BusinessWeek M I N DA N A O CREDIBLE
Volume XII, No. 49
Market Indicators FOREX
PHISIX
US$1 = P 50.79
6,923.60
X Briefly
0.21
29.28
cents
points
YOUR MINDANAO-WIDE BUSINESS PAPER
RELIABLE
www.businessweekmindanao.com
AS OF 6:00 PM OCTOBER 2, 2021 (SATURDAY)
X
Rufus seeks reelection HOUSE Deputy Speaker Rufus Rodriguez will seek reelection as representative of the city’s 2nd District, ending speculations he would run for city mayor. Rodriguez was endorsed Thursday by his party, the Centrist Democratic Party, and the Padayon Pilipino during a meeting somewhere in the city, according to City Councilor Lordan Suan. Both parties also picked Suan, a local businessman, to run as representative of the 1st district of Cagayan de Oro.
A Brown robust salez DESPITE the pandemic, boutique property developer A. Brown Company Inc. (ABCI) tallied a record P1.5 billion in reservation sales during 2020 compared with the P1 billion it registered the year before. “Our focus has always been on properties that underscore healthy, environment-friendly and low dense communities with a focus on city, mountainside, agricultural, golf and sea resort, and lifestyle developments,” said Robertino E. Pizarro, President and CEO of ABCI. According to Santos Knight Frank, the ongoing COVID-19 pandemic has brought significant positive growth to the supply of the house and lot market in Cagayan De Oro. Although the growth slowed down in 2020 to minus 30 percent (508 new units in 2020 from 726 new units in 2019), the market supply exponentially grew by an additional 252 percent as of July 2021, prompting developers like ABCI to pursue further development for its projects.
We strive for Excellence!
Philippine Press Institute Civic Journalism Community Press awardee for the following: 2013 Best in Business and Economic Reporting 2014 Best in Environmental Reporting 2017 Best in Business and Economic Reporting 2018 Best in Business and Economic Reporting
IN-DEPTH
Mon-Tue|October 4-5, 2021
P15.00
Vis-Min interconnection to entice RE investments T Thank you for trusting us!
By MYRNA M. VELASCO, Contributor
HE targeted grid interconnection between Mindanao and Visayas, which would enable the export of renewable energy (RE) capacity from Mindanao grid to the electricity consumers in Luzon and Visayas, could entice the southernmost power grid to ramp up investments in renewables.
Eric T. Francia, president and CEO of AC Energy Corporation of the Ayala group, highlighted in a recent Davao Investment C onference, that “once you unlock that potential through the spot market, retail competition and open access, it will spur a lot of renewable opportunities.” He emphasize d t hat
Mindanao grid can strategically position itself as a “net exporter’ of energy – chiefly those generated from renewables and that can be greatly underpinned by the Mindanao-Visayas Interconnection Project (MVIP) that is due for completion next year. Francia explained that ENTICE/PAGE 7
SHARED MEAL. Ronald Flores shares a bowl of porridge with his son Gabriel at the Kitchen of Hope at the Assumption College of Davao along Cabaguio Avenue, Davao City on Tuesday. mindanews file photo
Zero budget for 4 SCUs in BARMM alarms solons By ROMMEL G. REBOLLIDO, MindaNews
MARANG SEASON. A vendor sells marang for P50 per kilo in Cagayan de Oro. photo by gerry lee gorit
Cagayan de Oro back to GCQ with heightened restrictions By FROILAN GALLARDO, MindaNews
CAGAYAN de Oro City is back to the General Community Quarantine (GCQ) with heightened restrictions following a constant decrease in COVID-19 infections in the past two weeks. The Nat iona l InterAgency Task Force for the Management of Emerging
Infectious Diseases through Presidential spokesperson Harry Roque said the GCQ status for Cagayan de Oro would cover the whole month of October. The ne w quarantine status came after Cagayan de Oro Mayor Oscar Moreno appealed to the IATF to scale
GENERAL Santos City -- Two Moro members of the House of Representatives expressed “alarm and deep concern” after four state colleges and universities (SUCs) in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) got zero fund allocations in the 2022 national budget. House Deputy Speaker Mujiv Hataman said that without funds the schools
cannot operate and “it is like crushing the dreams of thousands of Moro youths.” On Tuesday, Hataman, who is from Basilan, and A n a k M i n d a n a o R e p. Amihilda Sangcopan filed House Resolution No. 2251, asking the House leadership to allocate funds for the four educational institutions. The four include the Adiong Memorial Polytechnic BUDGET/PAGE 7
down the health protocols. Moreno said the number of COVID-19 cases has steadily decreased in September. “We saw the consistent continuing (reduction) of our average daily attack rate (ADAR) of COVID-19 cases from 27 percent in the first week of August to 8.75 percent in the last week of GCQ/PAGE 7
Editorial and advertising email : businessweekmindanao@gmail.com • Cell Number : 0917-7121424 • 0947-8935776
2
Local
Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776
MON-TUE|OCTOBER 4-5, 2021
PhilSys online booking starts in select DavOr, NorMin areas
D
AVAO City – Some municipalities in Davao Oriental and Region 10 (Northern Mindanao) have started accepting online booking appointments for the Philippine Identification System (PhilSys) registration. The Philippine Statistics Authority (PSA) announced that Governor Generoso, Baganga, and Manay towns already started online booking. In Region 10, Tubod and Sultan Naga Dimaporo in Lanao del Norte; Ozamiz in Misamis Occidental; and Villanueva, Tagoloan, El Salvador City, Alubijid, Cagayan de Oro City,
Gingoog City, and Initao in Misamis Oriental are also processing online booking. “The earliest schedule for appointment is on October 5,” the PSA posted on September 28. PSA advised residents to register online for Step 1 and book appointments for the Step 2 biometrics registration by providing their mobile number and email address. The PSA said securing appointments is necessary to avoid overcrowding as the Covid-19 threat persists. Most often, PhilSys staff will not accommodate walk-in registrants. After finishing
Step 2, the Philippine Identification (PhilID) card will be delivered by the Philippine Post, although delays are expected because of coronavirus restrictions. The entire application process is free of charge. As of September 22, a total of 5,024,018 PhilID cards have been printed while at least 1.9 million have been delivered. Signed into law by President Rodrigo R. Duterte in August 2018, Republic Act 11055, or the Philippine Identification System Act, aims to establish a single national ID for all Filipinos and resident aliens. The national
