BusinessMirror October 17, 2023 by BusinessMirror

TC to hear lower tariff bid on rice, corn, pork By Jasper Emmanuel Y. Arcalas

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HE Tariff Commission (TC) will conduct a public hearing next week regarding the proposed extension of lower tariff rates on rice, corn and pork by the Marcos Jr. administration’s economic development group. The Samahan Industriya ng Agrikultura (Sinag), however, argued that any new tariff reduction proposals on agricultural commodities must be “rejected outright” since the country is not suffering from any shortfall of food supply, citing the Department of Agriculture (DA). “Without the political pressure coming from the economic managers, we commend the Department of Agriculture in finally admitting that the country has sufficient stocks of rice, pork and egg, until the first quarter of next year, even with limited importation,” the group said

in a statement on Monday. “Any new proposal for tariff reduction on rice, pork and other agricultural products should therefore be rejected outright on the grounds that there is no shortage, coming no less from the DA,” it added. The TC issued recently its notice of public hearing on the possible extension of the reduced most favored nation (MFN) of the three agricultural commodities stipulated under Marcos’s Executive Order (EO) 10. The public hearing is set on October 23 and will be conducted via videoconferencing from 1:00 p.m. to 4:30 p.m. “Interested parties shall be afforded the opportunity to be present and present evidence in support of their position/s relative to the MFN tariff rates of subject articles,” the TC said in its notice, adding that parties must submit their presentation slides to the agency on or before October 20. The conduct

of the public hearing is part of the prevailing laws and regulations on tariff modifications. The President of the country may modify tariff rates when Congress is not in session, as stipulated under Section 1608 or the so-called Flexible Clause of the Customs Modernization and Tariff Act. However, in order for the President to exercise the power to modify tariff rates, due process must be observed, which involves the TC conducting a public hearing as the first step. Under the Flexible Clause, the TC must conduct a public hearing on any proposed tariff modifications and it is expected to submit its findings and recommendations to its mother agency, the National Economic and Development Authority (Neda), within 30 days after its public hearing. See “TC,” A2

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AUG REMITTANCES RISE

2.7%; 8-MO TOTAL $21.58B C By Cai U. Ordinario

@caiordinario

ASH remittances sent from Filipinos abroad exceeded expectations as inflows from the country’s modernday heroes grew 2.7 percent in August, according to data from the Bangko Sentral ng Pilipinas (BSP). The BSP said cash remittances sent through banks reached $2.8 billion, higher than the $2.72 billion in the same month the previous year. In the January to August period this year, cash remittances amounted to $21.58 billion, marking a 2.8-percent increase from the $20.99 billion in the same 8-month period a year ago. “We observe that despite our subdued forecasts, actual remit-

tances growth seem to outperform our expectations,” Unionbank Chief Economist Ruben Carlo Asuncion told BusinessMirror. Asuncion said they initially expected only a growth of 0.7 percent in cash remittances for August. Their estimate for July was “actually negative.” “But, 2.6 percent and 2.7 percent [were the] actual [numbers] for both July and August, respectively.” See “Remittances,” A2

DISASTERS COST FARM SECTOR $23-B DAMAGE IN 30 YRS–FAO

YPHOONS and other disasters cost Philippine agriculture at least $23 billion in damages in the past three decades, according to the latest report published by the Food and Agriculture Organization (FAO). This was part of the findings of the FAO’s report titled, “The Impact of Disasters on Agriculture and Food Security 2023,” its first-ever global estimation of the impact of disasters on agriculture. FAO said the estimate covered 565 disasters that hit the country since 1990. The report said 85 percent of the sources of the country’s production are susceptible to disasters, and 50 percent of the country’s territory is also considered economically at risk. “Coastal communities, especially small-scale enterprising poor people, such as fishers and shellfish gatherers, are most vulnerable to coastal flooding, coastal erosion, and saltwater intrusion,” FAO said in its report. The estimate, FAO said, is only based on available data reflected in needs assessment reports which may not have reflected the impact on fisheries and aquaculture. FAO noted that the assess-

ments in the last five years for Typhoon Kammuri (Tisoy) in 2019; Typhoon Goni, 2020; and Typhoon Rai (Odette), 2021 were among these assessments. “While the assessments provide estimates for crop damages and losses, none or very few figures are reported for the fisheries and aquaculture sectors,” FAO said. Nonetheless, FAO said some information on fisheries was presented for Ty phoon R ai (Odette). This indicated the need to push for greater focus on the impact of these disasters on the sector. Based on this data, FAO said 2,126 fishers were affected by the loss of their produce estimated to be worth $3.5 million from seaweeds, milkfish, tilapia, and shrimp production, such as cages and ponds in three regions. FAO also noted that there was even more damage to the fisheries and aquaculture sectors, with losses amounting to P3.97 billion or $79.4 million. “For aquaculture and fisheries, fishers were unable to continue fishing after the typhoon as they lost their equipment and gear,” FAO said. See “Disasters,” A2

PANDESAL DAY Senator Cynthia Villar, chairman of the Senate Committee on Agriculture, Food and Agrarian Reform, takes the lead in distributing more than 100 thousand pieces of the breakfast staple pandesal. This initiative is part of the commemoration of World Pandesal Day, October 16, by the Pandesal Forum in Kamuning Bakery, Quezon City. Beyond being a simple bread roll, pandesal symbolizes unity, shared experiences and resilience in the face of economic challenges. NONOY LACZA

New rice varieties, tech will plug food shortage–Marcos By Samuel P. Medenilla @sam_medenilla

RESIDENT Ferdinand R. Marcos Jr. on Monday called for the development of more new rice varieties and technology to address the growing “existential threat” of food shortage. During the 6th International Rice Congress (IRC) at the Philippine International Convention Center in Pasay City, the chief executive stressed the crucial role of the innovations to help boost rice production even during calamitous events like El Niño. “W henever we find ourselves in a situation where the supply of rice is threatened, this is almost an existential prob-

lem that ordinar y people feel,” Marcos said. He urged other government agencies and the private sector to collaborate with the Lagunabased International Rice Research Institute (IRRI) to develop such new solutions and mechanisms for such a crisis. Among the new technologies from IRRI is the ultra-low glycaemic index rice, which was presented to the President during the IRC, to help curb rising diabetes globally. He said he hopes the IRC will help create more similar innovations, which can be rolled out to benefit not only consumers but also farmers. See “Rice,” A2

PESO EXCHANGE RATES n US 56.8210 n JAPAN 0.3802 n UK 69.0375 n HK 7.2617 n CHINA 7.7791 n SINGAPORE 41.4782 n AUSTRALIA 35.8086 n EU 59.7927 n KOREA 0.0420 n SAUDI ARABIA 15.1494 Source: BSP (October 16, 2023)

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A2 Tuesday, October 17, 2023

‘Best Cruise Destination’ award for Asia goes to PHL

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

HE Philippines was named Asia’s Best Cruise Destination for 2023 at the 3rd World Cruise Awards in Dubai. This is the first time the country received this recognition, further enhancing its reputation as a favorable destination in the Asian cruise industry. The award was handed out in a gala affair on Sunday, with the Philippines beating out other nominees such as India, Japan, Singapore, South Korea, Sri Lanka, Taiwan, Thailand, and Vietnam, according to the awards’ web site. Abu Dhabi snagged the award for The World’s Best Cruise Destination 2023, a category in which the Philippines was also nominated. The World Cruise Awards is a sister-event of the World Tourism Awards. In a news statement, Tourism Secretary Christina Garcia Frasco thanked tourism stakehold-

ers for their continued efforts at recovering the industry’s prepandemic gains and their continued collaboration with the government. “This prestigious award is not only a testament to the Philippines’s allure as a cruise destination, but also a validation of the collective dedication of the tourism industry and the Department of Tourism [DOT]. This augurs well for our strategic objective to equalize tourism development, as we put the spotlight on lesser-known destinations by expanding our cruise tourism portfolio,” she stressed.

‘Must-visit destination’

“WITH Boracay, Palawan, and Siargao hav ing recent ly gar-

n e r e d C o n d e N a s t Tr a v e l ’s B est Isl a nd s i n A si a Awa rd , the Philippines’ recognition as Asia’s Best Cruise Destination complements and reaffirms our status as a must-visit destinat ion for cr u ise ent husiasts,” she added. “ We are committed to maintain and enhance the Philippines’s standing as an outstanding cruise destination in Asia and the world,” she affirmed. Underscoring the viability of the Philippines as a major cruise destination in Asia, Norwegian Cruise Line (NCL) Vice President and Managing Director Ben Angell recently told the BusinessMirror, “With its archipelagic nature, the Philippines offers many beautiful ports, and we relish the opportunity to showcase them to our guests.” NCL, which snagged the award for World’s Best Cruise Line 2023 at the same event, has included three new Philippine destinations in its cruise itineraries —Boracay, Puerto Princesa, and Salomague in Ilocos Sur. (See, Norwegian Cruise Line includes 3 new PHL ports on cruise itineraries,” in the BusinessMirror, October 12, 2023.) Data provided by the Department of Tourism (DOT) as of Oc-

tober 11 showed the country is supposed to receive 128 cruise calls across 33 inter-island destinations this year. The cruise ships are projected to bring in close to 50,000 passengers and some 16,000 crew members.

Other regional cruise awardees

AMONG the arriving cruise ships are the Seaborne Encore, Silver Shadow, MSC Poesia, Queen Elizabeth, Norwegian Jewel, Coral Adventure, MS Seven Seas Explorer, MS Star Breeze, Silver Whisper, Oceania Cruises, Aidabella, and the Blue Dream Cruise, which earlier made its maiden voyage to the Philippines this month. Meanwhile, other countries that bagged best cruise destination awards in their respective regions were Mozambique (Africa), Jamaica (Caribbean), Madeira in Portugal (Europe), Mauritius (Indian Ocean), Mexico (Latin America), Abu Dhabi (Middle East), Alaska (North America), and Fiji (Oceania). Other regional awards for Asia were handed out to Silversea, for Asia’s Best Cruise Line; Marina Bay Cruise Center Singapore (Best Cruise Terminal); Cruise Arena (Best Cruise Travel Agency); with several others granted to river cruises and its stakeholders.

Costlier... Continued from A16

Sebastian attributed the higher sufficiency level to better productivity this year due to the “interventions” made by the national government amid a declining costs of inputs. Sebastian added that the goal of the Marcos Jr. administration of hitting the 97 percent rice selfsufficiency is attainable using the production-versus-demand formula. “What we are after is higher production locally vis-a-vis local demand. That is why that is the formula we are using. if we will use that, we will have a higher sufficiency level,” he added. In a separate interview, Agriculture Assistant Secretary Arnel V. De Mesa said the country’s rice self-sufficiency would improve this year due to higher yield and bigger harvest area driven by lower costs of inputs. “We do not expect in a few years to reach 100 percent [rice self-sufficiency]. The target of the government is to go near 95 percent to 97 percent in the coming years,” De Mesa said. Jasper Emmanuel Y. Arcalas

Rice...

Continued from A1

“The discoveries in this Congress will pave the way for greater strides in the rice industry in the Philippines and across the globe. I look forward to seeing the innovations to be discussed in this Congress come to life, including the ultra-low GI rice, in the near future,” Marcos said. He noted the country’s hosting of the IRC comes at an opportune time as the “government compare and reevaluate policies, discuss ideas for enhancing global rice value chains, and introduce better practices and technologies.” “We need all of these to sustain our growth,” Marcos said. BusinessMirror reported last week data from the Philippine Statistics Authority (PSA), which showed the country’s self-sufficiency ratio for rice in 2022 dropped to 77 percent—the lowest in 24 years or since 1998.

www.businessmirror.com.ph

Remittances...

Continued from A1

He also said remittances may continue to increase despite the Israel conflict, especially if it continues to be a “confined war.” However, the moment the war spills over to other countries, particularly in the Middle East, this could threaten remittance inflows. “In a confined war [Israel vs Hamas only], it would be very minimal. In a spillover war, it may look different because it may include other ME [Middle East] players. But, the likelihood of this happening is very small at this point,” Asuncion said. Institute for Migration and Development Issues (IMDI) Executive Director Jeremaiah M. Opiniano told BusinessMirror that remittances in 2022 indicated OFWs were sending more compared to the prepandemic period. Based on his estimates, Opiniano said there were 2.18 million OFWs deployed and they sent home some P210.4 billion or an average of P106 million. However, in 2022, there were fewer OFWs at 1.96 million who sent home P197.47 billion worth of remittances or an average of P111,000, higher than 2019. “Does the situation mean that OFWs have to work harder now and send more money? We understand that they’re trying to recoup lost incomes from the past three years,” Opiniano said. “We worry, though [for] their overall well-being, even as the world still feels traces of how the pandemic affected our lives in many ways,” he added. Opiniano said this will have an impact on the welfare of OFWs abroad especially with Covid-19 still a health threat, especially for persons with weak immune systems, despite vaccination. Another threat is the IsraelPalestine conflict. Opiniano said

Disasters...

“remittances and internet services may have been cut off given the spate of bombings across Israel and Palestine.” As OFWs will continue sending remittances, even at the risk of reducing their expenses to protect themselves and ensure their safety, Opiniano said more needs to be done to help the country’s modern heroes. “Government, therefore may have to be alert in providing social protection services to OFWs,” Opiniano said. “We can only hope that ongoing evacuation efforts in Gaza Strip-Egypt border lead to a safe return by Filipinos from Palestine. We also pray for those who died and [were] hurt from the ongoing conflict.” Based on BSP data, the growth in cash remittances from the United States, Saudi Arabia and Singapore contributed mainly to the increase in remittances in the first eight months of 2023. In terms of the countries where these remittances originate, the US had the highest share of overall remittances during the period, followed by Singapore and Saudi Arabia. Meanwhile, personal remittances from Overseas Filipinos (OFs) increased by 2.8 percent to reach $3.10 billion in August 2023 from $3.02 billion in the same month of the previous year. The growth in personal remittances in August 2023 was driven by increased remittances from landbased workers with work contracts of one year or more; and sea- and land-based workers with work contracts of less than one year. Similarly, the total amount of personal remittances from OFs in the first eight months of 2023 reached $24.01 billion. This represents a 2.9-percent increase from the $23.34 billion in the same period in 2022.

Continued from A1

Other disasters, such as animal diseases, also affect the production and income of farmers. FAO estimated that the outbreaks of the African Swine Fever (ASF) in 2020 cost the Philippines $194 million to as much as $507 million alone. FAO noted that ASF in the Philippines initially affected 10 provinces in 2019. However, by the end of 2020, the disease had spread to a total of 32 provinces. The cost per pig lost due to ASF in 2019 was $281. FAO said this estimate can be used to assess the cost of ASF outbreaks in 2020. “The approximate cost of the ASF outbreaks in 2020 in the Philippines was between $194 million and 507 million, 3.3 to 8.7 times higher than the cost in 2019. The high cost is unsurprising considering the large geographical spread in 2020,” FAO said. “In Viet Nam and the Philippines, the estimated losses were mainly due to domestic pigs and to national costs versus in Germany, where the outbreak was in wild boars and due to the loss in the export market,” it added. The FAO said globally, over the last 30 years, an estimated $3.8

TC...

trillion worth of crops and livestock production has been lost due to disaster events. This corresponded to an average loss of $123 billion per year or 5 percent of annual global agricultural GDP. The report reveals that over the last three decades, disasters —defined as serious disruptions to the functioning of a community or society—inf licted the highest relative losses on lower and lower middle-income countries, up to 15 percent of their total agricultural GDP. Disasters also had a significant impact on Small Island Developing States (SIDS), causing them to lose nearly 7 percent of their agricultural GDP. The report noted that the figure may be higher if systematic data on losses in the fisheries and aquaculture and forestry subsectors were available. The report stressed the need for urgently improving data and information on the impact of disasters on all subsectors of agriculture to create data systems that can serve as the foundation upon which effective action can be built and informed.Cai U. Ordinario

Continued from A1

In turn, the Neda shall make the necessary tariff-related recommendations to the President. The President, in his capacity, may accept or reject any proposals made by the Neda. Last month, Marcos formally rejected the proposal to further reduce rice tariffs, currently at 35 percent under EO 10. Marcos made the rejection a day before the TC submitted its formal recommendations to Neda. The lower tariff rates on rice, corn and pork will expire by the end of the year and shall revert to their regular levels starting January 1, 2024.

Under EO 10, the tariffs on rice were lowered to 35 percent regardless of wheher the volume is within or outside the country’s quota from the regular 40 percent (in-quota) and 50 percent (outquota) rates. For pork, the tariffs are currently at 15 percent and 25 percent for in-quota and out-quota imports, respectively. The regular rates for imported pork are 30 percent for inquota and 40 percent for out-quota. Meanwhile, corn tariffs were slashed to 5 percent (from 35 percent) for in-quota imports and 15 percent (from 50 percent) for outquota volume.

Tuesday, October 17, 2023

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

Malaya: PHL to carry on with RORE missions to WPS outposts despite Chinese belligerence By Rex Anthony Naval

HE Philippines remains undeterred and will continue to resupply its detachments, which are standing watch over the West Philippine Sea (WPS). Nat iona l Sec u r it y Cou nc i l (NSC) Assistant Director General Jonathan Malaya made this comment in wake of the Thursday,

October 13, Chinese harassment of Philippine Navy (PN) ship, BRP Benguet, while en route to a routine resupply mission to Rizal Reef.

Congress to tweak laws needed to expedite AFP modernization

ONGRESS has vowed to amend the laws for the Armed Forces of the Philippines (A FP) moder nization and procurement, along with the country’s Self-Reliant Defense Program (SRDP), Department of National Defense (DND) Secretary Gilberto C. Teodoro Jr. said over the weekend. “I am happy to report that the Congress has promised us two things: the amendment of the modernization law and the procurement law of the Armed Forces,” he added. Teodoro made this comment during the signing of the memorandum of agreement (MOA) for the land swapping of properties within the AFP Visayas Comma nd ( Viscom), Ca mp L apuLapu, Barangay Apas, Cebu City on October 12. Observers said there is a need

to amend these laws to expedite the ongoing AFP Modernization Program. And on the SRDP, Teodoro said this will be beefed up via government investment or partnership with local defense manufacturers. “Number two, the strengthening of our self-reliant defense program or posture. That means to say, we will be able to invest long-term as equity partners or as purchasers for locally manufactured defense goods and equipment,” he added. T he DND chief said that the proposed amendments are not only env isioned to fortif y the countr y’s defense capabilities but also to reinv igorate economic growth and development of industries. He urged the legislators to expedite the legislative process of the amendments. Rex Anthony Naval

Senators press urgent action amid rise in hacking incidents By Butch Fernandez @butchfBM

ENATOR Grace Poe on Monday pressed for quick, decisive action from authorities to put a stop to the alarming hacking spree targeting government agencies, compromising the personal data of millions and jeopardizing public service. Poe prodded concerned agencies led by the Department of Information, Communication and Technology (DICT) to promptly deal with the problem. “The DICT and concerned agencies must put a halt to what is turning out to be a hacking spree of government websites,” she stressed, reminding, “at stake are not only important government records, but sensitive data that could compromise the country’s security.” Poe pointed out “data breaches also jeopardize personal information of the people,

whose own accounts may be subjected to hacking or unwanted exposures.” For her part, Deputy Minority Leader Risa Hontiveros filed Senate Resolution 829, calling for the appropriate committee to conduct an investigation in aid of legislation “into the troubling series of hacking and data breach incidents involving government agencies, the sufficiency of prevailing cybersecurity measures in government, and government preparedness for malicious cyberattacks.” The latest victim of hacking is the House of Representatives website, which officials discovered defaced on Sunday morning. Before that, the PhilHealth was victim of a massive theft of personal data of millions of members, whose data was offered for sale on the dark web. After PhilHealth, the Philippine Statistics Authority also reported falling victim to hackers.

“We will just continue to do what we are supposed to be doing, which is implementing the 2016 Arbitral Award [and we will be doing that] by exercising our sovereign rights, so our resupply mission will continue whether it is in Ayungin Shoal or Rizal Reef,” he said in a mix of Filipino and English during an interview with “Bagong Pilipinas Ngayon” Monday. Malaya said that PN will never be deterred by these Chinese harassments and will continue to do what it is necessary to resupply Filipino troops in the WPS.

“We will continue to resupply our people and we will continue to support our fishermen in fishing in the WPS,” he added. Aside from this, Malaya said the Philippines will continue to conduct maritime and sovereignty patrols in the WPS to assert Philippine national interest. Armed Forces of the Philippines (AFP) chief Gen. Romeo Brawner Jr. earlier urged China to stop its vessels’ dangerous maneuvering versus Filipino ships in the WPS as this could endanger military personnel on both sides. “These dangerous and offensive

House to former president Duterte: Be cautious, reasonable in your criticisms

TRONGLY backing Speaker Ferdinand Martin G. Romualdez’s stand, lawmakers on Monday said threats and intimidations against legislators will not achieve the desired effect if the goal is to reconsider the House’s decision to realign some P1.23 billion in confidential funds in the 2024 national budget. House Deputy Majority Leader and Quezon City 3rd District Rep. Franz Pumaren made this statement in response to the recent attacks by former president Rodrigo Duterte against the chamber for redistributing the confidential funds sought by his daughter, now Vice President and Education Secretary Sara DuterteCarpio, to national security agencies. “As the good former president should know, we, as lawmakers duly elected by our respective constituents to represent their interests, do not respond well to threats and intimidation. If his allegations have bases, then he should go to the proper channels and file charges,” Pumaren said. “But to insinuate bodily harm or even the murder of a member of the House of Representatives, this has gone too far. We urge the former president to be cautious and reasonable in his criticisms. There are more peaceful and effective ways to send his message through,” Pumaren added. In defending the confidential funds sought for by his daughter, the Vice President, ex-president Duterte made insinuations that the House of Representatives has a hidden “pork barrel,” a controversial practice that has already been prohibited by practice and by law. He also said the Commission on Audit should take a look into the use of funds by the House. “We implore the good former president to seek the path of peaceful resolution instead of engaging

in threats and intimidation. We should unite, not divide. We are not going to be good examples to the people if we give in to these bickering,” Pumaren said. “The decision to realign the Vice President’s confidential funds is nothing personal, as several other agencies also faced the same redistribution. If the former president thinks this is wrong, our doors are always open in the House of Representatives for dialogue,” he said. Meanwhile, the Partylist Coalition Foundation Inc. (PCFI), headed by Ako Bicol Rep. Elizaldy Co, acknowledged and expressed its “gratitude for the exemplary leadership of Speaker Ferdinand Martin Romualdez in the House of Representatives.” “Foremost is our sincere appreciation for his defense of the institution, ensuring the rightful representation of 300 legislators as mandated by the Constitution. Under Speaker Romualdez’s guidance and inspiration, the House has achieved the highest approval rating in its history, transforming it into one of the nation’s most respectable institutions,” he said. According to Co, among Romualdez’s extraordinary actions was the transfer of confidential funds from several civilian agencies to bolster the protection of the West Philippine Sea (WPS). “This decision showcases his prudent and thoughtful approach, echoing our commitment as representatives to listen and respond to the voices of our kababayan,” he said. “Because of all these and more, the PCFI reaffirms its support for Speaker Romualdez’s continued leadership. We recognize and commend his experience and foresight in making judicious decisions that enable the House of Representatives to be in line with the aspirations of our people. Speaker Ro-

Coast Guard recovers rammed fishing boat

HE fishing banca, F/Bca Dearyn, which capsized after being rammed by an unidentified foreign commercial last October 2 off Agno, Pangasinan was successfully recovered over the weekend. “In response to the President’s Directive for the Philippine Coast Guard [PCG] to conduct investigation into the collision incident involving F/Bca Dearyn and an unidentified foreign vessel last 02 0420H October 2023, the Task Force Kaligtasan sa Karagatan (TF KsK) headed by Coast Guard Vice Admiral Joseph Coyme, who also is the head of the PCG Fact-Finding Com-

mittee, spearheaded the retrieval operations of F/Bca Dearyn,” PCG said in a statement Monday. Shortly after the mishap, the PCG Maritime Safety Services Command (MSSC) through the Maritime Casualty Investigation Service (MCIT) conducted a maritime casualty investigation. “Upon documenting the accounts of the survivors, CG [Coast Guard] Admiral Artemio Abu, Commandant, PCG issued a directive to conduct retrieval operations,” it noted. The PCG added that the retrieval operations were executed into three phases, namely, aerial survey, security and salvage operations.

maneuvers by China’s PLAN [People’s Liberation Army and Navy] not only risk collision but also directly endanger the lives of maritime personnel from both sides. The AFP remains committed to ensuring the safety of its personnel during RORE [rotation and resupply] missions and asserts that it will continue to adhere to the rules-based international order,” he added. Brawner said the potential for collision and accident at sea further highlights the urgency for China to uphold maritime safety standards.

“During the first phase, a PCG Cessna Caravan [PCG-2081], along with personnel from MCIS and the Coast Guard Public Affairs, conducted a maritime aerial survey on October 7, 2023, to confirm the location of F/Bca Dearyn,” it added. Once the location was confirmed, the PCG deployed the BRP Malapascua (MRRV-4403) on October 8 to the last known position of the ill-fated fishing boat, which was approximately 180 nautical miles from Agno, Pangasinan. “On October 9, 2023, BRP Malapascua located and secured the floating debris of F/Bca Dearyn, which was identified with SSEN Nr 00-0004252.

The boat was found capsized, with both outriggers detached and missing, and its fishing gear suspended in the water,” it added. The third phase involved salvage operations carried out by MTug Avior of Harbor Star Shipping, a certified salvor company, with four MSSC augmented personnel. “MTug Avior departed from the Port of Navotas on October 10, 2023, and rendezvoused with BRP Malapascua on October 11, 2023. They successfully towed F/Bca Dearyn, despite unfavorable sea conditions to Zambales, with BRP Malapascua providing security,” it added. “On October 14, 2023, Mtug Av-

mualdez has undeniably placed our institution on the right side of history,” said Co. Davao de Oro Rep. Maricar Zamora, vice chair of the House committee on appropriations, also expressed full support for Romualdez in light of recent attacks hurled by Duterte. She also defended the budget of the Department of Education (DepEd) and Office of the Vice President during House deliberations on the 2024 national budget. Recently, political leaders of the House of Representatives defended the institution from attacks from former president Duterte, saying the realignment of confidential funds was made for the benefit of the nation. The House of Representatives recently decided to divert some P1.23 billion in confidential funds from several government agencies to efforts to boost security in the WPS. Among the agencies that were stripped of confidential funds are the Office of the Vice President (P500 million) and the Department of Education (P150 million). The confidential funds were realigned, among others, to these government agencies: the National Intelligence Coordinating Agency (P300 million); the National Security Council (P100 million); the Philippine Coast Guard (P200 million); the Department of Transportation (P351 million); DepEd’s Government Assistance to Students and Teachers (P150 million); Department of Information and Communications Technology’s Cybercrime Prevention, Investigation, and Coordination program (P25 million); the Department of Foreign Affairs operations (P30 million); the Bureau of Fisheries and Aquatic Resources’ MOOE (P30 million); and the Office of the Ombudsman’s MOOE (P50.4 million). Jovee Marie N. Dela Cruz ior arrived in the vicinity waters of Masinloc, Zambales, and began the refloating [uprighting] of F/Bca Dearyn. It was successfully uprighted on the same day around 1934H. Subsequently, the MCIT conducted a post-structural assessment of the capsized F/Bca Dearyn on October 15, 2023,” the PCG said. It added that the recovery of the vessel is essential for the ongoing investigation by the PCG Fact-Finding Committee. The PCG said the Philippine National Police Crime Laboratory would then evaluate the physical evidence of the accident, including the scuffmarks, to help identify the vessel of interest responsible for the mishap that claimed the lives of three Filipino fishermen. Rex Anthony Naval

Metro transport strike fizzles out on day one– MMDA chief

HE transport strike staged by Malayang Alyansa ng Bus Employees at Laborers (Manibela) on Monday failed to paralyze public transportation operations in the metropolis, the Metropolitan Manila Development Authority (MMDA) reported. “Based on our monitoring as of 11 a.m., there was no major disruption of public transportation in Metro Manila,” said MMDA Acting Chairman Romando Artes during a news briefing at the MMDA Head Office in Pasig City. Transport group Manibela, headed by Mar Valbuena, is opposing LTFRB’s December 31 deadline for the franchise consolidation of traditional jeepneys as part of the Public Utility Vehicle Modernization Program (PUVMP). “Kung ang purpose ng strike ay i-paralyze ang public transportation, nabigo po sila. Pero kung ang purpose nila ay magpapansin, siguro nagtagumpay sila sa ganoong aspeto. Nabigyan siya ng airtime, na-interview siya,” Artes added. The MMDA chief noted that there were passenger buildup in some areas, which he categorically described as usual Monday morning foot traffic. Moreover, Artes refuted the claim of Valbuena that the government was intimidated by threats of strike, which prompted several local government units and learning establishments to suspend classes. Some LGUs and government offices offered free rides to ensure the strike will not inconvenience commuters. The National Capital Region Police (NCRPO), for its part, announced it deployed assorted vehicles to ferry commuters affected by Monday’s transport strike. NCRPO acting director Brig. Gen. Jose Melencio C. Nartatez said 19 vehicles consisting of 17 police trucks, two buses, and two patrol jeeps were deployed as early as 4 a.m. Aside from this, Nartatez also directed the five police districts under the NCRPO and Regional Mobile Force Battalion to also mobilize their transport assets to help public utility jeepney (PUJ) passengers affected by the strike. Around 88 assorted vehicles will be utilized for this purpose, he added. “If necessary, all vehicles for patrol operations on standby will also be utilized for the benefit of the public. This is alongside the vehicles to be provided by the local government units and other agencies during the said strike,” Nartatez said. Claudeth Mocon-Ciriaco and Rex Anthony Naval

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

Tuesday, October 17, 2023

DOE exec cites ‘game changers’ in PHL’s bid to boost RE devt By Lenie Lectura @llectura

N executive order meant to hasten the rollout of offshore wind (OSW) projects in the country and a smart green grid plan (SGGP) aimed at ensuring the seamless integration of additional renewable energy (RE) into the grid are the energy “game changers” of the Marcos administration. “The permitting and assurance of transmission are two big game changers for the industry. That is why we are hopeful that all of these projects are going to be realized on time,” said Department of Energy (DOE) Undersecretary Rowena Guevara during a Senate budget hearing. Executive Order (EO) 21 mandates a policy and administrative framework for the optimal development of OSW resources in the country through a clear and streamlined process and timelines that eliminate red tape, facilitate efficient permitting process and promote greater investment in OSW projects, which in return, would accelerate the RE capacity in the country from the current 22 capacity to 35 percent by 2030 and 50 percent by 2040. The Philippines Offshore Wind Roadmap launched last year showcases the country’s potential OSW resources estimated at 178 gigawatt hours (GW). To date, the DOE has awarded 79 OSW contracts with total potential capacity of 61.93 GW. These are spread mainly in north of Luzon, west of Metro Manila, north and south of Mindoro, Panay and Guimaras Strait. “Because of these new developments in new technology, what we need is facilitation of permitting. So, one of the things the President did was

sign EO 21 for OSW such that there’s a whole government approach to permitting,” Guevara said. The agency fully supports policies developing OSW, taking into account the streamlining and stricter timeframe set forth in the Energy Virtual One-Stop Shop law on processing and issuance of licenses and permits by concerned national and local government entities. “If an LGU does not act on the application, say for 10 days, the project will be deemed approved already. So, that’s also a very good game changer because the development of these RE projects will be fast tracked,” added the DOE official. The other game changer is the SGGP, which will serve as basis for the development of the Transmission Development Plan (TDP) of the National Grid Corporation of the Philippines (NGCP). “As part of the Philippine Energy Plan, DOE is formulating the Smart and Green Grid Plan, a strategic plan for our transmission system that incorporates accelerated RE development in the grid from 2025 to 2035. “NGCP will develop the implementation plan of the SGPP in the TDP and implement the TDP,” said Guevara when sought for comment. The idea is for DOE and the National Transmission Corp. (TransCo) to craft the SGGP before it is turned over to the NGCP. Thereafter, NGCP should formulate an implementation plan for the SGGP. During the hearing, Guevara said the agency has formed a dedicated team that will work on the transmission planning “to make sure that all of these renewables that we are coming up with are actually going to be connected.” The DOE, she added, is closely

working with NGCP, which holds the sole and exclusive concession and franchise for operating the Philippines’ transmission network, on this. The DOE and TransCo are targeting to release the detailed design of the SGGP in phases, starting next year while construction is targeted in 2025 to 2035. “Hopefully, we can complete that by end of this year and that will be published early next year. We are going to look at the specific locations,” DOE director for energy policy and planning bureau Michael Sinocruz separately said. The private sector, according to Energy Secretary Raphael Lotilla, plays a crucial role in boosting RE as the central pillars in achieving sustainable energy. The DOE, he said, is now in the process of conducting public consultations on the draft 2023-2050 Philippine Energy Plan (PEP), which aligns with the objectives outlined in the Philippine Development Plan (PDP) 2023-2028, setting the stage for the country’s strong economic recovery and social transformation. The cornerstone of the draft PEP hinges on the increased utilization and accelerated RE development. Recognizing the need to reinforce our climate actions and improve energy self-sufficiency, the Plan boldly sets forth an aggressive target of RE integration. “The Plan encourages the adoption of modern technologies, smart grid systems, and demand-side management to bring down overall energy consumption, lower greenhouse gas [GHG] emissions in various sectors and reduce energy intensity in the production of goods and services. This is not just part of our Plan as a direct reaction to the volatility of fuel prices, but it is the direction we must take as

a society,” Lotilla stressed. For NGCP’s part, the grid operator maintained that its TDP is compliant with the DOE’s RE targets. “ The annual TDP prepared by NGCP and presented to stakeholders in public consultations is aligned with the Department of Energy’s National Renewable Energy Program 2020-2040. This targets 50 percent integration of renewables in the grid’s installed capacity by 2040,” the NGCP said. However, integrating more RE into the grid will require more from the energy sector, including significant transmission backbone expansion. This will also require reinforcement in both policy and support infrastructure, NGCP stressed. “The ERC [Energy Regulatory Commission], among all agencies, will be centrally crucial to the success of all this. The DOE itself has recognized that transmission projects to support their recent off-shore wind projects have not been included in NGCP’s 5th regulatory period application with the ERC,” the company stated. The NGCP sought the government and regulator’s support in crafting policies and allowing it to have enough capital expenditure to fund the required projects to support RE. “Access to funding was never a problem for NGCP. External limitations, including regulatory caps on capital expenditures, protracted permitting processes by the local government units, and difficult rightsof-way procurement, have proven to be the primary roadblocks to project completion. If the ERC will allow us to spend the capital expenditures needed to support this laudable push towards green energy, we are very confident that NGCP will be able to deliver,” the company added.

