BusinessMirror October 07, 2022

PHL banks on exports’ resilience as ’23 trade growth seen slowing

By Andrea E. San Juan

prepandemic levels.”

Underemployment...

the Neda chief added.

Higher participation

N ATIONAL Statistician Claire

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ESPITE the slow down of trade growth in 2023 pro jected by the World Trade Organization (WTO), the Philippines said it is banking on the resilience of its exports sector.

“Of course we are always affected by global developments especially when it comes to our exports sector but we are banking on the resilience that they have exhibited during this pandemic and post-pandemic,” Department of Trade and Industry (DTI) Undersecre tary Ceferino Rodolfo told reporters on Thursday on the sidelines of the launch of World Bank’s report, A New Dawn for Global Value Chain Participation in the Philippines.

The Trade undersecretary recalled the first few months in 2022, when he said, “we have already surpassed our

PHL...

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“The success of this transaction is an indication of the Philippines’s readiness to brave choppy waters in pursuit of excellent results,” National Treasurer Rosalia de Leon said in a statement.

“Just as we were able to deftly cap ture a good execution window amid a daunting volatile market environment to attain our financing objectives at

Rodolfo pinned his hopes on the country’s electronics and food sectors, which he deemed “critical” even in the face of global challenges.

“Even on the ground, we can see that our exporters, particularly those in number one, [the] electronics sec tor [and then the] food sector. These are critical, I would say, hopefully not too sensitive when it comes to global downturns,” he added.

This, despite the WTO noting in a statement on Wednesday that “World trade is expected to lose momentum in the second half of 2022 and remain subdued in 2023 as multiple shocks weigh on the global economy.”

The multilateral trading body said WTO economists now predict global merchandise trade volumes will grow by 3.5 percent in 2022—slightly better than the 3-percent forecast in April.

favorable cost, we too shall rise above the present difficulties through our eight-point economic blueprint toward differentiating ourselves as the prime destination of choice among qualityconscious investors,” she added.

The Global Bonds have been rated Baa2 by Moody’s and are expected to be rated BBB+ by Standard & Poor’s and BBB by Fitch. The transaction is expected to settle on October 13, 2022.

“We are pleased to see that the Re public’s USD bond offering has once again received overwhelming inter est across all tranches. The repeated

For 2023, however, it noted that the economists foresee a 1-percent in crease—down sharply from the previ ous estimate of 3.4 percent.

According to the WTO, import de mand is expected to “soften” as growth slows in major economies for “differ ent reasons.”

For instance, it noted that in Europe, high energy prices stemming from the Russia-Ukraine war will squeeze household spending and raise manu facturing costs. In the United States, it noted, monetary policy tightening will hit “interest-sensitive” spending in areas such as housing, motor vehicles and fixed investment.

As for China, the WTO said, it con tinues to grapple with Covid-19 out breaks and production disruptions paired with “weak external demand.”

Meanwhile, the WTO pointed out that growing import bills for fuels,

successes of all international bond is suances by the Republic reflects the strong following from the global inves tor community for the Philippines and is a testament to the Republic’s robust credit profile and sound government fi nances,” Finance Undersecretary Mark Dennis Joven said.

Finance Secretary Benjamin E. Dio kno said the success of the international offer also demonstrated international investor confidence in the administra tion’s efforts to boost the Philippine economy.

The BTr noted that the Philippine

food and fertilizers could lead to food insecurity and debt distress in develop ing countries.

The Philippines has been a member of the WTO since January 1,1995.

For her part, WTO Director-General Ngozi Okonjo-Iweala noted, “While trade restrictions may be a tempting response to the supply vulnerabilities that have been exposed by the shocks of the past two years, a retrenchment of global sup ply chains would only deepen inflation ary pressures, leading to slower economic growth and reduced living standards over time.”

With this, Okonjo-Iweala said what the members need is a “deeper, more di versified and less concentrated base for producing goods and services.” She added this would contribute to supply resilience and long-term price stability by mitigating exposure to extreme weather events and “other localized disruptions.”

Economic Briefings (PEBs) were held in Singapore and New York last month and attended by the President.

The PEBs already received strong inter est and attendance from global investors and other international delegates.

“The strong demand for our first inter national bond offering under President Marcos’ administration demonstrates in vestor confidence in the new government and the administration’s six-year plan of economic transformation to a more inclu sive, resilient, and prosperous economy,” Diokno said.

“The eight-point agenda of the new administration will improve real GDP growth, improve government finances, protect purchasing power, mitigate socio economic scarring and create more quality jobs,” he added.

On Wednesday, the Philippines re turned anew to the international mar ket as it seeks to raise at least $500 million in 5-year, 10.5-year issues and 25-year sustainability bond, marking the second dollar-denominated offering of the country this year and the first for the administration of Ferdinand R. Marcos Jr.

The Philippines’s multi-tranche dollardenominated bond offering was assigned a “senior unsecured” Baa2 ratings by inter national credit watcher Moody’s Investor Service also on Wednesday.

Moody’s explained that the latest dol lar bonds issued by the Philippines will be ranked “pari passu” with the country’s “cur rent and future senior unsecured external debt obligations.” Cai U. Ordinario

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Gracing Thursday’s event, President Ferdi nand R. Marcos, Jr. said he is eagerly await ing the completion of the North-South Com muter Railway Project, hailing its benefits to 340,000 passengers per day.

ADB said it has extended $4.3 billion worth of loans to finance the project to be implemented by DOTr. It will construct 55 kilometers of railway segment to connect Metro Manila with Laguna province.

“This project will open tremendous op portunities for economic integration across Metro Manila and neighboring provinces and create a significant positive impact on the local economy,” ADB Deputy Director General for Southeast Asia Winfried Wick lein said at a contract signing ceremony at the Jose Rizal Monument in Calamba City.

The SCRP is part of the North–South Commuter Railway (NSCR) network, which is ADB’s largest infrastructure financing in Asia and the Pacific to date.

ADB is also financing construction of the Malolos–Clark Railway Project comprising the northern segment of the railway network.

Once completed, the SCRP will provide affordable, safe, and fast public transport, help ease road traffic congestion, and con tribute to a reduction in greenhouse gas emissions in line with the Philippines’ cli mate change agenda.

The project is estimated to reduce net greenhouse gas emissions by over 284,000 tons of carbon dioxide annually as commut ers switch from road to rail transportation. More than 600,000 passengers are expected to use the entire NSCR system daily by 2040.

“It will strengthen the country’s econom ic recovery, create as many as 35,000 con struction jobs and more than 3,000 perma nent jobs during the railway operation, and

“We are now reaping the gains of the safe and gradual full reopen ing of the economy. However, we must not rest on our laurels—we must harness the benefits of our key economic liberalization laws such as the Public Service Act, For eign Investments Act, and Retail Trade Liberalization Act,” Socio economic Planning Secretary Ar senio M. Balisacan said.

“These reforms would attract high-value and innovation-driven investments which, in turn, could generate more [jobs] and quality employment,” he added.

PSA data also showed that un deremployment worsened, with the underemployment rate at 14.7 percent and the number of under employed Filipinos reaching 7.03 million in August.

The PSA data showed the un employment rate was higher than the 13.8 percent recorded in July and was the same as the rate post ed in August 2021.

However, in terms of absolute value, there were 548,000 more Filipinos who were underem ployed compared to July's 6.54 million and 488,000 more than the 6.48 million recorded in Au gust last year.

PSA data also showed that in visible underemployment grew 35 percent year-on-year and 11 per cent on a month-on-month basis in August 2022.

The 35-percent increase meant 654,000 more Filipinos are invis ibly underemployed compared to August 2021; while the 11 percent translated to 253,000 more under this classification compared to July this year.

Underemployed persons are employed persons who expressed a desire to have additional hours of work in their present job or to have an additional job, or to have a new job with longer hours of work.

Invisible underemployment is experienced by underemployed persons working at least 40 hours in a week. The PSA data includes a number of underemployed per sons but with unreported hours worked. These are tagged under invisibly underemployed.

“We must further strengthen our policy interventions so we can generate more jobs, green jobs, and high-quality jobs that provide adequate income for Fili pino workers and attain signifi cant poverty reduction. These are necessary steps towards achiev ing economic transformation,”

improve access for residents of Laguna province to employment in Metro Manila,” Wicklein said.

Under the project, 18 elevated and at-grade stations will be built and provide safe access for all, in cluding the elderly, women, chil dren, and people with disabilities.

The SCRP will connect to the future Metro Manila Subway system and be designed to with stand typhoons and earthquakes. Travel time between Manila and Calamba using the railway will be reduced by over half, from 2.5 hours currently by road.

ADB is funding the civil works for the railway viaduct, stations, bridges, tunnels, and depot build ings, while the Japan Interna tional Cooperation Agency (Jica) is funding the rolling stock and railway systems.

The project is one of the Phil ippines’ infrastructure flagship projects (IFP). Other IFPs financed by ADB include the Metro Manila Bridges Project approved in 2021, the EDSA Greenways Project in 2020, the Angat Water Transmis sion Improvement Project in 2016 and additional financing in 2020, the Malolos Clark Railway Proj ect in 2019, and the Improving Growth Corridors in Mindanao Road Sector Project in 2017.

The first three contracts signed by DOTr on Thursday cover the construction and civil works for the following: 8.5 kilometers of Railway Viaduct Structure includ ing elevated stations at Alabang and Muntinlupa; 12.8 kilometers of Railway Viaduct Structure in cluding elevated stations at San Pedro, Pacita, Biñan, and Santa

Dennis S. Mapa traced the higher unemployment and underemploy ment to the increase in Labor Force Participation in August.

Based on the data, the coun try’s Labor Force Participation Rate (LFPR) increased to 66.1 percent in August, higher than the 65.2 percent posted in July and 63.6 percent posted in Au gust 2021.

A total of 50.55 million persons were in the labor force in August. This was a 2.44-million increase from the 48.11 million posted in the same period last year and 557,000 more than the 49.99 mil lion recorded in July 2022.

Mapa said that, given the in crease in the number of person in the labor force, this also leads to an increase in the number of those who may not be able to find work or would be employed in lowquality jobs.

The growth in the number of Filipinos in the labor force would be due to the new entrants or first timers in the work force. This usu ally leads to double-digit unem ployment rate for these workers.

Further, most of these first time workers are women, aged 15 to 24 years old. Mapa said based on the August data, there were more women who joined the labor force but more of them were not able to find jobs.

“Normally, since this will come from the new entrants, the addi tion to the labor force participa tion, sadly, the unemployment of new entrants is higher than the national unemployment rate,” Mapa said in a briefing.

“For example, our unemploy ment rate is at 5.3 percent, the un employment rate of new entrants would normally be in the double digits,” he added.

Balisacan said this is the reason behind strategies for a more effi cient labor market that will be out lined in the upcoming Philippine Development Plan 2023-2028.

This includes improving the quality of education, provid ing opportunities for life-long learning, in-demand skills de velopment, options to obtain micro-credentials, enhancing job facilitation programs and strengthening linkages among industries, businesses, and train ing institutions.

Rosa; and 10.2 kilometers of Rail way Viaduct Structure including el evated stations at Cabuyao, Banlic, and Calamba.

CP S-07 covers the Building and Civil Engineering Works for the 22-hectare Calamba Depot.

Bautista called the NSCR an “ambitious” project that “will bring back the culture of rail transport in the Philippines.”

“Today is the next significant step in that direction,” Bautista said, adding that the project will “elevate the country’s transporta tion system to global standards.”

He noted that the project will generate 110,000 direct and indi rect jobs throughout its lifetime.

“I cannot over-emphasize the economic and social benefits this new railway will bring to resi dents of Central Luzon and the Calabarzon area,” Bautista said. “This railway will offer safe, af fordable, convenient, and com fortable transport to Filipinos, while accelerating the country’s economic rebound.”

Bautista added that remaining ADB-financed civil works con tract packages will be awarded soon and will cover the Manila (Blumentritt) to Muntinlupa por tion of the NSCR.

The entire NSCR will have 35 stations, including three de pots, and will run on 51 com muter trains, and seven express train sets.

Once operational in March 2029, the NSCR System will reduce travel time from Clark Interna tional Airport to Calamba, Laguna to two hours, and is expected to service 800,000 passengers daily.

The

Senate

draw

By Butch Fernandez @butchfBM

ADMINISTRATION Sen. Aquilino “Koko” Pimentel

III pressed for a Senate inquiry amid brewing suspicions tainting the credibility of the result of the 6/55 Grand Lotto with 433 bettors winning the P236 million jackpot.

Paving the way for an inquiry in aid of remedial legislation, the senator filed Senate Resolution No. 253 to assess the “integrity and trustworthiness” of the Philippine Charity Sweepstakes Office (PCSO).

“There is a need to make sure that the processes involved in the conduct of the lotto games by the PCSO are honest and free from any kind of fraud because they are State-sanctioned forms of gambling,” Pimentel said in filing the enabling resolution on October 5.

The Pimentel resolution also cited “the common criticism leveled by the betting public against the lotto is the lack of transparency.”

It added, “Since the identity of the winner is not revealed, the people are suspicious whether the conduct of the lottery is above board.”

Pimentel stressed in the resolution, “The success of lotto games rely on their integrity for the successful raising of funds for health programs, medical assistance and services and charities of national character.”

The resolution likewise cited “the reported lag time between the announcement of the results and the announcement of the number of winners leads people to suspect that this lag time is used to manipulate and insert ‘lucky bettors’ in the list of winners.”

Pimentel reminded that the recent result of the 6/55 Grand Lotto “is a contender for the Guinness Book of World Records” after 433 winners won the P236 million jackpot.

Moreover, the resolution noted that there have been several multiple winners in 2022 alone, such as the four winners of the P42.9 million jackpot of 6/42 in January, three winners of the P43.9 million jackpot of 6/42 in May and two winners of the P73.8 million jackpot of the 6/49 Super Lotto in June.

Pimentel pointed out, “The frequency of hitting the jackpot and the presence of multiple winners despite the low probability of winning heighten the suspicion even more.”

In addition, the Pimentel resolution cited the probability of winning in 6/42 is 1 in 5,245,786 chances and 1 in 40,475,358 chances in the case of the 6/58 Ultra Lotto.

‘Deeply human approach’: DOJ chief bares PHL’s new tack in war vs drugs

By Joel R. San Juan @jrsanjuan1573

JUSTICE

Secretary Jesus Crispin

Remulla on Thursday said the administration of President Ferdinand R. Marcos Jr. has taken a “deeply human approach” in its antiillegal drug campaign with criminal masterminds as the target and not small-scale drug users on the streets.

In his speech before the 51st Regular Session of the United Nations Human Rights Council (UNHRC) in Geneva, Switzerland, where he is leading the Philippine delegation, Remulla assured the use of force in anti-illegal drug opera tions would be the last resort for law enforcers.

Any use of force, according to Re mulla, must be reasonable, account able, justifiable, and utilized only when necessary.

Remulla’s statement is in con trast to the bloody war on drugs campaign during the previous administration of Rodrigo R. Duterte where thousands of al leged drug pushers and users were killed by law enforcers dur ing operation.

These killings are now being sought to be investigated by the International Criminal Court (ICC), despite the government’s insistence that the latter has lost jurisdiction over the country after its withdrawal as a member-state in 2019.

Under the Marcos administra tion, the justice secretary said there would be greater focus and resources on the rehabilitative and preventive aspect of the antiillegal drug campaign, as well as education and assistance to vic

tims and their families.

“We are on a new pathway to wards an inclusive and empower ing ecosystem of social justice. President Marcos is a consensusbuilder and has a deeply human approach to law enforcement and the anti-illegal drug campaign,” Remulla said.

“President Marcos has refo cused the anti-illegal drug cam paign—tackling the source of the problem. He has stated that criminal masterminds must be apprehended and punished, not small scale users on the street. He has emphasized the need for rehabilitation, prevention, educa tion and assistance to victims and their families,” he added.

Remulla also stressed, “Real justice in real time” is what should be delivered to strengthen human rights protection in the country.

Instead of denying incidents of human rights abuses, Remulla ac knowledged the need to “change the culture of our judicial and law enforcement system, which have produced certain flaws and delays in the carriage of justice.”

The DOJ chief expressed the desire to inject human rights in law enforcement and judicial processes.

He also gave the delegates up

dates on the work of the DOJ Re view Panel created to re-examine cases related to the anti-illegal drug campaign of the Duterte administration.

A total of 302 cases have thus far been referred by the Panel to the National Bureau of Investiga tion (NBI) for case buildup, while seven cases involving deaths were filed before the courts re sulting in the indictment of 25 police officers.

On the other hand, eight police officers were dismissed from the ser vice and five were either suspended or sanctioned.

Remulla said the administra tion would also continue working with UN member-states as well as international organizations and other stakeholders in human rights within the parameters “of our own reality and institutions.”

“Hence, we are continuing the UN Joint Program as a partner ship that supports our sovereign institutions, and ongoing pro grams and policies on human rights,” he said.

“As we move forward into years two and three, we shall work with the UN Resident Coordinator and the UN Joint Program Steering Committee to make its deliver

ables more responsive to local con ditions and needs, transparent, accountable, and process-driven,” he added.

To recall, the previous admin istration lambasted the UNHRC for “meddling” into the country’s domestic affairs after memberstates voted to set up an investiga tion into alleged crimes commit ted in the context of the illegal drug crackdown.

Remulla also invited civil so ciety organizations to work with the government to provide in formation for the filing of cases and assured that the DOJ would bolster the witness protection program so that “fear will not impede justice.”

Meanwhile, Remulla also re ported the DOJ-led initiatives on improving access to justice and accountability mechanisms, re-training of law enforcement personnel, and decongestion of prison facilities.

“We are decentralizing our con gested prison system. I am per sonally committed to continuing regular releases and aim to have 5,000 released by June next year,” Remulla said.

Last month, 371 inmates in the New Bilibid Prison in Muntin lupa City, including some senior citizens, gained their freedom after completing their sentence or having been pardoned or pa roled. Three hundred more in mates are expected to be given executive clemency.

UN member-states that took the floor acknowledged the Phil ippines’s constructive engagement with the international community on human rights and welcomed the justice sector reform agenda pre sented by Remulla.

They cited the progress by the government in strengthening do mestic accountability mechanisms and institutions, while highlight ing the important role of the coun

try’s independent Commission on Human Rights (CHR).

They also pledged continu ing support to the UN Joint Pro gram on Human Rights (UNJP), a three-year technical cooperation program that provides capacity building to national institutions in six areas: strengthening domestic investigation and accountability mechanisms; data gathering on al leged police violations; civic space and engagement with civil society and the CHR; national mecha nism for reporting and follow-up; counter-terrorism legislation; and human rights-based approaches to drug control.

Remulla stressed that the Phil ippine government’s commitments and programs on human rights will continue and be expanded, even as the UNJP will eventually conclude its work in 2024.

Addressing concerns on how to enhance domestic accountability mechanisms, Remulla assured that the DOJ “will work tirelessly under my watch and do all it can with other government agencies and partners to raise our stan dards, decongest our prisons, pro tect witnesses, hold perpetrators accountable, and most of all—in ject human rights into the DNA of all processes of law enforcement and delivery of justice.”

