BusinessMirror October 30, 2023 by BusinessMirror

PHL exports can still hit ’23 goals, says group By Andrea E. San Juan @andreasanjuan

THE WORLD »A6

NETANYAHU SAYS THE GAZA WAR HAS ENTERED A NEW STAGE AND WILL BE ‘LONG AND DIFFICULT’

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HE Philippine Exporters Confederation Inc. (Philexport) has expressed optimism that the country still has a “fighting chance” of meeting exports target for 2023 amid geopolitical conflicts such as the war in the Middle East and fluctuating price of fuel, among others. “I think we should be achieving near to it. I think we have a fighting chance to meet the targets,” Philexport President Sergio R. Ortiz-Luis Jr. told reporters on the sidelines of the 49th Philippine Business Conference and Expo (PBC&E) last week.

For this year, the Philippine Export Development Plan (PEDP) 20232028 has set a target of $126.8 billion for the country’s merchandise and services exports. Ortiz-Luis pointed out that the industry initially set a larger target for 2023. However, he said the supposed export earnings target for 2020 was downgraded, hence it is now the target for 2025. He attributed the adjustment in the targets to the challenges in the global landscape such as the fluctuating price of fuel, which led to prices of goods rising in the country. “Well, because of the challenges that are happening. We did not anticipate [the] prices of fuel. Although

inflation targets [are slowing], that was not as low as what was projected before so [it should be about] 4 percent, and next year [maybe it should be about the same level],” the Philexport chief said. Before, he noted that the projection for inflation was at 2 to 3 percent. “I think it will be just about 5.5 percent.” Meanwhile, the Philexport chief hopes the conflict in Israel would not escalate as the conflict in Ukraine is persisting until now.

Rate hike

LAST Thursday, the Bangko Sentral ng Pilipinas (BSP) hiked its key policy interest rates by 25 basis points

to 6.5 percent to arrest the increase in the prices of goods and services. In a press briefing last week, BSP Governor Eli M. Remolona Jr. said the Monetary Board, the BSP’s highest policy-making body, “recognized the need for this urgent monetary action to prevent supply-side price pressures from inducing additional second-round effects and further dislodging inflation expectations.” The country’s inflation in September accelerated to 6.1 percent from 5.3 percent in August. Despite the challenges, which Ortiz-Luis said are beyond the country’s control, the country’s exports will recover, albeit gradually. See “PHL,” A2

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OCT INFLATION CRUCIAL TO NEXT MOVE ON RATES National Adaptation Plan for climate resilience out soon By Samuel P. Medenilla @sam_medenilla

HE Climate Change Commission (CCC) said the country’s first ever National Adaptation Plan (NAP), which will help boost local resilience against the impact of extreme weather, will be out soon. “Our NAPS or National Adaptation Plan is already 99 percent [complete] and is now for signature of the President,” CCC Commissioner Albert Dela Cruz said during a press conference last week. The NAP, the result of the comprehensive stakeholder consultation of CCC, contains the government’s plan to address multiple aspects of climate change including “food security, agriculture, water resources, gover nance, stakeholder engagement, technology, financing and capacity

building.” It also includes the priority programs of the government to address climate change-related issues. CCC also noted the NAP will help mainstream climate change adaptation measures among local government units (LGU) through their Local Climate Change Action Plan (LCCAP). Dela Cruz said currently, 86 percent of LGUs have submitted their LCCAP. However, he noted such plans should be “dynamic” especially since LGUs are at the forefront in facing the rapidly changing impact of climate change. Aside from the NAP, CCC also said the creation of the standards needed for the implementation of Republic Act (RA) No. 107741, or the Green Jobs Act, is also in its “final stages.” See “National,” A2

EXODUS People from different walks of life flock to the PITX transport hub in Paranaque City for a road trip to their home provinces to cast their vote and visit their departed loved ones. The long ‘Undas’ holiday this year is being marked right after the Barangay and Sangguniang Kabataan Elections today, October 30, a holiday. NONIE REYES

By Cai U. Ordinario

@caiordinario

NFLATION in October may ease but will stay on an elevated path, a development that will weigh heavily on the Monetary Board’s deliberations on monetary policy next month. Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. recently told reporters that given this, raising policy rates by 25 basis points (bps) or even pausing its monetary tightening may be considered for November. Only “really bad news about inflation” would prompt the Mon-

etary Board to raise interest rates by 50-basis points (bps) next month. “We’re actually expecting inflation to go down. But not as much as we used to expect. So the whole path is elevated. The trajectory is similar, kaya lang mataas na [but it’s already high],” Remolona said. See “Inflation,” A2

MARCOS EYES BIAS FOR LOCAL MATERIALS FOR GOVT PROJECTS By Samuel P. Medenilla @sam_medenilla

RESIDENT Ferdinand R. Marcos Jr. is now eyeing a new measure which will prioritize the use of locally made building materials for government construction projects. The chief executive said he is open to the recommendation of the Private Sector Advisory Council (PSAC) Infrastructure Cluster, but he wants more studies done before he decides on the matter. “We have to match the capacity and the demand. But again,

that if you can say that from now on, 100 percent of our [building material needs]—comes from the Philippines, plants will be constructed for that, but we need to make everything clear, if it will be through an AO [Administrative Order] or some other form,” he said partly in Filipino during his meeting with PSAC members last week. The Department of Trade and Industry (DTI) is now determining which construction materials can be covered by the issuance, while the Department of Budget and Management (DBM) See “Marcos,” A2

EXPLAINER »B4

TURKEY’S 100-YEAR JOURNEY:

TRIUMPHS, TRIALS, AND THE ROAD AHEAD

PESO EXCHANGE RATES n US 56.9550 n JAPAN 0.3788 n UK 69.0921 n HK 7.2829 n CHINA 7.7852 n SINGAPORE 41.5942 n AUSTRALIA 36.0013 n EU 60.1559 n KOREA 0.0421 n SAUDI ARABIA 15.1819 Source: BSP (October 27, 2023)

News

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A2 Monday, October 30, 2023

DFA regains contact with some Filipinos in Gaza Strip By Malou Talosig-Bartolome

@maloutalosig

HE Philippine Embassy in Amman has regained contact with several families in Gaza Strip after losing contact with all of them for more than 30 hours since Israel expanded its ground military operations to Gaza.

This, as the Doctors Without Borders (Médecins Sans Frontières or MSF), an international charity group with doctor volunteers in Gaza Strip, said Israel’s “atrocity” on Gaza is unprecedented, a scale that Gaza “has never seen before.” Ph i l ippi ne A mba ssador to Amman Wilfredo Santos said they lost contact with Filipinos around Friday 6:28pm local time (12:28am Saturday Philippine time). After more than a day, when communication lines were restored, the

Embassy staff were able to reach 86 Filipinos around 4 a.m. local time Sunday (10 a.m. Sunday Philippine time). “We were able to get in touch today [Sunday] with several families in Gaza and they confirmed that they are safe,” Santos said. Fifty-seven Filipinos whom they reached are in Rafah governorate, while the rest are in Deir A l B a h l a a n d K h a n Yo u n i s governorates. There are 136 Filipinos in Gaza Strip, 51 of them children aged 15 days old to 17 years old.

Gaza City

IN Gaza City, where the Israel Defense Force focused its ground operations, the number of Filipinos rose from three to nine. “Six came back [to Gaza City] kasi kulang na ng spaces sa lugar nila sa southern Gaza,” Foreign Affairs Undersecretary Eduardo de Vega said. One of the nine Filipinos in Gaza is a nun who chose to remain there despite the threats of missile strikes. “We also got in touch with the Filipino nun and she disclosed that she and her religious congregation as well as the 800 people taking refuge in the church are safe and have food. She just requested us to pray for their safety,” Ambassador Santos said.

50 others incommunicado

THE Embassy will continue to reach out to 50 other Filipinos who could not be contacted as of press time. “The primary concern of the Philippine Government remains the continued safety of the Filipinos in Gaza. We will continue to monitor their situation and exhaust all options in providing the necessary assistance to our kababayans. We hope that they continue to be safe from harm and efforts to allow the safe passage of foreigners including Filipinos out of Gaza will materialize at the soonest possible time,”

Santos said. Doctors Without Borders “The bombing by the Israeli forces has intensified to a degree not seen until now: northern Gaza is being razed to the ground, while the whole Strip is being hit and civilians have no place to take shelter ....The atrocity is on a scale never seen before in Gaza,” the MSF said in a statement. It added that people are being killed and forcibly displaced from their homes and water and fuel are running low. Hospitals are running out of medical supplies, the number of injured in need of “urgent medical assistance” is more than the already limited number of beds available in Gaza Strip. With the total communications blackout, the MSF has lost contact with most of its Palestinian staff, limiting their ability to provide humanitarian and medical assistance such as rescuing people under the rubble, delivering babies and providing help to elderly. It said the non-binding resolution of the United Nations General Assembly “has done nothing to rein in the indiscriminate violence unleashed on a helpless people.” “The actions of world leaders are too weak,” it added. “The international community must take stronger action to urge Israel to stop the bloodshed.”

Marcos... Continued from A1

was tasked to determine the legality of the proposed policy. PSAC said local building material manufacturers are capable of meeting the stringent quality demand by the government. It noted that if the proposed measure is implemented, such will help boost the sales of local manufacturers. “Our advocacy is really to promote our buy local, Filipino-made products for Filipinos…it’s just fair for our government to take the lead, sir, in also patronizing our own locally-made products,” PSAC head and Aboitiz Equity Ventures President and CEO Sabin Aboitiz said. PSAC is particularly pushing for the preferential use of locally manufactured cement since the government accounts for 30 to 40 percent of total domestic use of such building material. A side from infrastructure, other matters discussed in the President’s meeting with PSAC were how to reduce power rates through “regulatory reforms and addressing transmission issues,” among others. The Council also urged the government to streamline the construction of water-related infrastructure projects, including multipurpose dams, in some regions. Among those who attended the meeting were PSAC members Joanne De Asis, Manuel V. Pangilinan, Eric Ramon O. Recto, Enrique K. Razon; Ramoncito S. Fernandez, PSAC InfrastructureWater SME; Daniel C. Aboitiz, PSAC Infrastructure-Energy SME; and Reinier H. Dizon, President, Cement Manufacturers.

Senate...

Continued from A12

to file a case against Beijing for the massive environmental damage to the reefs and corals within the Philippines’s EEZ.

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IMMIGRATION BUREAU STOPS 5 PINOYS WITH FAKE DOCS, POSING AS GOVT WORKERS By Joel R. San Juan @jrsanjuan1573

HE Bureau of Immigration (BI) announced on Sunday that it has intercepted five Filipinos attempting to leave the country in the guise of being government workers. In a report to Immigration Commissioner Norman Tansingco, the BI’s immigration protection and border enforcement section (I-PROBES) sa id t he pa ssengers were stopped at the Ninoy Aquino International Airport (Naia) Terminal 3 before they could board a Cebu Pacific flight to Bangkok, Thailand. The BI said the five Filipinos were believed to be victims of human trafficking because they presented spurious travel authority papers from government agencies where they are purportedly employed. However, during questioning by BI officers, they confessed to being unemployed. They admitted that the travel authority certificates and other documents they presented were only given to them by their handlers. Two of the passengers admit-

Inflation...

ted giving their recruiter more than P30,000 to facilitate their travel abroad. Further investigation also revealed that the victims were promised high-paying jobs as teachers in Thailand. The BI said it has identified the alleged courier and has referred the same to the InterAgency Council Against Trafficking (IACAT) for investigation and filing of appropriate charges. In light of this, Tansingco renewed his warning to the public against illegal recruiters and human traffickers who turned their victims slaves of crypto scam syndicates. “Some of these victims have been rescued and repatriated to Manila and recounted stories about the bitter ordeal and even physical harm they suffered in the hands of their foreign employers,” Tansingco added. In recent months, both the Executive agencies and the Senate have unearthed the modus of human traffickers who usually send victims to Southeast Asian countries, notably Thailand and Malaysia, but the jobseekers end up in remote crypto-scam slave camps in Cambodia or Myanmar.

Continued from A1

“I’m not even sure 25 [bps] would be justified so there’s a good chance we won't hike. There’s a good chance we’ll pause. There's a chance we might hike but 50 is a bit of a stretch,” he also said. Remolona stressed that the Monetary Board will decide based on existing data. This was also the reason they decided to deliver only a 25-bps rate hike for the off-cycle meeting last Thursday. The BSP on Thursday hiked its key policy interest rates by 25 basis points to 6.5 percent to arrest the increase in the prices of goods and services. The Monetary Board, the BSP’s highest policy-making body, decided to raise the target reverse repurchase (RRR) rate by 25 basis points effective on October 27. With the decision, the interest rates on the overnight deposit and lending facilities will be set at 6.0 percent and 7.0 percent, respectively, according to the BSP. “[We did not deliver a 50-bps rate hike during the off-cycle] kasi hindi

PHL...

pa kami sigurado. May mga dadating pa na data. So medyo ano kami, medyo conscious sa data eh. [because we remain uncertain. Some data will still be coming in; we are quite conscious of the data],” Remolona said. Last week, Remolona said the BSP is “prepared” for a “followthrough” monetary policy action if necessary “to bring inflation back to a target-consistent path” in keeping with the BSP’s price stability mandate. Nonetheless, Remolona noted that the impact of weaker-thanexpected global economic recovery and the state’s measures to mitigate the negative impacts of El Niño would help temper “inflationary impulses.” He also disclosed that recent domestic indicators point to “dissipating” pent-up demand in the near-term. Remolona revealed that the BSP does not see the country’s inflation print returning to its target band of 2 percent to 4 percent this fourth quarter.

Continued from A1

“Nagrerecover, tumataas pero hindi ganun kabilis. [It’s recovering, but not growing as fast]. Slowly but surely it’s increasing but not as fast as we would like it to be,” the Philexport chief stressed. In January to August 2023,

National...

the country’s merchandise export earnings amounted to $47.81 billion, a 6.6-percent decline from the $51.18 billion recorded in the same period last year. In 2022, the country’s export earnings reached $78.98 billion.

Continued from A1

The legislation gives qualified firms special deduction from taxable income equivalent to 50 percent for skills training and research and development expenses, as well as tax and duty free importation of capital equipment.

“This will spur development and transition towards a low carbon economy and it will incentivize investments by our private sector in greener processes,” CCC Vice Chairperson and Executive Director Robert E.A. Borje said.

DENR said it will establish a modest research facility in Pagasa Island, in the remote town of Kalayaan, Palawan next year. Last week, DENR Secretary Maria Antonia Yulo-Loyzaga visited Pag-asa Island, some 500 kilometers away from Puerto Princesa. Pag-asa is the biggest of the is-

lands in the Kalayaan Island Group which is within the disputed West Philippine Sea. The DENR chief said putting up a research facility in the area is part of the DENR’s move to start accounting for the country’s natural wealth and measure the country’s treasure to rev up the so-called blue economy.

Monday, October 30, 2023

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

‘Bidding for microgrid system devt good for 15k households’ By Lenie Lectura

before a micro grid system provider can serve off-grid areas. The law also requires distribution utilities (DUs) to submit their local total electrification roadmaps and list of underserved areas. For the initial auction, the Microgrid Ser vice Provider (MGSP)-CSP will be scheduled within the fourth quarter of 2023 while the awarding is targeted by the first quarter of 2024. This bidding will cover 98 unserved areas and underserved areas clustered into 49 lots located in remote

areas of the country. A total of 15,645 households are expected to benefit from this initial auction. Unserved area refers to an area with no electricity access, distribution system lines, individual home system, or no connection to any microgrid system. Underserved area, on the other hand, refers to an area where electricity services are less than 24 hours served by individual home system, microgrid system or distribution utilities. The agency released over the weekend

the list of the areas that would be placed under the microgrid auction. The unserved and underserved areas were identified under the newly-released 2023-2032 National Total Electrification Roadmap (NTER), which is aligned with the goal of the government to achieve 100 percent household electrification by 2028. Based on the 2020 census of population and household projections, the DOE expects that the government electrification efforts will have to cater to 3.7 million households,

of which 2.7 million are within the franchise areas of electric cooperatives (ECs) requiring different elec trification strategies, rationalized government subsidy and innovative implementation schemes. It also said that 1.3 million of these households are located in areas that are not yet connected to the distribution and transmission systems, thus requiring alternative solutions. During his second State of the Nation Address, President Ferdinand R. Marcos Jr.

said the full energization of the remaining unenergized areas should be completed by 2028. The DOE said it is committed to ensure a transparent, fair, and competitive selection process in choosing winning MGSPs capable of efficiently and effectively carrying out electrification in these areas. Key parameters include providing 24/7 electrification, incorporating at least 35 percent renewable energy, and offering the least cost solution for the identified area.

PES confab to tackle steps toward PH DevPlan success

by the administration’s 8-Point Socioeconomic Agenda and focuses on economic and social transformation. The PDP also lays down the Philippine government’s medium-term priorities, strategies and targets toward achieving the “AmBisyon Natin 2040,” the country’s long-term collective vision of a “Matatag, Maginhawa, at Panatag na Buhay” for all Filipinos. The first plenary session on Transforming the Philippine Economy for a Prosperous, Resilient and Inclusive Society will have Dr. Cielito F. Habito of the Ateneo de Manila University, Dr. Ndiamé Diop, country director for Brunei, Malaysia, Philippines and Thailand of World Bank and Ma. Theresa D. Marcial, president and CEO of BPI Asset Management and Trust Corp. as panelists. Coco Alcuaz, executive director of the Makati Business Club, will moderate the session. The National Economic and Development Authority (NEDA) will sponsor and organize the second plenary session on “Innovation as a Catalyst for Economic Transformation: Challenges and Way Forward for the Philippines.” The session aims to explore and facilitate a holistic understanding of how innovation intricately underpins contemporary economic dynamics. This session also sets the stage for presenting

and discussing the National Innovation Agenda and Strategy Document (NIASD), a comprehensive document that outlines longterm goals and provides a strategic roadmap for enhancing innovation governance, catalyzing and expediting innovation endeavors and facilitating the integration and promotion of public-private partnerships. Meanwhile, De La Salle University (DLSU) Prof. Jesus Felipe will discuss the likelihood that the PDP targets will be met using the “Animo” macro-econometric model of the Philippine economy developed at DLSU. On the second day of the conference, DLSU Angelo King Institute Senior Research Fellow Dr. Caesar Cororaton will discuss the results of their study on non-tariff measures on key food commodities during the plenary session sponsored and organized by the Orient Integrated Development Consultants Inc. (OIDCI). The NEDA-funded study estimated the potential welfare impact of major reforms in the NTM system, among others. This session will be followed by a discussion on challenges and opportunities for digitalization and competition policy by the Philippine Competition Commission (PCC). The Founding Chairman of the Fintech Alliance, Lito Vilanueva, Trade and Industry Undersecretary Rafaelita Aldaba and Atty. Jose Jesus Disini of

the University of the Philippines-College of Law will lead the discussion to be moderated by PCC Commissioner Ferdinand M. Negre. In the afternoon, Monetary Board Member Dr. V. Bruce J. Tolentino, Department of Budget and Management Principal Economist Dr. Joselito R. Basilio and Union of Metro Manila Cooperatives Chair Fr. Anton C.T. Pascual will discuss ways to promote an inclusive, innovative, healthy and sustainable financial sector. This session is organized to celebrate the “Economic and Financial Literacy Week” (EFL Week) in the second week of November pursuant to Republic Act 10922 and NEDA Memorandum Circular 01 issued on October 16. The law specifically tasks the PES, in coordination with NEDA, to lead and encourage private sector participation in activities expanding economic and financial consciousness and literacy. The theme for this year’s EFL Week is “Bayanihanomics: Sama-samang Pakikilahok para sa Matibay na Ekonomiya.” To close the conference, Dr. Nanak Kakwani, former professor of the University of New South Wales and distinguished fellow of the Gulati Institute of Finance and Taxation, India, who is also one of the global experts in economic welfare, will deliver a plenary lecture and discuss his paper “Defining

and Measuring Four Recently Evolved Development Concepts: Pro-poor Growth, Pro-poor Development, Inclusive Growth and Inclusive Development.” This year’s conference is co-organized with the NEDA, the PCC, the OIDCI and the DLSU. Several parallel sessions on equally relevant and timely topics will be spread across the two-day gathering. Aside from the insightful discussions from the sessions, participants will also look forward to the oath-taking of the “Young Economists Honor Society Batch 2023,” the annual narrative and financial report of the PES and the announcement of the PES Board election results during the closing of the conference. It is expected that more than 300 PES members, faculty members and students and members of financial institutions, private corporations, government agencies and nongovernment organizations will be attending. All plenary and breakout sessions of the 2-day conference will be held on-site at Novotel Manila Araneta City, Quezon City. Only plenary sessions will be available for online participants through private streaming via Zoom. The deadline for pre-registration of online participants is on November 3 while onsite participants may still walk in on the day of the conference. The conference website may be accessed at https://economicsph.org/pes61.

@llectura

CO M P E T I T I V E bidding for the development of microgrid systems in remote areas scheduled by end of this year is expected to benefit over 15,000 households, the Department of Energy (DOE) said. Republic Act (RA) 11646 (Microgrid Systems Act of 2022) mandates the conduct of a competitive selection process (CSP)

HE Philippine Economic Society (PES) announced that its 61st Annual Meeting and Conference on November 7 to November 8 would look at ways to contribute to a transformed, dynamic and resilient economy in line with the country’s new development blueprint, the Philippine Development Plan (PDP) 2023-2028. “This year, the government aims to steer the country towards achieving sustainable economic growth and transformation through the Philippine Development Plan [PDP] 20232028,” PES President and Ateneo School of Government Dean Dr. Philip Arnold P. Tuaño was quoted in a statement as saying. Tuaño added that the 61st PES Annual Meeting and Conference aims to contribute “to this timely discussion by offering constructive insights and concrete steps to achieve broader economic and social transformation in order to reach our national development goals.” “The coming years are crucial and we hope to gather individuals and organizations, mainly belonging to the economics profession,

to brainstorm on this important blueprint that will guide the administration’s priorities, policies and actions, affecting the lives of all Filipinos,” Tuaño said. Socioeconomic Planning Secretary Arsenio M. Balisacan’s keynote address on the first day of the conference will focus on this year’s theme “Transforming the Philippine Economy for a Prosperous, Resilient and Inclusive Society.” The session will tackle how achieving the PDP targets hinges on an efficient economic transformation that raises productivity and competitiveness, opens high-quality employment, reduces poverty and enables a more equitable distribution of opportunities. Distinguished speakers will also address the perceived challenges faced by different sectors, the necessary structural transformations and the crucial steps required to ensure the success of the PDP in today’s volatile, uncertain, complex and ambiguous world. Last year, the government launched the comprehensive roadmap, which was framed

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

Monday, October 30, 2023

LAWMAKERS SEEK SUCCESSFUL ELECTORAL PROCESS AS MORE THAN 300 FLAGGED AS “RED” AREAS

Comelec Chair: ‘Don’t mess with our business’ By Patrick V. Miguel, Butch Fernandez @butchfBM

& Jovee Marie Dela Cruz @joveemarie

HE chairman of the Commission on Elections (Comelec) has warned rabble-rousers to refrain from throwing a monkey wrench in the Barangay and Sangguniang Kabataan Elections (BSKE) on October 30 as he said the Comelec is fullyready for the electoral process. The barangay elections have been more historically “problematic” when it comes to peace and order compared to national and local elections, Chairman George Garcia said last Sunday. “The Comelec means business and don’t mess with our business,” Garcia said to warn against individuals or groups that may or are planning to disrupt the process. Nonetheless, Garcia told reporters that the Comelec is “100-percent” ready for the BSKE. The poll body is “prepared” to prevent any election-related violence, and other incidents such as vote-buying and selling, he added. However, he said they are still closely monitoring areas under red category, including municipalities in Abra and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). According to Garcia, all local poll bodies in the country are closely monitoring possible vote-buying cases and incidents that “candidates may commit.”

“Lahat may posibilidad, lahat ay may pwedeng mangyari lalo pa’t sa sobrang laki ng ating bansa. [Everything is possible, anything may happen especially on how big our country is],” the Comelec chief said. As a part of preparation for BSKE, the poll body has ordered the Armed Forces of the Philippines (AFP) and Philippine National Police (PNP) to deploy additional forces within the vicinity of voting centers. He also asked PNP and AFP for foot soldiers to inspect surroundings rather than merely doing checkpoints. “Hindi sapat lang na nasa checkpoint ‘yung mga kapulisan natin. [It is not enough that our police are only at the checkpoints],” Garcia said. The Comelec also ordered AFP and PNP to confiscate unauthorized guns and other firearms. “What is good; if our forces are deployed properly and strategically and, at the same time, our operation is intact, we can ensure we could prevent the occurrence of any incidents and irregularities,” Garcia said in Filipino. As of Thursday, 361 areas were labeled under the “red category,” most of which are in the BARMM. Negros Oriental has been placed under curfew for the BSKE, following the authority of Comelec control, according to Garcia.

Prayers urged

WITH news on tensions in some areas, CIBAC Party-List Rep. Bro. Eddie Villanueva called on all Filipinos to pray and work for a safe, honest, and successful conduct of the 2023 BSKE.

Villanueva issued his statement a day before the exercise that would put 42,027 Filipinos into elected positions nationwide. A total of 336,216 positions for barangay chairpersons and kagawads are at stake, along with an additional 336,216 slots to be filled by those elected as SK members in each barangay. According to Villanueva, the 2023 barangay elections are particularly significant as they provide an opportunity for Filipinos to elect leaders who will play a crucial role in shaping local policies, implementing government programs, and overseeing the efficient allocation of resources. “I call on all Filipinos to pray to God for safe, honest, and successful 2023 barangay and SK elections. I call on everyone to be vigilant and not to allow any effort that will disrupt the peaceful exercise of our God-given and Constitutionally-granted right to choose the leaders in the most basic unit of our government—the barangay,” Villanueva said. He said successful candidates for these positions will bear significant responsibilities, including improving infrastructure, maintaining peace and order, and promoting social and economic development within their respective barangays. “Filipinos should ask for the Lord’s guidance as they practice their privilege to vote, which is actually both a right and an obligation before God and country. We should discern and choose with utmost care the people we will empower to govern our barangay halls because the results of this

election will be pivotal and crucial to our progress as a nation. Remember that these barangay officials will be the implementers of laws and dispensers of public funds on the ground, so we cannot afford to be remiss in selecting the right ones.”

Lawmakers’ appeal

LAWMAKERS have emphasized the need for a peaceful and well-organized electoral process. Speaker Ferdinand Martin G. Romualdez called upon all candidates to refrain from violence and uphold the essence of democracy. Romualdez stressed the significance of ensuring a secure and peaceful election for the benefit of all communities. “Our barangays serve as the foundation of our nation’s governance. It is crucial that these elections take place in an atmosphere of tranquility and respect for the rule of law,” Romualdez said. “We implore all candidates and their supporters to act with civility, restraint, and respect for one another. The true strength of our democracy lies in our ability to peacefully choose our local leaders,” he added. Romualdez underlined that a secure electoral process is vital to safeguard the rights of all citizens. He insisted that every eligible voter should be able to cast their vote without apprehension of intimidation or violence. “The security of the electoral process is essential in preventing any form of undue influence, manipulation, or discrimination,” he emphasized.

”When voters can participate without fear, it upholds the core principles of democracy—that every citizen’s voice is cherished, and every vote is equal. This equitable platform is the cornerstone of a just and representative democracy,” Romualdez said.

Post-BSKE

MEANWHILE, Senator Sherwin T. Gatchalian filed an enabling legislation, which set in motion a congressional initiative to “empower youth participation in governance.” Gatchalian filed Senate Bill (SB) 1058 that, once passed into law, will create a national federation for the Sangguniang Kabataan (SK). In calling for peaceful and honest barangay and SK elections, the lawmaker made his proposal in SB 1058, which seeks to amend Section 21 of the SK Reform Act of 2015, or Republic Act (RA) 10742, “as no national organization for the SK was established to strengthen its vital role in nation building.” The bill provides that the “Nasyonal na Pederasyon ng SK” (NPSK) is organized and shall be composed of the elected presidents of the “Panlalawigang Pederasyon ng mga SK.” In the provinces, it adds that the p rov i n c i a l f e d e rat i o n i s co m p o s e d of convenors of the “Pambayan and Panlungsod na Pederasyon ng mga SK.” In the municipalities, Pambayang Pederasyon ng mga SK” is composed of the SK Chairpersons of barangays in the municipality, while in the cities the “Panlungsod na Pederasyon ng mga SK” will be composed of the SK

chairpersons of barangays in the city. “Sa pamamagitan ng SK, nabibigyan natin ng pagkakataon ang ating mga kabataan na maging bahagi ng pamamalakad ng ating mga komunidad. Ngunit maaari pa nating mapalawak ang kanilang ambag sa lipunan. Kaya naman isinusulong nating lumikha ng pambansang pederasyon para mapaigting natin ang kakayahan ng SK na maging bahagi ng pamumuno ng ating bansa,” the Gatchalian bill further provides. [Through SK, we are able to give our youth the opportunity to be part of the governance of our communities. But we can further expand their contribution to society. That is why we are promoting the creation of a national federation so that we can strengthen SK’s ability to be part of the leadership of our country.] Moreover, the proposed measure also provides that the elected president of the NPSK shall serve as ex officio member of the Union of Local Authorities of the Philippines (ULAP). In filing the proposed measure, Gatchalian, a former 3-term mayor of Valenzuela City, recognized how the SK has provided the youth with an avenue for participation in various levels of government, including local legislation, and the implementation of programs and projects. By creating a national SK organization, the Gatchalian bill also “aims to promote a more efficient and effective networking and consensus-building, especially when it comes to addressing governance issues and implementing projects.”

