BusinessMirror November 25, 2021 by BusinessMirror

NG infra spending surges 42% as of Q3’s end B B D. N @BNicolasBM

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NFRASTRUCTURE spending of the national government surged by 42.1 percent yearon-year to P641.5 billion as of the end of the third quarter on the back of faster implementation of projects amid looser community quarantine restrictions. The Department of Budget and Management (DBM) reported on Wednesday that state infrastructure spending from January to September this year was higher than the P451.5 billion in the same period last year. Compared to the programmed

P589.3 billion for the ninemonth period this year, the government’s actual infrastructure spending performance was also higher by 8.9 percent. Infrastructure spending largely drove the expansion of overall government expenditures. Total government spending during the period went up by 11.7 percent to P3.38 trillion from P3.02 trillion in 2020. The pickup in state infrastructure spending as of end-September this year was attributed to the implementation of various road infrastructure projects of the Department of Public Works and Highways (DPWH) nation-

wide, aviation and rail transport foreign-assisted projects of the Department of Transportation— such as the Tacloban, Kalibo, and Bukidnon Airport Projects and the Metro Manila Subway Project Phase I—and projects under the Revised AFP Modernization Program (RAFPMP) of the Department of National Defense (DND). For September alone, infrastructure spending grew by 25 percent to P71.2 billion from P56.9 billion in 2020. For the last quarter of the year, the DBM expects government spending to be continuously driven by infrastructure and other capital outlays.

According to the DBM, there will be a submission of progress billings for completed/partially completed projects which started in the earlier part of the year; school operations and educational assistance programs in line with the opening of classes starting in September; creation/filling of positions and regular operating programs or expenditures of other government agencies. For 2021, the government has programmed to increase its spending for infrastructure to P1.019 trillion, equivalent to 5.1 percent of the country’s GDP. C  A

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Thursday, November 25, 2021 Vol. 17 No. 48

P.  |     | 7 DAYS A WEEK

OF $476M FOR 10 MONTHS PHL ADULTS NEEDING 3-4 JOBS TO SURVIVE HAS POPCOM WORRIED B C U. O @caiordinario

A TAMBISAN sa Sining artist puts the finishing touches to a mural at the Kilusang Mayo Uno headquarters in Project 3, Quezon City, on November 24, 2021. The mural will be presented during the mass action by Anakpawis to commemorate the 158th birthday of Andres Bonifacio, the Father of the Philippine Revolution, on November 30, 2021. NONOY LACZA

B B C

@BcuaresmaBM

HE country’s dollar transactions with the rest of the world turned to surplus in the first 10 months of the year, after a strong performance in October this year, the Bangko Sentral ng Pilipinas (BSP) reported. The country’s overall balance of payments (BOP) position—the

data summary of all the country’s transactions with the rest of the

world—hit a position of $476-million surplus in January to October this year. The BOP is usually considered an important economic indicator in an economy as it shows the level of earnings or expenses of the Philippines with its transactions with the world. A deficit means that the country had more dollar expenditures than its dollar earnings during the period. The country’s year-to-date BOP has been in deficit in the first nine months of the year due to the heavy deficits in February and March to

the tune of around $2 billion. October’s strong BOP surplus, which hit $1.14 billion, reflected inflows arising mainly from the national government’s (NG) net foreign currency deposits with the BSP and the BSP’s income from its investments abroad, the Central Bank said in a statement. The October BOP surplus was a reversal of the $412-million deficit in September this year. It is, however, lower than the $3.4-billion surplus in October 2020. In September, the 2021 BOP

XCEPT for those living in Metro Manila and Calabarzon, most Filipino parents need to maintain three to four jobs at a time just to support themselves and their children, according to the Commission on Population and Development (Popcom). Undersecretary for Population and Development Juan Antonio A. Perez III said this reflects not only the larger family sizes in other regions outside of the National Capital Region and Calabarzon, but also the very low wages in these areas. Perez said more than just monitoring the size of families, government efforts must also be directed at improving the lives of families through the review of the minimum wage. Families need living wages to survive. “Why is it that the P500 daily wage of a worker in NCR can’t be enjoyed by someone from Region 1, for instance, who takes home only P282?” Perez said. “It defies logic that the salaries of those living in areas where hardship is at a high level, and with large fami-

ly sizes, are just about one-half of those in Metro Manila. We believe it is unjust for parents to labor on three to four jobs just to support a family of four. Opportunities for livelihood and support should be concentrated in poverty-stricken areas.” Based on a recent PopcomUnited Nations Population Fund (UNFPA)-University of the Philippines Population Institute (UPPI) study, as regional minimum wages increase, the support ratio (SR) for Filipino families improves. Popcom said in regions where wages are higher, this enables two workers per family to be able to provide for two children, with some savings set aside. Based on the study, the “regional SR,” or the average number of people a wage earner supports, includes himself or herself. In Calabarzon, for instance, the 0.5 support ratio means that a wage earner subsidizes one more person apart from himself/herself. An SR lower than 0.5, such as in the Bangsamoro Region at 0.26, has more than 2 persons being subsidized by a S “PHL ,” A

S “PHL ,” A

‘Q4 growth to be driven by spending on infra, polls’

NFRASTRUCTURE and election spending will be the primary growth drivers in the last quarter of the year, according to local think tank First Metro Investment Corp. (FMIC)-University of Asia and the Pacific (UA&P) Capital Markets Research. In its latest Market Call report, the think tank said the government’s big ticket infrastructure projects are being implemented with fewer impediments. These include the MRT-7, Metro Manila Subway, and the second connector expressway between Nlex and Slex,

PESO EXCHANGE RATES

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‘The economy will likely get back into its previous growth path by the end of 2022, even as inflation eases, especially in the first quarter of 2022.’—FMIC-UA&P Capital Markets Research

among others. FMIC-UA&P Capital Markets Research also said the official start of the election campaign season, along with holiday spending, will lead to better GDP growth in the last quarter of the year. “We expect a further ramping up of infrastructure spending starting the fourth quarter of 2021 as election spending simmers with lineups firming up by end of the year. The economy will likely get back into its previous growth path by the end of 2022, even as inflation eases, especially in the first quarter of 2022,” the lo-

cal think tank said. FMIC-UA&P Capital Markets Research said the continuation of the government’s infrastructure program will also boost manufacturing. This will lead to a doubledigit Industry sector growth while Services will also post “above average performance.” “Investment spending in durable goods should also accelerate as firms’ earnings showed continuing improvements until the third quarter,” the think tank said. C  A

■ US 50.6770 ■ JAPAN 0.4402 ■ UK 67.8160 ■ HK 6.5019 ■ SINGAPORE 37.1260 ■ AUSTRALIA 36.6243 ■ SAUDI ARABIA 13.5092 ■ EU 57.0116 ■ CHINA 7.9278

Source: BSP (November 24, 2021)

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Thursday, November 25, 2021

PHL adults... C  A

worker, which takes away from a family more resources for savings and investments. A higher SR, like in the NCR at 0.62, implies there are more earning workers, which creates a more viable environment for economic growth. Perez noted a “significant positive correlation” between a region’s minimum wage and its SR; and that as the minimum wage rises, the SR also goes up, and vice versa. He recommended that the national government and concerned sectors implement “national objective family living wages,” or a decent collective income to effect proper development of a Filipino household, who will not just survive under a “minimum wage.” “It is high time we converse about genuine development of Filipino families—not only in a number of regions, but nationwide. Now is the time to discuss not just family planning, but also other goals that can help Filipinos, and one of those is their living wage. That is our message for this year’s Popdev Week,” Perez said. Popcom celebrates the Population and Development (Popdev) Week between November 23 and 29. It is an annual celebration based on Proclamation 76 signed on October 20, 1992, by then President Fidel Ramos. The Week highlights the need for an invigorated and intensified campaign to address problems in the pace of the Philippine population growth and the country’s capability to provide for a growing nation.

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PHL to begin ‘working down’ debt by 2022, says DOF chief

B B D. N

@BNicolasBM

HILIPPINE officials are eyeing to begin winding down the country’s debt next year, according to Finance Secretary Carlos G. Dominguez III. Speaking before key government officials and business leaders from Japan, Dominguez on Wednesday said that while the country’s debt-to-GDP ratio climbed to 63.1 percent in the third quarter of this year, this is still “sustainable” given that most of the borrowings are sourced from the domestic market. Dominguez attributed the rise in the country’s debt as a percentage of GDP to the unexpected costs of the pandemic and lower revenue collection due to the lockdowns. “The stability of the peso indicates this. We expect to begin working down our debt by next year,” he said during the virtual Philippine Economic Briefing. The national government’s outstanding debt as of end-September this year ballooned to another record high of P11.92 trillion, already breaching the government’s expected level of debt stock of P11.73 trillion by the end of this year. This

was also higher by 27.2 percent or P2.55 trillion than P9.37 trillion in the same period in 2020. Earlier this year, the Department of Finance projected the debt-to-GDP ratio to settle at 59.1 percent by year-end and peak at 60.8 percent by 2022—slightly higher than the 60 percent internationally accepted threshold of debt as a percentage of GDP for emerging markets. However, the DOF earlier said it sees the country’s debt-to-GDP ratio going down to 60.7 percent in 2023 and 59.7 percent in 2024. It was only in 2019 when the country recorded its historic low debt-to-GDP of 39.6 percent. Nonetheless, Dominguez said the affordability of debt remains “well-manageable” with interest payments as a share of revenues declining from 24.4 percent in 2010 to just 15.2 percent in September 2021. Meanwhile, interest payments

FINANCE Secretary Carlos G. Dominguez III

as a share of expenditures also improved from 19.3 percent in 2010 to just 10.1 percent in September 2021. “The share of debt denominated in foreign currency declined to 29.6 percent as of the third quarter of 2021 from 42.4 percent in 2010. Thus, the risk of peso depreciation inflating the debt level has been significantly reduced,” he said. As for the government’s programmed budget deficit, Dominguez said this will start to decline next year at 7.7 percent of GDP. “This is well-supported by the rebound of revenue collections, which puts much less pressure on our borrowing requirements and debt sustainability threshold,” he said. In the same event, Dominguez urged Japanese business leaders

to invest in the Philippines, especially now that corporate income taxes have been reduced and the fiscal incentives regime has been rationalized under the Corporate Recovery and Tax Incentives for Enterprises law. The CREATE law provides an immediate 10-percentage-point cut in the corporate income tax rates of micro, small and medium enterprises, from 30 percent to 20 percent; while the rest of the corporations enjoy a 5-percentage point reduction, from 30 percent to 25 percent. It also provided flexibility in granting fiscal and nonfiscal incentives. “With CREATE, we see opportunities to strengthen investment and business partnerships with Japan especially in the areas of manufacturing, digital technology, renewable energy, and research and development activities,” he said. Dominguez vowed a ramping up in the rollout of the government’s infrastructure program for the rest of President Duterte’s term. “The modernization of our infrastructure should open many opportunities for Japanese businesses looking at the region for expanding their operations,” he said. The economic managers will continue to push for the passage of economic liberalization bills as well as the pending packages under the Comprehensive Tax Reform Program, particularly the improvements in the property valuation system and in the taxation on passive income and financial intermediaries, he added.

PHL hits... C  A

projection was revised downward from a surplus of $7.1 billion to $4.1 billion for this year on a “more guarded view” of economic recovery. The 2022 BOP projection has also been lowered from $2.7 billion to a $1.7-billion surplus. This means that the country should incur more than $1.8 billion in surplus in the last two months of the year to reach the BSP’s projection. Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael Ricafort said the country’s BOP is expected to further improve in the remaining months of the year. “BOP data could still improve in view of the seasonal increase in OFW remittances and conversion to pesos in preparation for the Christmas season in the latter part of the year and the increase in various corporate fund-raising activities banking transactions in the pipeline, especially from November-December 2021 before the Christmas holiday break,” Ricafort said. “Massive vaccination vs. Covid-19 locally and in some developed countries around the world towards herd immunity would fundamentally support improvements in economic recovery prospects, and thereby would, in turn, support increased structural US dollar inflows into the country such as OFW remittances, BPO revenues, foreign investments, some pick-up in foreign tourism receipts and POGO revenues eventually if fully vaccinated people would eventually be allowed to travel,” he added.

BSP to issue green finance rules

HE Bangko Sentral ng Pilipinas (BSP) is set to issue more regulations particularly directed at pushing sustainability as it streamlines the so-called “green financing” in the country. Speaking at the Stratbase ADR Institute for Strategic and International Studies (ADRI) Conference on Wednesday, BSP Governor Benjamin Diokno said one of their key approaches to sustainable finance is to mainstream it through the issuance of enabling regulations. According to Diokno, future regulations will be directed towards banks’ green investments, climate stress testing, prudential reporting, and potential regulatory incentives. “We view that banks can fully heed the call for action only when they have a clear and comprehensive understanding of the impact of environmental and social risks in their operations and business viability,” Diokno said. Earlier this month, the BSP joined the Central Banks and Supervisors’ Network for Greening the Financial

‘‘

‘Banks can fully heed the call for action only when they have a clear and comprehensive understanding of the impact of environmental and social risks in their operations and business viability.’—BSP Gov. Benjamin Diokno

System (NGFS) and its members in conveying contributions to achieving the global climate goals under the Paris Climate Agreement. The statement was made in light of the 26th United Nations Climate

Change Conference of Parties (COP26) summit in Glasgow, Scotland. In July 2020, the BSP also became a plenary member of the NGFS—a group of central banks and financial supervisors that voluntarily exchange experiences and best practices to enhance the financial sector’s environment and climate risk management and accelerate the transition towards a sustainable economy. “Banks are expected to progressively increase their targets on the proportion of the loan portfolio allocated for sustainable finance, and to consider environmental and social risks factors in credit underwriting and determining allowance for credit losses,” Diokno said. “Banks are [also] expected to conduct vulnerability assessment of their operations, systems, and offices or branches to physical risks and other natural disaster events. The results of the assessment should feed into the potential enhancement of business continuity plans of banks,” the governor added. Bianca Cuaresma

‘Q4 growth to be driven by spending on infra, polls’ C  A

The group added that crude oil prices have also “flattened” and will not be a threat to increasing inflation and cutting economic growth until the first quarter of next year. The think tank said inflation will likely slow to below 4 percent in November and average below 3 percent in the first quarter of 2022. However, FMIC-UA&P Capital Markets Research said the pesodollar exchange rate may have an appreciation bias in the last two months of the year as overseas Filipino workers (OFWs) send home remittances in time for the holidays. “The unexpectedly good third GDP expansion has added more optimism to firms and consumers. Initially, they had put their hopes on much reduced restrictions in Metro Manila and the faster rollout of Covid-19 vaccines, and all these should yield better fruits in

the fourth quarter,” the think tank said. Earlier, despite its being below pre-pandemic level, Socioeconomic Planning Secretary Karl Kendrick T. Chua said GDP growth is on track to attain the high end of the government’s GDP targets this year pegged at 4 to 5 percent by year-end. For National Statistician Claire Dennis S. Mapa, in order to attain the low end of the government’s target, the country’s GDP only needs to grow 1.7 percent in the last quarter of the year. To achieve the high end of the target, the country needs GDP growth of 5.3 percent. Chua said the remaining eight months of the Duterte administration will see the government working toward making the country resilient to Covid-19. He said the government is bent on implementing policies that will ensure the economy returns to the “path of rapid and more inclusive growth.” Cai U. Ordinario

NG INFRA SPENDING SURGES 42% AS OF Q3’S END C  A

Last year, it spent P869.5 billion on infrastructure, or 4.8 percent of the country’s GDP. The Cabinet-level Development Budget Coordination Committee also further raised the infrastructure program to P1.29 trillion in 2022. It will then slightly taper off to P1.28 trillion in 2023 following the updated projections for the National Tax Allotment and the block grant to the Bangsamoro Autonomous Region in Muslim Mindanao before reaching P1.35 trillion in 2024.

Economy BusinessMirror

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Editor: Vittorio V. Vitug • Thursday, November 25, 2021 A3

Philippine food sector earns $597.34M from Chinese expo

By Tyrone Jasper C. Piad

@TyronePiad

HE Philippine food export industry raked in $597.34 million worth of revenues during the recently concluded Chinese International Import Expo (CIIE) in Shanghai, China, the Department of Trade and Industry (DTI) reported on Wednesday. In a news statement, the trade department said this is 29.3 percent better than the onsite export sales of

$462 million in previous year’s CIIE. Bulk or $575.03 million of the export deals came from memoran-

dum of understanding sales. The remaining was earned from business matching activities organized by the department. “This year’s results show the continuously growing trade relationship between the Philippines and China. We are grateful to have the opportunity to showcase outstanding Filipino food products in the international market and are looking forward to expanding this relationship in other industries,” DTI Undersecretary for Trade Promotions Group (TPG) Abdulgani Macatoman said. The country’s pavilion in the expo hosted 40 firms that offered tropical fruits, processed fruits and veg-

etables, healthy snacks, seafood and marine products and other premium food products. The delegation was represented under the FOODPhilippines signature brand of Center for International Trade Expositions and Missions (CITEM). “The Philippines is a great sourcing destination for food products because of its diverse agricultural landscapes and rich gastronomy. Especially with this pandemic, the demand for healthy products is high and the country is poised to be a leader in this category,” CITEM Executive Director Pauline SuacoJuan said. “Our promotion of Philippine

food to China and other countries does not end with our participation in CIIE. We are continuously promoting our export products 24/7, anytime anywhere through IFEXConnect.cn, our B2B platform for food exporters, and FOODPhilippines.cn, our community platform for Filipino food,” she added. The CIIE participation by the Philippine delegation was supported by the Foreign Trade Service Corps through the Philippine Trade and Investment Centers in Beijing, Shanghai, Guangzhou, and Hong Kong, Export Marketing Bureau and Liwayway Corp. The delegation includes the De-

partment of Agriculture, Department of Tourism, Philippine Exporters Confederation Inc. and the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. Among the participating firms are AG Grays Farm, Agrinurture Inc., Avante Agri-Products Philippines Inc., B&C Healthy Snack Foods Inc., Castillo Import Export Ventures Inc., Century International (China) Co., CJ Uniworld Corp., Century Pacific Agricultural Ventures Inc., DOLE Asia Holdings Pte. Ltd; DOLE Packaged Foods (Shanghai) Co. Ltd, Eau de Coco, Eng Seng Food Products, Excellent Quality Goods Supply Co., Fisher Farms and Gerb Golden Hands Trading.

Biz chambers and groups press congressional passage of EV bill

OCAL and foreign business groups sought for the immediate approval and ratification of the bill pertaining to electric vehicles (EV) by the House and Senate. In a joint statement issued on Wednesday, the parties said they hope to have the ratification be completed before Congress goes into recess on December 15. The signatories noted that the House of Representatives approved the Electric Vehicle Industry Development Act on third and final reading back in September. This, after the Senate greenlighted

the Electric Vehicles and Charging Stations Act. In an Aug ust 31 letter to Congress, the business groups supported the measure that creates a national EV energy policy framework, extend assistance to critical EV infrastructure and provides incentives to accelerate adoption of EVs and charging stations. They also enjoined the Philippines to participate immediately in the global EV shift. “[S]uch a shift away from the dominant propulsion system for motor vehicles is nothing less than revolutionary

and needed to meet rising health and environmental concerns,” the groups said. The bill will allow the country to have greater participation in the EV supply chain, they said, in addition to addressing health and environmental concerns. The value chain includes the components, batteries and charging stations. The Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act can also attract future investors in EV manufacturing given its incentives menu, the groups noted.

“Passage of the measure enables and supports the Department of Trade and Industry in its endeavors to promote the Philippines as a regional hub for EV manufacturing,” they said. The signatories include the American Chamber of Commerce of the Philippines, Australian-New Zealand Chamber of Commerce of the Philippines, Canadian Chamber of Commerce of the Philippines, Electric Vehicles Association of the Philippines (EVAP), European Chamber of Commerce of the Philippines and IT and Business Process Association of the

Philippines. In add it ion, t he Japa nese Chamber of Commerce and Industry of the Philippines Inc., Korean Chamber of Commerce of the Philippines Inc., Management Association of the Philippines, Philippine Association of Multinational Companies Regional Headquarters Inc., Philippine Parts Maker Association Inc. and Semiconductor and Electronics Industries in the Philippines Foundation Inc. also signed the statement. Ea rl ier, EVA P sa id it sees a positive out look for the EV indust r y g iven t he “g row ing

interest” from the par t of potential investors and regulator y moves to beef up the sector despite the pandemic delay ing its progress. Registered EVs slid by 35 percent to 1,015 units last year from 1,570 units in 2019. From 2010 to 2020, the country has 12,965 EVs registered with the Land Transportation Office (LTO). These include mostly e-trikes (7,100) and e-motorcycles (4,845). Others are e-jeepneys (679), e-cars (276), e-sports utility vehicles (43), e-trucks (12) and e-buses (10). Tyrone Jasper C. Piad

The Nation

A4 Thursday, November 25, 2021 • Editor: Vittorio V. Vitug

BusinessMirror

PHL wants ‘war on drugs’ probe to be deferred–ICC T

HE HAGUE, Netherlands—The Philippines has asked the International Criminal Court (ICC) to defer its crimes against humanity investigation linked to the country’s deadly “war on drugs,” the court’s chief prosecutor announced Tuesday. The request will delay and could even halt altogether the ICC probe into the deadly crackdown. The Philippines argues in a letter to ICC Prosecutor Karim Khan dated November 10, 2021, that it already is investigating the crimes and so the international court doesn’t have jurisdiction. “The court may only exercise jurisdiction where national legal systems fail to do so, which is certainly not the case in the Philippines,” the letter said, citing domestic investigations. Khan said that while his investigation, authorized by the court’s judges just over two months ago, must now be temporar-

ily suspended, his office “will continue its analysis of information already in its possession and any new information it may receive from third parties.” The ICC is a court of last resort for cases that countries are unwilling or unable to prosecute. Under the court’s rules, a country can request deferral of an investigation if it is already investigating the crimes. Khan said in a news statement that the nations seeking a deferral need to provide evidence of “concrete and progressive investigative steps” against suspects or alleged acts that fall under the ICC investigation. He said that he would ask the Philippines “to provide substantiating information regarding the investigations and proceedings” it mentions in its request seeking deferral. Philippine President Rodrigo Duterte has defended the crackdown as “lawfully directed against drug lords and pushers who

have for many years destroyed the present generation, specially the youth.” More than 6,000 mostly poor drug suspects have been killed, according to government pronouncements, but human-rights groups say the death toll is considerably higher and should include many unsolved killings by motorcycle-riding gunmen who may have been deployed by police. Duterte has denied condoning extrajudicial killings of drug suspects although he has openly threatened suspects with death and has ordered police to shoot suspects who dangerously resist arrest. Judges in September said there was a “reasonable basis to proceed with an investigation” into killings committed throughout the Philippines as part of the war on drugs, saying they appear to amount to a crime against humanity under the court’s founding statute. AP

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SIM card listing pushed amid text scam surge By Tyrone Jasper C. Piad @TyronePiad

CONSUMER group is calling for the immediate passage of SIM (subscriber identity module) Card Registration bill amid the recent surge of text scam messages. Laban Konsyumer President Victorio Mario A. Dimagiba told the BusinessMirror that the proposed measure will address fraud and deceptive sales practices. Dimagiba explained that “most of the scam and spam are from prepaid SIM cards” with no identity to be linked with the fraudsters. “This is also a strong deterrent against [fraudulent] criminal activity. Congress should be faulted for dragging its feet,” he said. “An Act to Eradicate Mobile Phoneaided Terrorism and Criminal Activities, Mandating for this Purpose Ownership Registration of All SIM Cards for Cellular Phones” or the “SIM Card Registration Act” is pending second reading in the Senate. The bill requires public telecommunication entities (PTE) to register the SIM cards as a prerequisite for their sale to avoid text scams, bank frauds and other related SIM card-aided crimes. The existing SIM card subscribers with active services, meanwhile, are enjoined to register with their PTEs within the year of the measure’s effectivity. Nonregistration during the prescribed period is a ground for SIM card deactivation. “The registration form required under this Act shall be accomplished electronically and shall be forwarded by the concerned PTE to a centralized database accessible by the NTC [National Telecommunications Commission] and DICT [Department of Information and Communications Technology],” Senate Bill 2395 noted. On Tuesday, the National Privacy Commission (NPC) revealed that their probe on the recent surge of spam text messages offering fake and “too good to be true” job opportunities points to an organized global syndicate. If proven true, Privacy Commissioner Raymund Liboro said “this also becomes a

matter of national security, which should compel government, the private sector and advocacy groups to work hand in hand and take more urgent and concrete action to safeguard.” He explained that the scammers’ modus operandi involves the offering of jobs to promote products online. The catch is: targeted victims must pay initially a fee before getting their commission afterwards, Liboro said. The NPC chief said that victims will only realize later that they have deposited a significant amount of money already to the bank account of the scammers, who will suddenly disappear with all the money. Other messages offer passive income opportunities and high-paying jobs, he added. Liboro advised the public to block the sender and delete the messages. In addition, he said that the public must be vigilant when providing consent of access to their personal information as it can be illegally processed. In a separate statement on Wednesday, e-commerce platform Lazada warned against the text scams, saying it will never send messages to the public asking for personal information. “These scams attempt to pass themselves off as official Lazada communication or impersonate Lazada personnel, enticing customers to participate in fake promotions or raffles or respond to job opportunities,” it explained. As such, Lazada reminded its users to only communicate or transact with Lazada using official platforms. The e-commerce firm said they are working with telecommunications partners and local law enforcement agencies to crack down on these scams. “Our customers’ security is our top priority,” it said. “Meanwhile, let us all stay vigilant and continue to flag such incidents.” FintchAlliance.ph Chairman Angelito M. Villanueva, in an interview with the BusinessMirror, said the recent incident involving the surge of smishing activities calls for furthering the awareness campaign on such types of scams.

Bicam okays bill raising statutory rape age to 16

HE congressional bicameral committee on Wednesday approved the bill raising the age of statutory rape from below 12 years old to 16 years old. In a news statement, Gabriela Party-list Rep. Arlene Brosas described the bicameral approval as a historical advance in the crusade for women and children’s rights. “This is one big leap for Filipino children’s rights, as the Philippines will no longer be the country with the lowest age of statutory rape in Asia,” she said. “Finally, the decades-old loophole in the law will be addressed, and we are one step away from adhering to our commitments to international conventions on women and children’s rights,” added Brosas. She said this development also perfectly fits the country’s celebration of Children’s Month this November, and the commemoration of the International Day for the Elimination of Violence Against Women (IDEVAW) on Thursday, November 25, 2021 (today). The Gabriela Party-list lawmaker said they would continue pushing for the other amendments to the Anti-Rape law, which were not tackled by the bicameral panel,

including broadening the definition of rape and the presumption of lack of consent in all cases of rape. For her part, House Committee on Welfare of Children Chairman Yedda Marie K. Romualdez said the proposal sets the age of sexual consent to below 16 years old from 12 years old below, regardless of sexual orientation of the offenders and victims, and amends the 23-year-old Anti-Rape Law, as well as the Revised Penal Code. “Child rape is an ugly and painful reality that we must collectively confront and address immediately and decisively. But it is not enough that we are indignant,” said Romualdez, adding, “Our indignation must translate into action, and concrete measures to stop it.” She added that the establishment of a minimum age of sexual consent is the most important and critical criteria in protecting minors from sexual violence since the present Anti-Rape law establishes the age of sexual consent at 12 years. If passed into law, any adult who has sexual intercourse with a minor below 16 years old will be guilty of rape even if the minor has given his or her consent to the sexual act. Jovee Marie N. Dela Cruz

BBM SUGGESTS BOOSTER SHOTS FOR PUV DRIVERS

RESIDENTIAL aspirant Ferdinand “Bongbong” Marcos Jr. is urging the government to administer booster shots to frontline transport workers as the economy gradually reopens amid the Covid-19 pandemic. The Partido Federal ng Pilipinas (PFP) standard-bearer said that more public-utility vehicle (PUV) drivers would be required to service the increasing number of people relying on public transportation. Marcos added that the PUV drivers would require higher levels of protection

due to the increased risks of exposure to the coronavirus. “Drivers and PUV operators are essential workers who are exposed to the risks of Covid-19. They provide a service that is crucial to our economic recovery. It is only fitting that we provide them the added protection that booster shots can provide,” Marcos said. The Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) has allowed an increase in public transport capacity to 70 percent as of November 4.

