BusinessMirror April 04, 2022 by BusinessMirror

‘Electricity exposure demand in Luzon ‘Close borders, cut Omicron risk’

to peak in May at 12.3K MW’

By Cai U. Ordinario

with their loved ones, while forwhich, she said, the economy can no for government to be proactive in eigners living in temperate regions longer afford. imposing them. usually want to relax in tropical “It is better that we do protective Previous instances when the By Lenie Lectura 11,617MW. It surpassed prepandemic LOSING the country’s borders countries like the Philippines. This preventive measures than get excountry had the opportunity im@llectura level, which reached 11,307MW intoJune is one of the most immediate year’s influx of OFWs is expected to posed again. We have a lot to lose,” of 2019 pose restrictions not preandtravel last year’s peak atdid 11,601MW courses of action the governbe heavier since many of them were LECTRICITY Oplas said. “We should do it is now so in June. vent the spread of Covid-19. That was demand in Luzon ment must take to prevent the latunable to come home for the holidays expected that we can open just before Christmainly because decisionElectricwas not to peak at 12,300 megaThe operator of thethe Wholesale est Covid-19 variant, Omicron, from in December 2020. mas. If it gets contained, we can open made immediately, he said. watts (MW) in May, according to the ity Spot Market (WESM) has anticipated reaching Philippine shores, accord“My recommendation is to protect it again.” “Kung papatay patay increases [If we’re Independent Electricity Market Operator that peak demand in Luzon ing to local economists. the borders. Do not allow peopleof with Ateneo Center for Economic Reslow] and we get caught flat-footthe Philippines (IEMOP). 6.15 percent every year, 7.28 percent for T he new var iant is a threat, a history of travel to countries with searchisand Development (ACERD) ed, and [that’s risky] We too re“Peak demand projected to happen in Visayas, 7.9 percent for were Mindanao. e s p e c i a l l y w it h t he hol id ay s positive cases to enter,” OplasMay, said.around Associate Director Ser Percival active instead of proactive before. 12,300MW. We just entered IEMOP observed an increasing trend coming up and more foreigners “We should be more restrictive.the [We Peña-Reyes said closing the in demand, We should learn from that,” PeñasummerK.months. I think our projection mainly attributable to the imbeing a llowed to travel to the have to be] more protective in terms country’s Reyes said. “It’s balancing will increase for April.borders With thiswould trend,be theeffec- position of Alert Levela delicate 1 in Metro Manila Philippines, De La Sa lle Univerof our measures.” tive but should stillcould adhere act. We needfollowed to pushby testing and peak we experienced in March stillto the last March 1, later the implesit y economist Mar ia Ella Oplas Oplas said that while this will be standards set by the World Health tracing to be properly informed SM Supermalls and Girl Scouts of The Philippines launched Resbakuna Kids to vaccinate Girl Scouts (GSP) ages 5-17 and adult members for booster shots at SM Megamall’s Kids increase in April. For May, our projection mentation of a lesser restrictive alert level told BusinessMirror. a setback to some industries, Organization (WHO). decisions. Blanket/shotgun wonderland-themed vaccination site recently. The event was attended by (L to R) Rachel Queenie B. Dizon-Rodulfo, SAVP Mall Operations; Christian V. Mathay, AVP Operations Premier 2; isthis 12,300MW in Luzon,” said IEMOP Chief statusofinour other provinces that took effect The holidays usually bring in is a fair measure considering that What is needed, Peña-Reyes told approaches could have dire conseOperating Officer Robinson Descanzo. last March 16. Dr. Cesar Tutaan, Medical Director of Mandaluyong Medical Center; Health Undersecretary Myrna Cabotaje; DepEd Director Bettina Aquino; DOH Regional Director Dr. Gloria Balboa; Dr. Overseas Workers (OFWs) this could help prevent placing the this newspaper, is for travel restricquencesContinued on the economy.” on A2 CONTRIBUTED Filipino PHOTO In March, Luzon peak demand reached Nina Lim-Yuson, GSP National President; and Joaquin San Agustin, SVP for Marketing, SM Supermalls. who are eager to spend Christmas country in another strict lockdown, tions to be put in place swiftly and See “Omicron,” A2 @caiordinario

w w

n Monday, April 429, , 2022 178 Monday, November 2021Vol.Vol.1717No.No.52

NATL GOVT BORROWINGS SIPP FINAL DRAFT SEEN FOR 10 MOS DIP OK TO P2.75T TO GET PALACE SOON n

P25.00 P25.00 nationwide nationwide || 22 sections sections 18 20 pages pages ||

ByJovee Bernadette Nicolas By Marie N.D.dela Cruz

Omicron risk BSP names spurs revival Bobier its of quarantine new rulesDeputy in PHL Governor

@BNicolasBM @joveemarie

HE list national of government’s sectors gross qualified for borrowings as ofthe tax perks under end-October shrank Corporate Recovery by almost 6 percent and Tax Incentives year-on-year to for Enterprises P2.75 trillion. (CREATE) Law is now complete and Latest data from the Bureau ofto the will be submitted Treasury showed that the governPresident Duterte ment’s gross borrowings during the 10-month fell by 5.99 percent for hisperiod approval from P2.92 trillion a year ago. next week, a leader With only two months left for of House ofis already this the year, the latest figure equivalent to 89.6 percent of its Representatives said P3.07-trillion borrowing program. at thedown, weekend. Broken gross domestic bor-

rowings from January to October settled at P2.23 trillion, down by 5.08 percent from P2.35 trillion House Committee on Ways and in 2020. Means Chairman Joey Sarte SalThe of the amount was ceda saidbulk the Department of Trade sourced from Fixed Rate Treasury and Industry (DTI) has notified him Bonds trillion), followed by that the(P1.19 final draft of the Strategic short-term borrowings from BangInvestment Priorities Plan (SIPP) is ko Sentral now ready.ng Pilipinas or BSP (P540 billion), Retail Bonds/PreSalceda saidTreasury he will make a manimyo Bonds (P463.3 billion), Retail festation to President Duterte for Onshore Dollar Bonds (P80.84 bilthe urgent approval of the SIPP once lion). In the sameby period, there was it is transmitted the DTI. also a net redemption of “Give it around a month,Treasury and the Bills amounting to P43.94 billion. President will likely be ready to isNet debt redemption means sue it,” Salceda said. there weresaid, moreciting debtsthe repaid Salceda DTI,comthat pared to the amount borrowed the final draft was presented todurthe ing the period. technical committee of the Fiscal InMeanwhile, grossCREATE foreignLaw’s borcentives Review Board, rowings in the same period also government superbody, last Friday. contracted by 9.7 percent to P518.7 “[Trade] Undersecretary Perry billion from P574.4 Rodolfo alsolast toldyear’s me they willbillion. transThis was raised through mit this to PRRD next week.global That bonds (P146.17 billion), program means all the basic implementing loans (P139.98 billion), guidelines of CREATE willeuro-debe in efnominated bonds (P121.97 billion), fect before PRRD’s term ends. That’s a project loan (P86.41 billion), and a very big gift to whoever the next yen-denominated samurai bonds president will be,” Salceda added. (P24.19 billion). Continued on A2 See “Borrowings,” A2

By Samuel P. Medenilla @sam_medenilla

PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. The country will celebrate the 158th birth anniversary of Filipino revolutionary hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO

OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND

A GROCERY attendant in Muntinlupa City arranges piles of table eggs on shelves at the weekend. The government and poultry industry stakeholders have assured people that the risk of catching avian influenza (HPAI) H5N1 virus is “very low” and poultry meat products, such as table eggs and chicken meat, remain safe to eat amid a series of bird flu outbreaks in seven areas. Meanwhile, poultry exporters in the US, a key source of chicken in the Philippines, have been alerted by their government to Manila’s suspension of issuance of import permits. Story on page A10. NONIE REYES By Jasper Emmanuel Y. Arcalas dating its registry following the them. This allows everyone to see programs as President Duterte @jearcalas

enactment of the Coconut Farmers and Industry Trust Fund law. Rosales explained that about 500,000 coconut farmers and workers were added to the PCA’s 2018 list that had about 2.5 million of Foreign Affairs. coconut farmers farm workers. This is the and first time the The PCA’s next step is to conPhilippines has fully opened ductcountry an exclusion-inclusion prothe from international cedure by making the updated visitors, with almost the same farmers’ registry public, regulations before theprovidfirst ing everyone to lockdown of the the opportunity pandemic in check the veracity of the list, RoMarch 2020. sales added. This after the Inter-Agency “The list will posted in public Task Force for be Management of spaces where people can easily see

who are listed in the registry and if farmer doesn’t see his name then he shall coordinate with the PCA immediately,” he explained at a recent dialogue with coconut farmers. “On theInfectious other hand,Diseases if people Emerging would see names on the list and (IATF-EID) issued Resolution they think they are not coconut 165, Series of 2022, lifting the farmers or their details are incorrequirement for fully vaccinated rect, they can report it to PCA foreigners coming fromthe visafor immediate action,”tohesecure added. restricted countries The PCA officialDocument noted that Entr y Exemption the completion of the initial list (EED). ofDuring coconutthe farmers registry would past two years of be just in time for the expected varying degrees of lockdown, rollout of coconut levy-funded

is expected to sign the industry development plan in early 2022. Rosales said the PCA will not stop updating its list of coconut farmers and enjoined them to register in order to reaprequired the benefits the EED was earlier for of the decades-long idled coconut travelers to the Philippines, both levyvisa-restricted fund. “We will and not stop at 3.1 from visa-free million. We hope that more indicountries. Individuals or compaviduals will register in our coconut nies needed to submit justificafarmers registry,” he coming said. to tion to the DFA for The updating the coconut the Philippines. OnofFebruary 10, farmers is mandated 2022, thisregistry requirement was liftedby Republic Actcountries. (RA) 11524 or the for visa-free CoconutContinued Industry Trust on A2 Fund Act.

NEW M DFA VISA RULES SOUGHT AS PHL FULLY OPENS ORE than 3 million coconut farmers and workers are now registered with government’s regBy Malouthe Talosig-Bartolome istry, which@maloutalosig serves as the basis for the number of people to be covered the utilization of the HEbyPhilippines opened P75-billion coconut levy fund. its borders to all fully Philippine Coconut Authority v acc i n ated foreig ners (PCA) Administrator Roel to all Deputy countries last Friday, a M. Rosales said about 3.11 million development that spurred a coconut farmers workrequest for new and visafarm issuance ers have been registered with the guidelines by the Department government since it started up-

NTER NATIONA L concerns over the possible spread of the more infectious Omicron Covid-19 variant prompted the government to reimpose mandatory facility-based quarantine for all arriving passengers in the country. Acting Presidential spokesperson Karlo B. Nograles announced on Sunday that the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) suspended the implemenBOBIER tation of its Resolution No. 150A (s.2021), effectively imposing By Bianca Cuaresma stricter protocols for all inbound @BcuaresmaBM travelers. To note, Resolution H E BIATF a ng ko S e nt r a l150ng A hadPilipinas allowed (BSP) fully announced vaccinated non-visa travelers Green List that it has from appointed the areas to enter the country withHead of its Comptrol lership, out the need for facility-based Eduardo G. Bobier, as the new quarantine as longof as the theyCorposecure Deputy Governor negative Reverse Transcriptionrate Services Sector. Polymerase Reaction (RTAccordingChain to a statement, the PCR) test within 72 hours new deputy governor’s role prior is to to theirthe departure. ensure prudent and effec“Except for countries classified tive management of the BSP’s as ‘Red,’ the testing and quarantine resources in support of its core protocols for all inbound internafunctions. tional travelers in all ports of entry “I am committed to ensuring shall complymanagement with the testing and the effective of BSP’s quarantine protocols for ‘Yellow’ financial and physical resources listsupport countries,” Nograles said, citing in of its core functions. the provision of IATF Resolution I also pledge to uphold the highNo.standards 151-A. of integrity in pubest He notedas Hong Kong,done whichover has lic service I have confirmed a case of the Omicron the past 35 years with the BSP,” variant,said. will also fall under the YelBobier lowBobier list countries. began his central banksuspension of the rules for ing The career as a statistician at the “Green List” countries will be in Department of Economic Research effect from November 28, 2021 to over three decades ago. DecemberContinued 15, 2021.on A2

See “3-M farmers,” A2

Continued on A2

PESOEXCHANGE EXCHANGERATES RATESnnUSUS50.4600 51.9060 nnJAPAN JAPAN0.4374 0.4266 nnUKUK67.2329 68.2097nnHKHK6.4722 6.6272nnCHINA CHINA7.9013 8.1880nnSINGAPORE SINGAPORE36.8968 38.3183nnAUSTRALIA AUSTRALIA36.2807 38.8516nnEUEU56.5758 57.4599 nnSAUDI SAUDIARABIA ARABIA13.4531 13.8364Source: Source: (April 1, 26, 2022) PESO BSPBSP (November 2021)

News

BusinessMirror

A2 Monday, April 4, 2022

PHL a big hit at Tel Aviv travel trade fair–DOT exec By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

ASSIVE interest in the Philippines was generated at the recent International Meditterranean Tourism Market (IMTM) in Tel Aviv, with Israeli tourists keen on beach adventures and nature trips. In an interview via Messenger, Tourism Attaché Gerard O. Panga said, “I received queries about the Covid situation in the Philippines, so I assured all about very low Covid infection cases, and that the Philippines is the easiest country to visit now in Southeast Asia.” A bilateral agreement between the Philippines and Israel allows visa-free visits to each country. Visitors from Israel only need to submit a negative result from a

Covid RT-PCR test taken within 48 hours of departure from their home country, or a negative result from an antigen test taken 24 hours prior to their departure. Upon their return to their home country, Israelis have to take an RT-PCR test upon arrival and quarantine for 24 hours. “According to the organizer of the IMTM, the Philippines was the most fun and watched booth at the event,” added Panga. “This is the most important leisure travel

fair catering to the active Israeli outbound travelers…. The Israelis are intrepid and adventurous travelers who go for nature trips, beach holidays, trekking, diving, cultural immersion, volunteering, responsible travel, visit friends and relatives, city breaks, and ‘bleisure’ (business and leisure),” he noted. The Department of Tourism (DOT) has designated Israel an opportunity market, growing an average of 10 percent annually. Prior to the pandemic, in 2019, the Philippines received 22,851 visitors from Israel, up 12.33 percent from 2018. Tourists from Israel spent $2.18 billion in 2020, down by 79 percent from some $10.4 billion the year before. In Southeast Asia, Israelis also don’t need a visa to Taiwan, Thailand, and Malaysia. In 2018, Tel Aviv adopted a diplomatic policy pivoting to Southeast Asian nations.

Waiting for PAL

IN a separate interview, DOT’s marketing representative in Tel Aviv, Golan Yossifon told the BusinessMirror via email, “Most of the inquiries (at IMTM) were fo-

cused on the various connections, ways to travel to the Philippines and about the timing of the maiden flight [between Tel Aviv and Manila] by PAL (Philippine Airlines). We were asked as well about the prices through connection flights with Turkey Airlines, Gulf Air, Etihad, or Emirates to the Philippines.” A round-trip flight between Tel Aviv and Manila costs an average of US$1,000 and involves a layover to a third country. While PAL has announced plans to fly between Manila and Tel Aviv, a ranking official of the carrier said recently that there were still no plans for a launch date. (See, “As it turns 81, PAL leaner, meaner for new normal,” in the BusinessMirror, March 28, 2022.) Yossifon said while there were inquiries about the “culinary aspect” of the Philippines, he said there were no dietar y issues raised. “For most of the population of Israel, kosher food is not needed or required. However, for the large sector in Israel that asks for kosher food, eating vegetables can be a solution.”

NEW DFA VISA RULES SOUGHT AS PHL FULLY OPENS Among the top 12 source countries of foreign tourist arrivals in the Philippines in 2021, only

nationals of China and India are required to secure visas. The other 10 countries among the

Philippines’s top source of foreign tourists—United States, Japan, Canada, South Korea, Turkey,

Continued from A1

United Kingdom, United Arab Emirates, Saudi Arabia, Australia, Germany—are not required to secure visas. The IATF has likewise directed the DFA “to promulgate guidelines, circulars and other issuances as may be necessary to fully restore visa issuance and visa-free entry privileges...to its prepandemic state.” T here a re 155 cou nt r ies which enjoy v isa-free entr y to t he Phi l ippines for 30 d ays, whi le Brazi lian and Israeli nat iona ls ca n st ay up to 59 d a y s ( h t t p s : //d f a . g o v. p h / list-of-countries-for-21-dayvisa). Foreig ners w ishing to extend their stay beyond the v isa-free per iod are required to get 9A v isa at a Philippine Embassy or consulate, or if a lready in the Philippines, before the Bureau of Immigration. Business people from AsiaPacific Economic Cooperation are also no longer required to secure visas if they are holders of APEC Business Travel Card. Tourists who are holders of valid American, Japanese, Australian, Canadian, Schengen (AJACS) or AJACS-United Kingdom visas are also allowed to enter the Philippines without visas. Based on the IATF resolution, foreigners are no longer required to secure EED on the following conditions: ■ Fully vaccinated, except for minors below 12 years old traveling with fully vaccinated foreign parents ■ Carry an acceptable proof of vaccination ■ Tested negative for COVID-19 — RT-PCR test taken within 48 hours, or antigen test conducted by a laboratory taken within 24 hours prior to date and time of departure from the country of origin ■ Valid passport for at least 6 months ■ Valid tickets for their return journey to port of origin ■ Travel insurance for Covid-19 treatment costs from reputable insurance providers, with a minimum coverage of US$35,000 for the duration of their stay in the Philippines. Foreign spouses or foreign children of Filipino nationals or balikbayans (former Filipino citizens) are exempted from requirement to submit valid tickets for their return journey.

www.businessmirror.com.ph

SIPP FINAL DRAFT SEEN TO GET PALACE OK SOON Continued from A1

According to Salceda, the move will allow investments under “Tier 2” and “Tier 3” of the law, for high-tech and highvalue sectors, to receive higher tax incentives, encouraging more investments in these sectors. CREATE is the Duterte administration’s centerpiece investment policy reform, right after the Public Service Act amendments, said Salceda. “I thank the DTI for delivering on commitments agreed upon last December. On CREATE’s anniversary, we can finally say we are ready for a full-swing implementation. Thank you to [Trade] Secretary [Ramon] Lopez for getting this done,” Salceda said. “I also thank [Finance] Secretary [Carlos] Dominguez for adopting our transitional SIPP framework. This conversation among agencies and the House tax committee has been quite fruitful,” Salceda added. With this, Salceda said he expects the 2022 foreign investment performance “to exceed the 2021 record.” The House leader pointed out, “The country’s net FDI inflows for 2021 were its highest ever on record.” Salceda said,

“the goal should be US$20 billion in FDI by 2026, or five years after CREATE. I think with CREATE, PSA amendments, and the other liberalization and doing business reforms, we will get there.” Meantime, he said, “the issuance of the SIPP now means CREATE can be fully carried out and investors will now know whether their sectors qualify for better tax incentives. I am very pleased with this development.” Under the CR EATE law, export-oriented activities may qualify for up to 17 years of incentives for exporters, with 4-7 years of income tax holiday (ITH) and 10 years of special corporate income tax (SCIT). The SCIT is a 5-percent tax on gross income. Meanwhile, domestic-market enterprises under the SIPP may qualify for up to 12 years of incentives, with 4-7 years of ITH and 5 years of SCIT for enterprises with investment capital not less than P500 million, and 5 years of enhanced deductions otherwise. Extra tax incentives of 2 years of ITH are available for locators in areas recovering from disaster, and 3 years of ITH for those relocating from NCR.

BSP names Bobier its new Deputy Governor Continued from A1

He served as one of the heads of then-Treasury Department, which is now called Financial Markets, where he contributed to the development and implementation of strategies and practices to manage the BSP’s international reserves. The new BSP deputy governor also served as chairman of the BSP’s Budget Committee. In 2021, Bobier was appointed Assistant Governor of the BSP’s Comptrollership Sub-sector, which

is responsible for the maintenance of the accounting records of the central bank. Bobier earned his Master’s in Business Administration from De La Salle University in Manila and a Bachelor’s degree in Commerce, Major in Accounting, magna cum laude, from Manuel L. Quezon University. He is a certified public accountant and studied portfolio management at the World Bank in 2011.

‘Electricity demand in Luzon to peak in May at 12.3K MW’ Continued from A1

Descanzo said there is no directive yet if the secondary price cap (SPC) should be lifted. “For now, there is no order for suspension of the SPC. We always abide by whatever guidelines are issued by the DOE (Department of Energy) and the ERC (Energy Regulatory Commission). The Philippine Independent Power Producers Association (PIPPA) earlier asked for the removal or adjustment of the SPC. “Our personal view is that there are other mechanisms for these generators to at least recover their costs in a particular day or month while fuel costs are rising. We think that by way of mechanism, the generators can immediately recover their costs,” said Descanzo. The SPC is a price-mitigating mechanism imposed when there are persistent high market prices.

‘Probe outages’

MEANWHILE, consumer advocacy group Laban Konsyumer, Inc. urged the ERC to probe the recent unplanned outages of several power plants and to protect consumers from the impact of high world oil prices on power rates. “Instead of just conditioning the minds of the public that power rates will increase in the coming months, the ERC should also in-

vestigate, reprimand and even penalize these power producers for their unplanned outages, as these pressures the generation costs to increase, which are eventually charged to many hapless consumers,” said LKI President Victor Dimagiba. Dimagiba said power producers should always ensure their power plants are well maintained. “The penalties must also be severe to encourage these power producers to improve their services and to ensure their facilities are wellmaintained to avoid any occurrence of unplanned outages.” Dimagiba said the tight supply resulting from these unplanned outages could also have been managed better, if additional capacities were put up, and if only the National Grid Corporation of the Philippines (NGCP) had contracted more firm power reserves. “The Department of Energy (DOE) should do everything in its power to make sure committed power projects, especially those that can boost our available baseload capacity, will come online and on time. It should also push more investors to put up the much-needed generating capacity that we need to support the country’s growing energy requirements,” Dimagiba said.

The Nation BusinessMirror

www.businessmirror.com.ph

Comelec won’t reprint ballots for ’22 elections

HE Commission on Elections (Comelec) ruled out the possibility it will reprint any of the over-67 million ballots to be used for the 2022 polls despite the pending appeal of some party-list groups before the Supreme Court (SC) to be still included in the said election paraphernalia. Comelec Commissioner George M. Garcia said they could no longer accommodate the said party-lists groups after the National Printing Office (NPO) already completed last Saturday the printing of all the ballots for the 2022 National and Local Election (NLE). He noted attempts to reprint the ballots to include the said party-list groups will cost the Comelec billions of pesos since it will require them to change their ballot template. “Unfortunately, the Comelec did not order a reprint of the ballots,” Garcia said in a virtual forum last Sunday. “Nothing can stop the distribution of the ballots.”

Comelec eyeing to create task force vs ‘fake news’ By Samuel P. Medenilla @sam_medenilla

HE Commission on Elections (Comelec) announced it is eyeing to create another task force, this time, to combat “fake news.” In an online forum last Sunday, Comelec Commissioner George

Garcia said the proposed task force will focus on monitoring electionrelated false information, which are circulating online. According to the University of Washington Bothell & Cascadia College, “fake news” is the “purposefully crafted, sensational, emotionally charged, misleading or totally fabricated information that mimics the form of

mainstream news.” “I will personally try to convince the Commission en banc next week to create a task force to combat fake news,” Garcia said. He noted the task force will play a crucial role to ensure only credible information related to the 2022 polls will reach voters. “We have to fight back at anything

Ballot deployment

ON January 23, 2022, the NPO started printing the ballots to be used by local and overseas voters for the 2022 elections. It was able to complete the process last April 2. Garcia said they are targeting to finish the deployment of the ballots for the local automated elections this month. The poll official noted that the deployment of the ballots for the around 1.7 million overseas voters is already 80 percent complete. Samuel P. Medenilla

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

RAMADAN STARTS

Young Muslims pass by children playing outside a mosque in Quiapo, Manila, as Filipino Muslims marked the start of the month-long Ramadan on April 4. The Ramadan, the ninth and holiest month in the Islamic calendar, calls for prayers and fasting. It is one of the five pillars of the Islamic faith, according to some Muslims interviewed. The other pillars, they added, are: profession of faith; five daily prayers; giving of alms; and, pilgrimage to Mecca. ROY DOMINGO

House-to-house drive by VP’s 10,000 followers gaining–Leni Robredo camp By Rene Acosta @reneacostaBM

HE house-to-house campaign conducted by supporters of Vice President Leni Robredo to drum up support for her presidential candidacy is gaining ground, her camp said on Sunday. The campaign, led by Robredo’s family members and celebrity supporters, was initiated to bring Robredo’s campaign messages and programs to voters, especially in remote areas. The campaign team said some 10,000 volunteers in 74 provinces and 34 cities in the country took part in the house-to-house campaign on Saturday. A similar activity was earlier conducted in Quezon City, Cavite, Pasay City, Dumaguete City, Tagbilaran City, Marawi City and Cagayan de Oro City.

Police seizes ₧2.2-M worth of shabu in Cavite operation

OLICE anti-illegal drugs operatives seized P2.2 million worth of shabu and arrested a high-value drug suspect during an operation in Imus City, Cavite on Saturday. The suspect was identified as Johaira Hadjizaman, who was caught during the operation of the provincial drug enforcement unit of Cavite Police and Imus City Police at Barangay Medicion 2-F, Imus City. The operatives seized from the suspect a sachet and three knottied transparent plastic packs containing suspected shabu weighing 350 grams with an estimated street value of P2.2 million. In Mandaue City, Cebu, policemen also arrested a drug suspect during a buy-bust operation wherein at least P1.36 million worth of shabu was confiscated. Ramis Jabon alias “Bengbeng,” 48, was caught by policemen during

that would undermine the integrity of the [election] process,” Garcia said. Last week, the Comelec announced its newly-formed task force, which will look into reports of vote buying. Led by Comelec Commissioner Aimee P. Ferolino, the task force will be composed by members from the Department of Justice, Presi-

dential Anti-Corruption Commission, Department of the Interior and Local Government, Philippine Information Agency, National Bureau of Investigation, Philippine National Police and Armed Forces of the Philippines. Garcia said Ferolino will come out with the guidelines for the operation of the new task force.

