BusinessMirror December 14, 2023

Oct M3 grows 8.2%, but BSP keen on review

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DELEGATES AT UN CLIMATE TALKS AGREE TO ‘TRANSITION AWAY’ FROM FOSSIL FUELS

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OMESTIC liquidity (M3) grew 8.2 percent in October 2023, according to the latest data released by the Bangko Sentral ng Pilipinas (BSP).

The growth was the same rate posted in September 2023. The data showed M3 reached P16.7 trillion in October 2023. On a month-onmonth seasonally-adjusted basis, BSP said M3 increased by 0.7 percent.

“Looking ahead, the BSP will continue to ensure that domestic liquidity conditions remain appropriate to support the prevailing stance of monetary policy, consistent with its price and financial stability objectives,” BSP said.

BSP said domestic claims ex-

panded by 10.2 percent year-onyear in October from 9.7 percent in the previous month.

Data showed claims on the private sector grew by 7.6 percent in October from 6.5 percent in September with the sustained expansion in bank lending to non-financial private corporations and households.

Net claims on the central government rose by 19.1 percent in October from 19.5 percent in September due mainly to the decline in deposits by the National Government with the BSP. Net foreign assets (NFA) in peso terms increased by 2.1 percent yearon-year in October from 1 percent in September.

The BSP’s NFA grew by 4.7 per-

cent in October after expanding by 2.3 percent in the previous month.

The NFA of banks contracted on account of higher bills payable and foreign deposit liabilities.

Meanwhile, BSP Governor Eli M. Remolona Jr. earlier said the central bank is eyeing a review of money supply or M3.

Remolona said the BSP is conducting a formal review to determine if the money supply data still provides information that the central bank can use for monetary policy.

“Empirically wala nang gamit ’yung [there is no longer any use for data on] money supply. Although [even in the US they] release the data on M3, but in terms of mon-

etary policy, it doesn’t help,” Remolona said.

Prior to shifting to an inflationtargeting framework in January 2000, the BSP, like most central banks, used money supply in determining monetary policy.

Inflation targeting, BSP documents stated, “focuses mainly on achieving price stability as the ultimate objective of monetary policy.”

Through inflation targeting, the central bank announces an inflation target and commits to achieving it over a certain period of time.

BSP uses actual headline inflation and compares it against inflation forecasts. It employs monetary policy tools at its disposal to achieve the inflation target. Cai U. Ordinario

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STICKING TO GROWTH TARGETS VITAL—NEDA www.businessmirror.com.ph

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Thursday, December 14, 2023 Vol. 19 No. 64

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@caiordinario

HE National Economic and Development Authority (Neda) believes attaining the high end of the government’s growth target for next year may no longer be feasible, but it has cautioned against easily yielding goals to avoid derailing the march to progress.

On Wednesday, Socioeconomic Planning Secretary Arsenio M. Balisacan said a growth of 8 percent may not be attainable next year.

Nonetheless, the 6.5 to 8 percent was still attainable for the medium term.

Balisacan said the low end of the 6.5 to 8 percent target is reasonable. He said he believed targets should be kept and what is needed is to work hard to attain the targets.

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TOURIST INFLUX Travelers and airline personnel pass through the arrival gate of NAIA Terminal 1 in Pasay City. Secretary Christina Frasco of the Department of Tourism revealed that foreign tourist arrivals have surpassed 5 million this year. The government aims to achieve a target of 7.7 million arrivals by 2024. NONIE REYES

GOVT EYES FLEXIBLE TARIFF PBBM unveils fiscal, infra RATES TO EASE INFLATION plan to blunt El Niño impact

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HE government is keen on temporarily lowering tariffs for the importation of certain commodities as a means to cushion the impact of El Niño on inflation, according to the National Economic and Development Authority (Neda).

In a briefing on Wednesday, Socioeconomic Planning Secretary Arsenio M. Balisacan said expanding the coverage of Executive Order 10 may be “severe” and would depend on the situation.

Balisacan noted that many provinces will be affected by the El Niño but their products will be different. If provinces producing

commodities that still have high tariffs are affected by drought, the tariffs of these items could be reduced.

“If you don’t want to import those high-priced [commodities or those with] heightened prices, what do you do? One way is if you already have existing high tariffs for those commodities, why don’t you lower it temporarily to reduce the impact of high global prices on the local market?”

Balisacan said in Neda’s Yearend Briefing.

Balisacan said this is not unusual for countries, and even S “T,” A

B S P. M @sam_medenilla

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O mitigate the effects of El Niño, President Ferdinand R. Marcos Jr. announced the government is now fast-tracking the completion of water-related infrastructure and looking at fiscal measures to help those affected by the looming nationwide drought.

In his speech during the inauguration of the dam component of the Balbalungao Small Reservoir Irrigation Project (BSRIP) in Nueva Ecija on Wednesday, the chief executive said he ordered the concerned government agencies to complete “irrigation facilities as well as other supporting structures” by April

next year.

“As early as now, the rains have become intermittent and maybe by the start of January there will no longer be much rain so we need to do everything to prepare for the droughts, which can last until the second quarter [of next year],” Marcos said in Filipino.

He said finishing projects such as the BSRIP has become “urgent” after the Department of Science and Technology (DOST) projected the worsening impact of El Niño will reach its peak on May 2024.

DOST expects as many as 65 provinces will suffer from drought during the said period.

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PESO EXCHANGE RATES US 55.6040 ■ JAPAN 0.3823 ■ UK 69.8664 ■ HK 7.1206 ■ SINGAPORE 41.4553 ■ AUSTRALIA 36.4707 ■ SAUDI ARABIA 14.8246 ■ EU 60.0301 ■ KOREA 0.0424 ■ CHINA 7.7484 Source: BSP (December 13, 2023)

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News BusinessMirror

Thursday, December 14, 2023

Tariff...

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European countries adjust tariffs of commodities they import to help stabilize local prices.

“If the prices are high in the world market, they lower the tariffs. If the prices are low in the world market, they raise the tariffs. And so the domestic prices are stable,” Balisacan said.

No big impact on growth

MEANWHILE, Balisacan said while the El Niño phenomenon is expected to be severe and would affect 65 provinces next year (https:// businessmirror.com.ph/2023/12/13/ drought-may-strike-65-provincesdost/), this may not have a signifi-

cant impact on growth.

The last time the country experienced a severe dry spell was in the 1997-1998 period. In 1998, the Philippine economy’s GDP contracted 0.5 percent.

Only the first and third quarters of the year recorded a growth of 1.8 percent and 0.4 percent, respectively.

In the second quarter, GDP contracted 0.9 percent.

The fourth quarter of 1998 saw GDP plunge 3 percent, which was then considered the largest decline in economic performance since the third quarter of 1985 when it contracted by 5.2 percent.

“The big difference between 1997-1998 and now is that the relative share of agriculture in the economy is now much smaller,” Balisacan said.

“Now our agricultural produc-

tion is around 10 percent of our economy.”

Earlier, Neda said the Committee on Tariff Related Matters (CTRM) has recommended the extension of reduced tariff rates on select agriculture commodities to maintain the recent gains in inflation reduction.

Balisacan said the CTRM, cochaired by the Department of Trade and Industry (DTI) and Neda, is expected to present its recommendation to the Neda Board, chaired by the President, next week.

Balisacan said Executive Order (EO) 10 was recommended for extension for another year or until December 2024.

He said the government intends to have the extension of the EO approved by the President before the existing one expires at the end of the year.

Under Marcos’s EO 10, the lower tariff rates on imported rice, corn and pork were extended until the end of 2023.

Under existing rules and regulations governing the President’s power on modifying tariff rates, the Neda is the one that will make the necessary recommendation to the President on tariff adjustments. Cai U. Ordinario

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House touts 17 priority bills, repeats Cha-cha revisit plan T B J M N. D C

@joveemarie

HE House of Representatives adjourned on Wednesday with completion of all 17 priority bills cited by President Ferdinand Marcos Jr. in his State of the Nation Address (Sona) and 20 measures prioritized by the Legislative-Executive Development Advisory Council (Ledac).

In his speech, Speaker Ferdinand Martin G. Romualdez proudly presented their record achievements in 2023, emphasizing the passage of bills aimed at sustaining economic growth, generating employment, and improving the lives of the Filipino people.

Romualdez underscored the significance of the General Appropriations Bill (GAB) for Fiscal Year 2024, ratified last Monday.

He said the House commits to utilize the national budget to address key concerns—combating inflation, ensuring affordable prices for rice and essential food items, creating more job opportunities and expanding

social services.

“The House of Representatives considers it a core mission to utilize the national budget next year to address four major concerns: fight inflation, keep the price of rice and other basic food items at affordable levels, provide more jobs and livelihoods, and expand social services,” he said.

He said next year’s outlay includes a “revolutionary rice subsidy program” under President Marcos.

“With this new program, we seek to drive down the price of quality rice by almost half for 28 million Filipinos who are in challenging situations,” he added.

He said the rice subsidy program will be implemented nationwide. The House, under his leadership, also took a “more activist role” in nation-building, according to the Speaker.

“Many have noticed that the House of the People, perhaps for the first time, is exercising its oversight function to address the concerns of ordinary Filipinos,” he said.

In aid of legislation, he said the House exposed and brought down a cartel in the onion industry, driving onion price back to a manageable level.

Romualdez reported the House’s passage of all 20 measures prioritized by Ldac as of September, three months ahead of schedule.

All 17 priority bills listed by President Marcos in his July 2023 Sona were passed seven months ahead of the next Sona in July 2024.

With the timely approval of urgent legislative proposals endorsed by the President and the Ledac, “we, as the duty-elected representatives of the Filipino people, have done our bounden duty to realize their aspirations by strengthening the economy, revitalizing businesses, and broadening the scope of services provided to the majority of our citizenry,” he said.

Of the 20 Ledac measures, four have been enacted into law: 1) the National Employment Master Plan, or Trabaho Para sa Bayan Act; 2) LGU Income Classification

Act; 3) Internet Transactions Act; and 4) Public-Private Partnership Code of the Philippines.

Chacha next year AS the House of Representatives concludes its session for the Yuletide break, Romualdez bared plans to review proposals related to removing restrictions that hinder the entry of foreign capital and investments into the Philippines.

In a recent statement, Romualdez emphasized the critical nature of these deliberations, particularly those associated with constitutional change.

“Next year, after our yuletide break, we will focus our attention on studying and reviewing proposals that deal with restrictions blocking the entry of foreign capital and investments in the Philippines. These include deliberation on all proposed measures related to constitutional change. This Congress will champion the cause of revisiting our present Constitution. There is a cause that is key to unlocking the vast potential of our Philippine economy,” he added.

Romualdez was referring to: Article XII, Section 10, mandating a 60-40 ownership in favor of Filipinos in the development of natural resources; Article XVI, Section 11, limiting mass media ownership exclusively to Filipino citizens; and Article XII, Section 11, capping foreign ownership of land.

STICKING TO GROWTH TARGETS VITAL–NEDA C  A

“There’s no harm in reducing [the high-end of the target] from 8 to something lower to be realistic,

but not to lower the 6.5, because I think that then you’re surrendering already. We have had worse fights before in our life as an economy,” Balisacan said.

Lessons from Pinoy era

BALISACAN recalled that in his first stint as Neda Chief during the administration of the late Benigno Simeon C. Aquino III, there were efforts to change targets because they were “unattainable,” according to various institutions.

But Balisacan said Neda fought for the targets at that time, and it has made all the difference because history has vindicated them with “the highest [average growth] in 40 years.”

“Even if the World Bank or ADB or many of these entities were reducing our targets, our prospects for the economy, we stuck to the target and history [has proven] us right. I mean, the average growth rate was 6.3 percent. That was the highest in 40 years during that time,” Balisacan said.

Balisacan said the country also needs to be more ambitious regarding growth targets. He said in order to attain the AmBisyon 2040, the country needs to grow at or faster than 7 percent.

This is the same growth rate that allowed the East Asian growth miracles to happen in countries such as South Korea, which ad-

vanced from a poor economy to an advanced country in one generation.

Given this, Balisacan said it is not enough for the Philippines to only post growth of 5 to 6 percent annually. Faster growth is in order to attain a “matatag, maginhawa, at panatag na buhay” for all Filipinos.

“You cannot do that rapid transformation in one generation if we are only growing at 5 percent to 6 percent. That’s why we need to be more ambitious as a people,” Balisacan said. “We need to catch up with our neighbors. And we need to grow.”

Growth drivers

MEANWHILE, in terms of growth drivers, Balisacan said consumption as well as services industries will be the primary growth drivers next year. The services industry, he said, will help create jobs needed to boost the economy.

In terms of industries, Balisacan expects the tourism as well as information and technology sectors to contribute significantly to growth.

He said the tourism industry

has not yet returned to its prepandemic strength and this means faster growth could still be in store for 2024.

Last week, the World Bank kept its 5.6-percent growth projection for the Philippines in 2023 even after the country’s economy showed a growth rebound in the third quarter, as it noted that household and government consumption will still propel growth in the fourth quarter to reach the forecast.

Ralph van Doorn, World Bank Senior Economist said the WB’s projection of 5.6 percent “assumes that private or household consumption will continue to be boosting growth in the fourth quarter.”

The WB’s 5.6-percent growth projection is lower than the national government’s—the Development Budget Coordination Committee’s—growth target of 6 to 7 percent in 2023.

Over the medium term, the December 2023 Philippine Economic Update report released by WB noted that an improvement in domestic demand is expected to drive a “modest” increase in growth to an average of 5.8 percent in 2024 to 2025.

PBBM unveils fiscal, infra plan to blunt El Niño impact C  A

“So that when May comes and the drought is still there and there is still no rain, we will still have sufficient water supply,” Marcos explained.

He noted the said infrastructure will be augmented by government cloud seeding initiatives.

Expanded irrigable lands

THE P887-million BSRIP multipurpose dam will provide irrigation for close to 1,000 hectares of agricultural land in Barangays San Isidro, Balbalungao, Salvacion, Mapangpang in Lupao, Nueva Ecija benefiting about 560 farmers and their families.

It also has pending hydropower and watershed components which, when completed, will also provide the energy and better flood control mitigation in nearby areas, where the facility is located.

Initiatives such as the BSRIP, he said, will help his administration to not only reduce the impact of El Niño on agriculture, but also achieve its target of establishing more than 275,000 hectares of new irrigation areas and restore around 80,000 hectares of existing irrigation by 2028.

Currently, Marcos said they generated around 25,000 hectares of new irrigation areas and restored nearly 9,000 hectares of irrigable

land.

The expanded irrigation network will help farmers increase their planting period each year from two to three.

“That will immediately translate to 30 percent increase in [their] production,” Marcos said.

Fiscal measures

MARCOS also disclosed that possible fiscal measures to provide support to those affected by El Niño are being studied.

“We are doing an analysis now of world prices of food to see what would be the appropriate tariff level, what will be the appropriate fiscal measures that we can undertake, at what level do we do this, how much, what percentage, all of these,” the President told reporters in an interview after the inauguration event.

Government economic managers earlier said drought caused by El Nino can significantly reduce local food production, which will put additional burden to consumers.

Farmers who will lose their livelihood during El Niño, Marcos said, will get cash aid and emergency employment.

“The government will step in to make sure the [affected] farmers will have a livelihood,” he said.

Health and energy impact

SOARING temperature from El

Niño, he said, are also expected to cause harm to health, particularly for the elderly.

“So, we have to keep in mind the healthcare system has to be made ready. It’s ready so long as they are able to—they have sufficient power supply and they have sufficient water supply,” Marcos said.

In response to the expected lower power supply during droughts as hydro power plants see reduced output, the President said the setting up of additional transmission lines for efficient power distribution is being ramped up.

“We have to think about energy because as we all know, when the water levels in our dams go down [the energy] becomes a scarce resource and we have to be more efficient in the distribution of whatever power that we generate,” the chief executive said.

A restructured Task Force El Niño, now under the Office of the President through the National Disaster Risk Reduction and Management Council (NDRRMC), will consolidate all government efforts to minimize the impact of the nationwide dry spells and droughts next year.

“We’re still working on the structure of the task force. We should have it by next week and we’ll be able to show at least what the structure is and what the general plan is,” Marcos said.

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Thursday, December 14, 2023

The Nation

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

Minglanilla, Cebu court blaze caused by employee–SC chief Brawner Jr. disputes Chinese claim CCG

By Joel R. San Juan

CJ Gesmundo said he has asked the executive judge in the area to assess the situation and to report what possible assistance could be extended to those affected.

He said the employee allegedly responsible for the fire was experiencing personal problem.

Initial report by police and fire investigators said a 60-year-old male employee started the fire, which hurt 11 people.

The suspect, according the Chief Justice, committed suicide.

The employee reportedly started the fire by burning papers under his desk using a lighter.

This was witnessed by other court personnel and tried to stop him but he turned violent.

The employee allegedly padlocked the door of the court, trapping the other personnel as the fire started to engulf the area.

Police arrest suspected gunman in viral Nueva Ecija bus shooting

Another angle being investigated by police is Atilano’s alleged disinheritance of her son, as bared by a sister of the victim in a video interview.

The shooting, which went viral in social media after it was captured by the bus’ dash cam, occurred November 15, when two men stood up from the rear of the bus and walked towards the victims, casually shot them at almost point-blank range as the bus was passing through a mountainous portion of Barangay Minuli in Carranglan town.

@jrsanjuan1573

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HIEF Justice Alexander Gesmundo on Wednesday assured that assistance would be provided to the victims of a fire that hit the Municipal Trial Court building in Minglanilla, Cebu last Tuesday, which has been established as a case of arson.

At a news briefing, CJ Gesmundo said based on the initial report

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SUSPECT in the viral shooting of a couple inside a provincial bus in Nueva Ecija last November 15 has been arrested and confessed to his role in the killings, police said Tuesday.

Nueva Ecija police director Col. Richard Caballero said Allan de los Santos also executed an extrajudicial confession with the assistance of a counsel regarding his role in the slaying of Gloria Atilano and Arman Bautista.

provided by the Philippine National Police (PNP), a court employee was responsible for the blaze.

“As soon as I heard the news, I requested the Philippine National Police and coordinated with them to conduct a preliminary investigation and assessment of what happened.

We have addressed that now, we have sent people from the Office of the Court Administrator to look into the problem,” the Chief Magistrate said.

Caballero said de los Santos was arrested in Dilasag, Aurora last November 20.

He added delos Santos also has warrants of arrest for statutory rape and sexual assault.

The suspect is also a known gun-for-hire or hitman operating in Nueva Ecija and Isabela.

Caballero said a criminal complaint for two counts of murder against de los Santos and three others—Atilano’s son and his live-in

partner, and an unnamed gunman—was filed before the Prosecutor’s Office in Nueva Ecija on Monday.

Initial investigations also disclosed that the suspects planned the murder of the couple sometimes in September, he added.

Caballero said possible motives for the crime they are looking into include the female victim’s decision to file robbery and carjacking cases against her own son.

Groups push for ‘collective’ action to address corruption

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TOTAL of 21 organizations from the government, business sector, academe, and civil society on Wednesday underscored the need for a whole-of-Philippine-society approach and collective action among different sectors to address corruption in the country.

“To effectively combat this issue, a holistic and coordinated effort is required.

There needs to be a multi-pronged approach that addresses both prevention and enforcement,” Stratbase ADR Institute President Victor Andres Manhit said in a forum organized

by Stratbase ADR Institute and Democracy Watch Philippines, Inc. “There must be sustained discussions on promoting transparency and accountability, making government processes and initiatives more open and inclusive to public discussion, creating mechanisms for oversight and monitoring, and implementing strong legal frameworks that hold individuals and organizations accountable for their actions,” he added.

Budget Undersecretary Wilford Wong presented the actions taken by the Department of Budget and Management (DBM) to strengthen transparency and accountability in government.

Among these, he said, is the Philippine Open Government Partnership (PH-OGP)

National Action Plan, which supports collaborative engagement from governments and civil society in designing, implementing, and monitoring commitments.

“OGP is characterized by participatory consultations, strong multi-sectoral partnerships, and open and constructive exchange of thoughts which has led to implementing commitments that have positively affected bureaucratic efficiency, economic resiliency, and greater citizen participation in the country,” Wong said.

Among the groups that attended the event are the DBM, Makati Business Club (MBC), Integrity Initiative, Institute of Corporate Directors, Ateneo School of Government, La Salle Institute of Governance, Anti-Red Tape Authority (ARTA), Development Academy of the Philippines, Legal Network for Truthful Elections, International Center for Innovation, Transformation and Excellence in Governance, Asian School of Management, Philippine Trade Inc., CitizenWatch Philippines, Philippine Business for Environmental Stewardship, Bantay Konsyumer, Kuryente at Kalsada, and Universal Health Care Watch Philippines.

Meanwhile, business groups also discussed the importance of different sectors of government working together to ensure

transparency and accountability in the country.

“The most important policy of all is the policy in the private sector. In the Integrity Initiative, we believe that the solution to corruption should be with the private sector and other partners because there will be no bribe taker if there is no bribe giver,” said Atty. Alexander Cabrera, chairman of Integrity Initiative.

To ensure transparency, Francisco Alcuaz, MBC executive director, said there needs to be three important policies: the FOI law, stronger statement of assets, liabilities, and net (SALN) worth law and anti-Money laundering laws, and an improved bank secrecy law.

“If you strengthen the SALN and loosen the bank secrecy law, you will help prosecutors and even ARTA to prosecute officials and businesses who corrupt the system.

This will level the playing field and attract businesses that play by the rules. Rather than corruption, the money will be flowing to more infrastructures that last longer. Not infra where they cut corners or they scrimp on the materials and they deteriorate in a few years,” Alcuaz explained.

Ateneo School of Government Dean Philip Arnold Tuaño also highlighted the importance of the collaboration of academic

Rex Anthony Naval

institutions with local chief executives to achieve better performance standards in the local government units.

“The auditing capability for local government officials is important as an effective measure for monitoring performance standards. This is where we see the important role of institutions in monitoring transparency and accountability within government agencies,” Tuaño said.

La Salle Institute of Governance Director Ador Torneo stressed that academic institutions can also help build the capacity of government, society private sector, and other actors. “Academic intuitions play an important role in governance, especially in addressing corruption and promoting transparency and accountability,” he said.

International Center for Innovation, Transformation, and Excellence in Governance chairperson Mardi Mapa-Suplido highlighted the importance of civil society participation in ensuring a transparent and accountable government.

“In civil society, the ultimate objective is to achieve positive development outcomes.

We cannot assert at this point that we will attain favorable development outcomes solely through good governance. Instead, good governance can be realized through transparency, accountability, and active participation in politics,” she explained.

Rizal Raoul S. Reyes

Poll shows preference to hold Christmas parties at workplace

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RECENT Radio Veritas survey showed preference for the gathering and celebration of Christmas parties at the workplace.

64 percent of the respondents

voted “yes,” to celebrate the season, while 25 percent preferred the budget allocated for Christmas parties to be given to them as bonuses.

Meanwhile, 9 percent also said

“no,” preferring instead to “ just donate the Christmas party budget to the less fortunate,” while 2 percent were undecided.

The survey used a stratified ran-

dom sample of 1,200 respondents nationwide for a +/- 3 percent margin of error, gathered through a text-based and online data gathering process from an existing database of previous

acted professionally in Ayungin incidents

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RMED Forces of the Philippines (AFP) chief Gen. Romeo Brawner Jr. on Tuesday disputed claims that the crewmen of Chinese vessels acted professionally during the incident off Ayungin Shoal last December 10 where at least two Filipino ships were damaged.

“They were not professional, they were doing illegal acts, cutting across the path of any ship is illegal, and [that] is unsafe,” he said in Filipino.

Brawner, who was aboard the Unaizah Mae 1 (UM-1) during the December 10 rotation and resupply (RORE) mission to the contingent manning the BRP Sierra Madre (LS-57), said videos taken by Filipino personnel would show the dangerous maneuvers conducted by the China Coast Guard (CCG) and maritime militia during that time.

“Despite what China says, the video shows them doing dangerous maneuvers [during the RORE],” he added.

Brawner debunked claims that UM-1 initiated the contact between the Chinese steel-hulled ships, as doing so would result in severe damage to the wooden-hulled UM-1.

The AFP chief earlier said that he sought permission from the President to join Sunday’s RORE to Ayungin Shoal.

“I sought permission from the President to visit the troops [aboard BRP Sierra Madre], he gave his consent and afterwards, he told me to give his Christmas greetings to the military personnel aboard and give them Christmas gifts, which I did,” he said.

Brawner added that he boarded UM-1 unannounced via a Navy ship and did the same on his way back.

And while aboard UM-1, the AFP chief recounted efforts of the Chinese ships to ram and water cannon the Filipino resupply boat.

Brawner also recounted a CCG ship’s efforts to reverse and hit the UM-1.

“They tried to cut us in the front, when it overshot us, we were proceeding on our course, it tried to reverse and hit us again,” he added.

Despite these harassments, UM-1 was able to reach BRP Sierra Madre and unload its supplies to the troops there.

Also, Brawner said his visit to the BRP Sierra Madre highlighted the importance of troops manning the ship. Rex Anthony Naval

Sen. Robin pushes amphibious aircraft for WPS resupply, HADR, SAR missions

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O avoid a repeat of the tension between the Philippines and China in the West Philippine Sea (WPS), Senator Robin C. Padilla pushed for the acquisition of MultiPurpose Amphibian Aircraft (MPAA) for the Philippine Navy.

Taking the floor to deliver a privileged speech at the Senate session Tuesday, Padilla assured the MPAAs can “greatly help in other missions including Humanitarian Assistance and Disaster Response [HADR], Search and Rescue [SAR] at sea, and surveillance.”

The senator affirmed, “MPAAs can greatly help in supply missions.”

“They do not need escorts and they cannot be blocked by watercraft maneuver,” Padilla pointed out, as “amphibian aircraft can take off and land on land and water.”

Moreover, the senator compared that while a current resupply mission using watercraft may take a day and a half to reach BRP Sierra Madre, the MPAA can do

this in five to eight hours.

“Malaki po ang magiging tulong ng aircraft na ito sa pagpapatrolya hindi lamang sa Dagat Kanluran ng Pilipinas, kundi pati na rin sa iba’t-ibang isla ng ating bansa,” he said, adding, “Ito po ay magiging mabisa rin sa pagsuporta HADR, Rapid Damage Assessment and Needs Analysis, SAR sa karagatan, Maritime Air Surveillance, Intelligence Surveillance Reconnaissance, at iba pang katulad na misyon .

The senator assured that this aircraft “can greatly help in patrolling not just WPS but also other islands in our archipelago.”

In addition, Padilla also stressed the “need to address constant changes in the needs of our national defense due to new challenges in security.”

“Because of such needs,” the senator further stressed “we seek priority for the acquisition of MPAAs for our Philippine Navy.” Butch Fernandez

face-to-face on-ground interviews.

“Whatever the preference that may have been in this survey, what remains truly important is the reason for the celebration,” said Fr. Anton CT Pascual, president of Radio Veritas.

“Christmas is the Season; Christ

is the Reason. Christmas is the Celebration; Sharing is the Intention.

Christmas is the Festivity; Nativity is the Substantiality. Christmas is the Occasion; Love is the Expression.

And, Christmas is the Moment, Emmanuel is the Commencement,” said Bro. Clifford T. Sorita. Patrick V. Miguel

Thursday, December 14, 2023

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

ERC expedites capex application processing after EVOSS integration

By Lenie Lectura @llectura

P

OWER industry stakeholders are now assured of quicker approval process of their applications for capital expenditures (capex) projects after the Energy Regulatory Commission (ERC) announced on Wednesday that it has commenced the integration of its systems into the Energy Virtual One-Stop Shop (EVOSS) System.

Created through Republic Act No. 11234, the EVOSS system is an online system that unifies and streamlines applications and permitting processes for power generation, transmission, and distribution projects. It also serves as a repository of information and permits shared by all agencies and entities involved in the approval process. The system also offers paperless transactions, utilizing online payment system for all fees imposed on applications.

ERC employees, along with resource persons from the Department of Energy (DOE), already conducted a dry run for the integration process of capex application and its workflow application into the EVOSS last December 7.

With this, the ERC assured distribution utilities and other stakeholders that they could expect speedier approvals of their capex applications to 270 calendar days under the EVOSS. ERC Chairperson Monalisa Dimalanta said the processing time “usually takes years” prior to this new development.

More ERC processes are also expected to be integrated into the EVOSS. The ERC is set to hold end-user walk-through and pilottesting activities for the applications of Certificate of Compliance (COC), Power Supply Agreements (PSA), Pointto-Point Dedicated Connection Facility, Ancillary Services Procurement Agreement (ASPA), Microgrid Systems Provider (MGSP) operations, as well as for the licensing of Retail Electricity Suppliers (RES).

“The beauty of this shared platform lies not only in easier filing, but also the tracking of applications. Applicants can actually check the status of their requests. For certain permits, if we are not able to complete the processing within the prescribed timeline, it would be deemed approved.”

She also underscored the ERC’s commitment to the EVOSS system’s objective of ensuring transparency and accountability among government agencies. “I am proud to say that we are now in EVOSS, and we are set to follow the mandated timelines as required by the law. In the next few weeks, we will go live,” Dimalanta added.

Earlier, Senator Sherwin Gatchalian renewed calls on the ERC and the Department of Energy (DOE) to fully implement the EVOSS system to make it easier for prospective investors to develop renewable energy (RE) projects.

“We pushed to institutionalize EVOSS precisely for the purpose of expediting the permitting process of generation projects that would help diversify our energy source and enhance the country’s energy supply,” Gatchalian, who currently serves as vice chair of the Senate Committee on Energy, said.

Since the law was enacted in March 2019, government agencies are still in the process of complying with the law. Not all permitting processes have been integrated into the system and as such are non-compliant with the EVOSS time frames.

‘Unchanged’: ADB maintains PHL’s ’23 and ’24 growth, inflation forecasts

By Cai U. Ordinario

M

@caiordinario

ANILA-BASED Asian Development Bank (ADB) maintained its growth and inflation forecasts for the Philippines in 2023 and in 2024.

In its A si a n Development Outlook (ADO), the multilateral development bank said the country’s GDP growth will average 5.7 percent in 2023 and 6.2 percent in 2024, while inflation will average 6.2 percent this year and 4 percent next year.

“The growth forecast for the Philippines for 2023 is unchanged.

The economy continues to be supported by domestic demand, with growth accelerating to 5.9 percent in Q3 (third quarter), averaging 5.5 percent in the first 9 months,” ADB said.

A DB said whi le household consumption slowed in the third quarter due to high inf lation,

overall consumption “remained robust.” Government consumption, it noted, even rebounded in the third quarter.

It noted that public infrastructure spending was at the equivalent of 5.9 percent of GDP in the first 3 quarters after 5.8 percent for the whole of 2022. ADB said more infrastructure projects are also underway.

“Government consumption rebounded in Q3 (the third quarter) as measures were implemented to fast-track spending, including tackling procurement delays,” ADB said.

The economic growth will also be supported by the upbeat outlook

of businesses for 2024, based on the central bank’s third quarter survey. This is driven by “buoyant domestic demand.”

Services exports, particularly business process outsourcing and tourism, also posted double-digit growth, according to ADB. “Potential supply disruptions caused by the El Niño weather pattern or the Russian invasion of Ukraine could also rekindle inflation, particularly regarding food and energy,” ADB said in a statement.

Meanwhile, ADB raised its economic forecast for developing economies in Asia and the Pacific, after robust domestic demand drove higher-than-expected growth in the People’s Republic of China (PRC) and India.

The regional economy is expected to grow 4.9 percent this year, compared with a previous forecast of 4.7 percent in September. The outlook for next year is maintained at 4.8 percent.

“Developing Asia continues to grow at a robust pace, despite a challenging global environment,” said ADB Chief Economist Albert Park. “Inf lation in the region is also gradually coming

Rep. Luistro calls for action to enhance education amid ‘dismal’ PISA showing

W

ITH t he “ d ishea r tening” results of the 2022 Programme for International Student Assessment (PISA) study, a lawmaker on Wednesday emphasized the critical need for immediate action to enhance educational standards, particularly in the areas of reading, mathematics, and science.

Batangas Rep. Gerville Luistro said the 2022 PISA outcomes remain largely unchanged, if not worse in certain aspects.

Luistro added it remained so despite assurances from the Department of Education (DepEd) following the equally dismal 2018 PISA results.

“After the 2018 PISA results came out, the Department of Education (DepEd) said that it would

undertake measures to improve the average scores of Filipino students. After four years, the average 2022 PISA results were about the same, if not worse in some aspects,” said Luistro.

The Philippines ranked sixth to last among 81 countries in mathematics, with an average score of 355 points—significantly below the Organization for Economic Cooperation and Development (OECD) average of 472. In reading, the country also ranked sixth to last, and in science, it secured the third-to-last position.

Only 16 percent of students achieved at least Level 2 proficiency in mathematics, a stark contrast to the OECD average of 69 percent. Almost no Filipino

students reached the top performance levels (Level 5 or 6) in mathematics.

For reading and science, approximately 24 percent and 23 percent of students attained at least basic Level 2 proficiency, respectively, compared to the OECD average of 74 percent for reading and 76 percent for science. No students in these subjects were classified as top performers.

“This is a problem that cannot just be overlooked and set aside.

We cannot allow it to fester. Our education officials should get together, assess, analyze, and understand this problem properly. Ponder and think very hard for long-term solutions. There should be no band-aid or kneejerk remedies,” she said.

Separation of portions of barangay Hillside Govt urged to restore abundance of fisheries from John Hay now underway, BCDA says production to mitigate hunger and poverty

T

HE Bases Conversion and Development Authority (BCDA) and its subsidiary, John Hay Management Cor p.