“There is no turning back…it is a responsibility which the Ad ministration of President Marcos takes on with utmost seriousness, professionalism and vigor,” Re mulla added.

Next week, on October 10 and 11, Remulla will lead the Philippine delegation in a dialogue on the In ternational Covenant on Civil and Political Rights with the UN Human Rights Committee, as well as the 73rd Session of the Executive Com mittee of the High Commissioner’s Programme, organized by the UN Office of the High Commissioner for Refugees.

By Samuel P. Medenilla @sam_medenilla

PRESIDENT Ferdinand “Bong bong” R. Marcos Jr. has vowed to protect the rights of the media during his adminis tration as he cited the important role of the mass media in keeping the public informed.

Marcos made the commitment a day after veteran radio broadcast er Percival Mabasa, known by his radio name as Percy Lapid, was shot dead by still unidentified gunmen in Las Piñas City.  Mabasa was the second media practitioner who was killed under

Memo to PBBM: EOs to deal with inflation pitched by Salceda continued from a14

He sought the revival of the ver miculture for animal feed under the late President Ferdinand E. Marcos, the incumbent’s father.

On feeds and imported products, Salceda suggested reducing tariffs for imported corn to 5 percent (or raise minimum access volume) and increasing the current 150,000 MT import program for refined sugar, but under an auction system to re duce price differential and generate revenues for domestic sugar sector support.

On fuel and indigenous energy sources, the lawmaker said the gov ernment should ensure that hydro power dams can optimally produce

through desilting.

He said the government also needs to increase the production of domestic coal and is considering the temporary or managed relaxation of the Depart ment of Energy (DOE) moratorium on the expansion of power plants employing domestic coal.  Salceda also called for the issu ance of an Executive Order expedit ing the local and national approval of permits for solar, wind, and other renewable energy projects and issu ance of amendments to Implement ing Rules and Regulation of RA 9513 of the Renewable Energy Law to lift foreign ownership restrictions to renewable energy generation.

the Marcos administration.

“Under my leadership, we will support and protect the rights of the media as they efficiently per form their duty,” Marcos said dur ing his speech in the event orga nized by the Manila Overseas Press Club at the Sofitel Philippine Plaza in Pasay City.

Last Tuesday, Deputy Executive Secretary Hubert Guevara said the President was concerned with the death of Mabasa and has ordered an update on the case.

Marcos also assured his admin istration would remain open to the concerns and questions from journalists.

He also urged the media to help in the government’s development initiatives.

“We will not be your leader but we will be your partner, as we work to gether to see the full promise of the Filipino nation fulfilled in the days and in the years ahead,” Marcos said.   Teachers Day IN a related development, Marcos also gave recognition of the sacrifices and contributions of teachers to the country’s development.

“Today, we honor our dear educa tors across the country for ensuring our youth’s holistic development as they aspire to be agents of change

within their respective communities and beyond,” Marcos said in his mes sage for the international celebration of Teachers Day.

Marcos vows to support, protect rights of media BRP ‘Sierra Madre’ resupply mission accomplished sans any major hitch

He said teachers would be crucial in ensuring the country will have a steady pool of highly skilled work force.

“With the help of our teachers, our country will grow stronger with ev ery Filipino becoming more capable of building a better future for all,” Marcos said.

The President hopes more people will also take up the pro fession, which he considers “im portant drivers” of the country’s development.

PHL lags behind travel publication’s country list

“Recognitions such as these af firm our efforts to herald not only our country’s natural wonders but also our readiness to become the premier tourist destination in Asia,” said Garcia Frasco. “The Department is one with all our tourism stake holders, from the local government units, private sector partners, and our fellowmen in celebrating these victories for the Philippines. We are confident that the acclaim for our flagship destinations will help gar ner more international interest for our country,” she added.

In particular, Boracay aced the Top Islands in Asia list with a Readers’ Choice score of 95.13, while Palawan was ranked eighth, with a score 88.9.

Boracay, popular the world over for its fine powdery white sand beach,

continues to receive much love from foreign and domestic travelers after a six-month closure in 2018 cleaned up the island. From January to Septem ber 2022, arrivals in Boracay reached some 1.29 million, and its local gov ernment recently eased the Covid-19 masking mandate for well-ventilated spaces. (See, “Boracay tourists no longer have to wear face mask on the beach,” in the BusinessMirror, October 4, 2022.)

Among Asia’s best OTHER destinations on the Top Is lands in Asia list included Bali, with a score of 93.9; Koh Samui, 92.13; Langkawi, 90.97; Phuket, 90.88; Phú Quóc in Vietnam, 89.77; Sri Lanka, 89.17; Okinawa and Ryuku Is lands,  83; and Phi Phi Islands,  76.41.

“With the relaxation of the Philip pines’ mask mandate and our efforts towards the continuous review and recalibration of the country’s exist ing health and safety protocols, tak ing into consideration the current health situation, and benchmarking on the best practices of Asean coun tries, our tourists can now all the more enjoy our nature-based tourism destinations like Boracay and Pala wan all over the archipelago, while still being assured that their health and well-being remain our priority,” the tourism chief added.

CNT readers also included Shan gri-La’s Boracay Resort (no. 5), El Nido Resort’s Pangalusian Island (no. 8), and Shangri-La’s Mactan Resort and Spa in Cebu (no. 20) among their top resort choices in Asia. Ma. Stella F. Arnaldo

THE government successfully carried out the resupply of its troops guarding the Ayungin Shoal without any incident despite the presence of Chinese paramili tary ships nearby, the Armed Forces Western Command (Wescom) said on Thursday.

The operation was in a sharp contrast with the incident in June this year wherein the Chinese Coast Guard harassed the boat bringing supplies to the Filipino troops who were securing the shoal aboard the partly-sunken BRP Sierra Madre

The Joint Task Force West of the Wescom successfully resupplied the troops with food supplies, water, medicines and other supplies as well as maintenance and repair equipment needed by the Philippine ship and her crew on Wednesday, Wescom spokes man Major Cherryl Tindog said.

“The Philippine Navy-contracted commercial boats safely entered and exited Ayungin Shoal using its usual entry and exit points. This is the third consecutive resupply activity undertaken by the government with neither any escort nor untoward in cident,” she added.

Tindog said Wednesday’s mission was also the third resupply that was carried out by the military for the Marine forces aboard the Sierra Madre under the administration of President Ferdinand R. Marcos Jr., who had ear lier declared the country will not give away any inch of the territory.

Acosta

Economy

WB says Manila must overcome ‘structural constraints’ to emerge as major GVC player

By Andrea E. San Juan

THE Philippines needs to over come “structural constraints” to take advantage of current trends in the global value chain (GVC), according to a World Bank (WB) report released on Thursday.

According to the recently re leased World Bank report, “A New Dawn for Global Value Chain Participation in the Philippines,” launched on Thursday, there are “global trends favoring the country’s chances to succeed in [the] GVC.”

In a news statement issued on Thursday, the WB noted that the Philippines has more opportunities to deepen its participation in the GVC especially in business clusters like industrial, manufacturing, and transportation; technology, me

dia, and telecommunications; and health and life sciences.

For instance, the report pointed out that the Philippines has the op portunity to upgrade its participa tion in the electronics and electrical parts and components GVC.

“It could do so by attracting FDI [foreign direct investment] in de sign capacity so that more value added is captured and manufactur ing is retained and expanded,” the report noted.

However, the international fi nancial institution noted, attract ing FDI should go with addressing “constraints” to participation in GVC as these will boost the recovery, re silience and competitiveness of the Philippine economy.

The WB report also noted that FDI has been key to the development of

the electronics sector, which is the country’s largest manufacturing ex port industry, “although FDI inflows and exports were higher in Asean peers such as Malaysia, Thailand, and Vietnam.”

Meanwhile, the report also noted that unlike electronics, the automo tive industry is “domestically ori ented,” except for wiring harnesses. Hence, the report added, policies to attract lead firms and FDI in the automotive sector to exports is a “strategic move” that stakeholders could consider.

As for the constraints, or limita tions on foreign ownership, the re port noted that poor infrastructure, regulatory inconsistencies, and highenergy costs are “further disincen tives” to invest.

The WB report, however, stressed

that the Philippines has many com petitive advantages such as an Eng lish-speaking work force, strong cul tural proximity to the United States and a geographic advantage in the East Asia and Pacific region.

Another sector, which the Philip pines can leverage, is its information technology and business process management (IT-BPM) or business process outsourcing (BPO) sector.

In fact, the report noted that the BPO sector is one of the most dynam ic and fastest-growing industries in the Philippines, providing jobs to millions of workers and driving economic growth.

As for the FDI inflows to the BPO sector, the report said, “FDI inflows to this sector have been consistently higher in the Philip pines than its peers.”

Removal of ownership cap seen to boost RE investments in PHL

By Butch Fernandez @butchfBM

FOLLOWING the removal of foreign ownership cap on re newable energy (RE) invest ments, Senator Sherwin Gatchalian is upbeat more investors are coming in to boost the local RE industry.

Gatchalian foresees investments in RE to “rise substantially” in the wake of the Department of Justice’s (DOJ) opinion affirming natural re sources including solar, wind, hydro and ocean or tidal energies are “not covered by the constitutional limita tion on foreign ownership.”

The senator is upbeat that junk ing the 40 percent foreign owner ship cap is “a game changer,” Gatch alian predicted, “This will set the country on the right path of cre ating an investment climate that would enhance the establishment of more renewable energy facilities amid global efforts to address cli mate change and ongoing conflict between Russia and Ukraine.”

The senator expects that, “Wider adoption of RE in the country could progressively bring down power rates for the benefit of consumers and cre ate more jobs within the communi ties concerned.”

Sitting as vice chairman of the Senate Committee on Energy, Gatch alian views the absence of foreign ownership limitation on RE facili ties “augurs well” with a recent de cision of the Department of Energy (DOE) to increase the percentage of RE utilization for on-grid areas from 1 percent to 2.52 percent and in line with DOE’s vision of power ing up communities with clean and sustainable energy systems, noting that the increase of 2.52 percent shall take effect in 2023.

Gatchalian added that the in crease would also help the country lessen its dependence on energy de rived from fossil fuel and coal-based power plants.

To date, a total of 998 RE con tracts, generating around P270 billion of investments have been approved by DOE.  Such con tracts have an aggregate installed capacity of 5,460 megawatts (MW) and a potential capacity of 61,613.81 MW.

According to Gatchalian, any in crease in the use of RE could also en hance the development of other RE sources that are yet to be harnessed in the country such as the ocean or tidal energy, green hydrogen, offshore wind, among others.

“Ang anumang mapagkukunan ng enerhiya sa loob ng bansa ay magiging malaking tulong sa mga consumers at sa ating ekonomiya. Ito ay lalong kritikal ngayong nakakaranas tayo ng pabago-bagong presyo ng enerhiya na maaaring makapigil sa paglago ng ating ekonomiya,” Gatchalian added.

DOE earlier said it is working on the necessary amendments in the RE law following the legal opinion of the justice department declaring that RE is not subject to the 60:40 rule on foreign ownership.

“The DOE is preparing the neces sary amendments to Rule 6, Section 19 of the IRR of the RE Law,” said DOE Secretary Raphael Lotilla.

According to the DOE, DOJ Sec retary Crispin Remulla said that the Constitutional foreign own ership restriction on the explora tion, development and utilization of natural resources only covers things that are susceptible to ap propriation, thus excluding the sun, the wind and the ocean.

‘Great job’: House leaders hail PBBM’s first 100 days in office

By Jovee Marie N. Dela Cruz  @joveemarie

THEleadership of the House of Representatives on Thursday gave President Ferdinand “Bongbong” R. Marcos Jr. a high mark on his first 100 days in office for ushering the country into economic recovery.

Speaker Martin Romualdez, Se nior Deputy Speaker Gloria Maca pagal-Arroyo, Albay Rep. Joey Sarte Salceda and Camarines Sur Rep. Lray Villafuerte said the President did a “great job” as the country’s Chief Executive.

In particular, Romualdez said, President Marcos did a good job of crafting a national budget that is responsive to the country’s needs and ensuring a functioning government to en sure the implementation of poli cies he laid down in his 8-point economic agenda.

Last week, the House passed in record time the P5.268-trillion proposed national budget for next year.

Romualdez also praised Presi dent Marcos’s recent state visits to Indonesia, Singapore and the US, saying the trips netted billions of dollars in much-needed foreign in vestments for the country.

“He has also done a wonderful job in engaging our friends in the international community whereby foreign direct investments would be coming,” he said.

“And in fact, his recent trips from Indonesia, Singapore and the United States—among our top trading partners, Singapore being the number one source of foreign direct investments—we have seen so much enthusiasm and they welcome his Presidency and his administration,” Romual dez added.

The President was able to get investment pledges amounting to $14.36 billion from his trips to Indonesia and Singapore and over $4 billion in his state visit to the US.

“So we’re looking for a swift re covery despite all of the pressures and the global economic [down turn], so we’re very excited for his administration,” Romualdez said.

“The Philippines is right on track, and is sprinting steadily during the first 100 days of the ad ministration of President Marcos. Our economy has bounced back from the ravages brought by the global pandemic and has already reached the first stage to full re covery,” Romualdez added.

According to Romualdez, these gains are made possible with the President’s prudent choice of the best economic team and the me ticulous crafting of the Medium Term Fiscal Framework to serve as the road map to steer the country back to its high-growth trajectory.

Key areas

FOR his part, Salceda said Presi dent Marcos is treading carefully but decisively on critical areas, like agricultural imports, tax policy and the management of the Co vid-19 pandemic.

However, Salceda said there are key areas that will accelerate Mar cos’s reform agenda.

First, Salceda said the Depart ment of Justice has already issued an opinion that renewable energy (RE) is not covered by the 60-40 restric tion on foreign equity.

“The amendments to the Imple menting Rules and Regulations of the Renewable Energy Law must be effected as soon as possible,” he said.

“Second, on enforcement rules in the offshore gaming regulations, there is a clause in the POGO [Philip pine Offshore Gaming Operations] Tax law, which specifies that enforce

ment agencies may automatically exchange information among each other,” he added.

Third, Salceda said the most cru cial economic priority for the Presi dent in that final months of 2022 will be the management of the tran sition of Covid-19 from pandemic to endemic stage.

Fourth, he said, an executive order must be issued to improve Philippines economy’s capacity to earn dollars, including the lift ing of unnecessary deployment bans, ease of doing business for Business Process Outsourcing and export industries, facilitating the work of freelancers, and the full reopening and promotion of for eign tourism.

“This will be a countervailing force against the bleeding of foreign currency, especially given the limits of the effectiveness of our monetary policy,” he said.

Done well

FOR Villafuerte, President Marcos has “done well” in his first 100 days in office, “hitting his stride already” at the onset of his presi dency on the strength of initia tives on investment generation, job creation and infrastructure buildup that will let him deliver on his campaign pledge to uplift the lives of all Filipinos.

Villafuerte said, “Given the government’s limited fiscal space resulting from the required huge health care and economic stimu lus spending during the over twoyear pandemic, the President was correct in anchoring our country’s rebound from Covid-19 on gen erating more capital from both foreign and local investors and sustaining the massive infra structure program of the past administration to stimulate high growth and create jobs at the start of his presidency.”

On the economic diplomacy front alone, the President’s offi cial trips to Indonesia, Singapore and the United States (US) have yielded almost P20 billion worth of foreign direct investment (FDI) pledges combined that are pro jected to create a total of 134,000 jobs for Filipinos, according to Vil lafuerte, who is now president of the National Unity Party (NUP), which is the second biggest power bloc in the House.

He said the President has managed to communicate effec tively to the international com munity in his overseas journeys and to the Filipino public in his speaking engagements and outof-town trips his vision for an upper middle-income Philippines at peace with its neighbors and where—in the Chief Executive’s words—there will be “not one more hungry Filipino.”

Villafuerte said the President’s decision to name himself as De partment of Agriculture (DA) secretary, which underscored his administration’s paramount concern for farm modernization and food security, was just one among his excellent appoint ments topped by his selection of highly respected technocrats such as Bangko Sentral ng Pilipi nas (BSP) Gov. Benjamin Diokno, Monetary Board (MB) member Fe lipe Medalla, Philippine Competi tion Commission (PCC) Chairman Arsenio Balisacan and develop ment banker and former Uni versity of the Philippines (UP) president Alfredo Pascual as his

economic managers.

Diokno and Pascual are now the finance and trade secretar ies, Balisacan is the director gen eral of the National Economic and Development Authority (Neda), and Medalla is the gov ernor of the Bangko Sentral ng Pilipinas (BSP).

Another brilliant move, he said, was the President’s selec tion of local executives as Cabinet members.

Also, Villafuerte said the de cisive move by President Marcos last month to allow the voluntary wearing of face masks in outdoor settings—two years after manda tory mask-wearing was imposed nationwide at the onset of the pandemic—would further has ten the country’s recovery from Covid-19.

Following the President’s decision to ease the mask man date, Villafuerte said the once booming tourism industry is likely to be one of the drivers of an economic rebound with the projected influx of foreign visi tors resulting from this relaxed health protocol.

As for the government’s lim ited fiscal space, Villafuerte said the President was right in pursu ing a strategy of driving economic growth with investments from both foreign investors and local business groups.

In his inaugural overseas trip, the President bagged in Indo nesia about $8.5 billion worth of investment deals that could translate into at least 7,000 new jobs, and reaped from Singapore investments totaling another $6.54 billion that could create 15,000 more jobs.

As for the Marcos visit to the US, it was projected to yield al most $3.9 billion in investments that the Palace said could generate 112,285 jobs.

‘Calm, thoughtful leader’

FOR her part, Arroyo said “I think a President’s first 100 days serves two purposes: first, to give the nation and the world a message to inspire confidence relative to the area of greatest concern; and second, to give the Filipino people an idea of the leadership style of the president.”

“In President Marcos Jr.’s case, in the wake of the pandemic and global tensions in Ukraine and Taiwan, the adverse economic impact of these crises is topmost on most minds,” said Arroyo.

“President Marcos Jr. reas sured everyone by assembling an impressive economic team that has been universally praised,” she added.

For the second purpose, Arroyo said the President has projected himself well as a “calm, thoughtful leader who is true to his promise to promote unity and be a President for all.”

Marcos achievements

PRESIDENT Marcos said a func tioning government and a unit ed country with greater inter national presence were among the main achievements of his administration during its first 100 days.

In his speech before the Manila Overseas Press Club event in Pasay City on Wednesday, Marcos said he succeeded in realizing his campaign promise of bringing in the “best and the brightest” regardless of their “po litical color” to become members of his Cabinet.

He said this was especially true when it comes to his economic managers.

“I think what we have man aged to do in the first 100 days is put together government which is functional and which has a very, very good idea of what we are targeting in terms of strict economic targets, for example, in terms of the numbers of growth, the numbers of the different mea

sures, the different metrics that we are using for the economy,” Marcos said.