Quiboloy’s co-accused plea rubbish–pastor’s lawyers

Needed explanation

HOWEVER, Garcia noted that the Comelec en banc will still come out with an explanation on why it failed to comply with the Temporary Restraining Order (TRO) issued by the SC regarding the appeal of partylist groups. “What will be the liability [of the] Comelec in such an instance? The Comelec must be able to explain why it did not comply with the Supreme Court despite the presence of the TRO,” he added. Garcia, a prominent election lawyer prior to his appointment to the Comelec, disclosed he was the legal counsel of one of the party-lists, which was able to secure a TRO from the SC in its bid to be included in the ballots. A total of 12 party-list groups were able to secure a TRO from the High Court last January 6 after questioning the Comelec’s decision to remove them from the 2022 ballots. Of the pending cases, 80 percent were already dismissed by the SC, Garcia said.

Editor: Vittorio V. Vitug • Monday, April 4, 2022 A3

the operation at Barangay Umapad wherein 15 transparent plastic sachets containing shabu was seized from him. “The police are currently looking into the transaction link of the suspect. This calls for further probe. Let me thank the police operatives for doing their job well,” said PNP chief General Dionardo Carlos. In Bohol, two suspects were also arrested by a combined team of policemen and Philippine Drug Enforcement Agency operatives which confiscated P544, 000 worth of shabu. The suspects were identified as Joel Laag Baliong, 48, and Marie Dave Tapuroc Quilla, 46. The two were nabbed at Purok 4, Barangay Dao, Tagbilaran City, Bohol. Recovered from them were 16 sachets of shabu weighing more or less 80 grams. Rene Acosta

Another activity was separately carried out by Robredo’s daughters, Dr. Tricia Robredo and Aika Robredo in Manila, Quezon City and Pangasinan. Dr. Robredo had earlier emphasized the importance of houseto-house campaigning in order to reach more voters, especially the undecided. During the simultaneous nationwide activity of Robredo’s supporters on Saturday, her team said that several remote areas of the country were reached by the volunteers, preaching Robredo’s platform and programs. One of these was Sitio Maningcao Dako in Sibulan, Negros Oriental, which was visited by Robredo’s sisterin-law, Dr. Penny Robredo-Bundoc, and actress Pinky Amador. Senior citizens in the area were cheered by the visit, saying their old age and distance prevented

them from attending political rallies and listening to candidates’ plans and programs. “I’m so happy because it’s only now, after all these years, that someone came here to campaign. Politicians rarely come here because it’s so far,” the team quoted one elderly woman as saying, in Filipino. “We feel special because supporters of the vice president came here to talk about what she’s done,” she added. They relayed their concerns and needs to Dr. Robredo-Bundoc and Amador, who promised to bring it to the VP’s attention. Volunteers distributed reading materials and talked to residents about Robredo’s track record, accomplishments and platform for the Filipino people and the country. The Robredo campaign team said the house-to-house campaign will be sustained leading to the elections.

AVAO CITY—Pastor Apollo Quiboloy’s US-based counsel dismissed as garbage the report of the pastor’s co-accused that she was cooperating with the US government to pin down the pastor. “I just want to clear something. There’s a reason why the US government leaked this kind information: It’s trying to poison the well,” said lawyer Michael Green, who’s handling Quiboloy’s sex trafficking charges in the US. “Frankly it’s garbage. Everyone in the world should know how the US [legal] system works. When it issues this statement that there’s a conspiracy, it wants to create impression that the accused, the pastor, is guilty,” Green said. “When I see the government is leaking something, it makes people think what these people have been doing. That’s what they [do:] leak this stuff, make it national, like a Wild West. It’s like a game; but this is not a funny game.” The lawyer added that the US government leaks “this kind of things as the case progresses.” “I just feel sad for Maria de Leon. I’m sorry this is happening and it would be happening,” Green said. He added that he suspects that government prosecutors, “even her lawyer, may have scared her to death and the other dissidents, that if they admit guilt, they may be granted probation.” Green said by going into plea bargain, de Leon has the opportunity to go back to her family without going to prison. “She just wants to go home,” Green said last Sunday during an online news briefing hosted by Quiboloy’s Davao City media outfit. Green and the Filipino lawyers of Quiboloy in Manila and Davao city said any confession or information that de Leon, 73, may give US prosecutors “binds the confession only to the confessor.” Lawyer Ferdinand Topacio said de Leon is not a member of the Kingdom of Jesus Christ (KOJC) of Quiboloy but only headed a paralegal services

bureau in the US. “She is an independent contractor; meaning, an office which accepts anybody, not only on marriages, visas and anything else.” Her admission against the pastor would not have an impact on the case saying that an admission by a third party like De Leon “is an act of a third person, made by a person without connection to the main party, meaning it cannot affect anything in the case because the confession binds only the confessor.” “This is a universally-accepted legal principle recognized not only by our system but even by the US legal system,” Topacio added. He said De Leon has no direct connection with or had communication with Quiboloy. “As an independent contractor, she has no personal knowledge on how the KOJC is ran; its doctrines on things like marriage.” He added that it would not be farfetched that “a senile person as she is may have been pressured to plea bargain or cooperate.” “She has no personal counsel and she was given a panel lawyer, equivalent to the Philippines’s courtappointed lawyer, whether or not she likes the lawyer or not.” Besides, Topacio said, “litigation of the sex trafficking charges will happen in 2023. And the universallyaccepted legal principle says that any person accused is always presumed to be innocent. It means that the burden of proof lies with the prosecution and not with the accused.” As with the previous case of the Federal Bureau of Investigation poster soliciting information on the pastor’s whereabouts, Topacio believed that the new press release was another attempt by the US government to intervene in Philippine affairs. “I think this is part of the pattern of US government to intervene in the elections. The timing—first with the poster, it is totally unnecessary. Now, barely a month to the elections, when everything is silent, they come up with a new development in this case, to pin down the pastor, who is immediately linked to President Duterte,” he said.

DEFENSOR DARES BELMONTE Sen. Lacson vows to provide more incentives to scientists TO DEBATE ‘FUTURE’ OF QC By Jovee Marie N. Dela Cruz @joveemarie

AYORAL hopeful Michael T. Defensor has dared Mayor Joy Belmonte on a debate on the issues concerning the “future” of Quezon City. Defensor issued the challenged over the weekend as Belmonte raised the closure of ABS-CBN Broadcasting Corp. during the Serbisyo sa Bayan Party’s (SBP) proclamation rally and his distribution of the ivermectin to Quezon City residents to fight Covid-19. “At the start of the local campaign for the coming May 9 elections, in a bid to prop up her own candidacy, Belmonte attacked me on two issues that she believes would work against me,” Defensor said. “The first concerns the decision of Congress to deny ABS-CBN a leg-

islative franchise renewal and the second concerns our distribution of ivermectin at the height of the pandemic,” he added. But Quezon City spokesperson Pia Morato described Defensor’s invitation as “silly.” Earlier, Belmonte filed a cybercomplaint against Defensor. But Defensor also described the complaint as “a cheap publicity gimmick.” “The complaint is silly and futile because Belmonte is an elected official, not a private individual. And she knows this,” Defensor said. Belmonte’s complaint stemmed from Defensor’s supposed social media posts accusing the mayor of deploying a “Baklas army” to take down his posters. In a statement, Belmonte said these social media tirades are “ libelous, malicious, false and fraudulent.”

By Butch Fernandez

@butchfBM

PART from higher wages, free housing units and service vehicles await Filipino scientists in return for helping solve “challenges of living in modern society,” Senator Panfilo M. Lacson said over the weekend. In a statement last Sunday, the Senator affirmed that “contributions of Filipino scientists to help solve the challenges of living in modern society would not be left unappreciated.” As presidential candidate, Lacson bared plans to provide scientists “free housing units and vehicles on top of better salaries” under his presidency. Lacson assured this move is part of his and running mate Senate President Vicente ‘Tito’ Sotto III’s overall objective to “offer more dignified compensation packages for those who are supporting the research and develop-

ment (R&D) sector, especially in aid of our farmers.” The Lacson-Sotto presidential tandem assured they are open to the suggestion of senatorial candidate Emmanuel F. Piñol to consider granting Filipino scientists a special rate, separate from the normal civil service salary grading of government employees, to keep themselves motivated. “Piñol was right: If you are a scientist, you deserve an incentive,” Lacson said at a town hall forum with residents, farmers and researchers during their sortie in Zamboanga, endorsing the higher salary grade that distinguishes the Filipino scientists from the ranks of civil service employees under the Civil Service Commission. Lacson lamented that “we have a lot of talented researchers, but due to lack of funding and support, they are forced to take their talents abroad where they are supported.”

A4 Monday, April 4, 2022 • Editor: Vittorio V. Vitug

Economy BusinessMirror

www.businessmirror.com.ph

Drilon prods govt on ramping up jabs as 27-M vaccines ‘to expire’ By Butch Fernandez @butchfBM

ENATE Minority Leader Franklin M. Drilon raised the alarm over the weekend over the Executive’s allegedly “callous disregard for taxpayers’ money in buying 27 million doses of Covid-19 vaccines now in danger of expiring.” In a statement, Drilon said “each centavo that was used for the purchase of the anti-Coronavirus vaccines come from the taxpayers.”

He said he was appalled that more than two years into the pandemic, “the IATF still manages to mismanage the government’s response to the pandemic.” The IATF (Inter-Agency Task Force for the Management of Emerging Infectious Diseases) is a task force organized by the executive of the government of the Philippines to respond to affairs concerning emerging infectious diseases in the country. The opposition lawmaker added that “it is unconscionable that the vaccines that were purchased through

loans could end up in the garbage.” He urged officials to act quickly and decisively on the looming issue, saying it would be “criminal neglect if they let that happen.” Drilon estimated that the purchase of millions of Covid-19 vaccines raised the country’s debt from P9 trillion pre-pandemic to P12 trillion as of February 2022. “At P500 per dose, the government is throwing away P13.5 billion if the 27 million doses are not administered within the next three

months,” Drilon added. He said “the P13.5 billion could have been used instead to augment the ayuda for PUV drivers and operators affected by the astronomical increase in the prices of fuel.” The administration officials concerned should make sure these vaccines are used on time, pointing out that “still a considerable number of Filipinos” have not yet received their booster shots. “Let us not leave the expired vaccines for the next administration to

inherit.” [Huwag naman nating ipamana sa susunod na administrasyon ang expired na bakuna.”] National government agencies and local government units have been conducting sweeper campaigns the past weeks to track those segments of the population that have not had even a single dose of the vaccine, amid fears that another Covid surge may come in May, after all the election rallies, the coming down of alert levels, and the traditional summer fiestas and outings.

Aid program for LGUs getting ₧5.6B as cut in tax income from mining marginalized P earn DOLE praise from COA By Samuel P. Medenilla @sam_medenilla

ROUND 78,000 persons with disabilities (PWD) and senior citizens benefited from the Department of Labor and Employment’s (DOLE) programs last year. The inclusivity of its programs for marginalized groups earned DOLE a citation from the Commission on Audit (COA) in its Audit Observation Memorandum 202209 for fiscal year 2021. In the said year, DOLE was able to provide employment facilitation to 3,176 PWDs and 74,361 senior citizens. Its DOLE Integrated Livelihood Program provided P9.5 million livelihood aid to 558 PWDs and P23 million similar assistance to 1,475 senior citizens. As for the agency’s Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD) program, it was able provide 2,791 PWDs and 53,837 senior citizens, with emergency employment pay worth P16 million and P258 million, respectively. Likewise, the COA also recognized how DOLE’s Workers Organization and Development Program, Labor and Employment Education Services, and legal services included beneficiaries from both sectors. Last, the COA commended DOLE for ensuring that 30 percent of the members of the National Tripartite Industrial Peace Council are representatives of “differently-abled persons” and senior citizens. Labor and Employment Secretary Silvestre H. Bello III thanked the COA for recognizing DOLE’s efforts to help the marginalized sectors of society. This prompted him to instruct all of DOLE’s attached offices to further strengthen their programs, which will benefit PWDs and senior citizens, whom he considers an important part of the country’s workforce.

ROVINCES, cities, municipalities and barangays that host mining operations are getting an extra P5.6 billion in fresh development funding this year from the national government, Surigao del Sur Rep. Johnny T. Pimentel said last Sunday. “The amount represents the 40 percent share of local government units (LGUs) in the gross earnings derived by the National Treasury from mining activities,” Pimentel, a member of the House ways and means committee, said. The P5.6 billion is provided for in the 2022 National Expenditure Program and is on top of the inter-

nal revenue allotment (IRA) share of the host LGUs, according to Pimentel, whose home province hosts nickel mining operations. “We expect the national government as well as host LGUs to generate more income from mining activities in the years ahead, in light of the lifting of the ban on the issuance of new mining permits,” Pimentel said. In April last year, President Rodrigo Duterte issued an executive order revoking the 9-year freeze on the grant of new mineral production sharing agreements (MPSAs) in a bid to boost government income, stimulate employment and hasten economic recovery.

Data crunch

BASED on Virola’s data, the share of respondents aged 25 to 34 years old in the PA survey was at 21.92 percent, lower than the share of the age group in the country’s population at 24.97 percent. For ages 35 to 44 years old, these

or the host municipality; and, 35 percent to the host barangay. In cases wherein the host is a highly urbanized or independent component city, 65 percent shall go to the city and 35 percent to the barangay. Under the law, once the LGUs receive their shares, they must appropriate the funds to finance local development and livelihood projects. However, in the case of LGUs that obtain their shares from the extraction of hydrothermal, geothermal and other energy assets, they must spend at least 80 percent of the money solely to reduce the cost of electricity in the areas that supplied the resources.

DPWH seeks $50M from WB to bankroll Sulu infra project

HE Department of Public Works and Highways (DPWH) is seeking World Bank funding to bankroll roughly $50 million in infrastructure projects for the Province of Sulu in the Bangsamoro Autonomous Region for Muslim Mindanao (BARMM). According to Public Works Undersecretary Emil K. Sadain, the agency has sought “financing investment on rehabilitation/upgrading and asset preservation of pavement condition to facilitate road accessibility improvements, and to help address the inadequacy of water supply in Sulu Province” from the World Bank. “With the help of World Bank, we are looking forward to implement development infrastructure projects in Sulu as an opportunity to improve social service delivery to reduce poverty and boost peacebuilding efforts that will help ensure inclusive growth,” Sadain said. He noted that the initial budgetary projection for possible road and water projects is estimated at $50 million, a “baseline amount” that will be used for the improvement of the 162-kilometer Sulu Island Circumferential Road and for the provision of a water supply and sanitation infrastructure in the province. Lorenz S. Marasigan

PROMISING SECTOR This March 12, 2002, photo shows the landscape from a small dock in Nasugbu, Batangas, one of many places touted for

tourism and travel. The Philippines would be hosting the 21s t Global Summit of the World Travel and Tourism Council (WTTC). The summit takes place at a time when the country and the region begins to recover from the pandemic and will showcase the importance of travel and tourism in the Asia-Pacific region. WTTC’s recent research shows the forecast for the region could see its travel and tourism sector approaching pre-pandemic levels this year. NONIE REYES

Sampling mix of voters by age cited by ex-NSCB head continued from a10 “There needs to be a deeper study of whether age or other potential stratification variable like sex is indeed a determinant of voters’ preferences and the budget for the survey. I suppose Pulse Asia’s resources are not unlimited,” he added.

The suspension was imposed by then President Benigno Aquino in 2012, also via an executive order. Under the Local Government Code of 1991, LGUs are entitled to 40 percent of the gross earnings from “mining taxes, royalties from mineral reservations, forestry charges and fees and revenues collected from energy resources” in their areas. Pimentel said the cut of host LGUs amounted to P6.2 billion in 2021, P5.6 billion in 2020, P3.2 billion in 2019 and P4 billion in 2018. Under the law, the LGU share shall be distributed as follows: 20 percent to the host province; 45 percent to the host component city

account for 21.5 percent of PA survey respondents but as a share of the Philippine population, this age group only accounted for 19.8 percent. The age group of 45 to 54 years olds represented 17.42 percent of PA respondents but accounted for only 15.52 percent of the Philippine population; 55 to 64 years old, a share of 16.13 percent in the PA survey but only 11.04 percent of the country’s population; and 65 and over, 12.46 percent of PA respondents but only 9.01 percent of the entire population. As a percentage of Comelec voter registration, Virola said, the same

under and over sampling was observed. The Filipinos aged 18 to 41 years olds accounted for 47.55 percent of PA respondents but account for 56.32 percent of Comelec registered voters. The data also showed that Filipinos aged 42 to 57 years old accounted for 28.7 percent of the PA sample but account for only 25.53 percent of the voting population. The 58 years old and over Filipinos, who comprise 23.75 percent of the PA sample, only accounted for 18.15 percent of total Comelec voters.

Women still ‘overlooked’ in transport sector–ADB By Cai U. Ordinario @caiordinario

FFORTS to make the transportation sector more safe and inclusive need to be accelerated as women remain “overlooked” in this sector, according to experts from the Asian Development Bank (ADB). In an Asian Development Blog, ADB Sustainable Development and Climate Change Department Senior Transport Specialist Alexandra Pamela Chiang and Social Development Specialist Prabhjot R. Khan said to this day, transportation remains to be a maledominated sector. They said only 10 percent of the workforce in the transport sector is composed of women. Further, globally, only 19 percent of public service leadership and 18 percent of staff in infrastructure ministries are composed of women. “Transport planners need to develop services that are accessible, safe, inclusive, and affordable for all users, particularly for women, who have historically been overlooked,” the authors said. “Women make up half the world but they have marginal influence over transport development in most developing countries. We need to change this in order to improve transport services (for) everyone,” they also said. Apart from employment opportunities, the ADB experts said, the lack of access to transportation reduces women’s participation in the workforce by 16.5 percent. This, the authors said, was based on data from the International Labour Organization. Chiang and Khan also said women do not own as many private vehicles as men and many of them travel in off-peak hours. These contribute to women feeling unsafe when using public transport. “There are many faces of women. She could be a leader, worker, mother, caregiver, home-maker, combinations of these or much more. We need to focus on that throughout the design of transport projects and services,” they said. In order to improve the plight of women in terms of transportation, Chiang and Khan said there should be a smooth integration of formal and informal transport networks to allow women to move their products or to commute from their homes to the workplace. Informal transport networks, the authors said, are those who do not have permits to operate but are useful means of transport for women and other poor travellers. They said these types of transportation are preferred since women and poor communities do not always have access to formal transportation or own vehicles. Further, Chiang and Khan said there is a need to ensure personal safety when taking public transport. This means there is a need to design for all through proper lighting, removing blind spots and making pedestrian routes more visible.

House keeps finding ways to boost energy industry

HE House Committee on Energy, chaired by Pampanga 2nd District Representative Juan Miguel Macapagal Arroyo, has passed important laws to ensure adequate and affordable power and fuel in the country, while continuing to find ways to further improve the local industry and economy. In a statement last Sunday, Arroyo said aside from the proposed amendments to Republic Act (RA) 8479 or the “Downstream Oil Industry Deregulation Act of 1998,” his committee has tackled and approved several important pieces of legislation that

will further develop, upgrade and modernize the local energy sector. RA 8479 removed government control on the pricing of petroleum products allowing market forces to dictate oil prices. The Committee on Energy is one of the largest in the House of Representatives, as it has 65 members including the chairperson and nine vice chairpersons. The committee has general and exclusive jurisdiction over all matters relating to the exploration, development, exploitation, utilization or conservation of energy resources; entities involved

in power generation, transmission and distribution; and supply of all forms of energy and energy fuels. Records from the committee showed that as of December 15, 2021, the committee conducted a total of 44 virtual meetings during the 18th Congress, including 14 technical working group meetings, seven pre-bicameral meetings and two bicameral conference committee meetings despite the limitations caused by the pandemic. “A total of 15 committee reports were filed which are of national significance,” Arroyo said. PNA

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Lacson, Piñol vow to boost leather tanning industry

RESIDENTIAL candidate Panfilo ‘Ping’ Lacson aims to tap the micro, small and mediumsized enterprises (MSME) sector to boost the emerging leather tanning industry in Zamboanga peninsula following his visit there recently with former Agriculture Secretary Emmanuel ‘Manny’ Piñol. In a town hall meeting held in Ipil, Zamboanga Sibugay, Wednesday (March 30), Piñol revealed that researchers from the Philippine Coconut Authority (PCA) developed a new coloring material out of the natural resins found in coconut trees, which they have been using for leather tanning. “First time ko narinig, for leather tanning, pangkulay ng balat pati tela. It’s a new breakthrough. Pero wala lang, parang ganoon lang. ‘Na-discover mo ’yan?’ Wala lang. Dapat ’yang ganyan (ang) sinusuportahan agad ng gobyerno ’yan at bino-boost na kaagad,” according to Piñol. [It was my first time to hear that, for leather tanning, a coloring material for leather and textile products. It’s a new breakthrough, but for some it’s nothing. ‘Oh, you discovered that? So what?’ This is what the government is supposed to be supporting and boosting right away.] Lacson agreed, saying this domestic leather tanning industry should be marketed abroad, especially in Europe where a lot of people are consuming leather products. He said the government can probably access the European market, which has been outsourcing tanning services from Africa. “Halimbawa sa Italy, ‘ di ba, puro mga leather products doon? E kung sa atin bibili ng pang-tanning, ang laki ng kita ng ating mga coconut farmers, kasi diyan sa coconut nanggagaling. ’Yan ang mga opportunities na nawawala sa atin dahil sa kulang ang suporta ng gobyerno,” Lacson said.

PHL sets sights on $48-B cut flower market

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Philippines is increasing its production of cut flowers as the Department of Agriculture (DA) has included ornamentals in the list of the priority crops of the government’s high value crops development program (HVCDP).

Agr icu lture Secretar y William D. Dar issued Memorandum Circular (MC) 09, which ordered the inclusion of ornamentals in HVCDP’s priority crops and the allocation of budget to boost the output of cut flowers. Citing studies, Dar said the global market for the flower and ornamental plants was valued at $48.15 billion in 2020. The figure is expected to rise to $74.2 billion by 2026. Citing figures from the Inter-

national Association of Horticultural Producers (AIPH), he said the Philippines is one of the “emerging domestic producers” of ornamental plants. Dar said the country is a net exporter of ornamentals, shipping $4.935 million worth of ornamentals to Netherlands, Japan, United States and other European countries in 2020. He said the country’s local production of cut flowers, which represents the largest segment of the ornamen-

in Mimaropa. The NIA said the projects will irrigate a total of 6,795.50 hectares of agricultural land in the region and is expected to benefit 1,784 farmers and their families. NIA Administrator Ricardo R. Visaya led the inauguration and partial turnover of the P890.15-million Bongabong River Irrigation Project in Barangay Lisap, Bongabong, Oriental Mindoro. Started in CY 2012, the project was completed in 2021 with a service area of 5,859 hectares covering the municipalities

PHOTO shows the Bongabong River Irrigation Project in Oriental Mindoro. FROM WWW.NIA.GOV.PH

HE Nat iona l Ir r igat ion Administration (NIA) has recently inaugurated and

turned over 21 irrigation projects costing P1.173 billion to farmers and irrigators’ associations

coffee, cocoa output in Cuba

tal industry, grew by 3.5 percent from 2016 to 2020. However, the growth of the domestic cut flower industry has been hampered by various factors. “Despite the upward trend of cut flower production, high cost of structures like greenhouses, irrigation, and post-harvest facilities, unavailability of quality planting materials, insufficient production technology for new varieties or types of cut flowers, high credit interests and substantial shortage of supply for export hamper the growth potential of the ornamental industry,” he said. “Various stakeholders, associations, and civil society organizations have constantly requested for the provision of the needed support for the industry stakeholders such as higher budget for ornamentals for its mass propagation, development of new varieties, improved production technolog ies, among others, and generation of more livelihood opportunities.”

Dar said the DA “recognizes the importance of providing support to the ornamentals industry and forge a consolidated effort with industry players to achieve economies of scale to make it globally competitive.” He noted that the country has “vast potentials” for cut flower production due to its “favorable agroclimatic conditions” that allow yearround production of both tropical and subtropical varieties. Dar has ordered the DA including its regional field offices, bureaus and attached agencies to ensure that the ornamental industry will receive an annual budget and adequate support to “increase production, farmers’ income and marketability in both domestic and international markets.” The DA will provide support for the production of quality planting materials through the distribution of mother plants, establishment of production facilities, conduct of research for varietal improvement, and support in technology acquisition of post-harvest processing and packag-

ing technology, to increase product shelf life and quality. The DA will also conduct training on proper plant care, breeding , propagation techniques, post-harvest handling, and packaging as well as provision of support in local and international trade fair promotions. In 2018, the BusinessMirror published a Broader Look story that looked into the state of the local cut flower industry. Industry players said they have been left behind as the DA has been focused on edible crops for food security, leaving stakeholders to their own devices to sustain the viability of the country’s cut flower production. Among the problems identified by cut flower industry stakeholders were climate change, shrinking production areas, high logistical costs, low level of skills, and lack of government support. (Related story: https://businessmirror.com. ph/2018/08/08/climate-changeland-lack-nip-floriculture-sectorin-the-bud/).

