BusinessMirror November 20, 2023

ROTARY CLUB OF MANILA JOURNALISM AWARDS

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

BusinessMirror Monday, November 20, 2023 Vol. 19 No. 40

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

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

2018 BANTOG MEDIA AWARDS

BIR’S 1% WITHHOLDING w

n

P25.00 nationwide | 2 sections 20 pages |

TAX FOR ONLINE BACKED EXPLAINER »B4

ECO-CONSCIOUS EATING:

HOW PLANT-BASED MEAT CAN COMBAT CLIMATE CHANGE

Banana sector to new DA chief: Set up fruit research center for high-value crops

L MISS U’S POLITICAL CONTEXT Miss Universe 2023 unfolded in San Salvador, El Salvador, with Sheynnis Palacios of Nicaragua securing the crown. Miss Philippines Michelle Dee and Miss Portugal Marina Machete made it to the final round. However, the glitzy event was juxtaposed with anti-government protesters rallying outside the hotel venue, demanding the release of relatives detained in the government’s state of emergency aimed at curbing gang violence. The pageant’s timing, just before the February presidential election in El Salvador, adds a political dimension.

President Nayib Bukele, criticized for his tough stance on gangs and human-rights abuses, leverages the event to reshape the nation’s image. Despite controversy, Bukele, self-dubbed the “world’s coolest dictator,” highlights positive changes in safety, expressing gratitude to the Miss Universe Organization for their involvement. AP/MOISES CASTILLO

T

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE collection of the 1 percent withholding tax on online sellers improves transparency as it creates a “fair” and “accountable” digital business environment, an online tax-payment platform operator said.

Taxumo Inc. CEO EJ Arboleda said the collection of the withholding tax on online marketplace transactions creates a “transparent framework” that allows the Bureau of Internal Revenue (BIR) to have a grasp of the extent of e-commerce in the country.

“This initiative offers a transparent framework, allowing the BIR to gain valuable insights into the operations of online sellers, both registered and unregistered.

Previously, such data was limited to client-supplier payment transactions,” Arboleda told the BusinessMirror.

“Now, with the online marketplace remittances being tracked, there’s an enhanced visibility into the e-commerce sector. This move is not just about tax collection; it’s about creating a fair and accountable online business environment,” Arboleda added.

See “Withholding tax,” A2

OCAL banana growers and exporters are urging the new agriculture secretary to prioritize the establishment of a fruit research center that would aid not just the banana industry but other high-value crops in combating pests as well as boosting productivity.

The Pilipino Banana Growers

and Exporters Association (PBGEA) is still pinning its hopes on the Marcos Jr. administration’s being true to its promise to establish a research institute that would help the banana industry as well as other fruits sectors to produce planting materials that are high-yielding and resistant to pests.

Continued on A4

DEVT POLICY LOANS HOG WB’S $2.8-B PHL PROJECT PIPELINE

By Cai U. Ordinario @caiordinario

T

HE Philippines’s project pipeline with the World Bank amounted to $2.8 billion with the largest allocations being for two development policy loans (DPLs).

Based on World Bank data, the projects that received the largest commitments are the Philippines Second Sustainable Recovery project and the Philippines First Energy Transition and Climate Resilience Development Policy Loan.

Each DPL will receive $600 million each. The DPL for the

Philippines Second Sustainable Recovery project is set for 2024 while the DPL on Energy Transition and Climate Resilience is set for 2025.

“The DPL series aims to support the Government of the Philippines’ reforms to: accelerate the economic recovery and boost medium-term growth; and protect the environment and improve climate resilience,” the World Bank said.

This is followed by the $50 0 m i l l ion I n f ra st r ucture for Safer and Resilient Schools project which aims to rehabilitate and increase the See “Policy loans,” A2

SM Megamall has partnered with Peanuts Worldwide to bring Snoopy and friends to life through a unique and interactive exhibit. The exhibit will feature the first-ever biggest and largest inflatable in the Philippines. SM Megamall invites everyone to a year-long Mega Adventure with the beloved Peanuts gang starting November 17. SM SUPERMALLS

PESO EXCHANGE RATES n US 55.8640 n JAPAN 0.3707 n UK 69.3272 n HK 7.1610 n CHINA 7.7128 n SINGAPORE 41.4698 n AUSTRALIA 36.1440 n EU 60.6348 n KOREA 0.0432 n SAUDI ARABIA 14.9066 Source: BSP (November 17, 2023)

News

BusinessMirror

A2 Monday, November 20, 2023

Marcos pushes new tieups with Starlink to boost Net

U

By Samuel P. Medenilla

@sam_medenilla

NSATISFIED with the country’s internet speed, President Ferdinand R. Marcos Jr. is now pushing for a new partnership with United States-based tech firm Starlink to improve online accessibility for Filipinos.

The Presidential Communications Office (PCO) said the chief executive made the remark during his meeting with the Filipino community in Los Angeles during the weekend.

“Our vast archipelago, 7,000 islands, is an ideal candidate for satellite broadband service and we look

forward to improving broadband connectivity in the Philippines through Starlink and through all the others,” Marcos said, partly in Filipino, at the event.

Starlink is the internet service provider of Space Exploration Technologies Corp. (SpaceX), a manufacturer of reusable rockets owned by

Union Bank...

Continued from A12

Four years since, it has leveraged AI for security. Now, UBP is using AI for business transactions.

“At the start of this year, we were thinking how can we apply AI into business transactions of a bank? […]

How do you apply AI in business?

How do we serve our customers better?” UBP SVP Erika Dizon-Go said.

She explained that UBP is us-

ing AI to think of how “our current customer conceptions could be used and see what their behaviors are so that they could use other products and services that best suit them.”

“What is our formula for doing so? And I think it’s one briefly touched on that—always client centricity...You want to see if it worked somewhere and then try to apply it

business tycoon Elon Musk.

Last February, SpaceX started providing its services in the country, which is said to give residential users download speeds of up to 200 megabits per second (Mbps).

“In the Philippines, sometimes we still hear about mahina ’yung internet [slow internet].” But in the very near future, through these links that we were able to develop on this trip, we are very confident that we will no longer hear complaints about our internet, our online services,” Marcos said.

During the 30th Asia-Pacific Economic Cooperation (Apec) summit in San Francisco last week, the President witnessed the signing of the US$400 million deal between Astranis and Orbits to launch two internet satellites dedi-

cated to the Philippines.

The satellites are expected to improve internet access in “unserved and underserved areas” in the country.

He also visited the SpaceX rocket factory to discuss “potential collaborations with the US technology company.”

The chief executive said he has ordered the Department of Information and Communications Technology to ensure the government efforts to improve internet speed in the country will push through to help boost labor productivity.

“That is why we are trying to find ways to take full advantage of the new technologies that are available to us that will increase the productivity of our people,” Marcos said.

in the localized setting,” Go said.

UBP SEVP Ana Aboitiz-Delgado noted that the bank has developed an AI-powered platform called Mobile Assistant Express (MAX), which enables relationship managers to find certain demographics of clients that have “a high likelihood of availing certain products.”

“Then it can even match a lead to a relationship manager who has had success in selling to that kind of

a client in the past. And since we’ve deployed the tool, or the platform of MAX plus the AI, we’ve actually increased the sales productivity 400 percent. So this is a case where AI does not replace human beings, but it enhances their productivity so much,” she said.

UBP Head of Business Banking Jaypee Soliman added that AI models are now enabling the bank to uncover financial transactions patterns that allow the company to essentially shorten the supply chain and tailor financial products that its clients need.

For him, the hyper personalization of financial products and services is essential so as not to “confuse” the market with a boatload of products.

“So we should be able to create a customer experience that brings that whole complicated chain into a simplified version down,” he said, citing how UBP’s Negosyante App has become more user friendly and simplified.

With AI, the Negosyante App can now distinguish customer behaviors—especially small and medium enterprises (SMEs) that are transforming to corporates.

“And so we get to push forward more products that you can use in your app because we don’t need to change your user experience. We need to simply just enhance what you can do in the app. And then bring you further down the chain,” he said.

Operational efficiency

AS a business, UBP is investing in AI to make its operations more efficient.

The bank has implemented multiple AI models in its collections to predict potential missed payments, thus enhancing call prioritization, enabling timely payment reminders, and significantly reducing credit losses.

Heinrich added that UBP has developed the “Cash Mobility” solution, set to launch in 2024. This digital innovation streamlines cash delivery and pickup operations for corporate clients, integrating trip planning algorithms to optimize routes and reduce carbon emissions.

The initiative includes a web portal and mobile app, co-developed with Aboitiz Data Innovation, for real-time tracking and transaction management.

AI to ‘unlock’ financial inclusion

APART from the business implications of AI in UBP and its units, AI is seen to become a driving force of including more people into the country’s financial system.

“AI is going to unlock financial inclusion for the rest of the population in this great country,” UBX President John Januszczak said.

“We are going to use AI to reach the rest—to reach all the 115 million Filipinos.”

www.businessmirror.com.ph

Withholding tax...

Continued from A1

With the BIR’s planned implementation of collecting withholding tax on all online sellers, the bureau is guaranteed to collect at least $160 million, since the country’s e-commerce market is projected to grow to $16 billion in terms of gross merchandise value (GMV).

“Given the $16 billion GMV of the e-commerce market in 2023, this strategy ensures a minimum 1 [percent] tax collection from all online sellers, contributing to the nation’s economic stability and growth,” Arboleda said.

Arboleda concurred with Internal Revenue Commissioner Romeo D. Lumagui Jr. that the imposition of the withholding tax on online sellers is no longer new.

“As the premier solution aiding self-employed individuals and MSMEs with tax compliance, Taxumo recognizes the importance of the BIR’s new 1-percent withholding tax on online marketplace transactions,” he said.

“It’s crucial to understand that this is not an additional tax burden for online sellers. Instead, it’s a prepayment mechanism, where the withheld amount can be credited against their income tax dues,” he added.

The BIR earlier disclosed that it plans to start collecting the 1 percent withholding tax from online sellers next month, at the earliest, or by January 2024.

The BIR plans to collect the tax through the e-commerce platforms that online sellers are using for their digital transactions.

The BIR is in the final phase of ironing out the rules that would

govern the online withholding tax collection.

Nonetheless, the exemption for people earning less than P250,000 annually would also be implemented to online sellers.

Lumagui likened the situation of e-commerce platforms and online sellers to mall operators who collect the withholding tax from their tenants or lessees.

Free subscriptions

IN a related development, Taxumo also disclosed that it will be extending free subscriptions to its tax payment options and educational webinars to digital content creators amid the BIR’s thrust to collect taxes from the online business environment.

“On Taxumo, business owners and self-employed professionals [like influencers and content creators] can track their income and expenses, auto-compute upcoming tax dues, file the appropriate tax forms, and conveniently pay online through accredited payment channels,” the firm said.

“Taxumo’s new service, Bill Pay Delay, also allows taxpayers to break their tax dues into flexible installments. This means taxpayers can better manage their cash flow thanks to this accessible tax payment option,” it added.

The BIR earlier disclosed that it’s in the process of crafting an “Oplan Digital Kandado” program to crack down on social-media influencers who failed to pay taxes. (Related story: https://businessmirror.com.ph/2023/11/03/bir-tohunt-tax-evading-influencers/)

Policy loans...

Continued from A1

resilience of school infrastructure.

It also aims to enhance the Department of Education’s capacity to manage green, resilient, inclusive and learning-conducive school infrastructure.

Another big-ticket project included in the pipeline is the Mindanao Transport Connectivity Improvement Project which has been allocated an amount of $407 million.

The project aims to improve connectivity, climate resilience efforts and ensure the safety of priority roads in the Mindanao region.

The project that is set to receive the least commitment from the Washington-based lender is the Philippines Civil Service Modernization Project.

The $69 million project aims to improve the efficiency and the quality of human resource management and payroll management in selected national government agencies in the Philippines civil service.

Last Friday, the World Bank approved the $500-million Philippines Disaster Risk Management and Climate Development Policy Loan with a Catastrophe Deferred Drawdown Option (Cat-DDO) loan.

The Cat-DDO allows the government to quickly draw down funds when major natural disasters or health crisis hit, minimizing the impact on the economy and longterm development.

“The real benefit of this support is its ability to rapidly deliver crucial services—such as healthcare, shelter, and food—to those most impacted by disasters or climate events,” said Ndiamé Diop, the World Bank’s Country Director for Brunei, Malaysia, Philippines, and Thailand.

“It’s about making sure the people who have the least are taken care of and can bounce back immediately after these disaster events,” Diop said.

An important part of the support, Diop emphasized, is that it helps ensure the government has the resources to restore or rebuild damaged schools following a disaster. This makes sure that children can continue their

education without significant interruptions.

The financing isn’t just about responding to disasters; it’s also about preparing for them in advance to mitigate their impact.

The reforms implemented as a part of this financing will help ma ke schools more disasterproof, help communities plan safer spaces and green areas, and strengthen health facilities to withstand future disasters and health emergencies.

The funds can be disbursed when the Philippines’ President declares a State of Calamity in response to a natural disaster or public health emergency.

This declaration triggers support in line with the Philippine Disaster Risk Reduction and Management Act of 2010 (DRRM Act).

The full amount of this financial support will be available for three years, giving the Philippine government immediate access to funds when they need it, enabling it to better manage the cost of shocks and protect the Philippine population.

The financial support has a revolving feature, and the three-year drawdown period may be renewed up to four times, for a total maximum period of 15 years.

Approximately 60 percent of the country’s total land area and at least 74 percent of Filipinos are vulnerable to multiple hazards including typhoons, landsl ides, f loods, stor m surges, droughts, volcanic eruptions, and earthquakes.

Disasters regularly damage infrastructure, disrupt the delivery of essential education and health services, and destroy homes and personal belongings, making life harder for many families and pushing some into poverty.

Approximately 78 percent of public schools and 96 percent of students in the Philippines are exposed and vulnerable to multiple hazards.

Between 2021 and 2023, around 4,000 schools were damaged due to various disasters, resulting in the disruption of learning continuity for two million children.

Monday, November 20, 2023

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

DMW hopes to utilize ₧725M remaining fund

T

HE Department of Migrant Workers (DMW) still has over P725 million in its “Agarang Kalinga at Saklolo para sa mga OFW na Nangangailangan,” or “Aksyon,” Fund, which can be used to assist more overseas Filipino workers (OFW) this year.

This is still more than half of the P1.2-billion allocation for the Aksyon Fund for 2023.

“There are still a few weeks ahead of us before 2023 ends. [We are] hoping to use the fund,” DMW Secretary Hans J. Cacdac said in a news briefing last Friday.

Cacdac said they are also studying if the remaining Aksyon Fund can be carried over to the next fiscal year.

Of the P474 million of the fund used this year, the DMW chief said P240 million was used to give P30,000 to each of its 7,000 beneficiaries as direct financial assistance.

Another P137 million was used to pay for the legal assistance for 1,200 OFWs, added Cacdac.

The remaining P80 million was utilized by the DMW in the ongoing repatriation efforts in Israel, he said.

Cacdac said they were able to bring home 264 OFWs from Israel.

“For Israel, we still have pending requests for repatriation from 83 OFWs. We hope to immediately process these 83,” Cacdac said. Samuel P. Medenilla

Senate panel hikes budget for literacy, education poll

T

HE Senate Committee on Finance adopted Senator Sherwin T. Gatchalian’s proposal to increase the budget for the implementation of the Functional Literacy, Education and Mass Media Survey (FLEMMS), a nationwide household-based poll of data on basic and functional literacy rates and educational skills.

Under its committee report on the proposed 2024 national budget, the Philippine Statistics Authority (PSA) will receive P208.97 million for the implementation of the FLEMMS. The amount is 254.3 percent higher than the P58.9 million under the National Expenditure Program (NEP) and the General Appropriations Bill (House Bill 8980).

Gatchalian originally proposed an additional P160 million for the implementation of the FLEMMS next year. During the hearing on the proposed budget of the PSA, the senator raised the possibility of making the data more granular by conducting the survey all the way to the city level.

“This will help the Second Congressional Commission on Education [EDCOM 2] to identify areas where we have high illiteracy rates, so we can launch programs that will improve education outcomes in those places,” Gatchalian assured as the incumbent chairman of the Senate Committee on Basic Education.

“I am sure that the data and information collected through the FLEMMS will be put to good use by the EDCOM,” the senator affirmed.

At the same time, Gatchalian also proposed conducting the FLEMMS more regularly, reminding that the latest FLEMMS survey was conducted in 2019, the sixth in the series that started in 1989.

During the hearing on the proposed PSA budget, National Statistician Dr. Dennis Mapa said that the PSA board will explore the possibility of conducting the FLEMMS more regularly. Mapa added that conducting the FLEMMS every three years could be a reasonable option. Butch Fernandez

PHL generates strong interest in World Travel Market-London

By Ma. Stella F. Arnaldo @akosistellaBM

Special to the BusinessMirror

P

HILIPPINE travel and hospitality companies are all chuffed about their participation in the recent World Travel Market (WTM) in London, with many expressing excitement about the strong buzz the Philippines continues to generate in the international market.

The only key issues raised though, were “accessibility” to local destinations outside of Metro Manila, and the high cost of airfare from Europe to the Philippines, sellers said. Many European travelers will have to fly through the Middle East, Hong Kong, or Singapore before arriving in the Philippines.

They will travel anywhere from 10 to 21 days from the North (Baguio, Mountain Province, Sagada, etc.) down to Bohol or Dumaguete.

Jose C. Clemente Jr., president of Rajah Tours Philippines, told the BusinessMirror they were occupied with meetings from morning to afternoon. “Even the new sellers were really busy. What surprised me was that there were many buyers from various markets that expressed a real interest to include the Philippines in their offerings. The [buyers] ranged

from Western Europeans, Eastern Europeans, Latin America, and others. This is what I like about WTM, the markets are more diverse.” This was the first time for Rajah Tours to participate in the WTM—held from November 7-9 at ExCel London—since 2019, or before the pandemic.

The WTM is among the largest and most influential travel trade fairs in the world. This year, organizers said, attendance soared by 22 percent to 43,727. “Personally, I spoke to about 30 buyers with about 70 percent being new contacts. If only 30 percent pan out, I’d be happy,” said Clemente. “Plus we’re also talking beyond 2024 so there are potential downrange bookings,” he added.

Getting far away from Manila

BOHOL Beach Club, which also rejoined the WTM after the pandemic hiatus, also received a good turnout of buyers this year. “Bohol has always been considered a ‘reliable destination’...meaning, it never fails to deliver and satisfy the needs and expectations of the guests, as facilities are very much available, attractions are abundant and can cater to a variety of guests [whether looking for landbased or in water activities] and a variety of accommodations that

can cater to a vast clientele,” said Allan Santos, general manager of the resort. “Based on my discussions [with the buyers], they would rather stay away from busy cities [such as Manila] and stay in beach resorts,” he added.

He said he had 14 scheduled meetings with both existing clients and those just wanting to explore possible trips to the resort. “They were from the UK and other European countries, including Russia and Poland. Aside from these scheduled meetings, I was also able to receive walkin inquiries and all considered, 60 percent were firm buyers and pursued contracts with us.”

For his part, Gregor Zajc, general manager of Blue Horizon Travel & Tours, a long-time participant at the WTM, said his buyers sought popular spots like El Nido, Siquijor, Bohol and Siargao.

“Many agents follow the trends from social media, where these destinations are often presented as ‘ best of ’ in international press,” he explained.

‘Authentic experiences’ sought

BUYERS are looking for “reliable and open destinations with functioning infrastructure and operational hotels. While Covid was no longer a topic, the focus

A3

became more on the private experiences that the tourists can experience while in the Philippines. They want to combine as many destinations as possible during their trips, which on average, will last approximately two weeks,” he said.

This was echoed by Clemente, who said in the past, “visitors would just require your usual guided tours. Now they are looking for more authentic and experiential activities…. So we offered them activities like the Sardine Run in Cebu, the Cadapdapan Rice Terraces in Bohol, the Kawa bathing in Antique and others, which were activities we didn’t use to sell before.”

But he adde d , buye r s e xpressed concern about “accessibility, since we’re an archipelago. They want to see everything that they’ve heard of [Banaue, Boracay, El Nido, etc.], but are limited by how to get there with less travel time.”

Zajc also underscored their buyers’ concern on the “air fares and flight availability, which is often a challenge due to limited seats available and high fares.”

There were 32 participants representing 14 tour operators and six hotels/resorts in the Philippine delegation to the WTM. A report indicated the Philippines will likely earn 200 percent more in visitor receipts in 10 years.

(See, “PHL could earn 200% more in tourism dollars—WTM,” in the BusinessMirror, November 13, 2023.)

A4

Monday, November 20, 2023

Bong Go brings up pension concerns of senior citizens

D

URING the Senate plenary session on the Department of Social Welfare and Development’s (DSWD) 2024 budget on November 16, Senator Christopher “Bong” Go raised critical questions and issues regarding the implementation of increased pensions for indigent senior citizens.

Go is one of the co-authors of Republic Act 11916, which effectively doubled the monthly pension allowance for qualified indigent senior citizens from P500 to P1,000. He expressed his concern about the implementation of these benefits.

“Sa kasalukuyan ilan ang nabibigyan ng social pension ng DSWD? Since nadoble na po ang pension at nadoble na rin ang inyong budget para dito, sapat na ba ang pondo ng DSWD para ma -cater sa ating mga indigent senior citizen sa susunod na taon?,” asked Go, vice chairman of the Senate Committee on Finance, to Senator Imee Marcos who sponsored the budget of the DSWD in the Senate Plenary.

In response, Marcos acknowledged the budget increase to nearly P50 billion for 2024 but also highlighted the existing backlog in pension payments and the increase in the number of seniors waiting for their pensions.

Go then raised a crucial issue regarding the increasing number of senior citizens waiting for their social pension. He inquired, “Hindi ba nadagdagan ang bilang nila? Ilan sa kanila ang nasa waiting list?”

Marcos acknowledged the growing backlog, confirming that the waiting list for social pensions has expanded significantly.

She responded to Go’s query, revealing the staggering numbers, “Yes, maraming wait list diyan sigurado. Kaya aabot ng P5 billion ang backlog.”

Marcos added, “yung wait listed...dating 228,000 ang wait listed, ngayon 466,000 na ang wait listed. Lumulubo nga eh, dumarami as time passes by.”

Go, concerned about DSWD’s financial capacity to handle this escalating number of waitlisted senior citizens who may qualify for social pension for indigents, asked, “Kaya pa po ng pondo sa ngayon?”

Marcos admitted, “Hindi. Hindi kaya, may utang talaga tayo.”

In an attempt to address the funding shortfall, Marcos discussed a temporary measure by allocating P3 billion to unprogrammed funds. However, she noted the inherent uncertainty and potential delays in accessing these unprogrammed funds which are dependent on availability of funds and government collections or revenues.

In his remarks, Go emphasized his support for DSWD. He stated, “Again, full support naman po tayo sa ating DSWD. Noon pa man po isa po ito sa aking talagang mahal na departamento.”

He also reminded the DSWD of their crucial role, saying, “I remind the DSWD that they stand as a beacon of hope for countless Filipinos, providing a lifeline for those facing adversity, poverty, and various life challenges.”

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

Solons weigh in on Sarangani quake

By Samuel P. Medenilla & Jovee Marie N. Dela Cruz

S

URIGAO del Sur 1st District Rep. Romeo Momo Sr. said a review of the National Building Code of the Philippines (NBCP) is long overdue citing the recent damage to infrastructure caused by the 6.8-magnitude earthquake in Sarangani.

Initial reports showed several houses and infrastructures in the province were left in ruins after the devastating quake, which killed at least seven people.

“The earthquake that hit Mindanao last Friday should already serve as a wake-up call. I implore my colleagues to pass this bill while we’re at a critical juncture of our disaster preparedness and risk management policies,” Momo said. “We cannot afford to make mistakes or neglect our duties when lives and livelihoods are at stake.”

The country’s existing NCBP was passed in 1977.

Momo, chairman of the House Committee on Public Works and Highways, issued a

statement since the proposed Philippine Building Act (PBA), which will update the NBCP, remains pending in the Senate.

Last August, the House of Representatives already passed in third and final reading its version of the PBA. The version of the bill in the Senate is still under deliberation.

“As public servants, we must now more than ever join forces and ensure our fellow Filipinos are kept from harm. The power has always been in our hands. I call on my colleagues in Congress to pass the Philippine Building Act bill swiftly and without further ado,” Momo said.

He said the pending PBA will ensure the standardization of building design, location, materials, and safety measures against natural calamities.

Among the salient provisions of the bill, he said, would make a structural review of buildings mandatory every 15 years.

It will also classify buildings according to their fire resistance rating, occupancy, and permitting process.

The bill will also set the list of general

requirements for the standardization of location and zoning, design, construction, materials, permits and licenses, and occupancy, maintenance, and abatement.

Congress to issue funds

MEANWHILE, House Deputy Majority Leader for Communications and ACT-CIS Partylist Rep. Erwin T. Tulfo announced that lawmakers would work closely with the administration on the immediate release of funding support for the rehabilitation and recovery efforts to assist the victims of the earthquake.

A statement was issued by his office after Tulfo visited the affected areas in General Santos City and Sarangani province last Sunday.

“I assure the people of Mindanao that the House of Representatives would move to mobilize resources needed for rehabilitation and recovery aid in areas greatly affected by the earthquake,” the statement quoted Speaker Ferdinand Martin G. Romualdez as saying.

Imus LGU acts vs illegal sale of hazardous cosmetics

R

ESPONDING to a report and public health warning pitched by the toxics watchdog EcoWaste Coalition, the local government unit (LGU) of Imus, Cavite has ordered owners of six retail stores to immediately remove cosmetics products tainted with mercury off the shelves.

The Business Permits and Licensing Office (BPLO) of Imus, Cavite, also ordered the proper disposal of these products which contain the highly toxic chemical.

In the letters, the BPLO reminded retailers that the sale of such products violates national laws such as Republic Act (RA) 7394 (the Consumer Act of the Philippines) prohibits adulterated cosmetics or those containing any poisonous or deleterious substance) and the Food and Drug Administration Act (RA 9711 prohibits health products, including cosmetics, that are adulterated, unregistered or misbranded).

To deter further violation, the BPLO threatened to close stores selling the banned produc ts and or have their Business/Mayor’s Permit revoked.

A 13-page report from the BPLO also contained photos of inspectors handing over the letters to the concerned retail outlets and store attendants dutifully removing the forbidden items without protest.

Laudable action

“WE laud the Imus City Government for conducting law enforcement action to ensure business compliance to the ban on mercury-added cosmetics. As these dangerous products tend to reappear when nobody is watching, we encourage

the city authorities to hold random store inspections on a regular basis,” said Eloisa “Ochie” Tolentino, coordinator of the Cavite Green Coalition, a member group of the EcoWaste Coalition.

“Sustained market monitoring will help a great deal in making Imus City safe from poisonous cosmetics with mercury content,” Tolentino added.

Among those who took action upon receipt of the EcoWaste Coalition’s complaint were the offices of City Mayor Alex “AA” Advincula, City Administrator Hertito Monzon, City Legal Officer Leonard Martin Syjuco, and Business Permits and Licensing Department Head Jasmin Ramos.

“The steps taken by local authorities will surely disrupt the supply chain and safeguard the public health from the adverse effects of mercury in Goree and other mercury-containing facial creams that claim to lighten and beautify the skin,” said Aileen Lucero, National Coordinator, EcoWaste Coalition. “However, stronger global action is required to stop the continued production and proliferation of these dangerous cosmetics across borders.”

FDA-banned products

THE EcoWaste Coalition bought five imported skin lightening products sold by retailers in Imus City for P150 to P250 each despite the FDA-issued advisories warning consumers and sellers against the trade of the unauthorized cosmetic products.

The group then screened the purchased items for mercury content using an X-Ray Fluorescence (XRF) analyzer, which detected mercury above the one part per million (ppm) limit under the ASEAN

Cosmetic Directive and the Minamata Convention on Mercury.

The two Pakistan-made Goree Beauty Cream with Lycopene and Goree Day & Night Beauty Cream (banned in 2017) were found laden with 29,370 ppm and 28,200 ppm of mercury, respectively, while the Thailand-made 88 Total White Underarm Cream (banned in 2021) contained 2,687 ppm of mercury.

The two China-made S’Zitang 10Day Eliminating Freckle Day & Night Set (banned in 2010, 2017 and 2018) and JJJ Golden Package Magic Spots Removing (banned in 2010) were found to contain 537 ppm (night cream) and 555 ppm (day cream), and 880 ppm (night cream) and 883 ppm (day cream), respectively.

Hazardous to health

THE “adverse health effects of the inorganic mercury contained in skin lightening creams and soaps include: kidney damage, skin rashes, skin discoloration and scarring, reduction in the skin’s resistance to bacterial and fungal infections, anxiety, depression, psychosis and peripheral neuropathy,” according to the World Health Organization (WHO).

Mercury in these cosmetics is eventually discharged into waste water.

“The mercur y then enters the environment, where it becomes methylated and can enter the food chain as highly toxic methylmercury in fish,” the WHO said.

“Pregnant women who consume fish containing methylmercury can transfer the mercury to their fetuses, which can result in neurodevelopmental deficits in the children.” Jonathan L. Mayuga

Upon consultation with House Committee on Appropriations chairman and AKO Bicol Partylist Rep. Zaldy S. Co, Tulfo said the House leadership would coordinate with the Department of Public Works and Highways (DPWH) to tap its Quick Response Fund (QRF) for reconstruction and rehabilitation programs and repair and replacement of damaged infrastructure facilities.

Tulfo said Romualdez, who joined President Ferdinand R. Marcos Jr. during the recently concluded Asia-Pacific Economic Cooperation (Apec) in the United States, has been giving instructions after he provided comprehensive updates on the status of the affected areas. “ Ang instruction sa atin ni Speaker Romualdez tiyakin na mahahanapan ng pondo ang rehabilitasyon ng mga nasirang lugar at pagkakaloob ng kabuhayan sa mga naapektuhan,” the lawmaker said.