Another achievement, he added, was how he was able to reintroduce the country to the international community after two years of worldwide lockdown due to the pandemic.

He explained his trip to Indone

sia, Singapore and the United States last month served as a “coming-out” party for the country.

“We are able to explain, this is what the Philippines is now. This is what the Philippines looks like after two and a half years of crisis,” Marcos said.

He noted his administration was able to make such achievements

despite dealing with several issues, including the country’s dwindling sugar supply and more expensive fertilizers.

“Actually the first 60 days maybe, 50 days, we were putting out fires. We were just trying to make things work because suddenly there was a problem,” Marcos said.

With Samuel P. Medenilla

35 killed in attack beginning at Thailand childcare center

By Tassanee Vejpongsa The Associated Press

BANGKOK—At least 24 children and 11 adults were killed Thursday in an attack that began at a childcare center in northeastern Thailand, authorities said. The gunman then fled the scene, shooting from his car as he drove home, where he killed his wife and child before taking his own life, police said.

The initial attack came at about 12:30 p.m. when the man, iden tified as a former police officer, entered the childcare center in the town of Nongbua Lamphu, authorities said.

Nineteen boys, three girls and two adults were killed in the build ing before the assailant fled, ac cording to a police statement.

Photos and videos of the scene posted online showed sleeping mats scattered in a preschool room, its floor smeared with blood, with alphabet pictures and other colorful wall decorations.

Videos carried the sound of wails as frantic family members wept and watched outside the nursery school building. Am bulances stood by as police and medical workers walked in the schoolyard.

According to Thai media re ports, the gunman also used knives in the attack.

After the suspect fled, he con tinued to shoot from his car, hit ting several people, police Maj. Gen. Paisal Luesomboon told The Associated Press.

After arriving home, he killed his wife and child before killing himself, according to the Daily News newspaper.

Police said a total of two chil dren and 10 adults died outside the childcare center, including the suspect, his wife and his son.

Firearm-related deaths in Thai land are much lower than in coun tries like the United States and Brazil, but higher than in countries like Japan and Singapore that have strict gun control laws. The rate of firearms related deaths in 2019 was

about 4 per 100,000, compared with about 11 per 100,000 in the US and nearly 23 per 100,000 in Brazil.

Last month, a clerk shot coworkers at Thailand’s Army War College in Bangkok, killing two and wounding another before he was arrested.

The country’s previous worst mass shooting involved a disgrun tled soldier who opened fire in and

around a mall in the northeastern city of Nakhon Ratchasima in 2020, killing 29 people and hold ing off security forces for some 16 hours before eventually being killed by them.

WHO issues medical product alert on cough syrup that killed 66 kids

By Chris Kay

THE World Health Organization has warned that a deadly batch of cough mixture connected to the deaths of dozens of children in Gambia may have been distributed to other countries.

The agency on Wednesday placed a medical product alert on cough and cold syrups made by India’s Maiden Pharmaceuticals Ltd., which have been potentially linked to acute kidney injuries

and 66 deaths among children in the tiny West African nation, WHO Director General Tedros Adhanom Ghebreyesus said during a media briefing.

Four contaminated Maiden products were found in a laboratory analysis to contain “unacceptable amounts” of diethylene glycol and ethylene glycol, the WHO said.

Tedros added that the global health body is conducting further investigations with the company and Indian regulators, while recommending countries remove the

treatments from circulation.

Calls to the drugmaker’s corporate office in New Delhi weren’t answered and the company, along with India’s medical regulator—the Central Drugs Standard Control Organization—didn’t immediately respond to e-mails seeking comment.

The deaths shine a spotlight on India’s $42 billion drugmaking industry, which has been heavily promoted by Prime Minister Narendra Modi as the “pharmacy of the world.”

India supplies many of the cheap,

generic drugs sold in American pharmacies and hundreds of countries globally. But treatments produced in the South Asian nation have been the source of multiple manufacturing scandals in recent years, including the export of tainted heart pills.

Closely-held Maiden Pharma has been making and supplying medical products for more than 30 years and has a presence across multiple countries in Africa, Asia, Eastern Europe, the Middle East and Russia, according to its web site.

Nobel Prize for 3 chemists who made molecules ‘click’

By David Keyton, Frank Jordans & Christina Larson The Associated Press

By David Mchugh AP Business Writer

FRANKFURT, Germany—

The Opec+ alliance of oilexporting countries decided Wednesday to sharply cut produc tion to support sagging oil prices, a move that could deal the strug gling global economy another blow and raise politically sensitive pump prices for US drivers just ahead of key national elections.

Energy ministers cut produc tion by a larger-than-expected 2 million barrels per day starting in November after gathering for their first face-to-face meeting at the Vienna headquarters of the Opec oil cartel since the start of the Covid-19 pandemic.

The group said the decision was based on the “uncertainty that sur rounds the global economic and oil market outlooks.”

Saudi Energy Minister Abdulaziz bin Salman stressed the group’s stated role as a guardian of stable energy markets.

“We are here to stay as a mod erating force, to bring about sta bility,” he told reporters.

Oil is trading well below its summer peaks because of fears that major global economies such as the US or Europe will sink into recession due to high inflation, rising interest rates and energy uncertainty over Russia’s war in

Ukraine. The Opec+ decision could help member Russia weather a looming European ban on most of Moscow’s oil, but its impact will have some limitations because countries in the alliance already can’t meet their quotas.

US President Joe Biden consid ered the Opec+ decision “shortsighted while the global economy is dealing with the continued negative impact of (Russian Pres ident Vladimir) Putin’s invasion of Ukraine,” White House press secretary Karine Jean-Pierre told reporters aboard Air Force One.

“It’s clear that Opec+ is align ing with Russia with today’s an nouncement,” she said.

Bin Salman rejected questions referencing the reaction in Wash ington or implying that Opec was assisting Russia, saying the discus sion was in a nonpolitical “silo” where the focus was prudent man agement of oil markets.

Following a token trim last month, Wednesday’s decision is an abrupt turnaround from months of restoring deep cuts made dur ing the depths of the pandemic. As demand rebounded, global energy prices have swung wildly since Russia invaded Ukraine, helping fuel inflation that is squeezing economies worldwide.

Part of the Opec+ cut is “on paper” because members already

can’t supply enough oil to hit their allotments, said Gary Peach, oil markets analyst at energy infor mation firm Energy Intelligence.

“Only about half of that is real barrels,” he said.

A cut with oil near $90, which is “a comfortable price for all produc ers,” might not sit well with cus tomers, but the oil ministers are “looking into the tunnel of reces sion “ that could lower demand in coming months, Peach said. “They decided to pre-empt that.”

The recent fall in oil prices has been a boon to US drivers, who saw lower gasoline prices at the pump before costs recently started tick ing up, and for Biden as his Demo cratic Party gears up for congres sional elections next month.

Biden has tried to receive credit for gasoline prices falling from their average June peak of $5.02—with administration officials highlight ing a late March announcement that a million barrels a day would be re leased from the strategic reserve for six months. High inflation is a fun damental drag on Biden’s approval and has dampened Democrats’ chances in the midterm elections.

Oil supply could face further cutbacks in coming months when a European ban on most Russian imports takes effect in Decem ber. A separate move by the US and other members of the Group

of Seven wealthy democracies to impose a price cap on Russian oil could reduce supply if Russia retaliates by refusing to ship to countries and companies that observe the cap.

The EU agreed Wednesday on new sanctions that are expected to include a price cap on Russian oil, meant to starve Putin’s coun try of money for its war machine. It comes amid an energy crisis cre ated by Russian reductions in natu ral gas supplies to Europe, whose leaders accuse Moscow of retalia tion for their support for Ukraine and imposing of sanctions.

Russia “will need to find new buyers for its oil when the EU em bargo comes into force in early De cember and will presumably have to make further price concessions to do so,” analysts at Commerz bank said. “Higher prices before hand—boosted by production cuts elsewhere—would therefore doubtless be very welcome.”

International benchmark Brent has sagged as low as $84 in recent days after spending most of the sum mer months over $100 per barrel. US crude rose to $87.64, and inter national benchmark Brent went up to $93.21 after the decision.

The Associated Press reporters Chris Megerian and Josh Boak in Washington contributed.

TOCKHOLM—Three scientists were jointly awarded this year’s Nobel Prize in chemistry on Wednesday for developing a way of “snapping molecules together” that can be used to explore cells, map DNA and design drugs that can target diseases such as cancer more precisely.

S

Americans Carolyn R. Bertozzi and K. Barry Sharpless, and Danish scientist Morten Meldal were cited for their work on click chemistry that works “sort of like molecular Lego.”

“It’s all about snapping molecules together,” said Johan Aqvist, a member of the Royal Swedish Academy of Sciences that announced the winners at the Karolinska Institute in Stockholm.

Sharpless, 81, who previously won a Nobel in 2001 and is now the fifth person to receive the prize twice, first proposed the idea of connecting molecules using chemical “buckles” around the turn of the millennium, Aqvist said.

“The problem was to find good chemical buckles,” he said. “They have to react with each other easily and specifically.”

Meldal, 68, based at the University of Copenhagen, and Sharpless, who is affiliated with Scripps Research in California, independently found the first such candidates that would easily snap together with each other but not with other molecules, leading to applications in the manufacture of medicines and polymers.

Bertozzi, 55, who is based at Stanford University “took click chemistry to a new level,” the Nobel panel said, by finding a way to make the process work inside living organisms without disrupting them.

The goal is “doing chemistry inside human patients to make sure that drugs go to the right place and stay away from the wrong place,” she said at a news conference following the announcement.

The award was a shock, she said. “I’m still not entirely positive that it’s real, but it’s getting realer by the minute.”

Later, speaking to The Associated Press by Zoom, Bertozzi said one of the first people she called after being awakened by the call around 2 a.m. was her father, William Bertozzi, a retired physicist and night owl, who was still awake watching TV.

“Dad, turn down the TV, I have something to tell you,” she said she told him. After she assured him nothing was wrong, he guessed the news. “You won it, didn’t you?”

One of three daughters, Bertozzi said she was “fortunate because I grew up with parents that were very supportive, evangelical almost, about having their girls participate in the sciences.”

Bertozzi, who is paid by the Howard Hughes Medical Institute, which also supports The Associated Press’ Health and Science Department, said she was grateful for the energy and enthusiasm that a Nobel Prize win will inject into the field.

Meldal said he received the call from the Nobel panel about half an hour before the public announcement. “They...told me not to tell anyone,” he told the AP, adding that he just sat in his office, shaking a bit.

Meldal started out as an engineer, “but I wanted to understand the world so I thought chemistry would give me the solutions.”

Jon Lorsch, director of the US National Institute of General Medical Sciences, which supports the work of Bertozzi and Sharpless, described click chemistry as “sort of like molecular Lego—you have a group on one molecule that specifically attaches to a group on another molecule,” like Lego clicking together.

“That makes it possible to attach molecules in very specific pre-defined ways,” he said, and gives scientists a very precise tool to build complex new molecules for use in drugs, synthetic materials and other uses.

However, the first iteration of click chemistry could not be used with living cells. “The original click chemistry used copper as a catalyst to join molecules,” Lorsch said. “But the trouble is that copper is toxic to most living systems at higher concentrations.”

Bertozzi then devised a way to jumpstart the reactions without copper or other toxic solvents—broadening the applications to human and animal tissues.

“Being able to work without dangerous solvents, opened many new doors—it enabled scientists to work on new types of reactions that actually take place within the human body,” said Angela Wilson, president of the American Chemical Society.

That has allowed scientists to attach dyes to cancer cells to track their movements and analyze how they differ from healthy tissue.

Wilson believes the advances of this year’s Nobel laureates “will allow more individualized medicine in the future because we can really track things much better within the human body.”

Sharpless credited his passion for looking for the impossible and not accepting limits for helping him stumble upon his discoveries.

“I’m just really lucky to have a photographic memory and love the periodic table,” he told a virtual news conference from his home in the San Diego suburb of La Jolla. “Prizes aren’t what I’m doing science for.... I have to do it. It’s kind of a compulsion.”

M.G. Finn, a chemist now at Georgia Tech who collaborated with Sharpless on his Nobel-winning work, said click chemistry’s use in biology and drug development was still “at its infancy,” with more exciting discoveries to come.

Meldal agreed.

It’s “very much an opportunity...when you get this kind of award to argue for our young people to take chemistry as a discipline,” he said at a news conference in Copenhagen. “Chemistry is the solution to many of our challenges.”

Last year’s prize was awarded to scientists Benjamin List and David W.C. MacMillan for finding an environmentally cleaner way to build molecules that the Nobel panel said is “already benefiting humankind greatly.”

A week of Nobel Prize announcements kicked off Monday with Swedish scientist Svante Paabo receiving the award in medicine for unlocking secrets of Neanderthal DNA that provided key insights into our immune system.

Three scientists won the prize in physics Tuesday. Frenchman Alain Aspect, American John F. Clauser and Austrian Anton Zeilinger showed that tiny particles can retain a connection with each other even when separated, a phenomenon that can be used for specialized computing and to encrypt information.

The awards continue with literature on Thursday. The 2022 Nobel Peace Prize will be announced Friday and the economics award on Monday.

The prizes carry a cash award of 10 million Swedish kronor (nearly $900,000) and will be handed out on December 10. The money comes from a bequest left by the prize’s creator, Swedish inventor Alfred Nobel, in 1895.

Larson reported from Washington, DC. Jan M. Olsen in Copenhagen, Julie Watson in San Diego, California, and Maddie Burakoff in New York contributed to this report.

Opec+ makes big oil cut to boost prices; pump costs seen rising

The Associated Press writers David Ris ing, Chalida Ekvitthayavechnukul, Elaine Kurtenbach and Grant Peck contributed to this story.

IN this mug shot released by the Thailand Criminal Investigations Bureau, CIB, a suspected assailant is shown in the attack in the town of Nongbua Lamphu, northern Thailand, October 6, 2022. More than 30 people, primarily children, were killed Thursday when a gunman opened fire in a childcare center in northeastern Thailand and later killed himself, authorities said.

THAILAND CIB VIA AP PHOTO

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New Covid symptoms you need to know

World Health organization director-Gen eral Tedros Adhanom Ghebreyesus recent ly issued his most optimistic outlook on the pandemic that has killed 6.5 million people.

“We are not there yet. But the end is in sight,” he said.

In the US, President Joe Biden declared the pandemic over even as the num ber of Americans who died from Covid continues to rise. As of September, sta tistics show that over 400 Americans on average are dying from the virus each day. “We’re still doing a lot of work on it. But the pandemic is over,” Biden said. Recent developments paint the real picture. Covid cases are currently rising across some European countries. The European Center for Disease Prevention and Control said last week that 15 countries in the region are reporting increas ing cases. The agency said it’s the first spike in Covid cases across the region since the most recent wave caused by the Omicron BA.5 sub-variant began.

In the UK, where more than 1.1 million people tested positive for Covid in the week ending September 20, experts have warned people not to be blind to new waves of infection that have the potential to be devastating. What is causing the flareup is not clear, but a health expert say that the government’s guidelines on Covid symptoms are wrong, which could mean those carrying the virus are unknowingly spreading the disease.

Professor Tim Spector, founder of the Covid Zoe app, said Covid symptoms are changing, and these symptoms may not be recognized as Covid-19. For ex ample, he warned that fatigue in the morning, even after a good night’s sleep, and a sore throat might be signs of infection.

“Many people are still using the government guidelines about symptoms which are wrong,” Spector told The Independent. “At the moment, Covid starts in two-thirds of people with a sore throat. Fever and loss of smell are really rare now—so many old people may not think they’ve got Covid. They’d say it’s a cold and not be tested.” Spector said the next wave of the virus is already in the UK, adding that variants of Omicron are becoming immune-evasive and could cause England “real problems” by winter.

Spector said Covid symptoms after two vaccinations include: Runny nose, headache, sneezing, sore throat, and persistent cough. The previous “tradi tional” symptoms as still outlined on the government web site, such as anos mia (loss of smell), shortness of breath and fever rank way down Spector’s list.

“Curiously, we noticed that people who had been vaccinated and then tested positive for Covid-19 were more likely to report sneezing as a symptom com pared with those without a jab. If you’ve been vaccinated and start sneezing a lot without an explanation, you should get a Covid test, especially if you are liv ing or working around people who are at greater risk from the disease,” he said.

In the Philippines, the daily average of Covid-19 cases went down by 10 per cent from September 26 to October 2, according to the Department of Health. Experts, however, said people still need to be cautious because the infectious Omicron sub-variant is still very much around. In August, the DOH reported 1,011 cases of the Omicron BA.5 sub-variant.

The government has allowed the voluntary wearing of face masks in outdoor settings. But medical experts opposed the easing of face mask requirement, saying that it would send a wrong message to the public that they “should not be afraid of Covid anymore.”

The WHO chief said the pandemic’s end is in sight; he did not say it has ended. As of October 2, 2022, global figures showed 615 million confirmed Covid cases and 6.5 million deaths. Having the Covid booster shots and taking appropriate precautions are still the best protection against the virus.

Jabbed people who fall sick with Covid will experience mild to moderate symptoms and recover without special treatment. But, as the UK professor said, Covid symptoms are changing, and these symptoms may not be rec ognized as Covid. If you have a sore throat, it’s best to have yourself tested. Don’t run the risk of infecting the whole household by ignoring the new Covid symptoms.

Wins for work-from-home

sonny M. angara

Better Days

WHEN lockdowns were enacted throughout the pandemic, governments across the world implemented schemes to support businesses that were transitioning to or were al ready maintaining work-from-home (WFH) arrangements.

For instance, in June 2020, the Malaysian government included in its National Economic Recovery Plan tax incentives for companies that were implementing flexible work arrangements (FWAs). In particu lar, double deductions were given to FWA companies for their expenses on software subscriptions, capacity development, and consultation fees.

And employees who received cell phones, tablets, or notebooks from their employers were also eligible for individual income tax exemptions for these items.

When the Singaporean govern ment implemented its circuit breaker lockdown in April 2020, it announced that existing Work-Life Grants from the Ministry of Manpower would be easier to access by businesses who were already implementing FWAs such as flexi-load, flexi-place, and flexi-time. Where businesses pre viously needed to be implementing FWAs for six months before be coming eligible for the grant, this requirement was shortened to only one month with the Circuit Breaker.

Under the Work-Life Grant scheme,

The WFH setup may not be ap plicable to all enterprises. But clearly there are some businesses where this arrangement is ideal not least because of its flexibility. Ultimately, that makes adopt ing such a scheme a question of empowering employees to strike a better balance between their home and work lives. It also opens up the opportunity for talented individuals to earn high incomes while living outside of our urban centers, which bodes well for spurring growth and promoting prosperity to more parts of our country.

enterprises could either receive over two years an FWA incentive of up to SG$70,000 or a job-sharing incentive for professional, managerial, execu tive or technical (PMET) employees worth up to SG$35,000.

In May 2021, the Tokyo govern ment offered companies subsidies

worth a little more than $7,000 if at least 70 percent of their staff work from home three days a week for three months. The move was meant to subsidize the cost of purchasing software and equipment to enable telecommuting. The rationale for these financial incentives that lasted until September 2021 was to lower the number of people commuting to work.

