BusinessWeek Mindanao (November 14-15, 2022)

Inflation hits wages

DEPARTMENT of Labor and Employment (DOLE) is assessing the current wage rates in the country amid the rising inflation rate.

"We will continue to use the existing tripartite wage mechanisms to help address the situation, and we will do so prudently," said Labor Secretary Bienvenido Laguesma at the National Productivity Conference of the National Wages and Productivity Commission (NWPC) on Thursday night.

He noted that both positions of employers and workers will be considered in coming up with a decision on the matter.

‘Hijab Day’

THE House of Representatives on has approved on second reading a consolidated bill that seeks to declare February 1 of every year as National Hijab Day.

Under House Bill 3725, a proposed measure consolidated with HB 1363, the government will direct all its institutions, the private sector, and schools to commemorate the importance of the hijab, a head cover worn in public by many Muslims that symbolizes modesty in Islamic Law.

The bill encourages all public and private institutions, including schools, to celebrate this event which also aims to promote understanding and awareness of all other Muslim traditions, culture and beliefs.

ERC record-budget

A RECORD-high 2023 budget has been accorded to the Energy Regulatory Commission (ERC) to enable the regulatory body to strengthen its mandate to implement a “rate reset” or rate adjustment of regulated power utilities, primarily the National Grid Corporation of the Philippines (NGCP), as well as the private distribution utilities (DUs), and electric cooperatives.

The ERC vouched that its P1.127 billion budget for 2023 has been the highest it ever secured since its establishment in 2001 after the restructuring of the country’s power sector.

The regulatory body noted that its budget hike is intended to “equip the ERC with resources to complete its priority projects to increase transparency and accountability in the power sector.”

Brunei’s role cited in peace process

PRESIDENT Ferdinand R. Marcos Jr. recognized Saturday the crucial role played by the Brunei Sultanate in the Mindanao peace process

During his bilateral meeting with Brunei Sultan Hassanal Bolkiah on the sidelines of the 40th and 41st ASEAN Summit and Related Summits in Phnom Penh, Marcos assured that efforts to ensure long-lasting peace in Mindanao are proceeding despite the roadblocks posed by the Covid-19 pandemic.

“I’m happy to be able to inform, Your Majesty, that the peace process is proceeding along. Although we have extended the Transition Authority for another three years simply because they were unable to do their job during the pandemic,” Marcos said.

“This process – the

CDO biz groups seek tax relief extension

Biz owners worried over high inflation rate in Davao

By ANTONIO L. COLINA IV MindaNews

DAVAO City – The high inflation rate in Davao City

must be managed to hasten the recovery of the local economy that has been severely affected

LOCAL business groups urged the Cagayan de Oro city government Friday to extend the deadline for tax reliefs and incentives. Raymundo Talimio Jr., the Cagayan de Oro Chamber of Commerce and Industry Inc. (Oro Chamber) president, said the extension will give local businesses more time to file their required tax obligations. "We hope to cascade the information to the grassroots level of our business community here," Talimio said during a business forum here. Since last year, he said the Oro Chamber has requested the city government to come up with tax relief packages as a result of the pandemic. Last month, the City Council

FESTIVAL OF LIGHTS. Mall goers flock to the roof garden during the launching of Festival of Lights at Abreeza Mall in Davao City on Friday, Nov 11, 2022.

Mindanews Photo

ROUGH SEAS. A fisherman in Brgy. Yumbing in Camiguin drags his boat to land after sailing to rough seas with just enough catch for his family. photo by gerry lee gorit

P866-K smuggled cigars seized in Sulu town

ZAMBOANGA City –

Authorities have seized some P866,000 worth of smuggled cigarettes in a remote village of Sulu, a top police official said Friday.

Col. Richard Verceles, operations chief of the Area Police CommandWestern Mindanao (APC-WM), said the cigarettes were seized around 5:15 p.m. Thursday in Barangay Buansa, Indanan, Sulu. Verceles said members of the Indanan police were on mobile patrol when they

received information that several boxes of smuggled cigarettes were unloaded in Sitio Subah Pamawlan, Barangay Buansa. The policemen managed to seize 73 master cases of assorted cigarettes in the area. However, Verceles said no one was arrested as the supposed owner of the contraband fled upon noticing the presence of policemen. He said the confiscated smuggled cargo was brought to the Indanan police station for documentation before their turnover to the Bureau

of Customs for proper disposition. Thursday’s confiscation was the third time this month in the jurisdiction of the APCWM. On Nov. 2, two persons were arrested and PHP7.2 million worth of smuggled cigarettes were seized along Governor Camins Avenue, Barangay Baliwasan here. On Nov. 5, a suspect was arrested and more than P1.3 million worth of the same shipment was seized at Governor Ramos Avenue, Barangay Santa Maria, also in this city. (PNA)

CDO opens scholarship grants to 10K college students

THE Cagayan de Oro city government here is eyeing to provide 10,000 scholarship grants to qualified college students as its plan to construct a city college gains ground.

