BusinessMirror December 04, 2023

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion

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Monday, December 4, 2023 Vol. 19 No. 54

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS

PPA FEE HIKE WILL HURT n

P25.00 nationwide | 2 sections 18 pages |

AP PHOTO|RAFIQ MAQBOOL

CONSUMERS—EXPERTS

EXPLAINER »B4

WHY COP 28 MATTERS:

5 compelling reasons to tune into the UN climate talks

A FISH vendor passes by a partially collapsed multipurpose covered court in Tagbina town, Agusan del Sur, southern Philippines on Sunday, December 3, 2023. A powerful earthquake struck Saturday off the southern Philippine coast, prompting many villagers to flee their homes in panic around midnight after authorities issued a tsunami warning. Story in Nation, A4. AP/IVY MARIE MANGADLAO

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By Cai U. Ordinario @caiordinario & Jasper Emmanuel Y. Arcalas @jearcalas

ILIPINO consumers already reeling from higher inflation could again be at the receiving end of the proposed increase in port storage fees, according to local economists.

Former Tariff Commissioner George Manzano told BusinessMirror the increase in port storage fees could be inflationary, given the country’s dependence on imported goods.

Manzano noted that the Consumer Price Index (CPI) has a number of imported goods. Any increase in the price of these commodities, he said, will lead to an “incremental cost push price pressure.”

“The increase in storage fee of PPA affects the foreign container cargo, and will therefore affect the international trade cost in the Philippines,” Manzano said.

“What exactly is the magnitude, whether it is significant or not, I

cannot say. The proposed increase in storage fee will put international traders to be caught between a rock and a hard place,” he added.

The proposed move may lead international traders to be “caught between a rock and a hard place” as higher fees will increase the cost of leaving container vans in the port beyond a certain point, Manzano also said.

However, he said moving container vans faster out of the port may be difficult given congestion and traffic. Manzano only hoped that improvements in infrastructure will alleviate this.

See “PPA,” A2

More troops to Mindanao as MSU blast kills 4, hurts 27

By Samuel P. Medenilla @sam_medenilla

& Manuel T. Cayon

PHL HAILS DEAL TO KICKSTART CLIMATE LOSS & DAMAGE FUND

By Jonathan L. Mayuga @jonlmayuga

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HE Philippines lauded world leaders for agreeing to operationalize a Loss and Damage Fund that will compensate and support vulnerable countries affected by climate change.

T he landmark dea l was forged on the first day of the 28th Conference of Parties to the United Nations Framework Convention on Climate Change (COP28), setting a positive start to the global climate talks, the DENR said in a statement.

Loss and Damage Fund is one of 7 major streams being worked out by the country’s 151-member delegation led by Department of Environment and Natural Resources (DENR)

Secretary Maria Antonia YuloLoyzaga.

The Philippines one with developing nations is pushing for the creation of a loss and damage fund to respond to the adverse impacts of climate change.

While carbon emission of developing countries is minuscule versus global levels, it is disproportionately affected by extreme weather events.

“The Philippines calls for the immediate operationalization of this Fund to assist developing and vulnerable countries to respond to droughts, floods, and rising sea levels exacerbated by climate change,” Presdent Marcos said in his message delivered by Special Assistant to President Antonio Lagdameo Jr. See “PHL,” A4

@awimailbox Mindanao Bureau Chief

A

CATHOLIC church service on Sunday at the gymnasium of the Mindanao State University (MSU) in Marawi was ripped apart by an explosion believed caused by “foreign terrorists,” kill-

ing at least four people and wounding 27 others, prompting President Ferdinand R. Marcos Jr. to order the deployment of additional police and troops to help secure Mindanao.

“I have instructed the Philippine National Police [PNP] and the Armed Forces of the Philippines [AFP] to ensure the protection and safety of civilians and the security of affected and vulnerable See “More troops,” A2

THE Seventh Edition of SM City Pampanga's Biggest Lantern of Hope once again brightens up the Christmas Capital of the Philippines with a dazzling display of light and music, featuring beloved Christmas tunes, including Jose Mari Chan's latest SM Christmas jingle. SM SUPERMALLS

PESO EXCHANGE RATES n US 55.4510 n JAPAN 0.3742 n UK 70.0069 n HK 7.0994 n CHINA 7.7717 n SINGAPORE 41.4649 n AUSTRALIA 36.6254 n EU 60.3750 n KOREA 0.0427 n SAUDI ARABIA 14.7814 Source: BSP (December 1, 2023)

News

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A2 Monday, December 4, 2023

Subsidies to state-run firms in Oct plunge 77% to ₧9.2B

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By Jasper Emmanuel Y. Arcalas

was caused by a double-digit drop rate in the funding received by both major non-financial government corporations and other state corporations.

Subsidy extended to major nonfinancial government corporations accounted for 89 percent of the total

state subsidy provided in October, while the remaining 11 percent went to other government corporations.

Major non-financial government corporations’ subsidies declined by 55 percent to P8.18 billion from P18.093 billion in the same reference month last year, Treasury data showed.

The National Irrigation Administration (NIA) led the major nonfinancial government corporations in terms of subsidy received in October.

NIA got P4.105 billion in subsidy, 41 percent lower than the P6.949 billion it received in October of 2022, based on Treasury data.

NIA was followed by the National Food Authority (NFA) and National Housing Authority (NHA) in terms of subsidy at P2.01 billion and P1.15 billion, respectively.

Meanwhile, subsidies received

by other government corporations plunged 95 percent year-on-year to P1.009 billion from P21.824 billion last year.

Among the other government corporations, the Philippine Children’s Medical Center received the highest subsidy in October at P179 million followed by the Philippine Health Center at P178 million, according to the Treasury.

From January to October, the total national government subsidy declined by 10 percent on an annual basis to P146.316 billion from P162.171 billion, Treasury data showed.

The Philippine Health Insurance Corp. (PhilHealth) was the top recipient during the 10-month period, with a total subsidy of P50.614 billion. It was followed by the NIA (P35.918 billion) and NHA (P17.777 billion), based on Treasury data.

right away by penalizing through higher storage fees,” he added.

Meanwhile, Ateneo de Manila University (ADMU) economist Leonardo Lanzona told BusinessMirror the PPA proposal could negate recent government efforts to curb inflation.

In a way, Lanzona said, the Bangko Sentral ng Pilipinas (BSP) tight monetary policy has “succeeded in restraining inflation” by reducing

aggregate demand.

However, Lanzona said this was not enough, given the country’s supply side problems. The PPA proposal actually highlights that these constraints remain a concern.

“Along with the huge government expenditures and the recent increases in minimum wages, these fee hikes constitute the government factors that unintentionally lead to inflation,” Lanzona said.

“Regardless of the government’s sugarcoating of the economy, its inability to control inflation reveals its incapacity to raise social welfare,” he added.

Given this, Lanzona said the government must ensure major ports are better managed and are free of “corruption and other forms of inefficiencies.”

This is crucial, he said, given that ports facilitate trade, boosting the economy’s growth. Given this, there is a sense that “ports, or infrastructure elements of ports, are public goods.”

“I would consider the PPA services as public goods and any costs be covered by taxes. By privatizing these services, it effectively excludes those who cannot pay the fees,” Lanzona said.

@jearcalas

HE amount of subsidies extended by the national government to state-run agencies and corporations in October plunged by three-fourths year-onyear to nearly P9.2 billion, according to the Bureau of the Treasury (BTr).

Latest Treasury data showed total national government subsidy in October reached P9.189 billion, about 77 percent lower than the P39.917 billion recorded subsidy in the same month of last year.

Treasury data indicated that the overall decline in national subsidy

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Continued from A1

“The increase in trade cost will also place the Philippines in an unfavorable light relative to other Asean countries in attracting foreign investments,” Manzano said.

“I think PPA wants to alleviate the ‘congestion’ in the port area when container vans are not moved

Stakeholder consultation

LAST October 18, PPA in a public consultation sought stakeholder feedback on a plan to raise storage charges for foreign containerized cargo at all its administered ports nationwide.

In a statement earlier this month, local exporters said PPA is proposing to increase by 32 percent the storage charges for import, export, and transshipment containers; and by 150 percent the surcharges of the corresponding storage rates with increase for reefer containers.

At a recent hearing attended

by Philexport and PPA, the Supply Chain Management Association of the Philippines (SCMAP) called the proposed rate increase ill-timed, given the recent rise in transport fare, minimum wage, and prices of basic commodities.

PPA said foreign cargo are assessed for storage charges when they remain at PPA ports beyond the free storage period (FSP). Foreign containers include import cargo, export cargo and transshipments.

In justifying its proposal, the Authority “insisted” this would ensure optimal use of the container yard and encourage immediate withdrawal of containers to prevent congestion, Philexport noted.

Chambers opposed

MORE foreign chambers have opposed PPA’s proposal, saying it is “not the right signal” right now as inflation buffets everyone.

“I think we see that internationally right, but everybody’s trying to adjust pricing one way or the other, right. Inflation presses us all. I’m not sure whether that is the right signal right now. Right when everybody is trying to do with things more efficient, try to charge more,” GermanPhilippine Chamber of Commerce and Industry (GPCCI) President Stefan Schmitz told reporters on the sidelines of the recent 2023 Ease of Doing Business Convention.

See “PPA,” A7

www.businessmirror.com.ph

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Continued from A1

communities,” the chief executive said in a statement posted on his X account (formerly Twitter).

Local officials reported the incident happened at the MSU gymnasium during a Catholic mass Sunday morning.

“Extremists who wield violence against the innocent will always be regarded as enemies to our society,” Marcos said.

“Rest assured we will bring the perpetrators of this ruthless act to justice,” he added.

Presidential Adviser on Peace, Reconciliation and Unity Carlito G. Galvez Jr. also denounced the incident, which happened during the celebration of the Mindanao Week of Peace.

“Such a barbaric act has no room in a humane, civilized, [and] peaceful society. Rest assured that the Marcos administration will not leave any stone unturned to ensure the perpetrators are brought to the bar of justice,” Galvez said.

Sketchy reports reaching the police regional office of the Bangsamoro Autonomous Region in Muslim Mindanao had yet to identify the victims as well as the suspects in the bombing.

It was not clear what the Palace basis was for deeming the perpetrators “foreign terrorists.”

The local police report only said investigators confirmed the death of four persons and the injury to 10 others in the explosion of an improvised explosive device inside the Dimaporo Gymnasium in Barangay Dimalna, Mindanao State University campus, some four kilometers west of downtown Marawi City.

The victims were among those attending a 7:00 am mass or prayer session inside the MSU gym.

Photographs of the victims were also posted in various social media networks, showing the dead and the injured. The injured were rushed to the Amai Pakpak Medical Center in Marawi City while bodies of the dead were still at the crime scene for investigation, the police said.

Police Col. Robert S Daculan, Lanao del Sur provincial commander, ordered the area cordoned.

In one Facebook chat group, an MSU alumnus recalled a previous grenade explosion inside the Social Hall of the university, not far from the gym, in 1975 “while an evening concert was going on.”

Condolences

MARCOS expressed his condolences to the victims and their families as well as the communities affected by the explosion.

“Let us all keep the victims, their families, and our communities in our prayers,” Marcos said.

Last, he also called on the public to “remain calm, circumspect, and conscientious” to prevent a similar incident from happening again and not to spread “inaccurate, unvetted, and unofficial information” on the matter.

The League of Provinces of the Philippines (LPP) condemned the bombing.

Gov. Reynaldo S. Tamayo Jr., National president of LPP said in a statement, “The LPP urgently calls upon the Philippine National Police [PNP] to conduct a thorough investigation of the cowardly act and bring to justice those behind this dastardly crime.”

LPP also called on Marawi City to exercise restraint and avoid any acts of revenge but to cooperate with the authorities to hold accountable the culprits. “We also call upon other personalities with information about it to come forward and shed light on the incident,” Tamayo said.

Senators prod PNP, AFP

SENATORS on Sunday expressed out rage at t he bombing a nd pressed the police and military to move quickly to get the perpetrators of what they called a “barbaric” and “unjustifiable” act, expressing alarm that it happened

in the city laid siege to for seven months by homegrown terrorists in 2017.

“I am angered and appalled by the bombing of the Mindanao State University today. To enact such violence on an innocent group of people gathered to hear mass is completely heartless,” Senate President Juan Miguel Zubiri said in a statement.

“It is disheartening to see such violence play out in Marawi once again, years after the siege and well into a period of newfound peace enjoyed by our brothers and sisters under the Bangsamoro Autonomous Region in Muslim Mindanao.

“It is especially alarming to see such a brazen attack on a state university during a Catholic Mass.

No one should have to feel unsafe in places of learning and places of worship,” Zubiri said.

He sought “the coordinated efforts of the Philippine National Police, the National Bureau of Investigation, and the Bangsamoro Autonomous government to leave no stone unturned in bringing justice to their loved ones, and to restore the peace that we have worked hard to gain in Marawi over the past six years.”

In a separate statement, the chairman of the Senate Defense committee, SenatorJinggoy” Estrada, said: “This heinous crime has no justification and must be strongly condemned by all.”

Estrada lamented the attack’s timing, as Mindanao Week of Peace is observed.

Estrada added, “We reject any attempts to divide us along religious lines or incite hatred among us.”

Minority Leader Koko Pimentel condemned “in no uncertain terms this act of violence which has no place in Philippine society.”

At the same time, he enjoined everyone to “reaffirm our commitment to peace and understanding, rejecting any form of violence and hatred that seeks to divide us.”

Sen. Nancy Binay vowed, “We are all for peace in Mindanao, and we will not be cowed by threats or terror.”

She asked the PNP and AFP “to step up their intelligence efforts and their fight against the presence of lawless elements, and groups that terrorize society.”

Majority Leader Joel Villanueva said in a statement: “The fact that this took place within a school, a place that should be a safe place for our students, teachers, and the community, makes it even more disturbing.

“We call on the Philippine National Police, National Bureau of Investigation and the Bangsamoro Government to immediately conduct an investigation and bring the perpetrators to justice.”

Sen. Grace Poe weighed in: “We expect our law enforcers to do whatever it takes to bring the perpetrators to justice and go after their networks. The crackdown against unlawful elements, including terrorists, will be relentless with the vigilance of our local communities.

Sen. Robin Padilla, a Muslim, deplored that “a vile crime occurred while our Catholic brethren were attending Mass. Along with my family and my Senate office, I extend my condolences to the families of those who died, and my sympathies to those who were wounded.”

For his part. Sen. Alan Peter Cayetano said: “As a nation, it is imperative that we stand united against such acts of terror and work tirelessly to ensure the safety and security of our communities and educational institutions.”

Meanwhile, Akbayan Party, said in a statement: “Every community in our nation, regardless of religion or political inclination, deserves an inherent right to safety, especially sacred spaces dedicated to education and the reverent observation of faith.”

With a report by Butch Fernandez

www.businessmirror.com.ph

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Nation

Monday, December 4, 2023

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Editor: Vittorio V. Vitug • www.businessmirror.com.ph

Marcos urges unity after strong Red Cross PHL responds to Mindanao earthquake quake shakes eastern Mindanao

By Manuel T. Cayon, Samuel P. Medenilla & Jonathan L. Mayuga

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AVAO CITY and Manila—A shallow but strong earthqu a ke occ u r red of fshore Surigao del Sur in the Pacific Ocean, rocking most of eastern Mindanao and eastern Visayas late Saturday night.

The Department of Defense (DND) reported at least one fatality and four were injured from the incident. Another 9 people are still missing.

A wall of a residence in Tagum City, Davao del Norte, crushed a woman to death, according to the Tagum City Disaster Risk Reduction and Management Office (DRRMO). The DRRMO of Tagum City linked her death to the earthquake, posting pictures of the damaged portion of her home.

The earthquake occurred at halfpast-ten in the evening of Saturday 29 kilometers northeast of the earthquake monitor in the town on Hinatuan, Surigao del Sur, a second-class municipality populated by close to 44,000 people. It was tectonic in origin and has a depth of 26 kilometers.

Initial report from the US Geological Survey measured it at magnitude 7.7 and the Philippine Volcanology and Seismology (Phivolcs) scaled it down to magnitude 6.9.

Phivolcs Director Teresito C. Bacolcol said the intensity-7 earthquake is classified as destructive.

By Sunday morning, the Phivolcs

scaled up the magnitude of the quake to 7.4, making it one of the strongest to hit the country.

Tsunami alert THE Phivolcs has been monitoring the aftershocks to ensure the safety of those in the affected areas, President Ferdinand R. Marcos Jr. said in his post on X (formerly Twitter).

The temblor was felt at intensity 7 in the Surigao del Sur capital of Tandag and could be felt as far as Borongan, Eastern Samar and Palo in Leyte in the Visayas, authorities said.

A tsunami alert was issued immediately warning of waves that could reach at least one meter high.

The highest registered wave was 0.64 meters or about two feet that hit the Mawes Island in HInatuan, authorities said.

Some 300 residents along the coastline of Mati City, Davao Oriental, were also evacuated in the designated evacuation centers in Golden Valley Provincial Capitol and Matiao National High School after the tsunami warning was raised, the Mati City DRRMO said. The warning was lifted by 3:00 a.m. last Sunday even as several aftershocks were still occurring, the strongest of which was measured at magnitude 6.2 at 1:40 a.m. that day, the Mati City DRRMO said.

Active trench AT a news conference on Sunday morning, Bacolcol said confirmed tsunami

waves were reported in Bislig City.

He said there were also reports of ceiling collapse in a shopping mall in Butuan City.

“We are not expecting any more big tsunamis,” Bacolcol said, explaining that after the 7.4 magnitude earthquake’s first wave, the worst of the tsunamis they expect to be generated is over.

He said the Phivolcs expert determined that the earthquake was caused by the earth ’s movement at the Philippine trench.

This is not the first time a strong earthquake originated from the Philippine trench occurred. In 1921, a 7.2 magnitude earthquake caused by the movement of the earth’s crust occurred. A nother strong earthquake was recorded in 1952 with a magnitude of 7.7.

“All these produce tsunamis coming from the Philippine Trench.”

The Philippine Trench, also called t he Ph i l ippine Deep, Mind a nao Trench and the Mindanao Deep, is a submarine trench to the east of the Philippines. “ T h i s i s a n a c t i v e t r e n c h ,” Bacolcol said.

The trench is located in the Philippine Sea of the western North Pacific Ocean. It has a length of approximately 1,320 kilometers and a width of about 30 km from Luzon trending southeast to the northern Maluku Islands of Halmashera in Indonesia. At its deepest point,

the trench reaches 10,540 meters (34,580 ft or 5,760 fathoms).

Emerge stronger ACCORDING to Bacolcol, the Philippine trench is capable of generating or triggering a magnitude 8.2 earthquake.

On November 17, a magnitude 6.8 quake occurred undersea off Sarangani Island, Davao de Oro. In February, a magnitude 6 occurred in Compostela, Davao de Oro. In September 2020, a magnitude 6.4 occurred in Don Marcelino, Davao Occidental.

In succession in the last half of October 2019, three powerful earthquakes of upwards magnitude 6 occurred in Tulunan, North Cotabato.

In December of that year, another magnitude 6.9 rocked Padada, Davao del Sur. Marcos has said in his post on X that the distribution of government aid in areas jolted by the earthquake is ongoing.

The President said that the Department of Social Welfare and Development (DSWD) and the Department of the Interior and Local Government (DILG) are coordinating with local government units (LGUs).

He urged the public to help in the ongoing government efforts in helping the quake-hit communities.

“In these challenging times, let us unite as a nation. Together, we will overcome the obstacles posed by this disaster and emerge stronger,” the President said.

Bong Go: Pinoys should judge the impact of Duterte’s War on Drugs in communities

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ENATOR Christopher “Bong” Go has asserted that the assessment of the impact of former President Rodrigo Duterte’s war on drugs on Filipino lives should be made by Filipinos themselves, highlighting the enhanced public safety achieved during Duterte’s administration.

This statement is in the context of ongoing discussions about proposals of the Philippines rejoining the International Criminal Court (ICC). Go stressed that Filipinos know the real situation on the ground instead of what is perceived by the international community.

In an interview on Thursday, November 30, during a break from the Bicameral Conference Committee on the General Appropriations Bill, Go emphasized the Filipino people’s role in evaluating the effectiveness of Duterte’s campaign against illegal drugs.

“Hayaan na po natin ang Pilipino ang humusga kung mayroon bang nagbago sa buhay ninyo sa panahon ni dating pangulong Duterte. Filipinos should be the judge, Filipinos should be judged only by fellow Filipinos before Philippine courts operating under Philippine laws,” he stated.

Reflecting on the past, Go highlighted

a significant reduction in crime and fear, particularly concerning drug-related offenses, under Duterte’s leadership.

“Tanungin n’yo na lang po ang mamamayang Pilipino sa panahon po ni (dating) Pangulong Duterte. Dapat Pilipino po ang humusga, kung mas nakakalakad ba ang mga anak ninyo noong panahon ni (dating) Pangulong Duterte na hindi nasasaktan, hindi nababastos,” he remarked.

“Kung noong unang panahon po, ‘yung anak natin takot maglakad d’yan sa gabi dahil andoon po ‘yung mga addict at mga kriminal. Noong panahon ni (dating) Pangulong Duterte, nakakalakad sila, nakaka-uwi sila na hindi sila nasasaktan,” added Go. Go consistently emphasized that he considers the proposal of rejoining ICC as an affront to a working Philippine justice system that is functioning independently to uphold justice and maintain the rule of law. This clearly shows that there is no need for external intervention.

“Dapat po’y Pilipino po ang humusga at ako po’y naniniwala sa ating judicial system. ICC has no right and business to meddle in our internal affairs where our courts remain fully operational,” Go declared.

Go also stressed the significance

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“We urge our partners from the private sector, civil society, partner countries and governments, and development funding institutions to support the Philippines in this bid,” Marcos added.

“You have been there for meaningful collaboration with our government to tackle the climate crisis.”

DENR Secretary Loyzaga expressed elation over the development.

of international respect for Philippine jurisdiction in local judicial matters, echoing the sentiments earlier expressed by former president Duterte and even President Ferdinand “Bongbong” Marcos, Jr. “Unang-una, nagsalita po ang dating pangulong Duterte. Nag-withdraw na po ang Philippine government sa membership sa ICC. At nagsalita rin po ang kasalukuyang mahal nating Pangulong Bongbong Marcos na meron naman tayong working judicial system,” Go said.

President Marcos Jr. reiterated this stance recently in an interview last November 24. He was quoted saying: “Simple lang naman ‘yang isyung ‘yan.

Hindi naman siguro tama na ang mga taga-labas, mga dayuhan ang magsasabi sa atin kung sino iimbestigahan ng pulis natin, sino aarestuhin ng pulis natin, sinong ikukulong ng pulis natin. Dapat Pilipino lang ang gumagawa niyan.”

With this, Go emphasized the importance of protecting Philippine sovereignty against foreign interference.

“Ibig sabihin, magtiwala tayo sa ating judicial system. Huwag nating hahayaan na ang banyaga po ang magsabi kung sino ang iimbestigahan, sino ang kakasuhan, sino ang hahatulan,” he emphasized.

“Operationalizing the loss and damage fund is important for us, and this was a hard-fought outcome that would enable us to catalyze assistance for the irreversible impacts of climate change such as extreme weather conditions and slow-onset events which are beyond our ability to finance,” said Yulo-Loyzaga, who also stood as the official representative of the President to the Climate Change Commission while concurrently serving as the head of the Philippine Delegation to COP28.

In an earlier interview, Loyzaga noted that while the Fund is a milestone for global climate action, it is important to ensure that the loss and damage fund is accessible, and can be tailored to specific needs of each country. “It is a very encouraging sign that developed countries are beginning to recognize common but differentiated responsibility and respective capacity. And we want to be at the forefront of that.

The President has announced that the

Philippines will pursue the hosting of the Loss and Damage Fund Board and we hope to be able to also have a seat on that Board.”

Following the adoption of the agreement to operationalize the fund, several countries pledged over USD270 million for its start-up phase. The fund is designed to receive contributions from a wide variety of sources, with the World Bank initially hosting it, subject to review after four years.

Earlier, COP28 President Sultan al-Jaber said the United Arab Emirates would commit USD100 million to the fund; Germany pledged USD100 million; the United Kingdom, USD50.5 million; Japan, USD10 million; the United States, USD17.5 million; and the European Union pledged USD225 million, which includes Germany’s contribution.