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

TheWorld

New Zealand to start reopening borders to world from January

ELLINGTON, New Zea land—New Zealand will reopen its borders to the world over the coming months, the government announced Wednesday, allowing for the return of displaced residents from January and tourists from April. The South Pacific nation imposed harsh border restrictions when the pandemic began, effectively banning tourists and requiring returning residents to spend two weeks in a quarantine hotel run by the military. At times, demand for quarantine beds has far outstripped supply, causing some displaced residents to wait months for available slots. For the first 18 months of the pandemic, the border measures were considered vital in keeping New Zealand free from the virus. But an August outbreak proved impossible to stamp out, prompting New Zealand to abandon its elimination strategy in October. Vaccination rates have also been rising, making the border measures increasingly hard to justify. Covid-19 Response Minister Chris Hipkins said the government had made difficult trade-offs to keep New Zealanders as safe as possible throughout the pandemic. “We acknowledge that it has been very tough. Families have been separated. People have found themselves having to shelter in places they did not expect to stay for prolonged periods of time,” Hipkins said. “We are acutely

aware of the impact that these restrictions have had on individuals’ lives and their livelihoods.” Under the government’s plan, all incoming travelers will still be required to isolate themselves for seven days, at least for now. Hipkins said it wanted to mitigate the virus risk posed by incoming travelers by reopening the border in stages. Fully vaccinated New Zealanders will be able to return from Australia without staying in quarantine from Jan. 16 and from other countries after Feb. 13. The door will then open in stages to tourists and other travelers from April 30. New Zealand is also removing a very-high-risk designation from certain countries including Indonesia, India and Brazil, allowing people from those countries to return or visit. New Zealand announced earlier this week that bars, restaurants and gyms can reopen in Auckland from December 2, removing the last remnants of a lockdown that began in the nation’s largest city in August. It also signaled a new phase in New Zealand’s response to the pandemic, in which people around the country will need to be fully vaccinated in order to participate in anything from getting a haircut to watching a concert. About 69 percent of New Zealanders are fully vaccinated, including 84 percent of those aged 12 and over. New Zealand has reported just 40 coronavirus deaths since the pandemic began. AP

BusinessMirror

Thursday, November 25, 2021

South Korea sets pandemic high with 4,000 new cases

EOUL, South Korea—New coronavirus infections in South Korea exceeded 4,000 in a day for the first time since the start of the pandemic as a Delta-driven spread continues to rattle the country after it eased social distancing in recent weeks to improve its economy.

The Korea Disease Control and Prevention Agency said most of the new 4,116 cases reported Wednesday came from the capital Seoul and its surrounding metropolitan region, where an increase in hospitalizations has created fears about possible shortages in intensive care units. The country’s death toll is now 3,363 after 35 virus patients died in the past 24 hours. The 586 patients who are in serious or critical conditions also marked a new high. South Korea is the latest country to see infections and hospitalizations rise after loosening social distancing measures amid high vaccination rates. Cases are also climbing in the United States ahead of the Thanksgiving holiday weekend, while Austria entered a major lockdown on Monday as a

virus wave spreads across Europe. Officials in South Korea eased social distancing rules starting this month and fully reopened schools on Monday in what they describe as first steps toward restoring some pre-pandemic normalcy. In allowing larger social gatherings and longer indoor dining hours at restaurants, officials had hoped that improving vaccination rates would keep hospitalizations and deaths down even if the virus continues to spread. But health workers are now wrestling with a rise in serious cases and fatalities among older people who rejected vaccines or whose immunities have waned after getting injected early in the vaccine rollout that began in February. “The rise in serious cases has been considerably higher than

People wait in line for coronavirus testing at a makeshift testing site in Seoul, South Korea on November 24. New Covid infections in South Korea exceeded 4,000 in a day for the first time since the start of the pandemic as a Delta-driven spread continues to rattle the country after it eased social distancing in recent weeks to improve its economy. AP/Ahn Young-joon

what we had expected,” Health Ministry official Son Youngrae said in a briefing. Son said officials are closely monitoring the situation and may announce steps to re-impose stronger social distancing measures in coming weeks if the spread continues to worsen. According to KDCA data, most of the virus patients who died in recent weeks were in their 60s or older, and the majority of them were not fully vaccinated or vaccinated at all. Son said there has also been a rise in breakthrough infections among older people who received two shots, showing how

the Delta variant is reducing the effectiveness of vaccines. Officials are now scrambling to speed up the administration of booster shots and create plans to share hospital capacities between the greater Seoul area and other regions with smaller outbreaks to prevent hospital systems from being overwhelmed. Son said the government has issued administrative orders to hospitals in the capital region to designate hundreds of more beds for virus patients. He said more than 83 percent of the region’s ICUs designated for Covid-19 treatment are currently occupied. AP

everyone the spiritual strength which triumphs over violence and overcomes evil with good.” Police say Darrell Brooks Jr., 39, was behind the wheel of the SUV that sped through the parade route Sunday in the city of Waukesha, killing five people and injuring 48 others in that Milwaukee

suburb. Waukesha Police Chief Dan Thompson said Brooks was leaving the scene of a domestic dispute that had taken place just minutes earlier. One of the pending legal cases against Brooks at the time was that he had deliberately hit a woman with his car in early November after a fight. AP

Russia and China sign roadmap for closer military cooperation Pope after US Christmas parade crash: May good overcome evil

OSCOW—Russia’s defense chief on Tuesday signed a roadmap for closer military ties with China, pointing to increasingly frequent US strategic bomber flights near both countries’ borders. During a video call, Defense Minister Sergei Shoigu and his Chinese counterpart Wei Fenghe “expressed a shared interest in stepping up strategic military exercises and joint patrols by Russia and China,” according to the Russian Defense Ministry. “China and Russia have been strategic partners for many years,” Shoigu said. “Today, in conditions of increasing geopolitical turbulence and growing conflict potential in various parts of the world, the development of our interaction is especially relevant.” Shoigu pointed to increasingly intensive flights by the US strategic bombers near Russian borders, saying that there were 30 such missions over the past month alone. “This month, during the US Global Thunder strategic force exercise, 10 strategic bombers practiced the scenario of using nuclear weapons against Russia practically simultaneously from the western and eastern directions,” Shoigu said, adding that they came as close as 20 kilometers (12 miles) to the Russian border. He also noted a rise in the number of US bomber flights over the Sea of Okhotsk where they practiced reaching the points for launching cruise missiles, saying that it poses a threat to both Russia and China. “In such an environment, the Russian-Chinese coordination becomes a stabilizing factor in global affairs,” Shoigu said. Wei praised Russia for successfully countering what he described as US pressure and military threats.

Shoigu and Wei hailed a series of maneuvers that involved Russian and Chinese warplanes and naval ships, and signed a plan for military cooperation for 2021-2025. On Friday, two Russian Tu95MS strategic bombers and two Chinese H-6K strategic bombers flew a joint patrol over the Sea of Japan and the East China Sea, prompting South Korea to scramble fighter jets. The bomber patrol followed joint naval maneuvers by Russian and Chinese warships and aircraft in the Sea of Japan last month. In August, Shoigu visited China to attend joint war games, which marked the first time that Russian troops had taken part in drills on Chinese territory. They were the latest in a series of war games in recent years, intended to underline increasingly close military relations between Moscow and Beijing. Russian President Vladimir Putin and China’s leader, Xi Jinping, have developed strong personal ties to bolster a “strategic partnership” between the former Communist rivals as they both faced tensions with the West. Russia has sought to expand ties with China as its relations with the US and its allies sank to post- Cold War lows over Moscow’s 2014 annexation of Ukraine’s Crimea Peninsula, accusations of Russian hacking attacks, interference in elections and other disputes. Even though Russia and China in the past rejected the possibility of forging a military alliance, Putin said last year that such a prospect can’t be ruled out. He also has noted that Russia has been sharing highly sensitive military technologies with China that helped significantly bolster its defense capability. AP

OME—Pope Francis sent his condolences Tuesday to the victims of the Christmas parade crash in Wisconsin that killed five people and said he was praying for “spiritual strength which triumphs over violence and overcomes evil with good.” The Vatican secretary of state,

Cardinal Pietro Parolin, sent the telegram of condolences on behalf of Francis to the archbishop of Milwaukee, Monsignor Jerome Listecki. Francis asked that those affected by the “tragic incident” know he is spiritually close to them, and called on “the Lord to bestow upon

Samsung says it will build $17-B chip factory in Texas

amsung said it plans to build a $17 billion semiconductor factory outside of Austin, Texas, amid a global shortage of chips used in phones, cars and other electronic devices. “This is the largest foreign direct investment in the state of Texas, ever,” Texas Gov. Greg Abbott said in announcing the project Tuesday. Samsung said it will start building the Texas plant next year and hopes to begin operations in the second half of 2024. The South Korean electronics giant chose the site based on a number of factors, including government incentives and the “readiness and stability” of local infrastructure, said Samsung Vice Chairman Kinam Kim, speaking alongside the Republican governor. The chip shortage has emerged as both a business obstacle and a serious US national-security concern. Short supplies of semiconductors kicked off by Covidera shutdowns have hampered production of new vehicles and electronic devices for more than a year. New questions of economic and national security are also at stake since many US companies are dependent on chips produced overseas, particularly in Taiwan, which China has long claimed as its own territory. “It’s a concentration risk, a geopolitical risk” to be so reliant on Taiwan for much of the world’s

chip production, said Nina Turner, a research analyst at IDC. She said the current shortages will likely subside but there will be a longterm demand for chips as more and more everyday products rely on them. Many chipmakers are spreading out their manufacturing operations in response to the shortages, which have taken a toll on sectors from automakers to the video game industry. “It makes sense for the supply chain to be a bit more diversified geographically,” said Angelo Zino, an analyst at CFRA. “You’re clearly seeing some new foundry capacity plans being announced in the US as well as Europe.” Zino said another factor is the expectation that Congress will approve federal subsidies for the semiconductor industry to build its factories in the US, in the hopes it will bring jobs, lessen future supply concerns and give the US more leverage over economic rivals like China. Samsung had previously indicated it was exploring sites in Texas, Arizona and New York for a possible new US chip plant. It has had a chip fabrication plant in Austin, Texas, since the late 1990s. But most of its manufacturing centers are in Asia. Samsung said it expects to spend $17 billion on the Texas project, which will make it the

company’s largest investment in the US. It said the new facility will boost production of high-tech chips used for 5G mobile communications, advanced computing and artificial intelligence, and also improve supply chain resilience. The US share of the worldwide chip manufacturing market has declined from 37 percent in 1990 to 12 percent today, according to the Semiconductor Industry Association, a trade group. The Biden administration has been pushing for Congress to pass the $52 billion CHIPS Act to increase computer chip manufacturing and research. Separate legislation also under consideration would create a new tax credit for investment in semiconductor manufacturing facilities. Samsung’s Kim was effusive about Republican-led Texas in his comments Tuesday but also credited partnerships with the Biden administration and congressional leaders from both parties. Abbott said the project will benefit from “multi-tiered” incentives at the federal, state and local levels. “Increasing domestic production of semiconductor chips is critical for our national and economic security,” said US Commerce Secretary Gina Raimondo in a written statement praising Samsung’s announcement. Several chipmakers have signaled an interest in expanding their American operations if the

US government is able to make it easier to build chip plants. Micron Technology, based in Boise, Idaho, said it will invest $150 billion globally over the next decade in developing its line of memory chips, with a potential US manufacturing expansion if tax credits can help make up for the higher costs of American manufacturing. Pat Gelsinger, the CEO of Californiabased chipmaker Intel, has urged the US to focus its semiconductor subsidies on American companies. Intel earlier t his year announced plans to invest $20 billion in two new factories in Arizona. Taiwan Semiconductor Manufacturing Co., or TSMC, has been building its own plant in Arizona. Samsung is the dominant player in the market for the memory chips that are key to smartphones and other gadgetry, but Zino said it’s also expanding its role on the “foundry side,” meaning the manufacture-for-hire of chips designed by other firms. “My expectation is it’s going to be foundry-based in nature,” he said of the Texas plant. “It’s in line with their intent to triple their foundry capacity.” Other countries have made similar pushes to get chips made closer to where they are used. The European Commission earlier in November said it could approve aid to fund production of semiconductors in the 27-nation bloc. AP

Thursday, November 25, 2021

TheWorld BusinessMirror

Germany faces grim coronavirus milestone with leadership in flux E

SCHWEILER, Germany— Germany is set to mark 100,000 deaths from Covid-19 this week, passing a somber milestone that several of its neighbors crossed months ago but which Western Europe’s most populous nation had hoped to avoid. Teutonic discipline, a robust health care system and the rollout of multiple vaccines—one of them homegrown—were meant to stave off a winter surge of the kind that hit Germany last year. Yet complacency and a national election, followed by a drawnout government transition, saw senior politicians dangle the prospect of further lifting restrictions even as Germany’s infection rate rose steadily this fall. “Nobody had the guts to take the lead and announce unpopular measures,” said Uwe Janssens, who heads the intensive care department at the St. Antonius hospital in Eschweiler, west of Cologne. “This lack of leadership is the reason we are here now,” he said. Doctors like Janssens are bracing for an influx of coronavirus patients as confirmed cases hit fresh daily highs that experts say is also being fueled by vaccine skeptics. Resistance to getting the shot— including the one developed by German company Biontech together with its US partner Pfizer—remains strong among a sizeable minority of the country. Vaccination rates have stalled at 68 percent of

the population, far short of the 75 percent or higher that the government had aimed for. “We’ve increasingly got younger people in intensive care,” said Janssens. “The amount of time they’re treated is significantly longer and it blocks intensive care beds for a longer period.” Older people who got vaccinated early in 2021 are also seeing their immunity wear off, making them vulnerable to serious illness again, he said. Echoing problems seen during the initial vaccine rollout, authorities have struggled to meet demand for boosters even as they tried to encourage holdouts to get their first shot. Some German politicians are suggesting it’s time to consider a vaccine mandate, either for specific professions or for the population as a whole. Austria took that step last week, announcing Covid-19 shots will become compulsory for all starting in February after seeing a similar reluctance to get vaccinated fuel fresh outbreaks and hospitalizations. Germany’s outgoing Chancellor Angela Merkel said in June that she didn’t favor such a measure. Signaling a possible shift in position, Merkel summoned leaders from the three parties negotiating to form the next government for talks Tuesday at the chancellery to discuss the pandemic situation.

SC affirms Duterte discretion on WPS row

Pakistan’s Lahore becomes world’s 3rd most polluted city

Continued from A10

“If President Duterte now sees fit to take a different approach with China despite said ruling, this does not by itself mean that he has, as petitioner suggests, unlawfully abdicated his duty to protect and defend our national territory, correctible with the issuance by this Court of the extraordinary writ of mandamus,” the SC pointed out. “Being the Head of State, he is free to use his own discretion in this matter, accountable only to his country in his political character and to his own conscience,” it added. The SC stressed that the decision of how best to resolve the ongoing territorial disputes with China—either militarily, diplomatically or legally—belongs to the jurisdiction of the political branches of the government. “While we are loath to give a ‘ blank check ’ especially where the risk of grave abuse of discretion may be high, we cannot have an ‘entrammeled executive’ who will be ill-equipped to face the ‘amorphous threat[s] and perpetrators whose malign intent may be impossible to know until they strike,” the High Tribunal declared. “Bar r ing v iolations of t he limits provided by law and the Constitution, we should take care not to substitute our exercise of discretion for his. As ‘the branch that knows least about the national security concerns that the subject entails,’ we cannot, in the words of Justice Scalia (US SC Justice Antonin Scalia), just simply ‘ blunder in,’” it added.

A HOR E , Pa k i s t a n — L a hore on Tuesday became t he world ’s t h i rd most polluted city as increasing smog has engulfed Pakistan’s cultural capital, an air quality monitoring company said. The bad air has sickened hundreds with respiratory and other illnesses. Lahore ranked third behind Dhaka, the capital of Bangladesh, and Mongolia’s capita l Ulaanbaatar on the pollution index, according to Switzerlandbased air quality information

Merkel’s likely successor, current Finance Minister Olaf Scholz of the center-left Social Democrats, has refused to be drawn on whether he would back compulsory Covid-19 shots. Together with the environmentalist Greens and the pro-business Free Democrats, his party recently passed a law that replaces the existing legal foundations for pandemic restrictions with narrower measures, starting Wednesday. These include a requirement for workers to provide their employers with proof of vaccination, recovery or a negative test. But the change also makes it harder for Germany’s 16 governors to impose hard lockdowns without getting approval from state assemblies. Getting those majorities may be hardest in those states where case numbers are highest. A recent study found infection rates are higher in areas where support is biggest for the far-right Alternative for Germany, a party that has campaigned against pandemic restrictions. Last week Saxony, an eastern state with the highest infection rates and where the Alternative for Germany is particularly strong, announced that crematoria would be allowed to operate on Sundays to cope with the higher-than-usual number of deaths. Meanwhile, German authorities have activated an emergency system to coordinate the

platform IQA ir. Increasing air pollution and smog have forced authorities to order a partial closure of schools in Lahore, once known as the city of gardens. Authorities said they closed some factories and some were fined for not using technology that helps in controlling pollution. Doctors are advising people to wear face masks to avoid respiratory related diseases. Rafeh Alam, a environmental expert who has been campaigning to create awareness among people

UN refugee body decries Thailand’s deportation of Cambodian activists

HNOM PENH, Cambodia— The UN refugee agency has condemned Thailand’s deportation of three Cambodian political activists back to their home country, describing it as part of a “trend” of returning Cambodian refugees across the border where they face the risk of persecution. Thailand expelling the three activists contravened the protections given to refugees under humanitarian law, the UN refugee agency said in a statement on Monday. “We are extremely alarmed by this trend of forcibly returning refugees to Cambodia, where they face a serious risk of persecution,” the statement quoted as saying Gillian Triggs, UNHCR’s Assistant High Commissioner for Protection. The UN statement followed on the deportation from Thailand of the third Cambodian activist on Saturday, even though the agency had informed Thai authorities of her refugee status. Details of the activist’s identity were not immediately shared. Cambodia has a histor y of legally harassing critics of the

government of Prime Minister Hun Sen, who has been in power for 36 years. Earlier this month, Thailand deported to Cambodia Voeun Veasna and Voeung Samnang, who were both wanted in their home country for charges related to online postings critical of the government. Both activists were members of the Cambodia National Rescue Party, the popular opposition party that was ordered dissolved by Cambodia’s high court in 2017, according to Human Rights Watch. Cambodian and Thai authorities have claimed they were following normal legal and border control procedures. A spokesman for Cambodia’s Nat iona l Pol ice, Gen. C h hay Kim Khoeun, told The Associated Press all three nationals were now in pre-trial detention, after being expelled by the Thai authorities. A spokesman for Thailand’s Immigration Bureau, Police Major Gen. Achayon Kraithong, said he could not confirm the UN’s version of events and that it was his agency’s duty to deport people who enter the country illegally. AP

distribution of seriously ill patients across the countr y. Earlier this month, two patients were taken from southern Germany to Italy for treatment, a sig nif icant change f rom last year, when Italian patients were being sent to German hospitals. Germany boasted almost four times as many intensive care beds per capita as Italy had then, a factor that experts say was key to the low German death toll at the time. Since January, Germany has had to cut its ICU capacity by 4,000 beds due to lack of staff, many of whom have quit because of the pressure they endured earlier in the pandemic. “It’s hard for people to cope with this, physically and psychologically,” Janssens said of the situation doctors and nurses face in the coming months. “We’ll survive, somehow,” he added. The World Health Organization’s European office warned this week that availability of hospital beds will again decide how well the region copes with the expected rise in cases over the coming months— along with vaccination rates. Based on current trends, Europe could see another 700,000 deaths reported across the 53-nation region by next spring, with 49 countries expected to see “high or extreme stress in intensive care units,” the agency said Tuesday. AP

about the dangers of increasing pollution, said many people, including women and children, have been exposed to toxic air, which causes several diseases. He urged the government to take measures to reduce air pollution. Adding to vehicle and industry pollution is the popular practice among poor Pakistani farmers of setting fire to remnants of the previous season’s crop before preparing land for the next planting. Winds worsen the pollution by further spreading smog across the region. AP

www.businessmirror.com.ph

Trust index: Covid-19 response most vital Continued from A10

Government and academe retained their scores of 76 and 90, respectively. The score of the church was up by 1 point to 91 while the media’s score jumped to 76 from 69 last year. “Meanwhile, sentiments of trust expressed in the digital space over the past two years have lowered across almost all institutions,” EON Head of Strategic Planning and Analytics Teddy Mapa said. “In terms of distrust, the government still holds mostly unfavorable views from social media users, with negative mentions comprising a majority of online conversations about it.” The percentage of distrust in government reached 44 percent in the online analysis, the highest among the institutions. This is followed by the media with 26 percent. NGO is the most trustworthy with 45 percent in terms of “trust.” Meanwhile, online conversations are mostly neutral towards the church and academe.

Trust drivers

The report also noted the other public trust drivers across the institutions. For church, Filipinos consider the integrity and honesty in accounting and handling funds and other resources; and separation of the church and state. The academe can earn trust if it helps develop human capital with the purpose of boosting productivity. In addition, the respondents want educational institutions to follow high ethical standards and foster innovation for economic growth. Media can be trustworthy if it is “always at the forefront when natural disasters/calamities/ pandemics happen” and “provides assistance to those seeking redress for grievances.” The report showed NGOs can further drive trust through engagements in “real programs” including the provision of jobs and livelihood, healthcare and educational assistance, in addition to continuous support to their advocacies. The trust drivers identified

for the government are: assistance such as housing, food and education to the poor, improvement on the economy and protection of Philippine territories. The most trusted government agencies are the Department of Education (91 percent), Pag-IBIG (89 percent), Department of Social Welfare and Development (88 percent), Government Service Insurance System (87 percent) and the Bangko Sentral ng Pilipinas (87 percent). Meanwhile, the least trusted are the Ombudsman (74 percent), Senate (74 percent), Office of the Vice President (75 percent), Department of Budget and Management (76 percent), Presidential Communications Operations Office (76 percent) and the Department of Finance (76 percent). For the business sector, the study noted the following as signs of trustworthiness: fair labor practices, good salaries and employee benefits and environment-friendly policies and programs. The most trusted in the business sector are food and beverage (91 percent), healthcare services (91 percent), pharmaceuticals (90 percent), telecommunications (88 percent) and water and sanitation (86 percent). The least trusted, on the other hand, are real estate and construction (71 percent), advertising and public relations (71 percent), alcohol and tobacco (70 percent), insurance (68 percent) and mining (52 percent).

Moving forward

The PTI report noted that majority of Filipinos (91 percent) will not be abandoning the country any time soon despite the crisis in the pandemic. Those who said yes are only looking for better job opportunities abroad and have no plans to migrate. “W hile the trust landscape for 2021 may be rosy to some a nd d iscourag ing to a few, 2022 offers a fresh chance for all institutions to do better by the Philippines,” Rodr ig uez concluded.

Release of accessories to Ampatuan massacre worries victims’ families Continued from A10

Reacting to the possibility of their release soon, Reynafe Momay-Castillo whose father, Reynaldo, is believed to be among the 58 people killed in Maguindanao, said such possibility raises security concerns for families who vigorously pursued the case against them. Castillo, who is now living in the United States, said 10 years of imprisonment for those tagged as accessories in the crime were not enough considering their vital role in making the crime possible. “I don’t know what to feel right now after knowing that they might be released soon. Security-wise, I’m concerned for the families who are still there. They (accused) are not human, we do not know what is in their minds … For me, 10 years is not enough, a life term I think that would suffice,” Castillo said. Reynaldo has yet to be considered by the court as one of the victims of the massacre since his body was never found; only a set of dentures that the family said belongs to the

victim were seen. Mary Grace Morales who lost her husband Rosell and sister Marites Cablitas in the massacre, also doubted that 10 years in jail are enough for the accessories. “I don’t know if there is still anything we can do about it because it went through court proceedings already. If they have already served their sentence, I don’t know if it is right to say that is already enough for them because they were part of the massacre,” Morales said. Rosell was a reporter for News Focus while Cablitas was a reporter for radio DxBX when they were killed. Meanwhile, the Department of Justice’s panel of prosecutors hand ling the A mpatuan case led by Deputy State Prosecutor Olivia Torrevillas assured the families that the panel stays committed to prosecute all those involved in the massacre. “While we are here in the department, that is our commitment to the Secretary of Justice. There are still 80-plus accused who are at large so while we are

here, we assure you that we will show the same commitment and same passion in prosecuting them,” Torrevillas said. The massacre was the single, deadliest attack on journalists in history and the worst electionrelated violence in the country. It took place on November 23, 2009 in Sitio Masalay, Buluan town in Maguindanao. The journalists were invited by then Buluan Vice Mayor and now Maguindanao 2nd District Representative Esmael Mangudadatu Esmael Mangudadatu to cover the scheduled filing of his COC at the Commission on Elections provincial office in Shariff Aguak. Around 200 armed men, mostly belonging to state-sanctioned paramilitary forces which they used as their private army, intercepted the convoy, led by Mangudadatu’s wife, and escorted them to Buluan town in Ampatuan where they were told to get off their vehicles. The victims were slaughtered and buried in hastily-dug graves using a government-owned excavator. Joel R. San Juan

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

No.

BIGCAT SOFTWARE SOLUTIONS, INC. 18/f Pbcom Tower, 6795 Ayala Avenue Cor. Rufino Street, Salcedo Vill., Bel-air, City Of Makati

YENCHAM, KRITSANASAK Thai Language-marketing Officer Brief Job Description: Create specific promotions for affiliates TRAN HOANG PHONG Vietnamese Language-supervisor Customer Service Brief Job Description: Initiate conversation to uncover customer needs

Basic Qualification: Degree holder; must fluently speak and write Thai language to cater foreign market Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Degree holder; at least 24 months of relevant experience Salary Range: Php 60,000 - Php 89,999

DAESANG PHILIPPINES CORPORATION Unit 501 Prestige Tower, F. Ortigas Jr. Road, Ortigas Center, San Antonio, City Of Pasig 3.

YOO, TAI-MYUNG Sales Manager

Basic Qualification: Experience in B2C business

Brief Job Description: Setting quotas manage the B2C business

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

15.

ZHANG, ZHENXI Mandarin Customer Support Representative 4.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints. LIN, SHIYUAN Chinese Cargo Office Agent Brief Job Description: Prepare Airline and Custom Documentation

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have skills in Chinese Documentation Salary Range: Php 30,000 - Php 59,999

DITO TELECOMMUNITY CORPORATION 11/f Udenna Tower Rizal, Drive Cor. 4th Ave., Bgc, Fort Bonifacio, City Of Taguig

PING, LAILU Chief Financial Advisor 6.

Brief Job Description: To report to the chief financial officer and provide strategic guidance on the development of complex and targetoriented financial business plans, management of the profit and loss reports, treasury, controlling and budgeting.

Basic Qualification: Bachelor’s degree holder in finance, accounting, business or related field and a master’s degree in accountancy; at least 10 years of experience in corporate finance and in the telecommunications industry and at least 5 years of management experience Salary Range: Php 150,000 - Php 499,999

FIS GLOBAL SOLUTIONS PHILIPPINES INC. 9th Floor Ecoplaza Bldg., 2305 Chino Roces, Pasong Tamo Avenue Extension, City Of Makati

JAIN, SATYAM Associate Director - Operations 7.

Brief Job Description: Requires a minimum of ten years of experience in a call center or customer service-related position in service industry and seven or more years management or supervisory experience.

Basic Qualification: Duties and responsibilities for senior management role, has overall responsibility for call center/site decisions and management, provides strategies direction, coaches and mentors junior management and supervisory staff, accountable for all results within the line of business, manages all teams of customers service associates within a contact center. Salary Range: Php 150,000 - Php 499,999

FLASH EXPRESS SOFTWARE (PH) CO., LTD. INC. 9th Flr. Arthaland Century Pacific Tower, 5th Avenue 30th Street Cor. 4th Avenue, Fort Bonifacio, City Of Taguig ZHU, JINHE Area Manager 8.

Brief Job Description: Provide training and development for staff, ensuring quality consistency across the region and increasing sales and profitability in their region LIU, ZHIGANG Asset Support Supervisor

Brief Job Description: Supervise, monitor, direct and influence wide-ranging aspects of high-end asset creation across multiple projects. LUO, TONGYU General Manager

10.

11.

Brief Job Description: Managing staff, overseeing the budget, employing marketing strategies, and many other facets of the business

LIU, DENGKE Head Of Transportation Management Brief Job Description: directing and overseeing transportation-related operations

WANG, WEI Hub Director 12.

Brief Job Description: Manage and guide mangers, evaluate business progress and create and institute strategies to accomplish the goals of the company.

WEI, YUAN Product System Supervisor 13.

Brief Job Description: Supervise, monitor, direct and influence wide-ranging aspects of high-end asset creation across multiple projects.