NIA unveils ₧1.173-B irrigation projects in Mimaropa

IFAD-funded Russia is shipping wheat at ‘rapid’ clip in the midst of war project to hike

USSIA boosted wheat shipments by about 60 percent in March, despite that being the first month of its invasion of Ukraine. The country exported about 1.7 million tons last month, according to consultant ProZerno. That compares with 1.1 million tons sold in March 2021, though those sales were stifled by shifts in government grain-export taxes. The most-recent volume still is only about half of March 2020. Russia and Ukraine together account for about a quarter of global grains trade. Exports from Russia slowed immediately after its February invasion but since have bounced back, according to analysts and data providers. Sales remain tepid out of Ukraine, and that’s keeping global prices for crops such as wheat and sunflower oil at lofty levels and sparking growing worries about food access in major import regions like Middle East and North Africa. Shipments from Russia ran at a “rapid” clip in the second half of last month as challenges surrounding payments and securing vessels willing to transit the Black Sea were

Editor: Jennifer A. Ng • Monday, April 4, 2022 A5

“mostly” resolved, consultant SovEcon said in an emailed note. Some of that wheat is going to countries that usually imported from Ukraine. Russia’s invasion cut off Ukraine’s ports, its main export route. While Ukraine is trying to export by rail, that likely will work just for small volumes. At the beginning of March, Russian President Vladimir Putin ordered limits on financing for foreign companies from “unfriendly” countries, which caused problems for some exporters. Subsequent amendments to the order have allowed financing to run more smoothly. Volumes across key agriculture commodities—which also include corn, barley and sunflower oil—totaled about 2.5 million tons during the month, a 15 percent increase from last year, according to Genevabased crop data company Agflow. The leading destinations were Turkey, Egypt, Iran and Libya. Those are mainly traditional customers, while some volumes also appeared for Israel, which often buys from Ukraine, said Nabil Mseddi, the company’s chief executive officer. Bloomberg News

HE United Nation’s International Fund for Agricultural Development (IFAD) and Havana recently launched a project that seeks to increase coffee and cocoa production in the eastern region of Cuba. Dubbed the Agroforestry Cooperative Development Project (PRODECAFE), it also aims to enhance the resilience of this region’s smallholder farmer cooperatives to climate change. With an initial investment of US$ 42.5 million ($18.35 million from IFAD funds and $23.65 from Cuban contributions), the total investment should climb to $63.65 million once further contributions from international donors materialize. The Ministry of Agriculture will implement the project through its AgroForestry Corporate Group. “As previous IFAD projects in the country have proven, investing in cooperatives is the most efficient way to tackle the problems of low productivity, poor equipment, lack of economic opportunities, vulnerability to climate change and extreme weather phenomena, youth migration to cities, gender inequity and scarcity of nutritious food,” Juan Diego Ruiz, IFAD’s Country Director for Cuba, said in a statement.

of Bongabong, Roxas, and Mansalay, Oriental Mindoro, benefitting 1,250 farmers. The agency also turned over 20 Communal Irrigation projects (CIPs) to the Irrigators Associations (IAs) of Mimaropa. Seven of these projects amounting to P156.2 million are in Oriental Mindoro, five projects worth P59.568 million are in Occidental Mindoro, four projects with an aggregate cost of P23.894 million in Marinduque, two projects amounting to P24 million are in the Romblon, and two

projects worth P20 million are in Palawan. These projects have a total project cost of P283.66 million with a service area of 936.50 hectares and 534 farmer-beneficiaries. NIA also announced that it has completed the construction of 333 solar-powered irrigation projects amounting to P1.517 billion. The agency said the projects can generate 4,215.33 horsepower ( hp) and a lso prov ide reliable irrigation water supply to 6,482.62 hectares of agricultural land nationwide.

The World BusinessMirror

A6 Monday, April 4, 2022

Ukrainian forces retake areas near Kyiv amid fear of traps By Nebi Qena & Yuras Karmanau

The Associated Press

YIV, Ukraine—Ukrainian troops moved cautiously to retake territory north of the country’s capital on Saturday, using cables to pull the bodies of civilians off streets of one town out of fear that Russian forces may have left them booby-trapped. Ukrainian President Volodymyr Zelensky y warned that departing Russian troops were creating a “catastrophic” situation for civilians by leaving mines around homes, abandoned equipment and “even the bodies of those killed.” His claims could not be independently verified. Associated Press journalists in Bucha, a suburb northwest of Kyiv, watched as Ukrainian soldiers backed by a column of tanks and other armored vehicles used cables to drag bodies off of a street from a distance. Locals said the dead — the AP counted at least six — were civilians killed without provocation by departing Russian soldiers. “Those people were just walking and they shot them without any reason. Bang,” said a Bucha resident who declined to give his name citing safety reasons. “In the next neighborhood, Stekolka, it was even worse. They would shoot without asking any question.” Ukraine and its Western allies reported mounting evidence of Russia withdrawing its forces from around Kyiv and building its troop strength in eastern Ukraine. The visible shift did not mean the country faced a reprieve from more than five weeks of war or that the more than 4 million refugees who have fled Ukraine will return soon. Zelenskyy said he expects departed towns to endure missile and rocket strikes from afar and for the battle in the east to be intense. In his nightly video address Saturday, the Ukrainian leader said the country’s troops were not allowing the Russians to retreat without a fight: “They are shelling them. They are destroying everyone they can.” Russia, Zelenskyy said, has

ample forces to put more pressure on Ukraine’s east and south. “ W hat is the goal of the Russian troops? They want to seize the Donbas and the south of Ukraine,” he said. “What is our goal? To defend ourselves, our freedom, our land and our people.” Moscow’s focus on eastern Ukraine also kept the besieged southeastern city of Mariupol in the crosshairs. The port city on the Sea of Azov is located in the mostly Russian-speaking Donbas region, where Moscowbacked separatists have fought Ukrainian troops for eight years. Military analysts think Russian President Vladimir Putin is determined to capture the region after his forces failed to secure Kyiv and other major cities. The International Committee of the Red Cross had hoped to evacuate Mariupol residents Saturday but had not yet reached the city. A day earlier, local authorities said the Red Cross was blocked by Russian forces. A n adv iser to Zelensky y, Oleksiy Arestovych, said in an interview with Russian lawyer and activist Mark Feygin that Russia and Ukraine had reached an agreement to allow 45 buses to drive to Mariupol to evacuate residents “in coming days.” The Mariupol city council said earlier Saturday that 10 empty buses were headed to Berdyansk, a city 84 kilometers (52.2 miles) west of Mariupol, to pick up people who managed to get there on their own. About 2,000 made it out of Mariupol on Friday, some on buses and some in their own vehicles, city officials said. Meanwhile, Ukraine’s deputy prime minister, Iryna Vereshchuk, said 765 Mariupol residents on Saturday used private vehicles to reach Zaporizhzhia, a city still under Ukrainian

control that has served as the destination for other planned evacuations. Among those escaping was Tamila Mazurenko, who said she fled Mariupol on Monday, made it to Berdyansk that night and then took a bus to Zaporizhzhia. Mazurenko said she waited for a bus until Friday, spending one night sleeping in a field. “I have only one question: Why?” she said of her city’s ordeal. “We only lived as normal people. And our normal life was destroyed. And we lost everything. I don’t have any job, I can’t find my son.” Mariupol has been surrounded by Russian forces for more than a month and suffered some of the war’s worst attacks, including on a maternity hospital and a theater that was sheltering civilians. Around 100,000 people are believed to remain in the city, down from a prewar population of 430,000, and they face dire shortages of water, food, fuel and medicine. Zelenskyy said a significant number of Russian troops were tied up in Mariupol, giving Ukraine “invaluable time ... that is allowing us to foil the enemy’s tactics and weaken its capabilities.” The city’s capture would give Moscow an unbroken land bridge from Russia to Crimea, which it seized from Ukraine in 2014. But its resistance also has taken on symbolic significance during Russia’s invasion, said Volodymyr Fesenko, head of the Ukrainian think tank Penta. “Mariupol has become a symbol of Ukrainian resistance, and without its conquest, Putin cannot sit down at the negotiating table,” Fesenko said. About 500 refugees from eastern Ukraine, including 99 children and 12 people with disabilities, arrived in the Russian city of Kazan by train overnight. Asked if he saw a chance to return home, Mariupol resident Artur Kirillov answered, “That’s unlikely, there is no city anymore.” In towns and cities surrounding Kyiv, signs of fierce fighting were everywhere in the wake of the Russian redeployment. Destroyed armored vehicles from both armies lay in streets and fields along with scattered military gear. Ukrainian troops were stationed at the entrance to Antonov Airport in suburb of Hostomel, demonstrating control of

the runway that Russia tried to storm in the first days of the war. Inside the compound, the Mriya, one of the biggest planes ever built, lay wrecked underneath a hangar pockmarked with holes from the February attack. “The Russians couldn’t make one like it so they destroyed it,” said Oleksandr Merkushev, mayor of the Kyiv suburb of Irpin. Irpin has seen some of the fiercest battles, and Merkushev said Russian troops “left behind them many bodies, many destroyed buildings, and they mined many places.” A prominent Ukrainian photojournalist who went missing last month in a combat zone near the capital was found dead Friday in the Huta Mezhyhirska village north of Kyiv, the country’s prosecutor general’s office announced. The prosecutor general’s office attributed Maks Levin’s death to two gunshots allegedly fired by the Russian military and said an investigation was underway. Elsewhere, at least three Russian ballistic missiles were fired late Friday at the Odesa region on the Black Sea, regional leader Maksim Marchenko said. The Ukrainian military said the Iskander missiles did not hit the critical infrastructure they targeted in Odesa, Ukraine’s largest port and the headquarters of its navy. Ukraine’s state nuclear agency reported a series of blasts Saturday that injured four people in Enerhodar, a southeastern city that has been under Russian control since early March along with the nearby Zaporizhzhia Nuclear Power Plant. Ukraine’s human rights ombudsman said via Telegram that the four were badly burned when Russian troops fired light and noise grenades and mortars at a pro-Ukraine demonstration. The head of Ukraine’s delegation in talks with Russia said Moscow’s negotiators informally agreed to most of a draft proposal discussed during face-toface talks in Istanbul this week, but no written confirmation has been provided. However, Davyd Arakhamia said on Ukrainian TV that he hopes that draft is developed enough so that the two countries’ presidents can meet to discuss it. Karmanau reported from Lviv, Ukraine. Andrea Rosa in Irpin, Ukraine, and Associated Press journalists around the world contributed to this report.

Editor: Angel R. Calso

Ramadan kicks off as people complain of high food prices

AIRO—The Muslim holy month of Ramadan—when the faithful fast from dawn to dusk—began at sunrise Saturday in much of the Middle East, where Russia’s invasion of Ukraine has sent energy and food prices soaring. The conflict cast a pall over Ramadan, when large gatherings over meals and family celebrations are a tradition. Many in the Southeast Asian nation of Indonesia planned to start observing Sunday, and some Shiites in Lebanon, Iran and Iraq were also marking the start of Ramadan a day later. Muslims follow a lunar calendar and a moon-sighting methodology can lead to different countries declaring the start of Ramadan a day or two apart. Muslim-majority nations including Saudi Arabia, Egypt, Syria, Sudan and the United Arab Emirates had declared the month would begin Saturday morning. A Saudi statement Friday was broadcast on the kingdom’s state-run Saudi TV and Sheikh Mohammed bin Zayed Al Nahyan, the crown prince of Abu Dhabi and de facto leader of the United Arab Emirates, congratulated Muslims on Ramadan’s arrival. Jordan, a predominantly Sunni country, also said the first day of Ramadan would be on Sunday, in a break from following Saudi Arabia. The kingdom said the Islamic religious authority was unable to spot the crescent moon indicating the beginning of the month. Indonesia’s second-largest Islamic group, Muhammadiyah, which counts more than 60 million members, said that according to its astronomical calculations Ramadan begins Saturday. But the country’s religious affairs minister had announced Friday that Ramadan would start on Sunday, after Islamic astronomers in the country failed to sight the new moon. It wasn’t the first time the Muhammadiyah has offered a differing opinion on the matter, but most Indonesians—Muslims comprise nearly 90% of the country’s 270 million people—are expected to follow the government’s official date. Many had hoped for a more cheerful Ramadan after the coronavirus pandemic blocked the world’s 2 billion Muslims from many rituals the past two years. With Russia’s invasion of Ukraine, however, millions of people in the Middle East are now wondering where their next meals will come from. The skyrocketing prices are affecting people whose lives were already upended by conflict, displacement and poverty from Lebanon, Iraq and Syria to Sudan and Yemen. Ukraine and Russia account for a third of global wheat and barley exports, which Middle East countries rely on to feed millions of people who subsist on subsidized bread and bargain noodles. They are also top exporters of other grains and sunflower seed oil used for cooking. Egypt, the world’s largest wheat importer, has received most of its wheat from Russia and Ukraine in recent years. Its currency has now also taken a dive, adding to other pressures driving up prices.

Shoppers in the capital Cairo turned out earlier this week to stock up on groceries and festive decorations, but many had to buy less than last year because of the soaring prices. Ramadan tradition calls for colorful lanterns and lights strung throughout Cairo’s narrow alleys and around mosques. Some people with the means to do so set up tables on the streets to dish up free post-fast Iftar meals for the poor. The practice is known in the Islamic world as “Tables of the Compassionate.” “This could help in this situation,” said Rabei Hassan, the muezzin of a mosque in Giza as he bought vegetables and other food from a nearby market. “People are tired of the prices.” Worshippers attended mosque for hours of evening prayers, or “tarawih.” On Friday evening, thousands of people packed the alAzhar mosque after attendance was banned for the past two years to stem the pandemic. “They were difficult (times)...Ramadan without tarawih at the mosque is not Ramadan,” said Saeed Abdel-Rahman, a 64-yearold retired teacher as he entered al-Azhar for prayers. Soaring prices also exacerbated the woes of Lebanese already facing a major economic crisis. Over the past two years, the currency collapsed and the country’s middle class was plunged into poverty. The meltdown has also brought on severe shortages in electricity, fuel and medicine. In the Gaza Strip, few people were shopping Friday in markets usually packed at this time of year. Merchants said Russia’s war on Ukraine has sent prices skyrocketing, alongside the usual challenges, putting a damper on the festive atmosphere that Ramadan usually creates. The living conditions of the 2.3 million Palestinians in the impoverished coastal territory are tough, compounded by a crippling Israeli-Egyptian blockade since 2007. Toward the end of Ramadan last year, a deadly 11-day war between Gaza’s Hamas rulers and Israel cast a cloud over festivities, including the Eid al-Fitr holiday that follows the holy month. It was the fourth bruising war with Israel in just over a decade. In Iraq, the start of Ramadan highlighted widespread frustration over a meteoric rise in food prices, exacerbated in the past month by the war in Ukraine. Suhaila Assam, a 62-year-old retired teacher and women’s rights activist, said she and her retired husband are struggling to survive on their combined pension of $1,000 a month, with prices of cooking oil, flour and other essentials having more than doubled. “We, as Iraqis, use cooking oil and flour a lot. Almost in every meal. So how can a family of five members survive?” she asked. Akeel Sabah, 38, is a flour distributor in the Jamila wholesale market, which supplies all of Baghdad’s Rasafa district on the eastern side of the Tigris River with food. He said flour and almost all other foodstuffs are imported, which means distributors have to pay for them in dollars. A ton of flour used to cost $390. “Today I bought the ton for $625,” he said. AP

Sri Lanka blocks social media Pope blasts Russia’s ‘infantile’ war and EU-Libya deal in Malta amid calls for more protests

ALLETTA, Malta — Pope Francis said Saturday he was considering a possible visit to the Ukrainian capital of Kyiv and blasted the leader who launched a “savage” war, delivering his most pointed denunciation yet of Russia’s invasion of Ukraine. In his remarks in Malta, Francis didn’t cite President Vladimir Putin by name, but the reference was clear when he said “some potentate” had unleashed the threat of nuclear war on the world in an “infantile and destructive aggression.” “We had thought that invasions of other countries, savage street fighting and atomic threats were grim memories of a distant past,” Francis told Maltese officials on the Mediterranean island nation at the start of a weekend visit. Francis has to date avoided referring to Russia or Putin by name, in keeping with the Vatican’s tradition of not calling out aggressors to keep open options for dialogue. But Saturday’s criticism of the powerful figure responsible for the war marked a new level of outrage for the pope. “Once again, some potentate, sadly caught up in anachronistic

claims of nationalist interest, is provoking and fomenting conflicts, whereas ordinary people sense the need to build a future that will either be shared or not be at all,” he said. Francis told reporters en route to Malta that a possible visit to Kyiv was “on the table,” but no dates have been set or trip confirmed. The mayor of the Ukrainian capital had invited Francis on March 8 to come as a messenger of peace along with other religious figures, but has recently warned even healthy city residents who fled that the city is still endangered by Russian hostilities. Francis also said the war had pained his heart so much that he sometimes forgets about the pain in his knees. Francis has been suffering for months from a strained ligament in his right knee. The inflammation got so bad that the Vatican arranged for a tarmac elevator to get him on and off the plane for Saturday’s flight to Malta, and his limp was more pronounced Saturday. The Malta v isit, originally scheduled for May 2020, was always supposed to focus on migration, given Malta’s role at the heart

of Europe’s migration debate. The issue took on more import with the forced exodus of over 4 million Ukrainian refugees. Francis focused his remarks on the perilous Mediterranean migration route and Europe’s flawed migration policies in welcoming people fleeing war, poverty and conflict. Speaking with Malta’s president by his side, Francis denounced the “sordid agreements” the European Union has made with Libya to turn back migrants and said Europe must show humanity in welcoming them. He called for the Mediterranean to be a “theater of solidarity, not the harbinger of a tragic shipwreck of civilization.” Francis was referring to the EU’s program to train Libya’s coast guard, which patrols the North African country’s coast for migrant smuggling and brings the would-be refugees back to shore. The program was strongly backed by Italy and other front-line Mediterranean countries to try to stem the flow of hundreds of thousands of desperate migrants each year. But human rights groups have condemned the EU-funded program as a violation of the migrants’

rights and documented gross abuses in the Libyan detention camps. Just this week, Germany said its military would no longer provide training to the Libyan coast guard given its “unacceptable,” and in some cases illegal, treatment of migrants. Francis has condemned the Libyan detention facilities as concentration camps, but he went further Saturday to shame the EU for its complicity in the abuses there. “Civilized countries cannot approve for their own interest sordid agreements with criminals who enslave other human beings,” he said. Malta, the European Union’s smallest country with a half-million people, has long been on the front lines of the flow of migrants and refugees across the Mediterranean and often has come under fire for refusing to let rescue ships dock. Just this week a German aid group sought port for 106 migrants rescued at sea and, by Saturday, the ship was heading to Sicily instead. Malta has frequently called upon its bigger European neighbors to shoulder more of the burden receiving would-be refugees.AP

OLOMBO, Sri Lanka—Sri Lanka has blocked access to many social media platforms in an attempt to prevent further protests blaming the government for the worsening economic crisis. Internet users in most parts of Sri Lanka were unable to access Facebook, Twitter, YouTube, WhatsApp and other social media platforms on Sunday. Netblocks, a global Internet monitor, confirmed that network data collected from over 100 vantage points across Sri Lanka showed the restrictions coming into effect across multiple providers from midnight. Sri Lanka is under a nationwide curfew from Saturday night until Monday morning after President Gotabaya Rajapaksa declared a state of emergency. Social media platforms had been used to call for protests demanding the president’s resignation, saying he is responsible for the economic crisis. Rajapaksa assumed emergency powers at midnight Friday amid calls for protests throughout the country on Sunday, as anger over shortages of essential foods, fuel and long power cuts boiled over this week. The emergency declaration by Rajapaksa gives him wide powers to preserve public order, suppress mutiny, riot or civil disturbances or for the maintenance of essential supplies. Under the emergency, the president can authorize detentions, seizure of

property and search of premises. He can also change or suspend any law except the constitution. Sri Lanka faces huge debt obligations and dwindling foreign reserves, and its struggle to pay for imports has caused a lack of basic supplies. People wait in long lines for gas, and power is cut for several hours daily because there’s not enough fuel to operate power plants and dry weather has sapped hydropower capacity. The island nation’s economic woes are blamed on a failure of successive governments to diversify exports, instead relying on traditional cash sources like tea, garments and tourism, and on a culture of consuming imported goods. The Covid-19 pandemic dealt a heavy blow to the economy with the government estimating a loss of $14 billion in the last two years. Protesters also point to mismanagement—Sri Lanka has immense foreign debt after borrowing heavily on projects that don’t earn money. Its foreign debt repayment obligations are around $7 billion for this year alone. The crisis has hit people from all walks of life. Middle class professionals and business people who would normally not take part in street protests have been holding nightly rallies with candles and placards in many parts of the country. AP

The World BusinessMirror

www.businessmirror.com.ph

UK hits record Covid levels as nearly 5 million infected

ONDON—The prevalence of Covid-19 in the UK has reached record levels, with about 1 in 13 people estimated to be infected with the virus in the past week, according to the latest figures from Britain’s official statistics agency.

Some 4.9 million people were estimated to have the coronavirus in the week ending March 26, up from 4.3 million recorded in the previous week, the Office for National Statistics said Friday. The latest surge is driven by the more transmissible Omicron variant BA.2, which is the dominant variant across the UK. Hospitalizations and death rates are again rising, although the number of people dying with Covid-19 is still relatively low compared with earlier this year. Nonetheless, the latest estimates suggest that the steep climb in new infections since late February, when British Prime Minister Boris Johnson scrapped all remaining coronavirus restrictions in England, has continued well into March. The figures came on the same day the government ended free rapid Covid-19 tests for most people in England, under

‘Singapore won’t tighten rules if Covid cases rise’

ingapore will not need to tighten pandemic measures even if the number of Covid-19 cases starts to rise again, Finance Minister Lawrence Wong told The Straits Times. The easing of international travel restrictions will allow more workers to come into Singapore, with labor levels in the country’s construction sector expected to reach “previous levels” by the middle of the year, the newspaper cited Wong as saying. Increased inflationary pressure should be alleviated by the additional labor, he said in the report. The city state is on the lookout for a potential resurgence in Covid cases after implementing the biggest easing of restrictions since the pandemic began. Rules for eating out at restaurants, traveling into the country and mask-wearing while outdoors are among the swathe of measures that were loosened starting from late-March. The newspaper cited Health Minister Ong Ye Kung as saying that rules restricting the movement and entry of unvaccinated Singaporeans would not be reviewed until the country’s hospital situation was “completely stable.” Both ministers warned the situation could still worsen enough to affect their predictions, according to the report. Bloomberg News

Family members write a message to two sisters who died of Covid on the National Covid Memorial wall in London, Tuesday, March 29, 2022. Latest figures from Britain’s statistics agency show the prevalence of Covid-19 in the UK has reached record levels, with about 1 in 13 people estimated to be infected with the virus in the past week. Some 4.9 million people were estimated to have the virus in the week ending March 26, up from 4.3 million recorded in the previous week, the Office for National Statistics said Friday, April 1, 2022. AP Photo/Alastair Grant

Johnson’s “living with Covid” plan. People who do not have health conditions that make them more vulnerable to the virus now need to pay for tests to find out if they are infected. “ The government’s ‘ living with Covid ’ strategy of removing any mitigations, isolation, free testing and a considerable slice of our surveillance amounts to nothing more than ignoring this virus going forwards,” said Stephen Griffin, associate professor at the University of Leeds’ medical school. “Such unchecked prevalence endangers the protection afforded by our vaccines,” he said. “Our vaccines are excellent, but they are not silver bullets and ought not to be left to bear

the brunt of Covid in isolation.” More than 67% of people 12 years old and above in the UK have been vaccinated and had their booster or a third dose of the coronavirus vaccine. Beginning Saturday, parents can also book a low-dose vaccine for children between 5 to 12 years old in England. James Naismith, a biology professor at the University of Oxford, said he believed that except for those who are completely shielded or not susceptible to the virus, most people in the country would likely be infected with the BA.2 variant by the summer. “This is literally living with the virus by being infected with it,” he said. AP

Biden, First Lady salute attack sub with Russia tensions high

irst Lady Jill Biden ceremonially commissioned a nuclear-powered submarine on Saturday, presiding over a display of US naval power with tension between Washington and Moscow at the highest levels since the depths of the Cold War. The USS Delaware, commissioned two years ago as the nation’s 18th Virginia-class attack submarine, made a port call in President Joe Biden’s hometown of Wilmington, Delaware, this weekend for a ceremony that was delayed by the pandemic. The Virginia class is the pillar of the US Navy’s undersea strategy into the second half of the 21st century. The boats can strike underwater and surface targets with torpedoes or attack sea and land-based targets with Tomahawk cruise missiles, while remaining on patrol for months. By 2028, the Navy wants to deploy next-generation hypersonic weapons on the subs. “This latest ship to carry the USS Delaware— the name—is part of a long tradition of serving our nation proudly and strengthening our nation’s security, the security of the United States of America —not just us, but our allies and partners around the world as well,” the president said during the traditional sendoff ceremony for new naval vessels. “In fact, it’s already been doing that for some time.” One of the primary missions of US attack submarines like the Delaware is to hunt down and destroy enemy ballistic missile submarines

in the event of war. Russian President Vladimir Putin put his nuclear forces on high alert last month after invading Ukraine, in a show of force toward the US and its allies. The US didn’t reciprocate, choosing not to escalate the hostilities, but the Biden administration and other NATO countries have poured weaponry into Ukraine, including anti-air and anti-tank missiles, to help the Kyiv government fight off the Russian military. The Navy has had maintenance issues with the $166 billion sub fleet, with more than 1,600 parts swapped between them since 2013 to ease bottlenecks as components of the boats wear out decades earlier than expected. General Dynamics Corp. and Huntington Ingalls Industries Inc. are set to build 48 of the subs. Congress has persistently pushed the Navy to build the subs faster than its current pace of two per year. Due to Covid-19 restrictions over the past two years, the sub was “the first warship to be commissioned beneath the waves,” Navy Secretary Carlos del Toro said. With some 1,100 dignitaries and other guests attending the ceremony at the Port of Wilmington, the first lady concluded by clearing commanders and sailors to board the sub. “It was a challenge to put our ship in service in the middle of a global pandemic,” she said. “Officers and crew of the USS Delaware, man our ship and bring her to life.” Bloomberg News

Russian space program chief: Sanctions imperil space station

OSCOW—The head of Russia’s space program said Saturday that the future of the International Space Station hangs in the balance after the United States, the European Union, and Canadian space agencies missed a deadline to meet Russian demands for lifting sanctions on Russian enterprises and hardware. Dmitry Rogozin, the head of Roscosmos, told reporters that the state agency is preparing a report on the prospects of international cooperation at the station, to be presented to federal authorities “after Roscosmos has completed its analysis.” Rogozin implied on Russian state TV that the Western sanctions, some of which predate Russia’s current military operations in Ukraine, could disrupt the operation of Russian spacecraft servicing the ISS with cargo f lights. Russia also sends manned missions to the space station.

He stressed that the Western partners need the space station and “cannot manage without Russia, because no one but us can deliver fuel to the station.” Rogozin added that “only the engines of our cargo craft are able to correct the ISS’s orbit, keeping it safe from space debris.” Rogozin later Saturday wrote on his Telegram channel that he received responses from his Western counterparts vowing to promote “further cooperation on the ISS and its operations.” He reiterated his view that “the restoration of normal relations between partners in the ISS and other joint [space] projects is possible only with the complete and unconditional lifting” of sanctions, which he referred to as illegal. The Canadian Space Agency declined to comment. NASA and the European Space Agency did not immediately return e-mailed requests for comment. Space is one of the last remaining areas of cooperation between Moscow and Western nations.

US-Russian negotiations on the resumption of joint f lights to the space station were underway when Russia launched its military operation in Ukraine last month, prompting unprecedented sanctions on Russian state-linked entities. So far the US and Russia are still cooperating in space. A NASA astronaut caught a Russian ride back to Earth on Wednesday after a US record 355 days at the International Space Station, returning with two cosmonauts. Mark Vande Hei landed in a Soyuz capsule in Kazakhstan alongside the Russian Space Agency’s Pyotr Dubrov, who also spent the past year in space, and Anton Shkaplerov. Wind blew the capsule onto its side following touchdown, and the trio emerged into the late afternoon sun one by one. Vande Hei’s return followed customary procedures. A small NASA team of doctors and other staff was on hand for the touchdown and returned home immediately with the 55-year-old astronaut. AP

Monday, April 4, 2022

Covid cases rise in Shanghai with millions under lockdown

EIJING—Covid-19 cases in China’s largest city of Shanghai are still rising as millions remain isolated at home under a sweeping lockdown. Health officials on Sunday reported 438 confirmed cases detected over the previous 24 hours, along with 7,788 asymptomatic cases. Both figures were up slightly from the day before. While small by the standards of some countries, the daily case numbers are some of the largest since the virus was first detected in the central city of Wuhan in late 2019. Shanghai with its 26 million people last week began a two-stage lockdown, with residents of the eastern Pudong section supposed to be allowed to leave their homes Friday, while their neighbors in the western Puxi section underwent their own four-day isolation period. Despite that assurance, millions in Pudong continue to be confined to their homes amid complaints over food deliveries and the availability of medications and health services. Notices delivered to residents said they were required to self-test for Covid-19 daily and take precautions including wearing masks at home and avoiding contact with family members—measures not widely enforced since the early days of the pandemic. A city official last week apologized in

response to complaints over the government’s handling of the lockdown, and a vice premier made sweeping demands for improvements during a tour of Shanghai on Saturday. Sun Chunlan, who sits on the ruling Communist Party’s Politburo, urged “resolute and swift moves to stem the spread of Covid-19 in Shanghai in the shortest time possible,” the official Xinhua News Agency reported. However, Sun stressed “unswerving adherence” to China’s hardline “zeroCovid” approach, mandating lockdowns, forced isolation of all suspected cases and mass testing, even while acknowledging the social and economic toll that is taking. “It is an arduous task and huge challenge to combat the omicron variant while maintaining the normal operation of core functions in a megacity,” Sun said. She called for safeguarding key industries and institutions and the functioning of supply and industrial chains in the commercial hub, along with ensuring “people’s basic living conditions and normal medical needs.” State media reports indicate president and Communist Party leader Xi Jinping is directing the continuing tough approach, while seeking to avoid further damage to the sputtering economy and ensure overall stability ahead of a key party congress expected for November. AP

Sweden revives Cold War military forces to help shield Baltic from Putin’s Russia

weden’s top army officer has been waiting a long time to get back to the windswept Baltic Sea island of Gotland. Karl Engelbrektson was a unit commander on Gotland in 2005 when Sweden withdrew its military from the crucial perch in the center of the Baltic, taking advantage of the post-Cold War peace. Even then, he thought the move was ill judged. “Disbanding large parts of the armed forces, in the peace euphoria of that time, may have made sense to a lot of people,” Engelbrektson, clad in army fatigue next to a German-made Stridsvagn 122 tank, said in an interview at the Gotland base in late March. “History proves that this was a mistake.” Gotland gives the Swedish military a dominant position in the Baltic from which it can control critical naval routes and airspace, a strategic bastion that seemed irrelevant before Russia invaded Ukraine. A wealthy Nordic nation that had become accustomed to being far away from war zones, Sweden—along with governments across the region—is preparing for the possibility, unthinkable until recently, of a conflict with Russia. Sweden lies at the center of the Baltic Sea region, the northern flank of the European Union, where neighboring Finland shares a 1,300-kilometer (800-mile) border with Russia and the Baltic states— Estonia, Latvia and Lithuania—had a half-century history under Soviet rule. When Sweden and Finland held military exercises off Gotland in March, four Russian fighter jets briefly violated Swedish airspace east of the island—an incident the Swedish Air Force regarded as especially serious given the context. Vladimir Putin’s invasion order— and experts on Russian state television holding forth on an incursion into the Baltic—has triggered a rush across the north of the EU to top up defense budgets, arm previously hollowed out militaries and deliver weaponry to Ukraine. In Sweden and Finland, both of which carefully remained non-aligned during more than four decades of the Cold War, consensus is building to join the North Atlantic Treaty Organization. Few places encapsulate the shift as Gotland, where Sweden stationed artillery and anti-aircraft units as well as an armored brigade of several thousand troops in the decades when Western Europe faced the Soviet threat. In the 1960s, the nation could muster 800,000 troops from a population of fewer than 8 million, and dished out 4% of its gross domestic product on defense. After the collapse of the Berlin Wall, spending plunged and Sweden embraced the new security equilibrium. When Engelbrektson’s unit left in 2005, Putin was still making overtures to the US and its allies and Gotlanders faced only the onslaught of summer tourists in search of crisp Baltic beaches and the medieval walls of Visby, the county seat.

Although a permanent garrison returned in the years after Putin seized the Crimean peninsula from Ukraine in 2014, the Swedish public was largely sanguine until recently. Security experts have noted that the Swedish island would be a linchpin in any Russian incursion into the Baltic states. Lieutenant General Michael Claesson, the chief of the Swedish military’s joint operations, said control over Gotland gives a nation effective control over the Baltic. Any NATO response to a rapid attack would be stymied if Russian forces held the island, Claesson said. The island, Sweden’s largest, got a shout-out in Ukrainian President Volodymyr Zelenskyy’s address to the parliament in Stockholm, who said all of Russia’s neighbors are in danger. “You can make it harder to defend NATO territory in the Baltics, as well as Sweden and Finland,” the officer said in an interview. “You also have to consider that we aren’t part of any military alliance, and it may be tempting to Russia to challenge a country that doesn’t have formal security guarantees.” War jitters on Gotland have taken hold, even though Sweden hasn’t ceded control of the island since 1808, when it was briefly occupied by Russian troops during the Finnish War, in which the Russian Empire helped itself to a third of the Kingdom of Sweden—modernday Finland. “We get questions every day about shelters, about how much water and food you should store at home, et cetera,” Rikard von Zweigbergk, the head of preparedness and civil defense for the Gotland region, said in an interview. Claesson gave the order to send reinforcements and armed personnel carriers to Gotland in January. The deliberate show of force prompted the Kremlin to blame Sweden for escalating tensions in the region. The complaint, from Putin’s chief spokesman, Dmitry Peskov, gave Claesson a “sense of accomplishment,” he said. Sweden’s martial action cuts to the heart of a policy debate in the country, where officials are torn between caution over a delicate regional balance and a recent surge in public support for joining NATO. Polls now show a plurality of Swedes favor entering the alliance. Prime Minister Magdalena Andersson—who faces an election in September—isn’t ruling out membership, even as she’s said an application in the current situation could threaten regional security. Her government, which currently spends about 1.3% of GDP on defense, wants to bolster that level to 2% of GDP—the NATO threshold—as soon as “practically possible.” “The war in Europe will affect the Swedish people,” Andersson said earlier in March. “Russia is now threatening the entire European security order, on which Europe’s countries, including Sweden, base their security.” Bloomberg News

Monday, April 4, 2022 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

US/China: Same goal, different tactics?

N October 11, 1784, Moroccan pirates seized the US brigantine Betsey with its crew destined to be sold in the slave markets of the Barbary Coast of North Africa, which included the Ottoman states of Algeria, Tunisia and Tripolitania and the independent sultanate of Morocco. Until 1815, over one million Europeans were held captive as slaves in this region including about 700 Americans. The US Congress appropriated $800,000 for the release of American prisoners and for a peace treaty with Algiers, Tunis, and Tripoli in 1794. In October 1803, Tripoli captured the US frigate Philadelphia and US President Thomas Jefferson decided a new tactic was necessary. A force of eight US Marines and five hundred mercenaries marched from Alexandria, Egypt, to capture the Tripolitan city of Derna. The purpose was to overthrow the existing Pasha of Tripoli, Yusef Karamanli, and install his exiled brother Hamet. The US military captured Derna and for the first time raised the US flag on foreign soil. Yusef agreed to be more “cooperative” in the future and the Americans escorted his brother back to Egypt. In 1950, the newly established People’s Republic of China participated in a USSR loan package to finance government projects in Eastern Europe. A July 2019 paper from the National Bureau of Economic Research, an American private nonprofit research organization founded in 1920, said the following. “We find that the People’s Republic has always been an active international lender, even in the 1950s and 1960s, when it lent substantial amounts to Communist brother states. That is, official Chinese lending has always had a strategic element. What has made China such a dominant global creditor in the recent 20 years is the drastic increase of China’s gross domestic product [GDP], combined with China’s ‘Going Global Strategy’ to foster Chinese investment abroad, which was initiated in 1999.” The American libertarian think tank, the Cato Institute, reports that even after the recent departure of US forces from Afghanistan, the US still maintains some 750 American military facilities in 80 nations and territories around the world. Cato writes: “America has three times as many installations as all other countries combined.” The US has also been involved in many “regime changes.” The studies on this are not unbiased or objectively accurate. However, there is some fact in their numbers. According to one study, the US performed at least 81 overt and covert known interventions in foreign elections during the period 1946–2000. Another study found that the US engaged in 64 covert and six overt attempts at regime change during the Cold War. No other country in human history has had such a dominant military presence and effect. We have heard many times about the actual and potential “China Debt Trap.” The “left-leaning” US magazine The Atlantic writes that “The Chinese ‘Debt Trap’ Is a Myth,” saying the Sri Lanka loans from China for the ill-fated Hambantota seaport project was minor in terms of the Sri Lanka’s GDP. That may be true. However, China just refused to assist Sri Lanka, which appealed to reschedule its huge—about 10 percent of its total foreign debt—Chinese debt burden in the face of the Covid-19 outbreak and no tourism. But much more significantly, the Chinese state and its subsidiaries have lent about $1.5 trillion in direct loans and trade credits to more than 150 countries. This has turned China into the world’s largest official creditor—surpassing official lenders such as the World Bank, the International Monetary Fund, or all Organisation for Economic Co-operation and Development creditor governments combined. Reuters: “Philippines, U.S. hold biggest military exercises in seven years.” New Delhi Television: “Pakistan: China Agrees To Rollover $4.2 Billion Debt.”

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor

T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

Online Editor

Ruben M. Cruz Jr.

Creative Director Chief Photographer Chairman of the Board President Advertising Sales Manager Group Circulation Manager

Eduardo A. Davad Nonilon G. Reyes D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

Printed by brown madonna Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

The many ways to care for your people Atty. Jose Ferdinand M. Rojas II

RISING SUN

ith plenty of valued workers opting to resign from their posts rather than go back to pre-pandemic schedules, managers and employers are hard-pressed to convince their workers to make the decision to stay. Many organizations are sticking to the traditional idea that it only takes a decent salary and good working conditions to keep good people. Nothing can be farther from the truth. Employees these days value non-monetary perks like enjoying less commuting time (or no commute at all), more opportunities to pursue their personal interests, having more time for their loved ones, and so on. And if you are a good leader, you know the value of having great people on your team. They can help you make things happen, achieve your targets, and run your business successfully. So you might have to

change your perspective with regard to addressing their needs. You have to guide them or mentor them so they can become the best versions of themselves. Every powerful leader realizes he or she needs to help create a positive, respectful, and empowering company culture so workers can thrive within that environment. Focus on the various dimensions of human wellness, including the physical, emotional, mental, social, financial, spiritual, and intellectual well being of your people. For example, valuing your employees’ health could mean making sure the work environment is safe and conducive to

A sense of being appreciated is very important for employees, too, so go the extra mile to let them know the company values their contribution, or that your customers appreciate their efforts. If you can reward good performance, that’s always a positive thing not just for the workers but also for the organization itself. One good form of reward is opening up opportunities for the career advancement of your workers. living a healthy lifestyle. Setting up a savings plan for them will also help them reach their financial targets. Good leaders make sure their people are satisfied at work by offering them resources, knowledge, and training that will help them deliver better performance. Let them feel that they are constantly learning and growing. Let them know you believe in them and that you trust them. One way to do this is by delegating decisions and important tasks. A sense of being appreciated is very important for employees, too, so

go the extra mile to let them know the company values their contribution, or that your customers appreciate their efforts. If you can reward good performance, that’s always a positive thing not just for the workers but also for the organization itself. One good form of reward is opening up opportunities for the career advancement of your workers. Many leaders don’t realize that one of the best ways to influence their employees is by modeling good behavior. Building positive office culture, having open communication lines at work, and supporting colleagues are all actions that could very well start from the top. If a manager exhibits negative behavior, the team’s motivation, productivity, and collaboration will most likely be affected. Finally, respect for your people’s beliefs, opinions, spiritual or religious orientations, race, and gender will definitely go a long way. A healthy work environment is an inclusive one. And a leader can show inclusivity by having policies that allow workers to practice their beliefs, express their thoughts or opinions in a healthy way, or be their real selves while working.

Secret intelligence has unusually public role in Ukraine war

By Jill Lawless & Aamer Madhani | The Associated Press

ONDON—The war in Ukraine is the conflict where spies came in from the cold and took center stage. Since Russia invaded its neighbor in late February, intelligence agencies in the US and Britain have been remarkably willing to go public with their secret intelligence assessments of what is happening on the battlefield—and inside the Kremlin.

The US this week declassified intelligence findings claiming Russian President Vladimir Putin is being misinformed about his military’s poor performance in Ukraine by advisers scared to tell him the truth. On Thursday a British spy chief said demoralized Russian troops were refusing to carry out orders and sabotaging their own equipment. Jeremy Fleming, who heads Britain’s electronic intelligence agency GCHQ, made the comments in a public speech where he said the “pace and scale” at which secret intelligence is being released “really is unprecedented.” Mark Galeotti, a Russia expert at University College London, agreed that the very public intelligence campaign “reflects the fact that we now live in a different age, politically and internationally. And this is a different kind of war.” Officials say the stream of declassified intelligence—which includes regular briefings to journalists in Washington and London and daily Twitter updates from Britain’s defense ministry—has several aims. Partly it’s to let Putin know he is be-

ing watched, and to make him question what he’s being told. It’s also designed to embolden the Russian military to tell Putin the truth, and to convey to the Russian public that they have been lied to about the war. The US and Britain also have released intelligence assessments in a bid to deter Russian actions. That was the case with recent warnings Russia might be preparing to use chemical weapons in Ukraine. It’s all part of a closely coordinated trans-Atlantic strategy that has been in the works for months. Biden administration officials say they decided to aggressively share intelligence and coordinate messaging with key allies, including Britain, as US concerns about Russian troop movements in autumn 2021 put the intelligence community on high alert. In early November, President Joe Biden dispatched CIA Director William Burns to Moscow to warn that the US was fully aware of Russian troop movements. The White House has typically been tightlipped about the director’s travels, but the Biden administration cal-

Officials say the stream of declassified intelligence—which includes regular briefings to journalists in Washington and London and daily Twitter updates from Britain’s defense ministry—has several aims. Partly it’s to let Putin know he is being watched, and to make him question what he’s being told. It’s also designed to embolden the Russian military to tell Putin the truth, and to convey to the Russian public that they have been lied to about the war.

culated that in this situation they needed to advertise the visit far and wide. The US Embassy in Moscow announced that Burns had met with top Kremlin officials shortly after his trip was over. Soon after Burns’ Moscow mission, US officials decided they needed to accelerate intelligence sharing. Officials shared sensitive intelligence with other members of the Five Eyes alliance—Britain, Canada, Australia and New Zealand—and also with Ukraine. Director of national intelligence Avril Haines was dispatched to Brussels to brief Nato members on intelligence underlying growing American concerns that Russia seemed intent on invasion, according to a US official familiar with the matter, who spoke on condition of anonymity to discuss the

sensitive issue. Some allies and analysts were skeptical, with memories lingering of past intelligence failings, like the false claim Saddam Hussein had weapons of mass destruction that was used to justify the 2003 US-led invasion of Iraq. Late last year, France and Germany led a group of European countries that appeared to be seeing similar military intelligence as the US and Britain, but were less convinced that an invasion of Ukraine was imminent. At Nato, Germany initially blocked the use of a system for helping Ukraine to acquire certain military equipment. France and Germany also blocked Nato from launching an early crisis planning system in response to the buildup, before relenting in December. This week, French media reported that the head of France’s military intelligence agency, which failed to anticipate the Russian invasion, has been removed from his post. Eric Vidaud’s departure comes amid soul-searching among France’s leadership about why it was taken by surprise by the war—which was particularly embarrassing for President Emmanuel Macron, who speaks regularly with Putin. Some see Vidaud as a scapegoat, and note that his removal comes just ahead of this month’s French presidential election. In January, as Russia amassed See “Secret,” A9

Opinion BusinessMirror

www.businessmirror.com.ph

Tax financing a bankrupt state

To stand by decided matters Siegfred Bueno Mison, Esq.

THE PATRIOT

Joel L. Tan-Torres

DEBIT CREDIT Fourth of a series

ransformative or enhancement actions normally take place over a medium-term to long-term period. But a bankrupt state does not have the luxury of time to wait for muchneeded revenues to flow in to address its ever-increasing public service expenditures and ballooning debt and interest servicing. As suggested in my article last week, there are actions of the tax collectors from the Bureau of Internal Revenue (BIR) and the Bureau of Customs that can be implemented the soonest and the fastest way possible. I mentioned BIR tax audits and the BOC post-importation inspections as areas for “quick wins” of increasing tax and tariff collections. But, this time, instituting these mechanisms with some variations. The BIR and taxpayers undergo this annual (sometimes even more frequently in a year) ritual of tax audits. The Letter of Authority (LOA) issued by the BIR to authorize its revenue examiners to conduct tax audits is often dreaded by taxpayers. Taxpayers put in much effort, time, and even financial resources when engaging with BIR examiners. The BIR annually comes up with its audit priority programs. In the past two years for 2021 and 2022, it issued Revenue Memorandum Circular 23-2021 and 10-2022. Perusing the two circulars, enforcement programs listed therein include Run after Tax Evaders Program, Oplan Kandado, and Intensified Audit and Investigation. For the last program on audit, it is specified in both circulars that BIR offices should collect at least 3 percent of total tax collection goals (after some adjustments). I recall that even when I was the Commissioner of Internal Revenue from 2009 to 2010, this 3 percent audit collection was the benchmark. However, from available public records of the BIR annual reports, the BIR has missed this target for 2019 and 2020. In 2019, it collected from audit only P57.96 billion or 2.42 percent (before

Secret . . .

continued from A8

troops near Ukraine’s border, Britain’s Foreign Office issued a statement alleging that Putin wanted to install a pro-Moscow regime in Ukraine. The UK said it was making the intelligence assessment public because of the “exceptional circumstances.” Russia’s invasion on February 24 largely silenced the doubters, and drew a unified response from Nato. The release of US and British intelligence is partly designed to shore up that Western unity, officials and analysts say. Both Biden and British Prime Minister Boris Johnson doubt Putin is serious about negotiating an end to the war and want to keep up the West’s military and moral support of Ukraine. The impact inside Russia is hard to measure. The US official who spoke to the AP said the White House hopes divulging intelligence that Pu-

Monday, April 4, 2022

adjustments) of its total tax collections, and a lower audit collection of P33.88 billion and a ratio of 1.5 percent in 2020. This substant reduction of tax audit collections by 41 percent in 2020 compared to 2019 makes me wonder if the BIR’s tax audit was adversely affected due to the first full year of the Covid pandemic affecting businesses in 2020, or the fear of BIR examiners in engaging face to face with taxpayers in the course of their audit during the pandemic. Perhaps, both reasons apply. Now that the adverse impact of the pandemic is declining and businesses are slowly returning back to normal, the BIR can now actively pursue this audit mechanism to arrest the declining trend of tax audit amounts and collect more from this source to add to the dwindling financial resources of the government. However, in order to enhance the efficiency of the audit process while at the same time minimizing the irritants and problems associated with this, some new policies, as well as operational innovations, should be put in place. To be continued Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. This column accepts articles from the business and academic community for consideration for publication. Articles not exceeding 600 words can be e-mailed to jltantorres@up.edu.ph.

tin is misinformed could help prod the Russian leader to reconsider his options in Ukraine. But the publicity could also risk further isolating Putin or make him double down on his aim of restoring Russian prestige lost since the fall of the Soviet Union. The official said Biden is in part shaped by a belief that “Putin is going to do what Putin is going to do,” regardless of international efforts to deter him. Galeotti said Western intelligence agencies likely don’t know how much impact their efforts will have on Putin. “But there’s no harm in giving it a try,” he said. “Because when it comes down to it, in this kind of intensely personalistic system [of government], if one line, or one particular notion, happens to get through and lodge itself in Putin’s brain, then that’s a really powerful result.” Madhani reported from Washington. Associated Press writers Ben Fox and Nomaan Merchant in Washington, Lorne Cook in Brussels and Angela Charlton in Paris contributed to this story.

hen the Court becomes Congress, as in creating judicial precedents, it is sometimes referred to in the Latin maxim stare decisis, which literally means “to stand by decided matters.” In the Philippine legal system, judicial lawmaking has long been universally accepted. All courts are generally expected to apply the law uniformly, regardless of their perspectives of fairness. After all, an orderly society demands that if one court case is resolved in a certain way today, future cases involving substantially identical conduct under substantially identical conditions should be dealt with in the same way. In certain cases, courts can be considered as lawmakers under the rationale that when existing statutes are outmoded or manifestly unfair as applied to specific cases before the courts, courts can literally modify if not supplement the law. To achieve what courts conceive to be just and fair, such judicial precedents become part of the law—created by the court, not by Congress. The judicial decisions embodying these supposed “judicial interpretations” then become controlling for future cases, to the extent that they virtually supplant what Congress has prescribed. Take the case of Article 992 of the Civil Code that prescribed that an “illegitimate child has no right to inherit ab intestato from the legitimate children and relatives of his father or mother; nor shall such children or relatives inherit in the same manner from the illegitimate child.” But in its latest decision, the Supreme Court ruled that grandparents and other direct ascendants are outside the scope of “relatives” under Article 992. While I have yet to see the entire decision, its ponente, Justice Leonen, reportedly said that since both marital and nonmarital children, whether born from a marital or nonmarital relationship, are blood relatives of their parents and other ascendants, a child’s right of representation should be governed by Ar-

ticle 982 of the Civil Code, regardless of filiation. In Article 982, the law says “the grandchildren and other descendants shall inherit by right of representation, and if any one of them should have died, leaving several heirs, the portion pertaining to him shall be divided among the latter in equal portions.” For me, as a professor of the subject for 20 years, Article 982 prescribes the general rule, while Article 992 specifies the exception. I will not dwell on whether this latest judicial legislation is wrong or right. There have been quite a few instances where the Court has exercised its power to interpret the law. While Congress has crafted many laws to respond to a situation, the law is couched in general terms that inevitably requires interpretation for it to be responsive. Other more recent judicial precedents include a case where chronic lying was included under the concept of psychological incapacity as a ground for nullity of marriage. Another example was how the Supreme Court ruled that a seaman’s death even outside of his employment contract entitles his heirs to death benefits for as long as the cause of his death existed during his shipboard contract, despite the provision in the POEA-SEC (contract) of seafarers mandating that the death must occur during the seaman’s employment.