(JHMC) have commenced the process to exclude portions of Barangay Hillside in Baguio City from their jurisdiction through the disposition of residential lots to qualified occupants in the area.

In a ceremony held on December 12, BCDA President and Chief Executive Officer (CEO) Joshua M. Bingcang and JHMC President and CEO Allan R. Garcia issued certificates of recognition to 39 bonafide occupants in Barangay Hillside who are pre-qualified to purchase parcels of land in Barangay Hillside where they have been residing as early as 1991.

“This is the first crucial step to jumpstart the process of excluding portions of Barangay Hillside from Camp John Hay. We hope this development gives the public and the residents of Baguio the assurance that BCDA and JHMC are committed to deliver our obligations insofar as they are consistent with Republic Act 7227 or the BCDA Law.” PCEO

Bingcang said.

PCEO Garcia, for his part, said, “We are dedicated to the progress of Barangay Hillside, ensuring that its residents are empowered through land ownership. This initiative reflects our commitment to uphold the law and prioritize the welfare of the community.”

The 39 recipients were identified based on a set criteria and will be allowed to purchase, for residential purposes, the lot they are presently occupying subject to the validation, adjustment (if necessary), and approval of BCDA and JHMC. Forested areas and water resources shall remain under the jurisdiction of both BCDA and JHMC. Vacant lots, meanwhile, shall be reserved as relocation sites for bonafide beneficiaries occupying forest areas, water resource areas and danger zones.

Aside from Barangay Hillside, BCDA and JHMC are also aiming to commence the disposition of properties within Camp John Hay, which the BCDA may grant to qualified beneficiaries in accordance with applicable laws.

A5

T

HE gover nment shou ld rehabilitate the country’s coastal and marine ecosystem and restore fisheries abundance to mitigate hunger and poverty.

Oceana Philippines said no Filipino deserves to be hungry as it has fisheries resources that can feed the Filipino people.

The Philippines ranks second in

the world in terms of population highly dependent on healthy and vibrant oceans for nutrition, livelihood, and coastal protection.

“Sadly, our ocean is threatened by human-induced pressures that caused an alarming decline of the fish population, such as rampant overfishing and the continuing destruction of marine habitats,” Oceana Philippines vice president

Gloria Estenzon Ramos said in a statement.

Ramos’ statement is in reaction to a recent Social Weather Survey report, indicating that 9.8 percent of Filipino families experienced involuntary hunger.

This is characterized by being hungry and not having anything to eat, at least once in the past three months.

under control. Still, risks remain, from elevated global interest rates to climate events such as El Niño. Governments in Asia and the Pacific need to remain v igilant to ensure that their economies are resilient, and that growth is sustainable.”

The PRC’s economy is projected to expand by 5.2 percent this year, compared with a previous forecast of 4.9 percent, after household consumption and public investment boosted growth in the third quarter.

The growth outlook for India has been raised to 6.7 percent from 6.3 percent following fasterthan-expected expansion in JulySeptember, driven by double-digit growth in industry.

The upgrades for the PRC and India more than offset a lowering of the forecast for Southeast Asia, caused by lackluster performance in the manufacturing sector.

The region’s inflation outlook for this year has been lowered to 3.5 percent from an earlier projection of 3.6 percent, according to ADO December 2023. For next year, inflation is expected to edge up to 3.6 percent, compared with a previous forecast of 3.5 percent.

According to Luistro, the lack of substantial progress indicates that the DepEd, as well as the Commission on Higher Education, need to intensify their efforts.

“They must prioritize the review and updating of the K-12 curriculum. There must be an upgrade of our learning facilities, with massive resources allocated from the annual national budget.

Our educators should go through upskilling and reskilling with effective professional development programs,” she said.

“We must closely examine the educational practices of highperforming countries in the Pisa study, such as Singapore, Macao (China), Japan, Hong Kong, Chinese Taipei, and Estonia. By understanding and adapting successful strategies from these nations, we can pave the way for the holistic transformation of our education system,” added Luistro.

Jovee Marie N. Dela Cruz

“Filipinos are highly dependent on the consumption of seafood aside from rice and vegetables. Seafood is an inexpensive and accessible source of animal protein, rich in critical micronutrients, such as iron, zinc, vitamin A, and omega-3 fatty acids that should address stunted growth, malnutrition, and other ailments that are, otherwise, preventable.

We call on the government to seriously work on the restoration of our fisheries abundance to significantly reduce the incidences of hunger and health challenges, especially among the poor,” she said. Jonathan L. Mayuga

DENR cites mining and quarry firms’ contribution in reforestation drive

M

INING and quar r y companies, perceived as among the biggest contributors to deforestation, are also doing their part in forest restoration.

Through the Mining Forest Program, which was launched in 1989, mining companies are obliged to implement reforestation projects within their mining tenements.

Some mining companies, it was learned, even go beyond their mining tenements and are greatly contributing to reforestation.

“We recognize the contribution of mining companies in the rehabilitation of mining tenements as well as adjacent areas intended for forest development,” Arleigh J. Adorable, Department of Environment and Natural Resources (DENR) assistant secretary for Field Operations-Mindanao and director of the Forest Management Bureau (FMB), said via email.

Records from the Mines Geosciences Bureau’s Forest Management Program unit revealed that as of June 2023, various mining and quarrying companies, including

individuals with mining stakes in various parts of the country, planted a total of 48,955,946 since 1989, of which 44,008,839 have survived to become fully grown trees over the years. This covers a total of 40,546.32 hectares.

Per region, mining and quarrying companies from Region 13 or the Caraga Region have the biggest contribution, with 10,860.31 hectares of forest planted with assorted trees, followed by the Cagayan Valley Region with 4,452.84 hectares, Cordillera Autonomous Region with 4,016.29 hectares, Mimaropa

with 3,452.77 hectares, Northern Mindanao with 3,225.41 hectares, Central Luzon with 3,172.40 hectares, and the Bicol Region with 2,861.15 hectares, and Central Visayas with 2,704.34 hectares.

The Ilocos Region has a share of 1,232.33 hectares, Calabarzon with 853.75 hectares, Western Visayas with 925.76 hectares, Eastern Visayas with 1,041.09 hectares, Zamboanga Peninsula with 566.80 hectares, Davao Region with 1,041.09 hectares and SOCCSK SARGEN with 782.48 hectares. Jonathan L. Mayuga

BusinessMirror

Thursday, December 14, 2023

A6

ESTABLISHMENT / ADDRESS

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

66 GLOBAL SOLUTIONS INC. 9th & 11th/f Ssk Building, Block 7 Lot 5 Kennedy Road Corner Mindanao Avenue, Don Galo, City Of Parañaque WANG, XIN IT Technical Mandarin 1.

Brief Job Description: Oversee all support and clerical work within a company.

ZHOU, HAO IT Technical Mandarin 2.

Brief Job Description: Oversee all support and clerical work within a company.

Basic Qualification: Excellent communication skills, both verbal and written.

No.

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

9.

10.

LEE, SONG YOUNG App/Cloud Support Senior Analyst

3.

Brief Job Description: Communicate with the client functional design incharge about the detail of requirement definition and function design, explain development status and issue with team leads of the client, understand the client’s original develop/runtime architecture and develop standards (including deliverable flow, template, description level), and perform knowledge transfer about business requirement/functional design written in required language to team lead and members.

11.

4.

Brief Job Description: Communicate with the client functional design incharge about the detail of requirement definition and function design, explain development status and issue with team leads of the client, understand the client’s original develop/runtime architecture and develop standards (including deliverable flow, template, description level), and perform knowledge transfer about business requirement/functional design written in required language to team lead and members.

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

Basic Qualification: Licensed pilot.

Brief Job Description: Operates an ATR aircraft for commercial flight.

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

ZAW WIN TUN Pilot

Basic Qualification: Licensed pilot.

Brief Job Description: Operates an ATR aircraft for commercial flight.

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

Brief Job Description: Analyzing cost, pricing, variable contributions, sales results, and the company’s actual performance compared to the business plans.

LIU, NINGXIA Consultant 12.

Brief Job Description: Conducting research surveys and interviews and analyzing data to gain insights into the business.

5.

Brief Job Description: Responsible for identifying opportunities for business growth and optimizing marketing strategies. They analyze business processes and finances, implement business plans, and establish effective networks.

Basic Qualification: Can speak, write, and type in Mandarin language.

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

LIU, ZHENJIA Consultant Brief Job Description: Conducting research surveys and interviews and analyzing data to gain insights into the business.

LIN, ZHE Finance Manager 14.

Brief Job Description: Monitors financial details to ensure legal compliance.

MELITA TEO MORE MAY Chief Executive Officer 6.

Brief Job Description: Responsible for the successful leadership and management of the Philam life to fulfil Asia group’s vision of being a pre-eminent life insurance provider in Asia pacific and its purpose of driving social and economic development across the region.

Salary Range: Php 500,000 and above

APLL GLOBAL BUSINESS SERVICES (PHILIPPINES), INC. 2 & 3 36th Floor Jollibee Tower, F. Ortigas Jr. Ave., Cor. Garnet Rd., Ortigas Center, San Antonio, City Of Pasig LEE, HO SAN SUNNY Manager, Business Intelligence (Asia)

7.

Brief Job Description: Drive the development of Business Intelligence capabilities in Asia. Leverage analytics to help leaders generate valuable insights in support of strategic & tactical data-driven decision making and derive operational efficiencies by employing technology to streamline reporting resources.

Basic Qualification: Bachelor’s Degree in Engineering, Information data sciences or similar or relevant work.

Salary Range: Php 500,000 and above

15.

GAO, XUEYAN Finance Officer, Financial Management Department 8.

Brief Job Description: Approve administrative expense payment/ reimbursement within authorized limit.

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

21.

22.

Brief Job Description: Collaborate with other IT specialists, and technicians to deliver software solutions.

YACHIKU, SHUN Technical Consultant 16.

Brief Job Description: Performs assistance & supervision for all Car Infotainment Dept. activities.

17.

Brief Job Description: Prepare airline and custom documentation.

NANI MARIA SILALAHI Indonesian Marketing Officer 24.

18.

Brief Job Description: Finding ways to reduce or maintain costs by studying financial reports and business processes.

25.

Basic Qualification: Fluent in spoken and written Nihongo with 5 years relevant work experience.

Brief Job Description: Responsible for communicating with other counterparts of the organization.

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

Basic Qualification: College graduate.

With outstanding critical thinking and organizational skills. With previous work experience in a related role.

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

Basic Qualification: Proven work experience as Operations Manager or similar role.

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

Brief Job Description: Plan and execute all digital marketing strategies, including SEO and Social Media Display.

Basic Qualification: Bachelor’s degree graduate.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree graduate.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree graduate.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree graduate.

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

HSBC ELECTRONIC DATA PROCESSING (PHILIPPINES) INC. Building C-1 Up Ayala Technohub, Commonwealth Avenue, U.p. Campus, Quezon City

MAHAULPATHA, WIJESUNDARA MUDIYANSELAGE SACHINI CHINTHIKA AVP - Process Consultant 27.

Brief Job Description: Deliver the 2020 transformation programs by focusing on the globally direct projects and initiatives, through identifying opportunities and designing, implementing, delivering and embedding the change to the relevant processes.

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

Basic Qualification: Knowledgeable of key business drivers and customers, competitors, and emerging trends in the industry landscape, facilitate training forums within internal teams and nurture a culture of continuous learning and problem-solving mindset to support OPS business services pain areas.

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

HXPT PHILIPPINES INC. Unit 2701 27th Flr. The Finance Centre, 26th St. Cor. 9th Ave. Bonifacio Global City, Fort Bonifacio, City Of Taguig Basic Qualification: Knowledgeable in Chinese documentation.

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

TANG, JIN Financial Manager 28.

Basic Qualification: Strong knowledge of financial reporting.

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

Basic Qualification: Must know how to speak Mandarin & English languages.

ZHOU, YIRAN Retail Manager

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

Brief Job Description: Build retail organization, expand the construction retail store, or display zone, manage and train the retail Field Force team and promote the successful launch of products.

Basic Qualification: Bachelor’s degree holder.

With previous work experience in a managerial capacity and with excellent knowledge of retail management software and best practices.

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

KNW TECHNOLOGY INC. 103 Equinox Plaza, Sierra Madre, Highway Hills, City Of Mandaluyong

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

FLYING DRAGON NETWORK PHILIPPINES INC. Malate Bayview Mansion, 1781 M. Adriatico Street. 076, Barangay 699, Malate, City Of Manila

Brief Job Description: The financial manager will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals.

Basic Qualification: Proven experience as financial manager, excellent communication, interpersonal and presentation skills.

KMC MAG SOLUTIONS, INC. 20/f, Picadilly Star Building, 4th Avenue Corner 27th Street, Fort Bonifacio, City Of Taguig

EASY GO TRAVEL AND TOURS INC. G/f King’s Court 2 Bldg., 2129 Chino Roces Ave., Pio Del Pilar, City Of Makati

19.

Brief Job Description: Plan and execute all digital marketing strategies, including SEO and Social Media Display.

VINVIN CHANDRA Indonesian Marketing Officer

29.

JIANG, XIAOYONG International Relations Officer

Brief Job Description: Plan and execute all digital marketing strategies, including SEO and Social Media Display.

STEVEN Indonesian Marketing Officer

DIAMONDSTONE INC. 6/f Sycip Law Center, 105 Paseo De Roxas, San Lorenzo, City Of Makati

REFVI BONG Finance Department Manager

Brief Job Description: Plan and execute all digital marketing strategies, including SEO and Social Media Display.

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

DEXIN INTERNATIONAL IMPORT AND EXPORT CORP. 534, Tomas Mapua St., Barangay 298, Santa Cruz, City Of Manila

DENG, QINGLI Chinese Cargo Office Agent

Brief Job Description: Supervising the day-to-day operations of the admin dept. Developing and improving admin system.

GODFREY ELISAMA MUSA Indonesian Marketing Officer

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

Basic Qualification: Excellent written and verbal communication skills. With strong organization and project management skills.

Basic Qualification: Fluent in written and verbal Mandarin and English languages.

GOLDEN ARROW DIGITAL SOLUTION INC. 4/f 331 Bldg., Sen. Gil Puyat Ave., Bel-air, City Of Makati

Basic Qualification: Experience in planning schedules for proper implementation of strategies with measurable objectives to reach.

Basic Qualification: Proven knowledge of financial analysis and strategy.

Brief Job Description: Write reports with suggestions for improvement and new ideas. Conduct marketing research to identify industry trends and commercial opportunities.

REN, YANBIN Administrative Manager

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

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

QUALIFICATION AND SALARY RANGE

GH EXCELLENT CONSTRUCTION DEVELOPMENT CORPORATION Unit 1709 One Park Drive 9th Avenue Corner 11th Drive, Bonifacio Global City, Fort Bonifacio, City Of Taguig

DENSO TEN SOLUTIONS PHILIPPINES CORPORATION 2309-2310, B2 B4, 24th & 25th Flr. Hanston Square Bldg., 17 San Miguel Ave., San Antonio, City Of Pasig

BANK OF CHINA (HONG KONG) LIMITED - MANILA BRANCH G/f, 2/f, 28/f, West Retail The Finance Centre, 26th St. Cor 9th Ave. Bonifacio Global City, Fort Bonifacio, City Of Taguig Basic Qualification: Minimum 5 years’ financial management experience in China’s banking industry & proficiency in both Mandarin/English language.

Basic Qualification: Experience in planning schedules for proper implementation of strategies with measurable objectives to reach.

Brief Job Description: Assisting clients by providing information on services.

CAO THI ANH DAO Marketing Consultant

26.

LIU, KUI Chinese Speaking Program Designer

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

FUN J. SOFTWARE DEVELOPMENT CORP. Unit 1202 12th Floor Lot 7 Block 5 One World Place 32nd Street, Bonifacio Global City, Fort Bonifacio, City Of Taguig

CRONYX INC. 6-12, 15-19/f Royal Peak Tower A, 485 Quirino Avenue, Tambo, City Of Parañaque

AIA PHILIPPINES LIFE AND GENERAL INSURANCE COMPANY INC. 23/f Philam Life Tower, 8767 Paseo De Roxas, Bel-air, City Of Makati Basic Qualification: University graduate plus over 20 years relevant experience out of which 8 to 10 years at senior managerial capacity.

Strategic agility and sharp business acumen to lead a company to produce positive financial results.

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

20.

23.

ADVANCE BEYOND INTERNATIONAL CONSULTING, INC. Unit 402 Campos Rueda Bldg., 101 Urban Ave., Pio Del Pilar, City Of Makati ZHU, YUANMEI Business Development Specialist

Basic Qualification: College graduate. Able to manage, guide and lead employees to ensure appropriate financial processes are being used.

CHINA PHILIPPINE INTERNATIONAL EDUCATIONAL GROUP CORPORATION Unit G2 Place Monarch Parksuites, Bradco Avenue Business Park, Tambo, City Of Parañaque

13.

TAMUNANG TITTY, FRANKLIN Packaged App Development Associate

No.

WANG, YONGBING Chinese Customer Service

RENDY ARMADA RISAT Pilot

LIM HWA AI Finance Manager

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree in Information Technology, Computer Science or other relevant fields, must be able to communicate effectively, verbally and written, in both English and required language, experienced in any of the following: o java (java ee, java se, spring, nodejs) o javascript o sap o .Net o cobol o angular, knowledgeable in back-end programming language/framework, and willing to work on holidays, weekends, shifting schedules and extended working hours.

QUALIFICATION AND SALARY RANGE

CENOPHI CORPORATION 2/f Krisambet Bldg., 1015 Zobel Roxas St., Singalong, Barangay 695, Malate, City Of Manila

ACCENTURE, INC. 7f Robinsons Cybergate Tower 1, Pioneer St., Barangka Ilaya, City Of Mandaluyong Basic Qualification: Bachelor’s degree in Information Technology, Computer Science or other relevant fields, must be able to communicate effectively, verbally and written, in both English and required language, experienced in any of the following: o java (java ee, java se, spring, nodejs) o javascript o sap o .Net o cobol o angular, knowledgeable in back-end programming language/framework, and willing to work on holidays, weekends, shifting schedules and extended working hours.

ESTABLISHMENT / ADDRESS

CEBGO, INC. Cebu Pacific Bldg., Domestic Road St., Barangay 191, Pasay City

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent communication skills, both verbal and written.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

www.businessmirror.com.ph

30.

PHAM, NGOC QUI Customer Service Representative - Vietnamese Speaking Brief Job Description: Confirm customers’ language preferences as you assist them.

Basic Qualification: Vietnamese speaking.

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

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

31.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION TRINH, DU LINH Sous Chef Brief Job Description: Assist the head chef.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE

No.

Basic Qualification: Relevant degree and culinary experience.

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

45.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

JENNIFER Indonesian Customer Service Brief Job Description: Customer support and data base services.

LG ELECTRONICS PHILIPPINES, INC. 15, Francisco Legaspi St., Maybunga, City Of Pasig SEONG, NAKHYUN President, CEO, And Managing Director 32.

Brief Job Description: Responsible for the overall management of sales, marketing and after sales of home appliances, mobile, IT products, and customer service operations.

Basic Qualification: Graduate of Business Administration. Exposure to overseas marketing.

Experience with appliance industry.

46.

47.

33.

Brief Job Description: Provide outstanding and exceptional customer service.

PENG, KANG Customer Service Representative 34.

Brief Job Description: Provide outstanding and exceptional customer service.

SAM THE HUNG Customer Service Representative 35.

Brief Job Description: Provide outstanding and exceptional customer service.

Brief Job Description: Customer support and data base services.

Salary Range: Php 500,000 and above

MARKETROLE ASIA PACIFIC SERVICES, INC. 27/f & 28/f The Enterprise Center Tower 1, 6766 Ayala Ave. Cor. Paseo De Roxas, San Lorenzo, City Of Makati HENDY Customer Service Representative

JUES DAVIA Indonesian Customer Service

Basic Qualification: Can speak Chinese/ Mandarin language fluently.

LEANI Indonesian Customer Service Brief Job Description: Customer support and data base services.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Can speak Chinese/ Mandarin language fluently.

48.

LEANTI Indonesian Customer Service Brief Job Description: Customer support and data base services.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Can speak Chinese/ Mandarin language fluently.

49.

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

RALIA Indonesian Customer Service Brief Job Description: Customer support and data base services.

MPOTECH DIGITAL SYSTEM INC. 2/f 331 Bldg., Sen. Gil Puyat Ave., Bel-air, City Of Makati

FERRY GUNAWAN Indonesian Customer Service Representative 36.

Brief Job Description: Provide products/services, and information, answer questions, and resolve emerging problems.

JOHNY CAHAYA Indonesian Customer Service Representative 37.

Brief Job Description: Provide products/services, and information, answer questions, and resolve emerging problems.

NOVAL FORMANDO Indonesian Customer Service Representative 38.

Brief Job Description: Provide products/services, and information, answer questions, and resolve emerging problems.

YOHANES Indonesian Customer Service Representative 39.

Brief Job Description: Provide products/services, and information, answer questions, and resolve emerging problems.

Basic Qualification: Graduate of 4 years bachelor’s degree with critical thinking and problem-solving skills.

40.

Brief Job Description: Customer support and data base services.

CAMELIA LIM Indonesian Customer Service 41.

42.

43.

44.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

ENCERICA Indonesian Customer Service Brief Job Description: Customer support and data base services.

FIFI DESUARNI Indonesian Customer Service Brief Job Description: Customer support and data base services.

GERRY Indonesian Customer Service Brief Job Description: Customer support and data base services.

Brief Job Description: Customer support and data base services.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Graduate of 4 years bachelor’s degree with critical thinking and problem-solving skills.

51.

YANI Indonesian Customer Service Brief Job Description: Customer support and data base services.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Graduate of 4 years bachelor’s degree with critical thinking and problem-solving skills.

LEE JIAN YUE Malaysian Customer Service 52.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Graduate of 4 years bachelor’s degree with critical thinking and problem-solving skills.

53.

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

NEW ORIENTAL CLUB88 CORPORATION 1331 Pearl Plaza Bldg., 133 Quirino Ave., Tambo, City Of Parañaque 3rd, 5th, 6th, 7th, 8th, 9th & 10th/f Sapphire Seaview Park, Pacific Avenue, Don Galo, City Of Parañaque

TANG, QIZHI Chinese Customer Service

50.

WINNIE Indonesian Customer Service

54.

Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

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

Basic Qualification: College Graduate, preferably 1 year experience in the similar field, and speaks and write fluently in their native language.

55.

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

Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

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

Brief Job Description: Customer support and data base services.

NGUYEN MAI HUONG Vietnamese Customer Service Brief Job Description: Customer support and data base services.

QUALIFICATION AND SALARY RANGE Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

No.

Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

59.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

60.

61.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills.

TRAN, PHOI AN Vietnamese Customer Service Brief Job Description: Customer support and data base services.

62.

ANDRE, JOSEMAR CULA Portuguese Speaking Customer Service Representative 56.

Brief Job Description: Recommend potential product or services to management by collecting customer information and analyzing customer needs.

ESCOBAR VEGA, BENJAMIN JHONATAN Spanish Speaking Customer Service Representative

63.

57.

Brief Job Description: Recommend potential product or services to management by collecting customer information and analyzing customer needs.

64.

GAO, JIAKUI Business System Analyst

58.

Brief Job Description: Oversee the analysis and development of a company’s business operations. These highlyanalytical specialists have both business and technical expertise. Duties include analyzing requirements, estimating the cost, and establishing system protocols.

Basic Qualification: College graduate, at least 1-2 years of working experience in the related field, and fluent in Chinese/basic English language.

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

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Must know how to speak Mandarin language.

Brief Job Description: Installation quality inspection and correctness schedule work out.

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

Basic Qualification: At least 20 years of sales working experience and a track record of exceeding quota. Can speak another Asian language/s is an advantage.

Brief Job Description: Shapes the sales organization and scale revenue to the next level.

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

Basic Qualification: Skilled in French language.

Brief Job Description: Provides expedient and accurate customer service to French speaking clients and customers.

NGAWA DJAKPOU, TATIANA French Operations CSR II

65.

66.

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

Basic Qualification: Skilled in French language.

Brief Job Description: Provides expedient and accurate customer service to French speaking clients and customers.

TCHIO FOTSO, EBENEZER French Operations CSR II

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

Basic Qualification: Skilled in French language.

Brief Job Description: Provides expedient and accurate customer service to French speaking clients and customers.

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

XSPACE SERVICE OFFICE INC. U-a&b 20/f Rufino Pacific Tower, 6784 Ayala Ave., San Lorenzo, City Of Makati

NI, BINGBING Admin Assistant 67.

Brief Job Description: The admin assistant will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals.

Basic Qualification: Proven experience as admin assistant, familiarity, knowledge and awareness on machinery and heavy equipment used by company. Demonstrable experience in developing strategic business plan.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proven experience as marketing manager, familiarity, knowledge and awareness on machinery and heavy equipment used by company. Demonstrable experience in developing strategic business plan.

HOU, LU Marketing Manager Brief Job Description: The marketing manager will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals.

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

YILV SUNNY TRAVEL CORPORATION Unit 1206 Aseana Two Bradco, Avenue Aseana City, Tambo, City Of Parañaque

LUO, YUEQIN Mandarin Travel Specialist 69.

Basic Qualification: Proficient in MS Office, exceptional analytical and organizational skills.

OCEAN AIRE HOTEL CORPORATION (GOLDEN PHOENIX HOTEL MANILA) Unit No. L7d Cbp, Oceanaire Bldg., Ltd. Cbp. D. Macapagal Blvd., Barangay 76, Pasay City

Brief Job Description: Supervise the equipment and check the operators.

MBOUYANI MBIDA, CHERIF French Operations CSR II

Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills.

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

Basic Qualification: Must know how to speak Mandarin language.

TELUS INTERNATIONAL PHILIPPINES, INC. Units 23/f, 31st/f - 37th/f Discovery Centre, Adb Avenue, Ortigas Center, San Antonio, City Of Pasig

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

Basic Qualification: Proficient in MS Office, exceptional analytical and organizational skills.

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

Basic Qualification: Must know how to speak Mandarin language.

WU, XINGYU Construction Technician

NA, JAEGYEOM Head Of External Sales

Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills.

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

Basic Qualification: College graduate, at least 1-2 years of working experience in the related field, and fluent in Chinese/basic English language.

SAMSUNG SDS GLOBAL SCL PHILIPPINES CO., LTD. INC. 101 Big Ben Holdings, Elisco Road, Ibayo-tipas, City Of Taguig

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

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

Brief Job Description: Allocating resources, materials, sub-contractors and other staff.

WANG, XIANYI Installation Supervisor

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1 year experience in the similar field, and speaks and write fluently in their native language.

Brief Job Description: Oversee the analysis and development of a company’s business operations. These highlyanalytical specialists have both business and technical expertise. Duties include analyzing requirements, estimating the cost, and establishing system protocols.

FENG, XUEFENG Construction Supervisor

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

QUALIFICATION AND SALARY RANGE

POWERCHINA B7 PHILIPPINES CORP. Unit 2101 21/f Bdo Equitable Bank Tower, 8751 Paseo De Roxas, Bel-air, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION LI, JINGANG Business System Analyst

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

NOVATECH (PASAY) LIMITED, INC. 4f Wmall Bldg., D. Macapagal Ave. District 1 Zone 10, Barangay 76, Pasay City

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

HA QUOC PHONG Vietnamese Customer Service

A7

ESTABLISHMENT / ADDRESS

68.

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

Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

Thursday, December 14, 2023

Brief Job Description: Recommend suitable travel options that best match customers’ needs.

ZHOU, YOU Mandarin Travel Specialist 70.

Brief Job Description: Recommend suitable travel options that best match customers’ needs.

Basic Qualification: Fluent in Mandarin and English languages, degree holder in tourism or any field, and computer literate.

Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Fluent in Mandarin and English languages, degree holder in tourism or any field, and computer literate.

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

*Date Generated: Dec 13, 2023 In the ad material of Notice of Filing of Application for Alien Employment Permits published on December 12, 2023, the position of ANDERSON, STUART GEORGE under the company TAG GL0BAL MANAGEMENT CORPORATION, should have been read as VICE PRESIDENT FOR OPERATION and not as published.

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

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

A8

Thursday, December 14, 2023

TheWorld BusinessMirror

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

Delegates at UN climate talks agree to ‘transition away’ from fossil fuels K

More than 50 people injured in nighttime Russian missile attack on Ukrainian capital

By Seth Borenstein, David Keyton, Jamey Keaten & Sibi Arasu

D

The Associated Press

UBAI, United Arab Emirates— United Nations climate negotiators directed the world on Wednesday to transition away from planet-warming fossil fuels in a move the talks chief called historic, despite critics’ worries about loopholes.

Within minutes of opening Wed nesd ay ’s session, COP28 President Sultan al-Jaber gaveled approval of the central document—the global stocktake that says how far off-track the world is from its climate-fighting goals and how it is going to get back on track—without asking for comments. Delegates stood and hugged each other.

“It is a plan that is led by the science,’’ al-Jaber said. “It is an enhanced, balanced but make no mistake, a historic package to accelerate climate action. It is the UAE consensus.”

“We have language on fossil fuel in our final agreement for the first time ever,” said al-Jaber, CEO of the UAE’s oil company.

The new deal had been floated early Wednesday after a global rallying cry stronger than proposed days earlier, but with loopholes that upset critics.

The deal doesn’t go so far as to seek a “phase-out” of fossil fuels, which more than 100 nations had pleaded for. Instead, it calls for “transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade.”

COP28 President Sultan al-Jaber, second from left, claps after passing the global stocktake at the COP28 UN Climate Summit on Wednesday, December 13, 2023, in Dubai, United Arab Emirates. AP/KAMRAN JEBREILI

That transition would be in a way that gets the world to net zero greenhouse gas emissions in 2050 and follows the dictates of climate science. It projects a world peaking its ever-growing carbon pollution by the year 2025 to reach its agreed-upon threshold, but gives wiggle room to individual nations like China to peak later.

“The world is burning, we need to act now,” said Ireland Environment Minister Eamon Ryan.

Intensive sessions with all sorts

of delegates went well into the small hours of Wednesday morning after the conference presidency’s initial document angered many countries by avoiding decisive calls for action on curbing warming. Then, the United Arab Emirates-led presidency presented delegates from nearly 200 nations a new central document—called the global stocktake—just after sunrise.

It’s the third version presented in about two weeks and the word

“oil” does not appear anywhere in the 21-page document, but “fossil fuels” appears twice.

The Alliance of Small Island States said in a statement that the text “is incremental and not transformational. We see a litany of loopholes in this text that are a major concern to us.”

“We needed a global signal to address fossil fuels. This is the first time in 28 years that countries are forced to deal with fossil fuels,” Center for Biological Diversity energy justice director Jean Su told The Associated Press. “So that is a general win. But the actual details in this are severely flawed.”

“The problem with the text is that it still includes cavernous loopholes that allow the United States and other fossil fuel producing countries to keep going on their expansion of fossil fuels,” Su said. “There’s a pretty deadly, fatal flaw in the text, which allows for transitional fuels to continue which is a code word for natural gas that also emits carbon pollution.”

The Associated Press journalists Jon Gambrell, Lujain Jo, Joshua A. Bickel, Olivia Zhang, Malak Harb and Bassam Hatoum contributed to this report.

Biden takes tougher stance on Israel’s ‘indiscriminate bombing’ of Gaza Strip

By Colleen Long & Aamer Madhani The Associated Press

W

ASHINGTON—President Joe Biden on Tuesday warned that Israel was losing international support because of its “indiscriminate bombing” of Gaza, speaking out in unusually strong language just hours before the United Nations demanded a humanitarian ceasefire in the Israel-Hamas war.

“Israel’s security can rest on the United States, but right now it has more than the United States. It has the European Union, it has Europe, it has most of the world supporting them,” Biden said to donors during a fundraiser Tuesday.

“They’re starting to lose that support by indiscriminate bombing that takes place,” he said.

The president said he thought Prime Minister Benjamin Netanyahu understood, but he wasn’t so sure about the Israeli war cabinet.

Israeli forces were carrying out punishing strikes across Gaza, crushing Palestinians in homes as the military presses ahead with an offensive that officials say could go on for weeks or months.

Biden offered a harder-thanusual assessment of Israel’s decisions since the October 7 attack

by Hamas and the moves by his conservative government. Meanwhile, Biden’s top national security adviser, Jake Sullivan, is heading to Israel this week to consult directly about timetables for ending major combat.

The president also renewed his

warnings that Israel should not make the same mistakes of overreaction that the US did following the September 11, 2001 terrorist attacks.

He recounted a familiar anecdote about inscribing on a photo with Netanyahu decades ago, “Bibi, I don’t agree with a damn thing you have to say.” This time, the president added to his retelling of the story: “That remains to be the case.”

The 2024 campaign fundraiser was part of a gathering of Jewish donors, many of whom attended a White House Hanukkah reception on Monday evening; Biden’s fundraisers are open to some reporters on the condition that no audio or video be shared.

Hours later, during a press conference with Ukrainian President Volodymyr Zelenskyy, Biden refrained from offering the same public criticism again, but said that he had made it clear to Israel “the safety of innocent Palestinians is still of great concern.”

“The actions they’re taking must be consistent with attempting to do everything possible to prevent innocent Palestinian civilians from being hurt, murdered, killed, lost,” Biden said, adding, that it was important to remember “what we’re doing here.”

“We’re here to support Israel because they’re an independent nation and the way in which Hamas treated Israel is beyond comparison,” the president said.