BALINGASAG, MISAMIS ORIENTAL National Highway Balingasag, Barangay 4, Balingasag, Misamis Oriental Mobile Number/s: 0933-823-3161, 0933-823-3304 Tel. Number: 333-5161 CAGAYAN DE ORO P&J Lim Building, Tiano Kalambagohan St., Barangay 14, Cagayan de Oro City, Misamis Oriental Tel No. (08822) 727-829 / 231-6629 Telefax No. (088) 856-1947 Mobile No. 0933-823-3303 / 0943-708-7065 CAGAYAN DE ORO WAREHOUSE Warehouse 7, Bonbon Road, Kauswagan, Cagayan de Oro City, Misamis Oriental Mobile No. 0917-825-4149 / 0943-708-7065 CARMEN, CAGAYAN DE ORO Vamenta Blvd., fronting CEPALCO, Carmen, Cagayan de Oro City, Misamis Oriental Tel. No. (088) 233-2011 Mobile No. 0933-823-3159 CORRALES, CDO Corrales Ave., Barangay 29, Cagayan de Oro City, Misamis Oriental Telefax No. (088) 231-2055
ID shall be a valid proof of identity that shall be a means of simplifying public and private transactions,
enrollment in schools, and the opening of bank accounts. It also seeks to boost efficiency, especially in
dealing with government services where people will only need to present one ID during transactions. (PNA)
Garbage litter the shorelines in Barangay Poblacion, Malapatan, along Sarangani Bay. mindanews photo by bong s. sarmiento
DIVISORIA, CDO A. Velez St., Barangay 9, Cagayan de Oro City, Misamis Oriental Telefax No. (088) 856-1947 Mobile No. 0917-841-4000 / 0933-823-3164 GINGOOG CITY G/F Wyne Militante Bldg., Lugod St., Barangay 22, Gingoog City, Misamis Oriental Telefax No. (088) 861-0104 Mobile No. 0933-823-3168 LAPASAN, CDO National Highway (FICCO Bldg.), Lapasan, Cagayan de Oro City, Misamis Oriental Tel. No. (088) 231-6739 Mobile No. 0933-823-3160 PUERTO, CDO Purok 6, Puerto, Cagayan de Oro City, Misamis Oriental Tel. No. (088) 859-0574 Mobile No. 0943-708-7537 CAMIGUIN B. Aranas St., Poblacion, Mambajao, Camiguin Telefax No. (088) 387-0491 Mobile No. 0943-708-7539
IPHO Lanao del Sur fast-tracks vax program thru ‘Resbakuna on Wheels’ MARAWI City -- To uphold the mandate of pursuing the national government’s vaccination program in every locality in the country, the Integrated Provincial Health Office (IPHO) here launched the "Resbakuna on Wheels" to fast-track the vaccination and attain herd immunity in the
province. IPHO chief Dr. Alinader Minalang said the IPHO’s mobile vaccination was established to improve the common vaccination rollout as the local government reaches out to geographically isolated and disadvantaged areas (GIDAs) in the province and administer the vaccination within their community. “Resbakuna on Wheels is an initiative of the IPHO which modifies the usual rollout of Resbakuna in different municipalities in Lanao del Sur, which is fixed on one area, usually the municipal hall. This time, we will go farther and deeper to the GIDA barangays to serve senior citizens and persons with disabilities who do not have access to the different bakuna [vaccination] centers,” he said. Minalang added that this is an innovative strategy to deliver the vaccination program to anyone who wants to be inoculated and giving easy access to vaccines to immunize more eligible populations rapidly as they noted a low turnout rate, especially in remote areas. While the designed strategy is to vaccinate hard-to-reach and highrisk populations, such a program also targets to conduct health education as part of reinforcing the public with information and debunking false information about vaccines. The IPHO chief detailed that on the onset of the implementation RESBAKUNA/PAGE 6
3
Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776
CorporateWorld Co-ops act as ‘financial front-liners’ during pandemic: DTI D MON-TUE|OCTOBER 4-5, 2021
EPARTMENT of Trade and Industry (DTI) Secretary Ramon Lopez has lauded the role of cooperatives as “financial front-liners” during the pandemic for being able to reach and assist small businesses with limited access to financial institutions and government agencies. “You are our essential allies in empowering MSMEs (micro, small, and medium enterprises) and extending government services to our MSMEs at the grassroots level who are based in far-flung areas of the country,” Lopez said in his solidarity message during the opening of the celebration of Cooperative Month on Friday.
He emphasized the need to support MSMEs to thrive amid the global health and economic crisis. “These entrepreneurs are important contributors to our country’s inclusive and sustained economic growth strategy,” Lopez said, adding that the Cooperative Development Authority (CDA) has been DTI’s partner to provide financial services and assistance to MSMEs. He likewise lauded the CDA for making its services accessible up to the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), especially during the pandemic. The CDA has 12 million
DIRECTORY
members with total assets amounting to P573 billion and a net surplus of P23.5 billion. “You will always remain an integral partner of DTI in nation-building and empowering our people to achieve a better quality of life,” Lopez said. He said aside from microfinancing assistance, such as the Pondo sa Pag-Asenso at Pagbabago (P3) program and Covid-19 Assistance to Restart Enterprises (CARES) program, DTI regional offices continue to roll out Shared Service Facility (SSF) projects across the country, as well as knowledge development programs to encourage Filipinos to be entrepreneurs. (PNA)
PH factories rebound in September THE London-based information and analytics firm IHS Markit reported Friday that Philippine manufacturers were able to rebound in September as the government eased community quarantine restrictions. The country’s manufacturing purchasing managers’ index (PMI) in September reached 50.9, above the neutral score of 50. IHS Markit noted that the factory activities’ score in September was the highest in six months. The manufacturing index was at 46.4 in
August when Metro Manila was reverted to the most stringent community quarantine measure while nearby provinces were placed under stricter quarantine protocols. “A number of factories and businesses resumed their operations. However, the domestic and international demand environment remained challenging,” IHS Markit economist Shreeya Patel said. IHS Markit said supply chains were also affected by coronavirus disease 2019 (Covid-19) restrictions abroad.
