BusinessMirror November 14, 2023 by BusinessMirror

ROTARY CLUB OF MANILA JOURNALISM AWARDS

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

BusinessMirror

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS

PHL RETAIL E-COMMERCE UP 26%, HIGHEST IN S.E.A. w

Tuesday, November 14, 2023 Vol. 19 No. 34

P25.00 nationwide | 2 sections 20 pages |

By Andrea E. San Juan @andreasanjuan

HE Philippines ranked first in retail e-commerce growth in 2022 among Southeast Asian countries, posting a 25.9-percent growth, according to an Asian Development Bank (ADB) report. The ADB report, published in November 2023 with the title “ECommerce Evolution in Asia and the Pacific: Opportunities and Challenges,” noted that although the e-commerce ecosystem in the Southeast Asian subregion is still “nascent,” the market has been growing rapidly and outpaces the rest of its Asian neighboring countries. Citing a 2022 report by CramerFlood, ADB said the subregion’s growth of 20.6 percent in retail e-commerce in 2022 “stands out” among all other economies and regions globally. In addition, it noted that only four economies reported faster growth rates than the combined figure of Southeast Asia. Two of these, however, still belong in the subregion, namely, the Philippines and Indonesia, ADB said. “The Philippines, on the other hand, ranks first in retail e-commerce growth in 2022, posting 25.9-percent growth. Continued on A5

ROLLING DOWN HISTORY Exploring history on wheels. Local tourists glide through Intramuros on Segways, passing by the Plaza San Luis Complex. The complex, a masterpiece by the Intramuros Administration, showcases nine houses that embody the architectural charm of 19th-century Spanish colonial-era. Intramuros stands proud as a nominee for the prestigious “World’s Leading Tourist Attraction” in 2023. NONIE REYES

ASIAN FIRMS FACE ‘CHAOTIC’ ’24-’25 ON SUPPLY CHAIN WOES By Andrea E. San Juan @andreasanjuan

“CHAOTIC scenario” is expected for Asian companies in the next 24 months due to issues on demand visibility brought by geopolitical conflicts impacting supply chains, according to Procurement and Supply Institute of Asia (PASIA) President Charlie Villaseñor. “There’s a lot of things going on—reverse globalization, or supply chain diversification— countries are going to be moving towards more geopolitical

politics, even though they don’t want to do it, but they’re being forced to address this also; there seems to be still an issue on demand visibility,” Villaseñor said in a televised interview. The issue of demand visibility among companies, the PASIA president noted, is that companies are “not really getting a firmer appreciation of what the demand and the supply situation would be.” With supply chain visibility, parts, components or products in transit can be tracked from the manufacturer to the final destination. Continued on A5

Consing is 1st head of MIC; warning raised on IRR risks By Samuel P. Medenilla @sam_medenilla

& Jovee Marie N. dela Cruz @joveemarie

RESIDENT Ferdinand R. Marcos Jr. on Monday appointed Office of the Presidential Adviser for Investment & Economic Affairs (OPAIEA) Executive Director Rafael D. Consing Jr. as the first head of the Maharlika Investment Corporation (MIC), and House Committee on Ways and Means Chairman Joey Sarte Salceda promptly called him the right person for the job. However, a warning against the risks of billions of public funds easily being lost as a result of the

removal of stricter provisions under the revised implementing rules and regulations of the MIC was raised by a former lawmaker, who called the Maharlika law “a dangerous law.” This danger, said lawyer Neri Colmenares, “is to hundreds of billions of public funds,” and the risk is “now further worsened by the new IRR promulgated by Malacañang.” As Maharlika stands at the crossroads of finance, development, and public administration, economistlawmaker Salceda said Consing’s robust background in three major positions in the corporate world and the Palace make him the ideal leader for the crucial role. See “Consing,” A2

PESO EXCHANGE RATES n US 55.9550 n JAPAN 0.3694 n UK 68.4106 n HK 7.1646 n CHINA 7.6808 n SINGAPORE 41.1494 n AUSTRALIA 35.5258 n EU 59.8047 n KOREA 0.0425 n SAUDI ARABIA 14.9182 Source: BSP (November 13, 2023)

News

BusinessMirror

A2 Tuesday, November 14, 2023

www.businessmirror.com.ph

PHL votes in favor of 7 of 8 UN resolutions scoring Israel

By Malou Talosig-Bartolome

@maloutalosig

HE Philippines has voted in favor of seven out of eight United Nations resolutions that singled out or condemned Israel. The Philippine delegation to the UN in New York City led by Ambassador and Permanent Representative Antonio Lagdameo abstained on one resolution tabled for deliberation before the UN General Assembly. Two UN committees—Special Political and Decolonization Committee (4th), and the Economic and Financial Committee (2nd) —tackled the texts of the eight resolutions and all were adopted

Consing...

last November 9. All the eight resolutions will undergo voting again on the second reading in December when the UNGA plenary resumes session.

In favor: Condemning Israeli practices in Palestinian territories

THE Philippines voted in favor of the UN resolution condemning the Israeli practices in Palestinian territories including East Jerusalem

Continued from A1

With his new designation, Consing now serves as the President and Chief Executive Officer (PCEO) of the corporation, which will manage and invest the Maharlika Investment Fund (MIF) in line with international best practices such as the Santiago Principles. He will have a three-year term and will be responsible for diversifying the portfolio of the country’s first sovereign wealth fund. Malacañang described Consing as an “accomplished, results-

driven, and multi-awarded Clevel executive with a profound depth of experience in corporate governance, mergers and acquisitions, corporate finance, global capital markets, stakeholder relations, and business strategy development.” While serving at the OPAIEA, he provided the President advice on investments and economic agenda. Before his government stint, he worked in high-profile positions in these companies: Senior Vice Presi-

and Syrian Golan (document no. A/C.4/78/L.15) The resolution reaffirmed that Israeli settlements in Palestinian territories including East Jerusalem and Syrian Golan are “illegal” and “obstacle to peace and economic development.” All the members of the Association of Southeast Asian Nations (ASEA N)—Brunei, Cambodia, Laos, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam, voted in favor of the resolution.

In favor: 6 other UN resolutions

THE Philippine delegation also voted in the favor of the following resolutions: 1. Expressing “grave concern at the grave humanitarian situation and socioeconomic conditions of the Palestinian refugees” in the Gaza Strip. dent & Chief Financial Officer of International Container Terminal Services Inc.; Managing Director roles at HSBC Hong Kong and HSBC Singapore; and Vice President and Treasurer for Aboitiz & Co., Inc. and Aboitiz Equity Ventures, Inc. among others. Consing was a graduate of De La Salle University, Manila, and has also completed the Stanford University Graduate School of Business’s Emerging CFO: Strategic Financial Leadership Program in 2016. The Palace announcement came a week after Marcos approved the

2. Reaffirming the need for the UN Relief and Works Agency for Palestine Refugees in the Near East to function effectively; deploring the endangerment of the safety of the UN staff and the damage and destruction caused to the facilities and properties of the Agency, and stressing the need to maintain the neutrality and safeguard the inviolability of United Nations premises, installations and equipment at all times. 3. Demanding Israel to cease the exploitation, damage, cause of loss or depletion and endangerment of natural resources in Palestinian territories. 4. Calling on Israel and UN member states to nullify all Israel measures legalizing its occupation of Syrian Golan. It also called upon Israel to stop imposing Israeli citizenship and identity cards on Syrian citizens in Syrian Golan.

5. Requesting the UN SecretaryGeneral to “take all appropriate steps” to protect the properties and assets of Arabs in Israel; and 6. Reiterating for the 18th year UN’s “deep concern” about the adverse effect of the destruction of Israeli Air Force on the oil storage tanks’ in an electric power plant in Lebanon.

revision in the Implementing Rules and Regulations (IRR) of Republic Act No. 11954 or the Maharlika Investment Fund of 2023. The updated IRR provides the President the power to accept or reject recommended appointees in the MIC. It also removed the following requirements for members of the MIC board of directors: master’s degree; 10 years of experience in finance, investments or economics; strong track record; and ethical standards. Government economic managers earlier reiterated the MIF is expected to become operational before the end of the year. I n h i s st atement , Sa lced a said: “I enthusiastically welcome the appointment of Rafael Jose ‘Joel’ Consing as President and CEO of the Maharlika Investment Corporation, who has extensive ex per ience in both f inancia l management and the management of large inf rastr ucture projects. In that sense, he is an excellent fit for both the financial and developmental functions of the Fund. He is the man for the job,” he said. “He will also be able to attract investments into the fund, as he has been awarded many times as Best CFO for Investor Relations,” Salceda added. He recalled working with Secretary Frederick Go and Consing in the crafting of the amendments to the CREATE Law and the PublicPrivate Partnership Code.

Marcos Jr., are a testament to the commitment to reinforce the governance structure of the MIC, ensuring that the board of directors possesses the necessary freedom to administer the fund without external interference, thus bolstering its effectiveness and credibility in the financial landscape,” he said. He said the completion of the IRR for the MIC represented a crucial step in preserving its independence. “This independence will enable the MIC to perform its crucial role in investment activities, contributing significantly to the economic growth and stability of the nation,” he added.

Milestone

MEANWHILE, House Committee on Banks and Financial Intermediaries Chairman Irwin Tieng said the enhanced provision of the MIF’s IRR, aimed at fortifying the autonomy and governance of the MIC Board of Directors, marked “a pivotal milestone in the Philippine financial landscape.” “We are delighted to witness the culmination of efforts to fortify the MIC through enacting comprehensive and empowering rules,” Tieng, sponsor of the MIF bill, said. “The strengthened independence of the Board of Directors is fundamental to ensuring prudent and effective decisionmaking, safeguarding the corporation’s integrity, and promoting financial stability.” According to Tieng, the new IRR signifies a crucial step in advancing the governance framework of the MIF, laying the groundwork for enhanced transparency, accountability, and sound decisionmaking. Senior Deputy Speaker Aurelio Gonzales Jr. said he was confident the IRR would bolster the autonomy of the MIC board of directors, fostering an environment where the MIC could be managed with unimpeded independence and shielded from any unwarranted political influence. “The IRRs, approved by no less than President Ferdinand R.

Abstention: ‘Cooperate with UN human rights probe body’

THE Philippines abstained on the UN resolution demanding that Israel cooperate with the UN Special Committee in implementing its mandate to investigate alleged Israel human rights violations in Gaza Strip, West Bank and other Palestinian territories. The text titled “Work of the Special Committee to Investigate Israeli Practices Affecting the Human Rights of the Palestinian

Risky setup

BAYAN Muna Chairman Neri Colmenares struck a dismal note, however. He claimed on Monday that the new IRR renders more public funds susceptible to being lost in the Maharlika scheme. “The new IRR further solidified President Ferdinand Marcos Jr.’s control of the Maharlika Corporation increased when it gave the president more powers to select friendly members of the Maharlika Board of Directors as well as the entry of friends from big business. The old IRR was more strict in imposing qualifications and auditing rules,” he said in a statement. “It is reasonable for people to suspect that President Marcos amended the old IRR because he may have some trusted friends that did not qualify as directors under the old IRR, which is why qualifications were laxed in the new IRR. Sec. 20 of RA 11954, or the Maharlika Law, states that ‘The regular directors shall be appointed by the President of the Philippines upon recommendation of the Advisory Body’, which means the President cannot select his own board of directors outside the list given by the Advisory Board,” he added. “Now, Sec. 30 of the new IRR provides that ‘xxx the President may either accept or reject the recommendation of the Advisory Body; and, That, the President may require the Advisory Body to submit additional names of nominees’. This allows him to reject the Board’s nominees and practically order it to submit more names, which could include friendly directors that President Marcos wants appointed, even if they do not have the educational and expertise qualifications required in the old IRR,” said Bayan Muna Chairman Neri Colmenares, who was among the Supreme Court petitioners against the Maharlika law. Worse, Colmenares said the new IRR provided provisions that could ensnare more public funds and GOCCs to contribute to the fund. Section 6 of the IRR states that “other contributions to the MIC capitalization shall be determined by subsequent law or any appropriate body.” “This is not expressly provided in RA 11954. This opens up the

People and Other Arabs of the Occupied Territories” (document A/C.4/78/L.13) was adopted by 85 countries. Aside from the Philippines, there were 71 others which abstained, while 13 including Australia, US, Canada voted against it. It also calls for “immediate cessation of all illegal Israeli settlement activities and the construction of the wall, the lifting of the blockade of the Gaza Strip, as well as the complete cessation of the excessive and indiscriminate use of force and military operations against the civilian population.” Palestine said the resolution did not reflect what’s happening in Gaza where thousands of civilians and children were killed. Israel also complained that the resolution did not mention the October 7 attack by the Hamas militants in southern Israel. possibility that a new law or an ‘appropriate body’ can order more public funds or GOCCs to fund the Maharlika Corporation. Of course, a new law allowing the SSS and GSIS to contribute to Maharlika could always be passed later,” said the former Bayan Muna solon. Colmenares added that friends of the President from big business can now come in when the law did not provide so because the IRR amended the Maharlika law. “Sec. 6 of R A 11954 states that ‘[2] Preferred shares of one billion two hundred fifty million [1,250,000,000] xxx is to be made available for subscription by the National Government, its agencies or instrumentalities, GOCCs or GFIs.’ sec. 6 of the new IRR states that “Preferred shares of One billion two hundred fifty million [1,250,000,000] xxx to be made available for subscription by the National Government, its agencies or instrumentalities, GOCCs or GFIs, as well as reputable private financial institutions and corporations. The new IRR cannot provide the entry of ‘private’ corporations if the law does not say so. The IRR cannot provide for something that is beyond the provisions of the law,” said Colmenares. “It is not unreasonable to suspect that the delay in the IRR promulgation, beyond the 90-day period required by the law, was mainly to insert provisions that will allow friendly directors and big business cronies to come into the Maharlika Corporation, further endangering the public funds contributed to the fund,” said the former Bayan Muna congressman. Colmenares reiterated Bayan Muna’s claim about the dangers of the Maharlika fund scheme. “It must be noted that Sec. 8 of the new IRR states that ‘The MIC may compromise or release, in whole or in part, any claim of or settled liability to the MIC, xxx’. This means that the Maharlika Board has the power to condone the liabilities of certain business interests to the MIC. This brings to mind the cronyism and behest loans to crony corporations in the previous administrations, including President Marcos’ father himself,” he added. “This is compounded by the fact that sovereign guarantees for loans from the MIC can also come into play. Sec. 18 of the new IRR states that ‘No guarantee involving financial liability arising from any action of the MIC shall be binding upon the Philippine government without obtaining the written authority of the proper authorities xxx’. This means that a liability of the MIC could also be paid for by the Filipino people, as long as the MIC obtains the approval of a ‘proper authority’. The Maharlika law is a dangerous law. This danger to hundreds of billions of public funds is now further worsened by the new IRR promulgated by Malacañang,” Colmenares said.

Tuesday, November 14, 2023

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

BuCor chief asks SC to issue AFP vows to sustain RORE trips to shoal ‘clear’ guidelines on GCTA despite persistent CCG, CMM harassment By Joel R. San Juan

@jrsanjuan1573

HE Bureau of Corrections (BuCor) on Monday revealed that at least 136 persons deprived of liberty (PDLs) have “overserved” their maximum sentence of 40 years in prison but could not be released due to confusion over the implementation of the Republic Act 10592 or the expanded Good Conduct Time Allowance (GCTA). In a statement, BuCor Director-General Gregorio Catapang said he has submitted a position paper to the Supreme Court (SC), urging the magistrates to revisit the law and its amended implementing rules and regulations (IRR). While Catapang stressed that R.A. 10592 is a good law, he admitted, “Its application is confusing.” The BuCor cited in particular the Court’s decision on September 15, 2021 in the case of PDL Gil Miguel v. The Director of the Bureau of Prisons. In the said ruling, the Court denied the petition filed by Miguel, a murder convict, seeking his release from prison under the GCTA after serving 27 years of the sentence of reclusion perpetua imposed on him. The Court declared that PDLs who were convicted of murder and other heinous crimes are not entitled to the benefit under the GCTA law. However, Catapang noted that in its decision released in March 2023 involving the petition filed by Rolando Maclang Sr. and Aurora Maclang on behalf of their son Rolando Maclang Jr., the Court ruled that the latter is entitled to the benefits of RA 10592. Thus, the SC referred the case to the Regional Trial Court of Muntinlupa for the determination of the length of time that Rolando Jr. has been in actual confinement; computation of Time Allowance for Good Conduct (TAGC) and other privileges granted to him under GA 10592; and whether he is entitled to immediate release from confinement on account of the full service

of his sentence. Catapang said the BuCor has put on hold the processing and release of at least 136 PDLs, who have overserved their sentences based on the Court’s ruling in the Miguel case and the 2019 amended IRR of the GCTA law. “The BuCor also seeks clarification from the SC as to the duration of penalties if it is computed at 30 years or 40 years as well as the issuance of clear guidelines specifically on the correct formula on how compute GCTA, Special Time Allowance for Loyalty, Time Allowance for teaching and Mentoring and Credit Preventive Imprisonment,” the BuCor said. Catapang added that the BuCor would also ask the Court to declare Section 2, Rule IV of GCTA’s amended IRR insofar as it disqualifies PDLs who committed heinous crimes from the benefits of GCTA. “It is our earnest hope that this issue be taken up during the Tripartite Justice Sector Coordinating Council [JSCC] national summit scheduled next month where the problem of congestion in prison facilities will be discussed,” Catapang said. SC Chief Justice Alexander Gesmundo earlier disclosed that the JSCC would hold a national summit early next month in a bid to address overcrowding in various prison and detention facilities. The JSCC is expected to identify root causes of prolonged detention in jails, which contribute to prison overcrowding and establish new policies and initiatives that would expedite the processing of criminal cases and alleviate jail congestion. Among the measures being considered by the SC to address the overcrowding in prison and jail facilities is the implementation of the so-called Writ of Kalayaan. The writ is envisioned to 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.

PAF deploys large number of assets for ongoing ‘DAGIT-PA’ war exercise

large number of Philippine Air Force (PAF) assets and personnel were deployed for the joint air defense and counter-air operations of this year’s “AJEXDAGIT-PA.” PAF spokesperson Col. Ma. Consuelo Castillo, in a statement issued over the weekend, said the joint air defense and counter-air operations are part of their socalled “Field Training Exercise 1” and took place on November 9 and 10. “Deployed PAF ground and air assets include three FA-50s, one AS -211, two A-29B ‘Super Tucano’, one Spyder Philippine Air Defense System, two radar systems, and a standby search- and-rescue aircraft [Bell 205A & S-76A]. This robust combination of assets, together with highly competent operators, showcased the PAF’s capabilities to contribute to joint operational effectiveness,” she added. No other details were provided for security reasons. “AJEX-DAGIT-PA” is short for Armed Forces of the Philippines Joint Exercise Dagat-LangitLupa and involves all three military services. It formally started on November 6 and will end on the 17th. Exercises are scheduled in various locations in Luzon and Mindanao. By participating in such training exercises, Castillo said the PAF and its counterparts from the Philippine Army and Philippine Navy

(PN) sought to beef up the nation’s territorial defense capabilities. These training will also enhance the resiliency of participating services and make them more capable in times of calamities and disasters. Aside from these, DAGIT-PA also seeks to promote and uphold peace and security not only within the country but also across the region, Castillo noted. As this developed, the AFP said that the PN has deployed offshore patrol vessel BRP Ramon Alcaraz (PS-16), BRP Nestor Reinoso (PC-380), Islander aircraft NV-320 on November 11 off Ilocos Norte for maritime cooperation and preparedness alongside with the Philippine Coast Guard’s (PCG) BRP Malapascua (MRRV-4403). AFP public affairs office chief Col. Xerxes Trinidad said the activity demonstrated seamless collaboration between the PN and the PCG while showcasing the capabilities of military and coast guard assets. It also featured the active participation of the Special Operations Group from the PN and PCG Command in the Northern Luzon Command area of responsibility. “Joint high-risk visit, board, search-andseizure was conducted while other simulated scenarios designed to evaluate coordination of participating units were also incorporated,” the AFP said. Rex Anthony Naval

By Rex Anthony Naval

espite the increasing number of Chinese ships reported in Ayungin Shoal, the Armed Forces of the Philippines (AFP) on Monday vowed that resupply missions to the detachment aboard the BRP Sierra Madre (LS-57) would continue. In an interview with “Bagong Pilipinas Ngayon” aired by PTV-4, AFP spokesman Col. Medel Aguilar said no one can stop the government’s resupply missions to its troops there as what the Philippines is doing is lawful and a legitimate operation. “It is important that we show the world that we are asserting our jurisdiction and sovereign rights in Ayungin Shoal,” Aguilar said in a mix of Filipino and English. Also, the Philippines is duty bound to ensure that troops manning the BRP Sierra Madre are supplied, while keeping watch over Philippine maritime territory, the AFP spokesperson stressed. “And therefore we cannot be prevented or no one can stop us from doing our RORE [rotation and resupply] mission,” Aguilar said. He added that the increasing number of Chinese ships in the area is apparently aimed at preventing the Philippines from resupplying its troops. Earlier reports indicated the presence of around 40 Chinese ships off Ayungin Shoal.

But Aguilar said such actions will only result in China’s credibility being tainted or discredited further in the eyes of the international community. The AFP spokesperson also maintained that the Philippines would continue doing its tasks “legally and peacefully.” He added the AFP would also continue to provide the government with information regarding hostile moves as they go about their RORE mission for the filling of diplomatic protests. This is to remind China, Aguilar said, that Ayungin Shoal is within the Philippine exclusive economic zone and that their continued presence there is illegal. The National Task Force-West Philippine Sea (NTF-WPS) earlier said that the Philippines will not be deterred in exercising its legal rights over its maritime territories after Filipino supply boats on November 10 have successfully completed their resupply mission for the troops manning the BRP Sierra Madre.

“The Philippines will not be deterred from exercising our legal rights over our maritime zones, including Ayungin Shoal, which forms part of our exclusive economic zone and continental shelf. We demand that China demonstrate that it is a responsible and trustworthy member of the international community,” it added. It issued this comment after China Coast Guard (CCG) and Chinese Maritime Militia (CMM) vessels at around 7:30 a.m. of November 10 “recklessly harassed, blocked, and executed dangerous maneuvers” in an attempt to prevent the Philippine resupply mission. “CCG vessel 5203 deployed a water cannon against Philippine supply vessel M/L Kalayaan in an illegal though unsuccessful attempt to force the latter to alter course. Supply boats Unaizah Mae 1 [UM-1] and M/L Kalayaan were also subjected to extremely reckless and dangerous harassment at close proximity by CCG rigid-hulled inflatable boats inside Ayungin Shoal lagoon during their approach to BRP Sierra Madre. Nonetheless, both supply boats were able to successfully reach LS57,” NTF-WPS emphasized.

PCG chief hits ‘aggressive’ behavior of CCG in WPS

The CCG’s aggressive actions against Filipino supply boats engaged in lawful and peaceful missions in the WPS are contrary to the behavior of other coast guards. “The systematic and consistent manner in which the CCG vessels do not align with the universally accepted behavior of a coast guard,” PCG commandant Admiral Ronnie

Rep. Tarriela says PHL to reap economic, security benefits from PBBM’s APEC trip

member of the House Committee on Economic Affairs said on Monday that President Ferdinand R. Marcos Jr. is poised to raise economic issues and heightened security concerns in the West Philippine Sea (WPS) during discussions with officials from allied nations like the United States, Canada, Australia, and Japan at the annual Asia-Pacific Economic Cooperation (APEC) Leaders’ Summit. Occidental Mindoro Lone District Rep. Leody Tarriela bared the anticipated economic benefits for the Philippines from Marcos’ visit to the United States, where he will participate in the APEC Leaders’ Summit. He said the President is expected to discuss economic issues as well as possibly security concerns with his counterparts from the 21 member nations of

APEC, including those from the United States and other allies like Japan, Australia, Canada, South Korea, and New Zealand. “The economic benefits our country could derive from the President’s APEC meetings and bilateral discussions are enormous. They could help us sustain our economic growth in the days ahead,” Tarriela said. Tarriela highlighted the substantial economic ties between the Philippines and APEC membernations, emphasizing that major export and import partners are part of the APEC grouping. “Our economy grew by 5.9 percent in the third quarter of this year. We hope to do better in the succeeding quarters with investments and financial and economic assistance from our APEC friends and allies,” Tarriela stressed. With the 30th APEC Leaders’

Summit scheduled in San Francisco, California, from November 15 to 17, hosted by the US as the group’s chair for the year, President Marcos’ attendance marks his second participation following last year’s summit in Thailand. After the APEC summit, President Marcos is set to meet with business leaders and the Filipino community. Additionally, he will visit the Daniel Inouye Asia-Pacific Center for Security Studies and the Indo-Pacific Command headquarters of the US armed forces in Hawaii at the command’s invitation. The Chief Executive is expected to be back in Manila on November 20. Highlighting the timing of President Marcos’ APEC attend ance, Tar r iela noted recent tensions in the WPS, including China’s use of water cannons on Philippine civilian boats re-

Go extends support and gratitude to Samal, Davao del Norte troops All’s well that ends well? Speaker sees better House, OVP ties after confi fund controversy

peaker Martin Romualdez on Monday said that he is expecting the relationship between the House and Vice President Sara Duterte improve following the VP’s decision to forego the P500 million confidential fund as a component of the proposed national budget for 2024. “I believe that’s the right decision. We hail VP Sara’s decision,” said Romualdez. In response to the question about his expectations regarding the improvement of the working relationship between the House and the Office of the Vice President (OVP), the Speaker said, “Always, always. I’m very, very hopeful.” “As they always say, there will always be differences, but we will always work towards resolving those differences for the service of the Filipino people; that’s our primordial concern,” he added.

Romualdez also underscored the continued collaborative efforts within the UniTeam, emphasizing the President’s directive to foster cooperation not only within Congress but also between the Legislative and Executive branches. “We always work together; it’s still a UniTeam. The President always wants us to work together, not just in Congress with the Executive but as a country, so we will always strive for that,” he added. When questioned about his trust in Duterte, Romualdez responded, “Of course.” Earlier, the House said the Office of the Vice President (OVP), along with the Departments of Education (DepEd), Information and Communications Technology (DICT), Agriculture (DA), and Foreign Affairs (DFA), are set to receive “zero”confidential funds under the 2024 national budget. Jovee Marie N. Dela Cruz

Gil Galvan said in a statement over the weekend. Galvan issued this comment after the CCG and the CMM vessels on Friday, November 10, “recklessly harassed, blocked, and executed dangerous maneuvers” in another attempt to illegally impede or obstruct a routine resupply and rotation mission to the BRP Sierra Madre (LS-57). “CCG vessel 5203 deployed a water cannon against Philippine supply vessel M/L Kalayaan in an illegal though unsuccessful attempt to force the latter to alter course. Supply boats Unaizah Mae 1 [UM-1] and M/L Kalayaan were also subjected to extremely reckless and dangerous harassment at close proximity by CCG rigid-hulled inflatable boats inside Ayungin Shoal lagoon during their approach to BRP Sierra Madre. Nonetheless, both supply boats were able to successfully reach LS-57,” the National Task Force-West Philippine Sea earlier reported. Galvan also said that it is ironic that the CCG, which was tasked to ensure the safety of life at sea, but are the ones who deliberately violate the Convention on the 1972 International Regulations for Preventing Collisions at Sea. Incidentally, the People’s Republic of China is also a signatory of the said convention. “The dangerous maneuvering of the CCG vessels are illegal and irresponsible actions that put into quest-ion and significant doubt their narrative of law enforcement and their real identity as a coast guard organization,” Galvan noted.

enator Christopher “Bong” Go, during his visit to the troops of Task Force Samal stationed in Barangay Peñaplata, Samal Island, Davao del Norte on Sunday emphasized the importance of unity, service, and dedication to the community. The event was attended by 144 enlisted personnel and Special CAFGU Active Auxiliary (SCAA). He was also invited to join their situational briefing. In discussing the development projects he had supported in the region, Go emphasized the uniformed personnel’s role in community development. “Huwag kayong magpasalamat sa amin. Kami ang dapat na magpasalamat sa inyo for keeping Samal

peaceful, safe, malinis, at napakaganda masyado,” he said. Go commended the bravery and heroism of uniformed personnel in safeguarding the community. He assured the troops that they may approach him anytime if they need his assistance, emphasizing his commitment to champion their cause and be of service to them in recognition of their valiant efforts to safeguard the lives of Filipinos. During the visit, Go, accompanied by his team, engaged in a distribution activity, providing the stationed personnel with various forms of assistance. The distributed goods included pails filled with essential supplies, basketballs and volleyballs to encourage sports activities, watches, and snacks.

In his speech, Go recalled the transformation of Davao region as a safe and secure community, thanks to the collective efforts of its leaders, the military, law enforcers and its people. He vividly described the aftermath of the Sasa Wharf bombing and the attack at the Davao airport in 2003, bringing to light the direct impact of these events on the community. This harrowing experience, he explained, was a catalyst for the establishment of Task Force Davao under then-mayor and former president Rodrigo Duterte’s leadership. He also touched upon a significant incident in 2015, the kidnapping at the Holiday Oceanview Samal Resort, underscoring ongoing security challenges and the need for

supplying soldiers stationed at Ayungin Shoal. Earlier, Speaker Ferdinand Martin G. Romualdez condemned the latest incident, calling it an “unprovoked act of hostility” and urging China to stop such dangerous maneuvers. Romualdez also called on China to honor the 2016 ruling of the arbitral tribunal in The Hague that invalidated Beijing’s expansive territorial claims over the South China Sea, including areas that are inside the Philippines’s 200-mile exclusive economic zone. “Ayungin Shoal is clearly part of our country’s territory under international law, being just 115 miles from Palawan. It is more than 1,000 miles from the nearest Chinese island. Panatag Shoal, about 120 miles from Pangasinan and Zambales, is also ours,” Romualdez said. Jovee Marie N. Dela Cruz

continued vigilance and improvement in anti-terrorism strategies. He shared experiences of visiting conf lict zones, including Marawi City and Jolo, more than ten times, often under dangerous conditions, to provide support for the troops. He then asserted, “kung hindi natapos ang giyera sa Marawi (City), hindi natin mararating ang peace na meron tayo ngayon.” He reiterated his commitment to supporting the military and police, who are at the forefront of these efforts: “Naaalala n’yo noong 2018, inuna namin ni (dating) presidente Duterte na i-doble ang sahod ng pulis, military at uniformed personnel.” “Kung ano ang makakabuti sa ating uniformed personnel, iyon ang palagi kong ipaglalaban. Buhay ang sinasakripisyo ninyo para sa ikabubuti ng bansa,” he stressed earlier emphasizing his and former president Duterte’s desire to always promote the welfare of the military.