Biden’s rhetor ic to donors tracks his more candid and private messaging to Netanyahu on their

frequent calls, according to two White House officials, where he reasserts US support for Israel before pushing for Israel to do more to help civilians in Gaza.

“Israel has a tough decision to make. Bibi has a tough decision to make. There’s no question about the need to take on Hamas.

There’s no question about that.

None. Zero,” Biden said. But he added, of Israel’s leader, “I think he has to change his government.

His government in Israel is making it very difficult.”

Biden specifically called out Itamar Ben-Gvir, the leader of a far-right Israeli party and the minister of national security in Netanyahu’s governing coalition, who opposes a two-state solution and has called for Israel to reassert control over all of the West Bank and Gaza. Ben-Gvir sits on Israel’s security cabinet, but is not a member of the country’s threeperson war cabinet.

The comments prompted responses from both the Israeli military and also Hamas.

“We know to explain exactly how we operate with precision, based on intelligence, even when we are operating on the ground,” said Israeli military spokesperson Daniel Hagari. “We know how to operate against the Hamas strongholds in such a way that best separates the uninvolved civilians from terrorism targets.”

Asked about Biden’s comments, a senior Hamas official said in Beirut that “the resistance and the steadfastness of the Palestinian people have made Biden under-

stand that the Israeli military operation is a crazy act.”

“The repercussions (of the war) will be catastrophic on the entity (Israel) and on the results of elections in which Biden might lose his seat in the White House,” Osama Hamdan, member of Hamas’ political bureau said during a news conference.

During the fundraiser, Biden said that when he has warned Netanyahu of a loss of international support over the bombing, the Israeli leader has mentioned that the US had “carpet-bombed Germany” in World War II and dropped the atomic bomb on Japan.

“That’s why all these institutions were set up after World War II, to see that it didn’t happen again,” he said. “Don’t make the same mistakes we made in 9/11.

There’s no reason we had to be in a war in Afghanistan. There’s no reason we had to do so many things that we did.”

The UN General Assembly voted Tuesday on a nonbinding resolution demanding an immediate humanitarian cease-fire, days after the US vetoed a similar measure at the UN Security Council. The U.K abstained from that 13-1 vote, but France and Japan were among those supporting the call for a cease-fire. Only Security Council resolutions are legally binding under the terms of the international body’s charter, but the vote Tuesday sent a strong message on how the conflict was viewed around the world.

Before Biden’s comments at the fundraiser, Netanyahu said

in a statement that he appreciated American support and that he’d received “full backing for the ground incursion and blocking the international pressure to stop the war.”

“Yes, there is disagreement about ‘the day after Hamas’ and I hope that we will reach agreement here as well. I would like to clarify my position: I will not allow Israel to repeat the mistake of Oslo. Gaza will be neither Hamastan nor Fatahstan.”

Speaking at a forum hosted by The Wall Street Journal before either leader’s comments, Sullivan reiterated the Biden administration’s position that it does not want to see Israel reoccupy Gaza or further shrink its already small territory.

The US has repeatedly called for a return of the internationally recognized Palestinian Authority and the resumption of peace talks aimed at establishing a Palestinian state alongside Israel. Sullivan said he would also speak to Netanyahu about his recent comments that Israel Defense Forces would maintain open-ended security control of Gaza after the war ends.

“I will have the opportunity to talk to Prime Minister Netanyahu about what exactly he has in mind with that comment, because that can be interpreted in a number of different ways,” Sullivan said. “But the US position on this is clear.”

The Associated Press writers Will Weissert, Zeke Miller in Washington and Bassem Mroue in Beirut contributed to this report.

YIV, Ukraine— Ukraine’s capital came under another ballistic missile attack early Wednesday, resulting in more than 50 injuries and several damaged buildings, officials said.

A series of loud explosions could be heard in Kyiv at 3 a.m. as the city’s air defenses were activated for the second time this week. Ukraine’s air force said Russia launched 10 ballistic missiles toward the capital and all were intercepted by air defenses.

However, debris from intercepted missiles fell in the eastern Dniprovskyi district, injuring at least 53 people, Kyiv Mayor Vitali Kitschko said on Telegram. Twenty people including two children were hospitalized while 33 people received medical treatment on the spot.

An apartment building, a private house and several cars caught fire, while the windows of a children’s hospital were shattered, Klitschko said.

Falling rocket debris also damaged the water supply system in the district.

It wasn’t immediately clear what type of missile was used in the attack.

In other parts of Ukraine, 10 Russian drones were shot down, most of them in the Odesa region, the Ukrainian air force said.

On Monday, a Russian missile attack destroyed several homes on the outskirts of Kyiv and left more than 100 households temporarily without electricity.

Wednesday’s attack came as Ukrainian President Volodymyr Zelenskyy visited Washington, where he made an impassioned plea to Congress to approve additional aid to fight Russia’s invasion.

Andriy Yermak, Zelenskyy’s chief of staff who was traveling with the president, said the interception of the missiles fired at Kyiv showed how Western support is helping Ukraine resist the Russian aggression.

“The effectiveness of Western weaponry in the hands of Ukrainian soldiers is beyond doubt,” Yermak wrote on Telegram.

As winter sets in and hampers troop movements, allowing little change along the front line, air bombardment plays a growing role in the war. Ukrainian officials have warned that Russia will target energy infrastructure to cause power outages and blackouts like it did last winter.

Cyberattacks are also a busy battleground. Ukrainian telecom provider Kyivstar, which serves more than 24 million mobile customers across the country, said its services were disrupted Tuesday by a “powerful” attack by hackers. It also disrupted the air raid warning system in part of the Kyiv region, according to the head of the Kyiv regional administration, Ruslan Kravchenko.

Missiles from rebel territory in Yemen miss a ship near the key Bab el-Mandeb Strait

By Jon Gambrell

The Associated Press

D

UBAI, United Arab Emirates—Two missiles fired from territory held

by Yemen’s Houthi rebels missed a commercial tanker loaded with Indianmanufactured jet fuel near the key Bab el-Mandeb Strait on Wednesday, a US official said.

An American warship also shot down a

suspected Houthi drone flying in its direction during the incident, said the official, who spoke on condition of anonymity to discuss intelligence matters. No one was hurt in the attack, the official said.

The assault on the tanker Ardmore Encounter further internationalizes a campaign by the Iranian-backed rebels targeting ships close to the Bab el-Mandeb Strait. That potentially imperils cargo and energy shipments coming through the Suez

Canal and further widens the international impact of the Israel-Hamas war raging in the Gaza Strip.

The Marshall Islands-flagged tanker was traveling north toward the Suez Canal in the Red Sea, satellite-tracking data analyzed

by The Associated Press showed. The vessel had been coming from Mangalore, India, and had an armed security crew aboard it, according to data transmitted by the ship.

Ardmore Shipping Corp., which owns and

operates the ship, issued a statement to the AP acknowledging the attack.

“No one boarded the vessel and all crew members are safe and accounted for,” the statement said. “The vessel remains fully operational with no loss of cargo or damage on board.”

It added: “Ardmore is in close contact with the relevant authorities and military assistance is now in the area providing support as required.”

The ship carried a load of jet fuel from Shell MRPL Aviation Fuels & Services Ltd., a joint operation of the oil giant and India’s national oil company. The fuel was heading to either Rotterdam in the Netherlands or Gavle, Sweden, Ardmore Shipping said. Shell declined to comment.

Ardmore Shipping traded slight up early Wednesday on the New York Stock Exchange to $13.64 a share.

The Houthis did not immediately acknowl-

edge the attack. The British military’s United Kingdom Maritime Trade Operations, which provides warnings to sailors in the Middle East, earlier reported an incident in the same area of the Ardmore Encounter. It also reported an incident occurring off the coast of Oman.

On Monday night, a missile also fired

by Yemen’s Houthi rebels slammed into a Norwegian-flagged tanker in the Red Sea off the coast of Yemen near the Bab elMandeb Strait.

www.businessmirror.com.ph

TheWorld BusinessMirror

Thursday, December 14, 2023

A9

US credibility is on the line in Ukraine funding debate

By Chris Megerian

ARGENTINA’S Economy Minister Luis Caputo, center, accompanied by Foreign Affairs Minister Diana Mondino, arrive at the Metropolitan Cathedral for an interfaith ceremony, in Buenos Aires, Argentina on December 10, 2023. Caputo said in a televised message on Tuesday, December 12, the Argentine peso will be devalued by 50 percent from 400 to the US dollar to 800 pesos to the dollar. AP/GUSTAVO GARELLO

Argentina sharply devalues its currency, cuts subsidies as part of shock economic measures

By Débora Rey

The Associated Press

B

UENOS AIRES, Argentina—Argentina on Tuesday announced a sharp devaluation of its currency and cuts to energy and transportation subsidies as part of shock measures new President Javier Milei says are needed to deal with an economic emergency.

Economy Minister Luis Caputo said in a televised message the Argentine peso will be devalued by 50 percent to 800 to the US dollar from 400 pesos to the dollar.

“For a few months, we’re going to be worse than before,” Caputo said, two days after the libertarian Milei was sworn in as president of the second largest economy in South America and immediately warned of tough measures.

Milei has said the country didn’t have time to consider other alternatives.

Argentina is suffering 143 percent annual inflation, its currency has plunged and four in 10 Argentines are impoverished. The nation has also a yawning fiscal deficit, a trade deficit of $43 billion, plus a daunting $45 billion debt to the International Monetary Fund, with $10.6 billion due to the multilateral and private creditors by April.

As part of the new measures, Caputo said the government is canceling tenders of any public works projects and cutting some state jobs to reduce the size of the government.

He also announced cuts to energy and transportation subsidies without providing details or saying by how much, and added that Milei’s administration is reducing the number of ministries from 18 to 9.

He said the measures are necessary to cut the fiscal deficit he believes is the cause of the country’s economic problems, including surging inflation.

“If we continue as we are, we are inevitably heading toward hyperinflation,” Caputo said. “Our mission is to avoid a catastrophe.”

The IMF welcomed the measures, saying they provide “a good foundation” for further discussions with Argentina about its debt with the institution.

“These bold initial actions aim to significantly improve public finances in a manner that protects the most vulnerable in society and strengthen the foreign exchange regime,” said IMF spokesperson Julie Kozack in a statement. “Their decisive implementation will help stabilize the economy and set the basis for more sustainable and private-sector led growth.”

The major figures in the former Peronist government of Alberto Fernández didn’t comment on the measures announced Tuesday.

But social leader Juan Grabois, who is close to former center-left president Cristina Fernández (2007-2015), said that Caputo had announced “a social murder without flinching like a psychopath about to massacre his defenseless victims.”

“Your salary in the private sector, in the public sector, in the popular, social and solidarity economy, in the cooperative or informal sector, for retirees and pensioners, will get you half in the supermarket,” he said. “Do you really think that people are not going to protest?”

“There’s no money,” has been a common refrains in Milei’s speeches, using it to explain why a gradualist approach to the situation is a non-starter. But he has promised the adjustment will almost entirely affect the state rather than the private sector, and that it represented the first step toward regaining prosperity.

Milei, a 53-year-old economist, rose to fame on television with profanity-laden tirades against what he called the political caste. He parlayed his popularity into a congressional seat and then, just as swiftly, into a presidential run. The overwhelming victory of the self-declared “anarcho-capitalist” in the August primaries sent shock waves through the political landscape and upended the race.

Argentines disillusioned with the economic status quo proved receptive to an outsider’s outlandish ideas to remedy their woes and transform the nation. He won the election’s Nov. 19 second round decisively—and sent packing the Peronist political force that dominated Argentina for decades. Still, he is likely to encounter fierce opposition from the Peronist movement’s lawmakers and the unions it controls, whose members have said they refuse to lose wages.

On Sunday, Milei was sworn in inside the National Congress building, and outgoing President Alberto Fernández placed the presidential sash upon him. Some of the assembled lawmakers chanted “Liberty!”

Many Argentines have wondered which Milei will govern their country, the chainsaw-wielding, anti-establishment crusader from the campaign trail, or the more moderate president-elect who emerged in recent weeks.

As a candidate, Milei pledged to purge the political establishment of corruption, eliminate the Central Bank he has accused of printing money and fueling inflation, and replace the rapidly depreciating peso with the US dollar.

But after winning, he tapped Caputo, a former Central Bank president, to be his economy minister and one of Caputo’s allies to helm the bank, appearing to have put his much-touted plans for dollarization on hold.

Milei had cast himself as a willing warrior against the creep of global socialism, much like former US President Donald Trump, whom he openly admires.

He said during his inaugural address, however, that he has no intention to “persecute anyone or settle old vendettas,” and that any politician or union leader who wants to support his project will be “received with open arms.”

His apparent moderation may stem from pragmatism, given the scope of the immense challenge before him, his political inexperience and need to sew up alliances with other parties to implement his agenda in Congress, where his party is a distant third in number of seats held.

W

The Associated Press

ASHINGTON—One of President Joe Biden’s favorite stories is about his first international summit after taking office, when he declared that “America is back” in the wake of Donald Trump’s erratic and isolationist leadership.

“For how long?” responded one of the other leaders in the room.

It’s a question that echoes this week as Biden struggles to secure congressional support for continuing American assistance to Ukraine. Even though he’s repeatedly promised that the United States would back Ukraine for “as long as it takes” to defeat the Russian invasion, there’s no sign of a bipartisan deal to maintain the flow of supplies as the war approaches its third year.

A hastily arranged trip to Washington by Ukrainian President Volodymyr Zelenskyy, including a White House visit on Tuesday, did not appear to jolt lawmakers out of their inaction.

T he sta kes a re highest in Ukraine, which faces dwindling supplies of the artillery shells and air defense munitions needed to repel Russian advances. But also hanging in the balance is the kind of US credibility that Biden pledged to restore. Failure to approve new funding would undermine a central plank of the Democratic president’s foreign policy, turning a parable of American resolve into a cautionary tale about American instability.

“They went around telling everybody that America is reliable and dependable,” said Max Bergmann, a former State Department official who’s now a director at the Center for Strategic and International Studies. “And it’s pretty clear that we’re not.”

It’s still possible that lawmakers will reach an agreement, even if takes longer than Biden or Zelenskyy would like. Negotiations

continue over a broad legislative package that would support Ukraine, help Israel defeat Hamas in the Gaza Strip and increase security at the US southern border with Mexico.

But the delay, and the public spectacle of political bickering at a moment of grave geopolitical consequence, has emboldened Russian President Vladimir Putin and could reverberate in other places where security depends on American assurances.

“What are the Taiwanese going to think?” Bergmann said. “What are the Japanese, the Koreans going to think?”

“The future of global American leadership,” he added, “is being killed right now in Congress.”

Standing alongside Zelenskyy on Tuesday, Biden said that “I will not walk away from Ukraine, and neither will the American people.”

But rather than pledging anew that the US would support Ukraine “as long as it takes,” Biden this time gave a more limited promise that help would be provided “as long as we can.”

Biden said he’s rapidly running out of authorized military assistance, and he expressed bewilderment at the perilous situation.

“It’s stunning that we’ve gotten to this point,” he said.

The congressional roadblock is a reversal of fortune for Biden, whose record on Ukraine was initially celebrated at home and overseas. His administration has helped keep Russia from subjugating the country, which was part of the Soviet Union before achieving its independence in 1991.

Biden maintained unity with European allies despite economic blowback from the war, such as rising gas prices, and spearheaded the enlargement of the Nato with the addition of Finland and likely Sweden, two traditionally nonaligned countries.

Not only has Ukraine remained free, Biden’s approach to the conflict helped vindicate his approach to foreign policy after his administration’s shambolic withdrawal from Afghanistan in 2021.

“Americans of all political backgrounds decided that they would step up,” he said during a surprise trip to Kyiv in February. “The American people know it matters.

Unchecked aggression is a threat to all of us.”

But the Russian military, instead of collapsing, retrenched and blunted Ukraine’s counteroffensive this year. Western training and equipment was insufficient to retake significant amounts of occupied territory in the country’s east and south, and the war is now widely viewed as a stalemate.

The US political consensus around the conflict has eroded as well. When the war began in 2021, Democrats controlled both the House and the Senate, and they could count on Republican help to approve money for Ukraine.

The landscape shifted when Republicans won the House majority in the 2022 midterms. Because of slim margins, hardline members of the caucus were empowered, and many are opposed to helping Ukraine. A request for emergency funding for Ukraine went nowhere during recent budget negotiations.

But the White House has routinely swatted away questions about US endurance. Asked on October 2 about potential fatigue over the war, press secretary Karine Jean-Pierre said “if Putin thinks he can outlast us, he’s wrong.”

Charles Kupchan, a senior fellow at the Council on Foreign Relations, said Biden “may have underestimated the difficulty of maintaining a domestic consensus, especially as we head into an election year, when partisanship too regularly trumps wise policy.”

“The domestic politics of the war have gotten a lot more com-

China’s Xi meets with Vietnamese PM on second day of visit to shore up ties

By Huizhong Wu

The Associated Press

B

ANGKOK—Chinese leader Xi Jinping met with Vietnam’s prime minister and the head of the country’s National Assembly on Wednesday, on the second day of his visit to shore up Beijing’s relationship with Hanoi after the Southeast Asian nation recently elevated its ties with Japan and the United States.

Xi met with Communist Party General Secretary Nguyen Phu Trong on Tuesday, and they announced that China and Vietnam would work toward a “community with a shared future,” in what was seen as a diplomatic concession by Vietnam to Beijing.

Vietnam has resisted using that phrase in the past but wanted to assuage Beijing’s concerns after Vietnam designated both the US and Japan as “comprehensive strategic partners” in recent months, a designation it uses for China. The status is Vietnam’s highest offi-

VIETNAM’S Prime Minister Pham Minh Chinh, right, and the China’s President Xi Jinping wave to media members as they pose for a photo during a meeting at the government office in Hanoi, Vietnam on Wednesday, December 13, 2023. NHAC NGUYEN/POOL VIA AP

cial designation for a diplomatic relationship.

Xi referenced the phrase again Wednesday in a meeting with National Assembly Chairman Vuong Dinh Hue. “In the next stage, both sides need to strengthen cooperation

in various fields, including legislation, to contribute to the building of the community with a shared future,” Xi said.

Nguyen Khac Giang, a visiting fellow at ISEAS-Yusof Ishak Institute in Singapore, said the rhetorical concession from Hanoi

plicated on this side of this Atlantic,” said Kupchan, who was senior director for European affairs at the National Security Council under President Barack Obama. “And it’s beginning to get more complicated in Europe as well. Europeans are watching the stalemate in Congress over Biden’s aid request. And that is, to some extent, empowering voices in Europe that are also reluctant to provide further assistance.”

More than 130 European lawmakers sent a letter to their American counterparts urging them to approve more funding for Ukraine.

However, they face their own political difficulties. European Union leaders are meeting this week to discuss tens of millions of dollars for Ukraine, which is opposed by Hungarian Prime Minister Viktor Orban. He is considered Putin’s closest ally on the continent.

Poland’s newly elected prime minister, Dona ld Tusk, complained on Tuesday that some leaders don’t want to continue helping Ukraine.

“I can no longer listen to some European politicians and those from other Western countries who say they are tired of the situation in Ukraine,” Tusk said. “They say to President Zelenskyy’s face that they no longer have the strength, that they are exhausted.”

The US has provided $111 billion in military and humanitarian assistance to Ukraine since the war began. During Zelenskyy’s visit, the Pentagon announced that it would transfer to Ukraine another $200 million in ammunition and equipment, including artillery rounds and bullets.

There’s only $4.4 billion left in weapons appropriations, and Biden has asked for another $61.4 billion. About half of the money would go to the Pentagon to replenish weaponry it is supplying, and the other half for humanitarian assistance and to help the Ukrainian government function with emergency responders, public works and other operations.

But for now, the proposal is stalled.

“The entire world is watching what we do,” Biden said on Tuesday.

“So let’s show them who we are.”

“doesn’t mean Vietnam supports China-led political initiatives, but rather (is) a delicate act of hedging, particularly after its upgrade with the US and Japan recently.”

“I think the move is expected given the fact that Xi came to Hanoi in person,” Nguyen said.

Xi also met with Vietnamese Prime Minister Pham Minh Chinh and President Vo Van Thuong on Wednesday and will end his trip after meeting with young Vietnamese and Chinese scholars.

Vietnam and China already have robust ties, but they also have significant points of difference, primarily over territorial claims over islands in the South China Sea. China has been Vietnam’s largest trading partner for several years, with a bilateral trade turnover of $175.6 billion in 2022.

Impor ts f rom China, inc luding crucial inputs for Vietnam’s manufacturing sector, make up 67 percent, according to Vietnam customs data cited by Vietnamese state media.

A P video producer Hau Dinh contributed to this report from Hanoi, Vietnam.

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

A10 Thursday, December 14, 2023

Rice imports to fall by 5% due to high prices

By Jasper Emmanuel Y. Arcalas

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@jearcalas

HE Philippines’s rice imports this year could reach over 3.6 million metric tons (MMT), about 5 percent lower than the 3.826 MMT recorded last year, according to the Department of Agriculture (DA).

The latest DA estimates indicated that the country’s fullyear rice imports could reach around 3.65 MMT, including the remaining volume covered by valid permits.

Public DA presentation to lawmakers recently showed that the country has imported 3.03 MMT as of end-November while 1.24 MMT has not arrived.

“Based on historical data, at least 50 percent [about 620,000 metric tons] is still expected to arrive within the year,” the DA said.

“Last year, around 800,000 MT [metric tons] arrived during the months of October to December [so far 352,000 MT],” it added.

Using Philippine Statistics Authority (PSA) data, the DA projected that the country would end the year with at least 3.158 MMT of rice which is sufficient to last for 85 days.

“The available supply of rice is projected at 65 [to] 85 days at the end of the year. [It] will increase

with more imports arriving,” the DA said.

Pundits and industry players have noted that the high global rice prices caused the drop in the country’s rice import volume.

The Philippines’s rice imports

from January to November fell by 14 percent year-on-year to 3.033 MT from 3.526 MMT in the same 11-month period last year, based on Bureau of Plant Industry (BPI) data.

The DA presentation showed that the prevailing global prices of 5 percent broken rice from Vietnam stood at $663 per MT while those coming from Thailand and Pakistan were estimated at $625 per MT and $598 per MT, respectively.

Meanwhile, the 25 percent broken rice was priced at $643 per MT (Vietnam), $566 per MT (Thailand) and $528 per MT (Pakistan).

Based on BPI data, Vietnam remained as the Philippines’s top rice import source in January to November, accounting for 2.689 MMT followed by Thailand and Myanmar with 161,990.67 MT and

127,818 MT, respectively.

Roehlano M. Briones, senior research fellow at the Philippine Institute for Development Studies, argued that the minimal increase in domestic rice production was insufficient to compensate for the drop in rice imports to keep retail prices stable.

“The root cause is increased world prices that led to a drop in import volume which was not adequately compensated [by local production],” Briones told the BusinessMirror.

Citing his own computations, Briones said the increase in the local rice production in the third quarter was at about 64,500 MT but the reduction in rice imports during the July to September period stood at 320,424 MT. “This helps explain the recent rice price increases,” he said.

A MAN checks rice at a store in Quezon City, Philippines, on August 14, 2023. AP/AARON FAVILA/FILE

Bill pushing for sustainable ‘blue economy’ hurdles House

By Jovee Marie N. Dela Cruz @joveemarie

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HE House of Representatives has approved on third reading a Legislative Executive Development Advisory Council (Ledac) priority bill—the proposed “Blue Economy Act,” which seeks to establish a framework for the blue economy and promote stewardship and sustainable development of marine resources.

Under House Bill (HB) 9662, marine and coastal ecosystems will be conserved through a strong institutional mechanism for maritime monitoring and regulatory enforcement.

It defines the blue economy as the “integrated, holistic, crosssectoral, and cross-stakeholder approach for the sustainable, resilient, and inclusive use, governance, management, and conser-

vation of oceans, seas, as well as marine and coastal resources and ecosystems for economic growth, leveraging green infrastructure and technologies, innovative financing mechanisms, and proactive institutional mechanisms, improving human well-being and social equity, and reducing environmental risks and ecological scarcities.”

Negros Occidental Rep. Jose Francisco Benitez said HB 9662 will transform the country’s maritime economy into a sustainable “blue economy.”

Benitez described the bill as landmark legislation that is “vital not only to sustaining economic growth but also to building our national identity.”

Vot i n g 2 5 4 - 3 , t he Hou s e passed the blue economy bill, which is included in the Ledac Common Legislative Agenda. The

bill promotes stewardship and sustainable development of the country’s marine wealth within its maritime domains, including its Exclusive Economic Zone.

“The Philippines is an archipelagic and maritime nation. Maritime industries contributed 857 billion pesos to our economy, or 3.9 percent of our GDP, in 2022. But unsustainable economic development is threatening to destroy our marine and coastal ecosystems.

The blue economy bill will strike a balance between our economic, social, and ecological imperatives,” Benitez said.

“The concept of the blue economy also enriches our understanding of national security and highlights civilian objectives. After all, national security is not only about border control but also about pollution control; not only about territorial integrity but also en-

vironmental integrity; not only about military security but also food security.”

The bill will ensure that oceanbased and ocean-related industries, from fisheries to shipping and tourism, will not cause damage to marine habitats. It also mandates marine spatial planning, a process to identify the best use of our maritime areas to prevent overlapping and conflicting uses and to mitigate environmental impacts.

“At the core of our blue economy are small fisherfolk. We guarantee that subsistence fisheries, or fishing mainly for household fishing consumption, will not be displaced as we delineate our maritime zones for different uses,” Benitez said.

The bill also promotes crosssector engagement, where local and indigenous knowledge systems of small fisherfolk will be valued.

Report: Millions of people in Asia-Pacific can’t afford a healthy diet

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HE convergence of higher food, feed and fuel prices, and a slow recovery from the global pandemic, has done serious harm to the health and livelihoods of millions of already vulnerable people in the Asia-Pacific region, a new report by the Food and Agriculture Organization of the United Nations (FAO) has revealed.

During the Covid-19 pandemic and the “5Fs” crisis—Food, Feed, Fuel, Fertilizers and Finance—the region witnessed harrowing statistics, yet even now the region is still suffering from their protracted effects.

“This report is by no means exhaustive. However, the facts presented serve as food for thought.

At the same time, they will not put meals on the table of the many food-insecure and nutritionally vulnerable people living in this

part of the world,” said Jong-Jin Kim, Assistant Director-General and FAO Regional Representative for Asia and the Pacific.

“Clearly, there is an urgent call for whole-of-government, well-coordinated and integrated actions and investments towards agrifood systems transformation if we are to turn the tide and put the countries back on track to meeting the 2030 Agenda for Sustainable Development Goals.”

FAO said the latest statistics indicate that the region, with 370.7 million undernourished people, continues to represent half of the global total. Similarly, the Asia and Pacific region accounts for half of the world’s severe food insecurity, with more women than men being food insecure.

“Indeed, rates of anemia among women of reproductive age, are still off track in terms of World

Health Assembly global nutrition targets. So too are prevalence rates on stunting, wasting and overweight among children under 5 years of age.”

The new report titled “Asia and the Pacific Regional Overview of Food Security and Nutrition 2023—Statistics and Trends,” finds that these problems are compounded by the rising cost of a healthy diet, which, according to FAO and UN latest available statistics, rose on average 5.3 percent in purchasing power parity (PPP).

It was estimated that 232.8 million people in the region could not afford the cost of a healthy diet.

While the figures of undernourishment vary from country to country in this region, Southern Asia, in particular, has the highest prevalence of undernourishment at 15.6 percent (313.6 million), while more than 809 million are

either moderately or severely food insecure in that subregion. This accounts for some 85 percent of the total of undernourished across Asia-Pacific.

However, in the South-West Pacific Islands, the per-capita situation is even worse, estimated at 20.9 percent, or one in five inhabitants undernourished.

With the exception of Eastern Asia, women tend to fare worse than men as regards undernutrition, with nearly one-in-10 dealing with severe food insecurity, while nearly one-in-four women deemed to be at least moderately food insecure.

While the overall numbers are slightly better than the pandemic years, they still indicate that these regions are far off track to meet the Sustainable Development Goal of eliminating hunger by 2030 (SDG2).

Fertilizer industry sway to face scrutiny in US bill backed by farmers

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FTER cracking down on concentration in the meat industry, US senators now want the government to scrutinize the power of fertilizer companies.

An upcoming bill from Senators Chuck Grassley, an Iowa Republican, and Tammy Baldwin, a Wisconsin Democrat, calls for the US Department of Agriculture (USDA) to examine concentration within the fertilizer industry and any possible “anticompetitive impacts,” according to text of the legislation set to be introduced on Tuesday.

American farmers have questioned the availability and cost swings of crop nutrients, most recently after Russia’s invasion of Ukraine last year wreaked havoc on world supply chains and sent prices to record highs. The push for a sweeping study of the fertilizer market would follow intense scrutiny of US meatpackers as well as the Biden administration stepping up its oversight of competition within the seed industry.

“With fertilizer being one of the agriculture industry’s highest input costs, it’s problematic farmers have such a limited window into market fluctuations,” Grassley said in an emailed statement. “Our bill will provide farmers in Iowa and across the heartland with needed transparency and certainty as they navigate production costs.”

The bill, dubbed the Fertilizer Research Act of 2023, also directs the US Department of Agriculture to look at pricing transparency, imports, emerging technologies and other issues.

The Fertilizer Institute, a trade organization that advocates on behalf of the industry, said it supports transparency through improved data collection and analysis. The group also seeks the reestablishment of a fertilizer economist at the USDA to serve as a liaison between the agency and Congress on crop nutrient matters and also to develop reports on global supply, demand and prices.

North America held a 16-percent share of global fertilizer production as of 2021, with 90 percent of worldwide usage happening outside the US, according to the institute.

A spokesperson for top fertilizer maker Nutrien Ltd. said the company would review the legislation and declined further comment.

Crop nutrient producers CF Industries Holdings Inc. and The Mosaic Co. didn’t immediately respond to requests for comment.

Groups representing Iowa corn and soybean farmers back the pending bill, according to Grassley’s office. The senator, who is on the Agriculture Committee, seeks to have the legislation folded into next year’s five-year farm bill reauthorization, though is open to other paths for passage if opportunities arise.

Baldwin, who is on the Senate Commerce Committee, said high fertilizer costs in recent years have hurt profitability of growers as well as rural communities.

Copper supply FORECAST surplus of copper going into 2024 has suddenly all but disappeared.

The next couple of years were supposed to be a time of plenty for copper, thanks to a series of big new projects starting up around the world. The expectation across most of the industry was for a comfortable surplus before the market tightens again later this decade, when surging demand for electric vehicles and renewable energy infrastructure collide with a lack of new mines.

Instead the mining industry has highlighted how vulnerable supply can be—whether due to political and social opposition, the difficulty of developing new operations, or simply the day-to-day challenge of pulling rocks up from deep beneath the earth.

In the past two weeks, one of the world’s biggest copper mines was ordered to close in the face of fierce public protests, while a slew of operational setbacks has forced one of the leading miners to slash its production forecasts.

The sudden removal of around 600,000 tons of expected supply would move the market from a large expected surplus into balance, or even a deficit, analysts say. And it’s also a major warning for the future: copper is an essential metal needed to decarbonize the global economy, which means mining companies will play a key role in facilitating the shift to green energy.

While the price reaction to the supply disruptions has so far been muted—amidst ongoing worries about China’s property sector—any sign of demand recovery would hit a tight market.

Last week, Panama’s government formally ordered First Quantum Minerals Ltd. to end all operations at its $10 billion copper mine in the country. The order followed weeks of protests and political wrangling that came to a head when the country’s Supreme Court invalidated the law that underpinned its mining license. The giant Cobre Panama can produce about 400,000 tons of copper a year. Bloomberg News

AN employee handles granules of urea, or carbamide, at a fertilizer plant in Russia. BLOOMBERG CREATIVE PHOTOS/BLOOMBERG

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

News BusinessMirror

Philippines shifts tack, votes in favor of cease-fire in Gaza

By Malou Talosig-Bartolome

T

@maloutalosig

HE Philippines joined 152 countries in the United Nations (UN) in voting for a call for a cease-fire in the Gaza Strip.

This is a pivot from its vote of abstention two months ago on the UN resolution calling for a humanitarian truce between Israeli forces and the Hamas fighters in Gaza Strip. “ W hat changed is the humanitarian situation in Gaza,” Foreign Affairs spokesperson Ma. Teresita Daza said, quoting a report from Deputy Permanent Representative to UN Permanent Mission Ariel Peñaranda.

According to the UN Relief and Works Agency (UNRWA), almost 1.9 million people in Gaza—more than 85 percent—are internally displaced. Tens of thousands who fled to the south in Rafah continue to face extremely overcrowded conditions.

Food, water, shelter, health and protection are desperately needed, UNRWA said.

UN resolution

ON December 12, the UN General Assembly (UNGA) demanded for an “immediate humanitarian ceasefire” in Gaza Strip, the immediate and unconditional release of all hostages, as well as “ensuring humanitarian access.”

The resolution was overwhelmingly supported by 153 countries, including all the 10

By Patrick V. Miguel

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EVER AL labor groups in the country lauded the Senate’s concurrency for the ratification of International Labor Organization Convention 190, which seeks to eliminate violence and harassment in the workplace.

The concurrence of the Senate is a “historical moment for all Filipino workers and a major victory for the Philippine labor movement,” the labor groups said in a joint statement.

Among the signatories to the statement are the Public Services Labor

members of Asean and six from the Gulf Cooperation Council (GCC).