Aside from the pandemic, there were also reports of port congestion, freight delays, and container shortages. “Global shortages have also weighed on the sector with prices increasing sharply. Unfortunately, firms will have to endure the disruption as supply pressures show no signs of slowing,” Patel added. Despite rebounding last month, Philippine factories noted that virus-related restrictions continue to hamper production. New orders continued
to decline last month, however, at a slower pace, IHS Markit added. Among the countries in Southeast Asia that were surveyed, only Singapore, Indonesia, and the Philippines recorded an improvement in manufacturing activities. “On a positive note, the vaccination effort supported optimism, and with the government securing more doses, the Philippines looks committed to inoculating population,” Patel said. Vaccination efforts keep business sentiments optimistic for the next 12 months. (PNA)
Unemployment rate shows rough path to economic recovery: DTI THE latest unemployment data shows that the country’s path to economic recovery remains rough amid the ongoing coronavirus disease 2019 (Covid-19) pandemic, the country's top trade official said on Thursday. The Philippine Statistics Authority (PSA) reported Thursday that the unemployment rate rose to 8.1 percent in August 2021 after recording a 6.9-percent unemployment rate in July 2021, the lowest since the onset of the pandemic. “It just shows that the recovery path is not
going to be a smooth one. Yes, there are sectors recovering but some are highly sensitive to the community quarantine classification especially if (it is) ECQ (enhanced community quarantine) or MECQ (modified ECQ) or Levels 5 or 4 are declared,” Department of Trade and Industry (DTI) Secretary Ramon Lopez said told reporters. More businesses were shut down in ECQ and MECQ classification or Levels 5 and 4 under the new alert level system protocol. In August, Metro Manila was reverted to ECQ early and is
currently under Alert Level 4. “These can lead to job loses as seen in the recent labor force survey,” Lopez pointed out. He added that DTI is proposing to allow businesses to operate in all alert levels and only adjust the operating capacities for each level to ensure business continuity and avoid job losses. The trade chief also backed the recommendation of the business sector to increase capacity for indoor and outdoor dine-in and personal
care services under Alert Level 4. Lopez said the DTI is considering raising indoor dine-in and personal care services to up to 30 percent from the current 10 percent but maintaining these services for vaccinated individuals only. For outdoor economic activities, he said DTI is pushing for hiking the allowed operating capacity from 30 percent to 50 percent, regardless of vaccine status. “So the good approach is to have continuity in operations and jobs, regardless of alert levels,” Lopez said. (PNA)
A PUBLIC SERVICE BY:
4
Opinion
The BusinessWeek Mindanao is published by BusinessWeek Mindanao Corporation every Monday to Friday with office address at Tanleh Building, Abellanosa, Cagayan de Oro City. It is registered with the Securities and Exchange Commission under Company Registration No. CS201531633 with BIR Certificate of Registration No. 2RC0000831068, TIN No. 463-826-272-000 – VAT. Reg., and with Business Permit No. 2020-04015. Tel. Nos.: (088)856-3344, (088) 810-100, 0923-432-0687, 0917-7121424
Let Us Launch a Cooperative Revolution
KIM'S DREAM
BUSINESSWEEK MINDANAO CORPORATION Publisher DANTE M. SUDARIA President/CEO ALLAN MARIO MEDIANTE Vice President for Corporate Affairs
VICENTE C. DELA VICTORIA Vice President for Operations JOE FELICILDA Vice President for Administration JOE PALABAO Vice President for Marketing ROSE MARY D. SUDARIA, PhD Vice President for Finance MIKE BAÑOS Vice President for Digital
NELSON CONSTANTINO Editor-in-Chief
MIKE BAÑOS
JUN AYENSA
Motoring Editor
Regional Editor - Caraga
MIKE BAÑOS Contributing Editors
ATTY. ANTONIO S. SORIANO
JOE PALABAO
Feature Editor
2f, ICS Building Tel.No.: 881-0176 Tiano cor. Montalvan sts. Legal Counsel
ATTY. MARIO T. JUNI
CLIFFORD SANTILLAN
Cell No: 09352379999
Layout Artist
Juni Law Office Cruz Taal St., CDO Legal Counsel
RIVA FELICILDA Advertising
MANILA OFFICE: 9th Floor, Unit 918, CityLand Herrera VA Rufino Cor. Valero St., Salcedo Village, Makati City Tel. # : 5555392,Cell Nos.: 0955-366-5968 | 0918-527-5898 CECILIA FRESNIDO-HONRADE - New Marketing Manager
DAVAO MARKETING OFFICE Door 223, Doña Segunda Bldg., CM Recto Ave., Davao City Telephone #: (082) 298-8815 Regional Mktg Manager-JOE PALABAO- 0926-8430152 Circulation-JOHN PAUL AQUINO, 0907-331-5640 OSCAR LEDESMA Bureau Chief, Bukidnon Contact No.: 0916-910-0019
Member: Philippine Press Institute Oro Chamber
Training for parents (Pt.2) Think a minute . . . Yesterday we learned from the boiling frog that it is easy to become so accustomed and comfortable with our emotionally and spiritually unhealthy parenting habits that we do not see the dangerous direction we are leading our kids. Before it is too late, we need to start changing the negative, hurtful ways we may be raising and teaching them. First, we learned not to use anger, yelling and nagging to train our children. It does not truly work, nor does it make a happy family. Second, we parents must earn our child’s respect. It is easy to get your child to fear you, but it will take your time and love to earn their true respect. This is greatly important, because your child’s respect for your authority is going to determine his respect for all other kinds of authority: his school teachers, bosses, l aw s a n d g ov e r n m e nt , along with everyone else he will live and work with. If you want your children to accept your authority and values when they are
THINK A MINUTE
MON-TUE|OCTOBER 4-5, 2021
As Coops Celebrate Coop Month
Website: www.businessweekmindanao.com E-mail : businessweekmindanao@gmail.com
RUFINO T. MAGBANUA Vice President for Business Development
Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776
ORLAN R. RAVANERA In his book, “An Urgent Call for a Cooperative Revolution,” t h e n C h ai r m an of t h e Cooperative Development Au t h o r i t y, R o b e r t o Pagdanganan said that, “If a few elite will continue to have much too much and the many who are poor will continue to have much too little, we will find our country in a condition horrible even to contemplate.” Indeed, we are now in a condition horrible even to contemplate as the pandemic has put the country in so much disarray. But the pandemic is just the “tip of the iceberg.” The real culprit is the highly skewed societal order where the economy is
controlled by a few oligarchs and where economic power b egets p olitical p ower. MALAPIT NA PO ANG ELEKSYON KUNG SAAN ITONG MGA TUMATAKBO AY MANANALO PAG MAY PERA. As usual, elections will open-up floodgates of financial support to these politicians to protect oligarchical interest. The Philippines is oozing with ecological resources but people are poor because they are powerless to have access and control over their resources and utilities. Who controls? Who decides? Who profits? Only a few elites in cohort with power-that-be! No doubt, p over ty breeds conflict; it is the best recruiter of terrorists. Thus, by all means, poverty must be met head-on with all determination if the country has to survive, a nation that has been described in a recent study by World Bank as “seems to be in the brink of economic disaster.” Like a sinking ship, people are jumping on board in
droves so as to find decent jobs in foreign lands. While they have abandoned the sinking ship, yet, wonder of all wonders, they are the ones keeping the ship afloat by their twenty billion dollars or so remittances every year. While we have no qualms in that, we have to understand that in the long term, the destiny of this country should not depend on these remittances but on the decision of those who remained to reverse the trend of economic difficulties. Reversing the poverty trend is easier said than done. This means making the people productive; this means, finding jobs for those who have none; this means having food security and ecological integrity, this means, uprooting the root causes of why we are poor. However, before we can solve the problem, we must first know why there is such a problem in the first place. Why is there so much poverty in a country oozing with so much ecological resources?
