BusinessMirror November 15, 2022

BusinessMirror

House OKs bill mandating onsite relocation for ISFs

By Jovee Marie N. dela Cruz @joveemarie

THE House of Representatives on Monday approved on third and final reading a bill mandating onsite, in-city, near-city, or off-city relocation of informal settler families (ISFs).

W ith 254 affirmative votes and zero no votes, lawmakers approved House Bill (HB) 5, authored by Speaker Martin G. Romualdez and Reps. Yedda Marie K. Romualdez and Jude Acidre of Tingog partylist, and Negros Occidental Rep. Jose Francisco Benitez.

T he bill seeks to amend Republic Act (RA) 7279, or the Urban Devel opment and Housing Act of 1992.

It aims to address such issue, by providing for a local governmentled onsite housing for ISFs and mandating that off-city relocation may be resorted to only when incity or near-city resettlement is not feasible.

T he bill calls for adequate con sultation with the affected families.

It also provides for social prepa ration activities for beneficiaries and the institutionalization of a people’s plan developed by benefi ciary families in coordination with the implementing local government

unit (LGU).

T he measure defines in-city or onsite resettlement as a “reloca tion site within the jurisdiction of a local government unit where the affected informal settler families are living.”

“ Near-city resettlement” refers to a site close to the original area where the affected ISFs live but within the jurisdiction of another LGU that is adjacent to the imple menting LGU.

Off-city” relocation is a site de veloped outside and not adjacent to the implementing LGU.

I mplementing LGUs may pur chase land outside their juris diction for near-city or off-city housing.

L GUs are to implement the on site, near-city, or off-city housing program for ISFs in partnership with the Department of Human Settlements and Urban Develop ment, National Housing Author

ity, National Home Mortgage Fi nance Corp., Home Development Mutual Fund, and Social Housing Finance Corp.

O ther agencies, including the Department of Labor and Em ployment, Technical Education and Skills Development Author ity, Department of Social Welfare and Development, Department of Science and Technology, and Phil ippine Trade and Training Center, are mandated to provide skills and livelihood training.

T he Department of Human Settlements and Urban Develop ment, Department of the Interior and Local Government, in consul tation with appropriate agencies, civil society groups, the private sector, and representatives of ISFs, will issue implementing rules and regulations.

“ While the government has been providing resettlement sites to informal settler families, these sites have been mostly off-city. These do not provide employment opportunities and livelihood, as well as social services,” said the authors of the bill in their ex planatory note.

“As a result, many families are drawn back to the cities to find employment that would provide for their needs, ending up living again in informal settlements that are the embodiment of abject pov erty, social exclusion and unsafe housing,” they added.

HOUSE PASSES PBBM’S PRIORITY TAX MEASURES

T he Philippine Plastics Industry Association Inc. told lawmakers that the proposal will “hurt and eventually kill” the industry.

T he group said members of the industry are currently facing the negative impact of local ordinances banning the use of plastic bags in their areas. Several local govern ment units have already issued ordinances against the single-use plastic bags.

For her part, Gabriela Rep. Ar lene Brosas voted “no” on the pas sage of HB 4102 or the act imposing tax on single-use plastic bags.

While we want to regulate the use of plastic bags for environ mental concerns such as reducing pollution, this proposed measure will just be an additional burden to consumers, sellers, and retailers,” she said.

These taxes should be paid by big companies rather than small retailers, who already make a small profit. Furthermore, this represen tation believes that in order to solve environmental problems concern ing the use of single-use plastic bags, we should have an accessible and affordable alternative for con sumers as well as impose stringent regulations for big companies,” Ga briela added.

Digital VAT MEANWHILE , the HB 4122 seeks to clarify ambiguities in the VAT system that have allowed some digital services and goods sold over the digital space to remain outside the coverage of VAT.

T he bill clarifies that digital services, such as digital advertis ing, subscription-based services, and other online services that can be delivered through the internet as VAT-able.

T he measure also aims to

strengthen tax compliance through simplified invoicing and registra tion requirements for VAT-regis tered nonresident DSPs.

T he bill refers the “digital service provider” as a service provider of a digital service or goods to a buyer, through operating an online plat form for purposes of buying and selling of goods or services or by making transactions for the provi sion of digital services on behalf of any person.

Brosas also thumbed down the passage of HB 4122, saying “while it is true that the playing field must be fair especially to local online digital service providers who are already imposing VAT on digital goods and services, we believe levy ing a new tax in the form of digital tax on other streaming services and digital transactions is not the way forward.”

Instead [of this digital tax proposal] we should consider the imposition of wealth tax. Around P98 billion will be generated by imposing a wealth tax on the top 20 billionaires,” she added.

Package 4

THE proposed Package 4 of the CTRP seeks to make passive income and financial intermediary taxes simpler and more efficient.

T his proposed measure was ap proved on third and final reading during the 18th Congress.

T his measure will redesign the taxation of the financial sector by making it “simpler, fairer, and more efficient,” critical to its role in the long-term growth and development of the economy.

T he bill covers the lifting of the exemption on pickup trucks, which Salceda said, “merely corrects an unfair privilege on a vehicle that is mostly for the rich, occupies very

large space on the road, and is by all accounts less fuel-efficient than most other vehicles.”

T he measure aims to level the playing field by harmonizing tax treatments for certain transactions of financial institutions.

I t seeks to simplify the com plex structure of the financial sector, ensure neutrality in tax treatment across financial insti tutions, improve equity among investors and savers, minimize arbitrage opportunities, and pro mote capital market development and tax competitiveness within the context of financial globaliza tion, increased capital mobility and financial inclusion.

E xplaining her “no” vote, Brosas said this Package 4 will only lead to unnecessary and massive revenue losses.

Mr. Speaker, while we take note of TRAIN 4’s intent to simplify and reduce the overall tax rate and bases on many types of passive income from 74 to 52 supposedly to cor rect arbitrage and unfairness, this proposed TRAIN Package 4 leads to unnecessary and massive revenue losses at a time when we need to retain the level of tax collections from passive income and financial transactions,” she said.

The bill rests on a very hypo thetical assumption that lower ing and simplifying tax rates and bases will deepen the country’s capital market and encourage more Filipinos to put their money in bank deposits, pre-need insur ance, stocks and other passive income. In reality, big players in the financial markets will emerge as the biggest winners under this measure, not the small percentage of typical Filipino middle class who have savings or who have insurance,” added Brosas.

Contributing factors

VILLANUEVA also cited a number of factors contributing to the growth momentum of the country’s economy.

He noted that Fitch Solutions Country Risk and Industry Research recently revised its 2022 GDP growth projection for the country from the initial 6.6 to 7.4 percent. He said this is an indicator of increased investor confidence.

T he senator also said that the country’s September unemployment rate at 5 percent, which is the lowest in more than two years, not only sparks more confidence for investors and businesses but also shows that the current administration’s economic strategy is already taking effect.

“We need to ensure that the 2023 national budget would have sufficient social and economic support for the current positive growth momentum. The Senate is aiming for a national budget that favors sustainable growth and inclusivity, because no Filipino should be left behind while the economy is growing,” Villanueva said.

‘Invest in Filipino people’

A MAJOR think tank on Monday urged the country’s legislators to ensure that the national budget will serve the basic needs of the ordinary people.

Stratbase ADR also expressed concern over the P9.3 billion in confidential and intelligence funds that have been identified to be allocated to non-securityrelated government agencies in the 2023 national budget.

“At the end of the day, ordinary citizens are actually the main drivers of development, but they

need to be given the opportunity. We need to turn these citizens into productive members of society. They earn. They have income. They have a livelihood. They consume. That’s what drives the economy,” Stratbase President and Democracy Watch Philippines Lead Convenor Victor Andres Manhit said in a statement.

M anhit said the previous government left fiscal challenges that the current administration needs to address.

He also said that the best way to surmount economic challenges is to invest in and prioritize the Filipino people.

“ We need to provide them with the opportunity. How? Do they have enough skills? The education system will always be very important. What about postsecondary skills development? Or even tertiary education? Or are they healthy enough to be productive? Those are the 2 drivers of productivity of our people,” he said.

M anhit, however, said that the government alone cannot provide all the opportunities for the Filipino people.

He urged the Marcos administration to engage and partner with the private sector.

It’s good to have them, to listen to them, to engage with them, instead of vilifying them because that’s what former President Duterte did. There is always this perception that the Philippines is controlled by oligarchs or protectionists,” Manhit said.

But our experience in the Stratbase group is that, as you engage more with big business and conglomerates, they are

actually the top taxpayers. They are the top job creators and a strong source of investment across the country. Private companies should be seen as a key partner of the government,” he added.

M anhit also said the government plays a key role in creating an investment environment that will be conducive for jobs creation.

Imagine if we give enough incentives to the manufacturing sector. Imagine if we really generate more tourism. Imagine if we continue to play a role and strengthen the business process outsourcing or the KPO, knowledge process outsourcing, as one of our exports—imagine 109 million Filipinos, who are productive, working, earning towards that end. That’s a big consumer base,” he said.

T he Stratbase Group will gather key government officials, business leaders, experts from the academe, and the civil society in a 2-day conference on November 21 and 22. The conference is titled Pilipinas Conference 2022: Onward to New Beginnings: Sustaining and Improving Philippine Development.

Key government leaders including Budget Secretary Amenah Pangandaman, Finance Secretary Benjamin Diokno, Trade Secretary Alfredo Pascual, Delegation of the European Union Ambassador and Head Luc Veron are among the speakers of the event.

A lso attending are key officials from the biggest business groups and corporations in the country and diplomatic officials. Jovee Marie N. Dela Cruz, Rizal Raoul S. Reyes

‘Budget to support economic revival’

The Nation

PNP nets P9.7B worth of illegal

drugs

under PBBM admin

By Glen Jacob Jose

THE Philippine National Police (PNP) has confiscated around P9.7 billion worth of various illegal drugs since the administration of President Ferdinand R. Marcos Jr. took over the helm of the coun try in July.

“ We are glad to note that since the assumption of the current ad ministration, the PNP’s aggressive campaign against illegal drugs al ready had 18,505 anti-illegal drug operations, which yielded over P9.7 billion worth of illegal drugs and arrested 22,646 drug personali ties,” PNP chief Gen. Rodolfo Azurin Jr., told reporters on the sidelines of the signing of memorandum of agreement between PNP and Battle Against Drugs (BAD) on Monday at Camp Crame.

A zurin said President Marcos fully supports the PNP’s more focused holistic approach in stopping the proliferation of il legal drugs and criminality that signify the government’s com mitment to shaping up mecha nisms in terms of improving the country’s peace and order and safety environment for the Filipino people.

The entire police force remains steadfast to the anti-illegal drugs programs of the government with the aim that Filipinos everywhere could enjoy peaceful society and embrace greater sense of security by sustain ing vigilant trust and confidence to our law enforcers,” the country’s top cop stressed.

H e said the signing of a MOA with BAD, through its founder and, Dr. Danilo Bornales aims to put an end to the drug menace that has been hindering the country’s growth.

“As we sign this memorandum of agreement, we express our desire to support Battle Against Drugs to foster governments genuine, sincere, and God-leading intention to sustain fight against illegal drugs in the country. Let this accord serve as an instru ment to further synergize our strategies and inter-operability schemes on how to defeat the growing complexity and threat of illegal drugs and criminal ele ments,” Azurin noted.

“ The PNP leadership, indeed, appreciates the objectives of the Battle Against Drugs as a nongovernment organization exposing the evil effects of illegal drugs in the country [by] conducting train ings, symposiums and seminars in different public and private schools down to grassroots level of the community in collaboration with various government agencies and stakeholders,” he added.

H e expressed his sincerest re gard to the BAD for their deep sense of social responsibility and community service with people like them who invested time and resources on this advocacy in sup port of the relentless effort of the uniformed personnel.

DOJ sets preliminary probe into murder charges vs Bantag, Zulueta, others, in Percy Lapid killing

By Joel R. San Juan @jrsanjuan1573

THE Department of Justice (DOJ) is expected to serve today, Tuesday, November 15, 2022, subpoenas against suspended Bureau of Corrections (BuCor) chief Gerald Bantag, deputy security officer Ricardo Zulueta in connection with the murder complaints filed against them for the killing of hard-hitting radio commentator Percival “Percy Lapid” Mabasa and the alleged middleman in the case identified as Jun Villamor.

DOJ Prosecutor General  Bene dicto Malcontento said the subpoe nas were released on Monday but are yet to be served to Bantag and his co-accused in the complaint.

T he subpoenas were issued to compel the accused to appear before the DOJ three-man panel tasked to conduct a preliminary investiga tion to determine whether there is a probable cause to indict the accused before the trial court.

Malcontento said the preliminary investigation was on November 23 and December 5, 2022.

T he DOJ three-man panel is  composed of Deputy State Prosecutor Olivia I. Laroza Tor revillas, as chair,  with Senior As sistant State Prosecutors Charlie L. Guhit and Josie Christina T. Dugay as members.

T he two murder complaints, ac cording to Malcontento,  will be con

Marikina officials waive fees for shoe bazaar participants

MARIKINA City First Dis trict Rep. Marjorie Te odoro and her husband Mayor Marcelino Teodoro are pro posing to perpetually waive fees for those who will participate in shoe bazaars in the city.

T he move aims to make shoe bazaars in the shoe capital free of charge for participating shoe makers and manufacturers of leather goods.

“Makakatulong ito dahil maipag papatuloy nito ang mga bazaar na tin ng walang dagdag na gastusin sa mga magsasapatos. [This will help us continue our shoe bazaar without them spending any other other expenses],” Teodoro said as this year’s Marikina Christmas Shoe Bazaar opened at the Free dom Park on Monday.

Teodoro lamented that the chal lenge of the city’s post-pandemic recovery efforts has been diffi cult, noting that the shoe industry struggled due to the impacts of the health crisis.

He said that for pair of shoes that can be bought in the bazaar could help two or three shoemakers.

Acknowledging the current state of the economy under the new nor mal, the lawmaker on the other hand, said that this is the reason why the city government of Marikina wants to help businesses in the shoe capital to thrive and prosper.

During the opening of the bazaar, Teodoro signed Ordinance No. 191, Series of 2022 titled “Ordinance Granting Exemption to members of

the Philippine Footwear Federation Incorporated from paying the rental fees on the use of shoe exhibition stalls at the Freedom Park during the 2022 Sapatos Festival.”

Present during the opening of the bazaar were key city officials and members of the Philippine Footwear Federation Inc. (PFFI) led by Chair man Antonio Andres.

Teodoro said the bazaar show cases quality, affordable, and du rable shoes, bags, belts, and other leather products made by Mariki na’s skilled craftsmen.

A total of 42 footwear and leathergoods manufacturers participated in this year’s bazaar.

T he bazaar is open daily from Monday to Sunday at 9 a.m. to 7 p.m.

Teodoro also said he is planning to bring the Marikina Shoe Bazaar to various locations across the country to promote the affordable and du rable Marikina-made footwear and leather products.

Teodoro is confident that despite the challenges faced by the local shoe industry due to the pandemic, Marikina’s shoemakers will be able to overcome its impacts.

Teodoro urged the public to pa tronize footwear and other prod ucts made by skilled craftsmen of Marikina.

T he mayor also urged those who are looking for gifts for their loved ones this Christmas Season to visit the shoe bazaar where they can find affordable, quality, and durable Marikina-made products ranging from shoes to bags. Claudeth Mocon-Ciriaco

solidated with the first complaint filed by the Philippine National Po lice (PNP) last October 18 against self-confessed gunman Joel Escorial and his three alleged accomplices— brothers Edmon and Israel Dimacu langan, and a person identified only as Orly or Orlando.

Bantag and Zulueta were charged as principals by inducement in the Lapid killing.

A lso charged in the Percy Lapid killing as “principals by indispens able cooperation” were National Bilibid Prison (NBP) inmates Denver Batungbakal Mayores, Alvin Corni sta Labra, Aldrin Micosa Galicia and Alfie Peñaredonda.

F or Villamor’s death,  Ban tag and Zulueta were charged as principals by inducements, while persons deprived liberty (PDL) Labra, Galicia, Mario Germones Alvarez and Joseph Medel Georfo were charged as principals by indispensable cooperation and PDLs Christam Dizon Ramac, Ricky Lamigo Salgado, Ronnie Pabustan de la Cruz and Joel Alog Reyes were charged as principals by direct participation.

Meanwhile, Bantag  said he would not submit himself to legal proceed ings even if an arrest warrant were issued against him unless Justice Secretary Jesus Crispin “Boying”

Remulla vacates his DOJ post.

T his even as he insisted he would cooperate in the ongoing investiga tion on the case.

“Definitely, I will face the charges with my supporters but if Boying will not step down I will not surrender even if there is a warrant,” Bantag was quoted as saying in a CNN Phil ippines broadcast interview.

I will not allow myself to be hood winked again but if Boying is not there, I will surrender if a warrant is issued. As long as Boying is there, I will not come out, he manipulated me,” Bantag added.

B antag earlier said he would rather die than be jailed for a crime he did not commit.

T he embattled Bantag accused Remulla of being a master manipu lator, saying he makes it appear as if he wanted him to stay in his post as Bureau of Corrections (BuCor) chief when as early as August he already had information that the latter wanted him replaced by re tired Armed Forces Chief Pio Gre gorio Catapang Jr.

Catapang took over as BuCor chief post last month after Bantag was placed on a 90-day suspension to pave the way for an impartial probe on the mysterious death of Villamor inside the national penitentiary after he was tagged by Escorial.

L ast Friday, Bantag  lashed back at Remulla, calling him a liar, a drug user, a protector of drug lords and a disgrace to the DOJ.

R esponding to Remulla’s chal lenge for him to be “man enough” and face the murder complaints, Bantag called on Remulla to step down, saying he no longer has any credibility or moral ascendancy af ter his son, Juanito Jose III, was ar rested by anti-drugs operatives last month in Las Piñas City with P1.3 million worth of “kush” or highgrade marijuana.

I n the same interview, Bantag said he is no longer willing to sit down with Lapid’s family to prove his innocence.

I would rather talk in the proper forum. Actually, that’s what I would like to tell them in good faith that I have nothing to do with the case but it seems they are already programmed to believe otherwise because of Boy ing,” he said.

Bantag also said he has no infor mation as to the whereabouts of Zu lueta and that he last saw him a day after he was suspended last month as BuCor chief.

A uthorities said Zulueta was allegedly the one who communi cated with prison gang leaders on behalf of Bantag to plot Lapid and Villamor’s killing.

Zambales ‘all out’ for free birth registration of IPs

By Henry Empeño Correspondent

BOTOLAN, Zambales—The local government unit (LGU) here will fully support a government project for the free birth registration of members of the indigenous Ayta tribe, as well as those living in marginalized upland communities, who don’t have financial means to register with local authorities.

M ayor Jun Omar Ebdane said his office has mobilized its resources for the PhilSys Birth Registration Assistance Project (PBRAP) and provided an initial fund of P98,500 for the negative registration of residents in the remote barangay of Maculcol.

“ We support the project 101 percent, because this will benefit a lot of our Ayta brethren, most of whom cannot afford to pay for the birth registration of their children,” said Ebdane, who joined the launch of the PBRAP program in Zambales last week.

“ The Botolan LGU has already allocated P1 million for the establishment of a PSA [Philippine Statistics Authority] office in Botolan so that this project can be sustained and be fully operational,” the town mayor added.

Eight Ayta children from Barangay Maculcol became the first beneficiaries of the PBRAP program in the province last week. They received their certificate of live birth in security paper during the program launch on November

11 at the Travelers Hotel in the Subic Bay Freeport.

P SA Zambales Chief Statistical Specialist Norman Bundalian said the eight beneficiaries became the first in Central Luzon to receive free negative certification or free verification from the agency.

Botolan Municipal Civil Registrar Clevelyn Deliquina, meanwhile, said that there are 2,403 slots for free registration for Botolan residents.

She said the free registration would provide better opportunity for residents in terms of having a legal document for education as well as employment.

There’s a lot of sad stories about residents who lose opportunities just because they

didn’t have a certificate of birth,” Deliquina added.

T he PBRAP program is part of the government’s commitment to the 2015-2024 Civil Registration and Vital Statistics Decade, which aims to get the birth of least 99.5 percent of Filipinos registered with local authorities.

Target recipients of the project include persons in marginalized communities, indigenous people, Muslim Filipinos, the poorest sectors in the country, and persons currently living outside their place of birth.

T he PSA said it targets the free registration of about 16,000 residents of Zambales under PBRAP, with members of indigenous people and marginalized sector as priority.

Police identify suspect behind socmed bomb scare in Taguig

By Claudeth Mocon-Ciriaco @claudethmc3

TAGUIG City Mayor Maria Laarni Cayetano on Monday reported that the suspect al legedly behind a hoax bomb scare that swept at least two city schools last week has been identified by the authorities.

Cayetano revealed the identity of the suspect in a video report through Facebook live. She was joined by the Chief of Police Colonel Robert Baesa,

and Colonel Jay Guillermo of the Philippine National Police (PNP) Anti-Cybercrime Group.

Baesa said that the suspect who posted threats on social media us ing the name “Sofia Smith” was a 16-year-old Grade 9 student. Au thorities were able to determine suspect’s IP address, location, and mobile number.

“Dumulog kami sa Regional Trial Court upang kumuha ng cybercrime war rant upang magkaroon kami ng karapatan na makapasok sa bahay at makumpiska

ang cell phone ni ‘Sofia Smith’ at ng mga kasama niya sa bahay [We went to the Regional Trial Court to be able to secure a cybercrime warrant so that we can enter the house and confiscate the cell phone of Sofia and those who live with her], ” Guillermo said.

Based on the police investigation, the suspect has accomplices that may be harboring a grudge against the school, while one of them was a city street sweeper who was removed from her job.

Meanwhile, Cayetano said that

the city government has deployed additional security in the different schools in the city and that proper coordination with Department of Education was also done to ensure the safety of students.

On November 7, alarming threats of violence in a public school circulat ed on social media, prompting EM’s Signal Village Elementary School and Signal Village National High School to suspend classes.

“Papatayin ko lahat ng estudyante sa Signal humanda kayong lahat,” one

of Smith’s threats read.

“Kagaya ng nangyari sa Thailand humanda kayo magpapasabog ako diyan sa Signal papatayin ko kayong lahat,” Smith commented.

T he local government said that upon receiving the reports and they immediately coordinated with the PNP.

T he PNP, Special Weapons and Tactics team, and bomb squad de ployed units to the school. They se cured the premises and checked the buildings and their vicinity for any

explosive device.

No bomb or explosive was found during the sweeping operation, con trary to information spreading online.

C ayetano has called on every one to remain calm, assuring that together with the PNP, the city gov ernment will continue to ensure the safety of everyone.

T he city government has en couraged everyone to refrain from sharing false information, which tends to cause panic and alarm in the community.

EIGHT Ayta children, including Junah Cabalic Dela Cruz, received their certificate of live birth on November 11 during the PhilSys Birth Registration Assistance Project launch. CONTRIBUTED PHOTO

November 15, 2022 • Editor: Vittorio V. Vitug

BusinessMirror

Govt workers to receive year-end bonus, cash gift today

By Cai U. Ordinario @caiordinario

THE national government will be releasing P65.35 billion for year-end bo nus and cash gifts to govern ment personnel starting today, November 15, according to the

Department of Budget and Man agement (DBM).

DBM Secretary Amenah F. Pan gandaman said the amount covers year-end bonuses for qualified civil ian and military/uniformed person nel worth P56.733 billion and cash gifts worth P8.62 billion.

“ The release of the year-end

Factors of success in 2023

forcing firms in Asia Pacific to find new growth drivers and lead with purpose as uncertainty rises around us.

Many will struggle to find a bal ance between investing in transfor mation and growth while simulta neously embracing environmental sustainability, resilience, and em ployee empowerment.

Trust will be at the forefront of business operations in 2023. Cus tomers are increasingly weary of organizations playing fast and loose with their personal data, and regu lators aren’t far behind.

By Henry J. Schumacher

THIS is the time of the year when it makes good busi ness sense to look at suc cess factors in 2023. I have stud ied quite a number of predictions made by various research compa nies and would like to share leads with you.

I n 2023, smart business lead ers will get focused—pruning ef forts that aren’t bearing fruit and prioritizing long-term growth. The war in Europe and resulting global economic slowdown are

T he interlocking market dynam ics of 2023 will require business leaders to adhere to a long-term strategic vision while operating within unknown territory.

bonus and cash gift is provided naman po under our GAA [Gen eral Appropriations Act] for this year. For sure, many of our fel low government workers have been looking forward to this. We wish to remind our fellow gov ernment workers to budget and spend wisely, as what we would

and eases barriers and restrictions to regional trade for small- and medium-sized businesses. Dur ing the present Asean Summit in Cambodia, President Ferdinand R. Marcos Jr. will hopefully get the Philippines to join RCEP.

Businesses and consumers will benefit from faster, cheaper, and more transparent cross-border pay ments and commerce.

‘Greenwashing’ becomes a serious business risk

VALUES-BASED consumers are forcing firms to publicly commit to environmental, social, and governance (ESG) efforts, but pressure to act quickly will lead some to misrepresent or overstate their actions.

always promote here at the DBM,” Pangandaman said.

The rules and regulations on the grant of the year-end bonus and cash gift are provided under DBM Budget Circular (BC) No. 2016-4 dated April 28, 2016.

T he year-end bonus is equivalent to one month basic pay as of October

will reach far beyond the consumer tech category. It’s already hap pening: In 2022, consumer trust in banks fell for the first time in several years.

R educed trust carries a nega tive impact for the entire value chain, so organizations that partner with consumer tech firms will benefit from prioritiz ing third-party risk assessments and management.

Automation investment will be needed

31 and the cash gift of P5,000 shall be given to qualified government personnel not earlier than November 15 of the current year.

T he implementing rules and regulations also specify that the year-end bonus and cash gift shall be given to qualified personnel, sub ject to a few conditions.

need access to these automation opportunities, contact me.

Marketing technology costs need to be managed

IN 2023, marketing technology tech vendors across categories will scramble to differentiate— whether through focused func tionality such as a customer data platforms, mobile-specific solutions, or industry concen tration like in hospitality or health care. Your sales team will be challenged.

T hese conditions, among oth ers, include requirements that a personnel has rendered at least a total or an aggregate of four months of service from January 1 to October 31 of the current year and personnel remains to be in the government service as of October 31 of the same year.

Metaverse experiments– what do you need to do?

IN 2023, we’ll see lots of “meta verse washing,” but smart brands will bypass simple repackaging of old immersive media experiences and do new things. This will involve reimagining hybrid experiences to seek new sources of revenue, in sights, and customer engagement.

I suggest you take a tranquil walk or keep the assembly line running as you explore AR & VR in an im mersive experience.

Don’t force employees back into the office; accept hybrid systems

Consumer

demands the adop tion of modern payment tech nologies

IN 2023, the global economic downturn will dampen trade, but cross-border commerce in Asia Pa cific will grow rapidly. The Regional Comprehensive Economic Partner ship (RCEP) agreement removes tariffs, promotes e-commerce,

F irms will face brand dam age from bad press and negative word of mouth. Avoid performa tive action and build trust in your ESG messaging by acting with authenticity, openness, and transparency.

Scandals at tech companies demand consumer trust

WE have to assume that by the end of 2023, consumers’ trust in tech companies will shrink. But the reduction in consumer trust

ROBOTIC process automation (RPA) is the first step on most enterprises’ automation jour ney, both to drive efficiency and productivity and as a stepping stone toward creating a broader automation fabric to turbocharge digitization.

M odern task- and processmining tools help aggregate data from application event logs, pat terns from employees’ desktop interactions, and context from work communications and then apply machine learning and vi sualizations to blend data and surface insights. Firms use these insights to optimize work, im prove processes, and identify automation opportunities. If you

IN 2023, we could see acute confrontations within compa nies that don’t listen to and collaborate with employees in shaping hybrid-work policies. Adherence to in-office policies is already sketchy at best, and the threat of attrition looms large.

A s economic uncertainty en ters our business environment, it is expected that hybrid-working companies will try to undo their anywhere-work policies, telling employees to come into the office more frequently.

The talent crunch–we need new sources of candidates

THE technology talent needed to transform businesses, amp up the hybrid cloud, and build new applications that drive growth and differentiation remains in short supply. To plug the gaps and improve capacity and skills in 2023, tech executives will go beyond their traditional tech ser vice provider partners to source talent more broadly and with an eye on better pipelines.

I hope that this first vision on Fac tors of Success in 2023 is helpful. If further information or assistance is required, contact me at hjschumach er59@gmail.com

By Claudeth Mocon-Ciriaco @claudethmc3

THE Department of Health (DOH) on Monday reported a total of 9,069 Covid-19 cases from November 7 to 13, 2022.

T he number, the DOH said, is higher by 43 percent as compared to the previous week. The average daily case is 1,296.

T here were 113 deaths recorded wherein 41 occurred on October 31 to November 13.

O f the 2,465 ICU beds for Covid patients, 524 (21.3 percent) are occupied.

Meanwhile, over 73 million in dividuals or 94.29 percent of the target population have been vacci nated while 20 million received their booster shots.

On the other hand, 6.9 million senior citizens or 79.42 percent of the target A2 population already received their primary series.

TPB predicts more in-person MICE events in 2023

By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror

THE Tourism Promotions Board (TPB), the marketing arm of the Department of Tourism (DOT), sees the Meetings, Incentives, Exhibitions, Conventions (MICE) sector bouncing back in 2023.

At the recent MICE consultative dialogue organized by the DOT, TPB Acting Head for MICE Arnold Gonzales said while many are still hosting hybrid or online MICE gath erings, “virtual fatigue is real,” that is, participants are getting tired of attending such events online. So he predicts more “in person events” by next year.

I n particular, he said, “We see the return of incentive travel groups which have been stopped at the

height of the pandemic. Employers see the need of organizing incen tive travel as part of cultivating the mental health and creative juices of their employees.”

T his will be aided by the return of most major airline routes in 2023 such that “travelers, both business and leisure, will be more confi dent about booking international flights.” This will likely lead to more MICE participants.

M ICE is a key element in the tourism recovery of the country because it attracts higher spend ing visitors, said Gonzales. It provides companies with a busi ness and trading platform, allows the transfer of knowledge among participants, as well as increas ing employment opportunities, he explained.

I n 2018, the DOT, along with the

Department of Trade and Indus try, launched an ambitious MICE Roadmap 2030, targeting to raise country’s MICE revenues to some P20 billion by 2030, from P4.6 billion in 2016. The intervening years, including the international travel restrictions brought on by the Covid-19 pandemic, derailed the roadmap’s targets and thus, will need recalibration.

Spending will rise

THE MICE industry has yet to fully benefit from the increase in visitor arrivals to 1.9 million from Febru ary 10 to November 8, mainly due to the absence of the Chinese market, industry representatives recently told the BusinessMirror. Events have been smaller and mostly lo cal, such that many organizers are now relying on government meet

By Lenie Lectura @llectura

OIL companies will increase gasoline and kerosene prices this week.

T hey announced Monday a P0.90 per liter increase in gasoline products and P1.35 per liter hike in kerosene.

Diesel prices, meanwhile, will go down by P0.30 per liter.

T he price adjustment will take effect at 6 a.m. of November 15, they said in

separate announcements.

L ast week,  oil companies imple mented a per liter increase in gaso line by P1.40 and decrease in diesel by P0.50 and kerosene by P0.35. These resulted to the year-to-date total adjustments to stand at a net increase of P17.25/liter for gasoline, P36.30/liter for diesel, and P28.60/ liter for kerosene.

Movements in the world oil mar ket affect local pump prices. The De

partment of Energy (DOE) said there were concerns raised on more interest rate hikes by the US Federal Reserve, and that the Chinese government has continued to double down on its Co vid-19 restrictions.

T he country is relying on MOPS as the benchmark for local fuel prod ucts. It is the daily average of all trad ing transaction of diesel and gasoline as assessed by Standard and Poor’s Platts of Singapore.

ings and conferences to boost their revenues and remain in the game. (See, “International travelers are coming, but not all tourism businesses are benefiting,” Oc tober 31, 2022.)

G onzales predicted companies will invest more in meetings and events, such that meeting spend will rise in 2023. However, he also warned companies to brace for higher costs per attendee, which will “continue to rise due to higher labor cost, food, and other fixed costs, along with the impacts of inflation.”

O n the upside, more MICE spaces will be available as more conventions facilities either break ground or open, he noted. For in stance, SMX Convention Center has just opened a convention facil ity in the Clark special economic zone, while the Megaworld Group

has just opened a convention space in Boracay.

T he MICE industry in Asia is also seen perking up next year as the Philippines’ neighbors target other source markets like the United States and ease their entry regulations for business travelers.

Malaysia believes the strong US dollar will make the country and other Asian nations more attractive destinations for MICE gatherings.

It has also set up a special business events lane at its airport immigra tion section to fast track the entry of MICE participants.

For those not fully vaccinated, meanwhile, Singapore, requires a negative Covid-19 result from ei ther RT-PCR or antigen test taken two days before departure, and have travel insurance with $30,000 medi cal coverage.

By Samuel P. Medenilla @sam_medenilla

PRESIDENT Ferdinand R. Mar cos, Jr. said he is still undecided if he will be able attend the World Economic Forum (WEF) in Switzerland next year due to exist ing commitments.

In an interview with reporters last over the weekend, Marcos said he is hesitant from attending the WEF, which will be held in the same month as his scheduled State Visit in China.

“So I am undecided yet. It’s trav elling too much. That’s already the end of January. I’m going to China on the third,” Marcos said.

He noted another of this consid eration is the state of the country’s readiness to accept additional for eign investments.

If we are going to ask people to come to the Philippines, who are go ing to invest in the Philippines, are we ready for them,” Marcos said.

L ast Saturday, WEF Founder and Executive Chairman Klaus Schwab invited Marcos to attend the next WEF in Davos, Switzerland during the 40th and 41st Asean Summits and Related Summits in Cambodia

W EF is an annual event held by non-profit organizations attended by political, business, and cultural leaders of society to discuss possible international and industry agenda.

T he President has already ac cepted the invitations for a state visit from the leaders of Vietnam, Brunei, Thailand, and China among others.

But except for China, Malacañang has yet to announce the schedule of the date for the President’s state visit in other countries next year.

I did not decline [any of the invitations]. I just tell them, let us schedule it when we are both avail able. That’s down the road. Probably next year, we’ll start honoring those invitations,” the President said.

M arcos also admitted that he barely had enough rest since arriv ing in Cambodia to attend Asean Summits and meet with the Filipino community in Phnom Penh.

“ Well, you know, because what happens—you’re sitting there for what, eight hours, 10 hours, 12 hours, whatever it is. And then you come home, you have to take care of the things that have happened in—back home. So you don’t really go straight to sleep. You don’t really eat properly. But you know, it has to be done. It’s okay. I mean, you know. Nobody died from honest hard work,” the President said. With PNA report

THE Energy Regulatory Commis sion (ERC), the Department of Energy (DOE), and the Depart ment of Social Welfare and Develop ment (DSWD) are closely working to gether to make sure that marginalized consumers are the actual beneficiaries of the electricity lifeline rate subsidy.

T he ERC, DOE, and DSWD recently approved the Implementing Rules and Regulations (IRR) of Republic Act (RA) No. 11552 or the Act Extending and Enhancing the Implementation of the Lifeline Rate until 2050.

T he measure, which was signed into law in May 2021, essentially extended the lifeline rate allowing the country’s marginalized electricity consumers to avail of and benefit from the lifeline rate for a much longer time.

O n Monday, Senator Sherwin Gatchalian called on the government

to ensure that targeted beneficiaries are those who will actually benefit from the subsidy.

T he ongoing review of the list of the government’s Pantawid Pamily ang Pilipino Program (4Ps) bodes well with the implementation of the law, particularly in the determination of beneficiaries of the government sub sidy, the senator pointed out.

“Ang panawagan ko lang sa gobyerno ay tiyakin na ang dapat makinabang sa subsidiyang ito ay ang mga tunay na be nepisyaryo o ’yung mga pinakamahihirap nating kababayan. Inaasahan na ang patuloy nating pagbibigay ng subsidiya ay magbibigay sa kanila ng kaluwagan sa gitna ng mataas na presyo ng mga pan gunahing bilihin at iba pang buwanang bayarin sa bahay,” Gatchalian said.

Under the law, qualified marginal ized end-users include 4Ps beneficia

ries and those who have been certified and continually validated as such by their power distribution utility based on the criteria determined by the ERC.

G atchalian, who serves as vice chairman of the Senate Committee on Energy, emphasized that the extension of the provision of government subsidy for marginalized electricity consumers is more meaningful given the economic uncertainties brought by a succession of crises that include the Covid-19 pan demic and the Russia-Ukraine conflict.

T he ERC, in an earlier statement, said it would craft a new criterion to help it determine the extent of subsidy for marginalized users.

DOE Secretary Raphael Lotilla said the lifeline rate program in the country is one of the best-designed lifeline rate programs in the world. “Ours is better targeted,” he said. Lenie Lectura

SENATE President Pro Tempore Loren Legarda revealed that the Philippines is pushing for reap plication for the European Union’s (EU) Generalised Scheme of Prefer ences Plus (GSP+), which grants devel oping countries a special incentive to pursue sustainable development and good governance.

L egarda said this was the highlight of their meeting with Othmar Karas, the First Vice President of the Euro pean Parliament and Head of Delega tion of the Austrian Peoples’ Party in the European Parliament last October 27 in Brussels, Belgium.

“ The Philippines has been benefit ing from the GSP+ since 1994, and it has helped improve our country’s so cioeconomic development. During our meeting in Belgium, we requested the EU to allow us to reapply for GSP+. We appealed to continue, including the Philippines in the scheme because we are a good ally in Asean, we have a young and skilled workforce, and our country is an ideal destination for in vestment,” she said.

According to the European Commis sion, the trade in goods between the Philippines and the EU equaled €15.2 billion in 2021, while the bilateral trade in services between the nations

reached €4.9 billion in 2019. It also said that the EU is the largest foreign investor in the Philippines, with its di rect investment stock of €14.4 billion in the same year.

T he Department of Trade and In dustry (DTI) reported that the Philip pines posted a record utilization rate for GSP+ of 76 percent in 2021, and the country has benefited from increased market access to the EU since its suc cessful application in 2014.

T he Philippines’ participation in the GSP+ will expire in December 2023. Countries that wish to apply must uphold 27 international con ventions on human rights, labor, en vironment and climate protection, and good governance.

A long with Senate President Juan Miguel Zubiri and Senator Juan Edgardo Angara, who led the Philippine delegations to France and Belgium respec tively, Legarda assured EU that the Philippines addresses such matters, especially human rights issues.

“Our country stands for the rights of our women, men, and children, of the poorest, most marginalized, and vulnerable populations. We have many laws

that protect the welfare of our people such as the Anti-Domestic Violence Act and Anti-Trafficking in Persons Act, which I authored,” she said in a news statement.

L egarda also stressed that the EUPhilippines Framework Agreement on Partnership and Cooperation (PCA), which she sponsored in 2017 as former chairperson of the Senate Committee on Foreign Relations, is an essential and vital aspect of the relationship between the nations.

S he said that the first EU-Phil ippines Joint Committee meeting held in Brussels in 2020 had allowed the enhancement of the cooperation in various sectors and a key to the strengthened ties of the EU and the country.

A6 www.businessmirror.com.ph Tuesday, November 15, 2022

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US, Japan, S. Korea vow unified response to North Korea threat

By Zeke Miller & Seung Min Kim The Associated Press

PHNOM PENH, Cambodia— President Joe Biden and the leaders of Japan and South Korea on Sunday vowed a unified, coordinated response to North Korea’s threatening nuclear and ballistic missile programs, with Biden declaring that the three-way partnership is “even more important than it’s ever been” when North Korea is stepping up its provocations.

Biden met separately with Japa nese Prime Minister Fumio Kishi da and South Korean President Yoon Suk Yeol before all three sat down together on the sidelines of the East Asia Summit in Cambodia.

The US president began by of fering condolences for a crowd surge during Halloween festivities in Seoul that killed more than 150 people, saying the US had grieved with South Korea. The meeting was heavily focused on North Korean leader Kim Jong Un’s recent esca lations, although Biden said the three leaders would also discuss strengthening supply chains and preserving peace across the Tai wan strait, while building on the countries’ support for Ukraine in the face of Russian aggression.

Biden had also planned to seek input from Kishida and Yoon on managing China’s assertive pos ture in the Pacific region on the eve of his face-to-face with Presi dent Xi Jinping.

“We face real challenges, but our countries are more aligned than ever, more prepared to take on those challenges than ever,” Biden said. “So I look forward to deepening the bonds of coopera tion between our three countries.”

Both Yoon and Kishida dis cussed the ongoing displays of aggression by North Korea, which has fired dozens of missiles in re cent weeks. The launches include an intercontinental ballistic mis sile 10 days ago that triggered evacuation alerts in northern Ja pan, as the allies warn of a loom ing risk of the isolated country conducting its seventh nuclear test in the coming weeks.

Referring to the crowd surge that occurred in the Itaewon neighborhood in Seoul, Yoon said,

through an interpreter: “At a time when South Koreans are griev ing in deep sorrow, North Korea pushed ahead with such provoca tions which lays bare the Kim Jong Un regime’s true inclinations.”

US National Security Adviser Jake Sullivan told reporters on Saturday that Biden would use the meetings to strengthen the three countries’ joint response to the dangers posed by North Korea, of ficially known as the Democratic People’s Republic of Korea.

“What we would really like to see is enhanced trilateral security cooperation where the three coun tries are all coming together,” he said. “That’s acutely true with re spect to the DPRK because of the common threat and challenge we all face, but it’s also true, more broadly, about our capacity to work together to enhance overall peace and stability in the region.”

Tensions on the Korean Pen insula have skyrocketed in recent months as the North continues its weapons demonstrations and the US and South Korea held steppedup joint defense exercises. Earlier this month, the South Korean military said two B-1B bombers trained with four US F-16 fighter jets and four South Korean F-35 jets during the last day of “Vigi lant Storm” joint air force drills. It was the first time since December 2017 that the bombers were de ployed to the Korean Peninsula. The exercise involved a total of roughly 240 warplanes, including advanced F-35 fighter jets from both countries.

North Korea responded with its own display of force, flying large numbers of warplanes inside its territory.

The Biden administration has

said it has sent repeated requests to negotiate with North Korea without preconditions on con straining its nuclear and ballistic missile programs, but that Kim Jong Un’s government has not responded.

Biden has said he plans to press Xi to use China’s sway over North Korea to curtail its aggressive be havior, as part of what is expected to be a wide-ranging meeting be tween the leaders on the margins of the Group of 20 gathering in Bali, Indonesia.

China “has an interest in play ing a constructive role in restrain ing North Korea’s worst tenden cies,” Sullivan said Saturday. “Whether they choose to do so or not is, of course, up to them.”

Biden told reporters on Sunday that he’s “always had straightfor ward discussions” with Xi, and that has prevented either of them from “miscalculations” of their intentions. Their meeting comes weeks after Xi cemented his grip on China’s political system with the conclusion of the Community Party congress in Beijing that gave him a norm-breaking third term as leader.

“His circumstances changed, to state the obvious, at home,” Biden said of Xi. Biden maintained that his own have as well, saying that after Democrats retained con trol of the Senate in the midterm elections, “I know I’m coming in stronger.”

Underscoring that point, sev eral heads of state approached Biden in Cambodia to tell him they had followed the US midterm campaigns closely, telling the pres ident that the results were a testa ment to the strength of American democracy, Sullivan told reporters traveling on Air Force One to In donesia on Sunday evening.

Monday’s meeting will be the

first in-person sit-down between the leaders since Biden was elected. US officials have expressed frus tration that lower-level Chinese officials have proven unable or unwilling to speak for Xi, and are hoping the face-to-face summit will enable progress on areas of mutual concern—and, even more critically, a shared understanding of each others’ limitations.

“I know him well, he knows me,” Biden said. “We’ve just got to figure out where the red lines are and what are the most important things to each of us, going into the next two years.”

As president, Biden has repeat edly taken China to task for human rights abuses against the Uyghur people and other ethnic minori ties, Beijing’s crackdowns on de mocracy activists in Hong Kong, coercive trade practices, military provocations against self-ruled Taiwan and differences over Rus sia’s prosecution of its war against Ukraine.

Xi’s government has criticized the Biden administration’s posture toward Taiwan—which Beijing looks eventually to unify with the communist mainland—as under mining China’s sovereignty and territorial integrity. The Chinese president also has suggested that Washington wants to stifle Bei jing’s growing clout as it tries to overtake the US as the world’s largest economy.

Biden also spoke briefly with Australian Prime Minister An thony Albanese, who has sought out his own meeting with Xi this week in an effort to ease Chinese sanctions against his country.

Kim reported from Nusa Dua, Indonesia. The Associated Press writers Josh Boak in Baltimore and Darlene Superville in Washington contributed to this report.

Xi Jinping to meet Australian PM for first time after Biden summit

By Ben Westcott

AUSTRALIAN Prime Minister Anthony Albanese and Chinese President Xi Jinping will meet in-person on the sidelines of the Group of 20 summit on Tuesday, the first such talks between leaders of the two countries since 2019 that’s likely to touch on trade.

Albanese announced the long-anticipated summit at a press conference after touching down in Indonesia on Monday afternoon for the G-20, saying he was “looking forward to a constructive

meeting.”

The meeting is set to come a day after US President Joe Biden holds a lengthy discussion with Xi at the G-20 on Monday for their first talks as leaders of their respective countries.

Relations between Australia and China have rapidly deteriorated in recent years. Following a call by former Prime Minister Scott Morrison for an international investigation into the origins of Covid-19 in April 2020, the Chinese government imposed trade sanctions on a number of Australian exports ranging from wine to barley.

The leaders of the two nations haven’t met in person since an informal talk between Morrison and Xi on the sidelines of the G-20 in 2019. Speaking to Bloomberg on Monday, Treasurer Jim Chalmers said he wanted to see more “stable” relations between Australia and China going forward.

Albanese held a brief discussion with outgoing Chinese Premier Li Keqiang on the sidelines of Asean over the weekend, where Li said Beijing was prepared to meet the Australian leader “half-way,” according to Chinese state news agency

Xinhua.

December will mark 50 years since the beginning of diplomatic relations between China and Australia. In a speech on Monday, Trade Minister Don Farrell said Canberra was willing to negotiate a compromise with Beijing to avoid arbitration by the World Trade Organization.

However, no matter how much trade with China returns, Farrell said it was unlikely Australian businesses would allow themselves to heavily rely on a single trade partner again.

R.

China’s looser Covid rules face first test with surging outbreak

ASURGE in Covid cases threatens to turn into an early test of China’s resolve to ease some of its strict virus con trols, after health officials over the weekend said the changes were a refinement, not a relaxation, of the rules.

The nation reported 15,525 new local cases for Sunday, the fourth day in a row the number has held above 10,000—a level last seen in late April when Shanghai was in the midst of its grueling lock down. Guangdong, Henan, Beijing, Chongqing and Inner Mongolia re main the provinces or municipali ties with the biggest outbreaks.  Beijing reported 404 cases for Sunday, up from 230 on Saturday and the highest in more than a year. Daily cases in the capital have jumped from the start of the month, when they numbered in the twenties.

Many places boosted restric tions amid the rising cases, even after China on Friday announced a more targeted approach to the pandemic that many took to mean an easing of its zero-tolerance ap proach. Top health officials over the weekend said stamping out infections remains the guiding principal, leaving local officials to make the difficult decisions if more intensive curbs are needed.

Beijing’s most populous dis trict Chaoyang, which accounts for most of the infections found in the city, ramped up restric tions as its outbreak grew. Most supermarkets and convenience stores require negative tests done within 24 hours to enter, according to notices seen at entrances, even though no formal announcement was made. The same rules apply to many other public venues, in cluding gyms and office buildings.

Guangzhou, which posted 4,065 cases, extended lockdowns in the districts of Panyu and Liwan until Wednesday.

Lockdowns weren’t implement ed everywhere cases were rising, however.

Milder moves THE local government in Shiji

azhuang, the capital of Hebei prov ince that surrounds Beijing, ac knowledged its situation was “severe and complex” in a WeChat post on Sunday when it posted 544 new in fections, up from 486 a day earlier. Still, the outbreak is controllable, it said, vowing to implement the coun try’s newly released 20 measures and using the minimum force possible.  University campuses, a hot spot of the current outbreak, were evac uated and deep cleaned. People who haven’t been designated as high-risk could gradually return to school starting Monday, according to the government, which said it would ensure daily life would car ry on normally everywhere other than high-risk areas.

The milder measures drew high interest across the country, with Shijiazhuang Covid control becoming the No. 1 trending item on Weibo on Monday morning amid reports that mass testing wasn’t being immediately im plemented and negative results weren’t needed to enter all public facilities.

On Friday, China reduced the amount of time travelers and close contacts must spend in quarantine, and pulled back on testing in a significant recali bration of the Covid Zero policy that has isolated the world’s sec ond-largest economy and stoked public angst.

The messaging came as a clear riposte to market euphoria over the 20 new measures to guide Co vid control, the announcement of which sent Chinese assets surging on Friday as investors cheered a potential shift away from the virus approach that’s exacting a grow ing economic toll and left China mostly isolated from the rest of the world.

“I have to emphasize in particu lar that strict Covid prevention and control and the optimizing measures must be combined and implemented at the same time,” Chang Jile, deputy director of the National Health Commission’s Bureau of Disease Prevention and Control, said at a briefing on Saturday.  Bloomberg News

Turkey arrests 1, suspects Kurdish militants behind Istanbul bombing

By Mehmet Guzel & Suzan Fraser The Associated Press

ISTANBUL—Police have arrested a suspect who is believed to have planted the bomb that exploded on a bustling pedestrian avenue in Istanbul, Turkey’s interior minister said Monday, adding that initial findings indicate that Kurdish militants were responsible for the deadly attack.

Six people were killed and several dozen others were wounded in Sunday’s explosion on Istiklal Avenue, a popular thoroughfare lined with shops and restaurants that leads to the iconic Taksim Square.

“A little while ago, the person who left the bomb was detained by our Istanbul Police Department teams,”the Anadolu Agency quoted Interior Minister Suleyman Soylu as saying. He did not identify the suspect but said 21 other people were also detained for questioning.

Sunday’s explosion was a shocking reminder of the anxiety and safety concerns that stalked the Turkish population during years when such attacks were common. The country was hit by a string of deadly bombings between 2015 and 2017, some by the Islamic State group, others by Kurdish militants who seek increased autonomy or independence.

The minister said evidence obtained pointed to the Kurdistan Workers’ Party, or PKK, and to its Syrian extension, the Democratic Union Party, or PYD. He said the attack would be avenged.

“We know what message those who carried out this action want to give us. We got this message,” Soylu said. “Don’t worry, we will pay them back heavily in return.”

Soylu also blamed the United States, saying a condolence message from the White House

was akin to a “killer being first to show up at a crime scene.” Turkey has been infuriated by US support to Syrian Kurdish groups.

He said security forces believe that instructions for the attack came from Kobani, the majority Kurdish city in northern Syria that borders Turkey.

In its condolence message, the White House said it strongly condemned the “act of violence” in Istanbul, adding: “We stand shoulder-to-shoulder with out NATO ally (Turkey) in countering terrorism.”

Soylu said of the 81 people who were hospitalized, 50 were discharged. Five of the wounded were receiving emergency care and two of them were in life-threatening condition, he said.

The PKK has fought an insurgency in Turkey since 1984. The conflict has killed tens of thousands of people since then.

Ankara and Washington consider the PKK a terrorist group but they diverge on the issue of the Syrian Kurdish groups, which have fought against the Islamic State group in Syria.

In recent years, Turkish President Erdogan has led a broad crackdown on the militants as well as on Kurdish lawmakers and activists.

Amid skyrocketing inflation and other economic troubles, Erdogan’s anti-terrorism campaign is a key rallying point for him ahead of presidential and parliamentary elections next year.

Following the attacks between 2015 and 2017 that left more than 500 civilians and security personnel dead, Turkey launched cross-border military operations into Syria and northern Iraq against Kurdish militants, while also cracking down on Kurdish politicians, journalists and activists at home.

US President Joe Biden, center, meets with South Korean President Yoon Suk Yeol, left, and Japanese Prime Minister Fumio Kishida, right, on the sidelines of the Association of Southeast Asian Nations summit on Sunday, November 13, 2022, in Phnom Penh, Cambodia. AP/ALEX BRANDON

FraserreportedfromAnkara,Turkey.

G-20 summit casts spotlight on Bali’s tourism revival

By Niniek Karmini The Associated Press

NUSA DUA, Indonesia—Dozens of world leaders and other dig nitaries are traveling to Bali for the G-20 summit, drawing a welcome spotlight on the revival of the tropical island’s vital tourism sector.

Tourism is the main source of income on this idyllic “island of the gods” that is home to more than 4 million people, who are mainly Hindu in the mostly Muslim archipelago nation. So the pandemic hit Bali harder than most places in Indonesia. Before the pandemic, 6.2 million foreigners arrived in Bali each year.

Its lively tourism scene faded af ter the first case of Covid-19 was found in Indonesia in March 2020, with restaurants and resorts shut tered and many workers returning to villages to try to get by.

Foreign tourist arrivals dropped to only 1 million in 2020, mostly in the first few months of the year, and then to a few dozen in 2021, ac cording to government data. More than 92,000 people employed in tourism lost their jobs and the av erage occupancy rate of Bali hotels fell below 20%.

The island’s economy contract ed 9.3% in 2020 from the year be fore and again contracted nearly 2.5% year-on-year in 2021.

“The coronavirus outbreak has hammered the local econ omy horribly,” said Dewa Made Indra, regional secretary of Bali province. “Bali is the region with the most severe economic contraction.”

After closing to all visitors early in the pandemic, Bali reopened to Indonesians from other parts of the country in mid-2020. That helped, but then a surge of cases in July 2021 again emptied the is land’s normally bustling beaches and streets. Authorities restricted public activities, closed the airport and shuttered all shops, bars, sitdown restaurants, tourist attrac tions and many other places on the island.

Monkeys deprived of their preferred food source—bananas, peanuts and other goodies given to

them by tourists—took to raiding villagers’ homes in their search for something tasty.

The island reopened to do mestic travelers a month later, in August, but in all of 2021 only 51 foreign tourists visited.

Things are looking much bet ter now. Shops and restaurants in places like Nusa Dua, a resort area where the G-20 meeting is being held, and in other towns like Sanur and Kuta have reopened, though business is slow and many busi nesses and hotels are still closed or have scaled back operations.

The reopening of Bali’s airport to international flights and now the thousands coming for the G-20 summit and other related events have raised hopes for a stronger turnaround, Dewa said.

More than 1.5 million foreign tourists and 3.1 domestic travel ers had visited Bali as of October this year.

Embracing a push toward more sustainable models of tourism, Bali has rolled out a digital nomad visa scheme, called the “second home visa” and due to take effect in December. It’s also among 20 destinations Airbnb recently an nounced it was partnering with for remote work, also including places in the Caribbean and the Canary Islands.

The recovery will likely take time, even if Covid-19 is kept at bay.

Gede Wirata, who had to lay off most of the 4,000 people working

Oil slips as strong dollar offsets optimism over China demand

By Elizabeth Low

OIL dipped after a twoday rally as a stronger dollar offset optimism around the outlook for im proved Chinese demand.

West Texas Intermediate futures fell toward $88 a bar rel as the dollar rose for the first time in three sessions, making commodities priced in the currency more expensive. That overshadowed expecta tions for a rebound in Chinese demand after the nation issued a rescue package for its strug gling property market and has eased some of its strict Covid Zero restrictions.

An increase in Chinese crude consumption could lead to a fur ther tightening of the market, which is facing European Union sanctions on Russian oil flows next month after the Opec+ alli ance initiated a round of supply cuts. Futures have rebounded this quarter after a sustained decline on slowdown concerns.

The fine-tuning of China’s Covid Zero policy sends a “pow erful signal” to the market, said Stephen Innes, managing part ner at SPI Asset Management. Still, traders are likely trying to find an equilibrium between current virus lockdowns and the soft pivot on strategy, he added.

China’s refinement of its Covid rules means cities have reduced mass testing and re leased people from quarantine camps, according to the new guidelines announced last week, with further changes to come in small steps, officials said Saturday. Still, virus cases continue to rise.

Treasury Secretary Janet Yellen said on Saturday that it’s “very likely” EU sanctions will force Russia to offer some of its crude at a price set by the US and its allies, if Moscow wishes to prevent a shut-in of some sup plies. Europe will impose the ban on seaborne oil imports on December 5. Bloomberg News

in his hotels, restaurants, clubs and a cruise ship during the worst of the pandemic, found that when it came time to rehire them many had found jobs overseas or in other travel businesses.

The G-20 is a welcome boost. “This is an opportunity for us to rise again from the collapse,” he said.

There’s a way to go.

“The situation has not yet fully recovered, but whatever the case, life has to go on,” said Wayan Willy, who runs a tourist agency in Bali with some friends. Before the pan demic, most of their clients were from overseas. Now it’s mostly domestic tourists. But even those are few and far between.

Bali has suffered greatly in the past. At times, the island’s majes tic volcanoes have rumbled to life, at times erupting or belching ash.

The dark cloud of the suicide bombings in Bali’s beach town of Kuta that killed 202 mostly for eign tourists in 2002 lingered for years, devastating tourism on the island usually known for its peace and tranquility.

Recent torrential rains brought floods and landslides in some areas, adding to the burdens for communities working to rebuild their tourism businesses.

When the situation started to improve, Yuliani Djajanegara, who runs a business making traditional beauty items like massage oils, natural soaps and aromatherapy products under the brand name Bali Tangi, got back to work.

She had closed her factory in 2020 when orders from hotels, spas and salons in the US, Europe, Russia and the Maldives dried up, taking orders for her products from more than 1,000 kilograms (1 ton) to almost nothing.

So far, Djajanegara has rehired 15 of the 60 workers she had been obliged to lay off during the dark days of the pandemic.

She’s hopeful, but cautious.

“Tourism in Bali is like a sand castle,” Djajanegara said. “It is beautiful, but it can be washed away by the waves.”

Flying home for the holidays will cost you more this year

By David Koenig AP Airlines Writer

PEOPLE still looking to book trips home to visit family or take a vacation during the holidays need to act fast and prepare for sticker shock.

Airline executives say that based on bookings, they expect huge demand for flights over Thanksgiving, Christmas and New Year’s. Travel experts say the best deals for airfares and hotels are already gone.

On social media, plenty of travelers think they are being gouged. It’s an understandable sentiment when government data shows that airfares in October were up 43 percent from a year earlier, and US airlines reported a combined profit of more than $2.4 billion in the third quarter.

Part of the reason for high fares is that airlines are still operating fewer flights than in 2019 even though passenger numbers are nearly back to pre-pandemic levels.

“Fewer flights and more people looking to head home or take vacation for the holidays means two things: Prices will be higher, and we will see flights sell out for both holidays,” says Holly Berg, chief economist for travel-data provider Hopper.

Yulia Parr knows exactly what Berg is talking about. The Annandale, Virginia, woman struggled to find a reasonably priced flight home for her young son, who is spending Thanksgiving with his grandmother in Texas while Parr visits her husband, who is on active military duty in California. She finally found a $250 one-way ticket on Southwest, but it’s not until the Tuesday after the holiday.

Parr figures she waited too long to book a flight.

“My husband’s kids are flying home for Christmas,” she said. “Those tickets were bought long ago, so they’re not too bad.”

Prices for air travel and lodging usually rise heading into the holidays, and it happened earlier this year. That is leading some travelers in Europe to book shorter trips, according to Axel Hefer, CEO of Germany-based hotel-search company Trivago.

“Hotel prices are up absolutely everywhere,” he said. “If you have the same budget or even a lower budget through inflation, and you still want to travel, you just cut out a day.”

Hotels are struggling with labor shortages, another cause of higher prices. Glenn Fogel, CEO of Booking Holdings, which owns travel-

search sites including Priceline and Kayak, says one hotelier told him he can’t fill all his rooms because he doesn’t have enough staff.

Rates for car rentals aren’t as crazy as they were during much of 2021, when some popular locations ran out of vehicles. Still, the availability of vehicles is tight because the cost of new cars has prevented rental companies from fully rebuilding fleets that they culled early in the pandemic.

US consumers are facing the highest inflation in 40 years, and there is growing concern about a potential recession. That isn’t showing up in travel numbers, however.

The number of travelers going through airport checkpoints has recovered to nearly 95 percent of 2019 traffic, according to Transportation Security Administration figures for October. Travel industry officials say holiday travel might top pre-pandemic levels.

Airlines haven’t always done a good job handling the big crowds, even though they have been hiring workers to replace those who left after Covid-19 hit. The rates of canceled and delayed flights rose above pre-pandemic levels this summer, causing airlines to slow down plans to add more flights.

US airlines operated only 84 percent as many US flights as they did in October 2019, and plan about the same percentage in December, according to travel-data firm Cirium. On average, airlines are using bigger planes with more seats this year, which partly offsets the reduction in flights.

“We are definitely seeing a lot of strength for the holidays,” Andrew Nocella, United Airlines’ chief commercial officer, said on the company’s earnings call in October. “We’re approaching the Thanksgiving timeframe, and our bookings are incredibly strong.”

Airline executives and Transportation Secretary Pete Buttigieg blamed each other for widespread flight problems over the summer. Airline CEOs say that after hiring more pilots and other workers, they are prepared for the holiday mob.

Travel experts offer tips for saving money and avoiding getting stranded by a canceled flight, although the advice hasn’t changed much from previous years.

Be flexible about dates and even destinations, although that’s not possible when visiting grandma’s house. In a recent search, the cheapest flights from Los Angeles to New York around Christmas were on Christmas Eve and returning New Year’s Eve.

A P Business Writer Elaine Kurtenbach contributed to this report.

TOURISTS walk past a G-20 banner in Nusa Dua, Bali, Indonesia on Friday, November 11, 2022. The dozens of world leaders and other dignitaries traveling to Bali for the G-20 summit will be drawing a welcome spotlight on the revival of the tropical island’s ailing tourism sector after a two-year closure to foreign travelers due to the pandemic. AP/FIRDIA LISNAWATI

editorial

A PDL will do anything to get his freedom back

LonDon is known as the birthplace of modern imprisonment. Jeremy Bentham, an English philosopher, jurist, and social reformer was against death penalty, so he created a concept for a prison that would be used to hold prisoners as a form of punishment. By the 19th century, prisons were being built for the sole purpose of housing inmates. The purpose was to deter people from committing crimes. People who were found guilty of various crimes would be sent to these penitentiaries and stripped of their personal freedoms. Inmates were often forced to do hard labor while they were incarcerated and to live in very harsh conditions.

Across much of the world, recent decades have seen rapid and unrelenting growth in use of imprisonment as a response to crime and social disorder. Today, well over 10 million people are imprisoned worldwide: this number includes both those who have been sentenced to imprisonment following conviction of a crime, and those who are being held in custody prior to trial or sentencing, according to a study by Jessica Jacobson, Catherine Heard and Helen Fair. The authors said jurisdictions that have seen the fastest growth in prisoner numbers include the United States, where the total prison population more than quadrupled from around half a million in 1980 to its peak of over 2.3 million in 2008. Brazil has seen prisoner numbers increase 20-fold from around 30,000 in 1973 to over 600,000 today.

From The Guardian: “Since the start of the summer, reports have emerged that Yevgeny Prigozhin, a close ally of Vladimir Putin and the reported head of the Wagner group—an allegation he has repeatedly denied—was recruiting soldiers from within Russia’s extensive penitentiary system in an attempt to compensate for the country’s acute personnel shortages on the battlefield in Ukraine. All prisoners interviewed said they were promised a presidential pardon after six months and a salary of 100,000 rubles (£1,400) a month.”

In the Philippines, there have been instances where irregularities happened at the New Bilibid Prison. For example, prisoners of privilege are allowed to build luxurious cells; and high-profile inmates feigning sickness are allowed to receive off-prison “medical treatment.” Drug lords and crime kingpins operate and direct their illicit activities inside their cells.

The killing of broadcaster Percival “Percy Lapid” Mabasa in Las Piñas on October 3 is a case in point. Weeks after the probe into his death started, authorities found out that suspects in his killing had companions inside the supposedly highly secured New Bilibid Prison. At least 13 persons deprived of liberty (PDL) are considered persons of interest in the case, but one of them, Jun Villamor, was killed hours after the gunman’s confession. Worse, suspended Bureau of Corrections Chief Gerald Bantag and Corrections Superintendent Ricardo Zulueta were implicated in the crime.

The National Bureau of Investigation and the Philippine National Police on November 7 jointly filed two murder complaints before the Department of Justice against Bantag, Zulueta and several persons deprived of liberty in connection with the death of Mabasa and alleged middleman Villamor. In a joint press briefing, Justice Secretary Jesus Crispin Remulla and Department of the Interior and Local Government Secretary Benjamin “Benhur” Abalos Jr. called on Bantag and Zulueta to surrender even as the DOJ assured that they would be given due process.

There’s a concept in modern penology that says prisons are there to rehabilitate offenders and prevent future crime. Experts said giving persons deprived of liberty a second chance and reducing barriers to reintegration is not only good for ex-prisoners, it is also good for society. But we can’t do this if those in charge of our penal institutions continue to abuse their authority and use prisoners in illegal activities. It’s about time for authorities to seriously look how they can promote and implement prison reforms.

Pre-pandemic life

THE EnTrEprEnEur

The economy expanded 7.6 percent in the third quarter of 2022, beating expectations by some market analysts. The growth is the first registered under the administration of President Ferdinand Marcos Jr., and judging from other key economic indicators that came out last week, the Philippine economy is poised to expand further in the last quarter and weather the external headwinds coming our way.

Household spending was one of the major drivers of the thirdquarter growth, expanding a robust 8 percent. More Filipinos were spending on restaurants, malls and hotels, and visiting the countryside. Less border restrictions and more simplified travel rules enabled more of our countrymen to visit the provinces and tourist destinations. Face-to-face schooling resumed. In sum, most Filipino families are returning to their prepandemic life.

Of note is the declining daily

Covid-19 cases in the country and the increased mobility that has emboldened the population to go out and resume their interrupted way of life.

The strong third-quarter growth is a credit to President Marcos, his Cabinet and, of course, the resilience of the Filipinos amid the health crisis and the high inflation rate. The Philippines recorded the highest economic growth in Asia, next only to Vietnam’s 13.7 percent and above Indonesia’s 5.7 percent. The Philippine economy is, thus, on track to realize the government’s growth target of 6.5 percent to 7.5 percent for 2022.

President Marcos did not tinker with the previous administration’s economic policies. On the contrary, he is trying to improve the business climate and make it friendlier to investors. His administration has been vocal and aggressive in wooing foreign investors. The present administration is clear on its intent

The FTX failure OuTSIDE

THE BOX

IT started with Mt. Gox in 2010 when Bitcoin was trading at $0.09.

By late 2013 MtG was handling over 70 percent of all BTC transactions worldwide and the price was $1,000. on February 24, 2014, Mt. Gox suspended all trading, closed its website, and its exchange service, with its website returning a blank page. Withdrawal requests were also met with a “blank page.”

The company said it had lost almost 750,000 of its customers’ Bitcoins and around 100,000 of its own, totaling around 7 percent of all BTCs. Although 200,000 Mt. Gox BTCs have since been “found,” it turned out most or all of the missing cryptos were stolen straight out of the Mt. Gox cryptocurrency wallet beginning in late 2011.

Was this a matter of theft, fraud, or mismanagement? Yes. All three. Fraud is rarely the only cause unless of course your investment advisor is

Bernie Madoff.

FTX was a cryptocurrency exchange, incorporated in Antigua and Barbuda and headquartered in The Bahamas. The exchange was founded in 2019 by Sam BankmanFried (SBF), a MIT Wizkid—apparently—and son of Barbara Fried and Joseph Bankman, both professors at Stanford Law School.

SBF also co-founded in 2017 Alameda Research, a quantitative trading firm for trading cryptos, its strategy being profiting from “arbitrage,

to invite foreign businessmen by offering several big infrastructure projects to the private sector and listening to their concerns.

I will leave the job of dissecting and interpreting the rest of the third-quarter gross domestic product data to the private economists and market analysts. But the economic expansion that we saw in the third quarter of 2022 is more than proof that the Philippines has more room to grow despite the recessionary trend in the developed economies of the US and Europe.

One telling data released by the government also last week was the reduced unemployment rate in September that will translate into more personal consumption and investment in the Philippines in the fourth quarter and beyond.

The unemployment rate in the Philippines significantly dropped to 5 percent in September from 8.9 percent in the same period last year. This rate is the lowest since January 2020 when the pandemic was about to start and an improvement from 5.3 percent in August and 8.9 percent a year ago. The rate, per the report of the Philippine Statistics Authority, was also the lowest since the 4.5 percent in October 2019.

The data means 47.58 million Filipinos were employed in September, higher than the 43.59 million a year ago. With the resumption of economic activities, an additional 2.2 million Filipinos

joined the workforce, raising the country’s labor force participation rate to 65.2 percent in September from 63.3 percent in the same month last year. Less mobility restrictions are giving way to increased employment.

President Marcos naturally welcomed the lower unemployment figures. The President summed it up: “This is a good sign. The economy is trying very hard to grow. We just have to be able to tolerate the shocks that are coming from abroad. But otherwise, the economy is moving in the right direction.”

The Philippines, by all indications, is withstanding adverse market forces. The nation’s gross international reserves bounced back to $94.1 billion as of end-October from $93 billion in September to snap a seven-month slump, after the Bangko Sentral ng Pilipinas defended the peso against speculators.

The peso, too, is regaining its strength, clawing back to the 57-tothe-dollar territory last week.

The optimist in me again tells me that the Philippine economy will expand robustly in the coming quarter. The resumption of face-to-face classes, fewer mobility restrictions, declining Covid-19 cases and the rising employment rate, among others, are getting us closer and closer to our pre-pandemic way of life.

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

market making, yield farming, and trading volatility.” Alameda’s CEO was Caroline Ellison, a 20-something 2016 Stanford University graduate —and on/off SBF girlfriend—with a degree in mathematics and two years stock trading experience.

There was no “Chinese wall” between FTX and Alameda. When the crypto “luna” collapsed in May 2022 from $115 to $0.00009, Alameda and presumably Ellison were on the wrong side of the trade. FTX extended loans to Alameda using FTX customer money. Alameda currently owes FTX about $10 billion, which is more than half of FTX’s $16 billion customer assets.

Of course, when you follow the money, there is always a political component. Barbara Fried was a major official fund raiser for Joe Biden and the Democrats with SBF ranking as the party’s second-biggest individual donor in the 2021–2022 election cycle with donations totaling $39.8 million. FTX also funneled nearly $100 million to the Ukrainian government through donations.

FTX made its fortune through high-net worth and high-publicity

investors who were also endorsers. These included NFL superstar Tom Brady who invested and now has lost over $400 million. Also on FTX bullet train with the statement that “If there is ever a place I can be and I am not going to get in trouble, it is going to be at FTX” was Kevin O’Leary aka Shark Tank’s Mr. Wonderful.

Now Mr. Wonderful says he is heading to Washington D.C. to demand regulation of cryptos.

O’Leary may not be aware of it but there are already laws against fraud as well as murder, both of which happen every minute of every day. Crypto exchanges are regulated to a certain extent but what investors do not have that does exist for stock and commodity exchanges is protection.

Since 2017, 305 crypto exchanges have failed. The reasons were: 42 percent without any explanation to consumers, 22 percent due to business feasibility—no profit, 14 percent were bought out, 9 percent were total scams, 8 percent closed by governments, and 5 percent were “hacked” to death. How many stock

Manny B. Villar

John Mangun

ThE Russia-Ukraine war and surging prices are not slowing down Philippine economic growth despite some doomsayers in our midst.

Hundreds protest at UN summit, German govt voices concerns

SHARM EL-SHEIKH, Egypt—Hundreds of environmental activists on Saturday called on industrialized nations at the UN climate summit in Egypt to pay for the impact of global warming, the largest demonstration yet that came as German officials raised concerns about possible surveillance and intimidation of delegates and other conference attendees.

Protests have mostly been muted at the conference, known as COP27, which is taking place in the seaside resort of Sharm el-Sheikh. Activists blamed high cost of travel, accommodation and restrictions in the isolated city for limiting numbers of demonstrators.

The protesters marched through the conference’s ‘Blue Zone,’ which is considered United Nations territory and governed by the global body’s rules. That has given the activists a bit more space to voice their opinions than in the rest of the country, where Egypt’s authoritarian government essentially bars protests.

Still, there were signs that Egypt was attempting to exert pressure inside the conference venue. Attendees of events at the German pavilion have complained about being photographed and filmed by people unknown to them in the days after Germany hosted an event there with the sister of a jailed Egyptian prodemocracy activist.

“We expect all participants in the UN climate conference to be able to work and negotiate under safe conditions,” Germany’s Foreign Ministry said in a statement. “This is not just true for the German but for all delegations, as well as representatives of civil society and the media. We’re in continuous contact with the Egyptian side on this.”

Egyptian officials didn’t immediately respond to a request for comment.

During Saturday’s rally, protesters chanted, sang, and danced in an area not far from where the negotiations were taking place. Past climate talks have traditionally seen very large protests at the end of the first week of the two-week summit, often drawing thousands of people. This year has been mostly muted, with sporadic and small demonstrations during the first week.

“Pay for loss and damage now,” said Friday Nbani, a Nigerian environmental activist who was leading a group of African protesters. Many protesters, alongside several vulnerable countries, have called for “loss and damage” payments, or financing to help pay for climate-related harms, to be central to negotiations. “Africa is crying, and its people are dying,” Nbani said.

Protesters also called for drastic reductions in greenhouse gas emissions being pumped into the atmosphere. Emissions continue to rise but scientists say the amount of heat-trapping gases need to be almost halved by 2030 to meet the temperature-limiting goals of the Paris climate accord of 2015.

Activists chanted “keep it in the ground” in reference to their rejection of the continued extraction of fossil fuels.

On Friday, some activists heckled

During Saturday’s rally, protesters chanted, sang, and danced in an area not far from where the negotiations were taking place. Past climate talks have traditionally seen very large protests at the end of the first week of the two-week summit, often drawing thousands of people. This year has been mostly muted, with sporadic and small demonstrations during the first week.

US President Joe Biden’s speech and raised an orange banner that read, “People vs. Fuels” before being removed. One of the activists, Jacob Johns, had his access to the conference revoked as a result.

“It’s just a great way to silence Indigenous voices nationally and globally,” said Johns, a member of the Akimelo’otham and Hopi nations in the United States.

The 39-year-old veteran activist said he went to the speech to protest the US’s new program to encourage more corporate purchases of carbon offsets — a scheme for companies to get credits to pollute by contributing to the removal of carbon dioxide.

And what really angered the veteran activist was that Biden mentioned Indigenous knowledge and efforts in his speech.

It was “just a really good big slap in the face to climate action,” Johns said.

Saturday’s rallies also focused on human and gender rights, with protesters saying both are linked to climate justice and called for an end to a crackdown on rights and environmental activists, especially in developing nations.

Activists called for the release of jailed Egyptian pro-democracy activist, Alaa Abdel-Fattah, whose case grabbed international attention during the conference. His sister, Sanaa Seif, was in the conference campaigning for him to walk free.

“One day I hope my brother will be able to stand here with you and raise his voice, as he has always done for the repressed, the criminalized, the marginalized, and the ignored,” said Asad Rehman, the executive director of War on Want, a Londonbased anti-poverty charity. He was reading Seif’s remarks.

Abdel-Fattah’s family said he has escalated his hunger strike and stopped drinking water to coincide with the start of the conference. Since then, they have been demanding word on his condition at the prison, and their concerns grew Thursday after authorities told them he was undergoing an undefined medical intervention and blocked a lawyer from seeing him. AP

Osaka are poised to lose the majority, if not all, of their money. For his part, Bankman-Fried publicly confessed on Thursday: “I f***** up.”

Taxability of equity-based compensation

atty. rodel C. unciano

Tax Law for Business

AS part of the compensation package of employees, some employers give equity-based compensation to their workers. As defined, equity-based compensation includes all types of employee equity schemes in various forms such as stock options, restricted stock units, stock appreciation rights, and restricted share awards, which may or may not pertain to the share of stock of the grantor, but have the feature of being granted to existing employees of the grantor as a performance incentive for services rendered by the employees.

Under Revenue Memorandum Circular (RMC) 79-2014, the taxability of equity-based compensation would depend on the position of the employee, that is, whether the employee is rank-and-file or occupies a supervisory or managerial position. If the employee who exercises the option occupies a supervisory or managerial position, the difference of the book value/fair market value of the shares, whichever is higher, at the time of the exercise of the option and the price fixed on the grant date, shall be treated as fringe benefit subject to fringe benefit tax. However, if the employee is a rank-and-file employee, the benefit is treated as part of the regular income of the employee and is subjected to withholding tax on compensation.

Pursuant to the new rules laid

down in Revenue Regulations 132022, the equity-based compensation granted to employees, whether holding rank-and-file or supervisory or managerial position, shall be considered as compensation, which shall be subject to withholding tax on compensation. RR 13-2022 ratiocinated that Section 32 of the 1997 Tax Code, as amended, does not make a distinction for purposes of applying the tax implication on all forms of compensation, including equitybased compensation.

RMC 143-2022 clarified that the difference between the book value/ fair market value of the shares, whichever is higher, at the time of the exercise of the equity-based compensation, and the price fixed on the grant date, shall be considered as additional compensation subject to

income tax and to withholding tax on compensation. No capital gains tax (CGT) shall be imposed since there is no realized capital gain on the part of the employer-grantor. No documentary stamp tax (DST) shall likewise be imposed upon grant by employers of equity-based compensation to its employees. However, DST shall be imposed upon the actual issuance of shares to the employee-grantee in accordance with Sections 174 and 175 of the Tax Code.

Upon sale, barter or exchange by the employee-grantee of the equitybased compensation, the same is treated as sale, barter, or exchange of stocks not listed in the stock exchange subject to CGT under Section 24(C) of the Tax Code. If the equitybased compensation was granted for a price, the difference between the sales price and the option price shall be the basis of the CGT while if it was granted without a price, the cost for purposes of computing the CGT shall be zero. On the other hand, if the transfer is without consideration, the same shall be treated as donation of shares of stock subject to donor’s tax based on the fair market value at the time of the donation.

As employers are now preparing for the payment of employees’ 13th-month pay, the question to ask is—whether or not the equity-based compensation is included in the computation of 13th-month pay?

The rules implementing the 13thmonth pay law defines 13th-month pay as one-twelfth (1/12) of the basic salary of an employee within the

calendar year. The revised guidelines on the implementation of the 13thmonth pay law defined basic salary to include all remunerations or earnings paid by the employer for services rendered, but does not include allowances and monetary benefits which are not considered or integrated as part of the regular or basic salary, such as the cash equivalent of unused vacation and sick leave credits, overtime, premium, night differential and holiday pay, and cost-of-living allowances. However, salary-related benefits should be included as part of the basic salary in the computation of the 13th-month pay if by individual or collective agreement, company practice or policy, the same are treated as part of the basic salary of the employees.

Following the above definition, there is basis to include the equitybased compensation in the computation of 13th-month pay. But even if included, the same is subject to the tax-exempt ceiling of 13th-month pay and other benefits under Section 32 of the Tax Code.

The author is a partner of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@ bdblaw.com.ph or call 8403-2001 local 140.

Droughts, rising seas put Cuba’s agriculture under threat

By Megan Janetsky | The Associated Press

BATABANO, Cuba—Yordán Díaz Gonzales pulled weeds from his fields with a tractor until Cuba’s summer rainy season turned them into foot-deep red mud.

Now it takes five farmhands to tend to Díaz’s crop. That shrinks Diaz’s profit margin and lowers Cuba’s agricultural productivity, already burdened by a US embargo and an unproductive state-controlled economy.

Like the rest of the Caribbean, Cuba is suffering from longer droughts, warmer waters, more intense storms, and higher sea levels because of climate change. The rainy season, already an obstacle, has gotten longer and wetter.

“We’re producing a lot less because of the weather,” said Diaz, a 38-yearold father of two. “We’re going to have to adapt to eating less because with every crop, we harvest less.”

Diaz used to produce black beans, a staple of the Cuban diet and his most profitable crop. His black-bean production has dropped 70 percent, which he attributes to climate change. A month after Hurricane Ian hit Cuba, Diaz was farming malanga root, a Cuban staple that is more resilient to climate change, but less profitable than beans.

“We’re just living in the present,”

Diaz said. “My future doesn’t look very good.”

Diaz used to buy supplies a year or two ahead of needing them but his earnings are so unpredictable now that he buys his supplies right before the harvest.

Agriculture has long been a relative bright spot in Cuba’s struggling economy. The socialist government has had a relatively liberal hand with food producers, allowing them to pursue their economic interests more openly than others in Cuba.

Cuba has ample sun, water and soil, the basic ingredients needed to grow plants and feed animals. By changing the way nature functions in the Caribbean, however, climate change is tinkering with the raw elements of productivity.

When Ian hit Batabanó, about an hour south of Havana, it flooded fisherman Orbelis Silega’s home and destroyed his fridge and TV. He was already struggling due to reduced fish stocks.

“The house was halfway full of water,” said Silega, 54. “Everything was underwater.”

Cubans are leaving the island in the highest numbers in decades. American authorities encountered nearly 221,000 Cubans on the US-Mexico border in fiscal year 2022. It was a 471 percent increase from the year before, according to US Customs and Border Protection.

As with everything in Cuba, the outflow is being driven by a complex mix of domestic management of politics and the economy, and relations with the US and other countries.

A part of what’s driving the flow is climate change, which cost Cuba $65.85 billion in gross domestic product between 1990 and 2014 alone, 9 percent of its total GDP, according to Dartmouth College.

“Caribbean economies, tourism, agriculture and fishing, are at the forefront” of climate change, said Donovan Campbell, a climatechange expert at Jamaica’s University of the West Indies.

The $2 to $3 that farm hand Romelio Acosta earns for 10 hours of work isn’t enough to pay his expenses.

“Right now there’s no money and there’s no food,” said Acosta, 77. “Everything is more expensive than people’s salaries can pay for.”

A Category 3 hurricane, Ian ravaged western Cuba at the end of September, killing three people, destroying 14,000 homes, damaging

the power network and destroying Cuba’s most-valued tobacco fields.

Cuba was already in one of its worst economic, political and energy crises in decades, thanks to the coronavirus pandemic and the Russian war with Ukraine, among other factors.

Cuba had said that it would get nearly a quarter of its energy from renewable sources by 2030. But so far the country gets little more than 5% of its energy from renewables and still depends on oil from allies Venezuela and Russia.

The US trade embargo “impedes us from accessing the resources we could have that would make it possible for us to recover from these events as quickly as possible,” said Adianez Taboada, vice minister of Cuba’s Science, Technology and Environmental Ministry.

Around Batabanó, the coastal town hit by Ian, mattresses soaked by the storm still hang on the wobbly wooden houses.

“You try to salvage what you can,” Silega, the fisherman, said.

Life was already hard for him due largely to climate change, he said. Rising global temperatures ravage coral reefs, key marine ecosystems.

“This town without fish is nothing,” Silega said. “The best fish, the ones that still appear, you have to go much further to find them.”

LGBTQ advocate to become Slovenia’s first woman president

for an undisclosed amount.

exchanges have failed? Zero.

Even when a local stockbroker goes under, losses are covered for the most part. Yes, there have been instances in the past when that did not happen, but the days of insufficient enforcement has been greatly reduced. And regulation without enforcement is useless.

FTX tokens were trading at $57.00 and are now at $1.55 but convertibility to “real” money like US dollars is not possible. No liquidity. Now under investigation by the US Securities and Exchange Commission, investors like sports stars Tom Brady, Steph Curry and Naomi

Good analysis, which might not be the smartest thing to say pending the lawsuits coming.

On October 3 and BTC trading at $19,800, “Rich Dad, Poor Dad” author Robert Kiyosaki called Bitcoin a “buying opportunity”, but now “may go as low as $10,000.” But that’s fine because “I am a Bitcoin investor. I am NOT A TRADER.” But if there is no liquidity, traders and investors alike can only become one thing: losers.

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.

By Jan Bratanic Bloomberg Opinion

LAWYER and human rights advocate Natasa Pirc Musar won Slovenia’s presidential election, defeating an ally of ousted nationalist leader Janez Jansa to become the European Union state’s first woman head of state.

Pirc Musar, who once served on the legal team of former US first lady Melania Trump, won 53.9% in Sunday’s runoff, according to almost complete results. Anze Logar, a conservative former foreign minister who served in Jansa’s right-wing government, won 46.1 percent.

The victory extends the unbroken string of presidential victories by left-leaning candidates that stretches back to the Balkan state’s formation in 1991. It will also help Prime Minister Robert Golob fulfill his vow

to reverse sweeping changes made by Jansa’s government that were criticized for undermining democracy.

“I will work to protect human and constitutional rights, as well as democracy,” Pirc Musar said after declaring victory. “I will strive to be a president for everyone.”

While the presidential post is largely ceremonial, the contest underscored the continuing battle in Europe between pro-EU political forces and parties that have challenged the bloc’s liberal, multicultural values in an environment of runaway inflation and tensions over the war in Ukraine.

The next head of state in the country of 2.1 million has the potential to significantly influence the direction of the country by naming six new judges to the nine-member Constitutional Court. While candidates are subject to parliamentary approval, any disagreement between

the assembly and the president could block activity at the court.

The ballot represents a rebuke for Jansa, who was unseated in April elections. His opponents accused him of polarizing the former Yugoslav republic’s political environment with vulgar attacks against opponents and the media and by undermining state institutions including the courts, police, and public media.

“Jansa has lost another election,” said political analyst Alem Maksuti. Pirc Musar will be more vocal in giving Golob legitimacy in dismantling changes made by Jansa, he said.

In her law practice, the 54-yearold Pirc Musar has worked as a staunch advocate for rights of the LGBTQ community. She also worked for Melania Trump, who was born in Slovenia and has citizenship, on trademark issues and when she sued a tabloid in a libel case that was settled

At the same time, she faced media scrutiny over her role in her husband’s business empire, which her opponents accused of using tax havens to build wealth. Both deny wrongdoing.

Logar, a long-time member of Jansa’s Slovenian Democratic Party, focused his campaign on distancing himself from the former prime minister’s political legacy, which included forging close ties with right-wing European leaders including Hungarian Premier Viktor Orban, and praise for Melania’s husband, Donald Trump.

While the president is commander-in-chief and proposes constitutional judges, central bank governors and high-ranking diplomats, the role has little executive power. Most decisions are ultimately made by the premier and his cabinet and approved by parliament.

TRUDEAU: CANADIAN FIRMS

KEEN ON INVESTING IN PHL CONSTRUCTION SECTOR

By Samuel P. Medenilla @sam_medenilla

CANADA is seeking to make it easier for its companies to invest in the Philippines’s construction sector and help empower local micro, small and medium en terprises (MSME).

In his bilateral talk with Presi dent Ferdinand R. Marcos Jr. on the sidelines of the Association of Southeast Asian Nations (Asean) Summits in Cambodia, Canadian Prime Minister Justin Trudeau said he wants to accelerate the process for “Canadian investors to be building in the Philippines.”

Trudeau said Canada is also ready to support local MSMEs particularly those owned by women.

M arcos lauded the proposal to help MSMEs recover from

the effects of the pandemic and boost their competitiveness since it is aligned with the gov ernment’s priorities.

He noted that the govern ment is prioritizing MSMEs since they make up over 90 per cent of the country’s businesses.

“And so that’s what we’ve been trying to do— is to try to support them (MSME), as it has a very large multiplier effect,” Marcos said.

D uring his talk with the Fili pino community in Cambodia last Sunday, Marcos said many of the companies, which were forced to shut down due the business disruptions caused by Covid-19 were MSMEs.

“ That is now the job of the Marcos administration. To bring back all those, which shutdown [their operations],” Marcos said in Filipino.

DOLE to hold more ‘specialized’ job fairs

THE Department of Labor and Employment (DOLE) is set to conduct more “specialized” job fairs, where applicants have a higher chance of getting hired.

L abor and Employment Secre tary Bienvenido E. Laguesma said they adopted the strategy to boost the effectiveness of the job fairs, which they regularly hold.

Compare to the DOLE’s regular job fairs, he said the “specialized” job fairs are catered to the needs of spe cific industry, sector or jobseeker.

This will be part of our policy thrust and direction to maximize the results of job fairs being con ducted to make it more organized and focused and ensure that major ity if not all of those who will go to job fairs will be hired on the spot or be ‘near hires,’ which means be ing employed is almost a certainty,” Laguesma told the BusinessMirror via SMS.

However, he said, the DOLE will still continue to hold traditional job fairs to cater to all sectors and industries.

T he labor chief made the pro nouncement as DOLE is set to con duct a “specialized” job fair with the Semiconductor & Electronics Indust ries in the Philippines Foun dation Inc. (SEIPI) this week.

O ver 1,400 vacancies are expect ed to be up for grabs at the event, which will be held at the SMX Con vention Center in Pasay City from November 16 to 18.

T he available vacancies in clude engineers, apprentice en gineers, technicians, production supervisors, export supervisors, production operators, analysts, accountants.

L ast September, DOLE also held another job fair together with the Department of Tourism (DOT) to help hotels fill up their vacancies.

O ver 8,000 of the participants in the events were hired-on-the-spot or became near hires.

L aguesma said the placement rate in the said tourism-related job fair was higher compared to the regular jobs fairs held by DOLE.

Samuel P. Medenilla

SRA to reclassify sugar for export to boost local supply

THE Sugar Regulatory Admin istration (SRA) wants to re classify 16,910 metric tons (MT) of sugar for export to stabilize prices and secure domestic supply.

I n Memorandum Circular 5 dat ed November 7, the SRA has invited all stakeholders to comment on the sugar order on “reclassification of outstanding A or US export market sugar and D or world market sugar to B or domestic sugar under certain conditions.”

Under the draft of the said sugar order, there is an imperative to en sure the stable supply of sugar in the domestic market with the increase in the demand for the sweetener.

A s of October 23, it said the actual raw physical sugar stock in the country has decreased by 24.98 percent compared to the physical sugar stock in the same period last crop year.

A lso, the records of SRA indicate that significant volumes of “A” or US export market sugar and “D” or world market sugar have remained unshipped and could be utilized to alleviate the perceived tightness in domestic sugar balance.

According to SRA records, 11,432

Asean central banks sign payment connectivity deal

By Cai U. Ordinario @caiordinario

serves to support and facilitate cross-border trade, investment, financial deepening, remittance, tourism, and other economic ac tivities, as well as a more inclusive financial ecosystem in the region.

T he payment connectivity initia tive could be expanded to include other countries in the region and potentially other partner countries outside the region.

affordable cross-border payments across the region.

I n line with Asean’s pragmatic approach to deepen integration through mutually beneficial ar rangements based on the level of readiness, this initiative provides the building blocks for wider Asean participation in the near future, thereby fostering stronger regional economic ties.

I n a joint statement, the BSP, Bank Indonesia (BI), Bank Negara Malaysia (BNM), Monetary Au thority of Singapore (MAS), and Bank of Thailand (BOT) said this is expected to benefit micro, small, and medium enterprises (MSMEs).

T he RPC will facilitate MSMEs participation in international mar kets. The cooperation will include a number of modalities, including QR code and fast payment.

The more we recognize how interdependent our economies are, the more we need to be de liberate in our pursuit of the vi sion of an interconnected Asean region,” Deputy Governor Mam

erto E. Tangonan of the BSP, who represented BSP Governor Felipe M. Medalla, said.

This MOU concretizes our col laborative and inclusive approach to enhancing cross-border pay ments in the ASEAN that will trans late into efficiency gains and cost savings in various international fi nancial transactions and economic activities,” he added.

T he Asean Central Banks said the RPC is expected to be a signif icant contributor to accelerating regional economic recovery and promoting inclusive growth.

T he implementation of crossborder payment connectivity

This MOU serves as a signifi cant milestone in paving the road for advancing cross-border pay ment connectivity. Existing bilat eral payment connectivity arrange ments will be expanded as part of the region’s efforts to strengthen its economic integration,” BI Gov ernor Perry Warjiyo said.

Such collaboration among cen tral banks is key to accelerating economic recovery. We hope that other countries will follow this good example and leadership in implementing cross-border pay ment connectivity,” he added.

T his joint collaboration also sup ports Asean’s shared aspiration for connected payment systems that will enable fast, seamless and more

T his milestone marks the start of Indonesia’s chairmanship of the Association of Southeast Asian Na tions (Asean) in 2023.

T he cooperation initiative is also in line with Indonesia’s G20 Presidency priority agenda in the area of digital transformation, including through payment sys tems in the digital era, manifest ed by the joint efforts to pursue enhanced cross-border payment connectivity involving Indonesia, Malaysia, Philippines, Singapore, and Thailand.

A ccelerating economic and fi nancial digitalization has become a global initiative with the G20 estab lishing its Roadmap for Enhancing Cross-Border Payments.

MT for “A” sugar and 5,478 MT for “D” sugar have remained outstand ing as per final report on raw sugar balances as of October 16.

T he draft order also said the SRA received requests for conversion or reclassification of verified un shipped “A” and “D” sugars quedans to “B” sugar quedans considering that the reclassification of “A” and “D” sugar quedans was authorized in crop year 2014-2015 and crop year 2013-2014, respectively.

T he SRA said it has consultation with the producers, namely, the planters and millers association/ federations, on the conversion or reclassification of the foregoing verified “A” and “D” sugar quedans to “B” sugar quedans to augment the volume of sugar to be made avail able for domestic consumption, and help alleviate tightness in the domestic sugar supply for crop year 2022-2023.

Under the draft order, any veri fied unshipped “A” and “D” sugar quedans, regardless of status, is sued for crop year 2020-2021 and previous crop years, are eligible for reclassification or conversion on a voluntary basis. Jovee Marie N. Dela Cruz

DTI: Upgraded AANZFTA to benefit MSMEs

By Andrea E. San Juan

THE inclusion of a chapter on trade and sustainable devel opment and micro, small, and medium enterprises (MSMEs) in the Asean-Australia-New Zea land Free Trade Area (AANZFTA) will fast-track the integration of businesses into the global value chain, according to the Department of Trade and Industry (DTI).

Trade Secretary Alfredo E. Pas cual also said the conclusion of the upgrade negotiations marks another milestone for both Asean and Australia-New Zealand.

A ccording to the DTI, Asean, Australia and New Zealand intro duced the inclusion of new Chap ters on Government Procurement, MSMEs, and Trade and Sustainable Development to facilitate growth anchored on an inclusive and sus

tainable regional economy.

With the inclusion of the new chapters, the upgraded AANZFTA is viewed to benefit both regions in a broad spectrum of areas. Among others, the agreement will acceler ate supply chain integration and resilience; ensure a smooth flow of essential goods during crises; deepen services and investment lib eralization; and support electronic commerce and digital transforma tion,” the DTI said in a statement on Monday.

T he DTI said two years after formally launching upgrade ne gotiations in September 2020, the substantial conclusion conveys Asean, Australia and New Zealand’s resolve to accelerate post-pandemic recovery.

A s for realizing the “real ben efits” of the upgraded AANZFTA, the DTI said it depends upon the

early signing and timely implemen tation. Hence, the Trade depart ment said the parties aim to sign the second protocol to amend the agreement establishing the AAN ZFTA in 2023.

A ccording to the DTI, Australia and New Zealand were the Philip pines’s top 16th and 28th trading

partners in 2021, respectively, with a combined total trade value of P2.64 billion.

In addition, the agency noted, Australia was the country’s top 14th origin of investment inflows in 2021, amounting to P664.32 million.

T he AANZFTA entered into force for the Philippines in 2010. It is the first region-to-region trade agreement for Asean, Australia, and New Zealand and remains as Asean’s “most ambitious” single un dertaking since it embarked on an outward-looking economic regime to integrate ASEAN into the global economy.

A ccording to the AANZFTA web site, the 12 parties to the said free trade area include Australia, Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, New Zealand, Philippines, Singapore, Thailand, and Vietnam.

TRANSPORTATION Secretary Jaime Bautista, Light Rail Manila Corporation President and CEO Juan Alfonso and Light Rail Transit Authority officials check on the progress of the LRT-1 Cavite Extension Phase 1 construction on Monday, November 14, 2022. The project is targeted to be operational in the 4th quarter of 2024. NONIE REYES

THE Bangko Sentral ng Pilipinas (BSP) and five other central banks in Southeast Asia signed the Regional Payment Connectivity (RPC) cooperation that will allow cross-border payments to become more seamless.

Impact of unrealized forex losses drags SMC’s income

By VG Cabuag @villygc

CONGLOMERATE San Miguel Corp. said its net income fell 62 percent during the nine months of the year through September to P12.94 billion from last year’s P34.15 billion on the impact of the unrealized foreign exchange loss.

Consolidated revenues for the period reached P1.1 trillion, up 71 percent from last year’s P650.6 billion, surpassing pre-pandemic full year 2019 revenues of P1 trillion.

Consolidated income from operations rose 24 percent to P108.5 billion from the previous P87.73 billion, mainly driven by the continu-

ing strong performance of Petron Corp., food and beverages, packaging and infrastructure combined with group-wide cost initiatives which mitigated the continuing challenges of increasing raw material costs, elevated coal prices, inflation and forex movements.

“The continuing increase in demand for our products and services

has been very encouraging despite the challenging businesses environment. This inspires us to continue with our efforts and to remain focused on achieving full recovery,” San Miguel President and CEO Ramon S. Ang said.

The off-take volumes of SMC Global Power Holdings Corp. for the 9-month period reached 21,336 gigawatt hours, a 4-percent growth from last year mainly driven by increase in demand from distribution utilities.

Consolidated revenues amounted to P166.1 billion, up 77 percent from P93.9 billion in the previous year supported by the offtake volume growth and the increase in average bilateral rates.

It reported a net loss of P2.63 billion from last year’s income of P13.69 billion.

The company said it experienced unprecedented spikes in coal prices which increased by almost eight

times, from just P3,340 per metric ton ($65MT at $1=P51.30) at contract execution date rising to P25,430/MT ($434/MT at $1=P58.59) at the end of September, as well as the significant derations in the capacity of the Ilijan Plant.

SMC Global Power incurred incremental supply costs of about P18 billion for the period January to September covering the 1,000 megawatt of capacity contracted to Meralco alone.

Consolidated power operating income declined by 28 percent to P20.5 billion.

Meanwhile, traffic volume of operating toll roads sustained its upward trend, increasing by 31 percent and delivering revenues of P20.9 billion, a 57 percent growth from the previous year’s P13.27 billion. Operating income climbed to P10.1 billion, more than double than last year’s P4.31 billion amid higher traffic volume.

AGI income falls 1% in 9 months

ALLIANCE Global Group Inc. (AGI), the holding firm of businessman Andrew L. Tan, said its attributable income fell 1 percent to P11.9 billion for the nine months of the year from the previous year’s P12.02 billion.

Revenues rose 17 percent in the nine months of the year to P128.4 billion from the previous year’s P110.1 billion, mainly due to the sustained improvement in mobility, which benefitted its consumer and real estate businesses, supported by its strong product positioning and aggressive marketing strategies.

Excluding over P5-billion in onetime gains booked last year by its leisure and entertainment unit, AGI should reflect a 23 percent year-onyear growth in normalized revenues and a 29-percent growth in attributable profit.

“The group managed to sustain its strong core performance as our

diversified portfolio continued to seize the various opportunities in the domestic and international markets despite the volatile macro environment. We have maintained our competitive position in all our business segments as we relied on our improved brand equity, aggressive and creative marketing strategies, and extensive distribution network,” Kevin L. Tan, the company’s CEO, said.

Property developer Megaworld Corp. reported attributable profit rose by 3 percent to P8.4 billion, weighed down by hefty unrealized foreign exchange losses.

Real estate sales sustained its sequential growth during the period, hitting P26.2 billion in the first three quarters of the year, an increase of 13 percent from last year. Reservation sales surged by 58 percent to P86 billion, as takeup in the third quarter doubled from its year-ago level as the pe-

so’s weakness versus the US dollar helped push international sales.

Emperador Inc., the liquor maker, said its income for three quarters of the year through September fell to P7.2 billion from the previous year’s P7.3 billion on rising cost that affected both its core brandy and whisky segments.

The resulting higher input costs coupled with higher logistics costs, advertising and promotional expenses and increased on-trade activities have a greater impact on the operating margins of the brandy segment that sells at more accessible prices compared to whisky, the company said.

“Our global business remains robust in the first nine months of this year as evidenced by the overall topline growth, but rising inflation limited earnings performance. There is so much volatility in the global market. We are glad to deliver sustained earnings through our wide

portfolio of brands,” Emperador President Winston S. Co said.

Golden Arches Development Corp., a joint venture with the George Yang group, had a net income at P1 billion, a five-fold jump from its year ago level.

Revenues was higher by 35 percent to P23.9 billion from P17.7 billion the year before.

McDonald’s Philippines’s 9-month results is already hitting pre-pandemic levels, as its operations proactively adapted to the evolving consumer tastes and preferences that seem to have been permanently affected by the ongoing global health crisis. McDonald’s ended the period with a nationwide store count of 682.

“Despite the macro headwinds, we maintain our optimistic outlook as we head towards a further improvement in mobility in time for the fourth quarter holiday spending,” Tan said. VG Cabuag

By Lenie Lectura @llectura

PILIPINAS Shell Petroleum Corp. posted a net loss of P3.3 billion in the third quarter of the year, but was still able to record a total net income of P4.4 billion from January to September this year.

Pilipinas Shell reported last Monday that despite challenges posed by rising inflation and depreciation of the Philippine peso against the US dollar, the oil firm sustained its strong core performance with a P4.406 billion net income at endSeptember this year from P3.365 billion in the same period a year ago.

“We are committed to continue to power progress for the Philippines,” said Pilipinas Shell President and CEO Lorelie Quiambao Osial. “Our strategy, together with our drive and agility, enables us to remain resilient through challenges and sets us to thrive, as we continue to deliver high-quality products and services for the growing and evolving needs of our customers.”

Osial also expressed confidence the firm will finish the year “with strong volume delivery with the progressive opening of the economy.”

Pilipinas Shell attributed its gains to strong marketing performance as year-to-date marketing volume delivery increased by percent versus the previous year. The company also ended with a positive cash flow from operations, excluding movement in working capital, of P10.8 billion, up from the previous year’s P10.1 billion.

During the period, net sales increased by 71 percent due to higher pump prices driven by the increase in global oil prices and higher marketing volumes.

Earnings before interest, taxes, depreciation and amortization (Ebitda) increased by 8.5 percent mainly due to impact of post-tax inventory gains during the period.

However, core earnings declined to P1.8 billion brought about by the impact of foreign exchange loss due to the depreciation of the peso.

Meanwhile, Phoenix Petroleum Philippines Inc. saw its Ebitda fall by 32 percent at end-September year-on-year to P1.8 billion, mainly

on account of lower domestic fuel volume in the third quarter.

“Domestic fuel volume was sharply lower in the third quarter, with the overseas trading business, likewise, taking a breather after consecutive quarters of unprecedented growth,” the company reported.

“As a result, year-to-date Ebitda was 32-percent lower year-on-year at P1.8 billion. Recovery in fuels was further set back by lack of scale driven by persistent challenges in liquidity and uncertainties in global markets and economic growth.”

Still, Phoenix Petroleum is banking on a more sustainable supply chain and logistics model to provide it with “better results” moving forward.

On a per unit Ebitda basis, it saw a 21-percent growth year-to-date as it continues to exercise prudence in operational expenditure (Opex) and capital expenditure (Capex) and enhance productivity and efficiency across businesses.

For instance, the LPG business grew 11 percent quarter-on-quarter. The company said this remains a bright spot in its portfolio. During the third quarter, domestic LPG volume grew nine percent the prior year and a further eight percent from the previous quarter.

Overseas LPG, likewise, recovered strongly from a weak second quarter this year with volume rising 16 percent quarter-on-quarter and growing three percent year-to-date. Both standalone businesses continue to benefit from robust underlying demand in the Philippine and Vietnam markets, adequately supported by working capital, it said.

The oil firm has opened over 700 stations nationwide to date.

Phoenix Petroleum said in a statement it “remains focused on strengthening its operations despite a tumultuous year of volatility in global oil markets, recessionary concerns amidst record high inflation, peso depreciation and monetary tightening and muted demand.”

Phoenix Petroleum President Henry Albert R. Fadullon expressed gratitude “to the men and women of Phoenix who remain motivated and to our partners in the business who have steadfastly supported us.”

LOPEZ-led First Gen Corp. (FGen) reported a reduction of eight percent in recurring net income at end-September this year despite a 24-percent jump in revenues.

FGen reported last Monday a recurring net income of $194 million versus $211 million posted in the same period a year ago.

“The natural gas platform suffered from reduced income as the natural gas plants were affected by higher taxes, interest expenses and various operational issues at the 420-MW [megawatt] San Gabriel Power Plant and 97-MW Avion Power Plant,” it said.

Revenues from the sale of electricity stood at $1.996 billion, a 24-percent increase from $1.606 billion in the previous year. The higher revenues were derived from electricity sales attributed to elevated fuel and Wholesale Electricity Spot Market (WESM) prices.

THE Securities and Exchange Commission (SEC) said last Monday it has received another recognition from the United Nations Conference on Trade and Development (Unctad) for promoting sustainability and sustainable development goals reporting in the Philippines.

The SEC received the “ISAR Honours 2022” in the national category during a ceremony held at the Palais des Nations in Geneva on November 2, besting 45 other organizations from other countries.

The regulator shared the stage with the World Bank and the International Finance Corp., the UN Global Compact and the World Economic Forum, which received the same award in the international category.

The SEC previously received the International Standards of Accounting and Reporting Honours 2019 for promoting sustainability and SDGreporting by requiring publicly-listed companies to submit sustainability reports annually.

The ISAR Honours recognizes policy, institutional and capacitybuilding initiatives, publicly avail-

able at the national or international level, that encourage and assist enterprises to publish data on their contribution to SDG implementation, and that assist governments in collecting such data for SDG monitoring needs.

The award is named after the International Standards of Accounting and Reporting (ISAR), through which the UNCTAD supports public and private sector efforts to enhance the quality and comparability of companies’ reporting on their contribution to the 2030 Agenda for Sustainable Development and its usefulness for monitoring the implementation of the SDGs (Sustainable Development Goals).

“I would like to thank the organizers of ISAR Honours and accept this year’s award wholeheartedly with the hope that other jurisdictions will be inspired to immediately adopt or to continue to carry out fully their sustainable practices,” SEC Chairman Emilio B. Aquino said during the ceremony.

“The SEC Philippines has since been active in enforcing its sustainability guidelines with the UN

SDGs at its core, partnering with key stakeholders and conducting several capacity building programs that builds on sustainability as a way of life and as a way forward for a more sustainable future. We have been loud and emphatic in saying our battle cry that: Sustainability is everyone’s responsibility,” Aquino said.

The Unctad particularly recognized the workshops, trainings, seminars and partnerships organized by the SEC to increase awareness, advance knowledge, and build capacity in sustainability and SDG reporting in the Philippine corporate sector, following the issuance of the Sustainability Reporting Guidelines for Publicly Listed Companies through Memorandum Circular 4 (Series of 2019).

Prior to the first mandatory submission of sustainability reports, the SEC conducted a series of workshops to capacitate the listed firms in the proper preparation of their annual sustainability reports. The capacitybuilding exercises and fora were tailored to address both sector-specific and general public concerns. VG Cabuag

Banking&Finance

Lawmaker wants bond issuance for education

By Jovee Marie N. dela Cruz @joveemarie

THE House Committee on Higher and Technical Education on Monday approved a bill establishing Treasury Learning Bonds.

Albay Rep. Joey Sarte Salceda said his House Bill 639 or the Educational Bond Fund Act will have the National Treasury issue bonds in the name of each underprivileged child towards their post-secondary education.

According to Salceda, the Philippine Treasury Learner Bonds will be a P25,000 bond for every underprivileged child born in the country. The bond will be held in trust by the Bureau of Treasury, issued in favor of the child, he explained.

The lawmaker said the bond will be issued by the Treasury but also funded by the Bureau of the Treasury (BTr). The interest will be paid to the child’s trust account in the Treasury.

“In other words, it is like a government funded lay-away account or a pre-need college plan, except it is government-guaranteed,” Salceda said.

He believes the law will be a way to mitigate inter-generational poverty as “it takes a poor family 32 years to be able to afford college.”

“I don’t think we should wait that long to provide this potent driver of

Inflation

INFLATION is the rate of increase in prices over a given period of time.

As a result of inflation, the purchasing power (value) of money decreases over time. Inflation affects the prices of everything that we buy.

What causes inflation?

Here are the factors that cause inflation:

1. Supply and demand. In an economy, when the demand for a commodity exceeds its supply, then the excess demand pushes the price up. The result is higher prices due to demandpull inflation. On the other hand, when the factory prices increase, the cost of production rises too. This leads to an increase in the price level as well.

2. Government deficit. There are times when government spending increases beyond what taxation can finance. In order to solve this, government resorts to deficit financing such as printing more money which in turn adds to inflationary pressure.

3. Population growth. As the population grows, it increases the total demand in the market. Further, excessive demand creates inflation.

4. Hoarding. There is always the possibility that at certain times, the factors of production are short in supply. This affects production. As supply will be less than the demand, Opportunistic businessmen resort to hoarding to push the price up even more, thereby increasing their profit.

5. Non-economic reasons. There are several non-economic factors which can cause inflation in an economy. Examples are war or typhoon (flooding) where crops are destroyed. In effect, this reduces the supply of agricultural products leading to an increase in the prices of our basic commodities. A perfect example was the pandemic where the supply chain was disrupted, which

upward social mobility,” Salceda said.

The lawmaker also emphasized the fiscal sustainability of the measure.

“Until it actually matures, there is no cash flowing out of the Treasury.

So, in that sense, it is cash-flow neutral. It is also deficit-neutral until then. It is also neutral in terms of the consolidated public sector financial position, since it will not flow out of the government’s coffers.”

Salceda explained that given the current poverty rates, the government will issue some P7.2 billion in bonds for some 288,000 children every year.

He projects that the notes will bear an interest of 8 percent, government-guaranteed. Salceda adds that the child, by the time they turn 18, will likely receive some P61,000 that can go towards their tuition in private school.

He explained the proposed law is patterned after the highly-successful Canada Learning Bonds, which funds post-secondary education. It infuses 2000 CND to a Registered Education Savings Plan (RESP) for lowincome households, Salceda said.

“This is basically the same model, except the expense in the case of the Philippines is recorded only once the bond matures,” Salceda said. “In Canada, the expense on the part of the government is outright.”

The lawmaker said that an 18-

year bond will fetch an interest rate of around 8 percent, so the P25,000 bond will be P61,000 by the time it fully matures.

“Eight percent far outpaces the education sector average inflation of around 3.8 percent, so it significantly prevents erosion of the value of the bond,” Salceda said.

The lawmaker said the Treasury Learning Bonds must be part of a broader strategy to address drop-out rates in grade school and high school.

“College determines income.”

Citing a 2018 study by the Philippine Institute for Development Studies, Salceda said close to onethird of persons aged 24 and over from middle-income families received college education, much higher than that for the low-income (6 percent), but also much lower compared to those from high-income families (63 percent).

“For this reason, we should make college as universally accessible as possible,” he said.

“College education is essential to the building of a stronger middle class and making college as universal among our population as possible is especially crucial given that we are a service-based economy and our most promising industries, such as non-voice BPOs, the freelancing sector and other high-value services require technical and higher education,” Salceda said.

NG raises only nearly half of T-bills on offer

By Cai U. Ordinario @caiordinario

THE national government only raised a little over half of the proceeds it intended to raise on Monday’s Treasury bills (T-bills) auction, according to the Bureau of the Treasury (BTr).

The BTr said the auction committee raised P8.6 billion of the P15 billion offering on the back of mixed results on Monday.

The government received a total of P24.047 billion worth of offers for the notes but rejected P15.447 billion tenders.

“The Auction Committee decided to fully award bids for the 91-day T-bill while partially awarding the 182- and 364-day T-bills,” BTr said. “The auction was 1.6 times oversubscribed, attracting P24 billion in total tenders.”

The 91-day security fetched an average rate of 4.464 percent. The total tenders received by the BTr for these Tbills reached P13.7 billion.

With the full award of P5 billion, the auction committee rejected P8.7 billion of the tenders.

In terms of the 182-day Tbills, BTr data showed it fetched an average annual interest rate of 4.838 percent.

The government received tenders worth P7.147 billion but only accepted P2.2 billion. This effec-

resorted to loans because the cost of money was low and it makes perfect sense for them to use other people’s money to make money.

resulted to inflation even if the price of oil was at its lowest.

With the world recovering economically from the effects of the pandemic, Russia invaded Ukraine and this manmade crisis plunged the world into another economic problem. Ukraine is a major exporter of food and Russia is a major oil exporter. Just imagine Ukraine’s food production hampered and the sanction of the West on Russia taking effect. The result is a worldwide inflation because another supply chain was disrupted. I felt it strange for certain groups to blame our current leadership since the crisis we have now is due to a defective decision by one foreign leader. We cannot control external factors but we can control on how we respond to this crisis. We all are affected by inflation and even if we cannot avoid inflation, we can minimize its effect on us. Below are some things we can do:

1. Spend only on needs. By spending less, we can avoid wasting our money on inflation. We must buy only our needs. Best is also to shop around and look for those with lower price (but of same quality). Make it a point to make a budget to keep our costs in control.

2. Avoid debts. As inflation surges, so do the interest rates. Banks need to raise interest rates in order for them to keep pace or outpace inflation. At a high inflation rate, it is the worst time to be in debt. Note that in the past where inflation was low, a lot of businessmen

3. Invest. Cash is not king. During inflation, keeping a lot of cash is not an option as inflation eats away it value. Keep some for emergencies and invest the rest in instruments that beats inflation. An example is the stock market. The stock market is low right now, but over a long rough time frame, that investment can earn a much higher interest rate in the stock market than it would in a savings account. Another one is bonds. It can be another place to put our money for diversification. We can choose from corporate bonds issued by private and public companies, municipal bonds from local governments, or treasury bonds by the government. Note that when stock market is down, bond market can be up.

4. Invest in REITS. Real estate is a good hedge against inflation but only a few can afford. Consider a real estate investment trust (REIT). A REIT is a portfolio of properties with everything from office buildings, hospitals, malls, and more. It’s a great investment if you want a more liquid real estate asset, and may be a smart fit for risk-averse investors.

In any crisis, there is always opportunity. We just have to open our minds. Panicking is not an option. Instead of the blame game, why don’t we do our own research and solution. Just as Jackie Chan said in the movie “Karate Kid:” FOCUS!

Edmund Lao is a registered financial planner of RFP Philippines. To learn more about personalfinancial planning, attend the 99th RFP program this January 2023. To inquire, e-mail info@rfp. ph or text <name><e-mail> <RFP> at 09176248110.

PNB profit hits P11.4B in Jan-Sep period

THE Philippine National Bank (PNB) posted a net income of P11.4 billion for the first nine months of 2022, according to its disclosure to the local bourse on Monday.

However, the publicly-listed bank said its net income in the January to September period was lower than the P26.4 billion reported for the same period last year.

Last year’s net income, PNB said, increased mainly due to the one-off P33.6 billion gain from the propertyfor-shares swap transaction implemented in 2021.

“Without the effect of this one-off transaction, the operating income of the bank showed growth of 14 percent year-on-year,” PNB said in a statement to the Philippine Stock Exchange (PSE).

The bank’s 9-month net interest

income increased by 4 percent year-onyear, driven by a 21-percent growth in interest income.

This was earned from its investment portfolio and other liquid placements in the midst of the current rising interest rate environment, resulting in an improved net interest margin of 3.4 percent from 3.3 percent a year ago.

“PNB continues to be profitable as it showed improvements in efficiency pushing our momentum towards achieving our strategic priorities,” PNB Acting President Florido P. Casuela said.

“Our results indicate that we have the right strategy to deliver real value to our clients, our investors, and the overall economy in these challenging times.”

The lender’s gross loan portfolio expanded to P638.3 billion as of endSeptember 2022, increased by a percent

from the loan level last year as the bank further stretched its lending to large corporates during the period.

Provisions set up on these loans are 97 percent lower than the amounts provided in the same period last year when the bank was still continuing to build its loan loss reserves, particularly on accounts impacted by the pandemic.

Further, the bank continued to build up its current and savings deposits, resulting in a modest 1 percent increase in total deposits from year-ago level, tempered by its initiatives to trim down high-cost time deposits, amid the rise in benchmark interest rates.

Net fee-based income for the first three quarters contracted by 8 percent year-on-year, primarily due to reductions in credit-related and underwriting fees. Cai U. Ordinario

tively rejected P4.947 billion of the tenders.

For the 364-day T-bills, these received an average annual interest rate of 5.1 percent. The government received P3.2 billion worth of tenders for these notes.

However, the auction committee only accepted P1.4 billion of these tenders, effectively rejecting P1.8 billion worth of offers.

Last week, the national government borrowed P6.7 billion through the sale of T-bills, less than half of the P15 billion that the BTr intended to raise.

Monday’s tender marked the third consecutive month that the Treasury was unable to fully award their intended T-bill sale.

The Treasury has been rejecting offers as investors continue to demand for rates higher than the benchmark—at some point have become “untenable” for the national government. (Related story: https://businessmirror. com.ph/2022/10/04/high-bidrates-for-t-bills-untenable-fortreasury/).

personaL finance

edmund Lao

Katrina Cuenca captures re-emergence with grace

I am happy to see how people are re-emerging into society and how we are learning to adapt to our current situation. I can see that we all have learned a lot about ourselves and how much we can endure, and it seems we are coming out of this stronger and more hopeful.”

IF the past few pandemic-ridden years inflicted the abstract melancholy of autumn and casted the freezing gloom of winter, this year we got the first scent of spring.

This sense of the sky clearing up, this gradual re-emergence into normalcy, serves as the concept of visual artist Katrina Cuenca for her latest solo exhibition, titled Slowly We Unfurl. The show opened at Galerie Joaquin Rockwell yesterday, November 14, and will be on display until November 25.

“I wanted to somehow depict how humanity is ‘re-blossoming’ after all the quarantines and lockdowns,” Cuenca said in a press release for the exhibit. “Although I know the pandemic isn’t over,

Cuenca, born in 1984, graduated with a Finance degree and entered the corporate world prior to pursuing an art career. She is a self-taught artist whose first exhibition came in 2010 as part of a group show. But it wasn’t until 2015 when she really immersed herself into the local arts scene, establishing her art with multiple exhibitions over the years.

The title of Cuenca’s new show proves fitting both for the exhibition’s idea as well as her established style. Presented in Slowly We Unfurl are her paintings and sculptures that twirl along the fine line between figuration and abstraction, dancing with balletic elegance. Lines run through with grace, as her choice and use of color dramatically convey motion and depth.

It’s a discernable style that Cuenca manages to pull through with consistency in the face of her penchant for experimentation. In her latest solo show, she attaches a prismatic dichroic film onto an acrylic box

that covers her artwork. The idea is to carve another dimension in the piece by projecting a holographic pattern when touched by light.

“I like to think that light is sort of an external medium for my art,” Cuenca said. “I like to play with different finishes and textures and materials that react differently to light. I find it fascinating how we perceive and experience things differently, with just a subtle change of atmosphere.”

This captivating iridescence is in full display on her featured sculptures, including Ripples Form on the Water’s Surface. In The Winter Sun Sets on Us, gradient warmth plays with the unforgiving cold of the white base.

Meanwhile, her paintings feature lighter pigments that signify renewed hope. The Goddess Descends From the Sky depicts extended arms with fingers pointing, as Wings of Light Spread Afar radiates a kind of light that touches the soul.

Cuenca’s Slowly We Unfurl presents a shift in tone with the artist switching from darker hues that exemplify luxury to lighter choices that illuminates. It’s Cuenca reminding us that brighter days are ahead.

More information is available at Galerie Joaquin’s Facebook and Instagram pages at @galeriejoaquin. ■

GROUP SHOW GATHERS FREELANCERS, CALL CENTER AGENTS AND MORE

THE Grey Space presents an online group exhibition featuring insiders and outsiders of art.

Titled My Art is Not a Hobby, the exhibition title alludes to what most part-time artists deal with when being wrongfully accused. But it’s not a defensive statement. Rather, it’s more of a sentiment to one’s self. The statement serves as a principle to the artist who doubts him or herself because, frankly, that doubt never really goes away.

My Art is Not A Hobby is a creed of confidence, a persuasion to the mind to tell one’s self, “I’ve got

this, I’m not doing this to pass the time, I’m doing it because this is my time for myself.”

The exhibition features artworks by Erika Abe, Nikka Arreola, Marius Black, Satan’s Carnival, Τhet Fernandez, Pancho Karambola, Joemarie Lachica, Tad Pagaduan, and Tissa Pagaduan. To these artists, art is not a pastime. Each one of them stole some time from their work, family time, sleep, and health, just so that they can submit art that speaks out who they are.

My Art is Not a Hobby is on view at www.greyspaceph. com until today, November 15.

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Shailene Woodley, 31; Jonny Lee Miller, 50; Beverly D’Angelo, 71; Sam Waterston, 82.

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.

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. ★★★★★

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.

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. ★★

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. ★★★

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. ★★

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. ★★★

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. ★★★

BIRTHDAY BABY: You are friendly, possessive and compassionate. You are intelligent and practical.

Avoid conflicts; work behind the scenes.

: You can accomplish, but don’t rely on others.

: Focus and you’ll reach your goals.

: Aim high; start new projects.

: Nothing can stop you; go for gold.

BY GUILHERME GILIOLI

HOW does it feel being part of a restaging of one of Broadway’s iconic musicals? For the stars of the upcoming Repertory Philippines (REP) production of Rodgers and Hammerstein’s Carousel, the opportunity is both a thrill and a responsibility. Gian Magdangal and Karylle Tatlonghari, who are both headlining a REP show for the first time, have shared their experiences in the past months of preps and rehearsals. Carousel is directed by writer, director, producer and congressman Toff de Venecia.

“As theater actors, we are all just so enthusiastic to be given this chance to do what we’re passionate about. As for me, I couldn’t be any more grateful to be working with the best of Philippine theater,” says Karylle who plays Julie Jordan, a sweet yet naïve millworker. “I’m trying my best to keep up with them and it’s a great feeling because I’m learning a lot. My mind is expanding, and every inch of my body is excited and living in this beautiful moment. It’s been a personal rediscovery for me, too.”

“It has been an exhilarating experience, being reunited with theater friends and working with REP for the first time. We can’t wait to see what we have been preparing for the past months. It has been an out-of-the-box experience, and it feels like home at the same time,” shares Gian who plays Billy Bigelow, a swaggering and charismatic carnival barker. “There is simply nothing like live theater.”

A masterwork by the legendary theaterwriting duo of Richard Rodgers (Music) and Oscar Hammerstein II (Book and Lyrics), Carousel’s original 1945 production won the New York Drama Critics’ Circle Award for Best Musical, and was hailed by Time magazine as the greatest musical of the 20th century. Its revivals picked up Tony, Olivier, and Drama Desk Awards, a testament to this classic’s timeless and universal appeal. It features some of musical theater classics like “If I Loved You,” “June is Bustin’ Out All Over” and “You’ll Never Walk Alone”.

Toff de Venecia, who has a contemporary, selfaware, and socially conscious vision for REP’s comeback musical, has nothing but praise for the two leads and the rest of the ensemble who have all been dedicated in bringing the show to life in a way that feels right for today’s theatergoers.

“Gian and Karylle are both thinking actors. They keep me on my toes,” he says. “We are discovering new things every day, and their viewpoints and commitment to their craft and the kind of story we want to tell bring a lot of gold and brilliance to the production.” Theater stalwarts Loy Martinez, Mikkie Bradshaw-Volante, Noel Rayos, Mia Bolaños, Roxy Aldiosa, Red Nuestro, Cara Barredo, Steven Hotchkiss, Paula Paguio, Roby Malubay, Gia Gequinto, Julio Laforteza, Kyla Rivera-Soong, and Czar Decena round out the ensemble.

REP’s Carousel runs from November 26 to December 18 at the CCP Tanghalang Ignacio Gimenez. Tickets will be available through the CCP Box Office and TicketWorld. Ticket prices are P3,000 for Rows 1 and 2, P2,500 for Row 3, P2,000 for Row 4, P1,500 for Row 5, and P1,000 for Row 6. More information is available at www.repertoryphilippines.ph.

‘Black Panther’ sequel scores 2nd biggest debut of 2022

By Lindsey Bahr The Associated Press

THE box office roared back to life with the long-awaited release of Black Panther: Wakanda Forever.

The Marvel sequel earned $180 million in ticket sales from more than 4,396 theaters in the US and Canada, according to estimates from The Walt Disney Co. on Sunday, making it the second biggest opening of the year behind Doctor Strange in the Multiverse of Madness. Overseas, it brought in an additional $150 million from 50 territories, bringing its worldwide total to $330 million.

Wakanda Forever was eagerly anticipated by both audiences and exhibitors, who have weathered a slow spell at the box office since the summer movie season ended and there were fewer bigger budget blockbusters in the pipeline. The film got off to a mighty start a bit stronger than even the first film with an $84 million opening day, including $28 million from Thursday previews.

“Some may have hoped for $200 million like the first film, but this is solid,” said Paul Dergarabedian, comScore’s senior media analyst. “This is the type of movie that theaters really need to drive audiences.”

The first film opened to $202 million in February 2018 and went on to gross over $1.4 billion worldwide, making it one of the highest grossing films of all time and a cultural phenomenon. A sequel was inevitable, and development began soon after with director Ryan Coogler returning, but everything changed after Chadwick Boseman’s unexpected death in August 2020. Wakanda Forever became, instead, about the death of Boseman’s King T’Challa/Black Panther,

and the grieving kingdom he left behind. Returning actors, include Angela Bassett, Lupita Nyong’o, Letitia Wright, Winston Duke and Danai Gurira, who face off against a new foe in Tenoch Huerta’s Namor. The film would face more complications too, including Wright getting injured and some Covid-19 related setbacks. All told, it cost a reported $250 million to make, not accounting for marketing and promotion.

AP Film Writer Jake Coyle wrote in his review that Wakanda Forever is overlong, a little unwieldy and somewhat mystifyingly steers toward a climax on a barge in the middle of the Atlantic. But Coogler’s fluid command of mixing intimacy with spectacle remains gripping.”

It currently holds an 84 percent on Rotten Tomatoes and, as is often the case with comic book films, the audience scores are even higher.

Superhero films have fared well during the pandemic, but none yet have reached the heights of Spider-Man: No Way Home, which opened to $260.1

Martin Nievera’s 40 years of fabulous music

He considers himself lucky to have been given the red carpet welcome when he flew in from the United States, being the son of his late balladeer father, Bert Nievera.

“Everything fell into place. After I won the statewide talent competition in California, after being chosen to join the choir that will sing with Barry Manilow, I made the big realization that I wanted to become a singer. Then coming to Manila to explore whatever opportunities might be there for me, everything unravelled so naturally one after the other, and, whew, it has been 40 years since then!”

million in December 2021. Other big launches include Doctor Strange in the Multiverse of Madness ($187.4 million in May), Thor: Love and Thunder ($144.2 million in July) and The Batman ($134 million in March).

Wakanda Forever is first film to open over $100 million since Thor in July, which has been difficult for exhibitors that are already dealing with a calendar that has about 30 percent fewer wide releases than in a normal year.

Holdovers populated the rest of the top five, as no film dared launch nationwide against a Marvel behemoth. Second place went to the DC superhero Black Adam, with $8.6 million, bringing its domestic total to $151.1 million. Ticket to Paradise landed in third, in weekend four, with $6.1 million. The Julia Roberts and George Clooney romantic comedy has made nearly $150 million worldwide. Lyle, Lyle, Crocodile and Smile rounded out the top five with $3.2 million and $2.3 million, respectively.

Some awards hopefuls have struggled in their expansions lately, but Searchlight Pictures’ The Banshees of Inisherin, with Colin Farrell and Brendan Gleeson, looks like an exception. The Martin McDonagh film expanded to 960 theaters in its fourth weekend and got seventh place on the charts with $1.7 million, bringing its total to $5.8 million.

“It’s been a very interesting post-summer period for movie theaters, with some gems out there doing well like Ticket to Paradise and Smile,” Dergarabedian said. “But movie theaters can’t survive on nonblockbuster style films. The industry needs more of these.”

After Black Panther, the next blockbuster on the schedule is Avatar: The Way of Water, arriving December 16. n

deal. His single “Be My Lady” became a massive hit, and he was also instrumental in creating monster hits for songs like “Each Day with You,” “Pain,” “Please Don’t Throw My Love Away,” “Say That You Love Me,” “Ikaw ang Lahat sa Akin,” “Forever” and “You are My Song” which were all part of the 28 albums he recorded.

With his skyrocketing popularity, Nievera also dabbled into acting for a while, but music and performing always lured him back to the big stage, where he was always at his best.

THIS year is doubly special for singer Martin Nievera. First, he turned 60, and, second, he is celebrating his 40th year in the entertainment industry.

“I am officially a senior citizen!” he enthused, adding, “I’m excited to receive all the perks. But seriously I am beyond gratitude for reaching this far, and celebrating these milestones. Music and performing have been both my sources of happiness all these years.”

It has now been four decades since Nievera decided to try out the Philippine music scene.

Nievera found himself cohosting the late-evening variety show Penthouse Live with Pops Fernandez, not knowing that she will eventually become his wife. Their love story was followed by many, and their concerts were filled to the rafters. The two were honored with the titles Concert King and Queen, which up to this day were never relinquished to anyone in the Philippine music scene.

It was Vic del Rosario, former president of Vicor Music Corp. and now top honcho of Viva Entertainment, who got Nievera his first big recording

GMA prime-time block rolls out big surprises, plot twists

ExpEcT more drama, romance, intense revelations and confrontations on GMA Network’s prime-time shows starting this November 14. The historical portal fantasy series Maria Clara at Ibarra continues to be the talk of the town since its world premiere last October. It follows the story of Klay (Barbie Forteza), a Gen Z nursing student who time travels to the world of Noli Me Tangere.

More plot twists and adventures await avid viewers as the top-rating series enters a new chapter with Klay’s decision to stay in Dr. Jose Rizal’s novel and live as one of the community members in San Diego. She will have a big makeover which the fans

and netizens should look forward to.

Another character that everyone should watch out for is Elias, portrayed by Rocco Nacino who is all set to make the succeeding episodes more intense and action-filled.

Meanwhile, well-loved prime-time series StartUp PH has consistently earned rave reviews and the overwhelming support from viewers of all ages. The exceptional portrayals of the cast led by Alden Richards as Tristan and Bea Alonzo as Dani continue to captivate the hearts of its loyal fans and supporters. As the inspiring story of young entrepreneurs continues, the love triangle between

Tristan (Alden), Dani (Bea) and Dave (Jeric Gonzales) heats up bringing a rollercoaster of emotions to its loyal fans. Tristan finally admitted that he loves Dani and he is ready to fight for her. Is Tristan also ready to reveal once and for all to Dani the real identity of her fake pen pal Dave? And as the series nears its finale, how will Lola Joy’s (Gina Alajar) condition change and affect the lives and relationships of everyone she loves?

Finally, the latest dramatic soap Mano Po Legacy: The Flower Sisters has instantly captured the interest and attention of viewers with the powerful performances of its all-star cast.

All these years, Nievera has withstood the test of time and has successfully hurdled many of life’s challenges, in both his personal and professional life. He continues to deliver his best with each song that he sings, with every performance that he agrees to do, and in every show where he is featured.

To celebrate his 40th year, Nievera will have a special concert on Saturday, November 19, at The Theatre at Solaire. Billed as M4D, it will be a night of fun, fantastic, festive, familiar and fabulous music, a reminder to everyone of the icon that Martin Nievera has become.

The latest offering of the Mano Po franchise is headlined by Aiko Melendez as Lily, Thea Tolentino as Dahlia, Angel Guardian as Iris, and Beauty Gonzalez as Violet. The series revolves around the four chua sisters who wrestle with their own dilemmas and difficulties involving their personal lives. As they reunite, what controversies and revelations await them? What will be the role of Divina chua who seem to add fuel to the fire with the reunion of the four sisters?

These prime-time blockbusters air weeknights after 24 Oras. More information is available at www. gmanetwork.com.

FROM left: Dorothy Steel as Merchant Tribe Elder, Florence Kasumba as Ayo, Angela Bassett as Ramonda, and Danai Gurira as Okoye in a scene from Black Panther: Wakanda Forever AP

REp ‘carousel’ stars share thrill and weight of mounting of musical theater masterpiece

Areas under state of calamity due to Paeng are entitled to special privileges from PhilHealth

DOST holds expo on innovations in risk reduction and management at WTC

THE Department of Science and Technology (DOST) recently held an expo at the World Trade Center in Pasay City with the theme, “Handa Pilipinas: Innovations in Risk Reduction and Management Expo 2022.”

It said that hazards cannot be stopped but people can arm themselves “with knowledge, skills and technology.” This can be done by identifying the risks, developing a plan “to protect ourselves and our families.”

According to the World Risk Report 2022, the Philippines is the most vulnerable country to natural hazards as it lies in the Pacific Ring of Fire where earthquakes usually occur, and 20 to 25 typhoons ravage the country every year. This leads to damage to infrastructure and livelihood.

According to the same report, only 17 percent of the Filipinos are prepared and the way to prepare them is to “re-educate people on risk reduction and response.”

The three-day event, which was held from November 9 to November 11 discussed the science, technologies, and innovations that “could potentially save our lives, keep us from harm of natural disasters.”

DOST Secretary Renato U. Solidum Jr.

disclosed that according to the World Bank, “1.2 percent to as much as 4.6 percent of the country’s Gross Domestic Product or GDP is lost annually due to the damages brought about by typhoon,” thus the development gain of the country is limited.

The Philippines placed the highest of the 193 nations in the World Risk Index as the country most at risk and exposed to natural hazards and the adverse effects of climate change.

“We cannot do away with the Philippines being exposed to the natural hazards and the effects of climate change, but we can do something about it to lessen the impacts of the stress,” Solidum told the audience. The report, he said, covered the elements of exposure, vulnerability, susceptibility, and lots of coping capacity.

Among the guests who graced the occasion were Aklan 1st District Rep. and chairman of the House committee on Science and Technology, Engr. Carlito Marquez; DOST undersecretary for regional operations, Engr. Sancho Mabborang and DOST undersecretary for Research and Development, Dr. Leah Buendia. Other guests were inventors, Pasay City local chief executives and some industry stakeholders.

Mabborang said that recent research showed that the Philippines is known to be one of the most disaster-prone countries in the world.

“It is unimaginable how we met the impact of these hazards brought by the loss of lives and livelihoods and disrupted our society and ultimately our economy,” Mabborang said.

On the other hand, Marquez as the event’s guest speaker said that the United Nations “is warning us that the time is running out as greenhouse gasses are surging at record levels never seen before.” These greenhouse gases, he added, are responsible for warming the planet and triggering extreme weather events.

Marquez explained that human activities have raised the atmosphere’s carbon dioxide content by 50 percent in less than 200 years. “In 2020, the Covid-19 crisis slowed down the global economy and decreased the global carbon dioxide emission by about five percent,” he disclosed.

The event also highlighted inventions, technologies and innovations that contribute to risk reduction and response to hazardous calamities like typhoons and earthquakes.

Future Residents of BRIA Homes in Balingasag, Misamis Oriental to look forward to idyllic living

Located at Barangay Linggagao, BRIA Homes Balingasag is near San Isidro National High School, Misamis Oriental Institute of Science and Technology, and Misamis Oriental Provincial Hospital. The white sandy beach of Del Carmen Beach Resort beckons to sun worshippers while Gaisano Capital promises convenient shopping for visitors and locals.

To top it all, BRIA Homes Balingasag is within convenient distance to Cagayan de Oro City and beautiful Camiguin Island. For safety and privacy, BRIA Balingasag will be secured by perimeter walls, 24/7 CCTV coverage, a guarded entrance and exit, and LED lights in common areas of the community. Meanwhile, recreational facilities include a basketball court, parks, and a kiddie playground.

IN the light of the devastation brought about by Severe Tropical Storm Paeng (Nalgae), President Ferdinand R. Marcos Jr. signed Proclamation No. 84 declaring Calabarzon, Bicol, Western Visayas and the Bangsamoro Autonomous Region in Muslim Mindanao under the state of calamity for six months.

In response to the declaration of state of calamity by the President, the Philippine Health Insurance Corporation (PhilHealth) is extending various special privileges to affected members, employers and health-care facilities to ensure continuous provision of health care services to all Filipinos adversely affected by fortuitous events.

In its PhilHealth Circular 2020-0007, special privileges are granted by ensuring “continuous access to PhilHealth benefits and substantial aid to Health-Care Institutions in rebuilding their critically damaged health care system,” provided that a declaration of state of calamity is issued by competent authorities.

Affected members are granted exemption from the 45-day benefit limit and single period of confinement rule, as well as coverage even for confinements under 24 hours. The deadline for the payment of contributions for selfpaying members shall likewise be extended to provide greater financial flexibility.

The same will also apply to the employer in the affected areas.

On the other hand, affected health-care institutions shall be entitled to extended submission of claims from 60 to 120 calendar days, reimbursement for both referring and receiving health care institutions, extension on the submission of the mandatory reports, extension of validity of accreditation and/ or submission of application of health care providers, and reimbursement for destroyed claims.

Affected health-care providers are requested to send a letter request to the concerned PhilHealth Regional Office for the application of the said policy.

JuanHand collaborates with Sun Life Grepa

PERSISTENT in its goal to bring forth quality services to EveryJuan, Wefund Lending corporation has entered into an agreement with Sun Life Grepa to provide Group Credit Life Insurance Policy through JuanHand.

Under this partnership, Wefund seeks to help people in need through a loan protection program that will cover you and your loved ones by paying the borrower’s outstanding loans in case of the loaner’s untimely demise.

The agreement was signed by Sun Life Grepa President Richard Lim and Vice President Peter M. Miranda together with WeFund CEO Francisco “Coco” Mauricio.

“I am very positive that we will bring

value to both our organizations as well most importantly to our clients as well,” said Lim Mauricio added that JuanHand is also looking forward to this strategic collaboration and is positive that the fiveyear agreement will be an even bigger and better partnership.

EveryJuan will surely have a better loaning experience through this anticipated partnership that will achieve JuanHand’s mission of improving the lives of Filipinos by providing them with access to finance.

For updates, don’t forget to check JuanHand and Sun Life Grepa’s websites and follow them on all of their social media accounts.

LEADING property developer BRIA Homes will soon see the rise of its vast residential enclave in Balingasag, a laidback coastal municipality in Misamis Oriental, a province in Northern Mindanao.

Balingasag has more going for it than its picturesque tourist attractions and friendly, welcoming people. To date, the charming little town is poised to join the UNESCO World Heritage List due to its collection of colonial buildings that co-exist with indigenous Mindanaoan architecture. It is a distinct honor for Balingasag, to be sure, as it shows both modern economic growth and a justifiable pride in its Hispanic past.

The ongoing land development at the site of BRIA Homes Balingasag already augurs well for prospective Filipino homeowners and investors who are welladvised to check out the project, which is currently in pre-selling mode.

Its future residents may choose from BRIA Homes’ recently launched house models, Elena and Elyana xE, which are upgraded editions of BRIA’s rowhouse units, and the two-story Bettina. All Elena and

BRIA Homes Balingasag likewise offers aspiring homebuyers access to public transport options, even as upgrading of roads in the vicinity promises ease of travel for them and Balingasag locals.

Infrastructure and commercial projects are also in progress: the Balingasag-PelaezImpakibil Provincial Road, a 15.88-kilometer road that connects Baliwagan in Balingasag to Bulawayo in Claveria; the construction of the Balingasag Thermal Plant that aims to supply energy in Cagayan de Oro and Northern Mindanao areas; and the Balingasag Food Market, a P21 millioni project that will showcase the region’s agricultural and fish products.

Balingasag is, in fact, known for its bountiful harvest of tasty milkfish, which the town celebrates with an annual Lambangus Harvest Festival held at the Balingasag baywalk area.

BRIA Homes Mindanao Division Head Rey Montoya encourages Misamis Oriental property seekers to start investing in pre-selling BRIA Balingasag house and lot units today. “Aspiring Filipino homeowners and investors, including returning OFWs and retirees,” he asserts, “will benefit not only from opportunities in the emerging boom town, but also from the steady value appreciation down the road.”

Montoya likewise points out that it has always been the aspiration of many Filipinos to finally have a home to call their own. “Purchasing a BRIA Balingasag house and lot unit will be the fulfillment of this dream,” he says.

Interested property buyers in Misamis Oriental can check out BRIA Homes Balingasag properties through virtual tours via the BRIA website (www.bria.com.ph), send inquiries through the official BRIA Facebook page (https://www.facebook.com/ BriaHomesIncOfficial/), or reserve a property online through the BRIA reservation page (https://www.bria. com.ph/online-reservation/).

THE biggest and most anticipated construction trade show series in the country culminated the year in the capital city. It also adopted the hybrid format to reach out to more consumers and stakeholders on-site and online.

PHILCONSTRUCT Manila 2022 Hybrid Edition happened last November 3 to 6, 2022 simultaneously at two locations (from 10:30am – 6:00pm daily)—the SMX Convention Center Manila within the SM Mall of Asia Complex and the World Trade Center Manila. Virtually, it was accessed through the VX Events platform.

PHILCONSTRUCT completed this year’s three regional rounds prior to its Manila leg. PHILCONSTRUCT Luzon was staged in Clark, Pampanga last June; PHILCONSTRUCT Visayas in Cebu last July; and PHILCONSTRUCT Mindanao in Davao last September, all in hybrid editions for the first time.

“Through the years, PHILCONSTRUCT Manila has opened different opportunities for the construction sector and has led to several successful projects within the country and abroad,” said Engr. Ronaldo “Junn” Elepano, Chairman of Philconstruct 2022 Hybrid Series, the organizing team of the Philippines Constructors Association (PCA) and the main organizer of PHILCONSTRUCT Manila 2022 Hybrid Edition.

“Our goal is to connect people in the building and construction industry, making this an annual gathering for new discoveries, learnings, and opportunities,” he added. Entrance to PHILCONSTRUCT 2022 was free.

Keeping up to its tradition, the PHILCONSTRUCT Manila 2022 Hybrid Edition showcased the biggest assembly of brands and products on display at both physical venues. The widest showcase of products included construction materials, air

conditioning systems, heavy equipment and software, home appliances and kitchenware, refrigerants, powertools, water pumps, and electric wirings, among many others.

PHILCONSTRUCT Manila 2022 Hybrid Edition facilitated opportunities to meet and network with the industry’s best brands and suppliers in the vast construction industry such as Pacific Paint (Boysen) Philippines, Holcim Philippines, Wilcon Depot, Inframachineries Corporation, Samsung Electronics Philippines, Ingco Philippines, Procore and many more!

The four-day trade show featured several learning sessions and seminars. Technical Symposium by Philippines Society of Master Plumbers and Plumbing Engineers (PSMPE) Inc., Pilipinas Shell Petroleum Corporation will hold Shell Construction and Road Integrated Solutions for the Decarbonization of the Construction Sector, Bentley Education facilitated Digital [R] Evolution in infrastructure Industry Product Presentation, Association of Carriers and Equipment Lessors (ACEL) held Basic Principles of Formwork and Falsework and many more activities.

Estilo De Vida, the annual inter-school interior design competition, was also staged at PHILCONSTRUCT Manila. The competition has grown into an industry staple, gathering the most promising student designers into a show of creativity, passion and ingenuity.

The PHILCONSTRUCT Manila 2022 Hybrid Edition was supported by the organizers’ other partner organizations, including the Philippine Society of Ventilating, Airconditioning, and Refrigerating Engineers (PSVARE) and the Association of Carriers & Equipment Lessors (ACEL). “The show had over 1,000 booths and 500 equipment on display. The most massive event we have to date,” added Elepano.

PHILCONSTRUCT Manila Mounts Biggest Hybrid Trade Show at SMX Manila, World Trade Center Metro Manila

Elyena xE units have bedroom partitions, ceramic floor tiles in common living areas, tiled walls in the toilet and bath, a dual flush water closet, a telephone shower, and a bidet.

ASIDE from contemporary homes, BRIA Homes Balingasag is also equipped with convenient facilities for the convenience of its residents, such as perimeter walls, 24/7 coverage, guarded entrance and exit, basketball court, parks, and playground.

Investigation underway over midair crash at Dallas air show

By Juan A. Lozano, Josh Funk & Lm Otero The Associated Press

DALLAS—A national transportation official probing the cause of a midair crash of two historic military planes during an air show that left six people dead said Sunday that one of the key questions for investigators is why the aircraft were seemingly sharing the same space just before impact.

A World War II-era bomber and a fighter plane collided and crashed to the ground in a ball of flames on Saturday, leaving crumpled wreckage in a grassy area inside the Dallas Executive Airport perimeter, about 10 miles (16 kilometers) from the city’s downtown. Several videos posted on social media showed the fighter plane flying into the bomber.

“One of the things we would probably most likely be trying to determine is why those aircraft were co-altitude in the same air space at the same time,” Michael Graham, a member of the National Transportation Safety Board, said at a news conference.

The crash came three years after the crash of a bomber in Connecticut that killed seven, and amid ongoing concern about the safety of air shows involving older warplanes. The company that owned the planes flying in the Wings Over Dallas show has had other crashes in its more than 60-year history.

The crash claimed six lives, Dallas County Judge Clay Jenkins tweeted Sunday, citing the county medical examiner. Authorities are continuing work to identify the victims, he said. Dallas Fire-Rescue said there were no reports of injuries on the ground.

Armin Mizani, the mayor of Keller, Texas, said Terry Barker, a retired pilot who lived in Keller, was in the B-17 bomber that crashed. Mizani said he learned of Barker’s death from his family.

Mizani said Barker’s death has been difficult for his town of 50,000, where many of the residents know each other.

“It’s definitely a big loss in our community,” he said. “We’re grieving.”

Barker was an Army veteran who flew helicopters during his military service. He later worked for American Airlines for 36 years before retiring in 2020, Mizani said.

Maj. Curtis J. Rowe, a member of the Ohio Wing Civil Air Patrol, was a crew chief on the B-17, his brother-in-law Andy Keller told The Associated Press on Sunday. Rowe, of Hilliard, Ohio, did air shows several times a year because he fell in love with WWII aircraft, Keller said.

The Federal Aviation Administration also was going to investigate, officials said. The planes collided and crashed about 1:20 p.m., the FAA said.

Graham said five people were in the B-17 Flying Fortress bomber and a pilot was the only person in the P-63 Kingcobra fighter plane. The aircraft are owned by Commemorative Air Force, the company that put on the air show. The aircraft are flown by highly trained volunteers, often retired pilots, said Hank Coates, president of Commemorative Air Force.

John Cudahy is president of the International Council of Air Shows, a trade group that sets the standards air shows follow and oversees the training of pilots and “air bosses,” who serve as the flight controller for an event. Cudahy said that typically at air shows there is a Friday rehearsal where the pilots fly through the entire show to practice, so the Saturday show is actually the second time the pilots have flown the show. There are also detailed briefings each day to go over the plan for the air show and cover exactly where each pilot will be and their roles in the show.

“It’s still too early to figure out what happened yesterday. I’ve watched the tape several times and I can’t figure it out and I’ve been doing this for 25 years,” Cudahy said.

Investigators will examine the wreckage from both aircraft, conduct interviews of crews present at the air show and obtain pilot training and aircraft maintenance records.

“We’ll look at everything that we can and we’ll let the evidence basically lead us to the appropriate conclusions. At this point, we will not speculate” on the cause, Graham said.

A preliminary report from the NTSB is expected in four to six weeks, while a final report will take up to 18 months to complete.

Air shows must obtain special waivers from the FAA and all of the pilots have to demonstrate their skills in low flying and other maneuvers used in air shows, said John Cox, a former airline captain with more than 50 years’ experience. Cox is also founder of Safety Operating Systems, a company that helps smaller airlines and corporate flight services from around the world with safety planning.

Each air show is overseen by an air boss, Cox said.

“If there’s any adjustments that have to be made, it’s the air boss that makes those calls and the pilots comply with that,” he said. In addition, any pilot with a mechanical problem would announce it to the air boss, he said.

Air shows typically rely on extremely detailed plans, including contingencies for emergencies, Cox said. For example, any pilot who ran into trouble could break out of formation and go to a designated area free of other planes that is identified by a landmark of some kind.

The B-17, a cornerstone of US air power during World War II, is an immense four-engine bomber used in daylight raids against Germany. The Kingcobra, a US fighter plane, was used mostly by Soviet forces during the war. Most B-17s were scrapped at the end of World War II and only a handful remain today, largely featured at museums and air shows, according to Boeing.

The Commemorative Air Force has had previous crashes during its more than 60-year history, including a deadly 1995 crash near Odessa, Texas, involving a B-26 bomber that killed five crewmembers, according to an NTSB report. The plane crashed while practicing for an air show. The NTSB determined that the probable cause was the failure of the pilot to maintain minimum airspeed for flight.

Funk reported from Omaha, Nebraska, and Lozano reported from Houston.

Next Asean chair: Region no proxy for any powers

By David Rising & Sopheng Cheang The Associated Press

PHNOM PENH, Cambodia— Indonesia’s president vowed Sunday not to let Southeast Asia become the front lines of a new Cold War amid increasing tensions between the United States and China, saying as his country took over the chairmanship of the influential Association of Southeast Asian Nations that it would not become “a proxy to any powers.”

Joko Widodo said the 10-na tion bloc with a combined popu lation of some 700 million people “must be a dignified region” and “uphold the values of humanity and democracy”—principles that have been challenged by last year’s military takeover in Myanmar and concerns about human rights in Cambodia.

“Asean must become a peaceful region and anchor for global sta bility, consistently uphold inter national law and not be a proxy to any powers,” he said. “Asean should not let the current geopolitical dy namic turn into a new Cold War in our region.”

As China has grown more asser tive in the Asia-Pacific and pressed its claim to the self-governing democracy of Taiwan, the US has pushed back, leading to increas ing tensions.

Even as the Asean leaders met over the weekend in Phnom Penh, US naval exercises with its part ners in the so-called “Quad” group of nations—Australia, India and Japan—were underway in the Philippine Sea, east of Taiwan.

And on Saturday, China’s mili tary flew 36 fighter jets and bomb ers near Taiwan, ten of which flew across the median line in the Tai wan Strait that separates the is land from the mainland, according to Taiwanese officials.

The flights come as part of Chinese President Xi Jinping’s stepped up efforts to intimidate Taiwan by regularly flying fighter planes and bombers near the is land and firing missiles into the

sea around it.

In Sunday’s East Asia Summit, which ran concurrently with the Asean meeting and included both the US and China, US President Joe Biden underscored that freedom of navigation and overflight must be respected in the East China and South China seas and that all dis putes must be resolved peacefully and according to international law, according to the White House.

Biden said the US will compete vigorously with China while keep ing lines of communication open and ensuring that competition does not veer into conflict, while reaffirming the importance of peace and stability across the Tai wan Strait, the White House said.

The comments came just a day before a highly anticipated meet ing between Biden and Xi at the Group of 20 summit in Bali.

In Japan’s meetings with Asean leaders, Prime Minister Fumio Kishida also singled out China, expressing “serious concern over unilateral attempts to change the status quo by force in the East and South China seas as well as eco nomic coercion,” Japan’s Foreign Ministry said.

“He also pointed out the im portance of the peace and stabil ity across the Taiwan Strait and highly valued Asean’s call for ut most restraint.”

At the opening of the East Asia Summit, Cambodian leader Hun Sen called for unity, telling the gathering attended by Biden, Chinese Prime Minister Li Keq iang and Russian Foreign Minister

Sergey Lavrov that current global tensions have been taking a toll on everyone.

Without singling out any nation by name, Hun Sen said he hoped leaders would embrace a “spirit of togetherness in upholding open and inclusive multilateralism, pragmatism and mutual respect in addressing the existential and strategic challenges we all face.”

“Many current challenges and tensions have been hindering our past hard-earned efforts to pro mote sustainable development and causing greater hardship to people’s lives,” he said.

Li Keqiang, meantime, told a meeting of Asean, China, Japan and South Korea that amid a “tur bulent” global security situation, “unilateralism and protectionism are surging, economic and finan cial risks are rising, and global development is confronted with unprecedented challenges.”

As major economies in East Asia, Li said the group needed to “stay committed to promoting peace, stability, development and prosperity in the region and be yond, and to improving the peo ple’s wellbeing.”

The East Asia Summit also in cluded the leaders of Australia, New Zealand, South Korea, Japan and others.

Biden raised human rights con cerns in Cambodia when he met with Hun Sen on Saturday. In a statement after the meeting, the White House said Biden urged the prime minister—an authoritarian ruler in a nominally democratic na tion—to “reopen civic and political space” before its 2023 elections.

Biden, according to the White

House, also pushed Hun Sen to release activists including Theary Seng, a Cambodian-American law yer who was convicted of treason.

Biden also raised concerns about activities at Ream Naval Base, whose expansion Cambodian offi cials have described as a collabora tive effort between it and China.

Another topic Biden focused on was Myanmar, where the military overthrew the civilian govern ment in February 2021 and ar rested its democratically elected leader, Aung San Suu Kyi. As he met with Hun Sen, Biden stressed that the US was committed to the return of democracy in Myanmar, which had steadily headed toward a democratic form of governance before the takeover.

Asean has been struggling to get Myanmar to implement its fivepoint peace plan. The group has al ready banned leaders of Myanmar, a member state, from participating in its top-level events, such as the Phnom Penh summit.

Asean’s plan calls for the im mediate cessation of violence, a dialogue among all parties, me diation by an Asean special envoy, provision of humanitarian aid and a visit to Myanmar by the special envoy to meet all sides. Myanmar’s government initially agreed to the plan but has made little effort to implement it.

Asean leaders agreed on a plan Friday that largely puts the onus on the upcoming Indonesian chair manship of the group to develop measurable indicators and a time line for Myanmar to implement the five-point consensus.

Massive turnout in defense of Mexico’s electoral authority

By Fabiola Sánchez The Associated Press

MEXICO CITY—Tens of thousands of people packed the Mexican capital’s main boulevard Sunday to protest President Andrés Manuel López Obrador’s proposal to overhaul the country’s electoral authority in the largest demonstration against one of the president’s efforts during his nearly four years in office.

The massive turnout was a strong rebuke of the president’s assertion that criticism comes only from a relatively small, elite opposition.

Opposition parties and civil society organizations had called on Mexicans to demonstrate in the capital and other cities against proposed electoral reforms that would remake the National Electoral Institute, one of the country’s most prized and trusted institutions.

López Obrador sees the institute as beholden to the elite, but critics say his reforms would threaten its independence and make it more political. The initiative includes eliminating state-level electoral offices, cutting public financing of political parties and allowing the public to elect members of the electoral authority rather than the lower chamber of Congress.

It would also reduce the number of legislators in the lower chamber of Congress from 500 to 300 and senators from 128 to 96 by eliminating at-large lawmakers. Those are not directly elected by voters, but appear on party lists and get seats based on their party’s proportion of the vote.

The proposal is expected to be discussed in Mexico’s Congress in coming weeks, where the president’s Morena party and allies hold an advantage.

“I’m already fed up with Andrés Manuel, with so many lies, so much crime,” said Alejandra Galán, a 45-year-old manager, as she raised a Mexican flag in the middle of the multitude. “He wants to take the [electoral institute] from us so that eventually it’s like Venezuela, Cuba, but we’re not going to let him.”

Jorge González said such comparisons to authoritarian regimes may seem exaggerated at this point, but “I think it’s only a step away. We have to have a clear separation of powers, independent institutions and especially the National Electoral Institute.”

The 49-year-old, who works in the finance sector, noted the seven decades of uninterrupted rule by the Institutional Revolutionary Party, which was finally ousted in 2000. “The fear is not having an independent

civic institution, where we can really trust in the elections and [instead]w going back to a way with an institute where it’s run by a single party.”

Fernando Belaunzarán, one of the promoters of the protest, said 200,000 people participated in the march. Authorities did not confirm this figure.

López Obrador has spent decades battling electoral authorities. He considers himself a victim of electoral fraud on multiple occasions, though it was the National Electoral Institute that confirmed his landslide presidential victory in 2018.

Organizers have said the march is not against López Obrador, but to draw attention to the proposal and to urge lawmakers to vote against it.

López Obrador’s party does not have enough votes to pass the constitutional reform without support from the opposition.

Last week, López Obrador dedicated a good part of his daily morning press conferences to dismissing the promoters of the demonstration, calling them “cretins” and “corrupt,” aiming to trick the people. He defended the proposal as seeking to reduce the electoral authority’s budget and avoiding “electoral fraud.”

While agreeing that some cost savings

could be desirable, some analysts worry eliminating the state electoral offices would concentrate power too much at the federal level and sacrifice efficiency.

Selecting members of the Electoral Court and leadership of the institute by popular vote would give the parties more power to pick candidates. The proposal would also reduce members of the institute’s council from 11 to seven.

Patricio Morelos of Monterrey Technological University pointed out that with López Obrador enjoying high popularity and his party controlling the majority of Mexico’s 32 state governments, they would have an advantage if the electoral authority is remade and would likely exert control.

Protester Giovanni Rodrigo, a 44-year-old salaried worker, said López Obrador does not want to let go of power, if it’s not himself in the presidency, he wants to decide who.

“I believe without a doubt he is the best politician that exists today in modern history and that’s why he is the owner of a party” that controls the majority of Mexican states, he said. “It hasn’t been enough. He wants more and more.”

Rising reported from Bangkok.

CAMBODIAN Prime Minister Hun Sen, left, hands over the gavel to Indonesian President Joko Widodo during a transfer of Asean Chairmanship during the closing ceremonies of the 40th and 41st Asean Summit in Phnom Penh, Cambodia, on Sunday, November 13, 2022. AP/HENG SINITH

IN this photo provided by Larry Petterborg, a Boeing B-17 Flying Fortress and a Bell P-63 Kingcobra collide in midair during an airshow at Dallas Executive Airport in Dallas on Saturday, November 12, 2022. LARRY PETTERBORG VIA AP

INTRODUCING: TEAM EJ OBIENA

Sports

Defense now on Gilas Pilipinas main course

SAUDI ARABIA again looked like a walk in the park for a national men’s basketball team that went 2-0 on the road in the International Basketball Federation (FIBA) World Cup Asia qualifiers.

G ilas Pilipinas’s defense clicked to compliment a modest offense and the result was a 76-63 beating of the Saudis in their home court at the King Abdullah Sports City in Jeddah at dawn Monday.

“ Obviously, we’re very happy with the result. We focused really on our defense and we were able to stop their players,” Gilas head Coach Chot Reyes said. “I think the result that we were able to hold them below 70 points speaks well of our ability to defend.”

Talk about defense and 7-foot3 Kai Sotto was tops in that department. He made five of Gilas’s seven blocks against the Saudis, who were miserable with a 28 of 66 shooting to the Filipinos’ 27 of 61.

R oger Pogoy and Dwight Ramos had 13 points each while Sotto got 11 points and nine rebounds for Gilas, which played Saudi Arabia fresh from dealing Jordan its first home loss in four years, 74-66, in Amman only two days ago.

C J Perez scored all 10 points in second half and Scottie Thompson added nine points and nine rebounds for the Philippine team that routed Saudi Arabia, 84-46, at home last

Bigger Champions League expected in years to come –PNVF president Suzara

THE Champions League that wrapped up its 2022 edition on Sunday night at the PhilSports Arena could only get bigger and wider in scope, according to organizer Philippine National Volleyball Federation (PNVF).

Fifteen teams in the men’s division and eight in the women’s side competed in the Champions League with Cignal HD and California Precision Sports-Antipolo City winning the trophies.

The objective is to hold next year and years after that provincial or regional tournaments on the way to the Champions League,” PNVF President Ramon “Tats” Suzara said. “And the focus will always be on the grassroots, the local government units [LGUs].”

Ten of the 23 teams in the recent Champions League were provincial squads and Suzara said that the impact of this year’s edition has inspired other LGUs to participate next year.

“ Next to basketball, volleyball is bound to be the next team sport Filipinos will be seriously engaged in,” said Suzara, adding the PNVF has a packed 2023 calendar with the Champions League set in its November schedule.

A ccording to Champions League competition director Oliver Mora, there were more LGUs which clamored for inclusion but were turned down because of regulations on competition schedule that are all under International Volleyball Federation (FIVB) format.

The PNVF organized two international competitions this year—a men and women leg of the Volleyball Nations League at the Smart Araneta Coliseum last June and the Asian Volleyball Confederation Women’s Cup also at the Philippine Sports Commission’s PhilSports Arena last August.

A nd the PNVF isn’t done yet, according to PNVF Secretary General Don Caringal, as Subic is set to play venue to the Volleyball World Beach Pro Tour featuring top teams in the world with four Philippine squads participating. The event is set from December 8 to 11.

Lesser lights hoping for reversals as Villamor ICTSI Match Play starts

WHILE the first round draw looks to favor the top-ranked bets, the lesser lights are keen on stirring up play as they go mano-a-mano in the International Container Terminal Services Inc. (ICTSI)

Villamor Match Play Invitational beginning Tuesday at the Villamor Golf Club in Pasay City.

Top seed Dutch Guido Van der Valk faces No. 32 Dan Cruz, No. 2

Tony Lascuña battles Paul Echavez, Clyde Mondilla clashes with Mars Pucay, Zanieboy Gialon mixes it up with Art Arbole, and Miguel Tabuena collides with Richard Sinfuego in the last five flights of the 16-pair duels in the men’s side of the four-day event wrapping up the Philippine Golf Tour (PGT) and Ladies PGT season.

“ Every match this week will be tough. Everyone can play good golf so it will be who has the best round,” said Van der Valk, who

moved to the Philippines in 2008 while playing on the Asian Tour.

I played match play a lot in my life. Most of the big European amateur tournaments are match play. But I played only one match play as a pro and it has been a long time,” he added. “As for the match (against Cruz), I’ll try and play smart bit in the end, you just have to hit good shots and hole putts.”

Lascuna, on the other hand, will bank on his driving to fuel a campaign he hopes would snap a three-tournament spell in the cir cuit put up by ICTSI and organized by Pilipinas Golf Tournaments, Inc.

Driving will be key here, given the tightness of the fairways. A good hit will give one easy target for birdies,” said the multi-titled Lascuña during yesterday’s pro-am tournament that drew 18 of the leading players from the PGT and LPGT. “I think my experience will carry me through although any

4-cornered fight seen in Nomura Cup

AFOUR-CORNERED

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Queens of jiu-jitsu

A FEW nights ago, I had the pleasure and privilege of talking with newly-minted jiu-jitsu world champions Kimberly Anne in the 45-kg class and Meggie Ochoa in the 48-kg category.

By Josef Ramos

JOHN “EJ”

ERNEST

OBIENA’S quest for the men’s pole vault gold medal at the Paris 2024 Olympics goes full throttle with his very own Team EJ now in place.

“ This is where the hard work comes, to build a strong founda tion, that’s why I need to train and condition myself with the help of my team,” Obiena told Busi nessMirror on Monday from his training base in Formia, Italy.

I n the mold of Olympic weight lifting gold medalist Hidilyn Diaz Naranjo’s Team HD, Team EJ is made up of:

n V italy Petrov (Ukraine) Coach and Trainer

n Antonio Guglietta (Italy) Physiotherapist n Francesco Niko Viscusi (Italy) Masseur n Sheryll Casuga (Philippines) Sports Psychologist n Caroline Lafferty (Canada) Nutritionist n Jim Lafferty (US) Mentor/ Adviser

The objective, Obiena said, is to have him qualify for the Paris Olympics and along the way, build up his his bid at breaking the 6.0-meter mark in his event.

Jim Lafferty said that Obiena’s successful campaign would depend on the people around, adding the world championships bronze medalist is now surrounded with people who are experts in their fields.

Nobody wins alone and it takes a village to make a champion,” Lafferty said.

Jim Lafferty has been very much in Obiena’s athletics career.

I’ve been with the Laffertys since 2015. Jim gave me a pole when I needed one that year,” Obiena said. “He’s always there helping athletes like me.”

J im Lafferty was a former CEO of Procter and Gamble, Coca-Cola and British American Tobacco all in the Philippines.

biena said Guglietta, 38, has years of experience as an osteo path dealing with soccer players and Olympic track and field ath letes and swimmers.

Viscusi is in his early 20s and is the youngest member of the team.

“He determines if there’s a tightness in my hamstring and he’s with Vitaly most of the time. He gives comments

thing can happen in match play.”

But I’m also due for a win after placing second at Eagle Ridge-Aoki, Riviera and Pradera Verde,” he added.

L ike Lascuna, Van der Valk, winner of the Splendido Taal and Pradera Verde legs this year, said emphasis will be on the mound while downplaying the heat factor, stressing: “I think hitting fairways off the tee is key. If you get into the rough or worse on the trees, it will be tough. As for the heat, I don’t think it will be worse here than in the other weeks we played this year.”

Eight matches are also on tap in the women’s side whipped up by the presence of two top amateurs with young Rianne Malixi raring to showcase her talent and skills in head-to-head duels after proving her worth in stroke play competi

World Amateur Golf Rankings with Minato Oshima and Riura Matsui as his backups.

to Vitaly every training about my muscles’ conditions,” Obiena said.

“He was Thiago’s [Da Silva] masseur after the Rio Olympics.”

Casuga, on the other hand, is a Filipino clinical psychologist based in San Francisco, California. a A graduate of the University of the Philippines, Ca suga works with the US Olympics Com mittee and handles several athletes on the US Olympic team.

C aroline Lafferty, Jim’s wife, is EJ’s nutritionist since 2018.

Petrov?

The three-time Olympic champion who’s now 77—his coaching skills are legendary having produced world cham pions Sergey Bubka and Yelena Isinbaye va and Rio Olympics gold winner Thiago Da Silva—needed no introduction.

Petrov is the captain of the ship,” said Obiena, who started training with Petrov in 2014. “He puts direction wherever I go.”

Diaz Naranjo now has her famous Tea m HD, a group that significantly helped mold her to become an Olympic champion. Her team is composed of her husband Julius Naranjo as head trainer, Jeaneth Aro as nutritionist and Karen Katrina Trinidad as sports psycholo gist. Former Chinese Head Coach Kai wen Gao was on the team but has since returned to Beijing.

tion that saw her win all her three stints at Luisita, Valley and Riviera.

The 15-year-old Malixi, also coming off a remarkable campaign in Thailand last month with a victory and two runnerup finishes, tangles with Pamela Mariano at 7:32 a.m.

“ I believe that consistency is key, especially the short game,” said Malixi.

M afy Singson, who also upstaged the pros at Splendido Taal last May, gets a tough opening round draw against second seed Harmie Constantino, who ruled the final LPGT event at Pradera Verde and who knows Villamor like the back of her hand.

Order of Merit winner Chihiro Ikeda also braces for an early test with Martina Miñoza at 7:56 a.m. while Sarah Ababa and Florence Bisera duel at 7:40 a.m.

paired with the Philippine trio as well as Hong Kong in the first three flights in the opening round of the event.

Japan is eyeing its second win in the last three stagings of the biennial event, pinning its hopes on Yuta Sugiura who at No. 32 is the highest rated player in the

A perennial title contender, Korea fields Yubin Jang, Hyun Uk Kim and Dong Hyun Moon expected to make another good run at the title it won for the first and only time when it hosted the Nomura Cup in 2009.

The Koreans are actually

My learning and takeaway from conversing with them was that they remained grounded and centered despite being the best in the world at what they do.

For Kim, a Herculean focus and concentration despite getting Covid, the delta variant at that, with about a month to go before the competition.

For Meggie, it wss repeating as world champion despite a different set of circumstances and challenges.

They both wear their faith on their sleeves before, during and after they compete.

Meggie is not only a two-time world champion but also a two-time Southeast Asian Games gold medalist and a twotime Asian champion.

Ochoa’s dominant run all the way to the world title was characterized by the fact that she did not give up a single point to any of her opponents.

Custodio, on the other hand, was weary of her Thai opponent. She won her match that could’ve gone either way, eking out a 6-4 decision to earn bragging rights being the

T he local campaign will be bannered by Kristoffer Arevalo, Elee Bisera and Coby Rolida with Bisera and Rolida out to make their national team debuts a memorable one before a hometown crowd.

best 45-kg jiujitsu practitioner on the planet.

B oth Meggie and Kim are very much aware of the pressure and the bullseye on their back which is part and parcel of being the best in the world.

They both welcome the pressure and my sense is they embrace and accept all of it.

B oth have said they’ll be back to defend their titles. For Kim, winning back to back will be a challenge she will most likely look forward to.

For Meggie, winning a third straight world championship in her weight class, you’ve got to put her right up there among the best women grapplers ever in her weight division.

Jiujitsu is one of the sports where us Filipinos can excel because it neither requires height nor length. There’s no advantage in strength because there are weight classes.

S peaking of queens of jiujitsu, 5-year0-old Aleia Aguilar became the country’s youngest world youth jiujitsu champion.

Lomibao

ERNEST JOHN “EJ” OBIENA surrounds himself with experts as he embarks on his quest for an Olympic gold medal in Paris 2024.

PHILIPPINE National Volleyball Federation President Ramon “Tats” Suzara hands California Precision Sports-Antipolo City’s Casiey Dongalo Most Valuable Player and Best Outside Hitter awards.

August with Utah Jazz star Jordan Clarkson bringing his act to the Mall of Asia Arena.

Samahang Basketbol ng Pilipinas (SBP) executive director Sonny

Barrios welcomed Gilas achievement as he emphasized that Reyes and his deputies Tim Cone and Jong Uichico are mastering the team’s defense. There is an old saying that there’s

an off day in offense but none in the defensive end,” Barrios said. “All you have to do is to exert an effort.” Josef Ramos

THE Filipino dribblers repeat over Saudi Arabia in Jeddah. FIBA ASIA PHOTO

Pongsapak Laopakdee, a member of the last Junior Presidents Cup International team.

TOP-SEEDED Dutchman Guido Van der Valk has a target on his back.

UST’S HENRY SY, SR HALL TO BOOST HEALTH EDUCATION

PURSUING

by fostering the youth and the culture of excellence through education, the Henry Sy Foundation, Inc. (HSFI) recently inked a partnership with the University of Sto. Tomas (UST) Research and Endowment Foundation to construct a building that elevates health education in the country.

N amed in honor of the late SM Founder, the Henry Sy, Sr. Hall of UST will rise on the main campus in Manila to respond to the needs of digital medical education.

T he Hall will feature technologically advanced facilities and equipment that complement UST’s teaching, learning, and research practices. Focused on interdisciplinary collaboration in medical studies, it will also house the simulation and research facility of the UST Faculty of Medicine and Surgery (UST-FMS).

Paragons with passion

Fr. Richard Gaw Ang, OP, Rector of UST, thanked the Sy family as they work together to provide the best education to future physicians and increase UST’s research productivity to fill the gaps where communities are disadvantaged.

Your family consists

of industry leaders who have visions for the Filipino community. Your choice to support this endeavor of the UST Faculty of Medicine and Surgery is a significant stamp of approval to the work and tradition of this medical institution,” Fr. Ang said in a letter to the Sy family.

Your family’s Patriarch, Henry Sy, Sr., had principles in life that we, as an institution, give our best to also follow. We aim to lead as paragons with passion, integrity, far-reaching and optimistic vision, sensible priorities, and discipline. At the core of this is a deep sense of charity for God, the church, and the nation,” Fr. Ang added.

UST’s future Henry Sy, Sr. Hall Rising as an intellectual hub for future physicians, the building has a dedicated floor for the Faculties of Medicine and Surgery Research Center and the

T he HSFI is a non-stock, non-profit organization inspired by SM founder Henry Sy, Sr.’s desire to aid educational institutions to drive Philippine social development. Its projects are undertaken in partnership with the SM group and its foundations to honor the SM founder by supporting educational institutions in promoting academic excellence as a key to a brighter future for the youth. Through the years, the foundation established and supported several academic infrastructures, such as the Henry Sy Sr. Primary School Building in Xavier School, Nuvali Laguna; Henry Sy Sr. Innovation Center in Miriam College, Quezon City; NU Sports Academy in Calamba, Laguna; NU Nazareth School in Manila; and a Henry Sy Sr. Hall each at Immaculate Conception Academy, San Juan City, and Assumption College.

Leaders of Henry Sy Foundation Inc. (HSFI), led by the Sy family (L-R: Harley Sy, Hans Sy, Elizabeth Sy, Debbie Sy, Tessie Sy, Henry Sy Jr, Engr. Ramon Gil Macapagal (extreme right)) , formalize its partnership with the University of Sto. Tomas (L-R: UST Rector Fr. Richard Gaw Ang, OP, Dr. Ma. Lourdes Domingo, Fr.

Angel Aparicio, OP, Fr. Maximo Gatela, OP)

its objective of driving Philippine social development

Medicine and Surgery Graduate Programs and Ethics Review Board. Here, medical education research and

Thumbs up! Leaders of the Henry Sy Foundation Inc. (HSFI) and the University of Sto Tomas during the Henry Sy Sr. Hall partnership signing.

Designed by C.A. Ventura & Partners, the upcoming Henry Sy., Sr. Hall in UST is envisioned to propel the health education of future physicians in the country.