BusinessMirror August 01, 2022

concerned over rightsizing scheme ‘CloseGSIS borders, cut Omicron exposure risk’

S

Jr. urged Congress towhich, pass she said, “Ang GSIS shall to proactively assess

By Cai U. OrdinarioTATE-RUN Government with their lovedcosones, while forthe rightsizing economy cankung no ito for government be proactive in

Service Insurance measures, ay gagawing batas kami po ay imposing the fund eignersSysliving inpriority temperate regions including longer afford. them.impact as the righttem (GSIS) hasusually expressed the National Government magiimplement.

Gusto ko lang sizing firms up.” the want to relax in tropical “It is better that we do protective Previousinitiative instances when concern over the administraRightsizing Program (NGRP) i-share na talagang mahihiraAt present, Veloso said LOSING the country’s borders countries like the Philippines. This preventive measures than get excountry had the opportunity toGSIS imtion’s plan to rightsize theinflux bu- of OFWs to enable the government panWe kami kasi you imagine, pose travel has a fund life of 31did years, is one of the most immediate year’s is expected to posed again. have a can lot to lose,” restrictions not notprereaucracy, saying itbe may put asince to enhance institutional na lang contribuingspread that this will beThat further courses of action the governheavier many of themitswere Oplas said.kakaunti “We should do itang now so vent the of Covid-19. was strain on contributions to the capacity to provide better tion na makukuha...at hahaba sustained if they push through ment must take to prevent the latunable to come home for the holidays that we can open just before Christmainly because the decision was not pension fund. services while ensuringmas. effi-If it gets naman ang aming pagbibigay their planned investments est Covid-19 variant, Omicron, from in December 2020. contained, we can open ng madewith immediately, he said.

New GSIS President and cient use of resources.

It will pera kaya talagang mahihirapan in infrastructure projects. reaching Philippine shores, accord“My recommendation is to protect it again.”

“Kung papatay patay [If we’re General Managerthe Jose Ar- Do not also entail a comprehensive kami,” Veloso told reporters Ofwe its maximum ing to local economists. borders. allow people with Ateneo Center for Economic Re- in slow] and get caughtinvestment flat-footnulfo Veloso warned that strategic review of functions, a chance interview. limit of P104 billion, T he new var iant is a threat, a history of travel to countries with search and Development (ACERD) ed, [that’s risky] We wereP35 too bilrethe government-owned and operations, organization, sysSought to clarify whether lion has already been released e s p e c i a l l y w it h t he hol id ay s positive cases to enter,” Oplas said.

Associate Director Ser Percival active instead of proactive before.

-controlled will be more tems, and processes the proposed rightsizing for private equitythat,” and infracoming up and more foreignerscorporation “We should restrictive.

[We of differK. Peña-Reyes said closing thewould We should learn from Peñaencounter difficulties if the ent agencies, and massive and mean a shorter fund life for structure. being a llowed to travel to the have to be] more protective in terms country’s borders would be effecReyes said. “It’s a delicate balancing rightsizing is our impletransformational initiatives GSIS, still Veloso saidtointhe a mes- act. We “I think has been steady Philippines, De La Sa lle Univer-plan of measures.” tive but should adhere need to itpush testing and mented.

However, he said GSIS in the agencies concerned, sage: “Rightsizing initiative at that level of 31 [years], pano sit y economist Mar ia Ella Oplas Oplas said that while this will be standards set by the World Health tracing to be properly informed would still abide bya the mea-to some such as mergers, of the government is still in of ourpadecisions. natin mapapahaba pa lalo at told BusinessMirror. setback industries, thisconsolidaOrganization (WHO).

Blanket/shotgun sure if it is passed into law. tion, splitting, transfer, and the early stages and determinyan ho ang aming pagtutulong The holidays usually bring in is a fair measure considering that What is needed, Peña-Reyes told approaches could have dire conseIn his first Statethis of the Na-help prevent even the abolition ing the corresponding tulungan.

Overseas Filipino Workers (OFWs) could placing the of some this newspaper, is for travel restric-effect quences on the economy.” tion Address, President Maroffices. on the fund life is premature.

See “GSIS,” A2 who are eager to spend Christmas country in another strict lockdown, tions to be put in place swiftly and See “Omicron,” A2 @caiordinario

C EXPLAINER

HOW DO WE KNOW WHEN A RECESSION HAS BEGUN?

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n Monday, August 1, 297 Monday, November 29,2022 2021Vol.Vol.1717No.No.52

NATL GOVT BORROWINGS NG BORROWINGS HIT FOR 10 MOS DIP TO P2.75T P1.07T IN JANUARY-JUNE T

By Bernadette D. Nicolas

By Bernadette D. Nicolas @BNicolasBM

n

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

Omicron risk spurs revival of quarantine rules in PHL

@BNicolasBM

HEnational national government HE government’s borrowed over a trillion gross pesos in the first half of the borrowings as of year, significantly less than the level end-October shrank recorded year ago. by almost 6apercent year-on-year to Latest data from the Bureau of followed by Retail Treasury Bonds P2.75 trillion.

the Treasury (BTr) showed the government’s gross borrowings from January year stood Latest to dataJune fromthis the Bureau of the at P1.07 trillion, plunging 44.6 Treasury showed that the by governpercent fromborrowings P1.93 trillion in the ment’s gross during the comparable period 10-month period fellinby2021.

5.99 percent TheP2.92 bulktrillion of thea amount from year ago. as of end-June consisted of gross With only two months left dofor mestic borrowings which settled at this year, the latest figure is already P741.26 billion, a 55-percent drop equivalent to 89.6 percent of its from P1.65 trillion.

P3.07-trillion borrowing program.

The of gross bordoBroken lion’s down, share gross domestic mestic during the sixrowingsborrowings from January to October month came from Fixed Rate settledperiod at P2.23 trillion, down by Treasury Bonds (P535.28 billion), 5.08 percent from P2.35 trillion

in 2020.

The bulk of the amount was sourced from Fixed Rate Treasury Bonds (P1.19 trillion), followed by short-term borrowings from BangByng Samuel P. Medenilla ko Sentral Pilipinas or BSP (P540 @sam_medenilla billion), Retail Treasury Bonds/Premyo Bonds (P463.3 billion), Retail IDEL V.Bonds RAMOS, the counOnshore Dollar (P80.84 biltry’s 12th president who lion). In the same period, there was comprehenalso a netimplemented redemption of Treasury sive economic reforms, passed Bills amounting to P43.94 billion. away at the age of 94 on Sunday.

Net debt redemption means Ramos’ death lastrepaid Sunday was there were more debts comconfirmed by his family through pared to the amount borrowed dura brief statement. They did not ing the period. indicate thegross cause foreign of his death.

Meanwhile, bor“We thank you all for respectrowings in the same period also ing our privacy, as the family takes contracted by 9.7 percent to P518.7 some time grieve together.

We billion from lasttoyear’s P574.4 billion. will announce the wake and fuThis was raised through global neral arrangements the near bonds (P146.17 billion),inprogram future,” the statement loans (P139.98 billion), read. euro-denominated bonds (P121.97 billion), Colorful a project loanlegacy (P86.41 billion), and PRESIDENT Ferdinand Maryen-denominated samurai R.bonds (P24.19 billion).

By Samuel P. Medenilla @sam_medenilla

I

(P457.8 billion). There was also a net debt redemption on Treasury Bills amounting to P251.92 billion as more debts were repaid than borrowed.

Data from the BTr also showed that gross foreign borrowings in the first six months of the year rose by 15.58 percent to P329.3 billion from P284.95 billion a year ago.

Of the total, program loans and multi-tranche dollar-denominated global bonds amounted to P136.6 billion and P117.3 billion, respectively.

FORMER Philippine President Fidel Ramos bites his cigar as he looks on photographs during an exhibit on the 20th anniversary of "People Power" in suburban Makati, south of See “NG,” A2 Manila, Philippines, on February 22, 2006. Ramos, a U.S.trained ex-general who saw action in the Korean and Vietnam andCity played key role in a 1986 pro-democracy uprising PEOPLE walk past the mural of Gat Andres Bonifacio atwars Manila HallaUnderpass. ousted revolutionary a dictator, has died. He was 94. Some of Ramos's The country will celebrate the 158th birth anniversarythat of Filipino relatives DOMINGO were with him when he died on Sunday, July 31, 2022, hero Gat Andres Bonifacio on Tuesday, November 30. ROY said his longtime aide Norman Legaspi. (AP PHOTO/AARON FAVILA, FILE) cos, Jr. was among those who

EX-PRESIDENT RAMOS DIES AT 94

F

See “Borrowings,” A2

immediately condoled with the loved ones of Ramos.

“Our family shares the Filipino’s grief on this sad day.

We did not only lose aY.good

By Jasper Emmanuel Arcalas leader, but also@jearcalas a member of the family,” Marcos said in a statement posted his 3FaceORE on than million book account. coconut farmers and Ramos isworkers Marcos’are distant now regisuncle since the former chief- regtered with the government’s of-staff the Armed istry,ofwhich servesForces as theofbasis thefor Philippines was the secondto be the number of people cousin of former President Fer-of the covered by the utilization dinand E. Marcos Sr. P75-billion coconut levy fund.

Marcos remembered Ramos Philippine Coconut Authority for (PCA) his military career and stint Roel Deputy Administrator in the Executive branch of M. Rosales said about 3.11the million government. coconut farmers and farm work-

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 implementation of its Resolution No. 150A (s.2021), effectively imposing stricter protocols for all inbound travelers.

To note, IATF Resolution 150A had allowed fully vaccinated non-visa travelers from Green List areas to enter the country without the need for facility-based quarantine as long as they secure negative Reverse TranscriptionPolymerase Chain Reaction (RTPCR) test within 72 hours prior to their departure.

“Except for countries classified be to thethe tune of 25and basis points or as ‘Red,’ testing quarantine 50 basis points, depending on the protocols for all inbound internalatest on the tionaldata travelers in economy all ports ofduring entry that shalltime. comply with the testing and “We can protocols surprise people only quarantine for ‘Yellow’ once.

So there will be no more offlist countries,” Nograles said, citing cycle.

As to how many more rate the provision of IATF Resolution hikes before the end of the year, No. 151-A. that will be very dependent,” He noted Hongdata Kong, which has Medalla said. confirmed a case of the Omicron “Comewill this August meeting, we variant, also fall under the Yelcan rule out zero and we can rule low list countries. outThe 75 suspension basis points. the rest of For the rules for of the year, it all depends on what “Green List” countries will be in will happen in the outside forces,” effect from November 28, 2021 to he added. 15, 2021.

December

OVER 3-M FARMERS LISTED FOR P75-B COCO FUND BSP: July inflation driven byLEVY higher food prices, fares

M

Continued on A2 ers have been registered with the government since it started up-

dating its registry following the

By Bianca Cuaresma enactment of the Coconut Farm@BcuaresmaBM ers and Industry Trust Fund law.

Rosales explained that about ONSUMER prices likely and re500,000 coconut farmers mained elevated in July, workers were added to the PCA’s ng2.5 Pilipinas 2018Bangko list thatSentral had about million (BSP) Governor Felipe Medalla said. coconut farmers and farm workers.

The BSP chief said inflation The PCA’s next step is to concould settled within the range ducthave an exclusion-inclusion proofcedure 5.6 to 6.4 June, inflabypercent. makingInthe updated tion hit 6.1registry percent.public, providfarmers’ “Inflation month was ing everyonefor thethe opportunity to driven by the continued check the veracity of theincrease list, Roinsales foodadded. prices, further transport fare hikes, and peso depreciation,” “The list will be posted in public Medalla said in a statement over spaces where people can easily see

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them. This allows everyone to see the whoweekend. are listed in the registry and if “Meanwhile, oilthen prices, farmer doesn’t seelower his name he reduction in electricity ratesim-in shall coordinate with the PCA Meralco-serviced areas,at and lower mediately,” he explained a recent pork prices are likely to temper dialogue with coconut farmers. in part“On saidthe price pressures,” added. other hand, ifhepeople Medalla also said the BSP will would see names on the list and continue to vigilantly watch price they think they are not coconut pressures the details countryare toincoraid in farmers orintheir their decision related to monetary rect, they can report it to the PCA policy. for immediate action,” he added.

“The continue to moniThe BSP PCAwill official noted that tor closely emerging price developthe completion of the initial list ments to enable timely intervenof coconut farmers registry would tion to arrest emergence of further be just in time for the expected second-round effects, consistent rollout of coconut levy-funded

programs as President Duterte BSP’s to mandate price and iswith expected sign theofindustry financial stability,” he said. development plan in early 2022.

In mid-July, board Rosales said the the monetary PCA will not decided to raise the interest rate stop updating its list of coconuton their overnight reverse repurchase farmers and enjoined them to regfacility by 75 basis points to 3.25 ister in order to reap the benefits percent, effective immediately. of the decades-long idled coconut is “We the most aggressive monlevyThis fund. will not stop at 3.1 etary policy tightening move of million. We hope that more indi-the BSP since it adopted itscoconut inflation viduals will register in our targeting framework in 2001, more farmers registry,” he said. than decadesofago.

Thetwo updating the coconut Just last week, also farmers registry is Medalla mandated byassured markets of another rate hike Republic Act (RA) 11524 or the in their scheduled in August.

Coconut Industrymeeting Trust Fund Act. The See BSP“3-M chief said the hike will farmers,” A2

Continued on A2

PESO EXCHANGE RATES n US 55.7220 n JAPAN 0.4149 n UK 67.8583 n HK 7.0985 n CHINA 8.2593 n SINGAPORE 40.3929 n AUSTRALIA 38.9330 n EU 56.8253 n KOREA 0.0430 n SAUDI ARABIA 14.8363 Source: BSP (July 28, 2022) PESO EXCHANGE RATES n US 50.4600 n JAPAN 0.4374 n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 n AUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531 Source: BSP (November 26, 2021)

News

BusinessMirror

A2 Monday, August 1, 2022

EX-PRESIDENT RAMOS DIES AT 94 Continued from A1

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he legacy of his presidency will always be cherished and will be forever enshrined in the hearts of our grateful nation,” he said.

This was reiterated by Press Secretary Beatrix Cruz-Angeles, who said Ramos will be missed for his public service.

“He leaves behind a colorful legacy and a secure place in history for his participation in the great change of our country, both as a military officer and chief executive,” Angeles said in a brief statement last Sunday.

Ramos, 94, became the 12th president of the country from 1992 to 1998. Prior to getting elected as president, he also served as a Cabinet member in previous administrations.

His administration was marked by economic reforms including the passage of the Republic Act 8479 or the Oil Deregulation Act just before he ended his term and the country’s accession to the World Trade Organization (W TO) in 1995.

He is also known for his role in the EDSA People Power Revolution together with Presidential Chief Legal Counsel Juan Ponce Enrile.

Contributions

AMONG those who lamented Ramos’ passing is Senator Grace PoeLlamanzares, who called the former president a “steadfast leader and a democracy icon.”

“His resolute vision paved the way for real economic gains that brought the Philippines to a rising tiger status,” Poe said.

Senator Maria Lourdes BinayAngeles also recognized the economic policies of the former president, whom she referred to by his popular acronym, FVR. She also recognized his efforts to broker a peace agreement with the Moro National Liberation Front (MNLF).

“FVR oversaw massive economic gains for the country that were translated to programs for the welfare of the people. He also successfully brokered peace with rebel groups, extending the hand of peace with programs that sought to address the roots of discontent,” Binay-Angeles said.

Senator Joel J. Villanueva said

Ramos will always be remembered for his efforts to expand the economy as well as his iconic thumbs up sign.

“President FVR will always be remembered for leading the nation into the new millennium. His dream of turning the country into a ‘Tiger Economy’ will always stay alive in the hearts of every Filipino,” Villanueva said.

The chief of the Department of Budget and Management (DBM) described the late President Fidel Ramos as a “strong and decisive leader” under whose administration government budgeting played a role in the country’s economic growth.

Budget Secretary Amenah F. Pangandaman expressed her condolences to the family and friends of the former President, who she said was a “diligent servant who worked hard for the upliftment of the Filipino people.”

“President Ramos served as the 12th President of the Philippines from 1992 to 1998. It was during his administration that the Philippines, under his vision ‘Philippines 2000’, became the ‘tiger cub economy in Asia,’ as he was widely credited for spearheading economic reforms in the country,” Pangandaman said.

‘Steady Eddie’

SPEAKER Martin G. Romualdez said FVR is a tough act to follow and that his legacy will never be forgotten.

“We, in the Lakas-CMD, are

saddened to learn of the passing of our Chairman Emeritus, former President Fidel Valdez Ramos,” said Romualdez.

“We all grieve because we lost a great leader and a dear friend.

One who is a pillar of strength, and an inspiration to all. President Ramos will be remembered as one of the great Filipino leaders that took good governance to heart,” he added.

His experience as a military general and his innate charm set the blueprint for what Philippine leaders should be: tough when necessary, but with a caring heart for the common Filipino, added Romualdez.

Dasmarinas Rep. Elpidio F. Barzaga, Jr. said the country lost a great leader.

“Coalition-building is the heart of his governance. My deepest condolences and sympathies to the family of former President Fidel V. Ramos,” he said.

House Ways and Means Chairman Joey Sarte Salceda called Ramos a “mentor and a model for my life in public service.”

“FVR was possibly first President who was a serious policy wonk. He was someone who understood the complex workings of the economy in an instinctive manner. In terms of policy, he was the most consistent and methodical. He knew what he wanted to do, and he tried to do it,” Salceda said.

“Without FVR, we would not have been able to solidify the bedrock of investor confidence that has since allowed the country to grow its economy for decades. Ramos equaled economic reform. The Ramos brand was a brand of seriousness in governance. Business knew he meant business,” Salceda added.

Salceda said the country would have had a much weaker recovery from the 1997 Asian Financial Crisis if not for FVR’s reforms, primarily to set our country’s finances right.

“When FVR talked of nationbuilding, and he talked a great deal about it, you knew it wasn’t hollow ostentatious talk. He meant what he was saying, and you took him seriously,” he sakd.

Salceda said that Ramos was his “model for unceasing restlessness in public service and public life. In office, he was the first to arise and get to work, and was often also the last to leave. Even after retirement, he kept his sharpness of wit and wisdom intact.”

Deputy Speaker Ralph Recto said President Ramos was brave in war, industrious in work, visionary in public service, and helpful to his fellowmen.

“He was the Steady Eddie who led by infectious and inspiring example, from the trenches of Korea, to the corridors of Malacanang,” he said. “Whether in the battlefield or in the bureaucracy, he was daring in deeds and bold in thinking.”

According to Recto, Ramos was driven by this Protestant-IlocanoWest Point work ethic which ingrained in him the habit of rising before dawn and toiling ‘til midnight.

In all the offices he held, he was the first man in and the last man out of the office.

Ramos became president in 1992 when the country was reeling from the devastation of Pinatubo and the Baguio earthquake, when protected interests crushed competition and denigrated public service, when civil strife set back growth.

“FVR ended the people’s misery by dismantling the protections which infantilized industries, injected efficiency by bringing in competition, and levelled the playing field.” With reports from Butch Fernandez, Jovee Marie N. Dela Cruz and Bernadette D. Nicolas

www.businessmirror.com.ph

NG...

Continued from A1

The remaining amount was borrowed through a project loan (P46.85 billion) and through the issuance of yen-denominated Samurai bonds (P28.55 billion).

For the month of June alone, the national government borrowed P146.17 billion, lower by 12.6 percent from last year’s P167.2 billion.

Gross domestic borrowings also declined by 28.7 percent to P96.45 billion in June this year from P135.29 billion recorded in the same month a year ago.

Gross foreign borrowings, however, hit P49.72 billion, surging by 55.8 percent from P31.91 billion in June 2021.

For this year, the government is set to borrow a total of P2.2 trillion, the bulk of which would still come from domestic sources.

As of end-May, the national government’s outstanding debt dipped to P12.5 trillion from a record-high of P12.76 trillion as of end-April due to its repayment of its shortterm interest loan from the Bangko Sentral ng Pilipinas.

Finance Secretary Benjamin E. Diokno earlier said the government would not borrow as much as it did during the Covid-19 pandemic as the government pursues fiscal consolidation to bring down its debt-to-GDP ratio.

The national government’s debtto-GDP ratio as of the first quarter rose to 63.5 percent, the highest since the country’s debt as a percentage of the economy hit 65.7 percent in 2005 under the Arroyo administration.

Diokno said the government expects the country’s debt-to-GDP ratio to reach 61.8 percent by the end of the year and to taper down until it reaches 52.5 percent in 2028, the end of the term of President Ferdinand R. Marcos Jr. While Diokno said the government is not in a hurry to quickly return to the country’s historic low pre-pandemic debt ratio of 39.6 percent, he said the government will prioritize supporting economic growth in order for the country to outgrow its debt.

GSIS...

Continued from A1

Makakatulong [sa fund life] ang infra projects dahil talagang napakahaba ang mga cash term requirements niyan kasi long term ang kailangan natin,” he said.

With the proposed rightsizing, Budget Secretary Amenah F. Pangandaman earlier said the government will be able to save a “significant amount of the budget” which in turn may be used to fund priority projects such as building muchneeded infrastructure, for social services, programs in the health sector, agriculture, among others.

Pangandaman also said those who will opt to retire among those who will be affected by the government’s rightsizing program will receive appropriate retirement benefits while the others may also apply for positions that will be created as an effect of rightsizing.

Meanwhile, Veloso said GSIS is also eyeing joint ventures with the private sector on their 65 big-ticket real estate properties.

“Yung aming mga large-ticket items, ang plano namin ay joint venture, magkakaroon kami ng announcement kung papaano namin

ma-fasttrack na magkaron ng fair bidding for them to participate para magkaron ng joint venture projects so hindi namin ibebenta,” he said.

On the proposed Military and Uniformed Personnel (MUP) Pension Reform bill, Veloso said GSIS would be willing to serve as the fund manager.

If the current MUP pension system would be retained, Veloso said capital infusion is needed since there is no mandatory contribution from this personnel. The government is the one subsidizing the MUP pension fund through the national budget.

“Pag nagkaron ng discussion dyan, sisiguraduhin namin na kami ay tutulong na pagmanage pero hindi lang namin pwede isama pondo ng gobyerno dun sa pondo ng military, magseserbisyo lang kami,” he said.

Based on an earlier GSIS actuarial study, the current MUP pension system entails a funding requirement estimated at P9.6 trillion. If the current system prevails, the national government would be required to allocate around P850 billion to MUP pensions annually for the next two decades.

Bernadette D. Nicolas

Congress...

Continued from A10

It is unconstitutional because “holdover positions” are actually “legislative appointments” making holdover positions violative of the constitution’s rule that barangay officials should be elected and not appointed, he added.

In a case, Macalintal said former Justice Antonio Carpio said that “offices declared by the constitution as elective must be filled up by election and not by appointment.”

“Warning the dangerous effect of cancellation of election and appointment of Officers-in-Charge, Carpio said that if this can be done, it can also be done to other regions, provinces, cities and municipalities, and worse, it can even be done to the entire Philippines,” he added.

In June, Speaker Martin Romualdez said Congress is eyeing to reset the scheduled December barangay elections to save at least P8 billion that can be used to fight

the pandemic.

“On the issue of ‘saving’ funds in postponing the election, we agree with former Senator (now Representative) Ralph Recto’s opposition when the Senate voted to postpone the 2016 barangay polls,” Macalintal said.

“Makakatipid daw? Pero paano?

The math here is that by putting off the elections for a year, we are only putting aside funds budgeted for the elections for a year. We can only save money if we are permanently cancelling the polls. But we are only postponing it,” he added.

Macalintal said this only means that the government will just delay the billions of pesos already appropriated for the December 5 elections.

“But in the end, we still have to spend the same or even more as the value of the Philippine peso depreciates. Worse, we will be governed by people who do not have our mandate,” said Macalintal.

US...

Continued from A10

Salceda recalled that the DTI under then-Secretary Ramon Lopez adopted his proposal for an interim-transitional-comprehensive approach to the SIPP. “The IPP 2020 was supposed to be the interim document. MC 61 is supposed to be the transitional document. Secretary Pascual has it

in his power to direct the initiation of the comprehensive SIPP, including non-fiscal strategies to promote our priority sectors,” he said.

“I will also ask Secretary Diokno, who chairs the FIRB, about his thoughts on the matter during my upcoming meeting with him next week,” Salceda added.

The Nation BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Monday, August 1, 2022 A3

DFA: Singapore-based Pinoy gets infected with monkeypox

By Malou Talosig-Bartolome @maloutalosig

A

31-YEAR-OLD Filipino male in Singapore has been tested positive with monkeypox, the Department of Foreign Affairs (DFA) declared on Sunday.

Foreign Affairs Spokesperson Ma. Teresita Daza said the Philippine Em-

bassy in the city-state is monitoring the case.

According to the Singapore Ministry of Health (MOH), the Filipino patient tested positive for the infection on July 25.

“He developed fever on [July 21], and subsequently rashes on his face and at his perianal region [around the anus, which] further

spread to other parts of his body,” the ministry said.

Three days later, the individual sought medical care at Singapore General Hospital, and was confined on the same day. The following day, he was tested positive for monkeypox.

Currently, his “condition is stable,” according to Daza.

The Filipino is considered a resident of the island-nation, and has no travel history. As such, Singaporean health authorities considered him as a “local case.” “[It] is not linked to any of the monkeypox cases earlier announced

by MOH,” the ministry added. “Contact tracing is ongoing.”

As of this story’s writing, Daza

said that due to “privacy issues,” the DFA could not share any more information.

The World Health Organization (WHO) recently declared as a publichealth emergency of international concern the global monkeypox outbreak. More than 18,000 cases of the viral disease have been reported from 78 countries, with more than 70

percent from Europe, and 25 percent from the Americas.

Unlike Covid-19, the monkeypox virus is not spread airborne. Transmission is through lesions, body fluids, and respiratory droplets. The WHO said 98 percent of monkeypox cases during this outbreak are sexually transmitted, specifically among men having sex with men.

Cayetano: Augment 4Ps to cover disaster survivors Sarangani board seconds

A

LAWMAKER wants the government to expand the use of existing programs like the Pantawid Pamilyang Pilipino Program (4Ps) as a means to extend immediate assistance for families who lost properties and livelihoods because of disasters.

Sen. Alan Peter Cayetano said that disaster-stricken families should be enrolled into the 4Ps in times of disasters to help them recover from calamities.

The senator made the statement in the aftermath of the 7-magnitude earthquake that struck Northern Luzon on July 27, which claimed at least five lives and injured many others. The tremor also caused damages estimated at P33.8 billion.

Earlier this month, Cayetano filed Senate Bill 302, or the “4Ps for Disaster Victims Act,” which proposes a three-step assistance scheme for disaster victims centered around the antipoverty cash-disbursement program of the Department of Social Welfare and Development (DSWD).

SEN. Alan Peter Cayetano

The proposed law requires the DSWD to extend immediate financial aid to disaster survivors, then assess affected individuals within 15 to 30 days of the calamity for enrollment into the 4Ps. Individuals who were not rendered poor by a disaster will be under the 4Ps for a year, while individuals weighed down financially by a calamity are entitled to a longer period of assistance.