“Marami talaga ang nasira. Hindi

Banana sector to new DA chief: Set up fruit research center for high-value crops Continued from A1

PBGEA Executive Director Stephen A. Antig said they are reiterating this call in light of the recent appointment of Agriculture Secretary Francisco Tiu Laurel Jr. Antig said the establishment of the research institute is one of the things that the new agriculture chief must prioritize in helping the development of the high value crops industry.

“Focus on the establishment of the research development which will not only cater to bananas and pineapples but possible to all high-value crops that we are exporting. We are in dire need of it right now,” Antig told the B usiness M irror .

Several bills are pending in both houses of Congress that seek to support the local banana industry either through the establishment of a research development centers or a dedicated export council. One of these is Senate Bill 1304 filed by Sen. Imee R. Marcos, that has remained pending at the committee level.

Antig noted that the industry has yet to embrace a true Panama disease-resistant banana variety to curb the spread of the disease that has been wreaking havoc on local farms. (Related story: https:// businessmirror.com.ph/2023/02/27/ amid-sagging-yield-banana-sectoreyes-research-center/ PBGEA earlier estimated that about 15,000 hectares to 36,000 hectares of the total 88,000 hectares planted with bananas nationwide are infested with Panama disease.

The group had also warned before that the banana industry would be in a more dire state in five years if they will not be able to identify a Panama disease-resistant variety in the absence of a research facility.

The other proposal of PBGEA to the leadership of Laurel is to seek the reduction of the hefty tariffs slapped by Japan on Philippine bananas, Antig said.

(Related story: https://businessmirror. com.ph/2022/10/24/life-or-death-forbananas-time-to-press-japan-for-zerotariffs-marcos-urged/) Last year, Albay Rep. Joey Salceda, the vice chairman of the House Committee on Agriculture and Food, cautioned that the country’s banana industry is already facing a “life-or-death” situation this decade amid compounded threats of diseases, global competition, investor flight, and climate change. Jasper Emmanuel Y. Arcalas

‘More work needed to improve PHL resilience to disaster’–UN Continued from A12

Environmental Sustainability through Multistakeholder Engagement. This integrated program aims to combat poverty, enhance community resilience, and foster public-private partnerships by involving all segments of society.

Republic Act 1760, also known as the Local Government Code of 1991, recognizes local government units (LGUs) as the central actors in disaster risk reduction (DRR).

Barangays are mandated to establish and operationalize Barangay Risk Reduction

lang mga tulay at kalsada, lumubog rin ang malaking bahagi ng Glan Fish Port. Sa Sarangani pa lang ang initial estimate P200 milyon ang kakailanganin.

Hinihintay pa natin ang ibang assessment pati sa General Santos City at Davao Occidental. Ilang daang milyong piso ang kakailanganin natin para sa ating mga kababayan,” Tulfo added.

“Mabilis at tuloy-tuloy ang pagtulong ng Tingog Party-list para maramdaman ng mga residente dito na laging nandito ang Kongreso sa pamumuno ni Speaker Romualdez,” the lawmaker said.

Tulfo also inspected the Glan Municipal Hall, which would need an estimated P30 million to repair its damaged parts.

The lawmaker said the offices of the Speaker and DPWH District Engineer Rey R. Francisco would also distribute construction materials for individuals whose homes were damaged by the earthquake.

He called on the Department of Labor and Employment to provide livelihood initiatives to help the victims who lost their income after the earthquake.

Management Committees, develop barangay disaster risk reduction and management plans, and allocate funds and resources for disaster response and recovery.

“The task of building resilience and preserving life is not just the government’s alone. We all have a role to play to ensure the quality of life for generations to come,” said Yulo-Loyzaga.

The DENR is leading effor ts and initiatives in the run-up to the APMCDRR to be cochaired by Yulo-Loyzaga and Defense Secretary Gilberto Teodoro Jr. Set for October 2024, a central focus of the biennial conference will be on Localization and Urban and Rural Resilience.

SC affirms legality of Price Act penalty on profiteering Continued from A12

This helps define productivity for the goods that matter, which, in turn, provides a better quality of life for all.”

The case stemmed from the letter sent by then director of the Bureau of Trade Regulation and Consumer Protection Victorino Dimagiba to URC on May 25, 2010, asking the latter why its ex-mill flour prices had not been reduced despite the decrease in certain cost factors, such as the price of wheat in the international market, freight cost, foreign exchange rate, and the imposition of zero tariff.

Dimagiba wrote similar letters to other local flour millers, including Delta Milling Industries, Inc., Morning Star Milling Corporation, Philippine Foremost Milling Corporation, San Miguel Mills, Inc., General Milling Corporation, Liberty Flour Mills, Inc., Philmico Foods Corporation, Philippine Flour Mills, Republic Flour Milling Corporation, and Wellington Flour Mills, inquiring about their flour prices.

URC responded that “the difference in the price of our flour bag within a span of three years reflects the price movement of wheat in the world market and covers our other costs of operation, which involve increases in our labor costs.

Dimagiba, however, reminded Universal Robina that the wheat prices in the international market from January 2007 to September 2007 on one hand, and from January 2010 to May 2010 on the other, were almost the same despite the retail and ex-mill prices in 2007 being lower than the prices in 2010.

He thus instructed URC to reduce its ex-mill prices to P630.00 to P680 per bag of flour. Dimagiba eventually filed a complaint before the DTI against URC and other local flour millers for profiteering under The Price Act. On June 15, 2010, before the hearing on the profiteering charge , URC received a copy of a preliminary order issued by the DTI adjudication officer to reduce the selling price of flour from the P770 to P790 range down to the P630 to P680 range while the case was pending.

Universal Robina was also required to explain why the preliminary order should be revoked.

The preliminary order was soon lifted after the Philippine Association of Flour Millers declared to the DTI that it had lowered its flour prices.

On the other hand, URC filed a Petition for Declarator y Relief 15 before the Regional Trial Court.

The World BusinessMirror

Editor: Angel R. Calso

Monday, November 20, 2023 A5

Ukraine’s troops work to advance on Russian-held side of key river K YIV, Ukraine—Ukrainian troops worked to push back Russian forces positioned on the east bank of the Dnieper River, the military said Saturday, a day after Ukraine claimed to have secured multiple bridgeheads on that side of the river that divides the country’s partially occupied Kherson region.

Ukraine’s establishment of footholds on the Russian-held bank of the Dnieper represents a small but potentially significant strategic advance in the midst of a war largely at a standstill. The General Staff of Ukraine’s armed forces said its troops there had repelled 12 attacks by the Russian army between Friday and Saturday.

The Ukrainians now were try-

ing to “push back Russian army units as far as possible in order to make life easier for the (western) bank of the Kherson region, so that they get shelled less,” Natalia Humeniuk, spokesperson for Ukraine’s Southern Operational Command, said.

In response, the Russian military used “tactical aviation,” including Iranian-made Shahed exploding drones, to try to pin down

Ukrainian soldiers navigate on the Dnieper River by boat at the frontline near Kherson, Ukraine on June 11, 2023. AP Photo/Felipe Dana

Ukraine’s troops, Humeniuk said.

The wide river is a natural dividing line along the southern battlefront. Since withdrawing from

the city of Kherson and retreating across the Dnieper a year ago, Moscow’s forces have regularly shelled communities on the Ukrainian-

held side of the river to prevent Kyiv’s soldiers from advancing toward Russia-annexed Crimea.

Elsewhere, air defenses shot

down 29 out of 38 Shahed drones launched against Ukraine, military officials reported. One of the drones that got through struck an energy infrastructure facility in the southern Odesa region, leaving 2,000 homes without power.

In the capital, hundreds of people gathered to oppose corruption and to demand the reallocation of public funds to the armed forces. The demonstration was the 10th in a series of protests in Kyiv amid anger over municipal projects.

On Saturday, protesters held U krainian f lags and banners bear ing slogans such as “ We need d rones not st ad iu m s.”

“I’ve organized demonstrations in more than 100 cities protesting against corruption in Ukraine and for more money, which should go to the army,” Maria Barbash, an activist with the organization Money for the Armed Forces, said. “The first priority of our budget—local budgets and the central budget— should be the army.” AP

A6

Monday, November 20, 2023

The World BusinessMirror

Editor: Angel R. Calso

UN says 32 babies among scores of critically ill patients stranded in Gaza’s main hospital

By Najib Jobain & Samy Magdy

K

The Associated Press

HAN YOUNIS, Gaza Strip—A United Nations team said Sunday that 291 patients were left at Gaza’s largest hospital after Israeli troops had others evacuate. Those left included 32 babies in extremely critical condition, trauma patients with severely infected wounds, and others with spinal injuries who are unable to move.

The team was able to tour Shifa Hospital for an hour after about 2,500 displaced people, mobile patients and medical staff left the sprawling compound Saturday morning, said the World Health Organization, which led the mission. It said 25 medical staff remained, along with the patients.

“Patients and health staff with whom they spoke were terrified for their safety and health, and pleaded for evacuation,” the agency said, describing Shifa as a death zone.

It said more teams will attempt to reach Shifa in coming days to try to the evacuate patients to southern Gaza, where hospitals are also overwhelmed.

Israel has long alleged that Hamas maintains a sprawling command post inside and under Shifa. It has portrayed the hospital as a key target in its war to end the militants’ rule in Gaza following their wide-ranging attack into southern Israel six weeks ago, which triggered the war.

Hamas and hospital staff deny the allegations. Israeli troops who have been based at the hospital and searching its grounds for days say they have found guns and other weapons, and showed reporters the entrance to a tunnel shaft. The AP couldn’t independently verify Israel’s findings.

Saturday’s mass departure was portrayed by Israel as voluntary, but the WHO said the military had issued evacuation orders, and some of those who left described it as a forced exodus.

“We left at gunpoint,” Mahmoud Abu Auf told The Associated Press by phone after he and his family left the crowded hospital. “Tanks and snipers were everywhere inside and outside.” He said he saw Israeli troops detain three men.

Strikes in the north and south Elsewhere in northern Gaza, doz-

ens of people were killed in the urban Jabaliya refugee camp when what witnesses described as an Israeli airstrike hit a crowded U.N. shelter Saturday.

It caused massive destruction in the camp’s Fakhoura school, said wounded survivors Ahmed Radwan and Yassin Sharif.

“The scenes were horrifying.

Corpses of women and children were on the ground. Others were screaming for help,” Radwan said by phone. AP photos from a local hospital showed more than 20 bodies wrapped in bloodstained sheets.

The Israeli military, which has repeatedly called on Palestinians to leave northern Gaza, said only that its troops were active in the area “with the aim of hitting terrorists.” It rarely comments on individual strikes, saying only that it targets Hamas while trying to minimize civilian harm.

In southern Gaza, an Israeli airstrike hit a residential building near the town of Khan Younis on Saturday, killing at least 26 Palestinians, according to a doctor at the hospital where the bodies were taken.

More than 11,500 Palestinians have been killed, according to Palestinian health authorities.

Another 2,700 have been reported missing, believed buried under rubble. The count does not differentiate between civilians and combatants; Israel says it has killed thousands of militants.

Hostages and aid

Around 1,200 people have been killed on the Israeli side, mainly civilians killed during Hamas’ October 7 attack, in which the group also dragged some 240 captives back into Gaza. The military says 52 Israeli soldiers have been killed.

Hamas has released four hostages, Israel has rescued one, and

Palestinians extinguish the fire on the rubble of destroyed buildings in the Israeli bombardment of the Gaza Strip in Nusseirat refugee camp, central Gaza Strip on Friday, November 17, 2023. AP Photo/Marwan Saleh

Palestinians mourn their relatives killed in the Israeli bombardment of the Gaza Strip, in the hospital in Khan Younis on Saturday, November 18, 2023. AP Photo/Fatima Shbair

By Julia Frankel

J

ERUSA LEM—T housa nd s of family members and supporters of some 240 hostages held in Gaza streamed into Jerusalem on Saturday, castigating Israeli Prime Minister Benjamin Netanyahu’s government over his management of the war with Hamas and pleading with the government to do whatever it takes to bring their loved ones home.

As public pressure mounted, Netanyahu said Saturday that Israel’s War Cabinet would meet with representatives of the families this week.

“I am marching with you. The Israeli people are marching with you,” he said.

“I promise, when we have something to say, we will inform you.”

T he march capped a f ive-day trek from Tel Aviv and represented the largest protest on behalf of the

hostages since they were dragged into Gaza by Hamas on Oct. 7 as part of the militants’ deadly attack in souther n Israel. About 1,200 people were killed in Israel on the day of the surprise Hamas assault.

Israel declared war in response, and more than 11,500 Palestinians have been killed in the past six weeks as the Israeli military conducts a punishing air and ground offensive in Gaza, where Hamas militants have ruled for the past 16 years.

Israeli leaders have set dual objectives—to crush Hamas and to bring the hostages home. But they have not made clear to families how they plan to balance the two.

Some of the hostage families have said they fear that the military offensive endangers their loved ones. Israeli leaders, in turn, have argued that only military pressure on Hamas will lead to some hostage releases in a possible

By Jon Gambrell

The Associated Press

the bodies of two hostages were found near Shifa in an area where there had been heavy fighting.

Israel, the United States and the Persian Gulf nation of Qatar, which mediates with Hamas, have been negotiating over a hostage release for weeks. On Saturday, a senior White House official suggested it would need to be completed before the entry of large amounts of desperately needed aid.

“A release of large number of hostages would result in a significant pause in fighting … and a massive surge of humanitarian relief,” Brett McGurk, the White House’s National Security Council coordinator for the Middle East, said at a conference in Bahrain.

Gaza’s main power plant shut down early in the war, and Israel has cut off electricity. That has left local authorities unable to operate water treatment plants, bakeries, hospitals and other critical infrastructure without fuel for generators, which has run low since Israel cut off all imports at the start of the war.

More than two thirds of Gaza’s population of 2.3 million have fled their homes. The U.N. agency for Palestinian refugees, known as UNRWA, is providing basic services to hundreds of thousands of people sheltering in schools and other facilities.

Over the weekend, Israel allowed UNRWA to import enough fuel to continue humanitarian operations for another couple of days, and to keep Internet and telephone systems running. UNRWA had been forced to put aid operations on hold Friday during a communications blackout.

Gaza has received only 10% of its required food supplies each day in shipments from Egypt, according to the U.N., and the water system shutdown has left most of the population drinking contaminated water.

Thousands march in Jerusalem to press Israel govt to do more to free hostages held in Gaza The Associated Press

Jordan’s envoy offers blistering criticism of Israel amid raging war against Hamas

deal involving a temporary cease-fire.

T he families have not rallied around a single proposal for getting their loved ones back, but pleaded for more empathy and responsiveness from the government. Some criticized Israel’s War Cabinet for what they described as a lack of transparency about any rescue plans.

On Saturday, the marchers carried Israeli flags and photos of the hostages as they finished the 70-kilometer (45mile) walk to Jerusalem and slowly converged on Netanyahu’s office. Once there, they were joined by crowds carrying yellow balloons printed with the words “Bring them home.”

“I want you to look in my eyes and try to understand just a bit of the trauma I’m feeling,” Daria Gonen, referring to Israeli leaders, said at the rally.

Her 23-year-old sister, Romi Gonen, was kidnapped by Hamas from a music festival-turned-massacre near Gaza.

A wider offensive?

Defense Minister Yoav Gallant said Saturday that Israel’s forces were expanding operations in Gaza City. “With every passing day, there are fewer places where Hamas terrorists can operate,” he said, adding that the militants would learn that in southern Gaza “in the coming days.”

His comments were the clearest indication yet that the military plans to expand its offensive to southern Gaza, where Israel had told Palestinian civilians to seek refuge. The evacuation zone is already crammed with displaced civilians, and it was not clear where they would go if the offensive moved closer.

Even as it warns of a broadening offensive, Israel remains at odds with its main ally, the United States, over what to do with Gaza should it succeed in removing Hamas from power.

Prime Minister Benjamin Netanyahu said Saturday that the Israeli military would have “full freedom” to operate within the territory after the war, indicating it would at least temporarily reoccupy the territory from which it withdrew soldiers and settlers in 2005.

In an op-ed published Saturday in The Washington Post, US President Joe Biden said Gaza and the West Bank should be reunited and governed under a “revitalized Palestinian Authority” while world leaders work toward a solution that would create a Palestinian state alongside Israel.

Netanyahu’s government is strongly opposed to Palestinian statehood. The Palestinian Authority has said it would only return to govern Gaza—where H a m a s rout e d it s forc e s i n 2007—as part of a comprehensive two-state solution to the decades-old conflict.

Magdy reported from Cairo.

Ruby Chen, another protester, said that the families want to “keep the awareness of the hostage issue as a top priority for the government of Israel.”

Chen’s 19-year old son is a hostage.

For the families, the procession marked the culmination of six weeks of worrying and wondering about the safety and whereabouts of their relatives, who include children and older adults.

At a plaza in front of the Defense Ministry in Tel Aviv, protesters released hundreds of pink balloons into the air and set out trays of cake and cookies, celebrating the birthdays of two hostages held by Hamas, 9-year old Emily Hand and 57-year old Raz Ben Ami. The march came as Israeli media reported that the War Cabinet was considering a Qatari-brokered deal to win the release of the women and children among the hostages.

In exchange, Israel would agree to a cease-fire of several days and release several dozen of the thousands of Palestinian prisoners it is holding.

Netanyahu denied Saturday that a deal had been struck.

J

ordan’s foreign minister offered blistering criticism Saturday of Israel’s war on Hamas in the Gaza Strip, describing it as “blatant aggression” against Palestinian civilians that threatens to engulf the wider Middle East.

Ayman Safadi’s harsh assessment, alleging Israel was committing “war crimes” by besieging the Gaza Strip and cutting off food, medicine and fuel shipments, shows how strained relations have become between Israel and Jordan—which reached a peace deal in 1994.

“All of us have to speak loud and clear about the catastrophe that the Israeli war is bringing, not just on Gaza, but on the region in general,” Safadi told the International Institute for Strategic Studies’ Manama Dialogue summit in Bahrain. “This is not a time for mincing words. This is a time to state facts as they are.”

He added: “This is not self-defense.

This is a blatant aggression, the victims of which are innocent Palestinians.”

Israel did not immediately respond to Safadi’s comments, which included a call for an immediate cease-fire and end to the fighting.

However, on hand was Brett McGurk, the White House’s National Security Council coordinator for the Middle East, who said that “a release of large number of hostages would result in a significant pause in fighting ... and a massive surge of humanitarian relief.”

“There’s no returning to Oct. 6.

That’s true for Israel. It’s true for Palestinians,” McGurk said. “No country can live with the threats of terror like what we saw from Hamas unleashed on Oct. 7 on their border.

And at the same time, Palestinians deserve need and require safety and self-determination.”

T he European Union’s top diplomat, Josep Borrell, added: “It’s quite understandable that without the freedom of the hostages, nothing can be solved.”

Safadi later offered a sharp retort to that: “Israel is taking 2.3 million Palestinians hostage.”

The war began with Hamas’ unprecedented Oct. 7 attack in southern Israel. Hamas militants killed about 1,200 people, mostly civilians, and abducted some 240 men, women and children, taking them back into the Gaza Strip.

Israel responded with a pounding campaign of airstrikes, then a ground offensive that surrounded Gaza City to the Gaza Strip’s north.

More than 11,400 Palestinians have been killed in the war, twothirds of them women and minors, according to Palestinian health authorities. Another 2,700 have been reported missing, believed buried under rubble. The count does not differentiate between civilians and militants, and Israel says it has killed thousands of militants.

The annual Manama Dialogue in Bahrain typically focuses on Gulf Arab nations’ fears about Iran in the region, something Borrell even joked about during his

remarks. This year, however, the Israel-Hamas war has taken center stage, in part as Bahrain and the United Arab Emirates reached diplomatic recognition deals with Israel in 2020.

Friday night, Bahrain’s Crown Prince Salman bin Hamad A l Khalifa opened the summit with a call for a swap between Hamas and Israel for the hostages and a halt in the bloodshed.

“You want to call it a cease-fire.

You want to call it a pause. You can call it whatever you want,” the prince said. “The intention is a break so people can take stock.

People can bury their dead. People can finally start to grieve. And maybe people can start to ask themselves about the intelligence failure that led to this crisis in the first place.”

Speaking before the summit Saturday, Safadi described the Israeli government now led by Prime Minister Benjamin Netanyahu, the hardest-right coalition ever to govern the country, as apparently aiming to dislodge Palestinians from the Gaza Strip. He said that “will be a direct threat to our national security” in Jordan and Egypt.

“They all for years have been saying the only way to move forward is to kick the Palestinians out of their ancestral land and wipe the Palestinians out of the face of the Earth,” Safadi said.

After the war, Safadi said Arab countries also would not “come and clean the mess after Israel.”

“Let me be very clear. I know speaking on behalf of Jordan but having discussed this issue with many, with almost all our brethren, there’ll be no Arab troops going to Gaza. None. We’re not going to be seen as the enemy,” he said.

“How could anybody talk about the future of Gaza when we do not know what kind of Gaza will be left once this aggression ends?”

Safadi insisted the only way forward would be a two-state solution for the Israelis and Palestinians, even though the peace process has been moribund for years.

McGurk also offered what he described as “five no’s” for the war: “No forced displacement, no reoccupation, no reduction in territory, no threats to Israel, no besiegement.”

Meanwhile, efforts for Israel to reach new diplomatic recognition deals with Arab nations—particularly Saudi Arabia—appear frozen.

“We’ve been saying that the fallacy of assuming that you can parachute over the Palestinian issue to create regional peace is wrong,” he said. “It will only bring disaster. And here we are. Show me who’s talking about any regional project at this war, at this point, who’s talking about integration?

It’s all about war.”

McGurk, however, insisted that the Palestinians had a crucial place in any possible diplomatic deal between Israel and Saudi Arabia.

“In this case, what was true before Oct. 7 is even truer now,” he said. “That central issue must be addressed. And as Hamas is degraded, we are determined to help address it.”

The World

www.businessmirror.com.ph

BusinessMirror Monday, November 20, 2023 A7

Climate change is hurting coral worldwide, but these reefs off Texas coast are thriving

By Jamie Stengle, Lm Otero & Kendria Lafleur The Associated Press

O

FF THE COAST OF GALVESTON, Texas—Divers descending into azure waters far off the Texas coast dip below a horizon dotted with oil and gas platforms into an otherworldly landscape of undersea mountains crusted with yellow, orange and pink coral as far as the eye can see.

Some of the world’s healthiest coral reefs can be found in the Gulf of Mexico, about 100 miles (160 kilometers) off the Texas coast. Sheltered in a deep, cool habitat far from shore, the reefs in the Flower Garden Banks National Marine Sanctuary boast a stunning amount of coral coverage. But scientists say that like all reefs, they are fragile, and their location will only offer protection for so long in the face of a warming climate.

“To see that much coral in one place is really magnificent—an experience that most people don’t get on reefs in this day and age,” said Michelle Johnston, the acting superintendent and research coordinator for the federally protected area.

The sanctuary had some moderate bleaching this year but nothing like the devastation that hit other reefs during the summer’s recordbreaking heat. Still, Johnston said that’s among her top concerns for the sanctuary’s future. Waters that get too warm cause corals to expel their colorful algae and turn white.

They can survive if temperatures fall but they are left more vulnerable to disease and may eventually die.

Florida’s coral reef—the world’s third largest—experienced an unprecedented and potentially deadly level of bleaching over the summer.

Derek Manzello, coordinator of the National Oceanic and Atmospheric Administration’s Coral Reef Watch, said that so far this year, at least 35 countries and territories across five oceans and seas have experienced mass coral bleaching.

He said it’s too early to know how much of Florida’s reefs will recover since coral may die as much as a year or two after the bleaching.

Manzello said climate models suggest that all of the world’s coral will be suffering severe bleaching every year beginning around 2040.

“If you have severe bleaching events every year, the prognosis is not good because that basically means the corals aren’t going to have a chance to recover,” he said.

Sanctuary officials say even in the occasional years when Flower Garden Banks has experienced more serious bleaching than this year, it has bounced back quickly thanks

to its overall health and depth, and it’s already recovering this year.

A report expected in the coming months will look at the sanctuary’s vulnerability to the projected effects of climate change.

The Flower Garden Banks stands out for its amount of coral cover— an average of over 50 percent across some areas of the sanctuary—compared with around 10 percent cover in the Caribbean and Northwest Atlantic region, Manzello said. Its corals are also about 60 feet (18 meters) below the surface and surrounded by even deeper waters, compared with many reefs where corals are in shallower water just offshore.

In the early 1900s, fishermen told of peering into the Gulf’s waters and seeing a colorful display that reminded them of a blooming garden, but it was such an unusual spot so far from shore that scientists making the initial dives in the 1960s were surprised to actually find thriving coral reefs.

The corals in the Flower Garden Banks were able to flourish so far from shore because of mountain-like formations called salt domes, which lifted the corals high enough to catch the light, Johnston said.

Divers travel from around the world to see the reefs at Flower Garden Banks, where colorful fish, manta rays, sharks and sea turtles waft through and worms that look like Christmas trees pop in and out of corals.

Andy Lewis, a Houston attorney, said he knew from his first trip to the sanctuary about a decade ago that it was “going to have to be part of my life.” Lewis became a divemaster and is now president of Texas Caribbean Charters, which takes about 1,000 people a year out on diving trips there, with about half making a return trip.

“It’s just a real adventure,” said Lewis, who also serves on the sanctuary’s advisory board. “I love getting on the boat.”

That boat leaves from a spot near Galveston, where currents from Mississippi River drop sediment that turns the water near shore a murky brown. By the time the boat motors out to the sanctuary, the water is clear and blue.

“You drop down and you are on top of live coral as far as you can see,” Lewis said.

Lauren Tinnes, a nurse from Colorado, described rounding a bluff on her dive this fall and being surrounded by massive reefs as schools of fish darted through. She found the description from so long ago apt: “It’s like a field of flowers,” she said.

The Flower Garden Banks is one of 15 national marine sanctuaries and two national marine monuments protected by the NOA A’s

Office of National Marine Sanctuaries, and the only one in the Gulf of Mexico.

The sanctuary is made up of 17 separate banks that cover 160 square miles (414 square kilometers). When it was designated in 1992, the sanctuary had two banks. Its largest and most recent expansion of 14 banks came in 2021, a process that included input from the advisory committee, which includes representatives from industries that rely on the Gulf, from oil and gas to recreation to fishing.

Johnston said that one way to help the reefs stay healthy is to reduce stresses. That includes making sure mooring buoys offer boats a place to tie up so their anchors don’t damage reefs, and removing invasive species that could cause the number of fish to decline.

Manzello said efforts like those are being done in hopes that greenhouse gas emissions will also be cut globally.

“We need all of these things happening in concert to really shepherd coral reefs through the next 20, 30, 40 years,” Manzello said.

Cora l reefs suppor t about a fourth of all marine species at some point in their life cycle. They are also economic drivers. By providing a home for fish that keeps them healthy, they support commercial fishing in addition to bringing in tourism revenue.

“Because coral reefs are declining all over the globe, when we find ones that are healthy, we want to keep them that way,” said Kelly Drinnen, education and outreach specialist for the Flower Garden Banks. “And they kind of serve as the repositories for what could help restore some other reef potentially in the future.”

In fact, samples of healthy corals from the sanctuary are being banked and studied in a lab at Galveston Island’s Moody Gardens, a tourist destination that includes an aquarium.

That includes growing out fragments of coral with hopes of someday replanting them.

The Flower Garden Banks weren’t damaged by the massive oil spill that followed the deadly 2010 explosion on the Deepwater Horizon drilling rig, but other reefs in the Gulf were.

Data gathered from studying the sanctuary’s deeper habitat is being used to help guide restoration of those reefs.

Researchers are also studying the genetics of the Flower Garden Banks coral, including whether it’s different than species in Florida.

“The more knowledge we have, the better we are equipped to try to protect that reef,” said Brooke Zurita, a senior biologist at Moody Gardens. Stengle reported from Dallas.

LaFleur reported from Galveston.

SpaceX starship explodes though craft reached new milestones

By Loren Grush

S

pace X ’s colossa l Starship spacecraft exploded during its second major test flight on Saturday, but achieved new milestones that advance Elon Musk’s crucial deep-space launch system.

As the Starship spacecraft was heading to near orbit, it appeared to burst apart on an X livestream.

Later, the hosts of the livestream said that Starship likely had been lost, believing that the vehicle’s flight termination system activated while the vehicle was attempting to reach near orbit. The flight termination system is used to destroy a rocket if it starts to malfunction or deviates from its flight path during a launch.

“With a test like this, success comes from what we learn,” SpaceX wrote on X. “Today’s test will help us improve Starship’s reliability as SpaceX seeks to make life multiplanetary.”

The largest and most powerful rocket ever developed, Starship successfully took off a little after 7 a.m. from SpaceX’s Starbase launch facility in Boca Chica, Texas, riding atop its massive Super Heavy booster. The

flight appeared to begin smoothly, with the vehicle clearing the launch tower. The two vehicles separated as planned a little more than two and a half minutes into the mission, a feat that the SpaceX failed to accomplish on the vehicle’s first test flight in April.

SpaceX Starship Flight Test 2 Booster Explodes Mid-Air Swiftly after separation, however, the Super Heavy booster burst apart for reasons not immediately clear. Starship continued onward on its path to reach near orbit and eventually reaching space for the first time.

But, roughly eight minutes into the flight, a large cloud of debris could be seen surrounding the Starship spacecraft, and SpaceX said it had lost data from the vehicle.

“As far as test flights go, I think that it certainly was more of a successful launch than the first test flight,” Carissa Christensen, CEO of space analytics firm BryceTech, said.

SpaceX, known for its iterative approach to rocket development, is likely to view the overall flight as a success given the new milestones it achieved.

“First stage looked beautiful with 33 Raptor engines firing,” SpaceX en-

gineer John Insprucker said on the livestream. “We got the hot staging, you know the thing that we really wanted to see.”

