SUGAR NOT SWEET A vendor at the Las Piñas Public Market arranges rows of sugar packs of different varieties. Prices of refined sugar continue to increase, according to reports, but Malacañang Palace said President Ferdinand R. Marcos Jr., concurrent agriculture secretary, continues to lead efforts to ensure stable supply and affordable prices, after rejecting the proposal to import 300,000 metric tons of sugar. See “Agri” page, A5, for updates on the sugar importation controversy.
Meanwhile, gross foreign borrowings in the same period also contracted by 9.7 percent to P518.7 billion from last year’s P574.4 billion.
See PHL,” A2
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 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.
By Cai U. Ordinario @caiordinario T HE average cost of labor in the country shouldered by employers was only slightly over a hundred pesos per hour before the pandemic, according to the latest data from the Philippine Statistics Authority (PSA). Based on the PSA’s Module on Labor Cost of Employees (LCE) for 2019, the labor cost was es timated at P125.17 per hour. The average annual labor cost per employee was estimated at P304,691 in 2019. [Labor cost is the] cost in curred by the employer in the employment of labor in a speci fied reference period. The sta tistical concept of labor cost as consisting of remuneration for work performed, payments in respect of time paid but not worked, bonuses and gratu ities,” the PSA explained. “[It also includes] the cost of food, drinks and other pay ments in kind, cost of workers’ housing borne by employers, employers’ social security ex penditures, cost to the employer for vocational training, welfare services and miscellaneous items, such as transport of workers, work clothes and re cruitment, together with taxes regarded as labor cost,” it added. By industry, PSA said estab lishments engaged in financial and insurance activities posted the highest labor cost at P347.49 perThour.hiswas followed by electricity, gas, steam and air conditioning supply at P225.93 and water supply; sewerage waste manage ment and remediation activities at P192.2 per hour. A s a share of total cost, labor cost accounted for 26.9 percent on average. The share varies per industry with professional, scientific and technical activi ties having the highest percent share of labor cost relative to their total cost at 31.8 percent. This was followed by Transpor tation and storage with labor cost accounting for 30.8 percent; Educa tion except public education, 29.6 percent; and accommodation and food services, 29.3 percent.
By Bernadette D. Nicolas @BNicolasBM THE P2.75year-on-yearbyend-Octoberborrowingsgrossgovernment’snationalasofshrankalmost6percenttotrillion.
T he latest arrivals data was revealed on Thursday by Tourism andequaltourismness,agri-tourism,heritagetourism,ConventionsMICElighttourismalso(DepartmentSheberspeechChristinaSecretary-designateGarciaFrascoinabeforetheCebuChamofCommerceandIndustry.alsorevealed,“TheDOTofTourism)isworkingonnewregionalcircuitsthatwillhighnature-basedtourism,(Meetings,Incentives,andExhibitions)foodandgastronomy,andculture,farmandhealthandwellarts,andmore.Allthesedimensionswillgetpromotion,attention,supportasweexpand ourselves from the traditional portfolio and explore multidi mensional tourism.”
OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND
TOURIST ARRIVALS IN PHL BREACH 1-M MARK IN 6 MOS w P25.00 nationwide | 2 sections 18 pages |
This was raised through global bonds (P146.17 billion), program loans (P139.98 billion), euro-denominated bonds (P121.97 billion), a project loan (P86.41 billion), and yen-denominated samurai bonds (P24.19 billion). See “Borrowings,” A2 GOVT BORROWINGS 10 MOS DIP TO P2.75T
L atest data from the Bureau of the Treasury showed government’s debt payments from January to June plunged by 40.8 percent this year from P773.7 billion in the same period last year.
T he event was CCCI’s Go Explore Cebu: A Tourism Sum mit held at the Sky Hall Seaside Cebu-SMX Convention Center, which was attended by some 200 stakeholders from the tourism industry, representatives from the local government units, and the businesses community. Top markets DATA from the DOT also showed, of the total arrivals for the period, some 66 percent or 778,746 were foreign tour ists, while the rest, at 400,007, were overseas Filipinos. Tour ists from the United States still dominated the arrivals markets at 227,732 (or 19.3 percent of total); followed by South Korea at 127,833 (10.84 percent); Aus tralia at 128,833 (4.4 percent); Canada at 47,772 (4.05 percent); and the United Kingdom at 46,282 (3.93 percent). See “Import record,” A2 See “Tourist,” A4 seen to import record 3.2-MMT rice in ’22 See “Debt,” A4
EXPLAINER »B4
NONIE REYES
ROY DOMINGO By Cai U. Ordinario @caiordinario LOSING the country’s borders is one of the most immediate courses of action the government must take to prevent the latest Covid-19 variant, Omicron, from reaching Philippine shores, according to local economists. The new variant is a threat, especially with the holidays coming up and more foreigners being allowed to travel to the Philippines, De La Salle University economist Maria Ella Oplas toldTheBusinessMirror.holidaysusually bring in Overseas Filipino Workers (OFWs) who are eager to spend Christmas with their loved ones, while foreigners living in temperate regions usually want to relax in tropical countries like the Philippines. This year’s influx of OFWs is expected to be heavier since many of them were unable to come home for the holidays in December 2020. “My recommendation is to protect the borders. Do not allow people with a history of travel to countries with positive cases to enter,” Oplas said. “We should be more restrictive. [We have to be] more protective in terms of our Oplasmeasures.”saidthat while this will be a setback to some industries, this is a fair measure considering that this could help prevent placing the country in another strict lockdown, which, she said, the economy can no longer afford. “It is better that we do protective preventive measures than get exposed again. We have a lot to lose,” Oplas said. “We should do it now so that we can open just before Christmas. If it gets contained, we can open it again.”Ateneo Center for Economic Research and Development (ACERD) Associate Director Ser Percival K. Peña-Reyes said closing the country’s borders would be effective but should still adhere to the standards set by the World Health Organization (WHO). What is needed, Peña-Reyes told this newspaper, is for travel restrictions to be put in place swiftly and for government to be proactive in imposingPreviousthem.instances when the country had the opportunity to impose travel restrictions did not prevent the spread of Covid-19. That was mainly because the decision was not made immediately, he said. “ Kung papatay patay [If we’re slow] and we get caught flat-footed, [that’s risky] We were too reactive instead of proactive before. We should learn from that,” PeñaReyes said. “It’s a delicate balancing act. We need to push testing and tracing to be properly informed of our decisions. Blanket/shotgun approaches could have dire consequences on the economy.” borders, cut Omicron exposure risk’
8.2245 n SINGAPORE
PHL labor cost, ₧125/hr prepandemic–PSA
By Bernadette D. Nicolas @BNicolasBM CHINA 40.4949 n AUSTRALIA 39.4032 n EU 57.2769 n KOREA 0.0425 n SAUDI ARABIA 14.7695 Source BSP (August 12, 2022)
A lmost half of the total debt pay ments in the first semester this year were used for amortization costs, which hit P201.1 billion, a 64.4-percent drop from P565.2 billion a year ago.
FOR
PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. The country will celebrate the 158th birth anniversary of Filipino revolutionary hero Gat Andres Bonifacio on Tuesday, November 30.
The PCA official noted that the completion of the initial list of coconut farmers registry would be just in time for the expected rollout of coconut levy-funded programs as President Duterte is expected to sign the industry development plan in early 2022. Rosales said the PCA will not stop updating its list of coconut farmers and enjoined them to register in order to reap the benefits of the decades-long idled coconut levy fund. “We will not stop at 3.1 million. We hope that more individuals will register in our coconut farmers registry,” he said. The updating of the coconut farmers registry is mandated by Republic Act (RA) 11524 or the Coconut Industry Trust Fund Act. See “3-M farmers,” A2
By Jasper Emmanuel Y. Arcalas @jearcalas T HE Philippines, the world’s second-biggest buyer of rice, may import a record 3.2 mil lion metric tons (MMT) this year, driven by higher-than-expected purchases abroad, the United States Department of Agriculture (USDA) said. I n its monthly global grains situation report, the USDA revised upward its rice import forecast for the Philippines in 2022 by 100,000 MT from an earlier estimate of 3.1 MMT.Based on its latest projections, the USDA said the Philippines’s total rice imports this year would be 8.47 percent higher than last year’s 2.95 MMT recorded import volume.TheUSDA explained that it re vised upwards its rice import pro jection for the Philippines because of the “strong” pace of imports this year.The Philippines’s rice imports from January to July rose by 62 percent to 2.325 MMT from last year’s 1.432 MMT, based on latest data released by the Bureau of Plant Industry (BPI). BPI data showed that 81.72 per cent or about 1.9 MMT of the rice imported during the 7-month pe riod came from Vietnam. B PI data also showed that it issued 448 sanitary and phytos anitary import clearances (SPSICs) to 47 eligible rice import ers with a total corresponding import volume of 625,743.6 MT. The 448 SPS-ICs were all issued by BPI in June. T he USDA kept its local rice production projection for the Philippines at 12.6 MMT, or 1.44 percent higher than last year’s 12.42 MMT. Per USDA data, total area plant ed with rice this year would reach 4.8 million hectares, slightly higher than last year’s 4.76 million hect ares. The Philippines’s average rice yield is projected to inch up to 4.17 MT per hectare from 4.14 MT per hectare, based on USDA data. By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror T HE Philippines received 1.18 million foreign tour ists from February 10 to August 7, four months earlier than what was projected by private tourism stakeholders.
Continued on A2 w P25.00 nationwide | 2 sections 20 pages |n Monday, November 29, 2021 Vol. 17 No.52 NATL
By Jasper Emmanuel Y. Arcalas @jearcalas M ORE than 3 million coconut farmers and workers are now registered with the government’s registry, which serves as the basis for the number of people to be covered by the utilization of the P75-billion coconut levy fund. Philippine Coconut Authority (PCA) Deputy Administrator Roel M. Rosales said about 3.11 million coconut farmers and farm workers have been registered with the government since it started updating its registry following the enactment of the Coconut Farmers and Industry Trust Fund law. Rosales explained that about 500,000 coconut farmers and workers were added to the PCA’s 2018 list that had about 2.5 million coconut farmers and farm workers. The PCA’s next step is to conduct an exclusion-inclusion procedure by making the updated farmers’ registry public, providing everyone the opportunity to check the veracity of the list, Rosales added. “The list will be posted in public spaces where people can easily see them. This allows everyone to see who are listed in the registry and if farmer doesn’t see his name then he shall coordinate with the PCA immediately,” he explained at a recent dialogue with coconut farmers. “On the other hand, if people would see names on the list and they think they are not coconut farmers or their details are incorrect, they can report it to the PCA for immediate action,” he added.
Net debt redemption means there were more debts repaid compared to the amount borrowed during the period.
See “Omicron,” A2 PESO EXCHANGE RATES n US 50.4600 n JAPAN 0.4374 n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 n AUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531 Source: BSP (November 26, 2021) n Monday, August 15, 2022 Vol. 17 No. 311
THE national government spent P458.36 billion to repay its debts during the first half of this year, way less than the amount it shelled out a year ago. NG’S H1 DEBT PAYMENTS DOWN 40.8% TO P458.36B PESO EXCHANGE RATES n US 55.4740 n JAPAN 0.4171 n UK 67.6838 n HK 7.0725 n
PHL
By Samuel P. Medenilla @sam_medenilla I NTERNATIONAL 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. Tonote, IATF Resolution 150A had allowed fully vaccinated non-visa travelers from Green List areas to enter the country without the need for facility-based quarantine as long as they secure negative Reverse TranscriptionPolymerase Chain Reaction (RTPCR) test within 72 hours prior to their “Exceptdeparture. forcountries classified as ‘Red,’ the testing and quarantine protocols for all inbound international travelers in all ports of entry shall comply with the testing and quarantine protocols for ‘Yellow’ list countries,” Nograles said, citing the provision of IATF Resolution No.He151-A. noted Hong Kong, which has confirmed a case of the Omicron variant, will also fall under the Yellow list countries. The suspension of the rules for “Green List” countries will be in effect from November 28, 2021 to December 15, 2021.
The bulk of the amount was sourced from Fixed Rate Treasury Bonds (P1.19 trillion), followed by short-term borrowings from Bangko Sentral ng Pilipinas or BSP (P540 billion), Retail Treasury Bonds/Premyo Bonds (P463.3 billion), Retail Onshore Dollar Bonds (P80.84 billion). In the same period, there was also a net redemption of Treasury Bills amounting to P43.94 billion.
‘Close
Omicron risk spurs revival of rulesquarantineinPHL
DONALD TRUMP ‘TOOK THE FIFTH! WHAT DOES IT ACTUALLY MEAN? ”The LCS [labor cost statistics] intends to provide data that would address the gap in wage statistics, specifically on the evolution of labor cost and its various—Philippinecomponents.”Statistics Authority
T he Philippine Statistics Au thority (PSA) earlier reported that the country’s total rice inventory as of June declined by 12.3 percent to 2.22 MMT from last year’s 2.53 MMT.The PSA said about 47.3 per cent or some 1.049 MMT of rice were stored by households while 44.8 percent or 995,230 MT were held by commercial entities (ware houses, wholesalers and retailers). The PSA added that rice stocks in the National Food Authority (NFA) warehouses as of June 1 reached 175,490 MT, accounting for 7.9 percent of total inventory during the reference period. “ Rice stocks inventory in all sec tors decreased compared with their levels in the previous year. Stocks in the households dropped by -7.3 percent, in commercial bypercent,es/wholesalers/retailerswarehousby-15.2andinNFAdepositories-22.0percent,”itsaid.
PHL... Continued from A1 BusinessMirror www.businessmirror.com.phMonday, August 15, 2022A2 News
CA...Continued from A10 T he capital call was limited to major shareholders, or those holding/owning at least 10 per cent of the capital; and stocks rights offering to minority stock holders, all based on a P2.50 per share issue price, allegedly in view of Alpha’s “inability to borrow from local banks,” as a result of which “the company will run out of cash and become insolvent and its shares will be worth zero.” T he January 2, 2014 reso lutions were adopted over the objection of Craig Webster, a nominee of Alphaland Holdings (Singapore Pte. Ltd.) who insist ed that the issue price must be supported by a study made by investment banks. Webster also asked that the claim of the alleged bankruptcy must be substantiated; however, the board pushed through with the capital call without heeding hisTsuggestion. heboardapproved the is suance of Alpha shares in the property-for-share swap in ex change for the parcels of land in Itogon, Benguet (for the Baguio Mountain Log Homes Project) beneficially owned by Ongpin and valued at P1.39 billion at the issue price of P2.50 per share. As a result of the propertyfor-share swap, 557,567,000 new Alpha shares were issued to the RVO Group, being the owners of the parcels of land. This resulted in the increase of RVO Group’s shares in Alpha to 996,074,809 or 39.19 percent from 438,507,809 shares amounting to 22.1 percent of Alpha. Ongpin’s pro rata share in the capital call of P4 billion con sequently rose from P880 million to P1.66 billion, giving him the op portunity to purchase more shares. T hrough RVO Capital, Ong pin subscribed to 600,000,000 new Alpha shares worth P1.5 billion, giving him a total of 50.7 percent shareholdings in Alpha and securing control over the corporation. However,instead of case, the shares were issued in exchange for supposed advances made by RVO Capital to Alpha. O n January 30, 2014, Alpha filed with the SEC attaching its letter to the Philippine Stock Ex change (PSE) stating that it will undertake the stock rights offer ing to ensure that the sharehold ings of the minority stockholders prior to the capital call will not be Tdiluted. hePSE subsequently sub mitted to the SEC relevant docu ments in relation to Alpha’s dis closure which showed, among others, its non-compliance with the minimum public ownership requirement, the property-forshare swap for the Alphaland Baguio Mountain Log Homes Project, the capital call made to Alpha’s major stockholders, the determination of the P2.50 issue price for the capital call, the case filed by Alphaland Holdings (Sin gapore) Pte. Ltd. (AHSPL) against Alpha to enjoin the implementa tion of the capital call, the case filed by Alpha against AHSPL with the SEC, and the rights of fering to minority stockholders. A HSPL questioned, among others, the issuance of new com mon shares at the issue price of P2.50 per share by ALPHA to RVO Capital Ventures Corpo ration (RVO Capital) and the owners of the real property of Benguet Province. T his prompted the SEC’s Mar kets and Securities Regulation Department (MSRD) to endorse the matter to the EIPD for inves tigation of possible violations of SRC provisions by Alpha. I n its ruling, the CA held that the EIPD has jurisdiction to con duct an investigation and issue the order which the SEC en banc affirmed. Theappellate court also de nied the respondents’ claim that they were denied the right to due process when SEC-EIPD ruled against them. “Indeed, petitioners were afforded with all the opportunities to explain their side of the story. “The evidence are too obvious to be ignored,” the CA pointed out. T he CA said the SEC en banc did not commit any error in af firming the findings of EIPD that there is sufficient ground to hold petitioners and other directors and officers of Alpha for viola tion of Section 26 (3) of the SRC for having engaged in fraudulent acts and transactions. T he CA noted that among the irregularities committed by the respondents as established by the SEC-EIPD, were: the issuance of shares at the grossly under valued price of P2.50 consider ing that the market price of the share closed at P15.50 per share on January 2, 2014; the issuance of the shares in the property-forshare swap and the conversion of RVO Capital Ventures Corpora tions to equity without approval by the SEC; the issuance of shares at the grossly undervalued price of P2.50 per share in exchange for supposed advances made by the RVO group to Alpha which enabled the former to acquire ma jority shareholding of the latter; the issuance of shares in exchange for property belonging to Ongpin and his co-owners at the under valued price of P2.50 per share, for the obvious purpose of giving the RVO Group a higher pro rata participation in the total number of shares issued under the capital call; the misrepresentation that the capital call was for the pur pose of raising additional fund ing that the company claimed it needed badly to settle maturing obligations; the fraudulent “stock rights” or “minority” offering which was allegedly intended to protect the interest of the minor ity Tstockholders. heCAnotedthese were not actually subscribed by the minor ity stockholders but were issued in private placement transac tions at a discount of 85.70 per cent of Alpha shares’ last closing price on January 20, 2014 of P17.48 per share. “ Wherefore, premises con sidered, the instant petition for review is hereby denied. The as sailed decision dated 15 Decem ber 2020 rendered by the Securi ties and Exchange Commission En Banc is hereby sustained,” the CA declared.
Import record...Continued from A1
PRESIDENT Ferdinand R. Marcos Jr. led the oath-taking of new members of the Bangsamoro Transition Authority (BTA), the interim government of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), citing its political significance while reminding officials to plan long-term economic policy, especially a fiscal framework.
W ith the new BTA, the former warring members of the Moro Na tional Liberation Front (MNLF) and Moro Islamic Liberation Front (MILF) have been finally united un der one Bangsamoro autonomous government.Thefactthat the unity between the MNLF and MILF happened un der the present administration is an indication that President Marcos’s call for unity is being heeded by the former Moro rebel groups,” Press Secretary Trixie Cruz-Angeles said on PSunday.residential Adviser on Peace, Reconciliation and Unity (OPA PRU) Secretary Carlito G. Galvez, Jr. lauded the President for making the Bangsamoro a top priority of his administration.Ithasbeenalong time since the MNLF and the MILF have split but under the Marcos administration, they are one in pushing for sus tainable peace and development in the Bangsamoro,” said Galvez, as he emphasized the inclusion of both MNLF and MILF members in theABTA.ppointed by the President, the BTA is an 80-member govern ing body tasked to pass crucial legislations to operationalize the Bangsamoro Organic Law (BOL) and exercise legislative and ex ecutive powers during the region’s transition period. T he BOL specifies that the MILF shall lead the BTA, without preju dice to the participation of the MNLF. The BTA’s 41 members shall be nominated by the MILF, while the remaining 39 members shall be endorsed by the Government of the Philippines (GPH). “ With the joining of the MNLF and the MILF, and with the ‘bal anced’ and equitable composition of the 39 GPH nominees ... this is now no longer just the BTA of the old BARMM but the BTA of a ‘United BARMM,’” Galvez pointed out. T he participation of the MNLF, particularly under the leadership of Chairman Nur Misuari is seen as a product of the convergence ef fort of the OPAPRU to harmonize the Bangsamoro peace agreements —the 1976 Tripoli, the 1996 Final Peace Agreements and the 2014 Comprehensive Agreement on the Bangsamoro.Amongthe new members of the BTA are Abdulkarim Misu ari and Nurrheda Misuari, son and daughter of MNLF Chairman Misuari.Thejoining of the MNLF of Chair Nur Misuari with the MILFled BTA is auspicious and heralds a significant step towards unity in the BARMM,” Galvez pointed out. T he ratification of Republic Act No. 11054 or the BOL through a plebiscite held in 2019 paved the way for the creation of the BARMM, as well as the establish ment of the BTA. I n 2021, then-President Rodrigo Duterte signed Republic Act No. 11593 which postponed elections in BARMM that was scheduled to be held this year, and consequently, extending the transition period of the BTA to 2025 Fiscal policy IN his speech in Malacañang on Friday, Marcos said the extension of the BTA’s term of office from 2022 to 2025 was meant to give the body more time to complete its tasks under the BOL. “ We are given another chance… but we have three years and it is not a long time for this rather ba sic, fundamental, and highly im portant pieces of legislation that have to be produced now by the Transition Authority. I’m specifi cally referring to fiscal policy. You have to define taxation and fiscal policy, and how they are going to be defined and what are the rules to be followed,” Marcos said. T he Chief Executive stressed that the BTA has to pass the Elec toral Code within the extended transition period. “We have to fin ish the Electoral Code by 2025 be cause after 2025, we will no longer have any extensions ... and we will conduct elections. We must have very clear rules on the conduct of those elections,” he said. T he BTA has yet to come up with and pass priority measures which include the Bangsamoro Local Government Code, Electoral Code, Revenue Code and Indig enous Peoples’ Code. Lowest share of labor cost HOWEVER , PSA data showed the lowest share of labor cost to total cost was recorded in mining and quarrying at 16.6 percent. “ Labor cost statistics (LCS) is one of the basic labor and employment statistics generated and compiled by the Philippine Statistics Sys tem in the country following the major provisions of Labour Statis tics Convention 160 (C160) for the International Labour Organization (ILO), to which the Philippines is a member state,” PSA explained. The LCS intends to provide data that would address the gap in wage statistics, specifically on the evo lution of labor cost and its various components,” it added. B ased on PSA data, a total of P1.66 trillion comprised the an nual labor cost incurred by all es tablishments employing 20 or more workers in the Philippines for their employees in 2019. This was 55.9 percent higher than the P1.066 tril lion recorded in 2013. A cross industries, the data showed financial and insurance activities recorded the highest an nual labor cost per employee with P763,591. This was followed by electricity, gas, steam and air con ditioning supply at P526,401. Comparatively high annual labor costs per employee were also found in water supply; sewerage waste management and remediation ac tivities at P435,457; information and communication at P410,285; and repair of computers and personal and household goods; other personal service activities at P407,027. “ Remarkably, the lowest annual labor costs per employee was posted in transportation and storage at P197,588,” PSA said. T he annual cost of labor per em ployee in the Philippines was mainly by direct wages and salaries, which accounted for 77.6 percent of the cost or P236,405 per employee in 2019. T his was followed by the ex penses incurred by employers for social security, and bonuses and gratuities at P32,327 or 10.6 per cent and P28,598 or 9.5 percent, respectively.
New BTA unites former warring MILF, MNLF rebels
A SUGGESTION by Sen. Rob inhood “Robin” C. Padilla to use ropeways or aerial cable cars to address traffic woes in Metro Manila and other urban areas in the country has sound basis. A tty. Rudolf Philip Jurado, stressed this even as he sought to correct misimpressions surround ing the suggestion that Padilla made last Tuesday. Jurado, Padilla’s friend noted the cable car system underwent a study by the Department of Transporta tion (DOTr), which endorsed it to the National Economic and Devel opment Authority (Neda). Take note that the $100-million Marikina-Ortigas cable car project was approved by the Department of Transportation last year and was sent to Neda for its approval. This Cable car project will ease the traffic in the eastern side of Metro Manila per studies of the DOTr,” he said. Under the DoTr's proposal, a cable car system spanning 4.5 kilometers will link Marikina and Pasig Cities, with stops in parts of Quezon and Pasig Cities. A lso, Jurado noted Padilla's mani festation has basis because he had seen the cable car system firsthand when he went abroad. Padilla's manifestation came after Sen. JV Ejercito delivered a privilege speech on the need to strengthen our railway system. It was a spontaneous and im promptu manifestation on the part of the Senator brought about by his knowledge and experience as a for eign traveller,” said Jurado. Jurado added even Senate Presi dent Juan Miguel Zubiri pointed out that cable car systems are used abroad.Onthe other hand, a World Bank blog noted aerial cable cars are being used in major cities as an alternate mode of transportation, including Medellin in Colombia in 2004. By Cai U. Ordinario @caiordinario
Makati city govt forms task force to prevent, monitor monkeypox
Robin's pitch for NCR cable car system has basis–lawyer
‘Lost Generation’ rising as PHL ‘youth bulge’ faces joblessness
CAVITEX-C5 LINK From left, Rep. Monico Puentevella, MPT South President and General Manager Raul Ignacio, DPWH Undersecretary for Planning and PPP Undersecretary Maria Catalina Cabral, MPIC Chairman Manny Pangilinan, Transportation Secretary Jaime Bautista, MPTC President and CEO Rodrigo Franco, and Atty.Mike Toledo, Head of Government Relations and Public Affairs of MPIC and Head of MVP Group of Companies Media Bureau, pose for a photo opportunity during the inauguration on Saturday of the Manila-Cavite Expressway(CAVITEX)-C5 Link Flyover Extension, which extends Cavitex C5 Link's 2.2-km operational segment—from Merville, Paranaque to Taguig—by 1.6 kms. The flyover became accessible to motorists on Sunday, August 14, 2022.