Ten countries including the United States opposed it, while 23 others abstained.

UN members also reiterated the General Assembly’s demand that all parties comply with their obligations under international law, including international humanitarian law that requires states and non-state actors to avoid civilian casualties during conflict.

However, the resolution is nonbinding or does not require Israel to comply. The UN Security Council, which has the power to issue binding resolutions and sanction noncompliant countries, on one hand, failed to call on a cease-fire as the US vetoed the proposal last Friday.

The Philippines had joined the Asean and GCC in calling for “durable ceasefire” in Gaza Strip during a meeting in Riyadh last October 20. However, the Philippines abstained in the October 27 Arab-sponsored resolution, saying that the resolution failed to mention the October 7 attacks where three Filipino workers were killed and two taken as hostages.

Interestingly, the December 12 resolution neither mentioned the October 7 attacks, nor the Hamas yet the Philippines voted for it.

Da z a sa id t he Ph i l ippi ne government also supported the Austrian and US amendments to the resolution, which mentioned the October 7 attacks and condemnation of Hamas. But the two resolutions did not muster the two-thirds majority vote.

“Globally, UN member states have shifted significantly towards suppor ting an immediate humanitarian cease-fire in view of the need to protect civilians, especially women and children,” Peñaranda said in his report to DFA. Philippine Ambassador and Permanent Representative to the UN Antonio Lagdameo prefaced his explanation of vote condemning the October 7 attacks by the Hamas.

“While we condemn the October 7 terrorists attacks perpetuated by Hamas, the Philippines emphasizes ad he re nce to I nte r n at ion a l Humanitarian Law, especially the principles of proportionality and distinction in response to security threats. It is imperative that any military action consider the impact on civilians and strives to minimize, if not eliminate, collateral damage,” Lagdameo told the UNGA. Most of the Filipinos in Gaza have already been extricated and the two hostages have been released. There are still 17 Filipinos—composed of two families and one nun—who remained in Gaza.

However, there are 17 Filipino seafarers who are taken as hostage by the Houthi rebels who are sympathetic to Palestinians. The Japanese operator of the cargo vessel Galaxy Leader have sought the help of countries of the seafarers on board to help them negotiate a deal with the Houthis as well as with Iran, Saudi Arabia and Oman,

to release the seafarers.

The DFA said 11 of the Filipino seafarers have already gotten in touch with their families in the Philippines and reported that they are all safe.

The following is the full text of the Ambassador Lagdameo’s explanation of vote: “ W hi le we condemn the Oc tober 7 ter ror i st at t ac k s p e r p e t r ate d b y H a m a s , t he Philippines emphasizes adherence to International Humanitarian Law, especially the principles of proportionality and distinction in response to security threats.

It is imperative that any military actions consider the impact on civilians and strives to minimize, if not eliminate, collateral damage.

We are deeply concerned about the humanitarian situation in Gaza. The Philippines believes that a humanitarian ceasefire is crucial to halt the loss of life and suffering.

This ceasefire is a necessary step to facilitate the delivery of urgent humanitarian aid to all affected civilians, irrespective of their affiliation.

We call on all parties to comply w ith their obligations under international law, particularly regarding the protection of civilians especially women and children.

Upholding these laws is essential in ensuring the safety and dignity of all individuals affected by this conflict.

“Finally, the Philippines seeks to contribute to a solution that respects the rights and needs of both Palestinian and Israeli civilians. We advocate for a peaceful resolution that upholds international law and leads to lasting peace and security in the region.”

Senate’s concurrence for ILO 190 ratification hailed Independent Confederation, Public Services International, BWI Union, IndustriALL, International Transport Workers’ Federation, and UNI. The Trade Union Congress of the Philippines (also released a separate statement, expressing support to the Senate move.

Twenty senators on Monday voted affirmative for the ratification of ILO 190, approving Senate Resolution 877 with zero votes against and zero

abstention.

House Deputy Speaker and TUCP President Raymond Mendoza earlier pressed for the immediate ratification of ILO C190.

According to Mendoza, it was the “harsh reality” faced by workers, particularly women and overseas Filipino workers (OFWs) that made him file House Resolution 32.

It was adopted by the House of Representatives under Speaker Martin

Romualdez in January 2023, and was later on endorsed by President Ferdinand R. Marcos Jr. in October.

The Senate Committee on Foreign Affairs chaired by Senator Imee Marcos sponsored the resolution.

The ratification of C190 comes at a crucial time when workers continue to experience various forms of violence and harassment “committed by various state and non-state offenders,” the labor groups said.

Thursday, December 14, 2023 A11

MSU to implement academic leniency for students affected by campus blast

By Claudeth Mocon-Ciriaco

HE Mindanao State University (MSU) is set to implement an academic adjustment policy following the deadly bombing incident last December 3 during a Sunday Catholic Mass at the university gym, killing at least four and injuring dozens of others.

Commission on Higher Educat ion (CHED) Cha ir man Prospero De Vera III noted that the Board of Regents (BOR) of MSU took cognizance of the emotional and psychological impact of the “horrific” MSU-Marawi bombing incident thereby necessitating the implementation of the academic adjustment.

De Vera said that as part of t he academic adjust ment policy, affected students could be given “a grade of ‘INC’ and granting them another semester to complete their academic requirements.”

This policy was finalized during the 4th quarter meeting of the MSU Board where Basari D. Mapupuno briefed the regents on the measures taken by the university in the aftermath of the tragedy.

“As the chairperson of the MSU Board, I commend President Mapupuno and other university of f icia ls for immed iately strengthening safety and security measures in the Marawi campus to bring back the confidence of students, faculty and employees that MSU will remain a zone of peace in the coming months,” De Vera said.

“As a policy adopted by the Board of Regents, students who are distressed and traumatized, specially those who underwent counseling and who feel they cannot continue their studies, will be given a non-numerical grade and another semester to complete their requirements. We need to address the mental health situation of the students,” De Vera added.

For the affected students who are scholars of government institutions and organizations, MSU will be sending a letter of request for

consideration to these scholarshipgranting institutions to ensure the scholarship status of the students will not be affected.

“For those scholarships given by the university, we will relax the rules. I have also instructed the OVCCA [Office of the Vice Chancellor for Community Affairs] to send letters to the scholarship-giving institutions to give consideration to our students,” said Mapupuno.

On December 11, the Philippine National Police (PNP) and Armed Forces of the Philippines declared it is now safe to resume classes at MSUMarawi. Around 1,300 students have returned to the campus for face-toface (F-to-F) classes.

Meanwhile, about 2,000 students were transported by their respective local government units to return home at the request of their parents.

To assist these students in returning to the campus for F-to-F classes, free transportation assistance is being given by the university through pick-up points for students in adjoining cities and provinces.

CHED will also be providing additional financial assistance to the students affected by the blast by including them as Tulong Dunong beneficiaries for school year 2023-2024.

Mapupuno also informed the MSU Board that the PNP has already arrested a suspected accomplice of the bombing incident.

CHED urged the constituents of the MSU and other higher education institutions (HEIs) to continuously enhance the security of their campuses and strengthen their cooperation with government security agencies. “ W h i le we a re adva nc i ng our instruction, research, and extension, we will not lower our guards in protecting our students,” Mapupuno added.

“We will not be deterred by this act of violence, we will continue to work towards ensuring that our HEIs remain a safe haven for our students,” De Vera said.

They added: “The concurrence of the Senate with the ratification of ILO C190 is a significant step towards ensuring decent work for all workers—regardless of employment status and whether from the private or public sectors, or from the formal or informal economy.”

The Philippines is the first in Asia and one of the 36 countries that ratified ILO C190.

“This is a ‘win-win’ situation for

labor, business, and for our country since international trade, such as EU GSP+, US GSP, and the Indo-Pacific Economic Framework for Prosperity [IPEF], are all tied to upholding labor rights. By ending violence and harassment that demoralizes workers and disrupts productivity, more and better investments will enter the country and generate more and better jobs for our people,” said TUCP Vice President Luis Corral.

@claudethmc3

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Government urged to prioritize WPS protection amid Chinese aggression

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LAWMAKER on Wednesday urged the gover nment to prioritize the protection of the West Philippine Sea (WPS), saying WPS protection directly affects domestic food security AGR I Party-list Rep. Wilbert T. Lee issued the call in the wake of the back-to-back water cannon

blasting incidents in the WPS by China Coast Guard (CCG) ships against Philippine vessels.

“We must protect our interests in the WPS, including both freedom of navigation and the ecosystems in the area, as the limited movement of Filipino fisherfolk in the WPS and the destruction of the marine biosphere

affect our food security,” Lee said.

Lee pointed out “the continued aggression of foreign vessels in the WPS hampers the ability of our fisherfolk to fish in the waters within our exclusive economic zone [EEZ].”

“The lives and livelihoods of our fishermen depend on our ability to protect the WPS,” he added.

Over the weekend, back-to-back water cannon incidents in the WPS were reported by the Philippine Coast Guard (PCG).

Lee disclosed that such actions o c c u r re d w he n C h i ne s e s h i p s targeted Bureau of Fisheries and Aquatic Resources (BFAR) vessels providing aid to Filipino fishermen

near Bajo de Masinloc.

The following day, the PCG said a commissioned vessel on a resupply mission to Ayungin Shoal sustained “serious engine damage” after it was blasted with water cannon by the CCG. Lee said the government must find ways to enforce its rights within the country’s EEZ.

Offshore wind investors’ new bloc to boost RE tech growth “The primary aim is to help each other, collaborate. It’s a group of developers with wind energy service contracts. Having said that, these are developers that are supposed to design, develop, build, operate, and maintain.

So, we have our own common concerns, our common issues, and of course common interest,” Pascual explained.

The Philippines, known for its abundant natural resources and favorable coastal conditions, is wellpositioned to harness the power of OSW, which is touted as the newest alternative to deliver RE. The technology could also help solve the ongoing power crisis and drive economic growth and promote energy security.

According to the World Bank, the country’s total technical potential for

OSW is estimated at 178 gigawatts (GW).

“The Philippines’s waters have conditions that are well-suited to offshore wind. This abundant, indigenous energy resource offers an opportunity for the Philippines to boost energy security, reduce greenhouse gas emissions, and increase renewable energy supply,” said Ndiame Diop, World Bank country director for Brunei, Malaysia, Philippines and Thailand.

DOE Secretary Raphael Lotilla said at the launch of POWER that state firm Philippine National Oil Company (PNOC) could take part in the development of OSW by assisting interested firms that would encounter challenges.

“In the case of those who, for example, have limitations on what they can carry out in terms of the limitations

on the use of certain resources that still remain nationalized, then it is for government-owned and -controlled corporations like PNOC and its subsidiaries as well as other government-owned corporations in the energy sector that will facilitate and make sure that your journey towards realizing the goals of the governments RE program are rolled out and realized that this indeed will be with minimal obstacles to facilitate the implementation of all of this,” Lotilla said.

He stressed the importance of PNOC’s role in this “changed environment,” saying there are opportunities for it to facilitate the development of the OSW contracts of the “different companies.”

In November last year, the DOE released a circular allowing 100-percent

foreign capital in RE projects from the previous ownership of 40 percent. “The signal that the President sent with the opening of RE to 100-percent foreign ownership is not just a signal to foreignowned companies. It is a signal to all investors- both foreign and domestic, and the different combinations by which foreign and domestic capital are going to join,” Lotilla said.

There are challenges that need to be addressed to fully unlock the potential of OSW technology in the country. Lotilla stressed the need for cooperation with the local government units as well.

“Every site has its own specific political environment and challenges. Whether they are the local fishing communities, and other competing uses for ocean space we would have to consider, and we will

“…Only Filipinos should benefit from this area. We are all winners if we can defend the rights of our fishermen in our own territory,” he added.

The United Nations Convention on the Law of the Sea defines an EEZ as generally extending 200 nautical miles from shore, within which the coastal state has the right to explore and exploit and the responsibility to conserve and manage both living and non-living resources from within.

Jovee Marie N. Dela Cruz

Continued from A14

have to discuss with all the stakeholders concerned,” he said.

To a certain extent, he added, it helps that the Energy Virtual One Stop Shop system chaired by the Office of the President is there.“Nevertheless, there are local issues that we have to contend with.”

The other challenge is one which requires working with the transmission concessionaire. Without new investments in transmission facilities, the country’s ambitious OSW power projects could not be realized.

“It is in private hands, and therefore the challenge is for you in the private sector to be able to deliver the message as well to NGCP [National Grid Corporation of the Philippines] that it needs to work with you. It doesn’t have to be a point where government has to use its muscle. But

it makes business sense for you as well as the private concessionaire to work together,” Lotilla stressed.

Earlier, DOE Undersecretar y Rowena Guevara said the agency is formulating a smart and green grid plan (SGGP), a strategic plan for the country’s transmission system that incorporates accelerated RE development in the grid up to 2035.

Guevara said the NGCP would develop the implementation plan of the SGGP in the transmission development plan and implement it. “We have now a team at the DOE that is doing the planning for transmission to make sure that all of these renewables that we are coming up with are actually going to be connected. We are hopeful all of these projects will be realized on time,” said Guevara.

A12 Thursday, December 14, 2023 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

How to sabotage PBBM’s efforts to lure investors

I

F you are a legislator, you have to be an expert manipulator and a covert operator to be able to derail the efforts of President Marcos to attract foreign investments. Your first step is to declare all-out support to the administration to avoid any suspicion.

Then, in the guise of doing your job, send out all the wrong signals to potential investors. This will negate the President’s campaign to attract investments and may even show that the Executive and Legislative branches are not on the same page, which can have significant effect on the economy.

Your next step is to use the authority of Congress to conduct an investigation “in aid of legislation” to obtain your desired outcome. This is one way to legitimize unpopular moves, like proposed policy changes that undermine the attractiveness of the country for foreign investors. Your goal is to erode business confidence in the government and make it less appealing for foreign companies to locate in the Philippines.

Don’t trumpet your feat when your initiatives succeed in halting the expansion plans of companies in the country. Your scheme is just starting to bear fruit. How can you say your moves are effective? They have to adversely affect job generation. Now you have shown red flags that will scare off potential investors. Don’t stop there: Create uncertainties about future policies and regulations that will deter foreign investment and stop economic growth.

For example, find a big company—like Meralco—and initiate an investigation on charges that it failed to comply with its franchise conditions. You know that the charges are baseless, but you can’t allow facts to get in the way of a juicy narrative, right? The mere fact that you are initiating an investigation will lead the public to question the company’s integrity. You need a good reason to achieve your goal, which is to subdivide the Meralco franchise.

From the other side of the aisle: A lawmaker lambasted proposals to break Meralco’s franchise area into three parts, saying Congress should instead focus on addressing consumers’ power woes. As a member of the House Committees on Energy and Economic Affairs, Cagayan de Oro 2nd District Rep. Rufus B. Rodriguez said individuals and groups advocating for consumers should prioritize crafting tangible solutions for high power rates and service reliability, extending beyond Meralco’s service areas. (Read the BusinessMirror report, “Division of Meralco franchise area won’t solve power,” December 1, 2023).

“As representatives of the Filipino people, it is our responsibility to enlighten the public about what is really happening and not cause confusion by bringing up proposals that have not been carefully studied,” he said, adding that he has no qualms about scrutinizing the weighted average cost of capital of Meralco and other power distributors, as this could effectively address the long-standing problem of the absence of rate resets for many regulated entities.

“But if WACC is the problem, isn’t the logical solution to review the WACC and have the regulator complete the rate reset process?” Rodriguez asked. He challenged those suggesting the division of Meralco’s franchise, urging them to identify who will bear the significant responsibility of ensuring a constant and adequate power supply to support not only households but also the nation’s growing economy.

“These calls happen even before Meralco’s franchise expires, so clearly there are interests playing around here. But the interest that we should be focusing on is that of the Filipino people,” he added.

Rodriguez also pointed out misinformation emanating from different groups, like those that claim Meralco controls Calabarzon, when it can easily be verified that the service area only covers part of the region.

Lawmakers can contribute to the country’s political stability and economic growth. And we know that many of our legislators possess a high level of integrity and have a genuine commitment to public service.

Unfortunately, a few of their colleagues have their own political agenda that is more important than the constituencies they represent. These are the representatives of the people that have become a danger to the nation. Instead of creating opportunities for economic growth, they hinder economic progress by promoting their own agenda. Presenting themselves as experts in the power industry, they bring up dangerous proposals like their plan to subdivide the Meralco franchise. In reality, however, based on their actions and words, a good guess is that their whole knowledge about the power distribution industry can be written on a single piece of confetti.

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STREET TALK

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hristmas, as we Filipinos know it, is indeed here. Traffic has become unreasonably heavy at any given time, yet people do not mind. Malls are packed with last minute shoppers burning their credit cards without much thought on how they will pay for it by next month. And airport arrivals are in droves with our overseas brethren coming home for their annual respite from their foreign hardships to be with family and bringing in the foreign currencies we depend on so much. But one good sign that this Christmas is truly back to pre-pandemic normal is this year’s Metro Manila Film Festival (MMFF).

An annual event for the past 49 years, this year’s MMFF can be considered the best so far, with its organizer, the Metro Manila Development Authority, as well as the local film industry pulling out all the stops to make this festival truly memorable. For one, this will be the first time that the festival will be showcasing more than the usual eight entries with an additional two, to make a total of 10 choices for the Filipino families to enjoy. This year’s official entries are: “Becky and Badette,” showcasing the comedic wares of Pokwang and Eugene Domingo; “Broken Heart’s Trip,” another comedy with Christian Bables leading the cast; “Family of Two,” a Sharon Cuneta- Alden Richards mother and son drama; “Firefly,” a fantasy film

with the proven Alessandra de Rossi; “Gomburza,” an entry by the Ateneo Jesuits based on the historical story of the Filipino priest martyrs that triggered the hearts of our revolutionaries back then; “(K)Ampon,” a horror thriller with Derek Ramsey and Beauty Gonzales; “Mallari,” a Piolo Pascual suspense thriller based on the story of the first ever recorded Filipino serial kiler; “Penduko,” with Matteo Guidicelli following the footsteps of the many “Pendukos” since 1954 to include Efren Reyes Sr., Vic Sotto and Senator Bong Revilla; “Rewind,” with the real-life power couple Dingdong Dantes and Marian Rivera; and last but not the least, “When I Met You in Tokyo,” bringing back the tried and tested tandem of Vilma Santos and Boyet de Leon.

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Next year will be the golden year of the MMFF, and Atty. Don Artes, the present MMDA and MMFF chairman, gives the proper insight—the MMFF is not just the sanctuary for Filipino families during Christmas but it has now evolved to be the saving grace for our local film industry amidst the threat of foreign films and new technologies like content streaming and other media platforms, thus assuring us of at least another 50 years of MMFF experience for our Filipino moviegoers during our festive Filipino Christmas.

The decision to add two more movies stems from the record-breaking participants who applied to be considered for this year, making it difficult for the organizers to limit the entries and encouraging them to have a go once more for a summer festival given the many other good films that were not included in this year’s Christmas offering.

Another first for this year’s festival is their expansion to foreign shores with no less than the global movie capitol, Hollywood, as their initial run. Together with Hollywood based Fil-Ams led by Lisa Lew, an 8-time Grammy awardee, the MMFF will be bringing the Filipino Christmas movie experience to our fellow Filipinos in January 2024, right after our December affair. Not only will these benefit our official MMFF entries with added exposure and revenues

What if entropy is to blame?

John Mangun

Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

MEMBER OF

Thomas M. Orbos

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Looking forward to our annual MMFF experience

OUTSIDE THE BOX

O

ver the weekend I had a brief “Merry Christmas conversation” with a good friend and business associate. He noted that “it’s been a nerve-wracking year.” To put his comment in perspective, this gentleman is one of the wealthiest—albeit very quietly—persons in the Philippines.

I mention that because the reality is that all of us are in the same boat even if I have a nice soft padded cushion to sit on. Of the total number of men (all classes including crew and servants) on aboard the Titanic, only 16 percent survived. Of the total number of women, 74 percent lived.

Of the women in Second Class, 86 percent lived on while only 8 percent, the worst survival rate, of SecondClass men saw another day. Lesson if the ship is sinking: be a woman and preferably a rich woman (97 percent survival). And do not be a Bulgarian

—zero percent made it.

Squealer is a pig, in George Orwell’s 1945 novel “Animal Farm,” who is the second-in-command to leader Napoleon and the Minister of Propaganda. Squealer reduces the original Seven Commandments of the farm to one commandment: “All animals are equal, but some animals are more equal than others.”

We all know that to be true. Justice—equal treatment without regard to variables—is a myth, be it in the legal, economic, or social arenas.

Perhaps because we know the idea

What if entropy results in horrible economic outcomes that emanate from repeated foolish decisions? What if entropy is the culprit in the actual breakdown of society in the West? Why, if there is a strong unseen hand, is the absolute craziness “over there” not taking hold “over here”? of implementing genuine justice is probably unattainable—and growing more unlikely every day—we are looking for “equal treatment” in bizarre ways.

Does anyone in his right mind actually believe that the physical differences between biological males and biological females would not alter and affect the end results in many physical contests and competitions?

Then, knowing that “all animals are equal, but some animals are more equal than others,” we look for a justification of that “truth.” But it is hard for the human mind to forever buy into the idea that, for example, one

for their films, but the group also intends this to be the jump off point for our movie industry to level up, following the footsteps of our Korean neighbors. Rightly so, as we cannot be insular in our attitude towards our films. The success of the K-dramas and the Bollywood films were not accomplished overnight but a product of decades of fighting it out with the best of the best of Hollywood. Also, in the works for next year are similar MMFF film festivals in Japan, Hong Kong and Dubai, all bastions of our homesick OFWs. The Metro Manila Film Festival has been through a lot, from near scandals, allegations of collusion and favoritism, and the catastrophic effect of the pandemic that almost killed the whole industry. But the annual festival has survived and remains to be the top of mind of our industry stakeholders and Filipino moviegoers.

Next year will be the golden year of the MMFF, and Atty. Don Artes, the present MMDA and MMFF chairman gives the proper insight—the MMFF is not just the sanctuary for Filipino families during Christmas but it has now evolved to be the saving grace for our local film industry amidst the threat of foreign films and new technologies like content streaming and other media platforms, thus assuring us of at least another 50 years of MMFF experience for our Filipino moviegoers during our festive Filipino Christmas.

The author may be reached at thomas_orbos@ sloan.mit.edu

race or ethnic group is superiorly different than another, which was the belief for millenniums.

If we cannot find the equal outcomes that we want to see and while assuming that “all men, women, and other genders now and in the future, are created equal,” then obviously there is some unseen hand that is un-leveling the playing field. Perhaps it is the “one percent” or the “0.1 percent,” or maybe it is me that is controlling the world.

It is a fact that globally, countless government officials and “friends of government officials” were exempted from vaccines, masks, and distancing, unlike we peasants. However, with the supreme confidence that deep down we all want justice for everyone, then there must be an external force that is writing the Commandments for the human farm.

It may very well be true that the World Economic Forum-types do want absolute control and for We the People to stop procreating, to eat bugs, and to “own nothing and be happy.”

However, I am a strong believer in See “Mangun” A13

www.news.businessmirror@gmail.com

Xi disappoints investors by skipping signal for big stimulus

Opinion BusinessMirror

Retired state officials are easy legal suit targets Non and other members of the Commission, per my recollection, successfully secured from the Court of Appeals the reversal of a suspension order from the Ombudsman for alleged misconduct in the Competitive Selection Process (CSP) of Meralco Power Supply contracts.

By Bloomberg News

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hina’s top leaders including President Xi Jinping vowed to make industrial policy their top economic priority next year, a letdown for investors hoping to see more forceful stimulus to boost growth.

The ruling Communist Party’s annual economic work conference made building a “modern industrial system” its No. 1 goal, up a place from last year. The priority for 2023 was boosting domestic demand, which fell to the second spot as policymakers put greater emphasis on developing cutting-edge technology and artificial intelligence.

“The measures sound rather traditional and nothing much was very creative,” said Jacqueline Rong, chief China economist at BNP Paribas SA. “Investors’ reaction to this might be rather plain because it takes an indication of a vastly stronger-than-expected pro-growth policy to trigger very excited response.”

A gauge of Chinese stocks listed in Hong Kong lost as much as 1.3 percent on Wednesday. Developers Longfor Group Holdings Ltd. and China Overseas Land & Investment Ltd. were among the worst performers, after the meeting failed to offer new remedies for the property sector.

The CSI 300 benchmark of onshore shares slid 1.1 percent.

The muted reaction suggests the doom and gloom in Chinese markets may extend into next year. Stocks have failed to regain their appeal after a reopening rally at the start of this year petered out, with gauges in Hong Kong among the world’s worst-performing benchmarks in 2023. Portfolios that exclude China are on the rise.

The two-day confab that wrapped Tuesday took place as China reaches a critical crossroads. Xi is searching for new growth engines to sustain the economy, as a lingering crisis deepens in the property market that has been a key driver for decades. Weak domestic demand, local debt risks and sluggish exports have also made China’s post-pandemic rebound elusive this year, as the Asian giant slides into deflation.

The meeting’s emphasis on supporting companies to produce higher-value products above trying to spur consumer spending is unlikely to significantly juice growth in the near-term. Ramping up manufacturing also risks inflaming geopolitical tensions, as the European Union warns China against flooding the market.

“I don’t see any signs of largescale stimulus,” said Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered Plc. The meeting showed that “technology self-reliance is more important” than in previous years.

Another thing missing from the event was Xi himself on the final day. The second half of the conference overlapped with the Chinese leader’s two-day trip to Vietnam, marking the first time he’s traveled abroad during the economic meeting, according to his public schedule.

Weak expectations

China’s top leaders acknowledged “lackluster social expectations” for the economy this year, as confidence remains muted after years of Covid controls. But while they nodded to challenges that had dragged on growth, the ruling party sought to boost morale for 2024.

“Favorable conditions outweigh unfavorable factors in China’s development,” they said, according to the read out. “The fundamental trend of the economic recovery and long-term positive outlook has not changed.”

Beijing is on target to meet its conservative annual growth goal of about 5 percent this year, with the focus now shifting to what tools Xi will use to try to maintain that pace

in 2024. Moody’s Investors Service cut its outlook for Chinese sovereign bonds to negative last week, underscoring concerns about debt levels as Beijing leans on fiscal policy.

“The annual meeting acknowledged many familiar challenges— such as weak domestic demand, sluggish consumption, and property and local debt risks—but didn’t prescribe new remedies or offer any quick fixes. Nothing we see in the priorities policymakers set for next year shifts our view on the growth and policy outlook,” said Bloomberg economist Eric Zhu. This week’s confab called for “appropriately stepped up” fiscal measures, as well as “prudent” monetary policy—that echoed a huddle of the party’s 24-member Politburo last week, which was seen as taking a pro-growth stance.

That conclave also upgraded the importance of making economic “progress,” raising expectations the official GDP growth target will be kept around 5 percent next year. In practice, that would be more ambitious than this year’s goal, partly because the consumption rebound from the end of Covid restrictions has largely played out.

Officials this week also said the pace of credit growth should be in step with both the GDP and inflation targets. Economists said that could mean monetary easing next year to offset deflation, which has led to higher “real” or inflation-adjusted interest rates this year.

“Monetary policy could turn more accommodative in the face of deflationary risks,” implying more cuts to interest rates and bank reserve requirements in the year ahead, Larry Hu, head of China economics at Macquarie Group Ltd., wrote in a note.

While leaders offered reassurances on the key pain points in China’s economy—such as record high youth unemployment and developers on the verge of default—they skipped proposing any big solutions.

The meeting pledged to meet property developers’ reasonable financing needs, ensure employment for “key groups” of people, and maintain ample liquidity. The language on housing was little changed from previous statements, with an emphasis on social housing.

The lack of new discussion around the property sector could be disappointing to some investors, according to Goldman Sachs analysts including Maggie Wei and Hui Shan. This may suggest policymakers are still exploring ways to stabilize the sector. A Bloomberg Intelligence gauge of developer shares dropped as much as 3.4 percent on Wednesday.

There were, however, some signals of incremental measures. Policymakers hinted at consumer goods measures that sparked expectations for household subsidies to buy new appliances, cars and furniture to spur consumption. There was also a vague vow to launch a “new round of tax reform.” Tax cuts were mentioned in the readout, in a departure from last year.

Compared to last year’s work conference, there was also more emphasis on economic problems caused by a supply-side focus. The report also warned that the “complexity, severity and uncertainty of the external environment is rising.”

That was likely a veiled reference to geopolitical headwinds. The US has imposed sweeping curbs on China’s access to cutting-edge chips, as tensions simmer between the world’s two largest economies, increasing Xi’s focus on homegrown innovation. With assistance from Philip Glamann/Bloomberg

Thursday, December 14, 2023 A13

G

OVERNMENT executives in office, or even after they have retired, are easy targets of complaints and legal suits. We hear how former high uniformed or civilian officials are brought to courts.

For one, a retired Navy Admiral was sued and convicted of graft and malversation for anomalous medical supply procurement from 1990 to 1991. Listing all of them, though, would not fit in this space.

This development led me to dwell on former Energy Regulatory Commission (ERC) Commissioner Alfredo J. Non, after a certain Atty. Paris Real filed a complaint for “gross inexcusable negligence” for his alleged failure to act on the Regulatory Reset Process (RRP) of Meralco.”

Well, RRP is ERC’s mandate, a regulatory exercise to reset power rates, conducted by the Commission, periodically, or every 3-6 years. Adjusted rates come in the consumer’s next billing cycle.

The complaint is baseless, bereft of factual and legal bases, and I believe that it is, obviously, in retaliation for my post-retirement participation as intervenor in the Meralco cases pending before the ERC, insisted Non. While he hasn’t received a com-

plaint copy yet, Non assured The Bridge that he is confident of his legal and factual defenses why he should not be held liable for such act, and will file the timely corresponding responsive pleadings with the Ombudsman.

He was Commissioner from 2011 until July 2018, serving a total of three chairpersons—Zenaida Ducut from 2011 until 2015; Jose Salazar from August to September 2015; and Agnes Devanadera from November 2017.

Non was OIC only from September to October 2017, or until Devanadera’s appointment. As OIC when the ERC chairperson position was vacant due to Salazar’s removal, he had the limited responsibility of ensuring that the Commission’s operations continued uninterrupted, despite the political upheavals then that affected the position of the ERC chairperson and that of the ERC as a whole.

Non observed that Atty. Real’s complaint manifests the thankless nature of being a state official. In

general, former officials like him are easy targets of individuals and entities who are sour for not getting the expected favor from the government office.

Non and other members of the Commission, per my recollection, successfully secured from the Court of Appeals the reversal of a suspension order from the Ombudsman for alleged misconduct in the Competitive Selection Process (CSP) of Meralco Power Supply contracts.

The CA ruled that the suspension order issued to Non and the other commissioners was premature, because the Supreme Court, at that time, was still hearing the legality of the assailed CSP Resolutions. Despite this, here’s an Ombudsman complaint, which may be considered a SLAPP (strategic lawsuit against public participation).

Steadfast, Non is determined to continue participating in the pending Meralco refund cases and advocate for better rate regulation.

Tourism development needs water

The Panglao International Airport is one good impetus why investments are pouring into Bohol’s fast-growing hospitality sector. On December 2, JW Marriott with Apple One recently unveiled a seven-hectare beach resort development while Crimson Re-

sorts are expected to start construction of their own hotels next year.

On the other hand, Henann Group, owned by a Boracay tourism bigwig, will beef up its existing hotels by another 700 rooms, and Modalla by 300 more rooms with a total of over a thousand rooms. South Palms Panglao has in sight putting up 10 hotels over the next 10 years.

But these very encouraging tourism expansion development plans could be derailed, due principally to the lack of potable water to support the hospitality sector’s demand. Of course, the residential and commercial property developments are expected to heighten demand for water in the whole island province.

Bohol’s Richli Corp. currently and singly provides 8 million liters per day (MLD) for the needs of Panglao Island, the resorts, airport and the rest including residences, even during brownouts. But water demand volume is expected to hit 18 MLD next year, presenting a supply crisis soon if DENR doesn’t act for the common good.

Frustrating, but Richli’s every effort to get water rights permit from Bugwak, Uhan and from other springs to meet the demand has been futile, unacted by DENR/MWRB, and the high officials keep the legal and political pressure against Richli.

To prove my observation, as The Bridge goes to press, legal suits after suits among the contending local government executives and some groups and individuals continue to pile up.

Hopefully, taking the cue from Gov. Eric Aumentado and Sevilla, Bohol town mayor, the other officials from both local and national level will shelve personal interests, arrive at the resolution and serve the people they’re sworn to serve.

‘There is no more money’: Argentina begins economic shock remedy

By Walter Brandimarte

E

conomy chief Luis Caputo spent the better part of his first televised address explaining how Argentina got into such a dire economic situation: an “addiction” to debt, for which the only medicine is a shock treatment.

“There is no more money,” Caputo said repeatedly in the recorded video published Tuesday night, echoing President Javier Milei’s words during his inaugural speech on Sunday.

The Wall Street veteran then outlined 10 initial measures designed to jolt the stagnant economy, starting with a massive 54 percent devaluation of the peso’s official exchange rate and slashing spending: including by halving the number of ministries, cutting transfers to provinces, suspending public works and reducing subsidies.

Total spending cuts will amount to 2.9 percent of gross domestic product, a senior government official said later. The new government’s goal is to eliminate next year the primary budget deficit, which doesn’t take into account interest payments.

The International Monetary Fund praised the government’s “bold initial actions” and many investors welcomed the measures as steps in the right direction. Yet many also remained skeptical, considering the moves either insufficient or hard to implement—or both.

