By Jasper Emmanuel Y. Arcalas @jearcalas M ORE than 3 million coconut farmers and workers are now registered with the government’s registry, which serves as the basis for the number of people to be covered by the utilization of the P75-billion coconut levy fund. Philippine Coconut Authority (PCA) Deputy Administrator Roel M. Rosales said about 3.11 million coconut farmers and farm workers have been registered with the government since it started updating its registry following the enactment of the Coconut Farmers and Industry Trust Fund law.
“My recommendation is to protect the borders. Do not allow people with a history of travel to countries with positive cases to enter,” Oplas said. “We should be more restrictive. [We have to be] more protective in terms of our Oplasmeasures.”saidthat while this will be a setback to some industries, this is a fair measure considering that this could help prevent placing the country in another strict lockdown, which, she said, the economy can no longer afford. “It is better that we do protective preventive measures than get exposed again. We have a lot to lose,” Oplas said. “We should do it now so that we can open just before Christmas. If it gets contained, we can open it again.”Ateneo Center for Economic Research and Development (ACERD) Associate Director Ser Percival K. Peña-Reyes said closing the country’s borders would be effective but should still adhere to the standards set by the World Health Organization (WHO). What is needed, Peña-Reyes told this newspaper, is for travel restrictions to be put in place swiftly and for government to be proactive in imposingPreviousthem.instances when the country had the opportunity to impose travel restrictions did not prevent the spread of Covid-19. That was mainly because the decision was not made immediately, he said. “ Kung papatay patay [If we’re slow] and we get caught flat-footed, [that’s risky] We were too reactive instead of proactive before. We should learn from that,” PeñaReyes said. “It’s a delicate balancing act. We need to push testing and tracing to be properly informed of our decisions. Blanket/shotgun approaches could have dire consequences on the economy.” 36.2807 BSP 26,
By Bernadette D. Nicolas @BNicolasBM its first month in office surged nearly five-fold to P30.3 billion, with the bulk of the amount going to the Philippine Health Insurance Corporation (PhilHealth). EXCHANGE RATES US 56.3620 JAPAN 0.4020 UK 65.0587 HK 7.1815 CHINA 8.1606 SINGAPORE 40.1925 AUSTRALIA 38.2247 EU 56.0633 KOREA 0.0416 SAUDI ARABIA 15.0038 Source BSP (September 2, 2022)
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P25.00 nationwide | 2 sections 20 pages |n Monday, November 29, 2021 Vol. 17 No.52 NATL GOVT BORROWINGS FOR 10 MOS DIP TO P2.75T Omicron risk spurs revival of rulesquarantineinPHL
n EU 56.5758 n SAUDI ARABIA 13.4531 Source:
T HE local currency could still weaken in the coming days as local and interna tional developments could play to the strength of the dollar. In an analysis published over the weekend, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort cited two main catalysts to the move ment of the peso against the dollar for the remainder of the year. “ The expected seasonal in crease in importation in third quarter (July-September), in prep aration for the expected increase in sales during the holiday season in the fourth quarter (especially US Thanksgiving in November; Christmas/Yuletide in December until New Year celebrations) [is a catalyst],” Ricafort said. However, in the fourth quarter the peso exchange rate could be sup ported by the expected seasonal in crease in OFW remittances, export sales proceeds that are converted to pesos especially during the holiday season. These are based on consis tent patterns seen in recent years/ decades,” he added.
T he peso has been on a weak ening streak anew in the previous week despite efforts to prop up sentiment against the US dollar. Data from the Bankers Asso ciation of the Philippines (BAP) showed that the local currency closed at P56.77 to a dollar, down from the P56.42 in the previous day’s trade. W hile the weaker currency is a threat to the country’s already high local inflation, it is a boon for dollar earners such as mi grant workers and people from the Business Process Outsourc ing (BPO) industry.
“ Weaker local currencies tend to favor export-oriented coun tries (such as Japan, Thailand, South Korea) that make their exports more price competitive in international markets and in crease the local currency equiva lent of their export revenues in US dollars,” Ricafort said. “ The new record high for the US dollar/peso exchange rate ironi cally increases the peso equiva lent/proceeds of the US dollars from foreign investors, OFWs, exporters, BPOs, foreign tourists, among others,” he added. Since the start of September 2022, the peso already weak ened vs. the US dollar for the 8th straight month, by 0.625 or 1.1 percent.
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EUROCYCLELOAN
Major automotive player AUTOHUB Group signed an agreement with CSBank (Citystate Savings Bank) for the financing of their European motorcycle lines that include Vespa, Aprilia and Triumph through the EuroCycleLoan. CSBank developed the EuroCycleLoan exclusively for Autohub to cater to its 2-wheel European motorcycle brands with a minimum down payment of 20 percent and maximum term of 36 months. Shaking hands after the signing are Jaime Valentin L. Araneta, CSBank Chief Operating Officer (right) and Autohub Chairman Willy Q. Tee Ten. Story on A12 CONTRIBUTED PHOTO
LONGEST CHRISTMAS
The Philippines has for years been reputed to celebrate “the longest Christmas” season, starting in the so-called ‘Ber months on September 1. In Dapitan, Manila, some people have started buying their Christmas décor, saying they want to take advantage of lower prices, knowing that last-minute shopping always goes with surge pricing. NONIE REYES
Rosales explained that about 500,000 coconut farmers and workers were added to the PCA’s 2018 list that had about 2.5 million coconut farmers and farm workers.
By Cai U. Ordinario @caiordinario W OMEN, who value the flexibility and freelancing opportu nities in digital jobs, face dis crimination and lower wages in platform work, according to the findings of a study released by the Philippine Institute for Development Studies (PIDS). T he PIDS study was con ducted by Paul John M. Peña, Research Associate and Consul tant at the De La Salle Univer sity Angelo King Institute, and Master of Science in Economics student Vince Eisen C. Yao. A ccording to Peña and Yao, while men and women have the same opportunities online, more women are enrolled in dig italjobsPH courses. But cultural barriers restrict women to less complex and low-paying jobs. “ Some perceptions about the competencies and competi tive advantages of women plat form workers can be attributed to traditional gender roles, which a perceived gender pay gap can only reinforce rather than address or mitigate,” the authors said. See “PBBM,” A2 See “Gender,” A2
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‘Close borders, cut Omicron exposure risk’ See “Omicron,” A2 PESO EXCHANGE RATES n US 50.4600 n JAPAN 0.4374 n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 n AUSTRALIA
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“The list will be posted in public spaces where people can easily see them. This allows everyone to see who are listed in the registry and if farmer doesn’t see his name then he shall coordinate with the PCA immediately,” he explained at a recent dialogue with coconut farmers.
The suspension of the rules for “Green List” countries will be in effect from November 28, 2021 to December 15, 2021.
OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND
The PCA’s next step is to conduct an exclusion-inclusion procedure by making the updated farmers’ registry public, providing everyone the opportunity to check the veracity of the list, Rosales added.
ROY DOMINGO
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By Samuel P. Medenilla @sam_medenilla & Malou Talosig-Bartolome @maloutalosig
NTERNATIONAL concerns over the possible spread of the more infectious Omicron Covid-19 variant prompted the government to reimpose mandatory facility-based quarantine for all arriving passengers in the country. Acting Presidential spokesperson Karlo B. Nograles announced on Sunday that the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) suspended the implementation of its Resolution No. 150A (s.2021), effectively imposing stricter protocols for all inbound travelers. Tonote, IATF Resolution 150A had allowed fully vaccinated non-visa travelers from Green List areas to enter the country without the need for facility-based quarantine as long as they secure negative Reverse TranscriptionPolymerase Chain Reaction (RTPCR) test within 72 hours prior to their “Exceptdeparture. forcountries classified as ‘Red,’ the testing and quarantine protocols for all inbound international travelers in all ports of entry shall comply with the testing and quarantine protocols for ‘Yellow’ list countries,” Nograles said, citing the provision of IATF Resolution No.He151-A. noted Hong Kong, which has confirmed a case of the Omicron variant, will also fall under the Yellow list countries.
PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass.
P RESIDENT Ferdinand “Bong bong” R. Marcos, Jr. on Sun day flew to Indonesia for the first leg of the series of trips he will be undertaking this week to secure new overseas partnerships to help in the country’s post-pandemic economic recovery. I n his speech prior to his depar ture at the Ninoy Aquino Interna tional Airport (NAIA) Terminal 2 in Pasay City, Marcos said one of the primary goals of his travels in Indonesia and Singapore will be to get new investments abroad. My State Visits to our ASEAN neighbors will seek to harness the potentials of our vibrant trade and investment relations. As such, an economic briefing, business forums and meetings have been organized to proactively create and attract more investments and buyers for our exports, in order to accelerate the post-pandemic growth of our economy,” Marcos said. “ I expect that we will be com ing back with a harvest of business deals to be signed in my State Visits that will further strengthen our economic ties with both Indonesia and Singapore,” he added.
SUBSIDIES extended to state-run firms by the Marcos administration during
‘Peso could still weaken on global devts’
THE P2.75year-on-yearbyend-Octoberborrowingsgrossgovernment’snationalasofshrankalmost6percenttotrillion.
By Cai U. Ordinario @caiordinario C LOSING the country’s borders is one of the most immediate courses of action the government must take to prevent the latest Covid-19 variant, Omicron, from reaching Philippine shores, according to local economists. The new variant is a threat, especially with the holidays coming up and more foreigners being allowed to travel to the Philippines, De La Salle University economist Maria Ella Oplas toldTheBusinessMirror.holidaysusually bring in Overseas Filipino Workers (OFWs) who are eager to spend Christmas with their loved ones, while foreigners living in temperate regions usually want to relax in tropical countries like the Philippines. This year’s influx of OFWs is expected to be heavier since many of them were unable to come home for the holidays in December 2020.
Latest data from the Bureau of the Treasury showed that the government’s gross borrowings during the 10-month period fell by 5.99 percent from P2.92 trillion a year ago. With only two months left for this year, the latest figure is already equivalent to 89.6 percent of its P3.07-trillion borrowing program. Broken down, gross domestic borrowings from January to October settled at P2.23 trillion, down by 5.08 percent from P2.35 trillion in 2020. The bulk of the amount was sourced from Fixed Rate Treasury Bonds (P1.19 trillion), followed by short-term borrowings from Bangko Sentral ng Pilipinas or BSP (P540 billion), Retail Treasury Bonds/Premyo Bonds (P463.3 billion), Retail Onshore Dollar Bonds (P80.84 billion). In the same period, there was also a net redemption of Treasury Bills amounting to P43.94 billion. Net debt redemption means there were more debts repaid compared to the amount borrowed during the period. Meanwhile, gross foreign borrowings in the same period also contracted by 9.7 percent to P518.7 billion from last year’s P574.4 billion. This was raised through global bonds (P146.17 billion), program loans (P139.98 billion), euro-denominated bonds (P121.97 billion), a project loan (P86.41 billion), and yen-denominated samurai bonds (P24.19 billion). See “Borrowings,” A2 Continued on A2 w
2021) n Monday, September 5, 2022 Vol. 17 No. 332
L atest data from the Bureau of the Treasury showed total subsidies released to government-owned and -controlled corporations (GOCCs) during the month spiked by 398.8 percent from only P6.08 billion in July last year. T he state health insurer Phil Health topped the list of subsidy recipients during the month as it cornered P22.46 billion. Trailing PhilHealth in the top five list are the National Irriga tion Administration or NIA (P5.87 billion), National Power Corpora tion (P400 million), Development Academy of the Philippines (P214 million), and Light Rail Transit Au thority (P162 million). T he national government pro vides subsidies to state-run firms to fund operations not covered by corporate revenues or to finance specific programs or projects. P hilHealth, which has been the top recipient of government subsidies since 2014, is set to re ceive its P79.99-billion subsidy under this year’s P5.024-trillion national budget. Amid the Cov id-19 pandemic, PhilHealth had the biggest share of subsidies last year, with P80.98 billion or 43.8 percent of the total amount disbursed.
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A2 GENDER BIAS: WOMEN DIGITAL WORKERS FACE LOWER WAGES w P25.00 nationwide | 2 sections 20 pages | By
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By Bernadette D. Nicolas @BNicolasBM
PBBM meets Filcom MARCOS Jr. met Filipino workers and residents in Indonesia Sunday afternoon, just a few hours after landing in Jakarta. A round 1,000 Filipinos attended the meet and greet event in a hotel in Jakarta, waving flaglets as they excitedly welcomed the President, who was joined onstage by First Lady Marie Louise “Liza” AranetaMarcos, son and Ilocos Rep. Sandro Marcos, and Cabinet secretaries. Seventy percent of the 7,451 Filipi nos in Indonesia are managerial, tech nical or professional level positions as company directors, engineers, ac countants, supervisors and teachers. In 2021, remittances from Filipinos in Indonesia reached US$17.5 million. Meanwhile, the parents of Fili pino domestic helper Mary Jane Veloso appealed to Marcos to ask Indonesian President Joko Widodo for executive clemency.
The country will celebrate the 158th birth anniversary of Filipino revolutionary hero Gat Andres Bonifacio on Tuesday, November 30.
PBBM flies to Jakarta, then SG, on first State Visit “GOCC,” Samuel P. Medenilla @sam_medenilla
The PCA official noted that the completion of the initial list of coconut farmers registry would be just in time for the expected rollout of coconut levy-funded programs as President Duterte is expected to sign the industry development plan in early 2022.
Rosales said the PCA will not stop updating its list of coconut farmers and enjoined them to register in order to reap the benefits of the decades-long idled coconut levy fund. “We will not stop at 3.1 million. We hope that more individuals will register in our coconut farmers registry,” he said. The updating of the coconut farmers registry is mandated by Republic Act (RA) 11524 or the Coconut Industry Trust Fund Act. See “3-M farmers,” A2
“On the other hand, if people would see names on the list and they think they are not coconut farmers or their details are incorrect, they can report it to the PCA for immediate action,” he added.
By Andrea E. San Juan
BusinessMirror www.businessmirror.com.phMonday, September 5, 2022A2 News
PBBM...Continued from A1
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Peña and Yao noted misconcep tions in terms of the skills and abilities of women platform work ers. In their study, they found these misconceptions include: women were more suited for “less com plex digital work such as encoding is more suitable for women than more complex, value-added jobs online that are better suited to male freelancers.” Part of this is the claim of one of their respondents who said it was “easier for women to encode, for example, than to think of digi tal designs.” A respondent in the study even said it was easier to teach women to encode using Mi crosoft Word since this is accessible in many more places. Further, there were misconcep tions that women do not have the ability to teach tech-related jobs and that women were more suited for general virtual assistance, in fographic design, and social media management related jobs. C iting report, Peña and Yao noted that women earn 18.4 per cent less than men, indicating that the gender wage gap exists even in digital jobs. A national awareness and edu cation campaign on the mode, con tent, and location of work, with a strong gender lens, could make on line freelancing more mainstream, particularly in rural communities where women’s perceptions may still limit them in traditional social and domestic roles,” the authors recommended.Theyalsocited a need for the Department of Education (DepEd) and the Commission on Higher Education (CHED) to redefine “successful careers” which should not be relegated to the confines of corporate work. T his can be done through ba sic education textbooks that can introduce narratives of successful women pursuing platform jobs without sacrificing their role in the care and upbringing of their children.
Continued from A1 Del Rosario...
PCCI President George T. Bar celon said in a televised interview on Friday that “there seems to be a possibility of again another rise in interest rates because this is being discussed by the Federal Reserve in theWUS.” iththis, the PCCI chief hopes “if there’s an increase, it will not be too much because the interest rate has really gone up and it’s taxing on businessmen, especially for the small ones.” B arcelon exuded optimism in his outlook for the retail business es especially in the ‘ber months, which signals that Christmas is just around the corner. He said small businesses usually gain from this season. With Filipinos, the ‘ber months are important months and based on track record, normally they have in crease of sales starting September but the peak will increase towards November which is about 30 to 50 percent more than the regular months,” said Barcelon. T he PCCI chief said micro, small and medium enterprises (MSMEs) benefit from this sea son since “it’s really the masses who are buying and the MSMEs are the ones supplying.” Still, he said, these micro and small merchants are not spared from the harsh impact brought by economic challenges such as the peso devaluation, higher interest rates, and fuel price hikes and also the lingering effects of the Covid-19 pandemic. Barcelon noted that the peso devaluation is among the “issues of concern,” noting that every thing is slightly more expensive this year “but definitely I think the amount will be better than lastHyear.” owever, in relation to the as sistance the business sector will be providing to the local manufactur ers and producers after the holiday season or during the first quarter of 2023, Barcelon noted that usu ally the “1st quarter of a new year would start slowly.” He said if there would be an in crease in the interest rates, he hopes it will not be too much so as not to burden small businessmen. I n August, the Bangko Sen tral ng Pilipinas (BSP) chose the more aggressive path to monetary policy tightening as it unleashed a 50-basis-point hike in its main benchmark rates. B SP Governor Felipe Medalla said at the monetary policy virtu al press briefing that the decision came as their baseline forecast for inflation has shifted higher for 2022.The governor said that while it is “impossible” to hike rates without affecting economic growth, Philip pine recovery is “robust enough” to absorb further tightening if neces sary. Medalla also said last month that between inflation and growth, their priority is bringing down the prices of goods and services as one of the BSP’s pillar mandates. I n an earlier televised interview, Go Negosyo founder Jose Maria A. Concepcion III noted, “We cannot control the interest rates because the dollar is also gaining.” He emphasized that businesses are bearing the brunt of the rate hikes. “Of course, what happens here is that businessmen suffer more; we can’t do anything about that because they want to control inflation.” Veloso still faces the death penalty after being arrested for drug traf ficking. Marcos is expected to meet Widodo Monday. “ We ask you, Mr. President, to please ask for executive clemency from President Joko Widodo of In donesia so Mary Jane Veloso can be freed. She has been in prison for 12 years and separated from her two children,” Mary Jane’s parents Cesar and Celia wrote in a letter, in Filipino, dated September 2. T he letter to President Marcos was coursed through Migrant Workers Secretary Susan “Toots” Ople. O ple said because of the “very sensitive dimensions" of the issue, they could not provide more details about Veloso’s case. She said the Department of Foreign Affairs will take the lead on the case because it has “the institutional memory and knowledge” since the case started. The DMW will defer to the DFA, and I am sure that Sec. [Enrique] Manalo will be, at the appropriate time be open to saying more about this case,” Ople said in a briefing with Philippine reporters in Jakar ta. "Let’s just keep praying. Because here’s a diplomatic track and divine track through prayers. L et’s just continue to hope and pray with the family. Whatever will be discussed in the case of Mary Jane won’t end with the visit, so DFA is using the diplomatic track."
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PCCI worried by rate hike’s impact on small enterprises
THE Philippine Chamber of Commerce and Industry (PCCI) has expressed concern over the increase in interest rates as small businessmen are bearing the brunt of the rate hikes.
Continued from A1 Gender...
Since January 2022, cumula tive subsidies given by the national government to GOCCs reached P75 billion, falling by 20.5 percent from P94.36 billion in the same period lastLyear. eading the pack is NIA which received a total of P24.2 billion from January to July this year. It is followed by PhilHealth (P22.46 billion), National Housing Author ity (P8.94 billion), National Food Authority (P3.38 billion), and Bas es Conversion and Development Authority (P2.17 billion). L ast year, subsidies to GOCCs settled at P184.77 billion, fall ing to its lowest level since 2018’s P136.65 billion. This was also a 19-percent drop from a recordhigh P229.02 billion in 2020. T he Department of Finance under the previous administra tion earlier reported that cash dividends remitted by GOCCs since President Duterte took of fice in mid-2016 hit a record high of P374.54 billion, the highest ever amount collected under any administration.Thiswasalsomore than double the amount collected under the ad ministration of the late President Benigno Aquino III at P164.81 billion; and is also more than six times the equivalent of the P60.82 billion dividend remittances under the Arroyo administration. Under Republic Act 7656 or the Dividends Law, GOCCs are required to declare and remit at least 50 per cent of their annual net earnings as cash, stock, or property dividends to the national government.
T he Autohub Group also carries some of the most desirable brands of vehicles renowned globallyPagani, Rolls-Royce, Lotus, Mini, GT-R, Shelby, Triumph, Vespa, Aprilia and Piaggio. This is on top of their growing dealership network that includes Ford, Nis san, Mitsubishi, Suzuki, Hyundai, Mazda, Fuso, Foton, Cherry, MG, Geely, Ssangyong and Kaicene all over the Philippines. W ith 30 branches, CSBank has been serving the Filipino middle market, providing various types of loans, from consumer to SME, to corporate and commercial. It also has a strong product focused on Teachers’ needs. The Bank is a member of the ALC Group of Companies and is celebrating its 25th year.
State visits THE first part of his trip will be his first ever State Visit during his term. He will be in Indonesia from Sept. 4 to 6 upon the invi tation of Indonesian President Joko Widodo. M arcos said among those ex pected to be signed in the visit is the Philippines-Indonesia Plan of Ac tion for the next five years, to include agreements on defense and security, on the creative economy, and culture. Manila is eyeing the assistance of Indonesia to get investments in critical areas of the economy, par ticularly agriculture and energy, the President said. Marcos will then head to Singa pore Sept. 6 and 7 for another State Visit, where he will meet with Presi dent Halimah Yacob and Prime Min ister Lee Hsien Loong for the signing of several bilateral agreements. A s part of his itinerary in Indo nesia and Singapore, Marcos will also meet with the Filipino commu nities staying in both countries, to present the government initiatives to improve their welfare. Official delegation HIS delegation also includes Foreign Affairs Secretary Enrique A. Mana lo, Finance Secretary Benjamin E. Diokno, Trade Secretary Alfredo E. Pascual, Budget Secretary Amenah F. Pangandaman, Socioeconomic Planning Secretary Arsenio M. Bali sacan and Bangko Sentral ng Pilipi nas Governor Felipe M. Medalla. Marcos designated Vice President Sara Z. Duterte to be his caretaker to handle the day-to-day operations of the Office of President, while he is on his State Visits this week. All acts of the Vice President for and on behalf of the President pur suant to his Order shall be deemed acts of the President, unless disap proved or reprobated by the Presi dent,” Marcos said in his Special Order No, 75 dated Sept. 2, 2022.
Under international law, he add ed, “Filipinos DO NOT need China’s consent or permission to explore and develop the oil and gas in the West Philippine Sea.” Given that the Philippines won the 2016 Award by an arbitration body sanctioned by the United Nations, Del Rosario wondered aloud: “What is there to talk about… when it is clear that the West Philippine Sea exclu sively belongs to Filipinos?” W hat China should do, he in sisted, is to acknowledge that the gas and oil resources in the West Philippine Sea “belong to Filipinos” and that Chinese companies should submit to Philippine laws in case they want to have joint exploration and development with Filipino com panies in the West Philippine Sea. Any talk by Philippine officials that will diminish our laws and the rights of Filipinos under the 2016 UNCLOS Award—would be treason in the highest order,” Del Rosario said. A t a time when oil and natural gas prices are increasing due to the Russia-Ukraine war, the Marcos ad ministration should “enforce” the rights of the Philippines in the West Philippine Sea “so that our country will be able to benefit from new en ergy sources, according to him. The Philippines should proceed to explore and develop the oil and gas in the West Philippine Sea, de spite threats and harassment from China,” he added. He cited Malaysia and Indonesia, which, like the Philippines, are also claiming parts of the South China Sea and getting warnings from China. D espite these harassments, both Malaysia and Indonesia went ahead with sending their drilling ships in 2021 in their claimed area of the South China Sea. “Thus, Malaysia and Indonesia, whose waters are also claimed by China, were able to assert their sovereign rights over their waters, without the benefit of an UNCLOS Award and a mutual defense treaty with the US, like the Philippines,” Del Rosario stressed. He said President Marcos should keep his promise that he will not surrender “an inch” of the Philip pine territory by following the ex ample of Indonesia and Malaysia. “ We hope to see this political will as President Marcos Jr. will need to find new energy sources to support our country in the coming years and he has to face China to do this,” he said. Malou Talosig Bartolome
“With the erroneous addresses that were never clarified, there is but one logical conclusion, i.e., the applicant and his witnesses did not really have personal knowledge of the surrounding facts which would have justified the issuance of the subject Search Warrants. Consequently, the existence of probable cause is doubt ful,” the CA Furthermore,stated.the Court noted that the July 1 and July 22, 2020, orders of Judge Umali were issued despite the unavailability of the re cords pertaining to the application of the search warrants. The appellate court said the petitioners repeatedly requested for the record of the application for the search warrants in order for them to be able to question their validity but their requests were only acted upon when they filed the present petition.
THE Court of Appeals (CA) has reminded trial courts of its duty to protect the people’s right against illegal searches and seizure as it declared null and void the search warrants issued by a Quezon City regional trial court (RTC) judge that led to the arrest and filing of illegal possession of firearms, ammunition and explosives against human rights activist Reina Mae Casino and two others.
T HE Philippine National Police reported that its units have seized more P16-million worth of shabu and marijuana in separate anti-illegal drug operations across the coun try over the weekend. The largest haul was recorded in Tabuk City, Kalinga, last Friday when 31-year old Jerry Salang-oy Alunday was stopped at a police checkpoint.Thepolice said Alunday was at tempting to transport a stash of marijuana worth P15.6 million on board a white commuter van. The contraband was packed into 126 bricks and four tubular packaging weighing a total of 130,000 grams, a report said. “The suspect may have been in volved in large-scale trafficking of marijuana as evidenced by the huge quantity confiscated from him,” ac cording to PNP chief General Rodolfo S. Azurin Jr. “The vigilance of our personnel was instrumental in suppressing the possible consumption of illegal drugs that could possibly happen in case these Marijuana were success fully delivered,” Azurin was quoted in a statement as saying. In another operation, Davao po licemen arrested what they said was a high-value target for illegal drugs. A report from Police Regional Of fice 11 said a Jezrel Villaros Adalwan was arrested by operatives of the Talomo Police Station 3 of the Davao City Police Office and Philippine Drug Enforcement Agency. The operation also resulted in the arrest of other suspects identified as: Antonio Mangin; Daniel Busta mante; Alan Leal; and, Leo Alquizar. Seized from these suspects—consid ered high-value individuals for ille gal drugs—were 13 grams of shabu worthMeanwhile,P88,400.the PNP said its per sonnel raided a drug den in Santa Maria, Bulacan, last Saturday and arrested five. They were identified as: Jumar Nicariel Uligan; Grace Sta. Cruz; Nicole Figueroa; Arnold Viola; and, Patrick Sta. Cruz. Rene Acosta
CA to trial courts: Protect rights vs. illegal searches
Manuel T. Cayon
“This is obviously prejudicial to them as they failed to fully argue on the merits of the motions before the respondent Judge. At the same time, there was no concrete basis for the respondent Judge to arrive at the denial of their motions,” the CA explained.