THE high fertility levels in the past two decades could give rise to “a lost generation,” especially if the educational and nutritional needs of the so-called lockdown generation are not aug mented, according to the Commis sion on Population and Develop ment (Popcom). Popcom Executive Director Juan A. Perez III said the lockdown genera tion is composed of 5 to 19 year olds who have been stuck at home while attending remote classes. The zero to 4 year olds, particu larly the zero to 2 year olds, though not yet in school, may have suf fered from poor nutrition brought by poverty that could prevent them from reaching their full potential as workers.“Thehigh fertility levels of the last two decades were projected to create a bulge of young people entering the workforce up to 2035. This could prove to be a boon for the country if they become effective workers, or a lost generation if they are not em ployed or are underemployed, which will create a socioeconomic burden for a smaller, employed population,” Perez said in a statement. Popcom estimated that the per centage share of Filipino children under 5 is now down to 10.2 percent in 2020 from 10.8 percent in 2015, and 12.6 percent in 2000. In the last two decades, the per centage in the population of Fili pinos under 15 has dropped from a 37-percent share in 2000 to 30.7 percent in 2020. Unrest, instability MEANWHILE, the median age of Fili pinos also went up to 25.3 years old, from 23.3 years old in 2010, continu ing a 30-year trend of increasing me dian age of Filipinos, according to PSA. “The bane of social unrest and in stability will result from increasing poverty in the general population and joblessness among the young Filipinos,” Perez said. “The bane will even get worse if we keep growing our pop at the rate of 1.6 percent, which was seen preCovid. We cannot be complacent in our national and local family plan ning and RH (reproductive health) efforts,” he stressed.
PASIG City Mayor Victor Ma. Regis Nubla “Vico” Sotto on Sunday said he would go slow in the coming days after a surgery on his knees last Saturday. Sotto said that a platelet-rich plasma (PRP) procedure on both his knees will limit his movements on Monday and Tuesday. “Kaya bilin ng Doktor, bawasan ko muna ang paglalakad hanggang bu kas (August 15),” the mayor said in a post on social media last Sunday. [My doctor advised me to limit my movements until tomorrow.] According to health experts, PRP can be effective in relieving pain and function in patients with early osteo arthritis by decreasing the inflam mation in the knee and by promoting restoration of damaged cartilage. Sotto also shared that he could not even remember how many inju ries he already had. “Pero iyong sa tuhod talaga ang malaking problema dahil ang sakit maglakad tapos kulang ang oras ko para magpa therapy o gym,” he explained. [The big problem is my knees because it is painful when I walk and I no lon ger have time for therapy or go to the gym.]
By Rene Acosta @reneacostaBM N INE members of the Bangsamoro Islamic Free dom Fighters (BIFF) under the faction of Commander Bungos have yielded to military forces in Maguindanao.MajorGen.Roy M. Galido, com mander of the Joint Task Force (JTF) Central, said the former extremists handed over the following: an M-16 rifle; an M-14 rifle; a Garand rifle; an M-79 grenade launcher; a locallymade .50 caliber sniper rifle; and, a .45 caliber pistol. According to the military, the weapons were surren dered to Lt. Col. Samuel C. Nadala Jr., commander of the 2nd Mechanized Infantry Battalion and Midtimbang Mayor Datu Tungkang Midtimbang at the batallion’s headquarters in Barangay Midtimbang, Datu Anggal Midtimbang town, Maguindanao. The nine were subsequently presented to Col. Oriel L. Pangcog, commander of the 601st Infantry Brigade. Their identities were not disclosed for security reasons and as they were still being interviewed by the military.
THE city of Makati, seat of the financial district, is on alert against monkeypox. City Hall formed a task force to monitor monkeypox cases and proac tively prevent community transmis sion of viral respiratory infections. We formed a task force last Au gust 3 to proactively prevent mon keypox transmission in Makati. At the same time, we want to equip Makatizens with the right informa tion about the virus and avoid the spread of fake news,” said Mayor Abigail Binay. To date, Binay said that there is no recorded case of monkeypox in theScity.hesaid the Makati City Epi demiology and Surveillance Unit (CESU) conducted online orienta tions and seminars for frontliners in 26 barangay health centers last July 7 and 23 to brief them about the modes of transmission, pre vention, detection, isolation, and treatment of monkeypox. She said CESU is in close coordi nation with the Ospital ng Makati to monitor cases and will meet with of ficials of the Makati Medical Center and St. Clare's Medical Center today to discuss the city's action plan in case of a monkeypox outbreak. We also plan to integrate mon keypox data into our Covid-19 track er so that we can use data in making game-changing decisions like granu lar lockdowns to prevent community transmission,” she said. Binay said the city will continue to promote minimum public health protocols such as wearing face masks, observing physical distanc ing, and frequent hand washing since the monkeypox virus can be transmitted through respiratory droplets, bodily fluids, and contami nated objects. She said CESU will refer suspected cases of monkeypox to the Research Institute for Tropical Medicine for proper testing. I f a person tests positive for monkeypox, CESU plans to use one of the three buildings of the Makati Friendship Suites in Ba rangay Cembo to monitor, isolate, and treat the patient. T he mayor also said the city will provide free medicines and food packs to Yellow Card holders infected with the monkeypox virus.
Perez asserted that the nation al government has to support the contraceptive needs of 7.6 million women who are currently being served by local governments, as well as anticipate the family planning requirement of the other women in that age group.
Claudeth Mocon-Ciriaco
By Claudeth Mocon-Ciriaco @claudethmc3
ROY DOMINGO
Claudeth Mocon-Ciriaco Vico to slow down after knee surgery
Morning sked for number coding starts today–MMDA
THE Metropolitan Manila De velopment Authority (MMDA) on Sunday said the Unified Ve hicular Volume Reduction Program (UVVRP) or number coding scheme in the morning will take effect today, Monday from 7 a.m. to 10 a.m. on weekdays except holidays. According to the Public informa tion Office of the agency, 370 traffic enforcers will be deployed on Edsa but will only warn violators. T he agency will issue traffic viola tion receipts on August 18. From August 15 to 17, we will start the dry run and will only re mind motorists of the expanded number coding scheme. From August 18 onwards, the MMDA will start apprehending and will issue traf fic violation tickets on ground and through our non-contact apprehen sion policy,” MMDA Acting Chair man Engr. Carlo Dimayuga said. O n August 11, the Metro Manila Council (MMC), composed of the Metro Manila mayors, agreed in a meeting, through MMDA Resolu tion No. 22-14 Series of 2022, to revive the number coding scheme in the morning in preparation for the face-to-face classes on August 22. Currently, the scheme is imple mented from 5 p.m. to 8 p.m. Under the scheme, vehicles with license plates ending in 1 and 2 are prohibited on Monday, 3 and 4 on Tuesday, 5 and 6 on Wednesday, 7 and 8 on Thursday, 9 and 0 on Friday during the said coding hours. Dimayuga said that the reimple mentation of the number coding scheme will reduce traffic volume by 20 percent during the morning and afternoon/evening peak hours. Before the Covid-19 pandemic, the average number of vehicles ply ing Edsa daily was at 405,000. Based on the latest vehicle volume count conducted by the MMDA Traf fic Engineering Center on August 4, approximately 387,000 vehicles traverse Edsa. T he volume is expected to balloon to 436,000 or higher than prepan demic level. Exempted from the UVVRP are public utility vehicles (including tricycles), transport network ve hicle services, motorcycles, garbage trucks, fuel trucks, marked govern ment vehicles, fire trucks, ambu lances, marked media vehicles, and motor vehicles carrying essential and/or perishable goods. Meanwhile, existing number cod ing ordinances of the respective lo cal government units will prevail on secondary roads. T he MMC, composed of the 17 local government units of Metro Manila, is the governing body and policy-making body of the MMDA.
BIFF members surrender to Maguindanao troops
In a report, the Philippine Sta tistics Authority (PSA) stated that there were 33.4 million or 30.7 per cent of the population who were un der 15 years of age which are young dependents.Personsaged 15 to 64 years or those who are part of the workingage or economically-active popula tion, reached 69.4 million or 63.9 percent of the population while those in age groups 65 years and over who are old dependents comprised the re maining 5.86 million or 5.4 percent of the total. In 2015, PSA said persons aged 0 to 14 years, 15 to 64 years, and 65 years and over accounted for 32, 63.3, and 4.8 percent, respectively, of the household population.
By Manuel T. Cayon Mindanao@awimailboxBureauChief DAVAO CITY—The Durian Festival has returned here after a hiatus since the gov ernment imposed lockdown mea sures beginning March 2020. T he durian festival is held to recognize it as the country’s king of fruits. Aside from this fruit, the city boasts of similarly iconic fruits such as marang, rambutan, lanzones, mangosteen and pomelo. Agriculture Regional Director Abel James I. Monteagudo said Davao Region contributes 78 per cent of the country’s durian pro duction, half of which comes from DavaoMonteagudoCity. said the durian festi val “will not only showcase our fruits but will serve as a good venue for market linkages with local, national and international buyers.” Councilor Marissa S. Abella said the city should improve its durian production by assisting farmers, applying the latest farm ing technology and cultivating the best quality seedlings. In these en deavors, she said, the city council would fully support the agricul tureActingsector.City Agriculturist Ed gardo A. Haspe said there is a cur rent shortage of durian supply in the city and his office has success fully tapped other durian growers in other regions, with the help of the Durian Industry Association of Davao City. The Chinese Consulate is cur rently assessing the quality of Davao City’s durian in order to create a di rect linkage of the city’s durian to the Chinese market, the city information office“Hopefullysaid. by next year we can already export directly to China,” HaspeThissaid.year the durian festival, part of the Kadayawan fruit-har vest celebrations in August, was held at the SM Lanang Premier last Friday. It was organized by the Department of Agriculture with the Department of Tourism, the Davao City Agriculturist’s Of fice, the Durian Industry Associa tion of Davao City and SM Prime Holdings Inc.
The Armed Forces Western Mind anao Command (Westmincom) said that since January this year, a total of 146 BIFF members have already surrendered to the government. Lt. Gen. Alfredo V. Rosario Jr. commended the troops of JTF Cen tral for the accomplishment. ‘Rido’ MEANWHILE, the 90th Infantry Battalion has pacified the “rido” or clan war between two warring Moro groups at Sitio Galigayanan, Baran gay Macabual, Pikit, Cotabato, which has earlier forced the evacuation of hundreds of families. Four days ago, a firefight erupted between two warring groups under the control of Bugdad Matalam Akas and Commander Walid Mamasam lang of the 108th Based Command. Both are members of the Bangsam oro Islamic Armed Force under the Moro Islamic Liberation Front. During the clash, three of Com mander Walid’s group identified as Ronie Dilanalan, Mama Dilanalan and Makron Baguinda were killed, the military said.
Davao City brings Durianbackfest
“That would mean ideally a popu lation growth rate of 1 percent so we can maintain a good number of effec tive workers who can support older, retired or partly retired seniors,” he further said.
Perez added that “this effective workforce is crucial not only to support pensions of older Filipinos but also to cover increasing costs of geriatric health care and social services for disabled and isolated olderCitingFilipinos.”PSAdata, the Popcom said women of reproductive age, or those 15 years old to 49 years old, are also at a record-high in 2020 figures, which stood at 27.8 million—a jump from 26 million in 2015. Perez, as the undersecretary of population and development or POPDEV, welcomed this as an op portunity for more Filipinas to fur ther augment the country’s potential number of working citizens. In terms of responsible parent hood and reproductive health, Pop com estimates that at least 9 million women from that age group will re quire family planning services.
www.businessmirror.com.ph Editor: Vittorio V. Vitug • Monday, August 15, 2022 A3BusinessMirror The Nation
Manageable growth PEREZ explained that the country needs “to have stable population growth that is manageable through support from national programs.”
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PHOTO shows the skyline of Metro Manila from a building in Taguig city. Rep. Joey Salceda, an economist-lawmaker, says the country’s May 2022 foreign direct investment (FDI) performance indicates that it is on course to reach another record-breaking year for foreign investments this year, but recommended a wish list to President Marcos Jr. to sustain the country’s FDI momentum. NONIE REYES
A4 BusinessMirror www.businessmirror.com.ph
Breakout moment
Meat sector supports Brazil’s push to open more sources
PPP framework THIRD, Salceda has strongly rec ommended that the President release a framework of priority public-private partnership areas for his
‘PHL needs to sustain investments impetus’
The Meat Importers and Trad ers Association (Mita) said the expansion of the country’s FMEs should not be only for Brazil but for other origins. “We have been pressing for the accreditation of more FME’s in order increase possible meat sources from different origins, especially because of the fact that slaughter kills have been going down for both pork and beef,” Mita Spokesman Paolo Pacis told the “MoreBusinessMirror.accreditedFMEs necessar ily means that we have more chances to book our meat requirements and possibly at better prices,” Pacis added.
The Brazilian Animal Protein As sociation (Associação Brasileira de Proteína Animal) or ABPA earlier revealed that there is now an ongo ing negotiation between Brasilia and Manila regarding the accreditation of more FMEs in Brazil. (Related sto ry: volume-of-meat-exportsto-expand-fme-list-to-increase-ph/2022/08/11/brazil-urges-phl-https://businessmirror.com.)
Rounding up the top 10 tourism markets from February 10 to August 7 were: Japan (36,104); Singapore (19,596); Vietnam (19,201); India (18,645); and Malaysia (16,421). Last April, the Tourism Congress of the Philippines boldly predicted 1 million foreign tourist arrivals before the end of 2022, judging from the avalanche of bookings from overseas of mem ber-travel and tour agencies. (See, “’Fearless forecast’ of 1-M foreign tourists by yearend,” in the Busi nessMirror , April 29, 2022.) In her speech, meanwhile, Garcia Frasco told Cebu business executives that the DOT “will also see to it that the quality of our tourist destina tions and product offerings meet in ternational standards through rigor ous establishment accreditation and product audits. Currently, our Office for Standards Regulation is review ing our accreditation requirements to address gaps and incorporate emerg ing tourism standards that cater to the needs of modern travelers.” ‘Uniform look’ at airports, sea portsShe likewise informed summit participants that she and Transporta tion Secretary Jaime Bautista agreed to enhance the arrival and experience of travelers to the country. “Some of the DOT’s recommended enhancements include the installation of signages that will have a uniform look in all air and seaports, as well as the use of light ing, backdrop, and furniture that will distinctly reflect the ‘Filipino Brand’. We want the experience to be positive for all senses that when our guests arrive and leave, they will have good memories of the Philippines. There will also be interactive displays that will feature various artists and artisans to make the airport experience extraor dinary and experiential for travelers.” T he DOT chief last week also confirmed a change in the branding campaign and slogan to promote the Philippines. A number of tourism stakeholders, however, urged the DOT to retain it for consistency. (See, “Tourism leaders to DOT: ‘Let’s keep having fun’,” in the BusinessMir ror , August 11, 2022.) The Tourism summit was a feature of the Cebu Business Month (CBM) cel ebration, now on its 26th year, and a flagship project of the CCCI. Its theme this year, “Realign, Reinforce, Rebuild,” seeks to inspire tourism stakeholders despite the continuing challenging post-pandemic environment.
By Jovee Marie N. Dela Cruz @joveemarie A N economist-lawmaker has said the country’s May 2022 foreign direct investment (FDI) performance indicates that the country is on course to reach another record-breaking year for foreign investments this year, but recommended a wish list to President Ferdinand R. Marcos Jr. to sustain the country’s FDI momentum.
MEMBERS of the economic team of President Ferdi nand R. Marcos Jr. will speak at the 2022 EJAP-SMC Eco nomic Forum organized by the Eco nomic Journalists Association of the Philippines (EJAP) on Wednesday, August 17, at the Ayuntamiento de Manila in Intramuros. W ith the theme, “The Road Ahead: Priorities for the Next Six Years,” key public officials will dis cuss the country’s near-term and medium-term economic recovery roadmap, while private sector execu tives will react on these plans and offer their Bangkoinsights.Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla will open the forum with a speech on inflation and monetary policy as well as its policy initiatives for the financial sector. Finance Secretary Benjamin E. Diokno will discuss plans on the fiscal side, including priority taxation measures.Socioeconomic Planning Sec retary Arsenio M. Balisacan will tackle the country’s economic growth prospects while Budget Secretary Amenah F. Panganda man will share insights on the country’s spending priorities in theReutersmedium-term.Philippines Bureau Chief Karen Lema will serve as moderator. Reactors to the government of ficials’ speeches, in the meantime, are: Ferdinand K. Constantino, Chief Finance Officer and Treasurer of fo rum co-branding sponsor San Miguel Corp. (SMC); Emilio Neri Jr., lead economist of the Bank of the Phil ippine Islands (BPI); and, Orencio Andre P. Ibarra III, senior vice presi dent and treasurer of Security Bank Corp.The(SBC).2022 EJAP-SMC Economic Forum is co-presented with SMC while BPI and SBC are the major sponsors.“Weexpect this forum to answer many of our questions on what’s in store for the next six years. We hope to discuss the challenges and opportunities as we recover from the pandemic,” said Cai Ordinario, president of EJAP, the country’s pre mier group of business journalists. “This is EJAP’s first hybrid forum and we are grateful that the eco nomic team agreed to join us and be part of this event.”
Monday, August 15, 2022 • Editor: Vittorio V. Vitug
TaxesinginvestmentsingcommitteeThat’saovercome.CovidconcernsTherecord-highterestedsendtions“Togetheradministration.withtherecommendaforPPPreforms,thislistwillthecrucialstartingsignaltoinpartiestoPPPdeals,”hesaid.“ThefactthatwearenotchingFDInumbersisgreat.US’sratehikes,globaleconomicandthelingeringthreatofareverystrongheadwindstoDespitethis,weremainverystronginvestmentoption.big,”Salcedaadded.Thelawmakeralsosaidthathiswillbeworkingonmintaxreformstoencouragemoreinthelarge-scaleminsectorandontheEaseofPaying(EOPT)Act,whichtopsthe
Economy By Jonathan L. Mayuga @jonlmayuga M EMBERS of the Himan ag-Sipaco MultipurposeDevelopmentCoopera tive (HSDMPC) based in Lagonoy, Camarines Sur will finally be get ting the much-needed boost in their abaca production. T hrough a memorandum of agreement (MOA) between the Department of Agrarian Reform (DAR), partner agencies and the local government unit, a project to improve the group’s abaca process ing facility is now underway, the DAR said in a statement. Under the project, the coopera tive will receive P300,000 worth of construction materials for the im provement of their abaca process ingThecenter.DAR said the cooperative will also receive P280,000 for skills and managerial training, as well as marketing activities for 120 agrarian reform beneficiaries (ARBs). Officials of the DAR, Department of Science and Technology, (DOST), Department of Trade and Industry (DTI) and the LGU of Lagonoy signed the agreement at the Sangguniang Bayan Session Hall in Lagonoy, with the HSDMPC required to bear the labor costs with the Lagonoy LGU contributing P50,000.
H ouse Committee Ways and Means Chairman Joey Sarte Salceda listed three “immediate” priorities for Marcos to sustain the country’s FDI“Themomentum.agendafor [Marcos], which I will wholeheartedly support him in, is one, to complete a comprehensive strategic investment priorities plan, with viable plans for using tax and non-tax support to promising sec tors,” Salceda said Under the Create Law, the Board of Investments (BOI) is tasked with crafting a strategic investment pri orities plan, which lists industries eligible for tax incentives and other forms of government support. The BOI has already issued what Salceda calls the “transitional” SIPP this year.
policy wish-list of investor and busi ness groups in the country. We are passing EOPT next Wednesday and we will begin min ing tax reform discussions on that day as well,” Salceda said.
Second, Salceda said that Marcos has to resolve the leadership issue in volving the Philippine Economic Zone Authority (Peza), “as soon as possible.” “Once the leadership of the Peza is clear, we can begin charting a course for the exports sector,” the lawmaker added.
THE lawmaker noted that the coun try’s May 2022 FDI this year, beating the record the country set last year in the wake of the passage of the Cor porate Recovery and Tax Incentives for Enterprises (Create) Act. We are on track to beat 2021 fig ures. As I have consistently said, pass Create, pass the FDI liberalization laws and the 2020s will be our FDI breakout moment. That is materializing, month after month,” Salceda said. A ccording to data from the Bangko Sentral ng Pilipinas (BSP), the May results brought the net in flows of FDI for January to May to $4.2 billion, an 18.8-percent jump from $3.5 billion attained during the same period last year. On the passage of the Public Service Act amendments on March 21, Salceda said the 2020s could be “the best de cade for FDI in the country’s history, or at least our FDI breakout moment if the next President gets it right.”
HSDMPC Chairman Noel Gaor was quoted in the statement as say ing the project is expected to pro vide them with additional funds to improve the cooperative’s process ing“Wecenter.are so excited,” Gaor add ed. “With this partnership, our vision of expanding the produc tion and marketing of abaca in coastal areas is now going to be come a Accordingreality.”to DAR Camarines Sur Provincial Agrarian Reform Chief Renato C. Bequillo, with the help of partner agencies—DTI, DOST and the LGU of Lagonoy, the ARBs “will not only achieve an in crease in agricultural productivity but will also develop entrepreneur ial skills to improve the sustain ability of their livelihoods.” Bequillo added that the DAR will also allocate P370,000 for abaca product upgrading, marketing and training in Meanwhile,2023.the DOST Provin cial Science and Technology Center (PSTC) will provide economic growth services and give HSDMPC the tech nological support to help them scale up their production. For its part, the DTI promised to assist the organization in marketing or to sell their products and adapt it to the preferences of identified markets.
By Jasper Emmanuel Y. Arcalas @jearcalas LOCAL meat processors and im porters are supporting the ex pansion of accredited Brazilian foreign meat establishments (FMEs) to open up more possible sources of meat products for the country. T he Philippine Association of Meat Processors Inc. (Pampi) wel comed Brazilian meat exporters’ plan to get more FMEs in the South American country to be accredited by the Philippines for export of meatTheproducts.grouppointed out that hav ing more accredited Brazilian FMEs would help the Philippines in secur ing more meat supplies, particularly raw materials for processing, and keep prices of processed meat prod ucts“Thisstable.means expanding our sourc es of raw materials for our manufac turing use, so that we are better in sulated from closure of other sources in the event of disease outbreaks,” Pampi said in a statement sent to the“This,BusinessMirrorinturn,will allow us to provide affordable meat products in support of President [Ferdinand R.] Marcos’ top priority of food security and affordability for the people,” the groupPampiadded.also noted that the accredi tation of more FMEs would mitigate the impact of closure of certain sup pliers abroad in times of outbreaks andThecrises.organization cited the case of the closure of most of the country’s European poultry suppliers due to the temporary import bans imposed by the government because of bird flu “Weoutbreaks.speak from experience, as several European countries remain closed because of HPAI outbreaks, which prompted our Department of Agriculture to suspend imports from said countries,” it said. “It would be better if Brazil ap plies for system accreditation instead of just getting additional FMEs ac credited.That way, importers and meat processors would have more choices,” the group added.
ABPA Markets Director Luis Rua said they asked their government to negotiate with the Philippines to expand the list of accredited Brazil ian FMEs to export meat products or seek a system-wide accreditation of Brazil’s food safety system. “We are confident [that it will succeed]. We have proven to the Philippines that we can be a partner in exporting products that can add value there,” Rua said. The Philippines extends two types of accreditation to foreign meat exporters: individual accreditation of FMEs and a system-wide accredi tation of a country. A system accreditation means that the Philippines recognizes the exporting country’s food safety sys tem as at par with its very own do mesticUndersystem.suchaccreditation, any ex porter or FME recognized and accred ited by the exporting country could ex port meat products to the Philippines. An individual accreditation or an FME-based accreditation allows only specific companies to export meat products to the Philippines. At present, Brazil does not have a system-wide accreditation; instead individual Brazilian FMEs are ac credited by the Philippines. To date, there are about 54 Brazilian FMEs allowed to export meat products to the Philippines.