“Are these measures good? Yes. Are they enough? It doesn’t seem so.

Would they work? It really depends on people’s reactions,” said Diego Ferro, founder of M2M Capital in New York. “Let’s cross our fingers and hope that in the next two, three

Mangun . . .

continued from A12

the Second Law of Thermodynamics and Entropy that “as one goes forward in time, the net degree of disorder of any closed system will usually increase. We all had a nervewracking year. Why “we” if the game is rigged?

I will not dispute the fact that if it

months people accept this and this works.”

Ferro’s reaction encapsulates the essence of Milei’s challenge. The libertarian leader needs to move fast because Argentina has run out of options to finance itself without resorting to the money printing that has sent annual inflation soaring to more than 140 percent. But at the same time, he can’t easily jettison all the capital controls imposed over the years as allowing the currency to float would risk triggering even faster inflation.

For now, those controls remain in place, and the crawling peg regime will be overhauled to allow the peso to weaken 2 percent per month. Some social programs will also receive a boost in a bid to ease the pain caused by the austerity measures. Measures such as cutting transfers of funds to provinces could even backfire, according to Adriana Dupita, an economist with Bloomberg Economics.

“Federal transfers to provinces are a relevant part of the budget, but simply cutting them doesn’t necessarily solve the fiscal problem,” Dupita said. “Unless provinces are able and willing to cut expenditures, this measure only transfers the deficit from federal to regional governments. It may also raise concerns on the outlook for provincial bonds.”

The announced measures do not is all a casino, the house-always-wins.

However, I am thinking that entropy has created a system, a systemic condition that is more powerful than any extrinsic Illuminati-inspired force.

Read all the books you want on how Satan’s Central Bank—the Federal Reserve—was designed to screw us all and steal our hard-earned wealth. What if as unwashed, ungroomed hair becomes really nasty over time—which could happen to

The International Monetary Fund praised the government’s “bold initial actions” and many investors welcomed the measures as steps in the right direction. Yet many also remained skeptical, considering the moves either insufficient or hard to implement—or both. amount to an economic plan, according to Jorge Piedrahita, founder of Gear Capital Management in New York. “They leave a flavor of improvisation,” he said.

Unavoidable devaluation

The initial steps taken by Caputo follow a somber inauguration speech on Sunday, when Milei warned that Argentines will have to endure months of pain while he works to pull the country from the economic crisis inherited from his predecessor.

The devaluation was long seen as inevitable. In the run-up to Milei’s inauguration, markets were signaling a currency drop of about 27 percent in the first week of the new government, while investment banks such as JPMorgan Chase & Co. and local private advisory firms suggested it could weaken about 44 percent. Grocers had already increased prices and banks were offering sharply weaker retail exchange rates hours before the Tuesday announcement.

Argentine authorities have for years tried to slow the peso’s decline in the official market through currency controls and import restrictions, in an attempt to protect dwindling foreign currency reserves. all of us—it is entropy and not the Devil that turned the Centrals into inflation machines and wealth/ economy killers?

What if entropy results in horrible economic outcomes that emanate from repeated foolish decisions?

What if entropy is the culprit in the actual breakdown of society in the West? Why, if there is a strong unseen hand, is the absolute craziness “over there” not taking hold “over here”?

That hodgepodge of measures has spawned at least a dozen different exchange rates, hampering business and investment in South America’s second-largest economy.

On the campaign trail, Milei even pledged to scrap the currency altogether, replace it with the US dollar and shutter the central bank, but eventually put these plans on the back burner. Instead, he started prioritizing a program of fiscal adjustment.

The previous government had been burning reserves to keep the currency largely steady at 350 per dollar since the August primary vote, when Milei’s surprise showing sent markets into a tailspin. In parallel markets, that rate is about 1,000.

Firebrand libertarian

After being spooked by his emergence in the August primary, investors have since warmed to the firebrand libertarian, cheering on his first steps as president-elect—including his picks of Wall Street veterans for some of the main cabinet positions, while he dropped some radical proposals such as dollarizing the economy.

As he begins his four-year term, the rally will be put to the test.

Caputo previously served as finance chief in the administration of Mauricio Macri, when he negotiated a $16.5 billion deal with holdout bondholders, allowing Argentina to return to international capital markets.

Caputo also tapped longtime colleague Santiago Bausili, a Deutsche Bank and JPMorgan Chase & Co veteran, to run Argentina’s central bank. Bloomberg Entropy and chaos are not inevitable. But “Entropy is not on your side”—Elon Musk. “The most basic human impulse is toward entropy and laziness”—Alexandra Fuller.

Our problem is that “only entropy comes easy”—Anton Chekhov.

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

A14 Thursday, December 14, 2023

CONGRESS, DOTR EYE LARGER MOTORBIKE TAXI STUDY SCOPE

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ONGRESS indicated it is open to extending the coverage of the motorcycle (MC) taxi pilot study beyond the National Capital Region due to concerns on its impact on its three-wheeled counterparts.

Romeo Acop, House Transportation Committee chair and Antipolo second district representative, said at a hearing on Tuesday that the Department of Transportation Technical Working Group (DOTr-TWG) submitted a report saying an extension of MC taxi pilot studies into the provinces of Cavite, Rizal, Laguna, Batangas, Iloilo, Bacolod, Pampanga, Davao, Zamboanga, Legazpi, General Santos, Pangasinan and Baguio is under consideration.

This, after National Confederation of Tricycle Operators and Drivers Association of the Philippines (Nactodap) President Ariel Lim underscored the need to disperse MC taxi operations outside of Metro Manila for fear about their potential adverse effects on tricycle-related livelihoods.

“Hindi kami tutol sa motorycle taxi. Tumutulong kami pero huwag naman sana dito sa Metro Manila. Sobrang dami na kasi dito. Mamamatay ang mga tricycle [We’re not against motorcycle taxi. We help but it should not have been here in Metro Manila.

It’s over concentrated here. The livelihood of tricycles will die],” he said.

Atty. Vigor Mendoza, chief of Land Transportation Office, confirmed that the allotment of 45,000 MC taxis in Manila has reached its limit. Nationally, there is an allocation of 63,000 MC taxis, of which 54,000 are now

enrolled.

The idea of broadening the scope of the MC taxi pilot study nationwide had been raised when the Passenger Forum (TPF), an advocate for commuter welfare, urged the government to do so some months ago.

TPF Lead Convenor Primo Morillo advocated extending it beyond Metro Manila, Cebu, and other major cities given their proven benefits to commuters.

At present, the study is confined to three cities: Metro Manila, Cebu, and Cagayan de Oro. Meanwhile, Mendoza asked the HouseTransportation Committee to extend the study for six months, citing the imperative for a market capacity study conducted by the UP National Center for Transport Study, especially with the imminent entry of seven new players.

The new entrants are Cloud Panda Philippines Inc., Taxi Philippines Inc., E Pick Me Up Inc., Easy Way Transport Service and Multipurpose Cooperative, Para Express Technology Services Inc., Grab Philippines, and Market Innovators Inc. Acop expressed discontent with the request, noting that the MC taxi pilot study had already been given an extended period. He said: “We consider the final recommendations of your ongoing pilot study as an important source of information and critical component in our legislative process.

Since you gave us six months, you have to finish that [study] otherwise, the TWG of this committee, headed

by Honorable Pancho, will not finish its work.” Roderick L. Abad

Offshore wind investors’ new bloc to boost RE tech growth

L

By Lenie Lectura

@llectura

OCAL and foreign firms interested to venture into offshore wind (OSW) projects on Wednesday formed a group to boost the development of the technology, which is expected to drive the growth of renewable energy (RE) to up to 70 percent by 2050.

Dubbed the Pi lipinas Of fshore Wind Energy Resource, Inc. (POWER), this Philippine-based

OSW organization was formed by ACEN Corporation (ACEN), The Blue Circle (TBC), BlueFloat En-

ergy (BlueFloat), Citicore Renewable Energy Corp. (Citicore), Ignis ZA Global ((gnis) and Marubeni Asian Power Philippines Corporation (Marubeni).

The newly-formed group’s wind capacity share is around 15 to 20 gigawatts (GW) out of the 63.36 GW potential capacity from the 82 OSW service contracts already awarded by the Department of Energy (DOE).

“That’s practically comprising close to probably a third of what was issued by the government,” POWER President Raymund Pascual said.

These projects are located north of Luzon, west of Metro Manila, north and south of Mindoro, Panay, and Guimaras Strait. All these WESCs are currently in the predevelopment stage, where assess-

ments on resources, site suitability, and project viability are being undertaken.

More power firms are expected to join the alliance as the DOE awards more OSW service contracts. “The first six are founding members. Everybody is welcome to join for as long as you are a holder of wind service contract. We’re open to have more members join us,” he said.

This move, Pascual stressed, can accelerate OSW development over the next decade by providing technical assistance and advisory services to various government agencies; coalition-building and advocacy other stakeholders critical for a successful transition to renewable energy (RE).

Continued on A11

Probe of terror financing raps vs Teves opened

By Joel R. San Juan @jrsanjuan1573

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HE Department of Justice (DOJ) has started its probe into the charges of financing terrorism and providing material support to terrorists filed against former Negros Oriental Rep. Arnolfo “Arnie” Teves Jr. and 15 others by the National Bureau of Investigation (NBI).

At the same time, government prosecutors have officially sought the cancellation of Teves’ passport before the courts.

“The panel of prosecutors have already filed a motion to cancel the passport of Teves, so we’re just waiting on the resolution of that motion,” DOJ spokesman Jose Dominic Clavano IV said.

Once granted, Clavano said cancellation of his passport would prevent Teves from moving from one country to another.

“The only recourse for him is to come back to the Philippines and revalidate his passport. It’s one of those things that would pressure him to return,” Clavano said. Teves is reportedly in Timor-Leste hoping that his appeal for political asylum would be granted.

Meanwhile, Teves’s lawyer Ferdinand Topacio appeared at the start of the preliminary investigation on the case in compliance with the subpoena issued by a panel of prosecutors led by Senior Assistant State Prosecutor Florencio dela Cruz, Jr. Topacio, however, said the preliminary investigation was moved to another date after he manifested that his camp has yet to receive a copy of the complaint, while the other respondents claimed that there were pages missing or unreadable in the copy of the complaint that they received.

The panel’s next preliminary investigation was set anew on December 19, 2023. In an interview with reporters, Topacio said he could not give more details on the basis of the complaint filed since he has yet to read it.

Teves’s lawyer said he asked the panel to provide his client a copy of the complaint, including the annex-

es during yesterday’s preliminary investigation.

He said the investigating prosecutors assured them that a copy of the complaint will be made available to the respondents on December 19.

Based on the subpoena, Teves and the other respondents were charged with financing terrorism under Section 4 of Republic Act (RA) 10168 or the Terrorism Financing Prevention and Suppression Act of 2012, as well as RA 11479 or the Anti-Terrorism Act of 2020.

“What the law states is that if you are found financing activities related to terrorism, you can be held [criminally] liable. The problem is that I can’t say much because we only learned about the case from the other respondents and their lawyers,” he explained.

It can be recalled that in August, the Anti-Terrorism Council found probable cause to designate suspended Negros Oriental 3rd District Representative Arnolfo “Arnie” Teves, his brother Pryde Henry Teves and 11 other individuals as terrorists belonging to the so-called “Teves Terrorist Group (TTG).”

Teves has been tagged as the mastermind in the killing of Negros Oriental Governor Roel Degamo and 10 others last March 4, 2023.

The former lawmaker refused to return to the country since he left last February for medical treatment in the United States after he was named mastermind in the Degamo murder case.

He was eventually removed as a member of the House after the travel authority issued to him expired on March 9.

DOJ spokesman Jose Dominic Clavano IV said the filing of charges of financing terrorism and providing material support to terrorists against Clavano could be an offshoot of the report earlier provided by the Anti-Money Laundering Council (AMLC), while admitting that he has yet to see the complaint.

“Definitely, it’s one thing to be designated as a terrorist group. It’s another thing to finance terrorism.

Those are separate charges,” Clavano pointed out.

HATS OFF TO JOY Dressed in vibrant hats, elementary students enchant the audience with their lively performance at the Christmas Cantata 2023, hosted within the school grounds of Rafael Palma Elementary School in Manila on December 13, 2023. A Christmas Cantata, a musical composition for voices, unfolds in several movements, capturing the spirit of the festive season. ROY DOMINGO

Senators tackle PNP reform bill’s key features

S

ENATORS threshed out during their overtime plenary session late Tuesday the key features of a bill providing for sweeping reforms in the Philippine National Police (PNP), as they took turns grilling the main sponsor, first-term Senator Ronald Bato dela Rosa, himself a former PNP chief.

Senator Grace Poe sought to give authority to the PNP head to appoint chiefs of police (COP) of cities and municipalities and leave the selection process free from the influence of the local chief executives.

At Tuesday’s (December 12, 2023) plenary session, Poe took the floor to interpellate Sen. Dela Rosa, sponsor of Senate Bill No. 249 or An Act Providing for Organizational Reforms in the PNP, amending Republic Act 6975 and RA 8551.

At the outset, Poe clarified that “my only apprehension here is the fact that it concentrates the power too much to the PNP chief; on the other hand, I don’t believe that there should really be an influence in an area controlled by local government for them to have the prerogative to influence law enforce-

ment because I feel that provides checks and balances,” said Poe. Dela Rosa lamented that, at present, a PNP chief only recommends to the governor or mayor names for the position of chief of police, a process that subjects the selection process for chiefs of police to the vagaries of politics.

Among those who heavily interpelated dela Rosa were Senate Minority Leader Aquilino “Koko” Pimentel III, who wanted to know why the bill is needed when most of the changes being sought have been addressed piecemeal in the past by the National Police Commission. Dela Rosa in turn explained that the amendatory law would ensure that the sought-for reforms are institutionalized.

On the issue of the PNP’s retirement age, Sen. Christopher Lawrence Go wanted to know whether members of the Philippine National Police were consulted in the drafting of the measure which seeks to institute reforms in the PNP, particularly in adjusting the compulsory retirement age of police personnel from 56 to 57 years old.

Go revealed hearing stories from policemen who want to “retire

at an earlier age and be with their families.” In fact, Go also noted that “many of them already availed of early retirement before the bill is passed . . . How many have already filed [for] retirement?”

Dela Rosa explained that extending the compulsory retirement age for policemen from 56 to 57 will synchronize with the retirement age of the military.

On the resignation of policemen, Dela Rosa said they were demoralized not really on the issue of extending the retirement age, but because of their anxiety over the proposed bill providing for a pension system for military and other uniformed personnel (MUP).

Still, Dela Rosa assured them that the retirement benefits of policemen will not be affected -- whether they retire at the age of 56 or 57.

For his part, Senator Alan Peter Cayetano prodded the PNP leadership to strengthen its Internal Affairs Service (IAS), stressing the importance of organizational reforms in an institution like the PNP. “I would like to challenge all of us in this room, how can we strengthen IAS? Cayetano asked,

noting that “strengthening the IAS will also protect policemen” “With a very strong IAS, unscrupulous police officers will be arrested and prosecuted and, at the same time, it will protect the good ones,” he added.

At the same time, Sen. Win Gatchalian asked about the relationship between the Philippine National Police and the People Law Enforcement Board (PLEB) which was created under the Local Government Code, and the PNP. Gatchalian described PLEB as a “mini devolved” National Police Commission at the local level which, he said, is effective in a way that local constituents get to participate in the investigation. The senator said members of PLEB are recognized by local leaders and are accountable to the local populace. “So I’d like to ask the good sponsor, will PLEB be retained under the proposal and what will be the relationship between PLEB (and the PNP) and also with this new bill that we are debating?” Gatchalian asked.

Dela Rosa said PLEB will not be touched under the proposed measure. Butch Fernandez

Editor: Jennifer A. Ng

Companies BusinessMirror

Thursday, December 14, 2023

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MPIC farm projects secure PAL, American Airlines forge green lane endorsement codeshare pact

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By Andrea E. San Juan

@andreasanjuan

he Board of Investments (BOI) has granted green lane certificates of endorsement to two agricultural projects of conglomerate Metro Pacific Investment Corp. which cost a total of P3.4 billion.

The agency attached to the Department of Trade Industry (DTI) said the government will fast-track the permit and license application processes for MPIC’s vegetable farm project in Bulacan and its dairy farm project in Laguna.

Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo awarded the Certificate of Endorsement to the officials of MPIC’s subsidiaries, Metro Pacific Fresh Farms Inc. (MPFF) and the Metro Pacific Dairy Farms Inc. (MPDF), last November 30.

The One-Stop Action Center for Strategic Investments of the BOI, which operates as the “sole entry point” for strategic investments under Executive Order (EO) No. 18 will expedite the endorsement of the project’s permit and license procedures to ensure the “swift” realization of strategic investments in the country.

According to the investment promotion agency, the MPFF’s Metro Manila Greenhouse Vegetable Production Project will be a “state-of-the-art” complex of

modern greenhouses.

“The project aims to promote sustainable farming practices and modern farming technology,” BOI said in a statement on Wednesday, adding that this project is the “largest” vegetable greenhouse facility in the Philippines, located in San Rafael, Bulacan.

BOI said the farm is expected to start commercial operation in the fourth quarter of 2024, producing “high-quality” vegetables.

The agency said agriculture is the largest user of freshwater, accounting for 70 percent of global usage. By implementing modern farming practices such as Nutrient Film Technique hydroponics and Drip Irrigation systems, BOI said MPFF hopes to reduce the agriculture sector’s consumption of natural resources.

MPFF’s sustainable farming project redefines agriculture by “discarding conventional farming methods.”

BOI said this initiative aims to make fresh locally sourced organic produce available to Filipinos.

Meanwhile, BOI said MPDF’s In-

tegrated Dairy Farm Project aims to manufacture 30,000 liters of dairy products per day. The project, it added, expands local milk production capacity by 20 percent, which currently stands at 26.3 million liters.

It is set to begin its commercial operations in the first quarter of 2025 in Bay, Laguna.

“Its main objective is to replace imported milk with locally produced high-quality dairy products, which will help boost the country’s selfsufficiency,” BOI said.

The project will address food security and value chain gaps by offering premium locally-produced products, which it said signifies a shift towards “efficient” local substitutes, according to the agency.

BOI told reporters in a Viber message on Wednesday that there are already 22 projects approved for green lane. Of these, 15 are renewable energy projects, 2 are under food security, 2 under manufacturing of new products/new technology and 3 are in the digital infrastructure category.

Waltermart taps 2Go for logistics

By VG Cabuag @villygc

2

Go Group Inc., the country’s largest transportation and logistics solutions provider and a part of the SM Group, was selected to be the primary logistics solutions and delivery partner for WalterMart Supermarket’s e-commerce business.

This strategic collaboration provides WalterMart shoppers the seamless convenience of having their groceries delivered through 2Go, to 13 key cities in Metro Manila, the company said.

This service operates across expansive areas within Metro Manila,

including Caloocan, Malabon, Valenzuela, Quezon City, San Juan, Pasig, Makati, Taguig, Pasay, Las Piñas, Bicutan, Parañaque and Muntinlupa.

It also caters to specific areas in Manila, including Binondo, Tondo, San Andres and Santa Ana. “We are honored to be WalterMart’s chosen logistics partner.

Through 2Go, our objective is to bring daily essentials from stores directly to customers while ensuring standards of product quality,” Dennis Yaw, business unit head of 2Go Retail, said.

2Go was tasked to operationalize Waltermart’s Grocery Delivery Service which ensures same day,

scheduled on-time delivery of the fresh items for their customers. As the designated logistics partner, 2Go said it is committed to delivering items on the same day these are ordered.

Victor Paul Intal, assistant vice president for business development at WalterMart, expresses confidence in 2Go, highlighting their enduring partnership dedicated to ensuring that customers derive the utmost benefit from this service.

“We have had a long-standing partnership with 2Go, and we trust in their commitment to ensuring our customers receive the best service. With 2Go’s delivery services,

we aim to maintain the high quality of goods delivered to our consumers’ doorsteps, aligning with WalterMart’s standards,” Intal said.

The primary goal of this service is to provide customers with the freshest and highest quality goods, delivered directly to their homes, 2Go said.

“This service aims to elevate the overall shopping experience for customers through user-friendly apps and online platforms, offering a convenient alternative to in-store visits, especially during the upcoming holiday season. Furthermore, it extends its reach to customers residing abroad who wish to shop for their families in Metro Manila.”

BusinessMirror file photo

By Lorenz S. Marasigan @lorenzmarasigan

P

hilippine Airlines (PAL) said on Wednesday it has entered into a codeshare agreement with American Airlines to introduce the “first marketed flights by a Philippine carrier to several US destinations.”

Meanwhile, this codeshare partnership will allow American Airline’s customers to travel to the Philippines, including Manila and Cebu.

Already, PAL has placed its “PR” code on American’s flights between Los Angeles and seven cities in the United States, namely: Atlanta, Denver, Houston, Las Vegas, Miami, Orlando and Washington, DC. “This partnership with American Airlines unlocks more options for customers traveling between Asia and the United States,” said Eric David Anderson, PAL’s Chief Commercial Officer. “We are delighted to deliver on our long-term strategy of continuing to build our global reach. We look forward to creating more opportunities for travellers to discover the wonders of the Philippines.”

American Airlines’ customers are also now able to book codeshare flights to Manila and Cebu via Tokyo. Customers will likewise be able to fly to Manila from Honolulu and Guam.

SES unveils satellite connectivity services

ICD cites Alternergy to issue green corporate notes C director of D&L A

By Lenie Lectura @llectura

C

orazon de la Paz-Bernardo, an independent director of many companies including chemical manufacturer D&L Industries Inc., was made an honorary member by the Institute of Corporate Directors (ICD).

Bernardo was recognized for her contributions in the field of auditing, accounting and consulting through her pivotal roles and her visionary and purposeful leadership in various professional and business organizations in the country.

The Honorary Fellow is the highest conferment that the ICD bestows. Bernardo is the first female recipient of the title.

She now joins the distinguished roster of ICD’s Honorary Fellows including Bangko Sentral ng Pilipinas former governors Jose L. Cuisia Jr. and Amando M. Tetangco Jr., Cesar G. Saldaña, Antonino T. Aquino, Jaime Augusto Zobel de Ayala and Justo A. Ortiz.

A certified public accountant, Bernardo formerly served as the chairman and senior partner at Joaquin Cunanan and Co. (PricewaterhouseCoopers - Philippines) from 1981 to 2001. She headed pension fund Social Security System (SSS) from 2001 to 2008 as president and CEO and was also the first non-European President of the International Social Security Association from 2004 to 2010. VG Cabuag

lternergy Holdings Corp.

(Alternergy) is raising P4 billion for the development of its renewable energy (RE) power projects it won under the Green Energy Auction 2 (GEA 2) Program of the Department of Energy (DOE).

On Wednesday, the power firm said it tapped BDO Capital & Investment Corp. (BDO Capital) as Mandated Lead Arranger (MLA) for the fixed and repriceable rate green corporate notes.

BDO Capital, as MLA, is tasked to tap insurance companies, pension funds corporate bank lenders and other primary institutional lenders to support the development of Alternergy’s triple play portfolio of renewable projects.

“We are pleased to work with BDO Capital to support our capital raising initiative. Our green corporate notes will be used primarily to fund the construction of the Tanay and Alabat Wind Projects and other renewable projects in line with our overall strategy to expand our funding sources to include non-bank financial institutions,” said Alternergy President Gerry Magbanua.

With the board approval, Alternergy and BDO Capital are set to launch the fundraising with target

Photo from www.alternergy.com

financial closing by first quarter of 2024.

“Over the past weeks, our Alternergy team has been conducting pre-marketing presentations with a core group of institutional investors, and we are encouraged by the positive feedback towards our track record and pioneering expertise in renewable project development,” added Magbanua.

Alternergy has also tapped a third-party certifier to allow the green labelling of its proposed corporate notes under the green bond framework.

Alternergy has been rapidly building up its capital backbone to fund its portfolio of renewable projects. In early October, Alternergy stockholders approved the reclassification of a portion of its preferred shares into three series of non-voting perpetual preferred shares.

In November, Alternergy inked a

private placement with the Government Service Insurance System for P1.45 billion in preferred perpetual shares. It likewise tapped three investment banks—BPI Capital, RCBC Capital and SB Capital—as lead arrangers to raise P12 billion non-recourse project finance for the Tanay and Alabat wind power projects.

The construction of the Tanay wind project in Rizal and Alabat wind power in Quezon projects, with a combined capacity of up to 164 megawatts (MW), will commence in 2024.

Alternergy is a renewable power pioneer with a portfolio of project companies engaged in different RE projects, particularly wind, run-ofriver hydro, solar farm and commercial rooftop, battery storage and offshore wind projects.

In the next three years, Alternergy aims to develop up to 474MW of additional wind, solar, and run of river hydro projects.

“We are excited to partner with Philippine Airlines, which will provide our customers seamless connections to Manila, the capital and economic hub of the region, and Cebu, the gateway to countless tropical islands with pristine beaches,” said Anmol Bhargava, American Airlines VP of Global Alliances and Partnerships. “The Philippines is one of the fastest growing economies in Asia, and we look forward to continuing to enhance our partnership with Philippine Airlines.”

PAL operates twice-daily nonstop flights to Los Angeles, daily flights to San Francisco and multiple weekly flights to New York, Honolulu and Guam.

Last month, PAL reported a net income of $98 million (P5.4 billion) and operating income of $130 million (P7.2 billion) for the third quarter of 2023.

These represent improvements from the $63 million (P3.5 billion) net income and $87 million (P4.9 billion) in operating income realized in the third quarter of 2022.

The positive financial performance ref lects the continuing growth of passenger travel and the corresponding expansion of flights across the flag carrier’s global network, with PAL carrying 4 million passengers in third quarter of 2023, a 54 percent increase from the 2.6 million flown in third quarter of 2022.

ontent connectivity solutions provider SES will start offering commercial satellite connectivity services in the Philippines by the second quarter of 2024, after the successful proof-of-concept tests of its medium earth orbit (MEO) satellite constellation for the Department of Information and Communications Technology (DICT).

“Today, we have our 20 satellites right on MEO already running, and we will be supplementing that with 13 satellites on O3b mPOWER. We’ve already launched the initial six and we will only need six to provide commercial service. So by second quarter 2024, the six should be operational and we will be ready to offer services in the country,” SES Asia Sales Director for Enterprise & Cloud Rob Marabut said in a press briefing on Wednesday.

SES’s O3b, which stands for the “other three billion” or those who lack consistent, reliable access to communications systems, is an MEO that provides high-speed, low-latency internet to remote and underserved areas, offering significant improvements over traditional geostationary (GEO) satellites in terms of latency and speed.

O3b mPOWER, meanwhile, represents the next-generation satellite constellation by SES. On Wednesday, SES, together with the DICT, revealed the results

of the test drive, with speeds reaching 500Mbps download and 80Mbps upload, which is six times faster than the Philippines’s median fixed broadband download speed of 83.09 Mbps and comparable to the median upload speed of 79.42 Mbps, as of September 2023, according to Ookla’s Speedtest Global Index.

Marabut said the high speeds demonstrated in the proof-of-concept can empower communities and villages in isolated areas—connecting them to buyers, suppliers, banking, and other institutions that will help build rural communities’ livelihoods.

The DICT is looking at satellite connectivity to reach the over 2,000 geographically isolated and disadvantaged areas (GIDA) across the country.

Operating 8,000km away from the Earth’s surface, SES’s MEO constellations deliver high-throughput, low-latency services, making MEO the ideal orbit for superior Internet access, cloud-based applications, and 5G capabilities.

Moving forward, SES plans to expand its operations in the Philippines.

“In terms of expansion, we are taking a look at the possibilities of building gateways in the country as well…we are planning to take a look at that very strongly,” Marabut said. Lorenz S. Marasigan

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Companies BusinessMirror

Thursday, December 14, 2023

ACEN unit obtains another green loan for RE projects

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By Lenie Lectura

will deliver the much-needed capital for RE projects in a market that is not only the company’s largest outside of the Philippines, but also a critical player in its ambitious goal to expand its RE capacity to 20GW by 2030.

ACEN Australia is the platform representing ACEN’s RE assets in the country. With over one gigawatt (GW) capacity of RE generation currently in construction and operation, and an additional 8GW capacity in development, its portfolio boasts a diverse mix of solar, wind, battery, and pumped hydro projects across the country.

At present, ACEN has about 4,500 MW of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 98 percent which is among the highest in the region.

ACEN’s aspiration is to be the largest listed renewables platform

@llectura

CEN Renewables International Pte. Ltd (ACRI) has secured its second green term loan facility worth AUD 75 million that would be utilized for its renewable energy (RE) projects in Australia.

The subsidiary of Ayala-led ACEN Corp. said on Wednesday it has tapped Hongkong and Shanghai Banking Corp. Ltd. (HSBC) for the green loan. This, it said, underscores ACEN’s strategic move to bolster its RE initiatives in Australia, an emerging key market for the company.

“This AUD green term loan of ACRI is a significant stepping stone in our funding journey—supporting our expansion plans in Australia, as

well as helping manage our foreign currency risk in AUD,” said ACEN Treasurer Cecile Cruzabra.

Among the ongoing projects of ACEN in Australia that will benefit from the green loan include the 2,800 megawatt hours (MWh) and the 400MW Stubbo solar power project.

ACEN said other future projects in Australia will also benefit from the green financing.

It added that green term loan

in Southeast Asia, with a goal of reaching 20 GW of renewables capacity by 2030. ACEN is committed to transition the company’s generation portfolio to 100 percent renewable energy by 2025 and to become a net zero greenhouse gas emissions company by 2050.

Early this month, ACEN secured a $100-million green term loan facility from Japanese bank MUFG Bank Ltd. to fund its overseas RE growth and development. This loan, it added, would also be utilized to fund its strategic expansion into “several international markets,” including Australia, its largest market outside the Philippines.

Meanwhile, ACEN International, Inc., and Rizal Commercial Banking Corp. completed the signing of a P7-billion term loan facility that would be used to finance RE projects through its subsidiaries and joint ventures, and for general corporate purposes.

PSE STOCK QUOTATIONS

By Andrea E. San Juan @andreasanjuan

G

lobal food and beverage company Monde Nissin Corp. (MNC) has inked an agreement with the Department of Trade and Industry-Philippine Trade and Training Center (DTI-PTTC) for a project that aims to provide the company’s retirees with the financial skills needed to explore entrepreneurship in retirement.

Monde Nissin said it entered into a memorandum of agreement (MOA) with the DTI’s training arm to be the company’s “first training provider” for its Monde Nissin University—the company’s learning and development program.

Through this partnership, Monde Nissin said it has a commitment to lifelong learning through Monde Nissin University, which “aims to cultivate the skills, knowledge, and professional growth of its employees.”

Monde Nissin University makes use of a combination of classroomstyle sessions, virtual learning platforms, mentorship and coaching programs, and hands-on practical experiences to develop both technical expertise and leadership abilities for career advancement.

“The School of Lifelong Learning expands the learning to skills that employees will need beyond their tenure at Monde Nissin. The program aims to provide its retirees with the financial skills needed to explore entrepreneurship in retirement.”

Asked about the budget earmarked for this partnership, Luz Mercurio, Chief People and Culture

Officer of Monde Nissin Corp. said investment in this partnership would mean “how the person will prosper, will grow and learn.”

“Our commitment to continuous learning talaga…. lifelong siya and the investment would always mean we are more particular with how the person will prosper, will grow and learn,” Mercurio said.

Meanwhile, Monde Nissin said DTI-PTTC will provide the “necessary expertise and capability building interventions necessary to transition retiring employees into competitive entrepreneurs.”

“The ASCEND Budding Pathway, one of PTTC’s Enterprise Learning Pathways, will be the base program that interested MNC retirees can undergo,” the company said in a statement.

“The package of training that we’ll be providing to the retirees of Monde Nissin is…we’re actually in business pitching,” Nelly Nita N. Dillera, executive director of DTI-PTTC, said during the of the MOA held in Pasay City on Wednesday.

“So meaning with the number of days that will be provided to these retirees,we want them to develop an enterprise or a business that they want to enter into or co-start and pitch it to a panel of officials who can assess whether or not it’s viable financially.”

Dillera also noted that PTTC will also be monitoring how well these retirees are doing as far as their business is concerned.

The MOA was signed by Dillera and Mercurio. The first training programs are set to begin in March 2024.

MUTUAL FUNDS

FINANCIALs

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

4,158,021.50 418,276,158 4,900 78,582,241 2,906,960 393,790 132,392,719 102,180 14,300 1,267,566 1,080 883,405 2,589,485.50 14,976,999.50 1,420 7,590 2,380 1,530,862 324,000

531,008.50 69,184,678 8,158,700 -2,868,010 -79,064,037 -852,545.50 -659,899.50 398,458 324,000

INDUSTRIAL ACEN CORP 4.43 4.45 4.38 4.43 4.3 4.43 9,194,000 40,135,210 ALSONS CONS 0.53 0.54 0.53 0.55 0.53 0.55 61,000 32,350 ALTERNERGY HLDG 0.74 0.76 0.75 0.76 0.74 0.76 175,000 131,740 ABOITIZ POWER 37.7 37.8 37.8 37.85 37.55 37.7 636,500 24,007,075 RASLAG 1.16 1.22 1.16 1.22 1.16 1.22 10,000 11,960 BASIC ENERGY 0.178 0.18 0.18 0.18 0.178 0.178 590,000 105,420 FIRST GEN 16.84 16.92 16.86 16.92 16.78 16.84 133,300 2,246,858 FIRST PHIL HLDG 61.25 61.4 61.15 61.35 61.15 61.25 29,130 1,784,293 MERALCO 371.8 373 373 374.8 371.8 371.8 76,740 28,555,302 MANILA WATER 18.14 18.16 18.08 18.2 18.04 18.14 99,600 1,805,976 PETRON 3.42 3.43 3.37 3.44 3.36 3.43 309,000 1,056,690 PHX PETROLEUM 4.74 4.95 4.95 4.95 4.95 4.95 1,000 4,950 REPOWER ENERGY 6.9 6.98 6.9 6.92 6.9 6.92 24,100 166,496 SYNERGY GRID 6.17 6.2 6.2 6.27 6.15 6.2 437,900 2,710,893 SHELL PILIPINAS 11.04 11.38 11.38 11.38 11.02 11.38 4,500 50,652 SPC POWER 7.31 7.36 7.31 7.31 7.31 7.31 4,600 33,626 AGRINURTURE 1.26 1.28 1.27 1.28 1.24 1.28 1,998,000 2,524,830 AXELUM 2.31 2.32 2.32 2.32 2.27 2.32 122,000 281,280 CENTURY FOOD 33 33.1 33.2 33.25 32.65 33.1 2,347,800 77,752,895 DNL INDUS 6.03 6.06 6.04 6.1 6.02 6.03 688,700 4,158,762 EMPERADOR 20.75 20.8 20.75 20.85 20.65 20.75 810,600 16,760,150 SMC FOODANDBEV 50 50.5 50 50.5 49.5 50.5 8,690 437,512 FIGARO COFFEE 0.61 0.62 0.63 0.63 0.61 0.61 3,799,000 2,328,610 FRUITAS HLDG 1.01 1.02 1.03 1.03 1.02 1.02 66,000 67,330 GINEBRA 158 160 160 160 157.6 160 56,420 8,965,764 JOLLIBEE 236 239.8 239.2 240.8 236 236 334,160 79,413,068 KEEPERS HLDG 1.5 1.51 1.51 1.51 1.5 1.5 4,384,000 6,576,040 MAXS GROUP 3.05 3.1 3.15 3.15 3.05 3.05 290,000 888,550 MG HLDG 0.098 0.099 0.095 0.099 0.095 0.099 770,000 75,630 MONDE NISSIN 7.99 8 7.82 8.05 7.82 7.99 3,500,000 27,954,900 SHAKEYS PIZZA 9.37 9.4 9.48 9.48 9.35 9.37 545,100 5,101,979 ROXAS AND CO 0.475 0.495 0.48 0.495 0.48 0.495 100,000 49,350 RFM CORP 2.98 2.99 2.99 2.99 2.99 2.99 14,000 41,860 ROXAS HLDG 0.52 0.59 0.58 0.58 0.55 0.55 16,000 8,890 UNIV ROBINA 116.1 116.2 114.5 118.3 113.2 116.2 863,220 100,276,921 VITARICH 0.48 0.5 0.48 0.48 0.475 0.48 90,000 43,050 CONCRETE B 38.6 48 47.95 48 47.95 48 200 9,595 CEMEX HLDG 0.87 0.88 0.8 0.88 0.78 0.87 2,249,000 1,867,990 EC VULCAN CORP 0.67 0.68 0.67 0.7 0.66 0.68 95,000 63,950 EEI CORP 5.87 5.9 5.68 5.92 5.62 5.9 539,700 3,139,673 MEGAWIDE 3.02 3.03 3.05 3.06 3.03 3.03 185,000 563,840 PHINMA 19.5 20.3 20 20 20 20 100,000 2,000,000 CROWN ASIA 1.51 1.55 1.51 1.57 1.51 1.55 68,000 105,080 EUROMED 0.71 0.78 0.7 0.71 0.7 0.71 74,000 52,060 PRYCE CORP 5.2 5.3 5.2 5.3 5.2 5.3 72,700 384,191 GREENERGY 0.248 0.249 0.25 0.25 0.248 0.249 1,720,000 427,800 INTEGRATED MICR 3.35 3.39 3.35 3.39 3.35 3.37 26,000 87,240 IONICS 1 1.01 1.02 1.03 1.01 1.01 94,000 95,200 SFA SEMICON 1.97 2.01 2.02 2.03 1.96 2.02 400,000 802,490 CIRTEK HLDG 1.54 1.6 1.52 1.61 1.5 1.61 145,000 220,300

-3,142,910 -34,200 -8,704,635 -2,023,972 -2,446 3,777,452 -1,296 10,290 -1,980 -667,976 11,300 -229,320 -66,870,880 -1,774,744 -6,339,390 -3,026 -16,740 -19,380 -8,473,667 -24,604,522 5,656,500 -876,160 75,630 -5,241,082 17,932,177 856,270 1,172 1,570 -16,790 2,020 135,000

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ATN HLDG A COSCO CAPITAL DMCI HLDG GT CAPITAL JG SUMMIT LT GROUP PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER

December 13, 2023

NAV

One Year Three Year

Five Year

Y-T-D

per share Return*

Return

Stock Funds ALFM Growth Fund, Inc. -a

205.39

-1.65%

-3.42%

-4.05%

-0.42%

-1.5%

1.4183

7.64%

2.68%

0.39%

1.75%

5.51%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.8589

-2.33%

-3.22%

-6.02%

-2.24%

-2.8%

-6.37%

-5.65% n.a

ATRAM Alpha Opportunity Fund, Inc. -a

Climbs Share Capital Equity Investment Fund Corp. -a 0.6672 First Metro Consumer Fund, Inc. -a

0.6188

-4.49%

First Metro Save and Learn Equity Fund, Inc. -a 4.5193-2.91%

-6.65%

-5.63% n.a

-4.59%

-3.11%

-2.98%

-2.81%

-0.28%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.673-4.39%

-4.18% n.a n.a -6.34% n.a

MBG Equity Investment Fund, Inc. -a

82.99

16.76%

-5.98%

PAMI Equity Index Fund, Inc. -a 41.8241

-3.49%

-3.79%

-3.27% n.a

-3.16%

Philam Strategic Growth Fund, Inc. -a

435.84

-2.1%

-3.86%

-3.33%

-0.35%

Philequity Dividend Yield Fund, Inc. -a

1.1763

-2.04%

0.24%

-1.36% n.a

Philequity Fund, Inc. -a

32.911

-1.91%

-1.76%

Philequity MSCI Philippine Index Fund, Inc. -a 0.8436

-1%

-2.19%

1.52%

-1.92% 0.1%

-1.16%

-2.66% n.a n.a

-0.61%

4.3966

-2.51%

-2.9%

-2.44%

1.29%

-2.2%

Philippine Stock Index Fund Corp. -a

731.73

-2.58%

-3.06%

-2.51%

1.33%

-2.3%

Soldivo Strategic Growth Fund, Inc. -a 0.6677

-0.46%

-2.77%

-5.01% n.a

-0.95%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2664

-3.13%

-3.41%

-4.38%

-0.46%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8297-2.93%

-3.37%

-2.82% n.a

United Fund, Inc. -a

0.64%

-1.91%

-2.24%

-3.11%

-2.89%

-4.01%

10.19%

Philequity PSE Index Fund, Inc. -a

3.0349

-1.92% -4.59%

-3.17% -2.61%

Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.0298-1.69% n.a n.a n.a

-2.5%

COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 0.9921 n.a n.a n.a n.a n.a Philequity Alpha One Fund, Inc. -a

0.9902

-5.69%

-3.26% n.a n.a

-5.37%

Philippine Stock Index Fund Corp. -a

888.17

-2.66% n.a n.a n.a

-2.35%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c99.3408-2.02% -2.69%

-2.2% n.a

-1.76%

Primarily invested in foreign currency securities (shares) -9.18%

-12.55%

-3.22%

-1.92%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.6042

ATRAM AsiaPlus Equity Fund, Inc. -b

$0.7928

9.94%

-0.71%

6.51% n.a

-6.95% 12.65%

Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.4773

1.9%

-3.93%

-2.26%

-1.48%

-0.5%

ATRAM Philippine Balanced Fund, Inc. -a 2.1705

4.73%

-1.64%

-0.29%

0.46%

3.1%

First Metro Save and Learn Balanced Fund, Inc. -a 2.4568

-2.11%

-2.33%

-0.58%

-0.76%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1872

-3.06%

-2.05% n.a n.a

-1.94%

-3.26% NCM Mutual Fund of the Phils., Inc. -a

1.9042

-1.47%

-1.12%

0.64%

1.67%

PAMI Horizon Fund, Inc. -a

3.4923

1.03%

-2.68%

-0.27%

0.83%

1.52%

Philam Fund, Inc. -a

15.2889

0.52%

-3.36%

-0.82%

Solidaritas Fund, Inc. -a

1.9987

0.33%

-1.55%

0.47%

0.91%

0.98%

-0.7%

1.15%

0.61%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3402

0.15%

-2.21%

-1.85%

0.01%

Sun Life Prosperity Dynamic Fund, Inc. -a 0.8829

-0.17%

-0.96% n.a

0.46%

0.27%

0.32%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.92871.65%

-3.13% n.a n.a

1.48%

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8257-1.35%

-4.65% n.a n.a

-1.18%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.8047-2.31%

-4.92% n.a n.a

-2.16%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03262 PAMI Asia Balanced Fund, Inc. -b$0.8691 -4.41%

0.15%

-5.8%

-1.4%

0.05%

-8.67%

-1.41%

-1.38%

3.46%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.1455

5.42%

-2.27%

3.82%

0.68%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.007

1.65%

-4.47%

0.66% n.a

2.79%

7.79% 3.64%

Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 389.61

3.29%

2.19%

3.07%

ATRAM Corporate Bond Fund, Inc. -a

1.9053

1.44%

0.12%

0.54%

-0.03%

1.63%

Cocolife Fixed Income Fund, Inc. -a

3.317

2.62%

1.09%

2.28%

3.76%

3.37%

4.09%

-0.39%

1.25%

1.26%

3.67% 2.06%

Ekklesia Mutual Fund, Inc. -a 2.2657

1.7%

First Metro Save and Learn Fixed Income Fund, Inc. -a 2.444

2.59%

2.05%

-0.08%

1.89%

-2.69%

1.72%

0.76%

3%

Philam Managed Income Fund, Inc. -a

1.3677

3.49%

1.24%

3%

1.73%

3.65%

Philequity Peso Bond Fund, Inc. -a

4.0127

3.7%

0.25%

3.72%

Soldivo Bond Fund, Inc. -a

2.47%

0.28%

Philam Bond Fund, Inc. -a

4.2644

1.0462

2.84%

1.53%

3.25% n.a

2.91%

1.15%

Sun Life of Canada Prosperity Bond Fund, Inc. -a

3.2897

4.18%

1%

3.54%

2.08%

Sun Life Prosperity GS Fund, Inc. -a

3.45%

0.21%

2.71%

1.43%

3.66%

1.7578

2.21%

4.58%

Corporate Debt Vehicle (units) ATRAM Unitized Corporate Debt Vehicle, Inc. -a,3

1.0045 n.a n.a n.a n.a n.a

Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $493.41

2.9%

0.72%

ALFM Euro Bond Fund, Inc. -a Є213.1

1.48%

-0.9%

ATRAM Total Return Dollar Bond Fund, Inc. -b$1.02691.77%

2.5%

2.77%

0.07%

0.81%

1.64%

-6.84%

1.96%

-1.79%

0.02%

1.73%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0245 2.94%

-2.58%

-0.32% n.a

PAMI Global Bond Fund, Inc. -b$0.845

-2.78%

-8.12%

-3.24%

-6.11%

Philam Dollar Bond Fund, Inc. -a

$2.2601

3.64%

Philequity Dollar Income Fund, Inc. -a $0.0608348

1.65%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7467

-3.87%

1.75%

3.67%

-0.77%

1.32%

1.59%

1.9%

-0.46%

-3.62%

-4.89%

0.95%

-0.87%

0.38%

3.38%

0.93%

Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 136.62

2.64%

1.75%

2.53%

2.03%

2.53%

First Metro Save and Learn Money Market Fund, Inc. -a 1.1066 3.22%

1.85% n.a n.a

Sun Life Prosperity Peso Starter Fund, Inc. -a 1.37362.77%

2.46%

1.98%

2%

3.07%

2.63%

Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.35

4.06% n.a n.a n.a

3.86%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0951

2.44%

1.35%

1.53% n.a

2.42%

Feeder Funds ALFM Global Multi-Asset Income Fund, Inc. -a 42.2311-3.19% n.a n.a n.a Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.4144

11.81%

-1.05%

8.35% n.a n.a

14.8% Sun Life Prosperity World Income Fund, Inc. -a,1

0.973 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 $0.7835-2.98%

-7.19% n.a n.a

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago.

1 - Launch date is August 22, 2023.

2 - Launch date is October 6, 2023.

-0.82%

c - Listed in the PSE.

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.”

49.05 126.7 7.03 100.8 29.95 7.85 50.25 8.5 14.12 18.24 51.9 21.15 69.55 58.9 1.4 2.47 0.087 173.3 2,700

0.87 651 48.75 9.86 11 0.38 4.45 9.33 539.5 37.75 8.79 2.76 0.9 832 113.8 95.1

50 127 7.5 100.9 30.05 7.9 50.8 8.6 16.98 18.38 55.5 22 69.9 59.3 1.42 2.54 0.119 174.5 2,710

0.88 653 48.8 9.87 11.24 0.385 4.6 9.34 540 38 8.8 2.81 0.93 847 113.9 103

53.9 125.2 7 102.5 30 7.94 51.45 8.6 14.3 18.2 54 22.05 69.4 60.75 1.42 2.53 0.119 172 2,700

0.88 649 47.75 9.9 11.26 0.38 4.5 9.34 537 37.6 8.8 2.73 0.9 838 115.3 102

53.9 127.1 7 102.7 30 7.94 51.8 8.6 14.3 18.38 54 22.1 69.9 60.75 1.42 2.53 0.119 174.5 2,700

0.9 655 48.85 9.91 11.26 0.38 4.52 9.34 544.5 38.35 8.81 2.8 0.93 849.5 115.3 105

49 124.8 7 100.3 29.95 7.8 50.25 8.5 14.3 18.2 54 20.6 69.05 58.05 1.42 2.53 0.119 172 2,700

0.87 646.5 47.75 9.86 11 0.38 4.42 9.26 537 37.6 8.75 2.73 0.9 830.5 113.8 102

49.05 126.7 7 100.8 29.95 7.85 50.25 8.5 14.3 18.38 54 21.7 69.55 58.9 1.42 2.53 0.119 174.5 2,700

0.88 651 48.75 9.87 11 0.38 4.45 9.33 540 37.75 8.8 2.8 0.93 832 113.9 102

81,560 3,316,970 700 776,510 96,900 50,100 2,621,780 12,000 1,000 69,400 20 41,300 37,230 253,430 1,000 3,000 20,000 8,830 120

1,518,000 78,800 332,200 3,208,200 12,100 60,000 1,100,000 1,460,200 173,690 598,300 1,350,600 24,000 3,000 131,710 203,240 3,040

1,336,330 51,291,305 16,151,505 31,717,733 134,228 22,800 4,894,370 13,605,316 93,739,970 22,612,790 11,875,277 65,910 2,730 110,046,410 23,220,879 310,560

PROPERTY ARTHALAND CORP 0.415 0.44 0.44 0.44 0.44 0.44 110,000 48,400 AYALA LAND 31.5 31.75 32 32 31.45 31.5 2,804,900 88,642,490 AYALA LAND LOG 1.59 1.6 1.61 1.61 1.56 1.6 256,000 409,490 ARANETA PROP 1.02 1.03 1.02 1.08 1.01 1.04 1,594,000 1,633,950 AREIT RT 31.95 32.05 31.85 32.15 31.65 32.05 1,501,500 47,952,160 A BROWN 0.63 0.68 0.63 0.69 0.63 0.63 1,235,000 785,230 CROWN EQUITIES 0.057 0.067 0.058 0.067 0.057 0.067 110,000 6,440 CEB LANDMASTERS 2.45 2.52 2.45 2.45 2.43 2.45 63,000 154,030 CENTURY PROP 0.285 0.29 0.285 0.285 0.285 0.285 400,000 114,000 CITICORE RT 2.56 2.57 2.55 2.57 2.54 2.57 2,489,000 6,363,760 DOUBLEDRAGON 7.52 7.53 7.75 7.75 7.51 7.52 395,900 2,999,282 DDMP RT 1.19 1.2 1.21 1.22 1.18 1.19 1,037,000 1,237,300 DM WENCESLAO 6.1 6.15 6.19 6.19 6.15 6.15 16,000 98,560 EMPIRE EAST 0.127 0.129 0.129 0.129 0.129 0.129 70,000 9,030 EVER GOTESCO 0.28 0.29 0.285 0.29 0.285 0.29 880,000 251,050 FILINVEST RT 2.74 2.75 2.72 2.75 2.68 2.71 736,000 2,001,510 FILINVEST LAND 0.55 0.56 0.56 0.57 0.55 0.55 3,607,000 2,001,820 GLOBAL ESTATE 0.74 0.79 0.74 0.74 0.74 0.74 32,000 23,680 PHIL INFRADEV 0.51 0.52 0.53 0.53 0.52 0.52 55,000 28,610 CITY AND LAND 0.74 0.75 0.76 0.76 0.69 0.75 93,000 66,900 MEGAWORLD 1.98 1.99 1.99 1.99 1.97 1.98 3,551,000 7,023,880 MRC ALLIED 1.4 1.45 1.45 1.48 1.4 1.4 102,000 147,610 MREIT RT 11.96 11.98 12.02 12.1 11.96 11.96 584,700 7,008,508 PHIL ESTATES 0.35 0.37 0.355 0.36 0.355 0.36 450,000 160,300 PREMIERE RT 1.5 1.54 1.52 1.54 1.51 1.54 109,000 165,670 RL COMM RT 4.69 4.7 4.75 4.76 4.62 4.7 2,727,000 12,788,880 ROBINSONS LAND 15.12 15.16 15.1 15.22 15.04 15.16 10,506,900 158,861,108 PHIL REALTY 0.14 0.145 0.148 0.148 0.139 0.139 300,000 43,160 ROCKWELL 1.35 1.39 1.33 1.35 1.33 1.35 776,000 1,047,570 SHANG PROP 3.65 3.67 3.65 3.67 3.65 3.65 176,000 642,420 STA LUCIA LAND 3.03 3.3 3.3 3.3 3.3 3.3 3,000 9,900 SM PRIME HLDG 32.8 33.4 32.8 33.75 32.7 32.8 4,444,000 147,354,460 VISTA LAND 1.61 1.64 1.61 1.64 1.61 1.64 516,000 832,290 VISTAREIT RT 1.67 1.68 1.68 1.68 1.66 1.68 181,000 304,000

SERVICES ABS CBN 3.65 3.69 3.7 3.7 3.55 3.65 48,000 171,900 GMA NETWORK 8.25 8.26 8.3 8.3 8.25 8.25 131,800 1,089,307 MANILA BULLETIN 0.202 0.239 0.203 0.203 0.203 0.203 60,000 12,180 GLOBE TELECOM 1,702 1,710 1,718 1,725 1,702 1,702 55,145 94,047,530 PLDT 1,251 1,265 1,265 1,265 1,251 1,251 33,545 42,128,035 APOLLO GLOBAL 0.014 0.015 0.014 0.015 0.014 0.015 51,100,000 760,500 CONVERGE 7.77 7.89 7.79 7.99 7.68 7.77 4,036,200 31,532,317 DFNN INC 3.05 3.1 3.06 3.06 3.05 3.05 8,000 24,420 DITO CME HLDG 2.23 2.24 2.28 2.28 2.2 2.24 2,357,000 5,245,880 NOW CORP 1.07 1.1 1.08 1.11 1.06 1.07 302,000 328,800 TRANSPACIFIC BR 0.134 0.145 0.133 0.146 0.133 0.134 2,650,000 368,280 ASIAN TERMINALS 15.4 15.5 15.52 15.74 15.22 15.5 298,400 4,608,582 CHELSEA 1.4 1.45 1.4 1.45 1.4 1.45 179,000 257,490 CEBU AIR 31.2 31.65 31.7 31.7 31.2 31.65 36,100 1,134,710 INTL CONTAINER 233.8 234.8 227.4 236.4 227.4 234.4 1,890,870 443,315,482 MACROASIA 3.94 3.95 3.95 3.95 3.93 3.95 160,000 630,810 METROALLIANCE A 0.51 0.55 0.51 0.51 0.51 0.51 5,000 2,550 PAL HLDG 5.2 5.4 5.2 5.2 5.2 5.2 9,800 50,960 HARBOR STAR 0.75 0.79 0.8 0.81 0.75 0.75 25,000 19,010 BOULEVARD HLDG 0.057 0.062 0.063 0.063 0.056 0.057 10,170,000 603,570 CENTRO ESCOLAR 8.55 8.8 8.8 8.8 8.8 8.8 700 6,160 STI HLDG 0.475 0.48 0.465 0.475 0.46 0.475 5,660,000 2,665,700 BELLE CORP 1.16 1.18 1.15 1.16 1.15 1.16 575,000 666,240 BLOOMBERRY 10.1 10.14 9.94 10.14 9.89 10.1 5,676,200 56,979,467 PACIFIC ONLINE 3.22 3.3 3.14 3.22 3.14 3.22 285,000 907,810 PH RESORTS GRP 1.02 1.03 1.01 1.05 1 1.03 2,627,000 2,697,060 PREMIUM LEISURE 0.58 0.59 0.58 0.58 0.57 0.58 178,000 102,740 DIGIPLUS 6.88 6.9 6.88 6.99 6.88 6.9 1,526,600 10,611,154 PHIL RACING 5.26 6.49 5.26 5.26 5.26 5.26 500 2,630 PHILWEB 1.68 1.73 1.75 1.75 1.68 1.68 801,000 1,352,580 ALLDAY 0.157 0.16 0.159 0.16 0.156 0.157 1,430,000 225,700 ALLHOME 1.1 1.12 1.14 1.14 1.1 1.1 3,910,000 4,356,580 METRO RETAIL 1.22 1.23 1.22 1.22 1.21 1.22 78,000 95,110 PUREGOLD 26.85 26.9 27.5 27.5 26.8 26.9 1,750,200 47,357,370 ROBINSONS RTL 38.75 39.3 39.5 39.5 38.75 38.75 136,900 5,321,405 PHIL SEVEN CORP 76.4 76.5 76.45 76.5 76.45 76.5 16,290 1,246,035 SSI GROUP 2.41 2.44 2.38 2.48 2.38 2.44 305,000 746,160 UPSON INTL CORP 1.58 1.63 1.73 1.73 1.59 1.63 70,000 113,510 WILCON DEPOT 19.9 20 20 20 19.9 19.9 264,800 5,276,162 APC GROUP 0.212 0.22 0.213 0.213 0.211 0.211 280,000 59,390 MEDILINES 0.32 0.33 0.32 0.32 0.32 0.32 20,000 6,400 PRMIERE HORIZON 0.162 0.164 0.164 0.164 0.164 0.164 270,000 44,280

MINING & OIL ATOK 5.01 5.86 5.88 5.88 5.87 5.87 9,000 52,910 APEX MINING 2.78 2.79 2.86 2.87 2.79 2.79 1,899,000 5,358,200 ATLAS MINING 3.3 3.4 3.5 3.5 3.5 3.5 1,000 3,500 BENGUET A 4.65 4.69 4.55 4.9 4.55 4.7 169,000 787,040 BENGUET B 4.76 4.91 4.25 4.91 4.25 4.91 18,000 77,580 COAL ASIA HLDG 0.124 0.149 0.124 0.124 0.124 0.124 20,000 2,480 FERRONICKEL 2.15 2.17 2.23 2.24 2.15 2.17 1,063,000 2,333,100 LEPANTO A 0.083 0.087 0.081 0.087 0.081 0.083 140,000 11,640 MARCVENTURES 1.08 1.09 1.09 1.09 1.08 1.08 30,834,000 33,303,160 NICKEL ASIA 5.05 5.09 5.1 5.1 5 5.05 982,300 4,940,328 ORNTL PENINSULA 0.64 0.68 0.67 0.69 0.63 0.68 28,000 18,340 PX MINING 2.92 2.97 2.95 2.98 2.92 2.92 769,000 2,260,340 SEMIRARA MINING 28.7 28.75 28.8 28.95 28.65 28.75 1,146,900 33,011,190 UNITED PARAGON 0.004 0.0044 0.0044 0.0044 0.0044 0.0044 1,000,000 4,400 ENEX ENERGY 4.45 4.78 4.65 4.65 4.65 4.65 5,000 23,250 PXP ENERGY 3.32 3.38 3.4 3.4 3.32 3.33 142,000 482,210

PREFFERED HOUSE PREF B 95 96 96 96 96 96 10,000 960,000 ACEN PREF A 1,040 1,069 1,040 1,040 1,040 1,040 3,350 3,484,000 ACEN PREF B 1,070 1,078 1,070 1,070 1,070 1,070 350 374,500 AC PREF AR 2,472 2,504 2,472 2,472 2,470 2,472 85 210,050 CEB PREF 31.4 32 31.1 31.4 31.1 31.4 300 9,390 DD PREF 91.7 92 92 92 91.7 91.7 2,460 226,035 EEI PREF A 86.05 94.95 86.05 86.05 86 86 500 43,005 EEI PREF B 95.5 97 96 97.5 96 97.5 1,010 96,975 JFC PREF B 910 920 910 910 910 910 980 891,800 MWIDE PREF 5 100.1 101.3 100.1 100.1 100.1 100.1 500 50,050 PNX PREF 4 201 240 249.6 249.6 249.6 249.6 30 7,488 PCOR PREF 3A 970 980 971 971 970 970 500 485,250 PCOR PREF 4B 955 1,000 950 950 950 950 100 95,000 PCOR PREF 4C 980 1,003 1,003 1,003 960 960 405 389,015 SMC PREF 2F 72.3 73 73 73 72.3 72.95 5,200 379,211 SMC PREF 2I 72 72.95 72 72 72 72 20,000 1,440,000 SMC PREF 2J 66.55 67.95 67.95 67.95 67 67 510 34,179.50 SMC PREF 2K 66.05 69.45 69.5 69.5 66.05 66.05 20,230 1,371,485 SMC PREF 2L 78.5 79 78.5 78.5 78.5 78.5 52,000 4,082,000 SMC PREF 2O 77.9 78 77.9 77.9 77.9 77.9 1,400 109,060

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR GMA HLDG PDR

Primarily invested in Peso securities (units)

December 13, 2023

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

HOLDING & FRIMS

Monde Nissin, DTI training arm forge partnership

www.businessmirror.com.ph

WARRANTS

TECH WARRANT

3.29 7.63

3.58 8.6 -

0.29

0.34

-

-

-

-

-

-110,450 -7,221,815 7,278,260 -19,978,203 -1,100 -3,596,310 -2,878,862 -12,166,435 -13,844,635 200,892 1,800 7,948,115 5,769,008 113,430

9,248,865 4,800 13,032,315 61,300 -64,367 -85,060 -24,760 677,600 -516,440 17,370 -4,490,530 -998,408 -5,724,970 -104,900,768 -361,370 41,341,115.00 -401,970 -

-48,279,730 -20,490,030 -8,868,424 11,280 5,320 -1,039,280 -193,295 111,723,494 15,750 -1,760 -902,800 -12,650 2,656,374 136,030 -803,062 11,760 -1,236,410.00 -17,911,425 -4,376,540.00 -1,014,390 -276,020 -96,970 -1,054,648 -

99,390 -461,580 -1,738,706.00 -6,651,405 0 -

-109,060

-

-

-

-

SMALL, MEDIUM & EMERGING

0.42 0.42 0.415 0.415 150,000 62,750 0.75 0.75 0.75 0.75 11,000 8,250 1.01 1.01 0.98 0.98 401,000 395,050 1,010 0.65 0.65 0.61 0.62 66,000 40,980 0.052 0.052 0.052 0.052 10,000 520 1.01 1.03 1.01 1.02 555,000 562,720 197,960 0.19 0.19 0.19 0.19 10,000 1,900 -

EXHANGE TRADE FUNDS

98.6 99 98.6 98.8 1,370 135,438 24,692

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS LFM PROP MERRYMART XURPAS

FIRST METRO ETF

0.41 0.75 0.97 0.62 0.053 1.02 0.19 98.6

0.42 0.77 0.98 0.64 0.062 1.03 0.2 98.8

www.news.businessmirror@gmail.com

Banking&Finance

Pre-need industry swings to profitability in 3rd qtr

By Jasper Emmanuel Y. Arcalas @jearcalas

T

HE pre-need industry swung to profitability in the third quarter as it registered nearly P1.8 billion in net income on the back of higher premium income and lesser benefit payments, the Insurance Commission (IC) said.

The IC said the pre-need industry’s net income during the July to September period reached P1.79 billion, versus the P7.1 billion net loss it recorded in the same period of last year.

“The net loss suffered by the preneed industry as of the 3rd quarter of last year was due to high net losses as a result of benefit payments for preneed policies,” the IC said last Wednesday.

The IC noted that the pre-need industry’s total premium income collection rose by 8.28 percent to P16.7 billion from last year’s P15.43 billion.

The IC attributed the increase in premium collections to more preneed plans sold during the reference quarter.

“Pre-need companies sold close to 600,000 pre-need plans as of the 3rd quarter of this year, which is a 12.83 percent increase from the number of pre-need plans sold during the same nine-month period in 2022. Most of the pre-need plans sold are memorial plans,” the IC said.

The IC said the pre-need industry’s total net worth in the third quarter reached P21.65 billion, 42.53 percent over the P15.19 billion recorded in the same period of last year.

“Twelve pre-need companies re-

ported increases in their net worth, with one pre-need company increasing its net worth by as much as 2,000 percent,” the IC added.

Assets increased

THE IC attributed the increase in the industry’s net worth to higher assets recorded in the third quarter. The pre-need industry’s total assets increased by 9.76 percent year-on-year to P147.859 billion from P134.713 billion, based on IC data.

The growth in the pre-need industry’s total assets outpaced the increase in its total liabilities that registered a 5.59 percent increase.

IC data showed that the industry’s total liabilities in the third quarter reached P126.208 billion versus the P119.523 billion recorded a year ago.

“In terms of ability to service benefit claims under all the pre-need plans that they sold, pre-need companies also increased their surplus in trust funds,” the IC said.

“As of the 3rd quarter, the investment in trust funds of pre-need companies amounted to P124.232 billion. On the other hand, pre-need reserves, or the amount reserved for benefit payments for all pre-need plans sold plus benefits already payable, only stood at P119.136 billion,” the IC added.

The IC said the pre-need industry’s surplus in trust funds in the third quarter rose year-on-year by 380 percent to P5.09 billion.

The IC noted that its latest figures were based on the financial submissions of 18 pre-need firms with existing licenses or have pending applications for renewal of license.

‘Black Friday Sale’ online fraud didn’t spare Pinoys

E

LECTRONIC commerce transactions made by Filipinos during this year’s Black Friday Sale were not marked safe from fraud, according to latest data from TransUnion LLC. Based on proprietary insights from the firm’s global device risk consortium, the analysis found that 12.8 percent of e-commerce transactions in the country between November 23 and 27 were suspected to be fraudulent.

This was 4.4-percent higher than the same period in 2022 and as much as 19 percent more than the rest of 2023 prior to November 23.

“Just as the holiday season drives consumers online to begin shopping for gifts for their loved ones, so does it become a destination for fraudsters seeking to take advantage of this time for their financial gain,” said Yogesh Daware, executive of TransUnion’s business in the Philippines.

“Online retailers must ensure that consumers shopping their sites for the best deals are at the same time protected from fraud in the most seamless and friction-right way possible,” added Daware.

The study also showed that the suspected digital fraud rate reached its peak on Black Friday or November 24 when 14.7 percent of these transactions were suspected to be fraudulent.

This was followed by Thursday or November 23 at 13 percent; Monday or November 27, 12.5 percent; Saturday or November 25 at 11.7 percent; and Sunday or November 26, 11.3 percent.

Top indicators

THE Chicago, Illinois, US-headquartered firm also determined the top indicators of fraudulent e-commerce transactions during the holiday shopping season globally, including the Philippines.

This year, transactions per IP were triggered by an unusual volume of activity from a single Internet Protocol (IP) address to a customer’s site in a short period.

There could also be unusual volume of transactions per device, which is triggered by an unusual volume of activity from a single device to a customer’s site in a short period.

According to Daware, TransUnion Information Solutions Inc. chief commercial officer, “the days leading up to the Christmas holidays mark the biggest shopping season of the year for retailers in the Philippines, but equipping themselves with the proper tools to detect fraud at the first warning sign is a year-round priority.”

“A critical way to minimize fraudulent transactions while at the same time protecting legitimate ones involves implementing holistic fraud solutions that can verify customer identity and authenticity at the very beginning of a transaction, including both account creation and login,” he added.

Rapid uptick

MEANWHILE, TransUnion said the percentage of suspected e-commerce fraud in 2023 before the holiday shopping season was the lowest in the past three years at 10.7 percent.

The rapid uptick during the Black Friday shopping period shows that retailers should remain cautious in detecting and combating fraud to protect themselves and consumers during the busiest business season of the year.

TransUnion’s fourth-quarter Consumer Pulse Study found that 93 percent of Filipino consumers are extremely, very, or moderately concerned with being victimized by online fraud this holiday season— a slight increase from 92 percent in 2022.

The increase of suspected digital fraud during the traditional busiest days of the holiday shopping season occurred as consumers continued to express concern about being victimized during this popular shopping period.

