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Tuesday, October 31, 2023 Vol. 19 No. 20

P25.00 nationwide | 9 sections 44 pages |

RISE 57.37% TO P1.4B By Cai U. Ordinario

Netherlands, PHL to have ‘focal point’ for trade

@caiordinario

HE country’s debt pay-ments grew 57.37 percent in the January to September period this year, according to the latest data released by the Bureau of the Treasury (BTr).

The data showed the country’s debt service amounted to P1.4 billion in the nine-month period in 2023, significantly higher than the P889.846 billion posted in the same period last year. The data showed amortization payments in the nine-month period grew 91.93 percent to P940.187 billion in the January to September period in 2023 from the P489.870 billion in the same period last year. BTr data also showed interest payments in the nine-month period reached P460.124 billion in 2023, an increase of 15.08 percent from P399.976 billion in 2022. The bulk of amortization and interest payments were domestic at P852.001 billion and P317.314 billion, respectively, in the January to September period. Meanwhile, BTr data showed that debt payments amounted to P238.999 billion in September 2023, the highest in seven months or since February 2023 when debt service amounted to P375.714 billion. Compared to September last year, the country’s debt service this year was 15.46 percent higher than the P206.996 billion in 2022. See “Debt,” A2

By Malou Talosig-Bartolome @maloutalosig

HE Netherlands and The Philippines will assign a “focal point” that would coordinate Dutch investors who would like to do business in the Philippines, Philippine Ambassador to The Hague Jose Eduardo Malaya said.

“I think the Dutch side have seen the enormous potentials available here in the Philippines.”—PHL Ambassador to The Netherlands Jose Eduardo Malaya

GRASSROOTS DEMOCRACY On October 30, 2023, the Barangay and Sangguniang Kabataan Elections (BSKE), democracy came to life at various locations. Mall voting was launched in a Manila mall for the BSKE 2023, with people saying that voting inside the mall is more comfortable and less chaotic. Simultaneously, inside Tahanang Walang Hagdanan, designated as a Satellite Emergency Accessible Polling Place (S-EAPP), persons with disabilities eagerly awaited their turn to cast their ballots. In Mandaluyong City, voters sought their names and precincts at Highway Hills Integrated School. Meanwhile, 77-year-old Martin Guittu participated in BSKE 2023, meticulously completing his official ballot. In a UP Village voting precinct, both the old and young exercised their right to vote during the 2023 BSKE. NONIE REYES, BERNARD TESTA, NONOY LACZA & JOEL PAREDES

WB: Mideast conflict impact on prices soft, but risks loom

HE ongoing crisis in the Middle East will have a muted impact on commodity prices, based on the World Bank’s latest estimates which showed the increase in commodity prices slowing despite the geopolitical disruption. Based on its latest Commodity Markets Outlook (CMO) released on Monday, the World Bank said commodity prices are still projected to fall 4.1 percent next year and stabilize in 2025. However, the Washington-based

“The latest conflict is coming on the heels of another recent major geopolitical disruption—Russia’s invasion of Ukraine in early 2022—which had dislocating effects on commodity markets and on the broader global economy that persist.”— World Bank report

lender warned that the continuation and escalation of the conflict could cause oil and food prices to rise. “The latest conflict is coming on the heels of another recent major geopolitical disruption—Russia’s invasion of Ukraine in early 2022—which had dislocating effects on commodity markets and

on the broader global economy that persist,” the report stated. “The continuation and escalation of either or both conflicts would raise the specter of dual and compounding shocks to commodity markets that could test the resilience of the already fragile global economy,” it added. See “WB,” A2

UNDAS BREAK SEES PASSENGER, PLANES FLOW AT NAIA SMOOTH By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

IRCRAFT and passenger flows at the start of the long All Saints/All Souls Days (Undas) break appear to be normal with no untoward incidents reported so far. In a Viber message on Monday, Manila International Airport Authority (MIAA) Officerin-Charge Bryan Co told the BusinessMirror there were 381,041 passengers who went

through the Ninoy Aquino International Airport (Naia) passenger terminals from October 27 to October 29. Also, 2,341 flights were operated during the same period, with an average on-time performance of 82 percent. Only two flights were reported canceled during the period, PAL Express 2P2932/2933 (Manila-BascoManila), due to “unfavorable weather condition” on Sunday. “Everything is going as planned,” said Co. See “Undas,” A2

Malaya said the commitment was made during the visit of Dutch Foreign Minister Hanke Bruins Slot in Manila on Monday. Bruins Slot is the first foreign minister of the Netherlands to visit Manila in more than 30 years. He met with Philippine Foreign Affairs Secretary Enrique Manalo. Her visit aims to further improve the economic and trade relations between the two countries. “What we in the Philippine Embassy are happy about is the commitment of The Netherlands to designate a focal point to carry out the MOU on economic and technical cooperation,” Malaya told diplomatic reporters. Officials from the Philippine Department of Trade and Industry (DTI) and The Netherlands’ Ministry of Economic and Climate Policy will sit down to increase businessto-business engagements from two sides. “We have been encouraging this for some time because we had noted that there is joint bilateral consultations but mostly doing cooperation on political, security See “Netherlands,” A2

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

BusinessMirror

A2 Tuesday, October 31, 2023

The latest price spike is seen in potatoes–DA

By Samuel P. Medenilla

@sam_medenilla

FTER onions, sugar and rice, the potato is now the latest food item to be hit with a price spike, according to latest data from the Department of Agriculture (DA). Based on its price monitoring, DA reported the weekly average price of 10 to 12 pieces of white potato in selected markets in the National Capital Region (NCR) from October 16 to 20, 2023 reached as

high as P229.19. This was 80 percent higher compared to its average weekly price of P127.21 of white potatoes from August 21 to 25, 2023. In a press statement issued last

Netherlands...

2021, mostly copra oil, mattresses and semiconductor devices. Imports from the Netherlands register US$567.51 million, mainly light petroleum oils, and frozen pork products. The biggest Dutch investors include Pilipinas Shell Petroleum Corporation, Converge Information And Communications Technology Solutions Inc. and Holcim Philippines, Inc. “I think the Dutch side have seen the enormous potentials available here in the Philippines,” Malaya said. Apparently, the Dutch government took notice of the investment put in by Royal Boskalis Westminster N.V. , one of the largest dredging companies in the world. Its biggest project

Continued from A1

and other fields, and it needed to be complemented by economic cooperation. This is truly welcome news because both sides have expressed the commitment to enhance economic engagements,” Malaya said.

‘Enormous potential’ in PHL

THE Netherlands is the Philippines’s 14th trading partner, and 10th export market in 2021. The Philippines exported US$2.25 B to the Netherlands in

Monday, Assistant Secretary Arnel de Mesa attributed the trend to typhoon damage to the country’s agriculture sector in previous months. “This [price increase of potatoes] may be attributed to the typhoons that hit the country during the months of July and August,” De Mesa said. However, the prices of other vegetables have changed slightly or even dropped since last August. Among the vegetables which became even cheaper in the last two months based on DA’s weekly price monitoring in NCR were eggplant, carrots, Baguio beans, pechay and chayote.

Even the price of red onions, which reached as high as P720 per kilogram (kg) last December due to a supply shortage, were being sold at between P140 and P142 per kg. The price of sugar and rice, which also experienced similar price spikes earlier this year, have remained stable this month. De Mesa said they are confident the price of potato will “normalize” amid the ongoing harvest season. “The peak of harvest within the last quarter this year up to the first quarter of next year-2024 will make a positive impact on the supply and prices of potatoes,” he said.

is the land reclamation in Bulacan for the new Manila International Airport in Bulacan, worth EUR 1.5 billion (P90.2 billion). Boskalis’ reclamation project covering 360 hectares in Manila Bay was also not suspended, the Dutch Ambassador Marielle Geraedts, said. Boskalis, together with CHEC of China, will design and construct the three artificial islands for SM Prime Holdings Inc. “Seeing those being realized, now they’re giving more focus on the Philippines,” the Philippine envoy said.

are “important trading partners” and have collaborated on many aspects in the past such as sustainable trade, innovative agriculture, water management, human rights and fighting against online exploitation of children. “So we focused on today, in an open and constructive conversation, looking forward and enhancing ways to expand cooperation even further,” she said. She pitches for water management, agriculture and circular economy as areas where Dutch companies can invest in the Philippines. “Both our countries have long coastlines. A large part of the Netherlands lies below sea level. We have actually created a fight against water. We know the Philippines has its challenges with water as well. With water management, we can certainly work together,” Bruins Slot said.

Important trading partners

FOREIGN Minister Bruins Slot said the Philippines and the Netherlands

22,000 OFWs in Dutch ships

THERE are 22,000 Filipino seafarers working in Dutch-owned and Dutchflagged vessels around the world. Foreign Secretary Manalo said they both discussed ways to increase “safety and security” of Filipino seafarers. “The Philippines and the Netherlands’ bilateral relations is one that has always been anchored by our collaboration at seas,” Manalo said in his speech. The Netherlands, Manalo said, has relegated the issue of maritime safety and compliance of Filipino seafarers to the European Union. The EU Maritime Safety Agency has been auditing Philippine compliance with the international standards on training Filipino seafarers. Early this year, EMSA said it will continue to recognize the Standards of Training, Certification and Watchkeeping (STCW) certificates but on condition that it would address a number of deficiencies in training.

Undas...

Continued from A1

This developed as United Airlines’ (UAL) first, non-stop flight between San Francisco and Manila (UA191) arrived at 5:20 am on Monday at Naia passenger terminal 3, carrying 325 passengers. On her X (formerly Twitter) account, US Ambassador to Manila MaryKay L. Carlson described the flight’s arrival as a “momentous event in transpacific travel…accelerating opportunities as #PartnersInProsperity and strengthening connections between #FriendsPartnersAllies.” The inaugural flight failed to merit a mention on UAL’s own X account. 310K Pinoys in SFO According to Pew Research, as of 2019, there were 310,000 Filipinos traveling out-of-town and abroad to take advantage of the Undas break. (See, “Regular passenger traffic seen at Naia for long ‘Undas’ break,” in the BusinessMirror, October 27, 2023.)

Debt...

Continued from A1

In terms of amortization payments, the data from BTr also showed it grew double-digit or by 13.9 percent to P167.551 billion in 2023 from P147.099 billion in 2022. Interest payments grew faster than amortization payments at 19.28 percent to

www.businessmirror.com.ph

WB...

Continued from A1

The World Bank called on policymakers in developing countries like the Philippines to be vigilant and take steps to manage a potential increase in headline inflation. Given the risk of greater food insecurity, the World Bank said governments should avoid trade restrictions such as export bans on food and fertilizer. Such measures often intensify price volatility and heighten food insecurity. “Policymakers are also advised to refrain from introducing price controls and price subsidies in response to higher food and oil prices. A better option is to improve social safety nets, diversify food sources, and increase efficiency in food production and trade,” the World Bank said. “In the longer term, all countries can bolster their energy security by accelerating the transition to renewable energy sources—which will mitigate the effects of oil-price shocks,” it added. The report said agriculture prices are expected to fall by 7 percent this year and another 2 percent in 2024 and 2025, given ample supplies. The grains price index, the World Bank said, could decline by over 11 percent this year and as much as 4 percent on average in 2024 and 2025. However, rice prices are expected to remain high well into 2024 on account of the export restrictions imposed by India. Notably, the Philippines is one of the world’s largest rice importers. Under the Bank’s baseline forecast, oil prices are expected to average $90 a barrel in the current quarter before declining to an average of $81 a barrel next year as global economic growth slows. The World Bank noted that the conflict’s effects on global commodity markets have been limited so far. Overall oil prices have risen six percent since the start of the conflict. “The latest conflict in the Middle East comes on the heels of the biggest shock to commodity markets since the 1970s—Russia’s war with Ukraine,” said Indermit Gill, the World Bank’s Chief Economist and Senior Vice President for Development Economics.

Dual shock

“THAT had disruptive effects on the global economy that persist to this day. Policymakers will need to be vigilant. If the conflict were to escalate, the global economy would face a dual energy shock for the first time in decades—not just from the war in Ukraine but also from the Middle East,” Gill said. In a “small disruption” scenario, the World Bank said the global oil Filipinos living in San Francisco, coming in second after Los Angeles, number 506,000. There are also 109,000 Filipinos residing in nearby San Jose, who may want to travel to the SFO international airport for the direct flight to Manila. According to UAL’s web site, a roundtrip economy nonstop flight between San Francisco and Manila (nonchangeable) costs at least $1,270 per person (November). UAL is using a Boeing 777-300ER, its largest aircraft, for its daily nonstop flights between San Francisco and Manila. It is the only US carrier that currently flies direct between any state and any Philippine airport. Only Filipino carrier Philippine Airlines flies between San Francisco and Manila, using a Boeing 777-300, with economy flights starting at $1,567 per person (November). PAL also operates a direct flight between Manila and Los Angeles.

supply would be reduced by 500,000 to 2 million barrels per day—roughly equivalent to the reduction seen during the Libyan civil war in 2011. Under this scenario, the Washington-based lender said the oil price would initially increase between 3 percent and 13 percent relative to the average for the current quarter—to a range of $93 to $102 a barrel. In a “medium disruption” scenario—roughly equivalent to the Iraq war in 2003—the global oil supply would be curtailed by 3 million to 5 million barrels per day. That would drive oil prices up by 21 percent to 35 percent initially—to between $109 and $121 a barrel. In a “large disruption” scenario—comparable to the Arab oil embargo in 1973— the global oil supply would shrink by 6 million to 8 million barrels per day. That would drive prices up by 56 percent to 75 percent initially—to between $140 and $157 a barrel. “Higher oil prices, if sustained, inevitably mean higher food prices,” said Ayhan Kose, the World Bank’s Deputy Chief Economist and Director of the Prospects Group. “If a severe oil-price shock materializes, it would push up food price inflation that has already been elevated in many developing countries. At the end of 2022, more than 700 million people—nearly a tenth of the global population— were undernourished. An escalation of the latest conflict would intensify food insecurity, not only within the region but also across the world.” Earlier, the Philippine Statistics Authority (PSA) reported that inflation rose to 6.1 percent in September on the back of a 17.9-percent increase in rice prices. While the average headline inflation rate was a four-month high, the spike in rice prices was the highest in 14 years. (Full story here: https://businessmirror. com.ph/2023/10/05/inflationposts-4-month-high-in-september/). Data from the PSA showed rice inflation averaged 17.9 percent. This is the highest in 14 years, or since March 2009 when rice inflation reached 22.9 percent. Rice has a weight of 8.87 percent in the Consumer Price Index (CPI) for All Income Households and as much as 17.87 percent in the basket of goods for the Bottom 30 percent of households. Meanwhile, the inflation rate for the bottom 30 percent income households increased to 6.9 percent in September 2023 from 5.6 percent in August 2023. Cai U. Ordinario

IN a separate news statement, the MIAA said on Saturday, “Passenger

movement in all Naia terminals is efficient at the moment. While we have seen a significant increase in departing passengers, the overall situation is manageable. Meanwhile, there have been no untoward incidents reported by the Airport Police Department, who are mostly on foot patrol.” The MIAA has designated “Oplan Byaheng Ayos Help Desks” at the passenger terminals, that are “fully staffed to assist passengers with immediate concerns.” In his press conference last Thursday, Co said MIA A has projected an average of 120,000 to 130,000 passengers a day f lying through Naia for the 10-day break from October 27 to November 6. Filipinos are expected to go home to their provinces for the long break to visit their dead, and possibly vote in their Barangay and Sangguniang Kabataan Elections (October 30). The BSKE on Monday, All Saints Day (November 1) and All Souls Day (November 2) have been declared special non-working holidays.

P71.448 billion in September 2023, from P59.897 billion in September 2022. Similar to the nine-month data, the bulk of debt payments in September were paid to domestic creditors. Amortization payments for the month reached P148.883 billion; and interest payments, P55.892 billion. In August, the national government’s debt service reached a total of P68.297 billion, 9.04

percent lower than the P75.086 it paid in the same month of last year, BTr data showed. BTr data showed the national government’s August debt service comprised P30.773 billion for interest payments while P37.524 billion was for amortization. Interest payments made by the government in August was 28.58 percent higher than the P23.932 billion it made last year, based on BTr data.

‘Manageable’ hike in departing pax

Tuesday, October 31, 2023

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

Rundown: Was BSKE 2023 ‘generally peaceful’? By Patrick V. Miguel

H E B arangay and S angguniang Kabataan Elections (BSKE) on Monday was “generally peaceful” despite some reported incidents of votebuying, violence, violation of election rules, among others, in some provinces, according to Commission on Elections (Comelec) Chairman George Garcia. “Generally, kapag tinignan ninyo, mula 5 a.m. hanggang ngayong oras na ito, generally peaceful ang election sa buong bansa (Generally, if you look at it, since 5 a.m. until now, the election in the whole country is generally peaceful),” said Garcia at a news briefing at the close of the polls. However, there are still reported incidents on the day of the election all around the

country, including teachers backing down from poll responsibilities, tearing of ballots, and cases of vote buying. Parish Pastoral Council for Responsible Voting (PPCRV ) National Coordinator D r. Ar win S errano echoed G arcia’s sentiments, claiming the recent polls were “generally peaceful,” although there were reported offenses, such as the distribution of sample ballots and leaflets. “Generally peaceful at mukhang nag-behave iyon ating mga barangay/SK candidates (Generally peaceful and it seems like the barangay/SK candidates behaved themselves),” he said. But was the recent polls “generally peaceful?” Here is what happened in some areas in the Philippines in this year’s BSKE:

Four reported dead, 4 injured in Mindanao election violence

T least four persons were reported killed in the conduct of this year’s Barangay and Sangguniang Kabataan (BSKE), with two of the victims coming from Maguindanao Del Norte and the other two from Lanao Del Sur. As of this writing, however, only the shooting incidents in Barangay Bugawas, Datu Odin Sinsuat town, Maguindanao Del Norte, that left two voters dead and four others wounded, were officially confirmed by authorities. This incident took place at around 6 a.m. as victims Juhaimin Ube and one alias “Mistake” was heading to their polling precinct. The four wounded were identified as Mohalidin Solaiman, Jerik Alon, Nasrudin Salik, and Harong Tating. Initial reports from the Police Regional Office-Bangsamoro Autonomous Region

identified the suspects as Romar Abas alias “Mok,” Keds Lidasan, along with one Michael Abas, and a certain Teng Kapaya. Investigations are now ongoing to determine whether this attack was election motivated as the victims were reportedly the supporters of a rival barangay chairman candidate Meanwhile, Philippine National Police (PNP) chief Gen. Benjamin Acorda Jr. ordered the immediate tracking and arrest of the gunmen behind this shooting in Maguindanao Del Norte. “Hot pursuit” operations are now ongoing against the four gunmen and additional police forces are now deployed to prevent this incident from escalating. In the Lanao Del Sur incidents, unconfirmed reports identified the fatality as one Madid Bao and reportedly the husband of the in-

Destroyed ballots in Puerto Princesa

Barangay Princesa, was arrested. More personnel were deployed in the polling center.

A GROUP of disruptors entered the precincts in Pilot Elementary School in Barangay Kalipay, Puerto Princesa City, and destroyed the election ballots, Garcia reported Monday morning. Police who apprehended those behind the tearing of ballots were allegedly punched by a still unidentified group, he added. The overall registered voters are around 400, and half of the votes were destroyed. Around 200 voters will recast their votes, said Garcia. The group of disruptors was eventually arrested and despite the commotion, the elections in Puerto Princesa resumed. According to authorities, Abdul Bait Bongaros, a 35-year-old male resident of

AROUND 2,500 BSKE volunteers from areas in the Bangsamoro region backed out from poll duties, Garcia told reporters in an ambush interview “Sa buong Bangsamoro, 2,500 ang hindi magsisilbi na mga guro pero mayroon kaming 3,000 na personnel ng PNP (Philippine National Police) na sadya po naming tinrain para makapagsilbi as electoral board members sa araw na ‘to,” said Garcia. [In all of Bangsamoro, 2,500 teachers will not serve as volunteers but we have 3,000 PNP personnel whom we

cumbent barangay chair of Barangay Poktan and the other fatality was a still unidentified poll worker. The incident took place at around 6:25 a.m. in the vicinity of Bayabao Central School. No other details were immediately available. As this developed, Acorda said the PNP has so far recorded 31 cases of election-related incidents (ERI) and 17 cases of vote-buying nationwide. Of the 31 ERIs, 10 were recorded in the Bangsamoro Autonomous Administration Region in Muslim Mindanao; Cordillera with five; Region 10 with four; Region 1 three, Region 8 three, Region 5 with two, Region 7 another two, while Region 4A and Region 9 recorded one apiece. As this developed, Acorda said the PNP is ready to respond to any election-related activities and incidents during this year’s BSKE. “As voting centers across the nation opened their doors this morning, we stand ready to ensure the smooth and fair conduct of these elections. We are dedicated to

upholding the integrity and sanctity of this democratic process,” the PNP chief said in a separate statement. And while there are reports of suspected election-related incidents during the nineday campaign period for the BSKE, Acorda said these did not significantly impact the overall security landscape of the electoral process. “The enforcement of the money ban implemented two days ago is being closely monitored. Additionally, the liquor ban, in effect since yesterday [Sunday] and lasting until midnight today, is being actively enforced,” the PNP chief stressed. And on reports on vote buying that their operatives on the ground have detected, Acorda said they have already forwarded the reports to the Commission on Elections (Comelec) for appropriate action. “We have made extensive preparations to ensure the safety and integrity of the voting process. Our dedicated personnel are strategically positioned in areas under Comelec control, such as Libon, Albay, and

More than 2000 volunteers back out

purposely trained to serve as electoral board members.] According to Garcia, their reasons for backing out vary. However, kinships in many areas are tight and volunteers who opted to quit may have chosen to not be involved in the election process at the last minute. The poll body will coordinate with the Department of Education (DepEd) and the Ministry of Basic, Higher and Technical Education (MBHT) to address the issue, he added. “You should not back out because you have the liability and the responsibility to serve,” he said in Filipino. THE running tally on vote buying as of Monday afternoon is 168, which was

significantly lower than the total number of cases in the 2022 national and local elections, said Commissioner Nelson Celis. According to his reports, 28 cases were already filed, 46 are expected to be filed within the day, and 94 cases are being evaluated. “Napakalaking bagay po nito kung ituturing natin na noong 2022 elections [with] 1,200 plus complaints of vote buying (This is a big thing if we look at the 2022 elections [with] 1200 plus complaints of vote-buying),” said Celis. He added that there are other alleged cases of vote buying incidents but were not “formalized.” “This is a very positive and encouraging sign that our efforts have borne fruit and we are very grateful for the participation of our stakeholders,” he said.

Negros Oriental, where relative peace and order have been observed. On the other hand, our forces remain on high alert in other areas with security concerns,” he added. And while there are significant incidents noted in these areas, the PNP chief said the current situation remains manageable. “Yesterday [Sunday] Comelec Chairman Honorable George Erwin Garcia, and I visited and assessed the situation in Abra province. Necessary measures have been in place to ensure that our men on the ground can swiftly respond to any security-related concerns,” Acorda noted. This includes the deployment of trained PNP personnel as special electoral boards in selected polling centers to maintain the integrity of the voting process. “Our purpose is clear and that is to establish a space where the voices of our citizens can reverberate with strength and clarity. These elections are the pillars of our democracy, and it is our duty to protect the integrity of every vote, every voter, and every individual longing for a just, liberated, and

peaceful BSKE elections,” Acorda said. The PNP chief also appealed to the voting public not to sell their votes. “Let us reject any attempts to compromise the integrity of our democratic process. Our vote is sacred; let it lead us towards a brighter future for our beloved nation and its youth,” he added. Acorda also urged all members of the uniformed service to remain apolitical and non-partisan in this constitutionally mandated political exercise. “We are the protectors of our democracy, and we must not let the Filipino people down,” he added. “This electoral exercise is more than just a mere task; it is a fundamental civic responsibility that requires the collective effort of all individuals. By joining forces and working together, we can take pride that whatever the outcome may be, it genuinely reflects the voice of the people. As the Latin saying goes, ‘vox populi, vox suprema lex,’ the voice of the people is the supreme law!” the PNP chief emphasized. Rex Anthony Naval

Vote-buying incidents decline

Tuesday, October 31, 2023

News

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

AmCham backs more perks for EV makers, consumers Why is critical thinking important? By Andrea E. San Juan @andreasanjuan

HE American Chamber of Commerce of the Philippines, Inc. (AmCham) is backing the government’s plans of giving more incentives to both manufacturers and consumers of electric vehicles (EV), noting that the country should take advantage of the law on electric vehicles. AmCham Executive Director Ebb Hinchliffe said the chamber earlier advocated for the passing of the EV law, but he noted that the chamber wanted “motorcycles and other areas” included. The Electric Vehicle Development Act (Evida) or Republic Act No. 11697 aims to provide an “enabling” environment to develop electric vehicles in the country. President Ferdinand R. Marcos Jr. signed Executive Order (EO) No. 12, an issuance that makes EVs tariff-free last January 2023. Under the motorcycles classification in the EO 12, however, only kick scooters, selfbalancing cycles, pocket motorcycles and bicycles with auxiliary motors not exceeding 250 watts and with a maximum speed of 25

kilometers per hour have zero import duties, while electric motorcycles are still subject to a 30-percent tariff rate. “Absolutely, we are advocating for the passing of the EV bill. We were thrilled when we got it. We wanted Motorcycles and other areas included, which wasn’t in the...hybrid we also wanted hybrid in it, which I think still should be in there,” Hinchliffe told reporters at the sidelines of the 12th Arangkada Philippines Forum last week. The AmCham official noted that the Philippines should leverage its existing laws to “push the market” of EVs. Aside from taking advantage of the laws, the government should also focus on having the “right investment climate” and providing the necessary incentives, Hinchliffe said. “It’s always a challenge for any kind of investment...foreign investment. You got to have the right investment climate, you got to have the right incentives. We gave them the incentive now then we got to give them the market. Nobody’s going into the market if they don’t have somebody buying the product. So the big thing is to push the market,” the AmCham official stressed.

Hinchliffe cited other nations like Sri Lanka, which he said have been “very successful” in developing their EV markets. For the Philippines, meanwhile, the AmCham official said, “I’d love to see manufacturing of the E-vehicles here in the Philippines.” As mandated under the Evida law, the Department of Trade and Industry (DTI), through the Board of investments (BOI), “shall recommend an EV incentive strategy to the Fiscal Incentives Review Board [FIRB] for approval, as part of the manufacturing component of the Comprehensive Roadmap for the Electric Vehicle Industry [CREVI], similar to Executive Order No. 182, series of 2015, otherwise known as the “Comprehensive Automotive Resurgence Strategy Program [CARS].” The EV incentive strategy, RA 11697 noted, aims to narrow the cost gap between EVs and traditional motor vehicles and enable the shift of the local traditional motor vehicle industry to EVs, among others. According to earlier local news reports, the government is “looking to incentivize the manufacture of 4 million EV units in the next 10 years.”

Of which, majority will be two wheelers and e-trikes along with e-PUVs (public utility vehicles) and e-bus. DTI Undersecretary for Competitiveness and Innovation Group Rafaelita Aldaba said the agency would provide two types of support, which she said, will not only be directed on the supply side, but on the demand side as well. With this, the local report noted “under the consumer subsidy program, the government is looking to provide consumers with direct financial rebates or discounts when they purchase an EV.” In particular, Aldaba said the government is looking at providing a P10,000 subsidy for buyers of two-wheeler EVs, P20,000 for three-wheeled EVs and P500,000 for e-PUVs, the report added. Asked if AmCham will support the government’s plans to subsidize EV buyers to fast track the development of the EV market in the Philippines, Hinchliffe said, “That kind of incentive is helpful. That kind of subsidy of anything we can do to get air polluting cars off the street or air polluting jeepneys off the streets is a plus and those subsidies will help.”

DTI pushes initiatives to harness AI as ‘tool’ to boost productivity

HE Department of Trade and Industry (DTI) said it is planning to subsidize more online courses given the poor connectivity in the country, and provide skillsbased tax incentives for employers in line the agency’s goal to tap artificial intelligence (AI) as a “tool” to ramp up productivity in the country. “For the subsidy, we’re crafting a training program under the Malikhaing Pinoy for creative workers,” Rafaelita M. Aldaba, DTI Undersecretary for Competitiveness and Innovation Group told the BusinessMirror in a Viber message. Meanwhile, for the “skills-based” incentives for employers, Aldaba said this is “partly available to companies under the Corporate Recovery and Tax Incentives for Enterprises [CREATE] Act if they choose enhanced deductions under the Strategic Investment Priority Plan [SIPP] menu of incentives, further explaining that additional deductions include trainings.”

Under the 2022 SIPP, AI falls under the Tier III, along with research and development and activities adopting “advanced” digital production technologies of the fourth industrial revolution. The Trade official said DTI is suggesting these incentives to the government as it aims to make use of AI in addressing the country’s socioeconomic, health, environment, and education problems. At a recent forum, Aldaba said there is a need to ensure that a “proper environment” would allow AI to thrive as well as make sure that the challenges of adopting AI in the country would be addressed. The Trade official underscored, “This is really crucial in order for us to successfully uplift our people and ensure that we’re able to address poverty.” With the specific suggestions she mentioned, she further explained, “It would be easier for us to be able to target a lot of our workers and be able to benefit from this

new technology that would not…it’s not going to replace us but it’s really to augment our productivity.” Apart from subsidizing and incentivizing students and employers to utilize AI in the country, Aldaba said DTI continues to implement its AI information and awareness campaign and engage in public discussions on AI to “ensure that its benefits are understood by as many as possible.” Aldaba said this in response to what Senator Loren Legarda said about the funding for putting up the Center for Ar tificial Intelligence (CAIR), which is unfunded under the 2024 National Expenditure Program (NEP). Legarda said earlier this month during a Senate hearing that the agency should continuously conduct workshops and capacity-building initiatives on AI, while the infrastructure is yet to be set up to help the country keep pace with the AI evolution in the global landscape.

“All our research on AI will not ensue until the structure is done and then we fund the acquisition of computers, etc. So that will by 2025 and beyond, so by that time, all Asean neighbors advance, tayo wala,” Legarda said. Aldaba said the agency would need funds for space, supercomputers, and salaries to hire all necessary staff. However, Aldaba also mentioned that DTI is already “discussing a loan program with the Asian Development Bank [ADB] to fund our Industry 4.0 Transformation plans to include the building of CAIR and I4.0 facilities as part of the DTI Innovation Gateway that will be created to pave the way for the digital and industrial transformation of industries and micro small and medium enterprises, bridge the gaps between innovation and entrepreneurship, acceleration of R&D commercialization, and support for spinoffs and start-ups.” Andrea E. San Juan

Devanadera says CDC may surpass 2022 performance

plans after the Covid-19 pandemic. According to the CDC annual report for 2022, investment commitments in Clark Freeport Zone reached P2.3 billion. As of last year, there were 1,096 locators with 127,074 jobs created inside the Freeport zone and exports of $5.4 billion. Devanadera said CDC revenue is also expected to double this year as the GOCC’s revenue in the first six months of the year jumped 43 percent. PNA

Diesel, kerosene prices cut by ₧1.25/ liter, gas up P0.45

HE Clark Development Corporation (CDC) continues to post strong growth this year in recovering from the pandemic as the government-owned and controlled corporation (GOCC) is surpassing its performance in the previous year. CDC president and chief executive officer Agnes VST Devanadera on Sunday said the Investment Promotion Agency (IPA) is

expecting a robust performance this year in terms of investment pledges, revenues, and dividends to the national government. CDC is mandated to administer the Clark Freeport Zone. “For the first half of the year, meaning as of June 30, 2023, we already got an increase in $5.5 billion in investments,” she said, adding that companies have pursued their expansion

Teacher’s health journey highlights impact of Go’s Malasakit Centers in communities

HE Malasakit Centers program, which was conceptualized and initiated by Senator Christopher “Bong” Go, has emerged as a significant refuge for Filipinos in distress, as illustrated by the narrative of Diana Grace Dimaano Bagonoc, a 31-yearold former Special Education (SPED) teacher from Sampaloc, Manila. Now faced with Chronic Kidney Disease Stage 5, Bagonoc’s ordeal underscores the senator’s persistent endeavor to alleviate the healthcare and financial burdens many citizens bear through the establishment of Malasakit Centers nationwide. Diana recounted her painful and

challenging journey, as well as the chain of events that led to her current health predicament. “Nagsimula po ito noong 2019 at ngayon po ay isa po akong pasyente ng National Kidney Transplant Institute [NKTI] na nagdadialysis po ,” she narrated. As her debilitating ailment cut short her employment, Bagonoc confronted the harsh reality of escalating medical costs with dwindling financial resources. However, the inter vention of the Malasakit Center at the NKTI in Quezon City during her ordeal manifested the significance of Go’s initiative, a narrative

she conveyed with a sense of gratitude. Bagonoc shared, “Nalaman ko ang Malasakit Center sa social worker... Ang pagkakaalam ko po ang nagtatag ng Malasakit Center ay si Senator Bong Go.” According to Bagonoc, she was able to conveniently avail of medical assistance from various government programs through the Malasakit Center without having to go to different offices to seek help. “Kung wala pong Malasakit Center, hirap ako kung saan ako pupunta... Ang masasabi ko lang po kay Senator Bong Go ay maraming maraming salamat po sa tunay na malasakit po para sa mamamayang Pilipino. Kung hindi sa naitatag na Malasakit Center, wala na pong pag-asa yung ibang nangangailangan ng tulong. Maraming salamat po, mabuhay po kayo Senator Bong Go, mabuhay po kayo,” she said. Malasakit Centers bring together representatives from the Department of Social Welfare and Development, Department of Health, Philippine Health Insurance Corporation, and Philippine Charity Sweepstakes Office. These one-stop shops are designed to provide substantial support to economically disadvantaged patients with an objective to significantly alleviate their hospital expenses through the collaborative efforts of agencies with medical assistance programs placed under one roof. Go is the principal author and sponsor of Republic Act No. 11463 or the Malasakit Centers Act of 2019, which institutionalized the Malasakit Centers program. At present, 159 Malasakit Centers are operational across the country, poised to assist with patients’ medical expenses.

N separate advisories, gasoline prices will go up by P0.45 per liter. Diesel and kerosene prices, meanwhile, will go down by P1.25 per liter and P1.20 per liter, respectively. Petron, Shell, Caltex, Total, Unioil, Phoenix, PTT, Seaoil, Jetti will implement their price adjustments at 6 a.m. of October 31. Cleanfuel said it would implement its new prices at 12:01 a.m. These price adjustments resulted in a yearto-date net increase of P14.2 per liter increase for gasoline, P10.45 per liter for diesel and P5.05 per liter for kerosene. Oil firms adjust their pump prices every week to reflect movements in the world oil market. Last week, pump prices rose by 95 centavos per liter for gasoline, P1.30 per liter for diesel and P1.25 per liter for kerosene. Lenie Lectura

helps analyze information, think outside the box, solve problems with innovative solutions, and plan systematically.

7. Better decision making

CRITICAL thinking helps us deal with everyday problems as they come our way, and very often this thought process is even done subconsciously. It helps us think independently and trust our gut feeling.

8. Form well-informed opinions

THERE is no shortage of information coming at us from all angles. And that’s exactly why we need to use our critical thinking skills and decide for ourselves what to believe. Critical thinking allows us to ensure that our opinions are based on the facts and help us sort through all that extra noise. By Henry J. Schumacher

ITHOUT critical thinking, we cannot thoughtfully process information and make reasoned decisions. We lose the ability to thoroughly analyze issues, understand different perspectives, spot logical fallacies, and weigh evidence. Critical thinking is the very foundations of a healthy democracy and an educated populace. Here are a few undeniable reasons why it’s crucial to have these skills:

1. Critical thinking is universal

CRITICAL thinking is a domain-general thinking skill. What does this mean? It means that no matter what path or profession you pursue, these skills will always be relevant and will always be beneficial to your success. They are not specific to any field.