On the other hand, interest pay ments in the first six months of this year rose by 23.3 percent to P257.2 billion from P208.5 billion. For June alone, the national gov ernment’s debt payments crashed by 70.5 percent to P44.29 billion this year from P150.2 billion a year ago. Me anwhile, amortization pay ments in June this year settled at only P7.53 billion, a 97.3-percent drop from P120.27 billion in the same month in 2021. However, interest payments in June this year rose by 22.8 percent to P36.75 billion from P29.93 billion a year ago. For 2022, the government has programmed debt payments to reach P1.298 trillion. If this is realized, this would be higher than the P1.204 trillion that the government shelled out in 2021 to repay its debts as the Covid-19 pandemic raged on. Former President Duterte ended his term with the national govern ment’s debt stock soaring to another record-high of P12.79 trillion as of end-June this year. T his was more than double than the P5.948 trillion debt level when Duterte assumed office in mid-2016. By the end of 2019 or a few months before the Covid-19 pandemic hit the country, the national government’s debt stock was at P7.73 trillion. T he country’s debt-to-gross do mestic product (GDP) slightly eased to 62.1 percent in the second quar ter of the year from 63.5 percent in the first quarter, but remained above the internationally-recom mended 60-percent threshold for a healthy economy. L ast month, Finance Secretary Benjamin E. Diokno said they ex pect the country’s debt-to-GDP ratio to reach 61.8 percent by the end of the year before tapering off until it reaches 52.5 percent in 2028, the end of the term of President Ferdinand “Bongbong” Marcos, Jr. Diokno also sees no need for the government to borrow as much as it did during the crisis years. W hile Diokno said they are not in a hurry to quickly return to the country’s historic low prepandem ic debt ratio of 39.6 percent, he said their strategy is to prioritize supporting economic growth in order for the country to outgrow its debt.
Debt. . . continued from a1 Tourist. . . continued from a1
CamSur co-operative’s abaca production gets DAR support
Economic managers to speak at EJAP
Solons push for creation of ₧500-M fund to expand abaca output
Sebastian issues apology IN a letter dated August 11, Agriculture Undersecretary Leocadio S. Sebastian apologized to President Marcos Jr. for approving SO 4 on his behalf. “I sincerely offer my apologies, Your Excellency, for my having ap proved Sugar Order no. 4 on your behalf, and through the authority you have vested upon me. It has be come clear that the same was not in keeping with your administration’s desired direction for the sugar indus try,” it “Thus,read.I humbly offer to be re lieved of my delegated authorities and the assignments and respon sibilities in my capacity as Chief of Staff and Undersecretary of the De partment of Agriculture.”
Bayer to Pangasinanprogramsustainabilityunveilin Spaghetti sauce is under threat as water crisis slams tomatoes
House panels to probe release of sugar order
HB 1804’s authors said their pro posal seeks to set up an initial and annual funding of P500 million of up to 10 years in addition to PhilFIDA’s allocation under the national budget for the development of other fibers and its administrative, regulatory and operational expenses. Of this amount, P50 million will be allocated for the Philippine Abaca Research Center at the Visayas State University in Baybay, Leyte, for the abaca research and development (R&D) and extension program. “The future is filled with oppor tunities for the abaca industry, with new hybrid varieties being produced and studied by experts in the coun try. And with demand not showing signs of slowing down, focus on the sustainability of the Abaca plant and the industry in general is impera tive,” they Philippinesaid.abaca has evolved into a number of uses, such as a substitute for synthetic materials like plastic. Its high tensile strength and versatil ity for manufacture into a wide-range of products has propelled the Philip pines to being the largest producer of abaca fibers, supplying about 87 percent of the world’s requirement for the Theyproduce.notedthat the abaca indus
Bloomberg News www.businessmirror.com.ph Editor: Jennifer
PHOTO OF ABACA TUXY FROM HTTP://WWW.PHILFIDA.DA.GOV.PH/
MEANWHILE , the Unyon ng mga Manggagawa sa Agrikultura (UMA) asked President Marcos to dismantle the cartel in the sugar industry and punish government officials linked to it, especially those belonging to the SRA and the DA. This was in response to the Presi dent’s pronouncement that heads will roll in usurping his authority in ordering the importation of sugar. UMA spokesperson John Milton Lozande also dared the President to name members of the sugar cartel. Before the President’s State of the Nation Address, his sister, Senator Imee Marcos publicly stated that in creases in food prices are caused by importers, cartels, and syndicates, saidLozandeLozande.added that the SRA in cluding its mother agency, the DA “has a penchant for resorting to importation not only of sugar, but even of rice, galunggong, pork, and vegetables instead of looking for ways to achieve food self sufficiency.” He also noted that Serafica has been “consistent in insisting that local sugar production for this crop year was only a result of the damage wrought by Typhoon Odette last year.” Lozande said the President must “restrain” middlemen and urged the government to intervene in the pric ing and marketing of sugar.
California restrictions limiting groundwater use and soaring costs for labor, fuel and fertilizer have caused headaches for producers such as Woolf Farming. It costs the Fresno County-based grower and processor around $4,800 an acre to grow and harvest a tomato crop these days compared with $2,800 a decade ago, according to Rick Blankenship, vice president of farming operations. Most of the increases have been in the last two years. This season’s bounty costs more and delivers less. “Yields are way off this year,” Blankenship said in an interview. “Coupled with drought, we’ve had high temperatures and that in itself creates an issue where the tomatoes are so hot that they just don’t size properly—so you have a lot of toma toes on a plant, but they are smaller.” Getting higher value for crops from the field is usually an incentive for farmers, yet this season’s negoti ated rate of $105 a ton for the toma toes—an all-time high — may not be enough to overcome the industry’s challenges.“Youwould think that it was a home run for growers, but in real ity the input costs have gone up so much that the potential profit was all gobbled up,” Blankenship said. The water woes have led to crop shifting as growers try to gauge what commodity will bring the biggest re turns. Bruce Rominger, a fifth-genera tion farmer, slashed rice sowing by 90 percent to make room for tomatoes. He hopes to turn a profit on the 800 acres of tomatoes he began harvesting in July—though it’s a gamble. “It’s a high-risk crop and our yields so far are below average,” Rominger said, noting that exces sive heat, lack of water and mid-April frost took its toll. And it’s only getting worse. High er temperatures will shrink supply of processing tomatoes in key re gions in the next few decades, with the US, Italy and China expected to decline 6 percent by 2050, accord ing to an academic study published in Nature Food. Increasing heat and water constraints may make it especially tough for California and Italy to maintain current production levels, the June report said.
The four HB 1804 authors said that while they recognize the po tential of the abaca industry and the government’s declaration of Catan duanes as the Philippines’s abaca capital, more needs to be done to upskill the abaca sector and boost its production, especially now amid reports of declining output. “Reportedly, demand for the com modity is increasing while produc tion has slowed. In addressing this, the bill proposes for the production extension and infrastructure devel opment for the industry to provide adequate technologies and facilities for production and strengthen the sectors involved in the development of the Philippine abaca,” they said. Under the bill, these Bicolano leg islators have proposed the creation of a Philippine Abaca Development Fund (PADF), with an initial amount of P500 million to be added by the Department of Budget and Manage ment (DBM) to the allocation for the Philippine Fiber Industry Develop ment Authority (PhilFIDA). Although this law recognized the importance of this industry as a driver of rural development, Villafuerte said RA 11797 is actually silent on the es tablishment of a fund to scale up state support for abaca development.
L AWMAKERS from Camarines Sur have asked Congress to institutionalize the Philip pine Abaca Industry Development Program as a companion measure to the recently enacted law declar ing Catanduanes as the country’s abacaThroughcapital.House Bill (HB) 1804, Camarines Sur Rep. Luis Raymund Villafuerte, Miguel Luis Villafuerte and Tsuyoshi Anthony Horibata along with Bicol Saro Rep. Nicolas Enciso VIII have proposed a de velopment program for the abaca industry. They also pushed for the creation of a P500-million fund to bankroll a program on the propaga tion, production, processing, mar keting, promotion and distribution of this product, internationally known as “Manila hemp.”
USDA data THE California crop has been below the recent production peak of 14.4 million tons in 2015 for the past six years, and 2022 is shaping up to continue the trend, according to US Department of Agriculture (USDA) data. The industry expects this year’s harvest to fall below the USDA’s 11.7 million tons estimate. A. Ng
• Monday, August 15, 2022 A5BusinessMirror
TOMATOES are getting squeezed.California leads the world in production of processing toma toes—the variety that gets canned and used in commercial kitchens to make some of the most popular foods. The problem is the worst drought in 1,200 years is forcing farmers to grapple with a water crisis that’s undermining the crop, threatening to further push up pric es from salsa to spaghetti sauce. “We desperately need rain,” Mike Montna, head of the California To mato Growers Association, said in an interview. “We are getting to a point where we don’t have inventory left to keep fulfilling the market demand.” Lack of water is shrinking pro duction in a region responsible for a quarter of the world’s output, which is having an impact on prices of toma to-based products. Gains in tomato sauce and ketchup are outpacing the rise in United States food inflation, which is at its highest in 43 years, with drought and higher agricul tural inputs to blame. With Califor nia climate-change forecasts calling for hotter and drier conditions, the outlook for farmers is uncertain. “It’s real tough to grow a tomato crop right now,” Montna said. “On one side you have the drought impacting costs because you don’t have enough water to grow all your acres, and then you have the farm inflation side of it with fuel and fertilizer costs shooting up.”
try has recorded an annual average of P4.7 billion in export earnings, based on data from PhilFIDA. Under the bill, the proposed Philippine Abaca Industry Develop ment Program will run for 10 years and will consist of the framework for plans, projects, and policies for the scientific propagation, process ing utilization, and expansion of trade of the crop. “This aims to also help solve problems in the cultivation of Abaca plants and ensure its competitive ness,” they said. Abaca output fell 13.7 percent to 8,693.38 metric tons (MT) in the first two months of 2022, according to PhilFIDA.Topproducer Bicol region’s output fell 34.9 percent to 2,361.37 MT. Cen tral Visayas production was down 24.4 percent to 27.68 MT, Davao re gion down 21.8 percent to 1,705.14 MT, Autonomous Region in Mus lim Mindanao down 16.2 percent to 451.27 MT, Northern Mindanao down 13.2 percent to 1,137.5 MT, Zamboanga Peninsula down 8 per cent to 82.69 MT, and Central Luzon down 5.1 percent to 6.15 MT. The South Cotabato-CotabatoSultan Kudarat-Sarangani-General Santos City region reported the biggest decline of 55.7 percent to 185.83 MT. PhilFIDA said the abaca industry can still recover and meet the agen cy’s output target of 70,000 MT for the year. Jovee Marie N. Dela Cruz
Agriculture/Commodities
In a memorandum dated July 15, Executive Secretary Victor D. Rodri guez announced the designation of Sebastian as the DA’s undersecretary forTheoperations.memoalso indicated that Se bastian will serve chief of staff of the office of the Agriculture secretary. He has been tasked to sign con tracts, memoranda of agreement, ad ministrative issuances, and admin istrative and financial documents. The memo gives him the author ity to act as the designated head of procuring entity and reconstitute the Bids and Awards Committee as well as appoint or reassign employees of the DA except those whose appoint ments are vested in the President or in some other appointing authority. ‘Dismantle cartels’
B AYER Philippines Inc. is launching a pilot Bayer Kubo in Manaoag, Panga sinan with nongovernment orga nization (NGO) Asia Society for Social Improvement and Sustain able Transformation (ASSIST) to run capability and capacity build ing programs combining health andTheagriculture.programwill be piloted in Brgy. Cabanbanan in Manaoag, supporting the community of smallholder farmers surrounding the Bayer Learning Center located in the area. The Bayer Learning Center is a venue for farmers in the community where they can learn best practices and see the latest solutions available for veg etableWithproduction.theBayerKubo program in place, women farmers and farmers’ wives can get expert-led training on family planning, farmer self-care, and basic farm financial management. “This Bayer Kubo is where Bayer in the Philippines is bring ing together our three divisions: Consumer Health, Pharmaceuti cals, and Crop Science under one program to support our farmers,” said Angel Michael Evangelista, Managing Director and Country Division Head-Pharmaceuticals for Bayer Philippines Inc. “With the growing role of women in Philippine agriculture, who face competing demands to care for their families while ensuring they contrib ute to farm work and productivity, we aim to support women farmers and farmers’ wives through health, wellness, and sustainable agricul turalThroughpractices.”thepilot program, Bayer Philippines and ASSIST aim to em power over 100 women farmers as “Community Champions” that will ensure continued knowledge sharing and capacity building to train addi tional 1,500 community members on the best practices of family planning, farmer self-care, and Smallholder Farmer Support. “As ASSIST moves forward in this partnership with Bayer Phil ippines, we will remain committed in creating more capacity-building opportunities that fit the needs of the women farming communities in Manaoag, Pangasinan,” said Fran cis Macatulad, Executive Director of ASSIST.
By Jovee Marie N. Dela Cruz @joveemarie & Samuel P. Medenilla @sam_medenilla OFFICIALS of the Sugar Regu latory Administration (SRA) will face the members of Congress in a briefing on the un authorized issuance of Sugar Order (SO) 4 of the SRA Board on Monday. House Committee on Agriculture Chairman Mark Enverga of Quezon said his committee and the House Committee on Good Government and Public Accountability chaired by San Jose Del Monte Rep. Rida Robes have invited the SRA officials and other stakeholders to the briefings. Enverga said the two committees will ask the SRA to brief lawmakers on the issuance of SO 4 as well as import volumes and prices of sugar in thePresscountry.Secretary Beatrix CruzAngeles said the supposed SO of the SRA Board was “invalid” since it was not authorized by President Marcos who sits as its chairman. “Majority Leader Manuel Dalipe has immediately tasked the commit tee on Good Government (as lead committee) and the Committee on Agriculture and Food to conduct a briefing on the reported unauthor ized importation of sugar on Monday at 11 a.m.,” said Enverga. Robes said her committee, as man dated by the House leadership, will require transparency and account ability during the hearing. “In order to govern properly, we need credible and trustworthy insti tutions. That is why the Committee on Good Government and Account ability has taken the task of pursu ing this need for transparency with respect to the issue over the sugar importation,” she said. “We expect to be enlightened on what really transpired so that we will be able to make informed deci sions on the matter. Our committee will endeavor to seek the truth in its pursuit of good governance and publicTheaccountability.”probewaslaunched after Ag riculture Undersecretary Leocadio S. Sebastian signed SO 4 on behalf of the President. The order was posted on the SRA web site. Aside from Sebastian, SRA Board Vice Chairperson Hermenegildo R. Serafica, Miller’s Representative Ro land B. Beltran, and Planter’s Repre sentative Aurelio Gerardo J. Valder rama Jr., also signed the document. The issuance would have allowed the importation of 150,000 metric tons (MT) of sugar for industrial users and another 150,000 MT for producers and traders to help lower the soaring price of the sweetener. Moreover, Enverga said the com mittee will also look at the implemen tation of the Sugar Industry Develop ment (SID) Act, particularly the P2 billion annual mandated appropria tions for the programs under the law. “We will also study and look if we need to amend the SID Act,” said Enverga in a separate radio interview on TheSunday.latest SRA data showed that as of end-July 172,016.9 MT of re fined sugar or about 86 percent of the 200,000-MT importation program under SO 3 has arrived in the country. SO 3, which was approved in Feb ruary, is currently the only import program for sugar this year. SRA data showed that 45,680 MT of the imported refined sugar has been consumed locally. Serafica, who is also the SRA ad ministrator, earlier told the Business Mirror that the SRA board approved last August 2 the reclassification of some 62,826.6 MT of imported re fined sugar from “C” or reserved sugar to “B” or domestic sugar. Citing data from the Department of Agriculture (DA), the Business Mirror earlier reported that sugar production in crop year 2021-2022 is expected to settle only at 1.8 mil lion MT—the lowest in 22 years. The shortfall in local sugar sup ply has already caused the price of the sweetener to rise. As of August 5, SRA said the price of sugar in Metro Manila supermar kets reached P93.01 per kilogram, while those being sold in public mar kets in the region was at P95 per kg. Refined sugar in Metro Manila was even more expensive as its price reached P115 per kg in supermarkets and P100 per kg in public markets.
The Associated Press M AYVILLE, N.Y.—“ t h e Sa tanic Verses” author Salman Rushdie was taken off a ven tilator and able to talk Saturday, a day after he was stabbed as he prepared to give a lecture in upstate New York. Rushdie remained hospitalized with serious injuries, but fellow au thor Aatish ta seer tweeted in the evening that he was “off the ventila tor and talking (and joking).” Rush die’s agent, Andrew Wylie, confirmed that information without offering furtherEarlierdetails.inthe day, the man accused of attacking him Friday at the c h au tauqua Institution, a nonprofit edu cation and retreat center, pleaded not guilty to attempted murder and assault charges in what a prosecutor called a “preplanned” crime. An attorney for Hadi Matar entered the plea on his behalf during an ar raignment in western New York. t he suspect appeared in court wearing a black and white jumpsuit and a white face mask, with his hands cuffed in front of him. A judge ordered him held without bail after District Attorney Jason Schmidt told her Matar, 24, took steps to purposely put himself in position to harm Rushdie, getting an advance pass to the event where the author was speaking and arriving a day early bearing a fake ID. t h is was a targeted, unprovoked, preplanned attack on Mr. Rushdie,” Schmidt said.
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All WAll Street trendS go hAy Wire AS Stock beArS Are being cruShed
“Even if Russia manages to make significant repairs to the (dam aged) bridges, they will remain a k ey vulnerability,” the British said. o n S aturday, the deputy direc tor of the Russian-controlled k a k hovka hydropower plant 60 kilome ters (37 miles) upriver from the city o f k h erson said one of its generat ing units was out of service after a U krainian missile strike. Arseniy Zelenskyy said further strikes could endanger the Zaporizhzhia nuclear plant because its water in takes use the reservoir formed by t he k a khovka plant’s dam. Days after explosions at a Rus sian air base in c r imea destroyed up to a dozen aircraft, a Ukraini an presidential adviser said ky iv should make retaking the Black Sea peninsula that Moscow annexed in 2014 one of its goals of the war. “Russia started a war against Ukraine and the world in 2014, with its brazen seizure of c r imea. It is ob vious that this war should end with t he liberation of c r imea,” Mykhailo Podoylak, the head of Ukrainian President Volodymyr Zelenskyy’s office, wrote Saturday on tw itter. “And also with the legal punish ment of the initiators of the ‘special m ilitary operation’”—the k r em lin’s term for its war in Ukraine. U krainian officials have not claimed responsibility for the ex plosions tu esday at the Saki air base in c r imea. Russian defense officials have denied any aircraft were damaged—or that any attack even took place—attributing the blasts to on-site munitions that exploded.
Agent: Rushdie off ventilator and talking, day after attack
A Russian rocket attack on the city of k r amatorsk killed three people and wounded 13 others Fri day night, according to the mayor. k r amatorsk is the headquarters for Ukrainian forces in the country’s war-torn east. t h e attack came less than a day after 11 other rockets were fired at the city, one of the two main Ukrainian-held ones in Donetsk province, the focus of an ongoing Russian offensive to capture east ern Ukraine’s Donbas region. t h e Russian Defense Ministry claimed Saturday its forces had taken control of Pisky, a village on the outskirts of the city of Do netsk, the provincial capital that p ro-Moscow separatists have con trolled since 2014. R ussian troops and the k r em lin-backed rebels are trying to s eize Ukrainian-held areas north and west of the city of Donetsk to expand the separatists’ self-pro claimed republic. But the Ukrai nian military said Saturday that its f orces had prevented an overnight advance toward the smaller cities of Avdiivka and Bakhmut. Russian Defense Ministry spokesman Igor k o nashenkov also claimed that Russian strikes near k r amatorsk, 120 kilometers (75 miles) north of Donetsk city, destroyed a US-supplied multiple rocket launcher and ammunition. Ukrainian authorities did not ac knowledge any military losses but s aid Russian missile strikes Friday on k r amatorsk had destroyed 20 residential buildings. Neither claim could be indepen dently verified. t he Ukrainian governor of neighboring Luhansk province, part of the Donbas region that was overrun by Russian forces last month, claimed that Ukrainian troops still held a small area in the province. Writing on te legram, Lu hansk Gov. Serhii Haidai said the d efending troops were holed up inside an oil refinery on the edge of Lysychansk, a city that Moscow claimed to have captured, and also control areas near a village. t h e enemy is burning the ground at the entrances to the Luhansk region because it cannot overcome (Ukrainian resistance along) these few kilometers,” Haid ai said. “It is difficult to count how m any thousands of shells this ter ritory of the free Luhansk region h as withstood over the past month and a Furtherhalf.” west, the governor of the Dnipropetrovsk region report ed more Russian shelling of the c ity of Nikopol, which lies across the Dnieper River from Europe’s largest nuclear power plant. Gov. Yevhen Yevtushenko did not specify whether Russian troops had fired at Nikopol from the oc cupied Zaporizhzhia Nuclear Power Plant. Writing on te legram, he said Saturday that there were no casu alties but residential buildings, a p ower line and a gas pipeline were damaged.Nikopol has undergone daily bombardment for most of the past week, and a volley of shells killed three people and damaged 40 apartment buildings on t hurs day, he said. R ussia and Ukrainian officials have accused each other of shell ing the Zaporizhzhia plant in con travention of nuclear safety rules. R ussian troops have occupied the plant since the early days of Mos cow’s invasion, although the fa cility’s Ukrainian nuclear workers c ontinue to run it. Ukrainian military intelligence alleged Saturday that Russian troops were shelling the plant from a village just kilometers away, damaging a plant pumping station and a fire station. t h e intelligence directorate said the Russians had bused people into the power plant and mounted a Ukrainian flag on a gun on the outskirts of Enerhodar, the city where the plant is located. ob viously, it will be used for yet another provocation to accuse the armed forces of Ukraine,” the di rectorate said, without elaborating. U krainian officials have repeat edly alleged that Russian forces w ere using the plant as a shield while firing at Ukrainian communi ties across the river, knowing that U krainian forces were unlikely to fire back for fear of triggering a nuclear accident. t h ey said Russian shelling on Friday night killed one woman and injured two other civilians in the city of Zaporizhzhia. Ukraine’s southern Mykolayiv region also said a woman died there in shelling. For several weeks, Ukraine’s military has tried to lay the ground work for a counteroffensive to re claim southern Ukraine’s Russiano ccupied k h erson region. A local Ukrainian official reported Sat urday that a Ukrainian strike had d amaged the last working bridge over the Dnieper River in the re gion, further crippling Russian s upply lines.
By Susie Blann The Associated Press
Gym owner Desmond Boyle said he saw “nothing violent” about Matar, describing him as polite and quiet, yet someone who always looked “tremen dously sad.” He said Matar resisted at tempts by him and others to welcome and engage him. “He had this look every time he came in. It looked like it was the worst day of his life,” Boyle said. Matar was born in the United States to parents who emigrated from Yaroun in southern Lebanon, the mayor of the village, Ali te hfe, told t he Asso ciatedFlagsPress.ofthe Iran-backed Shia mili tant group Hezbollah are visible across the village, along with portraits of leader Hassan Nasrallah, k h amenei, k homeini and slain Iranian Gen. Qa ssemJournalistsSoleimani.visiting Yaroun on Sat urday were asked to leave. Hezbollah spokespeople did not respond to re quests for comment.
Russia shells homes in east as Ukraine strikes key bridge
VAlentyn A ko ndr At ie VA, 75, walks into her damaged home Saturday, Aug. 13, 2022, where she sus tained injuries in a russian rocket attack last night in kramatorsk, donetsk region, eastern ukraine. the strike killed three people and wounded 13 others, according to the mayor. the attack came less than a day after 11 other rockets were fired at the city.
t h e Russians no longer have any capability to fully turn over their equipment,” Serhii k h lan, a deputy to the k h erson Regional c ou ncil, wrote on Facebook.
Event moderator Henry Reese, 73, suffered a facial injury and was treated and released from a hospital, police said. He and Rushdie had planned to discuss the United States as a refuge for writers and other artists in exile. A state trooper and a county sher iff’s deputy were assigned to Rushdie’s lecture, and police said the trooper made the arrest. But afterward some longtime visitors to the c h autauqua In stitution questioned why there wasn’t tighter security given the threats against Rushdie and a bounty of more than $3 million on his head. o n S aturday the center said it was boosting security through measures such as requiring photo IDs to purchase gate passes, which previously could be obtained anonymously. Patrons enter ing the amphitheater where Rushdie was attacked will also be barred from carrying bags of any type. t h e changes, along with an in creased presence of armed police of ficers on the bucolic grounds, came as something of a shock to c h autau quans who have long relished the laid-back atmosphere for which the nearly 150-year-old vacation colony is known. Italie reported from New York. Associated Press journalist Kareem Chehayeb contributed to this report from Beirut.
The World BusinessMirrorMonday, August 15, 2022A6 Editor: Angel R. Calso
Rushdie, a native of India who has since lived in Britain and the US, is known for his surreal and satirical prose style, beginning with his Booker Prize-winning 1981 novel “Midnight’s c h ildren,” in which he sharply criti cized India’s then-prime minister, In dira tGandhi.heSatanic Verses” drew death threats after it was published in 1988, with many Muslims regarding as blas phemy a dream sequence based on the life of the Prophet Muhammad, among other objections. Rushdie’s book had already been banned and burned in India, Pakistan and elsewhere before Iran’s Grand Ayatollah Ruhollah k ho meini issued a fatwa, or edict, calling for Rushdie’s death in 1989. k homeini died that same year, but the fatwa remains in effect. Iran’s cur rent supreme leader, k h amenei, never issued a fatwa of his own withdrawing the edict, though Iran in recent years hasn’t focused on the writer. Investigators were working to de termine whether the suspect, born a decade after “ t he Satanic Verses” was published, acted alone. District Attorney Schmidt alluded to the fatwa as a potential motive in arguing against bail. “Even if this court were to set a mil lion dollars bail, we stand a risk that bail could be met,” Schmidt said. “His resources don’t matter to me. We understand that the agenda that was carried out yesterday is something that was adopted and it’s sanctioned by larger groups and organizations well beyond the jurisdictional borders of c h autauqua county,” the prosecu tor said.