PHL repatriates rescued birds back to Indonesia WFH, asynchronous classes allowed for week of holidays N

OT ever ything repatriated are humans. So said Environment Secretary Maria Antonia Yulo-Loyzaga after the Department of Environment and Natural Resources (DENR) repatriated native bird species that were rescued by wildlife law enforcers back to their country of origin: Indonesia. The Indonesian birds—73 different n at i ve I n d o n e s i a n b i rd s p e c i e s — were repatriated last October 18, the B usiness M irror learned. The repatriation was initiated by the DENR through the Biodiversity Management Bureau (BMB) in coordination with the Embassy of Indonesia in Manila and the Ministry of Environment and Forestry, the DENR’s counterpart agency in Indonesia. Sources said the repatriated birds were traced to Indonesia and were rescued by DENR wildlife law enforcers together with a special unit from the National Bureau of Investigation (NBI) five years ago from a pet shop in Pasay City. It has a total value

of P22 million if sold in the black market. The operation that resulted in the arrest and filing of criminal charges against a certain Abraham Beranles Juner Bawenti, Nestor Torino, and Jose Bandigan for violations of Section 27 of Republic Act 9147 or “Wildlife Resources Conservation and Protection Act of 2001,” is just one of many conducted by the DENR’s Task Force Pogi. Sources at the DENR said 59 Sulphurcrested cockatoos; two Black-palm cockatoos worth about P350,000 each; 11 Moluccan cockatoos and one Black-capped lorry worth each, have been under the care of the DENRBMB, which runs the National Wildlife Rescue and Research Center of the DENR. All of the repatriated Indonesian birds are endangered. Yulo-Loyzaga earlier announced plans to upgrade the facilities of the National Wildlife Rescue and Research Center, and the plan to deploy wildlife trafficking monitoring units to man the country’s airports and seaports. On top of that, she told the BusinessMirror

that she is also eyeing to hire more veterinarians acknowledging that the DENR currently has one “animal doctor” who looks after the rescued animals housed at the NWRRC, which is situated inside the Ninoy Aquino Parks and Wildlife Rescue Center (NAPWRC) in Quezon City. “We need more veterinarians to take care of our rescued wildlife. Did you know that we have 2 tigers in that facility? I wanted to improve the facility,” the DENR chief said adding that the NAPWRC and the NWRRC are not a “zoo” but a research and rescue center. In the future, Yulo-Loyzaga said the facility, once improvement is completed, will cater to researchers wanting to study animal wildlife. Thousands of species are currently housed in the facility, which is the central depository of all rescued wildlife. Regional Offices of the DENR had partnerships with various institutions to rescue wildlife. At the NAPWRC and the NWRRC, she noted that the rescued animals are

cramped in small cages, adding that part of the plan to improve the facility is also to put up better cages for the rescued wildlife. Monkeys, snakes, reptiles, and assorted birds—including a Philippine eagle—are sheltered in the facility. It was learned that the repatriated birds have safely arrived in Indonesia and were received by Indonesian authorities at the Sockarno-Hatta International Airport in Indonesia. The Indonesian birds, which were properly rehabilitated in the Philippines, will be released back into the wild by Indonesian authorities in areas where they naturally occur. Indonesia and the Philippines were earlier reported to be “hotspots” of illegal wildlife trade with unscrupulous traders targeting native birds from both countries. The DENR is pushing for a measure that will create its wildlife law enforcement unit to strengthen the campaign against illegal wildlife trade through the amendment of the Wildlife Act. Jonathan L. Mayuga

ALACAÑANG has allowed government employees to work from home while public schools implement “asynchronous classes” on Tuesday, October 31. This after the Executive Secretary Lucas P. Bersamin issued last Friday Memorandum Circular 38 containing the said policy to allow public servants to enjoy a long weekend next week. “In order to provide government employees full opportunity to properly observe All Saints’ Day on November 1, and to allow them to travel to and from the different regions in the country, work from home arrangement in government offices shall be implemented, and asynchronous classes in public schools shall be conducted on October 31,” Bersamin said in the 1-page issuance. To note, special non-working holiday were declared by President Ferdinand R. Marcos Jr. for October 30 for the Barangay and Sangguniang Kabataan elections and

November 1, 2023 for the commemoration of All Saints’ Day. MC 38 will allow government workers and public school students to go to work or attend their classes, respectively via online. The issuance will not cover government agencies whose functions involve the delivery of basic and health services, preparedness/response to disasters and calamities, and/or the performance of other vital services shall continue with their usual operations and render the necessary services in person. It also stressed that private companies and schools will have the discretion if they will implement a similar policy on the same date. Bersamin issued MC 38 after a user’s post circulated on social media and claimed the Palace had declared a half-day reporting for work for government employees on October 31. The government has declared such post as spurious. Samuel P. Medenilla

‘Zombeauties’ remind COP5 delegates on horrors of mercury-laced cosmetics

NVIRONMENTAL group EcoWaste Coalition is calling on parties to the Minamata Convention to eliminate all-mercury-added cosmetics from physical and online markets. The call was made ahead of the Fifth Conference of the Parties (COP5) of the

Minamata Convention to be held from October 30 to November 3 in Geneva, Switzerland. Last Sunday, coalition members dressed up as zombies and assembled in Plaza Santa Cruz, Manila to call attention to the toxic threats posed by mercury-added skin-

lightening products. The group said they also advocate for treaty decisions leading to a global ban on mercury-added cosmetics and other measures to protect human health and the ecosystems. With Undas (All Saints’ Day and All Souls’ Day) just around the corner, we ask COP5 negotiators to “stop the mercury horror,” EcoWaste Coalition National Coordinator Aileen Lucero was quoted in a statement as saying. “From Manila to Geneva, our message is a resounding support to proposals that will ban all cosmetics containing any amount of

mercury, and promote effective measures at the country level that will reinforce the ban, halt the marketing of mercury-added cosmetics, and cut public demand for such poisonous products,” Lucero added. “We further hope that delegates will take a common stance against colorism, tell citizens of the world to accept and celebrate their natural skin tone, and shun chemical whiteners containing mercury and other hazardous substances.” Mercury-added cosmetics such as “skin lightening creams” have been banned under the Minamata Convention due to their toxic nature and high exposure potential from being applied directly to the skin. “These cosmetics are dangerous and should be the subject of international cooperation to ensure that they are not traded, advertised, or used,” said Lee Bell, mercury policy advisor to the International Pollutants Elimination Network (IPEN). “Unscrupulous manufacturers and traders in some countries are still making these poisonous cosmetics, with very high mercury levels, and selling them to unwitting customers through the Internet sales platforms and some marketplaces,”

Bell added. “This must be brought to an end through a proactive, concerted effort by customs officials, health authorities, and others to avoid ongoing exposure to vulnerable populations.” Dr. Sary Valenzuela of the Ateneo School of Medicine and Public Health, explained that aside from allowing mercur y to penetrate the body through the skin, “these facial creams also release mercury vapors, which users and anyone at home, including babies and children can inhale.” “This creates a two-fold exposure situation through dermal absorption and vapor inhalation,” Valenzuela said. “People living together in places with inadequate ventilation are at greater risk when they breathe mercury-contaminated air and touch mercury-contaminated clothes, blankets, pillows, and towels.” To drive their message home, EcoWaste Coalition members gathered at the Carriedo Fountain in Plaza Santa Cruz brandishing a yellow banner with a message that says “Keep the promise, make mercury history. Ban mercury-added cosmetics.” The group said they want to remind COP5 delegates of the failure to stop the production and

trade of cosmetics containing mercury and the need for urgent and decisive action. S u n d a y ’s a s s e m b l y f e a t u r e d “Zombeauties” a portmanteau of “Zombie” and “beauty”—or advocates who donned crowns made up of small boxes of mercurylaced skin whiteners that the EcoWaste Coalition collected during their years-long investigation on mercury-added cosmetics that began in 2011. The” Zombeauties” also wore sashes where the well-documented health effects of mercury exposure via skin lightening products are written. The effects include damage to the kidneys, brain, and nervous system, skin rashes, discoloration, and scarring, anxiety, depression, and peripheral neuropathy. After a short program at Plaza Santa Cruz, the group paraded “Zombie-style” through Bustos and Carriedo Streets wielding placards with various inscriptions, including a reminder to “stop equating beauty with whiteness” and a call on COP5 delegates to “ban the advertising, display and marketing of mercury-added cosmetics” and to “shut down the trade in mercuryadded cosmetics.” Jonathan L. Mayuga

A BusinessMirror Special Feature

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Monday, October 30, 2023 A5

PCSO CELEBRATES 89 YEARS OF COMPASSION, DEDICATION, AND SERVICE TO THE FILIPINO PEOPLE

N a world where compassion and providing assistance are often scarce, the Philippine Charity Sweepstakes Office (PCSO) shines as a guiding light for millions of Filipinos in need. As the PCSO commemorates its 89th anniversary, it is important to acknowledge and reflect on the incredible journey and profound impact this organization has had on countless lives throughout the country. A Legacy of Compassion: Since its establishment on October 30, 1934, the PCSO has consistently been at the forefront of providing medical, financial, and social support to those who need it the most. Through its diverse programs and initiatives, the organization has alleviated the burden of healthcare expenses, bolstered medical institutions, and extended a helping hand to the most vulnerable members of our society. Over the years, the PCSO has established institutional programs providing financial and medical assistance to indigent, needy individuals. It prioritizes funding various programs in pursuit of its mandate. This includes direct assistance to indigent patients, collaborations with local government units, and partnerships with other government agencies. IMAP and Other Programs One of the PCSO’s most impactful programs is the Individual Medical Assistance Program (IMAP), which ensures that no Filipino is denied proper medical care due to financial constraints. With compassion as its guiding principle, the PCSO has assisted millions of patients in accessing necessary treatments, medications, surgeries, and prosthetic devices. From 2018 to 2022, the Medical Access Program (MAP) has benefited almost 2 million recipients with medical aid, amounting to P20,558,741,588.35. This program partners with government and private hospitals, health facilities, medicines

retailers, and other stakeholders to support individuals facing health-related challenges. During the same period, the Institutional Partnership Program (IPP) granted assistance worth P61,716,300.00 to 80 groups or organizations. It aims to support various welfare agencies and charitable medical facilities in addressing the medical and health needs of the impoverished and disadvantaged sectors in local communities. Meanwhile, the Medical Equipment Donation Program also provided medical equipment worth P289,366,222.84 to numerous government health institutions in enhancing their medical facilities. Moreover, the Medical Transport Vehicle Donation Program has donated 717 Patient Transport Vehicles (PTVs) from 2018 to 2022, amounting to P1,328,534,585.00. This program aims to provide PTVs and Emergency Medical Service Vehicles (EMSVs) to conflict-stricken or vulnerable communities, as well as Geographically Isolated and Disadvantaged Areas (GIDA). These vehicles are crucial in swiftly and safely transporting patients needing immediate medical attention between medical facilities. Likewise, the PCSO’s Medicine Donation Program aims to provide basic medicines and supplies to government and non-profit organizations to aid sick individuals. Additionally, the Endowment Fund Program allocates funding assistance to government hospitals licensed by the Department of Health (DOH) to enable them to deliver direct health services to charity/service patients. A total of 97 public medical facilities have received a sum of P 161,111,000 under this program during the past five years. Furthermore, the PCSO supports 157 Malasakit Centers nationwide. These centers serve as one-stop shops created by legislation to provide financial and medical assistance to indigent and financially incapacitated individuals. To further enhance its services, the PCSO

resumed its medical and dental outpatient services for the public at its main office in Mandaluyong City. Through this program, PCSO doctors and nurses cater to the needs of indigent individuals and the general public, offering free medical and dental consultations. Empowering Communities Beyond its medical assistance programs, the PCSO has actively worked towards transforming communities through various projects. The agency recognizes the importance of education and believes in the potential of the Filipino youth. Through scholarships, and support for educational institutions, the PCSO has helped shape a brighter future for countless aspiring students. Aside from these initiatives, the PCSO’s charity programs extend to disaster-stricken areas, supporting victims during times of calamity through its Calamity Assistance Program. From providing emergency relief goods and medical supplies to rebuilding homes, the Agency has showcased its commitment to standing by the Filipino people in their darkest hours. From 2018- 2022, a total of P873,285,300.00 assistance were given to 536,417 families. Partnerships and Health Initiatives The PCSO is committed to contributing to various government institutions, including the Commission on Higher Education (CHED), Dangerous Drugs Board (DDB), National Council on Disability Affairs and even the Philippine Sports Commission. Its partners also include Cooperative Development Authority, Boy Scouts of the Philippines, Girl Scouts of the Philippines, Philippine Red Cross, Nutrition Foundation of the Philippines, Quezon Institute, and Universal Health Care. From 2018 to 2022, the PCSO has released a total of P3,291,016,743.06 to support these institutions. In accordance with the Universal Health

Care Program Republic Act No. 11223, also known as the Universal Health Care Act (UHC), the PCSO is required to remit 40% of its Charity Fund, net of documentary stamp tax payments and mandatory contributions. Between 2019 and 2nd quarter of 2023, the PCSO has remitted a total of P4,244,938.911.63 under this program. Transparency and Accountability The PCSO consistently upholds transparency and accountability in its operations to ensure that funds are effectively allocated and utilized for their intended purposes. The organization implements rigorous systems of accountability, including regular audits and investigations, to safeguard against corruption and ensure that donations and resources reach those in need. Additionally, from 2018 to 2022, the PCSO has remitted a total of P 8,360,765,380.31 dividends to the Bureau of Treasury. The PCSO recognizes that its success is a result of the unwavering support of its stakeholders and partners. By fostering strong relationships with both government agencies and private entities, the Agency leverages collaborations to maximize resources and extend the reach of its assistance programs. The PCSO’s commitment to transparency and accountability in managing funds has earned trust from all stakeholders and solidified its role as a reliable ally in promoting public welfare. As the PCSO enters its 89th year, it continues to adapt to the evolving needs of the Filipino people. Embracing technology, the organization has ventured into online gaming platforms, providing greater accessibility and convenience while generating additional revenue for its charitable endeavors. This forward-thinking approach ensures that the PCSO remains sustainable and capable of meeting the growing needs of the nation in the coming years and beyond.

Messages

GREET the officials, employees, partners and beneficiaries of the Philippine Charity Sweepstakes Office as you celebrate your 89th founding anniversary. The PCSO lotto and your other games have become a staple in many households and in our popular culture bringing excitement and hope to all who participate. But more than that, the PCSO has also been a dependable institution that people can run to in times of need. Indeed, your humanitarian and charitable endeavors are greatly appreciated so I recognize you and your predecessors for doing your job well and turning the PCSO into the trusted institution that it is today. I am confident you will continue to create a positive impact in the lives of our fellow Filipinos. Congratulations on your 89th year. Mabuhay ang PCSO! FERDINAND R. MARCOS JR. President

ODAY, the Philippine Charity Sweepstakes Office (PCSO) marks its 89th anniversary. Through all these years, the PCSO has remained steadfast in fulfilling its mandate of raising funds to support various charitable programs and provide healthcare services to the Filipino people. We have witnessed numerous inspiring stories of hope and resilience, where individuals and families have risen from despair, found new opportunities and secured brighter future through our programs and projects. Certainly, our achievements would not have been possible without the unwavering support and collaboration of our stakeholders and partners, and the tireless dedication of our employees. As we embark on the next phase of our journey, we vow to continuously adapt and innovate, leveraging the power of technology to enhance our reach, efficiency, and transparency. We are committed to ensuring that no one is left behind in our pursuit of national development and progress. On this momentous occasion, we vow to continue being a beacon of hope and a catalyst for positive societal change. Together, we can face the future with certainty and confidence as we work towards building a stronger nation with healthier and more productive citizenry. Maraming salamat sa suporta at patuloy na pagtangkilik sa mga programa at serbisyo ng PCSO! PCSO, Hindi Umuurong sa Pagtulong! MELQUIADES A. ROBLES General Manager

The World BusinessMirror

A6 Monday, October 30, 2023

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

Netanyahu says the Gaza war has entered a new stage and will be ‘long and difficult’ By Isabel Debre, Julia Frankel & Samy Magdy Associated Press

ERUSALEM—Israeli Prime Minister Benjamin Netanyahu told the nation Saturday night that the military has opened a “second stage” in the war against Hamas by sending ground forces into Gaza and expanding attacks from the ground, air and sea.

Casting the war as a fight for his country’s very survival, he warned that the assault would only intensify ahead of a broad ground invasion into the territory. “There are moments in which a nation faces two possibilities: to do or die,” Netanyahu said. “We now face that test and I have no doubt how it will end: We will be the victors. We will do and we will be the victors.” The bombardment—described by Gaza residents as the most intense of the war — knocked out most communications in the territory late Friday and largely cut off the besieged enclave’s 2.3 million people from the world. Communications were restored to many people in Gaza early Sunday, according to the telecoms company, Internet-access advocacy group NetBlocks.org and confirmation on the ground. Highlighting the ongoing attacks, the Israeli military released grainy images showing tank columns moving slowly in open areas of Gaza, many apparently near the border, and said warplanes bombed dozens of Hamas tunnels and underground bunkers. The underground sites are a key target in Israel’s campaign to crush the territory’s ruling group after its bloody incursion into Israel three weeks ago. The escalation ratcheted up domestic pressure on Israel’s government to secure the release of dozens of hostages seized in the October 7 rampage by Hamas, when militants stormed from Gaza into nearby Israeli towns and gunned down civilians and soldiers. The unprecedented attack during a major Jewish holiday initiated a war between Israel and Hamas that could spread into a

broader Mideast conflict. Desperate family members met with Netanyahu on Saturday and expressed support for an exchange for Palestinian prisoners held in Israel, a swap floated by the top Hamas leader in Gaza. Netanyahu told the nationally televised news conference that Israel is determined to bring back all the hostages, and maintained that the expanding ground operation “will help us in this mission.” He said he couldn’t reveal everything that is being done due to the sensitivity and secrecy of the efforts. “This is the second stage of the war, whose objectives are clear: to destroy the military and governmental capabilities of Hamas and bring the hostages home,” he said in his first time taking questions from journalists since the war began. He didn’t address calls for a ceasefire, but in a speech peppered with references to centuries of Jewish history and military conflicts, made clear his view that Israel’s future depends on its success against “enemy” forces. “Our heroic soldiers have one supreme goal: to destroy the murderous enemy and ensure our existence in our land. We have always said, ‘Never again,’” he said. “’Never again’ is now.” Netanyahu also acknowledged that the October 7 “debacle,” in which more than 1,400 people were killed, would need a thorough investigation, adding that “everyone will have to answer questions, including me.” The Israeli military said it was gradually expanding its ground operations inside Gaza, while stopping short of calling it an all-out invasion. “We are proceeding with the

An Israeli mobile artillery unit is seen in a position near the Israel-Gaza border, Israel on Saturday, Oct. 28, 2023. Israel on Saturday expanded its ground operation in Gaza with infantry and armored vehicles backed by “massive” strikes from the air and sea, including the bombing of Hamas tunnels, a key target in its campaign to crush the territory’s ruling group after its bloody incursion in Israel three weeks ago. (AP Photo/Tsafrir Abayov)

stages of the war according to an organized plan,” said the chief military spokesman, Rear Adm. Daniel Hagari. The comments hinted at a strategy of a staged escalation, instead of a massive and overwhelming offensive. Early in the war, Israel amassed hundreds of thousands of troops along the border. Until now, troops had conducted brief nightly ground incursions before returning to Israel. Despite the Israeli offensive, Palestinian militants have continued firing rockets into Israel, with the constant sirens in southern Israel a reminder of the threat. The Palestinian death toll in Gaza rose Saturday to just over 7,700 people since the war began, with 377 deaths reported since late Friday, according to the Gaza Health Ministry. Most of those killed have been women and minors, the ministry said. Ministry spokesman Ashraf alQidra told reporters that the disruption of communications has “totally paralyzed” the health network. Residents had no way of calling ambulances, and emergency teams were chasing the sounds of artillery barrages and airstrikes. An estimated 1,700 people remain trapped beneath the rubble, accord-

ing to the health ministry, which has said it bases its estimates on distress calls it received. Some civilians were using their bare hands to pull injured people from the rubble and loading them into personal cars or donkey carts. In a video posted by local news media, Palestinians sprinted down a street with a wounded man covered in the dust of a building’s collapse. “Ambulance! Ambulance!” the men shouted as they shoved the stretcher into a truck and shouted, “Go! Go!” Some Gaza residents traveled by foot or car to check on relatives and friends. “The bombs were everywhere, the building was shaking,” said Hind al-Khudary, a journalist in central Gaza and one of a few people with cellphone service. “We can’t reach anyone or contact anyone. I do not know where my family is.” Israel says its strikes target Hamas fighters and infrastructure and that the militants operate from among civilians, putting them in danger. The World Health Organization appealed to “the humanity in all those who have the power to do so to end the fighting now” in Gaza. “There are more wounded every hour. But ambulances cannot reach them in the communications blackout. Morgues

Pope Francis’ meeting on church future says it’s ‘urgent’ to guarantee governance roles for women By Nicole Winfield Associated Press

ATICAN CITY—Pope Francis’ big gathering of Catholic bishops and laypeople said Saturday it was “urgent” to guarantee fuller participation of women in church governance positions and called for research on allowing women to be deacons to be released within a year. But the meeting didn’t take decisive action on that issue, and it backed off any specific calls for welcoming LGBTQ+ Catholics despite Francis’ repeated outreach to the gay community and willingness to consider blessing same-sex couples. After a month of closed-door debate, Francis’ meeting on the future of the Catholic Church ended late Saturday with the approval of a 42page text on a host of issues that will now be considered at a second session next year. None of the proposals is binding, and they are merely offered for Francis to consider. Each paragraph passed with the necessary two-thirds majority, but

Pope Francis arrives for leading a prayer for peace inside St. Peter’s Basilica, at The Vatican on Friday, October 27, 2023. (AP Photo/ Andrew Medichini)

the ones involving women and questioning the need for priestly celibacy obtained the most “no” votes. Francis called the synod over two years ago as part of his overall reform efforts to make the church a more welcoming place, where lay people have a greater say in the life of the church. The process, and the two-year canvassing of rank-and-file Catholics that preceded it, sparked both hopes and fears that real change was afoot. Progressives had hoped the gathering would send a message that the church would be more welcoming of LGBTQ+ people and offer women

more leadership roles in a hierarchy where they are barred from ordination. Conservatives emphasized the need to stay true to the 2,000-year tradition of the church and warned that opening debate on such issues was a “Pandora’s Box” that risked schism. In a novelty, Francis allowed women and laypeople to vote alongside bishops, putting into practice his belief that the “People of God” in the pews are more important than the preachers. His call for “co-responsibility” inspired in particular women seeking the restoration of female deacons, a ministry that existed in the early church. In the end, the gathering made its strongest proposals concerning women but none were definitive. The final text said it was “urgent to guarantee that women can participate in decision-making processes and assume roles of responsibility in pastoral and ministry.” It noted Francis had significantly increased the number of women in high-ranking positions in the Vatican and said the same should occur

in local churches. A follow-on proposal received the most “no” votes of all: 279-67. In it, the delegates called for theological and pastoral research to continue about allowing women to be deacons, and called for the results of the two study groups that Francis has commissioned to be released before the second session of the synod opens in October 2024. Women’s Ordination Conference, which lobbies for women priests, gave a mixed judgment. “On some level, the document seems to reflect a recognition of the wounds women have experienced at the hands of the church, but it falls short of engaging substantially with the healing of those wounds, opting instead to leave those issues to ever more studies and commissions,” the group said in a statement. There was no mention whatsoever of homosexuality in the text, even though the working document going into it had specifically noted the calls for a greater welcome for “LGBTQ+ Catholics” and others who have long felt excluded by the church.

are full. More than half of the dead are women and children,” it said. Palestinians say the war also robbed them of the funeral rites that long have offered mourners some dignity and closure. Overcrowded cemeteries have compelled families to dig up long-buried bodies and deepen the holes. More than 1.4 million people across Gaza have fled their homes, nearly half crowding into U.N. schools and shelters, following repeated warnings by the Israeli military that they would be in danger if they remained in northern Gaza. A large number of residents have not evacuated to the south, in part because Israel has also bombarded targets in so-called safe zones where conditions are increasingly dire. Food and water supplies were running out. Israel knocked out electricity early in the war. Humanitarian workers say the trickle of aid Israel has allowed to enter from Egypt in the past week is a tiny fraction of what is needed. Gaza hospitals have been scrounging for fuel to run emergency generators that power incubators and other lifesaving equipment. The UN agency for Palestinian refugees, which runs a network of shelters and schools for nearly half

the displaced Gaza residents, has lost contact with most staff, spokeswoman Juliette Touma said, and coordinating aid efforts was now “extremely challenging.” The intensified air and ground campaign raised new concerns about hostages dragged into Gaza. On Saturday, hundreds of relatives gathered in Tel Aviv and demanded that the government put the return of their loved ones ahead of military objectives. In comments likely to inflame these tensions, Hamas’ top leader in Gaza, Yehia Sinwar, said the Palestinian militant groups “are ready immediately” to release all hostages if Israel releases all Palestinians held in Israeli prisons. Hagari, the Israeli military spokesman, dismissed the offer as “psychological terror.” In Cairo, Egyptian President Abdel Fattah el-Sissi said his government was working to de-escalate the conflict through talks with the warring parties to release prisoners and hostages. On Saturday, he spoke with U.N. Secretary-General Antonio Guterres, his office said. Guterres in a statement said he was “surprised by an unprecedented escalation of the bombardments and their devastating impacts” in Gaza. Among many, impatience was growing. Turkish President Recep Tayyip Erdogan told hundreds of thousands of people at a pro-Palestinian rally in Istanbul that his country was preparing to proclaim Israel a “war criminal” for its actions in Gaza. He did not give details. Israel’s foreign minister said he ordered the return of Israel’s diplomatic mission from Turkey to reassess ties. The overall number of deaths in Gaza and Israel far exceeds the combined toll of all four previous Israel-Hamas wars, estimated at around 4,000. The conflict has threatened to ignite a wider war across the region. Arab nations—including US allies and ones that have reached peace deals or normalized ties with Israel— have raised increasing alarm over a potential ground invasion. (Magdy

reported from Cairo. Associated Press writers Samya Kullab in Baghdad and Josef Federman in Jerusalem contributed to this report.)

Bangladesh opposition calls for PM’s resignation in protests By Arun Devnath

cores of opposition supporters clashed with police in Bangladesh’s capital on Saturday and renewed demands for Prime Minister Sheikh Hasina to resign before elections next year, a development that risks inciting more violence in the days to come. The largest opposition group, Bangladesh Nationalist Party, called for a peaceful rally in Dhaka to pressure Hasina, 76, to step aside for a non-partisan, caretaker government to carry out free and fair elections in January. Her administration rejected the demand, saying Bangladesh’s top court has ruled the caretaker system is illegal. Opposition activists and the police clashed at an intersection near the protest venue. Police lobbed tear gas shells to disperse the crowd as they drove armored vehicles down the road, social media videos published by TV channels showed. The government deployed paramilitary troops to assist the police in beefing up security after clashes broke out. An Islamist group, Bangladesh

Jamaat-e-Islami, breached police barricades to hold a separate antigovernment rally. The BNP also announced a plan to enforce a daylong, nationwide shutdown, locally known as hartal, on Sunday to condemn the “police crackdown” on the opposition. The clashes threaten to distract the government, which won initial approval from the International Monetary Fund to access more funds from a $4.7 billion loan package to shore up the economy. Hasina’s government is facing scrutiny over the way it’s carried out elections amid periodic crackdowns on dissent. The ruling Bangladesh Awami League is holding another rally on the same day, vowing to occupy every street in Dhaka to keep the opposition at bay. Tensions in Dhaka and other major cities have been simmering for some time with the rival parties holding rallies almost every week. Police arrested at least 1,680 BNP supporters in four days in connection with protests, according to the party’s senior joint secretary general, Ruhul Kabir Rizvi Ahmed.

