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NOV N.G. BORROWINGS UP 28.2% TO OVER P125B DMW has its hands full as recovery spurs OFW hiring T By Jasper Emmanuel Y. Arcalas

HE national government’s gross borrowings in November rose by more than a quarter on a yearly basis to over P125 billion driven by higher domestic borrowing, according to the Bureau of the Treasury (BTr).

HE global economic recovery, institutional changes, and new bilateral agreements have led over 2 million Filipinos to seek employment opportunities abroad in 2023, according to the Department of Migrant Workers (DMW). The agency noted the trend is expected to persist next year as more countries open their doors to migrant employees, including those from the Philippines. Citing their initial data, DMW Officer-in-Charge Hans J. Cacdac reported the number of overseas employment certificates (OEC) they issued reached a staggering 2.53 million in the year just past— 24.83 percent higher compared to just over 2 million in 2022. The bulk or 992,244 of such OECs were given to exempted balikmanggagawa or returning OFWs, followed by seafarers with 608,003 and newly hired land-based OFWs with 491,479. Cacdac attributed the trend to the post-pandemic global recovery, particularly of the maritime industry. “So the first two years of the post-pandemic stage was the reopening of the economies, job markets and of course global trade. And that is where the seafarers come in…cruise ships were able to sail again. So that is attributable to the increase of the sea-based sec-

roposed amendments to the Intellectual Property (IP) Code, once greenlighted, will help boost the Philippines’s services exports and investments as it will provide more “protection” for Filipino creators, according to the Intellectual Property Office of the Philippines (IPOPHL). “We will be modernizing the IP Code and we will be providing more protection for our inventors and creators,” IPOPHL Director General Rowel S. Barba told reporters on the sidelines of a recent briefing, adding that the amendments would help increase the country’s services exports.

Market potential

DMW is optimistic the demand Continued on A2

YEAR OF POTENTIAL AND OPPORTUNITY: The Philippine Postal Corporation (PHLPost) ushers in the New Year with vibrant stamps celebrating the “2024 Year of the Wooden Dragon.” In Chinese mythology, the Dragon symbolizes strength, courage and innovation, marking a year of potential and opportunity. Postmaster General Luis D. Carlos expressed wishes for peace, prosperity and love in the coming year. The Year of the Wooden Dragon aligns with PHLPost's initiatives, including the establishment of Barangay Postal Stations, implementation of a new seven-digit alphanumeric Zip Code system, and the Real-Time Visibility system for modernizing mail operations. The stamps, with 20,000 copies of two designs, limited souvenir sheets, and first-day cover envelopes, are available at Manila Central Post Office Annex Bldg. PHILIPPINE POSTAL CORPORATION

Amendments to IP Code seen to boost PHL services exports By Andrea E. San Juan

tor,” he said during the DMW yearender press conference on Friday. “This is the first time we issued 608,000 [OECs] for the sea-based sector,” he added. An OEC serves as an exit clearance of an OFW before he or she can work abroad. Cacdac said they hope to determine how many of these OEC holders have already worked abroad once they reconcile their data with the Bureau of Immigration (BI) by the first quarter of 2024. In October, DMW reported it was already able to deploy 1.29 million OFWs during the first half of the year.

Barba said the agency wants to modernize the law because it was signed in June 1997 or 26 years ago and took effect in January 1998. The IPOPHL chief underscored that the law needs to be amended because there was no Internet at the time it was signed, so the penalties, among others, must be increased. “So the major [amendments] would be the increase in penalties because it is too low, especially the life-threatening offenses like fake medicines,” he said, partly in Filipino. On the proposed penalties, Barba said offhand they doubled the old one, “so we made it…maybe P1 million penalty, and then the imprisonment is double just to be fair, right, especially if it involves life-threatening

IP violations like in fake medicines, fake lotion, fake makeup, fake cosmetics.” According to Barba, the proposed amendments have been approved by the Lower House’s Committee on Trade and Investments. “There were several bills filed and now they are being consolidated into one.” The bill was approved during a hearing at the House of Representatives three months ago. Upon approval by the said committee, Barba said it shall go up to the plenary. “In the Senate, unfortunately, there are no takers yet among the staff of some senators we talked to, especially Senator Mark [Villar], who is chairman of trade and investments.” They were told the bill cannot

be rushed because the amendments are “so thick,” something he attributed to the fact that the House made a thorough “overhaul.” Despite this, the IPOPHL chief said the agency is still optimistic that the Senate can fast-track the amendments in 2024. Barba said the proposed amendments can help increase the country’s services exports and attract more investments in terms of intensified enforcement. “In terms of enforcement so aside from increasing the penalties, the fines, imprisonment, ininstitutionalize na namin doon sa proposed IP code amendments ‘yung [National Committee on Intellectual Property Rights] NCIPR,” he said.

EXPLAINER »B4

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Latest Treasury data showed that the state borrowed a total of P125.462 billion in November, about 28.2 percent higher than the P97.865-billion gross borrowings it recorded in the same month of last year, to meet its financing requirement for various projects and programs. Treasury data indicated that the higher gross borrowings during the reference month was driven by a double-digit increase rate in the state’s domestic borrowings. The state borrowed (gross) P121.02 billion from the domestic market last month, about 59 percent over the P75.907 billion it recorded in November 2022. Treasury data also showed that the state’s domestic borrowings came from the tender of various government securities such as Treasury bills (Tbills), Treasury bonds (T-bonds) and its first-ever Tokenized bond. The state borrowed P100 billion through fixedrate T-bonds and a net borrowing of P6.02 billion from T-bills, according to the Treasury data. The national government successfully borrowed P15 billion from its maiden Tokenized bond offering last month. The over 50-percent rise in domestic borrowings was more than enough to offset the nearly 80-percent drop in the state’s external gross borrowings in November, based on Treasury data. The state borrowed (gross) only P4.442 billion from external sources, which all came from a project loan. The amount was 79.77 percent lower than the P21.958-billion gross external borrowings posted by the national government in November 2022, according to the Treasury data. On a year-to-date basis, the state has tallied P2.101 trillion in gross borrowings from January to November, which is already 95.19 percent of its programmed full-year gross borrowing plan of P2.207 trillion, with a 75:25 mix in favor of domestic sources. During the 11-month period, the state’s total gross borrowings was relatively flat compared to the P2.104 trillion it recorded in the same January-toNovember period of last year, based on Treasury data. Treasury data showed that the state’s external borrowings from January to November declined by 6.66 percent to P460.753 billion from P493.613 billion a year ago. Meanwhile, the national government’s gross domestic borrowings during the 11-month period grew by 1.86 percent to P1.64 trillion from P1.61 trillion.

By Samuel P. Medenilla

RISING AUTOCRACIES PROPEL CHINA’S GLOBAL REACH: INSIGHTS INTO THE BELT AND ROAD’S SECOND DECADE

PESO EXCHANGE RATES n US 55.5670 n JAPAN 0.3930 n UK 70.7590 n HK 7.1121 n CHINA 7.8127 n SINGAPORE 42.0898 n AUSTRALIA 37.9467 n EU 61.4738 n SAUDI ARABIA 14.8187 Source: BSP (December 29, 2023)

News

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A2 Monday-Tuesday, January 1-2, 2024

DMW has its hands full as recovery spurs OFW hiring Continued from A1 for OFWs will remain high next year as the country explores new markets and maintains its ties with its traditional partners. DMW Undersecretary Patrica M. Caunan said they currently have 38 pending agreements and memorandum of understanding (MOU) with 25 countries. Of these, 18 are from Europe and the Americas; 16 from the Middle East and Africa; and 4 from Asia and the Pacific. Caunan said the accords will not only improve the working conditions of OFWs, but may also open up employment opportunities such as those signed with Austria this year. Other new potential markets for OFWs, she said, are Croatia, the Czech Republic and Hungary. Meanwhile, countries that have been popular destinations for OFWs such as the Kingdom of Saudi Arabia (KSA), are expected to ramp up their hiring. KSA, she said, will be hiring more foreigners for its 2030 Vision projects. Cacdac will fly to KSA in January to talk about a possible special hiring program as well as get updates on the settlement of the claims of more than 10,000 workers who were displaced in 2015 and 2016 by Saudi construction firms. DMW and the Department of Foreign Affairs (DFA) are also currently trying to finalize their talks with Kuwait to allow the resumption of the deployment of OFWs in Middle East countries. Like KSA, Kuwait is also one of the top 10 destination countries for OFWs.

Challenging year

DMW managed to process the record-break ing number of OECs this year despite numerous challenges it faced by newly constituted agencies this year, including the passing of DMW Secretary Susan “Toots” Ople, the tireless advocate and writer who led the fledgling department in its transition. Cacdac attributed the record to the reforms pushed by Ople, including the fast-tracking of the implementation of the DMW Mobile App, which was piloted in 10 countries earlier this year. The app aims to make the verification of OFW contracts more convenient. The second phase of the rollout of the app, which would have expanded its features and users, was scheduled before the end of

the year, but it was deferred to a later date due to glitches and technical issues. “What we are preparing for is the volume [of users] and the capacity. The pilot run does not include the bigger majority of those [OFWs] who will not change employers,” Cacdac said. Other “legacies” of Ople during her brief administration of DMW was the 2023 Department of Migrant Workers Rules and Regulations Governing the Recruitment and Employment of Landbased OFWs. DMW is currently awaiting the passage of the Magna Carta for Seafarers Act before it comes out with the new regulations for recruitment of Filipino seafarers.

Continuing legacy

CACDAC and Caunan said they were determined to continue the reforms and priority projects started by Ople next year. “We confronted and hurdled the many challenges we faced on a sober note with the passing of our dear secretary and we are fully determined to carry on with her legacy as we have already started in 2023,” Cacdac said. For 2024, DMW wants to push for rights-based approach to Migration Policy and Governance; enhancement of the OFW pass; promotion of fair labor mobility markets; full cycle reintegration; signing additional bilateral labor agreements; as well as establishing Migrant Workers Offices and DMW Regional Offices through more efficient spending of its budget. As of November 30, DMW has registered a 84-percent utilization of its P3.84-billion budget for 2023. It was also able to use P529 million of its P1.2-billion Aksyon Fund to provide legal aid to 2,727 OFWs; welfare and humanitarian assistance to 24,458 OFWs and the repatriation of remains of 910 OFWs. The agency is also eyeing to intensify its campaign against illegal recruiters and digital scammers, who victimize OFWs. DMW conducted 105 surveillance operations and issued six closure orders related to its drive against illegal recruiters and human traffickers. It also facilitated the removal of 7,442 illegal recruitment posts on Facebook and secured 12 illegal recruitment case convictions this year.

‘Tough biz climate in PHL a hurdle in copying China’ Continued from A12

It also noted that the construction of the Demonstration Zone will “deepen China-Philippines economic and trade cooperation, promote efficient coordinated development of industries, take the initiative to foster a new pattern of development, utilize economic and trade cooperation complementary advantage between Asean countries and China, explore international division of labor cooperation models that deeply integrate industrial chains, supply chains, and value chains, and create a new platform for economic and trade exchanges with Asean countries.” Meanwhile, as the 23-member Philippine delegation flocked to Qibin Port in Cheng’an Operation Area, Dongshan County, a Chinese official presented the Dongshan Area of the China-Philippines Joint

Demonstration Zone. “The preliminary planning area of Dongshan fruit, aquatic products, and meat processing industry area is 10.31 square kilometers. Import distribution center of aquatic products, tropical fruits, meat and other raw materials, cold chain storage base and food production and processing base will be built,” the Dongshan brochure noted. “The cooperation with Philippine food processing, fishery resources, mineral resources, photovoltaic and glass will be strengthened, promoting the development of aquatic products processing, glass manufacturing, photovoltaic industry and striving to build an industrial cooperation demonstration park integrating industry and trade,” it added. Dongshan County is an “important” national aquatic product processing and export area, officials said.

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DOT prodded to lure more overseas Pinoys to visit PHL

OUSE Minority Leader and 4Ps party-list Rep. Marcelino “Nonoy” Libanan has urged the Department of Tourism (DOT) to encourage Filipinos abroad to spend their holidays in the Philippines to help boost the country’s tourism revenues through their spending. “We want the Tourism Promotions Board of the Department of Tourism to draw up a new marketing plan that will purposely entice overseas Filipinos to come and visit their motherland,” Libanan said, referring to all Filipinos who have become permanent residents or citizens of foreign countries. Libanan said that compared to other foreign visitors, overseas Filipinos tend to spend considerably more money in their original homeland during vacations, mainly

due to their strong social and economic ties with the country folks. DOT figures show that a total of 396,147 Philippine passport holders who are permanent residents overseas visited the country from January to November this year. In 2022, a total of 628,445 Philippine passport holders who are permanent resident aliens abroad visited the country after the Covid-19 pandemic began to wane and global air traffic restrictions were lifted.

The DOT does not have figures on the number of Filipinos or former Filipinos who visited the Philippines using foreign passports. “Many overseas Filipinos spend for the improvement of their ancestral homes here in the Philippines when they come for a visit, while others set up new investments, such as apartments for rent, to provide a recurring income stream to their relatives here,” Libanan said. Aside from those, they are also likely to purchase locally-made products to be brought by them to their new homeland when they leave, he added. Libanan has been batting for the passage of a bill that would upgrade the benefits and privileges enjoyed by returning Filipinos under the Balikbayan Program Law of 1989. Under House Bill No. 6472, which has been pending with the House Committee on Ways and Means since it was first read on December5, 2022, the aggregate tax-exempt purchase, that returning Filipinos and other balikbayans may make at duty-free shops run by the DOT,

would be increased to USD6,000. The bill was filed December 1, 2022. At present, balikbayans are entitled to make only up to USD3,500 in tax-exempt purchases at DOT duty-free shops, including up to USD1,500 worth of discretionary consumer goods. Balikbayans refer to Filipino citizens who have been out of the country for at least one year, and to former Filipino citizens and their family members who have been naturalized in a foreign country and who returned to the Philippines. Libanan is also the author of the Dual Citizenship Law of 2003, or Republic Act No. 9225, which enables former natural-born Filipinos who have become naturalized citizens of another country to retain/reacquire their Philippine citizenship. They can do so by taking an oath of allegiance to the Republic of the Philippines before a Philippine Consular Officer. Upon retaining/reacquiring their Philippine citizenship, they shall enjoy full civil, economic, and political rights as Filipinos. PNA

US aircraft carrier conducts maritime ops in SCS; China warns US vs supporting PHL By Malou Talosig-Bartolome @maloutalosig

NOTHER US aircraft carrier—the Nimitzclass Carl Vinson—is back in the South China Sea (SCS) conducting maritime security operations Wednesday, prompting another warning from Beijing against supporting the Philippines in their maritime dispute. The deployment of the US Carrier Strike Group (CSG) 1 also came two weeks before the presidential elections in Taiwan.

USS Carl Vinson in SCS

IN a statement, the US Navy said CSG1 was deployed to the SCS to conduct “maritime security operations” after its port visit to Singapore. Their operations include flight operations with fixed and rotary wing aircraft, maritime strike exercises, and coordinated tactical training between surface and air units. The CSG1 consists of CVN 70, Carrier Air Wing (CVW) 2, Ticonderoga class guided-missile cruiser USS Princeton (CG 59) and Destroyer Squadron (DESRON) 1, which includes Arleigh Burke-class guided-missile destroyers USS Hopper (DDG 70), USS Kidd (DDG 100), USS Sterett (DDG 104), and USS William P. Lawrence (DDG 110). “The United States will continue to fly, sail, and operate safely, wherever international law allows—so that all nations can benefit from use of the maritime commons,” Rear Adm. Carlos Sardiello, commander of CSG-1, said. “Since transiting the Pacific from San Diego into the South China Sea, we’ve participated in multilateral, trilateral and bilateral training exercises in the Indo-Pacific region to increase our combined readiness with like-minded allies and partners to demonstrate our shared commitment to the rules-based international order,” he added.

SCS ‘meddling’

AT a news conference in Beijing Thursday, the spokesperson of China’s Defense Ministry lashed at the US for “meddling” in the SCS issue. He also accused the US of “emboldening and supporting” the Philippines in provoking the Chinese Navy and Chinese Coast Guard to use water cannons and forcing a brief collision with a Philippine resupply boat. “The China Coast Guard took necessary enforcement measures in accordance with law, which were totally justified and legitimate,” China’s Defense Ministry spokesman Senior Colonel Wu Qian said. Wu labeled as “purely false hype” the claims of the Philippine government and military officials that Chinese government vessels and militias harassed a number of missions that provide food supplies to a Philippine Marine contingent on board BRP Sierra Madre grounded in Ayungin Shoal (Chinese name: Ren’ai Jiao). Harassments include firing of water cannon, use of long-range sonic devices and military grade lasers, and collision. “In my view, this is not humanitarian supply at all, it is to deliberately create an incident, play victim and make a show in the name of humanitarian supply,” Wu said. He also noted that the supply vessels “carried

AN MH-60S Sea Hawk transports cargo to the flight deck of USS Carl Vinson during a replenishment-at-sea with dry cargo ship USNS Wally Schirra. PHOTO COURTESY OF US NAVY

many journalists and propagated disinformation.” He reiterated the Chinese Coast Guard statement that contrary to the Philippine claim, it was the Philippine boat which allegedly “disregard[ed] the repeated warnings” of the Chinese, insisted on sending vessel “to intrude” into the waters near China’s Ayungin Shoal, and “provocatively rammed a China Coast Guard vessel and caused scratch.” “Such behavior is very dangerous and extremely unprofessional,” Wu insisted. He also dismissed as “entirely groundless accusation” that China used sonic or laser weapon, although the Chinese Foreign Ministry had earlier admitted that China’s Coast Guard flashed military grade laser on Philippine Coast Guard vessel BRP Malapascua last February. “China has no intention or necessity to use

such devices. China is always committed to resolving differences through dialogue and consultation and making joint efforts to maintain maritime stability, but we will not turn a blind eye towards the Philippine’s repeated provocations and harassment,” he added. China’s state media, Global Times quoted a Chinese defense expert on SCS as saying that the deployment of USS Carl Vinson “is nothing new.” “The US carrier’s entry into the South China Sea this time is adding fuel to the persistent tensions between China and the Philippines in the region, and sends a wrong signal to the Philippines that could incite Manila to take more extreme moves that escalate contradictions with China,” Chen Xiangmiao, director of the World Navy Research Center at the National Institute for South China Sea Studies, told the Global Times.

Monday-Tuesday, January 1-2, 2024

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

PHL is slowly regaining tourism stride, but issues still bug visitors By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

AKE no mistake about it. The Philippines is a special country to visit, with gorgeous scenery, colorful festivals, irresistible dishes and a multitude of exciting activities that anyone can enjoy. But it’s not just the clean white beaches, colorful marine life, and breathtaking heights that can be climbed that make the country a great proposition for travelers. For many tourists, for the most

part, the Filipinos’ innate ability to put their best foot forward and ensure guests have fun at their destinations, tops the list of why they’ve enjoyed their visits. Data from the Department of Tourism (DOT ) showed, as of December 28, international visitor arrivals have reached some 5.38 million, of which 441,585 were overseas Filipinos (Philippine passport holders permanently residing abroad), while 4.94 million were foreign travelers. While this is still far from the 8.26 million arrivals in prepandemic 2019, Filipino destination management companies like

Rajah Tours Philippines know there is enough interest in the country from abroad, which keeps it upbeat about our tourism prospects. Company president Jose Clemente III, who participated at the recent World Tourism Market in London, one of the most influential international travel tour events, shared, “There were many buyers from various markets that expressed a real interest to include the Philippines in their offerings. The [buyers] ranged from Western Europeans, Eastern Europeans, Latin America, and others.” The number of buyers

kept many Filipino tour sellers occupied over the entire three-day convention.

Inadequate direct flights, weak promotions

THE major problem, according to a number of travel experts, is that the Philippines, being an archipelago and geographically apart from the rest of Southeast Asia, receives no direct flights from major spending markets in Europe, unlike say Vietnam and Thailand, and has few direct connections across the nation. “They want to combine as many destinations

as possible during their trips, which on average, will last approximately two weeks,” said Gregor Zajc, general manager of Blue Horizon Travel & Tours, who also attended the WTM. But it’s another matter getting from Sagada, for instance, to the baroque churches in Bohol, and on to ride the waves in Siargao. Tourists will need to keep coming back to Manila or Cebu as air transit points before flying on to the rest of the destinations on their itinerary. It also doesn’t help that the Philippines has less funds than its neighbors to spend on meaningful promotions and advertising to attract international travelers. What little funds the DOT has were channeled by Tourism Secretary Christina Garcia Frasco into

changing the award-winning “It’s More Fun in the Philippines” slogan into a lame “Love the Philippines” catchphrase, that brought on more problems than the agency bargained for. It was bad enough that other countries, like Barbados, use “Love” in their slogans, then came the revelation that the campaign video shown to the public and uploaded on DOT’s own social media accounts contained stock images of scenes in other countries, like Bali’s rice terraces standing in for our Banaue Rice Terraces. The slogan, according to netizens, marketing experts, and tourism stakeholders, offers “no unique branding position” for the Continued on A4

Monday-Tuesday, January 1-2, 2024

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

PHL, China trade groups, deals untouched by WPS row–Peza By Andrea E. San Juan

@andreasanjuan

RADE delegations between the Philippines and China will remain unaffected amid the persisting issues on the West Philippine Sea (WPS) between the two nations and the China Plus One strategy, according to the Philippine Economic Zone Authority (Peza).

“We know that it’s a cause for concern, but because we’re essentially into investment promotion.. we don’t preoccupy ourselves with that,” Peza Director General Tereso O. Panga told reporters on the sidelines of a yearend media briefing. The head of the investment promotion agency stressed that the agency continues to talk to Chinese investors. Panga said, “We’ve been getting Chinese delegations because that’s one way

we can mitigate the impact and the ones coming here are also industry leaders in their own right.” In fact, Panga disclosed that one of the big investors in Peza is a partnership between China and the United States. “Yung C&U, they’re big and they just applied with us. They’re the big-ticket one that will develop their own economic zone,” he said, partly in Filipino. Further, the Peza head said the investment promotion agency

continues to do its work in promoting the Philippines to investors, adding that the agency got an invitation to Xiamen, Dongguan, Shanghai and Yunnan,China. According to him, a delegation from Xiamen had recently flown to the country to invite Philippine companies to avail themselves of the city’s high-speed train. “They have a high-speed train and they want us to go there to invite also the companies here to avail of that route instead of shipping; especially w ith the global disruptions there’s a lot of rerouting so those in the shipping industries, we can go there, we can take a look,” Panga said. In contrast, as Peza aims to attract more Foreign Direct Investments (FDIs), Panga said the “China Plus One” policy will be one of the strategies of the agency in 2024. The China Plus One policy refers to a business strategy adopted by companies, especially multinational corporations, to diversify their production and supply chain activities by adding an alternative manufacturing or sourcing location to China, the

Peza chief explained in his earlier social media post. “It’s just one [of the strategies]. Peza’s strategy is how we can diversify our basket of eggs. It cannot be reliant on one country alone so we’re reaching out to nontraditional sources,” Panga said. For 2023, Peza said it saw a “significant” increase in investments from South Korea, Taiwan, China Australia, and EU owing to the country’s Free Trade Agreement (FTA) and bilateral investment agreements; as well as its “capitalizing” on new strategies such as China Plus One (C+1). Moreover, the investment promotion agency said during the year-end briefing that “ There has been a marked increase in our ecozone investment approvals this year from Australia and China,” adding that these two countries are what they deem as “non-traditional sources of ecozone FDI and exports.” “Clearly, we can attribute this trade and investment market diversification to the country’s recent accession into [Regional Comprehensive Economic Partnership] RCEP,” it also noted.

Welcome 2024–let’s make it a great year!

By Henry J. Schumacher

ESPITE the negativity surrounding the 2023 economy, things have tur ned out better than expected. The “ looming recession” never arrived, pandemic- d isr upted supply c h a i ns stra ightened out, inf lat ion cooled, labor shortages waned, and consumers kept opening their wallets. Let’s make 2024 a great year! I was pleased about President Marcos Jr.’s recent statement, that he and his administration will fight corruption in 2024. Let’s ag ree that there is plenty of resourcefulness out there to redefine and reinvent corruption. It is therefore essential that the private sector

joins the President to create the needed change as it will benefit all of us. T he obv ious question is: Why does corruption survive? Its survival depends upon four conditions: The first condition necessary for the emergence and re-emergence of corruption is that there be rents associated with government’s regulatory powers. The second condition requires that corrupt bureaucracies be somewhat independent within the remaining (if honest) administrative structure of the government. External controls of the bureaucracy— whether imposed by the remainder of the administrative system or by society at large— must be weak. I still would love to see that digitalization in government w ill make a difference. As Ernesto M. Ordonez said in his column last Friday: “Hopefully, the muchpublicized rhetoric of fighting corruption will to fruition and spur the agriculture transformation we so badly need.” We need the farmers and the fisherfolk as allies to support the President. The third condition requires the public institutions controlling corruption be weak and ineffective. These institutions include civic groups that exert moral

pressures, political parties and the media that could expose the wrongdoing, and the legal system that would have the authority to prosecute and punish the guilty (in the Philippines, the poor have to go to jail but the rich can easily get away or delay processes). Impunity and corruption are going hand-in-hand. Unfortunately, that’s the truth. Powerful perpetrators involved in corruption can too often stymie enforcement against them by interfering with the justice system. Furthermore, investigations are complex, take “ages,” and are expensive. Unfortunately, this countr y is Number One in the world when it comes to impunity. In corruption, the Philippines is Number ___? You tell me your estimate. The fourth condition is a lack of whistleblower protection. It is obvious that strange deals between government and the private sector and private sector to private sector (price fixing, collusion in biddings, bribing technical and purchasing staff, etc.) will only become known if people inside those organizations become whistleblowers. But we all know that the potential whistleblowers are scared, for obvious reasons. The pain, corruption creates can be divided into four

categories: political, economic, social and environmental. Allow me to focus on one “pain” only: Socially, corruption is exploitative. Inequality breeds corruption by: n Leading ordinary citizens to see a system as stacked against them; n Creating a sense of dependency among ordinary citizens and a sense of pessimism for the future, which in turn undermines the moral dictates of treating everybody honestly; and n Distorting the key institutions of fairness in society, the courts, which ordinary citizens see as their protectors against evildoers, especially those with more influence than they have. A nd remember, Integr it y starts with I—meaning YOU. You are the final authority. Not the government. Not the President. You. The anti-corruption ball is clearly in your court. Let’s agree to kill corruption jointly with the President and his administration! As I have said many times before, corruption hurts the poor and the vulnerable. Let’s kill corruption jointly and build a better Philippines in 2024 and beyond. Feed bac k i s h ig h ly we lcome—contact me at hjschumacher59@gmail.com.

AMBASSADOR of Israel to the Philippines Ilan Fluss continued to reach out to families of OFWs victimized by the October 7 terror attacks. On December 27, he paid a visit to the wake of Paul Castelvi in Cabanatuan, Nueva Ecija. Paul is the fourth Filipino victim murdered by Hamas terrorists on October 7. He was murdered in Beeri, a kibbutz next to Gaza, by the Hamas terrorists together with his employer. He stayed with his patient to the end. Ambassador Fluss conveyed his condolences and sympathy to Jovelle Santiago Castelvi, Paul’s wife, and their son Jhayzen Paul, born just weeks after Paul’s untimely death. Ambassador Fluss extended his sympathy and condolences to Jovelle and the family. He briefed them on the support and assistance they will get now as members of the Israeli family of victims of terror.

PHL is slowly regaining tourism stride, but issues still bug visitors Continued from A3

Philippines that makes it stand out from other countries. Certainly, a missed promotion opportunity.

Where are we going, how are we getting there?

