 -31,436,255 -1,213,282 -77,280 180,830 -11,358 -39,303,834 -112,000 -20,851,082 644,920.00 -198,000 -20,056,191 66,400 -1,586,842 3,150 450 277,730 -24,270 -4,178,500 0 -475,630 -

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

1.06 616 45.7 10.76 10.92 0.38 4.63 9.18 530.5 36.9 0.435 4.4 8.85 2.85 0.95 805 103 95.5 0.248

1.08 624.5 46.7 10.76 10.94 0.38 4.64 9.3 541.5 37.15 0.445 4.55 8.85 3 0.95 833.5 104.8 99.8 0.248

1.04 615 45.65 10.52 10.92 0.38 4.61 9.16 530.5 36.1 0.43 4.4 8.75 2.85 0.95 805 102.2 95.5 0.248

1.06 624.5 46.05 10.7 10.92 0.38 4.61 9.22 535 37.15 0.445 4.4 8.75 2.96 0.95 833.5 102.4 99.8 0.248

311,000 127,270 564,700 827,100 14,100 40,000 112,000 2,066,200 101,110 406,700 510,000 382,000 1,768,800 179,000 8,000 814,450 104,510 2,480 500,000

329,560 79,186,605 25,883,760 8,833,426 154,072 15,200 518,460 19,015,040 54,247,990 15,048,930 220,850 1,681,250 15,521,070 524,990 7,600 670,035,730 10,714,349 237,098 124,000

7,784,645 4,911,100 5,770,388 17,472 -152,650 -6,945,794 11,069,555 11,259,300 -6,575,258 7,600 7,227,105 4,814,010 -

HOLDING & FRIMS

1.05 618 45.8 10.7 10.92 0.38 4.61 9.21 535 36.65 0.425 4.4 8.74 2.89 0.91 820 102.4 95.5 0.248

1.06 624.5 46.05 10.76 11.04 0.395 4.63 9.22 537 37.15 0.445 4.54 8.75 2.96 0.94 833.5 103.1 99.5 0.26

PROPERTY ARTHALAND CORP 0.415 0.455 0.455 0.455 0.455 0.455 30,000 13,650 AYALA LAND 28 28.1 27.55 28.2 27.55 28.1 5,641,800 157,474,165 AYALA LAND LOG 1.69 1.74 1.65 1.7 1.65 1.69 875,000 1,476,290 ALTUS PROP 8.9 9.19 8.77 9.19 8.77 9.19 1,100 9,773 ARANETA PROP 1.01 1.02 1.04 1.06 1 1.01 726,000 735,830 AREIT RT 33.25 33.3 33.65 33.65 33.05 33.25 105,600 3,518,530 CITYLAND DEVT 0.72 0.73 0.72 0.73 0.72 0.73 28,000 20,180 CROWN EQUITIES 0.067 0.073 0.064 0.073 0.064 0.073 50,000 3,390 CEB LANDMASTERS 2.52 2.53 2.56 2.56 2.52 2.53 102,000 258,210 CENTURY PROP 0.305 0.31 0.31 0.315 0.31 0.31 610,000 189,350 CITICORE RT 2.53 2.54 2.54 2.54 2.52 2.54 2,144,000 5,423,100 DOUBLEDRAGON 6.83 6.85 6.9 6.95 6.83 6.83 24,900 171,265 DDMP RT 1.26 1.27 1.28 1.29 1.24 1.26 3,191,000 4,007,310 DM WENCESLAO 6.27 6.35 6.3 6.3 6.27 6.27 54,000 339,330 EMPIRE EAST 0.138 0.139 0.135 0.138 0.134 0.138 4,650,000 636,210 EVER GOTESCO 0.29 0.295 0.285 0.3 0.285 0.295 270,000 80,500 FILINVEST RT 2.98 2.99 3 3.01 2.98 2.99 2,342,000 7,000,920 FILINVEST LAND 0.6 0.61 0.6 0.61 0.6 0.61 283,000 171,110 8990 HLDG 8.35 8.99 9.04 9.04 8.5 8.99 10,700 93,752 PHIL INFRADEV 0.49 0.54 0.55 0.55 0.55 0.55 2,000 1,100 CITY AND LAND 0.78 0.79 0.78 0.79 0.78 0.79 50,000 39,240 MEGAWORLD 1.98 1.99 1.99 2 1.97 1.98 2,793,000 5,530,090 MRC ALLIED 0.184 0.187 0.188 0.188 0.183 0.187 820,000 152,800 MREIT RT 12.18 12.2 12.2 12.38 12.18 12.2 616,200 7,535,144 PHIL ESTATES 0.33 0.335 0.33 0.33 0.33 0.33 740,000 244,200 PREMIERE RT 1.51 1.52 1.52 1.55 1.51 1.52 36,000 54,710 RL COMM RT 4.78 4.79 4.83 4.83 4.76 4.79 1,293,000 6,195,550 ROBINSONS LAND 13.88 13.96 13.96 14.1 13.84 13.88 1,750,800 24,373,576 ROCKWELL 1.3 1.4 1.32 1.41 1.3 1.3 194,000 254,330 SHANG PROP 3.55 3.59 3.5 3.59 3.5 3.59 63,000 225,680 STA LUCIA LAND 3.05 3.27 3 3.17 3 3.05 33,000 100,060 SM PRIME HLDG 30.65 31 30.6 31.05 30.3 31 5,559,500 171,625,435 SUNTRUST RESORT 0.73 0.75 0.73 0.75 0.73 0.73 58,000 42,740 VISTA LAND 1.61 1.62 1.61 1.62 1.6 1.62 109,000 174,680 VISTAREIT RT 1.67 1.68 1.68 1.68 1.66 1.66 139,000 231,660 SERVICES ABS CBN 3.61 3.7 3.7 3.7 3.65 3.65 65,000 238,600 GMA NETWORK 8.26 8.3 8.3 8.3 8.25 8.3 90,600 750,006 MLA BRDCASTING 6 8.5 8.5 8.5 8.5 8.5 100 850 GLOBE TELECOM 1,760 1,762 1,761 1,775 1,752 1,762 31,800 56,035,700 PLDT 1,237 1,245 1,240 1,250 1,230 1,245 52,030 64,688,695 APOLLO GLOBAL 0.015 0.016 0.016 0.016 0.015 0.016 33,200,000 512,600 CONVERGE 8.77 8.78 8.47 8.79 8.47 8.78 2,326,700 20,323,367 DFNN INC 3.1 3.17 3.15 3.17 3.15 3.17 200,000 632,000 DITO CME HLDG 2.88 2.9 2.88 2.96 2.87 2.9 3,404,000 9,941,740 NOW CORP 1.33 1.35 1.37 1.38 1.32 1.33 675,000 904,730 TRANSPACIFIC BR 0.14 0.146 0.146 0.146 0.139 0.139 250,000 34,830 ASIAN TERMINALS 15.4 15.8 15.42 15.8 15.42 15.8 5,500 85,980 CHELSEA 1.3 1.32 1.32 1.32 1.32 1.32 6,000 7,920 CEBU AIR 32.5 32.55 32.6 32.6 32.4 32.5 21,900 711,900 INTL CONTAINER 207 209 205.2 209 203 209 534,050 110,078,726 LBC EXPRESS 16.94 19.14 19.2 19.2 19.2 19.2 200 3,840 MACROASIA 3.93 3.98 3.9 3.98 3.89 3.98 149,000 586,720 PAL HLDG 5.2 5.29 5.2 5.29 5.2 5.29 2,100 10,955 HARBOR STAR 0.78 0.8 0.77 0.8 0.77 0.8 99,000 77,570 ACESITE HOTEL 1.82 1.9 1.89 1.89 1.89 1.89 5,000 9,450 WATERFRONT 0.42 0.43 0.42 0.42 0.42 0.42 110,000 46,200 FAR EASTERN U 565 640 648.5 648.5 648.5 648.5 180 116,730 IPEOPLE 6.9 7.1 6.88 6.88 6.88 6.88 112,900 776,752 STI HLDG 0.43 0.435 0.435 0.435 0.43 0.435 1,120,000 484,550 BELLE CORP 1.16 1.18 1.18 1.18 1.18 1.18 1,000 1,180 BLOOMBERRY 9.32 9.4 9.33 9.5 9.32 9.32 2,608,600 24,503,688 PACIFIC ONLINE 2.65 2.77 2.6 2.79 2.56 2.77 120,000 320,020 PH RESORTS GRP 0.9 0.92 0.91 0.94 0.9 0.92 1,920,000 1,752,640 PREMIUM LEISURE 0.59 0.6 0.6 0.61 0.59 0.6 2,697,000 1,626,360 DIGIPLUS 6.9 6.91 6.86 7.05 6.84 6.9 5,991,000 41,525,691 PHILWEB 1.73 1.75 1.75 1.79 1.7 1.73 714,000 1,220,760 ALLDAY 0.171 0.173 0.174 0.174 0.171 0.171 2,840,000 490,340 BERJAYA 7.11 8 7.1 8 7.1 8 2,000 14,290 ALLHOME 1.47 1.5 1.49 1.52 1.46 1.5 963,000 1,445,140 METRO RETAIL 1.15 1.2 1.17 1.2 1.17 1.2 2,000 2,370 PUREGOLD 27.6 27.65 27.6 28.15 27.5 27.65 574,200 15,974,900 ROBINSONS RTL 40.25 40.3 42.2 42.2 40.3 40.3 879,900 35,645,685 PHIL SEVEN CORP 76.1 79 76 76.1 70 76.1 3,270 238,691 SSI GROUP 2.73 2.76 2.77 2.77 2.72 2.76 121,000 333,150 UPSON INTL CORP 1.58 1.75 1.75 1.85 1.75 1.75 23,000 40,350 WILCON DEPOT 20.05 20.3 20.4 20.4 20 20.05 688,300 13,857,545 APC GROUP 0.227 0.243 0.24 0.24 0.24 0.24 40,000 9,600 MEDILINES 0.375 0.405 0.385 0.405 0.375 0.375 2,810,000 1,075,250 PRMIERE HORIZON 0.182 0.189 0.182 0.188 0.182 0.188 360,000 67,380 MINING & OIL ATOK 3.86 5 5.29 5.29 5.29 5.29 3,100 16,399 APEX MINING 2.65 2.67 2.62 2.71 2.62 2.65 3,743,000 10,012,730 ATLAS MINING 3.12 3.2 3.2 3.2 3.1 3.2 72,000 230,100 BENGUET A 5 5.1 5.01 5.15 4.9 5.1 276,700 1,383,100 BENGUET B 5 5.2 4.99 5.19 4.99 5.19 1,200 6,028 CENTURY PEAK 3.11 3.2 3.15 3.2 3.15 3.2 125,000 393,970 DIZON MINES 3 3.2 3 3.2 3 3.2 12,000 37,600 FERRONICKEL 2.55 2.57 2.55 2.58 2.52 2.55 1,776,000 4,523,370 LEPANTO A 0.088 0.09 0.09 0.09 0.089 0.089 360,000 32,300 LEPANTO B 0.088 0.09 0.088 0.09 0.088 0.09 80,000 7,080 MANILA MINING A 0.0046 0.0047 0.0046 0.0046 0.0045 0.0045 48,000,000 220,700 MANILA MINING B 0.0046 0.0066 0.0047 0.0047 0.0047 0.0047 1,000,000 4,700 MARCVENTURES 1.13 1.14 1.06 1.15 1.06 1.13 5,754,000 6,403,020 NIHAO 0.475 0.61 0.61 0.61 0.61 0.61 3,000 1,830 NICKEL ASIA 5.45 5.46 5.5 5.53 5.43 5.45 652,400 3,573,317 ORNTL PENINSULA 0.68 0.71 0.71 0.72 0.67 0.71 126,000 87,340 PX MINING 2.87 2.9 2.9 2.92 2.86 2.87 1,491,000 4,291,470 SEMIRARA MINING 29.65 29.7 29.25 29.95 29.05 29.7 617,700 18,267,630 UNITED PARAGON 0.0041 0.0048 0.0045 0.0045 0.0045 0.0045 3,000,000 13,500 ENEX ENERGY 5.8 5.97 5.97 5.97 5.97 5.97 5,000 29,850 ORNTL PETROL A 0.0084 0.0087 0.0086 0.0088 0.0086 0.0088 5,000,000 43,600 PHILODRILL 0.0082 0.0087 0.0082 0.0082 0.0082 0.0082 8,000,000 65,600 PXP ENERGY 3.26 3.42 3.34 3.42 3.23 3.28 222,000 740,660 PREFFERED HOUSE PREF B 93.15 96 96 96 96 96 200 19,200 ACEN PREF A 1,010 1,040 1,035 1,035 1,030 1,030 120 123,700 ACEN PREF B 1,040 1,046 1,047 1,047 1,041 1,041 470 491,320 ALCO PREF C 90.15 101.2 101.2 101.2 101.2 101.2 1,400 141,680 ALCO PREF D 431 467 430.6 430.6 430.6 430.6 2,320 998,992 AC PREF B2R 485 490 490 490 490 490 1,020 499,800 BRN PREF A 96 99.3 99.35 99.35 99.35 99.35 200 19,870 CEB PREF 32 32.5 32 32 32 32 12,300 393,600 DD PREF 90.2 91 91 91 91 91 6,450 586,950 EEI PREF B 87 95.95 84 96.6 84 95.95 10,160 859,241 GTCAP PREF B 916 948.5 917.5 917.5 916 916 2,000 1,834,250 JFC PREF B 915 925 915 915 915 915 30 27,450 MWIDE PREF 4 90 93 93 93 93 93 70 6,510 MWIDE PREF 5 100.6 101 100.9 100.9 100.9 100.9 300 30,270 PNX PREF 4 270 275 289.8 289.8 275 275 500 137,648 PCOR PREF 4B 960 1,010 1,010 1,010 1,010 1,010 10 10,100 PCOR PREF 4C 990 995 995 996 990 995 190 188,900 SMC PREF 2F 72.05 73 73 73 72.05 73 390 28,232.50 SMC PREF 2I 70.9 72.95 73 73 73 73 40 2,920 SMC PREF 2J 65.85 68.95 65.7 65.85 65.7 65.85 10,740 707,188 SMC PREF 2K 65.05 66.5 65.05 65.05 65.05 65.05 1,000 65,050 TECH PREF B2D 48.5 49.45 49.7 49.7 49.7 49.7 2,600 129,220