Iran’s theocratic government and its state-run media assigned no motive for the attack. In tehran, some Iranians in terviewed by the AP praised the attack on an author they believe tarnished the Islamic faith, while others worried it would further isolate their country. o n Friday, on AP reporter witnessed the attacker stab or punch Rushdie about 10 or 15 times.
AP Photo/DAv i D G ol D m A n
By Denitsa Tsekova S tock bears are suddenly get ting crushed. o n ce-dependable momentum trades are misfir ing. Inflation-lashed bonds are bounc ingAfterback. another expectations-bust ing week on Wall Street, sharp mar ket reversals are baffling real-mon ey veterans, retail speculators and quants alike. Big data surprises, including a blockbuster jobs report and a softerthan-expected July consumer price reading, have caught a heavily hedged investor base off guard, as the S&P 500 Index enjoys a nearly 17% rally from the June bear-market low. Economic angst and speculation that price pressures are peaking have helped global bonds climb almost 4% from their mid-June nadir, while once-hot stock shorts are backfiring. Put another way, every investing trend that defined the wild first-half is staging a messy reversal in the latest twist of this exhausting year. With Federal Reserve officials continuing to issue hawkish missives, playing it dumb—by sitting in cash or long-dollar positions—may look like a smart move for now. “It’s been a volatile year for stocks and bonds—first to the downside, now to the upside,” said Willie Delwiche, in vestment strategist at All Star c h arts. “Moving to the sidelines and letting the volatility play out is often an over looked and under appreciated option.” Investors appear to be betting that the Fed will pivot to a slower pace of interest-rate increases. t h at’s hurt ing risk-off trades and forcing hedge funds to cover short wagers. Net-short leveraged positions in S&P 500 futures reached the most bearish since 2015 in the run up to the recent rally (they’ve since started to be unwound), according to data from the c o mmodity Futures tr ading c o mmission. Meanwhile a basket of the most-shorted stocks tracked by Goldman Sachs is up almost 39% so far this Retailquarter. investors, who watched their post-pandemic profits wiped out this year and dashed out of stocks in June, are rushing back. Share purchases from small-fry traders jumped 62% during the week through tu esday, industry data compiled by JPMorgan c h ase & c o. show. tr end followers, who started the year as one of the biggest winners by shorting stocks and bonds, have also been swept up in the reversal. After notching a more than 20% gain in the first half of this year per a Societe Generale SA index, these so-called commodity trading advisers have lost more than 7% over the past two months. Asmarkets were revived by the idea that the US central bank could soon reduce the pace of tightening, the cohort exited $70 billion in stock shorts over the past month and have now turned positive on the asset class, according to Nomura Holdings Inc. “Some shorts have been crushed,” said c h arlie McElligott, a cross-asset strategist at Nomura. “Most shorted baskets and popular shorting proxies are exploding higher in a short squeeze sinceEvenmid-June.”afterthe bounce on hopes for a soft economic landing, the 60/40 portfolio, as tracked by a Bloomberg gauge, is down nearly 11% since the start of the year, while world stocks and global government bonds have lost around 13% in 2022. o n t he other hand, doing nothing but buying a cash-like exchange-trad ed product such as the SPDR Bloom berg 1-3 Month t Bill E t F o r the dol lar would have returned 0.2% or 7.4% respectively for the same period. “Maintaining some dry powder in the form of cash allows us to be more nimble and to be liquidity pro viders when others are forced sellers in choppy, illiquid summer months,” said k e lsey Berro, a fixed-income portfolio manager at JPMorgan Asset Management. “c a sh is also yielding significantly more today than at the start of the year.” With assistance from Lu Wang / Bloomberg
t h e British Defense Minis try said Saturday that damage to b ridges across the Dnieper means that “ground resupply for the sev eral thousand Russian troops on t he west bank is almost certainly reliant on just two pontoon ferry crossing points.”
KYIV, Ukraine—Russia’s military pounded residential areas across Ukraine overnight, claiming gains, as Ukrainian forces pressed a counteroffensive to try to take back an occupied southern region, striking the last working bridge over a river in the Russian-occupied Kherson region, Ukrainian authorities said Saturday.
Barone, the public defender, said after the hearing that Matar has been communicating openly with him and that he would spend the coming weeks trying to learn about his client, includ ing whether he has psychological or addiction issues. Matar is from Fairview, New Jer sey. Rosaria c a labrese, manager of the State of Fitness Boxing c lub, a small, tightly knit gym in nearby North Ber gen, said Matar joined April 11 and participated in about 27 group sessions for beginners looking to improve their fitness before e-mailing her several days ago to say he wanted to cancel his membership because “he wouldn’t be coming back for a while.”
Public defender Nathaniel Barone complained that authorities had tak en too long to get Matar in front of a judge while leaving him “hooked up to a bench at the state police barracks.” “He has that constitutional right of presumed innocence,” Barone added. Rushdie, 75, suffered a damaged liver and severed nerves in an arm and an eye, Wylie said Friday evening. He was likely to lose the injured eye. t he attack was met with shock and outrage from much of the world, along with tributes and praise for the awardwinning author who for more than 30 years has faced death threats for “ t he SatanicAuthors,Verses.”activists and government officials cited Rushdie’s courage and longtime advocacy of free speech de spite the risks to his own safety. Writer and longtime friend Ian McEwan called Rushdie “an inspirational defender of persecuted writers and journalists across the world,” and actor-author k a l Penn cited him as a role model “for an entire generation of artists, especially many of us in the South Asian diaspora toward whom he’s shown incredible warmth.”President Joe Biden said Saturday in a statement that he and first lady Jill Biden were “shocked and saddened” by the “Salmanattack.Rushdie—with his insight into humanity, with his unmatched sense for story, with his refusal to be intimidated or silenced—stands for essential, universal ideals,” the state ment read. “ tr uth. cou rage. Resilience. t he ability to share ideas without fear. t hese are the building blocks of any free and open society.”
By Carolyn Thompson & Hillel Italie
By Dorothy Ma & John Cheng C H i N ese developers have suf fered a meltdown of at least $90 billion in stocks and dol lar bonds this year, with a bursting housing bubble and an intensifying debt crisis threatening to inflict even more pain. The builders have lost about $55 billion in share value since 2022 began, according to a Bloomberg i n t elligence stock gauge. The sector’s dollar notes have fallen more than $35 billion, show calculations based on a Bloomberg bond index, the con stituents of which can change over time. The wipeouts have pushed developer stocks down to levels not seen in a decade and junk dol lar notes to record lows. Pessimism has become more entrenched after Beijing signaled that homeowners, not builders, are the priority of efforts to stabilize China’s slumping housing market. i n o ne recent sign of the tensions, more than a dozen developers in the central province of a n hui asked for help from their local government to restore property sales in the face of protests from disgruntled homebuyers.
Bloomberg News
“We are testing the mecha nism for the targeted fuel sub sidy system at some gas stations. We are testing platforms, in cluding e-wallets, and hopefully w ill take it to the Cabinet by the year-end. it is up to the Cabinet to decide on its implementa tion,” Zafrul said. s u bsidies on fuels and cook ing gas alone are projected to be a bout 37 billion ringgit this year, most of which benefit the higherincome groups, according to the finance ministry. The implemen tation of targeted subsidies will
Sri Lanka permits Chinese ship to dock after postponement
The World BusinessMirror Monday, August 15, 2022 A7www.businessmirror.com.ph By Ravil Shirodkar M alaysia’s eco nomic growth w ill accelerate this quarter after expand ing at the fastest pace in a year, d riven by private consumption as activities resume, Finance Min ister Zafrul a z iz said. “People are underestimating the strength of the pent-up de mand,” he said in an interview on s a turday. “Restaurants are packed, traffic jams have re turned, the unemployment rate h as fallen to below 4% and the first-half tax collections have been way above our estimate.” Malaysia’s GDP expanded 8.9% in the a p ril-June period from a year earlier, beating the 7% median estimate in a Bloomberg survey. The economic recovery has also been aided by a boom in overseas trade, with both export and import values hitting records in June. The central bank is pro jecting full-year growth to be at t he upper end of its 5.3%-6.3% forecast.Theoutlook will be more challenging heading into 2023 because of slowdown fear in the global economy, Zafrul said. st umbling growth in China—its largest trading partner —and the U s Federal Reserve’s aggressive monetary tightening are con cerns, Zafrul said. “ There are things that are not in our control,” he said, flagging fears about an escalation in ten sions between the U s and China after U s House s p eaker Nancy Pelosi’s visit to Taiwan. “We are hoping that the inflation con cerns in the U s ease and that China addresses its conservative CovidMalaysia’smeasures.”inflation pressures are expected to remain partly contained because of price caps on food items and fuel subsidies, Zafrul said. The government also recently held off on raising electricity and water prices. The consequence—a subsidy bill for 2022 that will likely total 80 bil lion ringgit ($18 billion), versus a b udgeted 31 billion ringgit. “Our inflation has been under control relative to what we see in the rest of the world,” Zafrul said. “But this comes at a high fiscalThecost.”government will rely on revenues from high commodity prices, robust tax collections, a one-off prosperity tax on com panies, and dividends from state e ntities including Petroliam Na sional Bhd. and sovereign wealth f und Khazanah Nasional Bhd., to offset the subsidy bill, he said. “The easiest way is to bor row more,” Zafrul said, adding t here is scope to do so because the debt-to-GDP ratio of 60.4% is still below the statutory debt ceiling cap of 65%. “But we are committed to a fiscal deficit tar get at 6% of GDP. Pre-pandemic, o ur deficit was at 3.5%. We have to get there eventually.”
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China crisis wipes out $90B of developer market value
Malaysia’s GDP growth to quicken on pent-up demand–Finance chief likely be done in stages and after taking into account the prevailing inflation rate, Zafrul said. On the local currency, Zafrul said:“The ringgit has depreciated against the U s dollar, like curren cies of many other countries have. R inggit isn’t the only one that has weakened, though some people are spinning it that way. “a p art from Bank Negara Malay sia ensuring the currency fluctua tions are not severe, it comes down t o the economy’s fundamentals. We need to strengthen them and the ringgit will reflect that. The GDP data validates the recovery.”
By Krishan Francis The Associated Press C O l O MBO, s r i l a nka— a C hinese research ship will be allowed to dock in a s r i l a nkan port after a days-long de lay apparently because of concerns raised by i n dia. s r i l a nka’s foreign ministry said in statement s aturday that the yu an Wang 5, which had been scheduled to dock last Thursday in the south ern Hambantota port, will now ar rive Tuesday and anchor there until a u g. 22. s r i l a nka did not give specific reasons for postponing the ship’s arrival, but security concerns of neighboring i n dia over the ship’s proximity to its southern borders likely factor in. China has been vying to expand its influence in sr i l a nka, which sits along one of the busiest shipping routes in what i n dia considers part of its strategic backyard. i n dia’s foreign ministry spokes person a r indam Bagchi said earlier that i n dia was aware of a planned visit by the vessel and that it care fully monitors any development that affects its security and economic interests and will take all measures to safeguard them. i n dia has provided crucial as sistance including food, fuel, medi cines and cooking gas to the i n dian Ocean nation as it struggles with an economic meltdown amid a severe foreign currency crisis. a t t he same time, China’s agreement to restruc ture its infrastructure loans to s r i l a nka is vital for the country to be able to reach a bailout program with the i nternational Monetary Fund. “The Ministry wishes to reiter ate sr i l a nka’s policy of cooperation and friendship with all countries. s e curity and cooperation in the neighborhood is of utmost prior ity. it i s s r i l a nka’s intention to safeguard the legitimate interests of all countries, in keeping with its international obligations,” the ministry said. China has lent sr i l a nka billions of dollars for development projects, some of which have been criticized as having little practical use. They include Hambantota port, which sr i l a nka leased to China in 2017 be cause it could not pay back the loan. AP
l o nger term, an ag ing population and a policy shift that seeks to redefine real estate as a form of public goods means the sector’s boom era may have al ready“Thepassed. aimof the rescue measures is to save the property market and household confidence, but not the developers,” said Gary Ng, senior economist at Natixis sa , r eferring to Beijing’s recent moves to ensure completion of stalled projects. “a s it is unlikely to see significant pol icy changes, the golden age of fast revenue growth and high leverage for property developers is prob ablyChineseover.” builders’ fortunes have decidedly worsened this year follow ing a relentless official campaign to curb their debt expansion and a yearlong slump in home sales. This has led to an unprecedented cash crunch that is spreading risks to the financial system and also threatens social stability. To investors’ disappointment, measures to shore up developers’ fi nances have been largely piecemeal. st eps have included a generalized call for banks to boost lending, but central bank data on Friday showed a sharp slowdown in July in aggre gate financing, a broad measure of credit, as new loans and corporate bond issuance weakened. Progress has also been slow on a reported plan to launch a state rescue fund, and authorities appear preoccupied with appeasing angry buyers of un finished homes amid a rare boycott on mortgage payments. a f ter hitting its lowest level since 2012 in recent days, the Bloomberg i ntelligence gauge of Chinese prop erty stocks has lost 27% this year, adding to a 34% decline for all of 2021 and in stark contrast to 80%plus annual gains enjoyed earlier thisThecentury. painis even deeper in the country’s high-yield dollar bond market, where developers still domi nate and once had their debt counted as investor darlings. a Bloomberg gauge tracking the sector hit its lowest-ever level last week amid fresh signs of repayment struggle in the sector. Chinese borrowers have defaulted on a record $28.8 billion of offshore bonds this year, nearly all of that by builders. The median dollar-bond price of Chinese real estate firms was 16 cents, versus 40 cents in March, with about 80% of issuance trading below 50 cents, Bloomberg i ntelligence es timated in late July. These so-called distressed levels reflect investors’ low expectations for getting their money back on time. With yields around 25%, this once-vibrant offshore market is virtually inaccessible to Chinese developers. a n d while high-grade borrowers such as China Vanke Co. remain able to tap cheap do mestic funding, they are no longer appealing to many investors either given bleak long-run prospects the industry“Therefaces.isno polarization be tween better-quality and distressed developers anymore,” said Carl Wong, head of fixed income at av e nue a s set Management l t d. “ it i s domino falling.” a s e conomic and population growth slows, China’s property mar ket will likely face an irreversible glut in coming years. Top leaders’ repeated pledge that housing is for living and not for speculation, as well as a campaign to ramp up the supply of public housing, means real estate will no longer be a highmargin business. l o nger term, there will be a change in the real estate busi ness model,” said a n drew Chan, a credit analyst at Bloomberg i ntel ligence. “The industry may turn out to be more state-dominated, so in a sense property prices could be ‘controlled’—which is in line with the Chinese goal of social stabil ity and quelling social inequality.”
Thomas M. Orbos
A broader look at today’s business T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso Ruben M. Cruz Jr. Eduardo A. Davad Nonilon G. Reyes D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan
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www.news.businessmirror@gmail.comMonday, August 15, 2022 • Editor: Angel R. Calso Opinion BusinessMirrorA8
The Battle of Dunkirk, cable cars and Senator Robin Padilla STREET TALK
Building a better world for our youth
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Painful ‘cleansings’
RISING SUN Atty. Jose Ferdinand M. Rojas II a stake in the decision-making process. Political participation and civic engagement have to be a part of an inclusive and enabling environment for today’s young people. Let us allow our youths to advocate for the changes they want to see and to help develop our environment and society so that it can effectively respond to their specific needs. The economic environment does not appear to be very friendly to young people, too, especially those who are poor or marginalized like women, members of the LGBTQ community, migrant youths, etc. As the world faces economic challenges brought about by the war, inflation, and the pandemic, economic opportunities are now even harder to come by for most people, let alone young workers who often lack adequate experience or advanced education. It is not just the Philippines that is facing huge debts; the Institute of International Finance in 2021 stated that global debt reached a record of $303 million, the highest jump since World War II. What does this mean? As governments try to build funds for debt repayment, they will naturally reduce spending on certain items and these will likely include education, health care, and social protection. On the micro level, families will be forced to cut spending on important items like food and health care—which thousands of Filipino families are already doing. The government, of course, plays a big part in making sure that young people get equal access to economic opportunities. However, businesses or the private sector have an equally important role to play here. Creating job opportunities and supporting social entrepreneurship ecosystems are just two of the numerous steps the private sector can take to help create a youth-friendly business environment.
Our youths are, indeed, a powerful force as young people from the ages of 15 to 24 make up about 16 percent of the global population. Unfortunately, many of them are not able to fulfill their full potential nor contribute to society because of a host of issues like poverty, addiction, illness or instability (mental and physical), educational inequality, unequal access to opportunities, and many more.
BusinessMirror
It is very important that every nation gives a voice to the youth so their issues are highlighted and acted upon, especially those that directly impact them like climate change and social justice. The youth have to be able to help shape the world’s response to these huge challenges, yet our systems are not built to accommodate these. We are in a transport crisis and we need to harness all the possible resources and alternatives. And out-of-the-box ideas such as that of Senator Robin should be welcomed and encouraged rather than dismissed. It is better than waiting for the help that is yet to come. All options need to be considered, just like at Dunkirk, to bring our commuters home.
The Battle of Dunkirk is one of the most dramatic events in World War II, not so much for the battle itself that trapped the fledgling British force on a narrow French beach head against the advancing German blitzkrieg; but rather the rescue of these soldiers by a flotilla of British civilian vessels in the absence of the military transport that would have come in too late to save them. It was mission critical and time was of the essence. And no matter what they say—this motley group of civilians and their vessels: fishing boats, weekend vessels and practically anything that floated, did the job. We are in the same situation.
editorial T he World health Organization declared a “Public health emergency of International Concern” with the outbreak of Covid-19 in January 2020. With a global mortality rate of 1.1 percent (also less than 2 percent in the Philippines), the virus was in the mid-range when compared to other viral and bacterial diseases. Prior to its virtual eradication, Smallpox killed 3 percent of those who contracted the disease. While limited to an insignificant number of cases, Severe Acute Respiratory Syndrome (SARS) had an 11 percent mortality rate. Covid has registered over 500 million cases, noting that reporting and confirmation varies greatly from country to country. German journalist, satirist, and writer Kurt Tucholsky wrote: “The death of a man: that is a catastrophe. Hundreds of thousands dead: that’s a statistic!” Each of us has a personal story of the pandemic, and many if not most are genuinely catastrophic. Over the course of the past two years and often found in the “Lifestyle” section of the newspaper has been stories of businesses that closed due to the lockdowns, never to reopen. Perhaps the most notable of these is the iconic Makati Shangri-La hotel. The hospitality industry was hit the hardest. Even larger companies that could withstand the financial pressure suffered greatly. Jollibee closed 486 stores in 2020 and while opening new stores since, overall it has 147 fewer stores at the end of last year compared to its pre-pandemic level. Companies were faced with challenges trying to survive through the lockdowns. Some simply waited. Others adapted to life without walk-in customers, such as supermarkets that created a delivery network. Still others changed their business model, particularly those that were dependent on high mall traffic for revenues and profit. The normal business cycle of boom-and-bust creates the same kind of situation where some companies survive and prosper during the bad times while others lie buried by the side of the economic road. In one sense, that “culling of herd” when only the strong endure is favorable for the long Technologyterm.has taken us from a time when the death of one person— elderly and infirmed for example—made room for someone young and healthy. There was only so much resources to go around. But in business, sometimes the old and “sick” must make room for the new and vibrant. Old buildings are demolished to provide a place to build bigger and better. That is part of “Creative Destruction.” Creative destruction is also a process through which something new brings about the demise of what existed before. Tablets are replacing conventional printed books. Music streaming services are replacing digital music and video-streaming services replaced DVDs. One analyst sums up Creative Destruction this way: “Free-market economics makes a case for allowing any unprofitable firm to go out of business whatever the consequences.” Temporary and relatively short-term economic downturns—recessions—provide necessary “cleansings” during which extremes of borrowing and debt and the associated speculative risks are unwound, reducing the risk of long term and more severe consequences like an economic depression. But even short-term, this destruction which does lead to “bigger and better” can be damaging and painful just like that one death among thousands.ThePhilippine economy is moving out of the Covid catastrophe, but it will still take time. And we have no idea what damage is yet to come from the intrigues of war and economic chaos in the West. The government and the private sector must work even more closely together than ever before. We hope that leaders in both sectors have the common sense to cooperate with each other.
The cases of mass shootings in the US come to mind because, in some of these instances, very young attackers are involved in the crimes. There are many incidents of violence around the world happening every single day wherein young people are involved, either as victims or perpetrators. It is very important that every nation gives a voice to the youth so their issues are highlighted and acted upon, especially those that directly impact them like climate change and social justice. The youth have to be able to help shape the world’s response to these huge challenges, yet our systems are not built to accommodate these. Case in point, people under the age of 35 are rarely found in formal political positions. Public leadership for the youth needs to be encouraged. A WE Forum feature states that it is not enough for governments to aim to design public policies where youths have
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A ddressing our transport shortage is crucial. And it is that mission critical attitude that our transport regulators need to have at these times. We cannot wait for the super expensive Buildx3 projects to be completed. As we speak, lives are affected—financially and socially because of the lack of transport. “Libreng Sakay” and transport “ayudas” are good but are not sustainable and can only offer relief to a few of the more than 100 million passengers recorded every day. It is time to consider out-of-the-box solutions. Following the Dunkirk psyche, why not allow all roadworthy public transport to ply the routes, to include even the illegal ones—the so-called “colorums.” Allow them to operate legally and register them. This will also ensure their roadworthiness compliance, adherence to traffic regulations, fare matrix and passenger safety guidelines. And later on, this transport “amnesty” can be the basis of legal route assignments for these registered “colorum” vehicles. Besides, “colorum” vehicles will continue to exist, whether the government likes it or not, simply because there is a demand by commuters brought about by the shortage of public transport. And legalizing them will also kill the corruption that allows them to operate in the shadows.Following this emergency mindset, why not also open the roads to all able-bodied vehicle owners with time on their hands to earn extra income by having their vehicles available for public transport. Register them and allow them to operate as well. This was the motivation that created ride-hailing services. We do not need to curtail the number of vehicles that can be used for public transport; not at this time. In the same manner, this would also be a good time to relax, if not suspend, the implementation of the modernization program. So long as these old jeepneys comply with the required roadworthiness tests, then let them ply their routes. It is also time to review the modernization program. Modernization is a program that is needed but there is something wrong if its success rate remains at a little over 10 percent, after five years of implementation.Whichleads us to consider See “Orbos,” A9
IN celebration of International Youth Day on August 12, some organizations and governments brought issues of the youth front and center and celebrated the achievements and potentials of the youth as partners in nation-building.
The author may be reached at tmo45@georgetown.edu
THE PATRIOT Siegfred Bueno Mison, Esq.
DEBIT CREDIT Joel L. Tan-Torres
By Brian Slodysko | The Associated Press WASHINGTON—Sen. Kyrsten Sinema, the Arizona Democrat who single-handedly thwarted her party’s longtime goal of raising taxes on wealthy investors, received nearly $1 million over the past year from private equity professionals, hedge fund managers and venture capitalists whose taxes would have increased under the plan. It was a solid form of regulation that tested the level of restraint, and obedience, of these uniformed men. Over time, on top of that fear of disappointing my father and destroying his name in the Army, I took to leadership and management principles anchored on biblical doctrines as my way of doing things right. These standards serve as a lamp illuminating each path that I had to take, as if they are interlaced with the goals that I had to reach. In the legal profession, of which I am a member for quite some time now, I encountered a handful of judges and practitioners who share the same principled discipline. Of all the magistrates I met, one judge stood out. In the late nineties, he and I were faculty members at the College of Law of the University of the East. Now an esteemed Justice in the Supreme Court, Japar Dimaampao is a beacon for all those who are in the judiciary. Though he wanted to pursue agriculture as a degree, he ended up taking accounting then law studies, at the encouragement of his father. What is admirable about Justice Japar is that ever since he donned the black robe, his integrity remains beyond reproach. In his office is a large frame with an inscription of 2:255 of the Holy Quran, which states, among others, “To Him belongs whatever is in the heavens and whatever is on the earth. Who could possibly intercede with Him without His permission? He fully knows what is ahead of them and what is behind them, but no one can grasp any of His knowledge— except what He wills to reveal. His Seat encompasses the heavens and the earth, and the preservation of both does not tire Him. For He is the Most High, the Greatest.” In the Bible Psalms 24:1-2 offers a similar theme: “The earth is the Lord’s, and everything in it. The world and all its people belong to him. For he laid the earth’s foundation on the seas and built it on the oceanFordepths.”Justice Japar, his faithful reliance on the power and presence of an Almighty God makes him practically incorruptible. “God always watches over me,” he says. He’s not afraid to decide cases on the merits, despite threats or unholy financial offers. Justice Japar fearlessly renders judgments, ever conscious that God knows everything he does— “You know what I am going to say even before I say it, Lord.” ( Psalms
Bridging the gaps
out-of-the-box transport solutions in the long term. Recently, neophyte Senator Robin Padilla proposed cable cars as a viable alternative to help solve our transport problems. Many thought it was a flimsy idea, dismissing it immediately; some even ridiculed it. I am for it. Cable cars are part of the mass transport in many developing countries, especially in South America. Cable cars are a lot, lot cheaper to build than rail, faster to build, costs less to operate and occupies little land real estate, which is so scarce and expensive in urban areas like Metro Manila. Other than that, the air space it utilizes is free. Cable cars carry surprisingly a good number of passengers. “Gondolas” or the mass transport multi-line cars carry up to 100,000 passengers per day. The expensive subway carries 300,000—not so far off. Ideal areas for cable car deployment would be the Ortigas–Antipolo line, the Masinag (LRT2)-Antipolo line, the San Mateo-Batasan Line, and the Rosario, Pasig-BGC, Taguig line. Nationwide, possible areas for cable car mass transport are: Baguio City, Guimaras–Iloilo crossing, the Sta. Rosa-Nuvali-Tagaytay line, and actually many others. Besides, cable cars are not stand-alone solutions and work well as part of the ideal transport mix for any high-density communities. During the previous administration, a European government even went as far as to propose a study grant on the viability of cable cars in our local setting. We are in a transport crisis and we need to harness all the possible resources and alternatives. And out-of-the-box ideas such as that of Senator Robin should be welcomed and encouraged rather than dismissed. It is better than waiting for the help that is yet to come. All options need to be considered, just like at Dunkirk, to bring our commuters home.
