BusinessMirror September 27, 2021

NG Aug subsidies to GOCCs rise 8-fold

By Bernadette D. Nicolas

@BNicolasBM

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UBSIDIES extended by the national government to state-run firms in August surged eight-fold to P42.35 billion, with state health insurer Philippine Health Insurance Corporation (PhilHealth) receiving the bulk of the amount.

Latest data from the Bureau of the Treasury showed that the total subsidies received by governmentowned and -controlled corporations (GOCCs) in August was way higher

than the amount released in the same month last year at P4.99 billion.

In August this year, PhilHealth cornered P30.61 billion or 72.3 percent of the total subsidies released for the month.

In the same month in 2020, PhilHealth did not receive any amount from the national government.

Next to PhilHealth, the second biggest subsidy in August was given to the National Irrigation Administration (NIA) at P6 billion, while the National Housing Authority (NHA) got P2.99 billion.

For Januar y to Aug ust, GOCCs received subsidies of P136.72 bill ion, dow n by 9.8 percent f rom P151.61 billion in the same per iod in 2020.

Taking the lion’s share of the amount was also PhilHealth, which received a total of P76.06 billion in the eight-month period. This is also equivalent to more than double the subsidy it received in the same period last year at only P30.3 billion.

Trailing PhilHealth are NIA (P25.61 billion), NHA (P11.78 billion), National Food Authority (P7 billion) and the

Philippine Crop Insurance Corporation (P1.75 billion).

The national government provides subsidies to state-run firms to fund operations not covered by the corporate revenues or to finance specific programs or projects.

Last year, the national government spent a total of P229.02 billion in subsidies to GOCCs, the highest since 1986 when the government started collecting data. PhilHealth cornered the biggest allocation, receiving P62.4 billion or 27.25 percent of the total subsidies released during the period.

P41-T COVID LOSSES CAN

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Monday, September 27, 2021 Vol. 16 No. 348

P25.00 nationwide | 2 sections 18 pages |

BE CUT—NEDA, EXPERTS PHITEX CLOSES P69-M DEALS, AS U.S. BUYERS LEAD PURCHASES

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CHILDREN are silhouetted against a golden sky after sunset at Angono Lakeside Ecopark at the weekend. The government has eased quarantine restrictions by resorting to granular lockdowns in identified hotspot areas with Covid-19 clustering. It also lifted a requirement for the use of face shields, which shall be mandatory only for indoor airconditioned places like malls and restaurants, and for public transport. BERNARD TESTA

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By Cai U. Ordinario

@caiordinario

HE pandemic losses it estimated of over P41 trillion in four decades could be the worst-case scenario for the Philippines, particularly if mistakes committed in 2020 are repeated this year and onward, the National Economic and Development Authority (Neda) said on Sunday.

Continued on A2

PESO EXCHANGE RATES n US 50.3720

OCAL travel agencies and tour operators were estimated to have closed some P69 million in deals with foreign buyers at the recent Philippine Travel Exchange (Phitex) 2021.

Tourism Promotions Board (TPB) Chief Operating Officer Ma. Anthonette Velasco-Allones told the BusinessMirror the revenues may still increase as the agency completes its interviews with the participants. She noted there were “1,417 successful appointments for the two days of business-to-business meetings, including walk-in meetings.” The TPB is the marketing arm of the Department of Tourism (DOT) and is tasked with organizing the annual Phitex, which was held this year from September 19 to 23.

There were 121 buyers from 32 countries, and 156 sellers, 33 of whom were onsite at the Acea Subic Beach Resort in Zambales, while 123 participated virtually. Orientours Co. Ltd.

President Joebert Opulencia of the US, and Mooncake Educational Travel and Tours Managing Director Antonio Esteban were awarded top buyer and seller, respectively.

“The encouraging outcomes of our hybrid Phitex is a key step to building confidence in our ability to safely reopen MICE [Meetings, Incentives, Conferences and Exhibitions] as a sector of tourism,” she said. “Mundane as it may sound since we constantly repeat it, we need to learn how to live and work with the Covid-19 virus and its variants. For MICE, this requires stringent adherence to protocols and our collective agility to respond to changing situations before and during the events,” she added.

“It is also evident that charting the future of MICE is a shared responsibility of government and our private sector partners and stakeholders,” said VelascoAllones.

Continued on A2

Residential property prices down in Q2–BSP

By Bianca Cuaresma @BcuaresmaBM

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ESIDENTIAL property prices declined for the second consecutive quarter in April to June this year, driven by the downtrend in real estate prices in the National Capital Region (NCR).

Data from the Bangko Sentral ng Pilipinas’ (BSP) Residential Real Estate Price Index (RREPI) showed house prices nationwide contracted by 9.4 percent in the second quarter of 2021 from their levels in the same period last year.

The BSP attributed the decline to the “continued effects of the pandemic on the residential property demand” as well as high base effects.

“The year-on-year contraction in the nationwide residential property prices was driven mainly by the downtrend of property prices in the NCR, which fell by 18.3 percent relative to the second quarter of 2020, marking four consecutive quarters of decline since the third quarter of 2020,” the BSP said in a statement.

The decline emanated from the

“The year-on-year contraction in the nationwide residential property prices was driven mainly by the downtrend of property prices in the NCR.”—Bangko Sentral ng Pilipinas

negative price changes of single detached, condominium and townhouse units in the NCR. In the case

of duplex housing, no bank loans were granted and reported to the BSP during the period.

Property prices in areas outside NCR also decreased, albeit marginally by 0.6 percent as the drop in the prices of single detached/attached houses more than offset the growth in the prices of townhouses, duplexes, and condominium units.

The average appraised value per square meter of new housing units in the country contracted by 29.1 percent from its level in the previous year.

n JAPAN 0.4567 n UK 69.1205 n HK 6.4701 n CHINA 7.7975 n SINGAPORE 37.3569 n AUSTRALIA 36.7413 n EU 59.1418 n SAUDI ARABIA 13.4307

See “Residential,” A2

Source: BSP (September 24, 2021)

News

BusinessMirror

A2 Monday, September 27, 2021

Big firms shed most number of jobs in 2021, says DOLE

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By Samuel P. Medenill

@sam_medenilla

ARGE companies have shed the most workers this year, according to a new report of the Department of Labor and Employment (DOLE).

In its latest displacement report obtained by BusinessMirror, DOLE said a total of 281,716 workers were permanently displaced from January to August, which was

36 percent higher compared to the 180,207 jobless employees in the same period last year.

Of the said workers, 254,501were affected by retrenchment or reduc-

tion of workforce (RWF) by 7,569 establishments, while the remaining 27,512 lost their jobs due to permanent closure (PCL) of 1,420 companies.

Most of the displaced came from large firms or those with 200 or more employees reported the most number of job losses with 185,698 as they also struggled to cope with the business disruptions caused by the pandemic.

It was followed by small enterprises (10 to 99 employees) with 57,788; medium-sized firms (100 to 199 employees) with 29,833; and micro establishments (1 to 9 employees) with 8,297.

In terms of industry, the construction sector registered the biggest permanent displacement with 84,087, followed by other service and activities (43,970), administration and support services

activities (32,413), manufacturing (25,475), and transport and storage (25,058).

Majority of these workers are from the National Capital Region (NCR), Central Visayas, Central Luzon, and Calabarzon.

Meanwhile, DOLE also registered 1.19 million workers, who were temporarily displaced by 27,352 establishments nationwide.

Of which, 801,641 were covered by flexible work arrangements implemented by 14,944 establishments nationwide, while the remaining 388,600 were affected by the temporary closure of 12,409 firms.

DOLE said it expects the number of displaced workers to decline in the coming months once authorities start easing the quarantine restrictions with the institutionalization of granular lockdowns.

Phitex closes P69-M deals, as US buyers lead purchases Continued from A1

This is the second year Phitex has been held in hybrid mode due to the ongoing pandemic. Last year’s event was held in Panglao Island, Bohol and raised over P42 million in deals.

Cebu tourism workers get vaxxed Tourism Secretary Bernadette Romulo Puyat has always said vac-

cination is the key to the successful reopening of the country’s leisure destinations “Vaccinating our tourism frontliners is the first step in regaining what the industry has lost from the pandemic hence, protecting our stakeholders in the soonest time will help reverse these effects and recoup our tourism’s momen-

tum,” she said last Friday as the DOT led the ceremonial vaccination for tourism industry workers in Cebu.

Prior to the pandemic, the island of Cebu (Cebu City, Lapu-Lapu, Mandaue, Bantayan Island) was the top tourism destination in the country, receiving almost 8.6 million in 2019. For Cebu City alone,

arrivals that year were 2.86 million.

Of the 15,257 frontliners in the island of Cebu targeted for inoculation, some 52 percent or 7,764 received their jabs. Mandaue City already provided shots for 647 tourism workers, while Lapu-Lapu City inoculated 3,074 workers. Cebu City recorded 2,453 tourism workers received their jabs. The local government units also had started vaccination for their respective tourism frontliners.

Romulo Puyat continued to call for stronger public-private sector coordination to further speed up the coveted immunity among tourism workers. “We need every help we can get to finally overcome this crisis as this really requires a wholeof-industry approach, involving not only the government but the private sector as well,” she added.

Puyat was joined by the National Task Force (NTF) against Covid-19 Chief Implementer Secretary Carlito G. Galvez Jr., NTF Deputy Chief Implementer Secretary Vivencio Dizon, and Hotel, Resort and Restaurant Association of Cebu Inc. President Alfred Reyes.

The DOT chief earlier expressed optimism that 100 percent of tourism workers in the country will be vaccinated before Christmas.

As of September 15, there were 16,441 tourism employees in DOT-accredited establishments in Cebu Island, slightly higher from the 15,233 in 2020. Also, DOTaccredited entities totaled 1,030, up from 1,004 in 20209.

Under the current government regulations, only hotels and accommodation establishments with valid DOT accreditation shall be allowed to accept guests and clients for legitimate purposes with the ongoing pandemic.

www.businessmirror.com.ph

P41-T COVID LOSSES CAN BE CUT–NEDA, EXPERTS Continued from A1

On Saturday, Socioeconomic Planning Secretary Karl Kendrick T. Chua had said the pandemic and the government-imposed lockdowns could imperil the economy for the next 40 years (See story here: https://businessmirror. com.ph/2021/09/25/neda-pandemic-to-cost-phl-economy-p414-trillion-in-total-losses-overnext-40-years/).

This means, Chua explained on Sunday, that the government must work double-time to meet its development goals such as achieving the Sustainable Development Goals (SDGs) and reaping the demographic dividend. “[This is a] base case [scenario] if we don’t do more to reduce the impact,” Chua told BusinessMirror. “[This is a] worst case [scenario] if we don’t learn from 2020 and repeat [the] same mistakes in 2021 onwards.”

Chua stressed that his recommendations stand in order to prevent further economic losses. His primary recommendation is to accelerate vaccination against Covid-19, saying that 70 percent of all adult Filipinos must be vaccinated by the end of 2021.

This can be done by expanding vaccination sites, including work sites, removing artificial barriers, and using technology to reduce the wait and processing time.

He also cited a need to better manage risks, taking into consideration the role of the most restrictive community quarantines in delaying a surge in cases.

The Neda chief said managing risks means opening the economy safely, allowing selected family activities to resume, allowing limited face-to-face schooling, and imposing localized lockdowns in highestrisk areas, which is currently being piloted in Metro Manila.

Chua pushed for an aggressive recovery program, in particular, the timely use of the 2021 budget, and reprioritizing the budget to the most important programs.

“We will have to double time to catch up and address the gaps caused by the pandemic once we are able to vaccinate more and open the economy more,” Chua told this newspaper.

Practical view

LOCAL economists supported Neda’s estimates, calling it a practical view given the current situation.

Unionbank Chief economist Ruben Carlo O. Asuncion said the estimates are a “realistic assessment and expectation.”

This is especially true, he said, when it came to prepandemic growth momentum. He shared the view that prepandemic growth level may be reached by the end of 2022 or early 2023, as pre-pandemic growth momentum will take longer. “[Growth] level and momentum are not exactly the same or not exactly defined the same way. We think that the economic scars that the pandemic has inflicted on the

economy will take time especially on productivity and human capital development,” Asuncion told BusinessMirror.

Ateneo economists, meanwhile, believe Neda’s view may be more pessimistic than expected.

Ateneo Center for Research and Development (ACERD) Associate Director Ser Percival K. Peña-Reyes told BusinessMirror a review of the history of the Philippine economy shows it recovered its 1983 GDP growth momentum only in 1989.

T he years 1983 and 198 4 plunged the economy into a recession. The economy suffered massive capital flight and even declared a debt moratorium that time.

“It took us six years to recover.

This one’s far worse than that episode, so if we don’t get our act together, then recovery will take longer than we hope for,” Peña-Reyes said.

“It [Neda estimates] is not farfetched, so if the government itself acknowledges this, then it should work doubly hard on its recovery and resilience game plan,” he also said.

Ateneo de Manila University John Gokongwei School of Management Dean Luis F. Dumlao said Neda’s estimate can easily turn into a worst-case scenario if the country fails to attain herd immunity.

This worst-case scenario is also possible if the economy and classes are not opened safely and soon, and if the budget is not implemented.

Technically, Dumlao said, these three considerations are doable.

The government just needs to implement them.

“We are vaccinating 400,000 jabs per day. This is accelerating.

Barring any setback, like a new variant or natural catastrophe, we can vaccinate all adults by the end of the year,” Dumlao said.

Chua’s report

ON Saturday, Chua said the economy lost P4.3 trillion in 2020 and is expected to continue to lose another P37 trillion in the next 10 to 40 years.

The total losses are P4.5 trillion in consumption; P21.34 trillion in private investment and returns; and P15.528 trillion in human capital investment and returns.

Consumption losses are P2.090 trillion in 2020 and P2.412 trillion in the next 10 to 40 years.

Neda data showed that under private investment and returns, the expected losses entail P1.835 trillion in 2020 and P19.501 trillion in the next 10 to 40 years.

Of the total private investment and return losses, P3.271 trillion is composed of 2020 investment and its returns; P18.064 trillion in future year investment and returns; and P1.206 trillion in taxes including value-added tax and personal income tax, among others.

In terms of human capital investment and returns, the losses are P11.025 trillion in education investments and P4.503 trillion in health for Covid-19 and nonCovid-19 diseases.

Residential... ‘Priority for low-income clients Continued from A1

This trend was similarly observed in NCR, while in areas outside NCR, the average appraised value per square meter of new properties rose.

By type of new dwellings, condominium units and single detached/ attached houses registered lower average appraised value per square meter, while higher average appraised value per square meter were observed for townhouses and duplexes.

The BSP’s RREPI was first published in 2016, and was developed in response to the scarcity of official data on the property sector of the Philippines.

BSP Governor Benjamin Diokno earlier announced that BSP is set to release a commercial property price index by this year.

in remote sites stalled Natl ID rollout’ Continued from A10 Earlier, the PSA said local quarant ine restr ict ions have proven to be among the major challenges in implementing the National ID. PSA Deputy National Statistician of the PhilSys Registry Office Rosalinda P. Bautista said the PSA “lost close to 4,000 foregone registrations” due to local mobility restrictions.

However, Bautista said, the PSA continues its effort to register more Filipinos in the National ID. As of September 10, over 42 million have completed Step 1 for demographic data capture; 30 million, Step 2 for

biometric data capture; and over 1.7 million have received their IDs. The PhilSys registration has also provided poor and unbanked Filipinos the opportunity to open a bank account when they complete their Step 2 registration through LandBank.

As of September 10, Bautista said, over 5 million Filipinos have already opened new LandBank accounts during their National ID Step 2 registration.

By the end of the year, Bautista said the government aims to register 70 million Filipinos under Step 1 and 50 million under Step 2.

www.businessmirror.com.ph

Cybersecurity A BusinessMirror Special Feature

Monday, September 27, 2021 A3

Addressing cyber threats during COVID-19 N the country’s National Security Policy (NSP) 2017-2022, cybercrime is noted as the fastest rising economic crime, with more and more “criminals” using the speed, convenience, and anonymity that the Internet provides. With this, the government’s 12-point national security agenda identified the importance of the informational and cybersecurity goal, which aims to safeguard classified and sensitive government records including state secrets from espionage and to shield the country from cyberattacks that can affect both private and public critical infrastructures.

The National Security Strategy (NSS), published in 2018, noted cybersecurity as a core national interest with the goal towards the “Protection of the Filipino public from criminality, illegal drugs, pandemics, cyber-attack, and weapons of mass destruction.”

However, the Covid-19 pandemic has not only disrupted the physical domain but also cyberspace, specifically phishing campaigns spreading mainly through malicious emails, fake websites, and suspicious advertisements.

The same methods of spreading disinformation were employed during the outbreak of the Ebola pandemic in 2014 and the Zika virus in 2015-2016.

Cyber attacks

PHISHING is a form of identity theft which targets victims into giving out private and sensitive information such as bank details and passwords through telephone calls, text messages, and emails.

The attackers pretend to be tax authorities who will issue tax refunds and to reportedly help the target individuals cope with the pandemic. According to a report by the National Defense College of the Philippines (NDCP) over 4,000 coronavirus-related domains were registered from January to March 2021, three percent of which were considered malicious and five per-

cent were suspicious.

The Bangko Sentral ng Pilipinas (BSP) also reported cybercrimes like phishing and sending out malicious emails and links to malicious websites “with the spin on coronavirus disease” during the earlier days of the community quarantine.

In a report in November 2020, BSP said banks addressed these by launching targeted cybersecurity awareness campaigns to combat phishing and social engineering attacks. Banks also upped their surveillance monitoring by implementing tighter network controls like stringent firewall settings, end-point protection, and whitelisting of websites or applications.

The rise of digital transformation

THE Philippines may be seeing an unprecedented growth in digital technology adoption driven by the pandemic. According to the Financial Executives Institute of the Philippines (FINEX), the challenge now for companies is how to make these work in the medium to long term, given the issues in change management, culture change, and integration of all the new digital technologies. FINEX added that the pandemic has forced companies to pursue digital transformation strategies as a knee-jerk reaction, and not cohesive and integrated strategic action. Thus, more work must be done in this area.

Aside from the banking system, hackers were observed to have penetrated health, education, and military sectors. Hacking also takes the form of cyber espionage which is conducted to gain information on measures to combat the virus. State-backed actors operate covertly to obtain information on the capabilities of other states and on the development of potential drugs that can end the pandemic.

Aside from this, states can also conduct cyber sabotage, corrupting software and operating processes to weaken an economic or political system, thus resulting in a more tense situation.

PIXABAY

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By Leony Garcia

Student portals were also hacked, putting student information at risk. Further, there have been reports of “Zoom bombing” incidents where malicious and obscene materials were projected to students during online classes.

Cybercrime trend

ACCORDING to NDCP, the current trend of cybersecurity attacks can be attributed to several factors.

First is the heightened dependency on digital infrastructure as the world is put on lockdown. Those who use private IT devices working-from-home are often seen as less safe compared to those at the workplace that enjoy institutionalized protection.

Second is the increasing inse-

curity of the population and their need for information during the pandemic, which eventually led to mass hysteria and huge uncertainty on finding accurate and reliable information online.

Third, cyber attackers feed on people’s fear of the virus to exploit their vulnerable state, thereby creating psychological effects. Notably, the effectiveness of any targeted cyberattack increases with the presence of fear, NDCP said.

Cyber defense

AS the World Health Organization encouraged governments to employ science and facts in addressing the pandemic, the Department of Science and Technology (DOST) and the Department of In-

formation and Communications Technology (DICT) implemented various science, technology, and innovation (STI) initiatives through a multi-sectoral collaboration. Most notable are technological initiatives such as artificial intelligencepowered thermal scanner system, online portals on COVID-19 and working remotely, free internet connectivity in COVID-19 facilities, and webinars on cybersecurity awareness. The AI-based thermal scanners are mounted in drones and station bays for easier temperature checks of people in queue and limit exposure of medical personnel to possibly infected people.

The online portal on COVID-19 (www.covid19.gov.ph) is a platform where the public can access reli-

able information such as the current figures of infected individuals, programs of the national and local governments, and communication services; whereas the portal on working from home (wfh.gov.ph) is valuable to government employees who are still adjusting to a more virtual work arrangement. The website provides free use of professional tools, learning materials on cybersecurity, and training materials for the enhancement of skills.

Cyber threats and their causes merit an effective response from the government. In this regard, cyber defense complements cybersecurity in reducing vulnerabilities and risks in cyberspace, and in assuring a safe domain for personal and professional undertakings.

The Nation

A4 Monday, September 27, 2021 • Editor: Vittorio V. Vitug

BusinessMirror

www.businessmirror.com.ph

Popcom has high hopes budget to aid teen moms gets approved T

Groups to govt: Goad entities to stop financing coal projects

By Cai U. Ordinario @caiordinario

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HE Commission on Population and Development (Popcom) said the House of Representatives (HOR) is already reconsidering its proposed budget for teenage mothers.

Undersecretary for Population and Development Juan Antonio A. Perez III told the BusinessMirror that the proposed P73-million budget to assist teen mothers is now with the House Appropriations committee.

Initially, BusinessMirror reported that the funds were pooled by the three agencies to deal with teenage pregnancies from a multisectoral perspective. However, no hearing was called to scrutinize the proposal leading the HOR to scrap the funds.

“Congressman (Jose Sarte) Salceda said the committee will consider

the request,” Perez said. “I (also) got a call from a senator’s office that they will do something.”

BusinessMirror reported last week that should funding request be rejected, Popcom, the Department of Health (DOH) and the National Youth Commission (NYC) would have to stretch their budgets in order to reach 166,000 teenage mothers and their children.

These agencies will also reach out to local government units (LGUs) to help them include social protection for teen mothers as part of the budgets of the Sangguniang Kabataan and various LGUs. (See Story here: https:// businessmirror.com. ph/2021/09/22/%e2%82%a773m-pooled-fund-to-address-teenpregnancy-scrapped-by-lawmakers/) In June, the DSWD and Popcom formalized their partnership for the

social protection program for teenage mothers and their children (SPPTMC) through a virtual memorandum of agreement (MOA)-signing.

The Popcom said SPPTMC aims to cushion the impact of their pregnancy on their incomes which are often limited because their education was put on hold because of their children.

The social protection mechanism will be directed toward easing the financial burdens of unintended pregnancies of mothers who are 10 to 19 years old, as well as those of their families.

The MOA covers the development of an information system to identify teen moms and their children nationwide, the health services they can access and avail, nutrition support, and mental-health.

It also covers the ability to return to school and a social amelioration program to support those belonging

to the lowest socioeconomic bracket until they are able to find gainful work or livelihood, among others.

According to data from Popcom, the Philippines ranked fourth in terms of early childbirth rates among Southeast Asian countries.

Data from the Philippine Statistics Authority (PSA) Civil Registration and Vital Statistics (CRVS) showed that there were about 171 live births born to minors every day in 2019.

PSA also noted a general increase in the number of births from very young adolescents aged 10 to 14 in that same year, with about seven live births born to children every day, compared to three daily in 2011.

The PSA-CRVS also revealed that in 2015, there were 5,297 repeat pregnancies, or second-time births, among 10- to 17-year-old girls, with only a slight decrease in 2018 at 4,633.

DPWH reservoir projects to play pivotal role in mitigating floods in Imus, Bacoor

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UBLIC Works and Highways Secretary Mark A. Villar on Thursday, September 23, 2021 led the inauguration ceremony of Cavite’s two floodwater reservoir projects in Barangay Buhay na Tubig, Imus City.

Villar was joined by Japanese Ambassador to the Philippines Kazuhiko Koshikawa, Department of Public Works and Highways (DPWH) Undersecretary for Unified Project Management Office (UPMO) Operations Emil K. Sadain, Cavite Governor Juanito Victor C. Remulla, Japan International Cooperation Agency (JICA) Chief Representative Eigo Azukizawa, Cavite 2nd District Representative Strike Revilla and Cavite 3rd District Representative Alex L. Advincula.

The event was also attended

by DPWH UPMO Flood Control Management Cluster (FCMC) Project Director Ramon A. Ariola III, UPMO Project Directors Benjamin A. Bautista and Rodrigo I. Delos Reyes and Project Manager Aurelio C. Mendoza.

Villar said that the Imus and Bacoor retarding basins implemented by DPWH UPMO-FCMC are expected to help manage or mitigate the challenges of rainy season for Imus and Bacoor that are highly susceptible to rain-induced flash flooding.

The project will help address flooding woes in low-lying areas affected by the confluence of Imus River and Bacoor River, Villar added.

According to Sadain, the design of the two retarding basins was based

HE national government should compel corporations and financial institutions in the country to avoid bankrolling coal projects, according to regional and local civil society organizations (CSOs).

The appeal by the Asian Peoples’ Movement on Debt and Development (APMDD) and other CSOs came as an open letter to all governments who are meeting at the UN General Assembly (UNGA) and the UN High-Level Dialogue on Energy (UN-HLDE).

The total pipeline of these financing projects in South Asia and Southeast Asia amounts to $51.12 billion. The pipeline of fossil fuels in Southeast Asia has already reached $204 billion.

“Governments must also compel private banks and corporations based in and operating in their countries to stop financing and investing in new fossil fuel projects and phase out fossil fuel energy,” the CSOs said in a statement.

“There are currently at least 264 fossil fuel projects in South and Southeast Asia for completion which are funded through public and private co-financing. Asian private companies are involved in at least 38 projects under construction or in the pipeline with a total project cost of $51.12 billion,” it added.

The CSOs said governments should also shift subsidies from fossil fuels to 100-percent renewable energy for people and communities.

They said nine countries in South Asia and Southeast Asia have over $204-billion worth of fossil fuel projects in the pipeline and under construction. Of this amount, $33 billion will be sourced from public finance.

The CSOs warned that these projects will lock in Asian economies in fossil fuels for another 25 years to 30 years and even beyond. This will also contribute to global temperature to

rise past safe levels.

“Renewable energy is already more affordable and accessible, and can be made even more feasible with scaled up government support,” the organizations said.

The groups further said that putting an immediate stop to building coal projects is a critical step toward a fossil fuel-free future in line with meeting the Paris goal of keeping global temperature rise to below 1.5 degrees Celsius.

The International Energy Agency (IEA) report, the CSOs said, stated new oil and gas exploitation and development must stop this year and no new coal-fired power stations can be built if the world is to stay within the 1.5°C threshold.

Apart from the APMDD, regional CSOs who signed the letter included Fight Inequality Alliance, Asia; Migrant Forum in Asia; Focus on the Global South; People of Asia for Climate Solutions; ALTSEAN-Burma; Greenpeace Southeast Asia; and 350. org Asia.

Local organizations include the following: 350 Pilipinas; Alyansa ng mga Maralita ng Quezon City; Aniban ng mga Manggagawa sa Agrikultura (AMA); Bukluran ng Manggagawang Bulakenyo; Bukluran ng Manggagawang Pilipino (Solidarity of Filipino Workers/BMP); and, the Camarines Norte Movement for Climate Justice.

The list of local CSOs also include the following: the Concerned Citizens of Zambales; Freedom from Debt Coalition; Kabataan Para sa Kalikasan ng Atimonan; Kalayaan Lihok Mag-aaram- UP Tacloban; Koalisyon Pabahay ng Pilipinas; Limpyong Hangin Para sa Tanan (Clear Air for All); Naga Neighborhood Association Against Coal; Philippine Movement for Climate Justice; Piglas Batangas; and, Piglas Maralita, among others.