THE CULTURE OF NETWORKING strategies. They track the success of their networking efforts, measure engagement, and adjust their approaches based on quantifiable results.

Adaptability and Continuous Learning:

n Networking culture encourages adaptability and a commitment to lifelong learning. Staying updated with industry trends and technological advancement is crucial for maintaining relevant connections.

Balancing Digital and In-Person Interactions: By Henry J. Schumacher

ETWORKING is so important for the future of leaders, of employees, innovators, and of people who want to create change. I enjoyed that Gen Z’s style of professional networking is more casual, relational, and global than previous generations, focusing on skill sets rather than job positions. That’s helping young workers build networks quickly and with little pressure...and, by design, it may actually help more workers find the job position of their dreams.

Small talk updates

GEN Z is remaking networking for the digital age. Here are some trends: n Young workers are focused more on peer-to-peer networking than peer-to-mentor networking, opting to make “internet friends” who can grow professionally alongside them. n Professional networking follows the same rules as social networking—a mix of informal engagement with posts and content creation and sliding into those DMs. n Networking is now borderless and not bound by time zones, thanks to the rise of digital communication and global social platforms. But one of the biggest changes is that Gen Z is networking constantly, as opposed to just in between jobs or when someone is looking to make a job move. It’s a daily practice. That’s backed up by LinkedIn data, with the company’s director of corporate communications, Suzi Owens, sharing that Gen Z grows their networks 28.7 percent faster than millennials and 54.7 percent faster than Gen X. In other words, the generation is really good at managing messages. While it is interested to look at the networking culture of GenZ, it is also essential to focus on other essential networking activities:

Data-Driven Networking

n Professionals are using data and analytics to inform their networking

n Striking a balance between online and in-person networking has become important. While digital platforms offer convenience and reach, face-to-face interactions provide a depth of connection that is hard to replace virtually.

Inclusive Networking Spaces:

n There is a growing recognition of the importance of creating inclusive spaces where professionals from different backgrounds, genders, ethnicities, and cultures can connect and thrive together.

Focus on Skill-Based Networking

n Networking is not only about exchanging business cards or contacts, but also about sharing knowledge and skills. Professionals seek to connect with others who can offer unique insights, expertise, or collaborative opportunities.

Informal Networking Opportunities:

n Formal networking events are supplemented by informal gatherings, such as meetups, workshops, and social events. These provide more relaxed environments for building relationships.

Mentorship and Reverse Mentorship:

n Mentorship has become a key component of networking, with experience professionals offering guidance to younger or less experienced individuals. Additionally, reverse mentorship has gained traction, where younger professionals bring fresh perspectives to their senior counterparts. These culture changes in networking reflect the dynamic nature of professional relationships and the evolving expectations of professionals in today’s interconnected world. Embracing these shifts can lead to more meaningful and fruitful networking experiences. If I look at my professional life, networking has been the driver to succeed. I wish you the same. I look forward to your comments; contact me at hjschumacher59@gmail.com

News BusinessMirror

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

Gasoline prices up as diesel, kerosene dip OIL firms announced Monday a price rollback for diesel and kerosene while gasoline prices will go up. Starting Tuesday morning, diesel and kerosene prices will be slashed by P0.95 per liter. The per liter price of gasoline, meanwhile, will increase by P0.55 per liter. In separate advisories, Petron, Seaoil, Shell, Caltex, Unioil, Total, PTT, Phoenix, and Jetti announced they would implement their respective price adjustments at 6 a.m. of Tuesday, October 17. Other oil firms are expected to follow suit. Cleanfuel said it would adjust its prices at 4:01 p.m. Last week, oil companies implemented a decrease of P3.05/liter for gasoline, P2.45/liter for diesel and P3.00/liter for kerosene. These price adjustments resulted in a year-to-date net increase of P12.25/liter for gasoline, P11.35/liter diesel and P5.94/liter for kerosene. The price adjustments are necessary to reflect movements in the world oil market. Based on DOE’s monitoring, last week’s trading level went down amid rising concerns on high interest rates, among others, that led to a drop in global fuel demand. The agency, however, reminded the public to manage their expectations that the trend for oil prices will continue to go down, saying the world oil prices are volatile. The DOE is hopeful that the IsraelHamas conflict will not affect local pump prices. While the Philippines does not source its petroleum products from Israel, there is still a possibility that the attacks in Israel could worsen and possibly affect nearby countries, which are the biggest oil producers in the world. “We do not expect any long-term effects brought about by what is happening in Israel today unless the situation escalates. We do not source from Israel but the nearby countries are where most of the crude comes from. Iran is not only one of the biggest oil producers. US and Saudi are also big producers so if the tension in Israel escalates it will have an affect because fear and market uncertainty can drive prices up,” Rodela Romero, Director for DOE-Oil Industry Management Bureau earlier said. Lenie Lectura

Tuesday, October 17, 2023

PBBM to attend Asean-GCC Summit in Saudi this week By Samuel P. Medenilla

@sam_medenilla

RESIDENT Ferdinand R. Marcos Jr. will hold bilateral talks with the Kingdom of Saudi Arabia (KSA) and Bahrain during his participation in the first Asean and Gulf Cooperation Countries (GCC) Summit this week.

At a news briefing in Malacañang on Monday, the Department of Foreign Affairs (DFA) disclosed that the President would leave for Riyadh, KSA on Thursday to attend the summit on October 20, 2023. DFA Assistant Secretary Daniel

R. Espiritu said the meeting aims to strengthen Philippine diplomatic relations with both GCC countries. During his talks with Saudi officials, he said the President would also promote the Maharlika Investment Fund, possible Arab

assistance to the development of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), and protection of overseas Filipino workers (OFW). The Chief Executive is also expected to get updates on the unpaid salaries of over 10,000 OFWs, who were displaced in the construction sector in KSA from 2015 and 2016.

Better cooperation

THE said bilateral talks will be held on the sidelines of the Asean-GCC summit, wherein both regional blocs will be endorsing their framework of cooperation. “You know, the relations between Asean and GCC date back to 1990, but this is the first summit and we intend that this time to intensify cooperation between these two regional organizations because the cooperation has not yet been

optimized yet,” Espiritu said. Among the possible points for discussion for Asean-GCC cooperation, he said, are energy and food security as well as counterterrorism and transnational crime. Such a partnership can grant Asean, including the Philippines, access to af fordable oi l and fertilizers. “They can help Asean in addressing energy and food security—energy security because they’re petrochemical powerhouses—but also food security because some of the countries there, especially Qatar, are among the largest producers of fertilizers and they can fill up the slack or the deficit on the Asean side,” Espiritu said.

Shorter trip

COMPARED to his previous Aseanrelated events, which take two days,

the President’s trip in KSA will be shorter since it no longer includes the regular ministerial meetings. “But, this time the SOM [senior officials] meeting was already held beforehand. There was also a meeting [among Asean officials] on that side of the UN last September,” Espiritu said. Aside from the summit, the President will also attend a gathering of the Filipino community in KSA as well as a business roundtable with Arab business, together with the Ministry of Investments of Saudi Arabia. “But I cannot give you so much details on this yet because these meetings are still being finalized,” Espiritu said. The President will fly to KSA on October 19, and then he will leave after attending the Asean-GCC dinner on October 20 right after the summit.

Marina boosts regulatory impact assessment training with ARTA By Lorenz S. Marasigan @lorenzmarasigan

THE Maritime Industry Authority (Marina) is strengthening the regulatory environment in the maritime sector, focusing on enhancing the quality of policies and regulations through a capacity-building workshop on Regulatory Impact Assessment (RIA).

In a partnership with the AntiRed Tape Authority (ARTA), Marina organized an intensive discussion on the National Policy on Regulatory Management System (NPRMS). Under ARTA Memorandum Circular No. 2022-06, all policies developed by national government agencies, instrumentalities, and local government units must undergo RIA.

Marina said this process, guided by the RIA Manual published by ARTA, ensures a comprehensive evaluation of existing and proposed policies, considering both regulatory and non-regulatory approaches. The regulatory body added that among the policies targeted for issuance for the rest of 2023 are updates on existing regulations, including

Revised Guidelines on the Accreditation of Domestic Shipping Operators, Amendments to Rules on Seafarers’ Identification Book (SIB) issuance, and Revised Regulations on Safe Manning for Ships Operating in Philippine Waters, among others. “As the government agency mandated to undertake the development and promotion of the country’s

maritime industry, the Marina remains committed to pursuing a data-driven and evidence-based approach in policy formulation to ensure regulatory efficiency and assure its maritime industry stakeholders that Memorandum Circulars that will be subsequently issued passed through the rigorous process of RIA,” Marina said.

Comelec prohibits distribution of ballers, shirts, caps for BSKE COMMISSION on Elections (Comelec) Chairman George Garcia imposed a ban on the distribution of ballers, t-shirts, caps in the campaign period of the upcoming Barangay and Sangguniang Kabataan Elections (BSKE). “Lahat ng klase ng ipinamimigay [ay] bawal, mahal man o mura, ‘yan ay bawal. [Everything that is distributed

is prohibited, may it be expensive or cheap, it is not allowed],” said Garcia. There is no need to give out items to voters since they already know each other in the barangay, he explained. “Para sa amin, hindi na kailangan ang pamimigay. Bawal pa yan, pwede pa kayo makasuhan. [For us, there is no need to distribute. It is also not

allowed, charges can be filed against you],” said Garcia. However, the poll body has allowed candidates to campaign through posters, given that they follow the standard size of 2x3. Garcia also urged voters to avoid wearing campaign-related shirts as it may incriminate their bets.

Show of receipts

SPENDING of P5 per registered voter in the barangay is only applicable during the campaign period, said Garcia. The campaign period will begin on October 19, and will end on October 28. Candidates will then present a document of receipts to the Statements

of Contributions and Expenditures (SOCE). The receipts submitted must be spent only during the campaign period. What is spent outside the campaign period will not be covered by SOCE, and may be considered an “illegal expenditure,” said Garcia. Patrick V. Miguel

DFA chief Manalo: Solution needed soonest for Gaza-Egypt border crossing By Malou Talosig-Bartolome @maloutalosig

& Butch Fernandez @butchfBM

FOREIGN Affairs Secretary Enrique Manalo said a “solution” is needed “soonest” to allow civilians in Gaza to cross the border of Egypt. Around 78 Filipinos are already in Rafah City, near the border shared by Gaza and Egypt. However, Egyptian authorities sealed the border and refused the exit of Gazans and foreigners fleeing from an impending Israel land, sea and air assault on Gaza. Senator Mark A. Villar, meanwhile, expressed his utmost concern on the safety and well-being of Filipino migrants in the areas of conflict, particularly Israel and Gaza.

“In times of conflict, our priority should be the safety of our people. I am urging all concerned government agencies of the Philippine government to exhaust all available means to secure the safety of Filipinos in the affected areas of conflict,” Villar said. Currently, the DFA already raised the conflict to Alert Level 4 over Israel and the Gaza Strip due to the heightened airstrikes and a deepening crisis. This level signifies the mandatory evacuation of Filipinos from the areas. Humanitarian aid from the United Nations, World Health Organization and other countries are also waiting in Egypt to be allowed entry into Gaza. The US and other countries have been negotiating with Israel and Egypt to provide a humanitarian corridor in Rafah Crossing. “DFA is hopeful for a solution to be reached soonest in order for the Rafah crossing to start receiving foreign nationals, so that our kababayans

in Gaza will be allowed to cross into Egypt. From there, our teams will work on their repatriation to the Philippines,” Manalo said in his X (formerly Twitter) post. Philippine Ambassador to Jordan Wilfredo Santos, for his part, said most of the Filipino evacuees near the Rafah border crossing are staying in the shelters of fellow Filipinos, waiting for a chance to flee Gaza. “Information we received is that the Filipinos in southern Gaza have limited supply of electricity and water and some do not have Internet connection so we communicate with them by phone. They are also conserving their phone batteries due to the breakdown of communications in Gaza,” Santos said. The two Filipino doctors from humanitarian international group Doctors Without Borders have been relocated to a UN facility in the central city of Khan Younis, according to DFA Undersec-

retary de Vega said. They also want to be evacuated out of the warzone. Ambassador Santos said the other 53 Filipinos in Gaza Strip are still undecided whether to leave Gaza, although they have already relocated out of Gaza City and northern Gaza where Israel forces are expected to conduct airstrikes. “Some are still undecided to leave Gaza despite Alert Level 4 and cited family reasons for their decision—i.e they are reluctant to leave behind their Palestinian spouses who consider Gaza their home,” the ambassador said. Aside from the spouses and children of Palestinians, one Filipino domestic helper in Gaza is also having second thoughts on whether to be repatriated to the Philippines. Villar added: “Considering this pronouncement from the DFA that there is no way in and no way out, it should still be our utmost priority to heed the call for help of the Filipinos in Israel and the Gaza Strip. Let

P23T in land sales projected from 14 reclamation projects He cited examples of discussions during the 18th Congress on the Military and Uniformed Personnel Pension Reform and the funding of the Maharlika Investment Fund, where reclamation rights were considered assets for economic infusion. Salceda said the cumulative impact of these reclamation projects has already been studied, making the suspension somewhat surprising. He added that the House tax committee is mulling over the crafting of a fiscal framework for reclamation projects. The framework would include implementing Republic Act No. 7279, which requires that at least 50 percent of the income of the Philippine Reclamation Authority fund the National Housing Au-

thority’s land acquisition projects. Salceda says the framework will also include a rule that 20 percent of reclaimed land should be used for low-cost housing, “or some sort of alternative compliance. This is what Singapore did.” The fiscal framework will also include adjustments to the dividend remittance policy of the PRA, granting it relief from the requirement of the Dividend Law that the GOCC should remit 50 percent of its net earnings to the Treasury. “A suspension is not tantamount to the abandonment of the projects and may be an opportunity for us to rethink the costs and benefits of reclamation projects,” he said. In the committee’s next discussions on the issue, he said the

DENR’s Environment Management Bureau will be invited to provide further insights. In the same briefing, Philippine Reclamation Authority Assistant General Manager Atty. Joseph Literal said there are only 14 approved projects in Manila Bay, covering 5,503.12 hectares. For Filipinos and foreign individuals, Literal said the reclamation projects open doors to a broader spectrum of career opportunities, as the establishment of new cities and business districts results in the creation of countless job prospects. Based on their estimates, Literal said the direct investments from vertical development could reach P23 trillion. He said real property taxes are

projected at P140 million per hectare per year, while the valuation of saleable land assets is estimated at P10,503 billion. “Business taxes and permits find their source in local government units (LGUs), while income taxes flow through the Bureau of Internal Revenue (BIR). These projects bolster the Gross National Product (GNP) and have the untapped potential to generate employment on a monumental scale,” he added. On the financial inflow side, he said reclamation projects promise to generate billions of pesos in public revenues—to come from reclamation fees and charges collected through the PRA. He added that reclamation projects provide the physical space for

us exhaust all diplomatic means possible to have our resources be readily available for the affected Filipinos so that we could help them as soon as the situation permits. Huwag po nating pabayaan ang ating mga kababayan sa Israel at Gaza,” Villar added. The DFA reported that there are two Filipinos killed amid the fighting between Israel and Hamas—one is a 42-year-old male from Pampanga who was abducted by Hamas and the other is a 33-year-old female from Pangasinan. The Philippine Embassy in Tel Aviv reports another Filipino killed as the conflict intensifies. “These reported deaths of Filipinos are enough for us to consider the conflict as an urgent concern for our countrymen in the areas of conflict. I am urging the Philippine government to utilize all available means and resources to locate the missing Filipinos, safely repatriate all affected Filipinos, and exhaust all available diplomatic channels for

the release of abducted Filipinos, particularly those sealed off in the enclave,” Villar added. “Nananawagan din po ako sa ating mga kababayan sa Gaza to first prioritize your safety and direct all efforts on safely leaving the area of conflict. Gagawin po ng ating government ang lahat to safely extract all of you from the situation,” Villar said. At present, the DFA said there are over 30,000 Filipinos residing and working in Israel, while there are 150 Filipinos in the Gaza Strip. The agency also recorded at least 92 Filipinos in the Gaza Strip who signified their intention to be repatriated. Further, the Philippine Embassy in Tel Aviv has received reports of Filipinos allegedly kidnapped by Hamas, while others remain missing and unreachable through their mobile numbers and social media accounts.

Continued from A16 a thriving business ecosystem, saying the created land offers fertile ground for enterprises to set up shop, attracting local and international investors alike. “Employment generated is unaccounted for yet, but existing developments attest to the vast potential of these reclaimed lands to attract investors and businesses,” he added. Drawing from the experience of Pasay reclamation projects, he said a full cycle of reclamation spans 30 years, and his journey involves four years of developing raw land through reclamation, followed by three years of horizontal development to create service land. “The final stage unfolds over 23 years to complete vertical developments. These projects are brought

to life through joint venture partnerships with qualified private sector proponents,” he said.

Zero cost

LITERAL noted that the reclamation projects are implemented at zero cost to the government. He said these initiatives are financed entirely by private sector proponents under public-private partnership (PPP) arrangements, guided by a PPP code or order. The private sector not only provides financing but also the workforce, facilities, and technology needed for the projects, and this approach shifts commercial and construction risks away from the government, with the private sector shouldering this burden.

Tuesday, October 17, 2023

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

The World BusinessMirror

Tuesday, October 17, 2023

Gaza’s crowded hospitals near breaking point as Israeli ground invasion looms By Najib Jobain, Samya Kullab & Joseph Krauss

The Associated Press

AFAH, Gaza Strip—Palestinians in besieged Gaza crowded into hospitals and schools on Monday, seeking shelter and running low on food and water. More than a million people have fled their homes ahead of an expected Israeli ground

invasion aimed at destroying Hamas after its fighters rampaged through southern Israel. Much of Hamas’ military infrastructure is concealed in urban areas, where street-by-street fighting would likely cause mounting casualties on both sides. Israel has given no timetable for a ground incursion. All eyes were on the Rafah crossing between Gaza and Egypt, where the US and international mediators

appeared close to reaching a deal for a humanitarian cease-fire that would allow aid in and allow foreigners to exit Gaza. Rafah was shut down nearly a week ago because of Israeli airstrikes. Israeli Prime Minister Benjamin Netanyahu’s office said there was no such cease-fire, as hundreds of people gathered on the Palestinian side of the crossing. The enclave’s food, water and medicine supplies are dwindling. Hospitals say they are on the verge of collapse and unable to heed Israeli demands to evacuate patients. More than a week of devastating Israeli airstrikes have demolished entire neighborhoods but failed to stem militant rocket fire into Israel. The Gaza Health Ministry said 2,670 Palestinians have been killed and 9,600 wounded since the fighting erupted, more than in the 2014 Gaza war, which lasted over six weeks. That makes this the deadliest of the five Gaza wars for both sides. More than 1,400 Israelis have died, the vast majority civilians killed in Hamas’ October 7 assault. At least 155 others, including children, were captured by Hamas and taken into Gaza, according to Israel. It’s the deadliest war for Israel since the 1973 conflict with Egypt and Syria. Israel has ordered more than 1 million Palestinians—almost half the territory’s population—to move to Gaza’s south. The military says it is trying to clear away civilians ahead of a major campaign against Hamas in the north, where it says the militants have extensive networks of tunnels and rocket launchers. Hamas has urged people to stay in their homes, and the Israeli military on Sunday released photos it said showed a Hamas roadblock preventing traffic from moving south. For a third day, Israel’s military announced a safe corridor for people to move from north to south between the hours of 8 a.m. and noon. It said more than 600,000 people have already evacuated the Gaza City area. Hospitals in Gaza are expected to run out of generator fuel in the next 24 hours, endangering the lives of thousands of patients, according to the UN Gaza’s sole power plant shut down for lack of fuel after Israel com-

PALESTINIANS look for survivors after Israeli airstrikes in Khan Younis, Gaza Strip on Monday, October 16, 2023. AP/FATIMA SHBAIR pletely sealed off the 40-kilometer (25-mile) long territory following the Hamas attack. The World Health Organization said hospitals are “overflowing” as people seek safety. “We are concerned about disease outbreaks due to mass displacement and poor water and sanitation,” it said. Four hospitals in northern Gaza are no longer functioning and 21 have received Israeli orders to evacuate. Doctors have refused, saying it would mean death for critically ill patients and newborns on ventilators. Israel’s decision to cut off water supplies, combined with a lack of fuel for pumps and desalination stations, has caused shortages, putting 3,500 patients in 35 hospitals across Gaza at risk. “Water is needed to ensure sanitary conditions on inpatient wards, in operation rooms, and emergency departments. It is essential for the prevention of hospital associated infections and for the prevention of outbreaks in hospitals,” the WHO said. The UN health agency said lifesaving assistance for 300,000 patients is currently awaiting entry through Rafah. The UN agency for Palestinian refugees, known as UNRWA, says over 1 million people—about half of Gaza’s population—have been displaced in a little over a week. Half are sheltering in UN-run schools and other facilities, while others are staying with family or neighbors. UNRWA said it has been forced to ration water, giving people just 1 liter (1 quart) a day to cover all their needs.

SOUTH Sudanese who fled from Sudan sit outside a nutrition clinic at a transit center in Renk, South Sudan on May 16, 2023. Four Western countries have floated a proposal on Wednesday, October 4, 2023, for the UN’s top human rights body to appoint a team of experts to monitor and report on abuses and rights violations in war-wracked Sudan. AP/SAM MEDNICK

UN aid chief says six months of war in Sudan has killed 9,000 people By Samy Magdy Associated Press

AIRO—Six months of war between Sudan’s military and a powerful paramilitary group has killed up to 9,000 people and created “one of the worst humanitarian nightmares in recent history,” the United Nations humanitarian chief said Sunday. Sud a n h a s been eng u l fed i n chaos since mid-April, when simmering tensions between military chief Gen. Abdel-Fattah Burhan and the commander of the paramilitary Rapid Support Forces, Gen. Mohamed

Hamdan Dagalo, exploded into open warfare. “For six months, civilians ... have known no respite from bloodshed and terror,” UN Undersecretar yGeneral Martin Griffiths said in a statement marking the six-month anniversary of the war. “Horrific reports of rape and sexual violence continue to emerge.” The fighting initially centered in Khartoum, but quickly spread to other areas across the east African nation, including the already conflictwrecked western Darfur region. Griffiths said the fighting reportedly killed up to 9,000 and forced

Israel has said the siege won’t be lifted until Hamas releases all the captives, but the country’s water ministry said water had been restored at one “specific point” in Gaza, at a location outside the southern town of Khan Younis. Aid workers in Gaza said they had not yet seen evidence the water was back. Meanwhile, the Israeli military ordered residents to evacuate 28 communities near the Lebanese border after increasing cross-border fire between Israel and the Lebanese militant group Hezbollah. The military order affects towns that are within 2 kilometers (1.2 miles) from the border. Hezbollah militants fired rockets and an anti-tank missile on Sunday, and Israel responding with airstrikes and shelling. The fighting killed at least one person on the Israeli side and wounded several on both sides of the border. Hezbollah said it had fired rockets toward an Israeli military position in retaliation for Israeli shelling that killed Reuters videographer Issam Abdallah on Friday and two Lebanese civilians on Saturday. It said the increased strikes represented a “warning” and did not mean Hezbollah has decided to enter the war. US Secretar y of State A ntony Blinken is expected back in Israel on Monday after a frantic six-country tour through Arab nations aimed at preventing the fighting from igniting a broader regional conflict. President Joe Biden is also considering a trip to Israel, though no plans have been finalized.

millions of people out of their homes, either to safer areas inside Sudan or in neighboring countries. He said the conflict led to “communities tor n apar t. Vu lnerable people with no access to life-saving aid. Mounting humanitarian needs in the neighboring countries where millions have fled.” According to the UN migration agency, more than 4.5 million people were displaced inside Sudan, while over 1.2 million others sought refuge in neighboring countries. The fighting also left 25 million people—more than half of the country’s population—in need of humanitarian aid, Griffiths said. Adding to the calamity, a cholera outbreak was reported in the capital and other areas in the country, with more than 1,000 suspected cases detected in Khartoum and the provinces of Kordofan and Qadarif, he said. Since the breakout of the war, the Greater Khartoum area—the cities of Khartoum, Omdurman and Khartoum North—has become a battleground, with airstrikes and shelling taking place in densely populated areas. There were reports of rape and gang rape in Khartoum and Darfur, mostly blamed on the Rapid Support Forces. The RSF and its allied Arab militias were also accused by the U.N. and international rights groups of atrocities in Darfur, which was the scene of a genocidal campaign in the early 2000s. The recent atrocities in Darfur prompted the International Criminal Court’s prosecutor to declare in July that he was investigating alleged war crimes and crimes against humanity in the latest fighting in the region.

In a television interview Sunday night, Biden, who has repeatedly proclaimed support for Israel, said he thought it would be a “big mistake” for the country to reoccupy Gaza. Israel’s ambassador to the UN, Gilad Erdan, told CNN the country does not want to occupy Gaza but will do “whatever is needed” to obliterate Hamas’ capabilities. In Nasser Hospital, in southern Gaza, intensive care rooms were packed with wounded patients, most of them children under the age of 3. Hundreds of people with severe blast injuries have come to the hospital, said Dr. Mohammed Qandeel, a consultant at the critical care complex. There were 35 patients in the ICU who require ventilators and another 60 on dialysis. If fuel runs out, “it means the whole health system will be shut down,” he said Sunday, as children moaned in pain in the background. “All these patients are in danger of death if the electricity is cut off.” Dr. Hussam Abu Safiya, the head of pediatrics at the Kamal Adwan Hospital in northern Gaza, said the facility did not evacuate despite Israeli orders. There were seven newborns in the ICU hooked up to ventilators, he said. Evacuating “would mean death for them and other patients under our care.” Shifa hospital in Gaza City, the territory’s largest, said it would bury 100 bodies in a mass grave as an emergency measure after its morgue overflowed. Tens of thousands of people seeking safety have gathered in the hospital compound. Israeli forces, supported by a growing deployment of US warships in the region and the call-up of some 360,000 reservists, have positioned themselves along Gaza’s border and drilled for what Israel said would be a broad campaign to dismantle the militant group. Israel said it has already struck dozens of military targets, including command centers and rocket launchers, and also killed Hamas commanders. Kullab reported f rom Baghdad. Krauss reported from Jerusalem. Associated Press writers Julia Frankel and Amy Teibel in Jerusalem, Abby Sewell in Beirut and Samy Magdy in Cairo contributed to this report.

French schools hold a moment of silence in homage to teacher killed in knife attack

ARIS—Schoolchildren and educators will hold a moment of silence in French schools on Monday after a teacher was fatally stabbed and three other people wounded last week in an attack by a former student suspected of Islamic radicalization. The homage on Monday afternoon will also pay tribute to another teacher, Samuel Paty, killed exactly three years ago near his Paris area school. He was beheaded by a radicalized Chechen later killed by police. In a message to teachers and other school workers posted on X, formerly Twitter, French President Emmanuel Macron said “we took action, we are taking action and we will continue to take action to ensure that school remains a sanctuary for our students and for all those who work there.” “To blind hatred, we will always oppose the inextinguishable thirst for teaching. The thirst for knowledge. The thirst for living free,” he added. The French government heightened the national threat alert and ordered up to 7,000 soldiers to be deployed by Monday night and until further notice to bolster security and vigilance around France. Counter terrorism authorities are investigating Friday’s stabbing, and the suspected assailant and several others are in custody, prosecutors said. The suspect had been under recent surveillance by intelligence services for radicalization. Court documents viewed by The Associated Press show he is from the Ingushetia region in Russia’s Caucasus Mountains, which neighbors Chechnya. AP

BusinessMirror

Tuesday, October 17, 2023

A6 A8

ESTABLISHMENT / ADDRESS

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

No.

ALTERA KARNA BUSINESS CORP. 5th, 6th, 7th Flrs. Eighty-one Newport Blvd., Newport City St., Barangay 183, Pasay City

CHOC BICH ZI Customer Service Representative (Chinese Speaking) Brief Job Description: Provide customer service to clients.