The Beauty of Nature EVEN as a little boy, I enjoyed staying and playing outside. That was easy because I was born and raised in the deepest province in Germany. To this day, I am a great advocate for preserving nature. Some of previous columns at this corner may confirm that. Honestly, have you ever thought about how beautiful nature is around us? Doesn’t it look just like a painting on canvas? I have many times stood awestruck at the beauty of nature unfolding like magic. Just look at the colors scattered on the sky in the sunset. How versatile the sky is every day. But, nature is quite tricky at times. Nature only reveals its beauty to people who
really want to feel nature.You really have to start exploring nature to see its hidden gems. Many times you would have to hike the toughest route or walk the muddiest trail, to see nature at its best. But, the efforts would always be worth it. Nature and its beauty are infinite. You really can see the beauty of nature in all things around you. But, as Plato once said, ‘beauty lies in the eyes of the beholder,’ it really matters how you see things around you. Some people find beauty and happiness in little things. But, some of us fail to see the beauty of nature around us. Nat u re i s s p l e n d i d , beginning from the tiny butterflies and flowers to
mountains and beaches. It never fails to amuse us. Just open your eyes and look around for a while. You will start seeing the beauty of nature in the very simple things around you. Psalm 104 shows appreciation for every aspect of nature, even creatures like wild goats, lions and whales - just to mention a few. The author of Psalm 104 saw how the world fits together. Everything is in its proper sphere. At night, wild animals hunt; at daybreak humans go out to work. The rain falls, nourishing crops for people and grass for cattle, but also watering the forest to provide a place for birds to nest. No, don't worry. I don't live in an illusory world. Let's
Why all the regions in Mindanao are suffering from high poverty gap ratios than the rest of the country notwithstanding the fact that that this second biggest island is the country’s “food basket” and where two-thirds of the country’s exports are coming from? How can we mobilize whatever we have to stop our accelerating drive toward economic disaster against the backdrop of rising prices? B efore we know the answers, we must first ask the questions, so to speak. In my sorties around the region talking to farmers, fisherfolks, women, workers, the youth, the indigenous people and social innovators, these are the many questions raised. While we may have so many questions to answer, however, all these have led to only one answer, and that is, cooperativism! This is so because it is the common analysis that the root cause of the problem of poverty is the marginalization REVOLUTION/PAGE 7
HAVE MY SAY
KLAUS DORING put all natural disasters and climate change aside for a moment. Modern people are often preoccupied with the fear of overcrowding and poisoning nature. But you can still find beautiful parts in this country - alone and abandoned. I think, in addition to NATURE/PAGE 6
Growing your money during the pandemic and beyond JHAN TIAFAU HURST teenagers, you must first earn their respect by your daily good example during their younger years. As an expert family counselor says: “Rules without relationship bring rebellion.” We parents can damage, even destroy, our children through overly strict, harsh and unloving punishment that hurts them emotionally through cruel, unkind words or even physical harm to our kids. A child should never be laughed at and his feelings not valued and cared about by his or her father and mother. A parent who regularly hurts and humiliates their child will eventually lose their TRAINING/PAGE 7
In a previous post, I cited the sad cases of sports heroes of yesteryears, who earned huge fortunes but eventually ended up poor because they failed to manage their resources well. A prime example was the late great Joe Louis who had to fight past retirement age just to cover his tax liabilities. Undefeated Rocky Marciano did not end up exactly penniless, but when he died suddenly in a plane crash, his heirs did not know where his money was. Rocky Marciano had the habit of stashing his money in tin cans, in mattresses, or wherever he thought his money was safe. I ended the post with a suggestion to celebrities (eg. Hidylyn Diaz), who are currently raking it in, to possibly start thinking of getting the services of a very reliable fund manager. I can give them a referral, I said. I actually had in mind
BPI Asset Management and Trust Company (BPI AMTC), a name I am very familiar with. BPI ATMC is the wealth management arm of Bank of the Philippine Islands (BPI). BPI AMTC is currently the leader in innovation and exemplary fund management in the country. The proof ? BPI AMTC was hailed as Best Asset Manager in the Philippines by the International Finance Awards and Best Overall Asset and Fund Manager in the Philippines by Alpha Southeast Asia. It also received the Highly Commended Asset Manager of the Year Award by The Asset Triple A Sustainable Investing Awards for Institutional Investor, ETF, and Asset Servicing Providers 2021. "Last year, we have proven the old adage to be true: In difficult times you turn to the ones you trust the most. These recognitions
are a testament to that. Our consistent drive for excellence in fund management, one that is driven by our desire to achieve the best results for our clients, has translated to the trust that our clients have bestowed upon us. These awards remind us to always go back to our core mission of creating a better, safer investment universe through fidelity, high quality of service and reliable fund and portfolio performance.” said Sheila Marie U. Tan, President of BPI AMTC. Alpha Southeast Asia lauded BPI AMTC for its wide array of products and services, state-of-the-art investment technology, fullservice online investment facility and innovative investor education programs. The award is a testament of BPI AMTC’s great flexibility in adapting to real-time changes and in providing innovative solutions based
SPEAKING OUT
IGNACIO BUNYE on their clients' needs. Aside from receiving the award for Best Overall Asset and Fund Manager, BPI AMTC also took home the Best Asset Manager Award for Fixed Income and Equities, and the Best Fund Manager Award for Pension Mandates and Private Retirement Schemes. Likewise, the International Finance Awards assess fund management companies based on their performance in terms of net profit, the GROWING/PAGE 7
Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776
MON-TUE|OCTOBER 4-5, 2021
5
Banking&Finance
Bangko Sentral cites importance of 'leading the way' on sustainable finance B ANGKO Sentral ng Pilipinas (BSP) Governor Benjamin Diokno cited the need for the central bank to lead the way in investing in sustainable finance to encourage more institutions to follow this path. During the virtual event of the International Monetary Fund (IMF) titled “Embedding Climate Change into Asia’s Recovery Strategy” on Thursday night, Diokno said the BSP
adopted the sustainable central banking program as among its corporate strategies vis-à-vis the sustainability agenda. Under this bid, he said, monetary authorities have established a sustainable central banking roadmap that would provide the framework and milestone in the adoption of sustainability principles in the central bank’s operations. “The framework highlights the essential roles of the central bank as an enabler, mobilizer,