TransUnion came to its conclusions primarily based on intelligence from its identity and fraud product suite.

The rate or percentage of suspected digital fraud attempts reflect interactions that TransUnion customers either denied in real time due to fraudulent indicators or determined to be fraudulent after a manual review process—compared to all transactions it assessed for fraud. Cai U. Ordinario

BusinessMirror

Editor: Dennis D. Estopace • Thursday, December 14, 2023

B3

Motor-vehicle, credit-card loans posted steady growth

T

By Cai U. Ordinario

@caiordinario

HE growth rates in motor vehicle and credit-card loans hummed steadily in October, latest data released by the Bangko Sentral ng Pilipinas (BSP) revealed.

The data by the BSP showed credit card loans grew 30.4 percent in October 2023—the same rate it posted in September—while motor vehicle loans rose 14.4 percent in October from 13.4 percent in September.

However, consumer loans slowed to a growth of 22.8 percent in October 2023 from 23.5 percent in September. Salary based loans slowed to 6.5 percent in October from 14.5 percent in September.

“Looking ahead, the BSP will con-

tinue to ensure that domestic liquidity and lending conditions remain in line with its price and financial stability objectives,” a statement from the central bank read.

Meanwhile, BSP data showed outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, went up by 7.1 percent year-on-year in October.

The central bank noted this uptick was slightly faster than the 6.5-percent growth recorded in September 2023. On a month-on-month basis, outstanding universal and commercial bank loans, net of RRPs, went up by 1.4 percent.

The data also showed outstanding loans to residents, net of RRPs,

increased by 7.5 percent in October from 6.6 percent in the previous month.

Loans dedicated to production activities grew by 5.9 percent in October from 4.9 percent in September.

This was largely driven by the growth in lending to key industries such as real estate activities which grew 8.3 percent.

This was followed by electricity, gas, steam, and airconditioning supply which increased 10.2 percent and wholesale and retail trade, and repair of motor vehicles and motorcycles, at 9.3 percent.

Outstanding loans to non-residents fell by 5.1 percent in October from an increase of 0.3 percent in September.

Treaties to spare OFWs from double taxation pushed

By Butch Fernandez

@butchfBM

S

ENATORS vowed to step up the pressure on both the Executive and Congress to hasten paperwork on pending initiatives to forge bilateral treaties with countries hosting overseas Filipino workers (OFWs) to spare them from double taxation.

The commitment was given last Tuesday as Senate President Pro Tempore Loren Legarda urged the Department of Foreign Affairs to negotiate with destination-countries of OFWs and Filipino professionals, so that double taxation will not befall these citizens.

Legarda also expressed support for the Senate concurrence in the recent ratification of the agreement between the Philippines and Brunei

Darussalam for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The lawmaker recalled there have been many treaties on double taxation but, “despite our hard work as chair of the committee, we know that there are many pending treaties that still need to be ratified.”

Legarda asked the sponsor of the resolution, Sen. Imee Marcos, if she knows of any country that needs to be negotiated by the DFA on double taxation. Marcos replied that the list of countries with pending negotiation on double taxation “remains long” as there are Filipinos “in every corner of the globe.”

According to Marcos, priority in pushing the negotiations for a treaty must be given to countries in the Americas and Europe where there

are more Filipino migrants.

Two resolutions

ON Tuesday, Marcos sponsored two resolutions upholding and protecting the rights and welfare of OFWs in Brunei Darussalam and the Republic of Korea.

That day, the Senate passed on second reading Senate Resolution (SR) 790 concurring in the ratification of the agreement between the government of the Republic of the Philippines and the government of his majesty the Sultan and Yang DiPertuan of Brunei Darussalam for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.

Also passed on second reading is SR 878, a resolution concurring in the ratification of the agreement on

social security between the government of the Republic of the Philippines and the government of the Republic of Korea.

According to Marcos, once SR 790 is ratified by the Senate, “it will alleviate the tax burden on both our Filipino workers and Filipino corporations and partnerships.”

“It will encourage cross-border trade and investment between the two countries and provide clarity and certainty in the manner by which each state will treat and levy income taxes, enabling businesses and investors from both nations to finance and develop their businesses equally,” she added.

Meanwhile, SR 878 will allow Filipino migrants in Korea to enjoy the same social security benefits that a Korean national has.

Taiwan calls on US support LandBank expands to bolster banks’ defense reach in W. Visayas

T

AIWAN’S financial system undergirds a $760 billion high-tech economy, but its vulnerability to advanced hacks has raised fears of a worst-case scenario: a full-blown cyberattack from China that sends its currency and markets into a tailspin.

To bolster its online defenses, government officials and financial institutions in Taipei are consulting security experts from the US Treasury Department and working with American cybersecurity company SimSpace Corp. to run simulated cyberattacks, cramming a hypothetical three weeks of digital assaults into an eight-hour drill.

Tabletop cyber exercises are hardly new, even in Taiwan. But the urgency to beef up digital defenses in Taiwan is acute, as the island sits at the center of US-China tensions and has a critical presidential election in January. A victory by the ruling party could prompt Beijing—which views Taiwan as its territory—to take a more aggressive approach toward Taipei.

“Taiwan has near-zero capability to defend itself from these advanced cyberattacks,” said Charles Li, chief analyst at Taiwanese cybersecurity firm TeamT5.

He said his firm’s work tracking statesponsored hackers in Taiwan showed that most of the island’s government agencies and companies attacked last year “did not even notice that they were being hacked.”

Li said that’s because small and medium-sized firms often lack the resources to effectively defend their systems. And despite cybersecurity investments by bigger companies and government agencies, they have still struggled to keep up with the constantly shifting techniques employed by state-sponsored hackers.

The number of state-sponsored attacks has been soaring, more than doubling in three years, according to TeamT5, which has clients from Singapore to the

I

This January 7, 2021 photo, shows a computer screen. Taipei has asked Washington for help in defending its banking system from hackers.

CREDIT: Bloomberg News

US. Moreover, researchers at cybersecurity firm Fortinet said that Taiwan accounts for about 55 percent of the billions of malicious cyber threats detected in the Asia-Pacific region this year.

Taiwan’s Ministry of Digital Affairs reported the most common attack is focused on stealing sensitive information and that the frequency and number of threats surge depending upon geopolitical events.

For instance, during former House Speaker Nancy Pelosi’s visit to Taipei in August 2022, Taiwan “experienced foreign cyberattacks reaching levels 23 times higher than previous peaks” and some government websites temporarily went offline due to the large volume of distributed denial-of-service (DDoS) attacks, according to the ministry.

That period, which coincided with unprecedented Chinese military drills around Taiwan, highlighted the island’s vulnerabilities.

“The majority of cases we’re dealing with are espionage attacks, they’re stealing data, and they’re attempting to maintain a persistent presence inside these networks for as long as they possibly can,” said Jon Clay, vice president of threat intelligence at Trend Micro Inc. Officials at China’s Taiwan Affairs Office didn’t respond to a request for comment. Bloomberg News

LOILO CITY—The Land Bank of the Philippines (LandBank) announced it onboarded two new partners on December 7 at the Iloilo Provincial Capitol, Iloilo City.

In a statement, the state-run lender announced having partnered with client cooperatives, associations, rural banks, local government units (LGUs), micro-sized, small-scale and medium-sized enterprises (MSMEs) and private entities “to help provide basic banking services on behalf of the bank to areas with limited or no accessible banks.”

The lender said the Hinigaran Multi-Purpose Cooperative (HMPC) and Guimaras Employees Multi-Purpose Cooperative (GEMPC) will enable Western Visayans to “enjoy convenient banking services without having to travel long distances to other towns to transact at the nearest Landbank branch.”

“We are leveraging the power of digital banking and strategic local partnerships to provide basic banking services to remote, underserved, and unbanked communities nationwide,” LandBank president and CEO Lynette V. Ortiz was quoted in the statement as saying. “We look to advance greater financial access to clients and stakeholders who need our services the most.”

Ortiz led the rollout of the partnership program—called “Landbankasama.”

The HMPC touchpoint located at San Agustin Heights, Barangay Narauis, Hinigaran, Negros Occidental, will help serve the banking requirements of all 24 barangays and nearby municipalities of Isabela and Pontevedra.

Meanwhile, the GEMPC partner at San Miguel, Jordan, is expected to bring financial access closer to all of the five municipalities of Guimaras, namely Buenavista, Jordan, Nueva Valencia, San Lorenzo and Sibunag.

Financial inclusivity

THE “Landbankasama” is a rebrand of the bank’s “agent banking program” (ABP), called as such to better capture the goals of the program to create strategic points of banking access and promote collaboration towards expanding financial inclusion. “’Landbankasama’ partners offer various services including cash withdrawal, cash deposit, fund transfer, bills payment, and balance inquiry, and benefit beneficiaries of the conditional cash transfer (CCT) program of the DSWD, as well as government employees, teachers, students, and other private clients in the area,” the state-run lender said.

“Aside from LandBank prepaid accounts, the program also now allows clients to make transactions using their Landbank savings accounts.”

The program also seeks to “empower and benefit customers through lower transaction costs, and enable potential savings on travel and associated expenses for clients located outside of municipal or city centers.”

With the onboarding of the two partner cooperatives, LandBank has a network of 1,086 “Landbankasama” partners nationwide, 129 of which are in the Western Visayas Region, the state-run lender’s statement read.

Health&Fitness

B4 Thursday, December 14, 2023

BusinessMirror

Cases of walking pneumonia seen to rise in January–DOH

By Claudeth Mocon-Ciriaco

‘W

alking pneumonia” is a nonmedical term for a mild case of pneumonia. Bed rest or hospitalization are usually not needed, and symptoms can be mild enough that you can continue your daily activities, hence the term “walking.”

According to the American Lung Association, a more medically correct term would be atypical pneumonia and can be caused by certain molds, viruses or bacteria and often a common bacterium called Mycoplasma pneumonia.

However, walking pneumonia can still be miserable and is commonly accompanied by a cough, fever, chest pain, mild chills, headache, etc. It feels more akin to a bad cold, and despite what the term “walking” implies, taking care of yourself is the best path to recovery.

No new cases IN the Philippines, the Department

of Health (DOH) said that there are no new cases of walking pneumonia detected in the country.

From January up to November 25, 2023 the DOH said, there are a total of four confirmed cases of Mycoplasma pneumoniae infection among reported Influenza-like Illness (ILI) cases.

These cases have recovered. They have been reported in the previous morbidity weeks 3, 30, 37, and 38, with one case each.

“Mycoplasma pneumoniae is not a novel/new pathogen and has been previously detected among local cases.

Looking at the trend this 2023, cases have started to increase during late August on morbidity week [MW] 34 and a higher number of cases was sustained over the next several weeks,” the DOH said.

Lower cases HOWEVER, according to the DOH, the case increase has started to slow down with a total of 9,834 ILI cases reported in the recent three to four weeks or MW 44 to 45 (October 29-November 11, 2023), 11 percent

lower than the 11,106 cases reported two weeks prior.

Based on the five-year data, ILI cases are expected to continue declining in the coming weeks but are expected to rise again by the start of January.

The Department also encourages the public that in order to prevent respiratory infections from further increasing, especially this upcoming holiday season, everyone is encouraged to perform individual selfassessment and, as needed, employ layers of protection such as masking, ensuring adequate ventilation, isolating when sick, as well as getting vaccinated and boosted to provide additional protection against infection or severe disease.

“This is not a notifiable disease globally. The DOH can scan but we depend on what the media or the World Health Organization [WHO] will report. So far, the only country that has recorded incidents of Mycoplasma pneumonia is China,” the DOH added.

The DOH noted that the existing surveillance is among ILI cases only.

Reduce risk of infection

THE American Lung Association warned that pneumonia can spread when an infected person breathes, talks, coughs or sneezes near you.

To reduce your risk of infection, follow these tips and learn more about avoiding pneumonia: n Get a flu vaccine each year to help prevent getting pneumonia caused by the flu. n Talk to your doctor about getting a pneumonia vaccine. There is no vaccine for viral or mycoplasma pneumonia, but certain individuals should get vaccinated for pneumococcal pneumonia. n Make sure your pertussis vaccine is up to date. Speak with your healthcare provider. n Exercise, eat a well-balanced diet and get adequate sleep. n Wash your hands frequently and thoroughly with warm, soapy water. n Don’t smoke. n Cover your mouth when you cough or sneeze and encourage others to as well to help prevent the spread of these infections.

Pinoy-Brit nurse tapped to push effective communication among healthcare workers

By Rizal Raoul S. Reyes Contributor

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ilipino-British nurse May Pa rsons, t he epitome of a healthcare worker who carries significant dedication and personal sacrifice, credits effective communication as a great platform for healthcare workers to explore greater heights in their career.

Throughout her career, spanning two decades in the National Health Service (NHS), Parsons has served as a shining example of Filipino healthcare professionals’ compassion, skill, and work ethic. Moreover, she credits her fluency in medical English as a key factor that enabled her to provide exceptional care and develop her skills to take on leadership roles and excel in dynamic international healthcare settings.

With her sterling track record, Parsons was recently tapped as a global ambassador for Occupational English Test (OET). Through her new role, Parsons will share her story to inspire fellow Filipino healthcare workers.

She will also encourage them to hone their communication abilities and achieve their dreams and potential on the global stage.

“I want to encourage healthcare

professionals to be equipped with the foundational skills, like language mastery, for a fulfilling career wherever it takes you. Having excellent command of medical English can open new doors of opportunities on the global stage while allowing healthcare workers to connect deeper with their patients and deliver impeccable care,” Parsons said.

She admitted that it was not a walk in the park in the early years of her stay in the United Kingdom. “It took me six months to one year to master British English,” Parsons recalled.

Road to fame PARSONS, currently the Associate Chief Nurse Director for Governance Risk and Compliance at Buckinghamshire Healthcare Trust, was catapulted to worldwide fame when she delivered the first Covid-19 vaccine outside of clinical trials to Margaret Keenan last December 2020 in Coventry.

The University of Santo Tomas alumna’s hard work, determination and vaccination advocacy for patient and staff safety has earned her this privileged historic role in the global fight against the pandemic. Through Parsons, this monumental moment gave a glimpse of hope during one of the darkest periods of the 21st

century, resonating with millions globally. In recognition of her extraordinary service, the late Queen Elizabeth II awarded Parsons with the George Cross—the highest civilian honor in the UK, making her the first and only Filipino to receive this prestigious award.

By partnering with OET, Parsons aims to spotlight opportunities for Filipino talent by championing the importance of English proficiency in healthcare. This initiative aims to bridge cultural barriers and help healthcare professionals realize their true potential in delivering highquality healthcare services globally.

At the recent launch of OET’s partnerships with healthcare organizations in the Philippines themed “Advancing Healthcare Communication in the Philippines: OET’s Role in Enabling Collaboration,” company leaders underscored its mission to empower healthcare professionals.

They spoke of OET’s latest collaborations with the Philippine Nurses Association (PNA), Dr. Carl Balita Group of Companies, and various Philippine universities to equip Filipino healthcare workers with world-class language skills and career opportunities.

“At OET, our passion is empowering people to realize their dreams

through the power of language,” said Sujata Stead, OET’s CEO. “We know improving English skills is about more than getting the scores they need on a test. It enables healthcare professionals to make meaningful human connections with the patients and communities they serve and build the lives they desire.”

Elevate medical English training THESE partnerships will elevate medical English training, enhance nurse recruitment and retention, put the spotlight Filipino healthcare expertise, and expand access to communication skills. The goal is to empower workers at all stages to thrive here and abroad.

“Communication is the heart of healthcare, It’s how we understand patients and provide comfort in difficult times,” said Krizelle Kilicaslan of OET. “Equipping healthcare professionals at all levels with strong medical English skills allows them to connect on a human level and deliver care that changes lives.”

Through partnerships across the healthcare ecosystem, OET and all its partners are elevating communication excellence and medical English standards while expanding access to training.

Muntinlupa local government rolls out feeding program to reduce malnutrition

By Roderick L. Abad Contributor

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HE local government of Muntinlupa has rolled out the Kalingang Munti Community-Based Feeding Program to help improve the health of its constituents.

Through this program, the city government will hold a weekly distribution for target individuals and families until December 29, 2023.

Target recipients will receive food packs containing five kilos of rice, fresh vegetables and fruits, eggs, monggo beans, and dried fish.

Distribution is scheduled for every Wednesday for Espeleta Pantalan, Poblacion; Manggahan Phase 4, Biazon Road, Poblacion; Tunasan Pavilion; Blk 17 Outpost, Soldiers Hills, Putatan; and Santos Compound, Putatan.

On Fridays, the goods are brought to residents of District 2 at the following sites: Sucat Covered Court, Cupang

Covered Court, Bayanan Baywalk, and Purok 4 Extension in Alabang.

Healthy food for all MUNTINLUPA City, led by Mayor Ruffy Biazon, is doing its share of eliminating or at least reducing the incidence of malnutrition, especially among children.

This health condition develops when the body is deprived of vitamins, minerals and other nutrients it needs to have healthy tissues and organ function. It is seen in people who are either undernourished or overnourished.

Lack of nutrition and repeated bouts of infection during the first 1,000 days of a child’s life lead to stunting among the young populace.

This is irreversible.

If a child is shorter than the mean height for his age, he she will grow up with impaired cognitive and learning ability, as well as memory and intellect. Also, reaching full mental and

physical potential is unlikely.

Currently, the malnutrition rate in the Philippines is at more than 30 percent. In fact, one in three Filipino children aged five years old and below is severely malnourished, as shown in stunting. The worst case scenario indicates that 95 Filipino children die every day from malnutrition.

With this in mind, Biazon enjoined Muntinlupeños to support the program and also do their share to eliminate malnutrition.

Kalingang Munti is incorporated in the Womb to Work Program of the Gender And Development Office. It forms part of the overall effort to raise the standard of health and living among the locals.

Words of gratitude WITH this noble cause, the feeding program has been widely embraced and lauded by the city residents.

Yolly Listana of Block 17 Exit Lot,

Soldiers Hills, Brgy. Putatan expressed her gratitude to Kalingang Munti.

“We thank Mayor Ruffy Biazon and Congressman Fresnedi,” she said of their top local officials who are always mindlful of the health of their constituents. “I’m happy because I can now give to my grandchildren what I receive—rice, vegetables and fruits.

These give us strength, especially like us seniors who also need nutrition.”

For poor residents like Shady Grace Paclibare, the program is a big help since her husband is jobless.

“In our budget, what’s alloted in our food is saved since we don’t have to buy anymore because we are given rice, vegetables and fruits good for one week,” she noted.

“There are many poor in our community like me who are in need. So this Christmas, we are very thankful for the many blessings like this given to us by our city government,” added Listana.

Editor: Anne Ruth Dela Cruz

‘Active Transport’ seen to create more inclusive, sustainable communities

By Rory Visco Contributor

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resident Ferdinand Marcos Jr. issued Proclamation No. 409 series of 2023 on November 28, 2023, which declared the last working day of November as “National Bike to Work Day.” The objective of this proclamation is to help promote and raise awareness among the public about the “viability of cycling as a mode of transportation and promote active transport in the Philippines.”

Under the same proclamation, an InterAgency Technical Working Group on Active Transport (IATWG-AT) was also created to lead, coordinate, and supervise the observance of “National Bike-to-Work Day.” Led by the Department of Health (DOH), the IATWG-AT is tasked to identify programs, projects, and activities every year to mark the celebration, including coordinating with relevant non-government organizations and civil society groups.

On the part of the Department of Transportation (DOTr), the agency said it is committed to execute the strategies set out under the Philippine Development Plan (PDP) 2023-2028 where pedestrians and cyclists are to be accorded the highest priority in the hierarchy of road users.

Active transport meaning ACTIVE transport essentially refers to a physical activity undertaken as a means of transportation. This means using human power as a means of mobility or moving from one destination to another, either through walking, running, jogging, skating, and yes, through the use of a bicycle.

The principle of active transport gained momentum during the pandemic, where motorized transport modes such as jeepneys, buses and even tricycles were not allowed to ply the country’s roads since physical distancing was implemented. For those who were allowed to go to work, particularly healthcare workers, many of them used bicycles to get to the hospitals.

This also created a boom in the use of bicycles as a means of recreational sport, travel to local tourist destinations, and for many, just to get fit and healthy and fight the boredom despite the strict quarantine protocols imposed at that time.

As soon as everything went back to normal and both pedestrian and motorists began to freely move about, many people still preferred to move around using bicycles.

They noted that bicycling promoted better health, kept them fit as a form of exercise, helped lessened the use of harmful fuels that will impact the quality of air around and therefore protect the environment and more importantly, it allowed them to save money since they won’t have to pay for expensive gasoline and parking fees.

Celebrating National Bike to Work Day WITH regard to the use of bicycles going to work, the DOH recently celebrated National Bike to Work Day in simple festivities held at the Lung Center of the Philippines in Quezon City.

When asked to comment on the need to celebrate National Bike to Work Day, Health Secretary Teodoro Herbosa said the celebration is meant to honor the hundreds of Filipinos who use bicycles in going to work every day. “We are also encouraging more Filipinos to use bicycles in going to work, which is in accordance with the tenets of Proclamation No. 409, which declared the last working day of November as National Bike to Work Day.” When asked how biking or any other form of active transport benefit every Filipino’s health, Dr. Antonio Dans from the National Academy of Science and Technology said biking and other means of active transport offer three main benefits.

These include helping prevent noncommunicable diseases such cardiovascular disease through the lowering the blood pressure and blood sugar levels, lowering of cholesterol and heart rate to prevent stroke and heart attack. Active transport also helps prevent cognitive decline. “Active transport is good and is one of the strongest determinants of our mental health. The best way to prevent dementia in old age is through exercise.”

Active transport also helps prevent communicable diseases, according to Dr. Dans, and he sees the National Bike to Work Day as the first solid move towards the “New Normal.”

“We always say there should be a New Normal such as open space, good ventilation, but the other component of the ‘New Normal’ is active transport because from walking or biking, we are not exposed to each other and we don’t breathe recycled air from the lungs of other people.”

Lastly, Dr. Dans said that through bicycling and active transport, people help protect the environment in a certain way by improving the air we breathe. He said that if only five percent of motorists will shift to biking or walking, it will be the equivalent of planting 2.5 million trees. “This reduces carbon dioxide, carbon emissions, and leads to better health through prevention of cancer and other diseases.”

To help ensure that the country’s roads are safe for Filipino commuters, Herbosa said that the DOH is actively coordinating with other government agencies such as the DOTr, the Department of Public Works and Highways (DPWH), the Metropolitan Manila Development Authority (MMDA) and the Philippine National Police (PNP) to help cyclists have a safe ride to and from the house and work.

“That coordination is very important to us as part of the whole-of-society approach which we used during the pandemic, to get the public and private sectors involved so that we will all reap the benefits the cycling and active transport bring to the people.”

Get that smoothie anytime, anywhere with new blender

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moothies or juices, which contain vegetables and fruits, provide amazing nutrients for our general well-being.

But what is the secret behind getting smoothies properly pulverized?

It’s using the best quality blenders.

The good news is, stepping outside or in the comfort of your own home, this portable blender can keep you healthy by ensuring that the extracts you get are highly rich in nutrients.

With a press of your finger, you can have that nutritious smoothie with a little help from Nutrihero Blender’s newest Nutrihero Portable Blender 2.0. This blender was created so that you can enjoy your smoothie and juice anytime, anywhere for your convenience.

“What sets it apart from other blenders is that it is water-resistant, has six powerful blades and a robust 1400mAh battery,” Nutrihero stressed.

Nutrihero Portable Blender 2.0

with additional good features: Large capacity. The Nutrihero Portable Blender 2.0 has a 400ML capacity which would is a huge amount of healthy beverage in one go.

Charging and battery endurance.

The newest Nutrihero Blender 2.0 comes with a power cord for charging.

The battery also allows the blender to function for more than 15 blends even after a quick charge.

Sharp Blade. The Nutrihero stainless steel blade cuts through every fruit into a pulp in less than a minute, making it easier and faster to make a beverage of your choice.

Water Resistance. Accidentally submerging the Nutrihero Blender 2.0 in water will not be a problem anymore.

Cleaning the blender will not feel a chore any more as it has become as easy as one, two and three. Just pour water and soap in the blender, then blend it like another fruit shake.

Claudeth Mocon-Ciriaco

Parentlife BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos • Thursday, December 14, 2023

B5

Let’s gift the new way of play He moved into his daughter’s dorm and acted like a cult leader. Abused students now suing college

NEW YORK—Two former students are suing Sarah Lawrence College, arguing the New York school failed to protect them from Lawrence Ray, who moved into his daughter’s dorm after getting out of prison and then manipulated her friends and roommates into cult-like relationships.

Ray was convicted last year of charges including racketeering, conspiracy, forced labor and sex trafficking after weeks of testimony chronicling his manipulative relationship with young people in his daughter’s circle. Some said they were coerced into prostitution or turned over earnings and savings to Ray over abusive relationships that lasted for years. Ray was sentenced in January to 60 years in prison by a judge who called him an “evil genius” who used sadism and psychological torture to control his victims.

The plaintiffs, who also include the sister of one of the students, allege in a lawsuit filed late last month that Sarah Lawrence was partly to blame for their ordeal.

The lawsuit says Ray made little attempt to hide the fact that he had moved in with his daughter in 2010 after finishing a prison sentence for securities fraud, and was allowed to remain on the campus “while he committed acts of manipulation, grooming, sexual abuse, food deprivation and sleep deprivation.” They say college officials ignored the presence of a then-50-year-old man who moved into his daughter’s dormitory and “immediately integrated himself into the lives of the young people who lived in it.”

A college spokesperson said in a statement Thursday that the school had “deep sympathy” for Ray’s victims, but that it wouldn’t comment on the litigation “beyond noting that we believe the facts will tell a different story than the unproven allegations made in the complaint that has been filed.”

Ray lived in the dorm for nearly an entire academic year, the lawsuit says, and during that time several students, community members and parents contacted the college to complain about Ray’s abusive behavior, yet the college “did nothing to investigate or intervene to prevent harm to Plaintiffs.”

The plaintiffs are seeking unspecified damages for their pain and suffering as well as health care costs and lost potential income. AP

UPAA launches President’s Golf Cup to support priority projects THE University of the Philippines Alumni Association (UPAA) is hosting the inaugural UPAA President’s Golf Cup today, December 14, 2023 at the Wack Wack Golf and Country Club in Mandaluyong City, Metro Manila.

According to UPAA President and UP Alumni Regent Robert Lester Aranton, this golf tournament is a unique opportunity for UP alumni and friends to come together for a day of fun and camaraderie, while supporting a worthy cause.

Tournament fee is P8,000 inclusive of green fee, cart sharing, food, and raffle prizes.

The proceeds from the tournament will help the UPAA achieve its goal of providing more opportunities for UP graduates to succeed in their careers and contribute to the betterment of the country. With its theme “Pumapalo Para sa Bayan,” this golf tournament is among the fundraising events of the current UPAA Board of Directors to support its priority projects under its flagship program 4Es Connect.

The 4Es stands for Experiential Education towards Employment and Entrepreneurship Ecosystem, which will be achieved through Connect: C—Collaboration and Networking; O—Organizing Job Fairs and Recruitment Events; N—Nurturing through Mentorship Programs; N—Nurturing Skills Development and Training Programs; E—Establishing Industry Partnerships; C—Cultivating Entrepreneurship Support; T—Transformative Advocacy and Policy Recommendations.

Among the specific projects under the 4Es Connect, which this tournament shall fund include: relaunching the UPAA website; reviving the Botika ng Alumni; creating internship and job search platforms; and four invigorating existing scholarship programs.

There are companies which have already signified their support for the UPAA President’s Golf Cup, recognizing the alignment of the UPAA’s programs with their respective corporate social responsibility (CSR) advocacies. These companies include Manila Water Corp., More Electric and Power Corp., Manila Electric Company, Makati Development Corp., Prime Metro BMD Industrial Services Corp., and Pacific Paint (Boysen) Philippines.

Interested participants and sponsors may contact Jenny Obsania/Elna Divino at 09178372098, 8282-6656 or 7910-6390.

PHOTO BY YURI SHIROTA ON UNSPLASH

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AST week, I shared the bigger role that gift-givers have today in supporting happy learning families. I also recommended giving mindful gifts especially to people we care about. Today, since a lot of Christmas gifts are spent for kids, I thought it would be a great time to share the “New Way of Play” (linktr.ee/ogalalagiftguide) and see how we can do our part in supporting the children around us in gaining that sense of achievement, focus, “Trial & Error” mindset, self-regulation and calmness though play.

Through my classes, events and personal research, I gathered what parents with children 0-8 are usually worried about. The top issue I hear from them today is their kids doing “too much screen time,” which is at times related to questions such as: “Is my child speech delayed?”

“Does my child have ADHD?” The other issues are social and communication skills; their fear of their child being bullied in school; transitions and preparations to the big school especially pre-school; and if their child is making appropriate progress for their age.

I have always been an advocate of play as the “one solution” for parents in their child’s development.

However, the next question I always get involves the “what?” What toys do I recommend? What activities should I do? Then, the next is: “How do I start?”

I would share to them that when my children were aged zero to 10, every end of the month, I would do my “play list.” I would check my child’s learning corner, then would run to the store, where I would add on play tools that would help my children build skills and confidence. I was very consistent with our Saturday play nights from toddler to 10 years old. I personally believe and saw how this family habit of playing and laughing together has had long-term results in emotional outlook, not just to my children, but also to us as parents.

WHAT TOYS DO I RECOMMEND?

IT is good to start with skill builders first. It is important that children gradually learn basic life skills like grasping, picking up things, pouring in a container, stacking, sweeping, mopping, listening to instructions, and the like. Today, I emphasize developing children’s logic skills as early as their toddler years. n Skill Builders—stacking & sorting toys, scoopers, egg crayons, peg boards, puzzles n Brain Builders—letter puzzles, number toys, globes, maps, books, match-it toys n Pretend Play/Nurture Builders—cleaning play tools, kitchen sets, various food group wooden

toys, medical (doctor, dentist, vet) play sets n S.T.E.A.M. (Science, Technology, Engineering, Art & Math) Builders—science experiment sets like volcano and chemical reactions, marker makers, coloring materials, number blocks/ math links n SEL (Socio-Emotional Learning) Builders— Learning Resources pineapple feeling toy, feelings journal, puzzles, calming toys

WHAT ACTIVITIES SHOULD I DO?

SETTING time blocks allow children to have a routine, which naturally promotes emotional security. The sequence below gives you or your child’s companion a quick guide to follow: Learning Time, Exploration/ Creative Time, Active Time, SEL Time, and Reading Time.

HOW DO I START?

YOU can start by setting the stage for your child and create a learning corner. You can purchase simple crates and label them with the following: books/ learning tools, puzzles, alphabet toys, number toys, art tools, cleaning/chore materials, vegetables, kitchen/role play, fruits, and other SEL Toys.

I placed numbers one to five in one corner or shelf because these are my choices for Learning, Reading and S.T.E.A.M. Time. Then numbers six to 10 are used for SEL time which include but are not limited to pretend play toys.

I always assure parents today that it is normal to not know where to start. The most important is the intention and action to want to do something positive for your child’s development. It is good to look for “didactic” or teaching toys during the start of your child’s age period—infant (zero to one), toddler (one to three), pre-school (three to five) and grade school (six to 10). These are toys that come with easy-to-follow parent guides and even workbooks.

You can start with one to two activities then slowly build up. It is the same with buying toys and books.

Invest in one to two basics first. I have always believed “less is more.”

I personally experienced it is better for retention because I think it helped that we used the same toys to teach different concepts and skills. I use the word “invest” because if children like the visual, hand-feel or quality sound or speech of that fundamental toy, then your child will naturally want to play with it more, than reaching for a tablet.

Also, in teaching concepts, a multi-sensory approach has always been more effective because the child is able to utilize different senses—sight, hearing, smell, taste and touch, especially from infants to toddler ages. That’s why I love the new Headu tactile Montessori flash cards from Italy I recently discovered because it introduces daily objects both through sight and touch.

As gift-givers, let’s all be the biggest supporters of play. n

100 years of Wonder on Ice KIDS of all ages can now celebrate the magical return of its beloved ice show Disney on Ice featuring incredible stunts and world-class skating, as well as heartwarming new and classic tales from December 22, 2023 to January 7, 2024 at the SM Mall of Asia MOA Arena.

Produced by Feld Entertainment, this year’s show Disney on Ice Presents 100 Years of Wonder will whisk families away on an immersive getaway chock-full of magical participatory moments.

Experience the fantastic Disney adventures of Mickey Mouse and Friends, Mary Poppins Returns, Moana, The Lion King, Toy Story 4, Aladdin, Frozen and your favourite Disney princesses all in one ice show.

Grab your mouse ears and get ready to hit the road with Mickey Mouse and his pals for a high-octane ride. Exciting twists and turns await as Mickey, Minnie, Goofy and guests of all ages embark on an

interactive and memory-rich adventure to iconic Disney destinations.

See the world from the rooftops of London with Mary Poppins and Jack and his band of dancing lamplighters. Then travel to the sun-soaked Motunui and help Moana restore the heart of Te Fiti.

Set off on a safari and snap unforgettable photos of wild cheetahs and monkeys when guests traverse through the Pride Lands with Simba, Timon and Pumba from The Lion King.

Fans will hit a high note with Mickey and pals while singing along to beloved Disney tunes as they welcome Merida, Belle, Ariel, Mulan and Tiana to the ice.

Families should be prepared for a getaway jampacked with unexpected hijinks and surprise, upclose character interaction as “Disney on Ice Presents 100 Years of Wonder” makes a pitstop right in Manila.