MEANWHILE, the DOT has touted among its accomplishments this year the construction of 10 Tourist Rest Areas (four of them in Cebu alone, where the good Secretary hails from); the launch of the first Hop-On, HopOff bus service in Makati and Manila; the launch of the Tourist Assistance Call Center (151-TOUR); an updated Travel.PH app for mobile devices; the training of tourism 124,116 workers in the Filipino Brand of Service Excellence, among others. The DOT is also proud of its Bisita Be My (BBM) Guest program, an apparent attempt at keeping President Ferdinand Marcos Jr.’s name top of mind through his initials, while rehashing an old agency program meant to attract more Filipinos abroad and their friends to visit the Philippines, awarding lucky tourists with raffle prizes. The issue with this program, as it has been with its previous iterations, according to stakeholders, is that overseas Filipinos will come home anyway. Convincing their friends, office colleagues, or bosses to visit, is a different matter altogether, and no free car nor condo gifted as a prize, can overcome skepticism or the challenges of visiting the country. The DOT has yet to release data showing the number of tourists who visited because of the BBM guest program. The DOT also formally unveiled its National Tourism Development Plan for 2023-2028 in a major launch in March. To this day, however, details of the NTDP have yet to be released to tourism stakeholders, when it’s supposed to be a national blueprint of goals by the tourism sector and the ways to achieve these. Philippine Hotel Owners Association Executive Director Benito C. Bengzon Jr. said, for instance, “We would appreciate if we can be given the clear direction of our marketing positions….What would be our priority markets in the coming years? For example, if we are going to reach 8.26 million [international tourist arrivals], where will the numbers come from?” For one, will the Philippines keep relying on China for tourists? The DOT seems to have mapped out that route and with the Department of Justice, which oversees the Bureau of Immigration, it has been badgering the Department of Foreign Affairs to approve more tourist visas for Chinese nationals. But even lawmakers have sounded the alarm on fast-tracking the arrival of Chinese tourists in the country. Senator Nancy Binay has advised the DOT to rethink its position considering the tense diplomatic relationship between the Philippines and China over the West Philippine Sea, and reports on overstaying Chinese tourists and their involvement in illicit activities. “Maybe we should prioritize India in the

light of our current situation, because their market is large as well,” said the senator, chair of the Committee on Tourism, when the DFA’s electronic visa platform in China was discussed. Said platform was eventually suspended by DFA upon orders of the Presidential Management Staff, according to government sources.

‘Whole of gov’t’ approach urged

WHILE most foreign tourists may have been impressed by the Philippine sights and scenery, and reliable service and hospitality at majority of our hotels and resorts, the greater challenge is ensuring our visitors have the best first and last impressions of the country. The challenge of navigating the country upon arrival at the airport and on to their hotels or other destinations, can be offputting to the hardiest of travelers. At some point in a traveler’s itinerary, it isn’t the DOT which can make their visit any easier. For instance, upon arrival at the Ninoy Aquino International Airport, there could be an Immigration officer who will hassle the foreign visitor for a tip, just because he helped the visitor fill out the e-arrival form, as shared by a Hong Kong-based hotelier to the BusinessMirror recently. Riding from the airport to the hotel or just another terminal also becomes a haggling challenge. As reported recently, one enterprising cab driver was charging his passengers, tourists from Taiwan, P11,000 just to take them from Naia-3 to Naia-4. Notably, a security guard at the terminal had directed the tourists to the waiting cab driver. Even leaving the Philippines has become an ordeal for tourists. As again reported by news outlets in September, a staff of the Office of Transportation Security (OTS) was caught on video trying to swallow a wad of dollars, which she had filched from the bag of a departing Chinese tourist at Naia-1. In February, a Thai national caught on video OTS screeners stealing money from his bag at a security checkpoint, then returning his money after the tourist demanded it. The constant involvement of OTS screeners in extortion and theft cases made Tourism Congress of the Philippines President Roberto Zozobrado wonder on a radio program, “What kind of hiring standards does the OTS-HR manager have? This is not the first time [OTS screeners have been involved]....Maybe they just hire anybody they see on the street.” And while the DOT has been trying to promote cruise tourism in the country, which recently won an award as Asia’s Best Cruise Destination, one cruise passenger who arrived in Manila after a 10-night cruise Southeast Asian cruise aboard the MV Norwegian Jewel, wrote about their chaotic arrival at Pier 15 of the Manila South Harbor. From confusing inspections of their arrival documents, the lack of porters, a severely cramped terminal, port authorities unwilling to open other exits to release passengers quicker, and unscrupulous tax drivers preying on foreign tourists needing rides to their destinations, Nelson Terible summed it best: “We heard some foreigners with very negative remarks, even some cursing, ‘Never again, Philippines.’ We Filipinos, mostly Balikbayan retirees, tired from the almost 2-hour ordeal, in the midst of heat, thirst, and hunger, just bowed our heads in shame. ‘Wala na siguro pag-asa mabago sistema sa Pilipinas,’ was all [we] could say in desperation.” Marcos Jr. has often been quoted saying that tourism is a top priority of his administration, needing a “whole-of-government” approach to address the sector’s challenges. It’s probably time all relevant government agencies heed his order if we want tourists to keep coming back.

Features BusinessMirror

www.businessmirror.com.ph

Monday-Tuesday, January 1-2, 2024

Theater artists affirm strong foothold in cinema

By Joel Saracho

HE theater community is on a double high with Cedric Juan and JC Santos winning Best Actor and Best Supporting Actor, respectively, in the recently concluded Metro Manila Film Festival. Juan and Santos are both theater actors and have actually shared the same stage in many outings. Their win further brightens the spotlight on Filipino theater scene, topped only by Dolly de Leon’s nomination to the Golden Globe Awards for her portrayal of a cleaning lady for a cruise in the film Triangle of Sadness. Her nomination was the first for a Filipino actor. Aside from De Leon, last year saw other Filipino theater actors getting noticed in international films— Soliman Cruz, Bart Guingona and Noel Sto Domingo were prominently featured in “To the North”; Stefanie Arianne in the Japanese film “Plan 75;” and Chai Fonacier in the Eva Green starrer “Nocebo.” (This as Joanna Ampil, who also won in the MMFF of 2017 as Best Actress for the “Larawan,” played Engineer in the restaging of Miss Saigon. But that is for another story). In their respective acceptance speeches, both Juan and Santos acknowledged the theater as their training ground. Santos even named By Trixzy Leigh C. Bonotan

S a typical Filipino family, sometimes parents have to make a tough decision— stay here in the Philippines and “banatin pa ang mga buto” (work even harder) or answer the call of a country that can support the needs of their growing children. But this is not a story of parents leaving their children behind, but rather the opposite. It’s a story of children leaving their parents and other family behind to let them have a good life. I was recently told a story about a beloved neighbor of one of my favorite couples. Her name is Jamaela, and she is a teacher currently based in the US. She was oceans and continents apart from her family, her heart aching with the familiar pang of missing home. But she couldn’t come home, the first Christmas she is separated from parents, because she has only been at her US job for four months. She and her brother, Justine, shared the same faith as their father Juanito—they were a family of OFWs (although their father has retired for how many years now, after sweating it out in Saudi). I resonate with their story because my parents were OFWs, too. Their family, a fan of the crooner Richard Poon, was able to see him at the Newport Performing Arts Theater for the “Christmas with Richard Poon and his 16-piece Big Band” last December 22, 2023, with the help of the show’s director, John Prats, and his wife, Isabel Oli-Prats. It was a meticulously crafted surprise—the most loving prank ever—as Jamaela posted on her Facebook profile. She had to tell her parents a white lie to get them to go to such a ritzy place as Resorts World since they, simple folk from Bulacan, shun dressing up for “classy” events. Jamaela told them that she won tickets to Richard Poon’s show through a raffle and that they had to wear something bongga because there was a cash prize and that they’ll receive it onstage. She constantly reminded them to wear their best as they might be called on stage. (Ate Jamae had to

his mentor, the late Tony Mabesa, to whom he owes a lot, he said. Theater actors are no stranger to the cinema. The theater is where acting originated. Long before there were cinema and television, it was on stage that actors essayed various roles to tell stories consumed collectively by an audience. The theater is acknowledged as the best training ground in creating characters and feigning emotions required in a particular scene. International acting greats like Meryll Streep, Judy Dench, Ian McKellen, Hugh Jackman among many others honed their chops in the theater. Others talk of acting schools of thought they subscribe in working their scenes. The scene is not quite the same in the Philippines. The Philippine film industry, sired by Hol ly wood, focused

largely on looks (read mestizo/a types) that we even have a phrase for it: “mukhang artista.” Those who do not fit the mold are called “character” actors (as against the bida or lead who play limited variations of their persona). Still others, especially those who come from doing bodabil, become comedians. T hese per for mers u su a l ly pl ay t he f r iend, com ic rel ief m a id or sounding board of the lead actors. It is safe to say that it was in the so-called Second Golden Age of Philippine Cinema in the late 70s to the earlu 80s that producers and directors started hiring theater

actors to play meatier parts. Among the early crossovers were Vic Silayan, Laurice Guillen and Leo Martinez. National Artists Lino Brocka and Ishmael Bernal were instrumental in bringing in theater practitioners to the movie industry. Brocka used actors from PETA (where he was also director) and introduced to the wider audience the likes of Joel Lamangan, Soxy Topacio, Angie Ferro and Mario O’Hara. Before Peque Gallaga’s “Oro, Plata, Mata” Mitch Valdes, from different companies doing English plays, played a prostitute in Brocka’s “Lu nes, Ma r tes, Miyerk u les,

Huwebes, Sabado, Linggo.” Bernal, on the other hand, gave meaningful roles to Amable Quiambao, Ray Ventura, Aura Mijares (from Teatro Pilipino), Pen Medina ( Teatro Kabataan) and Gigi Dueñas (Gintong Silahis) in “Himala” while the late Ella Luansing (also of Teatro Pilipino) played major support to Elizabeth Oropesa and Daria Ramirez in “Nunal sa Tubig.” Bernal was also the first to give a big break to comedian Rene Requiestas (Tanghalang Kabataang Barangay) in the film “Salawahan.” Marilou Diaz Abaya made Grace Amilbangsa (from Bulwagang Gantimpala) a

Their hearts were home for Christmas

THE Bigay Family with crooner Richard Poon

be persistent in telling them that) It was an orchestrated symphony of love—orchestrated from afar by their two elder children. Richard Poon’s voice, smooth as honey, washed over the audience. Each song felt like a warm hug, a reminder of the magic of the season and the love that binds families together. Then came the moment, a twist woven into the fabric of the night. Richard Poon announced a special surprise. The spotlight found Mama Merns, Papa Juanito, and their youngest, Juriel—huddled together as they went to the stage, their faces a canvas of bewildered delight. Tears welled up in Mama Merns’ eyes as she realized what was happening. (Ate Jamae even joked on her post that perhaps they cried because there wasn’t really a cash prize). The interview became a symphony of shared memories. Richard’s questions, like gentle brushstrokes, painted a portrait of longing. He started with: “Meron kayong two children na hindi makakasama ngayong Pasko. Tama ba?” (You have two children that you won’t be with for Christmas, right?) “Your son in Abu Dhabi, how long has he been there?” “Your daughter in the US, has been there for how long?” As the parents answered, you could notice how they were trying to not get choked up by emotions.

RICHARD POON greets the Bigay Family as they go on stage

Being on stage was daunting, but being interviewed about your children by Richard Poon was another. Papa Juanito, voice thick with emotion, replied that Justine, their eldest, has been living in Dubai for 9 years (since 2014). Mama Merns answered Richard’s question about their middle child Jamae, a public school teacher who taught math in the Philippines, and was recruited in a US school. A s t he y cont i nue d t he i r conversation on stage, Richard i nqu i re d , “K apag Chr ist mas, ano yung pinaka nami-miss niyo kapag wala yung dalawa?” (During Christmas, what do you miss now that the two are not here?) Mama Merns responded tearfully that she missed their get-togethers and how caring her two eldest children were. As if being on stage was not enough of a surprise, Richard Poon told them that they will add more to it. He mentioned something that they needed to watch. As Richard guided them to a spot, the lights dimmed. At the sight of their eldest son on screen, the waterworks went off for Mama Merns. For their eldest son, it was also a mix of emotions. “Masayang malungkot,(Happy yet sad)” he related. “Malungkot dahil wala yung physical presence nila para

arugain ka. In the other other hand, masaya kasi naibibigay mo yung mga pangangailangan nila. Talagang daily basic needs nila, masusuportahan mo.” (Sad because their physical presence is not there to nurture you. In the other hand, happy, because you can give their needs. I can support them with their basic needs), he said trying to hold back tears. He also mentioned how he misses the time when he gets back from work, their mother would cook fried egg and tuyo. Now that he’s working abroad, he misses those times because when you get home, no one will cook for you. Since he wasn’t with them, he left instructions for his loved ones, mostly in Filipino: “To my Mama and Papa, I hope you maintain your health, far from sickness, from stress. Stress is not allowed, don’t get stressed every day. Just keep going.” He added: “For our youngest, Juriel—continue being a good son, a good sibling. Don’t forget to care for Mama and Papa.” He ended his spiel with words that echo the voices of those who won’t be spending the Yuletide Season with their family, “Mahal na mahal ko kayo. Mahal na mahal ko kayo kahit hindi ako ganun ka-showy. Deep inside me, mahal na mahal ko kayo…Wish ko ngayong Pasko na sana,

PHOTOS FROM JAMAELA BIGAY FACEBOOK PAGE

bumilis yung panahon na matupad yung mga pangarap natin.Merry Christmas and Happy New Year! Love you all.” (I love, love you all. I love you even though I’m not showy. Deep inside me, I love all of you. My wish this Christmas is that, hopefully, the time to reach our dreams speeds up. Merry Christmas and Happy New Year! Love you all.) Next onscreen was Ate Jamae herself, seated on a bench in a park. First of all, she said, “I worked abroad...to provide the needs of my family—to give them a good life.” She also expressed the feelings of missing home and the closeness of Filipino families, not just during the holidays: “That’s the sad part if you’re working far from your family. I miss being together. Us Pinoys, of course, our family is intact—the family bonding. That’s what I really miss.” During her little speech, she assured her family that she was okay in the US. Tinged with melancholy, she added with a brave face, “Looking forward na syempre, darating yung time na magkasama-sama tayo sa Pilipinas. Basta pray lang tayo na maging okay ang lahat, and maprovide ko yung kailangan natin. So, wag niyo kong alalahanin dito, okay ako dito. And, pray pray tayo.” (Looking forward to the time that we’ll all be together in the Philippines. Let’s just pray that everything will be okay, and that

bida in “Karnal.” In his last film, “Wating,” Bernal gave Celeste Legaspi (Teatro Pilipino) a major contravida role. After his highly acclaimed role as Heneral Luna directed by Jerold Tarrog, John Arcilla (Gantimpala Theater Foundation) became the first Filipino to win Best Actor in Venice Film Festival in “On the Job 2” directed by Erik Matti. Even Lav Diaz employs the ta lents of t heater a r t ists in his films among them Roder Camanag, Nanding Josef, Perry Dizon and Hazel Orencio who won Best Actress in the 2014 Locarno Film Festival. Many of these names, needless to say, figured prominently, some of them won, in various awardgiving bodies at that time. O ver t i me, not ably when i nd e p e nd e nt f i l m f e s t i v a l s like Cinemalaya and QCinema assumed major roles in the cultural landscape, theater actors gained relatively popularity among the viewers. Visibility and quality of performance come into play. The names Eugene Domingo, S h a m a i ne Centenera , Non ie Buenc a m i no, Ir m a A d l awa n, Candy Pang i linan now share stellar billing with the major players in the industry even in mainstream cinema. The unspoken line between theater and cinema has blurred. The Filipino theater actor has broadened the fringes to the center, creating a stronghold. Expect more Cedric Juans, JC Santos’s and Dolly de Leons in your movie screens. Because there is more where they come from. I can provide our needs. So, don’t worry about me. I’m okay here. And let’s pray and pray) After the videos of their children ended, Mama Merns and Papa Juanito had to collect themselves. “Tita, anong nararamdaman niyo ngayon na may surprise message ang dalawa niyong anak sa inyo? Ano ang feeling ngayon na pareho silang nag ‘Merry Christmas’ sa inyo? Kahit malayo sila.” (Tita, what do you feel now that there’s a surprise message from your two kids? What’s the feeling that they both said Merry Christmas to you, even though they’re far?) “Nabigla ako. Nakakagaan ng loob,” Mama Merns replied and Papa Juanito added, “Parang nandito lang sila.” (I’m surprised. I feel comforted) (It’s like they’re here) Richard Poon nodded at their sentiments and explained, partly in Filipino, “Actually, Direk John Prats is the mastermind—and his point of view is, hopefully, through this next song, we can connect you even though you’re far away from one another.” Once the Bigay Family was seated, Richard started singing “I’ll Be Home For Christmas,” his voice resounding throughout the whole theater while his band was playing. “I’ll be home for Christmas If only in my dreams” As the song ended, the Bigay Family’s emotion was clear. “Tita, I hope, in behalf of the whole band, the entire production, this concert— sana nasurprise kayo. At naconnect namin kayong magkakapamilya. Thank you so much for being part of this show,” Richard beamed, adding that in his 15 years as a crooner, this is the first time he has experienced being part of an elaborate surprise—which he was delighted to be part of. That night, Richard Poon’s voice wasn’t just serenading the audience. It was a lullaby sung to longing, a melody of hope that danced across oceans. A silent chorus resonated between Manila and wherever Jamaela and Justine called home: distance might separate, but love always finds its way whispering promises, until families are whole again, bathed in the warm glow of a love-lit Yuletide.

Monday-Tuesday, January 1-2, 2024

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PROPERTYGURU ASIA REAL ESTATE SUMMIT CONCLUDES NINTH EDITION, FOCUSING ON ‘POWERING COMMUNITIES’

GLOBAL thought and industry leaders joined this year’s PropertyGuru Asia Real Estate Summit to tackle the future of cities.

ROPERTYGURU Asia Real Estate Summit (ARES), the thought leadership platform of PropertyGuru Group (NYSE: PGRU), Southeast Asia’s leading property technology company, held its highly anticipated ninth edition featuring global thought and industry leaders, focusing on the theme, “Powering Communities,” and how responsible leaders can build and improve tomorrow’s cities. ARES 2023 brought together more than 400 delegates from around the world for an inspiring, insightful hybrid conference and event. Nearly 40 speakers initiated muchneeded, thought-provoking conversations around the future of communities, business, leisure, and innovation. This year’s theme aligns with PropertyGuru Group’s vision to power communities to live, work, and thrive in tomorrow’s cities. This vision was unpacked during the welcome keynote of PropertyGuru Group CEO and being held on the eve of the 16th anniversary of PropertyGuru Group’s founding as a company.

“As a responsible market leader, we strive towards empowering everyone in their property journey make confident Managing Director, Hari V. Krishnan, who mentioned that ARES 2023 was property decisions through relevant content, actionable insights, and world-class service. From enabling homebuyers find and finance their dream homes, to helping expats find suitable accommodations, to supporting our enterprise clients make the right investments, to sharing authentic first party data with banks and valuers and to providing meaningful information to policymakers, we are there with each stakeholder, guiding them at every step of their way,” Hari said. Following the summit, distinguished participants and guests took part in the ARES VIP Cocktail Party: Celebration of Women, honouring industry leaders who embody the spirit of “live, work, thrive”. The 2023 ARES Power Women were: Andrea Savage, Co-CEO, A Life By Design; Chelsea Perino, Managing Director, Global

Marketing & Communications, The Executive Centre; Coco Liu, Chief Regional Officer, Asia Pacific, HLB International; Esther An, Chief Sustainability Officer, City Developments Limited / Chair, Corporate Advisory Board, World Green Building Council; Hang Dang, Managing Director, CBRE (Vietnam) Co., Ltd.; and Joanne Kua, Group CEO, KSK Group. ARES 2023 was one of the anchor events of PropertyGuru Week attended by top executives and industry leaders in the region. The week started with the Real Estate Leaders’ Roundtable on December 6, hosted by PropertyGuru For Business; followed by ARES 2023 and the ARES VIP Cocktail Party on December 7; and two exclusive galas on December 8: the International Luncheon to present the country awards for China, Greater Niseko, and India, and the 18th PropertyGuru Asia Property Awards Grand Final, which drew country and regional winners from Southeast Asia, China, Japan, India, and Australia. The week closed with a private screening at Cinema Oasis Bangkok for “Wonderful Waste” by Never Too Small. PropertyGuru Asia Real Estate Summit 2023 is supported by official portal partner PropertyGuru; official magazine Property Report by PropertyGuru; official publicity partner Artemis Associates; media partners Bridges, d+a Magazine, Hot Magazine, Manila Bulletin, Powderlife, REm, and Techsauce; and supporting associations IFC-Excellence in Design for Greater Efficiencies, and REHDA Institute. The ARES VIP Cocktail Party was sponsored by PropertyGuru For Business, and partners Dao Ethical Gifts (Women Empowerment Project) and Fah Mai Holdings Inc. For more information, email ares@propertyguru.com or visit the official website: AsiaRealEstate AsiaPropertyAwards.com.

ASIAN ZERO EMISSION COMMUNITY. Aboitiz Power Corporation (AboitizPower) joined industry experts from Japan and the ASEAN region in a session held in Tokyo that discussed energy transitions in Asia through the Asian Zero Emission Community (AZEC). AZEC is a platform consisting of Asian countries that are promoting decarbonization that aim for energy transitions tailored to each country’s circumstances. AboitizPower President and CEO Emmanuel Rubio (rightmost) highlighted the importance of balancing decarbonization goals with the need for energy security, emphasizing the role of both in furthering economic growth and development. Specifically, the executive pointed to the need for a more diverse Philippine power mix and a sufficient and reliable transmission network. PHOTO IS COURTESY OF THE MINISTRY OF ECONOMY, TRADE AND INDUSTRY (METI) OF THE GOVERNMENT OF JAPAN.

BSB Junrose Adds Schaeffler TruPower to Its Automotive Supplies Lineup

DURING the Schaeffler Automotive Aftermarket Distributor Conference with Schaeffler executives and BSB Junrose President

SB Junrose Corporation has welcomed another significant addition to its powerhouse lineup of global parts supplies brands it distributes to the local market. Schaeffler TruPower is a sub-brand of German automotive supplies manufacturer Schaeffler that has built its impeccable reputation in the global industry for over 75 years now. The formal welcome coincided with the 55th year celebration of BSB Junrose, which has been the biggest local distributor of Schaeffler for many years now. Schaeffler TruPower is initially bringing its Motorcycle Lubricant to BSB Junrose stores nationwide. “The Schaeffler TruPower 10W-40 SemiSynthetic Motorcycle Lubricant is formulated to bring about advance performance,” said Micah Shepard, Schaeffler President for Automotive Aftermarket, Asia-Pacific and President in Southeast Asia/ Pacific Region. “Aligned with the Schaeffler premium brand, Schaeffler TruPower

Lubricants commit longer life and maintained performance.” Shepard emphasized the advantage of Schaeffler being a major supplier of bearings to global motorcycle manufacturers from Harley-Davidson to Honda, Yamaha, and others. “Schaeffler TruPower has formulated and tested its lubricants to be optimized with our bearings, engine, and transmission products. That is why internal friction is significantly reduced, bringing about optimum motorcycle performance and lifespan,” he explained. Moreover, Shepard also underlined the importance of having a reliable distributor like BSB Junrose sharing proper know-how to retailers. “Motorcycle owners may not always be familiar with maintenance products and supplies. It is always advisable for them to get guidance from a trusted retail shop manned by expert mechanics and people who have been trained to share technical guidance.”

“And of course, regular oil replacement or lubrication cycle should be observed. It is important to follow the regular maintenance schedule. Change filter and apply lubrication when necessar y to help protect and prolong life of your vehicle,” Shepard added. Schaeffler TruPower was first launched in India in 2020 before it was introduced in the Asia-Pacific. Aside from lubricants, the subbrand also plans to grow its range to other product lines. According to Shepard, Schaeffler TruPower would soon expand its lineup of distributed products by BSB Junrose. Newly installed BSB Junrose President Ian Bangayan expressed gratitude upon formally welcoming Schaeffler TruPower to the company’s brand and product lineup. “We are happy to keep a strong business relationship with Schaeffler. The addition of Schaeffler TruPower extends that partnership that we look forward to maintain and further strengthen in more years to come. Our customers will surely benefit more from this,” he said. Schaeffler TruPower asserts that the Philippines is among its most important markets in the region. Based on latest data from the Motorcycle Development Program Participants Association (MDPPA), about 1.56 million motorcycles and scooters were sold in the country in 2022. That number is projected to increase to about 1.6 million this year. The Philippines is currently ranked No. 2 in terms of highest annual sales of two-wheeled vehicles among ASEAN countries. According to MDPPA, Thailand is the No. 1 country with the highest motorcycle sales. Trailing behind the Philippines are Singapore and Malaysia (based on rankings generated in 2021).

Yamaha, Wonder Boy Kyle Paz look forward to 2024

FTER racing the Philippine flag across Spain and Portugal, the first-ever Filipino in the Moto2 European Championships enters the off-season. In his 2nd year with the Yamaha Philippines Stylobike Racing team, Kyle Paz remained consistent in his performance for 2023 but was hindered by an injury that cost him the entire third round. He would also forfeit the sixth round due to mechanical issues. Even as he faced difficulties this season, he remains the Philippines’symbol of racing excellence,

a beacon of hope to the next generation of riders who long for the international stage. Also, an aspiring racer in his younger years, he understands the responsibility of being an example for Filipino riders. The challenges that he has gone through required sacrifices that were necessary to achieve victory. He hopes that the next crop of future champions learn that hard work and discipline is what propelled him to the next level. After three years on this stage, we are all eager to see what awaits “The Wonderboy” in

2024. What type of leap will we witness in the upcoming season? The only thing that’s certain is Yamaha Motor Philippines will continue to cultivate Filipino riders and give them the best opportunity to become global athletes.

SECURITY Bank Foundation, Inc. donates symbolic school building key to represent two-story, six-classroom donation to Barra Elementary School, with representatives from Department of Education Division of Dipolog City and Dipolog City Local Government Unit in attendance.

Security Bank Foundation helps achieve ideal 1:25 classroom ratio for a public school in Dipolog City

ECURITY Bank Foundation, Inc. (SBFI) helped achieve the ideal 1:25 classroom to student ratio for Barra Elementary School, a public school in the city center of Dipolog, Zamboanga del Norte after turning over a two-story, six-classroom school building on November 16, 2023. The donation is part of the Foundation’s “Build a School, Build a Nation” program. “While the school is strategically located at the Dipolog City center, parents are discouraged from enrolling their children due to the deteriorating and frequently flooded state of their very old school buildings,” School Principal Sharika Jumawan said. The new school building donated by SBFI is disaster resilient, elevated by a meter height from the ground. With such features, Principal Jumawan has already received interest from parents in the area to enroll the following school year. SBFI’s donated school building also serves as a landmark in the city as its roof is visible from airplanes arriving at Dipolog Airport. T he prog r a m’s com mu n it y pa r t ne r s namely, City Government of Dipolog and Department of Education (DepEd) Dipolog City Division, attended in full force during the turnover ceremony. Dipolog City Mayor Darel Dexter Uy and Vice Mayor Senen Angeles represented the LGU which shouldered the demolition of old structures that previously occupied the site of the new building, the electricity during construction, and the building permit fees. “SBFI’s donation is a testament to its unyielding commitment to education, proving how private corporations can play a pivotal role in societal development. I extend my heartfelt appreciation for SBFI’s dedication to the betterment of Dipolognons, true to its commitment to building communities

sustainably,” said Uy. Schools Division Superintendent Dr. Ma. Liza Tabilon and Assistant Schools Division Superintendent Dr. Lourma Poculan represented the DepEd Division. “The two-story, six-classroom school building was made in compliance with DepEd standards. It is a gift that will transform our educational landscape and empower our students to unlock their full potential to contribute meaningfully to our society,” said Dr. Tabillon. Barra Elementar y School teachers Jessa Ajero (English) and Gemma Villar (Mathematics) are the current beneficiaries of SBFI ’s su st a i n able t h ree -yea r t ra i n i ng program, developed in collaboration with Ateneo de Manila University. The training program will enhance their competencies in teaching students w ith 21st-centur y skills, formulating lesson plans for both struggling and advanced learners, developing and administering effective student assessments, and engaging stakeholders to support student learning. The donation to Barra Elementary Schools marked SBFI’s 733rd classroom donation across 130 schools in 74 cities and municipalities nationwide. Beyond constructing educational infrastructure and providing teacher and principal training, SBFI is committed to offering scholarships and fostering employee volunteerism opportunities. “Our mission in SBFI is to provide a holistic improvement to education nationwide, especially in communities where Security Bank has a presence. We invest in the education of the children of these cities as we believe that it is the greatest equalizer in life,” said SBFI Chairman Rafael F. Simpao, Jr. To learn more about Security Bank Foundation’s projects and how you can contribute, visit www.securitybank.com/foundation.

The World BusinessMirror

Editor: Angel R. Calso

Monday-Tuesday, January 1-2, 2024 A7

Right to protest under threat in UK, undermining a pillar of democracy By Jill Lawless

The Associated Press

ONDON—For holding a sign outside a courthouse reminding jurors of their right to acquit defendants, a retiree faces up to two years in prison. For hanging a banner reading Just Stop Oil off a bridge, an engineer got a three-year prison sentence. Just for walking slowly down the street, scores of people have been arrested. They are among hundreds of environmental activists arrested for peaceful demonstrations in the UK, where tough new laws restrict the right to protest. The Conservative government says the laws prevent extremist activists from hurting the economy and disrupting daily life. Critics say civil rights are being eroded without enough scrutiny from lawmakers or protection by the courts. They say the sweeping arrests of peaceful demonstrators, along with government officials labeling environmental activists extremists, mark a worrying departure for a liberal democracy. “Legitimate protest is part of what makes any country a safe and civilized place to live,” said Jonathon Porritt, an ecologist and former director of Friends of the Earth, who joined a vigil outside London's Central Criminal Court to protest the treatment of demonstrators. “The government has made its intent very clear, which is basically to suppress what is legitimate, lawful protest and to use every conceivable mechanism at their disposal to do that.”