Floating hospitals

THE senator also mentioned the need to address the lack of access to proper health care during widespread calamities, such as in the aftermath of previous supertyphoons that damaged hospitals, as well as crippled power and communication infrastructure.

“We need to be able to treat the injured and provide immediate medical

care [notwithstanding the extent of the disaster]. That’s why we’re calling for ‘floating hospitals that could be deployed anywhere in the Philippines],” he said.

Included among Cayetano’s 20 priority bills, Senate Bill 305 or the “Floating Hospitals Act” seeks to establish at least three mobile facilities of such kind—oneeachunderthecommandof the Philippine Navy, Philippine Coast Guard, and the Philippine National Police-Maritime Group.

Said floating hospitals will provide primary- up to tertiary-level medical services, and will be deployed to areas severely affected by disasters. They may also be prepositioned in the event of disasters like typhoons which can be foreseen.

Since the Department of Disaster Resilience has been among his proposed agenda, the lawmaker wants to beef up the government’s capacity to support affected families “in a sustained manner, and get medical help where it’s needed” in similar situations.

appointments of incoming provincial-capitol officials

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

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AVAO CITY— The “Sangguniang Panlalawigan” or Provincial Board of Sarangani has conveyed its concurrence with the appointments of the provincial capitol’s new department heads.

Of f ic i a l ly ac k nowledged were t he inst a l l at ion of l aw yers Rya n Jay R . R a mos as prov inc i a l ad m inist rator a nd Jenr ic Y. Ga rc i a as prov inc i a l lega l of f icer, a nd Joa na Grace Ba nt ing-L apore as prov inc i a l infor mat ion of f icer.

Vice Governor Elmer de Peralta, who is the board’s

presiding officer, said the agreement on the July 26 appointments was unanimous.

Board members of the Committee on Civil Service, with Ephraim Galzote as chair and Jess Bascuña as vice chairman, endorsed the subsequent resolution of the sanggunian.

The provincial information office said the concurrence was a response to the endorsement from the office of Governor Rogelio “Ruel ” D. Pacquiao after he “[forwarded] the appointment and pertinent papers of the said officials for the concurrence of the 11th ‘Sanggunian.’”

The appointees formally assumed their respective offices on July 1.

Economy BusinessMirror

A4 Monday, August 1, 2022 • Editor: Vittorio V. Vitug

Construction materials’ cost in MM continue to scale up

By Cai U. Ordinario @caiordinario

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ETAIL prices of construction materials in Metro Manila posted a new 12-month high in May 2022, according to the Philippine Statistics Authority (PSA).

Based on the Construction Materials Retail Price Index (CMRPI), construction prices in the National Capital Region (NCR) grew 6.2 percent in the said month.

This is, so far, the highest for the year, followed by April at 6.1 percent and the 4.8 percent registered in March. In May last year, the CMRPI was at 1.2 percent.

“The CMRPI is a variant of the General Retail Price Index (GRPI), which measures changes in the prices

used by retailers to sell their goods to consumers and end-users relative to a base year,” PSA said.

Four commodities drove the increase in the CMRPI: carpentry materials, which grew 2.1 percent in May; masonry goods by 3.9 percent; painting materials and related compounds, 4.1 percent; and those for tinsmithry, 8.3 percent.

Carpentry materials, PSA data showed, posted a 0.6-percentage point increase from the 1.5 percent posted in April 2022, the same rate in May 2021.

Retail prices for masonry materials posted an increase of 0.6 percentage points from the 3.3 percent posted in April 2022, and 2.4 percentage points up from the 1.5 percent posted in May 2021.

Retail prices for painting materials increased 0.4 percentage points from the 3.7 percent in April 2022, and 3.2 percentage points from the 0.9 percent registered in May 2021.

For tinsmithry retail prices, PSA data showed these increased by 0.2 percentage points from the 8.1 percent posted in April and 6.5 percentage points from May last year.

“An annual uptick in the miscellaneous construction materials index decelerated to 10.2 percent in May 2022, from 10.6 percent in April 2022,” PSA said. “Indices for electrical materials and plumbing materials retained their previous months’ rates of 4 percent and 7.9 percent, respectively.”

Earlier, the Subdivision and Housing Developers Association said it is

meeting with major suppliers and producers of construction materials and other inputs to help cushion the impact of soaring prices.

Efforts to encourage developers to build more economic housing units, despite the spike in construction materials, include the recent increase in the price ceiling for such to P2.5 million, which was signed by the Department of Human Settlements and Urban Development and the National Economic and Development Authority, or Neda.

The market basket of the CMRPI is composed of 102 commodities, and classified into seven major groups: carpentry, electrical, masonry, painting and related compounds, plumbing, tinsmithry, and miscellaneous materials.

Nograles, committee to address labor, employment issues head-on

By Jovee Marie N. Dela Cruz @joveemarie

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HE new leader of the House Committee on Labor and Employment has vowed to immediately tackle the proposed “Security of Tenure and End of Endo Act.” Rizal Province’s Representative Fidel Nograles made the statement after being elected as new chair of the labor committee.

“We will also include in the discussion the demand for high wages amid the increasing prices of food and other basic commodities,” he said.

Nograles also said that his committee will address several issues to

improve the country’s labor environment and root out labor abuses.

Last month the International Trade Union Confederation’s Global Rights Index showed that the Philippines is among the 10 “worst countries for working people.”

Meanwhile, there are six filed bills which aims to strengthen workers’ right to security of tenure by amending several articles in the Labor Code of the Philippines.

The bills prohibit job contracting, or what is currently termed as "lawful" contractualization which, in effect, does away with the registration of contractors as allowed by the Labor Code and by the issuances of

the labor department.

The measures also prohibit the direct hiring of contractuals by principal employers, subcontracting, fixed-term employment, and the use of labor cooperatives.

Meanwhile, Nograles vowed to take a more dynamic stance, as he takes on his role as chairperson of the House Committee on Labor and Employment.

“We are committed to having an open ear, an open heart, an open mind, and giving equal opportunity to all, as we tackle issues regarding the welfare of our workers, [including] the challenges they confront amid the pandemic, and the rising

cost of goods,” he said.

The solon also thanked labor groups that have welcomed his appointment.

The Philippine Trade and General Workers Organization—the largest federation of workers in the country; and the Federation of Free Workers, which has more than 200,000 members, have expressed support for his appointment.

Said groups have supported Nograles’s various candidacies since 2019.

The lawmaker and Harvardtrained lawyer is an advocate for beneficial labor rights, free legal services, and advancement of marginalized sectors.

www.businessmirror.com.ph

DTI bats for digitalization to attract more investors

By Andrea San Juan

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RADE Secretary Alfredo E. Pascual is pushing to further advance digitalization that will aid in attracting more investments for the Philippines, making it easier for investors to transact with the government and establish their businesses locally.

Similarly, the trade chief mentioned in his keynote speech at the Maya Business launch event in Taguig City that the government “will also be able to encourage and support the growth of Philippine companies—particularly those that will compete in the international market.”

With the rebranding of PayMaya Enterprise as “Maya Business” last Friday, Pascual underscored the crucial partnership between the government and the private sector.

He highlighted that, by itself, the government will not be able to achieve its digital-transformation goals. The private sector, for its part, with its “agile mindset and disposition,” has to play a key role—particularly in implementing the digital evolution of enterprises.

Further, the trade secretary said that digital players and stakeholders in the private sector “will set the direction and pace of this change, both independently, and in conjunction with related public programs.”

For instance, he noted that businesses in the digital ecosystem can help industries create more stable and higher-paying jobs; make it easier for investors to set up their businesses; and help the country’s micro, small, and medium enterprises (MSMEs) widen their market access, as well as boost technologies for enhancing productivity, competi-

tiveness and financing ability.

Pascual highlighted that Maya, formerly known as PayMaya, was a crucial player in the trade department’s transition to e-government, particularly in digitizing businessname registration.

“Your company has been present from the initial meeting to the signing of the quad-partite agreement, then the memorandum of agreement in September 2019 and finally, the integration of Maya with the Business Name Registration System [or BNRS] Next Generation Program,” the trade chief recalled.

Pascual emphasized that business-name registration and renewals have become more efficient, flexible and convenient for entrepreneurs as the services are now being offered by various payment options such as debit or credit cards, Maya e-wallet/Smart Padala, GCash, and LandBank Linkbiz.

According to the trade secretary, the Philippines currently has two official issuances promoting digital transformation, particularly in digital payments: Executive Order 170 s. 2022, or the “Adoption of Digital Payments for Government Disbursements and Collections,” and the Commission on Audit (COA) Circular 2021-014, otherwise known as the “Guidelines on the Use of e-Collection and e-Payment for Government Transactions.”

“EO 170 s. 2022 aims to promote efficient service delivery, speed up transactions, increase revenue, and [most important,] reduce the risk of graft and corruption, ” Pascual noted.

Moreover, the said issuance requires all covered agencies to use secure and efficient digital disbursements as payments for goods and services.

DOLE slaps erring firms Sen. Gatchalian proposes solutions with ₧17M+ in fines for to solve Occ Mindoro power woes violating OSH standards I

By Samuel P. Medenilla @sam_medenilla

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ORE than P17.81-million worth of fines were collected by the Department of Labor and Employment (DOLE) from companies found violating the provisions of the Occupational Safety and Health (OSH) Law. In a report obtained by BusinessMirror, DOLE’s Bureau of Working Conditions (BWC) said the fines were paid by 204 erring establishments with 2,434 workers as of last June.

“The collected penalties are remitted to the Bureau of the Treasury,” BWC said.

Under Republic Act (RA) 11058 or the OSH Law, establishments will be charged between P20,000 and P50,000 per day for “willful failure or refusal of an employer, contractor, or subcontractor” to comply with its provisions.

The fund can be used by the government to provide training and

information drives for qualified employers and workers. Said efforts are to incentivize them to comply with the said law and general labor standards.

Initially, OSH standards (OSHS) compliance dropped after the implementing rules and regulations of RA 11058 were issued by DOLE on December 6, 2018.

From 74.72 percent on the said date, the compliance rate for such fell to 58.36 percent as companies have yet to completely learn the provisions of the said legislation.

The compliance rate improved to 60.75 percent in 2020, then to 70.28 percent in 2021.

For the first half of 2022 DOLE has already inspected 47,434 establishments with 2.58 million workers, of which 55.07 percent have initially complied with OSHS. This went up to 66.28 percent after some of the erring companies were able to implement corrective measures.

N his bid to solve the daily intermittent power outages in Occidental Mindoro, Senator Sherwin T. Gatchalian has come up with proposed solutions to counter the power crisis hounding the province.

This, as power interruptions have already affected hospital operations in the midst of a dengue outbreak and the resurgence of Covid-19 cases.

Taking note of the declaration of “State of Power Crisis” in Occidental Mindoro, Gatchalian said in Filipino that Mindoreños there are in dire need of sufficient supply of electricity. The lack of such, he said, has become a big blow to them, as it has affected hospitals’ regular operations.

He also noted with dismay that, given the rise of Covid-19 cases, vaccines for such may lose their efficacy without refrigerated storage and will be rendered useless.

The lawmaker forwarded the idea for the Occidental Mindoro Electric Cooperative Inc. (Omeco) to enter into an emergency power supply agreement, which is exempt from a competitive selection process.

Omeco has long been implementing rotational power interruptions in the whole province, or a maximum of 12 to 14 hours, due to a reported shortage of power supply.

Gatchalian also called on the Energy Regulatory Commission (ERC) to immediately approve the remaining 20-megawatts (MW) power supply between the Occidental Mindoro Consolidated Power Corp. and Omeco.

The application for the approval of the said power supply with the ERC is still in process.

Another solution, Gatchalian said, is for the National Power Corporation (NPC) to temporarily dispatch generator sets to provide additional power supply in the area.

In the long term, the government should study the possible interconnection of Occidental Mindoro, considering its growing energy demand, Gatchalian said.

Based on the province’s actual supply-demand situation, there is a power shortage of 16.58 MW in Occidental Mindoro this year, and is projected to increase to 21.35 MW by 2026.

Awardees for youth-based poverty-alleviation contest announced

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HE “Villar Sipag AwardsYouth Poverty Reduction Challenge” is now in its fifth year of recognizing organizations led by young citizens trying to create a significant impact in society through their advocacies.

It serves as a friendly competition among the Filipino youth, whose social enterprises contribute in alleviating the poverty situation in their respective communities.

Founders Manny and Cynthia Villar created “Sipag…” as their way of supporting youth empowerment in hopes of further encouraging more young people to significantly contribute to nation building. The award, they said, is a

recognition of the youth’s efforts, passion and selfless dedication in creating positive change in society.

This year 75 participating groups were nominated and requested to submit their documents for screening. Twenty went through rigorous final validation by a panel of judges which used the following criteria: originality or uniqueness, adaptability, sustainability, and community upliftment.

Ultimately, 10 groups were named “Most Outstanding Youth Social Enterprises,” while one was selected for a special award.

This year’s winning groups champion the promotion and preservation of Filipino arts

and culture, entrepreneurship in agriculture, environment preservation, leadership development, together with social media and sports training.

The awarding ceremony is set this Friday, August 5, at 9 a.m. at the Villar SIPAG Center, in Las Piñas City. Winners will each receive P150,000 and a trophy, while the special awardee will get a trophy and P50,000.

The 2022 winners are, from the National Capital Region: (1) Gloria Compound Youth Organization (Pilar Village, Las Piñas City); (2) Tondo Youth Pataas Community Care Inc. (Manila); (3) Simeona F. Chanyungco Lahing Kayumanggi

Mananayaw Ng Marikina Inc.; from Luzon: (4) San Carlos City Federation of 4-H Club, (5) JCI Dagupan Bangus (both from Pangasinan), (6) Mga Tala At Tula Community (Candaba, Pampanga), (7) Katoto Project (Paete, Laguna); from the Visayas: (8) Youth Proyekto Phils. Inc., (Iloilo City); and from Mindanao: (9) Mushroom City (Malaybalay City, Bukidnon) and (10) Butwa’an Arts Centre/Butwa’an Dance Ensemble (Butuan City, Agusan del Norte) A special award will be handed over to Cantor’s League from E. Aldana, Las Piñas City in recognition of their youthful passion and dedication to music.

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Monday, August 1, 2022 A5

By Jasper Emmanuel Y. Arcalas @jearcalas

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HE Sugar Regulatory Administration (SR A) w ill start the nationwide sugar inventory this month amid concerns that the Philippines will soon run out of the sweetener.

SR A OIC-Ad ministrator Hermenegildo R. Serafica has issued Circular Letter (CL) No. 32 that outlined the guidelines for the physical sugar stock, molasses and quedan-permits inventory.

Serafica said the physical inventory to be conducted in all operating sugar mills and refineries nationwide is part of the SRA’s efforts of assessing the country’s sugar production in crop year (CY) 2021-2022.

The physical inventory inspection will be conducted from August 15 to

20, a few weeks before the start of CY 2022-2023 on September 1.

Under the guidelines, the SRA will hire a private surveyor that would conduct the physical sugar and molasses inventory in the presence of an inventory team (IT).

“For sugar mills, each IT shall be composed of the authorized representative of the mill company, platners’ associations/cooperatives/ federations, and the authorized SRA representative as team leader,” CL 32 read.

“As for sugar refineries, each IT shall be composed of the authorized representative of the sugar refinery and the authorized SRA representative as Team leader,” it added.

The SRA said it will first shoulder the actual cost of the surveying services of the private surveyor for the nationwide sugar inventory. The

BUSINESSMIRROR FILE PHOTO

SRA to conduct inventory of local sugar stocks

SRA added that it would bill the “concerned mill/refinery companies” for the “cost of the surveying services.”

“There shall be no withdrawal of raw sugar and/or refined sugar

and molasses from all mill/refinery warehouses/storage tanks for the entire duration of the physical sugar and molasses stock inventory,” CL 32 read.

It also stipulated that all sugar mills must submit to the SRA’s regulation department a listing of their outstanding quedan-permits as of August 31.

Citing the latest estimates made by the SRA, Agriculture Undersecretary-designate Kristine Y. Evangelista said the country’s current refined sugar supply would be wiped out by end-August. (Related story: https://businessmirror. com.ph/2022/07/27/manila-eyesfresh-round-of-sugar-importsda-official/) The SRA earlier projected that refined sugar supply would last until the end of July while raw sugar would be depleted by the first week of August. (Related story: https://businessmirror.com.ph/2022/06/29/ phl-may-run-out-of-sugar-byaugust-sra/)

Strong quake damages irrigation systems, other farm infra

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HE Department of Agriculture (DA) said the cost of damage to farm infrastructure in the Cordillera Administrative Region (CAR) caused by the strong earthquake has reached P44.2 million.

In its latest report, the DA Disaster Risk Reduction and Management Operations Center (DA-DRRM) said the 7.0-magnitude earthquake damaged various irrigation systems, farm-to-market roads (FMRs) and farm structures in CAR. “Based on the National Irrigation Administration’s (NIA) assessment conducted by various regional officers, the Upper Chico RIS Main Canal in Tabuk, Kalinga and four (4) [national irrigation systems] and two (2) [communal irrigation systems] were affected,” DA-DRRM OpCen said in

its fourth bulletin.

“Moreover, no damage was observed in Pantabangan and Magat dambasedoninitial assessment. These values are subject to validation.”

The DA-DRRM OpCen said the temblor also destroyed agricultural facilities in Abra, which included FMRs, satellite offices, and a pigpen.

It added damage to various irrigation systems in CAR reached P29.647 million; in Ilocos Sur, P18.2 million; and in Abra, P6.947 million, according to the DA-DRRM OpCen report.

The DA-DRRM OpCen said vegetable trading at trading posts in Northern Luzon is slowly going back to normal.

It noted that total vegetables traded at the Benguet Agri-Pinoy Trading Center (BAPTC), La Trinidad

Vegetable Trading Post, and private trading areas in La Trinidad, Benguet last July 28 was at 1,534 metric tons (MT), 379 MT lower than the volume traded last July 27.

“The reduction can be attributed to farmers delaying their harvest as they may be anticipating lesser traders at the centers as an aftermath of the quake or landslides on the roads linking production areas to major roads, which caused partial closure to traffic,” it said.

“As of 11 a.m. on July 29, 2022, there is an increase of 505 metric ton inflow of highland vegetable supply traded at BAPTC and other trading centers within La Trinidad.”

The DA-DRRM OpCen said the DA-CAR RFO also mobilized two units of Kadiwa trucks loaded with

2.66 MT of assorted vegetables, dried fish and other basic food items to municipalities in the province of Abra, specifically the municipalities of San Quintin, Pidigan, Bangued, Tayum, Dolores, Lagangilang, and Bucay.

It added that the National Food Authority (NFA) assured earthquake-affected areas of sufficient rice buffer stock that could be distributed for relief operations in CAR, Regions 1, 2 and 3.

The NFA has issued a total of 45 bags of rice to the Red Cross, and 100 bags of rice to the local government unit of Benguet for relief operations.

The DA-DRRM OpCen said the agency has prepared various interventions to the affected farmers and fishermen, including 126,045 bags of rice seeds, 20,454 bags of

corn seeds and 3,379 kilograms of assorted vegetable seeds in Regions CAR, Regions 1, 2, and 3.

It added that 1,000 doses of vitamins, 1,000 doses of antibiotics, 500 doses of dewormers, and 3,000 doses of vaccines are available for livestock and poultry in Region 2.

The DA said it is fast-tracking the release of fuel subsidy and Rice Farmers Financial Assistance to affected regions, according to the DA-DRRM OpCen. “The DA and its Bureaus, Attached Agencies, and Corporations continuously coordinate with concerned NGAs, LGUs and other DRRM-related offices for the impact of the phenomenon, as well as available resources for interventions and assistance.” Jasper Emmanuel Y. Arcalas

Animal health important for helping cut greenhouse gas emissions–report

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MPROVING animal health can help cut greenhouse gas (GHG) emissions, but more granular approaches to measuring progress are vital if countries are to be able to include it in their national climate commitments, according to a report.

Diseases affecting animals, how long they live and how productive they are all have a significant impact on GHG emissions, said the report by the Food and Agriculture Organization of the United Nations (FAO), Global Dairy Platform and the Global Research Alliance on Agricultural Greenhouse Gases, titled “The role of animal health in national climate commitments.”

This means greater investments are needed to establish systems for measurement, reporting and verification (MRV). There is currently no standardized method to include improved animal health in most countries’ GHG national inventories or nationally determined contributions (NDCs). As a result, the importance

of animal health is often not clearly reflected in countries’ commitments to fight climate change.

“This report marks a breakthrough in highlighting the importance of animal health and guiding countries towards a much more granular approach in evaluating its role and how it needs to be incorporated into national commitments to help mitigate the climate crisis,” said FAO Deputy Director-General Maria Helena Semedo.

“The livestock sector provides vital nutrition and livelihoods for more than a billion people worldwide,” said Donald Moore, Executive Director of Global Dairy Platform.

“This brief demonstrates how governments and industry can work together on climate solutions and is part of the global dairy sector’s Pathways to Dairy Net Zero initiative,” he said.

“While this report clearly demonstrates the opportunity for improved animal health to contribute to cli-

mate mitigation, it also highlights the need to address critical data gaps and build capacity in low- and middle-income countries, in particular.

Governments and the sector should support long-term investments in research and create the enabling environment for animal health policies and programmes to realise their full potential,” said GRA Special Representative, Hayden Montgomery.

The report shows how countries can develop an MRV system at national level to be able to include animal health improvements in national climate commitments.

To do that, the report says, it’s essential for countries to use the detailed methodologies known as Tier 2 or 3, developed by the Intergovernmental Panel on Climate Change (IPCC).

While the commonly used Tier 1 approach only allows for estimating GHG emissions per animal with regional averages, Tier 2 looks at spe-

cific local production systems. This includes herd parameters to estimate impacts on animal numbers such as mortality, fertility, age at first parturition and replacement rate, as well as production data including milk yields and animal weights at different life stages.

Data on feed for different categories of animals and manure management systems are also critical as these have a strong influence on emission factors. Measuring parameters such as the methane (CH4) conversion factor may even require using Tier 3 approaches with more complex modeling and associated data, the report says.

A key challenge concerns how emissions from the livestock sector are reported in national GHG inventories and included in NDCs. In their inventories, FAO said countries report direct emissions at sector level. “These emissions in the livestock sector include CH4 emissions from enteric fermentation in

animals’ digestive systems and CH4 and nitrous oxide (N2O) emissions from manure management. Emissions from feed production, processing and transport and energy use are reported under “agricultural soils” or the energy sector.”

At the same time, animal health interventions cannot be considered in isolation at animal level as affecting only direct emissions. For example, supply-chain emissions may diminish due to reduced needs for replacement animals or changes in the feed ration. Therefore, it is important to adopt a systems perspective and understand the drivers of supply-chain emissions.

FAO said it considers animal health vital for sustainable livestock production. “Animal products not only represent a source of highquality food but are also a source of income for many small farmers and animal holders, making a significant contribution to livelihoods and GDP in many developing countries.”

Evangelista said the imported sugar under the importation program authorized by Sugar Order 3 has started to arrive and has augmented local sugar supply.

In June, Serafica said importation is one of the options of the government to plug the shortfall in domestic sugar supply since it will take some to build up stocks from local sources. He noted that the milling of raw sugar starts in December and peaks in the first quarter of the succeeding year, while refined sugar production begins once there is an ample supply of raw sugar.

“If we rely on our local production alone and not allow importation, by August we won’t have enough sugar and we won’t have any carryover stocks for our needs in the coming months until production builds up.”

DAR installs ARBs in CARP-awarded land in N. Cotabato

By Jonathan L. Mayuga @jonlmayuga

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HE Department of Agrarian Reform (DAR) said a total of 58 agrarian reform beneficiaries (ARBs) have finally occupied their government-awarded land in Barangay New Kalibo, M’lang, North Cotabato.

Provincial Agrarian Reform Program Officer II Charish Paña said prior to the installation of the ARBs to the then banana plantation, there were intruders who occupied a portion of the land in the area, thus restraining the entry of the DAR’s identified ARBs or land title holders.

“Because of the intrusion, the DAR was constrained to recommend the issuance of a writ of installation.

The activity was another social justice served for our ARBs. Aside from the land given to them, we will ensure that they will also get the support services they need to make their lands productive,” Paña said.

The landholdings were acquired by the DAR through the Compulsory Acquisition Scheme of the Comprehensive Agrarian Reform Program (CARP), which calls for the redistribution of public and private agricultural lands to farmers and farmworkers who are landless, irrespective of tenurial arrangement.

Municipal Agrarian Reform Program Officer Oding Yusoph thanked the DAR management for their full support and prompt action in the issuance of the writ of installation.

“We are very happy about this feat for the ARBs and we also appreciate the active collaboration of partner agencies, particularly the barangay governments of New Rizal and New Kalibo for their facilitation in the area as well as the Municipal Police Office of M’lang for providing security assistance,” Yusoph said.

Ukraine expects grain exports soon as Zelenskyy visits port

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KRAINE said it’s close to restarting grain shipments, although the timing will depend on go-ahead from the United Nations, which helped broker last week’s deal, and there were still few details available about how the process will unfold.

“Our side is fully ready,” Ukrainian President Volodymyr Zelenskyy said in the Odesa region, where he was watching grain being loaded onto a Turkish ship at Chornomorsk port.

Crop markets are watching closely for concrete moves toward unlocking the millions of tons of grain that have been piling up in Ukraine, which is one of the biggest wheat, corn and vegetable-oil suppliers. The war has shaken the food trade and spurred warnings about a global crisis, while the country is under pressure to re-

sume exports to boost its war-devastated economy. Its farmers have also warned they are running out of space to store crops.

UN spokesman Farhan Haq declined to commit to a day when the first ship would leave. A coordination center in Istanbul “is working to establish standard operating procedures, including monitoring and inspection procedures and emergency response procedures,” he said at a briefing. “Once all those elements are place, we’ll start seeing the first movements of ships.”

There have been incremental signs of progress: Ukraine’s Sea Ports Authority earlier told companies a test boat would sail soon, and a group of insurers set up a program to cover cargoes of food from Ukraine—insurance has been seen as one of the big challenges to shipments. However

it’s been a week since the agreement was reached between Russia, Ukraine, Turkey and the UN, and some traders and exporters said they were still waiting for information about how and when vessels will depart.

A successful resumption of grain and oilseed shipments from Ukraine is seen as key to easing a global food crisis, but many analysts and western officials have been skeptical about whether last week’s deal can be implemented. Shipowners are facing a myriad of challenges including getting insurance and recruiting crews to operate the ships as safety concerns remain. Russia’s attack on Odesa’s sea port with cruise missiles hours after signing the deal also raised questions about its commitment.

Tariel Khajishvili, director at shipping agent Novik LLC, said by phone from Odesa that he’d been told on

Thursday by port authorities that a test ship would sail on Friday, but now notified that it was delayed to some time over the weekend.

“We don’t know the details of how this would work and the port authorities are not giving written confirmations, but they have issued a list of rules which ships have to abide by,” he said, adding that he had two ships ready to sail.

Departing vessels will need to navigate through safe pathways through the mined seas and Infrastructure Minister Oleksandr Kubrakov told reporters that Ukraine was hoping to receive confirmation on Friday from the UN about the corridors.