For this f light, SpaceX introduced a rare technique known as hot staging for when Starship and Super Heavy break apart. Starship’s engines briefly ignited while still attached to the Super Heavy booster, giving it a slight kick as the two vehicles separated.

The fact that all of the Super Heavy booster’s 33 Raptor engines worked throughout the flight was also a significant improvement from the last mission, which experienced multiple engine failures during the climb to space.

“Strapping that many engines toget her a nd ma k ing t hem a l l work f lawlessly is a really huge accomplishment,” Chad Anderson, founder and managing partner of space investment firm Space Capital, said.

The Federal Aviation Administration said by e-mail that a mishap occurred during the launch, though no injuries or public property damage were reported. The FAA will oversee a SpaceX-led mishap investigation, the agency added. Bloomberg News

A8

The World BusinessMirror

Monday, November 20, 2023

www.businessmirror.com.ph

IBM, EU, Disney and others pull ads from Musk’s X as concerns about antisemitism fuel backlash

By Kelvin Chan & Haleluya Hadero AP Business Writers

A

dvertisers are fleeing social media platform X over concerns about their ads showing up next to pro-Nazi content and hate speech on the site in general, with billionaire owner Elon Musk inflaming tensions with his own posts endorsing an antisemitic conspiracy theory.

IBM, NBCUniversal and its parent company Comcast said this week that they stopped advertising on X after a report said their ads were appearing alongside material praising Nazis—a fresh setback as the platform formerly known as Twitter tries to win back big brands and their ad dollars, X’s main source of revenue.

The liberal advocacy group Media Matters said in a report Thursday that ads from Apple and Oracle also were placed next to antisemitic material on X. On Friday it said it also found ads from Amazon, NBA Mexico, NBCUniversal and others next to white nationalist hashtags.

“IBM has zero tolerance for hate speech and discrimination and we have immediately suspended all advertising on X while we investigate this entirely unacceptable situation,” the company said in a statement.

Spokespeople for Comcast and NBCUniversal confirmed on Saturday that the companies had “paused” their advertising on X but did not provide additional details on the decision. Media Matters said it found ads for NBCUniversal’s Bravo network and its brand agency Catalyst next to antisemitic or white nationalist content.

Apple, Oracle and Amazon did not immediately respond to requests seeking comment.

The European Union’s executive branch said separately on Friday it was pausing advertising on X and other social media platforms, in part because of a surge in hate speech. Later in the day, Disney, Lionsgate and Paramount Global also said they were suspending or pausing advertising on X. Musk sparked outcry this week with his own tweets responding to a user who accused Jews of hating white people and professing indifference to antisemitism. “You have said the actual truth,” Musk tweeted in a reply Wednesday.

Musk has faced accusations of tolerating antisemitic messages on the platform since purchasing it last year, and the content on X has gained increased scrutiny since the war between Israel and Hamas began.

“We condemn this abhorrent promotion of Antisemitic and racist hate in the strongest terms, which runs against our core values as Americans,” White House spokesperson Andrew Bates said Friday in response to Musk’s tweet.

X CEO Linda Yaccarino said X’s “point of view has always been very clear that discrimination by everyone should STOP across the board.”

An “X” sign sits atop the social media platform’s headquarters, in San Francisco, on July 28, 2023. IBM has stopped advertising on X after a report said its ads were appearing alongside material praising Adolf Hitler and Nazis. AP Photo/Noah Berger “I think that’s something we can and should all agree on,” she tweeted Thursday.

Yaccarino, a former NBCUniversal executive, was hired by Musk to rebuild ties with advertisers who fled after he took over, concerned that his easing of content restrictions was allowing hateful and toxic speech to flourish and that would harm their brands.

“When it comes to this platform—X has also been extremely clear about our efforts to combat antisemitism and discrimination.

There’s no place for it anywhere in the world— it’s ugly and wrong. Full stop,” Yaccarino said.

The accounts that Media Matters found posting antisemitic material will no longer be monetizable and the specific posts will be labeled “sensitive media,” according to a statement from X. Still, Musk decried Media Matters as “an evil organization.”

The head of the Anti-Defamation League

also hit back at Musk’s tweets this week, in the latest clash between the prominent Jewish civil-rights organization and the billionaire businessman.

“At a time when antisemitism is exploding in America and surging around the world, it is indisputably dangerous to use one’s influence to validate and promote antisemitic theories,” ADL CEO Jonathan Greenblatt said on X. Musk also tweeted this week that he was “deeply offended by ADL’s messaging and any other groups who push de facto anti-white racism or anti-Asian racism or racism of any kind.”

The group has previously accused Musk of allowing antisemitism and hate speech to spread on the platform and amplifying the messages of neo-Nazis and white supremacists who want to ban the ADL. The European Commission, meanwhile, said it’s putting all of its social media ad efforts on

At Nairobi talks on cutting plastics pollution, plastic credits are on the table. What are they?

By Carlos Mureithi & Jennifer Mcdermott Associated Press

N

AIROBI, Kenya—Two groups that want reduced plastics production published a report Friday highly critical of plastic credits, calling them a flawed tool that won’t help with worldwide pollution from the material.

The groups—Break Free From Plastic and the Global Alliance for Incinerator Alternatives—said the credits often amount to corporate greenwashing. They issued their report in Nairobi on the sidelines of United Nationsled negotiations for a treaty aimed at cutting plastics pollution.

The report looks at two prominent proponents of plastic credits, Verra and the Plastic Credit Exchange marketplace. Break Free From Plastic analyzed publicly available databases of Verra, and shared analysis of the Plastic Credit Exchange marketplace by nonprofit investigative journalism organization SourceMaterial.

Their report cited “serious flaws” in financing, transparency and basic auditing, and said credits being issued for plastic incinerated in cement kilns were substituting one form of pollution for another.

Verra, the world’s leading certifier of carbon offsets, said at an event alongside the talks that plastic credits can be a tool for mobilizing the money needed to tackle plastic pollution.

“The finance associated with the treaty is near as important as its ambition,” Kristen Linscott, senior program officer for plastics policy and markets at Verra, said in a presentation.

“Without the proper funding mechanisms and tools, even the most ambitious treaty won’t deliver its promised impact.”

PCX said in a statement Friday in response to the report that verified plastic credits can help fund collection, transportation and processing of the 8 billion tons of legacy plastic pollution, and it believes reduction in plastic production is absolutely crucial.

Its CEO, Sebastian DiGrande, said the report contained “widespread and significant inaccuracies and misrepresentations,” including claims it already refuted.

What are plastic credits?

Plastic credits, sometimes called offsets, work a bit like the carbon credits that many

fossil fuel companies have purchased to try to offset their greenhouse gas emissions.

The concept involves companies or people paying for a specified weight of plastic to be collected somewhere in the world, generating a credit that justifies their production or use of the equivalent amount of plastic.

Nina Kelsey, associate professor of public policy and international affairs at George Washington University, said it’s tough for some companies to accept producing less plastic from their factories.

“So instead, I’m going to do something that is a bit easier, which is I’m going to pay to have that same amount of plastic removed from the world,” she said.

The exchange is facilitated by accreditors like Verra, marketplaces like the Plastic Credit Exchange (PCX), or private companies that trade in credits or organize credit-generating activities. When companies buy enough plastic credits to offset their plastic footprint over a set period of time, some may claim plastic neutrality or “net-zero plastic.”

Kelsey, who was not involved in Friday’s report, said it’s a good thing to encourage people to take plastic waste out of the environment, but it’s not as good as putting less plastic into the environment.

What does the report say?

The report said that Verra has just one project actually issuing credits, and most of the projects on PCX’s database generate credits from sending waste to be burned rather than recycled.

“Often companies are buying credits under the assumption that they’re going to be helping the environment and removing plastic, when actually in a lot of cases they are just transforming that pollution from plastic pollution into toxic air pollution,” said Emma Priestland, global corporate campaigns coordinator at Break Free From Plastic.

The Philippines-based PCX said co-processing in cement kilns with the proper safeguards and monitoring is an environmentally-preferable alternative to landfills and open burning for non-recyclable plastic waste, and is allowed by governments, particularly in places where higher-level processing isn’t available.

The report says some projects are claiming credits for infrastructure built years before, and there are “serious doubts” about the additionality of Verra’s plastic credit program – a

key offsetting concept meaning that credits pay for activities, in this case waste collection and recycling, that wouldn’t happen without the financial programs.

Verra, a nonprofit, said Friday that plastic credits in its program have been issued to more than one project, and its plastic program enables new or scaled-up projects to issue credits for plastic waste collection or recycling activities after completing a robust development and assessment process. Plastic credits are not a substitute for a company’s responsibility to reduce plastic use and should not be used to continue business-as-usual practices, Verra said in a statement.

“The plastic crisis is too large and imminent to be solved by a single solution or mechanism,” the statement says.

The Break Free From Plastic movement and GAIA say that plastic offsetting fails to deliver on its basic promise of helping companies reduce their impact on the environment, instead substituting one type of fossil fuel for another by burning plastics instead of coal.

“Businesses that wish to act more sustainably are better served by reducing plastic use across their operations, and not attempting to offset it,” the report concludes.

What do plastic credit proponents say?

Verra says there are several benefits of plastic credits, notably how they can help keep plastics out of the environment by enabling the creation of sound plastic waste collection and recycling infrastructure and capacities.

The company also says money raised from waste collection and recycling credits can generate income for “the informal waste sector”—people who pick through waste—and give them safer working conditions.

At Verra’s event in Nairobi, Linscott said plastic credits can help low- and middle- income countries get the financing to establish and scale up waste management infrastructure and its program helps increase global recycling collection and recycling capacity.

“There are more benefits than just the plastic being collected or recycled,” she said.

Verra also denied claims that plastic credits are greenwashing instruments or a false solution. “A lot of the knee-jerk reaction or greenwashing assumption comes from an assumption that plastic credits are the perfect solution,” Linscott said. “Plastic credits are just a tool to be there on the transition to

this world we hope to live in where there is no plastic pollution.”

The Plastic Credit Exchange says its mission is to accelerate the transition to a circular economy and build a future where no plastic waste ends up in nature. It said in a statement that it is one of many solutions for plastic waste.

“PCX does not see ‘burning plastic’ as the ‘go-to solution’ to plastic waste,” it said. “We advocate for responsible waste management practices that comply with international standards and prioritize higher-order solutions wherever feasible.”

What do opponents say?

Environmentalists argue that issuing credits for plastic burned in incinerators and cement kilns encourages that burning—thus putting more toxic chemicals into the environment.

“Plastic credits create a new problem because the pollutants become more spread out and they’re invisible,” said Yuyun Ismawati, senior advisor of Nexus3 Foundation and plastic advisor for the International Pollutants Elimination Network Plastic. Ismawati is advocating for communities in Indonesia who are affected by pollution from a plastic credits project there.

Environmental policymakers see plastic credits as a tactic for companies that rely on single-use plastic to avoid changing their business models.

“They’re going to push back against a ban because you’re taking away their income,” said Neil Tangri, science and policy director at GAIA, who contributed to the report.

“There is a competition here and they don’t recognize the dynamic that they’re creating.

Are plastic credits in the Pollution Treaty?

Not in the current draft text, but it’s been discussed.

Negotiators are charged with developing the first international, legally binding treaty on plastic pollution on land and at sea. The gathering in Nairobi is the third in a compressed five-meeting schedule intended to complete negotiations by the end of next year.

Most of the world’s nations, petrochemical companies, environmentalists and others affected by the pollution are attending the talks.

McDermott reported from Providence, Rhode Island.

hold because of an “alarming increase in disinformation and hate speech” on platforms in recent weeks.

The commission, the 27-nation EU’s executive arm, said it is advising its services to “refrain from advertising at this stage on social media platforms where such content is present,” adding that the freeze doesn’t affect its official accounts on X. The EU has taken a tough stance with new rules to clean up social media platforms, and last month it made a formal request to X for information about its handling of hate speech, misinformation and violent terrorist content related to the Israel-Hamas war.

X isn’t alone in dealing with problematic content since the conflict.

On Thursday, TikTok removed the hashtag #lettertoamerica after users on the app posted sympathetic videos about Osama bin Laden’s 2002 letter justifying the terrorist attacks against Americans on 9/11 and criticizing US support for Israel. The Guardian news outlet, which published the transcript of the letter that was being shared, took it down and replaced it with a statement that directed readers to a news article from 2002 that it said provided more context.

The videos garnered widespread attention among X users critical of TikTok, which is owned by Beijing-based ByteDance. TikTok said the letter was not a trend on its platform and blamed an X post by journalist Yashar Ali and media coverage for drawing more engagement to the hashtag.

The short-form video app has faced criticism from Republicans and others who say the platform has been failing to protect Jewish users from harassment and pushing proPalestinian content to viewers.

TikTok has aggressively pushed back, saying it’s been taking down antisemitic content and doesn’t manipulate its algorithm to take sides. AP Technology Writer Matt O’Brien in Providence,

Thailand plans more visa waivers and events to lift tourism revenue

By Patpicha Tanakasempipat & Suttinee Yuvejwattana

T

ourism-reliant Thailand is lining up hundreds of cultural and sporting events, and may waive visa requirements for travelers from more European countries, as it works to induce holidaymakers to stay longer and spend more.

The Southeast Asian nation—popular for its vibrant nightlife, beaches and national parks — is discussing a plan to let tourists of some European nationalities stay as long as 90 days, Prommin Lertsuridej, a top aide to Prime Minister Srettha Thavisin, said in an interview Thursday. There will also be about 3,000 events like music concerts, marathons and other cultural festivities organized through to next year to draw tourists, he said.

Srettha, who became prime minister in August, has identified tourism as a “quick win” to accelerate Thailand’s economic growth. His administration has temporarily waived visa requirements for travelers from Russia, China, Kazakhstan, India and Taiwan, and ordered airlines to add more routes while streamlining airport operations to cut waiting time for visitors. It also plans to allow nightlife entertainment venues in some areas of Bangkok, Phuket, Chiang Mai and Chonburi to operate until 4 a.m. starting next month.

While Thailand has rolled back most pandemic-era curbs on visitors, average spending per traveler has lagged pre-Covid levels and missed official estimates.

In 2019, the country saw record foreign arrivals—almost 40 million—that generated 1.91 trillion baht in revenue. That year, each tourist spent an average of 47,895 baht per trip, which lasted nine days on average, according to official data. As of Nov. 12 this year, Thailand has welcomed 23.2 million foreign tourists and received 981.7 billion baht in foreign tourist receipts. That means it’s currently tracking about 12% below the 2019 per-trip spending benchmark.

The Tourism Authority of Thailand has set a goal to raise foreign tourism revenue back to pre-Covid levels, targeting at least 2 trillion baht ($57 billion) in 2024. Bloomberg News

Monday, November 20, 2023

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

A9

Solon pitches scheme to cut local rice prices By: Samuel P. Medenilla @sam_medenilla

T

he Department of Agriculture (DA) should consider channeling the P40 billion in annual subsidies for the rice sector to a contract-growing program that will enable government to sell rice to the poor at P20 per kilogram, according to a lawmaker.

Camarines 2nd district Rep. Luis Raymund Villafuerte Jr. said his proposed contract-growing program will enable small farmers tilling a combined 1 million hectares in the top 10 rice-producing areas to get a financial aid of P40,000 per hectare.

The program’s target is for farmers to harvest a combined 5 million metric tons (MMT) or 5 billion kg of the grain and then let the government sell 1.5 billion kilograms (kg) of milled rice at P20 a kg to poor and low-income families and another 1.5 billion kg of milled rice at P30 to the rest of consumers.

“With the government spending about P40 billion in yearly subsidies on the rice subsector, the DA, on the watch of newly appointed Agriculture Secretary Francisco Tiu Laurel Jr., could consider using this amount for a subsidy for small farmers tilling an initial total land area of one million hectares in the ‘Top 10’ producers in the country,” he said in a statement.

Villafuerte suggested that the target farmer-beneficiaries in the top palay-producing provinces may be selected by the DA and the local government units (LGUs).

“Contrary to the contention of our agriculture officials that selling rice at P20 a kilo, although possible, can-

not happen in the near future, market rates of P20 and P30 a kilo are actually doable starting next year, if we were to adopt now a novel palay productivity program involving the grant of a pre-planting subsidy of P40,000 per hectare to target farmer-beneficiaries tilling a total of a million hectares... but on the condition that these farmers sell their produce to the government at P9 a kilo,” Villafuerte said.

“With a projected total yield of 5 billion kg of palay from the one million ha, based on an average output of 5 MT or 5,000 kg per hectare, this novel subsidy-cum-contract-growing proposal will translate into 3 billion kg of rice, at the palay-to-rice, aftermilling conversion rate of 60 percent.”

Under his proposal, the lawmaker said farmer-beneficiaries will be required to sell their produce to the government at a fixed rate of P9 per kg of palay, which means the government will have to set aside P45 billion for this proposed procurement component of the subsidy plan.

In buying the farmers’ produce after already giving them P40,000 each before the start of the planting season, Villafuerte said this will encourage the target beneficiaries to produce more from their respective farms as they will be paid P9 for every kilo of palay they are able to produce.

To further incentivize the farmerbeneficiaries to produce more of the grain from their croplands, he said cash prizes and/or farm machinery like power tillers and harvesters, fertilizers and other inputs can be offered under this rice productivity plan to the beneficiary-farmers garnering the highest per-hectare yields in the chosen provinces, he said.

Freshly harvested rice in the Philippines is shown in this file photo. Bloomberg News “Cash prizes or other rewards can likewise be given to the LGUs of the provinces where their farmer-beneficiaries achieved the highest yields per hectare of land.”

The proposed selling rates of P20 to P30 per kilo of rice are just about half or two-thirds of the current market rates, which, according to the Philippine Statistics Authority (PSA), stood in midOctober at P51.57 a kg for well-milled rice and P45.78 for regular-milled rice.

“Of the final, post-milling rice output of 3 billion kg of the staple, the government can sell 1.5 billion kg or half of it at P20 a kilo through the President’s pet project Kadiwa ng Pangulo outlets nationwide for poor and other low-income families, and the remaining 1.5 billion kg at a higher P30 via retail markets for the benefit of other consumers,” Villafuerte said.

The government will earn P30 billion from selling 1.5 billion kilos of rice at P20 and P45 billion more from selling the other 1.5 billion kg at the higher P30 kilo, or a total of P75 billion, he said.

“Thus, at the end of this undertaking, the government will have spent

just P10 billion in subsidies for the rice productivity program—in lieu of the current P40 billion—after collecting P75 billion in rice sales and deducting this amount from the P85 billion set aside for the farmers’ subsidyand-grains-procurement plan,” said Villafuerte.

Funding sources He said it will be up to the DA, in coordination with the concerned LGUs, to decide on whether to give the P40,000per-hectare subsidy to the target farmer-beneficiaries in cash, in the form of inputs like high-yield seeds and fertilizer, or a combination of cash and farm inputs.

He said the pilot phase of this proposed program should be limited to target beneficiaries in the biggest palay-growing provinces because the farmers in these places could produce higher yields.

However, after the pilot year, this program can be expanded over the succeeding years to cover additional beneficiary-farmers in 1 million to 2 ha in provinces other than the top 10 palay-growing provinces, he said.

“With this palay-procurement component, the proposed rice productivity project might even produce more than the projected 5 billion kilos of palay from the 1 million hectares because the beneficiary-farmers will be incentivized to produce more palay so they can earn more money from their farms at the buying rate of P9 per kilo.”

The farmers will likewise be encouraged to produce the biggest harvests from their lands in the hopes of winning the cash or in-kind rewards that await the project beneficiaries who come up with the highest yields per hectare, he added.

Alongside the P40-billion outlay for the subsidy plan that will be given to the target farmer-beneficiaries in the 10 biggest palay-producing provinces before the start of the planting season, this P45-billion budget for buying the farmers’ produce will add up to a total of P85 billion for the entire project.

Funding for this rice productivity program can be sourced from the annual General Appropriations Act (GAA), a Congress-approved supplemental fund, or from the collections from rice import tariffs in excess of the P10-billion allocated annually for the Rice Competitiveness Enhancement Fund under Republic Act 11203 or the Rice Tariffication Law. According to Bureau of Customs data, rice tariff revenue reached a record P22.9 billion from January to October 2023 period—from P19.23 billion over the same 10-month period last year—which means there is already a surplus of P12.9 billion at this point that could otherwise be used for rice-related programs.

“This is an excellent solution

because we will be providing needed production assistance to our palay growers that will stop them from seeking pre-planting loans from usurers or unscrupulous traders and then selling their produce to them at dirt cheap prices, while at the same time boosting our harvests and enabling rice consumers to buy the staple in retail markets at only P20 to P30 per kilo,” Villafuerte said.

“The projected bigger palay harvests, on top of helping stabilize domestic supply and eventually pulling down the cost of rice in the local market, will lead to lower import volumes of the staple, thereby conserving our precious dollar reserves.”

Villafuerte said his proposal is in sync with the Marcos government’s initiatives to provide financial assistance to palay growers, boost their productivity, reduce our dependence on imports, and provide consumers, especially the poor and other vulnerable groups, with greater access to cheaper rice.

According to 2017 PSA data, the top 10 palay-producing provinces are Nueva Ecija with 1.884 MMT; Isabela, 1.286 MMT; Pangasinan, 1.125 MMT; Cagayan, 1.006 MMT; Iloilo, 937,000 MT; Camarines Sur, 683,000 MT; Tarlac, 579,000 MT; North Cotabato, 500,000 MT; Leyte, 481,000 MT; and Negros Occidental, 475,000 MT. The national average yield over the 2002-2022 period was 4.11 MT per hectare, said the PSA. Last September, a US Department of Agriculture report indicated that the Philippines could overtake China as the top rice importer in the world, as the country’s imports could hit 3.9 MMT for the 2022-2023 period, or higher than China’s 3.5 MMT.

India seen keeping rice export bans FAO announces new additions to global agri heritage network into 2024, holding up global prices

I

ndia, the world’s top rice exporter, is expected to maintain its curbs on overseas sales well into next year, a move likely to hold the staple grain at close to its highest price levels since the food crisis of 2008.

Lower prices and ample stockpiles have helped make India one of the top shippers globally over the past decade, recently accounting for almost 40 percent of the total.

African nations like Benin and Senegal are among the top buyers.

But Prime Minister Narendra Modi, who will seek reelection next year, has repeatedly tightened restrictions on shipments in a bid to curb domestic price rises and shield Indian consumers.

“As long as domestic rice prices face upward pressure, the restrictions are likely to stay,” said Sonal Varma, chief economist for India and Asia ex-Japan at Nomura Holdings Inc. “Even after the elections, if domestic rice prices do not stabilize, these measures are likely to get extended.”

India has imposed export duties and minimum prices, while broken and nonbasmati white rice varieties cannot be exported. Prices surged to a 15-year high in August in response, with buyers from the most vulnerable importing nations holding back purchases. Some sought waivers. In October, rice was still 24 percent ahead of where it was a year ago, according to the UN’s Food and Agriculture Organization.

Modi’s government wants to ensure adequate supplies at home and to cool price increases, said B.V. Krishna Rao, president of the Rice Exporters Association, which represents the country’s shippers. He said the government would likely keep the export restrictions in place until the vote next year.

The arrival of El Niño, which typically

wilts crops across Asia, may further tighten the global rice market, at a time when world stockpiles are heading for a third straight annual drop. The government in Thailand has said paddy output in the No. 2 exporter is likely to fall 6 percent in 2023-24 because of dry weather.

“Rice is tough because there are just not a lot of other suppliers,” said Joseph Glauber, a senior fellow at the I nte r n at i o n a l Fo o d Po l i c y R e s e a rc h Institute in Washington. India leaves “a big hole to fill,” he added.

To complicate matters further, jitters over India’s crop are adding to policymakers’ caution. The monsoon-sown harvest may drop almost 4 percent from a year earlier because of patchy rains, according to farm ministry estimates. Cumulative rainfall in the monsoon period from June to September was the weakest in five years.

Ensuring supplies are available to back the country’s free food program, which benefits more than 800 million people, is a top government priority. Modi said earlier this month that the arrangement will be extended by five years, making his announcement just days before a string of five state elections.

The handouts become more important as food costs continue to rise. Retail prices of rice in New Delhi are up 18 percent from a year earlier, while wheat is 11 percent more expensive, according to data compiled by the food ministry.

A spokesperson for the food and trade ministries said the government is keeping a constant watch on food prices and an appropriate decision on exports would be taken at the right time, keeping in mind interests of consumers as well as those of farmers. Bloomberg News

A

pasture system in Andorra, hay milk in Austria, areas growing chestnuts, white ginger and waxberries in China, floodspreading gardens and a walnut cultivating region in Iran and an all-female fishery in the Republic of Korea have become the latest additions to Globally Important Agricultural Heritage Systems (GIAHS).

The systems, formally designated during a meeting of the GIAHS Scientific Advisory Group in Rome last November 7 to 10 included the first ones to be approved from Andorra and Austria. Meanwhile, additional sites in China, Iran and the Republic of Korea again highlight the key role played by Asia’s traditional agricultural practices in food security and combating climate change and biodiversity loss.

Under the flagship program of the Food and Agriculture Organization of the United Nations (FAO), the selection criteria stipulate that sites must be of global importance, have value as a public good, supporting food and livelihood security, agro-biodiversity, sustainable knowledge systems and practices, social values and culture as well as outstanding landscapes.

“Now over 20 years strong, GIAHS has proven to be a great model for showcasing longstanding practices to render agrifood systems more resilient to climate change,” said FAO Deputy Director-General Maria Helena Semedo.

With the newest addition to the global agricultural heritage systems list, FAO’s worldwide agricultural heritage network now consists of 86 systems in 26 countries around the globe.

Andorra’s pasture system

The subalpine and supraforestal pastures of Andorra reflect the longstanding agropastoral system developed in this tiny landlocked country which lies almost 2,000

metres above sea level on average in the Pyrenees mountains. The local population has combined spontaneous pastures and cultivated feeding. This supports the production of livestock, bovines, ovines, horses, on free-range and extensive grazing, which can be traded for other goods and food with the neighbouring regions.

It is based on common lands and shared pastures, with the animals’ owners paying a shepherd or taking turns to protect herds from predators, freeing the rest of the farmers for other tasks.

Austria’s hay milk

The production of hay milk, from cattle fed on fresh grass and hay rather than fermented fodder, is as old as the keeping of dairy animals in Europe. Using hay as a nutrient-rich winter feed helps get ruminants through the vegetation-less cold season, thus ensuring the livelihood of farming families.

Hay milk used to make up most of Austria’s milk production but now it accounts for only 15 percent. Austria’s 6,500 hay milk farmers and 60 major processors have come together in the ARGE Heumilch Österreich community. It aims to preserve hay farming and communicate the benefits of this sustainable method so that a fair milk producer price can be obtained in the marketplace.

China’s chestnuts

The Kuancheng Traditional Chestnut EcoPlanting System in northern China’s Hebei Province is located in one of the first and most important areas in China to cultivate chestnuts, dating back to the Han Dynasty (206 BC to 220 CE). A traditional cultivation system with chestnuts as the core together with other crops, medicinal materials, and poultry industries was gradually established.

It forms an important part of the global

Govt fight against agri smuggling hits ‘crucial milestone’–Romualdez

S

peaker Ferdinand Martin G. Romualdez on Sunday said the recent apprehension of a suspected large-scale onion smuggler marks a “crucial milestone” in the government’s ongoing battle against the smuggling and hoarding of agricultural products.

The leader of the House of Representatives attributed the arrest of Jayson de Roxas Taculog in Batangas last Wednesday to the

collaborative efforts between the executive and legislative branches in the fight against agricultural smuggling, which adversely affects Filipino farmers and consumers.

“Through these concerted efforts, we are witnessing tangible improvements in the agricultural sector. We stand firm in our duty to assist our citizens and ensure the resilience of our nation’s food security,” he said in a statement.

Romualdez also acknowledged the effective coordination among the police, courts, and local governments, underscoring the commitment to safeguarding the interests of Filipino farmers and consumers in the battle against smuggling.

He commended the Bureau of Customs led

by Commissioner Bien Rubio for its “exemplary work in apprehending Taculog and thwarting

large-scale agricultural smuggling, a vital step in curbing economic sabotage.”

E a r l i e r t h i s y e a r, R o m u a l d e z , acknowledging the detrimental impact of onion smuggling on the nation’s agricultural sector, took the initiative to launch a congressional probe into the matter and urged authorities to build a strong case against those accountable for this illicit activity.

chestnut variety resource bank and it is rich in cultural content, respecting nature and based on a form of social organisation that promotes agricultural production.

The Tongling White Ginger Plantation System forms an important part of Southern China’s ginger planting area. There are 17 varieties of ginger in the Tongling White Ginger Plantation System, and white ginger is the main variety. Semi-late rice is the main crop for rice cultivation in Tongling, with fewer early-season and late rice varieties. There are 31 main varieties of rice.

Tongling has developed key techniques for ginger plantation including ginger pavilions for seed-preserving and germinationaccelerating. There are many processing recipes dating back over nearly 1,000 years such as Salt-pickled Ginger, Sauced Ginger, Sweet-and-Sour Ginger, and Sugared Ginger.

The Xianju Ancient Chinese Waxberry Composite System in eastern China’s Zhejiang Province is in an area where the cultivation of these fruit trees dates back more than 1,600 years, with many villagers tending them in combination with tea, chickens and bees.

There are 100,000 farmers in the GIAHS site, of whom 26,000 are engaged in waxberry cultivation, composite planting and breeding, and other related industries.

The site has accumulated a large number of ancient waxberry genetic resources with diverse types and rich varieties. In May 2015, China’s first county-level biodiversity conservation action plan was released by the local government of Xianju County.

adapting to and taking advantage of the watershed to produce nuts and local delicacies.

By capturing, redirecting and sharing floodwaters, local communities have been able to cultivate and grow fruits all around Qazvin. Today, the system provides food and employment opportunities for people but also cools the temperature of the city and serves to replenish groundwater tables.

The Traditional Walnut Agricultural System in Tuyserkan, Iran is known not just for its walnut orchards but also for its delicacies as well as its landscapes and historical monuments. Based on family-farming, the cultivation of walnuts supports the livelihoods of a major part of the households in the area.

This cultivation is mainly developed in valleys and is irrigated using water canals designed at different levels and fed mainly by rivers and springs as well as Qanats. Among the local practices is irrigating walnut trees in the cold and frost season, which farmers believe helps to eliminate pests and diseases.

Korean ‘sea women’

The traditional Gardens of Qazvin, northwest of Iran’s capital Tehran, are a flood-spreading system that dates back thousands of years.

Situated in the foothills of the Alborz ranges, the creation of the gardens surrounding the city has protected its inhabitants from floods

The Jeju haenyeo fishing practice is a traditional subsistence fishing system predominantly carried out by women. The Haenyeo” (“sea women” in Korean) dive underwater without the aid of breathing apparatus and collect seafood such as disk abalone, horned turban, and sea mustard.

They have long been engaged in a half-farming and half-fishery lifestyle.

This system is believed to be the sole fishery globally that is managed solely by women. Its primary purpose is to serve as a source of household sustenance rather than engaging in commercial fishing.The diving skills and traditional wisdom of Jeju haenyeo represent a living social system that has been listed as an intangible world heritage

by UNESCO.

“As a direct outcome of the preceding House inquiry, there has been a significant reduction in onion prices,” he said.

As part of broader legislative efforts, Romualdez reaffirmed the House’s commitment to supporting President Ferdinand R. Marcos Jr.’s initiatives for food security and fair market practices.

He also stressed the need for ongoing support to farmers through technology, funding, and equipment to ensure a stable agricultural supply and combat anti-

competitive practices.

“The arrest of Taculog is a significant milestone, but we will not stop here. The House remains steadfast in its duty to protect our nation’s food security and the interests of our farmers and consumers,” Romualdez said.

“This success is part of a comprehensive strategy to foster sustainable farming, promote equitable market conditions, and contribute to the overall growth and development of the country’s agriculture sector.”

Iran’s walnuts

A10 Monday, November 20, 2023 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

‘Enough to retire the country’s debt’

T

otal Philippine debt has reached P14.15 trillion in June 2023. As the government pays an average interest rate of 5 percent, the country’s outstanding debt is on track to reach an unprecedented P15.8 trillion in 2024. The administration has set aside a staggering amount for debt payments for 2024, with P1.2 trillion for the payment of principal debt and P670.5 billion for interest payments.

There’s nothing to worry about the country’s debt, according to our economic managers. Finance Secretary Benjamin Diokno said the Philippines’ debt-to-GDP ratio, at 61 percent, was still at a “manageable range.”

Assurances from our economic managers are good, but ultimately, the Filipino people will have to shoulder the debt burden.

Grossly unpopular tax hikes can help pay down debt a bit, and spending cuts could help ease the debt burden at the expense of our economic growth.

Of course, the government can issue bonds to raise money, but that’s using debt to pay debt. So, what’s a sensible approach?

Albay Rep. Joey Sarte Salceda proposed a viable solution. He said the 14 approved reclamation projects off Manila Bay could generate at least P23 trillion in land sales, “enough to retire the country’s debt.” (Read the BusinessMirror report, “P23T in land sales projected from 14 reclamation projects,” October 17, 2023).

President Marcos ordered in August an indefinite suspension of 22 land reclamation projects in Manila Bay, including three that were already underway, after the US expressed concern over environmental damage from the projects and the involvement of a Chinese company that was blacklisted by Washington for its role in building Chinese military bases in the South China Sea. Salceda said the cumulative impact of these reclamation projects has already been studied, making the suspension somewhat surprising. “A suspension is not tantamount to the abandonment of the projects and may be an opportunity for us to rethink the costs and benefits of reclamation projects,” he said.

According to Salceda, the 14 approved Manila Bay reclamation projects can also generate as much as P432 billion in national land taxes, including VAT, capital gains tax, and documentary stamp taxes in the next five years.

“Reclamation is inevitable when developing large metropolitan cities that are bound by the sea, and Metro Manila is now the world’s most densely populated megacity,” Salceda said.

He added that reclamation is a standard practice undertaken by major cities worldwide, citing the examples of Tokyo, Singapore, and Hong Kong. He said Tokyo, for instance, has reclaimed 20 percent of Tokyo Bay to meet the growing demands of the Tokyo Metropolitan Area.

Singapore has reclaimed around 22 percent of its total land area, with onethird allocated for socialized housing projects. Hong Kong has reclaimed 25 percent of its developed land, housing 27 percent of its population and serving as a hub for 70 percent of its business activities, Salceda said.

Philippine Reclamation Authority Assistant General Manager Atty. Joseph Literal said the 14 approved projects in Manila Bay cover about 5,503 hectares. “These projects bolster the gross national product and have the untapped potential to generate employment on a monumental scale,” he said, adding that reclamation projects provide the physical space for a thriving business ecosystem because the created land offers fertile ground for enterprises to set up shop, attracting local and international investors alike.

Given the country’s debt crisis and current economic challenges, it’s difficult to refute Salceda’s claim that reclamation projects are a boost to the country’s economy. What’s more, these projects are done at no financial cost to the government, and all risks are on the shoulders of the private sector. However, as in any project that has an environmental effect, it is important to approach any land reclamation project with careful assessment and consideration of any negative impacts.

Think before you invest your bonus Atty. Jose Ferdinand M. Rojas II

RISING SUN

I

t’s very common to see on TV or on the Internet the many stories about people falling victim to investment scams. Scammers target everyone, but often they focus on OFWs and other individuals who are looking to invest part of their hard-earned savings.

Many of them are working extra hard these days to capture a piece of the bonus pie that many workers are earning at yearend.

The SEC, BSP, and other agencies and institutions have issued enough warnings to the public for their safety. It will not hurt to go the extra mile before putting any amount of money into any kind of investment, be it millions of pesos or just a thousand.

Don’t shortcut the process because even if you are excited to start the business, there are steps that need to be taken before making any payment. For example, verifications

or double-checking/background checking. Find out if the company is registered, and get all the relevant information about the organization—owners, reviews/feedback, ROI, address, and so on.

Sometimes, we would receive cold calls or proposals from out of the blue—be wary. Unsolicited or unexpected contact via SMS, e-mail, social media, etc., is usually something to be careful about. There are

BusinessMirror A broader look at today’s business

LITO GAGNI

✝ Ambassador Antonio L. Cabangon Chua Publisher Editor in Chief Associate Editor News Editor

T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

Online Editor

Ruben M. Cruz Jr.

Creative Director Chief Photographer

Eduardo A. Davad Nonilon G. Reyes

Chairman of the Board President Advertising Sales Manager Group Circulation Manager

D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines.

Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025.

(Advertising Sales) 893-2019; 817-1351, 817-2807.

(Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com

www.news.businessmirror@gmail.com

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

people who simply don’t take calls from numbers they don’t recognize.

Never divulge personal information, including bank or credit card details, to people you don’t trust, even if they sound legit. More importantly, never send money anywhere without verifying the details of the receiver and the transaction itself.

Sometimes, your entire bank account is compromised if you go into certain questionable transactions.

With the proliferation of online businesses these days, it can be quite challenging to tell apart the reputable ones from the scammers.

Take the time to check their service history, read the feedback and re-

Water security is the new norm

Since 2005

Founder

The SEC, BSP, and other agencies and institutions have issued enough warnings to the public for their safety. It will not hurt to go the extra mile before putting any amount of money into any kind of investment, be it millions of pesos or just a thousand.

W

ith the projected El Niño phenomenon seen hitting the country next year, and its recurring episodes, there is the attendant problem of water security that needs to be addressed through a whole-of-nation approach. And it is a good thing that the government was able to allow the efficiency of the private sector in ensuring water sustainability and security.

For there were times in the past when the flow of water to the taps was a problem due to the inefficiencies in government services. Thus, the privatization of the then NAWASA was a step ahead of what the United Nations wanted countries to address via the 17 Sustainable Development Goals (SDG).

SDG No. 6 refers to “clean water and sanitation,” which is intertwined with SDG No. 3: good health and wellbeing. And that is what the private sector utilities, the Manila Water and Maynilad Water Services, have been undertaking where they run smack into a multitude of problems such as aging pipes, non-revenue water, and water quality. But the private sector has remained steadfast in its resolve to provide water sustainability and security.

We understand that in the problematic West Zone, Maynilad Water

Services is set to spend about P26 billion in capital expenditures this year to ensure a sustainable water future that is now bedeviled by the El Nino phenomenon. That is almost double its expenditures last year of P14 billion.

That capital outlay went to the construction of four modular water treatment plants, two in Imus, which will be energized before the end of the year, and two in Bacoor, set to be completed by the end of next year. These plants will treat water from Laguna Lake and provide additional water of up to 18 million liters per day.

We understand that Maynilad is digging deep into the pockets of its shareholders, Metro Pacific Investments Corp., DMCI Holdings and Marubeni Corp., to further address the need for additional water as well as improve its non-revenue water

By 2027, Maynilad will have piped water to 103,084 new customers, which translates to about 700,000 customers who will have access to potable water. That in turn will reduce the mortality rate for drinking unsafe water.

The data from the Philippine Statistics Authority show that there were 53,066 Filipinos who died due to water-borne diseases between 2010 and 2019. program, where it has earmarked P6 billion.

For its water management systems, it has allotted P163.3 billion until 2027 to ensure water security for the West Zone. This investment is aimed at addressing various aspects of water management and infra needs to allow for long-term viability and quality of water resources. In fact, it has even embarked on a water reuse project that involves treated effluent of its sewage treatment plant.

The infra needs of Maynilad is staggering. It involves laying down 55 kilometers of new primary water lines, the replacement of 639 kilometers of aging pipes, repair of 111,000 pipe leaks, construction of five pumping stations and reservoirs, and the rehabilitation of 17 existing ones.

By 2027, Maynilad will have piped water to 103,084 new customers, which translates to about 700,000

views from real customers, and try to learn to spot fake reviews from legitimate ones.

This is a cliché but it’s sound—if it’s too good to be true, then it probably is. Don’t believe offers of easy ROI, unbelievably high return rates, and fantastic success stories. Wise investors already know that there is really no shortcut to success.

If a company has changed its name for no big reason, or if a company doesn’t have a physical office, then it’s a red flag. If it uses a recruitment model or scheme (e.g., double your money when you recruit five investors), be careful. Or if you are presented with a complicated investment plan, don’t readily jump on it. Of course, these are just warning signs; just be careful when you encounter these situations.

A final note: diversify your investments. You can reduce risks this way and increase the possibility of greater profitability. If you happen to put everything into an illegitimate investment, then you will also lose everything when you get scammed.

customers who will have access to potable water. That in turn will reduce the mortality rate for drinking unsafe water. The data from the Philippine Statistics Authority show that there were 53,066 Filipinos who died due to water-borne diseases between 2010 and 2019.

So far, Maynilad has spent a total of P210 billion to improve its infrastructure in 15 years, and it is set to further increase its investments to achieve the water security that has become the new norm. In fact, it has contracts amounting to P222 billion for the various projects it will undertake to provide water security to its assigned West Zone.

Maynilad has been able to craft new strategies to address the problems related to water security, which also embraces good health and well being of the United Nations SDG goals meant to address poverty among nations as well as ensure better quality of life for the world’s citizens. And it has dug deep into its pockets to ensure this.

But the government has to revisit Maynilad’s concession agreement with the Metropolitan Waterworks Sewerage Authority, which ends on May 6, 2037, while its franchise expires 10 years from then. Extending the agreement will result in lower water rates as there is a 10-year extra period with which the company will have to recoup its investments under allowable terms. That will help assure water security in the areas that the company serves.

Opinion BusinessMirror

www.news.businessmirror@gmail.com

Philippines as a global tax leader

Travails of a truth-seeker Siegfred Bueno Mison, Esq.

THE PATRIOT

Joel L. Tan-Torres

DEBIT CREDIT Part two

S

everal developments in the tax area will impact our Philippine tax eco-system. Global institutions, such as the United Nations, World Bank, International Monetary Fund (IMF), and the Organization for Economic Co-operation and Development (OECD). Many countries are signatories to these tax initiatives and have been putting in place measures to implement these in their respective jurisdictions.

Some of the major tax developments include the Base Erosion and Profit Sharing (BEPS) agenda, the Tax Certainty initiative, the Global Forum on Transparency and Exchange of Information for Tax Purposes, all led by the OECD, the proposal for the UN Convention on Tax, and the Platform for Collaboration on Tax, jointly organized by the WB, UN, IMF, and OECD. It is important that the Philippines, through the Department of Finance and the Bureau of Internal Revenue (BIR), be involved in these global initiatives. The directions and outcomes of these global tax measures will have major impacts on the way taxpayers conduct their business and the manner tax collectors administer their tax systems.

The BIR has been sending participants to some of these global activities and meetings. But more can be done. Our economic managers, the BIR, and Congress can be more proactive in deliberating and formulating action measures to maximize the benefits that can result from the forthcoming global imperatives. I note that there is not much being done for the BEPS, including the adoption of the Global Minimum Tax and addressing tax avoidance by putting in place the profit reallocation rules proposed under the Pillar One and Two measures. The collaboration between the government and the tax-paying businesses should proceed with more urgency and speed so that the Philippines can catch up with these important tax developments.

But much more can be done. As I have mentioned in my previous articles, the Philippines, through the BIR, can take a global leadership role in these tax developments. It has adopted several tax reform and administration measures that have been successful in achieving its fiscal and social objectives. These include the more recent Tax Reform for Acceleration and Inclusion and the Corporate Recovery and Tax Incentives for Enterprises laws. These laws have resulted in significant reforms to the tax and business incentives laws.

On the tax administration side, the BIR was the early pioneer in implementing several landmark measures. The Value-Added-Tax system was introduced 35 years ago in 1988 and contributes about 20

The BIR has been sending participants to some of these global activities and meetings. But more can be done. Our economic managers, the BIR, and Congress can be more proactive in deliberating and formulating action measures to maximize the benefits that can result from the forthcoming global imperatives. percent to total BIR collections. The Electronic-Filing-and-Payment System (eFPS) was put in place in 2001.

After less than 25 years, the eFPS was used by about 93 percent of tax filers in 2021. The BIR embarked on a Digital Transformation program in 2020 towards digitally enhancing its taxpayer services, tax enforcement, and collection processes. In November 2023, the Asian Development Bank approved a $400 million loan called the Domestic Resource Mobilization Program loan, to provide financial support to the Digitalization Transformation of the BIR. This can potentially increase the ratio of actual tax revenues to tax potential, from 75 percent in 2020 to at least 85 percent, and the tax effort ratio to 15.6 percent by 2026. Finally, the BIR has been in existence for more than 121 years since its creation in 1902.

The BIR and its leaders have gained much experience and learning in the various facets of tax administration and collection.

These credentials and accomplishments can propel our tax leaders, including the BIR commissioner, to be included among the global tax leaders. Our country’s experiences that can be shared by our BIR commissioner will be a good contribution to the various tax initiatives of the various international institutions.

To be continued Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and Tax partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He is now back to his tax and consultancy practice and can be contacted at joeltantorress@yahoo.com and his firm JL2T Consultancy.

T

he movie Sound of Freedom is presumably based on a true story about a US federal agent who goes on a personal crusade to rescue children in Latin America from sex trafficking.

Surprisingly, this low budget action thriller outperformed big-budget films like Mission: Impossible—Dead Reckoning Part One. But its success was marked by challenges. First, while it only took a year to complete the film, a period of close to five years had to be endured before it was finally shown on screen. Second, from Fox Latin America to Disney, the movie was eventually distributed in March 2023

by Angel Studios, a Utah-based media company that “specializes in crowdfunding original films and TV series that ‘amplify light,’” according to a Time Magazine publication in August 2023. Third, it was heavily criticized since the lead actor, Jim Caviezel and Ballard, the agent whose exploits the movie was based on, have openly supported QAnon, an “umbrella term for a set of Internet conspiracy theories that allege, falsely, that the world is run by a cabal of Satanworshiping pedophiles,” per a New York Times publication.

The criticisms were, however, seen as a blessing in disguise since more people watched the movie as a result. Angel Studios was largely responsible for the success of the movie. After all, the studio also distributed The Chosen, a multi-season series about the life of Jesus. As part of its marketing strategy, Angel Studios raised $5 million by way of crowd funding and added a short narrative where Caviezel directly makes a heartfelt plea to encourage viewers to either pre-order or buy an extra ticket for someone as part of their collective efforts to “send the message that God’s children are no longer for sale.” Indeed, there are things here on earth that should not

be sold nor compromised, as in truth and justice.

Take the case of one public servant who never relented in her quest for truth despite being incarcerated for more than six years. I am elated and relieved to know that Senator Leila de Lima was finally released from detention. By way of a recollection, she was falsely prosecuted for taking bribes from imprisoned drug traffickers but was in fact persecuted due to her multiple investigations into former President Duterte’s war on drugs. Those who know de Lima, myself included, and those who have rational minds can only conclude that she suffered much for being a truth crusader.

Monday, November 20, 2023 A11

Clearly, Filipinos who still genuinely pursue truth and justice can confirm with confidence that there is a God who never sleeps. When the lady senator heard the sound of freedom, through the granting of bail, she remarked—“Freedom, freedom, freedom—I’m finally free!”

Beyond the happiness owing to her hardworking legal team that finally hurdled the legal obstacles, de Lima remains grateful to our Almighty God, as she tearfully pointed her right hand to Heaven when she exited the courtroom, as if saying, “God is good! To God be the glory.”

I am not sure whether de Lima will pursue justice against those who wronged her. From what I read from other media outfits, she is focused on rebuilding her name and reputation. Whether revenge or redemption, I think she will continue her crusade for truth and justice even if it will take the filing of counter charges against her persecutors or an appearance before the International Criminal Court. She has fearlessly exposed falsehood while in jail; more so while free! When asked shortly after the grant of bail what her message was to former President Duterte, de Lima, nonetheless, said “God forgive you. God bless you.”

Over time, I am confident that de Lima’s forgiving heart will prevail over any bitterness and hatred.

While vindication is a must, vengeance is not, for the latter is for the Lord. God’s Word is replete with reminders about revenge (Romans 12:19, Hebrews 10:30, Deuteronomy 30:35 Proverbs 20:22, Ezekiel 12:17).

What I learned over the years is that when the Bible says it more than a few times, the message is of great importance to our Heavenly Father.

The controversy and challenges

A

rally in the ruble that’s propelling it toward the strongest since July is the latest piece of Russia’s economic jigsaw to fall into place before a widely expected tilt by Vladimir Putin at another presidential term in March elections.

The currency’s reversal of fortunes since early October has brought it to around 90 per dollar, a level near to the average for next year forecast by the Economy Ministry.

The recent appreciation was among the key factors that acted as a check on inflation, according to Bloomberg Economics, which now expects a slowdown after price growth likely peaked in September.

The exchange rate has increas-

ingly emerged as a barometer of the economy’s health amid sweeping international sanctions as Russia closes in on two years of its war against Ukraine. It’s also a critical variable for a budget that will allocate more on the military next year than toward any other single item.

Dragged down by plummeting export proceeds and heavy government spending, the ruble in October briefly hurtled past the psychologically important level of 100 per dollar. The depreciation has spurred the central bank to double official borrowing costs so far this year to 15 percent, including an emergency interest-rate hike in August.

But setbacks didn’t stop until the government clawed back more dollars by restoring some capital con-

A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission.

For questions and comments, please e-mail me at sbmison@gmail.com.

Coal, oil, and gas are fueling the cost-of-living crisis. The COP28 Climate Conference can see a climate action surge

O

By Simon Stiell

ver the last couple of years inflation has caused a cost-ofliving crisis across large parts of the world. Some fearmongers have used the hardship this has caused billions of people to propagate rhetoric that climate change action is unaffordable and running against the interests of ordinary people. Nothing could be further from the truth.

Propagating a Green vs. Poor narrative is divisive, and it is often used to mask short-term, profit-driven self-interest.

The only stable, economically sustainable future is one of energy security, resilience to disasters, well-funded coordinated recovery from them, and ultimately a cap on temperature rise at 1.5 degrees centigrade.

Fossil fuels, including coal, oil, and gas are a major driver of the cost-ofliving crisis, which is stretching billions of household budgets to breaking point.

Prices have swung wildly, as they frequently do, driven higher by uncertainty and conflict. In turn, this pushes up the costs of transport, food, electricity, and basic household necessities. In some heavily fossil fuel-dependent countries, household bills rose as much as $1,000 in 2022 due to fossil fuel energy costs.

Consumer costs will rise even further and economic growth will slow as

climate impacts become more intense, according to economic authorities, such as the United States Treasury, the Reserve Bank of India and the European Central Bank. High energy prices also shrink profit margins for businesses and hurt economic growth. High energy prices also shrink profit margins for businesses, hurt economic growth, and impede the right to energy access across the world. Inflation hurts the poorest households the most.

This comes as climate disasters are also getting worse in every country. This year will likely be the hottest for 125,000 years. More destructive storms, unpredictable rains and floods, heatwaves, and droughts are already causing massive economic damage and affecting hundreds of millions of people across the world, costing them their lives and livelihoods.

The fossil fuel taps can’t be turned off

overnight but there are a lot of opportunities for action not currently being taken.

For example, in 2022, governments spent over $7 trillion in taxpayers’ money or borrowings on fossil fuel subsidies. Subsidies fail to protect the real incomes of the poorest households and divert money that are increasing developing country debt burdens, or could have been used to improve health care, build infrastructure—including renewable energy and grids—and expand social programs to alleviate poverty. Done responsibly, a phase-out of such subsidies would actually help the poorest and improve the economies of the countries now dependent on them.

This year, at UN Climate Change, we conducted a Global Stocktake on climate action up to now. It has indicated clearly that progress is too slow. But it also revealed that there are many tools we have to speed up climate action now, which will simultaneously build stronger economies. We have the knowledge and tools to accelerate this transition while ensuring it is fair and just, and leaves no one behind.

Billions of people need their governments to pick up this toolbox and put it to work. That includes switching billions of dollars from investments in new fossil fuel production to renewable energy that will provide stable, reliable and lower-

Ruble bends to Putin’s will in nod to wartime election economics

By Bloomberg News

experienced by the movie producer of Sound of Freedom and the yet-tounfold saga of then public servant now private person de Lima ought to remind us of what the Bible promises us in Romans 8:28, “And we know that in all things God works for the good of those who love him, who have been called according to his purpose.” The story of de Lima can serve as a weapon of mass instruction for everyone to stay in faith despite the adversities in life.

Early Christians suffered much for spreading the truth about Jesus Christ. Modern day believers are bound for the same fate unless they are not bold enough like de Lima to seek and spread the truth.

Truth is not free; it comes at a cost. Just look at de Lima. Yet these hardships form part of a confluence of factors that will altogether be utilized supernaturally to bring forth good, freedom included. No less than Jesus Christ taught and inspired us, through His crucifixion, that there is a purpose served in all trials. Truly, if we share in the sufferings of Christ, and abide in His word, we are guaranteed with a promise, as declared in John 8:3132, that we will know the truth, and the truth will set us free. No revenge necessary.

trols on major exporters. It was a decision made because Russia needed “the ruble a little stronger,” Putin said last month.

Buoyed by the stiffer restrictions, alongside rate hikes and crude around $80 a barrel, the ruble is the world’s best performer against the dollar since early October. It’s gained over 4 percent so far this month versus the US currency.

The challenge now is to find a sweet spot for the ruble’s value that holds off inflationary pressures without cutting into government revenues.

Under the Economy Ministry’s latest outlook that’s used to calculate the budget, the Russian currency is expected to average 90.1 per dollar in next year’s baseline scenario.

Thanks in part to bigger inflows of hard currency, it projects gains through the first half of 2024 before the exchange rate stabilizes at 90-92 from mid-year.

The view is broadly in line with expectations in the market. The currency may continue to advance to 85, but it’s likely to slip back to the 90-95 range early next year under pressure from sanctions and geopolitics, according to Iskander Lutsko, chief investment strategist at ITI Capital Ltd. “Recent ruble strength, tighter credit conditions and the government’s increasing grip on fuel prices will mean that inflation likely peaked in September at an annualized rate of around 14 percent and will come down to 9.4 percent in October,” said

Alexander Isakov, Bloomberg’s Russia economist.

Barclays Plc predicts the ruble at 90 per dollar this quarter and the subsequent six months. “On balance, we expect recent policy rate hikes will curb local demand, limiting imports, while the recent rise in the price of Urals should help to stabilize the ruble,” said Marek Raczko, foreign currency strategist at Barclays in London.

The negative impact of factors such as companies using local notes to replace eurobonds, major debt redemption by the state or corporate buyouts of non-residents has also lessened, according to Evgeny Suvorov, chief Russia economist at CentroCredit Bank.

“There’s no need to expect a sig-

priced energy to propel economic growth.

This is about both demand and supply.

Those of us that demand energy to turn our lights on need to be provided with clean options to do it, and the fiscal space to invest in our communities and their ability to adapt to the changing world.

There is cause for optimism, if governments come to this year’s climate change conference—COP28—in Dubai with a spirit of cooperation and a laserfocus on solutions. At COP28 we can agree on tripling the world’s renewable energy capacity. We can double energy efficiency. We can show we are doubling finance to help countries adapt to climate impacts and center it on national planning. We can make the climate loss and damage fund a reality that helps deliver climate justice. And we can deliver old promises on financing the transition, and outline how we are going to fund the next steps.

One moment, one meeting, won’t change everything. But we can capture the future in the directions that we set this year, and provide the plan for how national commitments can deliver in 2025.

I refuse to let fearmongering pull a hood over my eyes, and you shouldn’t either.

Simon Stiell is the UN Climate Change Executive Secretary.

nificant decline in the ruble before March,” he said.

The currency remains about 17 percent down against the dollar this year even after paring losses. Other emerging market assets also perked up this week, as US inflation figures stoked bets the Federal Reserve’s hiking cycle is over and economic data from China helped boost risk appetite.

The ruble was significantly undervalued in the summer but benefited from an improving outlook for raw materials, increased export prices and a decrease in imports, according to Sofya Donets, an economist at Renaissance Capital in Moscow. Fundamentally it should be in the region of 85 per dollar, she said.

A12 Monday, November 20, 2023

SC affirms legality of Price Act penalty on profiteering

T

By Joel R. San Juan

@jrsanjuan1573

HE Supreme Court has affirmed the constitutionality of the provision penalizing profiteering under Republic Act No. 7581 or The Price Act. In a 24-page decision penned by Associate Justice Marvic Leonen, the Court en banc denied the petition of Gokongwei-owned Universal Robina Corporation (URC) seeking the reversal of the April 3, 2012 trial court decision denying its petition for declaratory relief for failing to prove the invalidity of the laws and executive issuances it assails and for being premature.

The URC petition for declaratory relief filed before the lower court prayed that the provision in the Price Act prohibiting profiteering be declared invalid.

It argued that the definition of profiteering is void for vagueness, and violates the constitutional right of an accused to be informed of the nature and cause of an accusation against them.

It also sought to nullify Executive Order No. 913 and Rule IX, Section 5 of the Department of Trade and industry (DTI) Administrative Order No. 07 for being an invalid exercise of quasi-legislative power and violating due process and all issuances, acts, or proceedings based on these issuances.

However, the trial court dismissed the petition for declaratory relief on the ground of lack of justiciable controversy and being prematurely filed. This prompted URC to file a petition for review before the SC seeking the reversal of the trial court’s decision.

It argued that there is an actual legal controversy that calls for judicial review and that the dismissal of the profiteering case against “the local flour millers does not negate the existence of a conflict of legal right.”

As the profiteering case was dismissed due to a technicality, petitioner insisted that the legal controversy created by the DTI’s acts was not resolved by any competent authority, and therefore, remains an actual legal controversy.

The URC insisted that it had the right to challenge the constitutionality of Section 5(2) of the Price Act, as it was applied when the DTI initiated the complaint against it.

It claimed that the definition of profiteering under the Price Act -“the sale or offering for sale of any basic necessity or prime commod-

ity at a price grossly in excess of its true worth”—is void for vagueness.

No standards and guidelines were provided to determine a commodity’s “true worth,” or a price grossly in excess of it, URC asserted.

Thus, it stressed that persons selling basic necessities or prime commodities may be threatened with a penalty under this provision, without them realizing that they are profiteering.

Petitioner noted that penalizing profiteering without sufficiently defining what constitutes it violates one’s right to due process and the accused’s right to be informed of the nature and cause of an accusation against him.

It also argued that EO No. 913 and Rule IX, Section 5 of DTI Administrative Order No. 07, containing rules on the agency’s issuance of preliminary orders, are invalid exercises of quasi-legislative power.

URC pointed out that the Consumer Act and the Price Act do not grant the DTI the power to issue injunctive relief motu proprio, without notice and hearing, and without limit as to the duration of effectivity In ruling against URC, the Court held that the company failed to establish that the provision on profiteering is void for vagueness.

“Petitioner has not shown that the law enforcers have unbridled discretion to determine that profiteering has been committed. Neither has it established that it did not have fair notice of the conduct to be avoided,” the Court said.

While the The Price Act does not define the terms “true worth” or “price

grossly in excess” of true worth, the SC said our laws recognize that a reasonable price “is a question of fact that can be determined based on the circumstances.”

Petitioner, SC said, “has not shown that the law enforcers have unbridled discretion to determine that profiteering has been committed. Neither has it established that it did not have fair notice of the conduct to be avoided.”

In explaining the rationale for prohibiting profiteering, the SC said the constant increase in the prices of basic necessities impedes the ability of the poor to create the demand for the products they need.

“With a price increase, they end up paying more for the same quantity of basic necessities, and their disposable income diminishes. Additional goods that they need, they cannot afford. As a result, they opt out of that market entirely,” the SC said.

“On the other hand, alternatives for the middle- and higher-income classes become more attractive to producers and entrepreneurs. Luxury goods demanded by the rich, such as perfumes and cars, will still be attractive,” the SC added.

The SC warned that if this is allowed to continue unregulated, “our economy will produce goods and services mostly for middle- and high-income classes, making life difficult for the poor.”