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Iran warns of new fronts against the US if Gaza war drags on By Iain Marlow, Augusta Saraiva & Manus Cranny

ran’s foreign minister warned that new fronts would open against the US if it keeps up unequivocal support for Israel, escalating a rhetorical back-andforth that has stoked fears the Israeli conflict with Hamas will

spread into a wider regional war. Foreign Minister Hossein Amirabdollahian declined to detail the consequences Iran might have in store. He denied that Iran had instructed groups in Syria and Iraq to target US forces in recent days, and said it was Washington—not Tehran—that was fanning the violence in the days since Hamas militants killed some 1,400 people in an at-

tack on Israel and Israeli forces responded with punishing airstrikes. “The US is advising others to show self-restraint, but it has sided with Israel totally,” Amirabdollahian said in an interview with Bloomberg Television from Iran’s mission to the United Nations in New York. “If the United States continues what it has been doing so far, then new fronts will be opened

up against the United States.” “I would like to warn right here that the continuation of the situation, the continuation of the killing of the people in Gaza—women and children—will make the situation get out of control in the region,” he said. “The American side should decide — does it really want to escalate, intensify the war?” Amirabdollahian spoke less

than a day after the US said that it had conducted military strikes on two Syrian facilities linked to Iran’s Islamic Revolutionary Guard Corps that had been used for attacks against US troops in the region. US officials have said they don’t have evidence that Iran explicitly ordered those attacks but they hold Iran responsible because it supports groups that carried them out.

He said groups attacking US forces in Syria and Iraq are acting independently, and haven’t received direction from Tehran. “They’re not receiving any orders from us, any instructions,” Amirabdollahian said. “The American side claims that these are linked to Iran. These groups decide for themselves independently.”(With assistance from Ar-

salan Shahla / Bloomberg)

Monday, October 30, 2023

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

‘Govt must file cases against onion hoarders’ By Jovee Marie N. Dela Cruz

@joveemarie

ARMERS group Samahang Industriya ng Agrikultura (Sinag) has called on the national government to file cases against the traders who hoarded onions. Despite marathon hearings held by the Senate and House of Representatives, Sinag said certain individuals responsible for hoarding the commodity remain “untouched,” while Agriculture Assistant Secretary Kristine Evangelista has already faced legal action. “During these marathon hearings, government officials were identified who appeared to have turned a blind eye and taken no substantial action against importers, traders, and cold storage owners that had their way in controlling the release of stocks and

created the scenario of an artificial supply shortage,” Sinag Executive Director Jayson Cainglet said. The group said the Bureau of Plant Industry (BPI) has also come under scrutiny for failing to heed the calls of onion stakeholders to import white onions when stock levels were declining. “Hindi sila [BPI] nag import ng white onions when the onion stakeholders asked them to import since stocks were dwindling; they have no actual monitoring and control of

A VENDOR preps newly delivered onions from Nueva Ecija before selling them at the Balintawak Public Market in Quezon City in this BusinessMirror file photo. NONOY LACZA onions, whether imported or locally produced,” it said. “Due diligence should have already alerted these officials to the inherent relationships between these companies and their personalities as traders, importers, consolidators, and cold storage owners.” According to the group, some of these individuals had pending cases filed against them by the National

Bureau of Investigation (NBI) as early as 2014. These cases pertained to alleged uncompetitive behavior and included specific BPI officials at the time, as well as members of the National Garlic Action Team (NGAT). He said the stark resemblance between the 2014 cases and the recent onion price manipulation scandal raises a critical question: “Why were certain individuals already charged

LGU support key to reviving PHL coconut sector–solon

HE “all-out support” of local government units (LGUs) in coconut-producing areas is crucial to the revival of the Philippine Coconut Authority’s (PCA) ambitious coconut replanting initiative, according to a senior lawmaker. Camarines Sur Rep. LRay Villafuerte said this plan aims to rejuvenate a once-thriving coconut export industry by cultivating 100 million high-yield trees over the next five years. Having ser ved as the former governor of the coconut-producing province of Camarines Sur, Villafuerte said he “strongly supports” PCA’s endeavor to engage LGUs in their Coconut Planting and Replanting Project. He said this project is designed to reinvigorate the country’s coconut export sector, which has been surpassed by Indonesia and India as the largest global producers of this tropical drupe. President Ferd ina nd Ma rcos Jr., in a recent meeting with PCA executives at Malacañan Palace, expressed his full support for this initiative to plant 20 to 25 million coconut trees annually until 2028. He has called on agency officials to devise a “clear plan” for this comprehensive five-year endeavor. For Villafuerte, the complete

backing of LGUs in coconut-producing regions is instrumental in revitalizing this previously flourishing sector, aligning with the President’s pledge to leave no Filipino behind in the quest for a prosperous nation. Villafuerte also pointed out the “alarming fact” that a significant majority of the 2.5 million coconut farmers in the country already l ive below the poverty line. “Only by implementing the PCA’s program, coupled with strong support from the Palace, national government agencies, LGUs, and the private sector, can we uplift our coconut farmers from poverty and restore the industry to its former glory through ambitious replanting efforts and other intervention programs.” As of 2019, the lawmaker said about 90 percent of coconut farmers lived below the annual poverty threshold of P125,775; and a majority of these tillers listed in the National Coconut Farmers Registry are food insecure and without social protection. Villafuerte said the declining t rend i n coconut produc t iv it y, which fell to 44 nuts per year in 2019 from 46 nuts in 2009, presents a grim picture. In stark contrast, India and Indonesia can produce 80 to 100 nuts per tree.

A TRAILER of freshly harvested grain during the summer wheat harvest by the Ukrainian seed agricultural company Peremoga, meaning ‘Victory,’ in the Fastiv district of Kyiv region, Ukraine, on Monday, July 24, 2023. BLOOMBERG NEWS

Ukraine ramps up scrutiny of grain exports in fight for revenue

KRAINE is imposing tighter controls over grain traders to boost revenues to fund its wartime defenses, a move that may further complicate shipments from the country’s Danube and Black Sea ports. The Cabinet of Ministers will require exporters of grains and oilseeds either to get licenses or to provide tax records going back before the invasion, an official with knowledge of the matter said, asking not to be identified to discuss decrees passed at a government meeting last Friday. The mechanism may be amended further, should the situation change, the official said. The government aims to squeeze out flyby-night companies, repatriate more foreign currency revenue and raise tax collection as Ukraine’s international allies, which are

providing billions of dollars of aid, scrutinize its anti-corruption efforts. However, the efforts are taking time and costs for traders are racking up as their cargoes suffer delays. Audits of exporters stalled agricultural shipments from ports in the Odesa region earlier this week, triggering numerous complaints, while traders shipping grain through the Danube said issues related to export documents have caused big delays in recent weeks. “The sudden change in regulations has created problems for exporters and is causing further delays,” grain trader Filipe Pohlmann Gonzaga from Bryce SA said. He has chartered three vessels to pick up grain via the Sulina branch on the Romanian side of the Danube. The bureaucracy, along with delays due

by the NBI and named by the Senate in 2014 as involved in uncompetitive behavior still allowed to import onions and continue with their trading activities?” “We would rather see those who truly manipulated onion prices and their cohorts in government charged and convicted.” Justice Secretary Jesus Crispin Remulla said the NBI had filed charges against those involved in onion hoarding and price manipulation after an extensive investigation. Charged with violation of Republic Act (RA) 3019, or the Anti-Graft and Corrupt Practices Act, were Evangelista, Agribusiness and Marketing Assistance Service Officer in Charge Junibert de Sagun, and Bureau of Plant Industry Director Gerald Panganiban. Administrative cases for insufficiency and incompetence of official duties under the Revised Administrative Code were also lodged against them. Charges of hoarding, falsification, and profiteering were filed against

Bonena Multipurpose Cooperative officials Israel Reguyal, Mary Ann dela Rosa, and Victor dela Rosa Jimenez. For her part, Evangelista reiterated her commitment to honesty and integrity in her role as a public servant amid these charges. Throughout her career, Evangelista has claimed that she has maintained “a clean record, free from allegations of corruption.” She said her reputation as an upstanding individual is attested to by the farmers and various stakeholders in the agricultural sector whom she has worked alongside and engaged with. “I believe that there is a solution to the food crisis we are facing, and the government has the responsibility to implement programs to protect and serve every Filipino. I always tell my children that we have the moral responsibility to fight for what is right and fight for people who cannot fight for themselves. I took the road less traveled, the path of public service that is willing to introduce change.”

Green Climate Fund renews FAO accreditation

HE Green Climate Fund (GCF) has renewed the accreditation of the Food and Agriculture Organization of the United Nations (FAO). FAO said in a statement that the reaccreditation reaffirms its “unwavering dedication” to advancing climate action through agrifood system transformations and supporting countries in addressing the challenges posed by climate change. FAO’s initial accreditation by the GCF Board, effective in October 2018, marked the beginning of a partnership, which has since played a crucial role in supporting access to climate finance for developing countries. Over the years, this partnership has grown substantially, with $1.2 billion dollars now invested in climate projects. “We are delighted with the Board’s decision to confirm FAO’s reaccreditation with the GCF. With this affirmation, we can step up our efforts in supporting countries to deliver climate solutions and actions that transform agrifood systems for a more sustainable and food secure future for all,” said FAO’s Deputy Director-General, Maria Helena Semedo. The GCF Accreditation is a formal recognition process that allows entities to access and manage financial resources from the GCF for climate-related projects and activities of countries. Accredited Entities play a pivotal role in facilitating the Fund’s mission to support developing countries in their efforts to combat climate change and its adverse effects. FAO said the partnership is dedicated to accelerating countries’ access to climate

finance for adaptation and mitigation action. The Green Climate Fund is a financial mechanism within the United Nations Framework Convention on Climate Change, and as a specialized agency of the United Nations, FAO’s mandate involves helping countries make their agrifood systems more efficient, sustainable, and resilient to climate change. The diverse and wide range of projects in FAO’s GCF portfolio improve livelihoods and food security with climate-resilient crops, agroforestry, sustainable fisheries, and better land and water management. They also tackle biodiversity loss, land degradation and deforestation. The projects aim to ensure a better life and a better environment, especially for small-scale producers, women, youth and Indigenous Peoples. FAO works closely with public and private sector partners to increase investments in projects that reduce greenhouse gas emissions and build resilience with locally led adaptation actions. Over the years, FAO said it has made “substantial strides” in ensuring the growth of its GCF portfolio and remains committed to accelerating access to finance for the transformation of agrifood systems. Th e p o r t f o l i o n ow i n c l u d e s 2 0 transformative projects, 83 readiness projects, and 8 collaborative projects where FAO partners with other GCF-Accredited Entities to implement project activities. “This expansion has made a significant impact on climate resilience and mitigation efforts in member countries.”

Camarines Sur’s situation is even more dire, with an average annual yield of only 34 nuts per tree due to a significant number of old or senile trees in the region, he said. Villafuerte said coconut productivity is worse in CamSur, where, because of the large number of old or senile trees there, the current annual yield average is lower at 34 nuts per tree. Even without replacing existing trees, he said providing farmers access to available production technologies and inputs like fertilizer can significantly boost yields. Budget constraints have limited the PCA’s tree planting efforts to only 1 to 3 million trees, said Villafuerte, resulting in a decrease in coconut production 14 million metric tons (MMT) over the past three years, from 15.86 MMT in 2012 according to Philippine Statistics Authority data. This decline has led to Indonesia and India surpassing the Philippines as the world’s top coconut producers. Despite reduced harvests, the solon said the Philippines managed to export coconut products worth $3.22 billion in 2022. In addition to replanting highy ield varieties, the PC A should i mple me nt ot he r i nte r ve nt ion

programs, he said. These include promoting modern farming technologies, providing access to processing facilities, marketing outlets for value-added products, and enhancing farmers’ income through multi-cropping and animal-raising on their lands. “For the Philippines to regain its status as the world ’s biggest producer and exporter of coconut products,” Villafuerte said, “the PCA will have to accelerate its program to replant 100 million trees on the Marcos watch, with the support of all concerned NG agencies, LGUs, and other industry sectors.” Villafuerte also urged the PCA to expedite its plan to establish Memorandums of Agreement (MOAs) with LGUs of coconut-producing provinces and municipalities to encourage them to implement activities related to planting and replanting, seed farm development, coconut fertilization, and other initiatives in their respective areas. The PCA’s five-year rehabilitation plan aims to reverse declining coconut production attributed to factors like aging trees, typhoonrelated land destruction, climate change, pests, and diseases, as well as changing global demand in the face of competition from palm oil.

to overcrowding of the channel, bad weather and de-mining operations means it’s taking almost twice as long as usual for ships to start loading, according to the trader. One of his ships has been waiting 11 days to berth in Ukraine’s riverport of Reni, while a second has been waiting 14 days to get clearance to pass the Sulina channel and pick up its cargo in Izmail and each day of delays can cost as much as $4,000 extra in demurrage costs, he said. Atria Brokers’ Christina Serebryakova said the changes in customs declarations for grain exports, together with long waiting times to pass the Sulina canal, mean that delays can be up to one month or more. “Buyers are asking exporters for extra discounts,” she said. “Some vessels are being cancelled in Danube or Sulina, because traders are forced to take a pause in execution in order to restructure their work.” Shipments from deep-sea ports on the Black Sea resumed on Friday, with President Volodymyr Zelenskiy promising the route will keep functioning despite multiple threats, including the risk of Russia’s air-strikes. Ukraine is a major exporter of agricultural commodities, which are a key source of its wartime revenues. Kyiv had opened a unilateral corridor to allow ships to export commodities such as grains and metals from its deep-sea ports in Greater Odesa, after Moscow in July pulled out of the United Nations-backed Black Sea grain initiative that had guaranteed safe movement of crop vessels. Bloomberg News

Biosecure swine demonstration farm unveiled in Ilocos

Jovee Marie N. Dela Cruz

HE f irst biosecure sw ine multiplier technology-demonstration farm has been launched in Ilocos Region as part of the Marcos administration’s program to fight African swine fever (ASF). Department of Agriculture (DA) Undersecretary Deogracias Victor B. Savellano graced last October 24 the Swine Multiplier and Technology Demonstration (SMTD) farm in Natividad, Pangasinan. “We will repopulate our hog sector through these swine technology centers. We have put in place biosecurity measures that use a standard shelter design for hogs to keep small farms away from ASF,” said Savellano. “The technology centers will be sites through which good swine genetics will be disseminated to farflung provinces. Through farmers’ trainings on biosecurity measures, Philippines will be able to raise hog inventory and pork supply.” He said the facility will provide support to local raisers by making available breeders and breeding materials and by producing adequate and quality stocks to supply DA and other agencies’ needs for sustainability in production.

A budget of P40 million has been allocated for four SMTDs in Ilocos Region. A budget of P10 million per SMTD includes provision for tunnel vent type facility and 30 breeder sows and feeds. The Natividad facility is the first. Three others will be launched within the year. The sites are Manaoag, Pangasinan and Candon and Vigan in Ilocos Sur. Local government units (LGU) provide the land for the swine facility as its counterpart support. Farmers are trained on biosecure hog raising prior to receiving their swine. The DA’s National Livestock Program (NLP) has partnered with the International Training Center on Pig Husbandry (ITCPH) based in Lipa City, Batangas for the house design for the hogs, according to Agricultural Training Institute livestock focal person Krizel Joy Natividad. The SMTD has been introduced under DA-NLP’s Integrated National Swine Production Initiatives for Recovery and Expansion (INSPIRE) Program. It is a hog repopulation program aimed at raising hog inventory following heavy ASF infestation, reported Aurelio Salvador of

DA-Livestock. Biosecurity measures in the swine program include disinfestation process which requires farm workers to bathe for disinfection before and after e ntering the swine facilities. They also go through a 24-hour quarantine after entry to the facilities. The swine facility itself is air-conditioned and has curtains that keep the facility off infection. Present also during the launch were OIC-Provincial Veterinarian Dr. Arcely G. Robeniol (representing Pangasinan Provincial Governor Ramon V. Guico III), LGU-Natividad Municipal Mayor Hon. Rosita G. Rafael, Municipal Agriculturist Engr. John Christian M. Sioco, and ATIRTC 1 Center Director Dr. Rogelio C. Evangelista. The event was also witnessed by the members of the Pagrang-ayan ti San Pedro Farmers Association, Municipal Agriculture and Fisheries Council Chairman Loujay S. Pagal, Sangguniang Kabataan Federated President Angelica D. Malaca, Municipal Local Government Operations Officer Hope Ordonio, and the staff of the Municipal Agriculture Office.

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

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UN reso on Gaza a ‘dishonor’ to memory of 4 OFWs–DFA By Malou Talosig-Bartolome

@maloutalosig

HE Philippine government fully supports the call for a ceasefire in Gaza Strip, but was forced to abstain from an Arabsponsored resolution in the United Nations General Assembly because it fell short of condemning the Hamas attacks that killed 1,400 people including four Filipinos.

The UNGA passed a resolution calling for an “immediate, durable and sustained humanitarian truce” between Israeli forces and Hamas militants in Gaza Strip. “ The Resolution as worded contained many elements that we do support, such as the urgency for access to humanitarian assistance to Gaza and for all parties to adhere to international humanitarian law. “But for the Philippines to have voted for a Resolution which simply condemns Israeli actions without mentioning how this situation was precipitated by an attack on Israel which even caused the lives of Filipinos, would be to dishonor the memory of our murdered citizens. That is why we voted to abstain,” DFA Undersecretary for Migrant Workers Eduardo de Vega said.

UNGA resolution

THE Jordan-initiated resolution calls for “immediate, durable and sustained humanitarian truce leading to a cessation of hostilities.”

HE Quezon City government’s relentless efforts to further enhance the city’s business climate received another boost during the 49th Philippine Business Conference and Expo at the Manila Hotel. The Philippine Chamber of Commerce and Industry (PCCI) presented Quezon City with the 2023 Most Business-Friendly local government unit (LGU) AwardCity Level 1A under the Highly Urbanized City category. Mayor Joy Belmonte received the award together with Business Permits and Licensing Department Head Margie Santos, City Assessor Atty. Sherr y Gonzalvo, Small Business and Cooperat ives Development Promotions Office (SBCDPO) Head Mona Yap, and Local Economic Investment and Promotions Office (LEIPO) Head Jay Gatmaitan. The PCCI-QC, led by President Arch. Alfred Carandang, garnered

EN. Christopher “Bong” Go, chairperson of the Senate Committee on Health and Demography, emphasized that proper nutrition is a fundamental aspect of healing and maintaining overall health especially for patients and those in the medical community. “We must ensure that our patients, as well as our tireless healthcare workers and frontliners, have access to nourishing food during these trying times,” he said. “What’s important to me is that our people’s stomachs are full. Let’s give priority to the welfare of the poor. Let’s make sure no one goes hungry,” Go urged. Go recently conducted various feeding initiatives for patients, hospital workers, and frontliners in public hospitals with Malasakit Centers, to promote the importance of proper nutrition for Filipinos.

A total of 121 countries or a twothirds majority of the UNGA voted in favor of it, while 14 including the United States and Israel voted against it. The Philippines, along with 44 other countries, abstained. The UNGA resolution also “demands” for all parties to protect civilians, humanitarian personnel and facilitate humanitarian access for essential supplies and services. Civilians who are “illegally being held captive” should be immediately and unconditionally be released.

DFA statement

IN a separate statement, the DFA said Canada introduced an amendment to the Jordan resolution. Canada proposed to include mentioning the October 7 “terrorist attacks,” which killed four Filipino caregivers. Two other OFWs are missing and believed to have been taken as hostages. “In regard to this Philippine interest, we supported Canada’s

AMBASSADOR Antonio Lagdameo, Philippine Permanent Mission Representative to the UN (right), explains why the Philippines abstained on the Jordan-sponsored resolution before the UNGA emergency special session in New York Friday. To his left is Deputy Permanent Mission Representative Ariel Peñaranda. PHOTO: SCREENSHOT U.N. YOUTUBE CHANNEL

proposal to achieve more balance in the draft, with a factual reference to, and condemnation of, the 7 October terrorist attacks by Hamas that killed many innocent civilians including Filipinos working and living in Israel. “Canada’s proposal was supported by 88 states, but we regret that it fell short of 8 more votes that would have seen this critical element, which is important to the Philippines as to other countries, reflected in an important UN resolution,” DFA spokesperson Ma. Teresita Daza said. DazastressedthatthePhilippines has been in “solidarity with the global community” in calling for swift action to stop the “scale of human suffering” affecting both Israel and Gaza Strip. She noted that the Philippine position has been consistent with the Asean and Asean-Gulf Cooperation Council statements, and during the speech made by the Philippine Mission to the UN in New York during the UN Security Council open debate.

“The resolution takes on board sentiments that the Philippines shares with the global community— as conveyed in our statements— including grave concerns on acts of violence against all civilians, calls for all parties to adhere to international humanitarian law, the urgency of access for humanitarian assistance to address the large-scale needs in Gaza, and the immediate and unconditional release of innocent civilians being held captive. It also affirms long-standing support for a two-State solution with a safe and independent Palestine and a secure Israel living in peace,” she said. The DFA commits that the Philippines will continue to support the UN, the UN Security Council, the UN humanitarian system and the global community “to decisively put a stop to the alarming deaths and suffering in Gaza and Israel, assist those in need of humanitarian help, and restore peace and normalcy to the lives of millions of people affected by this crisis.”

PCCI declares QC as most business-friendly the Most Outstanding Chamber for NCR and the Philippines-City Level 1. “I share these awards with our city officials and employees who are working tirelessly to give businesses an ideal climate where they can flourish, and provide employment and livelihood opportunities to QCitizens,” Belmonte said. “This victory proves we are headed in the right direction, serving as an inspiration and a driving force for us to develop more programs and projects that will help businesses thrive,” she added. Belmonte credited the local government’s digitalization under the QC E-Services Program as a driver for the city’s continued economic growth even during the pandemic, as it helped streamline business processes, turning Quezon City into an attractive destination

for investors. “A f ter we autom ated ou r business processes, we have seen a 350-percent increase in capital investments totaling P51 billion in 2022. We even held the groundbreaking of the world’s biggest data center in the city, a testament to the overwhelming trust and confidence of the business sector,” the Mayor said. In 2022, the city recorded 10,216 new business registrations, a 25-percent increase compared to just 7,652 in the previous year. Quezon City also puts premium on startup businesses through the institutionalization of the StartUP QC program, providing them with mentorship, networking activities and financial grants for their continuous growth. The local government also pro v ide d m ic ro, s m a l l , a nd

medium enterprises (MSMEs) with needed assistance, such as bazaars to expand their market, capacity-building seminars for cooperatives, capital assistance to more t h a n 25,0 0 0 n a no businesses, and training and upskilling of more than 30,000 would-be entrepreneurs. This year, the city achieved a grand slam for receiving the most coveted awards in the country. Aside from being adjudged as the Most Business Friendly, Quezon City bagged the Most Competitive City recognition from the Department of Trade and Industry, Seal of Good Local Governance from the Department of the Interior and Local Government, Galing Pook Award for its iRISEUP hazards monitoring system, and a third consecutive Unqualified Opinion from the Commission on Audit.

No one should go hungry–Bong Go The Covid-19 pandemic, he noted, has undoubtedly placed a huge strain on the country’s he a lt hc a re s y s t e m a nd t he healthcare professionals at the forefront of the battle against the virus. This is why he has taken the initiative to ensure that those in need have access to nutritious meals, which is more than just sustenance but a symbol of care and support. “I want to stress the value of proper nutrition among our people. We derive strength and protection from disease from the food we eat. This is why we strive to help our people gain access to enough and nutritious food,” stressed Go. Go’s feeding prog ram has

already reached various hospitals with Malasakit Centers across the country. The integration of nutritional support into these centers further reinforces the senator’s commitment to holistic healthcare. As Chair of the Senate Committee on Health, Go said he has always stressed the value of good nutrition. More so, he said, for patients who need to heal, and the medical staff who care for them. So far, Go’s team has organized feeding initiatives through rice porridge or “lugaw” distribution, among others, in various public hos pit a l s i n Met ro M a n i l a . They also reached out to several hospitals in the provinces of

Pampanga, Bulacan, Batangas, Cavite, Laguna, and Rizal. In Visayas, numerous patients, hospital workers, and frontliners from the provinces of Cebu, Aklan, and Antique also benefited from the feeding initiative. Last October 7, the senator visited Cebu City Medical Center (CCMC) where he personally served meals to 400 individuals, including patients and hospital staff. In Mindanao, Go’s team also reached hospitals in Misamis Oriental, Lanao del Sur, Lanao del Norte, Bukidnon, Davao del Norte, Davao del Sur, Davao de Oro, Cotabato City, Surigao del Sur, Agusan del Norte, and Sultan Kudarat for this feeding initiative. R e publ ic A c t No. 114 6 3,

Monday, October 30, 2023

4Ps beneficiaries to get Tesda training–DHSUD By Cai U. Ordinario @caiordinario

ENEFICIARIES of the administration’s Pambansang Pabahay para sa Pilipino (4PH) Program will receive training from the Technical Education and Skills Development Authority (TESDA), according to the Department of Human Settlements and Urban Development (DHSUD). The DHSUD and TESDA recently signed a Memorandum of Agreement (MOA) to partner on skills development and education for the 4PH beneficiaries. Housing Secretary Jose Rizalino Acuzar said this will allow the beneficiaries to get better employment in areas where they live. “We will make sure our beneficiaries get the appropriate training so they can work in industries close to where they will live. I believe that with the right opportunity, the Filipino can stand on his own and the nation will progress,” Acuzar said, partly in Filipino. DHSUD said the MOA is expected to fill in the gaps in existing indus-

tries in areas where the beneficiaries of housing projects are located. Under the MOA, DHSUD is tasked to gather data on the preferred skills of beneficiaries and provide TESDA the list of participants for the training, among other related responsibilities. For his part, DDG Villanueva vowed TESDA’s all-out support in carrying out the provisions of the MOA, particularly on facilitating and conducting community-based training, assessment and certification of identified beneficiaries. TESDA will also provide other forms of technical assistance as necessary, subject to government rules and regulations. “Our signing a Memorandum of Agreement on skills training for beneficiaries of the Pambansang Pabahay of our dear President...is as big help to our poorest of the poor,” Acuzar said. The MOA signing was among the highlights of the National Shelter Month 2023 culminating activity with Negros Occidental 3rd District Representative Kiko Benitez, along with key shelter agency heads and TESDA officials, as guests.

PHL CCC to push for global fund for climate adaptation at COP28 By Samuel P. Medenilla @sam_medenilla

HE Climate Change Commission (CCC) said it will push for the creation of global funding for climate adaptation during the 28th United Nations Climate Change Conference (COP28) in the United Arab Emirates (UAE) next month. CCC Vice Chairperson and Executive Director Robert E.A. Borje said the measure will be on top of the Loss and Damage Fund (LDF), which was discussed during the COP last year. He noted LDF was a “reactive” approach for countries, which have already suffered from the effects of climate change such as rising sea levels, prolonged droughts and super typhoons. “Basically, it is for rehabilitation and construction. What we want is preventive adaptation,” Borje said in a recent press conference. This will help shift the perception of low-emission states from being just mere victims to victors, when it comes to adapting to the effects of climate change, he added.

Adaptation measures

THE CCC official said the strategy is currently being used by the government through its People’s Survival Fund (PSF). Established under Republic Act No. 10174, the fund, with an initial P1-billion capitalization, aims to help local government units (LGU) and accredited local and community organizations implement measures to help boost the resilience of communities and ecosystems from the impact of climate change. The PSF Board led by the Department of Finance has approved P887.63 million worth of adaptation projects. Of the around 50 pending PSF applications, five are in the final stages of processing, according to CCC

principally sponsored and authored by Go, institutiona lized the Malasakit Centers program to help indigent patients with their medical expenses. To date, there are 159 operational centers that have successfully helped more than 7 million Filipinos nationwide. Fi rst est abl ished i n Cebu in 2018, the Malasakit Center i s a one - stop shop t h roug h which agencies such as DOH, Department of Social Welfare and Development (DSWD), Philippine Health Insurance Corporation (Ph i lHea lt h), a nd Ph i l ippine C h a r it y Swe e pst a k es O f f ice (PCSO) assist indigent patients by bringing their hospital expenses to the lowest amount possible. Mea nwh i le, Go e x pressed worry about the prevalence of malnutrition in the country, which continues to impact millions of

Commissioner Albert Dela Cruz. He stressed the importance of such projects since LGUs are at the forefront of the impact of climate change. CCC is now working with the PSF board on how to make its funds more accessible.