Basic Qualification: Any nationality who can speak and write Chinese fluently, preferably 6 months to 1-year customer service experience, detailoriented and has the ability to multi-task. Salary Range: Php 30,000 - Php 59,999

WANG, MING Chinese Speaking Data Entry Clerk 10.

BHANOTHA, PRADEEP Chairman, President And CEO 2.

Brief Job Description: Overall responsibility of overseeing IT application development, support and security function delivery to Asian Markets.

Salary Range: Php 500,000 and above

11.

CHEN, KEKE Chinese Speaking Customer Service Representative 3.

Brief Job Description: Provide excellent support to various customer visa chat, email and phone. Forward and escalate technical issues. Resolve more complicated/ demanding issues with the team leader/ management.

12.

GUO, ZHIJUN Chinese Speaking Customer Service Representative 4.

JIANG, YAN Chinese Speaking Customer Service Representative 5.

LIU, HUAN Chinese Speaking Customer Service Representative 6.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree, with experience in business management, finance, computer/software marketing/sales, or related field, and fluent in both written and verbal English, and Chinese/ Mandarin languages.

13.

Brief Job Description: Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team.

14.

Brief Job Description: Gather data and capture the information into databases.

SHEN, DONGDONG Chinese Speaking Data Entry Clerk 9.

Brief Job Description: Gather data and capture the information into databases.

Brief Job Description: Planning concepts by studying relevant information and materials.

CHU THI LIEN Chinese Speaking Graphic Designer 15.

Brief Job Description: Planning concepts by studying relevant information and materials.

DANG NGOC VU Chinese Speaking Graphic Designer 16.

Brief Job Description: Planning concepts by studying relevant information and materials.

DINH QUANG THE Chinese Speaking Graphic Designer 17.

Brief Job Description: Planning concepts by studying relevant information and materials.

DINH XUAN THAO Chinese Speaking Graphic Designer 18.

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

HE, SHUO Chinese Speaking Graphic Designer 19.

Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

20.

21.

Brief Job Description: Prepare rough drafts and present ideas and conceptualize visuals based on requirements.

HUYNH MINH PHUNG Chinese Speaking Graphic Designer

Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal communication and written.

Brief Job Description: Planning concepts by studying relevant information and materials.

HUYNH TONG BINH Chinese Speaking Graphic Designer 23.

Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Prepare rough drafts and present ideas and conceptualize visuals based on requirements.

HOANG, BAO HUNG Chinese Speaking Graphic Designer

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

Brief Job Description: Planning concepts by studying relevant information and materials.

HOANG DANG KY Chinese Speaking Graphic Designer

22. LIU, LI Chinese Speaking Data Entry Clerk

Brief Job Description: Planning concepts by studying relevant information and materials.

BUI, VAN NAM Chinese Speaking Graphic Designer

CRONYX INC. 6-12, 15-19/f Royal Peak Tower A, 485 Quirino Avenue, Tambo, City Of Parañaque

DAO THI QUYEN Chinese Speaking Data Entry Clerk

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

BUI THI NHUNG Chinese Speaking Graphic Designer

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

Basic Qualification: Bachelor’s degree, with experience in business management, finance, computer/software marketing/sales, or related field, and fluent in both written and verbal English, and Chinese/ Mandarin languages.

Brief Job Description: Gather data and capture the information into databases.

ZOU, JIANAN Chinese Speaking Data Entry Clerk

BRIGHT LUME IT SOLUTIONS INC. Unit 202 Erisha Condominium, 1142 P Ocampo Street, Barangay 757, Santa Ana, City Of Manila Basic Qualification: Bachelor’s degree, with experience in business management, finance, computer/software marketing/sales, or related field, and fluent in both written and verbal English, and Chinese/ Mandarin languages.

Brief Job Description: Gather data and capture the information into databases.

YIN, DONGLI Chinese Speaking Data Entry Clerk

AXA ASIAN MARKETS SERVICES PHILIPPINES, INC. 39/f Gt Tower International, 6813 Ayala Ave., Cor. H.v. Dela Costa St., Bel-air, City Of Makati Basic Qualification: Strategic management of all IT application development and delivery. Partnership with different entities within the Asian Market and overall managements of the entire business operations.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Brief Job Description: Planning concepts by studying relevant information and materials.

HY PHU NHAN Chinese Speaking Graphic Designer 24.

Brief Job Description: Planning concepts by studying relevant information and materials.

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal communication and written.

No.

KHIN NU WIN Chinese Speaking Graphic Designer 25.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal communication and written.

26.

27.

28.

29.

30.

31.

32.

33.

34.

35.

36.

37.

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

Brief Job Description: Prepare rough drafts and present ideas and conceptualize visuals based on requirements.

PHAM THI PHUONG ANH Chinese Speaking Graphic Designer 38.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

Brief Job Description: Planning concepts by studying relevant information and materials.

NGUYEN, BA CUONG Chinese Speaking Graphic Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

Brief Job Description: Planning concepts by studying relevant information and materials.

NGUYEN VAN NIEN Chinese Speaking Graphic Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

Brief Job Description: Prepare rough drafts and present ideas and conceptualize visuals based on requirements.

NGUYEN VAN NGOC Chinese Speaking Graphic Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proven graphic designing experience. Good in verbal and written communication.

Brief Job Description: Planning concepts by studying relevant information and materials.

NGUYEN TIEN NINH Chinese Speaking Graphic Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proven graphic designing experience. Good in verbal and written communication.

Brief Job Description: Prepare rough drafts and present ideas and conceptualize visuals based on requirements.

NGUYEN THAI SON Chinese Speaking Graphic Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

Brief Job Description: Prepare rough drafts and present ideas and conceptualize visuals based on requirements.

NGUYEN QUANG TRUNG Chinese Speaking Graphic Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

Brief Job Description: Planning concepts by studying relevant information and materials.

NGUYEN GIANG THANH Chinese Speaking Graphic Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

Brief Job Description: Planning concepts by studying relevant information and materials.

NGUYEN DINH THE Chinese Speaking Graphic Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

Brief Job Description: Planning concepts by studying relevant information and materials.

LY VAN CAN Chinese Speaking Graphic Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

Brief Job Description: Planning concepts by studying relevant information and materials.

LY LE QUYEN Chinese Speaking Graphic Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

Brief Job Description: Planning concepts by studying relevant information and materials.

LUONG HY DINH Chinese Speaking Graphic Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

Brief Job Description: Planning concepts by studying relevant information and materials.

LOK CHEE FUNG Chinese Speaking Graphic Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Brief Job Description: Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team.

PHAM VAN THANG Chinese Speaking Graphic Designer 39.

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

QUALIFICATION AND SALARY RANGE Basic Qualification: With at least 6 months of experience, and good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proven graphic designing experience. Good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proven graphic designing experience. Good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proven graphic designing experience. Good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proven graphic designing experience. Good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION PHAN CAO CANH Chinese Speaking Graphic Designer

40.

Brief Job Description: Planning concepts by studying relevant information and materials.

PHAN VIET HOAI Chinese Speaking Graphic Designer 41.

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

TO VAN MU Chinese Speaking Graphic Designer 42.

Brief Job Description: Planning concepts by studying relevant information and materials.

TRAN THE LOI Chinese Speaking Graphic Designer 43.

Brief Job Description: Prepare rough drafts and present ideas and conceptualize visuals based on requirements.

TRAN THI LINH Chinese Speaking Graphic Designer 44.

Brief Job Description: Planning concepts by studying relevant information and materials.

TRAN VAN QUY Chinese Speaking Graphic Designer 45.

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

TRUONG THI NGA Chinese Speaking Graphic Designer 46.

Brief Job Description: Planning concepts by studying relevant information and materials.

YUE, KUNJIE Chinese Speaking Graphic Designer 47.

Brief Job Description: Planning concepts by studying relevant information and materials.

GAO, KEXIN Chinese Speaking HR Associate 48.

Brief Job Description: Managing HR records, applicant logs and employees documents.

TRAN CHI LINH Chinese Speaking HR Associate 49.

Brief Job Description: Managing HR records, applicant logs and employees documents.

AR KYINN Chinese Speaking Program Designer 50.

Brief Job Description: Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team. CAO, HUIYU Chinese Speaking Program Designer

51.

52.

53.

54.

55.

56.

Brief Job Description: Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

No.

LIU, XIAOBING Chinese Speaking Program Designer 57.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

58.

59.

60.

61.

62.

63.

64.

65.

Brief Job Description: Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

SOKOLOV, ARTEMII Store Operations Manager 66.

Brief Job Description: Guarantee store safety and security. Ensure store maintenance. Manage and control operating cost of the store. Develop efficiency in store. Ensure the stock availability. Manage the store’s environmental impact.

GONG, BO Chinese Speaking Business Development Associate 67.

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

Brief Job Description: Identify and maintain new business opportunities and existing partners.

ZHOU, KUN Chinese Speaking Business Development Associate 68.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 30,000 - Php 59,999 CHENG LING YI Chinese Speaking Data Entry Clerk 69.

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

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

LI, ZESHUAI Chinese Speaking Data Entry Clerk 70.

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

CHEN, XIAOQING Chinese Speaking Program Designer 76.

Brief Job Description: Testing and deploying programs and systems. Verify and deploy programs and systems.

HE, HAIYU Chinese Speaking Program Designer 77.

Brief Job Description: Document all aspects of software for ongoing maintenance and revisions.

LIANG, LITAO Chinese Speaking Program Designer 78.

Brief Job Description: Collaborate with other IT specialists, technicians to deliver software solutions.

LIU, YING Chinese Speaking Program Designer 79.

Brief Job Description: Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team.

SAI WIN KYAW Chinese Speaking Program Designer 80.

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

Basic Qualification: Experience in the field of retail operational management. At least 5 years of management experience. A good knowledge of the country and willingness to learn. Ability to functionally lead store duty manager and external suppliers.

Brief Job Description: Managing HR records including resume’, applicant logs and employee forms.

Brief Job Description: Testing and deploying programs and systems. Verify and deploy programs and systems.

TRUONG NGHIEP THANG Chinese Speaking Program Designer 81.

Brief Job Description: Document all aspects of software for ongoing maintenance and revisions.

XIAN, WEILIN Chinese Speaking Program Designer 82.

Brief Job Description: Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team.

Brief Job Description: Entering and updating information into relevant databases.

WANG, DI Chinese Speaking Data Entry Clerk 71.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

83.

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

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With experience in computer design. With good verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With experience in computer design. With good verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Supporting the marketing team with marketing activities by demonstrating expertise in various areas, including optimization, advertising, social media, direct marketing, and event planning.

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999

EVERGREEN SHIPPING AGENCY PHILIPPINES CORPORATION 6/f Equitable Bank Tower, 8751 Paseo De Roxas, Bel-air, City Of Makati CHEN, KAI-CHIEH Junior Vice President For Business Department 84.

Brief Job Description: Responsible for overall management of all strategic and operational marketing activities.

Basic Qualification: Proven professional experience. Salary Range: Php 30,000 - Php 59,999

ICTSI LTD. - ROHQ Ictsi Bldg., South Access Rd Mict Cmplx, North Harbor, Barangay 20, Tondo I/ii, City Of Manila WILSON, LEE CHARLES Health, Safety & Environment Advisor 85.

Brief Job Description: Responsible to ensure that all HSSE policies which are put into place at ICTSI are stringently followed, despite operational considerations to see to it that safety & security are not compromised in any way.

Basic Qualification: Proven professional experience. Salary Range: Php 30,000 - Php 59,999

INFOVINE INC. 8th, 9th, 10th/f Aspire Corporate Plaza Bldg., Macapagal Blvd. St., Zone 10, Barangay 76, Pasay City

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

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

QUALIFICATION AND SALARY RANGE

EMPERIAL MERCHANDISE CORP. 292-c, Pascual Casal St., Barangay 646, San Miguel, City Of Manila TANG, QINGSHI Chinese Speaking Sales Marketing Specialist

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

Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

75.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

Brief Job Description: Planning concepts by studying relevant information and materials.

LI, JING Chinese Speaking HR Associate

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

DYNAMIC STUDIO TECHNOLOGY INC. 5th To 8th/f & 10th/f Platinum Tower Building, Aseana Ave. Cor. Fuentes Street, Baclaran, City Of Parañaque

Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

74.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

LI, YUWEI Chinese Speaking Graphic Designer

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

Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

73.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

LI, KANG Chinese Speaking Graphic Designer

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

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

Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

72.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION YANG, SHIXIN Chinese Speaking Data Entry Clerk

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

Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

No.

DECATHLON PHILIPPINES INC. L2- 2093.1 Level 2, Festival Supermall Corporate Ave., Fcc, Alabang, City Of Muntinlupa

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proven graphic designing experience. Good in verbal and written communication.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of experience, and good in verbal and written communication.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Tuesday, October 17, 2023

WEI, FANGJIAO Chinese Speaking Data Entry Clerk 86.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999

INTERIOR SYNERGY SOLUTIONS INC. 21/f Unit D Trafalgar Plaza, 105 H.v. Dela Costa St. Salcedo Village, Bel-air, City Of Makati

BusinessMirror

A10 A6 Tuesday, October 17, 2023

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION FITZGERALD, GEORGE TAMATI Managing Director

87.

Brief Job Description: Manage overall operations and is responsible for the effective and successful management of labor, productivity, quality control and safety measures as established and set for the operations department.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Bachelor’s degree in Operations Management or related field. Experience in management, operations, and leadership.

No.

HO THI LY Customer Service Representative 100.

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

ISCALE SOLUTIONS, INC. 27/f & 28/f The Enterprise Tower 2, 6766 Ayala Ave. Cor. Paseo De Roxas, San Lorenzo, City Of Makati

88.

CUNICO LUKE GINO Chief Operating Officer Brief Job Description: Manage the company internal support team.

Basic Qualification: Superior management & interpersonal skills.

89.

Brief Job Description: Confirm customer’s language preferences as you assist them.

101.

90.

Brief Job Description: Manage office and run daily operations.

Basic Qualification: Excellent written and verbal communication skills. (Vietnamese and English)

HOANG DUC TUYEN Customer Service Representative 102.

91.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

BUI, MINH HAI Customer Service Representative 92.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

DANG THI NHAM Customer Service Representative 93.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

DANG VAN THIET Customer Service Representative 94.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

DANG, QUANG HUNG Customer Service Representative 95.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

DO KHAC HUY Customer Service Representative 96.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

EAINT THIRI MYAT Customer Service Representative 97.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

HAN ZIN OO Customer Service Representative 98.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

HNIN PHYU Customer Service Representative 99.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

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

Basic Qualification: College graduate, at least 1-year experience, and good communication skills.

HOANG, TRUNG THE Customer Service Representative 103.

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

MOA CLOUDZONE CORP. 4th-11th Flr. Nexgen Tower, C4 Rd. Edsa Ext., Barangay 76, Pasay City

LI, HANG Customer Service Representative

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

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

MAGNUM TOBACCO MANUFACTURING CORP. Victoria Wave, Special Economic Zone, Barangay 186, City Of Caloocan

CHONG YU SOON Operations Specialist

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

HO XUAN HOA Customer Service Representative

KNW TECHNOLOGY INC. 103 Equinox Plaza, Sierra Madre, Highway Hills, City Of Mandaluyong PHAM, VAN CHINH Customer Service Representative - Vietnamese Speaking

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

LAI, THI NGOC Customer Service Representative 104.

Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999

105.

106.

107.

108.

Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

109.

110.

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

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

LI, JUNJUN Customer Service Representative 111.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

LI, XIAOBEI Customer Service Representative 112.

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

Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

LI, FENG Customer Service Representative

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

Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

LE XUAN LUAN Customer Service Representative

Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

LE TU ANH Customer Service Representative

Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

LE MINH THANH Customer Service Representative

Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

LE BAO LONG Customer Service Representative

Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

LE ANH DUC Customer Service Representative

Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

LIM KAH KHEN Customer Service Representative 113.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

No.

LUC HOAI NAM Customer Service Representative 114.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

115.

116.

117.

118.

119.

120.

121.

122.

123.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN, HOANG ANH Customer Service Representative 124.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN VAN TIEP Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN VAN HOAI Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN VAN CONG Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN THI THU Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN THI LAN HUONG Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN THI BAO YEN Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN NGOC SON Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN LE HOA NGAN Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN THI TRAM ANH Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN, HOANG DUNG Customer Service Representative 125.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

Salary Range: Php 60,000 - Php 89,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

NGUYEN, THI THU HUYEN Customer Service Representative 126.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

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

Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999

NGUYEN, VIET HOA Customer Service Representative 127.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

QUALIFICATION AND SALARY RANGE Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

NONG, THI KIM HONG Customer Service Representative 128.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

PHAN THANH LEN Customer Service Representative 129.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

PHAN, MANH CUONG Customer Service Representative 130.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

PHAN, VAN VUONG Customer Service Representative 131.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

TRAN CHI THANH Customer Service Representative 132.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

TRAN, PHAN VAN MY Customer Service Representative 133.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

TRAN, QUANG KHAI Customer Service Representative 134.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

TRU, THI HAI YEN Customer Service Representative 135.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

VU, PHAM HAI PHUOC Customer Service Representative 136.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

VY VAN CHUONG Customer Service Representative 137.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

No.

CHANG, YEN-HSU Mandarin Speaking Admin Specialist 141.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

142.

143.

144.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

145.

138.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

YANG, FEI Customer Service Representative 139.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

ZHANG, JINAN Customer Service Representative 140.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

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

CHI, DUNLEI Chinese Customer Service Brief Job Description: Customer support and data base services.

DONG, YOUJIANG Chinese Customer Service Brief Job Description: Customer support and data base services.

FAN, TING Chinese Customer Service Brief Job Description: Customer support and data base services.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

146.

147.

148.

Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

149.

150.

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

Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

151.

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

Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

153.

154.

155.

Salary Range: Php 30,000 - Php 59,999 156.

NEO TERRA SERVICE CORP. 2/f Filipino Bldg., 135 Dela Rosa Cor. Legaspi And Bolanos Sts., San Lorenzo, City Of Makati

Brief Job Description: Customer support and database services.

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

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

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

XIANG, LINYI Chinese Customer Service Brief Job Description: Customer support and data base services.

YANG, QITONG Chinese Customer Service Brief Job Description: Customer support and data base services.

ZHANG, MIN Chinese Customer Service Brief Job Description: Customer support and data base services.

ZHAO, XING Chinese Customer Service Brief Job Description: Customer support and data base services.

ZHU, YANRONG Chinese Customer Service

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

Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English.

HE, CHUANNING Chinese Customer Service

XIA, YUHUI Chinese Customer Service

152. WIN MYINT THEIN Customer Service Representative

Brief Job Description: Mandarin Speaking Admin Specialist must take on various roles within an organization to help ensure effective day-to-day operations.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

ADELIA NATALIA CAPRIATY Indonesian Customer Service Brief Job Description: Customer support and data base services.

ALDRICH THEODORICH GUNAWAN Indonesian Customer Service Brief Job Description: Customer support and database services.

A11

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: 18-55 years old. With at least 6 months of work related experience. With good verbal and written communication skills. Knowledgeable in computer applications.

No.

157.

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

NEW ORIENTAL CLUB88 CORPORATION 1331 Pearl Plaza Bldg., 133 Quirino Ave., Tambo, City Of Parañaque 3rd, 5th, 6th, 7th, 8th, 9th & 10th/f Sapphire Seaview Park, Pacific Avenue, Don Galo, City Of Parañaque

Basic Qualification: College graduate/ level, preferably with customer service or sales experience, and fluent in Mandarin and basic English. Salary Range: Php 30,000 - Php 59,999

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Tuesday, October 17, 2023

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

158.

159.

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

160.

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

161.

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

162.

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

163.

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

164.

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

165.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate. Preferably 1-year experience in the same field. Speaks and write (native language).

166.

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

167.

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

168.

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

169.

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

170.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate. Preferably 1-year experience in the same field. Speaks and write (native language).

171.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

ALING Indonesian Customer Service Brief Job Description: Customer support and database services.

ARPIANUS EKIN Indonesian Customer Service Brief Job Description: Customer support and data base services.

DICKSON Indonesian Customer Service Brief Job Description: Customer support and data base services.

DODY IRAWAN HERMAN Indonesian Customer Service Brief Job Description: Customer support and data base services.

ERWIN Indonesian Customer Service Brief Job Description: Customer support and data base services.

FEBEU WULANDARI Indonesian Customer Service Brief Job Description: Customer support and database services.

HENDI Indonesian Customer Service Brief Job Description: Customer support and data base services.

HENDI HERBYNYANTO Indonesian Customer Service Brief Job Description: Customer support and data base services.

IVAN YONATA Indonesian Customer Service Brief Job Description: Customer support and data base services.

JULIYUS ALBERTO Indonesian Customer Service Brief Job Description: Customer support and database services.

LUIS FRANCELIN Indonesian Customer Service Brief Job Description: Customer support and database services.

NOVIANUS Indonesian Customer Service Brief Job Description: Customer support and database services.

ROBERT CHANDRA Indonesian Customer Service Brief Job Description: Customer support and database services.

ROSA YOKO ELFIRA Indonesian Customer Service Brief Job Description: Customer support and database services.

STEVEN WANG Indonesian Customer Service Brief Job Description: Customer support and database services.

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

172.

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

173.

CHONG VEN YEE Malaysian Customer Service Brief Job Description: Customer support and database services.

YONG XIN YEE Malaysian Customer Service Brief Job Description: Customer support and database services.

QUALIFICATION AND SALARY RANGE Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

BusinessMirror

A12 A6 Tuesday, October 17, 2023

ESTABLISHMENT / ADDRESS No.

174.

175.

176.

177.

178.

179.

180.

181.

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183.

184.

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186.

187.

188.

189.

190.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

LI CHONE PHUE Myanmari Customer Service Brief Job Description: Customer support and database services.

LINN HTET AUNG Myanmari Customer Service Brief Job Description: Customer support and database services.

PHILIP SOE Myanmari Customer Service Brief Job Description: Customer support and database services.

PHYU PHYU Myanmari Customer Service Brief Job Description: Customer support and database services.

SAI ZAW MYINT Myanmari Customer Service Brief Job Description: Customer support and database services.

SHIN HAUK Myanmari Customer Service Brief Job Description: Customer support and database services.

SOE SAN Myanmari Customer Service Brief Job Description: Customer support and database services.

WAI WAI KHAING Myanmari Customer Service Brief Job Description: Customer support and database services.

BE, THI THOA Vietnamese Customer Service Brief Job Description: Customer support and data base services.

CAO VAN BINH Vietnamese Customer Service Brief Job Description: Customer support and data base services.

DANG, HUYNH DUC Vietnamese Customer Service Brief Job Description: Customer support and data base services.

DANG, XUAN VIET Vietnamese Customer Service Brief Job Description: Customer support and data base services.

DINH, THI HONG NHUNG Vietnamese Customer Service Brief Job Description: Customer support and data base services.

DOAN, THI BAO TRAN Vietnamese Customer Service Brief Job Description: Customer support and data base services.

LIEU HIEN DUC Vietnamese Customer Service Brief Job Description: Customer support and database services.

NGUYEN THAO NGUYEN Vietnamese Customer Service Brief Job Description: Customer support and data base services.

NGUYEN THI LAN HUONG Vietnamese Customer Service Brief Job Description: Customer support and data base services.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills.

No.

191.

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

192.

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

193.

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

194.

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

195.

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

196.

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

197.

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

198.

199.

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

200.

201.

202.

203.

Salary Range: Php 30,000 - Php 59,999 204.

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

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

Brief Job Description: Customer support and database services.

NGUYEN, THANH LONG Vietnamese Customer Service Brief Job Description: Customer support and database services.

NONG, THUY LINH Vietnamese Customer Service Brief Job Description: Customer support and database services.

PHAM, TRUNG KIEN Vietnamese Customer Service Brief Job Description: Customer support and database services.

SIT, MY LINH Vietnamese Customer Service Brief Job Description: Customer support and data base services.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

TRINH, THI SEN HOA Vietnamese Customer Service Brief Job Description: Customer support and data base services.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

VI, THI THOM Vietnamese Customer Service Brief Job Description: Customer support and database services.

VO THI LINH Vietnamese Customer Service 205.

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

NGUYEN, MINH THUY Vietnamese Customer Service

TU SAU DINH Vietnamese Customer Service

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

Brief Job Description: Customer support and database services.

TSIN, HY MUI Vietnamese Customer Service

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

NGUYEN, HUY KHANH Vietnamese Customer Service

TRUONG, XUAN GIAP Vietnamese Customer Service

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

Brief Job Description: Customer support and database services.

TRUONG, THI MAI Vietnamese Customer Service

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

NGUYEN, HUY BAC Vietnamese Customer Service

TANG, THI KIM HUONG Vietnamese Customer Service

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

VONG THI NGOC NGUYET Vietnamese Customer Service 206.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

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ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE

No.

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

207.

Brief Job Description: Performs technical tasks and provides support in the design, layout, construction, operation, and maintenance of electronic, electrical, mechanical and telecommunication control systems.

RADIANCE SOLAR SOLUTIONS INC. Unit 214-215 2f Commercenter Alabang, Commerce Ave., Filinvest Corporate City, Alabang, City Of Muntinlupa

INEZ PERERA Vice President Of Finance

Salary Range: Php 30,000 - Php 59,999 208.

Brief Job Description: Responsible for overseeing all financial activities and strategies of the organization. This role requires a seasoned financial leader with a strong track record of financial management, strategic planning, and team leadership.

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

STEPHEN SHELDON PERERA VP Of Operations And Business Development

209.

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

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

RED DRAGON VENTURES INC. 1588 3/f Casino Filipino, New Coast Hotel Manila, M.h Del Pilar Cor. P Gil Sts., Malate , 076,, Barangay 699, Malate, City Of Manila

210.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate. Preferably 1-year experience in the same field. Speaks and write (native language).

211.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate. Preferably 1-year experience in the same field. Speaks and write (native language). Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate. Preferably 1-year experience in the same field. Speaks and write (native language). Salary Range: Php 30,000 - Php 59,999

PHILIPPINES COMMUNICATIONS NETWORK CONSTRUCTION INC. Unit E-2004a East Tower, Psec Exchange Road Ortigas Center, San Antonio, City Of Pasig

Brief Job Description: Gather data and assist in preparation of reports. Translation of documents from English to Japanese. Day-to-day clerical, records keeping and processing duties.

Basic Qualification: College graduate. Fluent in Japanese and English languages. With previous work experience in a related field. Salary Range: Php 60,000 - Php 89,999

SHELL SHARED SERVICES (ASIA) B.V. 16/f-25/f Solaris One Bldg., 130 Dela Rosa St., San Lorenzo, City Of Makati Basic Qualification: Native Spanish speaker. At least 2 years work experience preferably in logistics, manufacturing planning and supply chain management.

PINZON GRANADOS, LAURA ALEJANDRA Delivery Scheduler - Spanish Speaker 212.

Brief Job Description: Creates and optimizes cost effective and timely delivery plans. Ensures deliveries are in line with HSSE and operational procedure.

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

THERMA LUZON INC. 14/f Nac Tower, 32nd Street, Bonifacio Global City, Fort Bonifacio, City Of Taguig

213.

Basic Qualification: At least 10 years in a coal power plant generation facility or in related power facility.

LAWRENCE, BRIAN VINCENT Technical Director For Operations - Pulverized Brief Job Description: Responsible for the general governance & oversight.

Salary Range: Php 500,000 and above

TOYOTSU INSURANCE AGENCY PHILS., INC. 15/f 1504-1505 One Global Place Bldg., 5th Ave. Cor. 25th St. Bgc, Fort Bonifacio, City Of Taguig

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

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

HEIKE, HIROYUKI Japanese Admin Officer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate. Preferably 1-year experience in the same field. Speaks and write (native language).

Brief Job Description: Maintains personnel records, updates databases, and creates guidelines and FAQ documents about company policies.

SAKURA JAPANESE LANGUAGE SCHOOL INC. Unit C,d & E 2nd & 3rd Flr. Miki Mari Bldg., Sta. Cecilia Rd., Talon Dos, City Of Las Piñas

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate. Preferably 1-year experience in the same field. Speaks and write (native language).

Basic Qualification: Bachelor’s college degree, at least 3 years of experience in the job mentioned. With good communication and strong leadership skills.

JENIE CHRISTINE Human Resources Administrator

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate. Preferably 1-year experience in the same field. Speaks and write (native language).

Brief Job Description: Responsible for overseeing the day-to-day operations of the company while also driving business growth and development strategies. This position requires a dynamic leader with a deep understanding of operational excellence, strategic planning, and business expansion.

Basic Qualification: Proven work experience with managerial or similar role, postgraduate degree in business administration, management, finance or similar, strong analytical and critical thinking skills, documenting and reporting skills, with industry-related expertise, and relevant training and/ or certifications. Salary Range: Php 150,000 - Php 499,999

Basic Qualification: College Graduate. Preferably 1-year experience in the same field. Speaks and write (native language). Salary Range: Php 30,000 - Php 59,999

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

Basic Qualification: Individual should possess a bachelor’s degree in Computing or Information Technology. Individuals who have a bachelor’s degree in Mathematics, Physical Sciences, or a specialization in the Engineering field will also be considered. Salary Range: Php 30,000 - Php 59,999

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

QUALIFICATION AND SALARY RANGE

LI, XUEBING Senior Technical Specialist

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

KUMAMOTO, SHOKO Japanese Sales Officer 214.

Brief Job Description: Develop and maintain productive business relationships to the whole Toyota group clients.

Basic Qualification: Must be proficient in written and verbal communication in Japanese language. Salary Range: Php 90,000 - Php 149,999

WESERV SYSTEMS INTERNATIONAL, INC. 11f Net 2 Square, 3rd Ave. Crescent Park West, Fort Bonifacio, City Of Taguig TAKAO, KENZO Bilingual Senior Application Systems Consultant 215.

Brief Job Description: Responsible for the design, creation, testing and documenting of new and amended programs from supplied specifications in accordance with agreed standards.

Basic Qualification: With good English and Japanese communication skills both written and verbal. Salary Range: Php 90,000 - Php 149,999 *Date Generated: Oct 16, 2023

Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

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Tuesday, October 17, 2023 A13

6 killed in Russian attacks on Ukraine as Kyiv continues drone counterstrikes

YIV, Ukraine—Russian attacks on Ukraine over a 24-hour period killed six people, local officials reported Sunday.

Two people were killed and three more injured in the Kherson area after more than 100 shells bombarded the region over the weekend, local governor Oleksandr Prokudin wrote on social media. Two guided bombs later hit key infrastructure in Kherson city, sparking a partial blackout and disruption to the area’s water supply, reported the head of the city’s military administration, Roman

Mrochko. Local officials said two more people died in the Donetsk area and that a 57-year-old man and a 54-year-old woman were killed by an airstrike that destroyed their home in the Kharkiv region. In a separate incident, a 14-yearold boy was killed by a mine in a field in Ukraine’s Mykolaiv region, Interior Minister Ihor Klymenko said. The explosion also injured

another 12-year-old boy. Fighting remained fierce across eastern Ukraine over the weekend, with Russian forces repeatedly attempting to encircle the city of Kupiansk in the Kharkiv region, military officials said. Illia Yevlash, spokesperson for the Ukrainian military’s eastern forces, told journalists that forces defending the area had faced 10 separate attacks in the space of 24 hours. “The enemy is trying to attack us in the direction of Kupiansk to encircle it and reach the banks of the Oskol River,” Yevlash told Ukrainian television. He said that Ukrainian forces in the town of Lyman in the Donetsk region had also faced heavy attack.