2. Crucial for the economy

OUR future depends on technology, information, and innovation. Critical thinking is needed for our hopefully fast-growing economy, to solve problems as quickly and as effectively as possible.

3. Improves language and presentation skills

TO best express ourselves, we need to know how to think clearly and systematically! Critical thinking also means knowing how to break down texts, and in turn, improve our ability to comprehend.

4. Promotes creativity

BY practicing critical thinking, we are allowing ourselves not only to solve problems but also to come up with new and creative ideas to do so. Critical thinking allows us to analyze these ideas and adjust them accordingly.

5. The basis of science and democracy

TO have a democracy and to prove scientific facts, we need critical thinking. Theories must be backed up with knowledge. For a society to effectively function, its citizens need to establish opinions about what’s right and wrong (by using critical thinking!).

6. Key for career success

CRITICAL thinking is crucial for many career paths. Not just for scientists, but doctors, reporters, engineers, accountants and analysts (among many others). All must use critical thinking in their positions. In fact, according to the World Economic Forum, critical thinking is one of the most desirable skills to have in the workforce, as it

9. Promotes curiosity

CRITICAL thinkers are constantly curious about all kinds of things in life and tend to have a wide range of interests. Critical thinking means constantly asking questions and wanting to know more, about why, what, who, where, when, and everything else that can help them make sense of a situation or concept, never taking anything at face value.

10. Allows for creativity

CRITICAL thinkers are also highly creative thinkers and see themselves as limitless when it comes to possibilities. They are constantly looking to take things further, which is crucial in the workforce.

11. Enhances problem solving skills

THOSE with critical thinking skills tend to solve problems as part of their instinct. Critical thinkers are patient and committed to solving the problem.

12. How Is critical thinking developed at school?

MUCH of this important skill must be practiced at school, and rightfully so! The youth must learn to think critically! When a teacher asks a question in class, students must be given the chance to answer for themselves and think critically about what they learned and what they believe to be accurate. When students work in groups and are forced to engage in discussion, this is a great chance to expand their thinking and use their critical thinking skills. Once they have finished school and entered the workforce, their critical thinking journey only expands and grows from here! Finally, in the wake of ChatGPT, some argue that artificial intelligence (AI) poses the greatest existential threat of our time. Advanced algorithms can automate jobs, enable manipulation through deepfakes, and weaponize disinformation. But AI systems are still designed by humans. Their capabilities are limited by what programmers develop. While potentially dangerous, current AI lacks sentience— the ability to think and feel. Minds design, build, regulate, and use technology for good or ill. Minds make ethical judgments with global consequences. No algorithm can replace human wisdom and analysis and critical reading and thinking skills. I look forward to receiving your comments; please contact me at hjschumacher59@ gmail.com

DOJ: Not all govt agencies are exempt from securing solicitation permits

HE Department of Justice (DOJ) has declared that not all government agencies are exempt from securing public solicitation permits from the D epar tment of S ocial Welfare and Development (DSWD). In a two-page legal opinion, DOJ Undersecretar y Raul Vasquez noted that only national government agencies (NGAs), government owned and controlled corporations (GOCCs), state universities and colleges (SUCs) and other governmental agencies whose charters or special laws allow them to solicit or conduct fund drives are exempted from the requirement of securing DSWD permits. The DOJ issued the legal opinion in response to the letter-request of DSWD Secretary Rex Gatchalian asking whether government agencies are exempt from obtaining public solicitation permits from the DSWD, considering that Presidential Decree P.D. 1564 only mentions duly

organized private and semi-governmental entities, associations, and does not mention government entities. The DOJ told Gatchalian that DSWD’s Sec tion 6.1.2 Memorandum Circular No. 17 Series of 2014, or the Revised Omnibus Rules and Regulations on Public Solicitation provides that NGAs, GOCCs, SUCs and other government agencies and nongovernment organizations (NGO) operating in the country are planning to solicit or receive contributions from the public for charitable public welfare purposes will have to secure an authority to solicit from the DSWD. Among those exempted from the requirements are organizations and agencies created by law that specifically allows them to solicit and conduct fund campaign; fundraising activities conducted by the Sangguniang Barangay for barangay projects; solicitation activity that will be undertaken only in one city or municipality;

caroling during Christmas season and other forms of solicitation intended for religious purposes. “ The above -mentioned provision states in no uncertain terms that as a rule, NGAs, GOCCs, SUCs, and other government agencies must secure public solicitation permits from your Depar tment,” the DOJ said. “However, a notable exception applies to NGAs, GOCCs, SUCs, or other government agencies whose charters or special laws provide them the authority to solicit and/ or conduct fund drives,” it added. Also exempted from securing solicitation permits from DSWD, according to the DOJ, are local government units since the Local Government Code of 1991 allows the City Mayor or Municipal Mayor to issue permits without the need of approval from any national agency, for the holding of activities for any charitable or welfare purpose. Joel R. San Juan

www.businessmirror.com.ph

A BusinessMirror Special Feature

Tuesday, October 31, 2023

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Tuesday, October 31, 2023

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

PHL, The Netherlands ties ‘very good’ after Joma’s passing–Dutch minister

By Malou Talosig-Bartolome

HE Dutch Foreign Affairs Minister said relations between The Netherlands and the Philippines are “very good” after the demise of Communist Party of the Philippines founder Jose Maria Sison in December 2022. Minister Hanke Bruins Slot was here in the Philippines, the first visit of a Dutch foreign minister, in more than 30 years.

“The Netherlands takes the fight against terrorism very seriously. And we did take action,” Bruins Slot told reporters in Manila

during a news conference. She cited that in 2005, the European Union declared the New People’s Army and the Communist Party of the Philippines as terrorist groups following the intervention of The Netherlands. “We also started court sessions and the Dutch court ruled t hat Mr. Sison cou ld not be deported, unfortunately. T he Dutch state must honor the rulings of the court. Perhaps you have heard that Mr. Sison passed away last December,” she added. Manila and The Hague have enjoyed “long-standing” 72 years of diplomatic relations in almost all sectors. The only irritant then, diplomatic officials said, was the

presence of Sison in Utrecht. Sison passed away in Utrecht last December 2022 due to heart failure. His remains were not repatriated to the Philippines. When asked if the bilateral relations have improved since the demise of Sison, the Dutch minister said, “Our relations are very good and we still fight against terrorism. We’ve still taken measures like 30 years ago and we’ll still take measures when we encounter terrorism in our country.” T he Nat ion a l D e mo c r at ic Front (NDF), the political arm of the CPP-NPA, still has an office in Utrecht. Its chairman, Luis Jalandoni, is a naturalized Dutch citizen.

Don’t bring kids to cemeteries, DOH chief reminds parents and guardians By Claudeth Mocon-Ciriaco @claudethmc3

HE Department of Health (DOH) on Monday strongl y a d v i s e d t he pu bl ic against bringing small children to cemeteries to prevent possible injuries and diseases caused by overcrowding. “I am advising parents and caregivers not to bring small children to cemeteries as overcrowding and intense heat and sudden unexpected downpour may cause diseases to small children,” Health Secretary

Teodoro J. Herbosa warned. Herbosa added that although the rate of Covid-19 infection is plateauing, the threat of the disease is still present. The Health chief noted that there are still sporadic cases and uptick of cases in some regions. Also, small children may have low resistance against infections. Herbosa also cautioned against patronizing ambulant vendors inside and outside of the cemeteries selling green mangoes, sandwiches, fruit juices, and other similar foodstuff.

Be on guard vs election fraud, DILG chief reminds electorate

THE Villar family composed of former Senate President Manny Villar, Senator Cynthia Villar, Deputy Speaker Camille Villar, and Paolo Villar casts their votes for the Barangay and SK Elections at Las Piñas City National Science High School in Talon Dos, Las Piñas City early morning on Monday.

Military deploys more than 100,000 troops to secure village, youth polls By Rex Anthony Naval

HE Armed Forces of the Ph i l ip pi ne s ( A F P) a n nounced that it has made available more than 100,000 military personnel to help secure this year’s Barangay and Sangguniang Kabataan Elections (BSKE). This as AFP chief Gen. Romeo Brawner Jr. on Sunday night urged all Filipino voters to wisely use their voting rights to make the barangay, the most basic form of government, a lot better and efficient. “Let’s not take this right for

granted. Instead, let’s take this as an opportunity to further improve our government, starting from its most basic unit, our barangays and our youth leaders,” he added. Brawner also said the deployment of more than 100,000 AFP personnel would allow the Commission on Elections, Philippine National Police (PNP), Department of Education, and the Philippine Coast Guard to provide a safe, secure, and orderly environment for all Filipinos to vote. “We hope that you will heed this call and flock to your voting centers. A lot is at stake on

your decision this coming election. May God bless your votes,” he added. As this developed, AFP spokesperson Col. Medel Aguilar said that the military has been on “red alert” since Saturday and will remain so depending on the situation. Last October 27, PNP chief Gen. Benjamin Acorda Jr. announced that the entire service would be on “full alert” starting October 28 as part of its drive to ensure that this year’s BSKE will be peaceful and orderly. Around 187,600 police personnel were deployed for the BSKE on Monday.

Fielding more than two precinct poll watchers is vote buying, Comelec says By Patrick V. Miguel

CANDIDATE who hires more than two poll watchers in each clustered precinct is an act of vote buying, the Commission on Elections (Comelec) clarified on the morning updates of the Barangay and Sangguniang Kabataan Elections (BSKE). According to the poll body’s Resolution No. 10946, candidates “hiring or appointing more than two watchers per precinct per candidate” is automatically presumed as vote buying and

selling. “Kapag po kayo ay nahuli at napatunayan namin na nag-hire sa higit sa dalawa na watchers sa isang clustered precinct, kayo ay kakasuhan namin dahil ang presumption namin dyan ay kayo ang nagvo-vote buying,” said Comelec spokesman Atty. John Rex Laudiangco. [If you are caught and proven that you hired more than two poll watchers in one clustered precinct, we will file a case against you because that is a presumption of vote buying] Gone are the days that candidates may hire over 300

poll watchers, Laudiangco added. Candidates caught vote buying may face imprisonment, forfeiture of right to suffrage and perpetual disqualification to hold public office. According to the Comelec spokesman, the electoral boards per precinct will only receive two appointment letters of poll watchers for each candidate. Laudiangco issued the reminder following reported incidents in the morning of BSKE wherein poll watchers presented candidate-issued

“Our message to the public is clear: Election Day will remain under our control, and we will not tolerate any disruptions or threats to the peaceful exercise of your right to vote. We urge the public to cooperate and report any irregularities or security concerns,” the PNP chief stressed. Since the start of the election period last August 28, Acorda said the PNP has conducted intensified checkpoint operations supervised by local Comelec officers where a total of 1,430 firearms were seized from 1,880 arrested gun ban violators as of Friday. The PNP has also accepted 1,666 surrendered firearms and another 2,325 firearms deposited for safekeeping. The election period for the BSKE started on August 28 and will end on November 29.

IDs instead of appointment letters to the electoral board. “Ayon sa ating rules, ang kailangan i-presenta mo sa ating electoral boards para ikaw ay maging watcher at papasukin sa precinct ay ang duly notarized appointment paper,” said Laudiangco. [According to our rules, you need to present a duly notarized appointment paper to the electoral boards for you to become a watcher and be allowed inside the precinct.] The appointment paper must also be signed by the candidate and the watcher, he added. “Hindi ‘yung [candidateissued] ID ‘yung appointment [The candidate-issued ID will not serve at the appointment],” said Laudiangco.

EPARTMENT of the Interior and Local Government (DILG) Secretary Benhur Abalos on Monday urged all Filipino voters to immediately report fraud and cheating incidents in polling precincts during this year’s Barangay and Sangguniang Kabataan Elections (BSKE). Abalos made this call shortly before casting his vote at Highway Hills Integrated School at Barangay Highway Hills in Mandaluyong City. He added that ensuring fraud free and credible elections is a greater responsibility of the voters than just merely casting their votes. Reiterating his message against vote buying, Abalos said the electorate must consider that barangay leaders will be key in the efficient and effective delivery of basic

services in their respective communities for the next three years. Abalos also commended the Philippine National Police (PNP) f o r e f f e c t i v e l y m a i nt a i n i n g peace and order throughout the country on the days leading to the BSKE. He said the proactive actions of the PNP and its coordination with the Commission on Elections resulted in creating a generally peaceful situation throughout the nation. Me a nwh i le, PN P- Nat ion a l Capital Region Police Office Regional Director Brig. Gen. Jose Melencio Nartatez Jr. said the barangay polls in NCR are generally peaceful so far with only four cases of vote-buying reported in Metro Manila and three incidents of violation of the liquor ban. Rex Anthony Naval

IP rights still under attack despite IPRA, groups say By Jonathan L. Mayuga @jonlmayuga

WENT Y-SIX years after the implementation of the Indigenous Peoples’ Rights Act (IPRA) of 1997 or Republic Act 8371, Indigenous Peoples (IP) in the Philippines remain under attack, the Philippine Task Force for Indigenous Peoples Rights (TFIPR) said. The group is blaming the National Commission on Indigenous Peoples (NCIP) for allegedly failing to promote IP rights—sometimes against police and military “aggression.” In a statement issued to mark the 26th anniversary of the enactment of IPRA, the group said human rights violations against IPs and their advocates persist, adding that IP rights to self-determination and ancestral lands are neglected. The reported plunder of ancestral territories and misrepresentation of indigenous culture and political institutions allegedly are tolerated and dissent by the IPs against destructive projects and repressive policies and actions are allegedly criminalized. According to the group, the NCIP, which was created through Republic Act No. 837A or IPRA in 1997, allegedly remain silent amid intensified attacks against the IPs and rights defenders.

“They remain indifferent to the current issues confronted by Indigenous Peoples, such as the Anti-Terrorism Council’s malicious designation of Cordillera Peoples Alliance leaders as terrorists, abduction of Bontoc-Ibaloi-Kankanaey Dexter Capuyan and advocate Bazoo De Jesus, illegal detention of advocates Mary Joyce Lizada and Arnulfo Aumentado, continuing incarceration of Manobo Leader Julieta Gomez and advocate Niezel Velasco, construction of so-called development projects in indigenous communities, and community bombings,” the group stressed. “We challenge recently installed NCIP Chairperson Jennifer Sibuglas to uphold the NCIP’s mandates and #StandWithIP in protecting their land, life, and resources. We must, at all times, defend the rights of the Indigenous Peoples and their advocates to ensure the preservation and transfer of indigenous culture and knowledge, especially on environmental protection. Stop state terrorism and systematic attacks in indigenous communities. Acknowledge the Indigenous Peoples’ struggles as legitimate actions in exercising their rights,” the group said. For its part, the youth group Katribu said the law that is supposed to protect IPs is not helping protect and promote the welfare of IPs.

Tuesday, October 31, 2023

TheWorld BusinessMirror

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

Gaza receives largest aid shipment as deaths top 8,000 and Israel widens military offensive By Wafaa Shurafa, Samy Magdy & Kareem Chehayeb

The Associated Press

EIR AL-BALAH, Gaza Strip— Nearly three dozen trucks entered Gaza on Sunday in the largest aid convoy since the war between Israel and Hamas began, but humanitarian workers said the assistance still fell desperately short of needs after thousands of people broke into warehouses to take flour and basic hygiene products. The Gaza Health Ministry said the death toll among Palestinians passed 8,000, mostly women and minors, as Israeli tanks and infantry pursued what Israeli Prime Minister Benjamin Netanyahu called a “second stage” in the war ignited by Hamas’ brutal October 7 incursion. The toll is without precedent in decades of IsraeliPalestinian violence. Over 1,400 people have died on the Israeli side, mainly civilians killed during the initial attack, also an unprecedented figure. Communications were restored to most of Gaza’s 2.3 million people Sunday after an Israeli bombardment described by residents as the most intense of the war knocked out phone and internet services late Friday. I srae l h a s a l lowed on ly a trickle of aid to enter. On Sunday, 33 trucks carr ying water, f o o d a n d m e d i c i n e e nt e r e d the only border crossing from Eg y pt, a spokesperson at the Rafah crossing, Wael Abo Omar, told The Associated Press. After visiting the Rafah crossing, the chief prosecutor of the International Criminal Court called the suffering of civilians “profound” and said he had not been able to enter Gaza. “These

are the most tragic of days,” said Karim Khan, whose court has been investigating the actions of Israeli and Palestinian authorities since 2014. Khan called on Israel to respect international law but stopped short of accusing it of war crimes. He called Hamas’ October 7 attack a serious violation of international humanitarian law. “The burden rests with those who aim the gun, missile or rocket in question,” he said. The Israeli military said Sunday that it had struck more than 450 militant targets over the past 24 hours, including Hamas command centers and anti-tank missile launching positions. Huge plumes of smoke rose over Gaza City. Military spokesman Rear Adm. Daniel Hagari said dozens of militants were killed. Hagari, who said ground operations were intensifying, also reiterated calls for Gaza residents to move south, saying they’d have better access to food, water and medicine there. “This is a matter of urgency,” he said. Israel says most Ga za residents have heeded its orders to f lee to t he sout her n pa r t of t he besieged ter r itor y, but

Sudden death of China’s former No. 2 leader Li Keqiang has shocked many By Kanis Leung

The Associated Press

ONG KONG—The sudden death of China’s former second-ranking leader, Li Keqiang, has shocked many people in the country, with tributes offered up to the ex-official who promised market-oriented reforms but was politically sidelined. Li, who died early Friday of a heart attack, was China’s top economic official for a decade, helping navigate the world’s second-largest economy through challenges such as rising political, economic and military tensions with the United States and the Covid-19 pandemic. “Li was ex tolled as an excellent (Communist Party of China) member, a time -tested and loyal communist soldier and an outstanding proletarian revolutionist, statesman and leader of the Party and the state,” the official Xinhua News Agency said in its brief obituary. Li was known for his advocacy of private business but lost much of his influence as President Xi Jinping accumulated evergreater powers and elevated the military and security services in aid of the “great rejuvenation of the Chinese nation.” A hashtag related to his death on the Chinese social media platform Weibo drew over 1 billion views in just a few hours. On posts about Li, the “like” button was turned into a daisy—a common flower for funerals

in China, and many users commented “rest in peace.” Others called his death a loss and said Li worked hard and contributed greatly to China. The Chinese government, however, had little to say immediately about Li. Chinese Foreign Ministry spokesperson Mao Ning asked reporters to refer to information from official news agency Xinhua and the obituary released later. “We deeply mourn over the tragic passing of Comrade Li Keqiang due to a sudden heart attack,” she said. Beijing resident Xia Fan, 20, said she was saddened by the death of Li, whom she called “a really conscientious and responsible premier.” She said her mind was blank when she first heard about the news. “He really accompanied the growth of our generation, that’s how it feels in my heart,” she said. Designer Chen Hui said Li contributed greatly to China’s development. “If I were to talk about it, it’s impossible to finish it in one day. It’s a pity,” Chen said. US Secretary of State Antony Blinken expressed his condolences on the passing of Li, said Matthew Miller, State Department spokesperson. Nicholas Burns, US ambassador to China, also extended his condolences to Li’s family, the Chinese government and the Chinese people in both English and Chinese on X, formerly known as Twitter. Japan’s embassy in China expressed its

PALESTINIANS sit on the rubble of a house after it was struck by an Israeli airstrike in Khan Younis, southern Gaza Strip on Sunday, October 29, 2023. AP/FATIMA SHBAIR

hundreds of thousands remain in t he nor t h, in pa r t because Israel has a lso bombarded targets in so - ca l led sa fe zones. More t ha n 1.4 m i l l ion people in Ga za have f led t heir homes. The Hamas military wing said its militants clashed with Israeli troops who entered the northwest Gaza Strip with small arms and anti-tank missiles. Palestinian militants have continued firing rockets into Israel, including toward its commercial hub, Tel Aviv. The aid warehouse break-ins were “a worrying sign that civil order is starting to break down after three weeks of war and a tight siege on Gaza,” said Thomas White, Gaza director for the UN agency for Palestinian refugees, known as UNRWA. “People are scared, frustrated and desperate.” UNRWA spokesperson Juliette Touma said the crowds broke into four facilities on Saturday. She said the warehouses did not contain any fuel, which has been in critically short supply since Israel cut off all shipments. Israel says Hamas would use it for military purposes and that the militant group is hoarding large fuel stocks for itself in the territory. That claim couldn’t be independently verified. One warehouse held 80 tons of food, the UN World Food Program condolences on Weibo. It said Li had visited Japan in 2018 and he played an important role in the relations of both countries. Li, an English-speaking economist, was from a generation of politicians schooled during a time of greater openness to liberal Western ideas. Introduced to politics during the chaotic 1966-1976 Cultural Revolution, he made it into prestigious Peking University, where he studied law and economics, on his own merits rather than through political connections. Li had been seen as former Communist Party leader Hu Jintao’s preferred successor as president about a decade ago. But the need to balance party factions prompted the leadership to choose Xi, the son of a former vice premier and party elder, as the consensus candidate. The t wo never formed anything like the partnership that characterized Hu’s relationship with his premier, Wen Jiabao — or Mao Zedong’s with the redoubtable Zhou Enlai—although Li and Xi never openly disagreed over fundamentals. Last October, Li was dropped from the Standing Committee at a party congress despite being more than two years below the informal retirement age of 70. He stepped down in March and was succeeded by Li Qiang, a crony of Xi’s from his days in provincial government. His departure marked a shift away from the skilled technocrats who have helped steer China’s economy in favor of officials known mainly for their unquestioned loyalty to Xi. The Associated Press journalist Simina Mistreanu in Beijing contributed to this report

said. It emphasized that at least 40 of its trucks need to cross into Gaza daily just to meet growing food needs. President Joe Biden in a call with Netanyahu on Sunday “underscored the need to immediately and significantly increase the flow of humanitarian assistance to meet the needs of civilians in Gaza,” the US said. Israeli authorities said they would soon allow more humanitarian aid to enter Gaza. But the head of civil affairs at COGAT, the Israeli defense body responsible for Palestinian civilian affairs, provided no details on how much aid would be available. Elad Goren also said Israel has opened two water lines in southern Gaza within the past week. The AP could not independently verify that either line was functioning. Meanwhile, crowded hospitals in Gaza came under growing threat. Residents living near Shifa Hospital, the territory’s largest, said Israeli airstrikes overnight hit near the complex where tens of thousands of civilians are sheltering. Israel accuses Hamas of having a secret command post beneath the hospital but has not provided much evidence. Hamas denies the allegations. The Palestinian Red Crescent

rescue service said nearby Israeli airstrikes damaged parts of another Gaza City hospital after it received two calls from Israeli authorities on Sunday ordering it to evacuate. Some windows were blown out, and rooms were covered in debris. The rescue service said airstrikes have hit as close as 50 meters (yards) from the Al-Quds Hospital where 14,000 people are sheltering. Israel ordered the hospital to evacuate more than a week ago, but it and other medical facilities have refused, saying evacuation would mean death for patients on ventilators. “Under no circumstances, hospitals should be bombed,” the director general of the International Committee of the Red Cross, Robert Mardini, told CBS’ “Face the Nation.” About 20,000 people were sheltering at Nasser Hospital, emergency director Dr. Mohammed Qandeel said. “I brought my kids to sleep here,” said one displaced resident who gave her name only as Umm Ahmad. “I used to be afraid of my kids playing in the sand. Now their hands are dirty with the blood on the floor.” An Israeli airstrike hit a twostory house in Khan Younis on Sunday, killing at least 13 people, including 10 from one family. The bodies were brought to the nearby Nasser Hospital, according to an AP journalist at the scene. The military escalation has increased domestic pressure on Israel’s government to secure the release of 239 hostages seized by Hamas fighters during the October 7 attack. Hamas says it is ready to release all hostages if Israel releases all of the thousands of Palestinians held in its prisons. Desperate family members of the Israeli captives met with Netanyahu on Saturday and expressed support for an exchange. Israel has dismissed the Hamas offer. “If Hamas does not feel military pressure, nothing will move

forward,” Israeli Defense Minister Yoav Gallant told families of the hostages Sunday. The Israeli military has stopped short of calling its gradually expanding ground operations inside Gaza an all-out invasion. Casualties on both sides are expected to rise sharply as Israeli forces and Palestinian militants battle in dense residential areas. Israel says it targets Hamas fighters and infrastructure and that the militants operate among civilians, putting them in danger. The violence has inflicted serious damage on Gaza’s civilian infrastructure. The territory’s sole power plant shut down shortly after the war began. Hospitals are struggling to keep emergency generators running to operate incubators and other life-saving equipment, and UNRWA is trying to keep water pumps and bakeries running. As water ran short, some Gazans bathed in the sea. The fighting has raised concerns that the violence could spread across the region. Israel and the Lebanese militant group Hezbollah have engaged in daily skirmishes along Israel’s northern border. Hagari said Israel on Sunday struck three militant cells that fired from Lebanon into Israel and killed militants who were trying to enter. Hamas said its forces in Lebanon fired 16 missiles at the Israeli city of Nahariya. Hezbollah, a Hamas ally, said it also fired missiles at several sites. The Israeli military said early Monday that its aircraft hit military infrastructure in Syria after rockets from there fell in open Israeli territory. Roughly 250,000 Israelis have been evacuated from their homes because of violence along the border with Gaza and the northern border with Lebanon, according to the Israeli military. Magdy reported from Cairo. Chehayeb reported from Beirut. Associated Press writers Julia Frankel and Amy Teibel in Jerusalem contributed to this report.

Russia says it shot down 36 Ukrainian drones over the Black Sea as fighting grinds on in east

YIV, Ukraine—Russian air defense shot down over 30 Ukrainian drones over the Black Sea and the Crimean peninsula overnight Saturday, Russia’s Defense Ministry said Sunday. “The air defense systems in place destroyed 36 Ukrainian unmanned aerial vehicles over the Black Sea and the northwestern part of the Crimean peninsula,” the ministry wrote on Telegram. Local authorities in the southern Krasnodar region bordering the Black Sea said that a fire broke out at an oil refinery in the early hours of Sunday, but did not specify the cause. “The reasons for the incident are being established,” a statement from local authorities said, amid claims in local media outlets that the fire had been caused by a drone strike or debris from a downed drone. Drone strikes and shelling on the Russian border regions and Moscow-annexed Crimea are a regular occurrence. Ukrainian officials never acknowledge responsibility for attacks on Russian territory or the Crimean peninsula. In Ukraine, the country’s air force said Sunday it had shot down five Iranian-made Shahed exploding drones launched by Russia overnight. Close to the front line in the country’s east, where Ukrainian

and Russian forces are locked in a grinding battle for control, four police officers were wounded when a shell fired by Russian troops exploded by their police car in the city of Siversk, located in the partly occupied Donetsk province. British intelligence assessed this weekend that Russia had suffered some of its biggest casualty rates so far this year as a result of continued “heavy but inconclusive” fighting around the town of Avdiivka, also in the Donetsk province. The UK Ministry of Defence’s regular intelligence update on Saturday morning noted that Russia had committed “elements of up to eight brigades” in the area since it launched its “major offensive effort” in mid-October. Also in the Donetsk region, Russia’s Investigative Committee said Sunday it was investigating the murder of nine residents in Volnovakha, a city currently under Russian control. According to the committee’s statement, the dead included two children. The bodies “were found in a private residential building with gunshot wounds,” the committee said. A 46-year-old man died in a Russian shelling attack on a village on the Dnieper River—which serves as a frontline—in the Kherson province, according to regional Gov. Oleksandr Prokudin. Also on Sunday, a prominent ally

of Russian President Vladimir Putin warned that Russia might take action to seize assets of European Union member states it considers hostile if the EU proceeds with its plan to “steal” frozen Russian funds to support Ukraine’s post-war reconstruction efforts. “A number of European politicians (...) have once again started talking about stealing our country’s frozen funds in order to continue the militarization of Kyiv,” Vyacheslav Volodin, the Chairman of the State Duma, the lower house of Russia’s parliament, wrote on Telegram. Volodin made the statement in response to an announcement on Friday by Ursula von der Leyen, the president of the European Commission, on a proposal to use earnings from frozen Russian state assets to support Ukraine in its rebuilding. Volodin asserted that Moscow would respond with measures that would inflict significant costs on the EU if it were to take action against Russian assets, a considerable portion of which are in Belgium. “Such a decision would require a symmetrical response from the Russian Federation. In that case, far more assets belonging to unfriendly countries will be confiscated than our frozen funds in Europe,” Volodin said. AP

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China believes path to Xi-Biden meeting in San Francisco won’t be ‘smooth sailing’

EIJING—China’s foreign minister believes the road to an expected meeting between President Xi Jinping and US President Joe Biden will not be “smooth sailing” and both sides must work together to achieve results, the foreign ministry said Sunday.

Wang Yi met with Biden, as well as Secretary of State Antony Blinken and White House national security adviser Jake Sullivan, during a three-day visit to Washington. Both sides agreed to work toward a bilateral meeting on the

side of the Asia-Pacific Economic Cooperation summit in San Francisco that begins on November 11. In a statement released by China’s foreign ministry summarizing the discussions, Wang said the road to the bilateral meeting

SECRETARY of State Antony Blinken shake hands with China’s Foreign Minister Wang Yi after a bilateral meeting at the State Department in Washington on Thursday, October 26, 2023. AP/JOSE LUIS MAGANA

would not be “smooth sailing” and that they could not rely on “autopilot” to make it happen. Wang’s visit to Washington came at a time when tensions between the countries remain high, including over US export controls on advanced technology and China’s more assertive actions in the East and South China seas. The statement said that although there are still many issues to be resolved, both sides believe that it is both beneficial and necessary for the US and China to maintain dialogue. The meeting is the latest in a series of high-level contacts between the two countries as they explore the possibility of stabilizing an increasingly tense relationship at a time of conflict in Ukraine and Israel.

According to the foreign ministry statement, Wang also said that China and the US needed a “return to Bali,” in a reference to Xi and Biden’s meeting at a G-20 summit last year, where both officials discussed issues relating to Taiwan, US-China trade tensions as well as cooperation to address issues like climate change, health and food security. Wang said that the two countries must “eliminate interference, overcome obstacles, enhance consensus and accumulate results.” Other issues discussed between Wang and Biden included military exchanges between the US and China, as well as financial, technological and cultural exchanges and cooperation, as well as the crises in the Middle East and Ukraine. AP

Court arguments begin in lawsuit to bar Trump from running for the White House By Nicholas Riccardi The Associated Press

D SUPPORTERS of the religious and political party Jamaat-e-Islami attend a demonstration against Israeli airstrikes on Gaza, to show solidarity with Palestinian people, in Karachi, Pakistan on Sunday, October 15, 2023. AP/FAREED KHAN

Thousands rally in Pakistan against Israel’s bombing in Gaza, chanting anti-US slogans

SLAMABAD—Thousands of supporters from Pakistan’s main religious political party rallied in the capital, Islamabad, on Sunday against Israel’s bombing of Palestinians in Gaza, chanting anti-American slogans and accusing the US of “backing the aggressor.” The Jamaat-e-Islami party initially announced a march to the US Embassy in the city’s high-security diplomatic enclave. But tough action from authorities the previous night forced the party to change its plans and hold the rally in a major street away from the protected enclave. Police pulled down the party’s encampments on Saturday night, detaining the local leadership and dozens of supporters. Because of the Jamaat-e-Islami plan and the risk of violence, the US Embassy issued an advisory for American citizens living in Islamabad and the surrounding area to “limit unnecessary travel on Sunday.”It advised them to avoid large public gatherings, to exercise caution if unexpectedly in the vicinity of a large gathering or demonstration and to review personal security plans. Jamaat-e-Islami supporters, including women and children, marched for several kilometers (miles) to reach the agreed protest venue. They held banners and posters with slogans opposing Israel and the United States

and in support of the Palestinians. “Just sending medicines and relief goods is neither sufficient, nor is it the sole duty of the world, particularly of Muslim rulers, but to stay the hand of the aggressor is the real task of the world,”said party leader Sirajul Haq. He urged the leaders of the Muslim world to rise up for Gaza, and to rely on God instead of remaining the slave of America. Jamaat-e-Islami would continue to raise its voice for the Palestinians until they liberated their land, he said. Another religious party, Jamiat Ulema Islam, held a massive rally in the southwestern city of Quetta, where its leader Maulana Fazlur Rehman expressed solidarity and support for Gazans. Also on Sunday, Aurat March, a women’s advocacy group, held protests in several Pakistani cities against a government policy to arrest and deport all foreigners found living in the country illegally after October 31, including at least 2 million Afghans. Aurat March supporters gathered in Islamabad, Karachi, Lahore and Multan to support Afghans facing the threat of deportation. Pakistani authorities have repeatedly said their campaign does not target Afghans specifically, only those migrants who are undocumented or unregistered. AP

ENVER—The campaign to use the US Constitution’s “ insur rection” clause to bar former President Donald Trump from running for the White House again enters a new phase this week as hearings begin in two states on lawsuits that might end up reaching the US Supreme Court. A weeklong hearing on one lawsuit to bar Trump from the ballot in Colorado begins Monday, while on Thursday oral arguments are scheduled before the Minnesota Supreme Court on an effort to kick the former president off the ballot in that state. W het he r t he jud ges k e e p Trump on the ballot or boot him, their rulings are likely to be swiftly appealed, eventually to the US Supreme Court. The nation’s highest court has never ruled on the Civil War-era provision in the 14th Amendment that prohibits those who swore an oath to uphold the constitution and then “engaged in insurrection” against it from holding higher office. “ We’ve h ad hea r i ngs w it h presidential candidates debating their eligibility before—Barack Obama, Ted Cruz, John McCain,” said Derek T. Muller, a Notre Dame law professor, listing candidates challenged on whether they met the constitutional requirement of being a “natural born citizen.” But these cases, Muller added, are different, using an obscure clause of the Constitution with the “incendiary” bar against insurrection. Even if t hey ’re longshots, Muller said, they have a plausible

legal path to success and raise important issues. “Those legal questions are very heavy ones,” Muller said. Dozens of cases citing Section Three of the 14th Amendment have been filed in recent months, but the ones in Colorado and Minnesota seem the most important, according to legal experts. That’s because they were filed by two liberal groups with significant legal resources. They also targeted states with a clear, swift process for challenges to candidates’ ballot qualifications. That means the Colorado and Minnesota cases are taking a more legally sound route to get courts to force election officials to disqualify Trump, as opposed to other lawsuits that seek a sweeping ruling from federal judges that Trump is no longer eligible for the presidency. The plaintiffs in the cases argue the issue is simple: Trump’s efforts to overturn his 2020 election loss, leading to the Jan. 6, 2021, attack on the US Capitol, mean he’s disqualified from the presidency just as clearly as if he were not a natural-born citizen, another constitutional prerequisite for the office. “Four years after taking an oath to ‘preserve, protect and defend’ the Constitution as President of the United States...Trump tried to overthrow the results of the 2020 election, leading to a violent insurrection at the United States Capitol to stop the lawful transfer of power to his successor,” alleges the Colorado lawsuit, filed on behalf of Republican and unaffiliated voters by the liberal group Citizens for Responsibility and Ethics in Washington.