A patchwork democracy

Britain is one of the world's oldest democracies, home of the Magna Carta, a centuries-old Parliament and an independent judiciary. That democratic system is underpinned by an "unwritten constitution”—a set of laws, rules, conventions and judicial decisions accumulated over hundreds of years. The effect of that patchwork is “we rely on self-restraint by governments,” said Andrew Blick, author of “Democratic Turbulence in the United Kingdom” and a political scientist at King’s College London. “You hope the people in power are going to behave themselves.” But what if they don’t? During three turbulent and scandal-tarnished years in office, Boris Johnson pushed prime ministerial power to the limits. More recently, Prime Minister Rishi Sunak has asked Parliament to overrule the U.K. Supreme Court, which blocked a plan to send asylum-seekers to Rwanda. Such actions have piled pressure on Britain’s democratic foundations. Critics say cracks have appeared. As former Conservative justice minister David Lidington put it: “The ‘good chap’ theory of checks and balances has now been tested to destruction.”

Government takes aim at protesters

The canaries in the coal mine of the right to protest are environmental activists who have blocked roads and bridges, glued themselves to trains, splattered artworks with paint, sprayed buildings with fake blood, doused athletes in orange powder and more to draw attention to the threats posed by climate change.

The protesters, from groups such as Extinction Rebellion, Just Stop Oil and Insulate Britain, argue that civil disobedience is justified by a climate emergency that threatens humanity's future. Sunak has called the protesters “selfish” and “ideological zealots,” and the British government has responded to the disruption with laws constraining the right to peaceful protest. Legal changes made in 2022 created a statutory offense of “public nuisance,” punishable by up to 10 years in prison, and gave police more powers to restrict protests judged to be disruptive. It was followed by the 2023 Public Order Act, which broadened the definition of “serious disruption,” allowing police to search demonstrators for items including locks and glue. It imposes penalties of up to 12 months in prison for protesters who block "key infrastructure," defined widely to include roads and bridges. The government said it was acting to “protect the law-abiding majority’s right to go about their daily lives.” But Parliament's cross-party Joint Human Rights Committee warned that the changes would have “a chilling effect on the right to protest.” Days after the new act took effect in May, six anti-monarchist activists were arrested before the coronation of King Charles III before they had so much as held up a "Not My King" placard. All were later released without charge. In recent months the pace of protests and the scale of arrests has picked up, partly as a result of a legal tweak that criminalized slow walking, a tactic adopted by protesters to block traffic by marching at low speed along roads. Hundreds of Just Stop Oil activists have been detained by police within moments of starting to walk. Some protesters have received prison sentences that have been called unduly punitive. Str uctura l eng ineer Morgan Trowland was one of two Just Stop Oil activists who scaled the Queen Elizabeth II Bridge over the River Thames near London in October 2022, forcing police to shut the highway below for 40 hours. He was sentenced to three years in prison for causing a public nuisance. Judge Shane Collery said the tough sentence was “both for the chaos you caused and to deter others from seeking to copy you.” He was released early on Dec. 13, having spent a total of 14 months in custody. Ian Fry, the United Nations' rapporteur for climate change and human rights, wrote to the British government in August over the stiff sentences, calling the anti-protest law a "direct attack on the right to the freedom of peaceful assembly.” Michel Forst, the UN special rapporteur on environmental defenders,

A demonstrator holds a banner outside The Old Bailey, the Central Criminal Court of England and Wales, in London on December 4, 2023. Britain is one of the world's oldest democracies, but some worry that essential rights and freedoms are under threat. They point to restrictions on protest imposed by the Conservative government that have seen environmental activists jailed for peaceful but disruptive actions. AP Photo/Kirsty Wigglesworth

in October called the British laws “terrifying.” The Conservative government has dismissed the criticism. “Those who break the law should feel the full force of it,” Sunak said in response. Even more worrying, some legal experts say, is the "justice lottery" facing arrested protesters. Half the environmentalists tried by juries have been acquitted after explaining their motivations, including nine women who smashed a bank's windows with hammers and five activists who sprayed the Treasury with fake blood from a firehose. But at some other trials, judges have banned defendants from mentioning climate change or their reasons for protesting. Several defendants who defied the orders have been jailed for contempt of court. Tim Crosland, a former government lawyer turned environmental activist, said it's “Kafkaesque if people are on trial and they’ve got a gag around their mouth.” "That feels like something that happens in Russia or China, not here," he said. To highlight concern about such judges' orders, retired social worker Trudi Warner sat outside Inner London Crown Court in March holding a sign reading “Jurors—You have an absolute right to acquit a defendant according to your conscience." She was arrested and later informed by the solicitor-general that she would be prosecuted for contempt of court, which is punishable by up to two years in prison. Britain has strict contempt laws intended to protect jurors from interference. Since then, hundreds more people have held similar signs outside courthouses to protest a charge they say undermines the foundations of trial by jury. Two-dozen of the “Defend Our Juries” protesters have been interviewed by police, though so far no one apart from Warner has been charged. Porritt said the aim is "to bring it to people's attention that there is now this assault on the judicial process and on the rights of jurors to acquit according to their conscience."

Is Brexit to blame?

Many legal and constitutional experts say the treatment of protesters is just one symptom of an increas-

The Conservative government says the laws prevent extremist activists from hurting the economy and disrupting daily life. Critics say civil rights are being eroded without enough scrutiny from lawmakers or protection by the courts. They say the sweeping arrests of peaceful demonstrators, along with government officials labeling environmental activists extremists, mark a worrying departure for a liberal democracy. ingly reckless attitude toward Britain's democratic structures that has been fueled by Brexit. Britain's 2016 referendum on whether to leave the European Union was won by a populist "leave" campaign that promised to restore Parliament’s – and by extension the public’s—sovereignty and control over UK borders, money and laws. The divorce brought to power Boris Johnson, who vowed to “get Brexit done,” but appeared unprepared for the complexities involved in unpicking decades of ties with the EU. Johnson tested Britain’s unwritten constitution. When lawmakers blocked his attempts to leave the bloc without a divorce agreement, he suspended Parliament—until the U.K. Supreme Court ruled that illegal. He later proposed breaking international law by reneging on the U’s exit treaty with the EU. He also became enmeshed in personal scandals—from murky funding for his vacations and home decoration to lockdown-breaking parties during the pandemic. He was finally ousted from office by his own fed-up lawmakers in 2022, and later found to have lied to Parliament. "People were elevated to high office (by Brexit) who then behaved in ways which were difficult to reconcile with maintenance of a stable democracy," said Blick, the King's College professor. The populist instinct, if not the

personal extravagance, has continued under Johnson's Conservative successors as prime minister. In November, the UK Supreme Court ruled that a plan by Sunak to send asylum-seekers on a one-way trip to Rwanda was unlawful because the country is not a safe place for refugees. The government has responded with a plan to pass a law declaring Rwanda safe, regardless of what the court says. The bill, which is currently before Parliament, has caused consternation among legal experts. Former Solicitor-General Edward Garnier said "changing the law to declare Rwanda a safe haven is rather like a bill which says that Parliament has decided that all dogs are cats." But Blick says Britain's unwritten constitution means that checks and balances are easier to override than in some other democracies. “Nothing can actually be deemed clearly to be unconstitutional," he said. “So there's no real blockage (on political power) other than that's where you come back to selfrestraint.”

A democratic deficit?

In Britain's system, Parliament is meant to act as a bulwark against executive overreach. But in recent years, the government has given lawmakers less and less time to scrutinize legislation. Because the Conservative government has a large House of Commons majority,

it can push bills through after perfunctory time for debate. Many laws are passed in skeleton form, with the detail filled in later through what's known as secondary legislation, which does not receive the full parliamentary scrutiny given to a bill. It increasingly falls to Parliament's upper chamber, the House of Lords, to scrutinize and try to amend laws that the House of Commons has waved through. The Lords spent months this year trying to water down the anti-protest provisions in the Public Order Act. But ultimately the upper house can't overrule the Commons. And as an unelected assortment of political appointees, a handful of judges and bishops and a smattering of hereditary nobles, it's arguably not the height of 21stcentury democracy. “Of course the Lords is indefensible, but so is the Commons in its current form,” William Wallace, a Liberal Democrat member of the Lords, told a recent conference on Britain's constitution. “The Commons has almost given up detailed scrutiny of government bills.” Since Brexit, academics, politicians and others have been debating Britain's democratic deficit in a series of meetings, conferences and reports. Proposed remedies include citizens' assemblies, a new body to oversee the constitution and a higher bar for changing key laws. But none of that is on the immediate horizon—much less a written constitution. The protesters, meanwhile, say they are fighting for democracy as well as the environment. Sue Parfitt, an 81-year-old Anglican priest who has been arrested more times than she can remember as part of the group Christian Climate Action, has twice been acquitted of criminal charges. She, too, was interviewed by police after holding a sign outside court reminding jurors of their rights. "It's worth doing to keep the right to protest alive, quite apart from climate change," she said. "It would be difficult for me to get to prison at 81. But I'm prepared to go. … There is a sense in which going to prison is the ultimate statement you can make." This story, supported by the Pulitzer Center for Crisis Reporting, is part of an ongoing Associated Press series covering threats to democracy in Europe.

Monday-Tuesday, January 1-2, 2024

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Egypt floats plan to end Israel-Hamas War, but proposal gets cool reception By Samy Magdy, Najib Jobain & Josef Federman

The Associated Press

AIRO—Israel and Hamas on Monday gave cool public receptions to an Egyptian proposal to end their bitter war. But the longstanding enemies stopped short of rejecting the plan altogether, raising the possibility of a new round of diplomacy to halt a devastating Israeli offensive in the Gaza Strip.

The Eg y ptian plan calls for a phased hostage release and the formation of a Palestinian government of experts to administer the Gaza Strip and occupied West Bank, according to a senior Egyptian official and a European diplomat familiar with the proposal. The Egyptian official, speaking on condition of anonymity to discuss the proposal, said the details were worked out with the Gulf nation of Qatar and presented to Israel, Hamas, the United States and European governments. Egypt and Qatar both mediate between Israel and Hamas, while the US is Israel's closest ally and a key power in the region. Israeli Prime Minister Benjamin Netanyahu did not comment directly on the proposal. But speaking to members of his Likud Party, he said he was determined to press ahead with Israel's offensive, launched in response to an Oct. 7 Hamas attack on southern Israel that killed 1,200 people and took 240 others hostage. "We are expanding the fight in the coming days and this will be a long battle and it isn't close to finished," he said. Hamas has continued to fire rockets into Israel throughout the fighting. Late Monday, it launched a barrage of rockets, triggering air raid sirens in the southern city of Ashkelon. AP video showed what appeared to be several interceptions by Israel's rocket defense system. There were no immediate reports of damage or injuries. The Egyptian proposal falls short

of Israel's declared goal of crushing Hamas. It also appears to be at odds with Israel's insistence on maintaining military control over Gaza for an extended period after the war. But Netanyahu faces heavy domestic pressure to reach a deal to bring home the more than 100 Israeli hostages who remain in captivity in Gaza. As he vowed to continue the war during a speech in parliament, relatives of the hostages interrupted him and called for their immediate return. "Now! Now!" they shouted. The rising death toll of Israeli soldiers from the ground operation also threatens to undermine public support for the war. The Israeli military announced the deaths of two more soldiers Monday, bringing the total killed in the war to 156. Netanyahu's War Cabinet was expected to meet late Monday. It was unclear if they would discuss the Egyptian proposal. Hamas did not officially react to the proposal. But it is unclear if Hamas would agree to relinquish power after controlling Gaza for the past 16 years. Izzat Rishq, a senior Hamas official who is believed to be based in Qatar, issued a statement repeating the group's position that it will not negotiate without a "complete end to the aggression." He said Hamas would not agree to a "temporary or partial truce for a short period of time." Word of the proposal came as Israeli airstrikes heavily pounded central and southern Gaza. In the Maghazi refugee camp

Palestinians inspect the rubble of a building of the Al Nawasrah family destroyed in an Israeli strike in Maghazi refugee camp, central Gaza Strip on December 25, 2023. AP Photo/Adel Hana Monday, rescue workers were still pulling bodies from the wreckage of a strike the previous night. Records at the nearby Al-Aqsa Hospital seen by The Associated Press showed at least 106 people killed, making it one of the deadliest strikes of Israel's air campaign. The United Nations' World Health Organization visited the hospital on Monday, Director-General Tedros Adhanom Ghebreyesus said. "The hospital is taking in far more patients than its bed capacity and staff can handle. Many will not survive the wait," he said in a post on X, formerly Twitter. The war has devastated large parts of Gaza, killed more than 20,600 Palestinians and displaced almost all of the territory's 2.3 million people. U.N. officials have warned that a quarter of the population is starving under Israel's siege of the territory, which allows in only a trickle of supplies. In the southern Gaza Strip, Hamas admitted to shooting dead a 13-yearold boy who was among a group of people who tried to seize aid from a truck. The shooting prompted a violent protest and rare public criticism of Hamas.

Egyptian proposal The Egyptian proposal is an ambitious bid not only to end the war but also to lay out a plan for the day after. It calls for an initial cease-fire of up to two weeks during which Palestinian militants would free 40 to 50 hostag-

es, among them women, the sick and the elderly, in return for the release of 120-150 Palestinians from Israeli prisons, the Egyptian official said. At the same time, negotiations would continue on extending the cease-fire and the release of more hostages and bodies held by Palestinian militants, he said. Israeli officials estimate that 20 of the hostages have died or been killed in captivity. Egypt and Qatar would also work with all Palestinian factions, including Hamas and the rival, internationally recognized Palestinian Authority, to agree on the establishment of a government of experts, he said. The government would rule Gaza and the West Bank for a transitional period as Palestinian factions work toward presidential and parliamentary elections, he added. In the meantime, Israel and Hamas would negotiate a comprehensive "all-for-all" deal, he said. This would include the release of all remaining hostages in return for all Palestinian prisoners in Israel, as well as the Israeli military's withdrawal from Gaza and the Palestinian militants' halting of rocket attacks into Israel. More than 8,000 Palestinians are held by Israel on security-related charges or convictions, according to Palestinian figures. Some have been convicted in deadly attacks on Israelis. While their release would be controversial, Israel has a history of agreeing to lopsided releases. Egyptian Foreign Minister Sameh Shoukry spoke by phone Monday with

Iran's chief diplomat, Hossein Amirabdollahian, on the war in Gaza, the Egyptian Foreign Ministry said. The statement said Shoukry discussed efforts to achieve a comprehensive cease-fire. It didn't offer further details. Iran is a major supporter of Hamas. In Washington, the White House declined to comment about the Egyptian proposal. US officials remain in close contact with Egypt and Qatar about getting more hostages released and several proposals have been floated, according to a person familiar with the talks. While the Egyptian proposal is viewed as a positive sign, the US is skeptical it will result in a breakthrough, the person said, speaking on condition of anonymity to discuss behind the scenes diplomacy.

Inside Gaza Israel's offensive has been one of the most devastating military campaigns in recent history. More than two-thirds of the 20,674 Palestinians killed have been women and children, according to the Health Ministry in Gaza, which does not differentiate between civilians and combatants among the dead. The offensive has led to a humanitarian crisis in Gaza, with shortages of food, medicines and other basic supplies. W it h a id sh ipment s l i m ited , crowds have tried to seize some of the goods coming in on trucks. Hamas gunmen have been seen on top of some of the vehicles. The group says it is protecting the shipments, while Israel accuses it of stealing aid. In the southern Gaza Strip, Hamas acknowledged that a policeman with the Hamas-run Interior Ministry shot dead a 13-year-old boy, saying the shots were fired when a group of people tried to seize aid from a truck near the city of Rafah on Sunday, an official with Hamas government media office said Monday. The shooting prompted a violent protest and rare public criticism of Hamas, which has shown little tolerance for dissent during its rule. Enraged relatives of the slain boy, Ahmed Brikeh, attempted to attack a police station, burning tires and demanding the policeman be held accountable. A relative, Mosaad Brikeh, blamed

Hamas for the killing in video comments circulated on social media, accusing the policeman of shooting the boy "directly in his head." He said the family has previously cooperated with Hamas to secure the border area with Egypt. He called for the policeman to be held accountable, warning the family would prevent "any vehicles" from passing through the area. The devastation of the war over the past weeks has brought sporadic eruptions of anger against Hamas, something that has previously been unthinkable during the group's 16year rule over Gaza. Israel faces international criticism for the civilian death toll. It blames Hamas, citing the militants' use of crowded residential areas and tunnels. Israel says it has killed thousands of Hamas militants, without presenting evidence. Late on Monday, the Israeli army said it had discovered the stolen car of the family of an Israeli hostage, Samer Al-Talalka, in a hospital compound in northern Gaza. Al-Talalka was among three hostages mistakenly shot dead by Israeli soldiers in Gaza earlier this month. The army said grenade fragments and bloodstains of another hostage were found in the vehicle. "The finding of the vehicle directly links the hospital to the brutal events of Oct. 7," it said.

Christmas amid war Dozens of members of Gaza's tiny Christian community held a Christmas Eve service in the Holy Family Church in Gaza City, which they have also used as a shelter. Last week, Catholic officials said that two Christian women were killed by Israeli sniper fire at the compound. "This is not a feast," said Kamal Ayad, whose wife and daughter were killed in the shooting. "This is a feast of pain for the Palestinian people." He said his only wish was for "peace and hope for a cease-fire." The service was held late Sunday, but details only emerged on Monday due to frequent Internet outages. Bethlehem was hushed for Christmas, its holiday celebrations called off. Jobain reported from Rafah, Gaza Strip, and Federman from Jerusalem. Associated Press writer Kareem Chehayeb contributed reporting from Beirut.

Tax increase, LGBTQ+ youth protections and more sick leave highlight California’s new laws in 2024 By Sophie Austin, Trân Nguyen & Adam Beam The Associated Press

ACRAMENTO, Calif.—Doctors in California who mail abortion pills to patients in other states will be protected from prosecution. Workers will receive more paid sick leave on the heels of a big year for labor. And companies can't fire employees for using marijuana outside of work. These are among the hundreds of laws that take effect January 1 in the nation's most populous state. Each year, California Gov. Gavin Newsom signs hundreds of laws passed by the state Legislature. Most take effect Jan. 1 the following year. But sometimes lawmakers will delay a law's effective date for a variety of reasons, including giving people more time to prepare for the new rules. Some of the highest-profile bills passed by the Legislature in 2023 will not take effect until later. Fast food workers will get a minimum wage increase to $20 per hour on April 1. Health care workers are scheduled to see the first increases in their minimum wage on June 1. Laws requiring

businesses to report their emissions and financial risks from climate change won't take effect until 2026. A law banning people from carrying guns in most public places was blocked by a federal judge just days before it was set to take effect. In 2023, the California Legislature passed 1,046 bills. Newsom signed 890 of those bills into law. He vetoed 156 bills, or 14.9 percent, according to statistics compiled by veteran lobbyist Chris Micheli. Here is a look at some of the new laws Californians face:

You can’t get fired for smoking pot at home Some drug tests don't determine if a person is high, but only if that person has used marijuana at all in recent days. California lawmakers thought it wasn't fair for companies to punish workers for failing these drug tests, especially since recreational marijuana has been legal in the state since 2016. A new law, which was passed in 2022 but takes effect this year, says companies can't punish workers for failing these types of drug tests. There are exceptions for construction workers and companies

that must conduct drug tests as part of federal contracts.

A tax increase for higher wage earners California has a short-term disability program that pays people who cannot work because of a non-work related illness, injury or pregnancy. The program is funded by a 1.1 percent tax on wages. In the past, this tax only applied to wages below a certain amount, about $153,000 in 2023. But starting Jan. 1, a new law, which was passed in 2022 but takes effect this year, eliminates the wage cap. People who make more than $153,000 per year subsequently will pay a 1.1 percent tax on those wages.

Protections for abortion pills A bortion is now i l lega l in 14 states after the US Supreme Court overturned Roe v. Wade. But doctors and pharmacists in California who mail abortion pills to patients in those states will be shielded from prosecution or fines. The law bans bounty hunters or bail agents from apprehending California doctors and taking them to another state to stand trial. It even prohibits state-

based social media companies, such as Facebook, from complying with out-of-state subpoenas, warrants or other requests for records to discover the identity of patients seeking abortion pills.

More sick leave Workers in California will receive a minimum of five days of sick leave annually, instead of three, which they will accrue once they have been employed for 200 days. Labor advocates say the increase will curb the spread of disease by preventing employees from working when they are sick. But opponents say the law will be another financial burden for employers and claim some workers request sick leave when they are not ill.

Community college tuition Low-income Mexican residents who live within 45 miles (72 kilometers) of the California-Mexico border will be eligible for in-state tuition rates at participating Southern California community colleges under a new law signed by Newsom. The measure will lower a burden for students to receive education and training to help prepare them for

the workforce, advocates say. It resembles another program in the state allowing up to 200 Nevada residents who live in certain areas near the California-Nevada border to receive in-state tuition rates at Lake Tahoe Community College.

LGBTQ+ foster youth Foster families will be required to demonstrate their ability to meet the health and safety needs of children regardless of sexual orientation or gender identity. It was one of several bills the Legislature passed this year to expand protections for LGBTQ+ yout h. Ne wsom vetoed a not her high-profile bill that would have required courts to consider whether a parent affirms their child's gender identity in custody and visitation proceedings.

Low-income housing on church land Religious institutions and nonprofit colleges in California can now turn their parking lots and other properties into affordable housing. The new law, which helps these institutions bypass most local permitting and environmental review rules, was

among several initiatives attempting to address the homelessness crisis in California. Supporters of the law said it will serve as another tool to build much-needed housing in the state, but opponents said the law takes away local control over housing developments.

Harsher penalties for fentanyl dealers California lawmakers introduced a slew of bills last year aimed at addressing fentanyl overdoses, which are killing roughly 110 Californians each week. Only one measure cracking down on dealers reached Newsom's desk. The new law increases penalties for dealers who possess more than 1 kilogram (2.2 pounds) of fentanyl. Newsom also signed bills requiring stadiums and amusement parks to stock overdose reversal drugs and community colleges and California State University campuses to provide fentanyl test strips. Sophie Austin is a corps member for The Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.

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Monday-Tuesday, January 1-2, 2024 A9

Inside Ukraine’s covert Center 73, where clandestine military missions shape the war behind the frontline

By Mstyslav Chernov The Associated Press

HERSON, Ukraine—Their first battle plan was outdated the moment the dam crumbled. So the Ukrainian Special Forces officers spent six months adapting their fight to secure a crossing to the other side of the Dnipro River in southern Ukraine. But it wasn't enough just to cross the river. They needed backup to hold it. And for that, they needed proof that it could be done. For one of the officers, nicknamed Skif, that meant a flag—and a photo op. Skif, Ukrainian shorthand for the nomadic Scythian people who founded an empire on what is now Crimea, moves like the camouflaged amphibian that he is: Calculating, deliberate, until the time to strike. He is an officer in Center 73, one of Ukraine's most elite units of Special Forces—frontline scouts, drone operators, underwater saboteurs. Their strike teams are part of the Special Operations Forces that run the partisans in occupied territories, sneak into Russian barracks to plant bombs and prepare the ground for reclaiming territory seized by Russia. Their mission on the more dynamic of the two main fronts in the six-month counteroffensive reflects many of the problems of Ukraine's broader effort. It's been one of the few counteroffensive successes for the Ukrainian army. By late May, the Center 73 men were in place along the river's edge, some of them almost within view of the Kakhovka Dam. They were within range of the Russian forces that had controlled the dam and land across the Dnipro since the first days after the February 2022 full-scale invasion. And both sides knew Ukraine's looming counteroffensive had its sights on control of the river as the key to reclaim the occupied south. In the operation's opening days, on June 6, an explosion destroyed the dam, sending a wall of reservoir water downstream, killing untold numbers of civilians, and washing out the Ukrainian army positions. "We were ready to cross. And then the dam blew up," Skif said. The water rose 20 meters (yards), submerging supply lines, the Russian positions and everything else in its path for hundreds of kilometers. The race was on: Whose forces could seize the islands when the waters receded, and with them full control of the Dnipro? For most Ukrainians who see them on the streets in the nearly deserted frontline villages of the Kherson region, they are the guys in T-shirts and flip-flops — just regular people. The locals who refused to evacuate have all become accustomed to the sounds of war, so even their unnerving calm in the face of air raid alarms, nearby gunfire and artillery doesn't seem unusual. AP joined one of the clandestine units several times over six months along the Dnipro. The frogmen are nocturnal. They transform themselves from nondescript civilians into elite fighters, some in wetsuits and some in boats. In the morning, when their operations end, they're back to anonymity. They rarely take credit for their work and Ukrainians rarely learn about their operations. But Russian military statements gleefully

and erroneously announcing the destruction of Center 73 are an indication of their effectiveness. June 2023 The men had the most modern equipment, night-vision goggles, waterproof rifles that can be assembled in a matter of seconds, underwater breathing apparatus that produces no surface bubbles, and cloaks that hide their heat signature during nighttime raids. It was a matter of days before the start of the counteroffensive, and Center 73 had already located the Russian positions they would seize on the Dnipro River islands. Skif's men were within earshot of the June 6 explosion that destroyed the Kakhovka Dam, flooded vast stretches of the Kherson region, and upended Skif's attack plan. An AP investigation found Russian forces had the means, motive and opportunity to blow up the dam. Both the Russians and Ukrainians retreated from the river to regroup – Russians to the south and Ukrainians to the north. Abandoned homes, clubs, shops became headquarters, with banks of computer screens filling the rooms and improvised weapons workshops nearby. Always secretive, frequently changing locations, they meticulously plan every operation, they sleep only a few hours during the day with curtains closed. They wake around sunset, load gear into a 4X4 and drive to a different point on the riverbank to scout new routes for a counteroffensive, provoke Russian forces into shooting at them to pinpoint the enemy's location, retrieve soggy caches of supplies with their boat. Periodically, they captured a Russian soldier stuck in a tree or found a clutch of landmines washed up on shore. And they themselves were stuck. Other special forces took part in battles in eastern Ukraine, the other main front in the counteroffensive. Skif's men waited patiently for the water to subside so they could seize positions and lay the groundwork for the arrival of infantry and marines in the Kherson region. Skif, a veteran of the 2022 battle for Mariupol who had survived 266 days as a prisoner of war, wanted to fight. He had been part of Center 73 before Mariupol and rejoined after he was freed in a POW exchange. Ukraine created its special forces in response to Russia's lightningfast annexation of Crimea and invasion of Donbas in 2014, a precursor to the wide-scale invasion of Ukraine in 2022. "We realized that we were much smaller in terms of number than our enemy," said Oleksandr Kindratenko, a press officer for Special Operations Forces. "The emphasis was placed on quality. These were supposed to be small groups performing operational or strategic tasks." He said they were trained and equipped in part by Europeans, including those from NATO countries, but their own recent battle experience means they are now as much

teachers as students. Tasks that the unit considers routine – scouting as close to Russians as possible, planting explosives under their noses, underwater operations – most soldiers would consider high-risk. High-risk missions are practically a death wish. Skif knew he first had to plan and persuade the generals that if his men could secure a bridgehead – a strategic crossing point – it would be worthwhile to send troops. And that would mean high-risk river missions. "My phone book is a little graveyard," he said. "A lot of good, decent people are dead. They were killed on the battlefield. One burned to death in an armored truck. One was shot by howitzers. Somebody stepped on a landmine. Everyone died differently, and there are so many of them."