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR GMA HLDG PDR

WARRANTS

TECH WARRANT

3.25 7.5

3.26 3.27 3.27 3.2 3.26 175,000 8 -

0.335

0.37

SMALL, MEDIUM & EMERGING

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH LFM PROP MERRYMART XURPAS

0.415 0.75 0.88 0.71 1.55 0.057 1.06 0.225

0.43 0.77 0.89 0.73 1.79 0.063 1.07 0.24

EXHANGE TRADE FUNDS FIRST METRO ETF

95.2

95.85

33,036,830 384,900 -1,449,285 -640 -5,120 17,880.00 -28,762 -42,950 -251,130 -2,850.00 801,250 -12,170 -1,206,110 509,298 148,500 15,200 -2,500,070 -21,918,662 13,200 21,540 50,609,895 -33,620 -31,299,200 -218,610 40,000 892,617 15,570 331,380 -15,420 -295,760 31,652,314 228,190 45,395 146,750 -13,172,317 -8,170 12,287,697 -789,260 -2,137,980 -24,063,030 137,979 38,180 -24,400 -2,868,595.00 -853,010 393,970 25,600 -3,151,800 4,700 -65,640 -1,775,179 889,700 -3,415,280 29,850 -58,680.00 -384,000 2,520 -30,270 10,100 2,920 -

570,120 -

-547,510 -

0.43 0.45 0.415 0.415 320,000 138,050 -25,800 0.77 0.77 0.75 0.75 33,000 24,770 0.86 0.89 0.86 0.89 40,000 34,700 0.74 0.74 0.69 0.73 198,000 137,350 1.55 1.55 1.55 1.55 4,000 6,200 0.064 0.064 0.064 0.064 200,000 12,800 1.05 1.08 1.05 1.07 467,000 497,530 23,320 0.225 0.225 0.225 0.225 20,000 4,500 94.6 95.85 94.5 95.85 21,570 2,053,770 17,068.50

www.businessmirror.com.ph

Meralco core income to hit ₧37B this year–Pangilinan

By Lenie Lectura

@llectura

ore earnings of the Manila Electric Co. (Meralco) will likely reach P37 billion by the end of 2023 and surpass last year’s P27.1 billion after the company ended the ninemonth period with P30 billion.

“As we approach the close of 2023, it might be appropriate to provide our guidance for our full year’s performance. In this regard, absent a Black Swan event, Meralco’s CCNI [consolidated core net income] for the full year is likely to land at P37 billion,” Meralco Chairman Manuel V. Pangilinan said on Monday. During the press briefing on the company’s financial and operating results for January to September, Meralco reported that its CCNI at end-September jumped by 53 percent from P19.6 billion in the same period last year. The company attributed this to

the increase in energy volumes distributed; robust performance of the power generation business led by PacificLight Power Pte. Ltd. (PacificLight) Singapore and San Buenaventura Power Ltd. Co.; the turnaround of Global Business Power Corp.; and completion of the distribution and asset true-up refunds totaling P49.1 billion since 2021. Also, the retail electricity business has begun to recover from the negative effects of the fuel cost recovery adjustments of its suppliers by modifying its sum offering to its customers. “Given the robust performance

of practically all of our businesses, it is likely that Meralco will deliver another year of record earnings consistent with its long arc of earnings growth these past 14 years. Beyond our traditional role of providing power and services to our customers at affordable rates, Meralco takes to heart our overarching mission of improving people’s welfare, in coordination with, and with the support of government,” Pangilinan said. “We are making significant strides in our energy transition journey to become a significant renewable energy player in the country. More broadly, we are committed to pursuing innovative and sustainable investments which can bring significant value to our environment, our customers, our shareholders, our communities, and our people.” Meralco’s reported net income rose by 44 percent to P28.4 billion from P19.8 billion in the comparative period last year. Revenues were up by 6 percent to P335.2 billion from P314.9 billion due to higher volumes distributed and higher pass-through

charges with the depreciation of the peso, which resulted in higher generation charge and higher cost of replacement power sourced through Emergency Power Supply Agreements approved by the Energy Regulatory Commission for the same capacities terminated under Power Supply Agreements with South Premiere Power Corp. (Ilijan) covering 670 megawatts (MW) and Sual Power Inc. (Sual) for 330 MW. Electricity sales volumes during the period rose by 4 percent to 38,164 gigawatt hours (GWh) from last year’s 36,553 GWh. Residential sales volume further recovered and raised year-to-date sales by 3 percent to 13,363 GWh from 12,926 GWh last year. The Industrial sector gradually showed signs of rebound as the drop in sales volume narrowed to 1 percent at 10,570 GWh versus last year’s 10,677 GWh. At the end of the nine-month period, consolidated customer count stood at 7.8 million, representing a 3-percent increase from the 7.6 million customers recorded last year.

‘Converge overshoots fiber network goal’ By Lorenz S. Marasigan @lorenzmarasigan

onverge ICT Solutions Inc. said it has surpassed its original target of covering 55 percent of Filipino households with fiber connectivity by 2025, achieving a 62-percent coverage with the support of cloud infrastructure provider VMware. Converge EVP Ulysses Naguit said with more than 670,000 kilometers of pure fiber assets, Converge has now attained a 62-percent nationwide coverage as of the second quarter of 2023. He added that the company is on track to further expand its reach across the Philippines to “empower more communities and businesses across the nation.” “In this unstable macroeconomic environment, digitalization has opened a new world of opportunities for all of us. Collaborating with VMware has been instrumental for us in pursuing more advanced digital capabilities in fulfilling our endeavor to expand our global reach in serving our customers. VMware’s robust solutions and architecture helped us with our conquest to empower our customers with advanced digital tools to further their

business outcomes,” he said. Converge initially targeted to achieve 55 percent household coverage nationwide by 2025. With its 62-percent coverage today, it is “almost two years ahead of schedule,” Naguit said. He noted that the fiber broadband provider was able to achieve this feat through its partnership with VMware, which enabled Converge to modernize its backend IT infrastructure. Leveraging on a whole suite of VMware Cloud solutions, Converge created a new home for its core system to run on. This V Mware-based IT infrastr ucture helped Converge to simplify, scale, and more secure its IT operations supporting its continued expansion in the country. “What a milestone by Converge and we are pleased to have been able to contribute to their success and more importantly—helping more unserved and under-served Filipinos and businesses partake in the digital economy. We aim to continue providing the best solutions and support to our customers to unlock efficiency, agility, and reliability gains for their IT infrastructure,” VMware Philippines Country Manager Walter So said.

Alfamart distribution center in Silang uses solar panels

lfamart, the minimart chain of the SM Group, on Monday said it installed solar panels in its distribution center in Silang, Cavite. This initiative aims to reduce the reliance of the 30,000 square meter distribution center on the community’s power supply while also cutting power costs and its carbon emissions with the installation of 117 solar panels equivalent to 55,370 watts on its roof deck. The company said it aims to finish the second phase of the project with an additional 100,000 watts by December. “As Alfamart continues to expand and reach out to different areas, we are cognizant of our impact on the envi-

ronment and the community. We are committed to integrating sustainability in our operations as we continue to serve communities,” Harvey Ong, COO of Alfamart, said. Alfamart said it is keen on replicating the initiative in its new stores depending on this initial phase. The company has a total of 1,590 stores as of September. The solar panels are designed to power the operations of Alfamart’s back offices despite changing seasons of the country. Any excess of generated electricity is utilized by the operational warehouse, which runs round the clock. VG Cabuag