For years, Democrats have promised to raise taxes on such investors, who pay a significantly lower rate on their earnings than ordinary workers. But just as they closed in on that goal last week, Sinema forced a series of changes to her party’s $740 billion election-year spending package, eliminating a proposed “carried interest” tax increase on private equity earnings while securing a $35 billion exemption that will spare much of the industry from a separate tax increase other huge corporations now have to pay. The bill, with Sinema’s alterations intact, was given final approval by Congress on Friday and is expected to be signed by President Joe Biden nextSinemaweek. has long aligned herself with the interests of private equity, hedge funds and venture capital, helping her net at least $1.5 million in campaign contributions since she was elected to the House a decade ago. But the $983,000 she has collected since last summer more than doubled what the industry donated to her during all of her preceding years in Congress combined, according to an Associated Press review of campaign finance disclosures. The donations, which make Sinema one of the industry’s top beneficiaries in Congress, serve a reminder of the way that high-power lobbying campaigns can have dramatic implications for the way legislation is crafted, particularly in the evenly divided Senate where there are no Democratic votes to spare. They also highlight a degree of political risk for Sinema, whose unapologetic defense of the industry’s favorable tax treatment is viewed by many in her party as indefensible.“Fromtheir vantage point, it’s a million dollars very well spent,” said Dean Baker, a senior economist at the Center for Economic and Policy Research, a liberal-leaning think tank. “It’s pretty rare you see this direct of a return on your investment. So, I guess I would congratulate them.” Sinema’s office declined to make her available for an interview. Hannah Hurley, a Sinema spokesperson, acknowledged the senator shares some of the industry’s views on taxation, but rebuffed any suggestion that the donations influenced her“Senatorthinking.Sinema makes every decision based on one criteria: what’s best for Arizona,” Hurley said in a statement. “She has been clear and consistent for over a year that she will only support tax reforms and revenue options that support Arizona’s economic growth and competitiveness.”TheAmerican Investment Council, a trade group that lobbies on behalf of private equity, also defended their push to defeat the tax provisions.“Ourteam worked to ensure that members of Congress from both sides of the aisle understand how private equity directly employs workers and supports small businesses throughout their communities,” Drew Maloney, the organization’s CEO and president, said in a statement. Sinema’s defense of wealthy investors’ tax treatment offers a jarring contrast to her background as
AT the start of my Army career, I was already conscious about preserving the legacy that my father Salvador built in his 36 years of illustrious service in the military. I painstakingly took efforts to carry the onus, especially on the matter of discipline, lest I tarnish this heritage. The officers and soldiers I met always associated discipline with the Mison brand in the uniformed service. After all, my father once prohibited all soldiers from drinking alcohol in the entire Basilan province when he was the provincial commander in the seventies.
T H e Philippines adopted the International Financial Reporting-based standards (IFRS) Philippine Financial Reporting Standards in 2005 as a basis for the preparation of financial statements. Since that time, the Professional Regulatory Board of Accountancy (BOA) and the Financial Reporting Standards Council (FRSC) have issued at least 65 PFRS, Philippine Accounting Standards, and Philippine Interpretations to govern financial reporting ( ernment-organization-our-standardshttps://www.pfrsc.org/gov).
Naked discipline US senator took Wall Street money while killing tax on investors
Monday, August 15, 2022 Opinion A9BusinessMirrorwww.news.businessmirror@gmail.com
Orbos . . . continued from A8
A large number of these BOA/ FRSC issuances have provisions on financial reporting (including income and expense determination ) that differ from those provided for in the Tax Code/BIR. Hence, for these situations, the various stakeholders of these financial reports (including preparers/business enterprises, external CPA auditors, taxpayers, and regulators (BIR, SEC, BSP, IC, CDA, BOA) have to address these differences that arise whenever these financial reports and tax returns are prepared annually. These are commonly known as the reconciliation and accounting of PFRS financial information with the Tax Code tax-related declarations. The BIR has issued a number of guidelines to address these PFRS-Tax Code accounting, reporting, and reconciliation issues. But these issuances have been few and far between in number, aside from being dispersed in various documents spreading over several years. The other gaps in these BIR issuances are that there are conflicting, as well as unclear or even no provisions and definitions, for the effective implementation of the reconciliation and recording/ accounting process. Clearly, these BIR guidelines are not taxpayerfriendly and do not provide a single source of information. It is also apparent that the lack or inadequate knowledge of the major players (including BIR, taxpayers, and external auditors) on the fine details of PFRS, themselves, and the PFRS-related matters covered by the Tax Code leads to implementation issues and problems. These problems include erroneous computation of taxes by taxpayers, failure of external auditors to assess properly the financial and tax declarations of their clients, and BIR not being able to collect taxes that may erroneously o r intentionally be mis-declared by taxpayers in the course of the PFRS-Tax Code reconciliation process. Another major problem that should be recognized is the acrimonious relationship between taxpayers/tax consultants and the BIR examiners resulting from the conflicting interpretation of these reconciliation differences. These inconsistent or unclear rules oftentimes result in BIR’s arbitrary tax assessments, harassment of BIR examiners of hapless taxpayers during the audit, and devious taxpayers evading the payment of properApparently,taxes. newly appointed BIR Commissioner Lilia Guillermo recognized these gaps and the need to address these. Sometime last July 2022, I got to talk with the Commissioner who expressed her desire to bridge these gaps. Being long-time colleagues in the BIR (we started our career in the BIR practically the same time in the 1980s), I gladly accepted her invitation to assist her and the BIR in pursuing these PFRS and Tax Code accounting gaps. To be continued Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of MayThis1979.column accepts articles from the business and academic community for consideration for publication. Articles not exceeding 700 words can be e-mailed to jltantorres@up.edu.ph. Apparently, newly appointed BIR Commissioner Lilia Guillermo recognized these gaps and the need to address these. Sometime last July 2022, I got to talk with the Commissioner who expressed her desire to bridge these gaps. Being long-time colleagues in the BIR (we started our career in the BIR practically the same time in the 1980s), I gladly accepted her invitation to assist her and the BIR in pursuing these PFRS and Tax Code accounting gaps.
139:3-4 ). Whether a Christian or a Muslim, a disciplined believer enjoys his Creator in many ways the undisciplined person cannot. His naked discipline has freed him from all things ungodly, and from all things senseless. If only magistrates and public servants alike have this “God watching over me” attitude, judicial decisions can truly be fair and just. It is this consciousness that leads man to godliness, and, as one pastor puts it: “From right believing comes right living.” Justice Japar’s unyielding belief in an eternal authority propels him to do what is right, and to live right. It is the same awareness that summons such a form of discipline that he steers clear of anything that may hinder him from the direction of godliness. More than “fleeing” from any fraudulent or vile influences, it is imperative to “run to” God and “stay at” His presence in order to gain wisdom and observe restraint. Judges need not merely flee from sin or temptation, but they need to seek God and dwell in His Word. During the 46th Philippine National Prayer Breakfast in November 2021, Chief Justice Alexander G. Gesmundo emphasized that “God is watching us every day of our lives to see what we do with what He’s givenForus.”magistrates like Justice Japar, discipline to remain free from external influences entails a conscious decision. They have to intentionally invite the Holy Spirit to help them decide to do what’s best over what’s easiest. True, this self-control can be hard to acquire. But as the Bible tells us, “No discipline seems pleasant at the time, but painful. Later on, however, it produces a harvest of righteousness and peace for those who have been trained by it.” (Hebrews 12:11). Even athletes place themselves through years of arduous work and training to clinch that gold medal. The Greek word for “discipline” is gymnadzo, from which we derive “gymnasium.” It came from a word meaning “naked” because Greek athletes would strip off their clothing so they won’t be hindered from their goal of winning their game. Plainly speaking, in our training for godliness, we have to strip ourselves off of certain hindrances—which include money over principle, depravity over righteousness, and yes, even an extended time pouring through tattletales over social media! Discipline warrants some form of difficulty and denial. I could only surmise that my father, back during his stint as Provincial Commander, focused on the goal of leading highly disciplined soldiers in combat, thus denying himself of amity and unnecessary “pakikisama ” when he banned his soldiers from drinking alcohol. Part of our goal should be fairly clear: “godliness” which, in Greek, has the nuance of “reverence for God,” growing in conformity with Him. Discipline or self-control, among many other “naked” principles, bears relevant implications in terms of developing a godly speech, godly thought life, and godly actions. Justice Japar exemplifies this principle unmistakably. My selfless inclination also tells me that there are many others out there just like him. Finding judges and practitioners who use godliness as a discipline, as believers do, is much easier than finding a needle in a haystack. A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.
a Green Party activist and self-styled “Prada socialist” who once likened accepting campaign cash to “bribery” and later called for “big corporations & the rich to pay their fair share” before launching her first campaign for Congress in 2012. She’s been far more magnanimous since, praising private equity in 2016 from the House floor for providing “billions of dollars each year to Main Street businesses.” After her election to the Senate, Sinema interned during the 2020 congressional recess at a private equity mogul’s boutique winery in northern California. The soaring contributions from the industry to Sinema trace back to last summer. That’s when she first made clear that she wouldn’t support a carried interest tax increase, as well as other corporate and business tax hikes included in an earlier iteration of Biden’s Duringagenda.atwo-week period in September alone, Sinema collected $47,100 in contributions from 16 high-ranking officials from the private equity firm Welsh, Carson, Anderson & Stowe, records show. Employees and executives of KKR, another private equity behemoth, contributed $44,100 to Sinema during a two-month span in late 2021. In some cases, the families of private equity managers joined in. David Belluck, a partner at the firm Riverside Partners, gave a $5,800 max-out contribution to Sinema one day in late June. So did three of his college-age kids, with the family collectively donating $23,200, records show. “I generally support centrist Democrats and her seat is important to keep a Democratic Senate majority,” Belluck said, adding that his family has known Sinema since her election to Congress. “She and I have never discussed private equity taxation.”Thedonations from the industry coincide with a $26 million lobbying effort spearheaded by the investment firm Blackstone that culminated on the Senate floor last weekend. By the time the bill was up for debate during a marathon series of votes, Sinema had already forced Democrats to abandon their carried interest tax increase. “Senator Sinema said she would not vote for the bill...unless we took it out,” Senate Majority Leader Chuck Schumer told reporters last week. “We had no choice.” But after private equity lobbyists discovered a provision in the bill that would have subjected many of them to a separate 15 percent corporate minimum tax, they urgently pressed Sinema and other centrist Democrats for changes, according to e-mails as well as four people with direct knowledge of the matter who requested anonymity to discuss internal“Givendeliberations.thebreaking nature of this development we need as many offices as possible weighing in with concerns to Leader Schumer’s office,” Blackstone lobbyist Ryan McConaghy wrote in a Saturday afternoon e-mail obtained by the AP, which included proposed language for modifying the bill. “Would you and your boss be willing to raise the alarm on this and express concerns with Schumer andMcConaghyteam?” did not respond to a request for comment. Sinema worked with Republicans on an amendment that stripped the corporate minimum tax on private equity from the bill, which a handful of vulnerable Democrats also voted“Sincefor. she has been in Congress, Kyrsten has consistently supported pro-growth policies that encourage job creation across Arizona. Her tax policy positions and focus on growing Arizona’s economy and competitiveness are longstanding and well known,” Hurley, the Sinema spokesperson, said. Associated Press writer Josh Boak contributed to this report Part One
@BNicolasBM A RRIVING migrant homebased caregivers and house hold service workers in Taiwan and those signing new contracts with their employers are now entitled to a higher monthly minimum pay, the Department of Labor and Employment (DOLE) said on Sunday. T his, after Taiwan’s labor minis try approved the 17.6-percent pay hike for migrant workers, the first granted by the government since 2015, according to a report from Labor Attache Cesar Chavez Jr. of the Philippine Overseas Labor Of fice (POLO) in Taipei. W ith this, the minimum wage committee of the Ministry of Labor has now pegged the monthly pay for migrant workers at NT$20,000 (US$665.70) from the previous NT$17,000 (US$565.90) a month. M igrants normally receive NT$8,250 lower than Taiwanese care workers. The new rates took ef fect on August 10, so migrant work ers who had signed a contract with their employer prior to the date are not covered by the new rate. The labor ministry has also advised Taiwanese employers that in order to encourage worker reten tion, salaries should be increased by NT$1,000 after three years and another NT$1,000 for workers who are six years in service,” Chavez said in his report. A monthly government subsidy worth NT$3,000 for the next three years or a maximum of NT$108,000 will also be extended to low-income and low-middle income employers to help them pay the new wage rate to their workers. C havez said that for Taipei alone, the POLO processed about 2,400 re quests for caretakers and household workers from May to August 9. It is estimated that around the same number of OFWs will be benefited directly by the wage in crease,” Chavez said.
Naia Consortium is composed of Aboitiz InfraCapital Inc; AC Infra structure Holdings Corp.; Alliance Global Group Inc.; Asia’s Emerging Dragon Corp.; Filinvest Development Corp.; JG Summit Holdings Inc.; and Metro Pacific Investments Corp.
I n a spot interview, Transpor tation Secretary Jaime J. Bautista replied in the affirmative, when asked if the government will revive the shelved initiative, noting that it will explore all funding modalities for the project. “ We will invite the private sector to revisit the possibility of doing a PPP for Naia,” he said, referring to Public-Private Partnership (PPP), a program that Bautista said is “a cru cial pillar of this administration.” To recall, the Duterte govern ment decided to discontinue the project, after halting negotiations with the Naia Consortium, a group of seven Filipino conglomerates that banded together to submit a P102-billion unsolicited proposal for the rehabillitation of the coun try’s main gateway. N aia Consortium’s proposal involves the reconfiguration of the existing airport terminal to increase capacity from 31 million passengers per year to 65 million passengers annually.
purchasetransactionsprohibits fraudulentinvolvingtheorsaleofsecurities. Ina19-pagedecisionpennedbyAssociateJusticeMaryCharleneHernandez-Azura,theCA’sFourteenthDivisiondeniedthepetitionfiledbyOngpin,chairmanofhigh-endpropertydeveloperfirmAlphaland,anditsotherofficers,namely,DennisValdez,CyranoAustriaandMichaelAsperin,seekingtosetasidetheSECdecisionissuedonDecember15,2020. TheSECsaidOngpinandhisco-petitionersemployedfraudulentschemesintheissuanceof Alphaland shares in the “Proper ty-for-Share Swap, Capital Call and Stock rights Offering.” “All told, we are convinced that the SEC en banc did not commit reversible error in af firming the findings of the EIPD [Enforcement and In vestor Protection Department EIPD-SEC] that bad faith at tended the approval, ratifica tion and implementation of the above-discussed corporate acts subject of Board Resolution No. 2014-01-001 and related resolution/s as the same clearly prejudiced not only ALPHA and its stockholders but the investing public as well,” the CAOruled. ngpinbeneficially owns all the shares of Boerstar Corpo ration, RVO Capital Ventures Corporation, and Azurestar Cor poration (collectively, the RVO Group). Thebusinessman directly controls 22.1 percent of Alpha through the RVO. Prior to the controversy, Alpha’s board of directors dominated by the Ongpin-led RVO Group held a special meeting to undertake property-for-share swap in ex change for parcels of land in Itogon, Benguet. See “CA,” A2
T he proposal also involves the development of a new passenger terminal building, improvements in the apron baggage and boarding
A10 Monday, August 15, 2022 areas, and upgrades of the gateway’s airside facilities such as the con struction of new taxiways and the provision of modernized air traffic management equipment.
By Lorenz S. Marasigan @lorenzmarasigan THE Department of Transportation (DOTr) intends to move forward with the rehabilitation of the Ninoy Aquino International Airport (Naia), an initiative that was shelved by the previous administration.
CA AFFIRMS
payhigherHSWsCaregivers,getbaseinTaiwanByBernadetteD.Nicolas
Naia rehab, once shelved, may push through after all
Sen. Gatchalian said that when he was mayor of Valenzuela City, “we never passed on our purchases to the PS-DBM. Even our barangays —an all barangays in the country —have their own BAC [bids and awards committee] and buy their own requirements. So if the argu ment is they [the agencies transfer ring funds and procurement tasks] are busy for [such] functions, how come the barangays, municipali ties, cities, even provinces can buy their own requirements, using the mechanisms provided by law?” He stressed, however, that since the law allows agencies to transfer such procurement functions to both the PS-DBM and the Philippine In ternational Trading Center—anoth er agency that senators had tagged as a virtual “parking lot” for billions in idle funds, which allow the trans ferring department to avoid having to return unused funds to the Trea sury—there is “nothing illegal” in theTpractice. heproblem is, the senator stressed, one, the “lack of account ability” as agencies can keep point ing to the PITC or PS-DBM; and two, the unresolved issue of whether this de facto “centralized procurement” system really helps the government save through wise purchases that maximize the economies of scale, among others. I noticed that accountability is lost when it’s easy to point to oth ers,” he said, adding that, “whatever the government agency, whether DepEd or DOTr or Department of Health,” there should be the “capa bility, the mechanism, for them to buy these goods. So that if there’s a problem, they will answer for it and fix the problem.” T he bottomline of any inquiry, said Gatchalian, is whether or not “there is a benefit in giving funds to PS-DBM and whether the agen cies gain an advantage from doing so. Because I see a double handling here. The fund will go to, say DOH, then DOH gives it to PS-DBM, which buys the product and then sends it back to DOH. So there’s double handling.” A nd yet, Gatchalian stressed, agencies have “their own adminis trative office, their own procure ment office, their own people who can procure.” Maybe they just need to “improve their capability in pur chasing goods so that funds and items don’t have to be transferred so many times,” he added. W hile conceding that the upcom ing inquiry may inevitably raise anew the role of former PS-DBM chief Lloyd Christopher Lao, whom the Blue Rib bon cited for contempt, Gatchalian said they will “look at the full pic ture as well,” referring to the “entire concept of centralized procurement. Because this is what this turning out to be. So the entire national govern ment offices, only one unit buys for them, especially what are called com mon items.” L awmakers in the past have called for the dismantling of both PITC and PS-DBM, saying they have outlived their original mandate and are not really help ing government manage its scarce resources efficiently. SEC’S METING OUT SANCTIONS ON RVO, OTHERS
By Butch Fernandez @butchfBM
Does outsourcing govt agencies’ procurement help save money?–Win
B efore this, the government re voked the original proponent status (OPS) of Megawide Construction Corp. and partner GMR Infrastruc ture Ltd. for their P109-billion un solicited proposal for Naia’s reha bilitation. Therevocation was done after the Manila International Airport Authority (Miaa) found that the company could not allegedly fund the equity portion of the project. B efore the revocation, however, Megawide submitted documents supporting its claim that it can fund the project through its partnership with GMR, as well as the issuance of preferred shares to raise fresh capital for the airport project. Megawide back then had pro posed to rehabilitate and augment the airside and landside capacities of Naia between five and seven years. Aside from optimizing existing runways, Megawide and GMR pro posed the construction of a new ter minal, improvements to the apron and taxiways, relocation of the cargo terminal, and provision of a rail-based people mover system to allow passengers to hop from one terminal to another. Nonetheless, Bautista, a former airline executive, believes that the government should put prime focus on developing airports, including the aging MaybeNaia. Megawide and the Naia Consortium could participate in this initiative. The discussions should start within the year, but I’ve met with some of the members of Naia Consortium and they have given us the interest to start con struction,” Bautista said. O ther groups that had forward ed their own versions of the Naia rehabilitation proposals include the Philippine Airports and Ground Services Inc. and San Miguel Corp. Members of each of the four groups were sought for comment, but their representatives have yet to respond to the BusinessMirror’s queries as of press time.
T HE erspesoreportsgressgationsGatchalian,weekendpossible.usedscarceriskgoodstralizedasdepartmentstransferringshould revisitMarcos governmentthesystemofhugefundsfromtotwoStateagencies,wellastheensuingdefactocenprocurementof“common”andservices,bothtoreduceofcorruptionandensurethattaxpayermoneyisbeinginthemostcost-efficientwayThispointwasraisedatthebySenatorSherwinamidcallsforinvestiinbothchambersofConoftheCommissiononAuditflaggingthemultibillion-purchaseoflaptopsforteachduringthepandemic.Atthispoint,Isupportaninvestigation,”saidthesenator,butaddedthatheparticularlywantstofindoutwhy“manyagencies,notjusttheDepartmentofEducation,passontheirprocurementtothePS-DBM,”thecontroversialunitoftheDepartmentofBudgetandManagementthatwasthoroughlyinvestigatedlastyearbytheBlueRibbonpaneloversomeP12billioninpandemicsupplypurchases. ThePS-DBM receivedoverP42billioninfundsfromtheDepartmentofHealth,whichoutsourcedtheprocurementtoit.InaninterviewwithDWIZ,
T HE Court of Appeals has affirmed the decision issued by the Securities and Exchange Commission (SEC) imposing a fine of P1 million and suspending bil lionaire businessman Roberto Ongpin and other officers of Alphaland Corporation for five years from holding posi tions in the board of directors after finding them adminis tratively liable for violation of the Securities Regulation Code. The SRC provision in question
By Joel R. San Juan @jrsanjuan1573
“The decrease in rental revenue is primarily due to the transfer of projects to FLI [Filinvest Land Inc.], in year 2021; the company generated P171.6 million from the transferred projects,” the company said in its report. As of the end of the first half, the company said it has renewed and signed about 20,380 square meters, or 86 percent of the leases expiring in 2022. About 4 percent did not renew and the balance of 10 percent is under negotiation with a high probability of renewal, it said. VG Cabuag I
SUzU Philippines, Gencars, and J&T ex press signed a Partnership Agreement and National Fleet Program in a ceremony held on August 12, 2022, Friday, at Isuzu Philippines at the Laguna Techno Park in Biñan City. The Partnership Agreement further strengthens the alliance between J&T ex press and Gencars and Isuzu Philippines. The leading express delivery company has ordered more than 350 Isuzu vehicles andThroughcounting.the National Fleet Program, Isuzu Philippines will provide preventive maintenance service to J&T ex press’ fleet through authorized Isuzu Dealers nationwide. These include the seven branches of Gencars in Makati, Batangas (Sto. Tomas), Batangas City, Sta. Rosa, San Pablo, Legazpi, and Naga. Gencars has consistently been providing trucks for J&T’s various delivery requirements since 2019, and was named their Best Partner for 2021. Aside from supplying quality Isuzu trucks, Gencars also provides J&T ex press with reliable maintenance service for their vehicles to ensure that they stay in the best condition.
Petron net income seen hitting ₧18B PSE seen raising ₧200B
Petron’s first-half earnings came from Malaysia. When asked why Petron Malaysia’s performance is stronger that in the Philippines, Ang said “it’s because it is subsidized in Malaysia but fuel prices here are going up because we are not allowed to pass on.”
FILINVeST R eIT Corp., the real estate investment trust (ReIT) of the Filinvest Group, said it posted a net income P706.03 million in the first half, down by a third from last year’s P1.05 billion, partly as a result of the decline in rental revenue. The company also said its net income in the second quarter dipped by 20 percent to P323.67 billion from the previous P411.17 billion due to higher costs and expenses, primarily utilities. “We are in a period of transition in the office leasing business following the re-opening of the economy and the new trend of work on site and work at home hybrid setup. Many of our locators’ expansion plans were still on hold during the first half of the year although we continued to lock in the expiring leases,” said company president and CeO Maricel Brion-Lirio. Its second quarter gross revenues fell 20 percent to P817.65 million from last year’s P919.47 million. This brings the company’s first half revenues to P1.64 billion, 13 percent lower from the previous year’s P1.9 billion.