DAVAO CITY—From observing class sizes for undergraduate and graduate studies and re instating the conditional and failed academic grades, the University of the Philippines (UP) announced it was restoring its normal guidelines, or the policies prevailing before the Covid-19 pandemic, in all its cam puses and constituent units.
By Samuel P. Medenilla @sam_medenilla
The Narra Extract Research Study conducted by the De La Salle Dasmarinas-College of Pharmacy aims to determine the different production processes that will be most efficient for the narra sample without sacrificing the efficacy of the product in improving consumer health and wellness. Using the Oxygen Radical Absor bance Capacity (ORAC), a method developed by scientists at the Na tional Institute of Health and Aging to measure the antioxidant capacity of different foods, the research team decided to measure and compare the ORAC Scores of each process com binationsAsaresult, the ORAC scores of all methods tested displayed similarly high levels of antioxidant potency. Sigfredo Mata, Professor Contrib uting Editor of the narra research, cited a list by the United States De partment of Agriculture (USDA) and the narra extract, based on the ORAC score, ranks among the 10 percent foods with antioxidant properties. That means to say that the narra extract is number one in the Philip pines when it comes to antioxidant properties if we look at the ORAC score,” Mata added. For his part, Timothy Bengala, Professor and Primary Investigator of the research also referred to the health benefits of pterostilbene according to the study by Xu et all in 2021. Based on the study, pterostilbene, a potent an tioxidant, is proven to be effective as an immune-enhancing anti-asthma, anti-cancer, anti-fungal, antiulcer, and anti-allergy.
PRESIDENT Ferdinand R. Mar cos Jr. has designated former Foreign Affairs Secretary Te odoro Lopez Locsin Jr. as the new Philippine Ambassador to the United Kingdom (UK). In a brief statement on Sunday, Press Secretary Beatrix “Trixie” Cruz-Angeles confirmed Marcos nominated Locsin for the position. “We confirm the appointment of Teodoro Lopez Locsin Jr. as the Ambassador Extraordinary and Plenipotentiary to the United King dom of Great Britain and Northern Ireland,” Angeles said. With the assignment, Locsin will also have concurrent jurisdiction over Ireland, Isle of Man, Bailiwick of Jersey and Bailiwick of Guernsey. Marcos issued the nomination papers of Locsin last Tuesday. Locsin can assume his new posi tion once he gets the approval of the bilateral Commission on Appoint ments (CA).
Petition denied CONSEQUENTLY, criminal cases were filed against the three before the sala of Manila RTC Judge Marivic T. Balisi-Umali for violation of Presi dential Decree 1866, as amended by Republic Act (RA) 9516 (An Act Further Amending the Provisions of Presidential Decree 1866, as amend ed, entitled ‘Codifying The Laws on Illegal/Unlawful Possession, Manu facture, Dealing In, Acquisition or Disposition of Firearms, Ammuni tion or Explosives or Instruments Used in the Manufacture of Firearms, Ammunition or Explosives, and Im posing Stiffer Penalties for Certain Violations Thereof). They were also charged with violating RA 10591 (An Act Providing For A Comprehensive Law on Firearms and Ammunition and Providing Penalties for Viola tionsWhileThereof).indetention and at the height of the Covid-19 pandemic, Casino gave birth to a baby girl on July 1, 2020, who was turned over to her mother for care after a month. The three petitioners have de nied the charges against them and claimed that they were arrested without a warrant. They claimed that the firearms, ammunition and explosives do not belong to them and were just plant ed by members of the raiding team. Thus, the petitioners filed the pe tition before the CA seeking the re versal of the orders issued by Manila RTC Judge Marivic T. Balisi-Umali on July 1, 2020, which denied Bautista’s motion to suppress illegally seized evidence and to quash warrant, and petitioner Moran and Nasino’s joint omnibus motion to quash search warrants and suppress evidence. They also assailed the trial court’s order denying their peti tion for joint omnibus motion for reconsideration of the July 1, 2020, order, for ocular inspection of the searched premises and for issuance of subpoena of records of the appli cation for search warrants. Grave abuse of discretion THE petitioners said Umali com mitted grave abuse of discretion in issuing the orders. T he appellate court agreed with the petitioners, declaring that “such grave abuse of discretion is present in the assailed act.” It noted that there were irregu larities in the application and imple mentation of the search warrants. The CA cited the documents forming part of the record of the application for the search warrants revealed three different addresses in Sampaloc and Tondo Manila. “These apparent irregularities in the application and implementa tion of the subject search warrants are more than enough to debunk the presumption of regularity of perfor mance of official duties,” the CA said.
“ Clearly, petitioners’ right against unreasonable search and seizures was blatantly trampled upon,” it added.
A Harvard-trained lawyer, TV host and three-term Makati congressman, Locsin headed the Department of Foreign Affairs (DFA) during the administration of former President Rodrigo R. Duterte. His tenure included the very challenging pandemic years when he led Manila’s diplomatic drive to gain a headstart on access to vaccines against Covid-19 when the world was still scrambling to get them. He also oversaw the support services and repatriation of thousands of overseas Filipino workers who were either stranded, lost their jobs, or became ill at the height of the pandemic. It was also during his term when Duterte ordered the termination —and then changed his mind and allowed its continuation following a review—of the Philippines’s Vis iting Forces Agreement (VFA) with the United States. A journalist-publisher from Negros’ publishing clan, Locsin is also a columnist (on leave) for the BusinessMirror
Likewise, the CA said the failure of the subject search warrants to describe the place with particularity invalidated the same and its subse quent“Thus,implementation.theargument of respon dent People that the subject Search Warrants specifically identified pe titioner Bautista’s house does not hold water. To the point of being repetitive, the subject Search War rants indicated the wrong address and with the wrong description, which resulted to the improper im plementation thereof,” the appellate courtTheexplained.CAalsopointed out the irreg ularities committed by authorities in the actual conduct of the search. ‘Blatantly trampled upon’ THE CA noted that the search in peti tioner Bautista’s room was not made in his presence, as he was brought downstairs while Moran and Casino were hand-tied and made to lie face down during the search conducted in their rooms. “ It should be stressed that the subject Search Warrants were ad dressed to petitioner Bautista only. Notwithstanding so, petitioners Moran and Casino were, likewise, subjected to the search and several items, which were not in plain view, were allegedly confiscated from them,” the CA stressed.
The CA noted that Section 8, Rule 126 of the Revised Rules of Criminal Procedure provides that “a search under the strength of a warrant is required to be witnessed by the law ful occupant of the premises sought to be searched.” In case of absence, “their presence may be replaced by two persons of sufficient age and dis cretion residing in the same locality.” “In the present case, petitioners were actually present in the place but what is disconcerting is that petitioner Bautista was required to leave the room while the search was being conducted. It was only later on that he was called and the items seized were shown to him. This is irregular,” the CA said. No probable cause THE CA also concluded that there was no probable cause for the judge to issue the search warrant, not ing the trial court’s failure to seek clarification on the disparity in the addresses to be searched.
Narra may help in fight vs cancer, health problems, study confirms Police ops net ₧16-M worth of illegal drugs Navy deploys Israeli-made warships
• Monday, September 5, 2022 A3BusinessMirror
By Rene Acosta @reneacostaBM
By Joel R. San Juan @jrsanjuan1573
T HE Philippine Navy will christen into service this Tuesday its Israeli-made warships as it continues to beef up its assets and capability under the ongoing modernization program of the military. T he Navy did not say how many Fast Attack Interdiction Craft- Mis sile (FAIC-M) or also known as Shal dag Mk V Fast Patrol Craft will be christened, but they could be the two units that Israel Shipyards Ltd. have already delivered. The ceremony would be attended by the Armed Forces of the Philip pines Chief of Staff Lt. Gen. Barto lome Vicente O. Bacarro along with other officials from the military andTheIsrael.commissioning comes five days after Israel Ambassador to the Philippines Ilan Fluss made a cour tesy call on Department of National Defense (DND) Officer in Charge Jose C. Faustino Jr. More than a year ago, the Navy through the DND has signed with the Israeli contractor for the supply and delivery of eight units of FAIC-M worth around P10 billion. As agreed upon, the contractor will build four of the eight fast patrol craft in Israel while the remaining four will be built and assembled in Sangley Point, Cavite. The eight missile-armed war ships will replace the gunboats of the Philippine Navy which have been discarded or will be decommissioned as they are already old. On June 28 this year, the Israel Shipyards based in Haifa launched the first two of the FAICs, and it was witnessed by Philippine Navy officials.Following the launching, the two fast patrol craft also test fired their weapon systems, the Typhoon 30mm automatic cannon and Mini-Typhoon machine gun system. Aside from the FAICs, the Navy is also procuring two corvettes from South Korea.
Teddyboy Locsin nominated next PHL envoy to UK and N. Ireland
By Jonathan L. Mayuga @jonlmayuga THE bark and branch wood of the Narra tree, a criticallyendangered species, have an tioxidant properties that can help improve the lives of millions of Fili pinos, experts revealed. Narra, the country’s National tree, is a species of tree sought for its hard, reddish wood popularly used in making furniture. The gov ernment allows the establishment of tree plantations for this type of species to save it from extinction in theCitingPhilippines.theresult of a recent study during a news conference in Quezon City on Saturday, the experts said narra extract, hence, ranks number one in the Philippines when it comes to antioxidant properties.
T he UP said in a statement its fac ulty members were now allowed to give warning, probation, dismissal and permanent disqualification to delinquent students. Among the policies restored was the Maximum Residency Rule (MRR), which the UP said would be applied during the first semester of academic year 2022 to 2023. The MRR states that students who failed to comply and complete the requirements of a certain course in the prescribed number of years would not be allowed to further enroll in that college. The university rules of course pre requisites were also reinstated, as well as the suspension of the deadline for dropping and Leave of Absence (LOA), which was also lifted. The UP updated grading system would now allow the issuance of grades “4” (conditional failure) and “5” (failed) following the removal of the “No Fail Policy.” The faculty may likewise adapt attendance require ments in their courses “considering their student’s lack of or poor internet access, Covid-19 infection and other pandemic or disaster-related con cerns.” The Office of Vice President for Academic Affairs (OVPAA) released Memorandum 2022-127 in August 29 this year reinstating the Univer sity policies that were suspended in the second semester of academic year 2019-2022 after the Duterte adminis tration imposed lockdown measures to curb Covid-19 infection. The UP said the President’s Ad visory Council (PAC) approved the policies for the first semester of AY 2022-2023.
UP restores policies prevailing prior to lockdowns vs Covid in all campuses, units
The PAC is chaired by the UP president and composed of the chancellors of its constituent uni versities, the vice presidents for aca demic affairs, planning and finance, administration, development, public affairs and legal affairs and the sec retary of the university as members The memorandum advised the fac ulty members to follow course imple mentation feedback to ensure that students receive timely feedback on their examinations and other course requirements.
I n a 26-page decision penned by Associate Justice Emily L. San Gaspar-Gito, the CA’s Twelfth Division also ruled that all the evidence seized during the imple mentation of the search warrants cannot be used to prosecute Casino and her “Searchcompanions.warrants5944 (19) and 5945 (19) are declared void for fail ure to meet the standards of a valid search warrant, and all evidence pro cured by virtue thereof are deemed inadmissible,” the CA declared. Casino, who was then pregnant, was arrested along with Ram Car lo Bautista and Alma Moran on November 5, 2019, at the BayanManila office in Tondo after QC Executive Judge Cecilyn BurgosVillavert of RTC Branch 89 issued search warrants against Bautis ta. The search yielded one hand grenade, a .45-caliber pistol and magazine with live ammunition, a Bushmaster M16 5.56mm rifle with magazine and live ammuni tion and several other illegal items.
www.businessmirror.com.ph Vittorio V. Vitug
Editor:
The Nation
By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror
V illafuerte added that the law was enacted earlier this year “pre cisely in recognition of the excellent job that they [HCWs] have been do ing to save lives since the onset of the pandemic.” “ It is awful to learn that our health officials have allegedly messed up the paperwork needed for the swift release under RA 11712 of additional allowances and other benefits for our medical frontlin ers at continuous risk of Covid-19, at this time when President Marcos had just praised our nurses as ‘my (his) heroes’ and assured HCWs of his government’s full support for measures to equalize their pay, polish up nursing education and upgrade their career prospects,” Villafuerte, the president of the National Unity Party (NUP), was quoted in the statement as saying. Repeat of 2021 THE lawmaker further said that the new law was written by the 18th Congress “exactly to prevent a re peat of last year’s incident in which many of our HCWs had complained about not getting on time the HEA [health emergency allowance] due them for their invaluable services in caring for Covid-infected Filipi nos—even at great risk to their own lives—since the pandemic broke out in early 2020.” L ast week, DOH Officer-inCharge (OIC) Secretary Ma. Rosario S. Vergeire pointed to the delayed release of such funds as health of ficials were reportedly “still trying to negotiate” with the DBM for the release of such benefits. However, DBM Secretary Amenah F. Pangandaman said in a television interview that no funding for addi tional HCW benefits could be given because the DOH has yet to submit the complete documentary require ments for such release. V illafuerte said the DOH and DBM should resolve this issue right away in light of the President’s “avowed support for improving the working conditions of our medical frontliners,” as he declared in his September 1 speech before the Phil ippine Nurses Association. Extra benefits THE lawmaker explained that with the enactment of RA 11712 almost six months ago, “our public and pri vate HCWs and non-HCWs were supposed to be assured of receiving their extra benefits, depending on their risk exposures in this lingering season of the Covid-19, but regard less of their employment status from the time of declaration of the public health emergency until it is lifted by theUPresident.”nderRA11712, the supplemen tal benefits will have retroactive ap plication from July 1, 2021 and will remain in full force and effect during the state of public health emergency throughout the country as declared by the President. Under RA 11712, HCWs deployed in “low-risk areas” shall receive a HEA benefit of at least P3,000. Those in “medium-risk areas” shall be given around P6,000 while individuals as signed in “high-risk areas” shall be granted at least P9,000. T hose who were infected with mild or moderate Covid-19 infection will each receive P15,000 in compen sation. Those who contracted severe or critical coronavirus disease will get P100,000 each.
BusinessMirror
Lapid stressed next year’s subsidy can only be tapped for MOOE and not the construction of tourism in frastructure projects. Formerly the Philippine Tourism Authority, Tieza was reconstituted under Republic Act 9593 (Tourism Act 2009) as a GOCC attached to the Department of Tour ism (DOT) and is responsible for es tablishing and overseeing tourism economic zones as well as developing and supervising tourism infrastruc ture projects in the country. Also, the special provisions in the NEP 2023 provides: “The Tieza is hereby authorized to use subsidy released for programs and projects in 2018-2021 to cover the additional funding requirements of activities or projects covered by the programs or sub-programs therein. Accordingly, Tieza shall prepare and work and financial plan covering the projects and activities to be funded from prior years’ subsidies subject to the endorsement of the Tieza’s board of directors, to be submitted to the DBM for approval.”
Power crisis in Isabela requires action from NEA, DOE–solon
The dam, which was created in 1909, is recognized by the National Museum as an Important Cultural Property due to its design and struc ture, as well as its historical signifi cance during World War 2.
T he families of every HCWs and non-HCW who died of Co vid-19 in the line of duty will receive P1 million.
THE plunge in travel taxes collected by the government due to the pandemic restric tions has again forced the Tourism Infrastructure and Enterprise Zone Authority (Tieza) to seek a subsidy from the national government to support its maintenance and other operating expenses (MOOE).
The lawmaker also said that Is elco I had violated laws regarding its general manager’s mandatory retirement.
Economy Monday, September 5, 2022 •
Solon blames DOH for held pay for healthcare workers
“ We were allocated by DBM [De partment of Budget and Manage ment] P113,646,000 for our MOOE,” Tieza Chief Operating Officer Mark T. Lapid told the BusinessMirror. La pid added this was the second year Tieza, a government-owned and -controlled corporation (GOCC), was allocated funds from the national government “because there were no [outbound]Accordingtravels.”totheNational Expen diture Program for 2023, Tieza was allocated a subsidy of some P186.3 mil lion this year, and P46 million in 2021. According to a Commission on Audit report on the GOCC’s finances, Tieza’s MOOE reached some P460 million in 2021, up 16.3 percent from 2020.
By Cai U. Ordinario @caiordinario
Rizal Raoul S. Reyes
Dy said Isabela’s Sangguniang Panlalawigan last year passed a reso lution urging the NEA to conduct an immediate financial and legal audit of the transactions of both ECs, from 2016 to the present. “The resolution was prompted by the results of their inquiry, which has unearthed details that indi cate that “unsound management” on the part of Iselco I and Iselco II may have led to “higher electric ity rates and power outages” in the province—something that could have been avoided if the manage ment of both ECs “were discharg ing their sworn duty to promote and further advance the welfare of member-consumers,” he said.
TO provide economic opportu nities to the residents of Mon talban, the House Committee on Tourism has declared Wawa Dam as a tourist destination. R izal 4th District Rep. Juan Fidel Felipe F. Nograles said in a statement the committee approved the House Bill (HB) “Wawa2962.Dam has long been a tour ist attraction and we need govern ment support to fully develop it for the benefit of the people. It would be crucial in providing economic oppor tunities to the residents of the town,” Nograles said. HB 2962, or the “Development of Wawa Dam Act,” mandates the formulation of a comprehensive de velopment plan involving the con struction, installation and main tenance of applicable facilities and infrastructure that would enhance, develop and promote tourism in the area as well as improve accessibility and security of tourists.
The site is frequented by hik ers, bikers and adventurers as it lies between Mt. Pamitinan and Mt. Binacayan and has a gorge and numerous caves for boulder ing and spelunking. Local tourists also visit for swim ming, picnics, sightseeing, boating andNogralesphotography.saidthat Wawa Dam’s declaration as a tourist destination would highlight the need to protect and sustainably develop natural tourist“Theattractions.continuedpatronage of tour ists of sites like Wawa Dam indicates that our people value the environ ment and its bounty,” he added. The lawmaker said he is looking forward to the bill’s enactment. Nograles also said that pending its enactment, his office will continue to partner with other groups to protect Wawa Dam.
The Tourism, Public Works and Highways, Environment and Natu ral Resources, Interior and Local Government departments and the local government units concerned are tasked with creating the devel opment plan within a year of the bill’sTheapproval.Department of Tourism (DOT) is also tasked with imme diately implementing the said plan and integrating it with the agency’s overall development programs. Wawa Dam is a man-made dam at the foothills of the Sierra Madre mountain range in Montalban.
By Jovee Marie N. Dela Cruz @joveemarie
A4 A LAWMAKER has urged the National AdministrationElectrification(NEA)and the Department of Energy (DOE) to intervene amid a power crisis in Isabela, as he blasted two electric co operatives (ECs) for their failure to provide cheap and reliable electricity in the province. Isabela Sixth District Rep. Faus tino A. Dy V asked the government to step in and rescue the province from the “darkness of inefficiency and“Wemismanagement.”urgetheNEAand the DOE to intervene on behalf of memberconsumer-owners in Isabela who must pay for the missteps of their ECs and who are made to suffer from unsatisfactory service because our ECs are not protecting the interests of their owners—ECs that are more focused on keeping certain person alities in key positions, rather than empowering the citizens of Isabela,” Dy said in a statement following his privilege speech last week. Dy laid out characteristics that he said ECs should exhibit to properly serve its member-consumer-owners or MCOs.ECsshould be able to provide a steady supply of electricity at rea sonable and affordable rates, must be transparent and accountable to the MCOs it serves and their actions should be consistent with the law, the solon said. He then lamented that Isabela Electric Cooperative (Iselco) I and Is elco II, the province’s ECs, “are found gravely wanting—to the detriment of our fellow Isabelinos and our lead ers’ efforts to improve the economy of the province.” Dy said that Isabela has power rates that are more expensive than in other parts of the country. “Households in Isabela are charged more for electricity than their counterparts in other parts of the country, a harsh reality that is compounded by the fact that like all other provinces in the country, the average household income in Isa bela is lower than in other regions,” he said.Dysaid that the power rate in Isabela is at P15.55 to P16 per kilo wattHour (/kWh). In comparison, he said that Metro Manila’s average rate is at P9.545/kWh, Central Negros at P12.17/kWh and Davao Oriental at P12/kWh.Thesolon also blasted Iselco I and II “for their lack of transparency and accountability with regard to their operations by refusing access to their financial records.”
Jovee Marie N. Dela Cruz
Bank-software provider bullish on PHL tech push
Lawmakers declare Wawa Dam as tourist site Housing dept to partner with Visayas LGU execs
THE Secretary of the Depart ment of Human Settlements and Urban Development (DH SUD) announced the agency is part nering with local government units (LGUs) in the Visayas to address housing concerns in these regions. DHSUD Secretary Jose Rizalino L. Acuzar said one of the housing challenges faced by major cities and provinces in the Visayas were infor mal settler families (ISFs) living in calamity-prone areas. Efforts to address this pressing concern are the main motivation for the DHSUD’s efforts to meet with local chief executives and introduce the administration’s housing priori ties in the medium term, according to Acuzar.“Majorcities and provinces in Vi sayas recorded a significant number of informal settler families (ISFs) and people living in calamity-prone areas. So it is a must to also prioritize the Visayas group of islands,” Acuzar was quoted in a statement. The DHSUD said he met with local chief executives including Mandaue City Mayor Jonas C. Cortes, Tacloban City Mayor Alfred S. Romualdez, Ba colod City Mayor Alfredo Abelardo “Albee” B. Benitez, Iloilo City Mayor Jerry P. Trenas and Iloilo Governor Arthur “Toto” R. Defensor Jr. He said he introduced the national housing program to these officials. Acuzar added he also inspected sev eral proposed housing project sites in theTheregion.DHSUD highlighted the sig nificant role of LGUs for the success ful implementation of the Marcos administration’s program to address the country’s housing backlog and resettle informal settler families to saferAcuzargrounds.said expressed confi dence “on the help of our LGUs to develop and transform these informal settlements into prime residential and world-class de velopments for the benefit of our countrymen especially those in the low-income bracket.” Most of the local leaders commit ted to support the housing blueprint of the Marcos administration and expressed their readiness to allot land resources for the development of new project sites, including turn ing esteros into parks and walkways to help in the restoration and reha bilitation of waterways.
A SENIOR lawmaker chided the Department of Health (DOH) for messing up paperwork in the granting of extra monetary benefits to nurses and other healthcare workers (HCWs) as mandated by Republic Act (RA) 11712.
T he extra benefits also cover frontliners who are non-healthcare workers, including those rendering medical, allied medical, administra tive, technical and support services in hospitals, health facilities, labora tories, medical or temporary treat ment and monitoring facilities and vaccination sites. Grievance board TO ensure that all HCWs are able to receive the benefits due them, Vil lafuerte explained that RA 11712 mandated the DOH to create an ad hoc grievance board in all of its regional offices to—according to the law—“receive, investigate, ad judicate and recommend actions to arrive at a settlement of complaints related to the failure of granting theTbenefits.”heBicolano legislator and former CamSur governor said the grant of this extra pay to medical frontliners was provided for in the Bayanihan to Heal as One Act (RA 11469) and Bayanihan to Recov er as One Act (RA 11494), which the 18th Congress had passed to strengthen the country’s Covid-19 response and ensure state support for pandemic-hit sectors. The expiration of the effectiv ity of Bayanihan 1 (RA 11469) and Bayanihan 2 (RA 11494) had stood in the way, however, of the full im plementation of the Covid-related benefits for our medical frontlin ers, hence the necessity of enacting this measure into law to make sure that our healthcare workers are able to get their monthly risk allowance for as long as the country remains in a state of public health emergency,” said Villafuerte, who was the prin cipal author in the House of both Bayanihan 1 and Bayanihan 2.
www.businessmirror.com.phEditor: Vittorio V. Vitug
Part of the administration’s pri ority is addressing the more than 6.5 million housing backlog, includ ing the estimated 3.7 million ISFs throughout the country.
‘What about our projects?’ A NUMBER of congressmen in last week’s hearing on the budget of DOT also supported the approval of the funds for Tieza, even as a few of them followed up on the implementation of long-approved projects in their respective provinces. One of them, Negros Oriental, First District Rep. Jocelyn Sy Limkaichong, specifically followed up on the development of a tourism masterplan for Central Visayas, which costs P50 million.
SINGAPORE-based technology company Bank-Genie Pte. Ltd. is bullish on its prospects in de veloping markets like the Philippines as demand for low-cost solutions will experience a great demand as its re tail banking and consumer banking services will bank on their respective digitalization programs. With [our] technology, banks can open branches that provide a suite of financial services with just ‘a tablet, a small Bluetooth printer and the card reader,’” Bank-Genie CEO Ram Sharma said. “We believe technology is the so lution to enable financial inclusion and a more productive society in markets like the Philippines.” Sharma said the company has suc cessfully deployed its technology solu tion for banks including Union Bank of the Philippines Inc., East West Banking Corp., Philippine Savings Bank Inc. and Land Bank of the Philippines Inc. He added that Bank-Genie has currently 13 client banks in the Philippines alone. Bank-Genie Co-founder Raghu Nan dan said there is a need for financial in clusion among the country’s rural popu lation and, hence, it is quite important to boost their economic capabilities. It is estimated that roughly 7 in 10 Fili pinos are financially excluded. Accord ing to data from the Bangko Sentral Ng Pilipinas (BSP), more than half of bor rowers source their loans from informal sources. Lack of access to financing is also a key barrier to the growth of SMEs and MSMEs, especially rural-based small enterprises.
Tieza gets subsidy for 2023 due to poor tax collections
I n a statement issued by his office last Sunday, Camarines Sur Rep. LRay F. Villafuerte Jr. said that “instead of putting off the required documentation—as claimed by the DBM [Department of Budget and Management] lead ership—for the release of addi tional economic benefits for our nurses and allied HCWs, our health officials should be riveted on wrap ping up such budgetary paperwork so our medical frontrunners can at last get such extra pay due them under the new law.”