Funding mechanism

BORJE said a similar global mechanism will help accelerate similar initiatives. During COP28, participating countries are expected to discuss the form of the fund, as well as which countries should fund it and benefit from it. “We believe there is still more work that needs to be done [for the creation of the fund]. It is a question of funding, making sure it is easily accessible. We say that because there have been serious issues on the global funding mechanism for climate change,” Borje said. But while the mechanisms are still under discussion, Borje said they also engaged in bilateral talks with partner agencies and development partners for the said adaptation measures. “We have a list of bilateral partners, but we can’t give it out yet since it contains those [projects] in the pipeline, including those which are committed and implemented. These are being vetted by the DOF and the Neda [National Economic and Development Authority],” Borje said.

Presidential participation

WHEN asked if President Ferdinand R. Marcos Jr. will participate in COP28, Borje said they will let Malacañang make the announcement on the matter. He said the chief executive’s participation in the event will strengthen the country’s position on climate change in the international event. A of press time, the Palace has yet to issue a statement if Marcos will attend the event or not.

children, impeding both their physical development and cognitive potential. He underscored the necessity for immediate action and a united approach to address malnutrition in a more holistic manner, citing that the Philippine Plan of Action for Nutrition 2017-2022 is an essential part of government’s efforts to address this issue. Go noted that one of the strategic thrusts of the Plan is to focus on the first 1,000 days of life to ensure the optimum physical and mental development of the child. “I am proud to say that we have taken a big step towards ensuring that the government gives priority to the first 1,000 days of life with the passage of Republic Act No. 11148 or the Kalusugan at Nutrisyon ng Mag-Nanay Act during the Duterte administration,” he shared.

A10 Monday, October 30, 2023 • Editor: Angel R. Calso

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editorial

US defense commitment to PHL is ironclad: Biden

resident Marcos on Friday called on the Armed Forces of the Philippines to anticipate and be ready to defend the Philippines against emerging threats, following US President Joe Biden’s warning against China not to attack Philippine ships in the West Philippine Sea. In a speech delivered during the mass oath-taking ceremony in Malacañang, the Commander-in-Chief said he expects the newly promoted generals and flag officers to help ensure that our Armed Forces will be more agile, flexible, and responsive to better address emerging issues confronting the country. “We must maintain our vigilance and guard against those actors—whatever nature or form they may take—who would threaten and jeopardize the peace we have striven and fought for all these many years,” he added. From Bloomberg: “President Joe Biden warned China that the US would be forced to intervene if Beijing attacks Philippine vessels in the South China Sea, after two separate collisions in the disputed waterway over the weekend.” “I want to be very clear: The United States’ defense commitment to the Philippines is ironclad,” Biden said. “Any attack on the Filipino aircraft, vessels, or armed forces will invoke our Mutual Defense Treaty with the Philippines.” Biden’s statement came after bipartisan members of the influential US House Foreign Affairs Committee said they are supporting President Biden to increase joint patrols with the Philippines in the West Philippine Sea to deter China’s “provocative behavior.” House Foreign Affairs Committee Chairman Michael McCaul (RepublicanTexas), ranking member Gregory W. Meeks (Democrat-New York), and Subcommittee on the Indo-Pacific Chairwoman Young Kim (Republican-California) and ranking member Ami Bera (Democrat-California) condemned Beijing’s latest maritime intimidation. “We unequivocally support the Philippines and condemn the unlawful actions by the Chinese Coast Guard in the South China Sea. The Chinese Coast Guard and maritime militia vessels intentionally hit Philippine Coast Guard ships over the weekend and continue to violate international law, endanger Filipino crew members, and obstruct Philippine vessels’ access in their own exclusive economic zone,” the US lawmakers said in a statement. “This incident is part of a larger pattern of the People’s Liberation Army Navy, the Maritime Militia, and the Chinese Coast Guard’s aggressive and provocative behavior in the South China Sea, where it actively intrudes in other states’ exclusive economic zones,” they said. Defense Secretary Gilberto C. Teodoro said in a radio interview the Philippines would likely get more security partners and allies following the collisions where Chinese vessels hit and damaged two Filipino ships engaged in a routine resupply mission in the WPS. “I am not at liberty to disclose the operational details, but I believe it will invite more countries that have an interest in freedom of navigation to participate not only in joint sails but in other security engagements with the Philippines,” he said. South Korea and Japan also issued separate statements supporting the Philippines on the latest maritime incident that caused two brief collisions between Chinese and Philippine Coast Guard and civilian boats. The Japanese Embassy in Manila said: “Japan believes that the issue concerning the South China Sea is directly related to the peace and stability of the region and is a legitimate concern of the international community, including Japan, and thus Japan opposes any unilateral attempts to change the status quo by force as well as any actions that increase tensions in the South China Sea.” China has been using military and economic coercion to bully its neighbors, advance unlawful maritime claims, threaten maritime shipping lanes, and destabilize the region. As the US has warned, China’s predatory conduct increases the risk of miscalculation and conflict. More and more countries are now supporting the Philippines in its efforts to fight China’s aggression in our exclusive economic zone. The international community is also sending a strong message that China must stop imposing its aggressive “might makes right” efforts in the South China Sea. The Permanent Court of Arbitration in The Hague, Netherlands has invalidated Beijing’s nine-dash line claim over the South China Sea. China needs to stop treating the West Philippine Sea as part of its maritime empire.

Charles Darwin and artificial intelligence Atty. Jose Ferdinand M. Rojas II

RISING SUN

here was a forum on Artificial Intelligence (AI) held recently at the Blackbox Theater of the Cultural Center of the Philippines in celebration of the 2023 PEN Philippines Congress. It was a discussion about how AI affects writers—literary and commercial—as well as students.

Academic professionals lament the fact that more students are increasingly turning to AI for help with their school requirements. This is impossible to police, one panelist said. It takes away the integrity of the work and encourages laziness, mediocrity, and inaccuracy. Many literary writers don’t find AI useful, aside from some assistance with copyediting and general

Seafarer’s better benefits under the Collective Bargaining Agreement

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research. The biggest impact is felt by the commercial writers, those who rely on the craft for their livelihood. In fact, there are clients who have already replaced human talents in favor of robots as they are able to work faster and are, in fact, much cheaper to maintain. These clients don’t discriminate too much about quality— as AI outputs are usually lacking in

some aspects when compared with human creation. Aside from that, their needs are basic, tasks that can be done by AI and don’t require the human touch. Job displacement, nonetheless, is a very real threat. Aside from the preparation and adjustment that creatives have to do to remain relevant and in demand, the government and civil society organizations have a big role to play in ensuring that technology helps more than disrupts. For its part, the government needs to delve deeper and more seriously into the issues surrounding AI so it can develop and implement policies and guidelines for all stakeholders. It was brought up during the forum that regulation of this gray space may not be totally possible at this time as countries outside of the Philippines are similarly struggling to make sense of things. However, this does not mean that those who are in a position to make a difference should be paralyzed into inaction.

Dennis Gorecho

Pinoy Marino Rights

he seafarer employment contract (SEC) approved by the Department Migrant Workers (DMW) merely provides the minimum acceptable terms but he may also claim superior benefits if the employment is covered by an overriding Collective Bargaining Agreement (CBA). The SEC and the CBA govern the employment relationship between the seafarer and the company. The two instruments are the law between them. They are bound by their terms and conditions, particularly the mechanism prescribed to determine liability for a disability benefits claim. (B.B. v. Career Phil. Shipmgt Inc, GR 224127, August 15, 2018). A CBA is a contract entered into by an employer and a legitimate labor organization concerning the terms and conditions of employment. Like any other contract, it has the force of law between the parties and, thus, should be complied with in good faith. The seafarer will always have the minimum rights as per SEC but the more CBA beneficial provisions will override the SEC terms since it is an enhancement of the labor standards. A contract of labor is so impressed with public interest that the more beneficial conditions must be endeavored in favor of the laborer (Teekay Shipping Philippines Inc.,

GR 244721, February 5, 2020). In the case of OSM Maritime Services, Inc. v. Go (GR 238128, February 17, 2021), the Supreme Court ruled that if the CBA terms are clear and leave no doubt upon the intention of the parties, the literal meaning of their stipulations shall control. The Court added that “a CBA refers to the negotiated contract between a legitimate labor organization and the employer concerning wages, hours of work and all other terms and conditions of employment in a bargaining unit. As in all contracts, the parties in a CBA may establish such stipulations, clauses, terms and conditions as they may deem convenient provided these are not contrary to law, morals, good customs, public order or public policy. Thus, where the CBA is clear and unambiguous, it becomes the law between the parties and compliance therewith is mandated by the express policy of the law.” The CBA special provisions must prevail over the SEC standard terms

The seafarer will always have the minimum rights as per SEC but the more CBA beneficial provisions will override the SEC terms since it is an enhancement of the labor standards.

and benefits in consonance with the avowed policy of the State to give maximum aid and full protection to labor as enshrined in Article XIII of the 1987 Constitution (Legal Heirs of Deauna v. Fil-Star Maritime Corp. GR 191563, June 20, 2012). In Ventis Maritime Corp. v. Cayabyab (GR 239257, June 21, 2021), the Court held that there are three requisites that a seafarer declared to be suffering from a disability, whether permanent or partial, must prove to establish his entitlement to superior disability benefits under the CBA; first, the existence of the CBA; second, the seafarer’s employment contract is covered by the CBA, i.e., the CBA is in effect or had not yet lapsed at the time of the seafarer’s employment; and third, that the seafarer complied with the conditions stipulated in the CBA, i.e., prove that the seafarer’s injury arise from an accident while on board the vessel. In Sunga v. Virjen Shipping Co. (GR 198640, April 23, 2014), the Supreme Court granted to the seafarer who suffered an injury due to an accident the higher CBA disability benefits. In Maersk-Filipinas Crewing, Inc. v. Malicse (GR 200576 November 20, 2017), the Supreme Court awarded death benefits to the heirs of the deceased seafarer, as the CBA provision

Take, for instance, the case of the striking members of the Writers Guild of America (WGA). Aside from the basic issues of better pay and better working conditions, one of their demands was the limitation on the use of AI in tasks that might take opportunities away from them. In the absence of a strong alliance in our country, the workers are not prepared to address the same issue should this blow up on local shores. Writers’ guilds, associations, and coalitions, therefore, need to be empowered and supported by the government, the creators themselves, and the industry in general. A final word: Creatives must get their act together and strengthen their rank so they can defend each other and protect their livelihood. The rise of AI is inevitable, it is better to prepare for it instead of getting stuck in the old ways. As Darwin said, it is not the strongest or the most intelligent that survives, but the one most adaptable to change.

on death benefits does not require work-relation if a seafarer dies during the employment due to an illness. In NFD Intl. Manning Agents Inc. v. Illescas (646 Phil. 244) and Gambao v. Maunlad Trans Inc. (GR 232905, August 20, 2018), the Court declared that the seafarer’s sustained injury/ illness was not the result of an accident but nonetheless ordered the payment of his disability in accordance with the CBA provisions. The case of an injured seafarer who was hired as Chief Cook in CF Sharp Crew Mgt. v. Daganato (GR 243399. July 6, 2022) touched upon the issue on the applicability of the CBA that covers only medical conditions due to an accident. The Court noted that an “accident” is “an unintended and unforeseen injurious occurrence; something that does not occur in the usual course of events or that could not be reasonably anticipated” in which no fault of negligence attaches to the seafarer. The Court said that it is upon the employers, not the seafarer, to present the accident report in disability benefits claims. Employers, through their ship captains or officers, are expected to be on the lookout for accidents or mishaps, and prepare a report of the same. It is thus incumbent for the employers to proffer evidence that will negate the seafarer’s claims, considering that they are in possession of accident reports. Atty. Dennis R. Gorecho heads the seafarers’ division of the Sapalo Velez Bundang Bulilan law offices. For comments, e-mail info@sapalovelez.com, or call 0917-5025808 or 0908-8665786.

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Everything about confidential and intelligence funds Razzel Ann Vergara-Sagono

DEBIT CREDIT

Conclusion

continue my discussion on this topic, which has recently resulted in heightened interest. The disbursements from the confidential funds (CF) and intelligence funds are also not excused from compliance with the substantiation requirements. The Joint Circular 2015-01 requires that the disbursements from CF shall be supported with documentary evidence of payment. What is unique in this type of disbursement is that due to the nature of the expenses being confidential in nature, the cash advance vouchers and liquidation of the same are submitted in a sealed envelope. Cash advance vouchers are required to be submitted to the Commission on Audit (COA) Team Leader within seven days after the release of the check. The liquidation of the same is required to be submitted to the Intelligence and Confidential Fund Audit Unit (ICFAU) within 30 days after each quarter, or from the approved target date of completion of the project or activity, or after the cash advance had been fully utilized whichever comes first. ICFAU is a unit created under the Office of the COA Chairperson in charge of the audit of CF. Pending liquidation, the documentary evidence of payment is required to be kept in a vault, which may be inspected by the ICFAU or officers/personnel duly authorized in writing by the COA chairperson if the circumstances so demand. The Head of Agency (HoA) and the designated Special Disbursing Officer (SDO) of the CF are held to a higher degree of accountability. They are bound to institute and maintain sound and effective internal control measures to discourage and prevent irregular, unnecessary, excessive, extravagant, and unconscionable expenditures as well as promote prudence in the use of government resources by those involved in the confidential and/or intelligence operations. Apart from the timely liquidation and submission of Accomplishment Reports, they are even required to certify under oath, among others, that they are accountable for the disbursements from the cash advance of CF and/ or IF, that the expenses were incurred in connection with the agency’s intelligence and/or confidential operations and activities and that the expenditures are necessary and utilized for legal purposes. It has also been provided in the Joint Circular that the failure of the accountable officer to liquidate the CF, upon demand by any duly authorized officer, shall be

Clearly, the Joint Circular provided which agencies are entitled and what rules are to be followed starting from the preparation of plans, allocation of budget, utilization, and postaudit. Implementing the guidelines strictly and properly could foster transparency and accountability in the use of confidential and/or intelligence funds, no matter how confidential the nature of the expenses charged under such funds. prima facie evidence that he has put such missing funds or property to personal use and benefit. In case of misuse of CF, the Budget Officer, Chief Accountant, Treasurer, and Project Officer may likewise be held accountable with the SDO depending on the participation in the transaction. Moreover, the failure or refusal to comply with the Joint Circular can be a ground for administrative disciplinary action as well as the disallowance of the cash advance granted, without prejudice to the filing of appropriate criminal charges under existing laws against the erring officials or employees. Clearly, the Joint Circular provided which agencies are entitled and what rules are to be followed starting from the preparation of plans, allocation of budget, utilization, and post-audit. Implementing the guidelines strictly and properly could foster transparency and accountability in the use of confidential and/or intelligence funds, no matter how confidential the nature of the expenses charged under such funds. Razzel Ann Vergara-Sagono is a graduate of BSA at Polytechnic University of the PhilippinesLopez, Quezon and a Certified Public Accountant. She also has a Master’s degree in Business Administration conferred by AMA University. She is currently working as internal auditor at the provincial government of Camarines Norte.

Opinion BusinessMirror

Triumph over trauma Siegfred Bueno Mison, Esq.

THE PATRIOT

Part two

lot of eyes have been looking at Israel and its people. Especially now. Yet never have there been so many zealous eyes directed on Israel than those from the Hamas terrorist organization. The group’s charter, adopted in 1988, is rep ipsa loquitur (the thing speaks for itself): it is dedicated in killing the Jews and obliterating Israel from the world map for the sake of an independent Islamic state in historical Palestine. No matter which way we put it, this war is largely spiritual, fought in the physical realm of missiles, tanks, and guns. Referencing Old Testament Bible knowledge, the conflict goes back to the time of one man called Abraham, who bore a covenant child named Isaac, and who, for a certain moment of the flesh, also bore a son named Ishmael. From Isaac came the Jews, and from Ishmael descended the Arabs. Through several centuries, the presumed animosity between descendants has been consistent and can be violent owing to some extremists. While some people insinuate that the discord is attributable to disputed lands, the Bible makes an account pointing ultimately to jealousy against the covenant son whose descendants became the Holy people, God’s treasured possession (Deuteronomy 7:6). Speaking of land ownership, the Palestinians consider the Jews as illegal dwellers. Even the Hussein family of Saudi Arabia, not too long ago, had demanded for a slice of the territory, which was cut up and allocated by the colonial powers in the 20th century. Hamas, on the other hand, inevitably controlled Gaza with terror as a tool for governance, leading to a reign of poverty. Since the re-birth of Israel in

1948, many nations feel aggrieved and consider Israel as the bully, with the United States as its strongest and staunchest backer. Yes, there are 22 Arab states, 52 Muslim States and only 1 Jewish state with a land expanse of only 8,630 square miles. With such a small land area, Israel has yet to inherit God’s gift, as decreed in Genesis 15:18, “On that day the Lord made a covenant with Abram and said, “To your descendants I give this land, from the Wadi of Egypt to the great river, the Euphrates—.” Otherwise stated, God’s original intent was for the Jews to own a territory from the Nile River to the Euphrates River running through Iraq and Syria. As per Old Testament, God’s “title deed” to the Jewish people covered approximately 300,000 square miles! Since the biblical milieu cannot be separated from modern history and current events, Jews, and particularly Israel, have been the putative owners of such an expansive region since as far back as 4,000 years ago. Biblically speaking, Israel can never be landgrabbers in its own land. This 2023 war against Hamas

Monday, October 30, 2023 A11

adds to the long list of battles between practically the same antagonists, leading most observers in the region to wonder whether scars from both sides will ever heal. After all, these welts echo years of torture, burning, mutilation, eviction, slaughter! One grueling episode involves the latest attack by Hamas in the Kibbutz area near the Gaza border this October, brutally killing spouses Hadar and Itai Berdichevsky, among others. This husband-andwife team reportedly had just enough time to hide their twin babies at a safe room before they went out of their house and meet a death so atrocious that to speak of it crosses the borders of piety. Israel and its citizens might not even have ample opportunity to attend to its wounds, as the Bible declares a plethora of battles ahead. There are far more wars ahead with many nations conspiring with one another and engaging with each other. The prophecy in Ezekiel 38:1516 of the Bible tells of a place “from the North” (touted as Russia) and “many nations” with it (including Iran) advancing against Israel. The same Book of Ezekiel gives details about the “kings of the East” listing ancient names for modern nations that will form part of a mammoth army that may include China, Japan, Korea, Cambodia, Indonesia, Vietnam, Ethiopia, India, and Pakistan (“Cush” and “Phuth”). Another prophecy in Revelations 16:12 talks about preparing the “way for the kings of the east” towards the Holy Land! Historically, our eyes are fixated towards these physical manifestations of invasions and the killings that go with them. But the one true Book that unfailingly accounts for real events in world history invites us to view these recent incidents in the spiritual sphere. The Philadelphia Church of God speaks of it this way: “This is why it is simultaneously so sobering and so inspiring to see military cooperation between

S and Chinese officials have agreed in principle on a meeting next month between Presidents Joe Biden and Xi Jinping, though the two sides must still finalize the arrangements, according to an American official. The official, who spoke on condition of anonymity to discuss the matter, added that details of the get-together, which would likely occur during the Asia-Pacific Economic Cooperation summit in San Francisco in November, were still being worked out. China’s embassy to the US cited the city as a possible venue.

Another person familiar with the discussions, who spoke on condition of anonymity, cautioned that the two sides are still working toward an agreement for the leaders to meet. The potential breakthrough follows this week’s visit by Chinese Foreign Minister Wang Yi, who held two days of meetings in Washington with Secretary of State Antony Blinken and National Security Advisor Jake Sullivan—and also met with Biden on Friday at the White House. US officials have been eager to announce a meeting between Biden and Xi, who have not spoken since they last met at the Group of 20 summit in Bali, Indonesia almost a year ago. Officials from the world’s two larg-

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.

EU-Australia trade deal balance in as endgame talks begin By Ben Westcott & Jorge Valero

he European Union and Australia are heading into a critical round of free trade talks, with both sides warning that a failure to strike a deal now could delay any potential agreement by months or even years. EU Trade Commissioner Valdis Dombrovskis and Australia’s Trade Minister Don Farrell will meet in Osaka, Japan, following weekend Group of Seven talks. The two will try again to reach a free-trade accord—three months after Farrell walked out of the last negotiations in Brussels. Ahead of his departure for Japan, Farrell said he wouldn’t sign an agreement that left his nation’s agricultural sector worse off. “I have made it very clear Australia will not sign a deal for the sake of it, and I meant it,” the minister said in a statement. The two sides have been working on a free trade agreement for more than five years. While there is broad consensus across most areas, a few final sticking points threaten to derail the entire compact.

The Australian side is pushing for greater access to the European market for its beef, mutton and sugar, while Brussels wants an end to the use of certain geographic locators on products such as prosecco and feta. Neither Canberra nor Brussels is completely convinced that a deal will be struck, although there is cautious optimism that it could finally happen. Dombrovskis told reporters in Osaka on Saturday that the deal with Australia was “within reach” but there were some hurdles remaining. “For the EU it’s substance over speed so we will be able to conclude the negotiations once the substance is right,” he said. Speaking to Sky News on Sunday, Farrell said he’d been in conversations with the French delegation

over the weekend in Osaka to try to reach a breakthrough. “I’m very strongly pushing the case with the French and with any other European country that I’m talking to that we need a better deal,” he said. Both sides have real cause to want to reach an agreement. For Australia, the center-left Labor government needs a win after the heavy defeat of a national referendum it backed to set up an Indigenous advisory body. It has been criticized by opposition figures for not focusing enough on the economy and a free-trade deal with Europe would counter that narrative. Meanwhile, the Von Der Leyen commission needs to score a victory on the trade front after a missed attempt with the US to remove steel and aluminum tariffs imposed by the Trump administration. It’s also having difficulty concluding an agreement with the Mercosur bloc that includes Brazil, Argentina, Paraguay and Uruguay. In a podcast interview with The Conversation on Thursday, Farrell

US, China agree in principle on Biden-Xi meeting next month By Jenny Leonard, Peter Martin & Jennifer Jacobs

Russia, China, India and others rapidly increasing right now. In this deepening cooperation, we are witnessing the foundations being laid to form the mammoth ‘kings of the east’ power bloc, which is a precursor for world war—and for the return of Christ!” Believers should realize that the Bible uses Israel as the “Prophetic time clock,” and it encourages them not to fear. The hope and promise are ensconced in the same Word of life: that our Heavenly Father will exact judgment on the “rebels,” show His greatness and holiness, and make Himself known in the sight of many nations (Ezekiel 38:22-23). Victory, not in the physical sense but in the spiritual realm, shall be at hand! Believers may ponder every now and then if every evil thing that is happening to Israel will crush it down in heaps of trauma. But we need only fix our eyes on God’s promise of triumph. He has never faltered. He never will. Of course, humanity, Filipinos included, will feel the reality of this endless saga once rising oil prices will affect the costs of living. Anxiety is expected as hardships always result from wars. Meantime, as most people are looking at what has happened and will happen in Israel, we should remain focused on God’s promises. For every believer, wherever situated, His promises ought to be enough to counter any fear. It’s all planned out and all will pan out according to what has been written many years ago.

est economies have been working for months to set up a leaders’ sit-down around the Apec summit. “The two sides agreed to make joint efforts to clinch a meeting between the two heads of state in San Francisco,” the Chinese Embassy in Washington said in a statement on the meeting between Sullivan and Wang. Biden administration officials who briefed reporters on condition of anonymity Friday, described the discussions with Wang, which lasted more than six hours as frank, as touching on issues including Beijing’s policies in Xinjiang, Tibet and Hong Kong; disputes in the South China Sea; and counter-narcotics efforts. Biden met for one hour with Wang

and stressed the importance of the two countries communicating and managing competition responsibly, they said. Chinese officials indicated that they plan to work toward a BidenXi meeting, said another US official, who spoke on condition of anonymity to detail the discussions. The US official characterized the conversations with Wang as touching on all elements of US-China ties as well as broader geopolitical flashpoints such as the Israel-Hamas conflict and as positive and professional. The US warned China in the talks about backing Iran and the threat of a wider war in the Middle East and Washington and Beijing are more

aligned on working together to head off a potential escalation in that region, the US official said. China’s discussions with the US are increasingly focused on economic issues, including their concerns over technology sanctions, the official said, expressing Beijing’s worries that the US will hold back the country’s development. In the talks with Wang, the US pressed China to take a more constructive approach in the Middle East, according to the officials, where the Biden administration is seeking to keep the IsraelHamas war from escalating. China has been urging a cease-fire between Israel and Hamas. Beijing has also continued to supply Mos-

said the geographical locators issue was still to be resolved. He added that failure to reach a deal, after the previous breakdown of talks, could delay an agreement for years to come. “I’m hoping that the time lapse between then and now gives them the opportunity to make us a better offer, and on that basis if it’s good enough, I’ll be recommending to the Australian people that we should accept it,” he said. Farrell has repeatedly said he would not accept the deal that was presented in July. But he would weigh up any new offer. “If on balance the things that are good about the European Trade Agreement outweigh the things that are bad, because there’s always bad things in agreements, then I feel I’ve got an obligation to the Australian people to say yes,” he told The Conversation. Leading up to the talks, Australian farmers put concerted pressure on the government to reject a sub-par deal. With assistance from Keira Wright and

James Mayger / Bloomberg

cow with aid to support its war in Ukraine, US officials said, though there’s no evidence so far that Beijing has crossed the line of providing lethal support. Despite the extensive dialogue with Wang this week, the officials said the increased diplomacy with China did not signal a change in the administration’s approach to Beijing. Relations deteriorated sharply after Biden and Xi met last year in Bali, hitting a low after a US military aircraft shot down an alleged Chinese spy balloon and virtually all channels of communication were cut off. With assistance from Courtney McBride, Michelle Jamrisko, Akayla Gardner and Justin Sink / Bloomberg

A12 Monday, October 30, 2023

BOC sees full-year revenue goal being met, or breached

By Cai U. Ordinario

@caiordinario

HE Bureau of Customs (BOC) is confident of meeting— even exceeding—its full-year tax collection targets on the back of higher tax volumes and improved efficiency in its operations.

BOC Assistant Commissioner and Spokesperson Vincent Philip Maronilla recently told reporters there is a possibility that the agency could collect over P900 billion this year, higher than the P874.2-billion target it has set for 2023. “Our goal is not just to hit that. We have an internal goal of trying to hit more than the target. We’re trying to maximize as much as possible the surplus that we want to take; also we want to collect, knowing fully well that we’re in a position to contribute more. And Commissioner Rubio has set a very high goal internally for the Bureau,” Maronilla said. October and November tax collections, Maronilla said, are good months for the BOC due to the

higher volume of taxes. Historically, these “ber” months usually lead the agency to reach surpluses. Meanwhile, the current conflict in the Middle East will not affect BOC’s collections, he said. In fact, if the conflict in the region would lead to higher prices, it would also mean higher collections for the agency. The BOC official also expressed confidence that weather disturbances as well as work and school interruptions will not be a hindrance, as the agency can implement strategies such as employing a skeletal workforce for tax collection. “Let’s say for example, if we miss one day of collection, that’s automatically about P3 to P4 billion. So if you provide us with three days,

holiday or suspension of classes, we might provide, we might provide you with a solution to do skeletal workforce, but the other players in the release of goods might not be there,” Maronilla said. The Barangay elections and long holidays, however, will be a challenge, Maronilla said. Still, he said, the BOC intends to recover lost ground in order to attain its collection targets. “All efforts by the Bureau [are under way], and the Commissioner has directed the ports and has given instructions on some remedial measures that we can actually exercise,” Maronilla said. Earlier, the BOC said its revenue collections from January to August

rose by 4.24 percent year-on-year to P582.133 billion on the back of “enhanced” trade activities and “efficient” operations. The bureau collected revenues of P23.678-billion higher than the P558.455 billion it recorded in the same 8-month period of last year, according to its statement over the weekend. Furthermore, the BOC said it has surpassed its mandated target collection for the January-to-August period of P567.740 billion by 2.54 percent or about P14.393 billion. BOC attributed the increase in its year-to-date collections to “efficient customs operations, enhanced trade activities, and robust revenue collection measures” it implemented this year.