Basic Qualification: Job-relevant degree/ 5-10 yrs. Supervisory/managerial experience in logistics or operations/ multilingual Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Job-relevant degree/ 5-10 yrs. Supervisory/managerial experience in logistics or operations/ multilingual Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Job-relevant degree / 5-10 years supervisory / managerial experience in logistics or operations / Multilingual Salary Range: Php 150,000 - Php 499,999 Basic Qualification: Job-relevant degree / 5-10 years supervisory / managerial experience in logistics or operations / Multilingual Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Job-relevant degree / 5-10 years supervisory / managerial experience in logistics or operations / Multilingual Salary Range: Php 90,000 - Php 149,999 Basic Qualification: Job-relevant degree/ 5-10 yrs. Supervisory/managerial experience in logistics or operations/ multilingual Salary Range: Php 60,000 - Php 89,999

GRANDTECH SUPPORT SERVICES INC. 4/f U-2c One E-com Ctr. Bldg., Ocean Drive, Brgy. 076, Pasay City

14.

LIU, XING Site Technical Support-mandarin Brief Job Description: Reporting urgent maintenance and repair tasks

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

WEI, CANHONG Site Technical Support-mandarin Brief Job Description: Reporting urgent maintenance and repair tasks

16.

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

HE, AIYONG Elevator Technician

Basic Qualification: Electromechanical graduate

Brief Job Description: Installing and testing of elevators

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

No.

17.

Brief Job Description: Ensure sustainable business growth of adult nutrition health product by developing implementing and controlling marketing strategic plan that of brands equity management brand innovation, sales and promotion initiatives and manage the distributors appropriately.

Basic Qualification: Minimum Bachelor’s degree in Management and Marketing or equivalent. having 5 years of experience in Marketing/ Sales of consumer goods or nutritional products and international trading (ImportExport), brand management.

28.

To set up internal control of the group of companies and provide preventive control to all department YAP ZHAO YAN Laboratory Executive

20.

Brief Job Description: Assist and supervise testing of all raw materials and ingredients

Brief Job Description: answering inquiries, resolving problems, fulfilling requests and maintaining data base LONG, HUI Chinese Customer Service Representative

29.

Brief Job Description: answering inquiries, resolving problems, fulfilling requests and maintaining data base LU, QUANYUAN Chinese Customer Service Representative

30.

Brief Job Description: answering inquiries, resolving problems, fulfilling requests and maintaining data base MA, JIAQIAO Chinese Customer Service Representative

31.

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

LEONG HUP (PHILIPPINES), INCORPORATED Penthouse 6 Landsdale Tower, #86 Mother Ignacia Ave., Paligsahan, Quezon City Basic Qualification: TAN CHIN YUEH 3 years relevant working Breeder Farm Manager experience preferably with degree in related fields 18. Brief Job Description: Maintain a safe working environment and report farm Salary Range: operations of the President & CEO Php 60,000 - Php 89,999 Basic Qualification: CHEE CHENG HOONG Minimum degree in Internal Audit Manager accounting; minimum of 10 years experience 19. Brief Job Description:

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION HUANG, ZHIDA Chinese Customer Service Representative

KALBE INTERNATIONAL PTE. LTD. 137, Yakal St., San Antonio, City Of Makati DONNY BAMBANG IRYANTO Head Of Adult Nutrition

ESTABLISHMENT / ADDRESS

HIGHTOWER WAREHOUSE AND PROCESSING CENTER INC. Lot 31-b-4 & Lot 31-c, Seacom Road, Seacom Compd., San Antonio, City Of Parañaque

DEXIN 999, INC. Red Hotel No. 345, Edsa Cor. Don Carlos Revilla St., Barangay 147, Pasay City Basic Qualification: Able to speak and write in MANDARIN/FUKIEN and at least college level with related BPO experience.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Thursday, November 25, 2021

Brief Job Description: answering inquiries, resolving problems, fulfilling requests and maintaining data base YANG, YONG XUAN Chinese Customer Service Representative

32.

Brief Job Description: answering inquiries, resolving problems, fulfilling requests and maintaining data base YU, JIANGLONG Chinese Customer Service Representative

33.

Brief Job Description: answering inquiries, resolving problems, fulfilling requests and maintaining data base

Salary Range: Php 150,000 - Php 499,999 Basic Qualification: 2 years relevant working experience with 4 years degree in science subject

34.

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

SHELL SHARED SERVICES (ASIA) B.V. 16/f-25/f Solaris One Bldg., 130 Dela Rosa St., San Lorenzo, City Of Makati

NEO INCORPORATED North Tower Centrum Bldg., Aseana Avenue, Entertainment City, Baclaran, City Of Parañaque Basic Qualification: QIN, ZHONGLIANG With at least 6 months Chinese Speaking Business Analyst customer service experience/ good in oral communication 21. Brief Job Description: and written Assist/help customers, give customers information about product and services Salary Range: Php 30,000 - Php 59,999 NESTLE PHILIPPINES, INC. Rockwell Center 31, Plaza Drive, Poblacion, City Of Makati Basic Qualification: Minimum 5 years in technical SITTHINANCHAROEN, CHAROEN field preferably food Factory Engineer Manager manufacturing or consumer goods industry as Project Brief Job Description: Engineer; Has experience Provide engineering professional and technical leadership in managing and supervising 22. the factory; Ensure people health and safety, product safety people; Has background and environment are never compromised; Ensure that all in start-up of technical engineering activities enhance business objectives, product equipment quality Salary Range: Php 150,000 - Php 499,999 NIDEC MOTOR PHILIPPINES CORPORATION Unit 9/f Abd, North Tower Rockwell Business Center, Highway Hills, City Of Mandaluyong KOPA LOUDJOM, BRIGINETTE Basic Qualification: French Speaking Customer Service Bachelor’s degree graduate in any field; With 2-4 years of Brief Job Description: relevant IT technical support Responsible or providing technical assistance and support or customer service; Fluent 23. related to computer systems, hardware or software. in French both written and Responds to queries, runs diagnostics programs, isolates verbal. problems and determines and implements solution. Able to support both French and English customers. Document Salary Range: details of all calls, emails through creating/updating tickets. Php 60,000 - Php 89,999 OTSUKA-SOLAR PHILIPPINES INCORPORATED No. 7 & 9, Brixton Street, Kapitolyo, City Of Pasig Basic Qualification: Must hold a bachelor’s degree with major in accountancy, financial accounting or commerce ; has knowledge about taxation and customs MINO, KAITO policies; should be well-versed Finance Director in English and has a proficiency level in Japanese should be Brief Job Description: jlpt-n1; can write and speak The finance director is expected to provide strategic and effectively in Nihonggo, kanji, financial guidance to ensure that the company’s financial 24. hiragana and katakana dialects; commitments are met and develops all necessary policies should have experience and procedures to ensure the sound financial management in handling finance and and control of the company’s business; also, spearheads the warehouse operations for more operations of logistics/warehouse department; constantly, than 5 years; need to be keen sends report and correspondences in our japan office. to details, can handle multitasking job and willing to work in extended hours is needed Salary Range: Php 150,000 - Php 499,999

PADOVA FINE FOOD TECHNOLOGIES, INC. Unit 101 G/f Intrawest Bldg., 33 Annapolis St., Brgy. Greenhills, City Of San Juan KOC, BEYTULLAH International Cuisine Consultant Basic Qualification: International Chef Brief Job Description: 25. To perform the creation of unique methodology of Turkish Salary Range: menu, food marketing and kitchen supervision in line but not Php 60,000 - Php 89,999 limited to the introduction of new Turkish menu and other related menu supervision following HALAL. RIGHT CHOICE FINANCE CORP. 5e-1 Electra House Bldg., 115-117 Esteban Street, San Lorenzo, City Of Makati Basic Qualification: GAN KOK SHENG college graduate, fluent in Business Lending Development Officer English, preferably 6mos-1year customer service experience 26. Brief Job Description: answering inquiries, resolving problems, fulfilling requests Salary Range: and maintaining data base Php 30,000 - Php 59,999 Basic Qualification: CHEN, JIAZONG college graduate, fluent in Chinese Customer Service Representative English, preferably 6mos-1year customer service experience 27. Brief Job Description: answering inquiries, resolving problems, fulfilling requests Salary Range: and maintaining data base Php 30,000 - Php 59,999

ZHANG, QIANG Chinese Customer Service Representative Brief Job Description: answering inquiries, resolving problems, fulfilling requests and maintaining data base

ORELLANA SORIANO, WILSON ALONSO Delivery Assurance Advisor 35.

Brief Job Description: acts as primary point of contact for post schedule execution changes, e.g., credit/debit adjustment process, customer complaints

QUALIFICATION AND SALARY RANGE Basic Qualification: college graduate, fluent in English, preferably 6mos-1year customer service experience Salary Range: Php 30,000 - Php 59,999 Basic Qualification: college graduate, fluent in English, preferably 6mos-1year customer service experience Salary Range: Php 30,000 - Php 59,999 Basic Qualification: college graduate, fluent in English, preferably 6mos-1year customer service experience Salary Range: Php 30,000 - Php 59,999 Basic Qualification: college graduate, fluent in English, preferably 6mos-1year customer service experience Salary Range: Php 30,000 - Php 59,999 Basic Qualification: college graduate, fluent in English, preferably 6mos-1year customer service experience Salary Range: Php 30,000 - Php 59,999 Basic Qualification: college graduate, fluent in English, preferably 6mos-1year customer service experience Salary Range: Php 30,000 - Php 59,999 Basic Qualification: college graduate, fluent in English, preferably 6mos-1year customer service experience Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Native Spanish speaker Salary Range: Php 90,000 - Php 149,999

TOYO CONSTRUCTION CO. LTD. 3/f Planters Products Bldg., 109 Esteban St., San Lorenzo, City Of Makati KISHIMOTO, KAZUSHIGE Project Construction Manager 36.

Brief Job Description: Overall site management of civil and marine works under JICA STEP Loan Project

Basic Qualification: Proficient in both Japanese and English languages Salary Range: Php 60,000 - Php 89,999

TREVI FOUNDATIONS PHILIPPINES INC. U-2301 88 Corporate Center, 141 Valero Cor. Sedeno Sts., Bel-air, City Of Makati

CURRELI, SEBASTIANO Project Manager 37.

Brief Job Description: Controls the time, cost and quality of projects from residential, commercial and industrial buildings to roads, bridges and schools. He ensures the project is completed on time, within budget and the project’s objectives.

Basic Qualification: 5-8 years of project management and related experience. Proven ability to solve problems creatively. Experience seeing projects through the full life, cycle. Excellent analytical skills. Strong interpersonal skills and extremely resourceful. Proven ability to complete projects according to outlined scope, budget and timeline. Salary Range: Php 150,000 - Php 499,999

SURRA, GIUSEPPE Site Superintendent 38.

Brief Job Description: Supervise activity for installation (i)of large diameter offshore bored piles from floating barges/marine facilities, (ii)rc diaphragm walls with stop-ends and (iii)ground improvement by deep mixing

Basic Qualification: Minimum 20 years of experience in geotechnical/ special foundations works and knowledge of soilmec equipment Salary Range: Php 150,000 - Php 499,999

UNHOOP PHILIPPINES, INC. U1006-1012 10/f Robinsons Jg Summit Center, 6783 Ayala Avenue, Bel-air, City Of Makati NAGASHIMA, KEITO Japanese Materials Developer 39.

Basic Qualification: Fluent in Japanese/Nihongo

Brief Job Description: Plans and creates learning programs and instructional materials for ESL learners of all levels and ages.

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

WELL TREASURE PHILIPPINES INC. Unit No.602-p, Flr., No.6/f Five E-com Center Bldg. Blk. No.18 Pacific Drive Ext. Mall Of Asia Complex Subd. Zone 10, Barangay 76, District 1, Pasay City SEKI, KYOSUKE Japanese Speaking Customer Service Representative 40.

Brief Job Description: Outstanding in resolving conflict, has patience, and adaptability to assist Japanese clients. With exceptional positive attitude and customer service skills towards Japanese clients.

Basic Qualification: Experience in management, , strong personal and judgment, with good oral communication skills specifically Japanese and English speaking. Salary Range: Php 30,000 - Php 59,999 *Date Generated: Nov 24, 2021

In the ad material of Notice of Filing of Application for Alien Employment Permits published on November 17, 2021, the company name of XIA, SHUSHENG, LIANG, XIA, ZHOU, JUNQUAN, and ZHANG, WEN under FLYING DRAGON NETWORK PHILIPPINES INC, should have been read as FLYING FUTURE SERVICES INC. located at 3/F SALCEDO ONE CENTER, 170 SALCEDO ST., SAN LORENZO, CITY OF MAKATI and not as published. Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

A8 Thursday, November 25, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Europe’s Covid lessons

arlier this month, the World Health Organization warned that Europe was once again the epicenter of the Covid-19 pandemic, saying it was the only region in the world where the number of cases was rising at an alarming rate. On Tuesday, WHO projected that Covid will kill 2.2 million people in Europe by next spring. It said there are three main factors driving the current high transmission rate: The European Region is “Delta dominant,” insufficient vaccination coverage, and the rather early and abrupt easing of restrictions.

Health experts said the fourth wave of Covid-19 in Europe is getting worse because millions of Europeans are still unvaccinated, and many of them are behaving as if the pandemic is over. From the Associated Press: “Germany’s health minister said Monday that the rapid rise in coronavirus cases means it’s likely everyone in the country who isn’t vaccinated will have caught Covid-19 by the end of the winter—and some of those will die. Official figures Monday showed more than 30,000 newly confirmed cases in Germany over the past 24 hours—an increase of about 50 percent compared to one week ago. The country is expected this week to pass 100,000 coronavirus-related deaths since the start of the pandemic.” Unrest is spreading in Europe as Covid lockdowns return. Protest marches that bring tens of thousands of the unvaccinated from Croatia to Italy, from Austria to Belgium and the Netherlands, all had one message from a Covidweary crowd—we’ve had enough! European Union officials made clear on Monday that a return to bygone days was still out of the question and that the violence at some of the marches was counterproductive, according to an AP report. Calling those who abused the protests to foment violence “idiots”, Dutch Prime Minister Mark Rutte condemned rioters in Rotterdam and across the Netherlands after Covid protests there and in Brussels descended into violence amid simmering anger at lockdown measures being put into place in an attempt to rein in soaring infections. In Austria, the government announced a 10-day nationwide lockdown on Friday as the average daily Covid deaths tripled in recent weeks and hospitals in hard-hit states warned that intensive care units were hitting capacity. Health Minister Wolfgang Mueckstein said the lockdown was needed to bring down the number of new daily infections, which have spiked to as high as 15,000 a day, and to reduce the number of virus patients in intensive care. But most of all, he said, it was needed to bring relief “to the people who work in this sector, the nurses and doctors who cannot take it anymore.” Austria also pledged to be the first European country to mandate vaccines beginning February 1. The country has one of the lowest vaccination rates in Western Europe, about 66 percent of its population of 8.9 million people, with a vocal minority who refuse to be inoculated. There are valuable lessons we can learn from Europe’s fourth wave of Covid infections: Unvaccinated citizens remain a risk to the whole community. Places where inoculation rates are low can become hot spots because they give the virus so many vulnerable hosts to attack. “Large numbers of unvaccinated people do make variants more likely,” said Christopher Martin, a professor of public health at West Virginia University. “Each of us remains at risk so long as there are large numbers of unvaccinated people anywhere in the world.” Scientific evidence shows that increased vaccinations help contain infections and avoid more Covid deaths. The Philippines has vaccinated about 36 percent of the country’s population. Hopefully, the three-day nationwide vaccination drive from November 29 to December 1 can exponentially increase the country’s vaccination rate. We have a long way to go to attain herd immunity. Scientists initially estimated that 70 percent of the population needed to acquire resistance to the coronavirus to banish it. The DOH said health experts have recommended that government raise the target to “up to 90 percent” from the initial 70 percent because the new Covid variants have lowered the efficacy of available vaccines. Government needs to roll out more nationwide vaccination drives to protect citizens from Covid infection and probable death. Amid the pandemic, three words can help us in our efforts to save our livelihoods and spur economic growth—vaccinate, vaccinate, vaccinate.

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How will the next govt address Covid, debt and other ‘surging’ problems? Dr. Rene E. Ofreneo

LABOREM EXERCENS

fter one year and three quarters of rolling quarantine programs (ECQ, MECQ, GCQ, MGCQ), the surge in Covid cases appears to be subsiding.

The economic toll is terrible— a gross domestic product (GDP) growth rate of minus 9.5 percent in 2020, the worst since the end of World War II. The quick “V” recovery pathway imagined by Neda middle of last year has become a prolonged “L” curve. There are no signs that the economy will be back to its pre-pandemic level soon despite the lowering of Alert Levels across the country. How will the next president and his/her economic team manage a flattened economy and engineer a recovery? In particular, how will the next administration address the other socio-economic problems that have surged since the second quarter of 2020—debt, deficits, unemployment, poverty and hunger? The national debt of P7.7 trillion in 2019 swelled to P9.8 trillion in 2020, or more than P2 trillion. As a result, the debt-to-GDP ratio of 39.6 percent, the lowest since the 1970s, increased to 54.5 percent end of 2020. In 2021, more borrowings are being recorded. As of September 2021, the total national debt reached P11.9 trillion, raising the debt-toGDP ratio of the country ominously to 63 percent. The Philippines is

headed today towards a debt-to-GDP ratio of 65 percent or higher by the end of 2021. How sustainable is the debt situation? This is a troubling question because debt sustainability depends on the sustainable growth of the economy. Meantime, there are other alarming figures, which need to be monitored by the citizenry. These are as follows: National government debt service is surging. In 2020, the total debt service was P962 billion, with P380 million going to interest payments. In 2021, the total debt service is projected to soar to over P1.5 trillion, and over P2 trillion in 2022 (from Bureau of Treasury web site)—unless there are major negotiations being made with the lenders on possible debt service postponement. Under Presidential Decree 1177, an old law enacted during the martial-law administration of President Ferdinand Marcos, the government is mandated to “automatically” allocate a certain amount of the national budget for debt service, a requirement of the IMF-WB-led Consultative Group of Creditor Countries for

So how will the next government address all these inter-related “surging” socio-economic problems? And what if a new and malignant Covid variant from China or Europe emerges and invades the country? How will the next president wage battle against all these “surging” problems? Resort to more borrowings and plunge the country into deeper uncertainty? the Philippines. With the unrepealed PD 1177, the debt service now accounts for at least one-fifth of the national budget. Surging budget deficit. Due to Covid spending, rising debt service and weakening government revenues from taxes, the budget deficit is also surging. The budget deficit in 2020 reached P1.4 trillion, virtually the same amount of the budget for Bayanihan 1. This 2020 deficit was twice the 2019 shortfall of P660 billion. For 2021, the deficit for the year is bigger and is poised to put the budget deficit near the dangerous level of 10 percent of the GDP, which means more borrowings! The surging debt, debt service and budget deficit are clearly worrisome. The country is sitting on a debt bomb. This is the reason why Fitch Ratings downgraded the Philippine credit rating, from BBB to negative. More downgrades mean more expensive loans and bad investment signals for the country. The way out is for the Philippines to subdue the Covid health crisis and put the country’s economy back towards the sustainable path. But is the

country doing well on the health and economic fronts? Available economic data are pointing southward. On the Covid containment program, there is very little to add to what the mass media have been reporting—disorganized response of DOH at the beginning, questionable system of health governance, maldeveloped and ill-equipped health sector, poor treatment of health workers, corruption scandals at PhilHealth and in the DOH-DBM procurement system, and so on and so forth. Surge in unemployment, poverty, hunger. On the economy, the most distressing developments for the Filipino working population are the surge in umployment, poverty and hunger. The PSA reported that the national unemployment rate reached 17.7 percent in April 2020, the highest since the end of World War II. In April 2021, the situation improved somewhat, with the unemployment rate declining to 8.7 percent or half of what the PSA recorded in April 2020. However, in terms of magnitude, the number of unemployed was still relatively high—4.14 million, or almost twice the pre-Covid 2.3 million in April 2019. The PSA reported also that there were “employed persons with job but not at work”, numbering 1.1 million. This is related with the lament of trade unionists: hundreds of thousands of workers placed in “furlough,” who are retained as employed workers and yet are not given any work and are not paid. The surge in unemployment means a surge too in poverty and See “Ofreneo” A9

Biden aims to do what presidents often can’t: Beat inflation By Paul Wiseman, Cathy Bussewitz & Christopher Rugaber AP Business Writers

ASHINGTON—LBJ tried jawboning. Richard Nixon issued a presidential edict. The Ford administration printed buttons exhorting Americans to “Whip Inflation Now.’’

Over the years, American presidents have tried, and mostly floundered, in their efforts to quell the economic and political menace of consumer inflation. Now, President Joe Biden is giving it a shot. Confronting a spike in gasoline and other consumer prices that’s bedeviling American households, Biden on Tuesday ordered the release of 50 million barrels of oil from the US strategic petroleum reserve. The move, done in coordination with several other major nations, is intended

to contain energy costs. Oil markets, having anticipated the move, were unimpressed with the details: Oil prices actually rose on the news. It was just the latest step Biden has taken to show he is doing everything he can to combat inflation as gasoline and food prices, in particular, have imposed a growing burden on American households. On Monday, he announced that he would reappoint Jerome Powell as chair of the Federal Reserve, a move meant in part to reassure financial markets that Washington is serious about

“I don’t think the president has many levers to pull to bring down the rate of inflation any time soon,” said Mark Zandi, chief economist at Moody’s Analytics. “The things he is doing are positive, and there’s no downside to them...but they are on the margins. They’re not going to move the dial very much.’’

containing consumer prices. Last month, he announced a deal to ease supply backlogs at the Port of Los Angeles by extending operations there to 24 hours a day, seven days a week. Yet none of the president’s actions is considered likely to make a meaningful dent in surging prices anytime soon. “I don’t think the president has

many levers to pull to bring down the rate of inflation any time soon,” said Mark Zandi, chief economist at Moody’s Analytics. “The things he is doing are positive, and there’s no downside to them... but they are on the margins. They’re not going to move the dial very much.’’ Inflation is always a tough foe, made even more complicated by the unusual recovery from the pandemic recession, with shortages of supplies and workers and shipping bottlenecks forcing up prices.

What is happening to consumer prices?

The government’s consumer price index skyrocketed 6.2% in the 12 months that ended in October— the sharpest such jump since 1990. Coming after nearly four decades See “Biden” A9

Opinion BusinessMirror

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What is the Strategic Petroleum Reserve?

Welcome to the Barnum and Bailey Show

By Cathy Bussewitz | AP Business Writer

EW YORK—When President Joe Biden ordered the release of 50 million barrels of oil from America’s strategic reserve to help reduce energy costs, he was taking aim at a growing burden for millions of Americans embarking on Thanksgiving travel. The step announced Tuesday, done in a rare coordination with several other nations, is among the few things a presidential administration can do to try to lessen the squeeze—and the political threat— of rising inflation. The likelihood of providing meaningful relief in the near future, however, is probably low. Still, any help in easing fuel prices, even modestly, would be welcomed by many Americans. Here is a look at what’s involved: Just what is the Petroleum Reserve? America’s Strategic Petroleum Reserve holds about 605 million barrels of oil in underground salt caverns in Texas and Louisiana. It was created following the 1970s Arab oil embargo to store oil that could be tapped in an emergency. But the dynamics of the global oil industry changed dramatically in recent years: Now the US exports more oil than it imports. There’s a limit to how much can be released at once. In the past the government has released about 1 million barrels per day. At that rate, the promised influx of 50 million barrels of crude could last about two months. Why did Biden tap the reserve? The idea is that by putting more oil on the market, prices will fall. That hasn’t happened yet. But depending on what happens in the rest of the world, there’s still a chance it could work. Oil prices rose slightly after the announcement. Traders were anticipating the news, and may have been underwhelmed by the details, said Claudio Galimberti, senior vice president for oil markets at Rystad Energy. “The immediate price reaction is not the final judgment on the effectiveness of this effort,” said Jim Burkhard, vice president at IHS Markit. “It will really be in the months ahead.” Whether the move is effective depends on several factors. What about Opec? The Opec oil cartel and its allies will be meeting in about a week to decide whether to increase production or to hold back, a strategy the group often employs to boost prices. Earlier this month, Biden had hoped Opec nations, led by Saudi Arabia, would agree to significantly boost production. But they only made modest increases. If Opec decides next week that it wants higher prices, its members could take oil off the market. “Just overnight, they could just offset it,” Burkhard said. “So that’s a big question mark, is how they react to this.” The coalition Biden assembled —bringing together India, China, Japan, South Korea and the UK to tap their strategic oil reserves—is unprecedented, Galimberti said. Altogether, the group could be adding 70 million to 80 million barrels of oil onto the market, he estimates. “It’s kind of a coalition of oil importers,” he added. “But can they really supplant, or can they really represent a rival to Opec-plus? The

Ofreneo. . .

continued from A8

hunger. The PSA still has to release data on poverty under Covid. But most studies suggest a doubling of poverty. The SWS, which measures poverty through “self-rated” surveys, puts the percentage of the population claiming to be poor to be around 50 percent. The SWS has also been reporting on the number of families experiencing hunger, which is defined as a situation arising from “lack of food to eat at least once in the past three months.” For April to May 2021, the number of families

The future of oil and gas in the US is a political flashpoint and source of tension, especially as companies and government agencies grapple with climate change and the transition to cleaner sources of energy. answer is absolutely not.” That’s because the group of importers are using their strategic petroleum reserves, which are limited. On the other hand, Opec and its allies have oil reserves that can last for decades. “So there is no comparison between the two,” Galimberti said. Will gasoline get cheaper? What many consumers want to know is what’s going to happen to gasoline prices at the pump. Many factors go into the price of gasoline. Refineries buy crude oil in advance, so they’re still working with more expensive oil, and states have differing tax rates that impact the price. Nevertheless, if Opec doesn’t respond by curtailing production, the influx of oil could lead to a gasoline price decrease of 10 cents to 15 cents per gallon, said Kevin Book, managing director at Clearview Energy Partners. Even if the price drop doesn’t happen, Biden can make the case that he tried. “Really, what we’re talking about are the most price-sensitive consumers in the economy,” Book said. “They may not show up in GDP numbers or recessions, but they show up in vote counts as marginal voters, who may or may not respond in the next election cycle, and I think if we get down to it that’s really what this is about.” Why does oil matter? The future of oil and gas in the US is a political flashpoint and source of tension, especially as companies and government agencies grapple with climate change and the transition to cleaner sources of energy. On the one hand, the US oil and gas industry has been praised by some political leaders for creating energy independence. Where the US once relied heavily on imports, other nations now rely on the US for oil. It’s also a job supplier: The oil and gas industry employs more than 10 million people in the US and contributes about 8% of the nation’s gross domestic product, according to the American Petroleum Institute. Any impact resulting from Biden’s release of oil from the strategic reserves “is likely to be short-lived unless it is paired with policy measures that encourage the production of American energy resources,” the API said in a statement. Companies that supply oil benefit from higher prices. But consumers don’t like it when those higher prices trickle down to the pump. “The broader drama is this new variable in the oil market: It’s the tension between aspirations to decarbonize and the practical concern to have low gasoline prices,” Burkhard said. “And there there’s a conflict between those two forces. And that’s why we’re going to continue to see dislocations between demand and supply.” experiencing hunger was estimated by SWS to be 4.2 million. So how will the next government address all these inter-related “surging” socio-economic problems? And what if a new and malignant Covid variant from China or Europe emerges and invades the country? How will the next president wage battle against all these “surging” problems? Resort to more borrowings and plunge the country into deeper uncertainty? Dr. Rene E. Ofreneo is a Professor Emeritus of the University of the Philippines. For comments, please write to reneofreneo@ gmail.com.

Thursday, November 25, 2021 A9

Val A. Villanueva

Businesswise

resident Duterte has doubled down on his claim that an unnamed presidential candidate is doing cocaine. He further ratcheted up his allegation by saying that this presidential aspirant who comes from a wealthy family “whose last name means strong” does the illegal act in places like on a yacht or a private plane. Duterte added that he only divulged the information so that he would not be blamed later for keeping it secret. “If you do not believe it,” he said, “then leave it that way.” This latest tirade coming from the highest official of the land has certainly added spice to the already saucy 2022 presidential election, which is replete with twists and turns that make it seem like a circus to many people. It’s amusing and at the same revolting. Just think of the thousands of poor, helpless people who were tortured or killed in Duterte’s relentless and vicious war on drugs without the benefit of due process. Now here is the president saying off the cuff that an influential presidential aspirant has a drug habit that is “only cocaine, not shabu,” which practically veils the former from criminal scrutiny. In the Philippines, shabu is a common street drug considered to be the “poor man’s cocaine”. But what has tickled the imagination of the public is the identity of the cocaine-using presidential aspirant whom Senator Ronald ‘Bato’ dela Rosa said will be later unmasked by his boss. According to Dela Rosa, the chief architect of Duterte’s brutal war on drugs, “The President does not need to be told that [he should name names]. He will later reveal the identity of that person.” Dela Rosa, who claims no firsthand knowledge, then ticked off some names: “Let’s check each one. Will Manny Pacquiao use illegal drugs? I don’t think [Leni] Robredo is also into using since she looks okay. Bong Go? I’m sure he’s not. Isko Moreno? I’m not so sure, he came from showbiz. Ping Lacson?