Cai U. Ordinario

PRC ‘shares’ cash to 23,164 Covid-hit families nationwide

By Claudeth Mocon-Ciriaco @claudethmc3

A PHOTO shows Public Works and Highways Secretary Mark A. Villar (right) led the inauguration ceremony of Cavite’s two floodwater reservoir projects in Barangay Buhay na Tubig, Imus City, last September 23. PHOTO COURTESY DEPARTMENT OF PUBLIC WORKS AND HIGHWAYS

on a comprehensive flood management master plan prepared by Jica.

These constructed retarding basins will temporarily store most, if not all, of the rainwater run-off during very high rainfall to reduce the peak volume of flood flow and later release at regulated rate, Sadain said.

The reservoirs that will also reduce the floodwater going downstream were built under financing

of Jica’s Official Development Assistance (ODA).

When water level increases during flooding, the floodwater overflows into the retarding basins and will be discharge once the water level in Imus and Bacoor River subsides or at normal rate.

The Imus retarding basin at Barangay Anabu has a water detention area of about 35 hectares

with 2-meters-by-2-meters one barrel drainage sluice and 84 meters overflow dike.

On the other hand, the Bacoor retarding basin located in Barangay Buhay na Tubig has two basin connected by a 2.7-meters-by-2.7-meters one barrel sluiceway for a total pond area of nine hectares with overflow dike of 42 meters and 1-meter-by-1meter one barrel drainage sluice.

BIDING by its mantra to be “Always first, always ready and always there, where help is needed,” the Philippine Red Cross (PRC) provided cash assistance to thousands of families affected by the Covid-19 pandemic across the country.

According to the PRC, a total of P81.074 million in cash were released to 45 municipalities and 21,791 barangays, providing aid to 23,164 families from the National Capital Region, Olongapo, Bulacan, Rizal, Western Samar, Leyte and Cebu. The PRC said each family receive P3,500 in cash.

The PRC said the move was in time after the declaration of a nationwide lockdown caused many people to lose their jobs, especially those relying on daily wage.

The PRC said the cash distribution is in partnership with the International Federation of Red Cross and Red Crescent Societies (IFRC), American Red Cross and Netherlands Red Cross.

“Ang cash assistance na ibinabahagi ng Red Cross ay hindi bigay, dahil ayaw ko sa salitang bigay,” PRC Chairman and CEO Sen. Richard Gordon said.

[This cash assistance is being “shared”

by Red Cross; not being given as I don’t want to use the word “give.”]

Gordonsaidthatthecashassistance aimstobringdignitytothefamiliesand to help them stand on their own.

“Maliit lamang na halaga, ngunit malaking tulong ito sa mga taong nawalan ng trabaho ngayong pandemya [It’s a small amount but a big help for those who lost their jobs in this pandemic],”Gordon said emphasizing that the PRC continues to aid the most vulnerable during the crises.

Groups seek reforms toward an ‘eco-friendly’ 2022 election

By Jonathan L. Mayuga @jonlmayuga

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NVIRONMENTAL groups have called on the Commission on Elections (Comelec) to initiate reforms toward an eco-friendly 2022 election.

Through a letter submitted to the office of Comelec Chairman Sheriff M. Abas on Friday, groups led by the EcoWaste Coalition, Greenpeace Philippines, Mother Earth Foundation and Zero Waste Philippines appealed to the poll body “to proactively integrate waste and toxic prevention in the conduct of the upcoming elections.”

Along with the Cavite Green Coalition, Interfacing Development Interventions for Sustainability, Oceana Philippines, NASSA/Caritas Philippines, Urban Poor Associates, they also appealed ahead of

the filing period on October 1 to 8 for the Certificates of Candidacy for all elective positions, as well as the certificates of nomination and acceptance.

“Considering the problems already plaguing our society due to garbage, plastic pollution, climate change and Covid-19, we urge the Comelec to champion much needed policies and practices that will protect our fragile environment from being further degraded by the avalanche of partisan political activities leading to the 2022 elections,” Eileen Sison, President of EcoWaste Coalition, said in the letter.

“We hope Comelec will commit to greening the 2022 polls to the best of its ability and with the participation and support of all stakeholders,” Sison added. She noted the widespread disregard of environmental

rules and regulations in past electoral exercises.

Among the offenses in previous polls that have directly or indirectly harmed the environment was the unrestrained plastering of campaign posters outside Comelec-designated areas, most notoriously on trees, electric posts and walls.

The groups also scored the following: unbridled display of “indirect” political propaganda such as graduation and fiesta banners and tarpaulins; the unregulated noise from mobile political propaganda and during campaign meetings; the unchecked distribution and littering of sample ballots on election day; the open burning of campaign waste materials, which is prohibited under the Clean Air Act and the Ecological Solid Waste Management Act; and, the failure to avoid the use of single-use plas-

tics and adding to the mounting plastic pollution that ends up in the waterways and the ocean.

“We have also observed the rampant use of campaign materials that are hardly reused or recycled, particularly plastic tarpaulins, posters and buntings, as well as the confetti thrown in a miting de avance,” the letter said.

Aside from the littered sample ballots on the actual polling day, the groups also noted the use of disposable food and beverage containers inside the polling centers for the members of the Board of Election Inspectors, poll watchers and volunteers, and the lack of an ecological system for managing discards such as food leftovers and their singleuse containers.

To reduce the ecological footprint of the much anticipated elections in 2022, the EcoWaste

Coalition requested Comelec to, among other measures, adopt a resolution declaring and enunciating Zero Waste as a policy to effectively prevent and reduce the generation of garbage, including COVID-related waste such as used face masks and face shields, create a special committee that will take the lead in the multi-stakeholders task of “greening” the elections and the strict enforcement of relevant environmental rules and regulations, require all individuals and groups running for election to abide by the Ecological Solid Waste Management Act, which, among other prohibited acts, bans littering, open dumping and open burning of waste, and make it mandatory for parties and candidates to make use of recyclable and reusable materials free of hazardous chemical substances for their electoral

campaign, and for them to conduct compulsory post-election clean-up.

The group said the Comelec should also useits moral authority to encourage parties and candidates to articulate in their electoral platforms how they plan to advance the state policy, as written in the Constitution, to “protect and advance the right of the people to a balanced and healthful ecology in accord with the rhythm and harmony of nature.”

Lastly, the group asked the poll body to incorporate environmental awareness and responsibility in the COMELEC’s public information drive for clean, orderly, peaceful, honest and fair elections, and regulate campaign motorcades, if not impose an outright ban, to address perennial problems with traffic congestion, noise, air pollution and climate change.

Economy BusinessMirror

www.businessmirror.com.ph

Govt allocates ₧34B for ROW payments

By Jovee Marie N. Dela Cruz @joveemarie

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HE national government has allocated up to P34 billion for right-of-way (ROW) payments under the proposed 2022 national budget, a senior lawmaker said on Sunday.

In a statement, House Committee on Strategic Intelligence Chairperson and Surigao del Sur (2nd District) Rep. Johnny Ty Pimentel said the P34 billion is nearly three times the P11.8-billion ROW spending this year “as the Duterte administration lays the groundwork for the sustained construction of large and multiphase public infrastructure projects.”

In the proposed P5.024-trillion General Appropriations Act of 2022, Pimentel said the Department of Public Works and Highways (DPWH) has P21.3 billion for ROW acquisition while the Department of Transportation (DOTr) has P12.7 billion for the same purpose.

The lawmaker said the DPWH’s ROW payments are meant to pave the way for the construction of new roads, flyovers and bridges, such as the 74-kilometer Metro Cebu Expressway Project and the 8.2-kilo-

meter 4th Cebu-Mactan Bridge and Coastal Road Project.

Meanwhile, Pimentel said the bulk of the DOTr’s ROW payments will go to property owners affected by the 147-kilometer North-South Commuter Railway Project from Calamba, Laguna to New Clark City in Capas, Tarlac; the 639-kilometer Philippine National Railways South Long Haul Project from Manila to Legazpi City; and the 25-hectare New Cebu International Container Port Project in the Municipality of Consolacion.

He noted that ROW payments are pursuant to Article III, Section 9 of the Constitution, which prohibits the taking of private property by the government for public use without just compensation to the owner.

Also, he said ROW expenses are authorized by Republic Act 10752, or An Act Facilitating the Acquisition of ROW Site or Location for National Government Infrastructure Projects.

“The ROW payments next year will assure the full completion of several ongoing projects under the Build, Build, Build Program well into the term of the next administration, mostly between 2024 to 2028,” Pimentel said.

SC junks case vs DOF, BIR execs in cigarette burning

By Joel R. San Juan @jrsanjuan1573

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HE Supreme Court has unanimously junked the petition filed by a party-list group seeking the issuance of a Writ of Kalikasan against several government agencies and a Japanese tobacco firm for allegedly violating environmental laws in burning 4.7 million packs of “Mighty” brand cigarettes with counterfeit tax stamps in 2017.

In an 11-page decision penned

by Henri Jean Paul B. Inting, the Court en banc held that the writ of Kalikasan petition filed by petitioner Alyansa ng mga Grupong Haligi ng Agham at Teknolohiya Para sa Mamamayan (Agham) through its president Angelo Palmones, is not sufficient in form and substance.”

The Court explained that Agham failed to show proof that would warrant the issuance of the writ.

“In sum, there is no clear showing that respondents committed an act or omission violative of any environmental law, which resulted or will result in an environmental damage of such magnitude that would infringe the right of the people to a balanced and healthful ecology,” the SC declared.

In its petition, Agham named the Department of Finance (DOF), the Department of Environment and Natural Resources (DENR), the Bureau of Internal Revenue (BIR), Japan Tobacco International (JTI-Philippines) Inc. and Holcim Philippines Inc. Prior to the filing of the petition, a joint operation by the Bureau of Customs (BOC) and the BIR on March 6, 2017, resulted in the seizure of 4.7 million packs of cigarettes with counterfeit tax stamps from Mighty Corp. (MC).

The cigarettes were under the brand names “Mighty Mento! 100s,” “Marvels FK” and “Marvels King Full.”

The government filed a case against the officers of MC for tax law violations. However, the case was withdrawn after MC offered to settle its tax liabilities in the amount of P25 billion and shut down its operations. JTI-Philippines, which is part of Japan Tobacco International, acquired MC. In November 2017, the DOF and the BIR officials caused the burn-

ing and destruction of batches of the “Mighty” brand cigarettes to prevent pilferage.

The procedure took place inside the compound of respondent Holcim in Bunawan, Davao City and Norzagaray, Bulacan, which is within the watershed area of the Angat and La Mesa Dams.

In its petition, Agham noted that the DOF, BIR, and Holcim officials had claimed that the Mighty cigarettes were being destroyed through co-processing or the process of using waste as raw material or source of energy, or both, to replace mineral resources and fossil fuels in industrial processes.

But, it argued, there was no evidence that co-processing was actually undertaken considering that no media were allowed during the destruction of the cigarettes.

The group added that the respondents violated the right of the people to a balanced and healthy ecology.

While the respondents claimed that co-processing was a safe method, Agham insisted the use of cigarettes in co-processing was in violation of the provisions of the following: Republic Act (RA) 6969 (Toxic Substances and Hazardous and Nuclear Wastes Control Act of 1990); RA 8749 (Philippine Clean Air Act); RA 9003 (Ecological Solid Waste Management Act of 2020); and, the Guidelines on the Use of Alternative Fuels and Raw Materials in Cement Kilns issued by the DENR. In dismissing the petitioner, the Court gave weight to the argument of the respondents that the petitioner failed to show that the environmental damage caused by the destruction of the cigarettes is of such magnitude as to prejudice the life, health or property of inhabitants of two or more cities or provinces, which are the requirements for the issuance of a Writ of Kalikasan.

“In this case, other than stating in general terms that respondents violated RA 6969, 8749 and 9003, Agham did not propound on the specific acts or omissions committed by respondents that would amount to a violation of the cited laws and as required under the Rules. Agham did not also adduce evidence that respondents are indeed guilty of any illegal act or omission. violative of the rights of the people to a balanced and healthful ecology,” the SC pointed out.

Editor: Vittorio V. Vitug • Monday, September 27, 2021 A5

Exec: ‘Highlight sustainability in circular economy model’

By Tyrone Jasper C. Piad @TyronePiad

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HEN shifting to a circular economy model, an industry leader said manufacturers should focus on making the supply chain, procurement, logistics operations and production lines sustainable with the aid of industry 4.0 technologies.

RS Components Corp. Country General Manager George Santiago told the BusinessMirror that implementing a circular economy in operations requires the use of innovation to save cost and decrease environmental footprint while boosting efficiency and productivity.

Circular economy refers to sustainable means of production and consumption by reusing materials as much as possible.

Using online procurement platforms, Santiago said, can provide the manufacturers “full visibility” of products and purchase information, which can aid in minimizing errors and reducing waste.

“Having a digital or automated process also removes the need for procurement managers to travel to warehouses to purchase materials, ultimately lowering their carbon footprint and saving time too,” Santiago explained during an interview with the BusinessMirror.

It is more sustainable to source input materials locally, he added, noting that establishing a line with a trusted supplier can help in strengthening the supply chain as well.

Regulator to launch AI-backed analytics portal publicly ‘soon’

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HE Intellectual Property Office of the Philippines (IPOPHL) intends to eventually launch to the public its artificial intelligence (AI)-enabled analytics platform that contains comprehensive intellectual property-related data.

The country’s patent administrator recently introduced the Business Intelligence (BI) v2.0 Online platform.

It features data visualization for IP information collected from over 50 years.

“With the launch of our Business Intelligence v2.0 Online, IPOPHL expects a dramatic improvement in its evidence-based decision-making processes through the use of real-time data visualizations, the power of descriptive and predictive analytics and, of course, actionable insights,” IPOPHL Director General Rowel S. Barba said in a statement. The said platform, for now, is intended for internal use only by IPOPHL, noting that its officials and key staff can now access a “unified view of curated and trusted dashboards containing critical information on performance and operations.”

But IPOPHL said it plans to make select data visualization available for public access in the “near future.”

This is parallel with the “Open Data Philippines Initiative,” which seeks to compile government data in a single accessible database.

In addition, this initiative supports the Department of Trade and Industry’s efforts in monitoring the IP applications and assets.

“Transparency and efficiency, some of the core strengths of IPOPHL, are made even better. Indicators and metrics critical to IPOPHL’s goals and performance will practically be available at everyone’s fingertips, anytime and anywhere,” Barba added. “This complements our continued dependence on remote work arrangements where we need to ensure the quick flow of data that help us make informed decisions for our innovators, creators and businesses.” Tyrone Jasper C. Piad

In relation with this, Santiago said only need raw materials and a digithat a supplier can also consolidate tal file, he said. deliveries and offer opportunities to “Furthermore, manufacturers recycle packaging. can rebuild and restore Adopting a circular large assets and integrate EXCLUSIVE production and supply green technology to rechain can also have posimanufactured equipment, tive impact on the bottom-line instead of buying new machines. figures of the manufacturers as it This extends machine productivity can reduce your costs, especially and use, while lowering the carbon for raw materials that accounts footprint,” he explained. for 40 percent of the spending, Santiago explained.

Adapting sustainability initia “Aside from savings, sustaintives ability and the circular economy SANTIAGO said that the manufacalso enable an organization to turing industry has been gearing create new and strengthen existtowards sustainability in its operaing customer relationships,” he tions recently, veering away from said. “Consumers today care about the “take-make-dispose” approach. their contribution to environmen The 2020 survey by RS Compotal protection and socially responnents and the Chartered Institute sible practices and from consumer of Procurement and Supply noted studies, we know customers and that half of the manufacturers have a employees want to support brands sustainable and ethical procurement and companies that are ethical and strategy. Some 38 percent plans to committed to the environment.” reduce carbon emissions while 20 The sustainable shift, he said, percent are working to monitor encan eventually lead to market share ergy usage of certain assets. growth with new customers.

“It is essential that manufactur On factory floors, Santiago said ers focus on the long-term impact that production can be done more and value creation, look beyond responsibly as well with innovation just-in-time and lean manufacand digitalization, which provide turing, and examine how sustain“data and analytics so that teams can ability is part of the end-to-end operate efficiently and make faster value chain ­—where materials are and better decisions.” sourced and transported respon Santiago cited the 3-dimensional sibly, machines can perform in an printing process, which lessens the energy-efficient manner, and busisteps in the production process and nesses can engage customers on rereduces energy consumption. Using cycling or repurposing materials,” this technology means manufacturhe stressed. ers will use less input as they will The RS Components head said

manufacturers should ensure their suppliers and business partners are also on the same page when shifting to the circular economy model as this will ensure better adoption.

Meanwhile, Santiago said that committing to sustainable measures, like digital transformation, will require investment: money, time and partnerships.

“High logistics and electricity costs are some concerns in the industry but working with a strategic partner to streamline the procurement process enables manufacturers to reduce their indirect costs and have reliable access to critical technologies and energy-efficient products for their facilities,” he said.

In August, the Department of Trade and Industry reported that the Asean economic community (AEC) was finalizing the framework of the circular economy for the regional bloc to promote sustainable growth. The framework is aimed to be adopted by October at the 20th AEC Council.

House Bill 7609, also known as the “An Act to Promote Circular Economy and a Whole-of-Nation Transition Towards a Sustainable Future,” is currently pending at the House Committee on Economic Affairs. It seeks to develop green markets through measures that promote circular economy and sustainable consumption; push for the use of permaculture in urban and rural development; and facilitate sustainable recovery amid the pandemic.

A6

Monday, September 27, 2021

The World BusinessMirror

Canadians, Chinese executive return home in prisoner swap

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ORONTO—China, the US and Canada completed a highstakes prisoner swap with joyous homecomings for two Canadians held

by China and for an executive of Chinese global communications giant Huawei Technologies charged with fraud, potentially bringing closure to a three-year feud that embroiled the three countries.

signs of public tension—even as the world’s two dominant economies are at odds on issues as diverse as cybersecurity, climate change, human rights and trade and tariffs. Biden said in an address before the UN General Assembly earlier this week that he had no intention of starting a “new Cold War,” while Xi told world leaders that disputes among countries “need to be handled through dialogue and cooperation.”

“The US Government stands with the international community in welcoming the decision by People’s Republic of China authorities to release Canadian citizens Michael Spavor and Michael Kovrig after more than two-and-a-half years of arbitrary detention. We are pleased that they are returning home to Canada,” US Secretary of State Antony Blinken said in a statement.

As part of the deal with Meng, the Justice Department agreed to dismiss the fraud charges against her in December 2022—exactly four years after her arrest—provided that she complies with certain conditions, including not contesting any of the government’s factual allegations. The Justice Department also agreed to drop its request that Meng be extradited to the US, which she had vigorously challenged.

After appearing via videoconference for her New York hearing, Meng made a brief court appearance in Vancouver.

Outside the courtroom, Meng thanked the Canadian government for upholding the rule of law, expressed gratitude to the Canadian people and apologized “for the inconvenience I caused.”

“Over the last three years my life has been turned upside down,” she said. “It was a disruptive time for me as a mother, a wife and as a company executive. But I believe every cloud has a silver lining. It really was an invaluable experience in my life. I will never forget all the good wishes I received.”

Shortly afterward, Meng left on an Air China flight for Shenzhen, China, the location of Huawei’s headquarters.

Huawei is the biggest global supplier of network gear for phone and Internet companies. It has been a

symbol of China’s progress in becoming a technological world power—and a subject of US security and law enforcement concerns. Some analysts say Chinese companies have flouted international rules and norms and stolen technology.

The case against Meng stems from a January 2019 indictment from the Trump administration Justice Department that accused Huawei of stealing trade secrets and using a Hong Kong shell company called Skycom to sell equipment to Iran in violation of US sanctions. The indictment also charged Meng herself with committing fraud by misleading the HSBC bank about the company’s business dealings in Iran.

The indictment came amid a broader Trump administration crackdown against Huawei over US government concerns that the company’s products could facilitate Chinese spying.

The administration cut off Huawei’s access to US components and technology, including Google’s music and other smartphone services, and later barred vendors worldwide from using US technology to produce components for Huawei.

The Biden White House, meanwhile, has kept up a hard line on Huawei and other Chinese corporations whose technology is thought to pose national security risks. Huawei has repeatedly denied the US government’s allegations and security concerns about its products.

Former Canadian ambassador to China, Guy Saint-Jacques, Kovrig’s former boss, said he was elated the two Canadians are home.

“Clearly, the Chinese were so eager to get Meng back that they jettisoned all pretensions that the two Michaels had been arrested for good reasons.

They must acknowledge that their reputation has been severely tarnished,” Saint-Jacques said. “There is grumbling in the Communist party of China, people saying, ‘In which direction are we going, Xi Jinping? We are creating too many enemies. Why are we enemies with countries like Canada and Australia?’”

Saint-Jacques said he thinks China will think twice before using “hostage diplomacy” again. AP

Canadian Prime Minister Justin Trudeau hugged diplomat Michael Kovrig and entrepreneur Michael Spavor on the tarmac after they landed in Calgary, Alberta early Saturday. The men were detained in China in Dec. 2018, shortly after Canada arrested Meng Wanzhou, Huawei Technologies’ chief financial officer and the daughter of the company’s founder, on a US extradition request.

Many countries labeled China’s action “hostage politics,” while China has described the charges against Huawei and Meng as a politically motivated attempt to holdback China’s economic and technological development.

“It’s fantastic to be back home in Canada and I am immensely grateful to everybody who worked hard to bring both of us back home,” a noticeably thinner Kovrig said after a Canadian government plane landed in Toronto and he was greeted by his wife and sister.

Meng’s return to China later Saturday was carried live on state TV, underscoring the degree to which Beijing has linked her case with Chinese nationalism and its rise as a global economic and political power.

Wearing a red dress matching the color of China’s flag, Meng thanked the ruling Communist Party and its leader Xi Jinping for supporting her through more than 1,000 days in house arrest in Vancouver, where she owns two multimillion dollar mansions.

“I have finally returned to the warm embrace of the motherland,” Meng said. “As an ordinary Chinese citizen

going through this difficult time, I always felt the warmth and concern of the party, the nation and the people.”

The chain of events involving the global powers brought an abrupt end to legal and geopolitical wrangling that has roiled relations between Washington, Beijing and Ottawa. The threeway deal enabled China and Canada to each bring home their own detained citizens while the US wrapped up a criminal case against Meng that for months had been mired in an extradition fight.

“These two men have been through an unbelievably difficult ordeal. For the past 1,000 days, they have shown strength, perseverance and grace and we are all inspired by that,” Trudeau said of the two Canadians.

Meng’s been out on bail living in a multimillion-dollar mansion in Vancouver since her arrest while the two Canadians were held in Chinese prison cells for over 1,000 days where the lights were kept on 24 hours a day.

The first activity came Friday afternoon when Meng, 49, reached an agreement with federal prosecutors that called for fraud charges against her to be dismissed next year and allowed for her to return to China immediately. As part of the deal, known as a deferred prosecution agreement, she accepted responsibility for misrepresenting the company’s business dealings in Iran.

The deal was reached as President Joe Biden and Chinese counterpart Xi Jinping have sought to tamp down

Panel OKs Dems’ $3.5-T bill, crunch time for Biden agenda

Covid vaccine boosters could mean billions for drugmakers

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ASHINGTON—Democrats pushed a $3.5 trillion, 10year bill strengthening social safety net and climate programs through the House Budget Committee on Saturday, but one Democrat voted “no,” illustrating the challenges party leaders face in winning the near unanimity they’ll need to push the sprawling package through Congress.

The Democratic-dominated panel, meeting virtually, approved the measure on a near party-line vote, 2017. Passage marked a necessary but minor checking of a procedural box for Democrats by edging it a step closer to debate by the full House. Under budget rules, the committee wasn’t allowed to significantly amend the 2,465-page measure, the product of 13 other House committees.

More important work has been happening in an opaque procession of mostly unannounced phone calls, meetings and other bargaining sessions among party leaders and rankand-file lawmakers. President Joe Biden, House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Chuck Schumer, D-N.Y., have led a behind-the-scenes hunt for compromises to resolve internal divisions and, they hope, allow approval of the mammoth bill soon.

Pelosi told fellow Democrats Saturday that they “must” pass the social and environment package this week, along with a separate infrastructure bill and a third measure preventing a government shutdown on Friday.

Her letter to colleagues underscored the pile of crucial work Congress’ Democratic majority faces in coming days and seemed an effort to build urgency to resolve long-standing disputes quickly. AP

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illions more in profits are at stake for some vaccine makers as the US moves toward dispensing Covid-19 booster shots to shore up Americans’ protection against the virus.

How much the manufacturers stand to gain depends on how big the rollout proves to be.

US health officials late on Thursday endorsed booster shots of the Pfizer vaccine for all Americans 65 and older—along with tens of millions of younger people who are at higher risk from the coronavirus because of health conditions or their jobs.

Officials described the move as a first step. Boosters will likely be offered even more broadly in the coming weeks or months, including boosters of vaccines made by Moderna and Johnson & Johnson. That, plus continued growth in initial vaccinations, could mean a huge gain in sales and profits for Pfizer and Moderna in particular.

“The opportunity quite frankly is reflective of the billions of people around the world who would need a vaccination and a boost,” Jefferies analyst Michael Yee said.

Wall Street is taking notice. The average forecast among analysts for Moderna’s 2022 revenue has jumped 35% since President Joe Biden laid out his booster plan in mid-August.

Most of the vaccinations so far in the US have come from Pfizer, which developed its shot with Germany's BioNTech, and Moderna. They have inoculated about 99 million and 68 million people, respectively. Johnson & Johnson is third with about 14 million people.

No one knows yet how many people will get the extra shots. But Morningstar analyst Karen Andersen expects boosters alone to bring in about $26 billion in global sales next year for Pfizer and BioNTech and around

Editor: Angel R. Calso

China’s power crunch is next economic shock

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hina may be diving head first into a power supply shock that could hit Asia’s largest economy hard just as the Evergrande crisis sends shockwaves through its financial system.

The crackdown on power consumption is being driven by rising demand for electricity and surging coal and gas prices as well as strict targets from Beijing to cut emissions. It’s coming first to the country’s mammoth manufacturing industries: from aluminum smelters to textiles producers and soybean processing plants, factories are being ordered to curb activity or—in some instances—shut altogether.

Almost half of China’s 23 provinces missed energy intensity targets set by Beijing and are now under pressure to curb power use. Among the worst hit are Jiangsu, Zhejiang and Guangdong —a trio of industrial powerhouses that account for nearly a third of China’s economy.

“With market attention now laserfocused on Evergrande and Beijing’s unprecedented curbs on the property sector, another major supply-side shock may have been underestimated or even missed,” Nomura Holding Inc. analysts including Ting Lu warned in a note, predicting China’s economy will shrink this quarter.

The worsening power crunch in China—perhaps overshadowed by the attention on whether Evergrande will default on its mammoth debts— reflects extremely tight energy supply globally that’s already seen chaos engulf markets in Europe. The economic rebound from Covid lockdowns has boosted demand from households and businesses as lower investment by miners and drillers constrains production.

But China’s energy crisis is partially of its own making as President Xi Jinping tries to ensure blue skies at the Winter Olympics in Beijing next February and show the international community he’s serious about de-carbonizing the economy.

The economy is at risk of a severe shortage of coal and gas—used to heat homes and power factories—this winter. It’s had to ration power in the colder months before but it’s never had to do it with global prices of these fuels at the levels they are now.

Eyewatering prices

China’s heating coal futures have more than quadrupled in the past month, smashing new records over and over as concerns over mine safety and pollution constrain domestic output while it continues to ban shipments from top supplier Australia. Meanwhile, natural gas prices from Europe to Asia have surged to seasonal highs

as countries try to outbid each other for fast-depleting supplies.

In previous winter power surges in China, many have turned to diesel generators to plug the shortages of power from the electricity grid. This year, the danger is government policies have further limited the energy industry’s potential to increase production to meet the demand increase, said Zeng Hao, chief expert at consultancy Shanxi Jinzheng Energy.