SENATE DEFENSE PANEL BACKS REEF DAMAGE CASE VS CHINA By Butch Fernandez @butchfBM

HE chairman of the Senate Defense committee is supporting the plans of the Executive to file a case against China for environmental damage to Philippine reefs and corals, saying the issue at stake “transcends territorial claims and disputes” because the “environmental degradation and destruction by China [is] a violation of an obligation” under the United Nations Convention on the Law of the Sea (Unclos), where Beijing is a signatory. “Malaki ang tiwala ko na masusing pinag-aralan ang kasong planong isampa laban sa China sa pagsira ng corals at iba pang diumano’y environmental crimes sa West Philippine Sea at kasama na dito ang kaso na naipanalo na natin noong 2016,” said Sen. Jinggoy Estrada on Sunday. [I am confident that the plan to file a case against China for destroying our corals and other alleged environmental crimes in the West Philippine Sea was studied well, and our arbitral tribunal victory in 2016 was considered here as well]. The term “West Philippine

Sea” is “a geopolitical designation of our government, an alternative name to the parts of the South China Sea that are within the Philippines’ Exclusive Economic Zone (EEZ) in which we have territorial and maritime claims in that region,” explained the senator. The phrase ref lects, he noted, the Philippines’s legal possession of this area. “The Hague-based UN-backed Permanent Court of Arbitration ruled overwhelmingly in our favor in determining China’s claims [of a nine-dash line across much of the South China Sea] as unlawful.” Nothing, added Estrada, “prevents us from filing a legal case, especially based on established international laws and agreements” such as the Unclos. “What is at stake here transcends territorial claims and disputes, it’s the environmental degradation and destruction by China, a violation of an obligation under the Unclos to protect and preserve the marine environment.” Earlier, BusinessMirror reported that the Executive, through the Department of Environment and Natural Resources (DENR), was planning See “Senate,” A2

YOUNGSTERS donning elf costumes gather alongside SM executives and local government officials, capturing a festive group moment with Santa Claus during the Christmas tree lighting ceremony at SM City San Mateo on the evening of October 27, 2023. The event showcased a holiday centerpiece featuring a 13-foot Christmas Star, oversized teddy bears, and lavishly decorated Christmas trees adorned with shimmering ornaments. NONOY LACZA

PAPI poll has ex-president Duterte leading Senate race T HE Publishers Association of the Philippines, Inc. (PAPI) said its latest senatorial survey covering select barangays nationwide showed former President Rodrigo Roa Duterte leading the race. The survey, conducted from October 2-8, further showed former senator and boxing icon Manny Pacquiao next to Duterte, followed by Sagip Party-list representative Rodante D. Marcoleta, taking the third slot. Senator Imee Marcos landed at fourth, followed by Christopher Lawrence ‘Bong” Go at fifth, then former Senate President Vicente Sotto III. Next to Sotto was former radio/

TV personality and ACT-CIS Party list congressman Erwin Tulfo; followed by actor and incumbent senator Ramon “Bong” Revilla; then two more incumbent senators: Ronald ‘Bato’ dela Rosa and Manuel “Lito” Lapid in the ninth and 10th slots. The PAPI survey was for the Top 20 in the next Senate race, and polled 1,000 respondents, aged 18 to 50 years old. Taking rank 11 was incumbent Sen. Pia Cayetano, followed by former Manila City Mayor Franciso ‘Isko’ Moreno Domagoso, Interior and Local Government Secretary Benhur Abalos Jr., then former Vice President Leni Robredo. Behind Robredo was former

senator Panfilo “Ping” Lacson, followed by incumbent Sen. Francis Tolentino, former senators Gringo Honasan, Dr. Willie Ong, former senator Mar Roxas, with Defense Secretary Gilbert “Gibo” Teodoro rounding out the list of 20. There are 42,046 barangays nationwide as of 2021 and the survey accounted for 20 percent from A and B population, 70 percent from C, D and 10 percent from the E crowd, PAPI explained. With only over a year before the 2025 midterm elections, PAPI acknowledged that many parties conducting surveys believe that a lot can still happen and changes in rankings may take place anytime.

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, October 30, 2023

IEMOP: Power spot market CEB commits to support OFWs prices in Luzon up in Oct By Lenie Lectura

@llectura

he average electricity spot market prices in Luzon as of October 28 rose to P6.74 per kilowatt hour (kWh) from the previous month’s average of P4.87 per kWh, as plant shutdowns reduced power supply. “As of October 28, the average price for the billing month of October 2023 is P6.74 kWh. We would like to note that this is still subject for pricing corrections. Considering the set of outage during the first half of October, only Sual Unit 1 remains on planned outage

and from time to time, the forced outage of Ilijan plants,” said Robinson Descanzo, COO of Independent Electricity Market Operator of the Philippines (Iemop). Data showed that from October 1 to 15, the average price shot up to P7.58 per kWh. The first half of Oc-

tober showed that the average supply stood at 12,150MW while demand was recorded at 9,638MW, leaving a supply margin of only 2,307MW. “During the first half of October billing month, supply margin went down from 3,462MW to 2,307MW as a result of planned and forced outages,” he added. Total outages reached as high as around 6,950MW which were caused by the planned and forced outages of major coal and gas plants in Luzon. The plants that went on forced outage from September 26 to October 15 include GNPD Unit2, Sual Unit2, QPPL G01, SBPL, Pagbilao Units 1 and 3, Masinloc Unit 3 and Sta Rita Units 2 and 3 and Ilijan plants. Meanwhile, Sual Units 1 and 2, Sta Rita Units 1, 4 and 6 were placed on planned outage.

“The outages happened simultaneously from October 7 to 10. These dates are also when high prices occurred,” Descanzo said. Similarly, the average price in the Visayas from October 1 to 15 also went up to P8.49 per kWh from the September average price of P6.36 per kWh. Supply was recorded at 2,309MW while demand stood at 1,884MW, resulting in a thin supply margin of 182MW. Meanwhile, Mindanao’s average electricity spot market prices during the first half of October went down to P4.96 per kWh from last month’s P5.71 per kWh. Supply margin was at 1,147MW. IEMOP is the operator of the Wholesale Electricity Spot Market, the country’s trading floor for electricity.

FLI bond offer gets nod of SEC By VG Cabuag @villygc

he Securities and Exchange Commission (SEC) has approved the shelf registration of Filinvest Land Inc. (FLI) for up to P35 billion of fixed-rate bonds. During its en banc meeting, the agency gave its nod to the registration statement of FLI covering pesodenominated bonds which may be issued in one or more tranches. For the first tranche, Filinvest Land will offer to the public up to P10 billion in bonds due 2027, with an oversubscription option of up to P2 billion. Assuming the oversubscription option is fully exercised, net proceeds

Holcim plants to go solar

isted cement firm Holcim Philippines Inc. has picked Berde Renewables for a power purchase agreement to install and operate solar rooftop projects on two of its plants in the northern part of the country. Berde Renewables, a distributed energy platform of I Squared Capital, will build, operate and maintain rooftop solar facilities on Holcim’s plants in Bulacan and La Union with a combined capacity of 5.5 MWp and an annual generation of approximately 7.8 GWh. The rooftop solar facilities are expected to be commissioned in 2024 and projected to reduce greenhouse gas emissions by approximately 5,500 tCo2e per year. The company said the project will accelerate Holcim’s journey to reduce Scope 2 emissions by 65 percent by 2030. “We will combine our end-toend in-house capabilities, from project development and construction to operations, with I Squared’s global experience investing in close to 5.8 gigawatts of renewable energy assets, to deliver green energy for corporates in the Philippines,” Patrick Zhu, CEO of Berde Renewables, said. VG Cabuag

from the offer are expected to reach P11.85 billion. Proceeds will be used to partially finance the full redemption of the company’s bonds and to partially fund capital expenditures. The bonds will be issued at face value from November 16 to 22, in time for listing at the Philippine Dealing and Exchange Corp. on December 1, according to the timetable submitted to the agency. The company has picked BDO Capital and Investment Corp., China Bank Capital Corp., EastWest Capital Corp. First Metro Investment Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as joint lead underwriters and bookrunners for the offer.

The company, through FilinvestBCDA Clark Inc., its joint venture with the Bases Conversion and Development Authority has recently launched its new Filinvest Innovation Park-New Clark City (FIP-NCC) in Capas, Tarlac. “The FIP-NCC represents a significant stride for Filinvest Land as we expand our industrial footprint in Central Luzon. With its state-ofthe-art green and digital features, FIP-NCC will provide an ideal environment for logistics, e-commerce, and light manufacturing ventures. We take pride in offering a new asset class that not only supports businesses but also contributes to the local economy’s growth—ready for tomorrow, ready for the world,”

Tristan Las Marias, FLI president and CEO said. The first phase was officially launched at a ceremony last October 20, which included the blessing of the park’s two-story administration building and groundbreaking of the park’s ready-built factory (RBF) zone. These RBFs, which are offered in 2,500-, 4,000- and 5,000 squaremeter units, are designed with warehouse specifications, including features such as high ceiling clearance, floor load capacity of 3 tons per square meter raised production floors with loading docks and robust utility infrastructure support, including high-speed Internet access and fire detection and suppression systems.

Top losers, meanwhile, were Makati Finance Corp., Manulife Financial Corp., Pacific Online Systems Corp., Greenergy Holdings Inc., AgriNurture Inc., Keppel Philippines Holdings Inc. A and I-Remit Inc.

watch out for clues from more third quarter corporate earnings as well as the upcoming S&P Global Philippines Manufacturing PMI, he said. Tantiangco said if the market is able to get back above 6,000 points, it is expected to trade within the 6,000 to 6,150 range. If it fails to do so, however, the market is expected to trade within the 5,700 to 6,000 range, he said.

STOCK-MARKET OUTLOOK Last week

Share prices plunged last week with the main index falling by 3 percent to below the psychological 6,000-point level, after the off-cycle 25 basis point rate hike of the Bangko Sentral ng Pilipinas (BSP) on Thursday. The benchmark Philippine Stock Exchange index plunged 180.91 points to close at 5,961.99 points. “The BSP’s unexpected off-cycle rate hike roughly translates to elevated inflation expectations up to at least the first half next year above the economic team’s 2-4 percent target,” broker 2TradeAsia said. The main index was on a losing streak all week long, except on Wednesday when it gained 14.78 points. Value turnover continued to weaken, averaging only P2.87 billion as many investors stayed on the sidelines. Foreign investors, which cornered half of the trades, were net sellers at P2.03 billion. All other sub-indices ended in the red. The broader All Shares index fell 82.95 points to close at 3,246.47 points, the Financials index declined 43.25 to 1,705.71, the Industrial index retreated 212.72 to 8,533.89, the Holding Firms index was down 148.16 to 5,722.15, the Property index shed 88.96 to 2,513.41, the Services index plunged 55.41 to 1,451.32 and the Mining and Oil index dropped 328.99 to 9,846.12. For the week, losers edged gainers 150 to 61 and 34 shares were unchanged. Top gainers were Keppel Philippines Holdings Inc. B shares, Roxas Holdings Inc., LBC Express Holdings Inc., Vivant Corp., Forum Pacific Inc., Benguet Corp. A and Centro Escolar University.

This week

Share prices may still weaken this week after falling below the 6,000-point level, though many analysts believe it could still claw its way back to that level in the succeeding weeks. It will be a two-day trading week as Monday is election day, while Wednesday (All Saints’ Day) and Thursday (All Souls’ Day) are public holidays. 2TradeAsia said the United States Federal Reserve will meet this week and the outcome will influence appetite for early November, despite consensus that rates will be unchanged for this round. “While the ‘higher for longer’ rhetoric on rates is set to remain, it will be interesting how growth will be looked at by the Fed in 2024 given already strong manifestation of tightening in certain sectors such as US housing and real estate dip, disappointing tech earnings, among others,” it said. Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said with two consecutive weeks of decline, the market may see bargain hunting this week. “However, a strong rally may not yet be seen due to the downside risks that are still in play. With the BSP now expecting inflation to take longer before falling within the 2 percent to 4 percent target, concerns that the high policy rates will be kept for a while, or possibly even raised further may weigh on market sentiment,” Tantiangco said. Investors are also expected to

Stock picks

Broker Regina Capital Development Corp. advised to buy when support price hold on the stock of Andrew Tan’s holding firm Alliance Global Group Inc. (AGI) after it failed to flip its trend upside down. “The stock is currently with a bearish bald candle, indicating that selling is still strong. However, it’s not impossible for a correction to take place since it is in the oversold region for an extended period already,” it said. “Since, the indicators are showing sustained increase in bearishness, bargain hunters may reveal themselves once AGI gets closer to its P11.20 support.” AGI shares closed last week at P10.14 apiece. Meanwhile, the broker gave the same advice on the stock of Bank of the Philippine Islands (BPI) as its stock is now trading below P100 and in the double digit levels as shares see sustained selling pressure. “Shares are currently down by around 6 percent to its 50-day moving average. (Technical) levels are currently bearish, a few points shy from becoming oversold. We advise investors to wait before buying until support builds up,” it said, giving a support price at P100 per share. BPI shares closed Friday at P98.90 apiece. VG Cabuag

Officials from Cebu Pacific, United Filipino Global, Department of Migrant Workers, Overseas Workers Welfare Administration, and Philippine National Police pose for a photo after the MOU signing. (From left to right) Police Lieutenant General Rhodel Sermonia, Deputy Chief Administrator of the Philippine National Police; Atty. Patricia Yvonne Caunan, Undersecretary of the Department of Migrant Workers; Gemma Sotto, President of United Filipino Global; Xander Lao, CEB President and Chief Commercial Officer; Candice Iyog, CEB Chief Marketing and Customer Experience Officer; Director Rosalia Catapang of the Overseas Workers Welfare Administration. Contributed photo

ebu Pacific (CEB) has entered a partnership with United Filipino Global (UFG), a nongovernment organization that helps Filipino migrant workers, to collaborate on projects aimed at improving the welfare of overseas Filipino workers (OFW). On October 27, CEB signed a memorandum of understanding (MOU) to provide free flights to select OFW beneficiaries and endorse potential scholarship grants to OFW children. The airline will also mount special flights to provide humanitarian assistance and transport to distressed OFWs in cases of natural disasters, emergencies and critical situations. Aside from these, CEB will also organize information campaigns to update OFWs on safe and responsible air travel practices. The airline will likewise help OFW families and their children to participate in internship programs for aspiring flight crew and attendants. “Cebu Pacific looks forward to this partnership with UFG with the objective of assisting OFWs on their journey. Our commitment goes beyond providing flights, it extends to creating a meaningful experience for our kababayans. We understand the challenges they face, and we are

providing the necessary support aside from our commitment to make air travel safe, reliable, and affordable,” said Candice Iyog, CEB Chief Marketing and Customer Experience Officer. The airline said its partnership with UFG is “a testament to the airline’s commitment to uplift the lives of OFWs” by connecting them to a wide international network and offering the quickest way back to the Philippines. “With this collaboration, we are praying that our upcoming programs will be felt and received. We are hoping that we can be an instrument for our OFWs and their children, and continue to make a difference in their lives. We look forward to start our programs with Cebu Pacific,” said Gemma Sotto, president of United Filipino Global. CEB has mounted several flights in recent years to provide free transport to distressed OFWs back to the Philippines. In 2021 alone, CEB repatriated over 11,000 Filipinos from Dubai and the Middle East affected by Covid-19 lockdowns through a series of Bayanihan flights. CEB currently flies to 35 domestic and 25 international destinations spanning across Asia, Australia, and the Middle East.

New investor to own 63.94% of The Medical City’s parent company

ROFESSIONAL Services Inc. (PSI), the parent company of The Medical City, announced the completion of a Mandatory Tender Offer on September 20, 2023 by Universal Healthcare Services Pte. Ltd. (UHSPL) and Kambal Health Services Pte Ltd (KHSPL), affiliates of CVC Capital Partners. Through its affiliates, CVC will own 63.94 percent of PSI. CVC Capital Partners is a leading global private markets manager focused on private equity, secondaries and credit, with $140 billion in assets under management. The investment alliance between The Medical City and CVC seeks to expand Philippine health care capacity by augmenting resources for its five Philippine hospitals and 60-strong clinic network, the largest in the country. Chairman Jose Xavier Gonzales, from lead Philippine shareholder Fountel Corp., welcomed the CVC investment, saying that “More than the capital infusion of P12.7 billion, CVC’s global health care partnerships

will facilitate TMC’s own aspirations to move the needle globally in precision medicine, while elevating Filipino health care practice as a true patient partner.” Brian Hong, Managing Partner for Southeast Asia at CVC Capital, reiterated that, “We are partnering with a management team led by President Eugenio Ramos that built a well-recognized leading brand in the Philippines across the whole spectrum of health care, from hospitals to clinics to the home, manifesting excellence from primary to subspecialty care practice.” Dr. A lfredo R . A . Bengzon, founding director and former President and CEO, returns as Chairman Emeritus. According to Gonzales, “A joint foundation has been established in his name in partnership with his other legacy institution, the Ateneo School of Medicine and Public Health, to drive much-needed health policy reform and leadership development at the national and local government levels.”

Companies BusinessMirror

Monday, October 30, 2023

Wilcon 9-month profit falls on higher operating costs

By VG Cabuag

@villygc

ilcon Depot Inc. said its net income in January to September fell 8 percent to P2.72 billion from the previous year’s P2.96 billion, on higher operating expenses and flat sales during the third quarter. Net sales during the period reached P25.94 billion, up by 5 percent from the previous year’s P24.72 billion, mainly driven by the contribution of new stores.

Comparable sales growth fell 2 percent, the company said. The company said si x new stores during the period, while two bottom-dwelling, smaller

format branches were closed. It ended the third quarter with 87 stores. The depot format accounted for 96 percent of net sales; the home essentials format, 2 percent; and the remaining 1 percent came from project sales. “Total net sales grew quarteron-quarter, which is a welcome progress but as expected, the higher base resulted in a decline in comparative sales. Net sales also did not grow enough to cover the increase in operating expenses, over 50 percent of which was contributed by expansion-related expenses,” Lorraine Belo-Cincochan, the company’s president and CEO, said. “We are still pursuing our store network expansion plan at our

current pace. We are expecting to finish the year with 10 new stores, barring any major delays in construction, and as such we are expecting new stores’ operating expense drag on net income to persist until the fourth quarter. We will also be reaching our 100-store target by 2024, a year earlier than promised.” For the third quarter alone, the company’s income fell 17 percent to P907.97 million from the previous year’s P1.1 billion. Net sales reached P8.79 billion, flat from the previous year’s P8.78 billion, mainly due to the slowdown in foot traffic and transaction count in old stores. Same-store sales declined 5 percent 5 percent, the company said.

CDC: H1 investments up by $5.5B C

lark Development Corp. (CDC), a government-owned and -controlled corporation, reported a $5.5-billion increase in investments in the first half. “For the first half of the year, meaning as of June 30,2023, we already got an increase in $5.5 billion in investments,” Agnes VST Devanadera, President and CEO of CDC, told reporters on the sidelines of the 49th Philippine Business Conference and Expo (PBC&E) last week. Devanadera told reporters that the companies that have expressed interest to expand their operations prior to the pandemic are now planning to do so in the Clark Freeport. Meanwhile, Devanadera also said CDC’s revenues went up by 43 percent yearon-year in the first half. According to an earlier story published by the BusinessMirror, CDC

posted “significant” gains for revenues and net income in 2022, highlighting the firm’s post-pandemic recovery. CDC Assistant Vice President for Finance Alizaido F. Paras said the unaudited financial statement as of December 31, 2022 showed a revenue of P3.56 billion for 2022, up by 35-percent from 2021 which stood at P2.63 billion. It is by far the highest recorded increase in revenue, which usually averages 8 percent to 9 percent. The data also showed a net income of P2.19 billion for CDC, which is 68 percent higher compared to the P1.30 billion recorded in 2021. Paras said the gains can be attributed to CDC’s “prudent financial management” and locators’ confidence in its leadership to lead the Freeport through the turmoil of the pandemic. This has resulted in the generation of new investors, renewals of lease agreements, expansions, and even innovations in business models to cope with the changing times. Devanadera also told reporters that CDC remitted P1.2 billion to the national government in May. Andrea E. San Juan

MUTUAL FUNDS

October 27, 2023

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 196.35 0.1% -2.3% -3.79% -2.07% -5.85% ATRAM Alpha Opportunity Fund, Inc. -a 1.4014 13.07% 7.72% 0.53% 0.89% 4.26% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6986 -0.55% -1.91% -6.08% -3.72% -7.42% Climbs Share Capital Equity Investment Fund Corp. -a 0.6634 0.18% -3.01% -4.85% n.a -4.38% First Metro Consumer Fund, Inc. -a 0.6082 -1.3% -4.72% -4.93% n.a -6.23% First Metro Save and Learn Equity Fund, Inc. -a 4.3445 -0.65% -1.28% -2.43% -1.77% -6.57% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6446 -1.9% -3.22% n.a n.a -8.06% MBG Equity Investment Fund, Inc. -a 85.47 15.41% -0.85% -4.67% n.a 13.57% PAMI Equity Index Fund, Inc. -a 39.967 -0.76% -2.18% -2.81% n.a -7.47% Philam Strategic Growth Fund, Inc. -a 416.63 -0.28% -2.73% -2.84% -2.16% -6.26% Philequity Dividend Yield Fund, Inc. -a 1.147 0.57% 2.3% -0.74% n.a -2.39% Philequity Fund, Inc. -a 31.5253 0.92% -0.06% -1.87% -0.18% -5.32% Philequity MSCI Philippine Index Fund, Inc. -a 0.7952 0.16% -1.76% n.a n.a -6.31% Philequity PSE Index Fund, Inc. -a 4.2047 0.31% -1.21% -1.92% -0.3% -6.47% Philippine Stock Index Fund Corp. -a 699.38 0.17% -1.4% -1.99% -0.51% -6.62% Soldivo Strategic Growth Fund, Inc. -a 0.6286 0.54% -1.41% -4.88% n.a -6.75% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.1237 -0.48% -1.99% -3.96% -2.09% -7.4% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7933 -0.18% -1.72% -2.32% n.a -6.88% United Fund, Inc. -a 2.9287 0.02% -1.17% -2.34% -1.25% -5.35% Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 0.9846 -0.75% n.a n.a n.a -6.78% COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,20.9961 n.a n.a n.a n.a n.a Philequity Alpha One Fund, Inc. -a 0.9632 0.77% -0.25% n.a n.a -7.95% Philippine Stock Index Fund Corp. -a 848.97 0.02% n.a n.a n.a -6.66% Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c94.902 0.8% -1.05% -1.71% n.a -6.15% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.7698 2.45% -10.98% -3.28% -2.4% -9.65% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4694 5.73% -1.72% 4.29% n.a 3.19% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.4103 -5.06% -3.65% -2.43% -2.53% -5.01% ATRAM Philippine Balanced Fund, Inc. -a 2.0616 1.8% -1.01% -0.66% -0.6% -2.08% First Metro Save and Learn Balanced Fund, Inc. -a 2.3916 -0.46% -1.27% -0.31% -1.78% -4.54% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1832 -1.35% -0.93% n.a n.a -5.32% NCM Mutual Fund of the Phils., Inc. -a 1.8539 1.34% -0.68% 0.81% 0.1% -4.66% PAMI Horizon Fund, Inc. -a 3.3603 1.5% -2.32% 0.05% -0.88% -2.36% Philam Fund, Inc. -a 14.7484 0.61% -2.94% -0.53% -1.15% -2.59% Solidaritas Fund, Inc. -a 1.9452 1.5% -0.81% -0.49% 0.29% -2.25% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2247 0.93% -1.61% -1.66% -1.23% -3.15% Sun Life Prosperity Dynamic Fund, Inc. -a 0.845 1.04% 0.55% -0.98% n.a -3.86% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.9058 2.97% -2.36% n.a n.a -1.03% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.7901 0.39% -3.62% n.a n.a -5.45% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.7706 -0.22% -3.69% n.a n.a -6.31% Primarily invested in foreign currency securities (shares) -7.34% -2.13% -0.45% -4.32% Cocolife Dollar Fund Builder, Inc. -a $0.03102 0.13% PAMI Asia Balanced Fund, Inc. -b $0.8383 7.04% -7.76% -1.95% -2.05% -6.44% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.8308 2.48% -3.17% 1.92% 1.99% -0.39% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $0.9407 0.01% -5.59% -0.91% n.a -3.18% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 386.99 3.04% 1.61% 2.54% 2.07% 2.45% ATRAM Corporate Bond Fund, Inc. -a 1.894 1.4% -1.03% 0.36% -0.13% 1.02% Cocolife Fixed Income Fund, Inc. -a 3.2816 2.13% 2.18% 3.7% 2.2% 0.79% Ekklesia Mutual Fund, Inc. -a 2.2227 3.14% -1% 0.97% 0.94% 2.07% First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4047 0.85% -0.56% 1.68% 1.05% 0.56% Philam Bond Fund, Inc. -a 4.1428 0.55% -3.62% 1.75% 0.28% -0.11% Philam Managed Income Fund, Inc. -a 1.355 3.07% 1.07% 2.92% 1.63% 2.67% Philequity Peso Bond Fund, Inc. -a 3.9561 3.18% 0.02% 2.77% 1.22% 2.26% Soldivo Bond Fund, Inc. -a 1.0379 2.96% 0.04% 3.47% n.a 2.1% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2163 3.32% 0.4% 3.18% 1.65% 2.24% Sun Life Prosperity GS Fund, Inc. -a 1.7221 2.45% -0.38% 2.4% 1.1% 1.56% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $488.87 2.44% 0.61% 1.85% 2.37% 1.84% ALFM Euro Bond Fund, Inc. -a Є210.97 1.63% -1.05% -0.22% 0.7% 0.63% ATRAM Total Return Dollar Bond Fund, Inc. -b $0.9975 3.59% -7.17% -2.32% -0.43% -1.18% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0239 0.42% -3.26% -0.74% n.a 0.84% PAMI Global Bond Fund, Inc -b $0.8261 -0.24% -8.74% -4.21% -3.62% -4.53% $2.1219 2.6% -5.39% -0.08% 0.91% -2.69% Philam Dollar Bond Fund, Inc. -a Philequity Dollar Income Fund, Inc. -a $0.0606511 1.96% -0.63% 1.29% 1.51% 1.25% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.5223 -1.38% -7.46% -2.61% -0.64% -7.32% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 136.01 2.32% 1.69% 2.53% 1.99% 2.08% First Metro Save and Learn Money Market Fund, Inc. -a 1.1015 3.03% 1.74% n.a n.a 2.6% 2.63% 1.93% 2.47% 1.95% Sun Life Prosperity Peso Starter Fund, Inc. -a 1.3685 2.25% Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 103.76 3.81% n.a n.a n.a 3.3% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0895 2.06% 1.22% 1.48% n.a 1.82% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 40.9775 -6.97% n.a n.a n.a -4.55% Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.3319 7.04% 8.89% n.a n.a 8.1% Sun Life Prosperity World Income Fund, Inc. -a,1 0.9448 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 $0.7418 -4.39% -7.59% n.a n.a -6.48%

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PSE STOCK QUOTATIONS

October 27, 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 FERRONOUX HLDG NTL REINSURANCE SUN LIFE VANTAGE

903,390 236,673,058 28,240 565,726,657.50 685,515 751,089 41,344,518.50 870,370 44,516 35,445 9,650,195 7,435,414.50 27,000 576,810 5,600 72,200 13,250 1,520

-16,585,840 -1,490 10,546,619.50 -126,855 206,336 -1,511,299.50 -3,627,026.50 949,514.50 60,800 -