City Councilor Suzette MagtajasDaba said the plan to increase the scholarship slots was part of the campaign promise of Mayor Rolando Uy.

"The scholarships are not only for students who have high grades but there are also (slots) for those who have average grades as long as they

did not fail any subjects," she said as a guest during Friday's celebration of the 71st anniversary of the Cagayan de Oro Press Club Inc.

Daba, who chairs the city council's committee on education, authored the Scholarship Code in 2018, which expanded the number of scholarship grantees in the city.

In 2013, there were only 300 scholars here, and only 700 in 2016.

After the passage of the Code, Daba said the number of scholars increased to 8,200,

receiving stipends of around P1,000 to P1,500 monthly.

"We are also planning to expand these scholarships for those who wish to study medicine and law," she added.

Meanwhile, creating a city college is also part of the current administration's plans as there is a technical working group already doing a feasibility study.

The plan for a city college has long been proposed by the City Council for decades. (PNA)

-Marco Obsid-

C ompels by a shadow in my land, I toil the field against my will, To draw the lines within my hand, Resist the force standing still.

S ending my eyes to the distant lines, Heavy breath pounds me really hard, Hear my night with restless signs. Make a plan to leave a card.

I n a place so dark where no more to keep, I plow, I dig and bury my head, I look at the sky but only my eyes see a weep. Still tied, weakened and lying in my bed.

M y hands are bruised but gently pressed. But I see a hope that brights my day, It fades the shadow through a ray, To escape from the field I could not stay.

Banking & finance

PHL banks’ net profits climb

43% at end-September

THE NET EARNINGS of the banking industry climbed by 43% as of September, driven by higher trading gains and interest income, according to central bank data.

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed banks’ cumulative net income rose to P243.066 billion in the January to September period from P169.089 billion last year.

The Philippine banking industry also recorded lower bad debts written off at P2.3 billion in the nine months ended September, down by 64% from the P6.4 billion seen at end-September 2021.

As of September, banks’ net interest income increased by 10.2% to P542.499 billion from the P491.883 billion

last year.

Non-interest income also grew by 24.9% to P207.724 billion from P166.349 in the same period in 2021.

“The stronger banking industry performance may be largely attributed to the further reopening of the economy towards greater normalcy,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Metro Manila and some provinces have been under the most lenient alert level since March. This has enabled businesses to operate at full capacity.

“(This is) also amid lower base/denominator versus a year ago amid some pockets of lockdowns last year,” he added.

Data showed the total operating income of Philippine banks grew by 14% to P750.225 billion from P658.233 billion in the comparable year-ago period.

The industry’s trading income more than doubled (177%) to P17.09 billion in the first nine months from P6.16 billion.

Non-interest expenses of banks, including compensation and fringe benefits, taxes and licenses, fees and commissions, and administrative expenses increased by 6.4% to P404.622 billion from P379.971 billion a year prior.

Meanwhile, bad loans held by banks declined for a seventh straight month in September, bringing the

nonperforming loan (NPL) to its lowest in 25 months or since 2.84% in August 2020.

Based on latest BSP data, Philippine banks’ NPL ratio eased to 3.43% in September from 3.53% in August. It was also lower than the 4.44% in September 2021.

Soured loans fell by 14.6% year on year to P415.225 billion in September from P486.362 in the same month last year. This was also 0.6% lower than the P418 billion seen in August.

Mr. Ricafort said robust lending growth could benefit banks’ asset quality. Lenders would also have better credit fundamentals as borrowers now have a greater capacity to pay amid higher sales or incomes, he said.

Fitch Solutions eyes growth in PH household spending in 2023

HOUSEHOLD spending in the Philippines is expected to get a boost from the projected rise in real income in 2023, a report by Fitch Solutions Country Risk & Industry Research said.

In a report dated Nov. 8, a copy of which was sent to journalists on Wednesday, Fitch Solutions said it reduced its 2022 growth forecast for real household spending in the Philippines from 7.6 percent year-onyear to 5.5 percent.