Ascot Group is leading a group of insurers in offering up to $50 million of cover for grain and food cargoes from Ukraine’s ports. The program was put together by Marsh, the world’s

GRAINS of harvested wheat in a storage barn in Polykastro, Greece, on Friday, July 1, 2022.

PHOTOGRAPHER: KONSTANTINOS TSAKALIDIS/BLOOMBERG

largest commercial insurance broker.

“The creation of this facility is an important step in releasing crucial grain supplies from Ukraine,” said Marsh Global Head of Marine and

Cargo Marcus Baker. Cargo insurance is just one leg of what will required to get shipments to market, he said, as hull war insurance will also be needed. Bloomberg News

The World BusinessMirror

A6 Monday, August 1, 2022

Russia and Ukraine trade blame for deadly attack on POW prison

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By SUSIE BLANN The Associated Press

YIV, Ukraine—Russia and Ukraine accused each other Friday of shelling a prison in a separatist region of eastern Ukraine, an attack that reportedly killed dozens of Ukrainian prisoners of war captured after the fall of Mariupol, the city where troops famously held out against a monthslong Russian siege.

Both sides said the assault was premeditated with the aim of covering up atrocities.

Russia claimed that Ukraine’s military used US-supplied rocket launchers to strike the prison in Olenivka, a settlement controlled by the Moscow-backed Donetsk People’s Republic. Separatist authorities and Russian officials said the attack killed 53 Ukrainian POWs and wounded another 75.

Moscow opened a probe into the attack, sending a team to the site from Russia’s Investigative Committee, the country’s main criminal investigation agency. The state RIA Novosti agency reported that fragments of US-supplied precision High Mobility Artillery Rocket System rockets were found at the site.

The Ukrainian military denied making any rocket or artillery strikes in Olenivka, and it accused the Russians of shelling the prison to cover up the alleged torture and execution of Ukrainians there. An adviser to Ukrainian President Volodymyr Zelenskyy described the shelling as “a deliberate, cynical, calculated mass murder of Ukrainian prisoners.”

Neither claim could be independently verified.

Video shot by The Associated Press showed charred, twisted bed frames in the wrecked bar-

racks, as well as burned bodies and metal sheets hanging from the destroyed roof. The footage also included bodies lined up on the ground next to a barbed-wire fence and an array of what was claimed to be metal rocket fragments on a wooden bench.

Denis Pushilin, the leader of the internationally unrecognized Donetsk republic, said the prison held 193 inmates. He did not specify how many were Ukrainian POWs. The deputy commander of the Donetsk separatist forces, Eduard Basurin, suggested that Ukraine decided to strike the prison to prevent captives from revealing key military information.

Ukraine “knew exactly where they were being held and in what place,” he said. “After the Ukrainian prisoners of war began to talk about the crimes they committed, and orders they received from Kyiv, a decision was made by the political leadership of Ukraine: carry out a strike here.”

U k ra inia n president ia l adviser Mykhailo Podolyak called for a “strict investigation” into the attack and urged the United Nations and other international organizations to condemn it. He said the Russians had transferred some Ukrainian prisoners to the barracks just a few days before the strike, suggesting that it was

In this photo taken from video, a view of destroyed barrack at a prison in Olenivka, in an area controlled

by Russian-backed separatist forces, eastern Ukraine on Friday, July 29, 2022. Russia and Ukraine accused each other Friday of shelling a prison in a separatist region of eastern Ukraine, an attack that reportedly killed dozens of Ukrainian military prisoners who were captured after the fall of a southern port city of Mariupol in May. AP Photo

planned. “ T he pur pose—to discredit Ukraine in front of our partners and disrupt weapons supply,” he tweeted.

Ukrainian officials alleged that Russia’s Wagner Group, mercenaries Russia has used in other armed conflicts and reportedly elsewhere in Ukraine, carried out the assault.

Ukraine’s security agencies issued a statement citing evidence that Russia was responsible, including the transfer of prisoners, analysis of injuries and the blast wave, intercepted phone conversations and the absence of shelling at the site.

“All this leaves no doubt: The explosion in Olenivka was a Russian terrorist act and a gross violation of international agreements,” the statement said.

A Ru ssi a n Defen se M i n i s try spokesperson, Lt. Gen. Igor Konashenkov, described the strike as a “bloody provocation” aimed at discouraging Ukrainian soldiers from surrendering. He too claimed that US-supplied HIMARS rockets were used, and said eight guards were among the wounded.

Ukrainian forces are fighting to hold on to the remaining territory under their control in Donetsk.

Together with the neighboring Luhansk province, they make up

Ukraine’s mostly Russian-speaking industrial Donbas region.

For several months, Moscow has focused on trying to seize parts of the Donbas not already held by the separatists.

Holding POWs in an area with active fighting appeared to defy the Geneva Convention, which requires that prisoners be evacuated as soon as possible after capture to camps away from combat zones.

The Ukrainian POWS at the Donetsk prison included troops captured during the fall of Mariupol. They spent months holed up with civilians at a giant steel mill in the southern port city. Their resistance during a relentless Russian bombardment became a symbol of Ukrainian defiance against Russia’s aggression.

More than 2,400 soldiers from the Azov Regiment of the Ukrainian national guard and other military units gave up their fight and surrendered under orders from Ukraine’s military in May. Scores of Ukrainian soldiers have been taken to prisons in Russian-controlled areas. Some have returned to Ukraine as part of prisoner exchanges with Russia, but the families of other POWs have no idea whether their loved ones are still alive, or if they will ever come home.

Thousands of Iraqi protesters storm parliament in Baghdad

By Qassim Abdul-Zahra & Samya Kullab The Associated Press

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AGHDAD—Thousands of followers of an influential Shiite cleric stormed into Iraq’s parliament on Saturday, for the second time this week, protesting government formation efforts led by his rivals, an alliance of Iran-backed groups.

The alliance showed signs of internal division, with some calling for counter-protests—a development that would raise the specter of civil strife—while others later urged for dialogue.

Iraqi security forces initially used tear gas and stun grenades to try to repel the demonstrators, who are followers of cleric Muqtada al-Sadr. Once inside, the protesters declared an open-ended sit-in and claimed they would not disperse until their demands are answered.

As the numbers of protesters swelled, the police backed off. An expected parliament session did not take place and no lawmakers were in the hall. By late afternoon, the Ministry of Health said about 125 people were injured in the violence—100 protesters and 25 members of the security forces.

Parliament Speaker Mohammed Halbousi suspended future sessions until further notice.

Earlier in the day and heeding al-Sadr’s calls, the demonstrators used ropes and chains to pull down cement barricades leading to the

gate of Baghdad’s heavily fortified Green Zone, which houses government buildings and embassies.

The development showed alSadr was using his large grassroots following as a pressure tactic against his rivals, after his party was not able to form a government despite having won the largest number of seats in the federal elections held last October.

With neither side appearing willing to concede, and al-Sadr intent on derailing government formation efforts lead by his rivals, Iraq’s limbo and political paralysis has ushered in a new era of instability in the beleaguered country.

Al-Sadr has used his followers as leverage against rivals and ordered them to occupy the parliament in the past—as in 2016, during the administration of Prime Minister Haidar al-Abadi.

Now, 10 months since the last elections, the political vacuum is shaping up to be the longest since the US-led 2003 invasion to oust Iraqi dictator Saddam Hussein had reset the country’s political order.

Al-Sadr’s rivals in the Coordination Framework—an alliance of Shiite parties backed by Iran and lead by former Prime Minister Nouri al-Maliki—showed signs of internal divisions later on Saturday.

At first, the alliance called for “peaceful ” counter-protests to defend the state, raising fears of possible street clashes and interethnic violence.

“Civil peace is a red line and all Iraqis must be prepared to defend it in all possible, peaceful, means,” the alliance said. Three Shiite officials said this statement was written by al-Maliki and militia leader and political figure Qais al-Khazali.

Later, Hadi al-Amiri, also an alliance leader, issued a statement inviting our “dear brother” al-Sadr to “a serious dialogue” to find a way out of the impasse. Al-Maliki appeared to pivot also and issued a statement saying the day’s tumultuous events had prompted him to call for dialogue with al-Sadr.

Al-Maliki is al-Sadr’s chief rival and both men are powerful in their own right.

The United Nations expressed its concern of further instability and called on Iraqi leaders to deescalate. “Voices of reason and wisdom are critical to prevent further violence. All actors are encouraged to de-escalate in the interest of all Iraqis,” the UN said.

In a speech, caretaker Prime Minister Mustafa a l-K ad himi called for restraint.

“The political blocs must sit down and negotiate and reach an understanding for the sake of Iraq and the Iraqis,” he said and ordered security forces to protect demonstrators.

Shiite leader Ammar al-Hakim—who is allied with the Framework but has announced he would not participate in the next government—echoed al-Kadhimi ’s

words and called for both sides to make concessions to avoid “the irreplaceable loss of the homeland.”

Throughout the day, al-Sadr supporters—many had come not just from Baghdad but other provinces as well in order to stage the sit-in—continued to throng the parliament building, raising the Iraqi flag and portraits of al-Sadr.

They chanted against the intrusion of foreign states, a veiled reference to Iran.

It was the second time in four days that the cleric ordered his followers to take their cause inside the Green Zone. On Wednesday, after protesters stormed the parliament in a similar fashion, they left shortly after getting inside, at al-Sadr’s command.

Wednesday’s show of force came after al-Sadr’s rivals had made a step forward in their government formation efforts by naming Mohammed al-Sudani as their nominee for the premiership.

Inside the parliament, as the day unfolded, the defenses of the security forces grew less intense and many were seen sitting and conversing with demonstrators.

Later, some protesters began moving from the parliament toward the Judicial Council building.

“We came today to remove the corrupt political class and prevent them from holding a parliament session, and to prevent the Framework from forming a government,” said Raad Thabet, 41.

“We responded to al-Sadr’s call.”

Editor: Angel R. Calso

Biden tests positive for Covid again, returns to isolation at White House

By Zeke Miller & Josh Boak The Associated Press

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ASHINGTO—President Joe Biden tested positive for Covid-19 again Saturday, slightly more than three days after he was cleared to exit coronavirus isolation, the White House said, in a rare case of “rebound” following treatment with an anti-viral drug.

White House physician Dr. Kevin O’Connor said in a letter that Biden “has experienced no reemergence of symptoms, and continues to feel quite well.” O’Connor said “there is no reason to reinitiate treatment at this time.”

In accordance with Centers for Disease Control and Prevention guidelines, Biden will reenter isolation for at least five days. He will isolate at the White House until he tests negative. The agency says most rebound cases remain mild and that severe disease during that period has not been reported.

Just as when Biden first tested positive, the White House sought to show he was still working. The president sent out a picture of himself masked and tieless on Twitter, which showed him signing a declaration that added individual assistance for flood survivors in Kentucky.

The president followed up by tweeting out a 12-second video of him on a White House balcony with his dog, Commander.

“I’m feeling fine, everything is good,” said Biden, a pair of aviator sunglasses in his hand. “But Commander and I got a little work to do.”

The president also took time on Saturday to have a FaceTime conversation with people camping outside the US Capitol who are seeking health benefits for military veterans exposed to toxic substances from burn pits during their service, according to White House chief of staff Ron Klain. A bill to provide expanded benefits failed to clear the Senate on Wednesday. Veterans Affairs Secretary Denis McDonough brought the group pizza and the phone connection to talk with the president.

“Feel better,” a member of the group told Biden in a video of the call posted to Twitter. Later, in a tweet, the president said he had planned to meet with families at the Capitol but that his positive test “got in the way.”

Word of Biden’s positive test came—he had been negative Friday morning—just two hours after the White House announced a presidential visit to Michigan this coming Tuesday to highlight the passage of a bill to promote domestic high-tech manufacturing. Biden had also been scheduled to visit his home in Wilmington, Delaware, on Sunday morning, where first lady Jill Biden has been staying while the president was positive. Both trips have been canceled as Biden has returned to isolation.

Biden, 79, was treated with the anti-viral drug Paxlovid after he first tested positive on July 21. He tested negative for the virus on this past Tuesday and Wednesday. He was then cleared to leave isolation while wearing a mask indoors. His positive tests put him among the minority of those prescribed the drug to experience a rebound case of the virus.

White House Covid-19 coordinator Dr. Ashish Jha told reporters on Monday that data “suggests that between 5 and 8 percent of people have rebound” after Paxlovid treatment.

“Acknowledging the potential for so-called ‘rebound’ Covid positivity observed in a small percentage of patients treated with Paxlovid, the President increased his tested cadence, to protect people around him and to assure early detection of any return of viral replication,” O’Connor wrote in his letter.

O’Connor cited negative tests for Biden from Tuesday evening, Wednesday morning, Thursday

President Joe Biden removes his face mask as he arrives to speak about the economy during a meeting with CEOs in the South Court Auditorium at the White House complex in Washington on Thursday, July 28, 2022. Biden tested positive for Covid-19 again on Saturday, July 30, slightly more than three days after he was cleared to exit coronavirus isolation, the White House said, in a rare case of “rebound” following treatment with an anti-viral drug. AP Photo/Susan Walsh

morning and Friday morning, before Saturday morning’s positive result by antigen testing. “This in fact represents ‘rebound’ positivity,” he wrote.

According to the CDC, those with rebound Covid should isolate for at least five days, ending that if a fever has resolved itself for 24 hours without medication and symptoms have improved.

The patient “should wear a mask for a total of 10 days after rebound symptoms started. Some people continue to test positive after day 10 but are considerably less likely to shed infectious virus.”

Both the Food and Drug Administration and Pfizer point out that 1% to 2% of people in Pfizer’s original study on Paxlovid saw their virus levels rebound after 10 days.

The rate was about the same among people taking the drug or dummy pills, “so it is unclear at this point that this is related to drug treatment,” according to the FDA. While Biden was testing negative, he returned to holding inperson indoor events and meetings with staff at the White House and was wearing a mask, in accordance with CDC guidelines. But the president removed his mask indoors when delivering remarks on Thursday and during a meeting with CEOs on the White House complex.

Asked why Biden appeared to be breaching CDC protocols, press secretary Karine Jean-Pierre said, “They were socially distanced. They were far enough apart. So we made it safe for them to be together, to be on that stage.”

Regulators are still studying the prevalence and virulence of rebound cases, but the CDC in May warned doctors that it has been reported to occur within two days to eight days after initially testing negative for the virus.

“Limited information currently available from case reports suggests that persons treated with Paxlovid who experience Covid-19 rebound have had mild illness; there are no reports of severe disease,” the agency said at the time.

When Biden was initially released from isolation on Wednesday, O’Connor said the president would “increase his testing cadence” to catch any potential rebound of the virus.

Paxlovid has been proven to significantly reduce severe disease and death among those most vulnerable to Covid-19. US health officials have encouraged those who test positive to consult their doctors or pharmacists to see if they should be prescribed the treatment, despite the rebound risk.

Biden is fully vaccinated, after getting two doses of the Pfizer coronavirus vaccine shortly before taking office, a first booster shot in September and an additional dose on March 30.

While patients who have recovered from earlier variants of Covid-19 have tended to have high levels of immunity to future reinfection for 90 days, Jha said that the BA.5 subvariant that infected Biden has proven to be more “immune-evasive.”

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NY declares monkeypox a public health emergency

N

EW YORK—Officials in New York City declared a public health emergency due to the spread of the monkeypox virus Saturday, calling the city “the epicenter” of the outbreak.

The announcement Saturday by Mayor Eric Adams and health Commissioner Ashwin Vasan said as many as 150,000 city residents could be at risk of infection. The declaration will allow officials to issue emergency orders under the city health code and amend code provisions to implement measures to help slow the spread.

In the last two days, New York Gov. Kathy Hochul declared a state disaster emergency declaration and the state health department called monkeypox an “imminent threat to public health.”

New York had recorded 1,345 cases as of Friday, according to data compiled by the

Centers for Disease Control and Prevention.

California had the second-most, with 799.

“We will continue to work with our federal partners to secure more doses as soon as they become available,” Adams and Vasan said in the statement. “This outbreak must be met with urgency, action, and resources, both nationally and globally, and this declaration of a public health emergency ref lects the seriousness of the moment.”

The World Health Organization declared monkeypox a global health emergency on July 23 and San Francisco’s mayor on Thursday announced a state of emergency over the growing number of cases.

The once-rare disease has been established in parts of central and west Africa for decades but was not known to spark large outbreaks beyond the continent or to spread widely among people until May, when authorities detected dozens of epidemics in

Europe, North America and elsewhere.

To date, there have been more than 22,000 monkeypox cases reported in nearly 80 countries since May, with about 75 suspected deaths in Africa, mostly in Nigeria and Congo. On Friday, Brazil and Spain reported deaths linked to monkeypox, the first reported outside Africa. Spain reported a second monkeypox death Saturday.

The virus spreads through prolonged and close skin-to-skin contact as well as sharing bedding, towels and clothing. In Europe and North America, it has spread primarily among men who have sex with men, though health officials emphasize that the virus can infect anyone.

The type of monkeypox virus identified in this outbreak is rarely fatal, and people usually recover within weeks. But the lesions and blisters caused by the virus are painful. AP

Monday, August 1, 2022

A7

U.S. ambassador says Russia intends to dissolve Ukraine from world map

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NITED NATIONS — The US ambassador to the United Nations said Friday there should no longer be any doubt that Russia intends to dismantle Ukraine “and dissolve it from the world map entirely.”

Linda Thomas-Greenfield told the U.N. Security Council that the United States is seeing growing signs that Russia is laying the groundwork to attempt to annex all of the eastern Ukrainian regions of Donetsk and Luhansk and the southern Kherson and Zaporizhzhia regions, including by installing “illegitimate proxy officials in Russian-held areas, with the goal of holding sham referenda or decree to join Russia.”

Russia’s Foreign Minister Sergey Lavrov “has even stated that this is Russia’s war aim,” she said.

Lavrov told an Arab summit in Cairo on Sunday that Moscow’s overarching goal in Ukraine is to free its people from its “unacceptable regime.”

Apparently suggesting that Moscow’s war aims extend beyond Ukraine’s industrial Donbas region in the east comprising Donetsk and Luhansk, Lavrov said: “We will certainly help the Ukrainian people to get rid of the

regime, which is absolutely anti-people and anti-historical.”

Russia’s deputy UN ambassador Dmitry Polyansky told the Security Council on Friday that “The de-Nazification and demilitarization of Ukraine will be carried out in full.”

“There must no longer be a threat from this stage to Donbas, nor to Russia, nor to the liberated Ukrainian territories where for the first time in several years people are finally able to feel that they can live the way they want,” he said.

Polyansky also warned Western nations supplying long-range artillery and MLRS surfaceto-surface rockets that they were shifting “the provisional security line” further toward the west, “and in so doing clarifying even further the aims and objectives of our special military operation.”

Thomas-Greenfield went after countries that say “one country’s security should not come at the expense of another’s,” asking what they call Russia’s invasion of Ukraine. She didn’t name any country but this is a view China has repeated frequently, including Friday by its deputy UN ambassador Geng Shuang. AP

A8

Monday, August 1, 2022 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Pound the facts

W

ith what is happening in China, domestic issues seem almost trivial. Presidents Xi Jinping and Joe Biden spoke virtually last Thursday. Biden released the following statement: “Today I spoke with President Xi Jinping of the People’s Republic of China as part of our efforts to deepen lines of communication, responsibly manage our differences, and address issues of mutual interest.”

Then again, “Hu Xijin, former editor-in-chief of the Chinese state-run Global Times, on Friday suggested that the People’s Liberation Army shoot down a plane carrying House Speaker Nancy Pelosi to Taiwan if US fighters escort her to the island.”

Last April Pelosi scheduled a trip to Taiwan, which was cancelled after China’s fierce objection. Perhaps by divine intervention, Pelosi tested positive for Covid, which gave her trip cancellation a valid excuse. Blame Covid. Blame Putin.

But Xi has problems other than Pelosi, and her proposed Taiwan trip actually works in Xi’s favor to rally the people against Imperialist America.

Locking down almost 1 million people in a Wuhan suburb after the discovery of four Covid cases gives you a good idea of how things are in the Middle Kingdom.

While chairing the July Politburo meeting, President Xi reiterated the government’s “Dynamic Zero Covid” policy. He also required policymakers to ensure financial stability and properly handle risks from rural banks.

Hundreds of rural bank customers in central China’s Henan province were beaten after protesting about not being able to get their money ($1.5 billion) back from several rural banks since April. Blame Covid.

Xi also emphasized that “housing is for living in, not for speculation,” adding that local governments should take responsibilities in “guaranteeing the delivery of homes.” Too many developers took down payments and “forgot” to build the units. After that statement, property stocks dropped 2.8 percent at the Hong Kong Stock Exchange.

Now the Beijing government is considering confiscation (nationalization) of undeveloped land from distressed real estate companies, using it to help finance the completion of stalled housing projects that have triggered mortgage payments boycotts across the country.

There is a motto among lawyers: “If you have the facts on your side, pound the facts; if you have the law on your side, pound the law; if you have neither the facts nor the law, pound the table.”

That applies to others too. If you cannot criticize something on the facts and what was actually said, complain about what was not talked about.

Philippine inflation is currently high as is true for most of the world.

But our inflation rate tracks and is correlated with the global price of crude oil. The Philippine annual inflation rate is 6.1 percent. The global average inflation rate is 7.4 percent, according to the World Bank. That comparison is not meant to bring any sort of satisfaction about local prices being high.

What it does mean is the fact that this is not a local problem that can be solved with local solutions.

To further “pound the facts,” the outlook is good for the economy, which will mitigate some of the negative effects of price increases.

“The International Monetary Fund has raised its 2022 gross domestic product growth forecast for the Philippines to 6.7 percent from the original target of 6.5 percent.” “Standard Chartered Bank now expects faster economic growth for the Philippines this year,” forecasting growth at 8 percent. “The Asian Development Outlook 2022 Supplement says the Philippine economy will grow at least 6.5 percent in 2022, up from the bank’s April forecast of 6.0 percent.”

Certainly, there will be those who “pound the table” and say those estimates are not good enough and that poverty is a critical issue. Now it is valid to “Blame Covid. Blame Putin,” at least for a while.

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RISING SUN

T

oday marks the start of the country’s celebration of Buwan ng Wikang Pambansa, which is observed every August as proclaimed in the 1987 Constitution. This year’s theme is “Filipino at mga Katutubong Wika: Kasangkapan sa Pagtuklas at Paglikha.” We are celebrating not just our national language, Filipino, but also the other Philippine languages.

Lately there have been some discussions about the proposal to use both Filipino and English as the main medium of instruction in schools. The Commissioner of Komisyon sa Wikang Filipino, Arthur Casanova, said that KWF is not opposed to this because they don’t believe it will hinder the development of our language and will not be a barrier to our students’ progress.

Being multilingual has its advantages, he said. In fact, KWF’s Casanova does not believe the problem lies in the language used in teaching, but rather in the capacity of some teach-

ers specializing in Filipino.

Better teacher education is key, he said. Actual studies have proven a few times that quality of instruction is more crucial than the language of instruction when it comes to effective teaching and learning.

The Undersecretary of the Department of Education, Epimaco Densing, has suggested to the Education Secretary and Vice President Sara Duterte to make both English and Filipino the medium of instruction in our schools. Even President Marcos mentioned it in his SONA. Apparently, most people believe that a

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Buwan ng Wika and the appropriate medium of instruction

STREET TALK

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hey say that the roads are a microcosm of the state of a society, a culture, and a nation. I was in Jakarta last week and I must say that their roads, the motorists and the commuters there generally reflect their state of well-being. As we are now in the midst of a transport crisis, one can only begin to envy our neighbors and wonder why, despite our cultural and social similarities, our situation is vastly so different from theirs. It would do well for us to once in a while take a glimpse and learn from our Asian neighbors.

Life on their roads says it all. Yes, the dreaded Jakarta traffic is still there and maybe even worse than what we have here. But their traffic moves. Vehicles fight for space just as wild as in Metro Manila, with motorcycle riders zipping past private cars and the “microlets”—their own version of our jeepneys. There is chaos but there is also order. For some reason there are fewer enforcers on the roads, yet I have not seen

one accident or any altercation during my stay there. Everyone lines up on the road with no privileged ones with their “wang-wangs cutting lanes. Waiting sheds and bus stops may look less modern than some of the ones we have, but they are functional and fully utilized. There are street vendors but they hardly bother pedestrians. Even during their peak hours, there are no long lines of commuters. Trip schedules

Actual studies have proven a few times that quality of instruction is more crucial than the language of instruction when it comes to effective teaching and learning.

good command of the English language equates to success. They say that it will arm our students as they go out into the world, as English is the language of business and international relations.

The question is, is this true?

Some argue that despite knowing more languages and speaking better English than most developed Asian countries like Japan, South Korea, and China, we are not doing better than them economically.

Even as we have been teaching Math and Science using English, our students are not necessarily doing better in STEM (Science, Technology, Engineering, Mathematics) in the international arena.

In fact, we ranked 76th in the 2018 PISA, a global study of the scholastic performance of students in almost 80 countries in the areas of Math, Science, and Reading. The non-English-speaking countries like China, Taiwan, Japan, and

Public buses are governmentowned but operated and maintained by the private sector, assuring commuters of better service as the government absorbs capital costs. Their more than 100 million motorcycles have front plates as required, but it’s not an issue. No smokebelchers even if roadworthiness tests are not required. People move. Jakarta moves. are kept. Lack of public transport is not an issue. The Trans Jakarta, the first BRT system in Southeast Asia that spans more than 251 kilometers, ferries more than a million passengers daily from all walks of life—local executives, expats, students and ordinary workers. Their LRT lines are being expanded to reach greater Jakarta and a subway line is being completed on schedule.

It would be easy to assume that Jakarta has more funds to spend for infrastructure and smart city solutions and therefore has managed their roads better than us. That is true. But it will not be fully right to

South Korea topped PISA. Even Vietnam, which is considered a poor country, ranked 17th and 8th in the 2012 and 2015 PISA, respectively, doing better than developed nations like the UK and the USA. Vietnam uses its native language in school.

To improve teacher education requires that we allocate more of the national budget to education and also to revisit our standards and policies related to teaching. Better educational and teaching tools have to be provided, as well as additional classrooms and higher wages for our teachers. It’s time to look at the real needs of our students and our teachers and create reforms to ensure that these are met. nnn

Ballet Philippines presents a free masterclass for all creatives like writers, musicians, graphic designers, photographers, choreographers, and more. On August 2 at 3:00 p.m. hop on over to Ballet Philippines’ FB page for the Creators Masterclass featuring Atty. Lorna Patajo-Kapunan (moderator) and Atty. Rico Domingo (main speaker). They will be discussing intellectual property, copyright, and related topics.

just attribute their better mobility on more spending. There are other reasons. Take a look at their BRT. We had our BRT plans even before Jakarta’s; not just one but three BRT lines—Edsa, Quezon Avenue and Cebu City during the past three administrations. Money was not an issue and in fact we spent money already. Yet our transport regulators dilly-dallied for reasons more political than practical, and they opted for the more expensive yet less transport carriage modes that are yet to come. Also, public transport regulations make more sense.

Public buses are governmentowned but operated and maintained by the private sector, assuring commuters of better service as the government absorbs capital costs. Their more than 100 million motorcycles have front plates as required, but it’s not an issue. No smoke-belchers even if roadworthiness tests are not required. People move. Jakarta moves.