“By instigating this unprecedented assault on the American constitutional order, Trump violated his oath and disqualified himself under the Fourteenth Amendment from holding public office, including the Office of the President.” Trump has castigated the lawsuits as “election interference.” His lawyers contend that none of the issues are simple in a provision of the Constitution that hasn’t been used in 150 years. The clause has only been used a handful of times since immediately after the Civil War. Trump’s lawyers contend that it was never meant to apply to the office of the president, which is not mentioned in the text, unlike “Senator or Representative in Congress” and “elector of President and Vice President.” The provision allows Congress to grant amnesty—as was done in 1872 to allow former confederates back into government—which has led some to argue that it has no power without an enabling act of Congress. Finally, Trump’s lawyers contend the former president never “engaged in insurrection” and was simply exercising his free speech rights to warn about election results he did not believe were legitimate. “Trump’s comments did not come close to ‘incitement,’ let alone ‘engagement’ in an insurrection,” his attorneys wrote in a filing in the Colorado case, adding examples of cases where the congressional authors of Section Three declined to use it against people who only rhetor ica l ly backed the confederacy. The arguments in Colorado

could feature testimony from witnesses to the January 6 attack or other important events during Trump’s efforts to overturn the election. The identities of witnesses have been shielded until they take the stand, part of the court’s effort to limit the heated rhetoric and threats that have become an issue in Trump’s criminal trials. The lawyers are expected to delve deeply into the history of the drafting of the provision in the 14th Amendment and its use between its adoption in 1868 and the amnesty law in 1872. There is scant legal precedent on the issue—so little that the attorneys have had to argue about the meaning of an 1869 case written by Salmon Chase, who was then chief justice of the US Supreme Court but wrote only as an appeals judge. After the amnesty act in 1872, legal scholars could only find one other time the provision was cited, when Congress refused to seat a socialist member of the House of Representatives because he opposed entry into World War I. Then last year, it was used by CREW to bar the head of “Cowboys for Trump” from a county commission seat in rural New Mexico. A second liberal group, Free Speech For People, filed lawsuits seeking to prevent Republican Reps. Marjorie Taylor-Greene and Madison Cawthorn from running for reelection. The judge overseeing Greene’s case ruled in her favor, while Cawthorn’s case became moot after he was defeated in his primary. Free Speech For People filed the case in Minnesota, where challenges to ballot appearances go straight to the state supreme court.

Israeli settler kills Palestinian harvesting olives as violence surges in West Bank By Samy Magdy & Amy Teibel

The Associated Press

ERUSA LEM—A Jew ish settler shot dead a Palestinian man har vesting olives near the West Bank city of Nablus, the man’s uncle said Sunday. T his brings the number of Palest i n i a ns repor ted k i l led by settlers to seven since Hamas’s bloody i nc u rsion i nto Israe l three weeks ago.

Tayseer Mahmoud said his nephew, Bilal Saleh, was working in the grove in the village of Sawiya with his wife and their four children on Saturday when a group of settlers attacked them. Saleh, concerned about the safety of his children, tried to leave the area but a settler shot him in the chest, Mahmoud said. Mahmoud said he didn’t witness the confrontation but was close by and reached the scene within minutes of the shooting.

Saleh died before he could be taken for medical care, he said. Settler leader Yossi Dagan said in a video posted to Facebook on Saturday that the shooter was accompanied by family members and fired in self-defense after they were “attacked w ith rocks by dozens of r iot ing Ha m a s supporters.” The deadly shooting took place amid a spike in settler violence since Hamas militants infiltrated Israel on October 7, killing more

than 1,400 Israelis and taking over 230 others hostage. The incursion touched off a war that has killed more than 7,700 Palestinians, according to the Gaza Health Ministry. In addition to the killings, Palestinians in the West Bank have reported attacks on people and property, as well as denial of access to their land. The violence has gotten so intense that it has drawn condemnation from US President

Joe Biden. Attacks by extremist settlers, Biden said, amounted to “pouring gasoline” on fires already burning in the Middle East since the Hamas attack. The Israeli military said it received a report of a “violent confrontation” between Palestinians and Israeli civilians, and that a Palestinian was reported killed. Police have opened an investigation, it said. T his year has been the deadliest in the West Bank since the

se cond Pa lest i n i a n upr i s i ng against Israel t wo decades ago. Since the outbreak of the war alone, more than 100 Palestinians, including civilians, have been killed, most during military arrest raids and violent protests in the West Bank. France on Sunday condemned the deadly attacks by settlers in recent days and urged Israeli authorities to protect Palestinian civilian populations, notably in Suwiya.

A10 Tuesday, October 31, 2023 • Editor: Angel R. Calso

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editorial

Economic coercion destroys foundations of global trade

conomic coercion is a threat or actual imposition of economic costs by a state on a target with the objective of extracting a policy concession. US experts said this has become an increasingly prominent instrument of Chinese foreign policy. Chinese economic coercion tactics take on many forms. Some are as blatant and public as unilateral, weaponized use of trade sanctions and embargoes for China’s economic and business advantage. Victor Cha, senior vice president for Asia and Korea Chair at Center for Strategic and International Studies (CSIS), told the US Congress in May that China’s economic coercion has become part and parcel of its foreign policy against many trading partners. “Countries that interact with Taiwan, support democracy in Hong Kong, oppose genocide in Xinjiang or offend any other ‘core interests’ of China face discriminatory, non-WTO-conforming sanctions and embargoes. Targets of this weaponization of trade since 2008 range widely. Eighteen Western and Asian countries, including Japan, Lithuania, Norway, and Australia, and over 123 private companies, including Walmart and the National Basketball Association, have been targeted, precipitating tens of billions of dollars in economic damage,” Cha said. He said that from Beijing’s perspective, coercion works. After sanctioning South Korea’s Lotte company in 2016 and embargoing imports of German pork in 2020, both countries remained silent when China passed the national security law in Hong Kong suppressing democracy. “In 2018 to preempt Chinese sanctions, The Gap clothing company issued a public apology and removed from sale a t-shirt design with a map of China that did not include Taiwan and Tibet. Japanese fashion clothing retailer Uniqlo remained silent on human rights violations in Xinjiang,” according to Cha. He added that after a Chinese ban on Norwegian salmon in 2010, the country’s leaders refused to meet with the Dalai Lama when he visited in 2015. China instituted a five-year ban on Columbia Tristar Pictures after it released “Seven Years in Tibet,” starring Brad Pitt, because of the movie’s portrayal of government suppression. The Philippines also experienced China’s weaponization of trade. During the Scarborough Shoal dispute in 2012, China masked its restriction of Philippine banana imports behind phytosanitary and sanitary concerns, saying that Philippine bananas were contaminated with mealybugs. “Dealing with China’s weaponization of trade is a critical pre-requisite for the success of the Biden administration’s strategic competition with China. What is needed is a peer competition strategy that can stop this behavior. The US and like-minded partners need to consider a new ‘collective resilience’ strategy to deter China’s economic coercion,” Cha told the US Congress. He added: “Most of the targets of Chinese economic coercion are asymmetrically trade dependent on it. But this should not obscure the reality that many of these countries also export items to China upon which the Chinese market is highly dependent, and in some cases almost 100 percent dependent. For example, China is over 90 percent dependent on the import of silver powder from Japan, which it uses to make solar panels. The next three suppliers of silver powder to China are the US and South Korea, making up nearly 100 percent of their dependence on these countries.” Cha said China is over 80 percent dependent on the import of Kentucky Bluegrass seed from the United States, which it uses for its soccer pitches. The next largest exporter is Denmark, again comprising almost 100 percent of its grass seed imports. It is nearly 100 percent dependent on whiskey from the UK and Japan, and fine brandies from France. From Bloomberg: “Trade chiefs from developed nations emphasized on Saturday the need to strengthen their supply chains with a wider group of partners to counter economic coercion. India, Indonesia, Australia, Chile and Kenya—invited to the Group of Seven gathering of trade ministers in Osaka, Japan—play a key role in helping the world’s most advanced economies build resilient trade networks in a world filled with geopolitical tensions, according to the G-7.” The foundations of global trade, traditionally anchored by the World Trade Organization, “are being shaken by increasing the use of economic coercion and market distortion measures such as opaque industrial subsidies,” Japanese Trade Minister Yasutoshi Nishimura said, without citing specific nations or instances. China’s use of economic coercion continues to harm its image around the world. It pushes countries to stand united against Beijing’s aggression. The G-7, for example, is expanding and strengthening its group of partners to counter China’s economic coercion. The goal is to ensure that individual states do not have to fend for themselves against China’s predatory practices.

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he string of signed investment deals and commitments in the past two weeks is auspicious for the Filipino people and the entire country. They give us something to hope for in the future—especially for our kababayans in search of jobs.

We know how our workers in Saudi Arabia powered the Philippine economy in the past. Their remittances funded the schooling of their children here, fueled consumer spending, led to a property boom through the construction of affordable houses and condominiums, and stabilized the peso against major currencies.

many assistance that Saudi Arabia extended to our overseas workers. The visit to Saudi Arabia, in my opinion, is a big success. It will pave the way for more job opportunities in the future, and Arab investments in the Philippines. Malacañang just announced that the Philippines has secured $4.26 billion worth of investments from four agreements in Saudi Arabia. Topping the labor and employment agreement is the $3.76-billion deal between Al-Jeer Human Resources Co. (ARCO) and the Association of Philippine Licensed Agencies for the Kingdom of Saudi Arabia to hire Filipino workers in the kingdom. Al Rushaid Petroleum Investment Co. and Samsung Engineering NEC Co. Ltd. also reached a $120-million agreement with EEI Corp. to put up a 500-person training facility in Tanza, Cavite. I consider the second deal equally significant. It aims to upgrade Filipino labor skills in steel fabrication, electrical, welding, equipment management, masonry, carpentry, ware-

housing and other construction-related crafts. This initiative will train at least 2,000 Filipinos starting in 2024 and more than 15,000 in the next five years. Maharah Human Resources Co. of Saudi Arabia, meanwhile, signed separate agreements with Filipino companies Staffhouse International Resources Corp. and E-GMP International Corp., each valued at an estimated $191 million. As in the first agreement, the third deal aims to bring thousands of Filipino workers to the Kingdom to meet its growing demand for labor. President Marcos wasted no time as well in pitching for the Philippines as an investment hub. He invited Saudi business leaders to visit the Philippines and see for themselves the investment opportunities here. He tested the waters by urging the Arab nation to invest in the Philippines’ first sovereign investment fund. Saudi business leaders responded in the positive by expressing their interest in the Maharlika Investment Fund (MIF).

Manny B. Villar

THE Entrepreneur

I am referring to the successful visit of President Ferdinand Marcos Jr. to Saudi Arabia ahead of the Asean– Gulf Cooperation Council (GCC) summit in that nation. Mr. Marcos’ visit to Saudi Arabia is perhaps the most meaningful among the official trips he has undertaken so far. Saudi Arabia is home to about one million overseas Filipino workers (OFWs) and the largest community of Filipino professionals in industries, such as engineering, architecture and health care. We know how our workers in Saudi Arabia powered the Philippine economy in the past. Their remittances funded the schooling of their children here, fueled consumer spending, led to a property boom through the construction of affordable houses and condominiums, and stabilized the peso against major currencies. Many Filipino workers have an affinity with Saudi Arabia because it is one big employer that secured their future. It was appropriate, thus, for Mr. Marcos to pay the Kingdom a visit and show his gratitude for the

Am I a bad person?

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Successful Saudi Arabia visit

John Mangun

OUTSIDE THE BOX

rom the 1993 American Western movie “Tombstone.” Doc Holliday, seeing the fear in the eyes of his nemesis, says: “Why, Johnny Ringo, you look like somebody just walked over your grave.”

As we march relentlessly towards the next chaos cycle change in 2024, we would do well to remember, we are Johnny Ringo, not Doc Holliday. Looking back to the Good Old Days of early 2023, it is pleasant to remember when Vladimir Putin was the “Bringer of Death,” pitted against the Light and Purity embodied by the USA and the European Union. We long now for those simpler times when we knew whom to hate and who to love. Gradually, though, the world became cloudy as attention turned to

East Asia as China became more hostile and the US became the potential savior of the nation against the Red Menace. In the words of William Shakespeare, “Is it nobler to suffer as a ChiBoy or take arms against a sea of troubles as an AmBoy?” Then against all the laws of Man and the universe, the events of October 7th upended everything we knew about good and evil. In the course of the past two weeks, President Biden has made two critical geopolitical statements. “I come to Israel with a single message: You’re

Unlike so many, especially on Social Media, that are obviously better than I am, I will undoubtedly hang my head in shame before St. Peter at the Pearly Gates, not having done enough to save the planet and humanity. I am a bad person who has little/no sympathy for someone who has a million pesos to lose in an “investment” scam and is not smart enough to protect themselves. not alone. As long as the United States stands—and we will stand forever— we will not let you ever be alone.” Also President Biden: “I want to be clear—I want to be very clear: The United States’ defense commitment to the Philippines is ironclad. The United States defense agreement with the Philippines is ironclad.” For some Filipinos who perhaps believed that President Duterte should maybe face charges of treason for not visiting Washington D.C. during his term of office, Biden’s

Saudi Arabia is no stranger to state-managed funds. The Public Investment Fund, its sovereign wealth fund, is among the largest in the world with total assets of about $776 billion. Over 60 percent of the fund’s activities are within Saudi Arabia that primarily go to private conglomerates owned by prominent Saudi business families with close ties to the Saudi ruling family. Saudi investments in MIF and the Kingdom’s vast experience in managing such funds are welcomed to make our own version of sovereign fund succeed. The MIF is seeking to attract capital from both domestic and global equity investors, including large funds in the Middle East, that want to diversify their portfolio in fast-growing emerging markets like the Philippines. Saudi Arabia has plenty of investible funds. Part of that could be invested in the MIF to speed up the implementation of the Philippines’ 197 high-impact infrastructure flagship projects worth about $153 billion. Saudi Ministry of Investment Minister Khalid AlFalih confirmed that Saudi investors were particularly interested in the MIF. We welcome foreign investments, especially if they result in the transfer of technology, boost the capital of local businessmen and contribute to the overall economic growth. They will certainly generate jobs and help secure a better future for us. For comments, send e-mail to mbv_secretariat@vistaland.com.ph or visit www.mannyvillar. com.ph

unwavering support for both Israel and the Philippines can never be reconciled. And how can those same people who have had the Ukraine flag as part of their social media image, suddenly accept that Russia—Russia for gawd’s sake—hosting Hamas representatives in Moscow and saying that the Israeli bombardment of Gaza is against international law? As much as I would like to care about the opinions of others, even the very, very vocal “thought-leaders,” I do not. “Sorry not sorry.” The fact that the Philippines “Abstained” on the UN call for a humanitarian truce—along with Australia, Canada, Denmark, Finland, Germany, Greece, Iceland, India, Italy, Japan, Netherlands, Poland, South Korea, Sweden, and the United Kingdom— means nothing to me at this point. Now, if the Philippine government called and asked my opinion before the vote, I would have said “Vote Yes” because that seems like the right thing to do. I say “seems” because nothing is See “Mangun,” A11

www.news.businessmirror@gmail.com

Australia walks away from EU trade talks over agriculture

Opinion BusinessMirror

Comply with election requirements Atty. Jomel N. Manaig

Tax Law for Business

By James Mayger, Ben Westcott & Jorge Valero

ustralia has walked away for the second time in three months from talks with the European Union toward a free trade deal, almost certainly pushing any agreement into next year or beyond. “We’ve not been able to make progress” in the talks with Europe, Australia’s Trade Minister Don Farrell said in a statement on Sunday from Osaka, where he met European representatives on the sidelines of a Group of Seven meeting. “Negotiations will continue, and I’m hopeful that one day we will sign a deal that benefits both Australia and our European friends.” The two sides have been working on a free trade agreement for more than five years and while there was broad consensus across most areas, a few remaining agricultural issues were threatening to derail the entire compact. Australia was 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. “The European Commission regrets the lack of progress made during talks in Osaka,” the body said in an emailed statement. “The Australian side re-tabled agricultural demands that did not reflect recent negotiations and the progress made between senior officials. The European Commission stands ready to continue negotiations.” The talks in Japan were seen as the last chance for a deal any time soon, with both sides warning before they began that a failure to strike a deal now may delay it by months or even years. After Farrell and the Australians walked out of the last round of negotiations in July, neither Canberra nor Brussels was completely convinced that a deal could be struck, though there was cautious optimism that it could finally happen. In one sign that there was an expectation that the deal was ready to be done, the EU sent the Agriculture Commissioner Janusz Wojciechowski to Japan to participate in the talks. EU Trade Commissioner Valdis Dombrovskis had told reporters in Osaka on Saturday that the deal with Australia was “within reach” with some hurdles remaining. Farrell told Australian media earlier on Sunday that he’d been talking with the French delegation over the weekend in Osaka to try to reach a breakthrough. Farrell’s decision to walk away from the talks was applauded by Australian business groups, farmers, and even the center-right opposition parties. The Australian Chamber of Commerce and Industry said they agreed with the government’s decision, while the National Farmers’

Mangun. . .

Continued from A10

what it appears to be. Likewise, had the PSE asked my opinion on shortselling, I would have said “Wait” because I have not yet figured out a way to take advantage of it. Unlike so many, especially on Social Media, that are obviously better than I am, I will undoubtedly hang my head in shame before St. Peter at the Pearly Gates, not having done enough to save the planet and humanity. I am a bad person who has little/no sympathy for someone who has a million pesos to lose in an “investment” scam and is not smart enough to protect themselves. But I should get some credit for trying hard to feel bad for someone who constantly whines about not being able to make money in the stock market while I had two nicely profitable months in September and October. Then again, I start my stock market investing at 5 a.m. every day while they probably do not.

The two sides have been working on a free trade agreement for more than five years and while there was broad consensus across most areas, a few remaining agricultural issues were threatening to derail the entire compact. Australia was 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. Federation said the free trade deal would have “disadvantaged” the country’s agriculture sector. “Today’s decision was a hard one, but ultimately it was the right one,” NFF President David Jochinke said in a statement on Monday. “It’s disappointing the Europeans weren’t willing to put something commercially meaningful on the table.” Other stakeholders were less sanguine. Not concluding the deal in Osaka is a “disastrous result” for something that is strategically important to both sides, according to Jason Collins, chief executive officer of the European-Australian Business Council. “The Australian minister made clear that his agricultural stakeholders want an improved market access deal, which is what was expected to be negotiated and resolved here.” Both sides have real cause 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’s been criticized by opposition figures for not focusing enough on the economy and a freetrade deal with Europe would counter that narrative. Meanwhile, the administration of European Commission President Ursula Von Der Leyen needs a victory on trade after a missed attempt with the US to remove steel and aluminum tariffs imposed by former President Donald Trump’s administration. It’s also having difficulty concluding an agreement with the Mercosur bloc that includes Brazil, Argentina, Paraguay and Uruguay. “The window of opportunity is closing and there is no more time for delay, there is a deal ready to be done,” according to the EABC’s Collins, who was in Osaka for the talks. Bloomberg I assume many of the geopolitical SocMed experts are independently wealthy who can devote great amounts of time to the Current Cause. I am still paying for my son’s education. I was told I do not care enough about dead Palestinian children and that is true. I am more concerned with the successes and challenges of the Integrated Midwives Association of the Philippines and its 130,000 members bringing better pre-natal and birthing care to Filipinas. Further, and most importantly, I prosper because I am prepared, now with my immediate concerns about the next six months of higher global interest rates and the disorderly rise in bond yields potentially leading to dollar debasement. I cannot control the world. I can control the amount of protection and provision that I can give to my family. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

Tuesday, October 31, 2023 A11

fter several postponements, the Barangay and Sangguniang Kabataan Elections (BSKE) finally made it to the stage. The last BSKE that we had was in May 2018. After more than five years, BSKE candidates came out swinging, dancing, and even singing. Personally, the flair and fervor I see in this year’s BSKEs seem to be at the same level as the regular local elections. Hopefully, the zeal of the BSKE candidates does not fizzle out once the ballots are cast. Our candidates should remember that, whether they win the popular vote or not, they have administrative obligations they are expected to comply with. The BIR is never remiss in reminding our candidates what they should do to comply with the Bureau’s regulations. Let’s take a look at some of these administrative obligations: First, BSKE candidates are required to withhold five percent creditable withholding tax on income payments made pursuant to purchases of goods and/or services related to campaign expenditures.

Such requirement to withhold is likewise applicable to individuals or juridical persons for their purchases of goods and/or services intended to be given as campaign contributions. Failure to comply with these withholding requirements may result in an assessment for deficiency withholding tax obligations in addition to the imposition of interest and penalties. Second, all candidates must maintain a record of contributions, donations, and expenditures, which will be used for the Statement of Contributions and Expenditures to be submitted to the Comelec. This record is essential since it will be the basis for

Many a candidate have met legal hurdles or have had their political careers tarnished because of noncompliance or deficiencies with the SOCE requirement. Compliance with the record and SOCE requirements may be the thin line between having an exemplary public service and becoming a cautionary tale. the preparation of the SOCE. Many a candidate have met legal hurdles or have had their political careers tarnished because of noncompliance or deficiencies with the SOCE requirement. Compliance with the record and SOCE requirements may be the thin line between having an exemplary public service and becoming a cautionary tale. Third, the requirement of issuing receipts is never out of fashion. All candidates receiving donations and campaign contributions must issue the corresponding Non-VAT BIR Printed Receipts for each and every contribution received, either in cash or in kind. This, however, presupposes that the candidate purchased Non-VAT BIR Printed Receipts from the Revenue District Office where they are registered.

In line with this requirement, for donations and campaign contributions received in kind, the fair market value shall be considered as the value of such donation and/or campaign contribution for tax purposes. Candidates should also bear in mind that non-compliance with the requirements of the BIR comes with the pain of penalties. These obligations are just some of the requirements that are incumbent of our aspiring public officials. I bet that you know at least one person that ran for a Barangay or Sangguniang Kabataan post. Do them a favor and ask them “Have you already complied with your reportorial and compliance obligations?” Hopefully, all their talk of wanting a better community starts with them complying with the rules. The author is a junior partner of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at jomel.manaig@ bdblaw.com.ph or call 8403-2001 local 380.

War with Hamas tests Israel’s economic resilience to its limit By Galit Altstein

rom small restaurants to high-tech companies and a major gas field run by Chevron Corp., Israeli businesses are being convulsed by the war against Hamas.

Many are comparing the shutdowns that have hammered the $520 billion economy to the Covid-19 pandemic, with schools, offices and building sites emptying or opening for only a few hours a day. Israel mobilized a record 350,000 reservists before its ground offensive on Gaza, draining roughly 8 percent of the workforce. The military call-ups and partial economic freeze have triggered a sudden crash in activity and upended everything from banking to agriculture. They’re costing the government the equivalent of $2.5 billion a month, according to Mizrahi-Tefahot, a top Israeli lender. The central bank warned the impact will worsen the longer the conflict lasts. Israel declared war on Hamas when it rampaged through southern communities on October 7, killing around 1,400 people. Thousands of Palestinians have died in retaliatory airstrikes on Gaza, the Mediterranean enclave ruled by Hamas. The financial toll is already severe. Israeli stocks are world’s worst performers since fighting erupted. The main index in Tel Aviv is down 16 percent in dollar terms, with almost $25 billion wiped off its value. The shekel has slumped to its weakest level since 2012—despite the central bank announcing an unprecedented $45 billion package to defend it—and is heading for its worst yearly performance this century. The cost of hedging against further losses has soared. For Naama Zedakihu, who owns two restaurants in Modi’in, a town between Jerusalem and Tel Aviv, the crisis has left her contemplating temporarily laying off her 70 employees. “I tried opening the restaurants for the first time after two and half weeks but it’s empty so I’ll close early,” she said on October 24. “Deliveries are not enough to sustain the business.” The geographical reach and duration of the conflict will determine the extent of its long-term economic impact. Prime Minister Benjamin Netanyahu warned of a “long and difficult” military campaign on Saturday as Israel started its widely expected incursion into Gaza. JPMorgan Chase & Co. predicts the Israeli economy will shrink 11 percent this quarter on an annualized basis. Israel’s recent conflicts—including one in 2006 with Lebanon-based

Hezbollah and another with Hamas in 2014 that lasted around seven weeks and included a ground assault on Gaza—“barely affected activity,” JPMorgan analysts said on October 27. But “the current war has had a much larger impact on domestic security and confidence.”

Resilience tested

The initial disruption has been so severe that only 12 percent of Israeli manufacturers were at full-scale production after two weeks of war, a survey found. Most cited staff shortages as their biggest problem. The war will test Israel’s resilience to the limit. The government has said its fiscal deficits may more than double this year and next from previous forecasts. S&P Global Ratings, Moody’s Investors Service and Fitch Ratings have all issued warnings about the outlook for the country’s debt, bringing it closer to a first-ever downgrade. Israel has restricted work, closed down schools and limited indoor gatherings to 50 people throughout much of the country. And when skirmishes started with Hezbollah, another Iran-backed militant group, on Israel’s northern border, many villages and towns in the area were evacuated. Between there and the communities around Gaza to the south, more than 120,000 Israelis have been forced to leave their homes. Spending by households has collapsed, dealing a major shock to the consumer sector that accounts for about half of gross domestic product. Private consumption fell by nearly a third in the days after the war broke out, relative to an average week in 2023, according to the Shva payments system clearinghouse. Expenditure on items such as leisure and entertainment plunged as much as 70 percent. By one measure, the decline in credit-card purchases was direr than what Israel experienced at the height of the pandemic in 2020, according to Tel Aviv-based Bank Leumi. “Entire industries and their offshoots cannot work,” said Roee Cohen, head of a federation of small businesses. “Most employers have already decided to place staff on unpaid leave, affecting hundreds of thousands of workers.”

Tech boom

Israel entered its worst armed conflict in 50 years with an econo-

The geographical reach and duration of the conflict will determine the extent of its long-term economic impact. Prime Minister Benjamin Netanyahu warned of a “long and difficult” military campaign on Saturday as Israel started its widely expected incursion into Gaza. my that had been turbocharged by technology exports and offshore natural gas finds over the past two decades. GDP per capita rose almost to $55,000, overtaking the likes of the UK, France and Germany. The wealth transformed the government’s finances and led to years and years of current-account surpluses. That allowed the central bank to amass around $200 billion in reserves, a roughly sevenfold increase since 2008. Some of the shine began to fade this year when plans by Netanyahu’s coalition—the most rightwing in Israel’s history—to weaken the power of the judiciary triggered mass protests and deterred foreign investment. Now, as war planning and security dominate the government’s agenda, pressure for economic relief is building. Finance Minister Bezalel Smotrich pledged a bigger stimulus than that during the coronavirus pandemic. But lawmakers and business owners have criticized the support program—originally set at 4.5 billion shekels ($1.1 billion) for October and possibly more than triple that for later—as insufficient. The economic cost of the conflict will probably run to at least 27 billion shekels, according to Bank Hapoalim, or 1.5 percent of Israel’s GDP. Israel’s central bank downgraded its outlook for the economy on October 23, but still forecasts growth in excess of 2 percent this year and next—assuming the conflict is contained. “The Israeli economy is in a good state and has proven high sustainability,” said Asher Blass, a former chief economist at the Bank of Israel.

Construction woes

A snapshot of the housing sector offers a more alarming glimpse of what may be coming. Even as some construction sites reopen, many workers are missing. The industry is heavily reliant on 80,000 Palestinians living in the West Bank, an area that’s been under a security lockdown since mid-September and where unrest’s grown since Israel’s airstrikes and near-total blockade on Gaza began.

Builders’ finances were already stretched by a rise in interest rates since early last year. Many companies may find it becomes even harder to meet their obligations. It’s a worrying prospect for banks, for whom the construction industry accounts for roughly half their commercial loans.

Military call-up

A halt in construction and real estate, which contribute 6 percent to Israel’s tax revenues, will stunt government income and could spark a renewed price surge in a housing market that’s been among the most expensive in Europe and the Middle East in recent years. As the economy shifts to a war footing, employee departures are also upending technology companies. About 15 percent of Israel’s tech workforce has been called up for reserve duty, estimates Avi Hasson, chief executive officer of Startup Nation Central, a non-profit group that tracks the industry. Those numbers are even higher at startups, which tend to employ younger workers, he said. Lior Wayn, chief executive officer of Mica, an artificial intelligence firm specializing in mammography analysis, said he’s trying to keep operations as normal as possible after several employees were affected by the attacks. “Two cousins of one of our employees were kidnapped to Gaza,” he said. “Another employee has been on reserve duty for nearly three weeks. My co-founder is in Cyprus because they don’t have a proper bomb shelter at home.”

Investment delayed

Among 500 high-tech companies surveyed last week, nearly half reported a cancellation or delay of an investment agreement. Among the respondents that include locally owned and multinational businesses, over 70 percent said significant projects are being postponed or scrapped. Even as companies say they are learning to adapt, the plight of many businesses suggests the crisis may leave longer-lasting scars across Israel’s economy. This reality is dawning on Yiftah Dekel, CEO of Gvaram Industries, a producer of office supplies established in 1979. Dekel, who’s stayed at a kibbutz just 10 kilometers (6.2 miles) north of Gaza, said less than a quarter of his 65 employees come to work. The area has become isolated and orders for his products are drying up, he said. With assistance from Marissa Newman and Kerim Karakaya /Bloomberg

Coming of Age @18 BusinessMirror

A12 Tuesday, October 31, 2023

www.businessmirror.com.ph

MORE THAN JUST FUEL:

Oil firms diversify to adapt to energy transition trends

A PETRON gas station and McDonald’s placed strategically along NLEX in Plaridel, Bulacan. MICHAEL EDWARDS | DREAMSTIME.COM

By Lenie Lectura

MID cutthroat competition, small margins, and losses due to skyrocketing oil prices overseas, oil firms have learned to diversify and are now more reliant than ever on secondary revenue streams. In the past, a typical gasoline station offers fuel and engine lubricants. Fast forward, a filling station is more than that now. They are now a go-to for a quick bite, a convenience store, a coffee shop, an auto mechanic shop, and are now equipped with charging stations for electric vehicles (EVs). The diversification is meant to improve traffic in gasoline stations and increase potential revenues of non-fuel business by either putting up their own convenience stores or lease space to quick-serve restaurants and other consumer service shops. This is competition, Department of Energy-Oil Industry Management Bureau Director Rino Abad noted. “For as long as the fuel quality standards, safety and the technical requirements of a service station are met, they are not prohibited to diversify outside fuel retailing,” he said. For example, Petron Corp. has undertaken the revitalization of its Treats convenience store chain, introducing new offerings to enhance customer service and create a more enjoyable experience during visits to their service stations.

“Our non-fuels business, with the continuous improvement in and opening of new Treats stores as well as the addition of more food and lifestyle locators, also drove traffic into our stations and helped generate volumes,” said Petron President Ramon Ang. The country’s lone oil refiner ended the first half with a 22.39-percent market share of the total petroleum products demand. If Petron has Treats, PTT Philippines Corp. has Café Ama-

zon while Phoenix Petroleum has FamilyMart. The Filipinos’ penchant for meeting up with people over coffee prompted PTT to bring into the country the Thai brand Café Amazon, which is part of the diversification of its parent company in Thailand. On the other hand, the impact of Japanese cuisine on Filipino taste preferences prompted Phoenix to acquire the local operations of FamilyMart. Additionally, certain Phoenix stations feature takeout and drive-thru counters from the American fast-food burger giant, Wendy’s. Phoenix Senior Vice President for External Affairs Raymond Zorilla said leasing out locators in its service stations reduces the company’s operational expenses by infusing rental recovery to the business. “Our nonfuel-related business effectively increases our stations’ overall revenue streams as it offers a variety of products and services on top of our fuels. This proposition also pulls in motorists to gas up at our stations, providing them with a one-stop shop drive expectations with our brand,” he said.

Low-carbon future

THE competition goes beyond fuel and non-fuel business. Oil companies compete to be energy efficient as the world transitions to a lowcarbon future. Petron’s growing number of retail stations, now at 1,900, are designed and built to be more resilient and sustainable. “Many of our service stations are already fitted with rainwater-harvesting facili-

P5.3/km P4/km

P1.26/km Gasoline

Diesel

Electric

Electric vehicles show a significant fuel efficiency advantage over internal combustion engines. Gasoline vehicles cost P5.30 per kilometer, EVs range from P1.26 to P1.90 per kilometer, and diesel vehicles cost P4 per kilometer. ties, allowing as much as 1,600 liters of rainwater per station to be reused,” said Ang. Petron stations are also shifting towards more efficient lighting sources and installing solar panels to reduce energy consumption. Shell Pilipinas Corp. is converting retail sites from being more than just gas stations into one-stop “mobility stations,” in support of its carbon-neutral drive. Company president Lorelie Quiambao Osial said the perimeter walls of Shell mobility stations were built using eco-bricks or recycled lubricant bottles from existing lube bays which are more durable and cost-effective than traditional bricks. Also, the pavements of the stations were built with Shell bitumen, which reduces emissions associated with asphalt.

EV charging stations

THE current administration has expressed its goal of having half of the vehicles on the road powered by electricity by 2040. Undoubt-

edly, oil firms are well-positioned to enter the EV charging sector, leveraging their established brands, existing fueling stations, and familiarity with their customers' refueling habits. DOE-Energy Utilization Management Bureau Director Patrick Aquino said there are two oil firms that have partnered with or have their own EV charging stations (EVCS). Shell has 12 charge points in three locations. It plans to add eight more to bring the total to 20 by year-end. “We now have three mobility stations with a total of 12 charge points, and we currently have one pilot site with a battery swapping station, which is another EV innovation to serve compatible vehicles,” said Shell E-Mobility Manager Josemari Lorenzo Valdez. Unioil, meanwhile, has opened two EVCS. Petron, on the other hand, is gearing up for the rollout of the first batch of EVCS at key locations.

Aquino said the DOE will issue policies next year to “nudge” oil firms to roll out EVCS. He said this will be achieved by implementing the Electric Vehicle Industry Development Act provisions.

Threat?

COULD the EV momentum present a threat to the oil firms’ traditional business? This scenario holds true in countries with a robust renewable energy infrastructure. However, in developing nations like the Philippines, where EVCS are limited, and there’s a high dependency on oil, the transition to electric vehicles may be prolonged. “Probably in the long run but given the lack of facilities here it may not yet be in the immediate future. It is also the motorists’ preference that will ultimately determine its success,” Zorilla said, when asked if EVs pose a serious threat to the oil industry. From a fuel standpoint, the estimated difference between EVs running per kilometer compared to internal combustion engine is quite significant. For those using gasoline, it’s P5.30 per kilometer, but for EVs it’s P1.26 to P1.90 per km, whereas the cost for running on diesel is at P4 per km. Perhaps it won’t hurt if government could provide incentives to ramp up the development of EVCS. “One crucial enabler we see globally is incentive not just for EVs but also for EVCS,” said Valdez. Threat or not, policies and laws must evolve with the times if EVs and EVCS are to progress. “The real mover is the law,” said Abad.

Companies BusinessMirror

Editor: Jennifer A. Ng

Tuesday, October 31, 2023

Lufthansa to invest ₧15B in PHL

By Lorenz S. Marasigan

@lorenzmarasigan

ufthansa Philippines plans to invest roughly P15 billion to build new facilities, primarily at the Clark International Airport, as demand for maintenance, repair, and overhaul (MRO) services continues to climb. Lufthansa Philippines CEO Elmar Lutter said the company intends to implement the program in two phases—an initial P5 billion to build two larger hangar bases and another P10 billion for another six. “New hangars have to be built somewhere else, as we are maxed

out at the Ninoy Aquino International Airport [Naia],” he said. “We are looking at Clark because its airport is ready, it fits our operations.” The P5-billion Phase 1 of the project will include two large hangar bases, capable of accommodating Airbus A380s, which Lutter empha-

sized pose a “space problem” at Naia. Upon completion of Phase 1, Lufthansa will roll out Phase 2, which aims to provide a “full complement for the whole wide-body portfolio” that the airline operates, including Boeing 777 and Airbus A330 aircraft. This is expected to add an additional P10 billion to the investment. “Number of aircraft, we are looking at something like six bases.” The project is subject to necessary approvals. “We are a joint venture, so we have to get approvals from both of our shareholders,” said Lutter. Lufthansa is also exploring new airport options that might alter its long-term strategy. Currently, San Miguel Corp. is developing the New Manila International Airport (NMIA) in Bulacan. Lutter said Lufthansa hopes to

Recycling program promotes collaboration By Rizal Raoul S. Reyes @brownindio

EING a Third World country, promoting sustainability in the Philippines comes with many challenges, chiefly the need to raise awareness on the matter. “The pressing issues of climate change, pollution, poverty, and more overshadow sustainability concerns. Compounding these is-

sues are misconceptions about the subject, as well as the lack of recycling infrastructure in sustainable practices pose challenges in promoting sustainability,” Catherine Chua, Sustainability Manager at Tetra Pak Philippines, said in an email interview with the BusinessMirror. Nevertheless, Chua said Tetra Pak is making progress in promoting carton recycling in the country. It has taken an integrated approach

across the recycling value chain by involving all key stakeholders, from fostering awareness to collection, recycling, and conversion of collected cartons to ensure a positive impact for the environment. Chua and Tetra Pak believe that promoting sustainability is important as the country transitions toward a circular economy. Continued on B3

obtain the necessary approvals and start the bidding process by the first quarter of next year. It is aiming for a groundbreaking within the next two years. When asked about incentives from the government, Lutter said Department of Transportation Secretary Jaime Bautista has “promised support,” though the specifics have yet to be outlined. The demand for MRO services continues to ramp up as the global economy reopens after years of pandemic-induced lockdowns. This is reflected on the manhours that Lufthansa Philippines recorded in January to September. During the period, the company reported around 3 million, marking an increase in both flights and line maintenance compared to last year.

