BusinessMirror November 27, 2023 by BusinessMirror

Peza eyes public ecozones in Mindanao and Palawan By Andrea E. San Juan

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HE Philippine Economic Zone Authority (Peza) said it is currently studying the setting up of public economic zones in Mindanao and Palawan as it aims to bring in big-ticket and high-value projects, particularly in the areas of car manufacturing and electric vehicles. “Yes in Palawan actually. Under study pa, this is a mega ecozone,” Peza Director General Tereso O. Panga told reporters on the sidelines of Peza Investors’ Night recently held in Pasay City, when asked if the investment promotion agency is eyeing public ecozones.

The Peza chief said this is the current trend in the Asean region where, he said, “They are able to bring in big-ticket projects, the high-value projects because they have thousands of hectares to offer to investors.” For Palawan, Panga said the investment promotion agency is talking with the Bureau of Corrections (BuCor) for the 26,000-hectare public economic zone which is expected to rise at a penal colony in Iwahig, Palawan. Panga said Peza is now “in talks” and is preparing the memorandum of agreement (MOA) with the BuCor. Continued on A3

A DAY WITH KIDS President Ferdinand R. Marcos Jr. and First Lady Louise “Liza” Araneta-Marcos welcomed over 1,700 children from select shelters and orphan care centers at the Malacañang grounds on Sunday as they led the “Balik Sigla, Bigay Saya” gift-giving day, simultaneously held in 300 satellite centers to over 17,000 children nationwide. PRESIDENTIAL COMMUNICATIONS OFFICE

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Monday, November 27, 2023 Vol. 19 No. 47

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APPF 31 FINALE Senate President Juan Miguel F. Zubiri and Speaker Ferdinand Martin Romualdez lead the delegations to the 31st Annual Meeting of the Asia-Pacific Parliamentarian Forum as they link arms at the conclusion of the conference Saturday, November 25, 2023, at the Philippine International Convention Center. The gesture shows unity among Asia-Pacific countries. Joining Filipino lawmakers in the conference were members of parliaments from Australia, Brunei Darussalam, Cambodia, Canada, Chile, China, Indonesia, Japan, Korea, Lao PDR, Malaysia, Mexico, Micronesia, Papua New Guinea, Peru, the Russian Federation, Thailand and Vietnam. During the three-day plenary session, lawmakers adopted 37 resolutions which were consolidated into 10 resolutions on political and security matters, economic and trade matters, and regional cooperation. BIBO NUEVA ESPAÑA/SENATE PRIB By Cai U. Ordinario

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TTAINING the country’s growth targets will cost Filipinos either through higher taxes or more debts, as reaching a growth of 6 percent or better may lead to higher deficits, according to a New York-based think tank.

Global Source Partners country analyst and former central bank deputy governor Diwa Guinigundo said it may not be feasible to attain the country’s growth targets this year. Guinigundo said reaching the country’s “ambitious growth assumption” could lead the deficit to reach 5 percent of GDP. “To finance the deficit, the

RISING INFORMAL SECTOR MAY SIGNAL MIDDLE-INCOME TRAP

”To finance the deficit, the government may have to impose additional or higher taxes, and if this is not feasible at this time, borrowings may have to be stepped up again.”—Global Source Partners country analyst and former BSP deputy governor Diwa Guinigundo

government may have to impose additional or higher taxes, and if this is not feasible at this time, See “Taxes,” A2

HE ex pansion of the country’s informal sector and the growth of the gig economy may be symptoms that the country is caught in a middle-income trap, according to United Kingdom-based bank Hongkong and Shanghai Bank Corp. Ltd. In a report, HSBC economist for the Association of Southeast Asian Nations (Asean) Aris Dacanay, however, said the growth of the informal sector and online work has improved the economy’s resilience. The “middle income trap” is a term used to describe the

situation of an economy that has escaped poverty but is still unable to graduate into high income status due to uncompetitive industries and underdeveloped human capital, among others. “This isn’t a story of absolute resilience. It can also be a symptom of the middle-income trap. With many working in less formal arrangements, labor productivity has dipped in the Philippines, putting some risk on the country’s aspiration to upskill its workforce,” Dacanay said in the report. See “Rising,” A2

APPF31 adopts 10 resos, issues joint communique

HE 31st Annual Meeting of the Asia-Pacific Parliamentary Forum (APPF31), hosted by the Philippine Congress, has ended with the adoption of all 10 resolutions and the signing of the Joint Communiqué. Speaker Ferdinand Martin Romualdez who together with Senate President Juan Miguel Zubiri, cochaired the APPF31, hailed the signing as a historic moment, aligning with the theme of “Resilient Partnerships for Peace, Prosperity, and Sustainability” last Saturday. Romualdez, Zubiri, House Senior Deputy Speaker Aurelio Gonzales Jr., and Senator Ronald Dela Rosa signed the Joint Communiqué on

behalf of the Philippine delegation. The Speaker emphasized the importance of alliances and cooperation among member parliaments, especially in the face of the region’s growing challenges. “Collectively, we were able to discuss and deliberate substantially on a wide range of urgent regional concerns. And in the end, we were able to adopt a worthwhile resolution that can help our region attain much higher growth and stability,” he said. The adopted resolutions seek to address crucial issues such a s combat i ng t ra n sn at ion a l crimes, women’s participation and See “APPF31,” A2

PESO EXCHANGE RATES n US 55.4840 n JAPAN 0.3710 n UK 69.5603 n HK 7.1146 n CHINA 7.7616 n SINGAPORE 41.3936 n AUSTRALIA 36.3809 n EU 60.5164 n KOREA 0.0427 n SAUDI ARABIA 14.7938 Source: BSP (November 24, 2023)

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A2 Monday, November 27, 2023

PHL solons pitch Maharlika fund to APPF member-states

By Jovee Marie N. dela Cruz

@joveemarie

HE Philippine delegation to the 31st Asia-Pacific Parliamentary Forum pushed the newly created Maharlika Investment Corp., which will manage the country’s Maharlika Investment Fund, saying the Philippines will serve as a desirable investment hub and safe haven for all sovereign wealth funds globally.

During the closing of the 31st Asia-Pacific Parliamentary Forum (APPF) regional conference on Saturday, Speaker Ferdinand Martin G. Romualdez and other delegations actively promoted the recently established Maharlika Investment Corp. “On the sidelines, we also mentioned that we have recently passed a law establishing the Maharlika Investment Corporation,” Romualdez said. “They can see that the Philippines is a beautiful country with a thriving economy. They witnessed

our vibrant democracy, freedom of the press, and expression, making it appear as an attractive investment center and haven for all sovereign wealth funds worldwide. So, the future of our sovereign wealth fund looks promising,” he said. Romualdez cochaired the annual meeting, which the Philippine Congress hosted, with Senate President Juan Miguel Zubiri. President Ferdinand “Bongbong” R. Marcos Jr. earlier designated Rafael Consing Jr. as the first president and chief executive

officer of Maharlika Investment Corp. During his discussions with regional counterparts, Romualdez noted the expressed desire of many to revisit the Philippines. “Everyone is delighted. Many want to come back. If you want to return, it means you liked what you saw and experienced. That’s why what the President and I say is true: ‘the Filipino people are the best,’” he remarked. Highlighting the Philippines’s best asset, Romualdez emphasized the hospitality, respect, and excellence exhibited by Filipinos across various sectors. “Our people are complete in every aspect, from education and the arts to industry. Everything is in us,” he added.

Security Council

MEANWHILE, Romualdez expressed confidence in garnering support from numerous Asia-Pacific nations for the Philippines’ campaign for a seat on the United Nations Security Council. “It is a significant dividend for the Philippines to secure a seat on the UN Security Council, so this event is truly remarkable. I would like to thank our chairman [Zubiri] again for the successful hosting, and the Senate, the House of Representatives, all staff, and the media,” Romualdez stated.

Romualdez conveyed his sincere appreciation to parliamentary counterparts in the Asia Pacific region for their efforts in fostering understanding, collaboration, and the promotion of peace and development within the region. “Through the APPF-member Parliaments’ active engagement and resilient partnerships, we were able to ensure a respectful and peaceful resolution of our common concerns,” Romualdez told the delegates, as he called on them to celebrate and enjoy the successes of the three-day event. “It is my belief that as Parliamentarians, we were able to accomplish our primary objective—to frame and execute legislative initiatives that are focused on cultivating crucial elements necessary to attain peace and support sustainable economic growth,” he said. The Speaker was pleased that parliamentarians in the Asia Pacific region engaged in what he described as a “vibrant exchange of ideas, experiences, and best practices” within an atmosphere of openness and trust. “In light of the distinctive and often challenging circumstances surrounding the Asia-Pacific Region, we managed to navigate around the most pressing issues confronting us and acknowledged that there is a need for deeper awareness and understanding of our countries’ respective orientation, culture and dynamics,” he said.

APPF31... Continued from A1

leadership, gender and Sustainable Development Goals, critical infrastructure, universal health care, climate action, education and culture, the Korean Peninsula, regional peace and stability, and human capital development and inclusive growth. Two key resolutions with implications on regional security, including one seeking enhanced regional cooperation on maritime conflicts, were among those endorsed for further committee study by the APPF executive committee earlier. The other resolution, on achieving denuclearization and peace on the Korean Peninsula, was endorsed by the APPF Executive Committee to the Working Group on Political and Security matters for consideration. According to the Joint Communique issued at the close of the 31st APPF that Manila hosted for the second time in 29 years, a resolution on Combating the Glorification of Nazism, Neo Nazism and other Discriminatory Practices was deferred to the Annual Meeting next year. Earlier, Senate President Zubiri had said issues on the West Philippine Sea will likely be discussed by lawmakers from member states of APPF because Indonesia had pitched a draft resolution on Enhancing Maritime Security Cooperation in Asia Pacific. This was endorsed to the Working Group on Political and Security Matters. The delegates emphasized the need to enhance cooperative efforts and seek collaborative solutions to issues that are vital for enhancing regional peace, stability, and prosperity. Romualdez also reiterated the Philippines’ agenda for the year, which includes amending the APPF Rules of Procedure to include young parliamentarians as a permanent part of the APPF, soliciting support from APPF member-countries for the Philippines’ candidature to the United Nations (UN) Security Council, and establishing a permanent APPF Secretariat. Jovee Marie N. Dela Cruz, Butch Fernandez

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Taxes...

Continued from A1

borrowings may have to be stepped up again. Therefore, growth may be compromised and the likelihood is higher,” Guinigundo said. “Debt servicing of a larger external debt could also be problematic given the volatile peso-dollar exchange rate. This should apply for the growth outlook next year when the 2024 budget was increased by Congress by some 9.5 percent over this year’s budget,” he added. Guinigundo explained that the government’s revenues in the first three quarters of the year declined to 16.5 percent of GDP from last year’s 17.1 percent of GDP. Given this, he said the government’s actual expenditures of P3.8 trillion are short of the programmed spending of P3.9 trillion. “While it’s true that the deficit of P984 billion was lower than the programmed amount of P1.1 trillion, the last quarter of the year may not succeed in sustaining this trend. If public spending turned out lower and growth slowed down, the revenue projections might not materialize,” the former Bangko Sentral ng Pilipinas deputy governor said. Guinigundo said the recent call of the government to intensify catch up spending may also mean “very little” if the national budget this year will be left to fuel the country’s growth. Earlier, National Economic and Development Authority (Neda) Secretary Arsenio M. Balisacan said attaining the low end of the 6 to 7 percent growth target this year means the fourth quarter must post a growth of 7.2 percent. GDP growth in the first to third

quarters or between January to September this year was pegged at 5.5 percent. Balisacan also said the growth in the third quarter and the January to September period was also made possible by government’s spending catch-up. “With high actual utilization of the cash allocation, and big advances in key project-implementing departments, we should expect a better fiscal turnout. However, it looks like there could be little left for the last quarter of 2023,” Guinigundo said. “This should be a subject of intensified championing in Congress and civil society, and a more enlightened executive implementation based on transparency and accountability. Short of that, prayer would be exigent,” he stressed. BusinessMirror had earlier reported that Filipinos trying their best to keep up with rising prices led to the slowest consumption growth in two years, according to local economists. While government consumption improved to 6.7 percent, household consumption slowed to 5 percent, the lowest since the 4.8-percent contraction recorded in the first quarter of 2021. Apart from high inflation, the decline in Labor Force participation could also be blamed for the slowdown in consumption. Based on data obtained by BusinessMirror from the PSA, there were 49.04 million Filipinos in the labor force in the third quarter of the year, a 2.33-percent reduction from the 50.21 million in the labor force in the third quarter of 2022.

Rising...

Continued from A1

The HSBC economist said jobs in the informal sector grew faster compared to the pre-pandemic rates. These informal jobs include unpaid family workers, residents who work for their relatives for food and shelter in return. Dacanay added that these informal workers include those engaged in “pop-up jobs” such as those in food stalls and sari-sari stores. This can also include “content creators and freelancers.” Essentially, these workers are considered the country’s self-employed workers. OFW returnees and other residents are also relying on the informal sector for incomes. Dacanay said informal work will decrease the country’s labor productivity. This will again spur an increase in Overseas Filipino Work (OFW) deployment as more Pinoys search for greener pastures abroad. “Without better jobs at home, we may see the trend of OFWs turn again—as residents try their luck again [abroad] in search of better paying jobs,” he added. Dacanay said he hopes the Philippines can maximize the opportunities presented by digitalization and Artificial Intelligence (AI) in order for the local gig economy to move up the global value chain which could reduce informality. He said the Philippines is in a strong position to progress in so far as digitalization and AI. The country’s Business Process Outsourcing industry can upskill and transform into Knowledge Process Outsourcing. This will allow workers to get higher incomes by being able to offer knowledge-intensive services, such as data analytics and game development. Higher wages is part of the reasons Filipinos turn to the informal sector, mostly as a source of additional income as well as the lack of employment opportunities in the country, especially for low-skilled workers. “With not enough jobs in the formal sector to absorb the boom, many have found refuge in the informal sector. Yes, there was a steep rise in unpaid family workers,” Dacanay said. “All in all, both OFW returnees and some residents are finding ref-

uge in the informal sector for now, looking for resourceful ways to earn and contribute to the economy,” he also said.

Job loss

EARLIER, the Philippine Statistics Authority (PSA) reported that while the number of jobless Filipinos improved in September, the industry that recorded the largest number of jobs lost was manufacturing with 888,000 workers. The data showed 2.26 million Filipinos were unemployed in September, some 234,000 lower than the 2.5 million recorded in September 2022. However, the September 2023 figure was 50,000 more than the 2.21 million unemployed in August 2023. Further, PSA said the size of the labor force shrank to 49.93 million—down by 151,000 workers from the 50.08 million posted in September 2022 and 358,000 less than the 50.29 million recorded in August 2023. This translated to a labor force participation rate of 64.1 percent in September 2023, lower than the 65.2 percent posted in September 2022 and 64.7 percent in August 2023. National Statistician Claire Dennis S. Mapa said survey respondents identified schooling as the top reason. He said 355,000 respondents said they are not part of the labor force because they are in school. There were also 124,000 workers who said they tried looking for jobs and couldn’t find one, so they opted out. Some 140,000 workers opted out of the labor force because they believed no jobs were available for them. Data obtained by BusinessMirror from the PSA showed the size of the labor force in the third quarter declined to 49.04 million in 2023 from 50.2 million in 2022. In addition, the PSA noted a drop in the labor force participation rate (LFPR) among women. The agency reported a female LFPR of 53.4 percent in September 2023, lower than the 54.8 percent posted in the same period last year. Household duties were among the main causes for this decrease. Cai U. Ordinario

Monday, November 27, 2023

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First couple shares time, fond X’mas memories with children

RESIDENT Ferdinand R. Marcos Jr. and First Lady Liza Araneta-Marcos welcomed over 1,700 children from select shelters and orphan care centers at the Malacañang grounds on Sunday as they led the “Balik Sigla, Bigay Saya” gift-giving day, simultaneously held in 300 satellite centers to over 17,000 children nationwide. The nationwide “Balik Sigla, Bigay Saya” gift-giving initiative, organized in over 250 locations, was made possible through a collaborative effort between the Department of Social Welfare and Development (DSWD) and private support groups affiliated with President Marcos, which included prominent names such as Jollibee and San Miguel Corporation.

Among the beneficiaries, 1,120 children in the National Capital Region (NCR) received early Christmas presents, while 449 in Cebu, 600 in Davao, and over 14,867 children in various satellite centers across the country were part of this heartwarming event. In his address to the children, the President reminisced about his own cherished Christmas memories from childhood and reflected on the tradition of festive giftgiving during his father’s presidency, he emphasized the simultaneous occurrence of the activity in multiple locations made possible by modern technology. Marcos told the children as he emphasized that the gift-giving activity is simultaneously held through the use of the new technology. Jovee Marie N. Dela Cruz

Solons back PHL re-entry to ICC By Jovee Marie N. Dela Cruz @joveemarie

EADERS of the House Committee on Human Rights said on Sunday that allowing the International Criminal Court (ICC) to investigate will not jeopardize national sovereignty but rather will signify transparency and benefit the Philippine government, even as the government continues to consider the possibility of re-entering the ICC and the lower house will continue to hear resolutions for ICC entry into the country. House Committee on Huma n R ights Chair man Bienvenido M. Abante Jr. believes that allowing the ICC entry into the country only shows transparency and will do good for our

government. Abante also emphasized the intention to showcase the effective functioning of the justice system within the country. “By allowing the ICC to come, it’s telling the world that we have nothing to hide here,” Abante stated. However, the lawmaker clarified that the ICC cannot conduct prosecutions in the country. “They can come in and investigate and even ask questions to the families of the victims, but they cannot prosecute here,” Abante said. Last Friday, President Ferdinand R. Marcos Jr. said the government is now studying the possibility of rejoining the ICC. For his part, Albay Rep. Edcel C. Lagman argues that letting the ICC

in is not a surrender of sovereignty but an exercise of it. “If we believe in the rule of law, then we must let the ICC come in,” Lagman noted. The lawmaker said that allowing the ICC to investigate does not compromise national sovereignty. The Philippines withdrew its ICC membership in 2017 following an investigation into alleged “crimes against humanity” related to casualties in the government’s war on drugs, as ordered by then-President Rodrigo R. Duterte. Lagman filed House Resolution 1482, while Abante and 1-Rider Partylist Rep. Ramon Rodrigo L. Gutierrez filed House Resolution 1477, both aiming to allow the ICC entry into the country.

Group warns vs safety of bouncy, squeaky toys Bong Go continues efforts to improve

UTE and cuddly, toys are flooding the market. They are on store shelves and peddled along sidewalks. But are they safe? With Christmas fast approaching and shoppers gearing up for their gift-giving, the group BAN Toxics issued a warning to the public concerning the sale of potentially harmful toys. In particular, the group is zeroing in on bouncy and squeaky plastic toys that might contain toxic chemicals. The organization said chlorinated paraffins are widely used in various plastics, especially in children’s toys, and pose severe health risks. They have been linked to liver and kidney damage, disruptions in the endocrine system, potential cancer risks, developmental brain impairments, and threats to reproductive health. Recent market surveillance conducted by BT Patrollers revealed the sale of these risky toys in stores along Baclaran, Pasay City. The bouncy toys were priced between P300-350, while the squeaky plastic toys ranged from P60-150. Shor t- chain chlorinated paraffins (SCCPs), utilized as flame retardants, adhesives, sealants, and secondar y plasticizers, were banned globally under the Stockholm Convention on Persistent Organic Pollutants back in 2017. A study published by the International Pollutants Elimination Network (IPEN) in October this year revealed alarming levels of these toxins in toys. Analysis conducted at a cer tified laborator y of the Institute of Food Analysis and Nutrition at the University of Chemistry and Technology in Prague, Czechia, confirmed that all plastic toys tested contained both SCCPs and MCCPs (Medium-Chain Chlorinated Paraffins). Concentrations of SCCPs ranged from 1-60,400 milligrams per kilogram (mg/ kg.), while MCCP concentrations varied from

1-73,800 mg/kg. The highest concentrations of both SCCPs and MCCPs (48,800 and 91,700 mg/kg) were found in inflatable plastic bouncing toys. “The manufacture, sale, and use of these toxic chemicals in plastic toys should be prohibited in the Philippine market since it is already banned under the Stockholm Convention to prevent potential health risks to children,” said Antonio H. Dizon, Toxics Campaigner of BAN Toxics. Calling for immediate action, Dizon added they are urging the Food and Drug Administration and the Department of Environment and Natural Resources to take necessary measures to eliminate the use of SCCPs and MCCPs in plastic toys, safeguarding children from harmful exposure. As a signator y to the Stockholm Convention on Persistent Organic Pollutants (POPs) since 2004, the Philippines is mandated to eliminate, restrict, and reduce the production, use, and trade of listed POP chemicals, which include SCCPs. This mandate also necessitates environmentally sound management of POP stockpiles and wastes. The lack of adequate and proper labeling exacerbates the issue, given the widespread global production of chlorinated paraffins. This highlights the critical need for transparency and traceability in plastic product materials to facilitate informed decision-making throughout the product value chain. “We urge our lawmakers to enact legislation prohibiting the use of toxic c h e m i c a l s, e s p e c i a l l y i n c h i l d re n’s products including toys. Transparency and traceability measures in the production of plastic toys are crucial. Banning the manufacture, sale, and use of these toxic substances is paramount to safeguarding children’s health and the environment,” BAN Toxics added. Jonathan L. Mayuga

Smartmatic tells Comelec to junk disqualification bid

OLL technology company Smartmatic Tim Corp. urged the Commission on Elections (Comelec) to junk a petition seeking to disqualify them from joining the bidding process for the 2025 automated elections. The petition was filed by former Department of Information and Communications Technology (DIC T ) Undersecretary Eliseo MIjares Rio Jr., former Comelec Commissioner Augusto C. Lagman, Franklin F. Ysaac and Leonardo O. Odono earlier in June. According to the petitioners, Smartmatic has “failed to comply with certain minimum system capabilities that resulted in serious and grave irregularities in the transmission and receipt of election return” in the 2022 elections. However, Smartmatic has denied the allegations, stating that the petitioners’ claims are “unfounded, presented as facts but lacking evidence.” “The petitioners have not demonstrated a single vote discrepancy,” the company added. In a statement, Smartmatic refuted the claims, saying that their automated system’s

accuracy has been “consistently proven, validated by Comelec’s records, random manual audits and independent audits and recounts by watchdogs” like the Legal Network for Truthful Elections and the Parish Pastoral Council for Responsible Voting. “The petitioners’ clear objective is both political, attempting to delegitimize the government and commercial, supporting [our] competitors,” the company said. Meanwhile, the Comelec has extended the deadline for the submission of bid documents for the 2025 automated election system to December 12. Chairman George Erwin M. Garcia said the original deadline set on November 28 was moved to December 12 by the Special Bids and Awards Committee to “give everybody all the possible suppliers to prepare all their documents and submit to Comelec.” He added the postponement will also give time to the En Bac to resolve the petition to disqualify bidder Smartmatic. “Para lang po matapos na ‘yung issue na ‘yan, para maging dire-diretso ‘yung procurement process,” Garcia said. Patrick V. Miguel

health infrastructure in communities

ENATOR Christopher “Bong” Go, chairperson of the Senate Committee on Health and Demography, underscored the importance of dedicating resources to health infrastructure especially in communities to bring medical services closer to the people as he attended the inauguration of a Super Health Center in Sorsogon City, Sorsogon, on Friday, November 24. Emphasizing the necessity for a holistic strategy, Go highlighted in his speech the significance of strengthening the country’s healthcare system to effectively tackle healthcare issues and safeguard the welfare of its citizens, particularly at the grassroots level. “The more we should invest sa ating healthcare system. Hindi natin akalain na tamaan tayo ng pandemya. Mas mabuti nang handa tayo sa anumang pandemyang darating sa buhay natin,” said Go. Super Health Centers are designed to focus on primary care, consultation, and early detection of diseases at the community level. Moreover, the centers offer database management, outpatient, birthing, isolation, diagnostic (laboratory: x-ray, ultrasound), pharmacy, and ambulatory surgical unit. Other available services are eye, ear, nose, and throat (EENT) service; oncol-

ogy centers; physical therapy and rehabilitation centers; and telemedicine. In emphasizing the importance of Super Health Centers, Go highlights that these centers play a crucial role in bridging the gaps in healthcare accessibility, especially in underserved communities. Through collective efforts of Go, DOH, LGUs and fellow lawmakers, sufficient funds have been allocated for 307 Super Health Centers in 2022 and 322 in 2023. “Marami po sa mga kababayan natin sa iba’t ibang sulok ng Pilipinas ang walang sapat na health facilities na makakagamot sa kanilang mga karamdaman. Kaya importante na mailapit natin ang serbisyong medikal mula gobyerno sa mga taong nangangailangan nito,” he stressed. Apart from Sorsogon City, Super Health Centers were also funded in Bulan, Irosin, Castilla, Sta. Magdalena, and Matnog. The inauguration was also attended by Congresswoman Marie Bernadette Escudero, Sorsogon City Mayor Ester Hamor, and other local officials. To f ur ther improve access to healthcare, Go earlier supported the renovation of Dr. Fernando B. Duran Sr. Memorial Hospital (Sorsogon Provincial Hospital) in the city and the construction of its Cancer Treatment

Elected Taguig EMBO barangay officials take oath in Makati City

EN newly-elected officials of the EMBO barangays placed by the Supreme Court under the jurisdiction of Taguig, together with new Sangguniang Kabataang (SK) officials, have opted to join the mass oath-taking ceremonies officiated by Mayor Abigail Binay at Makati City Hall. A total of 140 newly elected barangay chairpersons and council members (kagawads), and SK chairpersons and kagawads from Cembo, Comembo, East Rembo, Pembo, Pitogo, Post Proper Northside, Post Proper Southside, South Cembo, West Rembo and Rizal opted to be sworn in by the Makati mayor. “We are grateful to these barangay officials who have bravely shown their loyalty and solidarity with the city government of Makati. Their bold move serves to underscore their unwavering trust and confidence in our brand of leadership that has always put a premium on the well-being and quality of life of our Proud Makatizens,” said Binay who expressed her appreciation to the local officials for their dedication and loyalty to Makati and the Proud Makatizens. Binay also reminded the newlyelected officials to serve their constituents to the best of their capabilities, adding that this is the only way to repay the trust and confidence Makatizens put in them.

“Our calling is to serve our citizens with the highest standards of good governance and excellent public service. Do your best and work tirelessly to create a better quality of life for everyone you have sworn to serve,” the mayor added. The barangay officials who were sworn in by the mayor were Romeo Millo (Cembo), Edgardo Cleofas (Comembo), Thelma Ramirez (East Rembo), Richard Pasadilla (PP Northside), Kim Abbang (Pembo), Ives Ebrada (Pitogo), Arnold Cruz (Rizal), Eva Omar (South Cembo), Quirino Sarono (PP Southside), and Niño Cunanan (West Rembo). The newly-elected SK chairpersons who chose to take their oath before Binay were Jeanne Paul Cadapan (Cembo), Breanne Peralta (Comembo), Shane Clarence Agoot (East Rembo), Joshua Daniel Espejo (PP Northside), Stump Sison (Pembo), Cris Justin Ramis (Pitogo), Kyla Dorio (Rizal), Gwyneth Bravo (South Cembo), Francis John San Vicente (PP Southside), and Jeremiah Baniqued (West Rembo). Last October, the mayor filed an urgent motion for clarification with a prayer for the issuance of a status quo ante order in connection with the jurisdiction of 10 barangays. This motion seeks to maintain a status quo order while waiting for the writ of execution to ensure an orderly transition of services. Claudeth Mocon-Ciriaco

Center. There is a Malasakit Center located at the hospital which he also inspected the operations of later that day and provided aid to frontliners and patients there. A brainchild of Go, the Malasakit Centers program is designed to help ensure that indigent patients have convenient access to medical assistance programs offered by partner agencies like DOH, Department of Social Welfare and Development (DSWD), Philippine Health Insurance Corporation (PhilHealth), and Philippine Charity Sweepstakes Office (PCSO). Currently, there are 159 operational centers that have assisted more than 10 million Filipinos nationwide, according to DOH. “Ang Malasakit Center po ay one-stop shop, nasa loob na ho ng hospital ‘yung apat na ahensya ng gobyerno—‘yung DOH, DSWD, PhilHealth, at PCSO. Tutulungan po kayo sa inyong billing,” said Go, who principally authored and sponsored Republic Act No. 11463. “Lapitan n’yo lang po ang Malasakit Center, para po iyan sa mga Pilipino lalo na sa mga poor and indigent patients. Batas na ‘yan na isinulong ko at pinirmahan ni (dating) pangulong (Rodrigo) Duterte noon,” he added. Another measure that Go pushed for to improve healthcare access in

Peza eyes public ecozones In Mindanao and Palawan Continued from A1

“We’re finalizing it. The MOA is for the usage of the property. Due diligence [first], within November the MOA will likely be signed.” As to the industries being eyed for this ecozone, the Peza chief said, “‘Those like car manufacturing, electric vehicle [EV] those are ideal there.” The EVs are fine, “because we want it to be self-sustaining. Self-sustaining so that all their power needs will all be developed within that area. That’s the idea, renewable energy, sustainable type.” Meanwhile, Panga explained the concept of a public economic zone. “Kasi wala ng may lupa sa Pilipinas na privately-owned, but otherwise you go to the IPs, yung ganun kalaki, big enough to accommodate the big ticket.” “The whole supply chain, it’s the ecosystem that we want to develop. If there’s anything we want to highlight, we want to see a cluster of industries in an area where the ecosystem can be developed to facilitate the whole supply chain of manufacturing, vertical integration.” He added that there isn’t much yet of this model. He also illustrated the process of the study, saying, “We turn around, after getting the property, we turn around, we accredit a developer so they will do all the master planning and development; we just provide the land and we manage the ecozone for them.” That business model was tried out with “John Hay, Phil Oil, we have plenty of modalities for that.”The land was turned over to Peza,

In a recent ambush interview, Speaker Ferdinand Martin G. Romualdez acknowledged that the government is currently studying the option of rejoining the ICC, signaling a nuanced approach to international relations. “We will take it as is. We will follow, we will follow the policies,” he stated, suggesting a commitment to align with international standards and agreements. The Speaker also highlighted that the sentiments expressed represent the views of some congressmen, emphasizing that the decision-making process involves a collective effort. “But what you heard is just the sense of some of the congressmen. We w ill still deliberate on house resolutions on that,” he added.

the countryside is RA 11959, or the Regional Specialty Centers Act, which he principally sponsored and is one of the authors in the Senate. The law mandates the establishment of Regional Specialty Centers within existing DOH regional hospitals, showcasing the government’s dedicated efforts to enhance the country’s health infrastructure. The senator underscored the significance of providing specialized services within regional hospitals. This move aims to ease the challenges faced by patients who have to travel far for specialized procedures. “Uunahin ko talaga ang mga mahihirap. Iyan talaga ang aking priority, mga pro poor programs na makakatulong sa mga kababayan natin na walang matatakbuhan kundi ang gobyerno,” said Go. Go, vice chairperson of the Senate Committee on Finance, has earlier supported several projects in the province. These include a province-wide water system project; rehabilitation of river revetments along the Managa-Naga River in Bulan; and the construction of flood control structures in Castilla and Gubat. He also supported the construction of gymnasiums in Barcelona and Gubat; and several road construction and concreting projects in Barcelona, Gubat, Irosin, and Donsol. On the same day, Go assisted displaced workers in the city and attended the Philippine Institute of Certified Public Accountants: 78th Annual National Convention.

which manages the development, and locators put in money when they opt “to locate in that area, they introduce a development at their expense.” So far, Panga said Peza currently has four public economic zones in Mactan, Baguio, Cavite and Pampanga.

