BusinessMirror December 20, 2021

‘Close borders, cut Omicron exposure risk’

By Cai U. Ordinario @caiordinario

C

LOSING the country’s borders is one of the most immediate courses of action the government must take to prevent the latest Covid-19 variant, Omicron, from reaching Philippine shores, according to local economists.

T he new var iant is a threat, e s p e c i a l l y w it h t he hol id ay s coming up and more foreigners being a llowed to travel to the Philippines, De La Sa lle Universit y economist Mar ia Ella Oplas told BusinessMirror.

The holidays usually bring in Overseas Filipino Workers (OFWs) who are eager to spend Christmas

with their loved ones, while foreigners living in temperate regions usually want to relax in tropical countries like the Philippines. This year’s influx of OFWs is expected to be heavier since many of them were unable to come home for the holidays in December 2020.

“My recommendation is to protect the borders. Do not allow people with a history of travel to countries with positive cases to enter,” Oplas said.

“We should be more restrictive. [We have to be] more protective in terms of our measures.”

Oplas said that while this will be a setback to some industries, this is a fair measure considering that this could help prevent placing the country in another strict lockdown,

which, she said, the economy can no longer afford.

“It is better that we do protective preventive measures than get exposed again. We have a lot to lose,” Oplas said. “We should do it now so that we can open just before Christmas. If it gets contained, we can open it again.”

Ateneo Center for Economic Research and Development (ACERD) Associate Director Ser Percival K. Peña-Reyes said closing the country’s borders would be effective but should still adhere to the standards set by the World Health Organization (WHO).

What is needed, Peña-Reyes told this newspaper, is for travel restrictions to be put in place swiftly and

for government to be proactive in imposing them.

Previous instances when the country had the opportunity to impose travel restrictions did not prevent the spread of Covid-19. That was mainly because the decision was not made immediately, he said.

“Kung papatay patay [If we’re slow] and we get caught flat-footed, [that’s risky] We were too reactive instead of proactive before.

We should learn from that,” PeñaReyes said. “It’s a delicate balancing act. We need to push testing and tracing to be properly informed of our decisions. Blanket/shotgun approaches could have dire consequences on the economy.”

See “Omicron,” A2

NATL GOVTRESORTS BORROWINGS HOTELS, HIT

w w

n n

Monday, December 73

Monday, November 20, 29, 2021 2021 Vol. Vol.17 17 No. No.52

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

FORSTORM 10 MOSCLOSE DIP TOAGAIN P2.75T BY

By Bernadette D. Nicolas

By Ma. Stella F. Arnaldo @BNicolasBM

Omicron risk Initial ₧2-B spurs revival aid vowed of quarantine to areas hit rules in PHL by ‘Odette’

T B

@akosistellaBM Special to the BusinessMirror

HE national government’s ARELY starting togross rebound with the borrowings aseasing of of quarantine levels, end-October shrank abynumber of hotels in almost 6 percent tourism destinations year-on-year to affected by typhoon P2.75 trillion.

By Samuel P. Medenilla

I F

Odette’s fury have

temporarily stopped Latest data from the Bureau of the accepting Treasury showedguests that the governdue overcapacity, ment’s to gross borrowings during the 10-month period fell by 5.99 percent inadequate power from P2.92 trillion a year ago. supply and and With only two water, months left for this year, the latest figure is already structural damage.

equivalent to 89.6 percent of its P3.07-trillion borrowing program.

Broken down, gross domestic bor rowings The 400-room Radisson Blu from January to October Cebu was one of the first hotels to settled at P2.23 trillion, down by announce it was “currently unable 5.08 percent from P2.35 trillion to in receive 2020. new bookings from today (December 18)ofuntil notice The bulk thefurther amount was as the hotel is currently booked to sourced from Fixed Rate Treasury capacity.”

Other hotels that have Bonds (P1.19 trillion), followed by temporarily closed include Amorita short-term borrowings from BangResort in Bohol, and Elor Nido ko Sentral ng Pilipinas BSPresorts (P540 in Palawan. billion), Retail Treasury Bonds/Pre myo AirBonds Asia Philippines, for itsRetail part, (P463.3 billion), said some 3,000 passengers have Onshore Dollar Bonds (P80.84been bilstranded duesame to delays and flight lion). In the period, therecanwas cellations airport closures also a netfollowing redemption of Treasury in Cebu, Tagbilaran and Puerto PrincBills amounting to P43.94 billion. esa.

Some 33,000 airline passengers Net debt redemption means of flagwere carriers Airlines there morePhilippine debts repaid comand Cebu Pacific were also affected by pared to the amount borrowed durthe airport closures, including that of ing the period.

Siargao and Ozamiz.

(See, “Domestic Meanwhile, gross foreign bortourists in Cebu, Siargao rowings stranded in the same period also as Odette destroys airports,” in the contracted by 9.7 percent to P518.7 BusinessMirror, 19, billion from last year’sDecember P574.4 billion.

2021.)

This was raised through global bonds In a (P146.17 news statement, Philbillion), the program ippine Hotel Owners Association loans (P139.98 billion), euro-de(PHOA) said Odette “hit billion), several nominated bonds (P121.97 parts of the Visayas and Mindanao a project loan (P86.41 billion), and where 30 percent of PHOA’sbonds 308 yen-denominated samurai hotel members are located.”

(P24.19 billion).

Continued on A2A2 See “Borrowings,”

@sam_medenilla

PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass.

The country will celebrate the 158th birth anniversary of Filipino revolutionary hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO

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

PHOTO by diver Joey Jayme on Facebook shows the devastation wrought by typhoon Odette on hotels and resorts, along with dive boats and bancas along Alona Beach in Bohol. A number of hotels in popular tourism destinations, barely starting to rebound with the easing of quarantine levels, have been hit yet again by a new challenge—the devastation wrought by super storm Odette.

By Jasper Emmanuel Y. Arcalas

dating its registry following the enactment of the Coconut Farmers and Industry Trust Fund law.

Rosales explained that about 500,000 coconut farmers and workers The PSA thatPCA’s the wereexplained added to the 26.17 percent year-on-year plunge 2018 list that had about 2.5 million on the country’s ricefarm stocks as of coconut farmers and workers.

October 1 to 1.954 million metric The PCA’s next step is to contons from last year’s 2.647 duct(MMT) an exclusion-inclusion proMMT to twothe reasons. cedurewas bydue making updated farmers’ “Some registry of the reasons the public, on providannual decrease of rice stocks ing everyone the opportunity to obtained the of Field Offices check thefrom veracity the list, Rofor each sector are the following: sales added. delayed harvest to weather “The list will bedue posted in public conditions [and] Increase stocks spaces where people can in easily see

them. This allows everyone to see who are listed in the registry and if farmer doesn’t see his name then he shall coordinate with the PCA immediately,” he explained at a recent last year due to farmers dialogue with coconut waiting farmers.for good buying price,” the “On the other hand,statistical if people agency BusinessMirror. would told see the names on the list and they Industry groups Philthink they arelike notthe coconut ippine Chamber of Agriculture farmers or their details are incorand Inc.report (PCAFI) the rect,Food they can it toand the PCA Federation of Free Farmers (FFF) for immediate action,” he added. expressed concerns the verac The PCA officialonnoted that ity of the rice inventory data given the completion of the initial list the fact that domestic palaywould outof coconut farmers registry put frominJanuary September be just time fortothe expected was record high while rice imports rollout of coconut levy-funded

programs as President Duterte is expected to sign the industry development plan in early 2022.

Rosales said the PCA will not stop updating its list of coconut are higher year-on-year. farmers and enjoined them to reg ister “I am curious to the know why in order to reap benefits the rice inventory declined by of the decades-long idled coconut 700,000 MT despite higher prolevy fund. “We will not stop at 3.1 duction andhope imports,” PCAFI million. We that more indiPresident told viduals willDanilo registerV.inFausto our coconut the BusinessMirror. farmers registry,” he said.Fausto noted that the of starting rice The updating the coconut inventory this year was only farmers registry is mandated by lower by 300,000 compared Republic Act (RA)MT 11524 or the to last year.

Coconut Industry Trust Fund Act.

PSA EXPLAINS SHARP DIP IN 10-MO RICE INVENTORY

@jearcalas

M

ORE than 3 million coconut farmers and

By Jasperworkers Emmanuel Arcalas areY.now regis@jearcalas tered with the government’s reg& Cai U.serves Ordinario istry, which as the basis @caiordinario for the number of people to be covered by the utilization of the HE Philippine AuP75-billion coconutStatistics levy fund. thority (PSA) saidAuthority the steep Philippine Coconut the country’s Roel rice (PCA)decline Deputyin Administrator inventory of about 700,000 metric M. Rosales said about 3.11 million tons (MT)farmers was caused by delayed coconut and farm workharvests this year coupled with ers have been registered with the base effects. government since it started up-

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PESO 1350 PESO EXCHANGE EXCHANGE RATES RATES nn US US 50.

50.4600

See “PSA,” A2 A2 See “3-M farmers,”

By Samuel P. Medenilla NTER NATIONA L concerns @sam_medenilla over the possible spread of the more infectious Omicron Cohis visit arvid-19OLLOWING variant prompted thetogoveas devastated by typhoon ernment to reimpose mandatory “Odet te”quarantine (i nter n atfor ionall al facility-based name: during in the arrivingRai) passengers theweekend, country.

President Duterte committed P2 Acting Presidential spokesperbillion worth of government aid in son Karlo B. Nograles announced typhoon-hit areas. on Sunday that the Inter-Agency Task In aForce radiofor interview on Sunday, the Management Acting presidential spokesperson of Emerging Infectious Diseases Karlo Nograles said the Presi(IATF)B.suspended the implemendent made theResolution commitment, tation of its No.when 150he met local chief executives in the A (s.2021), effectively imposing affected areas. for all inbound stricter protocols travelers.

“He told the governors, whom he talked with IATF yesterday (Dec. 18) to To note, Resolution 150help with the needs of the victims A had allowed fully vaccinated of typhoon Odette,”from Nograles non-visa travelers Greensaid.

List areas Duterte visited Siargao Island in to enter the country withSurigao Norte, Islands out thedel need forDinagat facility-based and Maasin City in Southern Leyte quarantine as long as they secure on Saturday to personally assess the negative Reverse Transcriptionimpact of Odette.

Polymerase Chain Reaction (RT PCR) Senator Christopher “Bong” test within 72 hours prior Go joined President Duterte in an to their departure. aerial inspection of the hardest-hit “Except for countries classified areas in Surigao del Norte, Dinagat as ‘Red,’ the testing and quarantine Islands and Leyte. protocols forSouthern all inbound interna tional During the situational travelers in all portsbriefing of entry in Maasin City, pledged shall comply withDuterte the testing and to release P1 billion in quarantine protocols forcalamity ‘Yellow’ funds to the affected local governlist countries,” Nograles said, citing ment units and another P1 billion the provision of IATF Resolution to concerned government No.the 151-A. agencies, saying government He noted Hongthe Kong, which has is aiming for the “earliest return confirmed a case of the Omicron to normalcy.” variant, will also fall under the Yel lowHe officials to make listdirected countries. sure funds are available for the The suspension of the rules for procurement of food, medicines “Green List” countries will be in and other needs, accordeffect fromessential November 28, 2021 to ing to Senator Go’s office.

December 15, 2021.

n n HK HK 6.4722 6.4246 n n CHINA CHINA 7.9013 7.8717 n n SINGAPORE SINGAPORE 36.8968 36.7828 n n JAPAN JAPAN 0.4409 0.4374 n n UK UK 66.7949 67.2329 n n AUSTRALIA AUSTRALIA 36.0120 36.2807 n n EU EU 56.8130 56.5758 n n SAUDI SAUDI ARABIA ARABIA 13.3601 13.4531

See “P2-B aid,” Continued on A2 A2

Source:BSP BSP(November (December 26, 17, 2021) Source: 2021)

News

BusinessMirror

A2 Monday, December 20, 2021

Comelec says 66-M Filipinos qualified to vote in ’22 polls

A

By Samuel P. Medenilla

@sam_medenilla

ROUND 66 million voters are qualified to participate in the 2022 automated polls, according to the Commission on Elections.

Comelec spokesperson James Jimenez released on Sunday the statistics of qualified registered voters and voting centers nationwide based on the final data from Election Registration Board (ERB).

Overall, Comelec was able to tally 65.74 million registered voters,

who will be distributed in 37,141 voting centers during the May 2022 polls.

This is around 4 million higher than the 61.84 million registered voters in the 2019 elections.

Vote-rich regions

CALABARZON remained the most vote-rich region for the 2022 elections with 9.19 million voters.

It was followed by the National Capital Region (7.32 million), Central Luzon (7.29 million), Central Visayas (5.25 million), and Western Visayas (5.02 million).

Rounding up the top 10 regions with the most voters are the Bicol Region (3.91 million), Ilocos Region (3.55 million), Davao Region (3.24 million), Eastern Visayas (3.17 million), and Northern Mindanao (3.06 million).

Lower bracket

MEANWHILE, the regions with

the lowest number of voters are the Cordillera Administratrative Region (1.08 million), Caraga (1.87 million), Mimaropa (1.99 million), Zamboanga Peninsula (2.3 million), Cagayan Valley Region (2.31 million), Bangsamoro Autonomous Region in Muslim Mindanao (2.39 million) and Soccsksargen (2.61 million).

Comelec earlier disclosed it needs the final list of voters and candidates before it could start printing the ballots for 2022 elections.

Jimenez said they expect to come out with the final list of candidates before the end of the month.

HOTELS, RESORTS HIT BY STORM CLOSE AGAIN The group said it had yet to determine the full extent of the damage suffered by its member-hotels, but it is “spearheading efforts to ensure that its hotel-members as well as other stakeholders that suffered from the calamity recover at the earliest possible time.”

Local residents check into hotels

PEGGY ANGELES, executive vice president of the SM Hotels and Conventions Corp., which operates Radisson Blu Cebu, told the BusinessMirror, “Prior to the typhoon, Radblu had quarantined guests, and some business travelers

and those having meetings. There were banquet and social events, too.” She added the hotel suffered some damage and some of their employees were personally affected by the typhoon. “Hotel is running high occupancies because of local residents.”

But she stressed the hotel will still honor the bookings earlier made by arriving guests who are expected to quarantine when the Mactan Cebu International Airport (MCIA) reopens to international flights. “Rooms have been allocated for them,” she said. Fortunately, Angeles said, SMHCC’s other prop-

erties in Iloilo and Bacolod have been spared.

In Panglao Island, Bohol, Amorita Resort has temporarily stopped accepting guests “since the fuel supply of the island is dwindling and water pressure is also quite low since utility providers’ facilities were damaged by the storm,” said resort general manager Leeds Trompeta.

He still did not have a final count on how many guests will be affected by the resort’s suspension of bookings, “but we have been asking guests to rebook towards midJanuary 2022.”

Continued from A1

Some flights resume

FOR his part, Joey Bernardino, Group Director of Sales and Marketing at Ten Knots Development Corp., which manages the Ayala Group’s El Nido resorts, said: “Our crisis management team prepared the resorts and arranged early departure for our guests so only our employees were on the islands for both Sicogon and El Nido. In Sicogon Island, Balai Kogon sustained minimal damage while Huni Sicogon was spared.”

He added, “In El Nido, despite the efforts to secure all areas, the resorts still sustained some damage due to strong winds and fallen trees. After a thorough assessment, most of the affected areas were repairable, however there were areas which need to be closed off and will be attended to.

The resorts will need to close for a couple of days while we conduct maintenance work. This will affect some arrivals, but we are reopening for the next travel bubbles this December.”

He did not say how many guests will be affected by the temporary closure of the resorts on Pangalusian Island, Lagen Island, and Miniloc Island.

Meanwhile, Air Asia PH spokesman Steve Dailisan said, “So far we have resumed our commercial flights to Caticlan (Boracay) yesterday to service our guests who were stranded since the suspension of operations of the jetty port. Today (December 19) we resumed our Manila-Cebu-Manila flights. We have also mounted recovery flights accommodate all our stranded gut in Cebu. However, we cancelled our Puerto Princesa flight yesterday and today because of the notice of closure of the airport.”

Robbery…

Continued from A12

“Ikaw on duty ka pa ha? Kasagsagan ng Pasko naghohold-up kayo [You, you’re even on duty. You’re holding up people during the Christmas season]?” Danao, who was fuming, said to the suspects in a video uploaded on YouTube when the suspects were presented on Saturday.

He noted that they were very young, singling out one cop who entered the service in 2020.

Danao said that the suspects made it appear that they are conducting an anti-illegal drugs operation.

“Police tayo! Hindi tayo holdaper [We are policemen! We are not robbers]!” Danao added, as he reminded them that they cannot conduct such an operation without search warrant.

“Papasok ka ng bahay na walang search warrant? Illegal yan [You enter a house without a search warrant? That’s illegal!]” the NCRPO chief said.

“Under my helm we will never tolerate this kind of scalawags in uniform,” Danao vowed.

www.businessmirror.com.ph

PSA...

Continued from A1

FFF National Manager Raul Q. Montemayor said the 700,000MT reduction on rice inventory was “statistically impossible” given the positive picture being portrayed by local production and rice imports.

The country’s palay production from January to September grew by 5.46 percent to 12.55 million MT from 11.90 million MT in the same period of last year.

“In July 1, 2021, rice inventory was 2.178 million MT, almost equal to the July 1, 2020 inventory of 2.105 million MT. Imports from July to September 2021 totaled 647,669 MT compared to 520,565 MT in the same period in 2020,” he told the BusinessMirror.

“Assuming demand was the same from July 1 to Oct 1, Oct 1, 2021 inventory should be higher than Oct 2020 levels by 200,000.

But PSA says it was lower by almost 700,000. Statistically impossible. Even if we assume imports in the month of Oct 2020 were counted in advance, these amounted to only 91,400 MT,” he added.

The reduction in rice inventory could have been steeper if lockdowns were not imposed in August and September, according to the PSA. “The lockdown in August and September partly impacted the decrease in rice stocks because of limited mobility and buying capability of people,” it said.

But Philippine Institute for Development Studies senior research fellow Roehlano M. Briones is also viewing with some reservations the rice inventory figures released by the PSA. “It could be that because the estimation of rice stocks is not perfect. The stocks could have sw itched toward households, which are not fully accounted for by the PSA,” Briones told the BusinessMirror.

“But I am not convinced that we actually ran out of stocks. It is possible that our methodology for measuring stocks, especially household stocks, are not actually

₧2-B aid...

accurate,” Briones added.

PSA data showed that household rice inventory as of October 1 plunged by nearly 27 percent to 1.059 million MT from 1.450 million MT in the same period of last year.

“If we suspect that there might be a reason that households might decide to stock up more, if they have bad news about future prices, then getting a picture of their inventory is not perfect because they do not have any warehouses,” Briones said.

“But households can easily buy an extra half sack or full sack and put it somewhere. If you multiply that by several million households, that could be a very large amount,” he added.

Adjusting to RTL

MONETARY Board member V. Bruce J. Tolentino said the domestic rice market is still adjusting to the new rice trade regime following the implementation of the rice trade liberalization (RTL) law. For one, Tolentino pointed out that rice inventories does not need to be huge anymore since the supplies can easily respond to market demand and situation.

“There’s a major policy change in RTL, which will also affect inventory behavior. Before, inventories need to be very large due to a lot of market uncertainties particularly with NFA [National Food Authority]. Today, inventories are smaller because trade is supposed to respond to market situations,” he told the BusinessMirror.

Tolentino, however, noted that certain government impositions such as sudden suspension of the issuance of sanitary and phytosanitary import clearance (SPS-IC) for rice imports “interferes” with the country’s rice trade.

“However, if you have issues like all of all of a sudden you suspend SPS-IC it interferes with trade.

With that kind of uncertainty, traders domestically will keep larger stocks due to market efficiencies,” he said.

Continued from A1

Citing the latest data from the Office of Civil Defense, Nograles said the typhoon affected at least 780,000 people in 2,322 barangays.

He also noted that based on the initial report, there were 31 deaths attributed to Odette. See related stories on Odette on pages A3 and B1.

Duterte ordered the Department of Energy (DOE) and the Department of Information and Communication Technology (DICT) to immediately restore power and communication services, respectively, in the affected areas.

The Maritime Industry Authority (Marina) was also tasked to check the seaworthiness of the sea vessels in Siargao and Dinagat Islands to allow the resumption of inter-island travel and fast track relief operations in the said areas.

Other issues which Duterte wants to be immediately addressed are the immediate distribution of relief goods to the affected communities and their housing needs.

He assigned Social Welfare Secretary Rolando D. Bautista to serve as the crisis manager in Siargao and Dinagat Islands

to ensure the swift deployment of food and non-food items in the said areas.

Bautista will be assisted in the task by National Disaster Risk Reduction and Management Council (NDRRMC) Executive Director and Civil Defense Administrator Undersecretary Ricardo B. Jalad.

The Department of Social Welfare and Development (DSWD) has around P1 billion worth of prepositioned food packs and non-food items in the typhoon-hit areas, according to Nograles.

Duterte also deployed the presidential yacht, BRP Ang Pangulo, to serve as floating hospital in the said areas.

Once a certain degree of normalcy is restored in the affected areas, Nograles said the government will also be deploying food-for-work and cash-for-work in the affected communities especially in Surigao, Siargao and Dinagat Islands.

Nograles said the President is determined to first visit other areas ravaged by Odette including CAR AGA and Leyte before he makes a public report on the overall impact of the typhoon and the government response in the affected areas.

4-province...

Marcos earlier thanked supporters and volunteers who responded to his call on Wednesday, a day before Typhoon Odette entered the Philippine area of responsibility, to repack relief goods in anticipation of a massive relief effort.

Minutes after his call, donors and volunteers trooped to the BBMSara warehouse in Taguig City,

Continued from A12

bringing with them sacks of rice, tons of canned goods, and other essentials.

Marcos earlier also appealed to electric cooperatives in Luzon and Mindanao that were not affected by the typhoon to send linemen and materials to areas were electric power has not yet been restored “so we can all have a bright Christmas.”

The Nation BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Monday, December 20, 2021 A3

Typhoon-hit Pinoys’ welfare takes centerstage among compatriots

By Rene Acosta

Cebu is like a war zone and the situation in Bohol is even worse. It’s like an atomic bomb was dropped in some areas; where Odette flattened everything. In some areas, entire villages were wiped out like they never existed,” Ang Probinsyano Party-list Rep. Ronnie L. Ong said.

“But what is really heartbreaking is the desperation that we saw in Cebu and Bohol and it will just be a matter of time before people would resort to looting. A lot of people have no food, no water and no roof on their heads.

They have no electricity and communication is very difficult. Even banks are closed,” Ong added.

The lawmaker said that it would require the help of the entire world to help the victims in areas devastated

by Odette. He said that the government should set up a task force to manage international aid and map out recovery efforts.

@reneacostaBM Manuel T. Cayon @awimailbox

Jovee Marie De la Cruz @joveemarie

Lorenz S. Marasigan @lorenzmarasigan

& Jonathan L. Mayuga @jonlmayuga

D

AVAO CITY and MANILA— The situation of Filipinos affected by Typhoon Odette has become top of mind among their compatriots from government to nongovernment institutions.

Government agencies are jointly mounting post disaster response operations while at the same time undertaking rescue and relief efforts in the provinces ravaged by Typhoon Odette, which has killed at least 26 people as of Sunday’s report.

The 26 fatalities were reported by the Philippine National Police by way of a consolidated report by its command center, which was released by PNP spokesman Col. Roderick Augustus Balba. The figure was higher than the officially-validated four by the National Disaster Risk Reduction and Management Council (NDRRMC).

The NDRRMC, however, acknowledged of having culled 27 reported deaths but the cases have to go through the official validation of its clusters.

The NDRRMC reported that a total of 309,814 displaced persons, representing 81,595 families, were staying in 2,283 evacuation centers.

According to the Department of Social Welfare and Development (DSWD), more than 130,000 families or some 400,000 individuals from Regions V, VI, VIII, X, XI, Mimaropa and Caraga were affected by Typhoon Odette.