Tuesday, November 14, 2023

Oil firms cut fuel pump prices for second consecutive week By Lenie Lectura @llectura

OR the second consecutive week , pr ices of pet roleu m products will go down today. Oil firms said Monday they will slash diesel by P3 per liter, kerosene

by P2.3 per liter and gasoline by P0.70 per liter. The price adjustment for most oil companies takes effect at 6 a.m. of Tuesday, November 14. Last week, oil companies implemented a rollback on the price of petroleum products. T he price

Economy of gasoline, diesel and kerosene dropped by P0.45, P1.10 and P1.05 per liter, respectively. These price adjustments resulted in a year-to-date net increase of P13.75/liter for gasoline, P9.35/ liter for diesel and P3.99/liter for kerosene. “There’s a big chance that the downward trend in oil prices will continue but we can’t say absolutely,” said DOE Oil Industry Management Bureau Director Rino Abad.

Why is data literacy important for your organization?

Palace EO puts zero import tariff on gypsum, anhydrite

O “revitalize” the competitiveness of local plasterboard and cement production, President Ferdinand R. Marcos Jr. has reduced to zero the tariff for natural gypsum and anhydrite. In his Executive Order (EO) No. 66, the Chief Executive announced he approved the recommendation of the National Economic and Development Authority (Neda) to modify the Most-Favored Nation (MFN) tariff rate for the industry raw materials.

The lower tariffs are also expected to help boost the country’s housing and infrastructure projects. The country has no natural gypsum and anhydrite mines, forcing it to rely on imports for its supplies for both construction materials. Neda proposed modifying the MFN tariff for gypsum and anhydrite from 3 percent to zero percent for a period of five years from the date of effectivity of EO 66.

Upon its effectivity, the lower rate to gypsum and anhydrite that entered or withdrew from local warehouses. The modified rate shall be subject to an annual review by Neda after December 31, 2024. Neda’s report on the matter will be submitted to the Office of the President. The President through Executive Secretary Lucas P. Bersamin issued EO 66 on November 3, 2023. Samuel P. Medenilla

BARMM reports ‘moderate’ inflation uptick in September

AVAO CITY—The Bangsamoro region experienced a rise in inflation considered to be moderate, but hovers above the national average. The Philippine Statistics Authority (PSA) said the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) posted an inflation of 6.4 percent in September, compared to its 5.1 percent in the previous month. The BARMM considered it a modest rise though, saying it was just a jump to the fifth rank among the 17 regions, and only an uptick in September while it has been steady in the lowest rank in the past several months. Region VII or Central Visayas posted the lowest inflation rate at 3.8 percent, followed by Region VIII or Eastern Visayas, at 4.9 per-

cent. The Cordillera Administrative Region holds the third lower spot at 5.0 percent, while Region III or Central Luzon, records the highest inflation rate at 7.9 percent. The headline inflation rate for the Philippines increased to 6.1 percent this month up from the previous month’s 5.3 percent. Akan Tula, acting regional director of the PSA-BARMM, said the region’s inflation was a modest increase and “merely positions it in fifth place among all regions, indicating a manageable situation.” He said the jump in inflation in the region was due to the rise in the indices of three commodity groups: food and non-alcoholic beverages; restaurant and accommodation services; and personal care, and miscellaneous goods and services.

Tula said, “This current slight increase in the region’s inflation rate is mainly due to the present experience in international conflict and related to the issue of national or regional demand and supply of basic commodities, which is not yet alarming.” Among BARMM provinces, the two Maguindanao provinces had the highest inflation rate at 10.2 percent, followed by Basilan at 7.3 percent, Tawi-Tawi at 5.6 percent, Lanao Del Sur at 5.2 percent, and Sulu with the lowest inflation rate at 1.1 percent. But there was a significant decline in inflation in Cotabato City, the region’s capital, with its rate dropping to 7.2 percent in September, compared to 4.5 percent in the previous month of August. Manuel T. Cayon

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

By Henry J. Schumacher

OMPANY leaders looking to gain a competitive edge must prioritize data literacy for employees across departments and at all levels within their organization. But from raw data to business outcomes, data literacy is ripe with challenges. The amount of data businesses generate is only as impressive as how much of it is not used. As companies leverage data and analytics tools and modernize their infrastructure, migrating to the cloud or hybrid cloud, data literacy becomes essential. Knowing when data is fit for business and how to store data, meet compliance and governance demands, and clean data for business intelligence dashboards or artifical intelligence (AI) and machine learning, predictive technologies are at the core of data literacy. And always bear in mind that data not important anymore, needs to be eliminated. You have to follow the rules of the National Privacy Commission and adhere to data privacy issues!

Why is data literacy important for your business?

What are the important data literacy skills?

DATA literacy enables everyone in the organization to ask the right questions, gather the right data and connect the right data points to derive meaningful and actionable business insights. It even ensures employees understand how to manage and use data in ways that are ethical and compliant. As such, data literacy skills and culture have shifted from being strictly technology-industry related to essential for all business operations. All departments and roles within an organization need to be data literate; this includes leaders, managers, C-suite executives and even board members. Leaders and executives need to understand the basic principles of data to make better decisions, approve new software or projects, and understand presentations and communications. Leaders are also responsible for building a strong data literacy culture throughout the entire organization. They must become data literacy ambassadors and lead by example.

1. Data types and structures. Understanding data as it evolves through different stages and data structures is a basic data skill. This involves not only recognizing numeric data from text data or categorical data, but also identifying raw data from data fit for business or data that is poorly formatted, incorrect, or outdated. 2. Data generation. When collecting or generating new data, compliance, security and reliability of the data as well as a proper inventory are vital. 3. Data analysis. Data analytics involves recognizing which data is useful for a business goal and selecting that data as a “feature.” There are many automated technologies today that excel in data analytics, including automatic feature engineering. However, humans are still vital for data and analytics to work well. Not only must the right data be identified, but it must be correlated with other data; patterns need to be found; and comparisons, conclusions and projections need to be made. 4. Data visualization. Creating a visual representation of data, such as a chart or graph, allows data professionals to more effectively communicate insights derived from data. Visualization can include infographics, tables, videos, charts, and maps. Both the creators of these visualizations and the stakeholders to whom they are presented need at least baseline levels of data literacy to understand the implications of the data in front of them.

Benefits of data literacy DATA literacy can help individuals and organizations improve customer service, reduce costs and increase profits, manage risk more effectively, make better use of resources, create a more data-driven culture and build stronger data governance postures. These improvements come about because of several key benefits of data literacy: Improved decision-making: Data literacy helps individuals a nd org a n i z at ion s m a ke bet ter dec isions by prov id i ng t hem w it h t h e a b i l it y t o u n d e r s t a n d a n d a n a ly ze d at a. Increased productivity: Data literacy increases visualization and analytics, which in turn affects performance. This allows companies to solve problems more rapidly and efficiently, as well as increasing sales and production or decreasing costs and risks. Increased reputation and innovation: Through data literacy, companies can build brand reputation benefiting their workers and customers, and by fostering innovation, they can be first in line for new opportunities and technologies. Enhanced communication: Understanding data enables employees to better communicate complex data analysis clearly and concisely, thus improving collaboration.

Data literacy is an organizationwide effort FOR or g a n i z at ion s to b e t r u ly data-driven, it should not just be the tech ex perts who become data literate; ever yone in the workplace must develop data literacy skills to keep the business competitive and compliant. Businesses may not immediately see the value of providing data literacy education to all their employees, but the long-term benefits are clear: Data-literate individuals are able to expertly question and analyze data logic, applying their data-driven knowledge to each business problem they’re asked to solve. Consequence: Get involved in Data Literacy! Your feedback is of interest; contact me at hjschumacher59@gmail.com

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

News BusinessMirror

Judge allows de Lima, co-accused to post bail in illegal drug case By Joel R. San Juan

@jrsanjuan1573

HE Regional Trial Court (RTC) of Muntinlupa granted the petition filed by detained former senator Leila de Lima to post bail in the remaining illegal drug case filed against her in connection with her alleged involvement in the illegal drug trade inside the New Bilibid Prison (NBP) in Muntinlupa City during her stint as justice secretary. Muntinlupa City RTC Branch 206 Presiding Judge Gener Gito reversed his previous decision denying de Lima’s plea to post bail. “Motions for reconsideration of the concerned accused are granted. Thus, the Order of the Court dated June 07, 2023, is reconsidered,” the trial court said in its order released on Monday. Also allowed to post bail were De Lima’s co-accused, namely, former Bureau of Corrections chief Franklin Jesus Bucayu, her former aide Ronnie Dayan, de Lima’s former security aide, Joenel Sanchez and Jad Dera. The trial court set the bail amount for the temporary release of De Lima and her co-accused at P300,000 each.

‘Under duress’

“ THUS, assessing the totality of ev idence presented by the prosecution, the Court is of the firm view and so holds that accused de Lima, Bucayu, Dayan, Sanchez and Dera should be allowed to post bail

UN Tax Convention, not OECD tax agenda, better for PHL–groups Continued from A12 Obanil said this adds another layer to recent tax policy decisions such as the TRAIN and CREATE that have favored elite and corporate interests, shifting the burden of raising revenues to ordinary people, through indirect taxation. Flora Santos, President of the Oriang Women’s Movement, said the Philippines should stand behind the UN Tax Convention currently being deliberated in the United Nations. Santos stated that the Oriang Women’s Movement is “one with tax justice networks for the immediate adoption of a UN Tax Convention and an intergovernmental tax mechanism under UN auspice.” “Women suffer the worst effects of deepening inequality in our society. The membership of the Philippines in the OECD’s BEPS framework will only worsen inequalities as we see that the OECD proposals on tax policies are pro-corporations and not pro-people,” Santos said. Earlier, DOF explained that the BEPS Project came as a coordinated response by the G20 countries to the aggressive tax planning employed by multinational enterprises (MNEs) that led to base erosion and profit shifting, which played a key role in the 2008 financial crisis. Finance Secretary Benjamin E. Diokno said the Philippines intends to contribute immensely to the discussions on international tax reforms especially in implementing the Two-Pillar Solution. With the Philippines assuming the chairmanship of the Intergovernmental Group of Twenty-Four (G24) this year, the Inclusive Framework on BEPS membership cements the Philippines’s position as a champion for developing countries in international tax discussions.

as the prosecution was not able to discharge its burden of establishing that the guilt of the said accused is strong,” Gito said. Prior to the court’s decision, several prosecution w itnesses recanted their testimonies, saying they were coerced or threatened to implicate de Lima in the illegal drug trade inside the NBI. Among these witnesses who recanted are former BuCor OIC Rafael Ragos, Dayan and self-confessed drug lord Kerwin Espinosa. Espinosa said the police forced him to implicate the detained former senator in the illegal drugs trade. Ragos, on the other hand, said he was forced to execute false affidavits againstandissuefalsetestimoniesbefore the House of Representatives and the court against de Lima and her bodyguard Ronnie Dayan by several personalities led by former Justice Secretary Vitaliano Aguirre II. Dayan recanted his affidavit and testimony, saying that these were

given under duress. Last month, two Bilibid inmates who earlier testified against de Lima, namely Rodolfo Magleo and Nonito Arile informed de Lima’s camp of their intention to recant their testimony. An emotional de Lima welcomed the court’s grant of bail in her favor and lauded the Marcos administration “for respecting the independence of the judiciary and the rule of law.” De Lima also thanked his legal counsels for their sacrifices as well as her friends and supporters for never doubting her innocence. She also praised Judge Gito for his “adherence to the law and justice.” Justice Secretary Jesus Crispin Remulla, on the other hand, said the court’s decision proves “the independence of the judiciary” under the current administration. “What I’ve always been saying from the beginning is that they are free to decide as they please, as they deem fit and it just shows that democracy is alive and well in our country,” Remulla said. W hen asked if t he just ice department would still appeal the ruling, Remulla replied: “I call it prosecutorial independence. I do not interfere with the prosecution especially on these matters. We follow the principle of institutional continuity the moment we stepped into office. We respect the findings of the previous prosecutors.”

Raps vs de Lima

STATE prosecutors accused de Lima and Bucayu of tolerating the illegal drugs trade inside the national penitentiary from May 2013 to May 2015 during her term as justice chief. De Lima has repeatedly denied the accusations, claiming that the charges were politically motivated being a staunch critic of then president Rodrigo Duterte.

The former senator was charged with several illegal drug cases at the height of Duterte’s anti-illegal drug war campaign, which she denounced due to alleged human rights violations committed by law enforcers. Last May 12, 2023, Muntinlupa RTC Branch 204 Presiding Judge Joseph Abraham Alcantara acquitted De Lima in her second drug case for lack of merit. In February 2021, Branch 205 of the Muntinlupa RTC granted her demurrer to evidence that resulted in the dismissal of the first drug case against her on the ground of insufficiency of evidence. De Lima has been in detention at Camp Crame since February 2017.

LILAK lauds bail grant

AS this developed, women’s rights advocate group LILAK issued a statement, lauding Judge’s Gito’s bail grant decision to de Lima and her co-accused. In a statement, LILAK said, “After 7 years, Leila de Lima is finally closer to freedom. We celebrate her courage, and her determination to fight for truth and justice.” “We celebrate you, Senator Leila de Lima. Together, we continue to seek accountability—Rodrigo Duterte, former Justice Secretary Vitaliano Aguirre II, and all those who were part of the persecution of Senator Leila de Lima. We will continue to hold accountable those who waged widespread human rights violations and persecuted women and human rights defenders who speak out against violence, corruption, and impunity,” a statement issued by the feminist group read. “Together, we will work towards breaking the culture of impunity and ensuring that critical voices and dissent will be heard without fear of reprisal,” the statement added.

PHL RETAIL E-COMMERCE UP 26%, HIGHEST IN S.E.A. Continued from A1 Five economies within the region—Indonesia, Malaysia, the Philippines, Thailand, and Viet Nam—will rank among the top 10 markets worldwide measured by retail e-commerce sales growth by the end of 2022,” ADB noted as it cited the 2022 Cramer-Flood report. The multilateral institution pointed out that the subregion’s rapid growth is “largely driven” by a spike in digital consumers since the pandemic began. In fact, ADB said according to Meta, Facebook estimates that

since the start of the pandemic, 70 million people in Southeast Asia have become digital consumers, with about 30 million joining those ranks from 2020 to 2021 alone. Further, a 2021 Google report noted that the aggregate internet penetration in Southeast Asia grew to 75 percent by the end of 2021, ADB said. “In 2022, there were about 516.5 million internet users in Southeast Asia alone,” ADB noted, citing Statista. Meanwhile, in terms of retail spending, ADB noted that Singapore continues to pose the highest per capita e-commerce spending at

$772.25 per capita in 2022, from only $389.8 per capita in 2019 or pre-COVID 19 pandemic. This, ADB noted, is almost three times the e-commerce spending in Thailand, which is at $273.4 per capita. Meanwhile, exponential growth from prepandemic levels is seen in Malaysia, whose spending per capita increased from $112 in 2019 to $200 per capita in 2022. For Indonesia, its spending per capita soared from $66 per capita in 2019 to $207 per capita in 2021 while the Philippines, at $60.3 per capita and Viet Nam, posting $153 per capita, lagged in 2022, the ADB report noted.

ASIAN FIRMS FACE ‘CHAOTIC’ ’24-’25 ON SUPPLY CHAIN WOES Continued from A1 Villaseñor emphasized that artificial intelligence (AI) is “a little bit bothersome” for some professionals and organizations who fret over the possibls significant impact on jobs or those who are working in this particular industry. With this, the head of the Asiabased association for Supply Chain, Procurement, and Logistics said, “So there’s quite a bit of a chaotic scenario. I don’t think it’s going to be lifted up or be out of the range within the next 24 months as we are going to be ushered into the new year of 2024. So quite a bit of a challenge.” Nonetheless, Villaseñor said it is imperative for Asian companies to collaborate with their neighbors and “synchronize whatever we can actually upgrade in terms of synergy within the supply chain and logistics.” Meanwhile, as Christmas is

fast approaching, Villaseñor noted that as he has been watching the development of importation, items entering the Philippines are “going to be on time.” However, he said, “There’s much to be desired. You know, for those who can afford, they need to really get the items.” “It’s really a question of the demand and the propensity of the consumers to consume if they’re really able to reach the prices that the commodities or the items that they would like to afford can actually be afforded by them,” he added. According to a report published by the BusinessMirror last August 2023, gaining supply chain visibility isn’t an end in itself. To achieve visibility, companies must address the challenges of today’s increasingly complex supply chains. In fact, a recent survey of supply chain executives conducted by KPMG LLP noted that a large swath

of respondents stressed that greater supply chain viability would support crucial date and information to minimize disruptions, enable risk mitigation, improve supply chain decision-making, and increase speed to market. The survey also noted that while visibility is important, it has been so difficult for companies to achieve because of the “sheer complexity of the modern multitiered supply chain.” A recent KPMG global survey revealed that 70 percent of companies perceive their supply chain as “very” or “extremely complex.” Other challenges to gaining real-time visibility cited by the survey are the lack of adequate technology and the inability to access relevant data sets. (Full story here: https://businessmirror. com.ph/2023/08/14/s upply chain-visibility-improves-overallresiliency/)

Tuesday, November 14, 2023

UN Special Rapporteur Fry asked to probe Jalaur, Iloilo dam project UN Climate Change and Human Rights Special Rapporteur Ian Fry may visit Jalaur, Iloilo to look into the alleged environmental and human rights impact of a mega dam project in the municipality. Fry met with environmental and human rights groups recently who aired environmental and human rights issues and concerns under the present administration. The Kalikasan People’s Network for the Environment (Kalikasan PNE), for one, has been critical of megadam projects like the Jalaur Megadam. The group also criticized the continuation of the Kaliwa Dam project in the Rizal-Quezon area, which will also cause the displacement of indigenous Dumagat communities. Despite promises of providing irrigation, water supply, and electricity, the project has been linked to massive environmental damage and human rights violations, including alleged extrajudicial killings and economic dislocation. “Megadam projects across the country have consistently been opposed by indigenous and local communities due to the massive social and environmental costs they bring,” Jon Bonifacio, national coordinator of Kalikasan PNE said. “With the Jalaur project in particular, the Tumandok massacre of 2020 is a clear indication that the proponents of the dam have blood on their hands and that in itself should be a reason to put an end to the project,” he added. On December 30, 2020, alleged military forces “executed” nine Tumandok indigenous leaders and arrested 17 more across three

municipalities of Iloilo. The incident is now known as the Tumandok massacre. The incident also saw opponents to the construction of the Jalaur Megadam being victimized by alleged “red-tagging” and harassment by the military before the incident. For its part, the Jalaur River for the People Movement (JRPM) based in Iloilo welcomed the visit of the special rapporteur. The group called on Fry “to investigate these rights violations and make the banks, governments, and state forces accountable.” They also called for the suspension of the dam project pending a study on its potential adverse environmental impact on communities. Aside from the human rights violations linked to the dam, JRPM also cited the project’s location near an active fault line and the destruction of hundreds of hectares of forestlands as additional reasons for its suspension. “We hope that the UN Special Rapporteur will express their concerns on projects like the Jalaur Megadam and Kaliwa Dam to the Philippine government. The rapporteur must recognize that these supposed solutions to the impacts of climate change are resulting in ecological degradation, community displacement, and human rights violations,” said Bonifacio. “We need to push the Marcos Jr. administration into action, and this starts by calling Marcos Jr. out for pretending to be a climate advocate while projects like this continue.” Jonathan L. Mayuga

BusinessMirror

Tuesday, November 14, 2023

ESTABLISHMENT / ADDRESS

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

No.

3D ANALYZER INFORMATION TECHNOLOGIES INC. 7-8/f Double Dragon Plaza, 255 Edsa Cor. Macapagal Blvd., Barangay 76, Pasay City HOANG, THI TRANG Customer Service Representative - Mandarin Speaking 1.

Brief Job Description: Attracts potential customers by answering products and service questions and suggesting information about other products and services. Maintains customer records by updating account information in Mandarin format.

JACELYN Customer Service Representative - Mandarin Speaking 2.

LANG, THI COI Customer Service Representative - Mandarin Speaking 3.

LI, SHAOWEI Customer Service Representative - Mandarin Speaking 4.

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

12.

FURUKAWA, ASUMI App/cloud Support Senior Analyst

13.

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

10.

11.

Brief Job Description: Communicate with the client functional design incharge about the detail of requirement definition and function design; explain development status and issue with team leads of the client; and functional design written in required language to team lead and members.

QUALIFICATION AND SALARY RANGE Basic Qualification: Bachelor’s degree in Information Technology, Computer Science or other relevant fields, and must be able to communicate effectively, verbally and written, in both English and required language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree in Information Technology, Computer Science or other relevant fields, and must be able to communicate effectively, verbally and written, in both English and required language. Salary Range: Php 30,000 - Php 59,999

AM-PRO IMPORTS MARKETING CORP. 16e Residenza Suites, 429 Shaw Blvd., Addition Hills, City Of Mandaluyong 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

HUANG, PINGTING Chinese Marketing Specialist 14.

Brief Job Description: Chinese Marketing Specialists develop and execute effective marketing strategies to promote products or services.

ASIA PACIFIC EXPRESS CORPORATION Unit 25b 25/f The World Center Bldg., Sen. Gil Puyat Ave., Bel-air, City Of Makati

LEE (SPOUSE OF KIM), SOYE Chief Finance Officer Basic Qualification: Fluent in spoken & written Mandarin and other dialect spoken in other parts of China. Salary Range: Php 30,000 - Php 59,999

15.

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

KIM, JUNG HOON Consultant 16.

Brief Job Description: Consultant should demonstrate expertise in the field, and be skilled in identifying problems and providing appropriate solutions.

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

TAKAGI, SATORU Strategic And Product Management Head Brief Job Description: Responsible for research and projects on business innovations.

Basic Qualification: Familiar with foreign AML process specific to Japan. Salary Range: Php 30,000 - Php 59,999

CLICKPLAY SOLUTIONS CORP. 11 Ab Cyberzone Plaza Bldg., Eastwood Ave., Bagumbayan, Quezon City

WANG, QINGSHAN Chinese Customer Service Representative

18.

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

ACCENTURE, INC. 7f, Robinsons Cybergate Tower 1, Pioneer St, City Of Mandaluyong

Brief Job Description: A customer service representative supports customers by providing helpful information, answering questions, and responding to complaints. They’re the front line of support for clients and customers and they help ensure that customers are satisfied with products, services, and features.

Basic Qualification: Must be a College graduate. Can prepare product or service reports by collecting and analyzing customer information.

22.

YAGI NAVAS, CLAYTON Portuguese Agent (CSR) 19.

Brief Job Description: Contacting existing customers via telephone and email on a daily basis.

Basic Qualification: With relative work experience.

DENG, ZHENGFU Mandarin Support Specialist 23.

LI, XIAOBING Chinese Purchasing Officer 20.

Brief Job Description: Listening to clients’ needs to determine their preferences.

Basic Qualification: Fluent in both Korean and English languages. Salary Range: Php 150,000 - Php 499,999

Basic Qualification: Fluent in both Korean and English languages. Salary Range: Php 150,000 - Php 499,999 Basic Qualification: Fluent in both Korean and English languages. Salary Range: Php 150,000 - Php 499,999

Brief Job Description: Prioritizing your workload to ensure the most critical issues are resolve first.

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

DYN EDGE PHILS. INC. Unit 508-a 5/f Itc Bldg., 337 Sen. Gil Puyat Ave., Bel-air, City Of Makati XIANG, XIN Mandarin Speaking Data Analyst 24.

Brief Job Description: Setting up processes and systems to make working data more efficient.

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

FIVE9 PHILIPPINES INC. 15th Flr. Rockwell Business Center, Sheridan Cor. United St., Greenfield District, City Of Mandaluyong PAEZ AZUAJE, LYLIANS MARLENE Senior Latam Billing Specialist 25.

Brief Job Description: Assess current billing operations, offer recommendations for improvement and assist with implementing new processes.

Basic Qualification: SAAS/SOFTWARE/ Technology experience. Salary Range: Php 90,000 - Php 149,999

FUJIAN ELECTRIC POWER ENGINEERING COMPANY 5, West Lawin, Phil-am, Quezon City

ZHANG, XIANHU Chinese Deputy Manager Brief Job Description: Able to work with project manager closely to ensure the smooth running of the project.

Basic Qualification: Excellent management and supervisory skills. Salary Range: Php 30,000 - Php 59,999

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

ZHOU, YIHAO Sales Manager For Philippines Enterprise Government Business Dept 27.

Brief Job Description: Gain insight into the enterprise government business in the Philippines and develop strategies. Understand the customer’s needs, address any concerns, and ensure customer satisfaction.

LI, XIAOHUA Solution Manager 28.

Brief Job Description: Responsible for the design of wireless target network.

Basic Qualification: Must have a bachelor’s degree in management or any other related courses. With Master’s degree an advantage. Highly proficient in Chinese and English languages. Salary Range: Php 150,000 - Php 499,999

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

JSLINK INTERNATIONAL CORPORATION 803-804 Ri-rance Building, Aseana Enclave Aseana City, Tambo, City Of Parañaque

ZHANG, YIXI Technical Consultant 29.

Brief Job Description: Determining information system requirements and defining project objectives.

Basic Qualification: Able to speak Mandarin Chinese and English languages. Salary Range: Php 60,000 - Php 89,999

LUFTHANSA SERVICES PHILIPPINES, INC. 8th Floor Aeon Center, Northgate Cyberzone, Alabang, City Of Muntinlupa

PARK, HYUNWOO Customer Service Consultant 30.

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

DELIGHTFOOD INC. Unit 239, Avida Cityflex Soho Building, 7th Ave. Cor. Lane T., Bonifacio Global City, Fort Bonifacio, City Of Taguig

Brief Job Description: Listening to clients’ needs to determine their preferences.

QUALIFICATION AND SALARY RANGE

DRAGONFLY TECHNOLOGIES INC. Unit 602 6/f Itc Bldg., 337 Sen. Gil Puyat Ave., Bel-air, City Of Makati

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

DATAMATICS GLOBAL SERVICES CORP. Units 304, 305, & 306 3/f, Rockwell Business Tower, Tower 1, Meralco Ave., Ugong, City Of Pasig

Brief Job Description: Listening to clients’ needs to determine their preferences. YANG, GE Chinese Purchasing Manager

CIS BAYAD CENTER, INC. Cis Bldg., Meralco, Ugong, City Of Pasig

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

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

21.

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

Basic Qualification: College/bachelor’s degree graduate with the ability to maintain a high level of confidentiality, work with minimal or without supervision, and proficient in speaking and writing in English and Korean Hangeul languages.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION WANG, ZILONG Chinese Purchasing Officer

26.

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

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

Brief Job Description: Responsible for analyzing the company’s financial strengths and weaknesses and proposing strategic directions. Managing the financial actions of the company.

Basic Qualification: Bachelor’s degree in Accountancy or any related course. Must have at least 10 years of relevant experience in Freight Forwarding business.

No.

CBS TOTAL CONSULTANCY CORP. 3f Ech Bldg., 100 Jupiter St., Cor. Makati Ave., Bel-air, City Of Makati

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: Ability to work under pressure and motivation to succeed in a competitive environment. Good communication and interpersonal skills. Able to speak and communicate using Mandarin language is an advantage. Must be an aggressive salesperson. Salary Range: Php 30,000 - Php 59,999

17. TRAN, VAN TUAN Customer Service Representative - Mandarin Speaking

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

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

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

RASOLOFONIRINA, ANDRIANARIMAMPIONONA Adv App/cloud Supp & Eng Associate

www.businessmirror.com.ph

Brief Job Description: Assist customer with all travel related services & customer enquiries.

Basic Qualification: Excellent in verbal and written communication skills especially in Korean language. Salary Range: Php 90,000 - Php 149,999

MACH 86 TECHNOLOGIES CORP. 6th-13th Flr. Workspace Bldg., 1419 Industry St. Corner Finance St. Mbp Ayala, Alabang, City Of Muntinlupa

31.

NGUYEN, DINH HAI Customer Service Representative Brief Job Description: Interacting with customers queries.

Basic Qualification: Fluent in Chinese dialect (Mandarin, Folkien, Cantonese). Salary Range: Php 30,000 - Php 59,999

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

32.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QIU, PEIZHI Customer Service Representative Brief Job Description: Interacting with customers queries.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Fluent in Chinese dialect (Mandarin, Folkien, Cantonese).

No.

ZHOU, LI Chinese Customer Service 47.

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

MULTI AVANCE SOLUTIONS INC. 11/f Insular Life Makati Bldg., 6781 Ayala Ave. Cor. Paseo De Roxas, Bel-air, City Of Makati

LI, JIAN Mandarin Software Specialist 33.