Biden. . .

continued from A8

of more or less stable prices, the CPI news represents a “once-in-a-generation uptick in inflation,’’ said Sarah Binder, a George Washington University political scientist who studies the Fed. “The problem is pretty stark because it’s something that voters notice. It’s hard to escape the impact of a spike in inflation on your daily life, whether it’s buying milk or buying gas.’’ The average price of regular gasoline has shot up to $3.40 a gallon from $2.11 a year ago, according to AAA. Compounding the pain and heightening the pressure on Biden, inflation has been outpacing Americans’ income. Adjusted for price increases, average hourly wages were actually down 1.2 percent last month compared with a year earlier. “Inflation is painful, and it’s always political,’’ said Diane Swonk, chief economist at the accounting and consulting firm Grant Thornton.

What’s behind the price spike?

It’s partly the consequence of very good news. The world economy— and America’s in particular—rebounded with unexpected speed and strength from last year’s brief but intense recession. It was a result of super-low interest rates, massive government spending and, eventually, the broad rollout of vaccines that allowed more of the economy to reopen. The swiftness of the rebound caught businesses off guard. A year and a half ago, they were bracing for the worst—laying off workers, letting shelves and warehouses go bare, reducing investment and factory output.

I’m very sure he’s not.” When pressed about what he thought of Ferdinand “Bongbong” Marcos Jr., he said: “I don’t have any knowledge on that. I don’t know about him.” The camp of Marcos Jr. said he is not the one being alluded to by the President, a statement deemed by critics as too defensive. Nonetheless, he took a drug test and, from the document shared with media, showed him negative for cocaine. Before him, Senator Panfilo Lacson and his running mate Senate President Vicente Sotto III voluntarily underwent drug testing and were reported negative for cocaine and other illegal drugs. In the early part of his tenure, President Duterte has been effusive in his praise for the son of the former dictator, expressing that he had hoped for Marcos Jr. to have won the vice presidential race. Duterte said he wanted to retire and wished for Bongbong to succeed him. The Marcos family is one of Duterte’s biggest donors in the 2016 presidential elections. In a 180-degree turn, the president now says: “What did that person do? What contribution has he made to the Philippines? Why are Filipinos so crazy about supporting that person? He warned the public, “Bahala kayo kung anong gusto ninyo na tao. Inyo ‘yan, ang akin lang, pagdating ng panahon, basta sinabi ko sa inyo, he is a very weak leader, ang character, except for the name… ang tatay… pero siya, anong ginawa niya?” (It’s up to you to choose the person you want. That’s yours, but as for me, when the time comes, as I told you, he is a very weak leader, his character, except for And energy companies did the same: They cut production of oil and gas as demand for transportation fuels plummeted. Once demand came roaring back, they were unprepared. They found themselves scrambling to call back workers and buy enough to fill customer orders. Ports and freight yards couldn’t handle the traffic. Countries competed over boatloads of overpriced liquid natural gas. Periodic Covid-19 outbreaks shut down Asian ports and factories. Global supply chains broke down. As costs rose, many businesses found that they could pass the burden along to consumers in the form of higher prices. In the meantime, many families had banked their government relief checks and built up their savings. Some critics also blamed Biden’s $1.9 trillion emergency aid package for overheating the economy and contributing to inflation pressures. Economists are divided over how long the inflation spike will last. Gus Faucher, chief economist at PNC Financial, predicts that inflationary pressures will ease as supply chains sort themselves out. “I expect to see inflation slow in 2022,’’ he said.

What can presidents do?

The White House has limited tools for reversing higher prices. That task belongs more to the Fed, which can raise borrowing costs to cool a sizzling economy. During the 1960s and 1970s, though, presidents increasingly felt pressure to do something about inflation because it had become a serious political threat. President Lyndon Johnson tried to persuade companies to forgo price increases and labor unions to limit

Duterte’s feud with his daughter has created a rift in what was believed to be a strong union between supporters of the incumbent president and the former dictator’s son. The Filipino people are now witnessing a spectacle of what many claim to be the mudslinging battle of the DDS (Duterte’s Davao Supporters) and BBM (Bongbong Marcos) “troll farms.”

the name…his father… but he, what has he done?”) While the president continues his diatribes, his daughter Sara Duterte Carpio has steadfastly defended Marcos Jr. She’s running as Bongbong’s vice president under the alliance between the Partido Demokratiko Pilipino–Lakas ng Bayan (PDP-Laban) or the Pederalismo ng Dugong Dakilang Samahan (PDDS) and the Lakas-CMD. During a joint conference of the National-Regional Task Force to End Local Communist Armed Conflict (Elcac), the president said Marcos is the reason he is against the alliance. “No, I cannot, because nandiyan si Marcos. Hindi ako bilib sa kanya (“No, I cannot, because Marcos is there, I don’t believe in him”). He called Marcos “a weak leader” and a “spoiled child and only son.” In the 2022 elections, the president is running for senator under PDDS, which is allied with the ruling PDPLaban. He is supporting the presidential bid of Sen. Christopher Lawrence “Bong” Go, vouching for Go’s competence to lead the country and describing him as a “bright” person. If we were to believe YouTube vlogger and staunch Duterte supporter RJ Nieto (Thinking Pinoy), the president is being kept away even from his own family by a cordon sanitaire in Malacañang. In one of his vlogs, he accuses Go and Martin Andanar (Secretary of the Presidential Communications Office) of keeping Duterte out of the loop. Duterte was to run for vice president and even went to the Comelec office with Go and Andanar, only to be told by reporters that his daughter had already filed for the same position. In Nieto’s YouTube video, Duterte could be seen shocked wage demands—a practice known as “jawboning.” When Bethlehem Steel raised steel prices in 1965, Johnson criticized its executives as unpatriotic, and they backed down, according to Robert Samuelson’s book, “The Great Inflation and Its Aftermath.” When egg prices rose in 1966, Johnson ordered America’s surgeon general to highlight the health hazards of cholesterol in eggs, with the intent of lowering egg sales and therefore prices. Nixon imposed wage and price controls in 1971 and 1973, which briefly stifled inflation, only to see prices soar once the controls were lifted. Gerald Ford’s “Whip Inflation Now” program encouraged Americans to grow their own vegetables, reduce their food waste and consume less. Americans responded mostly by mocking the program. Some wore the president’s WIN buttons upside down, explaining that the resulting NIM stood for “No Immediate Miracles.’’

What has Biden done?

Biden last week signed into a law a $1 trillion public works program, which pours money into fixing roads, bridges and ports, potentially easing the supply chain backlogs that have contributed to rising prices. Untangling shipping bottlenecks would be doubly helpful: It would ease inflationary pressures and boost the economy by increasing the flow of goods to customers. Last week, Biden sent a letter to the Federal Trade Commission asking the FTC chair to consider investigating whether higher gasoline prices were the result of “illegal conduct.’’ The White House is also stepping up anti-trust enforcement of the meatpacking industry, seek-

at the revelation. Duterte was reported to be furious at Sara’s swivel and stopped short at using cusswords. He and his supporters are incensed and let down by Sara’s decision to run for an office lower than that of a president’s. Duterte claims that he was not consulted. Duterte’s feud with his daughter has created a rift in what was believed to be a strong union between supporters of the incumbent president and the former dictator’s son. The Filipino people are now witnessing a spectacle of what many claim to be the mudslinging battle of the DDS (Duterte’s Davao Supporters) and BBM (Bongbong Marcos) “troll farms”. For me, Duterte and Bongbong are like two peas in a pod, fed by their desire for power. Bongbong wants to revive his family’s hold on Philippine politics, which Marcos Sr. clung to for 20 years until he was ousted through a peaceful people power revolution. He is now knocking at the doors of Malacañang, pulling all the stops in revising history through the use or misuse of the social media that had been painstakingly nurtured through the years by his family and their supporters. Duterte, on the other hand, is dead set on bolstering his family’s political clout in a country that has been ruled for the longest time by political dynasties. He and his allies are running for high government positions to help him escape culpability for his atrocious war on drugs, which has been independently estimated at more than 20,000 deaths. The International Criminal Court (ICC) is just like a Damocles sword swinging closer down his neck. While immunity does not extend to the august halls of the Senate, acquiring a seat there, Duterte believes, would give him some sort of protection: license to elude arrest while the upper chamber is in session, and substantial political weight. But is Duterte’s and Bongbong’s political fisticuff for real, or are we being subjected to a sideshow? We will only know if and when the ringmaster bids farewell to the circus crowd. For comments and suggestions, e-mail me at mvala.v@gmail.com

ing to increase competition and drive down meat prices. His decision to re-nominate Powell to lead the Fed was meant, in part, to reassure the financial markets of Washington’s resolve to prevent consumer prices from spiraling out of his control. The other likely contender for the job—Lael Brainard, a member of the Fed’s Board of Governors — was perceived as less hawkish toward inflation.

Why did Biden tap the Strategic Petroleum Reserve Tuesday?

The idea was that by putting more oil on the market, prices would fall. That hasn’t happened. But depending on what happens in the rest of the world, there’s still a chance it could work. America’s petroleum reserve holds about 605 million barrels of oil in underground caves in Texas and Louisiana. It was designed in the 1970s in response to the Arab oil embargo to store oil in case there was a supply disruption or emergency. But the dynamics of the global oil industry changed dramatically in recent years, and now the US exports more oil than it imports. The 50 million barrels that Biden promised to release will likely be sold slowly, at a rate of about 1 million barrels per day, meaning that the new influx of oil could last about two months. Adding even a small amount of oil to the market can tip it into surplus, and potentially lower the price, said Jim Burkhard of IHS Markit. “The immediate price reaction is not the final judgment on the effectiveness of this effort,” he added. “It will really be in the months ahead.” Bussewitz reported from New York. AP Economics Writer Martin Crutsinger contributed to this report.

A10 Thursday, November 25, 2021

SC affirms Duterte discretion on WPS row

By Joel R. San Juan

@jrsanjuan1573

HE Supreme Court is keeping its hands off controversies involving the national territory, including the country’s dispute with China over the latter’s incursions in the West Philippine Sea (WPS), saying the matter should be left to the discretion of the President.

Reacting to the judgment, Malacañang welcomed the high court’s upholding of the President’s discretion, affirming his role as “chief architect” of the country’s foreign policy. Nonetheless, Palace officials said, Duterte remains committed to a peaceful and just resolution of the maritime disputes.

In a nine-page decision penned by Associate Justice Rodil Zalameda, the Court en banc dismissed the petition for mandamus filed by lawyer Romeo Esmero seeking to compel President Duterte to defend the country’s territory. Mandamus is “a special civil action brought by an aggrieved party

against a tribunal, corporation, board, officer or person unlawfully neglecting the performance of an act which the law specifically requires as a duty resulting from an office, trust or station.” Esmero argued that it is the government’s prime duty to serve and protect the people and their rights, including those to the national territory; it is the ministerial duty of the President to defend the national territory which includes the WPS as established by the UN Arbitral Tribunal. The national territory (including the archipelagic principle) enshrined in the Constitution and the exclusive economic zone are fully recognized in the international law; and the petition is an exception to the general rule on presidential immunity from suit since it involves inaction or failure to perform Duterte’s presidential duties relative to the WPS, Esmero said.

“There is unlawful neglect or inaction by the President in the performance of his constitutional duty resulting to the detriment of paramount public interest involve (sic) the livelihood of all of our poor Filipino fishermen and their families who are living in the coastal areas of the many islands facing the West Philippine Sea,” the petitioner said. The petitioner insisted that it is the ministerial duty of the President, as part of his mandate to enforce the laws and see to their faithful execution, to “defend” the national territory by going before the United Nations to ask the latter to send “UN Patrol Boats to protect our fishermen.” Esmero also argued that the Philippines should sue China before the International Court of Justice (ICJ) and demand damages for taking over the Kalayaan islands. However, the Court said the petition should be dismissed outright

as it named the President as the sole respondent in the case. It stressed that the President is immune from suit during his term, regardless of the nature of the suit filed against him. However, the Court said even if it would consider the petition based on merits, it would still rule against the petitioner. “Indeed, the President is the guardian of the Philippine archipelago, including all the islands and waters embraced therein and all other territories over which it has sovereignty or jurisdiction,” the Court declared. “By constitutional fiat and the intrinsic nature of his office, the President is also the sole organ and authority in the external affairs of the country,” it added. The SC also noted that the petitioner failed to point to any law that specifically requires the President to go to the UN or the ICJ to sue China for its incursions in

the country’s exclusive economic zone (EEZ). “Neither has he shown a clear and unmistakable constitutional or statutory provision which prescribes how the President is to respond to any threat [actual or imminent] from another State to our sovereignty or exercise of our sovereign rights,” it added. W hile his predecessor, the late President Benigno Aquino III, opted to file a case against China before the Arbitral Tribunal at the Permanent Court of Arbitration in The Hague under the United Nations Convention on the Law of the Sea (Unclos) to settle the dispute, the SC said Duterte is not obliged to take the same path. On July 12, 2016, the arbitral tribunal issued an Award in favor of claims by the Philippines and settled the overlapping claims in the area. Continued on A6

TRUST INDEX: COVID-19 RESPONSE MOST VITAL By Tyrone Jasper C. Piad @Tyronepiad

NSTITUTIONS that respond quickly and effectively to crises have earned the trust of the Filipinos who have been more critical of the Covid-19 situation, a study revealed. The 2021 Philippine Trust Index (PTI) by EON Group noted that institutions gain public trust through their actions, especially if they are visible amid the mobility restrictions. “Filipinos take into account whether an institution was able to recognize the threat of the Covid-19 early on and take not just effective, but also timely actions to mitigate its effects and if it had provided clear and credible communication to help organizations, communities and individuals make the necessary pivots during the crisis,” EON Chief Innovation Officer Mori Rodriguez said in an online event on Wednesday. The PTI report covers the trust landscape across the church, academe, media, government, nonggovernment organizations

(NGO) and business. “Filipinos are more critical now, looking closely at the decisions and actions taken by the leaders and local representatives of these six institutions, to see how they have directly impacted not only their communities but also their personal lives,” Rodriguez added. The survey listed the worries of the Filipinos in the pandemic, which include the “poor” Covid-19 response by the government and its “prioritization of politics over more urgent concerns.”

Concerns

THE respondents also have fear of getting infected with Covid-19 and shouldering debts if a family member gets infected. Other concerns are vaccine hesitancy, mobility restrictions and job losses due to pandemic. In terms of total trust in leadership amid the pandemic, the church and journalists or media professionals scored the highest with 90 and 83, respectively. Business leaders, meanwhile, scored the lowest at 66. Continued on A6

Release of accessories to Ampatuan massacre worries victims’ families

AMILIES of the Ampatuan massacre victims in Maguindanao have expressed uneasiness over the possibility that some of those found guilty as accessories to the crime in 2019 by the Regional Trial Court of Quezon City court might be freed soon even though 80 other accused have remained at large. At Wednesday’s virtual roundtable discussion on the 12th anniversary of the massacre hosted by the Philippine Press Institute (PPI), the families lamented that full justice has yet to be served on them more than a decade since the crime happened. A total of 29 accused, led by former Maguindanao Mayor Datu Andal “Unsay” Ampatuan, Jr. and his brother Zaldy—a former

governor of the Autonomous Region in Muslim Mindanao —have been convicted as principals for 57 counts of murder. On the other hand, 16 of the 101 accused were meted only with six to 10 years of imprisonment for being accessories to the crime while 58 were acquitted on the ground of reasonable doubt and failure of the prosecution to present evidence to prove their guilt. Justice Secretary Menardo Guevarra disclosed that the Bureau of Corrections (BuCor) is now reviewing the time credit allowances of some of those convicted as accessories to the crime, considering that they might have already served their prison sentence of six to 10 years. Continued on A6

Companies BusinessMirror

Editor: Jennifer A. Ng

IBP calls on DOE to rescind approval of Malampaya sale

By Joel R. San Juan

@jrsanjuan1573

he Integrated Bar of the Philippines (IBP) has intervened in the controversy involving over the transfer of the Malampaya project shares from Chevron Malampaya LLC (Chevron) and Shell Philippines Exploration (SPEX) to a subsidiary of Dennis Uy’s Udenna Corp. In a statement signed by its national president Burt Estrada and board of governors, the lawyers’ group urged for transparency over the issue as it expressed “deep apprehension and concern” surrounding the ongoing divestment being done by Chevron and Shell considering the numerous allegations against the move. “In light of the strategic importance of the Malampaya energy resources to national security and economic interest, the Integrated Bar of the Philippines supports the ongoing Senate Committee on Energy’s investigation in aid of legislation on the interest divestments to the Udenna subsidiaries,” the IBP said. It said that such an inquiry will determine if the DOE was transparent in determining the financial and technical qualifications of the Udenna companies to acquire a total of 90 percent inter-

est in the Malampaya deepwater gas-to-power project under Petroleum Service Contract No.38. SC No.38 fuels three gas-fired power plants and provides 30 percent of Luzon’s power generation requirements. Pending the result of the Senate’s investigation, the IBP is urged the Department of Energy (DOE) to rescind its approval of Chevron’s transfer of its 45-percent interest in Malampaya to Udenna subsidiary, UC Malampaya and hold in abeyance its approval of SPEX’s transfer of 45 percent to another Udenna subsidiary, Malampaya Energy XP. The IBP noted the assignment of Chevron’s 45 percent interest to UC Malampaya and the ongoing divestment of SPEX’s 45 percent in favor of Malampaya Energy XP is allegedly detrimental to national security and interest.

The remaining 10-percent interest is maintained by the state through the Philippine National Oil Company-Exploration Corp. A criminal complaint has already been filed with the Office of the Ombudsman last month against officials of the DOE led by its chief, Alfonso Cusi, Udenna officials led by Uy, Chevron, SPEX, PNOC and its subsidiary PNOCExploration Corp. alleging among others that Udenna’s subsidiary is “financially and technically” unqualified to be the assignee of the interest, that the DOE and PNOC grossly neglected government’s right to match Udenna’s offer to buy out Chevron’s 45 percent interest, and that DOE and PNOC officials conspired to give unwarranted benefits to Udenna and its subsidiary. “The IBP also calls on the DOE to thoroughly review, study, and consider the extension of SC 38 in favor of the original Malampaya consortium—SPEX, Chevron and PNOC-EC,” the IBP said. “In this way, the original consortium will be able to conduct further exploration on SC 38 in light of the forthcoming depletion of the Malampaya natural gas field.” The DOE earlier said that given the present production level and continuous decrease in reservoir pressure, the drop in supply of SC 38 is expected by 2022. SC 38, according to the DOE, will expire in 2024 with no certainty of an extension and that only through further exploration

will the extent of Malampaya’s life be determined. The IBP said in the event that Chevron and SPEX proceed with their divestment plans, the PNOC should exercise its right to match any offer laid before the latter. “The IBP believes that PNOC being a state-owned petroleum company has the mandate and wherewithal to raise funds for acquiring and controlling interests in Malampaya. A PNOC takeover will be financially advantageous to the Philippine government since Malampaya is a producing field with an existing infrastructure for other petroleum discoveries,” the IBP said. It also said that with PNOC in control of Malampaya operations, the country can be assured that its energy resources will be protected from any possible foreign interference inimical to national security and interests. “To fund further exploration and development, a buyer who is not technically and financially capable of operating Malampaya may tap companies from foreign countries having adverse interests in the West Philippine Sea dispute. This will place our strategic energy resources and infrastructure in the hands of hostile foreign interest,” the group said. The IBP has also called on Ombudsman Samuel Martirez to immediately resolve the complaints filed against officials of the DOE, Udenna, Chevron, SPEX and PNOC in connection with the deal.

Thursday, November 25, 2021

‘FTSE ups Converge investability weight’

onverge ICT Solutions Inc. said on Wednesday the Financial Times Stock Exchange (FTSE) has raised its investability weight, as it increased its free float following the sale of Warburg Pincus’ shares in the Filipino broadband operator. The heavier FTSE investability weight will further improve the visibility of Converge to both passive and active investors, Converge President and Co-Founder Grace Uy said. “We are inspired to do better as the increase in our investability weight also means greater responsibility to deliver value to our investors and customers,” she said. Converge’s public float rose to 26 percent from 20.4 percent last week, as Coherent Cloud Investments, a unit of Warburg Pincus, sold 420 million of its Converge shares for P12.6 billion. The increase in free float will strengthen Converge’s bid to be

included in the Morgan Stanley Capital International (MSCI) index, a move that will further raise Converge’s exposure to a broader investor base. “More importantly, we are eager to welcome new partners in realizing our vision of reaching the unserved and underserved communities in the Philippines and provide them with world-class internet connectivity through pure fiber technology,” Uy said. In January to September, Converge more than doubled its net income to P5.20 billion from P2.19 billion, owing to its strong revenue growth and the effect of a new tax law. Its consolidated revenues surged by 76.4 percent to P18.31 billion from P10.68 billion driven largely by its residential business and complemented by its enterprise segment. Currently, Converge has 1.5 million subscribers. Lorenz S. Marasigan

JFC expands brands in mainland China

‘PHL a global hotspot for NFTs’ By Lorenz S. Marasigan @lorenzmarasigan

he Philippines has become the global hotspot for nonfungible tokens (NFTs) ownership, a report from Australian independent comparison platform and information service Finder showed. In a report released on Wednesday, Finder said Pinoys are much more likely to own NFTs—unique, non-interchangeable units of data stored in a digital token—than their global counterparts.

SM Prime to open Caloocan mall

hopping mall operator SM Prime Holdings Inc. on Wednesday said it will open SM City Grand Central on Friday. This latest development will add more than 116,000 square meters of gross floor area in the company’s mall portfolio providing six levels of retail spaces meant for shopping, dining, entertainment and recreational experiences in Caloocan. The company has retained the part of the name of the mall, formerly one of the crown jewels Ever Gotesco Group. It was one of the popular malls in the 1990s as it sits right beside an LRT station. Ever Gotesco Grand Central was burned down in 2012. It was demolished after the fire and the property was foreclosed and eventually sold to the SM Group. “As the economy starts to re-open given the improving Covid-19 condition in major key areas in the Philippines, primarily here in Metro Manila, we are pleased to welcome customers to our newest mall, SM City Grand Central. The same standard of health and safety protocols will be implemented for a safe and comfortable shopping and dining experience when you visit an SM mall,” SM Prime President Jeffrey C. Lim said. VG Cabuag

NFTs are usually associated with art, videos, audio, and other digital files. The most popular NFT in the Philippines are in the form of in-game assets. The survey revealed that 32 percent of Filipino internet users own NFTs, almost triple than that of the global average of 11.7 percent. It ranks the first out of 20 countries surveyed for NFT adoption. Thailand ranked second on the list with 27 percent, followed by Malaysia at 24 percent, the United Arab Emirates at 23 percent, and

Vietnam at 17 percent. Since the start of 2021, NFTs have become popular in the Philippines thanks to play-to-earn games like Axie Infinity. Currently, the Philippines has the highest number of daily Axie players in the world. Finder believes that NFT adoption in the Philippines is still its nascency and it expects the number of NFT holders in the country to continue to rise. “It’s still very early days for NFTs in the Philippines. Fifty-one percent of Filipino internet users

currently know what NFTs are and we expect adoption to grow with awareness,” the report read. Finder expects adoption to climb, with 9.5 percent of internet users planning to own NFTs in the future. That means the adoption rate will hit 41.5 percent—still a “conservative forecast.” “Even with countries like Nigeria and Peru set to see NFT adoption increase by 22 and 15 percentage points respectively, they won’t come close to the Philippines rate of adoption,” the report read.

ICTSI’s ‘social investments’ hit ₧1.5B

he group of companies led by billionaire Enrique K. Razon has so far provided P1.5 billion in “social investments” to the Philippines, aiding the government in implementing economic recovery initiatives. In a statement, International Container Terminal Services Inc. (ICTSI) EVP Christian R. Gonzales said the amount was spent on the purchase and rollout of vaccines, quarantine and testing facilities, hunger alleviation, and assistance to front line workers. “The battle to turn the tide of this pandemic continues, and there is no room for complacency. It is imbibed in our corporate culture to help where we can, and we will continue to do that beyond this pandemic,” he said. To recall, ICTSI led private sector efforts in assisting the government purchase vaccines: the first 3 million doses of the Oxford-AstraZeneca vaccines, where ICTSI sponsored 300,000 doses, half of which were donated to the national

government and half to local government units; and the 20 million doses of Moderna vaccines, where 13 million doses were allotted to the public sector and 7 million to the private sector. It also installed a temporary cold storage and drive-through vaccination facility at the Nayong Pilipino Foundation property in Paranaque City. ICTSI and Bloomberry Resort Corp. likewise retrofitted portions of the Solaire Resort and Casino into vaccination areas Furthermore, Bloomberry and Prime Infrastructure Holdings Inc. assisted the government in retrofitting existing public infrastructure into quarantine and isolation facilities, namely: the Ninoy Aquino Stadium, the Rizal Memorial Sports

Complex, and a part of the Philippine General Hospital. They also built a 600-bed quarantine facility in Entertainment City. ICTSI Foundation also participated in the distribution of food to affected communities in the Manila International Container Terminal, and provided protective equipment and supplies to medical facilities and health centers in various local governments in the country. The Razon-led company also provided scholarships and learning materials and equipment to various students and schools nationwide. “The social investment is worth it as we see lives saved and the economy gradually opening.” Lorenz S. Marasigan

Tim Ho Wan’s baked BBQ pork buns. Contributed Photo By VG Cabuag @villygc

ocal fast-food giant Jollibee Foods Corp. (JFC) said it has expanded its brands in mainland China, which will allow the company to boost its revenue. This year alone, the company said its brands Tim Ho Wan, Yonghe King and Hong Zhuang Yuan have opened 80 stores around China, with 33 more stores set to open by December 2021. “The expansion efforts of these brands will play a huge and important role in generating revenue and strengthening the Jollibee Group’s growth, especially since China is one of the company’s four pillar markets,” Jollibee President and CEO Ernesto Tanmantiong said. After its debut China in September last year, Tim Ho Wan now has a total of six stores across Shanghai. The restaurant, famous for its baked BBQ pork buns, rice rolls and pan-fried radish cakes, opened stores in MixC Shopping Mall in Minghang District, Sun Palace in Hongkou District and Cifi Tower in Putuo District, all popular commercial centers in Shanghai. All restaurants continue to enjoy long queues and have been pac ked w it h c ustomers even months after its opening day. Jollibee said it will grow the Tim Ho Wan brand in China, targeting to have about 100 restaurant outlets within five years. Yonghe King, famous for its freshly ground soy milk, minced pork rice and crispy tender chicken thigh, has opened 62 new stores this year. The Chinese fast-food

restaurant currently has 383 stores across China and is targeting to reach 1,000 stores in five years. Yonghe King recently entered the Shaanxi Province with two stores in Xi’an City and is set to open its first store in Hainan Province. Yonghe King is scheduled to open a total of 23 more stores by December. Mea nwh i le, Hong Z hu a ng Yuan now has a total of 44 stores across the Chinese capital. The brand serves Beijing’s top-rated congee according to DianPing, China’s most popular restaurantreview app. It has recent ly opened its f irst ma l l-based store in X iyue Sky Street, a new landmark in Southwest Beijing. The new branch offers a new and exclusive menu, featuring dishes such as lucky fried chicken and Buddha Jumps Over the Wall, a seafood and poultry-based soup. These new menu items, as well as Hong Zhuang Yuan’s famous congee, has been drawing crowds for the new branch, with queuing lasting for more than an hour during weekends, the company said. After previously focusing on opening stores in residential areas, Hong Zhuang Yuan is now planning to open stores in the top 10 shopping malls in Beijing and other shopping malls outside the city as it seeks to have 60 stores by the end of 2021. A total of P12.2 billion was allotted for the Jollibee Group’s capital expenditures in 2021, the highest in the company’s history, with a focus on expansion in Asian countries such as China, the world’s second largest economy.

Thursday, November 25, 2021

Companies BusinessMirror

Solar PHL Nueva Ecija sets IPO price at ₧1 per share

By VG Cabuag & Lenie Lectura

@villygc @llectura

olar Philippines Nueva Ecija Corp. (SPNEC) has priced its initial public offering (IPO) at P1 per share, the maximum of its indicative range. At the said price, the company will raise some P2.7 billion from its primary offering of 2.7 billion common shares. The offer period is planned for December 1 to 7, with a tentative listing date on the main board of the Philippine Stock Exchange on December 17, the company said. Abacus Capital and Investment Corp. has been assigned as issue manager and lead underwriter and Investment Capital Corp. of the Philippines as participating underwriter for the deal. Proceeds of the IPO will be used to complete the first 50 megawatt of the project and acquire land to expand the project beyond 500 MW, in support of SPNEC’s plan to develop the largest solar project in Southeast Asia.