BusinessMirrorEditor: Jennifer A. Ng Companies B1Monday, August 15, 2022
The Philippine Stock e xc hange Inc. (PSe) said it still expects fresh funds raised from its platform to reach close to P200 billion this year as it will see a record number of initial public offerings (IPO).
Isuzu
The company’s Philippine and Malaysian operations, including its trading subsidiary in Singapore, sold a total of 51.4 million barrels during the first half, 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. Petron is the only refiner in the country, supplying about 40 percent of the country’s oil requirements. It reported that it benefited from the strong regional refining margins with higher production at its Bataan Refinery in Limay, Bataan. “Before, for every barrel, we can only recover 67 percent. The 33 percent is residue. Now, we can process 96 percent crude oil. Before, income per barrel is $1. Now, since the recovery is better, the income per barrel is doing $4. We installed a cocker and we put a new steam producer. So, we are not relying on oil to produce steam. The remaining four percent is petroleum coke that is being used to fuel the steam, that’s why it’s integrated now. No more residue,” said Ang. Petron is building new power plant facilities in the refinery, which will replace some of its old generators, increase steam production, and expand power generation capacity from 140MW to 184MW. This is part of Petron’s planned capital expenditure projects to ensure reliability and efficiency of critical refinery process. Other projects include putting up more retail service stations, expand its retail network of its LPG, lubes and non-fuel segment, upgrade its logistics capacity, and expand its Malaysia operations with new service stations and facilities improvement in the Port Dickson refinery and terminals. Lenie Lectura
Filinvest REIT’s net income H1
By VG Cabuag @villygc
“The improvement in the banking segment’s result more than offset the decline in the tobacco, beverage, distilled spirits and property development segments’ performance,” the company said in its report. The tobacco business accounted for P7.74 billion or half of its total attributable income, while Philippine National Bank contributed P6.28 billion or 41 percent. Liquor maker Tanduay Distillers Inc. added P561 million or 4 percent of total, Asia Brewery Inc. accounted for P294 million or 2 percent, eton Properties Philippines Inc. contributed P257 million or 2 percent, while its 30.9 percent stake in Victorias Milling Co. Inc. added P186 million or 1 percent. LTG Parent also booked a net other income of P84 million, less than 1 percent of the total. The company said PNB’s net income under the pooling method fell 50 percent to P11.15 billion from last year’s P22.2 billion after it booked a P33.6-billion gain when it transferred real estate assets to PNB holdings Corp. Net interest income reached P17.34 billion, 3 percent or P491 million higher than last year’s P16.85 billion.Other income dropped 82 percent to P6.38 billion from P36.02 billion as year as it included the gain from the transfer of real estate assets to PNBItsholdings.tobaccobusiness under PMFTC Inc. reported a net income of P7.77 billion for the period, 14 percent lower than the P9.01 billion last year as volume was relatively flat. The lower profits can be attributed to the increase in excise taxes that PMFTC had to absorb as a price increase was only implemented in the end of March 2022. There was no price increase in 2021, and the previous one was in October 2020. Under Republic Act 11346, a P5 per pack increase in excise taxes took effect on January 1, 2021 to P50 per pack of 20 sticks, and another P5 per pack increase to P55 starting January 1, 2022. The industry’s volume was estimated at 26.9 billion sticks for the first half, some 100 million sticks higher over the same period last year. The government continued its efforts against the illicit cigarette trade with 135 enforcements for the period from 98 last year. Tanduay’s net profit for the period reached P564 million, 7 percent lower than last year’s P605 million. Liquor volume was 10 percent higher while bioethanol’s volume was 25 percent higher. The lower profit is largely attributed to higher alcohol and fuel costs, the company said. As of the end of June, Tanduay’s nationwide market share for distilled spirits was at 28.5 percent, up from last year’s 26.9 percent. In the Visayas and Mindanao regions where most of its sales are generated, market share was at 70.3 percent and 73.8 percent, respectively, compared to last year’s 68.2 percent and 79.5 percent. Asia Brewery’s net income reached P294 million, 14 percent lower than the P343 million last year despite the higher volumes of its products. It said higher raw material, fuel and other costs resulted in lower profits. eton, meanwhile, had a net profit of P258 million, 10 percent lower than P288 million last year. Projects in the pipeline include eton City Square in Sta. Rosa, Laguna, which will add 5,824 square meters of net leasable space. Meanwhile, the residential component of Blakes Tower will add 13,900 square meters of leasable area. The company currently has a leasing portfolio of 237,000 square meters.
The LT Group Inc., the holding firm of most businesses of tycoon Lucio Tan, said its attributable income jumped by fourfold to P15.4 billion in the first half from last year’s P3.73 billion. PHL, Gencars, J&T Express ink deal
PSe President Ramon S. Monzon, however, said they may not be able to hit the P234.48 billion in funds raised from its platform last year, when there two blockbuster offerings—the IPO of Monde Nissin Corp. and the follow-on offering of Synergy Grid and Development Phils. Inc. “At the rate we’re going, we think we will be having a record number of IPOs in a given year for 2022. however, we do not believe that we will be able to break the same amount of capital raised last year,” Monzon said in a briefing after the bourse’s stockholders’ meeting on Saturday. Many of the IPOs this year are listed on the PSe s Small, Medium and emerging board, some of which were a product of the bourse’s program that assists small firms in goingSopublic.far, some P76.17 billion in funds have already been raised at the PSe composed of IPOs, private placement and stock rights offer (SRO) as of July. The biggest fund raising this year was the P40-billion SRO of Union Bank of the Philippines and the smallest was Balai ni Fruitas Inc.’s P288.75-million IPO. The bourse is expecting some P86 billion more in the pipeline this year, including Globe Telecom Inc.’s P32-billion SRO and enrique K. Razon Jr.-led Prime Water Infrastructure Capital Inc.’s P28.2-billion IPO. Other pipeline listing include Solar Philippines Nueva ecija Corp.’s P3.3-billion SRO; the IPOs of Upson International Corp. at P5.43 billion; ISOC Cold Chain Logistics Inc., P1.5 billion; and Alternergy holdings Corp., P2.18 billion “Our listing pipeline remains robust. We are hoping that we can at least reach the P200 billion level in terms of amount of capital raised,” Monzon said. Meanwhile, Monzon said the PSe may again revive its shelved plans to acquire the Philippine Dealing System, the country’s fixed income trading platform, after the previous administration had not pursued its acquisition through state-owned Land Bank of the Philippines. “I would say it is still on the table. As you know, we had definite plans to acquire PDS in 2018 and we had to put our acquisition plans aside because, at that time, there was a move by the Secretary of Finance to have Land Bank buy PDS,” he said. “But in the two and a half years since that expression of interest by the secretary of Finance to have Land Bank acquire PDS, nothing has really happened. So, we feel we will be in a position to pursue this acquisition againDuringshortly.”the PSe stockholders’ meeting, two new directors were elected to the board: Anthony Te of Armstrong Securities as the fifth broker-director and Government Service Insurance System President and General Manager Jose Arnulfo Veloso as a non-broker director. Te will occupy the seat vacated by eusebio h Tanco, while Veloso replaced former GSIS President and General Manager Rolando Jose Macasaet.The rest of the PSe Board of Directors retained their seats, led by Jose T. Pardo as chairman, Monzon as president and CeO, former Supreme Court chief justice Teresita Leonardo-De Castro, Consuelo D. Garcia, Vicente L. Panlilio and Gilberto C. Teodoro Jr. all as independent directors. Anabelle Lim-Chua was also voted as non-broker director representing issuers, Ferdinand K Constantino as non-broker director representing investors, while Tomas I . Alcantara is the non-broker director representing other market participants. Also elected were broker-directors Diosdado M. Arroyo, eddie T. Gobing, Wilson L. Sy and Ma. Vivian Yuchengco. VG Cabuag
Banking unit buoys income of LT Group in Jan-June
falls in
PeTRON Corp.’s net income for the full year may reach P18 billion, bulk of which is expected to come from its Malaysian operations.“Including Malaysia this year, easily it will reach P18 billion. Malaysia will deliver P12 billion because during the first half it’s income was already P6.4 billion. For the Philippines, it could be P6 billion,” Petron President Ramon S. Ang said last week. In January to June, Petron’s net income 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 Bulkup.of
From left: Aaron Wang, Director, J&T Express; mario ojales, Department Head, Division Sales A; Yoshiki Sato, Assistant Division Sales Head, Isuzu Phil Corp.; Jay Ar Coloma, Branding Supervisor, J&T Express; Yasuhiko o y ama, VP Sales, Isuzu Philippines Corp.; Jona Feh Arcon, Assistant for o perations, J&T Express; Noboru murakami, President, Isuzu Philippines Corp.; Giannina Eunice Cabangon, Special Assistant to the President, Gencars, Inc.; Dean Ding, CEo J&T Express; Albert Zata, VP Sales and marketing, Gencars, Inc.; D. Edgard A. Cabangon, Chairman, Gencars, Inc.; Elenita Go, Sales Executive, Gencars, Inc.; Sharon Tan, and Lerma Nacnac, President, Gencars, Inc. Photo by Rudy EsPERas this year
Rising through the ranks, Zosa started her career in BCDA as manager for Corporate Planning and Project Development before being promoted as Vice President. She was the Executive Vice President and Chief Operating Officer of the GOCC until July, prior to being appointed as BCDA president last Thursday. In a statement on Sunday, the BCDA said Zosa will be bringing to the table 27 years of institutional knowledge with the BCDA and knowhow in the fields of business development and public policy. This is on top of Zosa’s more than a decade’s worth of experience in various academic and bureaucratic positions in the government including the Senate, the Office of the President and the Commission on Audit. “Knowing the institution inside out, the executive aims to improve systems and processes in the organization and to ‘do more with less’, noting that the government will have to cope with tightening budgets,” the BCDA’s statement read. Zosa started her career in government service in COA in 1984 under then-Commission Secretary Leonor M. Briones. Briones was also the Secretary of Education under the Duterte administration. Zosa also worked in the Office of then-Senate Majority Leader Teofisto Guingona Jr. where she performed policy and legislative support functions and actively participated in the research, formulation, and deliberations on the Bases Conversion Law and the Special Economic Zones Law. The BCDA said these laws eventually laid the foundation of the Authority.Zosareplaced Aristotle B. Batuhan who served as officer-in-charge of the BCDA since October 2021. Created under Republic Act 7227, the BCDA is a GOCC that transforms former military bases and properties into centers of economic growth in partnership with the private sector. The BCDA remits the largest portion of its disposition income for the AFP Modernization Program. Last month, BCDA Chairman Delfin N. Lorenzana said in a televised interview that his objective is to protect the interest of the AFP on the billions of pesos earnings of BCDA and to ensure that 36 percent of the Authority’s earnings would be allotted for the AFP’s modernization program.
By Andrea San Juan THE Foreign Buyers Association of the Philippines (FOBAP) has urged the government to provide loan financing to micro, small and medium enterprises (MSMEs) exporters. In a statement released last Friday, the Fobap also asked the government to support MSMEs to enable them to comply with international trade regulations required by foreignThisbuyers.callcame after executives of William E. Connor & Associates Ltd. (WE Connor) visited offices of five vendors who cited payment terns as a main challenge in business. “Many of the vendors require down payments, which almost none of our clients are able to provide,” WE Connor executive and Fobap Vice President and Director Tet Jarviña said. “Factory audits pose also a challenge for vendors with no existingStill,facilities.”Jarviña said WE Connor is “trying to work our way around these challenges by identifying selected clients that will be a good match to their terms, designs and capabilities.” The Hong Kong-based WE Connor is in the business of wholesale distribution of non-durable goods. Lacking financing JARVIÑA added that many of the exporters or vendors, particularly the new ones, lack financing. She said down-payment is not a payment term these US clients would accept; very few if any on special cases. “The usual payment term is really 60 days telegraphic transfer. So if the government can help in the financing, that would help a lot,” the Fobap official said, underscoring support especially for exporters who are just starting in the business. Further, Jarviña said some of them are also struggling to comply with international trade regulations required, particularly by the US “Theclients.profile of the market is changing, many of our clients are looking into corporate social responsibility, sustainability,” Jarviña said adding some markets look for wood that is certified by the Forest Stewardship Council (FSC). “We don’t even have a species of wood that is FSC certified. We don’t even have a wood factory that is FSCcertified so we had a lot of catching up to Amiddo.”the downpayment and social compliance issues, Jarviña said only three out of the initial dozen vendors could possibly serve up to 10 US clients. Laws, re-planting FOBAP President and Chairman Robert Young, meanwhile, is banking on the passage of a bill ramping up lending to MSMEs affected by the Covid-19 pandemic. House Bill (HB) 1, or the proposed Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery or (Guide) Act, seeks to provide Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP) funds to expand their loan programs for these MSMEs. Young said the bill, if passed, “will help MSMEs engaged in handicrafts and other hard goods and suppliers, vendors who need financing. “Even this downpayment [issue] will be solved, and this will start to reignite the hard goods industry,” he added.Young said financing support benefits MSMEs, especially the micro companies, which act as suppliers of the semi-finished or final product to the bigger exporters who do the finalJarviñashipping.also underscored the need to reduce the cost of doing business in the country to make export prices competitive.“Evenwith the cost of raw materials, how can we get these prices to be reduced? Then [there are also] incentives [for exporters]. Vietnam, Indonesia have many incentives for their exporters,” she said. Jarviña said there is also a need to cut the costs of transportation, power, labor, and product testing, among others, as well as facilitate the ease of doing business in the country.
Banking&Finance BSP to hike rates twice this year–SBC chief economist
Young is pushing for the re-planting of raw materials that are being exported.“Wereally have to start again from scratch. We have to plant again this abaca, sinamai and all kinds of materials supporting the product,” he said. Opening more MEANWHILE, Manuel Melgar, general manager of PhilDansk International Corp., said other countries continue to buy from the Philippines. “Our [foreign] buyers can grow, they can still buy if we have more capacities [of production] to open; more factories to open,” Melgar said. Two weeks ago, Philippine Exporters Confederation Inc. (PhilExport) President Sergio R. Ortiz-Luis Jr. told the BusinessMirror that the government should give interest-free and no-collateral loans to MSMEs. Ortiz-Luis said the government needs to come up with “out-of-thebox” solutions to rally merchants into contributing to the economic recoveryOrtiz-Luispath.noted that in order for the MSMEs to generate jobs, it has to be spared from the traditional and cumbersome lending process that makes these merchants go through a series of steps and fees. He emphasized that the government should consider lending for MSMEs as an investment rather than an expense.
The human side of ESG THE human angle cuts across most of the other main value creation levers as a tool for driving revenue growth by engaging and motivating the workforce. In a market, a society even, that is increasingly focused on ESG, you can’t afford to ignore the human side when you’re implementing a new value creation strategy. This might include initiatives like running employability skills workshops for departing workers when you’re closing a factory, or funding additional training to help people find new jobs or explore new opportunities. These kinds of programs help to minimize the adverse impact of cost efficiencies on the local community. A few years ago, a global energy company took over a competitor in the industry. After the takeover, rather than simply laying hundreds of people off to drive synergies, the company initiated an individual development budget for every employee in the target to access skills and training opportunities with the looming closure of their headquarters. In that year, the target business had the best results ever. For the first time, people could see there was something in it for themselves, and that made a realThisdifference.isthehuman side of value creation: achieving your revenue and cost efficiency targets in a way that helps to protect your reputation and reduces the negative effect on local communities or groups. To deliver on this, PE investors need to consider the human aspects of a deal and engage and motivate all employees to drive growth, foster innovation and create value.
This August 8, 2022, photo shows Citystate savings Bank inc. President Benjamin V. Ramos speaking during the celebration of lender’s 25th Anniversary at the Citystate Centre in shaw Boulevard, Pasig City. Photo courtesy of c tystate savings Bank inc.
Andrea San Juan Security Bank Corp. Chief Economist Robert Dan J. Roces said the central bank will likely hike its rates by 50 basis points in the monetary policy-setting meeting on RocesThursday.said he sees another rate hike coming by 25 basis points in the succeeding meeting. After which the BSP will likely pause its tightening“Inflationcycle. remains the key consideration as it affects growth and reopening and thwarts consumption—the main engine of the economy. Thus, the deeper-than-expected slowdown in second-quarter GDP [gross domestic product] is unlikely
The excerpt was taken from the KPMG Thought Leadership publication: youcompanywithorganizationnershipation-people-and-talent.html.blogs/home/posts/2022/02/the-value-of-value-cre-https://home.kpmg/uk/en/©2022R.G.Manabat&Co.,aPhilippinepart-andamember-firmoftheKPMGglobalofindependentmember-firmsaffiliatedKPMGInternationalLimited,aprivateEnglishlimitedbyguarantee.Allrightsreserved.FormoreinformationonKPMGinthePhilippines,maysendamessageviasocialmediaorvisit www.home.kpmg/ph.
BusinessMirror Editor: Dennis D. Estopace • Monday, August 15, 2022 B3www.news.businessmirror@gmail.com
Citystate Savings Bank looks forward to ‘more anniversaries’
Govt lending seen to aid MSMEs meet trade rules
Revenue generation focus of first woman BCDA chief CITYSTATE Savings Bank Inc. (PSE: CSB) celebrated its 25th Anniversary last August 8, 2022, at the Citystate Centre in Shaw Boulevard, Pasig City, starting with a celebration of the Holy Eucharist. Leading the celebration were ALC Group Chairman Dominic Edgard A. Cabangon, CSB President Benjamin V. Ramos and Chief Operating Officer Jaime Valentin L. Araneta. Also in attendance were CSB Board Directors Judge Carlos A. Valenzuela, Dante T. Fuentes, Maria Katrina C. BoteVeguillas and Edith D. Dychiao. Also present were CSB senior officers led by Branch Banking Group Head Anna Liza “Lizette” C. Cuezon, Branch Network Head Julio Joel C. Garcia, as well as the bank’s cluster heads, department heads and key officers. Araneta opened the event by emphasizing the bank’s mandate to enable Filipino consumers, households and entrepreneurs to attain financial success. He also disclosed the bank’s plans to synergize digital and branch transformation for customer fulfillment and service delivery and expressed gratitude to the bank’s shareholders.Ramosthanked the chairman for his trust and support. He also narrated the foresight of the founder, Ambassador Antonio L. Cabangon Chua, who opened the first branch on August 8, 1997, a day after the license to operate was granted by the BSP on August 7, 1997. Cabangon led the ceremonial toast thanking the stockholders, directors, customers and employees for its 25th year. He cited “pagmamahal at pagtitiwala” [love and trust] as the guiding principle of the late founder and referred to the bank’s performance over the past two and a half years as headed towards a positive direction. The chairman also announced the commitment of support from the Cabangon family. “May the good Lord bless us with more anniversaries,” the CSB Chairman said.
GETTING the human side of deals right is vital to value creation. But this means going beyond the traditional approach—focusing on the management team—to preserve and create value across the organization: 91 percent of our survey respondents say they have a revenue or a balanced revenue or cost focus to creating deal value, not simply a cost-cutting approach. Companies today are complex and often have a considerable tech component. The PE (Private Equity) market itself is very competitive, so as a PE investor, you may find yourself targeting assets in industries you are less familiar with. Whether you are in tech, biopharma or healthcare—there are going to be groups of people who are critical to the value of that business. It is clearly in your interests to keep those people engaged andIt’sonboard.aboutusing people and talent to leverage in creating additional revenue or prevent value leakage. Corporates are increasingly prioritizing this in their M&A (merger and acquisition) transactions to ensure they get maximum value from the deal, particularly with valuations being so high. But it’s often seen as secondary by PE buyers, whose primary focus traditionally is on cutting costs to improve the bottom line. Cutting costs is the easy part. Getting people to collaborate and innovate to deliver revenue growth is more complex and requires a focus on engaging people. There is a behavioral angle to people and talent, too. You can often find value by understanding how the behaviors of your people can influence revenues and thinking beyond the senior management team in terms of your incentive strategy. For example, we worked with a large travel company that was pursuing a multi-channel strategy as part of its value creation plan. But it was not working. When we looked into it, we found that people’s behaviors were working against value creation. Staff working in the high street branches did not enter email inquiries into the central system as they should, because if they did that, the transaction would be “stolen” by the online channel and they would lose that customer. So, the actual incentive was to prevent the other channel from getting that customer, rather than supporting a seamless multi-channel process. Once you understand that, you can take steps to address it and drive the digital transformation strategy. So how do you achieve high people engagement and lower destruction in deals? One of the tools we use is a digital engagement platform to engage, connect and motivate staff, so they actively want to stay with the business and help the new owners achieve their objectives. When we use ‘human-focused’ digital solutions like this, we see a measurable difference in terms of abrasion.
By Bianca Cuaresma @BcuaresmaBM THE Bangko Sentral ng Pilipinas (BSP) is expected to hike its rates twice more for the year, despite the recently-reported slower growth in the country. to deter the BSP from raising interest rates by 50 basis points on August 18,” Roces said. “Sticky inflation, which actually weakened private consumption in the second quarter and is poised to do so again this quarter, will compel the BSP to remain hawkish. We also expect another 25 basis point [hike] in its September meeting before a pause in the fourth quarter to give way for the peak consumption and remittance season,” the economistEarlier,added.BSP Governor Felipe M. Medalla assured markets of another rate hike in their scheduled meeting in August.TheBSP chief said the hike will be to the tune of 25 basis points or 50 basis points, depending on the latest data on the economy during thatThetime.governor also said the Central Bank is “prepared to take all necessary policy action” to adequately tame inflationary pressures. “The BSP recognizes the broadening of price pressures amid the emergence of second-round effects, including the approved wage and fare hikes as well as elevated inflation expectations,” Medalla earlier“Thesaid.BSP is prepared to take all necessary policy action to bring inflation toward a target-consistent path over the medium term and deliver on its primary mandate of price stability. The upward adjustment in monetary policy rates in May and June and the off-cycle adjustment in July should help moderate inflation expectations,” he added.
CAREER executive Aileen Anunciacion R. Zosa, which has been appointed recently as President and Chief Executive Officer (PCEO) of the Bases Conversion and Development Authority (BCDA), said she will focus on revenue generation particularly for the modernization of the Armed Forces of the Philippines (AFP). Zosa, the first woman to be appointed as BCDA’s PCEO, took her oath of office in Malacañan Palace lastAsideThursday.from the AFP modernization, Zosa said she will also focus on strengthening the BCDA organization to be more responsive and efficient in the delivery of projects and continue the infrastructure thrust of the previous administration. Further, the newly-appointed BCDA PCEO cited gender diversity and sustainability among the important components that will make the projects of the government-owned and controlled corporation (GOCC) more globally competitive. “For the development of our properties, we have introduced three major components that will distinguish our properties from the pack and make our projects more globally competitive. These are sustainability, gender diversity and gender sensitivity, as well as smart components,” Zosa said. The BCDA chief said she hopes her experiences and perspective as a career executive and as a woman to “continue to bring a different lens on approaching opportunities and challenges for BCDA.”
Perspectives The value of value creation: People and talent
The ex-president issued a state ment saying he had done nothing wrong but was invoking the Fifth Amendment’s protection against self-incrimination. It’s a con stitutional right that gets highprofile exposure in settings from Congress to TV crime shows, but there are nuances. Here’s what it means—and doesn’t—to “plead [or ‘take’] the Fifth.”
What is ‘The Fifth’? The Fifth Amendment to the US Constitution establishes a number of rights related to le gal proceedings, including that no one “shall be compelled in any criminal case to be a witness against himself.” In the most direct sense, that means criminal defendants don't have to give damning testimony in their own cases. But it has come to apply in non-criminal contexts, too. What’s the thinking behind it? “It reflects many of our fun damental values and most noble aspirations,” the Supreme Court wrote in Among1964.those ideals: preventing people from being tortured into confessing or being shoehorned
How does the FBI get a warrant to search a home?
“I once asked, ‘If you’re inno cent, why are you taking the Fifth Amendment?' Now I know the an swer to that question,” he said in his statement, calling the probe “a vindictive and self-serving fishing expedition.”“TheUnited States Constitu tion exists for this very purpose, and I will utilize it to the fullest extent to defend myself against this malicious attack.” Trump lawyer Ronald Fischet ti had said he’d advise Trump to take the Fifth unless given legal immunity for his answers, though Fischetti complained that pub licity surrounding such a choice now could harm Trump’s defense if there’s a criminal charge down the“Howroad.can I possibly pick a jury in that case?” Fischetti said in trying, unsuccessfully, to block Wednesday’s testimony. Three of Trump’s adult chil dren—Donald Jr., Ivanka and Eric—have already been ques tioned. Eric Trump invoked the Fifth Amendment more than 500 times during his 2020 deposi tion, according to a court filing. Donald Jr. and Ivanka reportedly gave their depositions recently, and it’s yet unclear whether they took the Fifth.
What does it actually mean? into a “cruel trilemma of selfaccusation, perjury or contempt” of court.Many decades earlier, the court also questioned the reliability of confessions made under duress. The amendment specifically refers to criminal cases. How can it apply to a civil investigation? Over time, the Fifth Amend ment’s protections have been un derstood to cover witnesses—not just defendants—in criminal and civil courts and other government settings. The Supreme Court has even held that Fifth Amendment rights protected the jobs of public employees who were fired after refusing to testify in investiga tions unless they got immunity fromTheprosecution.FifthAmendment also underpins the famous Miranda warning about the right to re main silent and have an attorney on hand while being questioned in police custody. So are there any limitations?