Indonesians take pride in their culture and history. The batik is worn in lieu of the suits and the ties. Bahasa is the lingua franca— See “Orbos,” A9

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Monday, August 1, 2022

Statutory and regulatory The ogres in our endless journey For public servants, the endless accounting in the journey is to genuinely participate in nation building while not transforming into an ogre Siegfred Bueno Mison, Esq. electric power industry (corrupt) in the process. For stuTHE PATRIOT

Alfredo J. Non

DEBIT CREDIT Part eight

I

N the electricity rate-setting process, there is a tendency for the external auditors to rely heavily or mostly on the Energy Regulatory Commission’s decision regarding the price of electricity that are allowed to be charged by the Distribution Utilities (DU). As such, the focus of audit work is on internal accounting and management controls. Just like any work done by third party consultants or experts, the external auditor would tend to put much reliance on the results of the price-setting methodology and accepts the decision by the regulator on the price to be charged to consumers as sacred and final.

There is a significant risk involved in this audit approach because the risk that material errors may be committed by either the DU or the regulator and, even both— in connivance or independent of each other and, the error may not be discovered because of too much reliance by the external auditor in the statutory process involved.

Furthermore, the rate-setting methodology ensures that the DU is reasonably compensated and, with additional performance incentives built into the process, it is almost impossible for a DU to incur a loss from operations. Any DU that would suffer operating losses need to be audited carefully to ascertain the reasons for the losses which could be due to fraud, irregularities and inefficiencies.

In addition to these matters that could result in material financial reporting issues in the financial statements and disclosures thereto, there are other areas which the external auditor may consider a significant risk that warrant spending more time or inclusion in the work program.

These include: 1. The Averch Johnson Effect The Averch–Johnson effect is the tendency of regulated companies to engage in excessive amounts of capital accumulation in order to expand the volume of their profits.

In an article published by John Dutton—an introduction to electricity markets, he writes: “Congratulations! You are a regulated electric utility. You have a guaranteed [i.e., risk-free] rate of return for all capital investments in your rate base, on behalf of your kind ratepayers.

Because you are risk-free, investors are happy to lend you money at low rates. Your guaranteed rate of return is consistent with market returns.

How much capital investment do you want to make?”

The answer is, of course, “as much as possible!”

While the example here is silly, it illustrates a fundamental problem with the incentives given to electric utilities. Remember the equation for the rate base—the more capital that the utility builds, the more profit that it earns. As long as a utility can convince the regulator that a capital investment is needed to maintain a reliable power grid, then ratepayers must fund the cost of that capital investment.

The Averch Johnson effect is sometimes called “gold plating,” which is a term implying that too much money is spent on capital.

One result of the Averch Johnson effect is certainly that utilities spend too much money, but it does not mean that utilities always spend $2 billion on a power plant that should only cost $1 billion. It does mean that the utility might choose to build a $1 billion power plant when cheaper alternatives might be available.”

2. DU Violations of Or NonCompliance With Legal Laws or Regulations

The rate-setting methodology ensures that the DU is reasonably compensated and, with additional performance incentives built into the process, it is almost impossible for a DU to incur a loss from operations. Any DU that would suffer operating losses need to be audited carefully to ascertain the reasons for the losses which could be due to fraud, irregularities and inefficiencies.

The effect on financial statements of laws and regulations varies considerably. Those laws and regulations to which an entity is subject constitute the legal and regulatory framework. The provisions of some laws or regulations have a direct effect on the financial statements in that they determine the reported amounts and disclosures in an entity’s financial statements.

It is the responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations, including compliance with the provisions of laws and regulations that determine the reported amounts and disclosures in an entity’s financial statements.

The auditor is responsible for obtaining reasonable assurance that the financial statements, taken as a whole, are free from material misstatement, whether due to fraud or error. In conducting an audit of financial statements, the auditor takes into account the applicable legal and regulatory framework.

When a DU violates certain laws or rules and was fined for it, should this fact be disclosed in the footnote disclosures with adequate explanation as to why the DU opted to take a different path? I believe that this should be disclosed irrespective of whether the assessment of the impact is material or not. In the first place, there must be a valid objective for the legal or regulatory requirement which was violated. Secondly, the determination of whether the impact is material more often than not is difficult to determine and, thirdly, who will assess the objectivity of the DU’s reasons for violation? For a fair reporting to interested parties, legal violations should be always disclosed together with the DU’s justification and let the public or stakeholders decide for themselves if it is acceptable or not.

To be continued Alfredo Non is a CPA by profession and a former Partner at SGV & Co. He served as Commissioner of the Energy Regulatory Commission till he completed his term in 2018. He also served as Director and Executive Officer of several private companies and a former professor in Financial Management at the Ateneo Graduate School of Business.

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he book “Endless Journey” is about the life of the infamous General Jose T. Almonte who served in various capacities under different presidents but with a role as simple as a crusader. Due to his “wealth and stealth” of experiences as a security and intelligence officer, General Almonte became a controversial public figure in his personal quest to build a nation and not to be an “ogre” in the process. A monster or a hideous giant in fairy tales is called an ogre. But to both General Almonte and former President Fidel V. Ramos, a well-meaning person, either a volunteer in an election campaign or an aspirant to public office, can potentially turn into an ogre if he or she is swallowed by the “snake pit” created by government power.

This ogre in real life is cruel, wicked, if not barbarous in his exercise of power. Decidedly, the system can potentially turn every person into an ogre! All of us can be ogres since the temptation to serve personal interests first before the common good is so powerful that only a few can and have overcome it. With corruption as a lingering menace, I seriously wonder why certain powerful families have chosen and succeeded to make politics as their “business,” unless they have an ogre-proof armor.

A month into a new administration, there have been hundreds if not thousands of applicants for positions in government requesting to be appointed by the President and other heads of agencies. These aspirants all want to serve and help solve the problems of the country, or so they claim. I still think that fighting corruption, poverty, inequality, and other troubles that beset our country depend on the quality of service that these “temporary holders” of government power can provide. In my 12 years in the Army and five years in the Bureau of Immigration, I faced the biggest problem of all, to which General Almonte agrees in his book, which is culture deficiency. Our core values—as recited in the preamble of the 1987 Constitution—of “truth, justice, freedom, love, equality, and peace” are hardly visible, much less imbibed in government agencies, save for a few due to an upright “temporary holder” of power. For those in the vetting committee, please be re-

minded of what inspirational author John Maxwell said about power: “In most cases, those who want power probably should not have it, those who enjoy it probably do so for the wrong reasons, and those who want most to hold on to it don’t understand that it is only temporary.”

Understanding that most appointees are subject to the pleasure of the President or appointing authority, all political appointments are deliberately vetted, hopefully with an “anti-ogre test” in the process. More than competence, vetting should look at character through a person’s conduct, past or present, to gauge the intensity level of that eternal ogre within. Former Singapore President Lee Kwan Yew engaged the services of a battery of psychologists and psychiatrists to help him recruit ministers, mostly from the private sector, who will succeed the “old guard” in his administration. But the best test of character is future conduct in keeping with what former US President Abraham Lincoln once said—“Nearly all men can stand adversity, but if you want to test a man’s character, give him power.”

Once inside public service, Almonte offered three suggestions on how not to transform into an ogre: 1) never take advantage of the system, 2) commit to work for the common good, and 3) be ready to accept the consequences of your action. In my limited and smaller role in public service, may I suggest a fourth, which is 4) always consider

dents, the endless journey is not really to just get good grades and graduate but to learn and keep on learning. that God is watching and serve to please Him and not men. My predecessor in the Bureau of Immigration, former Commissioner Ricardo David Jr., installed many CCTV cameras at the airport. His predecessor, former Commissioner Marcelino Libanan, institutionalized a 24hour national operating center that monitored activities in all ports, in real-time. Both leaders thought that a constant surveillance can serve as a deterrent against corruption. It did, to a certain extent, until human ingenuity came to play. But if those in government will invoke the omnipresence of our Almighty God, no amount of human intervention can perpetuate the power of the “snake pit.” Hence, those who want to join or have already joined public service, suggestion number 4 ought to help in fighting your own ogre. His presence is endless as much as your journey to develop a culture of love for God and others in government is endless. His power and authority over you are permanent, unlike your journey in government, which is temporary. That day certainly will come that you will pass that baton of responsibility and power to another, whether you are the President or an ordinary civil servant. Realizing that such journey is endless and my participation is temporary, my personal mantra during my government years that I carry until today is, “leave everything a little better than you found it.”

For public servants, the endless journey is to genuinely participate in nation building while not transforming into an ogre (corrupt) in the process. For students, the endless journey is not really to just get good grades and graduate but to learn and keep on learning. Relatedly, all of us remain students in the school of life, which teachings include how not to become an ogre (arrogant) in our achievements. For farmers, the

There is no justification to Russia’s war MAIL

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N his most recent piece on Russia’s war of aggression in Ukraine, Lito U. Gagni echoed Russia’s statements, accusing “the West,” Germany in particular, to have done nothing to promote and advocate for peace. The contrary is true: Over many years, Germany, in the framework of the Normandy Format, has intensively—and across all political levels—worked towards a peaceful resolution of the conflict in Eastern Ukraine. At the same time, such processes can only be successful if every stakeholder is willing to negotiate.

Furthermore, Mr. Gagni seems

Orbos . . .

continued from A8

spoken in political and business circles. Indonesian brands are not just protected but preferred. The good thing is, Filipinos are seen there with respect, with many corporate positions filled by our compatriots, unlike in other countries where we are discriminated.

A9

endless journey is to make their crops grow, have a bountiful harvest, and sell for a reasonable profit. To this extent, we are all farmers hoping that what we do in life will give us dividends in the long run, whether in our chosen profession or in business, and not become an ogre (selfish) by not being an agent of blessings to others. For believers, the endless journey is not only to remain faithful to His Word but also to share what we know about the life-saving message of Jesus Christ! Whether in words or in deeds, believers are expected to be the salt and light for others to know and hopefully experience God’s presence in their lives. In the Bible, the apostle Paul was eager to fulfill his obligation of spreading the Gospel, especially to non-believers.

(Romans 1:13) Believers can potentially become an ogre (complacent) too unless they feel that urgency to honor God in everything they do and make disciples from every person they meet.

In his book, Almonte referred to one of the beatitudes as his spiritual guideposts, “God blesses those who hunger and thirst for justice, for they will be satisfied.” (Matthew 5:6).

In my case, I think whenever leaders, whose decisions will have farreaching effects in nation building, acknowledge God in every instance and, more importantly, aspire to please Him, they are building not only the nation but also their souls!

The ultimate builder of the nation is found in the soul of each public servant who values love for God and for country in that order. We cannot overcome the ogre within us singlehandedly. But with God’s presence, it will be a mismatch! The biblical reminder given to us in Proverbs 3:6, “In all your ways acknowledge him, and he will make straight your paths” will help us fight the ogre in our endless journey.

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.

to have overlooked the aggressive statements made by Mr. Lavrov— statements that unmask Russia as the aggressor and warmonger. After Russia’s invasion of its neighbor country, thus bluntly violating international law and the sovereignty of Ukraine, after bombing schools and hospitals, killing thousands of civilians, forcing millions to flee to other countries, Mr. Lavrov now even demands a change of government in Ukraine. All this shows Russia’s most profound contempt for democracy and the sovereignty of Ukraine. Russia denies Ukraine and its people the right of self-determination and sovereignty. Against this background, it is obvious that we, the international community, must stand in solidarity with Ukraine, and support the country and its people in its defense against Russia, the aggressor. Mr. Gagni also might have overlooked the fact that it is Russia that is responsible for the occupation of the Crimean peninsula in 2014. He might have forgotten that it was Russia that started a full-fledged military inva-

sion of Ukraine a few months ago.

Let us be clear: There is no justification whatsoever to Russia’s war.

The place to sort out conflicting positions is the negotiating table, not on the back of hospitals and schools that are being turned into military battlegrounds by Russia.

For the Philippines, Russia’s war against Ukraine might seem far away. However, Russia tries to eradicate the rule of law and the international rules-based order —an order that ensures peace, an order that protects states, which might not have the means to protect themselves from the risk of being attacked and invaded by another state.

Everyone who defends and agrees to Russia’s aggressive war possibly forgets that this attempt to eradicate the international rules-based order, international agreements and conventions might encourage other regimes to copy such a behavior. Supporting Ukraine means promoting and advocating peace in the world.

Russia’s unprovoked and unjustified military aggression against

Ukraine has disastrous consequences not only for the Ukrainian people.

They can also be felt here in the Philippines. By destroying agricultural and transport infrastructure and equipment, and fuel storage, as well as mining the agricultural land and rendering the Black Sea a no go zone, Russia is undermining longterm food production in Ukraine as well as exports and trade. Globally, Russia’s actions prove that food and energy are used as geopolitical weapons—disregarding lives and livelihoods of people and impacting on the most vulnerable countries, especially those depending on food and fertilizer imports.

The only way to stop the aggressions of Russia is to stand together united and never accept such aggressions, to condemn and internationally isolate the aggressor, to do everything we can to end the bombings and killings in this aggressive war.

We have always fancied ourselves as being the most western in Southeast Asia. But it only goes as far as that. Admittedly, our neighbors are doing something right and we have missed the turn that they took. While we have a huge P13 trillion debt, our neighbors including Indonesia are far from the danger zone. Indonesia, so similar to our geographical archipelagic set-up, is the 17th larg-

est economy in the world. It is not late for us though and it may be even better that such realizations happen now.

In this age of de-globalization and geo-political realignments, it’s to our advantage that we have strong and robust neighbors that we can turn to. We can be and should be their economic partner, just like in ancient times. There is an ancient Javanese word—“Nusantara,”

meaning one archipelago. As we have so much in common with our neighbors, it would not hurt to have that renewed outlook that we all belong to this one large archipelago that is Southeast Asia. Maybe then we can have the same road journey that the rest of our neighbors have long been taking.

Anke Reiffenstuel German Ambassador to the Philippines

The author may be reached at tmo45@ georgetown.edu

A10 Monday, August 1, 2022

‘CONGRESS HAS NO POWER TO POSTPONE BARANGAY POLLS’

By Jovee Marie N. dela Cruz @joveemarie

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MID calls for the postponement of the barangay elections in December, a veteran election lawyer on Sunday said Congress has no power to postpone the village polls, saying any postponement is unconstitutional.

Atty. Romulo Macalintal said in a statement that the Constitution only gives Congress the power to “fix” the term of office of barangay officials but not the power to “postpone” their election.

“Only the Commission on Elections [Comelec] has exclusive authority to postpone an election after it has determined that any of the causes under Section 5 of the Omnibus Election Code warrant such postponement,” he said.

Currently, there are 29 filed bills related to the barangay and sangguniang kabataan (SK) elections. Majority of these measures are calling for the postponement of the village polls on December 5.

Authors of the bills said the elections would cost the government roughly P10 billion, which could instead be used for initiatives to keep the people safe and help the economy recover.

However, Macalintal said Congress has the power to postpone the SK polls since SK is not created by the Constitution and that SK officials are not barangay or local elective officials.

“While Congress has postponed several scheduled barangay polls in the past, said act was never challenged before the Supreme Court [SC]. Now that several lawmakers plan to postpone the December 5, 2022 barangay polls to December 5, 2025 which would be its fourth postponement, it is high time that this constitutional transgression committed by Congress be stopped,” he said.

According to Macalintal, the moment Congress has fixed the term of office of the barangay officials, say for three years, the said term cannot be extended by law as it will violate the electorate’s right to choose their own leaders.

“For when the voters cast their ballots, the mandate given these barangay officials is only for three years. Thus, the Supreme Court ruled that said officials can only legally and morally justify their reign by obtaining the consent of the electorate,” he added.

Bank lending in June nears pre-pandemic levels–report

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By Bianca Cuaresma

@BcuaresmaBM

HE Bangko Sentral ng Pilipinas (BSP) reported a 12 percent increase in bank lending in June this year, as the sector continues to recover from the illeffects of the pandemic.

Data showed that the outstanding loans of universal and commercial banks grew at a faster pace of 12 percent year-on-year in June, relative to the 10.7-percent uptick in May. Bank lending first collapsed into the contraction territory in December 2020 as the restrictions brought about by the pandemic af-

fected the local banking industry.

The contraction persisted amid the sustained all-time low monetary policy rate in place.

In comparison, bank lending grew 13.6 percent before the onslaught of the global health crisis in March 2020.

“The sustained growth in credit

will support the momentum of economic recovery amid the ongoing withdrawal of monetary accommodation,” the BSP said in a statement.

“The BSP will continue to ensure that liquidity and credit dynamics remain consistent with the BSP’s price and financial stability objectives,” it added.

Broken down, outstanding loans to residents increased by 11.9 percent in June from 10.6 percent in the previous month.

Outstanding loans for production activities grew by 12 percent in June from 10.8 percent in May due mainly to the rise in credit for real estate activities at 18.1 percent; manufacturing at 17.5 percent; information and communication at 29.7 percent; and wholesale and re-

tail trade, repair of motor vehicles and motorcycles at 8 percent.

Growth in consumer loans to residents accelerated to 10.6 percent in June from 8.5 percent in May, driven by the year-on-year rise in credit card loans and salary-based general purpose consumption loans.

Meanwhile, outstanding loans to non-residents rose at a faster rate of 16.3 percent in June from 12.5 percent in the previous month.

Rizal Commercial Banking Corp.

(RCBC) chief economist Michael Ricafort said bank lending could accelerate further in the coming months as the country continues to wotrk its way towards normalcy.

A risk factor, however, according to Ricafort, is higher commodity prices.

Holdover

AS in previous cases, Macalintal said it is again proposed that the incumbent barangay officials be allowed to continue serving in a “holdover capacity.”

“But this, as SC ruled, is ‘a subtle way to lengthen governance without the mandate from the governed. If they want to continue serving, they must get a new mandate in the elections as scheduled by law,’” he said.

See “Congress,” A2

‘US chips bill to affect local electronics sector’

By Jovee Marie N. dela Cruz @joveemarie

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OLLOWING the passage of the $280-billion Chips and Science Bill passed by the United States Congress, an economist-lawmaker has asked the Department of Trade and Industry (DTI) to create a semiconductor and electronics industry competitiveness plan to protect jobs in the electronics export sector.

House Committee on Ways and Means Chairman Joey Sarte Salceda said the Chips and Science Bill passed by the United States Congress will incentivize American semiconductor companies to keep production in the US, which “could affect our own semiconductor industry’s competitiveness in the long-term.”

“We won’t feel the bite all that much yet, because demand for semiconductors globally is skyrocketing.

The peso is cheap so our semicon exports are competitive. But once these transitory conditions fade, and the investments countries make for their domestic semicon industries begin to pay off, industrial stagnation will take its bite,” Salceda said.

According to Salceda, electronics products, including semiconductors, are the country’s largest export, comprising 42 percent of total exports as of June 2022. The Philippines also exports around $22.6 billion of integrated circuits.

“We need to future-proof the electronics and semiconductor sector of the country. Tax incentives alone won’t cut it. Many of them prefer the gross-income-earned or GIE tax regime instead of the performance-based incentives, so in this case, tax breaks tend to pad profits rather than encourage innovation and performance,” Salceda said.

Consistent with President Mar-

cos’s instructions that the country capitalize on the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), Salceda said the Philippines needs to optimize the provision of that law which allows the country to give incentives other than tax breaks.

Citing CREATE, Salceda said the Fisca l Incentives Rev iew Board has the power to recommend to the President the grant of appropriate non-fiscal incentives in accordance with the Strategic Investment Priority Plan for highly desirable projects or very specific industrial activities and based on: (a) benefit-cost analysis approved by the Fiscal Incentives Review Board; and (b) containing a schedule of budgets of expenditures and sources of financing with magnitudes provisionally approved via resolution for inclusion in the upcoming National Expenditure Plans by the Development Budget Coordination Committee under Section 297 (M) of the National Internal Revenue Code.

Under the CREATE Law, he said the Strategic Investment Priorities Plan “may contain recommendations for types of nonfiscal support needed to create high-skilled jobs to grow a local pool of enterprises, particularly micro, small and medium enterprises [MSMEs], that can supply to domestic and global value chains, to increase the sophistication of products and services that are produced and/or sourced domestically, to expand domestic supply and reduce dependence on imports, and to attract significant foreign capital or investment.”

“Right now, the SIPP is just a list. It does not even contain plans or strategies to use a combination of tax and non-tax measures to boost certain activities, including semiconductors,” he added.

See “US,” A2

UNIVERSITY of the Philippines graduates are seen in front of Quezon Hall in Diliman, Quezon City, after participating in the university’s first face-to-face commencement exercise after two years of conducting virtual graduation rites due to the pandemic, on Sunday, July 31, 2022. BERNARD TESTA

‘Gaps’ led to vaccine expiration–Concepcion

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HE private sector cited the lack of urgency to heed global health protocols as one of the “gaps” that led to the expiration of 4.3 million Covid-19 vaccines in the Philippines.

In a statement on Friday, Go Negosyo founder Jose Maria A. Concepcion III said, “there are clearly several gaps that led to the expiry of the vaccines.”

“Some of those gaps we tried to point out such as the need to listen to the science coming from abroad and to act swiftly considering that our economy is on the line,” he added.

Concepcion was referring to the expiration of about 4.3 million Co-

vid-19 vaccines worth P5.1 billion just a few days after the Department of Health (DOH) allowed the use of second booster shots for adults 50 years old and above, and those who are 18 to 49 years old with comorbidities.

In April, the Go Negosyo founder sounded the alarm on the millions of Covid-19 vaccines that were approaching their expiry dates.

“The DOH, which has the visibility on the inventory, could have stepped in,” said Concepcion. “It would just be a simple computation as the expiry dates are very clear. They knew the levels we all had, from both the private sector, government procurements and do-

nations from abroad.”

As of June 26, there were 29,795,970 available doses in the national cold chain facility, of which over 4 million has an expiration date of July 31.

The Go Negosyo founder said that the Health department, having the pertinent data, could have guided the Health Technology Assessment Council (HTAC). Concepcion added that guidelines for implementation should have been issued just as swiftly.

During the Go Negosyo town hall meeting held last Friday, Dr. Ted Herbosa, the special adviser of the National Task Force Against Covid-19 said that moving forward,

the Health Secretary should, with the help of an executive committee, be able to override decisions especially in the middle of an emergency situation.

OCTA Research ’s Professor Ranjit Rye, speaking at a separate forum at the Cardinal Santos Medical Center last Thursday, said “the lack of planning led to the loss of the vaccines.”

Rye added that the government should now define a “comprehensive national Covid-19 strategy or exit plan” that would guide the national and local governments as well as the private sector on how to respond and recover from the pandemic.

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, August 1, 2022 B1

SC OKs unfreezing accounts of Ongpin, firm’s executives

By Joel R. San Juan

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@jrsanjuan1573

HE Supreme Court has affirmed the decision of the Court of Appeals (CA) that ordered the unfreezing of the bank accounts of businessman Roberto V. Ongpin and several officers of his real estate firm Deltaventure Resources Inc. (DVRI) in connection with a “behest” loan that the latter obtained from the Development Bank of the Philippines (DBP). The P660-million loan was purportedly to purchase shares in Philex Mining Corp. in 2009.

In an 80-page decision penned by Associate Justice Marvic MVF Leonen, the Court’s Second Division also affirmed the lifting of the freeze order on the bank account of former officials of the Development Bank of the Philippines.

The SC denied the petition filed by the AntiMoney Laundering Council (AMLC) seeking the reversal of the CA’s decision issued on May 7, 2013, ordering the lifting of the freeze order.

However, the SC said the freeze order will remain on the Bank of Commerce Account No. 900000028241 of Boerstar Corp. The CA earlier held the account “was probably related to an unlawful activity” as it was used by Two Rivers Pacific Holdings Corp. to transfer the P2.1 billion balance of the purchase price for the 452,058,160 Philex shares it had bought from Goldenmedia and DBP on December 2, 2009.

“For these reasons, we find no error on the Court of Appeals’ part in unfreezing the accounts, except for Boerstar’s Bank of Commerce Account, the only account proved to be probably related to the loan transactions between Deltaventure and DBP,” the SC said. “This account served as the depository account of the balance of the sale proceeds between Goldenmedia, among others and Two Rivers.”

Other cases

THE SC also stressed that the lifting of the freeze order should not affect any criminal case filed against Ongpin and other individuals in connection with the transactions.

While there were accounts found to have

been involved in covered or suspicious transactions, the Court said the AMLC failed to show proof that these accounts were related to the alleged irregular loan transactions between DVRI and DBP. The SC noted that a covered transaction involves cash or other equivalent monetary instrument valued at more than half-a-million pesos in one banking day.

On the other hand, based on Section 3 (B1) of the Anti-Money Laundering Act (AMLA), transactions are considered suspicious: if there is no underlying legal or trade obligation, purpose or economic justification; if the client is not properly identifies; if the amount involved is not commensurate with the business or financial capacity of the client; and, if the client’s transaction is perceived to have been structured in order to avoid being the subject of reporting requirements under AMLA. “The remedies of freeze order and order of bank inquiry are extraordinary, issued only upon a finding of probable cause that the accounts sought to be frozen or inquired into are related to any of the predicate crimes under the AMLA [Republic Act 9160]. The burden of proving probable cause always rests with the Anti-Money Laundering Council, never with the account owners,” the SC said.

Exercising diligence

UNFORTUNATELY, petitioner miserably failed to show that these accounts were related to the allegedly irregular loan transactions between Deltaventure and DBP, the predicate crime for which petitioner was authorized to commence freeze order and bank inquiry proceedings against respondents.

Thus, the Court reminded AMLC that it is expected to exercise diligence in order to have “a meaningful fight against money laundering and its pernicious effects.”

Court records show that DVRI had an authorized capital stock of P500,000, which was increased to P10 million. Its subscribed and paid-up capital amounted to P2.5 million and P625,000, respectively.

On April 7, 2009, DVRI applied for a P150-

million credit line with the DBP. As security for the loan, it offered to pledge its shares in Philweb Corp. (Philweb), as well as those registered in several firms. These companies were: Azurestar Corp., Bacong Highland Realty Corp., Beckel Realty Corp., ltogon Realty Corp., Labilab Corp., Sunrise Sunset Island Corp. and Tocmo Realty Corp. At the time the DVRI applied for the credit line, it was owned by Ongpin, a former member of the DBP Board of Directors.

Credit line

ON April 8, 2009, the DBP Executive Credit Committee recommended approving the P150 million credit line application which was approved by DBP Board of Directors a week after.

On November 4, 2009, the DVRI applied for another credit line with the DBP, this time for P510 million .

Its stated purpose was to acquire from DBP’s 50,000,000 shares of stock in Philex, to be registered directly in the name of Goldenmedia Corp..

As security, Goldenmedia pledged back to DBP the Philex shares that would be registered in its name. Like DVRI, Goldenmedia was beneficially owned by Ongpin.

That same day, per the DBP Executive Credit Committee’s recommendation, the DBP Board of Directors approved DVRI’s application for the P510,000,000.00 credit line.

A day after, the DBP board sold 50,000,000 of its Philex shares to DVRI at P12. 75 per share, totaling P637, 500,000.00.

The DVRI paid P127,500,000.00 in cash as down payment and paid the remaining P5I0,000,000.00 in full through the credit line granted

by DBP a day before.