Foodsphere warns other firms vs using trademark ‘Holiday’

ood manufacturer Foodsphere I nc., beh i nd t he brand CDO, warned other companies against using the trademark “Holiday” which it owns. In a notice to the public, Foodsphere said it is the registered owner of the trademark “Holiday” and has been using it in its food products, particularly on Christmas hams, since the 1970s. “Usage of the said trademark amounts to infringement of the company’s intellectual property rights, as well as unfair competition, as defined under Sections 147 and 1688, respectively of Republic Act No. 8293 or the Intellectual Property Code of the Philippines,” Foodsphere said in a statement. “In this connection, demand is made upon all food manufacturers, distributors, retailers, restaurants and other establishments to immediately cease and desist from using ‘Holiday Ham,’” it added. Patricia Magbanua, CDO Foodsphere Cor porate Affairs and Communicat ions Head, com-

mented on the issue, emphasizing the company’s dedication to consumer protection. “It is our utmost priority to ensure that our loyal customers receive the brand and quality they expect when purchasing our products. We’ve built trust around the ‘Holiday’ brand for decades, and we are committed to safeguarding it not just for our company, but for the consumers who have trusted us throughout the years,” said Magbanua. She further added, “ W hen a consumer picks up a product labeled ‘Holiday,’ they should be confident in the consistency, quality, and reputation that comes with the CDO Foodsphere name. We are taking this matter seriously to protect not only our intellectual property but also the integrity of our offerings to our valued consumers.” Foodsphere said it would be compelled to take appropriate civil, criminal, and administrative actions in court against violators of its IPR rights and hold them liable for damages and attorney’s fees.

Companies BusinessMirror

Tuesday, October 31, 2023

Figaro: Holidays will boost sales of top brands by 50% By VG Cabuag

@villygc

igaro Coffee Group Inc., an operator of coffee shops and casual dining restaurants, said it expects sales of its top brands, such as Angel’s Pizza, to double or go up by at least 50 percent during the holiday season. Divina Gracia G. Cabuloy, the company’s president and CEO, also said its Figaro coffee shops will prop up revenues as its current format has allowed it to attract more customers. During the holidays, such as the long weekend for the barangay elections and All Saints’ Day and All

Souls’ Day, store sales double or go up by at least 60 percent. “For the holidays, for Angel’s Pizza, normally we experience about 50 percent to 60 percent [higher than daily sales] for the long weekend. And for December, we may see an 80-percent jump in sales,” Cabuloy said.

This despite the fact that the company had already raised the prices of some of the products of Angel’s Pizza and Figaro by about 5 percent to 10 percent. Next month, the company will also increase the prices of Tien Ma’s Taiwanese Cuisine. “We’ve done some price increase, but not all products. We cannot increase so much because we don’t want to sell expensive products. We [want to give) good quality and value-for-money products to our customers,” Cabuloy said. The company said its net income grew 133 percent for its fiscal year ending June 30 to P462.6 million from the previous year’s P198.2 million. The company said the growth was attributed to increasing volume and “efficient management

of overhead costs.” “We are very humbled by the patronage of old and new customers to our brands and we are excited to continue our prudent expansion and product innovation. While there are many challenges, we will press on to give the best product and value-for-money for our customers,” Cabuloy said. Revenues for the year rose 75 percent to P4.28 billion from the previous year’s P2.44 billion, as same-store sales grew 6 percent. This growth was attributed to the company’s store expansion and openings, which saw the addition of 44 new stores during the year, bringing the total store count to 167 as of June 30. Currently, the company already has a total of 186 stores across all brands, with more under construction.

CREC buys solar panels from Trina Solar MUTUAL FUNDS

By Lenie Lectura @llectura

mart energy total solutions provider Trina Solar has been tapped by Citicore Group to supply solar modules for Citicore Renewable Energy Corp.’s (CREC) solar power projects. Under the agreement, the engineering, procurement, and construction (EPC) arm of the group, MCCCiticore Construction Inc. (MCCCCI), will purchase 700 megawatts (MW) worth of high-power, high efficiency Vertex DE21 modules for CREC’s upcoming solar plants across the Philippines, to be delivered in 2024. The agreement was signed by Trina Solar Asia Pacific President Todd Li and MCC-CCI President Alreetz Santander at Trina Solar’s headquarters in Changzhou, China. The said power plants are part of CREC’s one gigawatt (GW) project pipeline for the first year leading towards its goal of 5GW in five years, and the strategic procurement will help build CREC’s committed capacity in connection with the government’s Green Energy Auction Program. “The procurement of PV panels from Trina Solar is part of our efforts to secure high-quality and efficient technology for our projects,” said CREC President Oliver Tan. “This will help us move towards our goal

of 1GW per year of renewable energy capacity as per our commitment to the Filipino people,” he added. The deal marks the second collaboration between the two firms. Trina Solar’s first project with CREC was the deployment earlier this year of solar PV modules for the latter’s 125 megawatt peak (MWp) Lumbangan solar power plant and 72MWp Luntal solar power plant in the Municipality of Tuy, Batangas. “We are pleased with this opportunity to work together again and it is testament to CREC’s trust in us and our smart energy solutions. Through the successful implementation of this agreement, we look forward to strengthening our relationship with Citicore and continuing to work closely together to help the Philippines transition to renewable energy,” said Li. The Philippines, he added, is a market with strong potential to harness solar energy for both consumer use and power production. “We see enormous opportunities for deployment of solar to help the nation move towards a green net-zero future,” Li said. Vertex is Trina Solar’s flagship product range. Vertex modules are compatible with TrinaTracker’s smart trackers; delivering high customer value, reliability, energy yield with a lower levelized cost of energy and lower balance of system cost.

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% -5.32% Philequity Fund, Inc. -a 31.5253 0.92% -0.06% -1.87% -0.18% 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% 2.18% 3.7% 2.2% Cocolife Fixed Income Fund, Inc. -a 3.2816 2.13% 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% 1.65% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2163 3.32% 0.4% 3.18% 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% Philam Dollar Bond Fund, Inc. -a $2.1219 2.6% -5.39% -0.08% 0.91% -2.69% 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

Companies BusinessMirror

Editor: Jennifer A. Ng

NGCP secures necessary permits for major projects

By Lenie Lectura

@llectura

he National Grid Corporation of the Philippines (NGCP) was able to fasttrack the permitting process of its P10.2-billion HermosaSan Jose 500 kilovolt (kV) line and P52billion Mindanao-Visayas Interconnection Project (MVIP) with the assistance of the Department of the Interior and Local Government (DILG). “The usual chokepoints for our projects are the procurement of right-of-way and the issuance of permits from local governments and other government agencies. While we have been diligent in completing the items needed from us to secure the required clearances, timely permit processing unfortunately remains as one of the bigger stumbling blocks to on-time project completion. Considering the urgency of our projects, we greatly appreciate DILG’s support to fasttrack the release of the needed permits,” NGCP said Monday. DILG’s support played a very important role in the completion of several critical projects of the company, according to NGCP. Since NGCP’s coordination with

the DILG, the agency was able to help secure 26 building permits from affected LGUs which are traversed by the MVIP. The DILG’s assistance was also crucial in securing 42 building permits, 45 locational clearances, and eight barangay clearances for the completion of the Hermosa-San Jose 500kV transmission line. “We are grateful for the assistance of Secretary Benhur Abalos who has extended us every accommodation. He went as far as appointing Assistant Secretary Odie Pasaraba who has been invaluable to us in our coordination with the LGUs,” added NGCP. NGCP said there is a need for a whole of government approach in pushing for the completion of projects in the energy sector. From plan-

ning to implementation, with timely action from the regulator, holistic planning within the power sector, and support from other relevant government agencies, NGCP is confident of its capability to build a smart and resilient power grid. NGCP is slated to complete other critical projects in Visayas and Mindanao in the coming months. “Our stakeholders can be assured that we will continue our grid improvement, expansion, and reinforcement initiatives to deliver quality and reliable transmission services.” NGCP also reported Monday that all its transmission lines and facilities are under normal operations during the Barangay and Sangguniang Kabataan Elections. NGCP’s critical units, particularly System Operations and Operations and Maintenance, are fully staffed and operational. Line crews, engineers, pilots, maintenance and testing, and other technical personnel are also strategically positioned in substations to respond to line trippings, if any. Administrative and other support teams also remain on duty. Also, NGCP said spare parts such as steel poles, emergency restoration systems, and insulators are already prepositioned along with the deployment of heavy equipment for the immediate restoration of facilities, in case it is needed. “NGCP’s Integrated Disaster Action Plan prescribes these and other

Recycling program promotes collaboration Continued from B1

Partnership with DMFI

In partnership with Del Monte Foundation (DMFI), Tetra Pak launched the Carton for Communities initiative. Both parties agreed to combine their expertise, resources, and influence to tackle critical sustainability challenges and foster a greener and more socially responsible community in the Philippines. “Cartons for Communities is a dynamic recycling awareness program centered around environmental and community stewardship in the Philippines. With a focus on segregating, collecting, and recycling used beverage cartons [UBCs], the program actively involves schools, private communities, local government units [LGUs], and junk shops. Through initiatives such as inter-school competitions, waste sorter support, and LGU collaborations, Tetra Pak empowers participants to become catalysts for change, working towards a sustainable future,” Chua explained. Similar to other countries, promoting recycling and sustainability in the Philippines is complex due to different factors. Collaboration among stakeholders—consumers, LGUs, waste management authorities, and the recycling industry—is a core pillar of their strategy in the Philippines. “The need for collaboration arises from the complex nature of recycling. Tetra Pak cartons are made from a combination of materials. To efficiently recycle our cartons, proper segregation practices benefit not only our UBCs but all the materials in the recycling stream. To make this efficient, all stakeholders must pitch in the work, from end-consumers segregating at the source, to those involved in collection and classifications, and to those that implement sus-

tainability and recycling in their respective areas. Such collective action and investment from all parties are essential to drive sustainability and recycling forward and reduce environmental impact,” Chua pointed out. According to Chua, the Philippines’s efforts to set up an efficient recycling system present both opportunities and difficulties. However, collaboration can harness and utilize most of the skills and strengths of all stakeholders to build a more sustainable recycling environment. “We are committed to close collaborations in tackling challenges and developing a recycling system that benefits the environment, the community, and future generations. Through shared responsibility and teamwork, we can foster recycling practices across the nation,” Chua said.

Building linkages

Chua said Tetra Pak’s Carton for Communities program is confident it can connect the dots as it is a comprehensive initiative to promote carton recycling and sustainability in the Philippines. The program includes a number of components, including education and awareness, collection and infrastructure, and advocacy and policy. These components allow Tetra Pak to effectively collaborate with schools, communities, and local governments in raising awareness and allowing Filipinos to actively participate in recycling. n Education and awareness— Tetra Pak works with public schools and communities to educate students and adults about the importance of recycling and sustainability. This includes teaching people about the environmental benefits of recycling, as well as how to recycle cartons properly. n Collection and infrastructure—Tetra Pak works with part-

ners to develop and expand carton collection infrastructure in the Philippines. This includes setting up recycling bins in schools, communities, and other public places, working with junk shops and consolidators across the country; and working with recyclers to ensure that cartons are recycled properly and turned into new products. n Advocacy and policy—Tetra Pak advocates for policies that support carton recycling and sustainability. This includes working with the Government to develop and implement regulations that promote recycling; and encouraging businesses to adopt sustainable practices. Tetra Pak’s work with public schools is a key part of the Carton for Communities program. Earlier in the year, representatives from Tetra Pak and the Del Monte Foundation visited school beneficiaries in Bukidnon province to gain insights into the community’s needs. The visit identified a pressing need for kindergarten chairs and tables for students. This insight then has been incorporated into the program’s plan to make furniture from recycled UBC boards to address the needs of local communities’ schools. As part of the program, Tetra Pak also provides schools with educational materials and resources to teach students about the importance of recycling and sustainability. Moreover, Tetra Pak has also set up recycling bins and developed carton collection programs. Chua said Tetra Pak’s collaborative work with schools, private communities, local government, and junk shops is a crucial part of the program: not only is it a way to help create a new generation of Filipinos who are committed to sustainability, but also to teach Filipinos the importance of recycling and sustainability.

measures to ensure the readiness of all power transmission facilities to be affected by emergencies or important national events. With its security and contingency preparations set, NGCP can ensure reliable power transmission services before, during, and after the local elections, including during the manual canvassing of votes,” said NGCP. The grid operator’s overall command center is monitoring grid disturbances and overall power situation 24/7. Personnel manning the regional and area control centers, critical substations, and the quick response team are on 24-hour shifts, with twice the number of personnel on duty until October 31. NGCP said it continues to conduct vegetation clearing operations along identified critical transmission lines across the country to minimize the occurrence of grid disturbances caused by obstructions along the power lines. Other non-critical maintenance works and construction activities inside substations and within 300 meters of energized power lines are suspended until November 3.

Tuesday, October 31, 2023

Globe, Nokia roll out IPAA+ radio solution By Lorenz S. Marasigan @lorenzmarasigan

lobe Telecom Inc. has partnered with Nokia to roll out the Interleaved Passive Active Antenna (IPAA+) radio solution in South Cotabato, setting the stage for at least 50 more installations planned for this year. According to Globe Chief Sustainability Officer Yoly Crisanto, this joint effort aims to boost Globe’s ongoing network expansion and offer improved 4G/5G services to its customer base. The IPAA+ radio solution, specifically designed by Nokia for Globe, is a high-capacity 4G/5G antenna system with a sustainable, compact footprint. Utilizing advanced interleaving technology, IPAA+ saves 1.5 meters in tower height and does not add wind load, simplifying site acquisition and deployment. “ T hrough this innovation, Nokia will help us lessen our cost of energy and carbon emissions. Kudos to Nokia for collaborating with our Globe engineers to come up with this new solution. That’s the kind of partnership we can be proud of,” Crisanto said. Initial testing in Tantangan,

South Cotabato, showed a 5-percent improvement in efficiency compared to legacy antennas. The new antenna system also enables wider network coverage, reaching more end-users. “Nokia is proud to partner with Globe and support their efforts to deliver the most sustainability driven network in the Philippines. Through this unique IPA A+ variant, we are supporting Globe’s efforts to reduce its environmental footprint as well as accelerate its 4G/5G rollout across the country to improve the connectivity experience of its customers. We will continue to work closely with them throughout deployment at approximately 50 additional sites this year in the Visayas and Mindanao islands,” Subho Mukherjee, VP of Sustainability at Nokia, said. Globe said its collaboration with Nokia is part of its larger sustainability strategy, which aims to cut its carbon emissions in half by 2030 and achieve netzero emissions by 2050. The company has submitted its science-based targets for thirdparty evaluation and validation, and continues to maintain a CDP “B” Rating, indicating its commitment to addressing climaterelated risks.

Tuesday, October 31, 2023

www.businessmirror.com.ph

HENRY SY, SR.: THE LEGACY ENDURES T

HE story of Henry Sy, Sr., who profoundly changed the way Filipinos shop, dine, and entertain themselves through his SM mall and retail chains, is the stuff of legends. Indeed, the well-documented and eventful life story of the Father of Philippine Retailing has been told and retold over the years, providing a rich source of lessons and inspiration to many Filipinos, especially to the valued partners of the SM Group. Amelia Manas, co-founder and chairperson of Bruno’s Barbers, did not have the pleasure of directly interacting with Tatang, as Sy was fondly called, but recalls seeing him from afar in one of malls that he had built. Manas draws parallels with the story of Bruno’s Barbers that also started from a single branch in Alabang and has now grown to some 70 branches, of which 35 percent are in SM Malls. For her son Marco Pascual, who took over the reins of Bruno’s Barbers as president in 2019, Tatang also demonstrated by example how it is important to work for a vision that goes beyond just the business. “As leaders, what we bring to the table should be beyond oneself. His life and accomplishments will always be an inspiration for me because of his contributions to the economy of the country and the Filipino people,” said Pascual. Following Tatang’s footsteps, Bruno’s Barbers contributes what it can by providing jobs to some 1,200 people which creates a positive ripple effect for their families and lives that they touch. “We at Bruno’s Barbers continue to be aligned with SM. We want to be closer to our customers while providing livelihood for our countrymen,” he said. Like Pascual, Adrian Dimacali, Director of the group behind the popular and fast-expanding chain of Mary Grace Cafes that was founded on the baking skills of his mother, Grace, was also encouraged by Tatang’s oft-retold rags-to-riches story, of how rewards inevitably come from honest hard work and discipline. “I remember one time, my Mom and I were meeting someone and I saw a picture of Henry Sy, Sr. and his family. We were reflecting on

HENRY SY SR.

how difficult the business was and questioning whether we should keep building. I told her, we are just opening restaurants, they are opening big malls,” he said, “They are doing their part to keep the economy going, to provide opportunities to tenants. I guess we have to keep opening too, to help our people and our suppliers.” Mary Grace Café opened its first SM branch at SM Southmall in 2012 and from there expanded its SM footprint to 20 cafes out of 73 all over the country and then 31 out of 70 kiosks. “Now we have a five-year plan because when you reach a certain point, you have to protect what we have built,” said Mary Grace, “That is always my prayer because it is a gift, this business of ours. Good thing that I have my daughter and my sons with me and each have their own talents that make the business whole!” Malou Fores, the driving force behind the acclaimed Mamou restaurants, and her husband Jorge “Oye” Araneta Fores, who is in charge of finance and marketing for the chain, can certainly relate to the challenges as well as the rewards from harnessing the power of family to grow an enterprise from the ground up. Malou and Jorge Fores apply the principle of partnership and collaboration in the way they are growing their business, seeing SM Supermalls, for example, as an integral partner in the success of Mamou, which now has six

restaurants including the latest branch at SM’s S Maison at Conrad Manila. “I always see business as something that is a partnership. I have worked on both sides, as a mall manager and now as a lessee. I know that for a relationship to work, you cannot say I am a landlord and you are a tenant. It has to be a mutually beneficial relationship,” said Jorge. For Eric Teng, CEO of The Mango Tree and Gengki Sushi, what Tatang went through to grow his empire from the Shoemart store in Manila showed them that to succeed, one must be willing to work harder than everybody else. “Do it for family. For their security. For their future. Don’t quit. The harder times are just part of life that we overcome,” said Teng. George Mirani, chair of the dominant Mirani Group that retails and distributes internationally recognized fashion and lifestyle accessories brands in the Philippines, certainly shares similar life principles with the Sy family whom they have known for decades. “What you learn from Tatang through doing business with Tessie [Sy-Coson] is to think ahead,” said Mirani. “From 1976 to until about 1986, we were all, at that time, short-sighted business people. Nobody knew about transformation, where things were headed after the [Ninoy Aquino] assassination. But then there was this gentleman opening a mall. I remember that, at the time, people were saying Tatang was going to go broke and wouldn’t be able to pay the banks,” he shared. Tatang certainly proved his naysayers wrong, and the opening of SM North Edsa at that time catapulted him to a higher level, Mirani said. And it has continued to reach higher goals long after Tatang’s passing, taking along partners such as the Mirani Group. In honor of its 65th anniversary, SM is reconnecting with its tenants who have gained valuable insights from Tatang and have grown their own businesses to pass on to the next generation. To know more about SM’s 65th-anniversary activities, visit www.smsupermalls.com and follow us at @smsupermalls on social media.

8th STY International Gymnastics Cup: A Showcase of Talent and Excellence

THE PGAA STY Gymnastics and Sports Center emerged as the overall team champion

HE 8th STY International Gymnastics Cup, held at the Muntinlupa Sports Complex, was a breathtaking display of talent and skill of young gymnasts from around the globe. From October 20 to 22, 2023, over 600 young gymnasts from Hong Kong, India, Indonesia, Japan, Thailand, and the Philippines converged to compete in this prestigious event. Hosted by the PGAA STY Gymnastics and Sports Center, this competition highlighted the exceptional

EUAN “EJ” JIREH, a rising start in the gymnastics world, finished 3rd in her category.

skills and unwavering commitment of these promising athletes. One standout athlete who graced the event was ten-year-old Euan “EJ” Jireh, a rising star from the PGAA STY Gymnastics team. EJ demonstrated exceptional skill and talent, surpassing 47 gymnasts from various countries to secure an impressive 3rd place finish in her category. She graciously expressed her gratitude to her coaches and supportive parents, whose unwavering

guidance and encouragement played a pivotal role in her victory. Notably, PGAA STY Gymnastics and Sports Center emerged as the overall team champion, showcasing their commitment to nurturing and developing young talent in gymnastics. The 8th ST Y International Gymnastics Cup provided a platform for young athletes to showcase their abilities and compete at an international level. The event fostered c a m a ra d e r i e a n d f r i e n d l y co m p e t i t i o n , highlighting the universal language of sport. As the competition came to a close, President and head coach of PGAA STY Gymnastics and Sports Center Butch Ty expressed his gratitude to all par ticipants for their breathtaking performances and the camaraderie forged among them. The 8th ST Y International Gymnastics Cup has undoubtedly left a lasting impact on the gymnastics community, inspiring young athletes to strive for excellence and pursue their dreams.

RLC Residences holds groundbreaking ceremonies for SYNC, Sierra Valley Gardens

LC Residences, the residential division of real estate giant Robinsons Land, recently recorded two new construction milestones with the groundbreaking of the newest buildings of its two projects, SYNC and Sierra Valley Gardens. Present during the event were RLC Residences executives and key officials from the construction partners: Terp Asia Construction Corporation, Monocrete Construction Philippines, Arknet Inc., R.B. Sanchez, and W.V. Coscolluella Associates. They led the ceremonial foundation stone laying activity, marking the official start of construction for SYNC N-Tower and Sierra Valley Gardens Buildings 3 and 4. “We are very proud of these milestones and equally excited to start constructing these new buildings. Sierra Valley Gardens Buildings 3 and 4 and SYNC N-Tower are among the many projects we recently launched to the public, each with unique features tailored to the needs and lifestyle of condo-seekers. We can’t wait to see these unfold and welcome our future residents to the home

PRESENT during the SYNC N-Tower foundation laying ceremony were, from left to right, Monocrete Construction Philippines President Engr. Manuel Mendoza, RLC Residences Senior Director, Marketing Head and Chief Integration Officer Karen Cesario, RLC Residences Senior Vice President and Business Unit General Manager Chad Sotelo,RLC Residences Senior Consultant and Project Construction Head Engr. Jose Rovie Cipriano, RLC Residences AVP and Business Development and Design Head Stephanie Anne Go, and Robinsons Land Head of Corporate Project Procurement Engr. Rodanil Silva.

that they envisioned,” said John Richard Sotelo, RLC Residences Senior Vice President and Business Unit General Manager. Located in Bagong Ilog, Pasig City, SYNC is a four-tower residential development and currently the only condominium in the area with direct access to C5 Road. N-Tower, the third building of the development, was launched last October 2022 and boasts efficiently-designed units with smart home features and productivity upgrades, and more than 20 indoor and outdoor amenities exclusively available to residents. Sierra Valley Gardens, on the other hand, is the first smart suburban community in Cainta, Rizal. Located within the Sierra Valley destination estate, the condo project offers studio to 2-bedroom units with balcony options, equipped with smart home features and home upgrades, resort-like amenities and facilities, plus direct access to the soon-to-rise mall and office buildings within the estate.

SUSTAINABLE WORKSPACE. SM Prime Holdings Inc. won the Best Office Architectural Design award for its pre-LEED Gold Certified premium office development, FourE-com Center, during the 11th PropertyGuru Philippines Property Awards held at the Shangri-La The Fort, Manila in Taguig City on September 22, 2023. Designed by Arquitectonica, FourE-com Center is the latest addition to SM Prime’s world-class E-com Series of office buildings in the SM Mall of Asia Complex in Pasay City that caters to the business needs and sustainability-related requirements of its corporate and business process outsourcing tenant-partners. The FourE-com Center boasts of three crystalline towers that emphasize an all-glass façade and feature lights that zip across its surface. With approximately 100,000 square meters of leasable area, the building also has a fifth-level sky garden open-air amenity for employees and guests to rejuvenate and enjoy outdoors within a secured setting. In the photo are, from left, SM Commercial Properties Group Vice President Alexis Ortiga; SM Engineering Design and Development Vice President Fides Hsu; Arquitectonica Director David Zaballero; and Diaz Murillo Dalupan and Company—HLB Philippines Partner Lloyd Tan.

Victoria South of Alabang: Gateway to Contemporary Urban Living

ICTORIA South of Alabang (VSA) is a revitalizing community that is set to redefine urban living. With its expansive land parcels, excellent location, and strategic Three-Point Urban Renewal Plan, VSA is poised to turn your vision of an ideal dwelling into a tangible reality. While the project’s location and accessibility prove to be significant advantages, VSA also banks on community engagement and sustainability while integrating IT solutions for efficiency and innovation. Victoria South of Alabang (VSA), formerly known as Victoria Homes, is a prime subdivision that is undergoing a revitalization by Breighton, a company known for its innovative and visionary real estate projects. is located in a prime location, surrounded by vital infrastructures, superb developments, and exceptional accessibility. It is a hidden gem that is on the brink of unleashing its full potential for all potential homeowners to rediscover. At the grand unveiling event attended by Muntinlupa residents and local officials, and member of the media, Breighton’s Founder and President, Isaac Sabas, shared his vision for VSA. He spoke about how an innovative outlook and team can work wonders in breathing new life into a community. “Staying connected and involved with our community. It’s not just about tending to your own needs; it’s about understanding and serving the community. Since we’re there, we know their needs and concerns,” said Founder and President Issac Sabas during the event at the Grand Ballroom of Palms Country Club in Alabang. Sabas further explained that sustainability comes from being able to drive a certain culture in any development. “At the end of the day when they see that you do things right, the community sees it and says ‘it’s something that we could follow’,” Sabas added. Victoria, being an established project subdivision, already has some amenities, according to Sabas, however, what they envision is a combination of community engagement and thoughtful additions. “We aim for functionality and reusability, not just a world-class amenity. It’s about understanding the community’s actual needs. Security is a major focus. Access control and security are active aspects now. We really emphasize the interplay between services and beautiful amenities,” he said. VSA properties feature spacious and breathable modern dream dwellings. The current transformations to the subdivision are dedicated to redefining urban living and enhancing the quality of life for its residents. VSA offers two splendid house models that are crafted with the lifestyle of today’s flexible and agile family needs in mind. Aliza, an ideal home for starter families, features a 145 sqm floor area with three bedrooms, two toilet and bath, and provision for two

to four carports depending on the property orientation. The other dwelling offering, Samantha, is even bigger, more spacious, and has even more breathable space with its 195 sqm floor area. Samantha also presents not only one - but two very relaxing areas for its balconies perfect for appreciating the refreshing morning view of the ‘revitalizing’ best-kept secret in the South of Metro. Most of the lots are at 300 square meters in size, providing the additional canvas to customize even more to suit your family’s living preferences. Whether you envision a lush garden, a rooftop silent sanctuary, or a lively social-gathering haven - VSA offers a place to create your own unique masterpiece. VSA’s proximity to the Muntinlupa-Cavite Expressway (MCX) is also an immense game-changer. With seamless access to the South Luzon Expressway (SLEX) and Skyway, you can navigate through the metro with great ease. “Victoria South of Alabang is well thought out,” said General Manager Rebecca Caisip-Agbon during the press conference that preceded the launch. “Our planning is comprehensive, focusing on meeting the needs of our future investors. We have a good support system and have qualified contractors to ensure the actual construction meets high standards. Currently, I lead the sales team, and our commitment extends beyond reservations,” she added. VSA’s 3-Point Urban Renewal Plan is designed to not only modernize but also elevate the community. The plan includes: Rebranding and Creation of New Equity: VSA is being rebranded as a vibrant residential haven fit to be flexible for the contemporary family lifestyle. Beautification and Safety of the premises including its existing amenities: VSA will be projecting a vibe of modern progress with aesthetic streetscapes and lush greeneries, updated and functional amenities, and impeccable security measures. Engaging the Residents: VSA aims to foster a strong sense of belonging within its neighborhood through innovative programs and events. A strong Homeowners’ Association (HOA) Management will ensure the community’s sustainable prosperity. Transparency, sound community coordination, and active resident involvement will be the cornerstones of VSA’s HOA. Convenience and proper communication are key and VSA will deliver high standards of services, from maintenance to utilities. The grand launch of Victoria South of Alabang (VSA) marks the beginning of a journey toward transforming a community with an unfulfilled potential - into a vibrant residential haven fit to be flexible for the contemporary family lifestyle. The Urban Plan for VSA is more than just a real estate project; it’s a testament to an unwavering commitment to paving a brighter future for the next generation.

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Banking&Finance BusinessMirror

Increase in Philhealth benefits pushed

EBU City, Cebu—Amid the continued detrimental impact of high inflation in the country, AGRI Party-list Rep. Wilbert T. Lee urged the Philippine Health Insurance Corporation (PhilHealth) to implement a minimum 20 percent across the board increase in its offered health benefits. At the First National Credit Surety Fund Cooperative Congress held here, the solon from Bicol said last Tuesday. “Natutuwa tayo na pinakinggan ng PhilHealth ang panawagan natin noong nakaraang budget hearing na palawakin ang mga benepisyong ipinagkakaloob nila.” [We are glad that PhilHealth listened to our call during the last budget hearing to expand the benefits they provide.] “Pero imbes na mga piling sakit lang ang dagdagan ng suporta ng PhilHealth, dapat magkaroon ng pagtaas sa lahat ng sinasagot nitong bayarin sa pagpapa-ospital ng mga miyembro.” [But instead of increasing the support of PhilHealth only for selected diseases, there should be an increase in all the hospitalization fees it covers for its members.] Recently, the PhilHealth increased the coverage of several of its benefit packages for its members, which include high-risk pneumonia and ischemic and hemorrhagic stroke. “These increases and expanded health benefits are urgently needed as PhilHealth’s case rates are no longer responsive to the hospitalization cost,” Lee was quoted as saying in a statement his office issued. “Napakalaki pa rin ng binabayaran ng mga pasyente sa pagpapa-ospital.” [Patients still pay a lot for hospitalization.] He pointed out that “kung kaunti na lang ang nabibili ngayon ng dating binubudget para sa pagkain dahil sa

pagtaas ng presyo ng bilihin, paano pa kung may magkasakit sa pamilya?” [If the budget for food is now able to buy a little because of the increase in the price of goods, what more if someone in the family gets sick?] Lee revealed that he wrote a letter to PhilHealth officials recommending the across the board increase, and stressed that “siguradong ‘winner’ tayong lahat kung tataasan ng PhilHealth ng 20 percent [to] 30 percent ang sinasagot nitong mga bayarin.” During the budget hearing of Department of Health’s proposed 2024 budget last September, Lee revealed that while PhilHealth has P466 billion worth of investible funds and P68.4 billion in net income, he was informed that PhilHealth had racked up huge debts to hospitals. In the said hearing, PhilHealth president and CEO Emmanuel R. Ledesma Jr. confirmed that the state health insurer owes hospitals a total of P27 billion. At the same hearing, he also committed that PhilHealth would settle the bulk of these debts within 90 days. In the same budget deliberation, Lee also called on PhilHealth to use its available funds to expand the healthcare packages offered to Filipino citizens.

“Kung may bilyon-bilyong pondo ang PhilHealth, dapat mas mapalawak ang benepisyo sa mga miyembro nito. Dapat fully ma-implement na rin ’yung outpatient benefit packages na covered ng ahensya tulad ng X-ray, MRI at madagdagan ang mga sinasagot nitong generic medicines, as well as the enhancement of benefit package for severe pneumonia acute hemorrhages,” Lee said at the budget hearing. [If PhilHealth has billions in funds, the benefits should be extended to its members. The outpatient benefit packages covered by the agency—such as X-ray, MRI and generic medicines—should be increased, as well as the enhancement of benefit package for severe pneumonia acute hemorrhages.] Lee told Ledesma that he expected the immediate fulfillment of PhilHealth’s commitment to hospitals, and informed the PhilHealth chief that he would monitor the expansion of the agency’s healthcare package offered to PhilHealth members. “Dapat itong tugunan ng gobyerno na pangunahing obligasyon ang kalusugan ng mga taumbayan,” Lee said. [The government must address the fact that the health of the people is its primary obligation.]

Money management tips this holiday season

AVE you heard of the saying that we have the longest Christmas season in the Philippines? Perhaps you might have encountered the different announcements in your social media about discounts from brick-and-mortar stores or e-commerce platforms. Are you preparing for the upcoming events in your workplace, business or even your family gatherings? With these things in mind, we need to be mindful of our finances this holiday season to ensure that we will not be in debt but enjoy the moments with our family, friends and love ones. I would like to share eight insights on how to better manage our finances this season: 1. Build better spending habits. The usual trend on holidays is to splurge on what we think is important. Some believes that this is just once a year or few times a year that makes us become unaware that we are actually spending more than what we have. By building small habits of budgeting gifts and/or dining out, you will be more effective in managing the total expenses and not going into debt. Write down your planned activities and set a buffer amount for unplanned events. This can help you identify where much of your allocation is going into and for you to prepare in the coming months on which can be prioritized. 2. Provide personalized gifts. If you have some skills that can be turned into gifts, this can be an advantage for you to save a lot. To some of us who are artistic, you can create personalized letters, illustrations, or even prepare food that you can share to your love ones in the coming days or months. If you are like me who’s not creative, maybe you can ask help from your friends and/or love ones who

Karlo Biglang-Awa

personal finance can help you prepare personalized gifts on a cheaper cost. Remember that due to high demand, prices of goods and services will increase as well during the holiday season. So better utilize do-it-yourself gifts. 3. Shop around and look for good deals. It’s a cliché to think that great gifts are only those that are expensive. There are promos or good deals, especially if you buy more than two items. Look for items online or in your favorite malls with the discounted price. This can be seen in websites or even by using your credit card wisely. There are some products that are discounted by 10 percent to 20 percent that can help you save and allocate the discount to other purposes. Don’t be in a hurry. Take your time and plan your shopping list ahead of time so you can strategize and avoid impulsive purchases. 4. Save up a portion of your bonus and/or extra income. Most of us will receive our bonuses or extra income in the coming month. While it is tempting to buy all the things that we want and even the things that we want to give, it is also prudent to set aside a portion of it. If you have extra money, then this can be a good opportunity for you to save for big purchases. If you’re a business owner, most likely this can be a principle that you can share to your employees and help them in their personal finance journey. 5. Choose an effective budgeting system. There are various ways how you can prepare your budget in the coming

month. Here are some options: n The notebook and pen. This is a classic budgeting tool. Once we list down all the activities and the gifts that we need to buy, we can now set a certain realistic amount to have some safeguard in overspending. This way, we can also identify how much we can afford per each event and what the ceiling is for the items that we will buy for a certain number of people. n The spreadsheet. If you’re a Millennial, most likely than not, you usually use Excel files in your job. During your free time, try to list down quickly and have snapshots of your upcoming income plus bonuses and match it with your upcoming events and/or purchases. Use the formulas that you have been trained into in the past years of working. n Financial apps. For younger generations or even the more experienced ones, using an app is a pocket-friendly approach everywhere you go. You can search in your Google Play and/or Apple Store for the various budgeting apps that can summarize all your income, the ceiling that you would like to set as well as the different segments where your money is going. This can be an enjoyable journey for you because, with just few buttons, you can now track your money and win in your personal finance journey. With all these being said, my hope is for us to have meaningful celebrations and for us to look beyond the prices in giving and receiving gifts but to spend time in things that are more important to us. May you have a meaningful Holiday Season. Karlo Biglang-awa is a registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 104th RFP program this October 2023. To inquire, e-mail info@rfp.ph or text at 0917-

Editor: Dennis D. Estopace • Tuesday, October 31, 2023 B2-1

BIR alerts online sellers on start of tax payment

By Cai U. Ordinario

@caiordinario

NLINE sellers will be required to start paying withholding taxes by December as the Bureau of Internal Revenue (BIR) expects the guidelines to be completed before the end of the year. BIR Assistant Commissioner Jethro M. Sabariaga recently told reporters the agency is approaching the tail-end of its legal scrubbing of the guidelines on the 1-percent withholding tax for online businesses. Sabariaga said the draft guidelines had to undergo legal scrubbing to ensure these would be consistent with provisions of the law and applicable to various industries. “It already took a long time to study the issues from its first exposition, so the process could be shorter and we might just come up with it [set of rules] before the start of December,” Sabariaga said. “It will not be unreasonable; expect it before the start of December.” The BIR official said the tax-collecting agency is still currently taking note of the possible comments and making

enhancements to the final draft. The BIR is also taking note of objections on certain provisions by online sellers, according to Sabariaga. He assured that these comments will be studied and taken into consideration. But since this is already the final draft, it will not take long for the BIR to complete the process on the tax, Sabariaga said. Based on the final draft, the provisions state that Electronic Marketplace Operators shall remit 1 percent of withholding tax except when the annual total gross remittances to an online merchant for the past taxable year has not exceeded P250,000. An exception is also applicable when the cumulative gross remittances to an online merchant in a taxable year has not yet exceeded

P250,000 and the online merchant is a cooperative duly registered with the BIR with a valid Certificate of Tax Exemption. Gross remittance is defined as the total amount of the value of the goods or services, net of sales returns; separately billed delivery or shipping fee; and value-added tax, collected by the e-marketplace operator from the online consumer and subsequently remitted to the online seller, among others. The BIR announced earlier it is banking on increased consumer spending during the holiday season and higher government spending in the remaining months to meet its P2.6-trillion revenue-collection target this year. Sabariaga said they remain optimistic the BIR will hit collection targets this year on the back of better economic activities. The BIR is trailing behind its revenue collection target in the nine months ending in September, according to latest Bureau of the Treasury data. Treasury data showed that the bureau was only able to collect P1.858 trillion out of its P1.933 trillion programmed target for the January to September period. This brings the BIR some P742 billion away from its P2.6 trillion full-year target collection.