MUTUAL FUNDS

November 6, 2023

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 195.22 -1.1% -3.13% -4.46% -2.16% -6.38% ATRAM Alpha Opportunity Fund, Inc. -a 1.4028 10.79% 7.34% 0.3% 0.9% 4.36% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6873 -1.39% -2.92% -6.75% -3.75% -7.81% Climbs Share Capital Equity Investment Fund Corp. -a 0.6599 -0.69% -3.99% -5.44% n.a -5.63% First Metro Consumer Fund, Inc. -a 0.6019 -3.57% -5.74% -5.69% n.a -7.2% First Metro Save and Learn Equity Fund, Inc. -a 4.3177 -1.77% -2.28% -3.04% -1.73% -7.15% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6412 -2.95% -4% n.a n.a -8.54% MBG Equity Investment Fund, Inc. -a 84.7 12.23% -1.43% -4.97% n.a 12.46% PAMI Equity Index Fund, Inc. -a 39.7566 -1.84% -3.1% -3.56% n.a -7.95% Philam Strategic Growth Fund, Inc. -a 414.17 -1.44% -3.58% -3.53% -2.1% -6.8% Philequity Dividend Yield Fund, Inc. -a 1.1464 -0.03% 1.69% -1.33% n.a -2.44% Philequity Fund, Inc. -a 31.3835 -0.31% -0.94% -2.52% -0.16% -5.74% Philequity MSCI Philippine Index Fund, Inc. -a 0.7922 -0.53% -2.58% n.a n.a -6.67% Philequity PSE Index Fund, Inc. -a 4.1828 -0.77% -2.15% -2.69% -0.26% -6.96% Philippine Stock Index Fund Corp. -a 695.87 -0.9% -2.33% -2.76% -0.43% -7.08% Soldivo Strategic Growth Fund, Inc. -a 0.6283 0% -2.23% -5.45% n.a -6.79% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.1069 -1.82% -2.84% -4.7% -2.07% -7.89% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7892 -1.25% -2.65% -3.08% n.a -7.36% United Fund, Inc. -a 2.9295 -0.48% -1.77% -2.92% -1.07% -5.31% Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 0.9801 -1.33% n.a n.a n.a -7.21% COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,20.9949 n.a n.a n.a n.a n.a Philequity Alpha One Fund, Inc. -a 0.9593 -0.87% -1.38% n.a n.a -8.32% Philippine Stock Index Fund Corp. -a 844.73 -1.04% n.a n.a n.a -7.12% Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c94.4266 -0.32% -2% -2.47% n.a -6.62% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.7637 0.28% -11.94% -3.68% -2.43% -10.36% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5027 8% -0.92% 4.41% n.a 5.53% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.4099 -5.14% -3.96% -2.78% -2.54% -5.04% ATRAM Philippine Balanced Fund, Inc. -a 2.0617 2.14% -1.47% -1.02% -0.61% -2.07% First Metro Save and Learn Balanced Fund, Inc. -a 2.379 -1.28% -1.91% -0.71% -1.77% -5.05% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1825 -2.09% -1.51% n.a n.a -5.68% NCM Mutual Fund of the Phils., Inc. -a 1.8482 0.99% -1.08% 0.51% 0.18% -2.06% PAMI Horizon Fund, Inc. -a 3.3478 0.77% -2.79% -0.45% -0.82% -2.68% Philam Fund, Inc. -a 14.699 -0.43% -3.41% -0.94% -1.08% -2.91% Solidaritas Fund, Inc. -a 1.9406 0.88% -1.26% -0.83% 0.23% -2.32% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2115 0.33% -2.13% -2.13% -1.26% -3.55% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8385 -0.12% -0.11% -1.58% n.a -4.6% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.8989 2.18% -2.91% n.a n.a -1.78% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.7871 -0.08% -4.3% n.a n.a -5.8% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.7677 -0.79% -4.43% n.a n.a -6.66% Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03152 0.57% -6.97% -1.86% -0.23% -2.72% PAMI Asia Balanced Fund, Inc. -b $0.8334 3.8% -7.98% -1.99% -2.03% -0.79% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.9104 4.33% -2.42% 2.15% 2.22% 1.68% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $0.9578 1.43% -5% -0.63% n.a -1.42% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 387.1 3.08% 1.62% 2.53% 2.06% 2.4% ATRAM Corporate Bond Fund, Inc. -a 1.895 1.54% 0.01% 0.38% -0.14% 1.08% Cocolife Fixed Income Fund, Inc. -a 3.2783 2.18% 0.74% 2.13% 3.67% 2.16% Ekklesia Mutual Fund, Inc. -a 2.2211 3.38% -0.97% 0.92% 0.95% 1.63% First Metro Save and Learn Fixed Income Fund, Inc. -a 2.3996 0.68% -0.61% 1.63% 0.94% 0.36% Philam Bond Fund, Inc. -a 4.1377 0.72% -3.56% 1.69% 0.18% -0.06% Philam Managed Income Fund, Inc. -a 1.3563 3.25% 1.1% 2.92% 1.64% 2.79% Philequity Peso Bond Fund, Inc. -a 3.9528 3.25% -0.09% 2.69% 1.12% 2.17% Soldivo Bond Fund, Inc. -a 1.0381 3.08% 0.1% 3.48% n.a 2.11% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2119 3.56% 0.39% 3.2% 1.56% 2.1% Sun Life Prosperity GS Fund, Inc. -a 1.7196 2.48% -0.38% 2.43% 1% 1.41% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $489.71 2.7% 0.62% 1.88% 2.4% 2% ALFM Euro Bond Fund, Inc. -a Є211.41 1.71% -1% -0.15% 0.7% 0.83% ATRAM Total Return Dollar Bond Fund, Inc. -b $0.9989 0.76% -7.14% -2.28% -0.35% -1.04% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.024 1.27% -3.25% -0.65% n.a 1.27% PAMI Global Bond Fund, Inc -b $0.8257 -1.74% -8.8% -4.18% -3.51% -8.26% Philam Dollar Bond Fund, Inc. -a $2.157 3.53% -5.07% 0.27% 1.22% -1.06% Philequity Dollar Income Fund, Inc. -a $0.0606871 2.09% -0.67% 1.31% 1.53% 1.65% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.5914 0.36% -7.01% -2.05% -0.27% -4.78% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 136.1 2.35% 1.69% 2.52% 2% 2.14% First Metro Save and Learn Money Market Fund, Inc. -a 1.1023 3.07% 1.76% n.a n.a 2.67% Sun Life Prosperity Peso Starter Fund, Inc. -a 1.3691 2.67% 1.92% 2.46% 1.96% 2.29% Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 103.86 3.86% n.a n.a n.a 3.37% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0905 2.14% 1.24% 1.48% n.a 1.99% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 41.3268 -6.42% n.a n.a n.a -3.17% Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.338 6.92% 8.95% n.a n.a 8.6% Sun Life Prosperity World Income Fund, Inc. -a,1 0.9474 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 $0.7596 -1.75% -7.18% n.a n.a -3.85%

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

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

www.news.businessmirror@gmail.com

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Tuesday, November 7, 2023 B3

Investments in retirement pool slow down

By Cai U. Ordinario

@caiordinario

HE growth in investments made by employees, self-employed, and overseas workers in the Personal Equity and Retirement Account (PERA) slowed in the first semester of 2023, according to the Bangko Sentral ng Pilipinas (BSP).

Based on the BSP’s “Report on the Philippine Financial System” for the first semester of 2023, PERA investments grew 15.9 percent. This was slower than the 28.1 percent posted in the same period last year. “The importance of continuous financial education, especially on savings and investments, plays a pivotal role in further promoting [the] PERA and maintaining its growth trajectory,” the central bank’s report read. “The BSP is committed to collaborating with PERA stakeholders and partner agencies to extend the reach of potential contributors across different segments of the population,” it added. Based on the data, there were 5,402 contributors in the PERA and

their total contributions reached P368 million in the first semester of 2023. The bulk or 70 percent of these contributors at 3,817 are employees, 831 are self-employed and 754 are overseas Filipino workers (OFWs). The total contribution of employees reached P253.3 million while OFW contributions reached P64.9 million and self-employed, P49.8 million. The BSP said it is implementing a series of reforms to increase interest in the PERA. The central bank is also committed to undertake efforts to raise awareness on the long-term benefits of retirement savings among Filipinos. “The BSP implemented a series of

The FIRE movement

T is everyone’s dream to be able to live the good life by being able to retire early. This journey however, varies from one person to another. Some of us are born into a life of intergenerational family wealth; meaning we inherited and benefit from our parents’ and grandparents’ hard work. Some of us earn it through sheer luck in the lottery. Most of us however, have to make certain choices and forego other ones in order to achieve financial independence. Lately, the term “FIRE” movement has been gaining traction. This movement is not about literal fire month awareness but more on “Financial Independence, Retire Early.” It is a financial and lifestyle movement that encourages individuals to achieve financial independence and retire early, around their 40s to 50s. Though the movement towards financial independence is popular, only a few are able to achieve their long-term goals. Here is an explanation of how FIRE movement works: 1. Financial independence. The first step in the FIRE movement is achieving financial independence, which is already a challenge in itself. This translates to having sufficient savings and investments to cover your living expenses without the need for traditional employment for income. FIRE followers aim to accumulate a substantial net worth, often based on the 4-percent rule. This rule suggests that if you can safely withdraw 4 percent of your portfolio’s value each year, you can sustain your lifestyle in retirement without depleting your savings or capital. In simple terms, one should have more than enough earning assets that can cover your entire living expenses. 2. Aggressive saving and investing. To reach financial independence much faster as compared to the average crowd, individuals who follow the FIRE movement practice aggressive saving and investing. They often aim to save a large portion of their income, commonly at least 50 percent or more. The normal savings rate is usually at 10 percent to 20 percent or more. To achieve a much higher savings rate, one can follow steps 3 and 4 below. 3. Very frugal living. A cornerstone of the FIRE movement is frugal living. Followers focus on minimizing expenses and living way well below their means. They cut off wants, avoid debt and find ways to save on housing, transportation and everyday expenses. One can even practice minimalism and downsizing of possessions. In my case, I limit the number of shoes I own, cut back on dining out and cook my own food and preferably I work from home whenever I can.

reforms, which included an increase in the annual PERA contribution limit across all types of contributors and the removal of the basic security deposit for the faithful performance of duties of a PERA administrator,” the report stated. The report said other plans in the pipeline are to expand the PERA ecosystem by allowing electronic money issuers to participate as administrators. The BSP also plans to develop comprehensive information materials to address common inquiries on the availment and utilization of tax credit certificates. These are on top of recent efforts such as the liberalization of the guidelines on the PERA. This amendment was disclosed by the BSP in March this year. Filipinos working here can now invest as much as P200,000 annually from the P100,000 initially allowed by BSP. OFWs, meanwhile, can invest up to P400,000 a year from the initial P200,000 annually. Aside from increasing the PERA contribution limits, the BSP has also removed the basic security deposit for the faithful performance of a PERA Administrator’s duties, which was previously set at 0.5 percent of the book value1 of PERA assets. This is expected to lower the

personal finance 4. Pursuing side hustles and passive income. Many in the FIRE community focus not just on cutting back on expenses. They also work on increasing and maximizing their monthly income. They not only increase their skills to improve their rate per hour, they also invest in passive income streams such as rental properties or dividend-paying stocks. After all, one only has 24 hours per day to earn a living. One needs to find ways to earn while sleeping in order to earn a lot more. In my case, I also sell educational books and courses on financial literacy. You can too as well, if you are willing to learn from a trusted mentor. 5. Focus on purpose and fulfillment. Being part of the FIRE movement is not about sacrificing one’s quality of life by being too thrifty or simply profit driven. It is about shifting from traditional employment to the pursuit of passions, interests and a more purpose-driven life. My own goal is to educate as much of our fellowmen as I can when it comes to financial literacy and education. To summarize, the FIRE movement is not a “one-size-fits all approach. People have varying levels of risk tolerance, needs (whether it be family or medical in nature), income opportunities and goals, so one may tailor their journey to suit their unique circumstances. Additionally, FIRE may not be feasible for everyone, as it often requires significant sacrifices and disciplined financial management for long periods of time. Ultimately, the FIRE movement is about achieving financial freedom at an earlier age and giving priority to a life that aligns with your values and goals. While not everyone may aim for an early retirement, the principles of saving, investing and minimizing debt borrowings are valuable for anyone seeking financial security and independence. To avail of my upcoming book on life lessons in finance and business, feel free to browse my official website at: https://www.ohmyfinance.pro.

Raymond Anthony Quisumbing is a Registered Financial Planner of RFP Philippines. Follow him on X (formerly Twitter) at @OhMyFinancePH. To learn more about personal-financial planning, attend the 105th RFP program on January 2024. To inquire, e-mail info@rfp.ph or send a text message to 0917-6248110.

banks’ total loans. The report also stated that banks’ credit allocation to micro, small, and medium enterprises amounted to P461.4 billion at the end of June 2023. Banks’ consolidated loans for socialized and low-cost housing reached P514.2 billion or about 20 percent of total real estate loans as of March 2023. Further, as of June 2023, the nonperforming loan (NPL) ratio was low at 3.4 percent, while the NPL coverage ratio was high at 101.7 percent. Investments grew by 9.2 percent, reaching P6.6 trillion. The data showed 60 percent of these investments were debt securities measured at amortized cost followed by securities measured at fair value through other comprehensive income at 34.3 percent. Deposits aggregated P17.8 trillion in June 2023 marking an 8.1 percent increase, indicating the continued trust of the public in the banking sector. Resident transactions helped keep deposits stable while other sources of funding, such as bills and bonds payable, remained minimal. The report added that the capital position held firm and provided banks with a reliable buffer in times of crisis. Total capital increased by 11 percent, reaching P2.9 trillion.

DOTR to cancel rail-project deal with Chinese firms By Lorenz S. Marasigan @lorenzmarasigan

Raymond Anthony Quisumbing

BSP regulatory and international standards. “The overall key performance indicators of the Philippine financial system and the domestic banking system show that this sector continues to be a source of strength for the Philippines, capable of meeting the demands of a growing digital and sustainable economy,” BSP Governor Eli M. Remolona, Jr. said. The report stated that bank assets increased 9.1 percent to P23.3 trillion in June 2023. This was faster than the 7.8-percent growth recorded last year. Assets were channeled into loans, at 52.8 percent, and mainly financed by deposits. By banking group, universal and commercial banks (UKBs) had the largest share of assets at 93.9 percent. The report added that the bank’s loans rose by 8.8 percent, reaching P12.7 trillion. Lending remained broad-based and supportive of key productive sectors, including households. Most loans went to real estate; wholesale and retail trade; electricity, gas, steam, and air-conditioning supply; manufacturing; as well as financial and insurance activities. These sectors, including household consumption, collectively accounted for 68.4 percent or P8.7 trillion of

cost of administering PERA assets, which may impact the contributors through lower charges on PERA. The BSP sees this as a means to encourage more BSP-supervised financial institutions to participate in the PERA ecosystem. “This move is intended to promote the participation of BSFIs in the PERA ecosystem and encourage more Filipinos to invest. The success of these initiatives shall strengthen financial resilience and boost longterm capital in the country,” the report stated. Meanwhile, the report also showed that the Philippine financial system continued its robust performance and supported economic activity in the country. The BSP said the banking sector still dominates the financial system, exhibiting sustained resilience and stability with a strong balance sheet, profitable operations, sufficient capital and liquidity buffers, and ample provision for probable losses. Bank deposits continue to expand, funding key activities of banks like lending and investing. Amid growing resources, deposits and earnings, Philippine banks remain well capitalized and highly liquid, with a capital adequacy ratio and key liquidity ratios exceeding the