Loyzaga earlier said that what is also important is the loss and damage fund may be broadly based. “So not just

Meanwhile, Go expressed his respect for fellow lawmakers in both the Senate and the House of Representatives who may have differing opinions on the matter.

“Nirerespeto rin po natin ang kanilang resolution expressing the sense of the House of Representatives on the matter,” said Go. “Kami naman dito sa Senado, kung magkakaroon man ng pagdidinig o iba’t ibang resolution, nirerespeto rin po natin,” he added.

The senator also expressed support for Senator Ronald “Bato” dela Rosa, former Chief of the Philippine National Police (PNP) under Duterte, advocating for his right to be judged by Filipinos.

In July this year, Marcos has already signaled an end to the Philippines’ cooperation with the ICC regarding their probe into Duterte’s war on drugs, noting that there were no pending appeals or actions, thereby concluding the country’s dealings with the ICC. On March 17, 2018, then-president Duterte notified the United Nations Secretary-General about the Philippines’ withdrawal from the ICC. In accordance with the provisions of the ICC treaty, the complete withdrawal took effect one year after the notification date.

the developed countries, there may be opportunities for the International Financial Organizations. There may be opportunities for private sector philanthropies to also contribute to this fund. All of this is part of what will be negotiated now in this COP.” “We are open to broadening the sources and that’s where the use of private sector funding, the use of innovative financing from the different international financial organizations is the most important as well,”Loyzaga said.

Article 8.1 of the Paris Agreement states “Parties recognize the importance of averting, minimizing and addressing loss and damage associated with the adverse effects of climate change, including extreme weather events and slow onset events, and the role of sustainable development in reducing the risk of loss and damage.”

COP28 will run from November 30 to December 12, 2023, at the Dubai Expo City.

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HILIPPINE Red Cross (PRC) Chairman and CEO Richard Gordon immediately ordered the activation and deployment of its Red Cross 143 (RC143) volunteers and Emergency Medical Services (EMS) personnel after a 7.4-magnitude earthquake struck Surigao Del Sur and neighboring provinces on Saturday night.

“PRC’s Emergency Response Unit (ERU), EMS personnel, volunteers, and staff are evaluating the situation in affected communities. With thousands of volunteers on the ground, we can immediately receive information about their situations, enabling us to immediately provide humanitarian aid to those who need it,” said Gordon, who convened a meeting with members of a core team of the PRC immediately after the earthquake was experienced.

As of December 2, the PRC’s EMS personnel provided pre-hospital treatment and transported affected individuals in Agusan Del Norte to hospitals, including a person with a head injury.

Assets and rescue equipment are also deployed in Surigao Del Sur, Bukidnon,

Surigao Del Norte, Davao Oriental, and Zamboanga Del Norte.

PRC chapters in the affected regions are currently coordinating with local government units, the Provincial Disaster Risk Reduction and Management Office and Local Disaster Risk Reduction and Management Officers to assess where additional assistance is needed.

According to the PRC’s Operations Center, the earthquake resulted in power outages in the municipalities of San Francisco and Prosperidad in Agusan Del Sur. A fire incident at SM Butuan damaged ceilings and walls while the Robinsons Butuan Mall reported collapsed ceilings.

The Bislig Bridge in Surigao Del Sur sustained cracks, while five residential houses in Gingoog, Misamis Oriental, also incurred damages, according to authorities.

The Philippine Institute of Volcanology and Seismology (Phivolcs) reported that the earthquake’s depth of focus was eight kilometers with the epicenter at Hinatuan, Surigao Del Sur. The Phivolcs lifted the tsunami warning last Sunday. Claudeth Mocon-Ciriaco

2 Pinoys executed in China for drug convictions

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WO Filipinos were executed in Guangzhou, China after being convicted of trafficking of 11 kilos of metamphetamine last November 24, the Department of Foreign Affairs said Saturday.

The DFA did not divulge the identities of the two Filipinos, saying the families requested for privacy.

Citing the report of the Philippine Consulate General in Guangzhou, the DFA said the Filipinos fought a 10-year court battle to escape the death penalty.

“The Government of the Republic of the Philippines exhausted all measures available to appeal to the relevant authorities of the People’s Republic of China to commute their sentences to life imprisonment on humanitarian grounds. There were also high-level political representations in this regard.

“Our repeated appeals were consistent with the laws and values of our nation, which put the highest premium on human life. In the end, the Chinese government, citing their internal laws, upheld the conviction , and the Philippines must respect China’s criminal laws and legal processes,”the DFA said in a statement.

Every possible assistance

THE two Filipinos were traveling from Guandong, China, to another country when they were apprehended for carrying 11.872 kilograms of methamphetamine.

The drugs were hidden in the DVD machine players tucked inside their respective luggage.

The two underwent court trials until 2016 when they were sentenced to death for drug smuggling. Then, their cases were appealed at the High People’s Court in Guandong in 2017, but the high court still upheld the case in 2018.

“From the time the two Filipinos were arrested in 2013, to their criminal trial and on through their various appeals of the lower court’s judgment of conviction in 2016, the Department provided all possible assistance, including legal assistance funding, through the Philippine Consulate General in Guangzhou and the Office of the Undersecretary for Migrant

Westin. . .

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This is why we feel it’s important that we give them options, because a lot of these guests are focused on their health and daily routine with regard to health and wellness.”.

The Westin Manila is the latest addition to the Robinsons Hotels and Resorts (RHR) portfolio, which includes Crowne Plaza Manila Galleria and Holiday Inn Manila, Go Hotels, Dusit Thani Mactan Cebu, Grand Summit Hotels, Summit Hotels, and Fili Hotel at NuStar Resort and Casino in Cebu.

RHR’s Four Keys

With the development of the Ortigas CBD into a flourishing area for business and recreation, RHR offers its Four Keys—top-tier accommodations that hit all accommodation needs of the area’s visitors. “As the preferred brand for business and leisure travelers, RHR’s diverse hotels welcomes every type of traveler—our four keys unlock the vibrant spirit of the Ortigas district,” said RHR Senior Vice President

Workers Affairs,” the DFA said.

The DFA said it also provided “every possible assistance” to the families of the two Filipinos.

Recently, the families were also accompanied in their compassionate visit to Guangzhou, utilizing the Department’s Assistance to Nationals Fund.

The DFA expressed its most sincere condolences to their families and loved ones.

Advice to Filipinos traveling

THERE are 92 Filipino death penalty cases in China. Except for one case, all of Filipinos in death row were charged with drug -cases.

Out of the 92, two cases have been commuted to life imprisonment ; 86 cases have been reduced to fixed term.

With the executions of the two last Sunday, there are two remaining death penalty cases involving Filipino nationals pending final review.

“While we at the Department are saddened by the execution of the two Filipinos, their death strengthens the Government’s resolve to continue our relentless efforts to rid the country of drug syndicates that prey on the vulnerable, including those seeking better lives for themselves and their families.

“Illegal drugs trade remains a scourge that we as a nation must confront. Drug syndicates claim as their victims not only drug addicts, but Filipinos whose socioeconomic conditions render them vulnerable to the lure of these criminals.

“The Department issues this urgent reminder to all Filipinos wishing to travel overseas to be vigilant of the modus operandi of drug syndicates in recruiting unwitting travelers as drug mules, and to refuse to carry any package that you have not personally packed and thoroughly inspected.

“While the Philippine government will continue to exhaust all possible avenues to assist our overseas nationals, ultimately it is the laws and sovereign decisions of foreign countries and not the Philippines which will prevail in these cases,” the DFA said.

Malou Talosig-Bartolome

and Business Unit General Manager Barun Jolly in a news statement.

Besides The Westin Manila, RHR also has Crowne Plaza Manila Galleria and Holiday Inn Manila, which offer business and leisure guests a total of 548 room, over 1,600 parking spaces, and a range of event venues, meeting rooms, and lounges collectively occupying over 3,000 sqm of function space, conveniently situated on the same floor.

With business process outsourcing firms, multinational corporations, and international organizations in close proximity, these properties are the ideal hubs for various meetings, incentives, conferences and exhibitions (MICE), according to General Manager Patria Puyat.

“This is the place to meet—we are the middle ground and the melting pot that unifies the north and the south,” she said.

For the budget traveler, Go Hotels has elevated the standards for affordable accommodations. Its 198-room Ortigas property offers visitors a blend of comfort and convenience to travelers exploring the district such as chiropractic pillows and complimentary Wi-Fi. Ma. Stella F. Arnaldo

www.businessmirror.com.ph • Editor: Vittorio V. Vitug

Monday, December 4, 2023

Sparse job options prompt hike in self-rated poverty

By Cai U. Ordinario

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@caiordinario

IMITED job opportunities may explain the recent increase in self-rated poverty, as reported by the Social Weather Stations (SWS), according to a New York-based think tank.

In a brief, Global Source Partners Country Analyst Diwa C. Guinigundo said the rise in self-poverty is a major challenge for economic growth.

Based on the SWS survey, the increase in self-rated poverty could be explained by the rise in consumer prices. However, Guinigundo said the increase in food process is not consistent with the rise in food-poor families.

“Other than inf lation, it could only be the limited job opportunities that could explain the survey results,” explained Guinigundo, formerly deputy governor of the Bangko Sentral ng Pilipinas. “Unemployment statistics does not include those who have given up looking for work because their skills set does not jibe with the requirements of the industry.”

Guinigundo said the Department of Labor and Employment (DOLE) can focus its programs in areas where poverty, self-rated poverty, is high in this case to improve their access to better labor opportunities.

Still, the labor department’s initiative would fall short if other national agencies fail to pitch in to increase job generation, address supply side constraints and improve infrastructure to alleviate self-rated poverty, according to the former BSP official.

Bigger challenge

ACCORDING to Guinigundo, the “bigger challenge is for the departments in charge of agriculture, trade and industry and infrastructure to begin to pivot to these areas.

“They need to concentrate the use of public money to directly addressing those structural imbalances that prevent a more significant breakthrough in poverty alleviation after all these years,” he added.

Citing SWS data, the analyst said 48 percent of Filipino families felt poor

while 27 percent felt they are in the borderline of being poor. About 25 percent felt they are not poor.

Guinigundo said the percentage of Filipino families who felt poor rose by 3 percentage points (ppts) from 45 percent in June 2023 while the percentage of those who felt they are in the borderline declined by 6 ppts from 33 percent and families who felt they are not poor at all improved by 3 ppts from 22 percent.

The data also showed, Guinigundo said, that the number of self-rated poor families at 13.2 million, an increase of 5.6 percent from 12.5 million in June 2023.

Guinigundo added that “if blown up,” this would mean that around 12 percent of the country’s population of about 113 million could be considered poor.

“Linking these survey results to both the real and labor market situation, one can argue that despite some improvement in the available job opportunities this year, the sustained elevated inflation continues to affect the purchasing power of the Filipino population,” the analyst said.

Govt to create land inventory database for housing

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HE Department of Human Settlements and Urban Development (DHSUD) will create and maintain a land inventory database system through its new Technical Working Group (TWG).

The TWG, created through Department Order 2023-020 (series of 2023), is tasked to vet government lands that can be used for housing.

The DHSUD has tasked the TWG to lead the identification and vetting of government-owned lands for housing, human settlements and urban development.

“We’ve been discussing with some local government units and national government agencies on how we can achieve a comprehensive list of land assets we can use. This order should stimulate more activities on the ground as we aggressively implement the 4PH,” Housing Secretary Jose Rizalino L. Acuzar explained.

The database will be maintained for the TWG

by the Secretariat, the Environmental, Land Use and Urban Planning and the Development Bureau (ELUPDB) of the DHSUD. It will contain and consolidate land data, maps and reports submitted by the TWG regarding the vetting of government-owned lands.

The TWG is tasked with initial processing of submitted land inventories to determine lands for validation and assessment.

It will also recommend a list of lands suitable for housing, human settlements and urban development that are subject for acquisition and development and approve policies and guidelines to support land inventory.

The TWGs consist of pool of experts on environmental, land use, urban planning and development bureau, public housing and settlement services and 4PH PMO from both the Department’s central and

regional offices, according to the DHSUD. The DHSUD added that the TWG-Central Office will be headed concurrently by the Undersecretary for Planning Henry L. Yap, while TWGs in the Regional Offices are to be headed by chiefs of their respective environmental, land use and urban planning and development division.

The department order was issued in response to Executive Order 34 that declared the “Pambansang Pabahay para sa Pilipino (4PH)” as a flagship program of the government and mandated DHSUD to lead activities on idle land inventory.

EO 34 mandates the DHSUD to identify national and local government lands that are “suitable for housing and human settlements, including new townships and estates development, in coordination with concerned government agencies and local government units.” Cai U. Ordinario

‘Stable power supply needed to boost Mindanao economy’ T

PHL fourth-most attractive location for RE investment

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CONSUMER advocacy organization wants government to guarantee the stability of the electricity supply in Mindanao given the resumption of international flights to and from Davao City, which is expected to significantly strengthen the local economy.

Ryan Amper, convenor of the Davao Consumer Movement, emphasized the need for a stable power supply, citing instances where businesses had to resort to generator sets to address power interruptions.

Davao del Norte is recognized as an attractive investment destination but, Amper warned, businesses may not thrive sans a stable power supply.

“The operations of these new air routes will certainly open new opportunities for Dabawenyos.

We can expect more investments and tourists to come and see the beauty and opportunities in Davao Region,” he said.

However, Amper pointed out that these opportunities will not meet their full potential if the region continues to experience poor power service.

“Davao del Norte is one of the major economic centers in the region. However, while Panabo City enjoys a stable power supply and quality power service, Tagum City and the Island Garden City of Samal [suffer from] high power rates and poor power service in general,” the advocate said.

“Yes, the opportunities that are presented to us through these new connections are very exciting, but our current power situation will hold them back,” Amper added.

Only on paper

LEGISLATORS have taken notice of the challenges faced by the region. House Bill (HB) 6740, filed by Rep. Margarita B. Nograles, seeks to resolve power issues in Davao by terminating the franchise of the Northern Davao Electric Cooperative (Nordeco), potentially allowing a new player to step in. Other legislators, including Rep. Ferdinand Alexander A.

Marcos, have also filed similar bills.

Senators Bong Go, Raffy Tulfo and Sherwin T. Gatchalian have urged the Nordeco to improve its services, warning of potential investigations or franchise revocation.

The Nordeco earlier stated it saw an uptick in businesses requiring power connections. However, Amper said this is simply on paper and does not reflect the true experience of local businesses in the area they serve.

“Some of these businesses have to acquire generator sets just to address the problem of regular power outages. A resort in Samal Island has to operate mostly on mobile generators due to regular power outages. Imagine having to pay high gasoline prices and high power rates just to run a business here in Davao del Norte,” he added.

Flights resume

MEANWHILE, the Davao-Jinjiang and Davao-Hong Kong direct flights resumed on October 29 as Xiamen Air Flight MF8695 landed at the Davao International Airport.

Royal Air, which is based at Clark International Airport, will be operating the Davao-Hong Kong flights while Xiamen Air will resume its operations of the Davao-Jinjiang flights.

Prior to the resumption of these flights, Davao’s international connections since the lifting of Covid-19 restrictions were only Singapore and Doha, Qatar. The Davao-Singapore flights are operated by Singapore Airlines while the Davao-Doha flights are served by Qatar Airways.

According to the City Tourism Office in Davao, Chinese tourists surged from 10,827 to 14,934 in 2018 to 2019. A 37.93-percent increase in just a year makes China Davao’s second biggest market.

These numbers will surely improve as Davao City is actively promoting to Chinese investors the bright business climate and opportunities offered by the city.

HE PHILIPPINES landed in the fourth spot as among the most attractive developing economy for renewable energy (RE) investment.

Citing the BloombergNEF Climate 2023 report, the Department of Energy (DOE) said over the weekend that the Philippines moved up six places to number four after India, China and Chile following the country’s significant progress in transitioning to RE over the last two years.

According to the report, the Philippines stands out as one of the few that have implemented auctions, feed-in-tariffs, net metering schemes, tax incentives and with a strong target for renewable energy. It further highlighted DOE’s second green energy auction where it has awarded 3.4 gigawatts (GW) of RE capacity where 1.2 GW is earmarked for ground-mounted, rooftop solar and onshore for 2024 to 2025 and 2.2 GW for 2026.

The report also highlighted the country’s release of an offshore wind roadmap and the removal of foreign ownership restrictions which encouraged growth in offshore wind investments.

It also cited the country’s clean energy investment which grew 41 percent from 2021 to 2022, reaching $1.34 billion.

“The Philippines, in fourth place, is the only economy to have newly entered the top four, gaining six places since last year. The market has now run two renewable energy auctions, and its supportive policy environment, including an ambitious offshore wind roadmap, is stimulating growth in clean energy investment,” the report stated.

Sofia Maia, BNEF’s head of country transition research, said, “In order to be truly attractive for clean energy investment, the first thing these markets need is a well-structured power market, with a range of policies in force to support their renewable energy targets,” Maia said.

According to DOE Assistant Secretary Myleenne Capongcol, all efforts were made possible through various synergies and whole-of-government approach in the implementation of energy policies and programs that President Ferdinand Marcos Jr. has strongly pushed. Lenie Lectura

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The World

Monday, December 4, 2023

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BusinessMirror

Editor: Angel R. Calso

Israel offensive shifts to southern Gaza, driving up civilian death toll

By Najib Jobain, Bassem Mroue & Cara Anna The Associated Press

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HAN YOUNIS, Gaza Strip— Israel pounded targets in crowded southern Gaza on Saturday and ordered more neighborhoods designated for attack to evacuate, driving up the death toll as the United States and others urged it to do more to protect civilians a day after a truce collapsed.

The prospect of further ceasefires in Gaza appeared bleak, as Israel recalled its negotiators and Hamas’ deputy leader said any further swap of Gaza-held hostages for Palestinians imprisoned by Israel would only happen as part of ending the war.

“We will continue the war until we achieve all its goals, and it’s impossible to achieve those goals without the ground operation,” Prime Minister Benjamin Netanyahu said in an address Saturday night.

At least 200 Palestinians were killed after the fighting resumed Friday morning following the weeklong truce with the territory’s ruling militant group Hamas, according to the Health Ministry in Gaza. Several multi-story residential buildings were hit on Saturday, engulfing neighborhoods in huge clouds of smoke.

The military also dropped leaflets ordering the evacuation of areas that make up about one-quarter of the Gaza Strip, with hundreds of thousands of residents, U.N. monitors said. Ahead of a resumption of fighting, the United States had warned Israel to avoid significant new mass displacement.

Separately, the ministry said the overall death toll in Gaza since the Oct. 7 start of the war had surpassed 15,200, a sharp jump from the previous count of more than 13,300 on November 20. The ministry does not differentiate between civilian and combatant deaths, but it said 70% of the dead were women and children. It said more than 40,000 people had been wounded since the war began.

“Too many innocent Palestinians have been killed. Frankly, the scale of civilian suffering and the images and videos coming from Gaza are devastating,” US Vice President Kamala Harris told reporters during the COP28 climate conference in Dubai.

Appeals from the US, Israel’s closest ally, to protect civilians came after an offensive in the first weeks of the war devastated large areas of northern Gaza. Some 2 million Palestinians, almost Gaza’s entire

population, are now crammed into the territory’s southern half.

Israel’s military said it had hit more than 400 Hamas targets across Gaza over the past day, including more than 50 in Khan Younis city and surrounding areas in the south.

Bombardments on Saturday destroyed a block of about 50 residential buildings in the Shijaiyah neighborhood of Gaza City and a six-story building in the urban refugee camp of Jabaliya on the northern edge of the city, said the U.N. Office for the Coordination of Humanitarian Affairs.

More than 60 people were killed in the Shijaiyah strikes and more than 300 buried under the rubble, the monitors said, citing the Palestinian Red Crescent. Israel ’s military said it killed a Hamas battalion commander in the area but gave no details on the operation.

Residents could not be reached.

The strike in Jabaliya left dozens dead or wounded, said residents Hamza Obeid and Amal Radwan.

“The building turned into a pile of rubble,” Obeid said. AP video showed smoke rising as men, some in sandals, picked their way over debris.

The Israeli military confirmed it was operating in Jabaliya and said it had found and destroyed Hamas tunnels in the surrounding area. The residential building was hit 90 minutes after troops had dropped leaflets ordering residents to evacuate, U.N. monitors said.

A powerful strike also hit a cluster of multi-story buildings in Hamad City, a Qatari-funded housing development on the outskirts of Khan Younis. Smoke engulfed the complex. There was no immediate word on casualties.

“Where is it safe? I swear to God, no one knows, where are we going?” asked Zohair al Raai, who said his family received a recorded message saying their building should evacuate.

Meanwhile, Palestinian militant groups in Gaza said they fired a barrage of rockets on southern Israel. Lt. Col. Peter Lerner, an Israeli army spokesperson, said Hamas had launched more than 250 since the cease-fire ended. There were no immediate reports of injuries.

During a Saturday visit to Israel and the West Bank city of Ramallah, an International Criminal Court prosecutor said his office is serious in moving forward to investigate allegations of war crimes on both sides.

“Every actor should be without doubts that they must comply with the law now,” Karim Khan told broadcaster Palestine TV. “And if you don’t

comply with the law now, don’t complain later.”

With the resumption of fighting, the Israeli military published an online map carving up Gaza into hundreds of numbered parcels and asked residents to familiarize themselves with the number of their location ahead of evacuation warnings.

On Saturday, the military listed more than two-dozen parcel numbers around Gaza City and east of Khan Younis. Separately, it dropped leaflets with evacuation orders over towns east of Khan Younis, Jabaliya and eastern neighborhoods of Gaza City.

One Khan Younis resident said a neighbor received a call from the Israeli army warning that houses in the area would be hit. “We told them, ‘We have nothing here, why do you want to strike it?’” said the resident, Hikmat al-Qidra. Al-Qidra said the house was destroyed.

The maps and leaflets generated panic and confusion in the crowded south, where people cannot go to northern Gaza or neighboring Egypt and are left to move around within the 220-square-kilometer (85-square-mile) area.

“There is no place to go,” said Emad Hajar, who fled to Khan Younis a month ago. “They expelled us from the north, and now they are pushing us to leave the south.”

Mark Regev, a senior advisor to Netanyahu, said Israel was making “maximum effort” to protect civilians and the military has used leaflets, phone calls, and radio and TV broadcasts to urge Gazans to move from specific areas. He added that Israel is considering creating a security buffer zone that would not allow Gazans direct access to the border fence on foot.

Israel says it targets Hamas operatives and blames civilian casualties on the militants, accusing them of operating in residential neighborhoods. It claims to have killed thousands of militants, without providing evidence. Israel says 77 of its soldiers have been killed in the offensive in northern Gaza.

Also Saturday, the Palestinian Red Crescent said it had received the first convoy of aid trucks through the Rafah crossing with Egypt since fighting resumed. Wael Abu Omar, a spokesman for the Palestinian Crossings Authority, said 100 trucks entered including three carrying 150,000 liters (nearly 40,000 gallons) of fuel.

Mroue reported from Beirut and Anna reported from New York. Associated Press writers Julia Frankel, Iris Samuels and Nebi Qena in Jerusalem contributed to this report.

At COP28 meeting, oil companies pledge to combat methane. Environmentalists call it a ‘smokescreen’

By Jon Gambrell, Peter Prengaman & Seth Borenstein The Associated Press

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UBAI, United Arab Emirates—Fifty oil companies representing nearly half of global production have pledged to reach near-zero methane emissions and end routine flaring in their operations by 2030, the president of this year’s United Nations climate talks said Saturday, a move that environmental groups called a “smokescreen.”

Methane emissions are a significant contributor to global warming, so sharply reducing them could help slow temperature rise. If the companies carry out their pledges, it could trim one-tenth of a degree Celsius (0.18 degrees Fahrenheit) from future warming, a prominent climate scientist calculated and told The Associated Press.

That is about how much the Earth is currently warming every five years.

The announcement by Sultan al-Jaber, president of the climate summit known as COP28 and head of the Abu Dhabi National Oil Co., comes as he and others have insisted his background would allow him to bring oil companies to the negotiating table.

Al-Jaber has maintained that having the industry’s buy-in is crucial to drastically slashing the world’s greenhouse emissions by nearly half in seven years to limit

global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) compared with preindustrial times.