Banking&Finance BusinessMirror

B2-2 Tuesday, October 31, 2023 • Editor: Dennis D. Estopace

www.news.businessmirror@gmail.com

Solon: Dropping China loan-funded projects an opportunity loss to PHL S

By Butch Fernandez

@butchfBM

HE dropping of several key infrastructure projects that would have been funded by China represents an opportunity loss to the Philippines, the Senate Ways and Means committee chief believes. And Sen. Sherwin T. Gatchalian believes the better terms from other Official Development Assistance (ODA) sources balance out the loss and actually benefit the country.

The most telling point about Chinese ODA is the interest rates for loans, according to Gatchalian, even as he acknowledged that all grant-funded projects from China have proceeded well. “Based on our research, the interest rate of China is 2 percent to 3 percent compared to Japan’s 1.5 percent to 2 percent, meaning, China’s rate is 1 costlier compared to Japan,” Gatchalian said, speaking mostly in Filipino, in a radio interview over the weekend. “So, it’s quite costly and when you have a high interest rate, that means our taxpayers will be paying much more for those projects.” The country, the lawmaker added, has for decades relied on ODA, “which is really mostly loans, whether from Japan, China, Korea

or European.” “But it’s concessional. For example, for Japan, we have until 30 years to pay back the loan, and with grace period of almost 5 to 10 years,” Gatchalian said. That is a relief, he explained, “because that means for the first 5 years to 10 years, we won’t be paying anything; and then when we do start paying, we have 30 years to do so. So this is really concessional – given by a friend, or someone with whom we have good relations.” Alluding to the projects that would have been China-funded but which were recently cancelled, Gatchalian said, “the question here is, why is the borrowing process from China slowing?” A recent example was the Min-

Lesser scam incidence reported with QR codes By Manuel T. Cayon

@awimailbox Mindanao Bureau Chief

AVAO CITY—The Rizal Commercial Banking Corp. (RCBC) announced it has addressed common challenges, including risks to scammers, that are related to automated teller machine (ATM) transaction by adapting the QR code system. “RCBC has emerged as a trailblazer in digital banking by introducing a groundbreaking [method],” the lender’s statement read. “Taking cash out of an ATM can be time-consuming and sometimes even unsafe as ATMs are prone to exploitation by card skimmers, leaving customers’ savings open for malicious attackers.” The lender said it considers the QR code method an innovative solution that “addresses the longstanding challenges associated with traditional ATM transactions.” The bank explained integrating the QR-code system into its ATMs “came amidst the inefficiencies and security risks inherent in conventional ATM withdrawals.” “These pain points have long hindered customer experiences, prompting the need for a transfor-

mative solution,” it added. The RCBC’s QR code system “ensures rapid, secure transactions, completing withdrawals in under three minutes—enhancing both security and efficiency.” “This method eliminates card exposure, reducing skimming and theft risk. Since implementing QR codes, ATM uptime has improved, transaction times have decreased, and offline incidents have fallen by 40 percent, extending ATM longevity. Faster transactions and reduced maintenance benefit more cardholders,” it said. It said the quick spread of information on the advantages offered by QR withdrawal transactions led to an increasing number of RCBC cardholders opting for the method, resulting in decreased use of physical cards. Consequently, the lender said, “issues like unreadable EMV chips and lost cards have seen a decline.” RCBC said its QR code-based ATM cash withdrawal system not only addresses the limitations of traditional ATM transactions but also underscores the bank’s dedication to delivering exceptional banking services and digitalised customer experience.

danao Rail project, for which the country was supposed to borrow P83 billion, but which has barely moved. Gatchalian acknowledged it was a setback of sorts for the economy, especially for Mindanao. He noted that most of these big-ticket projects had been needed since “10 years, 20 years ago.” The Mindanao Rail project is crucial, he said, because “agriculture is their main industry, and the rail system offers a cheaper means to deliver agriculture products to various projects. Certainly that will impact them economically, but on the other hand, if you’re going to pay much higher interest rates, then that’s one thing to consider.” It is important, Gatchalian added, to “weigh whether what we will be paying can be outweighed by the benefits we will obtain from the project.” He cited as example the grace period of China, which is shorter; about five years to seven 7 years compared to Japan’s 5 years to 10 years. “This means we must start paying the loan earlier. If we just compare the economics of a China loan [against a] Japan loan, then the one from Japan is really cheaper,” Gatchalian said. Meanwhile, he noted that, besides Japan, the Philippines has been getting ODA with better terms from Europe, from Korea, and multilaterals like the World Bank and Asian Development Bank (ADB). “In fact, almost 80 percent of our loans and ODA come from Japan, World Bank and ADB. They are really the ones most experienced when it comes to packaging these transactions,” the lawmaker said.

Beside the Mindanao Rail project, another China-funded project that was cancelled in July 2022 was the installation of CCTVs by the Department of Interior and Local Government, the senator said. Gatchalian also cited Kaliwa Dam: “the new centennial water source.” “That’s important as a water source for Metro Manila.” The project, supposedly undertaken by the MWSS, is China ODA, the lawmaker said. But the problem is, “wala pa ni isang kusing na lumalabas [not a single centavo has been disbursed],” the senator added. Gatchalian said his office’s research showed the loan agreement has been signed but is in limbo. He also cited the South Long Haul project for the Bicol PNR. This has started, but, he noted, the disbursement rate “is so low -- not even 1 percent, only 0.9 percent has been disbursed.” Gatchalian listed as well the Island Davao City connector project, the bridge connecting Davao and Samal Island. “Nothing has been disbursed for this.” For the Chico River Pump irrigation project, only 1 percent has been disbursed, Gatchalian said. “So in fairness, there are many good projects, but they are proceeding slowly. I heard [DOTr] Secretary Jimmy [Bautista] say that the projects are proceeding too slowly and several have been closed. The agreements were signed, but no monies were released,” the lawmaker said. “So what’s the use of having signed agreements when the funds are not there?”

didn’t disclose the amount of its contract with Kiva. Manulife said the fund “will be leveraged to provide capital to microentrepreneurs and underserved communities on Kiva’s crowd-funding platform, making this a simple way to distribute funds quickly and open opportunities for individuals and communities without traditional access to financial services.” Once the loans are repaid, funds return to Manulife’s fund pool; and will be distributed to new microentrepreneurs. Manulife said the fund “can play the crucial role of increasing the to-

ENATOR Sherwin T. Gatchalian is urgently pleading with President Ferdinand R. Marcos Jr. for the complete and immediate banning of Philippine Overseas Gaming Operators (POGOs) in the wake of a shocking revelation exposing a POGO hub’s alleged involvement in prostitution. “This is probably the worst that POGOs have ever been. It’s profoundly disturbing. What we’re witnessing here is essentially a self-contained hub for sexual exploitation and slavery,” emphasized Gatchalian. “This incident provides stark confirmation of the concerns we’ve voiced for quite some time now – that criminal activities associated with POGOs will continue to intensify unless we shut down the entire industry,” he added. Following the raid, authorities said seven trafficked Filipinas were discovered in an “aquarium-style” viewing room where customers can allegedly choose women to hire. This room was located next to a massage parlor/spa offering illicit services. Each room had a “menu” written in Chinese, allowing clients to choose from different sexual services. Condoms and other sex paraphernalia were also recovered during the raid. It was learned that the Philippine Amusement and Gaming Corp. (Pagcor) issued an Internet gaming license to Smart Web Technology Corp., located in a 6-story building along Williams Street in Pasay City, but subsequently cancelled

the license. Members of the Philippine National Police (PNP) said the company continued its operations—under a different name in September this year—even after the Pagcor revoked its license, according to Gatchalian. In an earlier bid to improve the regulation of POGOs, the Pagcor had invalidated all POGO licenses as of September this year. In POGO’s place, Internet Gaming Licenses (IGLs) were issued. The Pagcor earlier said a complete list of IGL owners will be released by the end of the month. During the October 27 raid, over 700 victims, Filipinos and foreign workers, were found at the POGO hub on Williams Street. Citing updates from police authorities, Gatchalian said inquest proceedings were ongoing. As of press time, 15 individuals are poised to face human trafficking and prostitution charges. Gatchalian, chairman of the Senate Committee on Ways and Means, had earlier led the release of a committee report advocating the banning of POGO operations in the country. In pressing for the expulsion of POGO operators, he cited rising criminal activities attributed to the industry including human trafficking, forcible abduction, homicide, illegal detention, kidnapping-forransom, theft, robbery-extortion, serious physical injuries, swindling, grave coercion, investment scam, cryptocurrency scam, love scam, and the most recent case, prostitution. Butch Fernandez

CIS Bayad renews deal with fintech company By Rizal Raoul S. Reyes @brownindio

IS Bayad Center Inc. (Bayad) announced last Friday the renewal of its partnership with Ventaja International Corp., a financial technology company (fintech) institution, to continue the firms’ bill-payments system integration. In a statement, CIS Bayad said the renewed partnership allows the continuous integration of biller brands in Ventaja’s mobile application (Payremit) and through Ventaja’s domestic and international payment centers. With this, even Filipinos overseas can be able to help settle their families’ bills in the Philippines and regularly pay for their government contributions at the same time, the CIS Bayad said. “We continue to expand our payment footprint globally, as we aim to elevate the payment experience of our kababayans,” Bayad president and CEO Lawrence Y. Ferrer was quoted in the statement as saying. “Our goal is centered on boosting their financial wellbeing, as we help them seamlessly settle their families’ bills in the Philippines, and at the

same time, invest for their future through government contributions.” Ventaja was initially developed as a telecom prepaid card provider for Filipino migrant workers and Filipinos based overseas. It now offers a variety of financial services such as remittance, loading and bills payment services for both government and household utilities, all of which, are powered and supported by Bayad’s biller-aggregator system. “We are with Ventaja in helping OFWs strengthen their ties to home, and we highly value every story of hard work that our kababayans experience before they are able to provide for their families’ needs back home,” Ferrer added. Ventaja president and CEO Vincent D. Grey expressed his gratitude to Bayad for the continued partnership. “We are thrilled and grateful for our renewed partnership with Bayad as we both maximize the opportunity to offer enhanced payment services to Filipinos overseas,” Grey was quoted in the statement as saying. “This way we can further financial inclusion and help boost the country’s economic growth.”

Manulife to allot funds for microentrepreneurs

HE Manulife Financial Corp. announced last Friday of a partnership with California, USA-based Kiva Microfund to provide funds boosting microentrepreneurs in Southeast Asian (SEA) countries—Cambodia, Indonesia, the Philippines, and Vietnam— through a $1-million investment over three years. In a statement, the Toronto, Canada-based firm said that it believes the partnership would allow Kiva to boost the volume of entrepreneurs through micro-financing loans across emerging markets in Asia and around the world. The firm

Ban POGOs immediately, completely, Prexy asked

tal funding available and accelerating the speed of funding loans for entrepreneurs.” The collaboration will also empower Kiva to conduct lean data studies and publish valuable insights on outcomes for borrowers, further strengthening a knowledge base for financial inclusion and ensuring that Kiva continues to help lending partners have the most beneficial outcomes for their clients. This recent commitment from Manulife aligns with one of critical key areas of focus within Manulife’s agenda, the firm said. This agenda aims “to drive inclusive

economic opportunities to create a more even playing field for all,” Manulife said. Through the partnership with Kiva, Manulife will help to accelerate the upward mobility of underrepresented groups and make financial solutions more accessible, the firm’s statement read. Manulife said the partnership will be launched in three phases over the coming three years, “with local activation campaigns targeting different markets, sectors, and causes that resonate with Manulife’s customers, employees, agents and Kiva’s network of lenders.” Rizal Raoul Reyes

NEW NEXUS This October 2, 2023, photo shows (left to right): National Tobacco Adminis-

tration Chief Belinda S. Sanchez, JT International (Philippines) Inc. General Manager John Freda, Japan Ambassador to the Philippines Koshikawa Kazuhiko, JT Group President and CEO Masamichi Terabatake, Philippine Economic Zone Authority Director General Tereso O. Panga and JTI Regional President-Asia Pacific Regional President Yves Barbier during the inauguration of JTI PHL’s new head office at BGC, Taguig City. The new space can accommodate the more than 300 employees of JTI’s head office in addition to its 38 sales branches nationwide. Moreover, JTI operates its own business processing office, Global Business Services, in McKinley West, also in Taguig City, which employs over-600 employees. CREDIT: JT International (Philippines) Inc.

SSS reminds members to pay contributions

HE Social Security System (SSS) announced last Friday that all self-employed, voluntary and non-working spouse members have until October 31, 2023, to pay their SSS contributions from July to September 2023. The SSS made the announcement following the long weekend in the country this week due to the nationwide Barangay Elections and the holidays. However, this payment deadline reminder does not apply to landbased members who are overseas Filipino workers (OFWs). The contribution payment deadline for land-based OFW members for the applicable months of January to September of a given year is on December 31 of the same year, while for the applicable months of October to December of a given year, it is on January 31 of the succeeding year, the SSS said through a statement. If the deadline falls on a Saturday, Sunday, or holiday, payments may still be made on the next working day. The SSS has various accredited bank and non-bank collecting partners that offer over-the-counter and online payment options. These are in addition to the Automated Tellering System facilities located in selected SSS branches.

Branches open

THE SSS alsp announced last Sunday that its branch offices nationwide will remain open on October 31, 2023, to accommodate its members and claimants. In a statement, the SSS said its branches “are ready to serve employers, members, pensioners, and their beneficiaries who may opt to conduct their transactions on the said date.” All branch offices will be open from 8:00 a.m. until 5:00 p.m. and accept various SSS transactions, including tellering services in SSS branch offices with tellering facility, the pension fund manager’s statement read. SSS said its members and claimants may also transact 24/7 online using the My.SSS portal and the SSS Mobile App. There also SSS-accredited bank and non-bank collecting partners where members may pay over-thecounter and online. Earlier, Malacañang issued Memorandum Circular 38, which implemented a work from home arrangement in government offices on October 31, 2023, to allow government employees to travel to and from the different regions in the country to properly observe All Saints’ Day on November 1, 2023.

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Editor: Dennis D. Estopace • Tuesday, October 31, 2023 B2-3

Hedge fund managers pile into uranium stocks

EVERAL hedge fund managers have started ratcheting up their exposure to uranium stocks, as they bet on significant price gains.

Terra Capital’s Matthew Langsford, Segra Capital’s Arthur Hyde, Argonaut Capital Partners’ Barry Norris and Anaconda Invest’s Renaud Saleur are among managers building bets on uranium companies such as Cameco Corp., Energy Fuels Inc., Ur-Energy Inc. and NexGen Energy Ltd. Langsford, who runs a A$175 million ($110 million) natural resources fund at Sydney-based Terra Capital, says the outlook for uranium prices means “the equities could see dramatic upside, 50 percent, 100 percent, possibly more.” More than a decade after the shock of Fukushima led a number of countries to review their reliance

on nuclear power, it’s cemented itself as a vital plank in the transition toward a low-carbon future. That’s driven up uranium valuations, with prices having risen 125 percent since 2020. The International Energy Agency estimates that global nuclear capacity needs to double by mid-century from 2020 levels, to help the world meet net zero commitments. That target is underpinned by demand in Europe, Asia and Africa for nuclear reactors. Old facilities are getting their lifespans extended, while China is continuing to build out its nuclear fleet, all of which is fanning demand for the uranium needed to power those plants.

UK confirms plans to bring crypto under stricter rules

HE UK government confirmed plans to regulate cryptoasset activities more strictly, bringing them under the same regime as traditional financial services. The government intends to proceed with legislation in 2024 to implement the changes, according to a Treasury announcement on Monday, responding to a consultation it launched earlier this year. The plans include a mandate for crypto exchanges to write detailed requirements on admission standards and disclosures for token issuers when listing new assets. This could include information about a token’s underlying code, known vulnerabilities and risks. The UK’s push to regulate crypto is part of a wider effort by Prime Minister Rishi Sunak to attract more digital-asset businesses and investment to the country, while at the same time protecting consumers. Crypto firms have long complained that a lack of clear rules has made it hard for them to operate in the UK. “We must make the UK a place where cryptoasset firms have the

clarity needed to invest and innovate, and where customers have the protections necessary for confidently using these technologies,” said City Minister Andrew Griffith. “The UK is the obvious choice for starting and scaling a cryptoasset business.” Earlier this month, the UK’s financial promotions regime was widened to include cryptoasset service providers, regardless of their location. All crypto platforms are now required to display clear risk warnings to UK-based consumers and meet higher technical standards. The Treasury’s rule changes would come as regulators and policymakers across the world ramp up their scrutiny of the crypto sector following a year of turmoil for the industry. Earlier this year, the European Union approved the Markets in Cryproassets (MiCA) regime, a wide-ranging package of measures governing digital finance. The rules are currently the most comprehensive of any developed economy and have been welcomed by many in the sector. Bloomberg News

Vietnam seeks to arrest lenders for alleged fraud

IETNAM’S police issued arrest warrants for two former chairs of Saigon Commercial Bank, which experienced a bank run last year after customers feared the lender was tied to a real estate conglomerate under investigation for fraud. The Ministry of Public Security charged the bank’s former chairman Dinh Van Thanh with alleged asset embezzlement and violations of banking operation regulations, according to a statement on the ministry’s website. Police also announced a nationwide hunt for the bank’s former chairwoman Nguyen Thi Thu Suong and ex-deputy chief executive Chiem Minh Dung, who’ve been charged with alleged banking regulation violations. A representative for Saigon Commercial Bank was not immediately available for comment. Police are also seeking the arrests of three board members and a former deputy director of one of the bank’s branches. Vietnam’s central bank spent a week last October calming markets and depositors after police detained Truong My Lan, chairwoman of real estate conglomerate Van Thinh Phat Holdings Group, and other company officials. They were connected with an investigation into the issuance and trading of bonds of related companies where trillions of dong were

allegedly misappropriated in 2018 and 2019. At the time, customers of Saigon Commercial Bank feared the lender was tied to the investigation, though government agencies and newspapers reported no evidence of a link. The rumors prompted depositors to quickly pull savings from the bank. Police announced earlier this month that they’re seeking assistance from investors in an ongoing investigation into real estate firm Van Thinh Phat Holdings Group. The authorities accused the company of allegedly defrauding and appropriating more than 30 trillion dong ($1.2 billion), according to a statement on the government’s website. After the bank run last year, the State Bank put privately-held Saigon Commercial Bank under “special scrutiny” and directed four state-run banks to help manage it. Vietnam’s property market has been in disarray since 2021, when an ambitious anti-corruption campaign brought the sector to a halt. The downward spiral has been slowed thanks to regulatory interventions but continues to weigh on the economy. In his address to parliament last week, Prime Minister Pham Minh Chinh warned that an “unpredictable” global economy could continue to impact export-reliant Vietnam, along with “internal limitations and inadequacies.” Bloomberg News

Such investments remain controversial. Germany famously wound down its nuclear energy program after 2011, as then Chancellor Angela Merkel responded to the global trauma caused by the Fukushima meltdown. That decision has since drawn criticism, with Germany subsequently finding itself deeply reliant on high-emitting fossil fuels supplied by Russia. Uranium’s appeal has grown as Europe works to wean itself off Russian gas. However, with Russia sitting on roughly 8 percent of the world’s recoverable conventional uranium resources, the West has found itself needing to perform an even bigger energy-supply pivot. “We’re most focused on uranium miners in public markets,” Hyde, a portfolio manager at Segra Capital, said in an interview. “For the supply and demand of this market to balance, we need new assets to come online.” He added that, “if you’re going to insulate the US, Europe and Canada

from the global fuel cycle, which is heavily dependent on Russia and China, the best way to do that is to build new mines, new conversion capacity, new enrichment capacity.” Nuclear power doesn’t emit carbon dioxide, and has even been defined as green in the European Union’s taxonomy of sustainable assets. But it comes with a number of risks. “There are two main barriers to it being considered a serious contender in the race to net zero: skepticism around the safety of reactors and radioactive waste disposal, and cost,” said Nilushi Karunaratne of BloombergNEF. That skepticism is part of the reason why “the number of reactors in operation today has changed little since the immediate fallout of the 2011 Fukushima accident, as retirements have outpaced new facilities coming online,” she said. Uranium goes through several stages of processing before it’s ready to use as fuel in nuclear power stations. After it’s mined

and milled, the uranium ore is converted into a fluorine gas, which is then enriched and made into fuel rods. These get loaded into reactors, after which the fission that releases energy occurs. The whole process, called the nuclear fuel cycle, can take years and may rely on supply chains that stretch across several countries. Hyde says political sensitivity around those supply chains is set to drive the West to look for new ways to achieve independence. Norris, who’s the founder and chief investment officer of Argonaut, says he bought shares in Cameco and Kazatomprom this year. “Once governments wake up to how useless weather-dependent power is, they will go next to nuclear,” said Norris, who has shorted solar, wind and hydrogen stocks. Not all uranium stocks are equal, though, and a nearly 30 percent gain in the Global X Uranium ETF this year has some hedge fund managers looking for opportunities to short

companies they think are less likely to do well. Saleur of Anaconda, for example, says he’s now looking into shorting Cameco Corp. as a hedge, after it gained more than 70 percent this year. But he’s long miners including Energy Fuels Inc. and Ur-Energy Inc., he said. Segra’s Hyde says there’s some “relatively lazy capital investing in a compelling macro story without doing much company level work.” And as the number of buyers grows, some will target the wrong stocks, he said. “Many of the nuances of the nuclear fuel markets remain misunderstood,” Hyde said. Langsford at Terra has been adding to positions in NexGen Energy Ltd. and Denison Mines Corp. NexGen is exploring a new uranium mine in Canada with the potential to produce 25 percent of global supply. That would make it “very important for the nuclear industry in the 2030s, which could end up being the golden age of nuclear power,” Langsford said. Bloomberg News

FDIC sought buyers for Republic first before investor deal

HE Federal Deposit Insurance Corp. (FDIC) was seeking buyers for Philadelphia regional bank Republic First Bancorp last week before it struck a deal to raise capital, according to people familiar with the matter. The FDIC had sought bids for the bank on Oct. 23, but told potential buyers two days later that it would delay making a decision until this week, said the people, who asked to not be identified because the matter isn’t public. Bidders haven’t heard anything back since then from the FDIC, indicating that the process may be on hold, the people said.

Citigroup clinches financing for WeLab

I T IGROUP Inc. led a $260-million asset-backed financing for WeLab Ltd., Hong Kong’s biggest online lending platform, people familiar with the matter said. Citigroup is the sole senior underwriter on the deal, the people said, asking not to be identified because it’s private. Hong Kong-based representatives for Citigroup and WeLab declined to comment. Banks are expanding their securitization businesses to diversify funding and hedge credit risk exposures after successive rate hikes slowed traditional loan growth and stretched the capacity of borrowers to repay debt. Companies can borrow at lower rates using high-quality assets as collateral, rather than issuing unsecured debt. Banks typically pool various forms of debt, including mortgages, auto loans, or credit-card obligations, and sell the repackaged assets to investors. WeLab’s loan balance growth this year has exceeded pre-pandemic levels, driven by its partnerships with global firms including Tesla Inc. and Apple Inc. The firm, whose backers include Sequoia Capital and tycoon Li Kashing, has seen 37% year-on-year loan growth and its delinquency rates are well below the industry average. It has an almost 90% market share for Tesla’s car loans in Hong Kong, and is the exclusive financial service provider for Apple’s subscription program in Asia, one of the people said. Bloomberg News

On Friday, Republic First announced that it will raise $35 million from an investor group, pending regulatory approval. Representatives for the FDIC and Republic First declined to comment.

It’s unclear whether the FDIC process will continue. Republic First, with about $6 billion in assets, has been struggling with similar issues as other regional banks, though it’s much smaller

then lenders such as similarly named First Republic Bank. Rising interest rates have translated into big unrealized losses in securities and loan books across the industry. Bloomberg News

B2-4 Tuesday, October 31, 2023

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NEWPORT RESORTS MANILA IS PHL’S BEST EMPLOYER IN TRAVEL SECTOR

NEWPORT World Resorts brings epic experiences in the workplace to thousands of employees.

OR the second consecutive year, Travellers International Hotel Group, Inc. (TIHGI), the operator of premier lifestyle and leisure destination, Newport World Resorts, has been recognized among The Philippines’ Best Employers, emerging as the highest-ranked Travel and Leisure company in the exclusive list, topping other integrated resort (IR) players in its category. The company took 74th place overall in the Top 300 employers in the country, rising remarkably over 100 spots from its rank of 213th in the previous year. “Newport World Resorts makes it a

mission to create an epic workplace. Our people are at the heart of every milestone program, initiative, and decision we make. We celebrate this recognition as a ref lection of our employees’ satisfaction,” Chief HR Officer Terri Llamas proudly shared. Indeed, this feat reaffirms Newport World Resorts as an employer of choice. All year-round, it exemplifies awardw inning employee engagement pro grams, embodies a work-play culture, and constantly improves benefits and career developments that cater to its over 5,300 employees.

Some notable projects include championing sustainability under its property-wide program I LOVE Earth; promoting holistic wellness through the interorganizational sports festival Thrillfest; institutionalizing learning and knowledge-sharing in the Thrillax Talks sessions; and implementing inclusive workplace practices. The Philippines’ Best Employers 2024 is a ranking of the best-rated employers in the country as nominated by the people who know these companies best: the employees. More than 16,000 employees across 28 industries were surveyed anonymously and over 400,000 recommendations were evaluated in total. The comprehensive and large-scale employer study was conducted by Statista, the world’s leading data and business intelligence portal, to determine the best employers among the thousand of companies operating in the Philippines. For more information on Newport World Resorts’ visit www.newportworldresorts.com and follow @NWRCareers and @NWREmployeeEvents on Facebook, @newportworldresorts on LinkedIn and Instagram, and @nwresorts on Twitter. Make the most of your visit and sign up for an Epic Membership or download the Epic Rewards Mobile App for free at the Apple App Store and Google Play Store.

NHMFC’s TODO Diskwento Program benefits more delinquent housing loan borrowers

HE National Home Mortgage Fina nce Cor porat ion’s (NHMFC) announced that more delinquent housing loan borrowers are benefitting from its recently launched TODO Diskwento Program (TODO). The TODO Diskwento Program not only offers a guaranteed 100 percent penalty condonation, but a higher discount on unpaid interests that can go as high as 100 percent depending on the borrower’s total payments made. “ This makes this program the most extensive penalty condonation program in the history of NHMFC,” NHMFC President Renato L. Tobias stressed. The NHMFC targeted a total of 2,700 delinquent bor rowers to benefit from the TODO Diskwento Program. Accounts in ar rears by four to 12 months as of Aug ust 31, 2023 are qua lified to

NATIONAL Home Mortgage Finance Corporation President Renato L. Tobias stressed. avail of the 100 percent discount on unpaid interests. “With TODO, we have already released more Transfer Certificate of Titles (TCTs),” said Tobias.

He encouraged NHMFC’s delinquent housing loan borrowers to hurry and visit the nearest NHMFC office and avail of TODO to save thousands of pesos from penalties and unpaid interests. “We’ve always lived up to our mandate of increasing the availability of affordable housing loans for our Filipino homebuyers, but while doing so, we wanted to help them (homebuyers) save their precious homes from delinquency no matter what circumstances they have experienced. That is why, we offer the TODO Diskwento Program as a significant financial relief to our Filipino homebuyers,” President Tobias further stressed. NHMFC is one of the government’s key shelter agencies under the Department of Human Settlements and Urban Development (DHSUD).

Donny, Sarah, Mateo, Piolo brave challenges with a guaranteed partner

IFE has no guarantees and can be quite unpredictable. But while certainty may seem ideal, the highs and lows of life do make it exciting and fulfilling. Celebrities Donny Pangilinan, Matteo Guidicelli, Sarah Geronimo, and Piolo Pascual know this all too well, being a part of an industry known for its volatility. For Donny, who, among the four, is the latest to join showbiz, uncertainty comes in the form of roles he has never done before. Meanwhile, being a young married couple in a new chapter of their lives, for Matteo and Sarah, it’s all about planning their life together. As for Piolo, venturing into new investments can be a risky move. However, they all have one thing in common that gives them the confidence to welcome adventures and live life to the fullest. They have a guaranteed partner in Sun Life, the No. 1 life insurance company in the Philippines. As Sun Life clients, Donny, Matteo, Sarah, and Piolo can pursue their dreams no matter how uncertain life may feel. This is the essence of Sun Life’s latest campaign dubbed “Guaranteed Partner for Life.” “Sun Life has always been a dependable partner when it comes to supporting our clients, including our very own brand ambassadors, with their evolving needs and priorities over the years,” Sun Life Chief Client Experience and Marketing Officer Carla GonzalezChong said. “This can be seen throughout our 128-year history, where we have demonstrated our commitment and stood beside Filipinos amid world wars, economic crises, and more recently, a pandemic. They can count

on us to be their guaranteed lifetime partner in their journey to a financially secure and brighter future.” The campaign videos featuring Donny, Matteo, Sarah, and Piolo are available on Sun Life’s socials, @SunLifePH on Facebook, Instagram, YouTube, and TikTok. Exciting campaign updates and activities will also be announced there. “With this campaign, we want to send a message that Sun Life is the best choice for Filipinos who want to take charge of their future and get closer to their goals,” Gonzalez-Chong said. “It would be a privilege to serve and guide them in their journey.” For more information on the campaign, visit www. sunlife.co/guaranteed-partner-for-life. Those who are interested in taking the next step in their financial journey may get in touch with a Sun Life financial advisor through www.sunlife.co/TalkToAnAdvisor.

SINCLAIR MAKAW OBRA. A visionary partnership emerged at the Oriental Palace, ushering in a new era of creativity in interior and architectural design. Sinclair Makaw Obra, as part of its ambitious campaign, inked a transformative Memorandum of Agreement (MOA) with eight talented visual artists. Their collective mission is twofold: to pioneer innovation and aesthetic brilliance while simultaneously creating sustainable opportunities for the creative community. Under the Sinclair Makaw Obra campaign, the goal is crystal clear—to collaborate with artists and muralists, propelling their unique talents to the forefront of interior and architectural design. This initiative aims not only to craft captivating and innovative products but also to champion artists as integral figures in the design world, redefining the very boundaries of their craft. Guided by the resolute leadership of Magna Prime CEO Derrick A. Tan, this partnership aspires to position the Philippines as a global trailblazer in decorative plaster, stucco, and paints. Their vision transcends mere aesthetics, envisioning a new era where every wall, every space, becomes a canvas, a storyteller, and an embodiment of creativity, thereby enriching lives through both the beauty they create and the opportunities they foster. Together, Sinclair Makaw Obra and these eight gifted artists blaze a trail toward a future where the line between art and design seamlessly dissolves, promising an innovative creative expression through interior and architectural design that will serve as an inspiration for generations to come. The artists that will spearhead this movement will be led by the acclaimed Filipino Singing Painter, Maestro Tom Alvarado, alongside Jan Erwin Jabolin, John Melvin Garcia, Gary Montenegro, Alfon Casabuena, Rj Tejada, Flores Mistica, and Erwin Griño.

Serving art and whimsy, JIM Weaver’s 2023 Home Collection is a feast of Filipino flora, fauna, fun

Here comes Pokémon Sleep’s Halloween 2023

HE Pokémon Company’s Pokémon Sleep (https://www.pokemonsleep.net.) , the smartphone app available for iOS and Android, proudly announces its Halloween-themed event, “Halloween 2023—Double Candy Research.” Held annually, this week-long event will be held in Pokémon Sleep at the Greengrass Isle, beginning on October 30, 2023 at 4 am| and ending on November 6, 2023 at 3:59 am. In “Halloween 2023—Double Candy Research,” regardless of your sleep type, you’ll have the chance to meet Pikachu wearing a Halloween hat, as well as many Ghost-type Pokémon such as Gastly. When you conduct sleep research, you can get at least twice the usual number of candies. You can complete special missions to get Handy Candies

and other items. Look out for some Pikachu that will appear wearing a Halloween hat decorated with a ghost badge during the event. The timing of the event’s beginning and end, as well as the daily rollover time, is based on the user’s individual time zone. Some Halloween 2023 Bundles will be available in celebration of the opening of “Halloween 2023— Double Candy Research” from October 29, 2023 at 4 am until November 6 at 3:59 am. Each bundle will include the following items: Halloween 2023 Bundle S are Great Biscuit x1; Friend Incense x1; and Handy Candy S x3; Halloween 2023 Bundle M are Poké Biscuit x6; Great Biscuit x2; Friend Incense x1; and Handy Candy S x6; Halloween

2023 Bundle L are Great Biscuit x10; Friend Incense x3; Handy Candy S x6; and Handy Candy M x2. Please note that up to three Halloween 2023 Bundle S will be available per user during the event period. One Halloween 2023 Bundle M and one Halloween 2023 Bundle L will be available per user during the time period. The in-game event, Good Sleep Day, will be held from October 28 at 4:00 a.m. to October 31 at 3:59 a.m. Day 1 is from October 28 at 4:00 a.m. until October 29 at 3:59 a.m., while Day 2 (the night of the full moon) is from October 29 at 4:00 a.m. until October 30 at 3:59 a.m. Day 3 is from October 30 at 4:00 a.m. until October 31 at 3:59 a.m. Please remember that each day of the Good Sleep Day event rolls over at 4:00 a.m. On September 21, slightly over two months since the app’s release, the total amount of sleep tracked worldwide through Pokémon Sleep had exceeded 900 million hours. Sleep time tracked includes the time between a user pressing the Sleep button and then pressing the End Sleep Session, excluding time that the user was not sleeping, as determined by the algorithm. The total sleep time (3,180,183,109,110 seconds) includes the total amount of sleep time tracked by all Pokémon Sleep users around the world, beginning at midnight (UTC) on July 16th, 2023, the day of the app’s global release, and ending at 11:59 p.m. (UTC) on September 21. 900 million hours is equivalent to approximately 105,000 years.