Communication difficulties

THE number of fatalities, which the PNP said came from areas under the areas of Police Regional Office (PRO) 6, 7, 10 and 13, rose as local officials reported varying number of deaths while appealing for help from the national government.

Bohol Governor Arthur C. Yap, for one, has claimed that Odette, which has veered out of the country on Sunday, has killed 40 people in his province. Other officials of typhoon-affected towns and provinces in the Visayas and Mindanao also issued death counts, but the NDRRMC said all of the figures have to be officially validated.

The PNP said at least 24, 312 families or 100,353 individuals were evacuated in areas under the PRO 4B, 6, 7, 8 and 10 alone, which is higher than its previous data as reports from police offices in affected areas are coming in trickles due to difficulty in communications.

The PNP reported that at least 46 areas under the PRO 6, 7, 12 and

Humanitarian aid DAVAO City Mayor Sara Duterte-Carpio is seen at the Davao International Airport personally seeing to the loading of food and essential supplies that, she said, would be brought to Cebu and help those affected by Typhoon Odette (international name: Rai). PHOTO COURTESY OF MANUEL CAYON

Bangsamoro Autonomous Region (BAR) are still flooded while 3,077 areas under the PRO 4B, 5, 6, 7, 8 and 10 were still without power supply.

Mobile phone signal in at least 704 areas under the PRO 4B, 5, 6, 7, 8, 10, 11 and BAR are also still out.

PNP assets

BALBA said PNP chief General Dionardo B. Carlos has ordered PNP troops on the ground to continuously provide manpower and logistical support to affected local government units, especially those who have been declared under the state of calamity.

“Our personnel will focus efforts in securing the evacuation centers, road clearing operations and assisting in relief operations. We have to secure the peace and order situation in these areas and at the same time oversee the implementation of health protocols,” Balba quoted Carlos as saying.

The resources of the PNP, which include search, rescue and retrieval equipment and land, air and water assets have been deployed in the affected areas, according to the PNP official.

Balba said since power supply has not been restored in some areas, PNP personnel will ensure that there will be no looting of establishments.

Meanwhile, the Philippine Coast Guard (PCG) has been using its assets in rescue and relief operations in Dinagat Islands, Siargao Island and Surigao del Norte and Surigao del Sur in Mindanao as well as in Central Visayas and Eastern Visayas.

The PCG, in coordination with various shipping companies, also conducted an emergency meeting on Saturday, 18 December 2021, on the recovery of vessels that ran aground

or were sunk at the Cebu City Pier and in Mandaue.

Transportation resources

THE Department of Transportation (DOTr) announced it has “intensified” its rescue and relief operations in areas affected by Typhoon Odette, while repairing ports and airports that were damaged due to the onslaught of the tropical storm.

“Currently, the DOTr has mobilized its personnel, facilities, assets and resources to answer the call for assistance of our kababayans. Rest assured, we will deliver,” Transportation Secretary Arthur Tugade said.

The Philippine Coast Guard (PCG) has so far deployed its assets to assist in the rescue and relief operations in the Dinagat Islands, Siargao Island and Surigao del Norte and Surigao del Sur in Mindanao, as well as in the Central Visayas and in the Eastern Visayas.

Aside from also deployed its Cessna plane to conduct an aerial inspection of Kabangkalan City in Negros Occidental and has deployed its vessels to assist in the delivery of communication and relief packages to affected areas.

The Maritime Industry Authority (Marina) has allowed vessels to sail after Typhoon Odette left the Philippine area of responsibility. The agency also called on domestic shipowners to prioritize the transport of needed relief goods.

Marina Administrator Robert A. Empedrad said he has “directed all Marina regional directors to undertake swift coordination with shipowners whose ships were unaffected by the typhoon to resume their operations and to prioritize in the carriage of relief operations.”

Safety engineers were also ordered to assess the seaworthiness of ships swiftly to ensure their immediate deployment and allow stranded passengers to go to their destinations.

Damaged airports

THE Civil Aviation Authority of the Philippines (Caap) has started efforts to restore airport operations in areas affected by the typhoon to include interim measures to resume operations without compromising safety, repair of damaged passenger terminal buildings, other infrastructure and installations and to check on the condition of Caap workers who were affected by the typhoon.

Caap Director General Jim C. Sydiongco said among the airports needed repair were those in Siargao, Surigao, Maasin and Mactan.

Sydiongco said the inspection team will also be delivering needed communication equipment to restore needed coordination at the typhoon-affected airports.

“The heads themselves will be going in order to make immediate and final decisions on actions to be taken. In coordination with the management team, Caap has been exploring sources of fund for the needed repairs, including possible realignment of funds,” Sydiongco said.

‘War zones’

DESCRIBING Cebu and Bohol as akin to “war zones,” a lawmaker on Sunday appealed for humanitarian aid for tens of thousands of Filipinos whose homes and livelihood were “wiped out” by the typhoon.

“You can see destruction everywhere; even concrete houses were destroyed. The entire province of

ONG has reached Cebu to deliver humanitarian aid after joining the team of presidential aspirant Sen. Emmanuel “Manny” D. Pacquiao that was said to have airlifted 10 tons of assorted relief goods via Cebu Pacific’s flight 5JA320 Saturday night.

Ong said he and the team conducted a ground and aerial survey to see which areas in Cebu were most affected by the super typhoon.

“I am appealing to all people around the world to please help us. Give anything you can to help our people who were affected by Odette. They need food, water, clothes and materials to rebuild their homes,” he said.

Ong said that Pacquiao “could have easily decided to join us in delivering the first batch of humanitarian aid… but he decided to just work in the background to manage the repacking of relief goods and coordinate the movement and deployment of his people.” Ong said Pacquiao earned his respect.

Help from Davao

FROM Davao City, vice-presidential aspirant and Mayor Sara DuterteCarpio was reported to have led the uploading of 55 tons of food and essential supplies to Cebu City.

The city official also sent off the team of doctors, social workers and disaster rescue personnel to Bohol. In her Facebook account post, DuterteCarpio said the team was sent as the city’s response to Bohol’s appeal for more personnel to help the province.

“106 Dabawenyos responded to the call of Bohol for augmentation,” she said in her account, posting photographs of the personnel. DuterteCarpio personally sent off to a waiting commercial flight last Sunday at the Davao International Airport.

“They also brought sacks of rice and water,” the mayor added.

Duterte-Carpio also posted photographs of personnel readying car-

tons of supplies intended for Cebu province.

She said some of the aid would be delivered by land because the airplane could not take all the cargo.

Cancel fireworks

LAST Sunday, a nongovernment organization called on private companies, local government units and other concerned groups to cancel their planned fireworks shows this Christmas and New year and instead use the money for such extravaganza to help victims of Typhoon Odette that battered the Visayas and Mindanao.

At the same time, the group said politicians running for elective positions next year should set aside funds allotted for their campaign materials to respond to the needs of the survivors.

“As the trail of wanton destruction caused by Typhoon Odette becomes more evident, we are called to respond to the urgent humanitarian needs of people left homeless and hungry and in despair,” EcoWaste Coalition Chemical Safety Campaigner Anthony Dizon was quoted in a statement as saying.

“Instead of igniting firecrackers and pyrotechnic devices, which can cause health and environmental effects, why not lend a hand to the calamity survivors who clamor for food, water, electricity and other essentials? Instead of putting up selfserving propaganda tarpaulins, why not engage in low-key, no-frills acts of kindness?,” he asked.

“Post-Odette ‘bayanihan’ will bring a sparkle of hope to families whose lives and dreams were shattered by the pre-Christmas typhoon,” Dizon added.

The reduced consumption of firecrackers and fireworks, as well as tarpaulins, will also contribute to a healthier and safer environment, noting the chemical and waste pollution associated with the production, use and disposal of such items, the group said.

Climate change

GREENPEACE Southeast Asia Executive Director Naderev M. Saño said that even with warnings in place, the intensity and the damage brought about by Odette was unprecedented.

“The disaster brought up our collective trauma from previous typhoons such as Sendong and Yolanda and reminded us that these extreme weather events are now a norm as the climate crisis worsens every year. As we seek immediate recovery for our fellow citizens in the aftermath of Odette, we demand that our institutions see this as another wake-up call and this time, they have to take it seriously,” Saño said. “These typhoons will get worse, more unpredictable and more destructive should they remain merely reactionary to the climate crisis.”

Govt solid waste manager vows more actions vs open burning BuCor: 91% of those in jail

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HE National Solid Waste Management Commission (NSWMC) has approved a resolution intensifying the campaign against open burning of solid wastes, including agricultural wastes.

The open burning of solid wastes is prohibited under Republic Act 9003 (Ecological Solid Waste Management Act). However, this has not been strictly enforced since it was enacted in January 26, 2001, according to Environment and Natural Resources Secretary Roy A. Cimatu.

Cimatu was quoted in a statement as saying that open burning is still prevalent in urban communities, including agricultural wastes in the rural areas, Open burning is the traditional small-scale community method of solid waste disposal and management, locally known as “siga.”

Cimatu added that the farmers’ practice of burning their fields to clear stubbles, weeds and waste before growing a new crop could reduce

soil fertility.

Last November 24, the NSWMC issued its Resolution 1468 (series of 2021) to “strengthen the enforcement of the provisions of RA 9003 on open burning of municipal solid wastes including agricultural wastes.”

As of November 24, a total of 1,128 local government units (LGUs) out of 1,716 have 10-year solid waste management (SWM) plans approved by the Commission, which include the goal to achieve a full collection coverage among the LGUs. Some LGUs are still in the initial stages of developing their SWM plans and LGUs are yet to accomplish a 100 percent collection coverage in their respective jurisdictions.

Through the NSWMC Resolution 1468, member agencies from the public and private sector as well as other government agencies have been given specific responsibilities to enforce the provisions of RA 9003 on open burning of solid and agricultural wastes.

The Department of Environment and Natural Resources (DENR), Philippine Information Agency and the Department of Health are encouraged to promote awareness on the effects of open burning on the environment and a person’s physical health, as well as on the existing waste processing and purchasing markets.

The Department of Trade Industry will also boost consumer awareness in agricultural waste management while the Metropolitan Manila Development Authority and LGUs will focus on the 3Rs—Reduce, Reuse, Recycle—advocacy.

The private sector, non-governmental organizations, manufacturing and packaging and recycling industries will also help through IEC campaigns and in developing programs on open burning alternatives.

“The Technical Education and Skills Development Authority, Department of Education and Commission on Higher Education to include in their curriculum development the

environmental and health effects of open burning,” the resolution read.

The Department of Agriculture will develop policies and guidelines on agricultural waste management while LGUs will establish local ordinances to improve waste collection and disposal, operationalize composting and recycling mechanisms and increase the capacity of waste disposal facilities.

The Department of the Interior and Local Government will be responsible for environmental audits on the implementation of the 10-year SWM plans of LGUs and will assist them in its local ordinances and ensure the holistic management of solid wastes.

Meanwhile, the Department of Science and Technology will develop, promote and evaluate the best available technologies and environmental practices alternatives to open burning and the Department of Public Works and Highways will develop infrastructures that will help decrease open burning. Jonathan L. Mayuga

received anti-Covid vaccine

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T LEAST 91 percent or 44,589 out of the 48,537 persons deprived of liberty (PDLs) have already received anti-COVID 19 vaccines.

This was reported by the Bureau of Corrections (BuCor) to the office of Department of Justice (DOJ) Undersecretary Deo L. Marco based on its data as of December 16.

However, out of the 44,589 PDLs who have been inoculated, only 19,678 have been fully vaccinated or have received their second dose.

About 24, 911 have received their first dose, the report said.

In the New Bilibid Prison (NBP) located in Muntinlupa City, which has the biggest PDL population with 28,516, the BuCor reported that 96.54 percent or 27,529 of them have been vaccinated.

The Correctional Institution for Women (CIW) in Mandaluyong City that has 3,352 PDLS, a total of 3,300

or 98.45 percent of them have been vaccinated. At the Sablayan Prison and Penal Farm in Occidental Mindoro, of its 2,344 PDLs, 2,271 or 96.89 percent have been vaccinated. And at the San Ramon Prison and Penal Farm in Zamboanga City, out of its 2,304 PDLs, 1,716 or 74.48 percent have been vaccinated.

At the Iwahig Prison and Penal Farm in Palawan, out of its 2,729 PDLs, 1,705 or 62.48 percent of them have been vaccinated. At the Leyte Regional Prison in Leyte, of its 2,153 PDLs, 1,946 or 90.39 percent of them have been vaccinated.

And at the Davao Prison and Penal Farms in Davao del Norte, out of its 7,139 PDLs a total of 6,122 or 85.75 percent have been vaccinated.

It can be recalled that Justice Secretary Menardo I. Guevarra pushed for vaccine allocation for PDLs following the steady arrival of the vaccines in the country. Joel R. San Juan

A4 Monday, December 20, 2021 • Editor: Vittorio V. Vitug

Economy BusinessMirror

DHSUD to issue temporary licenses to sell to developers

By Bernadette D. Nicolas @BNicolasBM

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HE Department of Human Settlements and Urban Development (DHSUD) authorized the issuance of Temporary License to Sell (TLS) allowing developers to start selling lots and units as the “expeditious” issuance of licenses to sell is hampered by delays amid the pandemic.

In a statement, the DHSUD said the pre-requisites needed from national and local agencies coupled with mobility restrictions brought by the pandemic pose substantial delay in the issuance of LS by the department to housing developers.

DSHUD said Department Order 2021-008 signed by its Secretary Eduardo D. Del Rosario aims to address the private sector’s concerns on the issuance of other pre-requisites before they can secure a license to sell.

Through this order, Del Rosario said they expect “continuity and sustainment of the vibrancy in the housing and real estate sector.”

It is part of DHSUD’s mandate to streamline

and expedite regulatory processes for new and pending applications for permits, licenses and certificate of registration by developers of subdivision and condominium projects.

Developers are only allowed and authorized to start selling lots and units after obtaining a license to sell. Hence, they can immediately generate more funding and capitalization for their projects with the issuance of a TLS. “A TLS can address the urgent need of private developers to sell lots and units, thus, in turn, will give premium to the housing sector in aiding the economy to recover faster amid the Covid-19 pandemic.”

Del Rosario also said he wants to assure the public that the interests of the homebuyers are protected through imposing certain conditions and other requirements before a TLS is issued.

He also said that the new measure is part of the DHSUD’s proactive steps in helping the private sector remain robust amid health crisis, ensure the production of housing units across the country and provide employment for hundreds of thousands of Filipinos working in the

housing and construction industry.

“With this Department Order, we are not only contributing to pump-priming the economy, we are also helping our kababayans working in the housing and real estate sector to continue providing for their families amid the pandemic,” the housing czar said.

The new measure covers all residential, commercial and industrial subdivision and condominium projects, as well as any similar real estate undertakings such as cemeteries, memorial parks and columbaria.

The new order’s terms and conditions include the validity of the TLS for one year from the date of release (a 6-month extension may be granted upon appeal for valid reasons) and that TLS holders shall submit a monthly report of sales and project operations.

Any project applying for the issuance of a TLS, except for socialized housing projects, will be required to comply with existing rules and regulations pursuant to the “balanced housing development program.” Violations shall have corresponding fines and penalties, the DHSUD said.

www.businessmirror.com.ph

Psalm expects to save ₧822M via order cutting property tax

By Lenie Lectura

@llectura

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HE Power Sector Assets and Liabilities Management Corp. (Psalm) expects to save P822 million from the issuance of Executive Order (EO) 157, which authorizes the reduction of the 2021 real property tax (RPT).

The RPT applies to property, machinery and equipment used for production of electricity by independent power producers (IPPs) covered by build-operate-transfer contracts (BOTs) with government-owned or -controlled corporations (GOCCs).

Psalm’s current contracts with IPPs include contracts with the following: Ilijan Natural Gas Power Plant; the Pagbilao Coal-Fired Thermal Power Plant; the Sual Coal-Fired Thermal Power Plant; the San Roque Hydro-Electric Power Plant; and, the Mindanao Coal-fired Thermal Power Plant.

“We are very thankful that President Duterte signed EO 157. With this, Psalm’s 2021 RPT obligations amounting to about P1.019 billion at 80-percent assessment rate,

would be reduced to about P200 million at 15-percent assessment rate,” Psalm President and CEO Irene Joy J. Besido-Garcia.

This would translate to an estimated savings of P822 million for Psalm, which amount can then be utilized by the firm for the payment of other maturing obligations assumed from the National Power Corp. (NPC).

EO 157 is especially significant to Psalm as it is a counterparty to several BOT contracts by virtue of Republic Act 9136, or the Electric Power Industry Reform Act of 2001 (Epira). Under the Epira, the BOT contracts of NPC obligations were transferred to Psalm, including the responsibility to pay the RPT obligations of the IPPs. Through EO 157, the RPT assessment level is reduced to 15 percent of the fair market value of the property, machinery and equipment, depreciated at two percent per annum, less any amount already paid by the IPPs. RPT payments remitted by the IPPs in excess of the RPT due for the previous years will be applied to future RPT assessments.

‘Developing countries to benefit from open-source technologies’

By Tyrone Jasper C. Piad @TyronePiad

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HE United Nations Conference on Trade and Development (Unctad) called for the creation of a centralized repository for open-source technologies to assist developing countries in achieving sustainable economic recovery from pandemic.

In a policy brief, Unctad said open-source technologies are crucial in supporting digital transformation and production of goods that are based on publicly-shared designs because they cost no fee in general.

This is in contrast to traditional technology transfers that require payment of intellectual property royalties, it explained.

“As a result, such transfers are often too costly for many users in developing countries or too difficult to adapt and adopt locally. Financial and intellectual property constraints make traditional technology transfer a significant challenge in developing countries,” the UN committee added.

As such, Unctad said that accessing information about open-source technologies is necessary because there are still challenges when it comes to disseminating knowledge on said tools.

“It is increasingly clear that open-source technical information can help in the building and sharing of the global stock of knowledge, particularly in developing countries,” the Unctad said. “A centralized repository of such information could help developing countries leapfrog to sustainable, inclusive and resilient recoveries.”

The UN group noted that the proposed database should contain free information, data, plans, digital designs and manufacturing files for assembly, among others.

It must serve as a one-stop shop for parties looking for open-source technologies that can address their specific concerns, the Unctad suggested.

“The database should cover all techni-

cal areas without being limited to specific sectors or applications, as open-source technologies can often help solve problems far beyond the scope of their intended use,” it explained.

In terms of database management, Unctad said it should be operated by a non-profit entity from an international and highly trusted organization, noting that UN is ready to take the helm.

Appropriate technology

THE UN committee noted that appropriate technology is an area that is “ripe for open-source development,” especially for the developing countries. It refers to technologies that are “small-scale, affordable, decentralized, energy efficient, environmentally sound and easily and economically utilized from readily available resources by local communities to meet their needs.”

Among the appropriate technologies cited by Unctad include an “automatable” field-camera track system. It monitors how plants are performing in their environment, in addition to quantifying the crop lodging and movement under field wind conditions.

The group also took note of solar cookers for cooking and baking, which decrease carbon dioxide emissions, improve indoor air quality and promote equitable access to energy.

Other appropriate technologies mentioned by Unctad are 3-dimensional printed laboratory-grade optical microscope and open-source image processing and analysis software.

“An ever-increasing number of organizations, groups and individuals have adopted open-source appropriate technologies.

Many such technologies are being shared, ranging from those intended for making consumer goods to those intended for making scientific and medical equipment,” the group said.

NEA told to tap ₧200-M fund to aid co-ops hit by typhoon

By Butch Fernandez

S

@butchfBM

EN. Sherwin T. Gatchalian guided the National Electrification Administration (NEA) to promptly tap an available P200-million funding source to extend timely assistance to electric cooperatives hit by Typhoon Odette.

The senator suggested that the NEA can draw the needed assistance fund to readily activate affected power providers from the Electric Cooperatives Emergency and Resiliency Fund (ECERF) in order to provide relief to electric cooperatives to bounce back from Typhoon Odette.

Gatchalian, Senate Energy Committee chairman, recalled that ECERF was allocated “P200 million fund for this year.”

Citing the extensive damage inflicted

by Typhoon Odette, the senator aired an appeal conveying apprehensions by

affected power consumers hoping the extensive brownouts do not extend until Christmas.

“Nananawagan ako sa NEA na gawan ng paraan ang pinangangambahan ng mga kababayan natin upang makapagdiwang sila ng pasko nang normal,” Gatchalian added.

[I call on the NEA to address our countrymen’s worries so that they can celebrate Christmas normally.]

He recalled that “while it was earlier reported that some areas may have no electricity until Christmas, the Department of Energy said it would do its best to restore power in affected areas.”

The senator stressed the immediate restoration of power lines will “make it easier to make an accurate assessment of the extent of devastation and the needed coordination for the provision of emergency relief to displaced families.”

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Monday, December 20, 2021 A5

‘Odette’ destroys crops worth ₧127M–DA

By Jasper Emmanuel Y. Arcalas @jearcalas

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AMAGE to the agriculture sector caused by Typhoon Odette (international code name Rai) has reached P127 million as it affected nearly 6,700 hectares of farms nationwide, according to an initial assessment made by the Department of Agriculture (DA).

The latest damage report released by the DA showed that about 2,852 farmers were affected by the typhoon in Western Visayas and Caraga Region. The typhoon caused a production loss of about 8,600

metric tons (MT).

“Affected commodities include rice, corn and high value crops. These values are subject to validation,” the DA said on Sunday.

“Additional damage and losses are expected in areas affected by Odette.

The Department of Agriculture, through its Regional Field Offices [RFOs], is conducting assessment of damage and losses brought by Odette in the agri-fisheries sector.”

The DA report showed that the bulk of the reported agricultural damage was recorded in the corn sector as it accounted for 54.3 percent of total losses. The DA said Odette dam-

aged 2,150 hectares of corn farms with an estimated production loss of 4,926 MT worth P68.9 million.

Rice farmers incurred losses amounting to P55.8 million as the typhoon affected 4,515 hectares of land planted with 3,673.6 MT of rice, according to the DA report.

The DA said the high value crops (HVC) sector incurred losses of P2.3 million as 30 hectares planted with assorted vegetables and fruit trees were struck by the typhoon.

“Prior to Odette, a total area of 11,454 hectares of rice have been harvested from Regions Mimaropa, 6, 8, 9, 11, and 13 with an equivalent

production of 34,433 metric tons amounting to P615.53M,” it said.

“As for corn, a total of 2,452 hectares have been harvested from Region 4A, Mimaropa, 8, 9, 11, and 13 with an equivalent production of 6,965 metric tons amounting to P82.55 million,” it added.

The DA earlier reported that the combined data of Regions 4-A to 12 showed that the total area of standing crops that may be affected

by Odette is estimated at 601,088 hectares for rice and 265,480 hectares for corn.

“In rice, the combined area under seedling and vegetative stages is at

170,090 ha (29.03 percent), while the area under reproductive stage is at 173,150 ha (29.56 percent). The area under maturity contributes to the remaining 242,574 ha (41.41 percent),” it said.

“As for corn, the area of crops under the seedling and vegetative stage is at 139,308 ha (52.47 percent), while the area under reproductive stage is at 73,348 ha (27.63 percent).

Those under maturity contribute to the remaining 52,829 ha (19.90 percent),” it added.

The DA said it is ready to roll out P852.47 million worth of interventions in areas struck by Odette. The

interventions include the P500-million quick response funds to rehabilitate affected areas and P148 million worth of rice seeds. The DA added that will distribute corn seeds and vegetable seeds worth P57.6 million and P44.6 million, respectively.

Affected farmers and fishers could also avail of zero interest loans from the government through the P100-million Survival and Recovery Assistance Program of the Agricultural Credit Policy Council. The DA assured insured farmers that the Philippine Crop Insurance Corp. has available funds to indemnify them.

A6

Ene

A BusinessMirro

Monday, December 20, 2021 | www.businessmirror.com.ph

PHL OBSERVES NATIONAL ENERGY

CONSCIOUSNESS MONTH

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The DOE will also host several internal programs such as bloodletting programs, virtual seminar on health and wellness and the virtual chorale singing const, to celebrate its 49th anniversary.