L apid assured the lawmakers that those that have already been approved by the Tieza board of direc tors will still push through, as travel taxes have started coming in with the resurgence in outbound travel. We’re optimistic that this year and the next coming year, since we’re banking on the statement of our President (Ferdinand Marcos Jr.) that there would be no more lockdown, so we’re hoping by 2023, we will be back to our pre-pandemic form. We’re still on our negative side [of travel tax collections] yet.” He stressed: “We’ve not removed anything on our list [of projects] that have been approved by the board; we’re just waiting for funding allo cation. They were just suspended simply because of lack of funding.” Outbound Filipino travelers pay P1,620 (economy-class ticket) and P2,700 (first-class ticket). Earlier, the Tieza COO said many of the government firm’s projects remain suspended due to the low collection of travel taxes. He said their target collec tion for the year is P1.2 billion, still a far cry from the P7.2 billion they col lected, prepandemic, in 2019. (See, “Tieza eyes change in Tourism Act to keep asset sale proceeds,” in the BusinessMirror, July 11, 2022.)
www.businessmirror.com.ph Jennifer A. Ng
Pork purchases boost 7-month meat imports percent to 397,878.415 MT from 333,251.831 MT. T he country’s imports of pork cuts and bellies, which have been enjoying lower tariff rates since last year, expanded by nearly 31 percent year-on-year to 216,745.222 MT. The country depended on imports to plug the shortfall in domestic pork sup ply as African swine fever disrupted local hog production. BAI data showed that chicken meat imports, the Philippines’s sec ond most imported meat product, declined by 3.8 percent on an annual basis behind a 30-percent drop in the purchases of chicken leg quarters from abroad. T he country’s total chicken meat imports during the 7-month period reached 212,380,936 MT compared to last year’s 220,813.224 MT. The country’s imports of chicken leg quarters fell by 22,918.213 MT to 51,778.947 MT from 74,697.160 MT lastMyear.eanwhile, BAI data showed that imports of mechanically deboned meat (MDM) of chicken, which ac counted for over 60 percent of to tal chicken meat imports, reached 130,422.964 MT. The volume was 13.95 percent higher than the 114,452.280 MT recorded a year ago.
F inally, in the Water category, a number of entries offered so lutions aimed at addressing the clean water production, climate change, and water resource man agement challenges faced around the world, particularly in devel oping nations. T he number of submissions re ceived from high schools grew by 55 percent compared to last year, which is especially encouraging and a testament to young people’s growing awareness of the chal lenges and risks presented by the climate crisis and of the opportu nity to lead on sustainable devel opment. Entries in the Global High Schools category proposed waste management solutions, clean en ergy systems, and food systems like hydroponics and aquaponics, reflecting the students’ innovative thinking and careful consideration of projects most suited for their lo cal Fcommunities.ollowingthe close of submis sions, the Prize now enters the evaluation stage. All entries will now be shortlisted by an indepen dent research and analysis con sultancy. A Selection Committee comprised of globally renowned industry experts will then assess the qualified entries and shortlist the candidates. The third and final tier of the evaluation process is the Jury, which will convene in October to unanimously elect the winners in each category.
Agriculture/Commodities
Bloomberg News By Butch Fernandez @butchfBM
By Jasper Emmanuel Y. Arcalas @jearcalas THE country’s meat imports in January to July rose by 7 percent year-on-year to over 734,000 metric tons (MT) mainly due to higher purchases of pork prod ucts from abroad, latest government data showed. Data from the Bureau of Animal Industry (BAI) indicated that total meat imports during the 7-month pe riod reached 734,925.442 MT, 49,288 MT higher than the 685,696.997 MT recorded a year ago. B AI data showed that pork imports, which reached almost 400,000 MT, accounted for 54 per cent of the total volume of imported meat products in January to July. The country’s pork imports during the reference period rose by 19.39
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Shrinking acreage THOSE who decided to stick with peanuts found the land was too dry to seed when drought hit in April and May. Under the double whammy, the planting acreage of peanuts plunged by more than 30 percent in some main production areas. A fter the crop was finally plant ed, excessive rains hit some areas in Shandong and the northeast, flooding peanut fields right before harvest. In Henan, where drought has been the dominating problem, pest disease rose along with the extreme weath er, also hurting output, according to Wang Xiaoyang, senior analyst with Sinolink Futures.
FOLLOWING a successful 4-month submissions phase, the Zayed Sustainability Prize, the United Arab Emirates’ (UAE) pio neering global award for recogniz ing excellence in sustainability, has officially closed entries for its 2023 awards cycle. O ver 4,500 applications were re ceived across the five Prize catego ries of Health, Food, Energy, Water, and Global High Schools, from a record 152 countries, demonstrat ing the Prize’s growing global reach and impact.
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A s for onion, agriculture offi cials confirmed during the House Committee on Agriculture and Food hearing that the country is suffering from a shortage of white onions. Bureau of Plant Industry (BPI) Assistant Director Ariel J. Bayot said the country’s combined white onion supply of locally-produced and imported volume would only last for about 8 to 9 months from January. Sugar is also in short supply in the Philippines. Coca-Cola Bever ages Philippines Inc. had confirmed to the BusinessMirror that its bot tling operations had been hit by the shortage of premium bottler’s grade refined sugar. Sugar Regulatory Administra tion chief David John Thaddeus Alba assured Coca-Cola that it is fast-tracking the importation of additional bottler’s grade refined sugar. The SRA chief confirmed to the BusinessMirror that Coca-Co la’s supply of bottler’s grade refined sugar for its plants has been deplet ed, which resulted in the shutdown of some of its plants.
T he country’s beef imports de clined 2.2 percent year-on-year to 96,080.867 MT while buffalo meat imports fell by 12.89 percent to 27,859.510 MT from 31,983.598 MT. Supply projections IN a related development, the De partment of Agriculture (DA) re cently projected that the country’s local pork supply would be able to meet only 79 percent of total demand. The DA said it expects local production to hit 1.34 mil lion MT (MMT), which is 382,627 MT short of estimated demand of 1.785 MMT. However, even with imports, the DA said the country’s pork suffi ciency would reach only 95 percent.
H is Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technol ogy and Director General of the Prize, said: “For the last 14 years, the Zayed Sustainability Prize has incentivized practical solutions to global challenges that deliver tan gible impact at a community level around the world. Inspired by the commitment to sustainable de velopment and the humanitarian legacy of Sheikh Zayed bin Sultan Al Nahyan, the Prize has improved the lives of 370 million people in 151 countries to date. This year, we have seen applications from a record number of countries across every category from health, food, energy, water, and global high schools.
OFFICIALS of the Department of Agriculture (DA) were prodded by Senator Imee Marcos to promptly act on restive farmers’ lament over the delayed release of their subsidy from the government which was purportedly parked in time deposit. Marcos said the P9-billion subsidy for farmers was also intended for the upcoming wet season rice cropping which starts this month. “ Farmer subsidies are not for time deposit but for prompt release (to farmers),” she said, lamenting the mounting complaints from res tive farmers, prodding DA officials to “speed up the release of almost P9 billion in government subsi dies particularly for rice farmers who are now preparing for the wet planting season.”
• Monday, September 5, 2022 A5BusinessMirror
T his year’s submissions were more diverse than ever before, revealing climate-change’s impact on every country across every continent and reflecting a growing awareness that urgent climate action is critical to meet global net zero carbon goals by mid-century.Moresubmissions received this year came from developing nations in Sub-Saharan Africa, South Asia, East Asia, Latin America, the Mid dle East, and North Africa, which is an important indication of the growing participation of develop ing countries in the fight against climate change. T he top submitting countries in cluded Kenya, India, China, Egypt, Brazil and the United States. By receiving submissions from a wide range of geographies, the Prize is better equipped to deliver on its mis sion of driving impactful, innova tive, and inspiring sustainable and humanitarian development around theTworld.heFood (1,426) and Health (946) categories attracted the greatest number of submissions, followed by Energy (736) and Water (601), while the Global High Schools category re ceived 829 submissions.
She said affected rice farmers had to reach out to her office to complain that the cash aid of P5,000 allotted for some 1.6 million farmers was “slow in coming, months after the Depart ment of Budget and Management first announced its availability.” Huwag nang i-time deposit ang pondo para sa mga magsasaka at hindi naman ‘yan para tumubo ng interes sa bangko. Paspasan na ang pag -release niyan, ngayon din.” T he Land Bank of the Philippines had said the delay in the release of the cash aid was allegedly due to the DA’s problems with its ID system. “ If the DA lacks the capacity to update its RSBSA [Registry System for Basic Sectors in Agriculture], then it should call on municipal agriculturists who ought to have a list of farmers’ cooperatives in their areas of responsibility,” said Marcos, who chairs the Senate Committee on MCooperatives.oreover,she noted that the RS BSA’s list of individual farmers given access to fertilizer and seed subsidies should not exclude but continue to support those whose livelihood has grown to process their crops into value-added products. She added that “about P18.9 bil lion in rice tariffs were collected by the government last year,” allowing the allotment of close to P9 billion in additional farmer subsidies besides the P10 billion mandated under the Rice Tariffication Law.
I n the Food category, which re ceived nearly 20 percent increase in submissions compared to last year, many entries presented solu tions aimed at achieving sustain able food production to address rising food insecurity and mal nutrition in a world threatened by climate change.
“One issue that has been brought to our attention is the shortage of ag ricultural products like onions,” he said during a televised interview on Friday. “(What we’re seeing) is that the supply of agricultural products is at critical level.”
T he DA projected that total im ports of pork cuts and bellies this year would hit 285,784 MT, almost 5 percent higher than last year’s 272,634.023 MT. T he agency also said the Philip pines would have sufficient chicken meat supply, with or without im ports. The DA estimated that local output would reach 1.654 MMT, slightly higher than the total do mestic demand of 1.636 MMT. The country’s chicken meat imports (choice cuts and leg quarters) could reach 179,367 MT. T he DA said the Philippines would be 101 percent self-sufficient in chicken meat. With imports, chicken sufficiency could reach 110 percent.
I n the Health category, several entries address the weaknesses of the health-care systems exposed by the Covid-19 pandemic and of fer solutions that provide more resilient, inclusive, accessible, and sustainable health-care services to people most in need. I n the Energy category, the Prize received numerous entries focused on improving sustain able energy access in vulnerable communities, supporting United Nations Sustainable Development Goal 7, affordable and clean energy for all, and driving the low-carbon energy transition.
T he Zayed Sustainability Prize winners will be announced at the 2023 Zayed Sustainability Prize Awards Ceremony that will be held on January 16, 2023, as part of Abu Dhabi Sustainability Week.The Prize witnessed a 13 percent increase in submissions compared to last year from small and mediumsized enterprises (SMEs), nonprofit organizations, and high schools. Total submissions from SMEs in creased across all categories, under scoring a rising trend that SMEs are putting sustainability at the top of their agenda.
I’m excited to see what creative solutions this year’s ap plicants will bring to the table, particularly as the UAE prepares to host COP 28 next year. “ Given that we want to leverage COP 28 as a platform for inclusivity and practical outcomes, I am confi dent that the Prize can help to de liver social and economic progress from across the private sector, the small business community, and an increasingly active and engaged younger generation.”
This means that the country would experience a shortfall of 96,842 MT by the end of the year or equivalent to 20 days of pork consumption.
NEWS ‘Product shortages may dampen business prospects for food sector’ Marcos to DA officials: Fast-track release of cash aid for planters Zayed Sustainability Prize 2023 demonstrates global reach and impact Empty peanut shells are the latest casualty of China’s drought
L ast week, in a presentation be fore lawmakers, agriculture offi cials presented the Department of Agriculture’s (DA) outlook on the country’s onion and garlic supply and demand situation for this year. T he DA’s presentation showed that the Philippines would suffer a 16-day shortage of garlic by the end of the year as total supply, includ ing imports, is projected to have a shortfall of about 63,850 metric tons (MT). A griculture Undersecretary-des ignate and Spokesperson Kristine Y. Evangelista told lawmakers last Tuesday that the country is not suf ficient in garlic since “we are really dependent on importation.”
At the same time, Marcos warned of low farm yields and even food shortages if farmers are unable to use their subsidies to buy fertilizers and other farm inputs. “ The DA is creating bigger prob lems for itself if it delays the release of farmer subsidies. Farm yields for the country’s staple crops cannot be maintained, much less increased, if farmers can’t afford fertilizers and they quit their livelihood.”
By Andrea E. San Juan THE Philippine Chamber of Commerce and Industry (PCCI) said it is hoping that the shortage of a number of agricul tural products will ease by October. PCCI President George T. Barce lon said the shortage might affect the food sector which sources raw materials from the local farm sector.
PEANUT farmers in China are left with empty shells as ex treme weather wreaks havoc on harvests in the world’s most populous nation. Nutless pods are a consequence of alternating drought and excessive rains during key planting and growth periods. That’s bad news for China, the world’s biggest grower, after farm ers already shrunk the planting acre age. The empty shells are one factor that could result in peanut output tumbling as much as 30 percent this season, according to analysts. “I’ve never encountered anything like this in previous years,” said Song, a peanut trader in Shandong prov ince, where a delayed harvest has justTbegun.heplight of farmers can be seen in a video of peanut fields ravaged by drought that made its rounds on social media. Posted by “Brother Peanut” in Shandong three months ago, when parts of China were already struggling with inadequate rainfall, it shows a large spread of land that used to be planted with peanuts, now mostly barren and dotted with an abnormally small crop. Peanuts have become the latest casualty as extreme weather roils Chinese agricultural markets during the crucial harvest period. Sichuan suffered its worst drought in 60 years as searing temperatures baked central and southwestern provinces, while flooding inundated the northeast. Other crops have seen similar damage across the globe this sum mer, exacerbating the food infla tion that’s been gripping the world. Scorching heat shriveled the corn crop in the United States, leaving some stalks with no ears at all. Sun flowers are withering in Europe, the land of van Gogh, thanks to a oncein-a-generation drought. T he humble peanut, the fourthlargest oilseed crop in the world, is generally resistant to drought. But the legume needs calcium to grow. If the ground is too severely dry or flooded, it will cause a loss of calcium, making it difficult for the plant’s roots to absorb enough. The result: a shell with no nut. “High temperature and drought, or too much moisture in the soil, can both lead to empty peanuts,” said Ji ang Ying, an analyst with Huatai Fu tures, who estimates a 20 percent-30 percent fall in China’s overall peanut output this season. Food security ANY considerable drop of peanut production in China, which produces a third of the global output, could push up global oilseed prices further. It would also thwart Beijing’s drive for self-reliance in oilseeds, part of an overarching food security push, after Covid-19 pandemic and soured relations with major trading partners threatened steady supplies from the overseas market. Beijing has said it will spare no ef fort to improve oilseed capacity, aim ing to produce more than 19 million tons of peanuts by 2025, according to the government’s five-year plan. Now, that goal looks very much up in the air. Even before the bad weather, the stage was set for a poor crop. Low prices of peanuts had pushed many farmers to switch to other crops such as corn and vegetable, seeking better profits and easier work.
T hree weeks ago, major bottling firms such as Coca-Cola, Pepsi and ARC issued a joint statement say ing they are experiencing a short age of premium bottler’s grade refined sugar.
T he sugar shortage has later on resulted in a domino effect, affect ing sari-sari stores and carinderias, which have been relying on earnings from soft drinks, which account for a chunk of their sales. Philippine Association of Stores and Carinderia Owners (PASCO) members told the BusinessMirror that their average daily soft drink sales declined to P600, from about P1,500 as deliveries dwindled. PASCO President Cristina A. Constantino said in a statement last month that some wholesalers had informed them that the current supply situation could last for more than three months.
4th Floor, LIK Bldg., Km 21 Ortigas Avenue Extension, San Isidro, Cainta, Rizal TAI, WAI WING Marketing Consultant for China Brief Job Description: Engage as marketing consultant for China Basic Qualification: Must be able to communicate to Chinese clients in behalf of the company Salary Range: Php30,000 - Php59,999
Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite HE, PENG Chinese Customer Service Brief Job Description: Manage incoming calls and customer service inquiries Basic Qualification: Able to speak, read and write Chinese language Salary Range: Php30,000 - Php59,999
10 MEGA MANILA G.N.B. CORPORATIONMOTORS 9219, BE, Sabang, Naic, Cavite YOO, SONGKWON Vice President-Operation Brief Job In-chargeDescription:ingeneraloperation of company (export/import, CFO) Basic Qualification: With background on finance & logistics, fluent in Korean language Salary Php30,000Range:-Php59,999
5 DS PHILIPPINES,TECH INC.
9 CORPORATIONMANUFACTURINGAUTO-LAGUNAPARTS
Lot 3 Block 2, Daiichi Industrial Park, Maguyam, Silang, Cavite ZHANG, HUAZHEN Sample Development Technical Head Brief Job Description: Over-all in charge of sample development Basic Qualification: With more than 20 years working experience, can speak Nihongo Salary Php30,000Range:-Php59,999
Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite YEIN CHEN Burmese Customer Service Representative Brief Job Description: Manage incoming calls and customer service inquiries Basic Qualification: Able to speak, read and write Chinese language Salary Range: Php30,000 - Php59,999
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119 North Science Ave., Laguna Technopark, Biñan, City of Biñan, Laguna OH, MINYOUNG Senior Director/ IE Brief Job Description: Establish optimum utilization of resources through the capacity planning and analysis of equipment Basic Qualification: Must be an Engineering course graduate with more than 10 years in the same/related field Salary Php60,000Range:-Php89,999
Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite MAY THU OO Burmese Customer Service Representative Brief Job Description: Manage incoming calls and customer service inquiries Basic Qualification: Able to speak, read and write Chinese language Salary Range: Php30,000 - Php59,999
15 MOA CORP.CLOUDZONE Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite ZHANG, BOHU Chinese Customer Service Representative Brief Job Description: Manage incoming calls and customer service inquiries Basic Qualification: Able to speak, read and write Chinese language Salary Range: Php30,000 - Php59,999
16 MOA CORP.CLOUDZONE Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite RETSY JUITA Indonesian Customer Service Representative Brief Job Description: Manage incoming calls and customer service inquiries Basic Qualification: Able to speak, read and write Chinese language Salary Range: Php30,000 - Php59,999
NO. ESTABLISHMENT NAME OF FOREIGN NATIONAL, POSITION AND BRIEF DESCRIPTION QUALIFICATION AND SALARY RANGE 1 PHILIPPINES,TECHNOLOGYAMKORINC.
18 CORPORATIONPHILIPPINESMANUFACTURINGPANASONIC
19 INDUSTRIES,PHILINAK INC. Lot 1, Block 22, Andres Bonifacio Ave., Lima Technology Center, San Fernando, Malvar, Batangas ICHIKI, YASUSHI Sales & Marketing Manager Brief Job Description: Analyze cost and sales Basic Qualification: Japanese language proficient and with experience in sales and marketing Salary Range: Php150,000 - Php499,999
Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite XIE, JIACHENG Chinese Customer Service Brief Job Description: Manage incoming calls and customer service inquiries
4 PHILIPPINES,PRECISIONBRIDGESTONEMOLDINGINC.
6 JOYSON CORPORATION(PHILIPPINES)SYSTEMSSAFETY
12 MOA CORP.CLOUDZONE
Republic of the Philippines DEPARTMENT OF LABOR AND EMPLOYMENT Regional Office No. IV-A 4th Flr. Andenson Bldg. II, Brgy. Parian, Calamba City Telefax No.: (049) 545-7362 September 05, 2022
102 South Science Avenue, Technopark,LagunaDon Jose, City of Santa Rosa, Laguna NAKAO, KAZUKI Sr. Specialist Brief Job Description: Provide timely advise on matters related to human resource and administration functions Basic Qualification: With 5 years or more experience in the same or related field Salary Range: Php150,000 - Php499,999
14 MOA CORP.CLOUDZONE
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Ortigas Ave. Ext., San Isidro, Taytay, Rizal/ Laguna Technopark, Don Jose, City of Santa Rosa, Laguna MURAOKA, TAKAAKI Manager Brief Job Description: Lead the research and development team in the research and conceptualization of new products in accordance with current market, customer trends and preferences to improve local product lines Basic Qualification: Excellent command of Nihongo (speaking, reading & writing) and must have 5 years work experience as manager in a global manufacturing company Salary Range: Php90,000 - Php149,999
106 East Main Avenue, Special Economic Zone, CityTechnopark,LagunaMalamig,ofBiñan,Laguna
119 North Science Ave., Laguna Technopark, Biñan, City of Biñan, Laguna LEE, WOO SANG Senior Director - Test Operations Brief Job Description: Oversee the day-to-day activities of the company, ensure that the organization is managed and perform efficiently and effectively Basic Qualification: Must be an Engineering course graduate with more than 10 years in the same/related field Salary Range: Php60,000 - Php89,999 2 PHILIPPINES,TECHNOLOGYAMKORINC.
Basic GraduateQualification:ofengineering or related technical or business management course from a reputable college or university; 15 years of exposure in the manufacturing industry specifically textile and seatbelt PhpSalaryproductionRange:500,000and above 7 JOYSON CORPORATION(PHILIPPINES)SYSTEMSSAFETY
Ultimate Electronics Bldg., Main Avenue 1, Phase 1, Cavite Economic Zone, Tejeros Convention, Rosario, Cavite KIM, DO KYOUNG Chief Executive Officer Brief Job Description: Obtain profit contribution by establishing and accomplishing business objectives Basic Qualification: Should have an excellent skill in identifying the cause of problems and presenting their solutions in a comprehensive and detailed manner Salary Range: Php60,000 - Php89,999
JIA, LIANGQING Plant Operations Director-manufacturing Engineering Brief Job Description: Over-all management of manufacturing systems and engineering, machineries, plant maintenance, production support and facilities Basic Qualification: A graduate of engineering course from a reputable college or university; 15 years of exposure in the manufacturing industry; 10 years of management capability experience; must have excellent proficiency in Mandarin or relevant Chinese language or relevant business dialects spoken in mainland China Salary Range: Php500,000 and above 8 PHILIPPINESKOJIMAIRYO INC.
119 North Science Ave., Laguna Technopark, Biñan, City of Biñan, Laguna JUNG, JAESOO Senior Director/ Assembly Operations Brief Job Description: Support manufacturing through linesustaining activities such as equipment setup and troubleshooting Basic Qualification: With the ability to sustain activities such as equipment set-up and troubleshooting Salary Range: Php60,000 - Php89,999 3 PHILIPPINES,TECHNOLOGYAMKORINC.
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Lot 1, Block 7A, Phase II, Cavite Economic Zone, Tejeros Convention, Rosario, Cavite NAKANISHI, TAKAHIRO Executive Vice President for Administration and Treasurer Brief Job Description: Assist the President and direct all works related to administration division Basic Qualification: With thorough understanding and personal involvement in finance and administration Salary Range: Php90,000 - Php149,999
Basic Qualification: Able to speak, read and write Chinese language Salary Range: Php30,000 - Php59,999
17 MOVIOUS CONST. AND DEV’T. INC.
106 East Main Avenue, Special Economic Zone, CityTechnopark,LagunaMalamig,ofBiñan,Laguna MA, MING General Manager Brief Job Description: Member of the management committee and responsible for the overall management of the company including the groups of fabric operations, airbag components, quality assurance and control, legal and compliance, general administration, and other support functions
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The World BusinessMirror Monday, September 5, 2022 A7Editor: Angel R. Calso
As global equities struggle after the Federal Reserve’s latest hawkish rhetoric, southeast Asia’s growth outlook is making the region an investor favorite.
t h e specter of an aggressive Fed tightening has also hammered stocks, leaving the s & P 500 Index down more than 17% this year. While U s shares rallied off June lows until mid-August, they have since given back much of those gains as wagers on an imminent recession and 2023 rate cuts were unwound. “Youneed to remain humble about your abil ity to forecast data and how rates will react,” said W ilensky, whose core bond funds remain under weight tr easuries. “ t h e worst is over as the market is doing a more reasonable job of pricing in where rates should be. But the big question is what is go ing on with inflation?” Bloomberg News
Traders find haven from global stock gloom in Southeast Asia ta iwan are their biggest underweights. t h e composition of s o utheast Asia’s equity bench marks—low tech weighting and relatively high ratio o f bank shares—is also favorable in a rising global interest-rate environment. to b e sure, the region can’t be immune to global risks arising from a supercharged dollar hurting cor porate profits and the Fed’s tightening driving away c apital from emerging markets. Many market watchers say, though, that this time will be different from the foreign-fund exodus seen in 2013 given the economies’ stronger fundamentals. Global funds poured a net $2.4 billion into the region excluding s i ngapore quarter-to-date, with t h ailand accounting for a chunk, Bloomberg-compiled data showed.Andwhile most global central banks have been forced to tighten policy as they confront sizzling in flation partly driven by years of pandemic stimulus, t he problem has been less acute in s o utheast Asia. Indonesia, whose stock market is among the world’s best performers this year, only started to raise rates in August.Forward earnings estimates for M s C I’s s outheast Asia gauge have gained nearly 4% since the start of the quarter, compared to a 1.5% decline for the world index. t h e region’s governments “haven’t used their fis cal largess, they haven’t used monetary largess, real r ates are still reasonable compared with a lot of other places,” said Crabb at r o beco. “We have seen earnings coming out of places like Indonesia have been very resilient.”
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Greg Wilensky, head of U s fixed income at Janus Henderson, said he’s also focused on the upcoming release of wage data from the Atlanta Fed before the next policy-setting meeting. o n Friday, the Labor Department reported that average hourly earnings rose 5.2% in August from a year earlier.
Bloomberg News Man Group Plc, B n P Paribas s A and Credit su isse Group AG are among those touting the region’s resilience after commentary at Jackson Hole reignited a worldwide selloff over the past week. t h e benchmark M s C I Asean Index has fared much better than the broader M s C I Asia Pacific Index and is set to outperform a gauge of global stocks for a third straight quarter.thegrowing bullish chorus points to a reopening of s outheast Asia that’s bringing back a swarm of tourists, as well as booming domestic demand that’s helping shield it from a global slump. And with the tailwind from commodity exports, the region’s earn ings outlook seems more promising v ersus most markets squeezed by slowing consumption and rising costs. “We have a lot of pent-up demand here,” said Joshua Crabb, head of Asia Pacific equities at r o beco Hong Kong Ltd. “Foreign direct investment is hap pening, opening-up is continuing to h appen and the long-term structural story is quite positive. t h e market has been incredibly resilient in the face of what would usually result in a dramatic selloff. t h at to me, is a real vote of Mostconfidence.”oftheregion’s biggest econo mies are expected to grow at least 5% t his year, according to estimates com piled by Bloomberg, with the scrap ping of pandemic-era restrictions o ffering a key boost. Malaysia more than doubled its annual target for tourists following an uptick in recent months, while t h ailand expects to reap in $11 bil lion from a surge in foreign visitors i n the second half. Low on tech, high on banks t h e revival stands in stark con trast to China, where a lockdown i n megacity Chengdu has cast even more gloom over its economy and n o rth Asian markets that rely on exports. “Weare remaining focused on India and s o utheast Asia markets,” Manishi r a ychaudhuri, head of Asia Pacific equity research for B n P Pa ribas, said on Bloomberg tv. “ t h ese are not only growing in terms of economic revival post-Covid, but also strongly growing in terms of the earnings estimates.” s u ch views are echoed by Credit s u isse strategists, who in a note last week said they remain overweight on Asean, with their favorite mar ket being t h ailand. s outh Korea and By Faseeh Mangi P AKI s t A n ’s finance minister wants to break a boom-and-bust cycle that’s played out for decades, and help the nation to finally learn to live within its Importmeans. payments should equal dollar inflows, which means curbs on luxury items may remain in place for longer than currently anticipated, Miftah Ismail said in an interview at his home in Karachi on s a turday. “I want to see a Pakistan that lives within its means. t h at’s it,” Ismail, 57, told Bloomberg n ews. “ n o thing can happen in one year, but we can start.” t h e outlook has been further complicated in the aftermath of historic floods, which could have an eco nomic impact of at least $10 billion, adding to a list of problems for Ismail that includes political turmoil and ragingLessinflation. thanaweek ago the International Monetary Fund gave Pakistan a $1.16 billion lifeline to avoid im minent default. Pakistan also secured pledges for a total of $9 billion in investments and loans from Qatar, s a udi Arabia, and the UA e . I smail said he expects a $1 billion investment in listed state-owned companies to materi alize in about a month. s i nce taking up his post in April, the Wharton gradu ate and former IMF economist has made efforts to nar row Pakistan’s yawning trade gap and current account deficit a Ismailpriority. expects economic growth of more than 3.5% for the fiscal year that started in July, down from an ini tial target of 5%. He predicts that inflation, running at the highest in 47 years and the second highest in Asia, is close to its peak and will average 15% for the year. ve getable prices, a key component, have already started to come down after shooting higher following the floods, he said. Ismail aims to spur Pakistan’s growth by avoiding unchecked imports of everything from home appliances to cosmetics and the resultant chronic shortage of dol lars. t h e revival of the IMF bailout was the 13th for the s o uth Asian nation since the late 1980s. Pakistan’s imports need to be equal to the dollar in flow from exports and from remittances provided by citizens living abroad, according to Ismail. s t ate bank figures show remittances in the second quarter running at record levels. Bloomberg News Pakistan’s Finance Minister Miftah ismail: “i want to see a Pakistan that lives within its means.” Bloom B erg photo Pakistan Finance chieF wants nation to live within its Means FroM biggest bond loss in decades as Fed keePs hiking
“I’m in the 4% to 4.25% camp on the terminal rate,” Wilensky said. “People are realizing that the Fed won’t pause on softer economic data unless inflation weakens dramatically.”
t h at was slightly less than the 5.3% expected by economists, but it still shows upward pressure on wages from the tight labor market.