HE Department of Transportation (DOTr) plans to terminate the P141.79-billion Philippine National Railways (PNR) South Long-Haul deal that it signed with a Chinese consortium, following the loss of funding source for the said project. Transportation Secretary Jaime J. Bautista told reporters last Monday that the DOTr will likely break off the contract with China Railway Group Ltd., China Railway No. 3 Engineering Group Co. Ltd. and China Railway Engineering Consulting Group Co. Ltd. Consortium by the end of 2023. “We might have to terminate it,” he said on the sidelines of a forum on infrastructure organized by the Economic Journalists Association of the Philippines. ”If it

the financing for these projects may come from ODA, from the private sector or from the government. For ODA, we’re looking at Korea, Japan and India,” Bautista said. He noted that “it’s just a matter of negotiating with the one to provide the funding,” clarifying that the government is open to partnering with more than one country for the three projects. Over the weekend, research think tank Capstone Intel Corp. found that Filipinos online feel “generally positive” about the development of the Philippine National Railways (PNR) South Long-Haul Project, despite it being built by a Chinese consortium. According to its “social listening” analysis, the firm found that 94 percent have positive sentiments towards articles about the multibillionpeso project, as 58 percent “liked the post” and another 31 percent sent

will not be funded by China and it will be funded by another official development assistance or ODA, we need to get their preferred technical advisers.” The PNR South Long Haul was part of three projects that lost the funding that was supposed to come from China. The other two are the Subic-Clark Railway and the Mindanao Railway projects. Bautista noted that the DOTr has already received interest from other countries for the possible extension of ODA packages, listing them as India, Japan and South Korea. He also mentioned that the government is also open to private sector participation or to fund the project through general appropriations. “We’re working with some other countries. There are offers of [ODA packages] from other countries. We are exploring this. We cannot give any details yet, but the alternative for

“love reactions” to the news pieces. “The insight there is Filipinos want trains. They are generally more interested in the end-product—having better transport infrastructure than—than knowing about the loan component, which is the government’s responsibility,” Capstone-Intel Research and Publications Director Ella Kristina Domingo-Coronel told the BusinessMirror in a phone interview. Capstone Intel conducted the social listening analysis for a year from November 1, 2022. Domingo-Coronel explained that the think tank scanned Facebook posts from publicly available sources, including information about the project, resettlement and heritage assessment. “It’s not really a pro-China scan; the findings are Filipinos are taking the project positively—regardless of who will fund it,” she said.

BTr accepts only bids Solon links poverty poll for 91-day debt papers results to BSP rate hikes

HE national government raised P13.2 billion of the P15 billion total offering for the auction of Treasury bills (T-bills) on the first trading day of November. The Bureau of the Treasury (BTr) said only the bids for the 91-day T-bills were awarded in full. This is the fifth consecutive week that the Auction Committee only made partial awards in government securities. “The auction was 2.2 times oversubscribed, attracting P32.3 billion in total tenders,” the BTr said. “With its decision, the committee raised P13.2 billion of the P15 billion total offering.” The BTr data showed the 91-day T-bills fetched an average rate of 6.352 percent. The high rate was recorded at 6.374 percent while the low rate was at 6.334 percent. For the 182-day T-bills, the BTr Auction Committee accepted P4.5 billion of the P5 billion offering. The tenor received tenders worth P7.176 billion. The 182-day notes fetched an average interest rate of 6.536 percent. The high rate was pegged at 6.55 percent and the

low rate was at 6.495 percent. The BTr data showed the government only raised P3.73 billion of the P5 billion offered 364-day T-bills. The amount tendered for the notes reached P10.35 billion. The average interest rate fetched by the 364-day notes reached 6.591 percent. The high rate was at 6.6 percent and the low rate was at 6.57 percent. Last week, the national government failed to raise its intended amount from the T-bills auction after the recent off-cycle decision of the Monetary Board raised key policy rates to a new 16year high. The government only raised P12.75 billion out of the P15 billion it intended to generate from this week’s auction. Data from the BTr showed only the 89-day T-bills, which fetched an average rate of 6.343 percent, were fully awarded on Tuesday. For these promissory notes, the government received tenders amounting to P7.836 billion and rejected P2.836 billion. The highest average interest rate it received was 6.42 percent while the lowest was at 6.185 percent. Cai U. Ordinario

By Jovee Marie N. dela Cruz @joveemarie

lawmaker has voiced concerns over the potential repercussions of an interest rate hike by the Bangko Sentral ng Pilipinas (BSP). Deputy Minority Leader Bernadette Herrera-Dy said that any increase in lending rates could exacerbate the number of Filipinos teetering on the edge of poverty, as indicated by the latest self-rated poverty survey. Herrera-Dy said she hopes monetary authorities would opt for a rate hike pause “because higher lending rates will increase the number of Filipinos at the borderline of the latest self-rated poverty survey of the Social Weather Stations.” The lawmaker emphasized that the key to addressing this issue lies in bolstering the availability of essential supplies coupled with streamlining the logistics chain. She said this “strategic move” would ensure that crucial goods, like food, flow efficiently from seaports to retailers and, ultimately, to the consumers who rely on them. “It would be better to enhance supply availability, including improving the flow of cargoes out of the seaports and to the retailers,” Herrera-Dy added. According to the lawmaker, the inflation problem in the country is more supply-side, which means the supplies of food and other items people buy are not well-distributed, resulting in lower prices. “The harvests and other outputs are not getting to consumers at the right time and in adequate amounts,” Herrera-Dy said. “It takes time to tame inflation and poverty.”

Furthermore, the lawmaker stressed the importance of viewing the self-rated poverty measures by the Social Weather Stations (SWS) as part of a continuing series, emphasizing the need for a comprehensive and contextual perspective. “The self-rated poverty measures of the SWS should be viewed as part of the continuing series. Let us also add context. We have been struggling with elevated inflation. The figures would have been worse if not for the measures taken by Congress and the administration,” Herrera-Dy said. She also noted that while the 48 percent self-rated poverty figure recorded in September 2023 raises concerns, it is significantly lower than the figures witnessed during the first Aquino administration, when self-rated poverty soared above 70 percent. Comparing recent years, Herrera-Dy said the number of individuals considering themselves “poor” has remained relatively constant since 2022. September’s 48-percent figure closely mirrors the year-long average of 2022, indicating that the cost of living in the current year remains on par with that of the previous year. “When you look at the quarterly results, self-rated poverty has risen two percentage points from 45 percent last June to 48 percent in September because of the impact of inflation,” Herrera-Dy said. She added that 48 percent of September 2023 is around the average of two administrations ago. Herrera said the path to reducing self-rated poverty to the 39 percent level reported in March 2019, before the onset of the pandemic, remains a significant challenge, requiring a comprehensive approach that includes shortterm relief measures and long-term structural improvements.

Tuesday, November 7, 2023 • Editor: Gerard S. Ramos

Art

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Fil Delacruz on never knowing the answer and being fine with it

TODAY’S HOROSCOPE By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Lorde, 27; Adam DeVine, 40; David Guetta, 56; Joni Mitchell, 80.. HAPPY BIRTHDAY: Strive for perfection, and a window of opportunity will open. Be ready and willing to take a chance and pursue your dreams. Do the research, enforce preparation and be ready to make a move. If you use your imagination, your plans will become clear. Put your support system in place and implement tunnel vision. Let go of the past and focus on forward motion and positive change. Your numbers are 7, 18, 21, 25, 31, 34, 43.

ARIES (March 21-April 19): Don’t lock yourself into something you cannot finish. Keep an open mind and heart; you’ll figure out what’s best for you. Rid yourself of the notion that someone else can do things better than you. Take care of business and proceed with confidence. ★★★

RENOWNED painter and printmaker Fil Delacruz stars in Conrad Manila Gallery C’s Of Art Wine Series with his solo exhibition, titled Woman | Nature, which runs until January 6.

TAURUS (April 20-May 20): Participate and something good will evolve. Share your thoughts, and you’ll spark interest in what you want to pursue or promote. Step outside your comfort zone, and you’ll dazzle others with your expressive point of view. Make peace a priority. ★★★★★

OT everything amounts to anything—not that it would, nor that it should. Veteran visual artist Fil Delacruz knows as much, having seen it all in his illustrious five-decade art career. The National Artist nominee has won countless awards, starred in myriad shows, and produced umpteen artworks as a renowned painter and printmaker. Yet, despite all that he has achieved, Delacruz remains “continually driven by the search” for meaning which, curiously, he acknowledges he won’t ever complete. “I won’t find it,” the artist told me with full contentment in his voice at the sidelines of his recent solo exhibition opening. “Because if I find it,” he continued, “it solves the problem and I just stop working on it.” Delacruz believes the answer he seeks and actively evades at the same time would only present itself in his next artwork. It’s a mindset that ties him to a perpetual pursuit of excellence, a never-ending cycle that drives him to be his best self every time he creates art. It’s likewise the mindset on display in the 72-year-old’s ongoing solo at Conrad Manila’s Gallery C, titled Woman | Nature. On view until January 6, the massive showcase presents 41 new artworks by Delacruz, featuring another dimension of his signature depiction of the diwata. His muses—which, above all, serve as a symbolical vision of the Filipina in her relationship with the divine, the natural world, and our society— are rendered in an imaginative combination of his painting and printmaking styles. Thus, the theme of duality serves central to the exhibition.

GEMINI (May 21-June 20): Consider your objective and how feasible it is to launch your plans. Don’t rely on someone feeding you what you want to hear. Ask an expert and verify information before you implement change that can cost you physically, emotionally or financially. ★★

CANCER (June 21-July 22): Network, share information, travel and make positive changes. The world awaits, and your insight will lead to opportunity. Don’t hesitate to act or to try something new. An innovative change at home will encourage you to invest in yourself. ★★★★

LEO (July 23-Aug. 22): Take your turn. Time is on your side, so don’t rush into anything that is awkward or puts you in a vulnerable position. Keep your plans to yourself until you have everything in place and feel reassured that you will reach your target. ★★★

“Many of my works are only half-faced, showing that there are two sides to a person,” Delacruz said. “The dark side and the light side, the negative and the positive. The beauty and the beast, the yin and yang. Also, my images are ethereal. They look like human beings, but they are not physically. They are symbols.” Woman | Nature presents Delacruz’ genius in works that come quite literally in all shapes and sizes. The largest of these are two hulking pieces that both measure a whopping 58” x 69”. First is the Diwata: Maskara, which shows the artist’s muse in a laced mask split in the middle, which also parts the subject’s face in half. Then there’s Diwata: Bahay Kubo, Bahay Bato, wherein the viewers are taken inside the mind of a pensive subject, engaged in deep thought about the dichotomy of the

metropolitan and the bucolic. “This is the merging of two sides of my artistic psyche, both as painter and as printmaker,” Delacruz said of his concept. “As I created this vision, I continued to ponder and experiment on the things of the universal woman—her role as mother, as a protector, a lover, my muse and the source of all divinity.” During our conversation, I noticed the artist’s peculiar eyeglasses. It seemed normal enough from afar, but upon closer inspection, one side was actually shaped square and the other, a circle. “Again, that theme of duality,” I told him, pointing at his statement glasses. “Kailangang isabuhay,” he responded, “I believe that, as an artist, your art should be a reflection of you.” ■

Globe showcases ‘The Wisdom of Da Vinci’ at G Creator Night IN a dazzling fusion of art and technology, Globe gave the Filipino art and creative community a glimpse into the wonders of Artificial Intelligence (AI) through an immersive experience at The Wisdom of Da Vinci exhibition at the recent G Creator Night. Held at One Bonifacio High Street in Bonifacio Global City, the event showcased the limitless potential of AI in art, a subject often met with skepticism in the creative realm. This groundbreaking demonstration proved that AI is not just about algorithms and codes; it can be an experience, a journey into the very psyche of one of history’s greatest minds, Leonardo Da Vinci. At the exhibit, guests were

transported into Da Vinci’s world, navigating through interactive spaces that combined the old with the new. Mesmerizing stroboscopic effects, innovative QR code activations, and a captivating 360-degree soundscape echoed the maestro’s unparalleled creativity, offering a fresh perspective on his timeless masterpieces. The exhibition, which is ongoing, is divided into two captivating chapters: Poetic AI, which delves into the lyrical beauty of AI; and Da Vinci & The Masters, which pays homage to the genius of Da Vinci and his contemporaries. The event was graced by a remarkable assembly of Filipino artists and creators, including TRNZ,

Is Jumalon, BITTO, and the dynamic duo of Patrick and Sam Cabral. Creators Marvin and Sara Conanan of Purveyr, John Deseo, and community builder Martin Eusebio also took part. Gallerists Raymond Ty and Kassy Lei of Art ToyPH, Inas Amoyo of Vinyl on Vinyl, and representatives from the Department of Trade and Industry (DTI) Design Center, Quennie Agabriel and Ken Bunias, were also among the attendees. “It’s truly exhilarating to witness the creative community’s journey into the realm of AI. At Globe, we’re committed to bridging the gap between creativity and technology. Our aim is to harness the strengths of both to create a world where art and

innovation coexist harmoniously,” said Anne Calma, head of subcultures at Globe. As the lines between the digital and the real continue to blur, events like G Creator Night emphasize the symbiotic relationship between humanity and technology, where both have pivotal roles in shaping the future of creativity, ushering in a new era of artistic expression and impact. The Wisdom of Da Vinci exhibition is extended until December 10, 2023 at the 3rd floor of One Bonifacio High Street in BGC, Taguig City. Get your tickets at www. bgcimmersive.com. More information is available at www.globe.com.ph.