The annual observance of NECM seeks to instill a strong foundation of energy literacy, and awareness among Filipinos while highlighting their crucial role in defining the energy future of the country.

In his speech, Energy Secretary Alfonso G. Cusi emphasized that this year’s NECM captures the department’s objective “tp uphold and enhance the well-being of Filipino energy consumers.”

The month-long celebration comes around two months after DOE issued its amended Philippine Energy Plan 2020-2040 which formulates comprehensive sectorial roadmaps to ensure a timely implementation of the energy agenda. The PEP provides more emphasis and focus on sustainability of all available energy sources, as well as the diversification of the country’s energy mix.

“The PEP 2020-2040 has been formulated as a transformational plan to bring in more of the clean energy fuels and technologies that will dominate our portfolio of plans and programs for the next two decades,” Cusi said in his message in the PEP.

“Through the PEP, we will rally towards energy security, resiliency, access and affordability in the realm of our long-term clean energy commitment. This PEP advocates for the development and use of existing and emerging technologies in the most efficient and sustainable manner,” he added.

According to PEP, the country is aiming for renewable energy to account for 35 percent of the country’s power generation mix by 2030 and 50 percent by 2040. This

ITH the theme “Committed to Serve: Building a Better Normal by Forging Ahead through Energy Ability, Security and Sustainability, the Department of Energy (DOE) kicked off last December 1, the month-long celebration of National Energy Consciousness Week (NECM) for 2021.

“The past several years have been riddled with challenges and yet the DOE and the entire Philippine Energy Family continue to forge on. We are here to serve the public, and they, just like you and I, deserve nothing but the very best in everything that we do here in the agency,” Cusi said.

Brighter energy future

THE energy chief said that ensuring that the country’s current en-

Philippine Energy Plan

ergy needs are met and constantly working to provide an even brighter energy future is a tall order. “This is very important now more than ever. We need to be even more determined and innovative in our approach towards defining and realizing our energy goals,” he said.

He also expressed his appreciation to the DOE and the Energy Family for their continued support and untiring dedication.

“To everyone in the Energy family, I extend my warmest appreciation for all your hard work and perseverance so that we will be able to meet the energy requirements of the Filipino people.

The past couple of years have not been easy for any of us but the DOE wouldn’t have made it this far without each and everyone of you,” Cusi said.

This year’s celebration features several energy related campaigns that include:

n Information, Education and Communication (IEC) virtual seminars by DOE including those on dam safety operations that tackle life-saving spilling operations during typhoons and measures to maximize the use of water resources; n Energy Investment Forum which will focus on energy finance to mobilize resources towards energy security, clean and renewable energy source development, and climate change issues; and n Energy Efficiency and Conservation seminars for government offices and entities in the different regions.

SMC charts a low-carbon future

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VEN as power companies work to avert a looming power crisis in the Philippines, reliable power remains a challenge even for provinces that already have access to electricity. Over the decades, the imbalance in power supply has contributed to the uneven spread of investments and development between the regions. Many provinces lag behind due to unstable power supply. More importantly, many Filipinos still live without the benefit of sufficient power every day.

Very soon, all this will change with SMC Global Power Holdings Corp.’s (SMCGP) completion by 2021 to 2022, of 31 new Battery Energy Storage System (BESS) facilities nationwide, with a total target capacity of 1,000 megawatts. This project represents the company’s most significant contribution yet to supporting a low-carbon future.

SMCGP’s BESS technology will support the country’s fragile power grid by removing excess power and injecting required power at strategic areas within the grid within milliseconds—ensuring power quality is maintained and reaches users all over the country.

This means faraway provinces and islands can have the same stable and good quality supply of power and equal opportu-

San Miguel Corporation (SMC) power unit SMC Global Power Holdings Corp.’s Battery Energy Storage Systems (BESS) technologies will stabilize power supply nationwide; it also ushers the next stage for renewable power in the country

nities for economic growth.

But equally significant is how this pioneering foray into BESS technology will pave the way for the integration of renewable power -- generated from intermittent sources such as solar and wind -- into the grid. With this, renewable power becomes a more viable option as a power source for the country.

In the next couple of years, SMCGP es-

timates the integration of up to 3000 MW of renewable power into the grid, due largely to its BESS facilities.

With its thrust now of focusing its capacity expansion on renewable sources such as solar and hydroelectric power, as well as cleaner alternatives to coal such as liquified natural gas, the next decade will see SMCGP continuing to adapt and innovate to meet the needs of our country, and the world.

One Meralco Group eyes 1,500 MW RE in the next seven years

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NE Meralco Group’s power generation units are targeting to build a total combined capacity of 1,500 MW of renewable energy (RE) in the next seven years as it pursues its goal of carbon neutrality or net zero emissions by 2050.

Recently speaking at a forum on business resilience and sustainability, Meralco PowerGen Corporation (MGEN) and Global Business Power Corporation (GBP) President and CEO Mr. Jaime T. Azurin said the pandemic has prompted the need for long-term transformational change under the ‘new normal.’

“We have set the ambitious target of reaching net zero by 2050, anchored on One Meralco Group’s

sustainability agenda,” said Mr. Azurin. “In the next seven years, we endeavor to build 1,500 MW of renewable energy.”

He shared that they have started with BulacanSol ’s 55 MWac solar plant which commenced operations in May of this year, with more solar projects underway. Ongoing is the construction of a solar plant in Baras, Rizal while EPC [engineering, procurement, and construction] negotiations are in progress for solar plants in Isabela, Nueva Ecija and Ilocos Norte.

The Group is also eyeing hydro, wind and solar storage that can compete in mid-merit space. Mr. Azurin explained that ‘all these are in support of the country’s target of 35% RE share by 2030, and eventu-

ally 50% by 2040.’

Because of the pandemic, Mr. Azurin said, “The world has come to realize the valuable importance of building resilience and integrating sustainable goals to futureproof and create lasting impact for the greater good.”

Highlighting that the health crisis has brought to light existing vulnerabilities and limitations, not only in the power sector, Mr. Azurin said, “We must all work together to include resilience planning for both present and future shocks.

Recovery plans must not be limited to short-term measures to ramp up economic activities but also to look into long-term actions that are key to future resilience.”

ergy

ror Special Feature is based on a clean energy scenario.

The PEP 2020-2040 also showed that, to achieve the target, the Philippines needs predevelopment investments of about P17.9 billion under the REF (reference scenario) and P25.3 billion under the CES. The demand for power is expected to breach pre-pandemic levels amid the upcoming na-

www.businessmirror.com.ph | Monday, December 20, 2021

tional elections and the further reopening of the economy.

Sustained recovery

On the other hand, Regina Capital Development Corp (RCDC) reported that it expects sustained recovery in electricity demand to reach close to pre-pandemic levels despite the on-and-off implementation of

strict mobility restrictions.

RCDC expects the national elections to push electricity demand in the first half of next year.

“Recall that we initially pointed out that supply issues from 2019 and earlier were less of a headwind in 2020 because of the slump in demand amid the pandemic. However, now that recover is gaining

steam, the incoming new supply likely remains insufficient in the medium-to-long term. The possible supply crunch would likely be exacerbated by 2022 presidential elections as well,” it said.

With the dwindling number of Covid-19 cases RCDC expects “a stronger recovery in electricity demand.”

According to the brokerage firm, the country could see the advent of the mid-stream liquefied natural gas (LNG) sector “assuming that the pandemic wouldn’t further delay the proponents’ construction efforts.”

The DOE is pushing for the development of LNG sector for energy security, especially since the con-

A7

tract for the Malampaya gas field – the country’s largest and only gas source – is about to expire in 2024.

So far, the DOE has cleared LNG projects. Of the six, Lopez led First Gen Corp and Atlantic Gulf & Pacific Co. of Manila Inc. are in the advanced stages, aiming to introduce LNG by the third quarter of 2022.

A8 Monday, December 20, 2021

BusinessMirror

www.businessmirror.com.ph

The World BusinessMirror

Editor: Angel R. Calso

Monday, December 20, 2021 A9

WHO: Omicron detected in 89 countries, cases doubling fast

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IEN NA—T he Om ic ron variant of the coronavirus has been detected in 89 countries, and Covid-19 cases involving the variant are doubling every 1.5 to 3 days in places with community transmission and not just infections acquired abroad, the World Health Organization said Saturday.

Omicron’s “substantial growth advantage” over the Delta variant means it is likely to soon overtake Delta as the dominant form of the virus in countries where the new variant is spreading locally, the UN health agency said.

WHO noted that Omicron is spreading rapidly even in countries with high

vaccination rates or where a significant proportion of the population has recovered from Covid-19.

It remains unclear if the rapid growth of Omicron cases is because the variant evades existing immunity, is inherently more transmissible than previous variants, or a combination of both, WHO said.

Other major questions about Omicron remain unanswered, including how effective each of the existing Covid-19 vaccines are against it. Conclusive data also does not exist yet on how ill Omicron makes Covid-19 patients, the health agency said.

WHO first labeled Omicron a variant of concern on November 26. AP

Hits ‘keep coming’: US hospitals struggle as Delta variant surges

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ETROIT—Hospitals across the country are struggling to cope with burnout among doctors, nurses and other workers, already buffeted by a crush of patients from the ongoing surge of the Covid-19 Delta variant and now bracing for the fallout of another highly transmissible mutation.

Ohio became the latest state to summon the National Guard to help overwhelmed medical facilities. Experts in Nebraska warned that its hospitals soon may need to ration care. Medical officials in Kansas and Missouri are delaying surgeries, turning away transfers and desperately trying to hire traveling nurses, as cases double and triple in an eerie reminder of last year’s holiday season.

“There is no medical school class that can prepare you for this level of death,” said Dr. Jacqueline Pflaum-Carlson, an emergency medicine specialist at Henry Ford Health System in Detroit. “The hits just keep coming.”

The national seven-day average of Covid-19 hospital admissions was 60,000

by Wednesday, far off last winter’s peak but 50% higher than in early November, the government reported. The situation is more acute in cold-weather regions, where people are increasingly gathering inside and new infections are piling up.

New York state reported Saturday that slightly more than 21,900 people had tested positive for Covid-19 the day before, a new high since tests became widely available. Consequences of the latest surge have been swift in New York City: The Rockettes Christmas show was scratched for the season; some Broadway shows canceled performances because of outbreaks among cast members; and “Saturday Night Live” announced it was taping without a live audience and with only limited cast and crew.

“We are in a situation where we are now facing a very important Delta surge and we are looking over our shoulder at an oncoming Omicron surge,” Dr. Anthony Fauci, chief medical adviser to President Joe Biden, said of the two Covid-19 variants.

At AdventHealth Shawnee Mission, a hospital near Kansas City, Missouri, chief medical officer Dr. Lisa Hays said the emergency department is experiencing backups sometimes lasting for days.

“The beds are not the issue. It’s the nurses to staff the beds. ... And it’s all created by

rising Covid numbers and burnout,” Hays said. “Our nurses are burnt out.”

Experts attribute most of the rise in cases and hospitalizations to infections among people who have not been inoculated against the coronavirus. The government says 61% of the US population is fully vaccinated.

Dr. Steve Stites, chief medical officer at University of Kansas Health System in Kansas City, Kansas, said the “pandemic of the unvaccinated” continues to swamp the hospital and its workers.

“There’s no place to go. Our staff are tired. We’re going to run out of travelers,” Stites said, referring to visiting health care workers, “and Omicron is at our doorstep.

This is a tornado warning to our community.”

Ohio’s National Guard deployment is one of the largest seen during the pandemic, with more than 1,000 members sent to beleaguered hospitals especially in the Akron, Canton and Cleveland areas.

As of Friday, 4,723 people in the state were hospitalized with the coronavirus, a number last seen about a year ago, Gov. Mike DeWine said. Some staffers were taking only short breaks before punching in for second shifts, he added.

Health systems elsewhere that are doing somewhat better are nervously eyeing the arrival of the Omicron variant and girding themselves for the impact.

Nebraska officials said hospitals might have to put some care on hold to make room for Covid-19 patients. While case numbers are down from the state’s pandemic peak, they could rebound rapidly, and bed availability remains tight because of patients with non-virus ailments.

“It may be likely that Omicron will cause a giant surge, and honestly we can’t handle that right now,” said Dr. Angela Hewlett of Nebraska Medicine in Omaha.

At Los Angeles’ Providence Holy Cross Medical Center, just 17 coronavirus patients were being treated there Friday, a small fraction of the hospital’s worst stretch. Nurse manager Edgar Ramirez said his co-workers are weary but better prepared if a wave hits.

“The human factor of having that fear is always going to be there,” Ramirez said.

“I tell our crew, ‘We have to talk through this. We have to express ourselves.’ Otherwise it’s going to be tough.” AP

China finds 2 Omicron cases in new city as outbreak grows

T

wo new cases of the Omicron variant were detected in the central Chinese city of Changsha from arrivals into the country, state-backed media Xinhua reported Saturday citing the municipal government.

The provincial capital of Hunan is the latest place to discover the highly contagious variant in incoming travelers, after the southern province of Guangdong and the northern metropolis of Tianjin reported cases earlier this month. The infected people never left closed-loop quarantine controls and are being treated in hospitals, according to local health authorities.

Omicron has put China’s Covid-zero strategy under pressure, although no local transmissions of the variant have yet been reported. While China is less exposed to the spread of Omicron because of its closed borders for now, increased risks are on the horizon.

Beijing will host the Winter Olympics in less than 50 days, when tens of thousands of foreigners will be allowed to enter the country. Reports recently show that Chinese shots given to the vast majority of its highly vaccinated population don’t provide sufficient antibodies against Omicron.

China must maintain strict control measures at ports and borders ahead of the Olympic events, Liang Wannian, an epidemiologist who leads China’s special task force on the pandemic response, said at a press conference on Saturday.

Meanwhile, a local outbreak of nonOmicron coronavirus continues to grow.

China reported 44 locally transmitted cases on Sunday in Zhejiang, Shaanxi and Guangdong. Four other asymptomatic infections were reported, including one in the financial hub of Shanghai, according to the National Health Commission. Bloomberg News

A10 Monday, December 20, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

East is East

‘T

he Ballad of East and West” is a poem by Rudyard Kipling. It was first published in 1889 telling the tale of two adversaries, one who is a British Colonel’s son who commands a troop of the Indian colonial army. The other is a tribal chieftain, Kamal, in the North-West Frontier of the British Raj, now Pakistan.

Kipling writes, “Oh, East is East, and West is West, and never the twain shall meet,” describing the geographic, cultural, and historic differences between Europe and Asia. He goes on, however, to say, “But there is neither East nor West, Border, nor Breed, nor Birth, When two strong men stand face to face, though they come from the ends of the earth!” This describes the respect, even admiration gained by both men for the other as they fight for the prize mare Kamal has stolen from the British Colonel.

However, there is a substantial difference between East and West that might be best characterized in the concept of “high and low context,” introduced by anthropologist Edward T. Hall in his 1976 book Beyond Culture, referring to the way people in different cultures communicate.

Hall explains that in high context cultures, communication is largely implicit, meaning that context and relationships are more important than the actual words, and therefore, fewer words are necessary. In low context cultures, the message is communicated almost entirely by the words and needs to be explicit. Therefore, “I say what I mean” rather than “read between the lines.”

Examples of low-context cultures are Germany, the US and Australia. High-context cultures include virtually all of East Asia. Foreigners doing business in Thailand often say that “No” means “No.” “Maybe means “No,” and “Yes” means “Maybe” or “No” or sometimes “Yes.” It all depends on the context.

Consultants on cultural differences advise clients that the context issue manifests itself in many ways that makes it harder for both cultures to understand the other.

Asians tend to nurture long-lasting business relationships while in the Western mind, many shallower, short-term relationships are more favorable. These relationships become more “collectivistic” in that there is an identity with the group as group harmony is valued. This does create stronger boundaries, which may keep an individual from joining with “other groups.” In the West, individual needs are usually more important than the group.

The value system between East and West shows in other ways. Being on time for work-related events is a big part of corporate culture in both the East and the West. But Asian high context cultures typically use a polychronic perception of time while low context cultures use a monochronic perception.

In the West (monochronic), though people try to start meetings without much delay, it is becoming more common to adhere to flexible hours as long as the work gets done. For polychronic people, punctuality and structure are not as important as deadlines are not something to aim for at all costs. Similarly, polychronic people work with multiple tasks at once.

While perhaps only coincidental, in the West, hierarchies tend to be relatively flat with many employees comfortable talking to a high-level manager without issue. In the East, the hierarchical system has many levels, and each level means something. Those at the top have the final word, and the system of order and governance is considered to be extremely important.

“Oh, East is East, and West is West, and never the twain shall meet.”

Except perhaps in the Philippines where low and high context cultures combine for better and worse.

Since 2005

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Declutter, donate and prepare for a better year Atty. Jose Ferdinand M. Rojas II

RISING SUN

T

he New Year is 12 days away—have you taken the time to declutter your space and your life? Recently, I came across a short write-up that talked about the things that make our lives toxic. Some of the items on the list are useless or broken objects, as well as items that remind us of unhappy moments. Apparently, these things bring negativity into our lives, and getting rid of them should be our first order of business as we get ready for 2022.

As we set aside a few days to clean out our spaces—perhaps after Christmas day when we’re all less busy—we could segregate the unwanted objects into several piles: for donating, for recycling, throwing out, and maybe a few items for selling. As we get rid of the broken and useless stuff, we won’t only end up with a cleaner and brighter space, it’s said that we’ll also get to enjoy bet-

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STREET TALK

T. Anthony C. Cabangon Lourdes M. Fernandez

fered losses due to the severe damage brought about by the typhoon.

Many of our brothers and sisters in the area need our help and, rightly so, there are several groups that are already working to extend help to the typhoon victims.

One such organization is Green Releaf, which is calling on the public to help by sending cash and/or in-kind donations for the farmers

and affected communities. “Thousands of Filipinos woke up to no family members, homes, power, water, food… lives, memories, sense of safety, dignity, and hope gone overnight,” wrote Green Releaf’s Sarah Queblatin in a post. For Filipinos, she added, climate emergency is very real and has been for a long time.

If you have unwanted items in good condition that can be of use to the typhoon victims, or if you are inclined to make a cash donation to support Green Releaf’s efforts, you can do so through this link: Donate to Green Releaf Initiative Other organizations and groups are on the ground helping the affected population—they, too, need our donations. Details on these are easy to find online.

As 2021 draws to a close, remember to leave space for new things and opportunities by getting rid of what’s broken and useless. It’s always good to begin on a clean slate. Here’s wishing you’ll have the wisdom to know what to keep and what to discard.

Provincial buses and spending Christmas on our streets

✝ Ambassador Antonio L. Cabangon Chua Publisher

ter health, more peace and positivity, and a clearer mind or perspective.

These will serve us well in the New Year as we hope and work for recovery on all fronts.

And speaking of donation, we’ve all heard about what happened after Typhoon Odette struck the southern part of the country a few days back. Maybe some of you were affected or know people who suf-

And speaking of donation, we’ve all heard about what happened after Typhoon Odette struck the southern part of the country a few days back. Maybe some of you were affected or know people who suffered losses due to the severe damage brought about by the typhoon. Many of our brothers and sisters in the area need our help and, rightly so, there are several groups that are already working to extend help to the typhoon victims.

C

hristmas as we know it is definitely here this year. With our Covid numbers down and restrictions relaxed, we are experiencing the holidays the way we used to: Parties, reunions, and last-minute shopping all add up to the excitement and the rush, as well as to the traffic congestion that we now see on our roads that some are saying are now back to pre-pandemic numbers. I would say that we are still far from that level, but it is good to be aware of it at this point.

One situation that poses the possibility of bringing back that level of congestion is the proposal to allow provincial buses to enter Metro Manila utilizing their terminals, mostly along Edsa. That would mean approximately 5,000 buses that would squeeze their way daily in an already crowded road corridor. And it is not just their numbers that would slow down traffic. As these buses come in, so would the last mile pick-up vehicles such as taxis, vans and private cars, plus the many itinerant vendors that would converge on these terminals; terminals that are mostly converted parking spaces that require the road as their back-up space to al-

low them to enter and exit properly.

I remember tackling this problem when I was at the Metropolitan Manila Development Authority when I had to impose a “nose in, nose out” policy on these establishments, resulting in several terminal closures at that time. Mind you, there is now such a creeping presence in some areas along Edsa, particularly along the Taft-Edsa crossing and Cubao and Kamias roads where these bus terminals are traditionally found.

This is precisely why the government, through public-private partnerships, established the integrated terminals located on the outskirts of Metro Manila. We have the existing

But whatever the case maybe, I would rather hope we do not go back to allowing provincial buses back to Edsa. Adjustments are definitely needed and should be taken, but there are more benefits not to bring them back.

ones southwest of Manila and the one up north bordering Bulacan, while the one to service the south corridor is still to be constructed. These terminals are intended to allow the provincial commuter service operations with minimum interference of the Metro Manila traffic flow.

A necessary part of this would be the operations of shuttle services to ferry commuters to the inner cities. However, opponents to these terminals cite mainly two reasons: the inconvenience to the commuter of taking another vehicle, as well as the higher cost of such a transfer. These are definitely valid reasons and should be addressed by the Transportation department. On the issue of inconvenience, I would say that the present integrated terminals are a far cry from most of the present roadside terminals that we have.

Maybe what is needed is a smoother and more seamless transfer services with a series of city stops similar to the airport shuttle services we see in other countries. On the issue of

costs, a probable solution would be to allow these provincial buses to operate their own shuttle services, taking out costs common to both provincial and shuttle services such as terminal and parking fees then reflecting such deduction on the fees paid for by the commuter. This would also allow additional revenues for the provincial bus operators who lament the underutilization of their in-city terminal properties. But whatever the case maybe, I would rather hope we do not go back to allowing provincial buses back to Edsa. Adjustments are definitely needed and should be taken, but there are more benefits not to bring them back.

On another note, as we take our rides on our streets in this holiday season, let us not turn a blind eye to our homeless brothers and sisters who will be spending Christmas on the streets. There are a lot of them and more now in this pandemic. Lending a hand, sharing with them that extra food we got as a gift or that blanket or clothes we will never use—all of these will mean a lot to them. They are, after all, part of the journey we are in, occupying the same streets we take.

Merry Christmas and wishing everybody a safe, reflective, restful and blessed season.

The author may be reached via: thomas_orbos@ sloan.mit.edu

Opinion BusinessMirror

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Netherlands ‘going into lockdown again’ to curb Omicron

Many roles of the accountants Joel L. Tan-Torres

DEBIT CREDIT

By Danica Kirka And Mike Corder | Associated Press

L

ONDON—Nations across Europe moved to reimpose tougher measures to stem a new wave of Covid-19 infections spurred by the highly transmissible Omicron variant, with the Netherlands leading the way by imposing a nationwide lockdown.

All non-essential stores, bars and restaurants in the Netherlands will be closed until January 14 starting Sunday, caretaker Prime Minister Mark Rutte said at a hastily arranged press conference Saturday night.

Schools and universities will shut until January 9, he said.

In what is surely to prove a major disappointment, the lockdown terms also rein in private holiday celebrations. Residents only will be permitted two visitors except for Christmas and New Year’s, when four will be allowed, according to Rutte.

“The Netherlands is going into lockdown again from tomorrow,” he said, adding that the move was “unavoidable because of the fifth wave caused by the Omicron variant that is bearing down on us.”

It wasn’t just the Dutch seeking to slow the spread of Omicron.

Alarmed ministers in France, Cyprus and Austria tightened travel restrictions. Paris canceled its New Year’s Eve fireworks. Denmark has closed theaters, concert halls, amusement parks and museums. Ireland imposed an 8 p.m. curfew on pubs and bars and limited attendance at indoor and outdoor events.

London Mayor Sadiq Khan underscored the official concern about the climbing cases and their potential to overwhelm the health care system by declaring a major incident Saturday, a move that allows local councils in Britain’s capital to coordinate work more closely with emergency services.

