BusinessMirror August 02, 2022

Overseas Filipino Workers (OFWs) who are eager to spend Christmas

this could help prevent placing the country in another strict lockdown,

this newspaper, is for travel restrictions to be put in place swiftly and

quences on the economy.”

See “Omicron,” A2

PHL MANUFACTURING NATL GOVT BORROWINGS LOSES STEAM IN P2.75T JULY FOR 10 MOS DIP TO w w

n

n Tuesday, August29, 2, 2022 298 Monday, November 2021Vol. Vol.1717No. No.52

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

CAUTION IN THE AIR Metro Manila’s landscape is seen on Monday, August 1, 2022. The Philippine

By Bernadette D. Nicolas manufacturing sector slowed down in July amid challenging demand conditions, S&P Global reported on @BNicolasBM Monday. The Purchasing Managers’ Index (PMI) of 50.8 in July, down from the 53.8 in the previous month, is the slowest PMI of the country in six months. It is also the third lowest PMI in the South East Asian region, beating only Myanmar’s 46.5 and Malaysia’s 50.6. An expert said the muted growth in manufacturing adds “caution to the air” as inflationary pressures continue to heat up. NONIE REYES

Omicron risk spurs revival of quarantine rules in PHL

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HE national government’s gross borrowings as of end-October shrank by almost 6 percent year-on-year to P2.75 trillion.

By Samuel P. Medenilla @sam_medenilla

Latest data from the Bureau of the Treasury showed that the government’s gross borrowings during the 10-month period fell by 5.99 percent from P2.92 trillion a year ago.

With only two months left for this year, the latest figure is already

By Bianca Cuaresma @BcuaresmaBM equivalent to 89.6 percent of its P3.07-trillion borrowing program.

Broken down, gross domestic borrowings from January to October settled at P2.23 trillion, down by 5.08 percent from P2.35 trillion in 2020.

The bulk of the amount was PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. sourced from Fixed Rate Treasury The country will celebrate the 158th birth anniversary of Filipino revolutionary Bonds (P1.19 trillion), followed by hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO short-term borrowings from BangThe country’s Purchasing Manshowed no change to the sector. ko Sentral ng Pilipinas or BSP (P540 agers’ Index (PMI) hit 50.8 in July, Maryam Baluch, Economist at billion), Retail Treasury Bonds/Predown from the 53.8 in the previous S&P Global Market Intelligence, myo Bonds (P463.3 billion), Retail month. is the slowest PMIbilof said the muted growth across the OnshoreThis Dollar Bonds (P80.84 the country in six months.

It is also Filipino manufacturing sector adds lion). In the same period, there was the third lowest PMI in the South “caution to theEmmanuel air” as inflationary

By Jasper Y. Arcalas dating its registry following the them. This allows everyone to see also a net redemption of Treasury East Asian region, beating only pressures continue to heat up. @jearcalas enactment of the Coconut Farmwho are listed in the registry and if Bills amounting to P43.94 billion.

Myanmar’s and Malaysia’s “Data from the latest PMI surers and Industry Trust Fund law. farmer doesn’t see his name then he Net debt46.5 redemption means 50.6. vey indicatedORE a lossthan in growth mo3 million Rosales explained that about shall coordinate with the PCA imthere were more debts repaid comA country’s PMI is aimed to gauge mentum at goods producers in the coconut farmers and 500,000 coconut farmers and mediately,” he explained at a recent pared to the amount borrowed durthe of its manufacturing secPhilippines. workers are now regisworkers were added to the PCA’s dialogue with coconut farmers. inghealth the period.

PRESIDENT Fidel V. Ramos PHOTO COURTESY OF CAELISTIS PRODUCTIONS tor.Meanwhile, It is calculated a weighted Renewed contractions in output tered with the government’s reg2018 list that had about 2.5 million “On the other hand, if people grossasforeign boraverage subcomandistry, new orders, albeit only mild, which serves as the basis coconut farmers and farm workers. would see names on the list and rowingsofinfive theindividual same period also ponents.

Readings above to 50P518.7 show wereforrecorded in July.

The headRESIDENT Ferdinand During Rathe number of people to be The PCA’s next step is to conthey think his theypresidency, are not coconut contracted by 9.7 percent growth in the industry while readline figure slipped to 50.8 in July to “Bongbong” Marcos Jr. mos became known for his comcovered by the utilization of the duct an exclusion-inclusion profarmers or their details are incorbillion from last year’s P574.4 billion. ingsThis below 50 threshold signal the slowest expansion since declared 10-day naprehensive economic reforms P75-billion coconut levy fund. cedure by makinga the updated rect, they can report it to the PCA wasthe raised through signal global abonds contraction in the manufacturing January,” Baluch said. tional mourning over the passand initiatives to broker a peace Philippine Coconut Authority farmers’ registry public, providfor immediate action,” he added.

(P146.17 billion), program See “PHL,” A2 sector.

A reading of 50, meanwhile, ingeveryone of former President Fidel to V. agreement the Moro (PCA) Deputy Administrator Roel ing the opportunity The PCAwith official notedNathat loans (P139.98 billion), euro-deRamos. tional Liberationof Front M. Rosales said about 3.11 million check the veracity of the list, Rothe completion the (MNLF). initial list nominated bonds (P121.97 billion), No. 33 issued He also farmers played aregistry crucial would role coconut farmers and farm worksalesProclamation added. of coconut a project loan (P86.41 billion), and by Executive Secretary Victor in initiating the EDSA People ers have been registered with the “The list will be posted in public be just in time for the expected yen-denominated samurai bonds D. Rodriguez set the of Power ousted government since it started upspaces where people can period easily see rolloutRevolution of coconutthat levy-funded (P24.19 billion). mourning from July 31 to AuPresident Marcos Sr. from powSee “Borrowings,” A2 gust 9, 2022. er, together with now PresidenDuring that period, the natial Chief Legal Counsel Juan n US 50.4600 n JAPAN 0.4374 n UK 67.2329tional n HK 6.4722 n flown CHINAat half7.9013 n Ponce SINGAPORE AUSTRALIA flag shall be Enrile.36.8968 At thatn time, in

By Claudeth Mocon-Ciriaco during the 2022 National Brigada mast from sunrise to sunset on February 1986, Enrile was de@claudethmc3 Eskwela (BE) Kick- Off at Imus Pilot all government buildings and fense secretary and Ramos, vice Elementary School in Imus, Cavite installations in the country and chief of staff of the AFP. E are in a quicksand.” on Monday. abroad as stipulated by Republic Ramos died last Sunday at This was how Vice “Hindi pa nga natin naayos at nataAct No. 8491 or the Flag and Hethe age of 94.

President and Educapos ang destruction ng isang kalamiraldic Code of the Philippines.

Marcos Jr. was among those tion Secretary Sara Duterte dedad and dumating na naman ang isa Marcos said the proclamawho mourned the death of Rascribed the situation of the Depang kalamidad [We have not been tion aims “to pay tribute to an mos, who is also his distant uncle. partment of Education (DepEd) able to fix and completed repair of esteemed leader who has defollowing the destruction brought the destruction left by the other clared his life to public service More senators pay tribute about by Typhoon “Odette” last calamity, yet another calamity has and has left a lasting mark to ALSO on Monday, more senayear—from which the school sysarrived],” she pointed out. our country.” tors conveyed their “deepest tem has yet to recover—and the However, Duterte expressed Aside from being the councondolences” to the family of magnitude 7 earthquake that hit confidence that the department try’s 12th president, Ramos also former President Ramos, billed northern Luzon recently. will overcome the challenges. served as Secretary of National as the man who introduced far“We need more than P18 billion, “And we will overcome with the Defense, Chief of Staff of the reaching reforms and helped the excluding the P1.4 billion of the support of our national governArmed Forces of the Philipcountry withstand the fallout damage from the Abra earthquake ment and the administration of pines, and Chief of the Confrom the 1987 Asian crisis. to get ourselves out of the quick[President Ferdinand] Bongbong stabulary.

See “Marcos,” A2 sand of this year and last year,” Marcos [Jr.],” she said.

Duterte disclosed in her message Continued on A8

T

HE country’s manufacturing sector slowed down in July amid challenging demand conditions, S&P Global reported on Monday.

MARCOS DECLARES 10 DAYS’ NATIONAL MOURNING FOR FVR

I

House affirms intent to use medium-term fiscal plan

By Jovee Marie N. dela Cruz @joveemarie

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HE House of Representatives on Monday adopted a resolution institutionalizing the 2022-2028 Medium-Term Fiscal Framework (MTFF) of the national government to maximize the government’s fiscal resources.

Duringasthe plenaryDuterte sponsorprograms President ships of the House Concurrent is expected to sign the industry Resolution 2,plan House development in Committee early 2022. on Ways and Means Chairman Joey Rosales said the PCA will not Sarte Salceda its andlist House Commitstop updating of coconut tee on Appropriations Vice farmers and enjoined them toChairregperson Stella Luz Quimbo both ister in order to reap the benefits agreed that the framework is of the decades-long idled coconutimportant attain maclevy fund.to“We willshort-term not stop at 3.1 rofiscal stability while remaining million. We hope that more indisupportive of the economic recovviduals will register in our coconut ery and to promote medium-term farmers registry,” he said. fiscal The sustainability. updating of the coconut The registry resolution mandatesbythe farmers is mandated adoption of a whole-of-nation Republic Act (RA) 11524 or theap-

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

M

DepEd needs ₧18B to get out of ‘quicksand,’ says VP PESO EXCHANGE RATES

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Coconut Industry Trust Fund Act. See “3-M farmers,” A2

See “House,” A2 will be in “Green List” countries effect from November 28, 2021 to December 15, 2021.

Continued on A2

36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531

Source: BSP (November 26, 2021)

NOTICE OF FILING OF APPLICATION/S FOR ALIEN EMPLOYMENT PERMIT/S (AEP/S)

‘W

PESO EXCHANGE RATES n US 55.3220

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. proach to align economic150reTo note, IATFall Resolution covery programs and measures of A had allowed fully vaccinated the national government with the non-visa travelers from Green List legislative priorities. areas to enter the country withThe resolution the legislaout the need forsaid facility-based tive agenda shall be guided tarquarantine as long as they by secure gets set in Reverse the 2022-2028 Mediumnegative TranscriptionTerm Fiscal Framework as follows: Polymerase Chain Reaction (RT6.5 percent to 7.5 percent realprior GDP PCR) test within 72 hours growth 2022; 6.5 percent to 8 to theirin departure. percent real GDP growth classified annually “Except for countries between 2023 and 2028. as ‘Red,’ the testing and quarantine It also targets reduce the povprotocols for all to inbound internaerty rate to single-digit poverty rate tional travelers in all ports of entry or by 9comply percent by 2028. shall with the testing and It seeks toprotocols cut the deficit-to-GDP quarantine for ‘Yellow’ ratio from the current 6.4 percent list countries,” Nograles said, citing to 3.0 percent by 2028; bring down the provision of IATF Resolution the country’s debt-to-GDP ratio No. 151-A. from as ofwhich the first He63.5 notedpercent Hong Kong, has quarter of 2022 to less than 60 confirmed a case of the Omicron percent 2025 least the $4,256 variant,by will alsoand fallatunder Yelgross national income per capita to low list countries. attain middle-income status.

Theupper suspension of the rules for

Notice is hereby given that the following companies/Employers have filed with this Regional Office application/s for Alien Employment Permit/s: ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL, POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

8 STONE BUSINESS OUTSOURCING OPC 5-10/f Tower 1, Pitx Kennedy Road, Tambo, City Of Parañaque WU, YAN Customer Service Representative Mandarin Speaking 1.

Brief Job Description: Build sustainable relationship of trust through open and interactive communication mandarin speaking.

Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer needs.

Salary Range: Php 30,000 - Php 59,999

See “dole ncr” on A5-A7

n JAPAN 0.4154 n UK 67.3545 n HK 7.0481 n CHINA 8.2040 n SINGAPORE 40.0623 n AUSTRALIA 38.6258 n EU 56.5501 n KOREA 0.0425 n SAUDI ARABIA 14.7298 Source: BSP (August 1, 2022)

News

BusinessMirror

A2 Tuesday, August 2, 2022

Garcia back in Comelec, as chairman; de Lemos takes NBI

P

By Samuel P. Medenilla

the Commission on Appointments [CA] as required by law,” Press Secretary Trixie Cruz-Angeles said on Monday.

Garcia, who once served as the legal counsel of Marcos, among several other high-profile politicians, was among the Comelec officials appointed by former President Rodrigo R. Duterte, but who failed to secure the CA’s approval at its last session in June.

At that time, lawmakers wanted to give Marcos the leeway to pick the newly appointed officials in Comelec and other government agencies.

Another new Marcos appointee was Medardo De Lemos, who will

now formally serve as director of the National Bureau of Investigation (NBI).

Prior to the said designation, de Lemos was the officer-in-charge of the Bureau.

“Director de Lemos rose from the ranks and his appointment as NBI Director is a strong indication of President Marcos’ commitment in strengthening the system of ‘meritocracy’ in the promotion, placement and hiring of government personnel,” Angeles said.

during July.

“While the pace of decrease was the softest in the current fivemonth sequence of contraction, global uncertainties and the ongoing impact of the pandemic continued to weigh on export demand,” the report said.

“Moreover, with business requirements receding and prices rising, firms were unenthusiastic to make purchases. Buying activity was muted throughout July, with

the rate of increase only fractional overall,” it added.

July data also highlighted a further deterioration in vendor performance, as firms noted that lead times lengthened to the greatest extent in four months.

“Despite only a marginal rise in input buying and demand for materials, average lead times lengthened to a greater extent as firms noted port congestion, shipment delays and logical challenges,” Baluch said.

The report also noted that nearrecord rates of inflation added a further strain on the sector.

“Average cost burdens rose sharply during July, as the pace of increase quickened to a three-month high that was only slightly slower than the peaks seen in March and April.

Similar was the case for the charges levied by firms in response to the rising input prices, as output prices rose at the third-sharpest rate on record,” the report said.

hanggang ngayon ng mga sumunod na administration. Rest in Peace President Ramos. Please say hello to my Tatay Nene in Heaven,” referring to Koko’s father, the late ex-Senate President Aquilino Pimentel Jr. Senator Juan Edgardo Angara, in

a separate statement, cited Ramos’s success in leveraging a minority mandate into major reform victories, showing how crucial changes in governance can be done.

“He [Ramos] did it through consultations, by listening, and by reaching out to all stakeholders, even to those who are not in his camp,” Angara recalled.

For instance, Angara recalled that “in order to channel good ideas to a forum where these can be discussed, he [Ramos] created with my late father [then Senate President Edgardo Angara] sounding boards like the Legislative Executive Development Advisory Council or the LEDAC.” Angara also remembered Ramos as a practitioner of “big tent politics,” while respecting the diversity in opinions. “[He did not suppress the] opposition. Instead of curtailing constructive criticism, he cultivated it. And he took action on complaints, through handwritten orders to the concerned agencies. Rest in peace, Mr. President!”

In a separate statement, Senator Jinggoy Estrada also conveyed the Estrada family’s “deepest condolences” to the family of Ramos, who was the President when their father, Sen. Joseph Estrada, was elected the vice president.

“Under his [Ramos] leadership, our country experienced a period of political stability and massive economic growth that positioned the Philippines as a potential Asia’s tiger economy,” said the younger Estrada.

Estrada also listed among Ramos’s legacies the major peace agreements with Muslim separatists, communist insurgents and military rebels that earned for him and the country the coveted 1997 UNESCO Peace Prize; the deregulation of key industries and liberalization of the economy; privatization of public entities including modernization of public infrastructure through the expanded BOT law; and a comprehensive Social Reform Agenda that mostly benefitted the poor and underprivileged members of the society.

Senator Risa Hontiveros said Ramos “will forever be remembered as a major game changer during the People Power Revolution,” recalling that “even then, his [Ramos] unexpected courage was a force of nature, encouraging many other longer-standing freedom fighters.”

Hontiveros added: “He [Ramos] made such solid progress that the world billed the Philippines as ‘Asia’s next tiger economy’ during his time,” even as the senator admitted she did not agree with some of his policy reforms, especially in the hastened liberalization of key economic sectors. Samuel P. Medenilla and Butch Fernandez

@sam_medenilla

RESIDENT Ferdinand “Bongbong’” R. Marcos Jr. has appointed former Comelec Commissioner George M. Garcia to become the new chairman of the poll body.

“The president has appointed Mr. George M. Garcia as Chairman of the Commission on Elections. He has submitted Mr. Garcia’s name to

PHL...

Continued from A1

The report also said while the country’s PMI is still in the growth territory, the decline signified a visible change from the strong expansions seen in June, amid challenging demand conditions.

Additionally, S&P Global also said client demand from foreign markets weakened further

Marcos...

Continued from A1

“President FVR shall be remembered as the man who sincerely pursued people empowerment and implemented many reforms and

innovative ideas such as the Build Operate Transfer Law,” said Senator Koko Pimentel, adding: “Maraming nagawa si FVR na napapakinabangan

www.businessmirror.com.ph

House...

Continued from A1

The resolution was authored

by Speaker Martin Romualdez, Majority Leader Manuel Dalipe and Minority Leader Marcelino Libanan. The bill was strongly supported by the Department of Finance.

Once adopted, the MTFF will serve as an anchor for the annual spending and financing plan of the national government and Congress when preparing the annual budget and undertaking related appropriation activities.

Earlier, Finance Secretary Benjamin Diokno said the economic team is committed to implementing a MTFF, which will serve as the administration’s blueprint to reduce fiscal deficit, promote fiscal sustainability, and enable robust economic growth.

Maximum benefit

MOREOVER, Salceda and Quimbo said the MTFF is needed to consolidate the national government’s resources so that these are mobilized and utilized in order to gain the maximum benefit and high multiplier effects for the economy.

Salceda said a medium-term budget framework, if applied rigorously, provides a very clear statement of the revenue and expenditure effects of maintaining current government policies, and a mechanism for controlling the introduction of new policies and tracking budget implementation beyond a single year.

He said it also provides a transparent basis for accountability of the executive branch, and a necessary foundation for more detailed results-oriented budgeting. “ T he Med iu m-ter m Fisc a l Framework is a larger, more bird’s eye perspective, taking into account how revenues and expenditures can be optimized so that these are mobilized and utilized in order to gain the maximum benefit and high multiplier effects for the economy,” said Salceda.

Also, Quimbo added the government needs to immediately address the rising prices of commodities as well as the scarring caused by the Covid-19 pandemic.

“In the medium term, we need to create high-quality as well as green jobs. We create such jobs by investing more in infrastructure, human capital development, and digitalization,” she said.

Quimbo said the MTFF allows the country to adopt global practices.

“We did this in the past, the only difference is that it [now] is written.

For the first time they [economic managers] have called the numbers.

With this piece of paper, everybody is on the same page. Nothing in the rules prevent us from doing this, more importantly we are adopting global practices,” she added.

“That is exactly the objective of the MTFF: in the short run, keep the macroeconomy stable and provide adequate social services; in the medium term, generate more jobs, quality jobs, green jobs,” Quimbo said.

Quimbo explained that the MTFF contains an 8-point Socioeconomic Agenda aimed towards immediate job creation and poverty reduction.

“While challenges remain, the prospects for economic recovery are good, and arguably, even better with a plan guided by a sound framework. To fully recover and to achieve high, sustainable, and inclusive growth, what we need is a comprehensive and concrete plan that maps out the policy direction for this government in the near future. Hence, the MTFF. The implementation of the MTFF ensures we will build back better from the pandemic,” said Quimbo.

“Again, this framework shall be the anchor of the 2023 budget, which the Executive Department is expected to submit to this body in less than a month. We in the Committee on Appropriations will work hard to ensure that the budget bills will help achieve the goals laid out in the framework,”

she added.

Under the resolution, the proposed overall goal of the Marcos administration’s MediumTerm Fiscal Framework is to reinvigorate job creation and poverty reduction by steering the economy back to its highgrowth path in the near term and sustain the high but inclusive and resilient growth all through 2028.

A lso, the resolution said the med ium-ter m g row t h ta rgets and the assumptions regarding key macroeconomic va r iables u n d e r p i n t he m e d iu m - t e r m f isca l pl a n.

The resolution said the framework also seeks to recognize the importance of a fiscal consolidation and resource mobilization plan, to include measures such as rightsizing of government structures and personnel, and encouraging localized investment and growth programs.

It also seeks to prioritize legislative measures that are consistent with the long-term socioeconomic vision as embodied in Ambisyon Natin 2040, as well as the 2022-2028 Medium-Term Fiscal Framework, for a prosperous society, consistent with the achievement of macroeconomic stability and inclusive economic development, while continuing to allocate resources for health, disaster risk management, food and social security, digital economy, local government support, private sector participation and growth-inducing expenditures.

According to Speaker Romualdez, the recent past and the Covid-19 pandemic have beset the m acroeconom ic env ironment with challenges and a series of external shocks; and inflation has accelerated in recent months due largely to significant increases in international prices of oil and key commodities.

“Still, the economic growth momentum remains firm as demonstrated by the strong 2022 first quarter gross domestic product [GDP] growth at 8.3 percent. However, the recovery process from the impact of the pandemic is still ongoing amid elevated uncertainty in the international economic environment,” he added.

Under t he resolut ion, t he Medium-Term Fiscal Framework shall be subject to review and updating in three years, or in 2025, prior the 20th Congress, to reflect current economic conditions and developments.

ACT Teachers Rep. France Castro, meanwhile, described the MTFF as “ambitious and unrealistic.”

“The growth compared to the early stages of the Covid-19 pandemic does not tell that the Philippine economy can overcome the slowing growth recorded since 2017. The Marcos administration targets 6.5-8.0 percent GDP growth rate in 2023 to 2028. The low-end target [6.5 percent] is already 0.2 percent and 0.4 percent higher compared to the growth rate recorded in 2018 and 2019 [pre-pandemic], respectively. The high-end target [8 percent] is more unrealistic considering that the highest recorded GDP growth rate since 2000 is just 7.3 percent in 2010,” said Castro.

“Since 2018, the government has failed to reach its targeted GDP growth rate, both the highend and low-end projections. For example, in 2018, the targeted GDP growth rate is 6.5 percent but we only achieved 6.2 percent. In 2019, we targeted between 6 percent and 6.5 percent, but we only achieved 5.9 percent. In 2021, we only beat the targeted GDP growth rate after numerous revisions during the year. If we base it on the earlier 2021 targets, we will also fail. Given these facts, how can the Marcos administration say that by the end of 2022, we will achieve its target given that since 2000, the high-end target of 8 percent growth rate has never been reached?” asked Castro.

The Nation BusinessMirror

www.businessmirror.com.ph

LTFRB pays ₧445.46M to SCP drivers and operators

By Lorenz S. Marasigan @lorenzmarasigan

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HE Land Transportation Franchising and Regulatory Board (LTFRB) said on Monday it has “met” its obligation for the Edsa Busway, stressing it has disbursed P445.46 million to operators.

Cheloy E. Velicaria-Garafil, who chairs the regulatory body, said the amount covers Week 6 to Week 13 of the Service Contracting Program (SCP) Phase 3. It is now processing payments for Weeks 14 and 15.

Garafil said the agency is “now in close coordination with the public utility bus consortia operating the Edsa Busway to begin processing of payments for Week 16, which ended last week.”

“LTFRB will continue to address issues and concerns with regard to the current public land transportation system in line with the mandates of the new administration to improve the lives of our operators and drivers and the commuting public,” said Garafil.

The SCP was first introduced through Republic Act No. 11494 or the Bayanihan to Recover as One Act. It was then extended through general appropriations as a means to cushion the effect of the pandemic on both commuters and drivers.

Under the program, transport service providers and workers will pay operators and drivers based on the maximum number of trips made per week, with or without passengers, and in compliance with agreedupon performance indicators. Public utility vehicle (PUV) operators will also receive a one-time incentive of P5,000 per unit to cover “pre-operating costs,” while operational incentives will be given on a weekly basis.

SCP has a sub-component called Libreng Sakay or Free Ride Program, which allows commuters to ride the Edsa Busway without paying their fares.

The government shells out somewhere between P74 million to P79 million per week for the program. It was, however, criticized by mobility and transport experts as a band-aid solution that does not address the transport crisis.

DBM releases ₧8.5B cash allocation for farmers

By Bianca Cuaresma @BcuaresmaBM

T

HE Department of Budget and Management (DBM) will be giving out P5,000 in cash allocations as subsidies to eligible rice farmers later this year.

Budget Secretary Amenah F. Pangandaman announced that they have approved the release of the Notice of Cash Allocation (NCA) amounting to P8,053,474,140 to the Department of Agriculture (DA) for the provision and distribution of P5,000 in subsidy to 1,563,781 eligible rice farmers on the third and fourth quarter of 2022.

The DBM said the release of the NCA is in line with the implementation of the Rice Farmers’ Financial Assistance (RFFA) program in order to provide support to rice farmers affected by the Rice Tariffication Law. “Our farmers deserve our help and care. The immediate release of cash assistance could provide relief to our rice farmers given the recent natural calamities they experienced,” Pangandaman said.

“This unconditional cash assistance could also provide aid to the rice farmers in securing farm inputs such as fertilizer and oil farm machinery,” the secretary added.

Editor: Vittorio V. Vitug • Tuesday, August 2, 2022 A3

PBBM picks Bacarro as AFP chief, Azurin Jr. to head PNP

By Rene Acosta @reneacostaBM

T

HE Philippine National Police (PNP) and the Department of National Defense (DND) welcomed on Monday the designations of Lt. Gen. Rodolfo Azurin Jr. and Lt. Gen. Bartolome Bacarro as incoming chiefs of the PNP and the military, respectively.

Azurin, a member of the Philippine Military Academy (PMA) Class of 1989, is currently the chief of the Northern Luzon Police Area, while Bacarro, a member of PMA Class 1988, is currently the commander of the Southern Luzon

Command (SOLCOM).

The designations of both by President Ferdinand R. Marcos Jr. was announced by Press Secretary Trixie Cruz-Angeles, who added Bacarro will assume his new post on August 8 and will be the first chief of staff under the three-year fixed term in the military.

Azurin will replace PNP Officer in Charge Lt. Gen. Vicente Danao Jr. while Bacarro will replace Gen. Andres Centino, the current chief of staff of the Armed Forces of the Philippines (AFP) and whose retirement under the old military retirement law should be in February next year.

Under the old law, military of-

ficers are compulsory retired upon reaching the age of 56. This however had been extended by the new law to 59.

A statement from the PNP Public Information Office chief Brig.

Gen. Roderick Augustus Balba said the 226,000 members of the PNP supports the appointment of Azurin and the new leadership of the organization.

“Under Police Lt. Gen. Azurin’s direction, we assure the public that our police force will sustain its momentum to carry out PNP’s mission and to deliver its mandate with utmost integrity, credibility and professionalism, all for safety and protection of

our Filipino people,” he said.

On the other hand, DND Officerin-Charge Jose Faustino Jr. welcomed the appointment of Bacarro, his classmate at the academy. Both are members of PMA Class of 1988.

“Lieutenant General Bacarro’s appointment as Chief of Staff bodes well for the AFP as he will be given a longer period to implement reforms and institutionalize policies that will redound to the benefit of the organization,” Faustino said.

Bacarro will be the first senior officer appointed under Republic Act No. 11709 (RA 11709), which took effect last July 1, 2022 and mandated, among others, a fixed tour of duty of

three years for the Chief-of-Staff and other officers holding key positions.

“As mandated by RA 11709, General Bacarro will be accorded a fixed term of three years as AFP Chief of Staff,” Faustino said.

Bacarro had also served as commander of the 2nd Infantry Division and the 502nd Infantry Brigade of the 5th Infantry Division.

The DND said Centino, who is also a member of PMA Class of 1988, would get a new post under the current administration.

“We also extend our profound gratitude to General Andres C. Centino, and wish him well as he embarks on a new chapter of his career,” Faustino said.

International community pays tribute to late ex-President Ramos

By Malou Talosig-Bartolome @maloutalosig

T

HE diplomatic community in Manila has paid tribute to the legacy of former President Fidel Ramos in steering the country to a tiger economy status, as they expressed condolences to his wife, former First Lady Amelita “Ming” Ramos, his family, and to the Filipino people.

In a statement, the Department of Foreign Affairs (DFA) said Ramos was widely considered a foreign policy president who shaped the evolution of the DFA. “Among the reforms that he instituted during his six-year term are economic diplomacy and protection of overseas Filipinos as pillars of Philippine foreign policy.”

Ramos, considered as the most traveled Philippine president, lured foreign investors and those trips generated about $20 billion worth of foreign investments to the Philippines. The DFA said in those visits, Ramos “focused on the post-Cold War opportunities offered in multilateral and economic diplomacy, and raise the profile of the Philippines in the region and globally.” He also led the 4th Asia-Pacific Economic Cooperation (Apec) Leaders’ Summit in Subic in 1996.

It was also during Ramos’s term when Filipino maid Flor Contemplacion was hanged in Singapore in 1994, triggering protests and forcing Ramos to let go of his two Cabinet secretaries—Roberto Romulo and Nieves Confessor—and severed diplomatic ties with Singapore. But Ramos spearheaded the reforms needed to promote the welfare of OFWs and their families by collaborating with Congress to pass The Migrant Workers and Overseas Filipinos Act. His father, Narciso R. Ramos, was the former Foreign Affairs Secretary.