DAGAT placemat packaging

GUBAT coasters

O ooh and aah. Eat. Repeat. The sophomore tablescape collection of homespun silkwear brand JIM Weaver features wonders across our land, seas, and culture, bringing delightful decadence to the table. “Like all JIM Weaver pieces, Dagat, Gubat, and Laro, atbp. reflect our desire to make Filipino art accessible through world-class, proudly Pinoy products that easily become part of your day,” shares Jenica Siy, one of the four women behind the brand. From silk scarves that became the medium for local artist and JIM Creative Director Isabelle Ocier’s art, the brand expanded to home accessories with the launch of its placemat and coaster sets. “We love to envision families and friends gathered around a beautiful table, making new memories and feeling nostalgic over old ones,” adds Jenica. Laro, atbp. celebrates the spectacular joy of our childhood games. Featuring favorites like piko, patintero, jackstones, and tumbang preso, it’s a definite crowdpleaser. The pattern is a modern take on the toile de jouy motif. Co-founder Mischel Ocier Mendoza comments: “Our designs bring together fun and finesse, quality and

quirk, huge concepts and the tiny, precious elements within them.” Gubat is a tabletop exploration of the Philippine forests, featuring trees like the sturdy Yucca and the mighty Kalachuchi. Small in size but enormously playful, JIM Weaver tarsiers perch among the branches, waiting to be discovered. Behind these scenes, Isabelle invites JIM buddies to dive into the wondrous depths of our seas. “I wanted to show how vibrant marine life is in Philippine waters, reminding us all of the importance of keeping our seas healthy and their creatures thriving.” Dagat stars a dashing dugong and a graceful leatherback turtle. Luminosity and abundance are important themes in this design, putting the splendor of our seas on dazzling display. “Our placemats and coasters add that little bit of luxury to each meal,” offers Mischel. “A simple dinner gets that wow factor when the setting is already a feast for the eyes.” JIM Weaver placemats and coasters have a four-layer structure, cork backing, and are lacquer-finished. They are heat resistant for up to 100 degrees Celsius, as well as stain and scuff resistant. Coming in sets of four, they are available at Rustan’s department stores around Metro Manila, Kultura, and online via jimweaverdesigns.com. For more information on the 2023 JIM Weaver Home Collection follow @jimweaverdesigns on Instagram.

PHL sports gain several reasons for celebration

By Jun Lomibao

Abraham “Bambol” Tolentino: Are we lucky? You can call it luck, I call it blessings of prosperity coupled with fervent prayers. Prosperity is about giving. The more is given, the more we reap.

THE Philippines winning its first Olympic gold medal in Tokyo 2020 in 2021 and the men’s basketball team bringing back home the Asian Games crown after 61 long years. Before that, the overall championship in the 30th Southeast Asian Games played on home soil in 2019 and a year before that, four gold medals at the Asian Games in Jakarta—worthy to take notice of as the haul was matched in the penultimate day in Hangzhou. Going further back, cycling prevented a gold medal shutout for the Philippines at the Incheon Asian Games in 2014. All under the watch of Abraham “Bambol” Tolentino at the Philippine Olympic Committee (PO). Destiny? Pure luck? Or were goals set and accomplished? “Are we lucky? You can call it luck, I call it blessings of prosperity coupled with fervent prayers,” said Tolentino, originally a chess enthusiast now a lover of all sports. “Prosperity is about giving. The more is given, the more we reap.” “And let’s not forget…God,” said Tolentino, who before becoming a full-pledged POC president in 2020 was secretary general of chess and shooting, founded the kickboxing federation and president of the cycling association known by its alias as PhilCycling. He even held a sensitive post as secretary general of the FIDE, the world-governing body for chess, while he was Tagaytay City mayor and congressman for Cavite’s Eight District. Tolentino’s a religious man, a trait that nurtured him to becoming Grandmaster in 2017 of the Free and Accepted Masons of the Philippines. That faith in God—and add some superstition to his Cavetino, Batangueno and Bicolano blood— was very evident during Tokyo 2020 that were postponed a year because of the pandemic.

was the Philippines’ chef de mission (DdM) to the Tokyo Olympics. But Tolentino didn’t allow the football association head to watch a single match of any of the 19 Filipino Olympians. Two lawyers—POC chief legal Wharton Chan and deputy Billy Sumagui—and others on the CdM team were strictly told to hear Mass first before going to the venues. Superstition? “Yes,” was Chan and Sumagui’s common reply, adding they had to hear Mass almost everyday or kneel in prayers before watching the athletes compete. Superstition, or not, and faith rolled all the way to the country’s first Olympic gold medal when Hidilyn Diaz (now Naranjo) won on July 26, 2021, a mental-over-physical duel with a favored and jeweled veteran from China in the women’s -55 kgs category of weightlifting. “Philippines! Philippines! Philippines!” Tolentino kept shouting

IT’S under Abraham “Bambol” Tolentino’s watch at the Philippine Olympic Committee that athletes are reaping the fruits of their hard work and determination and the country rejoicing from these accomplishments.

at the top of his voice, shedding tears of joy for Diaz’s success that was for the entire country to celebrate. Tolentino lost his voice but he needed some more after that as the boxers followed suit in making Tokyo 2020 the most successful campaign ever by the Philippines since it participated in the quadrennial “Greatest Show on Earth” in 1924 in Paris. Nesthy Petecio got silver in women’s featherweight on August 3, Eumir Felix Marcial bagged bronze two days later in men’s middleweight and Carlo Paalam clinched also silver in men’s flyweight on August 7. The most productive ever in Olympic history for the Philippines under Tolentino’s first two years as POC president that was stunted by 12 months of almost non-activity,

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uesday, October 31, 2023 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

no thanks to Covid. “I prayed everyday, thanked the Lord for the gifts and opportunities during those exciting but tenseful days, but by day’s end, these athletes—Hidilyn, Carlo, Nesthy and Eumir—got what it took to make them Olympic winners,” Tolentino said. “Hidilyn for one persevered for three Olympics, for 12 years, before hitting the big one…how do you call that?” he said. “The boxers? They’re all veterans and as veterans, you risk your face and body everyday getting hit by punches here and there.”

CYCLING IN INCHEON, GOLDS IN JAKARTA

ABRAHAM “BAMBOL” TOLENTINO knew where he’s coming from before Tokyo. He was PhilCycling chief and not yet with the POC when Daniel Caluag, two years off his Olympic stint in London, won the men’s BMX race for the country’s one-and-only gold medal at the

HISTORY UNFOLDS IN TOKYO MARIANO “NONONG” ARANETA

Sports BusinessMirror

Incheon Asian Games. Slowly, Tolentino—who’s passion for chess couldn’t be doubted with his vast collection of chess boards and pieces of all shapes, sizes, colors and appearance inside the Tagaytay City Mayor’s Office—got his way to the top echelon of the POC. With the turmoil at the POC still isn’t done-and-over-with, Tolentino was on then POC president Ricky Vargas’s side when the country notched its best finish in three editions of the also quadrennial Asian Games in Jakarta 2018. Golf produced two champions— Yuka Saso in women’s individual and Saso, Bianca Pagdanganan and Lois Kaye Go in team, Margielyn Didal in skateboarding and Diaz, who only two years ago was silver medalist at the Rio de Janeiro Olympics. The coming of age of Philippine

sports starting to peep from the horizon one full Olympic cycle before Diaz and co.’s conquest in Tokyo?

30TH SEAG ON SCRATCH PAPERS

UPON returning from Jakarta, trouble marred the POC once more. The apolitical Ricky Vargas gave way to Tolentino in a court-ordered “snap elections,” a wise decision as he went on to win and complete the final two of one Olympic cycle. “That’s water under the bridge,” Tolentino kept on saying after that. He knew he had to look forward because in a year, the SEA Games were coming back for the fourth time after 1981, 1991 and 2005. A man who believes in completing a particular task in “isang upuan,” Tolentino got the 30th SEA Games all in his pocket, on scratch papers that he got hold of when stream of consciousness took over his mind. “I had it all on scratch papers, scribbling ideas and plans the moment they struck my mind,” he said. “How many sports? How many events? How the match would go in terms of winning gold medals. Everything.” The result was a country rejoicing with a haul of 149 gold, 117 silver and 121 bronze medals from a then games record 530 events in 56 sports. It would be interesting if those magical scratch papers are encased in glass in his sports museum in Tagaytay City.

NI HAO HANGZHOU 19th ASIAN GAMES

HANGZHOU was no different from at least three previous editions of the Asian Games when suspense gripped the Philippine delegations. Roberto Jalnaiz won the country’s only gold medal almost in the final day of competitions at the Beijing 1990 edition, as well as billiards players Gandy Valle and Romeo Villanueva in 1998 in Bangkok. Hope looked lost in the afternoon ahead of the closing ceremony for the Busan Asiad in 2002 when Mikee Cojuangco captured gold in equestrian when the sun was about to set for the evening presentation by the hosts. In Hangzhou, the scenario looked

the same. Ernest John “EJ” Obiena was a no-brainer soaring to the men’s pole vault gold medal in games-record fashion and Hidilyn Diaz-Naranjo making the podium in his new weight class of 59 kgs was to be counted as a bonus of sorts. Margielyn Didal? She wasn’t 100 percent at all that her coach should be admonished for fielding the Cebuana pride injured. On a fateful October 7 night, a Friday, at the HOC basketball gym packed by Chinese fans reeking of revenge, the men’s basketball team Gilas Pilipinas jolted Jordan, 70-60, and the Philippines are Asian Games kings once more. Coach Tim Cone, team manager Alfrancis Chua and deputy Willie Marcial and their rag-tag Gilas crew toppled the odds to bring home the gold last won in 1962 in Jakarta. But that was only the second gold for the Philippines. Two more were needed. Suddenly, it’s that Tolentino lucky charm doing its thing all over again. From out of nowhere on the jiu-jitsu mat, Meggie Ochoa and Annie Ramirez triumphed one after another to complete the modest target of four gold medals. Mission accomplished? Aye, aye sir!

PHL SPORTS’ SECOND COMING OF AGE

THE upward trend sourced from the recent successes overseas started to paint a renaissance in Philippine sports—a second coming of age. “When the NSAs [national sports associations] entrusted me to lead POC, I told myself that it is about time to leave a milestone of accomplishment sfor all succeeding leaders that may follow after me,” Abraham “Bambol” Tolentino said. “No more mediocre leadership, but a leadership that is purely geared towards athlete development,” he said. Based on that premise, Tolentino said the overall champion in the 2019 SEA Games followed as a matter if course. “Then I said, let us make milestone in the plural. The Tokyo Olympics followed with the first ever Olympic gold medal, two silvers and one bronze,” said the 59-year-old Tolentino. “Never has it happened for the Philippines.” His hard work and diligent approach is complimented by his generosity as a sports leader—he gifted the Olympic medalist a houseand-lot each in Tagaytay City and has pioneered the POC Athletes’ Trust Fund that rewards medalists in major international competitions cash bonuses outside of the law-mandated financial incentives. “Our athletes are performing even beyond their capabilities and the idea of having financial returns on their hard trainings is a new motivation for everyone,” he said. Tolentino deflected most of the attribution to his fellow sports leaders in the NSAs. “The NSA’s leadership has also contributed a lot,” he said. “These leaders get nothing in return, they are sharing their time and resources for our athletes.” Volunteerism from these leaders, Tolentino said, supplements the truth of prosperity.

Spo

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Tuesday, October 31, 2023 | mirror_sports@yahoo.com.ph

PNVF holds full-packed Challenge Cup on Monday at Rizal Memorial Coliseum

RAMON “TATS” SUZARA is impressed by the big turnout of teams.

Cool Smashers eye win No. 4 vs Foxies, HD Spikers-Chargers in Halloween duels

NBEATEN Creamline expects to hurdle another winless rival in preparation for a three-game grind against teams stacked with talents as Cignal tries to recover lost grounds against surging Akari side in the Premier Volleyball League All-Filipino Conference eliminations at the Filoil EcoOil Arena in San Juan Tuesday. Coming off a pair of 3-0 victories over the HD Spikers and Gerflor Defenders, the Cool Smashers try to sustain their drive back to the top of the record field on a team that continues to get better and stronger despite the loss of two key anchors of its champion squad. Creamline faces Farm Fresh at 4 p.m. after the 2 p.m. opener between Chery Tiggo and Gerflor. Cignal and Akari mix it up at 6 p.m. Games can be streamed on Pilipinas Live and PVL.ph and are telecast on One Sports, One Sports+ and Smart Livestream app, according to the organizing Sports Vision. “The opportunity to play is very important, our bench players are also out first 6,” said Creamline coach Sherwin Meneses in underscoring the team’s depth. “We are now looking at what is best for the team.” “It’s a good problem for us coaches, but we still have to play consistent to be able to dish out good games,” added Meneses, whose wards will face Petro Gazz on November 9, F2 Logistics on November 14 and PLDT on November 18. Three games into her full role as playmaker in place of Jia de Guzman, Kyle Negrito has come up with 47 excellent sets, shining most in their four-set win over the Choco Mucho Flying Titans where she produced 23. Lorie Bernardo has also started to feel her way in the middle, providing backup to Pangs Panaga and Risa Sato, while collegiate aces Bea Bonafe and Mafe Galanza hope to settle down in time while forming Creamline’s setting trio alongside Negrito. With Michele Gumabao taking over on the firing end with a couple of 20-point and 12-hit outputs, and Tots Carlos, Jema Galanza and Alyssa Valdez ready to step up at any given time, the Foxies will need the best of everything—and luck—to stop or at least slow down the Cool Smashers in Week 3 of the round-robin eliminations of the tournament backed by Mikasa, BingoPlus, ArenaPlus, Smart, Rebisco, Milcu, Kumu, Asics and SportRadar Farm Fresh actually showed some promise when it upstaged Akari in the first set in their recent duel but lost its poise in a protracted second frame battle and yielded the next two to fall to 0-4.

HE Philippine National Volleyball Federation (PNVF) holds the Challenge Cup that’s bursting at the seams with 37 teams—20 men and 17 women— starting on Monday (November 6) at the Rizal Memorial Coliseum. “This is the biggest local volleyball tournament that will help highlight the season-long activities of the federation,” said Ramon “Tats” Suzara, president of the PNVF. “And with such a big turnout, we’ll be having dozens of matches for almost three weeks of the competition.” The Challenge Cup will hold its eliminations from November 6 to 9 and 13 to 19 with the quarterfinals scheduled November 20 for the men and 21 for the men, semifinals on November 22 and finals on November 23. Those sum up to 76 matches—48 men and 36 women—according to Suzara, who added that there will be at least six matches a day and in some days, seven games. Originally intended to be purely local government unit (LGU)-based, the Challenge Cup, Suzara said, enticed school teams and clubs from all over the country. “This shows how active volleyball is in the developmental, LGU and school level,” Suzara said. “Volleyball could now rank as the No. 2 team sport in the country after basketball.”

Confirming their participation in the men’s division are Plaridel (Quezon), Orion (Bataan), University of Batangas, University of Santo Tomas, Rizal Technological University (RTU)-Basilan and Savouge. Completing the men’s roster are Cignal, Davao City, Iloilo D’Navigators, VNS, Volida, Philippine Navy and Tacloban City and school teams Arellano University, University of the East, Jose Rizal University (JRU), Santa Rosa City, National University, Emilio Aguinaldo College and Marikina City. Davao City, University of Batangas, Arellano University, Volida, Tacloban City, JRU and RTU-Basilan are also fielding teams in the women’s division, which includes Parañaque City, Philippine Air Force and Tagaytay City. Collegiate squads from De La Salle University-Dasmariñas, San Beda University, University of the Philippines (UP), UP Volleyball Club, De La Salle College of Saint Benilde, Lyceum of the Philippines UniversityBatangas and Colegio de San Juan de Letran complete the women’s category. The Challenge Cup precedes the season-ending Volleyball World Beach Pro Tour Challenge which features the world’s top beach volleyball teams set later in November in Santa Rosa, Laguna.

New course for Ironman Davao ‘24

HE Ironman 70.3 Davao will make its highly anticipated return on August 11 next year promising a new racing experience featuring a revamped course that would test the triathletes in fresh and exciting ways. The centerpiece of the course is the brand-new Davao City Coastal Road, a scenic backdrop to what looms to be a riveting event with top and rising endurance racers from around the world expected to challenge the new layout featuring the 1.9-km swim parallel to the coast, 90-km bike leg towards the MacArthur Highway and back to coastal road for the closing 21.1-km run. The combination of the new route and the stunning coastal road guarantees an amazing racing experience, one that would push triathletes to their limits and at the same time showcase the

natural beauty of Davao City. As the 10-month countdown to the blue-ribbon event began, anticipation and excitement were building among athletes and fans alike, all eager to be a part of this new chapter in the history of Ironman 70.3 Davao, which hosted the top tri-sport event at Azuela Cove last March. Davao City, chosen for its exceptional management, accessibility and breathtaking landscape, eagerly embraced the event. Princess Galura, regional director of the organizing Ironman Group Philippines, praised the city’s strong partnership and infrastructure, ensuring a seamless staging of the event.

DAVAO City Mayor Sebastian Duterte (center) and Ironman Group Philippines regional director Princess Galura (right) hold the M Dot (Ironman) token after the two sides—along with Municipality of Sta. Cruz Mayor Jose Nelson Sala Sr., firmed up their partnership.

Meralco, TNT, 2 others in quarterfinals

OUR teams led by Meralco and TNT marched to the Leg 3 quarterfinals of the Philippine Basketball Association 3x3 Second Conference on Monday at the Ayala Malls Fairview Terraces. The Bolts, Triple Giga, Pioneer Elastoseal Katibays and Cavitex Braves all booked berths in the knockout stage after emerging on top of their respective pools on the first day of pool play. Meralco swept all of its three assignments in Pool B, capped by a dominant 21-9 win over San Miguel behind the 10 points and six rebounds of guard Jeff Manday. TNT, winner of the first two legs this conference, did the same

in Pool A including a thrilling 21-19 victory over guest team MCFASolver as Chester Saldua and Gryann Mendoza struck down the stretch to score the winning points for the telecommunication franchise. The win by the Triple Giga over Tech Centrale eliminated the guest team (0-2), and gave Cavitex (1-1) a safe passage to the quarterfinals. The Braves lost to TNT, 20-17, but beat MCFASolver, 21-18. In Pool C, Pioneer Elastoseal is also perfect with a 2-0 record and already assured of advancing to the next round following back-to-back victories over Barangay Ginebra, 1612, and Blackwater, 18-17.

By Josef Ramos

EMEMBER the days when Philippine swimming relied on recruits over homegrowns to win medals at least in the Southeast Asian Games level? And that day when a diver was ridiculously maligned online for an awkward dive? A new swimming association brings hope that gone are those days and that homegrowns would sooner or later plunge and swim their way to victories overseas. “The expectations are always there so we have to be inspired to achieve our goals by working hard,” said Rep. Eric Buhain, a many-time SEA Games gold medalist, two-time Olympian and one-time chairman of the Philippine Sports Commission and Games and Amusements Board. Buhain has since plunged into politics but together with Michael “Miko” Vargas, is back to his love and passion, swimming, or these days, aquatics—diving, water polo, artistic swimming and open water included. Vargas and Buhain are the president and secretary-general of Philippine Aquatics Inc. or PAI, which earned the recognition as the national federation for swimming in the country from the worldgoverning body World Aquatics and automatically, from the Philippine Olympic Committee (POC). The POC Executive Board headed by president Abraham “Bambol” Tolentino, recommended for PAI’s regular membership in the organization and was unanimously approved by its General Assembly last Friday during its meeting last Friday in a Paranaque City restaurant. Buhain thanked World Aquatics Bureau president Husain AL Musallam and executive director for recognizing PAI, which replaced the Philippine Swimming Inc. as the national association for the sport. But Buhain admitted that he, Vargas and the PAI board of trustees have to work more than double or triple to achieve their targets. “We have to use this recognition as an inspiration. Aquatics is not only swimming—you have diving, water polo and others—so we have to work hard in every corner of the country, north to south, east to west,” said Buhain, a Philippine Sports Hall of Famer now the First District Representative of Batangas Province.

Plunging in of reinvigor renewed ex

PHILIPPINE swimming gets a shot in the arm through the Philippine Aquatics Inc. headed by Michael “Mico” Vargas (left) as president and Rep. Eric Buhain as secretary-general. Vargas may be relatively new in terms of actively leading a sports organization, but sports runs in his blood—he’s the son of Philippine Basketball Association chairman and former POC president Ricky Vargas and is a great grandson of Jorge Vargas, a founding member of the Philippine Amateur Athletic Federation (now the POC) and the first Filipino member of the International Olympic Committee. “With this recognition, we can now honorably represent the Philippines in international competitions,” said

King stars for NEU Hunters in under-21 final

K KYLE NEGRITO is doing a great job setting up plays.

ING GALLARDO hit a clutch three-point shot in the closing seconds to lift the New Era University (NEU) Hunters to a pulsating 63-61 victory over the San Juan Kings in the 21 Under championship of the Pilipinas Super League at the Central Recreational Fitness Center Gym inside the NEU compound in Quezon City recently. Vincent Nablo was named Most Valuable Player after leading the Hunters with 20 points and seven assists.

Other than the title-clinching three-pointer, Gallardo also provided solid backup for NEU with 19 points and nine rebounds. Defense, said Hunters coach Jay Agsalud, was the key to their titleclinching victory that helped negate a slew of turnovers early in the game. “The players’ bond and camaraderie, traits that make up the team’s culture, were also instrumental,” Agsalud said. Nablo, meanwhile, thanked the NEU community for its support throughout their PSL run.

MEMBERS of the New Era University Hunters pose with team officials and supporters.

Buhain, referring to the SEA Games, Asian Games, world championships and ultimately the Olympics.

AKIKO, JASMINE LOOK FORWARD

MICHAEL VARGAS and Eric Buhain have the support of each and every relevant personality in the sport foremost of them Olympian Akiko Thomson. “I can’t tell you how relieved I am for this news. And trying to be as objective as I possibly can, the association is in the right hands,” Thomson told BusinessMirror. “Eric Buhain [and the

orts

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Editor: Jun Lomibao | Tuesday, October 31, 2023 C3

Harden sits out 3rd straight game, Embiid start in 76ers home opener

HILADELPHIA—James Harden was out for the 76ers and Joel Embiid was in after the reigning National Basketball Association (NBA) MVP skipped a chance to rest and started Sunday night in Philadelphia’s home opener. Harden’s absence against Portland was no surprise—the 10-time AllStar has now missed all three games in the wake of his offseason trade demand. Officially, the Sixers say Harden needs to “ramp up” his conditioning before he can return to play. Harden has continued to practice with the Sixers and participated in Sunday’s film session and walkthrough. Harden wore a yellow hoodie and jeans as he sat on the bench for opening night. Harden did not travel with the Sixers on their opening-week road trip and was told to stay back and practice with the team’s G League players. “The report on him is, he had some

nto waters rated hope, xpectations team] has the wherewithal, the passion, heart, wisdom and capacity to steer swimming back on track.” Like Buhain, Thompson was a multiple SEA Games gold medalist and extended her love for sports by becoming a former commissioner of the Philippine Sports Commission. Jasmine Alkhaldi, the most bemedaled Filipino swimmer in the Asian Games, also welcomed the PAI, expressing hope that the new federation would live up to its purpose of serving the athletes and the entire swimming community. “Our job as athletes is to win medals and bring glory and pride to our country,” said the 30-year-old Alkhaldi, a London 2012 and Rio de Janeiro 2016 Olympian and owner of seven silver and 21 bronze medals in the SEA Games. “We’re hoping they will not forget us and our needs as well.”

PREMIUM ON GRASSROOTS

ERIC BUHAIN and fellow former national swimmer and coach Chito Rivera were the leading founders of the Congress of Philippine Aquatics Inc. or COPA, an organization that conducted all-encompassing

competitions nationwide. With the COPA system, the PAI would be bringing to the NSA level a grassroots program aimed at identifiying and developing national swimmers not overnight, but into near and deep future. The PAI leadership urged for the cooperation and understanding of the aquatics community on a new system for national tryouts for unbridled selection of national team members. One of those lined up by the PAI is the selection process for team members to the 46th SEA Age Group Championships in Thailand in August next year with the organization stressing that swimmers based locally or abroad must go through the tryout. Swimmers under PAI’s care from recent tryouts were supposed to see action in the Asian Age Group Championships originally scheduled this December but was moved to February 26 to March 9 at the New Clark City Aquatics Center. “They will be retained for the championships,” Buhain said of those of who passed the tryouts for the 44-member national team to the continental championships.

pecially the greatest to ever do it—I think it’s normal to get a bit starstruck. I really was like: ‘Wow, that is Messi. He’s here.’ But when you play with him, get to know him, you realize he’s a very normal guy, very humble, cares about everybody.” Messi is humble. He is not normal. That will almost certainly be on full display again Monday in Paris, when the 36-year-old is expected to win the Ballon d’Or—presented to the best player in the world for a given year—for the eighth time, extending his record. Nobody else has won more than five of those trophies. Manchester City manager Pep Guardiola said earlier this month that his top player, Erling Haaland, and Messi both deserve the trophy. “I always said that the Ballon d’Or had to be of two sections—one for Messi and one for the others,” said Guardiola, who coached Messi with Barcelona. It will be Messi’s 14th time finishing in the top three of the balloting, extend-

good conditioning days,” coach Nick Nurse said. “All signs are positive, conditioning-wise. Just need to get in some live action.” Nurse said he expected Harden to practice on Tuesday. The 76ers don’t

play again until Thursday. The 76ers only introduced their starting lineup on Sunday so Harden wasn’t included, but he did make the cut in the pregame hype video. Embiid dropped 24 points in an

Wrong distance means no world record

ANTIAGO, Chile—Peru’s Kimberly García seemed skeptical she’d set the world record in the women’s 20 kilometers walk race at the Pan American Games. She later found out she didn’t. Organizers of the largest multisports event on the continent said in a statement the times of the race were annulled due to “a measuring problem” in Santiago’s O’Higgins Park. They blamed the Association of Pan American Athletics for the mistake. Athletes believe the distance they ran in Chile was about 3 kilometers (almost 1.9 miles) shorter. The mistake adds to Santiago’s woes in the organization of the Pan American Games, which started on October 20 and end on November 5. García finished her race in a cold and damp morning in 1 hour, 12 minutes and 26 seconds. The record belongs to China’s Jiayu Yang in 1 hour, 23 minutes and 49 seconds. The 30-year-old Garcia still celebrated her gold medal after what she called “a serious mistake” she had never experienced in her decorated career, which includes a world championship in the 20 kilometers race. “We realized it since the first kilometer. The time did not coincide with the distance. It was more about us focusing on our feelings not to lose control,” Garcia said after the race. “It didn’t affect myself alone, I wanted the Pan American record. Other girls wanted a spot in the Olympic Games. It is a shame that will not happen because the weather, everything

was fit for good timings.” Eleven other competitors seemingly finished their race below the world record. “We do control our pace a lot and right out of the gate, in our first lap, we say the pace was too strong. It was quicker than the men’s,” said Brazilian Viviane Lyra, who finished fourth. “We knew there was something strange, so our goal wasn’t even taking the timing into consideration.” The Pan American Games organization said it filled its role by hiring Marcelo Ithurralde, an expert commissioned by the association, to take the measurements for the race. “He did not take accurate measurements of the route the athletes took during the race,” organizers said. “We deeply regret the inconvenience for the athletes, their coaches, the public and the attending press, but this situation cannot be attributed to the Organizing Committee.” The Association of Pan American Athletics didn’t respond to a request for comment. Later, Harold Mayne-Nicholls the executive director of the games, told a local radio station it was an embarrassment but insisted the organizers had nothing to do with it. “It is a shame because the race was beautiful and obviously the Peruvian athlete must have raised her hopes for a world record,” he said. “I was told they were going to correct this. If they didn’t, double shame.”

PERU’S Gabriela Kimberly Garcia is seen finishing first in the women’s 20-km walk final. AP The mistake delayed the men’s competition by one hour. The walk race rules require competitors always have at least one foot on the ground. Organization problems at the Pan American Games have included trash scattered outside competition venues in the four days following the Opening Ceremony, threats of a strike from the private security company working the events and a leak in the handball venue of Viña del Mar, outside Santiago. AP

ARIZONA Diamondbacks’ Geraldo Perdomo scores against Texas Rangers catcher Jonah Heim in Game 2. AP

ing another record. He won it while playing for Barcelona, he won it while playing with Paris Saint-Germain and now he’ll likely win it while playing for Inter Miami in what would mark the first instance of an MLS player getting such recognition. AP

EVERYONE gets mesmerized by Lionel Messi’s presence. AP

HOENIX—Arizona Diamondbacks shortstop Geraldo Perdomo ranged a step to his right and snagged a hot smash with a smooth, backhanded play, wheeling and firing to first baseman Christian Walker, who stretched for the ball, picked up the short hop and somehow managed to keep his foot on the bag for the first out of the inning. The D-backs and Texas Rangers have been great with the leather all season long. So far in the World Series, that trend is continuing. The D-backs and Rangers combined for zero errors over the first two games of the Fall Classic, which is the first time that’s happened since 2018. That’s no accident. The two teams made the fewest errors in the big leagues during the regular season and have a combined eight finalists for Gold Glove awards. “When the defense is playing clean baseball—picking it up and throwing it, hitting cutoffs, all the little things, it’s hard to blow an inning open,” Walker said. “There

Hockey player dies after getting cut in neck by a skate

Zero error for D-backs, Rangers in first 2 games

Messi’s 1st year brings trophy, peek at Year 2 in Miami ORT LAUDERDALE, Florida— Lionel Messi was at a youth soccer tournament in southwest Florida this weekend, watching his son play. He was trying to be just a normal soccer dad. Of course, there is no such thing as normal when talking about the best player in the world. Everyone gets mesmerized by his presence. Even, as it turns out, his Inter Miami teammates. Consider DeAndre Yedlin, for example. Yedlin is a highly decorated, highly accomplished player with worldwide experience and acclaim. He has played in the Premier League and in two World Cups for the US and has been a Major League Soccer All-Star. He was the captain for Inter Miami to start this season. Then Messi joined the club in July, and everything changed in a moment. “I mean, yeah, I was starstruck,” Yedlin said. “This is a guy that I grew up watching and admiring. So, of course, whenever you come across a great—es-

JAMES HARDEN stands out a yellow hoodie and jeans on the bench. AP

opening-night loss at Milwaukee and scored 34 points in a win Saturday night against Toronto. With three games in four days, and the opener coming on the back end of a back-to-back, Embiid almost sat out, a startlingly inconceivable notion for the first home game of the season. But the NBA this season strengthened its rules about resting healthy players. The league is already investigating the reasons behind Harden’s absence from the 76ers’ nationally televised season opener. The policy prevents teams, without approval, from resting multiple star players (defined as anyone who was an All-NBA or All-Star selection in the prior three seasons) in the same game, or sitting healthy ones in nationally televised or in-season tournament games. Nurse said the load management policy complicates the decision “a little bit” to play or rest a player like Embiid. AP

are a lot of outs to be made over the course of a game if you keep yourself in position to let that happen.” Game 3 of the World Series is Monday night in Phoenix with the series tied 1-1. Arizona will start rookie right-hander Brandon Pfaadt while Texas will counter with veteran righty Max Scherzer. The Rangers have five Gold Glove finalists this season, including catcher Jonah Heim, first baseman Nathaniel Lowe, second baseman Marcus Semien, shortstop Corey Seager and right fielder Adolis García, who has one of the best outfield arms in the big leagues. This is the first World Series since 1993—and fifth ever—that will feature all of its games on artifical turf. “The pitching is going to come and go at times, hitting will, but one thing we can do is focus on defense every day,” Rangers manager Bruce Bochy said. “And I’m proud of these guys. We have five guys that are finalists and a couple, I think, that were left out, to be honest, Josh Jung and (Leody) Taveras. They both have had fine years defensively.” AP

OTTINGHAM, England— American hockey player Adam Johnson, who appeared in 13 National Hockey League (NHL) games with the Pittsburgh Penguins in 2019 and 2020, has died after his neck was cut by a skate blade during a game in England on Saturday, his team said. He was 29. Johnson was playing for the Nottingham Panthers in a Challenge Cup game against the Sheffield Steelers when he suffered the skate cut during the second period of the Elite Ice Hockey League game at Sheffield’s Utilita Arena. “The Nottingham Panthers are truly devastated to announce that Adam Johnson has tragically passed away following a freak accident at the game in Sheffield last night,” the team said Sunday. “The Panthers would like to send our thoughts and condolences to Adam’s family, his partner and all his friends at this extremely difficult time. Everyone at the club including players, staff, management and ownership are heartbroken at the news of Adam’s passing.” A Minnesota native, Johnson spent 13 games over parts of the 2018-19 and 2019-20 seasons playing for Pittsburgh in the NHL before spending the 2020-21 season in Sweden with the Malmo Redhawks. He had a goal and three assists for the Penguins. “The Pittsburgh Penguins join the entire hockey world in mourning the life of Adam Johnson, whose life tragically ended far too soon,” the Penguins said Sunday in a statement. “We offer our deepest condolences to Adam’s family and friends, as well as all of Adam’s past and present teammates and coaches. Adam will always be part of the Penguins family.” Johnson played college hockey at Minnesota-Duluth, helping the Bulldogs reach two NCAA Tournaments. He scored an overtime game-winner in the 2017 tournament, sending MinnesotaDuluth to the Frozen Four by beating Boston University. He also played for three American Hockey League (AHL) clubs during his career and in Germany with the Augsburger Panther in 2022-23 before agreeing to join Nottingham for this season. AP

CALL the Penguins’ Adam Johnson’s death a freak accident. AP

IVE the Springboks a few days to revel in their recordbreaking Rugby World Cup success. Give losing finalist New Zealand a little time to grieve. But before long, those two giants and rugby as a whole will emerge from World Cup fever and face the prospect of entirely new eras. They’ll all do it with a hint of trepidation. South Africa’s most successful coaching combination ever—some call it a rugby love affair—finally parted in the Paris night on Saturday with back-to-back titles for them and an unprecedented fourth Rugby World Cup win for their country. How on earth do the Springboks ever replace the Rassie Erasmus-Jacques Nienaber partnership? New Zealand also bids farewell to coach Ian Foster and a group of retiring all-time All Blacks greats in Sam Whitelock, Brodie Retallick and Aaron Smith without the consolation of them leaving with winner’s medals around their necks. With those three players, the All Blacks see nearly 400 test caps of experience head off into the sunset. Also irreplaceable. And the Rugby World Cup itself will not be the same the next time it kicks off in Australia in 2027. The sport’s showpiece will be expanded from 20 to 24 teams by then and the global game will have also undergone—according to plans announced last week—its most revolutionary change in 30 years.

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South Africa stands all alone at summit of Rugby World Cup as new eras beckon

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uesday, October 31, 2023 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

THE END OF ‘RASNABER’

RASSIE ERASMUS and Jacques Nienaber have been inseparable since they began coaching together nearly 20 years ago, so much so that they are referred to as one—“Rasnaber”—in South Africa. The 12-11 win over New Zealand in Saturday’s final was the last hurrah. Nienaber will leave as head coach. Erasmus stays on as South Africa’s director of rugby for now. Make no mistake, they didn’t inherit what they’ve left, a topranked, world-beating team. They created it from ruins. When they were hired in 2018, the Springboks were quite simply at their worst and had twice been embarrassed by 50 points by the All Blacks among a trail of historic losses in the preRasnaber years. Erasmus and Nienaber won their first World Cup a year after coming in and the Springboks now have more titles than anyone having played two less tournaments than the others because of apartheid. The Springboks have four titles from eight appearances, an incredible 50 percent strike rate at the Rugby World Cup. Erasmus and Nienaber have a 100 percent strike rate. Fill those shoes.