This latest judicial pronouncement has practically abandoned the nomenclature on legitimate and illegitimate children as the decision referred to them as non-marital and marital children. While this is an outright judicial act of “amending” the law, I personally agree that these changes in terminologies (from illegitimate to non-marital) serves the common good as it removes the stigma of being called an illegitimate child, as explained in the said jurisprudence. In a statement, the Supreme Court said: “Departing from regressive conjectures about family life in favor of the best interests of the child, the Court abandoned the presumption that nonmarital children are products of illicit relationships or that they are automatically placed in a hostile environment perpetrated by the marital family.” In the antiquated Philippine Immigration Act of 1940, I remember a legislative effort to replace the term “aliens” with “foreign nationals” for the simple reason that the former sounds degrading as if the person is from another planet! While such a change can only be amended by Congress or by the courts by way of a stare decisis, the Bureau back then exerted earnest efforts to use the more “politically correct” term of foreign nationals in its implementing rules and issuances. Relatedly, during the time of Jesus on earth, we recall how He healed even on a Sabbath day, against the rules of the Pharisees, which resulted in a confrontation with religious leaders (Mark 3:1-6). But Jesus did not violate the law as He came to fulfill the law. Jesus showed that a loving God exists to heal the sick whenever healing is needed, with little or no regard as to schedules or prescribed calendar days. Laws were made to fulfill a certain purpose. These Pharisees obviously believed that rigid adherence to the letter of the law is more important than achieving a fair and just resolution of the matter. It is so refreshing for believers to live with God’s grace and not be confined to what the Mosaic

Ukraine crisis: The Minsk Agreement By Lito U. Gagni

Second of a series

he Minsk Agreement, so-called for having been crafted in the capital of Belarus, was supposed to have addressed the simmering war in the Donbas region of Ukraine, which is populated by Russian-speaking residents. The low-intensity conflict pits separatist leaders in Donetsk and Luhansk against Ukraine. There were two attempts to broker peace in the Donbas region with the first signed on September 5, 2014 and dubbed the Minsk Protocol that was participated in by the Trilateral Co ntact Group on Ukraine, composed of Russia, Organization for Security and Cooperation in Europe and with the high profile participation of Germany and France. This first attempt at peace, however, failed to stop fighting, and a second pact was made, called the Minsk II signed on February 12, 2015. This called for withdrawal of foreign armed groups, arms, charter reform and decentralization of Donetsk and Luhansk and also elections, according to Prof. Bobby M. Tuazon who is a director for Policy Studies of the think tank Center for People Empowerment and Governance. “Sadly, the agreement has not

been enforced by Ukraine,” according to Tuazon. In fact, Ukraine even revised its Constitution by providing for its Nato membership. “That was the final straw for Russia with the red line crossed,” Tuazon asserted, “with the red line crossed and a gun pointed to its head triggering the deployment of troops and tanks near its border with Ukraine.” What followed was an incensed Vladimir Putin declaring that the Minsk Agreement no longer existed and crying foul over the incursions at its very doorstep. “You promised us in the 1990s that [Nato] would not move an inch to the East. You cheated us shamelessly,” Putin said and thus Russian forces crossed into Ukraine on February 24 after the recognition of both Donetsk and Luhansk. For Russian Ambassador to the Philippines Marat Pavlov, “Russia’s

concerns were not taken into account. Attempts to negotiate security guarantees with the US last December came to nothing. They rejected Russian proposals so we have no choice but to recognize the Donetsk and Luhansk people’s republics and commence our special operations.” According to the Russian envoy, for the past eight years, his country has been negotiating for a political solution in the Donbas region so that they remain inside Ukraine. But he said that the Ukraine regime “has put the territories under siege and switched off the banking systems, food supply and payment of pensions.” Pavlov also said in the forum organized by Integrated Development Studies Institute to present a balanced view of the Ukraine crisis, that “Kiev authorities have bluntly said they will not fulfill the Minsk Agreement whereas Russia was accused of failing to fulfill this agreement.” He also echoed that the so-called “civilized West” turns a blind eye to these events for all these years. Prof Tuazon provided a historical perspective to the Ukraine conflict. He said that after the end of the Cold War, Nato was surprisingly not disbanded and even went on an

A hundred firms pull $45 billion of deals since war in Ukraine By Jacqueline Poh Bloomberg Opinion

T least a hundred companies worldwide have delayed or pulled financing deals worth more than $45 billion since Russia’s invasion of Ukraine. These include initial public offerings, bonds or loans and acquisitions. US equity market deals were the worst hit by global volatility in the first quarter as a

crop of firms postponed listings, while Japanese and European debt markets also suffered from delays. The disruption comes as the conflict roiled funding markets, hurt investor appetite for risk and increased uncertainty over growth, interest-rate hikes and supply chains. The pulled deals mean the feast in fees that bankers experienced last year may be about to turn to famine. “Volatile markets have meant that it has been harder to execute deals,” said

Marco Baldini, head of EMEA bond syndicate at Barclays Plc. Sales of high-grade bonds plummeted as the war in Ukraine unfolded, but in a promising sign “volumes have picked up significantly as we head into Easter,” he said.

Timing problem

About 50 companies have shelved their IPO plans since late February, of which almost 30 were US listings, including the likes of Bioxytran Inc., Crown Equity

Holdings Inc. and Sagimet Biosciences Inc. It’s difficult to estimate the total value of the delayed IPOs, as most of the transaction sizes haven’t been revealed. The most prominent delays with disclosed amounts came from Asia and Europe. Olam International Ltd. postponed a primary listing of its food unit on the London Stock Exchange that would have valued the business at 13 billion pounds ($17.1 billion), while Chinese conglomerate Dalian Wanda Group Co. put on

hold a planned Hong Kong IPO of its shopping mall unit that was targeting to raise about $3 billion. “Many plans for fresh offerings are likely to be shelved until a measure of more calm returns,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown Plc. “Timing is everything for an IPO.”

M&A hit

Mergers and acquisitions have not been

law says. Remember the adulteress who was sent to Jesus by the scribes and Pharisees, claiming that she ought to be stoned for her crime as prescribed in the Mosaic law (John 7:53-8:11)? Jesus never said that the Pharisees were wrong, but neither did he say they were right. He chose to exemplify His teaching of grace and forgiveness by simply telling the people who gathered around the woman that the one who has no sin should cast the first stone. When the purposes of the law are not met by strictly abiding by the words of the law, then judges are in a dilemma as to when they should consider an existing rule to be so established that its alteration calls for a legislative enactment instead of a judicial decision. Justice Leonen appears to be an action-oriented magistrate as he has penned several landmark cases that can be seen as judicial lawmaking. In our own private capacities as parents or children, employers or workers, teachers or students, we either enforce or obey whatever rules we have in place for a fair and just outcome of any conflict. The rigid application of rules is necessary and so are their exceptions, especially when equity or fairness will be an issue. We are still given leeway and the power of choice whether to apply the rules strictly or liberally. What I was told by my mentor is that we will hardly be wrong when we stand by “decided matters.” But we will never go wrong whenever we let the Spirit within guide us which path to take. Obedience is always a matter of the heart. A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.

eastward expansion, a key worry for Putin as the expansion has gone to the very doorstep of Russia. Tuazon pointed out that from 1990 to the present, the US and Nato launched their eastward expansion and built up with thousands of troops deployed by many of the 30 Nato member-countries in Estonia, Latvia, Lithuania, Romania and Bulgaria. This expansion, which included the deployment of tanks and air forces, was flagged in 1995 by William Burns, then a political officer in the US Embassy in Moscow, Tuazon said. Burns, who is now the CIA director of US President Joe Biden, had expressed alarm then that the regional defense bloc’s expansion towards Russia is a “policy error” and “will trigger possible retaliation from Russia.” Henry Kissinger had similarly echoed the same sentiments, Tuazon said, during the IDSI forum, while Vladimir Putin voiced his alarm with the threat as early as 10 years ago. Putin said that it would provoke the Russians. And true enough, the Russian forces crossed the border. For Pavlov, that special operation was intended “not only for the security of Russia but also for the security of Europe.”

left unscathed, with around 10 deals valued at more than $5 billion stalled since the war. That’s left global M&A down 15 percent in the first three months of the year to $1.02 trillion, the lowest tally since the third quarter of 2020, according to data compiled by Bloomberg. Microsoft Corp.’s $69 billion takeover of video game publisher Activision Blizzard Inc. was one of the few megadeals as companies mostly shied away from large transactions.

A10 Monday, April 4, 2022

US flags PHL move to halt chicken SPS-IC permits

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE United States Department of Agriculture Foreign Agricultural Service in Manila (USDA-FAS Manila) urged American poultry exporters to coordinate with Philippine importers as the Bureau of Animal Industry (BAI), sans formal announcement, has suspended issuance of import permits for territories with bird flu outbreaks. The USDA-FAS Manila published a report recently advising American poultry exporters to be wary of the fact that Philippine authorities will not issue sanitary and phytosanitary import clearances (SPS-ICs) for poultry products coming from US areas affected by bird flu. The USDA-FAS Manila noted that the USDA’s Food Safety and Inspections Service (FSIS) will not

include the above information in its export library since BAI, an attached bureau of the Department of Agriculture, “has elected to not issue formal trade suspensions.” “FAS Manila strongly suggests that US poultry exporters check the APHIS [Animal and Plant Health Inspection Service] web site for updates on new HPAI detections in commercial poultry and subsequently work closely with their

Philippine importers to obtain a valid SPS-IC from DA-BAI that would enable shipment of US poultry meat and poultry meat products to the Philippines,” the international agency said in its Global Agricultural Information Network (Gain) report. The USDA-FAS Manila said as of March 31, BAI has not been issuing SPS-ICs for live birds, poultry meat and poultry meat products from three states and 9 counties in the US. The three states are South Dakota, Missouri and Iowa while the counties are in Indiana, Kentucky, Delaware, Maryland, Minnesota, Wisconsin, Nebraska, New York and North Carolina. T he USDA-FA S Manila explained that the USDA and the DA-BAI had entered into a written agreement in 2016 that the Philippines would slap county-based temporary import bans if the US confirmed highly pathogenic avian influenza (HPAI) outbreaks. However, the agreement allows the Philippines to impose state-level import restrictions if there are three or more counties in a single state that are “simultaneously affected by HPAI in commercial poultry,” USDA-FAS Manila added.

“This agreement limits the temporary export bans to the county level but allows for an escalation in scope to state-wide restrictions should three or more counties have confirmed detections in commercial poultry flocks,” it said. In February, the BusinessMirror broke the story that local meat importers have been urging the government to resume the issuance of SPS-IC for poultry products from North America. “We are concerned with the long delay in the issuance of SPS for US [United States] and Canadian poultry. Some of our members have been waiting for three weeks when it should not take more than 2-3 days to secure a permit,” Meat Importers and Traders Association said. (Related story: https://businessmirror.com.ph/2022/02/28/ govt-urged-to-issue-sps-ics-forpoultry-imports/) The US is one of the country’s major sources of chicken products, as it accounts for about a third of the Philippines’s annual poultry imports. From January to November 2021, the US was the second-largest supplier of chicken products to the Philippines, with shipments reaching 134,900.892 metric tons (MT).

SAMPLING MIX OF VOTERS BY AGE CITED BY EX-NSCB HEAD By Cai U. Ordinario @caiordinario

RE-ELECTION survey results for the May 2022 polls released by Pulse Asia (PA) may have undersampled young voters and oversampled older voters in their survey, according to a retired government statistician. In a public social media post, former National Statistical Coordination Board Secretary-General Romulo A. Virola said based on his estimates, the PA survey may have undersampled the 18-24 age group by 46 percent and the 2534 age group by 12 percent. In the same vein, Virola said, the PA survey results may have also oversampled the 55-64 age group by 46 percent and 65 years old and over by 38 percent. “Our short analysis about the distribution by age of the PA sample respondents is something else. And it could very well spring a surprise when the actual results of the May 2022 elections come out if in fact, there is a youth/young vote, and/or many of the older voters would/ could not vote due to Covid-19 or for other reasons,” Virola said. “The Pulse Asia 18-23 February survey could be way off.”

Pulse Asia: No such thing

PULSE Asia President Ronald

D. Holmes denied to BusinessMirror that the company over or undersampled in its election surveys. He said, nonetheless, that they will be validating their results his week. Virola explained that ideally, sampling to be used in surveys should mirror the distribution in populations. This means, if for example, the share in the population of 18 to 24 year olds is 19.65 percent, the same share should be used in a survey sample. In the PA survey results, the share is 10.58 percent of this age group. Nonetheless, Virola said, it was possible that cost constraints may have played a role in increasing or decreasing the share of certain demographics in a survey. Virola said it is the call of Pulse Asia to determine if cost savings and other considerations are worth taking given the possible impact on the validity and accuracy of their results. “Of course there are cost considerations—a constraint on sample size—that’s why you can’t use all the stratification variables you want to include [in the survey]. But when reporting the results, a post stratification is done,” Virola told BusinessMirror in a mix of Filipino and English. Continued on A4

UNITEAM IN TARLAC Presidential frontrunner Ferdinand “Bongbong” Marcos Jr. is welcomed by thousands of his supporters during the Motorcade Caravan in Tarlac City on Saturday, where he was joined by Tarlac City Mayor Cristy Angeles. The mayor told her constituents it is time to move on from the polarity of “red” (Marcos) and “yellow” colors, the latter referring to the political color by which the influential political clan of the Aquinos—which produced two presidents—has been known for. ROY DOMINGO

UniTeam bats for better protection, more benefits for OFWs, families

ITH their remittances accounting for nearly a tenth of the country’s GDP and steadily shoring up the economy even in the pandemic, overseas Filipino workers (OFWs) deserve more protection and benefits for their families, according to the BBM-Sara UniTeam. At a miting de avance, an online dialogue with OFWs from 30 countries and territories, Partido Federal ng Pilipinas standard-bearer Ferdinand “Bongbong” Marcos Jr. bared plans to give a provide the so-called “modern-day heroes” better returns for their contribution to the economy. “We must acknowledge the sacrifice of our OFWs. Their remittances shored up our economy during the pandemic. Their remittances contribute 9 percent of our GDP [gross domestic product]. It is but right that we also help the families they leave behind,” he said. Marcos said OFW families should be provided with housing,

scholarships and health insurance. He also gave OFWs the assurance that, should the UniTeam win, those who lost their overseas jobs but still want to work abroad, would be re-trained to better prepare them for new demands of the labor market. Those who would opt to stay in the country will be provided livelihood.

Safety in workplace

FOR her part, UniTeam vice presidential bet Inday Sara Duterte said, “We must make sure that our OFWs are safe in their workplaces.” However, the UniTeam reiterated that their ultimate goal is to provide better jobs here so that Filipinos will no longer have to work abroad and leave their families to ensure a better future for them. “I hope the day comes when our countrymen no longer have to leave. I hope those abroad can come home and be reunited with their loved ones,” Marcos said. UniTeam senatorial candidates Herbert Bautista, Harry Roque,

Gibo Teodoro, Jinggoy Estrada, Larry Gadon, Rodante Marcoleta, Win Gatchalian, Mark Villar, Gringo Honasan, Robin Padilla, and Migz Zubiri also delivered messages, while Loren Legarda delivered a recorded video message. The OFWs who participated in the online gathering were from Thailand, Vietnam, Hong Kong, Macau, Singapore, Brunei, Japan, New Zealand, Australia, Cambodia, Taiwan, Turkey, Cyprus, Switzerland, United Kingdom, Italy, France, Armenia, Spain, United Arab Emirates, Egypt, Qatar, Jeddah, Kuwait, Oman, Bahrain, Israel, Kingdom of Saudi Arabia, Canada, Chile, and others. Latest data from the Philippine Statistics Authority showed that around 1.77 million Filipinos were working overseas in 2020. Bangko Sentral ng Pilipinas, meanwhile, said cash remittances coursed through banks by OFWs rose by 5.1 percent to $31.418 billion in 2021 from $29.903 billion in 2020.

Companies

Editor: Jennifer A. Ng

Monday, April 4, 2022

Vreit banks on shopping malls

By VG Cabuag

@villygc

istareit Inc. (Vreit), the real estate investment trust (REIT) of property developer Vista Land and Lifescapes Inc., said its revenue-generating portfolio will primarily consist of Villar-led community shopping malls. The company said it sees as “a robust foundation” its synergy with Villar’s retail ecosystem as it accounts for 68 percent of Vista Land’s total portfolio’s gross leasable area (GLA) and contributed 77 percent of rental income for last year. With an appraised P35.95-billion portfolio valuation, Vreit is banking

on a strong portfolio of 10 community malls and two Philippine Economic Zone Authority-accredited office buildings, making it the first REIT in the country that offers community malls. Vreit has some 256,404 square meters of aggregate GLA, with a 97-percent total occupancy rate

and 5.09 years of weighted average lease expiry. The initial Vreit’s assets cover SOMO, A Vista Mall in Bacoor; Starmall San Jose del Monte; Vista Mall General Trias; Vista Mall Tanza; Vista Mall Imus; Vista Mall Las Piñas; Vista Mall Las Piñas Annex; Vista Mall Pampanga; Vista Mall Antipolo; Vista Mall Talisay Cebu; Vistahub BGC; and Vistahub Molino. Except Vistahub BGC, its property in Bonifacio Global City in Taguig, all other facilities are located within or near Vista Land developments, which makes Vreit a more viable investment opportunity as it enjoys a captive market through the matured residential communities, the company said. “The Villar-owned community malls posted an increase in rental income in 2020 compared to other mall players despite the challenges brought about by the Covid-19 pan-

demic.” The company attributed the community malls’ positive performance to its strategic location and the tenant mix of the malls that were focused on providing mostly essential items during the pandemic. The Vista Malls’ anchor tenants include Villar’s brands—AllHome and AllDay supermarkets, recreation areas, amusement centers, pharmacy, food and cinema. Vreit has filed for a P9.18-billion initial public offering, which will offer up to P3.33 billion secondary common shares at a maximum price of up to P2.50 per offer share. It has an over-allotment option of up to 333.75-million secondary common shares. The offer shares will be sold by Vista Land’s subsidiaries Masterpiece Asia Properties Inc., Manuela Corp., Communities Pampanga Inc., Crown Asia Properties Inc. and Vista Residences Inc.

SMIC acquires Philippine Geothermal S M Investments Corp. (SMIC), the holding firm of the Sy family, will acquire all the remaining shares that it does not own in Philippine Geothermal Production Co. Inc. (PGPC), which operates the Tiwi and Mak-Ban steam fields.

The company said its board of directors has approved the acquisition of the 81-percent stake from related parties in Allfirst Equity Holdings Inc. in exchange for shares in SMIC, subject to valuation confirmation by an independent appraiser.

Philippine Geothermal has an enterprise valuation of P26.6 billion. As a result, the Sy Group w i l l issue 17.4 mi l lion SMIC shares based on a 60-day volu me -we i g hte d ave r a ge pr ice of P903.88 percent share. The

transaction will be accretive to SMIC based on 2021 earnings, the company said. SMIC shares were last traded at P898 apiece on Friday. Allfirst is the holding company for Philippine Geothermal. VG Cabuag

LIVELIHOOD SKILLS TRAINING FOR WOMEN In celebration of Women’s Month, Eternal Gardens Cagayan de Oro, in partnership with the Community Improvement Division (CID) headed by Marissa Tagarda, organized a livelihood skills training program on hair cutting and hair re-bonding on March 25, 2022 at the Cagayan de Oro City Hall. Fifteen (15) women who lost their jobs and other sources of income because of the pandemic participated in the training program, which was entitled We Make Change Work for Women. “We strongly believe that to teach women new skills is to empower them, which is why we came up with this project. By helping them acquire new skills, we also hope to help them regain confidence and the courage to turn these skills into an opportunity to earn so that they can support their families,” said Lany Nery, marketing officer of Eternal Gardens CDO and one of the coordinators for the event. Aside from the hair cutting and re-bonding training, each participant was also given a starter kit, which contained a complete set of hair cutting and hair re-bonding tools, so that they can immediately use their new learnings to generate income by offering their services.

Monday, April 4, 2022

Companies BusinessMirror

Mreit to acquire more office properties from Megaworld By VG Cabuag @villygc

reit Inc., the real estate investment trust (REIT) of Andrew Tanled property developer Megaworld Corp, will again acquire four prime office properties of its sponsor worth P5.3 billion in Philippine Economic Zone Authorityaccredited zones in Iloilo and Taguig. The said acquisition is about a quarter of Mreit’s plan to acquire some P20 billion worth of assets from Megaworld. The property infusions include Festive Walk 1B and Two Global Center in Iloilo Business Park, and One West Campus and Five West Campus in McKinley West Taguig. The new acquisitions will have a total gross leasable area (GLA) of 44,567 square meters, which will increase the company’s asset portfolio by 16 percent to 325,000 square meters GLA from the current portfolio of 280,000 square meters and its holdings value to P65 billion. “This will be the first time that we infuse office assets from McKinley West, one of our fastest growing townships in Metro Manila where some of the big names in the BPO industry are operating today. This township location also commands one of the highest rental rates in the Greater Manila Area because of the high demand for office spaces in this area,” Kevin Andrew L. Tan, Mreit’s president and CEO, said.

Mreit will now have full ownership of the two Iloilo Business Park properties, and an 80-percent economic interest in the two McKinley West office towers. The four prime office properties have an average occupancy rate of 96 percent, higher than the industry level of between 81 percent and 84 percent. The transaction is priced at cap rates of 6 percent and 5.4 percent for the Iloilo Business Park and McKinley West properties, respectively, both above the prevailing forward yield of the company. On a blended basis, the resulting cap rate is 5.7 percent. The properties will be exchanged for 263.7 million Mreit primary common shares at a share price of P20 per share representing a 1.4-percent premium over the volume weighted average closing price for a period of 40 trading days until March 30, based on appraisal reports and third party fairness opinion. Mreit shares closed Friday at P18.40, while Megaworld shares closed at P2.98. “Our objective is to accelerate our growth plans and double Mreit’s portfolio by the end of this year while ensuring that our acquisitions will be accretive to our shareholders. We aim to deliver an attractive total return to Mreit investors,” Tan said. In December last year, Mreit also acquired four office properties in Iloilo Business Park and McKinley Hill.

STOCK-MARKET OUTLOOK Last week

Share prices managed to post gains last week despite the directionless pattern of trading due to concerns about Russia’s invasion of Ukraine and rising oil prices. The benchmark Philippine Stock Exchange index gained 28.04 points to close the quarter at 7,152.88 points. Markets were torn throughout the week after the United States Treasury yield curve of the two-year and 10-year debt became inverted for the first time since 2019, suggesting an impending recession. Interest rates of a longer duration of debt should be higher than the short-tenor bonds to account for extra risk of time. But this time yield of two-year bonds was higher than the 10-year paper. “Note that not all inversions preceded a recession, only that confidence in economic expansion is significantly lower,” broker 2TradeAsia said. “We think that this confirms the slowing down that was compounded by the pandemic recovery boost present last year that is now wearing off, the Russia-Ukraine concerns and the elevated interest rate expectations until 2023.” Value of trade was still lower at an average of P5.52 billion, and foreign investors, which accounted for 46 percent of the trades, were net sellers at P539.6 million. Other sub-indices ended mostly in the green, led by the broader All Shares index that closed higher by 14 points to close at 3,788.59 points, the Financials index rose 8.49 to 1,683.76, the Industrial index surged 175.91 to 9,743.46, the Holding Firms index added 44.63 to 6,828.62, the Property index fell 27.31 to 3,309.45, the Services index climbed 7.29 to 1,939 and the Mining and Oil index declined 501.63 to 12,379.86. For the week, gainers marginally edged losers 108 to 105 and 33 shares were unchanged. Top gainers were Citystate Savings Bank Inc., DFNN Inc., Asiabest Group International Inc., Vantage Equities Inc., City and Land Developers Inc. and Discovery World Corp. Top losers were Republic Glass Holdings Corp., Vivant Corp., Marcventures Holdings Inc., Manila Mining Corp. B, Primex Corp., Ferronoux Holdings Inc. and Now Corp.

This week

Share prices may go down this week following two successive weeks of gains, as investors may decide to pocket their gains. The government will release its inflation figures for March this week and many analysts expect higher rates due to the soaring crude prices. “The conservative approach would be to assume that higher crude prices will be protracted for at least the first half of 2022,” 2TradeAsia said. Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said a higher inflation rate may cause a negative reaction in the bourse. “Still, the market could end the week on a positive note if the cooldown in global oil prices would be sustained which in turn would ease inflation expectations,” he said. “Confidence towards our local economic recovery supported by the sustained control over our Covid-19 situation, and the recently released February bank lending and March S&P Global Philippines Manufacturing PMI may also help the market.” The local market’s initial support is seen at its 10-day exponential moving average at 7,123.73 as of April 1, followed by the 7,000-7,100 range. Its initial resistance is seen at its 50-day exponential moving average at 7,182.58 as of April 1, followed by the 7,300 level, Tantiangco said.