However, it projects that household incomes will outperform inflation next year.

“(This) will ensure real income growth and greater potential for consumer spending,” it added.

The report said consumer spending in the country remains positive, partly because some workers have regained their jobs following a hit when the Covid-19 pandemic started in 2020.

It expects the unemployment rate to remain low at around 7 percent of the labor force in 2023 from the peak of 14.5 percent in 2020 when lockdowns were imposed because of the pandemic.

“We expect the level of unemployment to remain low, averaging around 7 percent of the labor workforce over the period 2023-2026,” it said.

Fitch Solutions projects the unemployment rate in

the country to be around 8 percent for this year and 6.7 percent both in 2023 and in 2024.

Philippine Statistics Authority data show that the unemployment rate in September 2022 declined further to 5 percent from month-ago’s 5.3 percent and 8.9 percent in the same month last year.

Although employment is expected to improve in the coming months, which will fuel consumer spending, the report expects inflation to remain elevated and hamper

Publication Notice R.A. 10172

people’s spending capacity.

Fitch Solutions forecasts inflation to average at 5.6 percent this year, above the government’s 2-4 percent target band.

As of end-October this year, the rate of price increases in the country averaged at 5.4 percent.

The October 2022 print rose to its highest since December 2018 at 7.7 percent from monthago’s 6.9 percent due to acceleration of food prices, among others. (PNA)

Republic of the Philippines Bangsamoro Autonomous Region in Muslim Mindanao Province of Lanao del Sur

MUNICIPALITY OF BUBONG OFFICE OF THE MUNICIPAL CIVIL REGISTRAR

NOTICE TO THE PUBLIC CCE-000____-2022-R.A 10172

Card industry poised for growth

THE CREDIT CARD industry is expected to continue growing this year and next amid rising interest rates, an official from Asia United Bank Corp. (AUB) said on Monday.

“I think the credit card industry is on the right track for growth this year and next year,” AUB Senior Vice President and Cards and Acquiring Business Group Head Maria Magdalena V. Surtida said.

“We’re seeing very positive figures as far as the credit card industry is concerned. We’ve definitely recovered from the pandemic era. We are now in the post-pandemic and all we’re waiting for is the comeback of travel and everything will be okay,” she said.

She added that the bank saw a growing number of online transactions in terms of volume despite rising interest rates. The lender was also able to manage their nonperforming loans (NPLs) this year better compared with 2021.

AUB launched on Monday the Unified Card QR Link as the newest feature of AUB PayMate, enabling businesses to accept Mastercard and Visa payments using only one QR code.

According to Ms. Surtida, the latest product will allow all types of merchants, including the micro, small and medium enterprises (MSMEs), to accept digital payments from their customers.

“We’ve had very good reception when we introduced our Mastercard

Card QR Link in the market in 2021, which was the first of its kind in the country. This is the reason we immediately developed a Unified Card QR Link so our AUB PayMate merchants can accept both Mastercard and Visa prepaid, debit and credit card payments from their customers,” she said.

“For the MSMEs, this is our strategy because we know that there’s still a big opportunity out there. There’s a whole big size untapped market that we want to do a good job on. And we’ve just launched this so we want to spend the next few months saturating the market with our product,” she added.

Merchants usually use point-of-sale (POS) terminals to accept Mastercard and Visa payments from their customers. However, the high transaction volume required by card merchant acquirers to deploy a POS terminal to merchants has been deterring MSMEs from accepting these card payments, AUB said.

“With the Unified Card QR Link, merchants, big or small, need not worry if they can meet the required volume of transactions as we made the card acceptance at no additional cost to them,” Ms. Surtida said.

The bank said customers only need to scan the Card QR code displayed on any AUB PayMate merchant stores to use the new feature. After completing a transaction, merchants can view the customer’s payment status in real time.

Staff Required

Date: 11-10-22

In compliance with the publication requirement and pursuant to OCRG Memorandum Circular No. 2013-01, Guidelines in the implementation of the Administrative Order No. 1, series of 2012 (IRR OF R.A 10172), notice is hereby served to the public that NORHAINAH B. LIMGAS has filed with this Office a petition for correction entries of SEX/GENDER from “ MALE ” to “ FEMALE ” in the certificate of live birth of JAMAYYAH ABAGA DAROL at Municipality of Bubong, Lanao del Sur and whose parents DAROL LIMGAS BALI and ZOBAIDA JAMAEL ABAGA

Any person adversely affected by said petition may file his/her written opposition with the office not later than DEC. 02, 2022.

BWM: Nov. 14 & 21, 2022

Republic of the Philippines

Province of Bukidnon Municipality of Quezon -oOoOFFICE OF THE MUNICIPAL CIVIL REGISTRAR Petition No. CCE-65-2022

In the matter of: Petition for change of Sex (Gender) from “ FEMALE ” to “ MALE ” in the Certificate of Live Birth of KENNETH JAY MIGUE TAÑEZA under Registry No. 98-0744

NOTICE

Petitioner, KENNETH JAY MIGUE TAÑEZA , having filed with this Office the above mentioned Petition for Change of Sex (Gender) from “ FEMALE ” to “ MALE ” in his Certificate of Live Birth, bearing Registry No. 98-0744 and finding the same to be sufficient in form and substance, and in compliance with Sec. 5 R.A. 9048/R.A. 10172, as well as Par. 3, Subsec. 2 of its Implementing Rules and Regulations, let this Petition be PUBLISHED in a Newspaper of general circulation at least once (1) a week for two (2) consecutive weeks at the expense of petitioner.

Any person adversely affected by said petition may file his/her written opposition with this Office not later than December 16, 2022.

Done this 15th day of November, 2022 at Quezon, Bukidnon, Philippines. (SGD) ANGELINA B. TORREGOZA, R.N., MAED BWM: Nov. 14, & 21, 2022

Municipal Civil Registrar

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First university degree in any Social Sciences/ Law or Business Administration.

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Excellent IT skills with expertise in MS Office.

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If you meet the requirements please apply with all credentials and curriculum vitae within one week of the publication of this advertisement.

RAMEEZ JAP AUTOMOTIVES CORPORATION

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(SGD) NORHAYA L. TOCALO Municipal Civil Registrar

Think a minute… There is an emotional sickness called Sudden Wealth Syndrome. It happens to people who suddenly become wealthy by winning a lottery jackpot or inheriting heaps of money. But what these newly rich people often learn painfully is that it does not end up being the happy dream they expected. They discover what many other rich people already know: Money cannot buy true happiness that lasts.

That is our problem. We think that happiness is something out there that we have to find and get, such as money, a position of respect and power, or physical pleasure and fun experiences. But even when we do finally get it, we learn that it does not last and make us completely happy and satisfied for the rest of our lives like we expected.

So how do we get hold of happiness that lasts for a lifetime? The first big step is we simply must admit that we are not completely happy and that we need help. But that is usually hard for us strong, independent human beings to do. We are like the man who came home drunk one night. As his wife helped him into bed she asked him if he wanted her to pray for him. He nodded yes. So she began: “Dear Lord, I pray for my husband who lies here drunk.” But her husband quickly interrupted her and said: “Don’t tell Him I’m DRUNK! Just

say that I’m SICK!”

In our heart and conscience, we all know that we have done things wrong and failed to live the way we know we should. We have not lived in a daily, right relationship with our Maker. But many of us simply refuse to admit that our way of living is wrong. Furthermore, we do not like to admit that we cannot fix our life and make it right by ourselves. But until we honestly face these clear facts of life, we can never change to become truly, totally happy.

Why waste another day of your life? Sincerely ask Jesus to forgive you for living your own, wrong way, and ask Him to take full charge of your heart and life every day. Only then, can you have peace with your Creator and finally get hold of happiness that lasts. You have absolutely nothing to lose, yet everything to gain. Just think a minute…

Let’s train ourselves to have a proper focus

they were eating, drinking, buying, selling, planting, building; on the day when Lot left Sodom, fire and brimstone rained from the sky to destroy them all.” (Lk 17,26-29)

FR. ROY CIMAGALA

We are reminded of this very important duty to train ourselves to have a proper focus in life in that gospel episode where Christ warned about people who were just immersed in their earthly affairs without giving any thought about the disasters that were coming to them. (cfr. Lk 17,26-37)

“As it was in the days of Noah, so it will be in the days of the Son of Man; they were eating and drinking, marrying and giving in marriage up to the day that Noah entered the ark, and the flood came and destroyed them all,” he said. “Similarly, as it was in the days of Lot:

Now that the liturgical year is approaching its end, we are reminded that there are such things as our death, the end of time and the second coming of Christ. We should be prepared always for these events, and align all the elements of our earthly life toward them. In other words, let’s have a proper focus.

For this, we definitely need to be taught so we can learn how to have that focus. But to learn, we need to study and develop the proper attitudes, practices, virtues, etc. We have to undergo a certain discipline and follow a well-thought-out plan.

Definitely, an important element in that plan would be the habit of “settling accounts” with God by making daily examinations of

conscience. In our spiritual lives, it is important that we settle accounts with God regularly. In fact, saints and the Church herself have recommended that we make a daily examination of conscience just before going to bed.

This is to see if the day went as it should, that is, if love for God and neighbor is really the motive behind all our actions, and so that we at least can be reconciled with God no matter how the day went. We should at least say sorry to God, even if we still have to do things to make up for our mistakes and sins.

This is an important task, because more than just resting physically, mentally, or emotionally, we need to be at peace with God at the end of the day. God is everything to us. Regardless of our status at the moment, whether good or bad, moral or immoral, God not only will tell us what to do but also will give us what we need at that time.

In this regard, let’s hope that the daily practice of examination of conscience becomes normal and widespread in us. It’s a real necessity, just like the daily accounting that business firms do if they are serious with their businesses. And frankly, can there be any more decisive human endeavor than caring for our soul, our principle of life?

The daily practice of examination of conscience means a lot of things. For one, it means that we understand that our life is not just a natural, material, individual or social affair. Or simply our life.

It would show that we know our life is a life with God and with others, pursued and developed in the spiritual and moral spheres more than in anything else. We need to do some accounting of it not only for our own interest, but also and more importantly for the sake of God and of the others.

What to do in a crowd crush

In the wake of the tragic Itaewon Halloween crowd surge, which killed at least 156 and injured 151 others, South Korean authorities are now searching for answers. The dead included 26 foreign nationals from Iran, China, Russia, the United States, Japan and elsewhere. What caused the deadly surge? Could the accident have been prevented? Who should be held responsible for the tragedy?

After the Itaewon disaster, police launched a 475-member task force to find its cause. During a Cabinet council meeting, President Yoon Suk Yeol acknowledged that South Korea lacks research on crowd management and said the government will soon meet with experts to review national safety rules.

While awaiting the results of the South Korean investigation, it would be apropos to listen to the opinion of Medhi Moussaïd, a research scientist at the Max Plank Institute in Berlin who studies crowd dynamics. Mr. Moussaid was interviewed by Marianne Guenot of Business Insider about when crowding turns deadly. The interview is reproduced here practically verbatim for the guidance of our readers.

“Most people don’t realize the danger….

people should be better informed as cities become denser and big crowds more common.

“Crowd surging is driven by a simple principle. If a group of people becomes dense enough – more than six or seven people per square yard – a crowd starts acting like a fluid.

“At this point, the people inside largely lose the power to control their own movement.

“If someone is shoved, they will push their neighbor, who will fall on their neighbor, and so on and so forth. “Then this movement is transmitted… It is a little like a ripple through water, as these movements spread, they grow bigger.

“The pressure from the wave can be too intense to bear for people in the crowd, especially if they are pushed into an obstacle. As seen in Seoul, it can be fatal.

“Those waves are pretty dangerous because people can be compressed against the walls and also against one another. And whenever two waves cross, people can feel the pressure from both sides. What to do if you get caught in a crush?

In the overwhelming majority of cases, crowded events will be safe. But Moussaïd listed some things that could help if things ever turn dangerous.

“The main thing is awareness: if you feel too crowded, you’re probably right. Move away quickly to a less dense spot. This can protect you and also relieve the pressure on others.

“If just a small part of people start doing that, it reduces the density and solves the problem,” he said.

“Once the crowd reaches that critical threshold, however, the pushing wave can build very quickly. Then it is a case of survival.

“If you feel the pushing wave, don’t try to resist. Go with it and keep your balance.

“Do your best to stay standing. If one person falls over, it will create a wave of people toppling. Those at the bottom of the pile are then likely to be crushed by the weight of the bodies above them.

“Hold your arms up against your ribcage like a boxer to make it easier to breathe. The pressure from the wave can cause people to faint and fall.

“Don’t struggle against the flow of the crowd. If you push back, the pressure in the system will grow, which will make the situation worse for the next couple of seconds to minutes.

Reminiscent of the Itaewon tragedy is the crowd crush that occurred at the ULTRA on Feb.

4, 2006, which killed 73 people and injured around 400. Newspaper reports the next day more or less gave the following account of the tragedy.

About 30,000 people had gathered outside the stadium waiting to participate in the first anniversary episode of the former television variety show Wowowee. At about 6 a.m., organizers of the show began handing out tickets to people in the crowd, many of whom had been camping outside the stadium for days to acquire them. Overhearing the news, people started trying to get ahead of the queue and became agitated. The crowds became more impatient and started pushing forward and shoving, Coincidentally, the gates happened to be on a sloped driveway. After the gates eventually gave way, people at the front collapsed from exhaustion while others behind them stumbled. The sloped driveway contributed to the worsening of the stampede.

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RELIABLE IN-DEPTH

For quality overruns, shop at Left to Vary

By MARK FRANCISCO

FROM leftovers to various items, there’s an abundance of wardrobe to choose from here at Left to Vary but with one commonality – they are all of quality kind.

Iponan (which have opened simultaneously last Sunday, November 13). These are the only Left to Vary branches in Mindanao so far.

Left to Vary started out in Binondo in 2009 and has expanded to nine more branches. Their fleet of stores will still increase with the addition of five more branches in the offing.

Left to Vary has decided to put up shops here in Cagayan de Oro for the convenience of its Mindanao-based patrons. Prior to the opening of their outlets here, customers of Left to Vary would need to go to Manila to browse their desired items.

Left to Vary now has three branches here in Cagayan de Oro – Limketkai Mall, CityMall Bulua and CityMall

Left to Vary is a Filipino fashion retailer and wholesaler of branded overruns in

clothing and accessories. During its opening, its highlighted promo is the reseller deal at P110 each for a minimum of 50 pieces. And they’re the only overruns store here in Cagayan de Oro that sells plus sizes up to 5XL both for male and female wearers from kids to adults. All their items are overruns from export zone factories in such countries as Vietnam, Cambodia, Bangladesh, Indonesia and the Philippines. Their items are called excess orders from big branded companies and are in new condition. Some items are cut labels and no tags. So if you want to sport a branded look yet on a budget, Left to Vary is definitely your best choice.

PH gets 4 investment leads in SoKor investment mission

AT least four big companies from South Korea are interested to invest in the country in the coming months following the recent investment mission of the Philippine Economic Zone Authority (PEZA) and Aboitiz InfraCapital in Seoul.

PEZA officer-in-charge Deputy Director General for Finance and Administration Aleem Siddiqui Guiapal told the Philippine News Agency in a Viber message Wednesday that these companies are in the sectors of electric vehicles and manufacturing.

“We are optimistic that

PEZA has at least four big companies of (investment) lead(s) of new locators and one potential joint collaboration on waste management with South Korea,” he said.

Guiapal, who is also the manager for PEZA’s Promotions and Public Relations Group, added that the South Korean firms have yet to finalize the amount of their possible investments here.

Last Oct. 19, PEZA, Aboitiz InfraCapital, the Department of Trade and Industry (DTI), Board of Investments (BOI), and the Philippine Trade and Investment Center (PTIC)–Seoul conducted the Philippine-Korean Investment Forum as part of the government’s five-day outbound investment mission in the East Asian country.

“This is a response to the call of President (Ferdinand)

Bongbong Marcos to increase our FDI (foreign direct investments). An increase in investment means more jobs for Filipinos. And more jobs mean better and quality of life for our kababayans (fellow Filipinos). This is what (the) investment forum is all about,” Guiapal said.

As of June 2022, PEZA has registered 251 South Korean companies with total investments of P89.86 billion

in economic zones across the country.

Some 44,359 workers are employed by these South Korean firms and generated $1.1 billion in export revenues as of August 2022.

Guiapal added that the government aims to conduct outbound investment missions in Japan and the United States before the year ends. (PNA)

Multiformat retailer nets P1.85B in 3rd quarter

CONTINUED reopening of the economy helped boost Robinsons Retail Holdings’ net income in the third quarter of the year to P1.85 billion, up 64 percent yearon-year.

In a report to the Philippine Stock Exchange (PSE) on Wednesday, the listed firm said net income attributable to equity holders of the parent company rose by 60.8 percent to P1.67 billion from year-ago’s P1.04 billion.

Net income as of endSeptember this year increased

by 66.1 percent to P4.81 billion while net income attributable to equity holders of the parent company rose by 62.7 percent to P4.41 billion.

Core net earnings from July to September this year jumped by 91.4 percent to P1.45 billion, while the endSeptember level rose by 72.6 percent to P3.53 billion.