Brief Job Description: To engage in the business of software development, and technical consulting services.

LU, FENGLIAN Mandarin Software Specialist 34.

Brief Job Description: To engage in the business of software development, and technical consulting services.

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

35.

36.

37.

Brief Job Description: Manage incoming calls and inquiries.

CHENG, SHIDA Chinese Customer Service Brief Job Description: Manage incoming calls and inquiries.

CONG, XIAOJUN Chinese Customer Service Brief Job Description: Manage incoming calls and inquiries.

JIAO, QIQI Chinese Customer Service 38.

39.

40.

41.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

LIU, MEILING Chinese Customer Service Brief Job Description: Manage incoming calls and inquiries.

LIU, ZHANGBIN Chinese Customer Service Brief Job Description: Manage incoming calls and inquiries.

LIU, ZHENG Chinese Customer Service Brief Job Description: Manage incoming calls and inquiries.

PAN, WENZI Chinese Customer Service 42.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

SHI, LINGZHI Chinese Customer Service 43.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

SHI, YUCHENG Chinese Customer Service 44.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

YAO, ZHENGFEI Chinese Customer Service 45.

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

YUAN, HAO Chinese Customer Service 46.

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

48.

49.

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

AOKMANSIKAN, SANGCHAI Customer Service Representative Brief Job Description: Manage incoming calls and inquiries.

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

NEW ORIENTAL CLUB88 CORPORATION 3rd, 5th, 6th, 7th, 8th, 9th & 10th/f Sapphire Seaview Park, Pacific Avenue, Don Galo, City Of Parañaque

CHEN, YI Chinese Customer Service

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

ZHOU, XIAO Chinese Customer Service

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Basic Qualification: College graduate, and preferably 1-year work experience in the similar field. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language.

50.

Brief Job Description: Manage incoming calls and inquiries.

UTTACHAK, PHATTARA Customer Service Representative 51.

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

YEMEROV, RAVIL Customer Service Representative 52.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language.

LIU, CAIRONG Customer Service Representative

53.

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

CEVIN Indonesian Customer Service Brief Job Description: Manage incoming calls and inquiries.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language.

54.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, and preferably 1-year experience in the similar field.

55.

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

KHANT HSU LINN Myanmar Customer Service 56.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, and preferably 1-year experience in the similar field.

Brief Job Description: Manage incoming calls and inquiries.

YEE PEI FUNG Malaysian Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, and preferably 1-year experience in the similar field.

CHARLENE Indonesian Customer Service

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

KYAW MIN OO Myanmar Customer Service 57.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language.

58.

MYAT THU Myanmar Customer Service Brief Job Description: Manage incoming calls and inquiries.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language.

59.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language.

60.

MYO MYINT SWE Myanmar Customer Service Brief Job Description: Manage incoming calls and inquiries.

MYO OO Myanmar Customer Service Brief Job Description: Manage incoming calls and inquiries.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Preferably 1-year work experience in the similar field.

61.

MYO WINT WAR SWE Myanmar Customer Service Brief Job Description: Manage incoming calls and inquiries.

Tuesday, November 14, 2023

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Preferably 1-year work experience in the similar field. Salary Range: Php 30,000 - Php 59,999

No.

PYONE MAUNG MAUNG Myanmar Customer Service 63.

Basic Qualification: Preferably 1-year work experience in the similar field. Salary Range: Php 30,000 - Php 59,999

64.

65.

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

WU KYIN KITE Myanmar Customer Service 66.

Basic Qualification: Preferably 1-year work experience in the similar field. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

WIN WIN HLAING Myanmar Customer Service

Basic Qualification: College graduate, and preferably 1-year experience in the similar field. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

PYONE PYONE SU Myanmar Customer Service

Basic Qualification: College graduate, and preferably 1-year experience in the similar field. Salary Range: Php 30,000 - Php 59,999

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

67.

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

BUI XUAN THIEM Vietnamese Customer Service Brief Job Description: Manage incoming calls and inquiries.

Basic Qualification: Preferably 1-year work experience in the similar field. Salary Range: Php 30,000 - Php 59,999

68.

Basic Qualification: College graduate, and preferably 1-year work experience in the similar field. Salary Range: Php 30,000 - Php 59,999

69.

Basic Qualification: College graduate, and preferably 1-year work experience in the similar field. Salary Range: Php 30,000 - Php 59,999

70.

Basic Qualification: Preferably 1-year work experience in the similar field. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language.

71.

CHU, THI LAM Vietnamese Customer Service Brief Job Description: Manage incoming calls and inquiries.

DANG, VAN GIOONG Vietnamese Customer Service Brief Job Description: Manage incoming calls and inquiries.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

HUA MINH TRUONG Vietnamese Customer Service 72.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, and preferably 1-year work experience in the similar field.

Brief Job Description: Manage incoming calls and inquiries.

HOANG VAN TU Vietnamese Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language.

CHENH THONG HENH Vietnamese Customer Service

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

LE THE LOI Vietnamese Customer Service 73.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, and preferably 1-year work experience in the similar field.

LE THI VUI Vietnamese Customer Service 74.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

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

Basic Qualification: College graduate, and preferably 1-year work experience in the similar field.

75.

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

Basic Qualification: College graduate, and preferably 1-year work experience in the similar field.

MONG DUC MANH Vietnamese Customer Service Brief Job Description: Manage incoming calls and inquiries.

NGO THI LOC Vietnamese Customer Service 76.

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

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

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

Basic Qualification: Preferably 1-year work experience in the similar field. Salary Range: Php 30,000 - Php 59,999

PAUNG CHANT Myanmar Customer Service 62.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language. Salary Range: Php 30,000 - Php 59,999

NGUYEN THI HUONG Vietnamese Customer Service 77.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

QUALIFICATION AND SALARY RANGE Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Preferably 1-year work experience in the similar field. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Preferably 1-year work experience in the similar field. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, and preferably 1-year work experience in the similar field. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, and preferably 1-year work experience in the similar field. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, and preferably 1-year work experience in the similar field. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, and preferably 1-year work experience in the similar field. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate, and preferably 1-year work experience in the similar field. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language. Salary Range: Php 30,000 - Php 59,999

BusinessMirror

Tuesday, November 14, 2023

A6 A8

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

NGUYEN THI MY Vietnamese Customer Service 78.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

NGUYEN THI PHAN Vietnamese Customer Service 79.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

NGUYEN THI THUY TIEN Vietnamese Customer Service 80.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

NGUYEN, QUOC PHUONG Vietnamese Customer Service 81.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

NGUYEN, THI ANH Vietnamese Customer Service 82.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

NGUYEN, THI HOAI Vietnamese Customer Service 83.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

NGUYEN, THI HUYEN TRANG Vietnamese Customer Service 84.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents..

NGUYEN, VAN CUONG Vietnamese Customer Service 85.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

PHAM, DUY NHAC Vietnamese Customer Service 86.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

PHAN MY NHIEN Vietnamese Customer Service 87.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

PHAN, THI LINH Vietnamese Customer Service 88.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

PHAN, THI MAI HUONG Vietnamese Customer Service 89.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

TRAN QUOC KHANH Vietnamese Customer Service 90.

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

TRAN, VAN DAN Vietnamese Customer Service 91.

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

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE

No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION VUONG TRONG HIEU Vietnamese Customer Service

92.

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

QUALIFICATION AND SALARY RANGE Basic Qualification: Preferably 1-year work experience in the similar field.

93.

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

ONE BORDERLINE CREATIVES INC. Unit 11-ij3, 11/f Burgundy Corporate Tower, 252 Sen. Gil Puyat Ave., Pio Del Pilar, City Of Makati

Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language.

94.

95.

JIANG, ZHEHUA Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record. ZHANG, XIAORAN Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record.

ZHOU, JINSHAN Sales Representative 96.

Brief Job Description: They ensure that the customer is satisfied and adequately taken care of while making a purchase.

MCPHAIL, CRAIG KENNETH HSSE Lead 97.

Brief Job Description: The HSSE Lead will be responsible for providing HSSE assurance for the Sinagtala project. To support the project manager in achieving outstanding safety and environmental performance for the project.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language.

RIMMER, JEFFREY GILBERT Surf Lead 98.

Brief Job Description: Assist in coordinating project activities, ensuring alignment of objectives, and monitoring progress. Provide guidance and support to project team members, facilitating communication and resolving any issues or conflict.

99.

LONG, ERIKA PEARL Senior Director - Human Resources Brief Job Description: Own and improve organization fundamentals.

BAN, CHAOLI Marketing Specialist 100.

Brief Job Description: Responsible for developing and managing all aspects of the company’s marketing strategy.

NI, WENXING Marketing Specialist 101.

Brief Job Description: Responsible for developing and managing all aspects of the company’s marketing strategy.

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

YAO, MENGHENG Marketing Specialist 102.

Brief Job Description: Responsible for developing and managing all aspects of the company’s marketing strategy.

ZHANG, YANYU Marketing Specialist 103.

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

Brief Job Description: Responsible for developing and managing all aspects of the company’s marketing strategy.

106.

Brief Job Description: Make travel arrangements for individuals, group including scheduling flights and ground transportation, booking accommodations and handling any other triprelated tasks.

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

104.

Brief Job Description: Responsible for developing and managing all aspects of the company’s marketing strategy.

Basic Qualification: College graduate, and at least 1-2 years working experience in the related position. Salary Range: Php 30,000 - Php 59,999

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

107.

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

Basic Qualification: Can speak Mandarin language.

ALVIN NG AIK KHAI Mandarin Customer Service Brief Job Description: Maintains customer records by updating account info.

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

VEHICLE MASTER SERVICE CORP. #27, T. Santiago St., Canumay West, City Of Valenzuela Basic Qualification: College graduate in Health & Safety/Mechanical/ Chemical Engineering or equivalent. Membership of recognized professional HSE institution e.g. MIOSH, ASSE. Minimum 15 years in the Oil and Gas or Petrochemical Industry of which min. 5 years in HSE management.

Basic Qualification: College graduate. With at least 10 years of hands-on experience in the SURF industry.

YU, ZHIYANG Chinese Marketing And Sales Consultant 108.

Brief Job Description: Identify effective marketing campaigns that will reach targeted audiences effectively and efficiently.

Basic Qualification: With more than 10 yrs. of experience as HR manager in a multi culture and regional company.

ZHANG, SHICONG Chinese Marketing And Sales Consultant 109.

Brief Job Description: Identify effective marketing campaigns that will reach targeted audiences effectively and efficiently.

Basic Qualification: Can conduct market research to find answers about consumer requirements, habits and trends. Can brainstorm and develop ideas for creative marketing campaigns. Can assist in outbound or inbound marketing activities by demonstrating expertise in various areas.

Basic Qualification: Strong knowledge of sales and persuasion techniques coupled with excellent knowledge of the products. Knowledge of data analysis and market research. Intuition about customer desires and practical needs. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Must develop skills in areas like problem-solving, communication, and attention to detail. Strong communication skills are a critical component of an auto mechanic’s abilities. Time management also helps mechanics estimate how long each repair will take.

OW CHIA LEE General Automotive Mechanic 110.

Salary Range: Php 500,000 and above

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

Basic Qualification: Preferably 1-year work experience in the similar field.

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

KIM, TAEJOON Travel Coordinator

Brief Job Description: Automotive mechanics help diagnose and repair various issues for different automotive vehicles, including cars, trucks and vans.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Must develop skills in areas like problem-solving, communication, and attention to detail. Strong communication skills are a critical component of an auto mechanic’s abilities. Time management also helps mechanics estimate how long each repair will take.

WEI, JINGFENG General Automotive Mechanic 111.

Brief Job Description: Automotive mechanics help diagnose and repair various issues for different automotive vehicles, including cars, trucks and vans.

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

HE, ZHENNAN Service And Parts Director 112.

Brief Job Description: Provide cost estimates for body damage and internal repairs. Create and maintain a process to effectively manage warranty, customers paid, and internal repair orders.

HOU, CAIDAO Service And Parts Director 113.

Brief Job Description: Provide cost estimates for body damage and internal repairs, create and maintain a process to effectively manage warranty, customers paid, and internal repair orders.

Basic Qualification: Bachelor’s degree in business or related field of study. Excellent communication skills. He shall have been proven to possess integrity and probity. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree in Business or related field of study. Salary Range: Php 30,000 - Php 59,999

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

Basic Qualification: Preferably 1-year work experience in the similar field.

Brief Job Description: Gathers and analyzes information to identify new markets and customers.

SNOWVIT SERVICES CORPORATION Unit 5d Rose Industries, Bldg. No. 11, Pioneer Street, Kapitolyo, City Of Pasig

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

Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language.

Basic Qualification: Preferably 1-year work experience in the similar field.

105.

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

Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language.

Basic Qualification: Can speak and write Mandarin and English languages fluently.

Basic Qualification: Must hold a bachelor’s degree or higher, ideally in marketing management, business or related field.

LEI, QING Marketing Manager

SANY PHILIPPINES INC. Unit 18-a 18/f, Trafalgar Plaza 105 H.v Dela Costa St., Salcedo Village, Bel-air, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language.

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

QUALIFICATION AND SALARY RANGE

SKYWORTH (PHILIPPINES) CORPORATION U-2202 & 2204 22/f Antel Corporate Centre, 121 Valero St., Bel-air, City Of Makati

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

PROCTER & GAMBLE PHILIPPINES BUSINESS SERVICES, INC. 11th, 12th, 14th & 15th Floors Seven/neo Building, 5th Avenue Crescent Parkwest, Bonifacio Global City, Fort Bonifacio, City Of Taguig

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language.

No.

Salary Range: Php 500,000 and above

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language.

Basic Qualification: Can speak Mandarin language.

PRIME ENERGY RESOURCES DEVELOPMENT B.V. 19/f Asian Star Bldg., Asean Drive, Alabang, City Of Muntinlupa

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language.

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

PHILIPPINE TRAILBLAZERS TECHNOLOGY CORP. 2f Bachrach Bldg Ii 23rd St., Cor Railroad St., Barangay 653, Port Area, City Of Manila

ZHAO, HONG Marketing Specialist VO THI HANH HOA Vietnamese Customer Service

ESTABLISHMENT / ADDRESS

Basic Qualification: College graduate, preferably 1-year work experience in the similar field, and speaks and write fluently in native language.

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

www.businessmirror.com.ph

114.

YANG, JIAN Mandarin Manager Brief Job Description: Establishes strategic goals.

Basic Qualification: Can speak Mandarin language. Salary Range: Php 90,000 - Php 149,999

*Date Generated: Nov 13, 2023 In the ad material of Notice of Filing of Application for Alien Employment Permits published on October 27, 2023, the position of KUMTONGLANG, SANPOL under the company BETONBAU PHIL., INC., should have been read as CONSTRUCTION HEAVY EQUIPMENT TECHNICIAN and not as published. In the ad material of Notice of Filing of Application for Alien Employment Permits published on November 11, 2023, the position of NGUYEN MANH HIEU under the company NEW ORIENTAL CLUB88 CORPORATION, should have been read as VIETNAMESE CUSTOMER SERVICE 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.

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

The World BusinessMirror

Tuesday, November 14, 2023

Heavy fighting rages near main Gaza hospital and people trapped inside say they cannot flee By Wafaa Shurafa & Samy Magdy

remain in the besieged territory. Netanyahu has said the responsibility for any harm to civilians lies with Hamas. Israel has long accused the group, which operates in dense residential neighborhoods, of using civilians as human shields.

The Associated Press

HAN YOUNIS, Gaza Strip— Health officials and people trapped inside Gaza’s largest hospital rejected Israel’s claims that it was helping babies and others evacuate Sunday, saying fighting continued just outside the facility where incubators lay idle with no electricity and critical supplies were running out.

Prime Minister Benjamin Netanyahu has dismissed urgent calls for a cease-fire unless it includes the release of all the nearly 240 hostages captured by Hamas in the October 7 rampage that triggered the war. A day after Netanyahu said Israel was bringing its “full force” with the aim of ending Hamas’ 16-year rule in Gaza, residents reported heavy airstrikes and shelling, including around Shifa Hospital. Israel, without providing evidence, has accused Hamas of concealing a command post inside and under the compound, allegations denied by Hamas and hospital staff. “They are outside, not far from the gates,” said Ahmed al-Boursh, a resident sheltering there. The hospital’s last generator ran out of fuel Saturday, leading to the deaths of three premature babies and four other patients, according to the Health Ministry. It said another 36 babies are at risk of dying. Israel ’s military asserted it placed 300 liters (79 gallons) of fuel near Shifa overnight for an emergency generator powering

incubators for premature babies and coordinated the delivery with hospital officials. But the military said Hamas prevented the hospital from receiving the fuel. A Health Ministry spokesperson, Ashraf al-Qidra, disputed the account and also told Al Jazeera the fuel would not be enough to operate the generator an hour. “This is a mockery towards the patients and children,” Al-Qidra said. Speaking to CNN, Netanyahu asserted that “100 or so” people had been evacuated from Shifa and that Israel had created safe corridors. But Health Ministry Undersecretary Munir al-Boursh said Israeli snipers have deployed around Shifa, firing at any movement. “ There are wounded in the house, and we can’t reach them,” he told Al Jazeera. “We can’t stick our heads out of the window.” The military said troops would assist in moving babies on Sunday. But Medical Aid for Palestinians, a U.K.-based charity that has supported Shifa’s neonatal intensive care unit, said transferring critically ill infants is complex. “With

Evacuation windows, but no pauses

SMOKE rises following an Israeli airstrike in the Gaza Strip, as seen from southern Israel on Sunday, November 12, 2023. AP/LEO CORREA

ambulances unable to reach the hospital ... and no hospital with capacity to receive them, there is no indication of how this can be done safely,” CEO Melanie Ward said. The only option is for Israel to stop its assault and allow fuel into the hospital, Ward said. The Health Ministry said there are 1,500 patients at Shifa, along with 1,500 medical personnel and between 15,000 and 20,000 people seeking shelter. The president of Doctors Without Borders International, Christos Christou, told CBS’ “Face the Nation” it would take weeks to evacuate the patients. World Health Organization Director-General Tedros Adhanom Ghebreyesus said on the social media platform X that Shifa has been without water for three days and “is not functioning as a hospital anymore.” Several humanitarian groups told The Associated Press they weren’t able to reach the hospital Sunday. The Palestinian Red Crescent rescue service said another Gaza City hospital, Al-Quds, is “no longer operational” because it was out of fuel with 6,000 people trapped there. Gaza’s sole power plant shut down a month ago, and Israel has

Protesters demonstrate against world leaders, MidEast war as APEC comes to San Francisco By Janie Har & Haven Daley

The Associated Press

AN FRANCISCO—Activists protesting corporate profits, environmental abuses, poor working conditions and the IsraelHamas war marched in downtown San Francisco on Sunday, united in their opposition to a global trade summit that will draw President Joe Biden and leaders from nearly two dozen countries. Protests are expected throughout this week’s Asia-Pacific Economic Cooperation leaders’ conference, which could draw more than 20,000 attendees, including hundreds of international journalists. The No to APEC coalition, made up of more than 100 grassroots groups, says trade deals struck at summits such as APEC exploit workers and their families. It’s unlikely world leaders will even glimpse the protests given the strict security zones accessible only to attendees at the Moscone Center conference hall and other summit sites. But Suzanne Ali, an organizer for the Palestinian Youth Movement, says the US government needs to be held to account for supplying weapons to Israel in its war against Hamas. “Even if they cannot see us, as we’re mobilizing and marching together, they will know that we’re out there,” she said.

Thousands of demonstrators gathered Sunday to hear speeches from activists supporting various causes, followed by a march through downtown. Among the voices were environmentalists chanting “Rise up” and carrying banners that read “People and planet over profit and plunder!” They’re opposed to the framing of “supposed ‘clean’ and ‘green’ economies that are really propping up corporate profits,” said Nik Evasco, an organizer with the climate block of the No to APEC coalition. “Any time there are so-called free trade deals, what we’ve seen historically is that it’s really about opening up pristine lands that go toward making money for corporations,” Evasco said. San Francisco has a long tradition of loud and vigorous protests, as do trade talks. In 1999, tens of thousands of protesters took to the streets of Seattle during a World Trade Organization conference. Protesters succeeded in delaying the start of that conference and captured global attention as overwhelmed police fired tear gas and plastic bullets and arrested hundreds of people. Chile withdrew as APEC host in 2019 due to mass protests. Last year, when Thailand hosted the summit in Bangkok, pro-democracy protesters challenged the legitimacy of the Thai prime

minister. Police fired at the crowd with rubber bullets that injured several protesters and a Reuters journalist. Chief Bill Scott of the San Francisco Police Depar tment said he expects several protests a day, although it’s uncertain how many will materialize. He warned against criminal behavior. “People are welcome to exercise their constitutional rights in San Francisco, but we will not tolerate people committing acts of violence, or property destruction or any other crime,” Scott said. “We will make arrests when necessary.” APEC, a regional economic forum, was established in 1989 and has 21 member countries, including the world’s two largest economic superpowers—China and the US—as well as Mexico, Brazil and the Philippines. An accompanying CEO summit is scheduled for this week, which critics also plan to protest Wednesday. Headlining the summit is a highly anticipated meeting between Biden and Chinese President Xi Jinping, who rarely—if at all—encounters protesters on home soil. China has heavy security ahead of any events within its borders to ensure no protests occur. It also steps up border checks at city limits and at transit points such as railway stations and airports.

barred fuel imports to prevent Hamas from using them. One woman fleeing northern Gaza, Fedaa Shangan, said she’d had a cesarean section at Al-Quds: “The wound is still fresh.” She said the Israeli army near the hospital “did not care about the presence of patients, children, women and the elderly. They did not care about anyone.” Alarm was growing. “We do not want to see a firefight in a hospital where innocent people, helpless people, people seeking medical care are caught in the crossfire,” President Joe Biden’s national security adviser, Jake Sullivan, told ABC’s “This Week.” “Decisive international action is needed now to secure an immediate humanitarian cease-fire” amid attacks on health care, the UN regional directors of the World Health Organization and others said in a statement, adding that more than half of Gaza’s hospitals are closed. Muhammed Zaqout, director of hospitals in Gaza, said the Health Ministry has been unable to update the death toll since Friday as medics are unable to reach areas hit by Israeli bombardment. About 2.3 million Palestinians Human rights activists based in China will often receive visits or phone calls from police ahead of important events as reminders to not demonstrate. Rory McVeigh, sociology professor and director of the Center for the Study of Social Movements at the University of Notre Dame, said politicians use protests to gauge public opinion and that media attention helps. “Probably a lot of protests just don’t make much difference, but occasionally they do, and occasionally they can make a huge difference,” he said. The United Vietnamese American Community of Northern California plans to protest Xi and Vietnam President Vo Van Thuong. The International Coalition for Human Rights in the Philippines will be rallying for the rights of Indigenous Filipinos and protesting the presence of President Bongbong Marcos, the son of dictator Ferdinand Marcos. Protesters are disappointed that San Francisco, with its rich history of standing up for the working class, would host CEOs of companies and leaders of countries that they say do great harm. “It’s silly, from the mayor to the governor to the president, they want to say this is a great idea to have all these people who have been profiting off the intersecting crises of our time,” Evasco said. “It’s just sickening.” T h e A s s o c i a t e d P re s s w r i t e r Huizhong Wu in Bangkok contributed to this report.

THE US has pushed for temporary pauses that would allow for wider distribution of badly needed aid to civilians in the territory, where conditions are increasingly dire. But Israel has only agreed to brief daily periods during which civilians can flee ground combat in northern Gaza and head south on foot along two main roads. Israel continues to strike what it says are militant targets across southern Gaza, often killing women and children. Hospital officials said at least 13 were killed after an Israeli airstrike in the southern town of Khan Younis. The war has displaced over twothirds of Gaza’s population. Wael Abu Omar, spokesperson for Ga za’s border crossings, said 846 people left Gaza to Eg y pt t hrough t he R a fa h crossing Sunday. Nearly all were foreigners while a few were patients from Gaza’s hospitals and their caretakers. He said 76 aid trucks entered Gaza. The UN and partners have said much more were needed daily. Jordanian Foreign Minister Ayman Safadi said on X that he asked European Union foreign policy chief Josep Borrell to apply the same “legal, moral grounds” for EU support of Ukraine to “define its stand on Israel’s war crimes.” More than 11,000 Palestinians, two-thirds of them women and minors, have been killed since the war began, according to the Health

Ministry in Gaza, which does not differentiate between civilian and militant deaths. About 2,700 people have been reported missing. At least 1,200 people have been killed on the Israeli side, mostly civilians killed in the initial Hamas attack. The Israeli military said two more of its soldiers were killed in Gaza, bringing the total to 48 since the ground offensive began. About 250,000 Israelis have evacuated from communities near Gaza, where Palestinian militants are still firing barrages of rockets, and along the northern border with Lebanon.

Netanyahu rejects US postwar vision

Netanyahu has begun to outline Israel’s postwar plans for Gaza, which contrast sharply with the vision of the United States. He said Gaza would be demilitarized and Israel would retain the ability to enter Gaza freely to hunt down militants. He rejected the idea that the Palestinian Authority, which administers parts of the Israeli-occupied West Bank, would at some stage control Gaza. Secretar y of State A ntony Blinken has said the US opposes an Israeli reoccupation of Gaza and envisions a unified Palestinian government in Gaza and the West Bank as a step toward a Palestinian state, long opposed by Netanyahu’s government. The war threatens to trigger a wider conflict, with Israel and Hezbollah militants in Lebanon trading fire along the border. Attacks by Hezbollah on Sunday wounded seven Israeli troops and 10 others, Israel’s military and rescue services said. Magdy reported from Cairo. Associated Press writers Amy Teibel in Jerusalem and Kareem Chehayeb and Abby Sewell in Beirut contributed to this report.

Military training efforts for Ukraine hit major milestones even as attention shifts to Gaza By John Leicester The Associated Press

FRENCH ARMY BASE, France—Battle cries pierce the smoke and rat-a-tattat of gunfire as Ukrainian soldiers fight through and take enemy trenches and dugouts that hide gruesome, bloody remains. “Grenade!” one screams in Ukrainian. Another yells: “Let’s go, let’s go, let’s go, let’s go!” This time, no lives or limbs were lost. Because this time, the rounds fired were blanks and the “enemy” troops were, in fact, French soldiers whose intention was not to kill the Ukrainians but instead to help shape them into better, more lethal warriors. But soon, the war games these troops played in the mud in France will become all too real, when the Ukrainians return home and are sent to the front lines against Russia’s forces. As the Russian invasion grinds into a second winter and casualties—already estimated in the hundreds of thousands— continue to mount on both sides, combat training programs provided by Ukraine’s allies are helping it hold out and its odds of eventual victory. By continuing to prepare Ukrainian troops for battle even as the Israel-Hamas war diverts global attention, Ukraine’s backers also are making concrete their promises to stick with it for the long haul. France is on course to have trained 7,000 Ukrainians this year—some in Poland, others at French bases—as part of a European Union military assistance mission for Ukraine that launched a year ago this week. The French army granted

The Associated Press access to a training base in rural France last week to observe the latest class of Ukrainian infantrymen being put through its paces at the tail end of a four-week course. The EU mission’s initial goal was to train 15,000 soldiers, but it has far exceeded that target and now expects to hit 35,000 by the end of this year. All but three of the EU’s 27 member countries, plus non-member Norway, have provided training courses or instructors, the EU Commission says. The United States has trained about 18,000, mostly in Germany, with an additional 1,000 in the pipeline, the Pentagon says. In Britain, 30,000 have learned soldiering in the past 17 months, a training program the UK government says is unprecedented since World War II. As well as basic training with weapons, battlefield first aid and other skills, instructors are also imparting specialized military know-how, ranging from clearing mines and launching waterborne attacks aboard small boats to equipment repair, officer training and even help for Ukrainian military chaplains. The Associated Press writers Hanna Arhirova in Kyiv, Ukraine, and Lolita C. Baldor in Washington contributed to this report.

A10 Tuesday, November 14, 2023 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

China’s benevolence deserves applause

he Philippine military released a video on October 22 showing the bow of a Chinese Coast Guard vessel hitting the rear of a Philippine supply boat near Ayungin Shoal in the Spratly Islands. The head of a Manila-based think tank defended China’s action saying the Chinese Coast Guard “lawfully blocked the Philippine vessels because they were transporting illegal construction materials” to Ayungin. China’s Coast Guard said two small Philippine transport ships and three Coast Guard ships entered the waters near Ayungin Shoal without the permission of the Chinese government, thus they were infringing on China’s sovereignty. Never mind that the shoal, which is within the Philippine Exclusive Economic Zone, is only 315 kilometers from Palawan and 2,888 kilometers away from China. “The China Coast Guard followed the Philippine vessels in accordance with the law, taken control measures, and made temporary special arrangements for the Philippine side to transport food and other necessary daily necessities,” Beijing’s Coast Guard said in a statement. China’s benevolence in Philippine waters deserves applause. Beijing is always right. China’s responsible actions did not infringe on the rights of the Philippines within the Philippine Exclusive Economic Zone. The Chinese maritime militia vessel bumped into Philippine Coast Guard patrol ships escorting the supply boat because “the Philippine vessels ignored a warning and caused the collisions by navigating recklessly. The Philippine side is wholly to blame.” From the Associated Press: “As a US Navy surveillance plane flew in circles, keeping a close watch, dozens of Chinese coast guard and accompanying ships chased and encircled Philippine vessels in the latest confrontation in one of the most dangerous flashpoints in the South China Sea. At the height of Friday’s four-hour faceoff in the high seas, a Chinese Coast Guard ship blasted a water cannon toward a Philippine motorboat delivering food and other supplies to Filipino forces on a marooned, rusting warship that serves as the country’s fragile territorial outpost at Second Thomas Shoal [Ayungin Shoal].” Two AP journalists and several other members of the media who were invited on board three Philippine Coast Guard ships securing two supply boats witnessed the dangerous cat-and-mouse maneuvers in rough waves. It’s part of a shame campaign Philippine officials said they would press on to expose China’s growing aggression in one of the world’s most important trade routes. China’s use of water cannons last Friday followed a series of incidents in the South China Sea, including the collisions between China’s vessels and two Philippine ships on October 22. Of course, it was Manila’s fault that these things happened. A Chinese foreign ministry spokesperson said, “China urges the Philippines to respect our serious concerns and to end their provocations and dangerous actions in the sea.” Indeed, the Philippines should stop its aggression against China. Pundits said Beijing is testing not only the Philippine government’s resolve, but also that of Washington, seeking to determine whether the Middle East crisis and the war in Ukraine are distracting US attention away from the Indo-Pacific. China is not testing any country’s resolve. Beijing’s Coast Guard vessels and militia ships are just following orders to block Philippine vessels transporting food and other necessities to the marooned Filipino forces at Ayungin Shoal. Forget the Arbitral Tribunal ruling favoring the Philippines. These ships are sailing on Philippine waters without the permission of China’s government. Why should the Chinese acknowledge the harm they are causing when these Philippine vessels are infringing on China’s sovereignty? If you haven’t seen the movie, you won’t know that China owns the entire South China Sea.