Some P1.3 billion of the proceeds will be used to fund the construction of its Phase 1A of its project and the remaining P1.3 billion will be used to acquire land for future expansion. The total project cost for its first phase is at P4.87 billion, a quarter of which will be funded via equity and the remaining 75 percent will be funded via debt. The total project cost of the company’s 500 megawatt solar PV power project is estimated to cost around P11.9 billion, inclusive of estimated financing and capitalization costs and value added taxes but are exclusive of any IPO related fees and expenses, the company said in its prospectus. “We are thankful for this opportunity to launch the Solar Philippines group’s first public offering, which we

see as a favorable signal for future offerings,” Solar Philippines Chairman Leandro Antonio L. Leviste said. This is the first time that a company has been approved to list under the Supplemental Listing and Disclosure Requirements for Renewable Energy Companies approved by the PSE in 2011. These rules allow development-stage project companies to list, subject to certain requirements including having a valid and subsisting service contract awarded by the Department of Energy (DOE). “I am pleased that PSE can support a renewable energy (RE) company with its fund raising requirements. The need for RE is more amplified now as more companies are turning to RE as part of their climate action program,” PSE President and CEO Ramon S. Monzon said. Solar Philippines incorporated SPNEC in 2016, and secured a DOE service contract to develop the project in 2017. The company plans to start construction of the project before the end of 2021. The Nueva Ecija project would be the largest among the first 1 gigawatt of projects of Solar Philippines planned to be operating by 2022. The other projects include one in Batangas with an operational 63 MW in partnership with Korea

Electric Power Corp.; one in Tarlac, being expanded to up to 200 MW in partnership with Prime Infra of the Razon Group; and another two in Batangas and Cavite with a combined capacity of 140 MW planned to be fully operational by 2022. SPNEC said it may yet tap again the equity market once it has completed the first 50 MW of its 500MW solar project in Peñaranda, Nueva Ecija. “As with our other projects, once we advance construction of the first part of the plant , we are able to get the debt financing on better terms than if it were a completely green field financing. We like to emphasize that when implementing a solar project, it is the interconnection of the plant to the national grid that is often the most delicate part of execution, but once connected the addition of more solar panels is relatively easy construction process,” said Leviste in a television interview. “We’ve decided to make Solar Philippines Nueva Ecija Corp. our group’s first venture into the public markets because this is the asset that we are proudest to showcase: a site where will rise the largest solar project in the Philippines, with potential for further expansion given its proximity to Manila.”

NPC probes cyber attack on S&R T

he National Privacy Commission (NPC) is looking into the cyber attack on grocery chain S&R Membership Shopping. The privacy watchdog said on Wednesday that S&R has already submitted a breach report about the incident. “We are evaluating the said report and will require submissions of compliance documents,” NPC said. NPC received the report last November 15. In a recent statement, the Lucio Co-owned company announced that it experienced a cyber attack, noting that the contact information of the members may have been compromised. S&R said their “members’ credit card and other financial information are safe and secured, as these data are protected by encryption measures as

required by regulation.” The grocery chain said it has implemented cybersecurity protocols right away to resume system operations. “Our business was not affected, and we continue to deliver a convenient and fulfilling member-customers shopping experience,” it said. “Although there have been numerous reports of cyber-attack in the Philippines, we strongly condemn these criminal acts perpetuated against private companies and we are treating this matter very seriously.” S&R vowed to continue enhancing the security of its information technology system. Owned by supermarket chain Puregold Price Club Inc., S&R currently has 22 shopping warehouses and 45 New Your Style QSRs (quick service restaurants). Tyrone Jasper C. Piad

Semiconductor stock IQE sinks

QE Plc, touted by analysts as a supplier to Apple Inc., saw its shares lose a fifth of their value after warning that weakening smartphone-related demand will hit this year’s sales. The Cardiff, Wales-based company said that demand for Vertical Cavity Surface Emitting Lasers (VCSELs), which are used for 3D sensors and are thought to be included in the iPhone, is expected to “tail off” toward the end of the year, according to a statement Wednesday. Softening demand in the smartphone supply chain has also damped sales of its wireless epitaxial wafers.

“They’ve already been hit by smaller VCSEL chips being used for facial recognition in handsets,” Neil Campling, head of TMT research at Mirabaud Securities, said in written comments. “This incremental handset softness sounds like the supply chain is spilling over to demand issues and IQE, like STMicro, has exposure to iPhone 13 timeof-flight technology.” Earlier in the day, China’s Xiaomi Corp. fell in Hong Kong trading after it said that smartphone demand is easing as it recorded its slowest pace of quarterly sales growth since early 2020 amid supply chain woes. Bloomberg News

mutual funds

November 24, 2021

NAV

One Year Three Year Five Year

per share

Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

236.67

3.27%

-1.2%

-0.29%

4.17%

ATRAM Alpha Opportunity Fund, Inc. -a

1.7108

31.58%

8.27%

4.84%

30.3%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.286

3.81%

-4.73%

-3.08%

4.88%

-4.77% n.a.

-6.94%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.8125 8.12%

0.11% n.a.

9.56%

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

6.38%

1.13%

1.67%

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

0.7917

2.5%

-1.02%

-2.12%

MBG Equity Investment Fund, Inc. -a

97.29

2.82%

-4.2% n.a.

-4.49%

PAMI Equity Index Fund, Inc. -a

48.5748

3.02%

0.38%

1.44%

Philam Strategic Growth Fund, Inc. -a

508.41

3.15%

0.47%

0.79%

3.98%

Philequity Alpha One Fund, Inc. -a,d

1.1921

11.39% n.a. n.a.

8.64%

Philequity Dividend Yield Fund, Inc. -a

1.3457

15.03%

3.06%

2.86%

Philequity Fund, Inc. -a

37.0272

6.48%

1.12%

2.06%

6.49%

3.82% n.a. n.a.

4.86%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7564 -6.1% 5.2871

Philequity MSCI Philippine Index Fund, Inc. -a

0.9574

1.18%

15.19%

Philequity PSE Index Fund Inc. -a

5.0044

3.81%

2.01%

4.45%

Philippine Stock Index Fund Corp. -a

835.77

3.66%

1.18%

1.97%

4.26%

Soldivo Strategic Growth Fund, Inc. -a

0.7695

5.74%

-2.78%

-1.05%

7.04%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.8143

4.64%

-1.49%

0.39%

5.25%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9531 3.22%

0.83%

1.71%

3.86%

United Fund, Inc. -a

0.73%

2.72%

5.16%

1.4%

2.46%

3.49

4.83%

1.97%

3.7%

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

112.4046

3.76%

4.51%

Primarily invested in foreign currency securities $1.1636

0.24%

7.2%

6.27%

-3.27%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.8724

ATRAM AsiaPlus Equity Fund, Inc. -b

17.43%

16.99%

12.71%

11.93%

2.76%

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

1.7146

3.48%

1.64%

0.57%

ATRAM Philippine Balanced Fund, Inc. -a

2.2922

0.63%

1.78%

0.74%

0.3%

First Metro Save and Learn Balanced Fund Inc. -a 2.7325

3.73%

3.36%

2.56%

4.02%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.208

4.37% n.a. n.a.

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

3.63%

2.0237

2.69%

2.73% 1.77%

PAMI Horizon Fund, Inc. -a

3.7952

-0.11%

3.09%

Philam Fund, Inc. -a

16.9911

-0.01%

2.83%

1.65%

0.3%

Solidaritas Fund, Inc. -a

2.1403

1.91%

1.73%

1.42%

2.35%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.6746 2.52%

0.14%

0.63%

1.2%

2.83%

Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9957

-2.87% n.a. n.a.

-2.63%

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.9514

-0.42% n.a. n.a.

0.23%

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.9429

0.34% n.a. n.a.

1.05%

Sun Life Prosperity Dynamic Fund, Inc. -a

7.65%

7.99%

0.9586

1.43%

1.46%

2.88%

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

$0.03773

-3.73%

2.75%

1.45%

-3.5%

PAMI Asia Balanced Fund, Inc. -b

$1.0761

-3.72%

4.83%

3.98%

-4.77%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.8451 11.91%

12.18%

9.27%

7.36%

6.83%

4.92%

1.68%

0.56%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.2224

4.2%

Primarily invested in Peso securities 0.92%

2.91%

2.59%

1.9229

1.32%

1.41%

0.45%

Cocolife Fixed Income Fund, Inc. -a

3.2433

1.06%

3.15%

0.87%

Ekklesia Mutual Fund Inc. -a

2.2424

-2.16%

1.81%

1.74%

-2.43% -1.39%

ATRAM Corporate Bond Fund, Inc. -a

373.21

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4191

1.19%

-1.3%

3.14%

1.9%

Philam Bond Fund, Inc. -a

4.3903

-5.06%

4.18%

1.9%

-5.18%

Philam Managed Income Fund, Inc. -a

1.3155

-0.05%

3.77%

2.58%

-0.44%

Philequity Peso Bond Fund, Inc. -a

3.9621

-0.48%

4.42%

2.74%

-0.97%

Soldivo Bond Fund, Inc. -a

1.0218

-1.48%

4.82%

2.24%

-2.08%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1752

-0.61%

4.84%

3.8%

-0.96%

Sun Life Prosperity GS Fund, Inc. -a

-1.44%

4.04%

3.13%

-1.87%

1.7221

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

$488.66

1.36%

3.04%

2.48%

0.96%

ALFM Euro Bond Fund, Inc. -a

Є219.78

0.6%

1.16%

0.94%

0.26%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2008

-5.15%

2.28%

1.75%

-6.17%

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

1.46%

0.87%

-2.63%

PAMI Global Bond Fund, Inc -b

-6.52%

-0.12%

-0.71%

-6.41%

-1.4%

$1.0201

Philam Dollar Bond Fund, Inc. -a

$2.4892

Philequity Dollar Income Fund Inc. -a

$0.0624026

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.157

5.24%

2.71%

0.5%

3.13%

2.03%

0.16%

-1.87%

3.24%

1.55%

-2.07%

-2%

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

2.54%

0.9%

First Metro Save and Learn Money Market Fund, Inc. -a 1.0568 0.94% n.a. n.a.

130.99

0.83%

Sun Life Prosperity Peso Starter Fund, Inc. -a,1

1.29%

1.3136

1.13% 1.5%

2.88% 2.65%

2.54%

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

$1.06

0.82%

1.48% n.a.

0.61%

Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d 1.3826

27.76% n.a. n.a.

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

$0.97

0% n.a. n.a.

PSE STOCK QUOTATIONS

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

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

1 - Renaming was approved by the SEC last July 8, 2021 (formerly, Sun Life Prosperity Money Market Fund, Inc.).

44 132.2 90.15 25.2 9.67 52.2 8.8 20.5 57 100 20 121.5 107 1.7 3.95 3.26 1.03 0.63 210 2,622

44.9 132.3 90.2 25.25 9.71 52.25 8.99 20.6 57.7 107.9 20.4 121.6 107.9 1.73 4.03 3.4 1.09 0.68 218.8 2,750

44.9 133 90.6 25.25 9.63 52 8.99 20.25 57.75 100.1 20.5 122.8 109.8 1.73 4.04 3.38 1.1 0.64 219 2,700

45 133 90.9 25.3 9.75 53 8.99 20.7 57.75 100.1 20.5 123 109.8 1.8 4.04 3.4 1.1 0.64 220 2,700

44.9 131 89.45 25.15 9.63 51.55 8.8 20.2 57.7 100.1 19.6 120 103 1.7 4.02 3.26 1.03 0.63 218 2,620

44.9 132.1 90.9 25.3 9.68 51.55 8.8 20.6 57.7 100.1 20.3 120 107.5 1.78 4.03 3.26 1.09 0.63 219 2,620

2,000 2,508,010 1,041,540 125,500 434,800 3,160,370 6,900 357,300 220 110 21,000 691,020 93,100 91,000 79,000 6,000 269,000 215,000 800 10

89,910 331,395,140 94,224,594 3,164,890 4,215,549 164,866,451 60,777 7,301,220 12,697.50 11,011 417,508 83,427,788 9,996,986 159,020 318,370 20,240 287,750 137,450 174,962 26,600

INDUSTRIAL

AC ENERGY 11.9 11.92 12.06 12.06 11.84 11.84 41,501,600 494,364,756 1.1 1.15 1.1 1.1 1.1 1.1 218,000 239,800 ALSONS CONS ABOITIZ POWER 30.4 30.5 30.75 30.95 30.4 30.7 986,600 30,296,415 0.66 0.67 0.65 0.67 0.64 0.67 13,456,000 8,873,030 BASIC ENERGY 29.55 29.6 29.5 29.7 29.4 29.4 387,600 11,417,745 FIRST GEN FIRST PHIL HLDG 73.1 74 73 74.4 72.75 72.9 44,200 3,222,504 300.4 300.6 303 303 299 300 96,600 28,997,510 MERALCO MANILA WATER 25.4 25.5 25.75 25.75 25.3 25.3 3,475,500 88,225,425 PETRON 3.41 3.43 3.47 3.47 3.4 3.41 708,000 2,419,520 4.24 4.3 4.26 4.3 4.24 4.29 202,000 862,650 PETROENERGY PHX PETROLEUM 10.66 11.48 11.48 11.48 10.7 11.48 12,200 138,702 21.4 21.6 21.3 21.75 21.1 21.55 418,300 8,964,255 PILIPINAS SHELL 13.86 13.88 13.88 14 13.88 14 63,500 883,994 SPC POWER AGRINURTURE 3.99 4 4 4.1 3.91 4.08 302,000 1,208,570 2.73 2.75 2.72 2.75 2.7 2.7 465,000 1,257,930 AXELUM CNTRL AZUCARERA 13.7 13.8 13.7 13.7 13.68 13.68 500 6,842 CENTURY FOOD 26.4 26.45 26.55 26.6 26.3 26.45 2,446,500 64,724,130 14.68 14.84 15 15 14.66 14.7 52,200 772,868 DEL MONTE DNL INDUS 9.08 9.1 9.2 9.24 8.92 8.94 1,574,300 14,206,012 18 18.06 18.2 18.28 17.78 17.78 4,771,800 86,497,598 EMPERADOR 75.95 76 75.9 76.2 75.9 76.2 66,000 5,023,669 SMC FOODANDBEV ALLIANCE SELECT 0.59 0.6 0.6 0.6 0.6 0.6 49,000 29,400 1.26 1.27 1.28 1.3 1.24 1.29 15,746,000 19,970,780 FRUITAS HLDG GINEBRA 104.1 104.9 104.9 105.3 103.8 105.1 139,970 14,706,221 JOLLIBEE 248.2 248.6 244.6 251 243.2 248 615,080 152,683,014 6.3 6.64 6.64 6.64 6.28 6.28 1,300 8,206 MACAY HLDG MAXS GROUP 6.9 6.95 6.95 6.95 6.85 6.85 159,700 1,100,630 MG HLDG 0.162 0.165 0.162 0.165 0.162 0.165 230,000 37,860 18.06 18.1 19 19.02 17.92 18.02 100,485,900 1,825,052,210 MONDE NISSIN SHAKEYS PIZZA 9 9.2 9.3 9.3 8.8 9.1 135,100 1,227,855 0.7 0.71 0.71 0.71 0.7 0.7 397,000 279,770 ROXAS AND CO 4.51 4.65 4.6 4.6 4.6 4.6 2,000 9,200 RFM CORP SWIFT FOODS 0.115 0.116 0.116 0.116 0.115 0.115 440,000 50,610 130.6 130.7 131.8 132 130.5 130.8 1,589,520 208,097,691 UNIV ROBINA VITARICH 0.75 0.77 0.76 0.77 0.75 0.77 537,000 409,520 50 58 50 50 50 50 100 5,000 CONCRETE B 1.19 1.2 1.18 1.2 1.17 1.19 1,241,000 1,470,700 CEMEX HLDG EAGLE CEMENT 14.14 14.28 14.28 14.28 14.12 14.14 63,800 901,466 6.55 6.72 6.79 6.84 6.55 6.56 473,500 3,151,509 EEI CORP 5.51 5.52 5.45 5.8 5.45 5.69 1,806,800 10,249,680 HOLCIM KEEPERS HLDG 1.69 1.7 1.64 1.71 1.63 1.68 111,268,000 186,977,750 5.82 5.84 5.81 5.89 5.7 5.71 784,800 4,522,400 MEGAWIDE PHINMA 16.6 16.8 16.5 16.8 16.5 16.8 7,000 116,560 1.14 1.15 1.12 1.16 1.12 1.14 1,821,000 2,074,890 VULCAN INDL 1.73 1.75 1.74 1.75 1.74 1.74 85,000 147,960 CROWN ASIA EUROMED 1.49 1.57 1.5 1.57 1.5 1.57 6,000 9,350 5.65 5.68 5.67 5.8 5.66 5.8 36,500 207,085 PRYCE CORP 21.65 21.75 21.65 21.65 21.65 21.65 700 15,155 CONCEPCION GREENERGY 2.41 2.42 2.38 2.44 2.38 2.42 7,888,000 19,052,380 8.9 8.98 9 9 8.9 8.98 147,000 1,311,084 INTEGRATED MICR IONICS 0.74 0.77 0.77 0.77 0.74 0.74 102,000 76,670 5.88 6.03 6.04 6.04 5.84 6.04 13,000 78,074 PANASONIC 1.1 1.11 1.1 1.13 1.08 1.13 382,000 427,580 SFA SEMICON CIRTEK HLDG 4.26 4.31 4.31 4.31 4.23 4.3 1,390,000 5,963,480

HOLDING & FRIMS

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV FORUM PACIFIC GT CAPITAL JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG MJC INVESTMENTS METRO PAC INV PRIME MEDIA REPUBLIC GLASS SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES TOP FRONTIER WELLEX INDUS

1.01 894 51 12.04 5.72 7.4 0.95 0.465 5.2 7.95 7.76 0.27 614.5 58.4 0.64 3.06 11.02 0.41 1.15 4.05 1.3 2.75 1.11 15.16 988 114 0.65 121.2 0.241

1.03 894.5 51.05 12.06 5.73 7.7 0.96 0.485 5.23 7.98 7.8 0.29 615 58.45 0.66 3.12 11.04 0.43 1.22 4.06 1.39 2.95 1.2 15.18 988.5 114.4 0.73 127.8 0.265

0.99 899 51.4 11.82 5.72 7.7 0.94 0.495 5.2 8 7.77 0.27 610 58.55 0.65 3.13 11.2 0.425 1.2 4.1 1.27 2.95 1.13 15.58 985 115 0.66 125 0.26

1.03 899 52 12.14 5.78 7.7 0.95 0.495 5.25 8.08 7.8 0.29 623 59.2 0.68 3.19 11.3 0.435 1.2 4.1 1.3 2.95 1.2 15.66 991 115.6 0.66 125 0.26

0.98 891 51 11.82 5.65 7.5 0.94 0.495 5.2 7.9 7.77 0.27 610 58 0.64 3.05 11 0.41 1.2 4 1.27 2.95 1.11 14.74 979 113.3 0.65 125 0.242

1.02 893.5 52 12.08 5.7 7.6 0.95 0.495 5.2 7.95 7.8 0.29 620 59.2 0.68 3.06 11.12 0.41 1.2 4.1 1.27 2.95 1.19 14.86 988 115 0.65 125 0.242

10,570,000 313,810 768,510 9,219,600 1,388,300 55,500 189,000 10,000 665,600 7,027,500 1,200 220,000 399,910 1,173,840 273,000 1,912,000 8,948,600 230,000 2,000 15,239,000 94,000 3,000 132,000 12,532,900 181,130 86,200 100,000 750 130,000

10,591,410 280,401,145 39,723,782.50 111,100,206 7,936,007 421,060 178,910 4,950 3,465,554 56,133,749 9,354 61,200 247,197,910 69,175,152.50 181,780 5,860,730 99,628,994 96,650 2,400 62,006,190 120,280 8,850 147,610 188,774,088 178,892,955 9,881,911 65,130 93,750 33,260

PROPERTY ARTHALAND CORP 0.63 0.66 0.63 0.63 0.63 0.63 32,000 20,160 36.85 36.9 36.75 37.3 36.55 36.9 3,789,000 140,118,365 AYALA LAND ARANETA PROP 1 1.03 1.04 1.04 1.04 1.04 2,000 2,080 49.9 49.95 50 50 49.4 49.4 1,757,500 87,734,295 AREIT RT 1.37 1.39 1.37 1.4 1.37 1.4 35,000 48,280 BELLE CORP A BROWN 0.81 0.84 0.8 0.85 0.8 0.84 468,000 379,450 0.75 0.76 0.75 0.76 0.75 0.76 13,000 9,860 CITYLAND DEVT CROWN EQUITIES 0.102 0.108 0.102 0.108 0.101 0.108 1,050,000 108,640 6.3 6.45 6.28 6.45 6.28 6.45 77,100 485,605 CEBU HLDG 2.85 2.86 2.85 2.9 2.84 2.86 896,000 2,566,030 CEB LANDMASTERS CENTURY PROP 0.43 0.435 0.44 0.44 0.43 0.435 59,460,000 25,591,750 8.83 8.85 8.9 9 8.65 8.81 1,449,700 12,768,384 DOUBLEDRAGON 1.86 1.87 1.83 1.87 1.82 1.85 12,741,000 23,682,050 DDMP RT DM WENCESLAO 6.77 6.91 6.75 6.82 6.75 6.82 29,000 197,360 0.27 0.275 0.265 0.275 0.265 0.275 780,000 210,700 EMPIRE EAST EVER GOTESCO 0.325 0.33 0.325 0.335 0.32 0.325 27,310,000 9,001,900 FILINVEST RT 7.93 7.94 7.94 7.95 7.92 7.94 4,514,600 35,836,846 1.11 1.13 1.11 1.13 1.11 1.12 1,153,000 1,293,720 FILINVEST LAND GLOBAL ESTATE 0.87 0.9 0.9 0.9 0.87 0.87 329,000 290,310 10.2 10.3 10.12 10.4 10.12 10.3 167,800 1,710,552 8990 HLDG 1.15 1.17 1.15 1.23 1.14 1.21 674,000 806,920 PHIL INFRADEV CITY AND LAND 0.92 0.93 0.9 0.94 0.9 0.91 74,000 68,480 3.31 3.32 3.3 3.38 3.29 3.31 8,021,000 26,645,530 MEGAWORLD MRC ALLIED 0.28 0.285 0.28 0.285 0.28 0.28 6,500,000 1,827,550 18.3 18.32 18.32 18.34 18.3 18.32 3,002,000 55,027,576 MREIT RT 0.65 0.66 0.69 0.7 0.63 0.65 30,816,000 20,359,020 PHIL ESTATES PRIMEX CORP 2.02 2.05 1.94 2.1 1.94 2 1,539,000 3,052,870 7.3 7.31 7.31 7.33 7.28 7.31 8,350,700 61,021,121 RL COMM RT 18.9 18.92 19 19.2 18.86 19 1,173,500 22,316,346 ROBINSONS LAND PHIL REALTY 0.222 0.229 0.221 0.229 0.221 0.229 110,000 24,760 1.51 1.58 1.55 1.58 1.5 1.51 16,000 24,380 ROCKWELL 2.58 2.63 2.58 2.62 2.58 2.62 909,000 2,345,300 SHANG PROP STA LUCIA LAND 2.86 2.97 2.86 2.98 2.86 2.98 45,000 133,010 36.2 36.25 36.45 37.5 35.9 37.5 7,934,500 291,475,350 SM PRIME HLDG VISTAMALLS 3.8 3.87 3.87 3.87 3.8 3.8 6,000 23,150 1.36 1.4 1.38 1.4 1.34 1.39 6,062,000 8,127,510 SUNTRUST HOME 3.78 3.81 3.83 3.83 3.75 3.8 393,000 1,488,420 VISTA LAND SERVICES ABS CBN 13.68 13.7 13.72 13.88 13.64 13.74 60,000 824,128 14.02 14.04 14.16 14.16 14 14.06 515,600 7,245,920 GMA NETWORK MANILA BULLETIN 0.41 0.43 0.41 0.41 0.41 0.41 40,000 16,400 3,640 3,650 3,600 3,670 3,596 3,600 75,305 272,950,710 GLOBE TELECOM 1,743 1,744 1,724 1,755 1,711 1,750 121,630 212,386,145 PLDT APOLLO GLOBAL 0.073 0.074 0.072 0.081 0.071 0.08 672,420,000 52,748,230 31.6 31.65 32.25 32.35 31.2 31.5 18,549,000 586,576,295 CONVERGE DFNN INC 2.82 2.84 2.86 2.86 2.82 2.82 449,000 1,270,850 DITO CME HLDG 6.09 6.11 6.07 6.32 6 6.11 13,142,300 80,723,415 1.85 1.97 1.9 1.9 1.9 1.9 2,000 3,800 JACKSTONES NOW CORP 1.65 1.67 1.65 1.68 1.64 1.66 976,000 1,619,710 0.315 0.325 0.315 0.33 0.315 0.33 2,250,000 718,000 TRANSPACIFIC BR 2.08 2.15 2.07 2.16 2.05 2.06 158,000 330,370 PHILWEB 2GO GROUP 7.82 7.85 7.85 7.85 7.8 7.8 15,300 119,652 1.71 1.73 1.75 1.75 1.71 1.74 296,000 511,020 CHELSEA CEBU AIR 49 49.05 49.5 49.5 48.75 48.95 298,200 14,624,095 INTL CONTAINER 195.1 195.5 196 197 193 195.1 1,634,440 319,605,237 20.3 22.55 20.3 20.3 20.3 20.3 100 2,030 LBC EXPRESS MACROASIA 6.32 6.33 6.25 6.5 6.25 6.35 3,370,800 21,414,244 1.43 1.48 1.43 1.43 1.4 1.4 80,000 113,140 METROALLIANCE A 0.95 0.99 0.95 0.99 0.95 0.99 247,000 242,320 HARBOR STAR ACESITE HOTEL 1.47 1.57 1.51 1.6 1.47 1.54 25,000 38,080 2.08 2.1 2.1 2.16 2.08 2.16 210,000 440,900 DISCOVERY WORLD WATERFRONT 0.495 0.5 0.5 0.5 0.5 0.5 40,000 20,000 STI HLDG 0.345 0.35 0.35 0.35 0.345 0.345 300,000 103,650 6.49 6.59 6.58 6.59 6.49 6.59 49,600 325,768 BERJAYA BLOOMBERRY 7.86 7.87 7.95 8.05 7.8 7.94 2,966,200 23,643,895 PACIFIC ONLINE 2.01 2.12 2.08 2.1 2 2.01 43,000 87,950 1.56 1.58 1.52 1.58 1.52 1.52 498,000 776,200 LEISURE AND RES PH RESORTS GRP 0.87 0.88 0.88 0.89 0.85 0.89 1,010,000 872,750 0.44 0.445 0.45 0.45 0.44 0.445 3,230,000 1,434,850 PREMIUM LEISURE 5.7 5.8 5.8 5.8 5.8 5.8 80,000 464,000 PHIL RACING ALLDAY 0.74 0.75 0.75 0.76 0.74 0.74 48,309,000 36,090,110 9.23 9.25 9.29 9.31 9.1 9.2 391,100 3,615,027 ALLHOME METRO RETAIL 1.41 1.42 1.41 1.42 1.41 1.42 963,000 1,360,490 PUREGOLD 41.3 41.35 41.5 41.9 41.25 41.4 550,800 22,814,155 65.1 65.15 66.4 66.75 64.95 66.7 552,200 36,380,977 ROBINSONS RTL PHIL SEVEN CORP 95 95.3 88 95.3 88 95 8,030 760,710 1.22 1.23 1.22 1.23 1.22 1.23 831,000 1,017,660 SSI GROUP 30.25 30.4 30.7 30.8 29.8 30.4 1,336,300 40,504,330 WILCON DEPOT APC GROUP 0.223 0.23 0.222 0.23 0.221 0.23 400,000 89,860 515 530 515 530 515 530 1,320 695,400 GOLDEN MV IPM HLDG 6 7 7 7 7 7 3,000 21,000

22.4%

ATOK 5.93 6.1 5.93 5.93 5.93 5.93 100 593 APEX MINING 1.39 1.41 1.4 1.42 1.38 1.42 336,000 469,980 6.34 6.35 6.26 6.35 6.25 6.3 711,100 4,489,120 ATLAS MINING 5.25 5.29 5.4 5.41 5.2 5.2 570,200 3,016,476 BENGUET A BENGUET B 5.12 5.6 5.4 5.4 5.4 5.4 2,000 10,800 0.275 0.29 0.28 0.28 0.28 0.28 80,000 22,400 COAL ASIA HLDG FERRONICKEL 2.15 2.16 2.12 2.19 2.12 2.19 4,200,000 9,099,850 GEOGRACE 0.21 0.219 0.21 0.21 0.21 0.21 620,000 130,200 0.125 0.129 0.126 0.126 0.125 0.126 4,220,000 528,200 LEPANTO A MANILA MINING A 0.009 0.0092 0.009 0.009 0.009 0.009 1,000,000 9,000 1.4 1.41 1.39 1.43 1.36 1.4 5,734,000 7,972,980 MARCVENTURES 1.01 1.04 1.01 1.06 1.01 1.05 115,000 120,070 NIHAO NICKEL ASIA 5.26 5.27 5.3 5.31 5.16 5.16 4,185,100 21,771,769 0.32 0.335 0.325 0.335 0.32 0.335 550,000 178,700 OMICO CORP ORNTL PENINSULA 0.78 0.8 0.81 0.81 0.77 0.8 457,000 362,520 PX MINING 4.91 4.92 4.93 4.93 4.9 4.9 392,000 1,923,520 23.1 23.15 23 23.65 22.95 23.05 1,987,100 46,227,310 SEMIRARA MINING UNITED PARAGON 0.0065 0.0066 0.0065 0.0067 0.0065 0.0067 10,000,000 66,100 22.75 23 22.85 23.3 22.6 22.7 597,600 13,649,560 ACE ENEXOR 0.01 0.011 0.011 0.011 0.01 0.011 49,200,000 517,400 ORNTL PETROL A PHILODRILL 0.0091 0.0093 0.0091 0.0093 0.0091 0.0092 9,000,000 82,300 6.08 6.09 6.1 6.12 6 6.02 1,602,200 9,664,468 PXP ENERGY PREFFERED HOUSE PREF B 100 101 100 100 100 100 100 10,000 520 526.5 520 520 520 520 3,050 1,586,000 AC PREF B1 AC PREF B2R 511 521 521 521 521 521 10 5,210 48.25 49.25 48.25 49.4 48.25 48.5 42,300 2,054,845 CEB PREF 101.6 103 103 103 103 103 500 51,500 CPG PREF A DD PREF 100.8 100.9 100.8 100.9 100.8 100.8 29,500 2,973,625 105.4 109 105.4 109.9 105.4 109.9 14,170 1,499,818 FGEN PREF G GTCAP PREF A 1,010 1,020 1,010 1,010 1,010 1,010 1,205 1,217,050 1,005 1,010 1,005 1,010 1,005 1,010 40 40,250 JFC PREF A 1,025 1,038 1,025 1,025 1,025 1,025 500 512,500 JFC PREF B MWIDE PREF 2B 100 101 100 101 100 101 7,110 711,110 103.1 104.8 104.8 104.8 104.8 104.8 490 51,352 PNX PREF 3B 999 1,000 999 1,000 996 999 3,400 3,396,420 PNX PREF 4 PCOR PREF 3A 1,030 1,110 1,110 1,110 1,108 1,110 340 377,380 1,100 1,160 1,140 1,160 1,120 1,160 165 189,100 PCOR PREF 3B SMC PREF 2F 79.3 79.5 79.6 79.7 79.3 79.7 2,320 183,989 79.25 79.55 79.55 79.55 79.55 79.55 100 7,955 SMC PREF 2I 76.4 77 76.5 77 76.4 76.4 71,000 5,427,198 SMC PREF 2J SMC PREF 2K 75.9 76.4 75.8 75.9 75.8 75.9 81,300 6,164,000 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 13.34 13.72 13.4 13.4 13.36 13.36 26,000 347,600 13.5 13.8 13.5 13.8 13.5 13.5 12,500 169,030 GMA HLDG PDR WARRANTS TECH WARRANT 1.06 1.08 1.08 1.11 1.06 1.06 500,000 539,930

ALTUS PROP -1.02% ITALPINAS KEPWEALTH MAKATI FINANCE MERRYMART

18 1.77 3.6 2.4 3.18

FIRST METRO ETF

112

"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."