As DVRI had requested, the shares were registered directly in Golden-

media’s name and, in turn, Goldenmedia pledged the Philex shares in favor of DBP.

Shares sell

ON December 2, 2009, DBP sold all of its 59,339,000 Philex shares to Two Rivers. On the same day, Goldenmedia sold to Two Rivers 123,221,372 of its Philex shares, which included the 50,000,000 Philex shares it had earlier acquired using the proceeds of DVRI loan from DBP. Together with Boerstar, Elkhound Resources Inc. and Walter Brown, DBP and Goldenmedia sold their shares to Two Rivers for a negotiated price of P21.00 per share.

This block sale resulted in Two Rivers acquiring controlling interest in Philex.

Notably, Two Rivers is partly owned by First Pacific International Ltd., a wholly-owned subsidiary of First Pacific Co., headed by its managing director and CEO, Manuel V. Pangilinan.

Ongpin was Philex’s vice chairman, according to the records.

The transactions led to the filing of graft charges against Ongpin after it was found out that the credit accommodations granted to DVRI were behest loans and in violation of several banking laws and regulations.

It held that the credit accommodations granted to Deltaventure were behest loans and in violation of several banking laws and regulations.

The AMLC also moved for the freezing of the subject bank accounts on suspicion that the funds released to DVRI were related to unlawful activity. In 2014, the Sandiganbayan dismissed the graft charges against Ongpin and former DBP officials led by former president Reynaldo G. David. David died in 2020.

Eternal Plans, Spartans Worldwide Corp. sign MOA

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ETERNAL Plans Inc. (EPI) and Spartans Worldwide Corp. (SWC) inked a memorandum of agreement last July 25, 2022. Present at the event were the officers and signatories of the two parties, namely: (seated, from left) SWC Chief Marketing Officer Marneille Fabros, SWC President Paul Vincent Fabros; EPI President and COO Elmer M. Lorica; and EPI Senior Assistant Vice President (SAVP) for Sales Rolando Bongalon. They were joined by representatives from EPI: (standing, from left) SAVP-Operations Maria Victoria Ramos; SAVP Corporate Affairs Jumer Lecetivo; and, SAVP Finance Amor Masigla.

TERNAL Plans Inc. (EPI) and Spartans Worldwide Corp. (SWC) solidified their partnership in providing a micro life plan for all Filipinos under the Juan’s Life Program (JLP) Campaign by signing a memorandum of agreement in a simple ceremony held on July 25, 2022 at the UCC Clockwork in Estancia Mall, Pasig City.

The Eternal Life Plan is the first and only renewable life plan approved by the Insurance Commission and the enabling product of the JLP. “With the inclusion of Spartans Worldwide Corp. among our partner distribution channels, the company is confident that we will be able to grow exponentially our capacity and reach to promote low-cost and reliable memorial plan to sectors most vulnerable to finan-

cial loss,” EPI President and Chief Operating Officer Elmer M. Lorica said.

JLP currently has 11 partners, covering more than 250,000 lives. Beyond satisfaction of extending service to the “Masang Pinoy,” JLP Partners earn commissions and incentives as well.

Present at the event were the officers and signatories of the two parties, namely SWC Chief Marketing Officer Marneille Fabros, SWC President Paul Vincent Fabros; EPI President and COO Elmer M. Lorica; and EPI Senior Assistant Vice President (SAVP) for Sales Rolando Bongalon. They were joined by representatives from EPI: SAVP-Operations Maria Victoria Ramos; SAVP Corporate Affairs Jumer Lecetivo; and, SAVP Finance Amor Masigla.

Security Bank replaced by Semirara Mining in 30-firm benchmark index

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EMIRARA Mining and Power Corp. will be included in the 30-company Philippine Stock Exchange index (PSEi), replacing Security Bank Corp., according to the latest review of the bourse.

The said changes take effect on August 8.

“This is the last index re-composition with a free float requirement of at least 15 percent.

As announced in August 2021, companies should have a public ownership level of at least 20 percent to qualify for index inclusion in the next review period,” PSE president and CEO Ramon S. Monzon was quoted in a statement as saying. “We expect companies that would like to remain index constituents but have a free float of less than 20 percent to take the necessary corporate action to address this concern.”

The country’s top publicly listed companies included in the index were based on liquidity, market capitalization and free float level.

Aside from these criteria, relevant financial benchmarks are also used in the index review.

The other sector indices will also see minor changes, with the addition of seven securities.

Rizal Commercial Banking Corp. will become a component of the Financials index while Benguet Corp. will be included in the Mining and Oil index.

The Property index will see the addition of 8990 Holdings Inc. and DDMP REIT Inc. Phinma Corp., Shakey’s Pizza Asia Ventures Inc. and Synergy Grid and Development Phils.

Inc. will all be part of the Industrial index.

The PSE MidCap and Dividend Yield indices, which were launched in March, will also see a revamp of its 20-member composition. Semirara Mining will be taken out of the PSE MidCap index following its PSEi inclusion.

Cebu Air Inc., DoubleDragon Corp. and Filinvest Land Inc. will all be taken out of the MidCap index. These firms will be replaced by AyalaLand Logistics Holdings Corp., DDMP, Security Bank and Union Bank of the Philippines.

The PSE DivY Index, on the other hand, will see the inclusion of the four real estate investment trusts that debuted in 2021. These are DDMP, Filinvest REIT Corp., MREIT Inc. and RL Commercial REIT Inc. Securities that will

be removed from the PSE DivY are mostly Gokongwei firms including Robinsons Land Corp., Robinsons

Retail Holdings Inc., Universal Robina Corp. and also Security Bank.

VG Cabuag

Jollibee opens ninth Tim Ho Wan in China

By VG Cabuag @villygc

T

IM Ho Wan, a brand owned

by Jollibee Foods Corp., opened its first branch in Zhejiang province in mainland China as part of the company’s “aggressive expansion” in overseas markets.

This was Tim Ho Wan’s ninth branch in China. It is located in Zhejiang Province’s capital Hangzhou City. The new branch is in one of the city’s popular malls, The Mixc Mall, the company said.

Hangzhou, one of China’s seven ancient capitals, is among the largest urban areas in the world’s most populous country. It has been called the Capital of Tea in China, while the United Nations Educational, Scientific and Cultural Organization (UNESCO) referred to it as The House of Silk for being the historic center of China’s silk production.

Customers lined up for Tim Ho Wan’s signature dishes such as baked barbecue pork buns, rice rolls and pan-fried radish cake, the company said.

“Opening Tim Ho Wan in Hangzhou, one of China’s key cities, is instrumental to the expansion of the Tim Ho Wan brand and the growth of Jollibee Group in this part of the globe,” Jollibee China and Yonghe

King President Louie Liu was quoted in a statement as saying.

“We are committed to strengthening the expansion efforts for Tim Ho Wan as we target to open 100 restaurants within the next few years in China, which remains as one of Jollibee Group’s four pillar markets,” Liu added These milestone openings form part of the plan to increase Jollibee’s store network in China, which as of the end of the first quarter of the year spans 468 stores across the company’s brands such as Tim Ho Wan, Yonghe King, Hong Zhuang Yuan and Dunkin’ Donuts.

Jollibee President and CEO Ernesto S. Tanmantiong was quoted in the statement as saying that management is “excited to continue growing the Michelin-starred Tim Ho Wan in Mainland China.”

Tanmantiong added the company is “encouraged by the strong reception and continued patronage for our brands in this region.”

The company opened its first Michelin-starred Tim Ho Wan restaurant in Shanghai’s Jing’an District in September 2020, after Jollibee entered into a joint venture agreement with the Tim Ho Wan Group to open and operate Tim Ho Wan restaurants in mainland China.

Lalamove to expand in Luzon

By Lorenz S. Marasigan @lorenzmarasigan

T

ECHNOLOGY company Lalamove Philippines Inc. has expanded its last-mile and long-distance delivery business to “the farthest locations in North [Luzon] and South Luzon.”

Lalamove Philippines Managing Director April Dannah Majarocon said management expects their expansion to these areas targets small-scale and medium-scale enterprises (SMEs).

“With its last-mile delivery services, Lalamove is enabling local businesses to reach new customers and generate more sales,” Majarocon was quoted in a statement as saying. “[Our] footprint in Luzon is beefing up SMEs’ expansion, supporting the growing need for

deliveries witnessed particularly for the past two years.”

She said the business will expand in the following “farthest locations:” Ilocos Sur, Ilocos Norte, Ifugao, Kalinga, Mountain Province, Abra, Apayao and Benguet in North Luzon; and, Rizal, Quezon, Camarines Norte, Camarines Sur, Albay and Sorsogon in South Luzon.

Majarocon added that Lalamove is “strengthening its fleet to offer a wide range of vehicles from motorcycles, sedans, vans and trucks to address the delivery challenges in a high-demand market like the Philippines.”

She added the on-demand logistics business is also gearing up for “further expansion this 2022, targeting to add more locations to its list of serviceable pick-up and drop-off points.”

B2

Companies BusinessMirror

Monday, August 1, 2022

ACEN, Axia Power to put up ₧6.875B storage hub in Rizal

By Lenie Lectura

I

@llectura

NGRID Power Holdings Inc. (IPHI), a joint venture between ACEN Corp. and Axia Power Holdings Philippines Corp. (APHPC), proposed to put up a 270 megawatt (MW) “batter y energ y storage system,” or “Bess,” in Rizal worth P6.875 billion.

The construction of the proposed project will start by first quarter of 2023 while the target commercial operation is in the second half

of 2024.

The project is now in the preconstruction stage, which includes preliminary site investigation as well as acquisition of necessary permits and clearances prior to project construction.

The project will store electricity from the grid and will serve as a source of ancillary service for the Luzon grid and power quality improvement for distribution utilities to help ease the frequency and voltage problems.

The companies said the project

will use lithium-ion battery, which is “the most mature and commercially available battery technology in the market.” This technology, it added, is also “safe to operate and has minimal environmental impact during construction and operation.”

The Bess will be located in Barangay Malaya, Pililia, Rizal. The project site is owned by Tabangao Realty Inc. and leased by Buendia Christina Holdings Corp. (BCHC). A sublease agreement shall be executed between IPHI and BCHC. ACEN planned to acquire P2-billion

worth of additional shares in BCHC. It signed a subscription agreement with BCHC for the purchase of 3,015,000 common shares and 16,985,000 redeemable preferred shares.

“The additional capital will be used

by BCHC to purchase real property required for various potential power projects,” a document from Acen read.

ACEN currently has about 3,400 MW of attributable renewable energy capacity and is working to build 5,000 MW of renewables by 2025, towards its goal of becoming “the largest listed renewables platform in Southeast Asia.”

STOCK-MARKET OUTLOOK Last week SHARE prices gained for the second straight last week, despite the US Federal Reserve hiking its rates as expected and the United States economy going into a technical recession.

The benchmark Philippine Stock Exchange index (PSEi) gained 52.54 points to close at 6,315.93 points.

The main index was up three of the five trading days despite the US Fed raising its rates by 75 basis points, which was already communicated to the market, and the US economy contracted for the second quarter in a row.

At home, the markets have been assured by the central bank that there will be no more surprise rate increases by the policy-making Monetary Board. It, however, communicated another rate hike when the MB meets later this month.

Volume of trade, however, was still thin as many investors stayed on the sidelines ahead of the Chinese Ghost Month, which started last Friday.

Average value of trade only reached P4.13 billion as against the year-to-date average of P6.32 billion. Foreign investors, which only accounted for a third of the transactions, were net buyers at P545.55 million.

All other sub-indices went up with the exception of the Industrial index that gave up 131.79 points to close at 9,262.41 points. The broader All Shares index gained 17.76 to 3,998.82, the Financials index rose 29.97 to 1,532.38, the Holding Firms index added 42.07 to 5,934.73, the Property index climbed 33.40 to 2,832.21, the Services index increased 31.83 to 1,674.25 and the Mining and Oil index was up 193.65 to 11,442.61.

For the week, gainers slightly led losers 107 to 104 and 31 shares were unchanged.

Top gainers were Wilcon Depot Inc., Axelum Resources Corp., ACE Enexor Inc., Jackstones Inc., Oriental Petroleum and Minerals Corp. A, AbaCore Capital Holdings Inc. and Aboitiz Equity Ventures Inc. Top losers, on the other hand, were Grand Plaza Hotel Corp., Cemex Holdings Philippines Inc., Ionics Inc., Vivant Corp., Republic Glass Holdings Corp., 8990 Holdings Inc. and Solid Group Inc.

This week SHARE prices are seen to move sideways this week as the Ghost Month will push investors to remain on the sidelines.

2TradeAsia, however, said other investors may take the opportunity to buy given the oversold state of the market as price to earnings ratio are already cheap at 13 times.

“This lull present opportunities to accumulate, especially for stocks with solid prospects to unfold for the remainder of the year.

Some of the listed blue chip firms are slated to file their second quarter results this week, including the SM group, San Miguel Corp. and the MVP group, which analysts said could provide catalysts for investors to trade.

Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said investors are expected to watch out for the country’s July inflation data.

“A slowdown from June’s 6.1 percent may spur positive sentiment, while a further acceleration may cause selling pressures in the local bourse,” he said.

“On a positive note, the peso is now back above the P56 per US dollar level, closing at P55.13 last week. If its appreciation continues, then it may help spur optimism in the market,” he said.

Chartwise, the market managed to break past its 10-day and 20-day exponential moving averages 6,282.48 and 6,292.59, respectively last week, he said.

Tantiangco said these may serve as the market’s immediate support, while immediate resistance is seen at the 6,350 to 6,400 range.

Stock picks BPI Securities Corp. said conglomerates such as GT Capital Holdings Inc. and Ayala Corp., are straightforward proxies of the country’s economy, given their exposure to various sectors of the economy.

“Some of the names that we like are Ayala Corp. and GT Capital. They are trading at very compelling valuations. So they do trade wide discounts at this point.

Downside risks for these names would be weaker than expected post pandemic economic recovery trends, because this would definitely affect their cyclical

businesses,” BPI Securities said.

The cyclical nature of the business for the Ayala group would be on property, while automotive for GT Capital.

“The execution bottlenecks or delays in project rollout is definitely another curious (topic) but this is for the subsidiaries of these conglomerates own,” the broker said.

Ayala Corp. shares closed P620 apiece on Friday, while GT Capital shares closed at P453.40. VG Cabuag

July 29, 2022

NAV One Year Three Year Five Year Y-T-D per share Return* Return SStock Funds Primarily invested in Peso securities (shares) ALFM Growth Fund, Inc. -a 203.09 -2.66% -9.24% -6.11% -12.87% ATRAM Alpha Opportunity Fund, Inc. -a 1.3193 -3.13% -7.38% -3.82% -20.72%

Climbs Share Capital Equity Investment Fund Corp. -a First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a -14.84% First Metro Save and Learn Equity Fund,Inc. -a 4.6099

-3.45%

-13.04%

0.6969 0.6565

-5.54% -8.31%

0.24%

-6.37%

-8.74%

-14.26%

-10.87% n.a.

-10.04% n.a.

-4.15%

Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.5664 -5.15% ATRAM Philippine Balanced Fund, Inc. -a 2.1203 -1.2% First Metro Save and Learn Balanced Fund Inc. -a 2.5047 0.17% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1946 NCM Mutual Fund of the Phils., Inc. -a 1.8745 -1.24%

-4.25% -2.69% -7.42% -3.62% -2.38% -7.07% -2.64% -1.34% -6.92% 4.46% n.a. n.a.

-1.69% -0.53% -7.05%

-3.88% -4.34% -3.74% 3.2811

-2.09% -2.36% -2.08% -3.42%

2%

-5.49%

-2.5%

-9.82%

-5.78%

-4.59% n.a.

-8.54%

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8201

-5.15%

-7.68% n.a.

-13.17%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.8083

-4.61%

-8.02% n.a.

-13.45%

PAMI Asia Balanced Fund, Inc. -b $0.9208 -14.96% -2.95% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.0083 -15.66% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.0275 -14.27% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 374.29 0.4% 2.08% ATRAM Corporate Bond Fund, Inc. -a 1.8928 -1.64% -0.2% Cocolife Fixed Income Fund, Inc. -a 3.2361 0.05% 1.86% Ekklesia Mutual Fund Inc. -a 2.1781 -3.97% -0.33% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4038 Philam Bond Fund, Inc. -a 4.1977 -6.57% -0.32% Philam Managed Income Fund, Inc. -a 1.3164 -0.1% Philequity Peso Bond Fund, Inc. -a 3.8859 -2.42% 1.61% Soldivo Bond Fund, Inc. -a 1.0127 -2.47% 2.35% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.14 -2.41% Sun Life Prosperity GS Fund, Inc. -a 1.6975 -3.07% 0.72% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $481.83 -1.01% 1.53% ALFM Euro Bond Fund, Inc. -a Є211.02 -4.19% -1.2% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0998 -8.28% $0.0243 First Metro Save and Learn Dollar Bond Fund, Inc. -a PAMI Global Bond Fund, Inc -b $0.9123 -13.16% -5.67% Philam Dollar Bond Fund, Inc. -a $2.2423 -10.7% -1.61% Philequity Dollar Income Fund Inc. -a $0.0606943 -3.71% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.8308 -11.04% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 132.38 1.51% 2.2% First Metro Save and Learn Money Market Fund, Inc. -a 1.0647 1.58% Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3275 Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0646 0.62%

-12.5%

-6.89%

-9.5% -10.28% -7.93% -6.2% -3.11%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.9053

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03401 -11.13%

-7.88%

-11.05%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6854 0.1% -8.81% -6.7% MBG Equity Investment Fund, Inc. -a 76.35 -21.97% -14.19% n.a.

-19.15% PAMI Equity Index Fund, Inc. -a 42.0814 -1.19% -7.94% -4.61% -12.56% Philam Strategic Growth Fund, Inc. -a 434.77 -3.11% -8.22% -4.88% -13.17% Philequity Dividend Yield Fund, Inc. -a 1.2275 11.53% -3.51% -1.62% -9.5% Philequity Fund, Inc. -a 32.0066 -0.26% -7.22% -3.67% -12.54% Philequity MSCI Philippine Index Fund, Inc. -a 0.8282 -0.1% -8.37% n.a. -12.02% Philequity PSE Index Fund Inc. -a 4.3582 -0.24% -7.31% -3.96% -12.15% Philippine Stock Index Fund Corp. -a 726.34 -0.64% -7.37% -4.03% -12.33% Soldivo Strategic Growth Fund, Inc. -a 0.6359 -4.88% -12.89% -7.15% -15.51% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2413 -3.18% -10.21% -5.62% -14.15% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8267 -0.93% -7.66% -4.29% -12.47% United Fund, Inc. -a 3.0297 -1.12% -7.62% -3.47% -11.86% Primarily invested in Peso securities (units) Philequity Alpha One Fund, Inc. -a 1.0002 -3.46% n.a. n.a. -13.98% Philippine Stock Index Fund Corp. -a 883.99 n.a. n.a. n.a. n.a.

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 97.9394 -0.19% -7.15% -3.65% -12.14% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.9203 -21.09% -2.46% -2.31% -18.3% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4831 -17.85% 3.8% 4.5% -19.68%

PAMI Horizon Fund, Inc. -a 3.4074 -4.39% Philam Fund, Inc. -a 15.1145 -5.3% Solidaritas Fund, Inc. -a 1.9531 -1.82% Sun Life of Canada Prosperity Balanced Fund, Inc. -a -10.04% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8605

PSE STOCK QUOTATIONS

July 29, 2022

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

ASIA UNITED 42.6 44.8 44.85 44.85 44.85 44.85 300 13,455 119.4 119.5 119.3 120.4 118.2 119.5 1,870,750 223,403,641 (48,538,447) BDO UNIBANK BANK COMMERCE 8.1 8.39 8.01 8.39 8.01 8.39 15,500 125,093 1,602 BANK PH ISLANDS 92.55 93 90.8 93.5 90 93 2,068,590 191,394,547.5 43,326,319 27 27.05 26.9 27.1 26.8 27.05 290,100 7,837,130 1,174,625 CHINABANK 6.79 6.8 6.82 6.84 6.8 6.8 123,300 838,618 (616,798) EAST WEST BANK METROBANK 48.3 48.6 48.9 48.9 47.6 48.6 1,939,600 93,649,145 (9,145,565) PHIL NATL BANK 17.9 17.96 17.96 17.96 17.82 17.9 22,100 395,678 57,104 57 57.25 57 57.5 57 57.5 3,890 223,405 PSBANK 100 105 105 105 105 105 40 4,200 PHILTRUST RCBC 19.78 19.8 19.78 19.88 19.78 19.88 128,100 2,535,942 2,535,942 SECURITY BANK 90.55 90.8 89.5 90.9 89.5 90.55 308,120 27,850,088 10,024,218.5 80.7 80.8 81 81 80.25 80.7 74,650 6,019,457.5 4,293,615.5 UNION BANK 3.44 3.45 3.45 3.5 3.45 3.45 78,000 269,940 COL FINANCIAL FIRST ABACUS 0.62 0.68 0.62 0.68 0.62 0.68 51,000 34,620 0.24 0.275 0.265 0.275 0.265 0.275 20,000 5,400 MEDCO HLDG 925 955.5 955.5 955.5 925 925 400 370,610 351,500 MANULIFE 0.61 0.68 0.65 0.65 0.65 0.65 88,000 57,200 NTL REINSURANCE PHIL STOCK EXCH 168 169 170 170 169 169 1,550 262,460 (3,398) SUN LIFE 2,400 2,500 2400 2,400 2,400 2,400 285 684,000 672,000

INDUSTRIAL ACEN CORP 8.37 8.46 8.46 8.5 8.37 8.37 10,213,900 86,030,418 40 ,950,254.0004 ALSONS CONS 0.94 0.95 0.94 0.94 0.94 0.94 100,000 94,000 32.6 32.65 32.85 32.85 32.3 32.65 945,200 30,821,090 3 ,044,430.0003 ABOITIZ POWER 1.78 1.79 1.82 1.82 1.77 1.79 645,000 1,159,950 RASLAG 0.405 0.415 0.415 0.42 0.4 0.415 4,780,000 1,946,450 4,150 BASIC ENERGY FIRST GEN 17.22 17.5 17.6 17.7 17.22 17.22 287,700 5,012,866 (176,092) FIRST PHIL HLDG 64.5 64.95 64.5 64.95 64.5 64.5 1,430 92,536.5 (2,580) 339.6 340 348 350 338 340 1,583,710 539,370,776 (152,989,644) MERALCO 15.3 15.32 15.6 15.6 15.22 15.32 1,221,300 18,712,882 (9,288,930) MANILA WATER PETRON 2.86 2.87 2.9 2.9 2.87 2.87 518,000 1,487,470 48,860 PETROENERGY 4.81 4.94 4.81 4.94 4.8 4.81 95,000 458,970 9.07 9.72 9.39 9.72 9.1 9.72 59,800 573,456 2,820 PHX PETROLEUM 12.28 12.3 12.3 12.3 12.2 12.28 1,172,800 14,377,874 8,511,706 SYNERGY GRID PILIPINAS SHELL 17.72 17.8 17.9 18 17.8 17.8 40,900 732,250 (35,800) SPC POWER 9.8 9.94 9.89 9.96 9.8 9.8 115,400 1,140,859 99,000 1.61 1.62 1.66 1.66 1.62 1.62 9,358,000 15,303,920 ( 530,579.9998) SOLAR PH 15.66 18.28 15.64 15.64 15.64 15.64 100 1,564 VIVANT AGRINURTURE 5.59 5.6 5.7 5.74 5.56 5.67 635,200 3,593,896 101 AXELUM 2.7 2.75 2.71 2.75 2.7 2.75 1,099,000 2,984,020 (1,409,280) 23.45 23.5 23.75 23.95 23.45 23.5 707,900 16,771,580 1,397,265 CENTURY FOOD 13.8 13.88 13.7 13.88 13.64 13.88 32,200 443,436 210,528 DEL MONTE DNL INDUS 7.12 7.13 7.17 7.21 7.11 7.13 504,500 3,610,196 (756,083) EMPERADOR 18.88 18.9 18.94 19 18.6 18.88 4,294,500 80,381,882 (15,495,006) 43.6 44.1 44 44.05 43.6 44 229,400 10,092,300 695,025 SMC FOODANDBEV 0.67 0.68 0.68 0.69 0.65 0.67 20,342,000 13,560,870 46,100 FIGARO COFFEE FRUITAS HLDG 1.02 1.03 1.02 1.06 1.02 1.02 2,065,000 2,132,320 (71,400) GINEBRA 96.7 97 97 97 96.65 97 1,300 126,033.5 (97,935) 201.2 202 207 207 199.3 201.2 593,940 120,015,269 (55,257,051) JOLLIBEE 1.17 1.18 1.19 1.19 1.16 1.17 1,587,000 1,856,830 231,999.9999 KEEPERS HLDG LIBERTY FLOUR 17.02 18.38 20.4 20.4 20.4 20.4 100 2,040 4.48 4.63 4.45 4.67 4.45 4.64 16,000 73,270 MAXS GROUP 0.103 0.11 0.109 0.111 0.109 0.111 20,000 2,200 MG HLDG 14.16 14.24 14.34 14.34 14.12 14.24 5,631,200 80,121,524 (9,795,486) MONDE NISSIN SHAKEYS PIZZA 7.1 7.15 7 7.15 7 7.15 10,200 72,915 54,340 ROXAS AND CO 0.59 0.61 0.62 0.62 0.59 0.61 2,033,000 1,217,510 507,990 3.85 3.9 3.9 3.9 3.9 3.9 1,000 3,900 (3,900) RFM CORP 1.15 1.18 1.15 1.15 1.15 1.15 95,000 109,250 ROXAS HLDG UNIV ROBINA 110 111 111 111 107.9 111 1,550,060 170,868,492 (56,906,571) VITARICH 0.58 0.6 0.58 0.6 0.58 0.59 27,000 15,960 2.49 2.61 2.55 2.55 2.55 2.55 5,000 12,750 VICTORIAS 0.7 0.71 0.75 0.75 0.69 0.71 8,868,000 6,288,690 (268,650) CEMEX HLDG EAGLE CEMENT 13 13.02 13 13 12.54 13 77,300 1,004,798 3.33 3.4 3.39 3.49 3.32 3.4 160,000 539,320 (13,690) EEI CORP 4.5 4.53 4.58 4.58 4.41 4.5 102,000 458,230 HOLCIM MEGAWIDE 4.32 4.4 4.2 4.5 4.19 4.4 492,000 2,126,500 21,500 PHINMA 19.2 19.3 19.3 19.3 19.3 19.3 1,000 19,300 0.66 0.71 0.74 0.74 0.71 0.71 2,000 1,450 710 TKC METALS 0.78 0.79 0.8 0.8 0.79 0.79 840,000 671,940 VULCAN INDL CROWN ASIA 1.4 1.43 1.4 1.47 1.4 1.44 307,000 434,560 47,820 EUROMED 0.99 1.03 0.98 0.98 0.98 0.98 5,000 4,900 5.26 5.47 5.25 5.25 5.25 5.25 3,200 16,800 PRYCE CORP 18.08 18.4 18.96 18.96 18.2 18.4 5,300 96,952 CONCEPCION GREENERGY 1.69 1.7 1.76 1.76 1.69 1.7 2,355,000 4,046,070 87,270 INTEGRATED MICR 6.9 6.92 6.98 6.98 6.7 6.9 57,500 394,714 0.66 0.69 0.71 0.71 0.66 0.7 292,000 197,770 IONICS 5.58 5.8 5.8 5.8 5.8 5.8 2,000 11,600 PANASONIC SFA SEMICON 1.59 1.6 1.56 1.64 1.56 1.6 1,272,000 2,046,370 (17,690) CIRTEK HLDG 3.05 3.07 3.21 3.21 3.05 3.07 3,330,000 10,283,110 350,820

HOLDING & FRIMS

mutual funds

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.776

www.businessmirror.com.ph

-3.2%

-1.03%

-10.36%

-1.71% 1.72%

-13.71% 2.82%

-16.53%

-14.52%

-1.5%

0.1%

2.29% 0.02% 3.25% 0.69% -1.65% 0.59% 2.45% 2.25% 1.75% 1.63% 1.95%

0% 0.43% -0.24% -3.26% 1.07% -4.5% 2.72% -2.01% -1.51% 2.64% -1.91%

1.74% -0.09% -2.51% -6.9% -3.25% 0.11% 0.72%

-1.58% -4.09% -0.48% -1.85% -10.8% -10.51% 1.17%

-2.89%

-1.25%

2.55% 1.02% 2.07%

0.91% 1.54% n.a.