July-August 2023 The water retreated in July. The Russians and Ukrainians advanced again toward the river from opposite directions, the Russians from the south and Ukrainians from the north. Groups of Center 73 scouted and advanced along the river. The mission for Skif's unit was to reclaim an island near the dam, now a web of cracked mud and dead trees. Their network of spies in the Kherson region, as well as drones and satellite images, told them where Russian forces had re-positioned. They disembarked the boats and moved in, walking through the bare branches of the forest through swarms of mosquitoes so loud their bodycam picked up the sound. One of the men tripped a wire connected to a grenade and flung himself as far as he could away from the Russian explosive. Just as the shrapnel pierced his back, mayhem broke out. The injured Ukrainian crawled toward the unit's waiting boat 3 kilometers (2 miles) away, as the Russian troops who set the boobytrap rained gunfire on them. Skif's men made it to the boat, which sprang a leak, and retreated back to their side of the Dnipro. Russians established their position on the island, and it took weeks more for the Ukrainians to expel them. Then new orders came. Go upstream and breach Russian defenses beneath a destroyed railway bridge. The men had an often-underestimated advantage over their Russian enemy: Many Ukrainians grow up bilingual and understand Russian communications intercepted in real time, while Russian soldiers need a translator for Ukrainian. So when Skif's unit started picking up Russian radio communications by the railway bridge, they immediately grasped how many men they were up against and the kind of munitions they would face. They made the crossing, avoided the Russians, and waited for backup. That's when their advantage evaporated. In a single battle, the Russians sent Iskander missiles and dozens of drones, dropping hundreds of grenades. "In the air, they had absolute dominance compared to us and they held the ground," he said. The backup was nowhere near enough. Ukrainian forces retreated under heavy fire. More men out of commission and another difficult task ahead.

September-October 2023 A lucky thing happened soon after that battle. A Russian officer who claimed he'd been opposed to the war since its beginning was sent to the front in Kherson. It was, he later said, every bit as bad as he'd feared. He made contact with Ukrainian intelligence and said he had 11 com-

rades who felt similarly. The group surrendered to Skif and his men. The Russians told Skif exactly what he needed to know about their unit on the island they were now tasked with taking, just outside the village of Krynky. He was sure he could take the island and more with 20 experienced men. But not without the promise of sufficient backup so Ukrainian regular forces could hold the territory. Fine, his commander said. He'd get the backup – if he returned with footage of his unit in the village hoisting the Ukrainian flag. And that's how, in mid-October, a Ukrainian drone carrying the national blue and yellow flag came to fly above Krynky at just the moment Skif and his men made their way to the occupied village across the river. They got their photo op to prove the road was cleared, sent it to the military headquarters,

and established the bridgehead.

November-December 2023 Multiple Ukrainian brigades were sent to hold the position and have been there ever since. But nighttime temperatures are dipping well below freezing, and Ukrainian forces are vastly underequipped compared to the Russians nearby. Holding and advancing in winter is much harder on soldiers' bodies and their morale. In recent weeks, Russia has sent waves of glide bombs – essentially enormous munitions retrofitted with gliding apparatus to allow them to be launched from dozens of kilometers (miles) away, as well as swarms of grenade-launching drones and Chinese all-terrain vehicles, according to the Institute for the Study of War and the Hudson Institute, two American

think-tanks analyzing open-source footage from the area. In a news conference earlier this month, Russian President Vladimir Putin addressed the battle and acknowledged Russian forces had pulled back "several meters." But he insisted Ukrainian forces were battling pointlessly and losing far more than they gained. "I don't even know why they're doing this," Putin said. Despite having never fully controlled the territory during the sixmonth counteroffensive, Russia claims it as its own. And Ukrainian forces and Center 73 keep fighting into the New Year. "This is our work," Skif said. "No one knows about it, no one talks about it, and we do it with little reward except to benefit our country." Contributors include Lori Hinnant in Paris, Felipe Dana in Kherson, and Samya Kullab and Illia Novikov in Kyiv.

A10 Monday-Tuesday, January 1-2, 2024 • Editor: Angel R. Calso

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You can avoid the pitfalls of New Year’s resolutions

he dawning of a new year brings with it a sense of renewal and the opportunity for personal growth. Yes, 2024 gives us a chance to set new goals by making our New Year’s resolutions. However, it is no secret that most of us fail to follow through on our resolutions for a variety of reasons.

To shed light on the pitfalls that hinder people from achieving their desired goals, experts have explored the reasons behind this recurring pattern. They found out that one of the reasons for the failure of New Year’s resolutions is the setting up of unrealistic expectations. Whether it’s aiming to lose weight within a short time frame or attempting a radical lifestyle change, setting unattainable targets can quickly lead to disappointment. Lack of specificity is a common mistake cited. Vague declarations such as “getting fit” or “spending less money” lack the necessary detail and direction that are crucial for successful goal achievement. Without a clearly defined plan of action, individuals may find themselves lost and unsure of how to progress, ultimately abandoning their resolutions altogether. Experts also cited the absence of a support system. Attempting to achieve a New Year’s resolution in isolation can be an arduous task. Without a solid support system, comprising family and friends, the journey towards personal transformation becomes more challenging. Relying solely on willpower to achieve resolutions can be a recipe for failure, according to experts. Willpower is a finite resource that can be depleted over time, especially when faced with multiple challenges. Instead, successful goal attainment often requires the development of supportive habits, creating an environment that promotes desired behaviors. Setting a goal without outlining the necessary steps to reach it can make the journey overwhelming. Without a clear roadmap, individuals may struggle to stay focused and motivated, increasing the likelihood of abandoning their resolutions. Fortunately, there are now modern tools and apps that can help you break down your goals into actionable steps and track your progress. Here are a few popular ones: Trello: Trello is a versatile project management tool that allows you to create boards, lists, and cards to organize your goals and tasks. You can break down your resolutions into individual cards, add checklists, due dates, and even collaborate with others if needed. Todoist: Todoist is a powerful task management app that helps you create and organize your to-do lists. It allows you to break down your resolutions into smaller tasks, set due dates, and create recurring tasks to stay on track. You can also prioritize tasks and receive reminders. Habitica: Habitica is a free habit and productivity app that treats your life like a game. If your resolutions involve building new habits, Habitica can be a fun and gamified way to track your progress. It turns your goals and tasks into a role-playing game, where you earn rewards and level up as you complete tasks and build habits. Evernote: Evernote is a note-taking app that allows you to capture and organize your ideas, plans, and tasks in various formats, including text, images, and audio. You can create dedicated notebooks or tags for your resolutions and break them down into actionable steps. Google Sheets or Microsoft Excel: Spreadsheets can be a simple yet effective tool for breaking down goals into actionable steps. You can create columns for tasks, deadlines, progress tracking, and any other relevant details. Customize it to your needs and update it regularly as you make progress. SMART Goals Template: SMART (Specific, Measurable, Achievable, Relevant, Time-based) is a framework for goal setting. You can find various SMART Goals templates online, including printable ones or digital versions in apps like Google Docs or Microsoft Word. These templates guide you in defining specific goals and breaking them down into actionable steps. Remember, these tools can help you stay organized and break your goals down into actionable portions. However, it is important to embrace the process. Many people fail to realize that meaningful change takes time and effort. Instant gratification culture has conditioned individuals to expect immediate results, leading them to give up prematurely when progress is not immediately apparent. Whether it pertains to adopting healthier habits or acquiring new skills, embracing the process and acknowledging that setbacks are a natural part of growth are crucial for success.

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Economic diplomacy: A proposed strategic framework for Philippines-China relations By Henry Go

S the Philippines transitions from 2023 to 2024, a pivotal moment arises, where strategic decisions will shape the nation’s trajectory toward economic prosperity. This holistic strategy, focusing on agriculture, tourism, foreign investments, and business growth, aims to propel the nation forward while enhancing the wellbeing of its citizens in the coming year.

Strategic business diplomacy for maritime disputes: Proposing a strategic resolution to maritime disputes with China, this article draws inspiration from successful business cooperation models. The suggested approach involves establishing a forward-thinking joint economic development zone, mirroring the dynamics of fruitful business partnerships. This aims to cultivate collaboration, particularly in hydrocarbon exploration, eco-tourism, and fisheries projects, ensuring shared and mutually advantageous utilization of resources. This strategic economic diplomacy seeks to lay the groundwork for cooperative solutions transcending traditional dispute resolution approaches. Case at the Permanent Court of Arbitration (PCA): A close examination of the recent case at the PCA between the Philippines and China reveals a deliberate focus on maritime jurisdiction and entitlements. The PCA ruling deliberately refrained from addressing land territorial sovereignty, concentrating solely on maritime features such as Scarborough Shoal that is within the scope of UNCLOS. The absence of a land territorial ruling underscores the emphasis on maritime aspects in this dispute. Thus, approaching the issue through negotiation, particularly

with an economic focus, becomes even more justified. Economic considerations provide common ground for discussions, allowing both parties to explore mutually beneficial solutions without delving into contentious sovereignty matters. In essence, prioritizing economic aspects facilitates a pragmatic approach to resolving the conflict. Strategic diplomacy for a win-win solution: Navigating the South China Sea dispute demands a nuanced diplomatic strategy. This article adopts an impartial, businesscentric perspective, steering clear of alignment with either China or advocating concessions from the Philippines. Recognizing the paramount importance of peace and its repercussions on the Philippines, its military, and the economy, urgent diplomatic negotiations are called for. Acknowledging China’s inclination for communication and economic collaboration, it is imperative to prioritize direct talks, open channels, confidence-building measures, economic cooperation, and joint environmental initiatives to foster trust. To maintain our credibility and respectability, it is crucial to opt for bilateral talks over multilateral approaches. This strategic choice guides the negotiation process with a focus on direct and sincere engagements. Both parties must ardently commit

Adopting a business-centric approach strategically positions China and the Philippines for enduring success in resolving the South China Sea dispute. Prioritizing stability, collaboration, and a win-win mindset over confrontation lays the groundwork for a prosperous future.

to building trust, demonstrating a genuine intent for a cooperative resolution. Unlike involving foreign powers, the strategic alignment of China and the Philippines in bilateral talks enhances mutual respect and ensures positive outcomes. Emphasizing reciprocity is pivotal, considering China’s keen interest in cultivating a favorable international image. Safeguarding our independent foreign policy remains paramount to avoid being influenced as a pawn by any superpowers. A critical success factor in this kind of diplomacy lies in steering clear of provocative actions, such as combining construction materials with food rations in resupply missions, abstaining from joint maritime patrols with foreign powers, and maintaining a disciplined approach to public statements on sensitive geopolitical matters. Adherence to these principles ensures that diplomatic efforts progress with transparency and efficacy. Seasoned diplomats and backchannel diplomacy: In exclusive bilateral negotiations, seasoned diplomats assume a crucial role, leveraging their expertise in international relations and formal negotiations. Their measured approach and adherence to diplomatic protocols are

instrumental in maintaining focus and preventing unnecessary escalations. However, for a more strategic enhancement of diplomatic efforts, there is inherent value in complementing traditional channels with Track II diplomacy. Track II diplomacy introduces successful business leaders into the equation, not as replacements for seasoned diplomats but as contributors of a pragmatic and resultsoriented perspective. This strategic approach harnesses the negotiation skills and extensive networks of business figures to foster understanding and discreetly build bridges. To maximize the effectiveness of Economic Diplomacy, a strategic model is proposed: empower seasoned diplomats to lead formal negotiations, while concurrently involving business leaders in confidential Track II channels. This twotrack strategy capitalizes on the strengths of both realms, synergizing the diplomatic expertise of seasoned diplomats with the practical problem-solving abilities of successful business personalities for a comprehensive and strategic approach. Adopting a business-centric approach strategically positions China and the Philippines for enduring success in resolving the South China Sea dispute. Prioritizing stability, collaboration, and a win-win mindset over confrontation lays the groundwork for a prosperous future. This strategic approach not only reduces the risk of conflict but also promotes longterm cooperation, economic growth, and regional stability. It aligns with the interests of both nations, strategically paving the way for enduring success in addressing the challenges of the South China Sea.

L’Oreal heir Francoise Bettencourt Meyers becomes first woman with $100 billion fortune By Tara Patel

rancoise Bettencourt Meyers became the first woman to amass a $100 billion fortune, marking another milestone for the heiress and for France’s expanding fashion and cosmetics industries. Her wealth jumped to $100.1 billion on Thursday, according to the Bloomberg Billionaires Index. The milestone came as shares of L’Oréal SA, the beauty products empire founded by her grandfather, rose to a record high, with the stock set for its best year since 1998. She’s the 12th-richest person in the world, just behind Mexico’s Carlos Slim. Despite the gain, Bettencourt

Meyers’ fortune is still significantly less than that of French compatriot Bernard Arnault, founder of luxury goods purveyor LVMH Moet Hennessy Louis Vuitton SE, who is second in the global ranking with $179 billion. France’s growing domination of luxury retail has spawned several other ultra-rich families, including the clan behind Hermes International SCA, who have amassed Europe’s

Her wealth jumped to $100.1 billion on Thursday, according to the Bloomberg Billionaires Index. The milestone came as shares of L’Oréal SA, the beauty products empire founded by her grandfather, rose to a record high, with the stock set for its best year since 1998. She’s the 12th-richest person in the world, just behind Mexico’s Carlos Slim.

largest family fortune, and the Wertheimer brothers who own Chanel. The reclusive Bettencourt Meyers, 70, is vice-chair of the board of L’Oréal, a globe-spanning €241

billion ($268 billion) company in which she and her family are the single biggest shareholders with a stake of nearly 35 percent. Her sons, Jean-Victor Meyers and Nicolas Meyers, are also directors. Run by executives from outside the family for decades, the firm was founded in 1909 by Bettencourt Meyers’ chemist grandfather, Eugene Schueller, to produce and sell a hair dye he had developed. Bettencourt Meyers keeps her life private, shunning the glitzy social life sought by many the world’s wealthy. She has written two books—a five-volume study of the Bible and a genealogy of the Greek See “L’Oreal,” A11

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US tries to persuade shippers to sail Red Sea despite Houthi attacks By Courtney McBride & Daniel Flatley

he US military is trying to reassure shipping companies that a multinational force is making it safe to sail through the Red Sea and Suez Canal even though attacks from Yemen-based Houthi rebels show no sign of stopping. The Pentagon is “engaged with industry on a near-daily basis to gauge needs and provide reassurance that the international community is there to help with safe passage,” Air Force Lieutenant Colonel Bryon McGarry, a Defense Department spokesperson for the Middle East and Africa, said Thursday in an emailed response to questions. So far, that’s not proving enough for most shipping lines to gamble that a drone or missile aimed at their vessels won’t be one that gets past the defenses. “It will take a little while for shippers to get a sense about the security situation,” said Mark Cancian, a retired Marine officer and senior adviser with the Center for Strategic and International Studies in Washington. “If it turns out that the US and the coalition can maintain safe passage, then I think they’ll come back. But right now they really can’t be sure.” Cancian said in an interview that some shippers will remain “more risk-averse than others. Ones that have connections with Israel might be more reticent.” The Houthis, who are backed by Iran, have said they’re targeting ships linked to Israel to show support for Palestinians, though ships without direct links to Israel also have been singled out. Half of the container-ship fleet that regularly transits the Red Sea and Suez Canal is avoiding the route now because of the threat of attacks, according to new industry data. Many tankers and container ships are resorting to the longer—and costlier— route around the southern tip of Africa, which may lead to higher prices for oil and a variety of consumer goods. A.P. Moller-Maersk A/S, the world’s No. 2 container line, said it’s preparing to resume Red Sea passages “as soon as operationally possible.” But even Maersk has cautioned that “the overall risk is not eliminated in the area,” and the company said it would “not hesitate” to re-evaluate the safety situation for its vessels and employees. Gene Moran, a defense analyst and retired Navy captain, once commanded the USS Laboon, the destroyer that shot down four drones in the Red Sea Saturday. From his perspective, the shipping companies are still looking for the American-led coalition to do more. “This method doesn’t appear to address the cause of the threat,” Moran said in an interview. “The

L’Oreal . . .

continued from A10

gods—and is known for playing piano for hours every day.

Stock rebound

AS an only child, Bettencourt Meyers came into her wealth following the 2017 death of her mother, Liliane Bettencourt, with whom she had an at times contentious relationship. A legal battle in the aughts grew from a family feud to a political scandal that centered on whether the elderly mother was fit to manage the family’s wealth. Last month, Netflix Inc. came out with a three-part documentary, L’Affaire Bettencourt, relating the saga that featured a former French president and secret recordings made by a butler. L’Oréal grew rapidly in the decade leading up to the pandemic but took a hit during the health crisis when people under lockdown used less makeup. That was followed by a rapid rebound as consumers splurged on luxury items, sending the shares up

Half of the container-ship fleet that regularly transits the Red Sea and Suez Canal is avoiding the route now because of the threat of attacks, according to new industry data. Many tankers and container ships are resorting to the longer—and costlier— route around the southern tip of Africa, which may lead to higher prices for oil and a variety of consumer goods. Houthis are able to operate from the uncontrolled portions of Yemen. Something will need to be done about that. We seem to be moving very gingerly when the conditions seem to call for a more forceful response.” But the Biden administration has been reluctant to take action that could turn Israel’s war against Hamas in the Gaza Strip—which began after that group’s October 7 assault on Israel—into a broader regional conflict. Shipping companies may share that concern. “If the United States were to start shooting at Houthi camps, that would arguably increase the risk, not decrease it,” Cancian said. “So I don’t think the shippers are particularly anxious to start that.” The Pentagon has said the Red Sea security initiative it’s leading — named Operation Prosperity Guardian—brings together forces from the UK, Bahrain, Canada, France, Italy, the Netherlands, Norway, the Seychelles, Spain, Australia and Greece as well as some other nations that don’t want to be named. Yet the military hasn’t spelled out details of how it will operate. Major General Pat Ryder, the Pentagon press secretary, said earlier this month that the coalition will function as a “highway patrol” in the sea. Moran said that the mixed nature of the threat, which includes potential attacks from drones, missiles and small boats, makes it more challenging to respond because not all the ships participating in the force will have the same capabilities as the US ships. For now, the operation will continue indefinitely. “We are not putting a timeline on this operation,” said McGarry, the Pentagon spokesperson. “We’ll stand firm with our partners in the region for as long as it takes until the threat to international shipping in these waterways has ceased.” Bloomberg 35% this year. The company’s stock could rise another 12% over the next year as its product and geographic diversity shows resilience, according to Consumer Edge Research analyst Brett Cooper. Bettencourt Meyers also chairs her family’s holding company, Téthys, which has the L’Oréal stake. Her husband, Jean-Pierre Meyers, is chief executive. In 2016, the two set up subsidiary Téthys Invest SAS, which bets on areas that don’t compete with the company. With the stated intention of making “direct long-term investments in entrepreneurial projects,” the CEO of Téthys Invest is Alexandre Benais, a former Lazard Ltd. investment banker. Téthys Invest recently acquired a stake in French insurance broker April Group. Last year, it bought into decade-old fashion brand Sezane, and has also invested in French private hospital operator Elsan. The firm is partly funded by L’Oréal dividends. With assistance from Angelina Rascouet and Jack Witzig / Bloomberg

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Monday-Tuesday, January 1-2, 2024 A11

Everything Wall Street got wrong in 2023 By Alexandra Semenova, Sagarika Jaisinghani, Liz Capo McCormick & Selcuk Gokoluk

ll across Wall Street, on equities desks and bond desks, at giant firms and niche outfits, the mood was glum. Everyone, it seemed, was game-planning for the recession they were convinced was coming. Over at Morgan Stanley, Mike Wilson, the bearish stock strategist who was rapidly becoming a market darling, was predicting the S&P 50O Index was about to tumble. A few blocks away at Bank of America, Meghan Swiber and her colleagues were telling clients to prepare for a plunge in Treasury bond yields. And at Goldman Sachs, strategists including Kamakshya Trivedi were talking up Chinese assets as the economy there finally roared back from Covid lockdowns. Blended together, these three calls—sell US stocks, buy Treasuries, buy Chinese stocks—formed the consensus view on Wall Street. And, once again, the consensus was dead wrong. What was supposed to go up went down, or listed sideways, and what was supposed to go down went up—and up and up. The S&P 500 climbed more than 20 percent and the Nasdaq 100 soared over 50 percent, the biggest annual gain since the go-go days of the dotcom boom. It’s a testament in large part to the way the economic forces unleashed in the pandemic—primarily, booming consumer demand that fueled both growth and inflation—continue to bewilder the best and brightest in finance and, for that matter, in policy making circles in Washington and abroad. And it puts the sell side—as the high-profile analysts are known to all on Wall Street—in a very uncomfortable position with investors across the world who pay for their opinions and advice. “I’ve never seen the consensus as wrong as it was in 2023,” said Andrew Pease, the chief investment strategist at Russell Investments, which oversees around $290 billion in assets. “When I look at the sell side, everyone got burned.” Money managers at shops like Russell came out looking alright this year, generating returns in stocks and bonds that are slightly higher on average than the gains in benchmark indexes. But Pease, to be clear, didn’t fare much better with his forecasts than the stars on the sell side. The root of his mistake was the same as theirs: a nagging sense that the US— and much of the rest of the world— were about to sink into a recession. This was logical enough. The Federal Reserve was in the midst of its most aggressive interest-rate-hiking campaign in decades and spending

by consumers and companies seemed sure to buckle. There have been few signs of that so far, though. In fact, growth actually quickened this year as inflation receded. Throw into the mix a couple of breakthroughs in artificial intelligence—the hot new thing in the world of tech—and you had the perfect cocktail for a bull market for stocks. The year started with a bang. The S&P 500 jumped 6 percent in January alone. By mid-year, it was up 16 percent, and then, when the inflation slowdown fueled rampant speculation the Fed would soon start reversing its rate hikes, the rally quickened anew in November, propelling the S&P 500 to within spitting distance of a record high. Through it all, Wilson, Morgan Stanley’s chief US equity strategist, was unmoved. He had correctly predicted the 2022 stock-market rout that few others saw coming—a call that helped make him the top-ranked portfolio strategist for two straight years in Institutional Investor surveys—and he was sticking to that pessimistic view. In early 2023, he said, stocks would fall so sharply that, even with a second-half rebound, they’d end up basically unchanged. He suddenly had plenty of company, too. Last year’s selloff, sparked by the rate hikes, spooked strategists. By early that December, they were predicting that equity prices would drop again in the year ahead, according to the average estimate of those surveyed by Bloomberg. That kind of bearish consensus hadn’t been seen in at least 23 years. Even Marko Kolanovic, the JPMorgan Chase strategist who had insisted through much of 2022 that stocks were on the cusp of a rebound, had capitulated. (That dour sentiment has extended into next year, with the average forecast calling for almost no gains in the S&P 500.) It was Wilson, though, who became the public face of the bears, convinced that a 2008-type crash in corporate earnings was on the horizon. While traders were betting that cooling inflation would be good for stocks, Wilson warned of the opposite—saying it would erode companies’ profit margins just as the economy slowed. In January, he said even the downbeat Wall Street consensus was too sanguine and predicted the

When the Fed held rates steady for a second straight meeting on November 1, however, it set off a furious rally in both stocks and bonds. The advances accelerated this month after policymakers indicated that they’re finally done hiking, prompting traders to anticipate several rate cuts next year.

S&P could drop more than 20 percent before finally snapping back. A month later, he warned clients the market’s risk-reward dynamic “is as poor as it’s been at any time during this bear market.” And in May, with the S&P up nearly 10 percent on the year, he urged investors not to be duped: “This is what bear markets do: they’re designed to fool you, confuse you, make you do things you don’t want to do.” Wilson declined requests to be interviewed for this story. Similar resolve had taken hold among bond mavens. Yields on Treasuries surged in 2022 as the Fed put an end to its near-zero interest-rate policy, pushing up the cost of consumer and business loans. It was all happening so fast, the thinking went, that something was bound to break in the economy, driving it into recession. And when it did, bonds would rally as investors rushed into haven assets and the Fed came to the rescue by reopening the monetary spigot. So Swiber and her colleagues on BofA’s rate-strategy team— like the vast majority of forecasters—predicted solid gains for bond investors who had just been dealt their worst annual loss in decades. The bank was among a handful of firms calling for the yield on the benchmark 10-year note to drop all the way to 3.25 percent by the end of 2023. For a moment, it looked like that was about to happen. Something indeed broke: Silicon Valley Bank and a few other lenders collapsed in March after suffering massive losses on fixed-income investments—a consequence of the Fed’s rate hikes—and investors braced for an escalating crisis that would throttle the economy. Stocks swooned and Treasuries rallied, driving the 10-year yield down to BofA’s target. “The thought was that this would be a tailwind to this view for a harder landing,” Swiber said. But the panic didn’t last long. The Fed managed to quickly contain the crisis, and yields resumed their steady climb through the summer and early fall as economic growth re-accelerated. A late-year rebound in Treasuries pushed the yield on the 10-year note back down to 3.8 percent, just about the same level it

was at a year ago. Swiber said the year has been humbling, not just for her but “for forecasters across the board.” At the same time, Wall Street was being handed another humbling in markets overseas. Chinese stocks gained during the last two months of 2022 as the government ended its strict Covid controls. With its economy unleashed, strategists at Goldman, JPMorgan and elsewhere were predicting China would help propel a rebound in emerging-market stocks. Goldman’s Trivedi, the head of global currency, rates and emergingmarkets strategy in London, concedes things haven’t gone as expected. The world’s second biggest economy has faltered as a real-estate crisis deepened and fears of deflation grew. And rather than pile in, investors pulled out, sending Chinese stocks tumbling and dragging down returns on emerging-market indexes. “The boost from reopening faded very quickly,” Trivedi said. “The net positive effect from reopening was smaller and you did not see the same kind of growth rebound that you had in other parts of the world.” Meanwhile, the US equity market continued to defy naysayers. By July, Morgan Stanley’s Wilson acknowledged he’d remained pessimistic for too long, saying “we were wrong” in failing to see that stock valuations would climb as inflation receded and companies cut costs. Even so, he was still pessimistic about corporate earnings, and later said a fourth-quarter stock rally was unlikely. When the Fed held rates steady for a second straight meeting on Nov. 1, however, it set off a furious rally in both stocks and bonds. The advances accelerated this month after policymakers indicated that they’re finally done hiking, prompting traders to anticipate several rate cuts next year. Markets have repeatedly erred in expecting such a sharp pivot in the past couple years, and they could be doing so again. For some on Wall Street’s sellside, doubts are creeping in. At TD Securities, Gennadiy Goldberg, now the head of US rates strategy, said he and his colleagues “did some soul searching” as the year wound down. TD was among the firms predicting solid 2023 bond gains. “It’s important to learn from what you got wrong.” What did he learn? That the economy is far stronger and far better positioned to cope with higher interest rates than he had thought. And yet, he remains convinced that a recession looms. It will hit in 2024, he says, and when it does, bonds will rally. With assistance from Ye Xie, Sujata Rao-Coverley and Matt Turner / Bloomberg

Putin forced to relocate ships in Crimea after Ukraine strikes By Bloomberg News

ussia has based its Black Sea fleet in Crimea for 240 years. Now President Vladimir Putin is at risk of losing the flagship naval hub as Ukraine steps up attacks in the occupied peninsula.

The assaults have forced Russia to move its ships further from harm’s way, almost a decade after Putin annexed Crimea with the goal of preserving the fleet’s presence there as Kyiv drew closer to the US and Europe. “No Crimean port is safe any more for Russian warships,” said Ruslan Pukhov, director of the Centre for Analysis of Strategies and Technologies in Moscow. Ukraine has “basically ejected the fleet from Crimea.” Its latest attack by a cruise missile claimed a large Russian landing ship at the eastern Crimean port of Feodosia on Tuesday. In all, Russia has lost at least 20 vessels including warships, a submarine and landing craft since Putin ordered the full-scale invasion of Ukraine in February 2022, according to the Ukrainian Armed Forces and independent assessments by the open-source intelligence outlet Oryx. The breakthrough in Crimea provides Ukraine with some good news

after its much-anticipated counteroffensive on land failed to oust Russian forces from occupied territory in the country’s east and south. Political disputes in the US and the European Union are holding up more than $110 billion of financial and military aid to Ukraine, casting doubt on allied support to Kyiv as the war approaches two years with no end in sight. To be sure, while the attacks have increased pressure on Russian defenses in the peninsula as well as on supply lines to its troops in occupied southern Ukraine, they’re likely to have limited impact on battlefield developments with the fighting on land largely at a stalemate. Yet Ukraine’s success at sea is all the more notable because it lacks its own warships. Instead, it’s challenging Russia’s naval supremacy using missiles and unmanned maritime drones. The Ukrainian attacks forced Russia to adopt “a more permanent

basing pattern along the eastern Black Sea coast as it transfers assets away from Crimea,” the Washingtonbased Institute for the Study of War said in a report. Supplies of British Storm Shadow and French Scalp cruise missiles have helped Ukraine tip the balance in its favor, enabling it to evade air defenses to conduct accurate strikes on Russian targets. The raids have proved so effective that they’ve helped Ukraine to break the Kremlin’s efforts to block its grain exports through the Black Sea after Moscow in July abandoned a deal brokered by the United Nations and Turkey that had ensured safe passage for ships. Ukraine shipped 10 million tons of commodities, mostly grains, through the passage since August. Russia’s fleet “is no longer able to operate in the western part of the Black Sea,” Ukrainian President Volodymyr Zelenskiy said October 24, calling it a “historic achievement” for his country. While Ukrainian forces haven’t yet established full fire control over Crimea and its waters, “we will. It’s just a matter of time,” he said. Ukraine’s navy reported Thursday that six Russian military ships

were operating in the Black Sea, though it also accused Moscow of switching off vessels’ location transponders. The sinking of Russia’s flagship Moskva missile cruiser in April last year was the most high-profile loss. Ukraine said its Neptune missiles attacked the ship, which sank after a fire broke out. Russia claimed at the time that the ship sunk in a storm, though video on social media contradicted this explanation. The Kerch Strait Bridge linking Russia to Crimea and used to resupply Moscow’s forces has been attacked twice, in October last year and in July. In September, Ukraine hit another shipyard on Crimea’s western coast, affecting two navy vessels. It fired cruise missiles into Russia’s Black Sea fleet headquarters in Crimea’s Sevastopol in September, causing extensive damage and prompting Russia to relocate vessels to other ports including Feodosia and Novorossiysk. Russia hasn’t commented on the location of its Black Sea fleet, though satellite images indicated vessels likely moved from Sevastopol following the strike on the headquarters. With assistance from Gina Turner / Bloomberg

A20 Monday-Tuesday, January1-2, 2024 A12

MARCOS’ FLAGSHIP HOUSING UNDERWAY–PALACE AIDE By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

AVAO CITY—The flagship housing program of President Ferdinand Marcos Jr. is underway in the Davao Region despite the delays, a Presidential aide here has said. Secretary Leo Abellera Magno, the Presidential Assistant for Eastern Mindanao, said he was bullish that the Marcos’s Pambansang Pabahay para sa Pamilyang Pilipino (4PH), in Davao Region would be implemented soon. He said proposals were currently being reviewed as the Department of Human Settlements and Urban Development (DHSUD) has also identified three areas owned by the City of Davao. He said he recently met with DHSUD and disclosed that it was finalizing the proposals and design “so they can coordinate it with the City Government of Davao.” “The developers will look into the site and they would submit the proposal to Mayor Sebastian Duterte. It is the LGU that will decide if the design is correct and if it can be presented to Dabawenyos,” Magno said. “We are really hoping that proposals and designs will be completed by the different de-

velopers this year or at least in early January,” Magno said as he hoped that “the much anticipated housing program will be implemented next year.” The identified 4PH housing sites in Davao City were in the areas of Lasang, Talomo, and Langub. He said the DHSUD also suggested to have several other areas in downtown Davao City. Magno said the Office of the Presidential Assistant for Eastern Mindanao was assigned to coordinate the 4PH program in the region. President Marcos Jr. adopted the 4PH as his flagship program on housing to address the 6-million housing backlog in the country. Magno’s office announced in February this year that the program has a target of constructing one million houses per year for indigent families in the eastern part of Mindanao. Magno said Davao City has an identified backlog of 180,000 units which 4PH would seek to address. “What we are praying, my office and the DHSUD, is that the project will start so that the people will see that the government is serious about implementing the housing project,” he said. He added that if the people see the construction of the housing projects, they would be convinced to avail themselves of the housing units.

‘Tough biz climate in PHL a hurdle in copying China’

By Andrea E. San Juan @andreasanjuan

UJIAN, China—Manila should review its “restrictive” laws and focus on unlocking the country’s potential in the aquaculture and agriculture sectors in order to be more competitive within the Asia-Pacific region, according to a board member of the Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII). A board member of the FFCCCII, a major organization of FilipinoChinese businesses in the Philippines, told the BusinessMirror at a recent trade delegation held in Fujian, China, that it would be difficult to “replicate” the industrialization strategy of China because of the tough business environment in the Philippines. “I don’t think this kind of industry, what you have seen can be done, replicated in the Philippines because getting your permits alone will take maybe 10 years as a lot of laws are restrictive, you cannot expand,” the FFCCCII member, who preferred not to reveal his identity, told the BusinessMirror. Asked on the specific laws that lawmakers should look into, the representative of the chamber said, “We have [local government

units] LGUs, the departments, the bureaus. There are so many restrictions and sometimes they are in conflict with each other,” he noted. Citing an instance, the FFCCCII member said, “In the daily commodities we use in our country in the Philippines … to manufacture that, because of [so much] red tape, this adds up [to the cost.]” Moreover, he said “Importation is hard, our traffic is bad, our infrastructure is bad. That also adds up to the cost because imagine, trucking from anywhere...it costs money.” With this, the board member of the organization of Filipino-Chinese businesses said the Philippines “should not think of trying to beat them (China) in manufacturing anymore.” Instead, he noted, “Since we’re an agricultural or aquaculture

Members of the Philippine business delegation tour the Qibin Port in Cheng’an Operation Area in Dongshan County in China. ANDREA E. SAN JUAN

country, I think we should promote aqua and agriculture.”

Strong point

THE FFCCCII, who was among the trade delegates, recognized the other participants in the delegation to China as most of them export durians, mangoes, coconuts, among others. He said these exporters are already putting value to these “traditional products.” Hence, he said, “With value added, we get more and this is our strong point.” However, he emphasized that

there is a need to unlock the potential of fisheries since the Philippines has a lot of islands. According to the service brochure distributed by the Zhangzhou Municipal Bureau of Commerce to the participants in the recently held Philippine Economic and Trade Delegation, the State Council of China approved the establishment of the China-Philippines Joint Demonstration Zone for Economic Innovative Development in Zhangzhou City, Fujian Province last January 2023. “With a total planning area of 266.73 square kilometers, the Demonstration Zone will be constructed on the basis of five areas, which comprises Zhao’an Industrial Zone, Dongshan Economic and Technological Development Zone, Zhangzhou China Merchants Economic and Technological Development Zone,” the brochure noted. Zhangzhou Municipal Bureau of Commerce said these areas will “boost” the development of the central urban area as well as various coastal development zones. “It aims to build a spatial layout of ‘one zone, five areas and multiple bases (centers),’ for 5 multinational cooperative industry chains including marine fishery, tropical agriculture, green mining, petrochemical, and timber processing,” the Bureau added. Continued on A2

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday-Tuesday, January 1-2, 2024

PHL companies, regulators play the sustainability catch-up game

By VG Cabuag @villygc

HE term “sustainability” has gone beyond a buzzword status among publicly-listed companies, many of which placed the green where their mouths are: in “green” transactions. Many analysts, however, believe that Philippine firms still have a lot of catching up with their international, even regional, peers, especially in terms of tangible projects. The catch-up is despite the Philippines being one of the top issuers of sustainability bonds. Data showed that as of end September, issued Asean-labeled “green,” “social” and “sustainability” bonds reached $41.33 billion, of which some $10.01 billion, or about 24 percent came from the Philippines. Thailand was the top issuer at 37 percent, followed by Malaysia, which was in far second at 25 percent. The figures for the Philippines exclude a deal last November involving Ayala Corp. (AC), MUFG Bank Ltd. and Sun Life of Canada (Philippines) Inc. for sustainability-linked credit facilities with an aggregate amount of P5 billion. According to AC, the transaction aims to support the conglomerate’s general corporate requirements and investments in sustainability-related projects.

Firms, regulators

MEANWHILE, MSCI ESG Research LLC revised higher its environmental, social, and governance (ESG) rating for Ayala-led Globe Telecom Inc. (PSE: GLO) to “AA” from “A,” the highest rating within the country’s telecommunications industry. The telecommunications firm said it aims to reduce green-house gas emissions by 50 percent by 2030 and achieve net zero emissions by 2050. The telco added it surpassed its target in 2022 by reducing 4.42 percent of its carbon emissions, “as a result of shifting towards renewable

energy, investing in energy-efficient technologies and deploying green solutions across its network.” Despite the seemingly fragmented sustainability efforts in the private sector, regulators ensured they were at front and center of things; managing kinks that may arise in the system since sustainable financing is quite new. The Bangko Sentral ng Pilipinas is considering new incentives to promote sustainable and green project financing in the country as part of its 11-point sustainable central banking strategy. These include a 15-percent increase in the single borrower limit for loans, credit accommodation and guarantees for sustainable projects until the end of 2030, as well as a zero-percent reserve requirement rate for sustainable bonds until December 31, 2025.

Green, blue

THE local Securities and Exchange Commission (SEC), meanwhile, has issued guidelines on the criteria for eligible blue projects and activities for the issuance of blue bonds in the Philippines. The corporate regulator emphasized that projects and activities financed through the issuance of blue bonds must align with specific targets outlined in the United Nations Sustainable Development Goals (SDGs). The regulatory framework for blue bonds must be applied in conjunction with the guidelines for the issuance of Asean “Green Bonds.” The funds raised through blue bonds must be exclusively directed towards supporting new and exist-

ing initiatives that fall within the realm of water management, ocean protection and blue economy development. Fossil-fuel power-generation projects are excluded from eligible blue projects or activities. Projects and activities that substantially threaten ocean health, water resources and other priority environmental areas identified in the SDGs are also excluded. The SEC is also revising sustainability reporting (SR) guidelines for publicly-listed companies, some four years into its implementation. According to the regulator, this is the SEC’s effort to reflect the latest developments in global sustainability frameworks. “In keeping with the commitment to be at the forefront of promoting good corporate governance, and aligned with international best practices, the SEC considers it imperative to keep SR regulations responsive to latest global developments,” SEC Chairman Emilio B. Aquino has said. “The further development of the SR framework in the country contributes to the creation of a green and blue economy, as well as the establishment of sustainable communities.”

Reports required

UNDER the revised guidelines, listed firms will now be mandated to submit sustainability reports in two formats—the “SR Narrative” form and the “Sustainability Report” form. For the SR Narrative, firms are required to submit a narrative report following the format outlined in the SEC Memorandum Circular (MC) 4 (series of 2019), which will be submitted in conjunction with the company’s annual report. Firms will be required to submit their duly answered SuRe Form through the SEC Electronic Filing and Submission Tool. Its template comprises three major sections: sustainability and climate-related opportunities and risks exposures (SCORe); cross-industry standard metrics (CISM); and, industry-specific metrics (ISM). Separate guidelines for ISM,

which largely considered the existing Philippine Standard Industrial Classification (PSIC), will be released at a later time. The SuRe Form aims to elevate the quality of sustainability reporting and ensure the consistency of non-financial information submitted by the firms. The revised guidelines consider the latest global advancements in sustainability reporting frameworks. These are the IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and the IFRS S2 (Climaterelated Disclosures). Both are fully aligned with the recommendations of the Task Force on Climate-related Financial Disclosures.

‘Comply or explain’

THE guidelines recognize the United Nations SDGs, the Global Reporting Initiative, Sustainability Accounting Standards Board, International Integrated Reporting Council and the United Nations Conference on Trade and Development-International Standards of Accounting and Reporting Guidance on Core Indicators, among other widely-adopted frameworks. The SEC institutionalized sustainability reporting among corporations in 2019 through MC 4, which mandated listed firms to submit sustainability reports on a “comply or explain” approach. This allowed the firms to disclose corporate sustainability data, when available, and provide explanations for items where there are none. The adoption of SR across covered entities has been very positive, with an average of 96 percent of listed firms submitting sustainability reports annually, the SEC said. The revised guidelines, which seek to update current rules on sustainability reporting provided under SEC MC 4, were up for public comment on October 4. However, the regulator has yet to issue an update on the status of MC 4. This may be implemented in the coming years as the SEC and other regulators have their hands full on sustainability alone, going into the new year.

PLDT Grp bags 22 ISO certifications T

HE PLDT Group announced having secured a total of 22 Certifications for Business Continuity Management System (ISO 22301:2019) in 2023, highlighting its “commitment to deliver leveled-up and reliable network operations nationwide.” The group’s achievement of these certifications demonstrates their dedication to maintaining a robust Business Continuity Management System that safeguards their operations, employees, and stakeholders, PLDT Head of Enterprise Business Continuity and Resilience Office (BCRO) Oliver Carlos G. Odulio said. ISO 22301:2019, an internationally recognized standard, serves as the gold standard for effective busi-

ness continuity management. “Achieving this certification is no small achievement, and maintaining it over time speaks volumes about an organization’s dedication to a resilient Business Continuity Management System, safeguarding its operations, employees, and stakeholders,” he said. These certifications include new international certifications that specifically cover critical network facilities in the Visayas and Mindanao, bolstering PLDT and Smart’s ability to provide uninterrupted services to customers in these regions. Efren Fonte, Head of Facilities Management for Visayas and Mindanao at Smart, highlighted how these certifications enhance their ca-

pability to maintain facilities during emergencies. “These certifications serve to strengthen the reputation of PLDT and Smart in terms of business continuity: That our partners who rely on us, like our enterprise clients and our subscribers, can truly trust and be confident that our system is working and is reliable at all times, even in times of calamity. They can be confident that we can restore quickly and minimize disruption, so we can return to business as usual as soon as possible,” he said. For his part, PLDT Head for Mindanao Fixed Field Operations Support Buen Bong Crave said these certifications serve as a testament to PLDT and Smart’s reputation in terms of business continuity.

“We put our focus back on the fundamentals, to simplify and streamline our efforts, and to make our work more seamless. And while the process can be daunting at first, we must spread awareness and compliance with the standards to ensure that our products and services are safe, reliable and of good quality,” he said. Collaboration played a vital role in this achievement, according to Analeen See Co, who heads the Business Continuity Analytics and Strategy Division at PLDT and Smart BCRO. “When more people understand the ISO certification process and the benefits of integrating these best practices into our processes, we can foster a culture of resilience throughout the company,” she added. Lorenz S. Marasigan

L’Oreal heir becomes first woman with $100-B fortune

R ANCOISE Bettencourt Meyers became the first woman to amass a $100-billion fortune, marking another milestone for the heiress and for France’s expanding fashion and cosmetics industries. Her wealth jumped to $100.1 billion on December 28, according

to the Bloomberg Billionaires Index. The milestone came as shares of LOréal SA, the beauty products empire founded by her grandfather, rose to a record high, with the stock set for its best year since 1998. Shes the 12th-richest person in the world, just behind Mexicos

Carlos Slim. Despite the gain, Bettencourt Meyers’s fortune is still significantly less than that of French compatriot Bernard Arnault, founder of luxury goods purveyor LVMH Moet Hennessy Louis Vuitton SE, who is second in the global ranking with

$179 billion. France’s growing domination of luxury retail has spawned several other ultra-rich families, including the clan behind Hermes International SCA, who have amassed Europe’s largest family fortune, and the Wertheimer brothers who own Chanel. Bloomberg News

Easier now for firms to meet requirements

HE Securities and Exchange Commission (SEC) said it is making it easier for corporations to comply with their reportorial requirements by integrating certain reportorial requirements with the registration process and providing for the automatic enrollment of newly-registered corporations in the agency’s online submission portal. The agency issued SEC Memorandum Circular (MC) 23 (Series of 2023), providing for the integration of newly-registered corporations’ compliance with MC 28 and MC 1. The latter points to the SEC’s “Electronic Simplified Processing of Application for Registration of Company,” or “eSPARC,” and the regulator’s “Electronic Filing and Submission Tool,” or “eFAST.” MC 28 requires every corporation, association, partnership and person under the SEC’s jurisdiction and supervision to create and designate an official email address and cellphone number. MC 1, meanwhile, provides the “Guidelines in Preventing the Misuse of Corporations for Illicit Activities through Measures Designed to Promote Transparency of Beneficial Ownership.” It requires incorporators to disclose with the SEC the person/s on whose behalf the registration of the corporation was applied for. Nominee incorporators or applications for registration, as well as the nominee directors or trustees and nominee shareholders of the corporation, must likewise disclose to the Commission their respective nominators or principals. The submission of such information forms part of the agency’s efforts to guard against the misuse of the corporate vehicle against money laundering and terrorist financing activities by having access to adequate, accurate, and timely information on beneficial ownership and control of corporations.

“Corporations’ reportorial and other regulatory requirements provide vital information and insights to policymakers, regulators, law enforcers, businesses, investors and other stakeholders,” SEC Chairman Emilio B. Aquino said. “In this light, we are making it easier for corporations to comply with these requirements, as well as for stakeholders to access and use them to inform their decisions and actions,” Aquino added. Starting December 18, new corporations will no longer have to submit separate reports for their official and alternate email addresses and mobile phone numbers required under MC 28, as well as information on their beneficial owners pursuant to MC 1. They shall be required to provide such information during the registration process either through eSPARC or through its subsystem: the “OneDay Submission and E-registration of Companies,” or “OneSEC.” Previously, new corporations were mandated to comply with MC 28 by submitting the applicable form through the online MC 28 Submission Portal within 30 days upon receipt of their certificate of registration, license or authority. They also had to comply with MC 1 separately within 30 days upon receipt of their incorporation papers. Those with pending applications prior to the effectivity of MC 23 may opt to revert their pending applications and resubmit them with their MC 28 and MC 1 compliance. In addition, new corporations shall now be automatically enrolled in eFAST, the agency’s online system for submission of reportorial requirements. New corporations shall be given temporary login credentials for their eFAST company accounts through the email addresses they have provided during the registration process. VG Cabuag

EDC named ‘steward leader’

HE Energy Development Corp. (EDC) announced it achieved international recognition for its “greening legacy” program. According to the geothermal energy producer, it has been named among the Steward Leadership 25 (SL25) by several organizations, including the The Straits Times of Singapore. The list cites projects that “have significantly influenced stakeholders, society, future generations and the environment” across 14 countries in the Asia Pacific region and the Middle East. EDC’s 15-year-old program called “binhi” (seed) aims to restore and safeguard forests within the firm’s geothermal project sites. According to the subsidiary of First Gen Corp., the program “focuses on propagating endangered and threatened Philippine native tree species, contributing to resilient ecosystems and communities.” EDC Corporate Relations and Communications Head Allan V. Barcena was quoted in a statement as saying the firm shares the “honor” with its over-200 partners across the country. “It is our tribute to the forests that we have been nurturing as part of our solution to climate change,” Barcena added. The firm explained the program operates strategically across geothermal sites, covering 10,140 hectares of reforested areas and establishing 200 tree parks and arboreta. The program’s success lies in its multi-sectoral approach, fostering partnerships with forest communities, non-profit organizations, local

government units, and private enterprises, according to the company. Since its inception in December 2008, the program has revived 145 priority Philippine native and threatened tree species, making it the largest private sector-led forest restoration initiative in the Philippines, the firm added. Barcena said they partnered with a “Global Tree Assessment (GTA)” program of the Botanic Gardens Conservation International (BGCI). As the sole Philippine partner in GTA, “Binhi” has contributed to the assessment of 1,470 Philippine endemic and near-endemic tree species, underscoring EDC’s dedication to global conservation efforts, according to the company. The program has made an impact on carbon absorption and energy security, Barcena said. In 2021, forests included in the program absorbed over 1.7 million tonnes of carbon dioxide equivalent, making EDC “the only Philippine company to achieve carbon negativity,” the firm said. Barcena added that this contribution aligns with EDC’s overarching mission of producing clean power, avoiding the use of coal or fossil fuels, and producing over 9,000 gigawatt-hours of renewable energy. He said they see the program becoming a “testament to steward leadership,” emphasizing the company’s responsible use of natural resources. Barcena said the firm plans to expand the program’s influence, creating a “decarbonized and green future not only for the Philippines but for the entire region and the world.” Lorenz S. Marasigan

Companies BusinessMirror

Monday-Tuesday, January 1-2, 2024

PSE STOCK QUOTATIONS

December 29, 2023

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

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

306,455 139,081,936 6,516 127,799,560 438,275 130,195 2,836,476 71,608,702 637,058 2,767,366 17,590 280,325 1,127,460 7,084,822 7,130,160 75,620 216,120 41,210 51,040 3,410 54,400

3,926,228 -9,633,962 2,731,334 6,630,238.50 -77,676 -2,750 -446,901 -361,020 119,620 -3,600 54,400

INDUSTRIAL ACEN CORP 4.35 4.38 4.28 4.38 4.26 4.38 18,181,000 79,003,360 ALSONS CONS 0.54 0.56 0.54 0.54 0.54 0.54 225,000 121,500 ALTERNERGY HLDG 0.77 0.78 0.75 0.79 0.74 0.77 3,007,000 2,297,120 ABOITIZ POWER 37.6 37.8 37.3 37.8 37.3 37.8 694,300 26,182,650 RASLAG 1.2 1.27 1.2 1.29 1.2 1.29 210,000 256,050 BASIC ENERGY 0.176 0.177 0.175 0.178 0.174 0.177 680,000 119,720 FIRST GEN 17.4 17.48 17.08 17.5 17.08 17.4 1,041,800 18,121,398 FIRST PHIL HLDG 62.3 62.5 62.5 62.5 62.5 62.5 16,080 1,005,000 JOLLIVILLE HLDG 4.73 8.96 6.6 8.98 6.6 8.96 37,900 266,554 MERALCO 397.8 399 397.6 399 393.2 399 222,500 88,572,730 MANILA WATER 18.18 18.6 18.42 18.6 18.12 18.6 861,500 15,880,242 PETRON 3.52 3.55 3.49 3.55 3.49 3.55 242,000 851,480 PETROENERGY 4.63 4.95 4.84 5 4.84 4.95 162,000 797,400 PHX PETROLEUM 4.41 4.9 4.8 4.9 4.8 4.9 40,000 195,000 REPOWER ENERGY 6.86 7 6.97 7 6.97 7 129,800 907,864 SEMIRARA MINING 30.25 30.3 29.9 30.4 29.85 30.25 1,621,000 48,803,130 SYNERGY GRID 6.49 6.55 6.39 6.59 6.39 6.55 162,100 1,053,694 SHELL PILIPINAS 10.94 10.96 10.98 10.98 10.78 10.94 342,000 3,733,388 SPC POWER 6.92 7 6.9 7 6.9 7 19,800 137,022 SP NEW ENERGY 1.31 1.32 1.39 1.4 1.29 1.32 50,484,000 66,670,430 AGRINURTURE 0.73 0.75 0.73 0.75 0.7 0.75 11,879,000 8,731,230 AXELUM 2.3 2.41 2.28 2.4 2.26 2.4 179,000 419,740 CNTRL AZUCARERA 10.52 11.5 10.54 11.5 10.54 11.5 6,000 68,424 CENTURY FOOD 30.9 30.95 31.05 31.05 30.2 30.95 1,804,200 55,603,150 DEL MONTE 6.34 6.48 6.52 6.52 6.49 6.49 1,200 7,796 DNL INDUS 6.3 6.31 6.2 6.31 6.17 6.31 1,107,300 6,925,092 EMPERADOR 20.85 20.9 20.8 20.9 20.7 20.85 767,700 15,950,665 SMC FOODANDBEV 51 51.25 49.9 51 49.9 51 67,700 3,424,143.50 FIGARO COFFEE 0.6 0.61 0.61 0.61 0.6 0.6 1,487,000 904,690 FRUITAS HLDG 0.95 0.96 0.97 0.97 0.94 0.96 1,145,000 1,089,600 GINEBRA 167.1 168.7 168 168.7 167 168.7 4,880 816,108 JOLLIBEE 251.4 251.6 249.6 252.2 248.4 251.4 966,280 242,494,470 KEEPERS HLDG 1.43 1.48 1.48 1.48 1.43 1.48 3,142,000 4,508,260 MAXS GROUP 3.27 3.3 3.47 3.47 3.26 3.27 34,000 111,780 MG HLDG 0.085 0.101 0.09 0.101 0.09 0.101 80,000 7,310 MONDE NISSIN 8.36 8.38 8.3 8.39 8.28 8.38 1,691,300 14,166,275 SHAKEYS PIZZA 9.8 9.82 9.8 9.8 9.7 9.8 693,300 6,794,290 ROXAS AND CO 0.45 0.48 0.495 0.495 0.455 0.48 530,000 254,350 RFM CORP 2.99 3 2.99 3 2.99 3 20,000 59,990 ROXAS HLDG 0.48 0.77 0.64 0.77 0.64 0.77 279,000 212,880 UNIV ROBINA 117.5 118.2 116.7 118.5 116.5 118.2 2,247,250 264,768,393 VITARICH 0.5 0.52 0.52 0.52 0.5 0.52 12,000 6,040 CONCRETE B 48 66.8 47.55 67.45 47.55 67.45 360 19,257 CEMEX HLDG 0.9 0.94 0.9 0.95 0.9 0.94 106,000 96,450 EC VULCAN CORP 0.59 0.6 0.6 0.63 0.59 0.6 483,000 288,730 EEI CORP 5.8 5.97 5.78 5.97 5.56 5.97 521,400 3,047,154 MEGAWIDE 3.08 3.09 3.08 3.09 3.08 3.08 139,000 428,500 PHINMA 19.5 20.4 20.3 20.4 20.3 20.4 6,200 125,870 TKC METALS 0.405 0.415 0.415 0.415 0.415 0.415 10,000 4,150 CROWN ASIA 1.52 1.56 1.56 1.56 1.56 1.56 46,000 71,760 LMG CORP 2.49 3.34 2.49 3.48 2.49 3.34 16,000 45,080 MABUHAY VINYL 5.7 5.84 5.7 5.86 5.56 5.86 2,400 13,806 PRYCE CORP 5.2 5.31 5.31 5.31 5.3 5.31 13,400 71,153 CONCEPCION 13.62 14.5 14.5 14.5 14.5 14.5 1,500 21,750 GREENERGY 0.226 0.229 0.23 0.235 0.221 0.229 14,040,000 3,199,960 INTEGRATED MICR 3.13 3.17 3.18 3.18 3.15 3.16 42,000 132,930 IONICS 0.99 1.01 1.02 1.02 0.99 1.01 1,004,000 1,008,840 PANASONIC 4.89 5.65 5.63 5.8 5.63 5.8 3,900 22,110 SFA SEMICON 2.16 2.21 2.19 2.21 2.11 2.21 692,000 1,518,180 CIRTEK HLDG 1.55 1.59 1.57 1.59 1.52 1.59 282,000 442,950

11,441,470 40,500 -107,620 -9,673,340 3,718,390.00 0 5,008,194 3,093,224.00 -4,900 26,065,440 -152,226 -2,352,100 5,322,560.00 1,277,660 -16,660.00 -6,429,460 -2,604 -955,870 -5,674,760 -160,368.50 -30,000 -18,310 686,978 153,148,584 2,122,690 -29,670 -4,232,448 6,789,440 189,400 -57,000 -158,881,765 6,000 49,016 -86,520 -21,750 1,507,100 -63,030 -197,370 2,120 19,040

HOLDING & FRIMS

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL JG SUMMIT KEPPEL HLDG A LODESTAR LT GROUP MABUHAY HLDG PACIFICA HLDG PRIME MEDIA SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER WELLEX INDUS ZEUS HLDG

32.75 129.5 6.89 103.7 30.85 8.09 8.5 51.3 8.5 18.46 54 95 22.5 71.5 50 1.4 2.65 0.6 2.76 170 2,720

0.85 3.01 681 44.6 11.26 11.2 0.45 0.38 0.38 4.62 9.77 5.35 586 38.15 4.43 0.39 8.97 0.112 1.15 2.8 872 102.1 96.1 0.23 0.07

35 130.5 7.25 104.8 30.9 8.11 8.54 51.5 8.85 18.5 55 120 23 72 50.35 1.41 2.66 0.62 2.9 175.4 2,730

0.86 3.72 685 49.5 11.28 11.66 0.465 0.385 0.395 4.8 9.8 5.45 590 39.4 5 0.45 8.98 0.12 1.38 2.87 879.5 111 101.9 0.275 0.071

33 129.1 7 104 30.7 6.84 8.5 51.6 8.61 18.5 55 114.9 22.45 72.7 50 1.4 2.66 0.6 2.74 171 2,720

0.79 2.93 703 50 10.8 11.62 0.45 0.38 0.38 4.78 9.65 5.36 576 40.3 5 0.4 8.98 0.112 1.38 2.87 893 111.5 96.05 0.23 0.071

33.05 130.5 7.27 105 30.9 8.3 8.52 51.85 8.7 18.52 55 120 23 72.7 50.4 1.41 2.7 0.72 2.9 171 2,720

0.85 3.73 703 50.1 11.38 11.7 0.45 0.38 0.38 4.79 9.84 5.36 590 40.5 5 0.465 9 0.112 1.38 2.87 894 111.9 101.9 0.23 0.071

32.5 129.1 7 103.8 30.6 4.92 8.45 51.3 8.5 18.48 53 114.9 22 71.4 49.7 1.4 2.66 0.6 2.74 170 2,720

0.79 2.93 680 44.6 10.8 11.56 0.45 0.38 0.38 4.62 9.65 5.35 571.5 38.15 5 0.4 8.91 0.112 1.38 2.87 872 102.1 96.05 0.23 0.071

32.7 130.5 7.27 103.8 30.85 8.11 8.52 51.3 8.7 18.5 53 120 23 71.5 50.35 1.4 2.66 0.6 2.9 170 2,720

0.85 3.01 681 44.6 11.28 11.66 0.45 0.38 0.38 4.62 9.77 5.35 590 38.15 5 0.465 8.98 0.112 1.38 2.87 872 102.1 101.9 0.23 0.071

9,300 1,067,460 900 1,228,350 14,300 18,600 333,400 1,392,270 73,800 149,600 330 2,350 50,200 98,510 142,000 54,000 81,000 64,000 18,000 20 20

3,217,000 692,000 196,000 865,150 5,679,700 107,400 20,000 500,000 2,520,000 751,000 2,841,600 95,200 195,210 1,327,600 10,000 50,000 1,839,600 10,000 1,000 1,000 362,440 393,200 2,360 30,000 100,000

2,674,410 2,050,360 134,090,120 39,114,321.50 63,797,600 1,250,024 9,000 190,000 957,600 3,507,660 27,712,240 509,322 114,550,870 51,259,405 50,000 21,300 16,520,884 1,120 1,380 2,870 317,142,065 40,329,586 238,553.50 6,900 7,100

PROPERTY

ANCHOR LAND 4.01 5.29 3.6 5.8 3.6 4.01 11,500 64,080 AYALA LAND 34.35 34.45 34.35 34.45 34.1 34.45 5,629,000 193,350,700 AYALA LAND LOG 1.76 1.77 1.79 1.79 1.74 1.77 470,000 829,540 ALTUS PROP 8.96 9.29 9.29 9.29 9.29 9.29 500 4,645 ARANETA PROP 0.96 0.98 0.97 1 0.96 0.98 490,000 481,030 AREIT RT 33.35 33.4 33.25 33.45 33 33.4 375,600 12,492,255 A BROWN 0.62 0.65 0.65 0.65 0.65 0.65 20,000 13,000 CITYLAND DEVT 0.68 0.7 0.68 0.69 0.68 0.69 40,000 27,580 CROWN EQUITIES 0.06 0.067 0.06 0.067 0.06 0.067 20,000 1,270 CEB LANDMASTERS 2.47 2.48 2.48 2.53 2.47 2.47 460,000 1,142,040 CENTURY PROP 0.28 0.285 0.28 0.29 0.275 0.28 1,360,000 378,750 CITICORE RT 2.56 2.57 2.56 2.57 2.56 2.56 1,441,000 3,690,320 DOUBLEDRAGON 7.51 7.6 7.68 7.69 7.5 7.6 119,100 902,926 DDMP RT 1.21 1.22 1.2 1.22 1.19 1.21 2,841,000 3,436,580 DM WENCESLAO 4.87 5.16 4.85 5.24 4.8 5.16 318,800 1,597,017 EMPIRE EAST 0.119 0.126 0.126 0.126 0.119 0.126 4,540,000 549,370 EVER GOTESCO 0.275 0.29 0.285 0.29 0.275 0.29 150,000 42,850 FILINVEST RT 2.57 2.58 2.59 2.63 2.58 2.58 10,752,000 27,981,100 FILINVEST LAND 0.58 0.59 0.57 0.6 0.57 0.59 8,819,000 5,143,020 GLOBAL ESTATE 0.75 0.95 0.8 0.95 0.8 0.95 1,204,000 1,107,210 8990 HLDG 8.52 9.23 8.58 9.23 8.58 9.23 506,000 4,591,922 GOLDEN MV 829 845 821 845 821 844.5 780 658,080 PHIL INFRADEV 0.53 0.55 0.54 0.55 0.54 0.55 95,000 51,350 CITY AND LAND 0.73 0.76 0.76 0.76 0.76 0.76 22,000 16,720 MEGAWORLD 1.96 1.97 1.96 1.98 1.95 1.97 11,961,000 23,522,320 MRC ALLIED 1.28 1.3 1.3 1.34 1.28 1.3 439,000 569,440 MREIT RT 12.3 12.36 12.3 12.46 12.3 12.3 191,600 2,372,564 OMICO CORP 0.228 0.275 0.23 0.275 0.23 0.275 220,000 58,250 PREMIERE RT 1.53 1.54 1.53 1.54 1.53 1.54 183,000 280,110 RL COMM RT 4.88 4.89 4.89 4.9 4.86 4.89 954,000 4,660,680 ROBINSONS LAND 15.86 15.94 15.8 15.94 15.8 15.94 1,588,000 25,282,226 ROCKWELL 1.36 1.41 1.37 1.41 1.37 1.41 21,000 29,250 SHANG PROP 3.65 3.67 3.65 3.67 3.65 3.67 122,000 446,800 STA LUCIA LAND 3.03 3.4 3.4 3.4 3.35 3.4 95,000 322,950 SM PRIME HLDG 32.9 33.15 33.5 33.7 32.9 32.9 13,102,100 432,689,770 SOC RESOURCES 0.355 0.405 0.36 0.36 0.36 0.36 1,190,000 428,400 VISTAMALLS 2.41 2.42 2.41 2.41 2.4 2.41 19,000 45,760 SUNTRUST RESORT 0.75 0.85 0.85 0.85 0.85 0.85 41,000 34,850 VISTA LAND 1.67 1.68 1.66 1.68 1.65 1.68 5,993,000 10,008,140 VISTAREIT RT 1.67 1.69 1.69 1.7 1.66 1.67 120,695,000 203,964,750 SERVICES ABS CBN 4.61 4.62 4.62 4.62 4.6 4.62 213,000 982,390 GMA NETWORK 8.39 8.4 8.32 8.47 8.3 8.4 719,300 6,035,318 GLOBE TELECOM 1,720 1,729 1,715 1,737 1,715 1,720 9,500 16,404,505 PLDT 1,278 1,279 1,283 1,297 1,279 1,279 56,565 72,589,700 APOLLO GLOBAL 0.012 0.013 0.013 0.014 0.013 0.013 135,100,000 1,757,700 CONVERGE 8.38 8.49 8.57 8.65 8.38 8.38 5,906,200 50,454,812 DFNN INC 3.09 3.1 3.09 3.09 3.09 3.09 2,000 6,180 DITO CME HLDG 2.35 2.37 2.37 2.38 2.33 2.35 1,023,000 2,408,900 NOW CORP 1.14 1.15 1.11 1.15 1.11 1.15 367,000 416,810 ASIAN TERMINALS 14.94 15 15.5 15.5 15 15 7,100 106,658 CHELSEA 1.5 1.51 1.48 1.5 1.46 1.5 158,000 234,840 CEBU AIR 32.15 32.5 32.5 32.5 32 32.5 215,900 6,948,945 INTL CONTAINER 241.2 246.8 242 246.8 239 246.8 991,920 242,145,198 LBC EXPRESS 17 18.18 18.24 18.24 18.24 18.24 100 1,824 MACROASIA 4 4.15 4 4.15 3.92 4.15 381,000 1,566,120 METROALLIANCE A 0.395 0.46 0.455 0.455 0.455 0.455 10,000 4,550 PAL HLDG 5.07 5.27 5.3 5.3 5.07 5.07 10,300 53,905 HARBOR STAR 0.73 0.76 0.72 0.76 0.72 0.76 20,000 14,540 BOULEVARD HLDG 0.061 0.062 0.063 0.063 0.061 0.061 20,680,000 1,263,540 DISCOVERY WORLD 1.13 1.4 1.21 1.41 1.21 1.41 61,000 76,330 WATERFRONT 0.375 0.42 0.415 0.415 0.375 0.375 310,000 128,250 CENTRO ESCOLAR 8.02 8.5 8.02 8.5 8.02 8.5 700 5,901 IPEOPLE 7 7.35 7.35 7.35 7.35 7.35 200 1,470 STI HLDG 0.48 0.485 0.485 0.49 0.48 0.485 2,380,000 1,150,100 BELLE CORP 1.17 1.19 1.17 1.17 1.16 1.17 278,000 324,910 BLOOMBERRY 9.8 9.84 9.83 9.9 9.77 9.84 1,802,500 17,676,221 PACIFIC ONLINE 4.94 4.99 4.86 5.2 4.68 4.95 1,325,000 6,592,580 PH RESORTS GRP 0.87 0.89 0.92 0.92 0.87 0.87 2,046,000 1,823,920 PREMIUM LEISURE 0.62 0.63 0.61 0.63 0.6 0.63 9,999,000 6,224,900 DIGIPLUS 7.99 8 7.95 8.13 7.91 8 9,828,500 78,811,729 PHIL RACING 6.39 6.4 6.39 6.4 6.35 6.4 12,000 76,285 PHILWEB 1.69 1.73 1.69 1.73 1.67 1.73 62,000 104,980 ALLDAY 0.156 0.157 0.157 0.157 0.156 0.157 2,610,000 408,040 BERJAYA 6.6 7.51 8 8 7.51 7.51 46,100 368,163 ALLHOME 1.11 1.12 1.12 1.12 1.1 1.12 1,848,000 2,061,650 METRO RETAIL 1.22 1.27 1.27 1.27 1.27 1.27 10,000 12,700 PUREGOLD 26.9 26.95 27.5 27.5 26.5 26.9 598,600 16,084,585 ROBINSONS RTL 39.65 39.9 39.4 39.9 39.4 39.65 72,900 2,891,955 PHIL SEVEN CORP 76 76.2 76.25 76.25 76 76.2 43,230 3,293,465 SSI GROUP 2.23 2.27 2.42 2.42 2.16 2.27 17,525,000 39,055,090 UPSON INTL CORP 1.58 1.6 1.56 1.68 1.56 1.64 28,000 43,900 WILCON DEPOT 20.8 20.9 21.2 21.2 20.55 20.9 1,131,100 23,505,485 APC GROUP 0.216 0.235 0.215 0.235 0.215 0.235 130,000 28,350 MEDILINES 0.305 0.33 0.32 0.335 0.31 0.33 920,000 293,700 PRMIERE HORIZON 0.162 0.166 0.161 0.162 0.161 0.162 1,040,000 167,490 SBS PHIL CORP 4.85 4.9 4.45 4.85 4.19 4.85 403,000 1,844,080 MINING & OIL ATOK 4.7 5.32 4.71 5.32 4.71 5.32 49,000 248,320 APEX MINING 2.99 3 3.02 3.04 2.98 3 8,772,000 26,338,700 ATLAS MINING 3.52 3.53 3.5 3.53 3.5 3.53 198,000 694,590 BENGUET A 4.79 4.87 4.72 4.87 4.72 4.87 132,000 636,940 BENGUET B 4.7 4.91 4.7 4.9 4.7 4.9 60,000 289,870 CENTURY PEAK 3.11 3.48 3.32 3.48 3.13 3.48 4,404,000 15,004,460 FERRONICKEL 2.05 2.06 2.03 2.06 2.03 2.06 325,000 665,020 LEPANTO A 0.08 0.081 0.078 0.08 0.078 0.08 2,730,000 218,350 LEPANTO B 0.078 0.079 0.078 0.078 0.076 0.078 2,370,000 182,820 MANILA MINING A 0.0042 0.0046 0.0044 0.0046 0.0043 0.0046 13,000,000 56,700 MANILA MINING B 0.0043 0.0046 0.0044 0.0044 0.0042 0.0043 11,000,000 46,900 MARCVENTURES 1.07 1.08 1.07 1.08 1.04 1.08 864,000 923,710 NIHAO 0.49 0.64 0.54 0.55 0.54 0.55 130,000 70,500 NICKEL ASIA 5.34 5.48 5.22 5.48 5.12 5.48 3,875,600 20,728,449 ORNTL PENINSULA 0.62 0.63 0.65 0.65 0.61 0.63 428,000 265,010 PX MINING 3.21 3.22 3.23 3.28 3.2 3.21 923,000 2,978,650 ENEX ENERGY 4.9 5.23 4.91 5.25 4.9 4.9 22,700 112,300 ORNTL PETROL A 0.008 0.0081 0.008 0.008 0.008 0.008 33,000,000 264,000 PHILODRILL 0.0076 0.0081 0.0081 0.0081 0.0081 0.0081 1,000,000 8,100 PXP ENERGY 3.95 4 4.05 4.08 3.9 3.95 404,000 1,603,750 PREFFERED HOUSE PREF B 94.5 95 95 95 95 95 1,310 124,450 ACEN PREF B 1,052 1,080 1,080 1,080 1,080 1,080 15 16,200 AC PREF AR 2,472 2,508 2,510 2,510 2,508 2,508 195 489,440 ALCO PREF D 460 500 500 500 500 500 10 5,000 AC PREF B2R 485.6 496 485.4 485.4 485.2 485.2 2,000 970,670 CEB PREF 32.45 32.5 32.5 32.5 32.45 32.45 42,600 1,382,385 DD PREF 93 94.1 93.05 93.05 92.95 93 13,210 1,228,485.50 EEI PREF B 95.3 96.9 96.9 96.9 96.9 96.9 80 7,752 JFC PREF A 950.5 987.5 950.5 950.5 950.5 950.5 70 66,535 JFC PREF B 910 944 942 942 942 942 50 47,100 MWIDE PREF 5 100.1 101.3 101.3 101.3 101.3 101.3 1,000 101,300 PNX PREF 4 215 232.8 203.8 232.8 203.8 232.8 100 21,906 PCOR PREF 3A 970 980 970 970 970 970 2,140 2,075,800 PCOR PREF 3B 978 980 980 980 980 980 350 343,000 PCOR PREF 4C 985 1,000 973 973 973 973 5 4,865 SMC PREF 2F 72.5 72.95 72.5 72.5 72.5 72.5 200 14,500 SMC PREF 2I 70.5 72.85 72.85 72.85 70.5 70.5 26,500 1,915,250 SMC PREF 2J 65.4 67.95 65.25 67.95 65.25 67.95 12,640 831,614 SMC PREF 2K 65.3 68 68 68 68 68 330 22,440 SMC PREF 2N 76.5 77 78 78 76 77 22,350 1,709,775 SMC PREF 2O 78 78.75 78.4 78.7 78 78 17,870 1,401,086

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

TECH WARRANT

-1,318,530 7,881,405 5,505,423 -6,180 87,400 -105,108 -821,845 113,257,164 19,750 22,260 76,330 -4,250 -289,830 -6,229,933.00 86,260.00 547,290 -1,220 12,493,161 1,570 -779,510 328,605 -897,030 -3,012,727.50 -8,357,910 3,320 -17,212,615 -16,100 32,750 -1,579,310 -10,590 9,373,840 -399,110.00 8,320 70,500 11,134,564 18,400 6,680 -225,900 -970,670 -29,400 -

4,600 100,854

0.27

52,250

0.29

0.38 0.75 0.94 0.67 0.057 1.02 0.192

0.39 0.77 0.95 0.68 0.061 1.03 0.218

EXHANGE TRADE FUNDS FIRST METRO ETF

83,224,575.00 1,412,760 349,440 57,000 -24,100 257,731 60,080 -20,300 1,450,400 -3,077,550.00 213,780 1,300 -459,236 727,600 21,521,976 -64,600 -106,129,960 520,120 -

4.2 4.58 4.6 4.6 4.6 4.6 1,000 7.7 8.3 7.62 8.3 7.62 8.3 12,700

SMALL, MEDIUM & EMERGING

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS LFM PROP MERRYMART XURPAS

-31,920 -2,136,100 -19,865,867.50 -9,823,652 -6,996 -2,104,530 3,174,762 69,782,860 1,781,385.00 -80,894 -44,838,565 -18,602,731 216,462 6,900 -

102.5

102.7

0.28

0.265

190,000

0.38 0.395 0.375 0.39 730,000 281,650 0.79 0.79 0.74 0.75 107,000 80,400 1.01 1.01 0.95 0.95 2,523,000 2,468,860 0.69 0.69 0.67 0.69 11,000 7,410 0.06 0.06 0.06 0.06 30,000 1,800 1.01 1.03 1.01 1.03 613,000 623,080 107,140 0.19 0.191 0.19 0.191 100,000 19,020 103 103 102.7 102.7 7,860 808,460 76,127

www.businessmirror.com.ph

Japanese stocks post best yearly gains in a decade

APANESE stocks rounded out their biggest yearly gains in a decade as the weak yen, corporate governance reforms and signs of sustained inflation lured buyers.

The benchmark Topix posted an annual return of 25 percent, and the Nikkei 225 Stock Average rallied 28 percent. That’s the best performance for both gauges since 2013, when aggressive monetary and fiscal easing policies fueled hopes of a turnaround in the third-largest economy. The world-beating indexes ended the year near the highest since 1990, boosted by investors seeking alternatives to Chinese equities and authorities’ push for companies to improve

likely supported the market.” Investors may become even more bullish into 2024 given that the currency remains relatively cheap and corporate earnings have become less susceptible to foreign-exchange fluctuations, though some are cautious about near-term risks given lackluster consumer spending and signs yen weakness may be over. The Topix gained 0.2 percent, while the Nikkei 225 slipped 0.2 percent on Friday, the last trading day of the year. Japan’s equity gains this year have still outpaced peers in Asia. The MSCI Asia-Pacific Index rose less than 9 percent as investors fretted about a slowdown in Chinese growth, as well as lingering geopolitical tensions, regulatory risks and fears of state meddling in the world’s No. 2 economy.

value. The slump in Japan’s currency helped boost profits of exporters such as carmakers. Warren Buffett’s renewed endorsement drove trading houses’ shares to record highs. “Japan’s stock rally this year is really quite meaningful,” said Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank Ltd. “It’s a sign that we’re finally returning to a normal situation, a non-deflationary environment where the Bank of Japan’s monetary policy easing has

STOCK-MARKET OUTLOOK

MUTUAL FUNDS

Share prices fell as investors became profit takers during the three-day trading week. The benchmark Philippine Stock Exchange index shed 50.96 points to close at 6,450.04 points. The main index was down almost throughout the week, except on Thursday when it gained 56.31 points. For the year, the main index was down by 116.35 points or more than 1 percent. Volume of trade was still anemic, averaging only at P3.25 billion. Average for the year reached P4.83 billion. Foreign investors were net buyers at P335.82 million. For the entire year, however, foreigners were net sellers at P53.66 billion, and accounts for some 44 percent of all the trades. All other sub-indices ended mixed, with the broader All Shares index fell 2.71 points to close at 3,424.59, the Financials index rose 5.67 to 1,738.88, the Industrial index increased 159.34 to 9,075.91, the Holding Firms index plunged 261.59 to 6,106, the Property index added 4.79 to 2,854.94, the Services index climbed 19.51 to 1,604.99 and the Mining and Oil index surged 457.69 to 10,000.43. For the week, gainers outnumbered losers 131 to 81 and 29 shares were unchanged. Top gainers were Jolliville Holdings Corp., Discovery World Corp., Global-Estate Resorts Inc., Roxas Holdings Inc., Concrete Aggregates Corp. B, NiHAO Mineral Resources International Inc. and SBS Philippines Corp. Top losers, meanwhile, were Anchor Land Holdings Inc., Easycall Communications Philippines Inc., First Abacus Financial Holdings Corp., Aboitiz Equity Ventures Inc., San Miguel Corp., Wellex Industries Inc. and Metro Alliance Holdings and Equities Corp. A.

This week

Share prices may go up for the first trading week of 2024 as traditionally markets open the year on a strong note. It will be a four-day trading week as January 1 is a public holiday for the New Year celebrations. Online broker 2TradeAsia, said the market may open the first week on a potentially volatile note given the release of key macroeconomic data such as the US jobs data, purchasing managers’ index (PMI) and local inflation for December. The Bangko Sentral ng Pilipinas projects around the range of 3.6 percent to 4.4 percent for December inflation, up from the previous month’s 4.1 percent. “The slight uptick can be owed to seasonally elevated consumption plus broadly higher shelf prices during the month, the overall trend is still lax relative to the first half of the year. Recall that year-to-date inflation is around 6 percent. Expect some upward momentum heading into 2024,” the broker said. Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said based on the BSP’s latest hints on its policy outlook, interest rates may remain at high levels for a while as they try to keep inflation expectations anchored. “This in turn is expected to keep the demand-side price pressures in check which in turn would help in bringing our overall inflation to the government’s range target. The high interest rates however are expected to weigh on our economic growth. Hence, if we do not see help from other economic factors such as remittances and foreign investments, then economic growth may further slow down. Government spending is also seen to help but could be limited amid its pursuit of fiscal consolidation,” Tantiangco said. 2TradeAsia said by New Year, the PSEi will trade at 12 to 13 times forward earnings, and its underperformance relative to regional peers of 15-16 times only underscore the gap in value potential. “2023 has been a year of financial aberrations: record-level rate increases, global bank crises, arguably the best year of bonds, crypto resurgence, renaissance of tech stocks, major disruption in Al (artificial intelligence), among others. 2024 is looking to be more lenient, given current data--hold fast to the ropes and stay true to the course,” it said. Immediate support for the main index is seen at 6,400 points, resistance at 6,600 points.

December 29, 2023

Last week

This year’s rally is the best since the Topix jumped 51 percent in 2013 on optimism that Prime Minister Shinzo Abe’s policies, dubbed Abenomics, would give a much-needed jolt to the economy. Those hopes faded in the ensuing years, especially as the Covid-19 pandemic stymied Abe’s goal of ending deflation. Now though, there are finally signs of sustainable inflation, which has been above the central bank’s 2 percent target for more than a year and half. Financial stocks in particular have been beneficiaries of optimism banks’ lending margins will improve. The sector has outperformed the broader Topix since the BOJ’s shock move to loosen its hold on yields just over a year ago fueled bets of an end to the world’s last negative interestrate regime. Bloomberg News

NAV

One Year Three Year

Five Year

per share Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

212.79

2.28%

-2.1%

-3.33%

-0.24%

1.4617

9.81%

3.75%

0.49%

1.82%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.9778

2.34%

-1.63%

-5.28%

Climbs Share Capital Equity Investment Fund Corp. -a 0.6971

1.01%

-4.52%

-4.79% n.a

First Metro Consumer Fund, Inc. -a

-5.48%

-5.31% n.a

-3.45%

-1.86%

-2.4%

0.26%

ATRAM Alpha Opportunity Fund, Inc. -a

0.6262

-3.29%

First Metro Save and Learn Equity Fund, Inc. -a 4.66240.52%

2.05%

-0.14%

8.74% -2.06%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6967-0.68% -2.82% n.a n.a MBG Equity Investment Fund, Inc. -a

84.86

13.06%

-5.55%

-6.38% n.a

PAMI Equity Index Fund, Inc. -a 43.3798

0.42%

-2.45%

-2.54% n.a

0.44%

452.01

1.89%

-2.53%

-2.58%

-0.16%

1.72%

Philequity Dividend Yield Fund, Inc. -a

1.2063

3.48%

1.24%

-0.81% n.a

2.66%

Philequity Fund, Inc. -a

2.09%

-0.63%

-1.54%

1.64%

1.97%

Philequity MSCI Philippine Index Fund, Inc. -a 0.87593.38%

-1.26% n.a n.a

3.19%

Philequity PSE Index Fund, Inc. -a

4.5587

1.39%

-1.57%

-1.71%

1.47%

1.4%

Philippine Stock Index Fund Corp. -a

758.51

1.27%

-1.75%

-1.79%

1.5%

1.28%

Soldivo Strategic Growth Fund, Inc. -a

0.691

2.95%

-1.3%

-4.3% n.a

2.51%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.3865

-0.26%

0.63%

-2.2%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8602 0.96%

-2.06%

-2.1% n.a

United Fund, Inc. -a

0.82%

0.6%

3.1126

0.6%

-2.09%

-2.32%

-0.63%

12.67%

Philam Strategic Growth Fund, Inc. -a 33.9525

2.15% -0.31%

-3.58%

0.39% 0.97%

Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.06670.99% n.a n.a n.a

0.99%

COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 1.0097 n.a n.a n.a n.a n.a Philequity Alpha One Fund, Inc. -a

1.0167

-2.15%

-2.04% n.a n.a

-2.84%

Philippine Stock Index Fund Corp. -a

920.76

1.22% n.a n.a n.a

1.23%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c103.02121.87% -1.35%

-1.48%

2.18%

1.88%

Primarily invested in foreign currency securities (shares) AsiaPlus Equity Fund, Inc. -b $0.8102

-5.51%

-11.92%

-2.63%

-1.62%

-4.91%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.6595

16.69%

-0.2%

8.76% n.a

ATRAM 16.54%

Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.5295

2.89%

-2.81%

-1.55%

-1.27%

3.02%

ATRAM Philippine Balanced Fund, Inc. -a 2.2352

6.7%

-0.65%

0.23%

0.64%

6.17%

First Metro Save and Learn Balanced Fund, Inc. -a 2.5078

0.26%

-1.49%

-0.27%

-0.63%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1904

-0.78%

-1.35% n.a n.a

0.1%

-1.6% NCM Mutual Fund of the Phils., Inc. -a

1.9439

-0.15%

-0.34%

1.05%

1.73%

PAMI Horizon Fund, Inc. -a

3.5791

4.07%

-1.83%

0.24%

0.95%

4.04%

Philam Fund, Inc. -a

15.6591

3.57%

-2.54%

-0.32%

Solidaritas Fund, Inc. -a

2.0397

2.67%

-0.85%

0.58%

3.02%

3.43%

-0.31%

1.28%

2.67%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4212

2.85%

-1.35%

-1.31%

0.16%

Sun Life Prosperity Dynamic Fund, Inc. -a 0.9077

0.76%

-0.29% n.a

3.28%

3.44%

2.75%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.9435 3.1%

-2.61% n.a n.a

3.09%

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.85382.2%

-3.41% n.a n.a

2.18%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.83251.28%

-3.67% n.a n.a

1.22%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03325

2.59%

-5.29%

-1.13%

0.25%

PAMI Asia Balanced Fund, Inc. -b$0.9037

-7.52%

-0.47%

-0.9%

7.58%

0.31%

2.62%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2887

11.47%

-1.6%

5.41%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0414

-3.64%

1.79% n.a

2.98%

11.51% 7.18%

Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 390.53

3.39%

1.72%

2.61%

2.23%

3.31%

ATRAM Corporate Bond Fund, Inc. -a

1.9088

1.79%

0.15%

0.55%

0.03%

1.81%

Cocolife Fixed Income Fund, Inc. -a

3.3268

3.58%

1.16%

2.29%

3.76%

3.67%

Ekklesia Mutual Fund, Inc. -a 2.2865

4.97%

4.63%

-0.14%

1.43%

1.39%

First Metro Save and Learn Fixed Income Fund, Inc. -a 2.459

2.82%

0.09%

2.17%

Philam Bond Fund, Inc. -a

-2.41%

1.89%

0.91%

3.98%

4.3048

3.53%

1.23%

Philam Managed Income Fund, Inc. -a

1.3741

4.11%

1.32%

3.07%

1.78%

4.14%

Philequity Peso Bond Fund, Inc. -a

4.0375

4.33%

0.31%

2.82%

1.64%

4.36%

3.2%

0.26%

3.3% n.a

3.27%

Soldivo Bond Fund, Inc. -a

1.0498

Sun Life of Canada Prosperity Bond Fund, Inc. -a

3.315

5.24%

1.18%

3.7%

2.2%

Sun Life Prosperity GS Fund, Inc. -a

4.32%

0.32%

2.85%

1.53%

4.43%

1.7708

2.84%

5.38%

Corporate Debt Vehicle (units) ATRAM Unitized Corporate Debt Vehicle, Inc. -a,3

1.0071 n.a n.a n.a n.a n.a

Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $495.22

3.18%

0.78%

2.01%

2.54%

3.15%

ALFM Euro Bond Fund, Inc. -a Є214.03

2.07%

-0.78%

0.13%

0.85%

2.08%

ATRAM Total Return Dollar Bond Fund, Inc. -b$1.04133.02%

-6.66%

-1.54%

0.16%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0248

4.2%

-2.31%

-0.08% n.a

PAMI Global Bond Fund, Inc. -b$0.8563

-1.18%

-3.7%

-3.03%

-4.86%

Philam Dollar Bond Fund, Inc. -a

$2.3197

-7.81%

3.16%

6.4%

-2.9%

1.33%

6.41%

1.59%

-0.8%

1.34%

1.6%

2.05%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.837

3.99%

-4.16%

-0.24%

0.71%

Philequity Dollar Income Fund, Inc. -a $0.0609211

4.64%

4.24%

Money Market Funds Primarily invested in Peso securities (shares)

Stock picks

Broker Regina Capital Development Corp. advised to take profits on the stock of Jollibee Foods Corp. as it price appears to have already reached its peak as shares continue to trade just shy of the P250 levels. “JFC is likely to remain at these levels before dropping to a lower range. MACD histograms have lost the buying momentum as these switch between low buying or selling pressure. Investors with positions in JFC might want to consider taking profits,” it said. Jollibee’s share price closed Friday at P251.40. Meanwhile, the broker advised to sell on rallies on the stock of Bank of the Philippine Islands, as it shows little movement with the stock showing a slight upward trend. The stock is trading at above its 50-day moving average and below its 100-day moving average. “Histograms are slightly bullish, while RSI (relative strength index) levels are neutral at 53.30. ATR (average of true range) is low and pointing downwards, suggesting low volatility for BPI,” the broker said. BPI shares were last traded last week closing at P103.80 apiece. VG Cabuag

ALFM Money Market Fund, Inc. -a 136.85

2.69%

1.78%

2.52%

2.04%

2.7%

First Metro Save and Learn Money Market Fund, Inc. -a 1.1083 3.26%

1.88% n.a n.a

Sun Life Prosperity Peso Starter Fund, Inc. -a 1.37542.79%

2.45%

1.99%

2.02%

3.23%

2.76%

Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.56

4.1% n.a n.a n.a

4.07%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0971

2.55%

1.4%

1.56% n.a

2.61%

Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 43.48730.14% n.a n.a n.a Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.4688

18.42%

1.89%

9.65% n.a n.a

19.21% Sun Life Prosperity World Income Fund, Inc. -a,1

0.9999 n.a n.a n.a n.a n.a

Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.80811.52%

-6.23% n.a n.a

2.29%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. 1 - Launch date is August 22, 2023.