By Liz Capo McCormick & Michael MacKenzie I nvestors who might be looking for the world’s biggest bond market to rally back soon from its worst losses in decades appear doomed to disappointment.theUsemployment report on Friday illustrated the momentum of the economy in face of the Fed eral r e serve’s escalating effort to cool it down, with businesses rapidly adding jobs, pay rising and more Americans entering the workforce. While treasury yields slipped as the figures showed a slight easing of wage pressures and an uptick in the jobless rate, the overall picture reinforced speculation the Fed is poised to keep raising interest rates—and hold them there—until the inflation surge recedes. s w aps traders are pricing in a slightly betterthan-even chance that the central bank will con tinue lifting its benchmark rate by three-quarters of a p ercentage point on s e pt. 21 and tighten policy until it hits about 3.8%. t h at suggests more down side potential for bond prices because the 10-year tr easury yield has topped out at or above the Fed’s peak rate during previous monetary-policy tight ening cycles. t h at yield is at about 3.19% now. Inflation and Fed hawkishness have “bitten the markets,” said Kerrie Debbs, a certified financial planner at Main s t reet Financial s o lutions. “And inflation is not going away in a couple of months. t h is reality bites.” t h e tr easury market has lost over 10% in 2022, putting it on pace for its deepest annual loss and first back-to-back yearly declines since at least the early 1970s, according to a Bloomberg index. A re bound that started in mid-June, fueled by specu lation a recession would result in rate cuts next y ear, has largely been erased as Fed Chair Jerome Powell emphasized that he is focused squarely on pulling down inflation. tw o-year tr easury yields on t hursday hit 3.55%, the highest since 2007. At the same time, short-term real yields -- or those adjusted for expected inflation -- have ris en, signaling a significant tightening of financial conrditions.ickrie der, the chief investment officer of global fixed income at Black r o ck Inc., the world’s biggest asset manager, is among those who think long-term yields may rise further. He said in an interview on Bloomberg tv Friday that he expects a 75-basis-point hike in the Fed’s policy rate this month, which would be the third straight move of that size. t h e Friday labor report showing a slowdown in payroll growth allowed markets a “sigh of relief,” according to r ie der. He said his firm has been buy ing some short-term fixed-income securities to s eize on the large run up in yields, but he thinks those on longer-maturity bonds have further room to increase. “Icansee rates move higher in the long end,” he said. “I think we are in a range. I think we are in the upper end of the range. But I think it’s pretty hard to say we’ve seen the highs currently.” t h e employment report was the last major look at the job market before this month’s meeting of the Federal o p en Market Committee. t he upcoming holiday-shortened week has some economic reports set to be released, including surveys of purchasing managers, the Fed’s Beige Book glimpse of regional conditions, and weekly figures on unemployment benefits. U s markets will be close Monday for the Labor Day holiday, and the most significant indicator before the Fed meeting will be the consumer-price index release on s e pt. 13. But the market will parse closely comments from an array of Fed officials set to speak pub licly over the coming week, including Cleveland Fed President Loretta Mester. s h e said Wednesday that policy makers should push the fed funds rate to over 4% by early next year and indicated that she doesn’t expect rate cuts in 2023.
By Yesica Fisch & Joanna Kozlowska The Associated Press Z APORIZHZHIA, Ukraine— The head of the UN nuclear watchdog said Saturday that the Russian-controlled Zapor izhzhia nuclear plant in Ukraine w as disconnected to its last exter nal power line but was still able to r un electricity through a reserve line amid sustained shelling in theInternationalarea.
China extends lockdown in areas of Chengdu, expands mass testing
Internat I o nal atomic energy agency Director General rafael Mariano Grossi addresses the me dia during a press conference at Vienna airport after his return from his mission at the nuclear power plant of Zaporizhzhia in Ukraine; in Vi enna, austria on Friday, September 2, 2022. t h eres A Wey
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By Omar Faruk The Associated Press M
Al-Shabab kills at least 20, burns food trucks in Somalia
Ukraine’s nuclear plant partly goes offline amid fighting
The plant has repeatedly suf fered complete disconnection f rom Ukraine’s power grid since last week, with the country’s nu clear energy operator Enerhoatom b laming mortar shelling and fires near the site. Local Ukrainian authorities ac cused Moscow of pounding two cit ies that overlook the plant across t he Dnieper River with rockets, also an accusation they have made repeatedly over the past weeks. In Zorya, a small village about 20 kilometers (12 miles) from the Zaporizhzhia plant, residents on Friday could hear the sound of explosions in the area. It’s not the shelling that scared them the most, but the risk of a ra dioactive leak in the plant. The power plant, yes, this is the scariest,” said Natalia Stokoz, a mother of three. “Because the kids and adults will be affected, and it’s scary if the nuclear power plant is blown up.” Oleksandr Pasko, a 31-yearold farmer, said “there is anxiety because we are quite close.” Pasko said that the Russian shelling has intensified in recent weeks. During the first weeks of the war, authorities gave iodine tablets a nd masks to people living near the plant in case of radiation exposure. Recently, they’ve also distrib uted iodine pills in Zaporizhzhia c ity, about 50 kilometers (31 miles) from the Turkishplant.President Recep Tayyip Erdogan offered to take the role of “facilitator” on the issue of the Zaporizhzhia plant, in a phone call with Russian President Vladi mir Putin on Saturday, according t o a statement from the Turkish presidency.TheUkrainian military on Sat urday morning reported that Rus sian forces overnight pressed their s talled advance in the country’s industrial east, while also trying to hold on to areas captured in Ukraine’s northeast and south, including in the Kherson region cited as the target of Kyiv’s recent counteroffensive.ItaddedthatUkrainian forces repelled around a half-dozen Rus sian attacks across the Donetsk r egion, including near two cities singled out as key targets of Mos cow’s grinding effort to capture the re st of the province. The Donetsk region is one of two that make up Ukraine’s industrial heartland of the Donbas, alongside Luhansk, which was overrun by Russian troops in early July.
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Separately, the British military confirmed in its regular update Saturday morning that Ukrainian forces were conducting “renewed offensive operations” in the south of Ukraine, advancing along a broad front west of the Dnieper and focusing on three axes within the Russian-occupied Kherson region. “The operation has limited im mediate objectives, but Ukraine’s f orces have likely achieved a de gree of tactical surprise; exploiting p oor logistics, administration and leadership in the Russian armed forces,” the UK defense ministry tweeted.Russian shelling killed an 8-year-old child and wounded at least four others in a south ern Ukrainian town close to the K herson region, Ukrainian offi cials said. Joanna Kozlowska reported fr om London
The Zaporizhzhia facility, which is Europe’s largest nuclear plant, has been held by Russian forces since early March, but its Ukrainian staff are continuing to operate it. The Russian-appointed city ad ministration in Enerhodar, where t he Zaporizhzhia plant is located, blamed an alleged Ukrainian shell ing attack on Saturday morning for d estroying a key power line.
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Peo Ple line up to pay the last respects at the coffin of former Soviet President Mikhail Gorbachev outside the Pillar Hall of the House of the Unions during a farewell ceremony in Moscow, russia on Saturday, Sept. 3, 2022. Gorbachev, who died tuesday at the age of 91, will be buried at Moscow’s novodevichy cemetery next to his wife, raisa, following a farewell ceremony at the Pillar Hall of the House of the Unions, an iconic mansion near the Kremlin that has served as the venue for state funerals since Soviet times.
By Jim Heintz & Vladimir Isachenkov The Associated Press M OSCOW—Russians who came for a last look at for mer Soviet leader Mikhail G orbachev on Saturday mourned both the man and his policies that gave them hope. President Vladimir Putin claimed to be too busy to at tend.Gorbachev, who died Tuesday at age 91, launched drastic reforms that helped end the Cold War. But he also precipitated the breakup of the Soviet Union, which Putin had called the 20th century’s “greatest geopolitical catastrophe.” The farewell viewing of his body in an ostentatious hall near the Kremlin was shadowed by the awareness that the openness Gorbachev championed has been stifled under Putin. “I want to thank him for my child hood of freedom, which we don’t have t oday,” said mourner Ilya, a financial services worker in his early 30s who declined to give his last name. “I am a son of perestroika,” he said, using the Russian word for Gor bachev’s reform, or reconstruction, i nitiatives.“I’dlike us to have more people like him in our history,” said another mourner, Yulia Prividennaya. “We need such politicians to settle the situation in the world when it’s on the verge of World War III.” After the viewing, Gorbachev’s body was buried next to his wife Rai sa in Novodevichy cemetery, where m any prominent Russians lie, includ ing the post-Soviet country’s first p resident, Boris Yeltsin, whose strug gle for power with Gorbachev sped u p the collapse of the Soviet Union. The procession that carried the coffin into the cemetery was led by Nobel Peace Prize laureate Dmitry Muratov, editor of the Novaya Gaze ta newspaper, Russia’s last major K remlin-critical news outlet before it suspended operations in March. Gorbachev used funds from his own Nobel prize to help start the paper. The Kremlin refusal to formally declare a state funeral reflected its uneasiness about the legacy of Gorbachev, who has been venerated worldwide for bringing down the Iron Curtain but reviled by many at home for the Soviet collapse and the ensu ing economic meltdown that plunged m illions into poverty. On Thursday, Putin privately laid flowers at Gorbachev’s coffin at a Moscow hospital where he died. The Kremlin said the president’s busy schedule would prevent him from attending the funeral. Asked what specific business would keep Putin busy on Saturday, Kremlin spokesman Dmitry Peskov told reporters that the president was scheduled to have a series of working meetings, an international phone call and needs to prepare for a business forum in Russia’s Far East that he’s due to attend next week. Gorbachev’s body was displayed for public viewing at the Pillar Hall of the House of the Unions, an opu lent 18th-century mansion near the K remlin that has served as the venue for state funerals since Soviet times. Mourners passed by Gorbachev’s open casket flanked by honorary guards, laying flowers as solemn music played. Gorbachev’s daughter, Irina, and his two granddaughters sat beside the coffin. The grand, chandeliered hall lined by columns hosted balls for the no bility under the czars and served as a venue for high-level meetings and congresses along with state funerals during Soviet times. Upon entering the building, mourners saw honor guards flanking a large photo of Gor bachev standing with a broad smile, a re minder of the cheerful vigor he brought to the Soviet leadership after a series of dour, ailing predecessors. The turnout was large enough that the viewing was extended for two more hours beyond the stated twoDespitehours. the choice of the presti gious site for the farewell ceremony, t he Kremlin stopped short of calling it a state funeral, with Peskov saying the ceremony will have “elements” of one, such as honorary guards, and the government’s assistance in organizing it. He wouldn’t describe how it will differ from a full-fledged stateSaturday’sfuneral. ceremony had all the trappings befitting a state funeral ex cept the name, including the national f lag draping Gorbachev’s coffin, with goose-stepping guards firing shots in the air and a small band playing the Russian anthem, which uses the same melody as the Soviet anthem. But officially declaring a state funeral for Gorbachev would have obliged Putin to attend it and would have required Moscow to invite for eign leaders, something that it was a pparently reluctant to do amid soar ing tensions with the West after Rus sia sent troops to Ukraine. D mitry Medvedev, the deputy head of Russia’s Security Council chaired by Putin who served as Rus sia’s president in 2008-2012, showed u p at the farewell ceremony. He then released a post on a messaging app channel, referring to the 1991 col lapse of the Soviet Union and accusing t he US and its allies of trying to engi neer Russia’s breakup, a policy he de scribed as a “chess game with Death.”
P utin has avoided explicit per sonal criticism of Gorbachev, but has re peatedly blamed him for failing to secure written commitments from the West that would rule out NATO’s expansion eastward. The issue has marred Russia-West relations for decades and fomented tensions that exploded when the Russian leader sent troops into Ukraine on Feb. 24. In a carefully phrased letter of con dolence released Wednesday avoiding e xplicit praise or criticism, Putin de scribed Gorbachev as a man who left an enormous impact on the course of world history.” “He led the country during dif ficult and dramatic changes, amid l arge-scale foreign policy, economic and society challenges,” Putin said. “He deeply realized that reforms were necessary and tried to offer his solu tions for the acute problems.” T he Kremlin’s ambivalence about Gorbachev was reflected in state tele vision broadcasts, which described h is worldwide acclaim and grand ex pectations generated by his reforms, b ut held him responsible for plunging the country into political turmoil and economic woes and failing to prop erly defend the country’s interests in t alks with the West.
Chengdu’s central Jinjiang district will further intensify lockdowns and extend control measures for at least three days starting Sunday, authorities said in a statement. Other districts also announced a third round of Covid tests on Sunday. People should return home immedi ately after being tested, the of ficials said. Chengdu’s lockdown, which started Thursday, demonstrates China’s commitment to its Covid Zero approach despite the huge economic loss it has triggered. The nation’s sixth-largest city is the big gest to be closed off since Shanghai on June 1 ended two months of curbs on people’s movement, the effects of which are still being felt by businesses. Demand in Shanghai for every thing from dining out to movies and tourism are still far below pre-lockdown levels, while some indicators show the city is taking longer to recover than Hong Kong and Singapore where rules have been eased. Retail sales in the city dropped 4.3% in June from a year earlier and rose a meager 0.3% in July, following an average 35% slump in the preceding three months starting March, when the outbreakNationwide,began. China reported 1,673 local Covid cases for Sat urday, including 1,359 that are asymptomatic. Tibet found the most cases among all provinces, with 556 new infections detected, according to the National Health Commission. Sichuan province, home to Chengdu, reported 186. Southern technology hub Shenzhen reported 89 new cas es. Daily new infections in the coming few days are expected to remain at elevated levels, local health authorities said at a Satur day briefing. Beijing and Shang hai found only one case each. Tianjin, the northern port hub near Beijing, shut dine-in service in one district after finding 22 new cases for Saturday. The city started mass testing its 13.7 mil lion residents from Sunday. A’ba state, home to some 815,000 people in Sichuan prov ince, implemented a lockdown to its 13 counties on Sunday. The restrictions will last for at least four days, local authorities said in a statement.
China extended its lockdown in districts of western megacity Chengdu and ordered more mass testing there from Sunday as it tries to contain a Covid outbreak.
OGADISHU, Somalia— Somali state media and residents say the extrem ist group al-Shabab killed at least 20 people and burned seven vehicles transporting food in the Hiran region Saturday morning, and the govern ment’s drought envoy called it “dev astating” for communities in the grip of a severe Residentsdrought.saidthe attack was in retaliation for a local mobilization against the al-Qaida-affiliated group that holds significant parts of central and southern Somalia. The extrem ist group’s presence complicates an already challenging response to the drought that has killed thousands of people. Some areas are on the brink of famine.Drought envoy Abdirahman Abdis hakur noted that al-Shabab also had blown up wells for water in Hiran in recent“Thedays.victims were drivers and pas sengers transporting food supplies from Beletweyne to Mahas and a to tal of seven trucks carrying food and vehicles used by the passengers were set ablaze,” resident Hassan Abdulle told The Associated Press by phone. The attack came a day after gov ernment forces destroyed landmines that al-Shabab had planted on the busy road connecting Beletweyne and Mataban with the intent to tar getAl-Shababtravelers. confirmed the attack and claimed to have killed 20 locally mobilized militia members. The Somali government has con demned the “barbaric” attack and reiterated its support for local mobi lization against the extremist group.
Atomic Energy Agency Director-General Rafael Grossi said in a statement that the agency’s experts, who arrived at Zaporizhzhia on Thursday, were told by senior Ukrainian staff that the fourth and last operational line was down. The three others were lost earlier during the conflict. But the IAEA experts learned that the reserve line linking the facility to a nearby thermal power plant was delivering the electricity the plant generates to the exter nal grid, the statement said. The s ame reserve line can also provide backup power to the plant if need ed, itWeadded.already have a better un derstanding of the functionality of t he reserve power line in connect ing the facility to the grid,” Grossi s aid. “This is crucial information in assessing the overall situation there.”Inaddition, the plant’s man agement informed the IAEA that on e reactor was disconnected Sat urday afternoon because of grid re strictions. Another reactor is still operating and producing elec tricity both for cooling and other e ssential safety functions at the site and for households, factories and others through the grid, the statement said.
Over the past several weeks, Ukraine and Russia have traded blame over shelling at and near the plant, while also accusing each other of attempts to derail the visit by IAEA experts, whose mission is meant to help secure the site. Grossi said their presence at the site is “a game changer.” Russia’s Defense Ministry said that Ukrainian troops launched another attempt to seize the plant late Friday, despite the presence of the IAEA monitors, sending 42 boats with 250 special forces per sonnel and foreign “mercenaries” t o attempt a landing on the bank of the nearby Kakhovka reservoir. The ministry said that four Rus sian fighter jets and two helicop ter gunships destroyed about 20 b oats and the others turned back. It added that the Russian artillery struck the Ukrainian-controlled right bank of the Dnieper River to target the retreating landing party. The ministry claimed that the Russian military killed 47 troops, including 10 “mercenaries” and wounded 23. The Russian claims couldn’t be independently verified.
Hungarian Prime Minister Viktor Orban, who often has been critical of the Western sanctions against Rus sia, was the only foreign leader who a ttended the farewell on Saturday. The US, British, German and other Western ambassadors also attended. The relatively modest ceremony contrasted with a lavish 2007 state funeral given to Yeltsin, who anointed Putin as his preferred successor and set the stage for him to win the presi dency by stepping down. G rigory Yavlinsky, the leader of the liberal Yabloko party who worked on economic reform plans under Gorbachev, hailed him for “offering people an opportunity to say what they thought—something that Rus sia never had before.”
Gorbachev buried in Moscow in funeral snubbed by Putin
“The provision of electricity to the territories controlled by Ukraine has been suspended due to technical difficulties,” the munici pal administration said in a post on i ts official Telegram channel. It wasn’t clear whether electricity from the plant was still reaching Russian-held areas. Vladimir Rogov, a member of the Kremlin-appointed regional administration said on Telegram that a shell had struck an area between two reactors. His claims couldn’t be immediately verified.
By Débora Rey The Associated Press B UENOS AIRES, Argentina — Every day for the past two weeks, the routine was the same: Argentina’s powerful Vice President Cristina Fernández was met by a crowd of feverish supporters who wanted to touch their leader. And every day she obliged and approached them. But on Thursday the routine pressing of the flesh took a sinister turn when a man in the sea of supporters pointed a handgun inches from the vice president’s face and pulled the trigger with a distinct click. The loaded .38-caliber semiautomatic weapon evidently jammed, and the suspect was arrested. Now the apparent assassi nation attempt is raising questions about whether the most influential woman in Argentine politics for the past two decades should change her relationship with the many loyal followers who constantly seek a handshake or autograph. “Cristina was cornered,” said Silvana Ven egas, a 43-year-old woman who witnessed the event. “She was easy prey, very easy.” For a few minutes afterward, Fernández continued signing autographs and waving. Her security detail seized the gunman but did not remove her from the area. Argentina media have reported that Fernández told the investigating judge she was unaware a gun had been pointed at her until she got inside her apartment. She also confirmed speculation that when she ap peared to duck, she was actually crouching to pick up a book that had fallen to the ground. Jorge Vidal, a public security expert who used to work for the Buenos Aires city gov ernment, said the security response to the incident was “far from being a professional performance.”Whilesecurity teams must do as they are told by those they guard, he said, “politicians must understand that not all the hands that are stretched out to touch or greet them are to caress or shake.” No politician awakens more passion in Ar gentina than Fernández, 69, who is revered by some for her left-leaning social welfare policies and reviled by others as corrupt and power-hungry, and she has long derived political strength from her closeness to the crowds that venerate her. Supporters compare her to Eva Perón, the wife of Juan Domingo Perón, a military officer elected president in 1946. As First Lady, Perón espoused women’s rights and was known as a benefactor of the poor. After her early death in 1952, she became enshrined in Argentina’s national mythology. Outpourings of devotion to Fernández have intensified recently after a prosecutor sought to send her to prison for 12 years over corruption allegations involving pub lic works while she was president from 2007 to 2015.Fernández and her backers say the case is an act of political revenge, and the front of her apartment building in the downtown Buenos Aires neighborhood of Recoleta has become a sanctuary for hundreds of follow ers outraged by the accusations against her. As she left and returned each day, she clasped the hands of men and women who shouted “Cristina, I love you!” She also signed dozens of copies of her political autobiogra phy, titled “Sinceramente,” or Spanish for “sincerely.”Ayoung man who was in the crowd Thursday night said he was right in front of Fernández when the handgun emerged. “I tell Cristina that I loved her, and she caresses me. I see an arm sticking out ... with a gun,” the man, who was identified only as Javier for security reasons, told reporters Friday after giving his account to the inves tigating judge. The only previous incident occurred last Saturday, when tension developed between Fernández followers and police who sought to remove them due to neighbors’ complaints. The vice president complained about the treatment of her supporters and accused Buenos Aires Mayor Horacio Rodríguez Lar reta of keeping her under siege, and security around the building was soon relaxed. “We noticed that there were fewer police officers. I saw two from the federal (police). It was full of people,” Venegas said. Javier, the young witness, declared in court that he and other supporters detained the suspect, not the police. “I grab him, and also others,” he said. The vice president has not spoken publicly since the incident. Some friends and politi cal allies have been able to see her. “Cristina is shocked, shocked,” said Sen. Oscar Parrilli, who is close to the vice presi dent. “She is fine, luckily, because she has her spirit and her temper intact.” The attempted shooting shook Argentina, a country that has a history of political vio lence but has not seen a similar attack since democracy was restored in 1983 after years of dictatorship.PresidentAlberto Fernández, who is not related to the vice president, has said that the weapon was loaded with five bullets and that for “a reason not yet technically confirmed, it was not fired.”
Foiled attack raises doubts about Argentine security protocols Leak ruins NASA moon rocket launch bid; next try weeks away
By Marcia Dunn The Associated Press C APE CANAVERAL, Fla.—NASA’s new moon rocket sprang another danger ous fuel leak Saturday, forcing launch controllers to call off their second attempt this week to send a crew capsule into lunar orbit with test dummies. The inaugural flight is now off for weeks, if not months. The previous try on Monday at launch ing the 322-foot (98-meter) Space Launch System rocket, the most powerful ever built by NASA, was also troubled by hydrogen leaks, though they were smaller. That was on top of leaks detected during countdown drills earlier in the year. After the latest setback, mission manag ers decided to haul the rocket off the pad and into the hangar for further repairs and system updates. Some of the work and test ing may be performed at the pad before the rocket is moved. Either way, several weeks of work will be needed, according to officials. With a two-week launch blackout pe riod looming in just a few days, the rocket is now grounded until late September or October. NASA will work around a highpriority SpaceX astronaut flight to the International Space Station scheduled for earlyNASAOctober.Administrator Bill Nelson stressed that safety is the top priority, especially on a test flight like this where everyone wants to verify the rocket’s systems “before we put four humans up on the top of it.” “Just remember: We’re not going to launch until it’s right,” he said. NASA already has been waiting years to send the crew capsule atop the rocket around the moon. If the six-week demo succeeds, astronauts could fly around the moon in 2024 and land on it in 2025. People last walked on the moon 50 years ago. Launch director Charlie BlackwellThompson and her team had barely started loading nearly 1 million gallons of fuel into the Space Launch System rocket at daybreak when the large leak cropped up in the en gine section at the bottom. Ground controllers tried to plug it the way they handled previous, smaller leaks: stopping and restarting the flow of supercold liquid hydrogen in hopes of closing the gap around a seal in the supply line. They tried that twice, in fact, and also flushed helium through the line. But the leakBlackwell-Thompsonpersisted. finally halted the countdown after three to four hours of fu tileMissionefforts.manager Mike Sarafin told jour nalists it was too early to tell what caused the leak, but it may have been due to inad vertent over-pressurization of the hydrogen line earlier in the morning when someone sent commands to the wrong valve. “This was not a manageable leak,” Sara fin said, adding that the escaping hydro gen exceeded flammability limits by two or three Duringtimes.Monday’s attempt, a series of small hydrogen leaks popped up there and elsewhere on the rocket. Technicians tight ened up the fittings over the following days, but Blackwell-Thompson had cautioned that she wouldn’t know whether everything was tight until Saturday’s fueling.
VP’s
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Palestinians expelled to create it. The thought of doing business with Israel was anathema. Even today, polling shows a vast majority in the Gulf oppose accepting Israel as just another country, suggesting developments have more to do with the agenda of autocratic ruling elites than a seachange in Arab views. “It’s more of a thawing of relations rather than a warming of relations,” said Abdulaziz Alghashian, a researcher who studies Saudi foreign policy toward Israel. “It’s still nevertheless pretty significant.” Israelis are traveling to the kingdom with greater ease using thirdcountry passports, a few routing their business through overseas entities and even discussing it in public.
MEMBER
The recent signing into law of the bill on the development of our creative industries is another step towards more progress for the creative sector. Republic Act No. 11904 or the Philippine Creative Industries Development Act seeks to “legitimize creative careers in the country and strengthen the frameworks supporting and protecting artists.”