He also had two siblings who served in the foreign service — former DFA Undersecretary Leticia Ramos-Shahani and former Ambassador Lolita Haney.

PHOTO COURTESY OF CAELISTIS PRODUCTIONS

He was also a member of the United Nations contingent, the Philippine Expeditionary Force to Korea that fought in the 1950 Korean War. “President Ramos demonstrated a keen understanding of government service and a strong work ethic that inspired generations of public servants…The DFA will always be grateful for his visionary leadership and contributions to Philippine foreign policy,” the DFA added.

Former DFA Secretary Teodoro Locsin Jr. said Ramos “without any self-regard, stood by Cory and protected the restored democracy, just as Lee Kwan Yew assured Cory he would when the chips are down.”

“He was more than just a President; he was a defender of democracy when it had no allies left. I know. I was there with him. The rest just talked and hyperventilated; he and a handful of us fought. And won.

The Presidency was just icing on his greatest moments,” Locsin tweeted, apparently referring to the 1989 attempted coup d’etat that nearly toppled President Cory Aquino.

Philippine Ambassador to The Netherlands J. Eduardo Malaya believes Ramos is “one of the greatest leaders the Philippines ever had.”

“Ramos took on the country’s

Flags in all courthouses, CDC fly at half-mast in honor of FVR

T

HE Supreme Court (SC) has ordered all Philippine flags in all courthouses to be flown at half-mast beginning Monday in honor and in recognition of former President Fidel Ramos, who passed away last Sunday.

In a news statement, the entire Judiciary, led by its Chief Justice Alexander Gesmundo and Associate Justices, expressed its sincerest condolences to the family of the President. Ramos died at the age of 94.

The SC said the judiciary would always remember Ramos as a “proponent of justice and judicial reform.”

“During his presidency, he consistently pledged his support to the Judiciary’s campaign for modernization and judicial excellence.

His commitment to justice helped strengthen the Judiciary,” the SC said.

The SC also praised Ramos for being “a true defender of freedom and democracy,” who had displayed courage and loyalty to the country

through his years in the service, including as a veteran of several military campaigns.

They remember Ramos, a career military general who reached the rank of five-star general, as a true defender of freedom and democracy.

“He was also a visionary President, who set out important social and economic reforms which Filipinos enjoy even up to this time,” the SC noted.

In Pampanga, Clark Development Corp. (CDC) President and CEO Manuel R. Gaerlan led CDC officers and employees on Monday morning in paying tribute to Former President Fidel V. Ramos (FVR) who passed away over the weekend.

After the traditional flag-raising ceremony, Gaerlan requested for a one minute of silence and ordered the flag to be flown at halfmast in honor of his passing.

Joel R. San Juan

toughest job with the mind of an engineer and the discipline of a soldier,” Malaya said.

On Facebook, Chinese Ambassador to Manila Huang Xilian posted: “I was deeply saddened to hear about the passing of Former President Fidel Valdez Ramos and would like to extend sincerest condolences to his family on behalf of the Chinese Embassy and in my own name.

Former President Fidel Valdez Ramos was well known in China for his friendship and contribution to the bilateral relationship between our two countries. He was one of the first to propose the establishment of ‘Asian Forum’ in 1998 which incubated the Boao Forum for Asia in 2001. As for-

mer Chairman of the Boao Forum for Asia he played an indispensable role in the development of the Forum.

The Chinese Embassy is deeply grieved by the loss of an old friend.

He will be missed by all of us.”

Other members of the diplomatic community who sent their messages of sympathies via Twitter were: Japanese Ambassador to Manila Koshikawa Kazuhiko said he was “saddened by the loss of good old friend.”

US A mbassador to Manila MaryKay Carlson: On behalf of the US Embassy community, I offer my heartfelt condolences to the loved ones of former Philippine President Fidel V. Ramos and the people of the

Philippines. We will always remember his contributions to the US-Philippines bilateral relationship.

European Union Delegation to the Philippines: “FVR was a dedicated statesman and a friend of the EU, under whose term the relations deepened. FVR was a pillar of democracy & icon of the Edsa revolution.”

The French Embassy noted that Ramos was an awardee of the French Legion of Honor, the Grand Cross.

Ambassador to the United Nations in Geneva Amanda Goreley called Ramos “a national treasure” and recalled that he was “Always very generous with his time, advice and cheeky sense of humour.”

A4 Tuesday, August 2, 2022 • Editor: Vittorio V. Vitug

Economy BusinessMirror

www.businessmirror.com.ph

PNP to assist DTI in price-freeze enforcement in quake-hit Abra

By Rene Acosta @reneacostaBM

T

HE Philippine National Police (PNP) said on Monday said that it will assist the Department of Trade and Industry (DTI) in the implementation of a price freeze of basic commodities in Abra following the strong earthquake that hit the province last week.

PNP Officer in Charge Vicente Danao Jr. said since Abra is already in a state of a calamity, it is necessary that the prices of basic necessities be kept at the prevailing level as ordered by the DTI. “The PNP is tasked to aid in the

enforcement of the mandate within the jurisdiction of the local government unit concerned. We also take part in monitoring market activities against hoarding, profiteering, price manipulation and unfair trade practices,” Danao said.

Danao ordered all police units in Abra to coordinate with the DTI on the implementation of the price freeze.

“If we will receive report regarding the possible violation, then we will work hand-in-hand with the DTI and LGU [local government unit] to check on the veracity of the alleged illegal act and conduct operations if such complaint warrants action,” he said.

Business establishments proven to have violated the price freeze would be imposed with a fine amounting from P5,000 to P1,000,000 and or imprisonment for a period of one year to 10 years.

“This is high time to show unity and compassion, instead of taking advantage of the situation resulting to committing criminal acts.

We encourage our ‘kababayans’ to immediately report to us cases of hoarding, massive price increase and other forms of blatant profiteering. We will act on it immediately in coordination with the DTI,” Danao said.

Commodities were reported to

have become scarce in Abra following the quake that hit the province.

Currently, the government is pouring assistance to the province as its residents struggled to recover from the devastating effects of the temblor.

PRC at ground zero

MEANWHILE, the Philippine Red Cross (PRC) said it has provided psychological first aid (PFA) to over 700 persons, including 216 children in Northern Luzon. Those who received PFA treatment were from quake hit provinces of Abra and Ilocos Sur. PFA is given by trained indi-

viduals to people who have just experienced a serious crisis event.

The World Health Organization says it “involves humane, supportive and practical assistance for people who are distressed, in ways that respect their dignity, culture, and abilities.”

Trained PRC facilitators give PFA to children through activities that are appropriate to their age, such as games.

PRC’s Welfare Services Team set up Child-Friendly Spaces (CFSs) in areas affected by hazard events as a standard component of PRC’s disaster responses.

Meanwhile, as of July 31, PRC

has distributed around 16,000 liters of water through its water tankers, 3,180 hot meals, 1,200 bottles of water, 970 face masks, 762 hygiene kits, and 262 sleeping kits, among other forms of humanitarian aid.

The National Disaster Risk Reduction and Management Council reported that the quake affected more than 1.7 million people in Abra, Ilocos Sur, Kalinga, Mt. Province, Benguet, Baguio, La Union, Ilocos Norte, Pangasinan-Dagupan, Aurora, Cagayan, and Nueva Ecija.

More than 600 families, or around 3,000 persons, are still in evacuation centers. More than 4,500 houses were damaged. With Claudeth Mocon-Ciriaco

Think tank urges PHL shift Mayor eyes growing IT firms in Makati to be next Silicon Valley to investment-led economy M

By Rizal Raoul S. Reyes @brownindio

P

OLICY experts from a major think tank urged the administration of President Ferdinand “Bongbong” R. Marcos Jr. to hasten country’s shift to an investmentbased economy.

Prof. Victor Andres Manhit, founder and CEO of the Stratbase group, said the economic consequences of the pandemic needs to be squarely addressed as 77 percent of Filipinos rate themselves as poor from a recent Pulse Asia survey.

“There is enough legal framework to move from a consumptionbased economy to an investment-led growth,” Manhit noted. “But we need sound fiscal management to attract local and foreign investment.”

Stratbase also underscored governance is key to attracting investments and achieving sustainable long-term economic growth after the havoc caused by the pandemic, and the new administration must, first and foremost, address the issues—soaring prices, low wages, poverty, jobs and corruption—that Filipinos deem most crucial in their everyday lives.

Dr. Francisco Magno, Trustee of The Stratbase Institute, said there are many ways for the government to develop integrity—specifically, passing laws such as the E-Government

Act, Freedom of Information law, and amendments to the Civil Service Code.

He also said Sustainable Development Goals (SDG) must be localized: “This would involve the creation of smart, inclusive, and resilient local government units that rely on open data and governance innovations that address demand for better public services.”

Calixto Chikiamco, President of the Foundation for Economic Freedom, said three sectors need to be given priority: agriculture, forestry and energy, with laws needing amendments to reflect the challenges of the times.

Zy-za Nadine Suzara, Executive Director of the Institute for Leadership, Empowerment, and Democracy, said the country also has to work on increasing the absorptive capacities of agencies in the bureaucracy so that they could implement programs as envisioned.

“Without a strong commitment to good governance and anti-corruption, it will be difficult to achieve expenditure results, fiscal sustainability, and better yet, meaningful development outcomes for our country,” she said.

“Fiscal policy will only benefit society if it is contingent on addressing democratic deficits,” she said, adding civil society must reclaim that space and participate in democratic governance. This

way, fiscal policy will benefit not just the elite and the politicians but various sectors of society as well.

Meanwhile, Dr. Ronald Mendoza, former Dean of the Ateneo School of Government, said the Marcos administration must put a great balancing act of its priorities to lift the country out of the economic doldrums.

Nevertheless, Mendoza saw some good signs during the recent State of the Nation Address (SONA) of Marcos, like the Land Use Law and increased efficiency in the public sector, but there was also a signal of increased spending, and higher investments in other areas.

“What that will result in, likely, is a challenge for balancing priorities as well as a drive to improve governance, particularly in tax collection as well as in spending efficiency, lessening leakages, and focusing spending on key areas,” he said.

Dr. Julio C. Teehankee, Full Professor of Political Science and International Studies and Former Dean of the College of Liberal Arts, De La Salle University, proposed that the Marcos administration begin “minimal practicable results, working up to the more complex and widespread changes.”

Specifically, Teehankee said, the administration should revisit the notion of political parties, the conduct of elections, and ultimately and if done correctly, a change in the Constitution.

Dr. Imelda Deinla, convenor of Boses Pilipinas, showed the Philippines’s dismal performance in the World Justice Project, where it ranks 102nd out of 139 globally, 13th out of 15 regionally. For her, Filipinos should check its executive, because not doing so can lead to impunity, violence, and a lack of accountability.

Stratbase Trustee and former International Criminal Court Judge Raul Pangalangan said many of Marcos’s proposed reforms might require constitutional change.

“Once again we might see a constitutional change attempt as a mechanism to lift term limits or otherwise pave the way for the continuation of the incumbent in power,” Pangalangan said.

AKATI Mayor Abby Binay said the city government intends to focus on growing information technology (IT) firms in Makati City by providing a competitive environment, tax breaks, and business registration assistance to start-ups.

“Considering our investment in infrastructure, I hope e-commerce and software development companies would consider setting up, expanding, or relocating their businesses to Makati since we provide a lot of benefits to companies and start-ups,” she said during the recent first regular members’ meeting of the Makati Business Development Council (MBDC).

Mayor Abby said the city’s investments in infrastructure, particularly the Makati Subway, would bring more investors to the city since an efficient mass transit provides better productivity and profitability among workers and businesses.

“Makati is at the early stage of becoming a smart city, and we need the help of IT companies in creating a resource pool so that we can create a smarter work force, which is necessary to keep a city ‘smart,’” she said.

The mayor also noted that she envisions Makati to be the country’s homegrown version of Silicon Valley—a global hub for technological innovation.

Currently, around 40 IT buildings in Makati are registered under the Philippine Economic Zone Authority.

Earlier this year, the city was chosen as the pilot city for the Resiliency Innovation Sustainability and Entrepreneurship (RISE) Challenge, an incubator program of the government, academe, and the private sector that offers a P500,000 equity-free grant and 12-week entrepreneurship training to eight IT start-ups.

According to the mayor, IT startups Digest Ph, Empath, FilPass, Fitscovery, Kwik.insure, Pic-ATalk, Project Fort, and Synthillate will be given a chance to pitch their ventures to qualified investors this August 9.

“As engines of growth, local governments should provide access to finance to business owners and start-ups because helping them will stimulate not only the local but also the national economy,” she added.

Earlier in the meeting, Mayor

Abby also inducted four top business leaders into the MBDC, namely, Rogelio Singson, former Public Works and Highways Secretary and president of the Management Association of the Philippines; Calixto Chikiamco, president of the Foundation for Economic Freedom; Frank Thiel, president of The American Chamber of Commerce of the Philippines; and Shinichiro Shimada, president of The Japanese Chamber of Commerce and Industry of the Philippines.

The other council members are George Barcelon, president of the Philippine Chamber of Commerce and Industry; Edgar Chua, chairman of the Makati Business Club; Michael Arcatomy Guarin, president of the Financial Executives Institute of the Philippines; Victor Andres Manhit, chief executive officer and managing director of the Philippine Stratbase Consultancy Inc.; Sergio OrtizLuis Jr., president of the Employers Confederation of the Philippines; Marianito Roque, former Labor Secretary and president of Workplace Compliance and Solutions Plus Inc.; and Hyun Chong Um, president of the Korean Chamber of Commerce Philippines Inc.

The power of the youth to fight corruption Count supplies

SCHOOLS receive lots of supplies from government, like textbooks, lab equipment or other classroom necessities. It’s not rocket science to keep track of this. It just takes commitment and transparency. Ask to see how many Bunsen burners are supposed to be in the biology labs and if the numbers don’t add up —ask what’s happened. Vice President and Education Secretary Sara Duterte will definitely appreciate your support.

By Henry J. Schumacher 37 million youth were involved in the May 9 elections!

This reminds me to be aware of the power to the youth to shape a fairer and more just world. Many young people are fighting corruption and are trying to make a big difference. This is certainly the time to encourage the youth to keep anti-corruption in mind when encouraging the new administration to have corruption and its adverse effects on society in mind.

For those who are interested in tackling corruption, but don’t know where to start, here are some ideas from Transparency International’s youth anti-corruption tool kit:

Follow the money

GOVERNMENTS have vast sums of public money to spend and this can pose a serious corruption risk.

By keeping tabs on government expenditure, you can help shed light on how Philippine taxes are being spent and expose any abuses. You can also join the Integrity Circles that have been set up with various LGUs throughout the country, as a result of the Integrity for Jobs project.

Tech solutions

IF you’re tech-savvy (all young people are), you can help communities document cases of corruption by developing reporting platforms on the web or through mobile apps. Social media, in particular, is an effective way to address corruption in real-time.

Comics and cartoons

Comics are a powerful way of raising awareness about anti-corruption.

Through a combination of images and text, comics can also help spark debate—and they are easy to produce. All you need is a pen and paper.

Or use your smart phone or laptop.

Sports

WHAT’S your favorite sport? From running against corruption to scoring a goal for transparency, you can raise your community’s anticorruption awareness through any sport you want. If I organize a funrun under the motto “I run for Integrity toward a New Philippines,” will you join me?

Youth groups

YOUTH groups share their disapproval of corruption that is found at local and national levels. Different groups have different goals, but

they have one thing in common: a willingness to talk openly about their opposition to corruption and raise awareness about its adverse effects on society. These groups can be formed to take part in a one-off event around a single issue or for longer term campaigns.

Election pledges

DURING the lead-up to elections, candidates were in the spotlight.

You can now ask them to sign a pledge against corruption (for instance the Integrity Pledge of the Integrity Initiative) and agree to take specific steps to stop corruption.

Crowd sourcing corruption monitoring

TWEET. Text. E-mail. From accessing your mobile phone to surfing the web on your computer, it’s never been easier or quicker to monitor the ethical behavior of politicians and businesspeople in real-time.

Through online crowdsourcing you can let the world know of irregularities in your area with just a few clicks. Some of the information can even be plotted onto an interactive map online, allowing you also to see what others in your community are reporting.

I hope you find these suggestions useful! If you have more suggestions that are not already on this list, I would love to hear from you!

Let me conclude with a note of caution. There is risk in exposing people involved in corruption. Work in a group rather than alone.

And remember: the youth deserve an end to corruption. Young people are not just our future. They are key to creating a just, peaceful, and prosperous world right now!

You can contact me at hjschumacher59@gmail.com

Tuesday, August 2, 2022

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL, POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

No.

8 STONE BUSINESS OUTSOURCING OPC 5-10/f Tower 1, Pitx Kennedy Road, Tambo, City Of Parañaque

WU, YAN Customer Service Representative Mandarin Speaking 1.

Brief Job Description: Build sustainable relationship of trust through open and interactive communication mandarin speaking.

Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer needs.

KALAIMANI, PRABU Heavy Equipment Operator Specialist 9.

RAJAN, SANTHOSH Management Consulting Senior Manager

2.

Brief Job Description: Capability network cfo & enterprise value (cfo & ev) team supports cfos/finance organizations to craft and implement strategies anchored on digital disruption, new age operating models, best in class practices to drive market differentiation and creating value.

DODWANI, PRAKASH Service Delivery Ops Lead Senior Manager

3.

Brief Job Description: Assign all work assignments, commit the team to the work, manage the quality of the work and drive the people management activities, automation, innovations, and digitization within the team.

10.

Basic Qualification: Graduate/postgraduatecpa, mba, ca, cfa.

Salary Range: Php 150,000 - Php 499,999

KOCHHAR, VIKRAM Head Of Clinical Ops 11.

ANDY LAU KING SIANG Customer Service Representative (Chinese Speaking) 4.

Brief Job Description: Provide customer service to clients

Salary Range: Php 30,000 - Php 59,999

LEE YUK CHEOK Customer Service Representative (Chinese Speaking) 5.

Brief Job Description: Provide customer service to clients.

Basic Qualification: *Any nationality who can speak and write Chinese fluently. *Preferably 6 months to 1-year customer service experience. *Detailoriented and has the ability to multi-task.

RUSIRU THARAKA KUMARA Senior Solutions Architect

6.

Brief Job Description: “Collaborate with customers, partners and other AWSPI teams to craft architectures, proof of concepts or demonstrations of our platform that work back from customer’s business needs and accelerate the adoption of appropriate AWSPI technology. “

12.

7.

Brief Job Description: Customer service representative.

Basic Qualification: Bachelor’s degree required, MBA preferred, 6-10 years’ experience in related field, preferred Salary Range: Php 500,000 and above

Brief Job Description: Manage routine and non-routine maintenance for Cathay Group aircraft in accordance with all HKAR-145 and company requirements.

Basic Qualification: Minimum 10 years’ experience in an aircraft maintenance environment; Demonstrable operational knowledge of aircraft maintenance and ground handling activities.

20.

KORSRISAWAN, NUTCHIYA Advisor I, Customer Service 13.

Brief Job Description: Will be providing customer service support for Spotify customer thru email/chat

WONGCHAREONSIN, THANYA Advisor I, Customer Service 14.

Brief Job Description: Will be providing customer service support for Spotify customer thru email/chat

Salary Range: Php 60,000 - Php 89,999

DUONG THI THOA Customer Service Representative 21.

Salary Range: Php 60,000 - Php 89,999

NGUYEN TRONG KIEN Chinese Speaking Data Entry Clerk Brief Job Description: Assist/help customers; give customers information about products and services.

Basic Qualification: With at least 6 months customer service experience, good in oral communication and written.

22.

16.

Brief Job Description: Assist/help customers, give customers information about product and services.

24.

LIANG, CHENTAO Customer Service Representative 25.

26.

BOSKALIS PHILIPPINES INC. Unit 3701, 3801 The Orient Square, F. Ortigas Jr. Road, Ortigas Center, San Antonio, City Of Pasig

CHEONG CHEE KUAN Marketing Consultant (mandarin Speaking Clients) 18.

Brief Job Description: “*Studying company profile and operations to understand its marketing needs. * Implementing a marketing strategy according to objectives and budget.”

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints

NGUYEN THI PHUONG BINH Customer Service Representative 27.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints

NOPIANTO Customer Service Representative 28.

Brief Job Description: Supports customers by providing helpful information, answering questions and responding to complaints.

Basic Qualification: Salary Range: Php 150,000 - Php 499,999

SULEMAN Customer Service Representative 29.

FLY ASIAN INTERNATIONAL CORPORATION Eighty One Bldg. Newport Blvd., Newport City Vab St., Barangay 183, Pasay City

Salary Range: Php 500,000 and above

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints

LIAO, XIN Customer Service Representative

BERA, ARNAB Oss Solution Architect Brief Job Description: Responsible for analyzing, designing and developing commercially viable end-to-end technical solutions for the customers. Accountable for providing profitable business for Ericsson by translating customer needs.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints

Salary Range: Php 30,000 - Php 59,999

ERICSSON TELECOMMUNICATIONS, INC. 29 Floor Twenty-five Seven Mckinley Bulding, 25th Street Corner, 7th Avenue, Bonifacio Global City, Fort Bonifacio, City Of Taguig

17.

Brief Job Description: Supports customers by providing helpful information, answering questions and responding to complaints.

LI, MINGYANG Customer Service Representative

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: With at least 6 months customer service experience/good in oral communication and written.

Brief Job Description: Supports customers by providing helpful information, answering questions and responding to complaints.

JONI Customer Service Representative

DOMINUS VISA CONSULTANCY INC. 37th Floor Lkg Tower,, 6801 Ayala Avenue,, Bel-air, City Of Makati ZHU, ZIQIANG Chinese Speaking Marketing Consultant

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints

HUA CHAU PHU QUY Customer Service Representative

Basic Qualification: Basic computer navigation skills and PC knowledge and Ability to work as a team member, as well as independently

15.

Basic Qualification: • At least 20 years work experience in Sales, Marketing, or Trade Marketing with experience in being part of company’s top management • Extensive experience in the international FMCG industry

Brief Job Description: Studying company profile and operations to understand its marketing needs. Implementing a marketing strategy according to objectives and budget.

Basic Qualification: “*Preferably 6 months experience with the above position. *Can multi-task and keen to details. *Any nationality who can speak and write Chinese fluently. “ Salary Range: Php 30,000 - Php 59,999

QUALIFICATION AND SALARY RANGE Basic Qualification: Preferably 6 months experience with the above position. Can multi-task and keen to details. Any nationality who can speak and write Chinese fluently.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Preferably 6 months experience with the above position. Can multi-task and keen to details. Any nationality who can speak and write Chinese fluently.

Salary Range: Php 30,000 - Php 59,999

FLYING DRAGON NETWORK PHILIPPINES INC. Ri Rance Ii Bldg., Block 2 Lot 3 Aseana City, Tambo, City Of Parañaque

23.

Salary Range: Php 150,000 - Php 499,999

Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Studying company profile and operations to understand its marketing needs. Implementing a marketing strategy according to objectives and budget.

HO, CHIA-CHEN Marketing Consultant (mandarin Speaking Clients)

Basic Qualification: Basic computer navigation skills and PC knowledge and Ability to work as a team member, as well as independently

CRONYX INC. Flr. No. 4th-10th, Yinhope Bldg., Dela Rama Cor. Zoili Hilario St., Seascape Village, Ccp Complex Subd., Zone 10, Barangay 76, Pasay City

Basic Qualification: To assist customers regarding their queries, complaints, and promotions.

19.

Salary Range: Php 150,000 - Php 499,999

Basic Qualification: “Deeper understanding in technology areas (i.e., software development, systems engineering, infrastructure, security, networking, data and analytics)”

JAIN, NIMISHA Country Manager

8.

Basic Qualification: Advanced knowledge of SHEQ policies, management systems, and legislation and industry standards.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

HO SUET YEE Marketing Consultant (mandarin Speaking Clients)

Salary Range: Php 90,000 - Php 149,999

CONCENTRIX DAKSH SERVICES PHILIPPINES CORPORATION Bldg. F, Ayalaland, Technohub, Quezon City

BEIERSDORF PHILIPPINES, INC. Unit 2&4 11th Floor Bench Tower 30th Street Corner, Rizal Drive, Bonifacio Global City, Fort Bonifacio, City Of Taguig

Brief Job Description: • Engage conscientiously on the management of the Company in accordance with the principles of a prudent businessman and dedicate all working capacity to this task.

• Managing of substantial changes of the Company’s structure and internal organization; • Managing contractual arrangements with other companies involving obligations for several years, such as participations, co-operations and licensing agreements with third parties, consultancy agreements with auditors, lawyers, tax advisors, advertising agencies and management recruiters • Overseeing the activities of the Company as based on the company strategy and the Annual Business Plan (ABP). Responsible for the submission to the headquarters Beiersdorf AG, Hamburg, the Annual Business Plan or a necessary plan revision for approval within the scheduled deadlines. • Submission to the headquarters monthly reports on the business trend and the development of the Company as well as every quarter an operating statement (EBIT) and a balance sheet with profit and loss account.

Basic Qualification: Minimum of 10-year experience in dry and wet sandfill in an international dredging and Land reclamation company.

No.

Salary Range: Php 30,000 - Php 59,999

ASIAN TECHNOLOGY SERVICES, INC. 11/f Tower 2, Double Dragon, Macapagal Blvd., Barangay 76, Pasay City

HEO, WONIK Customer Service Representative

Brief Job Description: Provides leadership to managers and experienced professional staff may also manage front line supervisors

YEO CHIN SUI DOMINIC Aircraft Maintenance Manager

Salary Range: Php 30,000 - Php 59,999 AMAZON WEB SERVICES PHILIPPINES, INC. 21f Arthaland Pacific Century Tower, 5th Avenue Bonifacio Global City, Fort Bonifacio, City Of Taguig

QUALIFICATION AND SALARY RANGE

CATHAY PACIFIC AIRWAYS LIMITED 20/f Lkg Tower, 6801 Ayala Ave., Bel-air, City Of Makati

ALTERA KARNA BUSINESS CORP. 5th, 6th, 7th & 8th Flrs. Eighty-one Newport Blvd., Newport City St., Barangay 183, Pasay City Basic Qualification: *Any nationality who can speak and write Chinese fluently. *Preferably 6 months to 1-year customer service experience. *Detailoriented and has the ability to multi-task.

Brief Job Description: Being responsible for the project management processes during the project such as quality management, risk management, delivery and completion, document managed and so on.

ESTABLISHMENT / ADDRESS

CARDINAL HEALTH INTERNATIONAL PHILIPPINES INC. W City Center Bldg., 7th Ave. Cor. 30th St., Bonifacio Global City, City Of Taguig

Salary Range: Php 150,000 - Php 499,999

Basic Qualification: 8-10+ years of delivery/ people management experience, bachelor’s degree.

Brief Job Description: Operating the company heavy equipment in a safe and efficient manner.

WITTEBROOD, MARLOES Process Manager

Salary Range: Php 30,000 - Php 59,999 ACCENTURE, INC. 7f, Robinsons Cybergate Tower 1, Pioneer St, City Of Mandaluyong

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

A5

Brief Job Description: Supports customers by providing helpful information, answering questions and responding to complaints.

YANG, FANGYIN Customer Service Representative 30.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints

Basic Qualification: College Graduate Level, preferably with Customer Service or sales experience, fluent in Mandarin and basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate Level, preferably with Customer Service or Sales experience.

Fluent in Mandarin/Basic English.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate Level, preferably with Customer Service or Sales experience.

Fluent in Mandarin/Basic English.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate Level, preferably with Customer Service or sales experience, fluent in Mandarin and basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate Level, preferably with Customer Service or sales experience, fluent in Mandarin and basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate Level, preferably with Customer Service or sales experience, fluent in Mandarin and basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate Level, preferably with Customer Service or sales experience, fluent in Mandarin and basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate Level, preferably with Customer Service or Sales experience.

Fluent in Mandarin/Basic English.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate Level, preferably with Customer Service or Sales experience.

Fluent in Mandarin/Basic English.

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College Graduate Level, preferably with Customer Service or sales experience, fluent in Mandarin and basic English Salary Range: Php 30,000 - Php 59,999

A6

Tuesday, August 2, 2022

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

ZENG, WEIBIN Customer Service Representative 31.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints

ZENG, WEILI Customer Service Representative 32.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints

ZENG, ZIQI Customer Service Representative 33.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: College Graduate Level, preferably with Customer Service or sales experience, fluent in Mandarin and basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate Level, preferably with Customer Service or sales experience, fluent in Mandarin and basic English

Basic Qualification: College Graduate Level, preferably with Customer Service or sales experience, fluent in Mandarin and basic English

34.

Brief Job Description: Ensures existing and future project contracts are in-line with the budget proposals.

LONG, DAZHUANG Project Manager

35.

Brief Job Description: Coordinate internal resources and third parties/vendors for the flawless execution of projects.

36.

CHEN, ZHITAN Site Assistant Supervisor 45.

37.