Lanson place flagship PHL to open doors in Q1 2024 Continued from A10

Meawhile, another SM Group subsidiary, Costa del Hamilo, will be building a second tower for its newly launched Pico Terraces. Costa del Hamilo is the developer and manager of Hamilo Coast, the SM Group’s major 40-hectare seaside residential community in Nasugbu, Batangas. In a news statement, Costa del Hamilo said Pico Terraces has been in high demand since it was launched in April, with a second tower now under way. Pico Terraces is designed to be a “resort within a resort,” that elevates condo living with plush resort-style amenities such as the biggest water feature in Pico De Loro Cove—a 500-squaremeter cascading pool that integrates family kiddie, lounge and lap pools. Pico Terraces spans 2.1 hectares, 80 percent of which are devoted to naturefriendly amenities, parks, and open spaces. Designed to blend harmoniously with the natural landscape, Pico Terraces’ condo buildings will bear a modern tropical theme with an assortment of one-, two-, and three-bedroom units, ranging from 46 to 89 square meters of living spaces with open layouts.

Economy

Monday, November 27, 2023

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

ERC mulls over pricing for green energy auction A

PHL businesses bag $1.1B in sales at intl import expo By Andrea San Juan

Detailed discussions

By Lenie Lectura

@llectura

HE third round of the green energy auction (GEA-3) would be moved to early next year as the Energy Regulatory Commission (ERC) has yet to finalize the pricing mechanism for geothermal and pumped storage hydropower.

“It’s supposed to be in November but a lot has to be finalized with the DOE [Department of Energy] first. It’s likely going to be in the first quarter of next year,” said ERC Chairman Monalisa C. Dimalanta. It is the mandate of the ERC to determine the Green Energy Auction Reserve (GEAR) prices or the maximum price offers for the GEA. “We are now studying the pricing parameters for geothermal. Our target is within December it should be finished. It will just take a little while after that discussion with DOE,” Dimalanta said. The ERC chief had met with DOE of f icia ls to d iscuss the

possibility of not imposing a ceiling price for the GEA-3. Dimalanta said geothermal power and pumped-storage hydropower are technologies with frontend costs. “We’re open to not having a GE A R for geot her m a l a nd pumped-storage hydro because we recognized the business model there is different, the funding requirements are different so it’s very hard to set out that number and make them bid,” she said. “Second, for geothermal and pumped storage hydro, there are only limited players so there’s really no auction to speak of.”

DURING the meeting, Dimalanta said the DOE had requested ERC to set the pricing parameters for geothermal and pumped storage hydropower. “We went down to the detailed discussions on what those pricing parameters should be and what the steps should be because we want the steps laid down for the winning bidders after they get awarded. We want it to be as clear as possible that whatever rates they won will still be subject to the review,” explained Dimalanta. For the past two rounds of GEA, the ERC imposed GEAR prices on rooftop solar, floating solar, onshore wind, biomass, waste-toenergy, and run-of-river hydro. The first round of GEA was conducted in June last year. It generated almost 2,000MW of capacities that were committed to deliver energy from 2023 to 2025. For the second round, the winning bids were equivalent to 3,440.756 MW of RE capacities committed for development and installation from 2024 to 2026.

Low investor turnout

THE DOE earlier cited supply limitation, low incentives, delay in the conduct of grid impact

studies, and the cost of financial guarantees as some of the reasons for low investor turnout during the GEA-2. Industry stakeholders, on the other hand, argued that the GEAR prices do not reflect the realities of the current demand and supply of electricity in the country, nor is it encouraging RE developers to build. Dimalanta said her office is open to reviewing the rates. “What our market operation service will do is to conduct another discussion with the developers and see what can be adjusted, if any. We’re also cautious about it because it may be unfair to those who have submitted bids before and took that risk of bidding at those rates. We’re reviewing that but we’re open maybe to those capacities that absolutely did not have offers because there are no rights that will be impaired,” she explained. The GEA program was designed to continuously trigger the increase of RE capacity in the country, which will help realize the government’s target of 35 percent RE in the energy mix by 2030 and 50 percent by 2040. The DOE wants the GEA to be conducted on a yearly basis, in a bid to promote RE as the country’s primary source of energy.

‘Slight’ increase in foreign containers handled noted By Lorenz S. Marasigan @lorenzmarasigan

HE Philippine Ports Authority (PPA) said over the weekend it recorded a “slight increase” in foreign containers handled at end-October, thanks to “higher exports and imports.” According to data from the PPA, foreign containers handled between January and October reached 4.08 million twentyfoot equivalent units (TEUs), a 1.34-percent increase from 4.03 million TEUs the year prior. Imports were flattish at 2.04 million TEUs, a slight increase from 2.03 million TEUs, particularly at the Manila International Container Terminal (MICT) as well

as the port management offices in Batangas and Davao. Exports also went up by 2.3 percent to 2.04 million TEUs from 1.99 million TEUs, fueled by increases in the volumes handled at MICT as well as the ports in Davao and Cagayan de Oro. PPA General Manager Jay Daniel R. Santiago said the “increase in foreign container cargo handled in Philippine ports nationwide partially offset the 15.5 percent drop in domestic containers from January to October this year to 2.13 million TEUs compared with last year’s 2.52 million TEUs.” Santiago noted that the low volume of construction materials and metal products recorded at Sasa Port and base port in Misamis Oriental/Cagayan de Oro and

North Harbor in National Capital Region (NCR) contributed to the decline in container volume. He also reported that the PPA recorded a 4.6-percent increase in cargo traffic to 227.12 million metric tons (MT) from last year’s 217.33 million MT. Foreign cargo handled rose by 6.5 percent to 145.16 million MT from 138.24 million MT as exports volume jumped by 11.4 percent to 60.82 million MT from 54.57 million MT, while imports inched up by 3.3 percent to 84.34 million MT from 81.57 million MT. Likewise, domestic cargo traffic inched up by 1.1 percent to 81.95 million MT from 81.08 million MT. The PPA chief attributed the increase in cargo volume to higher

shipment of coal in Panay/Guimaras, particularly in Semirara Mining and Power Corporation Port. Other factors to the rise in cargo traffic were increased shipment of breakbulk and bulk cargo in Batangas Port, higher outbound cargoes from private port volume of sand recorded at the Port of Currimao as well as higher supply of coconut oil at the Mauban Port. Santiago noted that he “expects further rise in cargo traffic on the back of the improving global trade as well as the upcoming Christmas holidays.” The World Trade Organization forecasts world merchandise trade volume growing at a slower pace of 0.8 percent this year before bouncing back with a higher increase of 3.3 percent next year.

LBP expands ops in Davao de Oro, opens new branch

ONKAYO, Davao de Oro—The Land Bank of the Philippines (Landbank) continues to advance financial inclusion in the country with the opening of its newest branch in the first-class town of Monkayo in the province of Davao de Oro. Located in Barangay Poblacion, the Landbank Monkayo Branch makes banking services more convenient to clients from the 73 combined barangays of Monkayo and the neighboring towns of Compostela, Montevista and New Bataan. This is the second Landbank branch in Davao de Oro, replacing the previous Landbank Easy Access Facility (LEAF) in the municipality, to provide improved and expanded banking services to the Province. Landbank President and CEO Lynette V. Ortiz and Davao de Oro First District Representative Congresswoman Maria Carmen S. Zamora led the inauguration rites for the Landbank Monkayo Branch on 09 November 2023. They were joined by

THIS Thursday, November 9, 2023, photo shows the new branch opened by the Land Bank of the Philippines (Landbank) in Monkayo, Davao de Oro. LAND BANK OF THE PHILIPPINES

Landbank Director Atty. David D. Erro, Monkayo Councilor Manuel N. Zamora, Jr., and other Landbank senior executives and local government officials. “To keep in stride with local developments—not to mention Monkayo being the most populous town in the Province—we deemed it fitting to upgrade the previous LEAF into a full-fledged branch. We are now able to offer a wider range of services, as we complement the local government’s vision of establishing a one-stop shop for basic public services,” said Landbank

President Ortiz. For her part, Congresswoman Zamora thanked Landbank for its unwavering service to the nation and the Filipino people. “Without Landbank, government could not reach far-flung areas and could not reach ordinary Filipinos who need services,” she said. The newly inaugurated branch is equipped with an automated teller machine (ATM) and cash deposit machine (CDM) to facilitate fast, safe, and timely cash withdrawals and deposits of residents from the covered areas.

Landbank clients who will benefit from the new touchpoint include over 53,000 Conditional and Unconditional Cash Transfer (CCT/UCT) program beneficiaries of the Department of Social Welfare and Development (DSWD), 7,000 farmers and fishers, as well as government employees, teachers, and students, among others. The Landbank Monkayo Branch likewise features a Digital Corner where customers can open a deposit account in as fast as 15 minutes or less using the Bank’s Digital Onboarding System (DOBS). Opening an account via DOBS provides automatic enrollment to Landbank’s digital banking channels for safe and convenient online transactions. Landbank is the only bank present in all 82 provinces in the country, with a network of 606 branches and branchlite units and 59 lending centers, 16 of which are in Mindanao. Landbank’s continued expansion across the country underscores its commitment to bringing banking services closer to its mandated and priority sectors, especially in unbanked and underserved areas.

@andreasanjuan

DELEGATION of 16 Philippine businesses engaged in food and beverages at the China International Import Expo (CIIE) secured $1.1 billion in overall sales in 2023, surpassing the $655-million sales booked last year, according to t he Center for Inter nationa l Trade Expositions and Missions (Citem), the export promotions arm of the Department of Trade and Industry (DTI). In a statement issued last Saturday, the Citem said the amount included purchase agreements made prior to the opening of the 6th CIIE, tallying $876.63 million with ceremonial turnover and signing during the show. On top of this, the Citem said over $226 million was recorded under booked sales, sales under negotiation, retail sales and business matching activities after the 6-day trade exhibition. According to the Citem, the figure is the highest earning recorded by the Philippines following its participation in the Chinese expo since its maiden edition in 2018. The Citem said the top food products in terms of dollar value of export leads were durian, bananas, specialty coffee and pineapples. Bananas and pineapples remain as the Philippines’s fresh-fruits exports to China, the Citem added. Apart from the booked sales and purchase agreements, the Citem noted that business matching activities by the DTI-Export Marketing Bureau (DTI-EMB) and the Bank of China (BOC) contributed $3.4 million. The Citem said the sales generated is a monumental milestone and translate to “substantial ”

employment opportunities for Filipino families. Citing a report issued by the Philippine Statistics Authority (PSA), the Citem said a “huge portion” of the Philippine economy is driven by export-related activities. A significant growth recorded in 2022, tallying a total of $78.8 billion in export revenue from $74.7 billion in 2021, the agency added. The CIIE was held from November 5 to November 10, 2023. For his part, DTI Undersecretary Ceferino S. Rodolfo underscored that with the country’s consistent participation in the China-based import expo, the Philippine government aims “to expand its bilateral trade and investment relations with China and the rest of the world.” “The CIIE has become an important platform for the country to showcase its best-selling food products and attract potential investors in China, creating new business opportunities and boosting the economy,” Rodolfo explained. At a media br iefing t wo weeks ago, Glenn G. Peñaranda, Assistant Secretar y and Officer-i n- C ha rge for DT I Trade Promotions Group (DTI-TPG), said that the government has a “ fighting target” of $700 -million purchasing commitments from the said expo. In April this year, the Citem said the Philippines started exporting durian to China. In just a few months of market access, the export promotions arm of DTI said China has become the major export destination for fresh Durian at about 3,481.29 metric tons (MT) out of the total 3,916.36 MT exported to the world from January to October 2023.

Group asks consumers to buy DTI-approved Christmas lights

HE Ecological Waste Coalition of the Philippines (EcoWaste Coalition) is warning the public to avoid buying unsafe Christmas lights. The warning came as part of the group’s campaign towards a zero-waste and toxicsfree observance of the yuletide season and in support of an ongoing drive of the Department of Trade and Industry (DTI) against unauthorized Chrismas lights. On November 18 and 19, the group’s test buys in Binondo, Manila City, and Libertad, Pasay City, revealed not all Christmas lights being sold in the market are compliant with quality and safety standards. The DTI has repeatedly reminded consumers to check for the Philippine Standard (PS) mark or Import Commodity Clearance (ICC) sticker before purchasing Christmas lights as uncertified products may not meet quality and safety standards and pose electric shock and fire hazards. Of the 15 Christmas lights purchased for P100 to P250 per set, 10 products lacked the required PS mark or ICC sticker. Two of these 10 uncertified products were also unlabelled. The absence of a PS mark or ICC sticker on the label indicates that the product has not undergone the required certification process of the Bureau of Philippine Standards (PBS), noting the Christmas lights are among the products covered by the government’s mandatory certification scheme.

Lead contents

AMONG the 10 products sold without PS mark or ICC sticker are: Crown Star Decorative Lights; GTP Great Power Solar String Light; Joy Origin LED Solar Energy; LED Solar Light; Multi-Function LED Lights; Solar Powered String Lights; NuoDalk LED Solar String Light; Wish Star Solar String Lights; and, two unlabeled products. Using an X-ray fluorescence (XRF) analyzer, the EcoWaste Coalition also detected lead, a toxic chemical, in eight out of the 15

products purchased. Lead poses a risk to the environment, and to human health, according to the organization. The green cables of the nine products were found to contain lead in the range of 3,220 to 8,440 parts per million (ppm), which is above the 1,000 ppm limit under the European Union’s Restriction of Hazardous Substances (RoHS) in all electrical and electronic products. The products with the highest lead content are: Wish Star Solar String Lights (8,440 ppm); Joy Origin LED Solar Energy (7,800 ppm); Solar Powered String Lights (7,160 ppm); NuoDalke LED Solar String Light (6,007 ppm); and, MultiFunction LED Lights (5,170 ppm).

Better to be safe

THE RoHS specifies levels for the following restricted substances in electrical and electronic products such as heavy metals cadmium, hexavalent chromium, lead and mercury, flame retardant chemicals polybrominated biphenyls and polybrominated diphenyl ethers, and phthalates DEHP, BBP, DBP, and DIBP. “The restricted materials are hazardous to the environment and pollute landfills, and are dangerous in terms of occupational exposure during manufacturing and recycling,” the RoHS warned. The EcoWaste Coalition urged DTI offices all over the country to step up their monitoring of uncertified Christmas lights sold in physical stores and in online shopping platforms to protect human health and the environment. The group, likewise, reminded consumers to exercise their basic rights to product information and to be protected against defective, unsafe, and hazardous products that may cause injury, illness or damage to property. “Choose Christmas lights with a valid PS mark or ICC sticker for the safety of your family this festive season,”the EcoWaste Coalition said. “It’s better to be safe than sorry later.” Jonathan L. Mayuga

BusinessMirror

www.businessmirror.com.ph Republic of the Philippines

DEPARTMENT OF LABOR AND EMPLOYMENT Regional Office No. IV-A 4th Flr. Andenson Bldg. II, Brgy. Parian, Calamba City Telefax No.: (049) 545-7362

LITTELFUSE PHILS., INC. Lima Technology Center, Special Economic Zone, San Andres, Malvar, Batangas

November 27, 2023

NOTICE OF FILING OF APPLICATION/S FOR ALIEN EMPLOYMENT PERMIT/S (AEP/S)

NO.

ESTABLISHMENT

CBK POWER COMPANY LIMITED NPC-CBK Compound, Purok 6, National Highway, San Juan (Pob.), Kalayaan, Laguna

QUALIFICATION AND SALARY RANGE

MARUOKA, AYAKO

Basic Qualification:

Chief Administrative Officer

Extensive professional knowledge and experience in administrative operations and business functions in managerial capacity

Brief Job Description: Oversee the over-all human resources’ function and activities including manpower planning and recruitment and employee benefits administration

MULLER, ANTOINE

Basic Qualification:

Sr. Automation Expert

Must have Master’s degree in Micro Mechanical Engineering

Brief Job Description: Provide guidance and support to Design Engineers to continuously improve automation design

Notice is hereby given that the following companies/employers have filed with this Regional Office application/s for Alien Employment Permit/s:

NAME OF FOREIGN NATIONAL, POSITION AND BRIEF DESCRIPTION

Monday, November 27, 2023

MEC ELECTRONICS PHILIPPINES CORPORATION Block 8A, Lot 1, Phase 1, Cavite Economic Zone, Tejeros Convention, Rosario, Cavite

HAN, CHUNG-HSIEN a.k.a. HAN, JHONG-SIAN Purchasing Manager

Brief Job Description: Lead the purchasing team and responsible for the full spectrum of import and export purchasing process

Salary Range:

CUTECH PROCESS SERVICES PHILIPPINES, INC. Unit 4C, 4th Floor, Maptan Building, Pallocan Kanluran, Batangas City (Capital), Batangas

KUMAR, DHANUSHRAM

Basic Qualification:

NDT Inspector

PCN ISO 9712 Level 2 Certified with at least 3 years of experience as NDT inspector

Brief Job Description: Perform NDT testing and quality checking

MMS BULKSHIP MANAGEMENT (PHILIPPINES), INC. Room 302, Mms Bldg., Old Nia Road, Bayanan, City of Bacoor, Cavite

CUTECH PROCESS SERVICES PHILIPPINES, INC. Unit 4C, 4th Floor, Maptan Building, Pallocan Kanluran, Batangas City (Capital), Batangas

RAJENDRAN, PRAVINKUMAR

Basic Qualification:

NDT Inspector

PCN ISO 9712 Level 2 Certified with at least 3 years of experience as NDT inspector

Brief Job Description: Perform NDT testing and quality checking

MOA CLOUDZONE CORP. Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

Salary Range:

CUTECH PROCESS SERVICES PHILIPPINES, INC. Unit 4C, 4th Floor, Maptan Building, Pallocan Kanluran, Batangas City (Capital), Batangas

RAMAR, MAHENDRAN

Basic Qualification:

NDT Inspector

PCN ISO 9712 Level 2 Certified with at least 3 years of experience as NDT inspector

Brief Job Description: Perform NDT testing and quality checking

CUTECH PROCESS SERVICES PHILIPPINES, INC. Unit 4C, 4th Floor, Maptan Building, Pallocan Kanluran, Batangas City (Capital), Batangas

THANGAVEL RAMADOSS, PRAKASH RAJ NDT Inspector

PHILIPPINE MANUFACTURING CO. OF MURATA, INC. Lot 2A, Phase 1B, First Philippine Industrial Park, Pantay Bata, City of Tanauan, Batangas

Salary Range:

Brief Job Description: Perform NDT testing and quality checking

Salary Range: Php30,000 Php59,999

With extensive expertise on the ship management on dry docking; Fluent in Japanese language

Brief Job Description:

DAIHO (PHILS.), INC.

SATO, KAZUHIRO

Basic Qualification:

102 North Science Ave., Laguna Technopark, Malamig, City of Biñan, Laguna

Factory Manager

Must be a Technical/ Management course graduate

TDK PHILIPPINES CORPORATION 119 East Science Avenue, Laguna Technopark, Malamig, City of Biñan, Laguna

Salary Range: Php150,000 Php499,999

HE, FEI

Basic Qualification:

Chinese Customer Service Representative

Able to speak, read and write Chinese language

Salary Range: Php30,000 Php59,999

TANABE, IPPEI

Basic Qualification:

Senior Manager

Must have more than 5 years of experience as Facilities and Environmental Control Specialist

Brief Job Description: Plan and execute production area expansion based on production machinery investment and execute secondary connection of utilities to the production machinery

Salary Range:

CAI, HENNRY HE

Basic Qualification:

Business Development Officer & Foreign Language Specialist

Highly proficient in the use of Chinese and Japanese language and with wide scope of relevant industry knowledge gained from various work experiences to be able to oversee variety of activities

Basic Qualification: PCN ISO 9712 Level 2 Certified with at least 3 years of experience as NDT inspector

Salary Range:

General Manager-technical

Manage incoming calls and customer service inquiries

Php30,000 Php59,999

Can speak, read and write Chinese language; With work experience in purchasing of electronics manufacturing

Basic Qualification:

Brief Job Description:

Php30,000 Php59,999

Basic Qualification:

YOKOYAMA, SHINICHI

Analyze the existing list of troubles of the vessels, find the common problems and find a counter solution in coordination with the maker

Salary Range: Php30,000 Php59,999

Php150,000 Php499,999

Php60,000 Php89,999

Php500,000 and above

Salary Range:

Brief Job Description: Accountable in conducting market research to identify new business opportunities to include the development of a sound operational, strategy, metrics tied to that strategy, and the ongoing development and monitoring of control systems

Php150,000 Php499,999

Salary Range: Php30,000 Php59,999

Brief Job Description: Manage the day-to-day operations of production support department/ technical section: machine, equipment, jig maintenance and repairs

Salary Range: Ph 90,000 Php149,999

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 Regional Office IV-A located at 3rd and 4th Floors, Andenson Building II, Parian, Calamba City, Laguna, within 30 days after this publication. Please inform DOLE Regional Office IV-A if you have any information on criminal offense committed by the foreign nationals.

FURUKAWA SANGYO KAISHA PHILIPPINES, INC. Building 5 & 6, Panorama Compound 5, Laguna Technopark Annex, Biñan, City of Biñan, Laguna

YAMAMOTO, SHUHEI

Basic Qualification:

President & Chief Executive Officer

Must have excellent communication skills and decision-making skills

Brief Job Description: Oversee the entire operation of the company. Lead the employees towards achieving the goal and targets of the company to supply high quality products.

Salary Range: Php60,000 Php89,999 To avail of free job referral, placement, and employment guidance services, visit the nearest Public Employment Service Offices (PESO) or log on at http://www.philjobnet.gov.ph

A6 Monday, November 27, 2023

The World BusinessMirror

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

Israel-Hamas complete 2nd day of swaps after tense delay, as Gaza cease-fire holds By Jalal Bwaitel, Najib Jobain, Josef Federman, Samy Magdy & Bassem Mroue

At their hotel, kibbutz residents gathered in a function room, cheering in excitement as they saw the first image of their loved ones being released on television.

Associated Press

L BIREH, West Bank—Hamas militants on Saturday released 17 hostages, including 13 Israelis, from captivity in the Gaza Strip, while Israel freed 39 Palestinian prisoners in the latest stage of a fourday cease-fire. The late-night exchange was held up for several hours after Hamas accused Israel of violating the agreement. The delay underscored the fragility of the cease-fire, which has halted a war that has shocked and shaken Israel, caused widespread destruction across the Gaza Strip, and threatened to unleash wider fighting across the region. The war erupted on October 7, when Hamas militants in Gaza burst across the border into southern Israel, killing at least 1,200 people, mostly civilians, and abducting some 240 others, including, women, children and older people. Israel immediately declared war, carrying out weeks of airstrikes and a ground offensive that have left over 13,300 Palestinians dead, according to health authorities in the Hamascontrolled territory. Roughly twothirds of those killed in Gaza have been women and minors. The cease-fire, brokered by Qatar and the United States, is the first extended break in fighting since the war began. Overall, Hamas is to release at least 50 Israeli hostages, and Israel 150 Palestinian prisoners. All are women and minors. Israel has said the truce can be extended by an extra day for every additional 10 hostages freed, but has vowed to quickly resume its offensive and complete its goals of returning all hostages and destroying Hamas’ military and governing capabilities. The plight of the hostages has gripped the Israeli public’s attention. Thousands of people gathered in central Tel Aviv on Saturday in solidarity with the hostages and their

families. Many accuse Prime Minister Benjamin Netanyahu of not doing enough to bring the hostages home. The releases have triggered mixed emotions: happiness, coupled with angst over the scores of hostages who remain in captivity. The office of Israeli Prime Minister Benjamin Netanyahu announced early Sunday that it had received a new list of hostages slated to be released later in the day in the third of four scheduled swaps. In the West Bank, hundreds of people burst into wild celebrations for a second night as a busload of Palestinian prisoners arrived early Sunday. Teenage boys released in the deal were carried on the shoulders of well-wishers in the main square of the town of Al Bireh. But the mood of celebration was dampened by scenes of destruction and suffering in Gaza. The start of the pause brought quiet for 2.3 million Palestinians in Gaza, who are reeling from relentless Israeli bombardment that has killed thousands, driven three-quarters of the population from their homes and leveled residential areas. Rocket fire from Gaza militants into Israel also went silent. War-weary Palestinians in northern Gaza, where the offensive has been focused, returned to the streets, crunching over rubble between shattered buildings and at times digging through it with bare hands. At the Indonesian hospital in Jabaliya, besieged by the Israeli military earlier this month, bodies lay in the courtyard and outside the main gate. For Emad Abu Hajer, a resident of the Jabaliya refugee camp in the Gaza

A hero’s welcome

A Red Cross vehicle carrying Israeli hostages drives by at the Gaza Strip crossing into Egypt in Rafah on Saturday, November 25, 2023. AP Photo/Fatima Shbair

City area, the pause meant he could again search through the remains of his home, which was flattened in an Israeli attack last week. He found the bodies of a cousin and nephew, bringing the death toll in the attack to 19. His sister and two other relatives are still missing. “We want to find them and bury them in dignity,” he said. The United Nations said the pause enabled it to scale up the delivery of food, water, and medicine to the largest volume since the resumption of aid convoys on October 21. It was also able to deliver 129,000 liters (about 35,000 gallons) of fuel— just over 10 percent of the daily prewar volume—as well as cooking gas, a first since the war began. In the southern city of Khan Younis, a long line of people with containers waited outside a filling station. Hossam Fayad lamented that the pause in fighting was only for four days. “I wish it could be extended until people’s conditions improved,” he said. For the first time in over a month, aid reached northern Gaza. The Palestinian Red Crescent said 61 trucks carrying food, water and medical

supplies headed there on Saturday, the largest aid convoy to reach the area yet. The UN said it and the Palestinian Red Crescent were also able to evacuate 40 patients and family members from a hospital in Gaza City to a hospital in Khan Younis.