PHIlIPPInE arts and culture are rich with excellent masterpieces, be it in the realm of music, visual arts, literature, dance, theater, architecture, film, industrial arts, or other artistic fields.
Towards a better creative industry
Coveted prize W HEN the UAE and Bahrain in 2020 signed US-brokered normalization pacts with Israel, which became known as the Abraham Accords, there was speculation Saudi Arabia would follow. For Israeli leaders, receiving recognition from Saudi Arabia—the region’s geopolitical heavyweight— would be a coveted prize, and that’s unlikely to change no matter what See “Israel,” A11
The “Perils of Perception in 2016: Ipsos MORI” was characterized by this local headline, “Filipinos among most ignorant on key issues” by not knowing the right answer to questions like this. “What percentage of women and girls aged 15 to 19 in Philippines do you think give birth each year?” The average guess was 40 percent when the actual number is 6.3 percent. The better things get, the more we are on the lookout for things to worry about.
By Vivian Nereim And Daniel Avis Bloomberg Opinion
Over the subsequent 4,000 years, chattel slavery—humans as legal property—would be practiced by every civilization on earth. Humanity depended on energy produced by people and animals prior to steam engines. An extra body working the fields was necessary for survival, and if you could get that pair of hand through conquest and capture, so be it. In Norman England, William the Conqueror prohibited in 1080 the sale of any person to “heathens” (non-Christians) as slaves. Kuwait abolished slavery in 1949. Slavery was criminalized in Niger in 2003, and in Chad in 2017. There were not enough resources to keep conquered people in camps or even criminals in prisons, so executions were exceedingly common, unless these people could be made to contribute to the economy. It was only in 1941 that the US banned “convict leasing,” where prisoners were leased to private industries for work and the “rent” was paid to the state. For thousands of years everyone perfectly understood the meaning of “slavery.” Even in ancient Athens there were different slave categories from wholly owned slaves to a class of laborers tied to the land they inhabited, and “metics” who were foreign indentured servants slightly similar to our own Filipino overseas workers who work to pay off a debt. However, a slave was a person without any practical legal rights or recourse that was the absolute property of another person. As chattel slavery disappeared through the centuries, the definition of “slavery” has taken on a broader meaning. The definition of “slavery” has expanded to include forced labor, sexual slavery, and debt bondage. While these practices may be unacceptably common in some areas, they are universally illegal, and the victims have legal rights once out of captivity. In ancient Athens, with minor exceptions, the testimony of a slave was not admissible except if given under torture because a slave could not be expected to tell the truth under any sort of “normal” circumstances. The fact that the definition of slavery—from being a piece of property to include being basically a kidnap victim—would probably not make any sense to someone who was part of the 16th to 18th century global slave trade. This change in definition is a psychological behavior called “PrevalenceInduced Concept Change.” In a study by Harvard University psychologists David Levari and Daniel Gilbert published in 2018, “People who were asked to identify ‘blue dots’ tended to call purple dots ‘blue’ as blue dots become rarer. Similarly, people who were asked to identify threatening faces tended to describe what were previously identified as ‘non-threatening’ faces as threatening as threatening faces become rarer.” “From low-level perception of color to higher-level judgments of ethics,” the two psychologists wrote, “there is a strong tendency for perceptual and judgmental standards to ‘creep’ when they ought not to.” Human psychology, then, partly explains the persistent attraction of pessimism. As bad things become rarer, the human brain makes the definition of “bad” larger and more encompassing.
Money flows
It’s the people behind these creations—the artists, researchers, critics, patrons, supporters, and so on—that have to be recognized for these feats. The Cultural Center of the Philippines recently held the awarding ceremony for the 2020 Gawad CCP Para sa Sining for 13 outstanding individuals, a performance group, and a publication. The awards are for the year 2020 but because of the pandemic, the face-to-face awarding event was done only in September 2022 at the CCP.
A look at today’s business T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso Ruben M. Cruz Jr. Eduardo A. Davad Nonilon G. Reyes D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com www.news.businessmirror@gmail.com
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An slavery was first documented in Sumer, a middle Eastern civilization between 4,500 BC and 1,900 BC. The Code of Hammurabi states, “If a slave says to his master, ‘You are not my master,’ if they convict him, his master shall cut off his ear.”
The Gawad CCP Para sa Sining is the highest award given by the CCP for those who have shown outstanding achievements and contributions to Philippine arts and culture. For 2020, the awardees are Nonoy Froilan for Dance, Raul Sunico for Music, Nonon Padilla for Theater, Junyee for Visual Arts, Lualhati Bautista for Literature, Doy del Mundo Jr. for Film and Broadcast Arts, Cristina Turalba for Architecture, Kenneth Cobonpue for Design, the Integrated Performing Arts Guild (IPAG) for Culture of the Regions, Nestor Horfilla for Cultural Work and Research, Liwayway Magazine for Development of Philippine Culture, Antonio Fabella for Dance (posthumous), Alice Guillermo for Cultural Research (posthumous), Israel and Saudi Arabia: No longer enemies but not quite friends
“We do not view Israel as an enemy, but rather as a potential ally,” Prince Mohammed said earlier this year in a striking reassessment of one of the region’s most consequential fault-lines.
www.news.businessmirror@gmail.comMonday, September 5, 2022 • Editor: Angel R. Calso Opinion BusinessMirrorA10
editorial Hum
ISr AEl S longest-serving prime minister pops up on Saudi staterun television from Tel Aviv. An Israeli-American declares himself the “chief rabbi of Saudi Arabia” after arriving on a tourist visa. A prominent Saudi family invests in two Israeli companies and doesn’t bother to hide it.
RISING SUN Atty. Jose Ferdinand M. Rojas II and the special award Tanging Parangal for Danny Dolor for his support to the development of theThearts.recent signing into law of the bill on the development of our creative industries is another step towards more progress for the creative sector. Republic Act 11904 or the Philippine Creative Industries Development Act seeks to “legitimize creative careers in the country and strengthen the frameworks supporting and protecting artists.” Under the law, the Philippine Creative Industries Development Council will be formed to guarantee the continuous development of the sector. This council will be made of representatives from the following creative sectors: audiovisual media, digital interactive media, creative services, design, publishing and print media, performing arts, visual arts, traditional cultural expressions, and cultural sites. Pangasinan 4th District Representative Christopher “Toff” de Venecia, who is a sponsor and the principal author of the law, said that human resource development will be prioritized under this law. Capacity building and creative education are just two of the programs to be included. The Council will work on the plan and will take into account how the K-12, technicalvocational education, and higher tertiary education will all work in tandem with the creative industries for the benefit of students andItgraduates.is,therefore, very important that the council be composed of members that will truly represent their respective sectors and will serve as the voice of their constituents, especially those who are underserved, marginalized, and vulnerable.
All these recent events would have been unthinkable not long ago. But previously clandestine links between Saudi Arabia and Israel are increasingly visible as some of the Middle East’s deep-seated rivalries cautiously give way to pragmatic economic and security ties. Saudi crown prince and de facto leader Mohammed bin Salman is seeking to accelerate his plans to overhaul an oil-reliant economy, while Israel is keen to build on 2020’s diplomatic breakthroughs with smaller Gulf nations. “We do not view Israel as an enemy, but rather as a potential ally,” Prince Mohammed said earlier this year in a striking reassessment of one of the region’s most consequentialForfault-lines.decades after Israel’s founding in 1948, Saudi Arabia and its Persian Gulf neighbors shunned the Jewish state in solidarity with the
QUALITEST is an Israeli engineering and software-testing company acquired by international investors in 2019. It doesn’t operate directly in Saudi Arabia, said Shai Liberman, managing director for Europe, Israel and the Middle East, but sells its product to other firms who then use it in the kingdom. Investment is heading in the opposite direction, too. Mithaq Capital SPC—controlled by the Alrajhi family, Saudi banking scions—is now the largest shareholder in two Israeli companies: mobility intelligence firm Otonomo Technologies Ltd, and London-listed digital advertiser Tremor International Ltd. Israel and Gulf nations established largely hidden security ties over shared concerns, especially Iran. But it’s primarily the strong economic motivation that’s driving more visible relations now as Prince Mohammed tries to lessen Saudi reliance on oil and develop advanced industries.
“We like the innovation and the technology culture that Israel has, and we try to find ways to benefit from that,” said Muhammad Asif Seemab, managing director of MithaqOfficialsCapital.inRiyadh are also allowing the wider debate around Israel to be re-framed.FormerIsraeli Prime Minister Benjamin Netanyahu was interviewed on Saudi television channel Al Arabiya, sitting in front of a Hebrew-language map and warning of the danger of a potential nuclear deal with Iran. Less well known is Jacob Herzog, the rabbi who’s been allowed to minister to a tiny Jewish community of foreign workers in the Saudi capital.
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The BOA can provide for online oath taking events as authorized by Professional Regulation Commission (PRC) Resolution 1255 Series of 2020. These should be organized as soon as possible so that the new CPAs can take their oath and comply with their legal obligation as professional accountants. This online oath taking should be easy to organize and may be offered for free to those participating.Ifthereisa preference for faceto-face oath taking events, these can be organized by the BOA and the PRC Regional Offices in various locations nearer to the new CPAs who are not based in Metro Manila. As was done in the past years, these regional oath taking events can be held with reasonable costs for the CPALikewise,inductees.the BOA can organize mass face-to-face oath taking at the Philippine International Convention Center to accommodate the large number of CPAs wanting to take their oath. During my term as Chairman of the BOA, the big oath taking events were held at the PICC. These were attended by thousands of CPAs and their companions for a reasonable fee of P600. At the PICC, they were able to experience live their oath taking program and activities that included job fairs, BOA give aways, booths of sponsoring organizations, a lot of “selfie” and “groupie” picture taking, participation in the BOA, personalized souvenir programs, and the occasion to attend a once-in-lifetime event with their loved ones and fellow new CPAs. After the PICC oath taking, most of the newly inducted CPAs proceeded to the nearby hotels where free dinners and grand celebrations were sponsored by the various CPA Review centers and accounting schools for their graduates, board exam topnothcers and reviewees.Thosewere the good old days prior to the Covid-19 pandemic. I hope that these past cherished activities will soon be re-activated.
WEED, California—The fire-stricken Northern California town of Weed has long been seen by passersby as a whimsical spot to stop along Interstate 5 and buy an ironic T-shirt, but residents say they’ve grown edgy in recent years due to a new danger: Dark skies, swirling ash and flames that race so quickly they leave little time for escape.
Monday, September 5, 2022 Opinion A11BusinessMirrorwww.news.businessmirror@gmail.com
A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.
The fees being charged and collected by the BOA partner for the event, the Philippine Institute of Accountants, were the PICPA Registration at P1,000, Inductee Ticket at P2,800, and Guest/Parent Ticket at P2,800. The cost includes dinner in the Fiesta Pavillion of the Manila Hotel. Most of the adverse feedbacks that I had been getting about this matter is the exorbitant amount of fees being charged that included a sit-down dinner in a posh hotel. The new CPAs and other concerned persons raised such questions, like: Why such a lavish oath taking? Can the BOA organize a simpler and less expensive oath taking, including online events? Can I get my CPA license and certificate if I was unable to attend the Manila Hotel oath taking? What do I do when I am in the province and it will be very expensive for me to go to Manila to attend future face-to-face oath taking events? The BOA should immediately address these valid concerns. The new CPAs definitely should follow the provisions of the Accountancy Law. Section 19 of this law mandates that CPAs should complete their oath taking prior to practicing their profession. As the regulator, BOA should provide a convenient and economical means for the CPAs to comply with this oath taking mandate.
By Adam Beam | The Associated Press
Their fears exploded to life again in recent days as California’s latest inferno burned homes and buildings and forced evacuations in the small community about 280 miles (451 kilometers) northeast of San Francisco.Among the thousands of people displaced was Naomi Vogelsang. Her home destroyed, dog missing, and 10-year relationship with her boyfriend recently ended—all she could do on Saturday was sit outside a wildfire evacuation center with $20 in her pocket, waiting for a ride to the casino. “It can’t be any worse,” she said. The day before, flames raced from Roseburg Forest Products, which makes wood products, into Weed’s Lincoln Heights neighborhood where a significant number of homes burned and residents had to flee for their lives. The blaze known as the Mill Fire had spread to more than 6.6 square miles (17 square kilometers) by Saturday evening and was 25 percent contained. After fleeing the fire, 63-yearold Judy Christenson remembered a similar escape 40 years ago when, as a young parent, she had to rush her children out of a burning home. Last summer, a wildfire forced her to evacuate and leave her pets behind. Now, Christenson says she leaves harnesses on her pets all the time so she can grab them at a moment’s notice and “Wheneverleave.this happens, I get really bad,” Christenson said from the front seat of a car at an evacuation center in Yreka as Felix, her orange cat, napped in the backseat. “I can’t thinkNestledstraight.”inthe shadow of Mt. Shasta—a 14,000-foot (4,267-meter) volcano that is the second-highest peak in the Cascade Range— Weed is no stranger to wildfires. Strong winds in the area that fan flames drew the town’s founder for a very different reason. Abner Weed, a Civil War soldier who is said to have witnessed the Confederate Gen. Robert E. Lee’s surrender before moving to California, chose to put a sawmill there because the wind would dry out the timber, according to Bob West, a lifelong resident who co-owns Ellie’s Espresso and Bakery, a coffee and sandwich shop that contains some historical items of the town’s past. The winds make Weed and the surrounding area a perilous place for wildfires, whipping small flames into a frenzy. Weed has seen three major fires since 2014, a period of extreme drought that has prompted the largest and most destructive fires in CaliforniaThathistory.drought persists as California heads into what traditionally is the worst of the fire season. Scientists say climate change has made the West warmer and drier over the last three decades and will continue to make weather more extreme and wildfires more frequent andDominiquedestructive.Mathes, 37, said he’s had some close calls with wildfires since he has lived in Weed. But he’s not interested in leaving. “It’s a beautiful place,” he said. “Everybody has risks everywhere, like Florida’s got hurricanes and floods, Louisiana has got tornadoes and all that stuff. So, it happens everywhere. Unfortunately here, it’sEvacuationfires.” orders were quickly put in effect Friday for 7,500 people—including West, who is 53 and has lived in Weed since he was a 1-year-old. He had never had to evacuate for a fire, but now he’s had to do it twice. “It’s way worse than it used to be,” he said. “It affects our community because people leave because they don’t want to rebuild.” Cal Fire Siskiyou Unit Chief Phil Anzo said crews worked all day and night to protect structures in Weed and in a subdivision to the east known as Carrick Addition. He said about 100 structures were destroyed.Twopeople were brought to Mercy Medical Center Mount Shasta. One was in stable condition and the other was transferred to UC Davis Medical Center, which has a burn“There’sunit. a lot at stake on that Mill Fire,” Anzo said. “There’s a lot of communities, a lot of homes there.” Evacuees and firefighters quickly filled up local hotels while others rushed to stay with family and friends outside of the evacuation zone.Vogelsang was not as fortunate. She said she slept on a bench in Weed until she could get a ride to the evacuation center. She said she’s spent most of the time crying about Bella, her 10-year-old English bulldog who—despite her best efforts—would not follow her out of the fire and is lost. “My dog was my everything,” she said. “I just feel like I lost everything that mattered.” Associated Press journalist Stefanie Dazio contributed from Los Angeles.
The day before, flames raced from Roseburg Forest Products, which makes wood products, into Weed’s Lincoln Heights neighborhood where a significant number of homes burned and residents had to flee for their lives. The blaze known as the Mill Fire had spread to more than 6.6 square miles (17 square kilometers) by Saturday evening and was 25 percent contained.
Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of MayThis1979.column accepts articles from the business and academic community for consideration for publication. Articles not exceeding 700 words can be e-mailed to jltantorres@up.edu.ph.
For instance, there have been seven deaths among members of the West Point Society of the Philippines within a span of two years. Quite a large number, considering that WPSP has fewer than 50 members. From 2020 to 2022, WPSP lost Cordova (class of 1989), Lim (1978), Magsino (1951), Luis (1962), Baraoidan (1959), Ramos, as in FVR (1950), and most recently Posadas (1975) who very recently passed due to a heart attack, quite tion,andflicted,infigureswhichfourthplacetowasplasmsplacedflowcular2022countrytheAuthority,Accordingunexpectedly.toPhilippineStatisticsischemicheartdiseaseisnumberonecauseofdeathintheinthefirstthreemonthsofaswellasin2021.Cerebrovas-diseases,whichaffectbloodandbloodvesselsinthebrain,second,whilecancer,neo-tothePSA,rankedthird.Iabitsurprisedsincedeathsduecoronavirusonlystoodatsixthafterdiabetes,whichplacedandhypertensivediseases,wasrankedfifth.ThesePSAtellusthatdeathcancomemanyways.Anotherwaytodieisself-in-asinsuicide.Inrecentyearsamongthemillennialgenera-suicidehasbeenatthefore-
Fire-stricken California town has learned to live on edge
front whenever mental issues are discussed. I personally knew young persons who succumbed to depression that led them to schedule their death, unnaturally. This growing concern can be addressed whenever we engage everyone who we think are depressed or stressed out and letting them know that there are resources available to help them. Engaging them can start by sharing our own experience, as I am sure we have also struggled, one way or another. We can also help prevent these kinds of deaths by encouraging the use of kind language. Some use disparaging terms to describe mental illness, not fully realizing the harmful impact of reinforcing the stigma of mental illness. Death can truly come from unexpected ways and unscheduled days. Both science and the Bible say so. “Show me, Lord, my life’s end and the number of my days; let me know how fleeting my life is (Psalms 39:4). Due to this undeniable fact, believers do their share to face the inevitable. The Bible encourages us that, “Whatever your hand finds to do, do it with all your might, for in the realm of the dead, where you are going, there is neither working nor
DEBIT CREDIT
On a popular Arabic podcast, Saudi political sociologist Khalid AlDakhil recently laid out his ideas for strengthening the kingdom, touching on nuclear energy and the military—and a possible partner, if the rewards are worth it.
“We honestly need to learn from the Israelis,” he said.
Live like we are dying
IN civil law, succession is a mode of transferring ownership of properties and rights effective upon the death of the decedent to his heirs. It is a unique mode of transferring ownership since it is unprogrammed for the most part—the transferor simply has to die for succession to open. For lay people, death entails grief for losing a loved one and a burden for preparing funeral and burial rites. For lawyers, death means a legal process where ownership is transferred from one person to another. Amid this ongoing pandemic, death is all around us.
Joel L. Tan-Torres
Israel . . . continued from A10 planning nor knowledge nor wisdom” (Ecclesiastes 9:10). In simpler language, seize the moment whenever we are given the opportunity to do things here on earth. Since life is fleeting, relationships here on earth are important. As such, there are lessons about preservation, restoration, and salvation. Perhaps for this reason, my father Salvador who turned 90 years old by the time of this publication decided to celebrate life by reconnecting with family and friends. Thinking rationally, I would rather not wait for my own death to have a reunion. I rather appreciate their tributes and testimonies, not from the grave where I can no longer hear. I remember one friend who decided to have some “living eulogy” when he turned 50 years old. An avid golfer, he invited all his friends to speak before him as if they were attending his wake. Eerily as it might sound, my friend PJB seized the opportunity to host an event to appreciate family and friends whom God sent his way. In death and in life, we are given choices. In our laws, death extinguishes our juridical personality to become subject of legal relations. But in our faith, death is not cessation of life. My pastor once taught me that there are 3 kinds of death—physical, spiritual, and eternal. Physical death is what happens to the cycle of life that triggers a transfer of ownership from the decedent to the heirs. Spiritual death happens whenever we either have no relationship with God or, worse, we fail to recognize his Sovereignty that leads to apostasy. Eternal death is the final destined death where fire endlessly torments the soul. This eternal death is something we can prevent while here on earth. We can never be totally prepared for death. As a lawyer, I always encourage clients to write a will by explaining to them the legal consequences of death. As a believer,
I encourage others to prepare for death by having a right relationship with God by acknowledging their sins through confession and repentance. Whenever we place our faith in Jesus Christ as Lord and Savior, we are saved for the Bible tells us Romans 10:9, “If you openly declare that Jesus is Lord and believe in your heart that God raised him from the dead, you will be saved.” Death is certain as salvation is for those who believe. But would we know where exactly we are going when our time comes to bid our farewells to this world? Especially with so many deaths springing up everywhere these days, all too suddenly and oh so closely, wouldn’t this fact now propel us to make that life-changing decision in a death-confronting situation? The consciousness to believe that our citizenship is in Heaven lays the predicate. Philippians 3:20 of the Bible declares so, “But we are citizens of heaven, where the Lord Jesus Christ lives. And we are eagerly waiting for him to return as our Savior.” But the decision to “live” in Heaven rests in our decision to accept the free gift of salvation through Jesus Christ alone —not through our good works nor religious affiliation, much less the prayers of our loved ones after our death, no matter how fervent their intentions are. Let’s decide to live with Christ regardless of how and when we actually die.
The US political landscape is another obstacle, said Alghashian, as Saudi leaders assess Biden is unlikely to muster the will to offer sweeteners they’d want, including security guarantees.Still,American entrepreneur Bruce Gurfein is among those betting even the current gradual opening will be good for business. Gurfein, who’s Jewish and has family in Israel, recently drove a White Nissan Armada from his base in Dubai through Saudi Arabia to Jerusalem—a 26-hour road-trip that he spread out over a week, meeting businesspeople along the way. He’s working on a business accelerator called Future Gig, connecting Israeli startups to the Saudi market and vice versa, with a focus on renewable energy, water scarcity and desert agriculture.Neom,the crown prince’s vision for a high-tech region on the Red Sea coast a 40-minute drive from Israel, could also fuel collaboration.
IN my column last week entitled “Virtual or Face-to-face,” I dwelled on the recent oath taking event for the new Certified Public Accountants (CPAs) who passed their May 2022 licensure examinations. The Professional Regulatory Board of Accountancy (BOA) held a face-to-face mass oath taking on August 22, 2022 at the Manila Hotel.
government is installed after elections later this year. They didn’t get it, partly because the kingdom’s religious and regional prominence dictates different political considerations than those of smaller neighbors. An Israeli business owner visiting Riyadh still can’t make a direct phone call to Tel Aviv, let alone a moneyJasontransfer. Greenblatt, who was a special envoy for the Middle East under former US President Donald Trump and one of the accords’ architects, said the Saudi leadership “recognizes that Israel can be a huge benefit to the region” even if it’s not yet ready to sign any kind of normalization agreement. Greenblatt is raising funds for a blockchain and crypto technology investment vehicle, and said it’s an “aspiration” of his to facilitate Saudi investment into Israel, though he concedes that will take time. Polling by the Washington Institute for Near East Policy suggests growing disappointment with what the Abraham Accords have delivered, with only 19 percent to 25 percent of respondents seeing them positively across Saudi Arabia, the UAE and Bahrain. Yet their existence appears to have encouraged acceptance of unofficial ties with Israel among some in the Gulf, the institute said. Others continue to voice their disapproval. In July, an imam of Mecca’s grand mosque included a supplication against “the usurping, occupying Jews” while leading Friday prayers. And when an Israeli journalist who traveled to Saudi Arabia during a July visit by President Joe Biden found a way into the holy city that’s off-limits to non-Muslims, condemnation wasInswift.thismixed atmosphere, Saudi officials maintain that a resolution between Israelis and Palestinians remains at the core of their policy.Normalization is “borderline offensive to keep talking about” and isn’t a policy goal in and of itself, Princess Reema bint Bandar, Saudi Arabia’s ambassador to the US, said in June. Itwould be counterproductive for Israel to push the Saudis too hard, said Yoel Guzansky, a senior research fellow in Gulf politics at Israel’s Institute for National Security Studies. “Why go too fast?” he said. “You can actually cause damage to the relationship.”
THE PATRIOT Siegfred Bueno Mison, Esq.
Now and then
B usinessMirror reported last week that Senate Majority Leader Joel Villanueva filed Senate Reso lution No. 100 to look into how the government can revive the salt pro duction industry to create jobs and spur economic development. T he senator expressed alarm over the recent DA statement that the Philippines cannot produce enough salt for its own needs be cause of government neglect over the past 15 years. He added that this is “quite shameful” for an ar chipelagic country with more than 36,000 kilometers of shoreline.
Pagcor reinstates ousted TRLEI board at Okada Del Rosario: Be wary in SCS talksenergywithChina
A NY talks with China on sharing energy resources in the West Philippine Sea and blatantly disregarding Philippine sovereign rights over it is consid ered “treason.”Thisisthe reaction of former Foreign Affairs Secretary Alberto Del Rosario to the statement made by Chinese Minister Liu Jianchao last week. Liu, minister of the International Department of the Communist Par ty of China and former Chinese am bassador to Manila, recently visited the country and expressed hopes for the revival of talks with the Philip pines on oil and gas exploration in the West Philippine Sea. “ It seems that there are some legal barriers or legal factors that are standing in the way of a final consensus,” Liu said. “I hope that both sides will move about this issue in a way that is feasible and practical so that the cooperation could be continued and realized.” Del Rosario, chairman of private think tank Stratbase ADR Insti tute, welcomed diplomatic efforts between Manila and Beijing to look at ways to rid the only thorn in their bilateral relationship. However, he stressed that the “only good faith” China can offer at this point is to stop harassing or pre venting Filipinos from exploring and developing the natural resources. He said under the 2016 award by the Permanent Court of Arbi tration, the West Philippine Sea including Reed Bank “exclusively belongs to Filipinos, and no one else.” China, on one hand, has “zero claim” on the West Philippine Sea, he Tinsisted. hus, the former ambassador to the United States said Filipinos “have every right to explore and develop the oil and gas in the West Philippine Sea, including Reed Bank, without interruption or ha rassment from other countries.”
