CebPac sales soar 261%, trims net loss to P14-B

Cebu Pacific said on Tuesday its net loss narrowed to P14 billion in 2022 from P24.9 billion the previous year as travel demand increased.

Revenues in 2022 grew 261 percent to P56.8 billion due to higher travel demand for both domestic and international markets,

Cebu Pacific said in a disclosure to the stock exchange.

“CEB is ready to move forward with optimism and confidence as we transition from recovery to growth mode. We remain committed to enabling everyone to fly and look forward to welcoming even more passengers onboard in the coming months.” said Mike Szucs, CEO of Cebu Pacific.

EBITDA hit P664 million in 2022, it added.

Cebu Pacific said its operating loss was also reduced to P11.4 billion compared to the previous year.

“Dissent is the highest form of patriotism.” - ANTHONY ROBBINS.

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Thousands of flag-waving and placard-bearing Israeii citizens are out in the streets protesting the Netanyahu government’s proposal to institute judicial reforms.

The public outcry started when the majority coalition formed by the comebacking PM Benjamin Netanyahu presented a legislative proposal giving the Knesset the authority to review, amend or turnaround decisions of the Supreme Court if the same jeopardize Israel’s national security, public safety and order.

(Latest news developments say PM Bibi has postponed plans to implement judicial reforms to avert a civil war. Earlier, Israel’s Defense minister quit his post.)

Netanyahu’s two-year absence from the prime ministership has emboldened militant groups living in Gaza and the West Bank to step up pockets of terroristic activities, making surprise attacks and scoring kills and serious injuries on unsuspecting Israreli citizens (even soldiers) anywhere they are.

Israel is also continuously being pestered by intermittent drone and missile attacks from her northern borders that it says have links with Iran and other sponsors of terrorism.

The restlessness inside Israel is mostly an offshoot from whatever remains of the political opposition that Netanyahu replaced who want to see the Netanyahu coalition fail and fall.

In the guise of preserving democracy and protecting the rights and freedoms of Israeli citizens, the opposition led by ex-PM Yair Lapid and other anti-government blocs is raising the issue that Netanyahu’s judicial proposal will weaken the foundation of democracy and other institutions.

The opposition argues that the judicial changes will curtail the independence of the Supreme Court and create instabil-

Israel Is Restive

ity in the justice system.

Despite the mildly extensive street gatherings, Netanyahu appears to stand resolute on his judicial idea because he views the present circumstances as being critical and vital to quick and sound decision-making viz a vis the threats to the country’s national security.

The dilemma that Netanyahu faces in his native Israel seems to mirror similar circumstances and conditions in the Philippines where a minor sectoral issue, like the Jeepney Modernization Program, suddenly blows up into a huge national concern of alarming proportion and takes the entire government hostage.

Watch out if and when the Cha-Cha train rolls out of Congress.

I can imagine the political opposition - particularly the pro-Cory and the remnants of the Yellow Party - gathering together in massive, angry street protests against those who would boldly tinker with the 1987 Cory constitution.

It will be like a throwback to the first Marcos administration when youth activism was at its highest and the students were at the forefront of major anti-Marcos demonstrations.

I am amused at these imaginings.

Israel and the Philippines appear to have some things in common.

For instance, we have a political opposition that wants badly to see the present government fall and its people suffer. This, even when the Philippines is just slowly recovering from the crippling effects of the pandemic that had collapsed our economy.

Like some ouster moves that went flat during the Duterte administration, Netanyahu is also wary about the opposition in Israel calling for new elections if his judicial reforms are pursued.

I am also amused at how Netanyahu is able to counter-act effectively the machiavellian strategies of the opposition when they (Lapid and his ministers) themselves were unable to quell and silence the terrositic attacks of anti-Zionist militant groups.

Among all other political leaders in Israel today, Netanyahu is the most capable, the most prepared and the most experienced in meeting present and future exigencies.

He is well-known to all world leaders and has steadily built Israel into what it is today - strong, resilient, prosperous and powerful.

He does not flip-flop over Iran’s prospects of successfuly producing nuclear power and has staunchly declared that Israel will not need to seek US approval if and when Israel decides to move militarily against the latter.

Although surrounded by enemies from the north, east, west and south, Netanyahu, the longest serving prime minister of israel, has ably prepared his country - economically and militarily - to meet unfavorable contingensies head on.

I guess this is one situation we are not in common with Israel. (Email feedback to fredlumba@yahoo.com.) GOD BLESS THE PHILIPPINES!

From being a long-neglected sector, the Philippine agriculture industry is now up for a major overhaul to become one of the keys to economic development.

None other than President Ferdinand R. Marcos Jr., who took on the role of heading the agriculture sector, himself believed that with sound measures to develop the industry’s portfolio, the Philippines can achieve significant upgrades in our local farmers’ quality of life, and consequently, will help boost local food production for the Filipinos.

Close collaboration with the business community will be vital in the fulfilment of the president’s ambitious goals for the agriculture industry.

One conglomerate, in particular, is stepping up to provide much-needed support — the Metro Pacific Investments Corp. led by chair Manny V. Pangilinan or MVP.

In the second part of his interview with context.ph, MVP initially cited the issues that the local agriculture sector faces and what the group is doing to help.

“There is increasing importation of food items into the country. Our ability to grow what we need to feed our people is not there. I think it’s time to address the issues surrounding that and I am glad the President is paying a lot of attention to agri. Agri and aqua go hand in hand. It’s something I feel our group should help in whatever way we can to ameliorate the food situation,” MVP said.

The Covid-19 pandemic exposed the many issues in the holistic food management system, as MVP recalled the initial problems the country had to deal with such as supply chains and imports clogging up because of the limited mobility to contain the virus outbreak.

Thankfully though, there is an array of solutions meant to unravel the many potentials of the sector. In a recent study by the Philippine Institute for Development Studies, it was highlighted that a technology-enabled systems-based approach will enable us to move forward toward our goal of food security.

MVP echoed the need for this strategy anchored on both infra and technology. The supply chain related to food items, he said, should be part of the overall agriculture plan.

“The factor inputs that get into production of food in this country — whether fresh food, canned food or cooked food — we need to have a digital map of where they are procured and where they are eventually sold. Several food items produced locally are seasonal in nature, so their storage is very important, and the logistics and costs of those logistics are also very important.”

Reports have surfaced regarding the new agribusiness portfolio that MPIC had been acquiring — including ventures in the dairy and coconut industries. According to MVP, the group is learning as they go, as these are new businesses to them.

“The main challenge on the agri side is the ability to get into commercial farming where you need significant amounts of land and you have to develop the science and management of large commercial farms.”

Leasing land, like what neighboring countries Indonesia and Malaysia are doing, is the viable approach, he said.

“We have to put the money to where the production inputs are to produce the food. For staple items, you do need large-scale farming to reduce the costs and make it available hopefully on a year-round basis.”

In MVP’s mind, a new model should be adopted when it comes to the issue of agrarian reform, one that focuses on deploying technology and making agriculture profitable for businesses.

“Let’s look at the new model in this current age, especially our ability to deploy technology both on the growing side of the business and on the logistics side of the business.”

MPIC is aiming to set an example and make agriculture a profitable venture for the business community to follow suit. As he said, “I hope we can be a cowbell investor that we have to prove that this makes sense and this makes profits. If they see that we’re losing a lot of money then why should businesses get into it?”

He recalled a similar situation years ago when he decided to acquire and build the MPIC’s hospital portfolio with Makati Medical Center, and the more recent acquisition of the dairy firm Carmen’s Best.

As a matter of fact, MVP addressed issues that these businesses were bought to serve as “deodorizers” for MPIC.

“I can assure you that is not the intention, we are serious about this. We are not investing to look good to anybody. So we have to show performance, to our shareholders, to our board, that this makes sense and that eventually, we can scale up to make it a contributor not only to Metro Pacific but to the larger economy,” MVP said.

Most importantly, he said, the investments made in Philippine agriculture are anchored on a fundamental premise. “It is a need of our people. We have to feed our people first, rather than importing what we want to import.”

Editor’s note: The opinions expressed in the foregoing article are solely the author’s and do not reflect the opinions and beliefs of the Philippine News Agency (PNA) or any other office under the Presidential Communications Office.