Joy and expectation

The last-minute delay created a tense standoff on the second day of what’s meant to be a four-day cease-fire. By nightfall, when hostages had been expected to emerge from Gaza, Hamas alleged that aid deliveries permitted by Israel fell short of what was promised and that not enough was reaching hard-hit northern Gaza. Hamas also said not enough longtime prisoners were freed in the first swap on Friday. But Egypt, Qatar and Hamas itself later said the obstacles had been overcome. Shortly before midnight, Hamas released the hostages—13 Israelis and four Thais. The Israelis were turned over to Egypt and then transferred to Israel, where they were taken to hospitals to be reunited with their families. Hamas released a video showing

Top diplomats of South Korea, Japan and China meet to restart trilateral summit, strengthen ties By Hyung-Jin Kim Associated Press

EOUL, South Korea—The top diplomats from South Korea, Japan and China met Sunday to discuss when to resume their leaders’ trilateral summit after a four-year hiatus and how to strengthen cooperation among the three Northeast Asian neighbors. Closely linked economically and culturally with one another, the three countries together account for about 25 percent of the global gross domestic product. But efforts to boost trilateral cooperation have often hit a snag because of a mix of issues including historical disputes stemming from Japan’s wartime aggression and the strategic competition between China and the United States. Meeting in the southeastern South Korean city of Busan, the foreign ministers of the three countries were to exchange opinions on preparations to restart the trilateral summit, ways to improve three-way cooperation and other regional and international issues, according to

Chinese Foreign Minister Wang Yi, right, South Korean Foreign Minister Park Jin, center, and Japanese Foreign Minister Yoko Kamikawa pose for a photo prior to the trilateral foreign ministers’ meeting in Busan, South Korea on Sunday, November 26, 2023. AP Photo/Ahn Young-joon

Seoul’s Foreign Ministry. In September, senior officials of the three nations agreed to restart the trilateral summit “at the earliest convenient time.” Since they held their first standalone, trilateral summit in 2008, the leaders of the three countries had been supposed to meet annually. But their summit has faced on-again,

off-again suspensions and remains stalled since 2019. Their relationships are intertwined with a slew of complicated, touchy issues. South Korea and Japan are key US military allies, hosting a total of 80,000 American troops on their territories. Their recent push to beef up a trilateral security cooperation

with the United States has angered China, which is extremely sensitive to any moves it perceives as seeking to contain its rise to dominance in Asia. But some observers say that the fact that Chinese President Xi Jinping and President Joe Biden struck a conciliatory tone in their first faceto-face meeting in a year earlier this month would provide Seoul, Tokyo and Beijing with diplomatic rooms to maneuver to find ways to revive three-way cooperation. “As the international society is at a historic turning point as it faces major challenges and changes, we hope to discuss our strategic significance of Japan-China-South Korea cooperation,” Japanese Foreign Minister Yoko Kamikawa told reporters Friday. Japanese officials said Sunday’s foreign ministers’ meeting would discuss North Korea’s recent spy satellite launch and the RussianUkraine war as well as a resumption of the trilateral summit. The officials said that no joint statement was expected after the meeting. The three ministers held bilateral talks on the sidelines.

the hostages appearing shaken but mostly in good physical condition as masked militants led them to Red Cross vehicles headed out of Gaza. Some of the hostages waved goodbye to the militants. One girl was on crutches and wore a cast on her left foot as she was escorted away. The Israeli hostages included seven children and six women, Netanyahu’s office announced. Most were from Kibbutz Be’eri, a community Hamas militants ravaged during their October 7 cross-border attack. The children ranged in age from 3 to 16, and the women ranged from 18 to 67. It was a bittersweet moment for the residents of Be’eri, who have been living in a Dead Sea hotel since their community was overrun. A kibbutz spokesperson said all the released hostages either had a family member killed in the October 7 rampage or had left a loved one in captivity in Gaza. The mother of one of the released hostages, 12-year-old Hila Rotem, remained in captivity, the spokesperson said. Another, Emily Hand, is a girl whose father believed her to be dead for weeks before finding out she was held as a hostage.

Some of the Palestinian prisoners were released in east Jerusalem, while the bulk returned home to a hero’s welcome in the occupied West Bank. Among those released was Nurhan Awad, who was 17 in 2016 when she was sentenced to 13 1/2 years in jail for attempting to stab an Israeli soldier with a pair of scissors. In Jerusalem, Israeli troops evicted journalists who gathered outside the home of Israa Jaabis, who had been imprisoned since 2015 after being convicted of carrying out a bombing attack that wounded an Israeli police officer, and left Jaabis with severe burns on her face and hands. Jaabis later told reporters at her home that she is “ashamed to be happy at a time when Palestine is injured.” In Al Bireh, the teenage boys were paraded through the main square where they waved Palestinian flags as well as green banners of Hamas and yellow banners of the Fatah party of President Mahmoud Abbas. “May God make them strong. May God be with the Qassam Brigades,” said one of the boys, referring to Hamas’ military wing. According to the Palestinian Prisoners’ Club, an advocacy group, Israel is holding 7,200 Palestinians, including about 2,000 arrested since the start of the war. The war in Gaza has been accompanied by a surge in violence in the Israeli-occupied West Bank. Late Saturday, Palestinian health authorities said four Palestinians were killed in an Israeli military raid in the northern West Bank city of Jenin, hours after another raid in the same area killed the local governor’s 25-yearold son. A 16-year-old Palestinian boy was also killed by Israeli fire near the city of Ramallah. The Israeli army, which frequently conducts military raids aimed at local militant groups, did not immediately comment. (Magdy reported from Cairo and Mroue from Beirut. Federman and Associated Press writers Isabel DeBre and Julia Frankel reported from Jerusalem.

Pope has a hospital checkup after coming down with the flu

Pope Francis smiles as he waves faithful at the end of his weekly general audience in St. Peter’s Square, at the Vatican on Wednesday, November 22, 2023. AP Photo/Andrew Medichini

OME—Pope Francis went to the hospital Saturday for tests after he came down with the flu, but the results ruled out any respiratory problems, the Vatican said. Francis, who had part of one lung removed as a young man, underwent a CAT scan, Vatican spokesman Matteo Bruni said. The test at Rome’s Gemelli hospital, where Francis was treated for a respiratory infection earlier this year, was done to rule out any possible respiratory problems and came back negative, Bruni said in a statement. Earlier Saturday, the Vatican said the pope had canceled his audiences because of the flu. Francis is due to travel on Friday to Dubai for the COP28 conference on climate change. Bruni provided

no information about any change in his plans and the Vatican on Saturday gave new details about his itinerary, suggesting the trip was still on. Francis, who will turn 87 next month, spent three days at Gemelli in April for what the Vatican said was bronchitis after he had trouble breathing. He was discharged after receiving intravenous antibiotics. Francis spent 10 days at the same hospital in July 2021 following intestinal surgery for a bowel narrowing. He was readmitted in June of this year for an operation to repair an abdominal hernia and remove scarring from previous surgeries. When asked about his health in a recent interview, Francis quipped in reply what has become his standard line—“Still alive, you know.” AP

Monday, November 27, 2023

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

Solons: Expand Pinoys’ access to healthy food By Jovee Marie N. Dela Cruz @joveemarie

HE national government should encourage farming in urban and rural areas to end malnutrition and move closer to achieving food security, according to lawmakers. House Deputy Majority Leader and Iloilo First District Rep. Janette Garin said the persistent issue of malnutrition in the country requires the implementation of a long-term solution. Garin, a former health secretary, highlighted the interconnected nature of malnutrition issues with the availability of safe water. “Another problem is the availability of safe water, because this has contributed a lot to many patients, as there are children who experience diarrhea due to drinking unsafe water.” With this, Garin urged the government to extend support to rural areas for backyard farming, saying children must have access to nutritious food. She also underscored the critical role of addressing the nutrition of pregnant women, noting that the nutritional well-being of

children begins from conception. According to the United Nations International Children’s Emergency Fund (UNICEF), every day, 95 children in the Philippines die from malnutrition, and 27 out of 1,000 Filipino children do not get past their fifth birthday. Knowledge gained from nutrition-related training and seminars must have actual implementation, as it would have a positive impact on addressing the problems of malnutrition, she said. “Solving malnutrition is not just a government’s problem, but it should be a collaboration between our constituents. DOH should not stop having partnerships or agreements with UNICEF. The biggest problem that they have is the actual implementation on the ground.” The Department of Health and UNICEF recently formed a partnership to strengthen health in the

THIS BusinessMirror file photo shows an urban garden in Barangay San Antonio in Pasig City.

country and address malnutrition.

Urban farming bills

IN Congress, lawmakers are pushing for the passage of bills promoting urban agriculture. Camarines Sur Rep. Luis Raymund Villafuerte Jr. said his House Bill 6051 “aligns” with President Ferdinand R. Marcos Jr.’s emphasis on the pivotal role of agriculture in driving growth and employment in the country. At the heart of his legislative proposal, Villafuerte said, is the promotion of urban farming, a practice that encompasses the

cultivation, processing, and distribution of food within or around villages, towns, or cities. This holistic approach to agriculture includes diverse components, such as animal agriculture, aquaculture, and agroforestry, among others, said the lawmaker. Villafuerte said the essence of urban farming lies in its potential to provide numerous opportunities for citizens to access a variety of agricultural products right within their cities or communities. “Recognizing the importance of fostering a deep understanding of urban farming, the proposed

measure seeks to integrate urban agriculture and vertical farming into the academic curriculum for secondary and tertiary-level students across public and private academic institutions,” he said. “ Urba n fa r m ing hold s t he promise of transforming cities into hubs of agricultural productivity, bridging the gap between rural and urban landscapes. By integrating such practices into educational curricula, the measure aims to create a future generation of informed individuals who can actively contribute to the advancement of agricultural

sustainability.” Ultimately, he said the integration of urban farming into educational frameworks not only serves as a response to the immediate challenges of food security but also stands as a forward-looking investment in the future of Philippine agriculture. 1-Pacman Rep. Mikee Romero also has also pitched his House Bill 806 for the rationalization of urban agriculture and institutionalizing farming in the highlyurbanized regions nationwide. “Urban agriculture is the production, processing, and marketing of food in response to the demand of consumers within a metropolitan area, with the application of comprehensive production methods,” he said. “These urban poor are mostly restricted in terms of education and job opportunities. This Urban Farming Act will help them gain benefits as it will continue to promote a better livelihood by providing non-market access to food.” According to Romero, urban agriculture and farming will not only clean the environment, but they will also help minimize the effects of climate change. “This proposed House measure also seeks to combat the effects of overpopulation and climate change.”

‘DA must blacklist traders who will delay rice imports’ Report: Sharp decrease in climate By Jasper Emmanuel Y. Arcalas @jearcalas

HE Department of Agriculture (DA) must “blacklist” rice importers who are not using their approved sanitary and phytosanitary import clearances (SPSICs), the Samahang Industriya ng Agrikultura (Sinag) said over the weekend. “Those importers given permits but cannot deliver [to import]should be blacklisted and charged for holding the country at bay [mag i-import lang sila when convenient],” Sinag Executive Director Jayson Cainglet said in a statement. “ To impor t is a pr iv i lege; it is not a l icense for impu nit y a nd [to] f u r t her dest roy t he ag r ic u lt u re sector.”

The umbrella agriculture group said rice importers have been on a “wait-and-see” mode given the global rice situation. The global market saw rice prices spike this year on the back of India’s export ban on its rice shipments worsened by volatile market conditions. “DA [Department of Agriculture] Secretary Francisco Tiu Laurel Jr. is weighing all options available at his disposal,” the group said. “That is, if the private sector are [still] willing to import [waitand-see for the importers given the global rice situation at the moment] or if the government now needs to intervene.” The group issued the statement almost a week after Laurel warned rice traders that their SPSICs will

be canceled if they will not be able to bring in the approved import volume within 30 days. In a House Committee on Agriculture and Food hearing last week, Laurel disclosed that there are about 1 million metric tons (MMT) of rice covered by valid SPSICs. (Related story: https://businessmirror.com. ph/2023/11/21/da-importerslose-spsic-if-rice-not-here-in30-days/). “I said if they will not import those within 30 days, if they will not give a [purchase order], I will cancel all the [SPSICs] because I do not want to be held hostage by permits that were issued to them upon their request,” he said in a mix of Filipino and English. Laurel’s decision was backed

by the Philippine Chamber of Agriculture and Food Inc. (PCAFI), which argued that shortening the deadline for the arrival of rice imports could deter price m a n ipu l at ion. (Related stor y: htt ps:// businessmir ror. com.ph/2023/11/24/da-chiefs30-day-ultimatum-on-rice-imports-supported/) The BusinessMirror reported earlier that the country’s rice imports is close to touching the 3-MMT mark as the state approved the entry of over 1 MMT of foreign supply via private traders and importers in the coming mont hs. (Related stor y: https://businessmirror.com. ph/2023/11/23/with-1-mmtmore-approved-phl-r ice-imports-near-3-mmt/)

Cocoa farming lures new money as Brazil is set to revive exports

OCOA farmers in Brazil are getting ready for a dramatic comeback. Once a prominent global supplier, the country lost it all to a tree-killing disease that decimated crops back in the 1980s. Now, it’s planning a revival. There’s fresh money flowing in, producers are venturing into new areas and traditional growers are receiving financial aid. “There is a huge opportunity for Brazil to regain a leading role in the global cocoa supply chain,” said Valmir Ortega, the founder of Belterra Agroflorestas, a company planting cocoa trees across degraded rainforest areas. They have the support of giants like Cargill Inc. and an investment fund created by Vale SA. Brazil is looking to double cocoa production by 2030. That’s one of the goals from a plan the country’s cocoa commission Ceplac is announcing this week. As soon as 2025, Brazil should be producing enough to satisfy domestic demand, according to director Lucimara Chiari. That would reduce Brazil’s need to import beans, helping ease a severe global shortage of the chocolate ingredient. “Of all cocoa producing countries, Brazil has the greatest growth potential,” Chiari said. The development is much needed relief for the cocoa market, which has suffered from bad weather and crop disease in top growers Ivory Coast and Ghana. Such setbacks have dramatically shrunk global inventories, causing cocoa futures to soar almost 70 percent this year. The

price for the most-active contract in London climbed for a second straight day on Friday to as high as £3,476 per metric ton. CocoaAction Brasil mapped at least 24 ongoing projects to aid the local cocoa supply chain, with a total investment of over 150 million Brazilian reais ($30.6 million). The Brazil cocoa boom is already more than just a promise. Farmers in different areas of the country are planting new trees, which will bear fruit in the next two to three years. One of those farmers is Moises Schmidt, who recently planted cocoa in Barreiras, a municipality of Bahia state located almost 600 miles (966 kilometers) away from traditional cocoa areas. He is now expanding plantations in partnership with Cargill. It’s a marked shift for the family business Schmidt Agricola, which for over forty years specialized in growing cotton, soybeans and corn.

“Cocoa farming was stuck in the past,” Schmidt said. In contrast to the more traditional craft methods, his company made efforts to use new machinery and invest in seedlings that can resist the drier weather of his region. “That’s the future.” Cocoa has become such a hot topic that even a biofuels company is now looking to produce the chocolate ingredient. Brasil Biofuels SA focuses on fuel made from palm oil, but started to add cocoa plants to its tree nursery, hoping to cultivate 1,000 hectares next year. To be sure, Brazilian cocoa production is still a fraction of what is grown in Africa, a continent that accounts for almost three quarters of global supply. What makes Brazil relevant is the fact that at least some of its farmers have the means to respond to heightened global demand by boosting

supplies, whereas in Africa many farmers live below the poverty line and their pay is set by authorities, so they don’t immediately benefit from higher futures prices. Producers need money to invest, especially as new European rules require spending on traceability to prove crops weren’t grown in deforested land. A larger Brazilian production could bring down cocoa prices, although that would only be a factor in the long term, analysts at the Hightower Report said Friday. For now, prices continue to be driven by the poor outlook in West Africa. Productivity of Brazilian farms is also lower than in Africa, but it has been improving, said Pedro Ronca, an agronomist and manager at the CocoaAction Brasil initiative. Many areas were still lacking the basic investments in soil treatments, as well as proper tree care. Providing farmers with access to financing and technical assistance is leading to significant yield gains, he said. Perhaps the biggest threat to Brazil’s ambitious cocoa plans still lies in tree health. More than 30 years after the first deadly outbreak, a new disease called frosty pod rot is haunting farmers. Fighting such risk will require even more investments, said Anna Paula Losi, chief executive officer of industry group AIPC. She believes Brazilians are up for the job. “We have better knowledge and resources now,” she said. “We are not the same.” Bloomberg News

finance going to small-scale farmers

HEAD of COP28, the UN’s International Fund for Agricultural Development (IFAD) urges global leaders to shift gears and drastically and urgently scale-up climate finance for small-scale farmers and small agribusinesses. IFAD noted that small-scale farmers and small agribusinesses produce one third of the world’s food and up to 70 percent of the food in low- and middle-income countries. Many are brutally impacted by climate change. Yet, climate finance going to small-scale agrifood systems has gone down by 44 percent and is now as low as 0.8 percent of total climate finance, falling far short of needs. This was according to a report published recently by the ClimateShot Investor Coalition (CLIC) and the Climate Policy Initiative (CPI). “This trend is extremely worrying. We are going in the wrong direction. Small-scale farmers, who feed entire communities and nations in the developing world, need to be able to adapt to climate change now. If they don’t, their lives and livelihoods—and global food security—are at risk,” Alvaro Lario, IFAD president, said in a statement. Small-scale farmers are often on the climate frontlines, living in vulnerable areas, and exposed to extreme weather events. Crop yields are predicted to fall by up to a quarter by the end of the century. In some cases, yields could drastically drop by up to 80 percent as shown by case studies that IFAD commissioned in 2021. Many of the 3 billion people living in the rural areas of developing counties rely to an important extend on small-scale farming for a living and for their food supply. Yet, according to the new analysis, “The Climate Finance Gap for Small Scale Agrifood Systems,” climate finance to small-scale agrifood systems (which include small-scale famers, farmers organizations, cooperative and also micro-, small rural agribusinesses serving them), is strikingly low, falling to $5.53 billion, representing less than 0.8 percent of global climate finance in 2019/2020. The amount has fallen by 44 percent compared to 2017/2018 when it reached $9.85 billion. This decline in finance is in stark contrast to a general rise in climate finance across other sectors including energy and transport, but parallels a 20-percent decrease for the agriculture, forestry, and other land use sector during the same period. “Investments are slowing down when they should be drastically accelerating. This is extremely disturbing as solutions to help small-scale farmers to adapt do exist,” said Lario. “We have the know-how and the tech-

nology, what we need are investments now.” Climate resilient and low emission irrigation systems and infrastructure, agroecology and agroforestry practices, better soil management practices, and crop diversification are solutions particularly adapted to smallscale farming. In addition, early-warning and climate information systems, as well as climate proof-infrastructures, such as food storage units and rural roads that withstand flooding are essential to prevent loss and damage. In the context of national budgets being constrained, and many developing countries currently in difficult debt situations, IFAD called on the private sector to invest. “Governments, finance institutions and the private sector all have a role to play to bring more finance to small-scale farming systems. We must convert National Determined Contributions and National Adaptation Plans into investment plans with a pipeline of bankable projects, and deploy innovative financial instruments to de-risk and attract private investments,” said Lario. “Investing in climate-smart small-scale agriculture is good for the planet and is good for businesses, it means more stability and guaranteed commodities supplies.” IFAD said it is developing new financial mechanisms to mobilize private investors. In June 2022, IFAD issued its first sustainable bonds, becoming the first United Nations Fund and the only UN body other than the World Bank Group to enter capital markets. Last November 21, IFAD opened the London Stock Exchange markets to celebrate the listing of its sustainable bonds. IFAD said it has been investing in supporting small-scale farmers to adapt to climate change for more than a decade, through its regular programming investing $ 1.2 billion mostly for adaptation activities between 2019-2021 and managing Adaptation for Small Scale farmer Programme or ASAP+, a multimillion-dollar climate adaptation fund for small-scale farmers. To address the urgency, IFAD is stepping up its efforts to channel more climate funding to rural areas. IFAD is committed to dedicating 40 percent of its core resources to climate action, focusing on adaptation, for the period 2022-2024—up from 35 percent for the previous three-year period (2019-2021). In time for COP28 IFAD said it will also be bringing out a white paper for investing in climate adaptive water resilient food systems, that lays out a business case for benefit sharing, bundling, building bankable investments and blending for financing in this area.

Monday, November 27, 2023 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Improving the quality of Philippine education

ducation is essential in the country’s economic development because it plays a crucial role in developing human capital. It provides our people with the skills and knowledge needed to participate in the workforce and contribute to economic growth. Investment in quality education pays dividends by improving the efficiency and productivity of our labor force, which impacts the country’s economic development.

Unfortunately, we can’t have a well-educated population if we do not address the challenges facing our education system. For the longest time, the most pressing issue is the lack of infrastructure in public schools. This challenge is widespread and affects learning in a significant number of schools in the country. For example, two out of three school buildings are in bad condition (223,315 out of 327,851 school buildings), and we continue to face a shortage of around 168,000 classrooms. Another challenge is the lack of textbooks and teaching materials, which greatly hinders the learning process. Our learners have to share textbooks due to DepEd’s failure to procure the required instructional materials. Vice President and Education Secretary Sara Duterte said an assessment in DepEd showed that the procurement process has been hounded by the following: Delays in the submission of technical specifications; lack of updated guidelines; lack of qualified bidders; and low participation rate of prospective bidders. In 2021, President Duterte issued Executive Order No. 138, which provides for the full devolution of functions, services and facilities from the executive branch to local government units not later than the end of 2024. Under the EO, national government agencies were mandated to produce a Devolution Transition Plan to identify the specific functions and services to be devolved to LGUs. DepEd created a Devolution Transition Plan, effective in January 2022, which decentralizes the School Building Program to LGUs. However, since the change in administration, the implementation of the plan was halted. With the Mandanas-Garcia Supreme Court ruling, the share of LGUs in national taxes has increased by up to 38 percent for fiscal year 2022, which amounts to over P959 billion being transferred to the LGUs from the national treasury. Dr. Victor S. Limlingan, a retired AIM professor, said it is about time that we devolve management of public elementary and high schools from DepEd to the LGUs. He said the government policy of allowing its agencies to be both the regulator and the operator has been one of the root causes of government inefficiency. For example, DepEd as regulator reviews the performance of the private schools. How then does DepEd, the regulator, review the performance of the public schools of which it is the operator? In sharp contrast, when the Department of Health devolved 651 of its 721 public hospitals to the LGUs, it was placed in a better position to evaluate and regulate their performance, Limlingan said. Limlingan added: “There are several ways this devolution could be done. One is to devolve these schools to the Pamantasans, college schools that are owned and operated by LGUs. For those LGUs without Pamantansans, the public schools could be devolved to the local school boards.” Senator Sherwin Gatchalian has filed a bill dubbed “21st Century School Board Act,” which seeks to strengthen the involvement of LGUs in education. A section could be added devolving the public elementary and high schools to these school boards. “Some of the LGUs may be unwilling or unable to manage these devolved public schools,” Limlingan said. “However, if a Charter School Law were enacted then private companies could be engaged to run the public schools. Under this Public-Private Partnership arrangement, LGUs could assign several private companies to manage the schools. As regulator, the LGUs would set the school fees to be paid to the private operators, define the deliverables and conduct proficiency tests on students taught by the private operators.” The 1987 Philippine Constitution guarantees the right to quality basic education. But there is much to be desired as far as improving the quality of Philippine education is concerned. For example, when the Philippines participated in the Program for International Student Assessment (PISA) for the first time in 2018, we scored the lowest in reading comprehension, and second lowest in mathematics and science among the 79 participating countries. The country’s poor showing in PISA prompted many of our lawmakers to hog the front pages airing their own profound solutions to improve the quality of Philippine education. But the capacity of our solons to talk, talk, talk is no longer surprising. It’s about time they try to amaze the people with their ability to work, work, and work. Drafting a bill that seeks to decentralize DepEd’s School Building Program to LGUs is one good start.

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E are still celebrating National Book Development Month and National Reading Month this November, with the last week of the month being made more special for it is also the 89th National Book Week. To take part in the advocacy, everyone is encouraged to nurture their passion for books and reading by supporting the events being held in celebration of these festivals, going to book fairs, joining storytelling activities, and supporting local libraries. And speaking of book fairs, there will be a 2-day book fair at the Department of Foreign Affairs (DFA) starting Tuesday. Dubbed Pahina at Bukana Book Fair, the event is a collaboration between the National Book Development Board (NBDB), Ateneo de Naga University Press, and Savage Mind: Arts, Books, Cinema. It will be held at the Bulwagang Elpidio Quirino, DFA, Pasay City. This event will feature discussions among writers, diplomats, and expats—you can catch the

livestream via the official DFA Facebook page if you can’t attend the event onsite. Their promo material reads: “From the Philippines to the Vatican City, and the UK to the USA, our esteemed guests will take you on a literary journey around the world. They’ll share their fascinating tales, each contributing a unique voice to unveil the magic of how books weave pathways to profound understanding. Uncover the art of poetry, the allure of fiction, and the charm of

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children’s stories. Let’s celebrate the power of words with a mix of intellect, creativity, and a whole lot of fun!” The speakers include Ambassador Eduardo Malaya, Ret. Ambassador Virgilio Reyes, Jr., Ambassador Neal Imperial, Kristian Sendon Cordero, Dr. Stephen Acabado, Dr. Jaya Ja-

Transparency issues bug Holcim deal

✝ Ambassador Antonio L. Cabangon Chua Publisher

It’s wonderful to see the country’s book scene thriving, with more writers and creators being published and more publishing houses being established, including indie presses and small publishers. The NBDB is doing an excellent job bringing books to remote places around the country and bringing our titles abroad to reach international audiences. Above all, it’s refreshing to see a lot of people getting more interested in reading, most especially the young ones. For sure, books would make great gifts for the holidays so come to book fairs and enjoy discounts on good titles for gifting.

olderfin B.V., the buyer of the tendered shares of Holcim Philippines, should come out clean in its purchase of the now-delisted shares of stock of the cement company. After all, the hallmarks of business dealings from companies in the West are governance as well as transparency issues where China walls are part of the buzzwords in transactions these firms get into.

It is thus disheartening to learn of the lack of transparency in the way Holderfin, B.V., a company headquartered in Amsterdam, Netherlands, and owned 100 percent by a Swiss company Holcim Ltd, conducted the tender offer. We understand that after the initial proceeds were paid to the tendering shareholders, no communication has been made to the shareholders insofar as the “unpaid” amounts are concerned. The unpaid amount actually represents more than 25 percent of the purported proceeds from out of the P5.33 tender offer price Holderfin B.V. has set forth and which were made as disclosures to the Philippine Stock Exchange, which also should

share the blame in the chaotic way shareholders, mostly small-time investors, were made to go through the rigmarole of filling up many papers to get their money. Holderfin B. V. has withheld more than 25 percent of the supposed proceeds that tendering shareholders have to get. Two investors, who have been shareholders for the dividends that Holcim usually pays, were paid P39,000 each for the 10,000 shares of Holcim that they own. They have been shareholders for more than 10 years and have reaped yearly cash dividends, save for the last two. That represents 73.17 percent of the P53,300 that they are supposed to receive. One broker commented that the withheld proceeds

We ask: Was it difficult for Holderfin B. V. and Holcim Philippines to provide the shareholders the said important data that would have solved their woes in having their BIR registrations that would lead to smoother processing of their papers? were probably arrived at from the “thin air” of Switzerland since by any stretch of the imagination, the amount is so dismally low given the disclosures on the capital gains tax and documentary stamp taxes they have to pay. Holcim Philippines said that the “Bidder shall not cover any cost of remittance of the proceeds of tendered shares. After deducting customary selling charges, the Tender Offer Shares will be transferred outside of the facilities of the PSE and the applicable tax is capital gains tax [CGT] and the following taxes will be imposed: Costs percent—Capital Gains Tax 15 percent of the net capital gain;—Documentary Stamp Tax 0.75 percent of the par value” which is P1. Even assuming that the tendered shares were purchased at its par value of P1, the capital gains will amount to P43,300 on the 10,000 Holcim shares. Computing the capital gains

cobo, Dr. Christine Bellen-Ang, Dr. Maryjane Guazon Uy, Dr. Andrew Recepcion, Natalie Maggay, Ian Alfonso, Teddy Griarte Espela, Dr. Genevieve Asenjo, Fr. Wilmer Tria, and Abdon M. Balde, Jr. It’s wonderful to see the country’s book scene thriving, with more writers and creators being published and more publishing houses being established, including indie presses and small publishers. The NBDB is doing an excellent job bringing books to remote places around the country and bringing our titles abroad to reach international audiences. Above all, it’s refreshing to see a lot of people getting more interested in reading, most especially the young ones. For sure, books would make great gifts for the holidays, so come to book fairs and enjoy discounts on good titles for gifting. But let’s not lose the essence of it all. Amidst all the celebrations and festivals, the important thing is that each one of us must carve out some reading time every day. Children must take up the habit early, and adults need to have the discipline to keep on reading. In order to move the world, we must become a nation of readers.

tax will mean P6,495 that has to be deducted and for the documentary stamp tax, the amount is less than P1,000. Thus, the unpaid amount, which in the case of the 10,000 Holcim shares amounted to P14,300 is more than the expected tax computations based even on the “unrealistic” assumption of a purchase of the Holcim shares at P1 per share. This is unrealistic since it is possible that the shares were purchased at more than P10 per share since about 10 years ago, the Holcim share price went up to about P16 per share. So the shares cannot be said to have had capital gains having been bought at a price higher than the tender offer. Holderfin B.V. has not made any communication on how much it charged the tendering shareholders on the capital gains, which it could have checked by way of looking at the books of its transfer agent. Many shareholders have cried out their frustrations at the turn of events since they were being asked to submit their buying invoices when what can be done is just for Holcim Philippines to look at the date when an investor was issued a Holcim stock certificate. We ask: Was it difficult for Holderfin B. V. and Holcim Philippines to provide the shareholders the said See “Gagni,” A9

Opinion BusinessMirror

www.news.businessmirror@gmail.com

Philippines as a global tax leader Joel L. Tan-Torres

DEBIT CREDIT Third part

have been involved academically and professionally with international taxation matters since the start of my career and studies several decades ago. The world abounds with resources and institutions that provide information on taxation that is relevant to our tax ecosystem. Tax policymakers, such as the Department of Finance, tax legislators, think tank organizations, and academic institutions can access these international taxation resources to assist them in pursuing their respective mandates. Our tax collecting agencies, including the Bureau of Internal Revenue (BIR) and the Bureau of Customs, can generate ideas on global best practices to enhance their tax administration programs. Even our business enterprises with offshore operations can benefit from being up-to-date in global taxation developments.

regional dialogue on taxation issues for regional integration. It is working to enhance information sharing and the regional implementation of an Automatic Exchange of Information program for the AMS. The AFT has conducted a study on the Asean Withholding Tax Structure that was discussed during the 10th Meeting of the Asean Finance Ministers (Meeting) in August 2023. During the Meeting, it was agreed that efforts towards the enhancement of withholding tax structures of the AMS can be made by implementing an online system and by sharing the WHT regulations of the AMS on the Asean Website. Furthermore, in the same meeting, there were discussions on the information sharing among AMS on excise data of alcohol and the implementation of digital stamp on excise taxation. The opportunity and value of the BIR taking a leadership role in the AFT is limited. This organization is already staffed and administered by the personnel of the umbrella organization of Asean based in Jakarta, Indonesia. The participation of the BIR in this is at most the attendance of the meeting of the AFT. The impact of the activities of the AFT is not too significant and replicates a lot of the ongoing initiatives of the global tax organizations. I will discuss about SGATAR next week in the continuation of my series of articles on this topic.