and doer in advocating sustainability in the financial system,” Diokno said. For one, he said the BSP, as an enabler, promotes a policy environment that supports the adoption and growth of sustainable finance. “The BSP will supplement the sustainable finance framework with more detailed risk management guidelines,” Diokno said, citing this bid as part of it being an enabler. He said the BSP would also
“lead and influence financial institutions to carry out environmentally and socially responsible business decisions and adopt green practices.” Among others, he said the BSP has invested in the green bond fund of the Bank for International Settlements (BIS) in line with its sustainable investment strategy. Diokno said the bank has formed a bank-wide technical working group (TWG) that would conduct vulnerability
assessment “to determine the impact of climate change to the BSP offices and branches.” He said the TWG would also do “a gap analysis to identify the areas in the BSP operations where we can imbed ESG (environmental, social and governance) or green principles and practices.” “As you can see, we’re adopting a holistic approach to champion sustainability by enabling, mobilizing, and doing,” he added. (PNA)
Lending grows in August after 8 mos. of decline BSP eyes September sentiment brought about logged in August is also BANK LENDING scientific and technical inflation at 4.8% to 5.6% the fastest in 10 months or by the continued rollout of activities (89.8%); and recovered in August to register its first annual growth after eight straight months of decline, backed by a rise in production loans and reflecting the transmission of the regulator’s rate cuts in 2020. Outstanding loans issued by big banks grew by 1.3% year on year to P9.487 trillion in August, based on preliminary data released by the Bangko Sentral ng Pilipinas (BSP) on Thursday. This is a turnaround from the 0.7% decline in July. The growth in lending
since the 1.8% expansion in October 2020. Inclusive of reverse repurchase agreements, outstanding loans rose 1.6% year on year in August. Month on month, outstanding loans by big banks increased 1.1% on a seasonally adjusted basis, the BSP said. “This is the first reported expansion in outstanding loans of big banks after eight consecutive months of contractions, amid improvements in
coronavirus disease 2019 (COVID-19) vaccines and the gradual easing of quarantine restrictions,” BSP Governor Benjamin E. Diokno said at an online briefing on Thursday. Loans for production activities rose at a quicker pace of 3.1% in August from 0.8% the month prior. This was fueled by expansion in credit disbursed for real estate activities (7.2%); information and communication (20.3%); manufacturing (3%); professional,
transportation and storage (9.5%). However, this was tempered by the decline in loans to other sectors, including those for agriculture, forestry and fishing (-6.8%); wholesale and retail trade and repair of motor vehicles and motorcycles (-2%); and activities of households as employers, undifferentiated goods and services (-25.5%). Meanwhile, consumer loans continued to contract, going down LENDING/PAGE 6
HIGHER prices of oil products, basic and prime commodities, select fruits and vegetables, rice, as well as power rates in areas being serviced by the Manila Electric Company (Meralco) are seen to accelerate the inflation rate in September to a range of 4.8 percent to 5.6 percent. In a statement on Thursday, the Bangko Sentral ng Pilipinas (BSP) said these factors are seen to be countered by the drop in meat prices and strengthening of the peso against the US dollar.
“Moving forward, the BSP will continue to monitor emerging price developments to help ensure that its primary mandate of price stability conducive to balanced and sustainable economic growth is achieved,” it added. In August, the rate of price increases rose to 4.9 percent, its highest since January 2019. Average inflation in the first eight months this year stood at 4.4 percent, above the government’s 2 percent INFLATION/PAGE 6
6
Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776
MON-TUE|OCTOBER 4-5, 2021
Nature... from page 4
the mental clarity of being called to our senses, I also believe nature makes people genuinely smarter. Everyone loves having fun and one thing I’ve learned is that nature really does have something fun for everyone. And one more thing: it doesn’t matter if you’re an omnivore, carnivore, vegetarian or vegan… if it weren’t for nature, you wouldn’t have food. Worth to think about it... . +++ Comments, suggestions or questions? Email: doringklaus@gmail.com or follow me on Facebook, LinkedIn or Twitter or visit www. germanexpatinthephilippines.blogspot.com or www. klausdoringsclassicalmusic. blogspot.com.
Resbakuna... from page 2
of the program, one mobile vaccination team was deployed to a municipality in a day and shall be moving to another municipality t he ne xt d ay. Such an initiative has already served clustered barangays in some municipalities including Balindong, Marantao, and Malabang, and recorded a positive response from the citizenry. Now, the province sees an increase in the number of vaccinated individuals in the province as the coverage goes farther to other municipalities and barangays. Minalang stressed that d e s pit e t h e ch a l l e nge s they encounter such as the lack of vehicles for their transportation and considering the distance o f e a c h m u n i c i p a l i t y, the IPHO alongside the Prov i nc i a l Inte r age nc y Task Force (PIATF) assures that it continues to strive to
address all COVID-19 related concerns. He likewise called on the public to not believe in fake news and give their full participation in the vaccination program to curb the surge of the virus. “Ang bakuna ay ligtas at epektibo kaya walang dapat ipangamba. Magpabakuna para sa iyong kabutihan at sa pamilya niyo,” said Minalang. [The vaccine is safe and effective so there is no reason to worry. Get vaccinated for your own safety and for your family.] As of Sunday, September 26, the IPHO reported 53,188 individuals in the province who are already fully vaccinated. (CRG/PIALanao del Sur)
Inflation... from page 5
to 4 percent target band. Monetar y authorities recently hiked their average inflation forecasts for this year until 2023 to 4.4 percent, 3.3 percent, and 3.2 percent, respectively. These were previously at 4.1 percent for 2021 and 3.1 percent for both 2022 and 2023. The upward revisions in these forecasts were attributed to the impact of higher-thanexpected inflation in August, upticks in the prices of basic and prime commodities, and the lower-than-expected arrival of imported pork. (PNA)
Lending... from page 5
by 8.1% year on year in August from the 8.2% decline in July. Credit to all retail segments fell, led by motor vehicle loans, which dropped by 15.6%. This was followed by salary-based (-5.7) and credit card loans (-1.4%). The lending growth seen in August reflects the delayed transmission of the BSP’s
AFFIDAVIT OF ADJUDICATION Re: Estate of Alex T. Cabornay REPUBLIC OF THE PHILIPPINES CITY OF ILIGAN I, ALFONSO A. CABORNAY, of legal age, Filipino, widower, resident of Purok 10, Tibanga, Iligan City, having duly sworn to in accordance with law, depose and say that. 1.
I am the father and the lone surviving heir of my son, the late ALEX Tuastomban CABORNAY, who died intestate and without issue on AUGUST 26, 2019 at Cagayan de oro City where he was stationed:
2.
Upon his demise, my said son left a certain residential lot and house thereon, identified as LOT 5923-A-1-5, PSD-10-012095, containing an area of TWO HUNDRED (200) square meters and embraced by TCT NO. T-130720.
3.
He left no unpaid debts and aside from me, there are no other claimants of his said property, whatsoever.