Since 2005

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

THE Entrepreneur

ood tidings have come early for the Philippines last week. The favorable gross domestic product (GDP) numbers for the third quarter and the lower inflation rate in October both augur well for the Philippine economy. The positive data clearly suggest that our recovery from the pandemic years is solid and confirm our stature as the fastest-growing economy in this part of the world. I consider the GDP growth of 5.9 percent in the third quarter remarkable, beating market expectations ranging from 4.3 percent to 4.9 percent. The economy also expanded despite the relatively high inflation rates in the three-month period ending in September and the prohibitive interest rates. Our GDP story appears to be broad-based, per the report of the Philippine Statistics Authority. The agriculture, forestry and fishing, industry and services sectors all registered positive growths in the third quarter of 2023 at 0.9 percent, 5.5 percent and 6.8 percent, respectively. The third-quarter GDP results made the Philippines the fastestgrowing economy in Asia, exceeding that of Vietnam’s 5.3 percent, Malaysia’s 3.3 percent, and Indonesia’s and China’s 4.9 percent. The expenditure or demand side of the economy is telling us that the

Philippines is weathering the impact of high prices and that companies are starting to adjust to increased loan rates. Household spending, government expenditures and gross capital formation or investment increased 3.9 percent in the third quarter from 2.2 percent in the previous quarter. This means consumers still possess the purchasing power and the government is fulfilling its catch-up spending promise to speed up the construction of roads, schools and other public works projects to boost the economy. The economy just managed a growth of 4.3 percent in the second quarter mainly due to government underspending. But President Ferdinand Marcos Jr. instructed state agencies to accelerate their spending in the succeeding quarters to stimulate economic growth. National Economic and Devel-

Just another blood sport

Lourdes M. Fernandez

John Mangun

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

Creative Director Chief Photographer

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

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

www.news.businessmirror@gmail.com

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

Manny B. Villar

T. Anthony C. Cabangon

Online Editor

Chairman of the Board President Advertising Sales Manager Group Circulation Manager

Encouraging economic data

OUTSIDE THE BOX

‘W

ar” was written by Norman Whitfield and Barrett Strong in 1969. The lyrics read, “War. What is it good for? Absolutely nothing, listen to me, It ain’t nothing but a heart-breaker, It’s got one friend that’s The Undertaker.” To quote the US Secretary of Defense from the movie Independence Day regarding alien spaceships being a myth: “Excuse me, Mr. President? That’s not entirely accurate.” Since earliest history, wars between two or more groups have been fought to expand territory control or much more often to capture resources. “You have it. We want it. Let’s fight for it.” War is not necessarily morally wrong. We know that we live in a world of finite resources be it game for hunting, a river of clean water, or fertile land. Go complain to Gaia, the Greek goddess of Earth, about that fact. Either

you and your family, tribe, nation gets the goodies or someone else’s family, tribe, nation does. Life is usually a Zero-sum game and at my age when I hear of a death, “Glad it’s not me.” Those associated with killing prosper during wars as do weapons suppliers. But the “conspiracy theorists” that always blame The Bankers for war are closer to the truth. Wars between kingdoms have always been funded by borrowing from the banks. Only the Barbarians that plundered for supplies did not need The Banks. So, the King that wants to go to war borrows money from the bankers in the hope that the treasure he takes

year-on-year increase in the heavily weighted food and non-alcoholic beverages at 7.0 percent in October 2023 from 9.7 percent in the previous month. Food inflation at the national level, per the report of the PSA, fell to 7.1 percent in October 2023 from 10.0 percent in the previous month and 9.8 percent in the same period last year. The restaurants and accommodation services, with an inflation rate of 6.3 percent during the month, from 7.1 percent in September 2023, also contributed to the downtrend of the headline inflation. The inflation, in the assessment of the PSA, may drop further in the succeeding months barring any supply shocks. Perhaps, with the respectable GDP growth and decelerating inflation, the Bangko Sentral could now pause on adjusting interest rates higher. Higher interest rates could restrict economic expansion—and dampen the hiring of more workers. Manufacturers and businessmen will likely postpone their investment decisions amid the high cost of money, while consumers may think twice before spending on big-ticket items, like cars and properties. The Philippines just posted the fastest economic growth rate in Asia. We should keep the momentum and welcome more economic opportunities.

opment Authority Secretary Arsenio Balisacan is obviously pleased with the compliance of government agencies. “We commend the national government agencies and local government units for responding to the economic team’s call to implement catch-up expenditure plans. These plans aim to expedite the implementation of government programs and projects and improve the delivery of public services under the 2023 public expenditure program,” he said after reporting the GDP numbers. Public construction as a result rose sharply by 26.9 percent from 0.7 percent in the previous three-month period, while private construction expanded 5.1 percent from 4.3 percent. One can imagine the employment generated by the increased pace of construction activities during the period and the higher consumer spending that follows the creation of more jobs. Another piece of good news, meanwhile, is on the inflation front. Inflation, which has threatened to slow down our economic growth, dropped to a three-month low of 4.9 percent in October from 6.1 percent a month ago, mainly because of slower increases in the prices of food and non-alcoholic beverages. Base effect, or the much higher inflation of 7.7 percent a year ago, partly accounted for lower prices last month. But I’d like to believe that the current rice harvest in the wet season dampened food prices. The lower rice prices led to a slower

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

from the other King will pay the loan and turn a profit when he wins. If he loses, he will probably have to pay the banker anyway from his own “crown jewels.” Note also that the bank is probably funding both sides of the conflict, so they never lose. But no one—from kings to paupers—likes to pay back their loans, including the winners but especially the losers. If you’re the king, the easiest way to avoid paying is to kill or imprison the bankers. No problem. One king you should know well —King Philip II of Spain—defaulted on his country’s war loans four times from 1556 to 1598. Here comes the interesting part of banking that all the social media experts on the Middle East and Jewry in particular have no clue. Personal loans between two people—mainly for trade like Letters of Credit, a bill of exchange, and agricultural crop loans—have been part of recorded history for at least 5,000 years. Both Hindu and Greek religious temples took money deposits. Later up to about the 14th century, agricultural loans were repaid in crop rather than “cash” to avoid the Christian and Muslim usury prohibition.

Therefore, virtually all “war loans” were provided by Jews. Not wanting to repay, Spain targeted Jews and confiscated their assets. Edward I of England borrowed from the Jews to fund his war with France, and when he could not repay, he suddenly discovered they were Jews and expelled them from England, defaulted on his loans, and confiscated all their property. Christians and Muslims could not engage in banking because of the sin of usury. That is what was really behind the Protestant Reformation in the 1500s that was usurped and funded by the “billionaires” of those days who wanted to engage in banking but would be excommunicated if they did. The Protestant Reformation eliminated the sin of usury so Christians could “legally” enter the banking business. Jews have always been a target because they would not conform to the “religion of the land.” In 139 BC, Gnaeus Cornelius Scipio Hispanus expelled all Jews from Rome. In 59 BC, Cicero criticized Jews for being too influential in public assemblies, referring to Jews and Syrians See “Mangun,” A11

www.news.businessmirror@gmail.com

Opinion BusinessMirror

Tuesday, November 14, 2023 A11

Substantiation of revenues and purchases Australia cyberattack leaves 30,000 containers Atty. Rodel C. Unciano stuck at ports Tax Law for Business

By Angus Whitley & Lynn Doan

P World Plc. is struggling to work through a backlog of 30,000 shipping containers piled up at ports across Australia as the company resumes operations after a cyberattack.

Friday’s hack on DP World, one of the world’s largest port operators, triggered a company shutdown at the eastern ports of Melbourne, Sydney and Brisbane and at Fremantle in the west. While operations partially resumed on Monday, the investigation into the attack as well as measures to protect the network could disrupt services for days, DP World said in a statement. The company expects to shift 5,000 containers out of the four ports on Monday, less than a quarter of the typical daily volume nationwide, a spokesman said. With local strikes also hitting DP World in coming days, it may be next week before normal activity resumes in Australia, the spokesman said. DP World manages almost 40 percent of goods flowing in and out of Australia, exposing the country to widespread economic and commercial fallout from an attack on a single entity. The maritime trade giant is the latest victim in a string of high-profile cyberattacks this year. Industrial & Commercial Bank of China Ltd.—the world’s biggest lender by assets—was recently struck by a ransomware attack that blocked some Treasury market trades from clearing. As more ports automate and move away from paper documentation, hackers pose a growing threat to the region’s shipping networks. Ransomware hackers install malware on victims’ systems, holding them hostage until they receive payment. With DP World struggling to get back on its feet, Australian Home Affairs and Cyber Security Minister Clare O’Neil said the government plans to force businesses to report any ransom incident, demand or payment. Authorities will also provide a guidebook to help companies prepare and deal with ransom demands, she said. DP World hasn’t received a ransom demand connected to the latest attack and doesn’t know which organization is responsible, the Australian Financial Review cited a top

Mangun. . .

Continued from A10

as “races born to be slaves.” Roman Emperor Tiberius in 19 AD expelled the Jews. Most of the prejudice of the Jews in Rome was similar to that of the Christians as both refused to worship Roman gods. The current war is a catastrophe. Former President Obama: “Nobody’s hands are clean. What Hamas did was horrific and there’s no justification for it. And what is also true is that the occupation and what’s happening to Palestinians is unbearable.” So what is War good for? War comes when there is increasing widespread economic distress, now first set in motion with Covid-19 locking everyone down, which was supposed to give governments time to fix the economic problems.

company official as saying. In an update to importers and exporters earlier on Monday, the Freight & Trade Alliance industry body said there was still disruption at DP World’s Australian ports. According to the update, DP World was restricting exports at Melbourne. It also warned of “unforeseen service impacts” in Sydney and changes or limits to truck access at Fremantle. “DP World Australia’s investigation and ongoing remediation work are likely to continue for some time,” the company said in its statement. This isn’t the first time hackers have targeted major ports. In July, Japan’s biggest maritime port was hit by the notorious hacking gang Lockbit, a ransomware group with Russian ties that was also behind this week’s ICBC attack. A month earlier, several Dutch ports including Amsterdam and Groningen faced distributed-denial-of-service attacks, known as DDoS. In 2021, South Africa’s port and rail company was struck by a ransomware attack that forced it to declare force majeure at container terminals and switch to the manual processing of cargo. Australia’s ports are critical to its economy, with the nation moving 98% of its trade by sea, according to Ports Australia, a leading industry body. A lot of what Australians use on a daily basis—from computers to clothes and medicine are imported— while the country is a key agriculture, energy and mining exporter. Police are investigating the cyberattack. DP World is combing through its servers to find out where hackers may have been, the data they may have looked at or and moved, and if they left any malicious software, the AFR reported, citing Nicolaj Noes, who oversees the Oceania business. Noes told the paper there was a possibility that alarms raised by the firm’s monitoring software gave it time to shut down its systems before data was stolen or locked up. With assistance from Ben Westcott /Bloomberg

Sorry, no go. Imagine Dr. Evil of the Austin Powers films is actually in charge. The average citizen of earth has no idea how bad the global debt economy is, or how bad the future looks. Covid did not work to solve the problem. The war in Ukraine did not go far enough with Putin not following the game plan to give a justification for a Nato boots-on-the-ground war. Last resort folks. Everyone everywhere can always “hate the Jews” even more than “hating” the Muslims. And no white, black, yellow, or red boots needed. Cockfighting, bull baiting, two dogs in the pit, this is just another blood sport to keep the masses preoccupied. Is it working? 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.

he Bureau of Internal Revenue (BIR) has been very aggressive in its campaign against the issuance of fake receipts where Commissioner Romeo Lumagui Jr. declared an all-out war against all those who profit from propagating a culture of tax evasion using the so-called “ghost receipts.” As defined, ghost receipts are fake receipts/invoices with no actual transactions. Its main purpose is to reduce the income tax and VAT liabilities of the purchaser by claiming false deductions/expenses and claiming input VAT on the basis of fictitious transactions, ultimately resulting in defrauding the government of taxes. In its Run After Fake Transactions program, Commissioner Lumagui has vowed to identify and file civil, criminal, and administrative cases against sellers and users of commercial invoices and receipts used to support fake transactions to evade payment of internal revenue taxes. Under the Tax Code, as amended, all persons subject to an internal revenue tax shall, at the point of each sale and transfer of merchandise or for services rendered valued at P100 or more, issue duly registered receipts or sale or commercial invoices, showing the date of transaction,

quantity, unit cost and description of merchandise or nature of service. There is a proposal to increase this threshold to P500 under the Ease of Paying Taxes Bill, which has already been approved by the Bicameral Conference Committee. For tax purposes, an income is subject to tax whether or not it is supported with an official receipt or sales invoice. Income from whatever source is subject to tax, and this includes all income including those sourced from unlawful activities and whether or not the same is supported with duly registered receipts or invoices. While receipts or invoices are the primary pieces of evidence to support an income or inflow of wealth, the absence of the same does not exempt the income earner from the appropriate tax. On the part of the purchaser, the official receipts and sales invoices are the primary documents required to substantiate the deductibility of

the related costs and expenses for the purpose of arriving at the net taxable income. But receipts and invoices are not the only acceptable proofs to support deductibility of expenses incurred. Other adequate records are acceptable proofs. Whether these are receipts and/or invoices or other alternative documents, the same should be genuine, that is, they should represent real transactions, not fake ones. Other than providing sufficient supporting documents, the taxpayer should be able to establish the amount of expense being claimed as a deduction and the direct connection or relation of the expense being deducted to the development, management, operation, and/or conduct of the trade, business or profession of the taxpayer. Similarly, for value-added tax compliance, failure to issue the required BIR-registered commercial VAT invoice or official receipt does not justify the exclusion of the revenue or receipt from the obligation to pay VAT on the part of the seller. However, strict compliance is required on the part of the buyer. Substantiation of the transaction with a BIR-registered commercial VAT invoice or official receipt is indispensable for the purpose of claiming input VAT credits. Under the current rules, the invoice or receipt must comply with the invoicing and accounting requirements prescribed under Section 113 of the Tax Code. Non-compliance with the prescribed invoicing requirements

hailand’s Prime Minister Srettha Thavisin defended a controversial plan to borrow billions of dollars to fund a cash handout program, saying Southeast Asia’s second-largest economy is in a crisis and needed a stimulus to end a cycle of low single-digit growth. Srettha’s administration last week unveiled plans to distribute 10,000 baht ($277) each to about 50 million Thais as a one-time measure to stimu-

late consumption and spur business activities. The so-called digital wallet program that will cost 500 billion baht will be funded through state borrowing and a special bill will be passed by parliament early next year to facilitate the fund-raising, according to Srettha. The move to resort to borrowing as opposed to carving out the fund from state budget as was previously indicated by Srettha, drew criticism from opposition parties and economists on concern it will saddle the nation with public debt and stoke

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 84032001 local 140.

China tightens grip on copper, key to world’s energy transition By Bloomberg News

hina is in the midst of a breakneck expansion of its copper industry that’s reshaping global flows of the essential metal for the world’s energy transition.

The Asian nation’s grip on the supply of other green metals like lithium, cobalt and nickel, used in electric vehicle batteries, has already prompted worried Western governments to encourage separate supply chains. Meanwhile, China’s production of refined copper—and its share of world output—is heading for a record this year after a burst in construction of new smelters. The rapid ramp-up in capacity brings a fresh dynamic to a market that for 20 years has been driven in large part by how much buyers in China are willing to pay. The country will still import growing amounts of copper, but more as ore rather than refined metal. Copper has been labeled the most important commodity in the age of decarbonization for its use in everything from EVs to wind turbines and vastly expanded power grids. Booming Chinese demand from green technologies has been a bright spot for an otherwise beleaguered world metals market in 2023. “Like all countries, China sees a strategic need for copper—particularly now with the growth in green energy applications—and China like other countries wants to ensure self sufficiency,” said Craig Lang, principal analyst at researcher CRU Group. China will account for about 45 percent of global refined copper output this year, according to CRU. The smelter build-up will be a key talking point for hundreds of copper-

industry executives descending this week on China’s commodity hub of Shanghai for Asia Copper Week. Miners and smelters will negotiate key annual ore-supply contracts, and attendees will take the latest temperature of Chinese demand. Despite the financial toll of the pandemic and China’s property crisis, the nation’s metals consumption has been relatively strong in 2023. That has probably helped copper stave off an even deeper market slump, with prices only slightly lower than this time last year. CRU sees copper demand in China growing 5 percent this year, while Goldman Sachs Group Inc. named copper as one of its top commodities picks for next year on a “robust green demand environment”—especially in the Asian powerhouse. “We expect to find Chinese players slightly less cautious than may have been feared two months ago,” Colin Hamilton, managing director for commodities research at BMO Capital Markets Ltd., wrote in a note ahead of the Shanghai gathering.

Same path

The expansion of smelting capacity echoes the history of China’s other metals industries. Until 2006, the country was a net importer of steel, for example. But a wave of new capacity eventually led to a flood of exports—hurting international steelmakers and fueling global trade tensions in the pre-Trump era.

China’s copper smelting capacity will increase by another 45 percent by 2027, accounting for 61 percent of expected new plants around the world in that period, according to Carlos Risopatron, director of economics at the International Copper Study Group. Simon Hunt, a 50-year veteran of the copper industry who now runs his own consultancy, reckons China could turn net exporter of copper by 2025 or 2026 as production booms. That’s not a consensus view, but the viability of exports is a topic of discussion in the industry. In any case, China’s copper smelters could pile pressure on their global peers in coming years as they “pay up” to get the feedstock they need, Hunt said. The closure of older smelters in the rest of the world could be the outcome.

Net importer

For now, the rapid expansion of copper smelting capacity is triggering a race to secure copper concentrate to feed the smelters, with annual contract negotiations taking place this week against the backdrop of a tightening market for the raw material. The treatment charges that miners pay smelters to process ore drops when concentrate is scarce. That dynamic is likely to be reflected in a fall in fees for next year to $84 a ton from $88, according to an estimate from Shanghai Metals Market. “Global copper concentrate supply will be loose in the first half before switching to a deficit in the second,” said Mysteel analyst Meng Wenwen, who also expects a decline in fees. At the same time, the increase in smelting is making China less dependent on imported copper metal, leading to expectations of an oversupply

Thai PM Srettha defends debt plan for $14 billion cash handout By Anuchit Nguyen

under the Tax Code is fatal to the taxpayer’s claim for input tax. Thus, buyers should be vigilant in requiring their suppliers to issue VAT invoices and receipts with the proper information. Incidentally, under the Ease of Paying Taxes Bill, the issuance of official receipts as proof of sales transaction has been deleted. Under the present Tax Code, a registered invoice shall be issued for every sale, barter, or exchange of goods or properties while an official receipt is the document that should be issued for every lease of goods or properties, and for every sale, barter, or exchange of services. The Ease of Paying Taxes Bill harmonized the rule. The required document to be issued as support for the sale, barter, or exchange of services shall also be the invoice. So, once the Ease of Paying Taxes Bill becomes a law, there will be no more distinction between the sale of goods and services in so far as the required substantiation requirement is concerned.

inflation. Bank of Thailand Governor Sethaput Suthiwartnarueput, who had disapproved the handout plan from the outset, voiced his dissent again at a meeting with Srettha on Friday before it was unveiled, The Nation reported. On Monday, Srettha said the additional borrowing is estimated to increase the government’s public debt to just 64 percent of gross domestic product from 61 percent now, which will still be below the legal ceiling of 70 percent. The level of public debt will

not swell much if the handout helps expand economic growth, he said in a statement Monday. Srettha, a former property tycoon-turned-premier, has said the cash handout “will act as a trigger to revitalize the economy,” that has expanded at less than 2 percent average in the past decade, well below its Southeast Asian neighbors such as Indonesia, Malaysia and Vietnam. The payment was also the flagship pre-election promise of Pheu Thai Party that leads the current coali-

tion government. “The government believes we are in a crisis and the economy needs stimulus,” Srettha said. “If there’s no economic growth, one day no one may want to invest in Thailand.” Srettha also downplayed differences with the central bank governor saying Sethaput had himself suggested that borrowing was better to finance the plan given the headroom in debt ceiling. The main opposition Move Forward Party had the slammed bor-

of the refined form that sets the price on the London Metal Exchange, the world’s benchmark. That’s causing headaches for China’s traditional suppliers, like Chile, and has forced the world’s biggest copper producer Codelco to slash the annual premium it charges to Chinese buyers. To be sure, China isn’t the only nation building new smelters. India, Indonesia and Africa’s copper belt are also adding capacity. And China is mulling caps on smelter expansions for environmental reasons, although restrictions are unlikely to be imminent.

Demand outlook

The Shanghai copper event comes at a time of heightened uncertainty for global growth, with major economies still at risk of recession and investors unsure whether the Federal Reserve is done with rate hikes. On Monday, copper ticked higher from its lowest close in more than two weeks, trading at $8,053 a ton by 10:28 a.m. Shanghai time. It’s down about 3.8 percent this year. Although copper analysts broadly expect a slightly slower expansion in Chinese demand next year, China is still likely to outpace the rest of the world as Beijing continues to bolster the economy. Citigroup Inc. analysts including Wenyu Yao said a stable China should “give some support to commodities consumption and prices” next year. “There are risks, like rising metal output, but demand concerns will be more focused around the rest of the world,” said Jiang Hang, head of trading at Yonggang Resources Co. in Shanghai. “For China, there aren’t too many worries.”

rowing plan for the handout, saying it will violate several existing laws and imperil the nation’s fiscal discipline and saddle it with interest and debt burden for years to come. It also warned of a potential sovereign credit rating downgrade. “We now see a substantial risk of a wider deficit from the smaller-thanexpected reduction in the handout and the new, large borrowing decree,” Nomura Holdings Inc. analysts Charnon Boonnuch and Euben Paracuelles wrote in a report. Bloomberg

A12 Tuesday, November 14, 2023

SENATE STUDIES SC RULING ON PHARMALLY CONTEMPT CASE By Butch Fernandez @butchfBM

ENATE President Juan Miguel Zubiri on Monday directed the legal office of the Senate to review the implications of a Supreme Court (SC) ruling that the Senate committed grave abuse of discretion in citing for contempt and ordering the arrest of Davao-based businessman Michael Yang and Pharmally Pharmaceutical Corp. executive Lincoln Ong. In its order issued in March 28, 2023—but inex plicably only made known last week— the SC said the arrest order and contempt case against the two men violated their right to due process because the Senate did these “without giving them the opportunity to be heard.” In the case of Ong, who was initially detained in the Senate premises but later moved to the Pasay City Jail, his failure to respond satisfactorily to several questions in the course of the marathon hearings by the 18th Senate on the P42-billion pandemic supplies scandal was deemed by senators as equivalent to giving “false or evasive testimony.” The SC decision – on a petition filed by the Pharmally executives’ lawyer Ferdinand Topacio—cited an argument raised by Chief Justice Alexander Gesmundo that witnesses charged with giving “false or evasive” testimony should at least be given a chance to explain why they do not mean to lie or evade the questioners. The high court, however, re-

jected the accusation of petitioners Yang and Ong that the Senate infringed on the contempt power of the judiciary, because the power of contempt of both chambers of Congress “is inherent and arises by implication.” Zubiri directed Senate lawyers to study the implications of the SC’s March 28 ruling after Senate Minority Leader Aquilino Koko Pimentel raised the issue while interpellating Finance Committee chairman Sen. Juan Edgardo Angara, who sponsored the Judiciary’s 2024 budget in plenary. Pimentel wanted to know if the SC ruling, penned by Associate Justice Henry Inting, in any way was meant to “restrict” the contempt powers of the Senate. Only Ong was actually detained in the Senate premises. Yang continually eluded the Senate sergeant at arms, though the latter was able to collar in Davao two other Pharmally executives —the brother and sister tandem of Mohit and Twinkle Dargani, as they were about to board a flight to Malaysia. Mohit is the corporate secretary and treasurer, and Twinkle is president of Pharmally. The Dargani siblings were detained, like Ong, for sometime in the Senate premises, but Twinkle was later released by the Senate for humanitarian reasons, on the plea of her mother who cited her mental health. Ong and Mohit Dargani were later moved to the Pasay City Jail, but their sevenmonth detention automatically ended when the 18th Senate closed in June 2022.

M3 grows 7.9% to ₧16.6T in Sept, highest since Feb ’22

By Cai U. Ordinario

@caiordinario

HE country’s domestic liquidity posted its fastest growth in nearly two years in September, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP). The data showed M3 or domestic liquidity grew 7.9 percent year-on-year to P16.6 trillion in September. This was faster than the 6.8 percent posted in August 2023 and 5.2 percent posted in September last year. Based on data obtained from BSP, the growth of the M3 in September was the highest since February and January 2022 when it posted growth of 8.5 percent. “Looking ahead, the BSP will continue to ensure that domestic liquidity conditions remain in line with the prevailing stance of monetary policy, consistent with its price and financial stability

objectives,” BSP said. Based on the data, domestic claims expanded by 9.5 percent year-on-year in September from 9.3 percent (revised) in the previous month. BSP said claims on the private sector grew by 6.3 percent in September from the 7.5 percent posted in August, “driven by the sustained expansion in bank lending to nonfinancial private corporations and households.” Further, net claims on the central government rose by 19.2 percent in September from 15.2 percent in August, “owing to the decline in deposits by the National

Government with the BSP.” Meanwhile, net foreign assets (NFA) in peso terms increased by 1 percent year-on-year in September from 3.5 percent (revised) in August. The BSP’s NFA grew by 2.3 percent in September after expanding by 3.2 percent in the previous month. However, BSP said the NFA of banks contracted on account of higher bills payable and foreign deposit liabilities.

Bank lending

BSP data showed the outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, increased by 6.5 percent year-on-year in September from 7.2 percent in August. On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, went up by 0.7 percent. The data showed the outstanding loans extended by banks to

residents, net of RRPs, rose by 6.6 percent in September from 7.2 percent in August. BSP said the growth in outstanding loans for production activities was registered at 4.9 percent in September from 5.5 percent in the previous month, driven by the growth in credit to major sectors such as real estate at 5 percent. The data also showed outstanding loans for electricity, gas, steam, and airconditioning supply grew 9.2 percent; wholesale and retail trade, and repair of motor vehicles and motorcycles, 6.6 percent; financial and insurance activities, 4.9 percent; and information and communication, 8.1 percent. The growth of consumer loans to residents was generally steady at 23.5 percent in September from 23.1 percent in August, driven largely by the sustained growth in credit card loans and faster expansion in motor vehicle loans. Outstanding loans to non-residents went up at a slower rate of 0.3 percent in September from 8.4 percent in the previous month.