2 - Launch date is October 6, 2023.

c - Listed in the PSE.

3 - Launch date is May 25, 2023.

“While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

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

www.news.businessmirror@gmail.com

Banking&Finance

Costs of carbon taxation outweigh benefits–study By Jovee Marie N. dela Cruz @joveemarie

HE Congressional Policy and Budget Research Department (CPBRD) said the costs of implementing carbon taxation in the Philippines far outweigh its potential benefits, saying the country’s economy is “wholly incapable” of efficiently and painlessly transitioning to a low-carbon trajectory. In a policy brief, the CPBRD said the Philippine economy faces a “critical challenge” in transitioning to a low-carbon trajectory due to its heavy reliance on fossil fuels. The CPBRD said the significant contributor to these challenges is the country’s entrenched dependence on fossil fuel power, which forms the backbone of its energy grid, and this reliance presents a formidable barrier to a swift transition to alternative, more sustainable energy sources. “As it stands, the Philippine economy is wholly incapable of efficiently and painlessly transitioning to a low-carbon trajectory. The fundamental issue is that it is heavily reliant on fossil fuels,” read the brief titled “Smoke and Mirrors: The Hidden Costs of Carbon Taxation.” Earlier, the Department of Finance (DOF) said it is conducting a study, in partnership with the World Bank, on the feasibility of complementary implementation of a carbon tax and an emissions trading system. The carbon tax will put a price on greenhouse gas emissions, while an emissions trading system will fix the quantity of greenhouse gas emissions.

Complicating matters

CITING data from the Department of Energy (DOE) in 2022, the CPBRD said a staggering 59.6 percent of the Philippines’s electricity requirement is met by coal power, while natural gas contributes another substantial portion, accounting for 16.0 percent of the energy mix, and oil-based power resources contribute an additional 2.3 percent. Collectively, it said fossil fuels dominate the energy landscape, satisfying nearly 80 percent of the country’s energy needs. This evaluation of carbon taxation within the Philippine setting finds that its costs vastly outweigh its benefits, the brief read. “This argument is primarily founded on: the recognition of rigid constraints to the capacity of the Philippine economy to substitute low-carbon energy sources for fossil fuel power; significant welfare and efficiency losses from reduced energy consumption; heightened risks of regulatory failure; and, the size of the Philippine contribution to global greenhouse gas emissions,” the authors wrote. The CBPRD also said the nation’s geographic isolation further complicates matters by limiting cost-effective options for importing electricity. “It is also worthwhile to emphasize that the Philippine grid is isolated,” said the authors of the policy brief. “It cannot import electricity from its neighbors to fill in the expected shortfall from a significant reduction in fossil fuel energy production.” The brief was prepared by Tax Policy Research Service Director David Joseph Emmanuel Barua Yap II, with the technical assistance of Marielle R. Belleza, Jubels C. Santos and Edrei Y. Udaundo.

Paucity of alternatives

THAT condition was contrasted with Western European countries such as Germany, “which can readily import electricity to fill gaps in their energy supply as they attempt to wean themselves off of fossil fuels.” “This, in turn, severely constrains the expected supply-side response to a tax on carbon-emitting activities. The isolation of the Philippine grid thus further constrains any supply-side response to carbon taxation,” added the authors. Despite significant investments in renewable energy sources, the House think tank said solar and wind account for a small fraction of the total electricity supply, raising questions about the efficiency of past subsidies. It also said that the challenge inherent in transitioning to renewables can be easily described as daunting. “Despite billions of subsidies and years of support, renewables such as wind and solar only provide 2.5 percent of the electricity requirement of the Philippines—roughly equivalent to the contribution of oil-based power resources,” it said.

“It is also worth emphasizing that wind and solar resources are intermittent power sources and therefore wholly incapable of providing the base-load requirement of the Philippine grid. To put it bluntly, these are not on-demand energy sources. This heavy reliance on fossil fuel energy and the paucity of viable alternatives effectively prevent the Philippine grid from cost-efficiently transitioning towards a low-carbon economy and offsetting the short-term to long-term costs of a carbon tax,” added the authors.

Energy poverty

THE CPBRD, meanwhile, said evidence suggests that the Philippines still grapples with energy poverty, making reductions in energy consumption a risky proposition. It said diminishing energy usage may lead to significant welfare losses and impede economic development, particularly as increased energy consumption is essential for the modernization of key sectors like agriculture and manufacturing. In comparison to developed and newly industrialized nations, the think tank said the Philippines contributes a relatively small amount to global greenhouse gas emissions. In Asean, it said Philippine carbon dioxide emissions are miniscule compared to the emission levels of Malaysia and Indonesia. Indonesia has a population that is over twice the size of the Philippine population. “It is also important to emphasize that the Philippines does not produce a tremendous amount of greenhouse gas emissions. Compared to developed countries and newly industrialized countries, the Philippine economy generates a relatively miniscule amount of carbon emissions. As such, the net effect of reductions in Philippine carbon emissions can be effectively negated by the self-interested actions of a reasonably large industrialized economy,” it added. “The adoption of carbon taxes, without a comprehensive global cooperation framework, places the burden on Filipinos to mitigate the consequences of emissions from more industrialized countries. This raises questions about the fairness and equity of such policies,” it added.

‘Strongly against’

CONSIDERING the binding constraints on the Philippine economy, the CBPRD said the evidence presented strongly advises against the adoption and institutionalization of a carbon tax at this juncture. Also, it said policymakers are urged to weigh the costs and benefits carefully, ensuring that the pursuit of environmental goals does not inadvertently jeopardize the economic well-being of the nation. “Policymakers are thus enjoined to ask the question: should Filipinos subsidize the past and present carbon emissions of richer, more developed, industrialized nations? The balance of evidence, at this point in time, is decidedly against the adoption and institutionalization of a carbon tax,” it added.

Carbon tax

WITHIN the Philippine context, the CPBRD said a carbon tax has to be reconciled with the prevailing excise tax, value-added tax (VAT), import duty, and franchise tax regimes. “The imposition of a carbon tax would thus necessitate a comprehensive restructuring of multiple interrelated tax systems,” it said. More specifically, it added that this would require changes to tax laws, regulations, and administrative procedures to ensure consistency and eliminate redundancies. “Such restructuring would be timeconsuming, resource-intensive, and met with resistance from various stakeholders. The introduction of a carbon tax within this framework would also raise legal and regulatory complications. Identifying which activities or industries are subject to carbon taxation, determining appropriate tax rates, and addressing potential double taxation issues pose complex legal tasks that may prove difficult, if not impossible, to reconcile with long-term economic objectives,” it added. Currently, carbon-emitting activities in the Philippines, particularly in the transportation and electricity sectors, are subject to taxes. Excise taxes are applied to various fossil fuels, including coal, manufactured oils, and petroleum-based fuels.

BusinessMirror

Editor: Dennis D. Estopace • Monday-Tuesday, January 1-2, 2024

NG subsidies to state firms, agencies rose 9% YOY in Nov

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE total subsidies extended by the state to its various corporations and agencies in November rose year-on-year by 9 percent to P6.734 billion, according to the Bureau of the Treasury (BTr).

Latest Treasury data showed that the national government subsidy in November was P565-million higher than the P6.169 billion recorded financial support in the same month of last year. The increase in state subsidy during the reference month was driven by higher subsidies given to major non-financial government corporations, based on Treasury data. Treasury data showed that subsidies to major non-financial gov-

ernment corporations rose by 54 percent year-on-year to P4.607 billion from P2.991 billion. The top recipient was the National Irrigation Administration (NIA) that cornered at least half of the total subsidy for major non-financial government corporations. NIA got P2.516 billion in subsidy last month, 24 percent over the P2.036 billion it received in November of last year, according to BTr data. NIA was followed by NFA in

Perspectives

terms of state subsidy after receiving P1.669 billion in November, Treasury data showed. The amount was more than quadruple than the P394 million that the state rice agency got in November 2022. Mea nwhi le, Treasur y d ata showed that state subsidy to other government corporations declined by 33 percent to P2.127 billion from P3.178 billion a year ago. Among the other governmentowned and -controlled corporations, the Philippine Postal Corp. (PPC) got the highest subsidy in November at P500 million. Its subsidy was higher by eleven fold than the P43 million that it received in November of last year. Following PPC were the Philippine Fisheries Development Authority (PFDA) and the Philippine Rice Research Institute (PhilRice). The two corporations are attached agencies of the Department of Agriculture (DA), which was previously helmed by President Marcos Jr. PFDA received P274 million in subsidy while PhilRice got P244

million, based on Treasury data. Despite the increase in November subsidy, the total subsidy extended by the state to its corporations from January to November fell by 9 percent to P153.05 billion from P168.34 billion recorded during the 11-month period last year. The drop in the 11-month period subsidy by the national government was caused by lower subsidies given to other government corporations, which dropped by 18 percent year-on-year, based on Treasury data. Treasury data showed that the total subsidy given to other government corporations from January to November fell by nearly P18 billion to P81.398 billion from P99.334 billion in the same period of last year. Mea nwhi le, Treasur y d ata showed that subsidies extended to major non-financial government corporations rose by 4 percent on an annual basis to P71.166 billion from P68.692 billion in January to November of 2022.

Paying your future self first

Internal Audit: Key thematic areas to consider in 2024

NTERNAL Audit functions must remain agile when developing their 2024 audit plans as their organizations face evolving challenges. The uncertainty and disruption that was seen across the global business landscape last year continue to intensify pressure on the risk and control environment. Most organizations continue to suffer supply chain uncertainties, impacts of inflation and geopolitical uncertainties. To support Heads of Internal Audit, we have identified and compiled the key thematic areas and related risks which Internal Audit functions should consider. The thematic areas below include both emerging and established risks which Internal Audit should consider when preparing its agile annual Internal Audit plan for 2024. While the list of thematic areas below is not exhaustive, it can serve as a starting point from which the Internal Audit function can leverage when assessing the organization’s risk profile and control environment throughout 2024. We have provided further information on each thematic area overleaf.

External pressures

RECENT years have been described as the age of the “polycrisis.” The term coined by the World Economic Forum (WEF) describes the interaction between the Covid-19 pandemic, the war in Ukraine, as well as, the energy, costof-living and climate crises. The elevated levels of economic, geopolitical, and environmental uncertainty are creating new risks, threats and opportunities at an unprecedented rate and impacting the economy in many ways, including disruptions in supply chains, monetary policy adjustments and stakeholder expectations. This means that organizations’ risk management processes and functions need to be more prognostic and dynamic than ever before in order to navigate these challenges.

Operational challenges

GIVEN the current business landscape, operational excellence is critical for success in 2024. In light of the current external pressures, organizations must ensure that they are able to efficiently adapt, capitalize new opportunities and emerge stronger, regardless of the nature of the disruption. As previously discussed, external environmental factors highlight the importance of attaining and sustaining operational excellence in a continuously evolving business landscape. The convergence of new technologies, the impact of the “polycrisis,” and shifts in employee

and consumer expectations have created a dynamic environment necessitating agility and adaptability. This involves enhancing internal processes, minimizing waste and optimizing productivity. Attaining operational excellence will allow organizations to effectively respond to external challenges.

Technology

TECHNOLOGY is an integral part to the success of running an organization. Technology is constantly changing at a rapid pace and in 2023, we have seen an increase in the use of AI technology. Another major technological advancement in recent years is the integration of Cloud Computing which will continue to increase further in the future. The proliferation of digital business models and the growing dependence on technology within organizations have given rise to the amounts of personal data being handled by organizations as part of their operations. This increases the risk of data privacy breaches and also increases the likelihood of cyber attacks. Organizations need to implement robust IT security to mitigate these risks.

Regulatory challenges

THERE is constant and complex regulatory change in areas such as technology, disruption, ESG and data privacy for organizations regardless of what industry they are operating in. The complexity and pace of these regulatory changes puts pressure on executive management, and they must adopt an agile approach to ensure compliance to new regulation. In order to effectively evaluate an organization’s compliance with regulation, the Internal Audit function must gain a comprehensive understanding of the existing regulatory landscape for the Industry the organization currently operates in.

This excerpt was taken from the KPMG Thought Leadership publication: https://kpmg.com/ie/ en/home/insights/2023/11/internal-audit-keythematic-areas-2024.html. © 2023 KPMG Int’l Ltd. is a private English company limited by guarantee. R.G. Manabat & Co., a Philippine partnership, is a member firm of a global organization of independent member firms affiliated with KPMG Int’l Ltd. All rights reserved. E-mail ph-kpmgmla@kpmg.com or visit www.home.kpmg/ph. This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity. The views and opinions expressed herein are those of the author and do not necessarily represent the BusinessMirror, KPMG International or KPMG in the Philippines.

OU know that feeling when you get your paycheck? The excitement, the relief, the plans: it’s like a mini celebration! But before you start thinking about how you’ll spend your hard-earned money, there’s something important you should consider doing first: paying yourself. No, I’m not talking about buying that latest smartphone or booking a trip to Boracay. When I say “pay yourself first,” I mean setting aside a part of your income for your future needs before spending on anything else. It’s like giving your future self a gift, setting some money aside today so you can have a more comfortable tomorrow. Imagine your monthly income as a river full of fish. Now, these fish represent your hard-earned money. Before you let the river flow and share the fish with others (bills, groceries, fun activities), you take some of the best fish out and keep them safe in your pond (savings or investments). This way, no matter how many fish are left in the river, you’ll always have some saved for later. This strategy is super smart for two reasons. First, it makes saving money a habit. When you decide to save before you spend, you’re learning to live on a little less. It’s like going on a diet but for your wallet. And just like a diet helps you become healthier, this habit helps you become wealthier! Second, it speeds up your journey to becoming financially secure. Ever thought about how saving a little bit of money can grow into a big amount over time? This financial marvel is all thanks to compound interest. Compound interest is when your interest earns interest itself. To put it simply, it’s the interest you earn on both your original money and on the interest you continually accumulate. So, when you adopt the strategy of paying yourself first, you’re essentially adding more fuel to this growth engine: assisting your money to grow at an even faster rate! But how do you start paying your-

self first? Here are some tips: Have a goal. Saving is easier when you know what you’re saving for. It could be anything: a new car; a house; a vacation; retirement; or, even an emergency fund. Having a clear goal will motivate you to stick to your savings plan. Make it automatic. You know how you set a timer to water your plants or feed your pet? Do the same with your savings. Set up an automatic transfer from your main account to your savings account. This way, you won’t forget or feel tempted to skip it. Start small. If this is new to you, start by saving a small amount of your income. It could be as little as 5 percent or 10 percent. Once you get used to it, you can slowly increase the amount. Start Early. The earlier you start saving or investing, the more time your money has to grow. Even small amounts can add up over time due to the power of compounding. Invest Regularly. Consistency is key when it comes to leveraging compound interest. Regular contributions can significantly boost your savings over time. It’s like regularly watering a plant—it needs consistent care to thrive and grow. As Albert Einstein once said, “Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it.” In the realm of personal finance, this quote underscores the power of saving and investing early. So, next time you get your paycheck, remember to pay yourself first. It might seem a little strange at first, but trust me, your future self will thank you. Instead of spending first and saving what’s left, try saving first and spending what’s left. It’s a small change in perspective that can make a big difference in your financial health. Janice Sabitsana is a registered financial planner of RFP Philippines. To learn more about financial planning, attend the 105th RFP program this January. Please email info@rfp.ph or visit https://www. rfp.ph for details.

B4 Monday-Tuesday, January 1-2, 2024

Explainer BusinessMirror

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Rising autocracies propel China’s global reach: Insights into the Belt and Road’s second decade

The Guozigou Bridge in Xinjiang is an important hub of China’s Belt and Road Initiative. Superadminxs | Dreamstime.com

By Richard Carney, Chinese University of Hong Kong, Shenzhen

The Conversation

hina currently faces daunting challenges in its domestic economy. But weakness in the real estate market and consumer spending at home is unlikely to stem its rising influence abroad. In mid-October 2023, China celebrated the 10th anniversary of its Belt and Road Initiative, or BRI. The BRI seeks to connect China with countries around the world via land and maritime networks, with the aim of improving regional integration, increasing trade and stimulating economic growth. Through the expansion of the BRI, China also sought to extend its global influence, especially in developing regions. During its first decade, the initiative has faced a barrage of criticism from the West, mainly for saddling countries with debt, inattention to environmental impact, and corruption. It has also encountered unexpected challenges—notably the Covid-19 pandemic, which led to massive supply chain issues and restrictions on the movement of Chinese workers overseas. Yet, as the BRI heads into its second decade, global economic trends suggest it will continue to play an important role in spreading Chinese influence. I’m an associate professor of global studies at the Chinese University of Hong Kong, Shenzhen, where I teach about business-government relations in emerging economies. In my new book, China’s Chance to Lead, I discuss which countries have

already and are now most likely to seek out and benefit from Chinese spending. Understanding this helps explain why China and the Belt and Road Initiative are poised to benefit greatly from the global economy over the next several decades.

Malaysia’s unlikely prominence

In October 2013, China President Xi Jinping announced the launch of the maritime portion of the BRI during a speech in Jakarta. At the time, Indonesia appeared to be an ideal candidate for Chinese infrastructure spending, yet it was Malaysia—surprisingly—that emerged as a far more avid participant. In comparison to Malaysia, Indonesia’s economy was three times larger and its population nearly nine times bigger, yet its gross domestic product per capita only was onethird as high. Indonesia also had enormous potential to increase its already substantial natural resources exports to China. Taken together, these factors point to Indonesia’s far greater demand for infrastructure that would aid its economic development. Furthermore, Indonesia’s democratic institutions were more conducive to attracting foreign investment. Its checks and balances enhanced policy stability and re-

duced political risk. By contrast, Malaysia’s government, which was dominated by a single ruling party coalition, lacked comparable checks and balances. Despite Indonesia’s numerous advantages, Malaysia attracted a far larger volume of BRI spending during its first several years. Data provided by the China Global Investment Tracker indicates the value of newly announced infrastructure projects in Malaysia surged from US$3.5 billion in 2012 to over $8.6 billion in 2016. Spending in Indonesia, meanwhile, rose modestly from $3.75 billion to $3.77 billion over the same period. Malaysia also enthusiastically participated in the Digital Silk Road, or DSR, launched in 2015. The DSR is the technological dimension of the BRI that aims to improve digital connectivity in Belt and Road countries. Malaysia Prime Minister Najib Razak engaged Jack Ma, the co-founder of Chinese tech giant Alibaba, as an adviser to develop e-commerce in 2016. This led to the creation in 2017 of a Digital Free Trade Zone, an international e-commerce logistics hub next to the Kuala Lumpur International Airport. With this foundation in place, Malaysia’s capital went on to become the first city outside China to adopt Alibaba’s City Brain smart city solution in January 2018. City Brain uses the wealth of urban data to effectively allocate public resources, improve social governance and promote sustainable urban development. Dubai and other cities in the Middle East followed. Digital Silk Road projects in Indonesia during that period were far fewer, slower and less ambitious. They primarily involved the expansion of Chinese smartphone and ecommerce firms in Indonesia. What accounts for these contrasting responses? The short answer: their political regimes. And understanding that could be key to the global spread of Chinese influ-

ence in the coming years.

State-owned business and clientelism

In the lead-up to the May 2018 election, Malaysia’s ruling party and its allies worried they could lose power after six decades of rule. Desperate to bolster support, Najib quickly identified numerous infrastructure megaprojects in which Chinese state-owned businesses could partner with Malaysian counterparts. Indonesia, by contrast, placed far greater emphasis on projects led by private business. For example, the Indonesia Morowali Industrial Park, “the world’s epicenter for nickel production,” is one of the largest Chinese investments in Indonesia and a joint venture between private Chinese and Indonesian companies. As I discuss in my book, when rulers in autocracies with semi-competitive elections, like Malaysia’s, have a weak hold on power, their desire for Chinese spending is amplified. This relates to clientelism, or the delivery of goods and services in exchange for political support. A higher level of state control in autocracies grants political leaders greater influence over the allocation of clientelist benefits, which aids leaders’ reelection efforts.

Economic trends that will benefit China

Even if China’s future growth is lower than the pre-pandemic period, these four features of the global economy are poised to benefit China and the Belt and Road Initiative over the next several decades.

1. Global rise of autocracies

Over 60 percent of developing countries are autocratic, according to data provided by the Varieties of Democracy Project. This represented 72 percent of the global population in 2022, up from 46 percent in 2012. For decades, the World Bank and affiliated regional develop-

ment banks were the only game in town for development financing to low- and middle-income countries. Consequently, these global lenders could demand liberalizing reforms that were sometimes contrary to the interests of incumbent rulers, especially autocrats. China’s rise has created an attractive alternative for autocratic regimes, especially since it does not impose the same kinds of conditions that often require loosening state controls on the corporate sector and reducing clientelism. Between 2014 and 2019, I find that 77 percent of total BRI spending on construction projects went to autocracies, and primarily to those with semicompetitive elections.

2. Demand for Chinese infrastructure spending

The economies of developing countries have grown more than twice as quickly as advanced economies since 2000 and are projected to outpace advanced economies in the decades ahead. On the eve of the Soviet Union’s dissolution in 1991, developing economies accounted for 37 percent of global GDP; by 2030, the International Monetary Fund projects they will account for around 63 percent. At the same time, the global infrastructure financing ga—that is, the money needed to build and upgrade existing infrastructure—is estimated to be around $15 trillion by 2040. To fill this gap, the world must spend just under $1 trillion more than the previous year up through 2040, with most of this spending directed toward low-income economies. Because many of these fastgrowing, low-income countries are predominantly semicompetitive autocracies, China is well-positioned to expand its global influence via the Belt and Road Initiative.

3. Emerging tech

The advent of what is known as Industry 4.0 technologies, such as

artificial intelligence, big data analytics and blockchain, could enable developing countries to leapfrog stages of development. By creating new technical standards to be used in these emerging digital technologies, China aims to lock in Chinese digital products and services and lock out non-Chinese competitors wherever its standards are adopted. In Tanzania, for example, the Chinese company contracted to deploy the national ICT broadband network constructed it to be compatible only with routers made by Chinese firm Huawei. Incorporating digital technologies into hard infrastructure projects—digital traffic sensors on roads, for example—presents more opportunities for China to use the Belt and Road Initiative to promote adoption of its technologies and standards globally.

4. Urbanization

Finally, the developing world’s urban population is expected to rise from 35 percent in 1990 to 65 percent by 2050. The biggest increases will likely occur in the semicompetitive autocracies of Africa. A desire for sustainable urbanization will increase the demand for infrastructure that incorporates digital technologies—once again amplifying the opportunity for China and the BRI. Understanding what drives the demand for the Belt and Road Initiative, and the trends that will propel it into the future, is vital for the West to devise an effective strategy that counters China’s rising global influence. This article is republished from The Conversation under a Creative Commons license. Read the original article here: https://theconversation. com/growth-of-autocracies-willexpand-chinese-global-influencevia-belt-and-road-initiative-as-itenters-second-decade-217960.

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BusinessMirror

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Editor: Gerard S. Ramos • Monday-Tuesday, January 1-2, 2024

UTILITY boots from Balmain

SANDALS with color-block straps and lugged soles from Hernan Guardamagna

WIDE leg trousers by Schiaparelli PHOTOS FROM WGSN

H&M sales drop as consumer demand for fast fashion wavers HENNES & Mauritz AB’s revenue fell as consumers pulled back on spending at H&M clothing stores and after the chain closed stores in Russia. Sales fell 4 percent in the three months through November at constant currencies, the company said Friday, in line with analysts’ expectations. The company has lost the sales growth momentum it last demonstrated in the first half of last year. The slowdown increases pressure on H&M to increase discounts to clear inventory, a problem the company has struggled with for more than seven years. H&M warned in September that revenue was dropping that month due to an abnormally warm start to autumn in Europe. H&M shares were little changed in Stockholm. Last year, sales were boosted by a temporary reopening in Russia before the retailer permanently discontinued operations in the country. H&M gradually started reopening in Ukraine in November after having closed operations in February 2022 due to the war. Excluding Russia and Belarus, the sales decline was 1 percent. On Wednesday, Zara owner Inditex SA reported 7 percent quarterly revenue growth, the slowest rate in almost three years. H&M has been vulnerable to competition from the likes of Inditex and upstart Shein, which has been grabbing market share with cut-price offerings. Still, H&M’s stock has climbed 57 percent this year as the company tries to improve profitability and reduce the inventory backlog.

BLOOMBERG NEWS

STATEMENT bracelet by Rick Owens

RELAXED suiting by Mark Kenly Domino Tan

Here’s what’s in for the 2024 fashion trends T WENTY-TWENTY Four fashion takes sustainability, individuality and innovation at the forefront. Fashion designer and industry expert Roxoanne Bagano-Dizon noted that it is a fusion of personal expression and conscious consumerism. “It is a greater celebration of unique personal style and a move away from mass-produced, homogenous trends,” she started. “Ethical practices are more deeply entrenched in the industry with an increased focus on eco-friendly materials, recycling, and reducing waste,” she added. Bagano-Dizon likewise revealed the decline in the prevalence of fast fashion. “Throwaway and single-use items are becoming less prominent as consumers prioritize quality, longevity and sustainable production. They likewise invest in timeless pieces,” she stated. “Several are making waves with their commitment to the advocacy,” she added. “Locally, we have emerging brands Riotaso and Repamana that champion upcycling and repurposing old materials into beautiful creations.” To guide the general public, the De La Salle-College of Saint Benilde (DLS-CSB) educator rounded up next year’s necessities per the giant trend forecast WGSN, which comprises of over 250 experts and data scientists. WGSN curates an immense online library of insights and inspirations in fashion, retail, and the whole lifestyle industry. With globally available information on hand, Benilde continues to provide

innovative learning tools and experiences. n Sartorial styling reigns the racks following the casualization of tailoring. City dressing persists for its timelessness, adaptability, and carefree vibe. n Statement blazers are reimagined with genderinclusive fits: boxy and oversized shapes, flap pockets, double-breasted closures, and sculpted shoulders. n Modern academia is likewise in. The upgraded preppy features subverted popular youth essentials with subtle yet novel tweaks. Key details include artful checks, fluid maxi skirts with tiered, shirred, and ruched details, tops and trousers with a hint of transparency. n In contrast to the carefully thought-out stands the deconstructed. Odd, asymmetric fit, altered garments, twisted and manipulated textiles, and unconventional poppers and zippers lead the way. n The modern romantic goes for both women and men. For the ladies, the ultra-feminine is updated with various elements and lighthearted styling, and the basics are met with decorative pieces. n Masculinity in formal wear is redefined with a polished look. Tuxedo blazers don different fabrics, shades, and print blockings while textured jackets and lightweight suits aim for comfort and ease. For an edge, leather coats in all grain types and classic colors make for long-term appeal. n Elevated utility goes for all, as the new year leans toward practicality. The ladies’ section comprises chic boilersuits, cargo pants, and structured jackets in high-end materials, while the men’s category

introduces functional details with a futuristic perspective: loose fits, statement pockets, and feature zippers. Softer and warmer color schemes with a minimalist approach lend a fresher look. n Leather, rivets, and metal trims make for stressfilled gear while all-black ensembles come in glossy leather and plush suede options. n Those who wish to experiment with proportions for a more dynamic approach may opt for wideleg pants. Volume silhouettes and barrel-leg jeans dominate denim styles, while refined staples go for a put-together look. n Bagano-Dizon also confirmed the return of statement accessories, from ornamental belts with contrasting colors, eye-catching buckles, and longer straps to matching rings and mixed-material bracelets. Unconventional outfits likewise call for super-sized shield shades, while tinted options with metal or chunky frames offer various shapes and tones. n Soft to structured clutch bags can be worn day through night. Top handle bags are also popular for men. Oversized, circular, and sculptural with quality materials strike a balance between the modern and the classic. n The pointed toe stands as a unifying shoe element, from pumps to knee boots. Highlights include statement mules with flat iterations and feature heels. Sandals with color-block straps and lugged soles complement the sartorial sports trend. Utility boots are in demand for practical influences. n

Zara owner Inditex and Zalando scrap over plastic bags INDITEX SA’s drive to tackle single-use plastic packaging in the supply chain is being put to the test as German online fashion retailer Zalando SE refuses a demand to remove the material during the final sale to consumers. The owner of the Zara chain has requested that Zalando replace the plastic bags that clothes are delivered in with other packaging before sending to customers, but Europe’s largest e-commerce group has decided not to do so, according to people who asked not to be named because the matter is not public. In a back-and-forth that spanned over a year, Zalando maintained it could not run its logistics operations without the plastic bags, the people said. The e-commerce company considers that replacing them with cardboard or paper alternatives won’t reduce the packaging’s impact, the people said. Zalando sells many brands and it’s not feasible for the company to adjust its internal processes for each one, a

spokesperson for Zalando told Bloomberg News. A spokesman for Inditex said the firm was working internally and with its partners to meet a goal to eliminate single-use plastics to customers by the end of this financial year. They said the level of compliance with the target was 95 percent at group level. Inditex is one of Zalando’s biggest partners as the e-commerce site sells clothes from its Massimo Dutti, Oysho, Bershka and Pull & Bear brands. Four years ago, Arteixo-based Inditex committed to phasing out all singleuse plastic to customers by 2023. That includes removing plastic hangers, stickers and perfume wrappers, as well as the clear plastic packaging used to protect orders, known in the industry as polybags. Retailers worldwide rely on polybags to protect garments from humidity and stains as they flow through the supply chain from the factory to the store or customers’ homes. The fashion industry

produces around 180 billion single-use plastic polybags each year to package garments, according to industry group Fashion For Good.