The company said net sales rose by 19.3 percent to P44.7 billion in the third quarter alone with the 15.1-percent expansion in same store sales growth (SSSG) due to the

Cebu Air losses shrink to P2.5B

CEBU AIR, Inc. (CEB), the listed operator of budget carrier Cebu Pacific, announced on Thursday that it managed to cut its attributable net loss for the third quarter of the year to P2.54 billion from a loss of P8.20 billion in the same period last year.

The company’s revenues for the quarter reached P16.85 billion, surging from P3.25 billion previously.

This was “propelled by a strong recovery across its business segments,” the company said in an e-mailed

statement.

Expenses increased 111.6% to P19.89 billion from P9.4 billion in the same period last year.

“Despite being a lean season, the continuous easing of travel requirements encouraged strong travel demand. For the third quarter, CEB has flown over four million passengers, a 489% increase versus third-quarter last year,” the company said.

Cebu Pacific’s seat load factor rose to 74% from 57.5% last year. “This

consequently resulted in the growth of passenger and ancillary businesses by 724% and 725% year on year, respectively,” Cebu Air noted,

The airline’s cargo business posted revenue of at least P2 billion, 41% higher than last year. It flew over 30,300 flights during the quarter or 318% more than the same quarter last year.

“We are encouraged by some notable improvements in our numbers amidst the ongoing challenges related to fuel and foreign exchange

rates. We remain cautiously optimistic that through our ongoing initiatives, coupled with a sustained increase in passenger traffic, we will soon see better days ahead,” said Mark Julius V. Cezar, chief financial officer at Cebu Pacific.

For the January-toSeptember period, the company reduced its attributable net loss to P12.05 billion from a loss of P21.1 billion previously. Revenues for the period jumped to P37.53 billion from P9.15 billion in 2021.

resumption of face-to-face classes and work as well as increased travel and tourism.

The government has given the go-signal for the return of face-to-face classes starting in the kindergarten level for school year 2022-2023. It was initially implemented on a partial basis but full faceto-face classes, at least for public schools, are mandated starting Nov. 2.

Robinsons Retail Holdings Inc. president and chief executive officer (CEO) Robina Gokongwei

Pe said their third quarter performance “validates our view that the retail climate in the Philippines remains healthy notwithstanding rising inflation.”

She said “sustained reopening trends have translated to higher volumes and operating leverage.”

“We continue to invest in our multi-format categories — be it in the offline channels — as we remain steadfast in our commitment to provide quality products and services,” she added. (PNA)

SHASTA Leonivelle Chavez goes solo on stage moments after being crowned as Miss Barangay Tres 2022. Barangay Tres is located in Talakag, Bukidnon. PHOTO SUPPLIED

Your Majesty, that the peace process is proceeding along. Although we have extended the Transition Authority for another three years simply because they were unable to do their job during the pandemic,” Marcos said.

“This process – the negotiations between the Bangsamoro and our Muslim brothers and sisters began in 1976 -- I believe, is the fruition of that. And we are very happy," he added.

Brunei is part of the International Monitoring Team and the independent decommissioning body in the peace process in the southern Philippines.

Bolkiah, meanwhile, pledged his country’s continued support to the efforts of the Philippines in ensuring peace and stability.

“We will continue to support your government’s efforts in ensuring peace and stability through various initiatives in the southern Philippines including our participation in the unification and modification assistance,” the sultan said.

Marcos also informed the sultan about the scheduled 2025 parliamentary election in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

He said he looked forward to having a functioning autonomous government in the south. Bolkiah likewise commended Marcos for his tireless effort for the attainment of peace and prosperity in the BARMM.

In October 2021, then President Rodrigo Duterte signed into law Republic Act No. 11593 postponing the first regular BARMM elections from 2022 to 2025.

This means the region will be led by appointed, not elected, officials for another three years.

RA 11593 extends the

Bangsamoro Transition Authority (BTA), but gave Marcos the chance to name new members for the additional three years it will be in power.

Marcos led the oathtaking of Chief Minister Ahod Balawag Ebrahim and other interim BTA members in August. (PNA)

severely affected by the coronavirus disease (COVID-19) pandemic, a business leader said.