2.47% 0.9%

1.12% n.a.

1.65%

-0.92%

-0.2% -1.49%

-8.65% -0.49%

-6.54%

-2.57% -11.43%

0.66%

0.38%

Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund Inc. -a 45.1789 n.a. n.a. n.a. n.a.

Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.2568 -4.47% n.a. n.a.

Primarily invested in foreign currency securities (units) -15.89% n.a. n.a. -14.15% ALFM Global Multi-Asset Income Fund Inc. -a $0.8327

ABACORE CAPITAL 2.08 2.09 2.1 2.14 2.08 2.09 28,112,000 59,073,350 (13,802,100) 612.5 620 618 622 605 620 223,890 138,389,395 (21,761,850) AYALA CORP ABOITIZ EQUITY 56.35 57.05 57.5 57.6 55.5 57.05 2,428,310 137,982,057.5 22,109,042 ALLIANCE GLOBAL 9.83 9.89 9.91 9.92 9.8 9.89 2,394,600 23,689,101 (21,180,196) 8.5 8.93 8.6 8.94 8.6 8.6 11,100 95,981 5,987 ANSCOR 0.395 0.4 0.4 0.4 0.39 0.395 180,000 71,100 ATN HLDG A ATN HLDG B 0.4 0.44 0.4 0.4 0.4 0.4 80,000 32,000 32,000 COSCO CAPITAL 4.29 4.3 4.38 4.38 4.28 4.3 300,000 1,289,050 (704,460) 9.5 9.52 9.7 9.71 9.5 9.5 5,316,200 50,801,709 (9,114,917) DMCI HLDG 6.88 7.06 6.87 7.06 6.87 7.06 11,600 79,711 FILINVEST DEV FORUM PACIFIC 0.203 0.27 0.203 0.203 0.203 0.203 20,000 4,060 453.4 459.8 467.8 467.8 453.4 453.4 227,540 105,307,688 (14,028,594) GT CAPITAL 51.5 51.6 54.6 54.6 51.5 51.5 1,786,990 92,969,552.5 (10,711,518) JG SUMMIT 0.53 0.56 0.53 0.58 0.53 0.58 59,000 31,370 LODESTAR LOPEZ HLDG 2.9 3 2.92 3 2.9 2.9 50,000 145,140 (133,400) LT GROUP 8.79 8.8 8.88 8.88 8.76 8.8 1,257,900 11,092,994 (4,366,441) 3.6 3.69 3.71 3.71 3.6 3.69 9,534,000 34,852,940 2,808,990 METRO PAC INV 2.15 2.17 2.1 2.24 2.07 2.15 1,700,000 3,681,910 PRIME MEDIA REPUBLIC GLASS 2.62 3.17 2.62 2.62 2.62 2.62 8,000 20,960 0.85 0.88 0.85 0.85 0.85 0.85 32,000 27,200 SOLID GROUP 775.5 776 802 804 771 775.5 639,650 502,325,955 (111,547,635) SM INVESTMENTS 105.5 105.6 104.8 105.5 103.5 105.5 215,450 22,701,934 17,323,862 SAN MIGUEL CORP TOP FRONTIER 109 114.8 106 114.8 106 114.8 120 13,600 0.25 0.28 0.25 0.25 0.25 0.25 50,000 12,500 WELLEX INDUS

PROPERTY ARTHALAND CORP 0.52 0.53 0.54 0.54 0.53 0.53 96,000 50,890 AYALA LAND 25.2 25.25 25 25.35 24.25 25.25 23,148,100 577,314,655 (34,306,525) AYALA LAND LOG 3.1 3.12 3.13 3.13 3.04 3.1 125,000 384,750 13.12 13.38 13.08 13.38 13.08 13.38 400 5,262 ALTUS PROP 1.33 1.36 1.32 1.37 1.31 1.36 272,000 364,840 ARANETA PROP AREIT RT 36.1 36.2 36.8 36.8 36.1 36.1 540,300 19,741,380 2 ,916,120.0003 A BROWN 0.77 0.82 0.8 0.8 0.77 0.77 123,000 97,560 0.68 0.69 0.69 0.69 0.69 0.69 24,000 16,560 CITYLAND DEVT 0.083 0.086 0.086 0.089 0.083 0.086 3,800,000 327,220 CROWN EQUITIES CEB LANDMASTERS 2.47 2.5 2.5 2.5 2.48 2.5 24,000 59,820 12,400 CENTURY PROP 0.385 0.39 0.39 0.39 0.385 0.385 490,000 190,050 2.42 2.43 2.43 2.46 2.43 2.43 21,086,000 51,332,400 502,070 CITICORE RT 7.7 7.79 7.7 7.88 7.68 7.71 31,000 239,569 (33,136) DOUBLEDRAGON DDMP RT 1.53 1.54 1.54 1.55 1.53 1.53 621,000 954,520 6.82 6.83 6.83 6.83 6.8 6.83 21,600 147,368 DM WENCESLAO 0.196 0.212 0.212 0.212 0.212 0.212 40,000 8,480 EMPIRE EAST 0.305 0.31 0.31 0.31 0.3 0.31 3,100,000 952,900 (155,000) EVER GOTESCO FILINVEST RT 6.79 6.8 6.8 6.8 6.79 6.8 846,100 5,752,002 240,033 FILINVEST LAND 0.88 0.89 0.89 0.9 0.88 0.88 7,274,000 6,444,120 (1,436,570) 0.85 0.86 0.85 0.85 0.85 0.85 88,000 74,800 (42,500) GLOBAL ESTATE 9.25 9.3 9.38 9.8 9.3 9.3 51,300 483,518 332,940 8990 HLDG PHIL INFRADEV 1.06 1.08 1.1 1.1 1.06 1.06 167,000 177,690 2.26 2.27 2.3 2.33 2.26 2.26 5,373,000 12,272,300 (3,038,180) MEGAWORLD 0.177 0.178 0.18 0.182 0.176 0.178 1,460,000 261,040 MRC ALLIED 15.92 15.94 15.98 16 15.94 15.94 826,200 13,198,406 (395,882) MREIT RT PHIL ESTATES 0.37 0.38 0.37 0.37 0.37 0.37 360,000 133,200 2.1 2.15 2.18 2.18 2.1 2.15 169,000 361,900 PRIMEX CORP 6.32 6.39 6.39 6.4 6.3 6.39 1,804,400 11,508,410 2,257,598 RL COMM RT 17 17.1 17 17.1 16.82 17 1,374,600 23,365,282 9,974,312 ROBINSONS LAND PHIL REALTY 0.217 0.235 0.223 0.235 0.216 0.216 1,460,000 323,090 1.22 1.31 1.21 1.3 1.21 1.3 2,000 2,510 ROCKWELL 2.56 2.6 2.6 2.6 2.59 2.6 28,000 72,650 SHANG PROP 2.81 3.04 2.79 3.04 2.79 3.04 54,000 161,820 15,000 STA LUCIA LAND SM PRIME HLDG 36.25 36.6 36.4 36.6 35.9 36.6 14,340,500 520,880,350 (121,052,590) SOC RESOURCES 0.48 0.61 0.61 0.61 0.61 0.61 3,000 1,830 3.22 3.33 3.21 3.33 3.21 3.33 9,000 29,250 VISTAMALLS 1.02 1.03 1.02 1.03 1.02 1.02 108,000 110,180 SUNTRUST RESORT VISTA LAND 1.95 1.97 1.98 1.98 1.94 1.97 52,000 102,360 (29,510) VISTAREIT RT 1.75 1.76 1.76 1.77 1.75 1.75 2,513,000 4,432,350 2,323,340

SERVICES ABS CBN 9.3 9.39 9.18 9.48 9.18 9.3 199,400 1,873,047 GMA NETWORK 10.3 10.34 10.34 10.34 10.26 10.3 233,500 2,401,674 0.32 0.36 0.325 0.37 0.325 0.35 30,000 10,450 MANILA BULLETIN 2,062 2,070 2080 2,118 1,948 2,062 114,960 235,101,420 (65,183,210) GLOBE TELECOM 1,656 1,676 1700 1,700 1,656 1,656 67,785 113,084,450 (23,429,960) PLDT APOLLO GLOBAL 0.034 0.036 0.035 0.036 0.034 0.035 80,800,000 2,785,000 (10,800) CONVERGE 19 19.2 19.8 19.9 19 19 15,970,200 309,110,560 (34,071,810) 3.39 3.4 3.68 3.75 3.39 3.39 1,041,000 3,784,580 (520,380) DFNN INC 3.81 3.82 3.86 3.88 3.81 3.81 1,901,000 7,286,340 (478,620) DITO CME HLDG JACKSTONES 1.49 1.65 1.65 1.65 1.65 1.65 20,000 33,000 1.18 1.19 1.18 1.21 1.15 1.19 2,958,000 3,528,390 (707,770) NOW CORP 0.275 0.28 0.28 0.28 0.275 0.28 1,880,000 525,100 109,200 TRANSPACIFIC BR 6.32 6.39 6.4 6.4 6.32 6.32 2,500 15,848 2GO GROUP CHELSEA 1.16 1.19 1.17 1.2 1.16 1.19 274,000 320,410 42.35 42.9 43.1 43.1 42.3 42.9 10,400 444,165 136,810 CEBU AIR 190 194.2 185.6 194.2 185.6 194.2 982,000 188,521,840 (33,863,373) INTL CONTAINER 4.28 4.29 4.4 4.4 4.24 4.29 420,000 1,805,370 (1,158,180) MACROASIA METROALLIANCE A 0.82 0.91 0.88 0.94 0.88 0.91 68,000 62,350 5.5 5.55 5.55 5.8 5.55 5.57 5,800 32,336 (580) PAL HLDG 1.11 1.12 1.15 1.18 1.12 1.12 1,922,000 2,214,550 23,000 HARBOR STAR 1.36 1.69 1.36 1.36 1.36 1.36 2,000 2,720 ACESITE HOTEL BOULEVARD HLDG 0.077 0.078 0.08 0.08 0.077 0.078 19,050,000 1,481,860 (10,140) GRAND PLAZA 10.62 13.48 14.94 14.94 10.62 10.62 300 3,956 0.43 0.455 0.43 0.43 0.43 0.43 30,000 12,900 WATERFRONT 0.325 0.35 0.325 0.33 0.32 0.32 210,000 68,200 STI HLDG BELLE CORP 1.19 1.2 1.2 1.2 1.2 1.2 3,373,000 4,047,600 (3,793,200) BLOOMBERRY 6.03 6.05 6.06 6.1 6.03 6.05 1,303,700 7,907,322 (2,320,885) 1.37 1.48 1.37 1.37 1.37 1.37 1,000 1,370 PACIFIC ONLINE 1.41 1.42 1.41 1.42 1.41 1.42 79,000 112,030 LEISURE AND RES PH RESORTS GRP 0.77 0.78 0.8 0.8 0.77 0.78 898,000 695,100 30,400 PREMIUM LEISURE 0.405 0.41 0.405 0.415 0.405 0.41 5,630,000 2,314,800 12,300 3.35 3.39 3.32 3.49 3.32 3.35 8,782,000 29,803,420 (260,550) PHILWEB 0.295 0.3 0.31 0.31 0.3 0.3 5,380,000 1,623,100 33,550 ALLDAY BERJAYA 5.62 6.15 6.1 6.15 6.1 6.15 10,500 64,445 4.76 4.82 4.84 4.84 4.83 4.83 1,044,000 5,042,570 (9,670) ALLHOME 1.45 1.46 1.45 1.47 1.45 1.46 150,000 217,830 (21,900) METRO RETAIL 30.1 30.2 30.2 30.2 29.7 30.2 728,900 21,814,135 (1,540,015) PUREGOLD ROBINSONS RTL 55.4 55.45 55.45 55.7 55.1 55.45 321,420 17,829,462 6,940,534 PHIL SEVEN CORP 63 65 65.3 65.3 65.3 65.3 80 5,224 (5,224) 1.4 1.42 1.4 1.43 1.38 1.42 929,000 1,305,780 (142,000) SSI GROUP 27.2 27.65 25.45 28 25.45 27.65 5,724,200 152,532,715 30,595,045 WILCON DEPOT APC GROUP 0.191 0.196 0.191 0.196 0.191 0.196 180,000 34,980 0.74 0.76 0.75 0.75 0.73 0.74 4,384,000 3,255,640 66,400 MEDILINES 0.405 0.41 0.42 0.43 0.395 0.405 6,260,000 2,525,650 181,750 PRMIERE HORIZON SBS PHIL CORP 3.65 3.73 3.65 3.73 3.65 3.73 7,000 25,940

MINING & OIL ATOK 6.9 6.99 6.85 6.99 6.65 6.99 120,100 814,786 APEX MINING 1.48 1.49 1.5 1.5 1.48 1.48 731,000 1,090,410 3,000 ATLAS MINING 4.53 4.55 4.55 4.58 4.51 4.54 312,000 1,419,640 4.9 5.08 5.02 5.1 5 5 97,000 487,281 BENGUET A 4.92 5.08 5 5.05 4.92 4.92 32,100 159,922 15,150 BENGUET B COAL ASIA HLDG 0.202 0.237 0.202 0.202 0.202 0.202 40,000 8,080 2.6 2.7 2.72 2.72 2.7 2.7 20,000 54,200 CENTURY PEAK 2.27 2.28 2.29 2.29 2.27 2.28 849,000 1,940,050 (856,460) FERRONICKEL 0.173 0.193 0.173 0.173 0.173 0.173 80,000 13,840 GEOGRACE LEPANTO A 0.138 0.139 0.137 0.138 0.137 0.138 810,000 111,630 0.133 0.139 0.132 0.137 0.132 0.133 60,000 8,030 (4,070) LEPANTO B 0.0094 0.0097 0 0.0094 0.0097 0.0094 0.0097 8,000,000 76,900 MANILA MINING A 1.33 1.37 1.32 1.38 1.32 1.36 1,399,000 1,892,960 7,800 MARCVENTURES NIHAO 0.9 0.95 0.95 0.95 0.95 0.95 6,000 5,700 5.42 5.47 5.55 5.6 5.4 5.47 1,795,100 9,864,350 2,751,355 NICKEL ASIA 0.7 0.72 0.72 0.72 0.7 0.7 301,000 214,720 ORNTL PENINSULA 3.25 3.28 3.29 3.33 3.23 3.25 542,000 1,792,970 (280,450) PX MINING SEMIRARA MINING 41.5 41.55 41.55 41.7 41.4 41.5 1,843,700 76,532,530 36,307,220 ACE ENEXOR 13.92 14 13.88 14.2 13.88 14 222,700 3,130,648 0.01 0.011 0.011 0.011 0.01 0.011 65,400,000 659,300 ORNTL PETROL A 0.0087 0.0089 0 0.0088 0.0088 0.0088 0.0088 1,000,000 8,800 PHILODRILL PXP ENERGY 5.6 5.75 5.6 5.8 5.56 5.75 279,300 1,604,820 (57,250)

PREFFERED

HOUSE PREF A 99 100.6 100.6 100.6 100.6 100.6 20 2,012 AC PREF B1 495 500 500 500 500 500 20 10,000 496.4 497 497 497 497 497 300 149,100 AC PREF B2R 101.1 105 105 105 105 105 100 10,500 BRN PREF A 41.05 42 42 42 42 42 4,000 168,000 CEB PREF CPG PREF A 99.8 101.5 101.6 101.6 101.5 101.5 2,100 213,350 (203,200) DD PREF 98.6 99.85 99.85 99.85 99.85 99.85 210 20,968.5 105 107 105 107 105 107 1,050 110,350 105,000 EEI PREF B 975.5 1,000 1000 1,000 1,000 1,000 50 50,000 GTCAP PREF A GTCAP PREF B 1,000 1,010 1000 1,000 1,000 1,000 4,675 4,675,000 952 965 960 965 951 965 110 105,110 JFC PREF B 94.2 99.85 95 95 94.2 94.2 4,000 377,616 MWIDE PREF 2A 100 101 100 101 100 101 8,190 819,200 MWIDE PREF 2B PNX PREF 3B 86 90 90 90 89.5 90 6,170 554,030 (8,950) PNX PREF 4 781.5 793 800 800 785 794 3,820 3,029,770 293,460 1,035 1,036 1035 1,035 1,032 1,035 12,990 13,444,500 PCOR PREF 3A 1,051 1,060 1051 1,060 1,051 1,060 115 120,955 PCOR PREF 3B SMC PREF 2F 76.1 76.5 76.7 76.8 76.5 76.5 259,180 19,854,093 75 75.25 75 75.25 75 75.1 52,600 3,948,950 SMC PREF 2H 72.75 73.95 74 74 72.2 72.2 7,100 512,800 SMC PREF 2J 72 73.85 71.15 73.95 71.15 73.85 66,360 4,815,666 SMC PREF 2K TECH PREF B2D 55 55.75 55.05 55.05 55 55 9,000 495,012.5 PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR 9 9.59 10.2 10.78 GMA HLDG PDR

-

TECH WARRANT 0.69 0.71 0.71 0.71 0.68 0.71 342,000 233,730

-

WARRANTS

-9.12%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. 1 - Renaming was approved by the SEC last July 8, 2021 (formerly, Sun Life Prosperity Money Market Fund, Inc.).

2 - Adjusted due to stock dividend issuance last November 25, 2021.

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

SMALL & MEDIUM ENTERPRISES

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH MERRYMART XURPAS t

0.65 1 0.85 0.73 2.04 1.23 0.3

0.66 1.01 0.89 0.76 2.89 1.24 0.315

0.67 1.01 0.89 0.76 2.26 1.27 0.3

0.69 1.01 0.89 0.76 2.26 1.28 0.325

0.64 1 0.85 0.73 2.26 1.23 0.3

0.66 1.01 0.85 0.76 2.26 1.23 0.3

17,933,000 1,146,000 73,000 319,000 7,000 986,000 260,000

12,130,040 1,154,580 62,170 235,550 15,820 1,229,210 78,250

EXHANGE TRADE FUNDS FIRST METRO ETF

97

97.1

98.3

98.3

97

97.1

11,510

1,120,413

(3,350) 129,630 119,160 (3,250) (2,400)

www.news.businessmirror@gmail.com

Banking&Finance

OFCs’ domestic claims grew 7.3% in Q1–BSP

By Bianca Cuaresma @BcuaresmaBM

T

HE Bangko Sentral ng Pilipinas (BSP) reported over the weekend that the domestic claims of other financial corporations (OFCs) grew 7.3 percent in the first three months of the year.

According to their recent OFC Survey (OFCS), these non-bank financial institutions had domestic claims of P7.33 trillion in the first quarter of 2022 from the P6.83 billion in the same period last year.

The BSP said this growth was brought about by higher claims on the private sector and net claims on the central government.

OFCs refer to institutional units providing financial services other than banks, non-banks with quasibanking functions, non-stock savings and loan associations and the central bank.

These institutional units are comprised of non-money market funds of trust institutions, trust corporations, and investment companies, private and public insurance corporations, holding companies, government-owned or -controlled corporations engaged in financial

intermediation, and other financial intermediaries and auxiliaries.

In the first quarter of 2022, the BSP said OFCs’ claims on the private sector rose due to the sector’s higher investments in equity securities issued by private nonfinancial corporations as well as more loans extended to households.

The growth in domestic claims can also be attributed to OFCs’ higher claims on the national government as evidenced by the sector’s increased holdings of government securities.

On the other hand, the OFCs’ claims on depository corporations declined in the first quarter of 2022 compared to the same period last year.

The BSP attributed this mainly to the sector’s lower bank deposits and decreased holdings of debt securities issued by banks.

Meanwhile, OFCs recorded higher net foreign assets in the first quarter of the year, largely on account of increased investments in debt and equity securities issued by nonresident entities.

“The expansion in the OFCs’ assets was funded primarily by their issuances of shares and other equity,” the BSP said.

Easing boosts Pagcor’s H1 income to ₧26.7B

By Bernadette D. Nicolas @BNicolasBM

S

TATE-run Philippine Amusement and Gaming Corp. (Pagcor) finally showed signs of recovery from the impact of the Covid-19 pandemic as it earned more revenues in the first half of this year.

Pagcor said its total income from January to June this year hit P26.7 billion, jumping by 68.1 percent from P15.88 billion in revenues in the same period last year.

Likewise, the state-run gaming firm also exceeded its P24.4 billion revenue target by 9.39 percent.

Its net income after tax hit P2.15 billion, soaring by 2,630.51 percent from P79.07 million net income in the first semester last year.

“The promising gaming outlook in the country was fueled by the easing of community quarantine and travel restrictions, increased vaccination rate among gaming personnel and guests, and implementation of strict health protocols in all Pagcor-operated and regulated gaming venues,” Pagcor’s statement read.

Due to the improved gaming revenues in the first six months of this year, Pagcor’s “contributions

to nation-building” also leaped by 62.69 percent to reach P21.23 billion from P13.05 billion in the same period last year.

Of the P21.23 billion contributions to nation building, the lion’s share of P11.71 billion went to the National Treasury as 50-percent government share; P6 billion also went to the national coffers as cash dividends (for dividend year 2021); and, P1.23 billion went to the Bureau of Internal Revenue as franchise tax.

This year, Pagcor has also remitted significant contributions to the Philippine Sports Commission (P587.18 million); Dangerous Drugs Board (P30 million); Board of Claims under the Department of Justice (P22.70 million); and, National Government Agencies (P52.39 million). On top of this, the agency also allocated P1.23 billion to fund the government’s sociocivic programs as well as Pagcor’s own corporate social responsibility projects.

Earlier this year, outgoing Pagcor Chairman and CEO Andrea D. Domingo said they are on track to hit P60 billion to P65 billion in gross gaming revenues this year on the back of easing movement restrictions.

BusinessMirror

Editor: Dennis D. Estopace • Monday, August 1, 2022

B3

PHL bank account ownership stagnant at 20%–WB report

W

By Cai U. Ordinario

@caiordinario

OMEN, young Filipinos and the poor are getting the short-end of the stick when it comes to owning bank accounts in the Philippines, a World Bank report revealed.

The World Bank’s The Global Findex Database 2021 showed that the gender gap in account ownership in the Philippines is at 8 percentage points while the age gap is 15 percentage points.

The income gap in terms of account ownership in the Philippines and Turkey, the report stated, has remained stagnant at over 20 percentage points.

“The very big increase in the malefemale gap in the Philippines and the large decrease in Pakistan seem hard to explain. Only five countries had a negative male-female differential in 2021, while the gaps for India, the Republic of Korea and Sri Lanka were zero,” Peter J. Morgan, a senior

consulting economist and advisor to the dean at Asian Development Bank Institute (ADBI), wrote in an Asiapathways weblog.

The report noted that in East Asia and the Pacific region, where the Philippines belongs, there was “virtually no gender gap” in account ownership in Indonesia, Mongolia and Thailand.

The age gap in account ownership in the Philippines is similar to the global age gap but was described worse compared to China and Turkey where there is no major difference in account ownerships between age groups.

The report also stated that Myanmar, another member of the Asso-

ciation of Southeast Asian Nations (Asean) country, where younger adults are 11 percentage points more likely than older ones to have an account.

For the income gap in account ownership, the World Bank said, many developing economies like the Philippines still have income gaps that are in the double-digits.

The report stated that Mozambique, Myanmar, Nigeria, Uganda and Zambia, where account ownership ranges from 45 percent to 66 percent, the gap is more than 20 percentage points.

However, the World Bank said Mongolia and Thailand have already achieved near-universal account ownership with almost equal coverage of richer and poorer adults.

“Gender and income are not the only individual characteristics that appear to matter for the likelihood of owning an account. Age, educational level, employment status and rural residency are all associated with significant differences in account ownership,” the report stated.

If these underserved sectors such as women are given access to accounts, the report stated, these women will be more empowered and have a louder voice in the household

in terms of finances.

The report stated that a study in the Philippines showed that women who used commitment savings products that encouraged regular deposits into a personal bank account increased their decision-making power in the home.

This financial independence also shifted the spending of their families to household goods relevant to their needs, such as washing machines.

Morgan said part of the efforts to improve access to bank accounts is to use financial technology (fintech), such as having a mobile money account or having made or received a digital transfer.

While this may bring to the fore the need to address the digital divide, fintech remains to offer opportunities to have financial inclusion not only for women but young and lowincome people.

“Given that fintech is expected to play an important role in promoting financial inclusion, the digital gender gap threatens to pose a significant barrier to increasing the financial inclusion of women,” Morgan said.

“This points to the need for policies to increase both digital financial access and digital financial literacy for women,” he added.

UnionDigital Bank taps gaming content provider

By VG Cabuag

@villygc

U

nionDigital Bank Inc. has entered into a partnership with Singapore-based Nexus Enterprise Technologies Pte. Ltd. (Nexplay), which manages e-sports teams and video game content platform, to sell digital financial services to Filipino gamers.

UnionDigital Bank CEO Ramon Vicente V. De Vera said the partnership allows the bank to offer Filipino gamers access to a digital bank account.

De Vera was quoted in a statement as saying the digital lender is “driven to further empower the Philippines’s digital economy.”

“We are looking forward to this collaboration with Nexplay to propel our higher purpose: ‘tech-ing up’ today’s generation of Filipinos, especially gamers.”

“Nexplay opens opportunities for us to engage our country’s digital natives in platforms they are quite familiar with: games. This is particularly important if you consider the rise of play-to-earn gaming and content streaming in the Philippines,” he said.

This undated photo courtesy of UnionDigital Bank Inc. shows (L-R) Nexus Enterprise Technologies Pte. Ltd. (Nexplay) President Miguel Bernas, UnionDigital Bank CEO Ramon Vicente V. De Vera and Nexplay CEO Gabriel Benito after a signing of a memorandum of agreement between the two firms.

Photo courtesy of UnionDigital Bank Inc.

In 2019, about 43 million Filipino gamers spent a total $572 million on games, some 80 percent of whom were engaged with in-game microtransactions, such as buying powerups and game cosmetics.