VIRGO (Aug. 23-Sept. 22): You’ve got what it takes to make things happen. Don’t secondguess yourself or think someone can do a better job than you. Focus on what’s essential, and you’ll knock whatever you pursue out of the ballpark. Creativity and charm are your tickets to success. ★★★

LIBRA (Sept. 23-Oct. 22): Take your time, think and don’t rely on others to get your house in order. Reconfigure how to proceed and implement a plan you can manage independently. Don’t share financial information that leaves you vulnerable. ★★★

SCORPIO (Oct. 23-Nov. 21): It’s up to you to bring about change. Look at the possibilities, and you’ll devise a way to turn your dream into a reality. Embrace the future and people who are heading down a similar path. Learn from the experts, then proceed. ★★★★

SAGITTARIUS (Nov. 22-Dec. 21): A healthy attitude will help you build opportunities. Don’t expect others to do the legwork for you. Take control and make today one to remember. Let go of the past, live in the moment and look forward to all your tomorrows. Trust in yourself. ★★

CAPRICORN (Dec. 22-Jan. 19): Changing your living arrangements will help you save money. Listen to your heart and follow through with your plans. Dedication will prove valuable when dealing with position, reputation and personal gain. Finish what you start. ★★★★★

AQUARIUS (Jan. 20-Feb. 18): Don’t engage in something that doesn’t appeal to you. Walk away from arguments and no-win situations. Your time is valuable, and doing what’s best and healthiest for you matters. Concentrate on what you can achieve and your happiness. ★★★

PISCES (Feb. 19-March 20): Push for what you want and feel the joy when you accomplish your goal. Dedication and loyalty will leave a lasting impression on someone who has something to offer in return. Embrace partnerships that stimulate your mind and encourage success. ★★★★★ BIRTHDAY BABY: You are flexible, entertaining and patient. You are insightful and charismatic.

‘delhi food’ BY HOWARD NEUTHALER

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Adrian Johnson/Jared Goudsmit ACROSS 1 Drugstore items, for short 5 Respond 10 “Super Trouper” group 14 Arguing 15 “I couldn’t ___ more!” (“Amen!”) 16 Drain problem 17 Indoor spaces full of savory snacks? 19 Adjust, as a banjo 20 Bronx MLB player 21 Run-down joints? 23 Mean smile 24 Christmas conifer 25 Mar. and Apr. 26 Flatbread appetizer? 31 Sloop pole 35 Arena where the Knicks play: Abbr. 36 Ocean fleet 37 Occupy 39 Receive the inside scoop 40 Enclosures in stables 41 (Woe is me!) 42 “I’m up for doing that!” 43 Logo for a restaurant selling

marinated meat? 46 UFO voyagers 47 Grp. with Mexico and Brazil 48 Chatting via Slack, say 53 “I feel bad for that person” 56 Earhart who said, “There’s more to life than being a passenger” 57 “Scary Movie” actress Faris 58 Attire worn while eating a lentil dish? 60 CBS procedural franchise 61 Living the ___ 62 Word after “drag” or “relay” 63 50/50 actor Rogen 64 Some Balkan people 65 Change for a five DOWN 1 Sister store of Bloomingdale’s 2 Mission: Impossible protagonist Hunt 3 Unfaithful actress Lane 4 Vampire hunter’s weapon 5 Like a white peacock 6 Comedian Nwodim 7 Closely examining 8 “Ring-tailed” primates

9 Old-fashioned affirmative 10 “Don’t arouse suspicion” 11 New York or California, on an electoral map 12 Humerus or femur 13 SUCH a long time 18 Slender seabird 22 Once-giant discount chain 24 Rapid 27 A bit off 28 1990s fitness craze 29 Menu next to View, often 30 Performs “Lose Yourself” 31 Waterfall spray 32 Opposite of pro33 Seal the deal 34 Taunt someone during a game 38 Fashion designer Bill 39 Lots and lots 41 Like molehills, vis-a-vis mountains 44 “I’m not!” retort 45 Prom ride 49 DC transit system 50 Congresswoman Omar

51 Sibling’s daughter 52 Ozone, hydrogen, etc. 53 Definitely not rave reviews 54 Back in the day 55 They’re about one in 300 million for winning the Powerball jackpot 56 Donations to the needy 59 Hailed transport

Solution to today’s puzzle:

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Editor: Gerard S. Ramos • Tuesday, November 7, 2023

QCinema elevates its content to top-tier levels for 2023 edition Robert De Niro’s ex-top assistant cites courtroom outburst as an example of his abusive side NEW YORK—A woman who served as actor Robert De Niro’s chief personal assistant for over a decade began testifying at a trial against him on Thursday, citing his angry outburst at her during his testimony two days earlier as an example of his discriminatory mistreatment of her. Graham Chase Robinson began her turn on the witness stand late in the day in Manhattan federal court as a jury hears evidence related to civil claims De Niro and Robinson have made against each other. De Niro, referenced mostly as “Bob” in court, has not returned to court since his testimony concluded Tuesday. Robinson sued the two-time Oscar winner for gender discrimination and retaliation, seeking $12 million in damages. De Niro sued her for breach of loyalty and fiduciary duty, seeking $6 million and saying she stole 5 million air mile points from an account his children sometimes use when he had only expected her to take 1 million or 2 million. On Tuesday the actor, angry at claims casting him as abusive and sexist, flashed his temper as he scolded Robinson, shouting, “Shame on you, Chase Robinson!” He quickly apologized. Asked Thursday by her lawyer how common it was for De Niro to lash out angrily, Robinson remided the jury of that outburst. “He yelled at me two days ago,” Robinson said. She testified for about a half hour and was expected to spend all day Friday on the witness stand. She followed testimony from Tiffany Chen, De Niro’s girlfriend, who had repeated clashes with Robinson in 2019 as Robinson worked on a newly purchased townhouse where the couple planned to reside, precipitating Robinson’s resignation from one of De Niro’s companies, Canal Productions. Robinson, 41, had worked there since 2008 as her title changed from executive assistant to vice president of production and finance and her salary rose from roughly $75,000 to $300,000. De Niro testified that he granted the title change at Robinson’s request but her job duties didn’t change. Chen told De Niro in a series of emails shown to the jury that she thought Robinson was having “imaginary intimacy” with him and was a “mean, insecure, territorial girl” who “thinks she’s your wife” and “wants to be the lady of the house.” Questioned about the emails, Chen did not back down, saying, “She’s crazy.” Seeking to counter Chen’s suggestions that Robinson wished for a romantic relationship with De Niro, a lawyer asked Robinson shortly after she began testifying if she was attracted to him. She said no, and also denied ever wanting to live with, marry or have a child with the actor. Robinson also testified that she was expected to answer what became known as the “bat phone” at any hour when De Niro called and he would aggressively inquire about it if she did not. She denied previous testimony by De Niro that he only called her during “civilized hours.” Robinson said they talked by phone five to 10 times a day when she worked for him, with the first call usually taking place between 5:30 am and 7:30 am and the last generally between 8:30 pm and 10:30 pm. She said he was so demanding about her being available that she always carried her phone when she went to the restroom and avoided areas without cell service. AP

Robert De Niro arrives to court in New York, Tuesday, Oct. 31, 2023. De Niro continues his testimony in a $12 million lawsuit accusing him of being a bad boss. AP

THE big three of QCinema 2023: Manet Dayrit, Ed Lejano and Liza Diño.

HE 2023 edition of QCinema International Film Festival is definitely going to be more than just a feast for the senses of world cinema aficionados. Festival director Ed Lejano shared with us that his team has selected the Golden Lion best film winner of the Venice Film Festival, Poor Things to be the opening film of the widely followed festival, now on its 11th year of bringing the best of films from around the globe to the Philippines. Directed by Cannes and BAFTA winner Yorgos Lanthismos, Poor Things is based on the 1992 novel of Scottish writer Alasdair Gray. It tells the story of a young Victorian woman, played by Academy winner Emma Stone, who is brought back to life by an unorthodox scientist following her suicide. This

woman then runs off with a debauched lawyer and embarks on an adventure of personal discovery and sexual liberation. The much heralded filmmaker Lanthimos, originally from Greece, is no stranger to QCinema, where his highly touted movie Killing of a Sacred Deer had its Asian premiere in 2018. Many also agree that this is Stone’s best performance to date, and entertainment insiders are one in saying that she is primed to receive another Oscar nod for her sublime turn as Bella Baxter, who during her first life jumps to her death from a bridge while she was on her full term of pregnancy. The 10-day festival, which fires off on November 17, will feature 60 other titles, divided into 10 sections, the highlight of which is the Asian Next Wave, the festival’s main competition section. Jopy Arnaldo’s Gitling, the lone entry from the Philippines, will be up against seven other films that made the official cut of the selection committee. Gitling is about two lost souls: a Japanese filmmaker who flew to Bacolod to escape his wife and a Filipino woman who called off her engagement from her fiancee. The two find themselves working together to do the subtitling for a film, where they find solace in a friendship they never knew they needed. Other films in competition are Abang Adik, Inside the Yellow Cocoon Shell, Last Shadow at First Light, Love is a

Gun, Mimang, Solids by the Seashore and Tiger Stripes. Former Film Development Council of the Philippines chairman Liza Diño is the new executive director of the Quezon City Film Commission and she is looking forward to the many wonderful collaborations that will happen between QCinema and the best film creators around the world. “For our Screen International section, we have carefully selected films that were showcased and have won in top-tier festivals, like Venice, Cannes, Berlin and Locarno. We also have six films that have been submitted to the 2023 Oscars,” Diño said. Diño and Lejano work closely with Manet Dayrit, a multi-awarded editor who serves as the president of the QC Film Commission. Dayrit shared that the closing film of the festival will be Singapore’s submission to the Best International Feature Film for this year’s Academy Awards: The Breaking Ice. Shot entirely in mainland China, the film is Anthony Chen’s coming of age Gen Z drama that tells the story of an unlikely friendship between three relentless youngsters as they discover a deep sense of warmth in their isolation over a weekend in the freezing Chinese winter. “Year after year, we at QCinema search far and wide to bring to the Philippines the best that world cinema has to offer, and this year, we have elevated it to a level we can truly be proud of,” enthused Dayrit. n

GMA Network focuses on glad tidings in Xmas ID GMA Network ushers in the holiday spirit with the official launch of its 2023 Christmas Station ID, Feeling Blessed Ngayong Pasko! The message is a simple and beautiful reminder of the season’s true essence: loving one another and being a blessing to each other. Empathy, generosity, and selflessness are at the heart of this year’s theme. In the holiday video, beloved network stars and personalities shine a light on everyday folk—giving themselves to their families and respective communities in ways big and small. First seen in All-Out Sundays on November 5, the Christmas video showcases some of the country’s biggest names in entertainment, news, and public affairs led by Dingdong Dantes, Marian Rivera, Alden Richards, Michael V., Heart Evangelista, Bea Alonzo, Barbie Forteza, Dennis Trillo, Mel Tiangco, Vicky Morales, and Jessica Soho. The video begins with them encouraging everyone to appreciate their blessings and pay it forward with love: “Mga Kapuso, ang sarap talaga ng feeling kapag Kapaskuhan kasi feel na feel talaga nating lahat kung gaano tayo ka-blessed! Bawat isa sa atin, may kakayahang magpasaya ng iba. Sa maliit man o malaking paraan, pwede nating i-share ang ating love!” Though the video features the network’s roster of popular and multi-awarded artists as they hang parols and other Christmas decorations, the spotlight belongs to

everyday people. They included delivery rider Elmer Mallanao, whose hard work led to his daughter’s academic success when she graduated cum laude; RM Capillas, who left his BPO career to devote full-time care to his grateful foster father Avelino; pharmacist Arshie Larga, who shares his blessings by providing free medicine; Nanay Bernadeta Zamora, whose life was saved thanks to the quick actions of nursing students Angyl Fayth Ababat and Kristianne Joice Noelle Ona; and Michael Kimuell, a hardworking jeepney driver who waives the fare should his passenger find themselves short. GMA also paid tribute to veteran broadcaster Mike Enriquez by remembering his generosity. He was the biggest donor of the National Shrine of Our Lady of the Abandoned in Santa Ana, Manila. As Christmas approaches, GMA encourages everyone to find blessedness and gratitude in their lives. Prior to the launch of GMA’s 2023 Christmas Station ID, the network lit up the internet with a teaser from their official online platforms. The 15-second video called on viewers to love and be a blessing to one another. Online comments spanned from speculation on which GMA artist would be singing the song, to anticipation about the upbeat sound from the bars of the teaser video. “Excited na ako sa pagsasama nila,” said one netizen.