INDUSTRIAL ACEN CORP 5.23 5.25 5.2 5.27 5.14 5.25 13,218,600 69,014,172 0.55 0.59 0.57 0.57 0.55 0.55 260,000 143,920 ALSONS CONS ALTERNERGY HLDG 0.86 0.87 0.88 0.88 0.86 0.86 67,000 57,920 35 35.05 34.75 35.1 34.4 35.05 973,300 33,856,730 ABOITIZ POWER RASLAG 1.2 1.22 1.24 1.24 1.2 1.21 379,000 460,390 0.19 0.195 0.19 0.195 0.19 0.195 520,000 98,950 BASIC ENERGY 18.08 18.1 18.02 18.08 18 18.08 74,500 1,341,650 FIRST GEN FIRST PHIL HLDG 60.6 61.55 61.6 61.6 61.6 61.6 100 6,160 352.2 359 359.8 364.6 352.2 352.2 335,070 119,224,368 MERALCO 17.24 17.3 17.3 17.3 17.2 17.24 85,700 1,478,450 MANILA WATER PETRON 3.29 3.4 3.35 3.39 3.28 3.29 1,297,000 4,287,010 5.03 6 6 6 6 6 1,000 6,000 PHX PETROLEUM REPOWER ENERGY 5.5 5.9 5.9 6 5.52 5.9 13,000 76,862 7.23 7.25 7.16 7.23 7.03 7.23 1,493,900 10,637,571 SYNERGY GRID 12.54 12.58 12.86 12.86 12.5 12.58 145,900 1,835,152 SHELL PILIPINAS SPC POWER 7.8 7.9 7.8 7.85 7.8 7.8 4,200 32,765 14.54 15.96 15.96 15.96 15.96 15.96 100 1,596 VIVANT AGRINURTURE 2.01 2.04 2.04 2.07 2.01 2.04 146,000 297,320 AXELUM 1.9 1.95 1.9 1.9 1.9 1.9 1,000 1,900 10.56 11.78 11 11.78 11 11.78 200 2,278 CNTRL AZUCARERA CENTURY FOOD 27.65 28.2 28 28.3 27.6 28.2 1,433,000 40,176,230 7.3 7.7 7.2 7.7 7.2 7.7 11,200 81,940 DEL MONTE 6.34 6.35 6.39 6.39 6.3 6.35 165,900 1,050,604 DNL INDUS EMPERADOR 20.8 20.85 20.75 20.85 20.75 20.8 306,600 6,368,920 49.75 50.4 50.8 51 49.55 50.4 22,190 1,113,659 SMC FOODANDBEV FIGARO COFFEE 0.62 0.63 0.64 0.64 0.62 0.63 6,997,000 4,407,110 FRUITAS HLDG 1.06 1.08 1.1 1.1 1.06 1.08 18,845,000 20,261,170 167 169.7 169 169.8 169 169.7 660 111,944 GINEBRA JOLLIBEE 209.2 210 214.6 214.6 208.4 209.2 671,230 141,302,986 1.37 1.38 1.38 1.38 1.36 1.38 294,000 403,380 KEEPERS HLDG 4 4.05 4.04 4.05 3.99 4.05 335,000 1,347,060 MAXS GROUP MONDE NISSIN 8.3 8.51 8.3 8.59 8.12 8.51 7,599,200 63,941,731 9.3 9.4 9.3 9.49 9.3 9.49 1,300 12,109 SHAKEYS PIZZA ROXAS AND CO 0.48 0.5 0.495 0.5 0.48 0.5 530,000 256,450 3.01 3.04 3.05 3.05 3.04 3.04 1,530,000 4,665,750 RFM CORP 0.052 0.061 0.053 0.053 0.053 0.053 170,000 9,010 SWIFT FOODS UNIV ROBINA 110 110.9 112 112.3 110 110 973,180 107,559,486 0.51 0.53 0.51 0.53 0.51 0.53 196,000 101,340 VITARICH VICTORIAS 3.43 3.7 3.54 3.7 3.43 3.7 10,000 34,680 0.81 0.84 0.81 0.82 0.81 0.81 134,000 108,680 CEMEX HLDG 0.81 0.82 0.85 0.85 0.81 0.82 2,012,000 1,656,500 EC VULCAN CORP EEI CORP 5.5 5.52 5.47 5.54 5.26 5.52 642,400 3,450,954 3.08 3.18 3.09 3.15 3.08 3.15 189,000 589,510 MEGAWIDE 0.49 0.53 0.49 0.53 0.49 0.53 4,000 2,000 TKC METALS CROWN ASIA 1.55 1.57 1.57 1.58 1.57 1.57 15,000 23,600 0.86 0.87 0.83 0.87 0.83 0.87 91,000 77,460 EUROMED PRYCE CORP 5.19 5.3 5.2 5.2 5.2 5.2 1,500 7,800 14.84 15 15.26 15.28 15.26 15.28 2,600 39,702 CONCEPCION 0.33 0.335 0.39 0.39 0.335 0.335 43,310,000 15,546,800 GREENERGY INTEGRATED MICR 3.4 3.47 3.4 3.5 3.4 3.48 233,000 806,620 1.17 1.18 1.19 1.21 1.17 1.17 859,000 1,016,470 IONICS SFA SEMICON 2.04 2.14 2.13 2.17 2.09 2.14 346,000 741,590 CIRTEK HLDG 1.75 1.79 1.75 1.79 1.74 1.79 363,000 633,880

25,205,972 18,700 -774,950 -126,080 -28,137,824 -372,676 -132,600 -2,095,228 -93,470 -1,574,745 -361,346 -2,104,250 -170,365 -620 27,720 -11,818,990 50,690 -1,166,450 20,891,671 11,160 -91,250 -48,818,667 24,800 146,200 -322,000 -

HOLDING & FRIMS

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

44.5 128.5 7 98.4 30.2 8.78 52 18.24 54.9 23.4 74.95 59.2 1.41 2.84 2.71 0.38 2,500 0.76

1.03 603 46.4 10.14 10.88 0.38 4.68 9.45 548 35.85 5.02 4.31 8.5 2.72 2.71 0.9 805.5 103.4 100 0.25

45 128.7 7.45 98.9 30.25 8.84 52.5 18.4 55 23.75 75.2 59.3 1.46 2.93 2.9 0.45 2,650 0.82

1.05 605 46.5 10.28 11 0.39 4.75 9.49 552 37 6.48 4.5 8.63 2.75 3.06 0.94 810 104.3 108 0.26

44.5 128.5 7 98.25 30.2 8.7 52.1 18.5 54.8 23.5 75.55 60.3 1.47 2.85 2.8 0.38 2,650 0.76

1.04 603 46.1 10.82 10.86 0.38 4.65 9.5 550 36.8 5.53 4.49 8.75 2.78 3.05 0.95 811 104.8 102 0.25

44.9 128.9 7.45 98.9 30.25 8.84 52.4 18.5 55 23.75 75.95 60.3 1.47 2.93 2.8 0.38 2,650 0.76

1.06 606 47 10.82 11 0.38 4.75 9.5 554.5 36.95 5.53 4.5 8.75 2.9 3.05 0.95 815 104.8 108 0.25

44.5 126.2 7 96 30.1 8.7 51.85 18.4 54.8 23.45 74.85 58.9 1.41 2.84 2.8 0.38 2,650 0.76

1.02 601.5 46.1 10 10.86 0.38 4.65 9.43 543 35.9 5.52 4.4 8.5 2.72 3.05 0.95 803 103.1 102 0.25

44.5 128.5 7.45 98.9 30.25 8.84 52 18.4 54.9 23.75 74.95 59.2 1.46 2.93 2.8 0.38 2,650 0.76

1.05 603 46.4 10.14 11 0.38 4.75 9.45 552 35.9 5.52 4.4 8.5 2.72 3.05 0.95 805.5 103.4 108 0.25

20,300 1,846,660 4,000 5,757,210 22,700 86,000 794,240 47,300 810 1,500 128,660 125,700 19,000 203,000 2,000 190,000 5 2,000

2,836,000 206,160 497,900 10,260,200 11,000 500,000 38,000 1,013,800 92,050 712,200 5,700 116,000 6,484,200 443,000 190,000 4,000 169,280 13,380 200 150,000

2,924,510 124,394,600 23,080,375 104,043,140 119,740 190,000 179,450 9,580,470 50,799,620 25,654,495 31,476 521,480 55,793,183 1,223,990 579,500 3,800 136,584,505 1,383,776 20,996 37,500

PROPERTY ARTHALAND CORP 0.41 0.445 0.455 0.455 0.455 0.455 20,000 9,100 26.8 27 27.45 27.6 26.8 26.8 9,899,400 266,866,380 AYALA LAND AYALA LAND LOG 1.68 1.7 1.68 1.7 1.68 1.7 364,000 613,460 8.77 9.19 8.77 8.77 8.77 8.77 4,000 35,080 ALTUS PROP ARANETA PROP 1.01 1.04 1.01 1.05 1.01 1.04 100,000 103,760 33.25 33.3 33.3 33.4 33.2 33.3 215,100 7,169,355 AREIT RT 0.67 0.69 0.66 0.69 0.66 0.69 41,000 27,540 A BROWN CITYLAND DEVT 0.71 0.72 0.74 0.74 0.72 0.72 2,000 1,460 2.52 2.58 2.52 2.58 2.52 2.58 19,000 48,600 CEB LANDMASTERS 0.305 0.315 0.31 0.315 0.305 0.315 860,000 262,800 CENTURY PROP CITICORE RT 2.52 2.53 2.52 2.54 2.52 2.53 1,734,000 4,386,690 6.8 6.96 6.8 6.96 6.8 6.8 44,500 302,680 DOUBLEDRAGON DDMP RT 1.27 1.28 1.28 1.28 1.27 1.27 784,000 997,360 6.3 6.35 6.33 6.35 6.33 6.35 615,000 3,903,004 DM WENCESLAO 0.129 0.13 0.129 0.133 0.129 0.129 3,140,000 405,450 EMPIRE EAST EVER GOTESCO 0.285 0.295 0.29 0.295 0.285 0.295 1,100,000 319,750 2.99 3 3 3 2.99 3 1,719,000 5,146,120 FILINVEST RT FILINVEST LAND 0.6 0.61 0.61 0.61 0.6 0.6 5,544,000 3,327,180 GLOBAL ESTATE 0.76 0.77 0.77 0.77 0.76 0.76 91,000 70,060 8.5 9.14 9 9.14 9 9.14 57,000 519,640 8990 HLDG PHIL INFRADEV 0.5 0.54 0.49 0.54 0.49 0.54 293,000 145,760 0.77 0.79 0.79 0.79 0.77 0.77 14,000 10,840 CITY AND LAND 1.96 1.97 1.96 1.97 1.94 1.96 6,800,000 13,272,890 MEGAWORLD MRC ALLIED 0.183 0.185 0.182 0.187 0.181 0.185 1,370,000 249,950 12.16 12.22 12.2 12.2 12.12 12.16 217,300 2,647,256 MREIT RT PHIL ESTATES 0.32 0.34 0.32 0.32 0.32 0.32 280,000 89,600 1.49 1.5 1.5 1.51 1.5 1.5 268,000 402,010 PREMIERE RT 2.75 2.85 2.88 2.89 2.88 2.89 6,000 17,310 PRIMEX CORP RL COMM RT 4.73 4.76 4.75 4.87 4.73 4.73 726,000 3,458,680 13.98 14.08 14.18 14.18 13.96 13.98 1,737,800 24,410,686 ROBINSONS LAND 0.153 0.16 0.152 0.152 0.152 0.152 50,000 7,600 PHIL REALTY ROCKWELL 1.34 1.35 1.34 1.34 1.31 1.34 38,000 50,540 3.5 3.55 3.55 3.55 3.5 3.5 20,000 70,150 SHANG PROP STA LUCIA LAND 2.96 3.2 3.2 3.2 3.2 3.2 1,000,000 3,200,000 30 30.2 30 30.4 29.9 30 4,468,700 134,245,040 SM PRIME HLDG 0.35 0.36 0.36 0.36 0.36 0.36 40,000 14,400 SOC RESOURCES VISTAMALLS 2.27 2.4 2.4 2.4 2.4 2.4 1,000 2,400 0.75 0.8 0.78 0.78 0.75 0.75 65,000 50,670 SUNTRUST RESORT VISTA LAND 1.61 1.63 1.61 1.63 1.61 1.63 156,000 251,320 VISTAREIT RT 1.66 1.68 1.63 1.68 1.63 1.68 21,000 35,080 SERVICES ABS CBN 3.6 3.65 3.6 3.65 3.6 3.65 25,000 90,650 8.29 8.3 8.25 8.3 8.25 8.3 164,300 1,363,234 GMA NETWORK MANILA BULLETIN 0.21 0.219 0.21 0.215 0.21 0.215 80,000 17,150 5.9 8.55 8.54 8.55 8.54 8.55 900 7,692 MLA BRDCASTING GLOBE TELECOM 1,769 1,779 1,779 1,780 1,763 1,769 4,735 8,375,265 PLDT 1,225 1,227 1,230 1,230 1,215 1,227 57,335 70,254,385 0.015 0.016 0.015 0.015 0.015 0.015 87,600,000 1,314,000 APOLLO GLOBAL CONVERGE 8.35 8.38 8.21 8.38 8.14 8.38 3,009,700 24,826,859 3.1 3.15 3.1 3.1 3.1 3.1 15,000 46,500 DFNN INC 2.97 2.98 3.03 3.05 2.97 2.98 2,415,000 7,258,940 DITO CME HLDG NOW CORP 1.31 1.33 1.29 1.33 1.28 1.31 537,000 700,940 0.14 0.148 0.138 0.14 0.138 0.14 90,000 12,580 TRANSPACIFIC BR ASIAN TERMINALS 15 15.42 15.36 15.42 15.36 15.42 800 12,294 1.3 1.32 1.29 1.3 1.28 1.3 80,000 103,300 CHELSEA 33.15 33.2 32.8 33.15 32.8 33.15 64,000 2,114,220 CEBU AIR INTL CONTAINER 199.5 201 201 201 199.2 199.5 1,190,330 237,783,893 3.78 3.79 3.76 3.78 3.75 3.78 70,000 263,320 MACROASIA PAL HLDG 5.19 5.29 5.2 5.2 5.2 5.2 400 2,080 0.74 0.77 0.76 0.76 0.74 0.74 82,000 62,230 HARBOR STAR 1.81 1.88 1.88 1.88 1.81 1.81 143,000 259,040 ACESITE HOTEL DISCOVERY WORLD 1.04 1.25 1.08 1.25 1.01 1.25 130,000 133,240 0.42 0.435 0.42 0.42 0.42 0.42 150,000 63,000 WATERFRONT 8.45 9.05 9.05 9.05 8.52 9.05 8,200 70,818 CENTRO ESCOLAR IPEOPLE 5.88 6.5 7.39 7.39 6.9 6.9 3,500 24,199 0.395 0.405 0.4 0.4 0.395 0.395 600,000 237,050 STI HLDG BELLE CORP 1.15 1.18 1.15 1.15 1.14 1.15 205,000 235,490 9.1 9.14 9.28 9.28 9 9.1 7,031,500 64,154,077 BLOOMBERRY 2.8 2.88 2.84 2.92 2.8 2.86 71,000 201,890 PACIFIC ONLINE PH RESORTS GRP 0.95 0.96 0.95 0.96 0.92 0.96 1,204,000 1,126,340 0.58 0.59 0.57 0.6 0.57 0.59 20,068,000 11,724,140 PREMIUM LEISURE 6.45 6.47 5.97 6.48 5.97 6.45 1,662,500 10,434,454 DIGIPLUS PHILWEB 1.72 1.79 1.76 1.8 1.7 1.72 247,000 428,160 0.168 0.17 0.174 0.174 0.167 0.17 1,390,000 235,370 ALLDAY ALLHOME 1.48 1.5 1.48 1.5 1.42 1.48 2,051,000 2,970,700 1.16 1.17 1.17 1.17 1.16 1.16 75,000 87,700 METRO RETAIL 26.85 26.9 26.9 27.5 26.9 26.9 2,341,500 63,375,700 PUREGOLD ROBINSONS RTL 40.95 41 42.35 42.35 40.2 41 1,215,300 50,004,705 76 80 80 80 80 80 40 3,200 PHIL SEVEN CORP SSI GROUP 2.68 2.7 2.71 2.71 2.68 2.7 271,000 730,780 UPSON INTL CORP 1.55 1.69 1.7 1.72 1.69 1.69 91,000 154,520 19.68 19.8 19.8 19.88 19.64 19.8 1,152,200 22,729,682 WILCON DEPOT APC GROUP 0.22 0.232 0.221 0.232 0.221 0.232 60,000 13,370 0.39 0.4 0.405 0.405 0.395 0.395 80,000 31,950 MEDILINES 0.187 0.194 0.191 0.192 0.186 0.186 1,480,000 278,080 PRMIERE HORIZON MINING & OIL ATOK 4.65 5.49 4.8 4.8 4.65 4.65 25,000 119,250 APEX MINING 2.47 2.49 2.44 2.5 2.43 2.49 1,788,000 4,417,050 3.2 3.21 3.2 3.2 3.2 3.2 65,000 208,000 ATLAS MINING BENGUET A 4.95 4.99 5 5.02 4.9 4.99 181,700 894,778 4.85 4.9 5.04 5.04 4.76 4.9 36,700 177,203 BENGUET B 3.11 3.2 3.15 3.2 3.15 3.2 105,000 330,970 CENTURY PEAK FERRONICKEL 2.59 2.6 2.57 2.6 2.55 2.6 406,000 1,047,680 0.036 0.038 0.036 0.038 0.036 0.037 4,400,000 158,700 GEOGRACE 0.089 0.09 0.089 0.09 0.088 0.09 250,000 22,040 LEPANTO A LEPANTO B 0.085 0.09 0.08 0.09 0.08 0.09 70,000 5,950 0.0048 0.0068 0.0048 0.0048 0.0048 0.0048 1,000,000 4,800 MANILA MINING B MARCVENTURES 0.99 1.01 1.07 1.07 0.99 1.01 924,000 935,650 0.53 0.59 0.53 0.59 0.53 0.59 31,000 17,570 NIHAO 5.35 5.39 5.4 5.41 5.32 5.35 571,300 3,061,239 NICKEL ASIA PX MINING 2.88 2.9 2.92 2.92 2.86 2.9 332,000 951,780 30.05 30.15 30.2 30.2 30 30.05 333,500 10,032,675 SEMIRARA MINING ENEX ENERGY 5.67 5.98 5.65 6 5.65 5.98 1,400 8,110 0.0084 0.0085 0.0085 0.0085 0.0085 0.0085 3,000,000 25,500 ORNTL PETROL A 0.0084 0.0089 0.0084 0.0084 0.0084 0.0084 3,000,000 25,200 ORNTL PETROL B PHILODRILL 0.0082 0.0087 0.0082 0.0082 0.0082 0.0082 1,000,000 8,200 3.2 3.21 3.17 3.22 3.08 3.21 177,000 549,470 PXP ENERGY PREFFERED ACEN PREF A 1,030 1,035 1,030 1,030 1,030 1,030 200 206,000 1,030 1,040 1,035 1,035 1,035 1,035 50 51,750 ACEN PREF B AC PREF AR 2,468 2,480 2,500 2,500 2,500 2,500 20 50,000 485 490 485 485 485 485 2,000 970,000 AC PREF B2R BRN PREF A 97.1 98.9 98.9 98.9 98.9 98.9 510 50,439 31.8 32.2 32.95 32.95 31.8 31.8 12,300 393,605 CEB PREF 89.05 90 90 90 90 90 37,700 3,393,000 DD PREF GTCAP PREF B 917.5 949 950 950 950 950 10 9,500 930.5 949.5 930.5 930.5 930.5 930.5 460 428,030 JFC PREF A 916 925 915 915 915 915 20 18,300 JFC PREF B MWIDE PREF 5 100.7 101 100.7 100.7 100.7 100.7 1,000 100,700 27.35 28.9 27.3 29.6 27.25 29.6 1,300 35,690 PNX PREF 3B PNX PREF 4 254 260 260 260 260 260 250 65,000 981 1,010 976 976 976 976 55 53,680 PCOR PREF 3B 72.05 73 73 73 72.05 72.05 13,000 938,420 SMC PREF 2F SMC PREF 2J 65 68.95 66 66 66 66 7,000 462,000 65.1 66.5 65 65.5 65 65.5 30,600 2,001,500 SMC PREF 2K TECH PREF B2C 42.5 46.95 42.5 42.5 42.5 42.5 5,000 212,500

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

TECH WARRANT

3.28 3.45 3.48 3.48 3.28 3.28 6,000 7.49 8 7.49 7.49 7.49 7.49 3,600

0.335

0.37

49,330 -384,620 684,340 -23,142,224 -65,960 -270,268 33,666,870 -10,833,545.00 13,020 -45,887,237 -20,241,325 -309,127 5,400 -96,765,030 432,260 877 -2,452,460.00 1,217,110 3,808,054 150 24,400 69,300 -850 -2,186,340 177,724 61,500 -955,920 -11,542,414 6,700 10,024,395 -3,600 -24,160 -4,781,720 -11,003,510 9,000 -1,921,892.00 -630,300 698,750 -58,931,932 30,120 1,250 2,070 142,250 -32,657,575.00 -56,400 1,763,140 1,722,906 -1,545,320 -9,151,130 -28,055,130 1,600 -194,190 -93,310 4,394,862 46,970 330,970 165,210 36,000 -11,210 -988,686 -2,559,015 -16,800 25,360 -103,000 -345,885 -

20,680 26,964

-20,680 -

SMALL, MEDIUM & EMERGING

0.415 0.425 0.41 0.42 510,000 212,950 -12,600 0.77 0.77 0.76 0.76 87,000 66,970 0.88 0.89 0.86 0.89 22,000 19,230 -4,400 0.77 0.77 0.71 0.75 16,000 11,560 1.09 1.1 1.07 1.08 933,000 1,015,180 0.229 0.229 0.227 0.227 1,060,000 241,460 -

EXHANGE TRADE FUNDS

94.65 94.65 94.1 94.2 8,360 788,460.50 -32,015

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.

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS MERRYMART XURPAS

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

FIRST METRO ETF

0.415 0.76 0.86 0.71 1.07 0.226 94.1

0.42 0.77 0.89 0.75 1.08 0.228 94.2

www.news.businessmirror@gmail.com

Banking&Finance

Low contribution of OFW SSS-members mulled over By Jovee Marie N. dela Cruz @joveemarie

HE chairman of the House Committee on Overseas Workers Affairs said the Lower Chamber is now studying a sustainable solution for the social security and welfare of overseas Filipino workers (OFWs) as the Social Security System (SSS) revealed that only 540,000 out of the 1.3 million covered OFWs are active contributing members. House Committee on Overseas Workers Affairs Chairman Ron P. Salo of Kabayan Partylist said his committee is now focusing on proposed measures to establish a dedicated pension system tailored exclusively for OFWs. Salo emphasized the creation of a distinct social security and retirement system specially designed for OFWs, in line with the aspirations expressed by OFWs during consultation. “One of the central pillars of this initiative is the intention to address the social protection needed by our modern-day heroes,” the lawmaker said. “This pension program seeks to provide them with a lasting solution for social security and welfare.” During a recent committee hearing, the SSS revealed that only around 540,000 are active contributing members of the 1.3 million covered OFWs, despite its compulsory coverage. “We sought to identify the challenges faced by SSS in implementing mandatory coverage so that we could address them in the proposed measure,” Salo said. “While the amended SSS law requires OFWs to be mandatorily covered and treated as self-employed members, our OFWs clamor for a distinct pension system exclusively designed for them—a framework

that acknowledges their unique circumstances, vulnerabilities, and contributions to our nation’s growth,” Salo added. According to Salo, the committee is now discussing House Bill (HB) 8574, or the Kabayan OFW Pension Bill, and three other bills on the same subject were discussed. “It would offer financial support in the event of job loss, disability, or death, providing a safety net for OFWs and their families during challenging times. Additionally, it would establish a retirement fund, enabling OFWs to secure social and financial protection in their old age, granting them the dignity and peace of mind they deserve,” he said. “We will consider the advice of DFA on the portability and exportability of social security rights, such that our OFWs will be able to carry their social security rights even if they move or work in another country, and that they will be able to receive their benefits abroad even if they are no longer working in the country where they earned their benefits,” Salo added. “We will make sure that the system will be accessible, sustainable, and that its risks will be managed well.” The lawmaker expressed gratitude for the substantial support received from the Department of Migrant Workers, the Department of Foreign Affairs, the Overseas Workers Welfare Administration and various OFW groups who he said helped ideate an OFW pension system. “By establishing the ‘Kabayan OFW Pension System,’ the government takes a significant step towards safeguarding the rights and welfare of OFWs. It is a testament to our dedication to protecting and empowering our modern-day heroes, who have contributed so significantly to our nation’s progress,” Salo said.

PNB inks deal with SG firm to enhance loan processing

This September 27, 2023, photo courtesy of the Philippine National Bank (PSE: PNB) shows (left to right): PNB First Vice President Constantino T. Yap; PNB First Senior Vice President Reynaldo C. Burgos; PNB Executive Vice President Cenon C. Audencial Jr.; PNB President Florido P. Casuela; Integro Technologies Pte. Ltd. CEO Shekhar Mullatti; ITPL Head of Banking-Sales and Alliances (Southeast Asia) Kumar Vaibhav; PNB FSVP Michael M. Morallos; PNB FVP Juliet S. Dytoc, together with the PNB Project Team, during the signing of an agreement at the PNB Financial Center in Pasay City. CREDIT: Philippine National Bank

HE Philippine National Bank (PSE: PNB) announced last week that its officials signed a Memorandum of Agreement with executives of Integro Technologies Pte. Ltd. (ITPL) last September 27 to further enhance the processing of business loan transactions. The initiative aims to install a system that will further streamline PNB’s end-to-end processes for business loan transactions. The goal is not only to make the workflow faster, but to also provide clients with more efficient access to their business loan applications through PNB’s secure online platform and branches, making loan transactions more convenient and hassle-free. “This project is a very important step towards creating a superior customer experience,” PNB President Florido P. Casuela was quoted in a statement the lender issued. “Our role is to be our customers’ partner in success and so we continuously look for ways to help them do business easier. “ ITPL stands as a cutting-edge and trailblazing provider of lending platforms, according to PNB. Their flag-

ship platform represents the result of more than twenty years of continuous refinement and the application of best practices, the lender added. PNB said ITPL’s lending platform has become “the preferred choice” for top banks in Asia and the Middle East as they work towards achieving their strategic objectives. With its headquarters in Singapore, ITPL operates delivery centers in various key locations, including Malaysia, Thailand, Vietnam, India, Indonesia and the Philippines. Integro Technologies operates as a subsidiary of Navi Mumbai, India-headquartered AurionPro Solutions Ltd. “We are excited to be PNB’s chosen partner to digitize and transform their corporate lending process,” ITPL CEO Shekhar Mullatti was quoted in the statement as saying. Mullatti added that the firm’s lending platform “is a ready compendium of best practices across leading banks in Asean and is already localized for the Philippines’ regulatory and business environment.” “We are confident it will enable PNB to optimize the risk-reward equation and improve customer experience,” he added.

BusinessMirror

Editor: Dennis D. Estopace • Monday, October 30, 2023

Consumption, housing spend drive loan appetite–BSP poll

By Cai U. Ordinario

@caiordinario

EMAND for bank loans is expected to increase this quarter with higher spending and investment from both households and enterprises, according to the Bangko Sentral ng Pilipinas (BSP).

Based on the outlook for the last quarter of the year in the “ThirdQuarter 2023 Senior Bank Loan Officers’ Survey” (SLOS), BSP said consumption as well as housing investment will drive loan appetite of households and enterprises. This was based on the diffusion index (DI) method used by BSP. A third or 36.7 percent of respondent banks noted an increase in demand for credit among households while 72.3 percent of banks noted that enterprises loan demand remained steady in the third quarter. BSP said households demand for loans are driven by higher consumption, housing investments, limited availability of other sources of funds, and more attractive financing terms

offered by banks. The data also showed there was a net increase in credit demand from across all firm classifications, due to customers’ improved economic prospects as well as increased inventory and accounts receivable financing needs. Meanwhile, credit standards may ease for households in the last quarter of the year, the BSP survey showed some tightening when it comes to loans extended to enterprises. The results of the SLOS showed that banks maintained their credit standards for loans to firms and households based on the modal approach. However, the diffusion index (DI) method used by BSP showed

some easing of credit standards for households this quarter and some tightening for loans extended to enterprises. “ T he DI met hod ind icated mixed results pointing to a net tightening of loan standards to businesses and a net unchanged lending standards for households,” the BSP said. Credit standards used to lend to households was unchanged in the third quarter because of the steady economic outlook; sustained profitability of banks’ portfolios; unchanged risk tolerance; and steady profile of borrowers. There are more banks that are expected to maintain their credit standards for household loans in the fourth quarter. This was due in part to improvements in the profitability of bank’s portfolios, among others. The credit standards used by banks for housing loans eased because of with improvement in profitability of banks’ portfolios and borrowers’ profiles. “Bank respondents’ expectations of a net easing in household credit standards in Q4 2023 mainly due to improvement in the profitability of banks’ portfolios and borrowers’ profiles along with banks’ higher tolerance for risk,” the BSP said.

In terms of Commercial Real Estate Loans (CRELs) of enterprises, the SLOS results, based on the DI method, showed there was a net tightening of the standards for this type of lending. The DI method showed there was a decrease in risk tolerance, deterioration of borrowers’ profiles and less favorable economic outlook. “Over the following quarter, a higher proportion of banks expect to retain their loan standards for CRELS based on the modal approach, while the DI method showed a net tightening of credit standards for CRELs,” the BSP said. The SLOS consists of questions on loan officers’ perceptions relating to the overall credit standards of their respective banks, as well as to factors affecting the supply of and demand for loans to both enterprises and households. The analysis of the results of the SLOS focuses on the quarter-onquarter changes in the perception of respondent banks. The responses for the second quarter of 2023 SLOS were gathered between September 4 and October 13 from 48 banks out of the total 62 bank participants. The response rate of 77.4 percent is similar to the percentage of respondents in the previous quarter.