Signing on to the pledge were major national oil companies such as Saudi Aramco, Brazil’s Petrobras and Sonangol, from Angola, and multi-nationals like Shell, TotalEnergies and BP. “The world does not work without energy,” said al-Jaber, speaking in a session on the oil industry. “Yet the world will break down if we do not fix energies we use today, mitigate their emissions at a gigaton scale, and rapidly transition to zero carbon alternatives.”

As if anticipating critiques, al-Jaber added: “Is it enough? Hear me out, please. No, it’s not enough. I say with full passion and conviction, I know that much more can be done.”

For months leading up to COP28, there was speculation of action on methane. Not only do methane leaks, along with flaring, which is burning of excess methane, and venting of the gas, all contribute to climate change, but these problems can largely be solved with current technologies and changes to operations. Indeed, oil and gas companies could have taken such measures years ago but largely have not, instead focusing more on expanding production than focusing on the byproduct of it.

In that way, the methane deal represented a potentially significant contribution to combatting climate change that also largely

maintained the status quo for the oil and gas industry. Many environmental groups were quick to criticize it.

The pledge is a “smokescreen to hide the reality that we need to phase out oil, gas and coal,” said a letter signed by more than 300 civil society groups.

Jean Su, energy justice director at the Center for Biological Diversity, said “the commitments to cut methane are significant, but they address the symptom, not the source.”

But Environmental Defense Fund President Fred Krupp said Saturday’s deal “could be the single most impactful day of announcements from any COP in my 30 years at the Environmental Defense Fund.”

Methane has caused about half of the world’s warming since pre-industrial times, al-Jaber said, promoting the deal as significant. However, methane escaping from oil and gas drilling is only about 23% of the world’s methane emissions, with agriculture and waste being bigger culprits, said Climate Analytics CEO Bill Hare, the climate scientist who calculated the proposal would trim a tenth of a degree from future warming.

“It would be a significant, but not a fundamental contribution” to making sure average temperatures don’t rise beyond 1.5 degrees, Hare said. To keep within that limit, the world needs to cut carbon dioxide about 40% and methane by about 60% by 2030, he said.

Monday, December 4, 2023

www.businessmirror.com.ph • Editor: Jennifer A. Ng

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‘NFA must procure, distribute key food items’

By Jasper Emmanuel Y. Arcalas

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@jearcalas

HE Philippine Chamber of Agriculture and Food Inc. (PCAFI) is urging the Marcos Jr. administration to revise and expand the charter of the National Food Authority (NFA) and allow it to procure, manage and distribute key food items nationwide.

PC A FI President Danilo V. Fausto said one of key recommendations to Agriculture Secretary Francisco Tiu Laurel Jr. is to push for the revision of the NFA’s current charter.

Fausto said the present NFA has been reduced to a “National Rice Authority,” a consequence of the rice trade liberalization (RTL) law that liberalized and deregulated the country’s rice trade regime.

Under the RTL law, the NFA has been watered down to rice buffer stocking agency. In the course of it, the NFA has lost the

PPA. . .

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Instead, the GPCCI president said, the government should look at the reasons things are delayed. “Is it because of inefficiencies? Let’s say...during clearances.”

“O r i s it t he i mp or ters’ mistake? I understand that the Philippine Ports Authority doesn’t make a distinction there.... but I don’t think it’s the right message,” he said.

The GPCCI president said he also discussed this issue with some ambassadors.

British Chamber of Commerce of the Philippines (BCCP) Executive Director Chris Nelson echoed other foreign chambers’ opposition to the fee hike, saying such increase would be passed on.

“And like the other chambers, I think they should be, you know, looked at I mean, I would say because the key at the moment is to actually keep bringing inf lation down,” Nelson told reporters on the sidelines of a trade mission last week.

Nelson a lso noted t hat “w he n you put on s tor a ge fees then of course, there’s gonna be a pass-on...because of course, the importers, whoever’s d istr ibut ing it... So I think along with the American Chamber, I think even the Philippine Chamber of Commerce, I believe, ask them to relook at it and we would echo that as well,” the BCCP official also noted.

Last week, the A merican Chamber of Commerce of the Philippines, Inc. (A mCham) also opposed the port regulator’s proposal. “ We h ave been lobby i ng against any kind of storage [fee] increases, it’s not just the right time. You know, we are coming out of this mess of the pandemic” Ebb Hinchliffe, AmCham executive director, told reporters.

T he Eu ropea n C ha mber of Commerce of the Phi lippines (ECCP) wa r ned t h is w i l l re duce t he compet it iveness of

mandate to even procure corn from local farmers and hold a buffer stock for such a commodity, he said.

“It should be buffer stocking all basic commodities: onion, sugar. What is important is that in times of shortage, the NFA is ready to come in,” Fausto said in a recent press briefing.

“It is the National Food Authority and not National Rice Authority.”

With PCAFI’s proposal, Fausto said the budget of the NFA should at least be doubled or expanded by five times to be t he Ph i l ippine ma rket.

“We need to ensure the competitiveness of the Filipino market, so if you put taxes and more blocks—that makes trade more difficult. It’s not helping,” ECCP President Paulo Duarte told reporters at a recent forum.

Describing the Philippines’s current macroeconomic data as “very favorable,” the ECCP president said, “we need to continue this path, and not to create more blocks.” (Full story here: https://businessmirror.com.ph/2023/11/29/ amcham-proposed-ppa-feehike-ill-timed-to-hurt-biz/)

Meat importers’ call

MEAT importers and processors are urging President Marcos Jr. to defer any proposals to hike port storage fees, which could derail the country’s economic growth and hike food prices amid an improving market environment.

T he Meat Impor ters and Traders A ssoc i at ion (Mit a) and the Philippine Association of Meat Processors Inc. (Pampi) expressed their opposition to PPA’s plans. “ We appea l to t he President to d i rec t gover n ment a g e n c i e s , i n c l u d i n g P PA , to impose a morator ium on pl a nned increases in a l l k inds of fees and on new fees as well to enable business and i ndu st r y a nd t he n at ion a l economy in genera l to recover a nd g row more qu ic k ly,” Pa mpi sa id i n a st atement sent to BusinessMir ror .

Pa mpi s a id h i g he r stor age fees cou ld “ f uel ” inf l ation and “sta l l ” the countr y’s econom ic g row t h, wh ic h has been touted a s one of t he fastest in t he reg ion.

“Any additional cost in doing business, such as higher PPA storage fees, is not appropriate at this time as it may fuel inf lation and stall economic growth,” Pampi said.

“Instead, we urge concerned agencies to become more efficient in their operations to avoid cost overruns or need for additional funds,” it added.

Mit a President Emer it us

PHOTO from www.nfa.gov.ph

able to “strategically” procure ke y com mod it ies f rom loc a l farmers.

“Food secur it y is nationa l security. [The national government] continues to buy airplanes and ships; it must also buy food.”

Fausto said the power of the NFA to sell commodities in the domestic market must also be Jesus C. Cham wants PPA to first conduct a risk impact assessment prior to imposing any price increases. Cham also urged PPA to observe the Ease of Doing Business Law. Cham argued that raising port storage fees would add to the costs of importers, which could have a ripple effect on retail prices of meat products.

“PPA should refrain from raising costs unilaterally and arbitrarily. At present importers already grapple with numerous requirements and their corresponding costs,” Cham told the BusinessMirror.

“Many of these requirements are unnecessary or superf luous. Instead of raising costs, we should be looking at how to reduce costs. In this manner we can reduce the cost of food,” Cham added.

The PPA wants to increase the storage charges for import, export, and transshipment containers by 32 percent and the surcharges of corresponding storage rates with increase for reefer containers by 150 percent. (Related story: https://businessmirror.com.ph/2023/11/29/ amcham-proposed-ppa-feehike-ill-timed-to-hurt-biz/) The PPA said foreign cargo are assessed for storage charges when they remain at PPA ports beyond the free storage period (FSP). Foreign containers include import cargo, export cargo and transshipments.

T h e A nt i - R e d Ta p e A u t hor it y ( A r t a) h a s a l ready cautioned PPA to conduct a regulatory impact assessment regarding its proposal to hike storage fees for foreign cont a i ner i z ed c a rgo. (Related story: https://businessmirror.com.ph/2023/11/30/antired-tape-body-says-ppa-feehike-proposal-must-undergoa-ria/) Based on the PPA website, the storage fees for containerized cargo progressively increases the longer they stay within the ports managed by the agency nationwide. The PPA levies the storage fees on a per day basis. With Andrea E. San Juan

restored so it could counter unscrupulous traders who are gaming the prices. The state-run agency’s option to import commodities to beef up its buffer stock must also be reinstated, he added.

He said he recently met with Laurel Jr. to discuss the group’s proposals and recommendations for the improvements of the agriculture sector.

Last December 2022, the Marcos administration sent an official communication to the World Trade Organization indicating that it will not amend the country’s current rice trade regime, which was liberalized in 2019.

In a statement to the WTO Committee on Agriculture, the Philippines said it is “not considering” any modifications on its current rice trade regime.

“We would like to inform the Committee that the Philippines is not considering modifying its import regime on rice,” Manila said.

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Monday, December 4, 2023 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

Ramon S. Ang: PHL’s Hero of Philanthropy

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ilipinos know Ramon S. Ang, also known by his initials RSA, as the head honcho of giant conglomerate San Miguel Corp., but not many of them are aware that he is a national distributor of kindness. That’s because he does not advertise his good deeds.

Commended for his nation-building efforts, the self-made billionaire has been working away from the spotlight for years now with charitable organizations and socio-civic groups that are helping the poor in underprivileged communities.

It was during the Covid-19 pandemic that RSA made the biggest impact as the country’s most charitable billionaire. In the fight against Covid in 2020, SMC mounted one of the largest private sector efforts to respond to the crisis, mobilizing over P13 billion to help medical frontliners, poor communities, as well as the over 70,000 employees in its network. The corporation donated medical equipment, personal protective equipment for health workers, alcohol, fuel, and cash assistance, on top of waiving toll fees for frontliners.

SMC also repurposed its liquor plants to manufacture alcohol for hospitals and clinics. Its donations of RT-PCR testing machines, RNA extraction machines, and PCR test kits increased the country’s testing capacity by 15,000 tests per day.

Anticipating early on that the strict lockdowns would affect a large segment of the population, particularly minimum wage earners and poor families in urban areas, SMC mounted a nationwide food donation drive that has since become the largest in the country’s history. It partnered with local government units, non-profit organizations, and charitable institutions to reach as many communities all over the country as fast as possible.

To help ease the burden on provincial hospitals, the corporation constructed temporary health facilities in military camps nationwide. It also hired and deployed more than a hundred nurses and medical doctors to various Covid jab sites to augment government medical teams and enable a more efficient rollout of vaccination in more areas.

Unknown to many, SMC did something unprecedented during the pandemic. To help ensure that resources were available to the government for pandemic response, it paid P8.77 billion in advanced taxes, concession, and contractual fees.

When asked why SMC is using so much of its resources for pandemic response at a time when many businesses are expected to be cautious, RSA said: “This is an unprecedented crisis, so our response must also be unprecedented. This is not the time to hold back on helping our country, but the time to go all in.”

RSA realized during the pandemic that the country’s health care system needed to be strengthened. Thus, he established the RSA Foundation “to help build up our capability to handle future pandemics and other health crises.” Through his foundation, he committed to build hospitals and research centers on infectious diseases.

RSA also established a scholarship grant program through his alma mater, the Far Eastern University, where he completed a degree in mechanical engineering.

Forbes Asia, a global media company, recognized RSA’s philanthropic work and included him in Forbes Asia’s “2023 Heroes of Philanthropy.” The only Filipino to make it to this year’s list, RSA joins a roster of 15 leading philanthropists from the Asia-Pacific region who have shown commitment and donated generously to causes close to their hearts.

In its citation, Forbes Asia said: “Ramon Ang, the controlling shareholder of San Miguel Corp. and a self-made billionaire, this year pledged P500 million [$9 million] to build schools for underprivileged children in Manila. Ang announced the donation in September as he inaugurated a 39-classroom school in Tondo, one of the city’s poorest districts where he grew up.”

“I strongly believe that empowering a wide range of Filipinos with education and skills is key to unlocking the country’s potential. This includes not only the youth but also adults in less privileged areas who seek better jobs or want to start their own businesses,” RSA told Forbes Asia.

“Ang, who has an estimated net worth of $3.4 billion, transformed the country’s biggest beer maker and food manufacturer into a diversified conglomerate with interests in banking, energy, power utility and toll roads,” Forbes Asia said.

We hope that RSA will inspire other ultra-wealthy Filipinos to give money to charitable causes. We hope that more billionaires and multimillionaires will discover how it feels to make a difference in the lives of their less fortunate brothers and sisters.

Helping others can generate positive feelings that drive you to become more altruistic.

There is some evidence that being aware of your own acts of kindness can increase feelings of happiness and satisfaction. In short, kindness can make your life become more meaningful.

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Strengthening the country’s disaster resilience Atty. Jose Ferdinand M. Rojas II

RISING SUN

I

T shouldn’t take a series of strong tremors before both the government and the public take decisive action to enhance our preparedness for earthquakes. First and foremost, we need a robust communication strategy to ensure that warnings—assuming we’ve already invested in state-of-the-art seismic monitoring equipment and early warning systems—reach all segments of the population, especially those in remote and high-risk areas.

Given that we’re situated in a seismically active region, the resilience of critical infrastructure must be a priority. Now is the time to scrutinize whether the government is enforcing stringent building codes and standards. Additionally, efforts to retrofit existing structures should be assessed to improve their ability to withstand seismic activity.

Efficient disaster and emergency response are crucial, encompassing the preparation and training of wellequipped disaster response teams.

As part of this readiness, it is essen-

tial to identify and establish safe and accessible evacuation centers in earthquake-prone regions. These centers should be equipped with the necessary supplies, medical facilities, and communication infrastructure.

Furthermore, evacuation plans must be well documented and efficiently communicated to communities.

The government should optimize technology, particularly AI, and collaborate with tech organizations to develop and implement customized solutions tailored to the country’s unique geographical challenges.

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This is where technology can play a crucial role; embracing innovations is essential for modernizing disaster management in the Philippines. For instance, geographic information system (GIS) mapping, satellite imagery, and other advanced technologies can be employed for risk assessment, resource allocation, and coordination of response efforts.

And speaking of collaboration, strengthening partnerships with neighboring countries, international organizations, and non-governmental entities would be beneficial as well. Information sharing, joint training exercises, and resource mobilization can significantly enhance the country’s capacity to respond to strong earthquakes.

We must understand that di-

saster preparedness is not an individual endeavor, nor is it an aspect that only the government must be on top of. It requires collective effort. Each one of us has to engage with our respective communities to raise awareness about earthquake and disaster preparedness. We can organize workshops, seminars, or drills to educate people about safety protocols. And there is merit in establishing a community-wide support system to enhance an area’s overall resilience.

The good thing about all this is that we now find ourselves at a critical juncture to reassess and reinforce the country’s disaster preparedness strategies. It’s an opportunity for improvement, a chance to make both people and property safer. The government and the public must seize this opportunity to significantly mitigate the impact of earthquakes and disasters, in general. We can’t see it as merely preparation for earthquakes but as a commitment to fostering a resilient nation capable of withstanding the challenges posed by natural disasters. As the planet enters a new era characterized by climate-related challenges, this is something we cannot afford to deprioritize.

Subic Bay goings-on deemed anti-business

✝ Ambassador Antonio L. Cabangon Chua Publisher

Efficient disaster and emergency response are crucial, encompassing the preparation and training of well-equipped disaster response teams. As part of this readiness, it is essential to identify and establish safe and accessible evacuation centers in earthquake-prone regions.

F

rom the looks of it, the goings-on at the Subic Bay Metropolitan Authority (SBMA) have been deemed anti-business, threatening the very core of Malacañang’s push to move the economy upward, which is very much needed in the light of the huge debts that the country faces post-Covid.

SBMA Chairman and President Johnson D. Tan is now being perceived as a square peg in a round hole, which is proving to be a headache in the inner circles of Malacañang. They are concerned about the adverse effects of his policies that have rankled many businesses in the bustling port area.

We understand that companies and locators in the SBMA now face higher costs of doing business and that certificates of registration and tax exemption certificates are being revoked without due process, a key ingredient in Supreme Court jurisprudence where legal issues have to be resolved according to established rules and practices.

Due process is enshrined in the 1987 Constitution where the State is mandated to respect individual

rights by setting limitations on what the State can do. This means that the Subic Bay Metropolitan Authority, as a representative of the State, cannot just order the revocation of a company’s certificate of registration and tax exemption certificate without hearing that company’s side.

Unfortunately, the very essence of due process seemed lost in the nooks and crannies of SBMA, which adversely affects the country’s march toward economic progress. This could hurt the very fabric of the economic team’s vision to move up the country’s status from low middle income as per the findings of the World Bank.

The challenge for the administration of President Ferdinand Marcos Jr. is to ensure that the engines of business continue humming to up-

SBMA Chairman and President Johnson D. Tan is now being perceived as a square peg in a round hole, which is proving to be a headache in the inner circles of Malacañang. They are concerned about the adverse effects of his policies that have rankled many businesses in the bustling port area.

swing the country to upper middleincome status, which means less poverty incidence. After all, a vibrant economy means more jobs and more income for the populace. That is why it is imperative for the government and its agencies to speak with one voice on business: Let it grow.

With the economic headwinds brought about by the two geopolitical shocks in the world, the wars in Ukraine and Gaza, the country can ill afford to hamstring the activities of businesses since this runs counter to the economic program predicated on making life bearable for the citizens in the light of hefty debt of the country approaching P13 trillion.

For now, the debt is still manageable, although it is near its critical stage. The debt to gross domestic product (GDP) ratio is now at a little over 60 percent and any additional economic shock will put us beyond

repair since rating agencies such as Fitch Ratings, now gung-ho for the Philippines, will have to recast us in a different light and put us in a situation where additional debts to be incurred carry higher interest rates.

In this light, SBMA should not be allowed to let businesses stagnate in that all-important cog of commerce.

In fact, Malacanang has to make sure that all government bureaucrats conform to the grand economic vision for that coveted upper middle-income status. No ifs or buts there.

So far, the country has earned plaudits for the way the economic team has shepherded the economy, resulting in the investment grade rating that the Philippines currently enjoy. That is crucial for the country to move forward since the government needs to borrow to fund the needed infrastructure to improve the economic well-being of citizens.

Moody’s, Standard and Poor, and Fitch Ratings all have great outlooks for the Philippine economy. Five days ago, the sukuk bonds of the government were well received with investment grade status, a Baa2 that according to Moody’s is “characterized by high potential growth and moderate government debt compared with peers.”

But there is a caveat in the See “Gagni,” A9

Opinion BusinessMirror

www.news.businessmirror@gmail.com

Philippines as a global tax leader

Reckless love to the max Siegfred Bueno Mison, Esq.

THE PATRIOT

Joel L. Tan-Torres

DEBIT CREDIT Fourth Part

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he Bureau of Internal Revenue has long been involved with the Study Group on Asian Tax Administration and Research (SGATAR). This organization of tax administrators in the Asia-Pacific region has for its objectives the dissemination of relevant information and the exchange of ideas and experiences among tax administrators and policy formulators in the Asia-Pacific region.

It was the Philippine delegation to the Ministerial Conference for Economic Developments of Southeast Asia in 1970 that initiated the formation of SGATAR. The first SGATAR meeting was held in Manila in 1971. Eight countries comprised the original group of member-states in the SGATAR. Currently, there are 18 members including Australia, Cambodia, People’s Republic of China, Chinese Taipei, Hong Kong SAR, Indonesia, Japan, Lao People’s Democratic Republic, Macao SAR, Malaysia, Mongolia, New Zealand, Papua New Guinea, Philippines, Republic of Korea, Singapore, Thailand, and Vietnam. These countries hold annual meetings and take turns in hosting them.

The Philippines was the host in November 2017, with the BIR holding the meeting in Boracay. I attended several of these SGATAR meetings in other countries when I was with the BIR, including the one in Malaysia in 1982, where I presented the Philippine paper on “Current Cost Accounting: A Study of Tax Implications and the Revenue Effects of a Change from Historical Cost to Current Cost System.”

The SGATAR is now focused on six priority areas. These are Base Erosion and Profit Sharing, Multinational Enterprise Risk, Information sharing, Taxpayer service, Tax Transparency and Small-Medium Enterprises Compliance. I observe that the outputs of the SGATAR in these areas pale in comparison when compared to the results of similar international institutions such as the Organization for Economic Cooperation and Development (OECD), International Monetary Fund (IMF), and others.

Through the years, the SGATAR has done several research works and published a number of tax books.

However, these are few and far in between, with the last research project completed in 1993, and the last book published in 2002.

In 2002, the SGATAR established the Joint Training Programs and biennial Meetings of Heads of Training Institutions. These initiatives had objectives of developing Capacity Building Programs for enhancing tax administration among SGATAR members with the support of the OECD and the Asian Development Bank. There have not been too many developments in this area with training programs participated by the tax officers of the member countries being conducted infrequently.

The SGATAR has been in existence for over 50 years. I note that this has not had the desired impact it can have. The SGATAR has not been able to pursue effective longterm and sustainable projects and initiatives that can greatly benefit its member countries or the global or regional tax community.

One reason for this is that the leadership of SGATAR is given to the host country, which changes every

Gagni . . .

continued from A8

enthusiasm of that endorsement. For Moody’s, as anyone else in the ratings agencies, there is that big hole created by the Covid pandemic “that led to a weakening of our broader as-

Since the Philippines was instrumental in the formation and growth of the SGATAR, it can, through the BIR, pursue a more active leadership involvement in the SGATAR. The BIR can advocate to the member states of the SGATAR for measures that can provide more sustainable undertakings of a more administrativeeffective SGATAR. year. With these annual changes of leadership, it is difficult to have continuing programs over the years. As far as I know, SGATAR does not even have a permanent Secretariat that can provide administrative and archiving support to the organization.

I recall that during the early years of SGATAR, the National Tax Research Center (NTRC), with executive Director Angel Yoingo, performed this secretariat function. NTRC has long ceased discharging this support, and SGATAR does not have any secretariat group to date.

Since the Philippines was instrumental in the formation and growth of the SGATAR, it can, through the BIR, pursue a more active leadership involvement in the SGATAR. The BIR can advocate to the member states of the SGATAR for measures that can provide more sustainable undertakings of a more administrative-effective SGATAR. These can include the creation of a permanent secretariat and even a project management team for the organization. The BIR, in cooperation with the NTRC and the Philippine Tax Academy, can provide support to the SGATAR’s projects, such as competency training, research, and publications. The NTRC can again be tapped to provide secretariat functions, with financial support coming from the member states, such as Japan, Australia, Korea, and China. The financial assistance can also fund the hiring of a project management team that will move forward the various initiatives of the SGATAR. All these efforts will cause the SGATAR to become a more vibrant and effective organization pursuing important tax initiatives.

It is just proper that the Philippines, which initiated the creation of SGATAR, will proceed in taking this leadership role in this global tax organization.

To be continued Joel L. Tan-Torres was the former 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 Tax partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He is now back to his tax and consultancy practice and can be contacted at joeltantorress@yahoo.com and his firm JL2T Consultancy.

sessments for economic and fiscal strength.” And that is the gargantuan debt that with any increase in the interest rates we have to pay carries with it the additional burden of fiscal instability.

That is why the administration cannot allow government agencies such as SBMA to go haywire.

D

r. Iggy Agbayani’s (Dr. Iggy) case is a one-off. Fortunately for lawyers and doctors alike, the decision of the lower court, which became final due to a sheer technicality via an unsigned extended resolution (UER), did not necessarily establish a case precedent. In a nutshell, this was a case of a supposed “reckless” doctor handled by a supposed “reckless” lawyer. Sued by Atty. Saul Hofilena for reckless imprudence resulting in physical injuries, Dr. Iggy was subsequently sentenced and imprisoned. His colleagues in the medical profession consider the outcome a “travesty of justice,” as Dr. Iggy died in jail, four and a half months into his confinement. To Dr. Iggy’s prejudice, the substance of the verdict did not pass through the accumulated wisdom of experienced magistrates.