While most are technically recyclable, the majority are sent to landfills or are incinerated. Inditex, like many other apparel

sellers, removes the factory-standard plastic bags in stores and warehouses, where it repacks the clothes in other materials, such as recycled cardboard or paper, before sending to customers. An Inditex spokesman said the plastic bags are subsequently collected and made available for recycling and reuse. But polybags are still present behind the scenes and alternative options are very limited. Most retailers keep using them because they figure that damaged clothing would have a bigger environmental impact than a thin plastic bag. Zalando said it’s testing different options to solve the industry-wide problem in the long-term, such as folding the clothes differently and reducing the thickness of plastic bags. Zalando said its approach revolves around developing solutions that prioritize longevity, minimizing impacts from materials and waste. For that reason, the company is evaluating ways to reuse polybags. BLOOMBERG NEWS

GARMENTS sealed in plastic bags are packed for orders inside the Zalando SE fulfillment center in Erfurt, Germany. BLOOMBERG NEWS

B6 Monday-Tuesday, January 1-2, 2024

Marketing BusinessMirror

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www. FREEPIK.COM

We made it through 2023!

F you are reading this: congratulations. You made it through 2023 and crossed over to the new year. I wish I were being melodramatic, but last year was tough, and I know I’m not the only one who feels this way. The year 2023 brought me more than my fair share of work-related setbacks, personal struggles, and health issues. Let’s just say I’d rather not have a repeat of 2023 any day soon, or ever. Friends lost jobs and loved ones. Some got diagnosed with life-threatening illness. My best friend lost her dad on Christmas Eve. A colleague lost her mom a few days later. Memories of losing my dad 10 days before Christmas in 2019 came rushing back, as if it happened only yesterday. Oh, the heartbreak that 2023 has brought to me and

n Angie Tijam-Tohid and Raymund Sison share their picks for the Best Ads of 2023 MANILA, PHILIPPINES—In the ever-evolving landscape of advertising, each passing year introduces innovative campaigns that redefine the boundaries of creativity. As we bid farewell to 2023, adobo Magazine turns the spotlight on some of the most exceptional and impactful campaigns that have shaped the advertising landscape in Asia Pacific.

In this exclusive series, we’ve reached out to Executive Creative Director for Havas Ortega Group, Angie Tijam-Tohid, and Partner and Creative Chief of Propel Manila, Raymund Sison, asking them to share their top picks for the year and offer their insights on the strategic brilliance, creative ingenuity, and cultural resonance that sets these chosen campaigns apart.

Angie’s picks: Five Star Chicken, “The movie that made(from) us” (Thailand)

“This was hilarious! I love how they made the challenge the solution. A conversation and cocreation with the audience that

many people I know, including ones I hold dear. Those were watershed moments, for sure—ones we did not ask for but got anyway. I will admit that there were times when I asked God, “why me?”— most notably after suffering a miscarriage almost right at the start of the year. I also questioned and doubted myself after going through a particularly rough patch at work. Every day became a struggle to face. But getting through each day—not achieving anything significant, but really simply getting through the day—became a cause for celebration, too. I did it. I made it. The day has come to an end, and I am still alive and well and can spend time with my husband and daughter. Maybe we are too hard on ourselves sometimes. As public rela-

was pure entertainment.”

Sotetsu Holdings, “A Train of Memories” (Japan)

“Beautifully crafted, heartwarming film. The unexpected casting and production approach to capture the evolving fatherdaughter relationship spanning years was just brilliant. No subtitles needed for this story to reel you in.”

Oreo, “Bring Back 2011” (India)

“An insanely fun campaign! Very clever use of a local insight. Imagine inspiring an entire nation to travel back in time to bring the country luck. And the response was massive, not just from individuals but different sectors of society. Really love this one.”

tions practitioners, we belong to an industry that is a proverbial rat race. You are only as good as your last campaign. Clients and bosses are increasingly demanding. Resources are increasingly scarce. So I guess it’s no wonder we are always on a quest for the next big feather on our caps. But, really, life is not a race, is it? I came across this lovely poem titled My Soul Has a Hat, attributed mostly to Brazilian poet Mario de Andrade, but which some claim was really written by Brazilian theologian Ricardo Gondim Rodrigues. Regardless of the real writer, the poem, supposedly translated from Portuguese to English, struck a chord. It encapsulates what I realized, having gone through the things I did in 2023.

My Soul Has a Hat

I counted my years and realized that I have less time to live by than I have lived so far. I feel like a child who won a pack of candies: at first, he ate them with pleasure but when he realized that there was little left, he began to taste them intensely. I have no time for endless meetings where the statutes, rules, procedures, and internal regulations are discussed, knowing that nothing will be done. I no longer have the patience

Maya, “The hit song that’s actually a bank” (Philippines)

“We’re often tasked to come up with a song or a jingle, and it’s a challenge to present a brand anthem in a fresh way. And this one I think did it well. It was entertaining, relevant, and best of all, rewarding—a music video that actually allows you to start saving.”

Raymund’s picks: The Government of Tuvalu, “The First Digital Nation” (Australia)

“Best use of Metaverse I’ve seen. To be facing a reality with only a digital memory of a country is a tragic and traumatic thing to contemplate for a nation. It’s a brilliant warning and spectacularly radical. It goes beyond marketing

to stand absurd people who, despite their chronological age, have not grown up. My time is too short: I want the essence; my spirit is in a hurry. I do not have much candy in the package anymore. I want to live next to humans, very realistic people who know how to laugh at their mistakes and who are not inflated by their own triumphs and who take responsibility for their actions. In this way, human dignity is defended and we live in truth and honesty. It is the essentials that make life useful. I want to surround myself with people who know how to touch the hearts of those whom hard strokes of life have learned to grow with sweet touches of the soul. Yes, I’m in a hurry. I’m in a hurry to live with the intensity that only maturity can give. I do not intend to waste any of the remaining desserts. I am sure they will be exquisite, much more than those eaten so far. My goal is to reach the end satisfied and at peace with my loved ones and my conscience. We have two lives and the second one begins when you realize you only have one. As we start a new year, may we:

n be less hard on ourselves; n celebrate even the simplest

and advertising, it’s a real demonstration of how creativity and technology can impact even the sovereignty of an entire nation.”

Bench, “Curtain Couture” (Philippines)

“It’s fresh, it’s captivating, it’s a beautiful celebration of the LGBTQ+ youth, most of whom had curtains and bedsheets as their first gowns, while discovering and expressing their true selves growing up. It’s so local with a lot of beautiful nuances that truly understand the community. I’m happy that a big iconic Filipino brand sees them and celebrates them. A brave, consistent, and meaningful move from a brand who’s been championing diversity and

things—yes, even just getting through the day; n spend more time with the people who really matter, e.g. those who deem us indispensable; n do things that make us happy, content, fulfilled, and all the good feelings in between; and n treat life less like a race. I am not particularly good with new year’s resolutions, but I will certainly try my very best to do the ones I listed above. I believe I owe myself that much, and so do you. Cheers to a more meaningful and hopefully kinder 2024! 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 organization for PR professionals around the world. Abigail L. Ho-Torres is AVP and Head of Customer Experience of Maynilad Water Services Inc. She spent more than a decade as a business journalists before making the leap to the corporate world. We are devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@ gmail.com.

inclusion all these years. I truly enjoyed this work.”

Samsung, “Flipvertising” (Australia)

“I think this is super cool! A truly clever and innovative idea that flipped media targeting on its head and let people hack the algorithm, not in a creepy stalker kind, but as a fun interesting way to be part of the brand experience. In a world where people skip ads, Samsung made people want to be targeted by ads. This is proof that people don’t hate ads. They hate bad ads, and in this particular case, they seek out interesting ones. I really like ideas that give people a great time!”

Sports BusinessMirror

mirror_sports@yahoo.com.ph | Editor: Jun Lomibao

Monday-Tuesday, January 1-2, 2024 B7

Flag football gives sense of sisterhood D ENVER—There were times when Jo Overstreet felt all alone as a standout flag football player on boys teams growing up in Texas. Sure, she was accepted. Considered just one of the boys. She longed for something more—a sense of sisterhood. These days, the 40-year-old receiver for Team USA sees a thriving community of females of all ages and all abilities lifting the sport to new heights. It’s an expansion that will only be enhanced with the sport’s recent addition to the Olympic program for the 2028 Summer Games in Los Angeles. The non-contact game featuring plenty of fast-paced action has really been on the rise for a while, with girls-specific teams and leagues springing up from coast to coast— from continent to continent, too. Eight states have sanctioned girls flag football as a high school varsity sport—more are initiating pilot programs—and college scholarships are now offered for female players on the NAIA level. The National Football League (NFL) has even thrown its weight behind flag football through leagues and events. “This is so big for women to be able to say, ‘I have a dream to play football’—and to actually know that opportunity is really there,” said Overstreet, a former basketball player at the University of Houston who hopes to be in the mix for a roster spot on the inaugural Olympic roster. “Just saying that to myself now, I’m still in shock.” Flag football is a sport many may have grown up playing, either through gym class in elementary

ELBOURNE, Australia— Australian Open tennis officials have announced an increase in prize money by 10 million Australian dollars ($6.8 million) for the upcoming tournament which begins on January 14 at Melbourne Park. Tournament director Craig Tiley said in a statement Friday that the Grand Slam tournament will now offer 86.5 Australian dollars ($58.4 million) in total prize money. The US Open announced in August that it was increasing its total prize money and player compensation to a record $65 million, which is the highest among the four Grand Slam tournaments. “We’ve upped prize money for every round at the Australian Open with the major increases in qualifying and the early rounds of singles and doubles,” Tiley said. At Melbourne, first-round qualifiers will receive a 20 percent increase to 31,250 Australian dollars (about $21,000). Men’s and women’s singles champions will receive $3.15 million Australian dollars each (about $2.15 million). The women’s final, where Aryna Sabalenka is the defending champion, is set for January 27. The men’s final, where Novak Djokovic is the defending champion, is scheduled for January 28. The United Cup began with Spain playing Brazil and Australia taking on Britain in the higher-profile late match at Perth, Western Australia.

school or a youth league or perhaps on the playground at recess. It became even more visible last winter, when the NFL turned to flag football as part of its Pro Bowl festivities. On the international level, the game consists of five players per side on a field that’s 50 yards long—plus 10 yards for each end zone—and 25 yards wide (about half the traditional American football field). The offensive team has four downs to reach midfield for a first down. If they reach midfield, the team has four downs to score. Even more, every offensive player is an eligible receiver. The speedy nature has caught on, too. According to research by USA Football, over a stretch between 2014 and 2022, the participation rate for girls ages 6-12 increased by 178 percent. There were roughly 112,000 girls in this age range that played the sport in 2021 and 2022. Like Makayla Martinez, a 14-yearold wide receiver from Phoenix who stood out during the USA Football/Los Angeles Rams’ talent identification camp last summer. She started playing at 5 years old after watching her cousins take the field. She switched to soccer, though, not seeing a route going forward in flag football—until now. “My dad was like, ‘There’s this girls’ team that’s starting. Do you want to give it a try?’” Martinez recounted. “I was like, ‘No, not really.’ Because I only had played on a boys team. But I gave it a shot. I went for it. I just started focusing on flag football, because I saw that it was growing.” Currently, Alabama, Alaska,

ASHLEA KLAM, 19, tries to evade a defender during a training session as a defender pulls a teammate’s flag during a drill at a training session for Keiser University’s flag football team in West Palm Beach, Florida. AP

THAT led them to launch Texas Fury, an all-girls flag football select travel team. At first, they had six girls. These days, the Fury has more than 60 players and seven different teams in various age groups. Ashlea earned a flag football scholarship to Keiser University in West Palm Beach, Florida, one of nearly two dozen NAIA schools that have programs. Last May, Ottawa University in Kansas cemented its dynasty by winning the program’s third straight NAIA women’s flag football title over Thomas University (Georgia) at Mercedes-Benz Stadium in Atlanta. “My daughter getting an opportunity to go play in college— it’s one of those dreams come true,” Jason Klam said. “And with the sport being added to the Olympics, the future is just tremendous.” Ashlea Klam was back home

in Austin in October—lobbying for Texas high schools to include female flag football as a varsity sport—when she awoke to a text from her parents. A simple screen shot: Flag football was officially in for the 2028 LA Games. Her sport, the one that meant so much that she passed on going to Army to compete in track and field, was gaining inclusion (along with cricket, baseball-softball, lacrosse and squash). “I had full faith it was going to” make it in, Ashlea Klam said. “We can really show everyone that flag football deserves to be there— and that flag football should be everywhere.” The US and Mexico already have a robust rivalry on the women’s side. The Americans beat a Mexico team led by star QB Diana Flores during the International Federation of American Football›s Americas Continental Flag Football Championship in Charlotte, North Carolina, over the summer. At the World Games the year before, Flores led her squad to a gold medal. AP

The format sees men’s and women’s singles matches played ahead of mixed doubles, the same used by the highly-successful

Hopman Cup that was formerly played in Perth. No. 1-ranked woman Iga Swiatek is representing Poland and playing in Perth. Top-ranked and defending Australian Open champion Novak Djokovic has arrived to represent Serbia, also in Perth. Serbia will take on China on Sunday and Czech Republic on Tuesday in the group stage, with Djokovic set to face world No. 58 Zhang Zhizhen and No.31-ranked Jiri Lehecka in his men’s singles matches. Djokovic won three Grand Slam singles titles this year, missing out on only Wimbledon, where he lost to Carlos Alcaraz in the final in five sets. He has won the Australian Open a record 10 times among his record 24 Grand Slam singles titles. On his arrival in Perth, he reiterated he has no plans to retire. “I hope it’s not [the] last [time], to be honest. I mean I always look forward coming back to Australia,” Djokovic said. “I always felt like I played my best tennis over the years [here] and had great support.” Djokovic last visited Perth in 2013 when he played at the Hopman Cup. “It feels great, it’s been a while since I was here last,” Djokovic said. “I remember every single time I played in Perth it was great attendance, people love tennis, people love sport in Australia in general. So I don’t expect anything less this time, and I’m sure it’s going to be a blast for all of us.” AP

INSTANT COMMUNITY

two spring seasons. The powerful promotional arm of the NFL is generating growth, too. The league has set up camps, clinics, circuit and even exhibitions. The Klam family of Austin, Texas, used to be a baseball household, traveling all over to tournaments for their son. Now, Jason and Amberly Klam are fully invested in the world of flag football, even starting their own female travel teams. Their 19-yearold daughter, Ashlea, has long been a star in the sport—since she first stepped onto the field for a boys team at 7 years old. A few years later, Ashlea joined an all-girls squad and they traveled all over.

Australian Open increases prize money by 13% for total $58.4M

THE women’s final, where Aryna Sabalenka is the defending champion, is set for January 27. The tournament involving mixed teams from 18 countries is being played in Perth and Sydney, where matches begin on Saturday. Two

NFL adds tug-of-war to skills competition RLANDO, Florida—The National Football League (NFL) is adding tug-of-war to its Pro Bowl skills competitions in February. The league announced Thursday what those selected for the Pro Bowl will compete in, including dodgeball, precision passing, a closest-to-the-pin golf challenge and a Madden gaming event. The games will take place at Central Florida and finish with a seven-onseven flag football game between the AFC and NFC on February 4. New this year is tug-of-war, the

Arizona, California, Florida, Georgia, Nevada, and New York offer flag football as a varsity girls sport on the high school level. More states are testing it out, with New Jersey recently moving it from a club sport to one overseen by the New Jersey State Interscholastic Athletic Association for the next

Newly-launched women’s pro hockey league has global flavor

traditional company picnic event where teams of five people will start above a foam pit and try and pull the opposing group in their direction. Dodgeball will have four teams of five players with the American Football Conference (AFC) offense facing the National Football Conference (NFC) defense and then the AFC defense playing the NFC offense. Six players from each conference will attempt to drive a golf ball as close to the hole as possible. The rest of the competitions

quarterfinalists will be determined from each of the Perth and Sydney group games with the semifinals and the January 7 final set for Sydney. are precision passing, where three quarterbacks from each conference try to hit as many as possible in one minute; a best catch event with fans voting on the winner; a special teams competition where players, starting with a football in each hand, field punts from a JUGS machine without dropping any of the balls; a Kick Tac Toe event for kickers; an obstacle course race for six players of each conference; and a strength competition where five players from each conference work as a group to move 3,000 pounds of weights off a wall, then pull that 2,000-pound wall across a finish line. AP

KUZO!” as they’d say in Japan. Or how about “Pojďme!” or ”Útra fel!” in Czech or Hungarian. The roster of Ottawa’s new Professional Women’s Hockey League (PWHL) team has such an array of international talent that defenseman Jincy Roese said one way to spur the bonding experience was having everyone learn how to say “Let’s go!” in various languages. “Oh, my gosh, it’s so cool,” said Roese, a US national team player from O’Fallon, Missouri. “A lot of us are foreigners. I don’t think anyone is local to Ottawa, even. But it’s cool to experience different cultures.... And we just have these conversation point to go off which has really helped foster a good team environment.” The PWHL is awaiting rights clearances to unveil the nicknames of its original six franchises in kicking off its inaugural season starting January 1. For now, perhaps Ottawa can go by “The Ambassadors.” The team features the league’s most diverse roster with 11 Canadians, seven Americans, two Czechs, a German, Hungarian and Japan’s Akane Shiga. Even coach Carla MacLeod has international connections. The former Canadian national team player also doubles as head coach of the fastdeveloping Czech Republic women’s national team, and was an assistant on Japan’s 2014 Olympic team. “The vision of this league has always been one to be the best leagues in the world. In order to do that, you have to have the world involved,” MacLeod said. “For us, it was a nobrainer to go down that path.” Most of the PWHL’s 139 rostered players hail from the sport’s two global powers, with 76 from Canada and 50 from the US Next in line are five players from the Czech Republic and two from Sweden. Aside from Ottawa, teams also feature players from Finland, France, Austria and Switzerland. Ottawa, so far, is more the exception than the rule. And the challenge for the newly launched PWHL in becoming the world’s top pro women’s league will be expanding its international reach, much like the NHL did with the influx of Europeans in the late 1970s and Russians a decade later. Ottawa general manager Michael Hirshfeld focused on attracting players outside of North America by taking into account the diverse population of Canada’s capital as a way to attract fans. Hirshfeld also understood how Ottawa isn’t a hotbed for developing players in comparison to Toronto, Minnesota, or Boston’s hub of women’s college programs. “We always felt that we were going to be a little bit disadvantaged to those other teams because they have so many homegrown players,” Hirshfeld said. “And so our niche, we thought, was the European angle.” And yes, they need at least one translator. While the European players are mostly fluent in English, Shiga is not. The team has leaned on Madoka Suzuki, a Japanese-born member of Ottawa’s Carleton University’s men’s hockey program, to help in the interim. “Akane’s become the most beloved player on the team,” Hirshfeld said. “They’re all learning Japanese so they can talk to her.” The common connection of being new to Ottawa is also helping bond players. “It’s a fresh slate for all of us,” said Brianne Jenner, who grew up outside of Toronto. “We’re all kind of bonded by making Ottawa home and making that dressing room ours and that culture ours, and figuring out what our identity is going to be.” Katerina Mrazova is already feeling at home in Ottawa, where she represented the Czech Republic at the 2013 women’s world championships. AP THE Czech Republic coach Carla Macleod talks to her players during the women’s world championship between Sweden and Czech Republic in Frederikshavn, Denmark, on August 30, 2022. AP

Monday-Tuesday, January 1-2, 2024

Perspective A BusinessMirror Special Feature

www.businessmirror.com.ph

CELEBRATING WONDERFUL HOSPITALITY, GRATITUDE THE MARRIOTT WAY

MYLENE RHEA ANG

NOENA ELIZABETH “ELLIE” ALARCON

CLAUDETTE MARICLAIRE “LALA” QUILANTANG

By Anne Ruth dela Cruz

NNIVERSARIES are the time when a company celebrates and to be grateful for all the blessings it has received.

This is exactly what Marriott Manila will be doing this year as it celebrates its 15th anniversary. This yearlong celebration has been dubbed “Grateful – Celebrating 15 Years of Wonderful Moments.” To kick off the festivities. Marriott Manila saw it fit to celebrate three ladies who have assumed significant roles within the organization. For Marriott, this is a welcome change that will definitely contribute to the commitment of being able to provide heartfelt and meaningful hospitality to everyone all the time. The stories of the three ladies will revolve around their vision, their advocacy, and the legacy that they want to leave behind. They will also give their take on “Wonderful Hospitality. Always” and what they are grateful for. Here are their stories. MYLENE RHEA ANG Director of Sales Event Booking Center Marriott Manila Mylene has been in the hospitality industry for 13 years. Prior to joining Marriott, she also worked in another five-star property in Makati. “I started my career as a coordinator and worked myself up to Senior Sales Manager and until recently as the sale leader for Manila Marriott. I am responsible for the Event Booking Center where we receive leads and convert them to business for the hotel,” Mylene related.

When asked about her vision in her new role, she said she wants to care for her team, to uphold the Marriott brand and generate value for the brand. “It is particularly important for me that our work creates a valuable brand. A valuable brand attracts investors and investors who invest in our brand creates jobs for the people. And in the grand scheme of things, that is the end goal of the brand,” Mylene said. As for her personal advocacy, Mylene said she wants to create a nurturing environment to enable new moms to go back to the workforce. This advocacy, Mylene related, stemmed from her own experience of having giving birth to twins. When the time came for her to return to work, she was very doubtful if she would be able to have a career and have a family life at the same time. “I am where I am today because of the support that I received from the company and the sales leaders. They gave me a strong foundation that enabled me to bounce back and have the career that I want and the family that I have always dreamed of,” she said. She wants to be remembered by her team, her family, and the hospitality industry as someone who cared for her team and family, and that she was always present in their lives which translates to important contributions to the overall success of the industry in general.

When asked about her definition of “Wonderful Hospitality. Always,” Mylene said it is consistent to what she shows to hotel guests, colleagues and even her family. “The operative word there, for me, is always which is the consistency that is present with our associates, and this makes our brand strong,” she said. In keeping with the anniversary theme of being grateful, Mylene said she is grateful to the hotel leaders who set the tone and the standards that allow them all to thrive in the workplace. “That’s how I felt when I came back from my maternity leave. Without the support, the flexibility, and the care that I received, I would not be able to continue here. So that is what I am grateful for, because of the foundation that they gave me. I am able to have both the things that I want the most, which is a career and a strong family life,” Mylene said. CLAUDETTE MARICLAIRE “LALA” QUILANTANG Cluster Director of Sales and Marketing Marriott Manila and Courtyard by Marriott Iloilo Lala has been in the hospitality industry for the past 27 years. Out of the 27 years, three of them have been in operations. However, she found her happiness in sales. “It’s 24 years of sales and I have been with other brands. Name it, I have been there, but it is in Marriott Manila that I found my home,” she said, adding that she joined Marriott Manila in 2012 but then transferred to another hotel under Marriott.

When Marriott expanded in the Philippines, Lala was wooed to spearhead the National Sales Team in 2019 where she was in charge of selling of all the brands under Marriott International present in the Philippines. In 2022, she was made Director of Sales and Marketing for Sheraton Hotel Manila and in 2023 she was asked to assume the Cluster Director of Sales and Marketing role for Marriott Manila and Courtyard by Marriott Iloilo. “My vision is to promote the Manila Marriott brand so that it will remain an icon brand. We were the ones who started the brand here in Manila so I would want to keep that halo brand as an icon, as being the best and the leader in the industry,” Lala said. She also has a vision for her team of 30 associates and that is to develop the next generation of leaders so that they will be ready to take over when the right time comes or when she retires. As for her personal advocacy, Lala wants to show to the world that moms can balance work and family. “It can never be a perfect balance but it’s more about the quality of time that you give to both your life and to your career. I want to show to the people that you can still work and have a family as well,” she said, adding that she wants her children to remember her for being able to juggle the responsibilities of being a working mom. “I bring my children to work if I have to. I take a leave of absence if there is something important in school. I want my children to remember that their mom is always there for them,” Lala said. She wants her team to remember her as being the one who offers them with opportunities. Lala related she, herself, had been at the receiving end of a lot of opportunities which turned out to be blessings. “I want to be a blessing to my

team, to give them the same opportunities that I had, opportunities that were given to me by my mentors. Those opportunities can serve as stepping stones for them to move on with their careers,” Lala said. As for her legacy in the hospitality industry, Lala said she wants to be remembered “as someone who can influence people.” “I want to be remembered as someone who makes things matter and was able to change some (relevant) things,” she said. For Lala, “Wonderful Hospitality. Always,” is when a client remembers the event, their contracts, or their dealings with the hotel with a smile. It always brings a smile to her face when clients sing praises about her team. She will forever be grateful for the opportunities that have come her way. “Opportunities do not really just come your way, you really have to work hard for it. Opportunity knocks once so grab it. While waiting for that opportunity, take time to hone your skills,” Lala said. NOENA ELIZABETH “ELLIE” ALARCON Director of Sales Courtyard by Marriott Iloilo Ellie has been with the brand for seven years now, adding that she was 23 years old when she started her journey. She started her career as Sales Manager Special Corporate and MICE at Marriott Manila. In 2021, she moved to the Marriott National Sales Office where she handled all of the hotels under the Marriott Group in the Philippines. In that same year, she was promoted as Senior Manager and now as Director of Sales of Courtyard by Marriott Iloilo. Her vision for Courtyard by Marriott Iloilo is to make Iloilo the top destination for business as well as leisure gatherings in the Visayas region.

“We want our customers, our guests to experience that fiesta vibe through the rich, local culture coupled with the Marriott brand of service,” Ellie related. As for her personal advocacy, Ellie said her focus is on children’s welfare. She is a strong believer that education is the secret to success. “(Children’s) education alone is not enough, it should be coupled with proper nutrition. Every month, I have been supporting schools by sending them groceries on a regular basis. I also conduct feeding programs. It is good to teach them how to fish”, she said. As for her team, Ellie wants to be remembered as the leader who develops her team to be the next batch of leaders. Since she is still single, Ellie wants also to be remembered as the good and responsible daughter and sibling. “As a leader, you have to be caring. You have to be thoughtful because as a leader you have the capacity to transform someone’s career trajectory,” she said, adding that she wanted to be known in the industry as a leader with (good) intentions. For Ellie, “Wonderful Hospitality. Always” is service that comes from the heart and going the extra mile to serve customers and guests. “It is being intentional in building that connection to create warmth and wonderful experiences for our guests,” Ellie said. She is grateful for her team, a team that is very hardworking. “I have the best team. I thank them for their commitment, enthusiasm, and passion”, Ellie said. With these three inspiring stories, Marriott Manila hopes that people will see its utmost commitment to being their ally in making dream moments come true beyond its celebration of its 15th anniversary while being grateful for almost two signicant decades in the Philippines of being able to provide wonderful hospitality timely and timelessly.