Irish Prime Minister Micheál Martin captured the sense of the continent in an address to the nation, saying the new restrictions were needed to protect lives and livelihoods from the resurgent virus.

“None of this is easy,” Martin said Friday night. “We are all exhausted with Covid and the restrictions it requires. The twists and turns, the disappointments and the frustrations take a heavy toll on everyone.

But it is the reality that we are dealing with.”

The World Health Organization reported Saturday that the Omicron variant of the coronavirus has been detected in 89 countries, and Covid-19 cases involving the variant are doubling every 1.5 to 3 days in places with community transmission and not just infections acquired abroad.

Major questions about Omicron remain unanswered, including how effective existing Covid-19 vaccines are against it and whether the variant produces severe illness in many infected individuals, WHO noted.

Yet Omicron’s “substantial growth advantage” over the Delta variant means it is likely to soon overtake Delta as the dominant form of the virus in countries where the new variant is spreading locally, the U.N. health agency said.

In the Netherlands, shoppers fearing the worst swarmed to commercial areas of Dutch cities earlier Saturday, thinking it might be their last chance to buy Christmas gifts.

Rotterdam municipality tweeted that it was “too busy in the center” of the port city and told people: “Don’t come to the city.” Amsterdam also warned that the city’s main shopping street was busy and urged people to stick to coronavirus rules.

“I can hear the whole of the Netherlands sighing,” Rutte said in his lockdown announcement. “All this, exactly one week before Christmas.

Another Christmas that is completely different from what we want. Very bad news again for all those businesses and cultural institutions that rely on the holidays.”

The head of the Dutch public health institute, Jaap van Dissel, described the shutdown as a preventa-

It wasn't just the Dutch seeking to slow the spread of Omicron.

Alarmed ministers in France, Cyprus and Austria tightened travel restrictions. Paris canceled its New Year's Eve fireworks.

Denmark has closed theaters, concert halls, amusement parks and museums. Ireland imposed an 8 p.m. curfew on pubs and bars and limited attendance at indoor and outdoor events. tive move that would “buy time” for more people to get booster vaccines and for the nation’s health care system to prepare for a possible new surge in infections.

In the UK, where confirmed daily cases soared to record numbers this week, the government has reimposed a requirement for masks to be worn indoors and ordered people to show proof of vaccination or a recent negative coronavirus test when going to nightclubs and large events.

But the moves caused anger.

Critics of British Prime Minister Boris Johnson’s latest coronavirus restrictions flooded Oxford Street, a popular London shopping area, on Saturday. The maskless protesters blew whistles, yelled “Freedom!” and told passersby to remove their face coverings.

Hundreds of people blocked traffic as they marched with signs bearing slogans such as “Vaccine passports kill our freedoms” and “Don’t comply.” Other signs had the faces of Johnson or UK Health Secretary Sajid Javid and read, “Give them the boot.”

Scientists are warning the British government it needs to go further to prevent hospitals from being overwhelmed. Leaked minutes from the Scientific Advisory Group for Emergencies suggested a ban on indoor mixing and hospitality, the BBC reported.

Britain and other nations are also accelerating the pace of booster shots after early data showed that two doses of vaccine were less effective against the Omicron variant. Shopping centers, cathedrals and soccer stadiums in Britain have been converted into mass vaccination centers.

Omicron is now the dominant coronavirus variant in London, and efforts were stepped up to reach people who haven’t yet been vaccinated or boosted. The mayor said during a visit to a mass vaccination pop-up clinic at London soccer team Chelsea’s stadium that public services ranging from ambulances to police calls could be impeded by the rapidly spreading variant. “The big issue we have is the number of Londoners who have this virus, and that’s leading to big issues in relation to staff absences and the ability of our public services to run at the optimum levels,” Khan told the BBC. In France, the government announced that it will start giving the vaccine to children in the 5 to 11 age group beginning Wednesday.

Prime Minister Jean Castex said Friday that with the Omicron variant spreading like “lightning,” the government proposed requiring proof of vaccination from individuals entering restaurants, cafes and other public establishments. The action requires parliamentary approval.

Thousands of opponents of vaccine requirements and mask mandates protested Saturday in Hamburg, Berlin, Düsseldorf and other German cities. In Austria, local media reported the crowds swelled to tens of thousands. Corder reported from The Hague, Netherlands. Courtney Bonnell in London; Emily Schultheis in Vienna; and Thomas Adamson in Paris, contributed to this report.

Monday, December 20, 2021 A11

Part Two

T

he National Internal Revenue Code, in Section 232, requires the annual audit by a Certified Public Accountant, who is an external auditor, of the books of accounts and financial statements of a business enterprise. This audit is required if the annual gross receipts or revenues of the business are at least P3 million.

With this minimum threshold level, a large number of business entities are mandated to contract CPAs and external auditors to conduct this annual ritual of examining their accounting and business records and documents.

The Philippine Standard on Auditing (PSA) 200 provides why this audit is important. PSA 200 provides that the audit will “enhance the degree of confidence of intended users in the financial statements. This is achieved by the expression of an opinion by the auditor on whether the financial statements are prepared, in material aspects, in accordance with an applicable financial reporting framework.” This framework is the Philippine Financial Reporting Standards (PFRS), which is generally patterned after the global framework called International Federation Reporting Standards. The opinion that the external auditor will render after the conduct of the audit is whether the financial statements are presented fairly in accordance with the PFRS. It is in this area of the extent of responsibility of the external CPA auditor where a lot of

the confusion arises.

To address this confusion, I will highlight the most important aspects of the role of the CPA external auditor. The external auditor is responsible for attesting to the fairness of the information presented in the financial statements. Fairness is different from accuracy. Since the external auditor is not involved in the detailed day to day recording of the business transactions of his clients, he is not in a position to ascertain the accuracy of the recording and presentation of these transactions as summarized in the financial statements. The duty of the external auditor is to conduct a sampling review of the business documents of the business enterprise. Sampling does not require the 100 percent verification of documents. The external auditor also does not maintain and keep in his possession the accounting and

The Securities and Exchange Commission, in its Securities Regulation Code 68 and subsequent issuances, prescribed the role of management in the financial reporting aspect. These rules mandated that it is the management of the business who is responsible for the preparation and presentation of the financial reports in accordance with the PFRS and other guidelines. The responsibility extends to the disclosures in the financial statements and the supporting documents.

business records of his client. He only accesses these documents when he conducts his audit and presents his findings and observations in his working papers. After his audit, all the business documents that he examined are left with the client. What the external auditor maintains in his possession are the audit working papers and not the business records of his clients.

The Securities and Exchange Commission, in its Securities Regulation Code 68 and subsequent issuances, prescribed the role of management in the financial reporting aspect. These rules mandated that it is the management of the business who is responsible for the preparation and presentation of the financial reports in accordance with the PFRS and other guidelines. The responsibility extends to the disclosures in the financial statements and the supporting documents. A form has been prescribed for this representation in

the document called the “Statement of Management’s Responsibility for Financial Statements.” For corporations submitting this statement, this is to be signed by the Chairman of the Board, Chief Executive Officer, and Chief Financial Officer. A lot of corporations have CPAs as executive officers tasked with this responsibility. They should institute measures to ensure the accuracy of the financial statements, including putting in place the appropriate internal control and accounting practices, hiring or outsourcing the reliable accounting personnel, requiring the appropriate documents to support the business transactions, and instituting other governance best practices. There can never be any finger pointing to other persons for lapses in their responsibilities.There have been several instances when these responsible officers have turned to blaming other persons or entities, like their accountants, external auditors, etc. in irregularities arising from the preparation and presentation of financial statements, when the primary responsibility lies with them.

To be continued Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979.

This column accepts articles for publication from the business and academic community. Articles not exceeding 600 words can be e-mailed to jltantorres@up.edu.ph.

People pressure governments worldwide to act on inflation

By Joseph Wilson | Associated Press

B

ARCELONA, Spain—Óscar Baños and thousands of fellow truck drivers celebrated Saturday after a threat to idle their engines pushed the Spanish government to adopt measures improving work conditions and checking skyrocketing fuel costs driven by inflation.

It’s the latest effort by workers, opposition leaders and citizens to pressure governments from Europe to the Americas to intervene as surging consumer prices squeeze households and businesses.

Baños loves hauling freight across Spain as his father did before him but was ready to lose much-needed cash during a three-day work stoppage just before Christmas. After days of negotiations, the truck companies called off the Monday-to-Wednesday action after Spain’s transport ministry agreed to demands that include controls to help cushion the blow of rising diesel costs.

“I spent €1,500 [$1,694] more in October for the same liters of diesel than I had the year before,” the 48-year-old said recently while hauling a load of rubber. “With that cost, it is impossible.”

Following the breakthrough, Baños is cautiously optimistic: The deal has “some positive things that now have to be put into practice. We will see.”

Political pressure has led countries including Poland, Hungary and the US to take steps such as instituting caps on gas prices, pledging money for poor households or releasing oil from strategic reserves. Spain was among places like Turkey seeing more intense efforts such as protests and work stoppages tied to complaints about inflation, which has surged as the global economy rebounded from the pandemic, increasing demand for smaller supplies of energy and snarling supply chains.

While governments are taking action, they have few effective resources to bring meaningful, lasting relief, economists say, offering shortterm aid that likely will do little to combat surging prices. That’s up to central banks, some of whom have started raising interest rates to ease inflation.

Spain’s inflation is at a 29-year high of 5.5 percent, and like countries

worldwide, one of the biggest drivers is energy cost: gasoline has risen 63%, while electricity for households and businesses is up 47 percent over the past year.

This week, dozens of trailer trucks rolled slowly through Madrid in a “slow march” protest. Many truckers feel that while they helped keep the country going when Spain entered a shutdown during the depths of the pandemic, they are being left behind by Europe’s focus on a greener economy that’s moving from diesel engines to electric vehicles.

The government’s late Friday concessions included regulations to make a difficult job easier and attract young people: a ban on drivers loading and unloading trucks and an end to long waits at their destination.

Spain also guaranteed a mandate that all trucking companies increase their tariffs in line with diesel costs so competitors don’t undercut each other, eroding profits and driving some to the brink of extinction.

“This is not only about fuel prices, but they are affecting our bottom line and the economic viability of our companies,” said Carmelo González, vice president of the Spanish Confederation of Freight Transport, who led talks with the government.

“This increase of 35 percent in diesel fuel costs is killing us,” he said.

Jaume Hugas, professor of logistics, innovation and data science at ESADE business school in Barcelona, said inflation is a common thread through protests by different sectors of Spain’s economy. Strikes by metalworkers last month turned violent, and farmers have rallied against high prices.

Hugas sees the problem for Spanish truck drivers echoed in other countries like the US and Britain, where a shortage of drivers meant the army had to ensure gas supplies.

“This industry has been suffering a long decline for a long time and has practically received noth-

Political pressure has led countries including Poland, Hungary and the US to take steps such as instituting caps on gas prices, pledging money for poor households or releasing oil from strategic reserves.

ing” from authorities, Hugas said. “I think that with the global collapse in trade that we have seen in Chinese ports and in the US, the rise in fuel prices has been the straw that broke the camel’s back.”

Other governments are facing pressure to act on energy prices.

With inflation at the highest level in 39 years, US President Joe Biden has released 50 million barrels of oil from the US strategic petroleum reserve in a bid to ease energy costs and announced a deal to make the Port of Los Angeles run 24/7 to ease supply backlogs. But economists say the actions are unlikely to make a big difference in surging prices anytime soon.

Hugas said the only short-term measure that produces any relief, although limited, is “removing taxes on fuel as the prices rise to stabilize them a bit.”

Hungary instituted a cap on gasoline and diesel costs at the pump as prices hit record highs. It comes as the right-wing governing party faces elections in the coming months that pose the most serious challenge to its power since being elected in 2010.

Some economists have called it a political decision that will provide some relief to households but could drive smaller gas stations out of business.

In Poland, the government has blamed the European Union’s anticoal climate policy for high energy prices, but the head of the International Energy Agency says a surge in demand for fossil fuels plays a bigger role. Opposition lawmaker Michal Krawczyk recently said the ruling Law and Justice Party has clung too long to coal, and “your policy, not the EU’s, has led us to this.”

“This year’s Christmas will be the most expensive in this century,” he said. Opposition leaders are pushing the government to help people in the central European country where consumer prices have surged 7.8% over the past year.

The lower house of Poland’s parliament passed a measure last week promising cash allowances to the poorest families for energy bills. The aid will range from 500 to 1,250 zlotys ($122 to $305) per household, Prime Minister Mateusz Morawiecki said.

It’s part of an anti-inflation package that also includes tax cuts on electricity, heating fuel and gas for vehicles, officials said.

“The anti-inflation shield will not answer all the problems—that is not possible—but it shows that we are doing all we can to ease this inflation pain, to reduce the costs for the Polish families,” Morawiecki said.

In Brazil, where inflation has accelerated to 10.74 percent—its fastest pace in 18 years—and some poor people root through meat scraps for protein, its one complaint in demonstrations against President Jair Bolsonaro’s government in recent months.

In response to rising prices, the country’s central bank has raised interest rates, also done this week by the Bank of England and Norway’s central bank.

Turkey, meanwhile, is slashing rates. President Recep Tayyip Erdogan insists high interest rates cause consumer prices to soar, contrary to conventional economic thinking. Inflation of 21 percent has left many struggling to buy basic goods such as food.

Thousands of people joined a rally Sunday in Istanbul to protest the soaring cost of living and demand a higher minimum wage. By Thursday, the government said it was increasing the monthly minimum by 50 percent, from 2,825 lira ($171) to 4,250 lira ($258).

“When we go to the market, we have to be selective. We buy a quarter of what we used to buy,” trade union representative Ahmet Goktas, 61, said Sunday.

Hatice Sahin, 50, a municipality worker and single mother of three, said people can’t make ends meet.

“The food prices are exorbitant.

We just cannot live,” she said. Associated Press journalists Monika Scislowska and Vanessa Gera in Warsaw, Poland; Emrah Gurel in Istanbul; Suzan Fraser in Ankara, Turkey; David Biller in Rio de Janeiro; and Frank Jordans in Berlin contributed to this report.

A12 Monday, December 20, 2021

4-PROVINCE SWING FOR BBM, SARA TEAM’S TYPHOON AID

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AASIN City, Souther n L ey te—THE BBM-Sara UniTeam on Sunday visited several provinces hit by Super Typhoon Odette (international name: Rai) and turned over to local officials their assista nce for d ispl aced residents.

Ferdinand “Bongbong” Marcos Jr. and House Majority Leader Martin Romualdez met with Southern Leyte Gov. Damian Mercado at the provincial capitol here and handed over P2 million financial assistance and P2.5 million worth of relief goods from UniTeam in a simple ceremony.

Maasin City Mayor Nikko Mercado and his father, Public Works and Highways (DPWH) Secretary Roger Mercado, witnessed the event.

They thanked UniTeam, its allies and friends led by Tingog Partylist, for bringing assistance to their constituents.

Romualdez said the BBMSara UniTeam and their allies responded quickly to the devastation caused by Super Typhoon Odette, which ripped through the Philippines.

“We would like to assure

our kababayan that help is available. We will work tirelessly until we ensure that all those who need assistance would be given the same,” Romualdez said.

“We have survived worse typhoons, including Super Typhoon Yolanda before and we are currently enduring the pandemic so I am confident that if we continue to work hand in hand, we will get through this challenge,” he added.

At around 11 a.m. in Agusan del Norte, their second stop on a four-province swing in Visayas and Mindanao, Marcos and Romualdez turned over to Butuan City Mayor Ronnie Vicente Lagnada and Vice Mayor Jose “Joboy” Aquino II P2-million financial assistance and P5 million in relief goods from UniTeam.

The UniTeam was set to visit Bohol and Cebu provinces on Sunday afternoon to also provide aid to typhoon victims.

Relief operations of the UniTeam continue, meanwhile, in typhoon-affected areas in Butuan, Bohol, Cebu and Masbate.

Credit guarantees to MSME during pandemic hit ₧42B

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By Bernadette D. Nicolas

@BNicolasBM

TATE-RUN Philippine Guarantee Corporation (PhilGuarantee) approved a total of P41.66 billion in micro, small, and medium (MSME) credit guarantees to 47 banks or financial institutions since the pandemic hit the country in March last year.

In a statement, PhilGuarantee said it has so far issued combined total credit guarantees for MSMEs, housing, and agriculture sectors amounting to P195 billion. This has benefitted more than a quarter of a million program benefi-

ciaries—micro, small and medium entrepreneurs, low-cost/socialized homebuyers, and farmers and fisher-folks.

PhilGuarantee opened last year a credit guarantee facility to support MSMEs facing financial difficulties

due to the Covid-19 pandemic.

The MSME Credit Guarantee Program (MCGP) grants a 50-percent guarantee for working capital loans and a guarantee of up to 80 percent of the amount for term loans of up to seven years for capital expenditures.

The average loan size under the MCGP is less than P1 million, with the minimum loan amount set at P100,000, which can be availed of mostly by micro-businesses borrowing from thrift banks and rural banks.

Meanwhile, the Housing Guarantee Group has approved a total of P81.87 billion in credit guarantee facilities to 13 banks, real estate developers and other financial institutions.

PhilGuarantee’s total outstanding credit guarantees issued for housing reached P187 billion as of October 30 this year.

“This has made housing more affordable to the corresponding 140,250 buyers/borrowers of residential units, more than 81 percent of which belong to the microfinance, socialized and low-cost income sectors,” it said.

As of November 30 this year, a total of P5.76-billion guarantee lines have been approved with 49 partner-lending institutions, with guaranteed loans amounting to P5.10 billion for the agriculture sector.

Serving as an economic tool, credit guarantees provide the mea n s to encou ra ge pr iv ate banks to continue lending to priority sectors and essential industries while improving capital adequacy ratio, reduce intermediation costs, and achieve broader outcomes for socio-economic impact while ensuring effective risk management.

See “4-province,” A2

PNP chief orders probe of Taguig cops in Pasig robbery of Japanese man

By Rene Acosta

@reneacostaBM

& Claudeth Mocon-Ciriaco

N

Correspondent

AT IONA L Pol ice c hief General Dionardo Carlos has ordered the National Capital Region Police Office (NCRPO) led by Major Gen. Vicente Danao to place four Taguig City policemen under restrictive custody pending a thorough inquiry into their alleged participation in the robbery of a Japanese businessman and his Filipina partner in Pasig City after midnight on Saturday.

Phi l ippine Nationa l Pol ice spokesman Col. Roder ick Aug ustus Ba lba sa id t he PNP chief a lso instr ucted Danao to place the chief of Sub-Station 1 of the Tag uig Cit y Police Station on administrative relief to avoid any possibilit y of undue inf luence in the investigation, which Carlos said seeks to get into the bottom of the incident and identif y a ll the suspects involved.

Under custody by the Pasig City Police Station are Ssg. Jayson Bartolome, Cpl. Merick Desoloc, Cpl. Christian Jerome Reyes and Patrolman Kirk Joshua Almojera.

The four were tagged among the seven suspects who staged a robbery at No. 8 Sta. Elvira Street, Barangay Kapitolyo, Pasig City at around 12:10 a.m. on Saturday and held at gunpoint live-in partners Joana Marie Flores Espiritu, 26, and Japanese Kani Toshiro, 42.

The NCRPO has stepped-up pursuit operations against two more suspects in the robbery—dismissed policeman Ferdinand Fallari and a certain Ruwel Galang, who both eluded arrest.

According to initial reports, the suspects forced Toshiro to open a vault and scooped out an estimated P30-million cash and an expensive mobile phone.

While escaping on board four

motorcycles, the suspects were engaged by alert Pasig police responders, triggering a brief shootout that resulted in the death of a civilian suspect, John Carlo Atienza, and the wounding of Bartolome.

Mayor’s appeal

TAGUIG Cit y mayor Edgardo Cayetano sought a reshuffle of Taguig police pending the investigation of the four active-duty Taguig cops.

Cayetano also asked for a full investigation after reports came in that a city government employee was also involved in the incident.

“I am creating a special investigation committee that will immediately look into a robbery incident involving a Taguig City employee. All links in relation to this incident will be looked into,” the mayor said, stressing that the city condemns all acts of violence, illegal drugs, and corruption and it will not tolerate any employee who is involved in any form of crime.

The Taguig city government also commended the members of the Pasig and Makati police for the arrest of the four suspects.

Cayetano deplored the incident and asked the Taguig Chief of Police to look into all personnel, clean the ranks and put order immediately.

“Let this serve as a very strong warning to bad elements who prey on innocent civilians. In Taguig, regardless of who you are, you will be punished to the fullest extent of the law,” he said.

The suspects were presented to Danao on Saturday, who lashed out at them, noting they had no warrants and had damaged the credibility of an otherwise serious campaign on illegal drugs.

He became more ang r y upon lear ning t hat one of t hem even re p or te d for dut y a f te r t he robber y.

See “Robbery,” A2

FOR TYPHOON VICTIMS Coast Guard personnel load relief goods at the BRP Gabriela Silang, which was sent off to Surigao and Cebu on Sunday to deliver relief goods for thousands of people affected by typhoon Odette. They loaded at least 43 tons of food packs.

NONIE REYES

Doctors’ group asks PRRD to veto vape bill

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TRESSING that the bill will deregulate the nicotine industry and go directly “against” the President’s campaign promise to fight substance abuse and addiction, the Philippine College of Physicians (PCP) urged President Duterte to veto Senate Bill (SB) 2239 or the proposed Vaporized Nicotine Products Regulation Act. “Mr. President, your campaign promise was to fight substance abuse and addiction.

Once passed, this bill will deregulate the nicotine, and will go directly against your campaign. It will certainly pass the bicameral committee without further amendments.

We thus repeat our plea for you to veto SB 2239 in its entirely, to give medical societies more

time to present our case for true regulation,” the PCP said in a statement.

They also deplored the Senates approval on third and final reading of SB 2239.

The bill reduces the age limit for vaping from 21 to 18 years old, and transfers regulatory powers from the Food and Drug Administration (FDA) of the Department of Health (DOH), to the Department of Trade and Industry (DTI).

Meanwhile, HealthJustice Philippines, a nongovernment organization, expressed alarm on the recent development.

“HealthJustice is strongly against this bill for being antichildren and anti-health for it allows 18 years old to purchase and use the vaporized nicotine products (VNP), such as vapes

and HTPs, allows online sales and does not ban fruit and candy flavors attractive to children,” said lawyer Benedict Nisperos, Legal Consultant of HeathJustice.

Nisperos insisted that vapes and e-cigarettes are not safe.

HealthJustice reiterated that quitting smoking and approved cessation ser vices are the best alternatives, being a proven safe way to stop the deadly addiction.

The goal of cessation, HealthJustice emphasized, is to stop smoking and end nicotine dependence and “not to shift” smokers to new nicotine addiction which have been proven to cause EVALI or e-cigarette or vaping useassociated lung injury.

Senator Ralph Recto and other proponents of the bill support tobacco industry had asserted that vape and HTPs “reduce harm” compared to cigarettes.

But health experts and health advocates believe otherwise.

They claimed that the truth is that these products can “increase harm” especially when taken by young people and non-smokers.

Nicotine, they stressed, is an addictive substance and studies have shown that users are more likely to use other addictive substances.

Studies showed, they added, that e-cigarettes increase the use of tobacco by 100 percent, use of marijuana by 500 percent, and use of illicit drugs like amphetamines by 300 percent.

Claudeth Mocon-Ciriaco

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, December 20, 2021

B1

Energy firms race to restore power in typhoon-hit areas

By Lenie Lectura

P

@llectura

ower industry stakeholders said Sunday power could be fully restored in areas struck by Typhoon Odette (international code name Rai) before Christmas.

During a briefing, Department of Energy’s (DOE) Electric Power Industry Management Bureau Director Mario Marasigan said the agencies are still conducting field assessments on the impact of the typhoon on the operations and facilities of the National Grid Corporation of the Philippines (NGCP), National Power Corp. (NPC) and the National Electrification Administration (NEA).