By Jennifer Peltz The Associated Press
Explainer B4 www.businessmirror.com.phBusinessMirrorMonday, August 15, 2022
NEWYORK—FormerPresidentDonaldTrumpshowedupWednesday,August10,2022,forquestioningunderoathinNewYork’scivilinvestigationintohisbusinesspractices.Buthequicklymadeclearhewouldn’tbeanswering.
Indeed, his lawyers have al ready asserted that New York At torney General Letitia James's civil inquiry is essentially a factfinding mission for Manhattan District Attorney Alvin Bragg's parallel criminal probe.
What has Trump said about all this? In the past, Trump has re peatedly suggested that only people with something to hide avail themselves of the protec tion against self-incrimination. He once declared that “the mob takes the Fifth.” But on Wednesday, he said he had no choice but to do so.
Donald Trump ‘took the Fifth.’
James has said her investi gation found evidence that ofthatdantsandagainstbringJames'craticahasallegations,donations.insuranceofganization,company,businessman-turned-politician’sthecalledtheTrumpOrpuffedupthevaluerealestateassetstosnagloans,andtaxbreaksforlandTrumphasdeniedtheandtheRepublicanslammedtheinvestigationaspolitical“witchhunt”byDemoofficials.Meanwhile,otherfruitsofprobeledtheDA'sofficetocriminaltaxfraudchargestheTrumpOrganizationitsfinancechief.Thedefenhavepleadednotguiltyincase,whichinvolvesclaimsoff-the-bookscompensation.
FORMER President Donald Trump gestures as he departs Trump Tower, Wednesday, August 10, 2022, in New York, on his way to the New York attorney general's office for a deposition in a civil investigation. AP/Juli A N ikhi N s o N AN aerial view of President Donald Trump’s Mar-a-Lago estate is pictured, Wednesday, August 10, 2022, in Palm Beach, Florida. AP/s t eve h el ber
Under what has become the le gal standard, the witness has to be facing a genuine risk of crimi nal prosecution, said Paul Cassell, a criminal law professor at the University of Utah. That means prosecution on any charge in any USTherecourt.are sometimes disputes over whether the right is being invoked inappropriately. The questioning side can ask a judge to declare that someone needs to answer or face contempt of court and possible penalties. But “the courts have generally thought that they should give the benefit of the doubt to someone who might be criminally prosecut ed, rather than force someone to testify and then learn: ‘Whoops!’" Cassell said. Ok. Can someone who takes the fifth decide to answer some questions, but not others? Yes, it’s not necessarily allor-nothing. But even deciding to answer selectively could be risky: Responding to one question can enable the other side to argue that the witness can’t refuse to answer other, related questions. Another concern: seemingly safe questions could be meant to build evidence about an allegation that’s not on the witness’ radar yet. If you invoke the protection, does that work against you? Legally, it depends. In a crimi nal case, prosecutors can’t com ment on a defendant’s refusal to testify, and a jury can’t be advised that it’s OK to take defendants’ silence as a sign of guilt. The Supreme Court has said that al lowing that inference penalizes defendants for simply availing themselves of a constitutional protection.Butincivil cases, jurors gen erally are allowed to hold silence against a defendant or witness. Then there’s the court of pub lic “Doesopinion.it look bad? In the gen eral public’s understanding, yes,” says Howard University criminal law professor Lenese Herbert. “But that’s just a result of poor civics education.”Theformer federal prosecutor often reminds her students that while jurors might want to hear a defendant’s side of the story, it’s a defense attorney’s job to make sure the jury understands that the client has the right not to take the stand. Can we get back to Trump? He’s being questioned in a civil inves tigation. Can he claim there’s po tential for criminal prosecution?
By Alanna Durkin Richer The Associated Press N EWS that FBI agents de scended on former Pres ident Donald Trump's Mar-a-Lago home and searched it has spawned accusations of a politicized law enforcement orga nization doing the bidding of the Biden administration in targeting political enemies. The reality is that the process of obtaining a search warrant is controlled by a checklist of require ments before a judge signs off on a decision to invade someone's home. Experts say that even the deci sion to seek a warrant to search a former president’s property would probably have to have been approved by top officials at the Justice De partment.Thesearch is part of an investiga tion into whether Trump took clas sified records from the White House to his Florida residence, according to people familiar with the matter. The Justice Department has been investigating the potential mishandling of classified informa tion since the National Archives and Records Administration said it had received from Mar-a-Lago 15 boxes of White House records, including documents containing classified information, earlier this year. Here's a look at the process for obtaining a search warrant and laws governing government re cords: How do search warrants work? FBI agents can't just show up to search a property such as Mar-aLago. Investigators first need to obtain a search warrant, which requires convincing a judge that they have probable cause that a crimeFederaloccurred.authorities seeking a search warrant present their evidence and the basis for needing to search a property in an affidavit reviewed by a federal magistrate or district courtMagistratejudge. judges are not nomi nated by the president and confirmed by the Senate. Instead, they are ap pointed by district court judges to handle matters such as search war rant applications and defendants' initial court appearances. The judge can ask for additional information and question the agent seeking the search warrant under oath. The judge will only sign off on the warrant if there is probable cause there's evidence of a federal crime at the location authorities want to search.Given the sensitivity of an investi gation involving a former president, there must have been a serious amount of deliberation by both the Justice De partment and the judge, said Dennis Lormel, who served 28 years in the FBI before retiring in 2003. “This couldn't have been just a knee jerk ‘let’s go serve a warrant' situation,” said Lormel, now presi dent of the Society of Former Special Agents of the FBI. “I would want to make sure that I have an as airtight or as bulletproof of an affidavit as I couldThehave."search warrant application process happens in secret in order to avoid tipping off the person whose property may be searched. Any court records related to the warrant appli cation would be sealed. Those records typically remain under seal unless and until a crimi nal case is brought, and even then, authorities may try to keep the af fidavit from public view. The person whose property is being searched is entitled to see the warrant, but not theWhenaffidavit.executing a warrant, the FBI controls the scene and doesn’t let residents of the home or their attorneys follow agents around as they search to ensure items aren’t improperly removed from the prop erty, said Tom O’Connor, a retired special agent. If a property is searched without a valid warrant or probable cause, any evidence seized may be suppressed, which means it can't be used in court. Brian O'Hare, president of the FBI Agents Association, said Tuesday that all search warrants “must satisfy de tailed and clear procedural rules, and are the product of collaboration and consultation with relevant Depart ment of Justice attorneys.” In this particular case, execution of the warrant also included notifying the Secret Service detail that provides protection to the former president and his homes. A person familiar with the search told The Associated Press that the FBI reached out to the Secret Service shortly before serving theSecretwarrant.Service agents contacted the Justice Department and were able to validate the warrant before facilitating access to the estate, the person said. What laws may be at issue? It's not clear what law officials think may have been violated. Nu merous federal laws address the han dling of classified records, including statutes that make it a crime to re move such records and retain them at an unauthorized location. The Presidential Records Act, which was enacted in 1978 in the aftermath of the Watergate scan dal, requires the preservation of White House documents as prop erty of the US government. But while the law is designed to require the preservation of such re cords as emails, text messages and phone records, there's never been a case in which a former commander in chief has been punished for vio lating the Presidential Records Act and there's no real mechanism for enforcing the law. Another federal law says it's a crime if anyone in custody of govern ment records “willfully and unlaw fully conceals, removes, mutilates, obliterates, or destroys" the docu ments. If the person is convicted, the law calls for a fine or up to three years in prison, or both. That law also says the person convicted “shall forfeit his office and be disqualified from hold ing any office under the United States." But legal experts have said that would not apply in the case of the office of the president, whose qualifications are set by the Con stitution.
Y ES, Binibining Pilipinas is still the most electrifying beauty competition in the land. It may have lost important rights to Miss Universe and Miss Supranational but the quality of this year’s contenders is unmatched and the ferocious support of the fans remains unwavering. That there was a titillating pause at the Smart Araneta Coliseum before the announcement of the top plum added to the mystique of the “Queen of All Pageants.”
• Monday, August 15, 2022 B5 Style BusinessMirrorwww.businessmirror.com.ph Binibining Pilipinas 2022 Winners: Goddesses! Here’s what you need to know before you start a skin-care routine with retinol
Editor:
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PHOTO BY KIEHL’S
Some retinol products, such as the one from Kiehl’s, are said to be okay for use during the day. If you’re pregnant, you should not use any product with retinol. Those with eczema and rosacea should also avoid using anything with retinol. Your skin does not “thin” because of retinol, said board-certified dermatologist Dr. Bea Chan. “There’s this misconception that [retinol] rinses the skin or it makes your skin more sensitive. On the contrary, your skin grows thicker and plumper because it stimulates collagen production,” said Chan. There is such a thing called the sandwich method where you apply retinol between two layers of moisturizer. Personally, I wouldn’t apply a retinol or retinoid over a moisturizer but that’s just me. I would use a rich moisturizer over it though, but nothing under.There’s also such a thing as purging with retinols or retinoids. Personally, I did not experience this while using Retin-A but different strokes for different folks.“Skin purging, according to dermatologists, occurs when quick cell turnover [a benefit of using retinoids] results in a wave of new pimples. This may alarm some new retinol users but experts have explained this is normal. This is particularly the case as oil and debris that is trapped deeper underneath the skin comes to the surface,” explains board-certified dermatologist Dr. Michael J. Farber of Schweiger Dermatology Group, in an article that appeared on Wellandgood.com (bit.ly/3QmDYpi). Purging usually occurs for two to six weeks. Aside from pimples, new retinol users may also see an increase in blackheads and whiteheads. To lessen the effects of retinol use on your face, you may want, for the meantime, to use a sulfate-free cleanser, a soothing moisturizer (maybe something with cica), and sunscreen for sensitive skin. You can find retinol in many products, including serums, eye creams, face creams and even body lotions.Good Molecules Gentle Retinol Cream is one of the best sellers in the market. It’s said to be so effective that it’s always out of stock. Pure Culture Bulgarian Rose Everything Elixir is the perfect retinol product for those with sensitive skin or first-time users. The retinol this elixir contains is BHT-Free Retinol, also known as Clean Retinol or Retinol 2.0. This retinol is derived from sweet potatoes and uses encapsulation technology that allows it to penetrate deep into the skin before being activated. Kiehl’s recently launched the Skin-Renewing Daily Micro-Dose Retinol Serum, which is made with micro-dose technology that makes the serum suitable for all skin types. Kiehl’s formula ensures that the retinol ingredient is applied to the skin in precisely calibrated doses. This promotes a more gradual acceleration of cell turnover compared to traditional, higher-dose retinol formulas.Pureretinol, together with niacinamide, delivers a higher level of surface renewal efficacy while minimizing the dryness, redness, and peeling commonly experienced during the adjustment period of retinol.“Thegood thing about combining [niacinamide and retinol], for the most obvious reasons, is that niacinamide can calm and soothe possibly any irritation or redness that might be caused by retinol,” said Chan. Gerard S. Ramos KIEHL’S types.suitablemakestechnologywithSerumMicro-DoseRenewingSkin-DailyRetinolismademicro-dosethattheserumforallskin
SISTERS ARE DOING IT FOR THEMSELVES. heartwarming highlight was when Pia Wurtzbach, in a video clip of a pre-pageant activity, shared about the journey toward forging friendships in pageantry. “All of you are in competition with each other, and all of you are trying to get the crown. Ano ba talaga ang maiuuwi mo dito? Kasi ang mananalo naman one year lang may crown and then she has to pass it on to another girl,” the Miss Universe 2015 asked. “But what’s something that you take with you in the years to come? It’s the friendships and the connections that you’ve built in that competitive space,” adds Pia, who competed three times. “In fact, you relate so much to each other because nobody else knows what you’re going through than the girls sitting next to you.” Well, except for Roberta. She got rattled and rambled on, but she will surely redeem herself come her Miss Grand International campaign. She won Miss Eco Teen International 2020 after all. The girl is captivating, with the vava-voom presence of Sofia Vergara crossed with Ariadna Gutierrez. Stacey stood up against historical revisionism and defended historians: “A historian is one who recognizes our painful past with factual evidence, looking back at our rich, vibrant history, and as well at the times that our humanity was trampled on and our Gabrielle replied: “I’ve been receiving a lot of opinions from other people, and I’m not complaining about it, because people are entitled to their own opinion. As for me, I will always remind women that we are strong, independent and courageous. Because these are the traits that are very critical to the complicated roles that us women play in today’s society.”Nicole is a Miss Teen Philippines 2019 second runner-up (to Nikki Advincula de Moura of Cagayan de Oro City), Miss Millennial Philippines 2019 and finalist Yllana Marie Aduana: “What are your thoughts and sentiments on the advocacy ‘My Body, MyWithoutChoice’?”missing a beat, the brave Binibini from Laguna bared: “I believe that all women should always be entitled to our own opinions and we should have the most autonomy on whatever decision that we have toward our body. Because us women, we are a tower of strength, a pillar of hope, and a champion of purpose. And we should always believe that all our choices should always come right into our hands.” n
n THESE GIRLS WILL SURELY WIN YOUR HEART. The new Binibini theme got a new P-Pop energy as performed by the sensational SB19 during the opening number. By the witching hour on August 1, a new set of queens were crowned: Stacey Daniella Gabriel of Cainta, Rizal was Second Runner-up; First Runnerup was Herlene Nicole Budol of Angono, Rizal; Bb. Pilipinas Grand International was Roberta Angela Tamondong of San Pablo, Laguna; Bb. Pilipinas Globe was Chelsea Lovely Fernandez of Tacloban City: Bb. Pilipinas Intercontinental was Gabrielle Camille Basiano of Borongan, Samar; and Nicole Yance Borromeo of Cebu was Bb. Pilipinas International. It was heartbreaking to see Karen Laurrie Mendoza of Iloilo City miss the winning circle again, and even more so when Cyrille Payumo failed to advance to the Top 12. For her grand comeback, Gabrielle won back-to-back the Best in Gown and Best in Swimsuit awards. Herlene the “Hipon Girl” amassed a treasure trove of special awards that cumulatively may be of higher value than the major winners’ prize packages.
EVERYONE is talking about retinols these days and I thought it would be good to compile a list of facts about it as a sort of guide because I’ve been asked so many times about it. I’m not an expert at retinol use although I was a longtime user of Retin-A, a retinoid (more about this later).What is retinol? It is the over-the-counter version of retinoids, which are derived from vitamin A. Retin-A was said to be the first retinoid in the market. Its active ingredient was tretinoin and it was used to treat acne, fine lines and wrinkles and hyperpigmentation. It was fast acting but had side effects like dryness, redness, burning, peeling and flaking. What I loved about Retin-A was that your skin looked like new after all the peeling. Of course, that meant no sunbathing or hiking but it was all worth it. With regular Retin-A use, you could see results in a month or two. You could call retinols the weaker sibling of retinoids, which are prescription medication. Even at their strongest, retinols are still less potent than retinoids. But like with any skin-care product, you need to trust the process and be patient to be rewarded with good skin. Unlike retinoids, which promote cell turnover, retinols are made up of small molecules that go deep beneath the epidermis (the outer layer of skin) to your dermis to neutralize free radicals to help boost the production of elastin and collagen. So in this context, we will talk about retinols and how to use Typically,them.aretinol product should be applied on the skin 30 minutes after washing to avoid skin irritation. Retinols are also recommended for application at night because of risk of sun sensitivity.
HOUSE SPEAKER MARTIN ROMUALDEZ (LEFT) LED THE OATH-TAKING OF THE NEWLY-ELECTED UPMG OFFICERS AND BOARD OF DIRECTORS AT THE HOUSE OF REPRESENTATIVES, COMPOSED OF, FROM SECOND LEFT: President Barbie L. Atienza, Vice-President Jay R. Sarmiento, Secretary Angel V. Guerrero, Treasurer Sherly O. Baula, PRO Jong R. Arcano, Director Vivienne A. Motomal, Director Annie F. Grefal, and Director Jeanette F. Dominguez. (Photo by Michael Vargas)
(Albert Calvelo/Senate PRIB)
M ENTAL Health has been regarded as an essential element to one’s wellbeing and its significance was emphasized in this time of COVID pandemic. The Department of Health estimates that at least 3.6 million Filipinos experienced mental health issues in various ways during the pandemic, including depression and other mood disorders, adding to the already existing large population suffering from other serious mental disorders like Schizophrenia.Schizophrenia is a chronic and severe mental illness that may result in some combinations of hallucinations, delusions, and extremely disordered thinking and behavior that weakens and damages the language, perception, and motor behavior. The impact of the issues and J&J Philippines extends a ‘YAKAP’ to Schizophrenia patients and caregivers situations arising from provision of care, separation among families, financial constraints, and loss of job opportunities, to name a few, on the socioeconomic status and quality of life, cannot be over Recognizingemphasized.this,Johnson & Johnson (Philippines), Inc. (J&J Philippines) in partnership with the National Center for Mental Health (NCMH) – Camarin Extension held a lay fora named “Yakap at Alaga sa Kapwa, Alay sa Pag-iisip”, that aimed to address the caregivers’ burden and strain in managing and treating those with“GivenSchizophrenia.thatthis is often overlooked and not addressed properly, more often than not, these issues complicate the management and even lead to caregivers giving up completely on the Schizophrenia patients” said J&J Philippines’ associate medical affairs manager for Neurosciences, Dr. Myki Manalo.Over 150 healthcare professionals, service users, and caregivers attended the event. The discussion highlighted the strategies for caregivers to improve service provision, strategies to strengthen communication skills and hone approaches to commonly encountered challenging situations.
AT the launch of Insurebox, a new online insurance marketplace, from left: Jonathan Batangan, First Vice President & Group Head, Cebuana Lhuillier Insurance Brokers, PJ Lhuillier Inc.; Attorney Kath Mila, Chief Operations Officer, Multisys; and Ergilio Ong, Senior Vice President and Mancom Chairman, PJ Lhuillier Inc.
SENATE SPOUSES TAKE OATH. Senate President Juan Miguel “Migz” F. Zubiri (center) administers the oath of office to the newly-elected officers of the Senate Spouses Foundation, Inc. (SSFI) on August 9, 2022. Led by its president Audrey T. Zubiri
Policyholders will also be able to pay for their insurance premiums through various digital payment methods such as debit/credit, bank transfers, and e-wallets. This will also enable them to monitor their transactions real-time, including previous payments and unpaid“Thissettlements.marksanother milestone in CLIB’s portfolio as an insurance broker. As we plan to make more Filipinos protected, we are thrilled to deliver more efficient services and launch affordable,on-demand insurance products on the platform soon,” First Vice President and CLIB Group Head, Jonathan Batangan added.
Insurebox offers CLIB’s Compulsory Third Party Liability (CTPL) insurance, one of LTO’s requirements in motor vehicle registry, for as low as Php 300. Other pertinent insurances like personal accident and health insurance will also soon be available in the platform. “We are glad to move forward with yet another innovation with Multisys. Working with them for years has greatly helped our company toward our digital transformation journey. With this new collaboration, we can provide a more affordable insurance option to our kababayans and bring financial inclusion to all Filipinos by making our services more accessible anywhere in the archipelago,” Cebuana Lhuillier president and CEO, Jean Henri Lhuillier said. Among the features that will be in Insurebox is a smart e-KYC (know your client) system that will allow providers to verify customers and understand their needs to be able to recommend appropriate and tailor-fit products.
Razon‘s by Glenn introduces a no cash out franchise offer
Monday, August 15, 2022B6
C EBUANA Lhuillier Insurance Brokers Inc. (CLIB), in collaboration with Multisys Technologies Corporation — a software engineering solutions firm — developed a new online platform designed for insurance providers The website, called Insurebox, serves as an end-to-end e-commerce platform where CLIB can conveniently offer its products and promos, making it more accessible to the public.
K EEP playing your role in nation building.House Speaker Ferdinand Martin G. Romualdez issued this call to the newly-elected officers and board of directors of the United Print and Multimedia Group (UPMG) as he emphasized the media’s role in serving the national interest just like what is done in the executive, legislative and judicialRomualdezbranches.had a lengthy discussion with the leaders of the various publications under the UPMG on key issues confronting the media landscape after the House Speaker administered their oath of office at the House of Representatives in Quezon City recently. “For the past years, the UPMG has proven itself to be the premier association of the biggest publication companies in the Philippines. As a giant in the media industry, your contributions in nation-building truly deserve the highest commendation,” Romualdez said. Considering the Philippine media not as an adversary but a partner in nation building, Speaker Romualdez also pointed out that being the invisible fourth branch of government, it is incumbent upon media to provide the public service they truly deserve with factual and untarnished information on the pages of their newspapers and magazines as well as their online sites. He also added that, “Media reports – be it positive or negative – give us, government officials, relevant and timely feedback from the public with regard to our official acts. They also provide us with a platform on the issues that need discussed with the bigger public.” As active participants in the media industry, he called upon UPMG to continue to help in getting across the new administration’s message to a larger audience.“Our message is unity for a bigger purpose and our vision is a Filipino nation with its people living comfortable and secured in their environment. The task ahead may be full of challenges, but there is nothing we cannot achieve in unity with our people,” the House Speaker said. Serving once again as UPMG President is Barbie L. Atienza, head of external affairs and human resources development
SM EMPLOYEES SUPPORT LOCAL FARMERS, ENTREPRENEURS. SM employees and other individuals within the Mall of Asia complex in Pasay City extended support to local farmers and various MSMEs by purchasing their quality products during the indoor bazaar dubbed as the Producers Market. To make this effort possible, SM Offices partnered with SM Foundation (SMFI) and the Department of Social Welfare and Development (DSWD) to showcase the fresh farm produce from the alumni of SM Foundation's Kabalikat sa Kabuhayan on Sustainable Agriculture; processed foods and original hand-made crafts from DSWD's Sustainable Livelihood Program (SLP) served program participants; and Baguio farm produce and preserves, and cut flowers from private MSMEs.
Cebuana Lhuillier Insurance Brokers, Multisys ink pact on a digital platform for insurance providers
House Speaker Romualdez cites media’s role in nation-building at UPMG induction at Manila Bulletin. PhilSTAR Media Group Sales and Marketing Director Jay R. Sarmiento is also again elected as vice-president of UPMG. Angel V. Guerrero, Adobo Magazine’s president and editor-in-chief, takes on the UPMG secretary position. Sherly O. Baula, credit and collection manager of Chinese Commercial News, is the new treasurer. Elected as the auditor is Manila Times Vice-President for Sales and Marketing Roda Alonzo- Zabat and Jong R. Arcano, AVP/Key Relationship Officer at the Philippine Daily Inquirer, as public relations officer. Meanwhile, the newly elected directors of UPMG are Viviene A. Motomal, AVP-Sales & Marketing of Journal Group of Publications; Annie F. Grefal, OIC-Sales & Operations of Manila Standard; and Jeanette F. Dominguez, advertising manager of BusinessWorld. Rowena D. Dote of ABS-CBN Publishing’s Admin & General Services takes on the role of Credit & Review Board Head. Manila Bulletin’s Public Relations/Corporate Social Responsibility Manager Badette M. Cunanan will continue serving as UPMG’s chief of staff. The organization comprises of over 30 member publication companies, including Abante, ABS- CBN Publishing, Inc., Adobo Magazine, Balita, Bandera, Bulgar, BusinessMirror, BusinessWorld, Chinese Commercial News, Daily Tribune, Diyaryo Pinoy, Gadgets Magazine, Hinge Inquirer Publications, Inc., Malaya Business Insight, Manila Bulletin Publishing Corp., Manila Standard, Mediawise Comm / MUSE Books, Mindanao Daily News, One Mega Group Inc., Opinyon, Panay News, People’s Journal, Pilipino Mirror, Philippine Daily Inquirer, The Philippine Star, Philippine Star Ngayon, SunStar Philippines, Tempo, The Freeman, The Manila Times, and United Daily News.
Razon’s by Glenn is headed by its President Mark Anthony “Glenn” RazonCarreon, a third generation Razon of the family who has founded the original restaurant chain. Glenn was born and raised in Guagua, Pampanga, who opened his first store in Tarlac in City, Tarlac in 2003 under the trade name The Original Razon’s HaloHalo & UnderPalabok.his management with the company tagline “Tradition of Delight,” Glenn has standardized, innovated and aspired to bring the brand at par with the food industry’s “Merienda” segment. In 2015, Glenn started to offer franchising and rebranded the company to what it is now known as - Razon’s by Glenn, Glenn aims to bring the brand to a wider audience by creating its unique “Razon’s by Glenn” menu by offering affordable, quality and delicious food.