Considering this, the court declared, “it is reasonable for the government to closely monitor the prices of basic necessities and prime commodities.

Continued on A4

UNIONBANK TOUTS AI’S ROLE IN SECURITY, EFFICIENCIES

By Lorenz S. Marasigan @lorenzmarasigan

S

INGAPORE—Unionbank of the Philippines (UBP) is ramping up its deployment of artificial intelligence (AI) to beef up security, improve efficiencies, and further tailor financial solutions for different demographics in the Philippines.

During the Singapore Fintech Festival 2023, the bank and its units showcased their AI investments, bannering developments that have allowed the company to grow its suite of solutions.

Wading through AI for several years now, UBP has decided to take the plunge and dive deeper to leverage AI more to transform its operations to become more hyper personal, efficient, and secure.

Prevention is better than cure

ADRIENNE HEINRICH, who heads UBP’s AI and Innovation Center of Excellence, said the bank has now taken a more proactive approach in leveraging AI not only to fight fraud, but to actually prevent it.

Now, the bank is assessing patterns of money laundering within the system to quickly prevent fraud, especially money mules—people who move or transfer illegally acquired money.

“The scary part is, many times, they are not aware that they are money mules. Mule bank accounts are created by using stolen or fake identities,

selling of legitimate accounts, mule recruitment, and account takeover,” she explained.

With AI, UBP can now detect suspected money mule accounts through transaction patterns, tagging them as “outlier accounts” that have the potential to conduct anomalous transactions.

After being tagged, UBP experts will immediately conduct an investigation and implement corrective action—if needed.

Earlier this year, the AntiMoney Laundering Council (AMLC) warned that moneymule scams have been increasing in the Philippines since 2016, citing a total of 821,979 suspicious transaction reports (STRs) with a value of P510.17 billion between 2016 and 2022.

With the new solution, Heinrich said the bank has now shortened the detection process to a few days from months.

The AI solution can also detect relationships among suspected outlier accounts.

“We can also analyze the evolutionary emergence of fraudulent patterns within the network, which allows for earlier identification of these fraudulent patterns and connected actors,” she said.

Hyperpersonalization drives growth

UBP first started dabbling with AI in 2019, when it introduced the Data Science and Artificial Intelligence (DSAI) Institute to develop AI-based solutions for the bank.

See “Union Bank,” A2

‘More work needed to improve PHL resilience to disaster’–UN

By Jonathan L. Mayuga @jonlmayuga

U

NITED Nations SecretaryGeneral for Disaster Risk Reduction Mami Mizutori has hailed the Philippines’s disaster risk reduction effort even as she reiterated that more work needs to be done to improve the country’s resilience.

A decade since Super Typhoon Yolanda struck and left a path of death and destruction in the Philippines, the top UN DRR exec reiterated the need to further enhance preparedness, recognizing that huge challenges still lie ahead.

Mizutori, who also heads the UN Office for DRR, acknowledged that the Philippines stands as a global model of resilience, noting all its efforts to build disaster-response capabilities.

“There has been so much progress, remarkable progress with the integrated [DRR] and climate change adaptation at all levels, national and local. The Philippines is a role model not only in this region but the whole world. Your commitment to prevention, your commitment to DRR has truly empowered your resilience,” said Mizutori, who recently visited the counry to lead the launch of the Asia Pacific Ministerial Conference on Disaster Risk Reduction which the Philippines will host next year.

Mizutori also acknowledged the country’s inclusion of local financing for DRR-related policies and the recognition of local governments through the Local Government Code of the Philippines, a practice not commonly observed in other nations.

“Financing for disaster risk re-

duction, which is crucial to effectively implement strategies and transform words into actions, is a priority issue. Currently, leaders in local governments are more and more recognized for their importance in building resilience but [the Philippines] did it 30 years ago.

And today, local government units in provinces, cities, and municipalities in barangays, have their own local DRR strategy, management plans, and are implementing it,” Mizutori noted.

The UN DRR executive also encouraged increased localization to bring disaster risk reduction efforts down to the grass root level, and include harnessing local knowledge and engaging with communities to empower local action. She likewise commended the collaboration of local and private sector leaders in implementing the Adopt-a-City program, which she found innovative and suggested other countries follow suit.

The UN official also highlighted the country’s unique approach to risk-informed policy and projects, extending to various sectors such as agriculture, industry, and education, “Public-private partnership is also your strength,” she added.

Ready for disaster

DENR Secretary Maria Antonia Yulo-Loyzaga recently expressed readiness to support the development and execution of programs aimed at enhancing community resilience and preparedness in responding to disasters and other emergencies.

This as Yulo-Loyzaga emphasized the paramount importance of barangays—the smallest administrative units in the country, in di-

saster risk reduction and resiliency.

“We hope from the DENR that we can offer support to all our communities and barangays in terms of their evidence-informed programs at the local level. This forum is a manifestation of our commitment to working inclusively in a multistakeholder fashion towards disaster resilience,” said Loyzaga.

Over the past several months, the DENR has been conducting capacity-building and training activities across the country to reaffirm the crucial role of the barangay as the first line of defense against disasters in their communities.

The most recent is the Barangay Leaders Resilience Forum last October 12 which brought together over 300 barangay leaders from across the country, local chief executives, development organizations from the private sector, civil society, and academic institutions to explore context-specific, innovative, and responsive approaches to risk reduction, risk management, and resilience-building.

Barangay leaders from Limay, Orion, and Mariveles in Bataan; Tanay, Antipolo, San Mateo, Rodriguez, and Baras in Rizal; Del Carmen and Burgos in Surigao del Norte; and Ormoc City in Leyte, affirmed their commitment to build knowledge, skills, and capacities to manage and reduce disaster risks and lead resilient communities.

Barangay officials from the cities of Pasay, Parañaque, Quezon, and Manila in Metro Manila expressed a similar commitment.

The barangay leaders expressed their support for DENR’s Project TRANSFORM, or Transdisciplinary Approach for Resilience and Continued on A4

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, November 20, 2023

MPTC keen on stake in toll road operator in Indonesia

M

By VG Cabuag

@villygc

etro Pacific Tollways Corp.

(MPTC) may spend some $600 million in its bid to acquire a 35-percent stake in Indonesia’s Jasamarga Transjawa Tol. Jasamarga Transjawa is a unit of Indonesia’s PT Jasa Marga Tbk, which operates 35 toll road concessions spanning 1,809 kilometers.

Christopher Lizo, the company’s chief finance officer, said the consortium is currently doing the due diligence for Jasamarga Transjawa in time for the submission of a final bid by January 15 next year.

He said at this point, the consortium is already valuing the stake at around $1 billion at the very least.

“So that’s our anticipated participation in the project, to get ready together with GIC, our partner. It’s about $1 billion to $1.2 billion,” Lizo said.

Lizo said MPTC expects the bidding to close by the first quarter of next year.

If successful, Jasamarga Transjawa will be the latest addition to MPTC’s Indonesia portfolio, which in October signed with the concession agreement for the development and operation of the $1.4 billion, 2x2 lanes, Jakarta Outer Ring elevated toll road project that will span 21.5 kilometers.

Rodrigo Franco, former MPTC president, said Indonesia comprises the bulk of the company’s portfolio, which attracts 1.4 million in traffic daily, compared to the Philippines’s 600,000.

Established in 2017, Jasamarga Transjawa Tol operates toll roads in West Java, Central Java and East Java, totaling 13 concessions and spans 676 kilometers—about 56 percent of the Jasa Marga Group’s portfolio.

It is in the middle of selling a por-

tion of its ownership to interested bidders which include Indonesia Investment Authority.

MPTC is joining the bid in partnership with Singapore’s GIC Pte. Ltd., which recently announced that it will purchase 33 percent of MPTC’s Indonesia operating unit, PT Margautama Nusantara.

Toll revenues of the now-delisted conglomerate Metro Pacific Investments Corp. (MPIC) grew 20 percent year-on-year to P19.8 billion in January to September due to a combination of toll rate increases and traffic growth in the Philippines and Indonesia.

Core net income was flat at P4.1 billion due to the higher concession amortization on newly opened roads and financing cost on the Jakarta-Cikampek elevated toll road acquisition.

Hive Health acquires Health Plan H

ive Health Philippines Inc., a health insurance startup, said it has acquired Health Plan Philippines Inc. (HPPI), one of the pioneers in health maintenance organization (HMO) service providers in the country.

Hive Health said it will be able to share its technology and datadriven innovations with Health Plan’s existing members. It will also be able to integrate Health Plan’s nationwide provider network and institutional knowledge built across 37 years with its core capabilities.

“We have just begun the hard work of making healthcare radically more accessible. The goal is for all Filipinos to feel secure that

PNIA members bag mining awards

their health is taken care of, and to give employers a sustainable way to take part in making that happen,” Camille Ang, co-founder and CEO of Hive Health, said.

She declined to disclose the acquisition cost.

“Hive Health’s journey to date, especially with the acquisition of HPPI, marks a significant milestone, not just for our company but also for the Philippine startup landscape. It underscores the potential of startups like Hive Health to shrink the change and make an impact on intractable problems.”

Natasha Reyes, CEO of Health Plan said Hive Health has been a partner of the company for years.

“I have seen how the team is

able to deliver changes to improve the patient experience much faster than I would have expected, and how they genuinely care about making healthcare accessible to more Filipinos. We are excited for the journey ahead as Hive Health and HPPI join forces.”

Hive Health is a full-stack digital health insurer. It offers comprehensive HMO health plans for small and medium-sized firms and startups, encompassing outpatient, inpatient, emergency, and dental care through an extensive nationwide network of 1,700 hospitals and clinics, and over 60,000 doctors across the country.

“We started Hive Health with the mission to make healthcare more accessible in the Philippines and in

many other developing countries where social safety nets are capped.

Our goal is to leverage tech and data to make quality healthcare more affordable and easier to use, especially for the underserved SME segment,” Jiawen Tang, president and cofounder of Hive Health, said.

“We’re also proud of our oneof-a-kind vertically integrated telehealth and care coordination model that bridges virtual and in-person care. Patients can book on-demand video teleconsultations with our team of Hive doctors, who use our in-house electronic medical records system to enable patients to get more accurate diagnoses and access the right care whenever they need it.” VG Cabuag

Citystate Savings Bank opens Cabanatuan Branch Lite Unit

T

h e Ph i l i p p i n e Ni c k e l Industr y A ssociation (PNIA), the country’s largest group of nickel miners, has bagged numerous presidential awards during the 69th Annual National Mine Safety and Environment Conference (ANMSEC) of the Philippine Mine Safety and Environment Association (PMSEA).

PNIA President Dante R. Bravo said the awards are a testament to the organization’s unwavering dedication to setting industry standards and its commitment to fostering positive change.

“These awards are a humble reminder of the impact that mining companies have on the community, environment, and country. We are honored to be recognized for our efforts which only improve and expand year on year,” Bravo said.

PNIA secured several awards, including Presidential Mineral Industry Environmental Awards, Safest Mine Awards, Mining Forest Awards, and Environmental Stewardship Awards, testament to its leadership and adherence to the highest standards in the mining sector.

C

itystate Savings Bank (CSBank) opened its Cabanatuan Branch Lite Unit, solidifying its commitment to providing accessible banking services in Central Luzon. The ceremony took place on Friday, November 17, 2023, marking CSBank’s 5th branch in the Central Luzon region and the 34th branch in its network.

The occasion commenced with a blessing ceremony presided over by Rev. Fr. Danilo C. Cipriano from the Diocese of Cabanatuan and the Rector of the Sto. Entierro Retreat House in Cabanatuan City. The event was

graced by CSBank executives, guests, and the branch team.

CSBank’s Cabanatuan branch team is led by North Cluster Head Felicitas D. Marcos and Branch Head Tess Padiernos. The team comprises CSA/New Accounts Pam Lorenzo, CSA/Teller Aren Villaflor, Jewelry Appraiser Amie Sison, and Service Head Reliever Deniel Carreon, all ready to serve the banking needs of the local residents.

The inauguration witnessed the presence of CSBank’s top management, led by President Jaime Valentin L. Araneta, alongside key executives

including BBG Head Lizette Cuezon, OSG Head Haydee Cajilog, IMCD Consultant Eric Montelibano, GSD Head Engr. Nuvin Gonzales, IT Data Center Head Romell Espero, System and Network Admin Reymart Facto, and Application Support Cristina de Leon.

The new CSBank Cabanatuan branch is strategically situated at the Ground Floor, DEAC-ICDC Building, Maharlika Highway, Barangay Zulueta, Cabanatuan City. Its opening reinforces CSBank’s mission to create a more convenient and accessible banking experience for the community it serves.

B1

STOCK-MARKET OUTLOOK Last week

Share prices gained last week following the slowdown in inflation in the United States last October and the decision of the Bangko Sentral ng Pilipinas (BSP) to pause rate hikes.

The benchmark Philippine Stock Exchange index gained 50 points to close at 6,211.89 points.

The main index was up almost all week long, except on Monday when it gave up 45.75 points.

Volume, however, was still anemic and there were days when trades fell between P1 billion and P2 billion. Average value for the week was just at P3.11 billion, and foreign investors were net sellers at P103.04 million.

Other sub-indices ended mixed. The All Shares index gained 7.91 points to 3,324.77 points, the Financials index lost 13.83 to 1,750.56, the Industrial index rose 42.07 to 8,684.79, the Holding Firms index added 133 to 6,011, the Property index climbed 29.17 to 2,657.28, the Services index fell 8.84 to 1,487.16 and the Mining and Oil index declined 181.46 to 9,511.67.

For the week, losers managed to edge gainers 133 to 79 and 26 shares were unchanged.

Top gainers were Concrete Aggregates Corp. B shares, Haus Talk Inc., Roxas and Co. Inc., Macay Holdings Inc., Upson International Corp., Double Dragon Corp. and Wellex Industries Inc. Top losers, meanwhile, were AgriNurture Inc., Seafront Resources Corp., Roxas Holdings Inc., Greenergy Holdings Inc., Coal Asia Holdings Inc., AllHome Corp. and SFA Semicon Philippines Corp.

This week

Share prices may continue their upward trajectory this week, but volume could still decline.

Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said the market was able to get past its 10-day, 20-day, and 50-day exponential moving averages.

“Looking at the wider picture, however, year-to-date chart, the market is still on a downtrend and value turnover has remained tepid, implying that the past run still lacked conviction. Given such, investors are advised to remain careful,” he said.

“While it did rise last week, the market remains at bargain levels with a PE [price-to-earnings] ratio of 13.41 times as of Friday’s closing, lower than the last five years’ average of 19.08x. Still, this alone may not lead to a sustained rally as investors are expected to watch out for catalysts that would point to a better economic outlook.”

Broker 2TradeAsia said economic indicators are stabilizing while corporate fundamentals are showing resilience.

“This partly needs much more market volume for enough critical mass to get past the current trading band of 6,000-6,400 since August. Note that Thanksgiving and December holidays mean lower trading days ahead, further thinning out participation. That being said, lulls may be opportunities to lock in bargains, amid funds window dressing and portfolio reallocation ahead of the New Year.”

Immediate support for the main index is seen at 6,000 to 6,100 and resistance 6,300 to 6,400.

Stock picks

Broker Regina Capital Development Corp. has advised to trade the range on the stock of Jollibee Foods Corp. (JFC) as its technical indicators showed that these were unanimously bullish towards the stock.

“It serves the idea that JFC might be bound for range trading in the short term. Playable range seen is at P225.80 to P215.60.

Jollibee shares closed at P230 apiece.

Meanwhile, the broker recommended to sell on rallies on the stock of GT Capital Holdings Inc. after the stock has seen a strong upward trend.

“Shares are trading at above all moving averages. Histograms indicate a strong buying pressure. Investors might want to sell parts of their portfolio on rallies,” it said.

GT Capital’s shares were last traded at P563 apiece. VG Cabuag

B2

Companies BusinessMirror

Monday, November 20, 2023

System impact studies for 24 power projects get nod

T

By Lenie Lectura

@llectura

The NGCP said it is carrying out a comprehensive series of actions to tackle the challenges posed by the lengthy queue of SIS for power plant connections.

Due to the increasing demand for power generation in the country, the number of applications for SIS surged significantly. Historically, however, majority of the applicants do not push through with their initial plans, with only around 28 percent of completed SIS resulting in the establishment of actual power plants.

“Although 7 out of 10 SIS applicants will not actually pursue their power investments, we are obliged to fully evaluate each application when they are passed on to us by the DOE,” noted NGCP President and CEO Anthony Almeda. “Accordingly, we have taken the necessary steps to expedite the process and improve its efficiency.”

One of the key initiatives is the expansion of the SIS team through hiring additional manpower. NGCP expects to boost the capacity of the organization

PSE STOCK QUOTATIONS

November 17, 2023

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

45 130.1 7.08 105.5 30.35 8.82 52.1 8.6 18.46 55.95 23.05 72.4 58.8 1.39 2.81 885 0.355 174.5 2,650 0.78

45.5 130.2 7.79 105.7 30.45 8.99 52.4 10 18.64 56 23.75 72.6 59.95 1.4 2.82 1,030 0.385 174.6 2,700 0.82

45 129.6 7.8 104 30.4 8.9 52.75 8.6 18.44 56 23.75 72.85 60 1.4 2.83 1,030 0.37 174.5 2,600 0.78

45 131.6 7.8 106.2 30.45 9 52.8 8.6 18.64 56 23.75 72.85 60 1.41 2.83 1,030 0.405 174.5 2,700 0.78

45 129.2 7.5 104 30.35 8.82 52.1 8.6 18.44 55.95 23.75 71.95 58.5 1.39 2.82 1,030 0.37 174.5 2,600 0.78

45 130.2 7.5 105.5 30.35 8.99 52.1 8.6 18.64 55.95 23.75 72.4 59.95 1.4 2.82 1,030 0.4 174.5 2,650 0.78

600 2,475,420 3,500 754,050 52,600 32,700 1,492,360 100 1,600 120 100 23,720 61,540 212,000 74,000 5 530,000 270 430 1,600,000

27,000 323,276,231 26,937 79,343,334 1,599,500 292,475 78,212,994 860 29,534 6,719 2,375 1,713,668 3,632,978 296,020 208,980 5,150 198,100 47,115 1,134,500 1,248,000

INDUSTRIAL

he Department of Energy (DOE) has endorsed 24 power projects to the National Grid Corporation of the Philippines (NGCP) for the conduct of system impact studies (SIS).

Of which, 11 are battery energy storage system (BESS), 8 are diesel power plants, 4 are hydro plants, while one is a coal plant.

These power projects will generate 1,984 megawatts (MW) of additional capacity to the grid.

The conduct of GIS is necessary to determine the adequacy of the grid and its capability to accommodate a request for power delivery service.

Included in the 24 projects as of October are the 1,294MW coal plant of Team Sual Corp., 226MW Angat hydro, and the 395MW combined BESS of Universal Power Solutions Inc. The 24 power projects received certificates of endorsement (COE) from the DOE last month. This brings to 119 the total number of issued COE since the start of the year. Of which, 36 are renewable energy projects, 72 are conventional power projects, and 11 are BESS. The DOE had said it has addressed the delays in the approval for SIS by imposing a 60-day timeline.

www.businessmirror.com.ph

and conduct more SIS studies simultaneously.

The company is also adopting a clustering approach for SIS, grouping together power plants with a common connection point or study

MUTUAL FUNDS

area. This clustering strategy aims to streamline the process and accelerate the evaluation of multiple projects, enhancing the overall efficiency and reducing the waiting time for potential power plant developers.

November 17, 2023

NAV One Year Three Year Five Year Y-T-D

per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 202.12 -0.83% -3.32% -3.19% -1.57% -3.07% ATRAM Alpha Opportunity Fund, Inc. -a 1.4019 7.1% 5.73% 0.56% 1.17% 4.29% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7948 -1.35% -3.09% -5.29% -3.17% -4.12% Climbs Share Capital Equity Investment Fund Corp. -a 0.6658 -1.58% -4.71% -4.64% n.a -4.79% First Metro Consumer Fund, Inc. -a 0.6107 -6.51% -5.79% -4.62% n.a -5.84% First Metro Save and Learn Equity Fund, Inc. -a 4.4521 -1.65% -2.59% -1.82% -1.18% -4.26% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6627 -3.17% -4.1% n.a n.a -5.48% MBG Equity Investment Fund, Inc. -a 84.5 9.97% -2.53% -4.78% n.a 12.2% PAMI Equity Index Fund, Inc. -a 41.1257 -2.19% -3.29% -2.2% n.a -4.78% Philam Strategic Growth Fund, Inc. -a 428.83 -1.27% -3.77% -2.29% -1.48% -3.5% Philequity Dividend Yield Fund, Inc. -a 1.155 -0.55% 0.72% -0.55% n.a -1.71% Philequity Fund, Inc. -a 32.3463 -0.51% -1.23% -1.32% 0.45% -2.85% Philequity MSCI Philippine Index Fund, Inc. -a 0.8235 -0.51% -2.81% n.a n.a -2.98% Philequity PSE Index Fund, Inc. -a 4.3246 -1.14% -2.37% -1.32% 0.32% -3.8% Philippine Stock Index Fund Corp. -a 719.42 -1.26% -2.55% -1.39% 0.21% -3.94% Soldivo Strategic Growth Fund, Inc. -a 0.6505 -0.47% -2.65% -4.24% n.a -3.5% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2148 -1.84% -2.99% -3.54% -1.53% -4.7% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8159 -1.62% -2.86% -1.72% n.a -4.23% United Fund, Inc. -a 2.9989 -1.28% -2.47% -1.86% -0.45% -3.07% Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.0128 -1.66% n.a n.a n.a -4.11% COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,20.9915 n.a n.a n.a n.a n.a Philequity Alpha One Fund, Inc. -a 0.9774 -3.27% -2.13% n.a n.a -6.59% Philippine Stock Index Fund Corp. -a 873.11 -1.44% n.a n.a n.a -4% Exchange Traded Fund (shares) -0.69% -2.24% -1.09% n.a First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c97.6434 -3.44% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.8234 -4.05% -10.38% -2.63% -1.44% -3.36% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5748 7.44% -0.22% 5.71% n.a 10.59% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.4449 -2.51% -3.76% -1.96% -2.17% -2.68% ATRAM Philippine Balanced Fund, Inc. -a 2.1126 5.36% -1.49% -0.16% -0.24% 0.35% 2.4279 -1.2% -2.04% 0.18% -1.34% First Metro Save and Learn Balanced Fund, Inc. -a -3.09% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1848 -1.81% -1.89% n.a n.a -4.5% NCM Mutual Fund of the Phils., Inc. -a 1.8827 1.08% -0.99% 1.09% 0.62% -0.23% PAMI Horizon Fund, Inc. -a 3.4342 1.39% -2.79% 0.4% -0.29% -0.17% Philam Fund, Inc. -a 15.0333 0.3% -3.49% -0.25% -0.61% -0.7% Solidaritas Fund, Inc. -a 1.9807 0.92% -1.47% -0.02% 0.59% -0.3% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2931 0.88% -2.08% -1.32% -0.84% -1.1% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8649 1.16% -0.1% -0.75% n.a -1.59% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.9183 2.95% -2.91% n.a n.a 0.34% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8094 -0.17% -4.44% n.a n.a -3.14% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.7896 -0.98% -4.63% n.a n.a -4% Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03182 -0.16% -6.7% -1.72% -0.03% -1.79% PAMI Asia Balanced Fund, Inc. -b $0.8826 0.47% -7.15% -1.09% -1.22% 5.07% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.0598 4.1% -1.89% 3.13% 2.63% 5.56% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $0.9846 1.16% -4.52% 0.06% n.a 1.34% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 388.24 3.3% 1.67% 2.56% 2.11% 2.71% ATRAM Corporate Bond Fund, Inc. -a 1.8984 1.43% 0.05% 0.5% -0.12% 1.26% 0.85% Cocolife Fixed Income Fund, Inc. -a 3.2907 2.48% 2.18% 3.7% 2.55% Ekklesia Mutual Fund, Inc. -a 2.2426 4.27% -0.68% 1.1% 1.08% 2.62% First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4206 1.58% -0.33% 1.9% 1.03% 1.23% Philam Bond Fund, Inc. -a 4.1826 1.49% -3.23% 1.7% 0.35% 1.03% Philam Managed Income Fund, Inc. -a 1.3593 3.22% 1.13% 2.94% 1.67% 3.02% Philequity Peso Bond Fund, Inc. -a 3.9726 4.16% 0.09% 2.75% 1.24% 2.69% Soldivo Bond Fund, Inc. -a 1.0417 2.97% 0.21% 3.41% n.a 2.47% 1.74% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2499 4.29% 0.71% 3.41% 3.31% Sun Life Prosperity GS Fund, Inc. -a 1.7385 3.46% -0.03% 2.67% 1.17% 2.52% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $490.5 2.62% 0.63% 1.9% 2.46% 2.16% ALFM Euro Bond Fund, Inc. -a Є211.75 1.52% -1.01% -0.12% 0.72% 0.99% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0185 0.33% -6.85% -1.91% -0.1% 0.9% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0241 1.26% -3.11% -0.57% n.a 1.69% PAMI Global Bond Fund, Inc -b $0.8364 -2.16% -8.45% -3.95% -3.29% -7.07% Philam Dollar Bond Fund, Inc. -a $2.1827 2.62% -4.67% 0.45% 1.44% 0.12% Philequity Dollar Income Fund, Inc. -a $0.0607338 1.99% -0.67% 1.31% 1.58% 1.73% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.6315 -1.64% -6.48% -1.72% -0.04% -3.31% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 136.29 2.46% 1.73% 2.54% 2.01% 2.28% First Metro Save and Learn Money Market Fund, Inc. -a 1.1037 3.12% 1.79% n.a n.a 2.8% Sun Life Prosperity Peso Starter Fund, Inc. -a 1.3707 2.71% 1.95% 2.46% 1.97% 2.41% Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.02 3.94% n.a n.a n.a 3.53% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.092 2.25% 1.27% 1.5% n.a 2.13% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 41.7182 -5.98% n.a n.a n.a -2.25% Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.3954 6.85% 9.36% n.a n.a 13.25% Sun Life Prosperity World Income Fund, Inc. -a,1 0.9663 n.a n.a n.a n.a n.a Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.771 -3.46% -7.37% n.a n.a -2.41% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. 1 - Launch date is August 22, 2023.

2 - Launch date is October 6, 2023.