Stock picks

Broker Reginal Capital Development Corp. advised to buy on the breakout of the stock of Wilcon Depot Inc. (WLCON) as its stock price since the second week of March has been moving sideways in general. “Judging by the looks of the indicators, the bulls might just be able to push the stock beyond its P27.55 resistance if they just continue to brawl their way up. Note all indicators have turned bullish following (last week’s) market action on WLCON. Investors may want to see WLCON’s resistance getting pierced first before jumping in,” it said. Wilcon share price closed Friday at P27.10. Meanwhile, the broker advised to trade the range on the stock of SM Prime Holdings Inc. (SMPH) as the bears won over the past trading days causing the stock to close lower last week. “However, indicators are not giving strong clues as to where SMPH is truly headed yet. What’s clear is that SMPH’s likely to linger around P37.30 to P38.20,” it said. SM Prime shares closed last week at P37.90 apiece. VG Cabuag

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

April 1, 2022

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK RCBC SECURITY BANK UNION BANK COL FINANCIAL FILIPINO FUND PHIL STOCK EXCH

43,800 260,277,264 54,706,418 91,166,133 1,480,075 1,404,667 111,889,278.50 92,820 1,333,380 61,980 37,814,454 22,111,605 69,210 1,310 423,044

6,425,990 38,175,324 -7,605,710.50 558,700 -680,076 20,118,123 -160,630.00 -30,268,428 -842,869 80,000

INDUSTRIAL AC ENERGY 8.65 8.7 8.74 8.86 8.6 8.7 13,592,800 118,504,090 ALSONS CONS 1.01 1.03 1.03 1.03 1.03 1.03 1,000 1,030 35.95 36 35.9 35.95 35.35 35.95 1,203,000 43,056,260 ABOITIZ POWER BASIC ENERGY 0.415 0.425 0.42 0.43 0.415 0.415 2,040,000 858,900 FIRST GEN 25.95 26.4 26.2 26.4 25.9 25.95 166,000 4,313,210 70.35 70.4 70 70.4 70 70.35 14,180 995,822.50 FIRST PHIL HLDG MERALCO 373 373.8 370 373.8 370 373.8 174,310 65,087,752 MANILA WATER 20.45 20.8 20.15 20.85 20.15 20.8 332,600 6,875,930 3.29 3.32 3.3 3.32 3.29 3.29 381,000 1,256,760 PETRON PETROENERGY 4.65 4.85 4.79 4.8 4.79 4.8 33,000 158,380 PHX PETROLEUM 10.2 10.4 10.44 10.46 10.44 10.46 12,100 126,362 11.9 11.96 12.04 12.1 11.9 11.9 1,317,600 15,755,194 SYNERGY GRID PILIPINAS SHELL 18.08 18.26 18.8 18.8 18.08 18.26 91,200 1,658,642 SPC POWER 14.62 14.7 14.8 14.8 14.6 14.62 118,200 1,729,714 1.84 1.85 1.91 1.93 1.85 1.85 44,836,000 83,893,820 SOLAR PH AGRINURTURE 5.19 5.28 5.34 5.39 5.19 5.28 1,252,400 6,708,265 AXELUM 2.44 2.6 2.47 2.6 2.43 2.6 104,000 258,360 23.25 23.5 23.05 24.5 23 23.25 2,258,600 53,587,310 CENTURY FOOD DEL MONTE 14.6 14.62 14.6 14.6 14.6 14.6 200 2,920 DNL INDUS 7.71 7.72 7.98 7.98 7.71 7.72 9,884,700 77,822,415 14.02 14.04 14.02 14.14 13.88 14.04 3,136,900 43,752,576 EMPERADOR SMC FOODANDBEV 61.55 61.6 61.75 61.95 61.5 61.6 52,340 3,227,757.50 FIGARO COFFEE 0.6 0.61 0.62 0.62 0.6 0.6 7,218,000 4,396,440 1.11 1.12 1.12 1.13 1.1 1.12 10,595,000 11,866,440 FRUITAS HLDG GINEBRA 107.6 110.7 107.5 110.8 107.5 110.7 850 92,405 JOLLIBEE 221.8 222 225 225 221 222 465,950 103,496,062 1.18 1.19 1.19 1.19 1.17 1.19 593,000 703,840 KEEPERS HLDG MAXS GROUP 6.18 6.19 6.2 6.2 6.18 6.19 8,400 51,999 MONDE NISSIN 13.56 13.6 13.7 13.72 13.52 13.6 7,146,200 97,261,412 7.85 7.9 7.9 7.9 7.9 7.9 29,300 231,470 SHAKEYS PIZZA ROXAS AND CO 0.57 0.59 0.59 0.59 0.57 0.59 1,632,000 945,700 RFM CORP 4.31 4.39 4.4 4.4 4.39 4.39 3,000 13,180 1.25 1.31 1.34 1.34 1.31 1.31 51,000 67,410 ROXAS HLDG SWIFT FOODS 0.101 0.107 0.101 0.101 0.101 0.101 100,000 10,100 UNIV ROBINA 119.1 119.3 120.5 120.5 117.5 119.3 1,954,000 233,000,267 0.61 0.63 0.61 0.63 0.61 0.62 8,237,000 5,105,980 VITARICH CONCRETE A 47.5 48 48 48 48 48 100 4,800 CEMEX HLDG 0.85 0.86 0.86 0.87 0.85 0.85 2,941,000 2,528,990 13.1 13.2 13.3 13.3 13 13.2 9,600 125,890 EAGLE CEMENT EEI CORP 5.55 5.6 5.65 5.65 5.55 5.55 14,000 77,790 HOLCIM 5.6 5.65 5.6 5.7 5.6 5.65 29,200 164,930 5.19 5.2 5.28 5.28 5.15 5.19 90,000 468,963 MEGAWIDE PHINMA 18.82 19.46 19.46 19.46 18.9 19.46 16,200 307,452 TKC METALS 0.75 0.79 0.79 0.79 0.75 0.75 248,000 187,540 0.99 1 1.01 1.02 0.99 1 940,000 942,450 VULCAN INDL CROWN ASIA 1.8 1.82 1.82 1.82 1.8 1.8 6,000 10,900 5.69 5.82 5.82 5.82 5.69 5.69 9,100 51,900 PRYCE CORP GREENERGY 1.78 1.79 1.81 1.81 1.76 1.79 5,310,000 9,451,370 INTEGRATED MICR 8.04 8.05 8.1 8.1 8.05 8.05 53,400 431,000 0.69 0.7 0.7 0.7 0.7 0.7 5,000 3,500 IONICS PANASONIC 6.2 6.25 6.24 6.25 6.24 6.25 8,100 50,590 SFA SEMICON 1.05 1.07 1.05 1.06 1.04 1.06 172,000 179,210 3.15 3.18 3.19 3.19 3.15 3.18 73,000 230,780 CIRTEK HLDG

37,449,467 -4,550,225 -2,376,015 10,500 17,885,218 1,541,565.00 -92,400 -9,098,934 -457,884 2,950 -1,375,950 -2,903,092 4,900 2,816,745 -56,770,163 -11,344,778 -1,386,513 136,640 67,770 -51,798 12,848,486 -1,240 -18,034,504 -201,450 155,110.00 -4,400 -60,710 24,650,073 3,100,000 -378,880 5,550 -13,525.00 5,240 -10,100 -1,497,810 -

HOLDING & FRIMS

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL JG SUMMIT LOPEZ HLDG LT GROUP METRO PAC INV PRIME MEDIA REPUBLIC GLASS SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER WELLEX INDUS ZEUS HLDG

43.7 131.5 12.2 98.65 26.9 8.36 55.9 8.8 19.1 20.4 108.8 95.6 3.8 6.55 200.4

1.07 3.6 815 58.75 12.26 9.1 0.6 0.6 4.84 8.98 6.97 537 59.5 2.96 8.87 3.72 1.37 2.9 891.5 108.2 115 0.28 0.16

44.8 132.5 12.22 98.9 27 8.37 56 9.09 19.3 20.5 108.9 95.7 3.83 7.65 204.8

1.08 4.09 818 59.55 12.4 9.21 0.62 0.62 4.93 8.99 7.17 544 60 2.98 8.95 3.73 1.45 3.27 898 109.9 118.5 0.295 0.165

43.8 130.7 12.22 99 27 8.38 56.5 9.1 19.2 20.8 110.7 97 3.83 6.55 211.2

1.08 3.52 820 59.5 12.5 9 0.62 0.62 4.95 9.11 7.19 547.5 61.2 2.98 8.91 3.75 1.41 2.9 891 110 115.1 0.3 0.16

43.8 132.5 12.24 99.45 27 8.38 56.85 9.1 19.3 20.8 110.7 97.1 3.86 6.55 211.2

1.09 4 820.5 59.55 12.5 9.22 0.62 0.62 4.99 9.23 7.19 547.5 61.2 2.98 9.06 3.79 1.49 2.9 901.5 110 118.4 0.3 0.16

43.8 129.9 12.14 98.55 26.9 8.36 55.75 9.1 19 20.5 108.5 93.6 3.83 6.55 200

1.06 3.52 810 58.55 12.26 9 0.59 0.6 4.84 8.86 6.97 534.5 59.5 2.98 8.86 3.73 1.37 2.9 886 108.2 115 0.28 0.16

43.8 132.5 12.22 98.9 27 8.37 56 9.1 19.3 20.5 108.9 95.6 3.83 6.55 204.8

1.08 4 818 59.55 12.4 9.21 0.6 0.62 4.84 8.98 6.97 537 60 2.98 8.88 3.73 1.45 2.9 898 109.9 118.4 0.28 0.16

1,000 1,978,020 4,486,100 921,680 54,900 167,800 1,997,790 10,200 69,400 3,000 347,020 232,490 18,000 200 2,110

5,398,000 7,000 142,750 489,280 1,142,000 113,500 9,559,000 1,226,000 1,697,000 10,976,600 15,300 121,990 999,180 29,000 1,658,200 5,993,000 280,000 10,000 212,900 36,350 2,080 1,620,000 70,000

5,772,650 26,300 116,591,150 29,024,510.50 14,113,604 1,023,528 5,818,450 758,880 8,337,740 98,594,551 106,707 65,497,780 59,943,497 86,420 14,770,721 22,421,810 392,230 29,000 190,160,500 3,976,150 240,280 485,600 11,200

PROPERTY ARTHALAND CORP 0.58 0.6 0.59 0.6 0.59 0.6 546,000 325,020 ANCHOR LAND 5.01 5.3 5.3 5.3 5.3 5.3 2,800 14,840 34.95 35 35.1 35.2 34.75 34.95 10,123,500 353,588,090 AYALA LAND AYALA LAND LOG 4.99 5.01 5.09 5.09 4.95 4.99 988,700 4,947,129 ARANETA PROP 1.06 1.08 1.08 1.09 1.08 1.08 6,000 6,490 45.95 46.8 46.1 46.8 45.95 45.95 183,600 8,509,725 AREIT RT A BROWN 0.9 0.92 0.92 0.92 0.92 0.92 1,110,000 1,021,200 CITYLAND DEVT 0.7 0.73 0.72 0.73 0.72 0.73 30,000 21,780 0.089 0.09 0.093 0.094 0.089 0.09 1,740,000 156,280 CROWN EQUITIES CEB LANDMASTERS 2.96 2.97 2.96 2.97 2.96 2.97 245,000 727,280 CENTURY PROP 0.42 0.425 0.41 0.425 0.41 0.425 580,000 242,550 2.58 2.59 2.6 2.61 2.57 2.59 4,832,000 12,508,440 CITICORE RT DOUBLEDRAGON 8.92 8.94 9 9 8.9 8.94 42,600 380,363 DDMP RT 1.58 1.59 1.58 1.6 1.58 1.58 2,131,000 3,374,970 6.88 6.9 6.82 6.9 6.82 6.9 25,000 171,696 DM WENCESLAO EMPIRE EAST 0.231 0.235 0.232 0.235 0.23 0.235 850,000 196,570 EVER GOTESCO 0.255 0.26 0.255 0.26 0.255 0.26 2,840,000 727,800 7.12 7.19 7.11 7.26 7.11 7.19 897,800 6,456,073 FILINVEST RT FILINVEST LAND 1.06 1.07 1.09 1.09 1.06 1.06 3,835,000 4,078,440 GLOBAL ESTATE 0.88 0.89 0.9 0.9 0.88 0.88 231,000 205,920 13.5 13.86 13.84 13.88 13.84 13.86 16,500 228,708 8990 HLDG PHIL INFRADEV 0.91 0.93 0.92 0.93 0.91 0.93 129,000 118,100 CITY AND LAND 0.91 0.92 0.85 0.91 0.85 0.91 490,000 433,310 2.98 3 3.01 3.06 2.97 2.98 21,523,000 64,345,800 MEGAWORLD MRC ALLIED 0.247 0.248 0.25 0.25 0.247 0.247 660,000 163,590 MREIT RT 18.4 18.46 18.7 18.78 18.4 18.4 837,400 15,483,792 0.405 0.41 0.4 0.4 0.4 0.4 190,000 76,000 PHIL ESTATES PRIMEX CORP 2.45 2.46 2.6 2.6 2.4 2.46 2,050,000 5,075,650 RL COMM RT 7.38 7.39 7.35 7.44 7.35 7.38 2,887,600 21,366,805 20.15 20.3 20.3 20.45 20.1 20.3 5,114,900 103,620,555 ROBINSONS LAND SHANG PROP 2.56 2.6 2.6 2.6 2.6 2.6 20,000 52,000 STA LUCIA LAND 2.75 2.9 2.9 2.9 2.8 2.9 22,000 62,800 37.4 37.9 37.65 37.9 37.1 37.9 8,514,800 320,125,955 SM PRIME HLDG SOC RESOURCES 0.57 0.59 0.57 0.57 0.57 0.57 14,000 7,980 VISTAMALLS 3.32 3.37 3.32 3.33 3.2 3.32 25,000 81,590 2.58 2.59 2.64 2.65 2.57 2.59 4,981,000 12,914,140 VISTA LAND SERVICES ABS CBN 12.7 12.82 12.68 12.92 12.68 12.8 48,500 618,990 GMA NETWORK 15.42 15.44 15.4 15.58 15.4 15.44 1,889,000 29,227,022 2,510 2,520 2,550 2,580 2,490 2,520 43,530 109,889,920 GLOBE TELECOM PLDT 1,795 1,811 1,825 1,839 1,792 1,795 121,085 218,822,920 APOLLO GLOBAL 0.046 0.047 0.045 0.048 0.043 0.047 671,000,000 30,866,400 29.9 30 30.4 30.4 29.35 30 10,345,600 308,839,425 CONVERGE DFNN INC 2.8 2.89 3.01 3.19 2.73 2.89 2,705,000 8,098,070 DITO CME HLDG 5.27 5.28 5.35 5.35 5.24 5.28 5,086,300 26,870,197 1.18 1.19 1.2 1.22 1.18 1.19 1,875,000 2,235,150 NOW CORP TRANSPACIFIC BR 0.345 0.35 0.365 0.375 0.345 0.345 34,290,000 12,393,050 2GO GROUP 7.33 7.48 7.31 7.31 7.3 7.31 1,800 13,155 13.5 13.96 13.5 13.5 13.4 13.4 18,000 241,270 ASIAN TERMINALS CHELSEA 1.55 1.59 1.55 1.55 1.55 1.55 112,000 173,600 CEBU AIR 47.15 47.25 48.25 48.25 46.2 47.15 236,100 11,090,965 225 226.6 224.8 226.6 221.2 226.6 1,354,510 305,113,874 INTL CONTAINER MACROASIA 5.63 5.64 5.74 5.74 5.6 5.64 696,000 3,936,296 METROALLIANCE A 0.98 1.01 1 1 1 1 1,000 1,000 6.56 6.6 6.63 6.64 6.55 6.6 34,900 229,821 PAL HLDG HARBOR STAR 0.71 0.73 0.71 0.73 0.69 0.71 319,000 224,620 ACESITE HOTEL 1.66 1.75 1.69 1.78 1.69 1.75 280,000 493,090 1.78 1.87 1.88 1.88 1.76 1.76 20,000 35,880 DISCOVERY WORLD CENTRO ESCOLAR 6.54 6.83 6.83 6.86 6.83 6.83 4,400 30,106 FAR EASTERN U 530 536 530 536 530 536 1,080 575,280 0.355 0.365 0.365 0.365 0.355 0.355 90,000 32,200 STI HLDG BELLE CORP 1.28 1.33 1.29 1.29 1.28 1.28 22,000 28,330 BLOOMBERRY 6.49 6.5 6.83 6.83 6.44 6.5 2,511,000 16,559,781 1.28 1.3 1.29 1.3 1.28 1.3 1,071,000 1,376,640 LEISURE AND RES PH RESORTS GRP 0.97 0.99 0.97 0.99 0.96 0.98 876,000 856,460 PREMIUM LEISURE 0.45 0.455 0.45 0.455 0.45 0.45 1,130,000 508,850 2.21 2.24 2.25 2.25 2.21 2.24 76,000 169,910 PHILWEB ALLDAY 0.475 0.48 0.485 0.485 0.475 0.48 4,600,000 2,197,800 ALLHOME 7.67 7.8 7.6 7.8 7.6 7.67 498,900 3,860,956 1.38 1.4 1.39 1.41 1.36 1.38 137,000 190,830 METRO RETAIL PUREGOLD 35.7 35.75 35.95 35.95 35.15 35.7 625,100 22,170,260 ROBINSONS RTL 54.85 55 56 56 55 55 1,042,070 57,352,196 62.7 63 62.5 63 62 63 5,560 347,256.50 PHIL SEVEN CORP SSI GROUP 1.07 1.09 1.09 1.09 1.07 1.09 446,000 480,820 WILCON DEPOT 26.95 27.1 27.3 27.3 26.8 27.1 488,200 13,188,695 0.226 0.24 0.23 0.24 0.225 0.227 1,170,000 266,580 APC GROUP MEDILINES 0.87 0.89 0.87 0.89 0.87 0.88 1,850,000 1,636,550 PRMIERE HORIZON 0.55 0.56 0.54 0.55 0.54 0.55 4,206,000 2,300,940 3.81 3.93 3.9 3.9 3.9 3.9 3,000 11,700 SBS PHIL CORP MINING & OIL ATOK 5.71 5.95 5.71 5.96 5.71 5.95 32,500 188,164 1.67 1.68 1.65 1.69 1.65 1.67 4,840,000 8,057,670 APEX MINING ATLAS MINING 6.76 6.79 6.94 6.94 6.76 6.77 330,000 2,240,557 BENGUET A 6.62 6.64 7.08 7.09 6.32 6.62 123,800 819,277 6.4 6.69 7.05 7.08 6.71 6.71 42,100 289,779 BENGUET B CENTURY PEAK 2.75 2.79 2.7 2.79 2.7 2.79 208,000 572,810 DIZON MINES 4.54 5.09 5.09 5.09 5.09 5.09 200 1,018 2.9 2.94 2.93 2.94 2.87 2.94 9,703,000 28,288,720 FERRONICKEL LEPANTO A 0.152 0.153 0.151 0.154 0.15 0.153 4,230,000 642,750 LEPANTO B 0.152 0.155 0.152 0.152 0.152 0.152 10,000 1,520 0.01 0.011 0.01 0.011 0.01 0.011 17,100,000 177,200 MANILA MINING A MARCVENTURES 1.63 1.65 1.69 1.69 1.58 1.65 4,150,000 6,809,770 NIHAO 0.97 1.01 0.99 1.01 0.98 1.01 91,000 89,730 7.7 7.72 7.81 7.81 7.65 7.72 3,204,700 24,737,179 NICKEL ASIA ORNTL PENINSULA 0.94 0.95 0.96 0.98 0.94 0.95 884,000 838,490 PX MINING 5.42 5.43 5.36 5.49 5.36 5.43 434,900 2,349,038 30.55 30.65 31 31.65 30.4 30.65 4,425,400 136,391,955 SEMIRARA MINING UNITED PARAGON 0.0063 0.0067 0.0063 0.0063 0.0063 0.0063 2,000,000 12,600 ACE ENEXOR 16.8 16.98 17.7 17.7 16.8 16.8 309,200 5,254,888 0.011 0.012 0.012 0.012 0.012 0.012 13,700,000 164,400 ORNTL PETROL A ORNTL PETROL B 0.012 0.013 0.012 0.013 0.012 0.013 1,300,000 15,700 PHILODRILL 0.0091 0.0094 0.0092 0.0092 0.0092 0.0092 2,000,000 18,400 5.57 5.59 5.57 5.6 5.5 5.57 78,600 436,882 PXP ENERGY PREFFERED HOUSE PREF B 99.2 101 101 101 100.9 100.9 160 16,157 HOUSE PREF A 100.1 101 101 101 101 101 20 2,020 46.6 47 46.8 46.8 46.75 46.75 5,800 271,175 CEB PREF CPG PREF A 100.3 101.2 102.9 102.9 102.9 102.9 10 1,029 FGEN PREF G 102.6 105.9 105.5 105.5 105.5 105.5 950 100,225 1,000 1,029 1,010 1,010 1,010 1,010 200 202,000 GTCAP PREF A JFC PREF A 1,000 1,040 985 1,000 985 1,000 80 79,850 PNX PREF 3B 100.5 101 101 101 101 101 1,300 131,300 973 980 972 980 972 980 1,050 1,027,920 PNX PREF 4 PCOR PREF 3A 1,051 1,070 1,070 1,070 1,070 1,070 50 53,500 SMC PREF 2F 77.4 77.5 77.95 77.95 77.5 77.5 20,180 1,563,968 75.3 75.5 75.5 75.5 75.4 75.5 18,020 1,360,123 SMC PREF 2H SMC PREF 2I 76.3 78 78 78 78 78 10,000 780,000 SMC PREF 2J 76.2 76.5 76.5 76.5 76.2 76.2 23,430 1,785,377.50 74.25 75 75 75 75 75 14,060 1,054,500 SMC PREF 2K TECH PREF B2C 51.5 52.85 52.85 52.85 52.85 52.85 100 5,285 TECH PREF B2D 54.2 54.95 54.95 54.95 54.95 54.95 370 20,331.50 PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR 14.58 14.86 14.9 14.9 14.52 14.58 60,300 880,766 WARRANTS TECH WARRANT 0.62 0.63 0.63 0.64 0.6 0.64 3,970,000 2,500,990

4,965,130 -4,596,000 1,868,372.50 -5,839,276 900,000 -3,010,520 16,081,797 -27,358,360 -690,770.50 -2,711,475 -9,181,600 -13,900.00 -29,000 -23,848,700 -1,517,424 11,200 -14,840 -83,391,680 488,695 -4,668,455 -8,780 -28,670 -66,105.00 -75,790 -1,772,753 -3,046,950 64,500 -15,445,290 -8,941,464 1,431,608 -22,733,565 71,319,160 -8,160,430 6,676,270 -61,838,060 125,600 -3,127,340 -529,560 -1,647,231 -73,780 -135,850 1,039,250 109,694,244 47,108 38,348 710 -87,500 17,800 -10,607,860 3,960 -27,300 -57,460 11,250 -152,036 6,493,670 -149,235 -184,645.50 283,060 -5,533,005 17,600 3,350 21,610 -159,870 572,810 7,459,140 464,870 9,694,401 38,000 577,266 15,330,485 -331,108 9,790 10,850 -185,198 -

SMALL & MEDIUM ENTERPRISES HAUS TALK ITALPINAS KEPWEALTH MERRYMART XURPAS

1.15 0.93 2.56 1.82 0.315

1.16 0.95 2.75 1.83 0.325

EXHANGE TRADE FUNDS

FIRST METRO ETF

109.8

109.9

1.16 0.91 2.75 1.84 0.315

1.16 0.93 2.75 1.86 0.33

1.08 0.91 2.75 1.81 0.315

1.15 0.93 2.75 1.83 0.325

1,658,000 93,000 3,000 1,735,000 780,000

1,876,380 86,210 8,250 3,165,950 252,200

114,000 -117,250 -3,600

110 110 109.1 109.8 16,460 1,802,279 172,184

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Monday, April 4, 2022

Foreign player to enter PHL insurance market

By Bernadette D. Nicolas

@BNicolasBM

foreign conglomerate within Southeast Asia is set to enter the Philippine life insurance and non-life insurance market. Insurance Commissioner Dennis B. Funa also revealed the new entrant can also well-afford the higher minimum net-worth requirement for insurance players at P1.3 billion. “One conglomerate will own both [life and non-life],” Funa said in a message. The chief of the Insurance Commission (IC) added while they would announce more details about the new entrant, its license is already currently being processed. Under Republic Act 10607, or the Amended Insurance Code of the

Philippines, new industry players are required to have at least P1 billion in paid-up capital, while existing insurance companies need a net worth of P550 million by December 2016, P900 million by December 2019 and P1.3 billion by December 2022. The latter, however, faces a hurdle after Senator Manuel “Lito” M. Lapid filed a Senate bill seeking to cap the minimum net worth requirement of insurance players at P900 million instead of jacking it up to P1.3 billion by the end of this year. The IC and the Department of Finance is

opposing Lapid’s proposal. Finance Secretary Carlos G. Dominguez III earlier said the proposed higher minimum net worth requirement was meant to improve the protection being provided to the public. Funa agrees saying the requirement would add another layer of protection for insurers against financial headwinds. While the IC chief acknowledged that a small portion of insurers has yet to meet the P1.3-billion net worth requirement, he expressed confidence these companies would be able to comply. He also pointed out that there are ways to raise capital, such as getting new investors and new stakeholders.

Fixing PCIC

MEANWHILE, Dominguez told reporters that reforms are also underway to fix several problems in the Philippine Crop Insurance Corp. (PCIC) after the IC submitted its ini-

tial findings on the state-run firm. “They were not doing the accounting correctly and their contingent liabilities were understated,” the Finance official said. “We have to really fix it; sa PCIC maraming problema,” he said. [There are many problems in the PCIC.] On top of not properly reporting their liabilities in their financial statements, Dominguez also expressed concern that the state-run firm is not venturing into reinsurance. “The other thing is they are absorbing all the risks. In insurance, you never do that; you always share the risks; you reinsure. Sila di nagrereinsure. [They don’t, referring to the PCIC.],” the Finance Secretary further said. You know, it’s not good practice to totally insure. So, I was telling them, your budget is about P4.5 billion a year. You can

SSS resumes RACE operations in NCR

IC AT 73 This photo shows (from left): Fortune Life Insurance Co. Inc. Executive Vice President

and Chief Operating Officer Emma M. Abad, Insurance Commissioner Dennis B. Funa and Fortune Life Consulting Actuary Evelyn T. Carada during an event celebrating the 73th Founding Anniversary of the Insurance Commission at the Philippine lnternational Convention Center, Pasay City, Metro Manila, last April 1, 2022.

More funds being eyed for evacuation centers

RESIDENT Duterte may provide additional funding for the construction of more evacuation centers, a Cabinet official said Sunday. Department of Human Settlements and Urban Development (DHSUD) Secretary Eduardo del Rosario bared the development and confirmed that Duterte will visit Batangas on Monday to check if the evacuation hubs outside Taal Volcano's danger zone are compliant with design standards. “The President is going tomorrow, Monday, to Batangas to inspect one of the three evacuation centers we constructed. He said he wanted to see them to check if they were constructed in accordance with the design standard he approved in 2018,” he said, speaking mostly in Filipino, in a radio interview. Del Rosario said three evacuation centers located in the municipali-

ties of Santa Teresita, Alitagtag, and Mataasnakahoy were inaugurated on Wednesday. Each center could accommodate 150 families of four or five members. There are separate restrooms for men and women, shower rooms, prayer rooms, kitchens, clinics, and a storage room to receive supplies, he added. Del Rosario said Duterte may provide additional funding should there be a need to construct more evacuation centers. “Actually one of the intentions of our dear President for visiting is to provide additional funds,” he said. From 2016 to 2021, Del Rosario said 392 evacuation center projects nationwide were initiated by the Department of Public Works and Highways. Of the total, 299 are finished, 92 are undergoing construction, and only one has yet to start construction. The evacuation center projects cost about P14.3 billion. PNA

OCIAL Security System (SSS) President and CEO Michael G. Regino announced that the “Run After Contribution Evaders,” or “RACE,” operations has been resumed in the National Capital Region (NCR) starting April 1, 2022. Subject to the first operations in the NCR are ten noncompliant employers in Manila City with combined contribution delinquencies estimated to be about P26.26 million composed of P9.12 million past-due contributions and P17.14 million penalties, affecting around 95 SSS members. “These employers were found to be delinquent in the payment of contributions even prior to the pandemic,” Regino was quoted in a statement as saying. “As a general rule, we have given them 15 calendar days from the date of the SSS’s visit to settle their obligations.” The campaign in Manila is part of a series of RACE operations nationwide, which aims to exact the continuous compliance of delinquent employers with their statutory obligations under Republic Act (RA) 11199 (Social Security Act of 2018), ensure the social security coverage of members and enhance SSS’ collection efficiency. “This time, we are giving non-compliant employers the option to settle their delinquencies through our Pandemic Relief and Restructuring Programs [PRRPs], which provides more amicable and flexible payment terms,” Regino said. In November last year, the SSS launched PRRPs to alleviate the burden of employers and members adversely affected by the pandemic. Among these programs is the PRRP 2, a social security contribution penalty-condonation program for employers, which covers the applicable month of March 2020 and onwards. Qualified employers can settle their delinquencies through full payment or installment with the condonation of accrued penalties. This program will run until May 19, 2022. Another is the PRRP 3 or the Enhanced Installment Payment Program, which allows qualified employers to settle their past-due SS and Employees’ Compensation contributions in installment with payment terms ranging from nine to 60 months, depending on the total amount of delinquency. It will run until November 22, 2022. “We urge delinquent employers to voluntarily fulfill their obligations under the Social Security Law. They should be our partners in providing meaningful social security protection to our private-sector workers,” Regino said. Under RA 11199, an employer who fails or refuses to register their employees, deduct contributions from them and/ or fails to remit the same, including the employer’s share to the SSS, will be penalized by a fine of P5,000 to P20,000 and/or be imprisoned for six years and one day to 12 years, at the discretion of the court. The SSS has so far conducted 15 RACE operations in different areas nationwide this year. It plans to carry out more in the coming days and months as it aims to conduct at least three operations for each of its branch operations divisions. Other measures to ensure employers’ compliance with the Social Security Law are also continuously implemented.