Similar schemes were implement ed in the United Kingdom, Canada, India, and many other countries across the world—all in the name of encouraging people to stay home amid the pandemic. There were other governments though that used the growing ubiquity of WFH arrange ments to entice people to move to their respective communities.

One example is Vermont, USA that capitalized on the pandemicinduced exodus of people from major USA cities to revive a Work Reloca tion Grant program that started in 2018. Before the pandemic, would-be movers to Vermont would be given up to $7,500 as reimbursement for

Service Contract 38: The Malampaya power project

Clarissa ruth s. racho-sabugo

eaGLe WatCH

Explor ATioN activities in the country’s upstream oil and gas industry will play a critical role in the promotion of our en ergy security. one such project that has successfully produced natural gas in commercial quantity for more than two decades is the Malampaya deep Water Gas-to-power project.

Located about 50 kilometers off shore in northwest Palawan, some 2.7 trillion cubic feet of natural gas reserves and 85 million barrels of condensate can be found 3,000 meters below sea level. The service contract to explore this oil field was awarded in 1990 to a consortium that includes Shell Philippines Explora tion B.V. (SPEX) as the operator hold ing a 45 percent stake in the contract, Chevron Malampaya Llc. (now UC 38 Llc.) likewise holding a 45 percent stake, and Philippine National Oil Company-Exploration Corporation (PNOC-EC), which holds 10 percent participating interest.

With the enactment of Presiden tial Decree 87 (The Oil Exploration and Development Act of 1972), the discovery and production of indig

enous petroleum was encouraged through a set of incentives and privileges. Along this line, service contracts were awarded to private enterprises via public bidding or negotiations for the exploration and production of petroleum in the country when such is discovered in commercial quantity.

The Malampaya project began its commercial operation in 2001 using technology that extracts natural gas and condensate through wells dug deep into the Palawan basin. The gas then goes to a production plat form anchored to the seafloor for initial processing before it is pumped through a 504-kilometer underwa ter pipeline and to an onshore gas plant in Batangas. The project has produced natural gas and supplied it

The Malampaya project began its commercial operation in 2001 using technology that extracts natural gas and condensate through wells dug deep into the Palawan basin. The gas then goes to a production platform an chored to the seafloor for initial processing before it is pumped through a 504-kilometer under water pipeline and to an onshore gas plant in Batangas.

to five gas-fired power plants in Lu zon, namely: Sta. Rita, San Lorenzo, Ilijan, San Gabriel, and Avion for a total capacity of about 3,211mega watts. However, in June 2022 the Ilijan power plant no longer sourced its fuel from the Malampaya gas field, as its Gas Supply and Purchase Agree ment with the consortium has ended.

The main issue concerning Ser vice Contract 38 is its impending expiration in 2024, coupled with the projected depletion of the Malam paya gas reserves by 2027. This is crucial since almost one-fifth of the country’s power generation mix comes from the Malampaya gas field.

Senator Sherwin Gatchalian, who previously chaired the Senate Com mittee on Energy, highlighted during his February 2, 2022 privilege speech

in the Senate that Malampaya pow ers more than 4.5 million homes and businesses in Mega Manila alone. It supplies 6 out of 10 households in the Meralco franchise area in 2021. Lower output from the gas field could aggravate the difficult situation imposed by increasing global fuel prices, which could, in turn, trans late to further electricity rate hikes and more frequent power interrup tions, especially for end-consumers reliant on the Malampaya-fueled power plants for their electricity consumption. Indeed, the impor tant role that Malampaya plays in our total energy security cannot be emphasized enough.

It is also worth noting that Ser vice Contract 38 provides a 60-40 production sharing scheme for the sale of its output, where the national government gets 60 percent of the net proceeds, while 40 percent goes to the consortium. From January 2002 to June 2021 alone, the project has generated about P290.8 billion for the government, proving to be a lucrative revenue source. However, with its current rate of depletion, it is estimated that the remaining reserves will completely run out by the first quarter of 2027. The deple tion of natural gas and condensate resources in our only commercially operating gas field will likely impact

Opinion

The death of the comentarista

Tito Genova Valiente annoTaTions

They were hard-hitting, their witty remarks laced with dia tribe. They were irreverent, impolite, and brave. No one was spared: not the president of the land, not the pompous sena tors and congressmen, certainly not the mayors. The military was not within their radar because these individuals were dominating the radio airlanes in the ’50s and ’60s and, in those years, the Filipino soldier was not yet politicized. The Philippine Constabulary or PC was almost nondescript, with the huk rebellion circumscribed with in the geographies of Central Luzon.

These individuals were known as “comentaristas.” Radio commenta tors, broadcasters in the golden age of radio. When television was not yet popular, as in commonly owned by families. The radio provided the voices of the country, reaching as far north, south, east and west, to villages and farms.

Martial Law was a speck in a young politician’s mind from the North and he himself belonged to the Liberal Party. Read into the ide ology of that party

From my grandparents and granduncles, I would hear the name, Damian Soto. They admired him for being imponente, a word that literally meant imposing but its use during those years pointed to a person who had the swagger and the valor. In

Angara.

the costs of relocating. When the pandemic hit, the grants were made available to applicants who were working remotely even for out-ofstate employers.

At the beginning of the pandemic, programs like that of Vermont were few and far between across the US.

But at present, according to Make MyMove, a startup that provides “one-stop-shop” services for remote workers, up to 70 communities across the United States now have similar schemes for incentivizing these workers to relocate in a bid to invigorate local economies.

Such moves are not superfluous, considering that according to the 2022 America Opportunity Survey by McKinsey, there are already an estimated 55 million fulltime remote workers across the US.

Here in the Asean, Indonesia is preparing to make the most of this shift in working arrangements and pivot it to bring new life to its tour ism. In June 2021, Indonesian min ister of tourism Sandiaga Uno an nounced that steps were being taken for the country to start offering digi tal nomad visas to foreigners that exempt them from taxation if their income is solely sourced from outside Indonesia. While the proposed policy has yet to actually be rolled out, ex patriate remote workers have already flocked to Bali—Indonesia’s premier tourist destination—for years prior to the pandemic.

All these developments point to a new normal that has emerged in

the many recollections about Soto, people would talk amused how he could call anyone who incurred his ire, “tarantado” or “gago.” These are words that can now land you in jail with a libel case.

Libel, however, in the ’50s was so difficult to prove it was almost not in currency. There seemed to be an unwritten code of conduct: you did not bring to court a person who lambasted you, warts and all, from the radio, for everyone to hear and laugh about. Everyone remained a gentleman (and ladylike), including the radio commentator whose power was in being glib and potent despite the very ungentlemanlike modifiers and obscenities.

It is thus restraining and discon certing when social historians or pop

light of the pandemic—one that our economic managers have finally rec ognized. Recently, the Fiscal Incen tives Review Board (FIRB) decided to allow IT-BPO companies operat ing in economic zones to retain their WFH arrangements and still enjoy the tax incentives granted to them. These companies simply have to transfer their registration from the Philippine Economic Zone Author ity (PEZA) to the Board of Invest ments (BOI).

This decision is more than wel come, as it ends months of anxiety and ambiguity for the IT-BPO in dustry, which was among a small handful of sectors that actually grew throughout the pandemic. It currently employs up to 1.44 mil lion Filipinos.

The WFH setup may not be appli cable to all enterprises. But clearly there are some businesses where this arrangement is ideal not least because of its flexibility. Ultimately, that makes adopting such a scheme a question of empowering employ ees to strike a better balance be tween their home and work lives. It also opens up the opportunity for talented individuals to earn high incomes while living outside of our urban centers, which bodes well for spurring growth and pro moting prosperity to more parts of our country.

Senator Sonny Angara has been in public ser vice for 18 years—9 years as Representative of the Lone District of Aurora, and 9 as Senator. He has authored and sponsored more than 250 laws. He is currently serving his second term in the Senate.

E-mail: sensonnyangara@yahoo com| Face book, Twitter & Instagram: @sonnyangara

essayists imagine those years as an era of gentility. The ’50s and the ’60s, the years that spawned the bravest and most reckless of radio broadcast ers, were the freest and meanest. This does not mean though it was the safest. Power and its language were gravely edited to serve a limited class of people—he wealth-endowed, the upper class given the illusion they ruled the world and the artificial satiety of the middle class. “Where there is power, there is resistance,” said Michel Foucault. This resistance was exercised by the media and the men and women whose voices ad vanced opposition, contention and vociferous disposition. The armor of these voices was the conscience to which these radio journalists held on to. This was not the quiet and unper turbed conscience of the soul but the kind that fulfilled Foucault’s reading of the same: “Freedom of conscience entails more dangers than authority and despotism.”

To this dangerous conscience, one that recognized the power of the good against the organic evil of any kind of authority, belonged the murdered comentarista, Percy Lapid (Percival Mabasa was his real name).

Lapid’s death spells the death of the comentarista. It also underscores where the much vaunted press free dom has brought us to, to a continu ing delimitation of space where peo ple can vent their rage. The court and other venues for registering protest have always been closed to the com mon man, for all the claims of the

judiciary that there have been radi cal changes to the opposite. Wealth and status remain the entry point in society for persons to feel they mat ter. All this points to a polite society, the social engagements abounding with politesse and hypocrisy, and double standards.

Lapid was actually continuing a tradition that filled the discourse gap in a country keen in respecting the rights of the mighty at the expense of the many aggrieved. Democracy is a phantom principle until the people demand a hearing of their values. But who shall provide the venue for the disposal of those opinions and rages? Whose voice shall ring out loud for

SSS will not retire at 65

TELLTaLEs Manny F. Dooc

The Social Security System (SSS) observed its 65th birthday on September 30, 2022. No less than President Bongbong Mar cos was the guest of honor to lead the commemoration of the anniversary of the implementation on September 1, 1957 of the So cial Security Act of 1954 (Republic Act 1161). The law was enacted in 1954 during the term of President Ramon F. Magsaysay but became operational only three years later when President Carlos P. Garcia as sumed office after the objections coming from certain business sec tors and labor groups were resolved.

No doubt, SSS has proven its worth as a citadel of social justice and secu rity for over six decades. If SSS were an employed person, it would have been mandatorily retired at 65 but it cannot abandon its role of providing a universal and equitable social pro tection to our working class in the private sector. Without SSS, who will pursue its mission to promote social justice and provide meaningful pro tection to ordinary wage earners and low-salaried employees when tragedy and loss of income occur?

recover from the shocks that are coming from the geopolitical crises going around the world.” Thus, SSS has delivered its mandate and lived up to its promise. The theme of this year’s celebration is simple and fit ting: “SSS@ 65:Kontribusyong Pinagipunan, Proteksyong Maaasahan.” SSS makes sure that our savings today will be our security tomorrow.

the muted?

Many factors—local and global, political and social—have killed the radio (and/or TV) commentators. In our country, the long years of martial rule served as the takeoff point for the government to control the press and, ipso facto, the freedom embed ded in its tradition. Organizations were established to police (note the vocabulary) the rank of journalists and commentators. Then political correctness seeped into the toxic atmosphere where no one knew the boundaries between the proper and improper.

Reputations of powerful men be came sacrosanct. Listen to Bentham

Enacting the SSS Law in 1954 was President Ramon F. Magsaysay’s greatest achievement and finally implementing it in 1957 was President Carlos P. Garcia’s crown ing glory. Extending its coverage and benefits to every Filipino worker in the private sector— employed or self-employed, part-time or full-time, formal or informal—will make President BBM the champion of labor and social justice.

offered to qualified pensioners to save them from being victimized by the loan sharks.

though: “Reputation is the road to power.” And the power of the comen taristas was in their unbridled pas sion to burst the balloon of reputa tion because it is in that bloatedness, not gravitas, where we can find in residence duplicity and fraud.

The world has changed. Decency has become the goal of commentar ies. No ritual or discourse is violent enough to disturb or dislodge those in power with no right to be there. Well, there is a special kind of jour nalism and this is in the world of those who blog on film and entertain ment. There, names still under suspi cion are rendered guilty and names are ruined for the sake of audience count. Their words are inelegant; the purveyors of so-called clarifica tion are, to borrow Bakhtin’s words, possessing “grotesque reality,” full of exaggeration that has “positive assertive character.”

As I write this, there is already a million-peso reward for those who can identify the perpetrators of the crime that killed Lapid. As I write this, it is also, unfortunately, Teacher’s Day, the usual insipid, to ken tribute to those who educate our people. Teachers, however, are also being killed with impunity. Were there ever millions set aside to find the murderers (and rapists) of teach ers? Was this nation ever alarmed at the violence committed against them and did something about the trembling and terror?

E-mail: titovaliente@yahoo.com

economic activities in the country.

The Department of Energy has expressed openness to the possibility of extending the license for Service Contract 38 beyond 2024, despite issues surrounding the transfer of ownership of the shares in the consortium. Chevron’s 45 percent stake in the project has been sold to Udenna Corporation’s subsidiary in 2019. Meanwhile, there are still discussions regarding the sale of 45 percent stake of SPEX to Malampaya Energy XP Pte. Ltd., a company also under the Udenna Corporation, later sold to Enrique Razon’s Prime Infra structure Capital. What is important though, is that a possible extension of the service contract must ensure

sufficient investment that would enable optimal extraction to fulfill the remaining gas supply purchase agreements. The DOE has indicated plans to import liquefied natural gas (LNG) to partly offset the projected depletion of Malampaya’s reserves.

However, limitations exist as far as the construction of receiving termi nals and gas pipelines are concerned.

This is the opportune time for the country to fast-track existing plans and programs for renewable energy. Although natural gas is seen as bridge fuel, we need to make strong and aggressive steps to push for renewables both for energy se curity and fulfilment of our climate commitments.

Ms. Clarissa Ruth S. Racho-Sabugo is a gradu ate student at the Department of Economics of Ateneo de Manila University.

A truly civilized society is mea sured by how much it cares for the old, the sick, the disabled and its vul nerable members such as pregnant women, widows and orphans. Ev ery responsible government should promote and maintain a sound, vi able and tax exempt social security system to protect its members and their families against the risks of death, old age, injuries, sickness, disability, maternity and other con tingencies. Every family faces these hazards resulting in loss of income and financial burden. More often, they can cause severe financial stress and economic dislocation unless the family gets outside support.

For more than six decades, the SSS has been a bastion of security and protection to its millions of members. SSS has been a depend able safety net for our people during life’s most difficult moments. Presi dent BBM personally recognized this when he hailed the SSS in his speech. He cited the institution as a “force that makes a difference in nation-building.” He acknowledged that “social protection is more cru cial now more than ever…with the country recovering from the pan demic, with the country trying to

Over the years, SSS has expanded its role and coverage. It administers the Social Security Program and the Employees’ Compensation (EC) Program. Starting in 1978, the EC thru SSS provides compensation to workers who had illness, death or accident during work-related activi ties. In 1980, self-employed work ers became members of SSS, and in 1992, self-employed farmers and fishermen were covered by SSS. Its membership base was further wid ened when household workers who earned at least P1,000 a month were made compulsory members of the system. Workers in the informal sec tors like street hawkers, ambulant vendors and watch-your-car boys were also included in 1995. Over the years, membership in the SSS was ex panded and benefits were increased to make them more meaningful.

Under the new SSS Law of 2018, RA 11199, mandatory membership was extended to overseas Filipino workers and maternity benefits were improved, among others. Fur thermore, an unemployment benefit was added in case of a member’s in voluntary separation from work. It’s worth mentioning as well that dur ing President Rodrigo R. Duterte’s term, an additional benefit in the amount of P1,000 was added to the monthly pension effective January 2017. Likewise, a pension loan was

As the former PCEO of SSS and Vice-Chairman of the Social Secu rity Commission, I have personally known the incumbent SSS PCEO, Mike Regino, and many of the sitting Commissioners who served with me at the Social Security Commission (SSC) during my administration. Some have sacrificed their lucrative business or professional practices to answer the call of public ser vice. They were drawn from the dif ferent sectors—labor, management, and government—but they have a common resolve, which is to serve the best interest of the average wage earners. I’ve worked with most of the officers and employees of SSS, and, more than three years after I left my post, I’m still honored and proud to have led them. One has been the ob ject of numerous complaints but with more than 40 million members, the System regularly gets a considerable number of unsatisfied members. For many years, customers handling was a task given to Mr. Fernando Nico las, VP for NCR North Division and Concurrent Head of the Public Af fairs and Special Events Division. I was a witness on how Fernan went about his job and how coolly and pa tiently he attends to his customers under the most trying conditions. Yet, he reports to work daily with a bounce on his steps and leaves the of fice at the close of office hours with a smile on his face. President BBM is cognizant of this when he said: “I ask you to keep up the good work. I can see that the SSS still has within its DNA the continuing service that you are giving and the sensitivity that you show to the actual conditions of our people.” He heaped praise on the SSS officers and employees for their dedication and hard work to ensure the reliability and stability of SSS.

I am happy to note that the present progressive leadership of SSS under its Chairman, Finance Secretary Benja min Diokno, and PCEO Regino has introduced new initiatives designed to improve the institution’s efficien cy and effectiveness in serving its members. Starting this year, the state pension fund will be launching six in novative programs to help the work ers from the informal sectors meet their contribution obligations and assist them and their employers settle their delinquencies. SSS now offers a new contribution payment schedule for farmers, fishermen, and self-em ployed individuals in the informal economy. Their contribution payment will be aligned with their income flow since they do not have regular earn ings and fixed income. SSS has also introduced the Contribution Subsi dy Provider Program (CSPP), which allows any individual or group who is not the employer of the member to subsidize the monthly contribu tions of SSS members for at least six months. Beneficiaries of this be nevolent scheme will be mostly selfemployed members who earn meager or irregular income. Another worthy program is the Consolidation of Past Due Short-Term Member Loans with Condonation of Penalty. This is de signed to help delinquent members pay their loan obligations with the SSS. SSS will again offer the Contri bution Penalty Condonation Program that aims to help business and house hold employers to settle their contri bution delinquencies relative to their employees and “kasambahays.” These employers can pay their delinquencies without penalty through one-time settlement or by installment. And in order to encourage more savings, the pension fund will open a new volun tary provident fund program called the Workers’ Investment and Savings Program + (WISP+). Through WISP+, SSS hopes for its members to practice its mantra—WORK, SAVE, INVEST and PROSPER. This is the only way to go for every Filipino household to become financially resilient and eco nomically independent.

Enacting the SSS Law in 1954 was President Ramon F. Magsaysay’s greatest achievement and finally im plementing it in 1957 was President Carlos P. Garcia’s crowning glory. Ex tending its coverage and benefits to every Filipino worker in the private sector—employed or self-employed, part-time or full-time, formal or in formal—will make President BBM the champion of labor and social justice.

Local, global risks may dent PHL’s ’23 growth

By Cai U. Ordinario @caiordinario

THEPhilippine economy’s GDP performance this year is expected to be driven by low-base effects and may not be sustained next year due to external and domestic headwinds, according to the ASEAN+3 Macroeconomic Research Office (AMRO).