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

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

ACEN CORP 4.9 4.93 0.55 0.58 ALSONS CONS ALTERNERGY HLDG 0.85 0.86 36.4 36.65 ABOITIZ POWER 1.21 1.24 RASLAG BASIC ENERGY 0.18 0.185 18.12 18.2 FIRST GEN 63.1 63.2 FIRST PHIL HLDG MERALCO 378 379 17 17.14 MANILA WATER 3.24 3.25 PETRON PHX PETROLEUM 5.09 5.29 6.75 6.82 REPOWER ENERGY 6.14 6.3 SYNERGY GRID SHELL PILIPINAS 12.5 12.6 7.7 7.8 SPC POWER AGRINURTURE 1.33 1.38 AXELUM 1.82 1.84 10.66 11.8 CNTRL AZUCARERA CENTURY FOOD 29 29.1 DEL MONTE 7.3 7.4 5.99 6 DNL INDUS EMPERADOR 20.8 20.85 SMC FOODANDBEV 49.95 50 0.63 0.64 FIGARO COFFEE FRUITAS HLDG 1.21 1.24 GINEBRA 164.5 168 229 230 JOLLIBEE KEEPERS HLDG 1.46 1.48 3.72 3.75 MAXS GROUP 7.91 7.95 MONDE NISSIN SHAKEYS PIZZA 9.21 9.35 2.98 2.99 RFM CORP 111.2 111.8 UNIV ROBINA VITARICH 0.5 0.52 3.08 3.38 VICTORIAS 0.78 0.8 CEMEX HLDG EC VULCAN CORP 0.82 0.84 5.79 5.8 EEI CORP 3.16 3.19 MEGAWIDE CROWN ASIA 1.56 1.57 0.76 0.84 EUROMED LMG CORP 2.48 3.36 5.19 5.2 PRYCE CORP 14.4 14.5 CONCEPCION GREENERGY 0.255 0.26 INTEGRATED MICR 3.44 3.45 1.18 1.19 IONICS PANASONIC 4.57 4.86 1.81 1.87 SFA SEMICON 1.73 1.79 CIRTEK HLDG

HOLDING & FRIMS

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

1.03 645 47.2 10.42 11.1 0.38 0.385 4.59 9.25 5.11 563 3.35 38.4 0.405 4.37 9.08 2.85 854 103 95.5 0.25

1.04 647 48 10.5 11.3 0.385 0.395 4.64 9.31 5.12 565 3.4 39.2 0.42 4.43 9.09 2.89 855 103.5 100 0.275

4.97 0.55 0.83 36.5 1.24 0.181 18.16 62.85 371.8 17.14 3.21 5.35 6.82 6.11 12.78 7.84 1.49 1.82 11.8 28.9 7.52 6 20.85 50 0.64 1.24 170 225 1.46 3.75 7.97 9.35 2.99 109 0.5 3.11 0.8 0.83 5.8 3.19 1.59 0.84 3.37 5.21 14.54 0.275 3.51 1.2 4.86 1.83 1.74

4.97 0.58 0.86 36.65 1.24 0.185 18.18 63.25 378 17.46 3.25 5.35 6.82 6.32 12.78 7.84 1.49 1.84 11.8 29.75 7.52 6.09 20.85 50 0.64 1.25 170 230 1.48 3.8 8.01 9.35 2.99 112 0.5 3.11 0.83 0.85 5.93 3.19 1.59 0.84 3.37 5.23 14.88 0.28 3.51 1.22 4.86 1.91 1.8

4.87 0.55 0.83 36.3 1.24 0.18 18.1 62.8 366.2 17 3.2 5.29 6.63 6.1 12.5 7.7 1.3 1.82 11.8 28.75 7.4 5.98 20.65 49.5 0.63 1.19 162.1 224.2 1.43 3.75 7.88 9.35 2.99 108.6 0.5 3.01 0.77 0.82 5.75 3.18 1.57 0.83 3.37 5.2 14.5 0.255 3.45 1.17 4.86 1.83 1.73

4.9 0.58 0.86 36.4 1.24 0.185 18.12 63.2 378 17 3.25 5.29 6.75 6.14 12.5 7.7 1.38 1.84 11.8 29 7.4 6 20.8 50 0.64 1.24 164.5 230 1.48 3.75 7.91 9.35 2.99 111.8 0.5 3.01 0.77 0.82 5.79 3.19 1.57 0.84 3.37 5.2 14.5 0.255 3.45 1.18 4.86 1.87 1.79

22,355,000 122,000 180,000 765,000 12,000 1,670,000 104,900 6,300 231,940 538,500 69,000 15,300 9,500 2,848,700 67,300 48,400 2,967,000 204,000 100 1,205,600 15,100 10,341,400 1,252,600 103,300 1,653,000 12,456,000 4,500 1,070,020 995,000 51,000 10,205,600 2,600 29,000 592,780 102,000 36,000 876,000 835,000 2,369,500 235,000 13,000 7,000 1,000 3,082,000 3,600 37,550,000 27,000 690,000 1,000 596,000 144,000

109,704,790 67,130 152,930 27,960,100 14,880 303,130 1,901,708 397,154.50 87,211,564 9,203,720 223,350 80,951 63,977 17,522,863 842,900 373,976 4,105,810 372,980 1,180 35,116,695 112,102 62,042,835 25,969,325 5,151,900 1,051,090 15,389,620 753,398 243,319,836 1,465,490 192,980 80,838,075 24,310 86,710 65,800,021 51,000 109,200 694,950 694,250 13,821,224 749,290 20,550 5,870 3,370 16,027,158 52,334 9,868,400 93,910 815,010 4,860 1,128,300 250,540

-8,663,570 -15,316,110 -1,789,346 184,326 44,212,698 -5,251,230 91,000 -1,224,513 627,556 -13,260 1,366,050 -10,920 14,256,935 -74,030 -56,715,111 -14,689,875 -3,799,645 450,390 -339,061 130,586,674 64,350 -76,000 -33,446,155 -86,710 -2,615,724 15,300 9,190 -1,091,304 222,980 15,600,000 -47,870 -3,049,850 0 -95,000 -

1.04 628 48 10.52 11.24 0.375 0.375 4.61 9.31 5.13 570 3.35 38.6 0.43 4.37 9.12 2.88 843 103.7 100 0.27

1.05 647 48 10.66 11.3 0.38 0.375 4.61 9.35 5.13 572 3.35 39.55 0.43 4.37 9.15 2.9 861 103.7 100 0.275

1.01 627 47.2 10.4 11.24 0.375 0.375 4.55 9.25 5.11 561.5 3.35 38.4 0.43 4.37 9.07 2.85 841 103.1 99.9 0.27

1.03 647 47.2 10.5 11.3 0.38 0.375 4.6 9.25 5.11 563 3.35 38.4 0.43 4.37 9.09 2.85 855 103.5 100 0.275

1,526,000 421,410 445,900 771,000 122,800 670,000 20,000 2,345,000 1,012,800 151,000 110,630 5,000 1,024,900 10,000 2,000 1,533,300 74,000 221,170 2,556,350 254,310 500,000

1,566,250 270,651,320 21,216,190 8,086,398 1,385,520 254,150 7,500 10,774,430 9,420,005 772,217 62,565,610 16,750 39,919,380 4,300 8,740 13,958,802 212,460 189,028,125 264,073,424 25,430,955.50 136,500

101,000 76,573,865 -5,765,335 -3,031,012 -16,860 -4,902,920 -4,547,802 -18,951,050 1,603,345 -1,167,655 83,963,190 2,821,066 89,969.50 -

PROPERTY ANCHOR LAND 4.2 5.49 5.49 5.49 5.49 5.49 100 549 29.6 29.7 29.4 29.7 29.15 29.7 8,202,600 241,916,375 AYALA LAND AYALA LAND LOG 1.64 1.65 1.67 1.67 1.64 1.65 367,000 604,350 9.01 9.39 9.35 9.39 9.01 9.01 9,800 90,074 ALTUS PROP 1.01 1.03 1.04 1.05 1.01 1.03 190,000 193,550 ARANETA PROP AREIT RT 31.95 32 31.95 32 31.9 32 2,537,200 81,148,060 0.66 0.7 0.68 0.7 0.68 0.7 101,000 68,700 A BROWN 0.68 0.74 0.73 0.75 0.73 0.74 41,000 30,460 CITYLAND DEVT CROWN EQUITIES 0.06 0.07 0.057 0.07 0.057 0.07 70,000 4,220 2.53 2.57 2.57 2.57 2.53 2.57 172,000 436,410 CEB LANDMASTERS 0.305 0.31 0.31 0.31 0.305 0.31 140,000 42,950 CENTURY PROP CITICORE RT 2.52 2.54 2.54 2.54 2.52 2.54 3,150,000 7,969,660 7.67 7.7 7.65 7.74 7.44 7.7 276,800 2,122,652 DOUBLEDRAGON 1.22 1.23 1.23 1.23 1.22 1.22 470,000 574,970 DDMP RT DM WENCESLAO 6.2 6.3 6.3 6.3 6.2 6.2 28,000 174,479 0.141 0.143 0.145 0.145 0.141 0.143 950,000 134,950 EMPIRE EAST EVER GOTESCO 0.285 0.295 0.295 0.295 0.295 0.295 200,000 59,000 FILINVEST RT 2.86 2.89 2.79 2.98 2.67 2.89 2,308,000 6,391,710 0.57 0.58 0.55 0.58 0.55 0.58 4,793,000 2,726,190 FILINVEST LAND 8990 HLDG 8.38 8.75 9.2 9.21 8.31 8.38 85,100 733,572 775 819 765.5 819.5 765.5 819 61,820 49,020,710 GOLDEN MV 0.5 0.56 0.58 0.58 0.57 0.57 2,000 1,150 PHIL INFRADEV CITY AND LAND 0.76 0.77 0.78 0.78 0.76 0.77 82,000 63,130 MEGAWORLD 2.06 2.07 2.01 2.07 2 2.07 21,998,000 44,994,040 1.6 1.61 1.4 1.64 1.38 1.61 1,182,000 1,799,690 MRC ALLIED MREIT RT 12.14 12.22 12.2 12.5 11.54 12.14 1,145,800 13,822,198 PREMIERE RT 1.51 1.52 1.54 1.54 1.51 1.51 33,000 50,050 2.51 2.6 2.41 2.73 2.41 2.6 18,000 45,880 PRIMEX CORP RL COMM RT 4.8 4.83 4.81 4.87 4.78 4.83 1,050,000 5,054,340 14.48 14.5 14.5 14.7 14.5 14.5 1,578,000 22,922,842 ROBINSONS LAND 0.149 0.161 0.15 0.15 0.15 0.15 60,000 9,000 PHIL REALTY ROCKWELL 1.35 1.4 1.41 1.41 1.35 1.35 8,000 11,220 3.69 3.7 3.7 3.71 3.7 3.7 101,000 374,590 SHANG PROP 3.2 3.27 3.2 3.27 3.1 3.27 37,000 118,410 STA LUCIA LAND SM PRIME HLDG 31.5 31.7 31.45 31.95 31.25 31.5 3,453,100 109,145,780 2.32 2.42 2.32 2.32 2.32 2.32 3,000 6,960 VISTAMALLS 1.64 1.65 1.62 1.64 1.6 1.64 485,000 783,430 VISTA LAND VISTAREIT RT 1.68 1.69 1.69 1.69 1.68 1.69 257,000 433,670

SERVICES ABS CBN 3.5 3.53 3.55 3.6 3.49 3.53 84,000 296,560 8.21 8.22 8.3 8.3 8.2 8.22 137,500 1,130,145 GMA NETWORK GLOBE TELECOM 1,718 1,723 1,744 1,744 1,718 1,718 30,720 52,941,215 1,240 1,243 1,238 1,243 1,220 1,240 66,225 82,011,980 PLDT 0.014 0.015 0.014 0.015 0.014 0.015 87,000,000 1,225,300 APOLLO GLOBAL CONVERGE 8.07 8.1 8.25 8.31 8 8.07 8,468,700 68,249,660 3.05 3.14 3.09 3.09 3.05 3.05 121,000 371,710 DFNN INC 2.48 2.49 2.49 2.53 2.41 2.49 2,479,000 6,110,030 DITO CME HLDG NOW CORP 1.28 1.29 1.28 1.3 1.27 1.29 151,000 193,720 0.134 0.139 0.139 0.139 0.139 0.139 50,000 6,950 TRANSPACIFIC BR 15.54 15.92 15.54 15.92 15.54 15.92 1,400 22,136 ASIAN TERMINALS CHELSEA 1.22 1.26 1.24 1.26 1.21 1.26 222,000 276,730 32.1 32.15 32.1 32.7 32 32.15 956,900 30,867,265 CEBU AIR 211 211.2 210 212 209 211 938,440 197,883,476 INTL CONTAINER LBC EXPRESS 17.02 18.82 18.96 18.96 18.96 18.96 100 1,896 4.08 4.09 4.07 4.13 4.06 4.09 209,000 856,100 MACROASIA PAL HLDG 5.2 5.25 5.25 5.37 5.25 5.25 31,900 167,497 0.76 0.82 0.76 0.82 0.76 0.82 7,000 5,380 HARBOR STAR 0.39 0.42 0.4 0.4 0.4 0.4 10,000 4,000 WATERFRONT FAR EASTERN U 590 629.5 590 639.5 590 590 320 189,790 6.9 7.47 7.3 7.3 7.3 7.3 700 5,110 IPEOPLE 0.44 0.445 0.445 0.445 0.44 0.44 12,680,000 5,579,950 STI HLDG BELLE CORP 1.16 1.17 1.17 1.17 1.17 1.17 650,000 760,500 9.6 9.64 9.66 9.75 9.43 9.6 9,380,900 90,571,408 BLOOMBERRY 3.3 3.4 3.27 3.4 3.23 3.4 58,000 190,150 PACIFIC ONLINE PH RESORTS GRP 0.86 0.91 0.85 0.91 0.85 0.91 974,000 860,900 0.59 0.6 0.59 0.6 0.58 0.6 6,359,000 3,771,610 PREMIUM LEISURE 6.68 6.69 6.78 6.78 6.69 6.69 306,200 2,056,176 DIGIPLUS PHILWEB 1.78 1.83 1.83 1.83 1.78 1.78 501,000 900,830 0.17 0.171 0.169 0.171 0.169 0.171 1,210,000 205,230 ALLDAY 1.19 1.2 1.28 1.28 1.17 1.2 32,131,000 38,682,030 ALLHOME METRO RETAIL 1.2 1.21 1.21 1.21 1.21 1.21 90,000 108,900 28.45 28.5 27.95 28.8 27.9 28.5 1,145,400 32,628,760 PUREGOLD 38.4 38.5 40 40 38.25 38.5 602,500 23,291,080 ROBINSONS RTL PHIL SEVEN CORP 75 82 81.8 82 81.8 82 1,000 81,882.50 2.72 2.75 2.76 2.76 2.72 2.74 186,000 509,680 SSI GROUP 19.7 19.8 20 20 19.3 19.8 1,715,200 34,027,516 WILCON DEPOT APC GROUP 0.228 0.24 0.23 0.24 0.228 0.24 110,000 25,240 0.345 0.35 0.36 0.36 0.35 0.35 1,680,000 591,450 MEDILINES 0.182 0.191 0.184 0.19 0.175 0.19 430,000 79,720 PRMIERE HORIZON SBS PHIL CORP 3.82 3.98 3.81 3.98 3.81 3.98 11,000 43,240

MINING & OIL ATOK 4.51 5.1 4.8 5.1 4.8 5.1 60,100 288,510 APEX MINING 2.64 2.65 2.67 2.71 2.64 2.65 9,412,000 25,310,410 3.02 3.1 3.03 3.03 3.03 3.03 60,000 181,800 ATLAS MINING 4.7 4.85 5 5 4.68 4.85 749,000 3,534,160 BENGUET A BENGUET B 4.91 5.01 4.91 4.91 4.91 4.91 3,000 14,730 3.06 3.15 3.1 3.15 3.05 3.15 206,000 638,400 CENTURY PEAK 2.39 2.42 2.41 2.42 2.4 2.42 33,000 79,720 FERRONICKEL GEOGRACE 0.032 0.033 0.034 0.037 0.033 0.033 1,400,000 46,900 0.077 0.08 0.081 0.081 0.079 0.08 11,390,000 910,660 LEPANTO A 0.077 0.08 0.081 0.081 0.08 0.08 2,460,000 197,200 LEPANTO B MANILA MINING A 0.0045 0.0048 0.0048 0.0048 0.0048 0.0048 1,000,000 4,800 1.02 1.03 1.05 1.06 1.02 1.03 980,000 1,007,980 MARCVENTURES 5.16 5.19 5.15 5.24 5.15 5.17 624,600 3,230,785 NICKEL ASIA ORNTL PENINSULA 0.65 0.7 0.7 0.7 0.7 0.7 2,000 1,400 2.81 2.82 2.82 2.85 2.81 2.81 705,000 1,988,940 PX MINING SEMIRARA MINING 28.2 28.45 28.4 28.95 28 28.2 1,228,000 34,574,825 UNITED PARAGON 0.0042 0.0046 0.0042 0.0042 0.0042 0.0042 1,000,000 4,200 5 5.1 5.1 5.1 5.1 5.1 2,000 10,200 ENEX ENERGY ORNTL PETROL A 0.0082 0.0083 0.0083 0.0083 0.0082 0.0082 5,000,000 41,400 0.0082 0.0083 0.0082 0.0082 0.0082 0.0082 1,000,000 8,200 PHILODRILL 3.95 3.97 3.85 3.97 3.85 3.95 304,000 1,194,870 PXP ENERGY

PREFFERED ACEN PREF B 1,032 1,039 1,035 1,038 1,030 1,038 7,110 7,323,900 2,472 2,484 2,478 2,480 2,470 2,480 2,080 5,158,230 AC PREF AR ALCO PREF D 440.2 462.2 462.4 462.4 460 460 700 322,480 485.6 498.8 499 499 485.6 485.6 170 82,820 AC PREF B2R 96 96.5 96 96.5 96 96.5 6,200 595,205 BRN PREF A CEB PREF 31.45 31.6 31.4 31.6 31.4 31.6 40,300 1,273,320 91.05 92.25 92.25 92.25 92 92.25 960 88,498 DD PREF 81.15 94 90 90 90 90 1,000 90,000 EEI PREF A EEI PREF B 87.3 96.9 96.9 96.9 96.9 96.9 100 9,690 925.5 945 939 940 939 940 2,130 2,002,185 GTCAP PREF B 940 959.5 940 940 940 940 50 47,000 JFC PREF A PNX PREF 3B 24.75 27.85 25.95 29.2 24.75 24.75 1,200 31,645 230.2 246.2 230 249.4 230 230.2 980 225,950 PNX PREF 4 985 995 995 995 985 995 1,070 1,063,670 PCOR PREF 3A PCOR PREF 3B 972 980 980 980 980 980 370 362,600 999 1,000 998 999 998 999 4,335 4,330,655 PCOR PREF 4C SMC PREF 2F 72.75 72.9 73 73 73 73 20 1,460 65.2 67.95 65.2 67.95 65.2 67.95 20,000 1,317,750 SMC PREF 2J 63.05 66.65 65 66.65 65 66.65 600 39,165 SMC PREF 2K TECH PREF B2D 48.7 49.15 49.15 49.15 49.15 49.15 1,000 49,150

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR GMA HLDG PDR

WARRANTS

TECH WARRANT

3.26 7.53

3.58 8.6 8.65 8.65 8.56 8.6 41,300

0.33

0.36

-4,500 -5,671,505 780 -282,303 -905,935 129,456 -18,184,700 -560 -311,690 -318,030 2,800 18,500 1,094,500 -

-

-

-

-

-

549 -58,742,270 9,900 -5,002,670 -254,000 6,100 1,273,850.00 -270,667 -53,700 -53,100 170,750 -124,110 -316,000 1,520 -11,183,420.00 -199,904 9,060 -2,123,420 630,674 -14,038,425 -309,060 -34,679,225 12,310,535 14,000 -15,761,731 12,340 -199,110 11,520 -28,286,970 38,011,204 -12,340 4,000 -3,650 5,403,200 -63,002,966 -30,000 511,282 862,400 -35,187,270 -12,100 10,174,065 -20,593,240 -15,639,990 17,500 250,220 620,040 29,050 33,000 -1,826,852 142,500 -13,872,090 -3,950 113,410 -963,800 -62,730 19,560 -

355,617

351,292

-

-

SMALL, MEDIUM & EMERGING

0.45 0.45 0.43 0.45 480,000 212,000 0.79 0.79 0.79 0.79 156,000 123,240 0.95 0.97 0.94 0.97 951,000 905,020 0.72 0.72 0.72 0.72 1,000 720 1.07 1.1 1.05 1.08 1,022,000 1,104,490 0.205 0.205 0.205 0.205 30,000 6,150

EXHANGE TRADE FUNDS

97.8 98.1 97.7 98 3,070 300,576.50 58,692.50

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS MERRYMART XURPAS

FIRST METRO ETF

0.43 0.76 0.96 0.68 1.07 0.202 97.9

0.46 0.79 0.97 0.71 1.08 0.205 98

-

www.news.businessmirror@gmail.com

Banking&Finance

European traders seek simpler import process

By Andrea San Juan

T

HE European Chamber of Commerce of the Philippines (ECCP) is lobbying the Bureau of Customs (BoC) to simplify requirements that its members say make it “difficult” to import goods.

ECCP Vice President Helen Grace G. Baisa told reporters on the sidelines of a forum last week in Makati City that traders need to renew meeting these requirements on an annual basis.

“In the last couple of months, we requested the BoC to simplify [the requirements] or perhaps to actually make [certificates’] validity longer because it’s difficult [to address],” added Baisa, who is also president and managing director of food importer and manufacturer Charmant Ingredients Corp.

The ECCP official underscored that what members of the bilateral foreign chamber need is “simplification” of laws.

“For so many years, there has been this misalignment when it comes to the interpretations of the laws,” Baisa said.

When it comes to importation, she pointed to Customs Memorandum Circular (CMC) 54-2014 that, according to her, the chamber relies on.

“Sometimes or most of the time, a lot of customs inspectors…they are asking way, way more documents. So it’s okay if the importing party is basically new and has like a red flag but sometimes wala e [there’s none].”

The CMC 54-2014 is a matrix of appropriate requirements on the release of products under the jurisdiction of the Food and Drug Administration (FDA). The circular includes the list of requirements for importers to comply with before the BOC releases the goods to importers.

Apart from streamlining require-

ments for importers, Baisa also underscored that the ECCP has also been pushing for the “National Single Window” (NSW).

For the longest time, the ECCP has really actually pushed for the implementation of the NSW, she added.

The BOC defines the NSW as “a web-based platform that allows parties involved in trade and transport to store standardized information in a secure, electronic platform to fulfill import, export and transit-related regulatory requirements.”

The BoC website added the bureau has partnered with the US Mission to the Association of Southeast Asian Nations (Asean) “to provide greater understanding of what exactly the NSW is and how,” in combination with the “Asean Single Window” (ASW) regional platform, “it enhances and streamlines” trading operations within the Asean Region as well as throughout the world.

One of the advocacy recommendations of the ECCP is to expedite the operationalization of the NSW and pursue its integration with the ASW. Based on a ECCP advocacy paper that the chamber released last May, the operationalization of the NSW will help “enhance communication between government agencies, combat smuggling and corruption and facilitate smoother flow of domestic and international trade in the country.”

Moreover, the “2023 ECCP Advocacy Paper” noted that the establishment of the NSW will allow the country to “maximize” the benefits of being a member of the Asean by utilizing the ASW. “Given all these benefits, the ECCP urgently calls for the integration with the ASW and the full and expedited operationalization of the NSW in all government agencies,” the 45-year-old foreign chamber of more than 700 members said.

UnionDigital Bank to launch sachet loan product in 2024

BusinessMirror

By Lorenz S. Marasigan @lorenzmarasigan

T

he UnionDigital Bank Inc. sees a huge business and social opportunity in introducing a sachet loan product—“high-frequency lending” as executives call it—in the Philippines.

UnionDigital CEO Henry Rhoel R. Aguda told reporters at the “Singapore Fintech Festival 2023” last week that the company, the digital banking unit of Unionbank of the Philippines, will launch the “configurable” loan product in 2024. The product will target microentrepreneurs that typically fall victim to loan sharks, or what is colloquially called “five-six,” Aguda said.

“We’re moving to more frequent lending and shorter tenors,” he said. “Imagine a day where you want to borrow, you can say that you only want it for six weeks and you want to pay for it weekly. We want to make it configurable.”

The service will be introduced in the UnionDigital app in 2024. Aguda said it will allow borrowers to configure the tenor of the loan based on their capacity to pay—from weekly to as short as a day.

UnionDigital Bank Chief Commercial and Revenue Officer Mike Singh noted that the mass market will benefit from

being “included” in the financial system through the high-frequency loans.

“As opposed to a 20-year mortgage, a five-year auto loan, the mass market lives day to day,” he said. “They want to know: how can I put food on the table at the end of the day? It’s the same thing with lending. It’s all about: how do I meet my needs this week?” These include typical Filipino households, sari-sari store owners, wet market vendors, fisherfolk, and farmers.

“For instance, you are a vendor that needs money to buy some fish in the fish market to sell in the afternoon.

And you need to take out a loan. [With this product] you can take a loan in the morning and pay it off in the evening,” Aguda explained.

Borrowers can take out micro-loans of P500 and the interest rates will be determined by the bank’s artificial intelligence solution that calculates risk based on alternative data and spending patterns.

The UnionDigital executives believe that there is a huge business in the said product, with rates “slightly above credit card rates.”

They added that there is also a social implication as this could help include more Filipinos in the financial systems —beyond savings.

B3

‘Bank lending in regions key to boosting trade in services’

F

By Cai U. Ordinario

@caiordinario

INANCIAL regulation that ensures the availability of loans in regions is key to boosting trade in services nationwide, according to a discussion paper published by the Bangko Sentral ng Pilipinas (BSP).

In a discussion paper, BSP Research Academy Research Associate Marie Edelweiss G. Romarate said trade in services is already a major component of the country’s gross domestic product (GDP).

The Philippines is a net exporter of services and the share of services exports to GDP has consistently been higher than imports of services since 2003 or in the past 20 years.

“Bank lending appears to have a positive effect on exports, imports, and total trade in services of the regions for the longer dataset,” Romarate said in a BSP Research Blog.

“The role of the BSP as a financial regulator is important for regions to be able to increase their exports of services if the banking system is able to efficiently allocate credit (loans)

to support trade in services transactions,” she added.

The study examined the factors that increase services trade across regions and identified policy imperatives to promote the resilience of services trade in all regions in the country. The study covered the 17 regions of the Philippines.

Romarate said based on the findings of the study, it can be concluded that growing the local economy of a region can help grow trade in services of that region.

She said this implies that the growth of regions with smaller local economies compared to other regions should still be promoted by the government to ensure they are not left behind in trade in services.

The BSP Research Associate said apart from loans, the efforts of the central bank in terms of maintaining price stability is also crucial to growing trade in services in each region across the archipelago.

“Keeping inflation in check may also encourage trade in services of the regions, thus, the role of the BSP in maintaining price stability is crucial,” she said in a BSP Research Blog.

Total imports and exports of services as a share of GDP declined to 16 percent in 2021 from 17.2 percent in 2020 and 21 percent of GDP in 2019.

In terms of the level of total imports and exports of services Romarate said this contracted by 2.1 percent in 2021 from the 2020 level, which already declined 25.9 percent from the 2019 level.

Meanwhile, both exports and imports of services further declined in 2021 to 10.5 percent and 5.5 percent as a share of GDP, respectively.

However, Romarate said in terms of levels, exports of services recovered slightly in 2021, growing by 2.5 percent while imports of services decreased by 9.7 percent, smaller than the decrease in 2020.

LandBank extends ₧4.3B loan to Pangasinan LGU

S

TATE-run Land Bank of the Philippines (LandBank) announced having extended a P4.3-billion loan to the provincial government of Pangasinan to improve the province’s public, health and tourism services.

The Landbank said the amount was part of a P6-billion omnibus term loan agreement signed between the local government unit (LGU) and the state-run bank earlier this year.

The loan agreement seeks to bankroll development projects in Pangasinan.

“LandBank remains committed to supporting Pangasinan’s transformative journey towards a more inclusive and sustainable local economy

through our wide array of support services,” LandBank president and CEO Lynette V. Ortiz was quoted in a statement as saying.

“We look to expedite progress within the Province for the improved delivery of basic and medical services, increased socio-economic activities, and a more robust local tourism sector,” Ortiz added.

LandBank said about P1.8 billion of the loan facility would be used by Pangasinan to construct an 11-storey government center in Lingayen Municipality. The center would house various offices of both the provincial and national government agencies.

Meanwhile, another P500 million

would be used for the development of Pangasinan’s provincial capitol complex.

“To provide better healthcare for Pangasinenses, P758 million will be used for the purchase of advanced hospital equipment, including computed tomography (CT) scanners, x-ray, magnetic resonance imaging (MRI), and ultrasound machines for the Pangasinan Provincial Hospital, six district hospitals and seven community hospitals in the province,” the Landbank said.

“Meanwhile, P700 million is set to fund the acquisition of land and construction of support facilities for the Bolinao airport in Bolinao, Pan-

gasinan,” Landbank added.

Lastly, the remaining P500 million will be used to construct a corporate center for businesses and other commercial spaces as part of the province’s bid to boost its local economic activity, according to the state-run bank.

“We’re rolling out and implementing impactful projects that will boost the economy and improve the lives of our people,” Pangasinan Governor Ramon V. Guico III was quoted in the statement as saying. “We are thankful for our partners like Landbank, who are ready to support us as we invest in the future of Pangasinan.”

Jasper Emmanuel Y. Arcalas

Perspectives Data platforms in 2024

D

A digital image of the Philippine flag is shown above the booth of the members of the Digital Banks Association of the Philippines at the Singapore FinTech Festival 2023 on November 15 to 17, 2023. CREDIT: Digital Banks Association of the Philippines

Editor: Dennis D. Estopace • Monday, November 20, 2023

ATA-driven decision making is a core ambition for most modern organizations to effectively understand current performance, identify risk and plan for the future. Yet many organizations remain overwhelmed by the amount of data they have. Despite investing in many data platforms and technologies, business benefits haven’t always eventuated. Getting rapid access to the right data, and in a form where it can be quickly analyzed and interpreted, is still a challenge.

So, do organizations need to invest in new data platforms to create business-changing benefits? Do cloud native solutions provide the best option? Or are data meshes the right way to move forward?

Benefits of cloud-native data solutions

MANY organizations have chosen to address data warehouses and datalake challenges by moving towards cloud-native database-as-a-service environments. These provide a single secure platform for an organization to store, manage and analyze its data using a range of data analysis and manipulation tools.

Cloud-native data environments offer several benefits over traditional on-premises data environments.

Some of the key benefits of cloudnative data environments include: n Scalability. Cloud-native data solutions can easily scale up or down depending on the needs of an organization, allowing for more efficient use of resources and cost savings. n Agility. With cloud-native data solutions, data can be accessed and analyzed in real-time. They also

have enhanced data ingestion capabilities. n Cost-effectiveness. Pay-asyou-go pricing models can be more cost-effective than traditional onpremises data environments, as organizations only pay for the resources they use. n Security. Cloud-native data solutions provide advanced security features, including multi-factor authentication, encryption, and data masking, to protect sensitive data. n Data sharing. The cloud enables data to be easily shared between different teams and departments within an organization, as well as with external partners and customers. n Performance. A cloud-based architecture enables faster data processing and analysis, leading to faster insights and better decisionmaking. n Ease of use. Many of these technologies have user-friendly interfaces and SQL-based query languages make it easy for non-technical users to access and analyze data, reducing the need for specialized IT skills.

What about ‘Data Mesh?’

“DATA Mesh” is a relatively new concept in the world of data management and integration. It is a data architecture approach that emphasizes the free flow of data between different systems and applications within an organization. Data mesh aims to enable data to be shared and accessed across different teams and departments without creating data silos or relying on centralized data repositories.

A data-mesh architecture offers several benefits in addition to

those embedded in a cloud-native data solution. Some of the key differentiating benefits of a data mesh architecture include: n Decentralization. Data is decentralized, which means that it is distributed across different systems and applications. This makes it easier for different teams and departments within an organization to access and use the data they need. n Agility. Organizations can be more agile and responsive to changing business needs using a data mesh. By breaking down data silos and enabling data to flow freely between different systems and applications, organizations can make better use of their data and respond more quickly to changing market conditions and customer needs. n Flexibility. A data mesh architecture enables data to be exchanged and consumed in a decentralized way. This makes it easier for organizations to integrate new systems and applications, and to experiment with different data sets and analysis techniques. n Cost-effectiveness. This approach reduces the need for expensive data warehouses and other centralized data repositories. By enabling data to be stored and accessed in a decentralized way, organizations can make better use of their existing infrastructure and resources.

Evaluating organizational data platform needs

IF an organization is primarily focused on managing and analyzing structured data, a cloud-native data solution may be a good choice. These solutions are designed to handle large amounts of structured data,

and offer several benefits including scalability, agility, cost-effectiveness, and security.

On the other hand, if an organization wants to break down data silos and enable data to flow freely between different systems and applications, a data mesh architecture may be a better choice.

It’s important for organizations to carefully assess their data management challenges and goals before making a decision. In some cases, it may be possible to implement both a cloud-native data solution and a data mesh architecture, depending on the specific needs of different teams and departments within the organization.

Ultimately, the most effective data management strategy will depend on a range of factors, including the organization’s size, industry, data needs, and IT infrastructure.