PNB launches mobile app for corporates

HILIPPINE National Bank (PNB) announced it rolled out a mobile application for corporate clients. PNB President and CEO Jose Arnulfo A. Veloso was quoted in a statement as saying the app “highlights how this new product further enhances the customer’s experience.” “We are harnessing the power of technology to improve our engagement with customers,” Veloso said. “Our goal is to help them run their business more efficiently with the view of making them more competitive over the longer term.” The PNB executive added that PNB’s cash management system is designed “to help com-

panies manage their funding needs, cashflow and budgets better.” “The mobile app is about arming our customers with the tools to better manage their business,” Veloso said. The executive added that PNB aims to encourage corporate customers to substitute bank visits with nonstop online service. “Even as the government has eased up the alert levels, we believe that we should continue to offer digital banking solutions that will not only keep our customers safe but also help them focus on recovery efforts.” Companies can use this mobile banking

service, called “PNB CashNet Plus,” by simply enrolling to the app, according to the lender. Clients have the option to log in via biometrics for added security and convenience in accessing their company accounts. “The mobile app gives our clients that muchneeded sense of security and convenience so they can have more time to focus on other important matters such as growing their business and developing their people,” PNB Executive Vice President and Head for Institutional Banking Cenon C. Audencial Jr. said. “Clients can now access their accounts and perform transactions at the palm of their hands—anytime, anywhere.”

cover more people if you do reinsurance,” Dominguez said. However, the Finance Chief was quick to admit they would not be able to fix all of the problems in the PCIC before the end of the Duterte administration. “No I don’t think we can fix it; but we are starting to.”

Farmer representation

PRESIDENT Duterte signed Executive Order 148 transferring the PCIC from the Department of Agriculture (DA) to the Department of Finance (DOF). The transfer of the PCIC and the reorganization of its Board of Directors were based on the recommendation of the DOF, DA and the Governance Commission for governmentowned and controlled corporations to “ensure that the operations of

PCIC are rationalized and monitored centrally in order that government assets and resources are used effectively and the government’s exposure to all forms of liabilities including subsidies is warranted and incurred through prudent measures.” But PCIC’s transfer did not sit well with the Federation of Free Farmers (FFF) who earlier lamented the lack of consultation with farmers and concerned stakeholders. Apart from this, they also said the transfer resulted in the reduction in the number of seats for farmer representatives in the PCIC board from three to just one. The FFF earlier expressed worries that the transfer of PCIC to the DOF would change the priorities of the state insurance firm toward “fiscal and monetary concerns” that may not be supportive of the needs of the farmers.

Explainer BusinessMirror

B4 Monday, April 4, 2022

www.businessmirror.com.ph

Yes, Putin and Russia are fascist: A political scientist shows how they meet the textbook definition

PEOPLE pass by artwork representing Russia's President Vladimir Putin carrying his own dead body created by the Bulgarian artist Stanislav Belovski, applied on a wall in central Sofia, on Day 36 of the Russian invasion in Ukraine, Thursday, March 31, 2022. AP/Valentina Petrova By Alexander Motyl | Rutgers University-Newark

The Conversation

HEN Vladimir Putin unleashed an unprovoked invasion of Ukraine on February 24, 2022, the Ukrainian media, public and policymakers almost unanimously began calling the Russian president and the state he leads “rashyst.” The term is a hybrid of a derogatory moniker for Russia—“rasha”— and “fascist.” Ukrainians did so for two reasons. First, they were countering Putin’s absurd insistence that the Ukrainian authorities—including Ukraine’s Jewish president, Volodymyr Zelenskyy—were Nazis and that Ukraine needed to be “de-Nazified.” Since Ukraine’s tiny number of right-wing extremists are about as influential as the Proud Boys in the United States, what Putin really had in mind was Ukrainians with a distinct Ukrainian identity. De-Nazification thus meant de-Ukrainianization. Second, Ukrainians were drawing attention to those features of Putin’s Russia that indicated that it was fascist and thus in need of “deNazification.” Putin’s Russia was aggressive, anti-democratic and enamored of Putin himself. Unsurprisingly, his Russia’s resemblance to the regimes built by Mussolini and Hitler had not gone unnoticed by Russian and Western analysts in the last decade or so. Few policy-makers, scholars and journalists listened, however, as the term fascism struck many as too vague, too political or too loaded to serve as an accurate description of any repressive regime. Having written about Putin’s Russia as quasi- or proto-fascist already in the mid2000s, I know from personal experience that few took my claims seriously, often arguing tautologically that Putin had constructed a

“Putinist” system. But as a political scientist who studies Ukraine, Russia and the USSR empirically, theoretically and conceptually, I believe Putin’s brutal invasion of Ukraine suggests that a reconsideration of the term’s applicability to Russia is definitely in order.

Defining fascist states

BUT, first, a brief foray into the classification schemes that social scientists like to use, which most people find incomprehensible. Classifications are essential for good social science, because they enable scholars to group political systems according to their shared features and to explore what makes them tick. Aristotle was one of the first to divide systems into those ruled by one, those ruled by a few and those ruled by many. Contemporary scholars usually classify states as being democratic, authoritarian or totalitarian, with each category having a variety of subtypes. Democracies have parliaments, judiciaries, parties, political contestation, civil societies, freedom of speech and assembly, and elections. Authoritarian states rest on the state bureaucracy, military and secret police; they usually circumscribe most of the features of democracies; and they typically are led by juntas, generals or poli-

A MAN walks past a wall with posters depicting Russian President Vladimir Putin in Warsaw, Poland, on Thursday, March 24, 2022. AP/Petr David Josek

ticians who avoid the limelight. Totalitarian states abolish all the features of democracy, empower their bureaucracies, militaries and secret police to control all of public and private space, promote all-encompassing ideologies and always have a supreme leader. Fascist states share all the features of authoritarianism, and they may also share the features of totalitarianism, but with two key differences. Fascist leaders have genuine charisma—that ephemeral quality that produces popular adulation—and they promote that charisma and the image that goes with it in personality cults. The people genuinely love fascist leaders, and the leaders in turn present themselves as embodiments of the state, the nation, the people. The bare-bones definition of a fascist state is thus this: It is an authoritarian state ruled by a charismatic leader enjoying a personality cult.

Seen in this light, Franco’s Spain, Pinochet’s Chile and the Greece of the colonels were really just your average authoritarian states. In contrast, Mussolini’s Italy and Xi Jinping’s China are clearly fascist, as were Hitler’s Germany and Stalin’s USSR. Fascist states can thus be on the right and on the left.

‘Dismantled’ democratic institutions

Putin’s Russia also fits the bill. The political system is unquestionably authoritarian—some might say totalitarian. Putin has completely dismantled all of Russia’s nascent democratic institutions. Elections are neither free nor fair. Putin’s party, United Russia, always wins, and oppositionists are routinely harassed or killed. The media have been curbed; freedom of speech and assembly no longer exists; and draconian

punishments are meted out for the slightest of criticisms of the regime. A hypernationalist, imperialist and supremacist ideology that glorifies all things Russian and legitimates expansion as Russia’s right and duty has been both imposed on and willingly accepted by the population. War is worshipped and justified by the state’s mendacious propaganda machine. As the brutal invasion of Ukraine shows, war is also practiced, especially if it is directed against a people whose very existence Putin regards as a threat to himself and to Russia. Finally, secret police and military elites, together with a corrupt bureaucracy, form the core of the political system headed by the infallible Putin, who is the undisputed charismatic leader g lor i f ie d a s t he embod i me nt of Russia. One of Putin’s minions once noted that “ if there

is no Putin, there is no Russia!” There’s a striking similarity with French King Louis XIV’s assertion, “L’état, c’est moi ”—“ The state is me”—and Hitler’s “One people, one empire, one Führer.” Fascist states are unstable. Personality cults disintegrate with time, as leaders grow old. Today’s Putin, with his bloated face, is no match for the vigorous Putin of 20 years ago. Fascist regimes are overcentralized, and the information that reaches the supreme leader is often sugarcoated. Putin’s disastrous decision to invade Ukraine may have been partly due to his lacking accurate information about the condition of the Ukrainian and Russian armies. Finally, fascist states are prone to wars, because members of the secret police and generals, whose raison d'être is violence, are overrepresented in the ruling elite. In addition, the ideology glorifies war and violence, and a militarist fervor helps to legitimate the supreme leader and reinforce his charisma. Fascist states usually prosper at first; then, intoxicated by victory, they make mistakes and start losing. Putin won decisively in his wars in Chechnya and in Georgia, and he appears to be headed for defeat in Ukraine. I believe Putin’s fascist Russia faces a serious risk of breakdown in the not-too-distant future. All that’s missing is a spark that will rile the people and elites and move them to take action. That could be an increase in fuel prices, the development that led to a citizen revolt in Kazakhstan earlier this year; a blatantly falsified election, such as the one that led to riots in autocratic Belarus in 2020; or thousands of body bags returning to Russia from the war in Ukraine. This article is republished from The Conversation under a Creative Commons license. Read the original article here: https://theconversation.com/yes-putin-and-russia-arefascist-a-political-scientist-showshow-they-meet-the-textbook-definition-179063.

Style

BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Monday, April 4, 2022

The Oscars’ non-toxic stylish men THE VIEW FOR SPRING SUMMER 2022

THE COS Spring Summer 2022 campaign highlights transitional collections for women and men. The casting presents a lineup of inspiring individuals, led by supermodel and activist Christy Turlington Burns; DJ, producer, and advocate for trans rights Honey Dijon; and writer, editor, and curator Antwaun Sargent. In addition, actor Finn Wittrock joins models Rianne Van Rompaey, Chu Wong, Keisuke Asano, Awar Odhiang, Saye Wuo, and Liam Kelly. Photographed by Paris-based Tim Elkaïm, each carefully composed portrait captures the collection in a classic Los Angeles setting; on the beach at sunset, within nature, and high above the vast and unending cityscape. Promoting versatility, the collections adapt to everyday transitional moments. Styled by Clare Richardson, creative and poetic combinations build the foundation for this eclectic direction while refined craftsmanship is prominent throughout. Continuing its dedication to sustainability and a circular economy, 92 percent of the collection is sustainably sourced. Pushing the boundaries between comfort and luxury, contrast is explored with revisited signature minimalist tailoring—structured linen styles join bold fashion pieces in graphic prints and uplifting cyan and sunshine orange hues.

AVING grown up with seven brothers who are mostly named after kings and czars (Sulpicio Henry Jr., Richard, Edward Alexander, James Oliver, Philip Lou, Peter Laurence, Rudyard), I know much about the volatile male temperament. Still, I was shocked by “The Slap” heard around the world on Oscars Night. The altercation, though not at the despicable level of the patently racist treatment of Hattie McDaniel in 1940 (Best Supporting Actress, Gone With the Wind), nor as scandalous as the attempted assault of Sacheen Littlefeather (receiving the Best Actor award for Marlon Brando, The Godfather) by John Wayne in 1973, overshadowed most of what was accomplished at the 94th Academy Awards. “What a fight, sorry, Night!” Irish actor Jamie Dornan posted in jest on his Instagram. “Thank you to @theacademy for having us and @maisonvalentino and @omega for kitting me out. This @belfastmovie journey has been the honour of my career. Unforgettable!” While cooler heads went out of style at the Dolby Theater on March 27, fashion sense fortunately didn’t. The handsome Dornan is of the mold of gentlemenactors such as Cary Grant, David Niven and Laurence Olivier, who went to the Oscars dapper and dashing— and well-mannered. In a black-and-navy tuxedo by Henry Poole, Jason Momoa (Dune) put the focus of his outfit on his blueand-yellow pocket square, in honor of Ukraine. Also in a tux (Gucci) was Elliot Page, previously nominated for best actress for Juno (2007), appearing in public just a few days before the Trans Day of Visibility (March 31) happier and more polished. More men became bolder with their color choices. Andrew Garfield, the British actor nominated for best actor for Tick, Tick...BOOM!, wore a burgundy velvet Saint Laurent tuxedo jacket and Omega watch. Kodi Smit-McPhee, the Australian best supporting-actor nominee for The Power of the Dog, wore a powder blue tuxedo by Bottega Veneta. Simu Liu, the Chinese-Canadian star of Shang-Chi and the Legend of the Ten Rings, was clad in a red tuxedo. “I dream that future generations will look upon this photo dump and assume I was way cooler than I actually am,” he posted on his Instagram. “You are so cool,” his suit designer, Donatella Versace, cooed. Then he removed one article of clothing at the Vanity Fair after-party, captioning “Loss of shirt syndrome was contact-traced to @tchalamet and @donatella_versace.” Timothée Chalamet (Dune) paid homage to Jodie Foster in an Armani suit circa Oscars 1991, going shirtless under a Louis Vuitton blazer but with nine jewelry pieces by Cartier, including a panther necklace, completing his look. British-American David Oyelowo made a statement in a yellow printed suit by Kutula by Africana. “Effortlessly Dapper. We couldn’t ask for a better representative for our #Kutula menswear collection. We [heart] dressing @davidoyelowo #representationmatters,” the brand posted. More of an exclamation point by sheer presence, Billy Porter was a gothic fairy godmother in a sequin black cape with feather trim by Alexandre Vauthier, with Boucheron jewelry, Louboutin shoes and Judith Leiber clutch at the Vanity Fair party. At the same

party, the eternally cool Jeff Goldblum wore Saint Laurent, Tom Ford, and his eponymous Jacques Marie Mage sunglasses. The dreamiest male at the Oscars was Sebastián Yatra, who performed “Dos Oruguitas,” a nominee for best original song from Encanto. The Colombian singer and songwriter hit the red carpet in an eye-catching all-pink tux by Moschino Custom by Jeremy Scott, paired with Cartier jewels. “You get on it, but you never know what might happen...you’re climbing the mountain without a rope. You give everything, but in life we end up learning that what one can control reaches a certain point...the rest does not depend on you, nor on your preparation, or how many times you reviewed the lyrics,” an overwhelmed Yatra posted in Spanish on his Instagram. “Last night I felt God there, accompanying me and

the 50 million Colombians who constantly dream of sharing with the world the love that comes from our magical realism. I sang in Spanish at the Oscars...and we climbed the mountain. Gracias!” In a significant first, Troy Kotsur won best supporting actor for CODA, which means Child of Deaf Adults, the eventual best picture winner. Kotsur wore a deep green mohair tuxedo by BOSS, with a lapel pin in the shape of the “I Love You” symbol in sign language, an Omega timepiece and a messenger cap to avoid the glare of lights so he could clearly see his interpreter. “As I have been a struggling actor for many years, style was not something I would really think about,” Kotsur told The Hollywood Reporter. “These clothes made me feel like a new man and feel like someone who is important, not an actor who was overlooked because I happened to be deaf.” n

How hair and scalp care can make a difference

ONE of the things I promised myself in the new year was that I’d take better care of my hair. Because of hair color and bleaching, aging and other factors, my hair is somewhat of a mess—and don’t even get me started on my scalp. Part of my promise was to not bleach my hair this year, and to use better products to nurse my scalp and hair back to health. To shampoo and condition, I’ve been using the Cynos Morocco Argan Oil Moisture Vitality Shampoo

and Conditioner. The star ingredient of these two products is argan oil from Morocco. This oil is often called liquid gold because it has many aesthetic and health benefits for skin and hair. Argan oil has a substantial percentage of essential fatty acids, one of which is linoleic acid (omega 6) to fight hair and skin dryness. This shampoo and the accompanying conditioner are really moisturizing. I happen to like the conditioner more than the shampoo (which is very thick) but I think they work well together. The formula of both products is similar—thick and rich. They lather well but are easy to rinse. They also leave a pleasant scent on the hair. My scalp doesn’t react badly to these at all, as it sometimes does to products I’ve previously liked and enjoyed. I didn’t really start using leave-on conditioners until recently. I always thought they were oily and my hair is already limp. However, the Aveda Nutriplenish Leave-in Conditioner Changed my mind. I’ve always loved

Aveda products and this one is no exception. The Nutriplenish line features plant-powered ingredients from superfoods. These include pomegranate oil, mango butter, organic coconut oil and active carbohydrates from algae and oat extract. The texture of this product is watery and milky at the same time. It comes in a spray bottle and I find that it’s more economical to use that way. The scent is spicy and floral with cocoa, ginger and cardamom. I apply the leave-in conditioner at least once a day, especially after I’ve washed my hair. After applying this, I apply two drops of Cynos Morocco Argan Oil. This has essential fatty acids, including omega 6, which help reduce hair dryness. This is an oil that has a silicone feel and it smoothens the hair and gets rid of tangles. I have also recently started using a scalp serum. The Kérastase Spécifique Potentalisté Serum is a daily defense and fortifying serum fit for all hair types that protects, strengthens and balances the scalp and hair. Kérastase Spécifique Potentalisté was created for

unbalanced scalps that tend to be dry, sensitive or oily, What it does is to basically relieve your scalp of the discomfort that comes with these conditions. Microbiome science is what’s behind this serum. The serum’s proprietary microbiome research has enabled the development of a flawless, fast-absorbing gel-texture serum with two key ingredients: Bifidus Prebiotics Fractions, which nourish and care for the scalp’s good bacteria to maintain a strong barrier, and vitamin C that neutralizes the effect of daily aggressors, such as UV rays and air pollution which can lead to an imbalance in the scalp. I apply Kérastase Spécifique Potentalisté Serum once a day, usually at night, whether I have washed my hair or not. The serum is tacky at first and cooling on the scalp. The tacky feeling disappears after about two minutes and you really feel the comfort it imparts. I have suffered from having a sensitive scalp for most of my life and this serum has really made a huge difference. My scalp is so much better now. I saw an improvement within days of using it so, yes, I would repurchase this.

CLOCKWISE: Timothée Chalamet, Sebastián Yatra, Kodi Smit-McPhee, Elliot Page, Simu Liu, Jamie Dornan, Andrew Garfield, Billy Porter, Jason Momoa, David Oyelowo, Troy Kotsur and Jeff Goldblum. PHOTOS BY GETTY IMAGES

B6 Monday, April 4, 2022

SSS chief welcomes ARTA commendation

Elevating investments in PH with the BPI Invest Sustainable Fund Suite

PI Asset Management and Trust Corporation (BPI AMTC), the wealth management arm of the Bank of the Philippine Islands (BPI), recently launched the BPI Invest Sustainable Fund Suite, a first in the country, as it continues to elevate the investment scene in the Philippines. Aligned with its parent bank BPI as a champion of sustainability, BPI AMTC has developed three (3) new Unit Investment Trust Funds (UITFs) that seek to address issues such as climate change, renewable energy, resource efficiency, ineqauality, and other areas identified in the United Nations’ Sustainable Development Goals—all while seeking to deliver long-term financial returns. The BPI Invest Sustainable Fund Suite employs a multi-theme and multi-asset approach to cater to a wide range of investors who are looking for opportunities to grow their wealth while contributing to creating a more sustainable world. “BPI AMTC recognizes that investors have now matured in their preferences, searching for investments that are not only profitable but also meaningful, not only rewarding but also impactful. Through our new funds, everyone can proactively shape the growth of responsible industries and businesses. With a minimum of USD 1,000, investors are able to access and invest in companies that integrate environmental, social, and governance (ESG) metrics and considerations in their business practices, products, services, and investment decisions, or are creating sustainability projects with positive and measurable social and environmental impact,” said Sheila Marie Tan, BPI AMTC President and CEO. Consistent with BPI AMTC’s thrust towards diversification, the BPI Invest Sustainable Fund Suite, which comprises the BPI Invest Sustainable Global Bond

Fund-of-Funds, BPI Invest Sustainable Global Balanced Fund-of-Funds, and BPI Invest Sustainable Global Equity Fund-ofFunds, is made available across a range of asset classes designed to address investors’ unique needs and risk profiles. Following a fund-of-funds structure, each fund in the BPI Invest Sustainable Fund Suite will be invested in a portfolio of carefully selected global target funds that invest in the best-in-class companies that adhere to the highest ESG standards or are directly tied to sustainability projects and other enabling initiatives. For this, BPI AMTC is collaborating with some of the biggest names in the global asset management industry and sustainable investing such as Janus Henderson Investors, Schroder Investment Management, Wellington Management, JP Morgan Asset Management, and PIMCO to name a few. According to reports from Bloomberg, global ESG assets may grow to $41 trillion by the end of 2022 and may hit the $53 trillion mark by 2025, one-third of the projected total global assets under management. Accelerated

growth is expected in the ESG markets, especially with increasing customer demand, government commitments, and continuous development across asset classes and themes. “Organizations that integrate sustainability in their businesses are likely to experience more consistent growth and returns over the long term. This favorable outcome is the product of combining operational efficiency and innovation with a progressive risk management framework that is responsive to the welfare of the environment and to society at large. In these times of unpredictable climate change and the ongoing global pandemic, investors are becoming more concerned and are expressing very keen interest to invest preferably in companies that demonstrate they are providing goods and services in a responsible and sustainable manner.” said Smith Chua, Chief Investment Officer of BPI AMTC. Investors can invest in the BPI Invest Sustainable Funds starting April 1, 2022. To know more about the funds, investors may visit https://bit.ly/ BPIInvestSustainableFunds.

Empire East and Empire East Highland City win Best Developer and Best Township Development Awards

PRESENT in the pocket awarding at Empire East's Sales Office are Empire East President and CEO Atty. Anthony Charlemagne C. Yu, FVP for Marketing Jhoanna T. Llaga, and its sales force and marketing heads.

OP condo developer Empire East wins Best Developer, while its upcoming elevated township in Pasig-Cainta, Empire East Highland City, wins the “Best Township Development” awarded by leading property marketplace Carousell Property PH. Carousell PH gives this Best Township Development award to the residential township based on its strategic location, value for money, unique ‘luxuriously affordable’ offers, state of completion, sales success, design concept, site layout, innovation, use of space, quality of amenities, and sustainable function. “We regard it of maximum importance

to develop Empire East Highland City with the future homebuyers in mind. Empire East has always put its homebuyers at the fore of its breakthrough concepts. We commit to providing a spacious and sturdy home and a sustainable community amid nature that promotes its dwellers’ and the local vicinity's welfare,” says Empire East President and CEO Atty. Anthony Charlemagne C. Yu. Due to a two-year peak in the pandemic, the residential market showed signs of preference for units with a bigger space and a nearer-to-nature location. This strengthened Empire East Highland City's appeal to the market due to its commitment to sustainable features like solar-powered

street lamps, a mini-forest within the property, a transit-oriented lifestyle, and a provision for bikeable and walkable lanes throughout the 22-hectare property. The need for sustainable living is becoming a vital priority among today's population. Moreover, with the fuel price hike, township and urban development have instantly become the best option for anyone looking for a home. “Carousell Property has awarded Empire East Land holdings Inc. with the title of Best Developer 2021. We recognize the company’s roster of commercial developments, image and overall reputation for the past 5 years. Even in the most trying times during the pandemic, they’ve continued to maintain an excellent track record, displays of innovation and achievements in 2021 we have concluded that Empire East and its stakeholders deserve to enjoy this recognition.” says Carousell PH, Head of Property, Shine Resureccion. Empire East, a subsidiary of Megaworld Corporation, adds these two awards to its roster of accolades. In time for its 28th-anniversary celebration this year, the company continues to provide only the best services to its homebuyers with the launch of its Fuel Up! Gear Up! promo for a limited time, and its client-facing virtual ticketing portal askaboutyourhome.com, which will be available for the public on April 1, 2022. To know more, follow @ empireeasthighlandcity on Facebook and Instagram. You may also visit www.empire-east.com, and www. empireeasthighlandcity.com.

OCIAL Security System (SSS) President and CEO Michael G. Regino welcomes the commendation of the Anti-Red Tape Authority (ARTA) for the SSS’ execution of several streamlining measures to address the long lines forming outside its offices. “We thank the ARTA led by Secretary Jeremiah B. Belgica for their commendation on the improvement of the delivery of our services. This gives us further inspiration and motivation to continuously enhance our processes and provide better services for our stakeholders,” Regino said “We also appreciate their recommendations that helped us formulate immediate measures to address the surge of transacting members in our National Capital Region (NCR) branches since the declaration of Alert Level 1 in Metro Manila and other areas,” he added. Recently, SSS implemented the extension of its daily working hours in all NCR branches from March 11 to 31, 2022, to 6:00 AM to 6:00 PM from the usual 8:00 AM to 5:00 PM. Selected branches receiving high volume of transactions were also opened every Saturday this March from 8:00 AM to 5:00 PM to accept regular transactions except tellering services. Moreover, SSS also deployed additional personnel in these branches and applied modified branch servicing guidelines to accommodate its transacting members. “We are continuously monitoring the volume of transactions that we receive in our branches, especially in the NCR and neighboring provinces, so that we can employ further measures to address them,” Regino said. “Apart from the stopgap measures we

have implemented, we are also exerting efforts towards long-term solutions such as the continuous digitalization of our services. We recognize the important role of this initiative in providing easier and more convenient modes of transaction for our stakeholders, which can also eliminate the overcrowding and long queues in our branches,” he added. Currently, the SSS has 36 member and 21 employer services available online through the My.SSS Portal (www.sss.gov.ph). These cover transactions for membership, contributions, loan repayments, benefits, loans granting, disbursements, and others. Some of the services available in the said portal may also be accessed through other online channels such as the SSS Mobile App, Text-SSS, and Self-service Express Terminals. “We would like to invite our members, employers, pensioners, and the general public to familiarize themselves with our online services, accessible 24/7 at the convenience and safety of their homes or offices using their computers or smartphones. Information materials about these are available in our official social media pages and the uSSSap Tayo Portal (https:// crms.sss.gov.ph),” Regino concluded.