Netizens were given a musical treat when the lyric video of the Christmas theme song dropped online on November 3. Feeling Blessed Ngayong Pasko was sung by the network’s singing powerhouse comprised of Christian Bautista, Mark Bautista, Rita Daniela, Hannah Precillas, Garrett Bolden, Jeremiah Tiangco, Anthony Rosaldo, Thea Astley, Jessica Villarubin, John Rex, XOXO, Zephanie, Princess Aliyah, and Julie Anne San Jose. GMA’s Christmas station IDs are an annual tradition for its viewers and the network. It brings together favorite network personalities to not only send messages of goodwill for the holidays in the country and wherever else the network is available, but also to give their thanks to their loyal and growing number of viewers. To date, GMA has 106 TV stations nationwide, cementing its commitment to reach millions more Filipinos. Nevertheless, the network continues to explore the further possibilities promised by various online platforms to provide accurate, in-depth, and timely information and superior entertainment to Filipinos anywhere in the world, anytime. GMA Network’s 2023 Christmas station ID #FeelingBlessedNgayongPasko is available on its official YouTube channel, Facebook page, or www. gmanetwork.com.

Tuesday, November 7, 2023

www.businessmirror.com.ph

FEDEX LAUNCHES NEW VIETNAM SERVICE accelerated pace, with a forecast of 4.9 percent growth in 2024. What we see happening in Vietnam is a great example of these regional trends. Our enhanced service in Vietnam is part of our journey to build a more flexible, efficient, and intelligent network and deliver an outstanding customer experience.” “The improved transit time from Vietnam to the Philippines will support the growth in trade volumes between both markets. With the ratification of RCEP, we anticipate increased investments within the world’s largest free trade area, stimulating economic growth in Southeast Asia,” said Maribeth Espinosa, managing director of FedEx Express Philippines. “In 2022, trade between the Philippines and Vietnam reached USD 7.8 billion, a 14.7 percent increase from the previous year. Combined with the projected revenue growth of e-commerce in Southeast Asia, the role of logistics in enabling intra-Asia trade becomes even more pronounced. The continuous rollout of enhanced and differentiated FedEx solutions will enable Philippine businesses to access more import and export opportunities.” FedEx has been supporting crossborder trade to and from Vietnam since it established operations in the country in 1994. With the new flight, local businesses serving international customers may gain a competitive edge with expedited delivery times. This latest announcement underscores the company’s dedication to improving services in Vietnam and strengthening operations across the AMEA region.

A WATER salute ceremony was held to welcome the first FedEx Boeing 767 Freighter that was used to kick-start the new flight in the evening of October 31, 2023.

EDEX Express (FedEx), a subsidiary of FedEx Corp. (NYSE: FDX) and one of the world’s largest express transportation companies, is further enhancing its intercontinental services between Vietnam and the Philippines as well as other markets in Asia, Middle East, Africa (AMEA) and Europe, with the introduction of a new flight offering faster transit times. Effective October 31, 2023, the new flight will use a dedicated B767 freighter flying four evenings a week from Ho Chi Minh City connecting Asia and Europe through the FedEx Asia Pacific Hub in Guangzhou, China. Exporters shipping from Southern Vietnam will benefit from faster transit times for shipments to the Philippines and major Asian markets in just one business day, and two business days to Europe. These new flights offer additional capacity on top of the current five flights to Asia, Europe and the US—four daily morning flights through the FedEx South Pacific

Hub in Singapore and one current evening flight through the Asia Pacific Hub. With a total of nine weekly flights departing from Ho Chi Minh City, FedEx continues to support businesses in tapping the huge growth potential in the region. Southeast Asia’s manufacturing hubs are growing and diversifying to include increasingly higher-value goods and services. Multilateral free trade agreements like CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) and RCEP (Regional Comprehensive Economic Partnership) are creating closeknit ties that are helping make the region an increasingly important trading partner. “We continue to transform our air network to offer differentiated service for our customers and that includes building capacity and creating faster connections to meet demand,” said Kawal Preet, president of Asia Pacific, Middle East, and Africa region, FedEx Express. “The Tiger Economies of Southeast Asia continue to grow at an

Sun Life Grepa is ACGS Golden Arrow Awardee for corporate governance

UN Life Grepa Financial, Inc. (Sun Life Grepa), one of the major insurers in the country, was recently awarded with a Golden Arrow in the 2022 ASEAN Corporate Governance Scorecard (ACGS) Awards organized by the Institute of Corporate Directors (ICD). This is the 5th consecutive year that the ICD has recognized the good corporate governance of Sun Life Grepa. Sun Life Grepa President Richard S. Lim attended the awarding ceremony that was held on September 28, 2023 at Okada Manila. The ACGS is an assessment tool that evaluates the corporate governance practices of publicly listed and insurance companies in ASEAN member countries. The Arrow Golden Recognition is a distinguished honor that reflects exceptional adherence to best practices in corporate governance, making Sun Life Grepa a standout in the industry. “We are immensely proud to receive this award from ICD. This back-to-back recognition underscores our relentless pursuit of excellence in all aspects of our business operations, ultimately benefiting our customers and the wider community we serve,” Sun Life Grepa President Richard S. Lim said. “This also reflects the dedication of our team and our unwavering commitment of building trust and confidence, exceeding the expectations of our stakeholders every step of the way.” The ACGS, established by the ASEAN Capital Markets Forum, serves as a valuable tool for evaluating and ranking publicly listed and insurance companies’

effectiveness in protecting the rights of shareholders, equitable treatment with stakeholders, transparency and fairness through disclosure of material information, and the effectiveness of the board. This initiative was inaugurated in 2011 as a significant step toward advancing ASEAN’s economic integration. Sun Life Grepa had previously received an ACGS award in 2018 and 2021.

Lopez-led FPIP donates more hand-washing stations to another 15 Batangas public schools

11 young leaders to represent PHL in ASEAN-Japan exchange program

LEVEN young leaders will represent the Philippines in the upcoming 47th Ship for Southeast Asian and Japanese Youth Program (SSEAYP) scheduled to take place in Tokyo, Japan from November 29 to December 8, 2023. Established in 1974 and organized by the Cabinet Office of Japan, in cooperation with the ASEAN Member States, SSEAYP is an international cultural exchange program intended to cultivate a longstanding spirit of camaraderie and partnership amongst the participating countries. This year’s exchange program also marks the 50th year of ASEAN-Japan Friendship and Cooperation. With the theme “What can the youth do in the new era of cooperation commemorating the

50th Year of ASEAN-Japan Friendship and Cooperation,” major United Nations Sustainable Development Goals will be discussed including quality education, gender equality and women’s empowerment, energy, climate change, economic growth and sustainable communities, good health and well-being. The Philippine Participating Youths (PPY), this year, introduced the batch name “Silay,” a Filipino expression that signifies the pinnacle of anticipation for the dawn of a promising future after a period of hardship. Silay is a poignant reminder that SSEAYP’s return to a face-to-face format gives a sense of renewed hope, as the Filipino youth involved in the program are given access to new avenues for growth and

great expectations of catching a glimpse of what lies ahead through this diplomatic exchange. Batch Silay brings together a diverse delegation, representing various sectors such as educators, students, government employees, and non-governmental organization officers. It is headed by National Leader Jogepons Ruloma, a public servant, a registered environmental planner, and a licensed professional teacher from Bohol. He will be joined by PPY representing the three major island groups of the Philippines. For Luzon: Verna Abby Catusalem (Aurora, appointed Youth Leader), Aldrine Anzures (Manila), Brian Delos Santos (Masbate), and Justine Angelica Orbe (Bataan). For Visayas: Leyden Sta. Isabel (Bacolod), Kingsley De Los Santos (Iloilo), and Wilfred Paller (Aklan). For Mindanao: Raymark Estael (Agusan del Sur, appointed Assistant Youth Leader), Abdulfarid Guinomla (Cotabato), and Hilton Soberano (Davao). The Philippines, through the National Youth Commission, will be sending these Philippine Youth Ambassadors of Goodwill to Japan. These ambassadors will participate in a wide range of activities for 10 days, including homestays, immersion programs, cultural presentations, field studies, collaborative discussions with international counterparts, courtesy visits, and attendance at the anniversary reception commemorating the 50th Year of ASEANJapan Friendship and Cooperation. To be updated on its activities, follow SSEAYP Philippines on Facebook (fb. com/SSEAYPPhilippines) or send an email to sseaypph47@gmail.com.

Queens Wellness and Beauty Center opens third clinic in four years

HE royalty of aesthetic and beauty centers is now open in Bonifacio Global City. To celebrate its 4th anniversary, Queens Wellness and Beauty Center formally opened its third branch Saturday, October 28, 2023 at One World Place in BGC. Its two other branches are located in Quezon City and Makati City. Mary Grace Juliano, Founder and CEO of Queens Wellness and Beauty Center, said she really made it a point to formally open the BGC branch on October 28 because it was that same day when she opened her own aesthetic clinic in Quezon City. Her business partner in

this endeavor is Alain Chan who helps manage their mall business, distribution and farm in Mindanao. “Since I was a frequent visitor of aesthetic clinics, I decided to put up my own clinic back in 2019 at the height of the Covid-19 pandemic in Quezon City. The floor area of the first clinic was 58 square meters,” she recalled. She decided to call it Queens Wellness and Beauty Center because it represents who she is—beautiful, independent, powerful and empowering individuals to embrace their unique beauty. “I worked hard to create a nurturing and empowering environment where clients feel inspired,

SCHOOL children from Tanauan City Integrated School in Batangas try the new hand-washing station donated recently to their school by Lopez-led ecozone operator First Philippine Industrial Park (FPIP) as part of the company’s support to help control the spread of infectious diseases and promote proper hygiene among school children. The donation brought to 30 the number of public schools that received free hand-washing stations from FPIP in the past year. In October 2022, FPIP also built hand-washing facilities for 15 other Santo Tomas and Tanauan public schools. Standing behind the schoolchildren are, from left, Jason De Las Alas, FPIP assistant vice president; Zylene T. Marquezes, Tanauan City councilor; Gladys R. Biscocho, school principal; and other school officials, as well as guests.

OPEZ-LED economic zone operator First Philippine Industrial Park Inc. (FPIP) has donated hand-washing stations to 15 more public schools in its two host cities in Batangas province as part of the company’s support to help control the spread of infectious diseases and promote proper hygiene among school children. FPIP formally turned over the facilities during simple ceremonies held recently in the cities of Santo Tomas and Tanauan in Batangas. The facilities also received support from the Batangas Chapter of the Philippine Red Cross, which donated 30 soap dispensers and 15 cleaning sets, on top of hand soaps. The turnover brought to 30 the number of public schools that received hand-washing stations from FPIP in the past year. In October 2022, FPIP also turned over hand-washing facilities to 15 other public schools in the cities of Santo Tomas and Tanauan. All the hand-washing stations were designed, constructed and installed in complete sets by FPIP. The donation is also FPIP’s show of support for Department of Education (DepEd) Order No. 10, series of 2016, which sets the policy and guidelines for DepEd’s “Comprehensive Water, Sanitation, and Hygiene in Schools (WinS) Program.” DepEd implemented WinS “for the promotion of correct hygiene and sanitation practices among school children and a clean environment in and around schools to keep learners safe and healthy.” It requires every school to have a sustainable water system and hygiene facilities to achieve learning and health outcomes, which in turn will improve the school attendance of pupils, enable them to maintain cleanliness, and practice handwashing in the schools. For Czylene T. Marqueses, a member of the Tanauan City Council, the turnover was extra special because Santor Elementary School, one of the recipients of the

handwashing stations, is her alma mater. “This is the second time that FPIP donated hand-washing facilities in Tanauan City; and they have reached more schools, including my alma mater,” Marqueses said during the turnover ceremonies. Dr. Guillerma L. Bilog, the head of DepEd’s School Governance Operations Division in Santo Tomas City, expressed her gratitude to FPIP for being one of DepEd’s trusted and reliable partners in Santo Tomas. “FPIP has always been supportive to the DepEd leaders, the schools, and pupils in Santo Tomas. Mabuhay po kayo!” Bilog exclaimed during the turnover ceremonies. Ricky Carandang, FPIP vice president and head of external affairs, for his part said: “Last year, we made a promise to pursue a second phase of our free handwashing station project for public schools in the cities of Tanauan and Santo Tomas. The turnover ceremonies was a fulfilment of that promise. “But through our collaboration with the local government units, the DepEd and other supportive groups in both Santo Tomas and Tanauan, we can implement more programs for the benefit of our stakeholders,” Carandang vowed. Lopez-controlled First Philippine Holdings Corporation, together with partner Sumitomo Corporation of Japan, established FPIP as a world-class location for global manufacturers and traders, as well as a platform for creating jobs for ordinary Filipinos and tax revenues for the government. Today, the 520-hectare economic zone provides employment for almost 80,000 Filipinos and generates hundreds of millions of pesos in tax revenues for the government from locators, aside from exporting annually over P200 billion in goods and services to the rest of the world.