Yunnan Aluminum Co., a $9 billion producer of the metal used in everything from cars to soda cans, has curtailed output due to pressure from Beijing. The shock is also being felt in China’s giant food sector. Soybean crushers, which process the crop into edible oils and animal feed, were ordered to shut this week in the city of Tianjin.

A number of smaller companies are also starting to inform the stock exchange they’ve been ordered to curb or halt activity. While they may be overlooked by major foreign investors that don’t cover these firms, the end result could be a shortage of everything from textiles to electronics components that could snarl supply chains and eat into the profits of a host of multinational companies.

In Jiangsu, a province near Shanghai with an economy almost as big as Canada’s, steel mills have closed and some cities are turning off street lights. In nearby Zhejiang, about 160 energy-intensive companies including textiles firms were shuttered. While in Liaoning in the far north, 14 cities have ordered emergency power cuts that were blamed partly on the surging coal prices.

“The power curbs will ripple through and impact global markets,” Nomura’s Ting said. “Very soon the global markets will feel the pinch of a shortage of supply from textiles, toys to machine parts.”

The curtailments are a fresh threat for an economy facing multiple pressures after a V-shaped rebound in the past year. And as with Europe’s energy ructions, the squeeze poses a challenge for policy makers: how to pursue environmental goals without damaging still-fragile economies. Beijing is targeting full-year growth of 6% after expansion of 12.7% in the first half.

“Policy makers seem to be willing to accept slower growth in the rest of this year in order to meet the carbon emissions target,” said Larry Hu, head of China economics at Macquarie Group. “The GDP goal of more than 6% is easily achievable, but emissions targets are not easy to hit given robust growth in the first half.”

Bloomberg News

Russia says it’s in sync with US, China and Pakistan on Taliban

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In this March 2021 photo provided by Pfizer, a technician works on a line for packaging preparation for the Pfizer-BioNTech Covid-19 vaccine at the company's facility in Puurs, Belgium. Billions more in profits are at stake for some vaccine makers as the US moves toward dispensing Covid-19 booster shots to shore up Americans' protection against the virus. Pfizer via AP

$14 billion for Moderna if they are endorsed for nearly all Americans.

Those companies also may gain business from people who got other vaccines initially. In Britain, which plans to offer boosters to everyone over 50 and other vulnerable people, an expert panel has recommended that Pfizer’s shot be the primary choice, with Moderna as the alternative.

A ndersen ex pects Moder na, which has no other products on the market, to generate a roughly $13 billion profit next year from all Covid-19 vaccine sales if boosters are broadly authorized.

Potential vaccine profits are harder to estimate for Pfizer, but company executives have said they expect their pre-tax adjusted profit margin from the vaccine to be in the “high 20s” as a percentage of revenue. That would translate to a profit of around $7 billion next year just from boosters, based on Andersen's sales prediction.

J&J and Europe's AstraZeneca have said they don't intend to profit

from their Covid-19 vaccines during the pandemic.

For Pfizer and Moderna, the boosters could be more profitable than the original doses because they won't come with the research and development costs the companies incurred to get the vaccines on the market in the first place.

WBB Securities CEO Steve Brozak said the booster shots will represent “almost pure profit” compared with the initial doses.

Drugmakers aren't the only businesses that could see a windfall from delivering boosters. Drugstore chains CVS Health and Walgreens could bring in more than $800 million each in revenue, according to Jeff Jonas, a portfolio manager with Gabelli Funds.

Jonas noted that the drugstores may not face competition from mass vaccination clinics this time around, and the chains are diligent about collecting customer contact information. That makes it easy to invite people back for boosters. AP

NITED NATIONS—Russia, China, Pakistan and the United States are working together to ensure that Afghanistan's new Taliban rulers keep their promises, especially to form a genuinely representative government and prevent extremism from spreading, Russia's foreign minister said Saturday.

Sergey Lavrov said the four countries are in ongoing contact. He said representatives from Russia, China and Pakistan recently traveled to Qatar and then to Afghanistan’s capital, Kabul, to engage with both the Taliban and representatives of “secular authorities”—former president Hamid Karzai and Abdullah Abdullah, who headed the ousted government's negotiating council with the Taliban.

Lavrov said the interim government announced by the Taliban does not reflect “the whole gamut of Afghan society—ethno-religious and political forces—so we are engaging in contacts.

They are ongoing.”

The Taliban have promised an inclusive government, a more moderate form of Islamic rule than when they last ruled the country from 1996 to 2001 including respecting women's rights, providing stability after 20 years of war, fighting terrorism and extremism and stopping militants from using their territory to launch attacks.

But recent moves suggest they may be returning to more repressive policies, particularly toward women and girls.

“What’s most important...is to ensure that the promises that they have proclaimed publicly to be kept,” Lavrov said. “And for us, that is the

top priority.”

At a wide-ranging news conference and in his speech afterward at the U.N. General Assembly, Lavrov criticized the Biden administration including for its hasty withdrawal from Afghanistan. He said the US and NATO pullout “was carried out without any consideration of the consequences... that there are many weapons left in Afghanistan.” It remains critical, he said, that such weapons aren't used for “destructive purposes.”

Later, in his assembly speech, Lavrov accused the United States and its Western allies of "persistent attempts to diminish the U.N.'s role in resolving the key problems of today or to sideline it or to make it a malleable tool for promoting someone’s selfish interests."

As examples, Lavrov said Germany and France recently announced the creation of an Alliance For Multilateralism “even though what kind of structure could be more multilateral than the United Nations?”

The United States is also sidestepping the UN, he said, pointing to the recent US announcement of a “Summit for Democracy” despite, Lavrov said, US President Joe Biden’s pledge this week “that the US is not seeking a world divided into opposing blocs.”

“It goes without saying that Washington is going to choose the participants by itself, thus hijacking the right to decide to what degree a country meets the standards of democracy,” Lavrov said. “Essentially, this initiative is quite in the spirit of a Cold War, as it declares a new ideological crusade against all dissenters.” AP

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Monday, September 27, 2021 A7

Govt must spend ₧4B to hike banana output @jearcalas

T

HE government must shell out at least P4.088 billion over the next four years to bankroll interventions that will increase local banana production and maintain the Philippines’s status as one of the leading banana growers in the world.

Based on the initial draft of a new roadmap for the banana sector, the government must set aside P2.541 billion for the proposed Cavendish industry action plan. It also calls for the allocation of P741 million and P806 million for the lakatan and saba industry plans, respectively.

The action plans for the three banana varieties outlined interventions that will expand and rehabilitate plantations that were affected

by Fusarium wilt and improve yield and quality and reduce wastage through the establishment of postharvest facilities.

The banana industry roadmap, which will cover the years 2022 to 2025, is part of the various commod-

ity roadmaps being finalized, revised and updated by the Department of Agriculture (DA).

Its goal is to ensure that Philippine bananas and banana-derived products “consistently meet world quality standards with good productivity, sustainable production practices, thus ensuring economic viability for its stakeholders.”

The draft blueprint was presented during a recent meeting with stakeholders and experts to finalize the roadmap. The DA has set the deadline for all commodity roadmaps on September 27.

Under the draft roadmap, the government aims to maintain the annual output of 55 metric tons per hectare for Cavendish and increase yield per hectare by 2 percent annually the for lakatan and saba varieties.

It also calls for increasing production area by at least 1 percent per year for Cavendish and lakatan and 0.5 percent year for saba.

Under the roadmap, the government will increase the global market

BUSINESSMIRROR FILE PHOTO

By Jasper Emmanuel Y. Arcalas

DA unveils PHL’s first shrimp hatchery in Oriental Mindoro

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HE Department of Agriculture (DA) has inaugurated the country’s first shrimp hatchery and broodstock development center, which is part of the government’s efforts to boost aquaculture production in the country.

The DA said the P24-million hatchery and development center in Bongabong, Oriental Mindoro was funded by the Bayanihan 2 law.

The facility will focus on the medium-scale production of Penaeus vannamei with a target of 50 million fry per year.

“It’s such a historic occasion to really emphasize that Oriental Mindoro is home to the first DA-BFAR [Bureau of Fisheries and Aquatic Resources] Shrimp Hatchery in the country. All other regions in the

country will depend on the fry to be raised here in Bongabong,” Agriculture Secretary William D. Dar said in a statement.

“Ang mga mangingisda, shrimp farmers, at entrepreneurs dito ay makakaasa na mayroong ganitong facility ang BFAR na tutulong sa inyo in terms of improved fry that you need in growing and developing the shrimp industry in Oriental Mindoro. [The fisherfolk, shrimp farmers and entrepreneurs here can rely on this BFAR facility to help them access improved fry to grow and develop the shrimp industry in Oriental Mindoro.]”

The DA said the hatchery’s first phase implementation covers the Fry Production Facility, while its target expansion or second phase will

cover the Grow-out and Broodstock Development Facility.

“The facility, which includes a laboratory, natural food tank, larval rearing tank, powerhouse/pump house, water reservoir, and covered work area, will provide registered shrimp farmers and 197 BFAR-registered shrimp farms in the region to have a year-round supply of fry.”

The agriculture chief said aquaculture is one of the country’s rising industries, and that shrimp is among the top three commodities.

“Aquaculture will really be the future of the fishery industry and we will focus on three major commodities: milkfish, tilapia, and shrimp,” he said.

“The new hatchery will promote the use of aquaculture areas par-

ticularly brackishwater and provide additional employment in the fishery sector.”

The DA said there are about 25,865 registered fishermen in Oriental Mindoro and the province has a total brackishwater fishpond area of about 3,108 hectares.

The agriculture chief challenged DA officials in the region to develop Oriental and Occidental Mindoro “as the food supply island for the National Capital Region.”

“We should work harder to have more sustainable shrimp farms in the whole island of Mindoro, because you are not only securing food for your province but also helping the nearest market for you, which is Metro Manila,” he said.

Jasper Emmanuel Y. Arcalas

Aquaculture is key to meet increasing food demand–FAO

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QUACULTURE is playing a critical role in global food production, but innovation and equity are required to ensure inclusive and sustainable growth, according to the Director-General of the Food and Agriculture Organization of the United Nations (FAO), Qu Dongyu.

On the opening day of the Global Conference on Aquaculture Millenium+20 in Shanghai, the Director-General highlighted aquaculture as the fastest growing agri-food sector globally saying there is huge potential for further expansion in Asia, Africa, Latin America and the Caribbean.

“Aquaculture production will continue to grow, but the benefits of this growth must be equitable and fairly distributed,” Qu stressed, while noting the need to further develop “the human, social, cultural and economic dimensions of aquaculture.”

The conference, which adopted the theme “Aquaculture for Food and Sustainable Development,” is

the fourth to be held and is organized by FAO and China’s Ministry of Agriculture and Rural Affairs, together with the Network of Aquaculture Centres in AsiaPacific (NACA).

Her Royal Highness Princess Maha Chakri Sirindhorn of the Kingdom of Thailand who is FAO Special Goodwill Ambassador for Zero Hunger for Asia and the Pacific, is the Guest of Honour at the two-day event with representatives from the private and public sectors, academia and civil society.

Aquaculture is vital for feeding the world’s expanding population and the conference is considering a range of issues and opportunities ranging from traditional family farming in vulnerable communities to cutting-edge technology.

Themes to be discussed at the conference include: innovation, genetic resources, biosecurity, the social and human dimension, value chains and market access.

Global consumption of fish has increased by 122 percent since 1990

DOLE keeps mandate over ecozone labor rows­–Peza continued from a10

For its part, Peza said it continues to implement measures and policies protecting the constitutional and statutory rights of workers in the ecozones.

The regulator has conducted labor-related seminars and training to raise awareness about the employees’ and managements’ rights, duties and obligations. For

some of its units, Peza also extends labor-related assistance, including dispute settlement and guidance in the proper exercise of the right to organize and bargain collectively, among others.

According to latest Peza data, there are more than 70 unions in the ecozones nationwide with 22,372 members.

and aquaculture now accounts for more than 50 percent of current fish consumption. That figure is expected to rise above 60 percent during the next decade. However, the impacts of the climate crisis and disruption to production and consumption caused by the Covid-19 pandemic have created challenges on the rate of growth and expansion of the sector.

FAO’s work

QU stressed aquaculture plays an important role in FAO’s new Strategic Framework 2022-2031 through its Blue Transformation priority program, with the objective of supporting 35 to 40 percent growth in global aquaculture by 2030.

“FAO’s Strategic Framework is based on the principles of the Four Betters: better production, better nutrition, a better environment and a better life for all—leaving no one behind,” he said. “The Shanghai Declaration is a call for global action.”

FAO recognizes the contribution of aquaculture to food security, by providing technical assistance through the implementation of the Code of Conduct for Responsible Fisheries.

A key instrument that has been guiding the principles for sustainable fisheries and aquaculture around the world since 1995, the Code seeks to develop and implement efficient policies and legal frameworks which promote sustainable and equitable aquaculture development, especially in developing countries, with improved socioeconomic benefits.

FAO conducts a global review of the state of aquaculture, and on the request of its Members, it is also developing Guidelines for Sustainable Aquaculture (GSA) to provide practical guidance for government authorities and policymakers in their efforts to promote the Code of Conduct for Responsible Fisheries and advance their capacity in the development of sustainable aquaculture sectors.

Taxing POGO better than bills on online gambling–Pia continued from a10 “We made sure that the revenues from POGOs will be earmarked for much-needed health programs amid the pandemic, and contribute to the attainment of our Sustainable Development Goals (SDGs),” added the senator, who also chairs the Senate Committee on the SDGs, Innovation, and Futures Thinking.

Moreover, she reminded everyone that based on estimates of the Department of Finance (DOF),

RA 11590 is projected to generate P22.9 billion in 2022, through the 5-percent gaming tax imposed on the gross gaming revenues of POGO licensees.

In addition, the government is expected to collect P9.2 billion in 2022 from the 25 percent final withholding tax imposed on foreign POGO employees. Combined, she said the total projected revenues from RA 11590 would amount to P32.1 billion in 2022. Butch Fernandez

share of fresh bananas and valueadded products, such as banana chips and banana flour, by 3 percent.

The goals and targets of the draft roadmap include improving productivity-related infrastructure and post-harvest facilities in the banana value chain as well as the establishment of banana research and development structures and systems.

It also calls for expanding areas planted with Cavendish to 89,690.70 hectares by 2025 from 86,191 hectares recorded last year. Saba plantations will be expanded to 189,897.96 hectares from a baseline of 186,147 hectares and lakatan plantations to 63,437.3 hectares from last year’s 60,962 hectares.

The road map indicated that Cavendish output should increase to 4.935 million MT (MMT) from 4.743 MMT last year.

Saba production is expected to rise to 2.659 MMT from a baseline volume of 2.505 MMT while lakatan production will expand to 1.002 MMT from 925,403 MT, according to the draft blueprint.

Chocolatier protecting Madagascar’s lemurs sets sights on carbon credits

BEYOND Good works directly with 93 cocoa farmers in Madagascar. PHOTO FROM WWW.BEYONDGOOD.COM

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EYOND Good, a maker of premium chocolate in Madagascar, aims to start selling carbon credits as it works with cocoa farmers to boost reforestation and provide a safer habitat for lemurs.

The company, based in New York, is working with Conservation International and the United Kingdom’s Bristol Zoo after identifying five species of lemurs, and possibly a sixth, in copses of trees under which the Criollo cocoa variety used to make their chocolate is grown.

It’s setting up corridors—initially using boxes and later shade trees­b etween patches of forest so that the endangered primates found only in Madagascar can move around without the risk of being killed by predators such as dogs. With much of the area having been cleared to grow rice and tobacco, saving the forest may help increase their numbers outside protected areas and, ultimately, allow for the sale of carbon credits.

“What we are trying to do is intentionally plant corridors where lemurs can transfer safely,” Ryan Kelley, the managing director of Beyond Good Madagascar, said in an interview.

“We’re measuring the amount of carbon that is sequestered.”

The species found so far among the cocoa trees are the northern giant mouse lemur, the Sambirano fork-marked lemur, the mouse and dwarf lemurs and the Gray’s sportive lemur. A sixth, so far identified only by its droppings, is likely to be the black lemur, according to the company, which says a new study will soon be released on the animals.

‘Carbon sinks’

FORESTS absorb carbon, acting as

so-called carbon sinks. If that absorption can be quantified it can be sold as credits to companies to offset the greenhouse gases they emit from activities such as power generation using fossil fuels. They can be earned by preserving forest that otherwise would have been cut down, and can be traded on a number of international exchanges.

Beyond Good is expanding rapidly and earning carbon credits would add to its income and that of the farmers it works with. In 2019, it made 700,000 chocolate bars and this year the number is about 2.1 million. Production is seen at as many as 3.9 million chocolates in 2023.

Currently, cocoa is harvested from 300 hectares (741 acres) of land and Beyond Good expects to buy 200 tons of beans. It hopes to quadruple the number of farmers it works with within three to five years.

While Madagascar accounts for a fraction of global cocoa production, chocolate made from its beans offers a unique fruity flavor, Kelley said.

The island nation off Africa’s east coast is the world’s biggest producer of vanilla.

The company was founded by Tim McCollum, who traveled to Madagascar in 1999 and spent two years there as a Peace Corps volunteer. He later established the firm to buy cocoa directly from farmers.

Beyond Good is in talks to set up a similar operation in Uganda, where it would establish a chocolate factory and most likely enlist farmers along the country’s border with the Democratic Republic of Congo to grow cocoa. Chocolate could be produced from the end of next year, Kelley said.

“We are trying to find a sweet spot where we are beyond artisanal so we get economies of scale,” he said.

A8

Monday, September 27, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

The Philippines going forward

I

T is easy for a candidate for political office to run on a platform of moral good. Who can argue against a person “battling against corruption,” who wants to “help the lives of the poor,” or to “seek justice” in a cruel and unfair world?

The candidate does not even have to be specific about how all that is going to happen. It is almost enough just to want all those good things for the people and the nation. There seems to be the idea that if a righteous person says “stop corruption” or “stop poverty” enough times, it will happen like Moses parting the waters.

Likewise, it is easy for a voter to follow that idea since it requires no thinking if what the candidate is saying is feasible. And, when the goal is honorable and personally important enough, the “ends can justify the means.”

But in the real and practical world, it is hard to find money growing on the mango tree and even if it did, it still takes five years for the tree to bear fruit.

Maybe as we are being told, eliminating government corruption is the key to economic success, and it is hard to argue against that general idea. But the fact is that government corruption, even as large and serious problem that it is, is not the root cause of limited economic growth and performance even in the best of times. And this is certainly one of the worst economic times the Philippines has faced.

Unless Harry Potter—waving his magic wand—becomes president in May 2022, it is unlikely that corruption is going to stop dead in its track. Meanwhile, we have tens of thousands if not hundreds of thousands of businesses that are no longer in operation because of the pandemic and subsequent lockdowns.

There are those that think Filipinos are still stuck in the 1990s when votes came after candidates handed out two cans of sardines and a t-shirt. Politicians who believe that will lose as happened in 2016 and 2019.

We see the first critical economic issue in the tourism sector. We choose this because international tourism to the Philippines died in 2020. International arrivals in 2019 numbered 8.26 million. In 2020, that collapsed by 82 percent to 1.5 million.

International tourism is in large measure out of our control for the moment. However, we must take positive action to get those visitors back—through the Department of Tourism and the Department of Foreign Affairs. Maybe it would help to try to dispel the negative propaganda from some quarters that the Philippines is one large gulag of human rights atrocities and daily death squad activity.

We need the tourist “dollar” and the millions of jobs that come with it as quickly as possible. What is the specific plan?

It is time for hard work rather than more talk when it comes to mining. The easiest way to avoid doing something constructive is to endlessly talk about doing something constructive. Mineral resource extraction is not going to save the nation. However, this industry is like agriculture—what you “plant” today bears fruit in the future.

The person that should be elected president is the one who has a clearly defined policy roadmap with specific programs that will address the economic problems. This is not a time for feel good statements.

We must actively and specifically explore all roads and create a strategy to achieve economic prosperity. Any candidate that cannot do that and can’t articulate his or her plan to the people needs to step aside.

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The supreme art of teaching Atty. Jose Ferdinand M. Rojas II

RISING SUN

A

S the world finds ways to navigate the education landscape in the new normal, teachers carry the responsibility of making sure that their remote teaching methods are working. Many teachers had to learn new things and continue their development to catch up with technology and the students’ emerging needs.

The teachers need to be able to help or guide students who are having a hard time with distance learning. At the same time, they strive to meet both the parents’ and the school’s expectations. Commitment is, indeed, at the heart of this noble profession. Burdened by their personal struggles compounded by the pandemic, teachers con-

tinue to carry the responsibility of educating the nation, a crucial aspect in national development and progress.

It is only fitting that we pay tribute to our teachers as we celebrate National Teachers’ Month from September 5 to October 5, and National Teachers’ Day on October 5. This year’s theme is I Teach for a Better

Future—it is “a tribute to our teachers’ dedication to ensure continuity of learning and bridge gaps for the growth of students who are the country’s future leaders.”

We can pay tribute to teachers by showing our appreciation to the teachers in our lives—our past and present teachers, the teachers of our children, our teacher friends or relatives, and so on.

Expressing appreciation can take many forms, but I’m sure they will appreciate an uplifting message or a note of gratitude. We can, for instance, tell them how they inspired us and positively affected our lives.

But aside from showing them our gratitude and respect, it’s also important that we support their cause and inform ourselves about their plight, the issues or struggles they are facing, so we can help them better. As we do this, the students and the nation benefit in the end

from the improvements in their capabilities.

We often hear people say that many of the gaps in society stem from a lack of proper education.

Misinformation, lack of opportunities and poverty, poor decisionmaking, and many other socioeconomic issues can be lessened if more people were armed with a good education. We don’t need statistics or surveys to prove that the education system, including our teachers, needs more support. We can see the symptoms all around us.

For sure, teachers do more than teach our learners. In many cases, they act as second parents and guardians to our children. They do hold the power to inspire young minds, influence or mold lives, and to shape the country and its future.

It’s only right that we help to put them in a position that will allow them to carry out these responsibilities in the best possible way.

Concerned United Nations can only sidestep Myanmar crisis

By Grant Peck | Associated Press

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ANGKOK—In his speech last week to open the UN General Assembly, Secretary-General Antonio Guterres bracketed Myanmar with Afghanistan and Ethiopia as nations for whose people “peace and stability remain a distant dream.”

He declared unwavering support for the people of the turbulent, military-ruled Southeast Asia state “in their pursuit of democracy, peace, human rights and the rule of law.”

But the situation in Myanmar after the army’s seizure of power eight months ago has become an extended bloody conflict with everescalating violence. Yet the UN is unlikely to take any meaningful action against Myanmar’s new rulers because they have the support of China and Russia.

When Myanmar’s army ousted the elected government of Aung San Suu Kyi, it claimed with scant evidence that the general election her party won last November in a landslide was marred by massive voting fraud. The takeover almost immediately sparked widespread street protests that security forces tried to crush. Since then, the pushback has become violent.

“The military’s iron grip on power faces resistance from large segments of the society. Weapons of war continue to be deployed in towns and cities to suppress opposition,” Michelle Bachelet, UN High Commissioner for Human Rights, said in a statement Thursday. “These disturbing trends suggest the alarming possibility of an escalating civil war.”

Human rights groups have cataloged many abuses by government forces, including the use of deadly force against peaceful civilian pro-

testers and forced disappearances.

But the army’s foes have also turned to terror, as even its sympathizers admit. Local administrators who refuse to abandon their posts are targeted for assassination, as are civilians tagged as informers.

“Sabotage and assassinations, these are not the norms in civilized society,” Mon Yee Kyaw, executive director of the Myanmar-based Nyan Lynn Thit Analytica think tank, said in an e-mail interview. But due to the violence perpetrated by the military, tactics of bombings and assassination were adopted as defensive measures, she said from Thailand, where she is currently located.

“People believe unquestionably that they need to take actions to vanquish the military before the monster kills the people,” she said.

The stakes are big, warns the UN’s Bachelet. “The national consequences are terrible and tragic. The regional consequences could also be profound,” she said. “The international community must redouble its efforts to restore democracy and prevent wider conflict before it is too late.”

But there is at least one major impediment to prospective UN action, which could include such measures as a comprehensive arms embargo.

China and Russia are among the top arms suppliers to Myanmar, as well as ideologically sympathetic to its ruling military. Both are members

of the Security Council, and would almost certainly veto any effort by the UN to impose a coordinated arms embargo, or anything beyond an anodyne call for peace.

Myanmar opposition forces have one small consolation. It has been reported that the General Assembly’s Credentials Committee, which each session goes through the formality of approving each country’s permanent representative, will temporarily put off its decision on Myanmar’s permanent representative.

The current envoy, Ambassador Kyaw Moe Tun, switched his allegiance soon after February’s takeover to the opposition’s underground National Unity Government, which styles itself as the legitimate alternative to the ruling generals. For at least a couple of months, he appears likely to keep his seat—or at least deny it to an appointee of the military government.

It is a rare feather in the diplomatic cap of the shadow government, which has not been recognized by any nation, but it reportedly comes at the cost of the envoy remaining silent during discussions in the world body, including Monday’s scheduled opportunity to speak for his nation.

Countries sympathetic to the opposition, such as the United States and Britain, have enacted diplomatic and economic sanctions that pose a major inconvenience to the ruling generals. But pleas for more decisive intervention, such as under the humanitarian doctrine of right to protect, long ago fell on deaf ears.

The peaceful protests in cities and towns across Myanmar that began in February were met with deadly force by the security forces. To date, more than 1,100 individuals have

been killed, according to the UN’s Bachelet and human rights groups.

Consequently, protesters started wielding simple homemade weapons and then organizing themselves into local militias that they called “people’s defense forces.” While these groups were established mainly to defend localities against government attacks, some became more proactive, engaging in assassinations and bombings of government offices and commercial enterprises with ties to the military.

The National Unity Government aspires to forge them into an army.

It also has established alliances with militias established by ethnic minority groups in the border regions where they are dominant. Most of these ethnic armed organizations have been fighting the central government for greater autonomy on and off over decades.

With up to 70 years of combat experience, groups such as the Kachin in the north and the Karen in the east have the potential to put extra pressure on the government. Some also provide military training for militants and safe havens for opposition leaders.

The National Unity Government set the stage for an escalation of violence when, on Sept. 7, it called for a nationwide uprising, declaring a “people’s defensive war.”

“It’s hard to say if it will be productive and what the long-term consequences might be,” Christina Fink, a professor of International Affairs at George Washington University in Washington, D.C., said by e-mail.

“The regime certainly has the advantage in terms of military expertise, weapons, equipment, and See “Myanmar,” A9

Opinion BusinessMirror

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US move to end Huawei saga helps China ties–at a cost

T

he US met one of China’s key demands to improve relations with the release of a top Huawei Technologies Co. executive, paving the way for better ties at the cost of appearing to reward Beijing for what critics have called “hostage diplomacy.”

Meng Wanzhou, Huawei’s chief financial officer, flew to China from Vancouver after reaching a deferred prosecution agreement with US authorities to resolve criminal charges connected with American sanctions on Iran. Shortly afterward, China released two Canadian citizens— Michael Kovrig and Michael Spavor —who were detained within days of Meng’s December 2018 arrest.

The deal comes two weeks after President Joe Biden called Chinese leader Xi Jinping in frustration over Beijing’s move to link progress on climate change with other demands, including Meng’s release as well as lifting sanctions and removing punitive tariffs. China had insisted the US take the first step to improving ties, with Foreign Minister Wang Yi saying earlier this month that America “should meet China halfway.”

The agreement reached Friday appears to do just that, amounting to the biggest US step in years to smooth over relations with Beijing after an onslaught of punitive measures backed with bipartisan support in Washington. Although a range of issues remain unresolved between the world’s biggest economies, one of the biggest stumbling blocks to more cooperation is now gone.

“This is a very significant move and symbolizes a new beginning for China and the US,” said Henry Wang Huiyao, president and founder of the Center for China & Globalization policy research group in Beijing.

“Next there could certainly be cooperation on climate change” and tariffs, he said.

Meng’s arrest in December 2018, which came on the same day Xi met with US President Donald Trump on the sidelines of a Group of 20 summit, shook elite circles in Beijing.

She is the daughter of the founder of Huawei, a national champion at the forefront of Xi’s efforts for China to be self-sufficient in strategic technologies.

China treated the arrest as a national affront, quickly detaining two Canadian citizens on unspecified national security charges and lashing out at the government in Ottawa.

Authorities in Beijing repeatedly called Meng’s case “political” while insisting the Canadian detentions followed the rule of law—all while Chinese diplomats suggested the pair would be used as bargaining chips to secure her release. The showdown cost billions of dollars in lost trade and plunged China-Canada bilateral relations to their worst point in decades.

China on Saturday reiterated its stance on the issue, saying the arrest of Meng was political persecution against Chinese citizens with a purpose to suppress Chinese hightech companies. Allegations of fraud against Meng are purely fabricated, state broadcaster CCTV cited foreign affairs ministry spokeswoman Hua Chunying as saying.

US prosecutors said Meng’s agree-

Myanmar. . . continued from A8

manpower,” Fink said. “The military is suffering from the resistance, but whether these tactics will result in the military conceding is not clear.”

She and other observers point out that the opposition continues to apply nonviolent pressure as well, such as refusing to pay electricity bills, which denies the regime muchneeded cash.

Resistance comes in different forms and shapes throughout Myanmar, said Aung Kyaw Moe, executive director of Myanmar’s Center for Social Integrity, which promotes pluralism, diversity and inclusion.

“The junta’s troops are fighting because troops have to follow a

ment shows she has “taken responsibility for her principal role in perpetrating a scheme to defraud a global financial institution.” The statement from Biden’s Justice Department also noted that extradition proceedings in Canada could’ve persisted for months or years.

“There are signs that the two sides no longer want to escalate, but they’re also unlikely to de-escalate,” said Shi Yinhong, professor of international relations at Beijing’s Renmin University who has advised China’s State Council. “The two sides are trying to freeze the level of tensions, and this is going to last for a rather long period of time.”

For China, beyond the insult of arresting such a high-profile figure, the case was also egregious because it showed how the US could unilaterally put sanctions on an adversary and then prevent other countries from conducting normal business operations. Beijing has sought to push back more broadly against US sanctions on Chinese officials, passing legislation this year that may force businesses to pick sides if implemented.

US prosecutors framed Meng’s deal as an admission of guilt. US Secretary of State Antony Blinken avoided commenting on Meng while welcoming China’s move to send the Canadians home after more than two years of “arbitrary detention.”

Bill Hagerty, a Republican US senator from Tennessee and a former ambassador to Japan, accused Biden of “appeasement” in the face of China’s “hostage diplomacy.”

The tricky questions raised by the agreement were alluded to by Canadian Prime Minister Justin Trudeau, who told reporters there would be “time for reflections and analysis in the coming days and weeks” while welcoming home his countrymen early Saturday morning in Calgary.

China has long rejected the label of “hostage diplomacy” as “totally groundless,” saying that no one who follows the country’s laws should fear arrest. But Beijing’s expansive definition of national security in the mainland and now Hong Kong is raising risks for foreign businesses.

Cheng Lei, an Australian citizen who worked for a Chinese media outlet, has been held since August 2020 on national security concerns. Haze Fan, a Bloomberg News staffer who is a Chinese citizen, was detained on suspicion of endangering national security last December.

For now at least, business groups are welcoming the resolution to the diplomatic spat—even as they note the lasting damage.

“Canadian and Chinese business leaders are both going to come away from this experience with a good deal more apprehension or trepidation than they had before,” said Noah Fraser, managing director of the Canada China Business Council.

“But this was a necessary first step along a road to rebuilding that confidence.” Bloomberg News chain of command, and the people’s defense force members are fighting because they want to defend the democracy from dictatorship,” he said.

The army has failed to prevail so far “because so many people are willing to lose everything in order to overcome military rule,” Fink said.

“Their anger and hatred of the military is incredibly deep.”

“This is because the election results so clearly demonstrated the people’s will, and the military took that away; because people equate military rule with going backwards economically, politically, and socially; and because the military has acted so brutally toward civilians, including children, and people have not just heard about this but seen graphic images documenting this on social media.”

Monday, September 27, 2021

A9

Closely fought German election ushers in post-Merkel era

By Geir Moulson | Associated Press

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ERLIN—German voters are choosing a new parliament in an election that will determine who succeeds Chancellor Angela Merkel after her 16 years at the helm of Europe’s biggest economy.

Polls point to a very close race Sunday between Merkel’s center-right Union bloc, with state governor Armin Laschet running for chancellor, and the center-left Social Democrats, for whom outgoing finance minister and Vice Chancellor Olaf Scholz is seeking the top job.

Recent surveys show the Social Democrats marginally ahead. The environmentalist Greens, with candidate Annalena Baerbock, are making their first run for the chancellery, and polls say they are several points behind in third place. The Social Democrats have been boosted by Scholz’s relative popularity after a long poll slump. Baerbock suffered from early gaffes and Laschet, the governor of North Rhine-Westphalia state, has struggled to motivate his party’s traditional base.

About 60.4 million people in the nation of 83 million are eligible to elect the new Bundestag, or lower house of parliament, which will elect the next head of government.

No party is expected to come anywhere near an outright majority.

Polls show support for all of them below 30 percent.

Such a result could mean that many governing coalitions are mathematically possible, and trigger weeks or months of haggling to form a new government. Until it is in place, Merkel will remain in office on a caretaker basis.

Merkel has won plaudits for steering Germany through several major crises. The new chancellor will have to tend the recovery from the coronavirus pandemic, which Germany so far has weathered relatively well thanks to large rescue programs that have incurred new debt.

Laschet insists there should be no tax increases as Germany pulls out of the pandemic. Scholz and Baerbock favor tax hikes for the richest Germans, and also back an increase in the minimum wage.

Scholz on Friday touted the outgoing government’s success in preserving jobs during the pandemic, declaring that “we are succeeding in avoiding the major economic and social crisis that otherwise would have hit us.”

“We will achieve new growth if we do the right thing now in economic policy,” Laschet said at a rally

Saturday in his home city of Aachen.

“If we do it wrong now, with ideological experiments, everything that we have built up in 16 years will be squandered.”

Merkel, making the last of only a handful of appearances in this campaign, praised Laschet as someone who “builds bridges, takes people along with him.”

Germany’s leading parties have significant differences in their proposals for tackling climate change.

Laschet’s Union bloc is pinning its hopes on technological solutions and a market-driven approach, while the Greens want to ramp up carbon prices and end the use of coal earlier than planned. Scholz has emphasized the need to protect jobs as Germany transitions to greener energy.

Foreign policy hasn’t featured much in the campaign, though the Greens favor a tougher stance toward China and Russia.

As they have struggled in polls, Laschet and other Union leaders have warned that Scholz and the Greens would form a coalition with the opposition Left Party, which opposes NATO and German military deployments abroad. Whether such a partnership is realistic is questionable, given foreign policy and other differences between the parties, but that line of attack may help turn out the conservative base.

Scholz has said he’d like a twoparty coalition with the Greens, but

that looks very optimistic. Absent a majority for that, his first choice would likely be an alliance with the Greens and the pro-business Free Democrats.

A coalition with those two parties is also Laschet’s likeliest route to power. The Greens favor an alliance with the Social Democrats, while the Free Democrats prefer one with the Union.

The result may also allow a repeat of the outgoing “grand coalition” of the traditional big parties, the Union and Social Democrats, under either Scholz or Laschet.

The far-right Alternative for Germany party is polling a little below the 12.6 percent it won to enter parliament in 2017, but won’t feature in any new government this time either. All other parties say they won’t work with it.

The Bundestag has at least 598 seats, but Germany’s complex voting system means that it can be considerably larger. The outgoing parliament had a record 709 seats and the new one is widely expected to be even bigger.

The number of people voting by postal ballot is expected to be higher than the 28.6 percent who did so four years ago. Also Sunday, voters in Berlin and in Mecklenburg-Western Pomerania in northeastern Germany—both states currently led by the Social Democrats—are electing new state legislatures.

Haiti’s leader: Migration won’t end unless inequality does

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By Jennifer Peltz | Associated Press

NITED NATIONS—Amid an outcry over the US treatment of Haitian asylum-seekers, the beleaguered island country’s embattled prime minister pointedly said Saturday that inequalities and conflict drive migration. But he stopped short of directly criticizing Washington over the issue.

“We do not wish to challenge the right of a sovereign state to control the entry borders into its territory, or to send back to the country of origin those who enter a country illegally,” Prime Minister Ariel Henry said in a video speech to the UN General Assembly’s annual meeting of world leaders.

But “human beings, fathers and mothers who have children, are always going to flee poverty and conflict,” he added, urging the international community to move fast to improve living conditions in the countries that refugees are leaving for political or economic reasons.

“Migration will continue as long as the planet has both wealthy areas, whilst most of the world’s population lives in poverty, even extreme poverty, without any prospects of a better life,” he said.

Henry spoke as his country reels from its president’s assassination, an earthquake and the migration crisis—all in the last three months.

His government is facing increasing turmoil with presidential and legislative elections set for Nov. 7.

Confusion about US immigration policies and misinformation on social media propelled thousands of Haitians to the US southern border in recent months. A massive migrant camp—largely made up of Haitians, many of whom had been in Mexico or other Latin American countries for years—sprouted in the town of Del Rio, Texas, peaking last week at over 14,000 people hoping to gain entry to the US. Images of US border patrol agents using horses to block and move migrants sparked outrage, the resignation of the US special envoy to Haiti, and an ongoing investigation.

President Joe Biden called the agents’ tactics “horrible,” “dangerous” and “wrong.”

The camp has now been cleared.

Some people have been deported; about 12,400 migrants have been allowed into the US, at least tem-

porarily, to pursue their claims to stay, Homeland Security Secretary Alejandro Mayorkas said.

Henry noted that the images “shocked many people,” but he didn’t specifically say more about how the United States handled the situation.

He noted, however, that “many countries which are prosperous today have been built through successive waves of migrants and refugees.”

Haiti, the Western Hemisphere’s poorest country, has long struggled with political instability, violence, natural disasters and environmental crisis.

But this summer’s series of blows has been especially difficult for the Caribbean island nation as it also contends with the coronavirus pandemic. Fewer than 1 in 100 of its people have had at least one dose of a vaccine.

President Jovenel Moïse was assassinated on July 7. Little over a month later, a 7.2-magnitude earthquake killed over 2,200 people, injured more than 12,000 and destroyed nearly 53,000 homes, according to Haiti’s Civil Protection Agency. Nearly 350 people are still missing, Henry said.

This month, Haiti’s now-former chief prosecutor asked a judge to charge Henry in Moïse’s assassination. The prosecutor said the prime

minister spoke to a key suspect twice in the hours after the killing; Henry’s office says he got lots of calls and didn’t take them all.

Henry fired the prosecutor and the justice minister last week. Another top official resigned, accusing the prime minister of trying to obstruct justice. Henry told the General Assembly he is striving to bring the culprits to justice, and he asked for “mutual legal assistance” to do so.

More than 40 suspects have been arrested, including 18 Colombian ex-soldiers. Bogotá has said most of them were duped, unaware of the actual nature of an operation devised in Florida and Haiti.

Moïse had faced protests over his leadership and tenure. He and opposition leaders disputed whether his term had legally ended this past February. He tapped Henry to become prime minister, but Henry didn’t assume the office until shortly after the president’s killing.

Henry said Saturday that he had set out to return the country “to normal functioning of democratic institutions” and hold “credible, transparent and inclusive general elections” as soon as possible.

Ahead of the vote, some politicians are aligning themselves with Henry, while others are breaking away.

India’s Modi targets neighbors at UN, but not by name

By Mallika Sen

N

Associated Press

EW YORK—Indian Prime Minister Narendra Modi didn’t directly mention Pakistan or China in his Saturday speech to the United Nations General Assembly, but the targets of his address were clear.

In a roughly 20-minute speech delivered in-person and in Hindi, he called upon the international community to help the women, children and minorities of Afghanistan and said that it was imperative the country not be used as a base from which to spread terror.

“We also need to be alert and ensure that no country tries to take advantage of the delicate situation there, and use it as a tool for its own selfish interests,” he said in an apparent reference to Pakistan, wedged between Afghanistan and India.

India has charged that the Taliban is Pakistan’s “proxy terrorist” group and expressed concerns that Afghanistan could be used as

a training ground for anti-India militant groups. The government in New Delhi also worries that the Taliban takeover could strengthen insurgency in the disputed region of Kashmir, which both India and Pakistan claim in full.

Modi did not mention Kashmir or the long-simmering conflict there, in contrast to Pakistani Prime Minister Imran Khan’s speech the previous evening. Modi also highlighted what he called the need to protect oceans from “the race for expansion and exclusion.” India and China have long competed for influence in the Indian Ocean.

Modi’s speech came a day after the prime minister met one-on-one with President Joe Biden and participated in a summit of “the Quad”: the US, Japan, India and Australia.

The members of the informal IndoPacific alliance have been uneasy as China’s power grows in the region.

On the heels of waves of coronavirus surges that have ravaged India, Modi made no mention of his own country’s death toll—one that

experts believe numbers in the millions. But he reaffirmed last week’s announcement that India would restart exporting vaccines next month.

India paused its export of vaccines in April after donating or selling 66 million doses to nearly 100 countries.

The halt, amid an overwhelming virus surge, left many developing countries without adequate supply as India was expected to be a key supplier.

Modi’s elision of direct references to China, Pakistan or Indian coronavirus casualties isn’t exactly new.

It was the same story at last year’s UN General Assembly, when amid border tensions with Pakistan and China and an already high death toll, he opted to instead paint India as a country that treats “the whole world as one family” and promoted domestic initiatives.

Modi also reiterated last year’s criticism of the United Nations, saying it was incumbent on the international body to strengthen its own effectiveness and boost its credibility.

“Today, all kinds of questions have been raised about the UN,” he

said. “We have seen such questions being raised related to the climate crisis. And we also saw that during Covid, the proxy war going on in many parts of the world, terrorism, and the recent Afghan crisis have further highlighted the seriousness of these questions.”

India has long pushed for a permanent seat on the Security Council, the most powerful organ of the United Nations. Earlier in his speech, Modi referenced India’s global influence by underscoring that “every sixth person in the world is Indian.”

“When India grows, the world grows. When India reforms, the world transforms,” he said.

While Modi struck a high-minded tone in his speech, India and Pakistan verbally sparred during Friday night’s “right of reply” period.

Following Khan’s speech in which he accused India of human rights abuses and fomenting terrorism, an Indian diplomat essentially flung those same accusations back. Associ-

ated Press reporter Krutika Pathi contributed from New Delhi

A10 Monday, September 27, 2021

Gordon worries for safety of missing Pharmally exec

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By Butch Fernandez

@butchfBM

HE Senate Blue Ribbon chairman on Sunday expressed concern for the safety of Pharmally Pharmaceutical Corp. executive earlier tagged as a potential government witness who went missing after admitting to senators that she instructed Pharmally warehousemen to alter expiry dates on medical-grade face shields delivered for use by government doctors and nurses.

Sen. Richard Gordon confirmed on Sunday that Krizle Grace Mago had stopped replying to their text messages, despite assuring him on Friday evening, at the virtual hearing, that she will “make a decision [on accepting Witness Protection Program enrolment] at least until after this hearing is over.”

With Mago’s disappearance, Blue Ribbon probers on Sunday faced another challenge to their ongoing investigation of alleged anomalies in multibillion-peso procurement of pandemic-related supplies. At their last hearing on September 24, several senators revealed the mysterious taking down of some entries, all involving Pharmally deliveries, in a Google Drive file submitted to the Blue Ribbon by the

Procurement Service of the Department of Budget and Management (PS-DBM).

Mago told Gordon at t he livestreamed hearing on Friday that “one of your staff is in touch with me,” but when the hearing ended past 8 p.m., Blue Ribbon staff could no longer reach her.

On Sunday mor ning, Gordon said on his Twitter account: “BREAKING! Pharmally Pharmaceutical official Krizle Mago hindi na ma-contact ng Senate Blue Ribbon Committee. Noong ika-siyam na pagdinig ay inalok natin siya ng pagkakataon na mabigyan ng proteksyon ng Senado ngunit nais niya muna raw itong pag-isipan.”

Senate President Vicente Sotto III separately confirmed that the

trail to Mago had gone cold, fanning Senate probers’ fear that powerful unseen forces were moving mightily to cover up traces of wrongdoing in what has been touted as the most scandalous episode of the government’s pandemic response.

The Blue Ribbon has been leading investigation in why and how the PS-DBM, to which DOH transferred P42-billion of its pandemic funds, awarded an estimated P12 billion in PPE supply contracts to Pharmally, a startup with just P625,000 in paid-up capital but apparently strong backers, including former Duterte economic adviser Michael Yang.

Duterte has staunchly defended Yang and former PS-DBM head Lloyd Christopher Lao, and repeatedly attacked Gordon. He also moved to start investigations on Philippine Red Cross transactions with government. Gordon is PRC chairman.

At Fr iday’s hear ing, Mago was confronted by Sen. Risa Hontiveros with the testimony of a former Pharmally warehouseman who pointed to her [Mago] as the one who gave them instructions to remove the expiry labels on face shields they were to supply to the

DOH—via PS-DBM—and replacing these with tampered expiry stickers.

Senators offered WPP enrolment to Mago after she admitted the allegation.

Conf ronted by Hontiveros whether it is true that she instructed the change in expiry dates, Mago told Blue Ribbon probers, “that’s something I cannot deny”—a remark that Sen. Kiko Pangilinan said was a strong testimony, it being an “admission against selfinterest.”

However, when Mago pointed to Pharmally corporate secretary Mohit Dargani as the one who gave her the instructions to change the expir y dates, Dargani denied doing so.

The Blue Ribbon last Friday had complained that certain electronic files on Pharmally’s deliveries had suddenly gone “missing” from the Google Drive files submitted by the PS-DBM under Lao to the senators.

Pangilinan counted at least 19 edocuments suddenly disappearing from the files sent to them, even while Senate staff were still downloading them. The e-documents covered an estimated P4.4 billion in Pharmally deliveries, per Pangilinan’s estimates.

DOLE KEEPS MANDATE OVER ECOZONE LABOR ROWS–PEZA

By Tyrone Jasper C. Piad @Tyronepiad

T

HE proposed Alliance for Industrial Peace and Program (AIPP) retains the Department of Labor and Employment’s (DOLE) jurisdiction over labor dispute settlement, the Philippine Economic Zone Authority (PEZA) clarified.

The regulator of economic zones, in a recent statement, said that AIPP—which is in partnership with the Philippine National Police (PNP)—does not intend to “remove jurisdiction over labor disputes from the [DOLE] nor aims to prejudice the constitutional and statutory rights of workers.”

PEZA explained that the AIPP aims to replace the now-defunct Joint Industrial Peace Council whose primary objective is to preempt and prevent crimes within ecozones and to maintain peace.

The council seeks to protect the labor rights of the employees, as well as their lives and property, it added.

“Peace and security are important factors of investment to all PEZA-registered enterprises so they can be viable with their operations in the Philippines as they compete in the global market,” PEZA Director General Charito Plaza said.

“Through the AIPP and its IRR

‘Priority for low-income clients in remote sites stalled Natl ID rollout’

By Cai U. Ordinario @caiordinario

E

FFORTS to prioritize low-income groups were cited as the cause of delay in the distribution of more National IDs, according to the Philippine Statistics Authority (PSA).

In a message to BusinessMirror, National Statistician Claire Dennis S. Mapa said, however, the PSA still aims to produce 14.9 million National IDs by the end of 2021.

As of September 17, 2021, a total of 5.074 million PhilID cards have been produced. A total of 1.9 million PhilID cards were delivered to successful registrants as of 20 September 2021.

“There is a slow start in the delivery of PhilID cards by the Philippine Postal Corporation because the PSA prioritized the registration of low-income individuals who are mostly residing in far-flung/remote areas,” Mapa said.

During the plenary budget hearing of the National Economic and Development Authority (Neda), whose attached agencies include the PSA, legislators questioned the delay in the delivery of National IDs. The National IDs are being printed by the Bangko Sentral ng Pilipinas (BSP) through a memorandum of agreement with the PSA. Currently, PSA said, the BSP has a printing capacity of 80,000 to 100,000 IDs per day. Under the agreement, BSP committed to print a total of 116 million PhilID cards from 2020 to 2023.

“The PSA is also targeting to launch the mobile PhilID so registrants with access to smartphones or desktop/laptop computers could still receive the benefits of being registered to the Philippine Identification System, even if there is delay in the receipt of the actual PhilID card,” Mapa also said.

This year, the PSA aims to register at least 50 million in the National ID. This required the agency to tap an additional budget of P2.5

[implementing rules and regulations], we believe this will harness the ease of doing business [EODB] in our zones as we implement the township concept and help provide a safe and secure ecozone environment for all of the Filipino and foreign workers, locators, and investors in ecozones,” she added.

Plaza stressed that the agency considers the protection of the environment and right of the labor force as “non-negotiables.”

“PEZA assures that its policies are aligned with that of the DOLE and International Conventions and Trade Policies, particularly in the areas of Human Rights, Labor, Environmental Protection, and Good Governance,” she said.

Last week, the Labor department said that it is illegal to remove its jurisdiction over laborrelated cases in economic zones, which is among the concerns raised with the proposed AIPP. Labor Secretary Silvestre H. Bello III, in an interview with the BusinessMirror, assured workers that it will still be the lead agency to handle such cases.

(Read related story: DOLE kee ping ju r isd ic t ion over ecozone labor disputes, https:// busi n e ssm i r ror .com. ph/2021/09/20/dole-keepingjurisdiction-over-ecozone-labor-disputes/) Continued on A7

Taxing POGO better than bills on online gambling–Pia

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billion from the government’s unprogrammed funds.

The PSA added that it has a pending P3.52 billion budget request for the registration of additional 20 million more registrants in 2021.

For 2021, the PSA has a P4.2billion approved budget from the National Expenditure Program (NEP), and P3.1 billion from 2020 Continuing Appropriation.

“The initially approved budget allocations under 2021 NEP and 2020 continuing were not enough to cover the expenses [for] activities [in the National ID registration],” Mapa said.

These activities, Mapa said, are the three steps in National ID registration. Step 1 involves the collection of demographic data and appointment setting for next registration step.

Step 2 involves the capture of biometrics at registration centers while Step 3 refers to the issuance of PhilSys Number and the PhilID card to successful registrants.

In order to undertake Step 1, the PSA did assisted or house-to-house registration between January 18 and May 31, 2021 in all provinces to avoid overcrowding at registration centers, Mapa said.

The PSA, he said, had to start with a small-scale, gradual implementation of the PhilSys due to quarantine restrictions imposed in some cities/municipalities.

The PSA also purchased Covid-19 response supplies in order to comply with the health and safety protocols implemented by various local government units.

“In order to catch up for the missed registration targets due to delay in the full operation of PhilSys in all provinces, the PSA needed to implement the following: extend registration hours and instruct hired registration personnel to render overtime service, hire and train additional staff for the ramp-up of registration operation, redistribute registration kits due to suspension in some cities/municipalities, etc.,” Mapa explained.

HE Ways and Means committee chief in the Senate said Sunday the enactment of a law setting the taxes on Philippine Offshore Gaming Operators (POGO)—which tax gaming entities that cater only to foreigners —is a much better fiscal tack than pending proposals to allow online gambling among Filipinos.

In a dig at counterparts in the House of Representatives, Sen. Pia Cayetano said, “I’d rather tax the POGOs than see a proliferation of gambling in the country, which sadly seems to be the direction that our colleagues in the House are taking with the recent passage of a bill allowing online gambling.”

In a statement Sunday, Cayetano described the POGO tax measure signed into law last week as a “major win” for the Philippines, because it will generate billions in additional funds for public services, but without burdening Filipino taxpayers.”

She noted that “for years, many of these POGOs have been operating without paying the proper taxes. By virtue of this law that I sponsored and defended, they will now be taxed.”

Standing as principal sponsor of the POGO Tax Law, she pointed out that “POGOs are offshore gaming operators, adding this “means only foreigners abroad may gamble in POGOs. So the taxes do not come from Filipinos, or even foreigners residing in the country.”

At the same time, she added that under the new law, 60 percent of total revenues from the gaming tax imposed on offshore gaming companies will be earmarked by the government, and allocated for the following purposes: ■ 60 percent for the implementation of the Universal Health Care Act; ■ 20 percent for the Health Facilities Enhancement Fund; and ■ 20 percent for the attainment of the SDGs, provided that the specific SDG targets shall be determined by NEDA.

Continued on A2

Continued on A7

Editor: Jennifer A. Ng

Companies BusinessMirror

Monday, September 27, 2021

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Australian BPOs eye switch to long-term remote work

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By Tyrone Jasper C. Piad

@TyronePiad

ustralian business process outsourcing (BPO) companies operating in the Philippines are looking at allowing their employees to work remotely on a permanent basis, the Department of Trade and Industry (DTI) reported.

Chris Jankulovksi, chief executive officer of full-service BPO firm Remote Staff, said in a recent event hosted by a DTI unit in Sydney that the flexible working model has been

proven effective amid the pandemic.

While this arrangement allows continued operations, Jankulovksi said companies can also access wider talent pool and cut overhead costs.

The employees, in addition, can also “lead more productive lives,” he said.

Businesses had to adopt flexible and work-from-home arrangements to maintain operations after mobility restrictions were put in place to contain the spread of Covid-19.

“I always envisioned that one day there will be a future where there will be local hires and remote hires as side-by-side staffing strategies for every employer. Since it’s remote, there’s nothing stopping it from being offshore, hence the idea that I saw very early on,” he said.

Remote Staff has over 8,000 remote workers catering to its 3,000 small and medium enterprise clients.

Probe Group Executive General Manager Jarrod Kagan said his company had to act quickly last year when

the lockdown measures were initially implemented, not only in the Philippines but across five countries where its 32 centers are located.

The customer service management company, which has employees across Manila, Pampanga, Cebu and Naga, received internet service devices, laptops and monitors so they can work from home.

“Within 72 hours, we had 74 percent [9,250 people] working from home—that was 32 centers across five countries,” Kagan said. “But what had happened, fast forward to where we are today, it’s now BAU [business as usual].”

Earlier this month, the Fiscal Incentives Review Board approved the work-from-home arrangement for the information technology-

business process management (ITBPM) industry until March 31 next year due to the pandemic.

The measure was greenlighted in line with the provisions of the Corporate Recovery and Tax Incentives for Enterprises Act to address work constraints brought about by the pandemic.

Currently, over 300 Australian companies employ about 44,000 Filipinos in mining, shipbuilding, energy supply, retail trade, accommodation and food service facilities,

manufacturing, transportation and storage. At least 200 of these are in the IT-BPM sector.

The DTI said IT-BPM is one of its priority sectors for its investment promotion campaign, along with aerospace, automotive, copper and electronics.

Employment in the IT-BPM industry grew by 1.8 percent to 1.32 million while revenues rose by 1.4 percent to $26.7 billion last year, according to the IT and Business Process Association of the Philippines.

SEC approves AllDay IPO, Petron’s ₧50-B bond offer

By VG Cabuag @villygc

T

he Securities and Exchange Commission (SEC) has approved the market debut of Villar-led supermarket chain AllDay Marts Inc. and another bond offering by Petron Corp. under its shelf registration program.

In its en banc meeting last week, the SEC approved the registration statements for the initial public offering (IPO) of AllDay Marts and Petron’s P50-billion bond sale.

AllDay Marts will offer up to 6.85 billion primary common shares at a price of P0.80 per share, with an overallotment option of up to 685.71 million in common shares. The shares will be listed on the main board of

the Philippine Stock Exchange (PSE).

Net proceeds from the sale of the primary offer shares could amount to P5.29 billion. The company could raise an additional P530.5 million, assuming the overallotment option is fully exercised.

The Villar-led company will use the proceeds for debt repayment, capital expenditures and initial working capital for store network expansion.

AllDay Marts is a supermarket operator with a total of 33 stores spanning 55,881 square meters in aggregate net selling space, as of end-June. It plans to expand its store network to 45 by 2022 and 100 by the end of 2026.

The IPO will run from October 15 to 25, with the listing on the PSE

scheduled for November 3, according to the latest timetable submitted to the SEC. PNB Capital and Investment Corp. has been appointed as sole issue manager for the transaction. PNB Capital, BDO Capital and Investment Corp. and China Bank Capital Corp. were picked as joint lead underwriters and joint bookrunners.

Meanwhile, Petron will offer its P50-billion fixed-rate, peso-denominated bonds in one or more tranches within three years.

For the first tranche, the listed oil refiner will offer to the public up to P18 billion worth of four-year series E bonds due in 2025 and six-year series F bonds due in 2027.

Petron expects to net P17.78 billion from the first tranche. Proceeds

will be used for the redemption of its series A bonds, for the partial financing of its power plant project and for the payment of existing debt.

The bonds comprising the first tranche will be offered at face value from September 27 to October 5. It will be listed on the Philippine Dealing and Exchange Corp. on October 12, based on the latest timetable submitted to the SEC. BDO Capital, China Bank Capital, Philippine Commercial Capital Inc., PNB Capital and SB Capital Investment Corp. were assigned as joint lead bookrunners and joint lead underwriters for the transaction, while First Metro Investment Corp., Land Bank of the Philippines and RCBC Capital will also serve as co-lead underwriters for the offer.

Cebu Pacific ‘Power reserves market to launch in 2022’ TBB scheme extended

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ebuPacific(CEB)hasannouncedthat it is extending until October 15 its free test before boarding (TBB) program for passengers bound for Hong Kong, as part of the airline’s multi-layered approach to ensure that passengers will fly safely.

In its latest advisory, the airline advised passengers to directly proceed to the Philippine Airport Diagnostic Laboratory (PADLAB) located at the second floor, NAIA Terminal 3 pre-departure area (near Gate 6), four hours before the scheduled time of departure. Testing for Hong Kong-bound passengers is open from 1:30 a.m. to 3:30 a.m. six times weekly.

Antigen test results will be released within 30 minutes, and only passengers with negative results may proceed to the check-in area.

Guests who will be unable to take the Antigen Test or receive a positive test result will not be accepted for check-in. They may select their preferred option through the Manage Booking portal on the Cebu Pacific website (http://bit.ly/CEBmanageflight) until 30 days from date of departure: n Rebook Rebook for travel within 60 days no additional cost, following CEB’s permanent removal of change fees. Fare difference waived. n Travel Fund Store the amount in a virtual CEB wallet valid for two (2) years and use this to either book a new flight or pay for add-ons (e.g. baggage allowance, seat selection, etc.)

n Refund The process may take up to two months from the date of request.

“Passengers are advised to update their contact details via bit.ly/CEBUpdateInfo to receive email notifications on flight reminders and updates,” it said.

The airline said passengers may also send a message via Charlie the chatbot on the Cebu Pacific website, or through CEB’s official Facebook and Twitter accounts, for other questions or concerns.

Photo from www.iemop.ph

By Lenie Lectura @llectura

T

HE target date for the trading of power reserves in the spot market would be moved to 2022, the Independent Electricity Market Operator of the Philippines (IEMOP) said over the weekend.

“We’re [will] implement that next year [2022]. We have filed already the rules with regard to the reserve market with the RCC (Rules Change Committee). On the market operator side, we’ve done several activities with regard to the implementation of the reserve market,” said IEMOP spokesperson Andrea Mae Caguete during a virtual news briefing last week.

IEMOP is the operator of WESM, the country’s trading floor of electricity.

The WESM rules need to be amended to integrate the reserves market, said Valfia Uy-Gregorio, senior specialist from the Market Design and Business Development Division of IEMOP.

“We’ve filed amendments to the WESM rules and related market manual. It will undergo the normal process of rules change process to the ERC [Energy Regulatory Commission], PEM [Philippine Electricity Market] Board, DOE [Department of Energy].

The PDM (Price Determination Methodology) will require approval from the ERC, upon its approval of the implementation of the reserves market. We’re looking at its implementation in 2022,” said Gregorio.

DOE Assistant Secretary Redentor Delola said last May that the agency’s target is to start the commercial operations of the reserves market by the end of this year.

The power reserves to be traded include the regulating, contingency and dispatchable. Once in place, the National Grid Corporation of the Philippines (NGCP) can already purchase this anytime it needs to in to prevent sudden power outages. It would also encourage investors to put up facili-

ties that will cater to the reserve market.

IEMOP officials also said WESM in Mindanao must take place before the reserves market. Caguete said, “WESM Mindanao is being targeted within the fourth quarter of 2021.”

Meanwhile, IEMOP reported that WESM prices continue to drop this month as colder weather slashed demand for power.

As the August billing settles at an average price of P4.76 per kilowatt hour (kWh), IEMOP foresees prices to drop further this month with the first half of September averaging only P3.10/kWh. The price drop is attributed to ample supply, mostly from coal power plants, and a decrease in demand from 10,111 megawatts (MW) last August to 9,824 MW in September, or by 2.83 percent.

IEMOP carries out the mandate to pursue the WESM objective to have a transparent, fair, competitive, and reliable market for the trading of electricity throughout the Philippines.

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Companies BusinessMirror

Monday, September 27, 2021

PSE STOCK QUOTATIONS

September 24, 2021

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

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

44 113.3 82 23.95 9.05 44.85 9.42 17.24 20.5 56.25 19.2 107.5 84.6 0.96 4.33 0.58 3.19 1.15 0.325 950 0.63 230 2,400

44.1 113.8 82.4 24 9.06 44.9 9.62 18.98 20.55 56.4 19.46 107.6 84.9 1 4.34 0.62 3.3 1.2 0.35 975 0.68 233.6 2,500

44 111.1 82.05 23.95 9.08 44.55 9.72 18.38 20.75 56.4 19.5 108 83.5 0.98 4.33 0.58 3.19 1.21 0.325 975 0.66 230 2,400

44 116.1 82.6 24 9.08 45.05 9.72 18.38 20.75 56.4 19.5 108.1 84.6 0.98 4.33 0.58 3.3 1.21 0.35 975 0.66 233.8 2,420

43.75 111 82 23.9 9.04 44.55 9.62 18 20.35 56.3 19.14 107.2 83.5 0.97 4.3 0.58 3.19 1.14 0.325 975 0.66 230 2,400

44 113.3 82 23.95 9.06 44.9 9.62 18 20.55 56.4 19.2 107.5 84.6 0.97 4.33 0.58 3.3 1.14 0.35 975 0.66 233.8 2,400

2,800 4,915,810 575,040 62,700 135,900 1,250,300 2,800 4,500 192,900 570 246,100 1,243,010 4,370 141,000 300,291,000 20,000 18,000 101,000 200,000 20 20,000 390 605

123,175 560,416,884 47,277,206.50 1,499,385 1,230,102 56,190,865 27,031 81,116 3,957,390 32,125 4,730,832 133,646,347 366,967 137,680 1,291,259,710 11,600 57,750 118,740 65,500 19,500 13,200 90,100 1,452,100

7,181,243 -21,115,620 -8,075,750 -392,225 26,880 -30,215,990 -42,544 -60,620 9,750 1,380,100

INDUSTRIAL AC ENERGY 11.68 11.7 11.2 11.86 11.2 11.7 53,586,100 620,920,950 1.16 1.18 1.16 1.19 1.16 1.18 65,000 76,240 ALSONS CONS 32.65 32.7 32.15 32.8 31.95 32.65 2,342,200 75,671,550 ABOITIZ POWER BASIC ENERGY 0.55 0.56 0.56 0.57 0.54 0.55 9,910,000 5,486,700 FIRST GEN 32.05 32.2 32.1 32.2 31.95 32.2 489,600 15,691,140 74 74.9 75.75 75.75 74 74 120,700 9,039,232.50 FIRST PHIL HLDG 292 293.8 295 295 292 292 64,730 18,939,466 MERALCO MANILA WATER 18.34 18.4 18 18.44 17.96 18.4 2,405,800 43,919,506 PETRON 3.06 3.07 3.07 3.08 3.06 3.07 789,000 2,424,910 3.99 4.04 3.99 3.99 3.99 3.99 7,000 27,930 PETROENERGY 11.66 11.96 11.7 12.1 11.52 11.96 97,200 1,150,170 PHX PETROLEUM 19.58 19.6 19.54 19.6 19.5 19.6 476,100 9,327,536 PILIPINAS SHELL SPC POWER 14.3 14.36 14.36 14.4 14.1 14.36 61,200 876,410 4.98 5.1 5 5.1 4.93 5.1 234,100 1,170,766 AGRINURTURE 2.63 2.64 2.6 2.63 2.55 2.63 425,000 1,105,280 AXELUM 13.56 14.3 14.3 14.3 14.3 14.3 500 7,150 CNTRL AZUCARERA CENTURY FOOD 29.25 29.3 29 29.6 28.7 29.25 3,144,100 91,913,335 DEL MONTE 14.58 14.6 14.78 14.78 14.52 14.6 153,400 2,237,786 7.78 7.8 7.83 7.86 7.78 7.8 4,874,400 38,099,617 DNL INDUS 17.98 18 18.32 18.44 17.9 18 6,358,100 115,223,388 EMPERADOR 75.95 76 75.15 76.5 75.15 76 271,430 20,626,738.50 SMC FOODANDBEV ALLIANCE SELECT 0.62 0.64 0.62 0.65 0.62 0.65 11,000 6,850 1.28 1.3 1.28 1.3 1.26 1.3 7,661,000 9,862,470 FRUITAS HLDG 103.2 103.3 102 104 101.2 103.3 10,300 1,059,041 GINEBRA 202 202.8 203.6 207 201 202 163,630 33,236,092 JOLLIBEE MAXS GROUP 6.44 6.5 6.5 6.58 6.44 6.44 114,600 744,709 MG HLDG 0.192 0.2 0.195 0.195 0.191 0.191 250,000 48,290 19.88 19.92 19.68 20.1 19.68 19.92 33,340,300 664,790,014 MONDE NISSIN 7.68 7.82 7.7 7.86 7.64 7.68 31,000 242,140 SHAKEYS PIZZA ROXAS AND CO 0.81 0.82 0.86 0.86 0.81 0.81 6,224,000 5,109,350 RFM CORP 4.54 4.6 4.64 4.64 4.6 4.6 6,000 27,760 1.25 1.37 1.37 1.37 1.37 1.37 17,000 23,290 ROXAS HLDG 0.12 0.122 0.123 0.123 0.12 0.12 7,070,000 856,880 SWIFT FOODS 132.1 133 134.5 135.3 131.5 132.1 2,702,470 357,696,732 UNIV ROBINA VITARICH 0.79 0.8 0.79 0.79 0.77 0.79 1,904,000 1,486,100 VICTORIAS 2.4 2.45 2.4 2.45 2.4 2.45 68,000 166,250 1.22 1.24 1.25 1.25 1.22 1.24 1,743,000 2,135,170 CEMEX HLDG 14.56 14.64 14.58 14.64 14.5 14.56 193,200 2,816,076 EAGLE CEMENT EEI CORP 7.3 7.35 7.45 7.45 7.15 7.35 317,800 2,321,429 HOLCIM 6.3 6.39 6.28 6.48 6.25 6.3 123,800 780,974 MEGAWIDE 6.24 6.29 6.2 6.24 6.14 6.24 445,500 2,763,581 14.12 14.5 14.4 14.5 14.08 14.5 31,100 445,692 PHINMA 0.94 0.95 0.96 0.96 0.94 0.95 69,000 65,030 TKC METALS VULCAN INDL 1.22 1.23 1.22 1.24 1.2 1.23 3,836,000 4,659,680 CHEMPHIL 150.2 168.9 150.2 150.2 150.2 150.2 200 30,040 1.68 1.69 1.68 1.68 1.68 1.68 22,000 36,960 CROWN ASIA 1.62 1.64 1.62 1.62 1.58 1.62 64,000 102,330 EUROMED LMG CORP 4.41 4.59 4.59 4.59 4.59 4.59 1,000 4,590 5.41 5.44 5.45 5.45 5.4 5.41 11,000 59,817 PRYCE CORP 22.55 24.2 22.5 22.55 22.5 22.55 5,200 117,240 CONCEPCION 2.45 2.46 2.44 2.5 2.35 2.46 5,041,000 12,144,910 GREENERGY 8.1 8.11 8.11 8.21 8.1 8.11 429,900 3,492,580 INTEGRATED MICR IONICS 0.87 0.88 0.88 0.89 0.87 0.88 194,000 170,620 PANASONIC 5.78 5.98 5.98 5.98 5.9 5.9 5,000 29,680 1.18 1.2 1.19 1.19 1.18 1.18 197,000 233,960 SFA SEMICON 4.4 4.43 4.48 4.5 4.4 4.4 1,743,000 7,697,880 CIRTEK HLDG

237,111,460 -3,655,700 -295,900.00 6,278,085 -3,356,219 865,056 -8,664,340 122,400 19,950 -1,771,792 -10,590 -2,099,155 -61,528 -20,552,808 -8,807,998 -3,526,819 -251,310 -196,905 -3,715,046 13,534 -99,670,154 -336,080 -185,943,787 85,800 713,810 -13,034 -1,494,450 -504,044 155,931 -173,990 105,985 49,610 -37,327.00 17,600 -44,450

HOLDING & FRIMS ABACORE CAPITAL 1.08 1.09 1.03 1.09 1.02 1.08 23,558,000 25,301,620 5.54 6.09 5.86 5.86 5.5 5.53 200,400 1,106,087 ASIABEST GROUP 817 819 802 821.5 802 817 164,480 133,483,300 AYALA CORP ABOITIZ EQUITY 52 52.85 53.4 53.5 52 52 1,083,740 56,810,650 ALLIANCE GLOBAL 10.4 10.42 10.32 10.46 10.28 10.42 1,706,200 17,728,796 5.67 5.68 5.49 5.7 5.49 5.68 19,396,000 109,362,186 AYALA LAND LOG 7.18 7.23 7.24 7.24 7.18 7.2 3,400 24,578 ANSCOR ANGLO PHIL HLDG 0.93 0.94 0.94 0.94 0.92 0.94 506,000 468,910 ATN HLDG A 0.53 0.54 0.55 0.55 0.53 0.54 139,000 75,210 0.52 0.58 0.51 0.55 0.51 0.52 6,000 3,140 ATN HLDG B 4.98 4.99 4.99 5 4.97 4.99 802,000 3,993,420 COSCO CAPITAL 6.88 6.89 6.91 6.98 6.87 6.89 10,408,900 71,796,863 DMCI HLDG FILINVEST DEV 7.57 7.7 7.7 7.7 7.57 7.57 58,900 446,913 530 531.5 529.5 535 526 531.5 207,010 110,019,980 GT CAPITAL 62.7 63 63.15 64.15 62.7 62.7 505,060 31,827,285 JG SUMMIT 5.4 5.69 5.4 5.4 5.4 5.4 700 3,780 JOLLIVILLE HLDG KEPPEL HLDG A 5.97 6.2 5.97 5.97 5.97 5.97 3,100 18,507 0.67 0.7 0.68 0.7 0.67 0.7 1,057,000 709,090 LODESTAR 10.32 10.36 10.36 10.58 10.2 10.32 10,488,800 108,960,830 LT GROUP 3.8 3.81 3.81 3.83 3.8 3.81 7,902,000 30,124,120 METRO PAC INV 3.05 3.23 3.09 3.09 3.02 3.02 15,000 45,950 PACIFICA HLDG PRIME MEDIA 1.83 1.87 1.82 1.88 1.82 1.88 196,000 360,840 965 967.5 982 984.5 962 965 211,380 204,462,590 SM INVESTMENTS 113 113.8 112.8 113.8 111.8 113.8 103,500 11,730,012 SAN MIGUEL CORP 2.03 2.28 2.03 2.03 2.03 2.03 2,000 4,060 SEAFRONT RES TOP FRONTIER 130.1 134.4 132 134.4 131 134.4 320,910 42,361,780 0.26 0.27 0.26 0.26 0.26 0.26 10,000 2,600 WELLEX INDUS 0.191 0.199 0.191 0.191 0.191 0.191 150,000 28,650 ZEUS HLDG

-833,590 -13,209,925 -14,478,576.50 47,596 6,827,065 -930 -129,780 20,936,107 15,230,180 4,021,190.50 -12,807,608 3,024,820 -117,973,405 -4,102,093 2,600 -

PROPERTY

ARTHALAND CORP 0.63 0.67 0.63 0.67 0.63 0.67 67,000 42,290 33.9 33.95 33.8 34.35 33.75 33.95 4,167,500 141,724,890 AYALA LAND 38.65 38.7 38.7 39.1 38.65 38.7 1,168,600 45,340,660 AREIT RT BELLE CORP 1.3 1.31 1.33 1.34 1.31 1.31 1,192,000 1,569,620 A BROWN 0.9 0.91 0.89 0.92 0.89 0.91 2,249,000 2,030,650 0.77 0.78 0.78 0.78 0.77 0.78 110,000 85,480 CITYLAND DEVT 0.12 0.123 0.124 0.124 0.12 0.123 16,110,000 1,933,300 CROWN EQUITIES CEBU HLDG 6.03 6.15 6.03 6.03 6.03 6.03 8,000 48,240 CEB LANDMASTERS 2.93 2.94 3.01 3.01 2.9 2.93 1,135,000 3,331,930 0.425 0.435 0.44 0.445 0.42 0.435 28,940,000 12,413,400 CENTURY PROP 11.56 11.58 11.44 11.8 11.44 11.58 569,900 6,617,812 DOUBLEDRAGON 1.81 1.82 1.81 1.82 1.81 1.81 2,972,000 5,383,600 DDMP RT DM WENCESLAO 6.74 6.8 6.75 6.78 6.75 6.75 32,700 221,190 0.275 0.28 0.28 0.28 0.28 0.28 30,000 8,400 EMPIRE EAST 0.42 0.425 0.45 0.455 0.42 0.42 43,040,000 18,431,050 EVER GOTESCO 7.21 7.23 7.21 7.23 7.19 7.21 4,633,600 33,399,521 FILINVEST RT FILINVEST LAND 1.1 1.11 1.1 1.11 1.1 1.11 1,855,000 2,048,030 GLOBAL ESTATE 0.95 0.97 0.99 0.99 0.96 0.97 899,000 873,710 8.9 9 9.14 9.14 8.84 9 171,700 1,531,764 8990 HLDG 1.18 1.2 1.18 1.2 1.17 1.2 635,000 745,600 PHIL INFRADEV CITY AND LAND 1.09 1.11 1.08 1.1 1.07 1.09 141,000 152,630 MEGAWORLD 2.85 2.86 2.85 2.87 2.84 2.86 15,265,000 43,590,560 MRC ALLIED 0.295 0.3 0.295 0.3 0.29 0.3 8,820,000 2,590,500 0.495 0.5 0.5 0.5 0.49 0.5 2,570,000 1,276,250 PHIL ESTATES 1.81 1.87 1.81 1.87 1.81 1.81 248,000 448,940 PRIMEX CORP RL COMM RT 6.48 6.49 6.48 6.55 6.47 6.49 10,230,200 66,467,006 ROBINSONS LAND 16.04 16.06 15.8 16.04 15.66 16.04 1,500,400 23,846,882 0.25 0.255 0.25 0.255 0.25 0.25 660,000 165,050 PHIL REALTY 1.51 1.53 1.51 1.53 1.51 1.51 44,000 66,480 ROCKWELL SHANG PROP 2.62 2.63 2.62 2.63 2.62 2.63 28,000 73,390 STA LUCIA LAND 2.8 2.85 2.85 2.85 2.8 2.85 189,000 531,970 32.9 33 32.8 33.1 32.8 33 2,701,500 89,100,460 SM PRIME HLDG 3.67 3.77 3.66 3.78 3.66 3.78 18,000 66,120 VISTAMALLS 1.6 1.63 1.62 1.64 1.58 1.62 157,000 253,450 SUNTRUST HOME VISTA LAND 3.44 3.45 3.44 3.5 3.42 3.45 2,291,000 7,871,240

SERVICES ABS CBN 12.82 12.84 13.18 13.3 12.7 12.84 1,028,300 13,417,192 14.04 14.06 14.42 14.68 13.84 14.06 8,669,000 124,090,790 GMA NETWORK 0.4 0.41 0.405 0.405 0.4 0.405 200,000 80,500 MANILA BULLETIN MLA BRDCASTING 8.5 10.5 8.5 8.5 8.5 8.5 300 2,550 2,996 3,000 2,994 3,010 2,952 3,000 34,045 101,800,020 GLOBE TELECOM 1,700 1,702 1,677 1,720 1,677 1,700 251,630 427,866,160 PLDT 0.112 0.113 0.103 0.112 0.101 0.112 756,060,000 80,605,240 APOLLO GLOBAL CONVERGE 36.45 36.6 35 36.9 34.85 36.5 17,455,500 629,311,430 DFNN INC 3.71 3.76 3.78 3.88 3.71 3.71 266,000 1,002,240 7.66 7.67 7.85 7.95 7.65 7.66 8,050,100 62,002,866 DITO CME HLDG 2.05 2.12 2.12 2.12 2.12 2.12 5,000 10,600 JACKSTONES 1.94 1.95 2 2 1.94 1.94 687,000 1,345,490 NOW CORP TRANSPACIFIC BR 0.35 0.355 0.355 0.36 0.35 0.35 1,440,000 507,950 2.3 2.33 2.25 2.33 2.25 2.33 772,000 1,780,880 PHILWEB 8.1 8.22 8.07 8.22 8.07 8.22 13,400 108,415 2GO GROUP 13.6 14 13.8 13.8 13.6 13.6 29,800 410,306 ASIAN TERMINALS CHELSEA 2.3 2.35 2.31 2.38 2.29 2.35 1,033,000 2,390,390 CEBU AIR 40.15 40.2 39.6 40.7 39.6 40.2 857,900 34,390,775 195 195.8 193 198 192.5 195 2,036,400 396,272,350 INTL CONTAINER 16 16.7 16 16.74 16 16.74 800 13,170 LBC EXPRESS LORENZO SHIPPNG 0.93 0.96 0.93 0.93 0.93 0.93 8,000 7,440 4.37 4.38 4.36 4.46 4.36 4.38 357,000 1,568,060 MACROASIA METROALLIANCE A 1.51 1.56 1.52 1.52 1.5 1.51 23,000 34,720 1.68 1.91 1.7 1.7 1.7 1.7 4,000 6,800 METROALLIANCE B 1.03 1.07 1.03 1.07 1.03 1.03 507,000 527,030 HARBOR STAR BOULEVARD HLDG 0.075 0.076 0.077 0.078 0.074 0.075 78,730,000 5,931,770 WATERFRONT 0.51 0.52 0.51 0.52 0.51 0.52 771,000 395,920 556 590 590 590 590 590 30 17,700 FAR EASTERN U 6.91 7.04 6.92 6.92 6.91 6.91 707,400 4,888,174 IPEOPLE STI HLDG 0.36 0.365 0.365 0.365 0.355 0.365 680,000 245,000 BERJAYA 5.52 5.64 5.55 5.67 5.5 5.64 58,500 325,961 BLOOMBERRY 5.89 5.9 5.91 6.02 5.88 5.9 3,310,000 19,698,780 2.04 2.06 2.06 2.06 2.06 2.06 8,000 16,480 PACIFIC ONLINE 1.7 1.75 1.68 1.76 1.68 1.75 942,000 1,600,690 LEISURE AND RES MANILA JOCKEY 1.92 2.2 1.95 1.95 1.92 1.92 24,000 46,530 1.25 1.26 1.26 1.28 1.25 1.25 1,038,000 1,307,150 PH RESORTS GRP 0.41 0.415 0.415 0.415 0.4 0.415 19,140,000 7,723,100 PREMIUM LEISURE 5.8 5.95 5.8 5.8 5.8 5.8 58,400 338,720 PHIL RACING ALLHOME 8.88 8.9 8.96 9 8.85 8.88 632,500 5,621,559 METRO RETAIL 1.27 1.28 1.27 1.28 1.27 1.28 193,000 246,110 42.95 43 42 43.1 41.6 42.95 1,397,500 59,830,165 PUREGOLD 49.9 49.95 49.9 50.4 49.25 49.95 1,976,600 98,782,100 ROBINSONS RTL 87 87.75 88 88 87 87.75 1,960 171,306 PHIL SEVEN CORP SSI GROUP 1.11 1.12 1.11 1.13 1.1 1.12 1,049,000 1,164,780 WILCON DEPOT 29.45 29.5 30 30 29.4 29.5 7,816,300 230,644,775 0.28 0.3 0.305 0.305 0.28 0.3 1,240,000 355,250 APC GROUP 5.02 5.2 5.03 5.2 5.02 5.2 8,600 43,652 EASYCALL GOLDEN MV 477.2 488 489.8 489.8 489.8 489.8 20 9,796 7 7.08 7.08 7.08 7.05 7.06 17,500 123,550 IPM HLDG 2.3 2.4 2.3 2.3 2.3 2.3 1,000 2,300 PAXYS 1.04 1.05 1.02 1.05 0.99 1.04 20,807,000 21,213,590 PRMIERE HORIZON 4.5 4.75 4.5 4.9 4.5 4.5 57,000 258,530 SBS PHIL CORP

MINING & OIL ATOK 6.99 7 7.07 7.07 6.9 7.01 73,400 516,679 1.42 1.43 1.43 1.43 1.41 1.42 221,000 314,270 APEX MINING ATLAS MINING 6.15 6.16 6.11 6.2 6.11 6.16 530,500 3,263,212 BENGUET A 4.98 5.2 4.95 5.2 4.95 5.2 185,000 923,023 4.85 5 4.9 4.9 4.9 4.9 53,000 259,700 BENGUET B 0.28 0.29 0.275 0.295 0.27 0.29 510,000 142,900 COAL ASIA HLDG CENTURY PEAK 2.7 2.75 2.75 2.75 2.75 2.75 10,000 27,500 DIZON MINES 6.01 6.22 6.01 6.01 6.01 6.01 15,000 90,150 2.25 2.26 2.3 2.3 2.25 2.25 3,608,000 8,208,190 FERRONICKEL 0.134 0.135 0.133 0.135 0.133 0.134 7,710,000 1,028,830 LEPANTO A 0.14 0.148 0.14 0.14 0.14 0.14 520,000 72,800 LEPANTO B MANILA MINING A 0.0098 0.0099 0.0098 0.0099 0.0098 0.0099 10,000,000 98,100 0.01 0.011 0.01 0.011 0.01 0.011 300,200,000 3,002,200 MANILA MINING B 0.96 0.98 0.97 0.98 0.93 0.98 104,000 100,830 MARCVENTURES 1.09 1.1 1.1 1.1 1.08 1.1 67,000 73,110 NIHAO NICKEL ASIA 5.73 5.74 5.63 5.73 5.63 5.73 3,289,100 18,760,136 OMICO CORP 0.365 0.38 0.375 0.375 0.375 0.375 10,000 3,750 0.88 0.9 0.88 0.9 0.88 0.88 238,000 210,590 ORNTL PENINSULA 5.2 5.24 5.33 5.33 5.18 5.2 647,300 3,365,953 PX MINING 18.8 18.94 18.8 19.3 18.4 18.94 949,200 17,841,088 SEMIRARA MINING UNITED PARAGON 0.0071 0.0072 0.0072 0.0072 0.0071 0.0071 8,000,000 57,200 14.96 15 15 15 14.9 14.96 33,100 493,944 ACE ENEXOR 0.01 0.011 0.01 0.011 0.01 0.01 22,700,000 246,600 ORNTL PETROL A 0.011 0.012 0.011 0.011 0.011 0.011 75,500,000 830,500 ORNTL PETROL B PHILODRILL 0.01 0.011 0.01 0.01 0.0099 0.01 9,300,000 92,890 PXP ENERGY 6.35 6.38 6.3 6.47 6.3 6.38 350,000 2,249,958