“We hope full restoration will be at hand by Christmas,” he said.

“We are requesting particularly NEA, NPC to finalize timelines for the full restoration. As far as

NGCP, they have already presented their timelines. We are still in the process of consolidating all these things, but our primary target is to complete everything before Christmas.”

Included in the priority list are the storage areas for vaccines, hospitals, and health centers.

The DOE official could not yet provide an estimate as to the cost of damage in affected areas, pending completion of ongoing assessment.

“According to NEA, 4 ECs [electric cooperatives] have submitted their estimates. Full physical access to the affected areas is still difficult

that is why the assessment could not be completed yet,” said Marasigan.

Initial figures point to 600,000 affected households. NEA officials, however, could not yet give a final number.

The NGCP, meanwhile, said restoration works in Odette-affected areas have started.

As of Sunday, 22 138kV lines that are unavailable affecting parts of Cebu, entire province of Bohol, and parts of Leyte and Samar Islands. Seven 230kV lines are also unavailable.

NGCP has mobilized its line crews and is currently conducting ground patrols to inspect and assess the impact of the typhoon on its operations and facilities, and simultaneous restoration activities are being conducted in the areas already accessible.

Meanwhile, Aboitiz Power Corp. has energized its oil-fired power plants to restore power and aid in the recovery of the affected communities in Cebu.

AboitizPower said it deployed a team to energize its oil-fired power

plant, operated and managed by its subsidiary, Cebu Private Power Corp. (CPPC). CPPC is a power plant located in the heart of Cebu City, embedded within the Visayan Electric Co. (VECO) franchise area, and has the unique capability to deliver power directly to VECO circuits and its customers.

Four CPPC power generator units started delivering 18 megawatts (MW) of power supply directly to VECO on Sunday morning, providing much needed electricity starting with priority areas like hospitals, government facilities, and the Metro Cebu Water District pumping stations. CPPC expects more of its power generator units to operate in the next 24 hours, aiming to double power output to 36 MW. The DOE earlier imposed a price freeze on household LPG and kerosene in areas under a state of calamity.

For 15 days, prices shall remain at the prevailing levels in Bohol Province, Butuan City, Cebu Province, Jose Panganiban, Camarines Norte, and Cebu City.

Timetable for Figaro IPO gets nod

By VG Cabuag @villygc

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he Philippine Stock Exchange Inc. (PSE) has approved the revised schedule for the initial public offering (IPO) of Figaro Coffee Group Inc., one of the pioneers in the local coffee chain sector.

According to the revised schedule, Figaro’s listing on the PSE will happen on January 24, 2022 instead of later this month.

The PSE has also approved the proposed new timetable proposed

by Figaro. Price setting is scheduled for December 22 while its offer period will run from January 10 to January 14, 2022.

Figaro is offering to the public 1.26 billion primary common shares and up to 126 million overallotment shares, for an indicative

Kwik.insure teams up with GCash

I

nsurance technology (insurtech) platform Kwik.insure and financial technology (fintech) player GCash have partnered to provide wider access to car insurance policies to the latter’s 51 million users.

Under the partnership, Kwik.insure and GCash will bring the two insurance products in GInsure, an in-app feature on the GCash app that allows users to purchase and manage their insurance policies.

With the partnership, GCash users may purchase compulsory third-party liability and comprehensive car insurance policies through GInsure.

“There’s a consistent rise in car ownership here in the country and it has motivated us to further aid Filipinos when it comes to ensuring their safety and security on the road.

Through this partnership, renewing and buying car insurance is now possible with just a few taps,” Kwik.Insure CEO Hamilton Angluben said.

As of end-September, about 205,078 brand new vehicles were sold in the market despite the pandemic. Lorenz S. Marasigan

price of P1.28 apiece. It hopes to raise as much as P1.77 billion based on the said price.

Figaro is a purely Filipino and home-grow n diversified food group, operating through its wholly-owned subsidiary Figaro Coffee Systems Inc., with over 28 years in the industry.

In its documents, the company indicated that it will include its other brands, such as Angel’s Pizza and Tien Ma restaurants in the IPO. As of November 10, the group owns a set of retail restaurants with 99 branches, including international territories that serve a wide variety of food offerings and services.

The company operates 55 Figaro coffee shops, 35 Angel’s Pizza outlets, five Tien Ma’s Taiwanese cuisine restaurants, three TFG Express outlet and one Café Por-

tofino outlet.

Abacus Capital and Investment Corp., China Bank Capital Corp. and PNB Capital and Investment Corp. were picked as joint issue managers, joint lead underwriters and joint bookrunners of the IPO. “We intend to use the net proceeds from the offer primarily to fund the following projects and plans: store openings and renovations, commissary expansion, debt repayment, IT infrastructure developments, and potential acquisitions,” the company said.

“As part of our growth plans, we plan to have a total of about 150 system-wide stores by the end of 2022 and more than 300 systemwide stores throughout the country by the end of 2029. As part of our store network expansion plan, we consider the viability of potential locations subject to various factors

such as market and economic conditions, and results of our operations and performance.”

The company said it will expand its company-owned stores for the next three years. For Angel’s Pizza, it will expand to viable locations in Metro Manila, Bulacan, Laguna, Cavite, Pampanga and Batangas, with 35 company-owned stores.

For Figaro Coffee, it will expand to six locations mostly in Metro Manila including malls, hospitals and mixed-use areas or central business districts and also Metro Manila for Tien Ma’s, with two more branches and TFG Express, with 18 additional branches.

“Out of the approximate P501.50 million offer proceeds to fund store openings and renovations, an estimated total of P432 million is allotted for capital expenditures for the planned company-store openings.”

Telcos restoring network services T elecommunications providers Smart and Globe said on Sunday they continue to restore services in the areas that were hit by Typhoon Odette (international code name Rai).

Smart said it has reconnected Cebu, Dinagat, Siargao, and Surigao using Smart satellite phones, which enable communication links for local officials and response teams conducting rescue, relief and recovery.

It also turned over 200 5G-ready SIMs to help affected residents latch on to Smart’s network that has kept the sixth district of Negros Occidental connected even at the height of Odette.

For its part, Globe said it has restored services in Bukidnon, Agusan del Sur, Camiguin, Zamboanga del Sur and Zamboanga Sibugay.

Odette affected roughly 40 Globe towers in Visayas and Mindanao with the Cebu, Negros, Bohol, and Leyte being hardest-hit areas.

“Ongoing service restorations in various areas affected by the typhoon have been hampered by the prolonged lack of commercial power.

Cell sites equipped with alternate power such as gensets need to be refilled. However, deliveries of supplies are also hampered by roadblocks,” Globe’s statement read.

Both telcos are also offering free services to victims of the typhoon.

Smart and Globe are offering free calls and charging stations. Globe also extended a one-day unlimited text to all networks to typhoonaffected Globe and TM prepaid customers yesterday.

Globe also offered a free onemonth subscription to KonsultaMD, its Telehealth service provider, to affected customers.

“Connectivity is crucial most especially in calamity situations like this. We wish to enable our customers to avail of needed services, have access to news and information and above all, have peace of mind so they can connect and reach out to their loved ones wherever they are,” said Issa Guevarra-Cabreira, Globe’s Chief Commercial Officer.

Both telcos also launched relief efforts to help the residents of the affected areas. Lorenz S. Marasigan

Cebu Pacific cancels Puerto Princesa flights

FP Island switches on microgrids

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P Island Energy Corp., a wholly owned subsidiary of First Philippine Holdings Corp. (FPH), has switched on its microgrids in three islands in Camarines Sur. The Lopez-led firm said over the weekend that the microgrids began commercial operations last December 10 in the islands of Haponan and Lahuy in Caramoan and Quinasalag in Garchitorena under the Qualified Third Party (QTP) program of the Department of Energy (DOE).

The three islands and their estimated 15,000 residents are not connected to the main Luzon electricity grid, because they are located far off the coast.

This meant years without electricity for residents of Haponen whose generator set stopped operating several years ago. An earlier generator supplied electricity to Lahuy and Quinasalag, but its operations could last for only a few hours a day, forcing residents to experience 8 to 16 hours of daily outages.

To solve the problem, the DOE designated FP Island as the QTP or alternative service provider for the islands at the conclusion of a competitive selection process.

As QTP, FP Island installed a microgrid in each of the three islands

of Lahuy, Haponan and Quinalasag.

This small and localized electricity network generates and distributes its own 24/7 or continuous electricity from a hybrid or combination of renewable energy, such as solar with battery, and conventional power sources, including a diesel generator set.

The solar component of the microgrid works when the sun shines, while the battery system takes over at night or when clouds cover the sun. In instances when the battery drains and sunlight is not available, the diesel generator provides back-up power for continuous availability of electricity in the microgrids.

The FP Island microgrids each have a computerized smart controller, which manages the smooth shift of electricity from one energy source to the other, thereby assuring the flow of an uninterrupted supply of electricity. In lieu of billing customers every month, FP Island will introduce a prepaid metering system that allows a customer to manage power consumption in a manner akin to buying prepaid cellphone loads.

“As a Lopez Group company, we at FP Island pursued these microgrid projects because they are aligned with our Group’s new mission which

is ‘forging collaborative pathways for a decarbonized and regenerative future’,” FP Island President Victor Emmanuel B. Santos Jr. said.

“I have very high hopes the microgrids will help uplift the lives of the residents in the islands, most of whom make a living by fishing.”

Martin A. Lacdao, FP Island’s business development officer said “round-the-clock electricity could spawn other livelihood opportunities in the island. It could attract investors keen on developing the area’s potential as an eco-tourism site.”

Meanwhile, First Gen-owned Energy Development Corp.’s (EDC) 100 percent renewable energy (RE) facilities have all been certified as compliant with the minimum health standards set by the government on Covid-19.

The first to get the seal was EDC’s Negros Geothermal Facility in Valencia, Negros Oriental followed by its EDC Burgos Wind Power Corp. subsidiary in Ilocos, Norte, its Bacman Geothermal Facility in Bicol, its Mount Apo Geothermal Facility in Kidapawan, North Cotabato, and its Leyte Geothermal Facility, which has the largest wet steamfield in the world. Lenie Lectura

Photo from www.cebupacificair.com

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ebu Pacific (CEB) announced on Sunday that it canceled flights to Puerto Princesa due to operational limitations brought about by Typhoon Odette (international code name Rai).

The airline canceled these flights scheduled for December 20: n 5J 635 / 5J 636 Manila – Puerto Princesa—Manila n 5J 637 / 5J 638 Manila – Puerto Princesa—Manila n 5J 647 / 5J 648 Manila – Puerto Princesa—Manila Cebu Pacific has also canceled Flight 5J 014 Manila-Dubai scheduled for December 20.

The airline said the Mactan Cebu International Airport is in the process of restoring regular services after sustaining damage in the aftermath of Odette.

“First international flight will be allowed to land at 6:00am on December 21, subject to change.

Only 600 international arriving passengers per day will be allowed from December 21-25. Starting December 26, the quota will be raised to 850 per day.”

As such, Cebu Pacific has canceled the following flights: December 19 n 5J 005 Dubai - Cebu December 20 n 5J 005 Dubai-Cebu December 21 n 5J 582 Cebu - Manila Cebu Pacific said affected passengers have been informed via contact details provided in the booking. They may select their preferred option through the Manage Booking portal on the Cebu Pacific website (http:// bit.ly/CEBmanageflight) until 30 days from date of departure: n Rebook Rebook for travel within 60 days at no additional cost, following CEB’s permanent removal of change fees.

Fare difference waived. n Travel Fund Store the amount in a virtual CEB wallet valid for two (2) years and use this to either book a new flight or pay for add-ons (e.g. baggage allowance, seat selection, etc.) n Refund The process may take up to two months from the date of request.

B2

Companies BusinessMirror

Monday, December 20, 2021

‘SPNEC braves headwinds during stock market debut’

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By VG Cabuag

@villygc

hares of Solar Philippines Nueva Ecija Corp. (SPNEC) were little changed during its debut on the Philippine Stock Exchange (PSE) on Friday, closing at P1.01 apiece versus its listing price of P1, as the company braved headwinds early into the trade.

“Despite the headwinds, we are pleased that the PSE’s last IPO [initial public offering] of 2021 has ended on a high note. We believe in this issuance and look forward to see SPNEC to continue to create value coming into 2022,” said Paul Soo, chairman and CEO of Abacus Capital and Investments Corp., the

offering’s underwriter.

SPNEC is the first pure play solar company to be listed on the PSE. Its IPO was oversubscribed, receiving P5.3 billion in orders for the P2.7-billion offering, with strong demand from investors who want exposure to the first pure-play solar company to list on the PSE.

This oversubscription comes as the company’s IPO was sized at the maximum of its indicative range of up to 2.7 billion shares at up to P1.00 per share, giving SPNEC a market capitalization of P8.12 billion.

“I am optimistic that this solar farm project will be equally successful and profitable as the two other solar farms of SPNEC’s parent company in Batangas and Tarlac,” PSE President Ramon S. Monzon said.

“Aside from being the first to list under the Supplemental Rules for Renewable Energy, this IPO holds the record for having the youngest chairman of a listed company, Leandro Leviste at 28 years old. This should serve notice to other young entrepreneurs that they too can access capital through the stock market,” he said.

“With this IPO, we hope it can be said, that capital should not be the

constraint for our country’s transition to renewable energy, as long as companies deliver,” Leviste said.

Securities and Exchange Commission Chairman Emilio B. Aquino said regulators are optimistic that SPNEC’s example will pave the way for more renewable energy companies to list under the supplemental rules.

“SPNEC’s listing marks an ambitious step forward for the progress of both the renewable energy and capital markets in the Philippines.

Its public offering accomplishes two major milestones: First, with the proceeds of the IPO, SPNEC aims to develop a 500 megawatt solar power plant,” Aquino said.

“Second, this listing marks the first time that a renewable energy company will list in the PSE under the supplemental and disclosure requirements for renewable energy companies.”

STOCK-MARKET OUTLOOK Last week

Share prices continued to climb last week, with the main index almost reaching 7,300 points, on the back of the country’s low Covid-19 infection rate and the decision of the Bangko Sentral ng Pilipinas to keep rates steady.

The benchmark Philippine Stock Exchange index gained 105.49 points to close at 7,297.66 points.

The main index was up almost all week except on Wednesday, when it gave up 109.41 points after investors cashed in on their little gains.

Average trade value for the week was at P8.95 billion as huge volumes were recorded on Wednesday and on Friday, the listing day of Solar Philippines Nueva Ecija Corp. (SPNEC). The company’s shares were already down at the start of the trade at P0.95, from its initial public offering price of P1 per share. It sank further to P0.75 at the middle of the trade, and many were expecting that it will also suffer the same fate that befell Medilines Distributors Inc., whose shares fell at its market debut two weeks ago.

Shares of SPNEC, however, managed to rise before the close on higher volumes.

Other sub-indices closed mixed as the All Shares index rose 21.16 points to 3,851.59 points, the Financials index gained 31.45 to 1,621.92, the Industrial index shed 10.38 to 10,387.57, the Holding Firms index surged 162.21 to 7,130.89, the Property index fell 4.26 to 3,229.64, the Services index was up 24.78 to 2,018.75 and the Mining and Oil index was down 81.52 to 9,114.93.

For the week, losers edged gainers 126 to 91 and 33 shares were unchanged.

Top gainers were Republic Glass Holdings Corp., Discovery World Corp., Manila Jockey Club Inc., Atok-Big Wedged Co. Inc., Oriental Petroleum and Minerals Corp. A, PLDT Inc. and Del Monte Pacific Ltd. Top losers, meanwhile, were Italpinas Development Corp., Medilines Distributors Inc., DITO CME Holdings Corp., AllHome Corp., AllDay Marts Inc. and Macay Holdings Inc.

This week

Share prices may continue to go up this week, the last full week of trading for the year.

There will be trading for the whole week, but the PSE decided to hold a half day trading on Christmas Eve on Friday. Trading on December 24 will only be up to 12 noon.

Analysts said the main index’s recovery may continue this week but investors may decide to sell select stocks to pocket gains.

“Recovery was a major plot-point for equities in 2021, and is likely to spill over to 2022, only without the help of base effects and bumpy operations from lockdown policies,” broker 2TradeAsia said.

It said the main index may hover above the 7,000 level or just a single-digit growth rate from last year, though the devastation of Typhoon Odette can spoil the party and pull the index downward.

Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said investors’ concerns over the Omicron variant are seen to temper the upward bias for this week.

“Investors are expected to monitor the developments with respect to the said strain. If more Covid-19 cases with the Omicron variant are detected here in the Philippines, then it is seen to tilt the market’s bias to the downside,” Tantiangco said.

“Chartwise, the local bourse may test its resistance at 7,300. If it breaks and sustains ground at this level, then this would be seen as its new support while its next resistance is seen at 7,500. If it fails to breach 7,300 however, the market is expected to continue trading with a support at the 7,000 to 7,100 range, and a resistance at 7,300.”

Stock picks

Broker Regina Capital Development Corp. advised to sell on rallies on the stock of PLDT Corp. (TEL) as its share price hits its 52-week high last week at P1,810.

“Investors may start unloading their positions before it even reaches the overbought region. TEL immediate support can be traced back to P1,699,” it said.

PLDT shares closed last week at P1,900 apiece.

Meanwhile, it advised investors to buy when its support price holds for the stock of Monde Nissin Corp. It placed a support price on the stock between P15.60 and P15.20 apiece.

“With both the buying and selling pressure heading down accompanied by an increasing momentum, the stock could climb up if strengthened by the bulls,” it said.

Monde shares closed last week at P15.32. VG Cabuag

www.businessmirror.com.ph

Sales of shopping portals hit ₧15B

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he year-end “12.12 mega sale” for 2021 is projected to have made $298 million or P15 billion in total sales across major online shopping portals, according to cloud logistics platform and e-commerce integrator Locad.

Seen to be driven by strong ecommerce adoption and higher consumer spending which peaks during the holiday season, this amount represents an uptick of over 10 times the average daily e-commerce sales.

The calculated amount sets the gross merchandise value (GMV) of e-commerce for the fourth quarter of this year at $4 billion or P200 billion.

Such figure is aligned with the e-Conomy SEA 2021 data of Google, Temasek, and Bain wherein the 2021 GMV of e-commerce is reported at $12 billion.

Locad Chief Executive Officer Constantin Robertz said this singleday sales volume “is massive—and a testament to the continued dynamism of the Philippine e-commerce market.”

The rise of online shopping in the country continues with e-commerce growing by 128 percent—the highest amongst all internet economy sectors nationwide.

According to a report by Facebook and Bain, Filipinos are registering high customer satisfaction ratings with net promoter scores reaching 64 percent this year from 26 percent in 2020.

Given this, however, e-commerce brands must not be complacent as poor delivery experiences and difficult return processes are among the top complaints of detractors.

To address these concerns, partnering with end-to-end fulfillment solution providers like Locad would help them bring a great customer experience.

“We visited our warehouses in the Locad network on December 12, and they were all very busy, bustling throughout the night. The morning after, Locad was able to fulfill 90 percent of the orders of 12.12— most were dispatched already to the last-mile delivery providers,” Robertz said.

With the company’s multi-channel e-commerce integration, on-demand warehousing, and automated picking, packing, and shipping, e-commerce brands can be at peak performance whether it’s a normal day or during hectic sales seasons, such as 12.12. Roderick L. Abad

mutual funds

December 16, 2021

NAV

One Year Three Year Five Year

per share Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

227.24

-0.98%

-3.6%

-1.08%

0.02%

ATRAM Alpha Opportunity Fund, Inc. -a

1.6343

22.26%

5.27%

4.05%

24.47%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.1687

-0.61%

-6.82%

-3.79%

1.14%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7522 -8.44%

-5.69% n.a.

-7.46%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7607 -0.89%

-2.87% n.a.

2.58%

First Metro Save and Learn Equity Fund,Inc. -a

5.0849

1.43%

-1.3%

0.59%

2.91%

First Metro Save and Learn Philippine Index Fund, Inc. -a

0.7629

-1.18%

-3.2%

-3.01%

MBG Equity Investment Fund, Inc. -a

93.87

-6.66%

-6.7% n.a.

-7.85%

PAMI Equity Index Fund, Inc. -a

46.8237

-1.32%

-1.9%

0.53%

-0.03%

Philam Strategic Growth Fund, Inc. -a

488.23

-1.08%

-2%

-0.19%

-0.14%

Philequity Alpha One Fund, Inc. -a,d

1.1303

2.21% n.a. n.a.

Philequity Dividend Yield Fund, Inc. -a

1.3119

Philequity Fund, Inc. -a

35.6353

3.01%

11.12%

1.22%

2.29%

12.3%

1.64%

-1.17%

1.21%

2.49%

Philequity MSCI Philippine Index Fund, Inc. -a

0.9172

-0.61% n.a. n.a.

0.46%

Philequity PSE Index Fund Inc. -a

4.8265

-0.54%

-1.16%

1.23%

0.74%

Philippine Stock Index Fund Corp. -a 805.78

-0.72%

-1.17%

1.18%

0.52%

Soldivo Strategic Growth Fund, Inc. -a

0.7385

0.46%

-5.22%

-1.98%

2.73%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.6782

0.2%

-3.54%

-0.44%

1.5%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9186 -1.14%

-1.52%

0.92%

0.1%

United Fund, Inc. -a

-1.65%

1.68%

1.27%

-0.95%

1.67%

3.3608

0.13%

-1.74%

Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 108.4009

-0.51%

0.79%

Primarily invested in foreign currency securities $1.1262

-4.86%

5.91%

5.64%

-6.38%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.8069

ATRAM AsiaPlus Equity Fund, Inc. -b

10.27%

15.22%

11.54%

8.02%

Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a

1.6633

-0.75%

0.07%

-0.03%

-0.32%

ATRAM Philippine Balanced Fund, Inc. -a

2.2498

-2.25%

0.61%

0.36%

-1.56%

First Metro Save and Learn Balanced Fund Inc. -a 2.6633

0.44%

1.6%

1.92%

1.39%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.2043 NCM Mutual Fund of the Phils., Inc. -a

1.989

0.59%

2% n.a. n.a.

2.49%

2.25%

1.11%

PAMI Horizon Fund, Inc. -a

3.7115

-2.49%

1.51%

1.14%

-2.07%

Philam Fund, Inc. -a

16.5995

-2.46%

1.29%

1.03%

-2.01%

Solidaritas Fund, Inc. -a

2.089

-0.67%

0.21%

0.98%

-0.1%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.5917 -0.24%

-0.75%

0.62%

0.51%

Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9822

-4.37% n.a. n.a.

-3.95%

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.9264

-3.51% n.a. n.a.

-2.4%

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.9144

-3.16% n.a. n.a.

Sun Life Prosperity Dynamic Fund, Inc. -a

0.9333

3.9%

0.16%

0.79%

3.13%

-2% 5.14%

Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a

$0.03802

-2.61%

2.73%

1.73%

-2.76%

PAMI Asia Balanced Fund, Inc. -b

$1.0643

-6.5%

4.2%

3.48%

-5.81%

6.6%

11.05%

8.58%

4.92%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.1909 1.48%

6.28%

4.53%

0.63%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.7348

Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a

374.36

1.07%

2.97%

2.63%

0.87%

ATRAM Corporate Bond Fund, Inc. -a

1.8857

-0.71%

0.52%

-0.05%

-0.77%

Cocolife Fixed Income Fund, Inc. -a

3.2453

1.04%

3.07%

3.95%

0.93%

Ekklesia Mutual Fund Inc. -a

2.2515

-1.85%

1.88%

1.77%

-2.04%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4291 -0.93%

3.25%

1.96%

-0.98%

Philam Bond Fund, Inc. -a

4.4

-4.96%

3.97%

1.85%

-4.97%

Philam Managed Income Fund, Inc. -a

1.3194

0.04%

3.8%

2.75%

-0.14%

Philequity Peso Bond Fund, Inc. -a

3.9968

0.46%

4.6%

2.89%

-0.11%

Soldivo Bond Fund, Inc. -a

1.029

-0.83%

4.89%

2.3%

-1.39%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.196

-0.07%

4.98%

3.7%

-0.32%

Sun Life Prosperity GS Fund, Inc. -a

-0.94%

4.09%

3.1%

-1.24%

1.7333

Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a

$489.51

1.3%

3.02%

2.57%

1.13%

ALFM Euro Bond Fund, Inc. -a

Є219.86

0.37%

1.17%

1.03%

0.29%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2029

-5.37%

2.28%

1.81%

-6.01%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.026 -1.89%

1.45%

1.03%

-2.26%

PAMI Global Bond Fund, Inc -b

$1.0251

-6.02%

-0.12%

-0.45%

-5.95%

Philam Dollar Bond Fund, Inc. -a

$2.5084

-0.73%

5.1%

3.13%

-1.24%

Philequity Dollar Income Fund Inc. -a

$0.0623362

0.06%

3.05%

2.05%

0.06%

-0.01%

3.73%

2.07%

-0.64%

2.56%

1.01%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.203

Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a

131.13

1.09%

2.83%

First Metro Save and Learn Money Market Fund, Inc. -a 1.0575 0.95% n.a. n.a.

Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3149

1.49%

2.62%

2.53%

0.9% 1.39%

Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0603

0.79%

1.46% n.a.

0.64%

Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d 1.3331

20.19% n.a. n.a.

18.02%

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -a,d

$0.96

-2.04% n.a. n.a.

-2.04%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU).

1 - Renaming was approved by the SEC last July 8, 2021 (formerly, Sun Life Prosperity Money Market Fund, Inc.).

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

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

www.businessmirror.com.ph

BOC orders Shell to pay back taxes

by Dec. 27

By Bernadette D. Nicolas @BNicolasBM

T

HE Bureau of Customs (BOC) ordered Pilipinas Shell Petroleum Corp. (PSPC) to pay the first tranche of its back taxes on its past alkylate importations on or before December 27 this year.

In a letter recently sent to PSPC President-CEO Lorelie Q. Osial—a copy of which was given to the BusinessMirror—Customs Commissioner Rey Leonardo B. Guerrero said the government agency recognizes the oil firm’s intent to pay excise and value-added taxes on its alkylate importations from 2014 to 2020.

PSPC has earlier agreed to pay a total of P3,491,629,824 in taxes in installments “under protest,” saying a case is still pending with the courts.

Guerrero said in his letter that the possible suspension of the oil firm’s accreditation in case it fails to pay the taxes “was not whimsically raised nor is the same [as] a threat.”

It is “rather a proper recourse of the Bureau pursuant to existing rules and regulations and in view of the dissolution by the Supreme Court (SC) of the Temporary Restraining Order (TRO) previously issued” on the government’s demand for payment.

“In the event of default for the payment as agreed upon, the suspension of the accreditation of PSPC shall be forthwith imposed subject to existing rules and regulations, and without prejudice to any other available administrative and judicial remedies which the BOC may exercise,” Guerrero said in his letter.

Finance Secretary Carlos G. Dominguez III was said to have lauded the BOC for this development.

“Congratulations on collecting the tax on the alkylate imports. Even though it’s under protest, I think it’s a real move forward. Thank you,” Dominguez reportedly told Guerrero in a recent executive committee meeting of the Department of Finance.

Dominguez was reported to have said during the meeting that the BOC’s move to demand tax payments on PSPC’s alkylate imports “levels the playing field” as other oil companies have been paying the same on their shipments of the product.

It was last March that the High Tribunal lifted the TRO that barred the government from collecting taxes on the firm’s alkylate imports.

The Supreme Court also remanded the case to the Court of Tax Appeals (CTA), where PSPC has filed a motion to pursue its previous TRO application to stop the government from collecting taxes on its alkylate shipments.

The case originated from a CTA case wherein the oil firm questioned the validity of documents from the BOC’s Port of Batangas collector compelling it to pay P1.99 billion in “deficiency excise taxes, inclusive of interest and penalties, for its alkylate importations between January 2010 to June 2012.”

The SC ruled that alkylate, a product of distillation and an important source of octane for gasoline, is subject to excise tax under Section 148 of the National Internal Revenue Code (as amended).

Banking&Finance BusinessMirror

P

B3

Singapore, Thai firms to develop, sell nonfungible token assets to gamers

S

By Tyrone Jasper C. Piad

@Tyronepiad

INGAPORE-based Ampverse Pte. Ltd. announced it is teaming up with Thai cryptocurrency and blockchain service-provider Bitkub Capital Group Holdings Co. Ltd. to develop nonfungible token (NFT) products they plan to sell to the gaming community.

In a recent statement, Ampverse said the partnership is part of its long-term strategy of acquiring and developing gaming assets related to

the “metaverse.”

“We’re ready to elevate the overall experience for the fans. Not only are our fans active gamers

and esports viewers, but they are also avid digital currency traders and investors, and this partnership was inspired by a collision of their passions,” Ampverse Co-founder and CEO Ferdinand Gutierrez was quoted in the statement as saying.

The two organizations will launch a series of NFT stores for Southeast Asia’s top esports teams, which will be available via the platform of Bitkub, which is the official trading partner for one of Ampverse’s esports teams, Bacon Time. Among the items are exclusive Bacon Time NFTs, esports player cards and other fan collectibles. “ T he gaming industr y w ill see continuous growth and the future will be driven by technology with the likes of NFTs, play-to-earn, and digital assets.

Alongside Web3, it will redefine and reshape the world of gaming and entertainment as we know it,” Guitierrez said.

Bitkub Capital Group Holdings Group CEO Jirayut Srupsrisopa is one with Ampverse when it comes to elevating the esports industry through blockchain technology.

“We adapt our business to create activities and valuable experiences for esports fans and communities as a whole, starting with the launch of official stores on Bitkub NFT. This marks a significant milestone which ultimately connects with the future of metaverse and speaks to the potential of leveraging the technology of Bitkub Chain,” he said.

According to Ampverse, esports and financial technology are con-

sidered fast-growing industries today that have affected lifestyle and entertainment. In fact, the esports market is seen to be valued at $1.8 billion across the world next year— and Southeast Asia is among those who will take the lead.

The esports firm noted that more Gen-Z’s and millennials are getting interested with financial trading, including decentralized currencies, as they have money to invest from their earnings.

Citing a survey, Ampverse noted that 47 percent of Gen-Z and 39 percent of millennial respondents hold cryptocurrencies. About 40 percent of them are between the ages of 18 to 40.

Founded in 2019, Ampverse is managing seven esports teams and is available in four markets.

SSS receives COA’s highest audit rating for ‘20 financial statements

T

HE Social Security System (SSS) received an “unmodified” opinion from the Commission on Audit (COA) for its financial statements for calendar year 2020, the highest audit rating that may be given to government agencies by state auditors.

We rendered an unmodified opinion on the fairness of presentation of the financial statements of SSS as at and for the years ended December 31, 2020 and 2019, with emphasis on the recognition of Insurance Contract Liability in

the SSS’ financial statements in compliance with the policy directive of the National Government requiring government insurance institutions to adopt the PFRS [Philippine Financial Reporting Standard] 4 – Insurance Contracts effective CY 2020,” the Auditor’s Opinion in the Executive Summary of COA’s Annual Audit Report on SSS stated.

An unmodified opinion means that the auditor was satisfied with the submitted financial statements as these have met the requirements

Formation of Financial Crimes Unit in law enforcement agencies urged

By Jovee Marie N. dela Cruz @joveemarie

T

O encourage scam victims to work with law enforcement agencies, the chairman of the House Committee on Ways and Means is pushing for the establishment of a Financial Crimes Unit (FCU) in each of the government’s investigation agency.

Panel Chairman and Albay Rep. Joey Sarte Salceda said the Philippines’s crime investigation agencies should establish FCUs amid the “rise in financial scams and incidents, which comes as people have a little extra money from Christmas bonuses.” Salceda cited as example the local police departments in the United States.

“It should be very clear to potential scammers that if they do it, they will get jail time. That is why we need criminal investigation units that are capable of really prosecuting financial crimes,” Salceda said in a statement his office issued over the weekend.

“This happens every year. It’s time we get tougher on financial crime enforcement. And it’s time we have policing and law enforcement agents that are capable of understanding financial crimes and pursuing cases to completion,” the lawmaker added.

In his letter to Criminal Investigation and Detention Group (CIDG) Director Albert Ignatius Ferro, Salceda forwarded a complaint he received from constituents who said they lost a total of P32 million in various scams.

The lawmaker said his constituents have complained to the CIDG about a certain “Ma. Ledwina Oca Realo” and “Jesus Rey Realo” who promised them 25-percent monthly returns on investment. “It was too good to be true. But the lack of financial education and accessible financial consumer protection mechanisms mean many people don’t even know what’s ‘too good to be true,’” Salceda said.

“There is truly a need for a financial consumer protection framework for the country. We don’t have one comprehensive law for the protection of buyers and sellers of investment products,” he said.

With this, Salceda is pushing for the passage of House Bill 6768. The bill, he said, includes fundamental protections for consumers of financial products and allows the Bangko Sentral ng Pilipinas to pursue civil action on behalf of scammed consumers.

However, the lawmaker said “the proposal can still have more teeth by adding provisions that create [FCUs] in the police and investigative agencies.”

Pasay offers tax amnesty to ease pandemic impact

ASAY City Mayor Emi CalixtoRubiano encouraged all business enterprise and owners of real estate in the city to avail of a tax amnesty approved by the City Council under City Ordinance 6176.

“Now that the country is slowly opening up its economic activities in a calibrated manner, this is the city’s response to the effects of the pandemic,” Rubiano-Calixto said. The city official referred to the “Ordinance Granting Amnesty on Surcharges, Penalties and Interests Incurred due to delinquencies for Non-Payment of Business Taxes, Real Property Taxes, Regulatory Fees and other Fees and Charges due to the City Government Subject to Compliance with All Applicable Laws, Rules and Regulations on

Editor: Dennis D. Estopace • Monday, December 20, 2021

the Matter.” The ordinance took effect November 3, 2021.

This ordinance covers business owners with unpaid or delinquent business tax, regulatory fees or other fees and/or charges with the City Government. It also covers first-time declaration by owners of real properties; subject to back taxes. Owners of any delinquent real property (land, building or machinery) with or without a “Notice of Delinquency” are also covered by the Ordinance.

Likewise, violators of traffic, parking and other ordinances who haven’t settled corresponding fines shall only need to apply their first violation penalty; the succeeding violation fines shall be deemed waived.

The mayor said the ordinance also

covers those who have any transaction with the city to secure license, permit and all other services with the city government. These include monthly amortizations of recipientawardees of the Urban Development and Housing Office.

Those that will avail of the tax amnesty will just have to proceed to the City Treasurer’s Office located on the first floor of the Pasay City Hall, according to the mayor.

The ordinance is to relevantly address the “socio-economic effects” brought about by the pandemic that led to the losses, closures and nonpayment of taxes which in turn incurring surcharges, penalties and interests, the city official added.

Claudeth S. Mocon-Ciriaco

demanded by regulations and were prepared in accordance with accounting principles, criteria, and standards.

SSS President and CEO Aurora C. Ignacio gratefully accepted the COA audit opinion on the 2020 financial report. She said, despite the COVID-19 pandemic, the SSS continued to pursue its mandate of providing meaningful social security protection to its members and their beneficiaries through a culture of excellence in management grounded upon sound and efficient

policies and best practices.

“For CY 2020, SSS’ total cash inflow from the collection of members’ contribution and proceeds from investments and other income reached P231.51 billion, which surpassed its total cash outflow of P205.52 billion from payments to members and beneficiaries and payments for operations, resulting in a net cash generated from operating activities of P25.99 billion,” Ignacio said.

SSS assets in 2020, on the other hand, grew by P38.61 billion or 6.4

percent to P639.99 billion from P601.38 billion in 2019.

With the change in its financial reporting standard starting with its 2020 financial statements, SSS’ Social Benefit Liabilities (SBLs) are now presented in its liabilities. In previous years, SSS’ SBLs were presented in the Notes, which forms an integral part of its financial statements.

The SSS also reported that based on its 2019 Actuarial Valuation, its fund life is projected to last until 2054.

Perspectives The future of cities

C

ITIES worldwide are turning to the power of modern technology as municipal leaders and governments look to play a more pivotal role in combating both the environmental and systemic challenges that the Covid-19 pandemic has brought sharply into focus.

The long-held ‘one-size-fits-all’ approach to planning and policies will likely no longer work to shape cities that are healthy, sustainable, efficient and prosperous for all.

The future inevitably demands bold thinking to create smart cities featuring technologies, infrastructure and ecosystems that will seamlessly deliver exciting new ways of living, working and playing as local communities and urban life evolve.

Listen in new ways to put the citizen-customer first.

Simply put, citizens have similar but often deeper expectations, requirements and rights than the typical everyday customers, residents or visitors engaged in a transaction-based relationship that provides products and services. In essence, a citizen has the right to expect and receive timely, precise, citizen-focused services and experiences that effectively and consistently cater to their unique personal needs as well as those of the common good.

Begin the journey with a clear distinction.

Transformational digital technology and smart data use can enable cities to bring experience-centric service to exciting new levels of responsiveness and efficiency. But the journey forward cannot begin without a clear destination. City leaders will need new capabilities to accelerate the delivery of solutions toward today’s complicated challenges, while also embracing technology and data-driven in-

sights to accurately assess each emerging new challenge and its potential solutions.

One size no longer ‘fits all’ as urban life evolves.

With the pandemic-induced shift in work models from citycentered workplaces to residential settings, people everywhere are typically eliminating the time, effort and cost needed for the daily commute to work. Many are also avoiding travel or exposure to crowds in an effort to safeguard their health. As a result, fewer employees are occupying once busy offices and facilities, public transit use has declined and urban thoroughfares in many cities are experiencing less congestion and, in some cases, different types of congestion.

Rebuilding to create greener, safer cities for all.

The time-sensitive message to cities and their leaders could not be clearer: the planet’s future demands strategic action today.

Cities will no doubt need to demonstrate a new sense of urgency to drive faster progress toward a more sustainable future. Cities will no doubt need to demonstrate a new sense of urgency to drive faster progress toward a moresustainable future.

Driving economic growth in a world of fiscal constraints.

Intensifying the pressure on local and city leaders in today’s dynamic economic environment is a reality.

Many national and regional governments have decentralized decision making in the wake of the pandemic, empowering local administrators or leaders to assume broader responsibilities as they grapple with today’s pressing public needs and the attendant soaring costs.

The future of cities is fully connected.

Today’s future-focused cities and their leaders are wisely bidding

farewell to the age-old ways of serving their communities. They realize that the world’s cities are now poised at a remarkable inflection point—one demanding nothing less than a modern mindset and bold strategic planning for a new age of seamless connections, personalized public service and optimized organizational efficiency.

We believe connectivity will be the key to delivering a revolutionary new era of customer centricity—one that fully aligns technology, talent and external partners across every city service and function. Today’s future-focused cities are already breaking down inefficient silos and forging new connections among people, processes and technologies. Along the way, traditional barriers between front, middle and back offices are collapsing.

City leaders are increasingly realizing that there is no time to lose on the journey forward. The global pandemic’s profound disruption has accelerated an ongoing and inevitable shift from the decades old due process approach that typically devotes significant time and resources to meticulous planning, time-consuming piloting and uneven implementation.

The need for speed amid the pandemic’s impact has demonstrated what is possible for rapid change, and smart city leaders are not taking their foot off the gas as they shape the future.

The excerpt was taken from the KPMG Thought Leadership publication titled “The future of cities.” © 2021 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent memberfirms affiliated with KPMG International Limited, a private English company limited by guarantee.

All rights reserved.

For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

Explainer BusinessMirror

B4 Monday, December 20, 2021

www.businessmirror.com.ph

How a Kennedy built an anti-vaccine juggernaut amid Covid-19

By Michelle R. Smith

R

The Associated Press

obert F. Kennedy Jr. strode onto the stage at a Southern California church, radiating Kennedy confidence and surveying the standing ovation crowd with his piercing blue Bobby Kennedy eyes.

Then, he launched into an anti-vaccine rant. Democrats “drank the Kool-Aid,” he told people assembled for a far right conference, branded as standing for “health and freedom.”

“It is criminal medical malpractice to give a child one of these vaccines,” Kennedy contended, according to a video of the event, one of his many assertions that ignored or went against legal, scientific and public health consensus.

Then, Kennedy hawked his book.

If just 300 attendees preordered it on Amazon that night, he told the crowd, it would land on the bestseller list and they could “stick it to Amazon and Jeff Bezos.”

All profits, he said, would go to his charity, Children’s Health Defense.

While many nonprofits and businesses have struggled during the pandemic, Kennedy’s anti-vaccine group has thrived. An investigation by The Associated Press finds that Children’s Health Defense has raked in funding and followers as Kennedy used his star power as a member of one of America’s most famous families to open doors, raise money and lend his group credibility. Filings with charity regulators show revenue more than doubled in 2020, to $6.8 million.

Since the pandemic started, Children’s Health Defense has expanded the reach of its newsletter, which uses slanted information, cherry-picked facts and conspiracy theories to spread distrust of the Covid-19 vaccines. The group has also launched an internet TV channel and started a movie studio. CHD has global ambitions. In addition to opening new US branches, it now boasts outposts in Canada, Europe and, most recently, Australia. It’s translating articles into French, German, Italian and Spanish, and it’s on a hiring spree.

According to data from Similarweb, a digital intelligence company that analyzes web traffic and search, Children’s Health Defense has become one of the most popular “alternative and natural medicine sites” in the world, reaching a peak of nearly 4.7 million visits per month. That’s up from less than 150,000 monthly visits before the pandemic.

As Children’s Health Defense has worked to expand its influence, experts said, it has targeted its false claims at groups that may be more prone to distrust the vaccine, including mothers and Black Americans.

It’s a strategy that experts worry has deadly consequences during a pandemic that has killed more than 5 million people, when misinformation has been deemed a threat to public health. The death toll in the United States hit 800,000 last week, and nearly a third of those people have died since vaccines became available to all adults in the US. Unvaccinated people are 14 times more likely to die of Covid-19 than those who get the shot, according to the CDC. As vaccines have become a wedge political issue, Kennedy’s opposition to the shot has at times brought him close to anti-democracy forces on the right who have made common cause with the anti-vaccine movement. The scion of the country’s most prominent Democratic family has appeared at events that pushed the lie that the 2020 election was stolen and associated with people who have celebrated or downplayed

the violent January 6 attack on the US Capitol.

Kennedy has been a key part of the anti-vaccine movement for years, but doctors and public health advocates told the AP that Covid-19 launched him to a new level.

“With the pandemic, he’s been turbocharged,” said Dr. David Gorski, a cancer surgeon at Wayne State University School of Medicine in Detroit and a critic of the anti-vaccine movement.

Dr. Richard Allen Williams, a cardiologist, professor of medicine at UCLA and founder of the Minority Health Institute, said Kennedy is leading “a propaganda movement,” and “absolutely a racist operation” that is particularly dangerous to the Black community.

“He’s really the ringleader of the misinformation campaign,” said Williams, who has written several books about race and medicine. “So many people, even those in scientific circles, don’t realize what Kennedy is doing.”

Even Kennedy’s own family members call his work “dangerous.”

Misinformation pipeline

Kennedy, 67, is a nephew of President John F. Kennedy and the son of his slain brother. He carved out a career as a best-selling author and top environmental lawyer fighting for important public health priorities such as clean water.

His work as a leading voice in that movement likely would have been his legacy, but more than 15 years ago, he became fixated on a belief that vaccines are not safe.

While there are rare instances when people have severe reactions to vaccines, the billions of doses administered globally provide real world evidence that they are safe. The World Health Organization says vaccines prevent as many as 5 million deaths each year.

During the pandemic, Kennedy has become a near-ubiquitous source of false information about Covid-19 and vaccines. Earlier this year, Kennedy was named one of the “Disinformation Dozen” by the Center for Countering Digital Hate, which says he and the Children’s Health Defense web site are among the top spreaders of false information about vaccines online.

K ennedy ’s spokesm a n, R it a Shreffler, told the AP on December 6 that he was not available for an interview for this story.

On December 2, however, she had written to AP complaining of a “complete blackout by mainstream media” about Kennedy’s book, and offering him for interviews.

An AP reporter responded within 20 minutes and sent multiple followup emails. When Shreffler finally responded, she asked for “your list of interview questions to be approved prior to scheduling an interview by the team.” AP declined that restriction, and Shreffler then said Kennedy would not speak with AP. More than 200 million Americans have been given a Covid-19 vaccine, and serious side effects are extremely rare, according to government safety tracking. That tracking and testing in tens of thousands of

Robert F. Kennedy Jr. speaks during a protest against the Covid-19 vaccination green pass in Milan, Italy, November 13, 2021. The pandemic has helped Kennedy take Children’s Health Defense’s anti-vaccine message global. AP/Antonio Calanni

people has shown that the vaccines are safe and effective at reducing the risk of serious disease and death and that any health risks posed by the vaccine are far lower than the risks posed by the virus.

Children’s Health Defense and its followers, seeking to undermine that message, use canny techniques to bring anti-vaccine misinformation even to those not looking for it.

The AP found links to Children’s Health Defense articles all over Facebook. While many were shared as posts on the pages of fellow antivaccine activists, many more could be found in the comments sections on pages that people turn to for reliable information, including official government Facebook pages in all 50 states, and in health departments in nearly every state.

“The vaccine was not created to save us all from a pandemic. The pandemic was created to get us to take the vaccine and more,” one person wrote in February below a North Carolina Department of Health and Human Services Facebook post.

Then, they linked to a January Children’s Health Defense article that claimed 329 deaths following the Covid-19 shot had been reported to VAERS, a federal vaccine safety surveillance system that has been misused by anti-vaccine activists.

“Every Friday, the true American hero Robert F Kennedy Jr. pulls the data from the VAERS report. Here is the latest up until 1/22,” the commenter wrote. Another user replied that the comment had been reported for dishonesty, but it was still up 10 months later.

People also shared CHD links under posts made by governors, schools, hospitals, military outposts, universities, news outlets, even a major league soccer team.

One state senator from Alaska has shared CHD links on her Facebook page at least four times since March.

They were also shared outside the United States, on Facebook pages in places such as Canada, Norway and Greece.

Kennedy has hundreds of thousands of followers on Facebook and Twitter, although he was kicked off Facebook’s Instagram platform earlier this year. Children’s Health Defense remains on all three platforms.

Since January, Children’s Health Defense’s Covid-19 vaccine-related posts were shared more frequently on Twitter than links to vaccine content on mainstream sites including CNN, Fox News, NPR and the US Centers for Disease Control and Prevention, according to Indiana University’s Observatory on Social Media, which tracks Covid-19 vac-

cine-related content on Twitter. In some weeks, it found, CHD Covid-19 vaccine content was shared more often than that of The New York Times and The Washington Post.

A different research team found Kennedy’s group, along with the now-removed group called Stop Mandatory Vaccination, bought more than half of the anti-vaccine advertising on Facebook prior to the pandemic. A member of that team, David Broniatowski, of George Washington University, said the groups had targeted Facebook ads to reach women of childbearing age using demographic data.

“They’re much more effective at it than our public health infrastructure,” he said. “That’s in part because they just have a centralized foundation with a very clear sense of what it is they want to do.”

CHD’s effectiveness is in part because it’s central to a network of anti-vaccine web sites that link to and amplify each other, creating a disinformation echo chamber that reinforces false narratives that downplay the dangers of Covid-19 while exaggerating the risks of the vaccine. For example, the day after the FDA granted full approval to Pfizer’s Covid-19 vaccine, Kennedy and CHD sent out an article falsely claiming that the vaccine that was licensed was not the one that was available, said Dorit Reiss, a professor at UC Hastings College of the Law and an expert in vaccine law.

“It started with CHD the day after the licensure and then was picked up by right-wing outlets,” Reiss said.

The idea circulated on fringe media outlets on the far right. Then, more than a month after the article was published, Republican Sen. Ron Johnson of Wisconsin went on Tucker Carlson’s show on Fox News and repeated the incorrect idea that the approved vaccine was not available in the United States.