-14,606,589 -8,111,220.50 75,700 19,360.00 22,169,479.50 -70,245 1,001 -18,423,773 127,310 -21,760 158,780 54,573,040 -1,440 21,810 -257,885 -1,763,324.50 8,048,344 -28,741,990 -788,870 852,990 -231,000 -511,480 10,800 1,370 10,237,245 -459,110 -62,351.00 2,811,120.00 1,341,840 187,190 2,990,352 -37,088,614 -530,040 -140,534,254 36,800 -14,200 -75,093,779 -562,070 146,998 -7,184,232 861,910 -770,861 -25,300.00 43,550 9,142,860 397,468 -90,330.00 1,570,760 -19,802,380 -161,149 37,688,224 -262,480 -1,350,963 -11,312,894 35,174,210 -17,113,956 -226,190 2,394,726 9,411,700.00 -2,906,316 -90,619,550 -2,439,856 -34,241,505 -16,783,835 -43,960 -17,100 -284,850 -9,109,221 18,247,150 8,100 -401,650 1,371,899 -256,920 86,740 4,700 -4,585,290 -11,790,838 -170,570 -16,157,935 4,198,924.00 -1,590,310 -176,310 117,864,330 107,356,650 832,290.00 -150,447,765 148,010 1,303,813 -21,480 1,560 27,740 -1,827,120 180,141,003 2,030 -58,973 2,100 15,000 -10,500 -1,950,108 -28,040 261,430 4,450 2,296,700 402,682.00 -141,200 -3,968,045 -2,834,863 -226,882 2,435,495 31,500 884,240 4,142,530 37,800 -1,919,167 -33,460 -14,760 6,130,920 8,233,095 69,760

SMALL & MEDIUM ENTERPRISES

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU).

November 24, 2021

MINING & OIL

Bond Funds ALFM Peso Bond Fund, Inc. -a

www.businessmirror.com.ph

18.1 1.78 3.75 2.7 3.19

EXHANGE TRADE FUNDS

112.4

17.92 1.76 3.6 2.4 3.15

18.1 1.8 3.75 2.4 3.22

17.9 1.76 3.6 2.4 3.15

18.08 1.79 3.75 2.4 3.2

39,700 361,000 23,000 5,000 2,974,000

715,434 643,980 82,990 12,000 9,489,340

921,935 -25,125 99,900 - 2,740 57,660

112 112.5 112 112.5 7,140 802,217 67,420

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Thursday, November 25, 2021 B3

By Jasper Emmanuel Y. Arcalas @jearcalas

HE rising cost of inputs has forced layer raisers to cull birds to prevent further losses, which could cause local egg supplies to tighten ahead of the holiday season. If the situation worsens, industry players warned of a possible egg shortage in the coming months as small-scale and medium-scale layer raisers would further limit production. However, a government official said an egg shortage is “an extreme situation.” The official said authorities are now looking at implementing measures that will help producers cope with the spike in production cost. Two officials of the Philippine Egg Board Association (PEBA) told the BusinessMirror that the layer industry has started culling birds two months ago as they can no longer absorb the rising cost of soybean meal, coconut oil and yellow corn. One official said layer raisers are culling 80-week-old birds, younger

than the usual 100 to 110 weeks old. “Layer raisers started culling two months ago since demand was down and feeds are becoming more expensive,” PEBA President Irwin M. Ambal told the BusinessMirror. “We are seeing a 40 percent to 50 percent increase in feed costs. From P1,000 per 50-kilogram bag to an average of P1,450 per bag today.” Ambal said farm-gate prices have remained stable or have registered only slight increases. Raisers are not making money, he said, as farm-gate prices of medium eggs are stuck at P4.50 to P5 apiece. PEBA Chairman Gregorio San F. Diego said yellow corn prices rose to P22 per kilogram from P14 per kg while coconut oil is currently fetching more than P90 per kg from a low of P50 per kg. San Diego added that soybean meal prices have doubled to P55 per kg due to supply shortfalls in the United States created by lower crop harvests and disruptions caused by port congestion and the lack of vessels. “If the increase in production

BUSINESSMIRROR FILE PHOTO

Tight egg supply seen as raisers cull chickens

costs continue, then everyone will be producing at a loss, forcing layer raisers to cull, therefore, a supply shortage is a possibility,” he said. Citing historical data, Ambal said the next four to five months would determine if the country will see a shortage of table eggs. He said a surge in egg prices dur-

ing the Christmas season would indicate that the raisers have culled a lot of birds in recent months. “We may not even have enough supply to meet demand during Christmas due to early culling and the decision of raisers to limit production,” he said. “The next four to five months would really determine

the replenishment of stocks of the industry. That would be the window time for the industry to react to current market conditions.” Bureau of Animal Industry (BAI) Director Reildrin G. Morales said the government is aware of the production woes confronting layer raisers and that the government is ready to

assist them. Morales said the government has been in constant talks with US-based soybean and soybean meal suppliers. He disclosed that the arrival of soybeans in the Philippines was delayed by a hurricane which damaged a key US port. “There are now 4 vessels being loaded with soybean, which may arrive in the country by January and there are three more vessels awaiting loading,” he told reporters. Morales said the government is also fast-tracking importers’ application to buy soybean meal from other sources like Vietnam, which has a surplus as it imported a lot of the feed material. “Our layer raisers are trying to sustain production to prevent an increase in egg prices. But if production costs continue to rise, then market forces will come into play,” he said. “That is why we are continuously working with industry stakeholders and importers to avert this shortage scenario because they will stop raising chicken or implement calibrated depopulation.”

PHL rice imports reach 2.4 MMT in Nov Kennemer to buy cacao from Zamboanga planters

HE country’s rice imports as of November 18 have reached 2.4 million metric tons (MMT), which is 300,000 MT higher than the 2020 import volume, according to data from the Bureau of Plant Industry (BPI). Latest BPI data showed that rice imports as of November 18 hit 2.423 MMT, 15.45 percent higher than the 2.099 MMT imported by the country in 2020. The latest import volume has already breached the 2.3 MMT projected by the United States Department of Agriculture (USDA) for this year. Federation of Free Farmers Inc. (FFF) National Manager Raul Q. Montemayor said the increase in rice imports may be taken as a sign that importers are anticipating price hikes due to the reopening of the economy. “There also seems to be a tendency for international prices to increase in the first quarter of the year, so perhaps they are anticipating that,” Montemayor told the BusinessMirror. “Prices for 5 percent brokens went down significantly in the third quarter this year from P33 to P24 per ki-

logram (CIF) plus tariff then went up to P29 in October.” Montemayor added that importers may have purchased a lot of rice abroad due to concerns over the possibility that the Department of Agriculture (DA), particularly the BPI, may again withhold the issuance of sanitary and phytosanitary import clearances (SPS-ICs). BPI data showed that it continued to issue SPS-ICs this month as it has issued seven SPS-ICs corresponding to an import volume of 3,870 MT as of November 15. Figures from the attached agency of the DA also showed that Vietnam was the country’s top supplier as it exported 2.066 MMT from January 1 to November 18. Nan Stu Agri Traders topped the list of 149 importers as it imported the most rice during the reference period at 137,661.25 MT. Montemayor noted that the increase in imports this year “contradicts” the improvement in the country’s self-sufficiency ratio (SSR). “Also, the increase in imports coincides with the reported increase in palay output, which could have led to a supply glut and the drop in palay

prices during the harvest months [September-October].” The Philippine Statistics Authority earlier reported that for every 1 kilogram of rice available in the country last year, 850 grams came from Filipino farmers, as the Philippines’s rice SSR improved to 85 percent. PSA’s latest report showed that the country’s rice SSR last year improved from the 79.8 percent recorded in 2019. “This ratio indicates that 85 percent of the domestic supply of rice came from the country’s own production,” the PSA said in its report titled “Agricultural Indicators System: Food Availability and Sufficiency.” The PSA defines SSR as the “magnitude of production in relation to domestic utilization.” It is the extent to which a country’s supply of commodities is derived from its domestic production or the extent to which a country relies on its own production resources. The Philippines posted a record palay output of 19.44 MMT last year, while imports reached nearly 2.1 MMT, based on official government data. Jasper Emmanuel Y. Arcalas

By Jonathan L. Mayuga @jonlmayuga

WO groups of upland farmers in Zamboanga City have secured a deal to supply dried cacao beans to Kennemer Foods International, according to the Department of Environment and Natural Resources (DENR). The DENR said farmers belonging to the Tolosa Buffer Zone Association (TBZA) and the Salaan Buffer Zone Association (SBZA) have successfully cultivated an estimated 8.2 hectares of cacao land in Zamboanga City. The planters are also eyeing to sell cacao beans to JAS Agri-ventures Inc. An initial 10 to 20 sacks of dried cacao beans will be sold to Kennemer Foods per month. This volume is expected to increase next year after the DENR conducted training on cacao farming to boost their production last August. Kennemer exports high quality cacao beans to global confectionaries such as Mars. “By the middle of next year, we will have been ready to harvest from more cacao areas that we helped rehabilitate,” said Dr. Reynaldo C. Navacilla,

Pangasinan, Aklan farmers get assistance from DAR

HE Department of Agrarian Reform (DAR) has turned over P10.58 million worth of support services to farmers in Pangasinan Province last Tuesday. At the same time, Agrarian Reform Secretary Bernie F. Cruz led a host of DAR officials during an inspection at the P86-million housing project for small farmers in the said province. Various farm machinery and equipment, with a total cost of P9.119 million, and various farm inputs worth P1.458-million were distributed to 610 agrarian reform beneficiaries belonging to 17 ARB organizations (ARBOs) from the towns of Agno, Aguilar, Alaminos City, Balungao, Bani, Bautista, Bayambang, Dasol, San Carlos, San Jacinto, Sison, Sta. Barbara, Umingan, Urbiztondo, and Villasis. Cruz said apart from land distribution and delivery of agrarian justice, the DAR is also mandated to provide support services to improve living condition of the ARBs. “These support interventions are part of a continuing activity of the department to boost the livelihood of our ARBs, thus an improvement in their farm income,” he said. Being the country’s frontliners in providing food security, Cruz said the farmers deserve to be dignified and this, he said could be realized

through the government support. The support services projects include 5 units of 4-WD farm tractors, 2 units of pick up trucks, 5 units of hand tractors, 5 units of engine pumps, 2 units of motorcycles with kolong-kolong, 610 units of knapsack sprayers, and various farm inputs composed of hundreds of bags and sacks of fertilizers, herbicides, insecticides, and farm seeds. Former DAR chief John Castriciones attended the ceremonial turnover to witness the ARBs receiving the projects. The support services packages are implemented under the DAR’s Climate Resilient Farm Productivity Support Project (CRFPSP) and Linking Smallholder Farmers to Markets and Microfinance (LinkSFarMM) program. Prior to the turnover ceremony of the subprojects held in the municipality of San Manuel, the team of DAR also conducted a site inspection in Barangay Carayungan Sur, in the town of Umingan, where a 26,111 square meter lot for the agency’s housing program for the ARBs is currently on-going. Dubbed as Balai Farmers and Farmworkers Housing program, the site has a target of 184 housing units. Each unit costs P300,000, with a lot area of 75 sq. m., and is payable within 30 years.

This project is implemented through a partnership with the Department of Human Settlement and Urban Development, National Home Mortgage Finance Corp., Bella Vita, and the local government of Umingan.

Bamboo processing

THE DAR also turned over a bamboo handicraft processing center to memers of the Catmon (Aklan) Multi-Purpose Cooperative to boost their bamboo processing business. The P300,000 center would benefit a total of 159 members consisting of 126 agrarian reform beneficiaries (ARBs) and 33 other members. Gelly H. Navarra, chairperson of the cooperative said the project will be a big boost to their bamboo processing activities. The Catmon (Aklan) MPC is among the DAR-assisted cooperatives that availed the business development service with support facility under the Village Level Farm Focused Enterprise Development (VLFED). DAR Western Visayas Regional Director Shiela Enciso said the project covers the rehabilitation of a processing center for bamboo handicrafts, as their main product. “One of the basic requirements to become a recipient of VLFED project is the availability of raw materials for the product being developed. It

is very fortunate for Catmon [Aklan] MPC since barangay Catmon is rich in bamboo plants - the potential source of raw materials for the said enterprise,” Enciso said. Enciso said the total VLFED project cost amounts to P300,000, with the Aklan provincial local government unit providing a counterpart of P60,000; the LGU of Altavas, P20,000; and the House of Representative, P60,000. “The VLFED project aims to enhance the products of farmers through the provision of appropriate facilities and equipment,” Enciso said. With the completion of the construction of the processing center, she said the cooperative members can now work together with a common goal of helping and making their endeavor beneficial not only to the officers and members of the cooperative but also to the whole community of Aklan. “It is expected to boost the income of the cooperative since this will become as an additional livelihood for its members, as they simultaneously engage in other farming activities such as vegetable, ginger, and coconut production. The project also offers job opportunities to other household members who possess skills in bamboo handicraft making,” she said. Jonathan L. Mayuga

field manager of Protect Wildlife. Protect Wildlife, funded by the United States Agency for International Development (USAID), is a consortium of agencies helping the watershed natives to learn agriculture and agroforestry in exchange for destructive wildlife practices. The DENR’s training on cacao farming was conducted with USAID’s Women’s Global Development and Prosperity Initiative (W-GDP). Kasanyangan Center for Rural Development & Microfinancing Inc (KCRDMFI) has supplied UF18 and W10 varieties of cacao seedlings to the communities. KCRDMFI also supplied them with the fertilizers. The TBZA and SBZA have also been producing their homemade tablea sold at P120 per pack. They produce around 50 packs per month. The cacao farms of TBZA and SBZA have helped forest communities within the Pasonanca Natural Park to secure a sustainable livelihood. “Some of them used to poach wildlife in the area. Some of them used to get firewood in the forests in order to produce charcoal sold to bakeries downtown. With a liveli-

hood now, the majority of them no longer do these destructive practices,” said Navacilla. As to their agroforestry and intercropping practices, the farmers are able to help conserve soil, reduce soil erosion, and stabilize slopes in the mountains. Intercropped with cacao are coffee and vegetables. Inday Campaner, protected area superintendent at Pasonanca Natural Park, said DENR’s vision is for the Pasonanca Natural Park to be recognized as an Asean Heritage Park. Asean Heritage Parks are selected based on their “unique biodiversity and ecosystems, wilderness and outstanding values in scenic, cultural, educational, research, recreational and tourism.” As such, they become significant sites for conservation. Strengthening the conservation program in Pasonanca is important even as new flora and fauna species are being discovered in the protected area. Among these are the mistletoe and amorphophallus, according to Dr. Dante Oporto, former provincial environment and natural resources officer of Zamboanga Sibugay.

How feeding fish a long-lost fungus helps save the world’s trees

FINNISH company is trying to break the fish industry’s reliance on feed made from soybeans—and the deforestation that can come with it. The average person eats almost twice as much seafood compared to half a century ago, and the fish on our plates is more likely to have come from a farm than anywhere else. While the fish industry has a smaller carbon footprint than most meats, it’s still dependent on soybeans to feed its stock. The crop is the second-biggest driver of tropical deforestation, including in Brazil ’s A mazon rainforest. That’s where EniferBio Oy comes in. The company’s five biologists spent lockdown in a lab on the border of Helsinki resurrecting a lost fungus called Pekilo. The protein was eaten by pigs and poultry in Finland for decades. It used to be made from byproducts created during paper manufacturing, but disappeared in 1991 when the industry shelved the process that produced the forestry residues. “I studied biotech in Finland for over half a decade and had never heard of Pekilo,” said Simo Ellila, chief executive and co-founder

of EniferBio. “Turns out it was a sleeping giant.” The agriculture industry, facing increasing scrutiny over the climate impact of traditional feed, is searching for more sustainable alternatives. Giants such as Cargill Inc. and Archer-Daniels-Midland Co. are looking to insects while French oil major Total SE has backed a push to turn captured carbon dioxide into food for chickens, fish and pigs. The market for feeding fish is set to hit $72 billion by 2025, according to research firm Markets and Markets, from $51 billion last year. EniferBio’s lab-grown fungus isn’t on sale yet. But results of a first-stage trial released on November 18 found that salmon, the world’s most-traded fish, can digest Pekilo just as easily as meal made of powdered bones and offal. Skretting, the aquaculture research center which conducted the trial, said the results were encouraging and a sign of “a new protein raw material coming our way.” The European Union is on board too. The bloc’s maritime and fisheries fund granted EniferBio $1.4 million in October, adding to cash that’s already come from venture capital firm Nordic FoodTech VC. Bloomberg News

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Thursday, November 25, 2021

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Japan envoy oversees start of road works for PHL’s longest tunnel in Davao City

By Manuel T. Cayon

AVAO CITY—Ambassador Kazuhiko Koshikawa attended the boring of a mountainous portion outside downtown Davao on November 19 to officially start work on the Philippines’s longest tunnel road. Koshikawa was at the joint site inspection organized by the Department of Public Works and Highways (DPWH). He was joined by Public Works Secretary Roger Mercado and Build, Build, Build Chief Implementer-Undersecretary Emil Sadain.

The regional DPWH said a symbolic blast on Friday formally signaled the commencement on the two-way road tunnels, which are 2.3 kilometers long and part of the 10.7 kilometers Contract Package I-1 of the Davao City Bypass Con-

KOSHIKAWA (left) at the tunnel boring of the Davao City Bypass Road. DPWH

struction Project (DCBCP). Officials of Japan’s leading tun-

nel construction companies assigned to the bypass road construction also

PHL, Netherlands agree to broaden cooperation

HE Philippines and the Netherlands recently affirmed their intent to forge a stronger bilateral partnership, and mapped out areas where they can further collaborate. In his keynote address during the “Philippines-Netherlands Connections @ 70: Reconstructing History and Forging Ahead” webinar which commemorated the seven decades of the establishment of the two countries’ diplomatic relations, Secretary of Foreign Affairs Teodoro L. Locsin Jr. stated that the Philippines is committed to reenergizing its relationship with the European country, with emphasis on economic cooperation, and special focus on the agri-food, water and infrastructure; the circular economy; as well as maritime and health-care sectors. “The Netherlands’ renewed foreign policy interest in the [region]...is a positive development; particularly, its commitment to sustainable trade and investment relations, reducing one-sided strategic dependencies, [es-

tablishing more reliable value chains, and providing] active support for European Union [EU] negotiations on free-trade agreements with IndoPacific countries,” Locsin said. “We are hopeful...this will further expand business-to-business engagements between...[our] private sectors.” The Philippines recently assumed its role as country-coordinator of the Asean-EU relations until 2025, and it will give greater significance to twoway initiatives. For his part, Secretary-General Paul Huijts of the Netherlands’ Ministry of Foreign Affairs (MFA) said “the strength of our countries’ economic ties are shown by the fact that [my country] is the second-biggest EU trading partner of the Philippines, and the biggest [investor from the bloc. More] recently, sustainability has become a key element for our bilateral cooperation.” Huijts cited the Manila Bay Sustainable Development Master Plan as a result of Dutch and Filipino experts’ collaboration on sustainability and

water management. He also noted the contributions of some 150 Dutch companies operating in the Philippines, and added that “at the same time, the Netherlands have welcomed many overseas Filipino workers—including some 22,000 Filipino seafarers who sail on Dutch flagged vessels and help keep the global economy moving.” The Netherlands’ Indo-Pacific guidelines and the EU’s Indo-Pacific strategy “underscore the growing importance of the [former region, where] the Philippines is a strategic player,” the secretary-general added. “As a seafaring nation, we take a particular interest in freedom of passage and other topical issues...” The first day of the webinar drew a large and diverse audience from both countries, who included government officials, business personalities, community members and students. Dutch Ambassador Karin Mossenlechner, director for Asia and Pacific in the Netherlands’ (MFA), expounded on the Dutch Indo-Pacific

guidelines and the implications of this policy shift for the Philippines: “The Netherlands and the EU are aware that the geopolitical and geoeconomic balance of power in the world is shifting. The Indo-Pacific region is increasingly becoming more strategically important for the EU. It is important that the Netherlands and the Philippines, [as well as the countries in the Indo-Pacific, join hands and work together in bringing about a sustainable post-pandemic] recovery with green growth.” Ambassador of the Philippines to the Netherlands J. Eduardo Malaya, Ambassador of the Netherlands to the Philippines Saskia de Lang, Ateneo de Manila University (ADMU) President Rev. Fr. Roberto C. Yap S.J., and the Philippines’s Foreign Service Institute Director-General Jose A. Cariño also spoke during the program. In his remarks, Malaya cited the opportunities for complementarities between the two sides; notably, the sharing of knowledge in addressing climate change.

Switzerland’s ambassador witnesses MOU signing of Sustainability Reporting Advancement Initiatives

HE Philippine-Swiss Business Council (PSBC) and Global Reporting Initiative (GRI) has signed a memorandum of understanding (MOU) to set out a framework for cooperation on “Sustainability Reporting Advancement Initiatives.” PSBC, with the support of GRI, aims to help accelerate the achievement of the Sustainable Development Goals and sustainability reporting in the Philippines. The MOU was signed by GRI Chief Financial Officer Dani Marunovic and Christine Fajardo, who is PSBC’s chairperson and the corporate affairs head of Novartis Philippines, and witnessed by Ambassador Alain Gaschen who represented the Swiss federal government’s State Secretariat for Economic Affairs (SECO). The ceremony was also attended by Allinnettes Adigue, who is GRI’s Asean Regional Hub head and Ma. Katreena Pillejera, GRI country manager. The document involves these key actions: (1) Deliver an impact study to be led by PSBC and supported by GRI. It will cover PSBC membercompanies by highlighting their sustainability contributions to the community; and (2) Establish a relationship with PSBC member-companies by raising awareness on the business case of sustainability, as well as building capacity for accountability and transparency through sustainability reporting. “We are happy that our SECO`s Sustainability Reporting for Re-

AMBASSADOR Alain Gaschen (from left), Global Reporting Initiative’s (GRI) Allinnettes Adigue, Philippine-Swiss Business Council and Novartis Philippines’s Christine Fajardo, with GRI’s Ma. Katreena Pillejera PBSC

sponsible Business Program is [leaving] a footprint in the Philippines,” Gaschen shared. “We are committed to increasing high-quality sustainability disclosure [as well as accountability], and are excited to have the PSBC on-board as we promote ‘Swisstainable’ solutions to global challenges.” “We are honored to partner with GRI on our Sustainability Reporting Advancement Initiatives. As a business council, we aim to integrate our members’ contributions in rebuilding the business ecosystem,” said Fajardo. “With the support of SECO-GRI, PSBC intends to step up the communication of our membercompanies’ social, environmental, and economic impact on society, [plus] facilitate capacity training on sustainability reporting.” “GRI is...honored to be able to work with PSBC under the framework of our Sustainability Reporting for Responsible Business Program

supported by SECO,” stated Pillejera. “We are looking forward to [helping] catalyze PSBC members to be cham-

pions in showing the transformation into a more resilient and sustainable business. We believe sustainability reporting will help [create a systemic transformation, and mobilize all stakeholders] in working together for a transparent and accountable future.” In line with its advocacy to communicate its member-companies’ environmental, social and governance impact on society, the PSBC recently launched its Impact Stories Initiative that aims to demonstrate the council’s strong commitment to responsible business. They have until November 30, 2021 to submit their narratives via psbcimpact@gmail.com.

SFA VISITS, DEEPENS TIES WITH UAE Secretary of Foreign Affairs Teodoro L. Loc-

sin Jr. (foreground, center) and the United Arab Emirates’ Foreign Minister Sheikh Abdullah Bin Zayed Al Nahyan (right) on November 17 renewed commitments to further deepen their countries’ bilateral cooperation in their meeting at the World Expo in Dubai. Ambassador of the Philippines Hjayceelyn M. Quintana (foreground, left), who attended the meeting with UAE’s Minister of State for International Cooperation Reem Bint Ibrahim Al Hashemy, said the improvement of ties between the two nations during the 47th year of their diplomatic relations, as well as the 50th founding anniversary of the UAE, are landmark events reflecting their deep friendship and goodwill. The envoy led Filipinos in the UAE in congratulating the two ministers on their successful meeting, as the countries embark on the next chapter in their mutual interactions. With the group is Consul-General Renato N. Duenas of the Philippine Consulate General in Dubai (left). DFA

witnessed and supervised the drilling-and-excavation operation for the country’s “first-ever long-distance mountain tunnel,” according to the embassy of Japan. It said the future roadway is a key component of the 45.5-kilometer DCBCP in Southern Mindanao, which will begin in Barangay Sirawan, Toril, Davao City and end in Barangay J.P. Laurel, Panabo City. Once finished, it will help cut travel time from almost 2 hours via the Pan-Philippine Highway to just 49 minutes. The embassy added the project’s tunneling activity will use specialized equipment such as drill jumbo, concrete spraying machine and articulated dump hauler, which will work simultaneously at the north

and south portals to construct the two tunnels. Both will have a height of 8 meters, and a width of 10 meters. The Davao City Bypass Road is another quality infrastructure project financed by the government of Japan’s official development assistance, with Special Terms for Economic Partnership Loan from the Japan International Cooperation Agency (JICA). The entire DCBCP is divided into six contract packages, with I-1, I-2 and I-3 being financed by JICA Loan Agreement Nos. PH-P261 and PH-P273, while packages II-1, II-2 and II-3 are funded by the Philippine government, according to the DPWH. Total package costs P13.230 billion, and has an estimated completion date of January 2024.