Brief Job Description: Performing analyses on hardware software and network capabilities; consulting with management and other departments as required.

DING, WEI Technical Consultant 38.

Brief Job Description: Performing analyses on hardware software and network capabilities; consulting with management and other departments as required.

SUN, WEIDONG Technical Consultant 39.

Brief Job Description: Performing analyses on hardware software and network capabilities; consulting with management and other departments as required.

WANG, WENCAO Technical Consultant 40.

Brief Job Description: Performing analyses on hardware software and network capabilities; consulting with management and other departments as required.

WU, JIALI Technical Consultant 41.

Brief Job Description: Performing analyses on hardware software and network capabilities; consulting with management and other departments as required.

46.

42.

Brief Job Description: Assist/help customers, give customers information about product and services

TRAN THI QUY NGOC Chinese Speaking Business Financial Officer 43.

Brief Job Description: Assist/help customers, give customers information about product and services

Brief Job Description: Reporting to the site supervisors or other senior project supervisor and managers as required; ensuring that requirements as specified by the client and senior management are met.

LAI, I-HSUAN Chinese Customer Service Representative 47.

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services.

Basic Qualification: College graduate; at least 6 months experience in the mentioned position.

LIU, YU-HSUAN Chinese Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 48.

Basic Qualification: 20+ year experience in in executive leadership position focusing on power operations in telco projects Salary Range: Php 500,000 and above

YU, EN-HSUN Chinese Customer Service Representative 49.

Basic Qualification: College graduate with good moral character and excellent verbal and written communications skills in both english and chinese.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate with good moral character and excellent verbal and written communications skills in both english and chinese.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate with good moral character and excellent verbal and written communications skills in both english and chinese.

Salary Range: Php 60,000 - Php 89,999

Basic Qualification: With at least 6 months customer service experience/good in oral communication and written

Salary Range: Php 30,000 - Php 59,999

INOZA INDUSTRIES INC. 17th Floor Inoza Bldg. 39th And 40th Street, Bonifacio Global City, Fort Bonifacio, City Of Taguig

Brief Job Description: Attracts potential customers by answering product and service queries; suggesting information about other products and services.

HUANG, TZU-CHIEH Chinese Technical Support Representative 50.

Basic Qualification: Fluent in english, both verbal and written; with working knowledge in construction.

Basic Qualification: Fluent in english, both verbal and written; with working knowledge in construction.

Brief Job Description: Attracts potential customers by answering product and service queries; suggesting information about other products and services.

LEE, KUO-SUNG a.k.a. LEE, KUO-CHIEH Chinese Technical Support Representative 51.

Brief Job Description: Attracts potential customers by answering product and service queries; suggesting information about other products and services.

59.

Brief Job Description: Develop strategies for more effective sales of prospective Chinese clients

60.

Brief Job Description: Managing Incoming calls and customer service inquires.

SAI WIN AUNG PHYOE Burmese Customer Service Representative 61.

Brief Job Description: Managing Incoming calls and customer service inquires.

GUO, SHICHENG Chinese Customer Service Representative 62.

Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for; fluent in Chinese/Mandarin is an advantage.

Brief Job Description: Managing incoming calls and customer service inquires JIANG, SHAOJIE Chinese Customer Service Representative 63.

Brief Job Description: Managing incoming calls and customer service inquires

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for; fluent in Chinese/Mandarin is an advantage.

LI, ZHAN Chinese Customer Service Representative 64.

Brief Job Description: Managing incoming calls and customer service inquires LIAN, XIAOYAN Chinese Customer Service Representative 65.

Brief Job Description: Managing incoming calls and customer service inquires

Basic Qualification: Proficient in speaking, reading and writing in english and their respective native language for the position applied for; fluent in chines/mandarin is an advantage.

Basic Qualification: Proficient in speaking, reading and writing in english and their respective native language for the position applied for; fluent in chines/mandarin is an advantage.

Basic Qualification: Proficient in speaking, reading and writing in english and their respective native language for the position applied for; fluent in chines/mandarin is an advantage.

LIANG, BING Chinese Customer Service Representative 66.

Brief Job Description: Managing incoming calls and customer service inquires LIANG, RIPENG Chinese Customer Service Representative 67.

Brief Job Description: Managing incoming calls and customer service inquires LIN, YUHENG Chinese Customer Service Representative 68.

Brief Job Description: Managing incoming calls and customer service inquires LIU, YUENI Chinese Customer Service Representative 69.

Brief Job Description: Managing incoming calls and customer service inquires LUO, MING Chinese Customer Service Representative 70.

Brief Job Description: Managing incoming calls and customer service inquires LUO, WEIJIAN Chinese Customer Service Representative 71.

Brief Job Description: Managing incoming calls and customer service inquires

Basic Qualification: Fluent in Mandarin and English Salary Range: Php 30,000 - Php 59,999

SU, HUAN Chinese Customer Service Representative 72.

Brief Job Description: Managing Incoming calls and customer service inquires.

MOA CLOUDZONE CORP. 4th-11th Flr. Nexgen Tower, C4 Rd. Edsa Ext., Barangay 76, Pasay City KYAN TIN PHU Burmese Customer Service Representative 53.

Brief Job Description: Managing incoming calls and customer service inquiries.

KYI KYI WIN Burmese Customer Service Representative

54.

Brief Job Description: Managing incoming calls and customer service inquiries.

MARAN KHUN MYAT Burmese Customer Service Representative

55.

Brief Job Description: Managing incoming calls and customer service inquires NANG SENG HLAING KHAY Burmese Customer Service Representative 56.

Brief Job Description: Managing incoming calls and customer service inquires PHYU PHYU WIN Burmese Customer Service Representative 57.

Brief Job Description: Managing incoming calls and customer service inquiries.

Brief Job Description: Managing incoming calls and customer service inquiries.

SAI SOE THAN AUNG Burmese Customer Service Representative

Salary Range: Php 30,000 - Php 59,999

LUCKY365 CONSULTING LIMITED CORP. U/18a 18f 18/f Trafalgar Plaza, 105 H.v. Dela Costa St., Bel-air, City Of Makati

52.

SAI AIKE KAW Burmese Customer Service Representative

SAI AIKE KHAM Burmese Customer Service Representative

Salary Range: Php 30,000 - Php 59,999

YE, JINGFU Mandarin Speaking Marketing Officer

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Brief Job Description: Managing Incoming calls and customer service inquires.

Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months customer service experience/good in oral communication and written

58.

Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate with good moral character and excellent verbal and written communications skills in both english and chinese.

Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Attracts potential customers by answering product and service queries; suggesting information about other products and services.

No.

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate with good moral character and excellent verbal and written communications skills in both english and chinese.

Salary Range: Php 60,000 - Php 89,999

Basic Qualification: With at least 6 months customer service experience/good in oral communication and written

JIU ZHOU TECHNOLOGIES INTERNATIONAL, INC. 31/f Tower 6789, 6789 Ayala Avenue, San Lorenzo, City Of Makati

GRAND PREMIUM CREST HOLDING INC. 16/f Tower 6789, 6789 Ayala Ave., Bel-air, City Of Makati NGUYEN THI NGAN Chinese Speaking Business Financial Officer

Brief Job Description: Reporting to the site supervisors or other senior project supervisor and managers as required; ensuring that requirements as specified by the client and senior management are met.

HAN, ZHANGWEI Site Assistant Supervisor

FUTURENET AND TECHNOLOGY CORP. 4502 The Finance Centre, 26th Street And 9th Ave., Fort Bonifacio, City Of Taguig CUI, LEI Technical Consultant

Brief Job Description: Assist/help customers, give customers information about product and services

QUALIFICATION AND SALARY RANGE

JIANGSU DIBANG CONSTRUCTION PHILIPPINES CORPORATION Unit 2106-a West Tower, Psec Exchange Road, Ortigas Center, San Antonio, City Of Pasig

Salary Range: Php 30,000 - Php 59,999

FRONTIER TOWER ASSOCIATES PHILIPPINES INC. 3rd Floor Unit E, Active Fun Bldg., 9th Ave. Cor. 28th St., Bgc, Fort Bonifacio, City Of Taguig

EZENWA, CHUKWUEMEKA UZODINMA Vice President Of Power Operations Brief Job Description: Reports to the Chief Operating Officer (COO) focusing on power operations related activities in each site

44.

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate; at least 6 months experience in the mentioned position.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION TRAN THI QUY NGOC Chinese Speaking Business Financial Officer

Salary Range: Php 30,000 - Php 59,999

FOKUSI CONSTRUCTION INC. Unit 2105 & 2105, High Street South Corporate Tower 1, 26th Street Corner 11th Avenue, Bonifacio Global City, Fort Bonifacio, City Of Taguig YANG, YI Finance Manager

No.

ESTABLISHMENT / ADDRESS

Basic Qualification: Able to speak, read and write Chinese language.

WANG, JINYING Chinese Customer Service Representative 73.

Brief Job Description: Managing incoming calls and customer service inquiries

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read and write Chinese language.

WANG, LINA Chinese Customer Service Representative 74.

Brief Job Description: Managing incoming calls and customer service inquires

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language

WANG, MINGYUAN Chinese Customer Service Representative 75.

Brief Job Description: Managing incoming calls and customer service inquires

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language

WANG, PENGCHENG Chinese Customer Service Representative 76.

Brief Job Description: Managing incoming calls and customer service inquires

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read and write Chinese language.

Salary Range: Php 30,000 - Php 59,999

WEN, NINGWEI Chinese Customer Service Representative 77.

Brief Job Description: Managing incoming calls and customer service inquiries

QUALIFICATION AND SALARY RANGE Basic Qualification: Able to speak, read, and write Chinese language.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read and write Chinese language.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, Read and Write Chinese Language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, Read and Write Chinese Language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, Read and Write Chinese Language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, Read and Write Chinese Language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, Read, and Write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, Read and Write Chinese Language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, Read and Write Chinese Language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, Read and Write Chinese Language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, Read, and Write Chinese language Salary Range: Php 30,000 - Php 59,999

Tuesday, August 2, 2022

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION WU, CHUNQIN Chinese Customer Service Representative

78.

Brief Job Description: Managing incoming calls and customer service inquires

YANG, ZHAOWEN Chinese Customer Service Representative 79.

Brief Job Description: Managing incoming calls and customer service inquiries

YE, YUNDAN Chinese Customer Service Representative 80.

Brief Job Description: Managing incoming calls and customer service inquiries

YIN, JIANCHUN Chinese Customer Service Representative 81.

Brief Job Description: Managing incoming calls and customer service inquiries

YODMANEEBANPHOD, MALAIRAK Chinese Customer Service Representative 82.

Brief Job Description: Managing Incoming calls and customer service inquires.

YU, YANBIN Chinese Customer Service Representative 83.

Brief Job Description: Managing Incoming calls and customer service inquires.

ZHANG, XIN Chinese Customer Service Representative 84.

Brief Job Description: Managing Incoming calls and customer service inquires.

EDDY Indonesian Customer Service Representative 85.

Brief Job Description: Managing incoming calls and customer service inquiries.

EDISON Indonesian Customer Service Representative

86.

Brief Job Description: Managing incoming calls and customer service inquiries GLENN PUTRA PRATAMA Indonesian Customer Service Representative 87.

Brief Job Description: Managing incoming calls and customer service inquiries.

LIM TAI BUN Indonesian Customer Service Representative

88.

Brief Job Description: Managing incoming calls and customer service inquires

MESA ANGGRAINI PUTRI Indonesian Customer Service Representative 89.

Brief Job Description: Managing incoming calls and customer service inquires SAFARI ANTON Indonesian Customer Service Representative 90.

Brief Job Description: Managing incoming calls and customer service inquiries.

STEFANIE Indonesian Customer Service Representative

91.

Brief Job Description: Managing Incoming calls and customer service inquires.

YOSI KUSUMA Indonesian Customer Service Representative 92.

Brief Job Description: Managing Incoming calls and customer service inquires.

WONG KEAN YANG Malaysian Customer Service Representative 93.

Brief Job Description: Managing incoming calls and customer service inquiries

DANG BA THUC Vietnamese Customer Service Representative 94.

Brief Job Description: Managing incoming calls and customer service inquires

DUONG VAN THUAN Vietnamese Customer Service Representative 95.

Brief Job Description: Managing incoming calls and customer service inquires

LU GIA THUAN Vietnamese Customer Service Representative 96.

Brief Job Description: Managing incoming calls and customer service inquires

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Able to Speak, Read and Write Chinese Language

No.

LY THI VANH Vietnamese Customer Service Representative 97.

Brief Job Description: Managing incoming calls and customer service inquires

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read and write Chinese language

NGUYEN DANG VIET Vietnamese Customer Service Representative 98.

Brief Job Description: Managing incoming calls and customer service inquires

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read and write Chinese language

NGUYEN HUU THANG Vietnamese Customer Service Representative 99.

Brief Job Description: Managing incoming calls and customer service inquires

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read and write Chinese language

NGUYEN KHANH LINH Vietnamese Customer Service Representative 100.

Brief Job Description: Managing incoming calls and customer service inquires

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language.

NGUYEN THI NGAT Vietnamese Customer Service Representative 101.

Brief Job Description: Managing incoming calls and customer service inquires

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language.

NGUYEN TIEN DUNG Vietnamese Customer Service Representative 102.

Brief Job Description: Managing incoming calls and customer service inquires

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language.

NGUYEN VAN MANH Vietnamese Customer Service Representative 103.

Brief Job Description: Managing incoming calls and customer service inquires

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language.

NGUYEN XUAN CUONG Vietnamese Customer Service Representative 104.

Brief Job Description: Managing incoming calls and customer service inquires

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read and write Chinese language

NINH VAN CAP Vietnamese Customer Service Representative 105.

Brief Job Description: Managing incoming calls and customer service inquires

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language.

PHAM MINH THANG Vietnamese Customer Service Representative 106.

Brief Job Description: Managing incoming calls and customer service inquires

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language

PHAM THU THUY Vietnamese Customer Service Representative 107.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language

108.

109.

Brief Job Description: Managing incoming calls and customer service inquiries

VONG SAY CONG Vietnamese Customer Service Representative 110.

Brief Job Description: Managing incoming calls and customer service inquiries

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language.

VU TRONG TRUNG Vietnamese Customer Service Representative 111.

Brief Job Description: Managing incoming calls and customer service inquiries

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read and write Chinese language Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Managing incoming calls and customer service inquiries.

VI VAN DU Vietnamese Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language.

Brief Job Description: Managing incoming calls and customer service inquiries.

PHUNG THI THUY Vietnamese Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read and write Chinese language.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

XU THI THAO Vietnamese Customer Service Representative 112.

Brief Job Description: Managing Incoming calls and customer service inquires.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Able to speak, read, and write Chinese language

Basic Qualification: Able to speak, read, and write Chinese language

Basic Qualification: Able to speak, read, and write Chinese language

Brief Job Description: Part of the MSCI Corporate Governance Team. Use language skills to help gather and process information available only in Mandarin.

At least university graduate,

Construction Manager

at least with n2 level in Nihongo

Brief Job Description: Sets up the budget, construction schedule and

Salary Range:

methodologies for the project

Php 150,000 - Php 499,999

STC BUILDERS AND DEVELOPMENT CORP. 38 Atok St., 1, Santo Domingo, Quezon City Basic Qualification: Bachelor’s degree in business or related field of study; Competency in QI, TIANYU

Microsoft applications

Project Coordinator

including Word, Excel, and Outlook; Knowledge of file

115.

Salary Range: Php 30,000 - Php 59,999

Brief Job Description:

management, transcription,

Plan, organize, and direct the activities of a

and other administrative

construction project, under the direction of a general

procedures or a related

manager

field; Good communication and interpersonal skills

Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language

Salary Range: Php 30,000 - Php 59,999 SUPREME CHENGHAO MANAGEMENT OPC Level 26-a Rufino Pacific Tower, 6784 Ayala Ave., San Lorenzo, City Of Makati Basic Qualification:

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, Read and Write Chinese Language

At least five (5) years

Configuration Management Specialist

technical and related

Brief Job Description:

fluent in mandarin/ Chinese

Participates in the development and implementation

language

of software configuration and data management standards, processes, systems, and tools.

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999

PENG, JIURU

experience in the field; 116.

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: PI, LIXIN

At least five (5) years

Configuration Management Specialist

technical and related experience in the field;

117.

Basic Qualification: Able to Speak, Read and Write Chinese Language

Brief Job Description:

fluent in mandarin/ Chinese

Participates in the development and implementation

language

of software configuration and data management standards, processes, systems, and tools.

Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 30,000 - Php 59,999

Basic Qualification:

Basic Qualification: Able to speak, read and write Chinese language.

Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, Read, and Write Chinese language

Salary Range: Php 30,000 - Php 59,999

Brief Job Description:

fluent in mandarin/ Chinese

Participates in the development and implementation

language Salary Range: Php 30,000 - Php 59,999

WANFANG TECHNOLOGY MANAGEMENT, INC. 6-9/f Tower 2 Double Dragon Plaza, Edsa Cor. Macapagal Ave., Barangay 76, Pasay City Basic Qualification: NGUYEN DINH VUONG

Proficient in speaking,

Vietnamese Customer Service Representative

reading and writing in Chinese Mandarin, English

119.

Brief Job Description:

and their respective native

Attracts potential customers by answering product and

language

service questions; suggesting information about other products and services

Salary Range: Php 30,000 - Php 59,999

WTNBD INC. 8270, Dr. A Santos Avenue, San Isidro, City Of Parañaque

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language.

technical and related

standards, processes, systems, and tools.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, Read, and Write Chinese language

At least five (5) years

Configuration Management Specialist

of software configuration and data management

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, Read, and Write Chinese language

WANG, TAO

experience in the field; 118.

Basic Qualification: Able to speak, read and write Chinese language.

Salary Range: Php 60,000 - Php 89,999

113.

114.

Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 30,000 - Php 59,999

KONG, HIU TUNG CHERIE Esg Corporate Governance Associate (mandarin Language Specialist)

Basic Qualification: SATO, KAZUO

Basic Qualification: Able to speak, read, and write Chinese language

Basic Qualification: Able to speak, read, and write Chinese language

Basic Qualification: Able to Speak, Read and Write Chinese Language

6/f Peninsula Court Bldg., 8735 Paseo De Roxas, Bel-air, City Of Makati

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Excellent verbal and written communication skills in English and Mandarin, At least a Bachelor’s degree in Finance, Economics, Accounting, Company Law, or similar field of study, Ability to effectively work with diverse cultures in a global team, Strong analytical and problemsolving skills, with clear attention to details, Prior experience with ESG, specifically corporate government data research and analysis.

Salary Range: Php 30,000 - Php 59,999

QUALIFICATION AND SALARY RANGE

SMCC PHILIPPINES, INC.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

No.

Salary Range: Php 30,000 - Php 59,999

MSCI HONG KONG LIMITED U-1,2,3,4,7 & 8 29/f Zuellig Bldg., Makati Ave. Cor. Paseo De Roxas, Urdaneta, City Of Makati

Basic Qualification: Able to Speak, Read and Write Chinese Language

A7

Basic Qualification:

120.

SA, JAIHYUNG

Atleast 1 Year Experience in

Marketing Assistant

the Job Mentioned, College Graduate, Fluent in English

Brief Job Description:

and Korean Languages

Assisting in organizing campaigns and developing marketing strategies

Salary Range: Php 30,000 - Php 59,999

Date Generated: Aug 1, 2022 Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication.

Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

News

BusinessMirror

A4 Tuesday, August 2, 2022 A8

‘Freak’ dawn highway accident kills eight in Nasugbu, Batangas

By Rene Acosta @reneacostaBM

E

IGHT people died on Monday after they were hit by a dump truck and buried in thick sand following a “freak” road mishap in Nasugbu, Batangas, police reported on Monday.

The accident happened past 6 a.m. along the national highway at Sitio Lodlod, Barangay Aga, Nasugbu, according to a report of the Nasugbu police.

According to the report provided by the public information office of the Police Regional Office 4A (PRO 4A), the Shacman truck, with plate

number NGU- 2433, and loaded with sand, overtook on the road but lost its brakes and rammed a fruit stand on the road’s shoulder.

The truck, ow ned by WEA Worldwide Ventures and driven

by Ben Bryan Constantino, 28, resident of Bagong Barrio, Caloocan City, was on its way to Nasugbu from Mexico, Pampanga.

Constantino had two companions, helpers Jiar Aranzado, 24, resident of Barangay Balaong, San Ildefonso, Bulacan, and Faustino Cuenco, 23, resident of Barangay Basuit, San Ildefonso, Bulacan.

The report said that the dump truck also hit a color blue Yamaha

Pag-IBIG allocates ₧3B for loans to members affected by quake

T

OP executives of the Home Development Mutual Fund (HDMF), or Pag-IBIG Fund, said the agency has initially allocated P3 billion in calamity loan funds for members in calamity-stricken areas, including those affected by a 7.0-magnitude earthquake that hit North Luzon.

Pag-IBIG Fund has allocated calamity loan funds to help affected members in Ilocos Region, Cagayan Valley and the Cordillera Administrative Region (CAR) recover from the devastation caused by last week's earthquake, according to Department of Human Settlements and Urban Development Secretary Jose Rizalino L. Acuzar.

“We are also working closely with our fellow government agencies so that we can maximize our collective assets towards providing for the needs of our fellow Filipinos affected in these areas,” Acuzar, also chairman of the

11-member Pag-IBIG Fund Board of Trustees, was quoted in a statement as saying.

Under the agency’s calamity loan, eligible members may borrow up to 80 percent of their total Pag-IBIG savings, which consist of their monthly contributions, the counterpart employer’s contributions and accumulated dividends earned. And in consideration of the plight of the members, the calamity loan is offered at a rate of 5.95 percent per annum, which Pag-IBIG said is the lowest rate in the market.

The loan is payable over a period of up to three years, with a grace period of two months so that initial payment is due only on the third month after the loan is released, the agency explained. Qualified borrowers may apply for the calamity loan within 90 days from the date when an area has been declared under a state of calamity.

Chiz, Sonny pitch ways to avert ‘veto spree’ continued from a12

While the person’s role is to push Malacañang’s advocacy in Congress, Escudero said the PLLO must also persuade the Palace to see the merits of congressional counterproposals.

“Therefore, the chief PLLO must have the political savvy to build a sturdy two-way bridge that will facilitate the traffic of best ideas from both sides.”

In case a Cabinet secretary has a wrong position on an issue, or a provision in one bill needs correcting, it’s the PLLO’s job to make sure this is changed, “and not to tolerate it.” Escudero added that, “doing so will protect the President. Lawmaking is a series of compromises and reconciliations. The process has many points in which the PLLO can make suggestions.”

More LEDAC meetings–Angara MEANWHILE,alsoasawayofaverting another“vetospree,”Sen.JuanEdgardo Angara for his part pushed the holding of more meetings of the LEDAC to ensure a sustained meeting of the minds betweentheExecutiveandCongresson the priorities of government.

In a radio interview on Sunday, Angara pointed out that LEDAC meetings had become few and far between in recent years, and lamented the effect of this on the professional relationship between the two branches.

The LEDAC was created in December 1992 during the term of President Fidel V. Ramos, by virtue of RA 7640, as a consultative and advisory body to the President who chairs the NEDA Board on certain programs and policies essential to the realization of the goals of the national economy.

The LEDAC is composed of 20 members with the President as chairman and the following as members: the Vice President, Senate President, Speaker of the House of Representatives, seven members of the Cabinet designated by the President, three members of the Senate designated by the Senate President, three members of the House of Representatives designated by the Speaker of the House, a representative of the Local Government Units (LGUs), a representative from the Youth Sector and a representative from the Private Sector. Butch Fernandez

Aerox motorcycle that was driven

by Eduard Ferrer, 42, resident of Block 2, Lot 10, Metroville Subdivision, Barangay Balibago, Sta. Rosa, Laguna.

Likewise, it hit a color Titanium Gray Mitsubishi Xpander GLX with plate number NVF 5726, with seven people onboard, including the driver, Hipolito Sangalang, resident of Barangay Sta. Ana, Calatagan, Batangas.

“While overtaking, it lost its brakes and hit a fruit stand on the left shoulder of the road, and fell on its left side, hitting the motorcycle and vehicle on the opposite side of the road,” the report, provided by the

By Jovee Marie N. Dela Cruz @joveemarie

L

AWMAKERS on Monday said Congress could best pay tribute to the rich legacy of the late President Fidel V. Ramos by pursuing more economic reforms that would further privatize or deregulate big businesses.

Camarines Sur Rep. Luis Raymund Villafuerte said these economic reforms improve the delivery of basic services and attract greater investments from the private sector.

Villafuerte said the six-year term of the late FVR was “distinguished by the renaissance of the economy resulting from the bold initiatives that the former defense secretary and Armed Forces chief had carried out to privatize or deregulate major businesses such as air and land transport, telecommunications and water service sectors.”

Ramos was the country’s 12th President and served as such from 1992 to 1998.

“Many Filipinos, especially the millennials and zoomers [Generation Z’ers], are probably unaware that the late President Ramos had presided over an economic boom set apart by greater market competition and better services for our people, which, in turn, turned the Philippines on his watch as a magnet for capital from both foreign and local investors and highlighted the global competitiveness of our country and its people,” Villafuerte said.

“Thanks to the strong political will of the late FVR to break up longestablished monopolies in Philippine business and attract private investors, we Filipinos now enjoy better and relatively cheaper services such as airfares, phone rates and water delivery,” he said.

He said FVR’s initiatives were implemented “in pursuit of the late President’s role as the No. 1 salesman of the country’s global competitiveness, on the belief that the Filipino can truly excel in the international arena.”

Villafuerte, the vice president for political affairs of the National Unity Party (NUP), said “the 19th Congress could best honor the rich

continued from a12

continue to be the benchmark for national and local governance.

“We indeed lost a great Filipino leader, statesman, peacemaker and stabilizer,” added MAP. Ramos was president from 1992 to 1998. Before that, he served as a defense secretary in Cory Aquino’s administration.

The country’s 12th president

DOH reports 24-percent jump in Covid cases with 44 deaths from July 25 to 31

By Claudeth Mocon-Ciriaco @claudethmc3

T

HE Department of Health (DOH) on Monday reported it has logged 24,100 Covid-19 cases logged from July 25 to 31, which translates to an average of 3,443 cases per day.

The latest cases marked a 24percent increase as compared to the recorded cases from July 18 to 24.

There were 44 deaths according to the DOH but none occurred from July 18 to 31.

Severe and critical cases

AS of July 31, there were 744 severe and critical Covid cases admitted in hospitals.

Of the 2,583 ICU beds for Covid patients, 601 (23.3

percent) are occupied.

Vaccination

THE DOH said that over 71 million individuals or 91.81 percent of the target population were vaccinated.

There were 16.2 million individuals who received their booster shots.

On the other hand, 6.7 million senior citizens or 77.87 percent of the target A2 population have received their primary series.

To remain safe and protected, the DOH also reminded the general public to continue to adhere to the minimum public health standards by wearing the best-fitted masks, observe social distancing, and immediate isolation at the onset of symptoms.

‘Renaissance man’ of PHL economy: House leaders extol FVR’s achievements, accomplishments, legacy

Biz groups cite FVR reforms in telco lib, Asian crisis role These key reforms “fuelled an engine for national progress” built on Ramos’ twin themes of people empowerment and global competitiveness, MAP said.

The management organization also recognized Ramos’ unifying leadership and his passion for complete staff work (CSW), which it said has become and should

PRO 4A, said.

It said the Mitsubishi vehicle “was covered with sand and all passengers of the vehicle sustained serious injuries and expired.”

A follow up report, also provided

by PRO 4A’s public information office, identified the six passengers of the vehicle, who died along with Sangalang, as Amado Santos, 53; Evelyn Santos, 56; Jerson Santos, 26; Jayvee Santos, 24; Catherine Ampo, 24; and four-month-old Candy Santos.

The driver of the motorcycle also died while the driver of the truck and his two helpers sustained injuries.

www.businessmirror.com.ph

died at the age of 94 on Sunday.

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 (WTO) in 1995.

legacy of the late FVR by pursuing deeper economic reforms to further privatize or deregulate businesses and attract more FDI [foreign direct investment] as well as investments from local private enterprises.”

He said “this is the least that incumbent lawmakers can do to pay tribute to the late FVR’s successes in shepherding a nascent economic boom, considering that the pursuit of further reforms after his six-year term to rev up the domestic economy and sharpen the country’s global competitiveness have been found wanting. Policymakers seem to have forgotten that FVR had started this privatization and deregulation wave and, worse, have failed to stay the course of this economic-reform crusade,” he said.

Villafuerte recalled that FVR actually started the country’s economic boom or renaissance by enacting two laws that (1) created the Department of Energy (DOE) to deal with the then-worsening energy crunch, and (2) gave him special powers to immediately end the daily power blackouts that had crippled the economy during the Corazon Aquino presidency.

With overseas corporations starting to take a second look at the Philippines as an investment haven after the end of the power crisis, Villafuerte said FVR then either signed laws or pushed bold policy initiatives that dismantled monopolies such as those enjoyed then by the Philippine Long Distance Co. (PLDT) over the telecoms sector, by Philippine Airlines (PAL) in air transportation and by the Metropolitan Waterworks and Sewerage System (MWSS) in water delivery services in Metro Manila—leading to an influx of private investors that eventually enhanced the delivery of services and led to cheaper costs for the public.