The following year, revenue generated by the online gaming industry sat at $24 million.

As cashless payment methods grow in prominence due in part to

the pandemic, UnionDigital Bank, a unit of Aboitiz-led Union Bank of the Philippines Inc., said it sees an opportunity to empower Filipino gamers by providing more accessible financial solutions not limited to traditional deposit accounts and debit cards.

On the other hand, Nexplay, which is being led by a Filipino, is scaling its business in the Phil-

ippines. After reporting a 150 percent year-on-year revenue growth early this year, Nexplay is gearing up to develop its own Web3 IP, which is a new wave of crypto currency, in the digital gaming space.

It claims to have a “community” of 250 million video game enthusiasts, young professional esports athletes, over 400 content creators and a portfolio of more than 200 brands and clients.

“Our mission has always been helping gamers succeed,” Nexplay CEO Gabriel Paulo Benito was quoted in the statement as saying.

“Working with UnionDigital Bank will help crystallize this combined vision of making financial services more accessible to our massive gaming community, our fans, our teams and our talents to enrich their digital experience. Together, we are committed to encourage greater financial inclusion within the rapidly growing gaming community in the Philippines, especially the nextgeneration gamers.”

Both firms, however, declined to state how much revenues they expect from the partnership.

Perspectives Bringing tax transparency into focus for life sciences companies

A

RE you aware of the tax transparency issues regarding ESG (environmental, social, and governance) and sustainability within life sciences companies? Is your business prepared for the challenge?

There’s a reason you should be.

Recently, there has been a dramatic cultural shift as governments and communities increase their focus on social and health issues, environmental concerns, sustainability, and corporate governance.

They want businesses to operate responsibly. This has led to more calls for ESG initiatives, where life sciences companies are expected to also measure “success” as more than just profitability. It’s about what they “give back” to society, e.g., to patients and communities worldwide, what they do to protect the environment, and how they conduct

and govern themselves.

It’s no surprise then that ESG is now at the heart of boardroom discussions.

How well you can demonstrate your commitment, and contribution, to meeting ESG and sustainability goals, and whether you can directly deliver on the United Nation’s 17 Sustainable Development Goals (such as “no poverty,” “zero hunger,” and “sustainable cities and communities”), is becoming a clear measure of such success—and tax transparency is increasingly seen as both an essential element of ESG disclosure and a key metric when demonstrating your responsible attitude towards tax.

Preparing for the challenge

Becoming a more ESG-friendly organization, however, is a complex journey. It involves changing

how your company processes business while being transparent and accountable—not an easy task as there is no general agreement on measures.

While every life sciences business has its own unique requirements, and most are at different stages of their tax reporting and ESG development, there are still several common questions that should be addressed: n Has your business committed to meeting and reporting under any ESG standards or metrics? n Are you adequately collecting and analyzing the right data about your ESG activities? n Can your technology support you? n Are your employees properly trained? n Do you have the right partnerships and alliances in place—ones

that can help you create progressive approaches that drive your ESG initiatives? n Do you have a true idea about your company’s environmental impact? n Is your board aligned with what you want to achieve, and do they have access to the right information so they can provide effective oversight? n As investors increasingly integrate ESG factors into investment decisions, they are taking a closer look at how organizations manage their tax risk. Have you developed a tax risk policy? Do you have a tax risk appetite statement and are you adequately disclosing tax risks?

There are no easy answers to these questions. But getting them right can give you a competitive advantage.

For life sciences and chemical firms, this is especially relevant as the ongoing coronavirus pandemic, climate change, and other environmental and social/ health issues keep them firmly in the spotlight. As governments, shareholders, and the public focus on your taxes, getting your tax transparency reporting right is not only essential but potentially beneficial.

Therefore, your ESG strategies should factor in tax transparency and demonstrate how you serve the communities in which you do business. Your tax planning should also align with, and support, the ESG agenda.

You should be seen to not just be “talking the talk” but “walking the walk.” If it is felt that you are treating tax as solely a cost center that should be reduced by all means, your

ESG efforts can be questioned, if not outrightly undermined.

Everyone has a vested interest in climate change, sustainability, and social justice. Tax transparency should take a central part in any conversation around these issues. This means that you should be involved in ESG and sustainability discussions. That way everyone helps, and everyone can win.

The excerpt was taken from the KPMG Thought Leadership publication: https://home.kpmg/xx/en/ home/insights/2022/03/bringing-tax-transparency-into-focus.html © 2022 R.G. Manabat & Co., a Philippine partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more information on KPMG in the Philippines, you may send a message via social media or visit www.home.kpmg/ph.

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How do we know when a recession has begun?

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By Christopher Rugaber The Associated Press

HE US economy has contracted for two straight quarters, intensifying fears that the nation is on the cusp of a recession—if not already in one— barely two years after the pandemic recession officially ended.

Six months of contraction is a long-held informal definition of a recession. Yet nothing is simple in the post-pandemic economy. Its direction has confounded Federal Reserve policymakers and many private economists since growth screeched to a halt in March 2020 as Covid-19 struck and 20 million Americans were suddenly thrown out of work.

Even as the economy shrank over the first half of this year, employers added 2.7 million jobs more than in most entire years before the pandemic struck. And the unemployment rate has sunk to 3.6%, near a half-century low.

Robust hiring and exceedingly low unemployment aren't consistent with a recession.

While most economists—and Fed Chair Jerome Powell—have said they don’t think the economy is in recession, many increasingly expect an economic downturn to begin later this year or next.

Either way, with inflation raging at its highest level in four decades, Americans’ purchasing power is eroding. The pain is being felt disproportionately by lower-

income and Black and Hispanic households, many of whom are struggling to pay for higher-cost essentials like food, gas and rent.

Compounding those pressures, the Fed is jacking up interest rates at the fastest pace since the early 1980s, thereby magnifying borrowing costs for homes and cars and credit card purchases.

As a result, regardless of whether a recession has officially begun, Americans have increasingly soured on the economy, So how, exactly, do we know when an economy is in recession?

Here are some answers to such questions:

Who decides when a recession has started?

Recessions are officially declared by the obscure-sounding National Bureau of Economic Research (NBER), a group of economists whose Business Cycle Dating Committee defines a recession as “a significant decline in economic activity that is spread across the economy and lasts more than a few months.”

T he com m it te e con s id e r s

trends in hiring as a key measure in determining recessions. It also assesses many other data points, including gauges of income, employ ment, inf l at ion-adjusted spending, retail sales and factory output. It puts heavy weight on jobs and a gauge of inflation-adjusted income that excludes government support payments such as Social Security.

Yet the NBER typically doesn't declare a recession until well after one has begun, sometimes for up to a year. Economists consider a half-point rise in the unemployment rate, averaged over several months, as the most historically reliable sign of a downturn.

Do two straight quarters of economic contraction equal a recession?

That’s a common rule of thumb, but it isn’t an official definition.

Still, in the past, it has been a useful measure. Michael Strain, an economist at the right-leaning American Enterprise Institute, notes that in each of the past 10 times that the economy shrank for two consecutive quarters, a recession has resulted.

Still, even Strain isn’t sure we're in recession now. Like many economists, he notes that the underlying drivers of the economy— consumer spending, business investment, home purchases—all grew in the first quarter.

Overall gross domestic product—the broadest measure of the nation’s output—declined at a 1.6% annual rate from Januar y through March because of one-of f factors, inc lud ing a shar p jump in imports and a post-holiday season drop in businesses' inventories. Many economists expect that when

GDP is revised later this year, the first quarter may even turn out to be positive.

“The basic story is that the economy is growing but still slowing, and that slowdown really accelerated in the second quarter,” Strain said.

raised the likelihood of recession in the next two years to nearly 50%, Goldman Sachs economists have said. And Bank of America economists now forecast a “mild” recession later this year, while Deutsche Bank expects a recession early next year.

Don’t a lot of people think a recession is coming?

What are some signs of an impending recession?

Yes, because many people now feel more financially burdened.

With wage gains trailing inflation for most people, higher prices for such essentials as gas, food, and rent have eroded Americans' spending power, This week, Walmart reported that higher gas and food costs have forced its shoppers to reduce their purchases of discretionary spending such as new clothing, a clear sign that consumer spending, a key driver of the economy, is weakening.

T he nation's largest retailer, Walmart reduced its profit outlook and said it will have to discount more items like furniture and electronics.

And the Fed’s rate hikes have caused average mortgage rates to double from a year ago, to 5.5%, causing a sharp fall in home sales and construction.

Higher rates will also likely weigh on businesses' willingness to invest in new buildings, machinery and other equipment. If companies reduce spending and investment, they’l also start to slow hiring. Rising caution among companies about spending freely could lead eventually to layoffs.

If the economy were to lose jobs and the public were to grow more fearful, consumers would further reduce spending.

The Fed’s rapid rate hikes have

The clearest signal that a recession is under way, economists say, would be a steady rise in job losses and a surge in unemployment. In the past, an increase in the unemployment rate of threetenths of a percentage point, on average over the previous three months, has meant that a recession will soon follow.

Many economists monitor the number of people who seek unemployment benefits each week, which indicates whether layoffs are worsening. Weekly applications for jobless aid, averaged over the past four weeks, have risen for eight straight weeks to nearly 250,000, the highest level since last November. While that is a potentially concerning sign, it is still a low level historically.

Any other signals to watch for?

Many economists also monitor changes in the interest payments, or yields, on different bonds for a recession signal known as an “inverted yield curve.” This occurs when the yield on the 10-year Treasury falls below the yield on a short-term Treasury, such as the 3-month T-bill. That is unusual.

Nor ma l ly, longer-ter m bonds pay investors a richer yield in exchange for tying up their money for a longer period.

Inverted yield curves gener-

ally mean that investors foresee a recession that will compel the Fed to slash rates. Inverted curves often predate recessions. Still, it can take 18 to 24 months for a downturn to arrive after the yield curve inverts.

For the past two weeks, the yield on the two-year Treasury has exceeded the 10-year yield, suggesting that markets expect a recession soon. Many analysts say, though, that comparing the 3-month yield to the 10-year has a better recession-forecasting track record. Those rates are not inverted now.

Will the Fed keep raising rates even as the economy slows?

The economy’s flashing signals slowing growth with strong hiring—have put the Fed in a tough spot. Chair Jerome Powell is aiming for a “soft landing,” in which the economy weakens enough to slow hiring and wage growth without causing a recession and brings inflation back to the Fed's 2% target.

But Powell has acknowledged that such an outcome has grown more difficult to achieve. Russia’s invasion of Ukraine and China’s Covid-19 lockdowns have driven up prices for energy food, and many manufactured parts in the US. Powell has also indicated that if necessary, the Fed will keep raising rates even amid a weak economy if that's what's needed to tame inflation.

“Is there a risk that we would go too far?” Powell asked last month.

“Certainly there’s a risk, but I wouldn’t agree that’s the biggest risk to the economy. The biggest mistake to make…would be to fail to restore price stability.”

Style

BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Monday, August 1, 2022

B5

Pinay Drag ‘pasabog’ THE NEW RU GIRLS Prince

(clockwise), Corazon, Gigi Era, Lady Morgana, Turing, Viñas DeLuxe, Brigiding, Minty Fresh, Eva Le Queen, Xilhouette, Precious Paula Nicole and Marina Summers. Center: Judges KaladKaren and Jiggly Caliente with host Paolo Ballesteros. WORLD

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THE FAVE FILIPINO JEWELRY BRAND OPENS NEWEST STORE PROUDLY Filipino jewelry brand V!, known for its chic and playful collection of modern luxury pieces, recently opened its new store at Shangri-La Plaza (www.facebook.com/shangrilaplazaofficial)—a treat for all modern Filipino women who frequent the popular leisure destination.

Offering everyday and statement jewelry, V! has a variety of rings, necklaces, earrings, and bracelets in refreshingly youthful designs mainly using ethically sourced Palawan South Sea pearls as their centerpiece.

The pearl is the world’s only organic and living gem that comes from a living creature, the oyster.

The South Sea pearl is considered as the largest and rarest of them all. No two V! pearls are alike, and each has unique characteristics that make it distinct from another.

With a name derived from “vivere” that means “to live” in Latin, V! delivers an aesthetic that celebrates the beauty and joy of life in all its colors.

This sustainable jewelry brand offers creations made with other gemstones like diamond, sapphire and ruby. Every gem is cut, polished and perfectly set in each piece to withstand everyday wear and tear.

HE Queen of All Queens has just been crowned, and it’s Jinkx Monsoon. The fifth champion of RuPaul’s Drag Race bested eight other queens in a spectacular All Stars-All Winners season that ended last Friday.

As if the show’s multiple Emmy nominations for 2022 aren’t enough, its pop-culture domination continues with ongoing iterations in France and Canada while a Belgian edition was recently announced. And the Philippines, not to be outperformed, is joining the Drag Race juggernaut.

Officially.

The inaugural Drag Race Philippines sashays onto your screens on August 17 on discovery+, HBO GO and WOW Presents Plus, with Drag Race Philippines: Untucked, the first international spin-off, premiering on August 19. A prize package is yet to be Ru-vealed.

Paolo Ballesteros, the acclaimed actor who is also known for his uncanny makeup transformations, is the host-judge for the show. For the first time in Drag Race herstory, two transwomen will be on the main judging panel: Jiggly Caliente, who competed in the US season 4 and All-Stars 6, and vlogger KaladKaren.

Unlike in the US where some racers are chosen for their number of Instagram followers, a dozen dazzling queens were cast for their charisma, uniqueness, nerve and talent. I included their Instagram count, as of last Saturday, which will inevitably explode once the season airs.

For their promo looks in their “Meet the Queens” videos, the Category Is: Rush-Hour Traffic. Here are the Pinay queens, wearing jeepney-inspired looks, who are all ready to cause chaos: The “big, bold, bubbly and bongga” Brigiding, 29, has fierce fans, such as Ongina, Stephanie Prince, Denali Fox, Manila Luzon, Aura Mayari, Tila Pia, Digna NYC, and J For Pay. She wears a creation by Ehrran Montoya. “I want to inspire every young gay boy’s dream that you can and you will be the brightest if you just believe in yourself,” says the Mandaluyong City resident, whose verified Instagram has 19.1K. Corazon, 24, from Pangasinan, is the pageant queen of the bunch: “Corazon is cheerful. But beware, she’s a fighter. You can’t bully me because I’ll give you a dose of your own medicine.” (Instagram count: 3,368) Camp-glam activist Eva Le Queen, 30-something from Marikina, wears a corset by Mara Chua.

“My drag personality is very dignified. It’s always queenly—it’s in the name. Very regal. Very polished.

And always with a pinch of stupid. I always want that.

People don’t like it when you’re too smart.” (Instagram: 5,131) The most hardworking bitch in town, Gigi Era, 38, lives in Melbourne, Australia: “The feeling of performing as a brown-skinned girl in a white majority makes me feel really proud. And it’s pressure because you can’t be a basic bitch, like you have to step your p**y up so you get the job and you pay your bills.

(Instagram: 12.6K) Saucy and sosyal “with feelings,” Lady Morgana, 30, is from Davao City. She wears a creation by Jay Cabatingan and accessories by Venuz Edad Power: “The drag scene in Mindanao is more artistic. The eyebrows go up to the second floor that can go as

OF WONDER

high as the third floor. The eyes can be scary but still looking fab.” (Instagram: 2,778) The “tropical Filipina bombshell queen” Marina Summers, 25, hails from Manila . She wears an Yves Camingue creation: “I should be the first Drag Race Philippines winner because I represent what the future of Filipino drag is. I am here to uplift the Filipino talent and to be an image of hope for those who don’t have anyone to look up to when they’re young.”

(Instagram: 8,302) Minty Fresh, 31, from Quezon City, was the one who performed Ariana Grande’s “Break Free”at the Pasiglaban Kakampink rally that the singer herself posted on her socials: “I really want to represent the drag community in the mainstream world, fashion world, beauty world, makeup world. Or even in the music industry, if you want? Listen to my single [“Fresh” on Spotify].” (Instagram: 19.6K) Precious Paula Nicole, 35, from Camarines Norte, wearing a Patrick Isorena creation, is known for impersonating Beyonce, Mariah Carey, Katy Perry and Madonna: “I can also be original. I can do comedy.

I can do dance numbers and I can also do drama. I turn the party on. Please, RuPaul, crown me now. I’m your next drag superstar.” (Instagram: 10.2K) Prince, 25, from Bulacan, collaborated with Jan

Garcia for their outfit: “My drag style is very out of this world, extraterrestrial. I like being a creature because growing up I loved video games. If I have to describe it in three words—Never the Usual, because I am not a regular girl.” (Instagram: 13.6K) Thicc queen Turing, 29, is from Cainta, Rizal: “We want to show the Filipino talent to the world. That Filipinos are excellent. I don’t want to look shitty onstage in terms of looks, especially since I have a platform where there are also kids who are my size who believe in me.” (Instagram: 4,160) Mrs. Viñas DeLuxe, 25, is the “Pambansang Bunganga ng Pilipinas”: “What terrifies me the most is that I won’t be able to show everything that I prepared for.

I’ve been preparing for seven years because I know this day will come. I’m the complete package. None of the bars I worked for ever regretted hiring me.”

(Verified Instagram: 12.2K) The well-respected Xilhouete, 34, hails from Nueva Ecija. A drag mother, her Instagram count is 2,705 and she doesn’t follow anyone: “Gusto ko makita ninyo what drag is. It’s not just visually entertaining but there’s also depth in it. If you look closely and listen to each of us, you would then begin to understand the culture of drag and the culture of LGBTQ in the Philippines.” n

this is still okay if you’re attending events like weddings but for everyday, less is more and TikTok says it’s okay to just wear concealer.

or stick blush on your cheeks and nose and spreading or “contouring” it so it looks like a natural and fresh flush. Of all the beauty trends on TikTok, this is probably my favorite because it really gives your face a fresh look.

How TikTok beauty trends translate to real life Lip Oil are only some of the new-generation lip glosses that make lips look juicy but not feel sticky. My favorites are the Kosas Lip Oil and Nars Oil-Infused Lip Tint. What makes these new glosses different from those we had in the past, aside from being non-sticky, is that they’re nourishing on the lips. They’re kind of like lip balm but made extra. A lot of girls I know now go out with just gloss on their lips.

THIS is not the first time I am writing about how TikTok has changed the beauty landscape. Let’s face it, the app dictates what’s trendy not just in beauty but in everything else. The girls on TikTok, who are mostly very young and gorgeous, are the new “It Girls.” TikTok is a very look-centric platform and these rich, youthful and beautiful girls will naturally shine in such an environment.

For the context of this story, we will talk about what beauty trends came from TikTok. GLOSSY LIPS THANKS to TikTok, lip gloss is back but it’s no longer the tacky lip gloss we know and dread. Fenty Beauty Gloss Bomb Universal Lip Luminizer, Dior Addict Lip Oil Glow and Kosas

Cream Contour and blush THERE never has been more emphasis on contour and blush than now, and I am loving the new and newly discovered liquid and cream formulas that all the beauty content creators on TikTok are using. Among the popular ones on TikTok for contour are Charlotte Tilbury Hollywood Contour Wand (this is impossible to buy everywhere as it’s always out of stock), Colourette Colourtint in Jordyn and Elf Putty Bronzer. As for blush, the TikTok-popular ones are BLK Airy Matte Tints, Rare Beauty Soft Pinch Liquid Blush and Charlotte Tilbury Beauty Light Wand in Pinkgasm (another CT product that’s practically impossible to find). no need to Cover everything CONCEALER (the most popular ones on TikTok are Issy & Co. Active Concealer, GRWM Cosmetics Radiance Tint and Kosas Revealer Concealer) is more popular than foundation because the current trend is just to cover areas that need coverage.

Before TikTok, the trend was for full coverage makeup and

Charlotte tilbury reigns supreme IF I have mentioned the brand Charlotte Tilbury many times in this article, it’s because many of their products are used

by TikTok beauty content creators. I’ve been using CT products for years (my favorites are the bullet lipsticks) and I must say, they’re really quite good. Among the most popular Charlotte Tilbury products on TikTok are the Airbrush Flawless Finish Setting Powder, Pillow Talk lipstick and Airbrush Flawless Finishing Spray. The products are so popular that when I visited Singapore, the Charlotte Tilbury counter in Sephora did not have any stocks of the products I mentioned.

CLEAN GIRL MAKEUP ALL the trends mentioned above are part of the Clean Girl makeup trend, which is really no-makeup makeup but made more interesting by new textures and looks. The clean girl aesthetic is all about just slapping on some skin tint and applying mascara, brow product, blush (preferably pink), and lip gloss.

‘Contouring’ with lipstiCk THIS sounds intimidating but it’s really just using your lipstick

your perfeCt lip Color THIS is a sound on TikTok that says you find your perfect lip color by lining your lips with your eyebrow pencil, applying blush to the center of your lips and topping this off with a gloss. I once jokingly said this only works on girls who are already naturally beautiful. the dyson airwrap NEVER before have I been so covetous of those who own the Dyson Airwrap than I have now. When I think of the products Dyson has gifted to many influencers all these years, I can only laugh because the real influencers are the real girls on TikTok who are moneyed enough to own a Dyson Airwrap and who have such beautiful hair. The Dyson Airwrap is a hair styling tool with different attachments that shape, volumize and smoothen hair. skin Care and sunsCreen reign supreme DESPITE the proliferation of filters on TikTok, the general beauty direction on the app is that skin care is important.

There is so much content about skin care and the importance of sunscreen use.

B6 Monday, August 1, 2022

It‘s a bronze for PH in the LaLiga Youth Tournament 2022

PEBCI and PEZA meet to explore collaborative development in PH

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HE Philippine Ecozone Business Club Inc. (PEBCI) headed by its Chairman, Raju Sharma together with Victor S. Marasigan, President, and Nelson Remulla, Corporate Secretary, recently paid a courtesy call to Tereso O. Panga, OIC-Director General of Philippine Economic Zone Authority (PEZA). Sharma reported the various expansion projects and new investment plans of PEBCI member companies (45 export manufacturing enterprises) employing more than 20,000 employees.

The PEBCI member ecozone manufacturing enterprises are supported by local business service providers all accredited with PEZA to make ease of doing business handling support activities, such as professional services, engineering and construction services,

waste treatment and management, etc.

The favorable business condition of the Philippines has been further improved with the recent success of national election and the steady development of the Philippines as manufacturing hub in Southeast Asia. PEBCI officials are in talks with various Cities in Calabarzon area and in Bansud, Oriental Mindoro for the possible hosting of Industrial parks for development.

PEBCI is envisioning to do collaborative development in order to provide a world class industrial facilities to various foreign and local investors.

Initial feasibility studies had been prepared and commissioned by Engr.

Nelson Remulla, President and CEO of Vland Properties Inc. together with foreign experts headed by Mr. Henry

Kim of South Korea.

In light of the recent wage increase in region 4A and the implementation of CREATE Law, the Club is still bullish that productivity enhancing improvements initiated by PEZA will boost the promotion of investments inside ecozones.

PEBCI is organized with various help desks as follows: China help desk is headed by Robert Luo; the Taiwan help desk is headed by Kevin Chen; the South Korea help desk is headed by Kyeong Hyeon An; the Japan help desk is headed by Hiroyoshi Kitano; the India help desk is headed by Deepak Tanaji and Raju Sharma; the Bangladesh help desk is headed by Jerimir Riego; and the Philippine help desk is headed by Roosevelt Lasac.

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HE grassroots tournament was attended by around 50 teams from four countries and more than 2,000 fans.Representing the Philippines, Arayat FC, led by coach Hamed Hajimehdi, finished 3rd, winning the bronze medal, competing in the Under-12 category.

Loyola FC participated with two boys’ teams in the Under-10 age group finishing in 8th&9th place, and another team in 5th position in the Under-14 category, led by Roxy Dorlas, director of the Loyola FC Academy.

Mazda GB FC (Laos) in U8, Akademi Wira Muda, United Malaysia and JDT FC (Malaysia) in U10, U12 and U14 respectively, and Chiagnmai FC (Thailand) in U16 were the winners of the LaLiga Youth Tournament 2022, which was held on 23-24 July at the Kopa Arena of Universiti Sains Malaysia in Penang.

The tournament, organized by LaLiga and Sambill Park, brought together nearly 50 teams and more than 630 players from four countries, who competed to become champions of a competition that has become one of the most important grassroots football competitions in Asia.

“We want LaLiga Youth Tournament to become the biggest football tournament in Asia in the next five years. We are looking to provide a platform for young players in Asia to achieve their dream and enjoy an exciting experience with LaLiga. I would also like to thank Mazda, LT and Tourism Malaysia for their support

in organising this tournament,” said Daniel Wong, Managing Director of Sambill Park.

In addition to the collective awards, the tournament closed with the best player award going to Muhammad Izham Aiman bin Khairul, JDT FC Malaysia player, who will participate in one of the LaLiga Camps programmes conducted by the LaLiga Grassroots team at the ESC LaLiga centre in Madrid.

“We are very satisfied with the celebration of LaLiga Youth Tournament 2022, as we have managed to ensure that the main protagonists of the tournament, the players, enjoy themselves, compete and demonstrate their skills. We look forward to the next edition and will continue to look for opportunities to bring LaLiga to young players and fans in Southeast Asia,” said Adrian Prol, LaLiga delegate in Malaysia.

With the celebration of the LaLiga Youth Tournament, LaLiga continues its commitment to the development of grassroots football in Southeast Asia through the different projects of LaLiga Grassroots and its firm commitment to bring Spanish football to fans on this side of the world.

Home Credit offers smartphone treats at MemoXpress

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SEATED FROM LEFT: Nick Fan, President of Fander Technology; Robert Luo, President, Welgao Electronics; Raju Sharma, General Manager/Director, CSE Power; Tereso O. Panga, OIC-Director General of PEZA; Wang Wensheng, GM of MassPower Phils Electronics; Qi Liu, GM of Dongsheng Electronics; and Raffy Malanyaon, FCIE Estate Mananger; standing from left: Roman Reyes, Mr. Kim, Nelson Remulla, Kyeong Hyeon An, Ricky Formiento, Jeremir Riego, Roosevelt Lasac, Mike Camacho, and Victor Marasigan.

Asistensi: The healthcare provider for migrant families

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SISTENSI, a global digital healthcare company that offers accessible digital end-to-end healthcare plans, has recently launched in the Philippines with a focus on providing healthcare coverage to families of migrant workers. asistensi is led by a group of healthcare professionals with nearly two decades of experience in Europe and Latin America.

Given the significant population of Overseas Filipino Workers (OFWs), the company decided to establish itself in the country with the goal of supporting migrant workers and their families with accessible quality healthcare designed specifically for them and will ultimately provide peace of mind.

Most OFWs consider being providers as their primary aspiration and motivation for seeking employment abroad, there is no surprise that the trend in remittances coming into the country has been steadily upward in the last few years.

Unfortunately, playing the role of the breadwinner has its challenges and struggles. “Health is a priority but oftentimes only dealt with on a per-need basis and investments in this aspect often take the backseat to more pressing concerns. This is the gap we want to address - we want migrant workers to have the peace of mind that in the event of sudden need, their families in the Philippines can be covered by a healthcare plan that relieves them of immediate financial

stress and allows them to focus on the health issues at hand,” said Bjorn Pardo, Managing Director, asistensi Philippines. asistensi aims to be the Filipino migrant worker’s partner in easing financial woes related to healthcare and medical expenses.