4.
As such, I now extra judicially adjudicate to myself, the abovedescribed lot and the house thereon pursuant to the provisions of Section 1, Rule 74 of the Rules of Court, subject to the limitations under Section 4 of Rule 74;
I am executing this Affidavit of Adjudication, to attest to the foregoing facts and declarations, and in support of my intention of adjudicating to myself the subject property left by decedent uncle pursuant to law. IN WITNESS WHEREOF, I have hereto affixed my signature on this __th day of September 2021, in Iligan City.
SUBSCRIBED AND SWORN to before me on this __ day of September 2021, in Iligan City, personally appeared ALFONSO A. CABORNAY, with his identification card above-indicated, known to me to be the same person who executed the foregoing AFFIDAVIT OF ADJUDICATION.
policy actions, Security Bank Corp. Chief Economist Robert Dan J. Roces said. The central bank last year cut rates by 200 basis points (bps) to provide support to the economy amid the pandemic. “The turnaround in bank lending…lands right when the BSP said it would, which is a nine-month lag from the last rate cut. This means the monetary policy levers are right where they should be to support economic recovery,” Mr. Roces said in a Viber message. “Production loans have been observed to be gradually improving since the start of the second half of 2021, and as such [it provides] a green shoot to growth via capital expansion of firms despite the pandemic,” he added. Meanwhile, Asian Institute of Management economist John Paolo R. Rivera said the decline in retail loans shows muted consumer demand amid the pandemic. “Loan growth may remain unpredictable and uncertain because it tends to move with the situation, which is currently still very fluid,” Mr. Rivera said in a Viber message. M3 GROWTH PICKS UP Meanwhile, domestic liquidity grew at a quicker pace in August, supported by the expansion in bank lending. M3 — which is considered as the broadest measure of cash in an economy — expanded by 6.9% year on year in August, picking up from the 5.9% in July, BSP data released on Thursday showed. On a seasonally adjusted basis, it inched up 1.2% month on month. Domestic claims rose 6.7% in August, quicker than the 4.5% print seen the previous month. This was backed by the expansion in net claims on the central government as well as the continued improvement in bank lending to the private sector, the BSP said. Net claims on the central government went up by 23.5% in August from an 18.5% expansion in July on the back of sustained borrowings by the National Government. Meanwhile, claims on the private sector, driven by lending to nonfinancial private firms, rose 2.3% that month from 0.4% in July. Net foreign assets (NFA) in peso terms grew 9.7% in
209 LGUs nationwide join NAPC in fight against poverty THE administration’s drive to fight poverty has received huge support from a total of 209 local government units (LGUs) nationwide -- 25 in Luzon, 90 in Visayas, and 94 in Mindanao. These concerned cities and municipalities have joined hands with the National Anti-Poverty Commission (NAPC) to carry out programs that will improve the lives of many marginalized Filipinos. The latest province to support the call for poverty alleviation was Biliran where NAPC Secretary/ Lead Convenor Atty. Noel K. Felongco led the virtual signing of the Memorandum of Agreement (MOA) on August 17, 2021. Signatories include Biliran Mayor Grace J. Casil, Cabucgayan Mayor Marisol A. Masbang, Caibiran Mayor Rhodessa D. Revita, Culaba Mayor Humprey B. Olimba, and Kawayan Mayor Rodolfo J. Espina, Jr. All parties, in partnership with concerned national government agencies, are already gearing to fast-track the implementation of different poverty alleviation mechanisms at the grassroots level. “Amid the pandemic that we are facing, the NAPC recognizes the instrumental role of local governments in protecting the health of their constituents and ensuring the sustainable development of their localities. Many thanks to our local government leaders for your warm welcome to this united undertaking to help the disadvantaged sector of our society,” said Atty. Felongco. The NAPC has formulated its five-year Development Plan from 2019 to 2023 called the Sambayanihan, Serbisyong Sambayanan (3S). Through this plan, the NAPC expects to achieve the administration’s target to reduce the country’s poverty incidence from 21.6% in
2015 to 14% by 2022. The core principles of 3S are premised on developing rural and urban agriculture and industry as the most important preconditions for overcoming poverty. This is done through climate-responsive, gender and culture-sensitive, and convergent and participatory approaches to effectively combat poverty. To fully realize its goals, the NAPC needs to tap national government agencies, LGUS, and the basic sectors existing in their localities which are the primary recipients of the program. Thus, NAPC and the LGUs need to officially tie-up
August from 11.6% in July. “The expansion in the BSP’s NFA position reflected the increase in the country’s gross international reserves relative to the same period a year ago. Meanwhile, the NFA of banks declined as banks’ foreign liabilities increased on account of higher deposits and placements made by foreign banks with their local branches,” the central bank said. The pickup in M3 growth shows the ample liquidity in the financial system, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in Viber
message. The BSP infused some P2.2 trillion into the financial system through various policy measures, which is equivalent to about 12.1% of gross domestic product. The cent ra l b an k is optimistic that its current policy settings will support the economy’s rebound. The BSP last week kept benchmark rates steady amid the surge in infections due to the Delta variant. “ To g e t h e r w i t h t h e National Government’s fiscal and health interventions, t h e B S P ’s p r e v a i l i n g accommodative monetary
through an MOA for program implementation. “Kasama niyo po ang NAPC sa pagsuporta sa ating mga local na pamahalaan sa kanilang misyong ibsan ang kahirapan. Makaka-asa po kayo na ang NAPC po ay patuloy na susuporta at tutulong sa ating mga lokal na pamahalaan sa ating misyong i-angat ang buhay ng ating mga kababayan,” said Ferdinand B. Hombrebueno, NAPC Director III, Policy and Planning Service. “Samasama nating tulungang wakasan ang kahirapan,” he added. To know more about NAPC, visit https://napc.gov.ph/.
Bureau of Customs 10 district collector Elvira Cruz (second from left) and Mindanao Container Terminal port collector John Simon (third from left) lead the groundbreaking of the new collection port office inside Phividec, Tagoloan, Misamis Oriental. photo by mark francisco
policy stance should help boost domestic demand and market confidence in support of economic activity,” the BSP said. “Looking ahead, the BSP will keep a steady hand on its policy levers in support of the National Government’s ongoing initiatives to allow the momentum of economic re cover y to gain more traction. Going forward, t h e B SP w i l l c ont i nu e to ensure that liquidity dynamics remain supportive of domestic demand and economic activity, in line with the BSP’s price and financial stability objectives,” it added.