PREFFERED HOUSE PREF B 101 101.7 101.5 101.5 101 101 510 51,760 101.5 102.5 101.5 101.5 101.5 101.5 8,600 872,900 ALCO PREF B 39.8 39.85 39.3 40 39.05 39.85 153,100 6,071,745 CEB PREF CPG PREF A 102 103.5 103.5 103.5 103.5 103.5 700 72,450 101.1 102.3 101.5 101.5 101.5 101.5 1,800 182,700 DD PREF 102.1 105.2 105.2 105.2 105.2 105.2 20 2,104 FGEN PREF G 1,001 1,035 1,000 1,040 1,000 1,040 6,100 6,196,635 GTCAP PREF A GTCAP PREF B 1,035 1,040 1,040 1,040 1,040 1,040 6,155 6,401,200 101 101.4 101.4 101.4 101.4 101.4 200 20,280 MWIDE PREF 97.45 104.6 99.55 99.55 96.8 97.1 10,200 991,215 MWIDE PREF 2A 101.5 102 101.7 101.7 101.5 101.5 700 71,150 MWIDE PREF 2B 105.3 106.2 106.2 106.2 106.2 106.2 2,070 219,834 PNX PREF 3B PNX PREF 4 1,011 1,014 1,013 1,013 1,013 1,013 535 541,955 1,023 1,025 1,023 1,026 1,023 1,025 1,355 1,389,185 PCOR PREF 2B 1,089 1,129 1,085 1,130 1,085 1,090 6,000 6,678,350 PCOR PREF 3A 1,142 1,154 1,140 1,140 1,140 1,140 820 934,800 PCOR PREF 3B SMC PREF 2I 78.1 78.25 78 78 78 78 5,000 390,000 76.5 76.7 76.05 76.35 76 76.35 7,200 548,842 SMC PREF 2J 76.05 76.5 76.5 76.5 76 76.05 696,760 52,953,795 SMC PREF 2K

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 12 12.4 12.5 13 12.5 12.5 40,200 506,000 13.26 13.4 13.34 13.64 13.26 13.26 612,400 8,253,472 GMA HLDG PDR

WARRANTS TECH WARRANT 1.47 1.49 1.51 1.53 1.46 1.47 2,388,000 3,540,280

-5,574,000 -8,172,285 -79,420 -62,400 23,870 -48,240 -247,760 7,600 -421,682 49,870 -2,036,650 -16,478,698 -407,190 -28,800 138,940 16,090 -19,047,430 44,250 -163,100 -21,720 -40,610,026 6,395,708 107,500 -7,890 23,207,835.00 40,260 -51,360 -13,314,670 20,869,665 -388,020 24,928,415 220,550 750,980 -39,200 -587,830.00 29,896 -61,220.00 64,120 -26,858,255 31,988,608 83,710 10,400 -487,680 5,200 27,680 -40,150 2,800 -72,853 -62,470 105,900 8,700 3,667,522 -4,355,890 -27,555,900 110,000 -21,583,430 -120,300.00 -5,486,640 36,400 -7,090 -637,465 -220,500 27,500 -90,150 4,407,860 -161,075 -93,384 1,564,690 10,000 - -5,588,810 - -2,554,062 8,820

SMALL & MEDIUM ENTERPRISES

ALTUS PROP ITALPINAS KEPWEALTH MAKATI FINANCE MERRYMART

17.02 1.97 4.1 2.4 4.11

FIRST METRO ETF

105

17.4 2 4.15 2.59 4.12

EXHANGE TRADE FUNDS

105.4

16.86 1.96 4.1 2.4 4.05

17.5 2 4.15 2.4 4.19

16.86 1.96 4.1 2.4 4.05

17.46 2 4.15 2.4 4.12

46,600 86,000 7,000 24,000 6,132,000

792,722 170,380 28,750 57,600 25,303,510

-98,600 41,160 -20,500 -57,600 -681,520

105.3 105.7 105 105.4 9,920 1,043,845

8,370

www.businessmirror.com.ph

Mindanao needs additional capacity by 2030–MinDA

M

By Lenie Lectura

@llectura

indanao has about 800 megawatts (MW) of excess power capacity today, according to the Mindanao Development Authority (MinDA), but by 2030 it will need additional capacity to serve the region’s increasing demand for power.

According to MinDA Deputy Executive Director Romeo Montenegro, Mindanao’s excess power is “time relative,” which “could be gone” in six or seven years from now.

“Prior to the pandemic, we were averaging 1,700 MW. At the height of the pandemic last year, we went down to as low as 1,500 MW. But today we have gone back to pre-Covid levels in terms of energy demand and, in fact, we are already hitting 2,000 MW. So, the 1,000 MW excess we had two or three years ago, is already around only 800 MW today. By our calculation with the DOE [Department of Energy], at 7-percent annual growth demand, that excess will be gone by 2028 or 2027. Mindanao needs around 100 MW to 150 MW every year,” he said during last week’s webinar, “Mindanao as the energy hub in the country, Davao as a worldclass corridor.”

W hile recognizing that the Davao Region has a huge potential to become a significant significant contributor to an energysecure and power-independent Philippines, Montenegro said Mindanao needs an additional capacity of 3,500MW by 2030.

“In 2018, we counted around 40 high-end or vertical projects in Davao. These are mostly condominium that w ill probably be needing two to three MW to operate. If all of them in Davao alone shall have been operating, Davao Light and Co. would have to forecast the need to contract additional 80 to 120 MW to be able to serve the demand of these 40 condominium projects that are rising in Mindanao and this is just in Davao,” said Montenegro, adding that this trend is expected in all urban areas in Mindanao in the years to come.

Engr. Rodger S. Velasco, President and Chief Operating Officer of Davao Light & Power Company, recognized the need for investments in the Davao region as major industries continue to expand and develop in the area.

“I see the potential in investing in Davao for manufacturing,” he said during the webinar. “We have a number of huge energyintensive customers looking to invest and build plants in the region. Davao is proving to be a very good area to invest in for energy.”

To hit 3,500MW, Montenegro said there is a need to shift to 50:50 balance energy mix from the current 70/30 level of fossil fuels to renewable energy (RE).

Moreover, he said, transition to RE is policy-driven.

“We have to look at the 3,500 MW needed between now and 2030 should be coming from RE. We are looking at distributed generation as one approach where bite-size capacities can be embedded capacities of ECs [electric cooperatives] in Mindanao rather than the usual default mode of building a big power plant and be connected in the grid and dis-

tributed to ECs.” Distributed generation systems may include solar photovoltaic panels, small wind turbines, natural-gas-fired fuel cells, emergency backup generators, usually fueled by gasoline or diesel fuel, among others.

“Is there one near a water source for hydro? Is there one near an industrial scale plantation of crops that would have waste to serve as feedstock for biomass…

These are some of the things that we can possibly deliberately work [on] with the DOE and all members of the Mindanao Power Monitoring Committee chaired by MinDA, in partnership with the private sector, to send the right signals to investors,” Montenegro said.

‘Bite-size approach’

John Eric Francia, President and CEO of AC Energy Corp., recognized that the proposed “bitesize approach” in Mindanao is the right strategy.

However, Francia noted that the possibility of intermittent energy may occur and, as such, still needs so to be managed by the national grid and the distribution utilities. “Therefore, having ancillary services [AS] becomes very important. One elephant in the room in Mindanao is lack of reserves capacity, notwithstanding the fact there is a lot of capacity available in Mindanao.

So, when we strongly advocated and hope a reserve market in the Philippines is implemented, it will encourage investors like us to seriously consider investing more in battery energy storage system and other such technologies that will help provide AS and stabilize further the grid.”

Francia believes the potential of Mindanao as a net exporter of energy through the development of a more interconnected grid, especially as the Green Energy Option launches in Luzon and Visayas.

“Once you unlock that potential through the spot market, retail competition, and open access, then it will spur a lot of renewable opportunities,” he added.

Aboitiz Power Corp. also highlighted the vast resources available in Mindanao which can prime it to become a key source of renewable and sustainable energy for the country.

“All the resources in the region combined together really does give the advantage to Mindanao, to be able to lead the forefront for investments, and the power will follow with that. We have plenty of supply currently in Mindanao to support the growth in the industries,” said Anton Percices, company operating officer of distribution utilities.

The webinar was organized by the Davao Investment Conference (Davao ICon 2021) as part of its year-long Innovation Series that will tackle also the Mindanao market and the future of logistics.

STOCK-MARKET OUTLOOK Last week

Share prices gained last week mainly due to bargain hunting, which again allowed the main index to close near the 7,000-point level.

The benchmark Philippine Stock Exchange index (PSEi) gained 38.68 points to close at 6,951.53 points.

The main index was up almost all week long except on Monday, when it gave up 54.95 points.

Average volume of trade was relatively higher, valued at P6.8 billion as the market shrugged off the US Federal Reserve’s and the Bangko Sentral ng Pilipinas’s (BSP) dovish stance on their main policy rates.

Foreign investors, which made up 37 percent of the trade, were net sellers at P859.77 million.

All other subindices ended mixed. The broader All Shares index was up 27.80 points to 4,323.64 points, the Financials index fell 15.67 to 1,426.79, the Industrial index gained 87.47 to 10,259.43, the Holding Firms index gave up 65.11 to 6,821.95, the Property index rose 15.40 to 3,055.31, the Services index gained 92.96 to 1,923.46 and the Mining and Oil index declined 10.34 to 9,436.54.

For the week, losers edged gainers 135 to 86 and 30 shares were unchanged.

Top gainers were 8990 Holdings Inc., Concrete Aggregates Corp. B shares, Double Dragon Properties Corp., PLDT Inc., AC Energy Corp. and LT Group Inc. Top losers, meanwhile, were Chemical Industries of the Philippines Inc., ATN Holdings Inc., I-Remit Inc., Manila Mining Corp. A, Millennium Global Holdings Inc. and PH Resorts Group Holdings Inc.

This week

Share prices may continue to rise this week, but analysts said trading may be volatile as the main index is again nearing the 7,000-point mark.

“The glass ceiling that is 7,000 needs a stronger catalyst to shatter, beyond re-opening themes or the BSP maintaining the status quo, that seems to be baked in prices as of the moment,” broker 2TradeAsia said.

It said investors are trying to take their respective positions ahead of the 9-month reporting period for listed companies, which will start by next month through November.

“There is a shift in momentum since the past few weeks, particularly on flows, there seems to be an almost tangible bias now towards blue-chips and mid caps,” it said, advising investors to monitor intra-day rallies as the road to the 7,000-point mark of the main index overlaps with the third quarter earnings season.

Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said the local market may still take cues from Covid-19 situation, which slightly declined to an average of 17,705 cases per day, compared to the previous week’s 20,280.

“If the decline continues, then it may spur positive sentiment in the market. Investors are also expected to watch out for the government’s decision on the social restriction measures of the country after September 30. Easing of restrictions may send the local market higher,” he said.

“Investors may watch out for our upcoming IHS Markit Philippines Manufacturing PMI for clues on how the local economy is faring.”

The local market’s 10-day exponential moving average of 6,908.80 is seen as its initial support, followed by the 50-day exponential moving average at 6,788.51.

The 7,000 to 7,100 range is seen as the market’s resistance.

Stock picks

Broker Regina Capital Development Corp. has placed a hold recommendation on the stock of Philippine National Bank (PNB) due to the persistent headwinds.

The company is expecting a strong 2021 income, but mainly because of its one-time gain of P33.6 billion. It would have reported a net loss of P11.47 billion for the first half sans the one-time gain.

“Meanwhile, PNB is one of the largest creditors of the cashstrapped, Tan-led airline Philippine Airlines. News reports noted that the airline owes PNB around $272.4 million. It is only a relatively small portion of the bank’s first-semester loan book, but note that PNB’s management is keen on utilizing the FIST Act or Financial Institutions Strategic Transfer to clean up its NPLs [non performing loans] and ROPAs [real and other properties acquired],” it said.

It gave a fair value price on its stock at P24.80.

PNB shares closed last week at P20.55 apiece.

Meanwhile, it gave a buy rating on the stock of Concepcion Industrial Corp. (CIC) after the company was able to see some hints of recovery in the first half.

It said the shift in consumer behavior amid pandemic helped the division of CIC on consumer goods to remain resilient as it continues to account for the lion’s share of the firm’s topline.

“In contrast, the Alstra division’s topline contribution contracted due to the disruptions currently experienced by the construction industry as a whole,” it said.

Alstra division is the company’s products and related services which include air conditioning, heating, and ventilation as well as service of elevators, escalators, moving walkways and shuttle systems, primarily for industrial and commercial use.

“Overall, with the assumption that it will be able to clear its backlogs once construction activities have resumed, coupled with sustained demand in white products, we retain our buy rating on CIC while we raise our target to P33.00. Downside risks to our projections are: slower-than-expected clearing of Alstra backlogs, and fluctuation of copper prices.”

CIC shares closed Friday at P22.55 apiece. VG Cabuag

www.businessmirror.com.ph

Banking&Finance

Property insurance sales lift Mapfre’s confidence

By Bernadette D. Nicolas @BNicolasBM

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ON-life insurer Mapfre Insular Insurance Corp. saw growth in its property insurance business as more Filipinos insured their homes—transformed into offices after government restricted mobility.

Being one of the largest property insurance providers in the country, Mapfre saw its property insurance sales increase by 8.47 percent to P350.89 million in 2020 from P323.48 million in 2019.

Its property insurance covers household protection against fire, personal liability and other perils.

“The increase of sale in property insurance was mainly attributed to the fact that a great majority of Filipinos have switched to remote work, which meant reinforcing their homes and having it insured to cater to the current work-from-home setup,” Mapfre President and CEO Tirso C. Abad told the BusinessMirror.

The increase in sales lifted the insurer’s confidence dampened by the double-digit decline of its biggest business.

Abad said their motor insurance sales dropped by 23.66 percent to P566.55 million in 2020 from P742.20 million in 2019 as government restricted automobile use.

Likewise, the firm’s personal accident insurance sales were halved (50.23 percent) from P76.19 million in 2019 to nearly P38 million last year.

“Consequently the share of our business slipped from 6.1 percent in 2019 to nearly half at only 3.6 percent last year,” Abad said.

Nonetheless, Abad said, Mapfre recognized there’s still untapped potential for the non-life insurance industry as government scramble for tools to help the economy recover from the health crisis.

Abad said they are confident that

the value of property insurance will grow exponentially as remote working has become one of the most practical methods to run businesses.

Moreover, the firm sees the recovery of the economy will enable the non-life industry to see longterm growth, most especially with the products that experienced a significant decline including car, motor and travel insurance.

Overall, Mapfre sees over 6-percent rebound in the Philippines market for the coming years, according to Abad.

For this year, MAPFRE is vowing to continue its digital transformation efforts to better serve its clients.

The insurer said it aims to “constantly improve customer experience by further strengthening claims processes, including notifications and making all products readily available online.”

The company is also looking to launch new products that will cater specifically to small and mediumsized entrepreneurs “and the most vulnerable sectors of the economy.”

Executives said the firm has made a timely decision to strengthen digital capabilities by improving tools and strategies, as well as making products and services easily accessible online. These initiatives paved the way for its clients to get quotes and avail of their travel, compulsory third party liability and personal insurance products in the safety of their own homes.

Its agents can also navigate easier through the digital space through the firm’s web portal that allows its distribution network “to independently issue policies, access account for renewal, instantly draft quotations, process payments and claims with the help of QR codes.

Also, Mapre was able to renew and issue policies, process claims, accept and disburse payments to clients.

Globe Fintech launches online-buying insurance

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lobe Fintech Innovations Inc. (GFII) announced the launch of an online shopping insurance with Singaporeheadquartered regional insurance technology (insurtech) Igloo-operator Axinan Pte Ltd., to protect its online customer base.

GFII, which owns and operators the e-wallet app “GCash,” said the insurance is underwritten by Singapore-based PGA Sompo Insurance Corp.

“This launch and partnership come at a time where GCash has seen a surge in online transactions and is on track to hit P3 trillion in full-year gross transactions, three-times of last year’s performance,” the company’s statement issued last week read.

“This was driven by Filipino consumers shifting to online for their daily needs.”

The company added it has seen “an increasing demand to go cashless and more merchants and retailers are opting for the convenience of e-commerce, and express peer-to-peer cash transfers.”

The company added that more than 70 percent of Southeast

Asia is online and the region saw 40 million new users join the Internet last year. GFII said a recent survey showed the Philippines alone saw 37 percent of all digital service consumers are new to the service due to lockdown measures. The survey also shows 97 percent of these new digital consumers will continue to use digital services going forward.

“This has led to an increasing need to be able to secure each transaction” of its 46 million users, GFII said.

According to the company, its GCash app also had over 13 million log-ins per day, peaking at almost 15 million in the second quarter of 2021. This year, GCash aims to reach its P3-trillion gross transaction value target and currently processes an average of P300 billion in monthly transactions.

“This [online shopping insurance] comes at an unprecedented time when we see robust growth in our online transactions and user base,” GFII President and CEO Martha M. Sazon was quoted in the statement as saying.

BusinessMirror

Editor: Dennis D. Estopace • Monday, September 27, 2021

B3

1 in 5 households borrowed to buy basic goods–BSP poll

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By Bianca Cuaresma

@BcuaresmaBM

NE out of five households in the country availed of loans in the last 12 months, mainly to purchase basic goods, a recent survey by the Bangko Sentral ng Pilipinas (BSP) showed.

The third quarter Consumer Expectations Survey of the central bank showed that 22.6 percent of their respondent households have availed of a loan in the last year.

Data from the survey also showed that household respondents used their loan proceeds in the last 12 months mostly to purchase basic goods, with 56.5 percent of house-

holds saying this was their intended purpose for the loan.

About 24 percent of households who took out a loan, meanwhile, said the proceeds will be used for business start-up or expansion and 12.8 percent of respondents said it was for payment of their other debts.

Meanwhile, 9.2 percent of house-

holds said they took out a loan for health-related expenses and 7.6 percent for purchase of motor vehicles.

The households that took out loans during the period mostly belonged to the middle income group.

The BSP data showed that 40.4 percent of the households that availed loans were in the middleincome group while 33 percent were from the low-income group and 26.6 percent were from the high-income group.

By geographical area, the percentage of households that availed of a loan in the last 12 months was higher in the areas outside the National Capital Region (NCR).

Banks not top lender

WHILE a significant portion of households took out loans during the year, the BSP data also showed that banks were not Filipino households’ choice to borrow money from.

In particular, relatives and friends remained the top loan providers in the third quarter survey period with 30.7 percent of all household borrower loaning from their immediate circle. This was followed by lending companies at 16.9 percent, individual money lenders at 13.7 percent and cooperatives at 9.2 percent.

Only 7.9 percent of respondent borrowers said they took out loans from banks while 7.6 percent said they took out loans from government institutions.

Majority of loans availed by households, at 79.2 percent, were uncollateralized.

Meanwhile, households that availed of a secured loan used the following assets as collaterals: ATM account at 5.9 percent; real property at 1.8 percent; land at 1.6 percent; and, stock certificates or post-dated checks at 1.5 percent.

Maybridge Finance cites expansion of online hub

By Rizal Raoul S. Reyes @brownindio

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N the first anniversary of its online portal, “Iskaparate” dot-com operator Maybridge Finance and Leasing Inc. (MFLI) cited the expansion of its equity structure and network. “’Iskaparate’ has now acquired a life of its own after a number of shareholders bought common equity in the company. Maybridge remains a common shareholder though and its executives concurrently manage Iskaparate,” MFLI Founding Chairman Joey C. Bermudez told the BusinessMirror.

According to the Bermudez, when they launched the portal in September 2020, they started with 33 micro-entrepreneurs from the Kabuhayan sa Ganap na Kasarin-

lan Credit and Savings Co-operative, “primarily as a short-term response.”

The former Philippine Veterans Bank official said “Iskaparate” (show window) has now 15 partner organizations that have a collective membership of 250,000. These organizations include the following: Angat Buhay Program of the Office of the Vice President; the Samahan ng mga Nagkakaisang Pamilyang Pantawid (a nationwide association of 4Ps beneficiaries); Jaime V. Ongpin Microfinance Foundation; and, the Legazpi City-based Simbag sa Pag-Asenso.

Moreover, it also pursues recruitment of members, referred to as a “Nanay” (mother), through social media marketing.

To broaden the members’ market reach, Bermudez said Iskaparate will

be pivoting into a new platform in two months. He said the platform will be powered by one of the biggest e-commerce players in the world.

Bermudez declined to identify the name of the company.

“With the move, the platform will now acquire an ‘Add-to-Cart’ capability, thereby giving the [members] an e-commerce option,” Bermudez explained. “The new platform will have a more robust analytics module that will enable Iskaparate to get a better understanding of consumer preferences, buyer demographics and purchasing behavior.”

He emphasized that the Iskaparate ecosystem is being enlarged and deepened to enable the members, with their unique profile and economic circumstances, “to perform well on the platform.”

Bermudez added they are cur-

rently conducting discussions with major “fulfillment providers” and payment processors to expand the options available to the sellers. He further said they have also formed a team whose members would coach members. Capacity-building sessions would start on October 2, according to the executive.

“There are conversations with financial institutions including two major thrift banks to open up transaction financing opportunities for the members,” Bermudez added.

Starting with selling 200 products during its first year, Iskaparate now has over 2,000 products on the platform. It has also expanded its group into 12 online selling events.

Bermudez said their 5-year target is to have 100,000 vendors and 1,000 products.

Perspectives The path to a greener future can begin with leaders at the local level

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S environmental, social and government (ESG) issues and initiatives climb higher on corporate agendas amid growing public awareness and expectations, it has become clear that local authorities also have a critical role to play in driving progress on the ESG front.

In many ways, local government has been at the forefront of social and governance developments and driving change with innovative initiatives—due in part to the reality that as leading organizations, the parameters and requirements of their social and governance roles are typically grounded in law.

But amid evolving public values and soaring awareness—and activism—on environmental issues, local authorities should respond with a broader spectrum of green initiatives. Customers want their local authorities to take a lead on ESG and local authorities are ideally positioned to do so.

Simply put, in addition to continuing the drive for progress on social and governance initiatives and outcomes that cater to specific or unique local needs via a ‘placebased’ approach, giving equal weight to the ‘E’ in ESG is now an important order of the day. Forward- looking governments will likely realize that action, results and progress on the environment should be considered part of the customer experience for all of their stakeholders. Business leaders participating in KPMG’s 2021 “CEO Outlook Pulse Survey,” for example, cited environmental and climate change risks as a leading threat to business growth over the next three years.

Local government organizations have, of course, been actively pursuing sustainability targets and working to meet regulations handed down by their various regional central or federal governments—including, for example, the need for more responsible energy use, effi-

cient waste management, modern traffic infrastructure, ‘clean’ business practices and more.

The time has come, however, for local government organizations to expand their view and help drive significant gains in all areas that are indispensable to sustainability, including net zero of course.

They should also pay attention to managing population growth impact, driving urban planning for a new era, supporting ecological diversity, and managing the impact of climate change—floods, fires, rising sea levels, natural catastrophes, and their growing threat to local government’s customers and assets. A key is to align government capabilities, resources, services and stakeholders enterprise-wide via a fully connected, end-to-end ecosystem that precisely tracks customer needs, responses, performance and outcomes.

As part of Saudi Arabia’s efforts to increase environmental protection

and improve general liveability in its cities, the capital city launched the Green Riyadh project. This mega project, with a total investment of $11 billion over the next 10 years, targets to plant 7.5 million trees and develop more than 3,300 new parks and gardens to improve air quality and reduce the average ambient temperature, while increasing the city’s per capita green space. Green Riyadh further promotes the preservation of natural areas and biodiversity within the city while also spreading awareness among its constituents about sustainability.

The excerpt was taken from the KPMG Thought Leadership publication entitled “The future of local government.” © 2021 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent member-firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

PNB launches new feeder funds for Pinoy investors targeting global equities

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HE Philippine National Bank (PNB) announced it is launching two new global feeder funds, “which will allow Filipino investors to further diversify their investments to include US and other globally-traded shares of stocks.”

PNB President and CEO Jose Arnulfo A. Veloso was quoted in a statement as saying that PNB’s Trust Banking Group is making these funds available to Filipino investors who are looking to achieve long-term capital growth by investing

at least 90 percent of their assets in a target fund.

“We understand the needs of some of our clients who have aggressive risk appetites or those who want to invest in global equities,” Veloso said.

The executive added that investing in the Global Feeder Funds (GFFs) offer two key advantages for small investors.

“First, investors can have access to professional management of their funds,” Veloso explained. “The second advantage

is instant diversification as investors gain exposure to international investment opportunities.”

The GFFs support companies with strong sustainability roadmaps, according to PNB. The bank said the first fund is the PNB “World Perspectives Equity Feeder Fund,” which lets investors gain access to high-quality global companies with sustainable growth, through its target fund, the Franklin Global Growth Fund.

The other one is the PNB “US Equity Sustainability Leaders Feeder Fund,” which allows clients to invest in US companies with superior Environmental, Social and (Corporate) Governance (ESG) characteristics through its target fund, the Legg Mason ClearBridge US Equity Sustainability Leaders Fund.

The fund puts great value in ESG and incorporates it in the investment selection process, as opposed to simply considering the potential profitability

of securities.

For this undertaking, PNB said it has partnered with Franklin Templeton, a global leader in asset management with more than seven decades of experience and with over $1.5 trillion in assets under management (AUM).

“The PNB [GFFs] give our investors the ability to venture globally and diversify into global stocks,” PNB Chief Trust Officer Jiah R. Santos was quoted in the statement as saying adding the minimum

investment for the fund is at $1,000.

The PNB GFFs are available through the PNB UITF Online facility and in all PNB branches across the country.

The bank said the Bangko Sentral ng Pilipinas approved the creation of the its GFFs last June 15. The bank added that it has also recently made available its “personal equity and retirement account” bond fund, which allows investors to save and build their retirement fund.

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Monday, July 13, 2020 B www.businessmirror.com.ph

Managing Through Crunch time— Without Burning Out Your Team

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By Flavio Serapiao, Andrew Hill & Boris Groysberg

o achieve—and sustain—success, many companies place extraordinary demands on their teams. World-renowned investment banks, law firms and consulting firms are notorious for subjecting employees to grueling workdays. Software developers use the word “crunch” to describe the long, stressful hours of work that are often required in the final weeks before a new product launch.

