BusinessMirror February 05, 2024

No united stand from PHL biz on Cha-cha debate

By Andrea E. San Juan @andreasanjuan

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BUSINESS leader said the Philippine business community has no “unified stand” on the proposed charter change, largely due to confusion stemming from a wide array of proposals.

“The problem is, we are confused because it’s not clear to us what the plans really are. Different reports are coming out, different systems discussed, different parts sought to be changed. Nothing is clear about what’s going to happen,” Sergio R. Ortiz-Luis Jr., President of the Employers Confederation of the Philippines (ECOP), said, partly in Filipino, according to a statement by the Philippine

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E x por ters Confederat ion Inc. (PhilExport) on Friday.

“So we [sort of] feel it’s a little dangerous that we are unable to clarify yet who is pushing what,” added Ortiz-Luis.

Asked what economic provisions he thinks needs amending, the business leader said any amendments should be geared toward ensuring that “erratic and ever-changing” policies of the government are made consistent, noting that the lack of consistency was pushing foreign investors away and “into the arms of neighboring nations.”

According to an earlier story of the BusinessMirror, the House of Representatives and the Senate have traded “rhetoric” over the drive for a people’s initiative (PI) to modify

the 1987 Constitution.

Senators have objected to the PI for Charter change by adopting a manifesto seeking voters’ opinions on allowing the House and the Senate to jointly vote on proposed constitutional amendments, effectively sidelining the Senate.

Dur ing a news conference, House Speaker Ferdinand Martin G. Romualdez suggested that rather than criticizing the House, the Senate should focus on addressing its alleged failure to approve the priority legislation of the Marcos administration.

“The House of Representatives has completed its tasks. All assignments are done. