BusinessMirror November 19, 2021 by BusinessMirror

Amid high freight rates, UN sees price spikes By Tyrone Jasper C. Piad

@TyronePiad

ONSUMER prices are seen to “significantly” increase in the coming year due to shipping bottlenecks that have forced freight rates to go up as well, according to a report by the United Nations Conference on Trade and Development (Unctad). In its Review of Maritime Transport 2021 report, Unctad said the high freight rates are expected to linger in the coming months, posing a threat to economies’ bid to recover amid the pandemic. Its analysis points to an 11-percent increase in global import

Rotary Club Of Manila Journalism Awards

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year

prices between now and 2023 if freight rates remain high. This, as consumer price levels are expected to rise by 1.5 percent during the same period. “The current surge in freight rates will have a profound impact on trade and undermine socioeconomic recovery, especially in developing countries, until maritime shipping operations return to normal,” Unctad Secretary-General Rebeca Grynspan said. “Returning to normal would entail investing in new solutions, including infrastructure, freight technology and digitalization, and trade facilitation measures.” The spike in freight rates were

due to “mismatch between surging demand and de facto reduced supply capacity,” Unctad said. Since the second half of last year, the UN committee explained that consumer spending was primarily focused on goods instead of services amid the mobility restrictions. “Working from home, online shopping and increased computer sales all placed unprecedented demand on supply chains,” it noted. The surge in orders put pressure on the supply chains due to heavier containerized trade flows, Unctad said, noting this was exacerbated by capacity constraints such as container ship carrying capacity, container shortages,

labor shortages, Covid-19 restrictions across port regions and port congestions. The report cited Shanghai Containerized Freight Index spot rate on the Shanghai-Europe route that increased to $4,000 per TEU (twenty-foot equivalent unit) by the end of 2020 from less than $1,000 in June of the same year. The spot rate swelled to $7,395 by the end of July this year. “On top of this, cargo owners faced delays, surcharges and other costs, and still encountered difficulties to ensure their containers were moved promptly,” it added. See “Amid,” A2

BusinessMirror A broader look at today’s business

ejap journalism awards

business news source of the year (2017, 2018, 2019) DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS PHILIPPINE STATISTICS AUTHORITY

DATA CHAMPION

BSP KEEPS RATES FOR www.businessmirror.com.ph

Friday, November 19, 2021 Vol. 17 No.42

P25.00 nationwide | 3 sections 24 pages | 7 days a week

8TH CONSECUTIVE TIME By Bianca Cuaresma

@BcuaresmaBM

HE Bangko Sentral ng Pilipinas (BSP) decided on Thursday to keep all monetary policy rates unchanged at record-low levels amid the lower-than-expected inflation rate for this year. In the announcement of their monetary policy setting held at Boracay, BSP Governor Benjamin Diokno said the Monetary Board decided to maintain the interest rate on the BSP’s overnight reverse repurchase facility at 2 percent. T he i nterest rates on t he overnight deposit and lending facilities were likewise kept at

1.5 percent and 2.5 percent, respectively. This is the eighth consecutive time that the BSP decided to keep its record accommodative monetary policy stance since it made cuts to boost the economy amid the disruptions caused by the pandemic. See “BSP,” A2

TRADERS MUST BRACE FOR MORE SHIPPING PROBLEMS UNTIL 2023

MPORTERS and exporters must brace themselves for a worsening shipping and logistics situation that may persist even until 2023, as industry players do not see immediate signs of improvement. Roya l Cargo Inc. (RCI) President Elmer U. Sarmiento explained that recent developments both in local and international trade could further prolong and aggravate the already stretched global supply chain. Sarmiento pointed out that China’s zero tolerance toward Covid-19 pandemic “will exac-

erbate” the “already stressed supply chain” this year. China shut down the Ningbo-Zhoushan port, one of the busiest in the world, for about two weeks in August after just one worker tested positive for Covid-19. “Some warn that this may not be the last closure at the port if Beijing continues to be very strict with their Covid-19 containment measures,” he said at a webinar hosted by the Cold Chain Association of the Philippines on Thursday. See “Traders,” A2

PESO exchange rates n US 50.3950

A Grade 3 teacher fondly called “Ma’am Jing” by her pupils guides them in a reading comprehension session inside the San Juan Elementary School in Cainta, Rizal. The Department of Education has allowed face-to-face classes in many public schools following IATF-EID guidelines. Ma’m Jing says she expects more pupils to attend the face-to-face sessions as cases of Covid-19 have dropped and the government has started inoculating minors against Covid-19. BERNARD TESTA

PHL bears nearly half of tourism jobs lost By Samuel P. Medenilla

@sam_medenilla

N estimated 1.6 million tourism-related jobs in five Asia-Pacific region countries were lost last year from the “catastrophic” business disruption caused by the Covid-19 pandemic, according to a new study from the International Labor Organization (ILO). Of the said figures, almost half came from the Philippines,

where employment in the tourism sector contracted by 28 percent—significantly higher than the 8 percent in the non-tourism sector. “Workers in the tourism-related sector working zero hours per week rose two thousand-fold [affecting 775,000 workers],” ILO said in a statement on Thursday. The rest of the displaced tourism workers come from Brunei Darussalam, Mongolia, Thailand and Vietnam.

Extended impact

ILO Assistant Director General and Regional Director for Asia and the Pacific Chihoko AsadaMiyakawa said the trend could persist next year unless measures are taken to address it. “Even with countries in the region focusing heavily on vaccinations and designing strategies to slowly re-open borders, jobs and working hours in the tourism-related sector are likely to remain below their precrisis numbers in Asia–

Pacific countries into next year,” Miyakawa said in a statement. Aside from job losses, ILO also expressed concern over the deterioration of the quality jobs in the tourism sector. “Women workers appear to have been particularly hit with an increased concentration of women carrying out food and beverage serving activities, the lowest-paid jobs in the sector,” ILO said.

n japan 0.4418 n UK 67.9526 n HK 6.4711 n CHINA 7.9011 n singapore 37.1782 n australia 36.6170 n EU 57.0471 n SAUDI arabia 13.4358

See “PHL,” A2

Source: BSP (November 18, 2021)

News

BusinessMirror

A2 Friday, November 19, 2021

Locsin wants passenger cap lifted as air fares for flights to PHL soar

By Malou Talosig-Bartolome

OR three years, Elvis Maribung, a printing press worker in Riyadh, Saudi Arabia, has not seen his family in Cagayan due to the travel hassles from the the pandemic. In August this year, he tried to file his vacation leave, but was told there are no flights available. Then this week, his hopes went up again—Saudi Arabia was named one of the green list countries and he could go home without quarantine. He immediately filed for leave and his office booked his flight. When his two-way ticket was handed over to him, he read and saw the cost of his flight—6,050

BSP...

Continued from A1

“The sum of new data suggests that there remains scope to hold monetary policy settings steady amid

Saudi riyals or more than P81,000. “It was good that our office will pay for my ticket. I don’t think I could go ahead with my vacation if I had to pay that sum,” Elvis told the BusinessMirror, speaking partyly in Filipino. It turns out that airline companies are charging sky-high fees for

a manageable inflation environment. The Monetary Board maintains that keeping a patient hand on the BSP’s policy levers, along with appropriate fiscal and health interventions, will keep the economic recovery more sustainable over the next few quarters,” the governor said. Inflation, in particular, gave more

overseas Filipinos wishing to fly back to the Philippines in time for Christmas. A review SkyScanner travel website shows that if an overseas Filipino would books for a December 1 flight and returns on December 30 the two-way tickets would cost:

n Riyad-Mla-Riyadh—P75,000P120,000 n Dubai-Mla-Dubai—P64,100P162,000 n Kuwait-Mla-Kuwait— P70,800-P268,000 n Los Angeles-Mla-Los Angeles—P92,981 - P118,000 n Rome - Mla - Rome P50,000P154,000 n Sydney-Mla-Sydney— 70,000-P153,000 n Hong K ong - M l a - H K— P26,000-P49,000 n Singapore-Mla-Singapore— P23,000-P113,000

leeway for the retained stance for the year.

Inflation forecast

In the same press conference, BSP Deputy Governor for the Monetary and Economics Sector Francisco Dakila Jr. said they have revised their inf lation forecast for the country

Foreign Affairs Secretary Teodoro L. Locsin Jr. suggested an increase in the number of passenger arrivals for fully vaccinated OFWs in the coming weeks leading to Christmas season. “We have to raise the cap on arrivals of OFWs fully vaccinated first and foremost in the Middle East so they can come home for Christmas without paying thousands of $ for an economy seat which airlines have to charge to barely recover cost. If vaccinated, let them in,” he said in a tweet. To control the spread of Covid-19, the Philippine government is only allowing 4,000 passengers per day at the Ninoy Aquino International Airport. This has sparked counter moves from other countries, raising air fares in the process. Aside from Manila, flights to Clark, Subic and Cebu airports for all international airlines would also help OFWs.

for this year to 4.3 percent from 4.4 percent in their September forecast. While this is lower, it is still above the 2- to 4-percent target range for this year. Dakila said the lower forecast was brought about by the tamer-thanexpected inflation print in October. By November, Dakila said inflation is expected to simmer down below 4 percent and will continue to decelerate to below 3 percent in the first quarter of next year. For 2022 and 2023, the BSP retained its inflation forecasts at 3.3 percent for next year and 3.2 percent for 2023. However, Diokno said the risks to the inflation outlook have shifted towards the upside for 2022. The governor said upside risks are mainly linked to the potential impact of weather disturbances on the prices of key food items, petitions for transport fare hikes and the possibility of a prolonged recovery of domestic pork supply. Strong global demand amid persistent supply-chain bottlenecks could also exert further upward pressures on international commodity prices. “The BSP will continue to prioritize providing policy support for the economy while keeping an eye on the potential risks to future inflation. The BSP stands ready to respond to potential second-round effects arising from supply-side pressures, in line with its price and financial stability objectives,” Diokno said. This is as per the Monetar y Board ’s observation that economic growth appears to be gaining solid traction, driven by improved mobility and sentiment amid the calibrated relaxation of quarantine protocols and continued progress in the Government’s vaccination program. “Nevertheless, the Monetar y Board noted that sustained measures to safeguard public health and welfare remain crucial to facilitate the recovery in investment and employment,” Diokno added. In his analysis after the BSP’s announcement, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said the retained monetary policy is crucial for the economy's recovery. “Continuation of accommodative monetary policy is a major pillar for the country's economic recovery program from Covid-19, as this helps in keeping short-term borrowing costs relatively lower that spurs greater demand for loans that, in turn, helps in stimulating more investments as well as the creation of more jobs and generates more business and economic activities,” Ricafort said. “Accommodative monetary policy would still do more of the heavy lifting for the economy, in view of the lack of funds for any additional stimulus measures, in view of the constraints presented by the wider budget deficit and overall debt levels in recent months due to the Covid-19 pandemic,” he added.

www.businessmirror.com.ph

PHL... Continued from A1

To address the situation, ILO Senior Economist and lead author of the study Sara Elder said the government must step in and provide much-needed aid to struggling tourism establishments. “Recovery will take time and affected workers and enterprises in the tourism sector will continue to require assistance to replace lost incomes and preserve assets,” Elder said.

Local initiatives

In the Philippines, the Department of Tourism enrolled several measures under its National Employment Recovery Strategy (NER) to help the ailing loca l tour ism industr y. The measures include issuance of world trade and tourism council safe travels stamp and safety seal certification; waiving fees for DOT accreditation; and financial assistance to tourism enterprises.

Traders...

For its par t, the Depar tment of Labor and Employment (DOLE) will be transitioning tourism workers to other sectors through employment facilitation initiatives like job fair and training. In a Viber message, Labor Assistant Secretary Dominique R. Tutay told the BusinessMirror they hope these initiatives will help in local tourism’s recovery next year. “With the easing of alert levels, more tourism-related establishments will gear up for recovery,” Tutay said. She noted that in some areas like in Clark, Pampanga, tourism establishments are already hiring additional workers since they now operate at 90-percent capacity. However, she was quick to add that the establishments would likely focus on domestic tourists for now. “In this period of recovery, we encourage domestic tourism while there are still limitations for foreign travelers to the Philippines. We cannot lower our guard even if Covid cases have gone down,” Tutay said.

The RCI official noted that certain domestic developments magnify the current problems of logistics and shipping. He noted a tightening in the ports of Manila as the Bureau of Customs (BOC) limits the number of reefers coming in by rationing reefer plugs. “Even our own ports in Manila are getting very tight. Better try Subic and Batangas,” he said. Sarmiento said the outlook for the globa l shipping and log i st ic s sit u at ion rem a i n s gloomy as vessel delays due to port congestion and container shortage will continue in the next two years. “Tight space situations will persist for exports to Europe and USA but there will be easing up for Asia. Freight rates will remain high except for sailings in China,” he said. “Now, shipping lines refuse to send boxes in-land so they can pick up cargoes and empty containers immediately back to factories in Asia as quickly as possible to take advantage of historically-high shipping rates for exports,” he added. Sarmiento said the new normal for local importers and

exporters would include early planning for their orders and bookings by weeks or months ahead. Sarmiento added that some countries such as Vietnam have already opted to ship their goods via charter f lights instead of ocean freight. “Nobody knows…as a matter of fact no one is sure that this will normalize at all. This whole sea freight fiasco does not seem to be going away anytime soon and we are all on the same boat,” he said. Sarmiento cited the situation of RCI’s Iris Paoay, which made a direct sail to Los Angeles, USA from the Philippines, butt waited two weeks until it was allowed to berth due to persisting port congestions in the West. “It just completed discharging containers in LA. Because of port congestion in LA we waited for two weeks until its berth,” he said. “The added costs are really tremendous by just waiting. Finally, this ship has completed discharging and is now waiting for loading of imports back to the Philippines,” he added. The existing global shipping and logistics problems have been f lagged by experts and industry players as a huge concern to the country’s trade as they have caused delayed arrival of imports and higher costs for exports. Jasper Emmanuel Y. Arcalas

Amid...

spread, even within Europe, and will be generally greater in smaller economies,” Unctad added.

Continued from A1

Varying impact

The high freight charges will affect all economies, but some will see greater impact. Unctad said that small island developing states (SIDS) may deal with import prices rising by 24 percent and consumer prices increasing by 7.5 percent. The least developed countries (LDC), meanwhile, may see consumer price levels climb by 2.2 percent. The heightened freight rates will increase production costs as well, the report noted, particularly for SIDs and LDCs where consumption and production highly depend on trade. As a result, for example, Unctad projects a 10.2-percent consumer price increase in low-value-added items such as furniture, textiles, clothing and leather products, which are produced by low-wage economies. The report also sees price increases in rubber and plastic products (9.4 percent), pharmaceutical products and electrical equipment (7.5 percent), motor vehicles (6.9 percent) and machinery and equipment (6.4 percent). “ T he i mpac t of t he h ig h freight rates will not be evenly

Resolving shipping woes

By improving the quality of port infrastructure, Unctad said average maritime transport costs will be cut down by 4 percent. Better trade facilitation and l iner shipping connectiv it y, meanwhile, will reduce costs by 3.7 percent and 4.4 percent, respectively, it noted. This, as Unctad counsels continuing checks on the trends to improve cost-cutting measures and maritime trade efficiency, among others. The UN group calls on the “governments to monitor markets to ensure a fair, transparent and competitive commercial environment and recommends more data sharing and stronger collaboration between stakeholders in the maritime supply chain.” “In the medium to longer term, the maritime supply capacity will also be affected by the transition of the industry towards zero-carbon shipping,” Unctad stressed. “To ensure that the necessar y investment in ships, ports and the provision of new fuels is not delayed, it will be important for investors to count on a predictable global regulatory framework.”

Economy BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Friday, November 19, 2021 A3

House panel OKs bill extending validity of ’21 budget until ’22

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE House Committee on Appropriations has approved a bill that would extend the validity of the 2021 national budget until the end of next year to ensure the programs and projects funded this year will be fully implemented.

At an online meeting on Wednesday, the house panel presided by Zamboanga City Second District Rep. Manuel Jose Dalipe approved House Bill 10373, subject to style. Northern Samar First District Rep. Paul Ruiz Daza, for his part, expressed concern during the de-

liberations about the language of the bill. The bill seeks to amend Section 62 of the General Provisions of Republic Act 11518 or General Appropriations Act (GAA) of fiscal year 2021 to extend the availability of the 2021 appropriations until De-

cember 31, 2022. Daza recommended that HB 10373 should have a certain provision that would safeguard ongoing government projects whose funding were already obligated but were yet to be disbursed. “The various provisions in the GAA severely punish certain areas like my area, because of typhoons and pandemic issues. So now, whether obligated or not, if funds are undisbursed, it reverts back to the treasury,” Daza said. Earlier this week, the chairman of the House Committee on Appropriations pushed for the passage of a bill extending the availability of the 2021 GAA until December 31, 2022. “[This is also] to implement government programs and projects and to ensure that the intended beneficiaries of these basic services

are reached,” ACT-CIS Rep. Eric Go Yap, the panel chairman, said about House Bill 10373. “Nearing the end of the year, there are still programs, projects, and activities funded by the 2021 GAA that are very much needed by the Filipino people, especially those in the most vulnerable sector,” Yap added. According to Yap, the pandemic affected the opportunities for socio-economic growth and development and also brought disruptions in the operations of government, which then caused delay in the release and issuances of budget allocations. “The General Appropriations Act of 2021 centers on the philosophy that more than our priorities for a responsive and dynamic governance, the focus of our resources shall also be directed to the most

urgent priority—to reset our momentum and action, rebound from the devastating effects of the pandemic on the health and economy, and fully recover from current and continuing impacts of the crisis,” he added. Under the bill, the appropriations for infrastructure capital outlays, including subsidy releases to government-owned and -controlled corporations for infrastructure projects, shall be valid for obligation until December 31, 2022, while the completion of construction, inspection, and payment shall be made not later than December 31, 2022. On the other hand, appropriations for maintenance and other operating expenses and other capital outlays shall likewise be valid for obligation until December 31, 2022, while the delivery,

inspection and payment shall be made not later than December 31, 2022. The bill said the Department of Budget and Management is authorized to issue the necessary guidelines for the effective implementation of the cash budgeting system. Also, the bill mandates the submission of a report on these releases and disbursements to the Speaker of the House of Representatives, the Senate President, the House Committee on Appropriations and the Senate Committee on Finance. Last year, Congress also extended the availability of the funds appropriated under the 2020 General Appropriations Act to support economic stimulus efforts as well as pending infrastructure projects of the government.

Amid pressing need for enhanced intl and regional cooperation, Asean opens FTA talks with Canada By Tyrone Jasper C. Piad @TyronePiad

HE Association of Southeast Asian Nations (Asean) has launched its free trade agreement (FTA) negotiations with Canada, the Department of Trade and Industry (DTI) reported on Thursday. In a news statement, the DTI said that the Asean-Canada FTA (ACANFTA) talks were introduced

during the 10th Asean Economic Ministers-Canada Consultation held last Wednesday. It is expected to start by early 2022. “There was a strong recognition among the countries that tackling the economic disruptions of the Covid-19 pandemic needs an enhanced international trade and regional cooperation,” the trade department said. “In this respect, the ministers announced the launch of the

ACANFTA negotiations as a clear and concrete reaffirmation of the commitment to open markets, trade, and investment.” DTI said that the launching of the FTA negotiation is a result of nearly five-year long assessment of the potential trade pact. The joint feasibility study in 2018 showed that the Asean economy would benefit from an FTA with Canada, projecting an increase in

GDP of $39.4 billion. This growth is supported by tariff liberalization, reduction of non-tariff barriers and enhancements in trade facilitation. Meanwhile, the Philippines stands to gain a 2.63-percent GDP increase from the trade deal, which is equivalent to $7.4 billion. “We are pleased to see that Asean and Canada share common values and shared priorities which shows that there is value in pursuing a trade

agreement with Canada, and we support the launch of the Asean-Canada FTA negotiations,” Trade Secretary Ramon M. Lopez said. The trade chief expressed his openness to engage Asean and Canada in non-traditional areas of trade, such as labor, environment, culture and other issues, including gender and indigenous people. “On these diverging and new FTA areas, rest assured that the Philippines

is willing to engage and find a mutually acceptable level of ambition especially since these areas are important in pursuing sustainable development and inclusive growth,” Lopez added. The Asean ministers instructed the senior economic officials to develop a work plan to move forward with the FTA talks, including an official scoping paper exercise “that will further flesh out the diverging areas between some Asean member- states and Canada.”

The Nation A4

Friday, November 19, 2021 • Editor: Vittorio V. Vitug

BusinessMirror

www.businessmirror.com.ph

Govt to deploy PCG and BFAR vessels to Ayungin after water cannon strike By Rene Acosta

@reneacostaBM

WO civilian boats chartered by the military to conduct resupply missions to soldiers guarding the Ayungin Shoal in the Kalayaan Island Group (KIG) were attacked with water cannons by two of three Chinese Coast Guard (CCG) vessels that blocked them. The incident on Tuesday happened while the Armed Forces of the Philippines is holding its biggest land, sea and air exercise “AJEX-Dagit,” and while the United States and the Philippines were concluding a bilateral dialogue in Washington, D.C. where both nations declared that the Mutual Defense Treaty (MDT) covers the South China Sea. Reacting to the incident, Malacañang vowed on Thursday the country would not back down in exerting its jurisdiction in Ayungin Shoal. “As we have in the past, we will continue to assert our sovereignty, sovereign rights, and jurisdiction over our territory,” Acting Presidential

spokesman Karlo Nograles said in a news statement. The attack on boats Unaiza Mae 1 and Unaiza Mae 3, which persisted for at least an hour, according to National Security Adviser and National Task Force for the West Philippine Sea (NTF-WPS) chief Hermogenes Esperon Jr., broke the outrigger of one of the watercraft, prompting Foreign Affairs Secretary Teodoro Locsin Jr. to lodge a diplomatic protest against China. (Related story on page A12) The military remained mum on the incident, which aborted the resupply mission for the soldiers aboard the partly sunken BRP Sierra Madre, which they have been using as an outpost in watching the Ayungin Shoal. “I reminded China that a public vessel is covered by the PhilippinesUnited States Mutual Defense Treaty,” said Locsin in a news statement where he disclosed that he conveyed in strongest terms to China’s ambassador to the Philippines the government’s “outrage, condemnation and

protest of the incident.” “Ayungin Shoal is part of the Kalayaan Island Group, which is an integral part of the Philippines, as well as the Philippines’s exclusive economic zone and continental shelf, and over which the Philippines has sovereignty, sovereign rights and jurisdiction,” Locsin stressed. “The acts of the Chinese Coast Guard vessels are illegal…China has no law enforcement rights in and around these areas. They must take heed and back off,” he added, assuring that the government will continue to resupply its troops in the Ayungin and does not need to “ask” permission on what it does in its territory. “I have conveyed in the strongest terms to H.E. Huang Xilian, Ambassador of China and to the Ministry of Foreign Affairs in Beijing our outrage, condemnation and protest of the incident,” the country’s top diplomat said. Under the MDT, US is under treaty obligation to help the Philippines in case of attack by a foreign

aggressor within the Philippine territory in the Pacific area or on any Philippine public vessel. Esperon said the two CCG vessels blocked the two Filipino boats in the Ayungin while the third Chinese vessel fired a water cannon at them for about an hour that broke the outrigger of one of the resupply boats. The boats aborted their mission and sailed back to Palawan. A military official revealed that another report indicated that the two CCG ships attacked the two boats while the third CCG vessel stayed at the mouth of the shoal, apparently guarding it. Esperon said that a week before the attack, the government has noticed an unusual increase in the number of Chinese maritime militia vessels at the shoal and in Pagasa Island. He said that in the aftermath of the incident, they would send Philippine Coast Guard and Bureau of Fisheries and Aquatic Resources vessels to the shoal. With Marilou Talosig-Bartolome and Samuel P. Medenilla

DND chief’s virus infection delays Senate’s plenary budget hearings By Butch Fernandez

@butchfBM

HE Senate was forced to suspend until Monday (November 22, 2021) its budget deliberations as senators and legislative staff must undergo five days of quarantine and get RT-PCR tests after Defense Secretary Delfin Lorenzana, who stayed several hours within the session hall on Tuesday, tested positive for Covid-19. At the same time, Senate President Vicente Sotto III asked

the Inter-Agency Task Force for the Management of Emerging Infectious Diseases and the Department of Health (DOH) to review the quarantine protocols for those coming from other countries and enforce them regardless of the stature of the traveler. Sotto sounded disappointed because the forced quarantine on all those exposed to Lorenzana during the budget hearings of the Department of National Defense (DND) last Tuesday derailed the

already tight timeline of the Senate in processing the 2022 budget bill, which it earlier hoped to pass on second and third reading late next week. This, so that bicameral conference meetings can be quickly held with the House of Representatives to allow for the 2022 General Appropriations bill to be ratified by both chambers before their Christmas break, and for the President to review and sign it into law before year-end. That way,

the country avoids going under a reenacted 2021 budget in January. Sotto noted that Lorenzana, who came from Poland—a non-green country—should have been in home quarantine. Since he sat for hours on Tuesday with several senators, notably the defense budget sponsor Sen. Ronald “Bato” dela Rosa and Sen. Francis Tolentino, all those in the hall must undergo five days of selfisolation and then tested for Covid-19. This canceled the scheduled budget hearings for Thursday and Friday.

BBM foresees activation of natl education portal for e-learning

RESIDENTIAL aspirant Ferdinand “Bongbong” Marcos Jr. said should he win in the upcoming 2022 elections, he intends to implement a program called the National Education Portal (NEP) to hasten the digital shift of the country’s education system. Marcos explained that the NEP will be an online platform accessible to students and teachers to simplify and secure e-learning for both public and private institutions. It will

also serve as a central hub to allow students and teachers to communicate securely and provide digital learning materials. The portal will be developed collaboratively between concerned government agencies together with IT experts from the private sector. M a rco s e x pl a i ne d t h at t he pro g r a m w ou l d go h a nd i n h a nd w it h t he c u r re nt a d m i n i s t r at ion’s B u i l d , B u i l d , B u i l d ( BBB) pro g r a m a s he i s a l s o

lo ok i n g t o i nt e g r at e a d i g it a l i n f r a s t r u c t u re t h r u s t . Marcos also observed that due to the onset of Covid-19 and the country’s protracted lockdowns, Internet access, particularly for students and employees consigned to their homes, has become indispensable. Marcos lamented the plight of teachers and learners who were ill-prepared to face the challenges posed by distance learning. There were reports of teachers and students alike figuring in

accidents to find better mobile Internet signals. The Partido Federal ng Pilipinas (PFP) standard-bearer said that the BBB program initiated by the Duterte administration is worth pursuing since it will be playing a pivotal role in the country’s postpandemic recovery. Marcos added that he would also seek the support and assistance of telcos and Internet providers to ensure that the NEP becomes a success.

POEA imposes total OFW deployment ban to Ethiopia By Samuel P. Medenilla @sam_medenilla

HE Philippine Overseas Employment Administration (POEA) has banned the deployment of overseas Filipino workers (OFW) bound for Ethiopia amid escalating tension in the African country. On Wednesday, the POEA governing board issued its

Resolution 12, Series of 2021, imposing a total deployment ban to Ethiopia upon the recommendation of the Department of Foreign Affairs (DFA). DFA hoisted Alert Level 4 or the evacuation phase in the said African state due to the escalating conflict between the Tigray People’s Liberation Front (TPLF) and the Federal Government of Ethiopia. The security situation in Ethiopia

is expected to deteriorate further as TPLF forces march to the Ethiopian capital, Addis Ababa. “Under Alert Level 4, a total ban on the processing and deployment of all workers is imposed and mandatory repatriation of OFWs shall be required and undertaken,” POEA said. Following the imposition of a total deployment ban, POEA and the Overseas Workers Welfare

Administration (OWWA) are now coordinating with licensed agencies, and other concerned entities for the repatriation of OFWs in Ethiopia. The DFA is also reaching out to OFWs in the said African state through the Philippine embassy in Cairo, Egypt. Based on DFA data, there are around 800 Filipinos in Ethiopia as of December 2020.

Golden Years’? PHL trailed Asean peers during martial law “Real per capita incomes dropped in 1982 and were not regained until 2003, resulting in ‘two lost decades of development.’ By contrast, there are [thus far, anyway] no indications of a catastrophic end to the growth observed over the past decade,” they added.

Combination of factors

HOWEVER, the authors said the state of the economy under Marcos, including during Martial Law, was not entirely due to “political factors.” The economists said it was brought by “bad luck, bad policy,

[and] bad faith.” Bad luck was a factor because of concerns that were beyond the control of the national government at that time, such as the oil-price shocks of 1974 and 1979 which greatly swelled the country’s import bill. This led the government to have “no choice” but to engage in heavy borrowings to prevent the economy from tanking. The UPSE group said the country became a “victim of the global panic of commercial creditors following the Mexican default.” This bad luck, unfortunately led to bad policies. At the time the country

encountered the oil price shocks and increased its borrowings, the authors said the Philippines was “rapidly digging a debt hole,” especially after 1974. At this time, the authors said international reserves fell continuously from 50 percent of total external debt to 20.2 percent between 1974 and 1977. They said this would further deteriorate to 13.7 percent in 1981 and to only 3.5 percent by 1983. However, short-term debt climbed to 92 percent of international reserves in 1976 from 52.9 percent in 1974. It kept climbing to 183.5 percent in 1978. “This meant that the country had to

continued from a12

increasingly resort to short-term borrowing to remain liquid.” Given the country’s economic woes due to unsustainable borrowings, it was only a matter of time before investors would lose faith in the economy, thus the phenomenon known as capital flight. The authors said the estimated capital flight under the dictatorship between 1973 and 1986 was $9.7 billion in nominal terms and $11.3 billion in real terms—or 34 percent and 40 percent, respectively, of the $28.36-billion total external debt outstanding by 1986.

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

TheWorld

Taiwan deploys advanced F-16V fighter jets amid China threat

HIAYI, Taiwan—Taiwan has deployed the most advanced version of the F-16 fighter jet in its air force, as the self-ruled island steps up its defense capabilities in the face of continuing threats from China, which claims it as part of its territory. Taiwan’s President Tsai Ing-wen commissioned into service 64 upgraded F-16V fighter jets at an air force base in Chiayi on Thursday. The aircraft represent part of Taiwan’s total 141 F-16 A/B jets, an older model from the 1990s that will be completely retrofitted by the end of 2023. Tsai said the upgrade project showed the strength of Taiwan’s cooperation with the US defense industry. It comes at a time the island’s status has become a major point of tension in the US-China relationship. Beijing has been stepping up its threat by sending fighter jets in combat formations into Taiwan’s buffer zone southwest of the island on a regular basis, along with longer-range missions into the Western Pacific. China has increased its rhetoric as well, with President Xi Jinping telling President Joe Biden during a virtual summit this week that challenges to China’s claim over the island amounted to playing with fire. China and Taiwan split during

a civil war in 1949, and Beijing has not ruled out force to reunify with the island. The United States’ “One China” policy recognizes Beijing as the government of China but allows informal relations and defense ties with Taipei. “ This represents the steadfast promise of the Taiwan-US partnership,” Tsai said. “I trust that in holding fast to democratic values, there will definitely be more countries with similar values who will stand with us on this front.” The F-16V is the most technologically advanced version of the storied multi-role fighter jet, equipped with highly capable radar, allowing it to track more than 20 targets at a time. It also features cutting-edge electronic warfare systems, along with advanced weapons, precision GPS navigation and a system to automatically avoid collisions with the ground. The planes represent the most advanced of the fourth generation of fighter aircraft, but still below the latest fifth generation such as the US F-22 and F-35, and Russia’s Su-57 and China’s J-20. Taiwan has mooted the idea of purchasing fifth generation aircraft from the US but the F-16 upgrade was decided as the most effective measure under present circumstances. AP

BusinessMirror

Friday, November 19, 2021

S. Korea sees record virus jump as thousands take college exam

EOUL, South Korea—South Korea reported its biggest daily jump in coronavirus infections since the start of the pandemic as hundreds of thousands of masked students flocked to schools on Thursday for the country’s highly competitive college entrance exam amid growing concerns about the Delta-driven spread. The 3,292 new cases reported by the Korea Disease Control and Prevention Agency on Thursday marked the second straight day of over 3,000 cases. The agency said 29 patients died in the past 24 hours, bringing the death toll to 3,187, while 506 others were in serious or critical condition. About 509,000 students were tak-

ing the one-day exam at 1,395 sites across the nation, including hospitals and shelters. The annual exam, called “Suneung,” or the College Scholastic Ability Test, is crucial in the education-obsessed country, where careers, social standings and even marriage prospects greatly depend on which university a person attends.

Students were required to have their temperatures taken before entering classrooms, and those with fevers were sent to separate testing areas. The Education Ministry said that 68 infected students and 105 others in self-quarantine took the hours-long test in isolation. To reduce noise, transportation authorities were planning to temporarily stop landings and departures of planes at airports during the English-listening part of the test. Government offices and private companies had their employees come in late, and the country’s stock market delayed its opening by an hour to clear roads for test-takers. “[Students] weren’t given proper classes [because of Covid-19] and I often saw my child worrying much and struggling,” said Seo Kwang-sun, a mother of a test-taker in Seoul. While schools have been alternating between on-and-offline classes, the Education Ministry had planned a full return to classrooms starting next week

to help reduce education gaps and align with the government’s virus strategies. Officials eased social distancing rules starting this month in what they described as the first step toward restoring some pre-pandemic normalcy. In allowing larger social gatherings and longer indoor dining hours at restaurants, officials cited concerns about the pandemic’s impact on the economy and expressed hope that improving vaccination rates would keep hospitalizations and deaths down even if the virus continues to spread. But there has been a rise in serious cases and fatalities among older people who rejected vaccines or whose immunities waned after being injected early in the mass immunization campaign that started in late February, prompting questions about whether the decision to loosen virus restrictions was premature. So far, officials have issued no plans to re-impose stricter social distancing measures or postpone a full reopening of schools. AP

Business

Friday, November 19, 2021 | www.businessmirror.com.ph

OMAN CELEBRATE DAY OF THE REN M

USCAT, 17 Nov (ONA) --- The Sultanate of Oman will tomorrow (Thursday) mark the 51st National Day of the Renaissance, the 18th of November Anniversary. The event comes around at a time when Omanis ponder about the achievements made so far and brace for further accomplishments, with firm resolve, under the astute leadership of His Majesty Sultan Haitham Bin Tarik who pledged to hold high the banner of Renewed Renaissance, since he assumed power in the country on 11 January 2020.

The Renewed Renaissance kicked off on a high note when His Majesty Sultan Haitham Bin Tarik called upon the people of Oman to do their best to enrich domestic development and foster progress in all fields. This is considered one of the major principles of Renewed Renaissance in its quest to attain the supreme national objective of “making Oman the central point in all that we strive to achieve”—an objective whose salient features already materialized in terms of updated laws and refurbished programmes of action across all sectors. In the beginning of this year, a Royal Decree No. 6/2021, promulgated the (updated) Basic Law of the State to serve as a basic pillar of continuous efforts to shape a better future for Oman and its citizens and to build a solid ground for their Renewed Renaissance. The Basic Law of the State comprises 98 articles “enhancing the institutions of the State, safeguarding its territorial unity and its social texture, protecting its cultural foundations and consolidating public rights, liberties and duties”. The Basic Law of the State lays down a stable mechanism of transfer of rule, which reflects positively on political and economic aspects and affirms the principle of sovereignty and independence of the judiciary. It also serves as a basis of rule in the State. It makes education compulsory till the end of the Basic Education stage. It establishes a scholarly method for thought, development of talents and encouragement of innovation—which all conform with Oman Vision 2040. Articles (5) to (11) of the Basic Law of the State organize the mechanism of entitlement or succession to the throne in the Sultanate of Oman and makes it more clear and straightforward. Article (5) states that “The system of rule is sultani and hereditary within the male descendants of Sultan Turki bin Said bin Sultan, in accordance with the following terms: Rule is handed down from the Sultan to his eldest son, then to the eldest son of the son, and henceforth, layer by layer. If the eldest son dies before assuming power, the rule shall pass down to his eldest son. If the deceased has brothers and in case the one entitled to the throne has no sons, the power shall be transferred to his eldest brother. If he (the deceased) has no brothers, the power to rule shall be transferred to the eldest son of his eldest brother. If the latter has no sons, then the rule shall

be transferred to the eldest nephew of his other brothers, in accordance with age of the brothers. If the one entitled to the throne has no brothers or nephews, the rule shall be transferred to the uncles and then to their sons in accordance with the sequence indicated in the Second Clause of this Article. It is a condition that the Crown Prince to assume power shall be a Muslim and the legitimate son of the Omani Muslim parents”. Article (6) regulates the establishment of a Guardianship Council in case the power to rule is transferred to an heir aged below 21 years. The Guardianship Council exercises the powers of the Sultan provided the Sultan appoints prior to his death. If the Sultan does not appoint a Guardianship Council before he dies, then the Ruling Family’s Council appoints a Guardianship Council comprising one of the brothers of the Sultan and two of (his cousins) sons of his uncles”. Article (7) provides for the appointment of a Crown Prince under a Royal order in accordance with stipulation of Article (5) of the Basic Law of the State. The Royal order defines the powers and prerogatives of the Crown Prince, as well as the tasks delegated to him. It states that the Crown Prince shall be sworn in before the Sultan before undertaking the powers and tasks delegated to him. The oath shall be taken in accordance with Article (10) of the Basic Law of the State”. The Sultanate of Oman stands out for its exclusive practice of Shura-based democracy, set up on solid grounds emanating from Omani life realities. Shura practice evolved through various stages till it developed into present-day “Council of Oman”, with its bicameral chambers— the “State Council” and “Shura Council”. Each stage saw the addition of systems and laws that reinforce the tradition of Shura and respond to the expectations of citizens. To this effect, His Majesty Sultan Haitham Bin Tarik issued Royal Decree No. 7/2021 promulgating Council of Oman Law, which comprises 78 articles. To contain coronavirus (Covid-19) that wreaked havoc in countries of the world, the Sultanate of Oman formed a Supreme Committee tasked with tackling developments resulting from coronavirus (Covid-19) pandemic. The Supreme Committee has been taking ‘moderate’ decisions and precautionary measures that ensure the safety of citizens and residents, while at the same time catering to social and

economic implications on this benign land. The Supreme Committee is responsible for cooperation with the departments concerned and regulating social response. It worked for the procurement of internationally approved vaccines and oversaw the implementation of a national immunization campaign. This was commended by His Majesty Sultan Haitham Bin Tarik when he chaired the Supreme Committee’s meeting on 18 August 2021 at Al Maamoura Palace in Salalah. His Majesty said that, “This improvement could not have happened had it not been for the appropriate decisions taken and the efforts exerted by the departments concerned in the Sultanate of Oman, albeit the health sector.” His Majesty the Sultan lauded the “high sense of responsibility shouldered by all members of society through abidance with the decisions and the measures set by the authorities concerned to safeguard public health—individuals and society at large”. The decisions resulted in the improvement of Covid-19 indicators in the Sultanate of Oman, which, the reports said, registered great decline in mortality, infection and hospitalization rates, while recovery from the disease reached 98.5%. Meanwhile, the government accorded special attention to the ensuing economic impacts of Covid-19. The decisions, which took

into account the fallouts of the pandemic on establishments and companies, included exemption from fines of some services. Special exemptions were sanctioned to small and medium enterprises and holders of Riyada Card for Entrepreneurs. This is in addition to a package of incentives for borrowers, individuals, banking institutions, financing and leasing firms. The designation of a Youth Day in Oman (26October) reflects the attention accorded to the young generation by His Majesty Sultan Haitham Bin Tarik. It asserts the leadership’s deep conviction in the potential of youth in promoting the country’s development. Speaking at a meeting of the Council of Ministers he chaired in October 2021, His Majesty the Sultan underscored the significance of devising a mechanism and for opening channels of communication with youth to explain all the requirements of the development process in all sectors. He gave directives to listen to youth and study their needs and aspirations. He also instructed governors and the authorities concerned to hold regular meetings with youth for this purpose. He advised the officials to raise issues of interest or concern to youth, listen to their opinions and help them perform the role expected of them in contributing to the comprehensive nation-building march. Meanwhile, HH Sayyid Theyazin bin Haitham Al Said, who

presided over the Youth Day celebration last October, said that the Ministry of Culture, Sports and Youth launched a smart portal supplied with the latest techniques that make it a prime website for talented youth, artists and innovators. The attention accorded by His Majesty Sultan Haitham Bin Tarik to Youth is also reflected in the Royal support to employment initiatives, a set of which came around in May 2021, when coronavirus pandemic had its greatest toll on local and global economic conditions, leading to the shrinkage of the labour markets. The Royal attention resulted in the launch of an executive plan to provide more than 32,000 jobs. His Majesty the Sultan also chaired a meeting of the Supervisory Committee of the National Employment Programme (NEP) on 5 July 2021. This placed employment in the realm of national priorities. His Majesty the Sultan reiterated the importance of the NEP when he presided over a Council of Ministers on 15 June 2021, during which he gave directives for “devising suitable solutions to provide jobs in all departments of the State (the public sector) and private sector firms, provide analysis of jobseekers' data and follow them up until they join the labour market”. Omani women’s affairs take centre stage in the Renewed Renaissance thought of His Majesty

Sultan Haitham Bin Tarik, who has been keen that women enjoy their rights guaranteed by law and operate alongside men in different fields of national service. Attention to women is one of the “national fundamentals” of the country. On the occasion of the International Women’s Day, celebrated last March, Her Highness The Honourable Lady Assayida Ahd Abdullah Hamed Al Busaidi, Spouse of the Sultan of Oman, commended the great efforts exerted by women in Oman and the rest of the world while building their nations, supporting their families and societies and contributing effectively to the management of human and global issues.” HH The Honourable Lady addressed women on Omani Women’s Day this year. She said, “On the occasion of Omani Women’s Day, the 17th of October, we would like to express thanks and appreciation for every woman who advocates good deeds and elevates the values of tolerance, amity and benevolence. Our greetings go to every woman who contributes to building this dear country from her position as an active participant delivering her social, national and humanitarian duties in all fields." To mark the same occasion, HH Sayyid Theyazin bin Haitham Al Said, Minister of Culture, Sports and Youth issued a ministerial decision announcing the establishment of Omani Women’s Sports

sMirror

www.businessmirror.com.ph | Friday, November 19, 2021

ES 51ST NATIONAL NAISSANCE

and Cultural Innovation Club. The move comes in implementation of the basic principles espoused by the Sultanate of Oman in the field of women’s empowerment. It is a symbolic gesture to promote women’s contribution to domestic development and to promote their role in sports and cultural fields. Oman has been endowed with many bounties and a loyal people bound by bonds of love, collaboration and solidarity. This became crystal clear through public support to the efforts exerted by the government of His Majesty Sultan Haitham Bin Tarik in the aftermath of the recent tropical cyclone /Shaheen/ that made landfall in Oman on 3 October 2021. His Majesty the Sultan’s response was prompt. He gave orders to form a ministerial committee for the assessment of the damage incurred to citizens’ homes and properties in the governorates that took the brunt of the cyclone. The aim was to provide quick relief to the families and alleviate the impacts of the tropical condition. Speaking on this occasion last October, His Majesty the Sultan affirmed that “the restoration of normalcy to public life and the supply of basic life needs to citizens tops our priorities” and he reiterated that “the ministerial committee comes under our direct supervision” and he pledged that he would follow up the tasks and achievements of the committee to ensure that the panel provides assistance

as soon as possible. This Royal response reflected positively through the persistent action undertaken by the ministerial committee in cooperation with sectors of the National Committee for Emergency Management (NCEM). As a result, the majority of services were restored at a rate of 100%. Tenders were awarded for the maintenance of damaged roads and for building as many as 328 alternative houses for afflicted citizens. In the process, His Majesty the Sultan also gave orders to establish a National Fund for Management of Emergencies to address the aftermath of the recent cyclone and natural disasters that might happen in the future. Nations attain their prime only through education, and this has been a principle espoused by Omanis since the outset of their blessed renaissance 50 years ago. His Majesty Sultan Haitham Bin Tarik stressed that “attention to education figures high in the scale of national priorities”. Accordingly, a motivating environment has been furnished for supporting the march of research and innovation. This translates into the allocation of a ministry mandated with higher education, research and innovation and the establishment of the University of Technology and Applied Sciences, with branches in governorates of the Sultanate of Oman. The university’s articles of association were issued in June 2021.

In the same month, the Council of Ministers approved the setting up of a branch for the university in the Governorate of Musandam. It comprises a number of specializations reflecting the Royal attention towards the development of the governorate and the realization of sustainable, comprehensive development there. In the same context, the College of Duqm was established in September 2021 in the Governorate of Al Wusta at the Special Economic Zone in Duqm. The university is governed by the laws regulating universities and colleges in the Sultanate of Oman and the hopes attached on the National Research and Development Strategy 2040 in line with Oman Vision 2040. Royal directives to set up six schools to the tune of RO 8,850,000 will raise the number of scholarly institutions to 2,430 schools, 11 government and private universities and 18 private colleges. Under its Renewed Renaissance, Oman continued to accord attention to environment protection, both at the local and global levels. To this effect, His Majesty Sultan Haitham Bin Tarik issued a Royal Decree last August (2021) to establish the Khor Kharfout Nature Reserve in the Governorate of Dhofar, taking the number of such sanctuaries to 21. The Sultanate of Oman also ratified many international agreements related to the environment protection and legis-

lations for the same purpose at the local level. The decline and fluctuation in oil prices and precautionary measures to address the impacts of Covid-19 affected the economies of many countries of the world. Since Oman is not isolated from the global community, it had to take measures to address the situation. These included the initiation of a medium-term Fiscal Balance Plan (2020-2023). Last April (2021), His Majesty the Sultan chaired a meeting of the main committee tasked with the National Programme for Fiscal Balance to follow up the progress of the programme in its second year. The programme was designed to bring down the general debt and to secure financial sustainability. His Majesty the Sultan endorsed the initiatives submitted by the departments concerned in a bid to develop the schema of social protection. This affirms His Majesty the Sultan’s follow-up of the conditions of citizens to ensure the sustenance of decent livelihood for them and to alleviate the fallouts of this challenging stage. The 10th Five-Year Plan (2021-2025), the first leg in the executive plan of Oman Vision 2040, which is based on four axes comprising 14 ‘national priorities’, 88 ‘strategic goals’ and 68 performance indicators. The Tenth Five-year Plan seeks to achieve a number of goals, among them “activating the economy, upgrading the efficiency of management of public finance, realizing balance among measures for rationalization of public spending, espousing disciplined financial expansion policies, accelerating the rate of implementation of major strategic projects and governmentprivate partnership projects, attracting more direct foreign investments, visualizing growth trends based on expected oil price rate of $48 per barrel during years of the plan and enhancing governorates’ participation in achieving goals of Oman Vision 2040”. The plan targets average annual growth of 3.2% in the Gross Domestic Product (GDP) through emphasis on promising economic sectors like converting industries of high technological content, agriculture, fisheries, fish farming, food and agriculture industrialization, transport, warehousing and logistics. Total estimated revenues of the State Budget 2021 stood at RO 8.64 billion calculated on the basis of oil price rate of $45. The Governorates Development Programme, which emerged in implementation of Royal directives, will allocate RO 10 million to each governorate during the period of the Tenth Five-Year Plan (20212025)—at a rate of RO 2 million a year. The programme envisages the execution of 28 strategic programmes and it will contribute to the goals of Oman Vision 2040. The Economic Stimulus Plan (ESP), endorsed by the Council of Ministers in March 2021 is based on five axes comprising incentives on taxes, fees and incentives for the improvement of the business and investment climate, incentives for small and medium enterprises, incentives for the labour market and recruitment, banking incentives aimed to rally efforts for the alleviation of Covid-19 impacts on the national economy and other incentives to promote economic recovery, back up economic activities and attract foreign investments.

These financial procedures, topped by the medium-term Fiscal Balance Plan, showed positive results, as Oman registered growth in total revenues by 22.6% and a 58% decline in deficit by the end of September 2021. The International Monetary Fund (IMF) expected in a report issued in September 2021 that economic activities in the Sultanate of Oman will recover and that Oman will achieve 2.5% GDP growth in 2021 and 4.2% growth by 2023. The IMF also commended the measures undertaken by Oman while addressing the fallouts of Covid-19, as well as the country’s fiscal discipline and enhancement of business environment and support for stricken economic sectors. The measures undertaken by Oman improved its credit rating in various agencies, including Moody’s, which amended the Sultanate of Oman’s rating from “negative” to “stable” in October 2021 (according it 3Ba rating). Moody’s expected that public debt in Oman vis-à-vis the GDP will decline from 80% in 2020 to 60% in 2024, as well as the decline of the annual government funding needs to GDP from 22% in 202 to 10%. Standard and Poor’s also amended its future outlook for Oman from “stable” to “positive”. Meanwhile, Fitch pointed out last May that the Fiscal Plan contributed to the improvement of scenarios for Oman’s financial position and expected a 6.1% decline of Budget deficit to GDP this year (2021). It also expected a 3.3% economic growth for Oman by next year (2022). The government of His Majesty Sultan Haitham Bin Tarik created an investment-encouraging environment through legislations, ports, free zones and logistics, coupled with a unique strategic location in the meeting point of global commercial markets, political stability and security. The ports of Duqm, Salalah and Sohar boast a range of advanced facilities that enabled them to achieve quick finalization of tasks and cut the distance between world ports. This is in addition to the free zones in Duqm, Al Mazyouna, Salalah and Sohar and upcoming Khazaen hub in the Governorate of South Al Batinah. Investment incentives like tax exemptions extending to more than 30 years and foreigners’ 100% ownership of properties, among other incentives, add another fillip to the Oman’s position. The political and regional changes that happened during the Renewed Renaissance period proved that the Sultanate of Oman’s foreign policy stands on firm grounds. Oman advocates principles of non-interference in the internal affairs of other countries, positive contribution to safeguarding international security, promoting common public interest through dialogue and understanding among countries and nations. These principles were affirmed by Oman before the 76th UN General Assembly in New York last September. “Under the wise leadership of His Majesty Sultan Haitham Bin Tarik, the Sultanate of Oman pursues its commitment to the basic fundamentals of its foreign policy embodied in good neighbourliness, non-interference in the internal affairs of other countries, respect for international law and international charters and support for cooperation among countries. Oman considers the settlement of disputes by

peaceful means and through harmony and tolerance as a civilized conduct that leads to better and more lasting results than disputes can achieve”. Oman’s persistent strive to serve global peace stem from its support for many initiatives and issues, like its backing to the positive developments emanating from Al Ula Summit in the Kingdom of Saudi Arabia. Oman hailed the success of the efforts of reconciliation led by the State of Kuwait. In international podiums, Oman continued to reiterate the legitimacy of the Palestinian cause and the demands of Palestinian people. It also supported the settlement of the Yemeni issue through comprehensive political settlement, working in line with initiatives of Saudi Arabia and the UN and US envoys. This is besides Oman’s stand for peaceful handling of the Iranian nuclear file and Oman’s continuous condemnation of all types of terrorism. Under the wise leadership of His Majesty Sultan Haitham Bin Tarik, the Sultanate of Oman adhered to commitment to truthfulness and objectivity through its political stands enhanced by its original values of moderateness. His Majesty the Sultan’s visit to the Kingdom of Saudi Arabia in July 2021 and his meeting with King Salman bin Abdulaziz Al Saud is a strong evidence about the deeprooted relations between the two countries. This first visit of its kind culminated in the establishment of the Omani-Saudi Coordination Council and opened wide vistas of cooperation among the two countries in different fields, particularly economic areas. The Sultan’s Armed Forces (SAF) and other security and military departments earned the attention of His Majesty Sultan Haitham Bin Tarik, the Supreme Commander. The development of the SAF covered all aspects due to their tangible role in defending this nation, protecting its territories and safeguarding its gains. This Royal attention was symbolically demonstrated by the visits of His Majesty the Sultan to the 11th Infantry Brigade’s command, Thumrait Airbase, the Royal Navy of Oman and the Sultan’s Special Force. The SAF saw major growth in all its military and technical sectors “so that these sectors could continue to be the strong bastions that defend and protect all territories of the country from end to end.” National days of countries constitute symbols of pride and dignity. In Oman, they are moments of contemplation in the past and the future of the country, a time to remember the Founder of Modern Oman and its Blessed Renaissance, the late Sultan Qaboos Bin Said Bin Taimour. His memory pulsates in the heart of every Omani, man and woman, who incessantly pray for him in gratitude for his good deeds for the nation and its loyal people over 50 years. The achievements made by the late Sultan Qaboos are stark and manifest in every sphere of life. He sowed and cultivated true faith in the people. From our past experiences, we have to derive new, strong will and firm resolve to work in full cooperation and collaboration— rallying our resources and energies and exhibiting self-denial in performing our duty in a manner that facilitates all difficulties and overcomes all challenges as we embark on accomplishing our national missions for the good of Oman and its noble people.

BusinessMirror

Friday, November 19, 2021

ESTABLISHMENT / ADDRESS No.

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

AZBIL PHILIPPINES CORPORATION 4/f Republic Glass Bldg., 196 Salcedo St., San Lorenzo, City Of Makati

SAKAI, NOBUYUKI General Manager, Corporate Division 1.

Brief Job Description: Analyzing accounting and financial data and developing and implementing growth strategies

Basic Qualification: Degree in business management or a master’s in business administration Salary Range: Php 90,000 - Php 149,999

CGI (PHILIPPINES) INC. 2/f One World Square, Mckinley Hill, Pinagsama, City Of Taguig

JÄRVENPÄÄ, TOMMI PETTERI Multilingual Service Desk Member Brief Job Description: Provides technical support in Finnish

Basic Qualification: Proficient in written and verbal communication in English language and excellent knowledge of Norwegian language, proficient computer and technical skills

No.

GORENKO, IULIIA Subject Matter Expert 3.

Brief Job Description: Verifying technical reference information, including user guides, training manuals and system requirements.

Basic Qualification: Expertise in evaluating business operations and processes

IMANUEL RONI RANTE Customer Project Manager 4.

Brief Job Description: Lead assigned customer projects securing that project goals are met, customer expectations are fulfilled and that customer relation is handled in the best possible way within the scope of the contract

Basic Qualification: Degree in Telecommunications Engineering Electrical Engineering or related major, at least 12 to 15 years experience in telecommunication industry. Strong knowledge of managing project lifecycle Salary Range: Php 150,000 - Php 499,999

ISHAQ, KASHIF Customer Project Manager 5.

ARORA, ARPIT Vice President-service Delivery & Account Management

Brief Job Description: Ensure seamless service delivery for client operations for emerging business unit at Exlservice. Develop specific growth plans for each account so they can maintain business and where possible, increase the volume. Work to increase revenue by identifying additional products to complement what is currently offered to the existing customer base. Translate client’s strategic requirements into exl-enabled solutions. Work with exl solution architects and client stakeholders to achieve better results. Develop specific growth plans for each account so they can maintain the business and where possible, increase the volume. Ensure all client projects are seamlessly executed by providing continuous guidance and leadership to assigned project managers.

Basic Qualification: a result oriented professional with over 13 years of experience in the areas of customer relationship management, project management, transition management, contract management & operations management, proficiency in managing the complete gamut of tasks involved in project management including creation of project plan, solution design & implementation and documentation, capable of conceptualizing, designing, defining and executing business strategies and solutions, hands on exposure in end to end project management for transportation and logistics vertical. Salary Range: Php 150,000 - Php 499,999

Brief Job Description: Responsible for the directing the organization with the objective of providing maximum profit and return on invested capital and establishing short-term and long range objectives plans and policies subject to the approval of the board of directors

SINGH, HINA Vice President-operations Delivery Leader 10.

Brief Job Description: Collaborate with senior management as it relates to business growth, strategy, and operational meet call center financial objectives by estimating requirements preparing budgets, managing expenditures, analyzing variances, and initiating corrective actions as needed

Brief Job Description: The Platform Manager will be strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long term goal.

Basic Qualification: Proven experience as a Platform Manager, Excellent communication, interpersonal and presentation skills. Salary Range: Php 30,000 - Php 59,999

HUO, LONGFEI Mandarin Operations System Supervisor 11.

Brief Job Description: Responsible in creating, managing & maintaining accounts to achieve sales quota

Basic Qualification: A graduate 4 yrs course equivalent of experiencing in benchmarking Salary Range: Php 150,000 - Php 499,999

Basic Qualification: Bachelor’s degree in business administration or related field previous experience gained within call center/contract center along with management experience

Brief Job Description: The Mandarin Operations System Supervisor will be strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long term goal.

Basic Qualification: Proven experience as a Mandarin Operations System Supervisor , Familiarity, knowledge and awareness on Machinery and Heavy Equipment use by company, Demonstrable experience in developing strategic business plan.

12.

Brief Job Description: Ensures the development, implementation and management of commercial infrastructure tools.

Basic Qualification: Fluent in English, professional experience in the related field.

19.

20.

21.

22.

23.

24.

Salary Range: Php 150,000 - Php 499,999 25.

KINDOSAR PROCESS SOLUTIONS INC. Unit 5d, Rose Industries Bldg., Pioneer St., Kapitolyo, City Of Pasig

PARK, SUNGHO Data Analyst 13.

Brief Job Description: Integrate data from various back-end services and databases

Basic Qualification: Proficient in speaking, reading and writing Korean and English

LEE, MOUNGJEAN Benefits Subject Matter Expect - Korean Language

14.

Brief Job Description: Duties and responsibilities for the ongoing delivery of one or more employee benefits programs. In general, benefits analyst is responsible for ensuring the smooth execution and ongoing improvement of day to day operational activities such as eligibility validation, invoice reconciliation, claims and payments administration, and employee support.

Basic Qualification: Excellent verbal and written communications skills required in English and Korean, 2 years of HR/ compensation/ benefits background, good computer literacy, confident user of MS office package (word, excel, open office)

DAHAL, SUDIP Nepali Language CSR

Basic Qualification: Expertise in Nepali language

Brief Job Description: Translating and answering client queries in nepali language

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

MARINA SQUARE PROPERTIES, INC. 5/f Ag New World Manila Bay Hotel 1588, 1588 Mh Del Pilar Cor. P Gil., 076 Bgy. 699, Malate, City Of Manila

MA, KIN KWONG Vice President - Human Resource & Administration 16.

Brief Job Description: Determining, negotiating and agreeing on in-house quality procedures, standards and specifications.

29.

30.

31.

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

17.

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

MINDSCAPE CREATIVES INC. Unit 19-o, Burgundy Corporate Tower, 252 Sen. Gil Puyat Ave., Pio Del Pilar, City Of Makati

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

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

CHEN, GANG Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires.

GUAN, ZHENGQI Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires.

JAKA KARMANTO Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires.

LI, KAI Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires.

LIU, LI Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires.

LIU, SHASHA Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires.

LIU, ZHENDUO Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires.

WANG, YUAN Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires.

YUAN, SHENG Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires.

ZHAO, YONGHONG Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires.

HUANG, HUAFEI Chinese Customer Specialist Brief Job Description: Managing incoming calls and customer service inquires.

Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999

NEW ORIENTAL CLUB88 CORPORATION Sky Garage Bldg., Aseana Avenue, Entertainment City, Tambo, City Of Parañaque

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

Basic Qualification: Excellent language skills in English and Mandarin; extensive experience to generate sales

Brief Job Description: Open and maintain customer accounts by recording account information

28.

Basic Qualification: At least ten years of human resource management experience required, with strategic, talent management

MEGA-WEB TECHNOLOGIES INC. 6,7,8,9,10,11/f Met Live Bldg., Edsa Cor. Macapagal Blvd., Brgy. 076, Pasay City ZHUANG, ZHIXU Mandarin Speaking Customer Relations Service Provider

27.

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

MAKLOOK CORPORATION 7th/f Sun Plaza Bldg., Shaw Blvd. Cor. Princeton, Wack-wack Greenhills, City Of Mandaluyong

15.

26.

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

KYNDRYL PHILIPPINES, INCORPORATED 28th Flr. One World Place, 32nd St. Bonifacio Global City, Fort Bonifacio, City Of Taguig

Brief Job Description: Committed to improving customer experience and operational efficiency

QUALIFICATION AND SALARY RANGE

MOA CLOUDZONE CORP. 4th-11th Flr. Nexgen Tower, C4 Rd. Edsa Ext., Brgy. 076, Pasay City

ICTSI LTD. - ROHQ Ictsi Bldg., South Access Rd Mict Cmplx, North Harbor, Tondo I/ii, City Of Manila

NUÑEZ MENDIBE, IÑIGO Senior Manager - Global Commercial

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION GAO, JINGHAN Mandarin Operation Specialist

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

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

FUBON INSURANCE BROKER (PHILIPPINES) CORPORATION 2/f Pioneer House-makati, 108 Paseo De Roxas, San Lorenzo, City Of Makati

NIEH, TUNG-WEI Sales Executive

No.

18.

HECTECHURE CORP. Units A&b 20/f Rufino Pacific Tower, 6784 Ayala Ave. Cor. V.a. Rufino St., San Lorenzo, City Of Makati

FIBERHOME PHILS., INC. U-19d 19/f Rufino Pacific Tower, 6784 Ayala Ave. Cor. V.a. Rufino St., San Lorenzo, City Of Makati

LI, XIAOHAN Platform Manager

QUALIFICATION AND SALARY RANGE

GENPACT SERVICES LLC 5f Genpact Bldg., Cyberzone Northgate, Alabang, City Of Muntinlupa

Salary Range: Php 150,000 - Php 499,999 EXLSERVICE PHILIPPINES, INC. 6th Floor, One E-com Center, Harbor Drive, Mall Of Asia Complex, Pasay City

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

KATO, HIDEAKI President & CEO

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

ERICSSON TELECOMMUNICATIONS, INC. 22/f Two/neo Bldg., 3rd Ave. Cor. 28th St. Crescent Parkwest, Fort Bonifacio, City Of Taguig

ESTABLISHMENT / ADDRESS

FUJIFILM BUSINESS INNOVATION PHILIPPINES CORP. 25th Flr., Sm Aura Tower Mckinley Parkway, Fort Bonifacio, City Of Taguig

Salary Range: Php 90,000 - Php 149,999 DYNINNO PHILIPPINES INC. 11th Floor W Fifth Avenue Building, 5th Avenue Bgc, Fort Bonifacio, City Of Taguig

www.businessmirror.com.ph

32.

CHEN, JIANTING Chinese Customer Service Brief Job Description: Customer support and data base services

DENG, GUANGLU Chinese Customer Service Brief Job Description: Customer support and data base services

GENG, HAOYU Chinese Customer Service Brief Job Description: Customer support and data base services

Basic Qualification: Knowledgeable in computer application with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

33.

34.

35.

36.

37.

38.

39.

40.

41.

42.

43.

44.

45.

46.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

HE, PANPAN Chinese Customer Service Brief Job Description: Customer support and data base services

HE, YIJIE Chinese Customer Service Brief Job Description: Customer support and data base services

HUANG, BIJI Chinese Customer Service Brief Job Description: Customer support and data base services

HUANG, XIN Chinese Customer Service Brief Job Description: Customer support and data base services

JIANG, QITAO Chinese Customer Service Brief Job Description: Customer support and data base services

LI, JIN Chinese Customer Service Brief Job Description: Customer support and data base services

LI, JINWEI Chinese Customer Service Brief Job Description: Customer support and data base services

LUO, TAO Chinese Customer Service Brief Job Description: Customer support and data base services

LUO, YI Chinese Customer Service Brief Job Description: Customer support and data base services

TAN, CHEN Chinese Customer Service Brief Job Description: Customer support and data base services

WANG, LINGLING Chinese Customer Service Brief Job Description: Customer support and data base services

ZHAN, SUYAN Chinese Customer Service Brief Job Description: Customer support and data base services

ZONG, WENYAN Chinese Customer Service Brief Job Description: Customer support and data base services

LUONG THI YEN Vietnamese Customer Service Brief Job Description: Customer support and data base services

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Knowledge in computer applications with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledge in computer applications with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills

No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

LU, CHANGJUN Chinese Wok Chef 49.

Brief Job Description: Assisting Chinese sous chef for the preparation/cooking of authentic Chinese Cuisine.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills

QUALIFICATION AND SALARY RANGE

Basic Qualification: Chinese national and can speak mandarin and/or Fukien and must know how to use Chinese Wok Salary Range: Php 60,000 - Php 89,999

PLAYON.PH INC. Melrose, Compound, Tuktukan, City Of Taguig

50.

LEE, SOO MIN Programmer Brief Job Description: Creating and employing computer software or program.

SONG, JONGYUN Software Developer 51.

Brief Job Description: Researching, designing, implementing and managing software programs.

Basic Qualification: Work experience / skills / specific knowledge / professionalism / personal attitude. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Work experience / skills / specific knowledge / professionalism / personal attitude.

52.

53.

Brief Job Description: Deliver and oversee business and operational goals of the whole Consumer Finance Group

KANCHWALA, SOHEL HATIM SVP, Collections Division Head Brief Job Description: Collections transformation initiatives

Salary Range: Php 500,000 and above Basic Qualification: Master’s Degree in Management Studies

SHOPEE PHILIPPINES INC 37/f Net Park, 5th Avenue E-square Crescent Park West Bgc, Fort Bonifacio, City Of Taguig

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

54.

55.

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

Basic Qualification: Knowledgeable in computer application with good oral and written communication skills

56.

57.

KUNG LIM SIEW GHEE Senior Manager, Head Retail Finance

Basic Qualification: Experience in digital banking FX

Brief Job Description: Define and implement growth for sea money

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

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services NGUYEN ANH THU Vietnamese Customer Service Representative

58.

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services NGUYEN DUC TRONG Vietnamese Customer Service Representative

59.

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services PHAN THANH THANH Vietnamese Customer Service Representative

60.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledge in computer applications with good oral and written communication skills

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

LE BAO LONG Vietnamese Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills

Brief Job Description: In charge of Fintech

CHANG QUOC TOAN Vietnamese Customer Service Representative

Basic Qualification: Knowledgeable in computer application with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Bachelor’s Degree Graduate

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

SOMI UNLIMITED SOLUTIONS, INC. 10/f Tower 2 Double Dragon Plaza Bldg., Edsa Corner Macapagal Ave. St., Zone 10. Barangay 076, District 1, Pasay City

Basic Qualification: Knowledgeable in computer application with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999

JOHNSON, HENRY Senior Associate, Retail Finance (product Management)

65.

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

PHAN THI MY HANH Vietnamese Customer Service Representative 61.

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

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

Basic Qualification: Fluent in Vietnamese (verbal and written skills)

66.

Salary Range: Php 500,000 and above

Basic Qualification: Can speak Mandarin

Brief Job Description: Ensure consistency and accuracy of customer account deliverables

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

Basic Qualification: Can speak Mandarin

Brief Job Description: Maintain accurate sales records, reconcile delivery records with supplies monthly

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

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

68.

Basic Qualification: College graduate with experience in maintaining gaming devices. Fluent in Mandarin & English speaking

HUANG, YONG Chinese It Specialist Brief Job Description: Maintain the operations of electronic gaming devices

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

VPC CORPORATE SOLUTIONS INCORPORATED 11/f 100 West, Sen Gil Puyat Ave. Cor., Washington St., Pio Del Pilar, City Of Makati DANG DUC PHU Vietnam-speaking Customer Service Officer 69.

Basic Qualification: Foreign Language Speaking

Brief Job Description: Prepares products or service reports by collecting and analyzing customer information NONG HOANG GIANG Vietnam-speaking Customer Service Officer

70.

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

Basic Qualification: Foreign language speaking

Brief Job Description: Prepares product or service reports by collecting and analyzing customer information

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

WANFANG TECHNOLOGY MANAGEMENT, INC. 6-9/f Double Dragon Plaza, Edsa Cor. Macapagal Ave., Barangay 76, Pasay City NGUYEN DUC THIEN Vietnamese Customer Service Representative 71.

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services NGUYEN TUAN KIET Vietnamese Customer Service Representative

72.

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

Basic Qualification: Atleast 19yr old, Ability to speak and communicate in Vietnamese Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Atleast 19yr old, Ability to speak and communicate in Vietnamese Salary Range: Php 30,000 - Php 59,999

ZONAC AND SHIBATA SERVICES INC. 4/f Pbcom Tower, 6795 Ayala Ave. Cor. Rufino St., Bel-air, City Of Makati

INDAJUITA NINGSIH Bahasa/Indonesian Customer Service Representative 73.

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

Brief Job Description: Manage large amounts of incoming phone calls, generate sales leads

JIMMY Indonesian Customer Service Representative 74.

Basic Qualification: Fluent in Vietnamese (verbal and written skills)

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

Brief Job Description: Work with program and cross-functional leads to achieve platinum standard/operational excellence.

CHEN, WENYU Mandarin Operations Specialist

Basic Qualification: Fluent in Vietnamese (verbal and written skills)

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

Basic Qualification: Earned a bachelor’s degree in any field; post graduate degree and certification preferred.

LU, FANGYU Mandarin Accounts Staff

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

Basic Qualification: Average written/spoken communication skills in one or more languages on top of English; Vocational or Bachelor Degree Graduate.

URBANDIDEAS INC. Unit 17-m Burgundy Corporate Tower, 252 Sen. Gil Puyat Ave., Pio Del Pilar, City Of Makati

Basic Qualification: Fluent in Vietnamese (verbal and written skills) Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Provide professional end-user support via telephone, email or web using one or more languages other than English and Filipino; Provide restorative or maintenance actions to resolve end-user problems.

VENTER, ETIENNE Senior Director-service Delivery Management

Basic Qualification: Fluent in Vietnamese (verbal and written skills) Salary Range: Php 30,000 - Php 59,999

QUALIFICATION AND SALARY RANGE

SUTHERLAND GLOBAL SERVICES PHILIPPINES, INC. 12th Floor Philplans Corporate Center, Kalayaan Avenue & Triangle Drive, Fort Bonifacio, City Of Taguig

Salary Range: Php 500,000 and above

Basic Qualification: Knowledgeable in computer application with good oral and written communication skills

64.

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

Basic Qualification: Must have a minimum of 5 years work experience in consumer lending and operations

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION ANABA EBOB Multilingual Helpdesk Technician Support

67.

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

Basic Qualification: Knowledgeable in computer application with good oral and written communication skills

No.

SECURITY BANK CORPORATION Security Bank Centre Bldg. 6776, Ayala Avenue, San Lorenzo, City Of Makati

RASAL, RAHUL SHASHIKANT Senior Vice President And Consumer Finance Group Head

Brief Job Description: Identify and assess customer’s needs to achieve satisfaction

Basic Qualification: College graduate. At least 6 to 1 yr experience in the related field Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Great communication skills and must be fluent in English language Salary Range: Php 30,000 - Php 59,999

ZTE PHILIPPINES INC. Unit 1201 & 1202 12th Floor Fort Legend Towers, 3rd Ave. Corner 31st St., Bgc, Fort Bonifacio, City Of Taguig

75.

Basic Qualification: graduate of any four year course

ZHAO, WEI Technical Support Brief Job Description: Draw up project maintenance schedule

Salary Range: Php 30,000 - Php 59,999 *Date Generated: Nov 18, 2021

47.

LY YEN NHI Vietnamese Customer Service Brief Job Description: Customer support and data base services

Basic Qualification: Knowledgeable in computer application with good oral and written communication skills

PHAN VAN BAO Vietnamese Customer Service Representative 62.

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

VANG THI NGA Vietnamese Customer Service Representative

NEW WEATHER FORCES GROUP INC. 26/f The Enterprise Center Tower 2, 6766 Ayala Ave., San Lorenzo, City Of Makati 63. CAO, CHAO Chinese Customer Service Representative 48.

Brief Job Description: To respond to customers concerns on site and supply solutions to their concerns

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

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

ESTABLISHMENT / ADDRESS

PHILIPPINE DIAMOND HOTEL & RESORT, INC. Cor Roxas Blvd & J Quintos St., 076, Barangay 699, Malate, City Of Manila

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills

Friday, November 19, 2021

Basic Qualification: Fluent in Vietnamese (verbal and written skills) Salary Range: Php 30,000 - Php 59,999

STEFANINI PHILIPPINES, INC. 3f, 5f, 6f Imet Bpo Tower Metro Bldg., Metrobank Ave. Roxas Blvd., Brgy. 076, Pasay City

In the ad material of Notice of Filing of Application for Alien Employment Permits published on September 18, 2021, the position of TAKEFUJI, KAZUKI under MIZUHO BANK, LTD. - MANILA BRANCH, should have been read as VICE PRESIDENT - JAPANESE CORPORATE BANKING DEPARTMENT 1 and not as published. In the ad material of Notice of Filing of Application for Alien Employment Permits published on October 28, 2021, the name of KIM, CHAHNSURK under ENERGREEN TECHNOLOGY INC., should have been read as KIM, CHAHNGSURK and not as published. Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

A10 Friday, November 19, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Asymptomatic toddlers can infect grandparents

oddlers can become ill with Covid-19. However, most infected kids typically don’t become as sick as adults, and some might not show any symptoms at all. Although children are less likely to develop severe illness or die from Covid-19, child infection is dangerous because young kids can spread Covid to family members when they do not have symptoms, and thus family members might not suspect that their child is infected and infectious. Babies under age 1 might be at higher risk of severe illness with Covid-19 than older children. This is likely due to their immature immune systems and smaller airways, which make them more likely to develop breathing issues with respiratory virus infections, according to the US Centers for Disease Control and Prevention. From aap.org: “As of November 11, over 6.6 million children in the US have tested positive for Covid-19 since the onset of the pandemic. This week over 122,000 child cases were added, an increase of about 22 percent from two weeks ago. Child cases have declined since a peak of 252,000 the week of September 2nd, but Covid cases among children remain extremely high. For the 14th week in a row child Covid-19 cases are above 100,000. Since the first week of September, there have been almost 1.6 million additional child cases.” From the Associated Press, November 18: “The White House says about 10 percent of eligible kids aged five to 11 have received a dose of the Pfizer Covid-19 vaccine since its approval for their age group two weeks ago. At least 2.6 million kids have received a shot, White House Covid-19 coordinator Jeff Zients said Wednesday, with 1.7 million doses administered in the last week alone, roughly double the pace of the first week after approval. It’s more than three times faster than the rate adults were vaccinated at the start of the nation’s vaccination campaign 11 months ago.” In the Philippines, Department of Health data showed there are 38,825 Covid-19 cases among children who are four years old and below. At least 265 of these children died while 34,857 recovered. For children between five years old and nine years old, at least 40,286 got the disease. The death count for this age group is 40 while 36,519 recovered. The data also showed that 54,847 children who are 10 to 14 years old tested positive for Covid. Majority, or 50,023, of them recovered while 77 died. Dominating the news recently was the case of a two-year-old who reportedly caught Covid-19 less than a week after visiting a mall. This prompted the Department of Health to order an investigation. During his “Talk To The Nation” on Monday night, President Duterte urged local government units to consider imposing stricter policies that will limit the entry of minors to public establishments such as shopping malls. The President also reminded the public to continue being cautious. “To the parents and guardians of minors who are unvaccinated, be mindful of the risk. Part of caring for them is thinking about their safety. I hope no one among our children will get Covid-19,” he said. At the urging of the President, the Metropolitan Manila Development Authority and Metro Manila mayors announced their plan to review the guidelines allowing children to go outdoors and enter malls as the region is currently under Alert Level 2. “While we have low Covid-19 cases, the pandemic is still not over. It is within the authority of local government units to put restrictions as the situation may call for,” said Department of the Interior and Local Government Secretary Eduardo Año. The president of the Philippine Medical Association also issued this reminder: Parents, especially those with kids aged 11 and below, should still refrain from bringing their children to malls or any indoor public spaces frequented by a lot of people. Metro Manila and other places with low Covid infections are now under Alert Level 2, which means there are no age restrictions for people going to the malls and other public places. But the virus is still very much around. Not bringing your kids to indoor public places is still the best way to protect them and your family from Covid infection.

Since 2005

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

Online Editor Creative Director Chief Photographer Chairman of the Board President Advertising Sales Manager Group Circulation Manager

Sonny M. Angara

Better Days

ecently, face-to-face classes in 100 public schools across the country were held for the first time in almost two years. This pilot run classes is very much welcome considering that the education of a significant number of students has been disrupted due to the Covid-19 pandemic. While the Department of Education (DepEd) and the Commission on Higher Education (CHED) worked hard to introduce distance and blended learning tools so that students would continue learning even while inside their homes, for many families, coping with the various challenges under the new setup has been very difficult and stressful. Among the most common issues faced by families is the lack of a reliable Internet connection. Parents have also become the de facto teachers or tutors of their children at home. So, apart from dealing with their challenges at work, they also have to struggle with the additional burden of educating their children. The opening of limited in-person classes in some public and private schools this month gives hope that a return to some degree of normalcy is forthcoming. We can attribute this development to the increase in the number of Filipinos getting vaccinated daily and their adherence to

the health protocols imposed by our authorities. One question that was in our mind when we were going over the proposed 2022 budget was—how prepared are our schools for the holding of in-person classes? When we went over the 2022 National Expenditure Program (NEP) or the version of the national budget submitted by the Executive Branch, and the General Appropriations Bill (GAB) or the version approved by the House of Representatives, we saw that there was no item for the preparations and implementation of face-to-face classes in the DepEd, CHED and the State Universities and Colleges (SUCs). This actually comes as no surprise considering that when the different government agencies and offices submitted their respective budget proposals, there was still no plan to hold face-to-face classes. In response to this new development and to aid our schools in their preparations, the Senate Committee

Lourdes M. Fernandez

Dr. Leonardo A. Lanzona Jr.

Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso Ruben M. Cruz Jr. Eduardo A. Davad Nonilon G. Reyes D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

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

www.businessmirror.com.ph

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

on Finance, which we chair, proposed additions to the 2022 budget of the DepEd. We anticipate that more schools will be included in the coming months so we deemed it necessary to provide appropriate budgetary support to the DepEd for this purpose. For our 116 SUCs, including the University of the Philippines System, the committee also proposed additions for preparations for the holding of face-to-face classes. For both basic education and higher education budgets, we provided for greater flexibility in the use of the funds. The DepEd and SUCs may use the funds to modify the layout and ventilation of the classrooms, laboratories and other parts of the schools; for the Covid testing of the faculty and staff; for the purchase of supplies and other equipment for the implementation of safety protocols and standards; and for assistance to the students, teachers and staff for their transportation requirements. We give credit to our vice chairpersons of the Finance Committee— Senators Pia Cayetano, Sherwin Gatchalian and Joel Villanueva for coming up with these interventions when they took up the proposed budgets of the education sector during the committee hearings. The Committee on Finance also included a special provision to the proposed budget such that there would be stronger quality control when it comes to the production of self-learning modules, learning activity sheets, manuals, and worksheets. We also wanted to make sure that

Social cohesion in social change

T. Anthony C. Cabangon

BusinessMirror is published daily by the Philippine Business Daily Mirror

MEMBER OF

Preparing for face-to-face classes

EAGLE WATCH

mong the messages being spread by presidential aspirant Ferdinand Marcos Jr. is the idea that the situation of Philippine society has worsened after the Edsa revolution that toppled his father’s government. According to his narrative, corruption and economic underdevelopment remain because of the misdirected and incoherent policies of the post-Edsa administrations. To solve this, he claimed in a televised interview that he will be a “unifying President” who “wants to synchronize our efforts” towards social ends.

In 2016, a similar campaign slogan was declared by then presidential aspirant Rodrigo Duterte. A few days before the last presidential elections, Duterte said that the administration of Benigno Aquino III was divisive, implementing only policies that benefit his elite party’s interests. Claiming to adhere to due process and the presumption of innocence, he, nonetheless, would not allow individuals or entities to “destroy the children or this country.” Through

sheer political will and a “text message,” Duterte promised that within weeks, “everybody behaves.” For these individuals, national interest takes precedence over individual ones. Defined as a statenational ideology, it purports a nation in crisis. As such, the state needs to protect the nation from all (real or fake) disruptions. This ideology originated from Ferdinand Marcos Sr., who imposed Martial Law to quell social unrest. In his

case, the crisis was instigated by extremist groups on two sides: the communists and the oligarchs. For Duterte, the crisis was the rampant use of dangerous drugs, and now, for Marcos Jr., the issue is Covid-19. In their campaigns, they promised to bring about a swift end to social disruptions by removing all encumbrances society imposed. In this ideology, a crucial element is to demolish institutions and social processes that have constricted earlier administrations and accordingly precipitated the supposed crisis. With the help of the military, this paves the way to a dictatorship or other extrajudicial measures. In the case of Marcos Sr., a new constitution was created to legalize his authoritarian power. Duterte, meanwhile, engaged in a drug war and weaponized laws to coerce the media and other democratic institutions to accept his directives. Even before reaching the presidency, Marcos Jr. shows a disregard for institutions in his attempt to revise history. Nevertheless, despite the support of economic managers or technocrats, these governments were unable to deliver their promises. Under

no one is left behind when it comes to education. For this reason, the committee proposed an additional budget for the implementation of the Alternative Learning System (ALS) and the Special Education Program of the DepEd. The ALS allows Filipinos who do not have or cannot access formal education in the traditional school setting the opportunity to complete their studies. The SPED, on the other hand, caters to our learners with disabilities. The committee also proposed an increase in the budget for the Last Mile Schools Program to pave the way for the construction of more school buildings; tech-voc laboratories; water and sanitation facilities; and even the installation of solar panels in far-flung areas. With the gradual resumption of face-to-face classes, the struggles of both the children and their parents in coping with home-based education will soon be eased. Our hardworking teachers, who already have sacrificed enough to ensure our children get the quality education they deserve even during the pandemic, will also have some relief once they are able to step inside their classrooms once again. It’s only appropriate then that the precautions are taken to protect our children from possible infection, as we gradually return to face-toface classes.

Sen. Sonny Angara has been in public service for 17 years. He has authored and sponsored more than 200 laws. He is currently serving his second term in the Senate. E-mail: sensonnyangara@yahoo.com| Facebook, Twitter & Instagram: @sonnyangara

Marcos Sr., the country experienced a deep financial and economic crisis. Burdened by huge loans, the succeeding administrations were hampered by lack of resources, causing the economy to lag behind its Asian neighbors. Under Duterte, even with his popularity and political power, the government’s pandemic response has been a failure. The current decline in infection cases comes at a huge cost. In September 2021, the country recorded the highest unemployment rate this year at 8.9 percent, as the scarring effects of the lockdowns took a toll on the whole economy. According to Neda, the total costs of the Covid-19 and the quarantines amounted to P41.4 trillion, thereby resulting in a dissatisfaction with the government, precipitating the country’s worst economic recession and reducing consumption, investment, and worker productivity in the next 10 years. Given these disappointments, why would Marcos Jr. and his “partymate” Sara Duterte insist on the continuity of this nation-state ideology espoused by Marcos Sr. and Duterte? See “Eagle Watch,” A11

Opinion BusinessMirror

www.businessmirror.com.ph

Friday, November 19, 2021 A11

Doy Laurel: In memoriam Re-locating Life and Desires Manny F. Dooc

Tito Genova Valiente

TELLTALES

E could have been the president of our country had he played his cards well. Salvador Hidalgo Laurel, better known as Doy, was at the cusp of succeeding President Cory C. Aquino in Malacañang as he was elected as her vice president in the snap election of 1986 where he and Cory C. Aquino, his standard bearer, claimed victory over Marcos and his running mate. At the start of Cory’s administration, Doy was one of the most powerful government officials post Edsa. He concurrently held the posts of VP, Prime Minister and Secretary of Foreign Affairs—the only Filipino official to concurrently hold all three sensitive positions in our history. However, the position of prime minister was abolished on March 25, 1986. He was also appointed as the Secretary of Foreign Affairs by Cory where he made his mark representing our country in important international meetings, which were attended by heads of states. His official visit to China in 1986 was acknowledged by diplomatic observers as a milestone that displayed our maturing foreign policy and evolving foreign relations. However, his cordial relations with the president did not last long. The series of coups that disrupted Cory’s government drove a wedge between our two top leaders. Cory lost her trust in him and VP Doy resigned from the Cabinet 18 months after the Cory administration took control of the government. Doy kept his VP post but his fall from grace from Cory’s government precipitated the end of his illustrious political career. Some six decades earlier, his father Dr. Jose P. Laurel also resigned from Governor General Leonard Wood’s cabinet as Secretary of the Interior for nationalistic reasons, which triggered the cabinet crisis of 1923. But unlike Doy’s departure, Dr. Laurel won the hearts of his people who elected him to the Senate against a candidate fully supported by Manuel L. Quezon in the following election. A holder of a doctor of laws degree from Yale University, an academic distinction that Doy Laurel shared with his father later, Dr. Laurel excelled in lawmaking. He even caused the revision of the old and comprehensive Civil Code, which he deemed a relic of the past. Then he served as a delegate to the 1935 Constitutional Convention where he was recognized as one of its “wise men.” The older Laurel was a serious scholar that he compiled the papers and notes of the entire proceedings of the convention, which consisted of 24 tomes. He had planned to annotate and edit them after his work at the 1935 Constitution was completed, but he never got the time to do it. Doy was privy to this dream, which he finally undertook with passion after Dr. Laurel died in 1959. The 7-volume annotation was a labor of love out of a son’s piety to his father’s legal genius and opus. Doy was a worthy son of a worthy father. Doy was destined for glory since his birth. Ninety three years ago, on November 18, 1928, Doy was born to Jose P. Laurel and Pacencia Hidalgo in Paco, Manila where the Laurels moved their residence after Dr. Laurel joined the government. The place was near the seats of government—Malacañang, Congress, Supreme Court, Manila City Hall, and a number of government buildings. It was near UP Faura, De La Salle, and other prominent schools. Doy initially took up pre-med at UP but he started winning oratorical and debating contests, even besting contestants from the law school. He also emerged as the intercollegiate champion orator and debater. His classmates observed that he was in the wrong course and even his professors advised him to shift to law. So he changed his course and the law had found no able advocate. After earning his law degree, he pursued and earned his masteral and doctoral degrees in law at Yale, just like his father.

With seven lawyers in the family, the Laurels set up their own law office with the patriarch as the senior partner. Doy engaged in active legal practice and was a most sought-after lawyer after winning cases for his clients. He also taught law in Lyceum using the Yale teaching method to encourage his students to do away with rote learning and think on their toes. Former SC Justice Roman Ozaeta of the Philippine Bar Association called on him to handle a case for free. It involved the killing of an indigent worker in Parañaque allegedly by an abusive cop. He succeeded in having the policeman convicted and it was followed by several other celebrated cases involving impoverished clients, which he personally attended. So he decided to form the Citizens Legal Assistance Committee under the Philippine Bar Association, which eventually mushroomed around the country with hundreds of lawyers volunteering their free services. With its success, the CLAC became the Citizens Legal Aid Society of the Philippines, a non-profit organization dedicated to providing free legal services to the poor. In 1976, Doy Laurel was awarded the “Most Outstanding Legal-Aid Lawyer of the World” in Stockholm, Sweden by the International Bar Association. He was elected senator in 1967, placing fourth after Jose Roy, Ninoy Aquino, the only LP who made it to the magic 8, and Magnolia Antonino, a substitute for her husband Gaudencio who perished in a helicopter crash on the eve of the election. He sponsored several justice-for-thepoor legislation, which were all enacted into laws, with the help of two young idealistic lawyers in his Senate staff, Attys. Enrique Voltaire Garcia and Edcel Lagman. Laurel was one of the most popular politicians of our country during his time. For over a quarter of a century starting during Marcos presidency, he served in the Senate and the Batasang Pambansa. When Martial Law was declared, Doy fearlessly spoke against the evils of the regime. He risked his life and comforts to encourage his countrymen to oppose the dictatorship. With Ninoy in exile in the US joined by other anti-Marcos elements, Doy organized UNIDO to oppose the unwanted regime. With the death of Ninoy and Senator Gerry Roxas, Doy became the president of UNIDO and the preeminent leader of the opposition. UNIDO proclaimed Doy as its presidential candidate against Marcos in the snap election in 1986. However, Cory decided to join the contest and declared herself available for the presidency. So as not to divide the votes and keep the opposition united, Doy gave way and agreed to be Cory’s running mate. And the rest is now history. Doy Laurel was the rightful challenger to President Marcos as he was the acknowledged leader of the opposition party against the Marcos regime. He gave up his presidential ambition and opted to make the supreme sacrifice for the sake of his country and his people. He thought that he could win the presidency after Cory’s term, but he was unsuccessful in 1992. In 1986, it was his time but he let it pass. I have said before and I say it again that in politics, you don’t choose the time; time chooses you. In this election, we need a Doy Laurel who is willing to sacrifice his lifetime’s dream for the sake of unity and greater chance for victory for the opposition at the polls. Who will it be?

annotations

fter long negotiations with trucking services and doorto-door deliveries, my 40-year-old life in Manila arrived in the old city where I now reside. This “life” came via cargoes packed by my former live-out cleaner who formed a team, which placed in boxes everything in that apartment. What should we pack, Kuya? Everything, everything… except the shelves and cabinets. Leave the old refrigerator and stove. Leave the tables and chairs. Leave the pails and basin—everything in the toilet and the back kitchen. Be careful with those little things, objects, on display and atop the TV cabinet. All the CDs please…wrap them well… Use bubble wrap. As days went on, they would send me real-time video of the things lying around, including the broken glasses and figurines. The rats had the run of your home for more than a year. After the arrival of the cargoes, I did not have the energy to unpack them. They were kept in the storage at a friend’s property. There was a reason for my unease and this was the nagging thought of what could have been left there. What would I not be able to account for? I was not going to blame the team organized by the cleaning lady. One day, the arrival of more boxes of books not mine prompted me to attend to my own cargoes. One realization: I needed to unbox everything before I would be able to decide what to keep, give away, or throw. One by one, the boxes, with the help of an assistant, were opened. There were books still tightly wrapped in cellophane. They were artefacts from the pre-pandemic

days. The Big Bad Wolf came to Manila again by the end of February 2020. One of the books, J. Scott Turner’s Purpose and Desire. What Makes Something “Alive” and Why Modern Darwinism Has Failed to Explain It, is the same book that would animate my theme for this week. But first the contents of boxes and how I dealt with them. Throwing away things was not easy. I designated boxes for the unwanted. The old clothes went into these boxes. Swaths of curtains, wide blankets and bedsheet. The crisis came when the tiny objects appeared from newspaper wrapping. Should I throw a set of cufflinks? I do not use them, never used them. What about these boxes of pencils? But they brought back my interest in sketching after my two eyes were cleared of dense cataract. I came to a decision. The CDs would be given to my three siblings. Those that had been signed by an elder brother who had passed on more than 20 years ago would go to his children. He was attempting to catalog them back in the 90s when CDs were rare and quite expensive. The rest would go to my other brother. My sister gets to keep all the Don McLeans; the singer and the songs are her second religion. There remained my collection of “horses.” Years of stay in Japan had

introduced me to the varied folk interpretations of the horse—from the black Yawatauma of Aomori Prefecture to the Shinobigoma straw horse offered for good rice harvest, and Haniwa clay models of horses. They all go to my younger brother. That was my decision forged in a vow. And yet when I started gazing upon the tiny figures, I began to think whether I could keep two or three of them. Removed from the shelves and now being gazed upon, the horses had assumed a luminosity. When I began keeping them, there was never a thought to give them away. And here I am, giving them away; it is not a fact but a promise. Something was bothering me. My eyes fell upon the smallest of them all, a white ceramic horse. It appeared to be readying for a jump, its two eyes the only dark spot on that graceful head. “Let me keep him.” But as I picked it up, another horse reared

its blue neck. All its legs were broken. “You are going to stay with me.” Why do these objects affect me? They are not alive, are they? But I have invested in them decades of my life. Could I push the arguments of J. Scott Turner’s and attribute sentience and intentionality to these objects? That they are not merely ceramics and stones but vessels of my own caring? I have cleaned them and kept them and now I am giving them away that they may add to the memories of my siblings and their children. That long after I am gone, they would still have these horses with their own stories, and, hopefully, their feelings about the beauty of these representations may guard their long, aging days when there is nothing to do but contemplate objects on the shelves without regard for time and the world’s passing.

E-mail: titovaliente@yahoo.com

Top US envoy appeals for preservation of democracy in Africa By Matthew Lee AP Diplomatic Writer

AIROBI, Kenya—US Secretary of State Antony Blinken on Wednesday appealed for the preservation of democracy in politically and ethnically fractured societies as he began his first official visit to Africa amid worsening crises in Ethiopia and Sudan. In a lengthy private meeting with Kenyan President Uhuru Kenyatta and other top officials, Blinken hailed Kenya’s role in seeking to ease the conflict in Ethiopia and cited Kenya as an example of a vibrant, inclusive democracy despite challenges it has faced in its own recent elections. Kenyatta visited the Ethiopian capital over the weekend in a bid to bolster an African Union-led mediation initiative to end the violence that has engulfed the northern Tigray region and spread, prompting widespread fears of a spillover in the conflict. The State Department said Blinken spent 90 minutes with Kenyatta in a session scheduled for only 10 minutes and that the talks were wide-ranging. The precise topics and any potential developments were not immediately clear. “We continue to see atrocities being committed, people suffering, and regardless of what we call it, it needs to stop and there needs to be accountability,” Blinken later told

Eagle Watch. . . continued from A10

Apart from personal reasons, their campaign seeks to attribute these failures to weak governance, and not to ideological weaknesses. However, this belief falsely assumes that the social disruptions, such as the effects of Covid-19, are external and can be eliminated through sheer political will. Social problems, such as inadequate health systems,

reporters. He said he will make a determination on whether the situation in Ethiopia is genocide “once we get all the analysis that goes into looking at the facts.” Kenyan Cabinet Secretary Raychelle Omamo told reporters that “we believe that a cease-fire is possible” but “in the end, these solutions” will come from the Ethiopian people. In comments to Kenyan civic leaders, Blinken spoke about the importance of combating “democratic recession” around the world, including challenges in the United States that show “just how fragile our democracy can be.” Kenya faces its own test of stability in a presidential election next year. Blinken is looking to boost thusfar unsuccessful US diplomatic efforts to resolve the deepening conflicts in Ethiopia and in Sudan and to counter growing insurgencies elsewhere, including Somalia. Months of engagement by the Biden administration have produced little progress and, instead, the conflict in Ethiopia has escalated between Prime Minister Abiy Ahmed’s government and leaders in the northern Tigray region who once dominated the government. The tensions, which some fear could escalate into mass inter-ethnic killings in Africa’s second-most populated country, exploded into war last year, with thousands killed, many thousands more detained and

millions displaced. “We need to see people detained released,” Blinken said. Shortly after he spoke, the government-created Ethiopian Human Rights Commission estimated that thousands had been detained in Addis Ababa, the capital, since the government declared a state of emergency over the intensifying war. The estimate is the largest yet of the detentions occurring as teams of volunteers roam the capital’s streets looking for Tigrayans suspected of supporting the Tigray forces. Rival Tigray forces are advancing on Addis Ababa amid increasingly dire warnings from the US and others for foreigners to leave. While holding out hope that a window of opportunity for a resolution still exists, the United States has moved toward sanctions, announcing the expulsion of Ethiopia from a US-Africa trade pact and imposing penalties on leaders and the military of neighboring Eritrea for intervening in the conflict on Ethiopia’s behalf. Sanctions against Ethiopian officials, including Abiy, a Nobel Peace Prize laureate, are possible. Ethiopia has condemned the sanctions and in Addis Ababa, the headquarters of the African Union, and elsewhere, there is skepticism and hostility to US pressure despite America being the country’s largest aid donor.

originate from within the existing social inequalities and disparities that limit social mobility. The healing begins not from executive orders but from an acceptance of misdeeds. Solutions must be negotiated through the joint efforts and initiatives in society to promote, first and foremost, the individual. The nation-state ideology is therefore anathema to social cohesion, which is a means and an end of social change. By definition, a society is “cohe-

sive” if it improves the well-being of all its members, fights exclusion and marginalization, creates a sense of belonging, promotes trust, and offers its members the opportunity of upward social mobility. Economist Dani Rodrik found compelling evidence that a divided society responded worse to natural disasters than did those with united societies. The lack of concern for the poor explains this government’s shallow response to the pandemic. William Easterly, another influential econo-

As the US has exerted pressure in Ethiopia, it has also been confounded by developments in Sudan, where a military coup last month toppled a civilian-led government that was making significant strides in restoring long-strained ties with the United States. Coup leader Gen. Abdel-Fattah Burhan tightened his grip on power last week, reappointing himself as the chairman of a new Sovereign Council. The US and other Western governments criticized the move because it did away with a joint military-civilian council already in place. The Sudanese generals responded by saying they would appoint a civilian government in the coming days. The US has retaliated for the coup by suspending $700 million in direct financial assistance. Further moves, including a slowdown or reversal of a multiyear rapprochement with the government, could also be in the works. The top US diplomat for Africa, Molly Phee, met Tuesday with deposed Prime Minister Abdallah Hamdok and Burhan. Burhan said the leaders of Sudan were willing to engage in dialogue with all political forces without conditions, according to a statement from the newly appointed Sovereign Council. Associated Press writers Cara Anna in Nairobi and Samy Magdy in Cairo contributed to this report

mist, presented evidence that the lack of social cohesion, such as income inequality and fractionalization, correlates with the quality of institutions which in turn determines economic growth and social change. In contrast, the “unifying” platform of Marcos Jr. leads to tyranny. Children are beholden to their fathers.

Dr. Leonardo A. Lanzona, Jr. is Professor of Economics at the Ateneo de Manila University.

A12 Friday, November 19, 2021

GOLDEN YEARS? PHL TRAILED ASEAN PEERS DURING MARTIAL LAW By Cai U. Ordinario @caiordinario

HE Philippine economy under Martial Law barely grew 6 percent when most of its Asean peers were growing at 7 percent, according to a study done by economists from the University of the Philippines School of Economics (UPSE). In the Discussion Paper titled, “Martial law and the Philippine economy,” the authors led by former UPSE Dean Emmanuel de Dios said the average GDP growth rate between 1972 and 1985 was only 3.4 percent. For the period of Martial Law, between 1972 and 1980, the growth was at 5.98 percent. This was only due to the “exceptional years” of 1973 and 1976 which posted growth of 8.9 percent and 8.8 percent, respectively. The economists noted that while public sector fixed investment increased to 6.5 percent of GNP between 1972 and 1976, tax revenues remained virtually unchanged. “It may be false-memory syndrome, confusion due to social media, or perhaps the way the period is treated in the schoolbooks, but a generation or more of Filipinos has somehow been reared to regard the martial law period [1972 to 1981] as the ‘golden years’ of the Philippine economy,” the economists said. “But just as it is unfair to evaluate a pupil based on one or two quizzes, so it is anomalous to judge an entire historical period based only on a few years’ performance. Viewed from a longer and comparative perspective, the remarkable economic numbers for just those two years (1973

and 1976), or even the martial law period itself, are the notable exceptions rather than the rule,” they explained. Further, the authors said careful examination of the data from the dictatorship years and the period under democratic government showed there was faster GDP growth under the democratic years at around 4.03 percent between 2009 and 2017 than the 3.17 percent in the 1972 to 1980 period. The same results were reached when the economists compared the two decades of the Marcos regime and the last two decades under democratic government. Data showed that in terms of GDP growth, the growth in the last 20 years, including the Duterte administration, grew 4.89 percent while the two-decade Marcos era only allowed GDP to grow 3.83 percent. Further, comparing the growth of GDP per capita in the last 20 years yielded an average growth of 3.04 percent, significantly higher than the 1.09 percent in the twodecade rule of Marcos. De Dios and other economists also noted that real per capita incomes declined in 1982 and it took 20 years for the economy to recover from these lower incomes. “The deeper question in assessing economic performance under martial law, however, is why growth performance could not be sustained. The important distinction between recent growth and that under martial law was that these ‘best years’ of dictatorship were followed by a period of crisis and collapse, from 1982 to 1985,” the economists said.

@sam_medenilla

HE Commission on Elections on Thursday granted the request of the camp of former senator Ferdinand “Bongbong” Marcos Jr. for additional time to submit its position on a petition for cancellation of the Certificate of Candidacy (COC) of the presidential aspirant. In his Twitter account, Comelec spokesperson James Jimenez confirmed the Comelec Second Division decided to give Marcos until next week to respond to the petition, the first of three petitions that have been filed against him by separate groups. “Getting word that Comelec 2nd Division, just now, issued an extension in the cancellation case against former senator Marcos. 5 days. But since the 5th day falls on a Sunday, last day is actually 22 November,” Jimenez said. The poll body has yet to announce if the extended period for Marcos to reply will affect the schedule of the preliminary hearing on the case by the Comelec Second Division on November 26, 2021. In an interview with CNN Philippines, Vic Rodriguez, the spokesperson of Marcos, said they got word of the extension last Wednesday. He also revealed former Solicitor General Estelito Mendoza will serve as the legal representative of Marcos

By Bianca Cuaresma

@BcuaresmaBM

OMPLIANCE by the local banking system with the agri-agra mandated lending law is not showing any signs of improvement amid the pandemic, a senior official at the Bangko Sentral ng Pilipinas (BSP) said. In a media lecture series on Thursday, BSP Monetary Board Member Bruce Tolentino said bank lending to the agricultural sector is not growing even in recent years. This, amid calls of increased lending to the sector. Tolentino, however, blamed the

law behind the low compliance rate of banks with the mandate. “There has been no improvement in compliance. Why? Because the law is difficult to comply with,” the monetary board member said. The BSP has long been pushing

for amendments to the 12-year-old law. In March this year, the Central Bank decided to make “interim” amendments to the current implementing rules and regulations (IRR) of the law to boost lending to the sector, as legislation to amend the mandated law on agriculture is still pending. Part of the problem, Tolentino explained, is that the law only focuses on the production side of agriculture. For the law to be effective, compliance must also cover credit to the entire agri-business production chain, including distribution and manufacturing, he said. The law mandates that banks set aside a total of 25 percent for agriculture and agrarian reform lending, but those sectors do not cover 25 percent of the economy. This makes it hard for banks to prioritize lending to these sectors,

Tolentino added.

BSP survey

A BSP survey earlier this year revealed that local banks picked the mandatory credits to the Agri-Agra sector as the most challenging in terms of regulatory compliance. In order to evaluate the impact of local banking regulations, the BSP recently asked banks to rank five areas which they find challenging in terms of regulatory compliance. The results showed that except for rural and cooperative banks, compliance with mandatory credits to Agri-Agra remains the “most challenging.” The other regulations that banks listed in their top five are anti-money laundering requirements, credit risk management, operational risk management and information and technology risk management.

Continued on A4

Comelec grants BBM more time to reply to DQ petition By Samuel P. Medenilla

MB exec: Banks’ compliance with agri-agra law still poor

in the hearing of the petition. Theodore Te, the lawyer of the petitioners, questioned the decision of the Comelec Second Division, saying the deadline for the submission of Marcos’s position had already lapsed last Tuesday. He noted that Marcos got the notice from the Comelec Second Division to respond to their petion last November 11, 2021 and was directed to respond within 5 days after it. “Petitioners reminded the Comelec that the consequences of granting respondent’s motion for more time would be for the Comelec to flout its own rules, which the Supreme Court had already ruled in previous instances as grave abuse of discretion,” Te said in a statement. Te is representing Fr. Christian B. Buenafe, Fides M. Lim, Ma. Edeliza P. Hernandez, Celia Lagman Sevilla, Roland C. Vibal and Josephine Lascano. The group of petitioners wants Marcos’s COC to be cancelled or denied due course by Comelec after he was convicted for violating the National Internal Revenue Code and making false claims in his COC. Aside from the case filed by Buenafe et al, Marcos is also facing similar cancellation cases from Tiburcio Marcos’s group, Marcos is also faced with a petition from Danilo Lihaylihay to have him declared as a nuisance candidate, and a disqualification case from Bonifacio Ilagan et. al.

A HEALTH-CARE worker takes a selfie as she receives a booster shot of the Covid-19 vaccine on Wednesday, November 17, 2021, in Taguig City. The health department has recommended Moderna, Pfizer and Sinovac as booster doses, issuing guidance on which are recommended for those who received which jabs in the primary series. NONIE REYES

Senators, Kalayaan execs slam Chinese attack in Ayungin By Butch Fernandez @butchfBM

& Malou Talosig-Bartolome

ENATORS slammed the latest act of aggression by Chinese state forces against Philippine Coast Guard boats on a resupply mission in the Ayungin Shoal. This, as the mayor and vice mayor of the Kalayaan municipality which covers the Kalayaan Island Group denounced the harassment by the Chinese Coast Guard, which water-cannoned the two ships, forcing them to abort the mission. “Ang naganap na pagtataboy ng mga barkong Tsino ay katampalasan sa ating sobrenya, sa ating karagatan. Ang pangyayaring ito ay hindi dapat palampasin! [The reported move by the Chinese boats is a gross infringement of our sovereignty, a grave intrusion of our waters. We must not let this pass]!” Vice Mayor Hermoso Ornopia said in a statement posted in Sulong Kalayaan 2022 Facebook Page. Mayor Roberto del Mundo worries that ordinary Filipino fishermen going to the area would also experience the same degree, if not worse, of harassment. “Kung nagagawa ng mga Tsino ang ganitong mga bagay sa mga militar, mas lalong maaari rin nilang gawin

ang pambu-bully sa mga sibilyang mangingisda [If the Chinese can do this against military units, then they can very well do the same bullying against civilian fishermen],” Del Mundo said. Ornopia said he will ask the Sangguniang Bayan ng Kalayaan Palawan to adopt a resolution to protest in the strongest terms the latest incident in Ayungin Shoal. Kalayaan municipality has a population of 193 people. Its local government exercises jurisdiction over 11 islands and other rock formations including Ayungin Shoal. Hours after the Department of Foreign Affairs reported the latest incident, Senate President Vicente Sotto III and Senator Panfilo Lacson slammed China’s action in a joint statement Thursday. The two senators stressed the foreign intrusions in Philippine territory should be “stopped immediately.” “The continued interference of the Chinese Coast Guard in Philippine waters is an ominous sign (“masamang pangitain”) that should be stopped immediately,” said Partido Reporma chairman and standard-bearer Lacson and his running mate, Sotto. A separate statement was issued by Sen. Risa Hontiveros. In their regular weekly “Meet

the Press” Zoom conference with reporters, Lacson and Sotto reacted to the report by the DFA, which protested the actions of Chinese Coast Guard vessels using water cannons to drive away PCG ships resupplying the BRP Sierra Madre in Ayungin Shoal in the West Philippine Sea last Tuesday. Philippine Navy men have manned the old hospital ship, which Manila uses as sentinel for safeguarding its marine territory. “We are not satisfied with just filing diplomatic protests [against China]. We should have an alliance with big, militarily strong countries, through our existing bilateral agreements,” said Lacson, who chairs the Senate defense committee. Lacson added, partly in Filipino: “We can’t handle China alone, considering its military capability, so SP [Senate President Sotto] and I discussed this and we agreed that we should rely on the balance of power [among nations]. We cannot always remain pushovers.” Sotto reminded concerned authorities that “When our people are being driven away, this is an ominous development, whether there are casualties or not.” Even as Foreign Affairs Secretary Teodoro Locsin Jr., for the first

time, alluded to the Mutual Defense Treaty after a bullying incident by China, Sotto said, “it is high time” to revisit the country’s Mutual Defense Treaty with the United States and other foreign powers to deter China’s actions in the WPS, which the communist country claims as part of its vast nine-dash line area in the South China Sea. DFA’s Locsin said he talked to Chinese Ambassador Huang Xilian and to the Ministry of Foreign Affairs in Beijing to protest the incident, reminding them that a public vessel is covered by the Philippines-US Mutual Defense Treaty. He said the acts of the Chinese Coast Guard are “illegal” as China has no law enforcement rights in and around the Ayungin Shoal, and that its Coast Guard “must take heed and back off.” Senator Hontiveros said of the incident: “this is an outright and unacceptable violation of our sovereign rights and jurisdiction.” She u rged Ma l ac a ñ a ng to “strongly condemn” China’s bullying tactics. “Let us show our military personnel, the very same people who risk their lives for our country, that we will always defend them,” the senator said, adding “they are ready to defend our right, let us show them we will never abandon them.”

Companies BusinessMirror

Editor: Jennifer A. Ng

‘Sound policies will enable PHL to hit net-zero target’

By Lenie Lectura

@llectura

ower companies on Thursday urged the government to take the lead in pursuing measures that will allow the Philippines to achieve net zero greenhouse gas emissions by 2050. During the 2021 Conference of the Electricity Power Supply Industry (CEPSI), officials of AC Energy Corp. (ACEN), Aboitiz Power Corp., Meralco PowerGen (MGen), and First Gen Corp. shared insights on how they are doing their part to achieve a common goal— the net zero carbon goal. “I think it would be critical for the government to exercise its leadership and craft a net zero commitment. As we know, there are already more than 137 countries and counting who is committed to net zero. I think it’s just a matter of time that the Philippines, hopefully, will also commit to net zero and again craft specific policies. Hopefully, it will also encourage more corporates in the Philippines to follow suit. It’s difficult to commit. It’s a leap of faith,” said ACEN President Eric Francia. ACEN earlier said it is working

with global climate solutions provider South Pole to develop a detailed greenhouse gas footprint that includes all relevant Scope 3 emissions from the value chain, which is considered “netzero best practice;” and assess potential emission reduction activities and strategies to help ACEN prioritize and budget for these interventions across its core business units, ensuring practical steps are taken to reduce emissions as quickly as possible. They will also establish interim targets aligned with a science-based 1.5°C pathway across the core business units. ACEN vowed to transition its generation portfolio to 100 percent renewable energy by 2025. It will also use the Energy Transition Mechanism (ETM) for the early retirement of its remaining coal plant, South Luzon Thermal Energy Corp. (SLTEC) by 2040, 15 years ahead of its technical life.

The ETM is an innovative funding mechanism that leverages lowcost and long-term funding geared towards early coal retirement and reinvestment of proceeds to enable renewable energy. AboitizPower President Emmanuel Rubio, meanwhile, said “government taking the lead is a good start and a good way to kickstart this tedious process.” “I think government should take the lead and I think with the initial commitment—75 percent in carbon emissions subject to the funds being available. But a firm roadmap, firm policies when they’re in place, I guess then if you really would have to be guided by those,” said Rubio. AboiitzPower, he said, also had discussions with Asian Development Bank and other financial institutions on ETM. “There are still some disconnects, I still won’t go into the details. Most of our coal plants actually can also be shut down by 2045 or before 2050 because of its useful life that’s in our current focus. But then in the current process, it’s the valuation as far as the ETM is concerned and we’re looking at probably 15 years. Between 15 and 20 to 25 years, there is a lot of value gap that you need to make up for. This is something that we have to work on with the financial institutions and maybe with government support to subsidize some of

Solar Tarlac gets high credit rating

redit watcher Philippine Rating Services Corp. (PhilRatings) assigned a credit rating of PRS Aa plus with a stable outlook to Solar Philippines Tarlac Corp.’s (Solar Tarlac) proposed P4.15-billion green bonds. “Obligations rated PRS Aa are of high quality and are subject to very low credit risk. The obligor’s capacity

to meet its financial commitments on the obligation is very strong. A plus (+) or minus (-) sign may be used to further qualify a rating,” PhilRatings said. PhilRatings said a “stable outlook” means that the rating is likely to be maintained or to remain unchanged in the next 12 months. In assigning the rating, PhilRatings considered Solar Tarlac’s significant market position in the

solar energy industry; very manageable construction risk; asset and customer concentration risk; market risk mitigated with a 20-year Take-or-Pay Power Purchase Agreement with Manila Electric Co. (Meralco) and established solar irradiation data; and general economic uncertainty due to the pandemic, but with opportunities which will benefit the company. Lenie Lectura, VG Cabuag

these initiatives. It’s something that the government should explore,” Rubio said. The first milestone in its net zero vision is the declaration to have a 50:50 balance between renewables and thermal by 2030. MGen President Jaime Azurin, for his part, awaits government’s next step after declaring a moratorium on new coal power projects in the country. He said there has to be a “timely” shutdown of these plants. “I know there’s a moratorium on coal, but what comes next? If government would have placed a gas storage facility wherein you can draw, then you could have a lot of gas plants. The problem with gas is you need to build big to be able to get the supply. We need a gas storage facility in the Philippines. [Francis Giles Puno] and his group are basically doing the investing not knowing what the future holds.” First Gen is currently constructing its Interim Offshore LNG Terminal project. Company president Francis Giles Puno said LNG plays a “crucial role” in accelerating the phase-out of coal-fired power plants and in fighting adverse climate change. But this process will require close collaboration with the government and other industry stakeholders to assure the country’s smooth clean energy transition and avoid energy market volatility.

Friday, November 19, 2021

Exec: Udenna did not violate the law U DENNA Corp. (UC) President Raymundo Martin Escalona cried foul Thursday after the company was criticized for its alleged midnight deals involving the acquisition of a controlling stake in the consortium that operates the Malampaya gas field project. UC is controlled by Davao-based businessman Dennis Uy, who is a close associate of President Duterte. Escalona said all the accusations against Uy and his companies are “politically motivated.” “I think personally that it’s really political and some people are trying to attack this administration. They may have their own reasons and maybe there’s not enough for them to attack this administration that they try to attack anyone who are perceived to be close to this administration. I think it’s really unfair because we’re collateral [damage] and they don’t realize that there are livelihoods at stake.” Escalona said these attacks have affected “my and the group’s ability to be able to financially close pending transactions.” He went on to say that the deals entered into with Shell and Chevron are legally binding. “We have not violated any law. We strongly believe that there is a need to regard the rule of law and put importance on contract sanctity.” Escalona said the “flippant attitude” by some parties towards contract supply will further hurt any invest-

ment and exploration by international upstream companies in country. Shell Philippines Exploration B.V. (SPEX), operator of the Malampaya consortium under Service Contract (SC) 38, and Chevron Philippines sold each of their entire 45-percent interest to UC. The UC Malampaya PhilippinesChevron Malampaya deal was already approved by the Department of Energy (DOE). Lawmakers have called the attention of the DOE, saying there was insufficient foundation for legal basis in approving the deal. The Shell Philippines Exploration B.V. (Spex)-Malampaya Energy XP Pte. Ltd. deal is still awaiting the green light of the DOE. The sale of the Chevron and Shell stakes will not have an impact on the government’s share from SC 38, said Escalona, adding that government will continue to receive 60 percent of the net proceeds without contributing to the costs of operating the facilities. The joint venture partners, he said, get 40 percent of the net proceeds while shouldering 100 percent of the costs which is about $150 to 160 million annually. Escalona shared UC’s plans once it takes over the Malampaya gas project. “We will focus on urgently needed rejuvenation program to stem the decline of Malampaya after a seven-year hiatus in exploration activities.” Lenie Lectura

Companies BusinessMirror

Friday, November 19, 2021

www.businessmirror.com.ph

AC Energy, AMI wind project in Vietnam starts operations By Lenie Lectura

@llectura

C Energy Corp. (ACEN) and AMI Renewables have announced the start of the commercial operations of their 252-megawatt (MW) wind farm in Quang Binh, Vietnam. This is their third joint-venture project following the 50-MW Khanh Hoa and 30-MW Dak Lak solar farms that started operations in 2019. These two projects have since been contributing to Vietnam’s clean energy supply, according to ACEN.

“The 252 MW Quang Binh wind farm plays a critical role in helping Vietnam achieve its renewable energy target, and is a testament to our ability to execute large scale developments amidst challenging times,” said Patrice Clausse, ACEN

Head of International Group. AMI AC Renewable, the tandem between the two firms, also recently announced a plan for a pilot battery energy storage system in Khanh Hoa, Vietnam. “ACEN’s renewables growth continues to accelerate, and we are delighted to be part of Vietnam’s rapid development towards a more sustainable future,” added Clausse. The wind farm is expected to produce 648 GWh per year, enough to power 270,000 homes and help avoid 580,000 tons of CO2 annually. Its wind turbines stand at 145 meters in hub height, which allows the optimization of wind energy production. “We are fortunate to have strong support from the people and gov-

ernment of Quang Binh province, and to have completed the project on time. The project marks another important step towards AMI AC Renewables’ 1,000 MW renewables capacity target by 2025,” said Nguyen Nam Thang, AMI AC Renewables Board Director and CEO. “To be part of Vietnam’s energy transition to a net zero future has been a privilege as well as a challenge, but we—AMI AC Renewables – are keen to follow to reach the goal.” ACEN has about 2,600 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia. It aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000 MW of renewables capacity by 2025.

Medilines sets IPO price at ₧2.30 mutual funds

November 18, 2021

NAV

One Year Three Year Five Year

per share Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

234.54

4.61%

ATRAM Alpha Opportunity Fund, Inc. -a

1.6859

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.2605

-0.45%

-1.02%

3.23%

39.18%

7.34%

4.24%

28.4%

5.55%

-3.85%

-3.8%

4.07%

-3.57% n.a.

-6.84%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7572 -2.72%

By VG Cabuag @villygc

edi l i n e s D i s t r i bu tors Inc., a distributor of medical equipment to public and private healthcare facilities across the country, has priced its initial public offering (IPO) at P2.30 per share. The said price is just 6 percent lower than its indicative price of P2.45 per share. “ We wanted to leave more upside on the table for our new shareholders who would get to directly participate for the first time in the continuous growth of the healthcare industry in the Philippines,” Virgilio B. Villar, chairman of Medilines, said. The company will be offering up to 550 million primary common shares and up to 275 million secondary shares. It will have proce e d s of a b out P1.88 billion at the current price. Medilines shares were 2.7 t i mes ove r s u b sc r ibed , due to overwhelming demand from a number of long-only institutional investors, according to sources. Part of the proceed s f rom t he IPO will be directly used by Medilines for its foray into the highgrowth, highmargin medical consumables business to support the growing industry. “ We hop e to attract long-term shareholders that share our vision in providing quality healthcare to ever y Fi l ipino,”

Villar, the brother of real estate magnate Manuel B. Villar Jr., said. Both the Securities and Exchange Commission and the Philippine Stock Exchange (PSE) have already given their green light for Medilines’ IPO, which will be traded under the ticker MEDIC. The target offer period for the IPO will be from November 22 to November 26, while the listing date is on December 7. Founded in 2002, Medilines plans to expand its presence and product portfolio to help enhance the country’s healthcare system through quality medical devices. The company’s revenues for the first semester jumped to P815 million which is higher by 281 percent year-on-year. Net income during the same period in 2021 was at P100 million which is equivalent to almost double of the net income posted for full-year 2020. The company attributes the profitability growth to the increase in sales of cancer therapy machines. Based on a recent independent study by Ken Research, in terms of expenditure, the healthcare industry rose to P911.4 billion in 2020 from P489.1 billion in 2014 or a compounded annual growth rate of 11 percent. Healthcare expenditure is expected to grow further to reach P1.5 trillion by 2025, driven by a growing and aging population, growing incidences of diseases, such as cancer and pneumonia, as well as increased efforts by the government to expand and modernize the country’s healthcare facilities. “The move is expected to further strengthen the interest in the country’s first pure-play healthcare IPO,” Gerry B. Valenciano, president and CEO of PNB Capital and Investment Corp., said. PNB Capital is the offer’s sole issue manager, lead underwriter and sole bookrunner. Retail investors will be able to buy the IPO shares online via PSE Electronic Allocation System during the offer period. The minimum subscription will be P2,300 and a maximum of P98,900.

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.798

8.34%

1.04% n.a.

7.61%

First Metro Save and Learn Equity Fund,Inc. -a

8.16%

2.43%

0.93%

6.12%

0.18%

5.2438

First Metro Save and Learn Philippine Index Fund, Inc. -a MBG Equity Investment Fund, Inc. -a

0.7863

4.58%

98.34

7.04%

-3.06% n.a.

-2.7% 1.28% -3.46%

PAMI Equity Index Fund, Inc. -a

48.2317

5.46%

1.62%

0.59%

2.97%

Philam Strategic Growth Fund, Inc. -a

503.76

4.43%

1.51%

-0.06%

3.03%

Philequity Alpha One Fund, Inc. -a,d

1.183

Philequity Dividend Yield Fund, Inc. -a

1.3331

Philequity Fund, Inc. -a

36.7927

Philequity MSCI Philippine Index Fund, Inc. -a Philequity PSE Index Fund Inc. -a Philippine Stock Index Fund Corp. -a

12.81% n.a. n.a.

0.9487 4.981

7.81%

17.44%

3.94%

2.11%

14.12%

8.95%

2.09%

1.38%

5.82%

5.08% n.a. n.a.

3.91%

6.55%

3.96%

2.52%

1.3%

829.76

6.13%

2.45%

1.19%

3.51%

Soldivo Strategic Growth Fund, Inc. -a

0.7638

7.73%

-1.86%

-1.83%

6.25%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.775

4.17%

6.65%

-0.66%

-0.41%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9464 5.7%

2.08%

0.96%

3.13%

United Fund, Inc. -a

1.72%

1.77%

4.45%

2.65%

1.69% 3.76%

3.4664

6.78%

ALFM

Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c

111.5949

6.18%

Primarily invested in foreign currency securities $1.1861

2.55%

8.03%

6.95%

-1.4%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.8904

ATRAM AsiaPlus Equity Fund, Inc. -b

18.57%

16.59%

13.17%

13.01%

Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a

1.7104

4.85%

2.35%

0.09%

2.51%

ATRAM Philippine Balanced Fund, Inc. -a

2.2757

2.47%

2.23%

0.23%

-0.42%

First Metro Save and Learn Balanced Fund Inc. -a 2.7161

4.77%

4.12%

1.99%

3.4%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.2054

4.53% n.a. n.a. 3.69%

NCM Mutual Fund of the Phils., Inc. -a

2.0157

3.66%

4.16%

2.27%

2.47%

PAMI Horizon Fund, Inc. -a

3.7697

0.68%

3.84%

1.14%

-0.54%

Philam Fund, Inc. -a

16.8785

0.75%

3.51%

1.06%

-0.36%

Solidaritas Fund, Inc. -a

2.1292

2.65%

2.4%

1.02%

1.82%

3.7%

1.21%

0.57%

2.09%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.6479 Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9883

-1.8% n.a. n.a.

-3.35%

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.9457

1.49% n.a. n.a.

-0.37%

2.4% n.a. n.a.

0.42%

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.937 Sun Life Prosperity Dynamic Fund, Inc. -a

0.9491

9.07%

1.86%

0.77%

6.92%

Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a

$0.03774

-3.77%

2.84%

1.42%

-3.48%

PAMI Asia Balanced Fund, Inc. -b

$1.0855

-2.01%

5.2%

4.17%

-3.94%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.8663 12.67%

11.82%

9.48%

7.83%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.2248 4.76%

6.58%

4.99%

1.88%

0.39%

Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a

372.55

0.84%

2.89%

2.53%

ATRAM Corporate Bond Fund, Inc. -a

1.9207

1.31%

1.23%

0.49%

1.07%

Cocolife Fixed Income Fund, Inc. -a

3.243

1.09%

3.15%

4.03%

0.86%

Ekklesia Mutual Fund Inc. -a

2.2372

-2.26%

1.75%

1.6%

-2.66%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4156 -1.2%

3.12%

1.82%

-1.53%

Philam Bond Fund, Inc. -a

4.3662

-5.4%

4.34%

1.56%

-5.7%

Philam Managed Income Fund, Inc. -a

1.3123

-0.11%

3.72%

2.53%

-0.68%

Philequity Peso Bond Fund, Inc. -a

3.9475

-0.39%

4.4%

2.54%

-1.34%

Soldivo Bond Fund, Inc. -a

1.0192

-1.52%

4.97%

1.91%

-2.33%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1621

-0.56%

4.79%

3.52%

-1.37%

-1.3%

4.02%

2.8%

-2.28%

Sun Life Prosperity GS Fund, Inc. -a

1.715

Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a

$488.39

1.44%

3.03%

2.43%

0.9%

ALFM Euro Bond Fund, Inc. -a

Є219.9

0.73%

1.07%

0.94%

0.31%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1993

-6.29%

-4.89%

2.25%

1.69%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 -2.26%

1.46%

0.87%

-2.63%

PAMI Global Bond Fund, Inc -b

$1.0183

-6.63%

-0.15%

-0.84%

-6.58%

Philam Dollar Bond Fund, Inc. -a

$2.4841

-1.39%

5.19%

2.57%

-2.2%

Philequity Dollar Income Fund Inc. -a $0.0624152 0.69%

3.13%

2.01%

0.18%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1493 -2.07%

3.14%

1.45%

-2.3%

2.54%

0.87%

Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a

130.95

1.15%

2.88%

First Metro Save and Learn Money Market Fund, Inc. -a 1.0565 0.96% n.a. n.a. Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3133

1.51%

2.67%

2.54%

0.8% 1.26%

Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0599

0.82%

1.5% n.a.

0.6%

Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d 1.3837

27.64% n.a. n.a. 22.49%

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -a,d

$0.98

1.03% n.a. n.a.

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Renaming was approved by the SEC last July 8, 2021 (formerly, Sun Life Prosperity Money Market Fund, Inc.).

"While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

Banking&Finance BusinessMirror

www.businessmirror.com.ph

Editor: Dennis D. Estopace • Friday, November 19, 2021

Merger of four banks undergoing BSP review

By Bianca Cuaresma

@BcuaresmaBM

HE merger of four banks is one of three transactions undergoing review by monetary authorities, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno announced in a briefing last Thursday. According to Diokno, aside from the merger, two consolidations and one acquisition are currently being processed by various departments of the BSP. There have been a total of 17 bank mergers, three consolidations

and one acquisition since 2019, the governor revealed. Most mergers were between two banks while four mergers involved three banks. An example is the integration of PNB Savings Bank with Philippine National Bank that the Monetary

Board approved through Resolution 1310 last August 29, 2019. PNB acquired the assets and assumed the liabilities of PNBSB. Data from the Philippine Statistics Authority revealed that from 2006 to 2012, some 36 banks have merged, 28 of which are rural lenders. During the briefing last Thursday, Diokno said while there are no ideal number of participants in the local banking system, he said mergers, consolidations and acquisitions (MCA) bode well for the industry. “[MCAs], are aimed at creating stronger and more resilient banking institutions that are adaptive to ever-changing financial environments,” the governor said. “MCAs also result in banks’ higher capitalization, better economies of scale and wider market reach.” Diokno added that the interagency

agreement to streamline the process for bank MCAs supports efforts to encourage banks to pursue MCAs as an avenue for enhancing size and strength. “The memorandum of agreement [MOA] recently signed by the country’s financial regulators provides an efficient mechanism for banks to pursue MCAs,” the governor said. Last November 5, officials from the BSP, Philippine Deposit Insurance Corp., Securities and Exchange Commission, Cooperative Development Authority and Philippine Competition Commission signed a MOA to process bank MCAs within 55 business days. The agencies are expected to issue implementing guidelines within 60 business days from the signing of the MOA. The BSP said the guidelines will be issued through a joint circular.

PHL borrows $500M from WB to address disaster risks By Cai U. Ordinario

@caiordinario

HE Philippines has again secured a $500-million loan from the World Bank through the Fourth Disaster Risk Management Development Policy Loan with a Catastrophe-Deferred Drawdown Option (CAT-DDO 4). The World Bank said that the Philippines can use the option, the country’s fourth, to easily secure funding needed to manage financial impacts brought about by disasters and disease outbreaks. The full amount of the loan, roughly P25.165 billion at current exchange rates, is available for three years after the effectiveness of this project. The government can renew this line of protection with the World Bank for up to a total period of 15 years. “This contingent funding mechanism protects the Philippines’ fiscal health following natural disasters and disease outbreaks, helps develop sustainable risk financing mechanisms for local government units, and cushions poor and vulnerable households from the impact of disasters,” according to Ndiamé Diop, World Bank Country Director for Brunei, Malaysia,

Philippines and Thailand. “If not managed well, these shocks can exacerbate poverty through the loss of lives, destruction of assets, disruption of economic activities and trade, and indirect impacts on health, mobility, and access to education,” Diop added. The Philippines has received three other CAT-DDO loans in 2018, 2014 and 2011. Each CAT-DDO amounts to $500 million. The CAT-DDO in 2018, which was only in effect for two weeks, was obtained in the wake of the Typhoon internationally-known as Mongkhut but named Ompong in the Philippines. The republic received two CAT-DDOs from the World Bank that had an effectivity of three years. The first one was approved in 2011 and was closed in 2014. The second one was approved in 2015 and expired in September 2018. The country can access the funds upon the declaration of a State of Calamity by the Republic of the Philippines due to an imminent or occurring natural catastrophe or a declaration of a State of Public Health Emergency. According to Lesley Jeanne Y. Cordero, senior disaster risk management specialist of the World Bank, the policy

reforms supported by the CAT-DDO 4 are critical given the implementation of the Supreme Court Ruling on the Mandanas case and the coming devolution transition phase of functions identified in the 1991 Local Government Code. The fourth CAT-DDO also supports government efforts to integrate climate risk management in the preparation of provincial commodity investment plans among local government units (LGUs), which can lessen the extent of agricultural and fisheries damage resulting from natural hazards and extreme weather events. “The reforms supported by the program enables local governments to take stock of climate actions, track and report climate change expenditures to inform investment planning and programming for risk resiliency,” Cordero said. The new lending operation supports on-going government efforts to strengthen disaster response and recovery policies and planning. This includes mainstreaming the use of pre-approved Disaster Rehabilitation and Recovery Plans to speed up access to funding from the national government for post-disaster

recovery. In the aftermath of disasters, skilled workers in areas like construction, welding, electrical installation and maintenance, pipe-laying, heavy equipment operation, and food production are crucial for reconstruction and rebuilding. Part of the program will support strengthening delivery of community-based technical and vocational training. The World Bank noted that the Philippines is highly vulnerable to multiple hazards due to its unique geography. The country is the ninth most affected country globally from extreme weather events, second highest ranked among Asian countries based on the World Risk Index 2020. Around 60 percent of the country’s total land area and at least 74 percent of Filipinos are vulnerable to multiple hazards, including typhoons, earthquakes, floods, storm surges, tsunamis, volcanic eruptions, and landslides. Typhoons accounted for around 90 percent of the damage in recent years. In the past thirty years, 33,000 people have died, and 120 million people have been adversely affected by natural disasters.

Race to relevance: Considerations for associations Part two

N last week’s column, I wrote about the six challenges for associations: time famine; value proposition; specialization and consolidation; generational difference; increased competition; and, technology. I got these from the webinar, “The Race for Relevance in Post-Pandemic Times,” by American association management expert and consultant, author and professional speaker Mary Byers. I am sharing below Mary’s three focus areas for consideration in meeting these challenges plus some insights: 1. Governance The three key factors to consider are: (a) smaller competency boards, (b) intentional onboarding and (c) DEI (diversity, equity and inclusion). Smaller boards of seven to nine members are easier for members to participate in and take responsibility. Competency refers to a specific area of expertise that the association needs to fulfill its mandate. For example, the need for someone in the board who is knowledgeable on digitalization, if the digital transformation is the goal. It can also be a need for board members who have soft skills like visionaries, team players and consensus builders. Intentional onboarding is orienting new board members to get their feet wet quickly, while DEI helps build an inclusive culture committed to increasing diversity and promoting fairness. 2. Product and service line: There are three interrelated considerations: (a) narrow focus, (b) consider “fit,” and (c) a builtin automatic review for products. Some associations have unrelated businesses. It is imperative for associations to determine if these businesses are fit for purpose so as not to compete for resources. Associations are also good at adding programs and services but poor in eliminating those that should be abandoned or those considered as “sunset”

Association World Octavio Peralta (i.e., in decline or to be phased out). 3. Digitalization Many associations chose to stay slow in their digital transformation effort, believing their members will be left behind if they move too fast. However, as more digital natives become members, they expect their association to embrace technology much quicker. This disconnect poses challenges to these associations that are now trying to catch up. Creating a “digital first” mindset has become even more essential at this time. Mary’s additional insights are: (a) adopting a reserve strategy and (b) building an innovation culture. On reserves, boards should move from being guardians or protectors of the association’s resources to being actual stewards of these assets. The pandemic taught associations the need to have reserve funds, i.e., to save for a rainy day. As Mary said, “the pandemic was not rain but a tsunami.” There is also a need to leverage reserves to create value in the marketplace for members. By doing so, membership becomes a “must have” and not simply a “nice to have.” On innovation, there is a role for experimentation, i.e., pilot-testing a product first before shouting it out to the world. Research and data need to be evaluated and changed along the way and that associations should go beyond the “silver bullet” mentality or thinking that one can instantly solve a longstanding problem. Innovation is about doing things differently. Mary left a final thought for associations: to take a “10-percent pledge.” This

means the association’s board and staff need to get together and agree to innovate 10 percent on anything the organization does, e.g., meetings, publications and member engagement. This is a simple way to think about innovation, she adds.

The column contributor, Octavio ‘Bobby’ Peralta, is founder and CEO of the Philippine Council of Associations and Association Executives. PCAAE is holding the Associations Summit 9 (AS9) on November 24 and 25, 2021. The 2-day virtual event is supported by the Tourism Promotions Board. E-mail inquiries@adfiap.org for more details on AS9.

TheBroa

Business

B4 Friday, November 19, 2021• www.businessmirror.com.ph

Filipinos find fin

in pandemic with cry (Conclusion)

By Bernadette D. Nicolas @BNicolasBM, Tyrone Jasper C. Piad @Tyronepiad,

Reporters

OR 10 days in July, he prayed for his life; a week later, he played for a life after Covid-19.

After getting billed half-a-million pesos for his and his mother’s hospitalization, Christian Angelo Dumalanta turned to Axie Infinity—a blockchain technology-based game—to convert cryptocurrency into cash and re-start their lives. Hence, Dumalanta, a 22-year-old fifth-year civil engineering student in Cabanatuan City, Nueva Ecija, became one of 800,000 Filipinos who invested into, are playing and earning from Axie Infinity, a Pokémoninspired blockchain-based game that allows users to earn cryptocurrency tokens called Smooth Love Potion (SLP). In the game, Axies, or digital pets, battle it out in adventure mode and against other Axies as well in PVP (player-versus-player) arena. The game rewards the winning player with SLP, which can be converted into Ether, a cryptocurrency. An SLP can be converted to actual cash, which a player can access via a bank account or mobile wallet. According to the coingecko website, the SLP-to-PHP (Philippine peso) rate last November 17 is P3.32 and has increased 3 percent from its previous day’s rate of P3.22. The rate has followed “a downward monthly trajectory as it has decreased -7.3 percent from P3.58 30 days ago.

Buyers, sellers

THE entry of Dumalanta and other Filipinos into Axie Infinity and other cryptocurrency games is not lost on public officials’ eyes. In fact, the Department of Trade and Industry (DTI) sees the potential of crypto games in boosting the country’s digital economy. “They [crypto games] encourage people to utilize virtual currencies and e-wallets despite the Philippines being a cash-based economy,” Trade and Industry Secretary Ramon M. Lopez told the BusinessMirror. “Enablers, such as payment and credit, facilitate digital money transactions and make it easier for buyers to purchase and sellers to market.” The potential to earn while playing crypto games prompts the increase of digital and financial literacy among the Filipinos as well, Lopez said. “The games expose them to the use of cryptocurrency in the digital era, instill better understanding on how cryptocurrency works and how one can maximize earning potential[; allowing] users to be more open-minded to new and innovative ideas [and/or] services,” the DTI chief told the BusinessMirror.

Active diligence

ACCORDING to Luis Buenaventura II, co-founder of licensed cryptocurrency exchange Bloomx, the game earnings provide the reason for users to learn about financial services, such as mobile wallets. “These tools exist. It’s just that most people don’t know or care about them because they have never made money before,” Buenaventura told the BusinessMirror. “Suddenly, all of

these guys overnight are making— not massive amount of money—but [an amount] that is substantially over what they were making before.” Bloomx is operated by Singaporebased Bloom Technologies Pte. Ltd. To gain further traction, Lopez believes that appropriate regulations must be put in place, fostering greater trust in crypto games. These include customer protection, anti-money laundering, anti-fraud and platform security, the DTI executive added. Overall, Lopez said that crypto games can contribute to the country’s e-commerce roadmap. It seeks to grow the contribution of the ecommerce sector to P1.2 trillion or 5 percent of the gross domestic product by 2022, he explained. Lopez said the government, for its part, is actively doing its due diligence in learning more about the industry and its potential to grow. “In a period where Filipinos are more open to unconventional ways and opportunities to earn income, it would be beneficial for the government to utilize their interest in promoting other digital solutions that may help improve the number of financially inclusive and tech-savvy Filipinos,” the Trade and Industry official told the BusinessMirror.

Gaming tokens

EVEN before nearly a million Filipinos turned to play-to-earn cryptocurrency-based games, the Bangko Sentral ng Pilipinas (BSP) said it already observed a “tremendous adoption of cryptocurrency use in the country through remittance or payment sector.” In an e-mail sent to the BusinessMirror, the BSP revealed the total number of transactions involving virtual assets, such as cryptocurrencies, doubled year-on-year to 12.2 million in 2020 from almost 6.6 million a year ago. Meanwhile, the total value of transactions involving virtual assets also surged by 385 percent to P101.61 billion in 2020 compared to the year before. A virtual asset (VA) refers to any type of digital unit that can be digitally traded or transferred and can be used for payment or investment purposes. However, the BSP said it doesn’t consider gaming tokens— used to pay for virtual goods and services within an online game, such as SLP—as a virtual asset in the context of its guidelines on Virtual Asset Service Providers (VASPs). As defined by the BSP, VASPs are entities that offer services or engage in activities that provide facilities for the transfer or exchange of a virtual asset.

Use-case for VAs

THE BSP told the BusinessMirror that the bulk (89 percent) of the total transactional value of virtual assets comprised the conversion of the virtual asset to fiat and vice versa; “proving that this is the largest usecase for virtual assets.” “A major factor in the increase in reported transaction value is the

300-percent increase in the price of cryptocurrencies, specifically Bitcoin, which jumped from $7,218.70 in 2019 to $28,890.12 in 2020,” the BSP shared with the BusinessMirror. According to the central bank, “moving forward, [it expects] a steady growth of VA acceptance driven by factors such as the shift of customer preference in favor of digital channels, availability of more use cases and prevalence of more competitive and customer-centric financial products and services, among others.” The BSP told the BusinessMirror that the increasing use and appeal of play-to-earn online games to Filipinos “reflects growing digital awareness of Filipinos, which may pave the way for greater adoption of digital channels for conducting financial transactions.” Moreover, the central bank said it also acknowledges that these innovations, if harnessed responsibly, have the potential to contribute to financial inclusion and payments digitalization through increasing awareness and familiarity of Filipinos in the use of digital platforms.

Involved risks

HOWEVER, the central bank is also cautioning the public against the risks involved when it comes to engaging in these games, adding that “the digital space provides borderless and wider playing field for fraudsters or cybercriminals to carry out illicit financial activities” such as money laundering. “For example, fraudsters may use social engineering through phishing to steal [and/or] obtain the credentials of gamers who earn virtual assets,” the BSP said. “These VAs are then siphoned from their wallets and thereafter used as payments for other illicit activities such as drug dealings or payment for participation to illegal gambling sites.” The BSP also warned that the market price for virtual assets may also become unstable over time and these also have the potential for unlawful use since these “have a high degree of anonymity and are not subject to know-your-customer (KYC) policies.” Aside from this, the BSP explained to the BusinessMirror that digital gaming tokens are prone to hacking, theft, virus infection and cyber-threats. In case of fraudulent, unauthorized or erroneous transactions, users may also find it difficult to reverse fraudulent transactions since there is no central authority that supports or guarantees these tokens. The BSP added that the public should be wary of accompanying challenges in enforcing legal recourse against companies that are registered and those that are operating outside the country.

Operator of pay system

WHILE the BSP earlier said it doesn’t consider Sky Mavis Pte. Ltd. as a VASP, it is looking into whether the Ho Chi Minh City, Vietnamheadquartered Axie Infinity creator can be considered as an Operator of Payment System (OPS) given the level of merchant acceptance of the in-game token SLP. The BSP said an OPS provides services in a payment system or defines, prescribes, designs, controls or maintains the operational framework for the system. As the Axie Infinity’s popularity as a play-to-earn game skyrocketed in the country, several merchants have also announced publicly that they are already accepting SLP as

a form of payment for goods and services. Buenaventura surmised that people accept SLP as payment for their products and services because they are also Axie breeders, who also use SLP to breed Axies. “The only reason why people are accepting SLP as payment for their product and services is because they are probably breeders. The cheapest way for them to acquire SLP is just to exchange the product that they are selling for it,” Buenaventura explained. One of these is the Quezon Citybased “The Bunny Baker” cake studio.

Resolve on crypto

ZACH Yonzon, co-owner of “The Bunny Baker,” told the BusinessMirror they have been accepting cryptocurrencies, particularly Bitcoin and Ethereum, since 2015. Yonzon said they started accepting SLP about two months ago to support the play-toearn industry as well as fellow Filipinos playing Axie Infinity. However, Yonzon said he didn’t find the game enjoyable and stopped playing. But that didn’t weaken his resolve on the importance of cryptocurrency. “I believe in cryptocurrency. I think that decentralizing finance is a game-changer. Cryptocurrency is just a game-changer,” he told the BusinessMirror. “We also want to offer as many avenues to pay as possible.” Yonzon, however, admitted only a few of their customers used cryptocurrency to pay since they opened the option seven years ago. He added they have yet to encounter a customer using SLP as payment. Yonzon said they’re still holding on to the cryptocurrencies they’ve earned so far. That means a long time: they won’t be converting these into fiat any time soon. He told the BusinessMirror that while they received cryptocurrencies as payment, these are less than 0.01 percent. “Pero kumita na ‘yun,” Yonzon said. [These have become profitable.]

Adding legitimacy

YONZON said they would continue accepting cryptocurrency or gaming tokens as a form of payment even if only a few of their customers do so. Yonzon told the BusinessMirror this is because he wants to “add legitimacy to cryptocurrency.” “The more businesses or outlets that accept crypto[currency] as a form of payment, the more value it [would have],” he explained. “Because if nobody accepts crypto, wala lang siya; hangin lang siya.” [It’s nothing; like air.] Yonzon believes cryptocurrencies would have value if more people accept it as a form of payment. However, Buenaventura believes tokens like the SLP is really in the air. SLP as a form of exchange will not probably work on a scale because the token is a “floating currency,” he told the BusinessMirror. Buenaventura said it is “tricky” to quote the amount for the products and services because the SLP price changes every minute. “There is going to be a regulatory hurdle there as well if it becomes a massive payment system,” he explained. “But I

think, all this is telling you that there are more and more people in the ecosystem who are not just low-income earners but also small business owners.”

Player compliance

ANOTHER government agency that noticed the growth of Axie Infinity players in the country is the Bureau of Internal Revenue (BIR). The BIR earlier said that income arising from cryptocurrency transactions must be included in the income of the taxpayer that will be subjected to income tax. This is because the National Internal Revenue Code provides, that for purposes of tax computation, gross income means all income derived from whatever source. With the government stressing the need of filing tax for gaming revenues, Buenaventura said that players must be educated with such policy. This starts with financial inclusion, the crypto expert said; something applied to his own guild, the “Yield Guild Games.” “We are ushering them into the formal financial sector painfully though; but there is a real motivation now,” he said. Buenaventura believes it is only reasonable for government to tax earnings even from play-to-earn games. While some may find this “annoying” as this will reduce the earnings, he believes it’s in the best interest of a player to comply with government rules. “I don’t think people want to be criminals. I think they would rather be legitimate; they just don’t know how to do it,” he added.

BIR policy

BRYLLE Uytiepo, founder of the Axie Alerts PH Facebook page, believes imposing tax rules will not deter Filipinos from playing Axie Infinity. According to the 22-yearold Manila-based chef, the earnings from the game will likely outweigh the tax compliance. Sky Maxis also encourages Axie Infinity players to comply with laws of their home countries. “Play-to-earn is an important shift in the nature of work; we look forward to working with physical nations (governments) on a path forward that encourages innovation and empowers gamers,” the company said in a statement in August. Yonzon also isn’t bothered by the BIR

aderLook nancial freedom

sMirror

Editor: Dennis D. Estopace • Friday, November 19, 2021

yptocurrency game pronou nce me nt . Howe ve r, he doubts it would be an easy task for the agency. The main issue is monitoring. “How are they going to monitor cryptocurrencies? How are they going to monitor [peer-to-peer transaction? They can’t,” he said. Buenaventura agrees. “I’m not even sure how do you report that because there’s no paper trail. Hindi naman bawal ‘yun [It’s not illegal] either. So there’s [going to] be a lot of questions about this stuff,” he told the BusinessMirror. “There needs to be a lot of time spent learning about how this ecosystem works before we actually start to make policy around it.”

A taxable event

WHILE it’s still an open question on how the BIR will tax cryptocurrency earnings, Buenaventura surmised the agency would tax the peso equivalent of the amount of SLP earned. “But then, how do you prove na yun nga talaga yung kinita mo? [That you earned that much?]” he added. Lawyer Nelson Kevin G. Baldonado also pointed out that the BIR has yet to release specific rules on reporting the income on cryptocurrency earnings, including when the gains would be considered as a taxable event just like how it is defined in the United States. Baldonado, chief legal officer of online tax-assistance and tax-payment platform operator Taxumo Inc., cited the Bitcoin as an example. “What they do in the US is, if your Bitcoin is valued at $47,000 today and tomorrow—through decentralized finance—earns some Bitcoin valued at $48,000 for that day; that’s an example of a taxable event, wherein your crypto earns you crypto,” he told the BusinessMirror. “We don’t have guidelines [and/or] rules as specific as they do in the US. Hence, the easiest way to compute income taxes vis-à-vis cryptocurrency would be when that cryptocurrency is actually converted into pesos.”

BM GRAPHICS: JOB RUZGAL

Taxing transactions

BIR Deputy Commissioner for Operations Group Arnel SD. Guballa admitted it would be difficult to monitor income from digital transactions. “Considering the fact that the Philippines uses a self-assessment system in collecting taxes, one challenge for the BIR when it comes to digital transactions, including cryptocurrency transactions, is the difficulty of tracking all the income arising from such undertakings,” Guballa told the

BusinessMirror. “The taxpayers merely self-report how much they earn for the taxable year.” The BIR official also admitted they have yet to release specific guidelines on the classification of cr y ptocurrency transactions and cryptocurrency-based playto-earn games and the taxation of income earned from these platforms as well as the reportorial requirements for those engaging in cryptocurrency deals. “[The] BIR also admits that cryptocurrency poses a significant risk of tax evasion due to lack of reporting requirements of large transactions, which the BIR cannot determine at the moment,” Guballa said in his email to the BusinessMirror. Nonetheless, Guballa said the BIR is looking at making it mandatory for Philippine-registered cryptocurrency exchanges to withhold gains from cryptocurrency transactions in a bid to make it easier for the bureau to tax the deals.

Through banks

BUT this strategy cannot be easily applied to foreign cryptocurrency exchanges since there would be a need to pass a new law just like what Singapore did, according to Guballa. “Generally, the country’s tax laws and regulations are sufficient at the moment but there is need for the passage of new laws to enhance public’s protection,” he explained to the BusinessMirror. In going after taxes on cryptocurrency earnings, Taxumo Co-founder and CEO Eugene Jose “EJ” Arboleda said there are ways for the BIR to track these transactions, such as asking a cryptocurrency exchange to share that data since these exchanges follow KYC policies. Arboleda also pointed out that blockchain is the “farthest thing from anonymity” and that the BIR can also access ledgers that record every transaction. “The BIR just has to look at one of the ledgers that are available, set up a node and download that and find a way to connect names to whatever wallet addresses; and they’re ‘golden,’” he told the BusinessMirror. “It’s very easy; like someone from home can do it.” Baldonado recommends that government go after cryptocurrency-to-fiat transactions through the banks instead of going after cryptocurrency exchanges. “The government would not need to catch them through the blockchain; you can check them through the banks,” he told the BusinessMirror. “All of our banks comply with the requirements of the anti-money laundering law.”

Legal framework

DESPITE the growing interest of Filipinos in cryptocurrencies and cryptocurrency-based games, the country’s only regulation when it comes to this space is BSP Circular 1108. These guidelines cover the operations and reporting obligations of VASPs that are in the Philippines. However, these guidelines exclude digital units

of exchange used as in-game tokens in its scope. “The use of VAs within a virtual environment, such as in-game crypto tokens, is excluded from the guidelines as these pose little to no threat to financial stability,” the BSP explained to the BusinessMirror. Moreover, the BSP said, its regulatory focus is on VASPs providing consumers with the means to exchange fiat money to VAs to acquire nonfungible tokens (NFTs) and NFTs back to Philippine peso. “However, if said NFTs are being accepted as payments for goods and services outside the virtual environment (i.e., gaming community) and has an interface with the real economy, it then becomes an activity regulated under BSP guidelines,” the central bank said. As for those VASPS registered in other jurisdictions but are offering services in the Philippines, the BSP told the BusinessMirror they “need not register with the BSP at this time.” The Securities and Exchange Commission (SEC) was reported to be finalizing a cryptocurrency framework last year. The SEC, however, declined to issue any comment for this story.

Enhancing adoption

BALDONADO believes the BSP’s issuance of guidelines on VASPs is already a “good step forward.” He said he would push for more regulations in the country to support the growing public adoption as well as to protect the investing public. “Sayang kasi yung technology kung hindi natin nama-maximize,” Baldonado told the BusinessMirror. [It’s a pity if we can’t maximize the technology.] He said it would be better if government addresses the gray areas. “Mabuti nang ma-define mo na lahat, ma-regulate mo yung crypto, para mas ma-integrate natin sa buhay natin,” Baldonado added. [It would be good if you can define everything, you can regulate crypto, so that we can better integrate it into our lives.] According to Arboleda, government must first define whether cryptocurrency is a security or a currency. For Baldonado, classifying it as a security would mean there are other taxes that need to be paid.

Needs improvement

BUENAVENTURA said the Philippine government needs to improve its knowledge in cryptocurrencies first before thinking about regulation as going into the latter’s path could stifle innovation. “No one is going to argue [that], of course, we want to support innovation. But we have to be careful about the regulations we apply because that has a very broad effect on hurting innovation if it’s applied wrongly,” he said. He pointed to Singapore as a model. The Philippines’s neighbor has created a “regulatory sandbox” to support innovation in the cryptocurrency space. For its part, the BSP vowed to facilitate an “enabling regulatory environment” that ensures regulation is proportionate and fair, maintains stakeholder collaboration and ensures consumer protection throughout the developments in this sector. Meanwhile, Sky Mavis has expressed willingness to work with governments in the future. “What we are building is completely unprecedented and, as we scale, working with governments

will become necessary,” Sky Mavis Co-Founder Aleksander Leonard Larsen told the BusinessMirror. “We look forward to working with officials and institutions that don’t want to stifle innovation.”

Alternative income

GOVERNMENT trade and industry officials are looking more on the innovation side. The DTI said that crypto games can further help Filipinos adapt to modern technology. Such is necessary to support a digital economy, a sector that was proven to be crucial during a pandemic. A report commissioned by Google Philippines noted that the country’s digital economy may reach P5 trillion by 2030, given that it ramps up its digitization efforts, especially for the micro, small and medium enterprises. Buenaventura believes cryptocurrency would become a bigger part of everyone’s lives. “I think cryptocurrency, in general, is here to stay. There’s nothing in my mind that would stop it from doing so,” he said. He also expressed optimism that Axie Infinity, which is still young, will do well in the coming years. “I am hopeful that it will provide alternative income for a long time to come,” he told the BusinessMirror, adding that in his view, “my role in the industry right now is to kind of help make that happen in the Philippines because I genuinely think this is opening doors for people and creating opportunities in a way that was never really possible before.”

What is

NFT? T

HE digital pets in the Axie Infinity game are considered non-fungible tokens (NFT), a type of digital asset that holds value and certification of ownership. These NFTs exist through a blockchain, which is a digital system or ledger that records transactions. “Each token has a digital signature that makes it unique from any other token and this is why it can be used to represent a unique object (physical or virtual,” Moneybees Forex Corp. CEO Paulo Roberto E. Del Puerto told the BusinessMirror). “That is why, if you have an NFT or, say a digital art piece or a character in a game, it means that you own that specific piece or character.” Del Puerto noted that the primary growth driver of NFTs in the Philippines currently is the playto-earn games. The tokens include the characters and weapons in the games, among others, he cited. “Now NFT is paving the way for financial empowerment— providing a way for people to earn income initially either from their artwork or by playing games. I am sure that pretty soon, we’ll see more implementations,” he added. In the art space, Puerto noted that several Filipinos are already minting and selling NFT art globally. The Moneybees official believes that NFT projects will continue to flourish in the country given the “overflowing” creative talent pool.

Relationships

Friday, November 19, 2021 • Editor: Gerard S. Ramos

BusinessMirror

www.businessmirror.com.ph

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Jodie Foster, 59; Meg Ryan, 60; Allison Janney, 62; Ann Curry, 65. HAPPY BIRTHDAY: Engage in something that makes you feel alive. Participate in life, love and achieving the happiness you deserve. Put an end to what’s no longer of importance or value to you. Be aggressive and innovative moving forward, and you’ll discover you have something to offer that you enjoy doing. Aim for peace of mind, explore possibilities, and embrace love and romance. Your numbers are 7, 13, 21, 24, 33, 38, 42.

ARIES (March 21-April 19): Budget for something that will make your life easier. Refuse to let anyone talk you into a shared expense that will add to your debt and cause worry. Take good care of your health, and do whatever it takes to ease stress. HHHH

SOME of the products sold by Personal Collection through their dealers nationwide. PHOTOS COURTESY OF PC

PERSONAL Collection dealers welcome chairman Jun Evangelista (left, in white shirt) to their branch.

It’s easy being green B

ACK in the day, when I was still going to a brick-and-mortar office, many of my purchases, from clothes, home accessories and gifts to loved ones, were made from direct-selling companies. It was quite convenient, as the sales representative would go to the office, show her catalog of products, and I was able to personally ask questions about the item I was thinking of buying. Also, paying was a breeze as I’d just hand the cash over to the sales rep, or work out a convenient installment payment plan if the tag was somewhat pricey. A few of the real sales pros would be able to implement a salary-deduction plan for employees of a company, in partnership with the financial officers they’ve built solid relationships with. In this era of instant clicks on shopping web sites, there is a need for direct-selling companies to impart the missing item in our consumption patterns: inter-personal relationships. But it shouldn’t be just any directselling firm. These days, I would look for one with real family values and a concern for the environment. Personal Collection Direct Selling Inc. (PC) has

risen from its humble beginnings in 2003 to become one of the leaders in the direct-selling industry. Willie “Jun” Evangelista Jr., son of founder Willie Evangelista Sr., says, “During the early days of PC, we were staying at an old office warehouse in Quezon City. The area was prone to flooding, but it was the only place we could afford to rent back in the day. When the flood would rise and swamp the warehouse, our family would clean it ourselves and save the things that we could still use.” As early as elementary school, Jun, now chairman of PC’s board of directors, says they would often help out in their father’s office as part of their “OJT,” or on-the-job training. Jun adds that his father wanted him and his siblings to learn the ins and outs of the business, how to run it, and how they could contribute to it. This is why their family values are very perceptible in the company’s vision and mission. PC’s main thrust is to provide what they call “A Great Life.” The company aims to help millions of Filipinos achieve “a great life” through its growing quality portfolio of home care, health care, baby care, personal care, fragrances, intimate apparel and through providing promising business opportunities through direct selling. Jun, along with his siblings, are anchored to this cause, and very passionate about it. “Our father wanted us to learn and contribute to the business. But more than being simply asked to join, I really wanted to do my share in growing our business. I’ve always wanted to help realize our business’ purpose,” says Jun in an e-mail exchange with us recently. This noble cause is driven by one intrinsic principle: humility. Willie would always tell his children to show respect for others, and value

still gender inequality and we must use our platform to spread this message in whatever way we can,” said director Dan Verzosa, a De La Salle-College of Saint Benilde Digital Filmmaking student. “As a female artist, making art about it is my way to give light to the issue and fight for equal rights.” The 20-year-old budding filmmaker believes that the voice of the next generation plays a crucial role in redefining the social issue. With the help of Annika’s character, she wishes to reach out to the younger audience who can play a significant part of this change. Verzosa cowrote Iamannika with

everyone who works with the company. “We recognize that we attract team members who have the same values. A culture built on humility is one we’ve always striven to build—to always listen and be willing to learn, and to always treat people with respect,” explains Jun. Today, Personal Collection has about 100,000 dealers nationwide. Jun is very active in their sales and marketing efforts, and at the moment he is spearheading their latest campaign: “A Green Life is a Great Life,” an idea that was born from environmental concerns. He learned, for instance, that the Philippines is the third-largest plastic polluter in the world. “We supposedly generate about 2.7 million metric tons of waste every year!” Jun exclaims. What’s worse, he notes, these plastic waste enters the food chain and affects marine and sea life, along with human health, food safety, and climate change. He has read that by 2050, our oceans would likely have more plastic than fish. PC has taken this problem very seriously and has decided to switch to fully biodegradable product packaging—a first in the country. Their main objective is to apply and promote practices that will help save the environment in the long run. The vision is to make the world a better and safer place to live for all creatures, one biodegradable container at a time. “Personal Collection is a company driven by a noble purpose. We share the great life to as many Filipinos as possible. When we started considering environmental responsibility as one of our corporate principles, we thought that adding fully biodegradable solutions to our products could become our biggest contribution to society,” says Jun.

Continued on B7

fellow Benilde Digital Filmmaking student Jean Evangelista. It was produced under Tuklaw Films, a team of young artists from diverse creative programs from different universities. The film was brought to life through the animation works of Verzosa and Benilde Animation students CJ Casambros and Bea Acepcion, together with their head animator Ria Caluya from iAcademy and background illustrator Shane Sitchon from the Far Eastern University Manila. The five-minute short took home the Southeast Asia Audience Award at the recently concluded Southeast Asia

TAURUS (April 20-May 20): Concentrate on achieving your goal, and don’t stop until you get satisfactory results. Refuse to give in to someone’s manipulative rhetoric. Put responsibilities first, and enjoy downtime with someone who lifts your spirits. HHH

Filipino animated short on women empowerment makes waves IAMANNIKA, a Filipino animated short film that promotes gender equality and women empowerment, tackles the long-persisting social discrimination against women through the lens of a 10-year-old girl named Annika. Annika comes across a school requirement for her online class that leaves her pondering upon the normalized unrealistic expectations on women. With the guidance of her mother, who she highly looks up to, the girl understands the role and strengths of women in the modern world. “Iamannika is more than just an animated film; it is a reminder that there’s

Competition of Short Animations - CRAFT International Animation Festival in Yogyakarta, Indonesia. Iamannika also bagged several awards in other contests, such as Best Animated Film, Best Film Editing and Award of Virtue at Realifilm, organized by Adamson University’s Silip@Lente; and the top prize at the Safe Communities category of Global Peace Foundation and Consuelo Zobel Alger Foundation’s short film competition. It was selected as part of the 16th International Student Animation Festival in Brazil and the ninth Seoul Guro International Kids Film Festival.

GEMINI (May 21-June 20): Set up a plan and follow it through to completion. How you do things will be a lesson for onlookers. Refuse to let anyone interfere or take over. Embrace life wholeheartedly, and opportunities will unfold. Choose stability over emotional chaos. HHH

CANCER (June 21-July 22): A creative outlet will attract attention. Take a step in a direction that allows you to express yourself openly and offers you a chance to explore possibilities. Turn something you love to do into a lucrative pastime. Romance is favored. HHH

LEO (July 23-Aug. 22): Reach out to someone who gets you. Having supportive people around you will encourage putting an end to situations that are dragging you down. Finish what you start, and move on to the next phase of your plans. Eliminate unnecessary expenses. HHHH

VIRGO (Aug. 23-Sept. 22): Accept a leadership position, and you’ll get things done. Your ability to take on opposition using common-sense integrity and offer a backup plan will raise your profile. Make plans with someone you love, and enjoy planning for something that excites you. HHHHH

LIBRA (Sept. 23-Oct. 22): Pay attention to what things cost before spending on something you don’t need. Focus more on personal improvement, health and fitness. Enjoy the company of someone who isn’t likely to coax you into overspending or being indulgent. HHH

SCORPIO (Oct. 23-Nov. 21): Look at the possibilities, and do something that excites you. It’s your responsibility to make things happen, so stop waiting and start doing. Reach out to a friend, relative or peer and share your thoughts. Their reaction will confirm your beliefs. HHH

SAGITTARIUS (Nov. 22-Dec. 21): Keep your emotions hidden. Be secretive about your plans until you have everything in place. Don’t let anyone use emotional manipulation to throw you off track. Trust your instincts, and take the path that feels comfortable, doable and within your budget. HHH

CAPRICORN (Dec. 22-Jan. 19): Don’t let temptation take over. Size up situations, and be accountable for what you say and do. How you respond to others will determine what you get in return. Know when to put pressure on someone and when to back away. HHH

AQUARIUS (Jan. 20-Feb. 18): Follow through with your plans, and don’t argue a moot point. Don’t get involved in joint ventures or shared expenses. Focus on what you know and do best, and keep your life simple, plans doable and costs affordable. HHHHH

PISCES (Feb. 19-March 20): Chat all you like, but stick to the truth. If you exaggerate or color a situation, someone will speak up and make you look bad. Focus more on what you can do for others instead of trying to outmaneuver them. HH BIRTHDAY BABY: You are intense, energetic and hardworking. You are imaginative and persistent.

‘something's fishy’ BY ANN SHAN AND MATTHEW STOCK The Universal Crossword/Edited by David Steinberg

ACROSS 1 Like the climate where Santa lives 6 Wheel edges 10 “Thanks, it’s intentional” 14 Was bright 15 Bit of land in the ocean 16 Cheese sometimes baked 17 Light, airy dessert 19 Helps 20 “TiK ___” (Kesha hit) 21 2D measure 22 Bronx athlete 24 Chowder accompaniments 27 Boater or beret, e.g. 28 Sunrise direction, in Spanish 29 Colombian cornmeal treats 32 Last word in a card game? 33 Front’s opposite 37 Apt pronoun for Gabi Wilson 38 Coastal fare, and what each starred clue’s answer surprisingly isn’t? 41 Confidential contract, for short 42 Reason to say “Eureka!” 44 Quid pro ___ 45 One on parental leave, maybe

47 Praise 49 Collapsible bed 50 Frozen dessert with chocolate and pecans 57 Admirer’s admission 58 The “E” of EGOT 59 Longtime actress Arthur 61 Prefix for “technology” 62 Small, sour fruits 65 Name that’s a small, sour fruit backward 66 Slowly settle (into) 67 You maylie through them 68 What fresh eggs do in water 69 Zoomed 70 Full of lip DOWN 1 Subtle attention-getter 2 “Aw, rats” 3 “Get a load of this!” 4 Journalist Curry 5 Boat races 6 Gadget for potatoes 7 Minari director Lee ___ Chung 8 “I Have a Dream” speaker, in brief

9 10 11 12 13 18 23 25 26 29 30 31 32 34 35 36 39 40 43 46 48 50 51

“Lookin’ forward to it!” Certain financial adviser, informally Three-wheeled vehicle Contract add-on Approvals Before, poetically Play a role Maple syrup source Nevada city on the Truckee River ___ tuna Cranberry’s color The Fibonacci numbers and the days of the week, e.g. E.T.’s craft They may be next to a couch Mathematician Lovelace “Coolio” German automaker Puzzles out, as a code Hybrid music genre with traditional elements “___ is me!” In the manner of Pointers in the kitchen? MSG’s flavor

52 53 54 55 56 60 63 64

Quickly entered Stop Insert into a web page Honor for Miranda Lambert: Abbr. Sports events with events Covered with cinders Genre for Lauryn Hill Royal pain?

Solution to today’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Friday, November 19, 2021

Julie Anne San Jose’s extraordinary journey continues ON November 20, multihyphenate Julie Anne San Jose’s journey continues in her concert series with Limitless Part 2: Heal. Julie was joined by viewers around the globe when she began her musical journey in Mindanao last September 17. In the trending first leg of Limitless, she learned about the essence of the local culture and tradition. Most importantly, she saw the real beauty of the place emanating from the kindness and warmth of the Mindanaoans. Each day, she peeled a layer of Mindanao—and shed a layer of herself as well. Embracing her vulnerability, she revealed her real thoughts and emotions. “In the first part, I was finally able to ‘breathe’ as I took a trip to unexplored Mindanao,” shares Julie. “I learned so much about the place, the people there, and about myself. The beautiful scenery, the warmth of the South was overwhelming.” After taking a pause and acknowledging her inner battles, she is ready to take the harder step—facing her fears and confronting her conflicts. “Taking a breath is always the first step. We pause. But after that comes the difficult part. We confront our inner battles. We acknowledge. Because this is how we heal,” she adds. Limitless is a story of Julie’s journey of knowing more about the people around her, the country and the world, and, more importantly, about herself. And in every step of her journey, Julie wants everyone to be with her. Her next journey takes her to an island in the Visayas, where she explores the mystical beauty of its scenic locations. With every new experience, Julie unwraps the mystery surrounding the island and its locals. “Amid a global pandemic, we have never been more proud of Julie and her immense talent and willingness to explore herself and our amazing country. The Limitless team is honored to be part of her journey. The concert series is not just Julie’s story but ours as well. We want to breathe. We want to heal. And with Limitless, GMA Synergy is doing just that for our Kapuso all over the globe. We hope you stay with us in this three-part journey that features the beautiful country that is the Philippines,” says GMA first vice president and head for Regional TV and Synergy Oliver Victor Amoroso. In Limitless Part 2: Heal, Julie will enjoy the beach and beats of the Visayas with fellow Clash Master and good friend Rayver Cruz. Joining her as well is the proud Bisdak herself, The Clash Season 3 Grand Champion Jessica Villarubin. Limitless, A Musical Trilogy is under the creative direction of Paolo Valenciano and musical direction of Myke Salomon. It is produced by GMA Synergy, the same team behind the record-setting and the Philippines’ first-ever virtual reality concert Alden’s Reality: The Virtual Reality Concert, the TV airing of which earned a finalist certificate at the 2021 New York Festivals. Julie Anne San Jose continues her journey with Limitless Part 2: Heal on November 20. Tickets are available at www. gmanetwork.com/synergy. Tickets are priced at P599 (General Admission), P999 (Synergy Pass GA), P1,199 (VIP), P2,199 (Synergy Pass VIP) and P2,799 (Synergy Pass Premium). A special merchandise awaits ticket buyers who will purchase the VIP, Synergy Pass VIP, and Synergy Pass Premium. Ticket buyers can avail of the ticket bundle for both the November 20 and February 19 legs. More information is available on www.gmanetwork.com.

‘The Brittle Thread’: Weaving dreams and selves

ANI is a dancer. When she performs, her movements come to us, outsiders, as one of those sensuous dances in Indian rituals. But in Ritesh Sharma’s The Brittle Thread, the English subtitles subvert our illusions and cultural memories of old India: Rani is dancing to a melody with lyrics that are more vulgar than erotic. Onstage a young man dances with Rani, fulfilling for the audience their fantasies. It does not matter that in the audience are children ogling at the gyrations onstage. At one point, the dancer needs to be wet and another man pours a water using a sprinkler. It is a choreography of pathos and bathos—the cheap act has cheap props. Rani dances on, however. She is fetched by Baba, admirer and friend, who wants her to stop dancing. The man must be in love to have the illusion that he could keep the dancer to himself. In the small room she calls home, Rani has a daughter who is deaf and mute and loved. She is everything to her even as she has to leave her every now and then for a paid assignation with a local leader, a powerful man. There is another character in this tale: Shahdab, traditional weaver of saree. He is a Muslim but the lovely pieces he turns out from a handloom are worn only by Hindu women. Shahdab is painfully shy; he lives alone in a tight space, accompanied by a mannequin that he dresses up in the saree he creates. While Rani has friends—and admirers—and a daughter who is her joy, Shahdab walks alone, works alone with the loom. He brings his finished sarees

to the middlemen who are good in assuring him of the fees but which are never given on time. Shahdab meets an Israeli tourist who talks to him in English and tries hard to use his language. It is an unusual friendship that, from the eyes of the reclusive weaver, seems to promise more than just walks in the evening. But Shahdab is wrong: friendship is flighty in this ancient city of Varanasi. Romance is buried in the dense histories of this civilization. Survival seems the key to living in the city of Shahdab and Rani. Varanasi, an ancient place, comes alive as the other character, sources of imaginations from those inhabiting its alleys and interiors. With most of the events happening on days when the place is celebrating festivals from different ethnicities, Varanasi, the city that is imagined for us by the filmmaker, is a glorious feast of multiculturalism. A group of Hebrew guests light Hanukkah candles on the roof deck while Hindu families throw flowers into the sacred river. “We are all here; we all live together here.” Must this be the real power of multiculturalism—that people need not face each other but still manage their days peacefully? The sordid work of Rani continues and Shahdab gets to marry a wonderful woman whose families welcome him as a son. But one day, a Hindu leader is killed and all manners of quietude, happiness and respect fly out of the city streets. Every statement and every opinion is ethnicized. Each gesture, each word is colored by cultures and religions. The cozy neighborhoods are transformed into volatile venues of animosities. Where the weaving of a saree by a Muslim is never crucial to identity, the notion that across the nation ethnic kinship runs like a theme is questioned. We are hapless tourists when we gaze across a land that is not ours—we prompt ourselves, a convict of our own conviction, how differences in faith and fate can be woven into the fabric of a society. When one summons the logic in the power of Ritesh Sharma’s The Brittle Thread, it is found in the threat of a thread that can anytime unravel or entangle woefully all those who are caught in the

Sharon joins long-running ‘Ang Probinsyano’

FOR Sharon Cuneta, joining FPJ’s Ang Probinsyano was a “no-brainer.” It all started with a text message from ABS-CBN executive Cory Vidanes that followed with a Zoom meeting with them and Ang Probinsyano lead star Coco Martin who himself conceptualized and pitched her character and storyline, and she readily said yes. Despite her excitement to join and finally do a drama teleserye for the first time, what sealed the deal is the show’s affinity with Fernando Poe Jr., whom Sharon considers her best friend in the industry. She sees Coco as bringing to life the legacy of her friend, and that’s why she had no qualms in joining the cast. She also was impressed with Coco’s passion for the show plus the character Coco himself conceptualized.

Moreover, she thinks it’s a chance to show her new svelte figure as well as her moves since she is very open to doing the action scenes the show is known for. “I’m excited to do anything for the program… huwag lang mag-bold!” Sharon exclaims. “I told Coco that while the character has a very great arc, she has an engaging back story kaya puro drama, but I am looking forward to do action scenes.” Besides being impressed with Coco’s creativity in conceptualizing the character, Sharon is proud of the Probinsyano star for what he did with the character of Cardo. “Ang galing n’ya when I watch him. He has put in many tweaks to his character—while clearly inspired by Ronnie’s [Fernando Poe Jr.], he has made it his own.” Preparing for the lock-in taping, where Sharon and the rest of the cast and crew will be isolated to observe Covid-19 protocols, the Megastar is ready. She already had a taste of it when she did a movie last year but she still took time to prepare. “Mostly mentally actually. My recent trip to the US helped me prepare for it. I miss acting very much.” Besides this casting coup, FPJ’s Ang Probinsyano marks another milestone by making waves not only in the Philippines but in different countries around the world. While the show is being carried on The Filipino Channel (TFC) and streamed on Netflix and

other sites too, the action-drama is also currently being broadcast on Vietnam (now on its second season via HTV9) as well as Myanmar, Lao PDR, Thailand plus 41 countries in Africa. Don’t miss FPJ’s Ang Probinsyano weeknights on Kapamilya Channel, A2Z, TV5, CineMo, Kapamilya Online Live on ABS-CBN Entertainment’s YouTube channel and Facebook page, iWantTFC, WeTV, and iflix. nnn IN other ABS-CBN news, the company finally released “Andito Tayo Para Sa Isa’t Isa,” the theme song of the “2021 Christmas ID ng mga Pilipino.” The song tells how having faith in God and working together in love have enabled Filipinos to overcome life’s adversities such as the pandemic and natural disasters like typhoons, floods, volcanic eruption and earthquakes. Performing the song in the recording and the lyric video, which can be seen on various ABS-CBN cable TV and online platforms, are Ogie Alcasid, BGYO, Kathryn Bernardo, Andrea Brillantes, Sharon Cuneta, Darren Espanto, Seth Fedelin, Sarah Geronimo, Belle Mariano, Martin Nievera, Daniel Padilla, Zsa Zsa Padilla, Donny Pangilinan, Iñigo Pascual, Piolo Pascual, Erik Santos, KZ Tandingan, Gary Valenciano, Regine Velasquez-Alcasid, and Vice Ganda.

loom of life. I make it sound almost didactic but that is not so: the film has an uncanny, majestic silent surface and beneath it the thought that nations can be indeed imagined, and the coexistence of cultures a duplicitous political myth that can be waived only up to a certain point. The truth is communities are spatial bubbles easily shattered by bigotry, essentialist constructs of race, and poverty teeming side by side with surplus. I had the privilege of communicating personally with the director, Ritesh Sharma, where I asked him about his actors. Most of them are non-actors. Cinematic magic though is in the performances of the leads who imbue their characters with naturalism that they might be as well be non-actors who act greatly. As Rani, Megha Mathur is heartbreak and courage personified. She is, I would find out, an Indian actress who has worked with other eminent Indian filmmakers. This is her first feature film. As Shahdab, Muzaffar Khan will long be remembered for those long, quiet gazes and the silence that is the language of his weaver. The same stillness is one we affect when the world turns out not the ideal world we dream it to be. Khan has a long theater background and this, too is his first featurelength film. Ritesh Sharma, who also wrote the screenplay of The Brittle Thread (the original title, Jhini Hindi Chadariya, is taken from the mystic poet Kabir), is known for his advocacy in theater education and social activism. His first documentary film is The Holy Wives, which deals with caste-based sexual exploitation and human trafficking in India. Sharma has also done two short films on tribal rights and domestic violence. The Brittle Thread stars Sivan Spector, Utkarsh Srivastava, Roopa Chaurasiya, Nishant Kumar, Shweta Nagar and Syed Iqbal Ahmed. It is produced by Hardhyaan Films and co-produced by Veda Film Factory. The film opened the recently concluded 34th Tokyo International Film Festival with the Japanese premiere of Cry Macho, directed by and starring Clint Eastwood. n

IT’S EASY BEING GREEN Continued from B6 “We have come to a deeper understanding of the devastating impact of plastic waste to our environment. We also recognize that the actions we would take now would have a significant effect on future generations. This is why we have decided to take action now. This is our commitment to the environment and to our communities. There is no turning back.” Jun avers that biodegradable materials are reusable and recyclable, and in just five to 10 years can decompose and be used for making biogas—a power source for houses and vehicles. That’s a big deal as plastic, which is commonly used by other companies, will take around 1,000 years to start breaking down, making these harmful to the environment. It’s refreshing that companies such as Personal Collection not only have found success in their business’ performance and durability, but also is ensuring that their original purpose is continuously realized and upheld by future generations. n

Sports

Lim, Tsukii fall in Dubai

BusinessMirror

| Friday, November 19, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao ROGER FEDERER: Even if I know that the end is near, I want to try and play some more big matches. AP

HOW MUCH LONGER,

ROGER? By Howard Fendrich The Associated Press

UST before the start of Wimbledon in late June, Roger Federer recalled a conversation about retirement that he had with Pete Sampras a decade ago. “He was wondering how much longer I had in the tank. This was when I was just hitting 30,” Federer said. “He was thinking I was coming towards the end or something, just because it was, for him, normal that at 31, 33—with the career that we’ve had, with all the sacrifice, in a way, you have to go through—it’s hard to keep on pushing for more years on tour.” Federer, who turned 40 in August, went on to explain that he never thought he’d still be going at this age, especially after a series of knee operations. With Wednesday’s news that not only will he sit out the Australian Open in January but also expects to miss Wimbledon in 2022, the notion that Federer really might not have many—or perhaps even any—high-level performances left in him becomes all the more real. To his fans, to his sport at large and, most importantly, to the man himself. “Even if I know that the end is near, I want to try and play some more big matches. That will not be easy, but I want to try,” Federer said in an interview published in the Tribune de Genève newspaper. “Let’s be clear: My life is not going to fall apart if I don’t play another Grand Slam final. But that would

IT’S not yet Junna Tsukii’s time at the world championships.

be the ultimate dream—to get back there,” he said. “I want to see one last time what I’m capable of as a professional tennis player.” That is a sentiment surely shared by plenty of others. Count Novak Djokovic among them. “Obviously, Roger is an icon of our sport, and people around the world love him. They love watching him play; they love seeing him around. He is very important for our sport, on and off the court,” Djokovic said Wednesday in Turin, Italy, where he is competing at the Association of Tennis Professionals Tour Finals. “So for the sake of our sport, I sincerely hope that we can see him play, at least another time.” Federer, who shares the

men’s record of 20 major singles championships with Djokovic and Rafael Nadal, has not competed since undergoing surgery on his right knee for the third time in one-and-a-half years. That procedure to repair his meniscus and cartilage came not long after Federer lost, 6-3, 7-6 (4), 6-0, to Hubert Hurkacz in the quarterfinals on July 7 at Wimbledon, where he has won eight titles. Federer was physically compromised that day against an opponent never previously past the third round at a Slam. That was only the third 6-0 shutout handed to Federer in 429 Grand Slam matches. That’s why, in the interview

MPBL starts moving toward return next month with invitational tourney

HE Maharlika Pilipinas Basketball League (MPBL) took one of the major steps toward its return next month following Wednesday’s online orientation conducted by the Games and Amusements Board (GAB) with representatives of 20 of the 22 teams taking part in the Chooks-to-Go MPBL Invitational Tournament set from December 11 to 23, 2021. Representatives from Negros Muscovados, Biñan City-Laguna Krah Heroes, Caloocan Supremos, Bicol Volcanoes-LCC Malls, Rizal Golden Coolers-Xentro Mall, Nueva Ecija Rice Vanguards, Imus Bandera, FSD Makati Blazers, Sarangani Marlins, GenSan Warriors, Bacolod, Marikina Shoemasters, Iloilo Royals, Muntinlupa Cagers, Manila Stars, Go for Gold-San Juan Knights, Pasig-Sta. Lucia Realtors, Valenzuela Classics, Mindoro Tamaraws, Bulacan Kuyas and Jumbo PlasticBasilan attended the meeting. “We are happy that GAB was able to meet and orient the team owners about our mandate relative to GAB’s supervisory and regulatory function over the conduct of professional sports such as basketball,” GAB Pro Sports Division chief June Bautista said. The GAB conveyed to the teams the need to license players, officials and personnel directly involved in the game and informed the stakeholders about the duties and responsibilities of professional athletes and sports officials. GAB also gave leeway to the players who have already secured their licenses after joining the Pilipinas VisMin Super Cup and National Basketball League-Pilipinas. The professional sports

AMIE LIM lost to Dutch Lynn Snel (1-2) on Thursday in the repechage of the women’s -61 kgs of kumite to miss a podium finish at the World Karate Federation Senior World Championships at the Hamdan Sports Complex in Dubai, United Arab Emirates. Karate Pilipinas President Ricky Lim said the European judges scored it 3-2 for Snel with one judge seeing the match tied at 1-1. Lim’s loss came a day after Junna Tsukii bowed out of the tournament late Wednesday. “Despite her [Jamie Lim] defeat, the European judges still gave Jamie a 2,” Ricky Lim said. “I am still happy for her because I know she’ll improve for next year’s Southeast Asian Games and Asian Games. She’ll be the apple of the eye there.” Tsukii beat North Macedonia’s Sara Radicevska via majority decision in the women’s -50 kgs also of kumite, but fell to Uzbekistan’s Bakhriniso Babaeva (2-3) in the second round on Wednesday evening. Kata athletes Joco Vasquez and Sarah Pangilinan took the mat kate Thursday. Ricky Lim said Filipino athletes will also compete in the Asian championships set from December 19 to 22 in Almaty, Kazakhstan. Josef Ramos

regulatory agency also allowed a free renewal of expired licenses until after the tournament. “We are grateful that through this orientation and dialogue we were given the opportunity to discuss and address their concerns and inquiries,” Pro Sports Division Assistant chief Jackie Lou Ornido said. “The GAB is always there to assist and we look forward to working together with the league for the safety and welfare of our athletes and all our stakeholders.”

published Wednesday, Federer said his fans “deserve better than the image left during the grass-court season,” even if he also figures, correctly, that the lasting memory of his play would be his triumphs and “how they felt watching me play,” rather than the stumble against Hurkacz. He acknowledged he needs to be patient as he works to recover and rehabilitate, drawing a distinction with 2016, when he missed half a season following an operation on his left knee, then won three of the first four majors he entered after returning. As of now, Federer is aiming to be able to jog in January and resume tennis work two or three months after that. “I’m sure that he doesn’t want to

end his career this way. I think he’s going to definitely going to try to give it the last push,” said Djokovic, who eclipsed Federer’s record for most weeks atop the ATP rankings and Sampras’s mark for most years finished at No. 1. “For everything that he has achieved and created for this sport, he deserves to play and he deserves to have a proper farewell.” As the long-ago chat with Sampras (or, as Federer calls him, “Pistol”) illustrated, people have been asking the Swiss star forever about how much longer he plans to play. “We would all like that I could say goodbye in my way and on the tennis court,” Federer said, adding: “In absolute terms, there’s not a right moment to leave. Just the right moment for each athlete.”

By Josef Ramos

RWIND SANTOS plays a new role—on and off the court—with his new team NorthPort Batang Pier. “I want to help and lead or push NorthPort to victories, I want to perform my best,” Santos told BusinessMirror on Thursday. “No. 1, my goal is to guide the rookies, provide leadership aside from bringing to the team my athleticism and defensive skills.” “At the same time, I will also push

ARWIND SANTOS won’t be wearing a San Miguel Beer uniform in the coming second conference.

Davao, San Juan make semifinals

AVAO Occidental-Cocolife and San Juan-Go For Gold beat their rivals on Wednesday to barge into the semifinals of the FilBasket Subic Championship at the Subic gym. The Tigers edged Burlington EOG Sports, 88-81, while the Knights trounced Medical Depot, 88-73, to bolster their respective title bids. Enjoying twice-to-beat quarters privileges, the victories were also

redemption of sorts for Davao and San Juan after losing their eliminationround matches to the same foes. Davao yielded to Burlington, 7669, last November 10 while San Juan bowed to Medical Depot, 69-67, last November 3. John Wilson starred for the Tigers by finishing with 23 points and eight rebounds, while help also came from Keith Agovida and Robby Celiz, who chipped in 11 and 10 points.

playing with Alex [Cabagnot], Chris [Ross], Mo [Tautuaa] and [June Mar] Fajardo.” But NorthPort, Ramos said, has more defensive players although San Miguel Beer has Marcio Lassiter, who is always a three-point threat. “He’s [Lassiter] the only difference,” he said. Santos admitted he was surprised by the trade, which his former coach Leo Austria confided to him three days before it was made public. “I kept the trade from my family after Coach Leo told me, so everyone was really surprised, but I already moved on,” said the Philippine Basketball Association Most Valuable Player in 2012. “I am always very thankful to Sir RSA [Ramon S. Ang] and to the fans of San Miguel Beer.” NorthPort’s import Cameron Forte, meanwhile, is now practicing with the team after completing his quarantine. “He [Forte] moves awkwardly, but he’s a good import and plays very well in defense,” Santos said.

HE Chooks-to-Go Pilipinas VisMin Super Cup kicks off its second conference on Saturday to close out the year at the Pagadian City Gymnasium. Seven teams led by Southern champions Basilan-BRT Peace Riders are competing in the one-month open tournament that ends December 19. The other teams are MisOr Kuyamis, Iligan Archangels, Kapatagan Buffalos, Pagadian Explorers, Roxas Vanguards and the Zamboanga Sibugay Anak Mindanao Warriors. Chief Operating Officer Rocky Chan said ending the year with a tournament for the south’s players is their way of giving them livelihood for the holidays. “After taking a few months off, we are excited to start again so we can provide livelihoods to our players, coaches and the people in Pagadian,” Chan said. “We definitely want to end the year right with this tournament.” Teams from the Visayas took a leave of absence but vowed to return for the 2022 season. The tournament will have a double round robin elimination with the top team automatically gaining a semifinals berth. The semifinals will be a knockout game while the championship series will be a best-of-three affair. “We are proud of the Pilipinas VisMin Super Cup for continuing with its goal of promoting basketball, especially in Mindanao,” said Chooksto-Go president Ronald Mascariñas, a proud son of Butuan City. “And as promised, our relationships with the leagues we are supporting won’t be affected with us being named as the organizers for the Maharlika Pilipinas Basketball League.”

Skipper Billy Ray Robles took charge in the paint with 14 boards. Davao actually trailed 70-65 after three quarters until the Tigers silenced Burlington in the first four minutes of the fourth period. Robles sparked a 12-0 run in that stretch to give Davao the 77-70 upperhand that set the tone of the game for good. Jhon Nermal finished with a double-double performance of 12 points and 10 boards, while James Castro had 16 points, eight rebounds and four assists, but their efforts for Burlington went futile.

Meanwhile, Alvin Abundo sizzled with 28 points built on four triples while dishing off 10 assists for San Juan. The Knights imposed their assault for most parts of the game, leading by as many as 22 points, 83-61, in the final 3:44 following an Orlan Wamar trey. Rhenz Abando also paced San Juan with 18 points, while Wamar added 11. Patrick Cabahug and Kevin Villafranca scored 22 and 15 points for Medical Depot, but their efforts were not enough to douse San Juan’s fire.

Santos brings winning, veteran smarts at new team NorthPort myself to do my best for my new team, this is a great challenge in my career,” Santos, 40, added. Santos was traded by San Miguel Beer to NorthPort in exchange for muscle man Vic Manuel, who’s eight years younger. He has started practicing with the Batang Pier last Monday. Santos played for 12 years and won nine championships with the Beermen. He said that NorthPort has several similarities with his former powerhouse team. “We have several offensive options with our guards and wings and we have a mighty giant in our frontline,” said Ramos, whose contract with his new team expires August next year. “We are just like San Miguel Beer in terms of the lineup because we have the same guards like [Robert] Bolick, wing player [Jamie] Malonzo and [Greg] Slaughter.” He added: “It’s just like when I was

VisMin Cup ends season in Pagadian

Motoring BusinessMirror

Editor: Tet Andolong

Friday, November 19, 2021

Isuzu introduces N-Series Smoother L

Story by Randy S. Peregrino

EADING truck brand Isuzu Philippines Corp. (IPC) recently introduced its newest innovation for the light truck segment—the N-Series Smoother. It is the company’s first light-duty truck installed with Automated Manual Transmission (AMT) technology, an innovative, intelligent gearshift system. The introduction of this new model variant stems

from the company’s mission to be every customer’s partner for success. “Being the number 1 truck brand in the country, Isuzu’s success comes from working closely with our customers, assessing their every need,

and coming up with the best business solutions every step of the way,” said IPC President Hajime Koso. “In the Philippines, trucks are maximized and utilized almost at 24/7 operations. And with the increasing demand for delivery, especially in logistics, truckers deal not just with the increase in their operating expenses, particularly fuel and maintenance, but also the need for more professional drivers, which has become quite a problem. So, we thought, why not make our next truck address all these challenges and more,” Koso added.

Easy to drive

The N-Series Smoother oper-

ates without the clutch pedal and achieves automatic shift change by computer control. With this technology, the driver gets the performance of an MT on a twopedal operation. It also means less fatigue for fleet drivers during long-distance driving or when in congested traffic areas. The Isuzu N-Series Smoother promises to deliver smoother business operations and a smoother driving experience. The delicate balance of high-level performance and straightforward operation means that Isuzu’s AMT truly offers the best of both worlds, neatly combining the ease of use of an automatic with the durability and

control of a manual. With the clear benefits of both manual and automatic transmissions, Isuzu’s AMT covers all the bases. The driver has power, efficiency, and simplicity—all in an easy to operate, a two-pedal package that just about anyone can drive. Incorporating the two-pedal ease of an automatic transmission and the economy, performance, and control of a manual transmission, Isuzu’s Automated Manual Transmission (AMT) presents the best of both manual and automatic operations. The fully automatic Isuzu AMT involves straightforward two-pedal use—one for the accelerator and the brake— but applies manual transmission

architecture with an electronicallycontrolled clutch.

Best of both worlds

The transmission behaves like any other fully automatic system in the default automatic mode, where optimum gear changes are selected and engaged electronically and to the correct RPM ratios. It ensures part and component longevity and the best possible fuel economy. With Isuzu’s AMT, you’re able to seamlessly switch out of the default automatic mode and into manual mode, meaning gearing can be selected manually as the driver needs. Continued on C2

Moto

Business

C2 Friday, November 19, 2021

GAC Motor welcomes holiday

season with Holi-Deal Rush Promo G AC Motor Philippines welcomes the Yuletide season with its Holi-Deal Rush Promo from October 11 to December 31, 2021. The promotion offers special deals and discounts to new and existing GAC Motor customers.

A s the holid ay season approaches, GAC Motor Philippines will be offering as much as P288,000 cash discount and low financing schemes to make your holiday wishes come true. Furthermore, customers who will avail of reservation vouchers

Unit Model

Variant

SRP

Promo Price

GA4 GS3

1.5 Gas A/T GE

P858,000

P793,000

1.3 Gas Turbo 6-Speed A/T GE 1.5 A/T Premiere 1.5 Gas 6-Speed A/T GS 1.5 Gas Turbo 6-Speed A/T

P1,058,000 P958,000 P888,000 P1,168,000

P952,200 P862,200 P799,200 P1,087,000

2.0 Gas Turbo 6-Speed A/T 4x4 GL 2.0 Gas Turbo 6-Speed A/T 4x2 Sports GE 1.5 Gas Turbo A/T GE

P2,288,000 P2,088,000 P1,780,000 P1,350,000

P2,059,000 P1,879,000 P1,602,000 P1,215,000

2.0 Gas Turbo 6-Speed A/T GT Luxury 2.0 Gas Turbo 6-Speed A/T Premiere 2.0 Gas Turbo 6-Speed A/T GE

P2,958,000 P1,988,000 P1,988,000

P2,662,000 P1,838,000 P1,789,000

GS4 GS8

2.0 Gas Turbo 6-Speed A/T 4x2 Premiere

and service vouchers on GAC Motor Philippines’s official Lazada flagship store will have a chance to win a brand-new GS8 2.0 4x2 Sports. Just simply check out any vouchers to get one raffle entry to Lazada 11.11 Holi-Deal Raffle Promo.

GN6 GN8 GA8

Isuzu introduces N-Series Smoother

The new N-Series Smoother with Automated Manual Transmission in a standard aluminum van platform. Isuzu Philippines Continued from C1

With manual mode selected, the clutch is electronically engaged as you manually set the gear you need with the shifter. It ensures changes are made at the correct RPM every time. Whether you are manually selecting a specific gear while fully loaded on an incline or you require stress-free driving while navigating busy city streets, the Isuzu AMT is there to deliver versatility, performance, and reliability. With smoother and more responsive gear changes through its linear solenoid design— and more efficient transmission-toengine communication—the Isuzu AMT delivers a sophisticated, in-

tuitive drive, prompting a car-like experience behind the wheel. What is more, Isuzu’s AMT technology includes Eco Mode, which provides maximum fuel economy by ensuring low engine speed as much as possible at the push of a button. The computer will then “upshift” early on partial acceleration. Ultimately, because it has no clutch pedal, there is no need to spend on clutch maintenance.

Proven powertrain

The N-Series Smoother propels on a 3.0-liter 4JJ1-TCC four-cylinder, Turbo-intercooler, DOHC Common-rail Direct Injection, Blue Power Diesel Engine. Maximum output is at 122 horsepower and

Isuzu’s latest Automated Manual Transmission. Isuzu Philippines

354 N-m of maximum torque. The coupled AMT is Isuzu’s latest sixspeed transmission model, MYY6S. The total gross weight is 4,490 kg

What a two-pedal operation looks like.

Isuzu Philippines

and is versatile enough to utilize various body applications. The N-Series Smoother also has added features that upgrade the truck driving experience. These include a tuner radio with USB, two speakers, charger port, cab power window, central door lock, and cab tilt warning system. It also comes with a three-year and unlimited mileage warranty. The N-Series Smoother is now available in all authorized Isuzu Dealerships Nationwide beginning October. Visit or call any Isuzu dealer showroom for pricing and complete details or inquire on their official FB Pages. Visit the Isuzu Philippines www.isuzuphil.com to learn more.

oring Hyundai Grand Starex Cargo: All-in for business

sMirror

Friday, November 19, 2021

T is the busiest time of the year for business and you need a reliable mover to get your business a-bustling not only this season, but all year through.

The Hyundai Grand Starex Cargo carries the best-loved features of Hyundai’s legendary family van to get your “Now Normal” enterprise moving. All it takes is to stretch your creativity to create your niche in meeting the surge in demand for deliveries and services of all kinds. In fact, customizing vans into eye-catching businesses on wheels has become all the rage among South Korea’s small entrepreneurs. It is common nowadays to see Kdrama superstars posing beside customized food vans which fans and even fellow-celebs gift them with—not just out of pure admiration, but also as a show of care and solidarity with the crew behind the shoot! The Philippines is slowly catching on as seen in the growing presence of mobile coffee vans, mobile pet grooming vans, and even trunk parties for small themed events.

All-in for Looks

This is not your regular delivery van. That curvy front shouts “CLASS” that’s welcome anywhere. In addition, the front-mounted engine design cuts down on noise, vibration, harshness and heat, and absorbs the impact in the event of a frontal collision, protecting the driver and front passengers.

All-in for Cargo Capacity

Its longer body translates to 1224 kilograms of payload capacity. So, you have the freedom to flex that space. On weekdays, do your regular deliveries. On weekends, dress it up as you will: a mobile beauty salon or food or party van to keep the extra bucks coming!

All-in for Convenience

The driver’s space is neatly orga-

nized with vehicle information and the familiar buttons and switches that are more intuitive than fancy or distracting. Loading and unloading is a breeze. The twin-swing rear doors and the signature dual sliding doors that conveniently open on whichever side you’re at, allow you to attend to more customers while giving them a better view of what’s inside.

All-in for Safety and Drive-ability

Partition panels serve as a safety barrier between driver and cargo. Safety features, like the Anti-Lock Braking System (ABS) keep you in control during braking, even on slippery roads, while the Dual Front Airbags at the steering wheel and dashboard, come together to give you added protection. Throw in Hyundai’s five-year Warranty and you’re in for better journeys all year ‘round.

All-in for Fuel Efficiency

The Hyundai Grand Starex Cargo’s three variants are powered by a 2.5 CRDi (Euro 4) engine mated with six-speed transmission to provide the power to get you through the coming months of mounting traffic AND the fuel efficiency to help you save on operational costs. Time to get your business ALLIN with the all-season Hyundai Grand Starex Cargo! To learn more about the Hyundai Grand Starex Cargo, visit your nearest Hyundai dealership or the Hyundai Philippines Facebook Page. To avoid unnecessary trips and continue social distancing, interested buyers may request for a quote or apply for an auto loan at the Hyundai Online Market Experience (HOME) Page.

Motoring BusinessMirror

C4 Friday, November 19, 2021

CTEK introduces new

adaptive battery chargers C

Story & by Randy S. Peregrino

TEK continues to innovate its products by further supporting the mobile lifestyle of vehicle owners.

Introducing two new intelligent and adaptive chargers is also the manufacturer’s answer to the demand for efficient and convenient charging solutions, particularly car batteries. Moreover, these newly introduced products highlight the brand’s unique adaptive charging technology. The design of these new products is also user-friendly and smarter that there are even no buttons or switch to operate. Connect the charger, leave it and let it do its work.

CTEK CS Free

Introduced first was the world’s first truly portable battery charger. The CS Free features CTEK’s new Adaptive Boost Technology. In just 15 minutes of charging, even a completely discharged battery can juice up enough to start the engine. Its Adaptive Boost Technology enables the charger only to deliver the necessary power requirement, based on its initial and automatic analysis of the battery’s state. The charger will determine the safest way to provide just enough power to start the engine during the process—no more, no less. Unlike typical boosters or jump starters, the CS Free prevents battery shock, thus avoiding damage to the battery or, worse, to the vehicle’s electronics. At full charge, the CTEK CS Free’s internal battery can last up to one year. That kind of battery life makes it a reliable portable charging device for every vehicle owner on the go. The CS Free’s power output is up to 5A, enough for all types of 12V batteries, including EFB and Lithium. Likewise, the charging device

works well with mobile devices supporting USB-C and USB-A charging ports (built into the CS Free). The CS Free also functions as a maintenance charger when connected to a power source such as an AC outlet, PD charger, and USB-C cable. Even on a 60-watt solar panel (using the optional solar panel charge kit). The main LED display will show the remaining time until the battery reaches full charge status. The best part? Just like any CTEK charger, it protects the battery from overcharging.

CTEK CS One

The CS One is the brand’s 12V adaptive battery charger. It features the unique APTO Adaptive Charging Technology that goes beyond the conventional multi-step charging. In other words, it simply does all the battery analysis for you. Once connected, the CS One evaluates the chemistry, size, and health of the battery. Then the charging device automatically applies the customized charging program required. Further, it detects ambient temperatures and adjusts the corresponding output voltage. The new CTEK CS One also has a dedicated battery maintenance feature for lead-acid and lithium batteries, making it adaptive and compatible with any vehicle battery. It automatically detects the battery’s bad cells then determines and notifies users if the battery can no longer hold a charge. What is more, the charger features a countdown timer for a completely drained battery’s recovery capac-

The CTEK CS Free.

CTEK Philippines

ity to crank the engine, as well as remaining time before the battery’s full charge status. Meanwhile, a new safety feature of the CS One is its Polarity-Free Clamps. Some vehicle owners are unfamiliar with battery polarities. The CS Free takes away this worry. Thanks to the innovative feature, the clamps automatically detect and correct polarity issues internally. Apart from maintenance charging, the CTEK CS One also features Recond (recondition) Mode for bringing deeply discharged batteries back to life. Another is the Supple Mode that turns the charging device into a 12V power supply. It is ideal for vehicles that are highly electronic requiring heavy supply. Last is the Lithium Wake-up Mode, specifically for lithium batteries with under-voltage protection (UVP). Users can access and unlock these three intelligent features through the dedicated and free CTEK App downloadable via iOS and Android. The CTEK CS FREE is now available on the official CTEK Philippines e-commerce

The CTEK CS One.

CTEK Philippines

stores on Lazada LazMall (www.lazada.com. ph/shop/ctek) and Shopee Mall (www.shopee. ph/ctekphilippines). CTEK CS One, on the other hand, will be available soon. For more information about CTEK and its line of products,

Toyota plays Santa Claus this early

HE motoring public is glad to know that the return of the color coding in the metropolis is apparently not a good idea anymore. It is not even worthy of giving it a second thought, given its failed platform of easing traffic when it was in force in the not-so-distant past. Even the plan of re-imposing it during the so-called peak hours of 6 to 9 a.m. and 5 to 8 p.m. slots isn’t advisable, too, as history is replete with data that that scheme had no positive results in improving vehicle movement in the Big City. With or without the color coding, traffic snarls have become part of the daily struggle in the so-called asphalt jungle. The notion of a traffic genius remains a utopia. Sure, the Skyway 3 has helped a lot in absorbing much of the volume of vehicles

traversing Edsa. So that we need more of it—like the planned state-of-the-art Pasig River Expressway by San Miguel Corp. On another plane, I’m happy to also note that as the Yuletide is fast approaching, a car giant has taken the lead in spreading joy to the country’s police force. Just before Gen. Guillermo Eleazar was to retire as chief of the Philippine National Police (PNP), Toyota Motor Philippines (TMP) played Santa Claus in a heart-rending show of generosity to the “defenders and protectors” of the Filipino people. TMP donated 90 units of Hilux 4x4 G A/T personnel carriers and 127 of 411 promised units of Hilux 4x2 police patrol jeeps to the Philippine National Police (PNP) in ceremonies held at Camp Crame in Quezon City. Present in the event aside

please visit the official CTEK Philippines social media channels on Facebook (www. facebook.com/CTEK.Ph), Instagram (@ctek. ph), Twitter (@CTEKPhilippines), and YouTube (CTEK Philippines).

from Gen. Eleazar, the pride and joy of Tagkawayan, Quezon Province, was National Police Commission Vice Chairman Vitaliano Aguirre II. The Toyota vehicles, converted into PNP specifications, will be dispatched to different regions in the country for use in PNP’s dayto-day operations. “With the best-selling Hilux pickups at their disposal, our police force are assured of quality, durability and reliability as they go about their sworn duty to serve and protect our people,” said Tiny Arevalo, a ranking officer of TMP. Amen to that.

PEE STOP Honda will launch its AllNew Civic on Nov. 23, according to Colene Jalalon. A great reveal coming up!…From GAC, Rosemary D. Cruz says that on Nov. 24, Goodyear Philippines, Inc. will hold the virtual media launch of the Assurance Maxguard SUV, highlighting the event as a 2-in-1 gig in “Grip Protection” and “Impact Protection.” Cheers!...The newly-opened Lucena City (Quezon Province) Toyota dealership boasts of a sprawling floor area of over 13,380 square meters, one of the country’s biggest Toyota dealerships ever. Mabuhay!