RESTORING THE ALL BLACKS

THAT task falls to Scott “Razor” Robertson, who has the head coach job already having been appointed in March to take over from 2024. He will walk into a renowned pressure cooker of a position with the temperature pushed higher and the desperation for success even more after the All Blacks’ agonizing near miss in France. Rugby’s most celebrated team won’t start from square one, but with Whitelock, Retallick, Smith and hooker Dane Coles officially retiring and pivotal figures like captain Sam Cane, No. 8 Ardie Savea and two-time world player of the year Beauden Barrett the wrong side of 30 for another World Cup, there is no straightforward path to redemption in 2027. “This one is going to stink for a bit as all losses do. It’s pretty tough at the moment,” New Zealand center Rieko Ioane said. After 120 years of being rugby’s best team by virtue of their victories week in and week out, the threetime world champion All Blacks will without doubt be back.

RUGBY NEEDS MORE MATCHES

THERE will be more teams at the next Rugby World Cup, but that doesn’t necessarily confirm a thriving game. What’s of primary concern for the development of the sport is the four years between World Cups, when the tier two teams are in the large part ignored by the rugby superpowers before everyone suddenly celebrates their participation at the big show. Take Samoa, which nearly beat former champion England in this World Cup having played a total of 13 matches in the four-year gap since the last World Cup. In its latest attempt to redress that, World Rugby has announced a new international tournament from 2026. The 10 top tier teams will play each other in the closest rugby has come to a global season, and be joined by two as yet unnamed tier two teams. The other tier two teams can win promotion to the once-everytwo-years tournament. AP

A GIRL lifts the Rugby World Cup trophy next to Mbongeni Mbonambi after South Africa beat New Zealand, 12-11, in the final Saturday. AP

College coaches as CEOs: X’s, O’s replaced by $ signs and bottom lines V The transfer portal along with name, image and likeness legislation have turned colleges coaches into defacto CEOs and businessmen.

By Dave Skretta The Associated Press

IRGINIA coach Tony Bennett has been around college basketball for most of his life. His father, Dick Bennett, was a Division III coach during his formative years in the 1960s and ‘70s, and later coached at Green Bay, Wisconsin and Washington State. Tony played for his dad in college before a brief career in the National Basketball Association (NBA) and overseas, and then got his own coaching start on his bench with the Badgers, the fatherson duo ultimately taking them to the Final Four. The game changed over Dick’s four decades in coaching—the shot clock and 3-point line were introduced, TV brought the game to the masses— but nothing like it has since the younger Bennett took over for pops at

Washington State in 2006. The transfer portal along with name, image and likeness (NIL) legislation have turned Bennett and his brethren into defacto CEOs, businessmen as much as coaches. Not only must they continue to recruit high school players, but they must also mine the transfer market while ceaselessly recruiting the players already on their roster, lest they slip away to a program offering more playing time or, yes, more NIL money than they are able to scrounge up themselves. “You can’t stick your head in the sand and say, ‘This is exactly how it was,’” Tony Bennett said. “You adjust. You make changes. But you still hold dear and hold true to what matters to you and your program, and you find the guys that will buy into it.” That is harder than ever, though. And the margins between success and failure are shrinking. College football coaches bring in upwards of 25 new players each recruiting cycle, and that makes it easier to absorb the loss of a player who decides to transfer. Their basketball equivalents might land four or five each year, and they must not only be good but also loyal, or their coaches could

find themselves with a barren roster in the time it takes to blow a whistle. Those coaches capable of best managing that minefield are the most likely to find themselves playing for a championship. “I will tell you that there’s more to it,” Duke coach Jon Scheyer said. “It’s not just talking basketball. You’re talking about brand. You think about the new CBA [in the NBA] with the guys we’re recruiting—they’re at such a high level, you’re not talking making a few million bucks. If they knock it out of the park, you’re talking about hundreds of millions of dollars that are at stake. So our thing is, our track record with guys,

VIRGINIA coach Tony Bennett: You can’t stick your head in the sand and say, “This is exactly how it is.” AP

Afghanistan on a high in cricket worlds

HE Afghanistan team arrived in India with an aim to qualify for the Cricket World Cup semifinals. And after the half-way stage of the tournament they have already put the defending champion England and 1992 winner Pakistan on the verge of elimination. Afghanistan shocked England by 69 runs in New Delhi in one of the greatest World Cup upsets and then followed that with an authoritative eight-wicket win over Pakistan in Chennai.

the job we’ve done, but also the brand that Duke has. “There’s a true dollar amount behind that,” Scheyer continued, “but it’s still going to be a bigger decision than just money. It’s still a bigger decision than even just basketball. That’s ultimately why we want our guys to choose Duke. But the CEO role is fair. I spend way more time doing other things besides basketball, because you have to. It’s just, you have to.” After the Huskies won their fifth national title last season, they watched a trio of stars head to the NBA and four more transfer elsewhere. That left Danny Hurley to reinforce his roster with Rutgers transfer Cam Spencer and a five-man freshman class that just might be the envy of the other 351 coaches in Division I basketball this season. Kansas, which won the title two years ago, leaned more on transfers to complement a three-man freshman class and produce a roster that earned it preseason No. 1 in the AP Top 25. The headliner is Michigan transfer Hunter Dickinson, arguably the most coveted player in the portal in years, who had overtures from Kentucky, Villanova and just about everyone else. Lest anyone think NIL wasn’t a factor in picking the Jayhawks, Dickinson acknowledged as much when he addressed angry Michigan fans on his “Roundball” podcast in May: “The people hating on me would leave their job right now for a $10,000 [pay] increase,” he said. “I got, at Michigan, less than six figures. I got less than six figures at Michigan for the year.” It’s not clear what Dickinson will make at Kansas. Apparently, more than six figures. It is also not entirely clear how much Jayhawks coach Bill Self had to do with lining up Dickinson’s NIL package. What would have once landed a coach in NCAA trouble now is simply another responsibility, and one that doesn’t sit well with many who still remember when their job was about X’s and O’s rather than dollar signs and bottom lines.

With probably the best spin attack at the World Cup, Afghanistan will fancy its chances against Sri Lanka and the Netherlands in the upcoming games before facing high-flying South Africa and a rejuvented Australia in their final two matches. Whether Afghanistan could achieve its ultimate target of qualifying for the semifinals or not, the Afghans have surely made their mark with their two stunning victories over England and Pakistan. Ex-Pakistan captain Rashid Latif, who coached Afghanistan 10 years ago, believes it will be big achievement for the Afghans if they

AFGHANISTAN captain Hashimatullah Shahidi celebrates his team’s victory against Pakistan. AP

finish with even six or eight points at the end of the league stage. “They [Afghanistan] dictated from the first ball until the last ball when they played against England and Pakistan,” Latif told the Associated Press. “It was a terrific planning, whosoever planned it in their dressing room. The unity they have, makes them a very special team, and that’s reflected on the field. “When I coached Afghanistan, I learnt only one thing and that was unity. They had been through some tough times.” Afghanistan looked under-prepared when it lost to Bangladesh by six wickets after getting bowled out for 156 and Rohit Sharma’s blazing century handed the team another eight-wicket drubbing at Delhi.

The two heavy losses didn’t shake the confidence of the Afghans as England collapsed for 215 against spinners Rashid Khan, Mujeeb Ur Rahman and Mohammad Nabi. Latif is more impressed with young opener Rahmanullah Gurbaz, whose aggressive 80 off 57 balls propelled Afghanistan’s total to challenging 284. “Gurbaz showed that one man can do everything, his batting conquered England,” Latif said. “They have beaten the 2019 champions which is not a small thing. It was not a small victory. It should be written in golden words because now they have beaten two world champion teams.” Afghanistan coach Jonathan Trott has perfectly assessed the weaknesses of the opposition and their planning came to the fore against Pakistan when they included wrist spinner Noor Ahmad as their fourth spinner in the playing XI. AP

Heavenly Father

E seek courage from You. “Wait on the Lord: Be of good courage, and he shall strengthen thine heart: wait, I say on the Lord.” Psalm 27:14. Because we have faith in Your power, oh Father, never will we fail to ask courage to face every struggle we make in the name of Jesus our brother. Amen. BIBLE PROMISE SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

Editor: Gerard S. Ramos • lifestylebusinessmirror@gmail.com

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Tuesday, October 31, 2023

Pedaling for health THE author’s Nakto Breeze ebike after a late evening ride earlier this year.

BY GERARD S. RAMOS Lifestyle & Entertainment Editor

ACK in late August, I came to work for what was supposed to be a routine executive checkup, which turned out to be far more dire than what anybody had anticipated, myself included. “We’re not going to push through with the checkup,” the attending told me, “and instead I’m going to have you admitted to the ER. You’re having cardiac failure right now and you need to be admitted to the hospital quickly.” That always stops anybody in their tracks of course, and I was. It took several bouts of ugly crying, angioplasty that I must have slept through because I remember nothing of it, a nasty night of delirium when I woke up in the middle of the night convinced I had been locked in some psyche ward that I began desperately pulling out tubes and monitors (which prompted the medical staff to quickly check on me), more ugly crying, and plenty of visits from close relatives, close workmates and some very close friends which assured me that my life had not been spent in vain. Now, I have made amends with people I had become estranged from, and I am rebuilding my health. I have stopped smoking, and while I wish I

could say I am hitting the gym hard or striking my poses on the yoga mat, that will have to wait. I plan to pedal my way back to health instead. Yes, I have gotten myself a bike—which I actually purchased before my recent scary health episode. My fascination, even obsession with biking, sprung from my coming across Not Just Bikes, the YouTube channel of Jason Slaughter I felt so strongly about—in fact so strongly that I urged BUSINESSMIRRO�’s media critic Tito Genova Valiente to check it out and, should he find the vlogs on urban planning and biking, write about—which he did. Not once but twice. Writes Tito Valiente in the first of his two-part column series (February 24, 2023): In “Not Just Bikes,” we finally learn (or re-learn, this depending on the education we get from schools or institutions) how cities grew in service to automobiles and not the other way around. To illustrate this, a disturbing documentary—the docu calls it a propaganda— released by General Motors (GM) in the 1950s sums up where all the troubles of US cities came from. It was in the 1950s when GM exhorted on the value of roads and highways obliquely setting aside the fact that the increase in automobiles is the one inducing the creation of those infrastructures. But we know what happens when roads are built: areas are demolished

where the roads are going to be; highways kill places because they disappear when these endless bridges pass over them; and the truth about capital valuing more than ecology and the good life turns real.” In one of his earliest videos for Not Just Bikes, Slaughter says: “This is the video I wish I could’ve seen 20 years ago, as it would have saved me a lot of time figuring out where I wanted to live. Which is here, in the Netherlands.... [This] is when I stumbled across my first bit of real urban planning, the concept of ‘walkability.’ This describes how easy it is to walk in an area, and how easy it is to [sort of] go about your daily routine only by walking.... Why are Dutch cities so great to live in? What makes them so much more enjoyable to be in than cities in many other countries? And what can we learn from these places? So I’m going to explore these questions in some greater detail in some future videos. Because I’ve found that there’s actually a lot of good reasons why Dutch cities are so great...and it’s Not Just Bikes.” Slaughter’s very popular YouTube channel is not be strictly devoted to bikes—one of his most mostwatched vlogs is devoted strictly on the wonders of how garbage is “magically” collected in Amsterdam (youtu.be/0JtoSafhvLM?si=53XlJxrepIgI1gyV)—but there

CONTINUED ON D2

Tuesday, October 31, 2023

Art

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Today’s Horoscope

IAN ALFONSO, NHCP supervising history researcher, Dr. Emmanuel Calairo, NHCP chairman, and Jeremy Barns, director-general of the National Museum of the Philippines

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Letitia Wright, 30; Patti Harrison, 33; Mike O'Malley, 57; Brian DoyleMurray, 78. HAPPY BIRTHDAY: Choose what makes you passionate and head in that direction. Seize the moment and you'll find extraordinary ways to turn your thoughts into a reality. Your determination will shine through as you conquer your dreams, hopes and wishes through the changes you make and the new beginnings you embrace. Stand tall, speak your mind and follow the path that makes you feel alive. Your numbers are 7, 15, 21, 27, 33, 38, 46.

ARIES (March 21-April 19): Monitor and maintain joint ventures and investments. Getting along with your peers will be critical to get ahead. Sharing your personal or political thoughts will leave you in a precarious position. ★★★★

Monumental correction? Juan Luna’s birth date reviewed, rectified

TAURUS (April 20-May 20): Don't waste time on things you can't change. Focus on trends and how to use your attributes, funds and peers to reach your goal. A physical show of confidence and presentation will encourage others to join your team. Don't lose sight of your dreams. ★★★ GEMINI (May 21-June 20): A closer look will portray what's coming down the pipeline. Take notes, verify information and look for opportunities that don't include questionable people. Your reputation will be poor if you leave your fate in someone else's hands. ★★★

HE National Historical Commission of the Philippines (NHCP) passed Resolution No. 18 on October 3, adjusting the birth date of National Hero Juan Luna by a day, following conclusive findings. The resolution states that Luna was born on October 25, 1857, as opposed to October 24, based on the baptismal records of the foremost Filipino painter. In a recent press conference at the NHCP office in Manila, NHCP supervising history researcher Ian Alfonso explained his team’s research methodology. With him on the panel were Dr. Emmanuel Calairo, NHCP chairman, and Jeremy Barns, director-general

Pedaling for health CONTINUED FROM D1 is enough about how bikes fueled the transformation of the Netherlands that I finally committed to buying my first bike. The bike I bought was not the old-fashioned sort powered largely by how fast you pedaled. It is a Nakto Breeze, an ebike with a 500w rear hub motor, 48V10AH battery, 6 Speed Shimano Gears and Shifter, and like most Dutch bikes has a step-through design—an important design style because even before my health episode, I hated having to swing my leg to get on or off a bike that or a motocycle. With this ebike, which I bought at the discounted price of P41,000-plus, mounting and dismounting has never been an issue, and it has enough power and kick to make running errands a...well, a breeze, although I must admit that I have not ridden it beyond the compound of where I live. Why not? Well, as I have said earlier, I had this heart thing. But now I am on the mend. Sure, what will greet me outside may not be as pleasant as what the Netherlands offers, and our roads may not be as conducive to bike-riding, but with news about local politicians having made trips to the Netherlands to see their acclaimed brand of city planning where bikes and people rule, maybe we can hope for such idyll. ■

of the National Museum of the Philippines. “Kahit na trivial, through this exercise, nagiging kritikal tayo ngayon na kailangang bumalik sa pinanggalingan ng mga alam natin sa kasaysayan—to check our primary sources,” Alfonso said. “Hopefully, through this exercise, isipin natin na ang pagsusulat ng kasaysayan ay hindi basta-basta.” Alfonso presented his research, titled Rereading the Baptismal Record of Juan Luna. He cited the historical markers in Luna’s birthplace of Badoc, Ilocos Norte, and at his memorial in Intramuros, Manila, which indicate October 24, 1857, as his date of birth. Meanwhile, the Spoliarium painter’s crypt marker in San Agustin Church, Intramuros, shows October 23, 1857. The conflicting dates could be attributed to the country’s lack of a birth certification system, Alfonso said, which was only introduced by the Americans in 1902 to establish a Philippine census. During Luna’s time under Spanish rule, the only way to ascertain an individual’s identity was through a baptismal record from the Catholic church, called visto bueno. The file, created by an escribano or secretary of the church, usually states how long a person has been alive at the time of baptism. Alfonso and his team retrieved Luna’s visto bueno from the National Archives, which reads that the National Hero was baptized on the 27th of October 1857 when he was three days old. While this would suggest that Luna was born on the previously established date of October 24, Alfonso asserted the importance of historical methodology. “’Yung dokumento, ’di niya kayang magkwento ng kaniyang sarili,” he said. “Kailangan may kaalaman tayo tungkol sa mundo kung saan nanggaling ang dokumento.” Alfonso explained that the beginning of a person’s life was viewed differently during the Spanish era. Back then, the day of birth was counted as Day 1, not Day 0. He cited renowned Filipino historians Luciano Santiago and Teodoro Agoncillo, who both wrote about the old practice. That said, if Luna was baptized on October 27 while he was three days old, then his actual date of birth falls on October 25. “’Yun ang nalimutan sa pagbabasa ng baptismal record ni Juan Luna,” he said, before addressing the audience that included AB History students. “Hindi lang dapat nakabatay sa dokumento; kailangan may alam tayo sa mundo na kinabibilangan ng dokumento na ’yun.” Alfonso said that the baptismal records of other key national figures reflect the system. Andres Bonifacio, for instance, based on his preserved parish

record in Tondo, was baptized on December 2, 1863. Act No. 2946 enacted by the Philippine Congress in 1921 declared November 30 of every year to be the day of commemoration of Bonifacio’s birth. Meanwhile, National Artist Vicente Manansala was baptized in Macabebe, Pampanga on January 26, 1910, when he was five days old, supporting his recognized birthday of January 22. “It is part of the mandate of the NHC to clarify and settle these things,” Calairo said. “When we speak about the past, especially the past of national figures, it’s a sacred part of our history, [which is why such efforts] have to be done in a very credible way.” As for the implications of the mandate rectifying Luna’s birth date, the NHCP chairman said that the commission has several ways to implement the change. The adjustment will be reflected on Luna’s plaques and markers, and the information will be cascaded to the national and local levels. Barns, the National Museum director-general, said that the change settles the birth date of Luna, “at least until something else comes to light.” He added that it is also a way for everyone to know how historians are supposed to work. “For us, even on the board, it’s very interesting. It reminds us all of how important it is to get your facts right. You can never check your facts enough, because, from time to time, new facts will come to light,” he said. It is not lost on Barns that 2023 has been a big year for Luna. In June, Luna’s long-lost masterpiece, titled Hymen, oh Hyménée!, resurfaced after 132 years and was unveiled to the public. Tagged as the holy grail of Philippine art, it is on view at the Ayala Museum until December 31. Earlier this month, Luna’s bust made by the sculptor Mariano Benlliure, which was lost during World War II, was turned over to its permanent home in the National Museum of the Philippines. “[Luna making headlines is] an acknowledgement that he’s a person of great interest to Filipinos in general,” said Barns, who described Luna as “arguably the greatest Filipino painter that will ever be.” Calairo acknowledged that there is much more to be learned from history. But access to information, he said, remains a challenge. He invited everyone who possess primary sources in their collections and repositories to work with the NHCP to shed light on national and local figures in Philippine history. “If we democratize access in our sources,” Calairo said, “mas nako-concretize natin ang ating national history.” ■

CANCER (June 21-July 22): Use connections to help you do things in record time. Your performance will prompt others to mimic you. Have patience with someone close to you. An obstruction will cover up what's happening around you. Tune in to body language, and don't act in haste. ★★★

LEO (July 23-Aug. 22): Observation can spare you grief. Watch what others do and say, and you'll make better decisions. You can resolve problems at home with mutual change. Don't let love cost you if you find it difficult to say no. ★★★★

VIRGO (Aug. 23-Sept. 22): Pretense and emotional meddling require silence and contemplation without revealing your intentions. Go about your business, get things done on time and treat yourself to something you enjoy. Don't cater to others; set priorities with yourself in mind. Honesty leads to change. ★★

LIBRA (Sept. 23-Oct. 22): Learn all you can, ask questions, test theories and do your best to get along with everyone. Patience will pay off when dealing with negotiations and considering changes that can influence your financial, medical or contractual status quo. ★★★★★

SCORPIO (Oct. 23-Nov. 21): A change can prompt opportunity if it concerns a cause or a partnership. Look at the possibilities and put a strategy in place. Preparation is vital, and being secretive until you are ready is necessary. Protect your assets and make common sense a priority. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Pay attention to what's happening around you. A situation based on pretense will take advantage of you and your kindness and hospitality. Please don't ignore the truth or let someone tell a lie to benefit themselves. Speak up and share valid information. ★★

CAPRICORN (Dec. 22-Jan. 19): Choose a lifestyle that frees up enough time to enjoy the people and pastimes that make you happy. It's up to you to redirect negative energy and take advantage of opportunities. ★★★

AQUARIUS (Jan. 20-Feb. 18): Distance yourself from people heading in the opposite direction. Talk is cheap; someone you least expect will make allegations that can hurt your reputation if given the chance. Focus on home, family and what makes you happy, and you'll gain stability and trust. ★★★★★

PISCES (Feb. 19-March 20): Don't give in to someone using emotional blackmail. Take the initiative to dance like no one is watching, and invest more time and money in the people and pastimes that make you happy. Personal growth, money management and a change of heart are looming. ★★ BIRTHDAY BABY: You are persistent, calculating and quick-witted. You are ambitious and protective.

‘haunted’ BY DAVID STEINBERG The Universal Crossword/Edited by David Steinberg

ACROSS 1 Bird that can be 6.2 feet tall 4 Big name in white spirits 11 Super Bowl highlights, perhaps 14 Neither this ___ that 15 Fear or joy 16 Gravestone letters 17 When to wear bootees 20 Beverage holder that rhymes with “wine” 21 Palindromic explosive 22 Very mean 23 Energy 25 Top part of a costume 26 On the caboose 33 Where Achilles fought 34 Bother constantly 35 Power cable 37 Sewn line 38 Bright fire 39 Greek T 40 One may work on boosting operations 45 “Bye!” 46 Homer’s neighbor 47 Like a clever crossword clue

48 Translation of the last word in 27-Down 49 “Check your ___ at the door!” 50 More than most 52 January birthstones 58 Place to get a pedicure 61 Like a jackhammer 63 Tropical fruit 64 Outside of a banana 65 Less than most 66 Aquatic animal that sleeps on its back 67 Bed frame strip 68 ___ to criticism 69 Source of this puzzle’s starred, haunted clues 70 In that case DOWN 1 Puts a stop to 2 “It’s a ___ point” 3 Sudden desire 4 Close-fitting cap 5 Jeopardy! champion Schneider 6 $0.25, say, for a gumball 7 Many, many, many 8 Break in a friendship

9 Deux : French :: ___ : Spanish 10 Like a convenient washer and dryer 11 Octopus’s octet 12 Regimen such as keto 13 Agile for one’s age 18 Split (up) 19 Making a coin vanish, e.g. 24 Alex Wagner Tonight network 25 What you might pour on a 38-Across 26 Red Velvet singer 27 Pseudonym 28 Hawk’s claw 29 Statement after a pledge drive 30 Stared at the stars 31 “I should remember this...” 32 Money from a foundation 33 Hence 36 Jury ___ (2023 show about a fake trial) 41 Word after “bull’s” or “cat’s” 42 Went off, like a cellphone 43 Amazes 44 Speaker’s engagement 50 Part of aka 51 Program feature that repeats 53 Many years ___

54 Uninspiring routine 55 DC MLB player 56 She lived in Eden 57 Roofing goop 59 Small vegetables in fried rice 60 Violist’s clef 62 Family game night room, perhaps 64 Letter after chi Solution to today’s puzzle:

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Show BusinessMirror

Tuesday, October 31, 2023

Vilma Santos back doing what she does best

HROUGHOUT a magnificent career that has spanned six decades, Vilma Santos has always imbued her characters with strength, sincerity and humanity that is impossible to not notice. From fierce to fragile, from fun to furious, Santos makes sure that she thoroughly prepares for each role that she accepts, and gives each one of these something that is often larger than life. After seven years of being absent from the big screen, Santos is finally back with a movie that has been selected as an official entry to the annual allFilipino film festival in December. When I Met You In Tokyo is also her reunion movie with her favorite leading man Christopher de Leon after 15 long years. Santos and De Leon starred in some of the most unforgettable and much heralded movies that include Relasyon and Broken Marriage, both classic films of Ishmael Bernal, Celso Ad Castillo’s Tag Ulan Sa Tag Araw, Butch Perez’s Haplos, and Eddie Garcia’s Sinasamba Kita. She has committed many years of her life as a politician, and while doing so set aside her career as an actor. “It’s all a matter of knowing one’s priorities at a given period of time. Politics came in at a point in my life when I was ready for public service.

Yes, I am married to a politician but I had to learn everything from scratch. Like anything in life, when one is focused on something, we make time, we study, we observe, we practice, we focus, we learn. I am very blessed to have served my constituents in the past and now that I have more time, I am also happy that I am back doing what I love most.” The film When I Met You In Tokyo couldn’t have come at a better time for Santos. “When the role was offered to me, one of the first questions I asked was: Who will be my leading man? And when they said it was Christopher de Leon, the big smile just flashed out so naturally. I am more than happy that my comeback film will be with Boyet [De Leon’s monicker],” she

enthused. Santos added that it was also the material that got her very excited. “It is not super-heavy drama. It is something that people of all ages will be able to relate to. The movie will be about love, about finding love again, about family, about decisions, about life outside the country, about working overseas, about conflicts and commitment, about life and its many facets and dimensions.” The Star for All Seasons, who is turning 70 in a few days, reiterated that she always listens to her inner voice before she commits to a project. “At this age, I have to find joy in working on a project. I have to work with pleasant people. I have to work with amazingly creative people. I have to work with professionals. Awards are appreciated if they are given freely but these are no longer the be-all-and-end-all of my being an actor.” For someone who has won almost all the local acting awards, Santos has collected four from the Metro Manila Film Festival. Another source of pure joy for Santos these days is being a doting grandmother to Isabella Rose, nicknamed Peanut by the baby’s parents Luis and Jessy Manzano. “It’s a different level of happiness when one becomes a grandparent. Baby Peanut just opens many doors to many priceless moments every time I am with her. She is certainly the family’s princess.” Vilma Santos has won over film devotees from all generations with the range of characters she makes into her own and nowadays, after 60 years in the industry, no matter what role she gives life to— whether she is an actor or a politician; or whether she is a mom, a wife or a grandma, or a vlogger—her love for everything she does always shines through. And that’s the kind of star that sparkles no matter what season, and shines all year round. ■

BARBIE FORTEZA and David Licauco

BARBIE, DAVID FIGHT FOR LOVE UNTIL THE END IN ‘MAGING SINO KA MAN’

GMA Network’s high-rating special limited series Maging Sino Ka Man promises a captivating finale full of twists and revelations this November 3. Barbie Forteza and David Licauco will bring exciting action, heartfelt tears, and irresistible thrill to viewers up to the very end. In the finale week, Monique (Barbie) and Carding (David) face another challenge in their love story. Carding finds out that Monique’s mother is the mastermind behind his brother’s death. But is it true that Belinda (Jean Garcia) ordered the killing of Chad (Wendell Ramos)? Does Monique have anything to do with it? Meanwhile, Gilbert (Juancho Triviño) will do everything to steal the money and power of the Salazars. Until when will his evilness prevail? But the audience has one common question in mind: Is there still a chance for a happily-ever-after between Monique and Carding? Will they fight for love despite their painful past? Netizens are already feeling emotional as they prepare to bid goodbye to this thrilling series. Based on some comments on the YouTube channel of GMA: “Gabi-gabi namin ’tong pinapanood. Parang bumabalik ako sa pagkabata; napakaeffortless nilang magpakilig. Nakakalungkot lang matatapos na. BarDa forever. Sana may next project agad sila. This is my type of teleserye. Hindi siya stressful panoorin. Instead, it brings good vibes and positivity. Full of love!” Maging Sino Ka Man airs Monday to Friday at 8 pm on GMA and at 9:40 pm on GTV. Global Pinoys can also catch the program via GMA Pinoy TV. More stories about the network can be found at www.gmanetwork.com.

Tuesday, October 31, 2023

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Matthew Perry, Emmy-nominated ‘Friends’ star, dead at 54 L

OS ANGELES—Friends star Matthew Perry, the Emmy-nominated actor whose sarcastic, but lovable Chandler Bing was among television’s most famous and most quotable characters, has died at 54. The actor was found dead at his Los Angeles home, according to coroner’s records. An investigation into how Perry died is ongoing, and it may take weeks before his cause of death is determined. Perry’s body was found in a hot tub at his home, according to unnamed sources cited by the Los Angeles Times and celebrity website TMZ, which was the first to report the news. LAPD officer Drake Madison told The Associated Press on Saturday that officers had gone to that block “for a death investigation of a male in his 50s.” “This truly is The One Where Our Hearts Are Broken,” Friends cocreators Marta Kauffman and David Crane, and executive producer Kevin Bright, said in a statement. “We will always cherish the joy, the light, the blinding intelligence he brought to every moment—not just to his work, but in life as well. He was always the funniest person in the room. More than that, he was the sweetest, with a giving and selfless heart.” Perry’s 10 seasons on Friends made him one of Hollywood’s most recognizable actors, starring opposite Jennifer Aniston, Courteney Cox, Matt LeBlanc, Lisa Kudrow and David Schwimmer as a friend group in New York. As Chandler, he played the quick-witted, insecure and neurotic roommate of LeBlanc’s Joey and a close friend of Schwimmer’s Ross. During the show’s hijinks, he could be counted on to chime in with a line like “Could this be any more

awkward?” or another well-timed quip. Perry was open about his long and public struggle with addiction, writing at the beginning of his 2022 million-selling memoir: “Hi, my name is Matthew, although you may know me by another name. My friends call me Matty. And I should be dead.” Friends ran from 1994 until 2004, winning one best comedy series Emmy Award in 2002. The cast notably banded together for later seasons to obtain a salary of $1 million per episode for each. Some of his Friends guest stars paid tribute on social media, posting photos, GIFS and bloopers from their favorite episodes. “What a loss,” actress Maggie Wheeler, who played Perry’s on-again, off-again girlfriend Janice, wrote on Instagram. “The joy you brought to so many in your too short lifetime will live on.” Actress Morgan Fairchild, who played Perry’s mother on the show, said the loss of a “brilliant young actor” was a shock. “I’m heartbroken about the untimely death of my ‘son,’” she wrote on X, formerly known as Twitter. By the Friends finale, Chandler is married to Cox’s Monica and they have a family, reflecting the journey of the core cast from single New Yorkers trying to figure their lives out to several of them married and starting families. The series was one of television’s biggest hits and has taken on a new life—and found surprising popularity with younger fans—in recent years on streaming services. Perry described reading the Friends script for the first time in his memoir, Friends, Lovers and the Big Terrible Thing. “It was as if someone had followed me around for a year,

stealing my jokes, copying my mannerisms, photocopying my world-weary yet witty view of life. One character in particular stood out to me: it wasn’t that I thought I could ‘play’ Chandler. I ‘was’ Chandler.” On Sunday, Perry’s book was ranked No. 1 on Amazon, supplanting Britney Spears’ memoir. Unknown at the time was the struggle Perry had with addiction and an intense desire to please audiences. “Friends was huge. I couldn’t jeopardize that. I loved the script. I loved my coactors. I loved the scripts. I loved everything about the show but I was struggling with my addictions which only added to my sense of shame,” he wrote in his memoir. “I had a secret and no one could know.” “I felt like I was gonna die if the live audience didn’t laugh, and that’s not healthy for sure. But I could sometimes say a line and the audience wouldn’t laugh and I would sweat and sometimes go into convulsions,” Perry wrote. “If I didn’t get the laugh I was supposed to get, I would freak out. I felt that every single night. This pressure left me in a bad place. I also knew of the six people making that show, only one of them was sick.” He recalled in his memoir that Aniston confronted him about being inebriated while filming. “I know you’re drinking,” he remembered her telling him once. “We can smell it,” she said, in what Perry called a “kind of weird but loving way, and the plural ‘we’ hit me like a sledgehammer.” In the foreword to Perry’s memoir, Lisa Kudrow described him as “whip smart, charming, sweet, sensitive, very reasonable, and rational.” She added, “That guy, with everything he was battling, was still there.” AP

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THE STATE OF END-OF-LIFE CARE IN THE PHILIPPINES

October is National Hospice and Palliative Care Month

By Anne Ruth Dela Cruz

In a research paper titled, “The escalated global burden of serious health-related suffering: Projections to 2060 by world regions, age groups and health conditions,” authors led by KE Sleeman pointed out that by 2060, an estimated 48 million people, or 47 percent of all deaths globally, will die each year with serious health-related suffering, and 83 percent of these deaths will occur in low-income and middle-income countries.”

VERY October, the Philippines observes Breast Cancer Awareness Month with the primary goal of educating women about the importance of diagnosing breast cancer at an early stage when treatment is easier and the outcome is better. cent years. Innovative treatments offer women a greater chance than ever before to live healthy, fulfilling lives following their diagnosis. This approach has not only improved survival rates but has also led to an increased focus on quality of life for breast cancer survivors. For those whose breast cancer has made a turn for the worse, they might want to consider palliative

care. Not too many people know that the month of October is also National Hospice and Palliative Care Month. Palliative care focuses on easing pain and discomfort, reducing stress, and helping people have the highest quality of life possible. Hospice care focuses on quality of life when a cure is no longer possible, or the burdens of treatment outweigh the benefits.

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The Philippines has the highest rate of breast cancer in Asia and the ninth highest in the world in 2019, with about 64 percent of cases diagnosed in the advanced or late stages due to the lack of adequate treatment and early detection. Being diagnosed with breast cancer, though, is no longer a death sentence and breast cancer survivorship has come a long way in re-

Last year of life

THE World Health Organization estimated that 56.8 million people, including 25.7 million in the last year of life, need palliative care. This is the scenario that the Philippines is experiencing right now. Dr. Agnes Bausa, a palliative care specialist and chair of the Department of Health’s TWG of Palliative and End of Life Care and Clinical Practice Guidelines, noted that there are many patients in the community who are suffering from life-threatening illnesses and whose medical condition has deteriorated and become incurable. “These medical conditions are not limited to cancer but also to end organ damage such as those with congestive heart disease (CHD), chronic obstructive pulmonary disease (COPD), Chronic kidney disease (CKD), stroke or cardiovascular disease (CVD) and other neurological diseases that are debilitating,” Dr. Bausa said. When these diseases reach the state of irreversibility towards the end of life, the majority of these patients will Continued on E2

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Continued from E1

opt to stay at home without support from the hospital they were admitted to earlier. These patients might also have been sent home without proper discharge planning and discussing the goals of care and advance care planning when sent home.

Challenges at home

THE chronically ill patient faces a lot of challenges if he decides to spend the remaining years of his life at home. The patient’s progno-

sis and survival may not have been discussed thoroughly with the patient and his family and they are not often guided on what to prioritize given their depleted resources after many treatments, diagnostic, imaging and repeated hospitalizations. “Not all will sit down with the patient and ask what is important to him and his wishes or ask about his bucket list, his aspirations, values and preferences. There is nobody to guide the patient and his family moving forward, as the medical condition changes from

curable to incurable to terminal stage and even towards end-of-life care at home,” Dr. Bausa said. To date, there are only 75 palliative care specialists in the country, not enough to cover those who have life-threatening conditions in hospitals as well those in the community. Palliative care was introduced in the Philippines in the 1980s and the Palliative Medicine fellowship started in 2002 under the UP-PGH Department of Family and Community Medicine. The palliative care fellowship program

DR. Diana Edralin, president of the Pharmaceutical and Healthcare Association of the Philippines and general manager of Roche

is now available in Southern Philippines Medical Center and Davao Regional Medical Center, both in Davao; Jose B. Lingad Memorial General Hospital in Pampanga; Far Eastern University-Dr. Nicanor Reyes Medical Foundation in Quezon City; The Medical City in Pasig City; Batangas Medical Center and will soon be offered in Amang Rodriguez Medical Center and East Avenue Medical Center. “Previously, there were not many doctors and nurses who were interested in palliative care and care for terminally ill patients. But through the years, after many years of education and advocacy, it created a wave of awareness to the medical societies and allied healthcare professionals, the policymakers and to the Department of Health, the public and awakened compassion and volunteerism,” Dr. Bausa said.