The value that brings Poles together By Andrzej Duda

President, Republic of Poland

HERE is a popular saying in modern Polish: “To defend something like independence.” It means taking a clear and determined stance for some idea or value. Where does the expression come from? The answer is obvious to anyone who took part in the celebrations of our National Independence Day on November 11. We celebrate on that day the very values that bring tens of millions of Poles together. The holiday echoed the enthusiasm of our forebears who, in 1918, after 123 years of subjugation, finally achieved what they struggled for: the return of independent Poland onto the political map of Europe. It’s a reminder of their huge success that fills us with pride and joy to this day. It’s also a festival of perseverance and optimism rewarded as we had never, not for one moment, come to terms with the domination of three foreign, absolutist empires. Finally, it’s a solemn declaration that, for us, having our own, sovereign country—a common home we are free to furnish ourselves, as well as the best guarantee of our rights and freedoms—is priceless. Defending this value, we are prepared to make the supreme sacrifice. The event that marks the beginning of Poland’s history is the baptism of Prince Mieszko I in 966. From that moment on we have always contributed to the development and defense of the European family of free nations. We have done this, being aware of the rich legacy of our culture, our own tradition of political thought, and the uniqueness of Polish history. Due to our experience of lost statehood regained with so much effort, we look at ourselves and the changing world primarily through the prism of freedom and solidarity. We remember that it was these two ideals that once stood behind the birth and growth of the European superpower that was the partner union between the Kingdom of Poland and the Grand Duchy of Lithuania. We believe they are also the building blocks of our prosperous future and a prerequisite for the success of the many initiatives aimed at ensuring peace and cooperation in Europe that Poland is involved in: the European Union (EU), the North Atlantic Treaty Organization, as well as the regional structures that buttress them, especially the Three Seas Initiative and the “Bucharest Nine.” We consider the values of freedom, solidarity and respect for the law to be fundamental, inseparable and complementary. I am deeply convinced it is only on that

Andrzej Duda

basis that the European community can tackle the growing number of the crises it now faces. The breakdown of the global geopolitical order; the new, dangerous phenomenon of hybrid warfare; energy, health and food security; climate change; mass migration; strengthening democracy to avoid the temptation of technocratic elitism; freedom of expression in the digital era; social responsibility of international corporations and finance companies; global race for new technologies, artificial intelligence and space exploration—these consist the full scale of the challenges and transformations that will long determine Europe’s position in the world. If Europeans want to take them on, they need to act together. They need to act now. Our cooperation will be successful, insofar as it takes account of the true nature of today’s Europe. Its fundamental feature is the age-old wealth of diversity and individuality. This is the fountainhead of all that is unique, multidimensional, creative and attractive about our civilizational model. The biggest asset of our continent is precisely this internal diversity with all its various consequences—including those related to European integration. Today Poland is a dynamically developing country which knows how to make good use of its longawaited freedom and sovereignty. We keep increasing our potential when it comes to the services sector, agriculture, energy infrastructure, and defense. Our country has strong economic ties with its Western partners in the areas of foreign trade and industrial cooperation. We are a loyal member of the EU, contributing to the organization’s success, as it competes and cooperates on the global stage. We also take much effort to protect its borders, specifically over the last months. The Poles are confident the prospects of development and internal consolidation are looking up for the EU. We share the same aspirations and hopes that motivated the bloc’s founding fathers, and we want to contribute to making them a reality—for ourselves, and for future generations.

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Parentlife BusinessMirror

Editor: Gerard S. Ramos

• Thursday, November 25, 2021

Monitor or talk? 5 ways parents can help keep their children safe online

BY JORIS VAN OUYTSEL Arizona State University

HILDREN have been spending more time online. A May 2020 study found that US teenagers spent around seven hours a day, on average, using screens. Even before the pandemic, teens were indicating in surveys that they were “almost constantly online.” As with any venue, parents might be concerned about what dangers lurk on the Internet—from cyberbullying to teen-to-teen sexting—and tempted to use various technological tools to monitor their children’s online activities. As a researcher who specializes in how teens operate in online environments, I know that spying on your children’s keystrokes and web browsers isn’t the only or even the best parental practice to employ and may create problems of its own. Here are five tips on how parents can encourage their children to adopt safer online behavior beyond using spyware or computer surveillance. 1. DON’T JUST MONITOR YOUR KIDS ONLINE, TALK TO THEM. Technical measures, such as those that allow parents to monitor every keystroke, can provide parents with an additional way to keep tabs on what their children are doing. However, parental controls should not replace an ongoing conversation with children about their digital media use and what it means to be safe online. Many parents value open communication with their children about their Internet use. This can be beneficial in keeping them safe. Research on related traditional risk behaviors, such as teenage substance use, has found that children who have open conversations with their parents are less likely to engage in these risky behaviors. Open communication about online experiences may also allow children to stay safer online. 2. SEARCH FOR CONVERSATION STARTERS. More and more television series and films have story lines about digital media use that serve as natural conversation starters. For example, in Episode 5 of the first season

of Netflix’s Sex Education, sexting is a central theme as sexually explicit images of a girl are sent to her schoolmates. The main characters of the show try to put a stop this revenge porn. The movie Love, Simon portrays the struggles of a gay teenage boy who seeks and finds online support from another closeted gay student in his school through an online confession site, only to be outed through the same online platform. Alternatively, you could ask your children to teach you how to use some of their favorite apps. This would be an excellent opportunity to discover together all the features as well as the privacy settings that these applications offer. 3. ASSURE YOUR CHILDREN THEY CAN TURN TO YOU IF THEY RUN INTO TROUBLE. As part of an ongoing conversation about media use, parents should make sure that their children feel they can reach out to them for help when they run into unpleasant online experiences. Research has found that some children are afraid to talk to their parents when they face problems such as cyberbullying. They worry that parents may overreact or take away their devices. Making sure that your child knows that they can reach out for help and that you will try your best to understand their needs can make them less vulnerable to risks like online extortion. If your child does disclose a particular online problem, a good way to respond is to simply ask your child how the problem makes them feel. 4. EXPLAIN WHY YOU’RE MONITORING THEIR ONLINE ACTIVITIES. Parents who do decide to monitor their children’s Internet use should always disclose that they are doing so. Most parents already do this, as evidenced in a study that found most parents believe that not telling their children that they are being monitored would violate their child’s sense of privacy and security. Moreover, when children find out that their Internet use has been monitored without their knowledge, it could lead to a breach of trust. One study found that intrusive parenting, such as snooping without their children’s knowing, can lead to more negative interactions between parents and

children once the children find out and could make some children less likely to communicate with their parents. Consequently, parents will become less informed about their children’s lives. Therefore, it is important for parents to explain the reasons they are monitoring their children’s online behavior. 5. TAILOR MONITORING TO YOUR CHILD’S MATURITY AND UNIQUE SITUATION. While young children can benefit from a close monitoring of their Internet use, research has found that many parents gradually grant more autonomy to their children and become less restrictive in their monitoringas the children get older. As a natural part of growing up, teenagers increasingly value personal autonomy, especially when it comes to their media use. Just as parents cannot always monitor their teenage children in the offline world, they could find it useful to grant their children gradual increased autonomy in the online world as they get older. This can encourage children to develop problem-solving skills and teaches them to navigate online risks. What this looks like will differ for each child and depends on their age. Everyone is susceptible in different ways to media effects and online risks. This is why it is important to adapt the autonomy that you grant your child based on their personality, their maturity and their prior online experiences. Online monitoring can also have some unintended side effects. For example, parents of LGBTQ teenagers should be aware that sexual and gender minority youths often rely on the internet to find information, explore their identities and connect with the broader LGBTQ community. Restrictive forms of monitoring may take away youth agency and may severely limit opportunities for them to grow in their identities. Whether or not parents decide to monitor their children’s Internet use, there is still much to learn about effective parental mediation in an increasingly complex digital world. While parental monitoring differs for each child, it should primarily start with good communication and a balance between surveillance and autonomy.

THE CONVERSATION

4 ways to protect kids and pets while making home clean and spotless THE Covid-19 pandemic has undeniably changed our cleaning habits at home. Aside from practicing hand hygiene and other health protocols, we’re also paying more attention to hightouch surfaces like doorknobs, light switches, and remote controls – which is helping us prevent other diseases caused by viruses, bacteria, and other germs. The irony of all this cleaning? While the powerful ingredients of home disinfectants can kill disease-causing germs, exposure to these cleaning agents, even in small doses, can be dangerous for vulnerable members of the family—young children and household pets. “They can irritate the skin, eyes, nose and throat,” says Robert Dennis Garcia, MD, from the Section of Infectious Diseases of top hospital in the Philippines Makati Medical Center (MakatiMed, www.makatimed.net.ph). “When swallowed, these toxic products can cause confusion, nausea, vomiting, and other symptoms.” Young kids and little dogs and cats have small builds and fast metabolisms, making them especially susceptible to toxicity from ingested cleansing agents. Dogs and cats are at higher risk for poisoning from these products as they walk and roll on floors freshly mopped with disinfectant and lick their fur and paws. Below are things to keep in mind when cleaning any corner of your home.

■ KEEP KIDS AND PETS OUT OF THE ROOM WHEN CLEANING IS ONGOING. It can be tempting to multitask and finish as quickly as possible, but it’s best to first keep the babies out of a room while cleaning. “Have someone look after the little ones in another part of the house while you disinfect floors, tables, doorknobs, and other often-touched surfaces,” says Dr. Garcia. “Allow the room to be properly ventilated and free from fumes before you bring them back in.” ■ USE CLEANING PRODUCTS PROPERLY. Make sure to take only the proper amount of product you need, never more than what’s indicated. Check the label if it can also be diluted. “This makes them less toxic when accidentally ingested but just as effective in ridding surfaces of harmful germs,” Garcia points out. To further protect yourself, use the proper gear like gloves or goggles when cleaning. It’s also unwise to mix cleaning agents especially if they contain certain ingredients. “Chlorine bleach, ammonia, alcohol, and hydrogen peroxide are strong ingredients on their own,” says Garcia. “Mix them together and you create a highly toxic gas.” ■ Keep the labels to save safety information. Transferring cleaning products in containers that match your home’s design may be more aesthetically pleasing, but it can also increase risk of accidents at home. Instead, keep labels and never allow them to get torn or damaged as they contain

important life-saving information. ■ STORE AND DISPOSE OF PRODUCTS WELL. “Close cleansing agents’ lids and screw caps tightly and keep them locked in high places so that small children and pets can’t get to them,” says Garcia. Rags, sponges, gloves, tissues, and other items used to clean a room and surfaces must be properly disposed of too. This goes for seemingly “harmless” disinfectants and cleansing agents as well. “Alcohol and hand sanitizers stored in small containers that dangle from the handle of bags could attract the curiosity of kids or pets,” he warns. “Keep them locked in your bag and out of reach.” In addition, cleaning products should never be stored in food or drink containers as someone at home may mistake clear liquids as water. Pandemic or not, keeping our home clean is a must for keeping our family healthy. However, it’s also important to be aware of the health risks of the usual cleaning products we rely on. When your child or pet accidentally ingests, inhales, or comes in contact with a powerful cleaning agent, call your health practitioner who can guide you to perform first aid, Garcia reiterates. “If you need to go to the hospital or vet, bring the product that they swallowed, inhaled, or came in contact with so doctors know what ingredient caused the irritation and can address symptoms with proper treatment.”

CAPIZ Nativity Candle Holder.

GIVING THE HOLIDAYS A PINOY SPIRIT

SANTA wearing a barong and a salakot as he comes to town with a lechon...amazing foldable Christmas lanterns that bring the spirit of Christmas everywhere...translucent capiz shell ornaments in angel, star and tree designs. Kultura’s curated Christmas decors made by local artisans will bring “Paskong Pinoy” close to your heart. Have these in your home, or send them to your loved ones abroad who long to be home for Christmas, to friends who wish to add a homespun touch to their home office, or to foreign business associates who want to know more about our country. In the Philippines, the parol has become an iconic symbol of the Filipino Christmas and is as important to Filipinos as the Christmas tree is to Western cultures. Kultura’s creatively crafted lanterns will light up the Christmas skies at home and abroad. There are foldable fabric parols proudly made by the Kababaihan ng Maynila Foundation, available in red, green and gold; abaca lanterns made by empowered Sorsogon artisans; elegant parols made from capiz shells with a beautiful, soft glow when lit. Even Santa goes homespun dressed in a salakot and barong outfit. These Filipino-themed Santa ornaments carry gifts of Filipino icons, such as lechon, sorbetes, bahay kubo and jeepney, bringing nostalgic childhood memories to you. There are also abaca wreaths and ornaments, as well as capiz shell nativity sets and angel candle holders. Now shipping worldwide for everyone’s convenience, check out www.kulturafilipino.com for uniquely Filipino holiday décor.

THIS elegant, classic and festive capiz lantern lights up with a beautiful soft glow.

Conrad Manila lights up to an ‘Amazing Christmas’ BY JT NISAY WITH the spirit of this year’s holiday season shining like the first ray of sunlight after a spell of gloom, it was more than blue and white light bulbs that were lit at the recent Christmas tree lighting ceremony at Conrad Manila. “The courage, the passion and the sense of purpose of our people simply radiate and dazzle, just like the beautiful simplicity of our Christmas tree, and that gives us the joy of having a great and wonderful Christmas season,” said Conrad Manila general manager Linda Pecoraro during the meaningful ceremony at the Pasay City hotel’s main lobby. “We share the warm glow of a memorable journey to the hearts and minds of loyal patrons, guests and our team members.” Pecoraro added that the lighting ceremony of the 16-foot sparkling Christmas tree “underscores the inspiring charm of the holidays, perfectly coinciding with Conrad Manila’s fifth year of operations, and the tales of courage and resiliency that we have all experienced especially in the last two years.” Present on-site for the ceremony was an intimate circle of invitees who were all wearing masks. Guests of honor included Hon. Antonino

LINDA PECORARO (from left), Conrad Manila general manager; Hans Sy, chairman of the executive committee of SM Investment Corp.; Hon. Antonino Calixto, representative of Pasay Lone District; Imelda Calixto-Rubiano, Pasay City mayor; Teresita Sy-Coson, vice chairman of SM Investment Corp.; Hon. Norman Mohamad, ambassador of Malaysia; Peggy Angeles, executive vice president of SM Hotels and Conventions Corp.; and Tourism assistant secretary Woodrow C. Maquiling Jr.

Calixto, representive of Pasay Lone District; Imelda Calixto-Rubiano, Pasay City mayor; Hon. Norman Mohamad, ambassador of Malaysia; Teresita SyCoson, vice chairman of SM Investment Corp.; and Hans Sy, chairman of the executive committee of SM Investment Corp. Aside from inspiring Christmas cheer, the occasion also highlights Conrad Manila’s “Amazing Christmas” holiday campaign. The promo covers

dining delights, splendid stays, special gifts and more, available from November 16 onwards. At Brasserie on 3, for instance, guests can feast on a “yuletide indulgence” featuring Christmas and Filipino classics delicately prepared by the hotel’s team of culinary artisans. December 24 buffet dinner is priced at P3,000 per person. On Christmas Day, December 25, lunch is priced at P2,900 and dinner at P2,400. On New Year’s Eve, December 31, dinner is at

P4,300. The award-winning China Blue by Jereme Leung invites patrons as well to celebrate the festive season with traditional Chinese cuisine and indulge in an exquisite selection of Majestic Feasts masterfully presented by Executive Chinese Chef Eng Yew Khor. Offered is an impressive set menu priced at P4,200 per person for a table of five persons, available from December 20 to 25, and December 27 to January 1. Also with special promos for the holidays are Bru Coffee Bar and C Lounge. Meanwhile, Conrad Manila offers luxe gift vouchers with room rates from P11,500, inclusive of breakfast for two persons, and Spa and Dining credit vouchers from P500. “To the good health, happiness and prosperity of everyone as we launch an Amazing Christmas here at Conrad Manila,” toasted Peggy Angeles, executive vice president of SM Hotels and Conventions Corp. “And to the joyous rebirth of the hotel and tourism industry as we begin to enjoy some sense of normalcy, especially during this yuletide season. Merry Christmas to one and all.” For Conrad Manila’s “Amazing Christmas” inquiries or reservations, contact 8833-9999 or conradmanila@conradhotels.com.

B6 Thursday, November 25, 2021

Lucio Tan Group donates computers to UP

BIC uses research, innovation to use bamboo in mainstream construction

T the Base Innovation Center, Technology Director Luis Felipe Lopez runs tests to evaluate the mechanical properties of different types of bamboo that will feed into the creation of a national bamboo building code and bring it into the mainstream as a sustainable building material. To be the world’s authority on the use of bamboo and other sustainable materials for building construction, and, in the distant future, establish a “bamboo university” that will become the global center of learning on everything that this resilient grass species has to offer. These two are part of the overall vision and mission of non-profit Base Bahay Foundation, Inc.—and, as advocates of using bamboo and other renewable resources as mainstream construction materials, Base likes to dream big. To constantly nurture these dreams and bring them closer to reality, Base Bahay relies heavily on a unique component of their organization: a “bamboo laboratory” located here, in the heart of the Philippines, called the Base Innovation Center (BIC). “You can’t find a laboratory like this anywhere else in the world—one that is focused on alternative building materials, especially for the social housing sector,” says Luis Felipe López, who runs the BIC as its director, along with dedicated engineers and students from partner universities conducting their own research. BIC officially opened at the start of the year in Manila as the research and development arm of Base Bahay, to ensure continuous testing and knowledge improvement on the overall application of the foundation’s Cement Bamboo Frame technology, explains Maricen Jalandoni, Base Bahay president and chair of the board of trustees. “Through continuous research and innovation, Base Bahay is able to establish itself as the leader in bamboo technology,” Jalandoni says. A huge chunk of the research that BIC does involves testing bamboo to evaluate its mechanical properties, explains López. Knowing this allows local authorities to have design values for bamboo that permits the creation of a national building code for bamboo, which could be used by structural engineers to determine the design of the housing structure that will be built using Base Bahay’s Cement Bamboo Frame. Currently, the foundation partners with like-minded organizations

innovation and provide quality education as we both recognize that innovation is a complex matter and turning ideas and strategies into action is a formidable challenge,” says Tan.

108 out of 189 MR.D.I.Y. stores receive Safety Seal Certification AT the Base Innovation Center, Technology Director Luis Felipe Lopez runs tests to evaluate the mechanical properties of different types of bamboo that will feed into the creation of a national bamboo building code and bring it into the mainstream as a sustainable building material. such as Habitat for Humanity to build sustainable communities with affordable housing across the Philippines. So far, they have established 12 such communities, which house and provide livelihood to around 1,000 families, or more than 5,000 individuals. “Establishing BIC has put us at an advantage in terms of research, and has opened up a flurry of partnerships,” says Pablo Jorillo, Base Bahay general manager. “BIC allows our partners to see what we can offer them and lets us elaborate on the different construction methods and design elements we can study for bamboo, such as wind design and seismic design.” BIC also aims for their research to help incorporate the use of bamboo into the mainstream by establishing it as part of the building code not just of the Philippines, but of other countries’ as well, says Jorillo. At the moment, Base’s research touches on a variety of topics, including the characterization of five different bamboo species in the Philippines, which they are working on in close collaboration with the De La Salle University Manila. Base has been working with Coventry University UK in the implementation of the ISO 19624 Bamboo grading, a standard that allows bamboo producers to have a better classification of their poles. With Mara University Malaysia, Base is also doing the characterization of some Malayan bamboo species. Another important topic that Base is exploring, together with ETH Zurich, is the Life Cycle Assessment of the Cement Bamboo Frame constructions. This research will provide a better understanding of the carbon embedded

in this kind of construction. The BIC, in collaboration with Pittsburgh University, Coventry University, and Arup, is producing a guidebook about bamboo structural design, which will cover load tables for bamboo similar to those commonly used for steel and timber. These tables will reduce the need for repetitive calculation and allow rapid calculation of minimum design requirements. These are just among the many other research initiatives that would pave the way for mainstreaming bamboo in construction. One of Base Bahay’s main thrusts is the creation of our own National Structural Code for Bamboo team is currently working with the Association of Structural Engineers of the Philippines (ASEP) to promote our own National Structural Code for Bamboo. This move was further encouraged by the publication, in June, of a new standard on structural design using bamboo poles, by the International Organization on Standardization (ISO): ISO 22156:2021 “This milestone is a significant step for the mainstreaming of bamboo construction around the world,” Jorillo says. And the ultimate dream? Become the world’s bamboo university, to ensure continuous and multi-level learning on bamboo and renewable construction materials across the entire infrastructure value chain, from workers to engineers to designers. “BIC is pushing Base Bahay forward,” says Jorillo. “The innovation that we do is a stepping stone for us to do more.” For more information on Base Bahay Foundation and ongoing projects, visit http://www.base-builds.com.

Meeting packages at SMX Convention Center: small in scale, great in value

MX Convention Center (SMXCC), the leading convention center in the country, remains committed to adapting to the market’s evolving needs in light of the pandemic. As such, customized small meeting packages suitable for mid-year and budget planning sessions have been made available, without compromising guests’ safety and while abiding by #SMXsafespaces protocols. SMX Manila, SMX Aura, and Megatrade Hall have started rolling out these small-

UCIO Tan Group, Inc. President and Chief Operating Officer Michael Tan (left), University of the Philippines President Atty. Danilo Concepcion (center) and UP College of Science Dean Prof. Giovanni A. Tapang (right) inspect the super computers donated by the LTG group to UP. From 10 gigabit, the now upgraded high performance data center is fully equipped with mega servers and hardware components with 400 gigabit capacity. Tan says he hopes that the upgrade of the Core Computational Facility or 'UP Data Commons’ will further strengthen the capacity of the University as a leading research institution in the Philippines dedicated to the science of high-performance computing and computing-related research activities towards scientific and engineering breakthroughs. “It is an honor for the LT Group and our affiliate companies to be able to associate with the University’s endeavor to accelerate

scale, but big impact and high value, packages. To ensure safe spaces, diligent and thorough misting of meeting rooms before and after use is carried out. Not to mention, all SMX staff have been fully vaccinated and ready to serve the most discerning guests. Moreover, to keep up with today’s reimagined meeting styles, all packages are hybrid-ready, with high-speed wi-fi access and portable audio and visual equipment. Meals feature sustainable dining options, from locally sourced

ingredients to plant-based packaging. From a minimum of 20 to a maximum of 40 people, the meeting rooms are spacious enough to accommodate guests, while following minimum safety standards. Complimentary covered parking for three hours is provided for, together with managed coffee and tea facilities. Dedicated service staff oversee every meeting or function to ensure that all details have been ironed out and that no stone has been left unturned. Prices range from Php 1,700 to Php 2,500 net per head depending on the duration of the event and the chosen accredited caterer. Guests may avail of the packages until November 30, 2021 for their events booked until June 30, 2022. SMX Convention Center stays relevant to the call of the times with continued creativity and ingenuity, without losing sight of safety as its utmost priority. For inquiries and reservations, you may contact +63 2 8556 8888 local 2014 - 2015 / +63 917 552 5667 or email eventsales@smxcc.com.ph

TOTAL of 108 MR.D.I.Y. stores nationwide have been issued by the Department of Trade and Industry (DTI) with Safety Seal certification indicating that the stores are compliant with the minimum public health standards (MPHS) set by the government against COVID-19. Furthermore, it boosts customers and stores personnel confidence, ensuring a safe shopping and working environment inside MR.D.I.Y. stores. Although this is a voluntary application, DTI strongly encourages establishments, especially shops, restaurants, and the like

Elizabeth Mall, Cebu

that cater to walk-in customers to apply for safety seal to increase business confidence and be granted with the additional 10 percent operating capacity. The leading home and life improvement retailer’s remaining stores are either waiting for an inspection schedule from DTI or with ongoing application to complete the 189 stores with safety seal. MR.D.I.Y. is committed to provide the safest possible shopping experience to its valued customers. To see the updated list of stores with Safety Seal, visit MR.D.I.Y.’s official Facebook page @mrdiyPH and corporate website at www.mrdiy.com/ph.

GMall of Digos City

CitizenWatch urges PH government to remove connectivity roadblocks to realize sustained growth

“W

E need enabling policies that will improve the country’s digital highways through funding support and incentives. Moreover, a strong leadership that can go beyond linear bureaucratic thinking which slows down the disruptive but beneficial impact of digitization,” said Orlando Oxales, convenor of CitizenWatch Philippines. Oxales cited the joint report by Google, Temasek and Bain & Company – e-Conomy SouthEast Asia Report – Roaring 20s: The SEA Digital Decade – released this month, which said the Philippines’ internet economy is projected to reach $40 billion in 2025. For this year alone, the Philippines’ gross merchandise value – defined as the volume of goods sold – is expected to reach a total value of $17 billion. This is a 93% surge, year on year, on the back of a 132% growth in e-commerce for the same period, according to the report. “Our decision-makers should understand and internalize this inevitable shift to the digital economy. We have always been headed in this direction; the pandemic accelerated it,” added Oxales. Remove roadblocks to connectivity; Invest in digital infrastructure and human capital. An October 2021 SWS survey commissioned by think tank Stratbase ADR Institute reported that 89% or approximately 9 out of ten Filipinos agree that “The benefits of digital technology such as strong cell phone signals, fast e-banking and social media can greatly help create jobs and businesses.” The same survey also revealed that 92% of the respondents agree that “Government should build, upgrade and extensively expand the country’s digital infrastructure to improve speed, reliability and access to the internet nationwide.” Stratbase ADRi President, Prof. Dindo Manhit stated that, “The new government should prioritize the full implementation of the National Broadband Plan as a strategic national asset critical to the nation’s digital transformation and economic recovery.” While the Philippines has seen an increase in the number of cell sites built

since the easing of permitting processes, operationalizing these towers continues to be challenged. “Power is an integral part in making use of these cellular sites. Some of these erected structures remain unused due to delays in securing necessary power permits. The national government needs to put pressure on key utilities operators and businesses that continue to impede the industry’s growth,” added Manhit.

Expanding centers of prosperity

THE report said that the Philippines saw 12 million new digital consumers since the start of the pandemic up to the first half of this year, with 65% of new consumers from nonmetro areas. Oxales said shifting to e-commerce assured entrepreneurs of survival during this difficult time. “According to the report, 39% of digital merchants in the Philippines believe they would not have made it through the pandemic if not for digital platforms,” he said. “Imagine the volume of additional business, notwithstanding the lockdown, that could have been generated if it were not for the connectivity problems in many places in the country.” The same report said that only 68% of internet users are also actual internet consumers. Ironically, the Philippines has the lowest digital consumer penetration among its neighbors in Southeast Asia. “What are we doing about this untapped segment that comprises one third of Filipinos who are already online but not yet buying, or selling online?” Oxales asked. Potential for Filipino entrepreneurs is not just within his locality but also national and even global. If we are able to tap this, then we would be able to expand our centers of prosperity, not only in NCR or other urban areas, but in the other regions in the country.” “It is clear that Filipinos know the value of digital technologies and the government must do its part to empower the digital readiness of our entire workforce spectrum. We have to be leaders in the digital world, not laggards,” Manhit said.

Editor: Anne Ruth Dela Cruz

Health&Fitness BusinessMirror

PHL doctors develop local guidelines on COPD management, treatment By Claudeth Mocon-Ciriaco

hronic Obstructive Pulmonary Disease (COPD) is a condition where there is a narrowing of the airways due to swelling or inflammation and excessive mucus production, while the air sacs are damaged. This causes airflow blockage and problems in breathing. The main cause of COPD is tobacco smoking but environmental factors like air pollution and biomass fuel, genetic abnormalities, abnormal development and aging are also considered among the main causes. Its symptoms include shortness of breath during activities, cough and phlegm. It is one of the top 10 diseases in the Philippines and the third leading cause of mortality globally.