Russia’s UN ambassador, Vassily Nebenzia, told a UN Security Council meeting on Friday that the intensified attacks in the east amounted to a new stage in Moscow’s campaign in Ukraine. “Russian troops have, for several days now, switched over to active combat action practically throughout the entire front line.… The so-called Ukrainian counteroffensive can therefore be considered finished,” he said. Meanwhile, the Russian defense ministry announced Sunday that Ukraine had launched 27 drones in an overnight attack on western Russia. Officials said that 18 drones were shot down over the Kursk region, leading to speculation in

Putin’s visit to Beijing underscores China’s economic and diplomatic support for Russia By Christopher Bodeen The Associated Press

AIPEI, Taiwan—Russian President Vladimir Putin is expected to meet this week with Chinese leaders in Beijing on a visit that underscores China’s economic and diplomatic support for Moscow during its war in Ukraine. The two countries have forged an informal alliance against the United States and other democratic nations that’s now complicated by the Israel-Hamas war. China has sought to balance its ties with Israel with its economic relations with Iran and Syria, which are strongly backed by Russia. Putin’s visit is also a show of support for Chinese leader Xi Jinping’s signature Belt and Road drive to build infrastructure and expand China’s overseas influence. The Russian leader will be among the highest profile guests at a gathering marking the 10th anniversary of Xi’s announcement of the policy, which has laden countries such as Zambia and Sri Lanka with heavy debt after they signed contracts with Chinese companies to build roads, airports and other public works they could not otherwise afford.

Putin’s visit has not been confirmed, but Chinese officials have suggested he will be arriving late Monday. A sked by repor ters Fr iday about a visit to China, Putin said it would encompass talks on Belt and Road-related projects, which he said Moscow wants to link with efforts taken by an economic alliance of ex-Soviet Union nations mostly located in Central Asia to “achieve common development goals.” He also downplayed the impact of China’s economic influence in a region that Russia has long considered its backyard and where it has worked to maintain political and military clout. “We don’t have any contradictions here, on the contrary, there is a certain synergy,” Putin said. Putin noted that he and Xi will also discuss growing economic and financial ties between Moscow and Beijing. “One of the main areas is financial relations and creating further incentives for payments in national currencies,” Putin said. “The volume is growing rapidly, there are good prospects in hightech areas, in the energy sector.” A lexander Gabuev, director of Carnegie Russia Eurasia Center, said that from China’s view “Russia is a safe neighbor that is

friendly, that is a source of cheap raw materials, that’s a support for Chinese initiatives on the global stage and that’s also a source of military technologies, some of those that China doesn’t have.” “For Russia, China is its lifeline, economic lifeline in its brutal repression against Ukraine,” Gabuev told The Associated Press. “It’s the major market for Russian commodities, it’s a country that provides its currency and payment system to settle Russia’s trade with the outside world— with China itself, but also with many other countries, and is also the major source of sophisticated technological imports, including dual use goods that go into the Russian military machine.” Gabuev said that while Moscow and Beijing will be unlikely to forge a full-fledged military alliance, their defense cooperation will grow. “I don’t expect that Russia and China will create a military alliance,” Gabuev said. “Both countries are self-sufficient in terms of security and they benefit from partnering, but neither really requires a security guarantee from the other. And they preach strategic autonomy.” “There will be no military alliance, but there will be closer

military cooperation, more interoperability, more cooperation on projecting force together, including in places like the Arctic and more joint effort to develop a missile defense that makes the US nuclear planning and planning of the US and its allies in Asia and in Europe more complicated,” he added. China and the former Soviet Union were Cold War rivals for inf luence among left-leaning states, but have since partnered in the economic, military and diplomatic spheres. Just weeks before Russia’s full-fledged invasion of Ukraine last February, Putin met with Xi in Beijing and the sides signed an agreement pledging a “no-limits” relationship, and Beijing’s attempts to pose itself as a neutral peace broker in Russia’s war on Ukraine have been widely dismissed by the international community. Xi visited Moscow in March as part of a flurry of exchanges between the sides. China has condemned international sanctions imposed on Russia, but hasn’t directly addressed the arrest warrant issued for Putin by the International Criminal Court on charges of alleged involvement in the abductions of thousands of children from Ukraine.

the Russian press that the attack could have been targeting the nearby Khalino military airfield. Images on social media showed burning debris just 1.5 kilometers (1 mile) from the air base, which was previously attacked by Ukrainian forces at the end of September. Writing on social media, Kursk Gov. Roman Starovoit said that debris had fallen in the region’s namesake capital and the nearby village of Zorino. No casualties were reported. Officials also said that two more drones had been shot down over Russia’s Belgorod region, but did not confirm the fate of the remaining seven drones. Ukrainian media outlets later said that Kyiv’s forces had carried out a successful

strike on Russia’s Krasnaya Yaruga electrical substation, close to the Ukrainian border. The reports cited an unnamed source from within Ukraine’s security services and included a video that appeared to show an aerial strike against an unidentified target. The Associated Press could not independently verify the reports. Moscow also said Sunday that it had intercepted a Global Hawk drone close to Russia’s Black Sea border. A Su-27 fighter was scrambled to intercept the drone, which turned away and ultimately did not cross into Russian airspace, the Russian defense ministry said in a statement on social media. AP

Australian watchdog fines X $385,000 for not tackling child abuse content By Rod Mcguirk

The Associated Press

A NBER R A , Austra lia— Australia’s online safety watchdog said on Monday it had fined X—the social media platform formerly known as Twitter—610,500 Australian dollars ($385,000) for failing to fully explain how it tackled child sexual exploitation content. Australia’s eSafety Commission describes itself as the world’s first government agency dedicated to keeping people safe online. The commission issued legal transparency notices early this year to X and other platforms questioning what they were doing to tackle a proliferation of child sexual exploitation, sexual extortion and the livestreaming of child sexual abuse. eSafety Commissioner Julie Inman Grant said X and Google had not complied with the notices because both companies had failed to adequately respond to a number of questions. The platform renamed X by its new owner Elon Musk was the worst offender, providing no answers to some questions including how many staff remained on the trust and safety team that worked on preventing harmful and illegal content since Musk took over, Inman Grant said. “I think there’s a degree of defiance there,” Inman Grant said.

“If you’ve got a basic H.R. (human resources) system or payroll, you’ll know how many people are on each team,” she added. X did not immediately respond to a request for comment. After Musk completed his acquisition of the company in October last year, he drastically cut costs and shed thousands of jobs. X could challenge the fine in the Australian Federal Court. But the court could impose a fine of up to AU$780,000 ($493,402) per day since March when the commission first found the platform had not complied with the transparency notice. The commission would continue to pressure X through notices to become more transparent, Inman Grant said. “They can keep stonewalling and we’ll keep fining them,” she said. The commission issued Google with a formal warning for providing “generic responses to specific questions,” a statement said. Google regional director Lucinda Longcroft said the company had developed a range of technologies to proactively detect, remove and report child sexual abuse material. “Protecting children on our platforms is the most important work we do,” Longcroft said in a statement. “Since our earliest days we have invested heavily in the industrywide fight to stop the spread of child sexual abuse material,” she added.

Myanmar’s junta seeks to keep ethnic minority allies on its side with anniversary of cease-fire By Grant Peck Associated Press

ANGKOK—Myanmar’s military government hosted representatives from ethnic rebel groups Sunday to mark the eighth anniversary of the signing of a multilateral cease-fire agreement. But the event was boycotted by three of the signatories that oppose the current army-installed regime. The event in the capital Naypyitaw was the first such formal gathering of the military government and ethnic minority leaders since the army seized power from Aung San Suu Kyi’s elected government on February 1, 2021. Maintaining a cease-fire with as many groups as possible is crucial for the military government, which for more than two years has been faced with nationwide armed resistance from opponents of its 2021 takeover. Those pro-democracy forces have crucial alliances with, or support from,

several ethnic rebel groups. The military has launched offensives in the territory long under the control of the ethnic minority groups. In order to shake and divide the anti-military rule alliances, the military government has also conducted a series of in-person peace talks with the leaders of ethnic minorities since May last year, with little to show for its effort. Myanmar has 21 established ethnic armed organizations and some of the largest and most powerful groups, including the Kachin Independence Army and United Wa State Army, did not endorse the cease-fire pact, which they viewed as lacking inclusiveness. The agreement had been seen as a step toward ending the longstanding rebellions against the government but the government has always been reluctant to reach the comprehensive political settlement most of the groups have sought. The army’s seizure of power

undermined chances for the peace process. Senior Gen. Min Aung Hlaing, the head of the ruling military council who spearheaded the 2021 takeover, said in his opening speech on Sunday that the cease-fire pact—officially called the Nationwide Ceasefire Agreement, or NCA,—would “remain in force eternally and (is) not ... subject to nullification” as it was ratified by Parliament. He said the military “attaches great importance to the implementation of the NCA agreement,” according to an official translation of his speech. He also urged groups that had not been signatories to sign the agreement. Many ethnic armies have been fighting the ethnic Burman majority government for greater autonomy for their regions since the country, then named Burma, gained independence from the British in 1948. In October 2015, eight ethnic armed groups signed the NCA. In

February 2018, two more ethnic rebel groups joined the cease-fire under Aung San Suu Kyi’s civilian government, bringing the total number of signatories to 10. The Karen National Union, Chin National Front and All Burma Students’ Democratic Front, three NCA signatories, declared they were not attending Sunday’s event. The three groups have allied with the pro-democracy People’s Defense Force established in 2021 to oppose army rule. The three groups announced on Thursday in a joint statement that the agreement is no longer valid as the military has destroyed the basic principles of the agreement and repeated vicious attacks that target civilians since its takeover. The statement said dialogue would not be held unless their demands were met. The demands include the military’s withdrawal from politics, implementation of federal democracy and acceptance of inter-

national involvement in solving the country’s crisis. Padoh Saw Taw Nee, a spokesperson for Karen National Union—one of the most established and influential of the ethnic minority organizations—said in a video message posted on the organization’s Facebook page on Sunday that the ruling military council is trying to hold peace talks and anniversary events to ease the financial and diplomatic stress they are under and to find a way out from losing a lot of territory. Many Western nations maintain tough economic and political sanctions against the ruling military. “Under current conditions, no meaningful peace talks can take place. With the coup, there is no legitimate government, no constitution and no parliament,” Padoh Saw Taw Nee said. “We don’t see any potential positive outcomes from the eighth year anniversary of the NCA that they are organizing now.” Three members of All Burma

Students’ Democratic Front were listed by the military as being in attendance at Sunday’s event but a spokesperson for the group, Ye Baw Sonny, told The Associated Press said they did not represent it and would face disciplinary measures. The groups that were listed as having sent representatives were the Democratic Karen Buddhist Army, the KNU/KNLA Peace Council, the Pa-O National Liberation Army, the Arakan Liberation Party, the Restoration Council of Shan State, the New Mon State Party, the Lahu Democratic Union, the All Burma Students’ Democratic Front and some other ethnic groups that were not NCA signatories. The military said attendees also included 35 members of political parties, 11 officials from non-governmental organizations and 32 diplomats, including Chinese Special Envoy for Asian Affairs Deng Xijun and, Indian Deputy National Security Adviser Vikram Misri.

A14 Tuesday, October 17, 2023 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

‘UN must intensify efforts to mediate’

srael on Thursday dropped leaflets over Gaza City in the north and intensified warnings on social media, ordering 1.1 million Palestinians to move south. The military says it is trying to clear away civilians ahead of a ground offensive against Hamas militants in Gaza Strip. The World Health Organization and other aid groups under the United Nations appealed to Israel to immediately rescind orders for the evacuation of over one million people, saying a mass evacuation would be disastrous—for patients, health workers and other civilians left behind or caught in the mass movement. “With ongoing airstrikes and closed borders, civilians have no safe place to go. Almost half of the population of Gaza is under 18 years of age. With dwindling supplies of safe food, clean water, health services, and without adequate shelter, children and adults, including the elderly, will all be at heightened risk of disease,” WHO said. From the Associated Press, October 15, 2023: “Water has run out at UN shelters across Gaza as thousands packed into the courtyard of the besieged territory’s largest hospital as a refuge of last resort from a looming Israeli ground offensive and overwhelmed doctors struggled to care for patients they fear will die once generators run out of fuel.” A UN human rights expert warned on Saturday that Palestinians are in grave danger of mass ethnic cleansing and called on the international community to urgently mediate a ceasefire between warring Hamas and Israeli occupation forces. “The situation in the occupied Palestinian territory and Israel has reached fever pitch,” said Francesca Albanese, UN Special Rapporteur on the situation of human rights in the Palestinian Territory occupied since 1967. “The United Nations and its member states must intensify efforts to mediate an immediate ceasefire between the parties, before we reach a point of no return,” said Albanese. “The international community has the responsibility to prevent and protect populations from atrocity crimes. Accountability for international crimes committed by Israeli occupation forces and Hamas must also be immediately pursued,” she said. UN Secretary-General António Guterres said he recognizes the legitimate grievances of the Palestinian people, “but nothing can justify the acts of terror and the killing, maiming and abduction of civilians.” He reiterated his call to immediately cease the attacks and release all hostages. “While I recognize Israel’s legitimate security concerns, I also remind Israel that military operations must be conducted in strict accordance with international humanitarian law. Civilians must be respected and protected at all times. Civilian infrastructure must never be a target. We already have reports of Israeli missiles striking health facilities inside Gaza as well as multi-storied residential towers and a mosque. Two UNRWA schools sheltering displaced families in Gaza were also hit,” he said. Guterres added: “The UN Special Coordinator and I are engaging with leaders in the region to express our concern, our outrage, and to advance efforts to avoid any spillover to the wider Middle East. Even in these worst of times—and perhaps especially in the most trying moments—it is vital to look to the long-term horizon and avoid irreversible action that would embolden extremists and doom any prospects for lasting peace.” “Israel must see its legitimate needs for security materialized—and Palestinians must see a clear perspective for the establishment of their own state realized. Only a negotiated peace that fulfills the legitimate national aspirations of Palestinians and Israelis, together with their security alike—the long-held vision of a two-State solution, in line with United Nations resolutions, international law and previous agreements—can bring long-term stability to the people of this land and the wider Middle East region,” he said. The current war in the Middle East is between Israel and Hamas. But the UN chief said “this most recent violence does not come in a vacuum. The reality is that it grows out of a long-standing conflict, with a 56-year long occupation and no political end in sight. It’s time to end this vicious circle of bloodshed, hatred and polarization.” The Hamas militants deserve to be crushed after their barbaric attack. But a military operation must spare millions of Palestinian civilians trapped and helpless in the Gaza Strip. Depriving these people of water, food and medicine for the sick and injured is inhuman. With an impending ground offensive, let’s hope that Israel will be careful enough not to make itself a mirror image of Hamas.

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Be upbeat Manny B. Villar

THE Entrepreneur

eing optimistic even in the face of dark clouds hovering over the horizon has been my guiding principle since I started as a small entrepreneur. This positive mentality allowed me to perceive opportunities ahead and achieve success in the competitive business field. Being upbeat instead of seeing obstacles ahead motivates and inspires my employees and co-workers to pursue and focus on our long-term goals. You don’t allow yourself to get entangled in short-term complications. The business plan may not initially meet its target but a positive attitude will enable an entrepreneur to adjust to the economic conditions, and make him resilient and recover from the early setbacks. Any business has its ups and downs—the optimist will survive unexpected events while the pessimist will never hit his goal if he is easily discouraged and gives up his dreams at the first sign of trouble. Taken on a larger context, the Philippine economy faces what many economists call headwinds that may impact on growth, prices and, eventually jobs, if things get out hand. The Israeli-Hamas war in the Middle East

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OUTSIDE THE BOX

T. Anthony C. Cabangon Lourdes M. Fernandez

sectors obtained jobs in August in absolute terms. This means an increased number of people were added to the consumer base. The economic strides we have undertaken in the face of adversities were noticed by an IMF mission that concluded its visit in the first week of October. The IMF team confirmed that “the Philippine economy has emerged from the pandemic strongly” and praised the Medium-Term Fiscal Framework drawn up by the administration of President Ferdinand Marcos Jr. Fiscal consolidation as envisaged under the Medium-Term Fiscal Framework, according to the visiting IMF mission, is on track. It reflects a strong revenue performance and lower current spending, and its pace is appropriate to bring the national government debt-to-GDP ratio to less than 60 percent over the medium term, says the IMF. The pandemic and the UkraineRussia war have not deterred the Philippines from pursuing its economic goals. Our nation persevered in the face of elevated oil prices, and higher inflation and interest rates. We were bullish despite the odds. The Philippines never wavered on its goals because growth opportunities were never lacking. For comments, send e-mail to mbv_secretariat@vistaland.com.ph or visit www.mannyvillar. com.ph

Stock market in a coma: Stock exchange on life support

✝ Ambassador Antonio L. Cabangon Chua Publisher

will be alarming if it spreads to the rest of the Arab world. We know what that means—much higher oil prices and further global economic slowdown. But the optimist in me tells me that the conflict will taper off shortly as cooler heads prevail and find a solution to the war. The Philippines has survived the pandemic and the ongoing Russian invasion of Ukraine. I am optimistic, as any businessman here, that we will also overcome the spillover effects of the Middle East conflict. In the meantime, entrepreneurs, especially the smaller ones, may have already prepared for the coming Christmas season when consumers spend and invest a lot. Things will be looking good toward the end of the year and that means the Philippine economy will grow strongly in the last quarter of year on increased

consumer spending. Finance Secretary Benjamin Diokno is one Cabinet member who is always upbeat on the economy. He expects a more robust economic performance in the second half of 2023, driven by faster spending. I agree with Mr. Diokno, who cited the observation of the International Monetary Fund. Per the IMF, the second-half economic growth would be faster than the first half of 2023. Expenditures on many infrastructure projects are historically high during the fourth quarter, while the weather is on our side because typhoons rarely strike in the fourth quarter. I expect the government’s catch up spending in the last two quarters of the year to reinvigorate spending. The economy just grew by 5.3 percent in the first half due to higher inflation and underspending. Economic managers estimate the gross domestic product should grow by at least 6.6 percent in the second half to reach the low-end of the government’s target range of 6 percent to 7 percent. We may already be seeing the effects of catch up spending that will boost economic growth. The nation’s unemployment rate dropped to a three-month low of 4.4 percent in August 2023 from 4.8 percent in July and 5.3 percent a year ago, per the data of the Philippine Statistics Authority. About 200,000 more Filipinos from the agricultural and industrial

or half a century Bernard Baruch, who died in 1965 at age 94, was one of the USA’s richest and most powerful men both as a stock market trader/broker and as a close trusted presidential adviser during both world wars. Baruch once said, “The main purpose of the stock market is to make fools of as many men as possible.”

The reason I quote Baruch (who became a millionaire many times over from the stock market) is that it is hard to find a positive quote about the stock market and stock trading. This is the situation despite there being over 100 stock markets worldwide with the notable exceptions of Cuba, Ethiopia, and North Korea. Perhaps there are not enough “fools” in those nations. The “Bourse At Antwerp” was first opened in 1531, the world’s first commodity exchange. “The Royal Exchange” was opened by Elizabeth I of England in 1571. In 1585, merchants in Frankfurt, Germany established a stock market initially for trading currencies. Established in 1875 by a cotton merchant, the Bombay Stock Exchange is the oldest stock exchange in Asia. The Tokyo Stock Exchange

started in 1878. The Palestine Exchange (PEX) based in Nablus in the West Bank Palestinian territories was established in 1995 and its Al-Quds Index closed down 0.50 percent last Friday, October 13, 2023. Since October 5th, that index has fallen from 654 to 608, off 7 percent. With a combined global stock market capitalization of approximately $112 trillion, 130 percent of global Gross Domestic Product, and a nearly 500-year history, the “stock market” still “don’t get no respect!” Since early August (with the PSE index opening at 6,591), I have said the Philippine stock market was in a coma. In September the market moved to being a “headless chicken.” Now, we are back to “coma” with the

index down 0.87 percent this month. Coma: a state of deep unconsciousness characterized by unresponsiveness and lack of activity. I can live with the “unresponsiveness” because there is always a blink of the eye or finger twitch that I can make some profit from. But it is the “lack of activity” that has put the “Stock Exchange” on life support. Trading volume of six to eight billion pesos average per day is ancient history with even five to six billion as “The Good Old Days.” Last Friday— October 13—total trading value was P5.2 billion. However, P1.56 billion was an internal “cross-trade” at Maybank in DITO CME Holdings shares. Another was a P700 million trade of BDO at SB Equities. Therefore “clean” volume was less than P3 billion. The only listed stockbroker, COL Financial Group, reported Quarterly results for June 30, 2023, and “COL’s revenues increased strongly with interest income higher by 217 percent. Commission revenues fell by 27.5 percent.” The “Stock Exchange”—The Philippine Stock Exchange, Inc.— “reported a net profit of P417 million in the first semester, 11.6 percent more than a year ago due to higher investment income. On the other hand, operating revenues were lower by 12.9 percent to P740 million due to a 20.8 percent and 6.3 percent de-

cline in listing and trading related fees respectively.” In other words, both COL and PSE Inc. are not making money from stock market trading but from having your cash balances—and theirs—on deposit at the bank and invested in government debt securities. The PSE is getting nervous about the situation. In the last few months, we have seen A) settlement period for trades go to the global standard of ‘T2,’ two instead of three trading days, B) “PSE set to launch short selling by October 23,” C) “The goal is to have derivatives trading on the PSE by mid2025,” and the latest from last week D) “PSE to introduce cross-border trading.” All of these in the words of PSE President Ramon Monzon “to be able to attract back the foreign investors.” How bad is the “On Life Support” situation? From a very close stockbroker friend: “Really bad. I think worst year we have had so far. Doing less biz now than our first year going online.” What’s the solution? Contrary to the PSE’s noble efforts, there isn’t any. Free cases of San Miguel beer for traders is always a good idea. But no amount of alcohol can blur the daily global headlines enough.

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

Opinion BusinessMirror

www.news.businessmirror@gmail.com

Taxation of sale of real property

Potential avengers: The biggest losers Siegfred Bueno Mison, Esq.

THE PATRIOT

Atty. Mabel L. Buted

Tax Law for Business

he BIR recently issued revenue issuances providing additional guidelines in relation to the payment of taxes due on real property transactions, especially for properties considered as ordinary assets. Related to this, let’s also revisit the rules to remind us of our tax obligations when dealing with real estate transactions. Real property taxation is indeed complicated—from the proper classification of the property, the determination of the applicable taxes and tax rates, to the timing on the payment of taxes, especially if the payment is under a long-term arrangement or in installment. The first step in determining the correct taxes due on a sale of real property is to ascertain whether the asset involved is considered ordinary or capital asset. Real properties considered as ordinary assets are those that are primarily held for sale to customers or those that are being used in the trade or business of the taxpayer. All other real properties that are not considered as ordinary assets are capital assets. Let me discuss first the taxation of sale of “ordinary” real properties. The income or gain arising from the sale or transfer of these assets is subject to the regular income tax. The timing or year for the reporting of such gain and the payment of the tax in the tax return, however, varies. The terms of payment would dictate this. Cash sales definitely require the reporting of income at the time of sale. What about if the payment term extends to over a year? The portion of the income to be reported and when to be reported depends on the initial payments in the year of sale. If more than 25 percent of the total contract or selling price is paid in such year, the taxpayer is already required to pay in the year of sale the income tax on the entire gain. On the other hand, if the payments during the year of sale does not exceed 25 percent of the total amount of consideration, this is treated as a sale on the installment plan, and the income tax is to be paid only on the income in any taxable year corresponding to the proportion of the installment payments actually received in that year, which the total profit realized or to be realized when the property is paid for bears to the total contract price. In other words, for sales made under an installment plan, the entire profit arising from the sale and the income tax due on it is spread over the term of payment of the selling price, based on the amount of collections made during a particular year. The sale of real property considered as ordinary asset is also subject to VAT based on the gross selling price or fair market value of the property, whichever is higher. Like in income tax, the 25 percent criterion is also observed in the determination as to when and how much of the VAT is to be paid. If the 25 percent threshold is breached, VAT is paid entirely at the year of sale. Otherwise, VAT is paid only upon every installment, based on the collections received. The sale is also subject to the creditable expanded withholding tax (EWT), with the same basis as the basis for the VAT, that is, whichever is higher between the gross selling

price and the fair market value of the property. If total payments in the year of sale exceeded 25 percent, the EWT is withheld upon the first installment. On the other hand, if the initial payments do not exceed 25 percent, the EWT is withheld upon every installment if the buyer is engaged in trade or business, while the tax is withheld upon the last installment if the buyer is not engaged in trade or business. The EWT rate ranges from 1.5 percent to 6 percent, depending on the amount of the selling price and if the transferor is engaged in real estate business. So, apart from the 25 percent criteria, whether or not the buyer and seller are engaged in trade or business and the amounts involved are also factors in determining the applicability of withholding tax, the applicable EWT rate and the timing for the withholding tax remittances. Shifting to capital assets, unlike “ordinary” real properties, sale of real properties considered as capital assets are not subject to VAT and to the creditable withholding tax. Also, it is not the gain arising from the sale that is subject to income tax. It is the entire gross selling price or the fair market value of the property (whichever is higher), which is subject to the capital gains (income) tax at 6 percent. Real estate transactions are also subject to documentary stamp taxes and to local transfer taxes, both of which are based on the higher of the total consideration or fair market value of the property. These rules on taxation of the sale, transfer or disposition of real properties have remained unchanged for quite a long time. In the case of the “25 percent rule,” for example, this can be traced as far back as1940 when the Income Tax Regulations was issued. The real estate industry in the country is booming. As times have changed, perhaps it’s also time to revisit our laws, rules and regulations affecting the taxation of real properties. Changes may need to be introduced to be responsive to the current situation and help keep the development and growth of the industry moving. The author is a junior partner of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at mabel.buted@ bdblaw.com.ph or call 8403-2001 local 160.

Tuesday, October 17, 2023 A15

ast year, the Human Rights Watch (HRW) reported that 2022 was the deadliest year for Palestinian children in the West Bank in 15 years. In November 2022, HRW reported that Israeli Defense Forces (IDF) had killed at least 34 Palestinian children in the West Bank. Fast forward to 2023 and on to Gaza. According to the Palestinian Ministry of Health in Gaza, at least 583 children have been killed in the Gaza Strip since October 14. In Geneva, the UNICEF has pleaded that since “the images and stories are clear: children with horrendous burns, mortar wounds, and lost limbs. And hospitals are utterly overwhelmed to treat them,” the killing must stop. As to Israeli children being held hostage by Hamas in Gaza, the UNICEF declared that the children “must be safely and immediately reunited with their families and loved ones.” It is not disputed that Hamas extremists purposely took children for some evil motive. As of this writing, I am most certain that the number of dead and injured children will continue to rise given that the Hamas October strike in a music festival in Southern Israel and Israel’s counter strike of a modern day siege in Gaza (practi-

cally no food, water, electricity), has reached a boiling point with no let up in the horizon. Close to 500,000 children will have to be evacuated to escape the wrath of a ground assault in North Gaza. Before this October attack, UNICEF reported that half of the child population in the Gaza Strip and the West Bank were already in need of humanitarian aid. These strikes by both sides will just exacerbate the desperate situation of children. As aptly put by UNICEF, “In every war, the ones who suffer the most are children” and that “Every single child, no matter who or where they are, must be protected.” Whether Palestinian or Israeli, these children are helpless that even if they survive armed attacks, they are forever scarred and

traumatized. It has been reported that children’s ages in the Gaza Strip are measured by how many Israeli assaults they have been through. In the words of one Palestinian mother, “having to flee the familiarity of a home in the middle of the night as neighbors cry and scream in fear and missiles rain down piles trauma on trauma.” Needless to say, the willful killing and injuring of children is not only a breach of International Humanitarian Law, but also creates so much hatred against those who do. Parents of children who died will seek revenge at all costs in the same way as children of parents who get killed would do so. After all, hitting back is a human response. If it remains unchecked or done at a high emotional state, vengeance leads to endless conflict. Should warring factions recklessly attack without due regard to the safety of non-combatants, especially children, they run the risk of a vicious cycle of revenge! I wonder whether targeting children is a conscious strategy to reduce if not eradicate potential avengers in any war. Again, these avengers come from both sides. I had my share of wanting to retaliate against my enemies, especially those in public service. I thought and tried at times; after all, within three months from entering the Bureau, an Ombudsman complaint was already filed against me! Those complaints

S President Joe Biden weighed a trip to Israel while he cautioned against longterm Israeli occupation of the Gaza Strip on Sunday, as the White House sought to balance support for the country with fears that the regional crisis could escalate. No decision about whether to travel to Israel had yet been made, according to two people familiar with the internal discussions. A spokesperson for the National Security Council said the White House didn’t have a trip to announce.

But the possible trip—and acknowledgment of concerns voiced by Palestinians in Gaza and Arab leaders across the region—were the latest signal that the US was trying to keep the crisis from further escalating. US Secretary of State Antony Blinken will make an unscheduled return to Israel on Monday following talks with Arab officials, as administration officials warned Iran against any involvement. Biden stressed his belief that Israel would act by the rules of war and that innocent civilians would have access to medicine, food and water in an interview with CBS News’s “60

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

Doctors Without Borders: The climate crisis is a health crisis, especially in Asia Pacific By Maria Guevara

limate change has disastrous health impacts. As a medical humanitarian organization, Doctors Without Borders/Médecins Sans Frontières (MSF) is already seeing these impacts on the people we treat in over 70 countries around the world. This year, powerful Cyclone Mocha hit Myanmar and Bangladesh and destroyed not only communities, but also refugee camps. In years past, we have seen strong typhoons such as Haiyan in 2013, which laid waste to central Philippines and caused widespread flooding in Indonesia that submerged homes and destroyed properties. But it is not just cyclones and super typhoons. July 2023 was recorded as the planet’s hottest month in 174 years, resulting in Canadian wildfires, major heatwaves in France, Spain, Germany, Poland and Italy, and marine heatwaves along coastlines from Florida to Australia. In short, these weather events are happening all over the globe with greater frequency and impact. While these are the most obvious, climate change has other impacts on health, particularly on disease. Doctors Without Borders is responding to high levels of vectorborne, food-borne, and water-borne diseases in our projects, which is worrying, as this is projected to increase as the climate crisis accelerates. It is predicted that there will be 15 million more cases of malaria yearly, with 30,000 deaths linked to that, in addition to what we are already seeing now. One billion more

people are expected to be exposed to dengue, not only in Asia Pacific, where it is much more prevalent, but across the world. European Union officials recently warned that there is a growing risk of mosquito-borne viral diseases such as dengue and chikungunya in Europe due to climate change. We have seen cholera outbreaks in at least 30 countries. While this is due to multiple factors, climate change is most definitely one of them. Climate change is also linked to food insecurity and malnutrition. With extreme weather events such as heat waves and increased rainfall come droughts and floods that impact farming and fishing communities, affecting everything from the yield of crops grown, to the animals that till the soil, to the number of fish caught in nets. It does not end there. Other impacts of climate change include the spread of non-communicable diseases; forced displacement and migration; and the emergence of conflicts, among others. And all of these are expected to intensify over time—unless we take urgent action. Humanitarian organizations like Doctors Without Borders are already seeing these impacts and treating

patients in the most vulnerable communities. But we can only do so much. We are seeing huge needs everywhere we go, from Asia Pacific to the Middle East, and the African nations. Countries with limited resources are enduring the worst of the devastation brought by the climate crisis. Our Rohingya patients in Cox’s Bazar, Bangladesh—who have endured decades of persecution and are already burdened by being contained in the world’s largest refugee camps—are repeatedly threatened by floodings and cyclones that come their way. Our patients in the island nation of Kiribati face climate and environmental changes that threaten their livelihoods and exacerbate their disease risks. We have been sounding the alarm. We see these huge needs brought about by the climate crisis, and we fear that these needs are outstripping our capacity to respond. We need the countries most responsible for this global warming of 1.2 degrees above pre-industrial levels to help those who are most affected, to take responsibility, and to provide financial and technical support to those most vulnerable. Governments of the most affected countries, including in Asia Pacific, must not only compel the top polluters to help them mitigate and manage the impacts of climate change, but also put in place policies and affirmative climate actions in addressing and reversing the impact of these issues. Already we are seeing commitments from world leaders. At their recent meeting, G-20 nations have

Biden considers Israel visit, warns against Gaza occupation By Jennifer Jacobs & Justin Sink

and malicious attacks kept coming – expected hazards of a crusader I suppose. But in the end, I was prevailed upon by my mentors who reminded me what God meant when He said, vengeance is mine, and I will repay (Romans 12:19). Whenever we are hurt, it is normal to feel obsessed with taking revenge. But when love for others prevail, as part of God’s command, believers submit to God’s righteous justice. It is disheartening to see what has happened and will continue to happen in that part of the Middle East, which conflict is deeply rooted in cultural and religious differences. For now, what is needed is to afford greater protection to those who need it. No child should be further traumatized and treated as collateral damage, in any war. And the children, both in Palestine and Israel, hold the future of a peaceful end to this crisis, from anyone’s perspective.