UN Tax Convention, not OECD tax agenda, better for PHL–groups By Cai U. Ordinario @caiordinario

F the Philippines is bent on beating big tax cheats and stamping out corporate tax abuses, it should support the UN Tax Convention instead of joining the OECD’s tax agenda, according to local civil society organizations (CSOs). In a joint statement, CSO leaders from the Philippines, Indonesia, Zambia, Argentina, Canada and other parts of the world, said profit shifting and illicit financial flows rampant in extractive and other industries can only end through a comprehensive UN Tax Convention and democratic global tax governance under the UN. They stressed the OECD, which has long dominated the international tax policy arena, is only an exclusive ‘club’ of rich countries that is not interested in protecting the rights and interests of developing countries. “The OECD’s Inclusive Framework on BEPS, which is designed to protect the interests of multinational corporations and rich countries, further weakens Global South countries’ ability to address their people’s needs and secure their rights,” Lidy Nacpil, Coordinator of the Asian Peoples’ Movement on Debt and Development (APMDD), said. She said the multiple crises faced by countries all over the world can only be addressed through massive efforts by governments to guarantee peoples’ rights to public services as well as “rapid, just, and equitable shift to renewable energy.” “This requires equally massive resources mobilized through equitable taxation that takes into

account economic and social inequalities worsened by the multiple crises,” she added. The Department of Finance (DOF) recently disclosed that the Philippines has joined as a member of the OECD/G20 Inclusive Framework on Base-Erosion and Profit Shifting (BEPS) Inclusive Framework last week. The DOF said this was a move reconfirming the government’s commitment to uphold tax fairness, protect the country’s tax base from aggressive tax avoidance schemes, and promote international tax cooperation. The Inclusive Framework on BEPS is mandated to spearhead the effective implementation of the BEPS Project, including conducting peer reviews of the BEPS minimum standards, monitoring the other BEPS Actions, and leading the ongoing standard-setting work. At present, it has 143 member jurisdictions, including six members of the Association of Southeast Asian Nations (Asean) and 14 observer organizations. “The Philippines has committed a major blunder in becoming a member of the OECD’s BEPS Framework,” Rovik Obanil, SecretaryGeneral of the Freedom from Debt Coalition, said. “(The government) should know that the arrogation of international tax rulemaking by the world’s largest economies through the OECD/ G20 BEPS framework is is fundamentally undemocratic, illegitimate, and biased towards the interests of countries, corporations, and wealthy individuals already benefiting from status quo tax rules,” he added. Continued on A5

CRAFTING CHRISTMAS MAGIC A lantern maker in Plaza Quezon, Las Piñas, brings festive cheer to life. In this community, the anticipation for Christmas starts early, with residents crafting parols as early as September. Despite the joyful spirit, the lantern maker notes a slowdown in sales compared to last year. NONIE REYES

MIAA rushing fence works for Nayon, PVH

PPARENTLY determined to ensure the security of the Ninoy Aquino International Airport (NAIA) Terminal 2, the Manila International Airport Authority (MIAA) has posted an invitation to bid regarding the installation of perimeter fences for Nayong Filipino and the abandoned compound of Philippine Village Hotel, amid fears it could be used as staging point for crime. The invitation to bid is to secure the whole area from becoming a staging point for bad elements that its crumbling infrastructure could also pose a safety risk to the airport security. Bidders are advised to secure their documents for proper procedures not later than Tuesday, November 14, 2023. MIAA Officer-in-Charge Bryan Co already notified Pasay City Mayor Imelda Calixto-Rubiano on their 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. Last June 25, 2023, MI A A sought the immediate intervention of the Pasay City local government in addressing the significant safety and security risks posed by the derelict Philippine Village Hotel (PVH) to human life and property in its vicinity, specifically the NAIA, specially Terminal 2 and the 250th Presidential Airlift Wing. In a statement, the Philippine Village Hotel Inc. (PVHI) and other parties with interests on the PVH have been barring efforts of MIAA

to secure the premises. In his June 20, 2023, letter to Pasay City Mayor Imelda CalixtoRubiano, MIAA Officer-in-Charge Bryan Andersen Co expressed deep concern that the PVH’s abandoned state “has increasingly compromised the building’s security, making it susceptible to trespassing, vandalism, and other criminal activities…[including] the possibility of terrorist activities being planned or executed from within the structure” which would jeopardize the operations of the airport complex. Originally envisioned in 1999 as a domestic hub, Terminal 2 can serve 9 million passengers annually. Co requested that MIAA be allowed to secure the PVH area, not only from criminal elements, but also from natural and manmade disasters. He cited two past incidents when MIAA personnel and equipment sent to put out fires in the PVH area were barred entry, clearly violating the Fire Code of the Philippines.

The first incident occurred on November 20, 2021, when MIAA fire trucks were denied entry to respond to a basement fire in PVH. In response to a June 7, 2023 report, the MIAA fire brigade was allowed entry 15 minutes after their arrival, but only with the assistance of the Airport Police Department. He urged Mayor Rubiano to conduct a comprehensive structural assessment on the hotel to determine its level of risk for structural failure, collapse, and damage which may warrant its demolition. The recent earthquake felt in Metro Manila last June 15 also highlights the urgency of the engineering assessment due to its proximity to the passenger terminal and aircraft movement areas. Although it has not been operational since 2001, the dilapidated hotel structure still stands within the land of MIAA which was transferred from Nayong Pilipino Foundation by virtue of EO 58 issued last September 29, 2011. Nonie Reyes

Companies BusinessMirror

Editor: Jennifer A. Ng

Tuesday, November 14, 2023

Jollibee profit declines sans Cebu Air swings to one-time gains in Jan-Sept profit as tourism

By VG Cabuag

@villygc

ocal fastfood giant Jollibee Foods Corp. (JFC) said its net income in January to September fell by 1 percent to P7.22 billion from the previous year’s P7.3 billion. The company said it had one-off gains from land conveyance and sale of other properties of P2.4 billion and P5.3 billion, respectively, last year. Jollibee CEO Ernesto Tanmantiong said the company still delivered another strong performance in the third quarter with a recordhigh operating profit of P4.3 billion, increasing by 42 percent yearon-year from a revenue growth of 11 percent.

“This is JFC’s third consecutive quarter of record-high operating income. Both our Philippine and international businesses achieved strong operating profit growth reflecting the strength and resilience of our brands in an environment that remains volatile and challenging,” he said. Overall system-wide sales for the quarter grew by 11 percent, driven by the robust performance of the Philippine business which posted a 16-per-

cent systemwide sales growth and a 13-percent same-store sales growth. Systemwide sales is a measure of all sales to consumers, both from company owned and franchised stores. The international business posted a 5-percent growth in systemwide sales and a 2-percent hike in samestore sales. “Our Jollibee brand, which has over 1,600 stores globally and accounts for 49 percent of JFC’s systemwide sales grew by 16 percent in the third quarter. JFC opened 429 stores, of which 365 stores are in the international markets,” Tanmantiong said. “While we anticipate continued positive momentum in our business performance, we are maintaining our 2023 growth guidance for revenue at a growth of 10 to 15 percent, same store sales of 7 percent to 10 percent growth, operating income of 20 to 25

percent growth and store network of 5 percent increase as we recognize the ongoing macroeconomic and geopolitical volatility.” Company CFO Richard Shin said Jollibee’s strong results for the third quarter demonstrated the company’s continued financial resilience highlighted by its record-high quarterly system-wide sales and operating income. “While the external environment has not improved, we remain confident in our ability to deliver sustainable growth as we continue to focus on what we can control, invest in line with long-term strategy, prudently manage our expenses, and drive efficiencies in our organization.” At the end of September, the company’s store network rose by 5 percent compared to a year ago. The company operated 6,720 stores worldwide, with the Philippines at 3,295 and International at 3,425.

Phinma 9-mo. income rises 5% P

hinma Corp. said its 9-month income went up by 5 percent to P1.34 billion from the previous year’s P1.26 billion. Consolidated revenues for the period rose to P15.43 billion, 15 percent higher than the previous year’s P13.42 billion, due to the record enrollment of its education business and the consolidation of revenues of its strategic business units beginning July. Phinma had increased its ownership in the group’s education, property development and hospitality businesses via the acquisition of an additional stake valued at P2.34 billion. Phinma Education Holdings Inc. had 146,546 new students in the first semester of the school year 2023-

2024, marking an 18-percent growth in its enrollment base last year. Its revenues grew to P3.96 billion, a 38-percent increase from P2.86 billion last year. Net income for the period reached P968.11 million, 70 percent higher than P568.05 million last year. Phinma Construction Materials Group, which is composed of Union Galvasteel Corp., Philcement Corp. and Phinma Solar Energy Corp., had combined revenues of P10.12 billion and a combined net income of P361.05 million. “This was fueled by the pick-up in construction activities in the third quarter, after a slowdown in the first half of the year. Effective cost management also helped temper the impact from higher interest rates and

a stronger dollar,” the company said. Phinma Property Holdings Corp., in which the company now owns 76.81 percent from 40 percent previously, posted a consolidated net income for the third quarter of P141.23 million. The company said this offset the equitized net loss of P83.95 million in the first half of the year. The group’s property development arm aims to help address the country’s housing backlog by building “sustainable communities.” Phinma Properties is continuing to expand its product portfolio through new township projects which open opportunities of synergy with the subsidiaries of the group. Following the acquisition of Phinma Hospitality and Phinma Microtel shares in July, Phinma consolidated

net earnings of Coral Way City Hotels, Phinma Hospitality Inc. and PHINMA Microtel Hotels Inc. for the third quarter amounted to P20.56 million in addition to the equitized net income of Coral Way City Hotels of P4.97 million during the first half of the year. Coral Way City Hotels owns Microtel Hotel by Wyndham Mall of Asia and its wholly owned subsidiary, Krypton Esplanade Hotel Corporation owns TRYP Hotel by Wyndham Mall of Asia. Phinma Hospitality Inc. is the management company that operates all the Microtel and TRYP by Wyndham properties in the Philippines. Phinma Microtel Hotels, Inc. holds the master franchise of Microtel and TRYP by Wyndham in the country. VG Cabuag

Filinvest Isuzu Gencars Makati technician excels at 18th I-1 Grand Prix 2023 in Japan REIT declares I dividends

i l i n v est R E I T C o r p . (FILRT) has declared a cash div idend for the four th quarter amounting to P0.071 per outstanding common share. In a recent meeting, the Board of Directors of FILRT approved the dividend declaration to all stoc k holders, susta ining t he same level as the previous three qu a r ters. T he i ncent ive w i l l be payable on December 15 to stockholders on record as of November 29. This brings year-to-date dividends to P0.284 per outstanding common share which is equivalent to an annualized yield of 9.5 percent—higher than the industry average—based on the market price on November 8. “We are pleased to announce the fourth quarter dividends which maintain previous quarters. While we and the industry are presently facing challenges, we are steadfast in our goal to significantly increase dividends in the long term,” FILRT President and CEO Maricel BrionLirio said. Roderick L. Abad

suzu Gencars Makati’s top service technician Angelito Quirioso made his mark at the 18th I-1 Grand Prix 2023 held in Yokohama, Japan on November 1, 2023. Quirioso’s unmatched technical skills led him to an impressive 8th place among 66 top global contenders, reflecting the high standard of automotive expertise represented by Isuzu Gencars on the international stage. Quirioso excelled in multiple critical areas, including virtual failure diagnosis (VFD), practical examination for vehicle and component inspection and troubleshooting, and technical knowledge competition (TKC) for automobile engineering and maintenance. His outstanding performance in these areas underscored his proficiency and expertise. Isuzu Gencars, one of the top dealerships of Isuzu Philippines, is deeply committed to supporting the growth and upskilling of its workforce to provide top-tier services to its valued clientele. Quirioso’s success at the I-1 Grand Prix underscores the company’s dedication to excellence and continuous improvement. Lerma O. Nacnac, President of Isuzu Gencars, expressed her pride in Quirioso’s achievement, stating, “We are happy and proud of our very own Angelito Quirioso’s performance at the 18th I-1 Grand Prix 2023. His

On the stage: Coach Gian Franco Rivera Cosico leads Team Philippines, accompanied by Rico Colandog Abeo and Angelito Grezola Quirosa at the 18th I-1 Grand Prix 2023.

accomplishment underscores our dedication to delivering top-quality service to our valued customers.” Quirioso’s participation and success in the 18th I-1 Grand Prix 2023 highlight Isuzu Gencars’

commitment to its employees’ development and the enhancement of their skills. This achievement strengthens Isuzu Gencars’ position as a leader in the automotive industry in the Philippines.

industry recovers

BusinessMirror file photo

By Lorenz S. Marasigan @lorenzmarasigan

ebu Air Inc. reported on Monday that it swung to profit in January to September on the back of the strong recovery of the travel market. In its disclosure to the stock exchange, the operator of budget carrier Cebu Pacific reported the reversal of its P12.05-billion loss in 2022 to a net profit of P5.03 billion this year. Revenues reached P66.90 billion, a 78.2-percent surge from P37.53 billion the year prior, as it recorded a significant increase in passenger volume due to the increased demand for travel, especially for international destinations as the group continues to ramp up its international network. International flights went up by 236.2 percent compared to same period last year. Passenger revenues rose by 105.2 percent to P46.13 billion from P22.48 billion, as it grew passenger volume by 48.8 percent to 15.5 million passengers from 10.4 million passengers. Its cargo revenue, meanwhile, took a 47.1-percent dip to P2.97 billion from P5.62 billion due to lower cargo kilograms and yields. The carrier’s ancillary services generated P17.79 billion in rev-

enues, an 88.5-percent growth from P9.44 billion the year prior. The company also recorded a 24.7-percent increase in expenses to P48.73 billion from P60.75 billion due to higher fuel consumption coupled with the weakening of the Philippine peso versus the greenback. As of end-September, the airline group operates a route network serving 67 domestic routes and 36 international routes with a total of 2,645 scheduled weekly flights. It has a total fleet of 84 aircraft. Last April, the company said the strong increase in demand for travel and macroeconomic conditions at the time will propel the company to recovery. “The corporation ended 2022 with 2,600 weekly flights, and by the 2nd quarter of 2023, expects to break over 3,000 weekly flights, going beyond prepandemic levels on a systemwide basis. Higher utilization of existing aircraft, together with improvement in both capacity and seat load factors driven by higher bookings, support the outlook for improvement in the corporation’s revenues and profitability margins,” Cebu Air said. “Macroeconomic conditions are likewise supporting the corporation’s recovery to profitability.”

Companies BusinessMirror

Tuesday, November 14, 2023

Headwinds dent earnings of Emperador in Jan-Sept

By VG Cabuag

@villygc

mperador Inc., the liquor maker led by businessman Andrew Tan, said its attributable income in January to September fell 5 percent to P6.8 billion from the previous year’s P7.18 billion. Revenues for the period rose 10 percent to P47.1 billion from the previous year’s P41.34 billion. “Noteworthy is the third quarter net income attributable to parent company which rose 5 percent yearon-year,” the company said. Emperador’s international busi-

ness continued to experience doubledigit growth owing to the sustained sales of its single malt whiskies across different markets across the globe, particularly in Asia and North America. “The company continues to surge ahead in light of the challenging

complexities in the world. We have a compellingly whisky portfolio driving the international business and a brandy segment driven by innovation and premiumization. Overall, for 2023, our company hopes to end the year with a strong performance,” Emperador president Winston Co said. Emperador is a global spirits conglomerate that owns an iconic brandy portfolio led by Spanish brandy Fundador and Emperador Brandy, the world’s largest-selling brandy by volume. Emperador Inc. also owns Whyte and Mackay, the world’s fifth largest Scotch whisky producer that owns a sublime and single malt portfolio. Last July, the liquor firm said it will double its Scotland distillery in response to the growing demand for

whisky worldwide. The company’s unit Whyte & Mackay is expanding its whisky maturation complex at Invergordon Distillery to 92 hectares from 45.4 hectares. This will create the space for additional warehouses to be built over the coming decades, eventually housing up to an additional 1.5 million casks of maturing whisky. Whyte & Mackay enjoys the distinction as the United Kingdom’s top supplier of single malt whisky. Emperador allotted P7 billion for capital expenditures this year, mainly for the expansion of its single malt whisky business. Company officials said P6 billion will be set aside for the expansion of its whisky business while P1 billion will be set aside for its brandy business expansion.

Meralco: 6 firms keen on CSP for 1,800MW

he Manila Electric Co. (Meralco) has received offers from six firms to participate in the competitive bidding for the 1,800 megawatts (MW) of baseload supply. The submission of Expression of Interest ended last November 13. Meralco Head of Regulatory Management Office Jose Ronald Valles said via SMS that six companies have formally expressed interest to participate in the bidding. He did not identify the firms but said three of the six earlier participated in the first competitive selection process (CSP). “The last time we bidded this out there were more than three I think who participated in the bidding. We expect them to express their interest to participate in the same bidding and they are not going to bid the entire 1800MW, they can bid a portion of the 1,800MW,” said Valles. Back then, Meralco received offers from Excellent Energy Resources Inc. (EERI) and Masinloc Power Partners Co. Ltd. (MPPCL). Both are units of San Miguel Global Power Holdings, Corp., the power arm of conglomerate San Miguel Corp. EERI and MPPCL eventually won in the auction. These critical capacities--1,200MW from EERI and 600MW from MPPCL are supposedly due for delivery to Meralco for 2024 and 2025. However, the parties moved to terminate the power supply agreements (PSAs) because the Energy Regulatory Commission (ERC) failed to act on their applications within the six-month “longstop date,” or the period in which the ERC is supposed to approve or disapprove the application of a distribution utility

(DU) and its power supplier for the implementation of their PSA. Once the longstop date is over, the power supplier has the right to terminate the PSA by providing a written notice of such termination to the DU. Meralco and EERI filed their joint application last March 24, 2021 while the joint application of Meralco and MPPCL was filed on March 18, 2021. The longstop dates lapsed on September 23, 2021 and September 17, 2021, respectively. Meralco has set December 26, 2023 as the new deadline for the submission of bids for the 1,800MW. The 1,800 MW baseload rebidding CSP will have the following capacity and commercial date of operations: 1,200 MW by November 26, 2024 and additional capacity of 600 MW by April 26, 2025. The contract term is 15 years from November 26, 2024 and April 26, 2025, respectively. Meralco said this is needed to meet the growing demand of its customers starting next year. Meanwhile, the utility firm expects electricity sales to grow between 4.5 to 4.7 percent this year from 2022. Lasty year, Meralco’s energy sales volume rose by 6 percent to 48,916 gigawatt hours (GWh) from 46,073 GWh in 2021 brought about by the minimal restrictions in commercial and social activities. Sales mix continued to shift towards the commercial segment, Meralco had reported. “For October alone, we’re seeing around a 5.2-percent increase then November, December it is still that much. So, on average, 5 percent per quarter. That would be around 4.7 percent for the year,” said Meralco Chief Commercial Officer and First Vice President Ferdinand Geluz. Lenie Lectura

MUTUAL FUNDS

November 13, 2023

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 201.05 1.49% -3.92% -3.19% -1.61% -3.58% ATRAM Alpha Opportunity Fund, Inc. -a 1.4046 9.57% 5.83% 0.73% 1.15% 4.49% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7641 1.12% -3.88% -5.44% -3.31% -5.18% Climbs Share Capital Equity Investment Fund Corp. -a 0.665 0.38% -5.33% -4.52% n.a -4.9% First Metro Consumer Fund, Inc. -a 0.6127 -3.62% -5.8% -4.53% n.a -5.53% First Metro Save and Learn Equity Fund, Inc. -a 4.4239 0.98% -3.32% -1.93% -1.24% -4.86% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6593 -0.33% -4.8% n.a n.a -5.96% MBG Equity Investment Fund, Inc. -a 84.01 10.18% -2.7% -4.96% n.a 11.54% PAMI Equity Index Fund, Inc. -a 40.9268 0.9% -3.93% -2.22% n.a -5.24% Philam Strategic Growth Fund, Inc. -a 426.6 1.14% -4.36% -2.31% -1.54% -4% Philequity Dividend Yield Fund, Inc. -a 1.1566 1.33% 0.31% -0.45% n.a -1.57% Philequity Fund, Inc. -a 32.2102 2.25% -1.84% -1.36% 0.4% -3.26% Philequity MSCI Philippine Index Fund, Inc. -a 0.8196 2.27% -3.41% n.a n.a -3.44% Philequity PSE Index Fund, Inc. -a 4.3038 1.95% -3.01% -1.34% 0.28% -4.27% Philippine Stock Index Fund Corp. -a 715.96 1.8% -3.19% -1.41% 0.17% -4.4% Soldivo Strategic Growth Fund, Inc. -a 0.6448 2.03% -3.26% -4.34% n.a -4.35% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.1959 0.97% -3.7% -3.61% -1.59% -5.26% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.812 1.45% -3.51% -1.73% n.a -4.68% United Fund, Inc. -a 2.9923 1.48% -2.85% -1.91% -0.44% -3.28% Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.008 1.32% n.a n.a n.a -4.56% COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,20.9925 n.a n.a n.a n.a n.a Philequity Alpha One Fund, Inc. -a 0.9776 0.43% -2.42% n.a n.a -6.57% Philippine Stock Index Fund Corp. -a 868.92 1.62% n.a n.a n.a -4.46% Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c97.1669 2.41% -2.88% -1.11% n.a -3.91% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.7947 0.81% -11.02% -3.17% -1.89% -6.73% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5342 9.84% -0.67% 4.72% n.a 7.74% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.4335 -1.62% -4.15% -2.06% -2.28% -3.45% ATRAM Philippine Balanced Fund, Inc. -a 2.1059 6.81% -1.97% -0.2% -0.29% 0.03% First Metro Save and Learn Balanced Fund, Inc. -a 2.4158 0.5% -2.5% 0.1% -1.39% -3.58% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1848 0.33% -2.21% n.a n.a -4.5% NCM Mutual Fund of the Phils., Inc. -a 1.8757 2.14% -1.33% 1.08% 0.58% -0.6% PAMI Horizon Fund, Inc. -a 3.4144 2.62% -3.23% 0.35% -0.36% -0.74% Philam Fund, Inc. -a 14.9662 1.3% -3.89% -0.28% -0.66% -1.15% Solidaritas Fund, Inc. -a 1.9734 2.33% -1.86% -0.05% 0.54% -0.66% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2738 2.22% -2.55% -1.4% -0.89% -1.68% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8572 2.33% -0.72% -0.89% n.a -2.47% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.9152 4.5% -3.28% n.a n.a 0% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8055 2.27% -5% n.a n.a -3.6% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.7858 1.55% -5.22% n.a n.a -4.46% Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03156 1.77% -6.84% -1.88% -0.13% -2.59% PAMI Asia Balanced Fund, Inc. -b $0.864 5.2% -7.64% -1.66% -1.52% 2.86% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.9785 6.04% -2.23% 2.43% 2.43% 3.45% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $0.9709 2.93% -4.77% -0.39% n.a -0.07% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 387.69 3.23% 1.61% 2.54% 2.09% 2.56% ATRAM Corporate Bond Fund, Inc. -a 1.8969 1.64% 0.03% 0.49% -0.13% 1.18% Cocolife Fixed Income Fund, Inc. -a 3.2867 2.46% 0.82% 2.16% 3.69% 2.42% Ekklesia Mutual Fund, Inc. -a 2.2318 4.09% -0.84% 1.01% 1.03% 2.12% First Metro Save and Learn Fixed Income Fund, Inc. -a 2.412 1.31% -0.43% 1.83% 0.99% 0.87% Philam Bond Fund, Inc. -a 4.1625 0.93% -3.39% 1.65% 0.31% 0.54% Philam Managed Income Fund, Inc. -a 1.3588 3.24% 1.14% 2.93% 1.66% 2.98% Philequity Peso Bond Fund, Inc. -a 3.9604 3.8% -0.01% 2.69% 1.22% 2.37% Soldivo Bond Fund, Inc. -a 1.0403 3.41% 0.17% 3.42% n.a 2.33% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2339 4.2% 0.59% 3.32% 1.7% 2.8% Sun Life Prosperity GS Fund, Inc. -a 1.7303 3.26% -0.17% 2.58% 1.12% 2.04% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $490.19 2.76% 0.65% 1.89% 2.44% 2.1% ALFM Euro Bond Fund, Inc. -a Є211.57 1.72% -1.01% -0.15% 0.7% 0.91% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0124 2.49% -6.93% -2.02% -0.18% 0.3% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0241 1.69% -3.11% -0.57% n.a 1.69% PAMI Global Bond Fund, Inc -b $0.8333 -0.32% -8.52% -3.98% -3.33% -7.41% Philam Dollar Bond Fund, Inc. -a $2.1644 4.33% -4.86% 0.29% 1.36% -0.72% Philequity Dollar Income Fund, Inc. -a $0.0607118 2.05% -0.66% 1.31% 1.57% 1.69% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.6011 0.96% -6.81% -1.98% -0.16% -4.42% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 136.2 2.41% 1.71% 2.52% 2% 2.21% First Metro Save and Learn Money Market Fund, Inc. -a 1.1031 3.09% 1.77% n.a n.a 2.75% Sun Life Prosperity Peso Starter Fund, Inc. -a 1.3699 2.68% 1.93% 2.46% 1.96% 2.35% Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 103.95 3.91% n.a n.a n.a 3.46% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0913 2.2% 1.26% 1.49% n.a 2.07% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 41.0713 -7.86% n.a n.a n.a -3.77% Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.3597 9.07% 8.55% n.a n.a 10.36% Sun Life Prosperity World Income Fund, Inc. -a,1 0.9546 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 $0.7567 -4.07% -7.63% n.a n.a -4.22%

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.businessmirror.com.ph

PSE STOCK QUOTATIONS

November 13, 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 COL FINANCIAL MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

187,760 67,009,508 1,533,655 48,087,874 2,099,270 1,100,320 13,458,544.50 458,640 920,858 136,644 9,500 51,727,850 1,758,152 586,160 256,440 185,000 114,315 357,500

0 -20,986,644 -3,825 -4,084,141 -17,480 -3,168,884.50 -185,452 -38,461,202 -22,690 -20,160 99,900 52,200 357,500

INDUSTRIAL ACEN CORP 5.1 5.11 5.16 5.17 5.1 5.11 4,521,400 23,123,167 ALSONS CONS 0.54 0.55 0.59 0.6 0.55 0.55 712,000 393,960 ALTERNERGY HLDG 0.92 0.93 0.92 0.94 0.88 0.91 1,462,000 1,339,530 ABOITIZ POWER 36.4 36.5 36.8 36.8 36.3 36.5 882,800 32,177,100 RASLAG 1.21 1.24 1.24 1.26 1.24 1.24 141,000 175,040 BASIC ENERGY 0.186 0.19 0.189 0.19 0.189 0.189 1,000,000 189,040 FIRST GEN 18.2 18.48 18.5 18.5 18.16 18.2 295,000 5,384,612 FIRST PHIL HLDG 61.5 62.35 62.05 62.4 62.05 62.4 280 17,402 MERALCO 362.8 363 364 369 362.8 362.8 33,100 12,057,250 MANILA WATER 17.38 17.4 17.12 17.58 17.12 17.4 336,600 5,859,702 PETRON 3.23 3.24 3.24 3.27 3.24 3.24 791,000 2,564,210 REPOWER ENERGY 7 7.15 7 7.2 6.85 7.15 28,000 199,350 SYNERGY GRID 6.9 6.94 6.97 7 6.89 6.9 998,900 6,942,239 SHELL PILIPINAS 12.78 12.8 12.5 12.82 12.2 12.8 47,400 600,010 SPC POWER 7.81 7.88 7.88 7.88 7.87 7.88 16,900 133,162 AGRINURTURE 1.5 1.51 2.02 2.02 1.49 1.51 4,870,000 7,481,770 AXELUM 1.84 1.89 1.84 1.84 1.8 1.84 448,000 817,390 CNTRL AZUCARERA 10.56 11.6 10.56 11.6 10.56 11.6 200 2,216 CENTURY FOOD 27.75 28.45 28.05 28.5 27.6 28.45 501,800 14,054,065 DEL MONTE 7.4 7.41 7.4 7.41 7.4 7.41 1,300 9,621 DNL INDUS 6.08 6.1 6.13 6.29 6.1 6.1 1,392,400 8,511,117 EMPERADOR 20.9 20.95 20.85 20.95 20.8 20.95 134,600 2,813,700 SMC FOODANDBEV 49.95 50 50 50.05 49.9 50 15,150 756,930.50 FIGARO COFFEE 0.65 0.66 0.66 0.67 0.65 0.65 2,444,000 1,598,550 FRUITAS HLDG 1.15 1.18 1.19 1.2 1.14 1.18 2,397,000 2,801,840 GINEBRA 170 171 171.3 171.3 171 171 5,180 886,401 JOLLIBEE 214 214.4 216.6 218.2 213.4 214 187,380 40,211,448 KEEPERS HLDG 1.44 1.48 1.43 1.48 1.43 1.48 614,000 904,670 MACAY HLDG 6.41 7.2 7.25 7.25 7.23 7.23 200 1,448 MAXS GROUP 3.85 3.9 3.9 3.95 3.85 3.9 182,000 703,470 MG HLDG 0.096 0.105 0.1 0.1 0.1 0.1 500,000 50,000 MONDE NISSIN 8.22 8.25 8.37 8.52 8.22 8.25 2,479,500 20,806,872 SHAKEYS PIZZA 9.21 9.4 9.21 9.26 9.21 9.26 600 5,551 ROXAS AND CO 0.48 0.5 0.445 0.51 0.445 0.48 900,000 417,650 RFM CORP 2.99 3 3 3 3 3 55,000 165,000 SWIFT FOODS 0.055 0.067 0.062 0.062 0.06 0.06 470,000 28,680 UNIV ROBINA 112.8 112.9 113.1 113.3 111.5 112.9 316,530 35,745,767 VITARICH 0.51 0.52 0.52 0.52 0.52 0.52 164,000 85,280 VICTORIAS 3.3 3.66 3.42 3.42 3.42 3.42 5,000 17,100 CEMEX HLDG 0.85 0.86 0.87 0.87 0.83 0.85 76,000 65,100 EC VULCAN CORP 0.81 0.82 0.83 0.83 0.81 0.81 332,000 269,450 EEI CORP 5.33 5.37 5.37 5.39 5.32 5.37 113,700 609,439 MEGAWIDE 3.17 3.18 3.2 3.2 3.16 3.18 144,000 457,950 TKC METALS 0.44 0.46 0.445 0.46 0.44 0.46 220,000 97,050 CROWN ASIA 1.57 1.6 1.6 1.6 1.6 1.6 26,000 41,600 MABUHAY VINYL 5.82 5.96 5.75 5.96 5.75 5.96 7,200 41,844 PRYCE CORP 5.21 5.3 5.4 5.4 5.25 5.25 7,700 40,785 CONCEPCION 13.5 14.94 14.96 14.96 14.96 14.96 600 8,976 GREENERGY 0.285 0.29 0.31 0.31 0.285 0.29 42,230,000 12,277,450 INTEGRATED MICR 3.52 3.54 3.52 3.52 3.52 3.52 5,000 17,600 IONICS 1.21 1.22 1.24 1.24 1.2 1.21 160,000 193,560 PANASONIC 4.57 4.87 4.86 4.86 4.86 4.86 2,000 9,720 SFA SEMICON 2.13 2.18 2.15 2.19 2.13 2.19 389,000 844,650 CIRTEK HLDG 1.76 1.79 1.78 1.8 1.76 1.79 139,000 246,770