He noted that FVR had also promoted the Build-Operate-Transfer (BOT) law—it was enacted by his predecessor, the late President Corazon Aquino—that drove private corporations to invest in 45 big projects, of which 25 were completed by the time Ramos’s term ended in 1998.

Among the BOT projects awarded on the Ramos presidency were those

that expanded the Ninoy Aquino International Airport (Naia) and constructed the South Luzon Expressway (Slex), built two additional light rail transit lines in Metro Manila and power facilities like geothermal and natural gas projects outside the national capital region (NCR), he said.

By 1997, some 200 European investors, for instance, have expressed their interest in participating in infrastructure projects worth a combined $15 billion, said Villafuerte in citing a report.

Villafuerte said the dismantling of the PAL monopoly cleared the way to cheaper airfare, with the subsequent entry in the business of more firms like Cebu Pacific, Philippine Air Asia, and Asian Spirit and Corporate Air. Also, more choices and lowerpriced phones and telecom services happened after FVR broke up PLDT’s monopoly, he said, that set the stage for the entry of more companies like Smart Philippines, Globe Telecom, TalkNText and Sun Cellular Co. As for water, he said, the takeover of its delivery in the metropolis from MWSS by Maynilad Water Services Inc. (MWSI) and Manila Water Co. (MWC) put an end to the ubiquitous site across the NCR of consumers buying their daily needs from kariton (makeshift cart) vendors who sold water for as much as P30 to P60 cubic meters (cu. m.)—or equivalent to about P3,000 to P5,000 a month for every household without access to MWSS supply.

‘Right President’

LAWMAKERS agreed the late President Fidel V. Ramos was the right president at the right time, as they expressed their condolences to former first lady Amelita “Ming” Ramos and their kin.

“As it is said in politics, destiny,” said Pangasinan Rep. Christopher de Venecia, son of former Speaker Jose de Venecia, perhaps the closest political ally of President FVR. “The de Venecia and Ramos families have been the closest of friends and political allies because of our shared love for the Philippines and Pangasinan Province.

Speaker de Venecia and my mom,

former Congresswoman Gina de Venecia were full comrades-inarms of President Ramos on firmly establishing economic reforms and local government progress,” de Venecia said.

“President FVR was the staunchest advocate of the North Luzon Growth Quadrangle, the creative industries and performing arts, education, agricultural and fisheries development, and sports,” the current chairman of the House special committee on creative industries and performing arts said.

He also said President Ramos was “the moving force” in implementing the Local Government Code of 1991 during his term.

“Our country and Pangasinan would not be progressive as it is now were it not for President Ramos and his administration,” de Venecia added.

Senior Citizen Party-list Rep. Rodolfo Ordanes said, “To us seniors and to thousands of war veterans still alive today, President Fidel V. Ramos was their champion during his six-year administration and even after he stepped down, he still was our advocate.”

“After the Senior Citizens Act was signed into law in April 1992, it fell upon President Ramos’s strong shoulders and his administration to implement that landmark law,” Ordanes recalled.

“President FVR proudly wore his beret cap and medals. He lingered long whenever he was with his fellow seniors and veterans. He was the Lolo-in-Chief of the Philippines as he doted after his grandchildren even in public events,” he also said.

Ordanes said the country “owes President Ramos a deep debt of gratitude that could never be repaid.”

Ang Probinsyano Party-list Rep. Alfred delos Santos said Fidel V. Ramos was “truly a probinsyano President.”

“President FVR made efforts to bring the national government closer to the people. During his visits to the provinces, he also brought with him national officials and government agency heads so they can immediately act on the issues that were brought to his attention by the probinsyanos,” he recalled.

DepEd needs ₧18B to get out of ‘quicksand,’ says VP continued from a1 Meanwhile, in a press briefing after the BE kick-off, DepEd spokesperson Atty. Michael Tan Poa said the agency is looking into creating temporary learning spaces for the earthquakehit areas.

As for the implementation of face-to-face classes in these areas, Poa said that they will make an official announcement soon.

According to the Disaster Risk

Reduction and Management Service (DRRMS), 263 were damaged of the 9,903 affected schools from Cordillera Administrative Region (CAR); in Ilocos Region (59 schools), Cagayan Valley Region (29), Central Luzon Region (21), Calabarzon (1), and National Capital Region (1).

Of the schools, 451 classrooms were severly damaged while 706 were partially dam-

aged. The DepEd said the estimated damage is P1.48 billion.

A total of 4,460 schools have declared suspension of work after the earthquake. Abra, Ilocos Norte, Candon City, Ilocos Sur, Vigan City, and Urdaneta City have not yet declared the resumption of work.

In Region 1 and CAR, 25 schools were used as evacuation centers of 583 families.

www.businessmirror.com.ph • Editor: Angel R. Calso

The World BusinessMirror

Tuesday, August 2, 2022

A9

Oil drops as China slowdown spurs concern over demand

THE slide in Asia’s export powerhouses is linked to weaker global economic conditions. BLOOMBERG

Asia factory activity tumbles on supply, weaker demand

By Enda Curran

A

S I A’ S f a c t o r i e s c o n t i n u e d t o report weakening activity in July amid lingering supply chain complications and a slowing global economy.

Purchasing managers’ indexes for South Korea and Taiwan took the biggest hit, according to S&P Global.

South Korea’s July PMI slumped to 49.8 from 51.3 in June, its lowest reading since September 2020. New orders contracted and weakened the most in nearly two years while output volumes slid at the fastest pace for nine months due to shortages of materials and rising costs.

Taiwan’s PMI reading fell to 44.6 from 49.8 while output fell to 40.2 from 45.9 in June. The PMI, output and new orders were at their weakest since May 2020. A reading above 50 indicates expansion from the previous month, while anything below indicates contraction.

Currencies weakened against the US dollar after the news, led by the South Korean won and the Philippine peso. The Taiwan dollar fell to the key psychological level of 30 per the greenback for the first time in more than two years.

“Manufacturing companies in Taiwan painted an increasingly gloomy picture of

conditions at the start of the third quarter,” Annabel Fiddes, economics associate director at S&P Global Market Intelligence, said in a release. “Output and new business both fell at the sharpest rates since the early stage of the pandemic in May 2020, with firms often linking this to weaker global economic conditions.”

Data on Sunday showed China’s factory activity unexpectedly contracted in July, reversing earlier economic momentum as sporadic Covid-19 outbreaks weigh on the recovery. The official manufacturing purchasing managers index fell to 49 from 50.2 in June. That compares with the 50.3 median estimate in a Bloomberg survey of economists.

A private sector gauge also showed renewed weakness as the Caixin Media and IHS Markit PMI slipped to 50.4 from 51.7 and new orders fell.

The slide in Asia’s export powerhouses is a clear warning for where global demand is headed as central banks aggressively raise borrowing costs to slow soaring inflation.

The International Monetary Fund last week lowered its global growth forecasts and warned of heightened recession risk.

Elsewhere in the region, PMI readings for Vietnam, Philippines and Japan fell while Thailand and Indonesia’s picked up.

Bloomberg News

Japanese filmmaker detained at Myanmar protest march

By Grant Peck

The Associated Press

B

ANGKOK—A Japanese video journalist has been detained by security forces in Myanmar while covering a protest against military rule in the country’s largest city, pro-democracy activists said Sunday.

Toru Kubota, a Tokyo-based documentary filmmaker, was arrested on Saturday by plainclothes police after a flash protest in Yangon, according to Typ Fone, a leader of the group Yangon Democratic Youth Strike, which organized the rally. Like many activists, he uses a pseudonym for protection against the military authorities.

Myanmar’s army seized power in February last year by ousting the elected government of Aung San Suu Kyi, and has since cracked down hard on dissent.

According to a detailed tally compiled

by Myanmar’s Assistance Association for Political Prisoners, at least 2,138 civilians have been killed by the security forces and 14,917 arrested since the military takeover.

Last week, the military government drew sharp international criticism after announcing that it had hanged four activists convicted of terrorism in secret trials.

Typ Fone told The Associated Press that two protesters in Saturday’s march were also arrested and detained in a township police station. The arrests were also reported by several other anti-government groups.

An official from the Japanese Embassy told The Associated Press that a Japanese national was reported detained, but declined to reveal details. The man is being held for questioning at a police station in Yangon and the embassy was taking action to release him, said the official, who asked not to be identified because was not authorized to share information with the media.

The government hasn’t announced Kubota’s arrest, and state-run daily newspapers, which usually report on arrests of pro-democracy protesters, did not mention

it either.

However, pro-military accounts on the Telegram messaging app said the Japanese man was arrested not for taking pictures but for participating in the protest by holding a banner. Typ Fone said that photos of Kubota with the banner uploaded to the Telegram channels were taken after he had been arrested, indicating they were done under duress.

During the march, about a dozen protesters chanted slogans opposing the military takeover, and shortly after, scattered into the crowds in the surrounding streets.

“He was taking a picture with his camera from a short distance from our strike yesterday,” Typ Fone said of Kubota. “When we finished the strike and dispersed, he was arrested by the security forces in plainclothes and put into a Probox car.” The vehicle is typically used by taxis in Yangon, and Typ Fone said the car in question also had the markings of a taxi.

According to a portfolio of Kubota’s work online, his primary focus was on ethnic conflicts, immigrants and refugee issues, and he has tried to highlight the conditions of “marginalized, deprived communities.”

It says he has worked with media companies such as Yahoo! News Japan, VICE JAPAN and Al Jazeera English.

Virtually all independent journalism in Myanmar is carried out underground or from exile.

The military government has arrested about 140 journalists, about 55 of whom remain detained awaiting charges or trial.

Kubota is the fifth foreign journalist to be detained, after US citizens Nathan Maung and Danny Fenster, who worked for local publications, and freelancers Robert Bociaga of Poland and Yuki Kitazumi of Japan, all of whom were eventually expelled.

Most of those still detained are being held under the charge of causing fear, spreading false news, or agitating against a government employee. The charges carry up to three years in prison.

O

IL fell as the week’s trading kicked off, after poor Chinese economic data added to concerns that a global slowdown may sap demand.

We s t Te x a s I nt e r me d i at e dropped toward $97 a barrel after sinking almost 7 percent in July in the first back-to-back monthly loss since late 2020. Weekend data indicated a surprise contraction in Chinese factory activity, highlighting the cost of Beijing’s preference for mobility curbs to tackle Covid-19.

Oil has seen volatile trading in recent months as concerns about a slowdown hurt demand for commodities even as underlying signals pointed to still-tight physical conditions. Data last week showed the US economy shrank for a second quarter, while the Federal Reserve hiked rates by 75 basis points.

“The fall in China’s manufacturing PMI was likely at the heart of the fall in oil prices,” said Vivek Dhar, director of mining and energy commodities research at Commonwealth Bank of Australia. The situation in China will reignite concern that global commodity consumption will continue to weaken, he said.

In Libya, meanwhile, crude output has rebounded after a series of disruptions that more than halved supply, according to the Opec member’s oil minister. Nationwide production has returned to 1.2 million barrels a day, a level last seen in early April, Mohamed Oun said in a telephone interview.

Later this week investors will focus on a meeting of the Organization of Petroleum Exporting Countries and its allies including Russia, with the group setting policy for September. While the US has lobbied Saudi Arabia to

loosen the taps to raise the pressure against Russia for the invasion of Ukraine, Moscow and Riyadh recently reaffirmed a joint commitment to a stable market.

Oil markets remain in backward ation, a bu l l ish patter n marked by near-term prices trading above longer-dated ones. WTI’s prompt spread—the difference between its two nearest contracts— was $1.83 a barrel. That’s in line with the year-to-date average, but lower than a month ago.

Shale profits finally blossom

US shale drillers are expected to post record second-quarter profits in coming days, reversing nearly a decade of debt-fueled losses.

T he top 28 publ ic ly t raded US independent oi l producers generated $25.5 bi l l ion in f ree c a sh f low in t he t hree mont hs to Ju ne 30, accord ing to est imates compiled by Bloomberg.

In that space of time they’ll have made enough cash to erase onefourth of what they lost over the previous decade.

Fracking revolutionized global energy markets by enabling A mer ican dr il lers to har vest shale resources that had previously been untouchable. In the space of just over 10 years, the US went from a declining crude producer to the world’s dominant oil and gas source, but at an astronomical cost: the 28 companies lost about $115 billion in the decade leading up to the Covid-19 pandemic.

For the year, free cash flow for the sector is expected to top $100 billion, more than double 2021’s

bounty and nine times larger than the combined annual takes from 2018-2020, according to Bloomberg Intelligence.

From 2020 to the end of the second quarter, they’ll have reaped more than $85 billion, according to estimates, and the gains are forecast to continue at least through the rest of this year.

It’s a vindication of the sector’s new business model that prizes profits over production growth.

For consumers, it’s a sign that shale is no longer willing to fund money-losing drilling projects that ensured years of ample crude and natural gas supplies.

“Almost every single company will report record earnings and record free cash flow,” said Paul Cheng, a New York-based analyst at Scotiabank. “Even if the cost structure is trending higher, the amount of free cash flow generated will be phenomenal. This will remain even if prices pull back to $80 or $90” a barrel.

We s t Te x a s I nt e r m e d i at e cr ude, the US benchmark, is trading around $95 a barrel after touching $122 in June. Seven of the top 10 stocks in the S&P 500 Index this year are oil companies or refiners. Occidental Petroleum Corp., in which Warren Buffett’s Berkshire Hathaway Inc. has been investing heavily, leads with a 117 percent return.

Even so, some analysts contend energy stocks are undervalued. Independent oil equities are priced as if oil will trade around $55 to $60 in the long term, even though prices may hover near $100 for years, according to Matthew Portillo, an analyst at Tudor, Pickering, Holt & Co.

Tight fundamentals

“STOCKS are discounting a recession similar to 2008 but there’s a disconnect because the crude fundamentals remain very tight,” he said. Executives will “aggressively lean into buybacks given the recent selloffs in the stocks.”

M at ador R esou rces Co., a

Permian Basin shale driller, provided an early glimpse of strong results by posting a fourfold increase in net income and doubling its dividend. But it came with a warning in the form of a 17 percent jump in projected capital spending due to cost inflation and plans to deploy another rig.

The hired hands of the oil patch finally have the leverage they need to boost the fees they charge to drill and frack wells for clients like Matador, far beyond what it takes to cope with inflation.

“It ’s d if ferent now,” Chr is Wright, chief executive officer at No. 2 frack provider Liberty Energy Inc., said in a phone interview.

“The cards have generally been in our customers’ hands, not so much in our hands.”

‘Fantastic’ returns

HALLIBURTON Co., the world’s biggest fracker, has said the market for all the gear needed to complete new wells is almost sold out for the rest of this year and customers are already talking about plans for 2023, far earlier than expected.

Hess Corp., which estimates industry-wide inflation is running at 20 percent, is feeling the effects of higher costs. The New York-based explorer is holding spending relatively f lat while trimming its output forecast.

Drilling and fracking costs are going up by $100,000 per well in the Bakken region of North Dakota, the company’s primary theater of operations.

That burden is manageable because even at $60 oil Hess said its Bakken wells generate more than $1 billion in free cash flow.

“At current prices, those returns are fantastic,” Chief Operating Officer Greg Hill told analysts and investors during a July 27 conference call. “Certainly the movement in the oil price from a returns standpoint is outstripping any inflationary effects.”

Bloomberg News

Pelosi lands in Singapore to kick off Asia tour; no Taiwan mention

By Eileen Ng & Zen Soo The Associated Press

K

UALA LUMPUR, Malaysia—US House Speaker Nancy Pelosi arrived in Singapore early Monday, kicking off her Asian tour as questions swirled over a possible stop in Taiwan that has fueled tension with Beijing.

A person familiar with the matter confirmed that Pelosi and her delegation landed in the city-state before dawn. They spoke on condition of anonymity because they were not authorized to release details to the media.

Pelosi will call on Singapore President Halimah Yacob and Prime Minister Lee Hsien Loong, and meet with a number of Cabinet Ministers, said a spokesperson for Singapore’s foreign ministry.

She is also expected to attend a cocktail reception with the American Chamber of Commerce in Singapore. There is no media access to her visit, which has been kept under tight wraps.

In a statement over the weekend, Pelosi said she will also visit Malaysia, South Korea and Japan to discuss trade, the Covid-19 pandemic, climate change, security and “democratic governance.”

She didn’t confirm news reports that she might visit Taiwan, which is claimed by Beijing as its

SPEAKER of the House Nancy Pelosi, D-California, speaks during a news conference on Friday, July 29, 2022, at the Capitol in Washington. Pelosi arrived in Singapore early Monday, kicking off her Asian tour as questions swirled over a possible stop in Taiwan that has fueled tension with Beijing. AP/J. SCOTT APPLEWHITE

own territory. Chinese President Xi Jinping warned against meddling in Beijing’s dealings with the island in a phone call last week with his American counterpart, Joe Biden.

Beijing sees official American contact with Taiwan as encouragement to make its decades-old de facto independence permanent, a step US leaders say they don’t support. Pelosi, head of one of three branches of the US government, would be the highest-ranking elected American official to visit Taiwan since then-Speaker Newt Gingrich in 1997.

The Biden administration has

tried to assure Beijing there was no reason to “come to blows” and that if such a visit occurred, it would signal no change in US policy.

Taiwan and China split in 1949 after the communists won a civil war on the mainland. Both sides say they are one country but disagree over which government is entitled to national leadership.

They have no official relations but are linked by billions of dollars of trade and investment.

The United States switched diplomatic recognition from Taipei to Beijing in 1979, but maintains informal relations with the island. Washington is obligated by

federal law to see that Taiwan has the means to defend itself.

Washington’s “One China policy” says it takes no position on the status of the two sides but wants their dispute resolved peacefully.

Beijing promotes an alternative “One China principle” that says they are one country and the Communist Party is its leader.

A visit to Taiwan would be a career capstone for Pelosi, who increasingly uses her position in Congress as a US emissary on the global stage. She has long challenged China on human rights and wanted to visit Taiwan earlier this year.

Pelosi ’s delegation includes US Reps. Gregory Meeks, chairman of the House Foreign Affairs Committee; Mark Takano, chairman of the House Committee on Veterans’ Affairs; Suzan DelBene, vice chair of the House Ways and Means Committee; Raja Krishnamoorthi, a member of the House Permanent Select Committee on Intelligence and chair of the Subcommittee on Economic and Consumer Policy of the House Committee on Oversight and Reform; and Andy Kim, a member of the House Armed Ser v ices and Foreig n A f fairs Committees.

Soo reported from Hong Kong.

A10 Tuesday, August 2, 2022 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

No chance for a CoC in South China Sea?

P

resident Ferdinand Marcos Jr. last month welcomed Chinese Foreign Minister Wang Yi, who conveyed President Xi Jinping’s cordial greetings to the President, “expecting that the two heads of state will chart the course and provide strategic guidance for bilateral relations.” Beijing is seeking a “new golden era” in diplomatic relations despite an unresolved territorial dispute in the South China Sea.

The Chinese top envoy said China-Philippines relations are at a new starting point and China is ready to work with the Philippines to keep the general direction of friendship and cooperation between the two countries.

As China pushes for the upgrading of bilateral relations with the Philippines, pundits said it should have a dialogue with all members of the Association of Southeast Asian Nations to finally come out with the Code of Conduct in the South China Sea. Of the 10 Asean members, five are claiming parts of the South China Sea—the Philippines, Vietnam, Malaysia, Brunei and Indonesia. China, on the other hand, claims the entire South China Sea as its own.

Negotiations to have a set of rules of engagement in the South China Sea have been on the table between Asean and China for more than 10 years now, after foreign ministers signed the Declaration on the Conduct of Parties in 2002. The declaration pledged to peacefully settle their differences and “exercise self-restraint in the conduct of activities that would complicate or escalate disputes and affect peace and stability.”

From the Associated Press: “The Chinese military has become significantly more aggressive and dangerous over the past five years, the top US military officer said during a trip to the Indo-Pacific that included a stop Sunday in Indonesia. US Gen. Mark Milley, chairman of the Joint Chiefs of Staff, said the number of intercepts by Chinese aircraft and ships in the Pacific region with US and other partner forces has increased significantly over that time, and the number of unsafe interactions has risen by similar proportions.”

“The message is the Chinese military, in the air and at sea, have become significantly and noticeably more aggressive in this particular region,” the AP quoted Milley as saying. His comments came as the US redoubles efforts to strengthen its relationships with Pacific nations as a counterbalance to China, which is trying to expand its presence and influence in the region.

China has been asserting maritime jurisdiction over the South China Sea because it is a major trade conduit where one-third of the world’s shipping occurs, not to mention its wealth of resources. The US Energy Information Administration estimates the South China Sea contains approximately 11 billion barrels of oil and 190 trillion cubic feet of natural gas in proved and probable reserves.

Will China and Asean succeed in hammering out a Code of Conduct in the South China Sea? China has repeatedly said it wants to negotiate bilaterally. It gave no reason why, but pundits said “so that it can bully others into submission.”

The Diplomat said: “But it would be strange indeed if Beijing really thought that Vietnam, the Philippines, Malaysia, or Brunei would be willing to sit down at a negotiating table merely to accept surrender terms. Presumably, Beijing thinks there must be a contract zone of some kind. What might that be?”

The Diplomat added: “Negotiation is the art of finding a quid pro quo, not winning a debate. And if Chinese sovereignty is indisputable, what is there to negotiate about? Is Beijing willing to give some up? If, as most analysts believe, the regime is as petrified of rising nationalist sentiment as it appears to be (this seems, after all, to be one of the main reasons that Beijing has been trying to undermine the Philippines arbitration case), then how could it possibly cede ground at a negotiating table without triggering a domestic backlash?”

From all indications, there’s no chance for Asean and China to have a Code of Conduct in the South China Sea. If China truly wishes to settle territorial disputes, it can either put its confidence in its claims to the test in appropriate judicial fora, or it can offer rival claimants acceptable terms, which would almost certainly require territorial concessions. As The Diplomat concluded, “At present, both seem highly unlikely. Meanwhile, tensions continue to rise.

Fasten your seatbelts.”

Since 2005

BusinessMirror A broader look at today’s business

A SONA for all Manny B. Villar

THE Entrepreneur

T

he State of the Nation Address (SONA) is always imbued with optimism, lofty goals and aspirations for the nation. President Ferdinand Marcos Jr. did not disappoint—he inspired Filipinos with a dream of a better country.

The President unveiled a six-year economic agenda in his first SONA on July 25 with defined targets that can be measured annually. The speech earned the respect of economists, businessmen and ordinary Filipinos, who hope the President will accomplish his noble intentions.

The President needs all the support in his quest to lift more Filipinos out of poverty and generate jobs for the unemployed. His ambition, as spelled out during the 74-minute SONA, should be our national agenda.

It will require the cooperation of everyone to meet these goals and rise above the current challenges, such as the lingering pandemic, natural disasters like the recent Abra earthquake, and high commodity prices triggered by geopolitical tensions

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and supply chain issues overseas.

I am certain that we will attain these economic targets, as we have highly competent Cabinet officials who can do their job well. Socioeconomic Planning Secretary Arsenio Balisacan, who heads the National Economic and Development Authority (Neda), believes we are on track to becoming an upper-middle-income country by 2024 if we sustain our current growth level.

Neda estimates that our gross national income (GNI) per capita will reach the minimum of $4,250 in 2024, enough to make the Philippines an upper middle-income economy.

While this goal was delayed by about two years amid the pandemic, it is heartening to know that we are regaining our economic momentum,

which puts us back to the ranks of rapidly-growing emerging economies. The government expects the GDP this year to expand between 6.5 percent and 7.5 percent, following the 8.3-percent expansion in the first quarter.

The government also wants the economic growth to be more inclusive, which means more Filipinos, especially the poor, should enjoy the benefits of the expanding economy in terms of more high-quality jobs and livelihood opportunities. This is possible if we improve productivity in the agriculture and fishery sector, create more jobs in the manufacturing sector and ensure that inflation stays within target, to prevent the erosion of the purchasing power of the Filipino consumers.

The development of the rural sector is the key to a faster GDP growth. The sector, which employs nearly a third of the labor force, has been lagging behind the services and industry areas for many years. In the first quarter of 2022, for example, the industry sector expanded 10.4 percent year-on-year, while services grew 8.6 percent. The agriculture, forestry and fishing sector, on the other hand, managed a paltry growth of 0.2 percent.

To address the perennial problem of the agriculture sector, which is highly vulnerable to extreme

‘T

he Iceman” mummy lived around 5,000 years ago on the Austrian–Italian border. Among his possessions was a complex fire-lighting kit that included tinder fungus, flint, and pyrite for creating sparks. All our ancestors had to know how to make fire. It was not until much later that there was a licensed “firemaker” for the whole village.

I learned a valuable lesson decades ago. It requires skills and knowledge in numerous fields to survive. But I could not be a master in all. However, I could pay a professional electrician, plumber, mechanic, architect, and doctor to do what I could not do.

The next lesson I learned was that I could not trust them to do the job properly at a fair price. Therefore, I had to know enough to know when I was being cheated. I had to know which questions to ask and what answers were acceptable. If any of these people showed hesitation or gave me a bad attitude, that was not someone I employ.

I had a small wound on my face that did not heal. A doctor told me that surgery was necessary. She would do a biopsy and then cut out

the bad tissue. And then do another biopsy. “Why not do the surgery and biopsy at the same time? Why two P15,000 biopsies?” The doctor did not like my question.

The doctor I went to for a second opinion said he would do the surgery and biopsy at the same time and this was without my asking the question.

He got the job.

Elected officials are expected to make important decisions about subjects that they know little about.

Fortunately, there is a wealth of nonpolitical/unbiased genuine expertise available on almost any concern.

These experts work hands-on in their chosen field.

Yet when it comes to economic issues, a bachelor’s degree in economics qualifies a person to be an

“economist.” Further, the fact that an economy is made up of businesses and workers does not seem to matter. To be an “economist” does not require ever having owned or operated a business or even worked as an employee in a business.

Here is the work experience outside of government or academia for the past three Federal Reserve Chairs. Ben Bernanke as a teenager waited tables at a restaurant at a roadside amusement park and fireworks store. Janet Yellen never had any job outside of government and academia. Jerome Powell worked at investment bank Dillon, Read & Co 35 years ago. Dillon, Read is known for employing people as a stepping stone to government jobs ever since the son of its founder served as US Secretary of the Treasury under John F. Kennedy.

The economist that every politician adores is John Maynard Keynes who also never worked outside of government/academia. He wrote “The General Theory of Employment, Interest and Money” in 1936. MN Gordon describes it this way: “It provides academic rationale for governments to do what they love to do most—borrow money and spend it on ridiculous programs. Keynes advocated filling bottles with money and burying them in coalmines for people to dig up as a way to end unemployment.

This would provide jobs and money

weather, the President wants to reinvigorate it with the use of modern technology to enable farmers and fishermen to increase their harvests and withstand weather disruptions.

Overall, the government seeks to bring down poverty incidence to a single-digit level by 2028, manage the government budget deficit at a maximum of 3 percent of the gross domestic product and reduce the debt-to-GDP ratio to less than 60 percent by 2025.

These are all measurable goals that can be tracked annually and provide the business sector a sense of direction in terms of what to expect in the years ahead. We hope that the Bangko Sentral ng Pilipinas (BSP) will also stick to its inflation target of 2 percent to 4 percent in the medium term and manage the volatility of the foreign exchange rate.

I also welcome the President’s pronouncement that the government will avoid imposing another nationwide lockdown to contain the spread of Covid-19 despite the rising cases in recent days.

“We cannot afford to have another lockdown. We will no longer have lockdowns,” the President said in his SONA. We support the President’s vision of having a stronger health-care system by establishing more specialist See “Villar,” A11

for the unemployed.”

Fast forward to Nobel Prize in Economic winner Paul Krugman, whose only job outside of academia is as a newspaper columnist. On July 21, Krugman wrote “I Was Wrong About Inflation” saying he was “fairly relaxed” about the stimulus package. “As it turned out, that was a very bad call.”

“Something was wrong with my model of inflation, a model shared by many others.” Apparently, Krugman’s model of inflation is a huge failure, not forecasting the biggest consumer price inflation binge in over 40 years. If it could not do that, what good is it?

In July 2021, Americans said that inflation was their number one economic concern. August 28, 2021: “Chair Jerome Powell pushed back against concerns that swiftly rising prices could become a feature of the economy, forcing the US central bank to raise interest rates.”

July 28, 2022: “US GDP shrinks for 2 quarters in a row, meeting the bar of what some say is technical recession.” July 28, 2022: “Biden says US not in a recession despite two consecutive quarters of shrinking economy.”

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

www.news.businessmirror@gmail.com

Opinion

PBBM’s tax roadmap

Liza Araneta-Marcos: Our First Lady

BusinessMirror

Manny F. Dooc

Atty. Rodel C. Unciano

TELLTALES

Tax Law for Business

I

n his first State of the Nation Address (SONA), President Ferdinand “Bongbong” Marcos Jr. identified his administration’s priorities in tax reforms, including the enactment into law of the Real Property Valuation Reform Bill and the Passive Income and Financial Intermediary Taxation Act (PIFITA). The President likewise declared his support for the imposition of value-added tax on digital service providers and simplified tax compliance procedures to promote ease of paying taxes.