Leaders who are approachable and open: n Provide opportunities for people to speak up, making themselves accessible and minimizing barriers between the leader and the team; n Let team members know that their voices matter; n Practice effective listening; n Incentivize and reward candor;

n Demonstrate open-mindedness and a willingness to discuss different viewpoints; n Show that they care not only about team members’ work, but also about people's health and well-being.

Leaders who know how processes and operations work: n Understand the operations that are essential to mission success; n Are technically competent to a high standard; n Recognize what they don’t know and actively seek out information to fill those gaps; n Get out to see what’s happening on the “factory floor”—meaning that they know how work gets done, and the interdependencies involved; n Understand the costs and consequences of operational decisions; n See the connections between their domain and other areas of the organization.

Leaders able to balance risks to the mission and to its people managed this in two ways.

First, they built loyalty and trust before and after crunch periods, developing an account balance of trust that they can withdraw from during crunch time. Leaders who took care of people created a high level of commitment, loyalty and ownership, which in turn made accomplishing the mission a higher priority for everybody.

Second, the most successful leaders conducted activities to maintain morale and confidence during crunch time. They ensured that lines of communication were open so team members could signal problems. They clearly connected challenging requirements with mission success. They set clear goals and helped subordinates understand the bigger picture when a mission involved a significant potential

WWW.FREEPIK.COM

But any success that comes at the cost of employees’ mental or physical health is a Pyrrhic victory. How can leaders successfully manage through crunchtime while keeping their teams from burning out?

To find out, we studied senior US Army officers who served in extremely stressful and pressure-filled environments. Our research highlighted the importance of cultivating the skill of balancing the tension between getting the job done and managing the effects on people as a leadership competency—one with special relevance to highperforming organizations.

In the military, crunchtime can be a matter of life and death. In striving to attain a battlefield objective, leaders often must risk the lives of the men and women serving under their command. On the one hand, a commander who never takes risks will never achieve victory. On the other, a commander who is reckless will lead a unit with diminished effectiveness, decreased morale and weaker discipline.

Our study identified three interconnected behaviors that characterize effective leaders in the Army. The first, which we called “being approachable and open,” represents the human side of leadership.

The second behavior, “knowing how processes and operations work,” represents the mission-driven side of leadership. The third behavior, which is called “balancing risks to the mission and to the people,” represents the integration of the first two.

sacrifice. And they showed a willingness to put the team before their own personal interests.

How to demonstrate balanced leadership during crunch time

How can leaders implement this balanced leadership approach in their organizations?

First, think about where you are relative to a crunch period. Before and after a crunch, you should invest in building loyalty and trust with your team, demonstrating your professional competence and creating meaning.

In preparing for and recovering from crunch time: n Make yourself accessible to the team: Listen to your people. Treat them as partners, letting they know they have a voice.

Be willing to discuss different points of view and learn from their experiences and knowledge of the organization. n Master how your organization’s processes work: Invest time in getting to know your people, what they do and their current challenges. These learning opportunities will help you connect and engage with the team, showing that you care about their work and are open to hearing their prob-

lems and issues. n Be obsessed with your team’s professional development: Regularly evalu-

ate your team members' readiness for their current challenges and the ones that will shortly come.

n Make mental health a priority: Make it clear that seeking mental health support is not a sign of weakness.

During crunch time: n Set aggressive but achievable goals: Think about something exciting but reachable based on the team’s level of performance and maturity. Evaluate the risks before assigning a goal. Learn from your team’s failures, and provide feedback to address their development gaps. n Recognize the costs of your decisions: Sometimes leaders don’t know what they’re asking of their teams during crunch time.

To the extent possible, share the burden and partake in the team’s sacrifice. n Keep open lines of communication: Crunch periods often affect a leader’s avail-

ability. Ensure that team members have a way to share key information with you, such as when they are being pushed too hard or things are not working as they should. n Don’t put your personal interests over the team: Toxic leaders are servile to their

superiors and tyrants to their subordinates.

Crunch episodes often have an inordinate impact on the success of businesses—and they’re powerful shapers of organizational culture. Performance during these times— whether good or bad—often dwarfs the effects of other, “steady-state” operational periods. Poor leadership during crunch time is highly damaging to the organization, resulting in demoralized, burned out staff, a failure to meet your goals, or sometimes both. Our research suggests that a leader’s ability to balance risks to mission and to people is key to organizational success during crunch periods, and to ensuring that that victory is not too costly.

Flavio Serapiao is a postdoctoral fellow at the University of Pennsylvania. Andrew Hill is co-founder of BurnBright. Boris Groysberg is the Richard P. Chapman professor of business administration at Harvard Business School.

How to Prevent a Rising Star From Flaming Out

By Balazs Szatmari, Dirk Deichmann, Jan van den Ende & Brayden G. King

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f you had to name the top reasons some projects turn into spectacular failures, you probably wouldn’t put “having too much trust in leaders with strong track records” high on your list. However, our research found that managers with the highest status in an organization actually have the greatest risk of experiencing a spectacular failure. We identified some reasons and some possible measures that can reduce the odds of that happening.

Hollywood is very familiar with the risks of being overly trustful of overhyped talent.

Consider, for instance, the flop of the ambitious Western Heaven’s Gate. The movie was one of the most highly anticipated movies of 1981, given that its young director was Michael Cimino, the director of The Deer Hunter, which had won several Academy Awards in 1978.

People expected great things from this emerging auteur. Instead, Cimino created a disaster. The nearly-four-hour film cost $44 million to make but took in only $3.5 million at the box office. Critics also hated it, and even now, three decades later, rate it as one the worst films ever made.

It doesn’t usually work this way. More often, people advance from strength to strength. As far back as the Gospel of Matthew in the New Testament, people have often observed that for “whosoever hath, to him shall be given, and he shall have more abundance.” This phenomenon is common

enough that sociologist Robert K. Merton dubbed it the “Matthew effect.” Early successes lead people to attract more attention, win more demand and garner more credit for their achievements, which leads in turn to another success begetting even more access to resources and talent, and eventually, yet another success.

Except when it doesn’t—as Cimino could tell you.

To find out how high performers can prevent a similar flameout, we conducted a social network analysis—mapping the links of who works with whom and on what project—for project leaders managing innovative product development projects in the video game industry.

We chose this method because networks signal status and prestige. For example, when you enter a conference room and you want to quickly assess who could be the most important person there, you might look for the person surrounded by the largest group of people. When you spot them, you intuitively think, “Oh, that person must know something.” If many people want to seek the advice of that person or work with them, that’s a sign of status and competence.

To run our network analysis, we drew from a list of the biggest game makers and used information on 4,741 of their projects. We collected this information from Mobygames.com, a video game industry database. We used the database to find out with whom people worked in a particular organization and with whom those people worked. That allowed us to identify project

managers in an organization who had farreaching networks and consequently could be considered to have a higher status than those with smaller networks.

The results of our research showed that the benefits of status follow an inverted U. Up to a point, popularity improves your odds of success by making it easier to pick projects, attract talent and gather resources—but there is also evidence of a winner’s curse. If you’re too popular, the odds of spectacular failure grow. Spectacular success is still possible, but your odds of failure are higher than earlier in your career.

One possible reason is that a star’s later proposals often do not get the same scrutiny as earlier ones, making it more likely for a bad idea to slip through. Another may be that nothing in particular is wrong, but “the talent” is in such demand that the person is stretched too thin and unable to focus on that single project.

Based on our research and experience, we recommend employing the following measures to prevent your culture from setting up stars for failure: n Keep the proposal and budgeting process formal: Often, high performers

are given the benefit of the doubt, raising the odds of a mistake. Adding more formal criteria can increase the objectivity of the project selection process. Formalization can be also achieved by increased documentation and more emphasis on explicit, written evaluations. In addition, the larger and more multidisciplinary the project review

committee, the more objective the evaluation process should become. n Consider introducing some anonymity into project proposals: In academia,

the double-blind peer review system has been used for centuries with great success.

Introducing such a system at your company could put more emphasis on the quality of proposals and reduce the potentially negative effect of social influence on projectselection decisions. n Don’t celebrate your stars too much: Project leaders benefit a lot from

the fame and recognition they get as a consequence of the successes they achieved earlier in their career, when they didn’t have a lot of status in the company. But when they have too much status, their lionization can have counterproductive effects, as our research has shown. A little celebration is never a problem as long as your stars don’t take the limelight from their less renowned counterparts. Just make sure to emphasize the role of the team rather than a single individual. n Make sure your stars aren’t overloaded: Find a way to keep their attention

focused on one project. If the workload cannot be lifted from their shoulders, give them support, so that they can delegate more work. Assigning a secretary to your stars might be a bit old-fashioned but is another helpful measure to reduce their mental overload. Stars’ overload can also be reduced by

making their outgoing communication more efficient. Companies could motivate highstatus employees to codify their knowledge so that others can try to find their answers in a “frequently asked questions” database before taking their valuable time. n Create an environment where people can criticize each other constructively: While people might be afraid

of giving feedback to those ranking above them, stars also tend to receive little criticism because others struggle to recognize the limitations of contributions by top performers. Creating a climate where constructive criticism is not only tolerated but expected can push people to think more critically about the work of their highly esteemed colleagues.

What if you’re the star performer in question? Pick your projects carefully. Watch out if everyone complies with your wishes. And most of all, keep on your team people who aren’t afraid to tell you the truth.

Balazs Szatmari is an assistant professor at the University of Amsterdam. Dirk Deichmann is an associate professor at Erasmus University’s Rotterdam School of Management. Jan van den Ende is a professor of technology and innovation management and horticulture innovation at the Rotterdam School of Management at Erasmus University. Brayden G. King is the Max McGraw chair of management and the environment and a professor of management and organizations at Northwestern University’s Kellogg School of Management.

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Saint Laurent becomes latest fashion house to go fur free French luxury house Saint Laurent will go completely fur free in its collections from next year, its parent company Kering said on Friday.

In a statement, Kering added that another of its houses, Italian menswear brand Brioni, will also stop using natural fur—making the luxury giant that includes Gucci, Alexander McQueen, Balenciaga, Bottega Veneta completely fur free.

Kering CEO Francois-Henri Pinault said that “going entirely fur free is just the right thing to do.

We do it out of conviction, for the sake of ethics and modernity.”

Animal rights groups have long pushed for luxury houses to stop using fur. Many in Paris, such as Stella McCartney and Chanel, had already renounced it in recent years. Welcoming Friday’s move, rights group Humane Society International said that it “puts pressure on the few remaining fashion brands that continue to sell fur to follow suit.”

Paris Fashion Week begins Monday, and will be showing both digital and physical ready-to-wear collections in the French capital. AP

Giorgio Armani says company’s independence is essential THE independence of the Armani fashion house is “an essential value,” designer Giorgio Armani, founder and sole shareholder of the company that bears his name, told the magazine MFF. Asked about possible interest in becoming part of an Italian luxury-goods conglomerate, Armani, 87, said he wouldn’t comment on rumors.

“I have been working hard for the future of my company for a long time,” he told fashion publication. “I hope the future will be solid, I am committed to build it”.

Agnelli heir John Elkann has explored a possible tie-up with Giorgio Armani SpA as part of a plan to build a luxury conglomerate anchored around Ferrari NV, of which he’s chairman, Reuters reported in July, citing people it didn’t identify.

Elkann had offered to buy a minority stake in the fashion house, but his proposal was rebuffed, according to Reuters. The Agnelli family holding company Exor denied making an approach.

Two months ago Armani said it was hoping to see a return to pre-pandemic level sales in 2022 after the Italian fashion group lost about a fifth of its net revenue in 2020.

The Milan-based company reported total revenues last year from Armani-branded products worldwide, including licensing revenues, of €3.3 billion ($3.9 billion), down 21 percent from 2019, it said in a statement. BLOOMBERG NEWS

Editor: Gerard S. Ramos

• Monday, September 27, 2021

B5

Prewar Pageantry

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T was all about “gaiety, laughter and gossip” when the Manila Carnival festivities were held during the American Colonial Period up to the uncertain times before World War II (19081939). The highlight was the crowning of the Manila Carnival Queen, participated in by daughters of wealthy Filipino families and American expats. The first pageant was held in 1908. Pura Vilanueva of Iloilo City was declared Queen of the Orient while Marjorie Radcliffe Colton from Galesburg, Illinois, was Queen of the Occident. Pura’s daughter, Maria Villanueva Kalaw, was Miss Philippines 1931, a title adopted for the winner since 1926.

During World War 1, there was no pageant held in Manila but Pangasinan crowned its own Carnival Queen, 14-year-old Nieves Gonzales.

In 1920, Trinidad Roura de Leon, 16, from San Miguel, Bulacan, was Queen of the Orient. She later became First Lady to President Manuel Roxas.

Nieves’s son, Francis Moran, married Rosario Roxas, President Roxas’s daughter with Juanita Muriedas McIlvain. Their daughter, Maria Margarita Roxas Moran, became Miss Universe 1973.

This roundabout tale brings us to the Miss Universe Philippines 2021 national costume competition, the theme of which harkens back to the glamorous heights of the Manila Carnival Queen.

As always, our homegrown designers pushed their creative limits to craft ensembles as unforgettable as the beauties of yesteryears. More of their designs will be showcased on finals night on September 30 in Bohol.

Here are just six of my natcos favorites, for their artistry and their inspirations: n Axel Que for Beatrice Luigi Gomez of Cebu City: ‘Bakunawa’—“We decided to go with a more popular rendition of the “bakunawa,” a mythical colossal sea serpent/dragon believed to be a moon eater, reminiscent of mainstream depictions. Our color palette features cool specter-like hues which mimic the bioluminescence occurring in some marine life.

The challenge in creating the whole piece was tying it together with the overall theme of Carnival Queen, which was expressed through the more traditional silhouette of the bodice and the hallmark terno sleeves, but done in a more armor-like fashion.” n Alfie Jolo Desamparado for Kheshapornam Ramachandran of Iloilo City—“The writings on my national costume project the revolutionary works of Ilonggo orator and writer Graciano Lopez Jaena, who founded La Solidaridad,” Khesha explains.

“This national costume is a modern take on the terno, inspired by the classic gown of the first Carnival Queen—Iloilo City’s Pura Villanueva. The embellishments are handcrafted to depict the pillars of Molo Church and hand-beaded with acrylic stones to paint how Jose Rizal described it as ‘La Iglesia Bonita,’ or ‘A Beautiful Church.’ The headdress is a handcrafted metal accented with stones and crystals to mirror the laser printed faces on my costume showcasing some of Iloilo’s inspiring and empowered women whose acts of selflessness brought Iloilo to where it is now—Pura Villanueva Kalaw, Teresa Magbanua, Patrocino Gamboa, Magdalena Jalandoni, Miriam Defensor Santiago,

Clockwise: Val Taguba for Katrina Jayne Dimaranan of Taguig (Photograph by Claude Villahermosa); Axel Que for Beatrice Luigi Gomez of Cebu City (@jonunson); Oliver Tolentino for Simone Nadine Bornilla of Marinduque (Raymond Saldaña); June Samson Pugat for Izabella Jasmine Umali of Manila (Courtesy of Miss Universe Philippines Inc. and Empire Philippines); Louis Pangilinan for Maureen Wroblewitz of Pangasinan (Shaira Luna); and Alfie Jolo Desamparado for Kheshapornam Ramachandran of Iloilo City (Courtesy of Miss Universe Philippines Inc. and Empire Philippines)

and Josette Biyo.” n Oliver Tolentino for Simone Nadine Bornilla of Marinduque: ‘Ode to Rosario’—“My national costume for Simone Nadine is an ode to [Rosario Cayetano, the first Miss Marinduque who competed for the other title of Miss Philippines 1926, won

by Anita Noble of Batangas. Socorro Henson of Pampanga was Carnival Queen, the last], which inspired Philippine pageantry. The dusty rose couture gown features pink paillette tassels, mestiza sleeves and panuelo, and is accented with a pink fur fan and an embellished gold crown.” n June Samson Pugat for Izabella Jasmine Umali of Manila: ‘Babaylan’—“The design takes inspiration from the Egyptian-themed enthronement of a Manileña, Carmen Papa y Arevalo, who was crowned Manila Carnival Queen in 1925. The costume features a column gown made with geometric panel pieces of peau de soie and gazar in different shades of blue.

Each panel piece has an all hand-basted overlay which makes use of an almost 20-year old ombré mesh fabric. Focal panel pieces are hand-beaded with intersecting linear patterns. Stylized images of mythological deities of the Katagalugan are handpainted on the gown, sleeves and back train, on a pantheon that resembles the retablo. Completing the look are earrings, a headpiece and censer made by the fabulous Estien Quijano.”

n Louis Pangilinan for Maureen Wroblewitz of Pangasinan—“Her national costume is inspired

by Pangasinan’s treasure, the bangus. This National Costume was designed to represent the hardworking fish traders of the province who thrive amid the pandemic. The elaborate ensemble was executed in an all-silver avant-garde modern Filipiñana style that includes a scale-like headdress, fish fin-structured train, and silver tassels that exhibit the seven rivers of Dagupan City. The silver beads, crystals and sequins were hand-embellished as a representation of the rich and fine salt beds of the province.” n Val Taguba for Katrina Jayne Dimaranan of Taguig: Katrina—“The ombré color from lavender to white is an homage to my Lola Betty and is my mom’s favorite color. The ombré color of the dress was airbrushed by Tito Val himself,” Katrina says of her namesake natcos. “The construction of the dress was inspired by ‘innovation’ and ‘transformation’ which are a representation of the City of Taguig. The shoulders are a beaded chain accent which is Tito Val’s modern take on traditional butterfly sleeves.

Looking closely, the designs are Art Deco-inspired; the popular design during the Manila Carnival Queen days. I’ve personally chosen not to have anything in my hand to keep the focus on the dress. However, I am wearing a payneta headpiece to complete the regal look of a queen.” n

Dedicated to sensitive skin

Sensitive skin is a condition in which the skin reacts to various external conditions. Other symptoms of sensitive skin may include redness, flaking and peeling, dryness and itchiness. There are many factors that can cause skin sensitivity, including exposure to the elements, age, allergies, skin disorders and pregnancy.

Have you ever applied sunscreen and felt some stinging on your face upon contact with the product?

If your answer is yes, you most probably have sensitive skin.

Sunscreen is a skin-care product you should not do

without. Even now that we’re mostly indoors, we still need to apply sunscreen as UV rays, which can cause aging and sunburn, can pass through windows and can be reflected on and scattered by water, concrete, etc.

Tomo Osawa, Shiseido regional Asia Pacific Innovation Centre cirector, said we also need to wear sunscreen under our masks as even that is not adequate protection against UVA (which causes skin aging) and UVB (which causes sunburn) rays.

Anessa, a Japanese sunscreen brand owned by Shiseido, recently launched its Mild Series consisting of two sunscreens which offer protection against UV damage yet are very comfortable and so gentle they can be used on six-month-old babies. They can also be used by pregnant and breastfeeding mothers.

If you’re familiar with Anessa, you would know about their popular Gold Series sunscreens, which turn sweat, water and heat into stronger UV protect veil. Anessa’s claim is that 50 percent of the ingredients in its sunscreens are for skin care. They are also water-resistant up to 80 minutes but easily removable by soap.

For the Anessa Mild Series, Perfect UV Mild Milk

SPF 50+ PA ++++ has what is called smooth protect technology, a world-first innovation to minimize the burden on skin by reducing the amount of UV protection agents while maximizing protection and comfort levels.

Meanwhile, the Anessa Moisture UV Mild Gel SPF 35 PA+++ moisturizes dry skin the second it is applied, and is made to relieve the itching, cracks and flaking associated with extremely dry and highly reactive skin.

Both the milk and the gel in the Mild Series have 50 percent skin-care formulation that includes peony root extract, super hyaluronic acid, glycyrrhizate acid and glycerine, said Tomo Osawa. What the Mild Series Milk and Gel don’t contain are parabens, alcohol and mineral oil. Contrary to popular belief, alcohol in sunscreens isn’t necessarily bad but for those with sensitive skin, it could cause some problems.

The milk, which has a matte finish, is for sensitive skin while the gel, which has a dewy finish, is for extra sensitive and dry skin. Both also protect the skin against fine dust. Both products will be available on Lazada and Watsons in October and in Rustan’s in November.

Anessa Perfect UV Mild Milk SPF 50 and Anessa Moisture UV Mild Gel SPF 35

B6 Monday, September 27, 2021

Scholastic Phils., partners steadfastly champion reading amid the pandemic

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CHOLASTIC, a trusted leader in education, honored its partner schools and educators in the 2021 Scholastic Readers Cup, streamed on Scholastic Asia Teachers Facebook page on the 23rd of September.

Scholastic’s mission is to make reading a central part of children’s lives.

In 2012, Scholastic Philippines started the nationwide Readers Cup to excite and motivate its partners in its literacy programs to transform their schools into reading communities. And every year, more and more schools would hit their reading target and take pride in how their libraries have become one of the busiest and most productive places in school.

Despite the challenges of the COVID-19 pandemic, including the sudden shift to distance learning, Scholastic and its partner schools did not waver in their reading advocacy.

Through the PR1ME English Program, Scholastic’s partner schools had access to Literacy Pro Library – a growing digital library of 1,600+ eBooks that enriched learning and that motivated pleasure reading. To aid teachers, PR1ME English also made available instructional resources (both print and digital) and lesson videos for synchronous and asynchronous distance learning.

Scholastic’s General Manager, Jane Tiongco-Aguirre, proudly reported that the learners in Scholastic’s partner schools even increased their reading rate in SY 2020-2021 by 36% from their readership in SY 2019-2020. Fantastic achievement during a challenging “pandemic” school year, when many expected that independent reading might be put aside.

The top winners of the 2021 Readers Cup and their average number of books-

read per child are: Diamond Category: Early Christian College of Arts and Technology, Inc. (67 books); Our Lady of Peace School Antipolo (66 books); and Philippine Cultural College, Caloocan (64 books).

Ruby Category: Iloilo Scholastic Academy (332 books); Stonyhurst Southville International School, Malarayat (103 books); and Saint Mary’s Angels College of Valenzuela (99 books).

Emerald Category: Casa Del Niño Montessori School Ciudad de Calamba (326 books); University of Batangas Lipa City (168 books); and Virtudes de la Academia, Inc. (157 books).

Synergy Awards: Stonyhurst Southville International School, Batangas City and Malarayat (108 books); Casa Del Niño Montessori School System (93 books); and Saint Mary’s Angels College of Pampanga and Valenzuela (84 books).

Rookie of the year: Maria Ferrari School, Inc. (92 books) Celebrity readers and Filipino authors graced the event, making the 2021 Readers an even more special celebration – a celebration of books and reading, of writers and storytellers, and of readers and those who champion reading to open for all children a world of greater possibilities, opportunities, and joy.

For more information on Scholastic’s education initiatives, visit www.scholastic.asia or their Facebook page at www.facebook.com/ ScholasticAsia. Please feel free to send a message, too, to Scholastic Philippines at educteam_ph@scholastic.asia.

Metro Retail Stores renews global certifications amid increased need for sanitation and food safety practices

MERRY AND BRIGHT AT SM MEGAMALL. It’s beginning to look like Christmas as SM Megamall welcomes shoppers with garlands of looped teal blue and warm white gel lights and pingpong bulbs spreading holiday cheer. A 21-foot heart-shaped hand installation at the Mega Fashion Hall entrance, on the other hand, highlights the love and harmony the season brings.

FUSO trucks, buses now available in Mindanao

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OJITZ Fuso Philippines Corporation (SFP), the general distributor of FUSO trucks and bus in the Philippines, formally opens an exclusive dealership in Davao City – the newest addition to the FUSO family. Owned and managed by D’Limitless Vehicle Ventures Corporation, Mr. Regan King and family has been into the equipment and trading business for more than 20 years in Visayas and Mindanao.

Being home to the majestic Mt. Apo, the well-known Philippine Eagle, and other destination sights, Davao City exemplifies the flourishing tourism industry in the region. Moreover, agriculture, trade, real estate, even business process outsourcing (BPO), and private companies have been thriving as well, taking advantage of Davao City’s standing as the largest city in the country based on land area.

“To promote the FUSO trucks and buses and make it a ‘top-of-mind’ brand to prospective buyers is a very challenging responsibility especially with the current situation we are experiencing. To build lasting and beneficial relationships is a long haul – will take lots of strategies and initiatives on our part," Mr. King said.

With SFP’s support, King accepts the challenge and believes that all efforts will be put in place and the roadmap towards success will be quicker than expected.

FUSO Davao’s area has a one-unit showroom and three service work bays catering to customers in need of maintenance or repair for their trucks. All services are

provided by FUSO Certified Sales and AfterSales professionals.

Mr. Yoshihisa Hosaka, President and CEO of SFP, also stated “Despite the ongoing pandemic and various limitations, we are extremely grateful to start this long partnership with D’Limitless Vehicle Ventures Corporation – FUSO Davao (DFD) lead by Mr. King and his competent group. Our FUSO commercial vehicles, genuine spare parts, and services are now within reach for Davaoeños and their businesses. We are very excited to expand our presence in this region.”

Sojitz Fuso Philippines Corporation and the team of FUSO Davao will work handin-hand in fulfilling the brand’s mission to provide competitive commercial vehicles built for transportation of people, goods and resources according to each purpose.

FUSO Davao is located at KM 10, Barangay Sasa, Davao City, open from Mondays to Saturdays for truck and bus inquiries and after-sales requirements, with business hours from 8:00AM to 5:00PM.

UDENNA Foundation, PAF, Worklink, and Phoenix Super LPG provide food packs to 200 families

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UPERMARKET and department store chain Metro Retail Stores Group, Inc. (MRSGI) has been recertified anew for meeting the highest sanitary and food safety management standards, a development seen as crucial at a time when COVID-19 continues to pose serious threats to public health.

The recertification is for Good Manufacturing Practices (GMP) and Hazard Analysis and Critical Control Points (HACCP). This covers the Fresh section that comprises Meat, Poultry, Seafood, and Fruits and Vegetables of Metro supermarket’s branches at Metro Alabang and Metro Market! Market! Taguig in Metro Manila as well as Ayala Center Cebu and Metro Mandaue City in the Visayas.

The auditing was conducted by the British Standards Institution (BSI) Group Philippines, Inc. and SGS Philippines, both global leaders in providing benchmark of quality and integrity through inspection, verification, testing and certification.

The accreditations illustrate MRSGI’s strict compliance with globally recognized food safety and sanitation practices as part of its comprehensive initiatives to provide

its shoppers, along with its workforce, with peace of mind and confidence within its premises.

According to Manuel Alberto, MRSGI President and Chief Operating Officer, maintaining the quality, safety, and freshness of its Supermarket produce is essential for continued trust and patronage.

“Even before this pandemic, we have long followed the GMP and HACCP guidelines as part of our commitment to our stakeholders, including consumers and employees, and the communities where we operate. During these unprecedented times, adhering to GMP- and HACCP-specified plans has become even more imperative as we strive to protect our frontline workers and ensure their well-being while serving our customers with utmost quality and excellence,” Alberto said.

The US Food & Drug Administration (FDA) defines HACCP as a systematic approach to the identification, evaluation, and control of food safety hazards to ensure that food is safe for public consumption. A GMP seal, on the other hand, guarantees an establishment’s implementation of

the best food manufacturing procedures and fulfillment of food safety regulations.

GMP, one of the prerequisite programs that provides the foundation for the HACCP system, mandates complete compliance with sanitary procedures as part of its minimum requirements.

“Along with our unchanging commitment to the health of everyone, we are also continuously working towards promoting safety in our workflow and quality in every stage of the supply chain.

With our accreditations, we will remain keen on transforming to meet the global standards and address the needs of the times -- bearing in mind our responsibility to safeguard the health of everyone while satisfying the ever-evolving requirements of our customers,” Alberto added.