Perspectives Current trends in remote working

VER the past three years, remote work has become an integral part of our working world. The ability to work from anywhere has transformed how we work, removing geographical limitations and reshaping the traditional officebased model. At the beginning of the journey, companies had to quickly react to support employees and maintain business continuity during the Covid-19 pandemic. As restrictions eased, employees began to recognize the value of location-independent work, leading to a growing demand for workplace flexibility. Today, while organizations continue to explore the approaches that best fit their talent and business needs, many have already embraced more flexible work models and are enjoying the benefits of a borderless workforce. The Philippines has witnessed the transformative impact of remote work, especially in the wake of the Covid-19 pandemic. This shift aligns with the Philippines’s tech-savvy workforce, where various sectors have embraced digital tools and online collaboration platforms. As a result, many businesses in the country have recognized the potential of remote work in attracting and retaining top talent, especially in industries facing talent shortages. “With the increasing demand for skilled professionals, remote work presents an appealing option for employers in search of talent and employees keen on flexible work setups, KPMG in the Philippines Tax Partner and Global Mobility Services Country Lead Karen Jane S. Vergara-Manese said. “As Philippine organizations adjust to evolving work environments, it’s crucial to concentrate on revising policies, streamlining procedures, and embracing technology-driven solutions.” In light of the continued dynamic development of remote work, this study aims to gain insights into where companies are on their journey today and validate the findings from the “Current trends in remote working” survey conducted two years ago. 1. Remote working policies continue to increase. Comparing the results from two years ago, the number of companies that have introduced a policy or standard for remote work has increased by more than 10 percent. Today, almost

half of the respondents (48 percent) have introduced a policy or standard, while about a quarter (27 percent) are planning to do so. Some of the respondents (11 percent) are allowing for remote work but don’t have a policy or standard in place. Only a few (7 percent) indicated they do not plan to introduce remote work. 2. Remote work is talentdriven. The primary driver for implementing remote work arrangements remains the employee demand for workplace flexibility (73 percent). While Covid-19-related reasons have become less influential, talentrelated drivers such as improving employer attractiveness (53 percent), bridging talent shortages (38 percent) and gaining better access to skills (27 percent) have increased in importance. Only a few respondents cited cost savings (14 percent) or reduced carbon emissions (3 percent) as the reasons for adopting remote working. The results indicate that remote working has become primarily driven by the need to attract and retain talent. Remote working is thereby establishing itself as an important part of the talent strategy, especially in industries that face talent shortages. Where organizations are purposefully using remote working as part of their talent agenda, workplace flexibility is actively communicated in job postings and advertised in recruitment publications. 3. HR and Global Mobility are responsible for international remote work. The governance models of international remote working continue to evolve, including which functions hold primary responsibility for managing the international remote working programs. Compared to our 2022 study, the findings reveal that this responsibility increasingly sits with HR and Global Mobility functions. The tax departments, who often found themselves deeply involved in the management of cases during the initial waves of Covid-19 related remote working, are now less frequently responsible for the ongoing management of the programs. 4. When remote work crosses borders, short-term arrangements remain the most common approved type. Most of the respondents indicated their company allows for remote work-

ing within country borders (73 percent). When it comes to cross-border remote working, short- term arrangements remain the most common type, with over half of the respondents (52 percent) considering or implementing temporary arrangements of up to 90 days per year. Around 20 percent of respondents are considering hiring abroad or facilitating virtual assignments. Longer-term international remote work arrangements of more than 90 days continue to be least common. 5. Compliance-related challenges continue to be the primary concern. According to the latest study, most companies (82 percent) identify tax and legal compliance as their biggest challenge when it comes to implementing remote working. Similarly, 65 percent of companies cite managing the risks associated with creating a permanent establishment, while 26 percent mention immigration restrictions as the main hurdle. Aside from compliance-related challenges, respondents also identified challenges relating to implementing and administering a remote work program itself. These include establishing robust processes and governance (43 percent), tracking days spent abroad, (30 percent), and ensuring clear communication of guardrails and policies. 6. Most companies rely on caseby-case assessments to help reduce compliance risks. In light of the continued compliance challenges, the question remains: what measures are being introduced to effectively manage the associated risks? The majority of respondents (59 percent) conduct case-by-case assessments, while almost half (46 percent) have introduced policy limitations to set clear guardrails that at least partially reduce the need for individual case assessments. Some companies use specialized tools to track remote work requests (16 percent) or run automated risk assessments (6 percent). The results show that most organizations currently rely on manual processes for managing their remote working programs. Only a small number with more advanced programs have implemented technology-based or automated solutions. This is not entirely surprising as the level of process automation

will vary from one organization to the next. Each company trying to answer the question of whether to implement technology will need to evaluate factors such as the number of cases they experience, the degree of program standardization and the level of complexity embedded within their processes. 7. In 2023, most companies are focusing on implementing governance and processes for their international remote work programs. When we asked the participants about their top priorities in the coming months, the majority expressed their willingness to focus on implementing governance and processes for international remote working. Additionally, a third of participants (33 percent) are planning to introduce formalized policies. More than 60 percent of participants prioritize updating and expanding their existing programs. This includes focusing on different types of remote working (31 percent) or reviewing and updating existing policies (31 percent). Around 20 percent of participants are seeking to automate their processes or implement a technology-based solution. While “Work from Anywhere” is here to stay, it will likely continue to evolve. As the study suggests, even though we are only at the beginning of the remote working revolution, companies are already reviewing their existing policies and looking at embracing new types of remote work arrangements. This trend is likely to continue as flexible working becomes an integral part of organizations’ talent strategies. The excerpt was taken from the KPMG Thought Leadership publication: https://kpmg.com/xx/en/ home/insights/2022/03/insights-on-currenttrends-in-remote-working.html © 2023 KPMG Int’l Ltd. is a private English company limited by guarantee. R.G. Manabat & Co., a Philippine partnership, is a member-firm of a global organization of independent member-firms affiliated with KPMG Int’l Ltd. All rights reserved. Email ph-kpmgmla@kpmg.com or visit www. home.kpmg/ph. This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity. The views and opinions expressed herein are those of the author and do not necessarily represent the BusinessMirror, KPMG International or KPMG in the Philippines.

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TURKEY’S 100-YEAR JOURNEY:

Triumphs, trials, and the road ahead

THE Hagia Sophia in Istanbul, Turkey. MONTICELLLO | DREAMSTIME.COM

By Cinar Kiper & Suzan Fraser | The Associated Press

quake in February, lax enforcement of building codes was blamed for the widespread destruction. Some of Erdogan’s more ambitious projects have also been points of political contention, from the giant palace built for the president in Ankara to smaller luxury palaces built around the country. His most ambitious proposal yet, a grand canal through Istanbul, has raised fears of harm to the environment and local ecosystem.

HE Turkish Republic, founded from the ruins of the Ottoman Empire by the national independence hero Mustafa Kemal Ataturk, turned 100 on October 29. Ataturk established a Westernfacing secular republic modeled on the great powers of the time, ushering in radical reforms that abolished the caliphate, replaced the Arabic script with the Roman alphabet, gave women the right to vote and adopted European laws and codes. Turkey has, however, taken on a more conservative character under the two-decade-old rule of President Recep Tayyip Erdogan, whose party has roots in the country’s Islamic movement and who has become Turkey’s most influential leader since Ataturk. The centennial offers Erdogan, re-elected for a third term in May, a chance to redefine the country and propel it into a new era he has dubbed “Turkey’s Century.” Here is a look at some of the republic’s greatest accomplishments, and controversial realignments as it embarks on its second century.

RELIGIOUS IDENTITY

THE secular vs. conservative debate remains one of the most contentious cultural divides in Turkey. Ataturk, the nation’s founding father, envisioned a secular country as a prerequisite to modernity. Over the decades, the separation of religion and state became a deeply ingrained ideology. The country went on to impose bans on headscarves in schools and public institutions, brought restrictions on religious education, adopted liberal policies on alcohol, and even converted the main Ottoman imperial mosque, the Hagia Sophia, into a museum. All these policies have been reversed under Erdogan, who has shifted the country toward conservatism.

Now official functions open with prayers, the Directorate of Religious Affairs has been given a budget which dwarfs most ministries, the number of religious schools have increased and even Erdogan’s unorthodox economic policy of reducing interest rates abandoned recently—was justified on religious grounds. “Ataturk was a...top-down politician who believed in social engineering and he wanted to refashion Turkey as a secular, West-facing, European society,” said Soner Cagaptay, an expert on Turkey at the Washington Institute and author of several books on Erdogan. “Erdogan, too, believes in topdown social engineering. While his method is similar to that of Ataturk, his values are almost the exact opposite.”

DIPLOMACY

THE Western-oriented country joined NATO in 1952 and is officially a candidate to join the European Union—although the membership negotiations have now come to a standstill. Turkey’s interests generally aligned with those of Western countries for much of the 20th century. In recent years, however, Turkey has adopted a much more assertive foreign policy which aims to extend Ankara’s reach both regionally and worldwide. This new independent diplomacy is just as likely to pit Turkey against Western interests as it is to align with them. One recent point of tension between Turkey and the West has been in Syria, with Turkey frequently launching attacks against local Kurdish forces which Europe and the United States consider allies

CHALLENGES

TWO women pass by a poster in the backdrop showing an image of Mustafa Kemal Ataturk, to commemorate the 100th anniversary of modern Turkey, in Istanbul, Turkey, Wednesday, October 25, 2023. AP/EMRAH GUREL

and Turkey considers as off-shoots of the outlawed Kurdistan Workers’ Party, or PKK. Turkey now controls large swaths of territory in Syria and speaks of creating a buffer zone along its borders with Syria and Iraq against Kurdish fighters. Following Russia’s invasion of the Ukraine, both Sweden and Finland decided to abandon their long-standing neutrality and join NATO. Yet Turkey became the main holdout against Swedish membership, accusing Sweden of being too soft toward the PKK and other groups outlawed by Turkey. Turkey’s new, pragmatic foreign policy also extends to its relations with Russia, a major trading partner. While most NATO countries took a strong stance against Moscow over its invasion of Ukraine, Ankara has maintained close ties even as it opposes the war. While impeding NATO’s cohesion, Turkey’s non-alignment does put it in a unique position where it can act as mediator in global conflicts, including the war in Ukraine. Cagaptay sees similarities in Ataturk’s and Erdogan’s goals of wanting to turn Turkey into a great power. But whereas Ataturk decided to embrace and copy policies

of European powers of the time, Erdogan “has no interest in folding Turkey under Europe and believes he can achieve this on his own,” Cagaptay said.

DEFENSE INDUSTRY

TURKEY faced arms embargoes after its 1974 invasion of Cyprus following a coup by supporters of union with Greece, and over its military offensive against Kurdish groups. More recently the country was kicked out of a US-led fighter jet program over its purchase of a Russian missile defense system that angered NATO allies. Restrictions on arms sales, however, are becoming less and less of a burden, because of Turkey’s burgeoning domestic arms industry. Turkish officials maintain that Turkey’s defense industry has grown from 20 percent domestic production to 80 percent. This “local and indigenous” production ranges from rifles and tanks to assault ships and a new fighter jet, Kaan, which is planned to fly in 2028. Turkey has also become a major exporter of arms, most notably its domestically manufactured combat drones. Turkish-manufac-

tured drones have made it into the arsenals of many countries, including Ukraine, the United Arab Emirates, Poland and Azerbaijan. Bayraktar drones, owned and designed by the family of Erdogan’s son-in-law Selcuk Bayraktar, have proven particularly effective in the Ukraine war.

MODERNIZATION

ATATURK’S reforms and drive to modernize helped pull Turkey out of the deep poverty it suffered when the Ottoman Empire collapsed. Today, the country is a member of the Group of 20 most developed nations. The Erdogan era has become synonymous with a far-reaching construction boom. Highways, bridges, tunnels, pipelines, airports, hospitals and countless residences have all sprung up around the country. This new infrastructure is such a source of pride and legitimacy for Erdogan’s government that it is frequently brought up on the campaign trail. With Turkey actively encouraging the construction boom, critics say the government has adopted a careless attitude toward its regulation. After a devastating earth-

TURKEY’S previous hundred years witnessed military coups, economic crises and a succession of often unstable governments. Today, it faces a host of unresolved issues, including the fight against Kurdish rebels, which has been going on for four decades and doesn’t look any closer to resolution despite daily military operations in Turkey, Syria and Iraq. Turkey’s assertive foreign policy means its relations with neighbors swing violently between friend and foe. The recent shift from a parliamentary system to a presidential one further eroded checks and balances, consolidating authority in the president’s hands. Its democratic backsliding, especially since a failed coup in 2016, frequently grabs international attention and seriously endangers its bid to join the EU. Transparency International ranks Turkey 101 out of 180 countries in corruption. Reporters Without Borders ranks Turkey 165 out of 180 countries in press freedoms, down from 149 the previous year. Last year, the Economist Intelligence Unit ranked Turkey 103 out of 167 in its democracy index, classifying it a hybrid regime between an authoritarian state and a flawed democracy. In addition to all this, its economy has been facing a serious downturn in recent years, with inflation in the high double digits. Most experts forecast that inflation will be further exacerbated by the high costs of reconstruction following the earthquake that killed 50,000 people.

Style

BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos • Monday, October 30, 2023

Furne Amato: Immaculate, intricate, impeccable

NOERDEN LIZ Smart Bottle 480ml in Black

2023 WRAPPED: GIVE THE GIFT OF COOL WITH AWESOME PRESENTS

ND Furne One of Amato Couture was the last designer standing. In what was supposedly a rekindling of Clash of the Titans that ensued at the Waterfront Cebu City Hotel in 2018, when five internationally renowned Filipino designers were showcased in World CLASS, only Furne remained to go it alone with his Immaculate Machinations. CLASS stood for Cinco, Michael; Libiran, Francis; Amato Couture; Santos, Ezra; and Santiago, Cary. It was the Philippines’ modern answer to the “Battle of Versailles” in 1973. Versailles had Marie-Hélène de Rothschild, the doyenne of French society, presiding over the festivities. In Cebu, it was Cary, the best Filipino designer practicing in the country, holding court. As the brainchild of the now-epic event, he was able to gather creatives from Manila and Cebu at the Pacific Grand Ballroom. Back then, it was easy for Cary to convince the other designers to participate in his dream show: “Michael and I were roommates in Dubai. We then invited Furne to join us. Ezra was already a name there, though he looks younger than us. Francis is a social-media darling, after his stint at America’s Next Top Model.” Furne, a native Cebuano like Cary, said at the time: “Who could say no to being a part of such a prestigious rare gathering of the country’s most talented and acclaimed artists? For as long as I can remember, we Filipinos have looked up to the designers of Paris and Milan. This is where we can show our fellow Filipinos that we, too, are capable of creative, beautiful, world-class garments to represent the Philippines and make the country proud.” This time, however, the odds of having the Fab Five under one roof again on October 22 was not in Cary’s favor. Due to scheduling conflicts, Cinco and Santos begged off. And because of creative differences, Libiran backed out. Cary himself opted to wear his producer’s hat. Cary had to coax Furne to rise up to the challenge of going solo at the Waterfront, which was also celebrating its 25th anniversary. The Dubai-based designer had some trepidation, though. “I had the feeling that I was an outsider. It had been a long time that I did a solo show. So, I had to sit in at all the meetings to discuss the direction, the lights, the set, the music, everything. I’m not a believer of ‘less is more.’ You know me,” the ebullient designer laughs. “My solo show was supposed to be next year. But Cary persuaded me to do it now. He told me: ‘Yes na! Yes na!’ So I had no choice,” an amused Furne shares. He titled his show Immaculate Machinations, alluding to a plot. Perhaps it was a path or a plan to being pure and chaste, with the ensembles in various permutations of white and whiter shades of pale. The set was decorated with angels; hands that symbolize Michelangelo’s Creation of Adam, the fresco at the Sistine Chapel ceiling where God reaches out to Adam; and the Sacred Heart of Jesus. The heart is also his brand’s emblem. In 2002, Furne opened his first boutique, Amato Couture, in Dubai. “Amato is Italian for ‘beloved.’ The demand then was for bridal finery, and the word seemed a fitting name for my new venture. It clicked! Then I started designing party dresses for my

‘IMMACULATE MACHINATIONS’ Furne One with muse Marina Benipayo; Jasmine Maierhofer-Patrimonio; Gazini Ganados; Erik Visser; Ria Bolivar. PHOTO BY EVENT PHOTOGRAPHERS CEBU (EPIC)

growing clientele.” Furne was supposed to create only 10 pieces if there were five of the original designers. “But I made 15 looks just to be sure in case there were fitting issues and some dresses needed repairs,” he says. “There was also a moment when Francis and I would do a sort of face-off, so we were asked to do 25 pieces each. That was still OK since I only have to do 15 more.” But when it came down to only him, Furne had to deep dive into his archives to come up with 50 looks. So, the pieces that adorned pop divas such as Jennifer Lopez (on Marjay Ramirez), Katy Perry (on Tracy Maureen Perez) and Beyonce (on one of the “bald” models) were once again showcased. Intricate, exquisite, always impeccably constructed, Furne’s creations are wearable artworks. Among the fantastic outfits were the ones worn by Gazini Ganados (patterned sequins, crystal necklines and cape, ruffles); Bea Luigi Gomez (puff sleeves, embroidered, crystallized bodice with fabric halo with patterned sequins); Ria Bolivar (acrylics, bead works, laser cuts, Fountain of Youth headpiece); Jasmine Maierhofer-Patrimonio (laser cuts, acrylics, organza and fur coat) and the menswear (matte leather, patent leather, lace, crepe pants, neoprene jackets, beaks like birds). The spectacular show was divided into four segments:

Cold, Warm, Crystals and Sculptures. It was directed by Junjet Primor. Hair and makeup by Jojo Dantes-Padua, Ginno Alducente, Emi Ayag, Carla Fuentes, and Jomer Arances. Jewelry was provided by Diagold. For his spine-tingling portion in World CLASS, Furne was inspired by the ornate architecture of cathedrals, Catholic vestments and religious iconography for his “Amor Vincit Omnia” collection, which means “Love Conquers All” in Latin. The finale piece, worn by the magnificent Marina Benipayo who sent the audience to its feet, was an “iconic fabric sculpture created with rows of ruffled tulle in various sizes.” The finale embodied angel wings with its curved sleeves and statement headpiece. In Immaculate Machinations, Marina again served as the finale: “The approach is like an eerie doll. She wore an ensemble of ruffles made of horsehair with beads and crystals,” Furne says. Does he have any plans of practicing his craft again in Cebu like his good friend Cary? “Before the pandemic, I had plans of going into semiretirement. In Dubai, I always worried about how to pay bills, whereas life in Cebu is more relaxed. I’m nearing my senior years. So I would have loved to just fly in and fly out for special clients. But I have to look for capital if I want to be based in Cebu, because life is beautiful here.” ■

Skincare talk: When should you start using retinol? I FIRST tried the brand Dermalogica during the pandemic. The first three products I used were the Special Cleansing Gel, the Daily Microfoliant, and the Skin Smoothing Cream. Before this, you could never make me use a physical exfoliator but Daily Microfoliant is a superfine powder exfoliant that’s gentle on the skin. It changed my mind about physical exfoliation. Daily Microfoliant can be mixed with water to form a paste or into your cleanser. I do both methods and they both work well. The ingredients of the Daily Microfoliant include rice and papaya enzymes to gently slough off dead skin surface cells, salicylic acid for clogged pores, and oatmeal, gingko, licorice and camellia to soothe the skin. The fact that I’m on my second full size bottle of the Daily Microfoliant proves that it’s effective, if a little bit pricey. I recently sat down with Jodi Ayre, area international corporate training manager, Asia Pacific, for Dermalogica, and she talked about one of the brand’s new products. “The Dynamic Skin Retinol Serum has a 3.5 percent retinoid complex and squalane. It has three types of retinoids, including granactive retinoid. This is a stable retinoid ester that reduces fine lines, wrinkles, pores, and the appearance of dark spots, as well promote as skin smoothness,” said Ayre. Ayre said before using a retinol, it is important

to consult with a skin therapist. Once you’re on the product, it’s also important to ditch other exfoliants and actives, and wear sunscreen as retinols and retinoids increase photosensitivity. She also advises first-time retinol users to use it every two to three days (at night) instead of everyday. However, there are no hard and fast rules about this. “The Dynamic Skin Retinol Serum was designed for use everyday. However, as you grow older, the skin’s capacity to absorb retinol becomes lower. You can use it gradually until you get to a point when you can use it on a daily basis,” said Ayre. Ayre talked about the current prejuvenation beauty movement among younger people, which includes treatments designed to increase collagen production, support elastin function, and preserve facial volume.

“They [those in their 20s and 30s] can start using retinol as long as they double cleanse, hydrate their skin, and use SPF. But everyone’s skin is different. So we at Dermalogica take the personalized approach to skincare. We talk to you and get to know you to get a solid understanding of what your skin needs.” For instance, Ayre said she can use the Dynamic Skin Retinol Serum everyday but maybe not every person can tolerate retinol with the same frequency. At Dermalogica, the number of steps for a typical skincare routine is usually 3-4. It starts with cleansing and ends with moisturizing. “In between that, there might be regular exfoliation and toning,” said Ayre. Dermalogica prides itself on its personalized approach to skincare. Face Mapping is a complimentary service they offer to help their customers find the products that will work for them. Face Mapping reveals a person’s skin type skin type and possible underlying causes of skin conditions they might have. These insights drive the recommendations the skin therapists make in every personalized Skin Fitness Plan. For instance, before I consulted with Senior Training Manager Tin Conde, I just thought my skin was just oily. It is, in fact, oily but dehydrated. If you’d like to try Dermalogica products or Face Mapping, they have a pop-up at Power Plant Mall in Makati until December.

THE year 2023 flew by in a jiffy. The online universe has gifted us with trends that not only make super cool online videos, but inspires great Christmas presents as well. So, for this year’s holiday offering, Rustan Marketing Corp. (RMK) goes viral, featuring a wide selection of brands, including Max Factor, Artdeco, Sally Hansen, VS Sassoon, BaByliss, Nuxe, Bond No. 9, Hanes, Furla Fragrances, Anne Klein Watches, American Tourister, High Sierra, Nine West Footwear, Dune Footwear, Maison Margiela, Givenchy Fragrances, Champion, Jack Nicklaus, Beka, Tefal Cookware, Jata, Oneida, and Noerden. ■ MAKEUP AND BEAUTY TREND MADNESS. In recent years, the ever-evolving landscape of beauty trends has redefined the way we approach our beauty routines. Delight your loved ones by offering them a chance to embrace these innovative trends with carefully selected gifts. Help them achieve the coveted ‘Tomato Girl Makeup’ look, radiating a sun-kissed flush and rosy glow, by gifting Max Factor Pure Infused Cream Blush and Facefinity Blush in Lovely Pink or Nude Mauve. For those who love to experiment with different styles, encourage them to explore the trendy ‘Latte Makeup’ look. Artdeco provides a rich array of eye makeup options, including Artdeco Eyeshadow Matt in Dark Grey Mocha (524), Artdeco Eyeshadow Pearl in Elegant Brown (208) or in Pearly Light Brown (16). Add the finishing touch with Artdeco Soft Eyeliner Waterproof in Warm Dark Brown (12) and Artdeco Perfect Color Lipstick in Classic Elegance (827), Dark Cinnamon (842), or Misty Taupe (208) to create a look reminiscent of a warm latte. As we delve deeper into this year’s beauty trends, let’s not forget the allure of #MermaidHair. Achieving those mesmerizing waves is a breeze with VS Sassoon’s Rechargeable Mini Curler which allows them to curl their hair anytime and anywhere. To complete their look, introduce them to Nuxe Huile Prodigieuse Neroli, the first certified organic multi-purpose dry oil for shinier hair without an oily finish. ■ FINDING YOUR UNIQUE LOOK. In the world of fashion and personal style, there’s a wide array of style aesthetics to explore, each offering a unique perspective on individuality. From the delicate grace of Balletcore to the vibrant allure of Barbiecore, the rustic charm of Cottagecore, and the comfortfirst approach of Normcore, these style aesthetics provide a canvas for experimentation and the discovery of one’s very own fashion identity. We love how Barbie represents self-love and empowerment. RMK’s selection of all things pink is the ideal gift to light up your loved one’s day. From the irresistible Furla Autentica Eau de Parfum, with its joyful burst of sparkling and juicy notes leading to a soft heart of peony and cherry blossoms, to the Anne Klein Rose Gold Round Watch featuring a light pink dial and rose gold bracelet, these items add a touch of elegance and feminine charm to their ensemble. For a more relaxed and refined appearance, encourage them to opt for simple and understated Normcore essentials. The Champion Japan Line Zip Hooded Sweatshirt combines timeless comfort with eco-friendly materials, ensuring a sustainable yet cozy look. Elevate their everyday style with the Jack Nicklaus Birdseye Chest Stripe Polo, featuring a UV protection and StayDri Moisture Wicking technology. Lastly, for a truly effortless Normcore charm, Givenchy Gentleman Givenchy Eau de Toilette is a delicate yet dauntless fragrance, creating a timeless trail for the modern man who exudes refinement without ever seeming to try. ■ NON-TOXIC HOME ESSENTIALS. As the holiday season approaches, the joy of making lasting memories with loved ones right at home is truly significant. Consider gifting them items that not only enhance their daily lives at home but also prioritize their well-being with non-toxic features. Elevate their cooking experience with the Beka Mandala Wok Pan 28cm, a high-quality iron wok with a ceramic non-stick coating that is completely PFAS-free, ensuring their culinary adventures are not only delicious but safe. Finally, keep your eco-conscious loved ones well-hydrated and equipped with the Noerden LIZ Smart Bottle. This clever bottle self-cleans with built-in UV sterilization and keeps beverages at the ideal temperature with its vacuum-insulated stainless-steel body. All brands are exclusively distributed by Rustan Marketing Corp. Available in leading online shopping sites and department stores nationwide.

VS SASSOON Rechargeable Mini Curler

Monday, October 30, 2023

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HONOR PHL BAGS 5 AWARDS FOR MARKETING EXCELLENCE

IN the photo are, from left, HONOR Philippines PR Manager Pao Oga, Vice President Stephen Cheng, Brand Manager Joepy Libo-on, and Sr. PR Officer Denis Santos at MEA 2023

EADING smart devices provider HONOR Philippines won big time at the Marketing Excellence Awards 2023 on October 13, 2023, taking home a total of five awards, four Gold and one Silver. The prestigious event was initiated by Marketing-Interactive and the entries were judged by a diverse pool of marketers around the country. “To go up against some of the most established brands in the country and to be chosen as a nominee is an achievement in itself. We never expected to win the major awards as this was our first time joining. These awards go to our ever-loyal HONOR

HONOR Philippines wins Silver in Excellence in Viral Marketing, Gold in Excellence in Content Marketing, Excellence in Experiential Marketing, Marketing Leader of the Year, and Marketing Team of the Year

fans who inspire us everyday to be better and to do better,” said Stephen Cheng, Vice President of HONOR Philippines. Banking on the massive success of HONOR X9a 5G, HONOR Philippines won silver in Excellence in Viral Marketing, Gold in Excellence in Content Marketing and Excellence in Experiential Marketing. The tech brand also swept the talent awards bagging Gold in both Marketing Leader of the Year (Stephen Cheng) and Marketing Team of the Year! Overall, HONOR Philippines was tied with SM Supermalls in second place for the highly-coveted Marketer of the Year

Award and was also a finalist to four more categories; Excellence in Brand Strategy, Excellence in Communications/Public Relations, Excellence in Launch Marketing, and Excellence in Social Media Marketing. Make sure to follow HONOR for more exciting updates and announcements via: website www.hihonor.com or social media platforms: Facebook (Facebook.com/ HonorPhilippines), Instagram (Instagram. com/honorph/) and TikTok: (Tiktok.com/@ honorphilippines). To check out HONOR’s complete list of retail stores, go to https:// www.hihonor.com/ph/retailers/.

Enchanted Kingdom marks 28th year of creating magic for the Filipinos

NCHANTED Kingdom (EK), the first and only world class theme park in the Philippines, marked its 28th year of creating and providing magical experiences and memories that last a lifetime for the Filipino last October 19, 2023 in Santa Rosa, Laguna. The theme park opened its gate to the public in 1995 and started with seven meticulously themed zones interspersed with food, merchandise outlets, kiosks, and various skill games. Almost three decades after it opened, EK grew to nine themed zones which house more than 30 rides and attractions, 13 entertainment shows, 21 gift shops, 11 event venues, and the AGILA the EKsperience, the first and only flying theater in the Philippines. More than just a themed amusement park offering thrill and excitement, the theme park also provides educational entertainment (edutainment) to guests of all ages, especially students. With the upcoming 28th anniversary celebration, EK Chairman and President Mario O. Mamon shared the humble beginnings of the theme park during the Philippine Tourism Investment Summit 2023. “Why invest in tourism, specifically a theme or amusement park? Because there were no honest to goodness theme parks in the country at the time that we started planning. There were none of the scale, magnitude and qualities similar to theme parks

like Knott’s Berry Farm & Disneyland in California,” Mamon explained. “Most especially, we wanted to provide Filipinos the opportunity to obtain the ‘authentic theme park’ experience without necessarily having to travel abroad to do so,” he continued. But as in any pioneering venture, Enchanted Kingdom faced many internal and external challenges over the years, hence EK’s “roller coaster history”. When the construction took place from 1992 to 1995, theme or amusement parks were not in the Investment Priorities Plan (IPP) of the Board of Investments (BOI) and the government. Mamon said that the enactment of Republic Act No. 9593, or “The Tourism Act of 2009,” gave EK a ray of hope for their future development plans as “theme parks” were then specifically included as a tourism enterprise. “The decade after RA 9593’s enactment were our growth years wherein we increased not only our attendance but also our land area with the end in view of transforming the standalone facility into a multi-day, multi experiential ‘integrated attractions destination,’ similar to what other parks were doing all over the world. We decided to put our plans into motion in 2019 by applying for TIEZA accreditation to become both a Tourism Enterprise Zone (TEZ) and a Registered Tourism Enterprise (RTE),” Mamon narrated.