Some legal pundits would consider the seeming recklessness of Agbayani’s lawyer in failing to comply with the procedural requirements for an appeal as the ultimate cause for Iggy’s demise. However, without going through the merits of accusations against the late doctor, there had to be some negligence if not recklessness along the way, either in the medical procedure or in the legal process! From a medical point of view, I learned from a doctor-friend that bacterial infection is not a common occurrence after surgery.

In the remote cases that there would be one, it had to be some supervening event, likely against the established rules in the medical procedure. From a legal standpoint, a UER is more of an exception than the general rule. Negligence of counsel is just as uncommon as negligence of a doctor. In an earlier column in a different publication, Justice Artemio Panganiban, a selfproclaimed liberal jurist, said that if he was still a sitting Justice, he would have voted to remand the case to the lower courts for a trial. The issue as to whether the arthroscope used was indeed sterilized was not extensively scrutinized since the Supreme Court strictly adhered to the judicial policy of dismissing an appeal for failing to append the re-

quired pleadings and documents.

In any organization, rules are made for all members to observe for the preservation of order. As such, members of the Bar and bench are required to abide by the Rules of Court within the jurisprudential realm. Doctors, particularly surgeons, are bound to take all reasonable precautions to reduce the risk of unintended consequences.

An honest mistake or error in judgment can still be defensible, but a case of negligence, or worse, recklessness, should not be. In case members of the organizations fail to exercise a reasonable amount of diligence in adhering to rules, then order is lost, and the system fails.

In some jurisdictions, recklessness occurs when a person, fully aware of a substantial risk or danger in doing a certain act, still unjustifiably takes the risk and causes damage or injury to himself or another. For instance, texting while driving is reckless since traffic rules require full attention on the road while driving. Falling in love with a married person is reckless for obvious reasons. An investor who buys stocks without any knowledge about the company is reckless and will probably lose his investment. A health professional that fails to sterilize surgical equipment, against the universally

Monday, December 4, 2023

In any organization, rules are made for all members to observe for the preservation of order. As such, members of the Bar and bench are required to abide by the Rules of Court within the jurisprudential realm. Doctors, particularly surgeons, are bound to take all reasonable precautions to reduce the risk of unintended consequences. An honest mistake or error in judgment can still be defensible, but a case of negligence, or worse, recklessness, should not be. recognized protocol, will probably endanger his patient unnecessarily.

A legal counsel who fails to follow judicial rules will expose his client to unnecessary risk of an adverse decision. Such acts of recklessness should not be countenanced, except perhaps in one instance.

In Cory Asbury’s worship song, “Reckless Love,” some of the lyrics went like this—“Oh, the overwhelming, never-ending, reckless love of God. Oh, it chases me down, fights ’til I’m found, leaves the ninety-nine.” This “reckless love” summed up the parable of the lost sheep as narrated by Jesus Christ—“Suppose one of you has a hundred sheep and loses one of them. Doesn’t he leave the ninety-nine in the open country and go after the lost sheep until he finds it?” (Matthew 15:4). Taken in isolation, the act of a shepherd abandoning 99 sheep for the sake of finding one appears to be reckless, if not radically against “rules of the shepherd,” if there was one.

After all, leaving 99 behind, unprotected, may lead to the loss of the significant majority of the flock.

Yet, Jesus continued, “And when he finds it, he joyfully puts it on his shoulders and goes home. Then he calls his friends and neighbors together and says, ‘Rejoice with me; I have found my lost sheep.’ (Matthew 15:5-6). From another angle, the parable can be seen as a classic example of risk and reward where the shepherd is rewarded with

A9

100 percent all accounted sheep by risking 99 for the sake of saving one. From the perspective of a believer, that “risky act” can be called “reckless love.” This is the kind of “acceptable” recklessness that was exhibited by our Almighty God in giving up His only Son. Before mankind came to be, God knew that he would send Jesus into a sinful world to die for our sins.

While God knew precisely that mankind would reject Jesus, He still sent His only son, out of love for us, not just the 99, but 100 percent. In this regard, God’s love can be seen as reckless. After all, He knew He would lose His only Son in exchange for the salvation of a multitude of “ungrateful” sinners!

In truth, God’s love, radical or reckless, extreme or irrational, is the kind of overwhelming love that ought to compel believers to adore and obey Him, and for non-believers to give Him a second thought.

The reckless love of God conveys a sacrificial kind of love, even at the expense of an exorbitant price for undeserving beneficiaries.

While laymen would define “reckless” as not heeding danger or taking unnecessary risks, this reckless love of God is something mankind does not deserve but is done with a heavenly reward. “I tell you that in the same way there will be more rejoicing in heaven over one sinner who repents than over 99 righteous persons who do not need to repent” (Matthew 15:7). Our A lmighty God can be reckless in this context; we should not, in any context, particularly in abiding by His Word.

Otherwise, order is lost, and the system fails.

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.

NLRC says escrow provision will not protect seafarers Dennis Gorecho

Pinoy Marino Rights

T

he National Labor Relations Commission (NLRC) said that the escrow/fiduciary deposit provision in the Magna Carta for Seafarers does not favor or protect the welfare of the seafarers.

The escrow provision aimed to amend the Labor Code will have adverse significant impact on the “immediately final and executory” nature of decisions issued by NLRC and the National Conciliation and Mediation Board (NCMB). The contested amounts shall remain in escrow/fiduciary deposit until such time the finality of the decision issued by the appropriate appellate court is obtained.

Dur ing the inter pellations for Senate Bill 2221 from August 23 to September 11, 2023, Senator Raffy Tulfo made assurances to seafarers that the Senate version will not include the escrow provision. There was also no mention of its inclusion during the period of amendment from September 25 to 27, 2023.

The Senate approved the measure on second and third reading on September 27, 2023 without the escrow provision. The bill was approved with 14 votes, no negative vote, and no abstention.

T he House of Representatives earlier approved on March 6, 2023 its version of the Magna Carta (House Bill 7325) that contains the escrow provision.

The bicameral conference committee will soon meet to settle, reconcile and thresh out differences or disagreements on any provision of the bill that each chamber has approved.

In a position paper submitted to the Senate, the NLRC said that the “rider” provision would only subject the Magna Carta to the filing of a needless suit for its invalidity on the ground of unconstitutionality.

“While such is pending, it may suspend the effectivity of the law and render inutile all the laudable provisions beneficial to and immediately needed by our seafarers,” the NLRC said.

The NLRC noted that since any disability or death benefit claims could properly be the subject as “ disputed amount,” then this would place the seafarers at a disadvantaged position compared to other types or workers.

The said amount shall pertain to the disability benefits that the seafarer can use for treatment or just for survival, in case of permanent disability.

The NLRC emphasized that it would only be the seafarers who

“Guided by the constitutional mandate, we believe that the proposed provision will not favor, but would in fact be detrimental to, the seafarers, for they would be treated differently and unfavorably as compared to all other types of workers,” the NLRC said.

would not be able to execute the judgment award for death claim or disability benefits in their favor upon the finality of the NLRC decision pending certiorari by the respondent-shipping companies to the Court of Appeals.

The escrow provision violates the constitutional guarantee on equal protection since it will partake of the nature of class legislation because it singles out seafarer claims from other labor claims, both local and overseas.

An overseas Filipino worker money claims case will take an average of 7.2 years to go through the entire judicial process from the date of filing of the complaint in the NLRC up to the time the Supreme Court decides on it.

The seafarer will wait for longer years before they receive the NLRC/NCMB award if the proposed escrow provision will be included.

Without any leverage in prosecuting his monetar y claims, chances are, the seafarer bows to the demand of his employer to either drop his claim or accept a small settlement.

“This is not fair,” the NLRC said, adding that there is no justification for the proposed provision.

The NLRC also said that to require the seafarer or the seafarer’s

successors-in-interest to move for the execution of the monetary award pending appeal upon posting of a bond to ensure full restitution, is burdensome for the seafarers who are unemployed by reason of their disability or their successors-in-interest who have been dependent on the former for sustenance.

“Guided by the constitutional mandate, we believe that the proposed provision will not favor, but would in fact be detrimental to, the seafarers, for they would be treated differently and unfavorably as compared to all other types of workers,” the NLRC said.

At this juncture, we are pleased to inform that in 2022, the affirmance rate of decision of the NLRC in the Court of Appeals in 92 percent. And, those very few that get reversed do not necessarily refer to those that favor the shipping companies. Consequently, there is no need to delay the execution of the NLRC decisions.

A provision that will adversely affect a seafarer’s cause in whatever manner or nature has no place in a legal document that should be for their protection in the first place.

T he pending Mag na Car ta must be the translation into reality of President Magsaysay’s wisdom: “He who has less in life should have more in law.”

The Magna Carta should expand, and not limit, the seafarers’ rights.

Atty. Dennis R. Gorecho heads the seafarers’ division of the Sapalo Velez Bundang Bulilan law offices. For comments, e-mail info@sapalovelez.com, or call 0917-5025808 or 0908-8665786.

A12 Monday, December 4, 2023

PHL: Ocean-climate solutions, deep-sea mining rules vital

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By Jonathan L. Mayuga

@jonlmayuga

HE Philippines is pushing for the adoption of ridge-to-reef approaches to step further ecosystem loss, underscoring the urgent need to save lives and livelihoods in the ongoing 28th Conference of Parties of the United Nations at the Dubai Expo, in Dubai, United Arab Emirates.

This as Department of Environment and Natural Resources (DENR) Secretary Maria Antonia Yulo-Loyzaga highlighted the need to protect and restore the ‘blue carbon ecosystem,’ particularly addressing deep-sea economic activities such as deep-sea mineral extraction.

Speaking at a forum entitled, “No Paris without the Ocean: Partnerships to Activate Ocean-Climate Solutions at Scale,” a COP28 side event held at the Ocean Pavilion, Secretary Loyzaga, Head of the Philippine Delegation to the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28), stressed

the importance of looking beyond national jurisdictions in the high seas to safeguard and preserve the integrity of marine ecosystems. She raised the concern over increasing deep-sea mineral extraction, citing the need for further study and establishment of governing policies and rules.

“We wish to note with concern the lack of knowledge we have of these environments and the consequence of their physical, chemical and biological disruption. There’s an urgent need to address these gaps, establish a body of sound science, and rules-based international order to avert possible impacts of these activities on the achievement

of our global climate goals and the equitable relations between nations on the high seas,” asserted Loyzaga.

The DENR Chief pointed out that the Philippines, the center of marine shore fish biodiversity with the highest concentration of species per unit area, has scaled up ecosystem-based adaptation efforts and nature-based solutions to comprehensively address, manage, and continue to effectively reduce the drivers and threats of degradation of coastal marine ecosystems across 36,000 kilometers of coastline, and over 2.2 million square kilometers of territorial seas.

“With our locally, nationally, and internationally organized partnerships, we work chiefly with 35 nationally-managed Marine Protected Areas covering their maintenance, protection, and monitoring the work of People’s Organizations in establishing biodiversity-friendly activities. Our national government also provides support to other sectors especially sub-national or local governments in managing thousands of locally-managed Marine Protected Areas and Indigenous Communityconserved areas.”

The high-level dialogue featured the essential role of the ocean in

achieving success of the Paris Agreement, while also showcasing ambitious partnerships that support the conservation and restoration of ocean ecosystems for climate, nature, and people. Loyzaga stressed the vital importance of multilateralism towards climate and nature action, citing the need to align efforts with the goals articulated in the Paris Agreement and the High Seas Treaty or the Agreement on Marine Biodiversity of Areas Beyond National Jurisdiction (BBNJ).

“We call for all to work together, to forge the adoption of BBNJ, and to align with the Paris Agreement, the Kunming-Montreal Global Biodiversity Framework, and the Sustainable Development Goals.

We must unite today to protect the ocean that we need for the future we, and generations to come, all want. Very simply, our survival depends on it.”

The world’s oceans host 95 percent of the planet’s life and can absorb 93 percent of excess heat and 30 percent of human-generated carbon dioxide. COP28, hosted by the Government of the United Arab Emirates, is the annual climate change negotiations within the framework of the United Nations Framework Convention on Climate Change.

INITIAL AGGRAVATED FRAUD COMPLAINTS FILED VS ALPHA ASSISTENZA FIRM IN MILAN

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HE Consulate General of the Philippines announced on Sunday that complaints of aggravated fraud have been filed before the Office of the Public Prosecutor of Milan against Diane Kristine Respicio and John Dutaro, chief executive officers of the immigration consultancy firm Alpha Assistenza SRL. The first 11 complaints were filed by Attorney Bruno De Blasi, the Italian lawyer hired by the Department of Foreign Affairs (DFA) to represent the 100 Filipino complainants based in Italy in the class suit against Respicio, Dutaro, and others allegedly involved in defrauding 269 Filipinos in the Philippines seeking work in Italy under the decreto flussi program.

Attorney De Blasi will be filing additional complaints in the coming days before the Office of the Public Prosecutor, which is expected to review the complaints and decide whether to bring the case to trial.

The filing of the complaints comes less than two weeks after the Consulate tapped attorney De Blasi as legal representative of the 100 Filipinos

CATO

who wanted to take Respicio, Dutaro, and others to court for allegedly failing to deliver the promised jobs for their relatives—after they paid as much as €3,000 each for these.

The hiring of a lawyer to represent complainants was among the recommendations made by the Consulate when it started an investigation on the alleged fraudulent transactions involving Alpha Assistenza.

T he re com me nd at ion , which was made by Consul General Elmer Cato, was approved by Foreign Affairs Secretary Enrique Manalo upon endorsement by Foreign Affairs Undersecretary for Migrant Workers Affairs Jose Eduardo De Vega.

IMUS LIGHTS UP GIANT CHRISTMAS TREE Cavite Governor Jonvic Remulla, together with Imus Mayor Alex Advincula and Rep. AJ Advincula and Rep. Bryan Revillla, leads the turning on of a Giant Christmas Tree at City Plaza at Imus Grandstand in Barangay Malagasang 1-G, Friday, December 1, 2023. (INSET) Remulla reads the winner of the Grand Prize worth P1,000,000 for the "AAsenso ka sa Buwis na binayad mo” raffle promo. DENNIS ABRINA

Westin returns to Manila with luxurious Ortigas hotel

N

EW kid on the block. The Westin Manila is holding its own against the highly competitive hospitality sector in the Ortigas central business district.

Alexander Dietzsch, general manager of the only Westin-branded hotel in the country, told the BusinessMirror, “We’ve been doing well [since we opened in March],” with guest bookings mainly from domestic travelers, and some international tourists. “We’re getting a lot of guests who attend the medical conferences,” held at a neighboring hotel.

While Westin Manila also has a “dynamic pricing” scheme much like the airline industry, he said the hotel’s room rates are “competitive” with the hotels of the same category in the CBD. Average daily

room rates in Metro Manila have reverted to prepandemic levels, even if revenue per available room has not, due to the still low influx of foreign tourists, according to industry sources.

Westin Hotels and Resorts used to manage the Philippine Plaza, the hospitality group’s first property in Asia Pacific, but exited on December 31, 2005 after 29 years.

Sleep well, Eat well, Work well

DIETZCH said, “Our occupancy rates vary,” but it reaches about 70-80 percent during weekends and especially during holidays.

Reservations for the business hotel, he added, are “mainly booked online through the brand’s site, although we still do get some callin reservations.” The hotel is a

member of the Marriott Bonvoy®, the global travel program of Marriott International, where members can earn points for stays at their establishments.

With 303 guest rooms, including 57 suites, The Westin Manila offers a luxurious retreat for travelers, with each room featuring the iconic Westin Heavenly® Bed for a restful sleep. Guests have access to its 24/7 signature WestinWORKOUT® Fitness Studio, can avail of delicious and nutritious offerings on their Eat Well menu at its dining outlets, and rejuvenate at its Heavenly Spa. “The business traveler is a very savvy market,” noted Dietzsch. “They work and travel a lot, but they also need to look after their health.”

See “Westin,” A4

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, December 4, 2023

B1

project delay Meralco must return ₧150B ‘Iloilo caused by NGCP’ to its customers, ERC told T

T

By Lenie Lectura

@llectura

he Manila Electric Co. (Meralco) should refund its customers a total of P150 billion, a former commissioner of the Energy Regulatory Commission (ERC) told the agency.

In a recent radio interview, Alfredo Non said that based on his own computation, Meralco customers are supposedly entitled to a one-time refund amounting to around P2,700 per month for those consuming 200 kilowatt hour (kWh) a month; P9,500 per month for 300kWh; P15,500 per month for 400kWh; and P51,000 per month for those consuming 1,000 kWh a month or higher.

“So P150 billion should be returned to us. I have already submitted my proposed computation to ERC,” Non said.

ERC Chairperson Monalisa Dimalanta confirmed this. “It was submitted as part of his motion for reconsideration in the case so we will resolve it as part of the case,” she said via Viber.

The refund allegation was initially raised by some lawmakers during last week’s hearing of the House Committee on Legislative Franchises.

Meralco had already disputed this and denied the baseless claims that it overcharged its customers starting 2012.

The company said it has no power to unilaterally set its own rates. All

rates reflected in the electricity bills of customers are approved by the regulator following a very stringent and transparent process of public hearings.

“I would like to reiterate that as a highly regulated entity, Meralco strictly adheres to the rules governing its operations and franchise and the rates we implement always have prior approval from the regulator.

A testament to the strict review, these rates are still subject to periodic confirmation process by the ERC,” Meralco First Vice President and Regulatory Management Head Ronald Valles said.

In the same radio interview, Non also said Meralco should lower power rates after regulators re-compute its weighted average cost of capital (WACC).

“Now after the refund is paid, the monthly bill will change. Those using 200 kWh per month will have their rate reduced by P22 per month, those using 300 kWh/month will decrease by P79 per month, those using 400kwh/month will decrease

by P129 and those using 1000 kwh/ month will decrease by P428. That’s

my initial computation, depending on how the appreciation of the ERC is.”

The refund, alleged by Non, stemmed from the provisional authority rate of P1.38 per kWh set by the ERC versus Meralco’s rate of P1.47 per kWh. “Since 2012, there have been no complete rates. The rates should be reset every four years so that means Meralco does not have a final rate.

They use P1.38 provisional rate, it’s only temporary. From 2012 until now, Meralco’s average billing rate to us is P1.47 per kWh. So, there is already an overbilling of P0.09 per kWh,” said Non.

‘Error in computation’

He also pointed out an “error” in the provisional rates. Instead of P1.38 per kWh, he said this should only amount to P1.05 per kWh or P1.06 per kWh. “There are two issues here. The wrong computation from 2012 to 2015 and the WACC, which according to Congressman Dan Fernandez, should have gone down from 14.97 percent to around 10 or 11 percent.

These are the two things that will change our rate: If the error is corrected and the decrease in interest rates.” Earlier, Fernandez said the unadjusted WACC is the “key reason” for consistently high power rates. Also, he said the current WACC of Meralco was computed to allow the utility to cope with the Asian financial crisis then but this remained unchanged even after the crisis, allowing the utility to collect higher rates.

Meralco, for its part, siad the setting of the WACC is a function of the regulator. Its last approved WACC is the lowest given by the regulator under the Performance Based Regulation (PBR). The WACC was determined based on a set of rules that underwent public consultation and thorough review by ERC. “This WACC is an industry WACC that applies to all private DUs in the same category and is not company specific. In addition, Meralco does not have a determined WACC since July 2015 because there was no completed rate reset during that regulatory period up until now,” the utility firm said.

Meralco cited a recent study of the International Energy Consultants which concluded that Meralco’s rates are “fair and reasonable” since they reflect the true cost of electricity as against other countries whose power costs are heavily subsidized by their governments.

Non said it is up to the ERC to come up with its own computation.

Dimalanta said the agency is already reviewing the issues raised during the hearing and a resolution will be issued soon.

“I started doing my own calculations after my retirement in 2018.

After I did the calculations, I submitted it to the ERC but of course it’s now up to them already.”

Meralco had said all rates in the electricity bill have received prior lawful and regulatory approval and that they adhere to any orders for cost adjustments arising from regular reviews of its rates by the ERC.

Exec: Grab beefs up mobility supply S UPER app Grab said it can serve its passengers better this Christmas season—even as demand is expected to rise by as much as 45 percent—as it has beefed up its mobility supply by 40 percent.

According to Grab Philippines COO Ronald Roda, Grab has increased the number of its driverpartners to close to 30,000 in 2023, as the regulator opened new slots for transport network vehicle services (TNVS).

To recall, the Land Transportation Franchising and Regulatory Board (LTFRB) opened 24,500 slots throughout the year, once in Janu-

ary, another in April, and the last one was in August.

“All of that net amounts to us having 40 plus percent higher supply this year versus a year ago. We were able to replenish the supply this year,” Roda said in a press briefing.

Grab recently onboarded 4,000 new driver-partners during its latest partner onboarding initiatives. Applications for certificates of public convenience (CPCs) are required to be heard by the regulatory body.

With the increased supply, Roda said is “optimistic” that it can “do better” this holiday season versus 2022.

“This year, we are optimistic that we will deliver a better experience for our passengers.”

Admittedly, he said, December is a “challenging season,” as demand spikes by 20 percent, coupled with the traffic congestion.

He noted that the 20-percent increase in demand is only applicable to the first week of December. By the second and third week, demand is expected to further surge to as much as 45 percent. Hence, Roda said Grab is implementing a holiday rush plan to complement the supply hike.

“The experience of our passen-

gers, consumers, and partners on Grab is our utmost priority,” he said, adding that Grab leverages its data, platform, and technology to understand and foresee the challenges faced by stakeholders.

Already, Grab has activated a suite of mobility solutions that optimize the utilization of its current GrabCar fleet.

These include beefing up GrabShare, GrabAirport, and the introduction of Multi-Taxi Type (MTT) booking. GrabShare is a carpooling service that matches passengers headed in the same direction to share a singular vehicle. Lorenz S. Marasigan

Meantime, signs of a cooling US jobs market would strengthen the view that the Federal Reserve is done with its rate hike campaign.

Both outcomes should be positive for equities.”

It will be another four-day trading week as December 8, Friday is a public holiday to celebrate the Feast of the Immaculate Concepcion.

Broker 2TradeAsia noted that the BSP expects November inflation to fall between 4 percent and 4.8 percent, slightly lower than October’s 4.9 percent.

“Another rate pause is very likely at this point, given the Fed’s direction,” it said.

“While the case for a dovish pivot by the second half next year is strong in light of statistical improvements in October and November, some reservations must be allowed to account for wildcards.

“Case in point, yields and futures markets are starting to price in anywhere between 100-250 basis points in rate cuts next year--this is a very wide variance and is evident of how opaque the terrain is still, albeit very strong directionally and may signal funds to lighten cash one to two quarters ahead of falling interest rates.”

The market may see continued consolidation in the 6,200 to 6,300 area and could

potentially make an attempt for 6,380 in case of positive news flows, according to Colet.

STOCK-MARKET OUTLOOK Last week

Share prices fell last week, breaking the main index’s month-long winning streak, as investors cashed in on their gains even during the window-dressing period at the end of November.

The benchmark Philippine Stock Exchange index fell 24.32 points, to end the four-day trading week at 6,245.18 points.

“On a positive note, the market was still able to close last week above its 10-day and 50-day exponential moving averages,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said.

Volume of trade was higher during the week, reaching an average value of P5.6 billion.

Foreign investors, which accounted for 58 percent of the trades, were net buyers at P1.93 billion.

All other sub-indices closed in the red, with the exception of the Property index that managed to gain 55.97 points to close at 2,745.85 points. The broader All Shares index fell 16 to 3,332.22, the Financials index declined 10.31 to 1,735.41, the Industrial index shed 180.05 to 8,746.27, the Holding Firms index contracted 58.08 to 5,918.20, the Services index was down 1.08 to 1,520.21 and the Mining and Oil index

slumped 26.79 to 9,633.51.

For the week, losers edged gainers 115 to 76 and 40 shares were unchanged.

Top gainers for the week were LMG Corp., Concrete Aggregates Corp. B shares, Atok-Big Wedge Co. Inc., Manila Bulletin Publishing Corp., I-Remit Inc., Atlas Consolidated Mining and Development Corp. and Lepanto Consolidated Mining Co. Top losers, meanwhile, were Mabuhay Holdings Corp., SP New Energy Corp., Apollo Global Capital Inc., LBC Express Holdings Inc., Max’s Group Inc., Victorias Milling Co. Inc. and East Coast Vulcan Corp.