Authority (PSA) last November 4.

as a result of the pandemic. Last month, the City Council passed an ordinance which implemented a tax relief for business owners and a 20 percent tax discount on real properties. Under the tax relief ordinance, businesses are required to avail of the program before Jan. 11, 2023, and pay the discounted balances on May 21, 2023. Oro Chamber chairperson Efren Uy said the tax relief measures should be amended to remove surcharges and other interests for late payments. Councilor George Goking, the committee chair on trade and commerce, assured the proposals will be discussed in the City Council next week. "The ordinances are not perfect, but if there is a need to amend some provisions, then we will consider the suggestions," Goking said. John Asuncion, head of the city's Trade and Investments Promotions Center, said the local government is eager to assist the business community with the filing of the documents in availing tax reliefs. "Other than extending the deadlines, I encourage (the business owners) to file early so that everyone will be served," Asuncion said. Other groups who attended the business gathering were the Filipino-Chinese Chambers of Commerce here and from Misamis Oriental province, as well as the Cagayan de Oro chapter of the Philippine Institute of Certified Public Accountants.

(PNA)

John Tria, vice president of the Davao City Chamber of Commerce and Industry Inc., said that the growing inflation rate concerns the business owners as the increase in the prices of basic commodities would have a snowball effect on demand and ultimately on the growth of local establishments.

He said the inflation beginning early this year was seen as “transitional” as consumers were in a “revenge spending” following the easing of COVID-19 restrictions, which drove the demand and prices of goods up.

“How to lower inflation is going to be the biggest challenge because again when prices go up, the challenge is how to keep your customers buying at the same volume to ensure your own growth,” he said.

Tria said that it seems the current inflation is not anymore “transitional” at the rate the consumer price index is growing.

He said it remains unclear when it would go down.

“I think inflation is a big concern because when costs are high, they (businesses) are forced to raise prices. When they raise prices, less people can afford. That’s why it’s important to manage inflation because its domino effect needs to be managed,” he said.

The Davao Region posted an inflation rate of 9.8% in October, the highest among 17 regions in the country, according to a report released by the Philippines Statistics

Based on the Summary Inflation Report Consumer Price Index (CPI), the agency said the inflation rate further accelerated from 9.6% reported in September in the region composed of the provinces of Davao de Oro, Davao del Norte, Davao del Sur, Davao Occidental, Davao Oriental, and Davao City.

The PSA said the increase in inflation rate in the region was largely contributed by the movement in the prices of alcoholic beverages and tobacco at 12.2% from 10.3% in September, and food and non-alcoholic beverages at 11.7% from 10.5% in September.

Tria said restaurants, for example, would be forced to raise prices as a result of the high input costs, and this would be passed on to consumers.

According to the PSA, clothing and footwear reported a slight increase in October at 4.7% as against 4.4% in September; furnishings, household equipment, and routine household maintenance at 6.5% from 5.9%; and health at 5.3% from 5% in the region.

However, the cost of housing, water, electricity, gas, and other fuels decreased from 9.3% to 8.4% last month in the region. (Antonio L. Colina IV/MindaNews)

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OFFICIALS of Mindanao Container Terminal (MCT) Sub-Port in Tagoloan, Misamis Oriental led by Atty. Marietta Zamoranos welcomes Collector Alexandra Yap-Lumontad the newly installed District Collector of the Port of Cagayan de Oro. The MCT which contributes the bulk of revenue for the collection district including the Sub-Ports of Iligan, and Ozamiz are under the jurisdiction of the Port of Cagayan de Oro. PHOTO SUPPLIED

MINDANAO

CREDIBLE RELIABLE IN-DEPTH

A Rotary Project: City Youth Officials Govern Cagayan de Oro City Hall

RCYO Event starting today during the Flag Raising and Induction to their respective Offices of the newly elected City Youth Officials by Mayor Klarex Uy at City Hall Quadrangle.

Today marked DAY 1 of the Rotary City Youth Official (RCYO) Event which kicked off last Friday, November 4, 2022 with the election of student leaders from 46 schools in the city. This year’s week long program focuses on 2 thematic areas: Mental Health & Fighting Misinformation and allows public and

private senior high school student leaders to assume the role of public officials in the City Hall.

The program objectives is to involve 30 high school student leaders who will assume the role of public officials, participate in local governance and actively participate in all activities related to rotary youth.

This event which is dubbed as RCCDO’s Flagship Project is being Chaired by Rtn Armen Malawani and under the directorship of the very energetic & dynamic New Gen Director, Grant Amoncio. Thanks too

to our lovely & ever supportive RCCDO Spouses led by Pres Abing for waking up early today to attend the Flag Raising and the much awaited Induction and

assumption into Office of the 30 City Youth Officials as City Mayor down to the position of City Councilors and Department Managers for one week starting November 7-11, 2022.