There are both private sector and public or non-private global institutions involved in various tax policy and administration matters. The prominent private global organizations include such entities as the Urban-Brookings Tax Policy Center, Institute for Fiscal Studies, Tax Foundation, International Bureau for Fiscal Documentation, Tax Justice Network, and the International Tax and Investment Center. On the other hand, Non-private tax global organizations engaged in international tax matters include the United Nations, World Bank, International Monetary Fund, and the Organization for Economic Cooperation and Development. On a regional level, governmentled tax organizations include the Study Group on Asian Tax Administration and Research (SGATAR) and the Asean Forum on Taxation (AFT). I will discuss first these two regional tax institutions with the intent of assessing if the Philip-

There are both private sector and public or non-private global institutions involved in various tax policy and administration matters. The prominent private global organizations include such entities as the Urban-Brookings Tax Policy Center, Institute for Fiscal Studies, Tax Foundation, International Bureau for Fiscal Documentation, Tax Justice Network, and the International Tax and Investment Center. pines, through the BIR or any other revenue-raising agency, can take a leading role in leadership in their affairs. The AFT was established by the Asean Member States (AMS) in 2010 as a platform to address taxrelated impediments and policies on regional economic integration. The AFT is mandated to support

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

Gagni . . .

BIR registrations that would lead to smoother processing of their papers? Many shareholders have voiced out their protestations on the matter of the tender offer as can be gleaned from the letters that top market

analyst Merkado Barkada received. Given the company’s transparency and governance issues, the “what if?” question pops up: What if Holcim suddenly wakes up to a nationwide boycott of its cement products?

continued from A8

important data that would have solved their woes in having their

To be continued

Monday, November 27, 2023

Filipino thanksgiving Siegfred Bueno Mison, Esq.

THE PATRIOT

fficially, there is no Thanksgiving Day in the Philippines. As an American colony before, the country used to celebrate it on the same day as in the United States. While the holiday for “roasting turkeys” has been abolished many years ago, some Filipinos still observe the tradition of celebrating the day dedicated to expressing gratitude. As I studied, worked, and lived in the US for a significant number of years, I too was one of the Filipinos who commemorate Thanksgiving Day. After all, four siblings live in the US. I wrote about Thanksgiving a few times in this same column many years back. Still, it remains fitting to look back and see how the years have come and gone. There will always be a part in us that desires to reminisce the memories, then move forward as part of learning some of life’s lessons, enhancing our skills, and growing in faith. And when it comes to growing in faith, one glaring example is recently freed Senator Leila de Lima. She recently declared her intentions in the near future, that is, not to focus on politics, but to portray a life of perseverance. She knew her persecution, as concurred by many local and international observers, was a warning and deterrent against any other vocal opposition against former President Duterte’s bullying tactics. Indeed, such was effective for no other significant voices were heard, lest they will be incarcerated like de Lima. Once voted in a reputable magazine as one of most influential people for speaking truth to power, she also declared that she will remain as a crusader for what is right and just. She was never afraid before; she will never be afraid at all to expose the truth behind all the extrajudicial killings during the socalled drug war. Never broken yet she suffered, in her own words, “incapable of pecuniary estimation— the damage that was done to me in almost seven years of detention: the lost opportunities, the lost milestones in my life, in my family and personal life.” Despite going against the incumbent President Ferdinand Marcos Jr., she openly thanked him for allowing the independence of the judiciary to prevail over her cases. What I liked the most is how de Lima openly acknowledged the power of

Thanksgiving Day or not, believers should be expressing gratitude not just during the day their governments told them to do so, but in all the days of their lives! Whether we give thanks by helping, giving, sharing, or praying, we should make it as a habit. Almighty God and remained faithful to the justice system. In good times and in bad, we should find God in both. American monk and writer Thomas Merton once said, “To be grateful is to recognize the Love of God in everything.” I was told that every day should be a day for thanksgiving. The Bible is filled with reminders that we should remain thankful in all things. When asked what her favorite Bible verse was, my sister Ione Mison-Voor who has lived in the US when she was 17 years old, quipped three simple words—“Pray without ceasing.” Such simple verse found in 1 Thessalonians 5:17 is actually in between two powerful but often taken for granted verses— “Rejoice always,” (1 Thessalonians 5:16) and “give thanks in all circumstances; for this is God’s will for you in Christ Jesus.” (1 Thessalonians 5:18). My sister is actually the Pollyanna type who always finds the goodness in all things, and, in her

own little way, praying without let up is the best act of gratitude she can do. Her lifestyle, summarizing her favorite verse, is to simply “rejoice, pray, give thanks.” Believers are all wired to give thanks. In the US or wherever place in the world that celebrate Thanksgiving, governments declare the day as a holiday to allow families to get together. It can also be another opportunity to reflect on what the Scriptures say about the blessings we receive, both physically and spiritually. Perhaps, the current administration can re-designate a current holiday, say the day we celebrate Bonifacio Day on November 30 as Thanksgiving Day. There will be no additional regular holidays and it can be fitting to usher in the month of Christmas by introducing a habit of gratitude—by thanking the Father of the Katipunan, Andres Bonifacio, for without his bravery, our country would remain in bondage. But instead of roasted turkey as Americans do, Filipinos can prepare Bonifacio’s supposed favorite dish—Lechon Manok sa Saha ng Saging (roasted chicken in banana tree bark). Thanksgiving Day or not, believers should be expressing gratitude not just during the day their governments told them to do so, but in all the days of their lives! Whether we give thanks by helping, giving, sharing, or praying, we should make it as a habit. I’m sure Senator de Lima has developed the habit of praying unceasingly while in detention; I hope she will continue to do so, and include giving thanks in all things, now that she’s free. After all, only a handful all over the world can have such an up and down experience and live to tell the world their story, with much prayers and thanksgiving! A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.

Position Paper on Philippine-China disputes in the West Philippine Sea Submitted to the Senate Committee on National Defense and Security, Peace, Unification and Reconciliation, Committees on Foreign Relations, Public Works and Finance and Special Committee on Philippine Maritime and Admiralty Zones that are conducting public hearings on the West Philippine Sea by the International Law and Relations Society of the Philippines (ISIP), an intellectual society composed of retired Chief Justice of the Supreme Court Reynato S. Puno, retired CG Admiral Joel S. Garcia, Dr. Melissa Loja, Prof. Romel Bagares and Atty. Al Soriano. Fourth of a series

he freedoms available in disputed or undisputed waters beyond the limit of the 12 nautical miles territorial sea of a state are discussed in the next section.

2.3 Specific activities In international waters beyond the 12-nautical mile limit of its territorial sea, a coastal state does not have territorial sovereignty or prescriptive and enforcement jurisdiction. That is to say, the coastal state has no right or authority to enforce its constitutional, administrative, criminal, civil, tax, commercial and labor laws within its EEZ, continental shelf, extended continental shelf, or on the high seas and the Area. Its law making and law enforcement authority is confined to matters relating to its exercise of sovereign rights in the CZ/EEZ, continental shelf and extended CS, such as on fisheries and offshore oil and gas. In disputed or overlapping or undelimited EEZ/CS/eCS, the exercise of conflicting sovereign rights, specifically the rule of capture, has led to naval stand-off, if not armed conflict. Oftentimes, coastal states exercise their conflicting sovereign rights within the framework of cooperation agreements. On the other hand, all states enjoy High Seas (HS) freedoms for peaceful purposes, namely,

freedom of navigation; freedom of overflight; freedom to lay submarine cables and pipelines; freedom to construct artificial islands and other installations; freedom of fishing; and freedom of scientific research. Under UNCLOS, in its CZ, EEZ and CS/eCS, the coastal state may, while exercising its sovereign rights, regulate enjoyment of these freedoms by other states. Under other conventions, the freedom of overflight over the EEZ of a coastal state may be subject to the requirement of prior identification. The following table compares the two regimes: Moreover, the sovereign rights of a coastal state vis-à-vis the freedoms of the high seas continue to be available even in disputed EEZ or CS/eCS. Hence, as occupant of Pag-asa Island or Thitu Island, the Philippines may exercise the rights of territorial sovereignty over the island itself and its territorial sea. At the same time, the Philippines may exercise its limited sovereign rights in the Philippine EEZ provided this is beyond the territorial seas of rocks that are disputed but occupied by the other claimant states.

During peacetime, the law enforcement authority of the coastal state in the CZ, EEZ and CS/eCS is limited to the exercise of its economic or sovereign rights. This role is vested primarily in its law enforcement agencies, which may not use lethal force, except in self-defense. At the same time, said coastal state, as all other states, enjoy freedom of the high seas, specifically in its own CZ, EEZ, CS/eCS or those of other coastal states and in the waters and air space that are beyond the national jurisdiction of any state. Thus, in said high seas and the superjacent airspace,

its military forces and their vessels and aircraft may exercise freedom of navigation and overflight, such as the conduct of naval patrol and fly-by, provided the same are for peaceful purposes. In bears stressing that the suppression of international maritime crimes, such as piracy, is the duty of every state, “all states have the right and duty to protect their vessels against piracy at sea including in the exclusive economic zone of a coastal.” In The Enrica Lexie Incident, Indian fishermen plying the EEZ of India were mistaken for pirates and

shot and killed by Italian military personnel on board an Italian vessel. ITLOS held that said incident was not an impairment of the sovereign rights of India to fish in its EEZ as Italy also had a right to protect its vessels against piracy in said waters. It is also underscored that the foregoing freedoms of navigation and overflight are available to a state, such as China, even if the latter is involved in a territorial or maritime dispute with another state, such as the Philippines, provided the same is exercised in the territories, maritime zones and air spaces that are

Space

Freedom of all States in the HS Sovereign Rights of the Coastal State in the EEZ

Contiguous Zone

Article 58 - Freedom of navigation and overflight

Article 11 and Article 33. Prevent and punish infringement of its customs, fiscal, immigration, and sanitary laws that may occur within its territory (including its territorial sea); engage in hot pursuit

Exclusive Economic Zone

Article 58 - Freedom of navigation; freedom of overflight; freedom of laying of submarine cables and pipelines; other internationally lawful uses of the sea related to these freedoms, such as the operation of ships, aircraft and submarine cables and pipelines, and compatible with the other provisions of this Convention.

Article 56. (a) Sovereign rights for the purpose of exploring and exploiting, conserving and managing the natural resources, whether living or non-living, of the waters superjacent to the seabed and of the seabed and its subsoil, and with regard to other activities for the economic exploitation and exploration of the zone, such as the production of energy from the water, currents and winds; (b) jurisdiction with regard to: (i) the establishment and use of artificial islands, installations and structures; (ii) marine scientific research; (iii) the protection and preservation of the marine environment; (c) other rights and duties provided for in this Convention.

High Seas, including waters superjacent the seabed beyond the 200 nm limit of the CS

Article 87 and Article 90 Freedom of the high seas; freedom of navigation; freedom of overflight; freedom to lay submarine cables and pipelines; freedom to construct artificial islands and other installations; freedom of fishing; and freedom of scientific research.

Article 87 and Article 90 – Freedom of the high seas

not disputed between them. Conversely, the Philippines enjoys freedom of navigation and overflight in the territories, maritime zones and air spaces of China that are not disputed between them. Any restriction on such freedom of navigation or overflight by one against the other would be in violation of Article 24 of UNCLOS proscribing discriminatory regulation or restriction of freedom of navigation and overflight. However, freedom of navigation and overflight does not engender freedom of military or paramilitary presence by one state on the territory or territorial extension of another state. The presence of the military or paramilitary forces of a foreign state on the territory of another state constitute a violation of the latter’s territorial sovereignty and territorial integrity, unless such presence has been invited. Nonetheless, during wartime, a belligerent state may engage in belligerent acts at sea, such as by establishing a naval blockade, even in the EEZ of a neutral state. 2.4 Summary In sum, it is important to distinguish between military forces, vessels and aircraft vis-à-vis law enforcement forces, vessels and aircraft. Their distinction has legal significance in terms of their allowable activities during peacetime or wartime, and within disputed or undisputed territorial, maritime and air spaces. The regime applicable to the CCG or PCG in the SCS would depend on their exact organizational status, mandate, and the level of force they may employ. To be continued

A10 Monday, November 27, 2023

Go beyond ‘regulator,’ be an enabler–MBC to Arta

By Andrea E. San Juan @andreasanjuan

HE Makati Business Club (MBC) is urging the Anti-Red Tape Authority (Arta) to set up a group from the private sector that can provide inputs to its ease of doing business initiatives to become an “enabling” agency instead of a “regulatory” one. “Arta can set up a group from the private sector that can actually provide inputs to Arta. Maybe like an advisory to Arta,” MBC Chairman Edgar O. Chua told reporters on the sidelines of the Pilipinas Conference 2023. Chua likened this proposed advisory group to the Private Sector Advisory Council (PSAC), a Council that was established by the Office of the President to foster “innovative” partnerships and to establish “stronger” relationships between the private and public sectors. “They set up a PSAC to provide advice to the government—on the sectors of focus. But that’s geared more for investments and

some policies also,” MBC Chairman Edgar Chua told reporters, partly in Filipino, on the sidelines of the Pilipinas Conference 2023 last week. The MBC chairman pointed out that the ease of doing business initiatives of Arta may not be enough, as it needs to have an “enabling” mindset rather than a “regulatory” one. “It will never be enough, it’s always continuing because the world is changing so we need to simplify. I think the thinking of many of our government agencies is regulatory,” Chua said. “ ‘Government ako I need to regulate’ [I’m government so I need to regulate]. But the thinking should be changed...from

regulation, which by the way is important as well, but [it must] be an enabling agency,” the MBC chairman also noted. At the forefront of the government’s priorities, Chua said, should be to simplify requirements, “both at the national and local levels.” Most of the problems are at the local level, he noted. “For instance, if you’re setting up a business and seek a permit at the national level in order to, say, participate in a PPP, so Neda will approve.” But at the local level, one needs a plethora of permits: “a barangay permit, mayor’s permit, you have to chase after so many permits.” He said the existing ease of doing business initiatives are not yet enough because the requirements have not yet been “standardized.” He observed that, “When you go to a Barangay in a province, there is a different set of requirements. Go to a Barangay in another province, it’s another set of requirements. It should be standardized and simplified.” Looking at the global landscape, Chua cited New Zealand as an example, where, he said they implement a “sunset provision” whenever they enact a law. “In our case, we keep adding laws, we never reduce. But sometimes, the law is no longer applicable because there is a new one. That’s why conflict arises sometimes,” Chua stressed.

LANSON PLACE FLAGSHIP PHL TO OPEN DOORS IN Q1 2024 By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

M Hotels and Conventions Corp. (SMHCC) will finally be opening the doors of Lanson Place Mall of Asia (MOA) in the first quarter of 2024. This was revealed by SMHCC Vice President for Marketing and Business Development Neil Rumbaoa on the sidelines of the Christmas tree lighting ceremony of Pico de Loro Cove, Hamilo Coast on Saturday. He told the BusinessMirror that the hotel and serviced residences are just undergoing the “final touches and some details” to ensure the property lives up to the Lanson Place brand. Lanson Place Hospitality Management Limited is a subsidiary of the Hong Kong-based Wing Tai Properties Limited, a premium developer of quality residential, commercial, industrial, serviced apartments, and boutique hotel projects. “SMHCC takes pride in bringing the Lanson Place brand to the country. As the hospitality industry moves closer to its recovery, we believe that the introduction of Lanson Place Mall of Asia will help pave the way to a more robust and dynamic tourism in the Philippines,” said SMHCC President Elizabeth T. Sy, in a news statement. Originally slated to open in 2022, Lanson Place’s constr uction was slowed down by the Covid-19 pandemic. It will be the first serviced apart-

ments of SMHCC, with 389 units designed in a sleek, contemporary style, and will be the flagship property of Lanson Place in the Philippines. Located in the heart of the MOA complex, it is surrounded by the flagship SMX Convention Center Manila, the eCom office buildings, as well as retail and entertainment establishments. Lanson Place Hotel and Serviced Suites Mall of Asia is also strategically located near museums and historical landmarks.

P800M for SM hotel in Laoag

FACILITIES include an all-day dining restaurant, a fitness center and a rooftop swimming pool offering a full view of the picturesque Manila Bay, as well as an al fresco facility on the podium for intimate events. Rumbaoa also disclosed the investment of over P800 million in a Park Inn by Radisson Hotel in Laoag City. Slated to open by the fourth quarter of 2028, the 150-room hotel will be located within a massive development of SM Prime Holdings Inc., which will host an SM City. The Park Inn by Radisson hotel in Laoag is just one of the 14 hotels to be constructed by the SM Group at a cost of P15 billion, under SMHCC’s partnership with international hospitality firm Radisson Hotel Group. (See, “SM to spend P15B for 14 new hotels till 2028,” in the BusinessMirror, April 26, 2023.) Continued on A3

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, November 27, 2023

Aboitiz unit earmarks ₧50B ERC to Meralco: Improve terms of for RE portfolio expansion electricity auction

By Lenie Lectura

@llectura

boitiz Power Corp. (AboitizPower) is allocating P50 billion for capital expenditures (capex) next year to help achieve its target of having 4,600 megawatts (MW) of clean energy, or 50 percent of its generation portfolio, by 2030. AboitizPower CFO Juan Alejandro Aboitiz said the amount would be primarily spent for geothermal, solar, hydro, and wind power projects. “The ballpark of about P50 billion is our capex. A lot of that is for the growth, expansion, and new projects,” said Aboitiz, who just assumed his new post last November 1.

He did not say how much was already spent for this year’s capex. Funding will be sourced from internally-generated funds and borrowings. “We are always looking at different sources to finance our capex. Fundraising is always a critical component of growth,” he said, adding that 60 percent of the capex will

be spent for new projects. AboitizPower President Emmanuel Rubio said separately that the 17MW Tiwi Binary geothermal power plant in Albay is expected to produce its first output in January 2024. The binary plant, which is being developed within the 1.5-hectare of land where the first and oldest geothermal power plant in the Philippines is located, broke ground early this year. Geothermal energy comes from the earth’s heat and is produced by drilling production wells into the ground to tap high temperatures fluids from geothermal reservoirs. He also mentioned the completion of the 94MW Cayanga-Bugallon solar facility in Pangasinan and the first phase of the 159-MW Laoag solar facility in Pangasinan in January or February of next year.

AboitizPower currently has a pipeline of about 1,000MW. It aspires to have a 50:50 balance between its RE and thermal portfolios by 2030. At end-September, the power firm recorded a net income of P26.7 billion, up by 37 percent from the P19.5 billion recorded in the same period a year ago on the back of its stronger generation and distribution businesses. “Looking ahead to 2024, we are optimistic about our prospects. Building upon the momentum of 2023, we look forward to diversifying our energy offerings further, focusing on sustainable practices and creating more technology-driven energy solutions. Our pursuit of responsible business and meaningful collaborations will continue to propel us toward a prosperous and sustainable future,” added Rubio.

‘Calax segment acquires ROW’ By Lorenz S. Marasigan @lorenzmarasigan

PCALA Holdings Inc. (MHI), the concessionaire of the Cavite-Laguna Expressway (Calax), has received substantial right of way (ROW) for the construction of the remaining portion of the thoroughfare’s Cavite segment. According to Raul Ignacio, the company’s president, “95 percent” of the easement for the Governor’s

Figaro expands store network

igaro Coffee Group Inc. said the company has expanded its store network to 200 on its 30th year anniversary. The company said it opened its 199th store, a Figaro Coffee brand in Villafor Hospital, Dagupan City and its 200th store in Angel’s Pizza in Cabuyao, Laguna. Figaro Coffee has 64 stores, Angel’s Pizza with 120 stores, Tien Ma’s with 10 stores and Café Portofino with 6 stores. “We still have 16 stores in the pipeline expected to open by the end of this year,” Ace Azarraga, the company’s brand and partnership director, said. “Figaro Coffee is a proudly Filipino coffee chain and is one of the most successful to grow on a global scale. Our vision has always been to support our farmers and promote high-quality, local coffee beans.” The company started with just a single store in Glorietta in Makati. Its name came from the male lead in the opera The Barber of Seville, reflecting the European and Italian inspiration behind the brand. “The Figaro Coffee Group is not just a coffeehouse; it is a testament to the dreams of a group of passionate coffee enthusiasts who envisioned a space where people could come together to enjoy exceptional coffee and delectable pastries,” the company said. VG Cabuag

Drive Segment in General Trias, Cavite “has been acquired, and the team has already begun earthworks and bridge constructions.” “Governor’s Drive will be the second-longest segment of Calax, spanning almost 8 kilometers in length. We target to open it to the motoring public before the end of 2024. Through this interchange, we aspire to revolutionize our motorist travel experience, by connecting communities and helping improve the economy of the region,” he said.

Governor’s Drive is a 7.9-kilometer two-by-two lane segment that will extend from the Silang (Aguinaldo) Interchange to Governor’s Drive. Earlier this month, Calax opened the Silang (Aguinaldo) Interchange, a 4-kilometer segment that directly connects to Aguinaldo Highway. Ignacio said the segment has recorded its highest daily traffic at 11,000 vehicles, “well beyond the projected 5,000 cars.” Currently, Calax’s operational

segment spans from Mamplasan to Silang (Aguinaldo), recording an average daily vehicle volume of 41,000. The 45-kilometer Calax is expected to be finished by 2025. Last year, the company said it had to spend more than the thoroughfare’s original project cost because of the delays in the delivery of right of way. MHI CFO Chris Lizo said the company had to spend “15 percent” more than the original project cost of roughly P34.5 billion.

Axelum Resources Corp. and Harbor Star Shipping Services Inc. Top losers, meanwhile, were LMG Corp., Concrete Aggregates Corp. B shares, AgriNurture Inc., Fruitas Holdings Inc., Makati Finance Corp., Lepanto Consolidated Mining Co. B and iPeople Inc.

retest of 6,500 by year-end is not impossible. Volume remains less than ideal, however, which warrants some caution in the hear-term, as the strength or technical signals are skewed by this anemic participation. In a market that seeks more conviction, aim for high quality corporate stories in 2024,” it said. The main index’s market’s immediate support is seen at its 50day exponential moving average. Resistance is seen at the 6,400 level.

STOCK-MARKET OUTLOOK Last week

Share prices gained last week, allowing the main index to close higher for four consecutive weeks, but volume remained thin as investors remained on the sidelines. The benchmark Philippine Stock Exchange index rose 57.61 points to close at 6,299.50 points. “The local market has been building momentum lately, rising for four weeks with a total gain of 5.16 percent. However, trading has been lethargic implying that the market’s current rally is not backed by strong investor participation,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said. Volume of trades was thin, averaging only P3.15 billion. Foreign investors, which accounted for less than half of the trades, were net buyers at P998.27 million. Most of the sub-indices managed to close in the green, led by the All Shares index that gained 23.45 points to close at 3,348.22 points, the Financials index fell 4.84 to 1,745.72, the Industrial index surged 241.53 to 8,926.32, the Holding Firms index dropped 34.72 to 5,976.28, the Property index rose 32.60 to 2,689.98, the Services index climbed 34.13 to 1,521.29 and the Mining and Oil index added 148.63 to 9,660.30. For the week, losers outnumbered winners 116 to 91 and 33 shares were unchanged. Top gainers were Pacifica Holdings Inc., Roxas Holdings Inc., SFA Semicon Philippines Corp., Victorias Milling Co. Inc., Philex Mining Corp.,

This week

Share prices may fall this week as profit takers may take the opportunity to cash in on the gains they made during the past month. It will be a four-day trading week as Monday was declared a public holiday for Bonifacio Day, which was supposed to be celebrated on November 30. “The four-week rally is seen to make the market more susceptible to profit taking. Expectations that interest rates will remain high for a while following BSP [Bangko Sentral ng Pilipinas] Governor Eli Remolona’s hawkish statements at the FX Forum Manila may also weigh on the market,” Tantiangco said. He said investors are expected to watch out for catalysts that can spur optimism towards the local economy. “Without such, we may see selling pressures dominate leading to a pull back for the local bourse,” he said. Broker 2TradeAsia said all eyes are now on drivers for 2024, and whether broader market forces will follow the beat of the same drum as in late 2022 up to 2023. “If the stars align for December, such as upcoming data releases at least track market expectations, a

Stock picks

Broker Regina Capital Development Corp. advised to range trade on the stock of Metropolitan Bank and Trust Co. as its shares have been trading sideways since September. The stock failed to break resistance and fall below support. “Range trading could be a good opportunity for investors looking to cap in some small gains. Accumulate near support and sell near resistance,” it said. Metrobank shares closed last week at P51.95 apiece. Meanwhile, it advised to buy on pullbacks in the stock of Ayala Corp. (AC) as its technical indicators showed that the bears are pulling off an attempt to get the company’s shares back to their side. “What can be inferred from the chart is that AC’s price action today is temporary and could open for some buying opportunity for traders as the stock’s price pulls back. AC’s support is at P636.80, while its resistance is at P651.50,” it said. Ayala’s shares closed at P652 apiece on Friday. VG Cabuag

he Energy Regulatory Commission (ERC) wants the Manila Electric Co. (Meralco) to improve the bidding terms of the ongoing competitive selection process (CSP) for 1800-megawatt (MW) baseload capacity. “We wrote Meralco to give them an opportunity to improve the terms. It was a letter to state our observations so they can consider and improve or revise the terms of the CSP, as needed,” said ERC Chairperson Monalisa Dimalanta. There are currently six potential bidders for the upcoming CSP. These are GNPower Dinginin (GNPD), First NatGas Power, SP New Energy, Mariveles Power Generation, Excellent Energy Resources and Masinloc Power Partners. “Meralco should make sure they are not unduly limiting the number of potential bidders to allow competition to produce the least cost,” Dimalanta said. “We will continue to monitor an act accordingly, given that we are in a new CSP regime.” As the regulator of the power industry, Dimalanta said the ERC is mandated to promote competition, encourage market development, ensure customer choice, and penalize abuse of market power in the industry. The ERC chief conveyed the same observations to lawmakers during the hearing of the House Committee on Legislative Franchises last week. Congressman Dan Fernandez of the Lone District of Santa Rosa, Laguna lamented that the terms of reference for the said CSP allegedly favors certain power firms since the power plants that could join the

auction are those that should be in commercial operation not earlier than January 2020 but no later than May 2025. “Your invitation to bid was for 1,800 MW, your provision for your power supply agreement calls for 1,800 MW and if I may read, what you also said in that provision of your bidding—single or portfolio plant provided a power plant should be in commercial operation not earlier than January 22, 2020,” he said. “You have said in your power supply agreement in the bidding, hey power plants that have not started operations in January 2020 to May 2025, you can’t join, you are all excluded,” the lawmaker stressed. “That is trademarking, that is branding. That’s tailor fitting, that’s illegal in accordance with the PCC [Philippine Competitive Commission] and international agreement which states that trademarking is prohibited, it does not allow ‘tailorfitting.’”

‘Baseless claims’

Meralco, for its part, said the selection process of power supply contracts is strictly regulated by the ERC and the Department of Energy (DOE). “Hinde po kailangan manggaling sa affiliated company ang supply. Kailangan sumali sila sa bidding. After bidding, kung sino mananalo, daaan sa ERC para sa regulatory evaluation and public hearing bago i-approve kung sakali man, in accordance with EPIRA,” said Meralco Vice President and head of utility economics Lawrence Fernandez. Continued on B2

Companies BusinessMirror

Monday, November 27, 2023

Court orders Megaworld to post ₧873-M counterbond

By VG Cabuag

@villygc

he Quezon City Regional Trial Court has ordered property developer Megaworld Corp. to set aside P873.32 million as a counterbond to cover the potential obligation claimed by construction firm Datem Inc. “Finding the counterbond to be sufficient security for the payment of claims in judgment sought by plaintiff, the Writ of Preliminary Attachment [WPA] issued on 15 November 2023 is hereby immediately discharged,” said Judge Rochelle Yvette D. Galano of Branch 105, Quezon

City Regional Trial Court, said in an order dated November 24. Datem filed a lawsuit to force Megaworld to honor a 2022 mutual agreement, in which the property developer committed to pay P873.324 million for the contractor’s finished work. It accused Megaworld of mov-

ing the deadlines by introducing new and additional deductions to be charged against Datem, which were not previously discussed in the mutual agreement. Datem was able to get a court order to freeze some of Megaworld’s assets, which the court has lifted with the posting of the counterbond. In a statement, Datem said that, in the event that it wins, this counterbond from Megaworld is intended to act as a safety net, paying for the liability it owes to the construction firm. “With the order approving the counterbond, this will serve as security for Datem instead of the seized properties, and the court will order the lifting of the attachment instead. Also, regardless of the value of the properties, Datem should be secured for the full amount of P873,324, 248.89 In

case judgment is rendered,” it said. Datem said that although the court’s ruling may appear to be a change in the current legal dispute, it should be noted that it has no bearing on the main points of their lawsuit against Megaworld. “It is crucial to note that this development has no bearing on the core of our lawsuit against Megaworld, which seeks to secure payment for finished projects where work has been completed.” The company added that the court’s decision to lift the WPA does not invalidate its previous determination of Megaworld ’s fraudulent activities, which is an important part of Datem’s legal case. The WPA and its accompanying counterbond were put in place as security measures to protect Datem’s interests, based on the court’s evaluation of Megaworld’s “suspected fraudulent behavior.”