‘Ease of Doing Business in E-Commerce’

HE Makati Business Club and Foodpanda wrapped up its online business series on with session 3 dubbed 'Ease of Doing Business in E-Commerce’ on March 23. The session covered key policy proposals affecting e-commerce such Digital Economy Taxation

Act and Internet Transactions Act, and open a discussion on how an enabling policy and regulatory environment can be built by the government and its stakeholders. Attendees to the online series include the MBC members, Digital Commerce Association of the Philippines, Philippine Chamber of Commerce and Industry Inc., Philippine Franchise Association, Philippine Retailers Association, Viber Group: #EcomPHL2022 Community, Fintech Philippines Association, FinTech Alliance Philippines, and the Hotel and Restaurant Association of the Philippines. Business Mirror was the official media partner.

Black is a smart home renovation color idea

SK any person from any creative industry about the power of the color black and you can expect a stream of answers that sings praises to this hue. Whether it’s in fashion, beauty, or the arts, nobody can deny that black will always have its iconic place in terms of creative application thanks to its effortless elegance, sophistication, and simplicity. Of course, this applies to interior design, too. While some may feel intimated to use the color to dress up their homes, it’s actually a foolproof hue to try as long as you stick to practical applications. Black is always a good idea for your home. It is easier to manage and apply. So many people are afraid of using black because of its boldness, but it actually is easier to use in interior design because it can effortlessly tie up a space without any other need fo additional bells and whistles. It adds classy drama anywhere. Black is the perfect choice of color if you’re going after minimalist interiors because of its natural elegance and sophistication. Whether you use it on bigger parts of a space or just add it as accent, anything in this color can effortlessly add drama on anything without bordering on flashy and loud. It can add depth to your space. Are you working with a limited area but want to make the most out of its design? Adding hints of black can trick the eyes into adding depth of space and focus because it absorbs light rather than reflect it. Applying this color is ideal if there is a particular wall, area, or even accent in your home that you want the eyes to automatically go to. It’s the perfect ‘anti-hero’ color to white. Yes, white is the perfect hue to go for if you want something simple, uncluttered but let’s admit it. It can easily get boring if you don’t accessorize it well. Black, on the other hand, can be overwhelming if you use it to the extremes, but together, these two colors can create the best aesthetic that hits the sweet spot between minimalist and impressive. The key is to strike the right balance between them to nail that polished, sophisticated look.

Minimal effort, maximum impact. Accenting your place with black is the best way to go. Take for example your kitchen. We all know this part of the home can sometimes be hard to manage because the activities that we do here can easily get messy, so it is the perfect place to accentuate with black home essentials that you wouldn’t have a hard time maintaining visually. Not to mention, using the color black is always classy and bold. When laid out well, the kitchen can also be one of the most comforting places in a house, especially so if you create a special corner in it, like a coffee nook. The key here is to look for the perfect pieces that you can use to dress up the space. Take for example the special Breville Black Sesame Barista Express. Sophisticated and elegant, this limited edition variation of the best-selling espresso machine combines the quality features that the premier home lifestyle brand is known for together with top-tier aesthetic that can elevate your coffee corner. The model, which will only be available for a limited period, will be available for purchase in Breville Philippines’ official retailers. Those who will purchase it can expect the same features that the original Barista Express line is known for such as precise espresso extraction, dose control grinding, and microfoam milk texturing. It’s like having your very own coffee shop experience at home, but with that extra touch of class in it. For more details, visit www.breville.com.ph or fllow its Facebook and Instagram channels.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, April 4, 2022 B7

The coronavirus chronicles: Mastering the science of happiness

PR Matters By Millie F. Dizon

1. Uncertainty pushes us to stop and smell the roses

One of the few silver linings that positive psychology researches have uncovered during the pandemic is the discovery that we are more likely to smell the roses when our life is wildly uncertain. This literally happened when “researchers handed out fliers to pedestrians that said ‘Life is unpredictable: Stop and smell the roses,’ or Life is constant: Stop and smell the roses,’” reports Greater Good. A short distance away was a table with a dozen roses on it—and the people who read that life is unpredictable literally smelled the roses 2.5 more than the others. Does this actually translate in real life? Apparently yes. The same researchers “pinged 6,000 participants up to a dozen times a day, asking how chaotic and unpredictable the world felt and whether they were savoring the present. It turned out that when the world felt messy, people were more likely to be savoring their lives a few hours later at the next ping.”

Brand & Business: Globe, Caritas Philippines join hands to create a #GlobeOfGood

MANILA PHILIPPINES—Two years into the pandemic, involuntary hunger rates are still found to be at 10%, according to the Social Weather Stations and the Philippine Statistics Office—higher by 1.2% than prepandemic levels. This is aggravated by the 6.4% unemployment rate. But while Filipinos still struggle to adjust to a new way of life, families continue to confront even more hardships, among them those affected when Typhoon Odette hit several parts of the country in December. Four-year-old Fatima and her family from Talibon, Bohol were among those severely affected by the powerful typhoon. They lost their home and most of their belongings due to the storm, leaving them lost in uncertainties in their daily life. In other areas, Nanay Evangeline from

Dalaguete, Cebu, and Myrabel from Taytay, Palawan, were also greatly affected—losing their homes and livelihood due to Odette. With the hopes of assisting families like Fatima’s, Nanay Evangeline’s, and Myrabel’s, Globe and Caritas Philippines joined hands to give them much-needed support under the Globe of Good, a program that aims to provide multi-sectoral stakeholders a platform to encourage collective action towards achieving sustainable and inclusive development for communities by leveraging the power of technology. Under its Alay Kapwa Legacy Program, Caritas Philippines provides beneficiary communities with a holistic intervention program that goes beyond family feeding. It supports beneficiary families towards self-sufficiency through training for the creation of backyard and community vegetable gardens for food security. The foundation also empowers its partner families through the formation of self-help groups and a community association that channels small regular savings contributions to create a micro-lending business among members. They provide skills

WWW.FREEPIK.COM

E all know how the pandemic has not only put a lot of pressure on our physical health, but also challenged our mental health as well. The good news is that paralleling the inroads made in finding cures for Covid, last year was also a busy and productive one in the field of positive psychology. And “ just as brilliant medical researchers have been racing to make discoveries that will keep us physically healthier, psychologists and behavioral scientists have been hard at work figuring out how we can all be a little happier, more resilient, and well -adjusted in a world that often feels like it’s going off the rails,” says Jessica Stillman in an article in Inc.com. In her article, 5 Things Science Learned About How to Live a Happier and More Meaningful Life in 2022, Stillman rounds up some of the most important and useful insights in UC Berkeley’s Greater Good Science Center’s online magazine that can help just about any of us have a more joyful and meaningful 2022.

“We’d all love to see the end of the virus, of course,” says Stillman. “But perhaps it will cheer you to know it’s pushing us all to pay more attention to life’s small pleasures.” She hopes “we’ll keep this newfound good habit once we fully settle back into a more predictable routine.”

2.There’s a right and wrong way to daydream

Daydreams are one of t he pleasures we can all enjoy. These reveries keep us happy and inspired, especially during challenging times. But Stillman says that new science insists there is actually a correct (and wrong) way to daydream. The first approach leads to fresh ideas; the other way leads to anxiety. What’s the difference? Mindwandering, whether you’re thinking about something other than the task at hand, but in a focused way, “makes you feel lousy.” But when your thoughts are free flowing and go from topic to topic, “daydreaming makes you happier and more creative.”

training in micro-entrepreneurship using digital tools and a one-time business capital of P10,000. Caritas Philippines values family as the basic unit of society and provides values formation support through responsible parenting and family sessions. “We, at Caritas Philippines, focus on sustainable development programs and participative partnerships which cover assistance in addressing basic needs and values formation to provide holistic intervention to partner families. We aim to strengthen the families to allow them to contribute to their communities. We hope that our partnership under the Globe of Good program will enable us to reach more communities,” said Most Rev. Jose Colin Bagaforo, DD, National Director of Caritas Philippines. The organization is one of the many partners of Globe in its advocacy of creating impact and uplifting the lives of Filipinos, especially those in most need. The partnership aims to reach over 2,400 individuals from farmers, fisherfolk, and community sectoral groups, and provide them with both food and sustainable livelihood and employment oppor-

Here’s the bottom line takeaway from Greater Good: “We don’t have to be 100 percent focused all the time. So, if you want to be more creative and happier, don’t feel guilty about a little daydreaming.”

3.You are surrounded by opportunities for empathy

There are many ways we can show empathy for others as we go through our day. It could be extending a helping hand to a colleague in his report, baking your family’s favorite dessert, driving a disabled neighbor to church, or simply smiling and saying thank you to those we encounter along the way. Scientists say we all encounter an average nine opportunities to show empathy every single day. And the more we seize the opportunities, the better we feel. “People who saw more empathy opportunities and empathized were happier and greater wellbeing,” Greater Good sums it up. “This suggests that our daily lives are filled with opportunities to practice empathy, including opportunities to share in other

tunities. “As a digital solutions company, we strive to make our products and services to be forces for good for our customers. We believe in utilizing technology to imbibe good habits. Globe of Good aims to extend the ability to support organizations like Caritas Philippines so that we, as a community, can create a bigger positive societal impact,” said Yoly Crisanto, SVP Group Corporate Communications and Chief Sustainability Officer at Globe. Globe customers can also be part of the advocacy by using their Globe Rewards points expiring on March 31, 2022 to contribute to eradicating hunger and poverty among Filipino communities that are most in need. For as low as 1 peso, they can help feed the hungry and jumpstart livelihood activities for program beneficiaries. Just download the GlobeOne app, go to the “Rewards” section, click the “DONATE” icon, choose “Globe of Good” and the corresponding denomination, and then press “REDEEM.” A confirmation message will be sent by 4438 upon successful donation. Globe supports the United Nations Sustainable Development

people’s happy moments, if we just look out for them.”

4.Compassion makes us more resilient

After two years of disruption and disagreement brought about by the pandemic, Stillman agrees with most that “it’s incredibly hard to muster much sympathy for those with a different approach to the virus, or in our worst days, much of anyone really.” But new research can give you another point of view. A poll of 4,000 people in 21 countries “ found that participants who expressed a fear showing compassion for themselves or others were likely to feel more depressed, anxious, and stressed out during the pandemic.” Feeling the blues take over you? Try a little compassion to get you out of your rut, and give you resilience during a crisis. Acts of kindness—random or otherwise—truly go a long way.

5.Turning off your camera helps reduce Zoom fatigue

With a host of research done into

Goals, particularly UN SDG No. 9, highlighting the roles of infrastructure and innovation as crucial drivers of economic growth and development. It is committed to upholding the UN Global Compact principles and contributing to 10 UN SDGs. To know more about Globe, visit www.globe.com.ph.

Brand & Business: The Banker names BDO the Bank of the Year in the Philippines

M A NIL A , PHILIPPINES —BDO Unibank won the Bank of the Year in the Philippines at the recently held Bank of the Year Awards 2021 of The Banker. The London-based financial publication has commended the digital solutions deployed by BDO Unibank in 2021, stating that the moder n i z at ion prompted better customer service, increased resiliency, and enhanced cyber security. The deployment of digital solutions has allowed bank clients to open accounts online, make paperless in-branch transactions, and do card-less ATM banking using biometrics or QR Codes. Moreover,

the incredibly topical phenomenon of Zoom fatigue this year, Stillman says that the bottom line solution (besides the obvious one of avoiding unnecessary meetings) is simple: “Turn off the cameras, both ways, at least from time to time.” Cameras, after all can be very distracting, and by turning it off, you’ll get to do the things you have to attend to, and get to enjoy the things you truly love. PR Matters is a roundtable column by members of the local chapter of the United Kingdombased International Public Relations A ssociation (Ipra), the world ’s premier association for senior professionals around the world. Millie Dizon, the senior vice president for Marketing and Communications of SM, is the former local chairman. We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail. com.

they can now link together their BDO accounts in one mobile wallet called BDO Pay and make online peer-topeer and consumer transactions easier and faster. The Banker pointed out that all these efforts allowed “[greater efficiency and] faster turnaround time on transactions as well as greater access to banking systems through an increased number of channels and touchpoints.” It also lauded BDO’s continued efforts to cater to various customer segments, through the bespoke wealth management products of its subsidiaries: BDO Private Bank, BDO Trust and Investment, BDO Prime, and BDO Securities. BDO President & CEO Nestor V. Tan added, “We will continue to broaden our market reach to improve customer access and strengthen our presence in underserved areas through BDO Network Bank’s branch expansion outside Metro Manila, complemented by our digital capabilities.” This is the 4th time BDO received the Bank of the Year in the Philippines Award from The Banker. Previously, it held the title in 2013, 2017, and 2019.

Coach Pumaren: We’ll bounce back

E LA SALLE coach Derrick Pumaren picked up the pieces from harrowing loss to archrival and defending champion Ateneo on Saturday and is now prepping the Green Archers for a bounce back win on Tuesday when students and fans will be allowed entry on a limited basis at the Mall of Asia Arena. “It’s very frustrating. We made a lot of mistakes and we did not execute the things that we were doing offensively,” said Pumaren, whose Green Archers were schooled by the Blue Eagles, 57-74, in their first meeting in the University Athletic Association of the Philippines’ return in Season 84. “We just gave up, that’s how I see it. But the most important thing is how we could bounce back on Tuesday,” he added. De La Salle plays a red-hot University of Santo Tomas (UST) squad on Tuesday at 10 a.m. and both schools, like all other teams in the eightmember league, will be anticipating the cheers from their fans. The UAAP started on March 26 without fans and students but the BusinessMirror reported on Thursday—and confirmed by the league on Friday—that they will be allowed entry into the arena on a limited basis. Also, the fans will be allowed entry only at the lower and upper box sections of the venue. The Green Archers fell to a 3-1 won-lost card and will be facing a resurgent Growling Tigers who have gone 2-2 built around consecutive wins over the University of the East Red Warriors, 74-62, and Adamson University Soaring Falcons, 79-72. “We just have to learn from our mistakes last Saturday, and we just have to go back to drawing board,” said Pumaren, who will again be relying heavily on Justin Baltazar and Michael Philips. No thanks to Ateneo’s pesky interior defense led by 6-foot-11 naturalized player Ange Kouame, Baltazar was limited to only five points on 2 of 10 shooting—but he had 12 rebounds—on Saturday. Kouame, on the other hand, was a monster with 16 points, 19 rebounds and two blocks to lead Ateneo to its fourth consecutive win. Philips scattered 13 points and grabbed 10 rebounds for the Green Archers, but was controlled by the Blue Eagles in the payoff period. Josef Ramos

Sports B8

| Monday, April 4, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

CREAMLINE’S Alyssa Valdez spikes one in.

COOL SMASHERS IN PVL FINALS

REAMLINE took Choco Mucho’s challenge to heart and battled back from a set down to pound a 23-25, 25-19, 25-18, 25-15 victory and clinch the first championship berth in the Premier Volleyball League Open Conference on Sunday. The big crowd of 16,687 were back at the MOA Arena and so were the Cool Smashers in the finals as

Knights bring down Altas EFENDING champion Letran downed University of Perpetual Help System Dalta, 68-57, to remain unbeaten in the National Collegiate Athletic Association (NCAA) seniors basketball tournament Sunday at the La Salle Greenhills Gym. Rhenz Abando played his best game so far in a Knights uniform as the highleaping swingman drilled in an NCAA career-high 24 points, five rebounds, four assists and three steals. “We focused on the game,” Abando said. “Like what our coach [Bonnie Tan] tells us all the time, we treat every game a championship game.” Letran is bracing for a tough two-game stretch against Intramuros neighbor Mapua on Friday and longtime rival San Beda in a rematch of the 2019 Finals on April 12. Mark Sangalang and Allen Mina each had 10 points, while big men Christian Fajarito and Jeo Ambohot grabbed 11 rebounds apiece for the Knights. Abando scored 10 points of Letran’s 26 points in the third quarter where it established a 54-36 advantage and never looked back. The Altas fell to 1-2 won-lost with second year guard Jielo Razon getting

Touring ladies ready to face tough Hallow Ridge Challenge

BusinessMirror

frustrated all afternoon. After dropping 22 points in Perpetual Help’s 58-63 loss to San Sebastian last Friday, Razon made five attempts from the field and finished scoreless. Jeff Egan paced Perpetual Help with 15 points while Kim Aurin contributed 12 points and six rebounds.

Finding Zen in Ateneo-La Salle OH, ye of little faith… Ateneo defeated La Salle, 74-57, last Saturday, April 2, to remain undefeated after four matches, sending the Green Archers to their first loss of University Athletic Association of the Philippines Season 84. I had a laugh in the midst of that 10-0 third quarter run by the Blue Eagles that took the starch out of the Green Archers. Somehow, weirdly enough I thought of a comic book story in Archie comics. Yes, Archie. That red headed dude from Riverdale. In that comic book story, Riverdale was getting trounced by this visiting team that was playing them physically in a

the 2018-19 champions came away with two decisive scoring runs in the last two sets, the first shattering a 15-all count with a six-point roll and the other breaking a 7-all game with a seven-point binge for a pair of breakaway romps. Creamline, which failed to make it three-in-a-row in the league’s centerpiece event after losing to Chery Tiggo in Ilocos Norte last August, awaits the winner of the other semifinal between Cignal HD and Petro Gazz, which was

played Sunday night. The HD Spikers rallied in all three sets to hack out a 25-21, 25-23, 25-23 victory in the opener of their side of the best-of-three semis series. A victory by Petro Gazz will set a knockout match for the other finals berth Monday. Game One of the Finals will start Wednesday also at the MOA Arena. Creamline also subdued Choco Mucho in four, 25-18, 17-25, 25-19, 25-11, in Game One at the Filoil Flying V Arena in San Juan last Friday.

While the Flying Titans surprised the Cool Smashers with their solid net defense in the opening set that saw them produce seven blocks against their rivals’ one, Creamline went to its vaunted power game, raining Choco Mucho with 62 attacks points, 26 more than their sister team. “We’re thankful that we were able to recover from our first set loss. We came up short but the team’s maturity and chemistry are there. We only have to play our game,” Creamline coach Sherwin Meneses said. And play they did. The high-flying, jump-serving Tots Carlos stood at the forefront of Creamline’s offense with 23 points, including 19 attacks, while Jema Galanza unloaded 16 attacks and finished with 18 points and skipper Alyssa Valdez backed them up with a solid 17-hit effort.

Payback time for Meralco, Almazan

By Josef Ramos

T’S payback time for big man Raymond Almazan and Meralco as the Bolts face the Barangay Ginebra San Miguel Gin Kings again in the Governors’ Cup Finals of the Philippine Basketball Association starting with Game 1 on Wednesday. “It’s payback time for Meralco and I am 100 percent okay now, mentally and physically,” said the 6-foot-7 Almazan who suffered a knee injury in Game 3 and never returned in the series that the Gin Kings won, 4-1. “This is a great chance to get even

with Ginebra and Meralco finally winning its first title,” Almazan said. The Bolts beat the Magnolia Hotshots, 94-81, in a highly physical Game 5 last Friday and the four-day respite allows Almazan and co. to rejuvenate their wary bodies. “I think we’ll be fine by Wednesday,” said Almazan, stressing he hopes to be healthy the entire series that kicks off at 6 p.m. at the Smart Araneta Coliseum. “I don’t want to look back to the last time that I got injured,” he said. “What’s important is we’re here again in the Finals playing Ginebra.”

MERALCO’S Raymond Almazan eludes his Magnolia defenders Ian Sangalang and Jio Jalalon.

HE Ladies Philippine Golf Tour (LPGT) makes a stop in San Pedro in Laguna for the first time in 10 years as it holds the International Container Terminal Services Inc. (ICTSI) Hallow Ridge Challenge beginning Wednesday at the former KC Filipinas/ TAT Filipinas course which underwent a major facelift last year to conform to championship standards. Now named as Filipinas Golf Hallow Ridge, the par-72 course situated on a sprawling lush hills is expected to provide a different kind of test for the touring ladies, who are coming off a challenging campaign at the tight, demanding Luisita layout in Tarlac last week. The contenders in this week’s P750,000, 54-hole tournament have already sampled the layout set up on a rolling terrain where fully-grown trees line up the fairways, noting the firm greens with subtle slopes and hazards that come into play in most holes, especially in the presence of wind, will be their main concern in pursuit of leg honors. “For me, it’s a different course, a challenging one, particularly in reading the greens with slopes,” said Princess Superal, who will banner the compact field that includes last year’s Order of Merit champion Harmie Constantino and fellow leg winners Daniella Uy, Sunshine Baraquiel and Chanelle Avaricio. CHANELLE AVARICIO seeks another title in the local tour.

Meralco coach Norman Black said its game on against Ginebra. “It’s on to Ginebra again. I have never beaten Tim [Cone] before, [in the Finals] maybe this will be the right time to get it done,” Black said. “We’ve been meeting a lot lately and he’s been on the winning end every time.” Import Tony Bishop tries to end Ginebra’s reign over Meralco as he brings to the Finals his averages of 25.5 points and 13.4 rebounds in 17 games played. Former Best Import Allen Durham was Meralco’s import in that 2019 Finals. But Bishop will have his hands full with Ginebra’s resident import Justine Brownlee packing mean numbers of 30.3 points, 11.2 rebounds and 5.4 assists also 17 games this season.

Swiatek takes over as women’s No. 1 with easy victory vs Osaka

IGA SWIATEK completes the so-called Sunshine Double. AP

IAMI GARDENS, Florida— Iga Swiatek ended her journey to the women’s No. 1 ranking in fitting fashion. Swiatek continued her searing start to 2022 on Saturday, beating Naomi Osaka, 6-4, 6-0, to win the women’s title at the Miami Open and extend her

game of American Football. Archie and the gang were trying their darn hardest to play tough and mean but it wasn’t in their character. Then somehow, they chose to play with huge smiles and a friendly attitude but while running their plays. And they overturned the deficit to win with their opponents clearly flustered, bewildered, and confused. I thought back then… what a shitty story. Shows me what I know, right? When the Green Archers razed the first quarter lead clearly buoyed by the energetic Mike Phillips and the shooting of Mark Nonoy, I had to suppress any agitation. I think I have mastered that in the last 10 years where I will not react no matter if Ateneo is winning or losing. The only time I would give in is when the final buzzer of a game-clinching championship has gone off. Other than that, I keep cool. A game like Ateneo-La Salle should be practiced with Zen-like restraint. Or any Ateneo game under Tab Baldwin. So during that searing La Salle rally where they cut the deficit to one point, I told myself….relax. They’ve got this. If I am to illustrate that Archie reference, I would point to Angelo Kouame who looked in trouble against Mike Phillips in the first half. However, in the last 20 minutes, he became more active and held the La Salle rookie to two points while scoring five for himself. In my opinion, Angelo hasn’t really asserted himself and sometimes looks like a rookie himself—indecisive and well, watching the game

winning streak to 17 matches. Swiatek, who will replace the now-retired Ashleigh Barty at No. 1 in the women’s rankings officially when the points are updated Monday, also completed the so-called Sunshine Double—winning both Indian Wells and Miami. She’s the fourth woman

to do so, joining Victoria Azarenka (2016), Kim Clijsters (2005) and Steffi Graf (1994 and 1996). “This tournament has so much energy,” Swiatek said. Swiatek’s homeland is Poland, which has seen more than two million people enter from war-torn Ukraine in recent

happen instead of being in the thick of things. It wasn’t just him but everyone else was losing the ball and turning the ball over while looking lethargic. And SJ… well...seemed spaced out, tentative and unsure of himself again. But in that fourth period, we had the old SJ back. And when push came to shove—Angelo was that rock in the middle once more. However, before all that, just when it seemed like La Salle was going to overtake Ateneo, Tyler Tio knocked down two consecutive triples and the lead was 13 points by the end of the third period, 58-45. Storm weathered. Relax. Trust in the team. Practice Zen. So….what do I like about this win? TYLER TIO He used to get so frustrated with his game as it was not where it should be. But that changed in the last three seasons. He had gotten comfortable and his game flowed. I had seen almost all his games since his second to the last year with Xavier. This calmness and control about him is a joy to watch. Those two triples doused cold water on a hot DLSU squad. GIAN MAMUYAC I love players like Mamu—this roving, freelancing on defense type of player who wreaks havoc with his steals, then hits huge buckets and makes big plays. He finished

weeks. Swiatek took a moment during her trophy ceremony to acknowledge that those refugees are on her mind. “As I was doing in my previous speeches at Doha and Indian Wells, I want to say to Ukraine to stay strong,” Swiatek said. “Everything’s going to get better.” AP

with 11 points, six rebounds, six steals and one assist. At one point, he had as many steals as the entire La Salle team. How about that? CHRIS KOON He is just getting better and better. Doesn’t complain. Just plays the game. Like Archie, right? Massive player coming off the bench. 6 points, 2 boards, and 2 dimes. GIO CHIU Talk about a big time drive against that amazing Mike Phillips. He has just gotten so much better. I wish the coaching staff got to work on him so that in his final year in Ateneo High, he would have helped Kai Sotto win another chip. The improvement is noticeable and he has been playing quality minutes. All 11 Blue Eagles sent in scored. We had more turnover points for the second consecutive game 15-5. We had more second chance points, 14-10. We had more fastbreak points, 16-6. Now if we can work those free throws because DLSU sho t 16 (although they bricked half) while Ateneo was 5/8. And Ateneo was whistled for 18 fouls to La Salle’s 11. Really now? It’s okay. I’ll trust the process. Now to look in my baul for that old Archie comic book.