7
Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776
MON-TUE|OCTOBER 4-5, 2021
GCQ... from page 1
September,” he said. The City Health Office (CHO), in its September 29 report, said there were only 47 new infections, two deaths, and 212 recoveries. The CHO said only two of the 82 Delta variant cases are still confined at the city’s isolation units. Dr. Ted Yu of the CHO said the 80 other patients have already recovered and were sent home. Yu said they found 229 close contacts of the 82 patients and immediately isolated them. He said they also subjected those contacts to RT-PCR tests and found them negative for the Delta variant.
Entice... from page 1
the Green Energy Option Program (GEOP) could extend judicious choice to consumers to patronize RE as their supply source; and in the process, that will reinforce RE investments in the country. Rolando “Don” Paulino, president of the Philippine Energy Independence Council (PEIC), reminded though that comprehensive supply chain solution must be prudently considered when it comes to the targeted massive RE installations in the country. “We need to transition in a more evolutionary way. If we really want to go for a renewable business in the future, we also need to be ready with power plants that can come in whenever these renewable sources are not available,” he stressed. He qualified that battery energy storage systems (BESS) have been flourishing as the EXTRAJUDICIAL SETTLEMENT OF ESTATE AND WAIVER OF RIGHTS KNOW ALL MEN BY THESE PRESENTS: That the late ANTHONY BAHIAN BALABA, who died on February 22, 2021, that the decedent left a property with Transfer Certificate of Title No. T-92294 situated in the Barangay Carmen, Cagayan de Oro City, Island of Mindanao, and has been the subject of an EXTRAJUDICIAL SETTLEMENT OF ESTATE AND WAIVER OF RIGHTS, filed by the heirs of ANTHONY BAHIAN BALABA, per DOC #28; PAGE #6; BOOK #XXXI; Series of 2021 under the Notarial Registry of ATTY. ROBERT N. GUMALING, JR. BWM: Sept. 27, Oct. 4 & 11, 2021
EXTRA-JUDICIAL SETTLEMENT OF ESTATE WITH WAIVER OF SHARE KNOW ALL MEN BY THESE PRESENTS: That the late JOSE ROCERO PAJELA, SR., who died in Cagayan de Oro City on September 30, 2020 and without any will and testament; the said deceased at the time of his death left a parcel of land with Transfer Certificate of Title No. T-191246 situated at Lumbia, Cagayan de Oro City, containing an area of THIRTEEN THOUSAND NINE HUNDRED TWENTY SEVEN (13,927) SQ.M, more or less, and has been the subject of an EXTRA-JUDICIAL SETTLEMENT OF ESTATE WITH WAIVER OF SHARE, filed by the heirs of JOSE ROCERO PAJELA, SR., per DOC #444; PAGE #89; BOOK #57; Series of 2021 under the Notarial Registry of ATTY. JOHN MARK CO MARQUIÑO. BWM: Sept. 20, 27 & Oct. 4, 2021
best technology complement to RE, but the transition phase also calls for other more flexible plant solutions that could match the on-and-off or intermittent electricity generation capabilities of RE – and in the view of many experts, these are the gas-fired power facilities. Assistant Secretary Romeo Montenegro, who is also deputy executive director of the Mindanao Development Authority (MinDA), echoed Mindanao’s grid aspiration to transition into an energy mix with at least 50-percent scale of RE integration – and that shall be a shift from the colossal installations of fossil fuel capacities in the past to solve then a power crisis tormenting Mindanao grid. The MinDA of f ici a l conveyed that “transition to renewable energy is policydriven,” and part of the entire picture that shall be seriously examined in the regulation and policy domains must be “understanding the challenges of looking at eventually transitioning Mindanao’s energy mix to renewable energy.” According to Anton Perdices, chief operating officer of the Distribution Utilities Group of Aboitiz Power, Mindanao grid has vast resources of renewables that can be harnessed to boost grid supply and for the region to reinforce the country’s overall sustainability goals. He indicated that “all the resources in the region combined together really does give the advantage to Mindanao, to be able to lead the forefront for investments; and the power will follow with that.” Davao in particular, i s c ons i d e re d a m aj or economic growth corridor for Mindanao, given the influx of investments in the area in recent years – and that in turn contributed to the high demand for energy in the grid. On the whole, Dean Antonio La Viña, energy collaboratory-director of the Manila Observatory, opined that the shift of the Philippines to renewable energy is a critical step on its quest for climate justice in line with the goals of the Paris agreement. He st ate d t hat “t he Philippines has voluntarily committed to a 75-percent reduction of greenhouse gas emissions by 2030, meaning, we can no longer increase emissions by 2030. We need to have a very fast transition.”
Budget... from page 1
State College in Marawi City, Cotabato State University in C otabato City, Sulu State College and the TawiTawi Regional Agricultural College. Hataman told MindaNews on Wednesday that the matter must be addressed immediately, otherwise, it will have drastic effects on the future of thousands of Moro students and employees of the four SUCs. He said not providing funds to the four SUCs is like “robbing thousands of Moro students of their chances to better their lives and those of their families.” The lawmaker cited that these schools have existed even before the creation of BARMM, and their charters provide that their funding r e q u i r e m e nt s s h a l l b e provided by the national government. He said they also asked the Development Budget Coordination Committee to allocate more than P700 million (correcting the P911-million figure earlier reported) to the four SUCs in 2022. Sangcopan noted that not including the state-run schools in next year’s budget allocation seriously threatens the very existence of the SUCs in the BARMM. “Thousands of students and school personnel will be displaced,” she said. Hataman said the national government must not interpret the Bangsamoro Law, specifically Section 16 of Article 9, to mean that the budget for the SUCs in BARMM will now be funded by the regional government. Doing so would be “a deviation from the letter and spirit of such provision of the law,” he said. Section 16, Article 9 of RA 11054 or the Bangsamoro Law states, “Any school, college or university existing in the Bangsamoro Autonomous Region as of the effectivity of this Organic Law, and such other schools and institutions that may be established hereinafter shall be deemed integral components of the educational system of the Bangsamoro Autonomous Region, and shall be governed by their respective charters.” Surigao del Norte Rep. Francisco Matugas II, who sponsored the Commission on Higher Education budget, said the budget department interpreted the Bangsamoro
Kagay-an Festival 1st Oro Lechoneros Encuentro Champion
for Orders, Contact Yoyong:
09354145759 09169249371
Law to mean that all financial subsidies and appropriations for the four SUCs in the BARMM will be shouldered by the BARMM block grant. “That’s the rationale of the DBM in putting zero for these four state universities, including the Sulu State College,” he said. Hataman was optimistic however that the matter can be resolved once it will be taken up with the InterGovernmental Relations Body, consisting of officials of the national government and the autonomous region government.