Minutes.” He said he didn’t believe Israel should control the territory long-term, saying instead the territory should be governed by “a Palestinian authority.” “I think it’d be a big mistake,” Biden said. “Look, what happened in Gaza, in my view, is Hamas and the extreme elements of Hamas don’t represent all the Palestinian people.” The interview, which aired Sunday night, came as Israeli Defense Forces were readying a ground invasion of Gaza, prompting hundreds of thousands of residents to flee south. The mass migration has prompted concerns of a humanitarian crisis,

and Palestinian officials said more than 2,600 people in Gaza have been killed. Biden accepting Prime Minister Benjamin Netanyahu’s invitation— extended in a phone call Saturday— could both signal solidarity after the deadly Hamas attack. It can also help jumpstart regional efforts to limit the scope of the conflict and provide humanitarian assistance.

Frayed relationship

The US president and the Israeli leader last met in September during the United Nations meetings in New York. Their relationship has been

frayed this year amid Netanyahu’s effort to strip power from Israel’s judicial branch. Blinken is expected to return to Israel on Monday after meetings with Saudi and Egyptian leaders, and Axios reported that Egyptian President Abdel Fattah El-Sisi has also invited Biden to an international conference regarding the conflict. Palestinian and Israeli leaders have been pushing Egypt to help mediate the conflict, and the US has urged the country to open the Rafah border crossing. White House National Security Adviser Jake Sullivan also said Sunday that the US had conducted back-

committed to a greener and more climate-resilient health system. The Association of Southeast Asian Nations—which has five of the world’s 20 most at-risk countries located in the region—has announced an ambitious strategy to work towards carbon neutrality. The COP28 agenda in November has an increased focus on health, relief and disaster response. This is an important and critically urgent moment. These commitments are ambitious, but member states of these regional blocs must see them through and take real action. Today, we are dangerously off track and urgent action needs to be taken now. The climate crisis requires a whole-of-society approach. People and organizations must also understand that our own behaviors are a part of the problem. We need to respond together, in solidarity with all, for the health of all. Born in the Philippines, educated in the US and the UK, Dr. Maria Guevara is the current International Medical Secretary for Doctors Without Borders / Médecins Sans Frontières (MSF). Previously, she was the Senior Advisor on Global Health from 2018 to 2020 and Senior Coordinator for Attacks on Healthcare from 2017 to 2018. From 2012 to 2017, she held the position of MSF Regional Humanitarian Representative in Asia, during which time she served as a member of the Advisory Group on Reform of WHO’s Work in Outbreaks and Emergencies with Health and Humanitarian Consequences in 2015. She is also a SAFE STEPS First Aid Ambassador for a collaborative pan-Asia program to promote awareness and increase knowledge of first aid skills across the region. Her special interests are Global Health, Response in Emergencies and Planetary Health.

channel discussions with Iranian leaders to warn them against escalation. He said the US couldn’t rule out Iran intervening either directly or via Hezbollah, the Lebanon-based militia group that it sponsors. In his interview, Biden said his team had been discussing the establishment of a safe zone for Gaza residents, and held talks with the Egyptian government about assistance in getting women and children out of the conflict zone. “The Israelis are going to do everything in their power to avoid the killing of innocent civilians,” Biden said. Bloomberg

A16 Tuesday, October 17, 2023

COSTLIER WORLD GRAINS TO SLASH RICE IMPORTS

HE Philippines’s rice imports this year may decline by 18.42 percent year-onyear to 3.1 million metric tons (MMT), as higher world grain prices dampened traders’ appetite, a high-ranking official said. Agriculture Undersecretary for Rice Industry Development Leocadio S. Sebastian said the country’s rice imports for 2023 could be 700,000 lower than the 3.826 MMT volume recorded last year as higher world rice prices discouraged importers from bringing in foreign stocks. “Rice abroad is expensive. [The importers] are looking at local production and they can buy local, that is okay with me,” Sebastian told reporters on the sidelines of the 6th International Rice Congress in Pasay on Monday. The country’s rice imports from January to September declined by almost 12 percent to 2.672 MMT from 3.035 MMT recorded in the same nine-month

period last year, Bureau of Plant Industry (BPI) data showed. The United States Department of Agriculture (USDA) earlier projected that the Philippines could become the world’s top rice importer this year with a total estimated volume of 3.9 MMT. In the past five years (20182022), the Philippines has been the second largest rice importer four times (2018, 2020, 2021, 2022) and the top importer of the grain once (2019), based on USDA data. In a related development, Sebastian pointed out that the agriculture department targets a rice self-sufficiency level of about 85 percent to 87 percent this year. The target was estimated using the level of rice production in relation to the country’s demand. (Related story: https://businessmirror.com.ph/2023/10/10/ rice-sufficiency-level-falls-to24-year-low/) See “Costlier,” A2

PEZA, more stakeholders back halt to pass-thru fees

ORE stakeholders including the Philippine Economic Zone Authority (PEZA) have rallied behind the suspension of pass-through fees in local government units (LGUs), saying this will reduce the cost of doing business for exporters, locators and manufacturers. “It is a welcome development [because] it will definitely reduce the costs of logistics trucking... Imagine coming from the ports, and then [the] goods will have to be transported all the way to the ecozones,” PEZA Director General Tereso O. Panga told reporters on the sidelines of the recent signing of the Memorandum of Understanding (MOU) between Japan-based firm Advantec and PEZA. “Every time you pass through a certain LGU, they can just impose [their own] tolling nila there, so they charge fees to trucks that traverse through their jurisdiction so …that [the ban on LGU fees] will reduce the cost of doing business,” Panga explained. Meanwhile, Ferdinand Ferrer, the Vice President for Industry Affairs of the Philippine Chamber of Commerce and Industry (PCCI), said the suspension of passthrough fees “will improve ease of doing business” which exporters and manufacturers need. “That’s what they want, ease of doing business. You know, those pass-through fees, who gets to pay for it? We do. It’s passed on,” Ferrer told reporters on the sidelines of the media briefing for the 49th Philippine Conference and Expo (PBC&E) on Thursday. In September, President Ferdinand R. Marcos Jr. issued Executive Order (EO) No. 41, a measure “prohibiting” the collection of the logistics fees on national roads and “urging” local government units to suspend the collection of fees on vehicles transporting goods. The President said the threepage issuance was in line with the goal of his administration to reduce transport and logistics costs to help revitalize industries. “The unauthorized imposition of pass-through fees has a significant impact on transportation and logistics costs, which are often passed on [to] consumers, who ultimately bear the burden for the increase in prices of goods and commodities,” Marcos said in his new EO. Marcos tasked DILG to coordinate with the Department of Trade and Industry (DTI), Department of Transportation (DOTr), Department of Public Works and

Highways (DPWH), Anti-Red Tape Authority (ARTA) and Department of Finance (DOF) to make sure the existing ordinances of LGUs related to pass-through fees are consistent with the LGC. Meanwhile, manifesting the hopes of exporters, Philippine Exporters Confederation, Inc. (Philexport) President Sergio R. OrtizLuis Jr. earlier said the suspension of pass-through fees would definitely ease the burden on exporters and micro, small and medium enterprises (MSMEs) because they see this as an additional cost that is just being passed on to them by truckers. However, the head of the umbrella organization of Filipino exporters said government will is required to successfully implement this measure. “If the government has the will to implement it, then suspend it outright … they can simply state that DILG can suspend those who will not comply. As long as the message is clear, they will all follow,” Ortiz-Luis told the BusinessMirror via viber message two weeks ago. As for the trade group’s no-frills recommendation, the Philexport chief stressed, “Our recommendation is simply for the DILG to issue a statement that the LGUs will be sanctioned and suspended by DILG. That’s all. No ifs and buts….” Representing the tr uckers group, Rina Papa, Vice President of Alliance of Concerned Truck Owners and Organization (ACTOO) highlighted the need to impose “definitive sanctions” for noncompliant LGUs, considering they have been “adamant” in the past. “Urging, pleading whatever it takes for the LGUs to comply with several measures had been taken on this in the past, but LGUs had been adamant [in refusing to lift pass-thru fees]. So yes, [we hope for a] definitive sanction…for noncompliance,” Papa earlier told the BusinessMirror in a viber message. The truckers hope to be part of the technical working group being developed for the implementing rules and regulations (IRR) of EO 41. Papa hopes the IRR will insert a provision taking into consideration “to cover roads leading to points crucial to trade and distribution of goods such as warehouses, factories, storage facilities, container yards, even department stores.” (Full story here: https://businessmirror.com.ph/2023/10/04/tradegroups-want-lgus-violating-banon-fees-sanctioned/) Andrea E. San Juan

₧23T in land sales projected from 14 reclamation projects

By Jovee Marie N. dela Cruz

@joveemarie

LAIMING that reclamation offers not only an essential means of urban expansion but also substantial economic opportunities, an economistlawmaker estimated on Monday that at least P23 trillion in land sales will result out of the 14 approved reclamation projects off Manila Bay, “enough to retire the country’s debt.” In a recent briefing conducted by the House Committee on Ways and Means and the Philippine Reclamation Authority (PRA), Albay Rep. Joey Sarte Salceda highlighted the significance of Manila Bay reclamation projects, drawing parallels to global megacities like Tokyo, Singapore, and Hong Kong, which have successfully utilized reclamation to address their growing needs. According to Salceda, the 14 approved Manila Bay reclamation

projects that are pending resumption due to a suspension ordered by President Marcos can also generate as much as P432 billion in national land taxes, including VAT, capital gains tax, and documentary stamp taxes in the next five years. Salceda agreed, however, that reclamation as a revenue source for the national government has not yet been maximized. “It’s a great way to raise revenues without raising taxes. We

already considered funding the military pension system out of reclamation rights during the time of PNOY [President Benigno Aquino III]. But the idea was ultimately shelved because most reclamation projects are local government projects,” Salceda added. This revelation comes in the wake of the government’s decision to temporarily halt several reclamation projects in the country, including those in Manila Bay. The Department of Environment and Natural Resources (DENR) is reviewing the records of all projects, which are in varying stages of project implementation. Salceda emphasized that reclamation is a standard practice undertaken by major cities worldwide, citing the examples of Tokyo, Singapore, and Hong Kong. He said Tokyo, for instance, has reclaimed 20 percent of Tokyo Bay to meet the growing demands of the Tokyo Metropolitan Area. Salceda added that Singapore, on the other hand, has reclaimed around 22 percent of its total land area, with one-third allocated for

socialized housing projects. Meanwhile, Hong Kong has reclaimed 25 percent of its developed land, housing 27 percent of its population and serving as a hub for 70 percent of its business activities. “Reclamation is inevitable when developing large metropolitan cities [are] bound by the sea, and Metro Manila is now the world’s most densely populated megacity,” Salceda said.

3 under way

IN August, President Ferdinand R. Marcos Jr. ordered the suspension of 22 reclamation projects, including three in Manila Bay that were already underway. Salceda underlined the significant economic contributions of reclamation projects to the country—beyond tax revenues from the businesses to be set up on the reclaimed lands, they also create additional job opportunities. He is pushing advocacy for harnessing reclamation development rights as a means of generating revenue for the government. Continued on A5

SEAMLESS CHECK-IN Travelers at NAIA Terminal 3 are experiencing the convenience of the new self-bag drop for seamless check-in during domestic journeys, a service provided by Cebu Pacific to elevate the passenger experience. Moreover, those facing flight disruptions and eligible for complimentary meals can effortlessly obtain them by presenting their boarding passes at Cebu Pacificaccredited stores in NAIA T3. NONIE REYES

DOTr plays down transport strike impact

HE Department of Transportation (DOTr) played down the impact of the strike of transport group Manibela on Monday, saying it “left only minimal impact and failed to paralyze public transportation in the metropolis and regions.” “Based on the nationwide monitoring of the Transport Strike/ Rally staged by Manibela, it did not, in any way, disrupt the public transportation service in the country. No significant stranded passengers were monitored,” the Land Transportation Franchising and Regulatory Board (LTFRB) said in a media advisory. Overall, the LTFRB assessment said the strike which was staged in parts of Quezon City, Parañaque City and Manila, was generally peaceful. The transport strike held in other parts of the country also “failed

to disrupt” the flow of public transport as government agencies and local government units (LGUs) deployed mobility assets and offered free rides to affected passengers. The LTFRB claimed also the contingency measures by the national government through the InterAgency Task Force on Tigil Pasada were effectively carried out. However, Manibela Chairman Mar Valbuena challenged such narrative, saying that the group did not claim to have paralyzed public transportation, but held the strike to merely voice out their frustrations. “Those who are saying that the strike was not successful were not out on the streets. They are a bunch of liars and liars are siblings of thieves — of the corrupt. We were there. And we saw some parts that were like ghost towns. They are

claiming that our impact was minimal because they can’t accept the truth. If they really thought that we have minimal impact, why did they cancel classes and roll out capacity augmentation initiatives?” Valbuena said over the phone. The Presidential Communications Office on Sunday announced the suspension of in-person classes for major universities in Manila as well as in schools in several cities and provinces, including Pampanga, Laguna, Angeles, Cabuyao, and Marikina. Other local government units announced separately the suspension of classes in their localities. “Are they downplaying us so that our frustrations will not be addressed? What do they mean that we are only making a minimal impact? Does it mean that since we are but a few, they are not willing

to hear us?” Valbuena lamented. Among the top issues that Manibela is asking government to address is the Public Utility Vehicle (PUV) Modernization Program, particularly the consolidation of franchises into cooperatives or corporations. “We are not calling for the program to be stopped. We are calling for it to be temporarily suspended until we have a dialogue. We have yet to be called for a dialogue with the government since March,” he said, referring to the transport strike that the group launched in the first quarter of 2023. Valbuena noted that the group will continue to “strategize” on how to get the government to listen to its frustrations. He also questioned why the government refuses to have a dialogue with the group. Lorenz S. Marasigan

Companies BusinessMirror

Editor: Jennifer A. Ng

Tuesday, October 17, 2023

‘CISOs dissatisfied ACEN secures ₧5-B loan with measures to CEN Corp. has secured a P5fight cyber threats’ billion loan from Metrobank to partly fund the power firm’s reA newable energy (RE) projects.

By Lenie Lectura

The loan was obtained last October 13, the power firm said in a disclosure Monday. It added that the proceeds will be used for general corporate purposes including, but not limited to, capital expenditures (capex) for RE projects of the ACEN group. The power firm said last March that it was looking to earmark as much as P70 billion in capex, higher than last year’s P50.6 billion. ACEN said it has over 2,400

@llectura

megawatts (MW) of projects under construction which will help bring the company closer to its ambition of achieving 20 gigawatts (GW) in RE capacity by 2030. ACEN currently has around 4,000 MW of attributable renewables capacity in operation and under construction across the Philippines and the region. The company plans to transition its generation portfolio to 100 percent renewable energy by 2025 and

to become a net zero greenhouse gas emissions company by 2050. ACEN Treasurer, Chief Financial Officer and Compliance Officer Maria Corazon Dizon had said that the company may resort to borrowing to partly fund its capex. “In terms of new debts, we are projecting to borrow an additional of P30 billion and we are also looking at equity offering by way of the preferred shares — not part of P30 billion,” Dizon said. The company’s net income in 2022 stood at P14.6 billion, up 90 percent from P7.67 billion in 2021. The company reported last August that its net income in the first half by 94 percent year-on-year to P4.2 billion on the back of higher revenues, which rose by 28 percent year-on-year to P20.5 billion. It said strong results from its power projects, as well as the

commissioning of new projects, allowed it to achieve a net selling merchant position, amid strong prices in the Wholesale Electricity Spot Market. “Our growth continues to be robust midway through 2023. We’ve made considerable progress with the continued ramp-up of our projects, helping provide much-needed supply to the Philippines and across the region. This has transitioned us to a net selling position in the Philippine spot market and strengthened our financial performance,” ACEN President Eric Francia said in a statement. Attributable earnings before interest, taxes, depreciation, and amortization (EBITDA), which includes ACEN’s share of EBITDA from nonconsolidated operating associates and joint ventures, rose 20 percent to P9.4 billion in the first half.

ICTSI recognized as one of Asia’s top firms

nternational Container Terminal Services Inc. (ICTSI) said on Monday it was recognized anew by leading investment institutions and agencies as “one of the top Asian companies that has shown all-round governance excellence and social responsibility efforts.” In a statement, the company said it was named as the most outstand-

ing company in the Philippines under the Transportation Sector category at the 2022 Asia’s Outstanding Companies Poll by Asiamoney. The award was based on the company’s financial performance, management team excellence, investor relations, and corporate social responsibility (CSR) initiatives. Asiamoney polled over 1,200

fund managers, research analysts, and bankers across 12 markets in Asia. Meanwhile, at the 13th Asian Excellence Awards, Hong Kong-based Corporate Governance Asia named ICTSI as the Best Investor Relations Company in the Philippines and was adjudged Asia’s Best CSR. Enrique K. Razon Jr., ICTSI chair

and president, was hailed Asia’s Best CEO (Investor Relations) while Rafael D. Consing Jr., former SVP and CFO, was named Asia’s Best CFO (Investor Relations). Arthur R. Tabuena, ICTSI Treasury Director and Head of Investor Relations, was also recognized as the Philippines’ Best Investor Relations Professional. Lorenz S. Marasigan

S online attacks become more prevalent, company officials in charge of cyberseurity are still in search of effective ways to combat threats posed by hackers, according to a survey. Based on results of the latest EY 2023 Global Cybersecurity Leadership Insights Study, only one in five chief information security officer (CISO) respondents worldwide believes the approach of their organization is effective to avoid present and future risks. Half of the 500 participants, likewise, appear pessimistic about the potency of the training their companies provide, as 36 percent are contented with the levels of adoption of best practices by teams beyond the information technology (IT) department. CISOs reported that each organization experienced an average of 44 cyber incidents last year. While the mean cybersecurity investment yearly stands at $35 million, the median cost of a breach has grown by 12 percent to $2.5 million in 2023. It is seen to nearly double to $4 million. Defense spending may be increasing, but detection and response times appear slow. In fact, over three-quarters (76 percent) of the surveyed said their companies take an average of six months or more to determine and act on an incident.

“After all the time and money spent on cybersecurity, CISOs still feel very unprepared against cyber threats. The levels of dissatisfaction are more worrying when seen in the context of increasing geopolitical instability, economic uncertainty and the rapid adoption of emerging technologies that will push the number of incidents to even higher levels and see cyber adversaries continually evolve,” said EY Global and Asia-Pacific Cybersecurity Consulting Leader Richard Watson. The apparent high recognition of online attacks by the board and management, however, “does not always translate into the right investments in cybersecurity,” according to SGV Technology Consulting Leader Warren R. Bituin. “Targeted investments can provide some level of security but may overlook the need for a comprehensive and holistic approach to cybersecurity,” he said, while citing the importance of understanding the whole ecosystem they operate in to strengthen their defense posture. “This means looking beyond internal systems and considering the network of third-party vendors, suppliers, and partners. Recognizing that vulnerabilities can arise from these relationships is crucial to implementing robust security measures.”

Companies BusinessMirror

Tuesday, October 17, 2023

Figaro profit in FY ’23 surges on new offerings, expansion

By VG Cabuag

@villygc

he Figaro Coffee Group Inc., an operator of coffee shops and several restaurants, on Monday said its net income during its 2023 fiscal year (FY) more than doubled to P462.6 million from the previous year’s P198.2 million. The company attributed its performance during FY 2023 which ended on June 30 to increasing volume and “efficient management of overhead costs.” “We are very humbled by the patronage of old and new customers to our brands and we are excited to continue our prudent expansion and product innovation. While there are many challenges, we will press on to give the best product and value-formoney for our customers,” Divine Cabuloy, the company’s CEO, said. Revenues for the year rose 75 per-

cent to P4.28 billion from the previous year’s P2.44 billion, as samestore sales grew 6 percent. This growth was attributed to the company’s store expansion and openings, which saw the addition of 44 new stores during the year, bringing the total store count to 167 as of June 30. Currently, the company already has a total of 186 stores across all brands, with more under construction. The company said it experienced a slight dip in its gross margin, declining to 45 percent from 49 percent

due to the increase in raw ingredients costs. Operating margin, meanwhile, improved to 14 percent from 10 percent due to cost management and improvement in operational efficiencies. The company also said it made “significant strides” in its financial position, complemented by an investment from Monde Nissin Corp. during the fiscal year, which bolstered the funds acquired from the proceeds of its listing. It recently launched new products to complement its menu line-up. Af-

MUTUAL FUNDS

ter Angel’s Pizza’s creamy spinach dip, a new creamy spinach sushi bake pizza was added to the line-up, as well as new healthier all-natural drinks in Figaro Coffee. Consistent with its commitment to investors, the company declared cash dividends equivalent to approximately 31 percent of the net income after tax for the fiscal year ending June 30. This is in line with its disclosed dividend policy, which aims to distribute a percentage of the latest fiscal year’s net income after tax to shareholders.

October 16, 2023

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 203.33 6.85% 1.43% -2.99% -1.58% -2.5% ATRAM Alpha Opportunity Fund, Inc. -a 1.4622 19.03% 10.66% 1.28% 1.41% 8.78% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.8009 7.35% 2.01% -5.31% -3.21% -3.91% Climbs Share Capital Equity Investment Fund Corp. -a 0.6779 3.04% 0.28% -4.39% n.a -2.29% First Metro Consumer Fund, Inc. -a 0.6359 3.92% -1.91% -3.97% n.a -1.96% First Metro Save and Learn Equity Fund, Inc. -a 4.5057 6.02% 2.51% -1.59% -1.32% -3.11% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6703 5.83% 0.9% n.a n.a -4.39% MBG Equity Investment Fund, Inc. -a 85.8 14.14% 0.36% -5.03% n.a 14% PAMI Equity Index Fund, Inc. -a 41.5866 7.31% 2.05% -1.94% n.a -3.72% Philam Strategic Growth Fund, Inc. -a 431.27 6.42% 0.91% -2.08% -1.66% -2.97% Philequity Dividend Yield Fund, Inc. -a 1.1781 6.26% 5.67% -0.13% n.a 0.26% Philequity Fund, Inc. -a 32.6215 8.08% 3.67% -1.11% 0.34% -2.02% Philequity MSCI Philippine Index Fund, Inc. -a 0.8269 9.02% 2.4% n.a n.a -2.58% Philequity PSE Index Fund, Inc. -a 4.368 8.47% 3.01% -1.06% 0.28% -2.84% Philippine Stock Index Fund Corp. -a 726.95 8.19% 2.85% -1.13% 0.09% -2.94% Soldivo Strategic Growth Fund, Inc. -a 0.6524 8.41% 2.36% -4.07% n.a -3.22% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.25 7.39% 1.98% -3.19% -1.03% -3.65% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8247 7.8% 2.52% -1.45% n.a -3.19% United Fund, Inc. -a 3.0283 7.63% 2.58% -1.69% -0.82% -2.14% Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.0234 5.37% n.a n.a n.a -3.11% COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,21 n.a n.a n.a n.a n.a Philequity Alpha One Fund, Inc. -a 0.9995 8.25% 3.35% n.a n.a -4.48% Philippine Stock Index Fund Corp. -a 882.27 7.99% n.a n.a n.a -3% Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c98.6499 8.89% 3.25% -0.84% n.a -2.44% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.803 3.88% -9.5% -3.26% -1.92% -5.75% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5312 15.51% -1.03% 4.6% n.a 7.53% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.4519 -1.71% -2.23% -1.75% -2.13% -2.21% ATRAM Philippine Balanced Fund, Inc. -a 2.1281 6.04% 1.49% 0.06% -0.16% 1.08% First Metro Save and Learn Balanced Fund, Inc. -a 2.4525 3.72% 0.96% 0.27% -1.53% -2.11% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1897 3.04% 1.63% n.a n.a -1.96% NCM Mutual Fund of the Phils., Inc. -a 1.8888 4.73% 1.05% 1.27% 0.44% -2.86% PAMI Horizon Fund, Inc. -a 3.4394 5.59% -0.04% 0.53% -0.49% -0.06% Philam Fund, Inc. -a 15.0876 3.81% -0.68% 0.03% -0.77% -0.35% Solidaritas Fund, Inc. -a 1.9819 5.27% 1.36% -0.05% 0.55% -0.4% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3033 5.21% 0.72% -1.2% -0.86% -0.79% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8744 6.53% 3.45% -0.46% n.a -0.51% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.9195 5.51% -0.41% n.a n.a 0.47% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.819 7% -0.17% n.a n.a -1.99% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.7994 6.66% -0.03% n.a n.a -2.81% Primarily invested in foreign currency securities (shares) Cocolife -6.9% -1.81% 0.01% -2.47% Dollar Fund Builder, Inc. -a $0.03162 0.89% PAMI Asia Balanced Fund, Inc. -b $0.8653 7.42% -6.77% -1.62% -3.01% -3.43% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.9584 8.51% -2.65% 2.28% 2.57% 2.93% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $0.9636 3.16% -5.14% -0.62% n.a -0.82% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 386.88 3.07% 1.62% 2.54% 2.13% 2.42% ATRAM Corporate Bond Fund, Inc. -a 1.8984 0.34% -0.93% 0.44% 0% 1.26% 2.25% 3.77% 2.4% Cocolife Fixed Income Fund, Inc. -a 3.2879 2.16% 0.86% Ekklesia Mutual Fund, Inc. -a 2.2377 3.45% -0.81% 1.12% 1.11% 2.76% First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4182 1.26% -0.43% 1.79% 1.13% 1.13% Philam Bond Fund, Inc. -a 4.1943 1.09% -3.29% 2.15% 0.53% 1.13% Philam Managed Income Fund, Inc. -a 1.3564 3.29% 1.12% 2.96% 1.64% 2.77% Philequity Peso Bond Fund, Inc. -a 3.9693 2.99% 0.09% 2.82% 1.44% 2.61% Soldivo Bond Fund, Inc. -a 1.0408 3.02% 0.1% 3.63% n.a 2.38% 1.85% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2351 3.78% 0.55% 3.28% 2.84% Sun Life Prosperity GS Fund, Inc. -a 1.7319 2.89% -0.25% 2.5% 1.26% 2.13% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $489.47 2.34% 0.59% 1.89% 2.49% 1.97% ALFM Euro Bond Fund, Inc. -a Є211.21 1.59% -1% -0.19% 0.75% 0.74% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0204 2.07% -6.54% -1.85% -0.05% 1.09% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0241 0.84% -3.11% -0.57% n.a 1.69% PAMI Global Bond Fund, Inc -b $0.8299 -1.3% -8.78% -4.12% -2.06% -4.09% $2.162 3.24% -4.99% 0.24% 1.31% -0.85% Philam Dollar Bond Fund, Inc. -a Philequity Dollar Income Fund, Inc. -a $0.0606256 1.56% -0.65% 1.29% 1.6% 1.21% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.5775 -0.1% -7.16% -2.18% -0.24% -5.29% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 135.86 2.29% 1.67% 2.53% 1.99% 1.97% First Metro Save and Learn Money Market Fund, Inc. -a 1.1001 2.98% 1.7% n.a n.a 2.47% Sun Life Prosperity Peso Starter Fund, Inc. -a 1.3673 2.6% 1.91% 2.47% 1.94% 2.16% Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 103.6 3.71% n.a n.a n.a 3.14% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0881 1.96% 1.19% 1.47% n.a 1.69% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 41.6246 -4.78% n.a n.a n.a -3.04% 9.46% n.a n.a Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.3787 15.92% 11.9% Sun Life Prosperity World Income Fund, Inc. -a,1 0.9607 n.a n.a n.a n.a n.a Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.7555 -0.92% -7.35% n.a n.a -4.75%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. 1 - Renaming was approved by the SEC last July 8, 2021 (formerly, Sun Life Prosperity Money Market Fund, Inc.). 2 - Adjusted due to stock dividend issuance last November 25, 2022. 3 - Re-classified into a Index Fund starting December 5, 2019 (formerly an Equity Fund) 4 - Renaming was approved by the SEC last October 14, 2021 (formerly, First Metro Consumer Fund on MSCI Phils. IMI, Inc.). 5 - Launch date is October 4, 2022. 6 - Launch date is August 22, 2023. “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

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

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

October 16, 2023

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG PHIL STOCK EXCH SUN LIFE VANTAGE

210,300 787,917,296 3,816 82,662,226 3,473,120 4,906,304 33,095,836.50 1,248,898 13,170.50 548,220 3,398,236 49,421,644.50 145,950 315,060 690 13,810 275,967 754,000 1,540

32,340 -29,304,818 -10,454,063 -45,750 4,543,436 4,115,995.50 4,360 -714,953 -17,050,487.50 -138,720 -55,982 754,000 -