Organizations should work with experienced data management professionals to develop a customized strategy that meets their unique needs and goals.

The excerpt was taken from the KPMG Thought Leadership publication: https://kpmg.com/nz/en/home/insights/2023/09/data-platforms-in-2024.html.© 2023 KPMG Int’l Ltd. is a private English company limited by guarantee. R.G. Manabat & Co., a Philippine partnership, is a member firm of a global organization of independent member firms affiliated with KPMG Int’l Ltd. All rights reserved.

Email ph-kpmgmla@kpmg.com or visit www.home.kpmg/ph.

This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity. The views and opinions expressed herein are those of the author and do not necessarily represent the BusinessMirror, KPMG International or KPMG in the Philippines.

B4 Monday, November 20, 2023

Explainer BusinessMirror

www.businessmirror.com.ph

ECO-CONSCIOUS EATING: How plant-based meat can combat climate change

T

By Dee-Ann Durbin & David Mchugh AP Business Writers

HORNTON, Colorado—Lars Obendorfer says he was “badly insulted” after he first began offering vegan sausage at his stands, dubbed “Best Worscht in Town.”

He even found himself mediating between customers arguing on social media about what to him was just another menu item.

“ T here was dow nr ight hostility between the meat eaters and the vegans,” he said. “And I just couldn’t understand it, and I said, ‘knock off the arguing.’”

That was six years ago.

Today, his vegan currywurst—a take on the classic German fast food consisting of pork sausage with ketchup and curry powder—is no longer a novelty but a menu fixture at his 25 stands across Germany.

Of the 200,000 sausages he sells every year, 15% are plant-based.

“It actually tastes like a normal sausage,” customer Yasemin Dural said. “I even had doubts earlier that it might have been a meat sausage, but you really don’t notice it at all.”

Eating more plants and fewer animals is among the simplest, cheapest and most readily available ways for people to reduce their impact on the environment, climate scientists have long said. According to one University of Michigan study, if half of U.S. animal-based food was replaced with plant-based substitutes by 2030, the reduction in emissions for that year would be the equivalent of taking 47.5 million vehicles off the road.

“We are in a climate crisis, a climate emergency,” says Greg Keoleian, a professor of sustainable systems at the University of Michigan who coauthored the study. “We all need to play a role, and these products are one strategy to easily reduce your footprint.”

An explosion of new types of plantbased “meat”—the burgers, nuggets, sausages and other cuts that closely resemble meat but are made from soybeans and other plants—is attracting customers all over the world. Even in Germany, where cities like Hamburg and Frankfurt have given their names to iconic meat dishes, plant-based meat is becoming more popular.

This latest innovation in meat substitutes has already made meaningful strides. Between 2018 and 2022, global retail sales of plant-based meat and seafood more than doubled to $6 billion, according to Euromonitor, a market research firm.

Still, that’s dwarfed by global retail sales of packaged animal meat and seafood, which grew 29 percent in the same period to $302 billion.

Plant-based meat and seafood makes up just 2 percent of the world's global protein consumption. And sales have been uneven. While demand for plantbased meat is growing rapidly in some countries like Germany and Australia, sales have flattened in the U.S.

New recipes to the rescue?

Plant-based meat has been around for decades. Morningstar Farms, a division of Kellogg Co., introduced soybased breakfast sausage in 1975. But the current boom began about 10 years ago, when startups like Impossible Foods and Beyond Meat began selling burgers that more closely resembled meat and were aimed at carnivores, not just vegetarians and vegans. Beyond Meat’s burgers, made with pea

protein, even “bleed” with the help of beet juice.

Those products quickly took hold in Germany, a country where meatheavy dishes like schnitzel and bratwurst are a mainstay of diets but where widespread concern about climate and animal welfare have been driving big changes. Last year, Germans’ annual meat consumption fell to a 33-year low of 52 kilograms (114 pounds) per person. At the same time, plant-based meat sales rose 22 percent, according to Euromonitor, and they have tripled since 2018.

In Australia—where the average person ate around 120 kilograms (264 pounds) of animal meat in 2020, according to the United Nations, putting the country just behind the US in terms of meat consumption—retail sales of plant-based meat have been growing, up 32 percent between 2020 and 2022.

Sam Lawrence, the vice president of policy for the Asia division of the Good Food Institute, a plant-based advocacy group, said Australia was initially behind Europe and the U.S. in the adoption of plant-based meat.

But that’s changing fast, in part because of health concerns. In 2018, the country had only around eight plantbased meat companies, he said. Now there are more than 40, many with their sights on the vast Asian market.

But it is the US that represents one of the biggest hopes for a solution: It is the largest market for meat substitutes. It is also one of the biggest contributors to greenhouse gases from animal agriculture, weighing in as the second-largest consumer of meat per capita behind Hong Kong, according to 2020 data from the Food and Agriculture Organization of the United Nations.

Reversing that trend would have a significant impact on global meat consumption, and Tyler Huggins knows it.

Huggins is the co-founder and CEO of the plant-based food company Meati. He comes from a family of bison ranchers, and he still eats meat occasionally. But after studying damage to rangeland ecology with the US Forest Service, he earned a Ph.D. in environmental engineering with a focus on developing new kinds of plant-based meat.

Huggins says it's imperative to wean Americans from their meatheavy diet because the country is already using most of its arable land.

“How are you going to continue to feed a growing population and an increased demand for meat?” Huggins said. “We have to get more efficient in the way we produce things.”

Colorado -ba sed Meat i m a kes chewy, fibrous steak filets and chicken cutlets from mushroom roots and a handful of other ingredients, like chickpea flour. Its chicken cutlet has fewer calories, less cholesterol and nearly as much protein as animal chicken.

Meati collects spores from mushroom roots, feeds them sugar and ferments them in stainless steel tanks

Lars Obendorfer, owner of “Best Worscht in Town” sausage holds up vegan curry wursts in one of his branches in Frankfurt, Germany, Tuesday, September 5, 2023.

“There was downright hostility between the meat eaters and the vegans,” he says. “And I just couldn’t understand it, and I said, ‘knock off the arguing.’” AP/Michael Probst

Two types of vegan sausages are displayed at a “Best Worscht in Town” branch in Frankfurt, Germany, Friday, June 16, 2023. In Germany, a country where meat-heavy dishes like schnitzel and bratwurst are a mainstay of diets, a widespread concern about climate and animal welfare have been driving big changes. AP/Michael Probst

Meati Executive Chef Dina Paz slices strips of the company’s steak product in a test kitchen at the headquarters Wednesday, July 26, 2023, in Boulder, Colorado. Tyler Huggins, a co-founder and CEO of the plant-based food company says it’s imperative to wean Americans from their meat-heavy diet because the country is already using most of its arable land. AP/David Zalubowski

full of water. Every 22 hours, the fermented mixture—which resembles applesauce—is drained from a 25,000-liter tank, formed into cutlets and cooked. In four days, a single microscopic spore can produce the equivalent of a whole cow’s worth of meat.

Event u a l ly, t he compa ny e xpects to produce more than 40 million pounds of meat annually at its 100,000-square-foot Mega Ranch in Thornton, Colorado. That’s about 160 million four-ounce servings, or half the amount of beef served each year at Chipotle, one of Meati’s biggest investors.

eat for generations to come no matter how many people are on the planet,” Feria said.

But it will take some convincing.

An hour north of Meati’s Mega Ranch is the US headquarters of JBS, one of the world’s largest meat producers. JBS launched Planterra Foods, a US plant-based brand, in 2020 but closed it two years later. JBS, which still makes plant-based meat in Europe and Brazil, didn’t respond to a request for comment.

A matter of taste Meati came onto the plant-based meat scene in 2017, around the same time that dozens of others were trying their hand in the space. At least 55 plant-based companies and brands — including entries from big meat producers like Tyson Foods—launched in the U.S. during 2017 and 2020, according to the Good Food Institute.

Meanwhile, plant-based meat sales more than doubled in that same period, to $1.6 billion.

But then sales plateaued, inching up just 2% between 2020 and 2022, according to Euromonitor. At the same time, US animal meat and seafood sales rose 12.7%.

Some contend that the high price of meat alternatives is limiting their appeal. As of April, U.S. plant-based

meat and seafood prices were an average of 27 percent higher than animal meat and seafood in the US, according to Euromonitor. That was larger than the 20 percent gap in Germany.

For Peter McGuinness, the CEO of pioneering plant-based burger maker Impossible Foods, taste—not price— is the biggest issue.

“I think the category is not good enough,” McGuinness said. “What is the number one thing people want in food? Taste. If I don’t have the taste, they don’t care about the cholesterol and the saturated fat.”

A recent poll from The Associated Press-NORC Center for Public Affairs Research of US consumers found that about 8 in 10 US adults said taste was an extremely or very important factor when buying food, with its cost and nutritional value following close behind. Americans are much less likely to prioritize the food’s effect on the environment (34 percent) or its effect on animal welfare (30 percent).

Lisa Feria, the CEO of Stray Dog Capital, which invests in plant-based meat companies, said that even though the initial exuberance in the U.S. market is now thinning out, new brands that emerge from this period will be stronger and better-funded, which will help the plant-based meat market grow at a more sustainable pace.

“We deserve these products that are better for us, for the environment, definitely for animals, that we could

For the sake of the planet The meat industry has sown its own doubts about its plant-based rival.

The Center for Consumer Freedom— which says it’s funded by restaurants and food companies but won’t say which ones—has run Super Bowl and newspaper ads criticizing plant-based meat, saying it has “chemicals and ultra-processed ingredients that you can’t pronounce.”

I ndeed , quest ion s about t he healthiness of plant-based meat have weighed on sales. Plant-based foods have some benefits over meat; they have no cholesterol, for example, and may have less fat and more fiber. But plant-based foods can also be higher in sodium, to better mimic meat's flavor, and they don't always have as much protein.

Beyond Meat, another pioneer in the market, is focused on improving the health of its products. The company notes that its Beyond Steak beef

tips were recently certified as a hearthealthy food by the American Heart Association.

But Beyond Meat’s founder and CEO Ethan Brown says that in places like Germany—unlike in the US— concerns about health are outweighed by concerns about the environment.

“In the European Union, there's clearly a desire to do something meaningful about climate,” Brown said. “Here in the United States, it’s unfortunately become politicized.”

For Adrienne Stevson, it's all about the environment. A graphic designer from Johnson, Vermont, Stevson was a heavy meat-eater for most of her life. She has a family cookbook filled with meaty recipes, and she even worked for a time as a prep cook preparing meat.

So when her partner became a vegan, she was skeptical. But the more she learned about the benefits to the climate, the more she warmed to plant-based meat.

Stevson still uses her family cookbook, but she swaps out the meat for Beyond Meat ground beef, Impossible sausage and other products, like tofu. In an ideal world, she says, she wouldn't have to do that.

“I think in an ideal world we could live with eating dairy products and meat products,” Stevson says. “But there’s way too many people on the earth and we haven’t solved the problem of animal agriculture for that many people in a sustainable way.”

www.businessmirror.com.ph

Dr. Anne Caoile (left) and Dr. Marjorie Lalaine Salazar of Elys Aesthetics

Unleashing confidence, reimagined with aesthetic enhancement

“Confidence, reimagined” represents a transformative shift in one’s self-assurance and mindset. It is the process of breaking free from self-doubt, embracing one’s strengths, and celebrating a newfound belief in one’s abilities. This is exactly what Dr. Anne Caoile and Dr. Marj Salazar see in their patients after doing their cosmetic surgeries and aesthetic treatments.

Anne, who pursued her studies in Medicine at the Far Eastern University-Dr. Nicanor Reyes Medical Foundation (FEU-NRMF), trained for two years in General Surgery and mastered Cosmetic Surgery in South Korea and here in the Philippines. She has taken charge of Elyse Aesthetics’ wide range of transformative surgical procedures, ranging from Rhinoplasty, Blepharoplasty to 360 Liposuction and more. Renowned for adapting the famed “Turkey barbie nose” to the Filipino facial structure, Anne has made it her lifelong mission to bring happiness to people through her surgical masterpieces.

Marj, on the other hand, is renowned for her artistic flair and meticulous attention to detail. As a dean’s lister during her nursing college and an academic scholar from FEU-NRMF Medicine, her expertise encompasses the art of botox, fillers, and threads. Her mastery of non-surgical facelift, anti-aging, and profile balancing, acclaimed at esteemed conventions, brings positive transformations and helps her patients step into their own light and rediscover their limitless potential.

Most of their patients come knowing exactly what they want. They arrive for different reasons—some are preparing for a wedding, others are getting an annulment, a few suffered personal loss, while still others are living their dream. They all began their beauty journey filled with self-doubt and questions of their worth.

They treated some patients with Belotero fillers like replacing volume on the hollowed temples. Sunken under eyes, cheeks, and even thinning lips made a huge shift from looking tired to looking fresher and more youthful. Many also come in for profile balancing of the nose and chin. The clinic’s signature 15-minute nose lift has been well-loved since 2019, a combination of nose threads and fillers. Marj can also mimic a chin augmentation result using five fillers or an equivalent of 1 teaspoon–this is perfect for those who want a surgical result but are not willing to undergo the downtime it accompanies.

One patient, who was undergoing separation from her partner of three decades, mentioned that her Elyse European Threadlift-Aptos, the leading worldwide nonsurgical facelift, rewound her appearance to her youth 5-10 years earlier—a metaphorical unveiling of her true radiance beneath the emotional scars. Another patient, who at age 52 came in for rhinoplasty, famously known in Elyse as Barbie Nose surgery, is simply living her childhood dream of a beautifully crafted nose.

While some requested this “turkey nose style” for their 18th birthday, many have expressed that it became a game-changer in their lives that has opened doors of opportunities. Some who were suffering from bullying just wanted to leave behind a past that no longer defines them. Now as they look in the mirror, they see the person who had been hidden for far too long.

Their enhancements serve as a stepping stone in prioritizing self-care, taking risks, and getting out of their comfort zone to pursue their goals with unwavering determination. Just like how the patient who did Elyse 360 Liposuction + Bodytite started going to the gym and changing her lifestyle 360 degrees after her surgery—a challenge that seemed so hard for her at first.

She was amazed how a single session can remove five liters of fats (either in the tummy, back, bra or love handle areas, arms or thighs) and at the same time achieve a tighter skin This procedure jumpstarted the beginning of her new fearless life.

Aesthetic treatments hold the incredible ability to unlock a person’s mindset of his or her limitless potential. They involve accepting vulnerability, learning from setbacks, and viewing challenges as opportunities for growth.

By undergoing cosmetic surgeries and aesthetic treatments, people can undergo a powerful transformation which enables the full realization of their potential, encouraging them to seize new opportunities and fearlessly pursue their dreams.

“Confidence, reimagined” signifies a mindset shift that allows individuals to fulfill their potential and live life with boldness, authenticity, and a deep sense of self-belief— the end goal for all patients of Elyse Aesthetics.

Style

BusinessMirror

Editor: Gerard S. Ramos • Monday, November 20, 2023

B5

A sparkling and stylish season at Rustan’s Fashion mob featuring Rustan’s Men’s and Women’s brands; Puey Quiñones x Rustan’s Collaboration piece as worn by Celeste Cortesi; Natori Orient Express Collection

O

NE of the first stores that sparkled this season is Rustan’s Makati. After it reinforced its commitment to consumers with the introduction of the “Light Up This Christmas with Rustan’s” campaign, an initiative that focuses on renewal and celebration, the upscale shopping mecca showed its robust support to Filipino fashion with the unveiling of its collaboration with clothing innovator Puey Quiñones and the iconic Josie Natorie.

Indeed, Rustan’s has treasured Christmas as “a time of hope, light, love, and peace.” And style.

RETURN OF JOYFUL SHOPPING

Rustan’s chairman Zenaida Tantoco and president Donnie Tantoco heralded glad tidings with their store’s festive campaign, a jolt of joy after a pandemic that affected brick-and-mortar establishments. The windows of the Makati store sparkled with largerthan-life lights, with mannequins clad in the latest fashion offerings.

A fashion mob also enlivened the evening, with live models parading in the luxe clothing that Rustan’s exclusively carries. What’s more, the Christmas Shop returns bigger and better than ever. Cheerful holiday decor for every creative need or personalized preferences are on display.

REBIRTH OF A CLOTHING INNOVATOR

Puey Quiñones’s resilient career has had several incarnations. This time, the designer known for “personifying couture and style,” and Rustan’s, a “symbol of luxury and refinement,” are collaborating on an exciting new collection.

“Collaborating with Rustan’s has been an exceptional experience. We’ve brought together the best of both worlds, and this collection is a testament to the passion and creativity of our teams,” explains Quiñones in a statement.

The grand launch of Puey Quiñones X Rustan’s was held on November 8 at The Gallerie, 2nd Level, Rustan’s Makati. The PQ Luxe collection is “a symphony of holiday hues and timeless ivory white” while each piece of the Puey Quiñones Handpainted Series is meticulously handcrafted, and the Versatile Collection is a signature Puey Quiñones’ style that redefines fashion versatility.

With the “unmistakable touch of couture in ready to wear,” Puey Quiñones X Rustan’s collection is for anyone between the age of 20 and forever.

RESURGENCE OF JOSIE NATORI

THE Filipino-American fashion icon launched her Fall 2023 collections of couture clothing and fine

jewelry called “Orient Express” at the Ayala Museum on November 14. The special preview also included a glimpse into her Spring 2024 Filipiniana Couture.

“The fall 202 couture collection focuses on a curated wardrobe of collectibles with an emphasis on kimono jackets and coats that are quintessential Natori,” the lingerie and loungewear designer said in her production notes.

The idea is of a woman with wanderlust, embarking on an opulent journey via the Orient Express. Each destination requires a treasure trove of stylish travel outfits. They are exactly the ones that Natori expertly makes—high on comfort, versatility and endless black layers in monochrome with “hints of prints and rare textiles that feel effortless for each stop of one’s journey, day to night, near and far.”

Luxurious layers of materials include Italian fabrics from feminine laces, jerseys and knitwear with faux lambskin, double jersey, felt, and bouclé while jacquard adds texture and playful patterns.

The flattering silhouettes range from asymmetrical hemlines, luxe draping, and defined pleats.

The collection offers capes, ponchos, vests, boleros, jackets and environmentally sound vegan sheared minks. All the elements of a glamorous globe-trotting adventure.

“Inspired from the opulence of the Orient Express and our signature artisanship, the collection highlights true entrance makers,” Natori added. “I am pleased to be able to present the most iconic Natori shapes, luxurious fabrics, and intricate craftsmanship to treasure for a lifetime.” n

Beauty products that rocked the scene in 2023

THE year 2023 has been big when it came to beauty launches, both from local and international brands. Beauty enthusiasts and makeup artists have been bombarded (and I mean this in the best way possible) by so many new products. So here’s a rundown of the ones I love: n NARS Afterglow Liquid Blush. This has been called “vacation in a bottle” because it makes the skin look so fresh. This liquid blush (I have this in the purple shade Wanderlust) is kind of like a highlighter, a tint, and hydrator in one. If you’re the type who wants their blush spotted a mile away, this isn’t for you. What the NARS Afterglow Liquid Blush offers is the most subtle flush of glowy color you can imagine and I’m not exaggerating when I say this. I used the term hydrator for this because it is hydrating upon application and over time. It doesn’t settle into your fine lines. The blush has sodium hyaluronate that provides long-lasting hydration that lasts throughout the day, vitamin E, and vegan collagen. n Detail Cosmetics Fresh Filter Concealer. I always thought that concealer is the one thing you should never ever scrimp on. On a whim, I decided to order the Detail

Cosmetics Fresh Filter Concealer from Lazada and realized I was wrong. For around the price of a couple of grande lattes, I got a good shade match (I have this in Custard) and a formula that’s just right for everyday wear. This concealer has a medium finish and is good for the undereyes. Since I bought this last month, I have been using this exclusively. n Jason Wu Beauty Tint It Oil It Plump It. This plumping lip oil has a tingly sensation but it’s also very moisturizing. I have this in the shade Boysenberry. I love this because it’s very moisturizing and leaves my lips with a berry stain that’s not obnoxious (no fuchsia-tinged lips here). n Colourette Cosmetics First Base Everyday Skin

Tint. This skin tint has ample coverage for you to use it as a face base. It comes in 12 shades, is dermatologically-tested, and has a broad spectrum SPF30. If you’re using this, you still need a sunscreen. What I love about this is the texture, which isn’t watery but not thick either. The coverage it offers is also surprising because it is a skin tint but I’m not complaining at all. My shade here is a combination of Laiya and Anilao. n Laura Mercier Tinted Moisturizer Blush.

I expected it to be sheer and lightweight but this is a powerhouse blush that’s pigmented and long-lasting. You only need a pin-sized amount and a brush that’s packed to make it work and you’re all set for the day. What I like about

this is that it seems to be thick but it doesn’t lift base products even if you apply after liquid and cream makeup. It also looks good even when you wear it with foundation. The Laura Mercier Tinted Moisturizer Blush is a product that you’ll appreciate more over time. n THE PERFECT SOIRÉE. Rosanna Aranaz and Claud Baron-Paulino are founders of Retail Lab, a multi-brand lifestyle store that houses local and homegrown brands with shops at the Power Plant Mall, Estancia, and Circuit Makati.

Retail Lab has created spaces for brands to introduce their products to the market. “There were so many brands founded in the past three years that we have grown to love and we’re so happy to bring them to you this November for Soirée,” said Aranaz.

Soirée combines the magic of the holidays with an anazing selection of unique products, brands and other offerings. Featuring more than 170 merchants that offer unique gift items from fashion and home to food and other lifestyle products, this year’s Soirée is made even more special as it will showcase some brands that were founded during the pandemic.

Among the brands at Soirée are Dreambee Books, which makes personalized children’s books; The Kind Cookie for delicious chocolate chip cookies, with the company donating a portion of their earnings to various causes; Paint Polish, a cruelty-free and vegan-friendly nail polish brand which allows clients to create their own nail polish shade; Amara Parfum, which specializes in handcrafted perfumes; and Casa Juan, which offers beautiful Filipino-inspired tableware.

Soirée is happening from November 24 to 26 and from December 8 to 10, 11 am to 9 am, at The Fifth at Rockwell.

Access to the venue can be through the elevator in front of Starbucks Reserve of Power Plant Mall.

Rosanna Aranaz and Claud BaronPaulino are founders of Retail Lab, a multi-brand lifestyle store (left). NARS Afterglow Liquid Blush and Laura Mercier Tinted Moisturizer Blush are two of the blushes that were launched this year. PHOTOS COURTESY OF DINNA CHAN VASQUEZ AND RETAIL LAB

B6

Monday, November 20, 2023

www.businessmirror.com.ph

LAZADA PHL ACHIEVES RECORD 11.11 SALES

L

AZADA Philippines, the country’s leading e-Commerce platform, marked its flagship 11.11 shopping festival with recordbreaking performance, serving millions of users and achieving nearly 300 percent sales uplift (vs. regular day) over the three-day campaign. More than 140,000 brands and sellers participated in this year’s 11.11 sale, joining Lazada’s growing ecosystem to provide Filipinos a superior online shopping experience, especially throughout the gifting and holiday season.

Painting the town blue, Lazada also ushered in 11.11 by bringing together some of the country’s biggest and brightest celebrities and content creators at the “LazAffiliates Thanksgiving: Here and After” event last November 9. Kryz Uy, Toni Sia and Rei Germar are among thousands of LazAffiliates who are critical partners in Lazada’s business and

in the success of its double-digit campaigns. The Thanksgiving event was a night to remember, filled with fun and excitement, as the year’s topperforming affiliates were awarded across various segments and categories.

To show gratitude to the LazAffiliates community and loyal Lazada shoppers, Carlos Barrera, CEO of Lazada Philippines shared, “11.11 is Lazada’s trademark, we own this Alibaba concept. We wouldn’t be here without you, and we are deeply committed to supporting our local creative economy, empowering all our Filipino creators and brands to grow, earn and become the best versions of themselves.”

Throughout the awards program, hosted by Sam YG and Debbie Then, the stage came alive with breathtaking dance performances by the PHD Dancers, electrifying acts by renowned drag queen,

Marina Summers, and captivating music by the Ang Huling El Bimbo male cast: Anthony Rosaldo, Topper Fabregas, and Paw Castillo.

Mishie de la Cruz, Head of Affiliates at Lazada, shared, “The LazAffiliates are at the heart of our community. This program is a great opportunity for all of you to earn creative income and we’re growing our program to support you every step of the way.

With LazAffiliates: More content, more kita, more life.”

LazAffiliates were awarded for top, consistent performance across various segments, including Kryz Uy (Key Opinion Leader), John Elevado (Content Creator & Social Media), Aubrey Barte (Mobile Individual) and Shopback (Business Affiliate). As special awards for the evening, Lazada awarded Aika Legaspi for LazBeauty Glam of the Night and Chinee Calosa for the Lazada Fashion Look of the Night.

The LazAffiliates Thanksgiving and Awards Night was a heartfelt expression of Lazada’s commitment to celebrating and inspiring local talent and communities, with the hope of spreading more hope and happiness through the program.

Actresses Kyline Alcantara and Bianca Umali are among the newest LazAffiliates members, encouraging their peers to sign up. Kyline says, “I really encourage everyone to be a LazAffiliates member because it’s another way of earning money, especially for our Gen Z na nag-aaral pa.” Bianca agrees, saying, “It’s so fun to be part of a community where everyone can share their Lazada finds and tipid hacks!”

Get the most out of your online shopping experience by signing up as a LazAffiliates member, and enjoy More content, more kita, more life! For more information and updates, follow @ lazaffiliatesph on Facebook and Instagram.

IN the photo are, from left, Hotel101 Group Head of Public Relations Brian Ong, Hotel101-Fort Hotel Manager Sherwinne Cabalang, DOT-NCR Regional Director Sharlene Zabala-Batin, Malay Aklan Vice Mayor Niño Carlos Cawaling representing Mayor Frolibar Bautista, Taguig City Mayor Lani Cayetano, ISSI Chair and President Dr. Mina Gabor, Department of Transportation Active Transport Office Project Manager Mr. Eldon Joshua N. Dionisio, representing Undersecretary Anneli Lontoc, Hotel101 Group General Manager Gel Gomez and Head of Sales Jamaica Puti.

Hotel101 Group shines a light on sustainability at its Christmas tree lighting at Hotel101-Fort

H

OTEL101 Group, the hospitality arm of DoubleDragon Corporation, lit up the holiday season and celebrated sustainability at the 2023 Christmas Tree Lighting held at their newest hotel, Hotel101-Fort in Taguig City.

In her welcome remarks, the Hotel101 Group General Manager Gel Gomez highlighted the significance of celebrating this occasion at Hotel101-Fort, as a testament to the company’s growth and expansion.

“This year, we have the distinct pleasure of hosting you here at our newest hotel, Hotel101-Fort, a testament to the growth and expansion of the Hotel101 Group, not only in the Philippines but also globally,” Gomez said.

The evening was a celebration of the 101 STAY GREEN campaign, an initiative that has been at the forefront of the group’s sustainability efforts. Launched in 2022, the program has seen Hotel101 Group engage in a variety of projects, including information education campaigns, tree planting, coastal clean-ups, and their Bike Happy program. Collaboration with the Department of Tourism, the Philippine Coast Guard, local government units, and various stakeholders has been integral to these efforts, showcasing the group’s dedication to sustainability in hotel operations and the preservation of the Philippines’ natural beauty.

The highlight of the evening was the recognition of the 2nd 101 STAY GREEN Champions, individuals and partners who have demonstrated an exceptional commitment to sustainable tourism and environmental

protection. The awardees included notable figures such as Taguig City Mayor Maria Laarni “Lani” Cayetano, Malay Mayor Frolibar Bautista, Philippine Coast Guard Commandant Admiral Ronnie Gil Gavan, Department of Transportation Undersecretary Anneli Lontoc, Department of Tourism NCR Director Sharlene ZabalaBatin, Booking.com, and International School of Sustainable Tourism Chair and President Dr. Mina Gabor.

The celebration went beyond Hotel101-Fort, as simultaneous Christmas tree lightings took place at Hotel101-Manila, Jinjiang Inn-Ortigas, Jinjiang Inn-Makati, Injap Tower Hotel-Iloilo, and Jinjiang InnBoracay Station 1, symbolizing the unity of the group’s commitment to sustainability across all their properties.

The evening was a reminder that the true essence of the holiday season lies in giving back. “As we gather around our Christmas trees, let us remember that the true essence of the holiday season lies in our ability to give back, while we also take time to have fun and celebrate with our loved ones,” Gomez said.

Hotel101 Group expressed their gratitude to the awardees for their inspiring work and looked forward to an evening of happiness and celebration, with the hope that the shared commitment to sustainability would shine brightly throughout the holiday season.

As the event concluded, attendees were left with the warm glow of the holiday spirit and a renewed determination to preserve and protect the environment for future generations.

Silverlush Development Group stands out at Philconstruct 2023

S

ILVERLUSH Development Group SILVERLUSH DEVELOPMENT GROUP (SLDG) participated at Philconstruct 2023 at the SMX Convention Center last November 9 to12, 2023 where thousands of Filipino professionals gathered to witness various industry giants showcase their latest offerings and services to the public.

Silverlush Development Group’s booth was located at S01 on the Ground Floor of the county’s biggest and Southeast Asia’s longest-running

construction trade expo and showcased their latest curated selection of exclusive materials from various international brands for guests to feel and experience themselves.

Various activities were enjoyed in the SLDG booth where guests were able to receive exclusive merch and prizes. Hundreds of booth guests were able to experience the unique finds and designs in the SLDG Material Library that were highlighted during the event.

Sheraton Cebu Mactan Resort celebrates Christmas 2023 with Cheerful Moments spirit

T

HE World’s Gathering Place of the Queen City of the South celebrates Christmas season with the theme, “Cheerful Moments” a commemoration of the joyful moments that took place in Sheraton Cebu Mactan Resort and curating more indelible memories for the community.