Training... from page 4
child’s love and respect for them. The child will fear you enough to obey you when they are young, but later as a young adult they may deeply resent you for years, even their lifetime. A third important principle is to show your love to your child after you have needed to discipline and punish him. Let him know that you will always accept him, even if you do not approve of his bad behavior and attitude. Remember, punishment is not something we do TO our child, but something we do FOR our child, so he can build real happiness and success from his good character we have helped him develop. That is how we communicate to our child: “I love you too much to let you think and behave wrongly.”Love should be the reason for everything we say and do with our child. Today, won’t you ask Jesus to forgive you for your mistakes as a parent? Then ask Him to help you love and teach your children the way they need and are designed for. Just think a minute.
Revolution... from page 4
of the people to participate in development processes. Thus being the case, the only remedial measure is to capacitate the people to mobilize their collective energies and potentials so that they can be put in the mainstream of development. When people bind themselves together to craft their own destiny, the spirit of cooperativism exists. Such is now manifested in so many
ways. In the coastal areas, the fisherfolk are joining hands to protect their delicate fishery resources, their means to life, against all forms of ecological degradations. They are now organized into cooperatives to protect, rehabilitate and conserve ecological wealth through coastal resource management In the uplands, the lumads are now the vanguards of their forest resources, advancing community-based resource management through their cooperatives. The farmers, who all these years have been abused by the fertilizer dealers, usurers and local traders, are standing up to the call of unshackling themselves from the oppressive grip of conventional agriculture to ma ke t heir far ming sustainable through their multi-purpose cooperatives, be producer or marketing. The tenant-tillers are now claiming the dignity of owning the land they till, making their cooperatives the vehicle of agrarian reform. We can aptly claim that the wind of change now hovers over the land to rectify social flaws of so much inequities and poverty. People are now responding to the call, a clarion sound so loud to establish a society that is based on the timehonored principles of social justice, meaningful popular participation and sustainable development. It is a peaceful but active resistance to fight the rule of a few elite thereby democratizing wealth and power – that is what we call, A CO OPERATIVE REVOLUTION. Join us!
Growing...
from page 4 assets raised, new funds launched, investor benefits, fund impact, profitability, and quality of market research. The award-giving body’s jury noted BPI AMTC’s remarkable performance in 2020, capturing 18% of the market share and with a total of Php 854 billion in assets under management. Meanwhile, The Asset's annual Triple A recognition embodies the industry's most prestigious awards for banking, finance, treasury and the capital markets; and has the widest reach among Asian issuers and global institutional investors.
The Best of BPI Invest As the largest trust company in the Philippines, BPI AMTC is home to the widest range of unit investment trust funds (UITFs) collectively known as BPI Invest. BPI Invest caters to a wide range of clients’ risk appetite, investment horizon and investment objectives. These funds are diversified across the most promising and innovative sectors in the investment space today, offering a customized investment solution that addresses the financial needs of clients as they hit every major milestone in their life. BPI AMTC remains at the forefront of financial inclusion in the country by making sure that there is a suitable BPI Invest Fund that addresses the needs of their clients, wherever they are in their investment journey. In September, its pioneer global equity fund, the BPI Invest Global Equity Fundof-Funds was again awarded Best Managed Fund in the Dollar Equity category by the prestigious CFA Society Philippines 2021 Best Managed Funds of the Year. The search recognizes the outstanding fund management practices of fund houses and institutions that deliver the best returns, and have exemplified the global standards in the finance and investment industry. This year, 71 funds from 14 investment houses and trust institutions went head-to-head and the BPI Invest Global Equity Fundof-Funds emerged on top against competing funds in the Dollar Equity Category. This is the fund’s 5th consecutive win since 2017. Furthermore, its long term dollar bond fund, Odyssey Philippine Dollar Bond Fund was recognized as Best Managed Fund in the LongTerm Dollar Bond category. “A m i d s t a l l t h e uncertainties and volatilities of the market, BPI AMTC remains committed to carefully balancing value creation with risk mitigation for our clients. It is not the markets that shape our existence, but the trust bestowed upon us by our clients - that we are set up not just to survive but to beat the odds,” says Ms. Tan. Note: You may wish to share the foregoing article via Facebook, Twitter, Linked-In or Viber.
BusinessWeek MINDANAO CREDIBLE
RELIABLE
www.businessweekmindanao.com
FEATURE
IN-DEPTH
Mon-Tue|October 4-5, 2021
8
Passengers remain top priority
Cebu Pacific clears all refund cases lodged at Civil Aeronautics Board C
EBU Pacific (CEB) has cleared all the refund complaints that were filed at the Civil Aeronautics Board (CAB) as the country’s leading airline continued to prioritize its customers by overhauling its systems and augmenting its refunddedicated workforce to continually process requests. As of August, the airline had cleared cases totaling 2,842 that were filed at the CAB since 2020, as Cebu Pacific worked alongside the regulator to resolve complaints after the pandemic upended the travel industry. Passenger needs remained a top concern for Cebu Pacific which was determined to refund
Refunds over PHP 8 billion as of end-Sept
all its customers. As of September 2021, the airline has refunded a total of PHP 8.18 billion. Cebu Pacific issued PHP 479 million in refunds to customers in the July-September period. Previously, the airline earlier announced that it had refunded its passengers P7.7 billion for requests filed from January 2020 until June 2021. “As of August, the airline had verified cases totaling 2,842, and discussed with CAB the resolution of these complaints. This is a positive development directly benefiting affected passengers after the Coronavirus pandemic grounded air travel. This shows that CAB and CEB, by working together,
prioritized passenger concerns at the most crucial time,” Atty. Wyrlou Samodio, Head of CAB Legal and Enforcement Division. Guests with completed refunds have been updated, through the email address provided upon booking, and were asked to check with their issuing banks and travel agencies for the remittance. “We thank CAB for its efforts to verify records, so we can close the refund cases. CEB closely worked with CAB to resolve refund complaints, and we are grateful to our teams for delivering on this important undertaking for our customers,” said Candice Iyog, Vice President for Marketing and Customer
Experience at Cebu Pacific. “We also thank our guests for their patience and understanding. We will remain transparent and continue to listen and improve our processes to deliver the best experience for everyJuan.” After clearing its backlog, Cebu Pacific is now handling current refund requests. For guests to have an efficient refund process, Cebu Pacific advises them to contact the airline through http://bit. ly/CEBFeedbackForm on its website. Cebu Pacific was determined to refund passengers and encouraged those with pending refund requests to contact the airline. The airline actively reached out to the
passengers through the contact information made available during booking to refund passengers. CEB offers the most flexible options with unlimited rebooking, following the permanent removal of change fees. It also extended its Travel Fund validity to two years, which can be immediately
used for flights, baggage allowance, preferred seats, or CEB Travelsure with COVID Protect coverage. It also operates the widest network in the Philippines, and flies to key cities in Asia and the Middle East. For the latest updates and information, go online through cebupacificair.com.