ERC to Meralco: Improve terms of electricity auction Continued from B1

Before conducting the CSP, Meralco also secured an approval from the DOE of its Power Supply Procurement Plan and the Terms of Reference (TOR) of its proposed CSP, to make sure that these are aligned with the requirements and standards set by the government. “This is contrary to the baseless and malicious claims that Meralco’s TOR is tailor-fitted to favor select generation companies,” said Meralco First Vice President and Regulatory Management Head Jose Ronald Valles. “Our past CSPs conducted are proof that no such tailor-fitting is happening, precisely because the TOR and other bidding documents are required to comply with existing policies of DOE and regulations of ERC, and the resulting Power Supply Agreement needs to be approved by regulator,” he added. The company said its is just a rebidding of a valid CSP held in 2020. Unfortunately, the PSAs resulting from the original CSP were terminated by the two winning power suppliers due to lack of ERC approval for more than two years. The new CSP

simply reiterated most of the provisions in the previous TOR that has been approved by DOE and its terms strictly followed the previous guidance of DOE particularly with respect to the requirement to limit the bidding to greenfield power plants to encourage new capacities, thereby ensuring security of supply and lowest cost to consumers. At the same time, Meralco strongly denied the baseless claims made by the lawmaker that the distribution utility overcharged its customers starting 2012. Meralco also said it has no power to unilaterally set its own rates. All rates reflected in the electricity bills of customers are approved by the regulator following a “very stringent and transparent process of public hearings.” “I would like to reiterate that as a highly regulated entity, Meralco strictly adheres to the rules governing its operations and franchise and the rates we implement always have prior approval from the regulator. A testament to the strict review, these rates are still subject to periodic confirmation process by the ERC,” Valles said. “The proper venue for discussing the refund claims is the ERC, which has the rate-setting power and the regulator has already decided on a refund totaling P48 billion, which Meralco implemented in a timely manner.” The company said it is “unfortunate” that the lawmaker is focusing on Meralco when records will show that Meralco is, in fact, the only private distribution utility (DU) that has made a distribution refund in compliance with ERC directive. Lenie Lectura

MUTUAL FUNDS

November 24, 2023

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 203.81 -1.32% -3.84% -3.65% -1.08% -2.26% ATRAM Alpha Opportunity Fund, Inc. -a 1.4086 4.55% 2.71% 0.89% 1.46% 4.79% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.8132 -2.32% -3.85% -5.84% -2.83% -3.49% Climbs Share Capital Equity Investment Fund Corp. -a 0.6661 -1.96% -6.14% -5.33% n.a -4.75% First Metro Consumer Fund, Inc. -a 0.6274 -5.91% -5.84% -4.98% n.a -3.27% First Metro Save and Learn Equity Fund, Inc. -a 4.4844 -2.68% -3.37% -2.58% -0.75% -3.56% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6683 -4.04% -4.71% n.a n.a -4.68% MBG Equity Investment Fund, Inc. -a 84.37 10.68% -3.75% -5.28% n.a 12.02% PAMI Equity Index Fund, Inc. -a 41.4878 -3.14% -4.17% -2.88% n.a -3.94% Philam Strategic Growth Fund, Inc. -a 432.58 -1.65% -4.26% -2.9% -1.05% -2.66% Philequity Dividend Yield Fund, Inc. -a 1.1554 -1.84% -0.41% -1.23% n.a -1.68% Philequity Fund, Inc. -a 32.6687 -1.18% -2.06% -1.82% 0.93% -1.88% Philequity MSCI Philippine Index Fund, Inc. -a 0.8327 -1% -3.35% n.a n.a -1.9% Philequity PSE Index Fund, Inc. -a 4.3612 -2.14% -3.29% -2.03% 0.68% -2.99% Philippine Stock Index Fund Corp. -a 725.74 -2.21% -3.45% -2.1% 0.63% -3.1% Soldivo Strategic Growth Fund, Inc. -a 0.6561 -1.52% -3.39% -4.76% n.a -2.67% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2437 -2.78% -3.81% -4.06% -1.11% -3.84% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.823 -2.57% -3.76% -2.41% n.a -3.39% United Fund, Inc. -a 3.0269 -2.07% -3.12% -2.38% -0.05% -2.17% Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.0213 -2.56% n.a n.a n.a -3.3% COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,20.9942 n.a n.a n.a n.a n.a Philequity Alpha One Fund, Inc. -a 0.9853 -4.41% -2.72% n.a n.a -5.84% Philippine Stock Index Fund Corp. -a 880.76 -2.35% n.a n.a n.a -3.16% Exchange Traded Fund (shares) -1.65% -3.12% -1.79% n.a First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c98.509 -2.58% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.8146 -1.96% -11.14% -2.92% -1.82% -4.39% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5888 9.31% -0.12% 6.32% n.a 11.57% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.4599 -1.72% -4.13% -2.22% -1.9% -1.67% ATRAM Philippine Balanced Fund, Inc. -a 2.1416 5.04% -2.03% -0.3% 0.06% 1.72% 2.4428 -1.84% -2.48% -0.26% -1.1% First Metro Save and Learn Balanced Fund, Inc. -a -2.5% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1858 -2.82% -2.31% n.a n.a -3.98% NCM Mutual Fund of the Phils., Inc. -a 1.8918 0.32% -1.35% 0.8% 1.01% 0.25% PAMI Horizon Fund, Inc. -a 3.4629 1.2% -3.04% -0.01% 0.12% 0.67% Philam Fund, Inc. -a 15.1792 0.29% -3.69% -0.58% -0.19% 0.26% Solidaritas Fund, Inc. -a 1.9879 0.43% -1.82% -0.45% 0.82% 0.07% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3215 0.58% -2.51% -1.63% -0.52% -0.24% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8746 1.09% -0.6% -0.97% n.a -0.49% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.924 2.16% -3.4% n.a n.a 0.96% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8187 -0.32% -5.02% n.a n.a -2.02% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.7972 -1.41% -5.33% n.a n.a -3.08% Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03197 0.35% -6.56% -1.67% -0.17% -1.33% PAMI Asia Balanced Fund, Inc. -b $0.8843 3.26% -7.51% -1.09% -1.38% 5.27% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.0949 5.33% -1.84% 3.59% 2.68% 6.47% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $0.9928 1.98% -4.46% 0.41% n.a 2.18% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 388.8 3.29% 1.69% 2.57% 2.12% 2.85% ATRAM Corporate Bond Fund, Inc. -a 1.9011 1.6% 0.06% 0.61% -0.1% 1.4% 0.92% Cocolife Fixed Income Fund, Inc. -a 3.2986 2.49% 2.22% 3.72% 2.8% Ekklesia Mutual Fund, Inc. -a 2.2583 4.61% -0.49% 1.22% 1.15% 3.34% First Metro Save and Learn Fixed Income Fund, Inc. -a 2.434 1.93% -0.23% 2% 1.07% 1.79% Philam Bond Fund, Inc. -a 4.2225 1.86% -2.99% 1.69% 0.42% 1.99% Philam Managed Income Fund, Inc. -a 1.3633 3.41% 1.18% 2.98% 1.7% 3.32% Philequity Peso Bond Fund, Inc. -a 3.9888 4.23% 0.06% 2.76% 1.29% 3.1% Soldivo Bond Fund, Inc. -a 1.0444 2.87% 0.23% 3.32% n.a 2.73% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2742 4.63% 0.82% 3.51% 1.81% 4.08% Sun Life Prosperity GS Fund, Inc. -a 1.75 3.83% 0.05% 2.73% 1.21% 3.2% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $491.03 2.64% 0.61% 1.91% 2.46% 2.27% ALFM Euro Bond Fund, Inc. -a Є212.02 1.54% -1% -0.03% 0.73% 1.12% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0198 0.48% -6.95% -1.9% -0.05% 1.03% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0242 2.11% -2.98% -0.49% n.a 2.11% PAMI Global Bond Fund, Inc. -b $0.8382 -1.87% -8.42% -3.92% -3.3% -6.87% Philam Dollar Bond Fund, Inc. -a $2.1994 3.26% -4.49% 0.59% 1.49% 0.89% Philequity Dollar Income Fund, Inc. -a $0.0607411 1.94% -0.73% 1.32% 1.56% 1.74% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.658 -1.05% -6.17% -1.51% 0.07% -2.33% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 136.38 2.48% 1.74% 2.54% 2.02% 2.35% First Metro Save and Learn Money Market Fund, Inc. -a 1.1045 3.15% 1.8% n.a n.a 2.88% Sun Life Prosperity Peso Starter Fund, Inc. -a 1.3714 2.72% 1.95% 2.46% 1.98% 2.47% Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.1 3.98% n.a n.a n.a 3.61% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0929 2.31% 1.3% 1.51% n.a 2.22% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 41.6749 -6.03% n.a n.a n.a -2.35% Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.3949 9.09% 8.83% n.a n.a 13.21% Sun Life Prosperity World Income Fund, Inc. -a,1 0.966 n.a n.a n.a n.a n.a Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.7757 -3.3% -7.18% n.a n.a -1.81% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. 1 - Launch date is August 22, 2023. 2 - Launch date is October 6, 2023. “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

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

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

November 24, 2023

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

BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG IREMIT NTL REINSURANCE PHIL STOCK EXCH VANTAGE

112,547,184 76,646 88,934,877 4,946,345 816,816 33,428,064.50 2,362,895 201,006 2,220,113.50 710,775 31,903,244.50 937,316.50 84,800 4,129,960 8,280 13,450 6,100 118,400 17,100 6,320

22,248,670 -10,563,225 -3,013,845 -16,236,648.50 -18,440 1,934,950 -16,567,835 -397,697 17,100 -

INDUSTRIAL ACEN CORP 4.91 4.93 4.96 5.04 4.91 4.91 16,468,000 81,578,520 0.54 0.59 0.59 0.59 0.59 0.59 1,000 590 ALSONS CONS ALTERNERGY HLDG 0.76 0.77 0.76 0.78 0.75 0.77 4,409,000 3,351,080 36.35 36.4 36.5 36.7 36.3 36.4 1,489,600 54,440,180 ABOITIZ POWER RASLAG 1.18 1.21 1.22 1.22 1.19 1.21 357,000 428,630 0.177 0.186 0.184 0.186 0.182 0.186 830,000 152,940 BASIC ENERGY 17.94 18 18.12 18.12 17.92 17.94 100,100 1,802,410 FIRST GEN FIRST PHIL HLDG 60 63 61 63 59 63 910 56,410 369.6 370.6 371.6 371.6 368.6 370.6 103,800 38,455,998 MERALCO 18.04 18.1 17.42 18.12 17.4 18.04 7,296,200 128,581,664 MANILA WATER PETRON 3.35 3.36 3.35 3.38 3.35 3.35 640,000 2,145,030 4.46 4.6 4.31 4.6 4.31 4.6 32,000 145,850 PETROENERGY PHX PETROLEUM 5.09 5.1 5.1 5.1 5.1 5.1 15,300 78,030 REPOWER ENERGY 6.51 6.74 6.6 6.74 6.51 6.74 30,000 196,256 6.11 6.17 6.1 6.18 6.05 6.17 244,400 1,496,547 SYNERGY GRID SHELL PILIPINAS 11.92 11.98 12 12 11.9 11.98 30,600 364,420 7.5 7.79 7.45 7.6 7.45 7.6 16,900 126,983 SPC POWER AGRINURTURE 1.08 1.1 1 1.11 1 1.08 1,772,000 1,877,120 AXELUM 1.98 2 1.96 2 1.91 2 275,000 537,060 30.4 30.75 30.8 30.9 30.35 30.4 905,500 27,823,180 CENTURY FOOD DEL MONTE 7.1 7.49 7.2 7.51 7.02 7.1 15,000 107,528 6.08 6.12 6.06 6.14 6.04 6.12 274,100 1,670,281 DNL INDUS 20.8 20.85 20.75 21 20.75 20.85 161,700 3,370,430 EMPERADOR SMC FOODANDBEV 49.25 50 49.25 50 48.95 50 114,800 5,699,795 0.63 0.64 0.64 0.64 0.63 0.64 595,000 379,640 FIGARO COFFEE FRUITAS HLDG 1.02 1.03 1.06 1.07 1.02 1.02 11,215,000 11,574,850 GINEBRA 166.5 168.5 168.5 168.5 168.5 168.5 100 16,850 238 238.4 238.8 240.4 236 238.4 1,098,840 261,615,944 JOLLIBEE KEEPERS HLDG 1.47 1.5 1.5 1.5 1.46 1.5 578,000 846,670 11.58 16 16 16 16 16 100 1,600 LIBERTY FLOUR 3.55 3.6 3.69 3.69 3.52 3.55 245,000 873,600 MAXS GROUP MONDE NISSIN 8.33 8.35 8.48 8.48 8.33 8.35 1,894,900 15,842,927 9.27 9.36 9.37 9.37 9.36 9.36 1,900 17,786 SHAKEYS PIZZA ROXAS AND CO 0.49 0.51 0.49 0.49 0.49 0.49 13,000 6,370 2.99 3 3 3 2.99 3 41,000 122,910 RFM CORP 0.51 0.58 0.51 0.58 0.51 0.58 4,000 2,110 ROXAS HLDG SWIFT FOODS 0.055 0.059 0.06 0.06 0.058 0.058 210,000 12,400 121.1 121.2 121 121.7 118.5 121.1 517,810 62,663,540 UNIV ROBINA VITARICH 0.5 0.52 0.5 0.52 0.5 0.52 17,000 8,520 0.79 0.8 0.83 0.84 0.79 0.8 1,091,000 874,800 CEMEX HLDG 0.81 0.82 0.81 0.84 0.81 0.82 7,189,000 5,924,920 EC VULCAN CORP EEI CORP 5.81 5.87 5.89 5.89 5.81 5.87 175,600 1,024,350 3.05 3.07 3.09 3.09 3.05 3.08 123,000 377,680 MEGAWIDE 19.1 20.4 20 20 20 20 12,300 246,000 PHINMA CROWN ASIA 1.53 1.56 1.52 1.52 1.52 1.52 1,000 1,520 2.13 2.45 2.47 2.47 2.45 2.45 28,000 68,960 LMG CORP MABUHAY VINYL 5.7 5.9 5.76 5.97 5.74 5.94 4,700 27,396 5.2 5.3 5.3 5.3 5.2 5.3 202,200 1,051,660 PRYCE CORP 13.52 14.48 13.52 14.48 13.5 14.48 1,000 13,806 CONCEPCION GREENERGY 0.265 0.27 0.275 0.275 0.265 0.27 46,190,000 12,555,400 3.42 3.49 3.49 3.49 3.49 3.49 5,000 17,450 INTEGRATED MICR IONICS 1.08 1.1 1.1 1.11 1.08 1.08 393,000 430,520 PANASONIC 4.58 4.88 4.87 4.87 4.87 4.87 1,000 4,870 1.97 2.12 2.12 2.13 2.12 2.13 326,000 692,370 SFA SEMICON CIRTEK HLDG 1.69 1.72 1.68 1.73 1.68 1.7 178,000 303,200

-21,295,780 -1,030,280 -9,759,045 -529,216 6,300 18,799,380 -101,751,674 -3,350 -78,030 -6,780 -392,174 -53,620 -5,937,550 -502,015 -2,123,240 -4,621,475 306,560 42,389,252 -487,990 -2,310,136 -113,940 -580 -6,743,837 -2,420 17,470 18,300 -46,000 -1,350 -1,890,000 0 -110,000 -108,630 210,800

HOLDING & FRIMS

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL HOUSE OF INV JG SUMMIT KEPPEL HLDG A LOPEZ HLDG LT GROUP PACIFICA HLDG PRIME MEDIA REPUBLIC GLASS SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP WELLEX INDUS

132 7.11 103.4 30.1 8.43 51.95 8.7 18.4 51.1 23 70 58.85 1.38 2.76 0.56 2.69 0.6 0.36 171 0.79

1.01 652 48.4 10.18 11.3 0.38 4.59 9.26 5.1 560 3.3 38.45 4.6 4.3 8.88 1.12 2.83 3 0.9 832 106.4 0.25

132.1 7.3 103.6 30.5 8.56 52 8.75 18.44 55.95 23.5 70.8 59 1.39 2.77 0.69 2.91 0.63 0.39 175 0.81

1.03 652.5 48.65 10.2 11.32 0.385 4.62 9.3 5.2 562 3.35 38.5 5.47 4.36 8.89 1.2 2.85 3.1 0.95 834 106.9 0.275

131.5 7.07 103.8 30.4 8.6 51.95 8.65 18.44 55.95 23 70.1 58.6 1.39 2.77 0.69 2.69 0.61 0.37 171 0.79

1.03 648 48.6 10.32 11.3 0.38 4.53 9.26 5.2 563 3.3 38.4 5.48 4.36 9 1.25 2.89 3 0.9 830 107 0.25

132.7 7.44 104.8 30.5 8.69 52.25 8.7 18.46 55.95 23.75 70.5 59 1.4 2.77 0.69 2.69 0.61 0.37 171 0.79

1.04 652 48.7 10.36 11.32 0.38 4.62 9.32 5.2 567 3.3 38.6 5.48 4.36 9 1.25 2.89 3 0.95 834.5 107 0.25

131.5 7.07 103.1 30.3 8.4 51.9 8.65 18.44 50.2 23 69.95 58.5 1.39 2.76 0.69 2.69 0.61 0.37 171 0.79

1.01 644 48.3 10.2 11.3 0.38 4.53 9.25 5.2 557.5 3.3 37.95 5.48 4.36 8.85 1.2 2.86 3 0.88 825.5 106.3 0.25

132.1 7.3 103.4 30.5 8.4 51.95 8.7 18.44 50.75 23.75 70 59 1.39 2.76 0.69 2.69 0.61 0.37 171 0.79

1.02 652 48.65 10.2 11.3 0.38 4.62 9.3 5.2 560 3.3 38.45 5.48 4.36 8.89 1.2 2.86 3 0.95 834 106.9 0.25

851,810 10,800 858,930 162,300 96,400 643,140 271,600 10,900 44,060 30,900 455,600 15,930 61,000 1,491,000 12,000 5,000 10,000 320,000 100 8,000

496,000 140,550 316,300 752,600 8,900 1,600,000 1,345,000 697,100 100 134,970 8,000 907,900 100 21,000 2,714,000 21,000 81,000 9,000 1,331,000 151,050 208,540 50,000

506,940 91,386,360 15,382,900 7,696,464 100,662 608,000 6,185,000 6,481,302 520 75,576,405 26,400 34,878,740 548 91,560 24,134,889 25,750 233,670 27,000 1,197,930 125,673,340 22,274,957 12,500

PROPERTY ARTHALAND CORP 0.415 0.44 0.445 0.445 0.44 0.44 140,000 61,850 29.9 29.95 29.65 29.9 29.6 29.9 3,814,200 113,720,915 AYALA LAND AYALA LAND LOG 1.56 1.58 1.67 1.67 1.55 1.56 1,808,000 2,828,350 0.98 1.02 0.99 1.03 0.98 1.02 625,000 617,700 ARANETA PROP AREIT RT 29.2 29.3 29.3 29.6 29.2 29.2 5,045,400 147,785,890 A BROWN 0.63 0.67 0.67 0.67 0.64 0.64 302,000 196,480 0.71 0.72 0.71 0.71 0.71 0.71 29,000 20,590 CITYLAND DEVT CROWN EQUITIES 0.065 0.069 0.06 0.069 0.06 0.069 70,000 4,390 2.48 2.49 2.5 2.5 2.46 2.49 48,000 119,220 CEB LANDMASTERS 0.3 0.305 0.305 0.305 0.3 0.3 170,000 51,350 CENTURY PROP CITICORE RT 2.53 2.54 2.54 2.54 2.52 2.54 484,000 1,224,960 7.92 7.99 8.15 8.15 7.78 7.98 352,600 2,790,070 DOUBLEDRAGON DDMP RT 1.21 1.22 1.22 1.22 1.21 1.22 1,084,000 1,316,090 DM WENCESLAO 6.25 6.29 6.29 6.29 6.29 6.29 500 3,145 0.133 0.135 0.135 0.138 0.133 0.133 1,470,000 198,700 EMPIRE EAST EVER GOTESCO 0.285 0.295 0.295 0.295 0.295 0.295 330,000 97,350 2.85 2.86 2.81 2.85 2.79 2.85 463,000 1,311,400 FILINVEST RT FILINVEST LAND 0.56 0.57 0.55 0.57 0.54 0.56 2,113,000 1,175,100 8990 HLDG 8.3 8.52 8.53 8.54 8.3 8.3 3,100 26,214 802 847 770 847 770 847 57,150 46,156,825 GOLDEN MV PHIL INFRADEV 0.5 0.56 0.52 0.58 0.52 0.56 132,000 73,130 0.76 0.77 0.77 0.77 0.77 0.77 1,000 770 CITY AND LAND 2.02 2.03 2.03 2.05 2.02 2.02 8,609,000 17,454,110 MEGAWORLD MRC ALLIED 1.45 1.5 1.49 1.5 1.47 1.5 23,000 34,130 11.98 12 11.96 12.1 11.9 12 170,900 2,047,372 MREIT RT OMICO CORP 0.228 0.23 0.228 0.228 0.228 0.228 10,000 2,280 0.33 0.34 0.34 0.34 0.34 0.34 10,000 3,400 PHIL ESTATES 1.51 1.54 1.55 1.55 1.51 1.51 39,000 59,920 PREMIERE RT PRIMEX CORP 2.41 2.55 2.4 2.55 2.4 2.55 19,000 45,750 4.64 4.67 4.62 4.69 4.6 4.67 845,000 3,913,090 RL COMM RT 14.6 14.66 14.7 14.7 14.58 14.6 169,300 2,473,200 ROBINSONS LAND PHIL REALTY 0.15 0.156 0.153 0.156 0.15 0.15 520,000 78,400 3.61 3.63 3.58 3.61 3.58 3.61 55,000 197,350 SHANG PROP STA LUCIA LAND 2.96 3.27 3.27 3.27 3.24 3.27 586,000 1,901,220 32.45 32.5 31.95 32.7 31.75 32.5 6,593,200 213,117,485 SM PRIME HLDG 2.32 2.44 2.32 2.32 2.32 2.32 27,000 62,640 VISTAMALLS SUNTRUST RESORT 0.75 0.78 0.75 0.78 0.75 0.78 15,000 11,280 1.64 1.65 1.66 1.66 1.63 1.65 73,000 120,330 VISTA LAND VISTAREIT RT 1.68 1.69 1.69 1.69 1.68 1.68 284,000 477,320 SERVICES ABS CBN 3.53 3.75 3.59 3.75 3.59 3.75 220,000 810,620 8.29 8.3 8.29 8.3 8.25 8.3 320,800 2,662,005 GMA NETWORK GLOBE TELECOM 1,739 1,740 1,744 1,760 1,740 1,740 16,505 28,764,330 1,251 1,261 1,258 1,261 1,233 1,261 39,185 48,956,005 PLDT APOLLO GLOBAL 0.015 0.016 0.015 0.016 0.015 0.016 115,300,000 1,730,000 CONVERGE 8.16 8.2 8.21 8.24 8.15 8.2 4,280,800 35,075,609 3.03 3.07 3.03 3.03 3.03 3.03 1,000 3,030 DFNN INC DITO CME HLDG 2.4 2.41 2.35 2.42 2.35 2.4 7,896,000 18,827,690 0.58 0.75 0.58 0.58 0.58 0.58 1,000 580 IMPERIAL 1.16 1.17 1.18 1.18 1.15 1.16 640,000 743,020 NOW CORP TRANSPACIFIC BR 0.133 0.136 0.136 0.139 0.136 0.136 130,000 17,750 15.34 15.92 15.96 15.96 15.96 15.96 1,100 17,556 ASIAN TERMINALS CHELSEA 1.27 1.28 1.27 1.28 1.27 1.28 310,000 396,300 32.25 32.35 32.3 32.8 32.25 32.25 121,000 3,912,290 CEBU AIR 217.4 218.4 216.8 219 215 218.4 1,313,590 286,401,662 INTL CONTAINER MACROASIA 4.2 4.22 4.23 4.23 4.19 4.22 99,000 417,090 5.2 5.25 5.39 5.39 5.39 5.39 100 539 PAL HLDG HARBOR STAR 0.88 0.89 0.89 0.89 0.87 0.89 13,000 11,380 1.75 1.88 1.77 1.77 1.77 1.77 100,000 177,000 ACESITE HOTEL 0.37 0.415 0.39 0.39 0.39 0.39 750,000 292,500 WATERFRONT FAR EASTERN U 571 599 571 571 571 571 3,830 2,186,930 6.4 6.99 6.4 6.4 6.4 6.4 100 640 IPEOPLE 0.46 0.465 0.46 0.465 0.46 0.465 26,980,000 12,544,900 STI HLDG BELLE CORP 1.16 1.17 1.16 1.17 1.16 1.17 110,000 128,600 9.94 9.97 9.99 10 9.94 9.97 4,484,900 44,713,098 BLOOMBERRY PACIFIC ONLINE 3.03 3.2 3.2 3.2 2.9 3.18 655,000 2,040,200 PH RESORTS GRP 0.9 0.91 0.96 0.98 0.89 0.9 2,888,000 2,652,550 0.59 0.6 0.59 0.6 0.59 0.6 1,291,000 770,870 PREMIUM LEISURE DIGIPLUS 6.79 6.89 6.62 6.89 6.58 6.89 1,663,200 11,266,599 1.76 1.81 1.82 1.82 1.74 1.81 44,000 77,940 PHILWEB 0.167 0.169 0.168 0.168 0.167 0.167 1,000,000 167,140 ALLDAY ALLHOME 1.18 1.19 1.23 1.23 1.17 1.19 1,489,000 1,773,470 1.18 1.22 1.17 1.22 1.17 1.22 4,000 4,780 METRO RETAIL PUREGOLD 27.9 27.95 27.8 28.1 27.75 27.95 508,600 14,228,700 40.8 40.85 39.7 41 39.7 40.8 92,100 3,747,020 ROBINSONS RTL 2.8 2.83 2.83 2.88 2.8 2.83 931,000 2,632,580 SSI GROUP UPSON INTL CORP 1.65 1.69 1.7 1.7 1.7 1.7 32,000 54,400 19.6 19.7 19.62 19.8 19.56 19.7 3,958,400 77,678,334 WILCON DEPOT APC GROUP 0.222 0.233 0.23 0.233 0.23 0.233 60,000 13,830 0.335 0.34 0.335 0.335 0.335 0.335 300,000 100,500 MEDILINES 0.176 0.18 0.174 0.175 0.174 0.175 20,000 3,490 PRMIERE HORIZON SBS PHIL CORP 3.82 3.98 3.82 3.98 3.82 3.98 3,305,000 12,630,900 MINING & OIL ATOK 4.75 5.1 5 5 5 5 9,400 47,000 APEX MINING 2.78 2.79 2.75 2.8 2.75 2.79 2,091,000 5,832,240 3.1 3.15 3.1 3.1 3.1 3.1 14,000 43,400 ATLAS MINING BENGUET A 4.77 4.85 4.8 4.85 4.76 4.85 38,000 181,490 4.85 5 4.95 5.48 4.45 5 129,200 692,135 BENGUET B 0.125 0.154 0.13 0.13 0.13 0.13 300,000 39,000 COAL ASIA HLDG FERRONICKEL 2.34 2.35 2.36 2.36 2.35 2.35 460,000 1,081,310 0.03 0.031 0.031 0.031 0.031 0.031 1,100,000 34,100 GEOGRACE 0.079 0.08 0.076 0.08 0.076 0.08 3,250,000 258,070 LEPANTO A LEPANTO B 0.07 0.077 0.077 0.077 0.07 0.07 20,000 1,470 0.0048 0.0049 0.0048 0.0049 0.0048 0.0049 57,000,000 277,100 MANILA MINING A MARCVENTURES 1.03 1.04 1.05 1.05 1.02 1.03 778,000 804,000 5.07 5.09 5.12 5.12 5.04 5.07 1,273,100 6,454,064 NICKEL ASIA 0.66 0.69 0.69 0.69 0.67 0.69 33,000 22,370 ORNTL PENINSULA PX MINING 3.08 3.09 3.06 3.1 3.06 3.09 1,671,000 5,167,280 28.95 29 29 29.15 28.9 29 1,265,300 36,738,820 SEMIRARA MINING UNITED PARAGON 0.0042 0.0044 0.0041 0.0041 0.0041 0.0041 2,000,000 8,200 4.6 5 4.9 5.06 4.55 5.03 8,000 37,124 ENEX ENERGY 0.0082 0.0083 0.0081 0.0082 0.0081 0.0082 22,000,000 178,400 ORNTL PETROL A PHILODRILL 0.0082 0.0083 0.0082 0.0082 0.0082 0.0082 6,000,000 49,200 3.9 3.91 3.9 3.95 3.88 3.9 299,000 1,166,250 PXP ENERGY PREFFERED ACEN PREF B 1,065 1,066 1,061 1,065 1,061 1,065 6,315 6,722,350 2,450 2,460 2,460 2,460 2,450 2,450 90 221,300 AC PREF AR ALCO PREF D 455 465 455 455 455 455 20 9,100 96.05 98.5 96.05 96.05 96.05 96.05 500 48,025 BRN PREF A DD PREF 89.05 90 92 92 90 90 35,460 3,225,461 JFC PREF B 905 915 902.5 902.5 902.5 902.5 50 45,125 100.1 101 100.1 100.1 100.1 100.1 4,000 400,400 MWIDE PREF 5 PNX PREF 3B 26.8 26.9 22.3 26.9 22.3 26.9 6,200 145,595 225.4 244 230 253 225.4 245 270 62,170 PNX PREF 4 72 73 72 72 72 72 600 43,200 SMC PREF 2F SMC PREF 2I 71.8 72.9 71.8 71.8 71.8 71.8 26,700 1,917,060 67.65 68.15 67.7 67.7 67.6 67.65 4,270 288,775.50 SMC PREF 2J SMC PREF 2K 66 66.65 65.5 66 65.5 66 1,000 65,750

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

TECH WARRANT

3.3 3.6 3.3 3.58 3.3 3.58 6,000 7.53 8.1 0.33

0.36

62,204,925 8,586,745 -5,071,354 1,132 -3,659,810 -3,332,290 -2,785,345 689,240 4,360 -7,479,302 8,100 -45,039,335 6,325,167 45,819,390 85,550 -94,760,195 -2,400 -584,130 -231,567 -595,340 -97,350 295,700 289,710 -331,340 -6,699,710.00 -149,286 -1,583,620 1,544,224 10,740 12,747,430 -44,430 -9,555,195 3,626,285 -22,500 -10,897,836 -3,030 -1,308,670 -24,630.00 -303,960.00 66,135,954 20,870 -4,700 3,873,234 3,110 6,179,629 -804,890 -291,645 -193,035 -1,496,860 -54,400 -23,843,772 256,190 -18,880 -1,470 -371,589 1,450,860 -959,925 8,617 78,000 76,500 -

20,460 -

SMALL, MEDIUM & EMERGING

0.415 0.45 0.41 0.45 230,000 98,650 0.73 0.74 0.73 0.74 402,000 296,710 1.01 1.01 1.01 1.01 50,000 50,500 0.68 0.68 0.68 0.68 11,000 7,480 1.52 1.52 1.52 1.52 1,000 1,520 0.057 0.057 0.057 0.057 330,000 18,810 1.03 1.05 1.02 1.02 1,510,000 1,551,890 0.22 0.22 0.218 0.218 60,000 13,180

EXHANGE TRADE FUNDS

98.6 98.8 98.5 98.8 2,050 202,086 -19,735

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH LFM PROP MERRYMART XURPAS

FIRST METRO ETF

0.42 0.74 1.01 0.66 1.52 0.057 1.02 0.215 98.6

0.45 0.75 1.02 0.68 1.79 0.061 1.04 0.218 98.8

ExecutiveViews BusinessMirror

www.businessmirror.com.ph | Monday, November 27, 2023 B3

Teamwork is essential for us. Even as a leader, I don’t see my team members working for me but rather alongside me.’