Razon’s by Glenn has a special offer for those who want to invest in a franchise anywhere in the Philippines. You can now avail of the Razon’s by Glenn Full Store’s Franchise Fee for only P790,000 until December 2022. The Total Capital for a 90sqm Store is P3,000,000 which is already inclusive of the P790 Franchise Fee. This can also be availed through their accredited partner financing agency CVM Finance for a No Cash Out option and a maximum loan of 2.5M per Franchise applicant.Thefranchise package is renewable in five years and you will start (3%) paying the three percent management fee on the 7th month and a (2%) two percent marketingIncludedfee.in the packages are the use of trade name, trademark, wood mark, operational system and logo. It also covers opening support, training, logistical support and site assessment and full menu. The RBG (Razon’s by Glenn) Franchise Group also supports their Franchisees with Brand Media Kits and Digital Advertising support.Most of the existing franchise owners of an RBG branch has expanded into an additional store as the Razon’s by Glenn which shows the great leadership of the brand in providing a business model that allows their franchisees to expand faster in the restaurant industry. Razon’s by Glenn’s branches can be found in Tarlac City, Dagupan, Aparri, Cauayan City, Roxas City, Isabela, Mall of Asia, Duty Free Olongapo, Famy Laguna, Daraga Albay, Iloilo, KCC Mall Zamboanga, SM Zamboanga and Calbayog Samar. There's a newly opened branch in Kalibo, Aklan, and soon to open in PITX Pasay City. For more information, visit www. razonsbyglenn.com Or send them a message on their Social Media: https://www. facebook.com/RazonsByGlenn and https:// www.instagram.com/razonsbyglenn/
(5th from right) SSFI’s new set of officers are, from left: Maricel P. Tulfo (Asst. Secretary), Atty. Emmeline A. Villar (Legal Counsel), Kathryna Yu-Pimentel (Treasurer), Elvira E. Angara (Secretary), Gladys C. Villanueva (Vice President), Jose Benjamin Angeles and Teodoro Misael Llamanzares (P.R.O.), and Rep. Lani Mercado-Revilla and Mayor Lani L. Cayetano as members.
I F you’ve ever been to Pampanga, the Culinary Capital of the Philippines, the name Razon would always be a heartwarming memory being the country’s best Halo Halo and Palabok legacy that has started in the 1970’s. That legacy is now being continued by Razon’s by Glenn.
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Lesson no.4: m o re than writing scripts, r i cky taught us how to un cover stories...out of an imaginary box that is hidden in each and ev eryone’s life. A writer must be able to establish a person’s history and context, clearly see what is hold ing them within the box, and set it free. i t seems incredibly simple, but as we all realized, this process can be a lot more complicated, dif ficult, and painful. The most basic premise of all stories, as he shared with us (and explained in his book“Trip to Quiapo,” is that all people are trapped in a box—nakakahon, as it is beautifully expressed in its Filipino translation. Throughout a story, each person has a need or a goal, and they need to free themselves from that box to get it.
PR Matters is a roundtable col umn by members of the local chapter of the United Kingdom-based Inter national Public Relations Associa tion (Ipra), the world’s premier as sociation for senior communications professionals around the world. Joy Lumawig-Buensalido is the Presi dent and CEO of Buensalido PR and Communications. She was past Chairman of the Ipra Philippine chapter for two terms.
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LOVE movies, and I’ve al ways dreamed of writing a film script. For many years when I was already in the practice of public relations and communications, my secret wish was to venture into the field of screenwriting, but I did not know how to start. With my background in broadcast communication and research, plus having written several books, it seemed to me that film making was another field of communica tion that I could aspire to learn about. I had actually considered taking up short film courses abroad but I never got around to doing it because of my ever busy workDuringschedules.thepandemic, I came across a Facebook Post announc ing that Ricky Lee, the famous screenwriter of Filipino classics like “Himala” (by Ishmael Bernal), Moral, Brutal, and Jose Rizal (by Marilou Diaz-Abaya), was offering his iconic Scriptwriting Workshop online. The idea hit me right away that this was my chance! I knew I had to sign up. Ricky Lee is an industry icon, and while I never had the chance to meet him, I’ve watched a lot of his unforgettable films and I knew several friends who have taken his workshops. All of the stories that his scripts un fold seem to be filled with nuance, insight, and heart. I always find them relevant and compelling. Perhaps the reason I wanted to learn how to write a script for film was because there are so many real life stories I have personally wit nessed or have been shared with me which I’ve been forever distill ing in my mind. I had aspirations about translating at least one of them into a film someday. I knew that Ricky Lee has been offering his screenwriting workshops since the 1980s. I also bought a copy of his book “Trip to Quiapo” a scriptwriting manual where he breaks down his process carefully, all the while still telling stories about his own experiences. This particular workshop would only choose a limited num ber of participants and to qualify, we had to write and submit a letter declaring why we wanted to join. We barely made the deadline for submission but when they final ly announced the list of selected workshop participants from over a thousand applicants, I was in credibly happy to find myself and my daughter Monique among the lucky ones. Was this a sign for me? To find our names included in two of three batches of 65 students eachMybatch?daughter was part of the first batch, and they met one day every week via Zoom. She would emerge from each workshop day filled with stories about learning about not scripts per se but people.
AwA rds: Cre At ive dire C tors from BB do Guerrero, Bl AC k Pen C il mA n il A , d i G i tA s PH, A n d Gi G i l join o n e Asi A Cre At ive AwA rds jury MANILA, PHILIPPINES—The One Club for Creativity has recently revealed the jury for the One Asia Creative Awards 2022, four of which are from the biggest creative agen cies in the Philippines: BBDO G uerrero, Black Pencil Ma nila, Digitas PH, and Gigil. E ach of the four agencies has one of their creative directors as judges for this year’s show, and were chosen among more than 70 creative leaders in the Asia-Pacific region. Karen Francisco, CD of Black Pencil Manila sits in the jury of Film & Video, Film & Video Craft, Radio & Audio catego ry. Karen is a storyteller who w ants to shine a light on the unusual, the compelling, and the inspirational. During her advertising career, she has re ceived a few awards including t he One Show, LIA, Adfest, Ef fies and a shortlist at Cannes. E mman Carandang, CD and head of art, BBDO Guerrero is in the jury of Design, Print & Out of Home, Print & Out of Home Craft category. Emman started his career at BBDO Guerrero as an Art Director in 2014 and has climbed the ladder ever since, bringing more than 12 years of experi ence to the role. He is a multia warded art director who has worked with a range of global and local brands. Last year, he picked up two coveted Star awards at the global AdStars festival in Korea.
PR Matters is devoting a spe cial column each month to answer our readers’ questions about public relations. Please send your ques tions or comments to askipraphil@ gmail.com. C k y lee
Lesson no. 1: e v ery story, every person or situation you write about has a deep seated “bubog” and you must learn how to find or dig it up. “Bubog” translated in e n glish means a broken piece of glass or glass splinter. i t is a lso used as a word for glass, mirror or “salamin.” w h at a perfect and profound word to mean brokenness, reflection, and even an introspective look into one’s deepest and darkest past, emotions, and experiences. t hat was r icky l e e’s secret which he chose to share with all of us. Writing stories is about shining a light on people, not necessarily just putting words onto a page. Instead of a technical workshop, it’s about breaking down the emo tions, feelings, and thoughts that drive a story forward. “It’s really about finding and revealing some one’s bubog,” Monique told me, not wanting to reveal too much before my turn to undergo to the workshop.When my batch met two months later, I was excited but scared at the same time. I was prepared to learn the basics of technical scriptwriting, a crash course on how to put to paper the form and structure that makes up the backbone of a film. And here’s the second lesson I learned as Mo nique had hinted at. Lesson no. 2: wr iting a story is not technical. i t ’s not just a script but heart and humanity that really make a movie. As soon as Ricky Lee appeared on my computer screen for our first Zoom Meeting, I immediate ly felt at ease. Even virtually, he appeared warm, kind, and open, and as the weeks progressed, he proved that he was exactly that, and so much more. I had always known he was brilliant and talented, but I had no idea how down-to-earth and generous he truly is, not only with his time, but his talent and expe rience. He shared that he’s been giving his workshops since the 80s for free because it was his way of giving back to the community and the industry. Even then and especially today, this is unheard of. It seems that everyone in movie making wants to get rich and fa mous, but Ricky Lee just wants to tell good stories. He shared so much about his own life—how he was raised by his relatives in Daet, Camarines Norte because his mother died early (and thus, where his own bubog of abandonment-slashmother issues emerged), how he sought refuge and escape in their local library and fell in love with stories, how he became an activ ist and was imprisoned in the 70s, how he feels that writing lyrics is the highest form of art that he only wishes he could do. He gave us several films to watch and generously helped us see the insights and plots woven through the two-hour masterpieces. At no point did I feel he was bragging or needlessly waxing poetic. All his stories and pieces of advice were heartfelt, honest, straight forward, and even humorous. We, of course, had a million questions—about him, about his scripts and his life experiences. He never held back anything. With his rueful smile and gentle voice, he openly shared the answers without filter. Despite decades in showbiz, we never felt like he gave “showbiz” answers.
Lesson no. 5: Pain and difficul ties are part of the writing process. As r i cky stated: all stories are po litical because they are written and made with a specific point-of-view, no body of work can ever be neu tral. e veryone has their beliefs, and these will—and should—appear. “Kailangan mong masaktan paulit-ulit sa pagsusulat,” he stressed. Everything he said felt like a hugot quote, but isn’t one’s painful truth the core of hu got? Without conflict, he says of scripts, there is no growth—and thus, there is no story. More than formatting and pitching, this is what we needed to learn about scriptwriting. This is what we needed to learn about humanity. It is simply incredible that through his movies and his workshops, Ricky Lee has been teaching us how to understand and empathize with each other. This year, almost a year after our workshop, it was announced that Ricky was named National Artist for Film and Broadcast. Together with his countless fol lowers and the rest of the coun try, I celebrated and sent him my congratulations. With his huge and historical body of work made up of more than 180 film screen plays, books, and more, he has truly changed the way that sto ries are told and understood in theThisPhilippines.National Artist has no plans of retiring, and says that writing for film is like breathing. If he stops writing, it will be like he’ll stop breathing too. I am honored to have experi enced Ricky Lee’s teaching and I know that his impact will only continue to grow. I look forward to more stories that he writes and creates, and to the hopeful and heartful ones coming from people he’s taught, inspired, and touched.
Meanwhile, Jacqueline Shackie Caccam, CD of Digi tas PH made it to the jury of D irect Marketing, Creative Effectiveness, Innovation, In tegrated category. She has the t hriving belief in the innate good which she uses in leading teams to craft notable works for clients like Wyeth—Promil Gold 4, Bonakid, Red Ribbon FB, Cecon, and Ponstan. Jeano Cruz, partner and CD of Gigil was named juror in the Experiential & Immer sive, Digital Craft, Gaming, I nteractive, Online & Mo bile category. Jeano is one of t he founding members of the agency. He is also Head of So cial and in charge of clients l ike Safeguard, 7-Eleven Phil ippines, Cobra Energy Drink, K onsultaMD Telehealth, Globe At Home, and Adobo Connection. I
Lesson no.3: e v ery storywriter must be honest, straightforward and willing to share not only per sonal stories about himself but about others whose stories are worth telling. e v erything r i cky l e e told us and shared felt genuine and incredibly human, and perhaps this is why his scripts win awards, touch hearts, change minds, and become unforgettable, cultural touch points. r i cky is incredibly down to earth and honest, something that is rare in the industry he moves in. I learned so much, and I was thrilled when I was one of those whose story outlines he chose to share and discuss with the class. I appreciated my classmates’ con structive and useful feedback, and I was energized by Ricky’s advice on how to move the story forward.
PR Matters By Joy Lumawig-Buensalido
How to tell good stories as learned from National Artist Ricky Lee
BusinessMirror Marketing Monday, August 15 , 2022 B7www.businessmirror.com.ph
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AARON BLACK has become the Bolts’ main source of power.
CJ Perez had an opportunity to send the game into overtime after being fouled by Black as he was attempting a three-point shot. Perez, who finished with 13 points for the Beermen, only made two of three free throws for a 93-92 Meralco lead with 10 seconds remaining. Black was sent to the foul line twice and made 3 of 4 to seal the victory. “I’m really proud of Aaron [Black] not just tonight but also where he came from as a basketball player,” his father Norman, the Bolts head coach, said. “He really improved a lot as a basketball player for the couple of years.” Chris Newsome scattered 19 points, including two triples, and had seven rebounds and three assists while Cliff Hodge tallied 17 points, 12 rebounds and two blocks for RaymundMeralco.Almazan contributed 11 points and seven rebounds also for the Bolts. June Mar Fajardo led the Beermen with 23 points and 13 rebounds for San Miguel Beer, which led 56-45 at the half.
SENATOR Jinggoy Ejercito Estrada filed a resolution seeking a Senate commendation for the Philippine contingent in the recent 11th Asean Para Games for hauling 104 medals exceeding the previous best in the 2009 edition. “The perseverance, discipline, commitment to excellence, and sportsmanship they have shown during the regional meet and throughout the period of their preparation and training are exemplary values and attributes that the younger generation and all Filipinos could emulate,” Estrada said in Senate Resolution No. 110.“Their remarkable accomplishments and success in the international sports stage brought honor and pride to the nation, hence deserving of commendation and recognition from the Senate,” he added. While majority of the 144 para athletes who participated in the Para Games held in Surakarta, Indonesia, competed for the first time, Estrada said they delivered impressive performances in their respective fields. At the conclusion of the regional sports meet, which was postponed twice due to the COVID-19 pandemic, the Philippines ranked fifth overall with 28 gold, 30 silver and 46 bronze medals—the country’s biggest haul in the Para Games. The country’s previous best record was 74 medals–24 gold, 24 silver and 26 bronze—in the 2009 edition in Kuala Lumpur. “For a triumphant campaign and for delivering the country’s best performance in the biennial regional games, these athletes deserve a commendation from the Senate. We have every reason to be proud of them,” Estrada said.
Josef Ramos
MASON, Ohio—Serena Williams plays Monday night at the Western & Southern Open in what is expected to be one of her finalIt’smatches.abig deal, even for a US Open tuneup accustomed to hosting the world’s best players. “Serena Williams is a global icon whose impact certainly transcends tennis,” tournament CEO Katie Haas said. “We are fortunate to have seen her lift our trophy on two occasions and to welcome her here for one of the last events of her incredible career.” The 40-year-old Williams is preparing to walk away from tennis, saying she wants to have another child and pursue business interests. The 23-time Grand Slam champion has not said what her last event will be, but did make it sound as if her final farewell will come at the US Open, which begins August 29 in New York. Next up forWilliams is Monday night’s first-round match against 19-year-old Emma Raducanu, the defending US Open champion. If Williams advances, she could face 2016 Cincinnati champion Karolina Pliskova in the second round. There also is a potential quarterfinal matchup with sister, SerenaVenus.Williams lost, 6-2, 6-4, to Belinda Bencic on Wednesday night in Toronto in her first match since she elaborated on her future plans. “She’s been a huge impact on the sport,” said Cincinnati native Caty McNally, who is making her fourth appearance in her hometown tournament. “As a kid I always watched her on the TV. I was lucky to have the opportunity to play her in the US Open a couple of years ago. I think it’s important that she’s moving on and going to spend time with her family and explore other things in life.” Novak Djokovic pulled out of the hard-court tournament on Friday because he has not gotten any COVID-19 vaccine shots and so is not allowed to travel to the United States. But the Cincinnati stop still includes several of the world’s top players. A large crowd watched Raducanu and Wimbledon champion Elena Rybakina practice together on Saturday afternoon. Rybakina faces Egyptian Mayar Sherif in the first Hround.OWon Earth can Barcelona splash $160 million in player transfers this past summer despite being over $1 billion in debt? They had a fire sale of their last title team, have slashed salaries and God knows what else and now, they brought over Robert Lewandowski from Bayern Munich, Raphinha from Everton, Franck Kessie from AC Milan, Andreas Christensen from Chelsea and Jules Kounde from Sevilla. Except they failed to register Kounde? What gives? Was he not ratified by La Liga pending Barcelona being able to stick to their financial obligations? However, more importantly, to pay off the debt, does one need to spend?
ALL eyes are on Serena Williams. AP
PHILIPPINE Olympic Committee President Rep. Abraham “Bambol” Tolentino (right) speaks with Stephanie MercadoKoenigswarter. At left is POC secretary general for international affairs Bones Floro.
KAI SOTTO will make an impact—and add excitement—to the national men’s basketball team. Also, a naturalized player who’s not a natural 4 or 5—big forward or center— but a guard who stretches to the small forward position will provide a new blend in Gilas Pilipinas’s game. “Kai Sotto will give the team a great impact because that’s really his goal to play for the national team even when he’s in the youth team,” said the now retired Ranidel De Ocampo, the 7-foot-2 Sotto’s godfather or ninong.“Now, we have a local tall player who has great perimeter and post skills, he’s also an agile athlete,” he said. “He also spends a lot of time in workouts.” On naturalized player Jordan Clarkson, who made his mark in the National Basketball Association after he was named Sixth Man of the Year in the 2020-2021 season with the Utah Jazz, De Ocampo said his addition would definitely perk up the Gilas “Thischemistry.isthefirst time that our naturalized player is a guard-forward and not a big man,”said De Ocampo, now one of head coach Chot Reyes assistants TNT Tropang Giga. Sotto, who’s definitely arriving on Monday from Australia, according to De Ocampo, and Clarkson are in the pool preparing for two games in the fourth window of the International Basketball Federation (FIBA) World Cup Asia Qualifiers on August 25 andGilas29.travels to Beirut to play Lebanon on August 25 and faces Saudi Arabia in a home game on August 29 at the Mall of Asia Arena in Pasay“AlthoughCity. I haven’t seen him for the longest time, I am pretty sure Kai will be a great impact for the Philippine time. It’s an exciting time.”
The Smart/MVP Sports Foundation National Kyorugi and Poomsae Team will compete in the Asian Cadet/Junior/ParaTaekwondo Championships set from August 22 to 27 in Ho Chi Minh City, Vietnam. The 45-member delegation is composed of eight officials, headed by Taekwondo Philippines secretary general Raul Samson, and 37 athletes (22 Kyrugi and 15 Poomsae). The team’s participation is supported by Philippine Sports Commission, Philippine Olympic Committee and Milo. The athletes are (standing from right), Cyrus Rodan Sinugbojan, Justine James Diasnes, Renzo Maverick Gavilanes, John Joseph Timothy Melicado, Jose Jacob Cartagena, John Renzo Balido, Legolas Peñaredondo, Devy John Singson (coach, Kyorugi), Carlos Jose Padilla V (coach, Kyorugi), Rani Ann Ortega (coach, Poomsae), Rodolfo Reyes, Jr. (coach, Poomsae), Vince Raiane Santianez, Allain Keanu Ganapin (para), Kent John Banzon, Rodito Sinugbojan Jr., Ethan Jervey Dayne Chavez, Abram Josiah Resimo, Juan Victorio Ongsiako Yamat and Kurt Jyrus Emboltura; (kneeling from left), Merica Lillyn Chan, Tachiana Keizha Mangin, Bob Andrew Fabella, Eljay Marco Vista, Jose Lucas Llarena, Caleb Angelo Calde, Dean Darnet Venerable, Paul Anthony Rodriguez, Ian Matthew Corton, Joshua Aaron Erece, Andrea Marie Benocilla, Felicity Jana Castel; and (sitting from left), Caitlyn Julia Carlos, Ryane Joie De Juan, Elizabeth Marie Borres, Julianna Martha Uy, Casey de Leon, Acey Kiana Oglayon, Sophia Jane Dorado, Maria Nicole Anne Labayne, Aesha Kiara Oglayon and Antonette Medallada.
Sports BusinessMirror B8 Mon Editor:sports@businessmirror.com.phmirror_sports@yahoo.com.phJunLomibao
THE Philippine Olympic Committee (POC) will immortalize the late Asian Sprint Queen Lydia de Vega at the soon-to-rise POC Museum at the New Clark City in Capas, Tarlac. POC President Rep. Abraham“Bambol”Tolentino made the promise to De Vega’s daughter, Stephanie Mercado-Koenigswarter, and mother Mary when he visited De Vega’s wake at the Heritage Park in Taguig City on Saturday morning. “Lydia’s legacy will forever be remembered. So we, the POC, are planning to put all her achievements on a wall inside the Olympic museum,”Tolentino told Mercado-Koenigswarter and Mary de Vega. “Her achievements in the Southeast Asian Games, Asian Championships and Asian Games, among others, will be immoratlized there in the museum,”Tolentino said. “She’ll be an inspiration to all aspiring athletes.” Work on the POC headquarters at the New Clark City will soon start, according to Tolentino. “This is the first time that the POC will have a home of its own,” said Tolentino, who was accompanied in the wake by POC secretary general for international affairs Bones Floro. “And a museum will be built to aptly highlight this home.” De Vega dominated track and field in the region in her prime, winning back-to-back Asian Games 100 meters gold medals in New Delhi 1982 and Seoul 1986, two 100 and two 200 meters titles in the Asian championships in Singapore 1983 and Kuwait 1987 and nine SEA Games gold medals from 1983 to 1987. De Vega’s wake will be transferred on Monday to her native Meycauyan in Bulacan where she once served as Tolentino,councilor.meanwhile, will fly to Bangkok on Monday for a SEA Games Federation Council meeting on the Cambodia 32nd SEA Games in May 2023.
The same question is asked by Manchester United supporters in the wake of the Red Devils’ 4-0 thrashing at the hands of Brentford. Brent-effing-ford! That their American owners, the Glazers, have never invested in the club. Hence, their sorry state since the great Alex Ferguson retired. And they too are in debt. Let me backtrack on United. do not agree that they do not have top players. They have. How did they finish second in the league two seasons ago unless that was a Covid-19 related fluke (and it looks more like that with every passing day)? Even fans of Liverpool—my favorite team—oft say that the club needs to splash on top players to compete with Manchester City that has ruled the English Premier League in the past five seasons. Many are of the belief that to compete for silverware, you need to spend money. Winning brings in more fans through the turnstiles, sells more merchandise, increases advertising and broadcast deals. I get that. It just beggars me that in this age of pandemic - that isn’t gone by the way—many quarters think the answer to their ills is to spend more. But why not develop your academy then add a few players from transfers here and there? It is cheaper and you can track their progress over the years. Spending? Yes, I know during times of crises that is when you buy when prices are down. But I still will not agree to that it is a cast-iron truism. It has to be a case to case basis. After all, buying top players does not always guarantee success. There are other factors such as chemistry, experience, coaching, health, and club history (yes, this is vital). You need to check off on all those boxes if you want to win. As for debt, one needs to be smart about ticket pricing, merchandise, the number of seats, and well, the stadium in itself that has a certain shelf life. There is the other point of view where other clubs have to be unconventional when it comes to their approach in putting a together a squad that will compete. There is the use of analytics to recruit players who are not only under the radar and do not command a huge price. Of course, when they bear fruit there is a huge chance they will transfer to a big club such as the case of Ian Carlo Poveda who was snatched up from Brentford by Man City. Is this where financial Fair Play enters? It should because honestly, seeing the usual suspects in the Premier League win all the champions league places is appalling. Look at La Liga which is usually a two-horse race. Liverpool put the transfer fees to good use when they sold Philippe Coutinho to Barcelona for a huge fee that got them Virgil Van Dijk and Allisson Becker in return. That is good business. It isn’t always going to happen though. And we should note, that the Merseyside club was also previously in debt until the Fenway Group entered with a new strategy based on analytics and smart spending. Brentford themselves have also adopted similar approaches to Liverpool – one that is analytics-based while picking up discards from top teams and building up these players. As a result, they have been one of the better sides in top flight English football these past two seasons. Honestly, clubs with ambition will spend. You don’t pay a player, another club with more money will pony up the cash. This is where Financial Fair Play comes in. Or it should. It should also help clubs like Barcelona from shooting themselves in the foot (as they already haven’t). It is said that winning cures everything. Does it? As the Fab Four from the Merseyside once sang, “money cannot buy you love.”
BLEachErs’ BrEw rick OLivarEs bleachersbrew@gmail.com MONEy gO rOuND
DECIDER
By Josef Ramos A ARON BLACK and Meralco poured it all when it mattered most as the Bolts beat the San Miguel Beermen, 96-92, in Game 6 on Sunday to send their semifinals series to the limit in the Philippine Basketball Association Philippine Cup at the Smart Araneta Coliseum. The Bolts looked goners after they trailed 26-42 in the second quarter, but they patiently clawed their way back and with Black sinking 11 straight points in a 16-2 run, the Beermen were a team groping for form at crunch time. “We we’re determined to win today,” said Black, who made 11 of his 17 points in the payoff period to go along with six assists and five rebounds. “I would like to thank Raymund [Almazan], Cliff [Hodge] and the other bigs for providing me screens to get space.” Game 7 is set Wednesday also at the Big Dome. “Our defense as a team late in the game was also huge,” Black added. Black completed a three-point play to give the Bolts a 93-90 cushion with only 31 seconds to go.
SOTTO’S ArrIvAL ExCITINg TIMES FOr PHL HOOPS rANIDEL
TAEKWONDO JINS OFF TO ASIAN TILT
MERALCO FORCES VS SMB BrONZE FOr CIgNAL HD Cignal HD’s Roselyn Doria defends her side against PLDT’s Jules Samonte in the battle for bronze medal the HD Spikers won, 17-25, 20-25, 27-25, 25-22, 15-5, in the Premier Volleyball League Invitational Conference at the SM Mall of Asia Arena on Sunday.