The Singapore-based think tank said growth is still expected to hit 6.9 percent this year, the same fore cast made by AMRO in July due to low-base effects.

However, growth is expected to taper off and reach 6.3 percent next year due to expectations that the United States, one of the country’s main trade partners, is expected to go into recession.

“Given the stronger headwind,

it (Philippine GDP growth) will be slightly below potential,” AMRO Chief Economist Hoe Ee Khor said in a virtual briefing on Thursday.

“The other effect (is) if there is a major recession, slowdown in the US, that could also affect remit tances. The inflation rate in the Philippines has been quite high,” he also said.

AMRO’s inflation forecast for the Philippines was increased for

the October outlook to 5.1 percent this year and 4 percent next year.

In July, AMRO’s inflation forecast was at 4.4 percent for 2022 and 3.8 percent in 2023.

“We think it (inflation) should peak this month or next month and begin to come off. But it is temper ing demand in the Philippines as well. So for all those reasons, we expect growth to be so much lower (next year) than this year,” Khor said.

Meanwhile, AMRO revised downwards its short-term growth forecast for the ASEAN+3 region.

The continuing zero-Covid policy and real estate sector weak ness in China as well as the threat of recessions in the United States and the euro area are weighing on the region’s outlook.

AMRO forecasts that the ASEAN+3 region will grow by 3.7 percent this year—down from the 4.3-percent growth projected in July reflecting mainly weaker growth in Plus-3 countries. The ASEAN region is expected, howev er, to grow strongly by 5.3 percent.

“A simultaneous economic slowdown in the United States and euro area, in conjunction with tightening global financial

conditions, would have negative spillover effects for the region through trade and financial chan nels,” Khor said.

The region’s inflation rate for 2022 is now projected to be 6.2 percent—a full percentage point higher than previously forecast. Growth is expected to increase to 4.6 percent in 2023 as China’s economy picks up, with inflation moderating to about 3.4 percent.

The prolonged war in Ukraine is deepening Europe’s energy crisis, pushing it closer to recession. In the United States, aggressive monetary tightening to fight persistently high inflation is intensifying fears of a hard landing.

In ASEAN+3, inflation is also accelerating. Food and fuel prices remain elevated despite recent eas ing in key global commodity bench marks. Subsidy cuts in some econo mies and depreciating currencies have also pushed prices higher.

“Central banks in the region are raising policy interest rates to safeguard price stability and sup port their currencies. However, the pace of monetary tightening has generally been more measured and gradual than in the United States and the euro area,” Khor said.

By Bernadette D. Nicolas @BNicolasBM

WITH the ongoing gov ernment and private sector efforts to mod ernize the agriculture value chain, President Ferdinand “Bongbong” R. Marcos, Jr. said the country is now poised to become an agriculture resource hub in Asia.

In his speech at the open ing ceremonies of the Agrilink, Foodlink, Aqualink Trade Fairs 2022 at the World Trade Center in Pasay City on Thursday, Mar cos reiterated his administration will continue to boost its support for farmers and fisherfolks.

The assistance includes in puts such as seeds, fertilizers, machineries, equipment, facili ties as well as fingerlings and livestock.

He recognized the private sector efforts to complement government initiatives by granting farmer and fisherfolk access to new ways of produc tion and marketing of agricul tural goods.

“With our energies and re sources combined, I am con fident that we will not only achieve our goal of feeding the Filipino people, but also achieve our dream of making the Phil ippines a leading agricultural resource hub in the region and

the world,” Marcos said.

Such efforts, the Presi dent said, will enable the local agriculture sector to “catch up” with those from other countries after being neglected in previ ous administrations.

“We have allowed the agri culture sector to diminish in its importance and in its contribu tion to our GDP (gross domes tic product), our contribution to the welfare of ordinary citi zens, ordinary Filipinos,” Mar cos said.  “And that is why it is important that we accelerate all our efforts,” Marcos added.

Currently, he said the gov ernment has disbursed P590 million for its Rice Farmers Fi nancial Assistance and P320 million for its Fuel Discount Program for Farmers and Fisherfolk.

The government released P1.54 billion worth of Quick Response Fund to 17 million farmers and fisherfolks to help them cope with the effects of disasters on their livelihood.

Marcos vowed to continue supporting the agriculture sec tor during his administration.

“The work to improve our agricultural sector and improve the plight of our farmers and fisherfolk has only just begun. We need to continue to open more opportunities to improve their wellbeing,” Marcos said.

Memo to PBBM: EOs to deal with inflation pitched by Salceda PHL lags behind travel publication’s country list

By Jovee Marie N. dela Cruz @joveemarie

AN economist-lawmaker on Thursday recommended to President Ferdinand Marcos Jr. a series of executive orders to respond to higher prices.

House Committee Ways and Means Chairman Joey Sarte Sal ceda made the recommendation as September 2022 figures showed that inflation accelerated to 6.9 percent.

In a memorandum for the Presi dent, titled “Food, Feed, and Fuel: Analysis and Recommendations on the September 2022 Inflation Rate,” Salceda recommended that Marcos issue a string of Executive actions to ensure that price growth is contained.

“The problem is primarily in food, feed, especially corn, and fuel. These are the most essential components of the basket of goods. And they are vulnerable, to some extent, to global price volatility due to imports,” he said.

“Food (around 25 percent), fuel (up to 90 percent in net imports), and feed (around 21 percent for corn). Rising USD/PHP exchange rates (which this representation has projected to go as high as P65-86/ USD before it settles and gradu ally declines over the next 12-24 months), continuing recovery of global demand, higher input costs (fertilizers and fuel) and supply constraints due to global climate conditions remain threats to both availability and affordability of the country’s food, feed, and fuel sup ply,” Salceda warned.

Ceteris paribus, Salceda project ed that every 1 percent increase in USD/PHP prices translates to be tween 0.1 and 0.4-percent increase in overall prices, depending on the overall import mix.

“This can be offset by lower over all domestic prices—which makes a surplus and lower costs of domestic food production, as well as an ad

equate supply of indigenous energy critical,” he said.

Salceda also warned that higher prices could lead to smuggling, and pointed out the need for better inter-island transport linkages.

“Higher domestic prices in Mind anao will raise the incentive to inten sify the use of traditional “Southern backdoor” smuggling mechanisms. Based on this representation’s dis cussions with officials of the Bureau of Customs, the items suspected to be most susceptible to smuggling are tobacco products, fuel, and veg etables,” Salceda wrote.

“Higher prices in Visayas con tinue to highlight vulnerabilities in inter-island transport, especially as food prices remain significantly above the national average in Vi sayas (9.2 percent inflation in West ern Visayas, 9.8 percent in Central Visayas, and 7.7 percent in Eastern Visayas, versus the national food inflation of 7.4 percent),” he added.

On food, Salceda suggested that the President issue an EO direct ing the inventory and release of all procured and available financial and material resources for agriculture, as well as expeditious completion of all pending procurement for ag riculture.

An EO ensuring that all supply bottlenecks for food and other farm producers are eased may also be is sued, he said.

According to Salceda, admin istrative orders directing Local Government Units to lift all hin drances and blockages across farmto-market routes; and directing the Department of Transportation to ensure the proper flow of traffic feeding into interisland nautical routes may also be issued.

He suggested an EO directing that all schools and barangays un dertake community edible garden ing programs, while conducting food processing and storage training for farmers to manage food surpluses.

THE Philippines ranked just number 30 among the top countries in the world in which to travel, despite being the first in Asia to reopen to leisure tourists.

This, as per a readers’ survey by international travel publication Condé Nast Traveler (CNT). The Philippines scored 86.66, behind Malaysia at no. 27 (86.85),  Singa pore at no. 4 (90.09), and Thailand  at no. 3 (90.46). Readers ranked Japan (91.17) as the second top country to travel after Portugal, despite the former’s closure to leisure travelers as of the survey date.

From February 10 to Septem ber 12, arrivals in the Philippines reached some 1.47 million, with foreign tourists accounting for 69.4 percent or about 1.02 million, while the rest are overseas Filipinos, ac cording to data from the Depart ment of Tourism.

“As we usher in this new era of travel post-pandemic, our focus is to continue building confidence to wards travel to the country by im proving the ease of access, prioritiz ing tourist safety and convenience, and encouraging sustainable tour ism practices,” said Tourism Secre tary Christina Garcia Frasco in a news statement.

The Philippines reopened to vac cinated leisure travelers on Febru ary 10 this year, the first in Asia to do so, requiring only a pre-depar ture Covid-19 test within 24-48 hours of arrival. Other countries in the region, however, have already done away with negative Covid test results and only require proof of vaccination for entry.

Top Islands in Asia BORACAY Island and Palawan remain as popular destinations, with CNT readers recognizing both among the Top Islands in Asia.

San Miguel unit sets sights on selling power in WESM

By Lenie Lectura @llectura

TikTok to entice consumers via ‘shoppertainment’

Global Power Holdings Corp. (SMCGP) will terminate its two power supply agreements (PSAs) with the Manila Electric Co. (Meralco) and sell the output of the two power plants in the spot market and to other interested offtakers.

SMC

This move, it said on Thursday, will provide SMCGP “better finan cials” on a consolidated basis.

“Once the termination of the PSAs take effect, SPPC (South Premiere Power Corp.) and SM e C (San Miguel e nergy Corp.) will have to sell its power to W e SM (Wholesale e lectricity Spot Mar ket) and enter into bilateral contracts with other offtakers, pricing of which will be marketbased, and thus will provide bet ter financials and economics for SMCGP on consolidated basis,” SMC said in a disclosure.

The termination was supposed to take effect last October 4. however, the energy Regulatory Commission ( e RC) said SMCGP and Meralco should follow what is in the PSAs,

which set 60 days before they can terminate the PSAs after the receipt of the eRC order.

It can be recalled that the eRC denied the joint plea to adjust their previously approved power rates by P0.30 per kilowatt hour (kWh) over a period of six months.

The eRC orders dated Septem ber 29 was received by SPPC and SMeC on October 3. “Within this 60-day period, SMeC and SPPC are required to continue the supply of power to Meralco at a cost higher than the contracted price under the PSAs. Nevertheless, SPPC and SMeC will continue to explore other legal remedies relating to the eRC orders,”

SMC said.

Moreover, SMC said that based on internal evaluation, SMCGP and its

subsidiaries will remain compliant with its financial covenants under all existing loan agreements and other debt instruments.

“These are not expected to have a material adverse effect on the consol idated financial of the company and as well as in the operations of SMCGP and its subsidiaries,” SMC said.

As it is now, SPPC and SMeC con tinue to operate at a loss because the costs of operating their power plants have increased. SMC has said the power plants have already posted staggering losses of P15 billion and the companies have already absorb more than P10 billion of the losses that were incurred last year.

SMCGP asked for a temporary and partial cost recovery relief only for the losses that SPPC and SM e C incurred from January to May 2022, in the form of a rate increase on their contract capaci ties under the PSAs they entered into with Meralco.

Meralco, for its part, said the oth er day that it has forged emergency supply deals with other power sup pliers to ensure continuity of stable, reliable and adequate supply to its customers.

Meralco First Vice President and head of regulatory management Jose Ronald V. Valles said Meralco had received five lowest emergency power supply agreements (ePSA) of

fers from Consunji-led SeM-Calaca Power Corp. (SCPC-Calaca)-200 MW; GNPower Dinginin Ltd. Co. (GNPD)300 MW from Aboitiz Power Corp.; Masinloc Power Partners Co. Ltd (MPPCL)-250 MW; SMC Consolidat ed Power Corp. (SCPC-Limay)-200 MW; and South Premiere Power Corp. (SPPC)-120 MW. MPPCL, SCPC, and SPPC are units of SMCGP.

h

owever, last September 16, Valles said SeM Calaca withdrew its offer due to “technical issues in its power plant, specifically that of Unit 2.” Thus, after immediately con ducting rate simulations, Meralco said it will replace the 200 MW that should have been provided by SeM Calaca from the W eSM as it has the lowest cost to Meralco’s customers, instead of taking such capacity from the other power suppliers that had the next lowest ePSA offers.

The said ePSAs are pending at the Department of energy (DOe) for ap proval for a Certificate of exemption from CSP (COe -CSP). And, until that is issued, Meralco cannot implement the ePSAs with the power suppliers.

“We are hoping for the swift ac tion of the DOe in exempting the ePSAs from undergoing CSP. Without these ePSAs, our customers may become exposed to volatile prices,” said Valles.

DUs asked to detail generation cost

The energy Regulatory Com mission (eRC) has called the attention of 50 distribution utilities (DUs) that are not provid ing a breakdown of their generation charges.

The agency said Thursday that its records showed only 91 or 65 percent of the 141 DUs in the country were able to comply with e RC Resolution No. 05, Series of 2007, which directed all DUs to post in their respective websites the breakdown of their genera tion charges, including, but not limited to, their sources.

The remaining 50 DUs who have not submitted compliance are now under evaluation by the eRC for de

‘Firms are ignoring risks of emissions’

COMPANIeS in industries with the biggest carbon footprints aren’t reporting how their emissions feed into financial risk, ac cording to an analysis of corporate re ports by the Carbon Tracker Initiative.

The nonprofit, which looked at 134 financial statements from last year in sectors spanning fossil fuels, mining, manufacturing, automotive and technology, found that almost all failed to consider the financial impact of climate change. Auditors are gener ally also ignoring the financial risks of emissions, according to the study published on Thursday.

“Our review is not of whether com panies have set appropriate climate targets or even whether they are on track to achieve them, but instead whether companies have considered climate related risks to items in the financial statements,” Rob Schuwerk, Carbon Tracker’s United States ex ecutive director and a co-author of the report, said. “We did not find any companies that showed comprehen sive evidence of consideration in the

statements.

termination of possible violation of eRC order.

Sought for comment, the Manila electric Co. (Meralco) said it has been compliant with the eRC direc tive. Based on Meralco’s September generation charge, Meralco said it sourced 41.6 percent of its require ment from Independent Power Pro ducers (IPPs), namely, Quezon Power Phils. Ltd. (6.3 percent), First Gas Power Corp.’s Santa Rita (22.6 per cent), and FGP Corp.’s San Lorenzo (12.7 percent).

While 48.4 percent of its re quirement was sourced from power supply agreements with First Nat Gas Power Corp.’s San Gabriel, 7.8 percent; San Buenaventura Power

Ltd. Co., 7.4 percent; baseload from AC energy, 5.1 percent; San Miguel energy Corp., 6.4 percent; basel oad from South Premiere Power Corp. (SPPC), 13.1 percent; midmerit from AC energy, 1.7 percent; mid-merit from SPPC, 3.4 percent; e nergy Development Corp., 1.2 percent; and other power supply agreements, 2.4 percent.

The balance was sourced from the spot market, 9.9 percent; net metering customers, 0.05 percent; and others, 0.03 percent.

Section 25 of Republic Act 9136, otherwise known as the e lectric Power Industry Reform Act of 2001 (ePIRA) provides that “A distribu tion utility shall have the obligation

to supply electricity in the least cost manner to its captive market, subject to the collection of retail rate duly approved by the eRC.”

The generation charge accounts for 50 percent to 60 percent of the to tal monthly electric bill that the con sumers pay. By posting the detailed breakdown of the generation cost, the consumers are well informed of the different sources of power that the DU had contracted including the cost per supply source.

The eRC said this fosters trans parency and full accountability on the part of the DU in its procure ment of power supply, the cost of which is eventually passed on to the consumers. Lenie Lectura

MBC backs DOE, ERC investment policies

The Makati Business Club (MBC) said it supports the efforts of the Department of e nergy (DOe ), e nergy Regulatory Commission ( eRC) and the National Transmission Corp. (TransCo) to at tract investments in “much-needed” generating, transmission, and distri bution capacity.

MBC Chairman e dgar Chua said e nergy Secretary Raphael Lotilla, eRC Chairperson Monalisa Dima lanta and Transco President Rowena Guevarra are “taking the right steps” to ensure that the country will have enough energy supply.

“The country is facing a myriad of problems relating to energy, which is always subject to political, economic and other headwinds,” Chua said af ter some members of MBC met with Lotilla on Wednesday.

Chua said MBC, a local business group, welcomed recent appoint ments in the e nergy department, led by former lawmakers Sharon Garin and Felix William “Wimpy” Fuen tebella ; former Chief of the Navy Giovanni Carlo Bacordo, and former Philodrill executive Alessandro Sales who have been designated as DOe Undersecretaries.

The MBC chairman said the recent appointments in DO e “will bring their knowledge and experience to the energy challenge thus ensuring the chances that the right policies and decisions are pursued to power the government’s economic plans.”

The local business group said in a statement on Wednesday that the meeting followed recent DOe and eRC decisions to uphold power sup ply contracts, approve the takeover of the Malampaya gas project, and increase the renewable energy re quirement in the power mix.

Joining Lotilla in the meeting were Garin, Fuentebella, Bacordo and Sales.

Alternergy Chairman and former e nergy Secretary Vicente Perez, Pe tron President Lubin Nepomuceno, Shell Country head Lorelie Osial, Aboitiz Power President e mmanuel Rubio, Aboitiz Power Chief Commer

cial and Stakeholder e ngagement Officer Danel Aboitiz, AC e N Direc tor Jaime Alfonso Zobel de Ayala, AC e N Chief Development Officer Jose Maria P. Zabaleta, Vivant e n ergy President e mil Andre Garcia, Semirara Mining & Power Chairman and C e O Isidro Consunji, and MBC Board Member and DO e Advisor Jose Carlitos G. Cruz also attended the meeting.

The MBC said Lotilla is the 10th government official the business group has met since the election of President Ferdinand R. Marcos, Jr.

The local business group has al ready met with house Speaker Fer dinand Martin Romualdez, Finance Secretary Benjamin e . Diokno, So cioeconomic Planning Secretary Arsenio M. Balisacan, Trade Secre tary Alfredo e . Pascual, Labor and e mployment Secretary Bienvenido Laguesma, Transportation Secretary Jaime Bautista, Public Works and h ighways Secretary Manuel Bonoan, Budget Secretary Amenah Pangan daman, and Bureau of Internal Rev enue Commissioner Lilia Guillermo to discuss partnerships in solving the respective issues of government agencies.

MOBILe-FIRST social video app TikTok is targeting to gain a foothold in Asia Pa cific’s “shoppertainment” industry, which is seen to reach more than $1 trillion by 2025, its top executive said on Thursday.

Currently pegged at $500 billion in total gross sales of the e-commerce space, the company is bullish on cap turing a chunk of the projected mar ket value of an industry that spans across different online platforms in the region over the next three years.

Based on a study it conducted with management consultancy services firm Boston Consulting Group titled “Future of Commerce” (FOC), more than half or 55 percent of which will be contributed by the fashion, beauty, food and beverage, and electronics sectors.

“TikTok, as a platform, is what consumers need, [as well as] brands and businesses, to be able to get a big slice of that,” TikTok Philippines head of Brand Partnership Paolo Da vid told the BusinessMirror on the sidelines of their media briefing in Makati City.