The Real Property Valuation Reform and the Passive Income and Financial Intermediary Taxation Act were parts of the tax reform package of the previous administration but didn’t make it to the finish line.

Digital taxation and ease of paying taxes bills were also filed during the 18th Congress, but both bills failed to become a law.

The Real Property Valuation Reform Bill sought to provide for the establishment of real property values and valuation standards across the country. To date, valuation of real property in the Philippines has become a perennial concern to many taxpayers especially in times of payment of taxes on transactions involving real property, apparently because of the cumbersome determination of the fair market value of real property currently in place, which is a key determinant in real property taxes and other applicable taxes in the disposition of real property. It is therefore necessary to enact a just, equitable, impartial, and nationally consistent real property valuation system based on internationally accepted valuation standards, concepts, principles, and practices.

PIFITA, which was conceived as the package 4 of the previous administration’s tax reform bill, sought to reform the taxation of capital income and financial services by redesigning the financial sector taxation into simpler, fairer, more efficient and a revenue neutral tax system. It was designed to significantly reduce the number of tax rates on financial services and aimed at harmonizing the tax rates on interest, dividends, capital gains, and the business taxes imposed on financial intermediaries. The passage of the bill into law is certainly a must in order to make the Philippines more competitive in attracting investments.

The digital taxation bill, which seeks to set rules for the taxability of digital transactions, is also a welcome development especially in this digital age where various transactions are now made via online platforms. It is thus necessary to set out clear rules on these transactions for guidance of those in the digital business. While we have rules currently in place, there are some ambiguities that must be best clarified through legislative enactment.

Also, the passage into law of the Ease of Paying Taxes Act will certainly improve tax compliance as it will simplify compliance procedures in tax administration and tax

Villar. . .

Continued from A10

hospitals and health-care centers in the countryside as well as improving the working conditions of doctors and nurses.

The President also wants schools to reopen starting August so that learners will have a chance to make up for the two lost years of proper education. Again, the key to the reopening of in-person classes is the massive vaccination of students, educators and education-related service providers. We hope that the Department of Health will make sure that the vaccine doses purchased by the government and the private sector will be fully utilized for the protection of the qualified recipients.

To finance government socioeconomic programs and manage the public budget, the President underscored the need to modernize tax administration to capture the

compliance of taxpayers. As filed in the 18th Congress, the bill seeks to establish reasonable criteria for classifying taxpayers, taking into consideration the taxpayer’s capacity to comply with tax rules and regulations, the amount and type of tax paid, the gross sales and/or receipts of the taxpayer, inflation, volume of business, wage and employment levels, and similar economic and financial factors.

For ease of compliance to tax rules and regulations, simplified tax returns and processes shall be implemented for taxpayers not classified as medium or large. This is in recognition of the varying ability of taxpayers to settle their tax obligations.

Another important legislation which the 18th Congress failed to pass into law and which was not mentioned in PBBM’s SONA is the Taxpayer’s Bill of Rights Act, which was proposed to strengthen the taxpayer’s bill of rights. I humbly suggest that this must be revisited as well and passed into a law.

In tax investigation cases, it is undisputed that our existing tax laws and regulations provide taxpayers some sort of remedies in contesting such assessment cases. However, our laws protecting taxpayers’ rights seem to be inadequate.

We need a law that ensures taxpayer’s right to pay no more than the correct amount of tax, right to due process and speedy disposition of tax investigation cases, right to a fair and just tax system, right to quality tax education, right to consistent and transparent application of laws, and right to be protected against malicious, excessive and wrongful assessment of taxes, among others.

Indeed, taxpayer’s bill of rights should be given paramount consideration in the administration and collection of taxes. If the State can ensure that taxpayer’s rights are guaranteed, in the end, it will surely find it easy to collect much needed revenues to defray its expenses.

The author is a partner of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@ bdblaw.com.ph or call 8403-2001 local 140.

contribution of the growing digital economy and find the right size of the bureaucracy for its most efficient operations.

Last but not the least, President Marcos vowed to sustain the infrastructure projects started by the Duterte administration, including airports and railways. This means government funds will be spent on concrete projects that will benefit present and future generations in terms of improved quality of living.

Infrastructure spending will draw the attention of foreign investors, who are looking for modern cities with thriving workforce.

The President’s focus on the economy in his first SONA signals that he will roll up his sleeves to get his job of nation building done, and enable the Philippines to move, in his own words, at “full speed ahead.”

For comments, send e-mail to mbv_secretariat@vistaland.com.ph or visit www.mannyvillar. com.ph

Part one

A

S legally defined, it’s been a while since we had a First Lady.

The last time we had one was during President Joseph Estrada’s term when Dr. Loi Ejercito was our country’s most gracious host. Now, Filipinos can be truly proud of having Louise “Liza” Araneta-Marcos as the Philippines’s “prima donna.” A holder of Bachelor of Laws degree from the Ateneo de Manila University, she is the first lawyer to become a First Lady of the Philippines.

This definitely makes her one of the most academically prepared better half of any Filipino president. In addition, she did advanced studies

in New York University. We had two physicians who served as First Lady, Dr. Eva Macaraeg-Macapagal and Dr. Loi Pimentel-Ejercito, but having a

Tuesday, August 2, 2022 A11

lawyer spouse who is trained in the art of government and politics gives President Bongbong Marcos an added advantage. In the US, this setup worked best for both Presidents Bill Clinton and Barack Obama whose life partners were both famous practicing lawyers.

By and large, the First Lady is an asset to the President. I would think that the absence of a First Lady was a handicap to the late President Benigno Aquino III. He remained a bachelor all his life, just like the 15th US President James Buchanan Jr. Despite all the trimmings of power, the presidency can be a lonely job. No one can be closer to the President than his spouse. She’s the first and last voice to be heard by the President, and she has unlimited access to him—anytime, anywhere.

The First Lady is the most fa-

mous woman of any country with a presidential form of government and is as popular and well loved as the Queen in a monarchical state.

Who can forget Jackie Kennedy, Hillary Clinton and Eleanor Roosevelt? They did not only perform credibly well the First Lady’s traditional role but they also demonstrated that they were effective partners of their husbands in politics and governance. But Maria Eva Duarte de Peron, better known as Evita, was the most popular First Lady of all time. She was the wife of Argentine President Juan Domingo Peron and served as the First Lady of her country from 1946 until her death at the age of 33 in 1952. She was an actress before she met her husband that she married one year before he became president.

To be continued

Russian embassy officer replies to Poland’s CDA

By Nina Prakapovich, Press Attaché Embassy of the Russian Federation

I

feel obliged to comment on the article “Russian roulette: Food, fuel and fertilizers” by Mr. Jarosław Szczepankiewicz, Charges d’ Affaires of the Embassy of the Republic of Poland in the Philippines, published in the BusinessMirror on July 25, 2022. Following the Russophobic Western media, the author came up with stories of a clear anti-Russian orientation with emphasis on unreliable and one-sided coverage of the special military operation (SMO) in Ukraine, falsification of history and speculations devoid of common sense about the causes of the food and energy crises. I will try to provide a more balanced perspective of the developments taking place in Russia as well as of my country’s foreign policy.

About Ukrainian identity

The Russian leadership has never used the thesis that Ukrainians lack historical consciousness, nationality and elite as a “justification” for a special military operation (SMO).

It has been emphasized more than once that the main tasks of the SMO are to protect the Russian-speaking population of Donbass from blatant discrimination and genocide, and to eliminate direct threats to the security of the Russian Federation (military, biological, nuclear one) created over the years by the United States and its satellites on the territory of Ukraine. Moreover, a special operation to demilitarize Ukraine began in full accordance with Article 51 of the UN Charter.

However, the conclusion about the absence of a stable national identity among the Ukrainian elite suggests itself if we analyze the behavior of the Kiev leadership. The current president of Ukraine is a person with certain ethnic roots who has spoken Russian all his life. Moreover, he worked in Russia and received significant funds from Russian sources.

Nevertheless, at a certain moment, having become the head of the state, out of fear of getting another “Maidan” directed against his personal power, he completely changed his political and moral orientation. In fact, he gave up his identity. He began to earnestly serve the most rabid nationalist forces in Ukraine and act on explicit orders from Washington.

The Kiev regime, in the guise of preserving its own identity, is only destroying it. It considers the inhabitants of Eastern Ukraine as separatists, exterminating them over the past 8 years, while squandering lands in the west of the country. For readers’ information: President of Poland Andrzej Duda, while visiting Ukraine last May, declared that soon the Polish-Ukrainian border would cease to exist. Right after the visit of his Polish counterpart, Mr. Zelenskyy asked the national parliament to approve a special status of Polish citizens, thus legalizing the takeover of Ukraine by the Poles.

In fact, this means the transfer of control over the western regions of the country to Poland. Isn’t it “an incident of sovereignty,” as Maria Zakharova, the official representative of the Russian Foreign Ministry, called this situation?

I also recall that modern Ukraine was entirely and completely created by Russia, more precisely, Bol-

shevik, communist Russia. This process began almost immediately after the 1917 revolution. At the same time, Lenin and his associates created Ukraine in a “very rude way” towards Russia—by tearing away its territories. Thus, one of the largest industrial centers of the Russian Empire, Donbass, was literally squeezed, against its will, into Ukraine in order to boost the economic development of its more backward agrarian regions. However, Donbass has never forgotten its roots.

On Stalin’s use of food as a weapon

The author’s throw in about Stalin’s use of foodstuffs in Ukraine as a weapon is not very clear. In the 1930s indeed, mass famine raged in the USSR. In Ukraine, this tragedy is known as the Holodomor. Many Ukrainian historians believe the famine was staged specifically to destroy the Ukrainian people. However, this version is clearly untenable, since this happened not only in Ukraine, but throughout the Soviet Union, primarily in the grain regions of Russia, including the Don, Kuban, the Volga region, the South Urals, Siberia and the Far East, in Belarus and Kazakhstan. At the peak of the famine in the Russian regions, food was taken for Ukraine. Historians are aware of documents indicating that in 1933, Stalin personally authorized sending grain to Ukraine to the detriment of Russian regions.

A whole range of reasons caused the famine: drought, crop failures, unsustainable plans for grain procurement, forced industrial and social change. The famine did not choose the peoples—this was the common tragedy of the Soviet countryside. The question of which people suffered more is shortsighted, dangerous and unpromising. Nowadays, at the initiative of the Federal Archival Agency in Russia, work has been carried out to obtain documents on the famine and the publication of the corresponding multi-volume collection. Ukrainian researchers were also invited to participate. This work began long ago, since the archives were opened, and not as a reaction to what they say and write in Ukraine, but as a natural need to understand a problem that is painful for millions.

The export of grain

The Soviet leadership also provided large-scale assistance to agriculture and industry of the Ukrainian So-

viet Socialist Republic after the liberation of its territories from Nazi invaders during the Great Patriotic War. Ukraine was considered by Nazi Germany as a source of food, cheap labor and raw materials. Noticeably, the current West, which is indifferent to the development of industry in Ukraine and its population’s standard of living, is experiencing almost the same interest in this country.

The consumer attitude of the West towards Ukraine is also observed at the backdrop of its attempts to take grain out of its storage facilities and fight with Russia “to the last Ukrainian.”

At the same time, Western countries, puzzled by the idea of “where else to steal something,” transfer this aspiration to others, in particular to Russia. So, reports by Mr. Szczepankiewicz that Russia recently sent a shipment of grain stolen in Ukraine to Syria from the port in Mariupol are fakes. There are no grain storage facilities in Mariupol.

The main reserves are located in Nikolayev (Mykolaiv in Ukrainian) and Odessa regions. Russian ships do not have access to these ports because they are under Ukraine’s control. If the Charges d’ Affaires means the Crimean grain, then let me remind him that it has had nothing to do with Ukraine for a long time.

The agreements on the transportation of Ukrainian grain from the Black Sea ports and on the promotion of food and fertilizer exports signed on July 22 in Istanbul testify to Russia’s intentions to ensure the maximum possible movement towards developing food-importing countries. On the day the deal was signed, Western countries presented distorted information about the Russian Armed Forces’ missile attack on military facilities in the port of Odessa in order to discredit Russia. A fake report was actively spread about the Russian Armed Forces launching rocket attacks on a granary in Odessa. However, high-precision strikes were inflicted exclusively on the military infrastructure of the Odessa port (a Ukrainian warship, a shipyard, a warehouse of Harpoon missiles delivered to Kiev from the USA). At the same time, the grain terminal in the port is located far from the military unit, so the shelling does not interfere with the export of grain, in accordance with the agreements.

Real causes of the food crisis

ON June 3, President of the Russian Federation Vladimir Putin gave clear explanations on the causes of the food crisis. The unfavorable situation in the food market began to take shape in February 2020 while the consequences of the Covid-19 pandemic were being fought, when the global economy sank and had to be restored. The West began to abuse the monopoly on reserve currencies and print money that led to the fact that they began to rake food from the world market. Washington “printed money” and caused a rise in the price of all raw materials, in particular fertilizers, the production of which was already hampered by sanctions and

problems with logistics. Lack of fertilizer means reduced yields—meaning, there will be risks of shortages of food in the world market, and prices will rise further, risking hunger. At the same time, the Russian leader expressed his readiness to increase grain supplies up to 50 million tons and send them to Africa and the Middle East.

The energy policy of the European countries also contributed to the unwinding of prices. The West has made a “blind bet” on renewable energy, which has led to a sharp increase in the cost of energy.

Wedge between Russia, China

MR. Szczepankiewicz said that in the current scenario, Russia is becoming a kind of “discount country” for China, whose assets have fallen sharply amid geopolitical uncertainty and restrictions, and which will be forced to sell its energy resources at a significant discount. However, we see here an attempt to drive a wedge between Russia and China. Unfortunately, the United States and the European Union have refused equal cooperation with Russia, and some Western companies, albeit against their will, have become an instrument of economic aggression against Russia.

China takes a fundamentally different approach. Relations of Moscow with Beijing are developing on an equal and mutually beneficial basis, and meet the objectives of strengthening the good neighborliness of both countries, and therefore are of a stable, long-term nature.

The trade turnover between Russia and China for the first half of 2022 increased by 27.2 percent and amounted to $80.675 billion. The growing power of China, which will be the main driver of world growth in the coming decades, opens up new prospects for the development of the Russian economy. Russian exports to China are not limited to energy raw materials, other commodity areas are being developed, including supply of agricultural and food products. Russia expects an increase in commodity flows to China due to their reorientation from the western direction.

Negotiations with Ukraine

The Charges d’ Affaires of Poland expressed a desire to end the RussianUkrainian conflict. If we talk about launching peace talks, then it’s important to emphasize that this dialogue was stopped by Ukraine. Russia is ready. If the West does not want negotiations, but craves Ukraine’s victory over Russia “on the battlefield” (such statements are heard more and more often), then there is nothing to talk about with the West.

With such approaches, it does not allow Ukraine to move on to the peace process. Western countries are forcing the Kiev regime to accept weapons, use them to bomb cities, destroy the civilian population, which the Russian Federation cannot put up with. Such a split in the West shows that the main thing is ideology, and not concern for Ukraine, its citizens, and for European security as a whole.

A12 Tuesday, August 2, 2022

CHIZ, SONNY PITCH WAYS TO AVERT ‘VETO SPREE’

T

WO senators have aired separate proposals to avert a “veto spree” by the Executive after five bills filed by the 18th Congress were vetoed

by President Ferdinand R. Marcos Jr. Sen. Chiz Escudero on Monday called on Marcos to appoint with urgency a “high-caliber Cabinet member” as head of the Presidential Legislative Liaison Office (PLLO) to serve as an effective point person between Malacañang and Congress in pursuit of the Chief Executive’s legislative agenda.

The senator issued the statement to avoid another incident of what he called a “bill vetoing spree” of Malacañang as the President vetoed five measures approved by the previous Congress, the latest being the tax exemption of the honoraria for teachers doing poll duties.

The appointment of a PLLO head, whose role is crucial in maintaining a harmonious working relationship between the Executive and the Legislative branches, must pave the way for the convening of the LegislativeExecutive Development Advisory Council (LEDAC), a body created under Republic Act 7640 during the Ramos administration, to discuss the administration’s priority bills and come up with a common legislative agenda,

Escudero said.

He said the appointment of the PLLO chief is crucial and will make sure that “months, man hours and millions spent” in crafting a bill will not go to waste if these will be vetoed because contentious provisions have not been ironed out in part due to an ineffective and inefficient PLLO. The three-term senator said the future PLLO chief, who will have a rank of secretary and will sit in the Cabinet, must be someone who could work with Congress in ensuring that the proposed laws it had passed are “veto-proof.”

“He or she must have the policy grasp and the political gravitas in helping craft laws that fuse the best ideas from the Legislative and Executive branches. The presidential point person in Congress must wade into policy work and must know what provisions in a bill being discussed might run into opposition later in the executive circles,” he pointed out.

If the PLLO will merely report the ongoings in both chambers of Congress, Escudero said, “then that person is no better than a CCTV.” “Kung Marites lang siya, manood na lang siya ng YouTube because plenary and committee hearings are livestreamed there,” he said.

Continued on A8

Biz groups cite FVR reforms in telco lib, Asian crisis role

B

By Andrea E. San Juan

USINESS and economic groups, in separate statements, have expressed their condolences to the family of former President Fidel V. Ramos on his passing.

The seven chambers of the Joint Foreign Chambers were among those who expressed their sympathies to the Ramos family on Monday.

In a statement, the foreign chambers said, “In 2013 we honored President Ramos by awarding him our Lifetime Achievement Award at our annual Arangkada Philippines Forum for his outstanding contributions and superb leadership over several decades to achieving highly significant and lasting institutional and policy reforms of long-term benefit to the people and economy of the Republic of the Philippines.”

The seven chambers said they remember Ramos for his strong efforts to promote foreign investment into the Philippines, to create jobs for Filipinos, and to reduce poverty in the country.

The foreign chambers called Ramos a partner in their advocacy initiatives, from his visits in their

capitals in Asia, Europe, and North America, and through reform legislation which he championed through Congress.

“We join Filipino political and economic leaders in remembering the great contributions of President Ramos to making the Philippines the Asian Tiger economy that it has become to be,” said the foreign chambers in a statement.

The Joint Foreign Chambers is a coalition of the American, Australian-New Zealand, Canadian, European, Japanese, Korean Chambers and Philippine Association of Multinational Companies Regional Headquarters Inc. (Pamuri).

The National Economic and Development Authority (Neda), in a statement on Monday, also expressed its sympathies to the loved ones of the former president.

“On behalf of the National Economic and Development Authority,

I offer my deepest condolences to the family of former President Fidel V. Ramos,” said Socioeconomic Planning Secretary Arsenio M. Balisacan in a statement. The Neda chief said Ramos’s “foresight and steadfastness” enabled the Philippines to weather the 1997 Asian Financial Crisis and be among the continent’s “Tiger Cub Economies.”

Balisacan also noted that while he was in the academe, he saw firsthand and closely followed how Ramos’s economic and social reform agenda, which focused on opening the economy and people empowerment, “paved the way to foundational economic transformation.”

According to Balisacan, the former president also provided the country with “much-needed stability against threats from within.”

In 2015, Balisacan noted that the former president was criticized heavily for his decision to liberalize the telecommunications sector in the 1990s. However, Balisacan said, if it weren’t for that decision, the economy would not have had a business-process outsourcing (BPO) sector.

The BPO sector has been one of the, if not the biggest, contributors to the country’s economic success.

In a statement, the Secretariat of the Commission on Population

and Development (Popcom) said it “profoundly honors” the legacy of the former president.

Undersecretary Juan Antonio Perez III called Ramos a staunch pillar of support and persistent advocate for family planning and population management throughout his administration from 1992 and beyond.

“The former president’s development policy firmly put people at the center of development,” the POPCOM executive director said.

“He was, during his presidency up to the last years of his active life, a firm believer of the benefits of family planning.”

Perez noted that in a keynote speech at the first National Family Planning Conference in November 2016, Ramos enjoined everyone, particularly government leaders, to support and provide the necessary political will in implementing the country’s family planning program, including the Responsible Parenthood and Reproductive Health Law or Republic Act 10354.

Meanwhile,the Management Association of the Philippines (MAP) said the Ramos administration “was distinguished by impressive reforms on energy, economic liberalization, infrastructure and social reform, among others.”

Continued on A8

Debris from China rocket fall into Sulu Sea; no damage

By Malou Talosig-Bartolome @maloutalosig

D

EBRIS from a rocket that boosted part of China’s new space station into orbit fell into the Sulu Sea near Palawan, the Philippine Space Agency (PhilSA) has confirmed.

In a post in its official Facebook and Twitter accounts, the Philippine Space Agency said the debris from China’s Long March-5B rocket re-entered the Earth’s atmosphere on Sunday around 12:55am, and landed over Sulu Sea east of Palawan island (9.1° North Latitude, 119.0° East Longitude).

“It is expected that most of the rocket components have disintegrated during re-entry into the atmosphere. PhilSA advises the public to immediately inform local authorities if suspected floating debris is sighted at sea, and to avoid retrieving or coming into contact with these materials,” the PSA said.

Moments before the debris fell on Philippine waters, the Malaysian Space Agency was able to detect the debris in Malaysian airspace.

The Philippine government has not been notified by the Chinese government of the possible falling debris from the space rocket. But the PhilSA claimed it “proactively disseminated to relevant government agencies an advisory” about the launch of Long March 5B and the estimated drop zone locations of the rocket debris.”

Chinese Foreign Ministry spokesman Zhao Lijian said “the probability of (the re-entry of the Chinese rockets entering the Earth’s space) causing harm to aviation activities or to the ground is extremely low.”

“According to information at hand, this rocket is designed with special technology, and the overwhelming majority of its components will burn up during the reentry into the atmosphere,” Lijian said in a briefing in Beijing few days before the debris fell.

US Defense Department officials and the US National Aeronautics and

Space Administration had chided Beijing for not sharing information on the potentially hazardous object’s descent.

A high-ranking source from the Department of Foreign Affairs said they are still studying whether or not to file a diplomatic protest with China over this incident.

Prof. Jay Batongbacal of the University of the Philippines College of Law explained that China could not be faulted for not informing the Philippines on the trajectory of the debris, as the “actual impact zone is very difficult to predict.”

If the debris, however, fell on land and caused damage or injury to the population, China “would be definitely responsible for compensation.”

“What they have been remiss in is by not following best practices of other spacefaring nations, which control the descent of their rocket boosters to ensure that they do not land in populated areas,” Batongbacal told BusinessMirror.

Batongbacal said there is no international convention yet that regulates the operations of coun- PEOPLE gather by the beach as they watch the Long March 5B Y3 carrier rocket carrying the Wentian lab module, part of China’s new space station, lift off from the Wenchang Space Launch Center in tries or companies conducting flight Wenchang in southern China's Hainan Province Sunday, July 24, 2022. Philippine Space Agency official Marc Talampas said authorities have been advised to be on the lookout for debris from the rocket missions in outer space. “This is a which may have splashed down into seawaters off Palawan. There was no reported damage in the region, Talampas said Monday. ZHANG LIYUN/XINHUA VIA AP matter of good operational practice by sovereign States or private launch companies. International space law has not yet developed to the point that it can regulate operational details,” he added.

So far, there are five international

By Samuel P. Medenilla The country officially withdrew porarily suspended in November Justice Secretary Jesus Crispin space law treaties and Batongba@sam_medenilla its ICC membership on 17 March upon the request of the Philippine Remulla, Presidential Legal Councal said they have recently studied 2022 after the tribunal started ingovernment, but last June, ICC sel Juan Ponce Enrile and former and pitched to Congress that the HERE is no going back for vestigating the mounting fatalities Prosecutor Karim Khan announced presidential spokesperson HermiPhilippines accede to two of these the country when it comes in the government’s war against iltheir plan to push through with the no “Harry” L. Roque. treaties, i.e. Convention on Registo its decision to leave the legal drugs. investigation.

“The ICC is a very different kind tration of Objects Launched into International Criminal Court (ICC) The ICC, however, maintained it The ICC gave the government of a court so we are studying first Outer Space and the Convention on under the administration of Presican continue to look into the matuntil September 8, 2022 to comwhat we will do. I told them to International Liability for Damage dent Ferdinand “Bongbong” R. ter since the probe started before ment on the matter. study the procedures to make sure Caused by Space Objects Marcos, Jr. the membership withdrawal took During the weekend, Marcos our action will be correct and not “We pointed out that the PhilDuring the Pinas Lakas event in effect. met with his legal counsel to debe misinterpreted,” Marcos said in ippines actually faces higher risks Pasig City on Monday, Marcos anDuterte strongly opposed the termine how the government will Filipino. of being hit by rocket debris from nounced he will not reverse the deICC intervention, which he mainrespond to the probe.

Among the options they are conChinese space launches, specially at cision of former President Rodrigo tains is unnecessary since local Among those at the meeting sidering, Marcos said, is to respond the initial boost stage at the start of R. Duterte to leave the Hague-based authorities and courts are already were Executive Secretary Victor to ICC’s call or to ignore it and maina launch. This incident involves reinternational tribunal. conducting their investigation on D. Rodriguez, Solicitor General tain the position that the Philippines entry stage (I.e. after the launch was “The Philippines has no intention the drug-related deaths.

Menardo I. Guevarra, Foreign Afis no longer under the international completed) but that sort of proves that we face additional risk,” he said. of rejoining the ICC,” Marcos said.

The planned ICC probe was temfairs Secretary Enrique A. Manalo, tribunal’s jurisdiction.

PBBM shuts door on PHL’s returning to ICC

T

Companies BusinessMirror

Editor: Jennifer A. Ng

Tuesday, August 2, 2022 B1

Power plants of SMC incur losses on coal price rally

T

By Lenie Lectura

@llectura

wo power plants of SMC Global Power Holdings Corp. (SMCGP) have accumulated losses amounting to P15 billion due to skyrocketing global coal prices and unilateral natural gas supply restrictions from the Malampaya gas field.

Of the amount, SMCGP said it decided to absorb P10 billion and to recover the remaining amount, which could result in a power rate hike if approved by the Energy Regulatory Commission (ERC).

On Monday, conglomerate SMC said the Sual coal plant and Ilijan natural gas power plant have already incurred combined losses of P15 billion from 2021 up to present. It attributed the losses to spiraling coal prices which have already breached the $400/metric ton (MT) level—way beyond the $60-$65/MT price range and long-term outlook contemplated at the time of the execution of its power supply agreements (PSA) with the Manila Electric Co. (Meralco) in 2019.

San Miguel Energy Corp. (SMEC) is the independent power producer of the

1,200MW Sual plant while the 1,200MW Ilijan plant was turned over recently to South Premiere Power Corp. (SPPC). Both are units of SMCGP, the power arm of SMC. They recently filed a temporary and partial cost recovery relief only for the losses incurred from January to May, in the form of a rate increase on its contract capacity under the PSAs to be amortized over a period of six months.

“This will allow the power generation facilities to continue sourcing the necessary fuel and allow it to viably operate and supply power. While this will result in temporary increase in prices, the grid would continue to have adequate supply of reliable base load power to keep the lights on for the millions of individual consumers, households and industrial

facilities,” SMC said.

These PSAs underwent competitive selection process (CSP) and were approved by the ERC in 2019.

SPPC is supplying Meralco 670 MW for 10 years that started on December 26, 2019 until December 25, 2029. SMEC is supplying 330MW to Meralco over the same period.

SMC President and CEO Ramon S. Ang said the company had already decided to absorb more than P10 billion in losses last year after coal prices averaged $176 per MT in the second half from just $99/MT in the first half of 2021. The average coal price in 2019 and 2020 was only at $69/MT. “Unfortunately, those prices have increased by over 500 percent since then. We are not asking to recover all our losses, neither are we asking for a permanent increase.

We want to continue supplying Meralco with baseload power. What we are asking for is just a temporary and equitable relief, to allow the power facilities to survive this difficult period and continue supplying power to Meralco,” he said.

Ang said the continuing spikes in commodity prices are unprecedented and now, simply untenable. “We have taken it upon ourselves to absorb over P10 billion in losses last year when coal prices reached an average of $176/MT. Apparently, coal prices were just at $60-$65/MT when we entered into these PSAs.

In fact, the widely held outlook at that time is that coal prices will even continue to go down because of a global shift in the energy mix. Well, due to various reasons, coal prices have continued to climb in 2021, and have recently reached unprecedented levels, as high as $440/MT, as triggered primarily by the Russia-Ukraine conflict,” he said.

Proposed rate hike

The company is asking the ERC for a rate increase for the January-to-May period of P0.80/kwh (to P5.10 from P4.30/kwh) for its 670 MW of contracted baseload capacity from the Ilijan plant, and an average of P4/ kwh (to P8.30 from P4.30/kwh) for the 330 MW contracted baseload capacity from the Sual plant. Overall, the company is looking to recover P5.2 billion in losses for the period.

The net rate impact to Meralco, assuming that this cost recovery claim is granted by the ERC, is just P0.28/kwh over a period of six months.