By VG Cabuag @villygc T HE ousted board of Tiger Re sort Leisure and Entertain ment Inc. has been re-instated by regulator Philippine Amusement and Gaming Corp. to operate the $3.3-billion Okada Manila, but Pag cor has retained Japanese gaming tycoon Kazuo Okada as its chairman. A nother scuffle transpired be tween the security groups of the two factions on Friday afternoon at the offices of Okada Manila, which has its entrances at the back of the facility, when some 50 security per sonnel and some 300 officers of the Philippine National Police stormed theTcasino. hescuffle was conducted away from the hotel lobby, unnoticed by the hotel guests and gamblers. How ever, all but one entrance to the fa cility were closed and the elevators were shut down for hours while the takeover was transpiring. Pagcor’s order, dated September 2, effectively withdrew its earlier deci sion to recognize all the board mem bers whom the Kazuo Okada group had installed after ousting all the TRLEI board in late May. The move was con ducted after the Supreme Court issued a status quo ante order for Kazuo to return as chairman of the company when he was ousted in 2017. “ Pagcor will continue to comply with the SQAO [the Supreme Court’s status quo ante order] and will only recognize Mr. Kazuo Okada as stock holder, director, chairman and CEO of TRLEI, but withdraws its recog nition with respect to Mr. Dindo A. Espeleta as the authorized represen tative of TRLEI unless Mr. Dindo A. Espeleta is able to show his author ity in accordance with the SQAO and DOJ [Department of Justice],” Pagcor’s order said. T he Pagcor order was based main ly on the opinion that the DOJ re leased on September 1. A s a result, Pagcor also issued a cease and desist order prohibiting Antonio O. Cojuangco, Espeleta, Maximo Modesto Joel C. Flores, Tet suya Yokota and Hiroshi Kawamura and all persons acting under their authority “from discharging their functions in connection with Oka da Manila’s casino operations and from further disbursing funds in the Okada Manila cage and to peace fully vacate the gaming premises of Okada Manila’s casino and its of fices unless they are able to present a valid authority in accordance with the SQAO and DOJ Opinion dated 01 September 2022.” The state-run firm’s order was signed by acting corporate secretary Jessa Mariz R. Fernandez. “Webelieve that the order from the Pagcor affirms our position in the intra-corporate dispute in Okada Manila. It is consistent with both the letter and spirit of the SQAO of the Supreme Court. We are hopeful that both the high tribunal and the Court of Appeals will agree and this issue can be put to rest very soon,” Tiger Resorts Asia Ltd. Director Kenshi Asano said in a statement. Hong Kong-based Tiger Resorts Asia owns TRLEI. While we have successfully re taken control over the management and premises of Okada Manila, we will remain focused on resolving this matter with finality. A favorable out come will help the Philippines regain the trust of international investors,” Asano said. I n a statement, the Kazuo camp said Pagcor’s role is merely to validate who is fit to hold a board position in Okada Manila and not to appoint any specific individuals to positions in the Pagcor’scompany. swift action circumvent ed all manner of legal process which includes the issuance of memos and the relevant information to the Ka zuo Okada-led management team first before the actual serving of the CDO [cease and desist order] and the physical removal of the Okada led management from the company premises,” it said. “ Chairman Kazuo Okada and his group vowed to sustain positive gains of Okada Manila following the reinstatement and will not accept an opinion that is not supported and promulgated by the proper courts. Chairman Kazuo stresses that legal actions will be initiated and he has complete trust in the justice system of the Philippines. The chairman also prioritizes the welfare of the employees and stakeholders,” it said.
T he Philippine Chamber of Agri culture and Food Inc. had recently said the country currently imports 93 percent of its salt from Australia and China. This, Villanueva noted, is a stark contrast from 1990 when the country was only importing 15 percent of its requirements. V illanueva said the government must immediately address major hurdles to developing the country’s salt production industry, such as the lack of proper storage facilities, and of equipment such as water pumps and boats for hauling and storing salt.
AUTOHUB GRP, CSBANK INK EUROPEAN MOTORBIKE LOANS
By Andrea San Juan ASALT shortage is possible if the needs of the salt industry won’t be addressed by the government, according to the Department of Trade and Industry (DTI).
No shortage in salt yet, but govt must help dying sector
D uring a radio show on Sat urday, DTI-Consumer Protection Group (CPG) Undersecretary Ruth B. Castelo said manufacturers have confirmed that there’s no actual shortage in salt. H owever, Castelo said, “But there is potential shortage kung hindi sila maaasistehan ng govern ment [if they won’t get help from theCgovernment].” astelosaidthatthe salt industry needs to be developed and it should coordinate with the appropriate agencies as the industry also has its fair share of concerns, especially related to local production. In fact, the Trade undersecretary cited agricultural lands for salt pro duction being converted into com mercial and residential areas as among the concerns of the industry. First among their concerns, ag ricultural land used salt production is being converted; they’re becoming commercial, residential, for subdivi sions or buildings, or condominiums. But there are many farmers involved in the salt industry so we really have to help them so they can maintain the industry,” said Castelo. T he Trade undersecretary said that while the Philippines, an ar chipelagic country, has 37,000 kilometers of shoreline and while Vietnam only has about 3,000 km of shoreline, Vietnam is able to export salt. I ronically, with the long shore line figure in the Philippines, “we are able to produce only 7 percent of the total requirement of the country,” said Castelo.
T he Department of Agriculture (DA) also said earlier that at least 93 M AJOR automotive player AUTOHUB Group signed an agree ment for the financing of their European motorcycle lines that include Vespa, Aprilia and Tri umph with CSBank (Citystate Savings Bank) through its Eu roCycleLoan.Theagreement was signed last September 1, 2022, at the Autohub Group Showroom at the Bonifacio Global City, Taguig.EuroCycleLoan is an exclu sive product developed by CS Bank for Autohub to cater to its 2-wheel European motorcycle brands with a minimum down payment of 20 percent and max imum term of 36 months. This includes Vespa (S125, Prima vera, Sprint and GTS), Aprilia (SR GT), and Triumph (all vari ants). The imported CBU units are well-known for their top performance, reliability, and high Araneta,brands,”astsdiscerningtoourandthroughownership-satisfactionAutohub’saftersalesservicesupport.WearepleasedtopresentEuroCycleLoan,designedberesponsivetotheneedsofmotorcycleenthusiwhoprefertopEuropeansaidJaimeValentinL.CSBankChiefOperat ing Officer. Autohub’s Chairman Willy Q. Tee Ten added, “We wel come the EuroCycleLoan as a fi nancing instrument that allows more convenience to owning the best European motorcycle brands in the market.” P resent at the signing cer emony were Autohub’s Chair man Willy Q Tee Ten; CSBank’s COO Jaime Valentin L. Araneta; Vespa GM Bienvenido Fontanil la; Triumph Motorcycle Philip pines GM Samuel Montecastro; Autohub Financing and Insur ance Manager Ginny E. Ampil; CSBank Autoloans Head Arvin Ison, CSBank HOB-South Clus ter Head Domingo Ortiz, CS Bank Branch Banking Head Li zette Cuezon, and other officers and team members from CSBank and Autohub. T he EuroCycleLoan can be availed of at all CSBank branches and through the Autohub motor cycle showrooms (Vespa Green hills, Marikina, CDO, BGC and Valenzuela; Triumph Greenhills and BGC). Interested parties may email Vespa’s internal sales manager, Ms. Julianne Chan —j chan@autohubgroup.com and Triumph’s sales manager, Cris Cataroja— ccataroja@autohub group.com. See “Autohub,” A2
A12 Monday, September 5, 2022 See “Del Rosario,” A2 percent, or 550,000 metric tons of the salt supply in the country is be ing imported, and only 7 percent is locally produced, despite the coun try’s more than 36,000 kilometers of shoreline. Still,theTrade official said she is hopeful since Trade Secretary Alfredo E. Pascual “is into indus try development,” and that with such thrust for industry develop ment, the DTI is fully equipped to address the issues and concerns of industries. Inaseparate televised inter view, Castelo said that the country currently has 32 salt manufac turers and eight companies that repack salt. A s for the price increase in salt, Castelo noted that it won’t affect dried salted fish such as Tuyo and Da ing since “the prices that we increased are the ones that you buy in super markets or grocery stores” or the ones for household consumption. C astelo added that the dried salted fish has a different source of salt since producers are using industrial salt or rock salt. E arlier, Castelo said DTI ap proved the price increase for salt in the Suggested Retail Price (SRP) Bulletin published on August 12 because some manufacturers have not enjoyed a price increase in the past four to six years. This—and not the alleged shortage in salt— is why local manufacturers of salt in creased their prices, Castelo noted.
the single-digit
psE p resident and CEo Ramon s Monzon attributed the higher number of Ipos for the year to a confluence of several factors, including the implementation of some of its policies and program that sought to entice more companies to go public. “We see companies requiring capital to fund their post-pandemic recovery plans. At this time of high interest rate regime, selling shares to the public is a more viable option than taking out loans. It helps that we relaxed our listing rules last year and government repealed the I p o tax under Republic Act n o 11494 also known as the Bayanihan to Recover as o n e Act or Bayanihan II.” The p sE has so far recorded 8 I p o s for the year, or the same number for the entire 2021, but three more companies are expected to list before the end of 2022.
By VG Cabuag @villygc
‘IPOs to hit record this year’
Upson International Corp. (Upson), a major retailer of personal computers and information technology products, is bullish on the recovery of the country’s economy as it is set to open more stores until 2026.
The Philippine Stock Exchange (PSE) is set to post this year the highest number of initial public offerings (IPOs) in 26 years and put an end to number of maiden offerings since 1997.
The additional stores will bring the company’s retail space to 25,000 square meters, from 23,452.03 sq.m. as of March 31. Upson president and CEo Arlene T. sy said the company is allocating p3.55 billion of the net proceeds of its initial public offering for store network expansion. The company recently unveiled its 200th store with the opening of the newest octagon Computer superstore in pinamalayan, Mindoro. This newest retail store occupies a corner lot in a roadside location within the town proper, offering a retail space of 180 square meters. “We are excited to be able to reach out to more customers across the country through our expansive network. With the opening of our 200th store, Upson aims to continue to provide direct access to an updated suite of IT products to every region in the philippines,” sy said. The Upson chief told the BusinessMirror that its net income last year nearly doubled to p403.6 million from p206.7 million while its revenues rose by 5 percent yearon-year to p8.5 billion. s he said the “prolonged lockdowns” gave rise to new norms, such as working from home and online learning, which increased the consumers’ need for computers and its peripherals. The shift allowed the company to offset the revenue loss caused by the temporary closure of some malls and the significant decrease in foot traffic. “Given these new norms, our revenues grew and demand for our products, such as computers and communication devices, increased.”Upson also opened 3 other retail stores—a Micro Valley branch in sM sucat as well as two other concept stores, namely Acer and Brother, in Limketkai Mall, Cagayan de oro City. “It has been 18 years since we opened our first o c tagon Computer superstore.” The company offers over 13,000 IT products in their various retail outlets like o ct agon Computer superstore, Micro Valley, and Gadget King. It also has concept stores to carry exclusive brands such as Acer, H p, Brother, and si lvertec. Rizal Raoul S. Reyes
Upson allots ₧3.55B for additional stores BusinessMirrorEditor: Jennifer A. Ng Companies B1Monday, September 5, 2022
The record number of offerings was reached in 1994, when the p sE h ad 21 I p o s The amended listing rules of the p sE and the Bayanihan II I p o tax repeal have contributed to a faster, more accessible road to I p o the bourse said. In March 2021, the s e curities and Exchange Commission approved the amendments to p sE ’s consolidated listing and disclosure rules. Among the salient items in the amended rules include the time-bound relief for I p o s filed in 2021 and 2022. This provision permits the p sE to consider, on a case-to-case basis, the profitability of the applicant for any two fiscal years in the three most recent fiscal years, excluding the year of the impact of the Covid-19 pandemic. For instance, if the pandemicinduced negative impact on the financial condition and results of operations occurred in 2020, the two most recent fiscal years will be 2019 and 2021. sp ecific requirements for main and small, medium and emerging (sM E) board listing were also introduced.Forthe main board, the p sE previously required that the profit test, market capitalization test and shareholders’ equity requirements should be satisfied. Under the new rules, the market capitalization test was removed but the two other requirements must be met by the I p oTheapplicant.profittest was also revised such that the applicant-company must show a net income of p 75 million for the last three financial years and a net income of p50 million for the most recent financialInyear.the past, the profit test used the company’s earnings before interest, taxes, depreciation and amortization (EBITDA), requiring at least p50 million for the last three years and a minimum EBITDA of p 10 million for each of the three years as gauge. For the sME board, from a purely EBITDA-based screening, the applicant now has the option to satisfy either the EBITDA requirement or the net sales or operating revenue of at least p 150 million for the last three years or such shorter period as the company has been operating. It also needs to show at least a 20 percent average growth rate for net sales or operating revenues over the latest two years. The bourse also shortened to two years from three years the operating history requirement.“Thereare several companies that do not qualify to list based solely on the sM E board listing requirements. We want the stock market to be accessible to these businesses and give them equal opportunity to raise capital through equity financing, especially if they are profitable and have rosy growth prospects,” Monzon said. To further assist potential listing applicants in their future I p o journey, the p s E is hosting the Road to I p o 2022 forum on s e ptember 15. The virtual session aims to help business owners understand the strategic value of becoming a publicly listed company and obtain firsthand information on how to prepare for a maiden share offering from members of an I p o deal team. “We want this Road to Ipo activity to dispel the notion that an Ipo is a daunting undertaking. Through this forum, we want to demystify the Ipo process and simplify what is seemingly technical about going public with the help of speakers that have conducted their own Ipos and those who are tapped by companies to help them in their Ipo journey,” Monzon said.
Perspectives Developing an effective ESG reporting strategy
n Assessing the remaining ESG metrics (over 100 KPis) and prioritizing the highest risk items. We then process-mapped these items and developed RACMs that highlighted controls gaps and improvements.
5. Reporting and disclosure structure. Current requirements and investor pressure are causing organizations to focus on demonstrating compliance rather than disclosing opportunities.Whilewecontinue to see new regulatory requirements, there is a drive to achieve convergence.Thenew international Sustainability Standards Board (iSSB) requirements expect companies to disclose ESG-related information in the annual report, with limited linkages to external reports. However, there is an expectation that ESG disclosures in the front half of an annual report will be linked to the financial statements. This represents a significant uplift from what is currently disclosed.
The bulk of the revenues during the month came from all collection districts at P77.9 billion. Revenues were also collected from the Tax Expenditure Fund (P677.4 million) and Post-Clearance Audit Group (P248.2 million).All17 ports surpassed their tar-
By VG Cabuag @villygc
KPMG approach OUR Financial Services ESG team provided end-to-end support that enabled the client to achieve its ESG and Task Force on Climate-related Financial Disclosures (TCFD) objectives.
For the SB US Technology Equity index Feeder Fund, investors can gain access to the feeder fund’s Target Fund, invesco Nasdaq-100 ETF. Through its target fund, the iShares ESG Aware MCSi USA ETF, Filipinos will be able to integrate ESG into their portfolio whilst still achieving potential larger returns from the US equity market.
‘Focus on food supply, agri to tame inflation’ Security Bank to launch three new UITF products Regulation fees bulk of ERC’s high revenue goal
Key takeaways n Consider automated solution for reporting; n Ensure greater involvement of finance, particularly in defining the controls framework, assessing data or other reporting aspects; n implement independent review of process and controls over reporting, relevant for assurance readiness. Case study: Ensuring ESG assurance readiness in a global insurance company Our client, a global insurance company, sought to obtain reasonable assurance from its external auditors on its TCFD statements for 2021. it has a longer-term goal to achieve the same for all its ESG disclosures.
“What we do in September 2022 will affect food prices in May 2023. So, we better get these next 30 days right,” the lawmaker added.
By Bernadette D. Nicolas @BNicolasBM THE Bureau of Customs (BOC) collected P78.9 billion in August, beating its monthly collection target for the eighth consecutive time this year. gets and cumulatively hit a P15.8 billion or 25-percent surplus. Acting Customs Commissioner Yogi Filemon Ruiz earlier said the BOC aimed to hit another recordhigh monthly collection this August, even higher than the agency’s revenue take in July this year of P84.4 billion.Ruiz, however, admitted the objective faced a challenge in the observance of the Chinese “Ghost Month” festival when most people eschew making big-life decisions, including in business.Sincethe start of this year, the BOC has generated revenues amounting to P559.2 billion as of end-July, surging by 35.6 percent from P412 billion collected in the same period last year. This year, the BOC is tasked to collect P721.5 billion this year. Ruiz earlier expressed confidence the agency is on track to hit its higher internal collection goal of P740Thebillion.Acting Customs chief has also vowed to replace district collectors who will fall short of their assigned revenue targets. Ruiz said the move is in line with the marching order of President Ferdinand R. Marcos Jr. to improve the bureau’s revenue generation.Apartfrom increasing revenue generation, Ruiz said the President also ordered him to eliminate the smuggling of illegal drugs, firearms and agricultural products as well as full automation and digitalization of Customs processes.
SECURi T Y Bank Corp. said its trust and asset management group will launch three new unit investment trust funds in the coming days into its roster of investment product offerings to provide the public more ways to invest and diversify their financial portfolios. Through the new funds, Filipinos with a moderatelyconservative and aggressive risk profile can access new financial growth opportunities with an investment time horizon from six months to at least three years. These funds will be available starting September 6, it said. “We’re excited to offer these new funds to our clients who would like to expand their investment horizon with new diverse ways to grow their hard-earned money. We hope these new Ui T Fs will encourage more Filipinos to access the financial markets not only locally but also the US markets and invest,” Noel Reyes, the group’s chief investment officer, said.
Banking&Finance Customs bureau rakes in
What was achieved?
Key takeaways n identify mandatory frameworks and scope of reporting by jurisdiction; n Decompose/interpret the requirements; n identify reporting differences for Group reporting; n Develop policies and manuals. 3. Target operating model—Processes, data and systems. There has been a lack of investment in developing an ESG reporting framework that is consistent with the financial reportingConsequently,framework.there are significant gaps and weaknesses in ESG reporting around issues such as data quality, highly manual processes, and the lack of robust controls. The challenge for corporates is to design a target operating model (TOM) that facilitates ESG planning, reporting and monitoring, while also aligning with emerging mandatory reporting requirements, such as the UK SOx regime. Ensuring a robust TOM is vital to ensure readiness for limited assurance or audit. Key takeaways n Design a TOM that aligns both ESG and financial reporting priorities. 4. Resource challenges for SMEs. Companies that are “smaller” but still meeting the threshold to report, will struggle to get up to speed with the requirements and will end up implementing ESG reporting “by the side of theirLimiteddesks.”resources in financial reporting and risk functions, for example, could hinder the effective monitoring of ESG compliance and reporting (including internal managementOnereporting).solutionis to develop appropriate training programs and materials, but the emerging nature of ESG requirements imply that training modules rapidly become out of date as obligations and reporting regimes continue to evolve.
Key takeaways n Assess materiality to determine metrics and KPis for reporting and disclosures; n Determine the appropriate approach for scenario analysis. 2. Mandatory requirements, governance and framework. Keeping up with these rapidly evolving frameworks also means teams must continually develop their knowledge and understanding of obligations and implications, making it harder to define and adhere to a clear timeline for ESG reporting. Meanwhile, existing frameworks require increased robustness to ensure the processes and controls are at the level of financial reporting.
UNCERTA iN T iE S concerning reporting requirements and disclosures are among the biggest challenges in the world as organizations navigating their Environmental, Social and Governance (ESG) journey.Theobligation for companies to report on their financial performance and disclose information that may affect their trading performance is not new. The developing ESG framework, however, is introducing a whole new strip of requirements and obligations. Moreover, the penalties for non-compliance are substantial, in terms of both financial consequences and reputational risks. in this article, we highlight five key areas for businesses to focus on when developing their ESG reporting strategy.
n Supporting the implementation of a new risk and controls tool that will host the process maps and RACMs. We worked with the client and an external supplier to tailor the approach to accommodate TCFD and broader ESG reporting.
KPMG Intl. Ltd. is a private English company limited by guarantee and does not provide services to clients. For more information on KPMG in the Philippines, you may send a message through ph-marketsph@kpmg.com or visit www. home.kpmg/ph.
BusinessMirror Editor: Dennis D. Estopace • Monday, September 5, 2022 B3www.news.businessmirror@gmail.com
The initial investment amount for the two new feeder funds is $1,000 and minimum top up is $500. Clients investing in these feeder funds are recommended to stay invested for at least three years to maximize returns typical of investing in equity fund, it said.
n Better clarity on ownership of processes, risks, controls, data, and reporting requirements; n Clear remediation plan for gaps in risks and controls; n Readiness for assurance and clarity on areas where issues may arise; n Comfort for the audit committee in terms of controls governance standards.
Key areas 1. Strategy and approach. A key challenge is to ensure there is no conflict between compliance with ESG reporting requirements and the business’s growth strategy. Embedding ESG into an organization’s strategy is difficult because ESG itself is incredibly broad, encompassing many stakeholders with competing interests. While there is generally an ESG or sustainability owner or committee clearly identified in an organization, the owner of ESG reporting is often less clear.
The company has a mature SOx-style controls framework for its financial reporting processes and controls and sought to define and align its ESG processes to help achieve reasonable assurance. To ensure rigour and clarity in climate reporting, the client also required support from KPMG in drafting a climate reporting manual.
₧78.9B on rising imports
The second-biggest revenue collection agency said in a statement issued last Sunday that it exceeded its P58.8-billion goal for the month by P34.1 percent or P20 billion on the back of intensified collection efforts, streamlined digitized systems and higher volume of imports.
By Jovee Marie N. dela Cruz @joveemarie A N economist-lawmaker has said that the public can expect a rollback or net reduction in prices every month for the rest of the year for oil prices but asked the government to focus on anti-inflation efforts, particularly on food supply and agriculture productivity.House Committee on Ways and Means Chairman Joey Sarte Salceda made a statement over the weekend as “the supply deficit of global oil is narrowing and supply is increasing at a faster rate than demand.” Salceda, however, urged the government “to focus its efforts on agriculture, because there will still be some second-round effects on food prices, as agricultural input prices are still high although declining.”“TheFilipino people, who are net buyers of oil from the world market, can expect some slight to moderate relief on oil prices as global oil supply-demand imbalance appears to be easing. July oil supply deficit narrowed to around 600,000 stock tank barrels, the lowest for the whole of 2022. Oil supply in July also grew by 0.28 percent but demand grew by just 0.07 percent,” he said. With the US Federal Reserve maintaining its policy of gradual rate hikes and with domestic pressure among US leaders to increase oil supply, as well as global adjustment to a stalemate in Ukraine, Salceda said he expects net price reductions on oil prices every month for the rest of “Oil2022.futures data appears to say so, as well,” he added. Salceda, a former investment analyst for global banks, says that he expects to see “something similar to the recovery post-Global Financial Crisis, when oil prices peaked in April 2011, before settling down by September the same year.” The lawmaker added global crude prices could go below $80 for the first time by October this year. He said prices from there will play between $80 and $95 “until global tensions ease“So,permanently.”wecanbegin changing our mindset from oil prices to food prices, which is experiencing nonoil threats, such as climate,” the lawmaker said. Crucial month SALCEDA said that the government can instead focus on lower food prices during “a crucial month of September.”“September will be very critical. Planting season for rice starts. Some milling of sugar is already happening. And corn domestic supply is supposed to begin narrowing this month, as planting takes place next month,” he explained. Salceda urged the government to focus on fertilizer, financial assistance and irrigation maintenance this month for rice, to ensure that a bumper crop. The lawmaker said he talked to Agriculture Undersecretary Domingo F. Panganiban who, Salceda added, “is quite confident that a strong domestic harvest for rice this season will help us tide the effects of more expensive rice imports.” “So that’s what we need to work on: a strong rice crop this planting season. Free fertilizers distributed in a timely manner and financial assistance to buy even more fertilizers and inputs, will be crucial.” Salceda said Panganiban assured him “these efforts are moving.”
Key takeaways n Allow current resources to undertake external training and thought leadership events; n Engage with peers in forums to understand how ESG is implemented; n Attend external forums and engage with external SMEs to obtain knowledge transfer; and/or support.
To address these requirements, companies will need to move to business-as-usual ESG planning, reporting and monitoring, consistent with their financial, regulatory and reporting obligations.
By Lenie Lectura @llectura THE Energy Regulatory Commission (ERC) is projecting revenues to hit P3.429 billion untilThe2025.agency told lawmakers last week that this year’s target revenue is set at P970.189 million. For 2023, 2024 and 2025, the projected numbers are P812.496 million, P814.144 million and P832.689 million, respectively.AsofJune 30 this year, the ERC’s total collection stood at P214.535 million. This is equivalent to 22.11 percent of the total revenue target. Bulk of the ERC’s collection will come from supervision and regulation fees (SRF), which will be collected by the end of September 2022. The SRF makes up 72 percent of the agency’s revenue; permits and licenses, 22 percent; meter testing fees, five percent; and, other income, oneThepercent.projected SRF to be collected every year until 2025 is P700 million. The agency also presented its goals for next year. These are restructuring for enhanced efficiency in government, least cost pricing towards affordability, supporting the quest for energy security, adopting regulatory framework for new technologies to support energy security and advancing consumer empowerment.Underthe least cost pricing goal, the ERC said it will initiate, together with the Department of Energy (DOE), initiate a review of the Competitive Selection Process (CSP) policy to include, among others, technical standards and pricing parameters.itwillalso review and update parameters of distribution utilities’ compliance with “least cost” supply obligation; review and revise framework on universal chargemissionary electrification and recovery of system loss; pursue regulatory reset exercise for distribution utilities; and, complete regulatory reset for National Grid Corp. of the Philippines. Also for next year, the ERC is targeting to promulgate the rules on the offshore wind technology, rules on net–metering for off-grid, establish the regulatory framework for energy storage systems and electric vehicle and provide technical and service performance standards for microgridThesystem.agency is asking for a budget of roughly P1.038 billion for 2023, higher than the approved budget of P879.163 million this year and in the previous year’s approved budget of nearly P1.028 billion. As of June this year, the agency has utilized 36.43 percent of its budget this year.
For the more aggressive investor, the bank is also launching its new thematic funds, the SB US Technology Equity index Feeder Fund, which give access to US stocks in the technology sector through the invesco Nasdaq 100 ETF, which comprise of the largest 100 innovative companies that are driving growth in the US. These include companies such as Apple, Microsoft, Amazon, Tesla and Meanwhile,Google.its SB ESG Aware Equity index Feeder Fund will tap large and mid-cap ESG-focused, or environment, social and governance, US companies through the iShares ESG Aware MSCi USA ETF.
To cater to the moderately conservative investor, the bank is launching the SB Peso Cash Management Fund. The bank said it lowered the minimum investment amount to P5,000 from P10,000 for its other peso U i T Fs. By investing in this fund, investors can access high yielding Bank deposits and short-term government and BSP securities and with much less volatility as duration is shorter than most money market funds offered in the market, said Dino Aquino, the group’s fund manager.
How KPMG can help OUR ESG specialists bring a wealth of experience across industries and skillsets with the ability to transform your reporting and disclosures.
This included: n Developing a detailed climate reporting manual which was embedded into the client’s suite of financial reporting manuals n Producing process maps to support TCFD climate metrics, highlighting risk and controls and building a detailed SOx-style risk and controls matrix (RACM). As part of this, we highlighted control gaps and improvement areas. n Drafting a report setting out the remediations required and then supporting the client to deliver the identified remediations.
wood and paper import er told AP that while it stopped any new orders in February, it had vast amounts of lumber in Russia that already had been paid for; the final shipment arrived in the US in July.