supported, uplifted and embrace their unique beauty and achieve a sense of inner radiance,” Juliano said. Queens Wellness and Beauty Center is a onestop aesthetic beauty center that offers services ranging from manicures, pedicures to beauty drips and surgical and non-surgical aesthetic procedures. When asked why she chose BGC to be the site of Queen’s newest branch, Juliano said for her BGC was the ideal location because it catered to a wider clientele—from office workers to those in high society. The center also has its own in-house doctors who are ready to advise clients on what services would suit their individual needs. “We want to assure our clients that our machines

are top of the line ad that we give our clients the best possible service. We want our clients to feel like royalty at the center,” Juliano said. Another feature that makes Queens stand out from its competition is that they offer programs to their clients. These programs not only help achieve what they client wants; they are also able to strengthen their relationships with them. “You will not be able to see the effects of the service that you availed of after one session. It has to be a program so that your inner beauty will be revealed,” Juliano said. For more information about Queens Wellness and Beauty Center, you can visit their FB page.

World Features

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

BusinessMirror

Tuesday, November 7, 2023

Nigeria unplugs from dirty power generators in sudden solar gamble

By Yinka Ibukun

ENERATORS are everywhere in Lagos, used by almost everyone in the Nigerian megacity to counteract crippling power outages. Those living in upscale and gated communities or working at big companies turn to massive, soundproof diesel generators when the electricity grid inevitably fails. There are the smaller, noisier petrol versions for those who can’t afford to maintain a diesel rig. And at the bottom of the generator hierarchy, found in countless shops and homes, are legions of less capable machines known in Nigerian Pidgin as “I-pass-myneighbor generators.” The derisive name mocks those who can’t afford even a generator that puts out just enough juice to run fans, turn on lights and charge phones. T he lowest-end generators make up for their deafening roar and abundant fumes with the distinct advantage of portability, allowing users to plug in at home and work. These are the machines Femi Adeyemo has spent years trying to displace with equally f lex ible and af fordable solar technology. On a summer day when a package arrived from China, the staff at Adeyemo’s decade-old company, Arnergy, huddled around his desk to examine the latest prototypes. The portable power station resembles an old-school boombox and can be plugged into solar panels. A screen shows how much power it has left, and outlets connect electronics. Arnergy has already had success offering solar technology to high-income earners, and this is meant to be its first mass-market product. The company raced to get the prototype ready as quickly as possible after Nigeria’s approach to energy suddenly changed. Bola Tinubu, the country’s new president, stood at a podium in May, dressed in his white agbada robe and a cap embroidered in greenand-white national colors, and veered far off script. “The fuel subsidy is gone,” Tinubu declared in the middle of his 30-minute inauguration speech. With that five-word decree, the economics of Nigeria’s na-

scent solar industry changed at once. “The subsidy removal has thrown that market wide open,” Adeyemo says. Fuel prices spiked 175 percent overnight, disrupting the economics of a generator-dependent nation. Prices have risen even further since then. A lack of refining capacity means Nigeria imports virtually all its gasoline even though it’s Africa’s biggest crude exporter. The fuel subsidies, in place for more than three decades to keep pump prices low, recently cost the treasury as much as 400 billion naira ($522 million) per month. In all, the country spent $9.7 billion last year on imported gasoline. But that enormous expense has been considered one of the few widespread benefits of the country’s oil wealth—and it’s been politica l ly untouchable. W hen a previous government tried scrapping the subsidy in 2012, tens of thousands of Nigerians took to the streets and forced a partial reversal. In Lagos, a city known for grinding traffic, the sudden end of the subsidy has cut the number of vehicles plying the roads. In Abule Egba, a northern neighborhood, you can watch a minibus driver turn off his engine to save fuel and hop out to push the eight-seater forward through gridlock. People across the city are adjusting to buying petrol for more than triple the price of what it was only four months earlier. Morning news shows discuss workers being forced to sleep in their offices because they can’t afford the commute home. Yet pushback on the policy has so far been muted, suggesting higher pump prices might be here to stay this time. The new reality has prompted dramatic changes in Nigeria’s solar outlook by putting the cost of electricity from sunlight on par with unsubsidized gasoline. Within days, energy researchers at BloombergNEF completely revamped their projections and put the country

ADEYEMO, right, with a staff member. BENSON IBEABUCHI/BLOOMBERG

on a path to reach 1.6 gigawatts of solar capacity within a year— about triple the previous forecast. “This could be one of the first markets where off-grid solar begins to really build grid-scale volumes,” says Jenny Chase, a solar analyst at BNEF. Near the city’s eastern border, Patience Johnson’s fridge hasn’t come on since the subsidy ended. The 45-year-old single mom used to pay 3,500 naira each week for 20 liters (5.3 gallons) of petrol to run her small generator from 9 p.m. to midnight. That allowed her to charge phones, light up her two-bedroom home and run a fan to help her 16-year-old daughter, Favour, study on humid nights. Now reading happens by candlelight, and Johnson charges her phone at work. She buys only enough food to eat within the day. “We haven’t even smelled light in my neighborhood since the end of the subsidy,” she says. Her neighborhood is in IbejuLekki, a stretch of land sometimes called the New Lagos because it was mostly swamp 20 years ago. Now there’s an expressway f lanked by uninterrupted buildings. This accelerating urbanization, found across Africa, is colliding with governments’ failure to provide basic services. More than half of Africa’s urban population lives in slums or informal settlements, often with

inadequate access to water, sanitation and power. In Lagos, about 70 percent of households aren’t connected to the grid. The lucky few with connections contend with blackouts lasting more than 12 hours a day. The national grid delivers only 1,000 megawatts to a city of 25 million people. By contrast, Shanghai, with roughly the same population, supplies more than 30,000MW at peak demand. Ghana’s capital, Accra, another West African city of about 5 million people, uses about 800MW from its grid. That’s where all the generators come in. Researchers at Dalberg Global Development Advisors, a consultant in New York, estimated as recently as 2019 that Nigeria had a fleet of 22 million petrol generators with a capacity below 4 kilovolt-amperes, including I-pass-my-neighbor generators. Collectively these low-power generators emit 51 million tons of carbon dioxide equivalent annually, roughly equal to all the emissions produced by New York City. A third of these generators are in Lagos, where people can muster 15,000MW of energy by some estimates, 15 times more than what the grid supplies. “There’s a failed social contract that’s very apparent,” says Taibat Lawanson, professor of urban management and governance at the University of Lagos. “Everyone in Lagos is fending for themselves.” Johnson isn’t sold on solar because most products on the market offer too much or too little. The higher-end solar home systems with panels, batteries and inverters can power a fridge, computer, television, water pump and multiple fans. Those carry an upfront cost of as much as $2,000, a year of Johnson’s pay. At t he lower e nd , d . l i g ht (founded by two Stanford University MBA graduates), Sun King (a Kenya-based off-grid solar provider with operations in a dozen countries) and others have taken part of the market by selling solar products that produce just enough energy to charge phones and power a few lights. Their scaled-up products, which can run fridges or barber’s clippers, have been much less popular.

Johnson decided to retrofit her petrol generator to run on cheaper cooking gas. That temporarily allowed her household to use as much electricity as before. “But now even cooking gas is expensive,” she says. Eventually she had to idle the generator. Lagos has a plan to provide all of its residents with reliable electricity by the end of 2036. Its strategy is anchored on the creation of a market that will serve only the city rather than relying on the national grid. A federal law passed in June paves the way for the work to start. The city aims to draw private investment to build its own grid. “It’s a market that’s going to be transparent, and it’s a system that’s going to be expandable,” says Olalere Odusote, the most recent Lagos state commissioner for energy and mineral resources. Nigeria has an installed capacity of 14,300MW of power, but the grid can carry only about half of that. Then only half of that residual amount gets to customers because of a litany of issues including aged infrastructure and vandalism. “The big market isn’t working here, so the plan is to start small and then expand,” Odusote says. Even with its own electricity market, Lagos aims to maintain an off-grid component as part of the mix, according to the city’s energy strategy. If all proceed according to plan, fossil fuel generators will go from the city’s main source of power today to total elimination. Planners say this shift could make Lagos a more livable city. There’s also a national incentive. The power sector is the biggest emitter in Nigeria, and the country has pledged to become carbon neutral by 2060. Shifting away from diesel and petrol generators is the top priority in the decarbonization strategy. But the average Nigerian isn’t thinking about their carbon footprint, and energy savings may end up being the strongest argument to change behavior. “Removing subsidies will focus greater attention on efficient sources of energy because people now have to pay for it themselves,” says Eluma Obibuaku, a senior vice president and head of power at

the Africa Finance Corp. in Lagos. “Anything that’s more efficient will win.” The country’s nascent solar industry wants to supply that efficient energy. “The economics now make sense for microenterprises, big and small families,” says Rotimi Thomas, chief executive officer of SunFi, a marketplace for solar providers and customers that provides financing. A month after the subsidy removal, SunFi hosted solar vendors in its offices on a quiet street in Ikoyi, an affluent neighborhood whose towering trees have been felled to build luxury high-rises, broaden roads and create drainage as Lagos grows. There was palpable excitement about the possibilities of reaching a wider market following the subsidy removal. “ The landscape has permanently changed in Nigeria for solar systems,” Thomas said to an audience of about 50 solar providers. “Almost every customer that’s using a petrol generator is fertile ground for solar now.” Adeyemo attended as a star speaker, having recently hosted Lagos events with Bill Gates (w ho’s i nv e s t e d i n A r ne r g y through his Breakthrough Energy Ventures). His startup isn’t the only company accelerating its growth plans. Lagos-based solar manufacturer Auxano Solar is expanding its plant’s capacity. Engie Energy Access, a unit of France’s Engie SA, has also raised its growth targets. But there’s some skepticism, too. Financing remains a barrier to solar adoption in Nigeria. The industry also faces broken trust in the technology after an influx of substandard solar lanterns and panels made consumers wary. Above all, people value the familiar. Breaking the generator habit isn’t easy, warns Uvie Ugono, founder and CEO of Solynta Energy in Lagos. One feature of generators that consumers value is the ability to turn them off and on as a way to manage costs, so his team built tech allowing people to set the amount they’re willing to spend on solar energy. “It works like a smartphone,” Ugono says. Instead of data bundles, “they buy power bundles.” This sets his offering apart from popular sales models that rely on monthly subscriptions or fixed lease-to-own payments. It’s ironic that selling solar is complex in a sun-drenched city facing an unreliable power supply. But the sector’s pioneers understand that success will require custom-made solutions that resonate with their audience. What will it take for more Lagosians to go green? Adeyemo says years of trying to sell solar have taught him it’s about building affordable products that suit the customer’s lifestyle rather than trying to change that lifestyle. An earlier version that failed to catch on “was ahead of its time,” he says in an admission that the transition hasn’t been easy. As he made his way to work, crossing one of Lagos’ looping bridges, he noticed an expanse of panel-less rooftops. If Africa’s most populous city is on the verge of a solar boom, Adeyemo would be able to track it along his commute and in his business. Bloomberg News

Balancing act Heidenheim’s Tim Kleindienst appear to be balancing the ball on his head during

his team’s German Bundesliga match against Stuttgart at the Voith-Arena in Heidenheim, Germany, on Sunday. Kleindienst and Jan Schöppner each score in a 2-0 victory. AP