The premier supermarket chain, which offers a wide selection of products and services - from fresh fruits and frozen meats to snacks, canned goods, and personal care products - is the first retailer in the Philippines to obtain the GMP and HACCP qualifications. The Metro Supermarket Alabang is the first to be GMP- and HACCP-certified.

MIDST the implementation of community quarantines and protocols which left many families struggling to get by, the UDENNA Foundation in partnership with the Philippine Air Force (PAF) Civil-Military Operations Group, Tokyo 2020 Gold Medalist in Women’s 55-kg Weightlifting Ssg. Hidilyn F. Diaz, Worklink Services, Inc., and Phoenix Super LPG, provided 200 food packs to families from Barangay Bagumbayan, Eastwood, Quezon City through the PAF Malasakit Pantry last September 21, 2021.

The PAF Malasakit Pantry aims to help communities who suffer from the effects of various lockdowns and loss of livelihoods brought about by the pandemic. Diaz and Tokyo 2020 Bronze Medalist in Middleweight Boxing Sgt. Eumir Felix DS. Marcial attended the event and assisted in giving the food packs to the recipients.

Since the start of the pandemic, the UDENNA Foundation has been exerting efforts in gathering the collective resources of the UDENNA Group and translating them into projects that help the country overcome this pandemic.

UDENNA Foundation President Cherylyn C. Uy said, “We hope that these

food packs provide comfort to the affected families and help inspire fellow Filipinos to contribute in any way they can to enrich the lives of those left vulnerable in these uncertain times”.

“Let’s foster the spirit of Bayanihan and work together in aiding those suffering from the challenges brought by the pandemic”, emphasized PAF Col. Roy Lopez.

Marcial said, “Madami tayong kababayan na nawalan ng trabaho at nagugutom dahil sa pandemya, kaya kailangan natin magtulungan”.

“Sana magpatuloy ang mga programang tulad nito at umapaw ang suporta, para kahit papaano ay makaranas ng ginhawa ang mga nangangailangan,” said Diaz.

UDENNA Foundation commits to continue its efforts in extending help to those in need and collaborate with different sectors to end this pandemic as soon as possible.

UCARE or CommUnity Care is a program of UDENNA Foundation that aims to find synergies across the different companies under UDENNA to feed, protect, and transport the community. This call to action is hinged on Udenna Corporation Chairman Dennis Uy’s belief that all efforts, no matter how small, done together can lead to better lives for the Filipino.

AT the PAF Malasakit Pantry, from left: LTC Roy Lopez PAF, LTC Donald Lim PAF (Res) and Udenna Corp. Chief Innovation Officer (CIO), Tessa Razon-Artadi from Udenna Foundation, Ssg. Hidilyn F. Diaz and Sgt. Eumir Felix DS. Marcial.

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Monday, September 27, 2021 B7

Virtual meeting etiquette for 2021 (8 Do’s and Don’ts for Both Professional and Personal Encounters)

PR Matters

By Joy Lumawig-Buensalido

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NLY two years ago, who would have thought that a contag ion wou ld instantly sweep us into the digital age—completely, all at once, and with nary a test drive or dress rehearsal? And who knew, then, that our tranquil little domiciles would morph into work quarters and office meetings would go from onsite to virtual?

Former Unicef Executive Director Anthony Lake says it for all of us, “For better or for worse, digital technology is now an irretrievable fact of our lives.”

Still, as we wrap up our second year into the pandemic, most of us are proud of the relative ease with which we migrated to the virtual realm. Our regular work meetings and occasional seminars and conferences have moved to online platforms, and so have our personal agendas like daily masses, birthday and anniversary celebrations, and even memorial services for our dearly departed.

Zoom is key, but various other meeting apps like FaceTime, Messenger, and Viber are boomers’ favored options while millennials go for Teams and Google meets.

Whatever app is used, there are basic good manners that participants of virtual meetings need to remember. In our “previous life,” we were expected to comply with certain guidelines in face-to-face meetings such as “Don’t be late,” “Be mindful of everyone’s time,” and “Be prepared.” However, the limitations posed by the small screens of our mobile phones, iPads, and laptops/computers have spawned more issues regarding work etiquette. Thus, a useful thing to remember at all times, on or off the grid: courtesy will always be in style.

Having sat through countless

Brand & Business: Mcdonald’s rewards registered voters with its voter registration discountdown promos!

MANILA, PHILIPPINES—With the 2022 National Elections fast approaching, the Commission on Elections (COMELEC) encourages more Filipinos to register as voters until September 30, 2021.

And from September 26-30, McDonald’s Philippines rewards registered voters through the VOTER REGISTRATION DISCOUNTDOWN deals where customers can enjoy up to 50-percent off on their Quarter Pounder with Cheese, redeemable via the McDonald’s App! Don’t wait ’till the last minute because the sooner you register, the bigger the discount you can get at McDonald’s! Just follow these quick and easy steps to avail of this promo:

meetings for business, social, and personal reasons over the past two years, please indulge me as I list a slew of recommended practices for virtual meetings so our online encounters may constantly be pleasant and productive.

1. Don’t be late. Try to come early. Video meetings, particu-

larly smaller ones, make it very obvious when participants show up late. Excuses like traffic or bad weather no longer work and neither does “coming from another meeting.”

Making people wait is rude and therefore not acceptable. Do you sometimes have spotty Wifi connection or slow Internet? More reason why you should log in earlier to make sure your audio, camera, and your computer or phone are working fine. For those who are already in the meeting, do be patient when other attendees are experiencing technical difficulties. Not everyone has the skills or dexterity with video conferencing.

2.Turn on your cameras. Courtesy necessitates that you turn on your cameras and introduce yourselves properly, especially during first-time meetings. In the course of one, you may excuse yourself every so often and turn off your camera but not when you’re talking. The least you can do is look your fellow attendees straight in the eye to show your acknowledgment or respect for them. That is how we used to do it in physical meetings so we should keep that practice even virtually.

A not her i mpor t a nt poi nt: some people refuse to turn on their video because they think they do not look presentable. My take on this is: please prepare for

1. Register to vote.

2. Download the McDonald’s App to find the VOTER REGISTR ATION DISCOUNTDOWN promo voucher.

3. Head to your nearest McDonald’s store to Dine-In, Take Out, or DriveThru.

4. Show your proof of registration (voter’s ID or registration receipt with any valid ID) to the McDonald’s Crew to be entitled to claim the promo voucher from the McDonald’s App. 5. Enjoy your discounted Quarter Pounder with Cheese!

Visit Magparehistoka.com to learn about how you can become a registered voter and check out McDonald’s Philippines on Facebook for more information about the McDonald’s App DISCOUNTDOWN promo.

Campaign Spotlight: Colgate and Geometry Colombia present Close the Tap

BOGOTÁ, COLOMBIA—For the first time, Colgate changes its name on the packaging so that everyone remembers to close the tap while brushing their teeth.

the meeting by dressing appropriately. Casual attires will do but look decent by fixing your hair and making sure your face is clean. Trying to give the right impression is best.

3. Pay attention, sit still, and stay present. Your presence and

focus are very important, and again out of respect for the other participants, please try to give them your undivided attention.

Avoid fidgeting in your seat and frequent disruptions like rising to do something else. If you must check your phone or if the meeting is running too long, you may turn off your video very quickly to do so. If you need a longer break, wait for the proper time to request for a quick five- or ten-minute respite for all.

4. Mute when you’re not talking. Working from home could

mean children playing, dogs barking, and other family members chattering in the background. If such distractions are unavoidable, you can move to another part of the house or simply mute yourself when not talking. Allow others to focus on the matters on hand is a given for those who are by now accustomed to participate in virtual business meetings.

However, this rule needs to be further stressed for solemn occasions like masses for the dead.

There are latecomers who can be heard chattering as they join in, and it can get very annoying when you would like to focus on an ongoing tribute for the deceased. Someone should probably invent a way of joining a virtual event without any audio at all.That should solve the problem of errant or mindless participants.

Colgate has always wanted people to avoid wasting water while brushing their teeth and for the first time in 90 years, they transformed our name into a reminder to “close the tap” and used our little box as a new medium that reaches 85 percent of the country’s bathrooms.

On World Water Day we launched a special edition through Colombia’s largest supermarket chain to reach every bathroom, converting our packaging into Prime Time, Late Time, Early Time, and All-Day ads, a medium that inspires thousands in 12 cities and impacts millions as they brush while avoiding the waste of water that 1 million people need to live for one month.

Travel: AirAsia Philippines makes travel seamless with the Health Travel Icon on the airasia Super App

MANILA, PHILIPPINES—In its continuing commitment to make air travel better and even safer in the new normal, AirAsia Philippines’ guests will soon experience seamless verification of vaccine information through AirAsia Super App in collaboration with the Department of Information and Com-

5. No eating, please.You’re in a meeting, not in a dining place. If

you have an early morning meeting, it’s best to grab a quick bite before you join it. Or if you must eat and chew on something, turn off your video please. Sipping coffee or drinking beverages are acceptable but please do not make slurping sounds as you do the talking because these can be amplified and you don’t want that.

6. Avoid a distracting background. Avoid showing a messy part

of your home or room during a virtual meeting. Not good for optics. Keep your background neutral or plain— or choose to blur your surroundings (if you know how). Zoom and other apps offer virtual backgrounds,an option for those who do not have a presentable nook in their home.

But if you’re working from your bedroom, please never ever show your bed. That’s a huge no-no.

7. Give everyone an opportunity to speak. Be good at interrupting. If you tend to overshare

or talk too much during virtual meetings, you are advised to give other attendees the chance to react, respond, and to speak up. A host or moderator can skillfully steer the meeting from beginning till end, but there are social meetings where the loquacious ones tend to dominate the conversation.

A “free for all” wherein one or two speakers monopolize the “airtime” can be unpleasant to the more reticent ones. This is the part where the host or some other attendee must nicely interrupt the dominant member. Zoom has a “raised hand” symbol that members can press when they want to speak up. But when the over enthusiastic speaker can’t see that on their

munications Technology (DICT).

The Travel Health Icon will soon be made available to all passengers through the AirAsia Super App, and the AirAsia website for desktop users. Under the new integrated system, verified vaccination information of guests will be uploaded on the AirAsia Super App through the Department of Health’s (DOH) VaxCertPH. The DICT recently developed VaxCertPH for the DOH to help verify legitimacy and certify a passenger’s vaccination status. This is also in compliance with the World Health Organization’s (WHO) guidelines on the issuance of digital vaccine certificates.

AirAsia Philippines CEO Ricky Isla said, “Integrating the AirAsia Health Travel Icon into the AirAsia Super App is our way of supporting the immediate and swift recovery not only of the airline industry but the country’s tourism sector as a whole. It further defines the digital direction of our company.

We will continue to create and develop system enhancements which will level up the digital travel experience of our guests.”

Aside from making travel experience

screen, someone should wait for the right “break” in the conversation and politely say, “Excuse me, [name of person], I think Robert wants to say something. Can we give him a chance please?” Then you can say, “Let’s listen to Robert.”

8. Do not multitask. I asked a few colleagues what they find most annoying during online meetings and apparently, the socalled “multi-taskers” top their list. It can be quite disheartening to see other meeting participants looking down at their phones or checking their e-mail during an ongoing discussion. Resist the temptation to accomplish other tasks while attending a meeting.

Virtual meetings save time, effort, and resources so people expect these to stay post-pandemic.

While many of us have gotten the hang of logging in and out, there’s always room for improvement as we move along.

Remember: we can continue to build professional relationships from a distance while maintaining the core values of sensitivity to others, kindness, and mutual respect.

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior communications professionals around the world. Joy Lumawig-Buensalido is the president and CEO of Buensalido PR and Communications.

PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@ gmail.com.

smooth, the Health Travel Icon is also seen to add another layer of security and safety across all domestic flights and airports in the country, especially now that leisure travel has started to pick-up following the re-opening of borders for travelers originating from the National Capital Region (NCR).

A similar AirAsia Health Travel Icon is currently undergoing a trial phase in Indonesia. The trial phase here in the Philippines will commence towards October of 2021 in time for the expected influx of passengers homebound for the holidays these “Ber Months”.

“While we are all looking forward to the trial phase of the special feature of the app in the Philippines, we are also exploring future enhancements such as making RT-PCR Test or Antigen test results available on the Super App in the near future,” added Isla.

AirAsia Philippines continually reminds its guests to adhere to strict health and safety protocols and get their travel requirements from legit sources. Guests were also reminded of the repercussions if caught forging documents or submitting fake test results.

Sports BusinessMirror

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HE country faces big and tall odds when Filipino dribblers take on China at the start of the International Basketball Federation (FIBA) Women’s Asia Cup on Monday at the Prince Hamza Hall in Amman, Jordan.

Head Coach Patrick Aquino told BusinessMirror on Sunday that her wards “will give their very best” in the 9 p.m. Group B game against the favorites.

“We will be there to compete and hopefully defy the odds,” said Aquino, who will be missing the services of 6-foot-5 Jack Animam in the Asia Cup because of her historic signing with Radnicki Kragujevac in the Serbian women’s league recently.

“It’s difficult, but I am hoping we can upset the opposition,” he said.

| Monday, September 27, 2021

mirror_sports@yahoo.com.ph Editor: Jun Lomibao

HOTSHOTS MELT ELASTO PAINTERS

By Josef Ramos

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AUL LEE bucked a lethargic start to send Magnolia to an 81-70 Game 1 victory over Rain or Shine in their bestof-three quarterfinals duel in the Philippine Basketball Association (PBA) Philippine Cup on Sunday at the Don Honorio Ventura State University gym in Bacolor, Pampanga.

Lee—the flamboyant, sweetshooting and go-to-guy from University of the East—scattered 14 of his 20 points in the fourth quarter, while Ian Sangalang delivered eight of his 19 points earlier in the third period to help the Hotshots overhaul a 47-52 half-time deficit.

Magnolia outscored Rain or Shine, 23-8, in the third quarter to establish a 60-47 margin the

Hotshots held on to the end.

Sangalang also hauled down 13 rebounds for the No. 3 Hotshots.

“If you work very hard, you will win this game,” Magnolia coach Chito Victolero said. “Game 1 is very important because this one will give you the momentum…so we prepared really hard for this defensive battle.”

A victory by Magnolia in Game 2 will move them in the best-of-7 semifinals next week.

Alex Cabagnot nailed a jumper with 1.5 ticks left as San Miguel Beer nipped NorthPort, 88-87, for a 1-0 lead in their best-of-three quarterfinal series.

“We worked on our execution on both ends of the floor, that’s why we kept on grinding,” Victolero added.

Playmaker Jio Jalalon and Rome de la Rosa added 10 points each, while Calvin Abueva collared 13 rebounds and posted eight points

for Magnolia. Mark Andy Barroca contributed eight points and dished out five assists.

Rookie Leonard Santillan finished with 17 points and 12 rebounds while Rey Nambatac had 16 points for Rain or Shine.

Abueva, Northport’s Robert Bolick and TNT’s rookie Mikey Williams, meanwhile, are now in a three-way fight for the Best Player of the Conference.

Abueva topped the statistical race with 35.36 points in 11 games in the eliminations. He was 10th in scoring with an average of 16.1 points, fourth in rebounding with 9.7 rebounds and eighth in blocks with 1.7.

Williams, the Tropang Giga’s fourth overall pick this year, averaged 35.30 SPs, followed by Bolick with 35.27 SPs. The other players in the top

Italian rider Balsamo upsets Dutch at road cycling worlds

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EUVEN, Belgium—Elisa Balsamo upset favorite Marianne Vos in a sprint finish to frustrate the mighty Dutch squad and claim the world championship title in the women’s road race on Saturday.

After failing to win the Olympic title in Tokyo, the Dutch had sent out their strongest possible team on the 157-kilometer hilly course.

But despite their impressive collective strength, disappointment was once again the overriding feeling for Vos and her Orange teammates after the race.

Balsamo, a 23-year-old Italian, enjoyed an excellent lead out and launched the sprint early with

PHL battles great wall of China

MAGNOLIA’S Paul Lee eludes Rain or Shine big man Beau Belga.

hot favorite Vos in her wheel. Vos, a triple world champion, pushed hard to catch Balsamo but could not match her in the last 50 meters.

“I’m totally speechless, it’s unbelievable,” said Balsamo, who burst into tears after crossing the line. “It was a dream for me after this long season, and my team was so good. After the last corner, I only switched off my brain and said ‘You have to go full gas.’”

Balsamo ended a four-year Dutch dominance in the event to give Italy its third gold medal at this year’s world championships after Filippo Ganna won the men’s time trial

and Filippo Baroncini claimed the title in the U23 men’s road race.

Vos finished runner-up ahead of Katarzyna Niewiadoma of Poland.

Packed with stars and former world champions, the Dutch squad controlled the race almost throughout and had seven riders in the finale. They took regular turns at the front to keep Vos safe in the leading pack, rode hard in the final climbs and tested their rivals with attacks but could not open gaps before the sprint.

Balsamo wasn’t alone, though, “It’s really nice when your tactic really happens and you believe in what you are here for,” said Italian rider Elisa Longo Borghini. “I knew that I had

Frank, Celestino miss earning slots to Beijing Winter Games 10 were rookie Jamie Malonzo of Northport (31.5), Sangalang (31.3), CJ Perez of San Miguel Beer (30.7), Javee Mocon of Rain or Shine (31.1), Arwind Santos of San Miguel Beer (29.6), Jayson Perkins of Phoenix (29.4) and Scottie Thompson of Barangay Ginebra San Miguel (29.4). to close all the gaps, I felt really well today and I also had to be the last one launching Elisa for the sprint. From the beginning of the day I felt like Elisa could win so when you believe in something and you really work for it, most of the time it happens.”

The race started in the port city of Antwerp and featured a series of 20 climbs on two different circuits in the cycling-mad Flanders region of Belgium.

Spanish rider Margarita Victoria García tried a solo effort in the last 25 kilometers and opened a gap of about 30 seconds but could not resist the peloton’s chase and was caught with 10 kilometers left.

Defending champion Anna van der Breggen was part of the Dutch selection and worked in support of Vos in the final race of her career, crossing the line 89th.

S

OFIA FRANK and Edrian Paul Celestino missed the cut for next year’s Winter Olympics in Beijing after crashing out of the maximum quota on Saturday in the Nebelhorn Trophy 2021 in Oberstdorf, Germany.

Filipinio-American Frank, only 15, placed 24th overall among 37 participants in the women’s event of figure skating. She garnered 128.78 points—47.65 score in the short program and 81.13 in the free skate, not enough to land her in the top six which was the quote for the Beijing Games.

Celestino landed 18th overall on 176.10 points in the men’s program that gathered 30 skaters from all over the world. He had 64.32 points in the short program and 111.78 points in the free skate, also falling short of making the top seven spots that offered tickets to the February 4 to 20 Beijing Games.

That leaves Julian Macaraeg as the country’s last hope for Beijing in men’s short track of speed skating. But the 18-yearold needs to make it to the top 32 in four Olympic qualifying World Cup tournaments in China, Japan, Hungary and The Netherlands from

HELMETS FOR NATIONAL RIDERS Members of the national cycling team for road, MTB and BMX receive brand new Lazer helmets from ELISA BALSAMO of Italy beats Marianne Vos of The Netherlands to the line. AP

Awakening in New Jersey I READ with great interest New York Times writer Jon Mooallem’s piece, “I Had a Chance to Travel Anywhere.

Why did I pick Spokane?” The piece was published last September 21 and told of the writer’s finding his way into a minor league baseball game in eastern Washington to deal with his pandemic blues.

Reading it brought me back to when I used to live in Ewing, New Jersey, at the turn of the 21st century.

I lived along Glen Mawr Drive in Ewing, a stone’s throw away from Olden Boulevard where I worked. On Friday nights, I would turn left from my home for a twominute walk to Ewing High School where I would watch the Blue Devils play some American Football in the Patriot Division of the Colonial Valley Conference.

I would oft watch the New York Islanders in Nassau Veterans Memorial Coliseum in Long Island that was like a two-hour drive from where I lived. I’d watch the

Josephine Santos (left), Marketing Director of Neo Zigma—mother distributor of Shimano Philippines and Lazer—and Interval Gear Events Management president Christian David Alacar (seated right) in ceremonies at the Driftwoods Action Park in Indang, Cavite. Representing Philippine Olympic Committee President Rep. Abraham “Bambol” Tolentino are PhilCycling Secretary General Atty. Billy Sumagui (seated left front row) and Oversight and Commissaires Director Jun Lomibao (seated front row center). In photo are (from left squatting) Edmhel John Flores, Jericho Rivera, George Oconer, Junrey Navarra and El Joshua Carino, and (standing, from left) PhilCycling Deputy Secretary General Kamilla Sumagui, Jermyn Prado, Marella Salamat, Eusebia Nicole Quinones, head coach Ednalyn Calitis-Hualda, Jhon Mark Camingao, Ronald Lomotos, coach Renz Viaje (BMX freestyle), Martin Eday, John Derrick Farr and MTB coaches Eusebio Quinones (crosscountry) and Frederick Farr (downhill).

Yankees, too. The Giants’ home field in East Rutherford was a 30-minute drive.

As much I love professional sports, I did enjoy the small leagues that outside their communities, no one knows about.

Here is something I wrote about back in 2001 in my e-mail to my parents back in Manila: Fall 2001. It’s shaping up to be a cold winter.

However, the chill I feel is not from the season’s weather conditions. It’s more because of the loneliness, unhappiness, and feeling inadequate that feels like an internal version of a Bone Dry Martini’s ingredients of gin, vermouth, and a few olives that gets you buzzed faster than you can say “I’ll settle for Coke Light.”

I stay in a house with other fellows who battle similar demons so it’s not a home where I can get cozy, play and listen to my music, cook what I want, stay up and watch sports all night long, or fart anywhere without having to mind my Ps and Qs. One guy is from Batangas and he oft chats with his girlfriend back home. Another hails from Cavite and to relieve himself, he gets off at night when we’re fast asleep. The others in the home work for this guy from Tarlac who came to the United States as an illegal immigrant but has since been granted citizenship.

This Tarlaqueno runs several fast food shops here in Lawrence, Princeton and Ewing and through this has made his fortune. Of his 32 employees, only three of us are in the United States. The rest are all TNTs and are hoping that they have their paperwork fixed. A house with all these people makes for a combustible atmosphere more so when one of the women’s is having an extra-marital affair with a work colleague—and get

“Against China? I hope so.”

China’s 6-foot-1 average in height compared to the Philippines’s 5-foot-8 average already poses a great wall to topple on paper. But Aquino believes his players—led

by Southeast Asian Games gold medalists Afril Bernardino, Janine Pontejos and 6-foot-4 Clare Castro— will do everything it takes to give the Chinese a run for their money.

The other members of the team are Ella Fajardo, Khate Castillo, Chack Cabinbin, Andrea Tongco, Ann Pingol, Camille Clarin, Kristine Cayabyab, Mar Prado and Ria Nabalan.

Bracketed with the Philippines and China are Australia and ChineseTaipei. Up on September 29 for the Filipinas are the Aussies and the Taiwanese on September 30.

Japan, South Korea, New Zealand and India are in Group A. Aquino trained the team for two weeks at the Summit Point Golf and Country Club in Lipa City.

Josef Ramos

this—that she continued even if her husband has joined her here in the US. That’s none of my business, right? Everyone’s an adult here. They all know the consequences of infidelity and of being in the US illegally.

So I spend more time outside than inside when I am done with work. Moving out to New Jersey, I don’t go to New York as often. I’d love to move back, but not now when I need to earn and save. Post-9/11 hasn’t made the rent any lower or easier to pay. Besides, New Jersey is lovely.

Ewing High School is a small school. As I understand, there were less than 800 students with their student body coming from the area or from Lawrence or Mercer counties.

They have their share of notable alumni. However, there are only two I recognize—jazz musician Richie Cole who recorded an album with our very own Bobby Enriquez, and Janis Hirsch who has written and produced television shows such as Will & Grace, LA Law, Fraser, and National Lampoon to name a few. They have had a few athletes who made it to the National Basketball Association or the Major League Baseball, but none who set the league on fire. They have had some success in some sports but for American football, none since 1981.

Nevertheless, Friday night home games are packed.

Double or triple the student population as friends and family come over to watch.

I, on the other hand, am a curious onlooker who enjoys watching. And I wonder, how many of them harbor dreams of playing in the National Football League (NFL)? Giants Stadium is 30 minutes away via car.

And yet, for many of these kids, this Patriot Conference is their NFL. One time, a teacher from the school, who perhaps had

October 1 to November 4 to make it to the Games.

The Philippines isn’t new to the Winter Olympics having fielded two alpine skiers—cousins Juan Cipriano and Ben Nanasca— in Sapporo 1972, luge athlete Raymond Ocampo in Calgary 1988, alpine skier Michael Teruel in Albertville 1992 and figure skater Michael Martinez in Sochi 2014 and again Martinez and alpine skier Asa Miller in Pyeongchang 2018.

Despite their failure to advance to Beijing, Philippine Skating Union President Nikki Cheng said they would support Celestino and Frank’s campaign for the Milano Cortina 2026 Winter Olympics.

“Overall, we’re proud of how our Philippine representatives performed in such a high level competition,” Cheng told BusinessMirror before flying back to the Philippines from Germany on Sunday. We’re hopeful to have the Philippines appear once again by the next Winter Olympic cycle.”

American Alysia Liu (207.40), Poland’s Ekaterina Kurakova (193.58) and Belarus’s Viktoriia Safonova (190.29) finished 1-23 in the women’s division to tag along Switzerland’s Alexia Paganini (180.4), Ukraine’s Anastasiia Shabotova (177.70) and Australia’s Kailani Craine (165.35) to Beijing.

Another American, Vincent Zhou, ruled the men’s class with 284.23 points, followed by France’s Adam Siao Him Fa (243.78), Russia’s Mark Kondratiuk (241.06), South Korea’s Lee Si-hyeong (229.14), Azerbaijan’s Vladimir Litvintsev (228.65), Australia’s Brendan Kerry (218.95) and Canada’s Roman Sadovsky (207.62).

The Colorado-Springs-based Frank and Celestino, who lives in Montreal, Canada, were, however, given slots for January’s International Skating Union 4 Continents Championships at a still undetermined venue.

“Edrian [Celestino] and Sofia [Frank] were noticed by veteran figure skating analysts … and they will continue to make a mark on the world stage,” Cheng said. “It was a great learning experience for both of them.” Josef Ramos

seen me watch many times over, came over and struck up a conversation, “Do you have any family on the team because I see you here a lot?”

“No. I just live about a minute away and if I am home on a Friday night, I come over to watch if there is a game.”

“Oh, that’s nice,” said the teacher. “Thanks for the support. We aren’t really a big football school, but we sure give it our best. This is the farthest many of these kids will go in terms of football. So it means a lot to them. And it doesn’t stop anyone from dreaming.”

In one home game, the Blue Devils lost a close match losing only by a field goal in the dying seconds in the match. The players were shocked, in disbelief, and in tears. Wins were hard to come by and when you lose a nail biter, it sticks in your craw even more.

“I think the games and the results teach you that in life you can’t have everything,” summed up the teacher.

“Thera are what—almost a hundred high schools in New Jersey and we’ve got few Division I schools like Princeton, Rutgers, Seton Hall, Monmouth, St. Peter’s…

But there’s Div II and III and the NJCAA. So you pursue what you can and just live life to the fullest.”

Incredibly in the cold of the night when the team suffered a painful loss, in a non-descript place and a nondescript high school English teacher, I found a nugget of wisdom that jarred me out of my collective funk. I shook his hand before I left thanking him quite profusely. I couldn’t sleep a wink that night.

That inner Bone Dry Martini?

I had spat it out thrown on the street. And the summer of 2002, I moved back to New York with a renewed sense of spirit and purpose.