COPD guidelines

The Philippine College of Chest Physicians (PCCP), along with its partnerinstitutions, has completed the local guidelines for the management and treatment of Chronic Obstructive Pulmonary Disease (COPD) that already takes into consideration Covid-19 and ways to minimize out-of-pocket expenses of patients. On November 16, members of the PCCP Council on COPD and Pulmonary Rehabilitation represented by Dr. Lenora Fernandez, Dr. Tim Trinidad, Dr. Bernice Ong-de la Cruz and Dr. Stefanni Paraguas, presented the local adaptation of the COPD guidelines with emphasis on protocols at the primary care level to make it consistent with universal health care. According to Dr. Fernandez, one of the proponents of the consensus guidelines, the main reason for the guidelines is to implement equity in treating COPD. “There’s a discrepancy in the cost of evidence-based medicines for COPD versus what the average Filipino can afford. This is why we saw the need to translate this in the local scenario because of our out-of-pocket medical system,” Dr. Fernandez, who heads the Pulmonary Medicine Division of the Philippine General Hospital, noted in a separate interview. The experts emphasize the importance for the public to be aware of COPD

and to be open in seeking medical intervention in case they have the condition. They want the public to be aware of the ill effects of COPD for early detection and primary care as it could cause irreversible damage to one’s health. Thus, the group came up with the “Philippine COPD Management Algorithm Guidelines” which is a summary of the consensus recommendations of the PCCP and partner stakeholders including the primary care practitioners, the Philippine College of Physicians (PCP) and the Philippine Academy of Family Physicians (PAFP) on the care and management of COPD designed for the Philippine setting. Specifically, Dr. Fernandez stressed that “the main objective is to provide a simple guide to all health-care workers who manage possible COPD patients within the Universal Healthcare Framework of our country and the presence of Covid-19 infection” giving utmost consideration to the vulnerable population who faces the highest risk.

Key points

In the guidelines, primary care physicians are guided on how to identify the signs and symptoms and use the information to arrive at a diagnosis of probable COPD or identify those who are in exacerbation. Parameters to monitor the condition of the patient with COPD are also set for continuity of care. It defines when the patient will be returned to his family with the family and community medicine specialist continuing the care of the patients. On the part of the public, the experts encourage patients with a high symptom burden of COPD to avail of pulmonary rehabilitation programs to prevent progression. Dr. Paraguas said currently, there are 11 hospitals and centers across the country that offer pulmonary rehabilitation programs. She explained that out-patient programs commonly run for about two to three days a week with each session lasting for about one to four hours and offer structured and monitored exercise training that improves muscle function to decrease shortness of breath; education on maintaining and improving body

function; nutritional advice; emotional and psychological support; and instructions on breathing techniques. The guidelines also suggest effective strategies on the management of COPD which includes health education interventions directed to the patient, family and the community. Specifically, community medicine specialists may provide health education interventions not just to patients but to their families and the communities including barangay health-care workers, midwives and nurses. With the COPD guidelines now in place, Dr. Fernandez said that this guarantees the achievement of positive patient outcomes so they could have a better quality of life. The group assures the public that the medical community’s various societies are working together to ensure that COPD patients are managed with equitable and relevant treatment options. “All guidelines and similar documents are recommendatory, where intake of the recommendations is voluntary on the part of the recipient or health-care giver,” she said during the convention. “All interventions we considered were assessed according to their corresponding premium or their cost-effectiveness. Again, we try to simplify our treatment recommendations with an alternative, cheaper option always being in place,” she concluded. Meanwhile, Dr. Trinidad said studies are now being conducted on occupational COPD though it is still an emerging concept. Citing a prospective study published in Europe, Dr. Trinidad said there is significant data that industrial and biological dust, and other fumes can cause COPD, thus the need for respiratory protective equipment in workplaces should be considered. Aside from the COPD guidelines, the group is expected to look into crafting guidelines on the overlapping of asthma cases with COPD as suggested by Dr. Ong-Dela Cruz. The PCCP hopes that these efforts will be formalized soon with the support and representations from the government, in the context of Universal Health Care. A complete copy of the COPD guidelines can be viewed at www.philchest.org.

Covid-19 testing—what, why, where and how?

ver since the start of the Covid-19 pandemic, many have reiterated the call for the government to intensify its Covid-19 testing capabilities. As more people became exposed to the virus at the start, testing became paramount to determine if an individual was exposed to the virus so that the appropriate medical action could be taken. Though vaccines offered a level of protection against Covid-19, it is not yet complete. Vaccines still do not offer treatment so testing should continue despite the presence of vaccines, experts insist. Truly, more comprehensive and effective testing schemes were developed but for some, its irrational use may lead to further agony, wherein testing was done but not needed, or not done when it is needed. “Covid-19 testing: May Nagbago ba?” was the title of the most recent webinar, the 79th episode, organized by the University of the Philippines under its “Stop Covid Deaths” series, where they had Dr. Raul Destura, professor at the UP College of Medicine, director of the National Training Center for Biosafety and Biosecurity University of the Philippines Manila National Institutes of Health and an outstanding Filipino scientist, as lead presenter. He illustrated the Covid-19 testing platforms that have been developed since the onset of the pandemic, which ones are appropriate for testing, and which ones are usable for other areas. He emphasized on how diagnostic technologies can be useful, and which type of analytical samples are useful in identifying the right technology for the right sample. Dr. Destura mentioned that Polymerase Chain Reaction (PCR) technology does not discriminate between live and dead viruses. “It is still important that whenever we see test results, we ask our doctor about it to get the appropriate interpretation based on clinical presentation in relation to onset of symptoms and host’s condition. Do not rely on the test right away.”

He said PCR positivity and viral viability are two different entities in interpreting infectivity, and PCR positivity alone may not be enough to make decisions on whether one is infectious or not from a clinical standpoint. However, he said that from a public health standpoint, sometimes the interpretation may be different because public health risk mitigation is now included, that some decisions are applicable for public health control, while some decisions need patient-based interpretation by the attending physician. Dr. Destura also explained that for test results to enable a specific clinical decision, test developers, policymakers and clinicians need to consider each of the diagnostic use cases with respect to the intention of testing and the population being tested. “The timing of the diagnostic testing in relation to the infection is critical in the utility and accuracy of Covid-19 diagnostics,” he said.

Testing platforms available

Right now, there are three major platforms in terms of Covid-19 diagnostics – Molecular testing (nucleic acid testing and antigen testing); Serological testing (antibody testing); and Non-Invasive procedure (Computed Tomography). He mentioned that in terms of Serological testing, higher quality clinical studies assessing the diagnostic accuracy of serological tests for Covid-19 are urgently needed. “Currently, available evidence does not support the continued use of existing point-of-care serological tests for acute case detection.” Dr. Destura also pointed to an ongoing detection technology now, the “cPass SARSCoV-2 Neutralization Antibody Detection Kit” which indirectly measures neutralizing antibodies. However, there are still challenges, and Dr. Destura pointed out that even the developer of the technology, GenScript, said in an article that customers “should not interpret the results of this test as an indication or degree of immunity or

protection from reinfection.” For Molecular Testing, it all starts with the collection of samples, which should be done correctly at the collection stage, he emphasized. Locally, the one that gained more recognition is the “sequencing” technology, which can be into two sequencing platforms, the “sequencing by synthesis” and “nanopore sequencing,” which involves tedious preparation. In terms of analytical performance of PCR-based studies, he said that based on 13 studies that involved 2,255 individuals, the average sensitivity was at 95.2 percent while average specificity was at 98.9 percent. For the analytical performance of antigen tests based on eight studies involving 1,180 individuals, average sensitivity was at 56.2 percent while average specificity was at 99.5 percent. “This means if the result is positive, it is 99.5-percent sure that there is Covid antigen in the body. If negative, there’s still a chance that the person may still be positive that’s why patients are advised to wait it out if symptoms will develop or not,” says Dr. Destura. He pointed out that RT-PCR remains the gold standard for Covid-19 testing, while Antigen testing, though limited by low accuracy, remains as a promising cost-effective platform for population-wide mass screening and point-of-care use. However, Dr. Destura pointed out that among the diagnostic platforms that exist, choosing what to use depends on the availability, diagnostic accuracy and timing of infection. There are also novel diagnostic techniques that are being introduced, he said, but the use of these technologies depends on regulatory policies which, at present, are still inadequate. Finally, test developers, policymakers and clinicians should have multi-dimensional points of view, views that include the technicality of the test, the population to be tested, the intention for testing, and the regulatory monitoring of tests. Rory Visco

Thursday, November 25, 2021 B7

Joyfulness, not just laughter, is the best medicine—experts By Rory Visco Contributor

hen we see people laugh, and laugh consistently, some would think they are happy and do not have any problems at all despite this raging pandemic. They must really have a positive outlook to be able to display a joyful demeanor. But for some people, they may use laughter to hide what they truly feel inside as they may be sad or stressed. To attain overall health and well-being, some experts said we should fill our lives with joyfulness to lead a better quality of life, whether physically, emotionally, mentally, socially and financially to complete our holistic health and well-being. This is why FWD Life Insurance gathered specialists and professionals for them to share their thoughts on “Joyfulness is the Best Medicine,” and how it relates to holistic health and well-being.

Scientific connection

Acclaimed physician Dr. Geraldine “Ging” Zamora from the UP College of Medicine and a Ten Outstanding Young Men (TOYM) awardee in 2016 and one of The Outstanding Women for the Nation’s Service (TOWNS) in 2019, said that there is a scientific connection between joyfulness and overall health. She said there is a science behind the saying that happy people live longer, where being joyful can have a positive impact on one’s health like improved immune system, lowered risk of cardiovascular disease, and others. “This is why choosing to be in a state of joy is an important exercise we must strive to do every day,” said Dr. Zamora. She said that in life, there are many sources of stress, and it is not just financial. They may be chronic life events, job stress, hostility, retirement, relocation, even pregnancy and isolation and of course, Covid-19, which has become a major source of stress for many. “What is important is how we cope with stress by identifying them. We can also observe proper diet, stop smoking, exercise regularly, examine values and live by them and it is also important to get enough sleep and relaxation,” Dr. Zamora said.

Connect

There is also the need to connect, like talking to loved ones, even virtually, for our own and other people’s sake. “With this period of physical distancing, we don’t want our parents and loved ones to feel alone.” People can also learn to disconnect, like in social media, where people can practice social media distancing once in a while. “It’s good that once in a while, we don’t feel stressed with the social media rants, the negative news and others that may affect us psychologically, especially on Covid-19 related news.” Practice also eating together with the

family to solidify the bonding amid the challenges, or even moving together via physical activities done together as a family, or even pray together to strengthen everyone’s spirituality. “If we want to get the best out of life and celebrate living, then we must take care of our well-being,” Dr. Zamora explained.

Best medicine

Dr. Shake Hocson, who is a former president of the Philippine Guidance and Counselling Association (PGCA), author, educator, trainer and radio host, among others, emphasized the effect of joyfulness in an individual’s mental, emotional and social state, saying that “joyfulness is the best medicine because it is the true and pure delight of your heart and soul that transcends regardless of the person and condition.” She also provided several steps in achieving joyfulness, like discovering our mental, emotional and social well-being strengths as she pointed to the Nine Building Blocks of Wellbeing and Positive Functioning or the “PERMA+4”: Positive Emotions, Engagement, Positive Relationships, Meaning, Accomplishment, including Physical Health, Positive Mindset, Environment, and Economic Security. Another step is to change and develop the mindset, plus to cultivate and nourish the mental, emotional and social well-being strengths for a joyful life. As for fitness consultant and coach Jim Saret, who is also a training director of the Philippine Olympic Committee, he said various studies prove that joyfulness can influence a person’s health habits, “Studies show that joyful people are more likely to exercise, eat healthy food, sleep better and avoid smoking. If you have a good sense of well-being, it’s easier to maintain good habits: exercising, eating a balanced diet and getting enough sleep.”

Physical activity

He said physical activity helps the body release what he called “exercise” hormones such as endorphins, also known as the “happy hormones,” serotonin, which provide for better sleep and lets people feel happier and joyful; dopamine, which helps motivate people to do what makes them feel good; and testosterone that helps boost metabolism and muscle growth and avoids depression and obesity. For Roche Vandenberghe, vice president and marketing head of FWD Life Insurance, she pointed out that financial fitness is also an important part of holistic health and well-being. “There is joy in knowing you have yourself and your family’s future protected with insurance. Our commitment is to provide health protection plans that go beyond illness coverage with built-in benefits that encourage health and well-being so they can do more and celebrate living with utmost joy,” she said.

Smoking, secondhand smoke leading causes of lung cancer

ung cancer ranked second among the most common type of the disease in the Philippines and is the leading cause of mortality in the country among all types of cancer, recent data from GLOBOCAN 2020, the online database of Global Cancer Observatory (GCO), showed. According to GLOBOCAN 2020, lung cancer ranked second among the most common type of the disease in the Philippines after recording a total of 19,180 or 12.5 percent of the total 153,751 new cases in both males and females in all age groups in 2020. Breast cancer ranked first with 27,163 new cases last year. Lung cancer is the leading cause of mortality among all types of cancer in the country in 2020, recording 17,063 cases. In observance of National Lung Cancer Awareness Month every November with the theme “Kalaaman sa Kanser sa Baga Palawakin, Pag iwas at Lunas Ating Alamin,” the Department of Health (DOH) strongly advised people to stop smoking as research disclosed that smoking and secondhand smoke continue to be the leading cause of lung cancer. “Aside from lung cancer that one gets due to smoking, it weakens the immune system which is also a big factor for survival if one becomes infected with Covid-19,” Health Secretary Francisco T. Duque, III explained. Smokers are more likely to develop lung cancer compared to non-smokers. Overall, smoking has been linked to cancers of the mouth, larynx, pharynx, esophagus, pancreas and bladder, the DOH said.

Healthy lungs

Health Justice Philippines, a non-government organization, stressed the importance of keeping the lungs healthy and strong. Dr. Jaime Galvez Tan, a trustee of HealthJustice Philippines, said that “we should not take our lungs for granted.” “For your overall health, it is important to have healthy lungs. That is why it is necessary that you prioritize your lung health,” said Dr. Galvez Tan, who is also a former health secretary. “Also, smokers should quit as smoking is the major cause of lung cancer,” he stressed adding that smoking also cause chronic obstructive pulmonary disease or COPD, which includes chronic bronchitis and emphysema. To achieve healthy lungs, Dr. Galvez Tan said that one should avoid exposure to secondhand smoke, indoor pollutants like chemicals, outdoor pollutants, and cold or other respiratory infections. “Visit your doctor regularly to prevent diseases, eat healthy food and exercise for being physically active can help keep your lungs healthy,” Dr. Galvez Tan concluded. Duque added that there are several risk factors that may increase the chances of getting lung cancer. These include smoking, secondhand smoke, and other substances found at workplaces like asbestos, arsenic, diesel exhaust, and some forms of silica and chromium. Also, family history, radiation therapy to the chest, diet, and lifestyle may also contribute to acquiring the disease. Claudeth Mocon-Ciriaco

Sports BusinessMirror

| Thursday, November 25, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

PSC TO MEDIATE

IN EJ-PATAFA ROW T By Josef Ramos

HE Philippine Sports Commission (PSC) on Wednesday said it will exercise its duty to mediate between Olympian pole vaulter Ernest John “EJ” Obiena and the athletics federation but at the same time told both parties not to go public anymore while investigations are going on. In a television interview also on Wednesday, Philippine Athletics Track and Field Association President Dr. Philip Ella Juico held fort by saying that the association will focus on the discrepancies on Obiena’s payments to his Ukranian coach Vitaly Petrov in the last three years. A Manila congressman, meanwhile, wants the House of Representatives to investigate, in aid of legislation, the alleged harassment by the Patafa of Obiena. “While we wish for the matter to be handled with confidentiality, we are bound by duty to mediate and call both parties to the table in the interest of truth and arresting the damage this tussle has done on our country’s image in the international sporting world,” the PSC said in a statement. “We now demand the parties to refrain from issuing statements to the public and on social media,” the PSC added. “We hope the imposition of this moratorium will allow this proposed dialogue a chance to help all of us arrive at a proper resolution on this matter.” The PSC was dragged into the controversy when its chairman, William Ramirez, said on Sunday night when Obiena and Ukranian coach Vitaly Petrov held an online press conference from Rome that the sports agency would be keeping a hands off stance while the national sports association and Obiena resolve the issue internally. A dismayed Senate recalled the PSC’s budget for 2023, but had it “resubmitted” when Ramirez

assured senators of action in row. “The PSC believes that alternative dispute resolution is an efficient tool and alternative procedure for conflict resolution between the federation and the athlete,” the PSC said. “Should this option fail, we regret that the PSC shall be constrained to implement actions that would negatively redound to the concerned federation with regard to financial assistances.” The PSC added: “We shall not allow this to spoil the successful gains of the Philippine in sports.” Juico confirmed on ANC’s Headstart that Obiena paid Petrov his salaries, but questioned the dates the payments were made as he insisted that they were done only early this month and not from 2018 to 2021 as the pole vaulter claimed. “Why was it that there were liquidation [reports] made in 2018, 2019, 2020, 2021? That’s what we want to find out. What happened?” Juico said.

Juico also stressed that the Patafa investigation on Obiena were based on his conversations with pole vault legend Sergey Bubka, who he said told him of the non-payment of Petrov’s salaries. “On September 9, I talked to his coach and Sergey Bubka, and they told me [Petrov] has not been paid since 2018. And Bubka affirmed it,” said Juico. On Monday after the PSC issued the gag order, the Patafa came out with a statement that said it “will support whatever the PSC decides to help clarify what is essentially a simple matter of checking authenticity and accuracy of records to promote transparency and accountability and defend the welfare of all stakeholders especially athletes, volunteer sports organizations and administrators, government, sponsors and fans.” In his draft resolution, Manila 2nd District Rep. Rolando Valeriano said actuations of the Patafa against Obiena are tantamount to harassment, an indication of the NSA’s failure promote his welfare, or worse, even a sabotage of the career of a distinguished national athlete. Valeriano’s office said the resolution will be filed immediately. “Our national athletes have long complained of Philippine Olympic Committee [POC] accredited NSAs, engaging in endless politicking; not having sustainable development programs; being heavily dependent on government funding and failing to generate private sector support; lacking communications with and support for athletes; among other issues,” Valeriano said.

THE California Precision Sports girls slay a giant of a professional team in Lipa City.

CPS too good to be true at Champs League in Lipa

BUNCH of high-school students made a stunning mark in the first-ever Philippine National Volleyball Federation (PNVF) Champions League in Lipa City on Wednesday. California Precision Sports (CPS) booked the biggest surprise in the weeklong tournament after slaying Petro Gazz, 18-25, 12-25, 25-22, 2514, 15-13, to end its campaign with two wins against three losses at the Aquamarine Recreational Center. Down by two sets, CPS scratched its way back and sent the match to a thrilling fifth set where they completed their upset of the Angels, one of the country’s top professional teams who placed third in the Premier Volleyball League earlier this year. Casiey Dongallo and Jelai Gajero scored 22 points each as the Antipolobased CPS capped its well-praised participation in the tournament with a 2-3 won-lost card—a

National Bicycle Day on Sunday

CONSTANTINO

Marlon Monte, shown here shooting from the corner, scores 27 points on 7-of-14 shooting from the field and a perfect 9-of-9 from the stripe to lead Roxas past debuting Kapatagan, 89-77, in the Chooks-to-Go Pilipinas VisMin Super Cup Mindanao Challenge on Tuesday night at the Pagadian City Gymnasium. He also chalks five rebounds, five assists and two steals for Roxas which now has a 1-1 won-lost record.

HE Healthcare Professionals Alliance Against COVID-19 (HPAAC) urged the public to celebrate National Bicycle Day on November 28, Sunday, by cycling on the national bike lanes from 6 a.m. to 10 a.m. “Active transport and open spaces are key to ending the pandemic,” said Dr. Antonio Dans, convenor of HPAAC. “We encourage local groups to initiate bike activities on National Bicycle Day.”

HPAAC, which has been pushing for transport safety in its dialogues with government agencies since convening in August 2020, said that cycling is a transport option that reduces the risk of Covid-19 transmission. Although Metro Manila has been placed under Alert Level 2 and many workplaces now require physical reporting, public transportation still has yet to return to its pre-pandemic service capacity.

OFFICIAL SUPPLEMENT

USANA has partnered with the Philippine Basketball Association (PBA) as the league’s nutritional supplement. The deal has been officially sealed during Wednesday’s contract signing at the PBA office. In photo are (from left) USANA Marketing Supervisor Leeo Onanad and Marketing Manager Karen Pascual, Ginebra’s LA Tenorio, USANA General Manager Philippines Cherry Ampig, PBA Commissioner Willie Marcial, PBA Properties Inc. Head Jo Francisco, Vince Tolentino and USANA Senior Sales Manager Joyce Ramallosa.

Crème Brawlee SOCIAL media and basketball culture pages went gaga over the LeBron James-Isaiah Stewart incident in the Los Angeles Lakers-Detroit Pistons game in Detroit last Monday. Incurring only the second ejection of his 18-year-old, 1,318-regular games career, King James was cited for “unnecessary and excessive contact above the shoulder” with Detroit center Stewart, who came out of the experience with blood dripping from above his right eye. James was assessed with a Flagrant 2 for hitting Stewart solid in the face after much gnawing and jawing under the basket. Prior to that contact Stewart had been called for a foul on James, suggesting that hostilities had escalated enough to result in such an

affectionate gesture from The King. Blood ran down the big man’s face. This must have enraged him, causing him to react like a gored bull. The 20-year-old center had to be repeatedly restrained by teammates, officials and coaching staff as he time and again tried to make a run for James, knocking down some of those who stood in his path. He was a raging bull, indeed. “His eye got cracked all the way open,” Pistons coach Dwayne Casey explained. “He was upset for a reason.” Like James, Stewart was ejected after the incident. Not only that, he was suspended for two games. Reason for his suspension? “Escalating an on-court altercation by repeatedly and aggressively” pursuing the object of his ill-placed affection: James. James was suspended for one game for “recklessly hitting Stewart in the face and initiating an on-court altercation.” Both of them will serve their suspensions without pay. Money-wise, the experience was just as bad. James must pay a $284,000 fine out of his salary. Stewart’s fine is $45,000. This is also James’s first time to miss a game due to suspension. Blockbuster event that it was because of the magnitude of at least one of the protagonists, the JamesStewart affair was by no means the most scandalous of on-court fights ever to happen in the National Basketball Association. The “Ang Pinaka” title must still go to that Indiana Pacers-Detroit Pistons game also in November but in 2004 when all hell broke loose in what the Associated Press called “the most infamous brawl in National Basketball Association [NBA] history.” Netflix is showing the event in one episode of its Untold

Olympic Committee as platinum sponsors and F2 Logistics, Asics, PLDT, MVP Sports Foundation and Mikasa as gold sponsors and BCDA, Philippine Red Cross, Lipa City, Davis Paint and Emerald PVC Pipes, Fittings and Doors as silver sponsors with PNVF godfather, Taguig Rep. Alan Peter Cayetano, chairman of the Champions League, giving his full support. “Compared to outside hitters like Ate Kalei [Mau]...compared to her and the others, they have a better percentages than me,” Dongallo said. “But if I will get the award, thank you.” Gajero was also impressive on both ends on the floor and collected 19 digs and 15 receptions. A solid single block on Myla Pablo, Gajero’s second in the match, gave CPS a 10-6 cushion in the fifth set— proof that she has what it takes to become one of the players to watch in the future. Josef Ramos

Constantino, Singson share lead

ROXAS WINS IN ‘CHOOKS’ VISMIN HOOPS

major accomplishment for a bunch of senior high-school standouts who were just too good to be true. Despite the tremendous odds of having to face the country’s top professional teams, CPS came well prepared and wasn’t in the tournament not as a mere participant. “Every game is a championship game. We can’t treat it as if there’s nothing. We need to leave everything on the floor because it is our last game,” said skipper Kizzie Madriaga, who had 13 digs and 13 excellent sets. The 16 year-old Dongallo, who hails from Catmon, Cebu, ended her stint with a league-best 95 points and is expected to contend to become a part of the Dream Team being one of the two best outside spikers in the tournament that has Rebisco, Pitmaster Foundation Inc., Top Speed, 1Pacman Partylist, Philippine Sports Commission and Philippine

MATEUR Mafy Singson blew an early three-under card on a backside foldup but holed out with a birdie to salvage a 72 and tie Harmie Constantino at the helm at the start of the International Container Terminal Services Inc. Riviera Ladies Challenge on Wednesday in Silang, Cavite. In a day of shifting fortunes in sweltering heat at the Couples course, Daniella Uy surged ahead in the last flight with one-under card after 15 holes but bogeyed Nos. 16 and 17 then flubbed a birdie putt from pin-length high on the last to drop to joint third with Chanelle Avaricio and Marvi Monsalve at 73. Chihiro Ikeda also posted a three-under card just after five holes but like majority of the rest, she wavered on the tricky surface at the back before hitting a late birdie (No. 17) to salvage a 74 for joint sixth with Korean rookie pro Jane Jeong while another shot adrift at 75 was Florence Bisera in a tight start tipped to stretch all the way to the finish on Friday. “My game was okay but I didn’t finish well,” said Singson, who had had close brushes with a first pro title in the last two legs at Eagle RidgeAoki and Highlands but faltered in the stretch on both occasions. “The greens are tricky and wasn’t able to save par [at the back].” The 18-year-old rising star rattled

docuseries called “Malice in the Palace.” The chaotic visual images of players running into the stands and fans pouring on court in a melee of the first order is still fresh in the memory, but they’re made even more graphic by fresh footages that relive the moment. The one hour-eight minute-long documentary tells the story of the Pacers-Pistons brawl from a fresh viewpoint, showing that the blame for the incident does not actually lie on the players but more on the fans. It started with just 45.9 seconds remaining in the game clock, Indiana up 97-82. Pistons center Ben Wallace was fouled from behind by Pacer Ron Artest, who slapped him across the back of the head. Wallace immediately returned the favor, shoving Artest in the face with both hands. A scuffle ensued, but both players were eventually separated and officials met to assess guilt and responsibilities. Meanwhile Ron Artest cooly spread his hunky figure on the officials’ table. While thus calmly situated, Wallace threw a towel at him. Artest reacted, but was held back by coaches. Then a fan named John Green threw a plastic cup of Diet Coke at Artest, hitting him in the chest. That was when the pandemonium began. The iconic images of players in the stands and fans in the court happened as a result and for a while painted the NBA as “a league of thugs.” The Untold documentary retells the story, sets up the scenario, provides the context, explains the motivations and allocates the degrees of guilt that the entire cast of characters share. In the end, Detroit prosecutors who heard the case placed the blame on the fans. The incident, alas, caused the Pacers the 2004-05 NBA

off three straight birdies from No. 5 after a birdie-bogey game from No. 2. But she bogeyed three of the first four holes at the back, dropped another stroke on the 17th before birdying the 18th for a 33-39. Constantino, who made it twoin-row at Aoki early this month but struggled to finish fourth in Tagaytay Highlands two weeks ago, came out of a two-birdie, two three-putt bogey game at the front with a birdie on No. 14 to seize control. But the former national champion bogeyed the 17th, also on a three-putt miscue, for a pair of 36s, enabling Singson to draw level and a host of others to stay within striking distance heading to the last 36 holes of the P750,000 championship put up by ICTSI and held under the bubble setup.

SINGSON

championship which they were just 45.9 seconds short of winning. If there’s anything positive that came out of the incident at all, it would probably have to be that Ron Artest came out of his long suspension with a new, diplomatic name: Metta World Peace. To be honest, we probably thought of that November night in Detroit 17 years ago when l’affaire James-Stewart happened last November 23 (Manila time). Thank God coaches, players, officials and the crowd itself held their horses, used good reason and behaved as they should, thus isolating the action to just the two protagonists. Still, buttons get pushed, tempers flare and the unexpected happens not just in the NBA but everywhere there’s a lot of passion and testosterone involved. Or have we forgotten the Wynne Arboleda incident in 2009 when Arboleda attacked a fan who was cursing the Burger King player from the stands? Many a brawl and player incursions into fan territory have happened as well in the collegiate leagues. Who can forget that pre-season free for all in Davao between Aldin Ayo’s La Salle Green Archers and Nash Racela’s Far Eastern University Tamaraws in 2017? Or that San Beda-Letran post-championship game fight in 2007 when Letran players charged up the stands to get at spectators? Anyway, back to that James-Stewart brouhaha. Here’s Reggie Miller’s takeaway from that encounter, said in a tweet: “Isaiah Stewart catapulted himself into the Charles Oakley, Buck Williams, Dale n Antonio Davis conversation of dudes you NEVER want to mess with. However long Isaiah plays in this league, dudes will walk on eggshells around him. That’s great news for Piston fans..” Yeahhh.