Without citing exact figures, he said TikTok is positive that the shoppertainment industry in Asia Pacific will gain traction given its huge particularly in Southeast Asia, where more than 240 million people use the app at least 12 times a day.

“I think, in the Philippines, there are significant TikTok users,” he added, while noting that Filipinos spend an average time of 80 min utes in the app every day, posting, sharing, viewing or commenting on short-form mobile video contents.

David said the firm is in a strate gic position to take a large share of the trillion-dollar industry “because we’re (TikTok) entertainment-first.”

According to the FOC study he shared during the event, merchants need to observe these five entertain ment attributes: tell stories and edu cate, focus on video first, don’t force decision-making, be authentic, and recommend the trends.

Given the highly-saturated and competitive retail industry, con sumers lose interest in brands that are overly exaggerated and pictureperfect, and with polished advertise ments that fail to speak to them. This holds true for 90 percent of digital ads that consumers regularly skip, per the research.

“Consumers today now consider and seek elements of fun and emo tional connection with brands when shopping, regardless of whether they are actively looking for a product or casually browsing,” he said, while citing validation, improvement, convenience, recommendation, in spiration, and indulgence as their demands.

The head of brand partnership of TikTok Philippines noted that brands and marketers can seize the opportunity that shoppertainment brings through TikTok since it has already built a strong relationship with consumers.

Proof of which is that 73 per cent of TikTok users say they feel deeper connections to brands on it than on other sites and apps they use, while 87 percent say its video content influenced their re cent purchases, according to the FOC study.

“With the continuous develop ment of innovative technologies, the potential for brands to inte grate entertainment into their mar keting strategies are endless,” Da vid said. “The future of commerce is shoppertainment, and it is on its way to redefining the formula of brand success.” Roderick L. Abad

CONGLOM e RAT e San Miguel Corp. (SMC) is ex pected to conduct a tender offer for the remaining shares of listed e agle Cement Corp. ( e CC).

In its disclosure, San Miguel said it is required to conduct a manda tory tender offer for the shares of e agle Cement held by its minority shareholders who hold 11.5 percent of the total issued and outstanding capital stock of the company.

San Miguel is already acquiring 88.5 percent of e agle Cement for P97.32 billion.

The transaction involves the purchase of a total of 4.42 billion common shares, for P22.02 per share, of the total outstanding and issued capital stock of eagle Cement by San Miguel e quity Investments Inc., a wholly-owned subsidiary of San Miguel.

The acquired shares will come from the Ang family, including those from Far e ast holdings Inc. and the company’s president and C eO Ramon S. Ang, e agle Cement’s president John Paul L. Ang and his sister Monica L. Ang, who is also e agle’s CFO.

“The acquisition of e CC offers a complementary approach to the current investment strategy of

SMC in the cement industry, will increase its foothold in the cement business and provide the oppor tunity to implement its plan to expand its cement business,” San Miguel said in its disclosure.

“The transaction shall be by way of acquisition by the purchaser of the sale shares from the selling shareholders.The closing of the transaction is subject to the ap proval by the Philippine Competi tion Commission (PCC).”

Ramon Ang is also San Miguel’s president and C e O, while son John Paul is also a director at the con glomerate. The company said the two did not participate in the ap proval of the board of the said ac quisition.

“The consideration was the re sult of negotiations between the purchaser and the sellers, and the basis for the negotiation and deter mination of the sale price was the valuation undertaken by an inde pendent firm using global valuation standards,” San Miguel said.

“The purchaser intends to file a request for exemptive relief with the Securities and e xchange Com mission to allow the tender offer to be commenced after the approval by the PCC.”

SMC to conduct tender offer for shares of ECC

Banking&Finance

BSP urged to keep caps on credit-card charges

By Jovee Marie N. dela Cruz @joveemarie

ASENIOR lawmaker has filed

a House resolution “strongly urging” the Bangko Sentral ng Pilipinas (BSP) to retain the ex isting limits on credit card charges to help Filipino consumers cope with inflation, which has hit a 4-year high of 6.9 percent in September.

In House Resolution 459, Makati City Rep. Luis N. Campos Jr. asked the central bank to preserve the 2-percent maximum monthly inter est rate on unpaid outstanding credit card balances.

The BSP is set to review all three thresholds next month. In three prior semi-annual reviews, the banking regulator decided to keep the caps

“We want the BSP to keep credit card pricing reasonable and within reach of consumers that are now reel ing from the soaring cost of goods and services,” Campos was quoted in a statement his office issued on October 6.

“Salaried Filipinos are strug gling to make ends meet,” Campos said. “They are increasingly relying on their credit cards to make es sential purchases and to pay bills, including the tuition fees of their children.”

In his resolution, Campos also prodded the BSP to maintain the maximum 1-percent monthly add-on rate on credit card installment loans and the P200 per transaction ceil ing on cash advance processing fees.

“The lifting of the ceilings would only aggravate the financial burden of consumers,” Campos warned.

More than 10.3 million Filipi nos have been issued credit cards. The banking system’s credit-card receivables stood at P478.4 billion as of June 30, according to the BSP.

Campos’s resolution basically wants the force and effect of BSP Circular 1098 (series of 2020) main tained.

The circular was issued two years ago amid the severe economic diffi culties, including job losses, caused by the lockdown measures to stem Covid-19 infection.

Campos said prior to the imposi tion of the caps, banks charged in terest rates of up to 42 percent per annum (or 3.5 percent per month) on unpaid outstanding credit card balances.

Banks also collected up to P500 per transaction in cash advance pro cessing fees.

In his resolution, Campos invoked the mandate of the Consumer Act of 1992 (Republic Act 7394). The law declares that “it is the policy of the State to protect the interest of the consumer, promote his general welfare and to establish standards of conduct of business.”

“Keeping the caps on credit card charges unchanged would discourage banks, as enlightened creditors, from unduly profiting from their credit card business and unjustly enriching their shareholders at the expense of consumers,” Campos said.

PICC: What it takes to be a National Cultural Treasure

THE Philippine International Convention Center (PICC), Asia’s first convention cen ter, has reached another milestone in its 46 years of existence. The National Museum of the Philip pines has officially declared it as a National Cultural Treasure (NCT). The PICC complex is itself a work of art by National Artist for Archi tecture Leandro V. Locsin.

Along with the PICC as NCT are three national artists’ four iconic works of art permanently displayed in and around the PICC: the “Anito” and “Grid” sculptures of National Artist for Visual Arts Arturo R. Luz; the “Pagdiriwang” painting of National Artist for Visual Arts Jose T Joya; and, the 93 ubiquitously placed, carved wooden benches of National Artist for Sculpture Na poleon V. Abueva, which can be found around the PICC.

An NCT is “a unique object found locally, possessing outstanding historical, cultural, artistic and/ or scientific value, which is sig nificant to this country and na tion,” as defined under Section 3 of Presidential Decree 374. These highly valued cultural properties are indispensable in the under standing of history and culture of the Philippines. They are to be pre served and protected by the State through the National Museum of the Philippines.

To be considered as an NCT, cultural properties have to qualify as: (1) being historically signifi cant because of their association with prehistoric events and past industries that are the foundation of the Filipino culture; (2) being aesthetically significant for their craftsmanship, mode, technical excellence, exquisiteness, expres sion of skill and quality of design and execution; (3) having research significance and outstanding scientific value because they are provenanced and recovered from a documented context; or, (4) rep resenting aspects of 50,000 years of Philippine pre-history and early history.

As a member of the PICC board, I believe there are three other in tangible attributes aside from the above-cited tangible aspects that

have sustained PICC through the years. These “3 Cs” can also be of value to other organizations, in cluding associations:

1. Clarity of purpose. This is what guides an organization and articulates why it does what it does, why it exists, and why it serves a higher cause. Over the years, PICC has adhered to its purpose as a pub lic good by providing a world-class venue for holding international and local events.

2. Conscientious gover nance. This means leading the way with a sense of doing what is right, being transparent, and en suring fairness to others. Right from PICC’s inception, its gover nance structure already clearly delineates the roles of the Board (strategic direction, policy-setting and oversight) and management (day-to-day operational execu tion), spells out specific respon sibilities and accountabilities, as well as values openness, honesty and transparency.

3. Care for people. The capac ity to care for the employees’ physi cal, mental, emotional and eco nomic needs during the pandemic has been challenging to many or ganizations. In PICC’s case, it made sure its personnel keep their jobs and continue to receive their sala ries, provided them vaccines im mediately as they became available, gave them financial assistance in case of sickness, and let them work from home when necessary. Beyond its own people, PICC also allowed the use of one of it exhibition areas as a Covid-19 facility.

Octavio Peralta is currently the executive director of the Global Compact Network Philip pines and founder and volunteer CEO of the Philippine Council of Associations and Associa tion Executives, the “association of associations.”

The PCAAE is holding its Associations Summit 10 (AS10) on November 23 and 24, 2022 at the PICC. E-mail: bobby@pcaae.org.

To broaden tax base, DOF eyes imposing VAT on digital goods

By Cai U. Ordinario @caiordinario

THEDepartment of Finance (DOF) will prioritize the im position of value-added tax on digital goods and services to broaden the country’s tax base and make lower taxes possible.

With this, Finance Secretary Ben jamin E. Diokno said the DOF budget for 2023 includes P4 billion for the digitalization and modernization initiatives of the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC).

Senate Finance Committee Chair man Juan Edgardo M. Angara said the committee will approve the DOF’s proposed P30.6 billion budget for 2023 and endorse it to the plenary.

“When you have a broader [tax] base, you can reduce the tax rate because revenue is rate times base,” Diokno said. “If you have a broad base—meaning there are more tax payers—we can afford to reduce the

[tax] rate,”

Key expenditure items include the upgrading of the ICT machinery and equipment of the BIR and the BOC, subscription to cybersecurity tools, enhancement of electronic tax payment facilities and other criti cal assets.

Digitization efforts

THE digitization efforts at the BIR and BOC is part of the P25.7 billion that will be used to finance the opera tions of the DOF’s attached agencies.

Apart from the BIR and the BOC, these attached agencies include the following: Bureau of the Treasury (BTr); Bureau of Local Government

Finance (BLGF); National Tax Re search Center (NTRC); Privatiza tion Management Office (PMO); Central Board of Assessment Ap peals (CBAA); and, Insurance Com mission (IC).

The other P4.6 billion will be used as budgetary support to governmentowned or -controlled Corp.s (GOCCs) that are chaired by the DOF. These are the Philippine Tax Academy (PTA) and the Philippine Crop In surance Corp. (PCIC).

The DOF is also proposing a to tal of P210 million for the refund of the service development fee for the government’s Nanpeidai property in Tokyo, Japan.

In his opening statement, Diokno presented the accomplishments of the DOF from 2021 to 2022. He said that the DOF has managed to spend 95 percent of its 2021 budget accord ing to its programmed allotment for the said year.

For the first half of 2022, the DOF has already obligated 79 percent of its current budget.

DBM budget

MEANWHILE, the Senate Finance Committee approved the P1.816 billion proposed 2023 budget of the

Department of Budget and Manage ment (DBM) and its attached agency, Government Procurement Policy Board (GPPB).

In her opening statement, Budget Secretary Amenah F. Pangandaman underscored the DBM’s goal of imple menting efficient and sound fiscal management.

“The proposed budget is guided by my priorities as DBM Secretary: bu reaucratic efficiency; budget reform and modernization; and, green public procurement. With this budget pro posal, the DBM commits to deliver two organizational outcomes,” said Pangandaman. “First, allocative ef ficiency and operational effective ness were enhanced, and second, the budget improved through sustained fiscal discipline and fiscal openness.”

Of the two outcomes, allocative efficiency and operational effective ness enhanced, which involves the operations of the Office of the Sec retary’s programs, gets the biggest budget share as it covers the bulk of the DBM’s function.

The P1.816 billion proposed bud get for 2023 of the DBM and its at tached agency is 14.24 percent lower than this year’s budget, amounting to P2.118 billion.

PNB is SSS’s ‘Best Disbursement Partner’ among KBs

THESocial Security System (SSS) awarded the Philippine National Bank (PNB) as “Best Disbursement Partner” in the Com mercial Bank category of its “2022 Balikat ng Bayan Awards” during its 65th founding anniversary cel ebration held last September 30 at the SSS Main Office in Quezon City.

“We are honored and grateful to receive this award from SSS,” said PNB Acting President Florido P. Ca suela. “PNB has been a proud partner of SSS for the past 65 years. We are committed to being a reliable partner in providing diverse banking services to SSS and its members.”

The “Best Disbursement Partner” distinction is awarded to financial institutions for achieving the high est amount of benefits disbursed to

SSS members.

The awardees are recognized for their compliance to the provisions of the Social Security Law in terms of coverage and giving out of benefits, accuracy and timelines in their sub mission of reports to SSS, and par ticipation in SSS programs.

Receiving the award on behalf of PNB was Executive Vice-President and Head of Global Banking and Mar kets Sector Roberto D. Baltazar. The award was presented by no less than President Ferdinand R. Marcos Jr.

Instituted in 1995, the “Balikat ng Bayan” Awards is held annually to acknowledge the valuable contribu tions of companies, institutions, and individuals in helping SSS achieve its mandate to its members in the Philippines and abroad.

THE Social Security System (SSS) launched last October 4 a new pen alty condonation program that aims to aid its members in paying their pastdue loans.

SSS President and Chief Executive Of ficer Michael G. Regino urged members with unpaid short-term member loans to take advantage of the “Consolidation of Past Due Short-Term Member Loans with Condonation of Penalty” program.

Members qualified to avail of the pro gram are those with outstanding Salary Loans, including “Salary Loan Early Re newal program (SLERP), Calamity, Emer gency Loan and Restructured Loan.”

“We continuously offer loan penalty condonation programs to help our mem bers settle their loan balances without penalties and regain their good standing with the SSS,” Regino was quoted in a statement as saying.

Under the program, the SSS shall com bine the principal and interest of a mem ber’s past-due short-term member loans into one consolidated loan while all un paid penalties shall be consolidated and condoned upon full payment of the con solidated loan.

Interested members must meet the fol lowing requirements to qualify for the pro gram: have a past-due short-term member loan at the time of their application; have not been granted any final benefit such as permanent total disability or retirement; have not been disqualified due to fraud committed against the SSS; and, have an active My.SSS account.

Regino said members may pay their consolidated loan through a one-time payment within 30 calendar days after receiving the approval notice or they may also opt to pay through installment.

For the installment scheme, members must pay a down payment equivalent to at least 10 percent of the consolidated loan within 30 calendar days after re ceiving the approval notice. Meanwhile, they can pay the remaining balance for up to 60 months, depending on the amount.

Regino said that if the member fails to meet the payment terms based on the consolidated loan agreement, the SSS will deduct the outstanding balance of the consolidated loan from the short-term benefits (sickness, maternity, or partial disability benefit claims) and final ben efits (permanent total disability, death, retirement), as authorized by the Social Security Commission (SSC).

The SSS chief added that the outstand ing balance of the consolidated loan can also be deducted from the death benefit of the members’ beneficiaries or deduct it from the actual final benefit claims.

“We want to collect the past-due loans from our members. However, we also rec ognize that the pandemic has greatly af fected the livelihood of many of them. At this point, they might already be able to pay their loan obligations,” Regino said. “Hence, we designed this consolidated program to help them settle their loan obligations by condoning the penalties and offering flexible payment terms.”

BDO waives fees for donations to ‘Karding’ victims

BDO Unibank Inc. announced last Monday it is waiving the remittance fees for donations sent to victims of Supertyphoon Karding (international name: Noru) to help accelerate the flow of financial as sistance to the affected areas in the country.

Overseas Filipinos may remit their donations free of service fees from September 30 to November 30 through the following foundations: BDO Foundation Inc.; ABSCBN Lingkod Kapamilya Foundation Inc.; GMA Kapuso Foundation Inc.; and, the Philippine Red Cross.

“It is unfortunate that even as Christmas nears; natural calamities are still very much a reality here in the Philippines. Instead of preparing for the holidays; some of us are grieving and picking up the pieces after the onslaught of the super typhoon,” said BDO Senior Vice President and Head of Remittance Genie T. Gloria. “With this campaign and the generosity from our Kabay ans abroad; BDO Remit hopes it can help alleviate the pain somehow.”

BDO Remit has subsidiary offices in several countries overseas that can accommodate the sending of dona tions through these foundations. BDO Remit has of fices in Hong Kong; Macau; Japan; Daly City, California, United States; Toronto; Canada; and, London; United Kingdom.

“Hopefully; with this; we can encourage more dona tions from our overseas Filipinos to help those adversely affected by Karding,” Gloria added.

Karding ravaged parts of Luzon last September 25 up to early morning the following day. The typhoon left a trail of destruction, including at least 10 dead and almost P2 billon in agricultural damage, in its wake. Al most 40,000 families were also adversely affected by the typhoon, the 11th tropical cyclone to enter the Philip pine area of responsibility this year.

SSS members with unpaid loan offered condonation program

This Friday, september 30, 2022, photo shows (from left) special Assistant to the President Antonio Ernesto F. Lagdameo Jr., Labor secretary Bienvenido E. Laguesma, President Ferdinand R. Marcos Jr., Philippine National Bank Executive Vice President and head of Global Banking and Markets sector Ro berto D. Baltazar, social security system (sss) President Michael G. Regino and sss Commissioner Diana Pardo-Aguilar. CREDIT: Ph lIPPInE naTIonal Bank

Octavio Peralta

Association World

Show

Marilyn & Dahmer: The problem with vicious film bios

THE

problem with Jeffrey Dahmer as a subject matter for a limited TV series is that there are available truths now online about him; the problem with Marilyn Monroe is that more lies are accessible online about her.

Complicating the fate of these two personalities is that they appear in their respective film bios: Dahmer is in Dahmer—Monster: The Jeffrey Dahmer Story by Ryan Murphy and Ian Brennan; Monroe is in Blonde, a biographical drama based on the novel of the same name written by Joyce Carol Oates. Both titles are now streaming on Netflix.

Jeffrey Dahmer was known as the Milwaukee Cannibal and, sometimes, the Milwaukee Monster.

From the late 1970s to early 1990s, there was a series of crimes. The man behind them was Dahmer, who would be responsible for the gruesome deaths of some 17 men and boys. Dahmer’s crimes would range from murder by dismemberment, with the parts either preserved in some tub or in the refrigerator. Using acid, he turned the remains into skeletons kept in his apartment. Dahmer also confessed to cannibalism, at one point confessing his desire to eat the hearts of some of his victims.

The fact is you could get more data about Dahmer even way before you get to the second or third episode of the series. The real counterpart makes it difficult to sustain one’s interest in the fictionalized account. It depends now on the kind of audience you are. Do you control yourself from checking other sources of the story? Or, are you the fastidious consumer of fiction who prefers to nurture a thick description of a biography by consulting other myths of origin. The Internet would not fail you. The real Jeffrey Dahmer is alive online, doing interviews and appearing to be a decent young man, quite the opposite of the performance by Evans Peters, whose Dahmer has earned praise from some critics.