INDUSTRIAL ACEN CORP 5.2 5.21 5.2 5.27 5.18 5.21 3,730,600 19,451,117 ALSONS CONS 0.58 0.61 0.58 0.58 0.58 0.58 30,000 17,400 0.81 0.82 0.8 0.82 0.8 0.81 760,000 615,090 ALTERNERGY HLDG ABOITIZ POWER 36.9 37 37 37.1 36.65 37 911,600 33,683,925 1.29 1.3 1.28 1.29 1.25 1.29 246,000 315,240 RASLAG BASIC ENERGY 0.198 0.199 0.201 0.202 0.198 0.198 1,520,000 303,080 18.42 18.7 18.7 18.88 18.4 18.42 184,500 3,403,848 FIRST GEN FIRST PHIL HLDG 60.6 62.4 60.8 62.6 60.6 60.6 17,660 1,072,405 376.2 376.4 376.2 379 373 376.4 119,070 44,857,298 MERALCO 18 18.12 18.12 18.14 18 18.12 968,400 17,507,096 MANILA WATER PETRON 3.4 3.42 3.4 3.44 3.39 3.4 416,000 1,413,470 4.29 4.68 4.55 4.55 4.28 4.28 10,000 44,800 PETROENERGY PHX PETROLEUM 5.33 6 5.23 6 5.23 6 15,400 89,234 5.55 5.65 5.7 5.7 5.52 5.55 84,000 467,540 REPOWER ENERGY SYNERGY GRID 7.85 7.97 8 8.06 7.82 7.85 1,060,000 8,368,652 13.4 13.5 13.58 13.58 13.4 13.5 112,600 1,520,038 SHELL PILIPINAS SPC POWER 7.94 8 7.94 8.01 7.94 8 27,300 218,222 2.52 2.61 2.71 2.71 2.45 2.61 1,828,000 4,721,300 AGRINURTURE 1.91 1.97 1.95 1.99 1.9 1.99 82,000 156,370 AXELUM CNTRL AZUCARERA 11.58 12.5 11.88 12.5 11.6 12.5 47,400 565,212 29.5 29.75 29.5 29.9 28.35 29.5 3,764,900 111,760,970 CENTURY FOOD DEL MONTE 7.4 7.7 7.33 7.35 7.32 7.32 800 5,871 6.25 6.28 6.4 6.4 6.25 6.25 9,269,100 58,742,133 DNL INDUS EMPERADOR 20.75 20.8 21 21 20.75 20.75 169,800 3,528,555 51.5 51.7 51.25 51.5 50.55 51.5 26,490 1,356,789 SMC FOODANDBEV FIGARO COFFEE 0.67 0.68 0.75 0.76 0.67 0.67 141,587,000 98,226,310 0.51 0.52 0.51 0.51 0.51 0.51 4,000 2,040 ALLIANCE SELECT FRUITAS HLDG 1.09 1.11 1.11 1.13 1.07 1.11 10,153,000 11,173,440 GINEBRA 166.5 169.5 170 171.4 166.6 169.5 48,000 8,186,376 218 219.8 220.8 222.8 218 218 1,141,420 250,693,708 JOLLIBEE KEEPERS HLDG 1.43 1.44 1.48 1.48 1.43 1.43 241,000 346,220 8 8.6 8 8 7.31 8 12,003,000 87,743,862 MACAY HLDG MAXS GROUP 4.27 4.3 4.35 4.35 4.25 4.29 173,000 742,870 0.104 0.117 0.104 0.104 0.104 0.104 10,000 1,040 MG HLDG MONDE NISSIN 8.18 8.25 8.58 8.58 8.1 8.25 13,125,600 108,400,528 9.3 9.57 9.3 9.3 9.28 9.3 25,900 240,564 SHAKEYS PIZZA 0.52 0.53 0.52 0.55 0.52 0.54 675,000 354,150 ROXAS AND CO RFM CORP 3 3.07 3.09 3.1 3 3 765,000 2,367,320 0.053 0.056 0.056 0.056 0.056 0.056 20,000 1,120 SWIFT FOODS UNIV ROBINA 113.8 114.4 114.6 115 113.8 113.8 406,140 46,315,360 0.53 0.54 0.52 0.54 0.52 0.54 117,000 63,080 VITARICH CONCRETE A 40.4 44.6 44.55 44.55 44.55 44.55 200 8,910 0.92 0.93 0.96 0.96 0.92 0.92 253,000 234,080 CEMEX HLDG EC VULCAN CORP 0.81 0.83 0.83 0.84 0.81 0.83 756,000 623,540 4.72 4.8 4.71 4.71 4.7 4.7 11,000 51,760 EEI CORP MEGAWIDE 3.15 3.16 3.18 3.2 3.15 3.15 252,000 798,110 TKC METALS 0.5 0.55 0.5 0.55 0.5 0.55 4,000 2,050 1.55 1.58 1.56 1.59 1.55 1.59 98,000 154,620 CROWN ASIA PRYCE CORP 5.19 5.2 5.19 5.22 5.19 5.2 19,000 98,771 14.8 15.28 15.3 15.3 14.78 14.8 1,400 21,034 CONCEPCION GREENERGY 0.45 0.46 0.43 0.46 0.43 0.45 78,450,000 35,035,050 3.66 3.74 3.73 3.73 3.71 3.73 19,000 70,600 INTEGRATED MICR IONICS 1.28 1.29 1.32 1.33 1.28 1.29 981,000 1,263,230 2.18 2.2 2.21 2.23 2.18 2.18 396,000 870,650 SFA SEMICON 1.91 1.93 1.98 1.98 1.87 1.93 976,000 1,858,850 CIRTEK HLDG

-996,806 -2,031,560.00 -226,360 -106,662 9,348,172 647,822 74,780 2,775 -1,071,882 -573,750 -894,570 1,990 35,640 9,416,875 -2,788,683 -1,338,460 -851,054.50 233,130 -101,010 4,307,130 -39,789,614 -87,723,200 -589,210.00 -11,024,619 87,244 -224,850 -13,286,131 -4,600 1,560 -2,958 -175,500 -41,170 153,950 43,360

HOLDING & FRIMS ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG B COSCO CAPITAL DMCI HLDG GT CAPITAL JG SUMMIT LT GROUP PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER

44.3 135.2 7.3 106.2 30.45 9.28 52.9 18.66 55.1 23.2 77.4 62.2 1.42 2.88 0.56 2.76 174.7 2,600 0.76

1.1 611 49.45 11.8 10.96 0.49 0.38 4.63 10.44 561.5 37.85 9 2.81 0.92 802 103 112.2

46 135.6 7.5 107 30.5 9.31 53.4 18.7 55.6 23.5 78.45 62.5 1.44 2.89 0.69 2.81 175 2,650 0.81

1.11 615 49.7 11.82 11.06 0.53 0.39 4.67 10.5 565 38.8 9.05 2.84 0.98 810 103.7 120

44.5 136.1 7.8 107.5 30.6 9.22 53.85 18.7 55.5 23.2 79.95 65 1.46 2.89 0.69 2.75 175 2,600 0.77

1.14 615 49.7 11.8 10.94 0.53 0.38 4.67 10.5 569 38.55 9.07 2.88 0.92 822 104.4 112.2

46 136.1 7.8 108.5 30.6 9.31 53.9 18.74 55.55 23.5 79.95 65.65 1.46 2.94 0.69 2.81 176.9 2,600 0.77

1.15 618.5 49.8 11.92 11.08 0.53 0.38 4.67 10.54 569.5 38.9 9.1 2.88 0.98 828.5 104.4 120

44.3 134.4 7.3 106.2 30.4 9.22 52.9 18.66 54.3 23.2 77.25 62 1.42 2.89 0.69 2.75 175 2,600 0.77

1.11 611 49.3 11.7 10.94 0.5 0.38 4.61 10.42 560 37.6 9.01 2.81 0.92 802 103 112.2

44.3 135.2 7.3 106.2 30.5 9.3 52.9 18.66 55.55 23.5 77.4 62.2 1.44 2.89 0.69 2.81 175 2,600 0.77

1.11 611 49.7 11.8 11.08 0.5 0.38 4.62 10.44 561.5 37.85 9.01 2.81 0.98 802 103 120

4,700 5,824,280 500 774,550 113,900 528,200 622,860 66,900 240 23,500 43,720 788,540 102,000 109,000 1,000 5,000 1,570 290 2,000

5,167,000 123,520 430,300 4,290,300 1,800 4,510,000 1,000,000 92,000 2,176,500 136,240 796,800 1,205,000 962,000 2,086,000 261,590 37,000 820

5,784,530 75,822,350 21,378,350 50,621,852 19,832 2,255,230 380,000 425,650 22,779,686 76,910,685 30,329,015 10,887,716 2,731,090 1,919,180 211,769,310 3,823,953 92,162

PROPERTY ARTHALAND CORP 0.445 0.46 0.45 0.45 0.445 0.445 510,000 228,500 AYALA LAND 28.85 29 29.3 29.3 28.8 28.85 4,494,300 129,965,045 1.79 1.8 1.83 1.83 1.76 1.8 334,000 596,170 AYALA LAND LOG ALTUS PROP 8.78 9.49 9.44 9.44 8.77 8.78 16,200 142,152 1.06 1.09 1.04 1.1 1.04 1.09 790,000 842,920 ARANETA PROP AREIT RT 33.6 33.75 32.8 34.05 32.7 33.75 659,000 22,273,235 0.68 0.7 0.68 0.7 0.68 0.7 5,000 3,420 A BROWN CROWN EQUITIES 0.071 0.074 0.071 0.071 0.071 0.071 10,000 710 2.56 2.57 2.55 2.57 2.54 2.56 71,000 180,730 CEB LANDMASTERS 0.32 0.325 0.325 0.325 0.32 0.32 270,000 87,250 CENTURY PROP CITICORE RT 2.53 2.54 2.56 2.56 2.52 2.53 2,467,000 6,239,030 7 7.11 7.12 7.12 6.95 7 37,700 264,793 DOUBLEDRAGON DDMP RT 1.3 1.31 1.3 1.31 1.29 1.3 668,000 866,130 6.38 6.41 6.4 6.4 6.37 6.38 9,700 61,898 DM WENCESLAO EMPIRE EAST 0.144 0.146 0.147 0.148 0.144 0.146 4,360,000 631,810 0.285 0.3 0.295 0.3 0.28 0.3 1,770,000 525,750 EVER GOTESCO FILINVEST RT 2.99 3.04 3.03 3.03 2.99 2.99 1,263,000 3,793,700 0.61 0.62 0.61 0.62 0.61 0.62 1,551,000 950,070 FILINVEST LAND 0.79 0.85 0.8 0.8 0.79 0.79 83,000 66,390 GLOBAL ESTATE 8990 HLDG 8.71 9.24 8.71 9.24 8.71 9.24 600 5,279 0.57 0.58 0.52 0.58 0.52 0.57 1,658,000 916,900 PHIL INFRADEV CITY AND LAND 0.78 0.79 0.78 0.81 0.78 0.79 81,000 63,920 2.07 2.08 2.07 2.09 2.06 2.08 7,394,000 15,330,950 MEGAWORLD MRC ALLIED 0.189 0.192 0.195 0.195 0.188 0.192 970,000 185,080 12.18 12.2 12.28 12.28 12.18 12.2 259,100 3,166,282 MREIT RT OMICO CORP 0.228 0.229 0.228 0.228 0.228 0.228 130,000 29,640 0.305 0.335 0.335 0.335 0.335 0.335 10,000 3,350 PHIL ESTATES PREMIERE RT 1.53 1.57 1.57 1.57 1.51 1.57 135,000 205,550 RL COMM RT 4.87 4.88 4.9 4.9 4.87 4.88 323,000 1,578,130 15 15.18 15.16 15.18 15 15.18 964,800 14,571,554 ROBINSONS LAND ROCKWELL 1.41 1.46 1.47 1.47 1.41 1.41 7,000 10,060 3.51 3.58 3.5 3.58 3.47 3.58 45,000 158,830 SHANG PROP STA LUCIA LAND 3.01 3.1 3.1 3.1 3.1 3.1 6,000 18,600 30.9 31 30.9 31.35 30.9 30.9 5,360,800 166,489,135 SM PRIME HLDG VISTAMALLS 2.25 2.47 2.26 2.26 2.25 2.25 8,000 18,040 1.67 1.7 1.73 1.73 1.67 1.67 782,000 1,330,110 VISTA LAND 1.65 1.69 1.69 1.69 1.65 1.65 300,000 496,870 VISTAREIT RT SERVICES ABS CBN 4 4.1 4.17 4.18 3.98 4.1 2,101,000 8,718,760 GMA NETWORK 8.37 8.38 8.27 8.37 8.27 8.37 227,600 1,894,622 1,790 1,800 1,795 1,814 1,790 1,790 17,120 30,767,980 GLOBE TELECOM PLDT 1,216 1,217 1,224 1,224 1,207 1,217 33,020 40,165,250 0.017 0.018 0.018 0.019 0.017 0.018 96,100,000 1,716,200 APOLLO GLOBAL CONVERGE 9.83 9.85 9.81 10.06 9.81 9.83 3,776,400 37,439,135 3.62 3.65 3.28 3.66 3.27 3.65 31,050,000 107,255,300 DITO CME HLDG NOW CORP 1.34 1.35 1.42 1.42 1.32 1.34 3,940,000 5,328,250 0.152 0.158 0.159 0.159 0.159 0.159 80,000 12,720 TRANSPACIFIC BR CHELSEA 1.22 1.25 1.25 1.25 1.22 1.25 43,000 53,240 CEBU AIR 33.1 33.3 33.7 33.7 33.05 33.1 223,500 7,411,680 209 209.4 209 210 206 209 377,470 78,952,770 INTL CONTAINER LBC EXPRESS 16.96 19.16 19.18 19.18 19.18 19.18 500 9,590 3.99 4.01 4.02 4.04 4 4.01 173,000 693,320 MACROASIA METROALLIANCE A 0.53 0.6 0.6 0.6 0.6 0.6 1,000 600 5.2 5.29 5.29 5.29 5.27 5.27 4,400 23,200 PAL HLDG HARBOR STAR 0.73 0.79 0.8 0.8 0.72 0.79 409,000 306,250 8.5 8.7 8.5 8.5 8.45 8.45 2,000 16,935 CENTRO ESCOLAR FAR EASTERN U 556.5 575 580 580 575 575 50 28,950 IPEOPLE 6.5 7.46 7.46 7.46 7.46 7.46 1,100 8,206 0.4 0.415 0.405 0.415 0.395 0.415 6,770,000 2,693,900 STI HLDG BELLE CORP 1.17 1.22 1.23 1.23 1.16 1.17 3,485,000 4,144,570 10.3 10.32 10.58 10.58 10.22 10.3 7,516,800 77,529,414 BLOOMBERRY PACIFIC ONLINE 3.66 3.77 3.8 3.84 3.66 3.77 267,000 1,013,520 0.78 0.79 0.83 0.83 0.75 0.78 7,130,000 5,658,870 PH RESORTS GRP PREMIUM LEISURE 0.55 0.56 0.58 0.58 0.56 0.56 12,649,000 7,128,780 7 7.01 7.2 7.29 6.96 7 1,355,000 9,630,013 DIGIPLUS 1.84 1.86 1.88 1.92 1.83 1.87 289,000 535,030 PHILWEB ALLDAY 0.18 0.181 0.182 0.185 0.18 0.181 5,480,000 993,770 1.67 1.68 1.74 1.78 1.63 1.67 4,445,000 7,540,250 ALLHOME METRO RETAIL 1.16 1.21 1.16 1.21 1.16 1.21 23,000 26,780 29.2 29.5 29.85 30.2 29.2 29.2 4,877,200 143,205,910 PUREGOLD ROBINSONS RTL 45.75 46 46 46.85 45.75 45.75 1,881,200 86,530,900 77.8 79 80 80 76.05 79 64,970 5,131,973.50 PHIL SEVEN CORP SSI GROUP 2.88 2.9 2.92 2.92 2.88 2.9 789,000 2,287,000 1.65 1.73 1.73 1.73 1.73 1.73 5,000 8,650 UPSON INTL CORP 21.9 22 21.85 22.2 21.85 22 1,453,400 31,972,375 WILCON DEPOT APC GROUP 0.228 0.235 0.227 0.236 0.227 0.236 120,000 27,850 0.415 0.43 0.41 0.435 0.41 0.435 30,000 12,550 MEDILINES PRMIERE HORIZON 0.195 0.2 0.204 0.204 0.195 0.195 1,850,000 362,930 MINING & OIL ATOK 4.51 4.9 5.68 5.68 4.51 4.51 41,000 221,510 2.6 2.62 2.67 2.68 2.6 2.6 6,722,000 17,643,810 APEX MINING ATLAS MINING 3.34 3.4 3.29 3.5 3.29 3.34 643,000 2,147,100 4.25 4.3 4.25 4.3 4.1 4.25 88,000 370,980 BENGUET A BENGUET B 4.1 4.29 4.2 4.3 4 4.29 647,000 2,591,660 3.2 3.98 3.2 3.2 3.2 3.2 3,000 9,600 DIZON MINES FERRONICKEL 2.75 2.76 2.78 2.78 2.75 2.75 315,000 869,400 0.088 0.09 0.09 0.091 0.087 0.09 920,000 83,150 LEPANTO A LEPANTO B 0.09 0.091 0.09 0.09 0.09 0.09 200,000 18,000 MANILA MINING A 0.0045 0.0046 0.0046 0.0047 0.0045 0.0046 197,000,000 911,100 0.96 0.99 1 1 0.95 0.96 778,000 751,050 MARCVENTURES NICKEL ASIA 5.87 5.94 5.89 5.95 5.85 5.94 1,867,900 11,007,162 0.7 0.71 0.69 0.71 0.69 0.71 64,000 44,800 ORNTL PENINSULA PX MINING 2.9 2.93 2.95 2.99 2.88 2.9 3,290,000 9,639,150 35.75 35.8 36.1 36.15 35.5 35.8 3,000,000 107,210,140 SEMIRARA MINING ENEX ENERGY 5.89 6 6 6 6 6 3,900 23,400 0.0087 0.0089 0.0087 0.0088 0.0087 0.0087 13,000,000 113,200 ORNTL PETROL A PHILODRILL 0.0082 0.0083 0.0084 0.0084 0.0083 0.0083 22,000,000 183,500 PXP ENERGY 3.65 3.67 3.43 3.7 3.43 3.69 614,000 2,203,880 PREFFERED HOUSE PREF B 94.4 97.4 97.4 97.4 97.4 97.4 40 3,896 ACEN PREF A 1,030 1,040 1,030 1,030 1,030 1,030 300 309,000 1,034 1,035 1,033 1,035 1,032 1,035 1,065 1,102,165 ACEN PREF B AC PREF AR 2,458 2,468 2,468 2,468 2,468 2,468 200 493,600 442 450 442 443 442 442 420 185,660 ALCO PREF D AC PREF B2R 482 490 482 482 482 482 100 48,200 98.5 99 99 99 99 99 4,000 396,000 BRN PREF A CEB PREF 33.2 33.5 33.5 33.5 33.5 33.5 3,000 100,500 920 925 920 920 920 920 60 55,200 JFC PREF B MWIDE PREF 4 90.1 94 93.95 93.95 93.95 93.95 170 15,971.50 PNX PREF 3B 27.75 33.95 33 35 33 35 400 13,400 253 265 252.8 273 252.8 273 190 48,522 PNX PREF 4 PCOR PREF 3B 990 1,010 1,010 1,010 990 990 10 10,000 995 1,000 999 1,000 999 1,000 15 14,990 PCOR PREF 4C SMC PREF 2F 72.55 73.65 72.9 72.9 72.55 72.55 16,750 1,217,237.50 68 69.35 68 68 68 68 650 44,200 SMC PREF 2J SMC PREF 2K 67 69 69 69 69 69 170 11,730 48.5 49.8 49.8 49.8 49.8 49.8 500 24,900 TECH PREF B2D

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR GMA HLDG PDR

WARRANTS

TECH WARRANT

3.7 7.43

3.72 3.73 3.73 3.7 3.72 135,000 8 8 8 8 8 200

0.36

0.375

0.37

0.36

90,000

-1,304,920.00 -29,000,840 -9,889,930 -47,526,690 -380,000 -208,230 -9,060,762 -20,715,635 -14,604,475.00 -5,080,087.00 -70,003,900 -143,810 -6,449,305 72,260 -1,732,330 7,650 167,880.00 41,210 -9,050 -3,000 -32,940 783,670 1,840 -2,370 5,211,410 147,932 3,060 -346,360 1,013,780 1,410 -18,600 33,579,520 -135,740 2,676,980 5,972,440 -11,061,926 442,880 -2,589,000 -5,371,440 35,424,050 -591,700 5,850 -17,845,832 -307,870 7,400 1,248,493 1,810 -1,280,080 14,339,255 -1,686,370 -9,610.50 -1,070,000 -8,650 12,064,515 1,970 -5,320 -37,700 9,600 1,452,892 3,133,600 20,061,830 -183,500 -100,500 -929,520 -

501,990 1,600

-163,400 -

33,100

SMALL, MEDIUM & EMERGING

0.44 0.44 0.435 0.44 90,000 39,300 0.77 0.8 0.77 0.77 113,000 87,340 0.9 0.92 0.89 0.92 228,000 205,120 0.77 0.77 0.75 0.75 55,000 41,320 -760 1.18 1.23 1.16 1.17 2,269,000 2,661,810 23,400 0.239 0.248 0.239 0.247 130,000 31,940 -

EXHANGE TRADE FUNDS

98.7 98.7 97.6 97.6 17,110 1,675,837 373,986.50

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS MERRYMART XURPAS

FIRST METRO ETF

0.435 0.77 0.89 0.75 1.17 0.24

97.5

0.45 0.79 0.92 0.76 1.18 0.248 97.6

www.news.businessmirror@gmail.com

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Tuesday, October 17, 2023

Payment issues hound Filipino travelers

By Cai U. Ordinario

@caiordinario

ESPITE the option for cashless transactions, majority of Filipinos bitten by the travel bug experienced payment issues before satisfying their wanderlust, a recentlyreleased study on global travel intentions (GTI) by Visa Inc. revealed.

The study’s findings showed that 66 percent of Filipino travelers had

payment concerns despite options for cashless transactions for most

Have you heard of the framing effect?

HE framing effect is a cognitive bias that occurs when our decisions are influenced by how information is presented or framed. Essentially, the same information can be presented differently, leading to different outcomes based on how it is stated. This bias highlights the fact that our decision-making is based on more than just the content of the information but also on how it is conveyed. Let’s dive into a few simple examples to illustrate how the framing effect works. Example 1: Medical treatment options. Imagine you’re given two options for a medical treatment. Option A has a 90-percent success rate, while Option B has a 10-percent failure rate. Which option would you choose? Although both descriptions convey the same information, people tend to prefer Option A because it’s framed positively with a focus on success. This demonstrates how the framing effect can influence our decision-making, even when the underlying information remains unchanged. Example 2: Insurance and investment. Two financial products are being offered to you. Product A is a life insurance policy with an investment component while Product B is an investment with life insurance benefits. Which one would you get? Despite being the same, most people will be more inclined to get Product B because putting money into an investment product is more enticing than buying a life insurance policy. And this is why some insurance agents market variable universal life policies as an investment instead of a life insurance product. Example 3: Investment decisions. In a study by Brigitte Madrian and Dennis Shea, new company hires were asked, “Do you want to participate in a retirement plan?” 37 percent said yes. Then, they changed the question. They instead told them, “You will participate in a retirement plan unless you choose not to.” This time, 86 percent agreed to participate. Apparently, it’s easier for people to say “No” if you offer them something than to ask them to give back something that was automatically given to them. In a way, loss aversion bias is also at play here. But the point is, nobody was being forced to participate in the retirement plan, but

Fitz Gerard Villafuerte

personal finance the difference in how the offer was framed resulted in a huge difference in participation. Now that we understand how framing can shape our decisions, let’s discuss some strategies to mitigate its influence and make more informed choices. 1. Recognize the framing bias. Awareness is the first step in combating the framing effect. By understanding that our decisions can be swayed by how information is presented, we can be more mindful of our biases and critically analyze the framing of information before making decisions. 2. Seek alternative perspectives. When faced with a decision, actively seek out different perspectives or alternative framings of the information. By considering multiple viewpoints, you can broaden your understanding and make more balanced decisions. 3. Focus on the underlying facts. Strip away the framing and try to focus on the objective facts and data behind a decision. By analyzing the raw information rather than being influenced by its presentation, you can better understand the situation and make more rational choices. 4. Consult trusted advisors. In complex financial matters, seeking advice from trusted professionals can help counteract the framing effect. A knowledgeable financial advisor can provide unbiased guidance, helping you make decisions based on sound financial principles rather than being swayed by framing biases. In conclusion, the framing effect is a powerful cognitive bias that can significantly impact our financial decision-making. By recognizing its influence, seeking alternative perspectives, focusing on underlying facts, and consulting trusted advisors, we can mitigate the impact of the framing effect and make more informed choices. Fitz Villafuerte is registered financial planner of RFP Philippines. To learn more about personalfinancial planning, attend the 104th RFP program this October 2023. To inquire, e-mail info@rfp.ph or text at 0917-9689774.

travel expenses such as buying airline tickets and tours, accommodation, travel insurance and shopping. “This can be stressful for those who are not yet well-versed in digital payments and who feel the need to carry cash and find money changers and ATMs,” Jeffrey V. Navarro, Visa’s Country Manager for the Philippines and Guam, said. “Contactless payments have emerged as the mode of choice in many places around the world and we are supportive of all stakeholders in the ecosystem working together to enable cashless and contactless payments in the Philippines,” Navarro said.

The study noted that the key motivations for Filipinos travelling locally and abroad are mostly for: relaxation at 69 percent; exploring something new, 52 percent; and, for adventure, 48 percent. The top three destinations abroad for 89 percent of Filipino travelers are to Asia Pacific countries such as Japan, Singapore and Hong Kong, with travel peaking between December 2022 and March 2023. The study also showed that Filipinos value flexibility and accommodation choices, where 75 percent of travelers prioritized cleanliness when choosing their accommodation for the trip. This choice may be

kerage, exchange and custody services for crypto markets as well as a business providing infrastructure to financial institutions so that they can offer virtual-asset trading. BC Technology may decide to sell parts of OSL rather than the whole business, the people said. Deliberations are ongoing and there’s no guarantee they will result in a deal, the people said. “We are a highly transparent and regulated company,” a representative of BC Technology said in response to a Bloomberg News query. “We do

pany “continues to facilitate safe and secure cross-border shopping activity, both for inbound tourists shopping at our many wonderful local landmarks and for Filipinos traveling locally or abroad.” This year’s GTI study polled more than 40,000 consumers globally across 37 markets, including around a thousand respondents in the Philippines. The respondents were asked about their recent trips in the past 12 months and their intention to travel in the next 12 months. The study’s fieldwork was conducted from April 2023 to June 2023, read documents provided by Visa.

Rattled by war, investors sought high yields for T-bills By Jasper Emmanuel Y. Arcalas @jearcalas

EEN rattled by the armed conflict in the Middle East, investors sought higher yields for the promissory notes auctioned off by the Philippine government last Monday. The Treasury suffered another week of failing to fully award its Treasury bills (T-bills) tender, marking the third straight week of settling with mixed or partial awards. It was also the fourth consecutive week in the Bureau of the Treasury’s (BTr) auction of short-term debt papers that investors stood their ground, hedging against the economic implications of the escalating IsraelHamas war. The Treasury raised only P11.947

billion out of its P15-billion programmed amount during Monday’s auction that saw average yields increasing across all three tenors. The only tenor that the Treasury was able to make a full award (P5 billion) was on 365-day T-bills. Both the 91-day and 182-day government securities were partially awarded raising P3.637 billion and P3.31 billion, respectively, for the national government. The average yield for the 91-day T-bills was 5.99 percent, higher than last week’s 5.806 percent and still above the 5.871 percent secondary market benchmark level. Investors’ asking rates for the 91-day T-bills ranged from 5.85 percent to 6.1 percent. The 182-day debt instrument fetched an average yield of 6.207

BIR seizes 0.3M bottles of perfume on tax issue

HE Bureau of Internal Revenue (BIR) announced its personnel have seized about 390,000 bottles of fragrance products based on its allegation that the retailers violated the country’s excise tax regulations. In a statement, the BIR said its nationwide raid last month of at least 400 establishments resulted in the seizure of hundreds of thousands of bottles of perfume and toilet water that the agency alleges are not compliant with the country’s tax rules. The confiscated fragrance products have a total tax liability of P604.3 million, the BIR added. “Big or small, every business has to comply with excise tax regulations,” BIR Commissioner Rmeo D. Lumagui Jr. was quoted in the statement his agency issued last Monday. The BIR reiterated that fragrance products are subject to excise taxes pursuant to Revenue Regulations (RR) 9-2023. The BIR said that any person who intends to engage in a perfumes and toilet waters business must file with the bureau an application “in writing” for a permit to engage in such business. The BIR added that perfume and toilet waters businesses are also required to secure permits from its Excise Large Taxpayers Regulatory Division. According to the agency, a permit

to operate for excise tax purposes is a separate requirement from a BIR Certificate of Registration. The state tax manager explained that a manufacturer, importer, owner, or person having possession of the excisable articles can be made liable for the following: lack of permit to operate; failure to file certain information returns; and/or unlawful possession or removal of articles subject to excise tax without payment of the tax under the National Internal Revenue Code, as amended. The 20-percent excise tax on locally-manufactured perfumes and toilet waters would be based on the product’s wholesale price, net of excise and value-added tax, according to the BIR. (Related story: https://businessmirror.com.ph/2023/08/08/ bir-to-start-collecting-excise-taxes-on-fragrance-products/) Meanwhile, the excise tax shall be imposed on the value of importation for imported perfumes and toilet waters, similar to what the Bureau of Customs (BOC) uses in determining the necessary tariff and customs duties, according to the BIR. The BIR pointed out that local manufacturers of perfumes and toilet waters should shoulder the excise tax while the importers and owners of imported perfumes and toilet waters must pay the excise taxes to the BOC. Jasper Emmanuel Y. Arcalas

Crypto exchange OSL weighs sale at HK$1B valuation

ONG Kong’s BC Technology Group Ltd. is exploring the sale of its crypto platform OSL, one of only two exchanges licensed under digital-asset rules the city introduced in June, people familiar with the matter said. BC Technology has gauged interest in OSL from possible buyers such as industry players and funds, and a HK$1 billion ($128 million) valuation has been mooted, the people said, asking not to be identified discussing private information. OSL’s platform spans prime bro-

a lingering effect of the pandemic, the study mused. The study also noted that about 35 percent of travelers chose to travel independently instead of joining packaged tours. “We continue to see outbound travel bouncing back in the country to pre-pandemic levels, where Filipinos have taken on average two leisure trips in the last 12 months,” Navarro said. He said the card payments firm remains optimistic that tourism will remain a vital backbone of the economy “as we move toward the year-end holiday season.” Navarro also vowed that his com-

not comment on market rumors and speculations.” Hong Kong rolled out a digitalasset rulebook on June 1 that aims to foster a hub for the sector and allows retail investors to trade larger tokens on licensed exchanges. But crypto demand remains weak after last year’s market rout and ensuing bankruptcies, while the city’s strict framework may entail higher costs. Hong Kong is also grappling with the fallout of the blowup at the unlicensed JPEX exchange, a scandal that further tarnished the digital-

asset industry. BC Technology’s net loss narrowed to HK$95 million in the six months ended June from over HK$300 million in the same period a year earlier, its interim report shows. OSL’s digital assets and blockchain platform business is the main income contributor for BC Technology, according to the report. The interim report also said digital-asset trading volume on OSL nearly halved to HK$112.6 billion in the first six months of 2023 from same period a year ago. Bloomberg News

percent, up from last week’s 6.115 percent. It was also higher than the 6.146 percent secondary market benchmark level. Meanwhile, the average yield of the 364-day government security settled at 6.388 percent up from the 6.305 percent recorded in the previous week’s auction. “The US and Iran recently warned of a wider Israel-Hamas war. The markets are on wait-and-see stance as Israel plans soon a major ground offensive/war vs. Hamas in Gaza,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in an interview. Ricafort noted that global oil prices have increased since the IsraelHamas war broke out last October 7. The RCBC Chief Economist also pointed out that T-bills auction yields

“are already unusually higher” than their secondary market counterpart in PHP BVAL yields as of October 13. “T-bill yields also again higher week-on-week on lower total bids/ demand for this week at PHP19.371 billion vs. the previous week’s P22.564 billion; higher than the P15 billion, but again partially awarded at P11.947 billion due to some higher bid yields rejected,” Ricafort added. Ricafort said investors have also factored in their bids the possibility that the Monetary Board of the Bangko Sentral ng Pilipinas would hike policy rates in its November meeting. For October, the Treasury plans to raise P150 billion from the domestic market through the auction of P60 billion T-bills and P90 billion Treasury bonds.