This week

Share prices may resume its upward trend this week as a growing number of investors are piecing together a picture of a potentially good December for stocks.

That narrative will be tested this week as the market turns its focus on the November inflation print and the October jobs data in the United States, according to Juan Paolo Colet, managing director at China Bank Capital Corp.

“A sustained slowdown in local inflation could persuade the BSP [Bangko Sentral ng Pilipinas] to keep its policy rate steady when the monetary board meets next week.

Stock picks

Broker Regina Capital Development Corp. advised traders to sell on rallies on the stock of Aboitiz Power Corp. as based on its technical indicators, the stock may be able to retest its resistance of P38.40 soon.

“However, since the stock has been on the rise for three consecutive days already, it’s not going to be unlikely to see some profit-takers to come out and play,” it said.

AboitizPower was last traded on Friday and closed at P36.60 apiece.

Meanwhile, the broker gave the same recommendation on the stock of BDO Unibank Inc., after its share price ended in the green for the fifth consecutive session before succumbing to profit-taking last week.

“Noticeably, the 260-day moving average seems to be a solid support trendline for the stock. All things considered, BDO shareholders should keep an eye on resistance levels and sell during strengths.”

BDO shares closed last week at P131 apiece. VG Cabuag

he Iloilo Grain Complex Corp. (IGCC) on Sunday said it should not be blamed for the delay in the proposed 138-kiloVolt (kV) Panay-Guimaras Interconnection Project of the National Grid Corp. of the Philippines (NGCP).

“Records will show that from the start it was NGCP that caused the delay of its own project. It did not secure the required ERC [Energy Regulatory Commission] permit, failed to make a genuine just compensation offer to IGCC, and refused to consider cheaper and more practical right-of-way alternatives,” IGCC Spokesperson Toby Tañada said in a statement.

To recall, NGCP secured an expropriation order and writ of possession from the Iloilo Regional Trial Court Branch 33 in September 2022 to build two tower sites inside IGCC’s property that will link its transmission lines to a submarine cable connecting Iloilo and Guimaras island. However, IGCC questioned the RTC’s ruling and secured a temporary restraining order from the Supreme Court (SC) in April 2023 which barred NGCP from taking possession of the food company’s property.

A portion of the Supreme Court order said: “the trial court [Iloilo

RTC Br 33] committed grave abuse of discretion amounting to lack or excess of jurisdiction when it issued the writ of possession without first determining whether NGCP has in fact complied with the requirements of the law for a valid exercise of its delegated power to expropriate, among them, the existence of a genuine necessity for the taking of the subject property, compliance with the required ERC approval for the project, and compliance with the requirement that the expropriation and the manner by which it is sought to be implemented is least burdensome to the landowner.”

Tañada also belied NGCP’s claims that it reached out to IGCC for settlement. He said the parties have submitted all their arguments and counter-arguments to the SC. “The highest court of the land has spoken and all parties need to respect and abide by the Supreme Court ruling,” Tañada said.

He added that IGCC has proposed a more economically viable option for the project. It proposed that NGCP’s existing 69kV line can share posts, structures and Right of Way (ROW) since it can be “underbuilt” under the proposed 138kV transmission line, he said. Lenie Lectura

Monday, December 4, 2023

B2

Companies BusinessMirror

Megaworld, unit will spend ₧7B on project in Palawan

By VG Cabuag @villygc

P

roperty developer Megaworld Corp. and its unit Suntrust Properties Inc., will de-

velop a P7-billion, six-hectare property in Puerto Princesa in Palawan into “a lifestyle estate.”

Located along the Puerto Princesa South Road in Palawan’s capital city and overlooking the Puerto Princesa

Bay, the development, which will be called Baytown Palawan, will be Megaworld’s 31st township development in the country. It will host residential condominium projects, hotels, as well as commercial retail developments.

“Finally, we are building our signature concept of a lifestyle estate in this Palawan capital city where the residential components of the township perfectly blend with the commercial hub, and of course, the hotel developments within the mix as well. Our themed residential condominium clusters will complement the city’s relaxing natural environment,” Harrison Paltongan, president of Suntrust said.

The company has allocated P7 billion to develop the lifestyle estate in the next five years.

“We are bringing the vibrant concept of our very own Forbes Town to Puerto Princesa. We are excited on how Baytown will be able to trans-

MUTUAL FUNDS

form the cityscape of Puerto Princesa,” Javier Romeo Abustan, vice president of sales and marketing, Megaworld Palawan, said.

Most of the residential condominium clusters inside the property will be developed by Suntrust. Megaworld will also be developing an upscale and exclusive residential community within the lifestyle estate.

Baytown Palawan is Megaworld’s second mixed-use development project in Palawan. On the other hand, this is Suntrust’s first development in the province as part of its expansion across the country.

Megaworld is currently developing the 462-hectare Paragua Coastown in San Vicente, known to have the longest beachline in the country.

The development has already launched several residential, commercial, and hotel projects during the past two years, and land development is currently ongoing, the company said.

NAV One Year Three Year Five Year Y-T-D

per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 203.37 -5.26% -2.27% -3.93% -1.17% -2.47% ATRAM Alpha Opportunity Fund, Inc. -a 1.4042 2.48% 2.71% 0.34% 1.25% 4.46% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.8175 -6.71% -2.34% -6.06% -2.9% -3.34% Climbs Share Capital Equity Investment Fund Corp. -a 0.6669 -3.56% -4.88% -5.64% n.a -4.63% First Metro Consumer Fund, Inc. -a 0.6179 -7.53% -6.02% -5.41% n.a -4.73% First Metro Save and Learn Equity Fund, Inc. -a 4.4698 -6.72% -1.89% -2.91% -0.87% -3.88% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6665 -8.04% -3% n.a n.a -4.94% MBG Equity Investment Fund, Inc. -a 83.46 9.5% -4.74% -5.89% n.a 10.81% PAMI Equity Index Fund, Inc. -a 41.3741 -7.35% -2.49% -3.22% n.a -4.2% Philam Strategic Growth Fund, Inc. -a 431.8 -5.6% -2.73% -3.26% -1.08% -2.83% Philequity Dividend Yield Fund, Inc. -a 1.1597 -5.72% 1.23% -1.37% n.a -1.31% Philequity Fund, Inc. -a 32.5083 -5.47% -0.58% -2.16% 0.83% -2.36% Philequity MSCI Philippine Index Fund, Inc. -a 0.8338 -5.23% -1.45% n.a n.a -1.77% Philequity PSE Index Fund, Inc. -a 4.3505 -6.32% -1.56% -2.37% 0.56% -3.23% Philippine Stock Index Fund Corp. -a 723.89 -6.39% -1.74% -2.44% 0.53% -3.34% Soldivo Strategic Growth Fund, Inc. -a 0.6584 -4.97% -2.09% -5.04% n.a -2.33% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2277 -6.98% -2.36% -4.41% -1.21% -4.31% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8209 -6.73% -2.06% -2.76% n.a -3.64% United Fund, Inc. -a 3.0242 -5.22% -1.76% -2.6% -0.17% -2.25% Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.0192 -6.55% n.a n.a n.a -3.5% COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,20.9909 n.a n.a n.a n.a n.a Philequity Alpha One Fund, Inc. -a 0.9819 -8.38% -2% n.a n.a -6.16% Philippine Stock Index Fund Corp. -a 878.63 -6.49% n.a n.a n.a -3.4% Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c98.2637 -5.86% -1.4% -2.13% n.a -2.82% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.8096 -2.7% -11.5% -3.24% -1.81% -4.98% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5952 9.33% -0.35% 6.26% n.a 12.02% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.4704 -0.99% -3.29% -2.22% -1.87% -0.96% ATRAM Philippine Balanced Fund, Inc. -a 2.1532 3.28% -0.81% -0.29% 0.06% 2.28% First Metro Save and Learn Balanced Fund, Inc. -a 2.4409 -4.47% -1.55% -0.51% -1.19% -2.57% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1855 -6.74% -1.36% n.a n.a -4.13% NCM Mutual Fund of the Phils., Inc. -a 1.8925 -2.28% -0.63% 0.66% 1.01% 0.29% PAMI Horizon Fund, Inc. -a 3.4697 -1.26% -2% -0.23% 0.16% 0.86% Philam Fund, Inc. -a 15.2037 -1.68% -2.66% -0.76% -0.17% 0.42% Solidaritas Fund, Inc. -a 1.9858 -2.19% -0.85% -0.65% 0.75% -0.04% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3185 -1.58% -1.55% -1.85% -0.57% -0.33% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8757 -1.4% 0.57% -1.1% n.a -0.36% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.9264 0.51% -2.32% n.a n.a 1.22% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8185 -3.89% -3.61% n.a n.a -2.05% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.7973 -5.11% -3.8% n.a n.a -3.06% Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.0323 0.34% -6.2% -1.5% -0.11% -0.31% PAMI Asia Balanced Fund, Inc. -b $0.8839 2.45% -7.83% -1.28% -1.32% 5.23% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.1204 5.31% -1.97% 3.65% 2.66% 7.14% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.001 2.08% -4.37% 0.54% n.a 3.03% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 389.18 3.32% 1.71% 2.58% 2.13% 2.95% ATRAM Corporate Bond Fund, Inc. -a 1.9031 1.63% 0.09% 0.63% -0.07% 1.51% 1.13% 2.33% 3.78% 3.47% Cocolife Fixed Income Fund, Inc. -a 3.3201 3.18% Ekklesia Mutual Fund, Inc. -a 2.263 4.55% -0.41% 1.25% 1.2% 3.55% First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4425 2.17% -0.08% 2.06% 1.09% 2.15% Philam Bond Fund, Inc. -a 4.2554 2.66% -2.74% 1.76% 0.49% 2.79% Philam Managed Income Fund, Inc. -a 1.3679 3.96% 1.28% 3.03% 1.73% 3.67% Philequity Peso Bond Fund, Inc. -a 3.9986 4.23% 0.15% 2.77% 1.25% 3.36% Soldivo Bond Fund, Inc. -a 1.0461 2.85% 0.3% 3.29% n.a 2.9% 1.82% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2863 4.77% 1% 3.52% 4.47% Sun Life Prosperity GS Fund, Inc. -a 1.7567 3.98% 0.23% 2.73% 1.25% 3.6% Corporate Debt Vehicle (units) ATRAM Unitized Corporate Debt Vehicle, Inc. -a,3 1.0025 n.a n.a n.a n.a n.a Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $492.05 2.78% 0.66% 1.94% 2.48% 2.48% ALFM Euro Bond Fund, Inc. -a Є212.5 1.46% -0.93% 0.01% 0.76% 1.35% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0235 0.58% -6.88% -1.83% 0% 1.4% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0244 2.52% -2.71% -0.32% n.a 2.95% PAMI Global Bond Fund, Inc. -b $0.8416 -2.32% -8.29% -3.85% -3.26% -6.49% Philam Dollar Bond Fund, Inc. -a $2.2253 2.98% -4.16% 0.79% 1.58% 2.08% Philequity Dollar Income Fund, Inc. -a $0.060795 1.87% -0.71% 1.33% 1.56% 1.83% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7051 -0.89% -5.62% -1.15% 0.2% -0.6% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 136.48 2.54% 1.75% 2.54% 2.02% 2.42% First Metro Save and Learn Money Market Fund, Inc. -a 1.1052 3.17% 1.82% n.a n.a 2.94% Sun Life Prosperity Peso Starter Fund, Inc. -a 1.3721 2.73% 1.96% 2.46% 1.98% 2.52% Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.2 4.02% n.a n.a n.a 3.71% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0936 2.37% 1.32% 1.51% n.a 2.28% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 41.7974 -4.88% n.a n.a n.a -2.07% Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.4005 9.52% 8.63% n.a n.a 13.67% Sun Life Prosperity World Income Fund, Inc. -a,1 0.9742 n.a n.a n.a n.a n.a Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.7766 -2.96% -7.14% n.a n.a -1.7%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. 1 - Launch date is August 22, 2023.

2 - Launch date is October 6, 2023.

3 - Launch date is May 25, 2023.

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

pifa.com.ph to see the latest NAVPS/NAVPU.”

PSE STOCK QUOTATIONS

December 1, 2023

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

4,595 187,788,837 145,832 85,275,006 1,634,515 24,915 74,961,245 1,021,846 21,708 72,930 35,530,883 24,369,048.50 394,250 45,900 54,000 37,000 333,340 594,000

-75,500,896 16,160,558 -494,305 -7,447 -14,154,155 368,144 -558 -22,100 -22,629,384.50 -22,307.50 18,900 11,100 53,000 594,000

INDUSTRIAL ACEN CORP 4.75 4.81 4.8 4.84 4.72 4.81 3,055,000 14,567,900 0.54 0.55 0.55 0.57 0.55 0.55 161,000 88,570 ALSONS CONS 0.71 0.72 0.71 0.72 0.7 0.71 3,617,000 2,565,570 ALTERNERGY HLDG 36.6 36.8 37.5 37.5 36.6 36.6 2,069,200 76,434,050 ABOITIZ POWER 1.19 1.22 1.2 1.22 1.19 1.22 110,000 131,240 RASLAG 0.179 0.181 0.181 0.181 0.18 0.18 480,000 86,670 BASIC ENERGY 16.92 17 16.88 17 16.52 17 2,163,800 36,255,746 FIRST GEN 60.15 61.5 61 61 60 60.15 19,310 1,165,050.50 FIRST PHIL HLDG 367 369.2 361 369 361 367 177,010 64,943,488 MERALCO 18 18.04 18 18.04 18 18.04 763,900 13,752,904 MANILA WATER PETRON 3.37 3.39 3.37 3.39 3.37 3.39 581,000 1,958,490 PHX PETROLEUM 5 5.2 5.2 5.2 5.2 5.2 6,800 35,360 REPOWER ENERGY 6.75 6.99 6.72 7.03 6.72 6.99 82,400 568,652 SYNERGY GRID 6.17 6.18 6.29 6.29 6.16 6.18 330,200 2,043,212 SHELL PILIPINAS 11.26 11.6 11.6 11.6 11.22 11.6 48,500 554,420 SPC POWER 7.02 7.25 7.19 7.27 7.19 7.27 42,600 306,637 SP NEW ENERGY 1.15 1.17 1.28 1.35 1.09 1.17 1,412,196,000 1,653,441,280 AGRINURTURE 1.09 1.12 1.14 1.15 1.07 1.13 4,675,000 5,256,860 AXELUM 2.09 2.17 2.11 2.17 2.11 2.17 98,000 209,430 30.45 30.8 30.4 31 30.4 30.8 1,733,400 53,206,610 CENTURY FOOD 7.11 7.54 7.2 7.54 7.2 7.54 4,200 31,466 DEL MONTE 6.09 6.1 6.2 6.2 6.07 6.1 2,446,200 14,936,408 DNL INDUS 20.85 20.9 20.95 20.95 20.75 20.9 163,100 3,400,335 EMPERADOR 48.95 49.6 49.95 49.95 48.9 49.6 62,500 3,078,655 SMC FOODANDBEV 0.62 0.63 0.63 0.63 0.61 0.63 1,435,000 885,800 FIGARO COFFEE 1.02 1.03 1.05 1.05 1.02 1.02 877,000 897,990 FRUITAS HLDG 166.5 167.5 167.5 167.5 166.5 167.5 6,300 1,055,015 GINEBRA 232.6 233.8 229.6 234 228 233.8 607,990 141,256,300 JOLLIBEE KEEPERS HLDG 1.48 1.49 1.45 1.49 1.45 1.49 1,784,000 2,587,260 MAXS GROUP 3.19 3.2 3.3 3.3 3.15 3.2 670,000 2,143,630 MONDE NISSIN 8.21 8.3 8.39 8.42 8.2 8.21 2,377,700 19,730,608 SHAKEYS PIZZA 9.31 9.36 9.3 9.36 9.3 9.36 3,100 28,979 0.465 0.5 0.5 0.5 0.5 0.5 20,000 10,000 ROXAS AND CO 2.96 3 3 3 2.93 2.96 1,655,000 4,899,110 RFM CORP UNIV ROBINA 112.9 113.1 113 113.9 112 113.1 1,053,830 119,197,080 VITARICH 0.49 0.51 0.5 0.5 0.48 0.49 308,000 150,400 0.77 0.78 0.78 0.83 0.77 0.77 1,554,000 1,206,600 CEMEX HLDG EC VULCAN CORP 0.71 0.75 0.78 0.78 0.67 0.75 1,344,000 960,070 5.7 5.78 5.87 5.9 5.7 5.8 120,700 690,748 EEI CORP 3.05 3.06 3.05 3.05 3.02 3.05 144,000 436,440 MEGAWIDE 19.5 20.3 20.1 20.1 20.1 20.1 52,300 1,051,230 PHINMA 0.435 0.5 0.48 0.495 0.48 0.495 20,000 9,750 TKC METALS 1.53 1.57 1.53 1.57 1.53 1.57 18,000 28,060 CROWN ASIA 0.81 0.85 0.85 0.85 0.85 0.85 66,000 56,100 EUROMED 5.8 5.97 5.8 5.97 5.8 5.97 1,300 7,591 MABUHAY VINYL 5.2 5.21 5.2 5.21 5.2 5.21 168,500 876,325 PRYCE CORP 0.25 0.255 0.249 0.255 0.248 0.25 19,630,000 4,898,610 GREENERGY INTEGRATED MICR 3.39 3.46 3.4 3.4 3.4 3.4 32,000 108,800 1.02 1.05 1.07 1.08 1 1.05 3,070,000 3,190,770 IONICS 1.97 2 2 2.09 2 2 291,000 599,840 SFA SEMICON CIRTEK HLDG 1.62 1.64 1.68 1.68 1.6 1.63 487,000 792,920

-6,570,980 -410,040 -49,938,485 -23,298,206 -790,511.50 -27,848,052 12,779,592 -54,280 -35,360 -190,350 -560,131 -3,480 -38,296 1,522,130,040 56,660 -32,100 6,587,120 -256,815 -1,718,455 -1,828,600 620 -130,030 -204,450 8,377,850 -1,687,800 -1,506,700 -11,910,744 -255,830 -41,013,128 580,190 29,300 -20,682 54,780 1,624,730 -61,800 -214,130

HOLDING & FRIMS

December 1, 2023

www.businessmirror.com.ph

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL HOUSE OF INV JG SUMMIT KEPPEL HLDG A LOPEZ HLDG LT GROUP PRIME MEDIA SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER

45.15 131 7.3 103.9 30.3 8.3 50.1 18.52 54.3 22 68.05 56.6 1.41 2.61 2.71 0.365 171 2,700

1.01 653 47 9.61 11.14 0.45 0.38 4.5 9.27 5.08 535 3.23 38.5 4.6 4.33 8.81 2.73 824 107.3 96.05

45.95 131.5 7.4 104.5 30.35 8.48 50.2 18.54 55.8 22.9 68.6 56.75 1.42 2.7 2.77 0.37 172.9 2,706

1.02 655 47.25 9.75 11.16 0.49 0.385 4.59 9.28 5.2 538 3.27 39 5.44 4.4 8.82 2.77 825 107.9 103.2

45.95 133 7.4 102.5 30.4 8.49 50.35 18.46 54.3 22.1 70 56 1.41 2.7 2.7 0.37 172 2,700

1.03 661 46.8 9.9 11.04 0.45 0.38 4.5 9.38 5.2 544 3.21 38.6 5.45 4.3 8.85 2.73 825 108 99.85

45.95 133 7.4 104.5 30.4 8.49 50.75 18.52 55.8 22.1 70 56.85 1.43 2.7 2.7 0.37 172 2,700

1.04 661 47.7 9.9 11.14 0.45 0.38 4.59 9.38 5.2 551 3.23 39 5.45 4.3 8.86 2.73 832.5 108 103.2

45.95 130.6 7.02 102.4 30.2 8.26 50.05 18.46 54.15 22.1 68.05 56 1.4 2.7 2.7 0.37 171 2,700

1 646.5 46.8 9.6 11.04 0.45 0.38 4.5 9.27 5.08 535 3.21 38.15 5.45 4.3 8.75 2.73 824 107.3 99.45

45.95 131 7.3 104.5 30.35 8.3 50.2 18.52 55.8 22.1 68.05 56.75 1.42 2.7 2.7 0.37 171 2,700

1.02 655 47 9.61 11.14 0.45 0.38 4.5 9.28 5.08 535 3.23 39 5.45 4.3 8.82 2.73 825 107.9 103.2

100 1,431,450 20,300 818,360 53,900 3,000 1,486,000 55,300 400 3,300 519,530 429,750 279,000 17,000 20,000 100,000 1,940 220

2,413,000 90,710 452,700 2,572,400 10,200 70,000 50,000 83,000 643,700 500 220,460 3,000 550,600 200 2,000 6,957,300 40,000 70,470 48,900 1,770

2,446,690 59,509,655 21,267,005 24,768,886 112,688 31,500 19,000 374,890 5,983,674 2,564 118,761,585 9,670 21,357,665 1,090 8,600 61,328,124 109,200 58,268,025 5,271,504 176,908

PROPERTY AYALA LAND 31 31.05 31 31.15 30.6 31 6,611,900 204,849,090 1.6 1.63 1.63 1.63 1.6 1.63 88,000 141,940 AYALA LAND LOG 8.96 9.49 9 9.2 8.94 9.2 6,900 62,015 ALTUS PROP 1.02 1.05 1.05 1.08 1.05 1.05 947,000 1,008,540 ARANETA PROP 30.35 30.45 30 30.75 29.9 30.45 2,099,800 63,835,880 AREIT RT 0.63 0.65 0.63 0.65 0.63 0.65 340,000 215,020 A BROWN 0.69 0.7 0.7 0.7 0.68 0.7 21,000 14,640 CITYLAND DEVT 0.065 0.069 0.069 0.069 0.065 0.069 150,000 9,950 CROWN EQUITIES 2.47 2.48 2.56 2.56 2.47 2.48 159,000 394,200 CEB LANDMASTERS 0.3 0.305 0.31 0.31 0.31 0.31 30,000 9,300 CENTURY PROP CITICORE RT 2.52 2.53 2.53 2.53 2.51 2.53 693,000 1,749,480 DOUBLEDRAGON 8.12 8.31 8.2 8.35 8.02 8.31 195,300 1,597,387 DDMP RT 1.22 1.23 1.23 1.23 1.22 1.22 521,000 637,380 DM WENCESLAO 6.25 6.28 6.28 6.28 6.28 6.28 7,000 43,960 EMPIRE EAST 0.128 0.129 0.132 0.135 0.129 0.129 7,230,000 940,580 0.275 0.29 0.295 0.295 0.295 0.295 200,000 59,000 EVER GOTESCO 2.77 2.8 2.82 2.82 2.76 2.78 897,000 2,491,760 FILINVEST RT FILINVEST LAND 0.56 0.57 0.57 0.57 0.56 0.56 2,358,000 1,326,870 PHIL INFRADEV 0.5 0.55 0.54 0.56 0.54 0.55 237,000 130,840 2.02 2.03 2.06 2.06 2.02 2.03 2,273,000 4,632,280 MEGAWORLD 1.42 1.44 1.42 1.42 1.41 1.41 26,000 36,860 MRC ALLIED 12.08 12.2 12.3 12.32 12 12.2 333,400 4,046,530 MREIT RT 0.33 0.35 0.33 0.33 0.33 0.33 10,000 3,300 PHIL ESTATES 1.5 1.52 1.5 1.52 1.5 1.52 11,000 16,700 PREMIERE RT 4.64 4.69 4.66 4.7 4.61 4.64 691,000 3,213,960 RL COMM RT 14.56 14.6 14.54 14.66 14.5 14.56 288,300 4,197,620 ROBINSONS LAND 0.149 0.157 0.159 0.159 0.149 0.149 50,000 7,750 PHIL REALTY 1.35 1.4 1.36 1.36 1.35 1.35 135,000 182,350 ROCKWELL SHANG PROP 3.61 3.69 3.71 3.71 3.68 3.69 5,000 18,480 STA LUCIA LAND 3.23 3.39 3.23 3.23 3.23 3.23 12,000 38,760 32.95 33 32.55 33.1 32.4 33 4,211,400 138,276,715 SM PRIME HLDG SUNTRUST RESORT 0.78 0.85 0.8 0.8 0.78 0.78 232,000 181,560 1.65 1.7 1.66 1.7 1.65 1.65 612,000 1,011,500 VISTA LAND VISTAREIT RT 1.68 1.69 1.69 1.69 1.68 1.69 557,000 937,830