“Disney on Ice” also kicks start its show this year

with a Gala Night for the different beneficiaries such as Child Haus, Santisima Trinidad Orphanage, SOS Children’s Village, Aeta Community, Street Kids from Tondo and Payatas as well as other communities supported by SM and its partners.

“The last time we saw Mickey and our well-loved Disney characters was in 2020 and we all miss them.

We are excited and happy to bring this magical ice experience back to Filipino families,” shared Arnel Gonzales, general manager and senior assistant vice president of SM Mall of Asia Arena.

More information about “Disney on Ice” is available at its social media channels: Facebook, Twitter and Instagram. Also, subscribe to the Disney on Ice YouTube Channel at www.youtube.com/ DisneyOnIce. Tickets to the holiday spectacle start at P200, and consumers can buy their tickets at www.smtickets.com or any authorized SM Tickets outlet nationwide.

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Thursday, December 14, 2023

www.businessmirror.com.ph

CITICORE RENEWABLES IS FIRST LOCAL RE FIRM TO RECEIVE GLOBAL SUSTAINABLE INFRASTRUCTURE SEAL

CREC President and CEO Mr. Oliver Tan, second from right, joins a panel represented by International names Macquarie Asset Management, Global Infrastructure Facility, Global Infrastructure Basel Foundation, and Pentagreen Capital, jointly owned by Temasek and HSBC, during the FAST-Infra side event held in COP28, Dubai, UAE.

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ITICORE Renewable Energy Corporation (CREC) is one of the world ’s first to receive the FASTInfra Sustainability Infrastructure (FISI) Label for its Bokbok 1 and 2 Solar Power Plant Projects in Batangas.

FISI revealed the certification status of

CREC’s projects during a side event held at the United Nations Climate Change - 28th Conference of the Parties (COP28) held in Dubai, UAE. Among the initial six projects labeled as FAST-infra projects, two are from the Philippines, which are Citicore PV projects

in Tuy, Batangas. Other certified projects are in India, Vietnam, and Brazil.

CREC’s President and CEO Oliver Tan represented Citicore during the high level discussion side-by-side with Macquarie Asset Management, Pentagreen Capital, Global Infrastructure Facility (GIF) and was moderated by Global Infrastructure Basel Foundation.

Tan said that there is an increasing global demand for sustainable infrastructure, but this must not be just as a way of promoting green projects. “The label should not be merely a statement, but really about applying sustainability in our day-to-day,” he mentioned.

The FAST-Infra Label is a globally applicable label for projects demonstrating significant positive sustainability performance. CREC’s Bolbok 1 and 2 with a combined output of 162MWp of power once completed will avoid more than 160,000 tonnes of carbon dioxide emissions.

These two FAST-Infra label projects are also funded by the landmark green infrastructure financing structured by Singapore-based Pentragreen Capital, jointly owned by Temasek and HSBC.

PHL Red Cross gift-giving activity warms hearts of cancer patients in CHILD Haus

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TEADFAST in its commitment to reach and uplift the most vulnerable, the Philippine Red Cross (PRC) conducted a gift-giving activity at the Center for Health Improvement and Life Development (CHILD) Haus on December 10, 2023. Over 50 children and teenagers battling cancer enjoyed the toys and hygiene kits provided by PRC. “It is the spirit of volunteerism that runs in both the PRC and CHILD Haus.

We, at the Philippine Red Cross, along with our Chairman Richard Gordon, are grateful for the opportunity to support these brave children,” said PRC Secretary-General Dr. Gwen Pang.

Dr. Pang also mentioned that, in addition to the toys, PRC stands ready to provide blood assistance to children battling leukemia. Since 2022, the PRC has provided several units of blood to cancer patients living in CHILD Haus.

“We are eager to assist those who help themselves. In addition to simple gifts and blood assistance, we will explore how

we can further support the children of CHILD Haus,” added Dr. Pang.

CHILD Haus founder “Mader” Ricky Reyes expressed gratitude to the PRC for its assistance in sustaining the needs of cancer-stricken children: “I am very happy with our partnership with the Philippine Red Cross. Tuloy-tuloy ang tulong nila sa amin.”

It can be noted that the PRC also supported Mader Ricky’s other advocacies, such as the Beauty and Health Caravan, which the two collaboratively launched last March 2022. The caravan provided beauty care and healthcare services to thousands of communities in Luzon, Visayas, and Mindanao.

CHILD Haus is a tempora r y shelter for ind igent c hi ld ren w it h ca ncer undergoing med ica l treatment in Mani l a. Celebr it ies l i ke Og ie Dia z a nd Joaqu in Domagoso, a long w it h repre sent at ives f rom SM Pr ime Hold ings, a lso d ist r ibuted C hr ist mas presents du r ing t he act iv it y.

IN the photo are the winning teams from Mapua University, Mapua Malayan Colleges Mindanao, and Ateneo de Manila University (center) at the BPI D.A.T.A Wave Summit Hackathon. They are with, from left, Eric Luchangco, BPI Chief Finance Officer and Chief Sustainability Officer; Gina Eala, BPI Chief Human Resources Officer; Karl Kendrick Chua, BPI Director and Ayala Corporation Managing Director of Data Science and AI; TG Limcaoco, BPI President and CEO; Joaquin Abola, BPI Business Transformation and Data Analytics Group Head; and Nicholas Huber, BPI Data Analytics Head.

BPI nurtures next generation of data science, AI talents

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HE Bank of the Philippine Islands (BPI) drew over 200 students from campuses nationwide to its recent Data, Analytics, Transformation, and AI (D.A.T.A.) Wave Summit Hackathon, part of its efforts to enhance the skills of Filipinos in the fields of data science and AI. The event marked the culmination of the Philippine Junior Data Science Challenge (PJDSC) which was organized by the University of the Philippines’ Data Science Society in partnership with BPI. The PJDSC attracted more than 150 team registrations spanning 43 colleges from all over the country. The top 10 finalists received cash prizes and an opportunity to work as interns at the BPI data science team.

“In this era of rapid change, data and digital transformation are the keys to unlocking new avenues for banking. With the

proper use of data, we can reach and serve more customers in pursuit of our vision to help build a better Philippines, one family, one community at a time,” said TG Limcaoco, BPI President and CEO. Centered around the theme of financial inclusion, participating teams in the BPI D.A.T.A. Wave Summit Hackathon delved into data analysis using diverse synthetic datasets and designed a prototype product fitting for the requirement.

Additionally, the top three teams, Mapua University, Mapua Malayan Colleges Mindanao, and Ateneo de Manila University, showcased their projects in the summit, earning recognition for their outstanding performance in both challenges and ideation.

In his speech, Eric Luchangco, BPI Chief Finance Officer and Chief Sustainability

Officer, underscored the significance of data science in BPI’s aim to provide more Filipinos access to financial services.

“Financial inclusion is very important to BPI because it ties into the S of the ESG components under sustainability, or the Social aspect – making significant contributions to improving society. Data is the ultimate power tool for addressing this, enabling us to quickly understand the needs and behavior over a large number of people,” he said.

A pioneer of transformative banking technology in the Philippines, BPI remains committed to advancing digitalization to support students in expanding their knowledge, exploring best practices, and exchanging ideas on how data science can advance financial inclusion in the country.

OFFICE INAUGURATION Last November 21, 2023 OCS Philippines inaugurated their office space located at SM Offices’ Mega Tower in Mandaluyong City, together with the support of Pronove Tai International Property Consultants, their Tenant Representative. In the photo are, from left, are Monique Pronove, Pronove Tai International Property Consultants CEO; Phil Carter, OCS Philippines Managing Director and Jovin Macalinao, SM Supermalls Building Admin Manager.

Sun Life puts the spotlight on business owner clients S

UN Life Philippines’ recent thanksgiving concert, dubbed “Sama-sama sa Pasasalamat,” may have been top-billed by celebrities Piolo Pascual, Sarah Geronimo, Matteo Guidicelli, and Donny Pangilinan, but they weren’t the only ones who shined during that evening, as the company also put the spotlight on a special group of brand ambassadors: its very own business owner clients.

During the event, held recently at the World Trade Center Tent, concert attendees got to enjoy delectable treats from various food concessionaires owned by Sun Life clients, including Happy Kopi, Grain Ola, Hungry Anj, Stip’s Chips, Zachy’s Sweetreats, Wilmar’s Taho Factory, Spice Jar Co., Plant Patisserie PH, Sushitopia, Yeppeun Jei K-Goodies, Takojammy, That’s Diner, Delsey Juices, Koomi, Shepherds Deli, and Heavenly Desserts.

“We’re always eager to find new ways of engaging with our business owner clients, from online learning sessions to on-ground events. This time, we took it a notch higher by providing them an opportunity to promote their products in our thanksgiving concert,” said Sun Life Client Segment Marketing Head Cary Casipit.

Sun Life has been actively serving business owner clients over the years with its Sun Future Proof, a program designed with a business owner’s journey in mind, bringing together financial education and financial solutions to help them achieve both business and personal financial goals.

The company also offers the Business Owner Insurance Packages, which are product bundles designed to address the financial needs of entrepreneurs both for their business and personal goals. The options include

BIP Emergency Fund + Lifetime Protection, BIP Health Protection, BIP Education Fund, BIP Key Employee Protection, BIP Partner/Shareholder Protection, BIP Retirement Fund, and BIP Estate Protection.

“As we close the year, we wish to thank our business owner clients for trusting Sun Life to be their Partner for Life,” Casipit said. “We look forward to our continued collaboration with them as they strive to make their

businesses grow bigger and shine brighter.”

To know more about Sun Life’s Sun Future Proof program, please visit https://sunlife.co/futureproofbusiness.

Envoys&Expats BusinessMirror

envoys.expats.bm@gmail.com

Thursday, December 14, 2023

THAI NATIONAL DAY Ambassador Tull Traisorat (right) led the Royal Thai Embassy’s

local festivities of the Kingdom of Thailand’s National Day. As he raised his glasses for a toast with (from left) Foreign Affairs Usec. Gary Domingo and dean of the Apostolic Nuncio Rev. Charles Brown, the Thai diplomat highlighted his country’s two-way ties with the Philippines bannered by people-to-people exchanges, culture, tourism, and defense, among many other dimensions of cooperation with the Philippines. MIKE POLICARPIO

MINING INDUSTRY PARTNERSHIP

ENHANCING LABOR RELATIONS

Labor Secretary Bienvenido E. Laguesma (right) received Ambassador Marie Fontanel of France during the latter’s courtesy visit to the Department of Labor and Employment headquarters. The labor chief expressed his hopes for continued and strengthened support, cooperation, and friendly labor relations with the European nation. ALEJANDRO ECHAVEZ/DOLE-IPS

UK govt officials visit Manila to boost health-care linkages

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FFICIALS from the United Kingdom and its embassy met with local health-care leaders and explored tie-ups to further strengthen trade ties within the region.

The trade mission was hosted by the UK’s Department for Business and Trade (DBT) and the British Embassy in Manila from November 29 to 1 December composed of eight National Health Service (NHS) groups who connected and shared their expertise with other healthcare experts from across the region, along with cutting-edge solutions that are currently addressing the sector’s major challenges.

The delegation met with senior government leaders as well as public and private hospitals in the Philippines, then visited the Cardinal Santos Medical Center. The UK officials shared their experiences in dealing with health-care hurdles and described innovations that are helping overcome such, as they expressed their interest to learn more about Philippine healthcare models.

Their visit saw the signing of a “twinning partnership” between West Yorkshire and Pasig City local governments that is seen to create opportunities in strengthening and growing research, innovation, and commerce in health care. Mayor Victor Ma. Regis “Vico” Sotto and CEO Richard Stubbs of Health Innovation-Yorkshire and Humber signed the memorandum of understanding.

A first of its kind, the linkage will spur the development of the Philippines’s first digitized patient registry for primary care. First launched through the UK’s “Better Health Programme,” the registry is already

AMBASSADOR Laure Beaufils of the UK hosted a reception to celebrate the 75th anniversary of the NHS, attended by partners in the health-care community with Health Secretary Teodoro J. Herbosa and UK-based Filipino nurse May Parsons—who administered the first-ever Covid-19 vaccine to a patient—as guests of honor.

As she welcomed the trade mission, Beaufils said: “I am delighted that the UK and the Philippines are coming together to explore new, innovative health partnerships.

This week, we welcomed a senior health delegation…led by the [DBT]’s ‘Healthcare UK’ team. We launched a pilot’ Twinning Partnership’...to enable greater collaboration in health care, research, and innovation…to support partnerships with public health and the private sector.”

Country Director for Trade and Investment Lindsey Gilbert-Crouch shared that the UK’s leading NHS hospitals want to work with partner-countries overseas and share their 75 years of experience in innovation using research-based clinical pathways with the most advanced science and excellent training, equipment, and digital system: “We feel that there is much that the UK and the Philippines can learn from

German Chamber holds ‘Christmas for a Cause’

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AMBASSADOR Laure Beaufils (from left), with Secretary Teodoro Herbosa and nurse May Parsons as guests of honor at the reception celebrating the 75th year of the United Kingdom’s National Health Service.

one another to ensure the best possible health-care outcomes for our people.”

The NHS in England also became the world’s first health service to commit to reaching carbon net zero—by 2040 for the emissions it controls itself, and by 2045 for the emissions it influences, with the “Greener NHS” program.

Strong record of accomplishments

AS in most countries globally, UK demographic changes are powerfully shaping the demand for digital health-care solutions to transform patient treatments, according to the embassy. With an escalating prevalence of noncommunicable diseases, it has become key to identify proactively smarter ways to effectively address these ever-growing healthcare needs.

The UK, it said, has a strong track record of scientific breakthroughs, and is delivering the next generation of life-changing treatments, technologies and services: from personalized health care, oncology, cardiology, diabetes, genomics, digital health and artificial intelligence or AI, plus cutting-edge medical tech-

nology, and looks forward to new collaborations to ensure that with the Philippines, the European country will continue to pursue international success together.

The UK delegation included representatives from Aire Logic, Health Innovation Yorkshire & Humber, Modality Partnership, Oxford University Hospitals’ NHS Foundation Trust, Royal College of General Practitioners, UCL Global Business School for Health, University of Bradford, University of Leeds, and the West Yorkshire NHS Integrated Care Board.

Said the British Embassy, the DBT is responsible for securing UK and global prosperity by promoting and financing international trade and investment, while championing free trade.

Founded in 1948, the NHS was the first universal health system accessible to everyone and free at the point of delivery. It currently treats more than 1 million people daily in England.

According to the deputation, the visit demonstrated the importance of UK- Philippines relations, with hopes to open many future healthcare linkages.

French Order of Arts and Letters knights Filipino cultural movers

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N a joint ceremony held at the French ambassador’s residence on December 5, Ambassador Marie Fontanel awarded the former chair of the National Commission for Culture and the Arts and president of the Cultural Center of the Philippines (CCP) Arsenio Lizaso, as well as president and founder of the Pinto Art Museum Dr. Joven Cuanang, the “Rank of Chevalier in the Order of Arts and Letters” of France.

The National Order of the Arts and Letters is bestowed by the French Ministry of Culture to persons who have been outstanding in their artistic creation, or who have contributed to the promotion of culture in France and in the world.

In his capacity as CCP presi-

Three diplomats expressed their willingness to work with the country’s mining industry at the 69th Annual Mine Safety and Environment Conference in Baguio City: Ambassador MaryKay Carlson of the United States (from left); Ambassador David Hartman of Canada; and Ambassador Hae Kyong Yu PSM of Australia. They likewise addressed attendees of the Minerals Industry Symposium in mid-November. The Philippine Mine Safety and Environment Association, in cooperation with the Department of Environment and Natural Resources’ Mines and Geosciences Bureau, organized the gathering.

THE GPCCI team and ‘Nikolaustag’ donors at Village of Hope in Morong, Rizal

benefiting up to 1 million patients seeking public health care in barangay health centers of Pasig City and Iloilo City.

Innovative partnerships

B7

ARSENIO LIZASO and Ambassador Marie Fontanel FB: EMBASSY OF FRANCE

THE French envoy and Dr. Joven Cuanang

dent and NCCA chair, Lizaso prioritized bringing culture to the masses. In his acceptance speech, he insisted that since the common Filipino did not to watch concerts and plays at the CCP, the center went to them in parks and open spaces, as part of the

institution’s outreach program.

He also supported the collaboration between French and Filipino ar tists—par ticu larly in theater and music—making available the Philippine Philharmonic Orchestra for performances of French repertoire together

FB: EMBASSY OF FRANCE

with guest conductor Michael Cousteau.

Meanwhile, the French envoy recognized the dedication of Dr. Cuanang in his support to Philippine visual arts through the founding of the Pinto Arts Museum. She said that while in France, as the government and private foundations prov ided funding for culture and the arts, individual initiatives in the Philippines like the Pinto Museum are exemplary.

Further, Fontanel stated that the founder opened the doors of “Pinto” for the “Diamond in the Rough” exhibition that opened the celebration of the 75th year of French-Philippine diplomatic ties. She looks forward to visiting the museum soon.

MBRACING the spirit of giving this festive season, the German-Philippine Chamber of Commerce and Industry Inc. (GPCCI) successfully held its “Nikolaustag” Christmas outreach activity at the Village of Hope in Morong, Rizal.

“This year’s Nikolaustag continued to serve as a symbol of hope and generosity,” said Executive Director Christopher Zimmer of GPCCI. “We are inspired by this collaboration and look forward to continuing such meaningful partnerships that enrich lives and strengthen communities.”

Partnering with Vision Help

International Care Foundation (VHICF) and supported by German foundation Nehemiah Christliches Hilfswerk e.V., the initiative displayed a profound commitment to enhancing the lives of children and young adults who are on their path to independent and socially inclusive lives.

“Support from organizations like GPCCI is crucial for our mission,” confirmed VHICF CEO and founder Carsten Aust. “We are deeply grateful to GPCCI for sharing the spirit of Christmas with the children here, truly making this season a time of giving and hope.”

Tree planting fulfills ‘green’ mission of Spanish film fest

STAKEHOLDERS from various institutions of the tree-planting event HARIBON FOUNDATION

I

NSTITUTO CERVANTES, the Embassy of Spain, Acciona and Haribon Foundation held a tree-planting activity in Tanay, Rizal as fulfillment of “Pelicula en verde,” the green initiative of “PELÍCULA>Pelikula” Spanish Film Festival’s 22nd edition.

Ambassador Miguel Utray of Spain, Director Javier Galván of Instituto Cervantes, Director Rubén Camba of Acciona Southeast Asia, and Chairperson Dante Ang of Haribon Foundation led the tree-planting event. Also in the ceremony were Vice Governor Reynaldo H. San Juan of Rizal Province, Assistant Secretary Arleigh Adorable of the Department of Environment and Natural Resources, Municipal Administrator Jeffrey Pino of Tanay, and COO Anna Rita Varona of Haribon.

The initiative was a first for the Spanish movie fest, which is being organized

by Instituto Cervantes every October.

This year, in an effort to increase awareness on the importance of protecting the environment while complying with its mission to promote Hispanic culture, Instituto Cervantes created a pledgescheme where a tree will be planted for every spectator of a film in the “pelicula en verde” section.

As the cultural arm of the Spanish Embassy, Instituto Cervantes collaborated with Haribon Foundation—a non-

government organization dedicated to the conservation of natural resources— which conducts activities including tree planting; and Acciona, which is a leading Spanish firm in the field of sustainable infrastructure and renewable energy, to sponsor the planting of the trees.

Acciona’s Southeast Asia regional headquarters is in Metro Manila, with projects in construction and water in the Philippines that include the Cebu cable-stayed bridge, Putatan II Water Treatment Plant, and sections of the railway linking Malolos City with the Clark International Airport supporting efficient mobility toward a low carbon economy. Its advocacies are geared toward sustainability.

According to Utray, one of the main concerns of Spanish society today is the protection of the environment.

For Galván, “Through the powerful medium of cinema, the recent film festival was partly programmed to focus and highlight environmental films and issues. Culture is a catalyst of human relations, and Instituto Cervantes acted as a matchmaker [among] actors in the field of sustainability and the environment, such as Haribon and Acciona.”

He added that the project is an “example of how Spain and the Philippines are working hand-in-hand for a common concern that has no borders.”

By Doug Ferguson The Associated Press

W

ORDS still matter, and for Jon Rahm, there is no shortage of them when contemplating why he abandoned terms like “fealty” and “history” to chase money he once said he didn›t need.

Just be sure to consider all his words.

Among the most recited came from Riviera in February 2022 when LIV Golf was trying to get off the ground. Rahm, then No. 1 in the world, was not scheduled to speak that day but wanted to be heard.

“I am officially declaring my fealty to the PGA [Professional Golfers Association] Tour,” he said.

It was an interesting choice of words for the Spaniard. Fealty in medieval Europe was an oath of fidelity in which the vassal pledged not to harm his lord or damage to his property. Signing with LIV didn’t exactly help Commissioner Jay Monahan or the PGA Tour landscape.

But there was another moment later in 2022 that was telling, coming at a critical juncture for the PGA Tour as it tried to stand its ground against the Saudi riches of LIV. Rahm was among 23 players at the infamous “Delaware meeting” that led to the first iteration of $20 million purses and the best players competing more often against each other. It required a 20-tournament commitment, which sounded like a lot for star players with European tour cards. Rahm said he wouldn’t be surprised if that changed.

Did he know more than he was letting on?

“Me? No,” Rahm replied. “You’re

Chairman’s Cup stakes cars, cruise for holes in one

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HE Manila Southwoods Chairman’s Charity Cup kicks off Friday at the Legends and Masters courses in Carmona, Cavite, boasting of an impressive lineup of prizes and making it a highly anticipated event in the golfing community.

The two-day event ending Saturday, featuring the host club’s members and their dependents and guests, drew a maximum field of 500 players with half to play on each day at the Jack Nicklaus-designed championship courses.

Toyota Silang Cavite and Mitsubishi Motors/Alpine Motors are putting up a Toyota Raize and a Mitsubishi Xpander Cross, respectively, while Royal Caribbean/ Baron Travel is offering a seven-night Alaska cruise on board the Brilliance of the Seas, inclusive of airfare for two (Manila-Vancouver-Manila) for aces on designated holes.

Round-trip tickets for two to Los Angeles, USA, courtesy of Starlux Airlines, a Smart Vogue Plus Ogawa Chair from Ogawa, and round-trip tickets for two (Manila-TaipeiManila) with hotel accommodations at the Hamp Court Palace from Klio International are also up for grabs for hole-in-one feats.

In the spirit of inclusivity, all above-mentioned prizes will be raffled off if no one hits a hole-in-one, adding an extra layer of excitement to the competition.

The host club will also donate P300,000 to Autism Hearts Philippines Inc. Meanwhile, Tee One Inc. is also staking an XXIO 12 ECKS Iron Set Steel for an ace.

Under the format, members will play one 18-hole round using the Stableford points system with handicaps. While sponsors & guests will be using the system 36 format.

The blue-ribbon event is backed by year-round sponsor Royal Caribbean/Baron Travel and holein-one sponsors Starlux Airlines, Ogawa, Mitsubishi Motors, Alpine Motors, Toyota Silang Cavite and Klio International & Tee One (Srixon).

The Platinum sponsors are Abomar Equipment Sales Corp., Cabuyao, Laguna City Mayor Dennis Hain, The Turf Company, Agrexplore Corp., Hanpass, Malveda Properties and Dev’t. Corp/Leads Agri and Tony and Jackey Salon, while Asia Global Technologies and Golforce are the Gold sponsors.

Asian Hospital and Medical Center, Birdsteel Farm, Rep. Roy Loyola of City of Carmona, Cavite, Dexterton Corp., GolfX, HPCS, Hydrotech Irrigation and General Services, Le Chef, LJ Industrial Fabricon, Miniso, MRT Dev’t. Corp., SM Mart (SM Store), Tee One and The Manor and The Forest Lodge at Camp John Hay are the Silver sponsors. AP

Fealty? History?

Go ask Rahmbo

Sports

Tapales ready to battle ‘Monster’

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BusinessMirror

B8 | T

hursday, December 14, 2023 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

MARLON “THE NIGHTMARE” TAPALES: All hell will break loose in Tokyo.

JON RAHM ain’t true to his word. AP asking the wrong guy. If you want to know about that stuff, you know who of the two players you have to ask.”

There was no need to mention Tiger Woods and Rory McIlroy by name. Everyone knew they were calling the shots.

Rahm was in the “notable others” category.

Not anymore. By signing a deal that various reports put in the $500 million range, he becomes at LIV what he never really was on the PGA Tour—the face of a league.

Perhaps that’s where Rahm feels he can leave his legacy, not by winning the Memorial and The Players Championship and the FedEx Cup. During an appearance on “The Pat McAfee Show,” Rahm mentioned Seve Ballesteros making golf more popular in Spain and using his influence around the world. That’s what he wants to emulate. “I think creating new possibilities and new avenues is important,” Rahm said.

What influence did he wield on the PGA Tour?

Think back to Europe’s closing news conference at Marco Simone, where Rahm was unbeaten in his four matches. Rahm was barely a face in the crowd until someone asked him to weigh in on why Europe unites at these matches.

“I didn’t know Rahmbo was there,” Shane Lowry said.

“Only the best player in the world,” McIlroy quietly added.

The respect has always been there.

McIlroy had said a month before Rahm signed with LIV that he would be “very, very surprised” if Rahm left.

And when it happened, McIlroy was far more gracious and understanding than he was with the first batch of defectors, whom he referred to as “duplicitous” and “taking the easy way out.”

He even said Europe would need to change the Ryder Cup rules to make sure Rahm was at Bethpage Black in 2025. If Rahm wasn’t getting the respect he thought he deserved, it wasn’t coming from McIlroy.

It was no less awkward to see

Rahm trade in the elegance of a Masters green jacket for that black letterman’s jacket with “LIV GOLF” written across the front, a loutish look that wasn’t helped by Greg Norman clasping his shoulders.

“I’ve been very happy,” Rahm said. “But there is a lot of things that LIV Golf has to offer that were very enticing.”

He dropped the tired phrases of growing the game and how much he loves team golf, and eventually mentioned the money and how he had a duty to provide for his family “the most amount of resources possible.”

Go ahead and tick that box.

Now he will see how well he can carry the LIV flag at its 14 tournaments next year on The CW network or a YouTube channel.

Rahm is 29, entering the prime of his career with a consistency that puts him on a trajectory to surpass what McIlroy has done. After seven full years as a pro, McIlroy had 14 worldwide wins and four majors.

Rahm has 21 wins and two majors.

Rahm was a draw, but never the main event. Not compared with McIlroy (no one compares with Woods in that department). Maybe not even with Jordan Spieth, who had three majors before turning 24 and now entertains by seeing if he can live up to that again.

Also worth considering is what else Rahm said during his use of “fealty.”

“I have a lot of belief in Jay Monahan and the product that they’re going to give us in the future,” he said at Riviera. “There has been a lot of talk and speculation about the Saudi league. It’s just not something I believe is the best for me and my future in golf, and I think the best legacy I can accomplish will be with the PGA Tour.”

His belief in the commissioner in February 2022 is different than his belief in Monahan after the secret deal with the Saudis that dropped like a thunderbolt on June 6. Rahm has used words like betrayal and trust.

And with the proposed commercial partnership dragging along, he might have had reason to doubt which tour is best for him and his future in golf.

Words matter even as circumstances change.

The value of Rahm ultimately will be measured by more than words. AP

Setters expected to draw spotlight in Creamline-Choco Mucho finals

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ECIPIENTS of countless Player of the Game honors, Deanna Wong still found herself overcome with emotions after anchoring Choco Mucho’s sudden death victory over Cignal for a finals berth in the Premiere Volleyball League last Tuesday.

Not only did the triumph grant the Flying Titans a breakthrough pass to championship round after eight conferences but also positioned them to vie for the league’s most prestigious title.

The best-of-three All-Filipino Conference title playoff unfolds at 6 p.m. Thursday at the SM Mall of Asia Arena in Pasay City with Choco Mucho considered the clear underdog against sister team and six-time champion Creamline.

But the Flying Titans are more than ready and motivated to surpass expectations, determined to make the most of their rare finals appearance in the season-ending conference of the league organized by Sports Vision.

“Finally, we’re in the championship round. Since the first conference, the team labored, even the coaching staff and management,” said Choco

Mucho coach Dante Alinsunurin after his team’s 25-20, 23-25, 26-24, 25-23 win over the Cignal HD Spikers in Game 3 of their semifinals duel.

“Perhaps we got the will to win in Game 3, our efforts finally bore fruit,” added Alinsunurin as he acknowledged the team’s hardships and collective efforts that led to their finals stint.

Funny but the two teams that ushered in the All-Filipino last October 15 are also closing out the second edition of the league’s centerpiece tournament this year.

While Creamline, which swept Chery Tiggo in their side of the semifinal, boasts of experience and endgame poise, Choco Mucho relies on its hunger and desire to overcome the obstacles.

“We aim to elevate our performance even more to achieve our ultimate goal—win the championship,” said Creamline coach Sherwin Meneses, whose wards are two wins away from completing another sweep of a PVL championship.

In 2019, the Cool Smashers won all their 20 games to

DEANNA WONG gets emotional with Jem Ferrer after their semifinals victory.

Draymon Green: Bad boy, recidivist

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HOENIX—Golden State bad boy Draymond Green was ejected once again on Tuesday night after hitting Jusuf Nurkic in the face while the two were battling for position in the third quarter during a game

against the Phoenix Suns.

It’s been less than a month since Green was suspended five games by the National Basketball Association (NBA) for putting Minnesota’s Rudy Gobert into a headlock during an altercation in November.

This fracas wasn’t quite as involved, but it was still another bewildering moment for the four-time All-Star, and could lead to further league discipline, especially because the league cited Green’s history of unsportsmanlike acts when issuing its previous penalty.

Green and Nurkic were battling for position early in the third

claim the Open Conference crown.

The title series is also expected to be a duel of plays and wits between setters Wong and Kyle Negrito, who play pivotal roles in controlling the flow of each match.

Wong has been instrumental in the Flying Titans’ remarkable campaign, dishing out superb playmaking skills and effectively distributing passes to key players like Sisi Rondina, Kat Tolentino, Isa Molde, Maddie Madayag, Aduke Ogunsanya, Bea de Leon and Cherry Nunag.

“Our goal is to win the championship. We worked hard for this and it’s all about team work,” said Wong, whose 24-excellent showing powered the team past the HD Spikers.

On the other side, Negrito has skillfully filled the void left by Jia de Guzman, facilitating plays for Tots Carlos, Jema Galanza, Alyssa Valdez, Michele Gumabao, Pangs Panaga and Risa Sato all throughout their unbeaten run.

Blocking will also be crucial for the two teams’ title drive but the battle is expected to hinge on execution, especially in the endstretches of each set.

While Creamline, which beat Choco Mucho in four in the elims and never wavered, remains the favorite, the Flying Titans aim to buck overwhelming odds and achieve the ultimate goal of winning the championship.

Cignal and Chery Tiggo, meanwhile, start their own series for the bronze at 4 p.m.

Games in the tournament, backed

by Bola.TV, Beyond Active Wear, ASICS and Mikasa, can be streamed live on PVL.ph and Pilipinas Live and telecast on OneSports and OneSportsPlus.

when the two got tangled. Green appeared to slightly lose his balance, but then inexplicably wheeled around and smacked Nurkic in the face.

Nurkic immediately crumpled to the ground but eventually got up and stayed in the game. The referees reviewed the play before calling Green for a Flagrant 2 foul, which causes an automatic ejection. AP

By Josef Ramos

AGUIO City—Marlon “The Nightmare” Tapales vowed to go all against Japan’s Naoya Inoue as he aims to unify the world super bantamweight belts in their fight on December 26 in Tokyo.

“Eyes on the price, that’s the only thing,” Tapales, 31 of Tubod in Lanao del Norte, told select media during his workout at the Shape Up Gym here Wednesday.

“Right now, I feel 100 percent in good in my condition, ready to erupt,” he said. “And all hell will break loose in Japan come fight night.”

Tapales is the reigning İnternational Boxing Federation and World Boxing Association but wants to snatch Inoue’s World Boxing Organization and World Boxing Council.

He’s been training for months in the US and moved to the City of Pines to immerse back into the time zone.

Tapales holed himself out in training—no social media, no vlogging, no Tiktok or YouTube.

He has sparred since against former world title challenger Vincent Astrolabio, bantamweight prospect Harlan Gomez and Pete Apolinar.

“A month and a week here in Baguio, doing my conditioning and sparring, and I really feel so good,” Tapales said. “I’m very thankful to all my sparring partners in the US up to here in Baguio for helping me in my buildup.”

His last sparring session will be Friday before motoring to Manila and flying to Tokyo on Tuesday.

Tapales’s American conditioning coach, Quincy Hatcher, said Tapales’s conditioning and discipline are the key on fight night.

“He’s very focused and welldisciplined, one of the best athletes I have worked with,” Hatcher said.

“He is getting quicker and stronger each day.”

Tapales is 37-3 win-loss record with 19 knockouts, while Inoue is unbeaten in 25 fights with 22 knockouts.

“His footwork and timing are improving each day,” said Astrolabio, a bantamweight. “I have a hard time catching him, he counters really good.

“It’s getting more and more painful each day,” Gomez said.

International matchmaker and MP Promotions president Sean Gibbons said a victory by Tapales would guarantee his induction into boxing’s hall of fame as a first-ever undisputed world champion.

“He’ll be heading to the hall of fame surely, not just in Philippine boxing but in world boxing soon if he catches the ‘Monster,’” Gibbons said.

DRAYMON GREEN’S ejected again. AP