-12,023,367 197,810 1,860 -2,366,040 9,900 -7,600 -3,255,840 6,205 576,254 -147,066 -3,270 6,950 -1,780,162 -63,040 -211,730 3,640 2,047,165 -7,535,011 -55,430 -550,811.50 192,630 415,530 -15,220,332 -7,400 -498,100 50,000 -466,977.00 926 -165,000 13,800 -2,595,233 -2,570 1,074 15,900 -1,496 -8,768,100 -219,000 -

HOLDING & FRIMS

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

44.8 132.8 7.7 102.7 30.4 8.81 52.5 8.4 18.34 54.5 23.1 71.6 59.8 2.83 900 0.37 171.5 2,550

1.04 3.03 620 48.3 10.66 10.92 0.375 4.64 9.12 5.07 540 37.8 4.6 4.38 9.07 2.88 0.9 819 102.6 98.05 0.25

45.4 133 7.75 103 30.5 9 52.55 8.56 18.4 54.6 23.7 71.8 60.1 2.88 1,023 0.445 174 2,648

1.06 3.79 626 48.45 10.68 11 0.38 4.73 9.2 5.29 542 38 5.5 4.5 9.08 2.94 0.96 824.5 103 105.8 0.27

44.8 133.8 7.5 103 30.45 9.01 52.5 8.4 18.34 54.8 23.75 73.55 60.2 2.88 1,025 0.37 174 2,600

1.04 3.1 629 49.25 10.5 11.06 0.375 4.75 9.2 5.07 538 38.1 6.47 4.4 9.07 3 0.91 820 102.9 107 0.26

44.8 133.8 7.8 103.5 30.5 9.15 52.9 8.4 18.6 54.8 23.75 73.65 60.25 2.88 1,026 0.37 174 2,600

1.07 3.1 629 49.25 10.7 11.06 0.375 4.75 9.28 5.07 542 38.4 6.47 4.4 9.09 3 0.96 825 108 107 0.26

44.7 132.7 7.3 102.1 30.4 9 52.35 8.4 18.34 54.5 23.75 71.6 59.8 2.83 1,024 0.37 171.5 2,550

1.04 3.1 616.5 48.25 10.5 11 0.375 4.6 9.12 5.07 535 37.15 5.5 4.4 8.97 2.92 0.91 815 101.8 98.05 0.25

44.8 132.8 7.7 103 30.4 9 52.55 8.4 18.4 54.5 23.75 71.6 59.8 2.83 1,024 0.37 174 2,550

1.04 3.1 620 48.45 10.66 11 0.375 4.64 9.12 5.07 540 38 5.5 4.4 9.08 2.94 0.96 819 103 105.8 0.25

4,200 503,600 204,000 467,950 69,000 120,500 256,360 54,600 50,100 2,500 400 715,860 29,340 207,000 250 500,000 660 140

809,000 3,000 88,090 55,900 437,700 15,400 100,000 72,000 1,366,200 2,200 97,190 39,700 2,000 1,000 3,078,700 34,000 13,000 41,470 197,310 230 1,300,000

858,920 9,300 54,807,020 2,708,650 4,663,872 169,992 37,500 337,200 12,564,104 11,154 52,394,520 1,503,785 11,097 4,400 27,825,891 101,180 11,880 34,000,450 20,400,395 23,748 329,000

PROPERTY

ARTHALAND CORP 0.425 0.45 0.455 0.47 0.455 0.47 50,000 22,900 AYALA LAND 28.85 28.95 28.95 29 28.75 28.85 3,071,300 88,592,620 AYALA LAND LOG 1.67 1.68 1.68 1.68 1.67 1.68 449,000 753,810 ALTUS PROP 8.98 9.37 9.39 9.39 8.96 8.96 1,300 11,777 ARANETA PROP 1.01 1.04 1.02 1.04 1.01 1.04 83,000 84,080 AREIT RT 32.5 32.6 32.7 32.7 32.5 32.6 149,200 4,863,920 A BROWN 0.68 0.7 0.68 0.68 0.68 0.68 100,000 68,000 CITYLAND DEVT 0.7 0.73 0.72 0.72 0.72 0.72 2,000 1,440 CROWN EQUITIES 0.067 0.072 0.073 0.073 0.066 0.073 140,000 9,680 CEB LANDMASTERS 2.53 2.57 2.53 2.58 2.52 2.58 105,000 265,300 CENTURY PROP 0.305 0.31 0.3 0.31 0.3 0.305 350,000 107,750 CITICORE RT 2.53 2.54 2.54 2.54 2.53 2.53 2,456,000 6,230,020 DOUBLEDRAGON 6.9 6.99 6.98 7 6.83 6.99 143,100 999,158 DDMP RT 1.24 1.25 1.25 1.25 1.23 1.24 499,000 619,220 DM WENCESLAO 6.27 6.3 6.22 6.3 6.2 6.3 26,400 165,417 EMPIRE EAST 0.14 0.144 0.145 0.145 0.14 0.14 580,000 83,700 EVER GOTESCO 0.285 0.295 0.295 0.3 0.285 0.295 520,000 151,700 FILINVEST RT 2.94 2.95 2.99 2.99 2.94 2.95 11,571,000 34,127,010 FILINVEST LAND 0.56 0.57 0.59 0.59 0.55 0.56 12,589,000 7,122,650 GOLDEN MV 702 790 793 793.5 790 790 540 427,870 PHIL INFRADEV 0.5 0.52 0.51 0.51 0.5 0.5 74,000 37,050 CITY AND LAND 0.76 0.77 0.77 0.77 0.77 0.77 15,000 11,550 MEGAWORLD 1.99 2 2.01 2.02 1.99 2 4,598,000 9,205,230 MRC ALLIED 1.4 1.42 1.56 1.6 1.36 1.42 1,605,000 2,357,510 MREIT RT 12.2 12.3 12.2 12.3 12.18 12.3 1,201,000 14,652,976 PHIL ESTATES 0.33 0.34 0.33 0.33 0.33 0.33 20,000 6,600 PREMIERE RT 1.52 1.53 1.51 1.53 1.51 1.53 17,000 25,840 PRIMEX CORP 2.51 2.84 2.78 2.87 2.78 2.87 12,000 33,690 RL COMM RT 4.81 4.82 4.86 4.88 4.77 4.81 507,000 2,445,060 ROBINSONS LAND 14.14 14.24 14.3 14.36 14.14 14.14 134,100 1,914,378 PHIL REALTY 0.151 0.164 0.151 0.151 0.151 0.151 70,000 10,570 SHANG PROP 3.51 3.56 3.5 3.51 3.5 3.51 23,000 80,510 STA LUCIA LAND 3.15 3.27 3.15 3.15 3.15 3.15 13,000 40,950 SM PRIME HLDG 30.9 31.2 31.4 31.45 30.9 30.9 2,066,900 64,015,070 VISTAMALLS 2.34 2.44 2.32 2.32 2.32 2.32 1,000 2,320 SUNTRUST RESORT 0.75 0.84 0.75 0.75 0.75 0.75 1,000 750 VISTA LAND 1.61 1.63 1.62 1.63 1.61 1.62 248,000 401,390 VISTAREIT RT 1.66 1.69 1.7 1.7 1.67 1.69 278,000 467,700 SERVICES ABS CBN 3.53 3.6 3.52 3.58 3.45 3.58 181,000 640,420 GMA NETWORK 8.29 8.3 8.29 8.31 8.28 8.29 152,800 1,267,078 GLOBE TELECOM 1,753 1,766 1,772 1,772 1,752 1,766 26,110 46,072,215 PLDT 1,237 1,240 1,245 1,245 1,235 1,240 13,865 17,189,785 APOLLO GLOBAL 0.014 0.015 0.015 0.016 0.014 0.015 107,500,000 1,582,600 CONVERGE 8.37 8.38 9 9 8.33 8.38 10,916,000 92,595,254 DFNN INC 3.09 3.15 3.09 3.09 3.09 3.09 14,000 43,260 DITO CME HLDG 2.68 2.69 2.8 2.8 2.65 2.68 5,296,000 14,280,930 NOW CORP 1.32 1.35 1.31 1.37 1.31 1.35 121,000 163,390 TRANSPACIFIC BR 0.135 0.14 0.135 0.135 0.135 0.135 950,000 128,250 ASIAN TERMINALS 15.4 15.7 15.4 15.4 15.4 15.4 1,000 15,400 CHELSEA 1.26 1.31 1.27 1.31 1.26 1.26 466,000 598,290 CEBU AIR 32.6 32.75 32.5 33 32.2 32.75 195,600 6,357,575 INTL CONTAINER 205 207.6 208.4 209 203.8 205 420,580 86,308,748 LBC EXPRESS 16.96 18.9 18.96 18.96 18.96 18.96 100 1,896 MACROASIA 4.07 4.09 4 4.23 4 4.09 1,359,000 5,555,250 METROALLIANCE A 0.5 0.55 0.5 0.5 0.5 0.5 11,000 5,500 PAL HLDG 5.3 5.45 5.29 5.4 5.29 5.4 29,500 156,605 HARBOR STAR 0.78 0.84 0.81 0.84 0.78 0.84 95,000 74,640 ACESITE HOTEL 1.81 1.89 1.81 1.81 1.81 1.81 104,000 188,240 WATERFRONT 0.42 0.43 0.42 0.42 0.42 0.42 30,000 12,600 CENTRO ESCOLAR 8.36 8.5 8.49 8.49 8.36 8.49 1,400 11,860 FAR EASTERN U 571 580 580.5 580.5 580 580 70 40,610 IPEOPLE 6.9 7.37 7.42 7.42 7.37 7.37 200 1,479 STI HLDG 0.435 0.44 0.44 0.44 0.435 0.435 820,000 359,300 BELLE CORP 1.16 1.18 1.21 1.22 1.16 1.16 466,000 551,790 BLOOMBERRY 9.47 9.58 9.72 9.77 9.44 9.58 1,994,200 19,138,323 PACIFIC ONLINE 3.31 3.44 3.35 3.49 3.35 3.44 174,000 592,530 PH RESORTS GRP 0.92 0.93 0.95 0.95 0.92 0.93 908,000 853,850 PREMIUM LEISURE 0.6 0.61 0.61 0.61 0.6 0.61 1,001,000 605,020 DIGIPLUS 6.65 6.79 6.63 6.8 6.63 6.79 541,000 3,624,347 PHILWEB 1.72 1.77 1.77 1.78 1.72 1.72 197,000 341,480 ALLDAY 0.171 0.172 0.171 0.172 0.169 0.171 1,120,000 191,010 ALLHOME 1.39 1.4 1.45 1.47 1.4 1.4 1,938,000 2,743,840 METRO RETAIL 1.18 1.21 1.16 1.22 1.16 1.21 159,000 191,550 PUREGOLD 27.7 27.95 27.7 27.95 27.65 27.95 61,200 1,701,755 ROBINSONS RTL 39.3 39.85 39.15 40 39.15 39.3 78,500 3,090,710 PHIL SEVEN CORP 76 82 76 82 76 82 1,050 82,800 SSI GROUP 2.67 2.75 2.75 2.75 2.67 2.67 325,000 881,700 UPSON INTL CORP 1.78 1.79 1.59 1.83 1.59 1.8 412,000 740,030 WILCON DEPOT 19.92 20 20.2 20.5 19.92 19.92 614,000 12,288,295 APC GROUP 0.228 0.24 0.227 0.24 0.227 0.24 550,000 125,140 EASYCALL 2.67 3 2.7 2.7 2.7 2.7 30,000 81,000 MEDILINES 0.365 0.38 0.375 0.375 0.375 0.375 160,000 60,000 PRMIERE HORIZON 0.179 0.182 0.182 0.182 0.179 0.182 1,440,000 260,000 MINING & OIL APEX MINING 2.51 2.53 2.54 2.55 2.5 2.53 3,439,000 8,676,610 ATLAS MINING 2.97 3.12 2.97 2.97 2.97 2.97 4,000 11,880 BENGUET A 4.9 5.01 5.1 5.1 4.9 4.9 32,100 157,950 FERRONICKEL 2.41 2.42 2.45 2.45 2.41 2.41 207,000 500,130 LEPANTO A 0.083 0.086 0.086 0.086 0.084 0.084 1,260,000 106,690 MARCVENTURES 1.06 1.07 1.06 1.08 1.05 1.06 1,547,000 1,632,220 NICKEL ASIA 5.11 5.15 5.23 5.24 5.1 5.11 2,510,800 12,955,654 PX MINING 2.82 2.85 2.79 2.86 2.79 2.85 469,000 1,334,850 SEMIRARA MINING 29.05 29.1 29.6 29.7 29 29.05 1,490,900 43,471,610 ENEX ENERGY 5.52 5.6 5.6 5.6 5.6 5.6 3,500 19,600 ORNTL PETROL A 0.0083 0.0086 0.0083 0.0083 0.0083 0.0083 3,000,000 24,900 PXP ENERGY 3.76 3.83 3.75 3.83 3.63 3.83 210,000 799,430 PREFFERED HOUSE PREF B 94 95.95 94 94 94 94 670 62,980 ACEN PREF B 1,040 1,045 1,040 1,040 1,039 1,039 60 62,360 AC PREF AR 2,476 2,490 2,476 2,490 2,476 2,490 45 111,630 ALCO PREF C 95 101.1 92 92.5 92 92.5 890 82,075 BRN PREF A 97 99.45 99.45 99.45 99.45 99.45 10 994.5 CEB PREF 31.5 32 32 32 32 32 15,800 505,600 DD PREF 90 92.35 90 93.45 90 90 22,910 2,110,207.50 EEI PREF B 90 96.9 97 97 97 97 20 1,940 JFC PREF B 901 920 915 920 880 920 5,730 5,236,550 MWIDE PREF 4 91 94 94 94 94 94 10 940 PNX PREF 3B 26.1 30.95 27 30.95 27 30.95 20,200 546,065 PNX PREF 4 251.4 265 255.6 265 251.2 251.4 2,260 571,730 PCOR PREF 3B 968 1,010 976 976 967 967 600 582,340 PCOR PREF 4A 990 1,010 1,004 1,004 1,004 1,004 40 40,160 PCOR PREF 4C 990 1,000 1,000 1,000 1,000 1,000 35 35,000 SMC PREF 2F 72.3 72.5 72.95 72.95 72.3 72.3 7,010 507,014.50 SMC PREF 2J 65.1 68.4 68.5 68.5 65 68.4 24,710 1,625,479 SMC PREF 2K 66 66.95 66 66 66 66 500 33,000 TECH PREF B2C 42.5 47.45 42.5 42.5 42.5 42.5 1,000 42,500 TECH PREF B2D 48.75 49.25 49.25 49.25 49.25 49.25 100 4,925

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR GMA HLDG PDR

WARRANTS

TECH WARRANT

3.26 7.51

3.55 8 -

0.335

0.37

-6,532,540 397,215 2,005,278 -130,030 -8,014,610.00 -16,791,040 398,560 -5,715,415 -4,024,470 -873,092 -1,350 19,496,630 -36,740 -941,235 -90,930.00 -35,158 178,590 -48,729 506,840 -2,268,960 500 2,230,340.00 44,600 116,854 -674,160 -221,602 -42,356,880 -109,760 -26,709,900 8,745,550 -19,362,138 2,001,820 -94,500 -4,409,975 -3,280,120 -1,806,310 8,800 11,800 -3,953,335 1,538,933 25,500 -2,091,340 -49,950 -278,520 -438,220 -9,960 -2,104,609 18,000 37,800 -125,560 -493,837 28,200 -8,906,525 -37,350 -486,400 -1,180 -

SMALL, MEDIUM & EMERGING

0.8 0.8 0.8 0.8 13,000 10,400 0.86 0.86 0.86 0.86 25,000 21,500 0.72 0.73 0.72 0.73 66,000 47,980 47,980 0.055 0.055 0.055 0.055 10,000 550 1.09 1.09 1.06 1.06 728,000 773,620 10,700 0.225 0.225 0.2 0.222 200,000 41,520 -

EXHANGE TRADE FUNDS

97.6 97.6 96.5 96.5 10,530 1,018,356.50 170,538

CTS GLOBAL HAUS TALK ITALPINAS LFM PROP MERRYMART XURPAS

FIRST METRO ETF

0.75 0.86 0.69 0.055 1.06 0.2

96.4

0.8 0.88 0.72 0.06 1.07 0.222 96.5

www.news.businessmirror@gmail.com

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Tuesday, November 14, 2023 B3

New rules seen to buttress MIF governance

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE revised Maharlika Investment Fund (MIF) rules and regulations removed the inclusion of Maharlika Investment Corp. (MIC) officials in its very own audit committee, preventing possible conflicts of interest, the state-owned agency’s president said.

MIC President and CEO (PCEO) Rafael DC Consing Jr. issued the statement hours before he was appointed to the position by President Ferdinand R. Marcos Jr. Prior to his appointment, Consing was serving as Marcos’s Presidential Adviser for Investment and Economic Affairs. The MIC “aims to implement a world-class corporate governance framework that prioritizes the in-

terests of investors and the public. This framework will incorporate best practices from other jurisdictions, particularly in financial reporting and risk management,” Consing said. He added that the revised IRR grants the Board the flexibility to determine the optimal composition, qualifications, and reporting requirements of the MIC’s Audit

How to bounce back from a bad fall

HERE will be times in our life that our finances and spirit are put to the test. Our business and career start to boom but suddenly we get involved in an accident or suffer a severe illness that wipes out whatever is left of our savings. Right after seeing the hospital bill, we may become depressed and demotivated to work harder. Perhaps that is normal as we are physically and mentally drained immediately after an operation or illness. It is alright to take the necessary rest first before embarking on the journey to financial freedom. The first thing to do after a bad fall is to recover as fast as you can and not overthink things. Once you are fully rested and recovered, here are fifteen steps that you should take in order to bounce back successfully. 1. Assess the damage. List down the total financial setback you have experienced from the accident or illness. This will help you understand how much you had to withdraw from your retirement account or emergency fund. Hospitalization bills, even for a brief moment, are usually never cheap. 2. Re-create your budget. Develop a detailed budget that outlines your current income and expenses. Normally, the savings rate here only covers the retirement fund or emergency fund. Since you recently experienced a sudden large expense, the payment for that has to come from the existing income. Hence, one needs to identify areas where one can cut back expenses so that one can allocate the free funds towards replenishment of the emergency fund. 3. Set clear financial goals. Define your financial objectives in a measurable and quantifiable manner. Set a specific amount of money that you need to set aside to replenish your financial loss. 4. Prioritize building or rebuilding an emergency fund. Having readily accessible savings can prevent you from tapping into your retirement accounts in the future. Ideally, one should have around six to twelve months’ worth of expenses to cover via the emergency fund. 5. Have an HMO. Having a HMO (health maintenance organization) card can help cover a large chunk of the hospitalization expenses whether it is inpatient or outpatient. 6. Critical illness and life insurance. In the event the HMO coverage is not enough, having critical illness insurance might be able to help cover early stage of critical illness and late-stage illnesses. 7. Maximize your income. Although cutting expenses is a good idea, there is a limit as to how much expenses can be minimized. Even if

Raymond Anthony Quisumbing

personal finance one did not spend much, year after year, cost of goods will continue to increase due to inflationary pressures. Thus, one should always be on the lookout for opportunities to increase one’s income, whether through your current job, a side business, or investments. 8. Invest wisely. Do not fall for scams wherein a high interest is offered for nearly zero risk. Review and revise your investment strategy to align with your new financial goals and risk tolerance. Diversify your portfolio to manage risk or default. 9. Retirement account contributions. Once your emergency fund has been restored, resume contributing to your retirement accounts as soon as possible. Maximize contributions to take advantage of tax benefits and employer matching. 10. Debt management. Prioritize paying down high-interest debts, as they can impede your ability to save for retirement. Once debt is fully paid off, redirect those funds to savings. 11. Live below your means. This may be difficult to do especially if you have been used to a certain standard of living. Hence it is important to go back to step 1, which is assessing and accepting your current financial situation. If you continue to live in a certain fantasy, getting out of debt and reaching financial freedom may prove difficult. 12. Stay positive and patient. Bouncing back from a significant financial setback can be a slow process. Instead of dwelling on what is past and irreversible, one needs to maintain a positive and inspired attitude. Long-term success is built on numerous small successes. 13. Consult a financial planner. Oftentimes, one needs to get the insights from an independent individual who is interested only in your financial welfare. Seek the services of a third-party registered financial planner who can help you plan a bounce back financial plan. Raymond Anthony Quisumbing is a Registered Financial Planner of RFP Philippines. To avail of his upcoming book on life lessons in finance and business, feel free to browse his official web site at: https://www.ohmyfinance.pro. Follow him on X (formerly Twitter) at @OhMyFinancePH. To learn more about personal-financial planning, attend the 105th RFP program this January 2024. To inquire, e-mail info@rfp.ph or send a text message to 0917-6248110.

Committee and Risk Management Committee. The MIC president pointed out that the first draft of the IRR of Republic Act 11954 stipulated that the MIC’s audit committee would include two senior executives of the MIC itself. Consing argued that it is “not advisable” to have senior executives sitting in the audit committee of the government-owned and -controlled corporation that they are also part of.

Primary purpose

CONSING emphasized “it is important to remember that its primary purpose is to provide independent oversight of the company’s financial reporting process.” “Including senior executives on the Audit Committee raises the risk that investors and the public may perceive the committee as being biased towards management and could undermine the committee’s independence and credibility,” Consing added. He also pointed out that the re-

vised MIC IRR is not the “appropriate” avenue for “outlining specific rules on board risk management oversight.” He explained that it is up to the MIC’s risk management committee to iron out the company’s risk management system. Including the risk management rules in the IRR fine print could “restrict” the flexibility of the company’s board to develop a risk management system that is “best suited” for the company, Consing added. “The Revised MIC IRR is intended to provide general guidance on the implementation of the Maharlika Investment Act, not to prescribe specific rules and procedures for the operation of MIC,” he said. “The best practices in enterprise risk management recommend that the Board Risk Management Committee should be responsible for developing and implementing the company’s risk management system. This includes the development of specific rules and procedures for board risk management oversight,” Consing added.

Law’s wisdom

THE Department of Finance (DOF), meanwhile, has thrown its support behind the revised MIC IRR, arguing that the revisions made were “well within the bounds of law” and would improve the wisdom of RA 11954 of creating a “strong” corporate governance structure. “In particular, the IRR’s emphasis on ensuring the independence of the Board of Directors of the MIC allows it more headroom to form credible oversight and risk management bodies while upholding the highest standards of effective fund management,” read a statement that the DOF issued last Monday. “Its finalization comes at an opportune time as investors, both local and international, have signified in several investor promotion engagements their robust interest in the country’s first-ever sovereign wealth fund,” the DOF added.

Bodes well

RIZAL Commercial Banking Corp. Chief Economist Michael L. Ricafort

said the appointment of Consing as the MIC’s first PCEO bodes well with the goals of the MIF. Ricafort explained that Consing is bringing with him a “wealth of experience” as a former Chief Finance Officer of the International Container Terminal Services Inc. and a former treasurer of the Aboitiz Group, which he noted are both infrastructurerelated firms. “[He] would have a strong private sector background on infrastructure financing and management amid to grow, expand, complete, and deliver profits from the various infrastructure projects and other business ventures/investments locally and globally,” Ricafort told the BusinessMirror, while noting that Consing is also a veteran banker. Ricafort explained that Consing’s experiences and expertise sits well with the MIF’s developmental and profitability mandates. Consing was appointed a day after the publication of the revised MIC IRR on November 12.

Investors relent as inflation, global fuel prices ease

NVESTORS’ asking rates for short-term government securities continued to ease for the second straight week on the back of slower headline inflation and declining global crude oil prices. The Bureau of the Treasury (BTr) raised last Monday the entire P15 billion programmed amount for its Treasury bills (T-bills) auction for the second straight week. Investors’ asking yields declined week-on-week across all three tenors of 91-day, 182-day and 364-day promissory notes, data by the Treasury showed.

The average yield for the 91-day T-bills settled at 6.123 percent versus last week’s 6.352 percent. The average yield for the 182-day debt instruments softened to 6.513 percent from last week’s 6.536 percent. Meanwhile, the average rate for the 364-day T-bills lowered to 6.56 percent from 6.591 average quote last week, according to Treasury data. “The auction was 3.1 times oversubscribed, attracting P46.4 billion in total tenders,” read the statement the Treasury issued after Monday’s auction. Treasury data showed that the

Gatchalian to BIR: Keep tight rein on issuing TIN By Butch Fernandez

@butchfBM

ENATOR Sherwin T. Gatchalian goaded the Bureau of Internal Revenue (BIR) to “keep a tight rein” on issuing tax identification number (TIN) IDs in the wake of a recent discovery these were being misused by Philippine Offshore Gaming Operators (POGOs) linked to various crimes. Gatchalian cited findings involving a blatant ploy by gaming operators “to legitimize the questionable employment status of their workers.” In a statement issued by his office last Monday, the senator noted reports that the BIR issues TIN IDs without photos, allowing such IDs to “lend some form of validity to the identity of individuals involved in criminal activities.” “Since criminal syndicates are able to obtain government IDs such as TIN IDs, foreign nationals supposedly working for POGOs but are actually involved in organized crimes, are able to stay in the country and work for various POGOs fronting for criminal syndicates,” Gatchalian said. Moreover, the senator stressed “it is time to change those antiquated IDs,” conveying the option at a Senate hearing convened by the Senate Committee on Women. This, after Presidential AntiOrganized Crime Commission (PAOCC) Undersecretary Gilbert DC Cruz claimed

the agency obtained verification that the TIN IDs concerned were part of the BIR database. Gatchalian noted the revelation underscores the critical need for the BIR to “revisit its ID issuance processes, incorporating updated security measures and comprehensive identification features.” He added that aside from TIN IDs, police authorities also recovered Philhealth IDs, Certificates of Alien Registration, Alien Employment Permits, and police clearances at Smart Web Technology, an establishment provisionally licensed by the Philippine Amusement and Gaming Corp. The lawmaker likewise lamented reports that “Smart Web’s POGO hub in Pasay City was found to have a prostitution den and a torture chamber,” adding that aside from prostitution, the Pogo hub was also believed to be “involved in other crimes such as labor trafficking and various scams.” As chairman of the Senate Committee on Ways and Means, Gatchalian has been advocating for the expulsion of the POGO industry from the country amid the continuing proliferation of criminal activities attributed to the industry. “The Philippines is now the favorite playground of organized criminal syndicates and the POGOs have become the avenue for these syndicates to continue operating here,” the lawmaker said.

91-day T-bills fetched the most demand at P20.133 billion followed by the 364-day government security at P15.576 billion. The 182-day debt papers fetched a total bid of P10.732 billion. Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort attributed the easing yields to “slower-than-expected” headline inflation and “continued” decline in global crude oil prices to “among 3.5-month lows.” “T-bill auction yields also corrected lower after the national government debt-to-GDP ratio further

eased/improved to 60.2 percent, the lowest/best in more than two years, vs the 17-year high of 63.7 percent a year ago after faster economic/GDP growth at 5.9 percent as of 3Q 2023,” Ricafort said. The RCBC executive also noted that the higher demand for the Tbills contributed to the debt papers’ lower rates. “It is important to note that most T-bill average auction yields are now again slightly lower vs. the comparable short-term PHP BVAL yields (except for the 6-month T-bill tenor),” Ricafort said. Jasper Emmanuel Y. Arcalas

BDO, BPI lends ₧20B for Casecnan project By Lenie Lectura

@llectura

IRST Gen Corp. (PSE: FGen) announced having acquired a P20billion loan from local banks to finance its recently-acquired 165 megawatt (MW) Casecnan Hydroelectric Power Plant (CHEPP). The Lopez-led power firm signed term-loan agreements with BDO Unibank Inc. and Bank of the Philippine Islands (BPI). FGen “intends to use the proceeds from the loans as funding for First Gen’s growth projects, including the acquisition of the 165-megawatt CHEPP, and for other general corporate requirements of the company,” the listed firm said in a disclosure to the Philippine Stock Exchange. The CHEPP is a run-of-river type of power facility with limited impounding located in Barangay Villarica, Pantabangan, Nueva Ecija. On May 26, 2023, FGen subsidiary Fresh River Lakes Corp. (FRLC) was declared by the Power Sector Assets and Liabilities Management Corp. (Psalm) as the winning bidder for the sale of the CHEPP. “We are honored and grateful for the confidence that the lender placed” in the company, FGen CFO Emmanuel Antonio P. Singson said. “The fresh fi-

nancing will be used to fund the acquisition of CHEPP, which is vital to our transition towards a decarbonized and regenerative future.” BDO is committed to provide access to capital to renewable energy projects, which BDO considered as a priority sector in financing, said Charles M. Rodriguez, executive vice president and group head for institutional banking at BDO. Meanwhile, BPI Executive Vice President and Institutional Banking Head Juan Carlos Syquia was quoted in the same statement as saying “we are glad to have done so by providing [FGen] with more innovative financial solutions.” FGen President Francis Giles B. Puno earlier said the CHEPP is an important asset that would be tied up to its two existing hydro assets— 132MW Pantabangan-Masiway and the 120MW Aya pumped-storage hydro—which are all located in Pantabangan, Nueva Ecija. “Right now, when you look at Casecnan, fundamentally it’s a very important asset for us because we obviously have Pantabangan-Masiway there,” Puno said. “We have the plans for project Aya, which is there. So we really needed to make sure that the reservoir is controlled by FGen.”