The company offers migrant workers, or OFWs, a new way to express their love and care for their family alongside quality, reliable, and affordable healthcare.

Based in Spain, asistensi sets itself apart from other companies that offer healthcare plans across the world by utilizing the advantage of technology and making comprehensive healthcare accessible to anyone who may need it. asistensi’s digital end-to-end healthcare plans can be purchased online from any country. With secure online payment, 100% digital onboarding, instant enrollment of dependents, the non-requirement for tedious medical admission exams and coverage including pre-existing conditions up to 85 years old, family and relatives back home are eligible to unlimited Telemedicine 24/7, Ambulance Service, Home and In-clinic Primary Care, Home and In-clinic Laboratory Tests, Medication Delivery, Access to Major Hospitals, and Hospitalization and Surgery coverage.

Ensuring the best possible service, asistensi has partnered with local medical leaders such as Hi-Precision Diagnostics, Argonix, Home Healthcare, Lifeline 16911 and its primary HMO partner, Maxicare.

AT THE PHILIPPINE LAUNCH OF ASISTENSI HELD AT RAFFLES MAKATI RECENTLY, FROM LEFT: Sean Argos, Maxicare PH CEO; Bjorn Pardo, asistensi PH Managing Director; Dr. Andrés González, asistensi Executive Chairman; and Armando Baquero, asistensi CEO.

“We are honored to be working with asistensi toward our shared goal of helping Filipinos live their best life,” shares Maxicare CEO, Sean Argos. “We believe that the best healthcare should be convenient and accessible to all, especially to OFWs and their loved ones at home. Through this partnership, they can benefit from Maxicare’s network of accredited hospitals in cases of emergency.”

“Should they ever need to consult with a primary care physician or specialist, they need only walk into one of our Primary Care Clinics offering state-of-the-art diagnostics in a professional yet relaxed environment.

With a short waiting time, they can complete their visit quickly allowing them plenty of time to do the things that matter most to them. Convenience with easy access to superior healthcare, this is what Maxicare will contribute to the partnership,” he continues.

More inclusive to the Philippine population in terms of admission and pricing, eligibility for asistensi’s plans is broader compared to other services. With eligibility up to 85 years old, coverage for pre-existing conditions, services are available 24/7 Mondays through Sundays with a 96% satisfaction in response time for as low as PHP 866.00 a month for their digital healthcare plans.

Aside from its affordable packages, another great thing about asistensi is the ease at which consumers can avail of health services. Once a beneficiary feels unwell or has an emergency, asistensi can be reached through the asistensi Philippines mobile application or via the call center at +632-82801066. Asistensi’s medical doctors then perform the necessary assessments on patients following triage protocols to determine the best next step. Once the next steps are determined and the claim is completed, asistensi will cover costs according to the beneficiary’s entitlement.

Learn more by visiting https:// asistensi.com.ph/

PGRADE-WORTHY gadgets with low-interest rates await consumers at the biggest anniversary blowout of the season. What used to be a tool for communication suddenly became a need for working, attending school, paying bills, and even buying groceries. Almost everything can be done with just a few taps on the device in your hand.

Today, alongside providing solutions for everyday needs, every smartphone brand constantly delivers new and unique experiences for its users to enjoy faster and lag-less performance, a high-quality camera, a battery life that lasts more than a day, or an expanded screen to enjoy movies and games.

MemoXpress is giving its customers a total of 727 deals and promos as it reached its 24th year. As an anniversary treat, customers can buy any smartphone from MemoXpress by availing low-interest rates and flexible installments through Home Credit. Starting July 27, here are all the products customers can check out for that well-deserved upgrade!

Browse all you want with Samsung Galaxy S22

EXPERIENCE faster performance, longer battery life, and immersive video with the Samsung Galaxy S22. This recent addition to Samsung’s S series features a 4nm processor so users can enjoy smooth and seamless browsing, vlogging and gaming without lags. It packs a battery that can last for more than 24 hours and can support 25W fast charging.

Trade in your old phone for the Samsung

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THE phone’s 6.1-inch dynamic AMOLED 2x display delivers clear and vibrant colors even in striking sunlight. It also features a super smooth 120Hz refresh rate for fast touch response times during intense gaming.

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Easy, convenient and fast transactions are possible any time with Home Credit’s 24/7 customer service. To know more about MemoXpress’ 727 anniversary deals, visit its their Facebook page.

SM Government Service Express now open in select malls

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M Supermalls has the highest number of locations in the country to give you most if not all, the offsite government services you need. From Luzon all the way to Mindanao, SM Supermalls has made sure you can get all your government documents at an SM Government Service Express nearby.

You don’t just go to an SM Mall to shop anymore. Now you can accomplish errands such as government ID applications and so much more in the most convenient place possible.

With an SM Government Service Express within your reach, you can now renew your driver’s license in Land Transportation Offices (LTO), get your passport renewed at Department of Foreign Affairs (DFA) sites, register safely and easily for a National ID, and tick off your adulting must-haves checklist such as SSS, PhilHealth, and PAG-IBIG! As your reliable companion in your important tasks, SM is your #KaSMa in efficiently fulfilling your responsibilities and achieving your goals. Through the SM Government Service Express, preparing for your new career milestone, securing the future of your loved ones, getting ready for your first driving experience and planning

your upcoming trip out of the country are now made safer and more convenient.

“We have the most number of locations in the Philippines to provide our communities access to quality services that the SM Government Service Express can offer. At SM, #YoureAlwaysWelcomeHere so we want our SM malls to not only be a place where you can relax, shop and dine. We will be your trusted #KaSMa in every endeavor you have, making it easier, safer, and more convenient for you,” SM Supermalls President Steven T. Tan said.

To know the full list of branches and services, go to http://gosm.link/GovtServicesFB or scan the QR codes at an SM Government Service Express near you.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, August 1, 2022 B7

The coronavirus chronicles: How millennials and Gen-Z differ Part 1

nication at Rutgers University, and author of three books on Gen-Z, says that in his national survey on Gen-Z, “nearly 35 percent prioritize a corporate culture of diversity and inclusion as the topranked quality they are seeking in an employer, ahead of competitive salary and benefits, which may be more important to Millennials.”

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By Millie F. Dizon

Events: ASEAN Music Showcase Festival 2022 to hold first in-person showcase in Singapore

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SINGAPORE—After holding its first two editions purely online, ASEAN Music Showcase Festival (AMS) goes physical with its first in-person showcase happening on September 10 and 11 in Haw Par Villa, an 8.5-hectare Asian cultural park located in the bustling city of Singapore.

Singapore, with its excellent infrastructure, government support, and being a global air hub is the perfect sandbox to host the two-day physical event.

“Haw Par Villa was chosen for its culturally unique setting and significance within the region, and the events of the festival will take place throughout the park amidst its sculptures and dioramas, making this music showcase festival unabashedly ASEAN,” said AMS Co-Founder and Director of Singapore-based music consultancy Steady State Records, David Siow.

The park also shares the values of AMS in bringing together diverse communities

4. Gen-Z is challenging definitions of sexuality in the ways Millennials have not

With the YPulse finding that Generation Z is five more times to (27 percent) to identify as LGBTQ+ as the general population, Kane says that “for Generation Z, sexuality and gender is a more fluid concept.” It is also one they are willing to discuss with their elder counterparts—even at work.

Kathy Sheehan, SVP at cultural strategy and business intelligence firm Cassandra, cites a Cassandra Report survey saying, “Gen-Z’s are much more likely to consider gender lines blurred today—about 18 percent of Zs self-report as bisexual, more than any other generation.”

While “gay and trans rights are issues that both groups care strongly about, it is a cause that Gen-Z is far more likely to speak about.”

WWW.FREEPIK.COM

PR Matters

OW t i me f l i e s!

During the prepandemic days three years ago, we were all fascinated with millennials—their number, their buying power and their attitude.

Now that things are slowly opening up, we have come to realize that the oldest millennials have turned 40, an age at the boundary of youth. During the past few years, Generation Z has quietly grown up—the oldest is now between 21 and 22 years of age, and are graduating from college, becoming the hot new kids in town.

While there is that tendency to lump these groups of young people together, they are actually very different from each other.

In an Inc.com article, 10 Ways to Understand the Difference Between Gen-Y and Gen-Z, Phillip Kane, CEO and Managing Partner of Grace Ocean, shares with us remarkably different attitude between these two groups. And what this could possible mean for your business.

To better understand them, Kane turned to YPulse and then a host of business professionals for help. Knowing the differences, he says, “will help those who hire them, lead them, and sell to them to make farther better decisions.”

And may we add, forge better relations with family and friends. He starts by letting us to get to know the two groups a little bit better.

M i l le n n i a l s, accord i ng to YPulse, were born between 1982 and 2000. As mentioned earlier, the oldest of this group have just turned 40. There are some 88 million of them in the United States and said to have a spending power of US$30.2 billion.

This generation, Kane says, “witnessed the tech explosion, which included the commercialization of the internet and the mobile phone, the introduction of the laptop and the iPod, and the launch of social media.”

They also “helped elect our first African American president, witnessed Columbine and Sandy Hook, and ran headlong into economic and health crises as they planned for life’s most important events.” Think of dreams put on the back burner, weddings postponed.

Gen-Z, on the other hand were born between 2001 and 2019.

There are 77.9 million Gen-Z’s with a combined spending power of 10.7 billion—a figure that will grow as they mature.

This generation “cannot remember a time before the internet or social media and has had their childhood interrupted by a market

crash, racial unrest, and a global pandemic.”

Given the dramatically different backdrops in which these generations grew up and matured, such “have impacted who they are and have contributed to the clear distinctions that exist between them.” Here are 10 from Kane.

1. Millennials were raised in a boom. Z’s in a bust.

Born during the Reagan and Clinton years, times were good when millennials were growing up. They knew a world of prosperity until the significant downturns associated with the crash of 2008, and later Covid-19.

Z’s, on the other hand, have grown up “watching their parents endure the hardships of both the economic collapse of 2008, and the crippling financial impact of a global pandemic.”

As a result of these experiences, “the younger generation is far more debt-adverse and budget-minded than their Millennial counterparts. Z’s start planning for life and their careers earlier on average, and they skew far more heavily toward an interest in entrepreneurship than Millennials do.”

and celebrating their diversity through a common platform, adding another dimension to holding the inaugural physical edition at Haw Par Villa.

With loosening Covid-19 restrictions around the world to make way for economic activities such as music shows and concerts, AMS is committed to delivering collaborative, up-todate insights about the global music industry and its impact in the region. The first physical edition of AMS will feature and attract networking opportunities with notable international talent buyers.

“Since its inception, the ASEAN Music Showcase Festival was initiated to help re-

Millennials live to work, while Z’s, who have likely watched their parents tossed out of jobs, do not.

“Gen-Z is more comfortable with work boundaries,” Lauren Johnson, co-founder of start-up BarryLemon sums it up. “At a young age, they understand the reality of corporate life. And to compensate, they set boundaries.

Over time, they will humanize corporate companies.”

2. Both generations are stressed out, but Gen-Z is far more anxious YPulse says that, “eighty four percent of Generation-Z’s are anxious about the future, compared with 72 percent among Millennials.”

With that, “they are more open and self-aware than their Millennial counterparts,” says Kane. “By their own admission, Gen-Z’s are anxiety-ridden, lost, moody, social, and self-involved.”

More than any other generation, “they believe that mental health should be openly discussed in the workplace. Zs want and value mental health benefits at work, and to a greater extent than Millennials, will leave to find them.”

“Gen-Z is more comfortable sharing information about their

gional artists stay connected with their local fans, gain new international fans and connect with music professionals from all over the world via online platforms to prepare for touring and performing live again after the pandemic subsides,” AMS Co-Founder and Director of Educational, Governmental, and Overseas Partnership of Bangkok-based music company Fungjai, Piyapong “Py” Muenprasertdee shared in a statement.

“As the world is now moving towards opening up, the most logical next step is to organize a physical event as we believe that stronger connections both emotionally and professionally

mental health than any other previous generation,” says GiGi Robinson, a Gen-Z chronic illness and mental health advocate. “They will talk about the need for mental health days, therapy, or even medication in ways that others would have been ashamed to.”

3. Millennials are diverse, but for Z’s, diversity is a cause.

In the US, Z’s are the first generation to hit 50 percent identifying themselves as BIPOC or Black, Indigenous, and People of Color.

They are more diverse than any generation before them. With Millennials it’s at 45 percent, Boomers at 28 percent, and the Silent Generation at 20 percent.

Of course, Filipinos, who are among the most hospitable of people, are very open and have embraced diversity even before it became fashionable.

But it is Gen-Z’s elevating it to a cause that makes all the difference. They are not only more diverse than those before them, they are “far more passionate about diversity. Racism is the No. 1 cause among this generation.”

Mark Beal, assistant professor of professional practice, commu-

can be forged when people meet in the flesh.”

This year, AMS is expected to introduce 30+ regional and international artists on 3 stages of the two-day showcase. “For this year, we shall be broadcasting live video streams of the live performances in Singapore,” says Piyapong “Py” Muenprasertdee. “So, wherever you are in the world, you’ll be able to enjoy the music performances online at the same time as someone attending the event.”

Southeast Asia’s premier collaborative showcase festival is also set to fly in 40 international delegates to participate in the music networking and live event.

5. Both want to make a difference, but Gen-Z thinks their generation needs to speak up!

It is Gen-Z’s desire to speak up on causes they feel passionate about that sets them apart.

A recent YPulse study found that when asked who has a responsibility for speaking out on important issues, themselves or brands, 47 of Millennials said they should speak out, while 59 percent of Gen-Z respondents thought they should speak out.

The expectation among this youngest generation is higher than ever that injustices, slights, and wrongdoings should be called, made public, and acted on.

We will continue to discuss the five other differences in the next column.

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier 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.

AMS is co-organized by Fungjai, NYLON Thailand, and Bangkok Music City from Thailand; Steady State Records from Singapore; SRM from Indonesia; City Roars Festival from Malaysia; The Rest Is Noise PH from the Philippines; Baramey Production from Cambodia; and Monsoon Music Festival and Swan Zoo from Vietnam.

AMS is proudly supported by the National Arts Council, Taiwan ASEAN Music Action (TAMA)—supported by the Ministry of Culture, Taiwan, with Haw Par Villa—managed

by Journeys Pte Ltd as venue sponsors, and TuneCore as general sponsor.

Sports

House bill filed honoring Obiena

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BusinessMirror

By Jovee Marie N. Dela Cruz

LAWMAKER has filed a resolution honoring pole vaulter Ernest John “EJ” Obiena for winning a historic bronze in the World Athletics Championships and rising to No. 3 in the world rankings for men’s pole vault.

In an unnumbered resolution, Manila Second District Representative Rolando Valeriano said Obiena once again brought honor and glory to the country last July 25.

“Obiena became not only the first Filipino, but the first Asian, to win a medal in the most prestigious and competitive global track and field competition, the 2022 World Athletics Championships, held in Eugene, Oregon, USA,” Valeriano said.

Obiena cleared 5.94 meters, breaking by a centimeter his own Asian, national and personal records of 5.93 meters.

“EJ once said that he hoped to inspire his fellow youths of Tondo, where he is from,” Valeriano said. “He wants them all to dream, and go after this dream, for anything is possible through hard work and grit.”

“The truth is that EJ is a real inspiration, not just to us from Tondo, but to all of us Filipinos. This is outstanding athlete, who is not just a world class pole vaulter, but a person of unparalleled compassionate character,” added Valeriano, chairman of the House Committee on Metro Manila Development.

Valeriano previously filed a resolution for the House Committee on Youth and Sports Development to conduct an investigation on the alleged harassment against Obiena by his national federation, the Philippine Athletics Track and Field Association.

The issue between Obiena and PATAFA, however, has been sorted out.

B8

| Monday, August 1, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Mixed fortunes in Chennai

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BALANCING ACT England’s Alice Kinsella

performs on the balance beam during the women’s team finals at the Commonwealth Games in Birmingham, England, on Saturday. AP

BBM TO PARA ATHLETES: I BELIEVE YOU CAN, TOO! P

PRESIDENT Ferdinand “Bongbong” Marcos Jr. wishes the national para team good luck as they take part in the parade of athletes on Saturday night at the Manahan in Surakarta.

RESIDENT Ferdinand “Bongbong” Marcos Jr. is looking forward to a fruitful campaign of Filipino para athletes competing in the 11th Asean Para Games that formally opened Saturday.

“I believe you can match the success of our other athletes who competed in international games like this one,” Marcos said in a videotaped inspirational message released by the Philippine Sports Commission through its Facebook account over the weekend.

President Marcos cited the successes of Filipino athletes in international play such as karateka Junna Tsukii, who won the country’s

second gold medal at the World Games in Birmingham, Alabama and the Filipinas capturing the Asean Football Federation Women’s Championship trophy for the first time in front of a hometown crowd at the Rizal Memorial Stadium last month.

The most recent triumph came from pole vaulter Ernest John Obiena, who bagged a bronze medal in the World Athletics Championships in Eugene, Oregon, in the process breaking his own Asian and national record by clearing 5.94 meters last week.

“Good luck to all of you and I’m sure you’ll again be putting our country on the world map,” said Marcos in expressing his confidence that the 144-strong national

‘The Doberman’ Apolinario puts PHL boxing back on world map

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AVE “THE DOBERMAN” APOLINARIO scored an impressive first-round knockout of his illustrious South African opponent on Saturday to snatch the International Boxing Organization (IBO) flyweight title and fill the vacuum left by his fellow Filipino boxers who lost their world titles one after the other.

There was neither much fanfare nor major pre-fight publicity, but Apolinario, a rising pride of Maasim in Sarangani, quietly fought in hostile territory and guaranteed his title conquest with that knockout.

Only 10 seconds were left in the first round when Apolinario knocked out three-division world champion Gideon Buthelezi, who was expected to put on a show before his fellow South Africans at the International Convention Centre in East London.

He fell to a 23-6 won-loss record with five knockouts.

Now, Apolinario—who fought for the first time overseas and is now undefeated in 17 fights with 12

knockouts—wants more.

“I’m ready to fight any world titleholder if given the opportunity” he told BusinessMirror on Sunday via internet call. I’m still hungry for more world titles.”

Apolinario will fly back to in Manila on Wednesday.

“Dave made his presence felt to all other world flyweight champions after winning a first round knockout,” Sanman Promotions chief JC Mananquil said. “He’s there to get the other belts.”

The now retired former world boxing icon Manny Pacquiao, Nonito Donaire Jr. and American Floyd Mayweather Jr. once held the IBO belts in their respective divisions.

Apolinario’s triumph filled the void after Mark Magsayo yielded his World Boxing Council featherweight belt and Donaire his bantamweight title last and Rene Mark Cuarto his International Boxing Federation minimumweight crown this year.

Josef Ramos

Caloocan needs to rise above this AS a sports fan, one wonders why the Los Angeles Lakers, Real Madrid and other top clubs all have championship gold, the Hall of Famers (GOATS in the discussion even), and the best fan bases.

Some teams give chase and put up great teams that can win it all, but haven’t had that luck. I can actually think of the

5150 champ targets title in Ironman

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ATAR SALEM expects to have firmed up the last four weeks as he doubled his buildup for a crack at another championship in a premier endurance race where the stakes are much higher and the test a lot tougher.

But Lanao del Norte’s top triathlete is unfazed by the odds, ready to take on the best and the toughest, both from the international field and the world class course, in the Megaworld Ironman 70.3 Philippines presented by AIA Vitality blasting off Sunday at The Mactan Newtown in Lapu-Lapu City.

The 26-year-old spearhead of Tri SND Barracuda stepped up his preparations for Ironman’s return to

Sacramento Kings that had the misfortune of playing in the same era as the Shaq-Kobe Lakers. The New York Knicks who were oft foiled by Michael Jordan and the Chicago Bulls.

In world football, Barcelona is every bit as good and bemedalled as Real Madrid so that leaves the others like Atletico Madrid and the others to give chase. There’s more.

However, let’s look at Philippine professional chess.

After the division semifinals last Saturday, the Caloocan LoadManna Knights, who finished second in the north— one win behind leader Pasig King Pirates—was rudely sent packing out of the Wesley So Cup by the San Juan Knights.

Caloocan is acknowledged as one of the best teams in the Professional Chess Association of the Philippines (PCAP).

From the very beginning of PCAP, they have challenged for a championship and have been very good. They have made the northern division semis four times.

Only two other teams have made the semifinals of their respective divisions all five times—San Juan in the north and Iloilo in the south.

The LoadManna Knights have a pair of wondrous IMs in Paulo Bersamina and Jem Garcia who was named Best Player of the league’s inaugural All-Filipino Cup one year ago.

They added their lucky charm IM Chito Garma who

Cebu after ruling his age group and winning the overall championship in the Sun Life 5150 Bohol last month, aware of the challenges awaiting him at the country’s top triathlon hub where he emerged the top Filipino finisher in the Ironman Asia Pacific Championship in 2018. He timed four hours and 30 minutes while competing in the 18-24 category.

Majority of the close to 2,000 bidders, including bets from 46 countries, have arrived in Cebu, which also hosted the 2018 Ironman 70.3 As-Pac Championship. They’re all bracing for a grueling battle of speed and stamina on a new, challenging

para-athletes would deliver in the 11-nation sportsfest.

Philippine Paralympic Committee Mike Barredo was grateful to President Marcos’s show of support for the country’s paraathletes—a sign, he said, that the sports-conscious President had not overlooked them.

“We would like to salute President Bongbong Marcos for his short yet inspiring message for our national para-athletes…the first major international multisport event we are taking part in under his administration,” Barredo said. “Surely his message will drive our athletes to strive harder.”

Barredo again thanked the full support of former Philippine Sports Commission Chairman William “Butch” Ramirez.

“During the time of Chairman Butch, our para-athletes and the Paralympic program have enjoyed unprecedented support,” he said.”

The Philippine campaign, meanwhile, goes into overdrive Monday with the national athletes seeking to contest 32 gold medals in athletics, swimming and powerlifting in separate venues here and in the neighboring city of Semarang.

racecourse starting and ending at The Mactan Newtown.

Twelve titles in various age divisions will be disputed in the event, organized by the Ironman Group/Sunrise Events Inc., which also offers 30 slots to next year’s World Championship in Finland.

A total of 1,113 entries are vying in the individual competitions to be spiced up by the chase for the CEO trophy with the rest clashing for top honors in team events, including the relay all male and all female and the relay mixed.

SALEM

has certainly lit a fire under the LoadManna Knights. They have two-headed monstress in the women’s boards in Arvie Lozano and Woman International Master (WIM) Luong Phuong Hanh, and the homegrown aces of Alexis Maribao, IM Barlo Nadera, Paul Sanchez, and National Master Emmanuel Emperado, as well as Prince Mark Aquino.

Granted that both Caloocan and San Juan were missing players (Bersamina and San Juan’s Jan Jodilyn Fronda are currently at the 44th Chess Olympiad in India), Caloocan has enough firepower to overcome their nemesis.

And that brings to mind something that Pasig’s homegrown stud, Kevin Arquero remarked on the eve of the last All-Filipino Cup’s play-offs wherein the King Pirates were the prohibitive favorites to get past San Juan and win it all (even against Iloilo).

“Iba ang San Juan pagdating sa play-offs.”

Pasig, like Caloocan this conference, won both their elimination round matches against the Predators. And yet, come the northern division finals, they were waylaid in two sets by San Juan that went on to win the title.

Every champion—the Laguna Heroes in the first ever All-Filipino and Iloilo in the first Wesley So Cup last year— has to go right through San Juan.

I wonder though—what if Bersamina had played last

OMAN Grandmaster (WGM) Janelle Mae Frayna and Woman FIDE Master Shania Mae Mendoza essayed impressive wins to lift the Philippines to a 2.5-1.5 win over Nicaragua Saturday for a share of the women’s lead after two rounds of the 44th World Chess Olympiad in Chennai, India.

Frayna trounced Woman International Master (WIM) Maria Esther Granados Diaz on the top board, while Mendoza downed Patricia Alvarez Gutierrez on Board 3 and WIM Jan Jodilyn Fronda drew with Michelle Ferrifino to seal the Filipinas’ second straight win.

WIM Marie Antoinette San Diego was the lone casualty as she fell to untitled Maria Jose Granados Ortiz on Board 4.

The Filipinas’ victory cushioned the men’s 1-3 loss to sixth-seeded Azeri. They battle No. 18 Serbia with WGM-candidate Kylen Joy Mordido taking San Diego’s place on Board 4.

GMs Mark Paragua and John Paul Gomez fought their way to draws with Rauf Mamedov and Vasif Durarbayli on Boards 1 and 3, respectively, while GM Banjo Barcenilla and IM Paulo Bersamina succumbed to Gadir Guseinov and Nijat Abasov on Boards 2 and 4.

GM Darwin Laylo, who won on Board 3 in the country’s 4-0 rout of Oman in the opening round Friday, will suit up in place of Bersamina in the third round against Cyprus.

The teams, whose participation in the 11-round 12-day event is bankrolled by the Philippine Sports Commission and the National Chess Federation of the Philippines, is coached by GMs Eugene Torre and Jayson Gonzales.

Guadana, Bravo help lift Pirates against Bombers

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AC GUADANA and JM Bravo joined forces to lead Lyceum of the Philippines University past Jose Rizal University (JRU), 80-73, for the Pirates’ second straight victory in the Filoil EcoOil Preseason Cup Sunday at the Filoil EcoOil Centre in San Juan.

Guadana had 13 points and seven assists, including the last five in a 9-0 blast to start the final quarter that turned a two-point lead into a 70-59 Lyceum advantage with six minutes left.

Bravo was as brilliant throughout and wound up with 17 points, eight rebounds and three assists.

“We just have to remind the players to always stay focused. Mac said ‘Let’s enjoy,’” said head coach Gilbert Malabanan after they gained the lead in Group B. “And the result of this game says it all—we just cheered for each other.”

Emilio Aguinaldo College went scoreless in the last six minutes but still eked out a 68-66 triumph over Arellano University.

Allen Liwag poured in all but two points in an 8-0 surge that broke a 60all deadlock and gave the Generals a 68-60 edge with less than six minute left in the fourth quarter.

They didn’t score after that but managed to keep their opponents at bay.

Saturday evening for Caloocan? Yes, Jodi Fronda—who is in India—also did not play for San Juan, but still…. GM Darwin Laylo found a way to play for Davao. As did FIDE Master Sander Severino who is also out on national team duty.

Of course, we aren’t insinuating anything. How one prepares or focuses on the Chess Olympiad is different from others.

Then again, it did not make any difference for Davao as the Negros Kingsmen ousted them in two Armageddons— one for each of the two sets.

The analogy is apt. Davao is the Caloocan of the southern division. In their three conferences, the Chess Eagles have made the play-offs all three times. They have undergone manpower build-ups in the last two conferences.

First they absorbed the best of the Philippine Paralympics Team in the last conference. And in the Wesley So Cup, they added GM Laylo.

If anything, these painful setbacks should serve as motivation in leading Caloocan to the Promised Land.

Do I believe in championship windows? Yes, I do. Not every window remains open forever. Caloocan has to make the most out of every opportunity because when that window is closed, you could be like the Sacramento Kings or even the New York Knicks.