CHARTING A COURSE ZAC HUANG, CEO HATASU

FOR SUSTAINABLE GROWTH IN A COMPETITIVE BUSINESS LANDSCAPE

By John Eiron R. Francisco

USINESSES face widespread competition and diverse challenges as they strive to expand and establish themselves in the industry. To make a significant impact, it is crucial for a brand to prioritize innovation, contribute to addressing societal issues, and adopt a sustainable approach to thrive in the long run. However, beyond those aspects, Zac Huang, CEO of HATASU, manufacturer and sole distributor of electronic vehicle (EV) told BusinessMirror that competition is not easy in the business world. He added that developing resilience, continuously learning, and building a strong team are just some of the key factors that helped the HATASU brand grow and developed. As a startup business, challenges are inevitable, yet, Huang underscored the significance of resilience. It is important to rebound from setbacks, drawing lessons

from failures and sustaining a positive perspective, especially during trying periods, and these prove crucial for the company. “Teamwork is essential for us. Even as a leader, I don’t see my team members working for me but rather alongside me,” Huang said. “Being humble and immersing myself in the front lines keeps me grounded and flexible to any changes or challenges that arise. This approach enables me to stay informed and abreast of the current trends and developments in this growing industry,” he added.

Sustainable mobility

AMID mounting concerns about economic issues such as rising oil prices and the environmental impact of climate change, governments and organizations worldwide are actively working to address these challenges. As a brand specializing in providing efficient and alternative mobility tools, HATASU has seen a gradual increase in the demand for

e-bikes over the past few years and the growing preference for electric vehicles. This trend is evident as more brands introduce electric vehicles across various categories, ranging from two-wheelers to four-wheelers. In their product planning and launches, Huang disclosed that the company carefully considered crucial factors that held significance in the market. Under his leadership, Huang aims to make a positive impact on society and the environment. He is passionate about contributing to a greener and cleaner environment through his EVs which are designed to be youthful, fashionable, and practical. “Our unanimous answer is to provide Filipinos with safe, value-for-money, and sustainable e-vehicles and e-bikes. Hence, the birth of HATASU ebike,” he said. They sought to identify the immediate challenges customers faced and aimed to address those pain points when customers opted for the HATASU ebike. “The brand also has the responsibility to educate the market aside from

promoting/selling our products,” he said.

Meeting market needs

TO MAINTAIN and ensure the success of his leadership, Huang highlighted the importance of valuing opinions and insights from within the organization to deliver products that align with HATASU’s vision of the market’s needs. “We observe the demand for sustainable and low-cost transportation tools,” he said. HATASU ebike has its headquarters in the Philippines but is looking to expand in other Southeast Asian countries. Through a comprehensive 360-degree experience, “we want to make an impact on the society and environment of the countries we set foot in,” Huang said, encompassing sustainability initiatives and contributing to the well-being of customers and the community.

Thriving journey

BEING the new player in the local EV mar-

ket has never stopped the brand from pushing beyond the boundaries of simply selling ebikes, but also created a culture and a movement that supports sustainable and innovative transportation. Huang shared that beyond the affordability and eco-friendly aspects, he envisioned and aimed to produce quality and safe products and services through an intricate production process that invested in research development to improve the performance and design. While HATASU manufacturing team is based abroad, Huang pointed out that what set it apart from the other brands is the involvement of their local team in both the research and development and production. This approach is based on the belief that local teams best understand the demand and road conditions of their specific regions. “Each product goes through intensive quality checks to ensure that the unit is safe and secure,” Huang remarked. Regarding sales, he mentioned that

the company relies on the confidence placed in their local business partners to broaden their nationwide presence, guaranteeing convenient product acquisition for customers regardless of their location. Comprehensive efforts spanning from pre-sales to aftersales has enabled HATASU to significantly increase their market share in the Philippines, positioning them as one of the leading e-bike brands in the local market.

Strategic approach

HUANG pointed out that the brand is currently releasing more products that fit the needs of the market. “Our goal ultimately is to become the ebike brand of choice here in the Philippines,” he underscored. Emphasizing inclusivity and recognizing transportation as essential for diverse needs, HATASU, under Huang’s leadership, is poised for continued growth and positive impact in the evolving landscape of sustainable mobility.

Monday, November 27, 2023

Explainer BusinessMirror

www.businessmirror.com.ph

FROM SPACE TO SWARMS:

Inside Pentagon’s drive for AI-enabled military dominance

By Frank Bajak | AP Technology Writer

ATIONAL HARBOR, Maryland—Artificial intelligence employed by the US military has piloted pint-sized surveillance drones in special operations forces’ missions and helped Ukraine in its war against Russia. It tracks soldiers’ fitness, predicts when Air Force planes need maintenance and helps keep tabs on rivals in space. Now, the Pentagon is intent on fielding multiple thousands of relatively inexpensive, expendable AI-enabled autonomous vehicles by 2026 to keep pace with China. The ambitious initiative—dubbed Replicator—seeks to “galvanize progress in the too-slow shift of US military innovation to leverage platforms that are small, smart, cheap, and many,” Deputy Secretary of Defense Kathleen Hicks said in August. While its funding is uncertain and details vague, Replicator is expected to accelerate hard decisions on what AI tech is mature and trustworthy enough to deploy - including on weaponized systems. There is little dispute among scientists, industry experts and Pentagon officials that the US will within the next few years have fully autonomous lethal weapons. And though officials insist humans will always be in control, experts say advances in data-processing speed and machine-to-machine communications will inevitably relegate people to supervisory roles. That’s especially true if, as expected, lethal weapons are deployed en masse in drone swarms. Many countries are working on them—and neither China, Russia, Iran, India or Pakistan have signed a US-initiated pledge to use military AI responsibly. It’s unclear if the Pentagon is currently formally assessing any fully autonomous lethal weapons system for deployment, as required by a 2012 directive. A Pentagon spokeswoman would not say.

Paradigm shifts

Replicator highlights immense technological and personnel challenges for Pentagon procurement and development as the AI revolution promises to transform how wars are fought. “The Department of Defense is struggling to adopt the AI developments from the last machinelearning breakthrough,” said Gregory Allen, a former top Pentagon AI official now at the Center for Strategic and International Studies think tank. The Pentagon's portfolio boasts more than 800 AI-related unclassified projects, much still in testing. Typically, machine-learning and neural networks are helping humans gain insights and create efficiencies. “The AI that we’ve got in the Department of Defense right now is heavily leveraged and augments people,” said Missy Cummings, director of George Mason University’s robotics center and a former Navy fighter pilot.” “There’s no AI running around on its own. People are using it to try to understand the fog of war better.”

Space, war’s new frontier

One domain where AI-assisted tools are tracking potential threats is space, the latest frontier in military competition. China envisions using AI, including on satellites, to “make

decisions on who is and isn’t an adversary,” US Space Force chief technology and innovation officer Lisa Costa, told an online conference this month. The US aims to keep pace. An operational prototype called Machina used by Space Force keeps tabs autonomously on more than 40,000 objects in space, orchestrating thousands of data collections nightly with a global telescope network. Machina’s algorithms marshal telescope sensors. Computer vision and large language models tell them what objects to track. And AI choreographs drawing instantly on astrodynamics and physics datasets, Col. Wallace ‘Rhet’ Turnbull of Space Systems Command told a conference in August. Another AI project at Space Force analyzes radar data to detect imminent adversary missile launches, he said.

F-18s assisted by drones from the experimental Loyal Wingman program carried out by Boeing. Mariusz Burcz | Dreamstime.com

Maintaining planes and soldiers

Elsewhere, AI’s predictive powers help the Air Force keep its fleet aloft, anticipating the maintenance needs of more than 2,600 aircraft including B-1 bombers and Blackhawk helicopters. Machine-learning models identify possible failures dozens of hours before they happen, said Tom Siebel, CEO of Silicon Valley-based C3 AI, which has the contract. C3’s tech also models the trajectories of missiles for the the US Missile Defense Agency and identifies insider threats in the federal workforce for the Defense Counterintelligence and Security Agency. Among health-related efforts is a pilot project tracking the fitness of the Army’s entire Third Infantry Division—more than 13,000 soldiers. Predictive modeling and AI help reduce injuries and increase performance, said Maj. Matt Visser.

Aiding Ukraine

In Ukraine, AI provided by the Pentagon and its NATO allies helps thwart Russian aggression. NATO allies share intelligence from data gathered by satellites, drones and humans, some aggregated with software from US contractor Palantir. Some data comes from Maven, the Pentagon’s pathfinding AI project now mostly managed by the National Geospatial-Intelligence Agency, say officials including retired Air Force Gen. Jack Shanahan, the inaugural Pentagon AI director, Maven began in 2017 as an effort to process video from drones in the Middle East–spurred by US Special Operations forces fighting ISIS and al-Qaeda—and now aggregates and analyzes a wide array of sensor- and human-derived data. AI has also helped the US-created Security Assistance GroupUkraine help organize logistics for military assistance from a coalition of 40 countries, Pentagon officials say.

The Longshot, an air-launched unmanned aircraft that General Atomics is developing with the Defense Advanced Research Project Agency for use in tandem with piloted Air Force jets, is displayed at the Air & Space Forces Association Air, Space & Cyber Conference, Wednesday, September 13, 2023, in Oxon Hill, Maryland. Pentagon planners envision using such drones in "humanmachine teaming" to overwhelm an adversary. But to be fielded, developers will need to prove the AI tech is reliable and trustworthy enough. AP/Alex Brandon

All-Domain Command and Control

To survive on the battlefield these days, military units must be small, mostly invisible and move quickly because exponentially growing networks of sensors let anyone “see anywhere on the globe at any moment,” then-Joint Chiefs chairman Gen. Mark Milley observed in a June speech. “And what you can see, you can shoot.” To more quickly connect combatants, the Pentagon has prioritized the development of intertwined battle networks—called Joint All-Domain Command and Control—to automate the processing of optical, infrared, radar and other data across the armed services. But the challenge is huge and fraught with bureaucracy. Christian Brose, a former Senate Armed Services Committee staff director now at the defense tech firm Anduril, is among military reform advocates who nevertheless believe they “may be winning here to a certain extent.” “The argument may be less about whether this is the right thing to do, and increasingly more about how do we actually do it—and on the rapid timelines required,” he said. Brose's 2020 book, The Kill Chain, argues for urgent retooling to match China in the race to develop smarter and cheaper networked weapons systems. To that end, the US military is hard at work on “human-machine teaming.” Dozens of uncrewed

air and sea vehicles currently keep tabs on Iranian activity. US Marines and Special Forces also use Anduril’s autonomous Ghost mini-copter, sensor towers and counter-drone tech to protect American forces. Industry advances in computer vision have been essential. Shield AI lets drones operate without GPS, communications or even remote pilots. It’s the key to its Nova, a quadcopter, which US special operations units have used in conflict areas to scout buildings. On the horizon: The Air Force’s “loyal wingman” program intends to pair piloted aircraft with autonomous ones. An F-16 pilot might, for instance, send out drones to scout, draw enemy fire or attack targets. Air Force leaders are aiming for a debut later this decade.

The race to full autonomy

The “loyal wingman” timeline doesn’t quite mesh with Replicator’s, which many consider overly ambitious. The Pentagon’s vagueness on Replicator, meantime, may partly intend to keep rivals guessing, though planners may also still be feeling their way on feature and mission goals, said Paul Scharre, a military AI expert and author of Four Battlegrounds. Anduril and Shield AI, each backed by hundreds of millions in venture capital funding, are among companies vying for contracts. Nathan Michael, chief technology officer at Shield AI, estimates they will have an autonomous

Brandon Tseng, president and co-founder of Shield AI, is shown Monday, September 11, 2023, at the Air, Space, Cyber Conference at National Harbor, Maryland. Shield AI and competitor Anduril are each backed by hundreds of millions in venture capital funding. Both have a software-first approach in their military autonomy product development and have obtained uncrewed drones in acquisitions or partnered with aircraft makers. AP/Frank Bajak

swarm of at least three uncrewed aircraft ready in a year using its VBAT aerial drone. The US military currently uses the V-BAT—without an AI mind—on Navy ships, on counter-drug missions and in support of Marine Expeditionary Units, the company says. It will take some time before larger swarms can be reliably fielded, Michael said. “Everything is crawl, walk, run—unless you’re setting yourself up for failure.” The only weapons systems that Shanahan, the inaugural Pentagon AI chief, currently trusts to operate autonomously are wholly defensive, like Phalanx anti-missile systems on ships. He worries less about autonomous weapons making decisions on their own than about systems that don’t work as advertised or kill noncombatants or friendly forces. The department’s current chief digital and AI officer Craig Martell is determined not to let that happen. “Regardless of the autonomy of the system, there will always be a responsible agent that understands the limitations of the system, has trained well with the system, has justified confidence of when and where it’s deployable— and will always take the responsibility,” said Martell, who previously headed machine-learning at LinkedIn and Lyft. “That will never not be the case.” As to when AI will be reliable enough for lethal autonomy, Mar-

tell said it makes no sense to generalize. For example, Martell trusts his car's adaptive cruise control but not the tech that’s supposed to keep it from changing lanes. “As the responsible agent, I would not deploy that except in very constrained situations,” he said. “Now extrapolate that to the military.” Martell’s office is evaluating potential generative AI use cases—it has a special task force for that—but focuses more on testing and evaluating AI in development. One urgent challenge, says Jane Pinelis, chief AI engineer at Johns Hopkins Universit y’s Applied Physics Lab and former chief of AI assurance in Martell’s office, is recruiting and retaining the talent needed to test AI tech. The Pentagon can’t compete on salaries. Computer science PhDs with AIrelated skills can earn more than the military’s top-ranking generals and admirals. Testing and evaluation standards are also immature, a recent National Academy of Sciences report on Air Force AI highlighted. Might that mean the US one day fielding under duress autonomous weapons that don’t fully pass muster? “We are still operating under the assumption that we have time to do this as rigorously and as diligently as possible,” said Pinelis. “I think if we’re less than ready and it’s time to take action, somebody is going to be forced to make a decision.”

www.news.businessmirror@gmail.com

Banking&Finance

GoTyme, Paymongo ink deal to expand loan biz By VG Cabuag

@villygc

OKONGWEI-led GoTyme Bank Corp. and PayMongo Philippines Inc. have inked a partnership to expand financial loans among small-scale and medium-sized enterprises (SMEs). GoTyme said it will make business loans more accessible to thousands of firms under PayMongo’s merchant ecosystem. Through the partnership, businesses may avail of loans of up to P500,000 through GoTyme’s banking services. “As GoTyme Bank expands to offer more banking products to our customers, we also continue to build meaningful relationships and foster financial inclusion,” GoTyme Bank CEO Nate Clarke said. Clarke added that they “hope to make loans and banking in general more accessible to SMEs and give them the preferred banking experience they deserve.” PayMongo merchants who qualify will have seamless disbursement and receive the loaned amount in one banking day, depending on the receiving bank’s processing. Instead of fixed tenor or term, GoTyme Bank offers tailor-fit financing options for businesses, such as

flexible tenor options that align with their unique preference. Businesses are only required to pay a competitive flat fee, simplifying the financial landscape for borrowers. With PayMongo Capital powered by GoTyme Bank, borrowers can pay more or less than your monthly fee through PayMongo’s easy repayment channel that automatically deducts from a portion of sales. “At PayMongo, our unwavering commitment to support the growth of small and medium-sized businesses takes a groundbreaking leap with our partnership with GoTyme Bank. This collaboration is a game-changer for PayMongo merchants, unlocking additional capital to propel their online enterprises toward unparalleled success,” PayMongo CEO Elmer M. Malolos said. “Going into loans is a big step for GoTyme Bank and we are optimistic that with the partnership with PayMongo, we will be able to give SMEs the best customer service and peace of mind,” GoTyme Bank co-CEO Albert Tinio said. “By making the process easier and less intimidating, merchants are better empowered to make the best choices for their business.”

BusinessMirror

Editor: Dennis D. Estopace • Monday, November 27, 2023 B2-1

DOF: Ample reserves, forex inflows back peso vs dollar

By Jasper Emmanuel Y. Arcalas

@jearcalas

MPLE international reserves and foreign exchange inflows would prevent the Philippine peso from weakening to beyond P57 against the greenback in the medium term, according to the Department of Finance (DOF). Finance Secretary Benjamin E. Diokno said the country’s gross international reserves (GIR) as ofend October stood at $101.1 billion, which is enough to cover the country’s 7.5-months’ worth of imports. The amount, Diokno argued, is “well above” the International Monetary Fund’s (IMF) Assessing Reserve Adequacy metric at 1.9 in 2023. (Related story: https://busi-

nessmirror.com.ph/2023/11/09/ end-october-gir-hits-101-09bhighest-in-6-months/) “Since the global financial crisis, the ratio of the country’s gross international reserves relative to the IMF’s ARA metric has been relatively higher than selected Asian and emerging market economies,” the DOF chief said in a recent speech. “Having adequate reserves could

reduce the likelihood of a balance of payment crisis, help preserve economic and financial stability against pressures on the exchange rates, and create space for fiscal autonomy,” Diokno added. Furthermore, the finance chief explained that aside from ample international reserves, the Philippine peso would also be supported by “structural foreign exchange inflows.” Diokno noted that the year-todate average of the Philippine peso against the US dollar has reached P55.64, 2.1 percent weaker than the P54.48 average exchange rate recorded last year. Nonetheless, the current yearto-date average is well within the economic managers’ exchange rate assumption for the year of P54 to P57, he pointed out. “The government expects the peso-dollar exchange rate to be broadly stable at P53 to P57 for the remainder of the medium term,” Diokno said.

GSIS, JICA in collab to boost protection of govt assets

HE state-run Government Service Insurance System (GSIS) tapped the Japan International Cooperation Agency (Jica) to improve its general insurance policies to ensure better protection of public properties and assets against disasters. The GSIS said it signed recently a technical cooperation project with the Jica for building-up the government owned and controlled corporation’s capacity to undertake public insurance. Under the 3-year partnership, the JICA will support its efforts in “improving the protection of government insurable interests all around the nation.” GSIS General Manager Jose Arnulfo A. Veloso expressed gratitude to the Government of Japan and to the Jica for the technical cooperation project. “There is a real and compelling need to re-examine outdated practices, old insurance models, and archaic underwriting systems,” Veloso was quoted in a statement as saying. The Marcos administration has ordered the GSIS to ramp-up capacity in all aspects of public insurance including

This November 22, 2023, photo shows Government Service Insurance System President and General Manager Jose Arnulfo A. Veloso (right) and JICA Chief Representative Sakamoto Takema after the signing of a document for the collaboration of the two organizations to boost the protection of the country’s assets and build its resilience against disasters. CREDIT: Government Service Insurance System

underwriting, loss control and management, and insurance procurement. Furthermore, the GSIS was tasked to develop

PSF Board approves climate projects worth ₧540 million By Jonathan L. Mayuga

@jonlmayuga

HE Board of the People’s Survival Fund (PSF), chaired by the Department of Finance (DOF), has approved five climate change adaptation projects endorsed by the Climate Change Commission (CCC) amounting to P540.3 million. The approved projects were among seven proposed projects from the first batch of the PSF proposals recommended for approval by the CCC, according to Manila-based climate and energy policy group Institute for Climate and Sustainable Cities (ICSC). These are projects for the Mountain Province; Maramag, Bukidnon; Catanauan, Quezon; Cabagan, Isabela; and Borongan, Eastern Samar. One project for the Sadanga, Mountain Province, was deferred while one of the approved projects, Besao, Mountain Province, was recommended to access the Project Development Grant, a subfinancing window of the PSF. Angelo Kairos T. dela Cruz, ICSC executive director and alternate NGO sector representative to the PSF Board, expressed through a statement his elation over the Board’s decision to approve the projects, saying these are pivotal in helping Filipino communities adapt to the escalating impacts of climate change. However, Dela Cruz also expressed concern about the prioritization process employed by the PSF Board Secretariat in this approval cycle. “Given the Fund’s mandate to reduce

poverty in local government units, especially those from lower economic classes, the ICSC believes that it is imperative to question the thinking behind the prioritization of proposals from one first-class city, three first-class municipalities, and one province,” he said. “We highlighted this concern during the board meeting, underscoring the need for transparency, fairness, and equity in the selection and prioritization process.” Over the years, most approved PSF leaned mostly towards infrastructure development as the more conventional approach. The ICSC believes it is crucial for the Board to expand its assistance to LGUs by promoting and giving preference to proposals that prioritize alternative interventions, such as ecosystem-based adaptation (EbA), Dela Cruz explained. “This shift can address the multifaceted challenges posed by climate change by implementing adaptation strategies with co-benefits to climate mitigation and disaster risk reduction (DRR),” he added. “By taking this approach, the PSF can assume a more proactive role in building resilience, protecting ecosystems, and promoting a more sustainable future.” Still, Dela Cruz said the ICSC remains optimistic about the continued growth and positive impact of the PSF and hopes its concerns were heard by PSF board members. The ICSC also welcomed the new PSF Board Chair-designate Undersecretary Maria Luwalhati C. Dorotan Tiuseco, who the group said was exceptional in leading the discussions during the last board meeting.

strategies and promotional materials to raise awareness and promote public insurance.

“This cooperation with the GSIS will be of great help to the Philippines in improving public insurance against disasters and protecting development gains from disaster risks in line with the Sendai Framework, which outlines the measures to prevent new damages, reduce disaster risks, and ensure fast recovery,” JICA Chief Representative Sakamoto Takema said. Republic Act 656 (Property Insurance Law) mandates the GSIS to cover all assets and properties that have government insurable interests. It provides insurance coverage such as fire, engineering, marine hull and cargo, aviation, bonds, motor car, and personal insurance. Sakamoto said enhancing the GSIS’s ability to “provide risk-based insurance premium is critical and must be prioritized” as natural disasters are becoming more frequent and more severe due to climate change. Veloso said the GSIS would soon launch a mobile application that would allow government property officers to register with the state pension fund manager their agency’s respective properties online. Jasper Emmanuel Y. Arcalas

JPMorgan Chase cites HR initiatives cover PHL biz

HE local business of JPMorgan Chase and Co. (NYSE: JPM) credits the pro-family benefits the banking and financial services firm provide to employees as a reason it has status as one of the best places to work. In a fast-changing and increasingly demanding world, knowing how to adapt and achieve equilibrium in one’s daily life and routine remains a top priority, read the firm’s statement. “This understanding drives [JPM] to foster a work environment that equips its employees with all the tools necessary to become better not only in their work but also as better providers for their families through the company’s comprehensive and industry-leading pro-family benefits,” it added. “[JPM] has consistently been a pioneer,” the statement quoted Brian D. Hood, Philippine head of Human Resources, as saying. “Our innovation transcends beyond banking and finance, beyond the various communities through our philanthropic investments, and extends to crafting a thriving ecosystem for our employees. We’ve successfully brought the best global HR practices to the Philippines, tailored to the local landscape.” The firm said “it goes beyond offering global career opportunities as it embraces a culture that champions diversity and inclusion.” “Amid global challenges and digital transformation, we remain committed to hiring exceptional talent and ensuring that they feel like they belong and

are cared for, including their families or those closest to them,” Hood said. A prime example of this commitment is the “enhanced paid parental leave” (EPPL) for non-primary caregivers, such as fathers and same-sex partners. Under this initiative, both probationary and regular employee caregivers can avail themselves of 112 calendar days of paid leave, inclusive of statutory benefits. The EPPL’s flexibility, which can be taken continuously or staggered within 12 months from the child’s birth, allows caregivers to navigate the early stages of parenting while fulfilling their professional commitments. JPMorgan Chase’s dedication is further exemplified by the extension of regular Maternity Leave to probationary employees, granting them access to 112 calendar days of paid leave. Moreover, Adoption Leave is extended to both probationary and regular employees, providing 112 calendar days of paid leave within 12 months of the child’s placement. “Juggling family and a career can be incredibly challenging. Here, we believe it’s possible to prioritize both. And if we can offer support and make life easier for our employees, we will do so,” Hood said. The company also offers a Sabbatical Leave of six months to tenured and eligible employees so they can focus on personal matters. For those whose immediate family members have passed away, the company goes beyond by extending bereavement leave to 20 days.

The finance secretary also argued that the recent appreciation of the Philippine peso against the US dollar contributed to the lowering of the national government’s debtto-GDP ratio. As of end-September, the state’s debt-to-GDP ratio eased to 60.2 percent, lower than its medium-term fiscal framework target of 61.2 percent for 2023. “The below-target debt-to-GDP ratio resulted from the appreciation of the Philippine peso against the US dollar, redemption of securities exceeding the value of new issuances, and better than expected GDP growth rate,” the DOF official said. Diokno said last year that the national government is keen on preventing the peso from weakening to P60 per the greenback. Part of the measures that the national government undertakes to defend the peso is the utilization of the country’s GIR that is managed by the Bangko Sentral ng Pilipinas.

Perspectives Driving meaning from metrics

S Insight functions grow and the ability to measure, understand and predict customer behavior becomes more and more sophisticated, many organizations find themselves with a proliferation of customer data signals at their disposal. Yet businesses can feel overwhelmed with the volume of data available, spending large budgets on gathering more and more information about the customer but realizing little value. This ultimately limits both the credibility of insight functions and ability of teams to deliver business impact and change from customer data. Delivering connected insights that deliver value through supporting business decisions starts with strategy—the goals and customer outcomes a business is looking to achieve, and critically, how customer data and analytics will support delivering on those goals. Setting out a clear purpose and vision for the insight function by aligning the insight strategy to the organizations’ objectives is the foundation of delivering tangible value from customer knowledge. Once there is a clear articulation of the role Insight function needs to play in supporting business decision making, the right processes, people and systems can then be developed. Data capture tools, analytical capabilities, reporting solutions and the governance and structure of the Insight team are shaped by the purpose and vision of the Insight function. The creation of a common insight purpose is also a critical input to the formulation of an integrated insight ecosystem, where multiple data signals are organized and connected around a clear purpose and role. This element is critical to improve the effectiveness of customer data operations, remove duplication and provide a holistic and connected view of customer sentiment and behavior. Building an end-to-end view of the customer enables businesses to derive meaning from metrics and subsequently, take action from insight. The final piece of insight to provoke desired impact is to establish a process of continuous measurement and improvement to ensure insights are activated upon – measuring team performance and outputs with a clear set of success criteria centered around the level of business activation achieved by insight delivery. Evaluating the ROI of insight not only ensures the Insight function continually delivers on its purpose and vision but also builds credibility and trust across the organization, which of course is fundamental to making sure insight is used to support business strategy and decision making. To learn more about how KPMG can help you connect and frame the wealth of customer data available to help you make better customer-centric decisions within your business continue reading on this topic. This article was taken from the KPMG Thought Leadership publication: https://kpmg.com/uk/en/blogs/home/posts/2023/04/driving-meaning-frommetrics.html © 2023 KPMG Int’l Ltd. is a private English company limited by guarantee. R.G. Manabat & Co., a Philippine partnership, is a member firm of a global organization of independent member firms affiliated with KPMG Int’l Ltd. All rights reserved. E-mail ph-kpmgmla@kpmg.com or visit www.home.kpmg/ph. This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity. The views and opinions expressed herein are those of the author and do not necessarily represent the BusinessMirror, KPMG International or KPMG in the Philippines.