BPI lists ₧36.66B fixed-rate peso bonds due 2025

HE Bank of the Philippine Islands (BPI) announced having listed P36.66 billion-worth of fixed-rate peso bonds that are due 2025 on Monday. In a disclosure, BPI said the bonds represented the second tranche of its “P100-billion bond” program approved by its Board of Directors in May last year. The bonds have a term of 1.5 years and bear an interest rate of 6.425 percent per annum, payable quarterly. The bonds are now tradable on the Philippine Dealing & Exchange Corp., according to the country’s third-largest lender in terms of asset. “Our business continues to thrive

mainly because of the strong trust our customers, investors and stakeholders have in what we do,” said BPI Treasurer Dino R. Gasmen. “We thank our investors for the incredible demand in our issuance, as this will greatly support our push to expand our digitization efforts and diversify our funding sources.” The final issue size of the bonds was increased to over seven times the initial target of P5 billion to meet strong investor demand. BPI said the net proceeds of the offer will be used for general corporate purposes, including funding source diversification.

“We remain strongly committed to further improving our capacity to provide financial services that our fellow Filipinos need in line with our vision of building a better Philippines, one family, one community at a time,” Gasmen said. BPI Capital Corp. and ING Bank NVManila Branch served as the joint lead arrangers and selling agents of the offer. In the January-to-September period, BPI recorded a net income of P38.6 billion. This was 26.4-percent higher than the net income in the same period last year. Total revenues ramped up 15.3 percent to P100.9 billion year-to-date, at-

tributable to the 24.5 percent increase in net interest income to P76.8 billion, as average asset base expanded 8.1 percent and net interest margin widened 54 basis points to 4.07 percent. This was partly offset by the 6.6 percent decline in non-interest income to P24.1 billion due to the property sale gain recognized in the prior year. Removing the impact of this one-off transaction, non-interest income would be higher by P3.3 billion, or 15.7 percent, on higher fees from credit cards, bancassurance, various service charges and trading gains, the lender said.

Cai U. Ordinario

Tuesday, November 14, 2023 • Editor: Gerard S. Ramos

Art

BusinessMirror

www.businessmirror.com.ph

TODAY’S HOROSCOPE By Eugenia Last

CELEBRITIES BORN ON THIS DAY: King Charles III, 74; Yanni, 68; Mason Gooding, 26; Josh Duhamel, 50; Patrick Warburton, 58. HAPPY BIRTHDAY: A resourceful approach to life will help you avoid regret. This year, a simple yet thoughtful way of handling situations will bode well for you. Distance yourself from those who exaggerate or turn minor problems into complex situations that require time, energy and money to fix. Refuse to let your emotions point you in the wrong direction. Choose personal gain as your goal. Your numbers are 4, 16, 19, 28, 31, 35, 42.

STORY & Struggle N, Fred Tan, 2023, acrylic on canvas, 24” x 36”

ARIES (March 21-April 19): You can have fun without going overboard. Call on people who share your beliefs and concerns, and you’ll find a quick fix for something troubling you. Your actions, dedication and ability to accomplish things will bring rewards. ★★★★★

STORY & Struggle P, Fred Tan, 2023, acrylic on canvas, 30” x 48”

Fred Tan narrates in ‘Story and Strug�le’

BSTRACT artists often get lost in the frenzy of emotions involved in creating art. By tapping into their subconscious, digging deep into their innermost thoughts, they submit to the mercy of ideas they left behind, buried and are now ready to take control. When it happens, the artist in essence gets relegated to a mere medium. Fred Tan proves to be an outlier. Here is an abstractionist who, despite developing the wont to explore layered concepts about philosophy and the like, maintains command of any situation. For Tan, painting is contrary to getting lost in the moment. If anything, one achieves clarity amid the act, which serves as an expression of letting go of and coming to terms with the past and the unknown. It brings inner peace. Tan narrates the latest learnings about his ontology and more in Story and Struggle. The one-

man exhibition runs at runs Galerie Francesca: SM Megamall (www.galeriefrancesca.com) in Mandaluyong City until Wednesday, November 15. In his latest showcase, Tan focuses on the process of learning detachment. The concept relates to the Eastern, meaning Buddhist and Taoist, where it is believed that to live attached to the very things that define who we are, subject us to suffer from their loss. This includes everything we hold dear, from the tangible to the intangible, including family, friends, social status, faith and more. The concept runs contrary to conventional wisdom that suggests we must value these treasures. In Buddhism, life is seen as nothing more than a transitory phase. As such, we must learn to accept realities and learn detachment. Tan’s Story and Struggle muses on this concept. Vivid, kinetic imageries are often paired with elements devoid of life and color. It’s a captivating dance with a somber message that hits hard, as seen in Story and Struggle N and Story and Struggle P. Sometimes, detachment nears completion with the near-grayscale Story and Struggle DD. Then, in Equanimity J and Equanimity H, the intention reaches fulfilment. In viewing Tan’s works, the audience must be reminded that the artist’s melancholic pieces belie his true message. Tan does not aim to advocate detachment as an act of selfish self-preservation, or mere cold-heartedness. Rather, what he tells us is to break free from the

TAURUS (April 20-May 20): Refuse to let your emotions get in your way. Uncertainty will leave you questioning what to do next, but if you dissect a situation, a simple solution will arise that’s unique. This path will combat any negativity you receive from outside influences. ★★

GEMINI (May 21-June 20): Your home is your castle, so fix it up to suit your needs. Comfort and convenience will encourage you to get more done in a shorter period, leaving room for other opportunities. A proposal you make will be wellreceived. ★★★★

chains that hold us back and keep us from moving forward. In Story and Struggle, Tan reminds us to examine what pains us, develop detachment from it, and let go. Only then can we achieve inner peace. ■■■ THE Korean Cultural Center in the Philippines (KCC) held a captivating series of events last month that immersed attendees in the rich world of Korean literature. Among these is the Meet the Mentor: K-Novelist Book Talk Show, featuring renowned mystery-thriller author Jeong Youjeong, along with K-Lit: Turning Pages of Korea, a Korean modern literature pop-up exhibition. The Meet the Mentor series, committed to cultural education through workshops, seminars and talks, returned with an exploration of Korean literature. Youjeong, the award-winning author of the international bestseller The Good Son and Seven Years of Darkness, took attendees on a journey through the intricacies of her unique storytelling. Meanwhile, the K-Lit: Turning Pages of Korea is an immersive exhibition that runs until November 18 at the KCC. The exhibit invites visitors to dive deeper into Korean modern literature through displays of 100 Korean books and special sections dedicated to four main books. The K-Lit: Turning Pages of Korea exhibit is open to the public until November 18, from 9 am to 4 pm at the 5th Floor, Multipurpose Hall of KCC located in Taguig City. ■

‘Braille for the Seeing’: Filipino contemporary artists on photography KALEIDO, Misteryoso Seryoso Pilosopo Jusko by Gerone Soriano

IN an era marked by the pervasive influence of screens and digital encounters, our perception of art has undergone a dramatic shift, further aggravated by the pandemic. Online exhibitions, the promotion of art on social media, and the virtual acquisition of art have become the new norm. While this digital accessibility offers undeniable advantages, such as respite from the grueling Metro Manila traffic, the prolonged lockdowns have highlighted the profound need for in-person sensory engagement, especially in the realm of art. In the ongoing featured exhibit organized by the CCP Visual Arts and Museum Division, titled Braille for the Seeing,

the participating Filipino contemporary artists aspire to rekindle the profound joy of encountering art directly by delving into the diverse facets of contemporary photography, redefining, re-examining, and reimagining the medium. A CCP Exhibition Venue Grant Program recipient in 2020, the exhibit opened on November 7, 2023, at the CCP’s Bulwagang Roberto Chabet, located on the third floor of the Tanghalang Ignacio B. Gimenez (CCP Blackbox Theater). The exhibit runs until December 10, 2023. The group exhibit features the works by Poklong Anading, Idan Cruz, Teo Esguerra, Angel Flores, Neo Maestro, Rhaz Oriente,

Gary-Ross Pastrana, Angela Silva, Gerome Soriano, Jan Sunday, Stephanie Syjuco, Miguel Lorenzo Uy, and MM Yu. Braille for the Seeing features a diverse ensemble of Filipino contemporary artists, transcending generations, influences, and backgrounds. Their shared enthusiasm for exploring and experimenting with various artistic mediums and expressions defines the foundation of this presentation. The exhibit highlights photography, as it evolves into different sculptural, physical, and material forms, interplaying with light, space and scale; becoming interactive, through computer programs, chemical processes, and prompts.

CANCER (June 21-July 22): Let your mind wander, and you’ll discover something you didn’t think or know you could achieve. Having faith in yourself will pay off and make others realize your worth. Wheel and deal, and you’ll come out on top. Ask and you shall receive. ★★★

LEO (July 23-Aug. 22): Slow down, observe and adjust anything that may get in your way or cost you financially. It’s OK to think big, but when it comes to putting your ideas to the test, look for bargains. Change only what’s necessary and spend what is needed. ★★★

VIRGO (Aug. 23-Sept. 22): Visit a place you’ve never been before or sign up for something that offers information that can help you bring about a change you want to pursue. Find a way to use a gift you possess to get ahead. Do what comes naturally. ★★★

LIBRA (Sept. 23-Oct. 22):Get instructions before starting something new. Ask questions, make suggestions and be precise about the responsibilities you are willing to handle yourself. Concentrate on completing whatever task you assume, and choose to work alone if possible. ★★★★

SCORPIO (Oct. 23-Nov. 21): Set high standards and prioritize self-improvement. Be creative and look for unique changes you can implement to add comfort to your home without going over budget. Withhold your true feelings if it will put you in a compromising position. ★★

SAGITTARIUS (Nov. 22-Dec. 21): Find your passion and see where it leads. Give your all, and you’ll get the returns you desire. Stick to the truth and to those who offer honesty and loyalty. Change only what’s necessary to avoid confusion and worry. Protect your assets. ★★★★★

CAPRICORN (Dec. 22-Jan. 19): Don’t share personal information. Ask questions and listen attentively, and you’ll be able to assess whatever situation you face. A change will turn out to be better than anticipated and give you the boost you need to reach your goal. ★★★

AQUARIUS (Jan. 20-Feb. 18): Shake off bad vibes someone sends your way and do your own thing. Your strengths are being innovative and coming up with ideas and concepts to help you reach your goal. A positive attitude will carry you to the winner’s circle. ★★★

PISCES (Feb. 19-March 20): You’ll be ahead of your time and raring to go, so do what you do best. Promote and present your plans, and you’ll charm and persuade others to join in and help you reach your target. Personal growth will be enlightening. ★★★ BIRTHDAY BABY: You are friendly, possessive and compassionate. You are intelligent and practical.

‘lost in translation’ BY AIDAN DESHONG

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Adrian Johnson/Jared Goudsmit ACROSS 1 Gallic gal pal 5 (Hey, you!) 9 Toward Antarctica 14 Dalai ___ 15 “Here comes trouble...” 16 Pulsate 17 “My bad!” 18 Sammy who hit 609 home runs 19 Augment 20 Basketball court marking, in Britain? 23 Muscle spasm 24 No longer fashionable 25 A as in Argentina? 26 Laptop component, in Britain? 33 Windy City airport 35 State with the highest concentration of Mormons 36 Formerly known as 37 Movie whose sequel is subtitled Pig in the City 38 ___ of Troy 40 A good one is bright 41 Not just online: Abbr. 42 Poles for a rowing team

43 Smell like a skunk 44 Typo catchers, in Britain? 48 Praiseful poem 49 Regret 50 One fuel for a hybrid 53 Online activity tracker, in Britain? 58 State animal of Maine 59 What graphite replaced in pencils 60 Prom night vehicle 61 Gives five stars, say 62 Bowling alley division 63 “By yesterday!” 64 It’s inserted into an artery 65 Brews that may be pale 66 Baseball team with a skyline in its logo DOWN 1 Flying high 2 Native New Zealander 3 Flawless 4 Lack of obstacles 5 One of the 20 in “Drop down and give me 20!” 6 Buzzing sound? 7 Not great, but not terrible

8 Defrost 9 Fiercely loyal 10 “Goodness gracious!” 11 Pakistani language 12 Bag one may get for subscribing to a magazine 13 The White Lotus channel 21 Big book 22 Sunni or Shiite’s holy book 27 It’s all mined 28 Oklahoma’s second-largest city 29 Summer, in French 30 Masked or costumed 31 “I’ve ___ better” 32 Maximum 33 Sapporo sashes 34 Instrument to pluck 38 King of the underworld 39 Make a blunder 40 “he Addams Family cousin 42 American frontier 43 ___ the Man (2006 rom-com) 45 Give some slack 46 Cosmopolitan 47 Shows the way

51 Point toward 52 Pull out all the ___ 53 Kayak or catamaran 54 Repetitive learning method 55 Name that can be parsed as “the the” in Spanish 56 Not imaginary 57 Quahog, for one 58 The Marvelous ___ Maisel Solution to today’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos • Tuesday, November 14, 2023

Ruru Madrid lets out his loudest roar

Britney Spears memoir remains top seller in its second week of release

Britney Spears’ The Woman in Me remained the country’s top-selling book in its second week of publication, although the pace of sales fell substantially. The singer’s memoir sold just over 132,000 copies last week, according to Circana, which tracks around 85 percent of hardcover and paperback sales. The week before, The Woman in Me sold more than 400,000 physical copies. Thanks to the popularity of the audio edition, read by Oscar-nominated actor Michelle Williams, The Woman in Me is already a million seller, Gallery Books announced last week. Critics have praised Spears for a compelling account of her troubled life and career, with The New York Times observing that “it’s nearly impossible to come out of it without empathy for and real outrage on behalf of Spears.” AP

British judge says Prince Harry’s lawsuit against ‘Daily Mail’ publisher can go to trial LONDON—A lawsuit by Prince Harry, Elton John and five other public figures accusing a newspaper publisher of using private detectives and listening devices to illegally snoop on them should go to a full trial, a British judge ruled on Friday. Judge Matthew Nicklin rejected a bid by the publisher of the Daily Mail to dismiss the case without trial, saying defense lawyers had not delivered a “knockout blow” to the claims. The claimants, who include John’s husband David Furnish and actors Elizabeth Hurley and Sadie Frost, accuse publisher Associated Newspapers Ltd. of unlawfully gathering information by bugging homes and cars, recording phone conversations and using deceit to obtain medical records. Harry said the publisher targeted him and the people closest to him by unlawfully hacking voicemails, tapping landlines, obtaining itemized phone bills and the flight information of his then-girlfriend, Chelsy Davy. Associated Newspapers strongly denies the allegations and asked the judge to throw out the case. At hearings in March its lawyers argued that the claims—which date as far back as 1993—were brought too late and that claimants were relying on confidential evidence the papers turned over to a 2012 public inquiry into tabloid wrongdoing, sparked by revelations of phone hacking by the now-defunct News of the World. Nicklin ruled that the claimants cannot rely on the documents handed over to the inquiry, which were ordered to be kept confidential by its head, Brian Leveson. They allegedly include records of payments to private investigators by the Daily Mail and the Mail on Sunday. But the judge said the case can go ahead because the claims “have a real prospect of succeeding.” “Associated has not been able to deliver a ‘knockout blow’ to the claims of any of these claimants,” the judge said in a written ruling. He rejected the publisher’s argument that the case should be dismissed because the claims had not been brought within six years of the alleged offense. “In my judgment, each claimant has a real prospect of demonstrating that Associated, or those for whom Associated is responsible, concealed from him/her the relevant facts upon which a worthwhile claim of unlawful information gathering could have been advanced,” the judge wrote. The seven claimants, who also include anti-racism campaigner Doreen Lawrence and former politician Simon Hughes, said they were “delighted” by the judgment. Associated Newspapers said the ruling on the confidential material was a “significant victory.” “As we have always made unequivocally clear, the lurid claims made by Prince Harry and others of phone-hacking, landline-tapping, burglary and sticky-window microphones are simply preposterous and we look forward to establishing this in court in due course,” the publisher said in a statement. The case is one of several lawsuits brought in the UK by Harry, who has made it a personal mission to tame Britain’s tabloid press. He blames the media for the death of his mother, Princess Diana, who was killed in a car crash in Paris in 1997 while being pursued by paparazzi. AP

HERE is a new, legitimate star in the GMA compound and his name is Ruru Madrid. Just last week, the new action drama series The Black Rider, which has Madrid in the title role, aired its first episode and the results look promising. Everyone involved in the production knew in their hearts that this new show will level up with the main competition, and the figures that came in after the first week show an uptrend as far as the ratings are concerned. Happiest, of course, is Madrid. “I admit I also experienced jitters before our pilot episode. I guess that’s natural, especially in my case. I always feel a mix of emotions every time a new project of mine is being launched. The long months of preparation were all worth it and I am so very happy. And it’s not just happiness I feel but gratitude—to everyone who contributed to creating this show, a new action-drama series that can cater to every age group; every person who continues to be part of this exciting project, who believes that the Filipino television audience deserves a good and meticulously prepared series.” For someone who has previously tasted success by way of his first hit series Lolong, Madrid strikes us as one fine gentleman who does not just sit on his laurels. He is very realistic, and for someone who came from very humble beginnings, he is aware that nothing is ever permanent and things can change abruptly, especially in a sea of of actors where one wrong career move can destroy every good thing one has worked so hard for. “That is why I work hard. I train hard, I prepare for every work day. I keep myself fit and healthy to be able to do what I am required to do. I workout. I engage in sports and martial arts activities. I rest when needed. I free my mind of stress-causing thoughts. I try to manage my time well. I have not mastered all these but I give it my best shot every time, Every day, I learn how to keep the balance between what I can achieve and what makes me a happy person.” Madrid was first introduced to us by our dear film and television director-friend, the late Maryo J. De Los Reyes, more than 10 years ago when he invited us to his Pansol, Laguna, recreation sanctuary. We recall that Madrid was a lanky, dimpled young lad in his early teens then, very polite, and was even first to reach out both his hands to give us a firm grip. De Los Reyes told us many times this young man had what it takes and he just needed to be patient

and be on track. Ironically, Madrid never had the chance to be directed by his mentor-discoverer in a full length series, considering that De los Reyes was a staple director for GMA for so many years. “Even though he was my manager then, I only got a cameo part in one of Tito Maryo’s seryes, but never for a full series. I was a just hopeful back then, and maybe it was not the right time,“ he said. “But I got to do a film titled Bamboo Flowers with him before he passed and I will eternally be indebted to him for everything he did for me.” Success did not come quick and easy for Madrid. He would go to many auditions just to get rejected. But one trait he has had ever since: Madrid is never a quitter. “I guess I am a very determined person. I admit that initially I wanted to be an actor because I wanted to help my family because the public has this notion that actors are paid very well and most of the actors are wealthy. But when I started my journey, I

made a lot of realizations. Like any other job, it takes a lot of hard work and discipline to take those big steps forward.” Lolong was the turning point in Madrid’s career, and after that, everything fell into place. And just a year after joining the big leagues, Madrid is The Black Rider. His career is at an all time high and his relationship with actress Bianca Umali has never been as stable as it is now. His family is now well provided for. And the blessings keep pouring. Many times in the past, Madrid was unsure if being an actor was his destiny. There were times he even doubted himself. He felt that his voice was not blaring and powerful enough to be heard. But he persevered, worked very hard, and continued reaching for his dreams. The Black Rider is doing very well and is predicted to shift to the fastest lane, and there is no doubt Ruru Madrid has just let out his loudest roar to date. n

GMA’s Atty. Felipe Gozon welcomes Timor-Leste President José Ramos-Horta during visit GMA Network Inc. chairman and CEO Atty. Felipe L. Gozon personally welcomed the President of the Democratic Republic of Timor-Leste, His Excellency José Ramos-Horta, during the latter’s visit to GMA Network Center on November 9. Gozon commended President Ramos-Horta’s leadership and dedication to upholding democracy. Ramos-Horta, a former journalist and a freedom fighter, was awarded with the Nobel Peace Prize in 1996, together with Bishop Carlos Belo, in recognition of their long lasting efforts for the peaceful separation of then East Timor from Indonesia. “We deeply admire your strong commitment not just to democracy but also to journalism. In GMA, we believe that the media are holders of public trust which is so delicate and crucial for democracy and freedom to flourish in the country,” said Gozon. “There is so much to learn from your experience in working for a just and peaceful solution to the conflict in East Timor,” he added. President Ramos-Horta, in turn, thanked GMA Network for the warm welcome and recognition, saying that Timor-Leste and the Philippines shared many similarities.

“I have the greatest respect for Filipinos. Sometimes I joke with American and Chinese friends [that] they fight each other all the time [over] who will rule the world. I said, well, while you two are fighting, one day we all wake up and the Philippines is ruling the world because Filipinos are everywhere,” he shared. Gozon further said that GMA Network will help deliver factual information on Timor-Leste and its

campaign to introduce Asia’s youngest democracy. “In GMA, we have a tagline called ‘Serbisyong Totoo’ or genuine service. This means you can count on us to provide information the public needs to know without spin, without bias,” assured Gozon. Joining Gozon in meeting President Ramos-Horta were GMA Network executive vice president and chief financial officer Felipe S. Yalong;

senior vice president for talent management, program management, worldwide, and support group Atty. Annette Gozon-Valdes; senior vice president and head of GMA Integrated News, Regional TV and Synergy Oliver Victor B. Amoroso; senior vice president and head of GMA Entertainment Group Lilybeth G. Rasonable; and vice president and head of corporate affairs and communications Angela Javier Cruz. President Ramos-Horta was also with Ambassador-designated Timor Leste to the Philippines, his excellency Marciano Octavio Garcia Da Silva; director general for bilateral affairs Asia & Oceania of Ministry of Foreign Affairs and Cooperation Marcos Dos Reis Da Costa; executive assistant of the president Grazeila Fatima Liu; principal advisor to the president of the republic Nelson Santos; advisor to the president of the republic João Aparicio Guterres; and director general for consular and protocol affairs cum chief of protocol of the MoFAC José Amorin Diaz. GMA Integrated News and 24 Oras anchor Vicky Morales also had an exclusive interview with President Ramos-Horta, which aired on 24 Oras on November 10.

GMA Network Inc. chairman and CEO Atty. Felipe L. Gozon (right) and Democratic Republic of Timor-Leste President José Ramos-Horta.

Tuesday, November 14, 2023

www.businessmirror.com.ph

MPIC EXEC RECOGNIZED AS MOST INFLUENTIAL FILIPINA IN THE WORLD

UNE CHERYL “CHAYE” CABAL REVILLA, Executive Vice President and Chief Finance, Risk and Sustainability Officer of Metro Pacific Investments Corporation, and President and Chief Executive Officer of mWell, has been honored with the prestigious “Most Influential Filipina Woman in the World” award by the Foundation for Filipina Women’s Network. The award was presented at a Gala Dinner Ceremony at the Lobkowicz Palace, a 16th-century palace in the Prague Castle complex, a UNESCO World Heritage Site in Prague, Czech Republic. The Foundation for Filipina Women’s Network recognizes women of Philippine ancestry who are making a significant impact in the global workplace. Cabal-Revilla was chosen among outstanding nominees from 10 countries this year. The Innovator and Thought Leader in the Tertiary Economic Sector award received by Cabal-Revilla recognizes Filipina women who have broken new ground in the global workplace and delivered unique applications of emerging technology. This award category is also for someone who has launched a new enterprise, a learning function, or completely overhauled an existing way of doing things, resulting in a new development or community initiative. The Most Inf luential Filipina Woman in the World Award (Global FWN100™) was initiated by FWN in 2006 in the United States and has since expanded globally. The awardees have achieved remarkable success in their careers and

JUNE CHERYL “CHAYE” CABAL REVILLA, Executive Vice President and Chief Finance, Risk and Sustainability Officer of Metro Pacific Investments Corporation, and President and Chief Executive Officer of mWell, honored with the prestigious “Most Influential Filipina Woman in the World” award. have shattered barriers in both public and private sectors. “The Global FWN100™ awardees are innovators and thought leaders, dynamic entrepreneurs, practitioners, and public service advocates, who have moved through

the ranks in the public and private sectors. They are magnificent women doing extraordinary work trailblazing for the next generation leaders,” said Marily Mondejar, Founder and CEO of the Foundation for Filipina Women’s Network. “Each nominee goes through a rigorous multi-stage vetting process by the Global FWN100™ Awards Selection Committee composed of global awardees,” explained Teresita Batayola, appointed by President Joe Biden to the White House Initiative on Asian Americans, Native Hawaiians, and Pacific Islanders (WHIAANHPI), a selection committee member. The awardees are selected based on the size and scope of their influence in their industries, communities, board affiliations, and other leadership roles.” “I am deeply honored to receive the FWN 2023 Most Influential Filipina Women in the World Award in the Innovator and Thought Leader category. This recognition is a testament to the collective efforts and dedication of a strong community of Filipina women. At MPIC, I am blessed to be under the leadership and mentorship of our Chairman and CEO, Manuel V. Pangilinan who empowers us women, and to be surrounded by equally empowered women in the MPIC Group that enables me to drive sustainable change, foster innovation, and uplift the voices of women in the business world. Let us continue to inspire one another, as we shape a brighter future for all Filipina women all over the world.” says Chaye Cabal-Revilla.

Gordon Ramsay to open first-ever restaurant in PHL at Newport World Resorts

NEWPORT World Resorts gears up for the opening of one of its biggest restaurants in the property, Gordon Ramsay Bar & Grill—the first of its kind in the country.

HE Philippines will soon welcome the Gordon Ramsay brand with the slated opening of its first restaurant at Newport World Resorts (NWR). This development further cements the pioneer integrated resorts’ place as a global gourmet destination. Set to even expand the property’s already impressive list of gastronomic options, the Gordon Ramsay Bar & Grill is expected to start serving customers by the second quarter of 2024. Gordon Ramsay Bar & Grill fits perfectly into the premier lifestyle and leisure destination’s world of epic dining experiences and is going to be one

of NWR’s biggest restaurants to date. Offering a curated selection of legendary rare breed steaks, grilled specialties, and fresh market seafood, the culinary powerhouse also lists the legendary chef’s iconic Beef Wellington on the menu. NWR Chairman Kevin L. Tan shared the welcome addition to the premier integrated resort, “The opening of Gordon Ramsay Bar & Grill within the property by the second quarter of 2024 is part of NWR’s epic transformation. We are delighted to partner with chef Gordon Ramsay on his first restaurant in the Philippines. Moreover, our customers can look forward to

more exciting announcements from NWR in the coming months.” The milestone partnership follows the rapid expansion of both brands in their respective fields. The Gordon Ramsay Restaurants group has shown aggressive growth across multiple destinations around the globe. Newport World Resorts is making history following its epic transformation into the most multifaceted leisure destination in the country. Centrally located across the country’s main international airport, Newport World Resorts encompasses a 25-hectare master-planned development that includes five international hotels and two affiliate hotels—collectively offering the highest hotel room key count in a single property, luxury retail, world-class live entertainment venues, a massive casino complex that spans two wings, variety of MICE locations, and the most number of restaurant options for every type of diner that is surrounded by an upscale residential community. Escape the ordinary at Newport World Resorts, you know you want to. For more information on Gordon Ramsay Bar & Grill at Newport World Resorts, follow @newportworldresorts on Facebook and Instagram, and @nwresorts on Twitter. Make the most of your visit and sign up for an Epic Membership or download the Epic Rewards Mobile App for free at the Apple App Store and Google Play Store.

MassageMNL Continues to Innovate, Expands Business for its 5th Year

ASSAGEMNL, a leading name in the wellness industry, continues to break boundaries as it celebrates its 5th Anniversary. “The pandemic really took a hit in the wellness industry but that was also a big opportunity for us to look within and find ways to bring safer and more quality services to our customers,” said MassageMNL Founder and CEO Janine Khazaie. Trailblazing the home-service massage category, MassageMNL has been churning out different massages that will help you relax, heal and be healthier. Their welltrained therapists and continued expansion of service locations made them the most trusted and sought-after home-service massage brand for the past five years. Now, MassageMNL takes it to new heights as they open their new home: Khozy Lounge. Located in Quezon City, Khozy Lounge by MassageMNL offers its signature massages and so much more. The interiors have clean lines and design that will surely make you feel right at home. The opening of their first physical location is under

the brand’s expansion plans that will continue until next year as they open their second Khozy Lounge branch at the heart of Makati. This is a significant milestone for the brand as it is the first venture for a location, veering away from its more known specialized home service massages. Founded in 2018, MassageMNL has been dedicated to promoting relaxation, stress relief, and overall well-being through its specialized massage services that everyone can enjoy in their own homes. Over the years, the company has garnered a strong following of clients who have benefited from its specialized massages like pre-natal, post-natal, and many more. The grand opening of MassageMNL’s first location is a testament to the company’s commitment to providing an elevated and high-quality relaxation experience. This new location offers a serene and peaceful environment, designed to transport clients into a world of tranquility as soon as they step through the door. MassageMNL aims to provide the ultimate escape from the hustle and bustle of everyday life. “We are thrilled to be celebrating this important milestone and the opening of our first spa location. This

is just the start of the amazing things lined up for the MassageMNL and Khozy brands” said Khazaie “This expansion allows us to bring our dedication to relaxation and wellness to a whole new level. We have carefully crafted an environment that fosters healing, rejuvenation, and self-care, and we can’t wait to share it with our valued clients,” she added. Aside from Khozy Lounge, MassageMNL also offers their industry-first MassageBar for events, Lympathic and FaceFit massage to aid in weight loss, and many more. MassageMNL’s loyal following of moms who enjoyed their pre-natal and post-natal massages can attest to the skill and professionalism of therapists that ensure each client receives a personalized and tailored experience to meet their specific needs and preferences. Khozy Lounge by MassageMNL is located at Unit 20 to 22, Greenhills Town Center Granada St, Brgy Valencia Quezon City. Appointments can be booked through bit. ly/bookwithkhozylounge. Home services of MassageMNL can be booked via Facebook, Instagram, hotline number 0977 264 8847, and massagemnl.com.