Lobbying

THANKS to the years of lobbying and advocacy, there are now more doctors who are interested to go on further training in palliative medicine as a subspecialty. This growing interest comes in light of the passage of the National Integrated Cancer Control Act (NICCA) and the Universal Health Care (UHC) Law in 2019. Both laws ensure that palliative care will be made “available, accessible and integrated in cancer centers both government and private hospitals and in all healthcare settings from hospitals (tertiary or apex hospitals, provincial, district/community hospitals), to local government units and to communities where the majority of patients are in their homes. Both laws also aim to prevent financial hardship brought about by the chronic illness and frequent/repeated hospitalizations and high cost of diagnostics and treatment. It also aims to make services affordable, and, in the future, covered by PhilHealth. In response to the NICCA and UHC laws, the DOH developed the National Manual of Operations, Procedures and Standards for Palliative and Hospice Care in the Philippines (MOPS). Relatedly, the DOH is expected to roll out by the first quarter of 2024 the Basic and Intermediate Training Modules for Primary Care Providers in all settings and all levels of care. “We emphasize on the standardization of knowledge and skills so that wherever the patient is, they should receive the same quality of care,” Dr. Bausa explained.

Integration into healthcare

HAVING identified the solution, the next problem to solve is how to integrate palliative care into the Philippine healthcare system: how a patient can move, navigate and have a seamless transition from hospital to home and vice versa. “It’s part of Filipino culture that the majority of chronically ill

DR. Agnes Bausa, a palliative care specialist and chair of the Department of Health’s TWG of Palliative and End of Life Care and Clinical Practice Guidelines

patients want to stay in the comfort of their homes where the environment is familiar and the family serves as the main caregiver,” Dr. Bausa said. Another challenge facing chronically ill patients is the shortage of pain medicines in the market. Dr. Diana Edralin, president of the Pharmaceutical and Healthcare Association of the Philippines (PHAP) and General Manager of Roche, pointed out that a number of factors could contribute to the shortage of medicines in any country. The PHAP represents the biopharmaceutical medicines and vaccines industry in the country. Composed of 40 companies, its members are in the forefront of research and development efforts for Covid-19 and other diseases that affect Filipinos.

Medicine supply

FACTORS that affect supply of pain medicines include, among others, rapid and unpredictable changes in healthcare needs. Manufacturing concerns, supply-chain disruptions and regulatory requirements such as registration delays and customs clearance processes are also factors. “A quick search in the Food and Drug Administration verification portal showed that there are at least eight registered morphine formulations in the country. As morphine has already been genericized, there are multiple suppliers for this drug. However, only one is carried by a PHAP member company and they have reported to have no supply issues as of the moment,” Dr. Edralin stated. While the country has the capability of producing its own pain medicines, including morphine, PHAP members will continue doing what they did during the Covid-19 pandemic, and that is to collaborate efforts to minimize supply disruptions through close coordination with the manufacturers located worldwide, regulatory agencies, healthcare professionals and patient organizations. “While supplies remain stable, it is imperative that we strengthen our pharmaceutical planning,

forecasting and inventory management to determine the volume of medicines needed by the Filipino people. This will enable the pharmaceutical manufacturers to provide for these medicines at the time of need,” she said.

Government collaboration

THIS, however, will need the help of the government in terms of sharing data and real-time information on demand and supply of medicines which will significantly help both local and global manufacturers’ forecast accuracy. “PHAP and its members remain committed to continue partnering with the government as the country prepares for new global health, economic and geopolitical developments. We continue to work with high priority and urgency to mitigate any future supply disruptions. As we have done during the pandemic, PHAP is also looking forward to an even intensive coordination with the respective economic and health authorities to have accurate planning and forecast of medicines, vaccines and diagnostics supply in the Philippines,” Dr. Edralin said. According to Dr. Bausa, the National Hospice and Palliative Care Council of the Philippines and the Philippine Cancer Society are collaborating with different government agencies to make opioids available in all government hospitals through the allocation from the Cancer Support Palliative Medicine Access Program (CSPMap) and Cancer Assistance Fund through collaboration with the DOH, the Dangerous Drugs Board on policies on opioids and the Philippine Drug Enforcement Agency to ensure that there is no misuse and abuse. For now, Filipinos have to make the initiative to have their doctors refer their chronically ill relatives to palliative care specialists so that they can enjoy a better quality of life. “The majority of Filipinos want to die in the comfort of their homes. However, if something happens to the patient, and there is a lack of available palliative and hospice care, Continued on E4

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The state of end-of-life care in the Philippines Continued from E2

the patient is brought to the emergency room by families who are confused or in panic,” Dr. Bausa said. Having experienced this on numerous occasions, Dr. Bausa trained nurses in the government

hospital where she is head of the Palliative and Supportive Care Unit to be part of the Palliative Care Team. These nurses then become advocates of patients for palliative care in their area of assignment and this improves access through networking and collaboration.

“A lot of patients and families appreciate the service and feel they are not abandoned but rather guided in the care even when discharged. I think there is an increasing acceptance of palliative care among Filipinos,” she said, adding that they always emphasize that

palliative care is not about dying but about living with a disease that is life-threatening. There is also a rising interest in pediatric palliative care. Presently there are only a few hospitals that provide this service: National Children’s Hospital, Philippine General

Hospital, Southern Philippines Medical Center and Philippine Children’s Medical Center. “Palliative and hospice care is a new industry with a lot of growth and body of knowledge. It offers a promising future to those suffering with life-threatening and life-

limiting situations to have a better quality of life living with the illness and complications of the diseases,” Dr. Bausa said. The story is published with the support of the Philippine Press Institute, Novartis and ICanServe Foundation.

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Making AI work for establishments means retooling, retraining employees

By Rizal Raoul Reyes Contributor

Ninety years later, this statement by the only four-term US president has become relevant with the advent of technologies such as artificial technology, machine learning and the Internet of things, among others. Societies around the world have received the coming of these technologies with mixed feelings. Cynics equate them with a negative mindset, fearing that they will replace or, if not, dominate the human race in the future. Meanwhile, supporters of these technologies say mankind will benefit as they could be harContinued on F2

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N 1933, then US President Franklin Delano Roosevelt said “there is nothing to fear but fear itself” during his inaugural address as the country’s 32nd Chief Executive.

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Making AI work for establishments m

nessed to help the world solve complex problems, such as climate change, poverty, population explosion, environmental degradation, among others. When an organization decides to deploy both AI and generative AI, Ambe Tierro, Accenture’s country managing director for the Philippines, points out that having an open mind will pave the way for the successful deployment of AI and generative AI.

Defining AI

FOR Accenture, AI encompasses multiple technologies that enable computers to perceive the world (computers, vision, audio processing and sensor processing). More-

Making the first step

BEFORE embarking on a genera-

“Generative AI’s transition is a net gain for the industry because we’re entering an era of unprecedented productivity.”—Ambe Tierro, Accenture’s country managing director for the Philippines. ACCENTURE.COM

tive AI roadmap, Tierro advises management to develop a clear business mindset in order to maximize the benefits and make the right investment decisions. “They should also look for potential problems,” she points out. It is also important for management to engage in conversations with employees and explain the benefits of generative AI to them. “People must have an open mind in accepting generative AI,” says Tierro. “We are undoubtedly seeing a resurgence of AI as interest continues to grow globally for generative AI or language-based AI and how these game-changing technologies can potentially transform and shape the future of businesses and

“There’s no doubt that AI is here, and we can no longer ignore it. It will continue to evolve and become more pervasive; hence, everybody should seize the moment— prepare for it, learn to embrace it, and learn how to capitalize on it, rather than steer clear of it and hamper growth in the long run.”—Aileen Judan-Jiao, IBM Philippines president and technology leader. IBM.COM

societies,” she says. Furthermore, success with generative AI requires that the company give equal attention to people and training as it does on technology. Business organizations must act swiftly to be able to keep pace with the rapid digitalization in the corporate sector. “The time to move is now. Companies can start by experimenting with low-risk knowledge and creative work use cases, like generating insights from internal company reports or publicly available information, while also exploring where the technology can be differentiating and lead to breakthrough innovation,” Tierro explains. The rapid adoption of generative AI will introduce a new perspective on why there is a huge reason for every organization to have robust, defined, top-led responsible AI principles to support an effective governance structure for risk management and compliance, both with organizational policies and applicable laws and regulations. For the corporate world, generative AI should be able to perform context-specific activities at a granular level. To do so, foundation models will need to be customized with domain-specific data, semantics, knowledge and methodologies. Aside from gathering support from their personnel, Tierro says companies also need to get the right technical infrastructure, architecture, operating model and governance structure to meet the high computed demand of large language models and generative AI. Companies need to create a foundation model that has the right network system and an ecosystem of partners to guide them to the complex and computer-intensive systems of generative AI. The Computer Science graduate from De La Salle University allayed the fears of a lot of people once generative AI comes into full swing. As a response to the displacement challenge, Accenture is addressing it by redesigning the work cycle. This means that agents can automate some of its functions or go into full automation. “Let’s keep a positive attitude on generative AI because technology is evolving. The entry of generative AI led to the creation of prompt engineers. Before generative AI, there were no prompt engineers,” Tierro emphasizes. A prompt engineer specializes in developing and fine-tuning AIgenerated text prompts to ensure they are accurate, engaging and relevant for various applications. Moreover, prompt engineers work with different teams to improve the prompt generation process and overall AI system performance. She says the emergence of generative AI led to the creation of new jobs and the creation of new skills. If an engineer is immersed in the industry, he or she can take other roles as prompt engineers. “New technologies have created new jobs,” says Tierro. Generative AI also lowers the cost of entry. An agent can easily be

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over, it analyzes and understands information collected (natural language processing or knowledge representation) and makes informed decisions (inference engines and predictions of expert systems). AI also has the ability to learn and self-tune (e.g., machine learning and deep pleasing). The company also values the development of AI because it can understand, analyze and comprehend character development of the data and information it gets from clients. It also plays great part in Accenture’s daily operations in mining the huge volume of information it receives from their operations. The entry of generative AI has added more value to Accenture because it has increased the productivity of their agents during a typical working day. “Generative AI’s transition is a net gain for the industry because we’re entering an era of unprecedented productivity,” says Tierro. Meanwhile, agents can find a reliable ally in generative AI when addressing a client’s problem in the fastest possible time. Generative AI can function as a co-pilot for an agent, transforming the message from voice to text in real time and providing the agent with a prompt response to the client’s problem.

assisted by an auto pilot especially when the agent is new on the job, Personally, the 30-year industry stalwart admits she also needs to learn new things and knowledge to keep pace with the developments in the industry. “The things I learned in the past 30 years are now obsolete. I have to keep on learning,” Tierro points out. “Just be open, be aware and seek new learning.”

AI could not be ignored

AILEEN JUDAN-JIAO, IBM Philippines president and technology leader, agrees that there is a growing concern that AI can be disruptive to businesses. There is, however, no turning back and she expects AI to remain as more businesses adopt and explore its true potential. “There’s no doubt that AI is here, and we can no longer ignore it. It will continue to evolve and become more pervasive; hence, everybody should seize the moment— prepare for it, learn to embrace it, and learn how to capitalize on it, rather than steer clear of it and hamper growth in the long run,” Jiao explains. According to Jiao, the three key barriers hindering organizations from adopting AI are skills, technology and trust. She says the skills challenge is not a new development to the tech sector and remains to be a broader challenge. Nonetheless, she remains optimistic and adds that AI for business development has significantly accelerated and evolved to address key AI principles such as explainability, fairness, robustness, transparency, and privacy. On the trust issue, she says many people believe that it should, in fact, be at the core of the strategy for AI for business. “As an example, our AI platform, watsonx, addresses this concern by making AI trustworthy through enabling technology features that can govern against bias, model drift, among others,” Jiao says. It is also important to realize that AI may not be for everyone or for all industries. What is critical is

to find the right use case that will make it helpful and impactful on your industry or organization. She points out that AI must augment human intelligence and not replace humans. “The person doing the work augmented by AI may be the same, but the role may evolve and change over time,” Jiao says. In a new IBM Institute for Business Value (IBV) study titled, “The Augmented Workforce for an AI-Driven World” released just this August 2023, the executives surveyed, including those from the Philippines, estimate that 38 percent of their workforce will need to reskill as a result of implementing AI and automation over the next three years. “The need for AI may vary across various roles, but the bottom line is that it will impact everyone regardless of their role. So, the responsibility lies in our HR and senior business leaders to navigate these changes, redesign work to have AI augment human skills, and empower all employees to build new skills,” Jiao says. First, awareness is key. The business community fares quite well on this but more can be done. We need to be a lot more inclusive and ensure not only Manila or within the National Capital Region but nationwide. IBM’s ability to explore and be aware of its potential knows no borders. “In IBM, we are doing this through our ecosystem of partners working across industries and across locations,” Jiao says. Second, IBM collectively determines with the broader business community which industries or use cases may potentially be impacted the most and will need to be prioritized for skilling and upskilling. The best ideas for such possibilities may come from anyone in the organization. As leaders of organizations, they must enable a culture that doesn’t stifle such innovative yet potentially disruptive ideas. “I am very pleased to share that we at IBM are what we call ‘Client zero,’ which means we used this ourselves as part of our inter-

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means retooling, retraining employees all share of language tasks, 65 percent have high potential to be automated or augmented by LLMs. An LLM is a specialized type of artificial intelligence that has been trained on vast amounts of text to understand existing content and generate original content.

Collabera, a leading global digital talent solutions firm, sees a huge potential for the Philippines to become an AI global hub. “We have always believed in the huge potential of the Philippines,” says Manan Mehta, senior vice president and country head of Collabera Digital Philippines. COLLABERADIGITAL.COM

nal transformation across the enterprise. This helped us expand AI adoption from real experiences,” she said. Finally, all hands must be on deck. Although the skills gap is huge, each one must contribute but it must start somewhere. IBM has been sharing its SkillsBuild platform with the underserved and underprivileged schools and partners, including the government. “This learning platform includes content on AI and related use cases augmented by our global ecosystem of partners. There are ways to explore it for students, teachers and jobseekers who wish to do reskilling and upskilling, leading to digital badges,” she explains. “As we all do our part, we will find new use cases, new roles we can play, and new possibilities that will create a new role for the Philippines in the global context using our talent but augmented by AI,” she said.

PHL as a major hub

COLLABERA, a leading global digital talent solutions firm, sees a huge potential for the Philippines to become an AI global hub. Manan Mehta, senior vice president and country head of Collabera Digital Philippines, says the company now has three sites in the country, Cebu, Manila and Davao, which comprise 50 percent of the global workforce. After opening its first laboratory in Sydney, Australia, Collabera opened its second laboratory in Manila. It handles data engineering, data analytics and data science. “We have always believed in the huge potential of the Philippines,” says Mehta. “Collabera already has a strong niche in the local market as the top banks in the country are its clients. Furthermore, four out of five digital banks in the Philippines utilize Colla-

bera services,” adds Mehta. The country, Mehta observes, provides good business opportunities for the company because it has major clients such as the local conglomerates and Fortune 500 companies. Moreover, Collabera provides the generative AI requirements of the country’s largest retail, insurance and airlines companies. In the future, there are plans to expand in the Tier 2 cities such as Bacolod and Iloilo because it anticipates a huge demand for its services. “One of the reasons why Collabera is investing in the provinces is because it wants to support the rural development in the Philippines,” Mehta explans. If Collabera can expand into areas such as Cebu and Davao, Mehta says this will lead to the development of these areas and give people the option not to go to Metro Manila to find employment. “This is part of nation building and Collabera wants to be actively involved in it,” says Mehta. Right now, Collabera has a 3,500-strong workforce in the Philippines with 3,100 or 90 percent based in the National Capital Region. R amasubramaniam Srinivasan, senior vice president and practice leader for data and AI of Collabera Digital, points out that companies need to develop a window of opportunity to move towards the path to generative AI value. Change must start from the top and business leaders must take charge in job redesign, task redesign and reskilling people. According to its recent research, Collabera says 40 percent of working hours across industries can be impacted by large language model (LLM) tasks which account for 62 percent of total working time in the United States. Of the over-

Prem Naraindas, founder and CEO of Katonic AI, says LLMs can convert unstructured content into structured data. This will enable an enterprise to develop original content that could be used for marketing, planning and analyses. “LLMs can also analyze the context of text to obtain information

that is not explicitly stated,” he said. Mehta says LLMs can also deliver a win-win situation both for the company and client as the former can address the solutions needed by the latter to improve their customer service and market performance. He says Collabera believes in giving

opportunities regardless of working experience. In fact, the company even hires fresh graduates out of college. For Collabera, an impressive resumé is not a big deal. “We don’t go for that stuff because we believe they have the potential to be good workers,” he said. Continued on F4

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“We retool and reskill them to be great technical workers who can deliver relevant services to our customers,” Mehta says. In a breakfast forum held in Quezon City, Jose Enrique Africa, managing director of economic think tank Ibon Foundation, says AI and generative AI will definitely benefit the business process outsourcing industry as these tools will boost the BPO firms’ efficiency and capability. Nevertheless, Africa says the impact of AI and generative AI in other industries remains to be seen. “What is more important

is whether AI and generative AI would really benefit the people belonging to the lowest group in the socio-economic pyramid,” he said. On his part, IBON Foundation administrative officer Jopar Cruz says people were really mesmerized by the capabilities of the two wonder tools of the 21st century. On the flipside, people also expressed concern about its other amazing capabilities such as the ability to reason and perform several tasks to attain its objectives. But here’s the rub, according to Cruz. Whenever new tools or technologies emerge, the most compelling question is will these new technologies bring progress and development to the majority. This is the start of the big debate. “There is no doubt that AI and generative AI are game changers in many sectors of society. Nevertheless, world history has shown that industrial and technological revolutions have benefitted the sector that controls the capital and not the wealth generators,” says Cruz. In manufacturing, a robot or a machine would be more productive compared to a worker or workers in terms of the quality of work. Cruz says this is especially true if the tasks require heavy physical work. AI will help students a lot because it will help them gather data in a more structured manner. For

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Making AI work for establishments means retooling, retraining employees

the teachers, AI will help them create quality visual aids to make their teaching more effective and entertaining. Furthemore, AI will help the overworked teachers present more interesting lessons in their face-to-face classes.

Cruz says AI played a big role in fighting Covid through the gathering of data regarding the disease, and in the research and development of vaccines. “However, the nagging question is how AI can boost economic

democratization. How can AI and generative AI boost the economy to uplift the majority of the toiling masses from the shackles of poverty,” he says. Cruz says Filipinos are not really benefiting from the digital

economy as the majority of the tech giants operating in the country belong to the huge multinational corporations. This setup will never allow the country to develop its own technology and the mechanization process that could have been instrumental in developing the country’s industrial and agricultural sectors. He says the new technologies have been instrumental in amassing the wealth and profits of the huge corporations at the expense of the Filipino labor. In the long run, unemployment will worsen and will also lead to the suppression of wages. Cruz says it’s a tragedy for Juan dela Cruz because the government does not give importance to uplifting the Filipinos’ economic standing through modern science and technology. “The country’s potential in industrialization is huge because we have rich mineral resources,” he says. “However, the government only wants to export our raw materials that are only benefiting the First World countries. Our leaders are staunch supporters of neoliberal economics that is pro-capital and pro-multinational. Meanwhile, the majority of the people are enamored with AI and new technologies which give false hopes of achieving good governance,” says Cruz.

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SUSTAINABLE TOURISM has a high price tag, but, hey, it’s the only sensible way to go By Ma. Stella F. Arnaldo

Special to the BusinessMirror

ITH its breathtaking sunsets, clear azure waters, and stunning powdery white beaches, it’s no wonder Boracay Island has consistently made the list of best islands in Asia or top islands in the world. But there was a time it was described a “cesspool” by no less than the Philippines president —a victim of over-tourism.

This led to the island’s closure on April 26, 2018, paving the way for government’s rehabilitation program, which forced resorts to treat their wastewater before these were pumped into the surrounding waters. The rehab also widened roads, reclaimed watershed areas from informal settlers, and strictly implemented the easement rules on the main beach and freed it from encroaching resorts and beach furniture. This also halted the indiscriminate approvals of business permits to new resorts. A government study had found that the island’s ecosystem could only support 19,125 tourists a day, at any given time. After Boracay reopened six months later, it ceased to be the hottest party island in the country, where the once popular Labor Day holiday in May was celebrated with alcohol- and drug-fueled dance and music jams dubbed Laboracay. It was hailed as a model of “sustainable tourism” and sparked comments from a number of its longtime visitors to exclaim that it was the Boracay they had fallen in love with 20 years earlier.

“The tourism and hospitality industry play a critical role in achieving sustainable development goals around the globe. These goals may include pushing for responsible consumption and production, decent work and equitable economic growth and overall protection of the environment,” said Philippine Hotel Owners Association Executive Director Benito C. Bengzon Jr. “Against this background, tourism enterprises, service providers and the general traveling public are now more conscious of the importance of implementing sustainable practices in the entire customer journey. While it is true that various aspects of a traveler’s experience can potentially impact on the environment, stakeholders are now assuming greater responsibility in introducing programs designed to reduce carbon footprint and promote sustainability,” he said.

Traveler’s trend

HE cited El Nido Resorts in Palawan, operated by Ayala Land Inc. under its resorts arm Ten Knots Group, as a model of sustainable

tourism even before the term became an industry buzz phrase. Since it opened in the 1980s, it has consistently invested in protecting the environment by implementing an efficient waste management system, a coral reef conservation program, and using renewable energy sources. Aside from being frequently named among the world’s best resorts, the island resorts (Miniloc, Pangalusian, Lagen, Apulit) have won awards in ecotourism, sustainability, green hotels, among others. Mariglo Laririt, director of environment and sustainability of the Ten Knots, explained, “For tourism in protected areas, investing in ‘Sustainability’ is not a niceto-have option. It is THE business model. High quality, low density. There is no room for cheap tourism in areas with fragile nature ecosystems. We see the consequences all over the world where the issue is forced. Measuring and managing ecological footprint is a cost that cannot be borne by less committed businesses and governments.” It is not without its challenges, however. Sizeable capital is needed

to install and maintain sustainable tourism systems in accommodation establishments. But Bengzon asserted: “While these investments may entail higher costs initially, they have proven to be valuable and have paid off in terms of long-term environmental impact, community support, and enhanced brand value.” He added, more and more Filipinos are choosing hotels and resorts “that have adopted green practices. Our hotels also

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see a growing trend across different traveler segments looking for dining establishments that offer organic and fair-trade sourced ingredients. Apart from providing healthier options to diners and guests, hotels are able to provide livelihood at local communities by steady sourcing of produce.” Laririt also cited constantly evolving metrics among the challenges of maintaining sustainable tourism practices. “As the science progresses, we’re seeing that what was top-of-class last year is today’s business-as-usual. And it is a challenge because tourists become more and more discerning to claims that businesses make. It is a challenge that we at Ten Knots are equipped to take on because of our long history with employee training, managing impacts, and community engagement.”

Philippine Hotel Owners Association Executive Director Benito C. Bengzon Jr.

‘Net zero’ by 2050

The aviation industry, considered among the major causes of global warming due to its carbon dioxide emissions, has now set its sights on attaining zero-carbon emissions by 2050. In the Philippines, Cebu

Ten Knots Group Director of Environment and Sustainability Mariglo Laririt

Pacific (CEB) said it is striving to meet that commitment by using sustainable aviation fuels (SAF) — made from renewable biomass and waste resources — in its aircraft. On October 25, it became the first Philippine carrier to use SAF on a flight from Tokyo to Manila with an Airbus 321neo, powered

Cebu Pacific President and Chief Commercial Officer Alexander Lao

by 40-percent blended SAF produced by Neste Corp. and supplied by Itochu Corp. This combination resulted in a 44-percent reduction in carbon emissions per passenger, setting a new record for CEB’s SAFpowered flights. “As we await sufficient SAF supply to meet the demand of the

entire aviation industry, this inaugural Narita to Manila SAF flight represents Cebu Pacific’s ongoing efforts toward making air travel more sustainable. Other decarbonization programs that we have put in place include investing in fuelefficient NEOs, optimization of flight plans, and adoption of fuel

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efficiency best practices to minimize fuel consumption. All these are concrete sustainability initiatives that bolster our commitment and support for the aviation industry’s goal of flying net-zero by 2050,” said Alexander Lao, CEB President and Chief Commercial Officer. Due to its limited supply, SAF costs three to five times more than current jet fuel prices. “We are encouraging its greater development to bring down its cost and ultimately, airfares,” said Lao. CEB has a three-part roadmap until 2030 to “possibly integrate” SAF in its commercial operations. “First, we are incrementally testing and incorporating SAF in operations -- we have used SAF in the delivery flights of new aircraft. Second, we are assessing the acceptance of the market and buy-in of SAF. In fact, this Tokyo-Manila SAF flight is already our second as we did a Singapore-Manila SAF flight last year. Lastly, we engage with various stakeholders to develop and secure CEB’s SAF supply,” he said. Meanwhile, Bengzon said PHOA members have “recognized the importance of sustainability and have integrated it into their operations,” and are implementing sustainable tourism practices in varying degrees and scope. Proof of this, he said, was that a number of its members have been awarded the Asean Green Hotel Standard, a certification process recognizing environment-friendly programs in the region’s accommodations industry. Recipients of the awards in 2023 include: Amarela Resort in Bohol, Bellevue Resort in Bohol, and Crimson Resort and Spa in Cebu. Other members have also received the awards in previous years. For those accommodation establishments still planning to adopt sustainable practices, Laririt suggested designating a “‘sustainability champion,’ who will then make an inventory of [the resort’s] current practices. Initiate conversations with key individuals within management, staff, guests, host communities, and local government. Draft a sustainability policy that will address the concerns raised about your operations. Get top management to approve the policy. Or if you are top management, approve it and task HR (human resources) to cascade the policy and create a training manual to graft this into the company DNA. Let the sustainability champion find allies within the company to create pockets of success. Start small, but don’t be afraid to think big.”

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COMMON TOWERS: SHARING THE COSTS, SPREADING TELECOM’S SERVICES FURTHER

By Lorenz S. Marasigan

N a nation composed of thousands of islands and characterized by a challenging topography, the Philippines has long faced a unique and pervasive problem – delivering reliable and accessible telecommunications services to all its citizens. Connectivity is the lifeblood of modern society. It empowers individuals, drives economic growth, and facilitates access to essential services and opportunities. In today's world, being connected is not just about convenience; it is a fundamental necessity. However, for the Philippines, a nation characterized by thousands of islands, mountains, and diverse landscapes, ensuring seamless connectivity has been a challenging endeavor. In an age where being connected is not merely a convenience but a necessity, the Philippines found itself falling short for many years due to a lower tower density compared to neighboring countries, ultimately hampering the ability of telecommunications companies to meet the surging demand for mobile internet services. Until recently, the Philippines had not fully embraced the concept of sharing

telecommunications infrastructure. It has since recognized that to address the connectivity gap and truly usher the nation into the digital age, a paradigm shift is necessary. The answer lies in the Common Towers Program, which essentially encouraged telecommunications providers to share infrastructure to serve more subscribers and improve their services. This program represents not only a significant shift in the nation's approach to telecommunications infrastructure but also a promise to revolutionize the telecommunications landscape for the better.

Why share?

A PRACTICE in other countries, infrastructure sharing is a sound business practice that can lead to improved services, wider coverage, and more competitive pricing, making it a win-win for both telecommunication companies and their customers.

Building and maintaining telecommunication infrastructure, such as cell towers, is a capital-intensive endeavor. By sharing these resources, telecom companies can significantly reduce their capital expenditures (capex). And when costs are lowered, companies can allocate more resources to improving the quality of services and expanding their network reach, ultimately benefiting subscribers both in terms of service and pricing. It also allows for faster deployment, as instead of each telecom company individually securing permits, acquiring land, and constructing towers, they can utilize existing structures. Furthermore, infrastructure sharing introduces healthy competition among telecommunication companies. When multiple service providers have access to the same infrastructure, are driven to innovate and continually improve their offerings. These are some of the benefits that the Department of Information and Communications Technology (DICT) listed, when it first introduced the idea in 2019. The program went off to a rocky start with issues on politicking and regulatory constraints related to permitting hounding the program. But the pandemic pushed the government to formally implement it, especially since the new administration’s economic thrust is hinged on digital transformation. The initiative is seen to transform the nation's telecommunications landscape, a move welcomed by industry leaders and the government alike.

Rooted in advancing digital lives

GLOBE Telecom Inc. VP for Corporate Finance Carlo Puno said the company’s motivation

to participate in the initiative is deeply rooted in a commitment to advancing the digital lives of Filipinos. "The common tower initiative helps fast track the buildout of IT infrastructure and increase the number of towers in the country. The participation of independent tower companies will result in lower capex on the operator's side, and boost network coverage and improve service quality on the customer's side, benefitting all parties involved," Puno explained. He noted that this policy serves as a monetization effort that uplifts Globe's overall value and supports the company's goal of enabling the digital lives of Filipinos. PLDT Inc. is equally enthusiastic about the Common Towers Program, saying that it is committed to driving the government's digital transformation agenda, in alignment with their participation in the Digital Infrastructure group of the Government's Private Sector Advisory Council. For his part, Dito Telecommunity Corp. CTO Rodolfo Santiago said the third telco player’s participation in the program hinged on the idea of collaborating with Independent Tower Companies (ITCs) to speed up its infrastructure build. Aside from encouraging telcos to share their own infrastructure, the program also called for ITCs to build and develop their own towers that telcos could rent all at the same time. This led to the launch of several ITCs in the country, supported by both Filipino infrastructure conglomerates, power companies, and foreign tower providers. This also presented Globe and PLDT an opportunity to monetize their assets, selling a part of tower portfolios to the ITCs and leasing them back after the deal.

Collaboration is key

THE Common Towers Program, although

transformative, is not without its challenges. According to Puno, this program brings anticipated challenges, including operational adjustments and transitioning to a new business model. However, it also provides an opportunity for Globe to review its existing framework and identify areas where processes can be enhanced and fully leveraged with the operational expertise of the tower company partners. He explained that equitable access to telecom services in rural and underserved areas is also a key part of Globe's strategy. The company continues to invest heavily in its Philippine network. The program has reinforced these efforts by minimizing unnecessary spending, particularly through the reduction of network duplication, and accelerating tower deployment through partnerships with leading global tower companies. "In the past three years, Globe incurred relatively higher levels of capital expenditures, a bulk of which was allocated to further improve data and network infrastructure geared toward enhancing mobile and internet experiences for more Filipinos," Puno emphasized. For its part, PLDT said it views the challenges as opportunities to drive significant efficiencies and improved connectivity that will benefit all Filipinos. “Collaboration with partner tower companies presents an opportunity for the PLDT Group to usher in global best practices and technologies in operating the towers in the Philippines, contributing to better network quality, higher resilience and faster recovery from typhoons and other natural calamities,” the company said. This approach is expected to enhance

network quality, increase resilience, and expedite recovery from natural calamities, a crucial aspect for a nation frequently impacted by typhoons and other disasters. Meanwhile, Santiago noted that Dito is also beefing up its partnership with tower companies, as they have now acquired a substantial number of towers. “We have considered and are going to use more of these towers to save on capex and time to service,” he said.

Step toward connectivity

WITH its benefits to both consumers and telcos, one could argue that the Common Tower Program is not just an initiative, but a mission to reshape the nation's telecommunications landscape for the better. With major telecom players like Globe, PLDT, and Dito, and the support of the government, this initiative is expected to bridge the connectivity divide that has persisted for far too long. It is a step towards a more connected, inclusive, and digitally empowered Philippines.

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BUSINESSMIRROR COMING OF AGE:

18 years of excellence and growth D. Edgard A. Cabangon, Chairman, ALC Group of Companies

T. Anthony C. Cabangon, Publisher, BusinessMirror

The BusinessMirror management team led by, from left, Editor-in-Chief Lourdes M. Fernandez, Vice President for Human Resources and Administration Loida Virtudazo, Publisher T. Anthony C. Cabangon, President Benjamin V. Ramos, Advertising Manager Aldwin T. Maralit and Circulation Manager Rolando M. Manangan.

By John Eiron R. Francisco

usinessMirror stands tall in the ever-changing postpandemic landscape, marking its 18th year as a beacon of insightful news, giving a broader look and encapsulating the essence of “coming of age” in the new normal.

With the transformative changes that have unfolded in the wake of the Covid-19 pandemic, it has pushed societies, businesses, and individuals to adapt to a new reality. Businesses have embraced digitization, remote work, and

sustainable practices. Governments have reevaluated their priorities, focusing on public health and economic resilience. BusinessMirror has been a dedicated chronicler of these changes, prov id ing in- dept h coverage of how the great reset has affected various sectors. From reportage on supply chain disruptions to the growth of the digital economy, this daily business news publication has been a valuable resource for Filipino people and foreign readers. T he 18 yea rs of BusinessMir ror’s e x istence have w itnessed an evolution of reporting

in t he d ig it a l age. As the public increasingly shifts to online platforms for their news consumption, BusinessMirror has not only kept pace but excelled in embracing the digital realm. Its website and mobile app have become essential tools, offering real-time news, in-depth analysis, and interactive features that reflect the needs of a tech-savvy audience. At a time when fake news and misinformation run rampant, BusinessMirror has remained committed to the highest standards of journalism. Continued on H4

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BUSINESSMIRROR COMING OF AGE

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E: 18 years of excellence and growth

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BUSINESSMIRROR COMING OF AGE:

18 years of excellence and growth

Continued from H1

Its seasoned reporters and editors have ensured that accuracy, impartiality, and ethics remain at the core of every story. This commitment to quality jou r n a l i s m h a s e a r ne d t he publication the trust and respect of the general public. The anniversary celebration highlights how BusinessMirror itself has grown, evolved and received continuous recognition and excellence in journalism over the years. “All these awards, it’s not to brag about, but actually it’s the

excellence and hard work of our staff, who is really our asset, the ones really doing it,” BusinessMirror Publisher T. Anthony C. Cabangon said this during the opening of the anniversary celebration at a hotel in Pasay City. It has chronicled the dynamic landscape of the Philippines’ business industry, adapting to the evolving trends. Furthermore, the milestone highlights the committed team of reporters, editors, and staff who have contributed individual’s expertise and passion to make BusinessMirror a reputable

name in journalism. “Our people are actually the best in this. People strive, the BusinessMirror strives, and we also run,” Cabangon concluded. ALC Group of Companies Chairman D. Edgard A. Cabangon, in his inspirational remarks, thanked the paper's friends, advertisers and supporters and reminded everyone that everything sprang from the dream of his late father, the businessman-philanthropist Ambassador Antonio L. Cabangon-Chua, whose lifelong love for the mass media led him to found a business daily promising a

"broader look" in October 2005. Edgard Cabangon assured BM's friends and advertisers they will continue to support their father's legacy. The event kicked off with an ecstatic wine toast, bringing together key figures of the BusinessMirror, including the esteemed BusinessMirror President Benjamin V. Ramos, Editor-in-Chief Lourdes M. Fernandez, Advertising Sale Manager Aldwin M. Tolosa, Circulation Manager Rolando M. Manangan, and Vice President for Human Resources and Administration Loida S. Virtudazo and graced by the presence of the newspaper’s

valued partners who have supported the publication throughout its 18 years of dedicated service. These partnerships have been crucial in enriching the quality and breadth of business news and their presence at the celebration sy mbolized the endur ing relationships forged over time. Amidst the heartfelt speeches and reflections on BusinessMirror’s journey, the celebration was not without its share of fun and excitement. An exciting round of “Bring Me” and raffle games engaged the participants and guests. Laughter and cheer filled the room as they

excitedly participated in the games, vying for exciting prizes that served as tokens of appreciation for their continuous support. The publication’s commitment to high-quality reporting and its impact on society sets it apart as a vital source of information for businesses, policymakers, and the general public. As BusinessMirror continues to mature in the field of journalism and publication, one can only anticipate further achievements, innovations, and a continued commitment to its mission of providing people with a broader look.