36-team PNVF Challenge Cup on today at Rizal Memorial Coliseum

HE country’s top collegiate, club and local government unit (LGU)-based teams collide as the Philippine National Volleyball Federation (PNVF) launches the Challenge Cup starting today (Tuesday, November 7) at the Rizal Memorial Coliseum in Manila. Twenty squads in the men’s division and 16 in the women’s side duke it out in 15 days of intense volleyball action—the penultimate tournament the PNVF, headed by Ramon “Tats” Suzara, is hosting this year. “Three-peat” UAAP champion National University and reigning PNVF Champions League titlist Cignal headline the cast in the men’s division of the tournament supported by the Philippine Sports Commission headed by chairman Richard Bachmann, PLDT, Rebisco, Akari, Foton and CBPI. NU is in Pool B with RTU-Basilan, Arellano University, VNS Asereht and University of the East-Cherrylume while Cignal leads Pool A with Kuya JM-Davao City, Savouge Aesthetics, Volida Volleyball Club and University of Batangas. PGJC Navy, 3B Marikina City, Angatleta-Orion, Bataan, Jose Rizal University and Plaridel, Quezon are Pool C as well as UAAP runner-up University of Santo Tomas, Tacloban City-EV, Iloilo D’Navigators, Santa Rosa City and Emilio Aguinaldo College are in Pool D. In the women’s division, twotime reigning NCAA queen College of Saint Benilde spearheads Pool A with Volida Volleyball Club, UP Volleyball Club and Parañaque City. Bunched in Pool B are Philippine Airforce, JRU, Davao City and Tacloban City-EV while Arellano, Letran, University of Batangas and RTU-Basilan make up Pool C. Completing the fray are the

University of the Philippines, San Beda, Lyceum of the Philippines University-Batangas and La SalleDasma in Pool D. St. Benilde and Parañaque open the hostilities at 8 a.m. today (Tuesday) in the women’s play followed by the clashes of RTU against Letran and La SalleDasmariñas against San Beda at 10 a.m. and 12 p.m., respectively. In the afternoon games, Cignal begins its campaign against Savouge Aesthetics at 2 p.m. and NU takes on RTU at 4 p.m. with UST and Sta. Rosa wrapping up the six-game opener at 6 p.m. The Challenge Cup is the PNVF’s Champions League with a new name. The tournament was first staged in Lipa City in 2021 with F2 Logistics winning the women’s title and Team Dasma Monarchs ruling the men’s contest. All teams slug it out in a singleround robin format within their pools with only the top two teams advancing in the quarterfinals. The quarterfinals, semifinals and championship will be played in a knockout format for the first crown of the PNVF Challenge Cup.

Sports BusinessMirror

didn’t give up,” deputy Lerma Giron, in lieu of head coach Kungfu Reyes said. The Golden Tigresses never let up with two straight wins since a tough 22-25, 25-23, 25-18, 23-25, 1115 loss to the Lady Blazers in Game 1 of the quarterfinals. Armed with a win-once bonus, UST took care of business with a 25-15, 25-16, 19-25, 32-30 win over St. Benilde in Game 2 to march on to the semifinals—where it overcame FEU. Save for a second-set meltdown, the Golden Tigresses kept their poise in taming the Lady Tamaraws to earn another shot at the Lady Bulldogs. UST bowed to NU in the SSL Season 1 semifinals, 23-25, 25-23, 2125, 17-25, before losing to Adamson in the bronze-medal match to settle for fourth place. The Golden Tigresses also absorbed a 19-25, 20-25, 16-25 defeat to the Lady Bulldogs in the elimination round this season but are hoping for a different result in the finale.

San Miguel Beer, 4 other squads clinch tickets to quarterfinals of PBA 3x3 Leg 4

AN MIGUEL Beer, Blackwater, Cavitex and TNT claimed the first four quarterfinal round berths in Leg 4 of the Philippine Basketball Association 3x3 Season 3 on Monday at the Ayala Mall Manila Bay. The Beermen went off to a 2-0 start in Pool B with victories over Cavitex, 22-17, and Northport, 21-16, with big man Ken Bono throwing his weight around to advance in the knockout stage of the Second Conference for the first time. San Miguel Beer finished eighth twice and 11th last week in the first three legs. TNT swept its Pool A assignments to take the top seed and remain on track toward a fourth straight title this conference. Taking advantage of the last-minute entry of leading scorer Almond Vosotros, who replaced the ailing Chester Saldua in the roster,

the Tropang Giga turned back Blackwater Smooth Razor, 19-17, and whipped Terrafirma, 21-14, for a 2-0 record at the end of

uesday, November 7, 2023 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Paris 2024 Olympics: HD has it all figured out

UST ousts FEU, advances to finals vs NU NIVERSITY of Santo Tomas (UST), once on the brink of elimination, arranged a titular showdown with National University (NU) after thwarting Far Eastern University (FEU), 25-21, 25-20, 19-25, 25-20, in the semifinals on Sunday of the Shakey’s Super League Collegiate Pre-Season Championship Season 2 at the Rizal Memorial Coliseum. Super rookie Angeline Poyos sizzled with 21 points on 17 hits and four blocks as the Golden Tigresses stabilized their title bid after nearly squandering a twice-to-beat advantage in the quarterfinals. Jonna Perdido and Regina Jurado added 15 and 14 points, respectively, for UST in earning a rematch against reigning champion NU after their semifinal duel in the inaugural season. UST and NU, which swept Adamson University in the other semifinals, slug it out on Friday in Game 1 of the best-of-three finals series. “I love the girls’ attitude, they

B8 | T

HIDILYN DIAZ-NARANJO (left) and husband-coach Julius Naranjo lay the groundwork of the HD Weightlifting Academy in Jalajala, Rizal, Sunday.

By Josef Ramos

IDILYN DIAZNARANJO is focused on two qualifying competitions for her imminent participation in Paris next year—her fifth consecutive Olympic campaign and a shot at a potential second gold medal. “Five is okay so we’re looking forward to compete in two more

LORENCE BISERA is filled with enthusiasm as she embarks on a new journey in her career by joining the crack 16-player Ladies Philippine Golf Tour (LPGT) crew in the Party Golfers Ladies Open unfolding Wednesday in Taiwan. “I am super happy to be able to join this tournament, this is my first outside the Philippines,” said Bisera before leaving for the 54-hole championship offering a total prize fund of NT$4 million (P7 million). But the tournament is more than just a competition— it’s also an avenue and a valuable experience for Bisera as she has her sights set on competing abroad more frequently in the coming year. “I am excited to learn many things since this is a stepping stone and an their campaign in the pool stage. Blackwater meanwhile, scored a 21-14 win over the Dyip to even its slate at 1-1 and take the remaining quarterfinals ticket in its group, while shutting the door close on Terrafirma’s bid. Cavitex also made it to the next round with a 2-1 record in Pool B. The Braves won over Purefoods, 21-18, and Northport, 21-14, with their lone loss being dealt by the Beermen. A prize money of P100,000 await the leg champion, while P50,000 and P30,000 will be given to the runner up and third placer, respectively. SAN MIGUEL Beer’s Ken Bono shoots over NorthPort’s JR Alabanza.

qualifying tournaments,” DiazNaranjo told BusinessMirror on Monday from Jala-Jala in Rizal where construction work on her dream HD Weightlifting Academy would start any day now. The gold medalist in Tokyo and her husband Julius, also her coach and trainer, initially lined up five Olympic qualifying tournaments for her return to the Games, but two’s enough as she’s ranked No. 8 in the

women’s 59 kgs category. The couple lined up the International Weightlifting Federation (IWF) Grand Prix II in Doha from December 4 to 15 and the IWF World Cup from April 2 to 11 in Phuket, Thailand. They scratched the 2024 Asian championships in Tashkent in February but favored the Asian Indoor Games in Bangkok also in February although it’s not an Olympic qualifier. “The World Cup in Thailand is the last Olympic qualifier and I’m not sure about Tashkent,” she said. “But we’ll be in the Asian Indoor and Martial Arts Games.” Diaz-Naranjo is technically ranked No. 7 in the 59 kgs class with her 224 kgs lift as far as the Olympic qualifying process is concerned. Two Chinese—Luo Shifang (243) and Pei Xinyi (236)—are 1-2 in the division but the Olympics rule that only one from each country could qualify for the Games. Ukraine’s Kamila Konotop (236 kg) ranked third, followed by Colombia’s Yenny Alvarez (234), Chinese-Taipei’s Hsing-Chun Küo, Canada’s Maude Charon (231), Nigeria’s Rafiatu Nawal and Diaz-Naranjo. Mexico’s Janeth Gomez of Mexico (223) was ninth and another Filipino, Elreen Ann Ando (222) who clinched bronze in the Hangzhou Asian

Games, was 10th. Twelve lifters will compete in each weight class in the Paris Olympics and with the qualifying window approaching its end, Diaz-Naranjo has it all figured out to protect her spot on the list. “It was very tough on my end, I got sick,” said Diaz, 32, who was in all of the four previous Olympics starting as an 18-year-old in Beijing 2008 and an experienced lifter when she got silver in Rio 2016. “But training never stops despite the hectic schedule.” Diaz-Naranjo earned the No. 8 ranking after three Paris 2024 qualifiers at the Bogota world championships last December, Asian championships in Jinju (South Korea) last May 7 and world championships in Riyadh last September. She finished outside the podium at fourth with 223 kgs total lift in only her second international stint at 59 kgs in Hangzhou. She won gold in Tokyo at 59 kgs, which was scratched from the Paris program. Kim Il-gyong won gold in record fashion in Hangzhou at 246 kgs but her native North Korea’s not on the IWF roster. Luo was second at 240 and Kuo third at 227. Diaz-Naranjo has consistently admitted returning to a heavier weight class would demand more training, preparation and focus.

Bisera enthusiastic of first overseas campaign experience because I plan to really compete abroad next year,” she said. The Civil Engineering senior at Mapua University had a careerdefining moment when she emerged triumphant in the LPGT South Pacific Classic in Davao last September, upstaging some of the best players on the LPGT. While that win was on a familiar turf, she is confident in her abilities and determination to achieve another top podium finish. “I’ve been hitting my drives considerably well and my short game is quite okay, which I think is the most important thing. I’ve been focusing on my short game the last two months,” said the 21-year-old rising star with an impressive golfing lineage from one of Davao’s renowned golfing clans.

While she remains wary of the opposition from the best of the Ladies Professional Golf Association of Taiwan and a band of aces from Thailand and Japan, Bisera is hopeful to figure in the title race coming off an intensive training for the blue-ribbon event. “I did not prepare for this for a short time, I really took this opportunity seriously,” said Bisera, while stressing the need for her to polish her putting to get into the early mix and in contention in the final day. “I think my putting because ever since I played golf it has been the most difficult part for me,” said Bisera, who hopes the make the most of her chance to familiarize herself with the unpredictable surface of the Lily Golf and Country Club layout Tuesday.

Gomera, Mercado shine in Dumaguete

semifinals, only to cramp out against Mercado in the finals. Kimi Brodeth earlier dominated Mercado to secure the 16-and-under diadem on a 6-2, 6-0 rout. Caroliean Fiel ripped Everett Niera, 4-1, 4-2, to clinch the 10-under unisex crown and though she fell short of her bid in the 12-and-under finals after bowing to fellow Ormoc City bet Chrystell Laguna, 5-7, 6-3, 7-10, the young campaigner split the MVP honors with Mercado in their side of the competition. Unranked Ma. Nina Torrejos, also from Ormoc, upended top seed Kate Imalay, 6-2, 2-6, 11-9, to snare the girls’ 12-and-U title, while local bet Armik Serillo blasted Tayasan, Negros Oriental’s Rafa Callao, 6-0, 6-2, to seal the boys’ 12-and-U crown.

FLORENCE BISERA’S mettle will be tested on foreign turf.

CLEEN GOMERA foiled doubles partner Kenzo Brodeth in a furious pendulum duel in the decider to hack out a tough 2-6, 6-3, 12-10 victory in the boys’ 16-and-under singles final for a two-title romp in the Governor Manuel Sagarbarria National Junior Tennis Championships at the Praxevilla courts in Dumaguete City over the weekend. As he foiled Brodeth’s bid for another “twinkill” following the Ormoc City bet’s triumph in 14-andunder play, the top-seeded Gomera, playing out of Bacolod in Lanao del Norte, posted his own “double” as he nailed the 18-and-under title via a

7-5, 6-0 triumph over Gerald Gemida. Bulacan’s Chloe Mercado later shared the MVP honors with Gomera as she scored a 6-4, 4-3 (ret.) win over Judy Ann Padilla to pocket the girls’ 18-and-under trophy in the Group I event held as part of the Negros Oriental Sports Development Program and sponsored by Sagarbarria. Earlier, Padilla, from Ozamiz City, also ended doubles pal Kimi Brodeth’s run of two-title romps in the Palawan Pawnshop-Palawan Express Pera Padala circuit put up by Palawan Pawnshop president and CEO Bobby Castro as she squeezed out a hardearned 6-3, 4-6, 10-6 victory in the