SERVICES ABS CBN 3.74 3.75 3.7 3.75 3.7 3.75 128,000 477,380 8.25 8.26 8.3 8.3 8.25 8.26 173,100 1,434,075 GMA NETWORK 1,718 1,719 1,730 1,730 1,716 1,719 8,155 14,016,005 GLOBE TELECOM 1,258 1,259 1,280 1,280 1,253 1,259 42,315 53,256,440 PLDT 0.014 0.015 0.014 0.015 0.014 0.014 17,000,000 242,700 APOLLO GLOBAL 8.49 8.5 8.22 8.53 8.22 8.49 1,556,200 13,027,092 CONVERGE 3.03 3.14 3.03 3.03 3.03 3.03 1,000 3,030 DFNN INC 2.32 2.33 2.3 2.35 2.3 2.33 4,933,000 11,488,380 DITO CME HLDG 1.14 1.15 1.14 1.17 1.14 1.15 445,000 511,900 NOW CORP 0.133 0.139 0.133 0.133 0.133 0.133 70,000 9,310 TRANSPACIFIC BR ASIAN TERMINALS 15.52 15.78 15.6 15.78 15.6 15.78 18,000 283,410 CHELSEA 1.3 1.33 1.3 1.33 1.29 1.3 261,000 344,630 31.5 31.55 31.5 31.55 31.35 31.55 484,100 15,256,525 CEBU AIR INTL CONTAINER 218.2 219.8 215.8 219.8 215.8 219.8 575,900 125,826,752 LBC EXPRESS 17 18.5 18.6 18.6 17 17 400 6,960 4.14 4.17 4.1 4.18 4.1 4.14 390,000 1,602,880 MACROASIA METROALLIANCE A 0.49 0.5 0.49 0.5 0.49 0.5 6,000 2,950 5.13 5.36 5.35 5.38 5.35 5.38 200 1,073 PAL HLDG 0.8 0.85 0.85 0.85 0.8 0.85 10,000 8,320 HARBOR STAR 1.04 1.22 1.23 1.23 1.04 1.22 4,000 4,720 DISCOVERY WORLD 6.5 7 7 7 7 7 100 700 IPEOPLE 0.46 0.465 0.46 0.465 0.46 0.465 490,000 225,600 STI HLDG 1.16 1.18 1.17 1.18 1.16 1.16 68,000 79,600 BELLE CORP 9.49 9.5 9.65 9.72 9.42 9.5 13,991,700 132,772,767 BLOOMBERRY 3.04 3.13 3.05 3.05 3.04 3.05 21,000 63,980 PACIFIC ONLINE 0.96 0.98 0.9 0.98 0.9 0.98 1,961,000 1,858,050 PH RESORTS GRP 0.58 0.59 0.6 0.6 0.59 0.59 2,135,000 1,261,190 PREMIUM LEISURE 6.71 6.72 6.82 6.89 6.72 6.72 130,200 881,301 DIGIPLUS PHILWEB 1.72 1.8 1.81 1.81 1.71 1.8 240,000 418,750 0.161 0.162 0.164 0.164 0.16 0.162 2,180,000 350,270 ALLDAY ALLHOME 1.16 1.17 1.17 1.17 1.15 1.17 683,000 795,400 PUREGOLD 27.4 27.5 27.2 27.85 27.2 27.45 483,800 13,270,230 ROBINSONS RTL 39.5 39.8 40.1 40.15 39.25 39.5 478,300 18,901,970 PHIL SEVEN CORP 76.5 80.5 76.5 76.5 76.5 76.5 1,103,010 84,380,265 2.68 2.7 2.76 2.76 2.68 2.68 332,000 898,360 SSI GROUP UPSON INTL CORP 1.61 1.67 1.65 1.7 1.65 1.67 16,000 26,470 WILCON DEPOT 21 21.2 21 21.35 20 21 496,000 10,395,010 APC GROUP 0.226 0.23 0.225 0.23 0.225 0.23 20,000 4,550 0.325 0.335 0.325 0.33 0.325 0.33 20,000 6,550 MEDILINES 0.166 0.167 0.174 0.174 0.167 0.167 2,240,000 375,340 PRMIERE HORIZON

MINING & OIL ATOK 5 5.9 6 6 6 6 2,600 15,600 2.87 2.88 2.82 2.91 2.81 2.88 6,693,000 19,086,390 APEX MINING 3.37 3.52 3.4 3.5 3.3 3.5 381,000 1,320,070 ATLAS MINING 4.78 4.8 4.81 4.81 4.78 4.8 15,000 71,990 BENGUET A 2.33 2.34 2.33 2.33 2.33 2.33 13,000 30,290 FERRONICKEL 0.03 0.031 0.031 0.031 0.031 0.031 600,000 18,600 GEOGRACE 0.078 0.084 0.084 0.084 0.078 0.084 2,110,000 177,180 LEPANTO A 0.0051 0.0052 0.0051 0.0052 0.0051 0.0051 17,000,000 87,200 MANILA MINING A 1.04 1.05 1.05 1.05 1.05 1.05 253,000 265,650 MARCVENTURES NICKEL ASIA 5 5.05 5.03 5.09 4.98 5 4,556,800 22,815,887 PX MINING 3.09 3.1 3.05 3.1 3.05 3.1 758,000 2,337,780 SEMIRARA MINING 28.55 28.6 28.6 29.2 28.55 28.55 726,900 20,880,025 UNITED PARAGON 0.0041 0.0044 0.0044 0.0044 0.0044 0.0044 3,000,000 13,200 4.4 4.69 4.5 4.69 4.5 4.69 26,000 117,190 ENEX ENERGY ORNTL PETROL A 0.0081 0.0083 0.0083 0.0083 0.0083 0.0083 1,000,000 8,300 0.0081 0.0082 0.0082 0.0082 0.0081 0.0081 59,000,000 479,300 PHILODRILL 3.74 3.9 3.7 3.9 3.67 3.9 68,000 252,400 PXP ENERGY

PREFFERED HOUSE PREF B 95 97.5 97.45 97.5 97.45 97.5 3,000 292,495 1,015 1,020 1,015 1,015 1,015 1,015 125 126,875 ACEN PREF A 1,065 1,070 1,070 1,070 1,065 1,065 3,620 3,856,800 ACEN PREF B 2,450 2,488 2,450 2,450 2,450 2,450 4,060 9,947,000 AC PREF AR 450 500 455 455 450 450 750 338,550 ALCO PREF D 96.1 98 97.5 98 96.05 98 1,900 185,255 BRN PREF A 31.4 32 32 32 31.4 31.4 5,500 173,600 CEB PREF 91.25 91.95 91.3 91.3 91.15 91.15 2,500 228,175 DD PREF 95.1 96.75 96.85 96.85 96.8 96.8 180 17,429 EEI PREF B 945.5 959.5 945.5 945.5 945.5 945.5 20 18,910 JFC PREF A MWIDE PREF 4 92 93.8 93.8 93.8 93.8 93.8 10 938 100.1 101 101 101 101 101 1,800 181,800 MWIDE PREF 5 PNX PREF 3B 24.95 26.75 24.95 26.75 24.95 26.75 1,000 26,210 221.2 241 235 242 220 241 290 65,634 PNX PREF 4 972 990 990 990 990 990 700 693,000 PCOR PREF 3B 999 1,000 1,000 1,000 1,000 1,000 240 240,000 PCOR PREF 4C 71 72.8 70.45 72.95 70.45 72.8 64,530 4,587,776 SMC PREF 2F 66.5 67.5 68 68 67.5 67.5 14,530 981,010 SMC PREF 2J SMC PREF 2K 66.25 69 66.3 66.3 66.3 66.3 11,000 729,300 75.1 76 75 75.1 75 75.1 33,100 2,482,810 SMC PREF 2L 75.2 78.9 78.95 78.95 78.95 78.95 100 7,895 SMC PREF 2N 76 76.2 75.5 77 75.5 76 130,340 9,961,422 SMC PREF 2O

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

TECH WARRANT

-190,620 1,255,480 -2,233,808 33,120 -144,900 -1,941,965 -55,016,905 8,803,745 -16,184,142 -11,720,660 2,451,481 168,920 86,026,785 -2,020 -919.9999 8,127,760 -51,200 1,360 166,950.00 -102,216.00 -144,620 -1,256 509,120 -393,710.00 1,191,860 -225,860 -1,725,920 1,609,276 9,520 -3,670 18,033,780.00 -427,980 55,770 -4,319,990 -8,166,205 631,822 490,250 -11,500 4,680 -563,445 62,259,696 236,590 -4,250 2,450 -19,499,605 48,550 350,271 48,100 -471,130 2,499,065 -4,829,645.00 0 -164,960 18,220 1,800,395 -2,250 2,722,410 -18,640 892,987 12,320 -7,335,180 17,810 -173,600 -10,100 -31,960 -

3.31 3.57 3.31 3.31 3.31 3.31 3,000 7.53 8.8 8.9 8.9 8.9 8.9 300

9,930 2,670

-

0.32

64,200

-

0.36

0.36

0.36

0.33

0.36

190,000

SMALL, MEDIUM & EMERGING

0.43 0.45 0.43 0.45 80,000 34,750 0.76 0.77 0.76 0.76 117,000 89,330 0.99 1.03 0.97 1.03 1,962,000 1,988,830 0.66 0.69 0.66 0.69 16,000 10,850 1.05 1.05 1.04 1.05 1,543,000 1,619,440 0.204 0.204 0.202 0.202 70,000 14,200

EXHANGE TRADE FUNDS

98.35 98.5 98.35 98.5 34,610 3,405,935.50 32,488.50

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS MERRYMART XURPAS

FIRST METRO ETF

0.425 0.75 0.99 0.66 1.04 0.201 98.4

0.445 0.77 1.03 0.68 1.05 0.21 98.5

3,940 -

www.news.businessmirror@gmail.com

Banking&Finance

AmCham sees new tax law removing red tape

By Andrea San Juan

T

HE American Chamber of Commerce of the Philippines (AmCham) said it is looking forward to the passage of a new tax law after getting most of provisions the US business group lobbied for, particularly on work-from-home system and red tape.

AmCham Executive Director Ebb Hinchliffe told reporters on the sidelines of a meeting last week that the bill that would enhance the Corporate Recovery and Tax Incentives for Enterprises (Create) law, the Create to maximize opportunities for reinvigorating the Economy (Create More), “is another big one.”

“It’s got most of the provisions we wanted… to help improve the workfrom-home situation, to improve the elimination of red tape and some of it,” Hinchliffe said at the General Membership Meeting of the Management Association of the Philippines (MAP).

However, the AmCham official noted that there are certain tax provisions that could be better such as the work arrangement in the country and reducing the powers of the Fiscal Incentives Review Board (FIRB), which he deemed as another “level of red tape.”

“We would prefer to have a 100-percent WFH. Then there are certain tax provisions there that could be better,” Hinchliffe said. “[The] WFH situation probably is the biggest one. But the elimination of FIRB, that’s another level of red tape that we’d like to see removed and that’s in there. So overall it’s a good bill (Create More).”

Alternative work arrangements

AMONG the amendments noted in the unnumbered substitute “Create More” bill is a provision that paves the way for a more flexible work arrangement.

“Provided, finally, that registered business enterprises in the Information Technology-Business Process Outsourcing sector, compliant with on-site work requirements set by the respective investment promotion agencies may be allowed to conduct business under alternative work arrangements,” the bill read.

This provision aims to provide more flexibility to the work arrangement within the IT and Business Process Management (IT-BPM) industry as cited in Section 309 of the Create law or Republic Act (RA) 11534.

“A qualified registered project or activity under an Investment Promotion Agency (IPA) administering an economic zone or freeport shall be exclusively conducted or operated within the geographical boundaries of the zone or freeport being administered by the Investment Promotion Agency in which the project or activity is registered,” the section read.

The section further stated that “a registered business enterprise may conduct or operate more than one qualified registered project or activity within the same zone or freeport under the same” IPA.

BOI, not PEZA

THE section also provides further “that any project or activity conducted or performed outside the geographical boundaries of the zone or freeport shall not be entitled to the incentives provided in this Act, unless such project or activity is conducted or operated under another [IPA].”

Section 309 of RA 11534 previously attracted criticisms particularly from IT and Business Process Association of the Philippines (IBPAP) President and CEO Jack Madrid, among others. Madrid had said that long-term implementation of the WFH or hybrid work can be better addressed through the continued study and eventual amendment of this provision. (Related story: https://businessmirror.com. ph/2022/08/24/perks-registrymay-shift-to-boi-in-wfh/) Hinchliffe underscored the importance of addressing the flexibility issue on the work arrangement as he cited an instance where a certain ITBPM firm is in the middle of hiring about 6,000 to 7,000 employees but stressed that they want to be with the Philippine Economic Zone Authority (PEZA) instead of the Board of Investments (BOI).

“Certain companies—I can’t name because one of them is in the midst of hiring—don’t want to be in BOI. They want to be in PEZA,” the AmCham official said. “And they can’t do it because of WFH— those 6,000 employees don’t want to come to the office; they want to work from home.”

Reduction of FIRB’s powers

ACCORDING to Hinchliffe, the PEZA “does a very good job working” at the local government unit level and the BOI “does an excellent job at the national level.”

“Both of them are really okay. It just depends if you’re looking for the local market, BOI’s good. If you’re looking for export, PEZA’s really good,” Hinchliffe said. The “PEZA’s very responsive.”

Meanwhile, Hinchliffe also lauded the reduction of powers of the FIRB in the proposed “Create More” bill.

The bill seeks to amend Section 292 of RA 11534 (Extent of Authority to Grant Tax Incentives).

The “Create More” bill provides that IPAs or the FIRB, “as the case may be, shall grant the appropriate tax incentives provided in this Title to be granted to registered business enterprises only to the extent of their approved registered project or activity under the Strategic Investment Priority Plan.”

“Any matter pending with the FIRB particularly applications for registration, requests for reconsideration and/or appeal, shall be immediately referred back to the concerned [IPA] for proper and immediate resolution,” the amendment also noted. (Related story: https://businessmirror.com.ph/2023/10/18/ slashing-f irb-powers-boostingipas-eyed/)

CIS Bayad bullish on growth as firm enters OFW market

By Rizal Raoul S. Reyes @brownindio

E

XECUTIVES of CIS Bayad Center Inc. remain bullish on the growth prospects of the multi-channel bills-payment platform operator in the overseas Filipino workers (OFW) market.

This after the firm launched its “Bayad Overseas” platform at a recent financial technology (fintech) expo.

According to CIS Bayad president and CEO Lawrence Y. Ferrer, the platform provides a “secure, convenient and reliable payment solution” for the bill payment needs of OFWs “whatever their payment style may be.”

“We aim to capture the global OFW market by partnering with the biller aggregator of choice and the most trusted brand by Filipinos for their payment needs,” Ferrer said during the expo.

The CIS Bayad executive emphasized the importance of bill pay-

ments in the Philippines and its contribution to the country’s economy, which he described as significant sans providing figures.

“As a single point of transaction for billing institutions and payment channels, Bayad offers a faster time-to-market approach, making us the biller aggregator of choice,” Ferrer said, again without citing figures.

Currently, the Philippines ranks as the largest recipient of money remittances in Southeast Asia, third in Asia, and fourth globally, with the World Bank predicting continued growth in remittances.

Payment behavior in the Philippines is shifting towards digital transactions, with a projected increase to at least 50 percent this year, the company’s statement read.

“Every day, more and more people are choosing to make digital transactions, as seen in the 9.4-percent share of the digital economy to the gross domestic product of the Philippines in 2022,” Ferrer said.

BusinessMirror

Editor: Dennis D. Estopace • Monday, December 4, 2023

B3

Bid to tap loss-damage fund receives lawmaker’s support

By Jovee Marie N. dela Cruz

A

Samuel P. Medenilla

@joveemarie &

@sam_medenilla

lawmaker announced last Sunday he is “strongly” supporting the proposal of President Ferdinand R. Marcos Jr. on the immediate implementation of the “loss and damage” fund (LDF), which provides financial support to economies like the Philippines that are grappling with the severe impacts of climate change.

A statement issued by the office of Camarines Sur Rep. LRay F. Villafuerte quoted the senior lawmaker as hoping that the intricate details of funding sources and beneficiaries will be resolved by the conclusion of the annual United Nations (UN) climate summit in Dubai, United Arab Emirates (UAE).

In addition to endorsing Marcos’s call for the swift implementation of the LDF, Villafuerte supported the idea of the Philippines hosting this fund.

The newly-established LDF garnered about $424 million in voluntary contributions on the first day of the 28th Conference of the Parties of the UN Framework Convention on Climate Change (COP28) from November 30 to December 12.

COP28 delegates have agreed to operationalize the much-anticipated LDF. Climate Change Commission (CCC) Executive Director Robert EA Borje lauded the historic development since it will “compensate countries grappling with loss and damage due to climate change.”

Countries that pledged to contribute to the LDF include the COP28 host, the UAE, with $100 million. The others were: Germany ($100); United Kingdom (GBP60 million or $75 million); Japan ($10 million); and, the United States ($17.5 million).

Historic move forward

BORJE said during his intervention during the ceremonial opening of the COP28 that “the operational-

Tesda financial literacy program bill sent to Senate

T

HE House of Representatives has endorsed for Senate approval a measure to enhance financial literacy among Filipinos through the Technical Education and Skills Development Authority (Tesda).

This, after House Bill (HB) 9292 secured an impressive 246 affirmative votes during the plenary session last week.

The legislation is designed to integrate a comprehensive personal financial literacy course into the curriculum of technical vocational institutions (TVIs) and TESDA training centers.

The primary objective of the bill is to empower students with fundamental knowledge and additional skills in wealth management and contingency planning. This initiative aims to equip them to handle their finances adeptly, make well-informed decisions as they enter the workforce, and master financial literacy as an essential life skill in their daily transactions and activities.

Speaker Ferdinand Martin G. Romualdez said that the enactment of HB 9292 (An Act Mandating the Inclusion of a Personal Financial Literacy Course in the Technical-Vocational Education and Training, or “TVET,” Curriculum) would expand opportunities and platforms for teaching personal financial literacy.

Romualdez added the latter would strengthen financial education of Filipinos.

“Financial literacy is a precious skill that, unfortunately, few have,” the Speaker was quoted in a statement as saying. “Filipinos who are financially literate are more likely to avoid financial fraud, develop financial discipline, use debt responsibly, and save their money for education or retirement.”

The bill shows that TVIs and TESDA training centers shall provide the necessary financial education to tech-voc students while helping them learn and develop other practical tech-voc skills and competencies.

Key provisions of the measure include the mandatory inclusion of the Personal Financial Literacy Course (PFLC) in the TVET curriculum. The PFLC will concentrate on personal finance and adhere to policies, guidelines, and standards jointly set by TESDA, the Bangko Sentral ng Pilipinas (BSP), Department of Finance (DOF), Securities and Exchange Commission (SEC), and the Insurance Commission (IC).

Graduation or course completion will require a passing grade in the PFLC. The course content encompasses various aspects of personal financial literacy, covering concepts like the time value of money, consumer behavior, debt management, savings and emergency fund development, investment planning, retirement planning, insurance planning, credit scoring, financial education, and effective utilization of digital payment platforms.

Furthermore, the bill stipulates collaboration between TESDA and relevant agencies to develop academic standards, curricula, and materials for the PFLC. The content of the PFLC will align with the standards set by these agencies. The BSP, the DOF, the SEC and the IC will jointly issue guidelines for this purpose, ensuring the holistic integration of financial literacy into the TVET curriculum. Jovee Marie N. Dela Cruz

ization of the LDF is a historic move forward.”

“It is proof positive of what we can do as an international community,” the Philippine delegate in the COP28 added.

Borje noted that negotiation on the details on the qualified countries and the process for application for the LDF is still ongoing.

However, Villafuerte highlighted the uncertainty surrounding guaranteed loss and damage financing beyond 2023 as the initial contributions were voluntary donations from a few countries. Villafuerte noted that the initial funds raised during COP28, totaling $423.89 million, fall short of the $100-billion yearly commitment pledged by rich nations at COP15 in Denmark in 2009.

Nonetheless, Borje said in Dubai that COP28 parties must “remember [that] loss and damage is at the latter end of the phenomenon spectrum.”

“We have to realize and remember the important work that also needs to be done for adaptation-mitigation efforts to be scaled up,” he added.

Earlier, Borje said such adaptation-mitigation funds will help minimize the impact of climate change on developing countries.

According to Villafuerte, the Philippines has the moral authority to push for the prompt operationalization of the LDF and propose the country as its host.

He also emphasized the need to address key issues, such as annual contributions from wealthy countries, eligibility criteria for loss and damage funding and fund administration, by the end of COP28.

Championing the cause

MEANWHILE, Villafuerte said that the Marcos administration “deserves credit for consistently championing the cause of climate justice in Dubai and other forums on the global stage like COP27, on behalf of developing economies such as the Philippines.”

The lawmaker also noted that albeit contributing little to global warming, the Philippines “unfortunately take on the brunt of the catastrophic weather changes resulting from the large-scale GHG (greenhouse gas) emissions of the world’s most affluent countries that are also its biggest carbon polluters.”

Villafuerte also cited Asian Development Bank (ADB) findings that emphasized the Philippines’s vulnerability to climate impacts due to its dependence on coastal areas and natural resources.

Villafuerte underscored the importance of effective adaptation and disaster risk reduction measures to combat intensified cyclones, flooding, and landslides predicted by the ADB. He also noted the government’s allocation of P453.11 billion for climate change adaptation and mitigation in 2023 and the grant of P889.65 million in People’s Survival Fund (PSF) funds to local government units for climate change adaptation programs.

The Department of Environment and Natural Resources earlier said it is hopeful the country will qualify for the LDF since the country has suffered from extreme weather incidents attributed to climate change despite contributing less than one percent of global carbon emissions.

Perspectives How sustainable financial products can help drive profitable change

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ANKS, insurers, and wealth managers are facing sustainable finance commitments head-on while navigating practical implementation challenges. The scale and pace required to simultaneously align with changing customer preferences, create positive ROI for shareholders and meet sustainability-related commitments and targets add a significant degree of complexity to traditional product strategies.

Siloed product strategy ownership with traditional emphasis on short-term financial performance creates a clear barrier to scaling the integration of sustainable finance products. Even where there is product-owner buy-in, delivery capabilities for these new product categories are comparatively less mature and lacking the underlying risk management processes required to ensure any solutions are customer-centric, revenue-generating, and aligned with internal risk frameworks. With the wide range of emerging sustainable retail, commercial, wealth and insurance product opportunities, innovation will play an important role in creating ‘future-fit’ product and commercial strategies.

Getting your organization ready

THE goal is to identify the ‘sweet spot’ between a financial institution’s customer needs, product portfolio, risk appetite, and sustainable finance objectives. Inside of that sweet spot resides high-impact product transformation opportunities that have the potential to enhance an organization’s sustainability performance while generating new business.

To find this sweet spot, senior leaders—including both chief sustainability officers and product P&L owners—are taking a longerterm view of opportunities that are emerging as a result of changing customer preferences.

Transforming your business

TO bring sustainable finance products and services to market, sustainability teams will need to collaborate closely with product, channel and risk teams across various lines

of business. Organizations may need additional support to establish this collaboration and tap into the right business tools and capabilities to bring sustainable finance products and services effectively and efficiently to life, including: n Identifying the products and experiences that are relevant to your most important customer segments and that have the potential to generate positive ROI. n Determining how existing product, channel and risk capabilities can be used or adapted to deliver sustainable products and experiences to the market. n Measuring revenue generation potential by evaluating how an evolving product portfolio could improve the performance of a financial institution’s business drivers, such as net interest margin (NIM), fee revenues, transaction volumes, assets under management (AUM), premium revenues and customer lifetime value. n Establishing operating and sustainability and/or impact metrics that support target setting and improve measurement. n Building buy-in and excitement from teams across your organization around delivering shareholder, environmental and social outcomes impact.

All together, this approach establishes a clear roadmap for financial institutions to follow that enables them to drive implementation at scale and drive positive ROI and positive ROI at scale.