Mighty Bond Anti-Clog Tech now available in the market

IGHTY BOND, one of the leading brands from Pioneer Adhesives Inc., is an advanced cyanoacrylate adhesive (instant glue/ super glue) that provides an exceptionally strong bond in seconds on a wide variety of substrates. Introduced in the Philippines in the early 80s, Mighty Bond is still highly popular among Filipino households for being a reliable and efficient ally, especially for emergency repairs and

in saving well-loved items. Due to insistent public demand and to provide the innovative, ever-trusted product, Pioneer Adhesives recently introduced the newest Mighty Bond line: the Mighty Bond Anti-Clog Tech. The revolutionary super glue comes with whole new features: a flow-back mechanism that reduces clogging so you can use it even more times and store it longer, a patented applicator so you can

However, after TIEZA granted EK the seal of approval in 2020, the pandemic occurred. Still, EK bravely proceeded with the delivery and installation of their latest ride attraction, working collaboratively with TIEZA, all during the early lockdown phase of the pandemic. As the impact of the pandemic eased by 2022, the tourism sector slowly recovered and regained its vibrancy. In fact, EK was cited by the government of Laguna for generating the highest number of same day visitors in 2022. The recognition was conferred during the provincial government’s celebration of the National Tourism Week 2023 at the Cultural Center of Laguna. According to Chief Operating Officer Dr. Cynthia R. Mamon, the world class theme park is steadfast in enhancing its products and services to create magical experiences for all its guests. “Enchanted Kingdom is committed to our vision to be the Philippine leader in wholesome family leisure and entertainment. The recognition will serve as an inspiration to EK to always be the best channel of magic to every Filipino. We hope that in continuing to give our best, we are able to contribute to the betterment of our immediate community here in Laguna,” said Dr. Mamon. Beyond its 28th anniversary, Enchanted Kingdom is committed to reinforce and foster Filipino pride through its forthcoming Cultural Village, which will highlight rides and attractions focused on Filipino culture and history. EK is also working its magic in bringing their guests an enhanced and dining experience with branded dining outlets planned for the EK Portico area, located just beside the front gate of the park. Lastly, EK announced that starting December 17, the theme park will open its gates every day of the week and continuously provide wholesome family leisure and entertainment especially during the holiday season. For more information about this celebration and other upcoming events, visit https://www. enchantedkingdom.ph/ and EK’s official social media accounts @enchantedkingdom.ph for Facebook and Tiktok, and @ek_philippines for Twitter and Instagram. apply the glue precisely, without worries of a spill, plus, a stand-up tube for easier storage. Mighty Bond works on almost all materials, such as metal, rubber, leather, wood, porcelain, and plastics (except Polypropylene and Polyethylene). To make the most of your Mighty Bond AntiClog Tech, make sure that the surface of items to be bonded are clean and dry, and that they fit closely. For fast cure, use one drop per sq. inch. Do not use too much as this increases drying time. Mighty Bond cures in seconds with full bond strength in 24 hours. Your emergency repair buddy is guaranteed to glue broken objects together in seconds. And the bonus? It sells at P89.00 only for 3g per tube. Available at all leading supermarkets and hardware stores nationwide.

Crowne Plaza Manila Galleria Unveils the Milestone Lounge

ROWNE Plaza Manila Galleria, an IHG hotel, recently opened its Milestone Lounge on the 4th level of Robinsons Galleria. The Milestone Lounge, which also offers a seamless access from the hotel, is open 10 am to 7 pm daily. A Crowne Meetings and Events expert will be ready to take guests’ inquiries throughout the day. This was followed by a mini bridal fair at the Ruby Ballroom on October 21, 2023 featuring partner event planners and suppliers. The event was attended by couples, some of whom have secured dates for their big day in the following year. The two-day affair culminated in a Chinese lauriat-style lunch, masterfully prepared by Xin Tian Di’s executive chef, David Chu. It aimed to showcase its expertise in Chinese cuisines, perfect for Chinese weddings or Ting Hun ceremonies. Crowne Plaza Manila Galleria takes pride in having the most spacious ballroom in Ortigas, with a capacity of 1,200 persons. It’s an ideal venue for any life celebration or business conferences. Complement it with culinary delights from its chefs that prepare the same dishes in Crowne Plaza’s award-winning and top-rated restaurants, Seven Corners and Xin Tian Di.

The grand ballroom is set to undergo refurbishment, with an expected completion in the second quarter of 2024. The management sees no interruption to business during the course of the renovation. Patria Puyat, the general manager, welcomed guests and talked about the other milestones that are on the horizon for these two iconic hotels of Ortigas. “We have been serving guests for three decades now, with 30 years for Holiday Inn Manila Galleria and 18 years for Crowne Plaza. We would like to assure our customers that despite our hotels undergoing major transformations, the people, service, food, and experience remain the same or have even improved. Just like the good old days, but even better,” Puyat adds. Both Crowne Plaza Manila Galleria and Holiday Inn Manila Galleria have been undergoing significant transformations since 2019. Puyat announced a reimagined experience in these two hotels. The guest rooms that are being transformed to align with the distinct identities of the two brands—where the joy of travel begins at Holiday Inn Manila Galleria and the fun that does not end when business begins at Crowne Plaza Manila Galleria.

VETERANS BANK CHAIRMAN SPEAKER AT EMERGING MARKETS FORUM In the recent 16th Global Meeting of the Emerging Markets Forum held in Marrakesh, Former Secretary of Finance and the current Chairman of Philippine Veterans Bank, Dr. Roberto F. de Ocampo was invited to speak and be one of its panel members. This year’s Global Meeting brought together about over a hundred prominent policy makers, private sector leaders and intellectuals from around the world to discuss key issues on emerging markets and developing economies. The Forums’ co-chairs are Montek Singh Ahluwalia, Former Deputy Chairman, the Planning Commission of India; Masatsugu Asakawa, President, Asian Development Bank (ADB); Michel Camdessus, Former Managing Director, IMF; Enrique Garcia, Former President and Chief Executive Officer, CAF - Development Bank of Latin America; Liqun Jin, Chairman and President, of Asian Infrastructure Investment Bank (AIIB) and Hiroshi Watanabe, Chairman, Japan Institute for International Monetary Affairs.

Southeast Asia’s biggest wine event to be held at Marriott Grand Ballroom in November

HE 20th Grand Wine Experience is more than just a wine and spirits event. It is a celebration of life, a toast to the future, and a tribute to the past. It is a symbol of resilience, of how we can overcome adversity and emerge stronger and better. This year’s theme is Bud Break, which captures the essence of renewal and optimism. Bud Break is the first stage of the grapevine’s annual cycle when the dormant buds burst into life and produce new shoots. It is a critical time for the vineyard, as it determines the potential yield and quality of the grapes. It is also a beautiful sight, as the green leaves contract with the brown branches and create a stunning landscape. The Grand Wine Experience is the ultimate destination for wine and spirits lovers, connoisseurs, and enthusiasts. It is the largest and most prestigious event of its kind in Southeast Asia, featuring over 1,000 wines, spirits, winemakers and distillers. It is also

a gastronomic playground with exquisite dishes prepared by top chefs to complement the libations. It is a night of i ndu lgence, e x plorat ion, d i scover y a nd enjoy ment. The 20th Grand Wine Experience promises to be the most memorable edition yet, as it marks two decades of excellence and innovation. It also coincides with the reopening of the hospitality industry after a long period of lockdowns and restrictions due to the pandemic. It is a perfect opportunity to reconnect with friends, make new ones, and savor the finer things in life. The 20th Grand Wine Experience will take place on November 17, 2023 at the Marriott Grand Ballroom. The doors will open at 5 pm and the event will last until midnight. Tickets are limited and sell out fast, so don’t miss the chance to be part of history. Reserve your tickets now and join us for an unforgettable night of Bud Break.

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Positive reviews about the ‘PR Matters’ book from industry experts PR Matters

By Joy Lumawig- Buensalido

ur book “PR Matters: A Communicator’s Guide to the Dynamic World of Public Relations” which was launched during PR Month in September, still continues to enjoy brisk sales until this month of October which was also declared as the month of Communications. In behalf of all the members of IPRA Philippines, we would like to thank all those who purchased the book, read it and then sent us their very glowing and positive reviews some of which we are sharing here for the benefit of those who might still wish to buy and read it. This is indeed a proud moment for the whole PR, marketing and communications industry who have shown us their full support and of course, we also thank the BusinessMirror for generously giving us this weekly page for our “PR Matters” column. Three of us IPRA Philippine members were recently invited to guest on “The Final Word” talk show of Rico Hizon on CNN. I was fortunate to get the following comments from the multi-awarded broadcaster.

Professor Josefina Mendoza Agloro College of Business Administration UP Diliman Thank you for sharing your valuable insights and expertise through this book on Public Relations. It is a practical and candid resource that will undoubtedly benefit current practitioners, young learners, and curiosity seekers, whether they are in PR or other fields in business.

Philippines’ top crypto traders form association to advocate crypto investment literacy

MANILA, PHILIPPINES—As crypto adoption continues to grow in the country, top cryptocurrency traders have formally announced the formation of the Innovative Movement of the Philippine Association of Crypto Traders (IMPACT). The group aims to contribute to improving the country’s overall financial literacy by providing a comprehensive and structured approach to educating individuals about the evolving cryptocurrency landscape and building an informed community in the fight against

this book, particularly some of my peers who are known and admired as veterans in the Philippine PR industry. I highly recommend this book as a must-read for those wanting to hone their craft in the field of Public Relations and I believe that this book will truly help promote a greater understanding about our profession and elevate the practice of PR in the country.

the business of communications for decades). I especially enjoyed the chapter on “Good Manners is Good PR.” It conveys that truth that all good relationships, business or personal, are underpinned by mindfulness, kindness, courtesy, and respect for others.

Chito Sobrepena APR President Metrobank Foundation “PR Matters” is informative and a good companion to public relations practitioners. It documents insights and learnings that are useful to the next generation of professionals in this field as well. Easy to read, this book will be my handy reference henceforth.

Frances Yu Lead Independent Director of Century Pacific Food, Inc., Independent Director of Shakey’s Pizza Asian Ventures, Inc. and Director of Marketing of Wellspring Retail, Inc. (Lakehall at Nena’s Sanctuary)

Rico Hizon Senior Anchor and Director for News Content Development CNN Philippines “PR Matters is a bible for public relations strategies! Reading every chapter, I learned so much from the 18 expert authors, who shared their know-how on how to handle every PR situation. As a broadcast journalist, now I know how this industry ticks!” Charisse Chuidian, Noel Nieva and Joy Buensalido are welcomed by Rico Hizon (second from left) to the CNN studios for his talk show “The Final Word”

lously navigates the multifaceted realm of public relations, offering a profound exploration of topics ranging from ethics and good manners in PR to successful PR campaigns and the vast expanse of the PR landscape. It takes readers on a captivating journey through the vast world of PR, unveiling its many dimensions and shedding light on the diverse roles and responsibilities within the profession. Whether you are a seasoned PR professional or a newcomer to the field, this book serves as an indispensable guide, providing valuable insights that are applicable across various PR contexts. The collaborative effort of the International Public Relations Association’s members shines through in the cohesive narrative and wealth of expertise presented in this book. Their collective wisdom, coupled with the book’s engaging style, makes it a mustread for anyone aspiring to excel in the dynamic and ever-evolving realm of public relations. In summary, “PR Matters” is an illuminating masterpiece that not only educates but inspires. Its rich content, thoughtful insights, and practical advice make it an essential addition to the library of every PR enthusiast, student, and professional. This book stands as a testament to the enduring relevance and importance of ethical and effective communication in the world of public relations.

Lois Villanueva Former Chief of the Information Center of UNESCO Regional Office for Asia and the Pacific Based in Bangkok and Population Information Adviser Of UNFPA for East and South East Asia “PR Matters: A Communicator’s Guide to the Dynamic World of Public Relations” is an exceptional compilation of articles that meticu-

crypto-related scams. Arlone “Paul” Abello, CEO of Global Miranda Miner Group (GMMG) and Web3 learning platform Elite University and FEASTGold, spearheads IMPACT as its Executive Director and Founding Chair. The founding members include Jiro Reyes, CEO of edutech firm Bitskwela; Atty. Clarizel King, a corporate, technology, securities, health, and property law expert; Steve “ICesteam” Jimenez, Community Manager of decentralized multi-chain order book exchange ZKEX.com; Riki Dacanay, an entrepreneur and blockchain tech investor; and Gilbert “TitoVlogs” Lazaro, a stock and crypto market analyst awarded as the best trading advisor in the Philippines for 2022 by Trader’s Fair. “The Philippines Association of Crypto Traders is formed to equip individuals with the knowledge and understanding of cryptocurrencies and their vast potential. We strive to be the leading authority in the Philippines, providing reliable and unbiased information

I really enjoyed reading PR Matters! It keeps the reader engaged as it covers a whole slew of topics related to PR and communications that are short, easy-to-read, but still substantial. It covers timeless topics, such as managing a crisis to relatively new disciplines, such as social media and influencer marketing. The articles are useful for beginners (those who are just starting their careers in PR or marketing) and “veterans” (those who have been in

on crypto trading, use cases, and emerging trends,” Paul said. The association has also announced a partnership with the Junior Confederation of Finance Associations Philippines (JCFAP), the national umbrella organization for associations of college students in finance or financial management.

Iti Mapukpukaw triumphs as Best Full-Length Film at Cinemalaya 2023

MANILA, PHILIPPINES—Animated film Iti Mapukpukaw made history as it brought home the Balanghai trophy for Best Film in the Full-Length Category of the 19th Cinemalaya Philippine Independent Film Festival. The film, directed by Carl Joseph Papa, was cited “for boldly taking on the challenges of technology in crafting a very engaging narrative of a young man confronting the demons of

Harold Geronimo APR President Public Relations Society of the Philippines (PRSP) Vice President for Public Relations and Media Affairs Megaworld Corporation This is a great compilation of pieces and articles that will truly help aspiring PR practitioners maneuver their way into the PR world. I tip my hat to the great minds behind

his past, and for its overall cinematic excellence.” Meanwhile, Januar Yap’s Sibuyas ni Perfecto won the Best Film in the Short Film Category for its “quiet but coruscating take on social iniquity and how the poor’s exploitation by the rich is driven by their own denigration and self-abasement.” Best Director Balanghai trophies went to filmmakers Ryan Espinosa Machado and Mike Cabarles. For his film Huling Palabas, director Ryan has effectively summoned “the resources of art to come up with a deeply personal film that evokes fond memories of pre-digital cinema while paying homage to one’s small-town roots, and how all of this contributes to fashioning self-respect and self-identity.” Director Mike, on the other hand, employed “the resources of cinema in effectively evoking the loneliness of two brothers missing their mother whom they have lost to the sea” in his film Makoko sa Baybay.

Belle Tiongco President International Association of Business Communicators (IABC) VP and Co-Founder Football for Humanity Foundation As someone who had encountered PR not by design but rather as a marketing generalist who found herself immersed in PR roles, I consider “PR Matters” as one of the most powerful textbooks on PR and communications, and I wish it had been available to me a long time ago. It would have given me more confidence to attack my strategies and initiatives as I would be standing on the shoulders of victorious warriors who had conquered major PR battles in every conceivable scenario. This may be an overused phrase—but I see the book as a “master class” and I recommend this collection to new entrants into the field of PR because it’s such a powerful workbook on PR wisdom. Every piece is backed by the field experience of top PR practitioners; this is no AI! I am grateful to the contributors whose work tells me that Filipinos are among the best in the PR world. Thank you esteemed colleagues, especially to those who have gone ahead. Your brilliance will always be remembered. For those who are interested to get a copy of the book, please Viber Tina Allarey 0920 9542980. PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premiere association for senior communications professionals around the world. Joy Lumawig-Buensalido is the President and CEO of Buensalido PR and Communications. She was past Chairman of the IPRA Philippine chapter for two terms. PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail.com.

Jopy Arnaldo’s Gitling and Arvin Belarmino’s Hinakdal received the Best Screenplay awards. Gitling was cited for “its very tender tale of two persons bridging the divide between races and cultures and, through constructed language and through silence and even evasion, coming to a poignant understanding of the heart.” Hinakdal, co-written by Belarmino and Kyla Romero, won the award for the “very striking narrative that remakes the horror genre while humanizing zombies and endowing them with heart and soul.” NETPAC (Network for the Promotion of Asia Pacific) Awards went to Iti Mapupukaw and Hinakdal. The full-length film by Carl was praised for “its finely nuanced, masterfully crafted, tale of healing, friendships and young love, effectively utilizing state-of-the-art technology that is integral to its storytelling.” Citation for the short film Hinakdal mentioned “its pithy, layered and strong social commentary laced with dollops of humor.”

Sports BusinessMirror

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onday, October 30, 2023 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

South Africa champ, World Series tied

Siya Kolisi holds the trophy aloft for South Africa, which won the Rugby World Cup, 12-11, over New Zealand in the final at the Stade de France in Saint-Denis, while starting pitcher Merrill Kelly throws against the Texas Rangers as the Arizona Diamondbacks leveled the World Series, 9-1, in Game 2 in Arlington, Texas, both on Saturday. AP

Ancajas vs Inoue fight postponed

By Josef Ramos

ERWIN “THE PRETTY BOY” ANCAJAS will have to wait awhile in going after Naoya Inoue’s World Boxing Association (WBA) bantamweight crown as the Japanese champion broke his ribs in training. The world title fight was scheduled for November 15 in Tokyo and it may take weeks before Inoue could be fit to defend his belt. “It’s devastating, the word is devastating because Jerwin has been training in the US for six months,” international matchmaker Sean Gibbons, Ancajas’s promoter, told BusinessMirror over the weekend. “But that’s life, Jerwin is a warrior and I’m sure he’ll move on.” Japanese promoter Hideyuki Ohashi personally told Gibbons about the postponent, saying Inoue was hurt during a sparring session. He didn’t say anything about a new date and venue. Takuma, brother of the more illustrious Naoia “The Monster” Inoue, has an 18-1 record with four knockouts to the 27-year-old Ancajas’s 34-3-2 winloss-draw record with 23 knockouts. Ancajas’s trainer and manager Joven Jimenez and Ancajas didn’t comment on the postponement. Postponent of his fights seemed to have become a habit for Ancajas. His US fight against Jonathan Rodriguez set for November 2019 was moved to May 2020 and again to May 2021 because the Mexican encountered visa and pandemic issues—Ancajas won by unanimous decision. Ancajas’s supposed unification fight with Japanese Kazuto Ioka for the World Boxing Organization and his then International Boxing Federation super flyweight belts was scrapped in December 2021 also because of the pandemic.

Army cadets top National Finals of ROTC Games

Golden weekend for Filipino athletes in Hangzhou, Riyadh LOPEZ

BERNARDO

HE Philippine snatched five of a possible six gold medals in rapid chess to cap a successful campaign in the 4th Asian Para Games in Hangzhou on Saturday and on Sunday, saw a 1-2 finish in Muay Thai at the World Combat Games in Riyadh. The Philippine snatched five out of a possible six gold medals in rapid chess to cap a successful campaign in the 4th Asian Para Games in Hangzhou on Saturday and on Sunday, saw a 1-2 finish in Muay Thai at the World Combat Games in Riyadh. Abetted by breaks plus the Filipino chess bets’ gritty and

ADET-ATHLETES representing Army scopped a total of 19 gold medals to dominate the Reserved Officers’ Training Corps Games National Championships that ended Saturday. Army clinched seven of those gold medals in arnis courtesy of Rizal Technological University’s Maria LG Mae Ballester, Lolito Bacor Jr., Villamiel Tiongson, Febie Tacda, Kyla Dela Torre and Joana Dela Cruz. Army’s boxers also collected five gold medals led by Western Institute of Technology’s Joeler Efondo and Alfred Deslate and four more in kickboxing—three from University of Baguio’s Christopher Manipon, Betty Mae Churping and Kathleen Igualdo. Army cadets also went home with 16 silver and 18 bronze medals. Navy was a far second with eight gold medals anchored on four victories in athletics all from Adamson University runners. Senator Francis “Tol” Tolentino, the brainchild of the games, led the closing ceremony of the competitions among cadet athletes which had eliminations

YOSOREZ

MALLARI

united stand, they swept the men’s Physically Impaired (PI) and B2-B3 divisions while annexing the PI women’s individual title courtesy of Atty. Cheyzer Crystal Mendoza and the team silver of the same event. Typifying the resiliency of the squad was Asian Para Games rookie Darry Bernardo, who was one piece down playing with the white pieces but still managed to pull off an improbable win against Indonesia’s Adji Hartono in ruling the B1-B2 men’s individual event with six points. Counting the rapid team gold, Bernardo and Menandro Redor emerged as the nationals’ most successful athletes with three

gold medals each in the campaign supported by the Philippine Sports Commission. Thanks to their heroic efforts, the 72-member Philippine contingent to Hangzhou matched the tally of 10 golds in the 2018 Jakarta edition while rising to its best ever performance in the continental showcase to ninth overall, three notches higher than the country’s showing five years ago. This was attained despite the fact that the PH standard-bearers had less silvers and bronzes—four and five, respectively, compared to the eight and 11 in the previous Games. Veteran Henry Roger Lopez, who led the field with five points entering the seventh and final round, won a hard-fought match over teammate Jasper Rom to become a double gold medalist together with Mendoza in anchoring the men’s PI squad to a sweep of the team and individual events. Richien Yosorez and Kylie Mallari tallied 9.20 points in the final round to beat their men’s counterparts Ariel

Lampacan and Philip Delarmino (9.03) points to bag the gold medal in the mixed category, a demonstration event in the World Combat Games staged at the King Saud University Arena in the Saudi Arabia capital. “We never expected to meet the men in the final, we just found out that we would meet them just before the competition,” Yosorez, of General Santos City told BusinessMirror through online call. “Our dedication and courage really helped us to accomplish the goal,” said the second year Sports Science student at the Polytechnic University of the Philippines. “Our trust with each other too.” Yosorez and Mallari beat Malaysia’s Binti Roslan and Derora Dane Daniel, 9.13-8.66, in the semifinal. Delarmino and Lampacan, on the other hand, defeated Iraq’s Ali Kinanah and Hussein Al-Zubaidi, 8.80-7.76, in other semifinal. “I was surprised that we met our men’s team in the final but that’s how it is,” said Mallari, a Nursing sophomore at La Consolacion College.

Filipina golfers face tough challenge in Taiwan

SENATOR Francis “Tol” Tolentino is the brainchild of the games for cadet athletes. RUDY ESPERAS in Luzon, Visayas, Mindanao and the National Capital Region. Kent Francis Jardin, who was the most bemedalled athlete, anchored Navy with Navy also had two golds in esports and one each in arnis and kickboxing to go with six silver and 14 bronze medals. Air Force had two gold, seven silver and 12 bronze medals.

HE 16-player strong Philippine crew brace for a tough challenge in the Party Golfers Ladies Open set to fire off November 8 at the Lily Golf and Country Club in Guanxi Township in Taiwan. The reason? Seven of the Top 10 in the Ladies Professional Golf Association of Taiwan (TLPGA) rankings are in the fold including a multi-titled bet from Thailand eager to shoot for a fourth leg victory. Frontrunner Ya-Chun Chang, winner

in the 54-hole event given the depth of the field that includes the big guns from Thailand LPGA, which like the LPGT, also holds co-sanctioned tournaments with the TLPGA. Del Rosario, however, has previously won in the TLPGA, specifically in the TLPGA and Royal Open in 2017 when she mounted an impressive comeback from seven shots down in the final round and won by one.

Brodeths all primed for another ‘double in Dumaguete meet

IBLINGS Kimi and Kenzo Brodeth try to extend their domination of the Palawan Pawnshop-Palawan Express Pera Padala (PPS-PEPP) circuit to Dumaguete City as they go for another pair of “doubles” in the Governor Manuel Sagarbarria National Junior Tennis Championships beginning Tuesday

This gamer’s got game THE knock on today’s youth is how they don’t have an active lifestyle and instead prefer something more virtual. Meet April Mosca who debunks that notion. The self-confessed game who never really had an athletic bone in her body has put up a young and promising football grassroots program – the Lipa Football Academy. “I am a gamer,” she confessed. “The sports I played were on my mobile phone. The Fifa mobile game was one of my favorites.” “I didn’t follow the Azkals or any professional league. I was just into the mobile game version.”

of the recent Da Da Digital Open, and PK Kongkraphan headline the crack international field in the NT$4 million championship marking the return of the Ladies Philippine Golf Tour’s (LPGT) leading players to the TLPGA after a fouryear absence due to pandemic. But Pauline del Rosario, Daniella Uy, Chanelle Avaricio, Harmie Constantino, Florence Bisera and amateur Mafy Singson will be in for an uphill battle

It was during one of her Physical Education classes at the University of Santo Tomas where she finally got to play the game. “I had no idea how to play but I gradually fell in love with the sport so much that after work, I used to join training for adults.” Even as she resigned from her job and moved back to Batangas, the Lipa native

at the Praxevilla Courts. The Brodeths swept the two-leg swing in Cebu early in the month before campaigning in Thailand with Kenzo winning the boys’ 14and 16-and-under singles titles and Kimi adding the girls’ 16- and 18-and-under plums to her growing trophy collection. While Kenzo rolled to the

found herself commuting to Manila twice a week just to play football.” “Of course I was looking for a place to play here in Batangas, but I didn’t find any until one time, I found a vacant lot in a nearby community park. I bought these two small goals and a football then simply posted on Facebook inviting anyone here in Lipa to come over and play. No fees. Just come over and play.” That first weekend in December of 2017, they had enough players to play seven-aside football. Then a local football coach messaged Mosca that he was going to bring over his team to participate. “We didn’t know one another at all, but soon after that, we all did.” Every week, the number of attendees grew.

“It was really unexpected that they mixed us with the men’s after the elimination round.” Malaysians Roslan and Daniel beat the Iraqis in the battle for the bronze medal. Islay Erika Bomogao, meanwhile, lost to Malaysian Jia Chi Yan, 9.369.50, to settle for the silver medal in female wai kru demo also of Muay Thai. “I’m very happy we got our second gold medal and we’re expecting a few more before we end our World Combat Games campaign,” chef de mission Alvin Aguilar said. Jiu-jitsu’s Kaila Napolis bagged the country’s first-ever medal— gold—in the 16-sport World Combat Games that started in 2010 in Beijing but only had one competition after that in St. Petersburg, Russia in 2013. Agatha Wong and Clemente Tabugara Jr. of wushu already clinched silver medals, while Jones Inso and Thornton Sayan also of wushu, Maria Aisa Ratcliff and Fierre Afan of grappling got bronze medals for the Philippines. With Josef Ramos

semifinals of the Asian Tennis Federation LTAT Asian 14-andunder before retiring in the third set of his bronze medal match with local bet Patthadon Lyon, Kimi yielded to India’s Sohini Mohanty in the second round of the tough International Tennis Federation (ITF) J60 Nonthaburi last week. Kenzo also vied in the ITF

One day, soldiers from the nearby Fernando Air Base showed up to play. They invited April and all the other players to come over to their base where they had a proper football pitch. As the numbers grew, the went from merely playing the game to conducting clinics for kids. When the Aboitiz Pitch at the Outlets in the Lima Estate was put up, the nascent Lipa Football Academy found a home. “When we moved to the Aboitiz Football Field, we started the clinic for kids every Saturday 6 to 8 p.m. for those interested in learning the game. We got participants as young as four years old to adults. The came summer sessions in addition to the clinics. Of course, short tournaments.” Today, what is now called the Lipa

J60 qualifying but retired while leading Thai Pitchayapong Soponpisut, 7-5. But both expect to be back in top form in this week’s Group I tournament sponsored by Governor Chaco Sagarbarria with Kenzo, 14, tipped to stamp his class again in his age category that also features Armik Serillo, Matthew Morris, Christian Laguna, Xian Calagos, Andrian Rodriguez, Everett Niere and Rafa Callao.

Football Academy (that was formally organized in 2022) has more than 200 kids in the academy. This coming November 11, the kids of Lipa Football Academy will be participating in the 23rd Aboitiz Football Cup (at the Outlets). The month-long festival has some 18 categories from boys, girls and amateurs of different ages. “We are a young academy but the experience in these festivals and tournaments helps the Batangas kids,” summed up Mosca. “We are able to gain that valuable experience and hold our own against the teams from the National Capital Region and the Calabarzon area.” “Who knew right—that I would fall in love with the game of football? It is now a full blown passion.”