It became one of CHD’s biggest articles of the past year, with about 40,000 interactions on Facebook, according to CrowdTangle, a Facebookowned tool that helps track material on the platforms.

In comments on CHD’s web site, people expressed anger, fear and calls to action. “You know, the more I read the news the more my stomach tightens up into a little ball,” one wrote. “And they wonder why we don’t trust them and why people won’t get the ‘jab,’” said another. One suggested people march on Washington on the 20th anniversary of the September 11 attacks, writing, “Make Jan 6 look like a picnic.”

In addition to its rise on social media, CHD’s web site has also seen

an explosion in traffic. According to Similarweb, in November 2019, a few months before the pandemic began, Children’s Health Defense received 119,000 visits. That had grown to around 3 million visits last month, after peaking in August at nearly 4.7 million.

And its daily newsletter reaches more than 8 million people a month via email, according to a CHD fundraising appeal that sought to raise $1 million by November 30. AP was not able to independently verify the claim.

In November, Kennedy released his book, The Real Anthony Fauci, in which he accuses the nation’s leading infectious disease doctor of helping orchestrate “a historic coup d’état against Western democracy.” A spokesman for Fauci did not comment.

Kennedy also uses the book to push unproven Covid-19 treatments such as ivermectin, which is meant to treat parasites, and the antimalaria drug hydroxychloroquine, and he contends that childhood vaccines are not properly safety tested, even though the FDA requires three phases of testing that involves hundreds of thousands of people before approving a childhood vaccine.

His sister, Kerry Kennedy, who runs Robert F. Kennedy Human Rights, the international rights group founded by their mother, Ethel, told AP that it was irresponsible to attack doctors and scientists.

Many, including Fauci, have received death threats, which can deter people from entering the profession.

“Our family knows that a death threat should be taken seriously,” she said.

The group, which supports government-mandated vaccinations and steps such as requiring proof of vaccination, awarded Fauci its “Ripple of Hope Award” last year.

Kennedy Jr. by contrast has spent months hyping his book, including at the far right Reawaken America conference in Southern California in July. Last month, CHD urged supporters to buy the book right away so it would make the New York Times bestseller list. Some commenters on CHD’s site said they bought multiple copies to drive sales. One said they had bought nine and were planning to buy more to put in neighborhood book exchange boxes “to help boost the book to number one on the New York Times bestseller list.”

Kennedy’s wish was granted. The Real Anthony Fauci reached No. 5 on the Times’ list last month and hit No. 1 at Amazon. It sold nearly 166,000 copies through the beginning of December, according to NPD

BookScan, which tracks around 85 percent of print sales.

Capitalizing on the Kennedy name

Children’s Health Defense’s new movie studio released a film earlier this year, called Medical Racism.

Doctors and public health advocates said it was aimed at spreading misinformation and fear of vaccines within the Black community, which has been disproportionately hit by coronavirus.

The movie brings up racist abuses in medicine, such as the Tuskegee experiment, when hundreds of Black men in Alabama with syphilis were left untreated, to question whether the vaccine can be trusted or is necessary. Examples of racist medical practices have contributed to distrust and hesitation about vaccines among some members of the Black community.

Williams, of the Minority Health Institute, pointed out that in the Tuskegee study, people were denied medication to treat a disease. In the case of the Covid-19 vaccine, medication is available—but anti-vaccine activists are trying to persuade people not to take it. He said the film is “totally slanted.”

“It is not only harmful, but it is deadly,” he said.

Kennedy has also made hay from the deaths of prominent people.

Baseball legend Hank Aaron got his shot as a way to show other Black Americans that the vaccine was safe.

A few weeks later, the 86-year-old died in his sleep. Kennedy posted on Facebook and Twitter calling it “part of a wave of suspicious deaths among elderly closely following administration of Covid vaccines,” but provided no evidence of a connection. Kennedy’s January 22 posts are both still up and have been shared, commented on and liked thousands of times, although the Facebook post now carries a warning that it is missing context and “could mislead people.”

In the movie, Kennedy and others also invoke the legacy of his family and its involvement in causes such as civil rights, Special Olympics and health care advocacy.

Dr. Oni Blackstock, who founded the racial and health equity consulting group Health Justice and who is a former assistant commissioner in the New York City Health Department, said the Kennedy name adds “heft” to the anti-vaccine movement among people who have positive associations with the Kennedys’ legacy as advocates for civil rights.

“It may make people more willing to listen and to consider what’s being said,” Blackstock said.

Style

BusinessMirror

www.businessmirror.com.ph

CZECH REPUBLIC Karolína Kokešová

EL SALVADOR Alejandra Gavidia

FRANCE Clémence Botino

Miss Universe 2021: The beauty of activism protecting women’s rights, I wanted to highlight this unique three-layered shield of my costume, which features three symbolic parts: the rampant lion—national emblem of our republic, the Afghanistan’s flag colors with the text saying ‘Protect Women’s Rights Worldwide,” and the Texas flag with the text ‘I’m One Voice, but Together We Can Roar.’

The concept behind this shield is to simply showcase that regardless of race, First or Third World countries, women’s rights issues are all over the world.”

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T may not have any bearing on a candidate’s finals scores, but the national costume competition at Miss Universe has risen in significance for the platform that it provides. It used to be that this segment was a showcase of a queen’s national culture and traditions; now, the 2021 edition in Israel became an avenue for her to express her views on vital international issues.

Here are the delegates with outstanding advocacies, plus our own Pinay powerhouse whose urgent concern in the aftermath of Typhoon Odette needs our attention: FRANCE: CLÉMENCE BOTINO THE glamazon from Guadeloupe said she was inspired by Joséphine Baker, the dancer, singer, civil-rights activist, wartime spy and LGBT icon who was recently granted one of France’s highest honors: a tomb in the Panthéon in Paris, the country’s monument to its heroes. Born in the US but a household name in France, Baker is the first woman of color to be so honored.

The scintillating costume was created by Manzel by Vanessa Boimond, who implores: “Focus on the details.

I believe that if I could, I would live in a bubble filled with rhinestones. I love this part of my joy, laying stones together.

I feel like I created a little gem for [Clémence]. It can never be said enough; it’s the details that make the difference.”

CZECH REPUBLIC: KAROLÍNA KOKESOVÁ, COSTUME BY INDONESIAN HENGKI KAWILARANG “ESSENTIALLY this costume is of a Lionness Warrior representing the strength and freedom of its coat of arms. In

EL SALVADOR: ALEJANDRA GAVIDIA, COSTUME BY FRANCISCO GUERRERO I AM the monument to the Constitution. The dress is a representation and honors the 71 victims of femicide (registered) who are all missing. The candles represent the hope of families finding justice on behalf of their loved ones.

The candles that no longer have light are from those people who have lost hope and are upon my shoulders to continue seeking justice for them.

The hands around the dress were painted by real people who have lost a family or loved one to the crime of femicide or disappearance. The chains of the right arm represent all the social and political pressures that sometimes hinder the pursuit of justice.

The blindfold is black as a symbol of mourning, but it ends in a very dark green that symbolizes hope for all. Although my sash says El Salvador, the crimes of femicide and disappearance are a reality lived around the world.

IRELAND: KATHARINE SARA WALKER THE costume was made by the Belfast-based brand Call Me Sophia, which also creates outfits for Fil-Am drag queen Rock M Sakura, and Krystal Versace, the winner of Drag Race UK Season 3.

“I knew I wanted my costume to have a message.

I wanted something that was personal to me but also extremely relevant and impactful. I wanted to celebrate the work of my fellow health-care workers and also to make a statement on nurses’ pay.

“I am not just representing Ireland, but every single health-care worker who goes above and beyond caring for others, those who work through their breaks and work overtime for no extra pay, those who help the most vulnerable

Editor: Gerard S. Ramos

• Monday, December 20, 2021

IRELAND Katharine Sara Walker

through their darkest days. It is time to pay nurses fairly.

Enough is enough!”

FINLAND: ESSI UNKURI THE costume, created by Finnish costume designer and sewer Merja Thil takes a stand on climate change and encourages the protection our forests. The inspiration was from an award-winning drawing made by Essi when she was 12, where the sun is eating a melting globe, which is on top of an ice cream cone. “As the country with the most forest in Europe, Finland has a special responsibility. Let’s stop the failure of forests together and work to control climate change and maintain biodiversity all around the earth. Let’s take care of our forests. Together, we are more.”

GIFTS TO GIVE, KEEP FOREVER

EXPLORE the COS Gift Edit for things to gift and keep foreve—just in time for the festive season. From elevated wardrobe staples to luxurious loungewear, this is gifting made easy.

Bold knits and tailored outerwear come in luxurious fabrications, sleek silhouettes and rich winter hues of charcoal, burgundy and forest green. To add a modernist’s touch, pair any look with minimalist jewellery constructed of recycled silver or timeless leather accessories, all made to last.

For those who prefer to stay cozy during the festive period, sensual silk intimates, signature knitwear constructed from repurposed cashmere make lounging a treat.

Presents are better when they are made to last forever.

Whether it’s a gift to a loved one, a friend, or something for yourself—find a little luxury for keeps at COS (www. cosstores.com).

PHILIPPINES: A PUBLIC SERVICE ANNOUNCEMENT FROM BEATRICE LUIGI GOMEZ “IT’S only a few days away until Christmas and yet my heart bleeds for Cebu. My family’s home is just one of many devastated by one of the strongest typhoons that hit Cebu and the surrounding provinces. I am now knocking on your hearts to help me in partnership with Simply Share Foundation and the Naval Reserve Center of Eastern Visayas to respond to this calamity,” pleads the Cebuana beauty who placed in the Top 5 at Miss Universe.

Incidentally, the Miss Universe Philippines Organization recently forged a partnership with Sendwave, a moneytransfer app that makes sending funds to loved ones as easy and affordable as sending a text. It prides itself on remaining fee-free here.

Through Sendwave (try.sendwave.com/kjap/muph), Filipinos abroad and foreigners can send help to the survivors of Typhoon Odette. Download the app, introduce the promo code MUPH and you will get $10 for free on your first transaction, and send either a portion or the full amount as donation to SimplyShare’s GCash or BPI accounts.

The details are GCash (Pamela B./0917-6292220) and BPI Account Name: SimplyShare Foundation Inc./Account Number: 2931 0059 63/Swift code: BOPIPHMM. The MUP will donate for every individual transaction on top of your first donation when you use the code MUPH. However, Sendwave is available in the US, Canada, UK, Spain, Italy, Belgium, France and Ireland only. ■

Give yourself the gifts you deserve for the holidays THE phrase “Deserve ko ’to [I deserve this]” is often used these days to justify big purchases such as mobile phones or luxury bags. It’s been a difficult two years and I say: If you can afford it, then you deserve it. I would easily choose a beauty-related gift over a bag or gadget any day. Here are my picks: When it comes to fragrances, those from Maison Francis Kurkdjian Paris are considered some of the world’s finest. Baccarat Rouge 540 Eau de Parfum is definitely one of the most popular scents from Maison, along with Gentle Fluidity Silver Eau de Parfum.

For the holidays, Maison presents three scented candles and two fragrance wardrobes. The candle set collection is a creative gift from perfumer Francis Kurkdjian’s beloved home of Paris and his personal take on bringing the spirit of the holidays to life.

The first candle in the set is the iconic Mon beau Sapin, which evokes memories of a winter stroll in a snowy forest. The green lacquered décor embodies the magic of the season, while the fragrance is woody and slightly resinous.

Second in the set is the Paid d’écipes scented candle. This is a gourmand fragrance with notes of orange, honey, cinnamon and anise. This bright orange candle will remind you of your favorite childhood sweet treats.

The third is Maison Francis Kurkdjian’s newest

creation, the Pomme d’amour scented candle that will remind you of the bustling atmosphere of a fun fair enjoyed with your favorite people with a candy apple scent.

For P4,150 each, every 180g limited-edition candle burns for approximately 40 hours.

Meanwhile, Maison Francis Kurkdjian’s fragrance wardrobes are delightful new discoveries that make the perfect gift for anyone. Each set has eight 8 x 11 ml iconic fragrances, including scents from the new Cologne Forte collection.

Maison Francis Kurkdjian releases a new edition of the must-have Discovery set every year that can be complemented with the Globe Trotter travel spray case, available in both Gold or Zinc editions.

The Maison Francis Kurkdjian holiday collection

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is available at Adora Department Store and Rustan’s Makati and Shangri-La, and www.rustans.com.

If you’re looking to gift yourself with something indulgent yet very useful, Aveda has unveiled its collaboration with global fashion brand 3.1 Phillip Lim for its 2021 holiday collection. This partnership celebrates two like-minded brands bringing the botanical world of beauty to life through specialedition hair accessories and gift packaging created with sustainability at heart.

The collection includes four covetable, limitededition hair accessories—a hair towel wrap in a carrying bag, scrunchie trio, detangling comb and wooden paddle brush—as well as special-edition gift packaging, all featuring striking prints that combine the joyful colors of the holiday season with those found in the natural world.

“This collection embodies our joint appreciation of the gifts of nature. Nature is our muse for everything that we do: from the powerful flower and plant essences we use in our products to the creative expression of our brand and our collections,” said Barbara De Laere, global brand president of Aveda.

The hair towel wrap and carrying bag made from 100 percent organic cotton is designed to remove moisture from the hair after washing, helping to decrease dry time. The scrunchies, which are made from 100 percent recycled PET (from things like

plastic water bottles), feature a luxe satin finish that is easy on the hair, and make for fashionable wrist accessories when not in use. The wide-tooth detangling comb is made from up to 95 percent postconsumer recycled polypropylene, and the wooden paddle brush, which is designed for both self-care scalp treatments and detangling, features a 90 percent post-consumer recycled fiber carton. Furthermore, the gift boxes and sleeves in the Aveda x 3.1 Phillip Lim Holiday Collection are made with FSC-certified, 100 percent recycled paper. In addition to their use as holiday gift packaging, reuse or display the beautiful gift boxes as miniature works of botanical art by simply removing and recycling the paper sleeve. The artwork was done in collaboration with botanical artist Sophie Parker.

The limited-edition hair accessories can be found alongside Aveda’s vegan, cruelty-free products in a selection of pre-made holiday gift sets, as well as individually for customized gifting opportunities at Aveda experience center in Greenbelt 5 and the brand’s flagship store in LazMall.

I have the hair towel wrap and I’ve used it every time after shampooing my hair since I got it. It’s very practical for someone like me whose hair is bleached (bleached hair takes longer to dry). I also have the brush and the comb. I love the latter but my favorite is the hair towel wrap.

PHOTOGRAPHED BY BENJAMIN ASKINAS AND TRACY NGUYEN/ MISS UNIVERSE ORGAMIZATION

B6 Monday, December 20, 2021

AISIN celebrates 2021 with milestones and breakthroughs

Simple but great joys: 2021 holiday gift ideas for every type of person in your life

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HRISTMAS is fast approaching, which means it’s time to get your holiday shopping done as soon as possible. With so many things happening in the world, the festive season should be filled with joy, laughter, and love, and not stress over worrying about what presents to buy.

The rise of e-commerce has shown how convenient it is to shop online.

With just a few clicks on your laptop or a few taps on your smartphone, you can order your favorite goodies online and have them delivered to you in just a few days. With the holiday traffic and jam-packed malls, it’s definitely a good idea to get your Christmas shopping done online.

To get you started, here is a holiday gift guide for every type of person in your life. With this well-curated list, you can narrow down your options and ideas for the perfect holiday gift while also having the opportunity to give love and support to local brands.

For those who like to pamper themselves

ALL of us have powered through the year, so everyone deserves to unwind during the holidays. Gift your loved ones with items that can help them with their well-deserved relaxation.

For example, why not give new sheets and blankets from Linen and Homes? Their linen sets (from P2,950) are made from 100% cooling bamboo viscose, which is luxurious, lightweight, and breathable. Another excellent choice is local accessory brand K Accessories for all the women in your life. This brand makes bold and stylish necklaces, rings, bracelets, earrings and ear cuffs.

If your loved one likes to keep a peaceful atmosphere with a calming aroma, help create that mood with Lumi Candles. Their soy candles come in a variety of fragrances, from lavender to fresh bamboo, rosé, vanilla, and more.

Check out these stores for more of your wellness and self-reward needs:

TEETH Whitening Kits from Holo, Starter Sheet Sets from Flax Linen Beddings, New earrings from Penny Pairs, New outfits from Yong Studio

International Trendy clothes from Bella Clothing, or New sneakers from Sanbera.

For the home office warrior

HARD workers need to have the right workspace to help them meet all their deadlines. Upgrade their home office with the WFH must-have, a desk riser or a portable desk from Stance Philippines.

Their Stance EasyDesk (P1,990) is a portable workspace that can be used in bed or on the couch. The Levit8 Portable Standing Desk can be placed on any surface to elevate the laptop.

You can also brighten up their workstation walls with prints and frames from Sevenside Ent. Online Store from customized frames start to collage frames, which you can fill with memorable photos or any visual art to draw inspiration from Have a few more to spare for that special person? Be sure to explore these great sites for more home and office needs: Additional reads from BookSpine PH, Home air purifiers from Aviche, Handcrafted furniture from Ecowoodphilippines Corp., Outdoor lighting from Altum Circular, Plant care essentials from Gardening Tita, A nativity set for the holidays from Alriver, and Custom laser cut ornaments from Laser Crafts PH. For the foodie THE way to a foodie’s heart is through their stomach. The sweet treats from Deliziosa will be a hit for those who like kakanin like black kutsinta and inutak.

You may also consider the baked goodies from Cupcakes by Sonja, Manila’s first

cupcake store. Try their classics like the Red Velvet Vixen (from P100) and the Lemon Drop (from P105). For the more adventurous foodie, their special treats like the Hostess with the Mostess (from P540) and the Pistachio Berries and Cream (from P930) will definitely be a hit.

If you know a coffee lover, there can never be too many mugs for them to enjoy their favorite drink. Orion carries a line of high-temperature-fired porcelain Italian coffee cups in playful colors and sizes.

They have Egg Cup sets (from P660) and Espresso Egg Cup sets (from P560).

For more cravings, you can visit these shops too:

A VARIETY of coconut oils from Greenlife Coconut Products Philippines, Deli sandwiches from Bhaji Restaurant, Burgers from Hungry Homies, Porchetta from Benedicto Kitchen, Seafood Boil from Surf n Turf MNL, Custom cakes from Honey Glaze Cakes, and Holiday catering from Eateree Eat Better, Inc. Shopping from these stores is easier thanks to Xendit, a Filipino start-up company that’s building a seamless payment infrastructure across the country.

“Times may have changed but Christmas in the Philippines is still one of the most exciting times of the year.

This is why we want to be an instrument to continue making gift-giving possible for Filipinos. Buying online is easier since stores now accept many modes of payment. At the same time, you support small businesses and help them have a merry Christmas, too,” says Christian Reyes, Xendit Philippines COO.

Be extra thankful this holiday season with Subway’s New Italian B.M.T. Plus

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AKE inspiration from Aliza Goco, Carmel Villongco, Gin Panlilio, Kat Maderazo, and Leona Panutat, also known as the “Casa Mamas,” who recently celebrated their recent Friendsgiving with Subway.

The Casa Mamas are a group of hodophiles or people who love to travel.

These moms all live in the same village and see each other at mass or other community events. They've decided to carpool to and from events by living in the same community.

They got to know one another more and found out that they've had a lot in common. They then started taking turns hosting breakfast, and the rest is history.

In this short gathering #CasaMamasxSubway, the Casa Mamas teaches us about friendships and how they can enrich our lives in so many different ways. Good friends can teach us about ourselves and challenge us to be EXTRA better.

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ISIN Asia’s new Managing Director, Mr. Yasuhiro Nakamura, shared how the company has strived to innovate and create products to better serve its customers. “With the help of our tech-driven solutions, we want to create a better future for our customers without compromising the quality of life and the sustainable environment. We want to show tangible solutions to environmental and social challenges while creating a safe and sustainable future for everyone. That is our vision, and we will turn this into a movement through the range and quality of products that we offer,” he said.

The company also showcased AISIN Group’s new brand and logo, which embody the company’s vision and philosophy "Inspiring Movement, Creating Tomorrow."

Meanwhile, their new tagline, "We Touch the Future," strengthens their dedication to moving forward collectively as a company, utilizing new technologies to create new products and services that will ensure safety, comfort, and sustainability. Officially launched in April 2021, the rebranded image of AISIN was due to the merging of AISIN Seiki Ltd. with its subsidiary, AISIN AW, earlier this year.

Along with these breakthroughs, AISIN also bared the new packaging that will roll out in the Philippine market. This new packaging featured three distinct elements: the background design, the distinctive gold icon, and the new AISIN logo. Detailed packaging design specifications and anticounterfeiting measures have also been put in place to prevent the proliferation of fake AISIN products.

Mr. Winston Ang, VP of Riken Motor

Sun Life launches three new peso global funds

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ILIPINOS who need insurance protection and are looking for an opportunity to maximize their Peso can now tap US dollar-denominated financial assets through Sun Life of Canada (Philippines), Inc.’s latest fund offering, the Peso Global Funds. It is available in three variants: Peso Global Income Fund, Peso Global Growth Fund, and the Peso Global Opportunity Fund.

The Peso Global Funds are available as fund options to any Sun Life Pesodenominated investment-linked insurance plans that provide coverage until age 88 or 100, depending on the plan chosen.

Operating as a fund-of-funds, the Peso premiums will be converted into US dollars and will be invested in high-quality fixed income-centric, equity-centric, and multi-

with goodness worth sharing.

For a limited time only until January 18, 2022, Subway offers their Italian B.M.T. Plus with their ala carte prices starting from Php 165 for the 6-inch sub, Php 320 for a footlong, Php 175 for the 10-inch wrap, and Php 260 for the salad.

Order now and enjoy everyone's favorite with more cheesy and meaty Italian B.M.T. Plus. This is valid for dinein and takeout transactions. Subway cares about your health and safety during this pandemic. This new item in the menu is available for delivery via Facebook Messenger BOTTY www.m.me/SubwayPhilippines or via GrabFood. You can also do takeout from any Subway branch near you.

asset global funds.

“These Funds are for Filipinos who would like to take their Peso asset’s earning power to the next level,” Sun Life of Canada (Philippines), Inc. President Alex Narciso said.

“It is suitable for those who have long-term wealth accumulation goals such as preparing for retirement.”

The Funds will be actively managed by Sun Life’s expert fund managers who will swiftly reallocate assets from time to time to take advantage of market opportunities to ensure that they provide the best possible returns.

“Across the local industry, there really is a shortage of products that allow clients to invest outside the Philippines. The launch of the peso versions of our global fund suite will allow our clients to diversify their financial assets without the inconvenience of having to exchange their Peso,” Sun Life of Canada (Philippines), Inc. Investments Head Ivan Corcuera said. “These fund options also leverage on existing strategies and allow clients to participate in the post-pandemic economic recovery.”

Those who want to know more about the Peso Global Funds and other Sun Life insurance products and investment solutions, can consult their respective Sun Life Advisor or connect with one via bit.ly/ advisormatch. For other inquiries, call Sun Life Client Care at 8849-9888 or visit sunlife. com.ph for more information.

Maximize EastWest’s Komo interest rate this holiday

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They celebrate your successes and stay with you through encouragement and camaraderie even as times get tough.

But to maintain such friendship, people must be willing to create a safe space for discussion and listen to different perspectives. #CasaMamasLoveSubway There's a lot to be thankful about this year, even if the pandemic has significantly disrupted our lives. So tune in and subscribe for more family, friendship, love, travel, and fashion advice by the Casa Mamas!

The NEW Subway® Italian B.M.T.™ Plus! comes with more cheese and meat.

Friendsgiving is meant to be celebrated with the people closest to you. And nothing brings people together than great food that's loaded

Sales, noted that when it comes to drivetrain, engine, lubricants, and brake-related products, AISIN remains the top-of-mind choice among customers.