DTI inks deal for lending to MSMEs in Halal sector By Andrea San Juan

HE Department of Trade and Industry (DTI) announced it has tapped DK P.O. Fulfillment Co. Inc. (DKPO) to provide noninterest-based financing opportunities for micro-sized, small-scale and medium-sized enterprises (MSMEs) in the country’s Halal industry. According to the DTI, Trade and Industry Secretary Alfredo E. Pascual and DKPO President and CEO Antonio JP Intal signed a Memorandum of Understanding (MOU) on October 16. The DTI said through a statement it issued last Monday that the concept of non-interest financing addresses financial and economic inclusions and supports one of the underlying principles in Islamic financing, such as the absence of “riba” or interest. The trade department explained the lending would be facilitated through DKPO’s “Purchase Order Fulfillment” (POF) mechanism. According to the DTI, this mechanism is a “proprietary system” of DKPO that was “built for sustainable business performance.” “It is a comprehensive and integrated growth tool designed by DKPO for expanding businesses with little or no access to capital reserves, insufficient funds to pay for the cost of goods, poor cash flow, or chronic difficulties securing traditional bank funding,” read the DTI’s statement. “We will walk you through it: magsisimula ka sa maliit [you’ll start small],” Intal told reporters on the sidelines of the signing of the MOU. He explained that in lieu of interest, the loan would be paid through profit-sharing. “Since this is profit-sharing, I have the responsibility to help you, the MSME, and vice versa. Because if a buyer fails to pay us, we are both at the losing end; that’s the essence [of the mechanism],” Intal said. Under the profit-sharing setup, the DKPO will focus on the purchase order that a MSME have with a buyer. DKPO would ensure that the purchase order is satisfied or the goods

are delivered. “Kahit na malugi ka at na-fulfill ito [PO], babayaran ng buyer ’yan e. [Even if you lose money and it is fulfilled, the buyer will pay for that.],” Intal explained. “So we want to concentrate not on your company but the contract itself or your purchase order. That’s where we will step in to help you [MSME].” Intal said the company has been providing financing services for the past eight years but with a different model. “Vetted na ito. Mayroon na kaming mga PO-based. Kaya lang ’nung nangyari to, I told my board na it is high time na mag-cross kami sa kabila kasi kami, interest-based kami dati.” [This mechanism has been vetted. We have had PO-based agreements. That’s why when this partnership with the DTI happened, I told my board that it was high time that we choose another path; because we were interest-based before.] Apart from the marketing and promotional activities, the MOU will provide MSMEs with services and programs for logistics management; quality control and inspection; custom brokerage; insurances; and, global sourcing and procurement, according to the DTI. According to Pascual, the DTI expects the value of the country’s Halal trade and investments to hit P230 billion and create 120,000 job opportunities over the next five years. (Related story: https://businessmirror.com.ph/2023/10/13/ p230-b-funds-120k-jobs-eyed-inhalal-roadmap/) “This is not just an economic endeavor; it’s a vision that encompasses growth, inclusivity and a brighter future for our nation and its people,” Pascual said in his speech during ceremonies for the signing of the MOU. The Trade chief said the country’s Halal industry development initiative forms part of the DTI’s four priorities: promoting regional development; attaining food security; upgrading, upskilling,and upsizing MSMEs; and, enabling job skills matching and skills upgrading.

Tuesday, October 17, 2023 • Editor: Gerard S. Ramos

Art

BusinessMirror

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‘Harmonies for A Cause’: Student leads benefit show for orphanage BY REINE JUVIERRE S. ALBE�TO

LIAM-TAN, Grace Christian Mission Foundation’s Nancy Manalo, and social worker Nerissa de Juan

OUNG piano students from across Metro Manila staged a benefit show for an orphanage and underprivileged children held at Sunshine Place: Senior Recreation Center in Makati City on October 14. The fundraiser, titled Harmonies for A Cause, was initiated and headlined by Liam-Tan, a 17-year-old student from the International School Manila, who has been playing the piano since he was six. “It was the best way for me to support them since they needed much support,” Tan told BUSINESSMIRROR. He has been supporting the orphanage with his family since he was in third grade, where he also taught robotics to the kids. He skillfully performed “Wedding Day at Troldhaugen Op.65, No.6,” “Two Octave Studies Op.145,” “Sonata in C minor, Op.10, No. 1,” and “Scherzo 2, Op.31, No. 2” during the show. The event opened with his co-students Daniel UySobremonte and Nathan Mensah Miheaye, followed by Xander Lucas Uyehara and William Nelson Miheaye playing piano pieces composed by Ludwig van Beethoven, Wolfgang Amadeus Mozart, Frédéric Chopin, and others. Donations and proceeds amounted to P100,000 from the show will be given to Grace Christian Mission Foundation, an orphanage in BosoBoso, Antipolo City supporting 17 in-house orphans, with the two recently graduating from college. “Masaya kami kasi bata pa lang siya nung pumunta

SOME of the featured Pangasinan products at Manila FAME from MSMEs Alma, WeLab, Blades, Rach, and Herwin Buccat.

THE province of Pangasinan may be known as the home of celebrated Filipino food products such as bangus, bagoong and salt, but it is now ready to transcend and showcase its “worldclass” artisan creations. Pangasinan Governor Ramon V. Guico III made the bold declaration in the recent media launch of the province’s upcoming debut at Manila FAME, wherein it will showcase the best products of 10 local micro, small and medium enterprises (MSMEs). The initiative was formed in partnership with the Abound Project, which discovers local artisan entrepreneurs and provides coaching and mentorship.

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Felicity Jones, 40; Eminem, 51; Rob Marshall, 63; Alan Jackson, 65. HAPPY BIRTHDAY: Direct your attention to what you can do to improve your life. Focus on bringing in more cash or surrounding yourself with the people and possessions that bring you joy. Take control, implement change and be the one to reach out and help those who cannot help themselves. Put your energy where it counts, and your hard work will gain momentum and accolades. Your numbers are 3, 14, 21, 25, 33, 42, 49.

ARIES (March 21-April 19): Let your imagination guide you. Consider your skills, and modify what you enjoy doing and fit it into your daily routine. The knowledge you gain from observing people doing something you want to pursue will help you move forward. ★★★★★

TAURUS (April 20-May 20): Simplify your life, walk away from what you cannot control and put your energy into what matters most to you. Partner with someone who shares your concerns, and do your best to win meaningful battles. Selfimprovement, love and romance are favored. ★★★

GEMINI (May 21-June 20): Mix business with pleasure. Network and talk to experts. The information you receive will help you further your interests so you are not taken advantage of by someone who wants to exploit you. Forward-thinking is the path to new beginnings. ★★★

na siya sa amin. ’Yung joy sa kanyang puso para tumulong sa orphanage, sa mga lessprivileged na bata ay nandun pa rin [We’re happy because Liam was just a little child when he visited us. The joy in his heart to help the orphanage and the less privileged children is still there],” Nancy Manalo, executive director of Grace Christian Mission Foundation, told BUSINESSMIRROR.

The funds will be used to install solar panels in the orphanage to lessen their electricity bills. Their savings from the bills will be allocated for food and hygiene products for the kids, which Manalo said they also lack. Tan said he looks forward to helping more children in the Philippines who are in need through the power of music. ■

Pangasinan to debut ‘world-class’ artisan creations at Manila FAME

BY JT NISAY

TODAY’S HOROSCOPE

“These enterprises have built a thriving entrepreneurial ecosystem in addition to promoting the use of indigenous technologies and materials that are abundant in our province like corn husk, rattan, bamboo, buri and more,” Guico said at The Peninsula Manila event. Addressing the attending entrepreneurs, he added that the province will give its “100% support” as they “represent the Pangasinense on the world stage and showcase creations that are proudly made in Pangasinan.” Pangasinan will join Manila FAME for the first time since the event was launched 40 years ago. Branded as the Philippines’ premier trade show for quality home, fashion, and lifestyle products, Manila FAME will return

on-site after three years from October 19 to 21 at the World Trade Center. Among the MSMEs to be featured at the international show is ILO from Laoac, a producer of home accessories made from locally sourced materials. Through the project, ILO has evolved into using industrial materials for its designs made qualified for the global luxury market. Another is WELAB (Women Empowerment Livelihood Association of Binalonan), which used to produce ordinary recycled market bags. Under the ABOUND project, WELAB’s designs were elevated to upcycled handbags that can be considered a signature collection. Meanwhile, Blades, which hails from Pozorrubio, produces swords that have been featured in Hollywood films. Project Abound helped improve its products into high-quality chef knives and trendy fashion accessories such as bespoke necklaces and bracelets. Then there’s Erastus from Sto. Tomas, a furniture maker that, with the help of Project Abound’s product development team, has learned new applications of materials. The brand now features sleek designs that modernize home and office spaces. The Abound Team likewise conducted coaching sessions with Bolinao artist Herwin Buccat known as Herwitanyo. His surrealist pieces have been translated into art merchandise such as notebooks, tumblers and pencils, as well as totes, shirts, and

hoodies. Part of Pangasinan’s MSME showcase at Manila FAME are ethnic droplights brand Alma from Pozorrubio and bamboo bags maker Rach that is based in Aguilar. Another bag maker, Cawayan from Bolinao, joins the fold together with Basista-based Joy, which creates home accessories and fashion bags from corn husks and sea grass locally known as bangkuang. Rounding out the lineup is the batch’s youngest member, B6 (Blessed 6) from Binalonan, a shoemaker group that has produced seven collections of espadrilles to be launched in both domestic and international markets. “Today is a good day for Pangasinan cottage industries—this is the first step for the big step to happen,” said Rosemarie Oamil, a member of Project Abound and an industry expert. “Pangasinan is ready to give the world the next big thing.” Guico added that as catalysts for socio-economic transformation, MSMEs are critical to meeting the national objective of generating employment, reducing poverty and discouraging rural-urban migration. He hopes that Pangasinan shining the spotlight on its MSMEs will only inspire more local government units (LGUs) to do the same. “With the province of Pangasinan debut at the Manila FAME, we hope to encourage more LGUs to invest in their own MSMEs too,” the governor said.

CANCER (June 21-July 22): Make the effort to fulfill your promises to yourself and others. Talk less and do more. Actions speak louder than words. What you accomplish today will make a difference in how others view you and how you feel about yourself. Take a walk in a new direction. ★★★

LEO (July 23-Aug. 22): Stick to your plans, regardless of what others do. Use your connections and intelligence to build momentum to push you in a direction that offers something that excites you. Let go of what no longer works and replace it with what makes you happy. ★★

VIRGO (Aug. 23-Sept. 22): Take a deep breath, stay calm and put your energy where it counts. Look for the joy in everything you pursue and make the most out of every situation. Attitude will make a difference in the outcome today. Smile and be positive. ★★★★

LIBRA (Sept. 23-Oct. 22): Take the initiative to get things done and live up to your promises. Do whatever it takes to keep the peace and bring about the changes others expect of you. Personal improvement, routine and expanding your skills and knowledge are favored. ★★★

SCORPIO (Oct. 23-Nov. 21): Organize your life and surroundings. Adding comfort and convenience will encourage you to get involved in something you want to pursue. The connections you make will inspire you to change what isn’t working for you and replace it with something tangible. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Question what others ask you to do and stay true to yourself. Someone will take advantage of your kindness and generosity if you let them. Practice saying no and offer suggestions and alternatives that don’t infringe on your time or cost money. ★★★

CAPRICORN (Dec. 22-Jan. 19): Rely on facts, not hearsay. Someone will be eager to feed you false information if you are gullible. Question everything and get the points straight before you decide. Think and do for yourself; you’ll be happy with the results. Personal improvements are favored. ★★★★

AQUARIUS (Jan. 20-Feb. 18): Claim what belongs to you and keep moving forward. Refuse to let anger rear its ugly head and lead you down a path full of tension and anguish instead of optimism and hope. Change what’s necessary and beneficial to you. ★★★★

PISCES (Feb. 19-March 20): Keep your emotions in check and stick to the truth. Don’t limit what you can do because you didn’t go through the proper channels. Take care of unfinished business and doors will open that help you get ahead. Choose to be around supportive people. ★★ BIRTHDAY BABY: You are original, persistent and astute. You are unpredictable and productive.

‘dessert case’ BY MICHAEL BERG The Universal Crossword • Edited by David Steinberg/Anna Gundlach

ACROSS 1 Child’s summer getaway 5 Major blunder 10 And so on: Abbr. 13 Love, in Lima 14 Elevator stops 15 “It’s a matter of when, ___ if” 16 Giving nothing away (In this answer, note the first 2 letters + the last 3) 18 Lifeguard’s skill 19 Number in November dates 20 Sci-fi beings 21 Sea hidden in “Tsar Alexander” 22 Civic’s class? 23 Teen facial hair (...first 2 letters + last letter) 25 Iron Chef Cat 27 Broadcasts 28 Partner in war 31 Word after “square” or “Formula” 33 West Wing acronym 36 Sweetie 37 Watches a boxer, say (...first 2 letters + last 2) 40 Gloomy music genre 41 Bike wheel feature

43 Reaction to oversharing 44 June 6, 1944 45 Use a sieve 47 “Othello” opener 49 Number of black cards in a deck (... first 2 letters + last 2) 53 Place to get sober 57 Worked the soil 58 Prohibit 59 Noisy summer insect 60 Possess 61 Like Jordan almonds...or 16-, 23-, 37- and 49-Across 63 ___ herring 64 Radio format covering the 1950s through the (gulp) 1980s 65 Put up for auction 66 Billboards, e.g. 67 Eyelid concerns 68 B-ball shot from behind the arc DOWN 1 Lawyers’ jobs 2 Abundant 3 Made a cow sound 4 What a screen might provide 5 Camera type, briefly

6 Words in a credit card ad 7 Major artery 8 Citrus soda brand 9 Purpose 10 Covered in a layer of diamonds, e.g. 11 November birthstone 12 “Undo” shortcut on a PC 14 Wetland 17 Car-loving host Jay 21 Hairstyle for Miles Morales 23 Twinge of hunger 24 Mambo joints? 26 Tigger’s bouncy pal 28 Tummy muscles 29 Cut off 30 Unfinished details 32 Approx. 34 Thurman of The Kill Room 35 Tofu source 37 Skillful 38 Large-screen film format 39 Spasm 42 Ilk 44 Like some toy cars 46 Romeo’s foe 48 Small band

49 Ghost World actress Birch 50 Bowled over 51 Like a beach souvenir, perhaps 52 Without a major label 54 Negative critic 55 “Rolling in the Deep” singer 56 Really, really 59 Liquid dosage units: Abbr. 61 S&P 500 listings 62 Affirmative reply Solution to today’s puzzle:

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Editor: Gerard S. Ramos • Tuesday, October 17, 2023

Looking back, moving forward with ‘Silver Lining’ From left: Raul Montesa, Ricky Davao and Joel Nuñez

CINEMALAYA CALLS FOR ENTRIES FOR 2025 EDITION FRESH from its successful 19th edition, the Cinemalaya Philippine Independent Film Festival now calls for submissions for its 2025 full-length category. The deadline for submissions is on or before 6 pm on November 17, 2023. The country’s biggest independent film festival continues its pursuit of innovative and excellent filmmaking as it marks its 20th year of nurturing new independent filmmakers eager to make their mark in the film industry in 2025. Those who are interested in submitting their entries may submit it online through forms.gle/ UGr1ayAmASL2hSp98, or offline at the Film, Broadcast, and New Media Division office, located at the Cultural Center of the Philippines Annex Building, Vicente Sotto St., Pasay City. For online submissions, interested parties must submit the following requirements: the concept paper of the project containing the premise(s) of the film, the genre, the tagline, the key characters, and their descriptions in Filipino or English; a two-page synopsis/storyline of the film project; resume of the proponent/s; two recent photos of proponent/s; and a sample of the work directed by the proponent. For offline submissions, participants should submit the duly accomplished 2025 Entry Form which can be downloaded from www.culturalcenter.gov.ph or www.cinemalaya.org; concept paper, storyline, resume of the proponents and recent photos. Submit in six copies in a long brown envelope properly labeled with the proponent’s name, title of film entry, and contact details. The sheets containing the concept paper must NOT bear the name of the proponent. Full scripts will not be accepted. Interested participants may submit a maximum of three entries. However, only one entry per proponent may be considered as a finalist. Works already in principal photography or post-production phase before July 2024 are disqualified, except for documentaries. Works that are attached to film and television productions, as well as those of local streaming platforms, are eligible for submission as long as the works are not commissioned projects but originated from the filmmaker as a proponent. Commissioned works from commercial platforms are disqualified for consideration. By February 2, 2024, the Cinemalaya Competition Committee shall select 30 promising submissions, whose proponents will be invited to a pitching session for their respective projects. The initial selection would be narrowed down to 20 entries, whose proponents will undergo the Cinemalaya Film Lab, a three-month-long film-laboratory mentorship program which brings together resource persons from different aspects of filmmaking, from scriptwriting to directing, cinematography, performance, editing, production design, sound, music, production management, and promotion strategies. For full mechanics, visit the CCP website (www. culturalcenter.gov.ph) or the Cinemalaya website (www. cinemalaya.org).

igh school life has always stood out as the most memorable of our years as students. Perhaps it is largely due to the many transitions that people go through during this phase of growing up—crossing into young adulthood and walking through the doors of selfdiscovery and a hundred and one avenues to explore. A new musical, titled Silver Lining, is based on and inspired from the many unforgettable and colorful experiences of our generation that transpired during our high school years—the trials and triumphs, the simple and the complex detours, the highs and lows. And it is also the stories of our children and those that came after us—their issues and inclinations, their dreams and aspirations, and how their loves and lives keep apace with the evolution of existence in a technology-driven, fast-paced universe. Thespian Ricky Davao leads the stellar cast of Silver Lining, and his love for anything that has music and melody is put to good use in this production. “The offer to do this musical came at a most perfect time. I just finished directing a drama series for TV and was kinda missing theater work. So when Maribel Legarda explained to me what the project was all about and all its nitty gritty details in one long conversation, I got really interested and knew in my heart that I will find time to do it.” At this point in Davao’s glorious career as an artist, he has earned that privilege to choose whatever project he wants to be involved with, and to politely reject those which he reckons will not make him happy. “I am now a senior citizen, and I’ve allotted many decades of my life as a performance artist. For many years now, I’ve also spread my wings and become a director, so I guess I’m just being fair to myself if I only pursue projects that will make me productive and happy, and those that constantly remind me why I chose this profession in the first place,” he said. Sharing the stage with Davao is the ever reliable Raul Montesa, often underrated and under-utilized on

films and television but definitely highly regarded on the theater stage. We have known Montesa since our teenage years in school and even during those times, he has always shown great promise as a singer-actor performing in many school events and programs. “Theater has opened a lot of big doors for me,” he told us, recalling when he was starting to try out acting for film and television. “I have met a lot of wonderful people in theater, many of whom have become good friends, and also helped open doors for me in many other fields as a performance artist. Silver Lining is one musical that will address the many facets of life, interspersed with many wonderful compositions, that’s why I am so glad to be part of it.” Joining Davao and Montesa is Joel Nuñez, a lawyer who misses acting so much that when the opportunity knocked on his doors, he did not waste a minute to grab it. We met Nuñez many years ago when he was actively part of his family-run events company, and we look forward to see him sing and act

on stage. Playing younger versions of their characters are Jay Cortez, Albert Silos and the very talented Noel Comia Jr. Silver Lining, the musical, came about because of the musical compositions of Jack Teotico, who also owns Galerie Joaquin. Teotico shared these songs to singer-actress Jay Glorioso, who wasted no time to call up friends like musical director Vince Lim, director Maribel Legarda and writer Joshua Lim So. Choreographer PJ Rebullida, set designer Charles Yee, lighting designer David Esguerra, and costume designer Tata Tuviera complete the core team of the production. This musical promises to take us back to beautiful places of yesteryears, and it will also remind us of the power we have at present so we can be inspired to move forward happily as we continue to chase our dreams. Silver Lining will run at the Carlos P. Romulo Auditorium of RCBC Plaza in Makati City starting October 20 for two weekends only. n

Madonna’s Celebration Tour kicks off in London after health scare LONDON—Madonna kicked off her career-spanning Celebration Tour at London’s O2 Arena on Saturday night, marking her first performance since suffering what her manager called a “serious bacterial infection” that led to hospitalization in an intensive care unit for several days back in June. “I’m on the road to recovery and incredibly grateful for all the blessings in my life,” the pop superstar wrote on Instagram this summer, shortly after news of the ICU stay broke. “My focus now is on my health and getting stronger and I assure you, I’ll be back with you as soon as I can.” Onstage, Madonna, 65, said she’d

had a “crazy year” that neither she nor her doctors thought she’d make it through. She said her children spurred her on and that she had to “survive for them.” The opening night of the tour also marked the 27th birthday of daughter Lourdes Leon, who appeared onstage with her mother. After a brief technical hitch, the opening night of the tour was indeed a celebration. Madonna played songs from across her vast career, including studio recordings and footage drawing on four decades of hits. On the set list were iconic songs from “Like a Prayer” to “Holiday” to “Vogue” to “La Isla Bonita.” She also included more niche tracks, such as

Die Another Day from the 2002 Bond movie of the same name. During an acoustic moment in the show, Madonna spoke out about the ongoing war in the Middle East. “Even though our hearts are broken, our spirits cannot be broken,” she said, adding that she hopes for a “collective consciousness to change the world and bring peace.” Madonna rescheduled the North American leg of her tour, originally slated to kick off July 15 in Vancouver and run through October 8 in Las Vegas. That leg now begins December 13 at Barclays Center in Brooklyn, New York, and runs through April 24, 2024, when it will conclude at Mexico City’s Palacio de los Deportes. AP

Suzanne Somers, of ‘Three’s Company,’ dies at 76 By Lindsey Bahr The Associated Press Suzanne Somers, the effervescent blonde actor known for playing Chrissy Snow on the television show Three’s Company and who became an entrepreneur and New York Times best-selling author, has died. She was 76. Somers had breast cancer for over 23 years and died Sunday morning, her family said in a statement provided by her longtime publicist, R. Couri Hay. Her husband Alan Hamel, her son Bruce and other immediate family were with her in Palm Springs, California. “Her family was gathered to celebrate her 77th birthday on October 16th,” the statement read. “Instead, they will celebrate her extraordinary life, and want to thank her millions of fans and followers who loved her dearly.” In July, Somers shared on Instagram that her breast cancer had returned.

“Like any cancer patient, when you get that dreaded, ‘It’s back’ you get a pit in your stomach. Then I put on my battle gear and go to war,” she told Entertainment Tonight at the time. “This is familiar battleground for me and I’m very tough.” She was first diagnosed in 2000, and had previously battled skin cancer. Somers faced some backlash for her reliance on what she’s described as a chemical-free and organic lifestyle to combat the cancers. She argued against the use of chemotherapy, in books and on platforms, like The Oprah Winfrey Show, which drew criticism from the American Cancer Society. Somers was born in 1946 in San Bruno, California, to a gardener father and a medical secretary mother. Her childhood, she’d later say, was tumultuous. Her father was an alcoholic, and abusive. She married young, at 19, to Bruce Somers, after becoming pregnant with her son Bruce. The couple divorced three years later and she

began modeling for The Anniversary Game to support herself. It was during this time that she met Hamel, who she married in 1977. She began acting in the late 1960s, earning her first credit in the Steve McQueen film Bullitt. She appeared in many television shows in the 1970s, including The Rockford Files, Magnum Force and The Six Million Dollar Man, but her most famous part came with Three’s Company, which aired on ABC from 1977 to 1984— though her participation ended in 1981. In 1980, after four seasons, she asked for a raise from $30,000 an episode to $150,000 an episode, which would have been comparable to what costar John Ritter was getting paid. Hamel, a former television producer, had encouraged the ask. “The show’s response was, ‘Who do you think you are?’” Somers told People in 2020. “They said, ‘John Ritter is the star.’” She was promptly phased out and soon fired; her character was replaced by two different roommates for the remaining years the show aired. It also led to

a rift with her costars; They didn’t speak for many years. Somers did reconcile with Ritter before his death, and then with Joyce DeWitt on her online talk show. But Somers took the break as an opportunity to pursue new avenues, including a Las Vegas act, hosting a talk show and becoming an entrepreneur. In the 1990s, she also became the spokesman for the ThighMaster. Somers was also a prolific author, writing books on aging, menopause, beauty, wellness, sex and cancer. She was in good spirits and surrounded by family before her death, even giving an interview to People Magazine about her birthday plans to be with her “nearest and dearest.” Hamel, in the People story, said she’d just returned from the Midwest where she had six weeks of intensive physical therapy. She told the magazine that she had asked for “copious amounts of cake.” “I really love cake,” she said.

B6 Tuesday, October 17, 2023

Enjoy at night of rock at ROCKTOBER Fest in Las Casas Quezon City with Prince of Rock Bamboo

‘Best of the best’ developers bag CREBA Pillar Awards

HE country’s top developers were honored as exemplary developers while thirteen other firms from five regional groupings across the country were named Developers of the Decade, during the Pillar Awards ceremonies capping the Golden Jubilee National Convention held recently by the Chamber of the Real Estate and Builders’ Association Inc. (CREBA) at the Conrad Hotel Manila. Trade Secretary Alfredo E. Pascual and Human Settlements and Urban Development Secretary Jose Rizalino L. Acuzar were present during the gala night and awarding ceremonies to acknowledge the housing industry’s contributions to national development and commit their respective office’s support to the sustained growth of the real estate development sector. According to national president Noel Toti M. Cariño, the awardees were chosen based on their social impact, innovation, sustainability, adaptation and financial success. Real estate builders, according to awards chair and former CREBA President Nathaniel von Einsiedel, are “creators of community, where families can raise their children and live productive lives in a livable, safe, sustainable and resilient environment.” Two major awards were given to developers described as not only having excelled in pioneering industry developments but having shaped the country’s real estate landscape: Ayala Land Inc. was named the Exemplary Developer of National Distinction while the Vista Land and Lifescapes Inc. was given the Exemplary Developer of National Significance award. For North and Central Luzon, Hausland’s Fiesta Communities won in both the low-cost and economic categories for residential subdivisions in Dau and San Rafael, respectively, while Apec Homes won under the socialized housing category. For Southern Tagalog, Homeowners

AYALA LAND: Exemplary Developer of National Distinction

VISTALAND: Exemplary Developer of National Significance Development Corp. won in the economic housing category while the open market plum went to the Aboitiz ‘The Villages’ development in Lipa, Batangas. SMDC Green 2 in Dasmariñas, Cavite received the vertical residential award; Brittany Crosswinds of the Vistaland Group got the mixed use and township citation; while Sta. Lucia Land’s Palo Alto topped the leisure farm and residential category. For the Visayas, Cebu Landmasters won under economic housing, Filinvest Cebu under open market housing and Aboitiz Amoa, under the vertical open market segment. In Mindanao, Italpinas Verona received the horizontal residential economic category award while Italpinas Primavera was cited under the vertical residential

category. The mixed use and township award went to Pueblo de Oro Township Development. As for Metro Manila, SMDC Shore won in the vertical residential category, Filinvest Sorrento for open market condominium, DMCI Lumiere for mid to upper-mid market condominium, Robinsons LandBridgetown for mixed use and township, while Federal Land was feted for Hyatt BGC under luxury and hospitality. CREBA said the symbolism which the Pillar connotes applies squarely to the outstanding developers who can be considered pillars in the art of not only building homes and communities in their own rights, but in building a strong nation that breeds the fruition of dreams of families for generations.

E-wallet Starpay discusses zero transaction fees, load discounts for users in recent media guesting

TARPAY was recently featured in ANC Business Roadshow and the significantly growing e-wallet space. In 2021 Starpay e-wallet was cited by the Bangko Sentral ng Pilipinas, as an outstanding stakeholder for pushing the convenience of digitalization during the pandemic. With several e-wallet choices available for consumers, Starpay’s Head of Product and Marketing Ryan Uy, and Head of Strategy and Corporate Development Jan Chan discussed the value of offering a platform that is easy to use with added perks like zero transaction fees and exciting discounts. The growing industry has opened several opportunities for businesses to discover new income streams while coming up with innovative ideas to engage consumers. Uy emphasized that Starpay has consistently pushed for affordability, accessibility, and appropriateness of their e-wallet. “Affordability because our transaction fees are low there are no fees for common bills. We also offer the highest discounts for electronic load.” Unlike a typical account that requires

several documents, users can open a Starpay account using their school or company ID. “Our e-wallet is very accessible. We do not require primary IDs and secondary IDs are accepted. We also hope to bring in third and fourth-tier municipalities because we can help them come on board and enjoy the convenience of the digital payment system.” Starpay has been offering electronic payment solutions to different local government units through their system integration and technology solutions for business permits, building permits, over the counter transactions, and other payment channels. Efficiency is a prime consideration as users rely on the platform to electronically store, manage, and transact their money. Equally important is the business of trust, especially for the brand’s target market. Starpay caters to those who live in far-flung areas, including those who do not have smartphones. “The money that they have on their Starpay account, that could be all the money that they have. And so we have a responsibility to take care of those funds, make sure they are transacted properly.”

Apart from the user-friendly interface, and simplicity of the application process, Starpay also has a very active customer service team. Jan Chan, Starpay’s Head of Strategy and Corporate Development explained that amid the growing popularity of AI (artificial intelligence) and chatbots for addressing queries, the company still believes in actual human interaction. “Financial services must be personal. It’s very different when a system or an AI answers the concerns of very ordinary people. We have a very human-centric and very strong team. You’ll be surprised, that around 30 percent of e-wallet users forget their passwords, another 30 percent forget the mobile number they used for the app, and Filipinos like switching mobile numbers. These types of queries need to be addressed by an actual agent.” The brand became a household name during the pandemic as the platform that successfully delivered cash aid under the government’s social amelioration program (SAP). The money was efficiently paid to recipients nationwide, including those who do not have smartphones.