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Positive financial behavior for the Christmas season and beyond Wilford Will L. Wong

By Wilford Will L. Wong

HRISTMAS has begun in the Philippines, and with it also comes the inevitable seasonal pressure to spend a big chunk of our hard-earned money in one go. Conversely, Dr. Sanie Doda and Shkelqim Fortuzi wrote in their article “Impact of Saving for Personal Finance,” that saving money is a positive financial behavior that can have a transformative effect on the household and the family’s well-being. That said, let me share some practical advice to help you enjoy the holidays within budget.

Needs versus Wants

PEOPLE tend to overshoot their monthly budget expenses, which is why it's important to discern your needs from your wants to let you make clear-cut decisions when spending. In an article written by the Forrit Credit Union, “needs” are described as items that are neces-

Iloilo City becomes the Philippines’ first UNESCO Creative City for Gastronomy

MANILA, PHILIPPINES—Department of Tourism (DOT) Secretary Christina Garcia Frasco congratulates Iloilo City for its inclusion in the United Nations Educational, Scientific and Cultural Organization (UNESCO) Creative Cities Network (UCCN) for Gastronomy on Wednesday, November 1. “The Department of Tourism extends its sincerest congratulations to Iloilo City, under the leadership of Mayor Jerry Treñas, for its remarkable entry into the UNESCO Creative Cities Network. Iloilo City is a

sary for survival: food, water, and clothing. “Wants,” on the other hand, are enjoyable things that make life a little more comfortable—branded clothes or a concert ticket, for instance. Evidently, needs come first and to make sure these are met, start by determining and writing down your daily living expenses. Next, make a weekly list. And, finally, come up with a monthly list of your priority expenses. The monthly budget will help in carving out your priority needs and in figuring out if there is an excess amount for your “wants.” Always ask yourself: “Do I really need this item to live and function?” An answer in the affirmative verifies it’s a “need” and if it's in the negative, then it is a

gastronomic haven for both Filipinos and international visitors, and a hallmark of our Filipino culinary heritage,” Secretary Frasco expressed regarding this significant achievement. Secretary Frasco further emphasized, “The Department of Tourism commits to continue its support for our creative cities under the Marcos administration’s thrust to further develop, promote, and expand our tourism product portfolio towards multi-dimensional tourism. This includes a strong focus on the food and creative industries, which will undoubtedly bolster the Philippines’ attractiveness as a preferred destination for travelers. We are eager to visit Iloilo by the end of November for the launch of the Philippine Experience Heritage, Culture, and Arts Caravan for Western Visayas.” Iloilo City, in the company of 54 other cities announced by UNESCO Director-

“want,” an expense you can shelve for another time.

Set aside an amount for savings

ONCE you have determined your needs and wants, you can now plan your monthly budget and allot a certain percentage of your money for savings. Though it may sound like a cliché, this piece of advice honestly works. The amount you set aside for savings is up to you—what matters more is consistency, setting a goal for the amount of savings you’d like to have, and establishing a time frame for when you want to reach your target amount for savings. Let your savings work for you. It will come in handy for future expenses, which can include travel, education, or (knock on wood) a medical emergency. Your savings can serve as a motivation to be more diligent about your personal finances and to save more. Certainly, you’ll feel a sense of great fulfillment once you’ve reached your goals.

Make moments matter

THROUGHOUT my work in the Department of Budget and Management, I had the privilege of

General Audrey Azoulay, officially joined the Creative Cities Network on World Cities Day on October 31, 2023. This designation reflects Iloilo’s rich culinary heritage and reinforces its role in preserving and promoting Philippine food culture. The city is renowned for signature dishes such as La Paz Batchoy, Pancit Molo, local favorites like K.B.L. (Kadyos, Baboy, at Langka), the charcoal-roasted native chicken Darag, as well as its famous giant siopao and fresh seafood. The DOT’s Region VI Office recently launched the “Slow Food in Western Visayas” culinary and rural tourism event program in Iloilo City in September.

Philippines’ top crypto traders form association to advocate crypto investment literacy MANILA, PHILIPPINES—As crypto adoption

joining Secretary Amenah “Mina” Pangandaman in local events. In one gathering where she was also interviewed, I heard her answer the question on how much one must budget for special occasions such as Christmas. Her reply was simple and resonated with me: “Spend time with the people who matter to you, be it with your friends or family.” Prior to my work in the DBM, from 2019 to 2023, I was posted in Singapore, and when the pandemic struck, it resulted in restricting travel from 2020 to 2022. To make things worse, I was not with my family during my stint. The stress and challenges I went through were exponential. But the blessing here—if there was any—was that the pandemic made me realize the importance of spending quality time with the people who mean a lot to you. As Sec. Mina said, it does not matter what is on the table during the celebration, simple food will fill the tummy. What matters most is being with your family and friends—spending time with them. Being with your loved ones during milestone celebrations will fill the soul and create core memories. This is what living a happy

continues to grow in the country, top cryptocurrency traders have formally announced the formation of the Innovative Movement of the Philippine Association of Crypto Traders (IMPACT). The group aims to contribute to improving the country’s overall financial literacy by providing a comprehensive and structured approach to educating individuals about the evolving cryptocurrency landscape and building an informed community in the fight against crypto-related scams. Arlone “Paul” Abello, CEO of Global Miranda Miner Group (GMMG) and Web3 learning platform Elite University and FEASTGold, spearheads IMPACT as its Executive Director and Founding Chair. The founding members include Jiro Reyes, CEO of edutech firm Bitskwela; Atty. Clarizel King, a corporate, technology, securities, health, and property law expert; Steve

and fulfilled life is all about. Discipline and determination are key factors in developing positive financial behavior. The outcome of the advice I’ve shared will depend on the person’s available resources and choice of priorities. Results will definitely vary per individual. And it’s alright to start with a small budget, but make that big and bold move to start the sacrifice. You’ll surely reap its benefits in the future.

Happy Holidays!

PR Matters is a roundtable column by members of the local chapter of the UK-based International Public Relations Association (IPRA), the world’s premier association for senior professionals around the world. Wilford Wong is an IPRA member and is currently working as an Undersecretary of the Department of Budget and Management. He carries with him over 20 years of experience in Corporate Communications, Business strategy and Public/stakeholder. We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.

“ICesteam” Jimenez, Community Manager of decentralized multi-chain order book exchange ZKEX.com; Riki Dacanay, an entrepreneur and blockchain tech investor; and Gilbert “TitoVlogs” Lazaro, a stock and crypto market analyst awarded as the best trading advisor in the Philippines for 2022 by Trader’s Fair. “The Philippines Association of Crypto Traders is formed to equip individuals with the knowledge and understanding of cryptocurrencies and their vast potential. We strive to be the leading authority in the Philippines, providing reliable and unbiased information on crypto trading, use cases, and emerging trends,” Paul said. The association has also announced a partnership with the Junior Confederation of Finance Associations Philippines (JCFAP), the national umbrella organization for associations of college students in finance or financial management.

Perspective A BusinessMirror Special Feature

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Monday, November 27, 2023 B2-3

GCash launches GCash for Business to provide digital solutions to biz owners, decision-makers

(L-R) Macky Limgenco II, Head of Enterprise Group Sales, GCash; CJ Alegre, AVP for Sustainability, GCash; Katre Francisco, Head of Merchant Solutions GCash; Winsley Bangit, Head of New Businesses, GCash; Luigi Reyes, VP for Commercial Operations, GCash; Kay Lagman, Head of Partner Investments and Marketing, GCash; Martha Sazon, President and CEO, GCash; Ren-ren Reyes, President & CEO of G-Xchange, Inc.; Becca Ramirez, Product Head of Disbursements, GCash; Tony Isidro, President and CEO, Fuse Lending Inc.; Kate Cruz, Head of B2B Growth Marketing, GCash; Neil Trinidad, Chief Marketing Officer, GCash; Cathlyn Pavia, Head of Public Sector, GCash; Caloy Bauza, Vice President for Innovations and AdTech, GCash; JM Alcañeses - Head of Sales, Fuse Lending Inc.

F you have had the opportunity to talk to business owners and business decision-makers, they will tell you that running a business entails a lot of hardship and challenges. While nano, micro, small, and mediumsized enterprises (NMSMEs) and large enterprises have different sets of needs, what is common across both is the need to make the customer experience as easy as possible. This is why GCash, the leading financial super app with the most number of engaged users, launched with GCash for Business, the B2B arm of GCash, which makes it easy for companies to effectively engage multiple consumer touch points and address critical challenges to achieve specific goals. “Running a business is hard work. For many of these businesses, what they want and what they need are business solutions that are easy to understand, easy to use, and easy for their customers to experience. That’s why we came up with this campaign which was launched through Experience Easy to make business solutions easy for our different entrepreneur and enterprise partners,” said Neil Trinidad, Chief Marketing Officer of GCash.

Business summit

In its goal to enable local businesses to achieve commercial success, GCash for Business held the “Experience Easy” Business Summit last Tuesday, November 21, 2023, to provide Philippine companies of all sizes with much-needed solutions to cater to an increasingly demanding local market. “Experience Easy” with GCash for Business is “an experiential business summit that aims to provide business owners and enterprises with an opportunity to discover curated and relevant solutions that allow them to borrow, upskill, be insured, and optimize transactions.” The event also served as an introduction to GCash for Business and its solutions for NSMEs and enterprises.

“GCash is the number one finance super app in the country. Today, we have over 80 million registered users, and the great thing about this is we also have six million merchants and businesses using GCash today, making us the largest digital payment ecosystem in the country,” Trinidad said, adding that the regular GCash app is a customer app which enables users to pay, borrow money, open a savings account and invest, among others.

“We also launched the new Scan to Order. This innovative solution allows users to, let’s say, order a milk tea through the GCash app. You can order through the app and then make your way to the milk team outlet. Once you get to the outlet, your order is not only paid for but is already waiting for you. So Scan to Order is new technology and we are happy to introduce it to the Philippines as it makes the entire payment experience easy,” Trinidad said.

Ad & Promo Solutions

“EXPERIENCE Easy and Relevant Advertisements” can be achieved through GCash for Business Ad Solutions. Through the solution's data tech and its ability to use first-party, verified data, companies that avail of this ad solution allow them to be present at multiple touchpoints of the in-app consumer journey. This allows companies to create tailor-fit, timely messages and promotional offers based on customer behavior. Companies will then develop Promo Solutions that include affinity targeting, geo-targeted ads and hyper-AI ads to reach who they

want and when they want. Trinidad noted that most business decision-makers are in the marketing field. The primary goal of marketers is to reach their target markets and convert them into sales. “So the great thing with our Ad and Promo solutions is we have over 80 million registered users on the app and you can actually target your market. You can serve ads when you open the app and you can even offer customizable vouchers,” he said, adding that businesses can also Geo Target their markets. “With Geo Targeting, businesses can target their customers within a 100-meter radius. It’s a great way for brands to be able to reach their market, and drive online to offline traffic,” he added.

Installment Options

HAVING identified what customers need, businesses can now offer eligible GCash users with different flexible payment plans and options through “Experience Easy and Flexible Installment Options.” Under GGives, which is an installment loan product that allows users to purchase an item from GCash partner merchants and pay for them through up to 24 install-

ments without the need for credit cards, down payment, and additional documents. There is also GCredit which offers a mobile revolving credit line of up to P50,000. By offering customers these options, businesses can grow their business and at the same time increase their customers’ purchasing power.

Funds Disbursement Solution

Finally, there is “Experience Easy and Efficient Disbursement.” Under the GCash for Business Funds Disbursement Solutions gives businesses the flexibility to complete online or offline transactions in various ways. This also eliminates the hassle and associated risks of cash handling especially when it comes to large payments. This can be coupled with upgraded incentives such as customizable vouchers or even the availability of a GCash Card to easily facilitate convenient and rewarding experiences for end customers throughout their entire purchase journey.

Sustainability Movement

IN ADDITION to providing business solutions, GCash for Business also offers its sustainability solu-

tion, GForest. Trinidad related that GForest users earn green energy points based on the carbon they avoid by doing their transactions digitally. Once enough is collected, users can plant virtual trees which GCash turns into actual ones. “GForest now has 15 million on the GCash app who are ecowarriors on GForest and to date, we have planted 2.7 million trees. And that is a considerable feat. What we are doing now is that we are inviting our business partners and enterprises to participate. They can be part of GForest and even offer it to their employees If you are an eco-conscious brand, you can even target the 15 million eco-conscious consumers and it is really our way, we are already the biggest digital environmental program in the country and it is really our way of expanding that further,” he said. According to Trinidad, the products that were launched under GCash for Business is just the tip of the iceberg and a preview of more exciting things to come.“GCash will continue to have more exciting solutions like Scan to Order, offer more innovative Ad and Promo solutions where people can use AI to be able to reach more people,” he said.

GCash Pro

In the morning session of “Experience Easy,” GCash launched GCash for Business for Nano, Micro, Small, and Medium enterprises and introduced GCash Pro. . “GCash Pro is like a one-stop portal and it is a great and handy way for small businesses to be able to track and manage their transactions. This solution will be incorporated into the GCash app sometime next year,” Trinidad explained. When it comes to the needs of big enterprises, GCash for Business can help them achieve their goals in four ways. The first way is through “Experience Easy and Preferred Payments.” With GCash for Business, companies can give their customers a seamless experience with every transaction for an already captured market of over millions of users. Merchant transactions can be conveniently and quickly done online through three payment channels, allowing customers to pay however they want. That can be achieved through Webpay, Pay Bills, and Scan-to-Pay.

Neil Trinidad, Chief Marketing Officer, GCash

Martha Sazon, President and CEO, GCash

B2-4 Monday, November 27, 2023

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SOROK UNI FOUNDATION STRENGTHENS COLLABORATION WITH THE MANILA DEPARTMENT OF SOCIAL WELFARE

OROK Uni Foundation has updated its partnership w ith the Manila Depar tment of Socia l Welfare (MDSW ) for Project New Life. T he col laborat ion was for ma l ized through the signing of the Memorandum of Agreements between Sorok Uni ’s Executive Director April Castillo and

MDSW Officer-In- Charge Re Fugoso. T his strategic alliance is rooted in a shared commitment for the well-being of the individuals and families in Street Situation at K AMADA Building, Manila Boystow n Complex, Parang Marikina. Project New Life encompasses a comprehensive approach, offering temporary

financial and housing assistance, spiritual empowerment, and a range of other needsbased services. The collaboration between Sorok Uni Foundation and MDSW signifies a joint effort to address the multifaceted challenges faced by the community in KAMADA Manila Boystown Complex. Aside from the Project New Life that they partnered with, there is also the Memorandum of Agreement signed for the 8th Sorok Short Film Festival (SSFF) titled “Bubong: Pangarap, Panimula, Pag-usad” which focuses on the overarching theme of homelessness. T hrough this renewed and newly signed commitments, both organizations aim to make a lasting impact on the lives of the individuals and families in street situations, fostering a positive and sustainable change. The Memorandum of Agreements serves as a testament to the shared vision and dedication of Sorok Uni Foundation and the Manila Department of Social Welfare to create a brighter and more secure future for the beneficiaries of Project New Life.

BELENISMO 2023 Members of the Diplomatic Corps headed by its dean Papal Nuncio Most Rev. Charles John Brown and Tarlac Heritage Foundation co-founders Isabel Cojuangco and Dr. Isay Cojuangco pose for posterity in front of the galleon ship “nativity” or Belen of the LGU of San Clemente, Tarlac. The Department of Tourism has declared Tarlac as Belen capital of the Philippines now on its 16th year. PHOTO BY BERNARD TESTA/BM

SAFC fuels community spirit through sports excellence in Pasig City

IN the photo are, from left, Pasig City Councilor Angelou De Leon, Pasig City Mayor Vico Sotto, Pasig City Councilor Maro Martires, and SAFC Corporate Communications Group Head Rob de Jesus.

AFC, one of the leading and fastgrowing non-bank financial institutions in the Philippines, recently announced its engagement with the volleyball leagues in Pasig City as part of its 20th anniversary celebration. This initiative is a cornerstone of SAFC Heroes, the Corporate Social Responsibility arm of the company. Life Heroes, one of the Heroes’ Champions, is dedicated to promoting health and wellness among employees

and the wider community. In a vibrant display of commitment to wellness and sports excellence, SAFC joined hands with Pasig City Mayor Vico Sotto and Councilor Maro Martires for a series of one-day sports leagues across eight barangays. This particular event focuses on fostering sportsmanship among young women and men, showcasing SAFC’s unwavering support for the Pasig local government unit’s (LGU) endeavors in cham-

pioning sports development, especially within the dynamic young community. Rob de Jesus, SAFC’s Corporate Communications Group Head, expressed gratitude for the collaboration, stating, “On behalf of SAFC’s President and Managing Director, we extend our sincere appreciation to Pasig City Councilors Angelu de Leon and Maro Martires, as well as Mayor Vico Sotto, for their pivotal role in making this collaboration possible. This partnership exemplifies our shared commitment to uplifting the lives of Filipinos, particularly through impactful Corporate Social Responsibility initiatives.” He continued, “In conveying SAFC’s gratitude, we express our vision of contributing to a better world, and this collaboration is a tangible step toward achieving that.” The one-day volleyball league stands as a transformative event, uniting athletes and aspiring talents from the community. SAFC remains steadfast in its dedication to supporting sports development in the Philippines, believing that events like these play a crucial role in promoting a healthy and active lifestyle, particularly among the youth. For more information about SAFC and its ongoing commitment to community well-being, please visit the company’s web site at www.safc.com.ph.

IN the photo, from left, are panelists of the discussion who were Dr. Maria Carissa Alejandro, Chief Public Health Officer of AC Health; Dr. Malaya Santos, Mapúa University Dean for School of Health Sciences; Dr. Manuel Dayrit, former Health Secretary and Former Dean of Ateneo School of Medicine & Public Health; Dr. Shirly Joy Pador, Chief of Learning; Development Division—Human Resource for Professional Regulation Commission; Dr. Madeleine Sosa, Former President of Association of Philippine Medical Colleges, Inc. and Former Dean of De La Salle Medical and Health Sciences Institute; Dr. Francisco Gutierrez, Global Managing Director for Medicine & Health, Cintana Education; and Dr. Joselito Villaruz, President, West Visayas State University, who attended virtually.

Mapúa University discussion prescribes integrated solutions for PHL healthcare

APÚA University School of Health Sciences in collaboration with Arizona State University (ASU) recently gathered healthcare professionals, policy makers, and industry experts to discuss existing challenges surrounding the local healthcare landscape. In a panel discussion titled “Bridging the Healthcare Gap: Concrete Solutions to Address the Workforce Crisis,” taking an integrated approach to bolstering education emerged as a vital measure to address disparities in healthcare delivery, and to raise the standard of competitiveness among Filipino healthcare professionals. To begin the discussion, former Department of Health Secretary (DOH) and former Dean of the Ateneo School of Medicine and Public Health Dr. Manuel M. Dayrit elaborated on the scale of challenges facing the equitable distribution of healthcare. “There is a human health resources crisis nationally, locally, and of course, globally. A World Health report talked about the crisis in terms of three big areas: the production of health workers, the retention of health workers, and the exit of health workers,” he said. The local healthcare landscape is besieged by the uneven distribution of healthcare professionals and services, as well as a mismatch of skills with the needs of the workforce. The prospect of working abroad has also become a serious consideration for many present and future Filipino healthcare workers in search of career development. With the vital role of the workforce in healthcare delivery, workers must have the competencies and skills needed to keep with developments within the profession. Francisco Gutierrez MD, MBA, MHS, Global Managing Director for Medicine & Health at Cintana Education shared the value of leveraging technology in professional healthcare education and training. “Many studies for more than a decade have been telling us that the way we’ve been training health professionals is not addressing the needs of the population. To help address the crisis, we need to innovate with educational technology. We do it by bringing best practices from all over the world, introducing new ideas and changing the way things have been done traditionally.” In terms of local healthcare education, a significant impediment to training more healthcare workers is the availability of local clinical training experiences in hospitals, clinics, and community settings. One solution proposed by West Visayas State University President Joselito Villaruz, M.D., Ph.D. was to expand opportunities for experiential learning across the country alongside revisions to the Medical Act of 1959 and the implementation of the Universal Healthcare Law, which has the potential to impact how medical educational policies will be developed moving forward.

Former De La Salle Medical and Health Sciences Institute Dean Dr. Madeline Sosa said a solution to the workforce crisis can be found in creating a holistic framework for recruitment that begins in the high school level. By utilizing integrated schools and state universities to help form future generations of medical professionals, this measure can help ensure healthcare workers are ready, familiar, and able to immediate address the needs of the respective communities they belong to. Both speakers also agreed on primary health care as a foundation for health education. Defined as the process and practice of immediate health services, primary health care helps develop more positive health outcomes by emphasizing health promotion and sickness prevention rather than focusing on cure alone. Dr. Eleanor Almoro of the Professional Regulatory Board of Medicine mentioned that the performance of the healthcare workforce is directly linked to the quality of healthcare services delivered. Regulation is essential to define a clear framework by which healthcare professionals acquire and maintain the competencies needed to provide high-quality, safe, and patient-centric healthcare services. In terms of competencies, Dr. Shirly Joy Pador, Chief of the Learning and Development Division of the DOH Human Resources Development Bureau, shared that a survey conducted by the Department of Labor and Employment revealed that the local healthcare workforce needs soft skills development. Defined as traits and interpersonal skills that characterize relationships with other people, soft skills such as communication, time management, and teamwork complement technical medical knowledge and help increase patient satisfaction and ensure cultural competence. Successfully navigating the challenges of the local healthcare landscape will require a seamless integration of the solutions presented during the discussion. Much of the work will require strong leadership, a willingness to innovate, and cooperation between the academe, the government, the private sector, and even non-profit organizations. Dr. Malaya Santos, Dean of Mapúa’s School of Health Sciences, said, “Certainly, the local healthcare landscape presents unique complexities, but they can be overcome with strategic and sustained collaboration. As an educational institution committed to fostering social growth through innovation, digital transformation, and lifelong education, Mapúa University School of Health Sciences is ready to work with various stakeholders in taking on this challenge. For our health sciences students, our collaboration with Arizona State University, #1 in the US for innovation, empowers learners with global education to answer the needs of our local healthcare system and remain competitive around the world.”

Cetaphil Ultra Protect scores a goal in fitness with thrilling football match

ETAPHIL Ultra Protect successfully concluded its second year of the Level Up Series with a heart-pounding football match between Luntian Football Club and Underground Football Club at Club United. The electrifying game showcased the dedication and resilience of both teams, providing a thrilling spectacle for fans in attendance. In a hard-fought battle on the pitch, Luntian FC and Underground FC went head-to-head, scoring equal before the break. The second half saw Luntian FC pulling ahead with three impressive goals, but Underground FC mounted a fierce comeback, scoring two goals before the final whistle. In the end, Luntian emerged victorious, highlighting the spirit of competition and sportsmanship. The football match served as a prime example of how Cetaphil empowers athletes and fitness enthusiasts to prioritize skin health. Cetaphil Ultra Protect, the featured product of the Level Up Series, is an antimicrobial cleansing bar that goes beyond cleanliness. It kills 99.9 percent of germs while providing optimal hydration and intense moisturization through its innovative 3D Derma Mimic Technology, which helps protect the skin barrier and ideal for frequent use. The Level Up Series, created by Cetaphil, advocates the importance of holistic self-care, emphasizing healthy skin as a crucial aspect of overall well-being.

The event celebrated the idea that your skin is your first line of defense against germs, underscoring the necessity of keeping your skin as fit as your body. The Level Up Series unfolded with various fitness events, starting with a dynamic session at Manila Padel Club, where fitness enthusiasts sweated and strength-trained under the sun. Despite the heat, Cetaphil Ultra Protect provided essential protection for the skin, enhancing the workout experience for all attendees. Subsequent events included a combination of training and rowing at Saddle Row, an invigorating boxing workout at Ultraboxx, and a calming yet intense workout at Ultra Lagree, featuring the use of mega-former machines. The series concluded with a challenging workout at Bare Manila, encompassing everything from treadmill running to weightlifting. Guests, fully immersed in their fitness journey, enjoyed cleansing and revitalizing their skin with Cetaphil Ultra Protect. The Level Up Series served as a reminder that Cetaphil Ultra Protect is the ideal choice for those seeking comprehensive germ protection and intense yet gentle skin hydration. As the 2023 Level Up Series comes to a close, Cetaphil reinforces its commitment to promoting a healthy and active lifestyle, encouraging individuals to prioritize both their physical fitness and the well-being of their skin.

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FAST Retailing Co. Ltd. group senior executive officer Koji Yanai, executive in charge of sustainability

GREATER SUSTAINABILITY FOR GLOBAL RETAILER FAST Retailing recently held its LifeWear = a New Industry media and analyst briefing. The briefing explained how the company is transforming its business to balance sustainability and business growth, and to contribute to a more sustainable society through a new circular business model. The briefing explained how the new processes and systems it has implemented will enable greater visibility and control over environmental and workplace factors throughout the entire supply chain and post-purchase phases. Fast Retailing also provided progress updates on its public FY2030 sustainability targets. Fast Retailing is creating a stable, agile supply chain to deliver greater sustainability, building the same strong and long-term partnerships previously established with garment and materials producers to upstream processes in its supply chain. This enables it to better manage the entire supply chain, directly applying its quality, procurement, production, environment, and worker-rights standards across all production stages. After visualizing its supply chain from finished product back to the raw material level, the company began consolidating business with a small number of select partners, including future plans to source raw materials from designated farms and ranches. Simultaneously, Fast Retailing is advancing its RE.UNIQLO initiative to promote recycling or reuse for all Uniqlo products. Following the 2020 launch of its Recycled Down Jacket, Fast Retailing has continued to pursue development of additional clothing-to-clothing recycling products that use cashmere, wool and cotton. Koji Yanai, Fast Retailing Group senior executive officer, said, “We take responsibility for every item of LifeWear we provide to customers. We are uncompromising, through product development, production and post-sale, to ensure our products are used longer and with greater peace of mind. Together with our customers, local communities, and business partners, we continue to expand the possibilities of LifeWear, creating a business to enrich people’s lives and society around the world.”

Editor: Gerard S. Ramos • Monday, November 27, 2023

Michael Cinco and his impalpable legacy

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“THE Impalpable Dream of Spain,” Couture 2024, Dubai Fashion Week. PHOTOGRAPHED BY BETHOVEN M. FILOMENO

FROM left: Albert Andrada, Michael Cinco, Archie and Judith Tan of The Philippine Missionari Della Fondazione di Carita Inc. and Dr. Raynel Flores of Gusi Peace Prize Foundation.

VEN among the fashion cognoscenti, the name Michael Cinco is preeminent. A couturier of the first order who perfected his craft in Dubai, the Samar-born Cinco has continuously elevated Filipino fashion to be at par with the exceptional in the world. In a span of a few months, he has showcased his splendid designs at important and emerging fashion centers. On August 10, Cinco exhibited his brand of opulence in The Impalpable Dream of Egypt at the North Square in the North Coast Al Alamein. On September 10, Cinco booked a passage to India to unveil his The Impalpable Dream of Jaipur, a display of elegance and sophistication, with bright yellow and neon green colors dominating the runway. Presented by fashion director Lokesh Sharma, the bombastic finale model was Sunny Leone, the adult film actressturned-Bollywood superstar. In Manila, Cinco was the featured designer in the first-ever Metaverse Fashion Gala on September 18, at the Manila Marriott Hotel Grand Ballroom, produced by Philippine Blockchain. On September 29, Cinco presented a subdued collection at the Paris Fashion Week RTW SpringSummer 2024 season, stating: “Paris is more than just a city; it’s a way of life, an embodiment of elegance and grace. This collection is a love letter to the women who embody the spirit of Paris, who are strong, confident, and unapologetically glamorous.” During Dubai Fashion Week at the Dubai Design District on October 15, Cinco unveiled his Couture

PHOTOGRAPHED BY MELO BALINGIT

2024 collection with The Impalpable Dream of Spain, with Miss Universe Spain 2021 Sarah Loinaz as the sultry señorita serving as the finale. This latest collection will captivate Manila in The Philippine Legacy Gala 2023—Michael Cinco: The Impalpable Dream of España, tonight, November 27, at the Manila Marriott Grand Ballroom. It is a charity fashion gala for the benefit of The Philippine Missionari Della Fondazione Di Carita Inc. (Philmissionari) and the Gusi Peace Prize Foundation. “I was an awardee of the Gusi Peace Prize last year, so this time I wanted to give back through the show to help the foundation,” Cinco said. The Gusi Peace Prize by the Gusi Peace Prize Foundation, which is based in Manila, is given to individuals and organizations who contribute to global peace and progress through a wide variety of fields. The Philmissionari, meanwhile, focuses on service, social change, and the provision of aid, access, and opportunities for poor communities. Founded by Archie and Judith Tan, it currently has programs on support and volunteerism, education, livelihood and employment, health, nutrition and feeding, and emergency relief. At a press preview in late October, his good friend

and acclaimed designer Albert Andrada introduced four looks from Cinco’s España collection. “We are very pleased and honored to be part of the gala show of the designer who makes us very proud to be Filipinos. On this much-anticipated event, Michael will present his latest collection which, as fans of his creations know, will be breathtaking, dazzling and truly unforgettable,” Andrada said. “We hope that you will somehow feel like you’ve been transported to Spain and all its beautiful culture—from the magnificence of Roman Catholicism in La Sagrada de Familia by Antoni Gaudi in Barcelona,” Cinco says, “and the famous monuments of Islamic architecture in Alhambra to the iconic masterpieces of famous Spanish artists such as Pablo Picasso and Salvador Dalí, as well as the country’s heritage such as the Spanish matadors and flamenco dancers.” Besides unleashing 50 haute-couture looks, Cinco will also unveil a new series of fragrances that “embrace the essence of elegance.” “Finally, after several months of preparation, we’re finally able to present everything that we have been earnestly working hard for our newest collection which was born out of my curiosity and admiration for the vibrant culture of Spain,” the ebullient designer said, pouting like Penelope Cruz. ■

consumers buying their every need through our e-commerce site, our entrepreneur partners are driving the growth in product ideas as we help them commercialize through EntrePro. Other types of businesses are continuously partnering with us, extending perks to our affiliates,” said Atayde. EntrePro stands out for its commitment to health and affordability, as well as its unique business model. According to Atayde, “We want people to benefit from the use of our products. They truly have substance, they have true health benefits, and we intend to keep all our products affordable. Our e-commerce component makes our business model unique because our partners can assign up to five resellers who don’t need to invest anything except time. No inventory cost, no warehousing and logistics cost. We handle this all for them. All they have to do is learn about the products, market, sell, and through a link they can monitor how they are doing.” In development are unique beverages addressing modern

health concerns, showcasing EntrePro’s continuous innovation. “They’re all natural; perfect for the whole family. Try the most basic, our soap, and let us know how you feel. We will be coming out with some unique beverages that address our modern health concerns.”