Ang said that when its supply agreement was bid out by Meralco in 2019, unlike other bid participants, Sual and Ilijan proposed and adopted an escalation mechanism where the tariff price would start “very low”—to enable consumers to immediately benefit from the competitive selection, and just escalate at a fixed annual rate of 3.5 percent on the fuel price component.

See “Power,” B2

Petron net income doubles in H1 P

etron Corp.’s net income in the first half doubled to P7.7 billion from P3.87 billion in the same period last year, driven by a double-digit sales growth as demand continues to pick up.

The company’s Philippine and Malaysian operations, including its trading subsidiary in Singapore, sold a total of 51.4 million barrels during the period, up 34 percent from 2021’s 38.5 million barrels.

Sales volume improved across all trades with Petron’s commercial sales posting the highest increase as more industries, including aviation travel, rebounded from the pandemic’s impact.

Its retail business improved by nearly 30 percent, fueled by the strong sales of its premium gasoline and diesel fuels. Sale of lubricant products, Jet-A1, LPG, and petrochemicals likewise showed strong growth compared to the previous year.

Con sol id ate d re ve nue s sto o d at P398.52 billion, surpassing last year’s P174.13 billion, driven by the sustained

increase in sales volume and prices. Dubai crude averaged $102 per barrel from January to June as supply concerns persisted due to geopolitical conflicts.

Petron said it also benefited from the strong regional refining margins with higher production at the refinery. These gains were partly offset by lower marketing margins as a result of escalating price competition in the market. In addition, the company incurred higher financing costs due to increased working capital requirements.

“Our post-pandemic transition has so far been marked by steady growth particularly in segments where we suffered major setbacks earlier during this crisis.

We move forward with hope and optimism as we roll out projects that will not only yield optimal returns for the company but more importantly, lead towards greater sustainability and create economic opportunities for more sectors,” said Petron President and CEO Ramon S. Ang.

PSE hails Ramos’ role in unification of Manila, Makati stock exchanges

T

he Philippine Stock Exchange Inc. (PSE) said former President Fidel V. Ramos was instrumental in the merger of the Manila Stock Exchange (MSE) and Makati Stock Exchange (MkSE).

“This is a proud tribute to his administration, now that we stand united as a stronger member of the capital market.

He will always be considered a pillar and a vital part of PSE’s history. His demise is great loss not only to our nation but to the Philippine business community as well,” PSE Chairman Jose T. Pardo said.

The MSE was established on August 8, 1927 and the MkSE on May 27, 1963 as two separate entities. Although both traded the same stocks of the same companies, the bourses were separate stock exchanges.

On December 23, 1992, a joint declaration on the unification of the stock exchanges by the chairmen of MSE and MkSE was signed in the presence of Ramos.

A document that chronicles the unification story of the PSE cited that reaching the goal of unification “was in large part accelerated by the professionalization of

the brokers and bourses, the backing of SEC chairman Rosario N. Lopez and the brokering of President Fidel V. Ramos himself.”

President Ramos also led the oath taking of the first set of PSE governors on April 6, 1993. He granted PSE’s self-regulatory organization (SRO) status and handed the SRO certificate in a ceremonial turnover on June 29, 1998.

“The initiative and determination of President Ramos to have just one exchange for the country paved the way for the development of the Philippine stock market.

We will forever be grateful for all he has done and the legacy he left to the capital market,” PSE president and CEO Ramon S. Monzon said.

During his term, the benchmark Philippine stock market index gained 12 percent while value turnover grew by 863 percent, a testament to the confidence on the economic reforms instituted by the government that paved the way for the Philippines to be touted as the next Asian Tiger. VG Cabuag

Petron intensified its water conservation efforts through different programs and mechanisms already in place in the company. Some 23 Petron terminals comprised the top 48 facilities in San Miguel Corp.’s (SMC) Water for All Project, a group-wide undertaking, which aims to cut SMC’s water use by 50 percent by 2025. From 2016 to 2021, Petron’s total accumulated water savings reached 15.29 million cubic meters.

Since 2000, Petron employees and its fenceline communities have planted over one million trees and mangroves. In addition, Petron also adopted over 30 hectares of mangrove areas in Visayas. For 2022, the company is looking to expand its adopted reforestation sites in Bawing, General Santos City and in Tagoloan, Cagayan de Oro as part of its sustained environmental, social and governance initiatives. Lenie Lectura

SM Prime profit up 21% in H1

www.smsupermalls.com

By VG Cabuag

S

@villygc

M Prime Holdings Inc. on Monday said its income for the first half rose 21 percent to P14.1 billion from the previous year’s P11.6 billion due to the recovery of its core shopping mall business.

Revenues grew 13 percent to P46.3 billion from last year’s P41.1 billion.

“The growing domestic demand over the past period kept SM Prime’s financial growth steady as reported in our first half of 2022 results. We are optimistic that despite the global economic slowdown, the local economy will continue to benefit from the sustained growth in remittances from overseas Filipino workers, the business process outsourcing industry, as well as the increase in local travel and tours activities,” SM Prime President Jeffrey Lim said.

Revenues of SM Prime’s domestic shopping ma l l business, which accounts for 44 percent of the company’s consolidated revenues, almost doubled to P20.6 billion for the period from the previous P10.7 billion. The increase is due to the 80-percent growth in mall rental income to P18.6 billion from P10.3 billion last year.

Given the more relaxed community quarantine in major key areas in the Philippines during the reported period, SM Prime’s cinemas, event ticket sales and other

revenues grew to P2 billion from the prev ious P500 million.

Meanwhile, SM Prime’s China mall business revenue reached RMB0.39 billion for the period, flat from the previous year.

SM Prime’s residential business group, led by SM Development Corp. (SMDC), reported P18.2 billion in revenues, 25 percent lower than last year’s P24.5 billion partly due to canceled sales as an effect of the lapse of the Bayanihan Act, which gave a reprieve to unit buyers during the height of the pandemic.

T he economic uncertainty brought about by the pandemic also contributed to the decline in revenue, the company said.

SMDC’s reservation sales grew by 49 percent in terms of unit sales to 12,327 this year from 8,269 last year.

This translates to an 8-percent increase in reservation sales to P59.4 billion in January to June from P55.1 billion last year.

SM Prime’s other key businesses, which include offices, hotels and convention centers, recorded a 49-percent growth in revenues to P4.5 billion from P3 billion last year.

T he company’s office business segment recorded revenues of P2.8 billion, 14 percent higher than last year, while the revenues of its hotels and convention centers business segment tripled to P1.7 billion.

B2

Companies BusinessMirror

Tuesday, August 2, 2022

PLDT closes deal for sale of 1,013 telecom towers

By Lorenz S. Marasigan

P

@lorenzmarasigan

LDT Inc. has closed the second tranche of its telecom tower sale, the company said in a disclosure to the stock exchange.

The filing called the closing a “transaction milestone,” which covers the sale of 1,013 towers for P13.2 billion. In June, PLDT closed the sale of 3,012 telecom towers for P39.2 billion.

PLDT is selling almost 6,000 telecom towers to edotco Group and EdgePoint Group.

“Out of the 5,907 telecom towers subject to the sale, the Group has to date completed the sale of 4,025 telecom towers representing 68 percent of the towers portfolio subject to the sale,” PLDT said.

PLDT decided to put its towers on sale to fund its capital expenditures, special dividend payouts, and pay debt. As part of the transaction, PLDT entered into P7billion per year Master Services Agreements with the towercos, allowing the company to lease the sold towers for 10 years.

The transaction made the edotco Group and EdgePoint Group the largest tower company in the Philippines. Of the 5,907 towers being monetized, 2,973 towers located primarily in Luzon, Visayas and Mind-

anao will be acquired by edotco Group and 2,934 towers located in Luzon by EdgePoint Group.

Both of them also agreed to build an additional 1,500 new towers through 2030.

“PLDT anticipates additional closings over the next few months based on number of towers being transferred, with final closing expected by the fourth quarter of 2022,” the disclosure read.

In May, the company announced that it is allotting P85 billion for capital expenditures for this year to support the additional requirements for its home and enterprise businesses, as well as for its contractual obligations for the sale of its tower assets.

During a press briefing, PLDT Chairman Manuel V. Pangilinan said the group is “raising the capex guidance from ‘between P76 billion to P80 bil-

lion’ to P85 billion.”

The figure will be used to “support the updated requirements for growth in demand for home broadband and data center businesses, and additional upgrades of the towers or passive infrastructure assets subject to tower sale and leaseback transaction.”

The company allotted P89 billion in capital outlays last year.

During the same briefing, officials reported that PLDT booked a 56-percent growth in reported net income in the first quarter of the year to P9.1 billion, while reporting a telco core income of P8.2 billion.

Its revenues reached P46.4 billion, an increase of 3 percent to P46.5 billion led by its Home and Enterprise verticals.

For 2022, PLDT expects to book P33 billion in telco core income with its revenue guidance at “mid single-digit” growth.

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

August 1, 2022

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

ASIA UNITED 43.15 44.45 44.45 44.45 44.45 44.45 200 8,890 BDO UNIBANK 113.7 113.8 118.5 119 113.8 113.8 2,616,370 299,471,502 (191,864,157) BANK COMMERCE 8.21 8.26 8.39 8.39 8.26 8.26 2,500 20,696 90.05 91.9 92.55 92.6 90.05 90.05 977,180 88,519,857 9,339,792.5 BANK PH ISLANDS 27.25 27.3 27.1 27.3 27.05 27.25 450,800 12,249,600 16,380 CHINABANK CITYSTATE BANK 7.5 8 8 8 8 8 1,500 12,000 EAST WEST BANK 6.75 6.78 6.8 6.8 6.74 6.78 154,100 1,046,034 (835,130) 47.8 48 48.6 48.6 47.15 47.8 1,671,600 80,010,235 (3,356,360) METROBANK 6.44 7.19 6.5 6.5 6.45 6.45 76,300 495,135 (462,085) PB BANK PBCOM 15.36 16 16 16 16 16 2,000 32,000 PHIL NATL BANK 17.84 17.9 17.96 17.96 17.84 17.84 48,100 860,626 89,200 55.25 57 57.85 57.85 57 57.5 790 45,268 PSBANK RCBC 19 19.96 19.94 19.96 19.9 19.96 872,300 17,358,904 SECURITY BANK 86.85 86.9 89.7 90.05 86.35 86.9 1,627,240 141,981,703.5 ( 11,064,811.5) UNION BANK 78 78.2 80 80 77.75 78 90,540 7,124,151 (2,772,358.5) BRIGHT KINDLE 1.56 1.63 1.63 1.63 1.56 1.62 24,000 38,620 3.44 3.5 3.5 3.5 3.5 3.5 12,000 42,000 (42,000) COL FINANCIAL 0.62 0.67 0.68 0.68 0.68 0.68 2,000 1,360 FIRST ABACUS MANULIFE 925 950 925 925 925 925 80 74,000 9,250 PHIL STOCK EXCH 168.8 169 170 170 169 169 4,990 848,170 (69,700) 2,400 2,500 2400 2,400 2,400 2,400 20 48,000 (0) SUN LIFE

INDUSTRIAL ACEN CORP 8.48 8.5 8.48 8.58 8.38 8.5 17,360,900 147,682,980 16,892,722 ALSONS CONS 0.92 0.95 0.93 0.93 0.92 0.92 100,000 92,670 32.3 32.5 32.65 32.7 32.3 32.5 465,100 15,118,570 (1,081,190) ABOITIZ POWER 1.78 1.79 1.79 1.8 1.77 1.79 474,000 845,400 RASLAG BASIC ENERGY 0.41 0.415 0.405 0.42 0.405 0.415 4,130,000 1,707,000 (8,100) FIRST GEN 17.24 17.66 17.22 17.72 17.16 17.24 109,400 1,884,508 178,350 64.5 65 64.95 65 64 64.5 2,870 185,844 78,925 FIRST PHIL HLDG 327.2 328.8 340 340 325.6 327.2 781,110 257,295,526 (129,213,404) MERALCO MANILA WATER 15.32 15.34 15.3 15.6 15.22 15.34 279,500 4,275,950 (2,925,714) PETRON 2.87 2.9 2.9 2.91 2.87 2.87 872,000 2,506,090 (8,750) 4.78 4.94 4.82 4.82 4.8 4.8 57,000 273,630 PETROENERGY PHX PETROLEUM 9.2 9.67 9.67 9.67 9.12 9.67 65,600 623,274 9,670 SYNERGY GRID 12.32 12.34 12.28 12.34 12.26 12.32 950,100 11,693,528 5,331,530 PILIPINAS SHELL 17.72 17.8 17.8 17.9 17.8 17.8 105,600 1,879,770 (1,712,360) SPC POWER 9.9 9.92 9.8 9.92 9.7 9.92 64,900 638,696 (17,460) 1.61 1.63 1.63 1.64 1.61 1.63 8,785,000 14,255,290 (335,340) SOLAR PH 5.53 5.54 5.65 5.67 5.44 5.54 994,100 5,509,672 (442,182) AGRINURTURE AXELUM 2.68 2.69 2.74 2.74 2.69 2.69 1,010,000 2,726,100 (1,591,030) CENTURY FOOD 22.5 22.95 23.7 23.7 22.1 22.5 700,400 15,886,040 751,025 14.3 14.38 13.9 14.38 13.3 14.3 72,700 1,026,118 DEL MONTE DNL INDUS 6.98 6.99 7.15 7.15 6.89 6.99 1,204,200 8,411,558 (2,199,456) EMPERADOR 18.88 18.9 18.88 18.98 18.56 18.88 5,503,900 103,907,604 (33,644,150) SMC FOODANDBEV 43 43.65 44.45 44.45 42.9 43 93,200 4,045,280 (3,017,520) 0.67 0.68 0.68 0.68 0.66 0.68 5,498,000 3,684,320 (127,840) FIGARO COFFEE 0.55 0.57 0.55 0.55 0.55 0.55 8,000 4,400 ALLIANCE SELECT FRUITAS HLDG 1.01 1.03 1.02 1.03 1.01 1.03 95,000 97,270 GINEBRA 96.7 97 98.8 98.85 96.7 97 2,540 248,403 (194,380) JOLLIBEE 205.2 205.4 202 209 202 205.4 488,740 100,150,398 11,224,656 1.17 1.18 1.18 1.18 1.16 1.17 691,000 803,750 638,950 KEEPERS HLDG 4.49 4.63 4.64 4.64 4.64 4.64 2,000 9,280 MAXS GROUP MG HLDG 0.102 0.109 0.103 0.109 0.1 0.109 4,690,000 473,520 206,000 MONDE NISSIN 14.42 14.6 14.12 14.6 14.04 14.6 5,173,500 74,795,066 31,401,540 7.1 7.26 7.15 7.26 7.15 7.2 40,700 292,349 (106,535) SHAKEYS PIZZA 0.59 0.61 0.61 0.61 0.59 0.61 168,000 100,100 ROXAS AND CO RFM CORP 3.85 3.9 3.85 3.9 3.85 3.9 50,000 192,860 134,450 ROXAS HLDG 1.12 1.18 1.15 1.15 1.12 1.12 44,000 49,760 117 117.7 111.1 117.8 111.1 117.7 1,749,440 202,939,675 104,043,634 UNIV ROBINA 0.59 0.6 0.58 0.6 0.58 0.6 65,000 38,210 VITARICH CONCRETE B 46 55.95 44.45 46 44.45 46 300 13,490 CEMEX HLDG 0.67 0.68 0.7 0.7 0.66 0.67 6,143,000 4,125,890 (105,750) 13.2 13.48 13.04 13.5 13.04 13.2 57,500 762,830 (130,600) EAGLE CEMENT 3.27 3.32 3.4 3.4 3.26 3.27 179,000 593,400 EEI CORP HOLCIM 4.48 4.6 4.51 4.75 4.5 4.6 45,000 209,030 MEGAWIDE 4.28 4.3 4.68 4.68 4.3 4.3 579,000 2,557,560 (407,280) PHINMA 19.3 19.42 19.3 19.3 19.2 19.2 1,700 32,790 0.65 0.7 0.66 0.66 0.66 0.66 241,000 159,060 TKC METALS VULCAN INDL 0.86 0.87 0.79 0.88 0.79 0.87 9,749,000 8,104,170 (15,640) CROWN ASIA 1.4 1.43 1.43 1.44 1.4 1.43 823,000 1,171,220 42,900 PRYCE CORP 5.27 5.47 5.47 5.47 5.47 5.47 6,600 36,102 18.02 18.4 18.4 18.4 18.4 18.4 300 5,520 CONCEPCION GREENERGY 1.65 1.67 1.68 1.71 1.59 1.67 5,598,000 9,186,480(3, 538,209.9997) INTEGRATED MICR 6.81 6.97 6.8 6.97 6.76 6.81 89,300 609,492 IONICS 0.66 0.67 0.65 0.68 0.65 0.67 338,000 222,250 5.53 5.8 5.8 5.8 5.8 5.8 1,800 10,440 PANASONIC SFA SEMICON 1.57 1.59 1.61 1.61 1.55 1.59 1,194,000 1,888,630 11,000 3.04 3.05 3.07 3.07 2.95 3.04 3,079,000 9,218,020 696,750 CIRTEK HLDG

HOLDING & FRIMS

Power...

Continued from B1

However, from the start, this 3.5-percent fuel price component increase had long been outpaced by the massive and continuing escalation of coal prices from 2020 to 2022, which was at an annualized rate of 125 percent. As such, the company never made any money from contract execution that would allow it to soften the blow of the recent unprecedented spikes in coal prices, Ang said.

Coal prices both during the time of the competitive selection process and contract execution, were in the range of $60 to $65/MT. The price outlook was also “backward-dated” or lower than the prevailing spot market.

“At the time, no one could have imagined it would even exceed $80/ MT. It was only expected to average at $65/MT over the next 10 years.

That’s because it is widely known that coal production was at only $35 to $40/MT in Indonesia and other regional mines, and there is even a strong global transition away from coal, which we are also undertaking,” Ang said.

However, the unprecedented global price increases were triggered by extraordinary circumstances, such as disruptions in the commodities markets brought about by the Indonesia coal export ban, the Russia-Ukraine conflict, and continuing value chain issues caused by the Covid-19 pandemic.

He noted that in Germany, the United Kingdom, Spain and Nordic countries such as Sweden and Denmark, electricity prices have gone up by 300 percent to 400 percent as against the three-year average. In Australia and Singapore power prices had gone up 140 percent and 50 percent, respectively.

In the case of the Ilijan natural gas plant, questionable and unilateral notices of gas restrictions which caused the deration or the ceasing of delivery of available capacity, had severely affected the plant’s net generation capacity forcing it to source for costly replacement fuel from the Wholesale Electricty Spot Market (WESM).

Meanwhile, Ang said, “SMC remains focused on maximizing all existing power assets in our portfolio to continue providing for the increasing needs of the country during this critical time. These include our existing renewable capacities and new Battery Energy Storage System facilities, which help limit power wastage and make variable renewable sources more viable.”

“More importantly, the continuing energy crisis we face has made us even more committed to finding sustainable solutions that will significantly reduce our dependence on traditional sources while satisfying the growing demands of our economy towards a clean energy future.”

ABACORE CAPITAL 2.04 2.05 2.09 2.12 2.01 2.04 15,955,000 32,479,190 6,323,140 ASIABEST GROUP 3.51 3.96 3.61 3.61 3.59 3.59 7,000 25,240 AYALA CORP 638 639 621 639 613.5 639 314,800 199,597,545 84,395,805 56 59 57.35 59 55.4 59 1,108,320 64,010,023 40,099,155.5 ABOITIZ EQUITY 9.7 9.71 9.89 9.89 9.71 9.71 2,010,800 19,564,752 (8,663,562) ALLIANCE GLOBAL ANSCOR 8.34 8.4 8.6 8.6 8.4 8.4 12,700 107,345 16,750 ATN HLDG A 0.39 0.4 0.39 0.39 0.39 0.39 350,000 136,500 4.3 4.35 4.3 4.35 4.28 4.35 237,000 1,018,750 (223,460) COSCO CAPITAL 9.25 9.27 9.47 9.52 9.2 9.27 5,449,900 50,605,675 7,019,774 DMCI HLDG FILINVEST DEV 6.87 7.06 6.87 7 6.87 7 44,500 310,408 GT CAPITAL 441 449 454 455.2 440 441 183,920 81,598,406 (56,227,080) 52.3 53 51.6 53 51.6 53 535,460 28,260,858 11,759,430 JG SUMMIT 0.54 0.56 0.53 0.57 0.53 0.56 24,000 12,790 LODESTAR LOPEZ HLDG 2.91 3 2.9 3 2.9 3 140,000 416,000 (3,000) LT GROUP 8.66 8.7 8.8 8.8 8.6 8.7 1,680,400 14,646,715(1, 890,612.9998) METRO PAC INV 3.77 3.78 3.69 3.78 3.61 3.78 8,849,000 33,311,610 18,311,040 2.14 2.18 2.15 2.15 2.1 2.14 313,000 666,180 PRIME MEDIA SOLID GROUP 0.83 0.85 0.84 0.85 0.84 0.85 70,000 58,920 SM INVESTMENTS 775.5 780 779 788 763 780 319,680 247,823,035 (63,088,145) SAN MIGUEL CORP 104.5 105 105 105.5 103.1 105 9,400 982,800 56,047 0.26 0.28 0.27 0.27 0.27 0.27 1,000,000 270,000 WELLEX INDUS ZEUS HLDG 0.153 0.159 0.153 0.153 0.153 0.153 30,000 4,590

PROPERTY ARTHALAND CORP 0.52 0.54 0.53 0.54 0.53 0.53 66,000 35,060 AYALA LAND 25.3 25.45 25.45 25.95 25.05 25.45 8,392,800 214,066,210 (3,728,070) 3.27 3.28 3.12 3.27 3.1 3.27 936,000 3,007,520 (106,920) AYALA LAND LOG 13.34 14.4 13.2 14.52 13.2 14.48 20,900 300,446 (1,440) ALTUS PROP ARANETA PROP 1.34 1.39 1.38 1.39 1.33 1.39 191,000 262,150 AREIT RT 36.5 36.7 36.1 36.75 36 36.5 347,300 12,553,535 (8,239,245) 0.75 0.77 0.77 0.77 0.77 0.77 12,000 9,240 A BROWN CITYLAND DEVT 0.67 0.71 0.68 0.71 0.67 0.71 86,000 58,290 13,600 CROWN EQUITIES 0.082 0.088 0.088 0.089 0.088 0.089 210,000 18,510 CEB LANDMASTERS 2.48 2.5 2.5 2.5 2.46 2.5 51,000 126,970 (5,000) 0.385 0.39 0.39 0.395 0.39 0.39 2,160,000 842,550 163,800 CENTURY PROP 2.42 2.43 2.47 2.47 2.42 2.43 6,271,000 15,248,360 323,800 CITICORE RT DOUBLEDRAGON 7.72 7.75 7.73 7.85 7.7 7.75 84,300 654,510 50,868 DDMP RT 1.5 1.51 1.53 1.54 1.5 1.5 1,120,000 1,692,560 (26,540) DM WENCESLAO 6.84 6.87 6.83 6.87 6.83 6.87 24,200 165,802 0.3 0.305 0.31 0.31 0.295 0.305 13,840,000 4,167,150 (9,300) EVER GOTESCO 6.78 6.79 6.8 6.8 6.78 6.79 108,200 735,318 150,081 FILINVEST RT FILINVEST LAND 0.9 0.91 0.89 0.92 0.88 0.9 3,966,000 3,577,030 (2,338,890) 8990 HLDG 9.32 9.66 9.26 9.66 9.26 9.66 3,900 36,241 1.06 1.08 1.05 1.08 1.05 1.08 67,000 71,830 PHIL INFRADEV CITY AND LAND 0.71 0.72 0.72 0.72 0.72 0.72 2,000 1,440 MEGAWORLD 2.27 2.28 2.31 2.32 2.26 2.28 40,787,000 93,171,030 7 ,784,050.0003 MRC ALLIED 0.177 0.178 0.177 0.178 0.176 0.178 3,270,000 576,950 15.96 16 16 16 15.9 16 901,500 14,398,532 (3,604,224) MREIT RT 0.37 0.39 0.37 0.37 0.37 0.37 270,000 99,900 PHIL ESTATES PRIMEX CORP 2.1 2.14 2.13 2.15 2.05 2.1 1,294,000 2,735,420 RL COMM RT 6.33 6.34 6.35 6.39 6.31 6.34 457,600 2,902,765 (969,904) ROBINSONS LAND 17.18 17.28 16.9 17.28 16.5 17.28 1,997,400 33,990,778 11 ,742,003.9996 0.217 0.225 0.225 0.225 0.22 0.225 200,000 44,550 PHIL REALTY ROCKWELL 1.26 1.3 1.31 1.31 1.31 1.31 4,000 5,240 SHANG PROP 2.56 2.6 2.6 2.6 2.56 2.59 14,000 36,330 STA LUCIA LAND 2.81 3.03 2.79 3.04 2.79 3.04 11,000 33,010 36 37 36.6 37 35.75 37 8,577,900 311,958,960 (26,908,145) SM PRIME HLDG 1.02 1.04 1.02 1.04 1.01 1.04 112,000 113,920 SUNTRUST RESORT VISTA LAND 1.94 1.98 1.99 1.99 1.92 1.98 1,302,000 2,556,280 (1,525,850) VISTAREIT RT 1.74 1.76 1.77 1.77 1.75 1.76 193,000 338,890 66,720

SERVICES ABS CBN 9.32 9.4 9.48 9.48 9.32 9.4 117,400 1,107,493 GMA NETWORK 10.26 10.28 10.3 10.36 10.26 10.28 205,400 2,110,794 2,018 2,020 2070 2,094 2,002 2,020 66,865 135,180,050 (32,328,360) GLOBE TELECOM 1,625 1,655 1657 1,669 1,610 1,655 118,155 192,721,320 (8,714,255) PLDT APOLLO GLOBAL 0.035 0.036 0.035 0.036 0.034 0.036 22,900,000 805,700 35,999.9999 CONVERGE 18.9 18.92 19.1 19.28 18 18.92 13,258,600 246,515,736 (66,051,654) 3.44 3.55 3.4 3.55 3.4 3.44 241,000 831,450 10,350 DFNN INC 3.78 3.79 3.83 3.83 3.71 3.78 3,190,000 11,976,270 (752,580) DITO CME HLDG NOW CORP 1.17 1.2 1.22 1.22 1.17 1.17 888,000 1,054,100 43,940 TRANSPACIFIC BR 0.27 0.275 0.285 0.285 0.27 0.27 5,870,000 1,594,300 ( 241,599.9999) 6.32 6.49 6.39 6.49 6.32 6.49 1,200 7,691 2GO GROUP ASIAN TERMINALS 13.54 13.6 13.6 13.6 13.6 13.6 31,000 421,600 (421,600) CHELSEA 1.15 1.19 1.15 1.19 1.15 1.19 1,026,000 1,181,340 (11,900) CEBU AIR 41.6 41.8 42.7 43 41.6 41.8 29,300 1,226,830 442,264.9997 INTL CONTAINER 183.2 183.9 188.6 190.1 180.2 183.9 1,756,350 321,008,361 (124,554,590) 4.15 4.24 4.28 4.3 4.13 4.25 558,000 2,336,300 (2,201,970) MACROASIA 0.83 0.92 0.82 0.93 0.82 0.93 2,000 1,750 METROALLIANCE A PAL HLDG 5.51 5.84 5.57 5.57 5.5 5.5 4,000 22,077 (20,977) HARBOR STAR 1.1 1.11 1.12 1.12 1.07 1.11 893,000 967,390 1.36 1.69 1.36 1.36 1.36 1.36 5,000 6,800 ACESITE HOTEL BOULEVARD HLDG 0.077 0.078 0.076 0.078 0.076 0.078 10,920,000 834,720 (78,090) GRAND PLAZA 10.08 11.98 11 11 11 11 500 5,500 CENTRO ESCOLAR 6.54 6.89 6.89 6.89 6.89 6.89 1,200 8,268 0.315 0.32 0.32 0.325 0.315 0.315 2,000,000 639,800 (566,200) STI HLDG 1.19 1.2 1.19 1.2 1.19 1.2 1,498,000 1,796,700 (1,569,600) BELLE CORP BLOOMBERRY 5.9 6.02 6.1 6.1 5.9 6.02 598,300 3,577,694 (88,337) LEISURE AND RES 1.42 1.44 1.41 1.42 1.38 1.42 2,087,000 2,907,450 ( 600,829.9999) PH RESORTS GRP 0.78 0.79 0.8 0.8 0.77 0.78 691,000 538,500 343,960 0.41 0.415 0.415 0.42 0.41 0.41 2,600,000 1,074,050 131,800 PREMIUM LEISURE 3.38 3.39 3.4 3.46 3.3 3.39 2,608,000 8,873,900 (2,835,050) PHILWEB ALLDAY 0.3 0.305 0.3 0.305 0.295 0.3 5,110,000 1,519,200 (30,000) ALLHOME 4.85 4.89 4.82 4.85 4.75 4.85 95,000 456,770 351,040 1.45 1.47 1.45 1.48 1.45 1.47 165,000 242,250 METRO RETAIL PUREGOLD 29.8 30.1 30.2 30.25 29.65 30.1 501,800 15,051,715 (474,140) ROBINSONS RTL 56.4 56.65 55.65 57 55.65 56.65 83,500 4,704,279 2,546,467.5 PHIL SEVEN CORP 65 65.3 65.3 65.3 65.3 65.3 150 9,795 1.37 1.4 1.42 1.42 1.38 1.4 1,092,000 1,529,830 (126,220) SSI GROUP 27.5 28.2 27.6 29.15 26.65 27.5 5,860,400 165,804,570 47,640,245 WILCON DEPOT APC GROUP 0.191 0.2 0.196 0.2 0.196 0.2 70,000 13,820 MEDILINES 0.75 0.76 0.74 0.75 0.73 0.75 402,000 297,960 0.405 0.41 0.405 0.41 0.4 0.41 1,120,000 457,150 PRMIERE HORIZON