The excerpt was taken from the KPMG Insight: https:// kpmg.com/ca/en/home/insights/2023/11/sustainable-financial-products-can-help-drive-change.html. © 2023 KPMG Int’l Ltd. is a private English company limited by guarantee. R.G. Manabat & Co., a Philippine partnership, is a member firm of a global organization of independent member firms affiliated with KPMG Int’l Ltd. All rights reserved.

E-mail ph-kpmgmla@kpmg.com or visit www.home. kpmg/ph.

This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity.

The views and opinions expressed herein are those of the author and do not necessarily represent the BusinessMirror, KPMG International or KPMG in the Philippines.

Explainer BusinessMirror

B4 Monday, December 4, 2023

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Why COP 28 matters: 5 compelling reasons to tune in to the UN climate talks

World leaders pose for a group photo at the COP28 UN Climate Summit, December 1, 2023, in Dubai, United Arab Emirates. AP/Peter Dejong

By Peter Prengaman

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with no binding decisions or ways to enforce agreements, may seem like a formula for failure in a world accustomed to visible, sometimes splashy resolutions.

However, seen over the course of nearly 30 years of summits, the outcomes could be called cautiously optimistic successes. For example, 10 years ago the level of greenhouse gas emissions had the world on track to warm 4 degrees Celsius (7.2 degrees Fahrenheit) by 2100, which scientists say would create devastating extremes.

Today, models have the world warming by 2 to 2.5 degrees Celsius. That is still significantly beyond the 1.5 target and poses threats to humans; tenths of a degree matter a lot when it comes to extremes.

But overall, humanity is on a much better path. While many factors have gone into lowering the curve on emissions—technological advances, environmental laws in many countries, a move toward electric vehicles, among others— UN climate negotiations have undoubtedly been a central factor.

The Associated Press

UBAI, United Arab Emirates— Ask most people what the annual UN climate talks are and the likely answer will be: “Huh?” Ask those who do know and the answer may be: “Why should I care?”

The negotiations, called Conference of Parties, are nearly two weeks long and in their 28th iteration in Dubai. Delegates use wonky terms like “NDCs” “1.5 degrees” and “loss and damage,” not exactly conversation starters at parties. Any final decision is non-binding, meaning countries can agree to something and then not follow through. And when tens of thousands of people travel to the event, a lot of greenhouse gas emissions are produced, which is contrary to the entire point of the conference.

So why bother?

Even many climate watchers sometimes ask that question, and there is a growing debate about whether the current process needs major reforms. But viewed with a long lens—and with the proviso that progress is often more of a slow trickle than a dramatic event and impact—there are many reasons that the talks can prove worthwhile.

They exert peer pressure

The push for compliance (in a public forum) is a key part of COP—in the form of the development of “Nationally Determined Contributions,” referred to as NDCs. These are plans by individual countries to reduce their use of oil, gas and coal, which produce greenhouse gas emissions that cause climate change, and lay out how they plan to adapt to impacts of extreme weather events.

The plans are required by all nations that signed on to the 2015 Paris Agreement, arguably

the most significant Conference of Parties to date. The plans are public, setting broad targets that industries and individuals in respective countries can see while also providing a chance for other countries, and news organizations, to scrutinize them. Countries are encouraged and expected to update and “raise ambition” in their plans, creating a level of peer pressure for nations to keep promises.

They produce clear goals

That's something that individual entities sometimes have trouble doing.

The Paris agreement established a defining goal that has guided climate discussions ever since: Cut emissions from the burning of fossil fuels to make sure average global temperatures don’t go beyond 2 degrees Celsius (3.6 degrees Fahrenheit) since preindustrial times, and ideally not over 1.5 degrees Celsius (2.7 degrees Fahrenheit). Currently, temperatures have increased about 1.2 degrees Celsius (2.2 degrees Fahrenheit).

As extreme weather events driven by climate change have increased and intensified, climate scientists have pushed to limit warming to 1.5. These days, just about every discussion about climate change has 1.5 in mind.

For example, that 1.5 guide is at the heart of the Biden administration’s climate goals, which include the Inflation Reduction Act in the United States, the largest climate legislation in U.S. history that is

US Secretary of State Antony Blinken addresses the “Transforming Food Systems in the Face of Climate Change” event on the sidelines of the COP28 climate summit in Dubai, December 1, 2023. Saul Loeb/Pool Photo via AP

pumping billions of dollars into green energy transition.

It’s also used as the lens by which many decisions are seen.

When oil companies announce plans to launch new drilling projects that will lock in oil and gas production for decades, policy makers can and do criticize the plans as not keeping within the 1.5 goal. That doesn’t necessarily stop oil companies, or anybody, from making decisions that go against the goal. Still, it provides a frame of reference, which is powerful.

They frame debates

Deciding how to talk about something can be an important part of getting things done.

Last year’s climate talks, COP27 in Egypt, produced a landmark agreement for rich countries to contribute to a fund to help developing nations adapt to climate change. For decades, environmental activists had argued that a “loss and damage” fund was necessary because rich nations, which industrialized with fossil fuels, were largely responsible for climate change while developing coun-

There’s no other option

A passerby walks near a sign that reads "No more stolen land" at the COP28 UN Climate Summit, November 30, 2023, in Dubai. AP/Rafiq Maqbool

tries were being hit the hardest, as they didn’t have the resources to withstand floods, heat waves, prolonged drought and other manifestations of a warming world.

Early discussions of loss and damage at COPs were always on the fringes, not even on the official agenda. That changed last year, as the topic, and thus the decision, ended up being the centerpiece of the summit.

In a larger sense, today many

discussions of climate, from reducing emissions to paying for a transition to green energies like wind and solar, are framed around the idea that rich countries are historically responsible for the current situation and thus have a moral imperative to pay more to confront it.

They foster slow but solid progress

The glacial pace of discussions,

Ultimately, COP is the only game in town.

Even if none of the above is convincing, the reality is there is currently no other way for the world to collectively address climate change. Consider how difficult it can be for two people to agree on anything. How about 200 countries?

The Conference of Parties process gives every nation in the world, whether rich or poor, large or small, a seat at the table to discuss how climate change is impacting them and how they believe the world should confront it. They also give a forum to people of all walks of life to exchange ideas, from young environmentalists and Indigenous activists to bankers and leaders of many industries.

The wonky speeches, lots of discussion and disagreements will continue, all with the hope of combating climate change. That is worth a conversation starter at parties.

Style

BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos • Monday, December 4, 2023

B5

Francis Libiran: Designer ascending

W

ITH creativity of the highest quality, Francis Libiran is emerging as one of the most important Filipino designers practicing his craft today.

On November 24, the Grand Ballroom at the City of Dreams Manila witnessed 25 years of passion and persistence as Libiran unleashed “Sterling,” a lustrous fashion-forward collection inspired by the mythical phoenix.

Libiran’s momentum went full throttle in 2018 when he was invited to be part of a stellar lineup of internationally celebrated designers such as Cinco, Michael; Libiran himself; Amato Couture of Furne One; Santos, Ezra; and Santiago, Cary. Together, the Fab Five mounted the epic World Class show in Cebu City.

“I had to say a big yes to Cary, the organizer of the show. It was such an honor to be part of the fashion show with some of the greatest geniuses of the fashion world. I was motivated to be more creative, innovative, and to think out-of-the box and create a collection that was different from any I’d designed before. It was also a platform to show the country and the world the artistry and talent of the Filipino and our dedication to our craft,” Libiran said at the time.

And what makes a world-class Filipino fashion designer?

“I think that one of the things that make Filipino designers different is the amount of culture and history we have. Combine that with the immense talent of craftsmanship and our dedication to make quality pieces, and what you get is nothing short of world class. What we lack most is probably exposure and that’s why it’s always been my goal to make Philippine fashion globally recognized,” replied Libiran.

‘ARCHITECT OF FASHION’

LIBIRAN’S eye-catching creations, favored by celebrities, beauty queens and high-society, are characterized by their lightness and airiness, their opulence and lavishness, and their structured and architectural silhouettes.

He belongs to the school of fashion steeped in architecture, in the kindred company of Tom Ford, who studied Interior Architecture at the Parsons School of Design in New York; Pierre Balmain, who studied Architecture at the École des Beaux-Arts in Paris; Thierry Mugler, who had interior design training at the Strasbourg School of Decorative Arts; Virgil Abloh, who initially held a Masters degree in Civil Engineering and Architecture from the Illinois Institute of Technology; Christian Espiritu, who went

to the University of Santo Tomas; and Gianfranco Ferré, the “architect of fashion” who studied architecture at the Polytechnic University of Milan.

“I earned my college degree at the College of Architecture at the University of Santo Tomas.

Designing clothes has a direct connection to the discipline and skill I learned from my architectural studies. I can totally relate to Tom Ford as an architect and a designer. He is very detail-oriented and has very high standards in terms of design and quality. I am that way, too,” said Libiran, who, like Ford, is that rare unicorn—a heartthrob designer.

CLOCKWISE: Justine Gabionza, Chantal Schmidt, model, Austin Cabatana, Yaofa de la Cruz, Beatrice Luigi Gomez, Francis Libiran and Jasmine Maierhofer PHOTOS COURTESY OF FRANCIS LIBIRAN FACEBOOK/NICE PRINT PHOTOGRAPHY

FLIGHT OF THE PHOENIX

HELMED by the trailblazing Ariel Lozada, the stage was devoid of any decor. He didn’t want a convoluted message a distracting backdrop may convey. With his haunting music, the director made “Sterling” put the spotlight on the fantastical creations of Libiran.

A truss of lights, like a Ring of Fire, illuminated the models, whose mesmerizing movements were reminiscent of the muses of Richard Avedon and Helmut Newton.

Their alien-ish hair and makeup, inspired by the theatrical works of Guido Palau, were styled by the tirelessly talented Eric Maningat with help from the legendary Henri Calayag.

The men’s hats were created by the highly creative Ricky Vicencio: “Basically, Ariel’s concept is height.

Elongated versions of a typical hat. Material is felt cloth and taffeta. Incorporated with the fabrics used

by Francis for the menswear.”

“We were so blessed. All the elements we’ve put together all gelled well,” Lozada rhapsodized after the acclaimed showcase.

As per his notes, “The Francis Libiran Phoenix Collection is inspired by 25 years in the craft of designing works of wearable art. It narrates a journey of rising from the ashes reflected by the transitioning from gold to gray to black, and finally to a fiery red gown—The Phoenix.”

The collection, meticulously and painstakingly made in Mumbai, India, is like a mix of techniques and use of fabrics. The 25 pieces started with gold, signifying the gold standard which every designer aspires for. Then silver, for his years in the business.

The pewter color he combined with silver and gold as the colors transitioned. Then black to red. Then pure red to ombre.

“Rebirth of the Phoenix” was the first piece that tells the journey of Francis Libiran rising from the ashes. The piece, made of wired crushed silk, embodied beginnings and the start of rising toward a victory reflecting the splendor of the mythical Phoenix. It was modeled by the majestic Justine Gabionza.

The gorgeous Jasmine Maierhofer served as the Final Girl, sauntering in a gown that was “a sultry depiction of Francis Libiran rising from adversities and moving toward a sterling triumph like a phoenix rising from the ashes at rebirth.”

Also a huge help to Libiran on this milestone undertaking is his best friend and fellow designer Nat Manilag, who gushed: “He exemplifies traits that we often admire in many fashion designers/

WHAT else would Francis Libiran like to achieve?

“2024 is really all about doing a lot of things in terms of retail. We’re not getting any younger, so we want sustainability. What my business partner Arsi Baltazar and I aim for is we really want to retain the name Francis Libiran even if I’m not around anymore,”Libiran said. “That’s my legacy. Another designer would be the one doing it for me. That’s what’s lacking in the Philippines. We have brilliant designers but all of them, when they die, their name goes with them. And we want to change that type of setup.” n

redesigned flacon that is even more elegant and reminds you that BVLGARI is a jeweler. The design pays tribute to Omnia’s iconic shape with detachable rings flowing into each other.

The design represents the infinity symbol, those drops of light that shine from one moment to the next.

The scents of the BVLGARI OMNIA Collection evoke three distinct gems, each aligned with a single flower. Exquisitely crafted by Master Perfumer Alberto Morillas, the fragrances are universally loved and revered.

The BVLGARI Omnia Crystalline is a luminous Eau de Toilette inspired by the aquatic transparency of the lotus flower, sublimated by the airy generosity of a white peony.

The BVLGARI Omnia Amethyste is has nuanced bouquet embodying the scents of Iris gardens dappled with

morning dew. The BVLGARI Omnia Coral brings to life the incandescent energy of the red coral. The floral-fruity eau de toilette captures all the liveliness of nature through the bright aura of hibiscus notes. n MCM ONYX EAU DE PARFUM. German luxury brand MCM recently introduced its first-ever fragrance for men, MCM Onyx Eau de Parfum. The fragrance, which inspires energy, empowerment and strength, is a futuristic woody fougère born from the fusion of luxury craftsmanship and new-tech perfumery.

Inspired by the brand’s iconic Stark backpack, MCM Onyx reimagined the original MCM award-winning fragrance bottle design in a modern, yet refined colorway, clad in black and dark gray Visetos paired with gunmetal accents. If you were a fan of early era EXO like I was, you’d know why a perfume bottle shaped like the Stark backpack is so exciting. n MONTBLANC EXPLORER PLATINUM. This is the latest addition to Explorer, Montblanc’s second fragrance pillar and it’s a bestseller worldwide. This is my new favorite scent and I know this is meant for men but it never got to my husband.

My intention was to give it to him but I took it.

Montblanc Explorer Platinum was created by renowned perfumers Bruno Jovanovic, Nathalie Lorson and Fabrice Pellegrin. The fragrance is built around noble woods, enlivened by a breath of vibrant cypress, and airy crispy accord, “articulating a bold and refined masculinity.”

The new eau de parfum opens in the most vibrant way with sparkling and crispy green notes of grapefruit, violet leaves and clary sage essence, intensified by an airy note that delivers a crystalline freshness reminiscent of snow and ice.

The intensity of cedarwood Alaska and an accord of elegant ambery notes creates a textural woodiness leaning toward the brighter side of moss combined with an accord of musky woody notes that brings richness to the fragrance.

What I love about Montblanc Explorer Platinum is its multi-faceted nature. It smells green right now but will seem peppery the next moment. And it does remind me of snow and ice.

entrepreneurs such as being resilient, dedicated, and always on the go. He has this very special quality that a lot of designers don’t have, in that he really cares about how his clients feel in his clothes. He wants to make sure that you feel really strong and empowered—this is something that I really resonate with. He always sets the bar high and often leaves his comfort zone to experiment on new designs.”

FUTURE PERFECT

Give the gift of fragrance

YOU can’t go wrong with the gift of fragrance. One of the best things to do for someone who loves perfumes is to unbox a new scent.

Scents enhance a person’s life in so many ways. To me, it feels good to spritz your favorite body mist, cologne, eau de toilette, or eau de parfum after you’ve dressed up. Even better is when someone compliments you on smelling good.

How do you choose which fragrance to buy as a gift?

First, determine what kind of scents the recipient likes. The different types include woody, citrus, gourmand, floral, fruity, spicy, aquatic, green, and fresh. Lately, a lot of people have been liking skin scents, which play off your skin’s natural scent.

So, here are some of our fragrance picks for the holiday season: n ALL OF ME BY NARCISO RODRIGUEZ. This is a floral perfume that’s unique because it mixes rose centifolia with bold geranium bourbon, a note usually found only in men’s fragrances. Of course, present in All of Me is Narciso Rodriguez’s signature musc accord by Narciso Rodriguez. If I smell this accord, I usually think of the brand and I’m almost never wrong.

For All of Me, Narciso Rodriguez made a cocktail of six music notes to make a base note that’s just perfectly sweet.

I already love rose fragrances and All of Me by Narciso Rodriguez is something new that I am sure those who go for unique florals will appreciate.

You can find Narciso Rodriguez fragrances in Rustan’s, department stores, and in their Lazada Flagship Store. n BVLGARI OMNIA FRAGRANCE COLLECTION. I always say you can never go wrong with a BVLGARI OMNIA fragrance. I remember that every time I would compliment my friend Dinah Ventura on how good she smelled, she would say, “You like this so much, you should already buy it.” And I did. That perfume was BVLGARI Omnia Amethyste, which is the best-selling BVLGARI fragrance in the Philippines.

During a brunch organized by The Beauty Edit, Luxasia Philippines unveiled its new fragrances, one of which is the BVLGARI Omnia Fragrance Collection.

The BVLGARI Omnia Fragrance Collection has a

FRAGRANCES from Narciso Rodriguez, BVLGARI Omnia Fragrance Collection, MCM, and Montblanc would make great holiday gifts. IMAGES FROM NARCISO RODRIGUEZ AND LUXASIA

B6

Monday, December 4, 2023

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HEDCOR UTILIZES SPECIALIZED DRONES TO OVERSEE RENEWABLE ENERGY ASSETS

CAYANGA-BUGALLON Solar Power’s operations and maintenance team excels with drone precision, boosting maintenance efficiency.

P

OWER Corporation (AboitizPower) subsidiary Hedcor surveys its portfolio of solar and hydropower power plants from a bird’s-eye view with the help of specialized drones, enabling the renewable energy firm to do its maintenance and rehabilitation activities more efficiently.

Using drones makes inspections quicker, saving Hedcor a lot of resources since it initially takes significant time and effort for a person to check on the company’s assets given the sheer size and scope of its facilities.

Having adopted this technology, Hedcor’s San Carlos Sun Power Inc. (SacaSun) in Negros Occidental and Cayanga-Bugallon Solar Power in Pangasinan are able to constantly and accurately check the quality of their solar panels. Outfitted with high-resolution cameras and other onboard sensing equipment, maintenance requirements are diagnosed faster, resulting in less downtime and more reliability in clean power generation.

Such use of technology and data supplements the Aboitiz Group’s transformative

wave of becoming the Philippines’ first Techglomerate and AboitizPower’s drive to upgrade its services via digitalization.

Alfred Balaga, SacaSun Solar Grid Manager, emphasized that this dynamic strategy has not only optimized the utilization of existing resources but has also established Hedcor as a leader in the renewable energy industry.

“Through the effective use of technology in trying to sustain its operations, Hedcor is setting new standards for the future of clean energy generation, showcasing the significance of innovation and environmental responsibility in a rapidly evolving world,” he said.

Meanwhile, drones also played a pivotal role during Hedcor’s rehabilitation project of the conveyance line of the 6.4 megawatt Ferdinand L. Singit Hydro or FLS Hydro in Bakun, Benguet. This infrastructure— with a length of about three kilometers—is a critical component for water transport in its hydroelectric power generation.

Engineers were able to conduct precise and streamlined assessments of the conveyance line’s condition, helping facilitate the design of targeted solutions to minimize downtime and optimize efficiency.

Ultimately, the outcome was a swift and cost-effective rehabilitation.

Simultaneously, Hedcor’s hydro facility in Bukidnon also utilized drones for proactive inspections. This initiative provided a comprehensive view of the plant’s infrastructure and identified areas for improvement.

This approach empowered the team to take preemptive measures, preventing costly breakdowns and ensuring the plant’s capability to generate electricity. The data collected through drone inspections served as the foundation for a thorough evaluation and design process leading to focused maintenance activities and improvements in the infrastructure.

At Hedcor, engineers have incorporated drone technology as an indispensable tool in their pursuit of operational excellence.

As it commences and continues with its digitalization drive along with AboitizPower, Hedcor is in a better position to help advance its progress, as well as the businesses and communities it serves.

Moreover, the operations and maintenance teams are able to live out the core behaviors of a member of the Aboitiz Techglomerate as they harness the capabilities of drone technology to enable smarter, simpler, and faster work. Needless to say, they are also having fun in the process.

“Hedcor’s jou r ney as pa r t of t he Aboitiz Techglomerate combines human skill with advanced technology, creating pioneering, sustainable energy solutions.

Fueled by our pursuit of innovation, we’re helping shape a green, bright future that will endure for generations,” said Hedcor President and COO Rolando G. Pacquiao.

BrandComm Asia appoints Zot Brillo as Managing Partner B RANDCOMM Asia, a Philippine-based PR and creative solutions agency, recently announced the appointment of Zot Brillo as its managing partner.

In his new role, Brillo brings extensive experience of having worked with local and international brands across diverse sectors, including technology, lifestyle, beauty, fashion, motoring, FMCG (fast moving consumer goods), F&B (food and beverage), and properties. He has championed building relationships over the years, enabling him to establish a robust network of media and influencers all over the Philippines.

Known as a modern PR and creative solutions agency, BrandComm Asia integrates innovative and traditional communication approaches to help transform and position brands as industry leaders. The agency has helped clients from different industries foster meaningful stakeholders connections and create off line and online content.

As BrandComm Asia Managing Partner, Brillo will spearhead the agency, oversee dayto-day operations, and lead a dedicated team of PR professionals to help provide world-class service to clients. Brillo’s expertise in crafting modern communications strategies and familiarity with traditional PR will be integrated into the creative strengths of the agency, such as in media and influencers management, strategic comms, events management, digital marketing, and creatives.

“I am excited to join BrandComm Asia. Having had the privilege of working with local and global brands from different industries, I am committed to bringing a fresh and dynamic perspective to BrandComm. Our aim is to be a trailblazer, engaging clients in diverse sectors. We aspire to craft a modern identity that resonates, ensuring continued success in delivering impactful PR and communications solutions for brands,” shared Brillo.

ZOT BRILLO, BrandComm Asia’s Managing Partner Today’s communication landscape demands the sy nerg y of the traditional and the modern. For Brillo, pushing for the integration of modern PR approaches and traditional communication strategies w ill help brands succeed in their businesses.

He believes that the hybrid approach not only ensures that brands and companies resonate w ith their audiences but also positions themselves at the forefront of the ever-evolv ing industr y.

BrandComm Asia remains steadfast in its mission to transform brands through tailored and innovative communication strategies. With Brillo’s experience and expertise, the agency is poised to set new benchmarks, synergizing traditional PR strategies with modern approaches.

Engage with BrandComm by visiting their website www.brandcommasia.com. You may also connect with Brillo at zot.brilo@brandcommasia. com.ph.

FLASH Express officials and guests make a toast to celebrate the inauguration ceremony of Flash Express PN5 Hub in Santa Rosa, Laguna.

Flash Express upgrades logistics facilities to handle high demand this holiday season

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PHILEX MINING BAGS BEST FOREST AWARD Philex Mining Corporation, one of the oldest and largest gold and copper producers in Southeast Asia, was recently given the Best Mining Forest 2023 Award, Exploration Category, in ceremonies held during the Awards Night and Testimonial Dinner of the 69th Annual National Mine Safety and Environment Conference of the Philippine Mine Safety and Environment Association (PMSEA) at the CAP-John Hay Trade and Cultural Center, Baguio City. On hand to receive the award was Engr. Ricardo S. Dolipas II (2nd from left), Philex Vice-President for Padcal Operations and Resident Manager, from presenters, left to right: Atty. Juan Miguel T. Cuna, Undersecretary of the Department of Environment and Natural Resources; Annie G. Dee, PMSEA Director; and Engr.

Marcial H. Mateo, Chief of Mine Safety, Environment and Social Development Division of the Mines and Geosciences Bureau. This is the fourth time Philex has received the award in this same category.

PMSI Welcomes New Member to its Board of Directors

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HIL SA FE Ma r ine Ser v ices Inc. (PMSI), a licensed Philippine manning agency, has welcomed Jeanny Garcia Batac as a new member of its Board of Directors.

Batac, along with two officials of PMSI, pioneered the company’s incorporation in 2012 but opted to stay in the background by backstopping PMSI’s crewing operations.

The new BOD member has been involved in crewing operations for the last 29 years.

Prior to joining Philsafe Marine, Batac used to be connected with at least three reputable

sea-based manning agencies holding critical crewing positions, indicative of her vast experience in her current line of work.

Batac is a Computer Science graduate and is married to a councilor in their locale. Their union has been blessed with four children.

Philsafe management says that the elevation of Batac as a Board member has long been overdue considering her significant contribution to the establishment and sustained growth of the company which is about to turn 12 years in 2024.

LASH Express recently inaugurated its latest automated 20,000-square meter hub in Santa Rosa, Laguna that is equipped with the most advanced logistics sorting machines.