The Cheerful Moment was coined parallel from the anniversary theme “Handumanan” where the direction was to create indelible moments in the

resort. For the holiday season, aside from the offerings on various outlets, the resort highlights the activities that they have specially curated for the guests to enjoy during the holiday season.

To kick start the celebration, the Christmas Tree lighting highlighted the family and children. The program was filled with Christmas carols and melodies from the children of the communities. The program was kicked off by song renditions from the Children’s Joy Foundation,

Silverlush Development Group is an up-andcoming innovative realty, architectural, and material retail firm that is committed to provide exceptional designs and architectural solutions using world-class and exclusive material selection specially tailored for each and every client.

Located on the 30th Floor, IBM Plaza, Eastwood City, Quezon City, Silverlush Development Group Realty, Architect and The Shop is your one-stopshop for all your construction needs.

Inc., the partner institution who supports the disadvantaged, neglected, and less fortunate children in the community. More music of yuletide season was hyped as the Jules Chevalier Music Ministry String Ensemble of Mactan rendered a string interpretation of the famed Christmas songs. The caroling was completed by the uniquely arranged holiday season songs from the University of Cebu Chorus.

Another exciting addition to this year’s Christmas Tree Lighting is the Christmas Village at the lobby of the resort. It was curated by women of Zonta Club Cebu 1. All proceeds from the Christmas Village will go to the Zonta Club whose causes focuses on women rights, fight against genderbiased violence, and care for children.

To know more about Sheraton Cebu Mactan Resort, please visit this link or scan the QR code below: As part of the Marriott Bonvoy portfolio, Sheraton Cebu Mactan Resort is also one with the Marriott International Philippine Market’s Christmas campaign called the “Paskonstelasyon” as dubbed as the Destination Star being The World’s Gathering Place in the Queen City of the South. In line with we Cheerful Moments, we are one with Marriott Bonvoy in hoisting the Power of Travel this holiday season.

IN the photo are, from left, Chairwoman of Board of Trustees for Davao School for the Blind Dr. Maria Antonio, Park Inn by Radisson Davao General Manager Sven Toune and Department of Tourism XI Regional Director Tanya Rabat Tan pressing the Buzzer.

Cherish the Bliss of Christmas at Park Inn by Radisson Davao

T

HE 9th of November marked the ecstatic welcome of the holidays at SM Hotels and Conventions Corporation’s (SMHCC) Park Inn

by Radisson Davao, with the Christmas Tree Lighting event that illuminated the hotel.

As guests stepped in, they were welcomed by the star of the show, a charming eight-foot white Christmas tree, donned in oversized white Christmas balls, embellished with gold and silver accents. Classily positioned in-between lamp posts, complemented by a charming bench in front for the picture-perfect spot, it truly captured the hotel’s portrayal of a White Christmas.

The team of Park Inn by Radisson Davao led by General Manager Sven Toune greeted honorable guests from the Department of Tourism Region XI Regional Director Tanya Rabat-Tan and Officer in Charge of the Davao City Tourism Office Jennifer Romero. Alongside, government executives, city councilors, foreign consuls, city tourism officials and stakeholders, SM executives, corporate guests, and media friends, dressed to the nines in their own take of a White Christmas ensemble.

The evening star ted with an enchanting performance by En Avant Dance & Arts Centre as they flaunted a rendition of Sugarplum Fairy Variation from The Nutcracker-Tchaikovsky, accompanied by the euphonious melodies of the strings and quartets from Dolce Chordarum Strings. Heartfelt Christmas messages were then delivered by GM Toune and Director Rabat-Tan. “This year, we are celebrating the theme of a ‘White Christmas’ with our tagline, ‘Cherish the Bliss of Christmas.’ We invite our guests and visitors to immerse themselves in a White Christmas – the Park Inn by Radisson Davao way, filled with wonder and

enchantment. We also look forward to hear stories of your memorable and feel good moments created in the walls of this hotel,” shared Toune.

Christmas is the time to rekindle generosity, inspire kindness and share merriment-as for Park Inn by Radisson Davao, it is also about bringing bliss to the community. Continuing a cherished tradition, and as part of Radisson Cares, the hotel is launching its third year of Cookie for a Cause. A portion of the proceeds will be contributed to support the Davao School for the Blind. The cookies are available from November 9th, 2023 until January 6th, 2024 at the hotel’s Christmas Store.

The highlight of the evening was the muchanticipated Christmas Tree lighting, led by Toune, Rabat-Tan, and Dr. Maria Margaret Misa Antonio, Chairwoman of the Board of Trustees for the Davao School for the Blind, along with the hotel’s department heads. The interior and exterior of the property vibrantly lit up with twinkling lights and gleeful smiles, marking the official start of the holiday season.

The festive celebration continued at the hotel’s all-day dining restaurant, VANDA, where En Avant Dance & Arts Centre and Dolce Chordarum Strings presented a series of captivating performances to accompany the dinner.

Park Inn by Radisson Davao welcomes guests and visitors to share in the delight of the holidays and embrace the warmth and joy of this season: Cherish the Bliss of Christmas and be a part of the community’s holiday spirit!

Follow Park Inn by Radisson Davao on their socials, @parkinnbyradissondavao on Facebook and @parkinndavao on Instagram for their offers of the season.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, November 20, 2023 B7

DC STUDIO | FREEPIK.COM

Are we entering the age of influencer fatigue?

A

S communicators, we have seen how over the past several years, influencers have been well, influencing the way we think, the way we decide, and the way we shop.

In an article in prnewsonline. com, Sinead Norenius-Raniere, VP of Product and Creator Marketing Strategy at Cision acknowledges that “influencer marketing has become a staple of many brands’ marketing strategies, as PR and communications teams critically evaluate how to harness the power of influencers.”

In fact, Cision’s 2023 Global Comms Report, found that 43 percent of communications teams are relying more on influencers this year as part of their audience engagement strategies. Likewise, according Influencer Marketing Hub, “more than 50 million people worldwide identify as influencers who contribute to the estimated

IDP Philippines strengthens its student-first mission as it expands with new Quezon City office

MANILA, PHILIPPINES—For many Filipinos, education could be their pathway to improving their life and expanding their horizons. This is why, for the international education specialists at IDP Philippines, expand-

ing their operations to accommodate as many Filipinos as possible is crucial.

As part of this expansion, IDP recently opened its newest office in Quezon City last November 15. The new location will make IDP’s free study abroad services, face-to-face counseling, and new International English Language Testing System (IELTS) test center more accessible to study abroad hopefuls living in the northern part of Metro Manila and nearby provinces.

Present at the launch was

fluencer marketing has become about pushing for products and sponsorship deals, which young people—their primary audience— are quick to spot and disdain.

Similarly, in an article in Spiralytics, Are Influencers Cancelled?

A Deep Dive in Influencer Fatigue, Kleona Amoyo shares her thoughts on why people are switching off on influencers.

“Audiences aren’t as passive as they used to be,” she says. “They look for [and engage with] authentic and meaningful content. With sponsored posts bombarding their social media feeds, isn’t it surprising for audiences to experience influencer fatigue?”

Amoyo also asks brands to look for the following signs to look for if their audiences are experiencing influencer fatigue:

to be relevant and entertaining.”

IF we look back, the evolution of influencer engagement has authenticity as its roots. “Audiences are drawn to real, relatable content, but with platforms’ constant changing algorithms to prioritizing advertising, this leaves little room for those types of posts,” says Raniere in her article Navigating Influencer Fatigue.

This shift “has led to the demand for more authentic content from creators and brands alike.”

Instead of creating content that would interest their audience, in-

1.Low engagement with posts that have—without boosting— zero, or very few likes or shares.

To address this problem, “you must identify your target market and speak to them directly on issues that strike them as personal. Understanding your target audience’s preference is key in achieving this.”

2.Low conversion rates that can be traced to fatigue because of less than compelling content.

“Great content entices and encourages your audience to try out your product or service,” she says. “if you’re not seeing your metrics increase, you must find new ways

3.Users do not read your content—they only browse. That’s because it is said that the human attention span has decreased to 8 seconds from 15 seconds. Here, “you must create material that is engaging, concise, and to the point. Remember that people would want to focus on brief, focused communications rather than long dull ones.”

Apart from creating more authentic and interesting content, Raniere recommends “a greater appreciation for micro and nanoinfluencers,” as these smaller scale influencers possess an innate understanding of their niche audiences, engage with their audience more directly, and excel at balancing paid and organic content.

This comes at a time when we are discovering that the allure of mega- and macro-influencers come w ith potentia l pitfa lls.

“Their immense reach can come with higher risks because of their prominence and personal unpredictability, as well as their reputation of promoting products they don’t genuinely believe in for financial gain,” says Raniere.

Diversifying your influencer pool and subsequent partnerships “can result in more genuine connections with consumers, while simultaneously providing a buffer against potential reputational damage.”

IDP Philippines Country Director Jose Miguel “Jojo” Habana.

In his opening remarks, Jojo talked about Quezon City being an important academic hub and how important it is to bring vital services like that of IDP’s closer to the people living in the city. “We are excited to contribute to the fulfillment of international study, work, and migration dreams of Quezon City residents.”

At the launch was also a panel where Jojo was joined by more IDP Philippines leadership—Country Marketing

Manager Lara Jane Mendoza, Student Placement Head of Sales and Operations Cecil Mundo, and IELTS Senior Operations & Business Development Manager Hannah Esguerra— to talk about IDP’s goals and how they all boil down to being student-first.

A big part of carrying this out is through how IDP helps students navigate the process not just during the research and application stages. In fact, even when the student is already living there, they still have accesses to IDP’s assis-

tance as they settle in. As the panel put it, the last stage of the student journey for them isn’t just the acceptance into a school. Rather, it is the “thrive” stage wherein the student has successfully settled into their study abroad life and adapted to the new changes.

“We have the entire student journey covered. From the early part when they do their research all the way to when they start applying, then up to acceptance and preparation for leaving,” said Jojo. “[IDP even] guides them even as their arrive, to

$104-billion creator economy.”

But all that may change with what they call “influencer fatigue,” which Raniere identifies as “the trend and notion of consumers tiring of the constant stream of paid or sponsored content, which has led to a decline in trust and engagement—and an all new challenge for PR professionals.”

Now how did this happen?

She also suggests creating a more holistic strategy forging longterm partnerships, as opposed to singular campaigns with creators who align with a brand’s values.

This develops a more authentic relationship between a brand, a creator, and both their audiences.

Transparency “is also key when utilizing inf luencer marketing efforts. Mistrust breeds fatigue, and consumers are more likely to trust brands that are upfront about when content is sponsored.”

When influencer fatigue takes hold, Raniere urges brands and PR teams to rethink their approaches.

This, she believes, can be done by “prioritizing authenticity, embracing micro- and nano-influencers, and investing in long term partnerships.” These will hopefully bring a new energy, a new enthusiasm and excitement to influencer marketing.

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world.

Millie Dizon, the senior vice president for Marketing and Communications of SM, is the former local chairman.

We are devoting a special column each month to answer the reader’s questions about public relations.

Please send your comments and questions to askipraphil@gmail.com.

make sure the transition is better and that they adapt.”

“Our priority is really the welfare of the students. For us, a successful internation l student placement means matching a students career and aspirations with the right school, the right destination, and the right course,” he expressed.

“That’s why we really train our counselors well to make sure that we do understand what their aspirations are and that we’re able to guide them toward the right course that will meet their goals.”

B8 | M

onday, November 20, 2023

mirror_sports@yahoo.com.ph Editor: Jun Lomibao

JOAN MARIE MONARES scores for University of the Philippines. ROY DOMINGO

Maroons, Bedans make quarterfinals of PNVF spikefest

U

NIVERSITY of the Philippines (UP) beat San Beda University, 20-25, 25-17, 25-17, 25-22, 2520, to stay pristine and book a ticket to the quarterfinals of the Philippine National Volleyball Federation (PNVF) Challenge Cup on Sunday at the Rizal Memorial Coliseum in Manila.

The Fighting Maroons pulled off a reverse sweep from a set down against the Lady Red Spikers in the battle between unbeaten squads in almost two hours of play for a 3-0 record in Pool D on their way to the knockout quarterfinals.

UP handled its previous businesses against Lyceum of the Philippines University-Batangas,

25-14, 25-11, 25-17, and La SalleDasmariñas, 25-16, 25-27, 25-8, 25-16.

San Beda, despite the loss for a 2-1 record, still punched a ticket to the next round to join UP as representatives of Pool D in the overall 16-team women’s division of supported by the Philippine Sports Commission, PLDT, Rebisco, Akari, Foton and CBPI. The Lady Red Spikers claimed the second seeding in Pool D on victories against La Salle-Dasmarinas, 25-19, 25-17, 25-16 and LPU-Batangas, 2517, 25-13, 25-18.

In other women’s division games, UP Volleyball Club (1-1) stayed in playoff contention in Pool A with

a 25-11, 25-15, 25-16 win over the Volida VolleybalL Club (0-2).

Jose Rizal University (2-1) joined the Philippine Air Force (3-0) as the quarterfinalists from Pool C after a 25-13, 25-16, 25-13 win over Tacloban City-EV (0-3).

In men’s play, University Athletic Association of the Philippines champion National University (NU) and runner-up University of Santo Tomas (UST) moved on the cusp of sweeping their respective pools to spice their quarterfinal qualification.

NU fended off the University of the East-Cherrylume, 25-22, 25-23, 25-20, for a 3-0 card in Pool B as UST thwarted Iloilo, 25-23, 25-23, 25-2 for the same record in Pool D.

Tapales finds comfort zone in Baguio camp

By Josef Ramos

M

ARLON “THE NIGHTMARE” TAPALES’S confidence grows as the clock ticks toward the biggest fight of his career so far on December 26 when he squares off with “The Monster” Naoya Inoue of Japan in Tokyo.

“It feels so good to train here comfortably,” the 31-year-old Tapales

June Mar Fajardo: 7

Cone, Lastimosa Sports share J spotlight BusinessMirror

told BusinessMirror on Sunday.

Tapales trained in Las Vegas since July but returned home to wind up his preparation starting November 8 in Baguio City.

“I’m getting faster and stronger,” said Tapales, who wants to add Inoue’s World Boxing Council and World Boxing Organization super bantamweight belts to his İnternational Boxing Federation

and World Boxing Association crowns.

“My focus is to get the two remaining belts from Inoue, whom I believe is beatable,” said the pride of Tubod (Lanao del Norte), who’s with head trainer and coach Ernel Fontanilla in Baguio City.

Tapales owns a 37-3 win-loss record with 19 knockouts while Inoue is undefeated in 25 fights with 22

UNE MAR FAJARDO was Converge’s big man Justin Arana declared Most Valuable shared the spotlight by clinching Player (MVP) for Season 47 Rookie of the Year honors with 2019 of the Philippine Basketball points over Blackwater’s Ato Ular Association (PBA).

(1582). Arana played out of Arellano It was his seventh trophy and, if University and was the FiberXers’ not for injuries that bothered him two fourth overall pick in last year’s draft. seasons ago, could have booked a record Maverick Ahanmisi, also of eight-straight MVP awards—his reign Ginebra, was the Most Improved Player interrupted only in Season 46 by Scottie while playing for Converge last season.

Thompson of San Miguel Beer’s sister NLEX’s Kevin Alas, meanwhile, team Barangay Ginebra San Miguel. claimed his second-straight Samboy “I didn’t expect this,” an emotional Lim Sportsmanship Award with 2826 Fajardo said as he clutched his trophy points, beating by 374 points Paul beside PBA Chairman Ricky Vargas Zamar of NorthPort. during Sunday’s annual Leo Awards Fajardo, 33, was also named to the that preceded the Magnolia-TNT Mythical Five for the eighth time and Season 48 opener at the Smart All-Defensive Team for the seventh time.

Araneta Coliseum.

“I want to dedicate this latest “I never expected that I’ll be getting MVP to my late mother,” said Fajardo, another MVP [award] because when whose mom Marites passed away in I was injured, to tell you the truth, I August 2021. “I will push myself to CONE thought I couldn’t compete anymore LASTIMOSA improve some more. I want to win a to this level again,” he said. “I’m really championship for the Beermen this This will be the fourth regular Coach IMtoCONE Jojo Lastimosa happy win anand MVP again after a season.” of the Year honor for the 65-year-old the spotlight together majorshare injury.”

Joining Fajardo—a nine-time PBA He fractured histhey right tibia in champion withthe SanKings Miguel Beer and Cone, who steered to their once more as receive two February 2020 and was a member of the goldyet medal-winning toughest championship when they highest honors thatimmobile will be for mostby of the the year. the Hangzhou 19th Asian beatteam guestinteam Bay Area Dragons to accorded Philippine Basketball The 6-foot-10 center calledits “The last month—in the Mythical winGames the Season 47 Commissioner’s Cup Association Press Corps (PBAPC) Kraken” because of his imposing Five were Standhardinger, Thompson, in a thrilling Finals that went the full Annual Awards Night on Monday at presence had averages of 17.7 points, Perez and Ginebra’s Jamie Malonzo. seven-game the Novotel Manila2.9 Araneta 13.5 rebounds, assistsCity. and 1.3 With route. the Cebuano in the AllOwner of team a record Barangay Ginebra Miguel’s blocks last seasonSan to top the Statistical Defensive were25Standhardinger, championships, previously ConePoints will lift therace Virgilio (SPs) with“Baby” 42.2.

Meralco’s CliffCone Hodge and Chris wonNewsome the award named afterJio theJalalon. late DalupanHe Coach of the Year trophy, totaled 2248 points from the and Magnolia’s and votes from players Dalupan in 1994, 1996 NorthPort’s Robert Bolick and whileSPs TNT’s Lastimosa will be and media, great Baby beating inDanny the process big TNT’s“Coach Mikey Williams andArvin 2014.Tolentino, He was voted of conferred the FloroGinebra Executive man Christian Standhardinger Calvin Oftana Magnolia’s Bubble” when theand league held the of the Year by the men and women (1559), theand (1539) and teammate CJ Calvin Abueva up the Second Philippine Cup asmade its lone conference who Thompson cover the PBA beat.

Perez (1177).

Mythical Five.

Josef Ramos of the season at the height of the Philippine Sports Commission

T

B8 | M

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

putting together the right pieces that eventually resulted in the franchise winning its first championship in six years in the Governors’ Cup. Cone and Lastimosa have a long history winning together during their time at Alaska when their coachplayer partnership produced nine championships for the fabled franchise, including the 1996 grand slam.

Incidentally, Bachmann was once part of the Alaska team as a player and later as executive.

The other awardees are Gilas Pilipinas which won the gold in the 19th Asian Games (President’s Award), Jio Jalalon (Defensive Player of the Year), Roi Sumang (William Adornado Comeback Player of the Year), Jericho Cruz (Mr. Quality Minutes), CJ Perez (Scoring Champion), Jayson Castro (Order of Merit), the quintet of Justin Arana, Brandon Ganuelas-Rosser, Ato Ular, JUNE MAR FAJARDO towers over left) league chairma Encho Serrano and Tyler Tio(from (All(NLEX) and Atty. Raymond Zorilla (Phoenix). RUDY ESPERAS Rookie Team) and San Miguel-TNT (Game of the Season).

PBA chairman Ricky Vargas together with the league’s Board of Governors and Commissioner Willie Marcial are among the invited special guests during the affair.

(PSC) chairman Richard Bachmann is the guest of honor and keynote speaker in the formal event presented

by ArenaPlus together with Cignal TV. Hosts are Rizza Diaz and Sev Sarmenta.

pandemic in 2020.

Lastimosa, meanwhile, will be presented with the award honoring the late Crispa team owner Danny Floro for his splendid work as team manager of the Tropang Giga by

knockouts. By Josef Ramos After sparring in Las Vegas with UMIR FELIX MARCIAL former world champion Jerwin already knows almost half of Ancajas, Tapales is sharpening his the 19 other athletes he would ring savvy against Pete Apolinar, compete alongside with in the light World Boxing Council Asian silver heavyweight class of boxing at the bantamweight champion Herlan Paris 2024 Olympics.

Gomez and Jonjon Estrada.

His camp needs to know 11 Tapales is guaranteed a others who’ll come from future $200,000 purse, much higher qualifying tournaments for the July than26the $60,000 purse he banked to August 11 Games in the French in his fight giving against Murodjon capital, him at least nine Akhmadaliev who he months to prepare.beat last April 8 in San“IAntonio, Texas. haven’t seen them all, and I have

UST, FEU dominate UAAP chess

Marcial gets to know potential rivals in light heavyweight division in Paris

E

been fighting Asians since,” Marcial told BusinessMirror on Sunday from his home in Tagaytay City. “I have to be familiar with the others, especially from the other continents.”

LORENCE BISERA beams Marcial qualified for Paris with with confidence ahead of 19th his silver medal at the Hangzhou the International Container Asian Games last month. His final Terminal Services Inc. (ICTSI) tormentoer, Tuohetaerbie Tanglatihan, The Country Club Match is also in for the Olympics.Play Invitational beginning Tuesday at is Also qualified for the Olympics the TCC course in Laguna. “DragoOleksandr Khyzhniak—the

like” fighter of the “Rocky” film series fame—who beat Marcial in the semifinals in Tokyo.

The others are Pan American Games winners gold and silver medalists Arlen Lopez of Cuba and Wanderley Pereira of Brazil, Salvatore Cavallaro of Italy, Gabrijel Vocic of Croatia and and Azerbaijan’s Murad Allahverdiyev who were gold, silver and bronze medalists at the European Games like Khyzhniak and African Games qualifier Abdelrahman Oraby of Egypt.

The other qualifiers will be culled MELITO OCSAN JR. ponders move. from the Pacific Gameshis from November 19 to December 2 in the Solomon Islands and two world qualification tournaments in Busto Arsizio in Italy, from February 29 to March 12 and in Bangkok from May 23 to June 3.

Tour breakthrough in the South Marcial, who turned 28 last Pacific Classic last September, October 29, clinched bronze in Tokyo beating no less than as a middleweight but three-leg the 75-kg class winner Daniella Uy byinthree was scrapped for Paris favor at of home, and her competitors. light heavyweight or 81 kgs.

They include He was one ofHarmie three medalists Constantino, is were gunning in Tokyo—the who others silverfor

Bisera confident of chances in match play

F

Despite maintaining a reserved attitude like the rest of the 16-player field, approaching the demanding TCC course requires a balance of skills, including a strong long game, precise iron play, putting prowess, ONG KONG—Scores of and mental toughness. athletes opening But the risingcelebrated Davaoeñathe star of the Gay Games in Hong remains optimistic about her Kong onof Saturday despite opposition chances clinching victory in the frommillion anti-LGBTQ lawmakers, marking P1.5 championship. the“I’ve firstnever time the international played TCC but I sporting be chances,” held in Asia. feel goodevent abouttomy said Nearly participants Bisera, who2,400 tied for 17th placefrom in about 45 territories, including the recent Party Golfers Ladies Britain, the United States, and Golf Open of the Ladies Professional Association of Taiwan Tour (TLPGA), a Pilipinas Golf Tournaments Inc. co-sanctioned event.

Bisera put herself in early contention in the 54-hole TLPGA championship but failed to sustain her charge although she never wavered and finished with 72-7172 rounds.

But shifting from stroke play to head-to-head format will demand adjustments from Bisera, who scored a Ladies Philippine Golf

a repeat win after rallying and upending top amateur Rianne Malixi in sudden death in the inaugural staging of the event at tight Villamor Golf Club last year, Chihiro Ikeda, Sarah Ababa, Australia, are competing in a variety Pamela Mariano, Gretchen of games, from tennis and swimming Villacencio, Apple Fudolin, Rev to culturallyKristine rich activities like Alcantara, Fleetwood, dragon boat racing and mahjong in Lovelynn Guioguio, Eva Miñoza, the nine-day event.

Lucy Landicho and Mikha Fortuna.

The games heldyoung Spicing upare thebeing cast are concurrently in the Mexican city Korean Seoyun Kim and local of Guadalajara featuring many amateurs Laurea Duque and Mafy of the same events, a first theto Singson, who bested the for pros competition thatleg, wasalso firstby held in San rule the Valley three over Uy, last June.

Also bracing for a fierce battle in the four-day tournament are the Top 32 in the PGT Order of Merit ranking, led by OOM topnotcher and two-leg winner Jhonnel Ababa, four-time OOM winner and defending champion Tony Lascuña, and leg winners Reymon Jaraula, Rupert Zaragosa and Ira Alido and reigning back-to-back TCC Invitational champion Guido van der Valk.

U

NIVERSITY of Santo Tomas (UST) clinched a thirdstraight men’s crown, Far Eastern University (FEU) emerged as the new women’s champion while retaining its girls’ tiara in University Athletic Association of the Philippines Season 86 chess action.

UST completed a “three-peat” EUMIR FELIX MARCIAL and his father Eulalio are treated to a mot following a 4-0 shutout of Adamson bronze medalist’s hometown Zamboanga City last month.

University and FEU dominated University of the Philippines, Ma medalists Carlo Paalam (men’s 3-1, and its Diliman profess flyweight) and Nesthy campus Petecio team retained featherweight). t he crown withHea admits 3.5-1.5 and ex (women’s conquest of National UniversityJanuar he has yet to get into the groove as a Nazareth School all on Saturday at before light heavyweight. the“There FEU Tech inthings Manila.

He exp are soGym many to Withon 16because match this points under year en improve is not my its belt, UST with fighting 16 match points ordinary or natural weight,” he “I need to be faster, stronger hassaid. enough cushion in a potantial and wiser inwith this new weight class. I tiebreaker closest pursuer must be versatile boxer.” repeat as Ateneo (14) to virtually winner for a third season and 10th overall.

Melito Ocsan Jr. boosted his Most Valuable Player aspirations by scoring his seventh point with white at the Francisco 1982.Rocel Simon in only expense ofinJohn Following theSicilian procession of 23 moves of the Defense. athletes, a series of performances FEU takes a bye in the final followed, highlighting round but is alreadyHong untouchable Kong’s Chinese also with 19 matchculture, points,but dethroning incorporating modern dance, musical in the process two-time champion theater and lion dancers.

NU, which is in second place with ERIC VAN LGBTQ+ activism is a rare spot 15 match points. form bac that is still making considerable MVPin candidate Woman progress Hong Kong under National a Master Mary Joy Tan led FEU’s government crackdown on its civil victoryfollowing as she forced Precious society the 2019 pro- Ferrer to resign after the 46 moves. democracy protests.

Prince FEU-Diliman, onhopes the other The games foster Palawa hand, posted an unreachable for a wider inclusion of sexual threeruling minorities in theNUNS Asian in financial point gap over the title exactin hub after court wins last month race with sWoman National Master Van over housing andand inheritance rights Ruelle Canino Samantha roster for same-sex married Umayan andcouples Kate Ordizo heading and loc overseas.

90-km their charge Saturday.

The cityboys’ is also moving toward a that re FEU’s team, meanwhile, framework for recognizing same-sex followi disputed the crown against UST in partnerships following a landmark premie the final round played Sunday.

Gay Games on in Hong Kong despite lawmakers’ opposition

H

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

Something’s Wemby amiss WHEN the father of Colombian football player Luis Diaz VICTOR WEMBANYAMA has gotten me to watch the was kidnapped over two weeks ago, the news reports left National Basketball Association (NBA) for the first time in me wondering about several things. a long time.

First of all, why didn’t any of the reports mention past Okay, I did follow the Chicago Bulls during DeMar instances kidnappings family members football stars DeRozan’soffirst year withof the club when theyof were taking such as Carlos Tevez, Juan Roman Riquelme, Jorge Campos, as well as Diego and Gabriel Milito to name but a few.

Heck, even the great Alfredo Di Stefano was once kidnapped!

Second, when Diaz’s mother was released, there was no mention of why that happened. Was a ransom paid?

Same when the father was eventually released.

What was the point of kidnapping the mother if only to release her?

If she was indeed rescued, why were the husband and wife separated? That doesn’t make sense.

D

ruling in September. AP

Asduring for thethe enthusiastic participation of members names early part of the season before injuries of the military theaspiration rescue, I wish derailed whateverintitle they they had. gave the same enthusiasm and resolve when it comes ordinary I used to be a die-hard NBA fan but intothe last 10 citizens.

I read it right, there have been kidnappings years, haveIffollowed it intermittently.

I can79 chalk that this Colombia. up to 2023 beingalone busierinthan ever and a lack of success by the Azul(Chicago coach Ruben OmarPhiladelphia).

Romano wasI clubsWhen that ICruz followed and then kidnapped, the American Federal Bureau ofand Investigation would sleepwalk through the regular season ratchet up theasked interest come This the playoffs. was for help. is the kind of help that comes As politicians much as I am in very awe of Giannis Antetokounmpo, with and important people. marveling at the sustained greatness and durability of Diaz’s I cannot help but think that something is amiss.

LeBron and the or all-around Doncic, I motherJames, was released rescued?game WhatofisLuka it really?

That would follow NBA a regular of basis. muchnot isn’t clear.the Was anyonexchange money made? Was nowto I follow the way Spurs’ sheBecause meant of toWembanyama, convey a message pave the for the matches (no, I am not a fan of the team but I am keeping return of the father? tabs Ion the Frenchman). seem to recall that in the case of Riquelme and the How he played against that loaded Phoenix Suns team Milito brothers, a ransom was paid. Was any payment for left me shaking my head and watching those highlights the release of the Diazes deliberately kept off the wire again and again. And those moves…sweet! reports so that it would not inspire copycats?

I was thinking while watching him play, “And this thegame.” kidnappings family members kid isFurthermore, still learningallthe And toofthink that he is of football players took place in South American only 19 years old! countries.

Yes, I know that there is no place like home. But staying put in one place is going to attract a lot of attention for unsavory types.

You can be sure that this latest kidnapping episode will have plenty of Latin American footballers thinking of relocating or providing security for their family.

I hope that the only happy ending here is when Luis Diaz was inspired to lift Colombia to a 2-1 victory over Brazil. As for the kidnappers? I hope karma is swift to respond to them.

The

The top bas The basket in 2002 In m title wi all, the How First, D Wemba The Lakers acquire Chamb Shaqui won a t Now Yes surrou more a