MINING & OIL ATOK 6.9 7 6.98 7.06 6.9 6.9 356,400 2,462,874 APEX MINING 1.5 1.51 1.52 1.52 1.49 1.51 623,000 934,860 4.62 4.63 4.55 4.65 4.55 4.63 284,000 1,312,680 ATLAS MINING BENGUET A 5.05 5.12 5.07 5.1 5.05 5.05 94,500 479,229 BENGUET B 5.05 5.2 5.1 5.12 5.01 5.12 94,000 477,870 COAL ASIA HLDG 0.202 0.233 0.202 0.202 0.202 0.202 30,000 6,060 2.6 2.73 2.74 2.74 2.72 2.72 13,000 35,420 CENTURY PEAK FERRONICKEL 2.29 2.33 2.33 2.37 2.29 2.29 592,000 1,373,430 (283,190) GEOGRACE 0.172 0.192 0.173 0.19 0.172 0.172 140,000 25,180 1,080 LEPANTO A 0.136 0.137 0.136 0.136 0.136 0.136 400,000 54,400 0.133 0.138 0.138 0.138 0.138 0.138 70,000 9,660 9,660 LEPANTO B 0.0097 0.0098 0 0.0097 0.0097 0.0097 0.0097 11,000,000 106,700 MANILA MINING A MARCVENTURES 1.37 1.38 1.41 1.42 1.37 1.38 1,316,000 1,833,230 (115,180) NIHAO 0.9 0.95 0.95 0.95 0.95 0.95 1,000 950 950 NICKEL ASIA 5.61 5.62 5.59 5.76 5.56 5.62 2,959,900 16,669,419 (1,325,597) 0.71 0.73 0.73 0.73 0.72 0.73 209,000 152,370 ORNTL PENINSULA PX MINING 3.23 3.25 3.25 3.32 3.23 3.25 821,000 2,684,200 (295,000) SEMIRARA MINING 40.1 40.15 41.7 42.15 39.75 40.15 14,485,100 585,285,025 93,463,845 UNITED PARAGON 0.006 0.0061 0.006 0.0062 0.006 0.0061 13,000,000 79,800 12,000 13.72 13.86 14 14.2 13.7 13.72 148,800 2,063,822 ACE ENEXOR ORNTL PETROL A 0.01 0.011 0.01 0.011 0.01 0.011 900,000 9,500 ORNTL PETROL B 0.011 0.012 0.012 0.012 0.012 0.012 1,000,000 12,000 PHILODRILL 0.0086 0.0088 0 0.0087 0.0087 0.0087 0.0087 7,000,000 60,900 5.94 6 5.76 6.05 5.76 6 739,600 4,405,223 (149,500) PXP ENERGY

PREFFERED

HOUSE PREF A 99 101.3 101.3 101.3 101.3 101.3 200 20,260 ALCO PREF D 505 508 508 508 508 508 30 15,240 41 41.05 42 42 41.05 41.05 13,600 561,690 146,990 CEB PREF 100 101 101.5 101.5 99.8 101 1,450 146,470 CPG PREF A DD PREF 97 99.8 96.65 96.65 96.65 96.65 140 13,531 EEI PREF A 100.6 100.6 100.6 100.6 100.6 1,000 100,600 955 985 980 980 955 955 390 373,950 JFC PREF A JFC PREF B 950 955 979 979 955 955 150 146,130 MWIDE PREF 2A 94.25 99.8 99.8 99.8 99.8 99.8 50 4,990 MWIDE PREF 2B 96.2 101 101 101 101 101 22,520 2,274,520 1,010 95.5 98.4 95.05 98.4 95.05 98.4 110 10,522.5 8,554.5 MWIDE PREF 4 86.5 87 89.5 89.5 85 87 3,280 285,700 PNX PREF 3B PNX PREF 4 600 750 781.5 785 600 600 6,450 4,131,260 162,000 PCOR PREF 3A 1,035 1,037 1037 1,037 1,035 1,035 1,400 1,451,000 PCOR PREF 3B 1,052 1,062 1051 1,060 1,051 1,060 4,010 4,240,930 76.1 76.5 76.5 76.5 76.5 76.5 17,380 1,329,570 SMC PREF 2F SMC PREF 2H 75.1 75.3 75.45 75.45 75 75 16,010 1,200,754.5 SMC PREF 2I 77 77.95 77 77 77 77 1,460 112,420 SMC PREF 2J 72.75 73.95 74 74 72 72 26,610 1,915,940 55.25 55.5 55.75 55.75 55.25 55.25 9,000 497,750 (55,250) TECH PREF B2D PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR 8.6 9.4 9.05 9.05 9.05 9.05 21,800 197,290 () GMA HLDG PDR 10.2 10.5 10.78 10.8 10.5 10.5 27,100 291,974 272,024

WARRANTS

TECH WARRANT 0.65 0.67 0.71 0.71 0.6 0.67 4,405,000 2,825,070

SMALL & MEDIUM ENTERPRISES BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH MAKATI FINANCE MERRYMART XURPAS

0.68 1.02 0.85 0.72 2.05 1.9 1.23 0.3

0.69 1.03 0.87 0.75 2.88 2.59 1.24 0.315

0.68 1.01 0.86 0.75 2.26 2.69 1.23 0.3

0.69 1.03 0.88 0.75 2.26 2.69 1.24 0.32

0.66 1.01 0.85 0.73 2.26 2.4 1.22 0.3

0.69 1.03 0.88 0.75 2.26 2.4 1.23 0.3

1,969,000 3,171,000 82,000 45,000 16,000 2,000 572,000 560,000

1,347,690 3,230,160 69,950 33,150 36,160 5,090 703,110 171,050

15,640 60,680 (36,159.9998) 28,260 3,100

EXHANGE TRADE FUNDS FIRST METRO ETF

96.4

96.5

97.5

97.5

96

96.5

10,680

1,030,205

(6,070)

110,762

www.news.businessmirror@gmail.com

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Tuesday, August 2, 2022

B3

‘Give MSMEs interest-free, no-collateral loans’

M

By Andrea San Juan

ERCHANTS driving the economy could further boost growth if given interest-free and nocollateral loans, an official of the umbrella organization of employers in the country said.

Employers’ Confederation of the Philippines (ECOP) President Sergio R. Ortiz-Luis Jr. told the BusinessMirror the old ways of lending has been cumbersome for micro, small and medium-scale enterprises (MSMEs).

Ortiz-Luis explained the government needs to come up with “out-of-the-box” solutions to rally merchants into contributing to the economic recovery path.

He pointed out that government can maximize the funds in its conditional cash transfer program and the 4Ps [Pantawid Pamilyang Pilipino Program] by lending to MSMEs. “Instead na ’yung mga pera dalhin mo doon, ipautang mo sa MSMEs nang walang condition walang collateral, walang interest,” Ortiz-Luis told the BusinessMirror last Monday. “Tapos ang processing i e-evaluate lang ’yun; basta okay ’yung project, basta bigyan.”

The ECOP chief emphasized that Manila already enacted two laws supposedly geared towards the development of the Filipino entrepreneurial spirit by providing a business environment conducive

How much is enough for a death benefit?

D

O people exactly know how much they really need when they pass on? In reality, people make assumptions as to how much Jendee de Guzman they need and want to leave behind. Taboo as it sounds— personal finance this is not a casual topic among average Filipino families—but this is something the next generation should be kept informed about.

In the life insurance industry, a sum assured is also the death benefit of a life insurance contract. Unfortunately, in our country, the life insurance penetration is still quite low. Thus, life insurance literacy is low as well. There are times when a policy is bought just because a relative or a close friend offered the program and they feel a sense of obligation to return a favor.

The question is: Can somebody decide on how much he or she need for a death benefit? Yes, of course, but by way of considering the known factors: income replacement; educational support if there are minor children; final hospitalization fees; and, finally possible cost of funeral.

However, things are still unknown, such as when a person will pass on and how. Morbid as it sounds but the realities of life sometimes hit us on the face right before it happens.

A client of mine recently asked how much “Sum Assured” he must have to make sure that his family will be fully supported in the next ten years even without him. We started to define how much is he willing to support every month even without his presence and he said, at least P60,000 or P720,000 a year. By factoring the average inflation of 5 percent every year, that is roughly P9.057 million.

There are a lot of life insurance policies that are cash flow friendly to achieve this goal depending on the age of the life insured and depending on the life insurance product to use. Sometimes, it may be overwhelming but it is still better to prepare something than nothing at all.

There is also another strategy called perpetual support. That is, you decide on the amount you want your heirs to receive every year divided by the interest rate. As for the interest rate, let us assume that it will be the same as a time deposit because upon receipt of the death benefit, the reality is that the heirs would not know just yet how they are going to budget the proceeds of the life insurance policy as the final expenses can be overwhelming.

As an example, taking the annual expense of P720,000, divide it by 2 percent, assuming it will be placed on a time deposit, that is P36 million. No wonder some Filipinos would try their luck in the lottery for the hope to support their families perpetually.

Another strategy is taking the example above: the P720,000 per year but factoring in your resources such as income from business, royalties, pension, company insurance benefit, and other passive income that could possibly continue even without your presence. After deducting all the resources, that is the time to compute for a life insurance cover.

By this approach, the life insurance requirement will be lesser and as an example is a previous client of mine who has a rental property income of P40,000 every month, so using the example above, the target monthly support is P60,000 per month, minus the P40,000 every month rental income and the amount to augment is only P20,000.

Using the life insurance income replacement strategy, and also factoring in the inflation of five percent every year (5 percent), the heirs can be covered for ten years by a life insurance proceeds of roughly P3.02 million.

As difficult as it may seem, it is going to be easy once you decide to sit down and study how you want your heirs’ life be. Also, seeking an advise from a Registered Financial Planner will always help.

Can you take away the grieving once you are gone? Of course not, oftentimes people just learn how to live with the grieving but it will help with their moving forward if they will not burden themselves as where to get the money to pay their last respect to a loved one who did not prepare anything at all.

After all, the life insurance death benefit is something to be discussed always with your life insurance agent, by then peace of mind is perpetual.

Jendee de Guzman is a registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 97th RFP program this August 2022. To inquire, e-mail info@rfp.ph or text at 0917-6248110.

for MSMEs. However, Ortiz-Luis said these were not properly implemented.

Ortiz-Luis noted that in order for the MSMEs to generate jobs, it has to be spared from the traditional and burdensome lending process that makes these merchants go through a series of steps and fees.

“Kelangan talaga something new na kung ang gagawin lang kagaya ng dati na ’yung uutang sa bangko, eh dadaan

din sa commercial bank o dadaan din sa gobyerno; pero parang lending din sa commercial [bank]: binababaan lang kuno ’yung interest pero andun pa rin lahat ’yung condition ng bangko; wala ring mangyayari.”

Ortiz-Luis added that at the height of the mobility restrictions to address the Covid pandemic, numerous micro enterprises closed down. He said that while the financing arm of the Depart-

ment of Trade and Industry (DTI), the Small Business Corp., didn’t impose interest rates, SBCorp. still required payment for a service charge and documentation.

“Wala ring nangyari. Ayaw na umutang ng iba dahil natatakot silang maipit na,” Ortiz-Luis told the BusinessMirror.

But the ECOP chief emphasized that since the SBCorp. is under the supervision of the central bank, it has to follow

the rules of lending.

According to Ortiz-Luis, instead of doling out funds wherein government “is taking a chance,” the funds should be invested into the economic drivers.

“Kaysa ipamigay mo ’yung pera, ilalaban mo.”

Ortiz-Luis told the BusinessMirror that government should consider lending for MSMEs as an investment rather than an expense.

B4

Tuesday, August 2, 2022 • Editor: Gerard S. Ramos

Art

BusinessMirror

www.businessmirror.com.ph

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Uli Latukefu, 38; Sam Worthington, 46; Kevin Smith, 52; Mary-Louise Parker, 58.

HAPPY BIRTHDAY: Put yourself out there and see what happens. Be brave, voice your opinion and venture down paths that intrigue you. Take charge and set the stage for success. Use your skills to open doors, network and reconnect with people who are an asset.

Stop letting negativity and other people’s uncertainty hold you back. Focus on what you can achieve. Your numbers are 6, 10, 22, 25, 32, 37, 43.

ARIES (March 21-April 19): You’ve got more going for you than you realize. Step into the spotlight and let your intelligence capture the attention you deserve from your peers and superiors.

Refuse to let physical limitations stand between you and your dreams. Don’t share secrets. HHH

TAURUS (April 20-May 20): Don’t let a change of plans disrupt your day. Put force behind the changes you want. You’ll get things done, regardless of complaints and criticism. Time spent at home will help you sort through differences with loved ones. HHH

RAUL ISIDRO

OLIVIA D’ABOVILLE

NICCOLO JOSE

24 abstractionists converge in massive showcase

T

O be branded as Promethean is to be daringly original, creative, imaginative.

Prometheus in Greek mythology is, of course, a Titan god of fire and supreme trickster, who embodied the traits as the champion of humankind. He defied the gods by stealing fire from them and handing it to humanity.

Exemplifying the audacity to conceptualize and the courage to create are 24 Promethean abstract artists featured in a group exhibition, titled Figment of Imagination, presented by Galerie Anna. The show is on display at SM Megamall Art Center.

The participating artists include Meneline Wong, M.D., Allain Hablo, Fitz Herrera, Binong Javier, Rico Lascano, Grae Joquico, Jay Ragma, AADA, Eddie Santillan, Joy Rojas.

Also part of the massive showcase are Jayson Muring, Resty Tica, Ronnie Lim, M.D., Rosscapili, Raul Isidro, Haraya Ocampo-Tejido, Miguel Paulo Borja, Coeli Manese, Michael Pastorizo, Andre Baldovino, Tao Butao, Olivia D’aboville, Tammy De Roca, and Niccolo Jose.

Wong’s flow art directs colors in kinetic and vibrant waves. Hablo offers a mixed-media piece charged with textures and emotions. Meanwhile, Herrera carves out multiple dimensions for his bold impasto, as Javier’s pointillist work seems to move inward or outward depending on perception.

Lascano soothes the eyes and spirit with his signature meditative chromatic pieces.

Joquico illustrates a somber seascape, Ragma slices geometric forms in black and gray, and multidisciplinary artist AADA continues to explore the principles of reflection. Through straight lines of varying length and color, Santillan toys with our perspective, as Rojas pays a rugged homage to an icon.

Muring transports us to where textures collide and combine. Tica mimics minimalist street art on canvas. In the foreground of Lim’s work, a turtle rendered in intricate realism ventures on a galactic journey. Rosscapili defies rules once more to create mixed-media artworks that are truly only his; Isidro draws his sublime elements that are responsive and commanding at the same time.

Ocampo-Tejido reimagines a dreamy landscape defined by sweeping lines. Miguel Paulo Borja does the same, albeit with heavier strokes and darker tones. Manese shifts back to the light and subdued, as Pastorizo orchestrates every ebb and flow of his unique patterns. Baldovino alludes to forms that never materialize.

Butao brings out new forms from distortion, and D’aboville weaves narratives anew. Tammy De Roca splashes and carves depth. Jose, meanwhile, shapes out curves to great effect.

Like Prometheus before them, the artists show what can be achieved if one dared to go outside the box.

Figment of Imagination opened on July 24 and will run until Thursday, August 4. n

A chance to own a Joya, Imao through NFT THE first blue-chip fine arts NFT (Non-Fungible Token) launchpad in Asia, Scarletbox.io has released its Soft Public Sale featuring National Artists for Visual Arts Jose Joya and Abdulmari Imao, together with their second generation of artists Andre Baldovino and Toym Imao, respectively.

Scarletbox.io aims to bridge the generations of arts and culture into the NFT space with their 2 Legends x 2 Generations drop, which features the artworks from the National Artists merged with the art style of their second generation with added animation and music.

The two National Artists have been sold in auction houses locally and worldwide like Sotheby’s or Christie’s, highly respected for their craft. Jose Joya’s

GEMINI (May 21-June 20): Put more force behind your words. Don’t stop until you are happy with the results. Use your imagination, gain momentum and push your way to the top. Discipline and determination won’t let you down. HHHHH

CANCER (June 21-July 22): You can be expressive without exaggerating. Sticking to the facts will make your life easier and help you gain respect. Reach out to someone who can offer a different perspective on a situation you face. Don’t lose sight of your intentions. HH

LEO (July 23-Aug. 22): An open mind will bring exciting ideas. Take a trip or focus on pursuits that will get you up to speed regarding something you want to pursue. Being wellinformed will help discourage others from interfering with what you want to achieve. HHHH

VIRGO (Aug. 23-Sept. 22): Adjust what you don’t like and keep moving forward. Put your time and energy into where it counts and create the scenario that best suits your needs. Don’t wait for someone to do the legwork for you. Seize the moment. HHH

LIBRA (Sept. 23-Oct. 22): Keep life simple, doable and stable. Refuse to let your emotions take over and ruin a good thing. Over-thetop behavior will cloud your vision and generate unnecessary mistakes. Surround yourself with people you trust. HHH

SCORPIO (Oct. 23-Nov. 21): Follow through and make your dreams come true. Actions speak louder than words and will help you show how serious you are regarding your intentions.

Step up to the plate and give life your best shot. Leave nothing to chance. HHH

SAGITTARIUS (Nov. 22-Dec. 21): Money is heading your way. Invest in your talents and skills. Diversity will be your ticket to a better lifestyle. Be willing to do things differently if it will keep you in the game and ahead of the competition. HHHH

CAPRICORN (Dec. 22-Jan. 19): Be aware of what’s happening around you. Stick close to home and protect your assets. Revise your portfolio or change how you use your money to live and reach your life goals. An unequal partnership will require an adjustment. HH

AQUARIUS (Jan. 20-Feb. 18): You’ll get a good look at how someone operates if you open your eyes and go over what’s transpired.

Don’t ignore the signs when it comes to financial partnerships. If something doesn’t feel right, back away and do your own thing. HHHHH

record sale for a painting is $2.2 million. All artworks dropped are one-of-ones with historical value and story. It’s the first memento of these four artists to enter the metaverse with their first NFT. There is a lot of value in one’s first entry.

Each Founder’s NFT comes with a limited-edition Collectible Box, complete with a live Digital Frame, a vial with a token from the artist, and a Certificate of Authenticity.

After a successful over-subscribed Private Sale, Scarletbox now opens its Founder’s NFT sale to everyone in a Soft Public Sale. One just needs to create an account at www.scarletbox.io to be able to purchase.

Scarletbox accepts both fiat (peso/USD) and eth. More information can be found at www.Scarletbox.io.

PISCES (Feb. 19-March 20): A change is favored. Add skills that help you pursue your dreams. Your happiness depends on you doing what’s right and best for you. Networking events will open a window of opportunity. HHH BIRTHDAY BABY: You are outgoing, playful and receptive.

You are resourceful and entertaining.

H: Avoid conflicts; work behind the scenes. HH: You can accomplish, but don’t rely on others. HHH: Focus and you’ll reach your goals. HHHH: Aim high; start new projects. HHHHH: Nothing can stop you; go for gold.

‘eye pieces’ BY SAM BUCHBINDER The Universal Crossword/Edited by David Steinberg

ACROSS 1 Greyhound vehicle 4 Fruits used in chewy cookies 8 Deals with adversity 13 Soprano, ___, tenor and bass 15 “haha can u believe that?!”

16 Put up with 17 Head of the class 19 Turn yellow, like a banana 20 Bert’s buddy 21 Like a noble gas 23 “Rear” or “dead” follower 24 States split and founded in 1889 26 “Talked” in the cow barn 28 One is tall and attractive 32 Tampa neighbor, informally 35 Entirely 36 Part of an important sequence 37 Drop the ball 38 Letters describing many kits 39 Good card in poker 40 Some summer babies 42 Room for lounging 43 Moved like a nomad

46 One framework for analyzing gender roles 49 Sag 50 Lets off the hook 54 Place for a facial 56 “___ Wilson” (1992 Barenaked Ladies song) 58 Related to hearing 59 Backyard grill site 61 Crunchy holder for ice cream 63 Each 64 Soul singer James 65 Gigantic 66 Spots for students and teachers 67 Qatar’s capital 68 Mark before “com” DOWN 1 Headquartered (in) 2 Super: Prefix 3 Deserved one star 4 Target of a yearly shot 5 Like Dennis the Menace 6 Alternative to Tide 7 Proper way to swear?

8 9 10 11 12 14 18 22 25 27 29 30 31 32 33 34 38 41 42 43 44 45 47 48

27-Down holder ___-Wan Kenobi Wishful fantasy Genesis setting Gmail button Bird on Cal Ripken Jr.’s cap ___ four (small cake) Muddy up What may improve whiskey Quiche ingredient Damage, as a reputation Fairy-tale beginning Monopoly card Egotist’s focus Kite flyer’s hazard Senior partners, say?

Hated Title for Elton John Gucci rival Name fit for a king?

Like some headphones To the same degree Gendered sign on a clubhouse 12 inches, for many a ruler

51 52 53 54 55 57 60 62

Not ashamed Dance banned by Pope Pius X Messy winter forecast Risked a ticket on the freeway Surface, as a road Prefix for “pilot” Annoy TripTik org.

Solution to today’s puzzle:

www.businessmirror.com.ph

Show BusinessMirror

Editor: Gerard S. Ramos

• Tuesday, August 2, 2022

The best is yet to come for Derrick Monasterio

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OT, handsome and hunky GMA leading man Derrick Monasterio finally gets his first-ever top male lead role in a TV series and we say that this is long overdue. This dream of his finally came true when the media giant, where he is exclusively signed, offered him its newest afternoon show that began airing this week, Return to Paradise.

“I was very surprised when the call came in that I will finally be the leading man in a new show. After I put the phone down, I uttered a silent prayer of thanksgiving for this wonderful, wonderful break,” he shared during a recent chat.

Monasterio admitted that he had been secretly praying for a lead role all these years, and he simply believed that his prayer would be granted. “All in God’s perfect time,” he told us.

Prior to starting work for this new series about two young dreamers with complicated family backgrounds brought together by fate when they survive a plane crash and get marooned on a beautiful island, Monasterio made sure that he never missed a workout session and focused on every body part that needs to be addressed.

“I was told early on that we would be shooting our scenes out of town where there were beaches, and you know what that means and requires,” he volunteered.

But whether he is preparing for a role or not,

Monasterio is one our few celebrities who takes fitness very seriously and gets into his exercise regimen consistently. He affirmed that working out regularly has become not only an activity but a lifestyle.

“I started going to the gym quite early, when I was around 17, and I haven’t stopped or gotten tired.

Working out also builds my confidence and fine-tunes my personality, too. But my main goal is to be fit and healthy, and be at the best shape for my age.”

At a time when physical and mental health are both on top of everyone’s priority list, it is wonderful to know that celebrities like Monasterio continue to inspire.

“Being fit is not only about muscles or showing off ripped bodies. It is first and foremost about staying healthy. These are certainly different times, especially when the pandemic hit hard and all of a sudden, threats to healthy living are everywhere. Mental health is also very important, not to be neglected.

There are a lot of triggers nowadays and depression and anxiety have become more and more prevalent, especially among the younger generation. This is why we have to always look after ourselves and be always on guard,” he said.

Monasterio also stressed the importance of eating healthy and getting enough sleep and rest. “What we eat and consume will manifest on the outside. How we shape our thoughts will show in our actions— are we always grouchy and negative, or calm and slow to anger? We also should rest and sleep well.

Even muscles need to relax and recuperate after a strenuous workout.”

Derrick Monasterio turned 22 on the same day Return to Paradise debuted on the solid afternoon block of GMA and he feels the best is yet to come.

“I know that it will be an amazing year, and I am just thankful for the many wonderful blessings coming my way. I am claiming success, health and happiness!” n

ThE hoTTEST LoVE STory UnFoLDS in ‘rETUrn To PArADiSE’ Scorching afternoons await with a love story like no other as the newest gMA afternoon series Return to Paradise marked its world premiere on gMA yesterday, August 1. it airs weekdays at 3:25 pm.

The program is top-billed by Derrick Monasterio as red. introduced in the cast is Sparkle artist Elle Villanueva as Eden in her first lead role. Making her much-awaited comeback on gMA is versatile and award-winning actress Eula Valdez as Amanda.

Derrick shares that he and Elle really worked on building their chemistry and rapport to pull off steamy scenes in the series: “May process kami as actors and individuals. Ginawa namin ang intimate scenes professionally kaya hindi na kami naiilang. it’s also very important for me to ask her what’s her limitation kasi ayaw kong maka-disrespect ng coactor.”

Elle admits she experienced a lot of firsts in Return to Paradise: “Whenever opportunities come, tinatanggap ko and i’m very open with other roles. Bago sa akin ang daring at kissing scenes, i was so scared. Ang daming challenges sa serye na ito and i’m grateful to be part of it. Nakakapanibago pero masaya.” Eula, on the other hand, is happy to be back with gMA after eight years: “grateful ako na nakabalik ako sa gMA. Masayang katrabaho pati ang mga crew. Kapag nagtitaping, pantay-pantay kaming lahat. Naniniwala rin ako na walang maliit at paulit-ulit na role kaya natsa-challenge pa rin ako na gawin siyang kakaiba all the time.”

The story revolves around Eden (Elle) and red (Derrick), college students and athletes who are marooned on an island after a plane crash. While surviving the perils of life in the wild, they fall deeply in love with each other.

When the two are rescued, they find out that their parents have an irreconcilable feud which will tear them apart.

Will true love conquer all for Eden and red? is there a chance for their families to heal from the past and start anew?

Also in the cast are Liezel Lopez, Teresa Loyzaga, ricardo cepeda, Karel Marquez, Kiray celis, Paolo Paraiso, Mia

EULA VALDEZ

Pangyarihan, and the multi-awarded Allen Dizon. created by the gMA Entertainment group headed by SVP for Entertainment group Lilybeth g. rasonable, the afternoon drama is directed by Don Michael Perez, who reveals that there were a lot of struggles during their taping but the lead stars remained committed and professional: “This is one of the most challenging shoots because it’s a very physically demanding show. i admire Derrick and Elle kasi kahit nabibilad sa initan at nauulanan sila, walang reklamo, and they did beyond what was expected of them.”

Return to Paradise is from the original concept of Atty. Annette gozon-Valdes, gMA Films president and programming consultant to the gMA chairman and cEo, and glaiza ramirez.

B5

B6 Tuesday, August 2, 2022

Global BPO reiterates strong integrated team in PH

DBP partners with top conglomerate to support poultry contract growers

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TATE-OWNED Development Bank of the Philippines (DBP) is looking to strengthen its lending support to poultry contract growers through its partnership with the local subsidiary of an international agro-industrial and food conglomerate, a top official said.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said the Bank has agreed to provide credit assistance to qualified poultry contract growers of the Charoen Pokphand Foods Philippines Corporation (CPFPC) after signing a Memorandum of Agreement (MOA) with the company.

“DBP is keen on funding more local poultry contract growers in line with its commitment to promote homegrown agricultural enterprises, and consequently spur economic activities in the countryside and buttress the National Government’s food security efforts,” Herbosa said.

Under the MOA, CPFPC will endorse its existing and potential contract growers to DBP for possible funding support while DBP will evaluate and approve loan applications of qualified poultry contract growers for farm acquisition, development, rehabilitation and other preoperating expenses.

SIGNING THE MEMORANDUM OF AGREEMENT ARE, FROM LEFT: CPF Philippines Vice President Phaisarn Rewriab; CPF Philippines Chief Finance Officer Supakitti Bunvet; CPF Philippines President Udomsak Aksornphakdee; DBP Senior Vice President Carolyn I. Olfindo; and DBP Assistant Vice President Rallen O. Verdadero.

DBP Senior Vice President for Lending Program Management Carolyn I. Olfindo said the bank has also re-opened its Broiler Contract Growing Program (BCGP) for new accounts with contract growing agreements with a DBP-partner integrator as well as existing accounts of good standing with proposed additional loans for expansion.

Olfindo said the DBP BCGP is designed

to encourage contract growers to expand their businesses by financing poultry broiler contract growing projects through shortened loan processing.

“Moving forward, DBP will continue to assist contract growers to help boost agricultural productivity towards a stable and reliable food supply in the country,” she stressed.