OUTSTANDING Sales and Marketing Associate went to Charles Patrick Estupin, Sales Manager of Crimson Filinvest City Manila

OUTSTANDING Sales and Marketing Manager Award was given to Cesar E. Villaganas, Senior Sales Manager of Quest Hotel and Conference Center Cebu

OUTSTANDING Sales and Marketing Leader awardee is Karlene M. Capunitan, Director of Sales of The Ascott Limited.

OUTSTANDING Marketing Campaign award, recognition was given to Robinsons Hotels and Resorts for their “Let’s Go, Go, Go” campaign.

Looking Beyond the Bottom Line at the 2023 Virtus Awards

T was a night of recognition and appreciation as the Hotel Sales and Marketing Association (HSMA) gathered to acknowledge the winners of the Virtus Awards, the annual peer-recognition event. Held at the City of Dreams last November 9, 2023, the 2023 Virtus Awards featured “Beyond the Bottom Line” and recognized three winners for its individual categories. Named Outstanding Sales and Marketing Associate was Charles Patrick Estupin, Sales Manager of Crimson Filinvest City Manila. The Outstanding Sales and Marketing Manager Award was given to Cesar E. Villaganas, Senior Sales Manager of Quest Hotel and Conference Center Cebu while the Outstanding Sales and Marketing Leader award was given to Karlene M. Capunitan, Director of Sales of The Ascott Limited. For the Outstanding Marketing Campaign award, recognition was given to Robinsons Hotels and Resorts for their “Let’s Go, Go, Go” campaign. With “revenge travel” as the resounding phrase of 2023, the hospitality group set up three products that would benefit various types of travelers: the planner, the adventurer, and the chatter. The Go 24/7 provides the traveler with the choice to pre-book early or late arrivals without additional cost while enjoying 24 hours of stay. The Go 365 encourages travelers to book a hotel from 15 days to a maximum of 365 days in advance while securing the rate from the day of booking. Go (Buy) Online enables travelers to easily book a room or purchase vouchers through a private message on FB Messenger and brand websites. Nonito Antonio Cuizon, Director of Marketing of Robinsons Hotels and Resorts, said that the hotel group wanted to align with the Department of Tourism’s thrust to promote local tourism this year. “Since we have a vast network of hotels and resorts stretching from Tuguegarao to General Santos City, we wanted to maximize. That’s why we created ‘Let’s Go, Go, Go’ as an encouragement for Filipinos and international travelers as well to go and explore more of the Philippines,” Cuizon said. He added that this was his first time joining the Virtus Awards and that it was an honor for him and his team to emerge as the winner in a category that received a large number of submissions. “It feels so humbling and yet exhilarating as well to bring such honor to our group because this is the very first time that the HSMA has received a lot of entries for this category and they were all outstanding campaigns,” he added. For her part, Capunitan said she was very proud because this happened to be the first win of The Ascott

Limited at the HSMA. “I am very flattered because HSMA recognized the hardships and the achievements. I am also proud because this is the first win of Ascott in HSMA. We have been joining since it started nine years ago and that is why I am very proud to have represented Ascott,” she said. Capunitan felt honored to be representing Ascott because of the many lives that the company has changed and how Ascott has contributed to the landscape of the hospitality industry. “I am very thankful for the award and for the recognition. I actually really wanted to win. I think I deserved to win because I wanted to represent Ascott and to show the world that we are here and that we are doing very well in the industry,” she added. In her opening remarks, Loleth G. So, President of HSMA, pointed out that it was truly a night of recognition because the Virtus Awards had a rare 49 nominees “This means that we have 49 class nominees, and this is the biggest number of entries that we have so far. Thank you for recognizing them, for recognizing your people because they are supported. All of them are winners already,” she said. In her inspirational message, Rose H. Libongco, Chair of the 9th Virtus Awards pointed out that the Virtus Awards is not the final destination, but “a step into the journey that winners embark upon to continually hone their talents and prove their worth as they pursue their passions.” “The world is changing rapidly, and you will be asked to go even further, reach greater heights, and delve deeper into finding solutions to disruptions, not just innovations. You will face challenges that may shake, break, and transform you. If you remain true to your values and principles, these experiences will shape you into a stronger individual than you may have never imagined possible,” she said. The Virtus Award is an honor given to outstanding hospitality groups as a call to adapt to change despite being one of the sectors affected by the pandemic. This year’s theme is “Beyond the Bottom Line,” which urges hospitality groups and people to be responsive to “shifting preferences: and flexible to future scenarios. The 9th Virus Awards is organized by HSMA with the support of the Department of Tourism and Tourism Promotions Board; Gold partners Atlantis, Isentia, and City of Dreams Manila; Silver Partners Crimson Hotel Filinvest City Manila, Bouyant Industrial Systems, Inc.; and Awards Night Cocktail Partner Destileria Limtuaco & Co. Inc.

World Features

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

BusinessMirror

Tuesday, November 14, 2023

Fragile global economy is at stake as US and China seek to cool tensions at APEC By Paul Wiseman

AP Economics Writer

ASHINGTON—The United States and China are the two global economic heavyweights. Combined, they produce more than 40 percent of the world’s goods and services.

So when Washington and Beijing do economic battle, as they have for five years running, the rest of the world suffers, too. And when they hold a rare high-level summit, as Presidents Joe Biden and Xi Jinping will this week, it can have global consequences. The world ’s economy could surely benefit from a US-China détente. Since 2020, it has suffered one crisis after another— the Covid-19 pandemic, soaring inflation, surging interest rates, violent conflicts in Ukraine and now Gaza. The global economy is expected to grow a lackluster 3 percent this year and 2.9 percent in 2024, according to the International Monetary Fund. “Having the world’s two largest economies at loggerheads at such a fraught moment,” said Eswar Prasad, senior professor of trade policy at Cornell University, “exacerbates the negative impact of various geopolitical shocks that have hit the world economy.” Hopes have risen that Washington and Beijing can at least cool some of their economic tensions at the Asia-Pacific Economic Cooperation summit, which starts Sunday in San Francisco. The meeting will bring together 21 Pacific Rim countries, which collectively represent 40 percent of the world’s people and nearly half of global trade. The marquee event will be the Biden-Xi meeting Wednesday on the sidelines of the summit, the

first time the two leaders will have spoken in a year, during which time frictions between the two nations have worsened. The White House has sought to tamp down expectations, saying to expect no breakthroughs. At the same time, Prasad suggested that the threshold for declaring a successful outcome is relatively low. “Preventing any further deterioration in the bilateral economic relationship,” he said, “would already be a victory for both sides.’’ The US-China economic relationship had been deteriorating for years before it erupted in 2018, at the instigation of President Donald Trump, into an all-out trade war. The Trump administration charged that China had violated the commitments it made, in joining the World Trade Organization in 2001, to open its vast market to US and other foreign companies that wanted to sell their goods and services there. In 2018, the Trump administration began imposing tariffs on Chinese imports to punish Beijing for its actions in trying to supplant US technological supremacy. Many experts agreed with the administration that Beijing had engaged in cyber espionage and had improperly demanded that foreign companies turn over trade secrets as the price of gaining access to the Chinese market. Beijing punched back against Trump’s sanctions with its own retaliatory tariffs,

US President Joe Biden, right, stands with Chinese President Xi Jinping before a meeting on the sidelines of the G-20 summit on November 14, 2022, in Bali, Indonesia. When Washington and Beijing do economic battle—as they have for five years now—the rest of the world suffers, too. And when they hold a top-level summit—as Biden and Xi will this week—the rest of the world pays attention. AP/ALEX BRANDON

making US goods more expensive for Chinese buyers. Sen. Mark Warner, chairman of the Senate Intelligence Committee, said the US must keep pressuring on China over the theft of intellectual property and enlist the support of allies in the region. “National security now is not simply who’s got the most tanks and guns and ships and planes. It’s who’s going to win the battle for artificial intelligence, quantum computing, advanced telecommunications, 5G and beyond,” Warner, D-Va., said on “Fox News Sunday.” When Biden took office in 2021, he kept much of Trump’s confrontational trade policy, including the China tariffs. The US tax rate on Chinese imports now exceeds 19 percent, versus 3 percent at the start of 2018, before Trump imposed his tariffs. Likewise, Chinese import taxes on US goods are up to 21 percent, from 8 percent before the trade war began, according to calculations by Chad Bown of the Peterson Institute for International Economics. One of the tenets of Biden’s economic policy has been to reduce America’s economic reliance on Chinese factories, which came under strain when Covid-19 disrupted global supply chains, and

to solidify partnerships with other Asian nations. As part of that policy, the Biden administration last year forged the Indo-Pacific Economic Framework for Prosperity with 14 countries. In some ways, US-China trade tensions are even higher under Biden than they were under Trump. Beijing is seething over the Biden administration’s decision to impose— and then broaden—export controls that are designed to prevent China from acquiring advanced computer chips and the equipment to produce them. In August, Beijing countered with its own trade curbs: It began requiring that Chinese exporters of gallium and germanium, metals used in computer chips and solar cells, obtain government licenses to send those metals overseas. Beijing has also taken aggressive actions against foreign companies in China. Orchestrating what appears to be a counterespionage campaign, its authorities this year raided the Chinese offices of the US consulting firms Capvision and the Mintz Group, questioned Shanghai employees of the Bain & Co. consultancy and announced a security review of the chipmaker Micron. Some a n a ly st s spea k of a “ de coupl i ng ’ ’ of t he world ’s

two biggest economies after decades in which they relied deeply on each other for trade. Indeed, imports of Chinese goods to the United States were down 24 percent through September compared with the same period of 2022. The rift between Beijing and Washington has forced many other countries into a delicate predicament: deciding which side they’re on when they actually want to do business with both countries. The IMF says such economic “fragmentation’’ is damaging to the world. The 190-country lending agency estimates that higher trade barriers will subtract $7.4 trillion from global economic output after the world has adjusted to the higher trade barriers. And those barriers are rising. Last year, the IMF said, countries imposed nearly 3,000 new restrictions on trade, up from fewer than 1,000 in 2019. The agency foresees international trade growing just 0.9 percent this year and 3.5 percent in 2024—down sharply from the 2000-2019 annual average of 4.9 percent. The Biden administration insists it isn’t trying to undermine China’s economy. On Friday, Treasury Secretary Janet Yellen met with her Chinese counterpart, Vice Premier He Lifeng, in San Francisco and sought to set the stage for Biden-Xi summit. “Our mut u a l desire —bot h China and the United States—is to create a level playing field and ongoing, meaningful and mutually beneficial economic relations,” Yellen said. Xi has reason to try to restore economic cooperation with the United States. The Chinese economy is under heavy strain. Its real estate market has collapsed, youth unemployment is rampant and consumer spirits are low. The raids on foreign businesses have spooked international companies and investors. “With serious headwinds facing the Chinese economy and many US

firms packing up their bags and leaving China, Xi needs to convince investors that China is still a profitable place to conduct business,’’ said Wendy Cutler, vice president of the Asia Society Institute and a former US trade negotiator. “This will not be an easy sell.’’ Complicating matters is that the tensions between Washington and Beijing go well beyond economics. Under Xi, the Chinese Communist Party has punished dissent in Hong Kong and the autonomous Muslim region of Xinjiang. His government made aggressive territorial demands in Asia, engaging in deadly border clashes with India and bullying the Philippines and other neighbors in parts of the South China Sea it claims as its own. It has increasingly threatened Taiwan, which it considers a renegade Chinese province. US-China tensions could intensify next year with presidential elections in Taiwan and the United States, where criticism of Beijing is among the few areas that unite Democrats and Republicans. Xi’s policies appear to be costing China in the battle for world opinion. In a recent survey of people in 24 countries, the Pew Research Center reported that the United States was viewed more favorably than China in all but two (Kenya and Nigeria) nations.

Could China change course?

SPEAKING at the Center for Strategic and International Studies think tank in Washington, Rep. Raja Krishnamoorthi, an Illinois Democrat who serves on a House committee that monitors China, noted optimistically that Xi has reversed himself before—notably in declaring a sudden end to the draconian zero-Covid policies that crippled China’s economy last year. “We have to give that possibility a chance, even at the same time that we hedge and protect our interests,’’ Krishnamoorthi said. “That’s what I’m hoping we also see come out of this meeting.”

Fights in bread lines, despair in shelters: War threatens to unravel Gaza’s close-knit society By Isabel Debre

The Associated Press

ERUSALEM—Fistfights break out in bread lines. Residents wait hours for a gallon of brackish water that makes them sick. Scabies, diarrhea and respiratory infections rip through overcrowded shelters. And some families have to choose who eats. “My kids are crying because they are hungry and tired and can’t use the bathroom,” said Suzan Wahidi, an aid worker and mother of five at a U.N. shelter in the central town of Deir al-Balah, where hundreds of people share a single toilet. “I have nothing for them.” With the Israel-Hamas war in its second month and more than 10,000 people killed in Gaza, trapped civilians are struggling to survive without electricity or running water. Palestinians who managed to flee Israel’s ground invasion in northern Gaza now encounter scarcity of food and medicine in the south, and there is no end in sight to the war sparked by Hamas’ deadly October 7 attack. Over half a million displaced people have crammed into hospitals and U.N. schools-turned-shelters in the south. The schools—overcrowded, strewn with trash, swarmed by flies—have become a breeding ground for infectious diseases. Since the start of the war, several hundred trucks of aid have entered Gaza through the southern Rafah crossing, but aid organizations say that’s a drop in the ocean of need. For most people, each day has become a drudging cycle of searching for bread and water and waiting in lines.

The sense of desperation has strained Gaza’s close-knit society, which has endured decades of conflict, four wars with Israel and a 16-year blockade since Hamas seized power from rival Palestinian forces. Some Palestinians have even vented their anger against Hamas, shouting insults at officials or beating up policemen in scenes unimaginable just a month ago, witnesses say. “Everywhere you go, you see tension in the eyes of people,” said Yousef Hammash, an aid worker with the Norwegian Refugee Council in the southern town of Khan Younis. “You can tell they are at a breaking point.” Supermarket shelves are nearly empty. Bakeries have shut down because of lack of flour and fuel for the ovens. Gaza’s farmland is mostly inaccessible, and there’s little in produce markets beyond onions and oranges. Families cook lentils over small fires in the streets. “You hear children crying in the night for sweets and hot food,” said Ahmad Kanj, 28, a photographer at a shelter in the southern town of Rafah. “I can’t sleep.” Many people say they’ve gone weeks without meat, eggs or milk and now live on one meal a day. “There is a real threat of malnutrition and people starving,” said Alia Zaki, spokesperson for the U.N.’s World Food Program. What aid workers call“food insecurity”is the new baseline for Gaza’s 2.3 million people, she said. Famed Gazan dishes like jazar ahmar— juicy red carrots stuffed with ground lamb and rice—are a distant memory, replaced by dates and packaged biscuits. Even those

PALESTINIANS receive food in Rafah, southern Gaza Strip on Wednesday, November 8, 2023. With the Israel-Hamas war in its second month and more than 10,000 people killed in Gaza, trapped civilians are struggling to survive without electricity or running water. Each day has become a mind-numbing cycle of searching for bread and water and waiting in lines. A sense of desperation has strained Gaza’s close-knit society. AP/HATEM ALI

are hard to find. Each day families send their most assertive relative off before dawn to one of the few bakeries still functioning. Some take knives and sticks—they say they must prepare to defend themselves if attacked, with riots sporadically breaking out in bread and water lines. “I send my sons to the bakeries and eight hours later, they’ve come back with bruises and sometimes not even bread,” said 59-yearold Etaf Jamala, who fled Gaza City for the southern town of Deir al-Balah, where she sleeps in the packed halls of a hospital with 15 family members. One woman told The Associated Press that

her nephew, a 27-year-old father of five in the urban refugee camp of Jabaliya in northern Gaza, was stabbed in the back with a kitchen knife after being accused of cutting the line for water. He needed dozens of stitches, she said, speaking on condition of anonymity for fear of reprisals. The violence has jarred the tiny territory, where family names are linked to community status and even small indiscretions can be magnified in the public eye. “The social fabric for which Gaza was known is fraying due to the anxiety and uncertainty and loss,” said Juliette Touma, a spokesperson for the U.N. agency for Palestinian refugees.

Israel cut off water to Gaza shortly after the Hamas attack, saying its complete siege would be lifted only after the militants released the roughly 240 hostages they captured. Israel has since turned on pipelines to the center and south, but there’s no fuel to pump or process the water. The taps run dry. Those who can’t find or afford bottled water rely on salty, unfiltered well water, which doctors say causes diarrhea and serious gastrointestinal infections. “I cannot recognize my own son,” said Fadi Ihjazi. The 3-year-old has lost 5 kilograms (11 pounds) in just two weeks, she said, and has been diagnosed with a chronic intestinal infection. “Before the war he had the sweetest baby face,” Ihjazi said, but now his lips are chapped, his face yellowish, his eyes sunken. At shelters, the lack of water makes it hard to maintain even basic hygiene, said Dr. Ali al-Uhisi, who treats patients at one in Deir al-Balah. Lice and chicken pox have spread, he said, and on Wednesday morning alone he treated four cases of meningitis. This week, he’s also seen 20 cases of the liver infection hepatitis A. “What worries me is that I know I’m seeing a fraction of the total number of cases at the shelter,” he said. For most ailments, there is no treatment— zinc tablets and oral rehydration salts vanished the first week of the war. Frustrated patients have assaulted doctors, said Al-Uhisi, who described being beaten this week by a patient who needed a syringe. Sadeia Abu Harbeid, 44, said she missed

a chemotherapy treatment for her breast cancer during the second week of the war and can’t find painkillers. Without regular treatments, she says, her chances of survival are dim. She hardly eats, choosing to give most of the little food she has to her 2-year-old. “This existence is a humiliation,” she said. Across Gaza, rare scenes of dissent are playing out. Some Palestinians are openly challenging the authority of Hamas, which long has ruled the enclave with an iron fist. Four Palestinians across Gaza spoke to AP on condition of anonymity for fear of reprisals about what they’ve seen. A man who was told off by a Hamas officer for cutting the bread line took a chair and smashed it over his head, according to an aid worker in line. In another area, angry crowds hurled stones at Hamas police who cut in front of a water line and beat them with their fists until they scattered, according to a journalist there. Over the past few night in Gaza City, Hamas rockets streaming overhead toward Israel have prompted outbursts of rage from a UN shelter. In the middle of the night, hundreds of people have shouted insults against Hamas and cried out that they wanted the war to end, according to a 28-year-old sleeping in a tent there with his family. And during a televised press conference Tuesday, a young man with a dazed expression and bandaged wrist pushed his way through the crowd, disrupting a speech by Iyad Bozum, spokesman for the Hamas-run Interior Ministry.

Sports

KAYA FC-Iloilo players celebrate their victory.

BusinessMirror

B8 | T

uesday, November 14, 2023 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

CJ, Jayson numbers count in scribes’ eyes C

J PEREZ and good old Jayson Castro lead the initial batch of players to be recognized in the Philippine Basketball Association Press Corps (PBAPC) Awards Night for Season 47. Perez, San Miguel Beer’s allaround player, is the recipient of the Scoring Champion award, while Castro, pillar of the TNT Tropang Giga, will receive the Order of Merit from the sports scribes covering the PBA beat. The Awards Night is on Monday at Novotel Manila Araneta City. Also to be honored is the opener of the Philippine Cup finals between TNT and San Miguel as the Game of the Season. The 29-year-old Perez averaged 18.75 points last season to lead the league anew in scoring and establish his name as one of the finest offensive players in the PBA today. He led the league in scoring in 2019 and 2020, respectively. Castro, on the other hand, topped the Order of Merit after emerging with the most number of Cignal PlayPlayer of the Week honors.

The veteran guard was tied with Mark Barroca, Christian Standhardinger, Perez, and Encho Serrano, the only rookie to be named Player of the Week twice. But Castro earned the PBAPC nod after emerging back-to-back winner during the semifinal stretch of the Philippine Cup between TNT and Magnolia. Incidentally, the 37-year-old Castro, an eight-time champion and five-time recipient of the Best Player of the Conference plum, figured prominently in the Game of the Season between TNT and San Miguel during Game 1 of the Philippine Cup finals. Castro won it for the Tropang Giga when he hit the game winner at the buzzer, 86-84, as they took a 1-0 lead in the best-of-seven series. The “Blur” finished with 15 points. The PBAPC also announced recently that Philippine Sports Commission chairman Richard Bachmann will be the keynote speaker during the formal affair. Bachmann was a former league governor representing Alaska and played from 1993 to 1999 under

Catalan 2nd overall in Thailand golfest

OHN CATALAN carded a fiveover 77 in the final round to finish second overall in Division 1 of the World Amateur Golfers Invitational (WAGI) of the World Amateur Golfers Championship (WAGC) recently in Phuket, Thailand. Catalan, a former Junior Golf Foundation of the Philippines champion, had a four-day score of 293 to finish a stroke behind Finland’s Klmmo Hyvarinen, who had 292. Mariusz Czerkawski of Poland was third overall with 296. It was nevertheless an impressive performance for Catalan as he matched the 2017 runner-up finish of Tonito Payumo in Division 1 of WAGC. He came short of becoming the second Filipino to win the WAGC, which Payumo did in 2017. “The feeling is great knowing that you represented the country well. It was bittersweet, however, because I came up short of winning the championship,” said Catalan, son of former Acting Prosecutor General of the Philippines and former Chief Prosecutor of Makati City Jorge Galvez Catalan Jr. “It was a tough tournament because all participants played in four tough golf courses,” Catalan said. “We actually played six straight days, which included two days of practice rounds. Still, it feels good that the efforts were rewarded by making it to the podium.” A Registered Nurse in the United States, the 28-year-old Catalan opened with a 75, followed it up with a 71 and a 70 in the third round where he had a chance to take the lead only to fall short following

bogeys on Nos. 14 and 15. The tournament was played in four courses in Phuket—Laguna Golf, Red Mountain Golf Club, Blue Canyon Country Club and Aquella Golf and Country Club. Hyvarinen had rounds of 68-8171-71 in winning the crown. The other members of the Philippine contingent in WAGI (via invitation) were Vicky Herrera (28th, Division 2), Joy Bagaloyos (second, Division 3), Lian (Batangas) Vice Mayor Ronin Leviste (22nd, Division 3), Camarines Sur District 5 Rep. Miguel Villafuerte (44th, Division 3), Batangas Vice Governor Mark Leviste (10th, Division 4), Mark Matsuyama (12th, Division 5) and Errol Chua (13th, Division 5). JOHN CATALAN packs a swing.

coach Tim Cone, winning eight championships including the 1996 grand slam. The son of the late national player Kurt Bachmann was also assistant team manager of Converge FiberXers and chairman of the PBA 3x3 before his appointment at the PSC December last year. A total of 10 awards will be handed out during the special event including the coveted Virgilio “Baby” Dalupan Coach of the Year trophy. The other awards to be given are the Danny Floro Executive of the Year, Defensive Player of the Year, President’s Award, William “Bogs” Adornado Comeback Player of the Year, Mr. Quality Minutes and All-Rookie Team. The PBAPC will also induct its new set of officers headed by Vladi Eduarte of Abante during the awards rite.

CJ PEREZ is the Scoring Champion while Jayson Castro is the Order of Merit awardee.

AYA FC-Iloilo clinched its maiden Philippine Football League Women’s League (PFFWL) sponsored by Coca-Cola Philippines title after a 1-0 win over Manila Digger FC in the final last Saturday at the Rizal Memorial Stadium in Manila. Sheen Nicole Ramores scored the match winner in the 86th minute as Kaya won its first PFFWL crown in front of a big crowd that included Coca-Cola Philippines President Tony Del Rosario, Philippine Football Federation President Mariano Araneta and Philippine Women’s National team manager Jeff Cheng. Far Eastern University was third after a 2-1 win over De La Salle University with Dionesa Tolentin scoring the winner in the 53rd minute after Angelica Teves levelled Carmela Altiche’s opener. The substitute was left unmarked in the box before beating Manila Digger’s Ayishatu Simpson with a low strike. “I’m happy for Kaya, it’s another historic achievement for the club,” Kaya coach Let Dimzon said. “We’re the first club to win the PFF Women’s League and it is a huge honor for us to get this title.” Dimzon hopes the tournament will continue with more stakeholders investing in women’s football. Manila Digger was reduced to 10 players after Hannah Pachejo was sent off in the 26th minute for a second yellow card. Kaya almost took the lead in the 54th minute after Camille Rodriguez was brought down inside the box, but her penalty kick was denied by Simpson. Sara Castañeda created the opportunity for Ramores after he initial strike was blocked by the Digger defense Kaya’s Shelah Cadag, who scored 12 goals this season, was named as the Tournament’s Most Valuable Player. “All our hardwork and sacrifice paid off with this win,” said Cadag. “We did our best and we thank everyone who supported us. It was a good game because we fought hard until the end.” Manila Digger’s Simpson claimed the league’s best goalkeeper plum. Far Eastern University’s Jonela Albiño was adjudged as the league’s best defender, while Kaya’s Charisa Lemoran was named as the Best Midfielder. Teves and Tuloy FC’s Isabella Bandoja were jointly awarded as the league’s top scorers with 19 goals this season.

DLSU brings table tennis back to Amoranto complex in QC

Tri SND Barracuda bags Asia TriClub title in Ironman 70.3 Puerto Princesa RI SND Barracuda showcased remarkable teamwork to rule the prestigious Asia TriClub and Relay Championship crown in the Ironman (IM) 70.3 Puerto Princesa City Sunday. In a test of endurance and strategy over a challenging course, Tri SND Barracuda’s tactical brilliance shone through, foiling local and foreign rivals and propelling the team to victory in the IM 70.3 Puerto Princesa, which served as first-time host to the Asia TriClub

Kaya FC-Iloilo tops Women’s League

Championship Series. Tri SND Barracuda drew strength from men’s overall individual winner Satar Salem, last year’s IM 70.3 Puerto Princesa champion John Alcala, Kenneth Bonda, Jailani Lamama and Mohammad Maruhom, whose cumulative times in the 1.9km swim, 90-km bike, and 21.1-km run race netted the country’s top triathlon squad a whopping P500,000 purse put up by Puerto Princesa Mayor Lucilo Bayron. The best five also received an additional P50,000 prize. Under the Ironman 70.3 points system for the Asia TriClub series, the fastest athlete to finish in a

E LA Salle brought the University Athletic Association of the Philippines (UAAP) Season 86 table tennis tournament to the Amoranto Sports Complex— considered the mecca of the sport in the Philippines by the community. The competition is being held at the newly-built Amoranto Arena where table tennis aficionados from all levels have traditionally converge to play and learn the sport and interact with other category receives 3,500 points with every minute behind the first finisher diminishing their points by 18-per-minute. With 28 individual participants and six relay teams, Tri SND Barracuda posted three first place feats, three second place efforts and another three third place finishes. All six Tri SND Barracuda relay teams also turned in podium finishes with on ending up fourth. Tri SND Barracuda thus finished way ahead of Gas Coaching, which fielded in 16 individual entries and one relay team, with total cumulative points of 103,523 against the latter’s 22,280.

players of the community. De La Salle, through the efforts of UAAP Board of Managing Director Nong Calanog, has once again leveled up its hosting of the UAAP competition as the tables and the taraflex flooring used were in compliance with the standards of the International Table Tennis Federation (ITTF). Match officials are also certified by the ITTF with the tournament also played in an airconditioned venue as La Salle serves as sub-host for the second straight time after last season’s competition held at the Makati Coliseum. “It’s a nostalgic moment for the table tennis community,” said Philippine Table Tennis Federation Inc. secretary general Pong Ducanes. “It brings back a lot of memories since a lot of the players and even coaches learned the sport in Amoranto.” Amoranto Arena action officer Martin Manese and Quezon City sports consultant Benjo Afuang also contributed in bringing the matches at the venue. University of Santo Tomas (men’s, girls) and De La Salle (women’s, boys) are the defending champions of their respective divisions.

Cignal vs Navy in Challenge Cup

ANCIED squads Cignal HD and PGJV Navy look to sustain their hot start against separate foes to bolster their respective playoff hopes at the resumption of the Philippine National Volleyball Federation (PNVF) Challenge Cup on Tuesday at the Rizal Memorial Coliseum in Manila. PGJV Navy (1-0) takes on the debuting Marikina City at 8 a.m. in Pool C of the men’s division to open the loaded six-game bill as Cignal (1-0) battles University of Batangas (1-0) at 12 p.m. for the solo lead in Pool A. In between is the duel of VNS Asereht (1-0) and Rizal Technological University-Basilan (0-1) at 10 a.m. in Pool B while Kuya JM-Davao City plunges into first action against the Volida

Volleyball Club (0-1) also in Pool A at 2 p.m. The Sealions are coming off an easy 25-18, 25-23, 25-10 win over Plaridel, Quezon for their rousing debut and are determined to pick up there they left off despite an expected strong debut from Marikina. The HD Spikers, for their part, want no let-up even against the University of Batangas after a 2521, 25-16, 25-22 win over Savouge Aesthetics in the opener last week. UB also took care of its first assignment against the Volida Volleyball Club, 25-14, 25-12, 25-11. In the women’s play, Volida Volleyball Club debuts in Pool A against Parañaque City at 4 p.m. as the Philippine Air Force and Davao City also spike for first win in Pool B at 6 p.m. to cap a loaded Week 2 opener of the tourney supported by the Philippine Sports Commission, PLDT, Rebisco, Akari, Foton and CBPI.

Senator Jinggoy’s visitor champ

Senator Jinggoy Ejercito Estrada gets a surprise visit recently from World Boxing Council and World Boxing Association Asia flyweight champion Vince Paras at his Senate office. The likes of Paras who demonstrate excellence in international sports competitions and brings honor and pride to the country deserve recognition and support from the government, Estrada said.