Dahmer’s mother and father are also accessible through the Internet. The profiles of Dahmer’s victims are also online. And Dahmer himself looks even more handsome than the actor chosen to portray him. Which now would be compelling for us? Which would excite us more?

I am myself confused as to how I should value the story of Jeffrey Dahmer and whether the series has indeed presented a cautionary tale about a mind gone

shown displaying an intellectual acumen. To which there was always the disbelief of those listening to her, including the playwright (a disguised persona standing in for Arthur Miller).

The colors that we get from Monroe’s life are from those unforgettable musical scenes and the songs she sings in them, like “Kiss” from the lesser known film Niagara

Wanna Be Loved by You” from

These songs, however, have become part of the memories of cineastes and nothing can take those away from them.

So, what is good about by Joyce Carol Oates does not save it from the fact that the film has once more condemned Marilyn Monroe and murdered her memories for this generation. but given how the establishment treated her, they might as well have killed her. n

GMA Network’s new prime-time series  off to a promising start as positive reviews poured in for the pilot week of the program.

The overwhelming support of fans for the show is undeniable. During its debut last September 26, the hashtag #SUPHWorldPremiere made it to Twitter Philippines’s top trending topics with over 30,000 tweets.

“GMA really managed to meet my high expectations. Kudos to the team and the cast. For sure, many will get inspired to pursue their dreams regardless of the countless hindrances. I can say that this show will get me hooked just like the original Korean TV series,” one fan commented on Twitter.

“ALDENxSUPH GoodBoyTristan” and “Bea Alonzo” also made it to the top trends as netizens could not help but gush over the fresh pairing of Alden Richards as Tristan and multi-awarded actress and box-office star Bea Alonzo as Dani.

Fans of Alden were captivated by his portrayal of the well-loved character. Meanwhile, Bea did not disappoint in her first-ever GMA drama series as the strong and ambitious woman who will do everything for her dreams.

Alden expressed his gratitude to everyone for appreciating their show and guarantees that it would be worth watching every night: “We’re very happy nagustuhan ng Filipino audience at mga Kapuso natin. Patikim pa lang ’yan sa more beautiful episodes and storytelling para sa adaptation ng Start-Up.”

Bea is also thankful for the warm reception and shared some photos of the cast on social media, “Mula sa Start-Up PH family, maraming salamat po sa inyong pagsuporta and overwhelming reviews para sa aming show. Nakakakilig kayo!”

Playing equally important roles in the inspiring

and intriguing series are Yasmien Kurdi as Ina and Jeric Gonzales as Dave.

Moreover, a netizen highlighted the relatable story of Start-Up PH tackling aspirations, personal struggles, and giving value to one’s family: “The storyline about Dani and Ina, who had very different lives and are now competing with each other, is truly amazing. The drama made sure to give all sides of family reunion.”

Start-Up PH is the first-ever TV adaptation of the breakthrough 2020 South Korean series, which is

based on the original Start-Up created by Hye-ryeon Park and produced by Studio Dragon Corporation, co-produced by Studio Dragon and CJ ENM.

Under the helm of directors Dominic Zapata and Jerry Lopez Sineneng, Start-Up PH airs weeknights at 8:50 pm on GMA, and at 11:30 pm from Monday to Thursday and at 11 pm every Friday on GTV.

Viewers abroad can also catch the program via GMA Pinoy TV. More information can be found at www.gmanetwork.com.

Continued from B4

I was her delivery girl back then, while my dad was also a tricycle driver. After school, we helped my mom pack tablea, or we helped her separating the cacao nibs and the shell after roasting. We would then bring the cacao nibs to the nearby wet market to grind them,” she said.

“I told myself that one day I would study more about cacao and chocolates outside the country. I want to innovate these products. That’s the motivation,” she explained.

An engineer by profession, she was able to go to Belgium in 2014 to study at Ghent University “where I learned from the top chocolatiers in the world.” Upon her return, some angel investors helped her set up Ginto: “They supported me in buying small chocolate machines from outside the m very grateful to them.”

She added, “I want Filipinos to realize we have a lot of resources here. We have a lot of cacao; not all countries can grow it. The Spaniards brought the best varieties of cacao and so, we have that chocolate history.”

Dal has been working with smallholder farmers and in the beginning, the quality of the beans would be inconsistent.

“It really depends on the cacao beans I got from different s tricky and, yes, it involved a lot of trial and error, and patience. I need to taste the raw cacao beans first and processed to single origin s a lot of work, motivation and passion. s fun playing with chocolates and cacao.”

At the start of the pandemic, the situation was depressing for Dal, as it was with any one of us, being locked down and all. “We didn’t know what to do and we were sort of stuck at home,” she says. It later turned into a blessing with doors of opportunities opening for her as she was able to sell her tablea and chocolates outside the country. It helped that she was able to purchase new equipment prior to the lockdown.

In addition, “I was still able to do community projects, especially the community garden projects for our women farmers, plus the Grow My Own Food project for displaced

Then came supertyphoon Odette last December, and Bohol was bereft of any electricity for three months. “We had to dispatch our chocolates immediately or else all of them would have melted,” she recalled.

But this year and beyond is smelling (chocolate) roses for Dal, as she will be “investing in more equipment to create more innovative projects we ll be launching soon.” She will be able to reopen Dalareich Chocolate House (which she had to close during the pandemic), “and we ll launch the chocolate workshop and activities for the kids.”

Dal promises new products for her eager fans and chocoaddicts. But first, off to California for a well-deserved award. What an honor not just for Dal and Bohol, but for the entire Philippines as well. Congratulations! n

A pot of chocol Ates is gold for this young entrepreneur

DBP inks pact with DHSUD to come up with housing package for informal settlers

STATE-OWNED Development Bank of the Philippines (DBP) has signed an agreement with the Department of Human Settlements and Urban Development (DHSUD) for the crafting of a financing scheme that would provide affordable and decent homes for informal settlers, a top official said.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said DBP will provide the necessary financial and technical assistance to the state housing agency to help address the country’s mass housing requirements through the construction of one million units annually until 2028.

“DBP is honored to take part in the DHSUD’s thrust for the housing sector by tackling its two main challenges — affordability and access to funds for housing projects,” Herbosa said.

Under the Memorandum of Understanding between the two agencies, DHSUD will identify qualified real estate developers and contractors that will develop the project sites and assist in the preparation of project funding requirements. DBP will formulate a loan program focused on providing developmental loans for DHSUD’s housing projects.

Herbosa said the Bank’s support to DHSUD is in line with DBP’s efforts to broaden support to social services and community development such as housing that has a proven multiplier

effect in alleviating poverty.

He said that as of end June 2022, DBP’s outstanding loans for social infrastructure and community development projects totaled P98.49-billion which represents 20 percent of its total loan portfolio.

“As the country’s premiere infrastructure bank, DBP remains committed to fulfill its mandate of influencing and accelerating sustainable economic growth, through the provision of resources – may it be financial or technical for the continued well-being of ordinary Filipinos,” Herbosa said.

DBP Executive Vice President for Development Lending Paul D. Lazaro said the Bank, through its “Building Affordable

Homes Accessible to Every Filipino” or BAHAY Program, has already approved over P9.37-billion loans to eligible borrowers for various housing projects, as of end July 2022.

He said the BAHAY Program serves as DBP’s main credit facility for the housing sector, and covers the end-to-end process of housing development from land acquisition to site development and shelter construction.

“Since its inception in 2011, the BAHAY Program has allowed the Bank to expand and enhance its support to the government’s efforts to plug the housing backlog, through the provision of short term and long-term financing,” Lazaro said.

Likhang HABI Market Fair to returns to weave heritage, elegance in three-day affair at Glorietta Activity Center

THE Philippine Textile Council (HABI) has announced the return of the annual Likhang HABI Market Fair at the Glorietta Activity Center from October 14 to 16, 2022.

Now in its 12th year, the Likhang HABI Market Fair will have more than 60 vendors offering handmade pieces, like woven fabrics, ready-to-wear clothes, home accessories, and even locally made furniture and pottery.

Event stylist Kitty Bunag has been tasked to transform the Glorietta Activity Center into a heritage hub showcasing the best creations from some of the most celebrated artisans around the Philippines.

“The overall look and feel for the Habi Market Fair will be inspired by outdoor souks and markets here and in other parts of the world. Vendor booths will be made of wood and canvas where each retailer can best showcase their products. Textiles hanging from dried ornamental trees serve as the main focal of the venue. We’re creating a space that will be familiar for both local and foreign patrons,” says Bunag.

To be showcased during the three-day fair are homegrown brands Abek Home & Culture, Abre Linea, Accelerate Sulu,

Adante Leyesa, Aishe Fashion, Angie’s Yakan Handloom Weaving, Anihan sa Ibaan, Aruga Handwovens, Balud Craft, Bicol Sweetgrass Handicrafts, Camisa Amana, Cariñosa, Casa Garcia, Coco & Tress, Crafted Pilipinas, Creative Definitions, Ditta Sandico, En Barong Filipino, Gifts and Graces, Habi, Helena Alegre Sculptural Jewelry, Idyllic Summers, Ifugao Nation, Iraya Mangyan Art, JorEl Espina, Kalinga Weaving, Kaya Mana PH, Knitting Expedition, La Bonne Vie, La Herminia, Lakat Sustainables, Local Home + Art + Fashion, Mabaysay, MCV Designs, Milvidas, Monica Madrigal, Narda’s Nina Abel, Pidayit, Piesa, Pina Seda Primera, PNay, Provenciana, Raquel’s Piña Cloth Products, Ruby Roa with Lila Lifestyle, Rurungan Collective, Siegrid Bangyay Pottery, Silahis Arts and Artifacts, Style Isle, Tadeco Home, The Manila Collectible Co, Tinampuso, Tuwas Yakan Weavers, WeaveManila Inc., Woven, WVN Living, and WYC Wear Your Culture.

As a member of the ASEAN Traditional Textile Symposium, part of HABI: The Philippine Textile Council’s mission is to promote the art of hand-weaving and provide opportunities for talented Filipino

artisans to showcase their products to an eager market.

The fair will also feature two uniquely Filipino competitions: the annual Lourdes Montinola Piña Weaving Competition and, starting this year, the Eloisa Hizon Gomez Abaca Competition. Contestants are going to be judged by a panel of experts on Philippine textiles, processes, and materials.

“This is our fifth year of holding the piña competition and since we’ve had it, we’ve noticed that artisans working on piña have been leveling up,” says HABI president Adelaida Lim.

Council member Mike Claparols shared that HABI’s greatest contributions include encouraging weaving communities to use cotton and educating the public about the painstaking art form that is hand weaving.

He explains, “A lot of consumers think that hand-woven fabrics are too expensive. Many try to bargain with weavers by asking for big discounts. What they don’t know is that weaving is a learned skill that requires time and dedication to master.”

“We’re the first in this line of promoting indigenous fabrics as fashion,” says Maribel Ongpin, Founder of HABI. “Second, while most of the other bazaars have reached a sophisticated level, we continue to go grassroots.”

Ultimately, the three-day fair is HABI’s biggest and most talked about fundraising activity. Aside from direct donations from individuals and companies, the fair is one of the main sources of funding for the council’s projects, which includes preservation of the art of weaving, educating consumers, and pushing locally made products and artists to the national— and global— market.

Likhang HABI Market Fair 2022 is made possible by the generous contribution of council sponsors: Glorietta Mall, Ayala Center, Union Bank of the Philippines, The Philippine Gaming Corporation (PAGCOR), AY Foundation, Emerging Power Inc., Marubeni Philippines Corporation, Holiday Inn & Suites Makati, Far Eastern University (FEU), and Pancake House with radio partners DZRH Manila, RPN DYKB Bacolod City, and DYRF Cebu City.

For more information about HABI: The Philippine Textile Council, please call +63 921 849-6974 or email support@ habiphilippinetextilecouncil.com.

MBC pushes for ‘Data Driven’ Vision for PHL on Int’l Day for Universal Access to Information

AS part of the recent celebration of International Day for Universal Access to Information, the Makati Business Club (MBC) called on lawmakers to enact a national Freedom of Information Law to empower the Philippines to be the “data-driven” society envisioned by President Marcos and other government and civic leaders.

MBC’s statement on the issue is as follows:

WE urge governors, mayors, and the Sanggunian to pass FOI ordinances that will help this culture spread and take root throughout the country.

In his first State of the Nation Address, President Marcos set the goal for the government to have “good and solid data to ensure informed decision-making.” An FOI Law and FOI ordinances will ensure all citizens have the same, giving government agencies added impetus to fulfill the President’s vision. As importantly, it would

enable organizations and citizens to make the decisions that can improve their lives and accelerate national progress.

In the U.S. and other countries, business is the number one user of FOI laws. This access to governments’ unequaled volume of information and data helps spur economic development, scientific innovation, more jobs, and better lives. This is why in 2021, 20 Philippine business groups signed a joint statement asking Congress to pass an FOI Law.

We applaud former President Duterte for issuing an FOI EO in 2016, for 61 LGUs passing their own FOI ordinances. We call on organizations and citizens to avail of these rights and processes to embed the culture in the public and private sectors. We applaud the House of Representatives for producing a committee report in 2021. We call on Congress to reopen and advance discussions this year and bring themselves closer to a landmark legislative achievement.

The Oriental Bataan opens Agri-Farm with seed, tree planting activities in Mariveles as part of CSR program

A

S part of its corporate social responsibility, The Oriental Bataan recently launched its Agri-Farm in celebration of National Family Day which was highlighted by a Seed and Tree Planting Activity of local farmers and their dependents.

A three-star boutique hotel situated at the Freeport Area of Bataan in Mariveles town, The Oriental is offering a 10 percent discount on best available room rates, and at its dining outlets Cocoon Restaurant, Lobby Lounge, and Forest Grill. The month-long promo runs until October 24, and only guests who took part in the seed and tree planting activities can avail of the special rates.

According to The Oriental chief executive officer Rebecca Lee, the program is part of the hotel chain’s advocacy on food security, organic agriculture, and environmental protection. She said that similar activities will be replicated in its other properties in Leyte, Albay, and Legazpi

City to emphasize the important role of farmers. Started in July, the Agri-Farm vegetable garden is already yielding produce like lettuce, eggplant, pepper, rozelle, malunggay, and an assortment of herbs, which are used as ingredients in the hotel’s restaurants. The farm is also being eyed as a center of collaboration between government, private and farmer’s groups in addressing agricultural issues.

Event partners were Agri Party-List of Rep. Wilbert Lee, LKY Group of Companies, Department of Agriculture-Bureau of Plant Industry, and Enviro Scope Synergy Corp. Sponsors were the Municipal Government of Mariveles, Universal Robina Corp., Dakay’s Travel and Tours, Mondelez International, The Power Radio 104.5 FM, Gardenia Philippines, Tang, and Eden.

For details, visit www.bataan. theorientalhotels.com or its Facebook page The Oriental Bataan.

Security Bank Hall reopens at National Museum of Fine Arts, Guillermo Tolentino on display

SECURITY

Bank Corporation formally turns over 14 sculptures of 1973 National Artist for Sculpture, Guillermo Tolentino, to the National Museum of the Philippines as it re-introduces the newly renovated Security Bank Hall at the National Museum of Fine Arts in Manila City during a cocktail celebration on September 24, 2022.

These 14 sculptures were previously loaned by the Bank as part of Gallery XII – Eskultor ng Lahing Filipino: Honoring the Life and Work of Guillermo Tolentino, a permanent exhibition, which opened in July 2013.

“The National Museum of the Philippines is grateful to Security Bank for donating 14 sculptures of 1973 National Artist for Sculpture, Guillermo Tolentino. These sculptures are part of the country’s history and have become a symbol of excellence for many artists not only here in the Philippines, but also abroad. We hope that more Filipinos will visit the museum and witness firsthand the exquisite work and style of one of the country’s best,” says National Museum Director Jeremy Barns.

Guillermo Tolentino was born in 1890 and was named the National Artist of the Philippines for Sculpture in 1973, three years before his death. Tolentino along with fellow National Artist and painter Fernando Amorsolo, dominated the Philippine art scene from the 1930s to the 1950s. He followed the classical style and mainly used plaster and metal to create his art pieces.

The 14 sculptures donated by the Bank to the National Museum of Fine Arts include: Model of the Commonwealth Triumphal, Bust of President Manuel Roxas, Bust of Lapu-Lapu, Bust of President Manuel L. Quezon, Bust of Gat. Andres Bonifacio, Bust

of Gen. Emilio Aguinaldo, head of a Filipina Lady, Miniature bust of Dr. Jose Rizal, Bust of Bibiano Meer, Bust of Luisa Marasigan, Bust of Don Jacobo Lim Chitco, bust of a Matriarch, Bust of Dr. Jose Rizal and Bust of a Boy Scout.

Security Bank remains to be one of the financial institutions in the Philippines that actively supports the preservation of the country’s culture and heritage. The Bank continues to partner with institutions to commemorate landmark events such as the National Heritage Month and works with various organizations to celebrate the country’s artistic and cultural legacy.

“Security Bank recognizes the important role that financial institutions play in nationbuilding and sustainable development. Our advocacies are aligned with our mission to enrich lives, empower businesses, and build communities. Security Bank has been a proud advocate of Filipino art and culture for many years and has been a partner of the National Museum since 2013. With the reintroduction of the Security Bank Hall underpinned by the official handover of Tolentino’s pieces, we hope to spark a fresh interest in historic art and make these easily accessible to visitors and the community for generations to come.” says Sanjiv Vohra, Security Bank President and CEO.

The newly renovated Security Bank Hall is located on the second floor of the National Museum of Fine Arts and was opened to the public starting September 27, 2022. Visitors will be able to see new additions to the exhibit, including priceless memorabilia such as the medal given to Tolentino during his confirmation as a National Artist and his tools of tradecraft.

DBP President and Chief Executive Officer Emmanuel G. Herbosa (second from left) is shown during the signing of the Memorandum of Understanding with the DSHUD that formalizes the Bank’s support to the latter’s housing program. Also shown in photo (from left to right) are Secretary Jose Rizalino L. Acuzar, Quezon City Mayor Ma. Josefina G. Belmonte and Vice Mayor Gian Carlo G. Sotto; and Quezon City District Two Representative Ralph Wendell P. Tulfo.

PRESENT during the Agri-Farm launch were Gardenia customer relations staff Reggie Lerpido and service crew Jerome Calvario, Enviro Scope Region 3 sales representative Elmer Adoray, Bataan first district provincial board member Antonino Roman III, hotel general manager Joseph Ong, The Oriental Hotels and Resorts associate director of sales Roselle Reyes, and Department of Agriculture-Bureau of Plant Industry agriculturist Ernie Lito Bolloso.

Bareknuckle fight debuts on PHL fight scene at BGC Xylo

THE first-ever bareknuckle exhibition bouts will hit the Philippine fight scene as Uni versal Reality Combat Championship (URCC) announced the staging of the “Bare Madness” card on October 27 at the Xylo in The Palace at the Bonifacio Global City.