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HE Philippines has continuously proven to be one of our most resilient and dedicated teams as we navigated the pandemic these past two years. We look forward to leveraging our expertise to embrace more opportunities and fuel further growth for the business," Sitel Group® Global Chief Operating Officer Olivier Camino said during his Philippine visit in May this year.

The COO's visit comes on the heels of Sitel Group's acquisition of SYKES and the integration of the two customer experience teams.

Sitel Group is currently present in five locations in the country – Metro Manila, Baguio, Tarlac, Palawan and Cebu, with 15 strategically placed hubs in premiere locations. Over 40,000 employees in the Philippines contribute to the global company's 160,000 associates, located throughout 40 counties worldwide.

The company is the preferred partner to over 700+ customer brands, connecting them with customers across all channels 8 million times daily in over 50 languages.

Camino visited new hubs in Cebu and Metro Manila for the first time. He focused on the Sitel Group experience and how the company's internal people programs helped strengthen the seamless integration of Sitel Philippines and the legacy SYKES organization.

"The integration didn't just grow our numbers. It also gave us the opportunity to learn different perspectives to provide better innovations and powerful transformations

AT THE FIRST COFFEE ART GROUP EXHIBITION, FROM LEFT: Rowena Jasmine Macahiya, EARIST College of Architecture and Fine Arts, Associate Dean; Rens E. Tuzon, President/Founder Sining Kape at Kultura; Von Aaron Tan, SM City Mall Manager; and Ptr. Danilo Roman of Coffee Town Philippines. (Photo courtesy of Esang Ocampo, Upcycling Coffee Artist).

“W

E appreciate every good coffee, but never the coffee farmers. It's about time we appreciate them.”

JUST like a good, rich, and tasting coffee, the Philippine Coffee Industry has a rich history, from where it was first introduced in Lipa City, Batangas, wherein it became the Coffee Capital of the Philippines. Up to its glory days when the Philippines became the fourth largest exporter of coffee beans until the coffee rust hit Brazil, Africa, and Java, the Philippines became the only source of coffee beans worldwide. That includes the selling of coffee to America, through San Francisco, and successively, with the opening of the Suez Canal, the European market opened.

However, the Philippine coffee industry also experienced its ups and downs thereafter and never recovered its glory days when the coffee rust also reached the Philippine coasts, destroying all the coffee plants in Batangas.

Coffee rust is a destructive disease caused by a rust fungus, called Hemileia vastatrix. It can reduce coffee production by up to 50% or possibly more.

prevalent variety of coffee in the Philippines which is much easier to cultivate than Arabica.

Almost 90 percent of coffee produced in the country is Robusta. From the boundary of Candoni and Sipalay in Southern Negros, Robusta coffee is the most prevalent and arep grown by the Saldua brothers who were long raised as coffee farmers and growers for lengthy years now.

Gregorio Saldua was hailed as the “uncle of all coffee farmers”, who tilled the sloping hills as a tenant for more than sixty years but became a victim along with his family of a fictitious land reform case which been trying to solve for the last 15 years were like indigenous to the place. But he did not survive the stress imposed on him.

Masing Saldua, died last July 13, 2022.

According to the family, he was over 100 years old.

For so many years now, Robusta coffee was enjoyed and appreciated by the townspeople and is served in both the Wild Geese and Sanrise coffee shops for more than sixty long years by the Saldua’s in Negros Occidental.

The Bean Belt COFFEE grown in fifty countries is along the equatorial zone called, the “Bean Belt”.

The “Bean Belt” is the area called where almost all the world's coffee grows because the soil is fertile for coffee plants. Luckily, the Philippines lies within the “Bean Belt” and is blessed with favorable climate and soil conditions, from the lowland to the mountain regions. The Philippines is also one of the few countries that produce the four variants of commercially-viable coffee, namely Liberica (also known as Kapeng Barako from Batangas), Excelsa, Robusta, and Arabica.

Robusta coffee is probably the most

Traditional coffee process After picking the coffee beans, they extract the coffee beans using a wooden pounder, gradually pounding the coffee beans to easily extract the beans. This is a traditional way of doing it. After the pounding process, manually they separate the beans from the skin, then, they soak them in water and one by one, removing the beans’ skin. They need to wash it thoroughly to remove the “stickiness” because it will take longer for the beans to dry if the stickiness is not completely removed. Once the texture becomes rough, it’s almost ready for sun-drying. The sundrying of the extracted coffee beans, usually, takes a week or more before it completely

Extraction of coffee beans THE process is gently separating piece by piece using bare hands. And that’s how the traditional method goes, with so much patience, perseverance and diligence, that’s how our coffee farmers ensure the best Robusta coffee we will enjoy. After that, the Saldua farmers need to dry it again under the sun for a week. They want it more dried because it is much better in the roasting process.

Once the coffee beans are in the roasting process under fire you should not stop mixing them until it becomes dark brown or black, or whatever you preferred. In the roasting process, you need to lower the heat to best compensate for the mixing of the coffee beans.

Ginding of the roasted coffee bean CURRENTLY, they are so many ways in grinding roasted beans. The traditional way of making Saldua’s Robusta coffee includes pounding to make a coffee powder. At present, a manual coffee grinder is used to make uncomplicated coffee powder while others are using an electronic coffee grinder or blender and then brewing it as often as you enjoy it.

Now, around 550 kilograms are usually bought in December of each year from remaining Saldua coffee farmers. The beans are small and have a distinctive taste. Around three months before each harvest, the Saldua farmers are provided with an interestfree advance. On top of that, the beans are bought at a higher price than the prevailing buying price, to sustain and support the legacy of the Saldua Robusta coffee in Negros Occidental.

How long can the Saldua farmers and growers of Negros Occidental survive?

The newly formed group of Filipino coffee artists, recently staged a modernday coffee “Bayanihan” ala Katipuneros inspired by the long-forgotten howls and battlecry of our beloved hero Gat Andres Bonifacio. They raised their cup of coffee as the medium of each and everyone’s Obra and stage a historical Coffee Art group exhibition at the 2022 Coffee Festival in SM City Sta. Mesa, in celebration of the music, coffee, and the arts, and called “PADAYON! Unang Sulong, Unang Hakbang” to help and support local coffee farmers. (Rens E. Tuzon)

in the industry," Camino explained. "The pandemic truly changed the market, created chances for growth and innovation, and raised the stakes. Our strong integrated team in the Philippines will be essential to the company as we continue to provide exceptional support to our clients and people."

Camino ended his visit by reinforcing Sitel Group's commitment to supporting the Philippines and working closely with local teams to reach bigger and bolder goals in the future. "There is nothing we can't achieve when we work together," he emphasized.

"Let's continue to be bold, work together and embrace exciting new opportunities as we shape an innovative future together and show excellence as a leader in our field."

Kenny Rogers Roasters brings back Chimichurri

Saldua‘s coffee legacy in Negros Occidental: Why we support them and you should, too dries under the sun, it depends on the kind of weather they are undergoing.

After the beans are completely dried, another round of pounding is required, to gently break the coffee bean shell using the wooden pounder and make sure not to damage the coffee bean inside.

OLIVIER Camino, Sitel Group Global Chief Operating Officer

CHIMICHURRI Roast group meal

K

ENNY Rogers Roasters heard your clamor and cravings in so many ways on social media! So they are bringing back its famous Chimichurri on the menu— not only on the Roasted Chicken but with more meat selections this time around.

It’s not a throwback but a big comeback: As Kenny Rogers Roasters is now offering seven meat options into the mix, customers with different preferences are surely covered.

Apart from Chimichurri Roast, guests can also choose from their famous Ribs, Premium Steak, Burger Steak, Burger Bun, Schublig Sausage, and Fish as protein options.

The Argentinian taste of Chimichurri sauce is a blend of freshly chopped parsley

and cilantro, with a kick of garlic, spices, and a hint of zest. It’s a fun and delicious Chimichurri Festival everyone will surely savor and feast!

Guests can now taste Chimichurri in their Kenny Rogers Roasters favorites, which can be enjoyed whether solo or as a group. Kenny’s Solo B plate (starts at P290) comes with a portion serving of their choice of meat with Chimichurri sauce, two side dishes, rice, and a muffin. All Chimichurri Group Meal (starts at P1,330) includes quarter Chimichurri roast, half-slab Chimichurri ribs, one Chimichurri Schublig sausage, one Chimichurri burger steak, four side dishes, four cups of rice, four muffins, and 1.5L of soda.

With every Solo Plate purchased of Chimichurri, Kenny Rogers Roasters will donate P1.00* to selected NGOs to support our local farmers. The Chimichurri Farmvocacy is Kenny Rogers Roasters' way of helping the local farmers uplift their livelihood in today’s challenging time.

Available for dine-in, takeout, or delivery through www.kennyrogersdelivery.com.ph, hotline: 8-555-9000, or via Grab Food and Food Panda.

Fight diabetes with personalized health solutions

A

CCORDING to data from the Philippine Statistics Authority (PSA), Diabetes remains a major health problem in the Philippines with one for every 14 Filipino adults suffering from the disease. Currently, it is the fourth leading cause of death in the country affecting 4 million Filipinos from its complications.

With deaths from January to November 2021 alone up by 22.4 percent, the number of diabetes cases continues to rise. Projections from the International Diabetes Federation (IDF), an organization comprising more than 230 national diabetes associations in 170 countries and territories, place adult diabetes cases at over 5 million by 2030 and more than 7 million by 2045.

Diabetes, if not managed properly, can cause several health complications, including heart disease, kidney failure, chronic skin conditions, and blindness. Proper treatment, medications, and even a change in lifestyle are crucial in helping curb the progression of the disease.

Apotheca Integrative Pharmacy (AIP) has a wide range of personalized health solutions for diabetes. To help Filipinos prevent obesity and decrease the risk of diabetes, AIP offers a portfolio of weight management solutions.

One of these is HCG or Human chorionic gonadotropin, which has been used for decades as part of an intensive diet plan called the HCG Diet.l When used by diabetic patients, it improves their health by breaking down fats to lower cholesterol levels and boost metabolism.

AIP also offers the combination medicine of Bupropion and Naltrexone to help manage weight in obese or overweight adults with weight-related medical problems. For more effective results, this medicine should be complemented by a healthy diet and regular exercise.

For patients suffering from type 2 diabetes, AIP offers L-Carnitine, which helps the body

turn fats into energy. This medication also improves brain function, heart health, muscle soreness, and L-Carnitine deficiency.

Skin problems are sometimes the first sign that a person has diabetes.

To help diabetic patients manage wounds and facilitate faster healing of wounds and skin irritations, AIP offers the Tretinoin compounded medication. This is designed to help speed up the life cycle of the skin by replacing older skin.

As high glucose levels can speed up the aging process. For this, AIP offers a compounded Vitamin C Serum. One of the best anti-aging nutrients that can provide a smooth and glowy complexion, this medicine brightens and tightens the skin, promotes collagen reproduction, hydrates, and provides antioxidants that help reduce skin radiation.

AIP’s growing portfolio of nutraceuticals serves to address nutrient deficiencies and strengthens a person’s ability to fight off diseases, including diabetes.

Vitamin C helps boost the immune system and at the same time lowers blood pressure, cholesterol, and uric acid levels.

Zinc, which is essential for cell growth and division, also fortifies immune function, enzyme reactions, DNA synthesis, and protein production. To learn more, visit apotheca.com.ph.

Sports BusinessMirror

mirror_sports@yahoo.com.ph | Editor: Jun Lomibao

‘Banjo’ and co. bounce back in Olympiad

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HE Philippines downed Cyprus, 3-1, to storm back into contention in the men’s side as the women’s team suffered a heartbreaking 1.5-2.5 defeat to higher-ranked Serbia after three rounds of the 44th World Chess Olympiad in Chennai, India, Monday night.

Grandmasters (GM) Rogelio “Banjo” Barcenilla, John Paul Gomez and Darwin Laylo delivered the victories that cushioned the impact of GM Mark Paragua’s shock defeat to FIDE Master (FM) Konstantinos Michaelides on the top board.

The win sent the Filipinos, seeded 52nd, into a 63-country tie for 26th place on 4.0 match points.

They face 89th-ranked Monaco in the fourth round on Monday.

The loss by the Filipinas, whose participation are bankrolled by the Philippine Sports Commission, sent them from a share of the lead to 22nd place with 52 other countries.

They battled Angola in the fourth round on Monday.

Woman FM Shania Mae Mendoza suffered the team’s lone defeat to Woman International Master (WIM) Adela Velikic on board three while Woman GM Janelle Mae Frayna and WIMs Jan Jodilyn Fronda and Kylen Joy Mordido all drew their matches.

Mendoza, a former University Athletic Association of the Philippines Most Valuable Player from Far Eastern University, blew a drawing chance that could have forced a 2-2 upset of the 18th-seeded Serbians.

Mordido also had her chance for a win but couldn’t cash in and settled for a draw.

The GM Jayson Gonzales-coached Filipinas defeat was their first after dumping Oman and Nicaragua in their first two assignments.

India 2 led the men’s contest with 12.5 board points but totes the same 6 match points, followed by France and Israel with 11.5 points each, and Uzbekistan and Turkey with 11 apiece. India was sixth with 10.5 points, while the US, which parades Philippine-born GM Wesley So, was 20th with 9 match points.

In the women’s side, Bulgaria was ahead with 11.5 points, followed

by Ukraine, Mongolia and Sweden with 11 points and India and Poland, Azerbaijan and The Netherlands with 10.5 points.

S

URAKARTA, Indonesia— Swimming delivered the country’s first pair of gold medals in the 11th ASEAN Para Games Monday as Ernie Gawilan and Roland Sabido splashed their way to the top of their respective events at the Jatadiri Sports Complex pool in the neighboring city of Semarang.

Comely thrower Cendy Asusano added the third gold in early morning action as she ruled the women’s javelin throw F54 class at the Manahan Stadium for a promising start for the Filipino para athletes, a majority of them competing for the first time since the 2017 edition of the meet held in Malaysia.

A triple gold medalist in the Jakarta 2018 Asian Para Games, Gawilan kicked off the Philippine campaign by ruling the men’s 400-meter freestyle S7 in four minutes and 54.87 seconds in the outing sponsored by the Philippine Sports Commission.

Then Sabido and Arnel Aba led a 1-2 finish in the men’s 400-meter freestyle S9 with times of 5:09.40 and 5:14.13, respectively, much to the delight of the small Filipino crowd at the pool led by Philippine Paralympic Committee President Mike Barredo.

“We have a good start and hopefully, this will continue for the rest of the games,” said Gawilan, 31, who won two golds and two silvers in the regional meet for para athletes held in Kuala Lumpur five years ago.

The Davao City pride aimed for another gold medal in the 4x100 meter freestyle relays 34 points that was swam in the afternoon with Sabido, Aba and Edwin Villanueva, who copped a bronze medal in the men’s 400-meter freestyle S8.

“I’m so happy because I didn’t expect to win gold right in my first throw,”said Asusano, who settled the issue with her heave of 13.72 meters on the first attempt.

Also contributing a bronze medal each in athletics were Joel Balatucan,

GAWILAN WINS PHL’S 1ST GOLD

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By Josef Ramos

ARK “MAGNIFICO” MAGSAYO needs one or two fights to be able to contend anew for a world boxing title.

Magsayo lost his World Boxing Council (WBC) featherweight belt via split decision to Mexican Rey Vargas

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Invitational Conference.

The lone match kicking off what promises to a wild semifinals phase fires off at 4 p.m. at the Filoil EcoOil Centre in San Juan Tuesday with the High Speed Hitters setting out exuding confidence after hurdling the Cignal HD Spikers in

ERNIE GAWILAN poses with his gold medal as Cendy Asusano (with pink head band) bags the women’s javelin throw gold medal and poses with the Philippine flag with fellow medalists (from left) Armand Dino, Jessebel Tordecilla, Joel Balatucan(right) and Daniel Enderes Jr.

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Daniel Enderes Jr., Armand Dino and Jesebel Tordecilla in men’s shotput’s F55, 5,000-meter T20 race, 100-meter T47 race and women’s discus throw F55, respectively.

On Sunday night, table tennis also made its modest medal contribution with two bronzes in men’s team Class 4 through Billy Cartera, Racleo Martinez and Darwin Salvacion and men’s class 8 doubles courtesy of Jobert Lumanta and Jayson Ocampo.

Counting the silver in men’s 3x3 wheelchair basketball last Sunday, the Filipinos now boast an early overall medal tally of three gold, two silver and seven bronze medals.

More medals were expected Monday afternoon in swimming, track and field and powerlifting, where two-time Asian Para Games silver medalist Achelle Guion was vying in the women’s 46-kilogram division.

Among those also expected to figure prominently were wheelchair racer Jerrold Mangliwan in men’s 100-meter T52, Jeannete Aceveda in women’s discus throw F11-13 and Angel Otom in women’s 50-meter backstroke S5.

The country’s athletes aim to surpass the haul of 20 gold, 20 silver and29 bronze medals, good for fifth overall, in the Malaysian capital in 2017.

Magsayo needs to wait awhile for title fight MAGSAYO

B7

High voltage Hodge earns nod of scribes

last July 7 in San Antonio, Texas. It was his first setback in 25 fights.

“That was a mandatory fight and there’s nothing we could do about it so we have no choice,” said international matchmaker Sean Gibbons, also president of Manny Pacquiao’s MP Promotions, told BusinessMirror on Monday via Internet call. “We’ve been with the bad and close decisions before. We’re disappointed, but that’s how it was.”

The 5-foot-11 Vargas, undefeated in 36 fights with 22 knockouts, gets

High Speed Hitters seek repeat vs Lady Troopers LDT has the momentum but Army boasts of the experience as the two teams clash in a crucial Premier Volleyball League stretch that guarantees a slambang clash of teams out to assert themselves in a talent-laden pack of bidders in the semifinal round of the

Tuesday, August 2, 2022

four to close out their impressive eliminations campaign.

In contrast, the Lady Troopers dropped their final eliminations assignment to the powerhouse Creamline Cool Smashers and needed some “outside” help to get through the next round.

a chance for a unification bout with World Boxing Association (WBA) featherweight champion Leo Santa Cruz of Mexico within the year.

The winner of the upcoming unification bout, according to Gibbons, could face the 27-year-old Magsayo by next year especially if the pride of Tagbilaran City wins his next two or three fights—the first set later this year and the second, a world title eliminator, next year.

“After two or three more fights, I believe Mark Magsayo will get back to

win another world title again,” Gibbons said. “I’m really confident he can regain the title because Mark [Magsayo] is really a hardworking fighter.”

Magsayo, under the tutelage of Hall of Famer trainer Freddie Roach, dethroned Gary Russell Jr. last January 22 via majority decision in Atlantic City, but couldn’t get the job done in his first title defense.

“It’s not the end of the road for Mark,” Gibbons said. “He’ll get back stronger than ever.”

Army got a free ride to the semifinals after also-ran Petro Gazz spoiled Choco Mucho’s own bid with a shock sweep of the crowd favorites.

But the Lady Troopers are more than ready to prove their worth behind a crew so tested in this kind of battles, led by skipper and top-hitter Jovelyn Gonzaga, ace playmaker Ivy Perez, Honey Royse Tubino, Jeanette Villareal, Mary Anne Esguerra, Joanne Bunag, Jem Gonzales, Angela Nunag,

MJ Balse-Pabayo and Nene Bautista.

The last two have been in the volley wars since the organizing Sports Vision revived the once dormant league in 2004, steering Army to a couple of championships—in the 2011 and 2014 Open Conference.

HROUGH the years, Cliff Hodge developed a reputation of someone who always poured everything on the floor for Meralco, literally and figuratively, as the team’s immovable anchor and tireless motor.

And while his contributions may not be reflected on the stat sheet at times, the bruising forward has provided unparalleled impact for the Bolts.

In the do-or-die Game 3 of the Philippine Basketball Association (PBA) Philippine Cup quarterfinals, Hodge was at it again and rose to the occasion as Meralco finally got over the hump and exorcised its agonizing ghost in Barangay Ginebra.

Hodge dropped 13 points, 18 rebounds and two assists including the crucial offensive foul he drew on reigning Most Valuable Player Scottie Thompson in the end game, allowing the Bolts to hang on for a dramatic 106-104 victory and barge in the best-of-seven semifinals series.

The numbers and huge role the 6-foot-4 forward played in the highlyemotional best-of-three series earned him the Cignal Play-PBA Press Corps Player of the Week for the period July 27 to 31 to end the quarterfinals.

In a two-game span, the 10-year veteran averaged a double-double of 19.0 points and 10.0 rebounds, laced with 3.5 assists to serve as the Bolts’ unheralded spark plug in the Bolts’ first-ever playoffs series win over their archrivals.

Until the breakthrough win, Meralco is 0-5 against Ginebra in the playoffs, including 0-4 in the finals.

Though the Bolts dropped a close 94-87 loss in Game 2, Hodge also left an imprint in the match behind a conference-high 25 points, two boards, five assists, and two steals.

“I’m just so proud of everybody in our team. We stuck together,” said acting coach Luigi Trillo in lieu of Norman Black, crediting the entire Bolts following a historic victory that set-up their semis date against No. 1 seed San Miguel.

Hodge’s teammates in Chris Newsome, Raymond Almazan, Allein Maliksi, and Alvin Pasaol were also nominated for the weekly citation being handed out by the men and women regularly covering the PBA beat.

Action in Capas turns fever-pitch with duathlon at New Clark City

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WINNERS of the New Clark City Duathlon strike a pose with their medals. BERNARD TESTA

Magnified impressions

HE New Clark City (NCC) opened its doors to its first duathlon race last month as the world-class facility in Capas aims to become the premier sports epicenter for training and racing events in the country.

Jointly organized by the Bases Conversion and Development Authority (BCDA) and the GoClark Sports and Events, around 650 enthusiasts took part in the run-bike-run races in multiple age and skill set categories.

“Duathlon is actually encouraging people—regular athletes, couch

potatoes—toward an active lifestyle,” said Jumbo Tayag, GoClark race director. “This sport is good for everyone’s health.”

The NCC Duathlon is the second major sports event held at the NCC this year after its reopening last May from a series of lockdowns, stricter border regulations and restrictions in mobility brought about by the two-year pandemic.

The event was also the first for GoClark at NCC this year, following the successful NCC Triathlon it co-hosted with the Bases Conversion and Devel-

BASKETBALLNEWS.COM gives fans a different perspective on the day-to-day lives of our favorite National Basketball Association (NBA) players through content produced not by them themselves but by the players close to them.

The platform is a storyteller from the lenses of people who are close to our hard court heroes and also who’ve been with these professional athletes for a long time.

In my conversation with basketballnews.com co-founder and CEO, Scott Hale on my program, “Sports For All,” there are a lot of stories out there about players—from their charity work to their offseason workouts to just how they deal and relate with people.

In an article written Todd Ross Nienkirk on fourkitchens. com, Hale says, “The players thought the journalists were there for them, when in actuality, if no one covered the NBA

opment Authority (BCDA) in October 2019.

BCDA Senior Vice President for Corporate Services Arrey Perez thanked GoClark for holding the duathlon at NCC. “The good thing is we have the private sector that supports our advocacies particularly in promoting wellness and sports development of the country,” Perez said. “Just like Jumbo [Tayag] and Go Clark, they hold a lot of events here in Clark—the Clark Zone and the New Clark City.”

it wouldn’t be as big as it is and the players wouldn’t get the salaries they do. It’s funny to watch the players on staff now on the media side—they’re realizing the work ethic that goes into being a writer and are gaining more respect for the journalists now that they’re on the other side.”

In a reversal of roles, you now have the players and people close to them writing and narrating their stories.

It’s a business model that’s worked for Scott and the people he works with since they started during the NBA bubble in 2020.

Again from fourkitchens.com, “There are so many vivid stories to be told, and I think if we tell them in a way that sports is the backdrop, you wouldn’t have to be a huge basketball fan to follow them.”

There are people who follow players just because they’re

MERALCO’S Cliff Hodge challenges Barangay Ginebra San Miguel’s Japeth Aguilar during their quarterfinals duel.

good people. That they’re better people off the court than on it.

Like other platforms, they’ve had to evolve and adapt to executing and implementing events and activities online.

I follow professional athletes like UFC lightweight champion Charles Oliveira because of his story and charity work he does for communities in his native Brazil.

Moving forward, basketballnews.com is looking at the NCAA as student athletes capitalize on their name, image and likeness to create opportunities. Europe also beckons for basketballnews.com and maybe perhaps other sports as well.

In the end, when all is said and done, stories will be written and told about how people conduct themselves and how they treat other human beings. As professional athletes, these stories are more magnified and scrutinized because of the names and faces where the stories came from.

Sports BusinessMirror

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| Tuesday, August 2, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Top speed, horrible crash in Birmingham

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ONDON—Two riders were hospitalized and multiple spectators required medical treatment after a crash catapulted an Olympic gold medalist into the crowd during a Birmingham Commonwealth Games qualifying race on a highbanked track on Sunday.

England’s Matt Walls was treated in the stands for almost 40 minutes after both he and his bike were flung off the track.

The 24-year-old, who won the Omnium at the Tokyo Olympics last year, and Isle of Man rider Matt Bostock were taken to hospital after an incident involving several riders who collided on a turn.

Walls was later released from the hospital.

“Following medical treatment in hospital, Matt Walls

has been discharged with stitches in his forehead, scrapes and bruises but thankfully no major injuries,” Team England said in a statement. “We send our best wishes to all other riders and spectators involved in the crash and thank the medical teams for their expert care.”

Bostock had a CT scan from which the initial prognosis was positive, his Isle of Man team said.

The morning session of cycling was abandoned and spectators were asked to leave the Lee Valley velodrome as Walls received treatment behind a temporary screen after the crash.

Witnesses said that because of the gradient of the banking on the track, spectators in the front row could not see the crash unfolding, nor Walls coming towards them. AP

TOKYO Olympics Omnium gold medalist Matt Walls (white jersey) of England crashes into the crowd during a Commonwealth Games men’s 15-km scratch race qualifying heat on a high-banked track on Sunday. AP

BILL RUSSELL, 88

By Jimmy Golen

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BILL RUSSELL remains the sport’s most decorated champion—he also won two college titles and an Olympic gold medal—and an archetype of selflessness who won with defense and rebounding while others racked up gaudy scoring totals. AP

The Associated Press

OSTON—Bill Russell redefined how basketball is played, and then he changed the way sports are viewed in a racially divided country.

The most prolific winner in National Basketball Association (NBA) history, Russell marched with Martin Luther King Jr., stood with Muhammad Ali and received the Presidential Medal of Freedom from President Barack Obama. The centerpiece of the Boston Celtics dynasty that won 11 championships in 13 years, Russell earned his last two NBA titles as a player-coach—the first Black coach in any major US sport.

Russell died Sunday at the age of 88,

with his wife, Jeannine, at his side, his family said in a statement posted on social media. No cause of death was immediately available—Russell, who had been living in the Seattle area, was not well enough to present the NBA Finals MVP trophy in June due to a long illness.

“We hope each of us can find a new way to act or speak up with Bill’s uncompromising, dignified and always constructive commitment to principle,” the family said. “That would be one last, and lasting, win for our beloved #6.”

A Hall of Famer, five-time Most Valuable Player and 12-time All-Star, Russell in 1980 was voted the greatest player in the NBA history by basketball writers. He remains the sport’s most decorated champion—he also won two college titles and an Olympic gold medal—and an archetype of selflessness who

won with defense and rebounding while others racked up gaudy scoring totals.

Often, that meant Wilt Chamberlain, the only worthy rival of Russell’s era and his prime competition for rebounds, MVP trophies and barroom arguments about who was better.

Chamberlain, who died in 1999 at 63, had twice as many points, four MVP trophies of his own and is the only person in league history to grab more rebounds than Russell—23,924 to 21,620.

But Russell dominated in the only stat he cared about: 11 championships to two.

“Bill Russell was the greatest champion in all of team sports,” NBA Commissioner Adam Silver said. More importantly, he added: “Bill stood for something much bigger than sports: the values of equality, respect and inclusion that he stamped into the DNA of our league.”

In a statement released by the White House, President Joe Biden praised Russell for his lifelong work in civil right as well as in sports, and called him “a towering champion for freedom, equality, and justice.”

“Bill Russell is one of the greatest athletes in our history, an all-time champion of champions, and a good man and great American who did everything he could

to deliver the promise of America for all Americans,” Biden said.

Reaction poured in Sunday, from Obama to Michael Jordan, from Magic Johnson to Boston’s Mayor, Michelle Wu. “Today, we lost a giant,” Obama said. “As tall as Bill Russell stood, his legacy rises far higher—both as a player and as a person.

Perhaps more than anyone else, Bill knew what it took to win and what it took to lead.”

A Louisiana native, Russell also left a lasting mark as a Black athlete in a city—and country—where race is often a flash point.

He was at the March on Washington in 1963, when King gave his “I Have a Dream” speech, and he backed Ali when the boxer was pilloried for refusing induction into the military draft.

In 2011, Obama awarded Russell the Medal of Freedom alongside Congressman John Lewis, billionaire investor Warren Buffett, then-German Chancellor Angela Merkel and baseball great Stan Musial.

“To be the greatest champion in your sport, to revolutionize the way the game is played, and to be a societal leader all at once seems unthinkable,” the Celtics said on Sunday. “But that is who Bill Russell was.”