ET ready to rock the night away with the undisputed Prince of Philippine Rock, Bamboo, as he takes center stage at Las Casas Filipinas de Acuzar - Quezon City for an electrifying performance on October 20, 2023. The Vocal Rock Maestro is all set to bring the house down with a musical spectacle, celebrating the essence of Philippine rock music. Las Casas Filipinas de Acuzar in Quezon City is an events space known for its timeless architectural beauty and historical significance. This venue will transform into a haven for rock enthusiasts as fans come together to revel in the legendary sound of Bamboo. Titled ROCKTOBER FEST, this rock concert promises to showcase Bamboo’s signature powerhouse vocals and dynamic stage presence. Hailed as the Prince of Philippine Rock, Bamboo has been an influential rock icon in the Philippine music scene. His music has left an indelible mark on the industry and captivated audiences across generations. He continually evolved and enriched the Philippine music landscape and continues to capture hearts and ignite the passion of rock enthusiasts. The event promises an electrifying experience, featuring a mix of Bamboo’s iconic hits and newer tracks that showcase his musical evolution over the years. Rock enthusiasts are in for a treat as they immerse themselves in the timeless sound that has made Bamboo a legend in the music world. For ticket inquiries and information, you

may contact Toni at +63905-289-5531 or call our reservations at +63933-822-4522, +63917-136-6796, or +63917-820-3280, or send an email at contact@lascasasqc.com. You may buy tickets online at http://bit.ly/ticketingreservation or any Marivent Hotels and Resorts Inc. Quezon City Sales Offices. Don’t miss the chance to witness Bamboo’s electrifying performance at Las Casas Quezon City on October 20, 2023. Stay in the loop with the latest on Las Casas Quezon City’s ROCKTOBER FEST! Like, share, and follow their official FB Event Page at fb.me/ e/6aOVo0ZtH

East-West Seed founder Simon N. Groot receives Honorary Order of Sikatuna for diplomatic work

SIMON Groot and Benito Domingo, founded East-West Seed together in 1982.

IMON N. Groot, the founder of EastWest Seed, has received the prestigious Order of Sikatuna in recognition of his exceptional contributions to the Republic of the Philippines and his dedicated efforts in fostering, developing, and strengthening relations between various nations and the Philippines. Groot is the first Dutch private citizen to be conferred with this diplomatic decoration. The Order of Sikatuna, one of the Republic’s most distinguished diplomatic honors, acknowledges Groot’s pivotal role in improving the livelihood of millions of smallholder farmers in the Philippines and across more than 60 tropical countries. After years of dedicated research and development, starting in the Philippines with business partner Benito Domingo, Groot introduced the first locally developed commercial vegetable hybrids in tropical Asia. Under Groot’s guidance and together with Domingo, East-West Seed has pioneered a dynamic, smallholder-centric tropical vegetable seed industry, born in the Philippines, that continues to expand globally. This was recognized in 2019 when Groot won the World Food Prize. The same year he obtained an honorary doctorate from University of the Philippines in Los Baños (UPLB). Groot is also one of the founding members of the Philippine Netherlands Business

Council (PNBC) and continues to serve in its Advisory Council to this day. “Seeing big smiles on the faces of farmers has given me tremendous satisfaction as I can observe from these smiles that what we have done for them is really of value and meaning,” Groot once said. Groot’s visionary approach gave rise to East-West Seed’s innovative Knowledge Transfer initiative. East-West Seed Knowledge Transfer Foundation annually trains more than 100,000 farmers in best agricultural practices for vegetable production, thereby contributing to the growth and sustainability of local communities in Asia and Africa. Furthermore, his work has elevated both rural and urban markets for vegetable crops, making nutritious produce more accessible and affordable for countless families in the Philippines and beyond. For millions of people, Groot’s dedication over the last 40 plus years, has broken the cycle of poverty and malnutrition that often plagues farmers who rely on low-quality seeds. Through his leadership, these smallholder farmers have experienced increased yields, improved economic prospects, and better nutrition for their families. Groot’s receipt of the Order of Sikatuna highlights his extraordinary achievements and unwavering commitment to the Republic of the Philippines and its diplomatic relations with foreign states.

World Features BusinessMirror

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

Tuesday, October 17, 2023

China’s economic slowdown casts pall over Xi’s Yangtze Delta project By Bloomberg News

HE Yangtze River Delta has long been one of China’s richest regions, with fertile fishing grounds and rice paddies that have given way to a sprawling megalopolis that includes Shanghai. President Xi Jinping has been trying for years to turn the area into an even bigger economic powerhouse, hoping to create a Silicon Valley of the East. The country’s economic slowdown, driven in part by tensions with the US and a slumping property market, is now starting to weigh on the project. Plans include an expanded highspeed rail network and a $2.6 billion artificial canal town meant to symbolize its eco-friendly ambitions. While few would dispute that the region remains a key economic driver, even Xi’s goal of creating a more efficiently run economic bloc and high-tech arcadia hasn’t been spared the impact of the recent uncertainties. “As the world splits into blocks, we don’t know to what extent trade would be curtailed,” said Shanghaibased independent economist Andy Xie. “International trade drives wealth creation here.” The setback is particularly obvious in Lingang, a free-trade zone in the southeastern tip of Shanghai and a key part of the Yangtze Delta project. The government has offered low taxes and eased restrictions on crossborder trade in an attempt to turn the area into a high-end manufacturing and technology hub with the R&D centers and regional headquarters of multi-national companies. Today, it’s struggling to attract foreign capital and talent. It was hoped that Tesla Inc., which opened its new Gigafactory there in 2019, would be the first of many big-name industrial players in Lingang. But few have followed, and the biggest investors there today are mostly domestic names such as the state-controlled Semiconductor Manufacturing International Corp and

electric vehicle battery maker Contemporary Amperex Technology Co. Ltd. If the US EV giant, now the target of a European Union anti-subsidy investigation, is found to have benefited from Chinese subsidies, countermeasures could deal a blow to the company and Lingang’s ambitions. US companies looking to diversify supply chains since the pandemic have accelerated their shift out of China after Washington took steps to curb the country’s access to cuttingedge technology. Apple Inc., half of whose top suppliers own facilities in the Yangtze Delta, is one of many companies trying to reduce their exposure to China. Foxconn Technology Group and other key suppliers have also relocated some of their industrial chains. One measure of new foreign investment in China, direct investment liabilities, fell to $4.9 billion in the April-June quarter, down 87 percent from the same period last year and the lowest since 1998. The impact of so-called decoupling is already being felt, said Zhang Zhongwei, deputy head of the Shanghai Municipal Development and Reform Commission. He is also a vice director of the executive committee of the Yangtze integration project’s pilot zone, which is about 60 kilometers (around 37 miles) to the west of downtown Shanghai. “The feeling has definitely been obvious. Some enterprises, due to concerns about potential US sanctions, will likely be considering packing up and leaving, albeit unwillingly,” he told Bloomberg in an August interview to discuss the project’s progress and challenges. A recent poll by the American Chamber of Commerce in Shanghai found that US companies in China are feeling the gloomiest in decades about doing business in the country, with nearly a fifth of respondents considering moving some of their operations elsewhere over the next few years. While officials are moving

TESLA Gigafactory was expected to be one of many large, foreign companies to open facilities in the region. Few have followed. QILAI SHEN/BLOOMBERG closer to arranging a meeting between President Joe Biden and Xi next month to stabilize ties, sources say nothing is yet decided as the two nations continue to trade jabs over issues such as export controls and Taiwan. Signaling a lack of investor confidence in the future of the country’s tech industry, a gauge tracking the top 50 companies listed on Shanghai’s Nasdaq-style stock exchange—a crucial part of Xi’s strategy to drive indigenous innovation and attract private capital to the technology sector—is hovering around record lows.

Competing, not cooperating ANOTHER key part of the Yangtze Delta project is more abstract but possibly more consequential: improving cooperation and integration among the region’s provinces: Jiangsu, Zhejiang and Anhui, as well as Shanghai. The provinces have been locked in fierce competition for years, seeking to outdo each other in gross domestic product by promoting businesses within their boundaries. This, officials and economists say, has led to inefficient spending and is partly to blame for the repeated boom-andbust cycles in industries like solar panel manufacturing.

Unveiled by Xi in 2018, the plan aims to integrate the economic development of the provinces, which together account for a quarter of China’s $16 trillion economy. The government hopes that more efficient investment and free trade among the jurisdictions will bolster the area’s economy. It also wants provinces to stop favoring local suppliers in government procurement and projects, and instead choose what’s best for the broader bloc. In the long run, Xi wants to replicate such integration in other parts of the country. However, local governments aren’t in a collaborative mindset, with falling land sales and business activity dealing a blow to their finances. Instead of boosting coordination, many have tried harder to lure businesses from neighboring provinces with sweeteners such as tax rebates and cheap real estate, according to official research reports and state media. The Economic Daily, overseen by China’s cabinet, ran a front-page report in August warning bureaucrats against pursuing the kind of “vanity projects” that previously saddled local economies with heavy debt. The report noted industrial parks being built by authorities trying to lure emerg-

ing industries and projects. Local governments are trying to take the lead in the semiconductor sector in particular, according to a recent research report by the Center for Yangtze River Delta and Economic Belt Research, an official think tank under the Shanghai Academy of Social Sciences. “Each province, city, or even district and county is fighting on its own. There is a lack of coordination and they have wasted large amounts of valuable resources through duplicate construction,” it said. Officials in charge of the integration project recently hired Boston Consulting Group to find ways of encouraging provinces to cooperate, said Zhang, the municipal official, while adding that there’s been some positive change, including around environmental protection.

Funding pressure LOCAL governments are also grappling with funding pressures after hefty spending on pandemic controls. This has raised concerns about another centerpiece of the Yangtze project: broadening the area’s transportation network including expressways, high-speed rail and airports. Officials expect such infrastructure, along with energy pipelines and power grids, to require investments totaling tens of billions, if not hundreds of billions, in dollars. China is encouraging local governments to set up joint funds for this. Jiangsu and Zhejiang were among the biggest provincial spenders on Cov id controls in 2022, fork ing out a combined 85.8 billion yuan ($11.7 billion). Although they are still among the country’s wealthiest provinces and have managed to refinance debt, there are signs of strain. Jiangsu has had a particularly high number of local government financing vehicles—entities created after the 2008 global financial crisis to build everything from roads to sewage facilities—missing payment deadlines on commercial bills.

Yet Zhang shrugged off concerns that this would slow the Yangtze Delta’s infrastructure push, including a $13 billion, 170-kilometer high-speed rail project designed to shorten commuting times and slated for completion in 2028. He says the Yangtze Delta project is still making progress, and that its purpose isn’t just about bolstering production in the area. A key goal is to offer a blueprint for the broader Chinese economy as it tries to shift away from a capital and energy-intensive growth model to one that’s more sustainable. Part of that means moving up the industrial value chain beyond its lowcost advantage to avoid the so-called middle-income trap. With the Yangtze Delta, Xi wants to show that China can embrace what he calls “high-quality development” that’s not just about industrial growth — which is why the canal town is so important. The 35.8-square-kilometer village will feature clusters of low-rise courtyard-style buildings with black tiles and white plaster walls, an architectural style once common in the region and still preserved in some ancient canal towns dotting the area. It will straddle the borders of Jiangsu, Zhejiang and Shanghai, and is due to be financed by those provinces along with proceeds raised from the capital market. The village’s buildings, currently under constr uction, are ex pected to house offices, hotels, conference venues and retail spaces, and will be surrounded by winding waterways and wetlands, according to a miniature-scale model shown at the pilot zone. Zhang said authorities hope the village, officially named Water Town Parlor and due to be fully completed by 2035, will act as a model for China’s future development in which growth can coexist with cultural and environmental preservation. “Like Central Park in Manhattan,” he said. With assistance

from Jin Wu/Bloomberg

End of corporate America’s profit recession comes with concerns By Sagarika Jaisinghani

NVESTORS are growing more confident that a yearlong slump in profits for Corporate America is about to end. Yet a fragile economic outlook, wary consumers and the highest interest rates in 16 years mean any relief for stocks could be short-lived. Analysts predict the companies in the S&P 500 will report a 1.2 percent drop in third-quarter earnings— the fourth straight decline—before a 6.5 percent rebound in the final three months of the year, according to estimates compiled by Bloomberg Intelligence. Unusually, estimates have risen going into the reporting season, a sign of confidence that has lifted the S&P 500 by 0.9 percent in October after back-to-back monthly drops. If companies surpass those predictions, as they usually do, third-quarter earnings may even increase. “A slightly better outlook for S&P 500 earnings should finally emerge in the third quarter, but the recovery is still fragile and lacks breadth,” said Gina Martin Adams, chief equity strategist at Bloomberg Intelligence. While the momentum of estimate revisions has picked up, margins outside the energy sector “need to firm” and the outlook for sectors sensitive to the economic cycle needs to improve “for stocks to derive confidence,” she said.

That confidence may be hard to come by. Shoppers and companies alike are feeling the pinch from higher interest rates, while the economy in China—long an engine of growth for the world—is struggling to get in gear. Even luxury goods-makers such as LVMH are warning of slowing demand after holding up under high inflation. And the conflict between Israel and Hamas has the potential to disrupt the world economy. Here’s a look at some themes investors will be focused on as they parse earnings reports.

Consumer spending A KEY determinant of whether the earnings recovery can last is the US consumer. Spending is likely to take a hit as Covid-era savings are depleted and payments resume on federal student loans. The surge in interest rates means credit card debt could double in the next three to four years, according to data from the Federal Reserve. Consumer spending rose just 0.1 percent in August after adjusting for inf lation, the weakest since March. The risk is higher for retailers that cater to low-to-middle-income consumers as they’re more sensitive to any rise in inflation. Denim brand Levi Strauss & Co. last week cut its fullyear sales outlook, citing a squeeze on shoppers, while auto retailer CarMax Inc. tumbled as analysts voiced concerns about consumers’ ability to

afford cars. But even sales of highend goods are losing steam, as LVMH showed this week. Still, there are some bright spots. Fast Retailing Co., the Japanese owner of clothing retailer Uniqlo, issued an upbeat forecast on the back of robust sales in both its home and overseas markets, while Nike Inc. shares jumped on strong demand.

Interest rates THE most aggressive policy tightening by the Federal Reserve since the 1980s has left Corporate America facing much higher costs of debt. Interest costs could climb by more than $80 billion cumulatively by the end of 2026 for issuers of dollardenominated debt with fixed-rate exposure, according to Bloomberg Intelligence. Borrowers in the financial sector account for almost half of the total, while Apple Inc., AbbVie Inc. and Boeing Co. face more than half a billion dollars each in higher interest expenses, BI strategist Noel Hebert wrote in a note. With latest data showing both producer and consumer prices rem a i n e l e v at e d , i n v e s t o r s h av e trimmed wagers of a dovish tilt in Fed policy. That’s likely to add pressure on profit margins just months after analysts’ projections began to improve. At the same time, some industries are facing strikes from workers seeking higher pay, further

adding to corporate costs. “It takes a while for the impact of inf lation and interest rates to come through,” said Murdo MacLean, client investment manager at Walter Scott & Partners Ltd. in Edinburgh. “And it’s still coming through and it will still come through next year and the year after. We expect consumers to be tightening their belts, no question.”

Resilient estimates ONE bright spot is that analysts have been more confident about profit growth. S&P 500 earnings-per-share estimates for the third quarter were revised up 0.1 percent in the past three months, compared with a typical cut of 4 percent, according to Bank of America Corp. That’s the first time since the fourth quarter of 2021 that forecasts weren’t reduced ahead of the reporting period, the data showed. As broader US economic growth remains resilient, some market forecasters are counting on companies to beat those estimates at a higherthan-average pace. BofA strategists Ohsung Kwon and Savita Subramanian said they expect a “sizeable” 4 percent beat rate compared with a typical rate of 2 percent as inventories fall and earnings outpace growth in gross domestic product. That’s at odds with findings of a recent Bloomberg Markets Live Pulse survey, which found respondents were

bracing for a slew of profit warnings this season due to the impact of higher yields. Reports from companies have been mixed. While PepsiCo Inc. raised its 2023 earnings forecast as consumers absorbed higher prices, Delta Air Lines Inc. cut the high end of its outlook, partly due to higher fuel prices.

Weight-loss drugs WHILE artificial intelligence set markets atwitter earlier in 2023, now weight-loss drugs such as Ozempic and Wegovy are all the rage. Sales of the appetite-suppressing medications—known as GLP-1s—have skyrocketed and upended the market for everything from snacks to booze and medical devices. Novo Nordisk A/S, the maker of the treatments, on Friday raised its outlook for revenue and profit once again. W h i le some compa n ie s s uc h Pringles maker Kellanova have said it’s too early to assess the effect of the drugs on consumer behavior, Walmart Inc. said it’s already seeing an impact on shopping demand. Third-quarter earnings will provide some clues as to whether an index of food stocks, already down 26 percent from a May high, has farther to fall. “We believe that the impact will be gradual and the stock selloff in many packaged food companies is way overdone, with any actual slow-down in consumption coming over the next 3-5 years,” said Jay Hatfield, chief

executive officer at Infrastructure Capital Management.

China impact ANOTHER theme this season will be the impact of a choppy economic recovery in China. Signals from the monthly data for industrial profits, manufacturing activity and tourism revenue have been encouraging, but bank margins will likely come under pressure as the country cuts interest rates. “Industrials and materials earnings will be impacted by producer price deflation and in general weak demand,” said Marvin Chen, a strategist at Bloomberg Intelligence. “We expect the trend to be similar to 2Q. Tech earnings may do fairly well, driven by cost-cutting measures.” Few market participants expect big positive surprises from the property sector as developers struggle with tepid demand and try to cut debt levels. Suppliers to Huawei Technologies Co. could be a bright spot after the launch of its Mate 60 Pro smartphone in August, which is expected to boost orders even into next year. Among international markets, Europe is more exposed to China than the US is, given that its miners, luxury goods-makers and automakers rely on the Asian nation for a chunk of their revenue. With assistance

from Ishika Mookerjee, April Ma, Jan-Patrick Barnert and Julien Ponthus/Bloomberg

Sports

Barredo: Support our Para Games athletes’ campaign in Hangzhou BARREDO

HILIPPINE Paralympic Committee (PPC) president Mike Barredo urged Filipinos to support the country’s para athletes in their campaign in the Fourth Asian Para Games that open Sunday in Hangzhou. Barredo’s call comes after the country’s historic campaign in the 19th Asian Games two weeks ago Hangzhou where Ernest John “EJ” Obiena set a games record in men’s pole vault, the country ended a 61-year title drought in men’s 5x5 basketball and jiu-jitsu artists Meggie Ochoa and Annie Ramirez emerged victorious. “Our national para athletes have worked just as hard, if not harder, to compete in the Asian Para Games so I pray that our compatriots give them their all-out support as they gave our national athletes,” said Barredo as the first batch of the Hangzhou-bound campaigners left Monday. Chef de Mission Ral Rosario, a former national swimming standout, and his deputies Millette Bonoan and Irene Soriano-Remo left over the weekend to pave the

BusinessMirror

way for the nationals, whose stint is supported by the Philippine Sports Commission. “We would like to express our gratitude to the PSC and chairman Richard Bachmann for the government sports agency’s continued support for our participation in the Asian Para Games,” Barredo said. Barredo said he’s “guardedly optimistic’’ about the chances of the Filipino athletes, who will try to surpass the 10 gold, eight silver and 11 bronze medals for an 11th overall finish in Jakarta in 2018. FIDE Master Sander Severino and para swimmer Ernie Gawilan led that successful drive with four and three golds, respectively. “I am guardedly optimistic because our athletes have been training very hard for this opportunity to compete in the Asian Para Games,” Barredo said. “This is why I told our coaches to relay to all of our athletes to stay positive. All of us should have a positive attitude.” Barredo said he expects victories in chess and swimming but added cycling and powerlifting, which delivered medals in Jakarta, could pull off surprises. The Philippines is also fielding a men’s wheelchair basketball team to the games for the first time, according to Barredo.

B8 | T

Bambol tells EJ: San Juan rewards Asiad jiu-jitsu Don’t mind them champion Ochoa with bonuses S

AN JUAN rewarded Hangzhou 19th Asian Games jiu-jitsu gold medalist Margarita “Meggie” Ochoa with cash incentives and recognition by the city government. San Juan City Mayor Francis Zamora gave the cash incentive and a plaque to Ochoa, who hails from San Juan, during Monday’s flag raising ceremony. Zamora gave Ochoa an additional P100,000 to show his appreciation to her dedication to bring pride and inspiration to San Juaneños. Her total incentives reached P200,000. “Today, we are honoring the pride of San Juan and I want to tell everyone that we have a new champion,” Zamora said. “Let’s hope that Meggie becomes an inspiration to us all.” Ochoa expressed her gratitude and appreciation to her hometown and thanked Zamora and other city officials. “My journey to the Asian Games wasn’t easy, I fell sick along the way, I got injured, and I wasn’t a hundred percent in the final,” said Ochoa, a resident of Barangay Batis. “I did everything to win gold and with my faith on God, I know He planned this for me.” The cash incentive are granted under City Ordinance No. 35, Series of 2023, and City Resolution No. 135,

By Josef Ramos

Series of 2023, entitled “A Resolution Congratulating and Commending Ms. Margarita ‘Meggie’ Ochoa for Winning the Gold Medal for Women’s Jiu-Jitsu 48KG Division at the 19th Asian Games in Hangzhou, China on October 5, 2023.” Zamora also announced that the city will be building a multi-level sports complex by 2024 and will be adding a mixed martial arts gym. He invited Ochoa to teach jiu-jitsu to San Juan youth. HANGZHOU Asian Games jiu-jitsu gold medalist Margarita “Meggie” Ochoa (fourth from left) is presented a replica check as her bonus from San Juan City through Mayor Francis Zamora (fifth from left). Also in photo are Ochoa’s parents Jorge Adalberto and Ma. Eleanor, Vice Mayor Angelo Angcaoili, Rep. Bel Zamora and Councilors Raiisa Laurel Subijano and Kit Peralta.

HILIPPINE Olympic Committee (POC) president Abraham “Bambol” Tolentino advised Ernest John “EJ” Obiena to take the high ground and let his team handle an online basher from the camp of a former pole vault champion from France. “Don’t mind them,” Tolentino told Obiena on Monday, adding that the world No. 2 and Asian Games champion and record holder focus on his campaign for the Paris Olympics in 2024. “It’s pure envy and that individual is trying to discredit him,” Tolentino added. Obiena aired his reaction in his Facebook account on Monday as he cited BusinessMirror’s story on Anais Lavillenie, wife of London 2012 Olympics pole vault

Panama, Athletic Brewing IM 70.3 Oceanside, IM 70.3 Marbella, IM Australia, IM 70.3 Victoria, Carilion Clinic IM 70.3 Virginia’s Blue Ridge, Maytag IM 70.3 Steelhead, IM 70.3 Maine and IM Wisconsin. Spicing up the IM 70.3 Puerto Princesa are the Princesa Run, a 5K fun run on November 10, and the Ironkids Philippines, featuring youngsters aged 6 to 15, on November 11. Registration is ongoing. For details, visit ironman.com/im703puerto-princesa-register. Dipolog City’s John Alcala and Singaporean Ling Er Choo charged home in blistering fashion in the closing run stage to earn the bragging rights as the first IM 70.3 Puerto Princesa champions with the duo expected to go for back-to-back against a souped up international field. The event, backed by Global

premier partners Vinfast, Active, Gatorade, HOKA, ROKA and Breitling 1884 and Global technical partners Athletic Brewing Co., Fulgaz, Hyperice, Qatar Airways, Red Bull, Santini and Wahoo, caps the triathlon season that featured races, including the 5150, in Davao, Subic Bay, Bohol and Dapitan City. Other supporters of IM 70.3 Puerto Princesa, also held to boost domestic and international tourism with the city offering beach, nature, adventure, food and cultural history, are Asia supplier partners Always Advancing, Compressport, Ekoi and Nirvana, media parners Outside+ and Sportograf.com, venue host City of Puerto Princesa and event partners RLC Residences, Sante Barley, Lightwater, Prudential Guarantee, Regent Foods, One Sports+ and Cignal.

PONS POWERS CREAMLINE VS. RIVAL CHOCO MUCHO

Bernadette Pons, back indoor after years of successful stints in the beach, comes out from the shadows of her more illustrious teammates by firing 22 points and making 11 excellent digs and seven receptions to earn the best player of the game honors as Creamline beats Choco Mucho, 25-18, 25-16, 24-26, 25-21, on opening day Sunday of the Premier Volleyball League All-Filipino Conference at the Smart Araneta Coliseum.

objective,” Anais Lavillenie commented, obviously referring to suspended Rio 2016 pole vault winner Thiago Braz da Silva and their Ukrainian head trainer and coach Vitaly Petrov. Obiena’s camp got screenshots of the comments before they were deleted Sunday evening. Obiena’s physiotherapist, Italian Antonio Guglietta, said Obiena’s team deserves a public apology from the Frenchman pole vaulter’s wife despite her having deleted what he called as “irresponsible comment.” “I hope she can change her mind. I think she owes EJ and his entire team an apology,” Guglietta told BusinessMirror also on Monday. “I’m seeing that she already removed their posts.” Jim Lafferty, Obiena’s personal adviser, said they plan to file a lawsuit in France. “We’re still evaluating and

meeting with lawyers this week,” Lafferty said. POC legal head Atty Wharton Chan, meanwhile, said the case should be filed by Obiena’s team in France for territorial jurisdiction. “It’s better and feasible to file the case there [France] than anywhere to have a territorial jurisdiction to the respondent and submit him or herself to the court,” Chan said. “Actually, they can file it anywhere, but the court cannot summon her because she’s not living here [in case it’s filed here in the Philippines].” “The criminal elements are all there, complete and very malicious,” said Chan, referring to the “defamatory statements, identification of the victim, presence of malice and intention to harm.” “It’s up to the camp of EJ to pursue it because the damage has been done,” he added.

LGUs rev up for PNVF Challenge Cup

tournament are Plaridel (Quezon), Davao City, Orion and Dinalupihan (Bataan), University of Batangas, VNS, Arellano University and Alpha Omega Elite. In the women’s side, they are Davao City, Parañaque City, De La Salle University- Dasmariñas, University of Batangas, Arellano University and San Pedro City, Laguna. The Challenge Cup precedes the culminating Volleyball World Beach Pro Tour Challenge which features the world’s top beach volleyball teams set later in November in Santa Rosa, Laguna. The PNVF then kicks off its 2024 calendar with the Champions League in February.

IM 70.3 Puerto Princesa primed for major reprise HE Ironman 70.3 Puerto Princesa aims to surpass the success of its inaugural staging in Palawan last year in terms of participation and impact with its second edition on November 12 serving as host to the Asia TriClub and Relay Championship. Puerto Princesa City is putting up a whopping P500,000 ($8,800) as the top prize in the premier 1.9-km swim, 90-km bike and 21.1-km run race laid out on an exacting course in the tropical paradise with a bustling urban center. The IM 70.3 Puerto Princesa joins the 2023 Global Ironman TriClub Championship Series as the 10th event internationally while marking the first such event in the country. “We are very excited to return to Puerto Princesa and host the Asia TriClub and Relay Championship,” said Jeff Edwards, managing director of Asia for the organizing The Ironman Group. “This event will bring athletes of all levels, each contributing to their team for the Asia TriClub Championship designation,” Edwards said. “The energy and sense of community among the TriClubs closely mimic the warm and hospitable nature of Puerto Princesa and the culture that surrounds it and we look forward to welcoming the athletes from all over the world to the unique and vibrant city.” Ten events across five regions currently make up the Global TriClub Championship Series in the season about to end, including the IM 70.3

gold medalist Renaud Lavillenie of France, who accused Obiena of taking performance enhancing drugs in a Facebook page among elite athletes in track and field. “I want to remain classy and dignified on this subject,” said Obiena on Monday in reaction to the BusinessMirror article. “All I will say is I am disappointed, angry and feel wronged by these statements.” He added: “I will let the story evolve while my team explores the many angles including legal. I guess this is part of the price you pay when you win.” “Let his people do the right thing and EJ, just focus on his training and upcoming competitions,” Tolentino said. Anais Lavillenie’s comments were posted on Vaulter Magazine-Vaulter Club Inc. which has 93,000 followers. “Obiena doped, and it’ll fall like Braz. Same coach, same plan, same

uesday, October 17, 2023 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

INETEN days of volleyball action gets centerstage in November with the Philippine National Volleyball Federation’s (PNVF) Challenge Cup at the Rizal Memorial Coliseum. Nine men’s teams and six women’s squads—all local government unit (LGU)-based- have so far confirmed their participation in the PNVF’s penultimate tournament for the 2023 calendar. “The Challenge Cup gives LGUs

the opportunity to have their own volleyball programs and we’re looking forward to discover unpolished talents through this tournament,” PNVF president Ramon “Tats” Suzara said. The target is 16 teams for each gender with a total of 64 matches set to be plated from November 6 to 9 and 13 to 23. The first eight days of competition are the elimination round among the teams divided in four pools. Already confirmed for the men’s

NU gals near playoffs sweep, Tigresses remain in the hunt

EFENDING champion National University (NU) moved closer to a sweep as University Santo Tomas (UST) bounced back with a bang in the Shakey’s Super League Collegiate Pre-Season Championship Season 2 playoffs held over the weekend at the Rizal Memorial Coliseum in Manila. Led by ace spiker Mhicaela Belen, the Lady Bulldogs drubbed the Ateneo Blue Eagles, 25-20, 25-18, 25-15, while the Golden Tigresses clobbered the Arellano University Lady Chiefs, 25-16, 31-29, 25-18. NU stretched its unbeaten run to five games to zero in on the No. 1 seed

as UST stayed in second spot with a 4-1 win-loss record in Pool E. Belen, a former University Athletic Association of the Philippines Rookie-MVP, unloaded 13 points on 11 attacks and two blocks to headline NU’s sweep of the retooled Ateneo side under the watch of men’s national team coach, Brazilian Sergio Veloso. The Lady Bulldogs, under returning coach Norman Miguel, needed only 84 minutes to shoot down the Blue Eagles to stay on track for a title retention bid after sweeping the inaugural season. Jonna Perdido fired 13 points while Angeline Poyos and Regina

Jurado added 12 and seven points, respectively, in UST’s rebound against Arellano University after absorbing its lone loss at the hands of NU. The Golden Tigresses were quick to shrug off a revenge 25-19, 25-20, 25-16 defeat to the Lady Bulldogs. Arellano University fell to 3-2 as Ateneo, at 2-3, remained winless in the playoffs, where all eight teams carried over their standings from the preliminary round for the final ranking in the quarterfinals featuring twice-to-beat incentives for the higher-ranked squads. The Lady Chiefs stunned the Blue Eagles in the playoff opener, 25-21, 25-18, 25-21.

Clark International Festival of Speed up in November

T KILTON Motor Corp. president and CEO Johnny Tan (third from left) with (from left) Clark Development Corp. Director Atty. Paul Christian Cervantes and president and CEO Atty. Agnes Vst Devanadera and Kilton Chief Operating Officer Cesar Ayuyao along with professional racers.

HE inaugural Clark International Festival of Speed (CIFOS) reels off November 17 to 19 at the Clark Speedway at the Clark Freeport Zone in Mabalacat, Pampanga. The intended to be annual event aims to bring together motorcycle manufacturers, dealers and producers of motorcycle parts and accessories to showcase their products and services to the public. The main highlights are the local

and international races, including the National Motorcycle Grand Prix featuring the Yamaha R3 Race of Champions, Under bone Class, Scooter Class, Superbike Class and the Pirelli Cup. There will be a Motorcycle Safety and Security Workshop, special events for kids, motorcycle clinics, production demonstrations and DIY sessions. The event is organized with the Clark Development Corp. and supported by various motorcycle

industry stakeholders. “At CIFOS, we aim to showcase the best of the motorcycle industry and promote Clark City as the center of motorsports in the Philippines,” said Johnny Tan, President, and CEO of Kilton Motor Corp. CIFOS will serve as a platform for motorcycle industry designers, owners and enthusiasts to share their expertise, knowledge and skills with the general public through various events and activities.