“When we pioneered the MMA [mixed martial arts] fight concept back in 2002, people thought it was too violent, too risky,” URCC founder Alvin Aguilar told Thursday’s press conference at the Xylo. “But look at MMA now.”

“In the same way, it’s worth noting that BKF [Bareknuckle Fight] is steadily gaining popularity in the US and Europe, so it’s only a matter of time before it enjoys mainstream acceptance here,” he added.

Aguilar stressed that the bareknuckle exhibition bouts would put premium on the health and safety of the fighters.

URCC Global Chairman Arnold Vegafria said that the sport—where speed and skill make up for lack of sheer strength—has the potential to produce world-class Filipino fighters.

“With the harvest of Filipino athletes in recent global competitions, we believe that Filipino fighters are meant for global domination, particularly for this more adrenaline-inducing sport,” Vegafria said.

“We at URCC feel that Filipino fight fans are clamoring for something more exciting, and this could very well what we’ve all been waiting for,” he added.

Pre-event matches feature today’s top-rank Filipino mixed martial artists such as John Ornido battling Janedie Bernardo in a 135-pound duel, Ruel Catalan facing Edrion Macatangay in a 125-pound clash and Rex de Lara taking on Jayson Margallo in a 125-pound fight.

The Bareknuckle Fights, on the other hand, pit Rocky Vergara against Marvin dela Cruz, Kimbert Alintozon against JV Baldonasa and Mark Alcoba against Zarco Gales.

Kenjhons, alias “Mr. Mainit,” will go up against Map Soberano in the main event.

UNIVERSAL Reality Combat Championship founder Alvin Aguilar (seventh from left) launches the event with (from left) Elias Duran, Janedie Bernardo, Kimbert Alintozio, Rocky Vergara, Map Soberano, Arnold Vegafria, George Royeca, Marvin Delacruz, Ruel Catalan and John Ornido.

By Josef Ramos

THE Hong Kong Bay Area Dragons gun for 4-0 start when they face the Converge FiberXers on Friday in the Philippine Basketball Association Commissioner’s Cup at the Smart Araneta Coliseum.

Scoring machine Myles Blake Powell aims for another stellar play in the 5:45 p.m. game before he gives way to fellow 6-foot-10 import

MALIXI RULES AT RIVIERA

RIANNE MALIXI pulled off another victory so unlike her Valley leg triumph that kept her in the Ladies Philippine Golf Tour (LPGT) conversation as she blew a threestroke lead in the heat and wind but rebounded with a solid backside charge to foil Kim Seoyun with yet another 73 and remain the topic of the International Container Terminal Services Inc. (ICTSI) Riviera Championship in Silang, Cavite, on Thursday.

Malixi spiked her two-stroke victory with birdies from Nos. 10 and 11 and a pair of clutch parsaving bids on Nos. 16 and 18, the last from long range on Langer’s tough finishing par-four hole after stroking her first putt from the fringe two-and-a-half pin past the cup. But she returned it with great resolve, dashing whatever

hopes the hot-finishing Kim had had for a playoff after the Korean rolled in her own par-bid from 16 feet to cap a tournament-best 68 in a flight ahead.

“It was super hectic in the first nine. It was really off—my drives, irons, short game and putting. But then I told myself to like calm down and drink a lot of water. Then I hit back-to-back birdies from No. 10 and didn’t concede consecutive putts and saved up-and-downs,” said Malixi, whose closing 39-34 matched her first two cards at the dreaded, undulating par-71 course, which yielded just a single under-par card through all three days of unforgiving test of shotmaking, mental toughness and endurance.

“I was just glad that I was able to hold my head high and I was really patient and I think that’s the key,” Malixi added.

She totaled 219 and tied absentee Chanelle Avaricio’s three-title run (Hallow Ridge, Caliraya Springs and Pradera Verde) in the season she sparked with a surprise win over fancied Princess Superal in the kickoff leg at Luisita last March.

Kim fought back from seven shots down after 36 holes and a two-over 37 frontside card with an eagle on the par-5 No. 10 and three birdies in the next five holes to threaten with two strokes off Malixi, who also closed out the 2021 season with a victory at Midlands. But the Korean ran out of holes in her bid to mark her LPGT debut with a victory although she gained

one last crack at a playoff after Malixi’s first putt on the closing hole went past the hole.

With her 68, Kim snatched runner-up honors with a 221, completing a 1-2 finish by the amateurs in the 54-hole, P750,000 championship put up by ICTSI and organized by Pilipinas Golf Tournaments Inc.

Harmie Constantino let out a big yell after flubbing a curling, uphill par-bid from 10 feet on No. 18, ending up with a bogey for a 75 and missing to pocket the top P116,250 purse. She dropped to joint third instead at 224 with Sarah Ababa and amateur Mafy Singson, who closed out with 74 and 75, respectively.

A two-time LPGT winner, Constantino thus settled for a split of the combined first and second prizes with Ababa worth P198,750.

Though she conceded the top purse to Constantino and Ababa the way she did to Chihiro Ikeda in her 13-shot romp in Valley Ladies Challenge last month, the 15-year-old Malixi gained so much in terms of confidence with another sweep of the amateur and pro titles while building the needed momentum for her three-tournament sortie in Thailand beginning with the Thailand Amateur Open from October 18 to 21.

The spearhead of Team ICTSI is also set to vie in Thailand Junior World Championship from October 27 to 30 and the Women’s Asia Pacific Amateur Championship from November 3 to 6.

Malixi, who squandered the first round lead with a bogey-bogey finish for a 73 Tuesday, took command by

three with another two-over card at sundown in the second day but wobbled with a two-bogey miscue and one double bogey mishap after six holes of the final round.

That enabled Ababa to rally from four strokes down in a flight with Kim and amateur Laurea Duque with a brave two-birdie, two-bogey frontside 35 to catch Malixi at the helm. But the Davaoeña failed to match Malixi’s backside blitz, falling by three with a bogey on the par-3 No. 12 and never recovered.

But the two-time AJGA (American Junior Golf Association) winner found a late threat in Kim, who bounced back from a threebogey, one-birdie frontside with an eagle on the par-5 10th and birdies on Nos. 12, 14 and 15 to make it a pressure-packed finish.

Malixi, however, showed grace under pressure, coming through with a slew of pars, including that clutch final putt to squeak out the win that also proved special for Malixi, who became the youngest winner at 12 of the Philippine National Stroke Play Championship, formerly the Philippine Amateur Open, here in 2020.

Order of Merit frontrunner and two-leg winner Chihiro Ikeda recovered from a second round 80 with a 73 to grab solo sixth at 227 while Gretchen Villacencio and Apple Fudolin tied for seventh at 228 after matching 72s, 2021 Highlands leg champion Sunshine Baraquiel carded a 76 for ninth at 229 and Marvi Monsalve shot a 73 to salvage joint 10th at 230 with amateur Laurea Duque, who skied to a 79.

Bay Area Dragons eye 4th straight win in game vs FiberXers

Andrew Nicholson who will be tested by Hong Kong for four games before deciding which reinforcement the team will retain.

Powell, the former 6-foot2 former Philadelphia 76ers guard, has been a tremendous scorer with averages of 36.7 points per game highlighted by big performances against Blackwater, NorthPort and Phoenix Super LPG.

But Powell’s explosiveness will be tested by Converge’s defensive plays of coach Aldin Ayo—who is known for being a defensive-minded tactician since in his collegiate days.

Converge also has a former National Basketball Association

standout, 6-foot-10 Quincy Miller, who’s as impressive with norms of 38 points, 16 rebounds, 4.0 assists and 3.0 blocks in two games.

The FiberXers gave the Magnolia Hotshots a scare before absorbing a 105-109 defeat for a 1-1 record.  Winless Meralco and Terrafirma, meanwhile, clash at 3 p.m.

The Bolts’ Coach Norman Black expressed an urgency to get their first win in three games although it would be a bit difficult because Chris Newsome still has to sit the game out with a calf injury.

NBA standout Johnny O’ Bryant, who’s averaging 30.5 points, 19.0 rebounds and 4.5 assists in two games, is expected

to take charge for the Bolts.

Meralco suffered terrible beatings from Barangay Ginebra San Miguel, 91-99, and NorthPort, 95-101.

Terrafirma Coach John Cardel is hoping to end the team’s 19-game losing skid—including 0-3 this conference.

“All the games are very important and it’s good the players are not giving up,” Cardel said.

Fan who caught Aaron Judge’s 62nd HR offered $2M for ball

THE owner of a sports memorabilia auction house says he has offered $2 million to the fan who caught Aaron Judge’s American League (AL)-record 62nd home run.

JP Cohen, president of Memory Lane Inc. in Tustin, California, told The Associated Press on Wednesday that he has texted and e-mailed Cory Youmans, the man who caught Judge’s milestone shot Tuesday night at Globe Life Field in Arlington, Texas. Cohen says Youmans has not yet replied.

“I feel the offer is way above fair, if he is inclined to sell it,” Cohen said in a telephone interview with the AP on Wednesday.

Youmans grabbed the historic souvenir on the fly as it sailed into the

front row of section 31 in left field.

The homer pushed Judge past Roger Maris for the AL season record—a mark many consider baseball’s “clean” standard because the only National League players who hit more have been tarnished by ties to steroids.

Youmans, who is from Dallas, works in the financial world. He was asked Tuesday what he planned to do with the prize while security personnel whisked him away to have it authenticated.

“Good question. I haven’t thought about it,” he said.

The record price for a home run ball is $3 million, paid for Mark McGwire’s record 70th from the 1998 season.

Cohen had previously pledged to offer $2 million for Judge’s 62nd homer. He said his company has a

good relationship with the Yankees and it would be willing to loan the ball to the team for an exhibit.

He added the team has frequently exhibited items owned by Memory Lane at Yankee Stadium.

“We did make an offer of $2 million and that offer is still valid,” Cohen said. After the Yankees lost 3-2, Judge said he didn’t have possession of the home run ball.

“I don’t know where it’s at,” he said. “We’ll see what happens with that. It would be great to get it back, but that’s a souvenir for a fan. He made a great catch out there, and they’ve got every right to it.”

Youmans was among the crowd of 38,832, the largest to watch a baseball game at the 3-year-old ballpark. AP

Pirates-Bombers match battle of hottest teams in ‘NC’ hoops

LYCEUM of the Philippines University and Jose Rizal University (JRU) clash in a duel of the hottest teams in the National Collegiate Athletic Association seniors basketball tournament at the Filoil EcoOil Centre Friday.

The Pirates are on a league-best fivegame winning run, while the Heavy Bombers are on a four-game roll.

The game is set at 3 p.m.

San Beda tries to get back on the winning track as it plays

Arellano University in the first game at 12 noon.

A win by the Pirates would give them a piece of the lead with the College of Saint Benilde Blazers on a 6-1 won-lost record.

Lyceum is coming off its biggest win of the season—82-75 over defending champion Letran.

The Pirates have yet to drop a game since opening their campaign with a 69-86 loss to the Blazers.

After a 0-2 start, JRU went on a tear and zoomed into the top four with the Bombers coming off an 8380 conquest of the Red Lions, tying their victims at 4-2 in third place.

With a talented mix of young guns in Mac Guadaña, John Barba and Gyle Montaño and veterans in Renzo Navarro and Enoch Valdez, JRU is bracing for a tough battle with Lyceum.

“The defense is there already. What we need to work on is our combinations,” Bombers Coach Louie Gonzalez said. “That way I can see who’ll be the next man up Agem Miranda, Joshua Guiab, John Amores, William Sy and Ry dela Rosa are doing their respective roles for JRU, but Gonzalez is looking for other contributors from his usual rotation to keep the streak going.

The Chiefs are wary of a patented Red Lions fightback from a tough loss. They are currently tied with the University of Perpetual Help System Dalta Altas at 4-3.

FANS reach for a foul ball by New York Yankees’ Aaron Judge during the second inning in their doubleheader against the Texas Rangers in Arlington, Texas, Tuesday. AP

SCORING machine Myles Blake Powell aims for another stellar play for the visiting team from Hong Kong.

RIANNE MALIXI doesn’t know how to give up as she runs away with a two-shot victory. ROY DOMINGO

Motoring

Biggerand Betterisuzu sanPaBlooPeningsoon

more than twenty successful years of operation, Isuzu Gencars, Inc. is soon relocating its San Pablo dealership to a new location.

The company’s third outlet, which start ed operation in June 2001, formally broke ground at the new site to service the growing business in the region. Along with its existing dealerships in Sta. Rosa, Laguna and Batangas City, the upcoming bigger and better facility, will further sustain the expansion of Isuzu’s presence in the Southern Tagalog region.

None other than Isuzu Gencars, Inc. Chairman and CEO D. Edgard A. Cabangon graced the groundbreaking ceremony. “This development is a step towards the realiza

tion of our promise to adapt the Isuzu Outlet Standard throughout the Gencars network of dealerships. We purchased this property, which has a total area of one hectare, to be the site of the new Isuzu San Pablo, which will occupy 7,220.23 sq.m of the property. When it opens, it will feature a beautiful fa çade, an elegant showroom, and a cozy cus tomer lounge, which are all in line with the IOS design philosophy.”

The new and upcoming San Pablo outlet will feature Isuzu’s IOS dealership design

guidelines. Aside from the more streamlined façade and interior designs, the fresh look gives importance not only in terms of aes thetics but also to smoother business opera tions and overall customer journey—from inquiry, sales, after-sales service, and, more

importantly, repeat business. “Likewise, with this upgrade, we hope to give our clients the best experience every time they step into our dealership. Whether they are looking for their next vehicle or seeking services for their cars, we want them to be

Formula One is addicting, indeed

comfortable and feel cared for during their time here,” Cabangon added.

Also present during the groundbreaking ceremony were Isuzu Philippines Corp. (IPC) executives led by no less than its president Noboru Murakami. During the formality, he shared, “With the strategic location of the new site, we continue to have high hopes for Isuzu San Pablo, and we are confident that you will not only continue to uphold Isuzu’s endeavor of providing the best business and transport solutions, but also our Road to Progress vi sion.” Considering the growth potential of the San Pablo, Laguna market, Gencars has made the perfect decision to relocate to a bigger and better location and to adopt the new IOS to provide an even better customer experience to more Filipinos.

Moreover, the bigger Isuzu San Pablo dealership will house a showroom area that can accommodate six display units and a spacious service center capable of catering to up to eight light commercial vehicles and four trucks.

Cabangon also took the time to express his appreciation to all the guests. “To Mr. Murakami and the entire IPC team, I would like to extend my sincerest gratitude for your continued support, especially for always join ing us in celebrating important milestones. We truly appreciate your efforts in showing us that the Gencars Group is an important part of the Isuzu family.”

“Lastly, I would like to thank the diligent officers and staff of Gencars, and our trusted partner in this project, RDB Tecson and As sociates, headed by Architect Rafael D. Tec son. We know that this project is in capable hands,” Cabangon concluded.

For her part, Isuzu Gencars, Inc. Presi dent Lerma Nacnac stated the 21-year pres ence Isuzu San Pablo had as a trusted part ner in mobility by the people in the covered region. “With this major change, and with the implementation of the IOS, we hope to improve further the services that we give to our clients in the area. Likewise, we aim to achieve total customer satisfaction and to give our valued clients a wonderful experi ence every time they visit the new Isuzu San Pablo dealership. Of course, this development would not be possible without the support of Isuzu Philippines Corp.”

pore Grand Prix 2022 has set a new record for the highest attendance ever in its 13-year history.

“After a two-year absence due to the global 2019 pandemic, the Marina Bay Street Circuit welcomed a sold-out record crowd of 302,000 over three days from all over the world, in cluding Australia, the United Kingdom, In donesia, Netherlands and the USA.

NOT known to many is the fact that Presi dent Marcos Jr. has been a Formula One fan for the longest time.

I’ve discovered it more than a decade ago.

I was in the same plane with him on my way back to Manila from the Singapore Grand Prix in 2009, the year that the island nation had its inaugural F1, the first and only night race of the yearly circuit ran across the globe.

At one point during the flight, the PAL stewardess had to remind, in a most cor dial manner, the President’s all-male group seated at the back to remain calm and quiet as some passengers had complained of their rowdiness.

Thankfully, they obliged.

The President is in the news again for his trip last weekend to Singapore to watch the GP—a proof once more that, truly, the For mula One is addicting.

I had been to several F1 races, including the Shanghai GP and the inaugural Malay sian GP in Kuala Lumpur where I was in the same hospitality lounge with Princess Anne, the daughter of the late Queen Elizabeth II, atop the exclusive Paddock Area. An experi ence of a lifetime, indeed.

I heard that the Chief Executive is a Ferrari fan. He must have relished seeing Ferrari’s

Charles Leclerc giving Sergio Perez a stiff challenge before the Red Bull bet won by 7.5 seconds over Leclerc—the merry Mexican becoming the 58th winner to lead from start to finish. Leclerc was the 57th to do it—in Australia early this year.

In finishing second in Singapore ahead of teammate Carlos Sainz of Spain, Leclerc achieved his second straight runner-up fin ish in the gruelling 61-lap run even as Perez, bucking a five-second penalty for a Safety Car infraction, also became the first winner of both street races in Singapore and Monaco this year since Sebastian Vettel did the trick in 2011.

To win, Perez, in second grid, overtook Leclerc at the first turn in a brilliant maneu ver to the roar of a record crowd of more than 300,000.

Vettel, in his farewell GP appearance this year, ended up eighth behind championship leader Max Verstappen, the Red Bull top gun out to cement his hold of the lead with a vic tory in the Japan F1 on October 7-9 in Suzuka.

Will Mr. Marcos Jr. be there again? Aban gan!

And while we are at it, here’s an abridged report on the Singapore Formula One.

“The Formula 1 Singapore Airlines Singa

“‘It is wonderful to welcome fans back to the Marina Bay Street Circuit. The return of Formula 1 was highly anticipated, with tickets snapped up within hours of the launch ear lier this year. From the time we announced our contract renewal at the end of January, we have had several months of intense plan ning to put together a mega show to signal our return in a big way. In addition to the race action, we have curated an exciting range of entertainment, interactive and gastronomic experiences for the fan zones, as well as in troduced new grandstands and hospitality facilities,’ said Colin Syn, Deputy Chairman of Singapore GP Pte Ltd.

“Fans were treated to an entertainment line-up that included Marshmello, Westlife, Black Eyed Peas, Suede and TLC.”

Every Grand Prix has that fiesta atmo sphere, indeed.

PEE STOP

Deepest condolences to the loved ones of Joe Antonio, the sports editor for almost 37 years of the People’s Journal, especially to his comely wife Lita and their only child, Steve Ovett; Steve’s wife and two kids. Joe would usually bring me a sack of milagrosa, the best rice variety ever from his hometown Cabiao, Nueva Ecija, “whether the harvest is good or not.” Rest well, Joe. You will be missed.

(From

Vice President Shojiro Sakoda, IPC

murakami, Isuzu Gencars,

Chairman and CEo D. Edgard A. Cabangon, Isuzu Gencars, Inc.

Lerma Nacnac, and Special Assistant

the President Giannina Cabangon