With the newly installed equipment that can process up to 600,000 parcels per day, the upgraded facility marks a new level of business volume, quality service, standard logistics management and operation efficiency for the fastest-growing logistics and courier service company in the Philippines.

The Flash Express PN5 automated hub has a matrix consisting of 20 unloading lines, including 12 sets of DWS (Dimensioning, Weighing and Scanning) and automatic balance wheel sorting machines and eight manual sorting lines that can process 120,000 parcels per hour. In the bagging area, there is a doublelayer automatic sorting machine with 420 sorting grids that can process 40,000 parcels per hour. While in the sorting area, there are 20 line hauls and 180 DC. According to Flash Express General Manager (GM) Vincent Peng, the firm, in the past two years since its establishment, has faced and adapted to the country’s e-commerce logistics market, social environment and competitive business environment.

“In order to adapt to the development of the market and the needs of customers, we have invested a lot of money and manpower to finish the renovation of our hubs and distribution centers. More advanced equipment and technology have been used,

manpower and vehicles have been increased, and the quality and efficiency of operations have been improved. Thus, the capacity of the whole operation has been greatly improved,” he said.

The GM reiterated that the upgrade represents the company’s confidence in the market and the determination to develop business partnerships and to continuously adapt to the demands of the market development and to continuously improve their operations.

He said that the business will have a higher standard and more professional attitude to provide customers with more quality, efficient and reliable service, and to work better with all their business partners to help improve the e-commerce logistics industry.

In addition to the company’s commitment to provide better service, it recently sealed a partnership with Palawan Express Pera Padala and AllBank to provide easy payment solutions and remittance for their operations through Flash Pay, the firm’s Electronic Money Issuer (EMI) and Electronic Payment Financial Services (EPFS).

Earlier this year, Flash Express secured additional transportation fleets and logistics vehicles to ensure fast delivery of parcels nationwide. As of October 2023, the company has employed more than 12,000 riders and couriers strengthening its overall operations to more than 18,000 manpower across its serviceable areas nationwide. It is more than ready to cater to the volume and demands of customers this holiday season.

Marketing BusinessMirror

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Monday, December 4, 2023 B7

Because I knew you KEEPSAKE PHOTOS OF EARLIER YEARS On November 24, 2023, one of the earliest members of IPRA Philippines, Maximino “Max” Edralin Jr. (“Tito Max,” as I called him) would have turned 92 years old. He was a valued adviser who generously shared his knowledge and experiences.

A prolific writer of excellent works, he always found time to mentor and find the humor in moments. The photos that follow are those that celebrate him and other PR icons who blazed trails for us today.

WHEN THEY WERE YOUNG This photo shows young journalists who were jailed in 1955 in Pasay City for defending press freedom. I was blessed to know two of them. In the foreground (in a plaid shirt) is Francisco “Mang Kiko” de Leon who was then a Manila Chronicle Malacanang reporter. He later headed our Meralco Public Information Office when I joined the company as a junior writer. He exacted precision and journalism at its best. At the extreme right is Maximino “Tito/Manong Max” Edralin Jr., APR who was then a Philippines Herald reporter. I remember both Mang Kiko and Tito Max telling me about this unforgettable experience that became a milestone in press freedom. And in later years, both were destined to become Presidents of the PR Society of the Philippines. Others in the photo are: Joe Aspiras of the Evening News who later became Secretary of the Department of Tourism, Maning Salak of the Manila Times, and Greg Coronel of the Philippine News Service. Photo from the FB page of Tito Max.

WITH TWO PR PILLARS Circa 2016 at the National PR Congress: fellow IPRAn Kane Errol Choa, APR and I, flank PR pillars Charlie Agatep, APR and Max Edralin, APR.

PR CONFERENCE, WASHINGTON D.C. I cherish this photo with Tito Max AT THE WASHINGTON POST (Right photo) The Philippine group at the Washington Post included fellow IPRAns Max Edralin, APR (seated, center), Butch Raquel, APR (third from left), Claire de Leon-Papa (seated, center in red) and myself (seated beside Claire) and colleagues from Philippine companies. (Left photo) A keepsake photo at the office facade with Tito Max and Yoly Crisanto, APR. The three of us eventually became Presidents of the PR Society of the Philippines in different years.

“Because I knew you, I have been changed for good,” (from the Broadway musical, “Wicked”) speaks of what ultimately PR should result in, with persuasion, trust, reputation and relationship building happening over time. In today’s real-time world, our sincerity and consistency in actions that match what we say, can shape and determine the reputation and credibility of our client, institution, or advocacy.

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S 2023 nea rs its close, it is fitting that we reprise what was tackled at the annual Philippine PR industry event that was held in September, the National Public Relations Month.

Members of IPRA Philippines attended the National PR Congress, a gathering of PR professionals from various industries and sectors, organized by the Public Relations Society of the Philippines. Its concluding session was on a note of joint support as attendees together pledged to uphold PR education and professionalization, and its positive impact.

Specifically, the pledge stated: “Together, we can support the development and institutionalization of PR as a profession and a body of knowledge, by: (1) Giving young public relations professionals the opportunity to acquire academic credentials and education in the Philippine education system to create succeeding generations of competent and ethical PR professionals; (2) Supporting dynamic learning through continuing education and training for career develop-

ment and growth; and, (3) Building a legacy for the good of as many lives as we can touch.”

The 2023 theme, “Gnomon” (“the raised part of a sundial that casts the shadow”) asked how much of a shadow (a good one, that is) we cast as PR professionals.

And, from a strategic point, just as how a gnomon is positioned in a sundial, how much of what we do helps tell the time, define the times, determine direction, and provide an energy source.

How much of what we do reassures our stakeholders and makes sense of changes that may be dizzying and puzzling, and impacts lives, both personally and professionally.

That got me thinking, and here are five thoughts to ponder in our PR journey in the year ahead.

1. Positive purpose & impact

The coming and going of leaders and colleagues through the years, strengthen these thoughts: What is it that we do, for what purpose, and for what positive change and encouragement we want to leave behind, for as many as possible, because of the PR we practiced?

2. Shaping the next generation

W e aspire that our PR work achieves or even surpasses targets, upholds reputations, wins over stakeholders, and makes progress happen.

How many have we mentored and guided to create a new generation of leaders and professionals steeped in values, armed with competence and stamina for adversity, upheavals, nitty-gritty, and disparate ideas and personalities? How much harmony and consensus have we built, sans ego, to bring order to chaos, make sense of developments, and solve and prepare for crises? How much of a role model are we?

In heartfelt conversations with colleagues and mentees, we see the humanity that dwells in us and binds us all, regardless of rank, position, age, gender, and gravitas.

At different times of our lives and careers, the ups and downs shape us, as we work hard to achieve targets, objectives and timetables, even with limited resources, and overlapping deadlines, while still needing work-life balance.

3. Realities and choices we make

I’ve been asked by communication and PR students if taking the high road and doing good is really doable in real life (as some

practitioners have said, it is naive to think it is possible when realities kick in.)

I’ve been privileged to work with CEOs who, when faced with ethical dilemmas affecting operations, always took the high road.

And, the company continued to be a market leader, surpassing EBITDA targets, and performing at the top, both here and abroad.

Knowing that as a PR Head gave me confidence and fulfillment to decide and achieve, because the CEO and the company’s integrity had my back and there was no dissonance (that could lead to stress and mental health issues) as we shared the same values.

To the students’ question, my reply would be that knowing what the untoward practices are, is needed to know the realities with eyes wide open, but choosing to do them is another thing that our free will should decide. I would say, if you want a change, then be the change. And that when the time comes when you are the deciding person, you sign the checks, you lead the pack, I am hoping that your courage and grit will still be there to make the decision that you now say is the right one that must be made.

4. Valued for who we truly are

In training sessions and talks for professionals and PR classes, I’ve raised the question: “Are you valued only because of your position, your network, your clout and resources that could be finite over time, or are you valued for who you truly are, as a person and as a PR professional, that could be timeless?” As one transforms from being a positioned PR to a citizen PR, what can we look back to? Again, what kind of a gnomon were we or are we? What truly matters at

as we attended the Annual Conference of the Public Relations Society of America (PRSA) in October 2010 with the theme “Powering PRogress.” We were also able to visit the Washington Post and join a budget meeting with the editors. Already at that time, conversations and posts online were monitored, analyzed, and discussed for newsworthiness that could impact on what would be the stories on the main pages.

the end of the day and at the end of all times?

In the race to understand and be adept in technology to be ahead of the curve, there is anxiety to excel and adroitly go from tool to tool as a yardstick of effectivity and success. This has led me to believe that some things change like technology, but some things must not, like living your values and knowing your true self, and the better self into which we can develop as we get seasoned in the profession.

Again, a line goes through my head from a ballad that has a story of its own. When initially released, the song ranked low, number 97 out of 100 on the BillBoard Hot 100. It was five years later when a DJ played the song again that it was rediscovered and rereleased by Motown Records, and became a hit.

The timing was right and perhaps the audience was by then receptive to it. Its narrative is poignant. Though the lyrics may not be deemed appropriately sung by all ages (though the melody is beautiful), one line hauntingly reminds me of the need to know ourselves well and not as the lyrics woefully go: “...I’ve never been to me.”

In a social entrepreneurship class, our professor began session one by asking these questions: “What are you truly good at?” And knowing that: “What would you really, really want to do?” It gave us pause, to listen to our inner honest voice, know our roots, and from crisis moments, learn to dig deep into our adversity quotient (AQ) with calmness, fairness, compassion, and decisiveness.

5. Our cornerstone in the ecosystem

In the daily grind, there are so

many simultaneous stimuli, multiple programs and tasks, and diverse opinions and motivations. So much flux in technology, artificial intelligence, big data et al. It can be exhausting so we take a step back and recharge, and look forward to another sunrise.

As the many issues such as sustainability and climate change, and acronyms such as DEI, AI and ESG arise, I propose we return to our very core as PR professionals as our cornerstone: knowing ourselves and what makes us tick and falter, making choices, working in the grind, taking the high road, continually learning with and listening to each other, and eventually leaving behind legacies of positive change and encouragement. We are, after all, living in a global ecosystem of interrelationships.

That way, those whose lives we touch because of the PR gnomon we cast, we hope, can truly say that, “Because I knew you, I have been changed for good.”

PR Matters is a roundtable column by members of IPRA Philippines, the local chapter of the United Kingdombased International Public Relations Association, the world’s premier association for senior communications professionals around the world.

Ritzi Villarico-Ronquillo, APR, IABC Fellow is a Consultant, Coach and Speaker on Business Communication and Strategic Public Relations with 43 years of experience in leading internal and external communication and PR in corporate, communities, academe and associations.

We are devoting a special column each month to answer the reader’s questions about public relations.

Please send your comments and questions to askipraphil@gmail.com.

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Olivarez shoots for second open crown at home

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RIC JED OLIVAREZ is poised for another “double,” including the singles Open crown, as he spearheads a stellar field in the Rep. Edwin Olivarez Cup starting Monday at the Olivarez Sports Center in Sucat, Parañaque.

The 25-year-old Olivarez, coming off a triumphant 6-3, 6-4 victory over Fritz Verdad in the MITF Open in Iloilo last month, gained the top seeding in the 64-player field, looking to capitalize on the absence of seasoned Johnny Arcilla and Jose Maria Pague, who have begged off from participating in the 10-day championship due to injuries.

Despite the absence of AJ Lim, who won the Mayor Eric Olivarez Cup, also over Verdad, last August, the title chase promises to be fierce with a mix of veterans and upcoming talents in the roster. Notable contenders include Vicente Anasta, Alexis Acabo, Verdad, Eric Tangub, Noel Salupado, Jude Ceniza, Eury Dice Gaspar, Noel Damian and Loucas Fernandez.

To accommodate the big number of entries, the organizing Palawan Pawnshop-Palawan Express Pera Padala held a one-day qualifier Sunday where 32 bidders will vie for four slots in the main draw.

Olivarez, a Western Michigan University product, is also teaming up with Nilo Ledama as he aims for another doubles Open trophy after winning the MITF Open with absentee Josshua Kinaadman.

The Olivarez Cup, supported

by Mayor Eric Olivarez, Palawan Pawnshop, Slazenger, Dunlop and MTE Tennis, features not only the men’s singles and doubles Open, but also the Legends’ men’s singles 35 and 45 and the Legends’ men’s doubles 30s, 40s and 50s.

Spicing up the event is the Grand Slam singles and doubles for juniors boys’ and girls’ with Brice Baisa, Ariel Cabaral, Frank Dilao and Kale Cyd Villamor leading the boys’ field and the Chloe Mercado, Sandra Bautista, Joy Ansay and Ronielle Oliveros bannering the girls’ cast.

As the Palawan PawnshopPalawan Express Pera Padala tennis program initiated by president and CEO Bobby Castro wraps up another successful season, the Dagitab Festival Open is scheduled for December 13 to 21 in the City of Naga, Cebu with Arcilla and Pague expected to join the title chase.

ATVIA’S Tina Graudina and Anastasija Samoilova showed how tenacious their seven-year partnership have become by beating Spain’s Daniela Alvarez Mendoza and Tania Moreno Matveeva, 21-14, 21-18, to reign as the newest women’s champions of the Volleyball World Beach Pro Tour Challenge on Sunday at the world-class Nuvali Sand Courts in Sta. Rosa City.

“We’re very happy that we’ve become even more solid as a pair, although we needed to make some adjustments in both sets,” said the 6-foot Tina Gaudina, 25, who started playing with Samoilova in 2016, winning the European Championships twice in 2019 (Moscow) and last year in Munich.

Ranked world No. 14, the duo were a crowd favorite at the newlybuilt world-class courts in Nuvali, with Graudina drawing symphatic attention—she played Sunday’s semifinal and final with a small bandage protecting a half-centimeter wound just above her right eyelid.

“While playing, it’s all adrenalin, but before and after each match, I feel bothered,” said Graudina. She sustained the small would when the ball hit her face shattering her shades in Saturday’s quarterfinals.

Graudina led from the front with 18 points on 12 hits, four blocks and two aces while Samoilova held the fort on the defensive end with 13 digs plus 12 points on 12 attacks.

Too bad, though, that the Latvian pair had to pack their bags Monday and head for Doha for the culminating leg of the tour.

“I wish we could stay longer. I know that the Philippines has so many beaches…maybe next time,” said Graudina, adding the weather was too hot for them, but one they could handle.

“See this water on our bodies?

They’re our sweat,” she said despite the final being played under a drizzle.

“But we love it here, our first time, and we hope to come back next year.”

World No. 14 Anastasija Samoilova and Tina Graudina of Latvia trounced world No. 21 Daniela Alvarez Mendoza and Tania Moreno Matveeva of Spain, 21-14, 21-18, to reign supreme as the newest

Latvian pair displays title-clinching form women’s champions of the Volleyball World Beach Pro Tour Challenge on Sunday at the world-class Nuvali Sand Courts in Sta. Rosa City.

Latvia beat world No. 18 Terese Cannon and Megan Kraft of the United States in the quarterfinals, 21-19, 21-18, before fending off the powerhouse pair of Taina Silvi Bigi and Victoria Lopes Pereira Tosta, world No. 13, from Brazil, in the semifinals, 21-18, 21-17, in the event supported by gold sponsors Ayala Land, Mikasa, Senoh, Philippine Sports Commission, Pinay In Action and Smart as gold sponsors and PLDT, Gatorade, Maynilad, Rebisco, Ayala Malls, Department of Tourism, CBPI, Club Laiya, Foton as bronze sponsors.

Bigi and Tosta went on to clinch bronze by beating world No. 20 Lezana Placette and Alexia Richard of France, 21-17, 21-14.

The tandem of Mendoza and Moreno defeated world No. 24 Taravadee Naraphornrapat and Worapeerachayakorn Kongphopsarutawadee of Thailand, 21-15, 21-16, in the quarterfinals.

The Spanish bets then escaped past the world No. 20 French pair of Placette and Richard in the semifinals, 21-19, 21-8, before a final defeat to the Latvian stalwarts for the silver medal in the biggest beach volleyball event ever hosted by the Philippines behind the leadership of Philippine National Volleyball Federation (PNVF) president Ramon “Tats” Suzara.

World No. 27 Robin Seidl and Moritz Pristauz of Austria arranged a final duel with world No. 13 Thomas Hodges and Zachery Schubert of Australia in the men’s division played late Sunday.

Sports BusinessMirror

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onday, December 4, 2023 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

HD, 7 other Filipino lifters start flexing muscles in Doha qualifiers

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By Josef Ramos

IDILYN DIAZ-NARANJO resumes her quest for a fifth consecutive Olympics— for a potential second-straight gold medal—in the International Weightlifting Federation (IWF) Grand Prix II that starts on Monday at the Holiday Villa Hotel and Residence in Doha, Qatar.

Diaz-Naranjo, winner of the

FEU Cheering Squad triumphs

The Far Eastern University Cheering Squad mesmerizes the jampacked crowd at the SM Mall of Asia Arena with a Super Mario-themed act to run away with the University Athletic Association of the Philippines Season 86 Cheerdance Competition crown on Saturday. The National University Pep Squad finished second with a “Blue Suede Shoes-inspired” routine and the University of Santo Tomas Salinggawi Dance Troupe does a Blackpink to again finish in third spot.

country’s first Olympic gold medal in Tokyo 2020 two years ago, competes in women’s -59 kgs on Wednesday, hoping to lift numbers to remain—or improve—on her world ranking of No. 7 that keeps her well within the qualifying quota—top 12—for her division in the Paris 2024 Olympics.

Seven other Filipinos are also hoping to qualify for Paris in Doha, each of them required to compete in five to six qualifying tournaments for the Olympics.

First up on Monday is rising Angono (Rizal) pride Lovely Inan, 18, a 32nd Southeast Asian Games silver medalist, who’s vying against a 17-lifter women’s -49 kgs Group B field.

Rosegie Ramos competes in the same women’s -49 kgs class on Tuesday in Group A which has seven participants.

Loving the bank shot I CAME across this article in the New York Times this past weekend about how the bank shot—especially during free throws—are popular in the Korean Basketball League (KBL).

Incredibly, those using that technique for free throws are hitting at a high 80 to 90 percent rate.

I have always loved the bank shot since I saw Julius Erving do that with the Philadelphia 76ers. I loved how even during lay-ups, Erving and even George Gervin flicked the ball off the board and used its spin to guide it into the net.

Then of course, some other bank shot artists were Scottie Pippen and Tim Duncan (he is considered one of the best at that technique in the Association).

When Erving and Gervin were going to that shot, it became the rage in basketball courts everywhere, and I too was afflicted.

I practiced it at home or in school and became good at it.

On the playground, school intramurals, corporate leagues, Fil-Am Summer Leagues, I would always always use it. Up to the last time I played competitively in 2012, I ‘d use it.

Dunking the ball? Nah, I couldn’t do that. I could only touch the rim. That’s about it.

Look, I love the all-net shot. The swish feels good.

TINA GRAUDINA AND Anastasija Samoilova hug on the court following their straight-set women’s final victory over Spain’s Daniela Alvarez Mendoza and Tania Moreno Matveeva Sunday. ROY DOMINGO

Spotlight on future of sports in ‘Siklab’

T Ramos’s younger sister Rose Jean sees action in women’s -45 kgs while on Wednesday, it will be the turn of John Febuar Ceniza in men’s -61 kgs (Group A) and Tokyo Olympian Erleen Ann Ando in the same women’s -59 kgs Group A field on Friday.

On Sunday, Jinju Asian Championships silver medalist Vanessa Sarno and Kristel Macrohon compete in the women’s -71 kgs class.

The team, according to Samahang Weightlifting ng Pilipinas secretarygeneral Patrick Lee, is coached by Antonio Agustin Jr., Christopher Bureros and Diwa de los Santos.

Rosegie Ramos and Sarno are currently ranked ninth in the -49 kgs and -59 kgs classes, respectively.

Ando, on the other hand, is ranked No. 10 in the -59 kgs class and Ceniza sixth in men’s -61 kgs.

Two more Paris qualifiers are scheduled after Doha—the Tashkent Asian championships from February 20 to 26 and IWF World Cup from April 2 to 11 in Phuket.

The Doha qualifiers gather 206 entries from 79 countries in the men’s division and 176 participants from 72 nations in the women’s side.

HE spotlight focuses on the future of Philippine sports in the Third Siklab Youth Sports Awards on Monday night at the Market! Market! Activity Center in Taguig City.

A total of 58 young athletes from 33 sports will share the stage as the awards organized by the Philippine Sports Commission and the Philippine Olympic Committee (PSC-POC) Media Group returns from a pandemic hiatus.

Leading the awardees are tennis star Alex Eala, World Combat Games champion Alyssa Kylie Mallari of muay thai, weightlifting world youth champion Prince Keil Delos Santos, Asian juniors silver medalist gymnast Karl Eldrew Yulo and Southeast Asian Games gold medalists Kira Ellis and Matthew Hermosa, along with 18 others.

They will receive the Go for Gold Siklab Young Heroes awards along with SEA Games silver medalist Gennah Malapit of athletics, boxer Ronel Suyom, golfer Rianne Malixi, gymnasts Charlie Manzano and Breanna Labadan, jiu-jitsu’s Santino Luzuriaga and Bianca Bustamante of motorsports.

Asian pole vault king Ernest John “EJ” Obiena is the hands down winner of the “Sports Idol” award in the ceremony for the finest Filipino junior athletes 18 years old and younger.

The Siklab Awards will also present a special citation to the

You’re a deadeye.

The bank shot? I always felt there was a science, math, and art to it. And I didn’t care if people laughed at the bank shot.

Besides, in the Philippine Basketball Association, Dondon Ampalayo, Philip Cesar, Freddie Hubalde and Bogs Adornado would use the board as well. A good friend, Joey was known for his booming triples. But he liked to occasionally hit a bank shot—get this—from a hook shot.

Shades of his dad, basketball great Caloy Loyzaga.

Whether using that box behind the ring or using angles to send the rock in, I got a kick out of it.

And it became a necessity.

Playing in some recreation leagues in the US, if I wanted to get a shot off against the taller Americans, I used the top of the backboard to bank or kiss the ball in. If they messed with it, it was goaltending. So, all the more I used the bank shot.

When I would score using that technique, I ran back rather coolly, but thinking of the Doctor and the Iceman.

Youth Football League and the Davao Aguilas Football Club, which is supported by Quezon City 1st District Rep. Juan Carlos “Arjo” Atayde.

Additionally, the Para Youth Star award will be given to Asean Para Games double gold medalist Ariel Alegarbes.

Sports patron Senator Bong Go will also be recognized with the Godfather Award in the event backed by MVP Sports Foundation, Smart/PLDT, CEL Logistics, JC, NLEX, Pacquiao 3-in-1 Coffee, Blue Hydra, Giligan’s and QC Third District Councilor Dok G Lumbad with Market! Market! and Ayala Malls as venue partners.

Meanwhile, receiving the Burlington Super Kids Award are world champions Joseph Anthony Godbout of modern pentathlon, pitcher Erica Arnaiz of softball, muay’s Jan Brix Ramiscal and Asian championships bronze medalist Jasmine Althea Ramilo of gymnastics, as well as wrestling’s Lucho Aguilar, Trisha Mae Del Rosario of obstacle sports and karate’s Sebastian Niel Mañalac.

“Rising Stars” awards will likewise be handed out to Christian Gian Karlo Arca and Mark Jay Bacojo of chess, jiu-iitsu’s Aielle Aguilar, Princess Reuma, Yanna Marte, skateboarding’s Mazel Alegado and fencer Jodie Danielle Tan. This is Siklab’s third edition after 2018 and 2019.

When you use it for the first time, some in the crowd will go, “Wow.” Others will say, “Chamba!” That is until you do it again and again.

If people point to the geometry of the Princeton or Triangle Offense (well, a lot about basketball is geometry), isn’t it not the same with the bank? That’s geometry, too.

The angle of incidence is the angle between the path of the ball as it approaches the backboard, and the line perpendicular to the surface that is called the angle of ref lection. That’s like a triangle. That is the basis for boarding.

There, of course, is a nerdier way of explaining it that includes right triangles. Suffice to say, there is a math to the bank shot.

So watching those Korean fans wait with baited breath for those banked free throws and shots and celebrating after the shot was made—that’s definitely cool. They keep this alive. And for ballers, the bank is open at all times. Even on Sundays.