Other S O far this year, almost 4,000 tons of Russian bullets have also arrived in the US, where they were distributed to gun shops and ammo dealers. Some were sold to US buyers by Russian state-owned companies, while oth ers came from at least one sanctioned oligarch. Those shipments slowed sig
Tirus US sells titanium to more than 300 companies in 48 countries, includ ing a range of US buyers, from jewelry makers to aerospace companies. Wood RU SSIA S v ast forests are some of the largest in the world. After Canada, Russia is the second largest exporter of wood, and has some of the only mills that can make strong, solid Baltic birch plywood, flooring used throughout the US. This year, the Biden administra tion began imposing tariffs on Rus sian wood exports, a move which infuriated Ronald Liberatori, a Ne vada-based wood dealer who sells Russian grown Baltic birch to all the major furniture makers, construction companies and flooring manufactur ers in the US. “The problem here is Russia is the only country in the world that makes this product,” he said. “There’s no al ternative source.” He said that on top of the tariff, he had to put up an $800,000 bond to ensure he’d pay the tax, further driv ing up “Who’sprices.paying for this? Who? You and every other individual in the United States,” he said. “We’re so damned upset with what Biden has done. This is a government versus governmentLiberatoriissue.”said decision-makers need to consider who is going to be more hurt by tariffs before impos ingAnotherthem.
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By Juliet Linderman & Martha Mendoza The Associated Press O N a hot, humid East Coast day this sum mer, a massive con tainer ship pulled into the Port of Baltimore loaded with sheets of plywood, alumi num rods and radioactive material–all sourced from the fields, forests and factories of PresidentRussia.JoeBiden promised to “inflict pain” and deal “a crushing blow” on Vladimir Putin through trade restrictions on commodities like vodka, diamonds and gasoline in the wake of Russia’s invasion of Ukraine six months ago. But hundreds of other types of unsanctioned goods worth billions of dollars, including those found on the ship bound for Baltimore from St. Petersburg, Russia, continue to flow into US ports. The Associated Press found more than 3,600 shipments of wood, metals, rubber and other goods have arrived at US ports from Russia since it began launching missiles and airstrikes into its neighbor in February. That’s a sig nificant drop from the same period in 2021 when about 6,000 shipments ar rived, but it still adds up to more than $1 billion worth of commerce a month. In reality, no one involved actu ally expected trade to drag to a halt after the invasion. Banning imports of certain items would likely do more harm to those sectors in the US than in Russia.“When we impose sanctions, it could disrupt global trade. So our job is to think about which sanctions deliver the most impact while also allowing global trade to work,” Ambassador Jim O’Brien, who heads the State Depart ment’s Office of Sanctions Coordina tion, told the AP. Experts say the global economy is so intertwined that sanctions must be limited in scope to avoid driving up prices in an already unstable market. Also, US sanctions don’t exist in a vacuum; layers of European Union and UK bans result in convoluted trade rules that can be confusing to buyers, sellers and policymakers. For example, the Biden adminis tration and the EU released separate lists of Russian companies that can not receive exports, but at least one of those companies—which supplies the Russian military with metal to make fighter jets currently dropping bombs in Ukraine–-is still selling millions of dollars of metal to American and European firms, AP found. While some US importers are sourcing alternative materials else where, others say they have no choice. In the case of wood imports, Russia’s dense birch forests create such hard, strong timber that most American wooden classroom furniture, and much home flooring, is made from it. Shipping containers of Russian items—groats, weightlifting shoes, crypto mining gear, even pillows— arrive at US ports almost every day. A breakdown of imported goods from Russia shows some items are clearly legal and even encouraged by the Biden administration, like the more than 100 shipments of fertilizer that have arrived since the invasion. Now-banned products like Russian oil and gas continued to arrive in US ports long after the announcement of sanctions due to “wind down” periods, allowing companies to complete exist ingIncontracts.somecases, the origin of prod ucts shipped out of Russian ports can be difficult to discern. US energy companies are continuing to import oil from Kazakhstan through Russian ports, even though that oil is some times mixed with Russian fuel. Trade experts warn that Russian suppliers are unreliable, and opaque corporate structures of most major Russian companies make it difficult to deter mine whether they have ties to the government.“Itisageneral rule: when you have sanctions, you’ll have all kinds of murky schemes and illicit trade,” said Russian economist Konstantin Sonin, who teaches at the University of Chicago. “Still, sanctions make sense because even though you can not kill 100% of revenues, you can reduceManythem.”American companies are choosing to cut off Russian trade. Coors beer, for example, returned a shipment of hops to a state-owned Russian company in May as part of a commitment to suspend all business in the country, said Molson Coors Beverage Co. spokeswoman Jennifer Martinez.Russiaand the US were never major trading partners, and so sanctioning imports is only a very small slice of the retaliatory strategy. Restrictions on exports from the US–-of technology in particular–-cause more damage to the Russian economy, and sanctioning the Russian Central Bank has frozen Russia’s access to roughly $600 billion in currency reserves held across the US and Nonetheless,Europe. sanctions carry a symbolic weight beyond the financial harm they might inflict, particularly for American consumers horrified by the Here’swar.a look at some of the goods that have flowed between the two countries: Metals RUSSIA i s a key exporter of metals like aluminum, steel and titanium; cutting off that trade could dramati cally drive up prices for Americans already grappling with inflation, said Morgan Stanley economist Jacob Nell. “The basic idea with sanctions is that you’re trying to act in a way that causes more pain to the other side and less pain to yourself,” he said. Most American companies dealing in metals have longstanding relation ships with Russian suppliers. Such trade, particularly of aluminum, has continued virtually uninterrupted since the beginning of the war. AP found more than 900 shipments totaling more than 264 million tons of metals since February. Russia is one of the largest producers of unwrought aluminum outside of China and a sig nificant global exporter. But the war has affected that global market as well. “Like all manufacturers,” said Aluminum Association spokesperson Matt Meenan, “we have seen supply chain impacts in terms of increased energy costs and other inflationary pressures which the invasion exac erbated.”Russian aluminum ends up in American car parts and airplanes, soda cans and cables, ladders and solar racks. The largest US buyer at the start of 2022 was a subsidiary of Russianowned global aluminum giant Rusal. In April, Rusal America’s senior ex ecutives bought the US-based part of the company and rebranded it as PerenniAL. In July alone, PerenniAL imported more than 35,000 tons from Russia. The company did not respond to requests for comment. Also, among the private companies choosing to source materials from Russia are US government contrac tors supported by federal tax dollars. Boeing, the world’s largest aerospace company signed a federal contract for up to $23.8 billion in 2021; it im ported 20 tons of aluminum in June from Kamensk-Uralsky Metallurgi cal Works. In March, the US banned exports to Kamensk-Uralsky because it supplies metals to the Russian military, but placed no restrictions on imports. A Boeing representative said the company made the decision to end trade with Russia in March, and explained that the shipment that arrived in June had been purchased four months before. Another metal importer, Tirus US, is owned by Russian company VSMPOAVISMA, the world’s largest titanium producer. VSMPO also provides metal to the Russian military to build fight er jets. The company’s broad global footprint and specific product—ti tanium—underscores the challenges of isolating Russia from global trade.
nificantly after April. AP also tracked millions of dollars worth of shipments of radioactive uranium hexafluoride from Russian state-owned Tenex JSC, the world’s largest exporter of initial nuclear fuel cycle products, to Westinghouse Electric Co. in South Carolina. Nuclear material is not Westinghousesanctioned.spokeswoman Cathy Mann said that as part of the nuclear fuel manufacturing process, their fuel fabrication facilities receive en riched uranium product and convert it into fuel pellets. She said Westing house doesn’t own the uranium used to make fuel. That material belongs to customers who operate nuclear power plants throughout the world. “As a result, our customers have the accountability to determine where a nd from whom the materials are procured–some of which is sourced from Russia or enriched by a Russian company,” she said. “Westinghouse condemns Russia’s invasion and the resulting hostility and loss of life.” In addition, some of the products sent to the US from Russian ports continue on to Mexico and Canada. Toyota vehicle components, for ex ample, arrived last month in New Or leans bound for a Mexican plant run by Toyota Tshusho, the car company’s tradingRadioactivearm. material sent from Russia to the US is hauled north of the border to sterilize packaged medi cal supplies used throughout North America.Although imports of some food items, such as seafood and vodka, have been restricted, the Treasury Department last month published a fact sheet reiterating that agricultural trade between the US and Russia is still very much allowed.
“That means Russian oil will no longer be acceptable at US ports, and the American people will deal an other powerful blow to Putin’s war machine,” he said. Within hours, there were reports that a ship carrying 1 million barrels of Russian oil to the US changed course to France. But plenty of others pushed on. That week, about a million barrels of Russian crude oil had arrived off the port of Philadelphia, bound for Delta Airlines’ oil refinery Monroe Energy. Meanwhile, a tanker with about 75,000 barrels of Russian tar oil pulled into the port of Texas City, Texas, bound for Valero’s refineries after a long north Atlantic crossing, according to trade records. The shipments continued to Valero, ExxonMobil and others. ExxonMobil media manager Julie King told AP a July oil delivery was of Kazakh origin and not subject to sanctions. She said Exxon “supports the internationally coordinated efforts to bring Russia’s unprovoked attack to an end, and are complying with all sanctions.” Monroe spokesman Adam Gattuso said the company has not received any more Russian fuel and doesn’t “anticipate doing so for the foresee able future.” Valero did not respond to requests for comment. Andrea Schlaepfer, a spokesperson for Dutch fuel exporter Vitol, said that all of its oil and gas shipments since April 22 have been from Kazakhstan, where pipelines and rail networks run from the landlocked country’s oil fields and refineries to neighboring Russian ports. For the use of its port infrastruc ture, moorings and fees, Russia makes about $10 million each year. Schlaepfer said US Customs and Border Protection agents review and verify that its shipments entering the US don’t contain Russian products. But CBP did not answer repeated questions about how it handles sanc tions and bans on Russian goods. A CBP fact sheet says it plays a “critical role” in enforcing prohibitions on im ports, however a spokesman repeat edly referred The AP to the State and Treasury departments.
AP/Julio Cortez
SHIPPING containers are stacked together at the Port of Baltimore, August 12, 2022, in Baltimore. During the summer, a massive container ship pulled into port loaded with sheets of plywood, aluminum rods and radioactive material–all sourced from the fields, forests and factories of Russia.
Fuel O N M arch 8, Biden announced the United States is banning all imports of Russian oil, gas and energy, “targeting the main artery of Russia’s economy.”
The Red October chocolate factory sits just across from the Kremlin in Moscow. Today it’s a tourist attrac tion with apartments, stores and restaurants. But the company, Krasny Oktyabr, still makes and sells candy and other traditional treats from a production plant on the outskirts of Russia.InBrooklyn, New York, Grigoriy Katsura, at the US offices of Krasnyi Oktyabr Inc, said they continue to im port delectables, a taste of childhood for Russian immigrants. “Of course they’re used to it,” he said.And so every few weeks, the ship ments arrive at their warehouse from Russia: buckwheat, dried fruit and their world-renowned chocolate.
Six months into war, why are Russian goods still flowing to US?
LINDA EVANGELISTA: THE SUPERMODEL’S SUPERMODEL EVEN if Singapore made great strides in Asian representation, Korea and Taiwan didn’t get the memo. Both of the countries’ Vogue covers splashed Linda Evangelista on their maiden issues via Vogue Korea August 1996 (shot by Mark Abrahams) and Vogue Taiwan October 1996 (by Steven Meisel). Linda was still at the height of her supermodel powers and in that year, she was also the cover subject of Vogue Australia September, and the November issues of Vogue Germany, Vogue UK and Vogue US. Fast-forward to 2022: the Italian-Canadian Linda graces the big September issue of British Vogue in a sort-of comeback after a botched surgical procedure, still proving that she’s the GOAT.
KULTURA launches its very first Filipino Design Studio for the whole month of September 2022 at Kultura Store, Level 3 of The Podium. It’s a space of inspiration and community showcasing a specially curated selection of over 50 premium guest brands and designers alongside our favorite homegrown brand that celebrate the creativity and artistry of the TheFilipino.month-long event will immerse customers in fine Filipino craftsmanship from across the regions, featuring a luxurious collection of modern Filipiniana, statement jewelry, unique accessories and stylish home décor highlighting the finest local brands and artisans There are exquisite fashion finds: modern Filipiniana from Rhett Eala and Ilaya Couture, as well as Nuevo Ystilo, Raffaella and En Barong Filipino. Jim Weaver’s stylish silk scarves inspired by our people, culture and heritage include the Jim Weaver x Francis Libiran Collection.Makea statement with Flutter Jewelry’s pineapple and crab earrings using traditional beadwork techniques; Matthew and Melka accessories inspired by local flora and fauna; and chic copper wire jewelry with precious stones by Mjoiran. There are also beautiful hand fans from the oldest fan maker in the Philippines, Casa Mercedes, and contemporary knitwear from Chill by Nooks. Kultura’s Filipino Design Studio also works with communities and highlights sustainability. There are handloomed embroidered fabrics crafted by communities in Abra for Strong Mina; beautiful bags and accessories made from colorful upcycled single-use plastic grocery bags and other disposed plastics by Virtucio; eco-fashion statement bags made from ethically-sourced carabao horns by Kara de Juan; and natural personal care products by Shepard. The Filipino Design Studio also showcases items for the home. Haspe’s handcrafted furniture are marked by innovative design using wood and solihiya. Art of Gold has hand-painted home accessories, while Millie Monday’s home décor is inspired by nature in the tropics. Atin’s decorative plates and diffusers are inspired by Filipino culture, as are Maison Grid Plus’s rattan and bamboo dinnerware and décor. Also on tap are The Fine Life Market’s linens, kitchenware and other home products.
GIGI GORGEOUS PERHAPS the most groundbreaking edition is Vogue Arabia, which was launched in March 2017 with the Insta-Girl Gigi Hadid as the maiden cover girl shot by Inez & Vinoodh for two covers. “Being half-Palestinian, it means the world to me to be on the first-ever cover[s] of Vogue Arabia, and I hope that this magazine will show another layer of the fashion industry’s desire to continue to accept, celebrate, and incorporate all people and customs and make everyone feel like they have fashion images and moments they can relate to...and learn and grow in doing so,” Gigi shared on her Instagram. In March 2019, Gigi once again graced a maiden issue, that of Vogue Hong Kong, shot by Nick Knight and sharing the spotlight with Chinese supermodel Fei Fei Sun.
VOGUE PHILIPPINES I WAS expecting Kapuso actress and artist Heart Evangelista, a darling of international luxury brands (and huge advertisers), to be the cover of the inaugural issue. Also half-expecting our beloved beauty queens Pia Wurtzbach and Catriona Gray, who both have massive social-media followings, to be in the running. Maybe Victoria’s Secret Angel Kelsey Merritt was a contender, too. But, ultimately, the Fil-Am model Chloe Magno is an inspired choice and perfect representation to be our maiden cover girl. She’s done campaigns for Chanel Jewelry, Zara Beauty, Nars Beauty, Calvin Klein, Gucci, Kenzo Eyewear, and Miu Miu shot by Steven Meisel. She’s the cover subject for Vogue Korea March 2022, Vogue Thailand Beauty December 2021, CR Fashion Book Japan October 2021, and Vogue Japan September 2021. Chloe also appeared in American Vogue in April 2022. In the January 2022 issue of British Vogue, she shared her “Reflections on Beauty” and her pride in her heritage: “I love seeing more Filipino people being represented. When I was growing up, I didn’t see a lot of that. And it caused me to be really confused and ashamed about my heritage. I’m glad that I can kind of fill that role myself now for other people. I feel the most represented seeing just so many people of so many different backgrounds, races coming to the forefront because I don’t think it’s necessarily about one type of person, one culture, one race. As we go into the future, everything is becoming more mixed. And that, I think, is beautiful.” n
Editor: Gerard S. Ramos • Monday, September 5, 2022
WEST MEETS EAST TO appease Asian readers who want to see their likeness on the covers, Vogue Japan (Nippon) presented Japanese model Mikiko Sasaki on its maiden September 1999 issue, photographed by Craig McDean, but paired with the British waif Kate Moss for international flair. China and India featured a bevy of homegrown beauties for their maiden issues, both photographed by Patrick Demarchelier, but the Australian Gemma Ward was also front and center. For the September 2005 launch of Vogue China, there were Du Juan, Wang Wenqin, Tong Chenjie, Liu Dan and Ni Mingxi. For the October 2007 launch of Vogue India, the iconic stars included Bipasha Basu, Priyanka Chopra, Monikangana Dutta, Preity Zinta and Lakshmi Menon. However, the first Thai edition of Vogue, in February 2013, unveiled two covers of Thai icons photographed by the Swiss Hans Feurer: Si Tanwiboon and Bee Namthip.
homegrown models were spotlighted by the mag, including Pinay supermodel Lala Flores fronting December 1995 and Fil-Am model Valerie Celis for July 1995 and August 1996. Sadly, it lasted only until January 1997 with 29 issues in total. However, the title was relaunched in Autumn/ Winter 2020 with three covers featuring Singaporean model Diya Prabhakar photographed by Bryan Huynh, Chinese model Ju Xiaowen by Gregory Harris, and Japanese actress Nana Komatsu by Fish Zhang. It’s the first Vogue to launch post-Covid and postBlack Lives Matter. Interestingly, Fil-Am singer Olivia Rodrigo was the cover girl for October 2021.
Here are some of the best beauty finds for August
PHILIPPINES Chloe Magno wearing Rajo Laurel, photographed by Sharif Hamza, September 2022.
Filipino by design
B5 Style BusinessMirrorwww.businessmirror.com.ph
PINEAPPLE beaded statement earrings from Flutter Jewelry are among the curated finds from over 50 brands and designers at Kultura’s first ever Filipino Design Studio.
KNOWN for its printed collection.inFranciscollaboratesJimandpeople,inspiredscarvesbyourcultureheritage,WeaverwithLibirananexclusive
Maidens of Asian Vogues
AUGUST was not a very good month for me personally but in terms of beauty and style finds, it was great. I explored different beauty brands from the United States and France, tried a new hair conditioner, and got a new gadget that offers micro current massage. Work-wise, August was also a busy month with a lot of launches and events. It’s very challenging easing into covering events in person when you’ve been so used to the camera-off mode of Zoom meetings and launches but it has to be done. For me, the easing-into-the-new-normal has been more difficult and less seamless than it has been for others but I know I will get there eventually. Anyway, here are some of the best discoveries I have made in August, beauty-wise. A few years ago, I was obsessed with Nuxe Huile Prodigieuse, a dry oil from France that you could use on your face, body and hair. I never used it on my face but this heavily fragranced oil was great for moisturizing the body after a shower, and for colored or bleached hair. This was such a favorite with me that I went through several bottles of it until I became overwhelmed by the number of products I had so I forgot to buy a new one. I rediscovered it again, thanks to a new serum sent by the brand via The Beauty Edit. The Nuxe Super Serum [10] is dubbed a universal antiaging concentrate with hyaluronic acid that promises to address wrinkles, dark spots, and skin elasticity issues. I have been using it for two weeks now after my toner and before a skin “cocktail” that’s a combination of a two serums and an oil. I also use the Super Serum [10] when I go out under my makeup and sunscreen. For the evening, I also use it with a gadget but more about that later. The feel of the serum is slightly tacky, which makes it perfect under makeup. It’s just moisturizing enough but not too moisturizing that you will look like you have oil on your face. Like all Nuxe products, the serum is heavily fragranced but then, I usually have no issues with fragrances in the stuff that I apply on my face. The serum has tiny soft beads which, as Nuxe explained, are infused with thousands of micro-spheres of fractionated Botanical Oils. The beauty gadget that I use the serum with is the Foreo Bear. It’s not a secret that I’m a big Foreo fan and I have two Luna cleaning devices. The Bear is the world’s first FDA-cleared medical micro-current device with a so-called Anti-Shock System. It’s been dubbed a workout for the face and it claims to “visibly improve the facial contour by gently energizing and firming all 69 muscles in your face and neck.” I use the Bear with the Foreo app and if you just follow the instructions, you should have no problems. I massage my face with the Bear using setting 3. I’m tempted to go to 4 or 5 next week. There is a very mild shock when you use the Bear but it’s not a big deal, nor is it painful. I love how Foreo packaging is so minimal that there isn’t a lot of waste. You charge the Bear for two hours when you get it and it should be good for a year’s use. I’ve been using the device for two weeks so I don’t know what it’s doing for my chubby face but I do love how relaxing it is to use at night. Foreo has its own serum but since I have already opened the Nuxe serum, I used that with the Bear first. The third product I have been loving is the Revlon Professional Uniqone All In One Hair Mask, a professional deep moisture mask that offers the “10 benefits the hair needs, enhancing the natural beauty of all hair types.” The 10 benefits include moisturizing, strengthening, and providing frizz control. I am not sure it does everything it promises to do but if you want hair that’s soft and silky and smells good, then this is the right product for you. You apply this vegan formula on your hair for three minutes after you’ve shampooed, rinse, and dry or style as needed. It doesn’t make my hair oily or greasy, as some conditioners or hair masks are wont to do. I have the treatment version of this and that’s also a great product that leaves hair smelling good. This is one of the Revlon Professional products since the start of 2022 and like all the others, this did not disappoint. If you are thinking of coloring your hair, you can check out the brand at New Summit Colors Distribution Inc. (www.newsummitcolors.com). I use the Color Sublime by Revlonissimo and it’s salon-quality color that does not fade as easily as the boxed colors you get from drugstores. It’s also more vibrant.
Philippine
A1E is a subsidiary of Meralco PowerGen Corporation. As a member of the ONE MERALCO Group, MGEN is one in powering the good life of the Filipino by improving the quality of life of its communities.
Monday, September 5, 2022B6
Atimonan One Energy wins Excellence Awards in 19th Quill Awards
DUGGA Digital Assessment is a digital test platform used to conduct digital tests, exams, home exams, digital lessons, assignments, and other types of knowledge assessment in education. The platform is tailor made for Higher Education, Corporate Education and the K12 space.
CEBUANA Lhuillier, the country’s micro financial services giant, was awarded four Quill Awards from the International Association of Business Communicators Philippines (IABC Philippines) in the 19th Philippine Quill Awards. The awards underscored the creative campaign and strategic communication initiatives that the company undertook over the past year. The company’s financial literacy campaign “Iponaryo,” which responds to the call for financial inclusion to empower Filipinos with access to financial solutions, won the Excellence Award for Communication Management. The campaign was launched in partnership with Cebuana Lhuillier’s banking arm, Cebuana Lhuillier Bank (CL Bank), to promote the bank’s Micro Savings offering--its flagship product that aims to help millions of unbanked Filipinos gain access to a savings account by lessening the complicated requirements that common Filipinos experience when opening a bankTheaccount.company’s 2021 Mother’s Day video campaign “Dakilang Ina” also clinched the Excellence Award for Communication Skills and was nominated for the Top Award on the same Meanwhile,category.Cebuana Lhuillier’s internal COVID-19 response communications, “Ka-Cebuana COVID-19 Healthwatch”, earned a Merit Award for Communication Management for its effectivity in cascading COVID-19 information and the company’s pandemic-related responses to its more than 8,000 internal stakeholders. “Benedizioni,” the company’s annual internal publication, also won an Excellence Award for Communication Skills. The publication features the company’s wins and milestones in the past year and its employees’ initiatives in carrying out its commitment to financial“Theseinclusion.recognitions from IABC attest to our goal of delivering excellent services, not only as a micro financial services player, but also in all the things we do as an organization. We are deeply humbled by these honor and this inspires us to do better and uphold our value of excellence”, Cebuana Lhuillier president and CEO, Jean Henri Lhuillier said. “More than our role as communicators in promoting our brand and its products, it is also our responsibility to keep our stakeholders engaged and well-informed. Telling their stories allow us to understand and respond to their needs as our clients. Getting these recognitions from IABC motivates us to work harder and impart and communicate the value and relevance of Cebuana Lhuillier as a micro financial services institution to every Filipino,” Cebuana Lhuillier Integrated Marketing and Communications Group Head, Michael SenaThroughadded. IABC, the Philippine Quill is the only awards program that honors the dedication, innovation and passion of communicators using a global standard. Adding to Cebuana Lhuillier’s long list of accolades, these awards serve as a testimony to its excellent services and commitment of financial inclusion.
Cebuana Lhuillier bags four distinctions from Quill Awards for campaigns
The Philippine Quill is considered one of the country’s most prestigious awards program in the field of business communications recognizing local organizations and corporations making use of excellent communication platforms to achieve their business goals.
PUEBLO de Oro Residences in Malvar, Batangas
PUEBLO de Oro Development Corporation (PDO), the property development arm of the ICCP Group, has achieved preliminary EDGE (Excellence in Design for Greater Efficiencies) certification for the Pueblo De Oro Residences in Malvar, Batangas. An innovation of the International Finance Corporation (IFC), EDGE is an internationally recognized certification system that awards resource-efficient building design. To reach the EDGE Standard, a building must achieve at least a 20 percent reduction in energy, water, and embodied energy in materials compared to a conventional building. The EDGE Certification was awarded by the Philippine Green Building Initiative (PGBI), IFC’s EDGE certifier partner. In awarding the certification, PGBI reported that the Residences Malvar’s innovative house design resulted in improvements of 20 percent in energy efficiency, 51.8 percent in water efficiency, and a staggering 71.8 percent in embodled energy in materials used compared to a typical housing unit. For the homeowner, these translate to an estimated energy savings of 623.2 kWh per housing unit per year and 72.6 cubic meters of water per unit per year. In addition, operating carbon emissions are lower by 0.3 tCO per unit per year. The Pueblo de Oro Residences Malvar is one of three exclusive residential subdivisions within Townscapes Malvar, a 42-hectare township, complemented by five hectares of commercial area and an education hub. The project was master planned by internationally acclaimed design firm Pomeroy Studio, whose works include the Kailang Alive in Singaporea nd BSD Digital Hub in Indonesia.
SM HYPERMARKET STREET FOOD FESTIVAL. A six-foot veggie lumpia, larger-than-life street food expertly prepared by world-renowned Chef Boy Logro, and a giant six-foot wide sushi platter with approximately 6,000 delightful pieces highlighted the recent opening of SM Hypermarket’s Street Food Festival at the SM Mall of Asia. The giant food were turned over to the children of Nayon ng Kabataan in Mandaluyong. The two-month street food event will make a stop at SM Hypermarket Fairview from September 16 to 18 and have a grand finale at SM City Clark on September 30 to October 2.
MEMBERS of Atimonan Coastal Food Producers Cooperative preparing Aplaya Spanish Sardines with the goal of providing an alternative livelihood for the fisherfolks during off-peak seasons. With the help of the local government unit and other private sector partners, the Atimonan Coastal Food Producers Association is now a cooperative. Since 2019, A1E has been helping the organization in marketing its products, in securing business registration, and in capacitybuildingMeanwhile,efforts.Kaisa sa Kalusugan radio program is the company’s information, education, and communication campaign on health, in partnership with local radio station, Radyo Natin. It features local healthcare professionals sharing relevant and timely information on Covid-19 prevention and other pressing health concerns.