“There are already products lined up for launching next year like Fuel Filter, Air and Cabin Filter, Wiper Blades, and a whole lot more. We hope for everyone’s support on this. AISIN, ADVICS, and ART Products are available in the Philippines thru Riken Motor Sales and our partner dealers nationwide,” Ang shared.

AISIN manufactures and supplies more than 10,000 types of automotive parts to leading car manufacturers globally. AISIN is also able to offer high-quality automotive products by leveraging its technological expertise and a strong network of automotive manufacturing plants across the globe.

“Our goal is to become the Department Store of Automotive Products—to create a one-stop-shop for someone in need of any automotive product. With the help of our dear customers, we can achieve this goal little by little. It has always been the teamwork and collaboration with you that encourages us to create so much more and offer more,” said Mr. Nakamura.

For more information, visit AISIN Philippines’ official Facebook page.

ASTWEST Bank’s Komo is here for a year-end savings surprise. Komo or “Kontrol Mo Ang Pera Mo”, the exclusive digital banking service by EastWest Bank and powered by EastWest Rural Bank, encourages users to make saving money a habit.

In this season of giving, Komo makes saving even more rewarding with its 4% annual interest promo. With this special interest rate, the more money you save, the bigger your deposit grows!

This promo, which runs until January 31, 2022, is so easy to avail. If you haven’t yet, sign up for Komo and make sure you have an outstanding balance less than or equal to PHP500k at the start of each qualifying month during the promo period.

Increase your deposit and grow your Average Daily Balance (ADB) by PHP5,000 from the start to the end of each qualifying month during the promo period to earn the 4% annual interest rate. You can find the complete details of the promo at komo.ph Not only is Komo giving your savings a boost with the 4% annual interest promo, it also offers convenient and secure services designed to meet your everyday banking needs.

Last-minute gift giving is a breeze with your Komo app, where you can simply transfer funds seamlessly from Komo to any account via QR or with your saved favorites. This service is also still free of charge in 2022.

You can get a VISA debit card free when you open a Komo account or upon your first request; this card can be used for easy online and POS shopping. To pay bills without the hassle of going through the holiday rush, just select from Komo’s list of billers and pay with ease anytime, anywhere.

Plus, Komo’s new analytics tool allows you to stay on top of your finances right from the app. From tracking expenses to managing your budget, and even setting savings goals, it’s perfect for starting off the new year financially ready.

And if you’re looking for added protection for you or your loved ones, give the gift of peace of mind with Troo Flex’s customizable insurance. Another great feature of the Komo app, Troo Flex lets you set your budget and customize which riders are most important.

“Adapting to customers’ needs is something that the banking service prioritizes, and especially during the Christmas season, you need to have a bank you can trust,” said Isabelle Yap, Komo’s business lead. “Komo vows to provide a better, faster, and more convenient way of banking that’s tailor-made for Filipinos,” she added.

Download the Komo app from PlayStore (bit.ly/KomoForAndroid), App Store (bit.ly/ KomoForiOS), or Huawei App Gallery (bit. ly/KomoForHuawei). And sign up for an account with just one valid ID.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, December 20, 2021 B7

Hallyu ready for a K-culture takeover?

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PR Matters

By Abigail Ho-Torres

WAS not much of a Korean pop culture fan. In fact, just a couple of years ago, I could not quite understand the appeal of Blackpink (sorry, Blinks) and Crash Landing on You. And then the pandemic happened. I started rewatching some of my favorite US series on Netflix, but got tired of going through those shows after a few months. I then decided to watch Goblin, which I now refer to as my “gateway drug,” in June 2020, and that changed my life— or at least my perception of Korea and some of my consumption patterns.

I then started researching the highest-rated K-dramas, and ended up watching shows off those lists. My husband began watching with me and, at some point, was even watching some shows by himself. Now we have a “K-drama date” every night, accompanied by beer, wine, or soju on weekends.

Ramyeon packs are now a pantry staple, and we sometimes even have packaged tteokbokki (spicy rice cakes) and kimchi. I have also begun learning the Korean language. I am officially a hallyu convert.

The Oxford English Dictionary defines hallyu, or Korean Wave, as “the increase in international interest in South Korea and its popular culture, especially as represented by the global success of South Korean music, film, television, fashion, and food. Also: South Korean popular culture and entertainment itself.” Yes, the word made it to the Oxford English Dictionary this year, more than 20 years after it was coined in the late 1990s.

Like many successful nation branding and “soft power” campaigns, the global rise of hallyu did not happen overnight. It took decades to take flight: from planning to government intervention to industry consolidations to execution of strategies to impact measurement—it took thousands of hours and hundreds of minds to reach the status that hallyu enjoys now.

Hallyu history and influence on Filipinos

According to Korea.net, the official web site of the Republic of Korea, the term “hallyu” first appeared in 1997, when the drama What is Love was aired by state broadcaster China Central Television (CCTV) and clinched the second spot on China’s list of all-time biggest and most popular imported video content.

Japan was next to be hit big time by the Korean Wave when Winter Sonata, a drama produced by national broadcaster Korean Broadcasting System (KBS), aired via Japan government-owned broadcaster NHK in 2003. Nami Island in Chuncheon, the drama’s location, landed among the top places to visit for Japanese tourists.

Brand & Business: Manulife expands Peso Smart University program to 100 students of Ateneo De Manila, De La Salle, UP Diliman and UST to help strengthen financial education in the country

MANILA, PHILIPPINES—According to Manulife’s recent study, 77% of Filipino Gen

Zs are already researching finance, and 92% of Gen Zs consider owning an insurance product in the next 1-2 years.

These young Filipinos also shared that they are mostly interested in life, health, and variable unit-linked insurance (VUL) products.

To respond to the increasing financial transformation of the younger generation, Manulife recently extended its financial literacy program Peso Smart University to include students from Ateneo de Manila, University of the Philippines-Diliman, and Uni-

KOREAN WAVE

The Philippines was not spared from the K-culture invasion. GMA 7 aired Bright Girl in 2003, considered the first K-drama broadcast on Philippines shores. This was followed by a slew of K-dramas, not only on GMA, but also on rival networks ABS-CBN and TV5.

These shows were dubbed in Filipino, and not English-subtitled like those found on streaming services Netflix and Viu, making them an easier sell for the mass market.

The early 2010s, meanwhile, saw the rise of K-pop in the country, with “idol groups” like Super Junior, Girls’ Generation, 2NE1 (which featured ABS-CBN Star Circle Quest runner-up Sandara Park), BigBang, 2PM, 4Minute, Beast, and ZE:A stealing the hearts of local fans, according to an article on Korea.net.

Even before K-dramas and Kpop landed in the country, however, the Philippines has been host to Korean nationals wanting to learn English, establish businesses, or just go to a warm place during winter. This has given rise to a new sub-economy, composed of English language centers catering mostly to Koreans and Korean groceries, the latter now catering more and more to Filipino consumers.

‘Soft power’ strategy

The global phenomenon that is hallyu has allowed Korea to inject parts of its culture into the daily lives of many of the world’s population. It can be said that this is part of Korea’s soft power strategy, a theory developed by former Harvard Kennedy School of Government Dean Joseph Nye. He later came up with the concept

versity of Santo Tomas, after its successful pilot run at De La Salle University last year.

More than 100 university students from these top schools attended the two-day virtual classes in early December 2021, where Manulife’s top actuaries and wealth management experts discussed the importance of insurance, investments, and financial planning so they can learn how to grow their money, prepare for the unexpected, and financially secure their future.

“The goal of the Peso

of “smart power,” where hard and soft power are combined into a successful national strategy.

In the realm of foreign affairs, “hard power” refers to the use of force or coercion to get the rest of the world to do what a specific nation wants, while “soft power” represents the ability to get what one wants by way of attraction: “It arises from the attractiveness of a country’s culture, political ideals, and policies,” Nye said.

Just a few months ago, K-pop phenomenon BTS delivered a speech at the United Nations headquarters in New York City, a day ahead of the UN General Assembly. The seven-member idol group accompanied South Korean President Moon Jae-in, as the presidential envoy for future generations and culture. They made their UN debut three years ago as part of UNICEF’s Generation Unlimited campaign, which sought to educate young people and give them vocational training.

In 2019, another popular idol group, EXO, joined President Moon in welcoming then-US President Donald Trump to Seoul on the last day of the G20 Summit. The year before, girl group Red Velvet and singer Baek Ji-young top-billed a concert in Pyongyang, North Korea, celebrating the first summit between President Moon and North Korea Supreme Leader Kim Jong Un. “ This kind of event is not about Seoul lecturing foreign audiences on its policies—rather, the South Korean government is tapping into genuine interest among global fans, as clips from the concert racked up a combined 3 million views and counting on

Smart University is to help Filipino Gen Zs understand the various opportunities and platforms available to them so they can start investing in their financial future. Time is their strongest asset, so they are encouraged to learn how to manage their finances by choosing the right options, managing risks and uncertainties, and setting aside funds for important life contingencies,” said Manulife Philippines Chief Marketing Officer Melissa Henson. “These university students, who will soon

YouTube,” University of Chicago PhD candidate Jenna Gibson wrote on the web site of thinktank Carnegie Endowment for International Peace.

She said, however, that South Korea has yet to fully harness its soft power to influence global policies, as this is “something the South Korean government is still figuring out as it transitions from a focus on nation branding to a deeper soft power strategy.”

Economic and cultural impact

While Korea’s influence on global policies may not yet be that visible, if at all, hallyu has provided huge economic benefits to the country—even as much as the gross domestic product (GDP) of some small economies—over the past years.

Bloomberg jour na l ist A le x Webb summed it up very well: “South Korea has made other megahits—its drams and romcoms are lapped up across Asia.

But the effect of its rising cultural influence may be more economic than ideological. US exports helped sell US values. For Korea, the exports themselves may be enough. It’s not trying to sell its system of government, but it does have Samsung smartphones, Hyundai cars, and Samyang noodles to offer. And in a world of rising trade tensions, convincing China and the US alike to be open to buying your products may be a far more desirable outcome.”

The 2020 Global Hallyu Trends report, published by the Korean Foundation for International Cultural Exchange, showed the following hallyu-derived economic benefits from 2019: close to $6.4

become part of the Filipino workforce, must form smart money habits early, so they can understand the value of financial independence that can help them secure a better future.”

Key lessons in the program include what it means to be a financially healthy person; setting SMART (Specific, Measurable, Attainable, Relevant and Time-Based) goals; understanding the importance of life insurance protection for peace of mind and to help grow your money; exploring various investment

billion from export of cultural content and $6 billion from export of consumers goods, for total hallyu-driven export receipts of more than $12.3 million.

BTS alone was contributing $4.65 billion of Korea’s GDP— even more than the annual output of Fiji, Maldives, or Togo—a Forbes article by William Pesek in 2019 revealed. And this was before the group made waves on the Billboard music charts, the American Music Awards, and the Grammys. Not to mention their sold-out concert at the newly built SoFi Stadium in California, which sold 214,000 tickets across four nights from November 27 to December 2, placing ticket receipts at $33.3 million.

Chew on that while I munch on some crushed ramyeon with the flavor powder mixed in, eaten like a bag of chips, the way K-drama characters sometimes eat their instant noodles. Happy hallyu holidays!

(To be continued) PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier organization for PR professionals around the world.

Abigail L. Ho-Torres is AVP and Head of Advocacy and Marketing of Maynilad Water Services, Inc. She spent more than a decade as a business journalist before making the leap to the corporate world.

We are devoting a special column each month to answer our readers’ questions about public relations.

Please send your questions or comments to askipraphil@gmail.com.

options and value investing; deep-diving into unit investment trust funds (UITFs); and making your investment journey better so you can achieve your financial aspirations.

Since its inception in 2020, more than 200 university students have graduated from Manulife’s Peso Smart University program. To know more about Peso Smart, visit https://manulife.pub/PesoSmart.

For more information about Manulife, you may follow their Facebook page or visit https://manulife.com.ph

Hotshots give Victolero win in 200th game as head coach

By Josef Ramos

M

AGNOLIA gave Chito Victolero back-to-back wins on his 200th game as a head coach with masterful 109-98 rout of Rain or Shine on Sunday in the Philippine Basketball Association Governors’ Cup at the Smart Araneta Coliseum.

Thanks to Jio Jalalon’s splendid playmaking and scoring, the Hotshots are in a 2-0 start behind solo leader NLEX (4-0).

The ex-Arellano University scrappy point guard tallied 14 points on 5-of-9 shooting from the field on top of 10 assists and six rebounds.

Victolero also praised Magnolia’s leech-like defense that clamped down Rain or Shine’s offense throughout the game.

“It starts with our defense. We want to control the pace of the game,” said Victolero, whose wards controlled the game with more steals (7-5) and blocks (12-4).

Victolero booked his 118th win against 82 losses since taking the job as Hotshots head coach in 2016.

“We had a hard time each time we faced Rain or Shine in the last bubble’s quarterfinals. The good thing was we continue playing defense and executing on our offense this time,” Victolero said. “We need to have that mental toughness because we knew it was going to be a physical game.”

Import Mike Harris piled up 10 of his 26 points in the third quarter, while Calvin Abueva flirted with a double-double of 18 points and nine rebounds. Ian Sangalang had 11 points for Magnolia.

The Hotshots committed only five turnovers against the Elasto Painters’ 16 errors, the team’s all-time fewest in a game in franchise history that tied the all-time fourth fewest in a game by any team in the league.

Magnolia unleashed a fast-paced game throughout and posted its biggest lead at 96-78 in the fourth period behind Jalalon’s two free throws with still 7:40 remaining in the game .

The Elasto Painters didn’t recover from there.

Import Henry Walker and Rey Nambatac scored 23 points each, but their efforts were not enough to stop Rain or Shine reeling to backto-back losses.

The Elasto Painters dropped to a 2-2 winloss record.

Sports

B8

| Monday, December 20, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

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NTOINETTE SAN DIEGO sent 13-year-old wunderkind Ruelle Canino back to earth with a 52-move win of a King’s Indian Defense to share the lead with three others after two rounds of the 2021 Philippine Women’s Chess Championship at the PACE Building in Quezon City on Saturday.

San Diego, an Olympiad veteran, pounced on an opening blunder by Canino to emerge a piece up and nursed it until the end to extract the full point and forge a four-way logjam on top with Kylen Joy Mordido, Shania Mae Mendoza and Jan Jodilyn Fronda with 1.5 points each.

Mordido and Fronda battled to a 34move standoff of an English Opening while Mendoza turned back Lexie Grace Hernandez in 66 moves of a Queen’s Pawn opening.

It was a heartbreaking defeat for Canino, who was hoping to follow up on her shock 96-move triumph over top seed and the country’s first and only Woman Grandmaster so far, Janelle Mae Frayna, of a Jobava System of the London Opening in the first round Saturday night.

Frayna was quick to bounce back from that stinging defeat by outlasting fellow national team mainstay Bernadette Galas in 57 moves of a French encounter in the event staking P50,000 to the champion and a slot to next year’s Hanoi Southeast Asian Games.

Rinoa Mariel Sadey also barged into the win column following a 44-move win over Allaney Jia Doroy of an English Opening.

TIGER ‘LONG WAY’

CHARLIE WOODS reacts to missing a putt on 16th green as father Tiger Woods watches during the first on Saturday in Orlando, Florida. AP

FROM REAL THING O

RLANDO, Florida— Tiger Woods walked onto the tee for a routine pro-am round Friday and felt an unexpected dose of nerves, realizing how long it had been since he had an audience on the golf course.

The small grandstand behind the tee was packed, everyone on their feet. Spectators filled every inch behind the ropes for 95 yards down the left side of the hole.

This was another must-see moment involving Woods under far different circumstances.

Ten months after

Woods shattered his right leg in a car crash in suburban Los Angeles, he was back to golf at the PNC Championship with 12-year-old son Charlie.

Back to being Tiger Woods? Far from it.

Even so, the February 23 images of his crumpled SUV and seeing him Friday in golf attire taking full swings and holing putts was no less remarkable.

“I haven’t hit too many tee shots and then...all of a sudden there’s people off the tee box,” Woods said.

“It was an awesome day. It was just awesome to be back out there playing and being out there with my son. And we just had an absolute blast.”

They are the featured attraction at the 36-hole event that pairs parents and children, just like last year, with one big difference. A year ago, there was enormous appeal

getting a look at the young son of the 15-time major champion.

Now it’s all about the father.

Nearly two dozen media, mostly cameras, waited along the circle drive and raised their equipment each time a car approached at the Ritz-Carlton Golf Club Orlando. Woods fooled them again, walking in from the parking lot, just like normal.

He stopped hitting full shots over the last six holes, and he didn’t have much power on the tee shots he hit. That was to be expected. As he said two weeks ago in the Bahamas, competing in a real event at the highest level is a long way off.

“It’s just not as powerful,” Woods said. “I can’t generate the speed I used to and the body is not what it used to be. Obviously, it’s been a little banged up this year. And slowly but surely, I’ll get to where the speed will start

coming back and I can start hitting the shots that I see that just aren’t quite coming off.”

There were some positive signs.

After his opening drive, he stooped over with all his weight on his damaged right leg to remove the tee.

At times he walked with a purposeful stride. And at times, his gait was slower and more measured.

Woods walked from the back tee to the forward tee his son is using, and then he got into a cart that he can use for a 20-team event that includes 86-year-old Gary Player and the 11-year-old son of former British Open champion Henrik Stenson.

The Masters is four months away.

Augusta National is the toughest walk Woods faces in even healthy years.

“I couldn’t walk this golf course even right now, and it’s flat,” Woods said. “I don’t have the endurance.

My leg is not quite right yet, and it’s going to take time. I’m a long way from playing tournament golf.

This is hit it, hop in a cart and move about my business.

“Being able to play tournament golf and being able to recover, practice and train and hit balls after a round and do all the things that I need to be at a high level, I’m a long way from that.”

He did go to the range when his pro-am round was over, first as a spectator. Charlie dropped a bag of balls and began hitting wedges.

Woods slowly took a seat in the grass, leaning against the back of a cart, and raised his right knee.

Before long, he slowly got up and hit wedges side-by-side with Charlie, and then they moved over to a bunker for some practice. It was light and easy, which is about all Woods is able to handle at the moment.

Woods plays in the final group on Saturday along with Justin Thomas and his father, the defending champions.

Woods and his son finished seventh last year, and then Woods had a fifth surgery on his lower back that delayed the start of his season.

Then, his season and nearly his career ended when his SUV that police estimated was going at least 84 mph crashed over a median on a winding road and tumbled down a hill. AP

GlobalPort stuns Argentina in Miguel Romero Cup

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JIO JALALON helps lead the Hotshots to a 2-0 start in the conference.

San Diego grabs share of round 2 lead in chessfest

BusinessMirror

LOBALPORT-PHILIPPINE team displayed cohesion to earn a stunning 10-9 win over a fancied team from Argentina in the Miguel Lorenzo Romero Cup held recently in Calatagan, Batangas.

Playing in the field named after his son Miguel Lorenzo, Deputy Speaker Mikee Romero (1Pacman Partylist) joined forces with grizzled veteran Anthony Garcia in scoring the team’s first win over a squad backstopped by well-decorated Argentinean players.

“It was unbelievable beating the Argentineans,” said Romero, who scored a crucial goal late in the game that helped Globalport repel the

Still a good win THE Philippines ended its 2021 Suzuki Cup run with a nailbiting 3-2 win over Myanmar. The Azkals finished third in Group A with a 2-2 record, ahead of 1-3 Myanmar and 0-4 Timor Leste.

Thailand, 2-nil winner over Singapore, topped the group with 12 points while the Lions finished with a 3-1 card and nine points.

Bievenido Maranon finally showed all the moves and savvy that Philippine Football League and Asian Football Confederation followers know when he scored a hat trick in the first half.

visitors’ determined comeback. “We made a good start because of the team’s chemistry.”

Behind Garcia’s attacking flair, GlobalPort raced to a commanding 6-2 lead to the cheers of a small but highly-appreciative crowd that enjoyed the hospitality of the host organization.

GlobalPort’s lead, however, dwindled after the half as the Argentineans intensified their attack to pull to within 9-8.

But Romero and Garcia—along with Adrian Garcia and Jake Gordon—refused to be intimidated with Anthony Garcia sealing the deal

Unfortunately, Myanmar did much better in the second half to make a game of it right down to the final whistle.

Looking at this match, here are the positives I would say: All three goals were manufactured either from a buildup or strong possession.

For the first goal, Jesper Nyholm won the aerial battle close to the Philippine’s defensive third following Myanmar keeper Myo Min Latt’s forward kick. The ball went to Daisuke Sato on the left and he launched the ball forward to Yrik Gallantes who darted to the middle to pass to Oskari Kekkonen.

Kekkonen passed to the right where Martin Steuble was.

Steuble played it back to Kekkonen and with a Myanmar player pressing, sent the ball back to the former.

Steuble found Kevin Ingreso in the middle of the field.

Ingreso to Gallantes who cut to the middle of the field then played a pass back to the former. Then Ingreso to the left overlap by Sato who crossed. By now Gallantes had inside the box was unable to latch on to the ball. It fell close to Maranon who controlled the ball then sent a low shot to the right side of the goal.

That was an 11-touch possession that led to a goal.

The second goal was a nine-pass sequence while the third score, a six-pass play.

Besides the obvious solid possession, what I liked about it was players were running into spaces to receive the ball and advance it to a scoring position. All goals were inside the box.

Bienve Maranon took a while to get going and when he

with his sixth goal with still two minutes remaining.

The Argentina made another goal but ran out of time as GlobalPort rotated the ball with razor-sharp precision.

Eight of GlobalPort’s goals were from the field while the two were scored from the foul line courtesy of Adrian Garcia.

The tournament was the first to be held at the Miguel Lorenzo Romero field since the 2019 Southeast Asian Games that saw the Romero- and Garcia-led team secure a bronze medal in the event that lured the wealthy from the region.

MEMBERS of the GlobalPort-Philippine team (from left) Deputy Speaker Mikee Romero and wife Sheila, Jake Gordon, Adrian Garcia and Anthony Garcia with daughters Bailey and Bea strike a winning pose.

did, showed us his scoring savvy. He scored a header, a flick, and well-placed shot from inside the box. He nearly even had a fourth.

There is a reason why Yrik Gallantes is getting playing time.

Gallantes in the middle of the park and has even made his presence felt inside the box. Prior to the first goal, he knocked in a Maranon miss that was rendered a non-goal owing to an offside position by the former.

In the first goal, he actually made contact with the ball inside the box but was unable to get a full boot on it. As a result, it went to Maranon who blasted it in.

I like that Gallantes has given the Azkals that play from the central midfield that was lacking in the first two matches.

I like that some players got better as the tournament went on.

Daisuke Sato has played well since the opening day loss to Singapore. Martin Steuble has done well especially moving forward.

I thought though that Patrick Reichelt, who took the captain’s armband from Stephan Schrock is better in the wings rather than upfront, had difficulty so he didn’t have that desired impact.

I would say that it was a good debut for Nyholm and the others. They will get better from here.

The Azkals took better care of that ball.

In previous matches, they would annoyingly pass the ball back, get caught under pressure then launch the ball

forward only to fall into the feet of an opposing player.

They did better this time and showed the quick advancing of the ball.

Having said that, the two goals scored by Myanmar were from misplayed balls by Steuble and Sandro Reyes and an unfortunate slip of a defender. That should not discount from the fact that Myanmar played with more intent in the late second half.

The Burmese started well but quickly lost their heads and shape after. But not in the last 25 minutes of the match.

Some things that in my opinion, the Azkals need to work on: The 1v1 skills that were absent in this tournament. Too many times, the players in attacking positions couldn’t find that higher gear to blow past their man to advance the ball.

In this match, there was an instance where Reichelt got the long ball and had one or two men to beat. But he misplayed it. Had there been some form of trickery, there he would have been one-on-one with the keeper.

To be fair, Reichelt does better when he does get a full steam and room to operate from the flanks.

Still for many other players, I didn’t see them blowing by their man on 1v1 situations.

Continue working on that creative game from the central midfield.

It was still a good win and a good end to end one’s stint in the Suzuki Cup.