The business of health and wellness

ACCORDING to Eun Seong Hwang of the Department of Life Science, University of Seoul, in a study published in Pharmacoepigenetics (2019), Nicotinamide adenine dinucleotide (NAD+) levels in the body deplete with aging, and it is associated with downregation of energy production in mitochondria, oxidative stress, DNA damage, cognitive impairment, and inflammatory conditions. Filipino health and wellness brand Entrepro offers products such as supplements, body butter, facial serum, and soap for those who want more natural alternatives to what are available in the market right now. Nicotinamide mononucleotide is at the heart of the EntrePro product line. “NMN is a molecule substrate that naturally occurs in all life forms. It’s supplied to the body through the diet. It is the precursor of the essential molecule nicotinamide adenine dinucleotide [NAD+]. Supplementation with NMN is meant to increase NAD+ levels in cells,” said Dr. Ed Santos, a medical expert at EntrePro.

As people get older, NAD+ levels decrease, leading to energy deficiency, DNA damage, and other aging-related issues. “This depletion becomes more apparent between the ages of 40 to 45 and the goal of NMN supplementation is to boost NAD+ levels, offering benefits like cellular anti-aging, improved heart and brain function, enhanced physical performance, better sleep quality, and improved skin health,” said Santos. EntrePro has NMN in oral capsule form, with each capsule containing 450mg. Santos recommended taking NMN on an empty stomach, one hour before breakfast. “The recommended dosage is between 250 mg to 500 mg per day,” he said. Mike Atayde, CEO and head of product development at Orich Food and Beverages, is a key figure in the story of EntrePro. “Word-of-mouth marketing, the first form of marketing and selling, is the new normal and will be here for the rest of time because of all the social media platforms now and coming in the future. EntrePro is all about word-of-mouth marketing and selling, sharing experiences from good quality and natural products. It’s a need in today’s generation of shoppers. We aim to be relevant and participatory in this new normal.” EntrePro’s mission, said Atayde, “is to give everyone the opportunity to become entrepreneurs by providing them the knowledge and digital tools needed to do so.” Meanwhile, the company’s vision is to create a selfsustaining ecosystem where consumers can meet their needs through EntrePro’s e-commerce site, with entrepreneur partners driving product ideas and growth. “With an established self-sustaining ecosystem of

NO MORE SORE THROAT

ABOUT a month ago, I suffered from the worst cough of my life. It wasn’t Covid-19 and it wasn’t a bacterial infection. It was just a virus. What I learned from my doctor is that coughing is a reflex and not an illness in itself. Now that the hectic holiday season is upon us, I’m scared of getting sick again. I’m even more scared of getting another cough and going through what I went through recently. When I have a cough, I have a stack of lozenges to help soothe an irritated throat. Strepsils is the trusted Filipino brand when it comes to sore throat. These medicated lozenges help provide relief in as fast as 60 seconds up to two hours. These medicated lozenges pack a punch with active ingre-dients: Amylmetacresol and 2, 4-dichlorobenzyl alcohol. They are clinically proven to relieve pain and soothe the throat. You can get Strepsils at leading drugstores nationwide.

MIKE ATAYDE is CEO and head of product development at Orich Food and Beverages, which manufactures and markets EntrePro.

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World Boxing elects Dutch as president

RANKFURT, Germany— Breakaway body World Boxing has elected Dutch official Boris van der Vorst to be its first president amid a wider dispute over the sport’s place in the Olympic Games. World Boxing said Saturday that van der Vorst won 65 percent of the vote to beat Elise Seignolle of the United States at a congress in Germany attended by 26 member governing bodies. Van der Vorst said he would promote “integrity, honesty and trust” in boxing. World Boxing was founded in April in a split from the International Boxing Association (IBA) in April by countries including the US and Britain. That came after a years-long dispute between the IBA and the International Olympic Committee

(IOC), which voiced concerns over the IBA’s management, its finances and the integrity of refereeing and judging. The IOC suspended the IBA in 2019 and voted in June to no longer recognize it as boxing’s authority in the Olympic movement. Boxing is still on the program for next year’s Paris Olympics, but it will be run by the IOC with no role for the IBA. Boxing is set to be at the Olympics in Los Angeles in 2028 too. Van der Vorst was previously a leading voice of opposition within the IBA to its president, Russian Umar Kremlev. He ran against Kremlev for the presidency last year but was removed from the ballot in a decision which the Court of Arbitration for Sport said was wrong. Despite that ruling, the IBA chose not to hold a new vote. AP

UST slays giant Cignal, Bacyadan: Vovinam’s loss could be Benilde’s gals triumph country’s gain in Olympic boxing

By Josef Ramos

OVINAM champion Hergie Bacyadan has returned to boxing as one of the country’s top hopefuls to qualify for next year’s Paris Olympics. “She’s a secret weapon,” said Philippine Olympic Committee president Abraham “Bambol” Tolentino of the 28-year-old Bacyadan, who won gold in the World Vovinam Championships in Ho Chi Minh City over the weekend. “Bacyadan is a very strong contender for a podium finish [in boxing]. With her power and skills, she could even win gold in Paris,’’ said the Tagaytay City mayor who’s also the president of PhilCyling. “You should see her fight. Hergie is gifted atop the ring.” Tolentino has been working for Bacyadan’s return to boxing and like all other boxers—except for light heavyweight Eumir Felix Marcial who has qualified with his silver medal at the Hangzhou Asian Games—she has to go through a box off called by the Association of Boxing Alliances in the Philippines in January. If the Kalinga fighter Baycadan survives the box off, she has two chances to qualify for the Paris Games at the qualifiers in Busto Arsizio (Italy) from

Mariana Avdeenko in the final of the women’s – 66 kgs class, 10-0. She started as a sanda practitioner in wushu in 2018 and made the shift to boxing a year after and won gold at the Xiamen Grand Slam Asian Boxing Championships in China. Bacyadan, according to Tolentino, stands as an Olympic hopeful alongside Tokyo Olympics silver medalist Carlo Paalam, who also has to go through a box off for the bantamweight slot, and Nesthy Petecio, who’ll go directly to the qualifiers as the sole bet in women’s featherweight. “We are looking at least four Olympic qualifiers from boxing,” Tolentino said. “That gives us better chances of winning more medals in Paris.” Bacyadan made a quick shift to vovinam in 2021 when Vietnam scrapped women’s welterweight in boxing at the Southeast Asian Games in Hanoi. She clinched silver in vovinam at the Cambodia SEA Games last May. Vovinam is an indigenous Vietnam martial art but unlike boxing, it involves kicks, knees, elbows and wrestling.

JOSHUA YBANEZ soars high to score for the Tigers. NONIE REYES

NIVERSITY of Santo Tomas (UST) unleashed a lethal weapon in slaying Cignal and College of Saint Benilde played true to form to emerge men’s and women’s champions of the Philippine National Volleyball Federation (PNVF) Challenge Cup on Saturday night at the Rizal Memorial Coliseum in Manila. Joshua Ybañez, only 5-foot-6, was more than a David in UST’s lineup as he unleashed a high-flying and allover-the-court act in the Tigers’ 2025, 25-22, 25-22, 19-25, 15-13 slaying of many-time club champion Cignal, which won the men’s tournament inaugurals last year. “I still can’t believe we won against a top team Cignal,” said Ybañez, 20, who added the Challenge Cup Most Valuable Player trophy to

his Rookie-MVP plum in Season 85 of the University Athletic Association of the Philippines. “But we won because of teamwork and of course, our coaches,” added the pride of General Santos City who had 26 points in the two-hour and 16-minute thriller. If UST had to dig deep in scoring the upset, coach Gerry Yee and Saint Benilde. Benilde were tactical in beating University of the Philippines (UP), 25-18, 25-18, 25-13, to reign supreme in women’s play. The Lady Blazers, back-to-back National Collegiate Athletic Association champions, needed only 81 minutes to frustrate UP and complete a sweep of the 16-team women’s division of the tournament supported by the Philippine Sports Commission, PLDT, Rebisco, Akari, Foton and CBPI. “We joined the Challenge Cup to gear up

for the NCAA and we’re very glad we won,” said Yee, whose wards never surrendered a set in the tournament. “We’re all inspired and boosted ahead of the NCAA.” The Tigers were no lucky finalists—they ousted three-peat UAAP champion National University in the semifinals. “Of course, it’s unreal. These are literally kids and their opponents are pros,” said UST coach Odjie Mamon, who also handles the men’s national team. “It’s part of our preparations for UAAP and evaluation of our updated playing system style. And this championship validated all of our system.” PNVF president Ramon “Tats” Suzara thanked all 36 teams—men and women—for seeing action in the Challenge Cup, the federation’s secondto-last major tournament for the year. “It’s been an exciting close to three weeks of volleyball action and I appreciate the enthusiasm of the athletes and teams who came from all over the country,” said Suzara. Next up on the PNVF calendar is the season-ending Volleyball World Beach Pro Tour Challenge that gathers the world’s elite players in a brand-new and world-class five-court beach volleyball facility in the City of Santa Rosa starting this Thursday. Ybañez also claimed the First Best Outside hitter to join teammates Rey Miguel De Vega (Second Best Outside

Hitter), Edlyn Paul Colinares (Second Best Middle Blocker) and Sherwin Umandal (Best Opposite Spiker) in the Super Team. Completing the men’s awardees in the 20-team men’s division were JP Bugaoan (First Best Middle Blocker) and Manuel Sumanguid III (Best Libero) of Cignal as well as Jerome Lopez (Best Setter) of bronze medalist VNS Asereht. NU, which finished fourth, received the Fair Play Green Card in the awarding ceremony graced by PNVF president Ramon “Tats” Suzara, secretary-general Don Caringal, national team commission chairman Tonyboy Liao and Cignal president and CEO Jane Basas. Saint Benilde’s Wielyn Estoque was the Best Outside Hitter and Most Valuable Player in the women’s division with teammates Zamantha Nolasco (First Best Middle Blocker), Chenae Basarte (Best Setter) and Fiona Getigan (Best Libero). Niña Ytang (Second Best Middle Blocker) and Stephanie Bustrillo (Best Opposite Spiker) of silver medalist UP as well as Lea Rizel Tapang (Second Best Outside Hitter) of third-placer Letran completed the women’s honor roll. VNS Asereht beat NU, 32-34, 2325, 26-24, 25-23, 15-13, while Letran bested Philippine Air Force, 25-15, 25-23, 25-19, to clinch the men and women bronze medals, respectively.

Kelly goes under goal Kelly Williams goes for a reverse during TNT Tropang Giga’s game against Meralco in the

Philippine Basketball Association Commissioner’s Cup on Sunday night at the PhilSports Arena in Pasig City. The Bolts won, 10995. COURTESY RUDY ESPERAS

Rock ‘n’ Roll Manila run breaks expectations February 29 to March 12 and in Bangkok from May 23 to June 5. Bacyadan was dominant in her campaign in Ho Chi Minh where she easily beat Cambodia’s Sophy Sok with crushing blows to the head in the semifinal before dominating Russia’s

The end, climax and next season AFTER the University of the Philippines (UP) Fighting Maroons ousted the Ateneo de Manila University Blue Eagles in the Final Four of the University Athletic Association of the Philippines (UAAP) men’s basketball

T FROM wushu to boxing and to vovinam, Hergie Bacyadan is back as an Olympic hopeful in Olympic boxing.

HE ASICS Rock ‘n’ Roll Running Series Manila presented by AIA Vitality exceeded expectations with more than 9,000 runners of diverse skills and levels reveling in the unique thrill of midnight racing Sunday midnight at the Luneta Park. Vice Mayor Yul Servo graced the event, adding to the festive atmosphere as participants navigated a course adorned with on-course entertainment, live bands, and the city’s iconic landmarks illuminated

tournament, I didn’t feel bad at all. Over the decades, I have learned to manage expectations not just in sports but everything else. When you learn to manage expectations, you don’t feel bad at all. As American comedian Mel Brooks once quipped, “Hope for the best. Expect the worst. Life is a play. We’re unrehearsed.” It isn’t a lack of belief. Teams normally hit their stride in the second round. If they don’t, that is cause for concern. All season long, the pre-season included, you could see how short on experience and chemistry they were. They teased with their potential when they defeated the two finalists in UP and De La Salle University in the first round. In hindsight, it turns out that was the high point of the season. And potential is such a dangerous word. If you don’t live up to that potential then there are recriminations. At that time, it felt good to be true. But Ateneo came crashing down against Adamson University and you have to scratch your head as they let that game slip away. The Blue Eagles lost both elimination round matches to Far Eastern University and National University. Tab Baldwin’s teams always returned the favor against teams that beat them in the first round. They didn’t this time

by seasonal lights, capturing the true essence of Rock ‘n’ Roll. Themed water stations and a lively finish celebration, resembling a fiesta, heightened the overall experience for participants. Drawing runners from 53 countries, the race doubled its inaugural field, underscoring the global appeal of the event. Welfred Esporma showcased his prowess, outpacing Bryan Quiamco in their mid-race battle and unleashing a strong finishing kick to top the 42k race

while Richard Salano reigned in the 21K run for the second straight year. Organized by the Ironman Group/Sunrise Events Inc., the event emphasized that there were no official winners as the second edition of the globally renowned running series was held as a fun run. The primary aim was to provide participants with a unique night running experience, guiding them through the city’s iconic landmarks, including Intramuros, Manila City hall, Kartilya ng Katipunan, Fort

and I accepted that this was an even greater uphill climb. The playoff win against Adamson University that sent them to the Final Four was the last feel good moment. You can attribute the loss in the semifinals to both UP’s defense and the lack of consistency. As the final seconds ticked away, I felt for the graduating players then my thoughts turned to next season. It is still another rebuilding year. I told some friends that I would rather lose in the final Four than the Finals. Not many people will remember you that you lost in the semis, but people will remember you lost in the championship game. That is the vexing argument when it comes to Michael Jordan and LeBron James as the Greatest of All Time—that the former is undefeated in the finals while the latter has lost more than he has won. I even broached that to one assistant coach of Ateneo and he did seem perplexed by my explanation. Having said that, it is my belief that the Covid-19 pandemic hurt Ateneo the most because they lost players who opted out because of the uncertainty of that time. The carefully laid out plan of another dynasty was gone although they came close.

Santiago and Chinatown. While the event was not officially a competition, Esporma’s time, along with the other top finishers in the 42K and 21K races, can be used for qualification in major global endurance races, the event being certified and measured by the World Athletics and the Association of International Marathons and Distance Races. In the 42K race, Esporma, from Caloocan City, gained the top ranking in 02:49:11 with Quiamco finishing at 02:54:39, followed by Michael Kramer (03:01:20), Alfonso Ampalo Jr. (03:05:54) and Raul Gaerlan (03:08:44).

Now it’s back to the drawing board. Just like some other teams. “Hope for the best. Expect the worst. Life is a play. We’re unrehearsed.” Nevertheless, the season isn’t done. The finals series between UP and De La Salle is tantalizing. Both teams have top talent and are on a mission. And they have some top coaching talent. I cannot even say who has the upper hand. Since my college days, I have made it a point to follow all the teams. I would religiously watch them as I did Ateneo and that later helped me as a sportswriter and an unofficial historian. However, because I watched so much basketball at times, (I felt my brain was mush and my grades resembled basketballs), you become friends with some, antagonists with others because they cannot take criticism. While I eagerly await the composition or even how Ateneo will look or perform for Season 87, I am also interested to see how the other squads will rebuild. Every team now has its own benefactor making the college game even more interesting. I am so looking forward to the chatter about college basketball this finals, post-season, and the upcoming preseason even if it’s months away.

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Editor: Jun Lomibao | Monday, November 27, 2023 C3

Did Pistorius know he was shooting Popovich: No regrets telling Spurs at his girlfriend? fans to stop booing Kawhi Leonard C S GREGG POPOVICH notes that the amount of hate currently in the world makes the fans’ behavior even more disgraceful. AP

AN FRANCISCO—Gregg Popovich called Spurs’ fans booing of Kawhi Leonard “hateful” and “mean-spirited,” and the San Antonio coach has no regrets taking the microphone and imploring the home crowd to knock it off. “Absolutely not,” Popovich said Friday night before the Spurs played the Warriors. “It’s pretty easy to understand. I listened to it for a while and it just got louder and louder and uglier and uglier, and I felt sorry for him, and I was embarrassed for our city, for our organization. “Because that’s not who we are, that’s not how we’ve conducted ourselves for the last 25 years. It’s the opposite of the way we’ve conducted ourselves, the way we’ve worked in the community.” While Popovich considered it a “one-off” with the fans’ behavior and credited them for their years of support, he still found it extremely disrespectful to treat former Spurs All-Star Leonard, now with the Clippers, that way in his return to Frost Bank Center. Late in the first half of Wednesday’s 109-102 loss, Popovich took the mic and told the crowd to stop the booing. San Antonio lost its 10th straight game. “It’s kind of an indication of the world we live in today. It was hateful,” Popovich said. “It was really disrespectful, it was just mean-spirited. We’re the team that when somebody comes back to town after having been a Spur, so you first come back to town, we show a video of them. I can remember when Kawhi and Danny Green came back from Toronto, we showed videos of those guys and the crowd didn’t react like that. That tells the whole story, and now it’s five years later, six years later, and that’s going to happen.”

English official resigns after post on war in Gaza

ONDON—A council member at the English Football Association who made an inappropriate post regarding the war in Gaza resigned from his position on Thursday. Wasim Haq had been suspended for the comments he made this month on the social platform X, formerly known as Twitter, which reportedly referred to Adolf Hitler and Israeli Prime Minister Benjamin Netanyahu. The post was deleted and Haq apologized. The FA, the governing body of soccer in England, was conducting an investigation. “This morning I have resigned from The FA. I have also reiterated my apology to the Jewish community,” Haq posted on X. “This war has left thousands dead, many of us are in despair and deeply troubled. “I hope football can play a future role in easing tensions between communities.” Haq joined the FA Council in 2019 as a representative for the Black, Asian and Minority Ethnic community. He was removed from a similar role on the Lawn Tennis Association Council last week. On Thursday, Haq shared his resignation letter, sent to FA chair Debbie Hewitt. “I have felt overwhelmed at how this has transpired,” he wrote. “As someone who has worked closely with many Jewish people over the years and created meaningful and valued friendships, the most painful part of this process is knowing that some of those friends and colleagues may not forgive me for the misunderstanding and hurt I have unintentionally caused. I take full responsibility and reiterate my apology to them and all those affected. AP

Warriors coach Steve Kerr talks to his players about some booing coming with the territory as a professional athlete, but that can cross the line, and it’s certainly not expected when it’s a player who has meant so much to a franchise. Kevin Durant, a two-time National Basketball Association Finals MVP with the Warriors, was welcomed with a warm ovation when he finally faced Golden State for the first in front of fans on opening night last month with Phoenix since departing after the 2018-19 season. Popovich noted that the amount of hate currently in the world makes the fans’ behavior even more disgraceful—not to mention serving to fuel Leonard’s play, too. “I think it’s indicative of the way the world works now. There’s enough hate in the world where I think that’s totally inappropriate. It’s not what you would teach your kids to do,” Popovich said. “... So it doesn’t make any sense, it’s unwise, so on every level, I have no regrets whatsoever.” AP

AC MILAN’S Tommaso Pobega and Lazio’s Ciro Immobile sport red marks on their faces. AP

OME—Players and coaches across the top men’s soccer league in Italy had red marks painted on their faces to promote a campaign for the elimination of violence against women on Saturday. The initiative coincided with rallies across Italy to mark the International Day for the Elimination of Violence against Women, just as an Italian man suspected of killing his ex-girlfriend was extradited from Germany. The slaying of 22-yearold university student Giulia Cecchettin, allegedly at the hands of her former boyfriend, sparked outrage across Italy, where on average one woman is killed every three days. Players and coaches in the Serie A league had the red marks on their cheeks and the initiative will continue for matches on Sunday and Monday. The slogan for the initiative translated to “a red card against violence.” In Nice, France, French authorities detained Nice defender Youcef Atal and ordered him to stand trial next month on charges of inciting hatred after he shared an antisemitic message online, the regional prosecutor’s office said Friday. Atal was suspended by the French soccer league for seven matches over the post last month, which came amid global tensions over the Israel-Hamas war. Nice also suspended him. Nice authorities opened an investigation after Atal posted the message and detained him for questioning on Thursday, the prosecutor’s office said in a statement. Prosecutors ordered him to stand trial December 18 on a charge of incitement to hatred for religious reasons, it said. He was released Friday on bail of €80,000 ($87,500) and placed under judicial supervision pending the trial. He is not allowed to leave France except for international soccer games.

APE TOWN, South Africa—In the decade since Oscar Pistorius pulled the trigger four times on his 9mm pistol, firing into the head and body of girlfriend Reeva Steenkamp as she stood inside a locked toilet cubicle in his home, the vital question has still never been answered: Did the worldfamous Olympic runner know he was shooting at and killing his girlfriend that Valentine’s Day in 2013? Pistorius has always claimed that he didn’t, that he mistook her for an intruder in his home. Steenkamp’s family believes he intended to shoot the 29-yearold model and law graduate after becoming enraged in a nighttime argument. Only Pistorius really knows for sure what he did, and he may be the only person who ever will. The lasting twist of Pistorius’s case, which shocked and riveted

millions and was back in the spotlight Friday when he was granted parole, is that even his conviction for murder didn’t provide an answer to the lingering question. Pistorius’s parole comes 10 years after the killing. He will be released from prison on January 5, but will be constantly monitored by officials until his full 13-year, five-month sentence for murder ends in December 2029, the Department of Corrections said. Pistorius, who turned 37 this week, will have served just under nine years in prison when he’s let out. Serious offenders in South Africa must serve at least half their sentence to be eligible for parole. Pistorius, who had his lower legs amputated as a baby but became a champion athlete, was ultimately found guilty of murder in Steenkamp’s shooting on a principle of law called dolus eventualis. It means he knew the person—whoever it was—would likely be killed when

he shot through that door in a bathroom in his Pretoria villa, and went ahead anyway. It’s comparable to third-degree murder in the US. But when South Africa’s Supreme Court of Appeal delivered that ruling after overturning a lesser manslaughter conviction, it didn’t find that Pistorius knew it was Steenkamp and intended to kill her. It also didn’t accept his argument that he was shooting in self-defense at what he thought was a threat to him. It was a kind of somewhere-in-themiddle that sent Pistorius to prison for longer than his original five-year sentence for manslaughter, but it may leave complete closure elusive forever for the people that mattered most after the killing—Steenkamp’s family. As Pistorius attended his parole hearing at a prison in the South African capital of Pretoria on Friday, the words of Reeva Steenkamp’s mother, June, rang out outside the jail gates. They were not delivered by June

ONLY Oscar Pistorius really knows for sure what he did to girlfriend Reeva Steenkamp and he may be the only person who ever will. AP Steenkamp herself, but by a family friend who read out a statement on her behalf. The statement was submitted to the parole board considering Pistorius’ early release, but was also made public to ensure that June’s voice was heard, and her daughter was remembered. June Steenkamp said the rest of her life threatens to be “an unending black hole of pain and loneliness” after yet another loss, that of her husband and Reeva’s father. Barry Steenkamp died in September. June Steenkamp said she still believed Pistorius was lying about the killing, but had managed to forgive him as “I would not be able to survive if I had to cling to my anger.” She said she and Barry had “big dreams” for Reeva, who also was an activist fighting the scourge of violence against women in South Africa—a tragic precursor to her own death. AP

Italian players campaign to eliminate violence against women The 27-year-old Atal, who also plays for Algeria’s national team, apologized after reportedly reposting and then deleting a video in which a Palestinian preacher made an antisemitic statement. Writing on Instagram, Atal said he understood that his post was shocking to some people and said he condemns all forms of violence, “no matter where in the world.” FIFA, meanwhile, opened disciplinary cases against Argentina and Brazil on Friday after fan violence at the Maracana Stadium delayed the start of a World Cup qualifying game.

The Argentine soccer federation was charged with crowd disturbances and the late kick off at Tuesday’s game in Rio de Janeiro. The Brazilian federation was charged with failures of managing security at a game it organized, FIFA said. Fights among fans broke out after the national anthems. The teams were led back to the locker rooms and the game started 27 minutes late. “There was family of the players [there]. We were more worried about that than playing the match,” Argentina captain Lionel Messi said. Argentina won the game, 1-0. FIFA gave no timetable to judge the case and impose sanctions. The teams’ next World Cup qualifying games are in September. Brazil hosts Ecuador and Argentina hosts Chile. Brazil and Argentina could next meet at the 2024 Copa America, a tournament that will be played in the United States from June 20 to July 14. In Berlin, the German soccer federation has had to limit comments on the Facebook page of its junior teams following a slew of racist and discriminatory comments against its Under-17 players. AP

AMID A HARVEST OF AWARDS, YOUR SUPPORT COUNTS MOST

HE pandemic tested the media industry, forcing newsrooms around the world to overhaul the way they do their job while following strict health protocols in order to survive a deadly infection. The BusinessMirror, the country’s premier national business daily, was tested like everyone else, and survived, even continuing to live up to its promise to provide a broader look at today’s business. In November 2021, the business broadsheet was recognized as the “Business News Source of the Year” for 2020 by the Economic Journalists Association of the Philippines (Ejap), the country’s premier organization of business reporters, editors and wire agencies. It was a 4-peat for BM, having gotten the same honors for the years 2017, 2018 and 2019. And, as in the past Ejap awards, it also swept half of the individual categories, with its seasoned reporters adjudged as best in their respective coverages. Earlier in 2021, the BusinessMirror was given the Pro Patria Award by the Rotary Club of Manila, for “its commitment of valuable resources for the protection of free expression and its resilience in disseminating fair and truthful information resulting in an informed and enlightened citizenry.” It was just the latest recognition from the prestigious Rotary Club, which named it “Business Newspaper of the Year” for 2018-2019, and again in 2020. In all, it has received six top

Rotary journalism awards in its short 16-year existence. The BusinessMirror has also consistently reaped top awards in the Brightleaf Journalism Awards for Agriculture and the Philippine Agricultural Journalists-San Miguel Corp. (PAJ-SMC) Binhi Awards, also for the best in agriculture journalism. The BusinessMirror was also repeatedly adjudged the leading daily in biotechnology journalism, a recognition bestowed by the Jose G. Burgos Jr. Biotechnology Journalism Awards. The “broader look” mantra also drew recognition from the Philippine Statistics Authority (PSA) which named the BusinessMirror, at its first awards rites in 2018, as the inaugural “Data Champion.”

In the first “Bantog Science for the People” awards for media from the Department of Science and Technology, the BusinessMirror got the top award for the Institution category for Print; and the grand prize in the individual category for science journalist Stephanie Tumampos. In 2018, Environment Reporter Jonathan Mayuga received the Luntiang Aligato award from the Climate Reality Project, a nonprofit organization founded by Nobel Laureate and former US Vice President Al Gore. The Broader Look at biodiversity was also recognized. It was named among the Asean Champions of

Biodiversity, for the Media Category, by the Asean Centre for Biodiversity. The Broader Look also extended to the paper’s corporate social responsibility. It organized and staged the first-ever recognition rites for the best of the Philippines’s friends in the world, with the “MISSION PHILIPPINES: The BusinessMirror Envoys & Expats Awards.” The initiative won a Gold Anvil in 2019. Distinguished institutions in government have also repeatedly recognized the BusinessMirror’s role in spreading the word about the work they do—information that shines a light on good governance and committed public service to uplift people’s hopes. Most notably, these are the Social Security System and Pag-IBIG Fund. Sixteen years, two of them in a pandemic, have tested the promise of a Broader Look. But they are also a measure of the unstinting support of friends—advertisers and news sources alike—and readers who continue to believe in that promise.

THANK YOU, EVERYONE. YOUR LOVE AND SUPPORT IS OUR MOST IMPORTANT TROPHY.

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