Exclusive subdivision in Malvar, Batangas achieves preliminary EDGE certification for building design
JEAN Henri Lhuillier, President and CEO of Cebuana Lhuillier MICHAEL Sena, Integrated Marketing and Communications Group Head, Cebuana Lhuillier.
A TIMONAN One Energy, Inc. (A1E) bagged two Excellence Awards in the recently held 19th Philippine QuillUnderAwards. the Communication Management Category, A1E won awards for its CSR entries, “Aplaya Sardines Enterprise with Atimonan Fisherfolks COVID-19 Pandemic Development” and “Kaisa sa Kalusugan Radio Program.” “We share this remarkable achievement with Atimonan Coastal Food Production Association, the local government of Atimonan and partner agencies. These awards motivate us to continue initiatives that promote social good and positive impact to the society,” said Meralco PowerGen Corporation (MGEN) President and CEO Jaime T. Azurin. The Aplaya Sardines Enterprise began
Radenta Offers 50% Off on Dugga Digital Assessment valuable feedback to individual students or the entire class. Data shows that the biggest benefit from using Dugga is the time a teacher saves while grading. From a sample of 4,000 students and 700 teachers in Sweden, each teacher saved 5 hours a week or 130 hours per year. This time saved can be spent on students.Dugga is the only assessment platform borne out of scientific research in 2012 spearheaded by Dugga AB, a Swedish company. It was developed by experienced teachers, IT specialists and researchers in pedagogy, informatics, computer science and other relevant areas. It was officially launched at Standford University in California, USA in 2015. It is now being used in over 130 countries worldwide. Dugga has been a partner with Microsoft since 2016 and was chosen as Microsoft 2020 Partner of the Year Winner in the Education Award category. To learn more about Dugga and other learning solutions, get in touch with Radenta Technologies at 09985894398 or at info@radenta.com.
FINEX HOSTS DINNER MEETING WITH NEW BSP GOVERNOR. Select Board and Committee Chairs of the Financial Executives Institute of the Philippines (FINEX) recently hosted a dinner meeting with the new BSP Governor Felipe Medalla, PhD. During the meeting, FINEX members said they would continue to actively participate in capital markets development, financial inclusion and help strengthen the Philippine economy. A copy of the FINEX publication titled “Ethics: Black, White (or Gray)?” was also presented to him. In photo are (from left) FINEX President Michael Arcatomy Guarin, BSP Governor Felipe Medalla, FINEX Directors Flor Tarriela, Consuelo Garcia and Wilma Miranda.
R ADENTA Technologies offers 50 per cent off on Dugga Digital Assessment, a digital test platform used to conduct digital tests, exams, home exams, digital lessons, assignments, and other types of knowledge assessment in education. The platform is tailor made for Higher Education, Corporate Education and the K12 Interestedspace.schools can get a 4 month trial period and those who sign up for the paid version within the first 2 months gets 50% discount on their first year plus free set-up cost. The promotion runs until the end of 2022. Those who wish to sign up can click the link https://bit.ly/dugga-free-trial. Research has shown that 96 per cent of teachers find student assessment stressful and the worst part of their job. Student assessment is time consuming with 70 per cent of the teacher’s time spent on creating, conducting and administering exams. It leads to unequal opportunities. About 1 out of 5 students have some form of special need and teachers tend to be biased when marking and grading. Present methods create unnecessary stress for the student during examination thus taking away the focus from learning. Dugga takes all these in consideration with its full landscape of learning, assessment and feedback. It has an intuitive state-of-the-art design, saves time and lowers stress by 95 per cent, is secure with various security options, provides equal opportunities with built-in accessibility tools and is the best fit for hybrid and blendedDuggalearning.isbest integrated in Microsoft Teams. The integration enables teachers to create all types of exams and assignment within Teams. This also allows teachers to schedule exams ahead of time, collaborate with colleagues, publish results and give
Delving into Digital
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BusinessMirror Marketing Monday, September 5, 2022 B7www.businessmirror.com.ph
Part o n e I N the world of marketing and com munication, adaptability is key to survival. As audiences evolve and new platforms surface, strategies and tactics should likewise change. Which brings us to the world of digital marketing. During pre-Internet times, mar keting was done through the so-called tradi tional means: direct marketing, broadcast, print, outdoor, and referrals. The advent of the Internet, particularly social media, changed this. While traditional methods are still very much alive, many customer inter actions now take place over digital channels.
AwA r ds: ws P Inc. b Ag s two s t ev I e AwA r ds At t he 2022 Intern At I o n A l b us I ne ss AwA rds MANILA, PHILIPPINES—Fili pino communications consul tancy firm WSP Inc. scored t wo highly coveted Stevie® awards in the 2022 Interna tional Business Awards (IBA), w inning Gold for Riot Games, Inc. in the PR Campaign of the Year—Gaming & Virtual Real ity category, and Bronze for the Yuchengco Group of Companies (YGC) in the Brand & Experi ences – Thought Leadership c ategory.TheInternational Business Awards is the world’s premier business awards program.
Media types THEN there’s the concept of owned, paid, and earned media—very likely something that you are already familiar with. In gist, owned media are those that a brand creates and manages. Paid media, as the term im plies, is media or advertising that a brand pays for. Earned media is basically free pub licity—those generated through PR and by consumers who, of their own choice, talk about and share content about a brand or product. Each of these three media types can be used to achieve specific objectives for a brand’s campaign. Owned media can be used to develop brand personality, as the brand is in full control of what it wants people to see and what message it wants to convey. This allows a brand to be very personal in its promotion, highlighting its best qualities and show ing its values to its audiences. But it may take some time to build enough trust and reputation to get high levels of engagement from these digital assets. Some examples of owned media are blogs, websites, and a brand’s social media channels. Paid media allows your brand to reach a bigger audience in a shorter span of time, as you do not need to wait for a reputation build-up to be able to show your content to your target audience. You can advertise on social, do paid search or display advertising, or tap influencers – as long as you have the money, you can choose what kind of content your target audience sees, as well as where and when they see it. These efforts can help scale up awareness and familiarity of your brand by way of wide audience reach, ad repetition, and defined audience targeting. These can even drive sales and conversions.
The digital channels currently available to marketers include: n Content marketing n Display advertising n Email and automation marketing n Organic search or search engine opti mization (SEO) n Paid search or pay per click (PPC) n Social media marketing n Website optimization We will tackle each one in more detail next week. We will also look at how digital and traditional channels can work together to deliver the best results for your brand.
Earned media includes shares, mentions, reposts, and reviews of your content – ba sically anything that gets your content on people’s social media timelines. As consum ers tend to believe “normal people” more, especially if these are friends or trusted con tacts, earned media is valuable commodity for marketers. Earned media can build trust and credibility faster than paid ads. Tread with much caution though, as your content may become viral for the wrong reasons. Vi rality, even the positive kind, may also not necessarily bring people to your brand. They may engage well with your content without responding to any of your calls to action. They may remember only your content and not your brand. While these media types can work inde pendently, leveraging on all three for your campaigns can help boost your chances of success. For example, a piece of content posted on one of your owned assets may also be used for paid search. Another piece of content on an owned channel may be used to influence earned media.
An article by auditing and consultancy firm Deloitte emphasized the way “digital helps shape the new normal” in all sorts of ways. “With physical contacts kept to a mini mum, it is digital that proves to be a lifeline for many organizations. Consumer brands and retailers who have embraced digital are now growing their online orders and keep their business running through home of fices. Through Covid-19, it becomes visible what being digital truly means. It is not just about cool apps, but about having a solution chain that runs deep across processes, people and technology. It’s a fundamental change in the way we work, live and do business,” De loitte said in an article posted on its website. “By becoming sharply aware of the conse quences of Covid-19 and the likely scenarios ahead, you can adapt and thrive in the new normal. Almost overnight, customer behav ior, media consumption, and the internal processes needed to deliver on them have changed,” it added. Some of these behavior changes had to do with the digital space. For example, people previously averse to digital transactions were forced to resort to online shopping and bills payment, when long lockdowns prevented them from going out at the on set of the Covid-19 pandemic. For many of these people, the behavior stuck, even sans lockdowns and mobility issues. Inbound vs. o u tbound AS consumers go digital, so should we. Thus, the rise of digital marketing. The Dublin-based Digital Marketing Institute (DMI) defined digital marketing as “the use of new media or digital technology to achieve marketing and business goals.” Digital marketing activities are done with the use of digital formats and the internet: computers, mobile devices, and digital bill boards on the device side, and social media and digital marketing software for online sharedTheseexperiences.arewhathelp marketers “create, distribute, and track their campaign on digi tal platforms to drive success,” DMI said. Before going into specific platforms, it is important to understand two key prin ciples in digital marketing: outbound and inboundOutboundmarketing.marketing happens when a brand pushes a message to a specific target audience to gain awareness for a product or service. This applies to both digital and traditional marketing. Inbound marketing, on the other hand, is when a brand pulls its audience toward its content, product, or service. It is about rop ing people in, mostly those who are already interested in your brand, through chan nels such as blogs, search engines, email subscriptions, word of mouth, and online reviews or recommendations. “In today’s business world, inbound mar keting is the most important aspect to digi tal marketing as it allows you to attract cus tomers who consider your content or service relevant to them. The strength of inbound marketing is user intent: it is the audience who have the internal drive to take action to find your product. This action is based on their own needs, and how and when they want to proceed with a sale or conversion. Good inbound marketing provides efficient and effective routes for your audience to come to your brand,” DMI said.
d ig ital channels THERE are several channels that a mar keter can use to reach its target audiences.
All individuals and lvate,worldwide—publicorganizationsandprifor-profitandnon-profit,argeandsmall—areeligibletosubmitnominations.The2022IBAsreceivedentriesfromorganizationsin67nationsandterritories.StevieAwardwinnersweredeterminedbytheaveragescoresofmorethan300executivesworldwidewhoparticipatedinthejudgingprocessinJuneandJuly.WSPPresidentDianaV.Lesacacommendedherteam’sresilienteffortsinproducingworld-classqualityworkdespitethelimitationscausedbyCovid-19restrictions.“I’mproudoftheWSPteamthatwentalloutwiththeircreativityandinspiredstorytellingtocomeupwiththeseaward-worthycampaignsforourclientsatatimewheneveryonewaspivotingopera tions to adjust to the pandem ic situation,” Diana said. “We are grateful to have clients who trust our ideas to repre sent their brands.” WSP Inc. will be celebrat ing its third year in October as a communications consultan cy firm specializing in public relations. Majority of its team members came from the former Weber Shandwick Philippines, giving the company collective experience and expertise that they can leverage to strengthen WSP’s international relations and widening network. “Our company recognizes the vast opportunities in hav ing partners who have special ized interests and expertise in global markets. With this flexibility, we can assure our growing clientele that we can meet their constantly evolving needs in markets where they are present,” she added.
PR Matters By Abigail L. Ho-Torres
PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Rela tions Association (Ipra), the world’s premier organization for PR professionals around the world. Abigail L. Ho-Torres is AVP and Head of Customer Experience of Maynilad Water Services, Inc. She spent more than a decade as a business journalist before making the leap to the corporate world.
Agent n e on: Philippines, represent! R IO T G ames, Inc. recognizes the depth of impact and influ ence of gaming in the global stage of esports. The VAL ORANT Agent Neon Project was launched to drive inclu sivity that transcends race, culture, geography, socioeco nomic class, gender, and age. Agent Neon is the first ever character of Filipino and Southeast Asian descent intro duced in Riot Games’ tacti cal shooter game VALORANT. Through this character, the brand was able to connect with its potential, new, and exist ing players while introducing Filipino culture to the global VALORANT community. “We are immensely grateful for this Gold recognition from the IBA Stevie Awards as it is a validation that we are heading in the right direction with building culturally resonant and memorable moments for gam ers across the region,” said Riot Games APAC Head of Communications & Channels Jem Loh. “Here at Riot Games, we strive to become the most player-focused game company in the world and we under stand gaming’s impact on the global community as it truly transcends age, gender, race, cultures. As a playable ingame agent, Neon is truly a love letter to our amazing Fili pino players and also a kudos to our Asia Pacific communi ties in the name of inclusivity, diversity, and representation. This award inspires us to con tinue to honor and uphold the various amazing cultures in our region,” Jem added. WSP leveraged Agent Neon’s Filipino roots as a major story line in PR materials, which in cluded publicity and exclusive interviews provided to top-tier mainstream and digital media in the Philippines. The agency also highlighted the Filipino talents behind the creation of Agent Neon in the story angles. The team is composed of Gabby Llanillo and Filipi no-American Ryan Cousart as lead game designers; Vanille Velasquez as voice artist; and Filipino-Australian Ylona Gar cia, the 88rising singer behind Neon’s theme song. Overall, the VALORANT Agent Neon Project’s suc cessful campaign impressed the judges with its creativ ity, effectivity, and diversity. One judge commended WSP’s work as it “convinces on every level and is an intelligently thought-out and brilliantly executed campaign to bring this important cultural and social breakthrough to an au dience of many millions.”
Decisions on which channels to use for a specific campaign will mainly depend on a brand’s objectives and budget. The most cost-effective channel combination—there will be instances when you will need only one channel or sometimes two or more— will be your best bet.
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The pandemic further accelerated digital adoption, both for brands and consumers.
SOME quarters say that we should leave politics out of sport. I was one of those. But really? Can we? I d idn’t expect anything less when Marta Kostyuk refused to shake hands with Victoria Azarenka after their match in the US Open this past Friday that the latter won in two sets. K ostyuk is Ukrainian while Azarenka is Belarusian. Belarus has been a staging point for Russian attacks on Ukraine. Instead, the two tapped rackets after the match. It is normal when two countries are at war although Belarus has not declared war on Ukraine nor has it sent troops into its neighbor’s land. I c an remember when the England and Argentina national football teams met in the 1986 World Cup (the two countries did not face each other in the 1982 edition) following the highly contentious Falklands War from April to June of 1982. Th at game featured “the Hand of God” goal and the “Best goal in World Cup history” both by Diego Maradona who referred to the 2-1 win as revenge for the war. A c ouple of succeeding matches were as intense or even controversial but since then, it has been all good between the two countries. You also have the intense rivalry between Iran and Iraq. Aside from being a geographical, religious, and political rivalry, matches, especially football, have taken on greater meaning when Iraq invaded Iran in 1980. It was a war that lasted eight years.
Yes, it does add color, but I hope that nothing like the Football War between Honduras and El Salvador that was fought in 1969 happens. And that we simply keep the heated matches to the playing courts and fields. Oh, tapping tennis rackets is fine too.
Beer policy finally OK in Qatar World Cup
NEW YORK—Much like for so many other at theWilliams’s lastfolks, SerenamatchUSOpen was must-see TV for players still in the tournament, so Jessica Pegula and Petra Kvitova tuned in from their hotel rooms the night before their victories led off Saturday’s schedule and set up a fourth-round showdown. Of course I watched Serena. I’m like everyone else,” said Pegula, a 28-year-old American who is seeded No. 8 at Flushing Meadows and beat qualifier Yuan Yue, 6-2, 6-7 (6), 6-0. “You feel kind of sad that’s how it ends. But, I don’t know, like I got a little, like, sentimental, too, watching her, how emotional she was getting.” Kvitova, a two-time Wimbledon champion from the Czech Republic, credited Williams’s last stand—the own er of 23 Grand Slam titles fended off five match points before bowing out in three sets against Ajla Tomljanovic on Friday night in what is expected to be her final contest—with offering inspiration. It was very special. She didn’t want to leave the court, for sure. That was the same case with me today, actually. I didn’t want to go out of this tournament, so I was just there hanging (in), somehow,” said Kvitova, who erased deficit after deficit, including a pair of match points, to edge Garbiñe Muguruza, 5-7, 6-3, 7-6 (12-10). That’s what Serena showed last night,” said Kvitova, who dropped her racket and covered her face with her ends when what she called a “nightmare” of a tiebreaker was over. “It was nice to see her yesterday, fighting until the end.”
FOURTH-RANKED Joshua Kinaadman kept his nerves in check as he sustained a superb baseline game to bundle out top seed Johnny Arcilla, 6-4, 6-4, and barge into the finals of the Gov. Edwin Jubahib Cup National Tennis Championships at the DavNor Tourism and Sports Complex in Davao del Norte on Sunday. No. 3 Eric Olivarez also advanced but in tougher fashion later in the day, needing to rebound from a crushing second set defeat to upend second seed Vicente Anasta, 6-2, 1-6, 10-3, in their side of the semis duel. They dispute the crown and the top purse of P40,000 at 8 a.m. Monday. K inaadman earlier ousted Bruce Hurtado, 4-1, 4-0, then bested Christian Lopez, 7-6(8), 6-0 before trouncing Fritz Verdad, 6-2, 6-0, to arrange a semis clash with Arcilla, while Olivarez eased out Carlos Santiago, 4-0, 5-3, toppled Jelic Amazona, 6-4, 6-2, then turned back Ronard Joven, 3-6, 6-0, 10-7, to set up Final Four duel with Anasta. In the semifinals, Kinaadman pulled through in a pressure-packed tiebreaker to break Arcilla in the 10th game of the opening set then matched that feat in the next, capping the big reversal with another break via shutout to earn a crack at the crown in the event put up by Governor Jubahib as part of his commitment to boost the province’s sports program.
High level of stress makes Obiena go mad winning–Laffertyabout
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What’s the racket?
By Josef Ramos A FTER beating the mighty Armand Duplantis just before the weekend in Brussels, so much has evolved within Ernest John “EJ” Obiena’s body and mind that he’s turned mad about winning—and staying on track to his ultimate goal of winning at the Olympics. What EJ has been doing over the past two weeks is unprecedented,” James Michael “Jim” Lafferty told BusinessMirror over the weekend. “The uneducated would call it ‘mad.’ Over 19 days, he’s competed in seven events across five countries.” Lafferty is Obiena’s former coach and confidante whose CV is packed with remarkable credentials that include being an Olympic athletics coach and fitness trainer on top of his accomplishments in the global corporate arena. L afferty traces Obiena’s abrupt improvement to legendary Ukrainian pole vault coach Vitaly Petrov, who’s not only been coaching Obiena but has embraced the Asian men’s record holder like a son. Vitaly Petrov knows the method of ‘madness’ that sharpens Obiena’s mental toughness not only his body through high levels of stress,” Lafferty said. “There’s a method to madness—the fundamental principle of physiology is the ‘Overload Principle’ … … to grow, one must undergo progressively higher levels of stress.” D uplantis has won every major international competition he’s competed in for close to three years. He’s an Olympic and world champion, not to mention a world record holder in the event with a seemingly untouchable 6.21 meters. The Swede wonder set the record last July at the Oregon world championships, the same competition where Obiena clinched for the country a historic first medal—a bronze—that pushed him to world No. 3 behind Duplantis and American Christopher Nilsen. L ast Friday, Obiena scratched Duplantis shimmering armor by winning gold at the Wanda Diamond League’s Memorial Van Damme in Brussels.Heleapt to 6.91 meters, only 3 cms off his Asian record, with Duplantis going sub-6.0 meters with 6.81 for the silver and Nielson clearing 5.71 for the bronze.
GONE, BUT SHOW MUST GO ON
SERENA’S
Sports BusinessMirror B8 Monday, SepteMBer 5, 2022
Editor:mirror_sports@yahoo.com.phJunLomibao
JOSHUA KINAADMAN topples a perennial champion.
Game promisingticketsaccess to Champagnes, wine, liquor and beer for hospitality clients at Qatari stadiums have been on sale since February 2021 as part of corporate packages offering affectingbeverages.”“premiumThebeerpolicymostfans was announced just 11 weeks before the first game and finally fulfills an expectation since Qatar campaigned 12 years ago to be the first World Cup host in the Middle BudweiserEast.has been the exclusive World Cup beer brand since 1986 and parent company AB InBev renewed its deal through 2022 with FIFA in a 2011 signing after Qatar was confirmed as host. FIFA said Saturday that Budweiser with alcohol will be sold “within the stadium perimeter prior to kickoff and after the final whistle.” “ Inside the stadium bowl ticket holders will have access to nonalcoholic Budweiser Zero,” soccer’s world body said. “At the FIFA Fan Festival, Budweiser will be available to purchase from 6.30 p.m.” AP
GENEVA—Organizers of the World Cup in Qatar have finalized a policy to serve beer with alcohol to soccer fans at stadiums and fan zones in the Muslimmajority country. FIFA said Saturday fans will be allowed to buy Budweiser beer with alcohol within the eight stadium compounds—though not at concourse concession stands— before and after games, and during evenings only at the official “Fan Festival.” That is being held in a downtown Doha park.
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A rcilla actually asserted his might early with a break in the fifth game but the lefty Kinaadman from LapuLapu City broke back in the next and came out of a held-held-held game with a strong finishing kick in the 10th, overhauling a 0-30 deficit with a sweep of the next four points to snatch the opening set. He broke Arcilla early in the second set, 2-0, but the latter held serve then broke back in the fourth. But after the Cebuano ace and the veteran campaigner traded serves in the next five games, Kinaadman surprised Arcilla with a string of points in the 10th and took the first finals slot in emphatic fashion.
A SPECIALLY-DESIGNED but brutal 18-month program geared toward the Paris 2024 Olympics has been set for Ernest John “EJ” Obiena.
Since then Iran has compiled a 7-4-1 win-loss-draw record against their neighbor. I c an only imagine what happened to Iraqi players foll o wing losses to Iran as Uday Hussein, the son of dictator Saddam Hussein was known to torture and even murder athletes who lost. Th ank God the Husseins are out of power. Although I am not sure if Iraq is in a better place given everything that has happened since the United States invaded in 2002. Perhaps, the most intense is the India-Pakistan rivalry that began during the British Partition of India in 1947 that created the separate countries of India and Pakistan along religious lines. W hat followed was the greatest mass migration of people with estimates ranging from 200,000 up to close to two million killed. And that is felt in all sporting matches between both nations but not more intense as in cricket. Pakistan has 87 wins to the 71 of India in all meetings whether in test, one day international, or Twenty International matches. That is when they are able to hold matches between shooting wars between both nations. I n recent years, more so since the Philippines’s case in the Law of the Sea Convention claims was upheld by a tribunal, sports matches with China have been highly intense and hotly contested. C hina might not consider it a rivalry, but it means so much to Filipinos. That Fiba Asia Championship gold medal match in 2015 where we lost to the Chinese 78-67 was pretty much one-sided in the officiating in my opinion. W hen we beat them in the next Asia Cup, 96-87, boy, was that so sweet. I u sed to be adamant about there being no place for politics in sports, but unfortunately, it does add color for better or worse. W ith the War in Ukraine not looking like it will end anytime soon and a lot of sabre-rattling by China on the doorstep of Taiwan, I think it stands to reason that sports will continue to see these overt displays of nationalism, anger, or protest.
Ramos, Garcia rule Penong’s 5150 Davao
OSHUA RAMOS went wire-towire while KC Joy Garcia rallied in the bike stage then held off Lourdes Ramos in the closing run leg as they shared top honors in Penong’s 5150 Davao Triathlon in Tagum City, Davao del Norte, on Sunday. R amos, competing out of Baguio Benguet Triathlon, pulled away after emerging on top of the opening swim event, flashing his superb riding skills then storming to the finish in two hours, four minutes and 47 seconds in ideal conditions to beat Lucian Alejo and Jethro Ramos for the men’s overall crown in the first Olympic distance 1.5-km swim, 40-km bike and 10-km run event in Mindanao since the pandemic at Hijo Resorts Davao. A lejo timed 2:12.35, edging Jethro Ramos, who clocked 2:13.32 for runner-up honors in the second 5150 event organized by the Ironman Group/Sunrise Events Inc. after the Sun Life Bohol race last July. G arcia, on the other hand, trailed Sophia Muñoz after the swim (23.30 to 22.17) but took charge in the bike (1:12.42) then turned back Lourdes Ramos in the run (1:04.02) to clinch the women’s overall crown in 2:43.15. L ourdes Ramos struggled in the water with a 29.11 clocking but posted the best time in the closing stage (57.49) for 2:46.47 while Kriska Sto. Domingo placed third in 2:49.40. Joshua Ramos (20-24) and Garcia (15-19) thus ran away with two gold medal feats as they likewise ruled their respective age-group divisions in the event sponsored by Penong’s Barbecue Seafood and Grill, Powerball/Go for Gold, Davao del Norte, Hijo Resorts Davao and Tagum City. A lejo also finished runner-up to Ramos in the agegroup while Christian Baldelovar came in third in 2:24:58.Sharing the podium were Go for Gold Sunrise Sprint overall winners delHermosaMatthewandNicoleRosario,whotimed 1:02.55 and 1:18.57, respectively, over the 750m open-water swim, 20km bike and 5km run racecourse. O ther 5150 age-group winners were Akihiko Uematsu (M15-192:47.41), Rejei Librando (M2529-2:23.49), Dwight Genovia (M30-34-2:26.30), Eljan Pelegrino (M35-39-2:18.06), Jethro Ramos (M40-44-2:13:32), Dexter Tulibas (M50-54-2:37.09), Richard Cagape (M55-59-3:06.42), Robert Shannon (M60-64-2:50.55), and Eliseo Villanueva (M65-69-3:45.04); Muñoz (F20-24-2:54.08), Faith Garcia (F25-29-3:03.27), Sto. Domingo (F30-34-2:49.40), Stephanie Castañeda (F35-39-2:55.07), Lourdes Ramos (F40-44-2:46.44), Gigi Gorre (F50-54-3:34.14), and Haidee Digma (F55-59-4:22.12). WOMEN’S champion KC Joy Garcia makes a decisive move in the bike leg.
PETRA KVITOVA can’t help but relate with Serena Williams’s exit. AP
Yes, Williams is gone, leaving the year’s last major tournament—and, in some ways, the sport as a whole— without its biggest star and storyline. Still, the show must go on. S o there was Kvitova, undaunted as ever, despite dropping the first set, despite trailing 5-2 in the third, despite being a point from defeat twice at 6-5. H ere’s how close this one was: Kvitova won 109 total points, Muguruza 108. Left everything on the court today,” said No. 9 Muguruza, a twotime Slam winner whose departure means the bracket is without six of the top 10 women entering the fourth round. It was going to be tough for any of the day’s matches to live up to the sort of attention Williams drew, or the atmosphere she helped create, during her three-match run in Ashe. I just can’t believe the ‘era of Serena’ on the tennis court is over,” Pegula said. “I mean, it’s just hard to picture tennis without her.” Pegula’s domination of her last set made that sort of thing entirely unnecessary. She had wasted a chance to close out the victory a half-hour earlier when she wasn’t able to convert her match point, but quickly regrouped. Pegula started her Grand Slam career by going 3-8. She’s gone 22-7 since, including runs to quarterfinals at the Australian Open each of the past two years and the French Open this year. AP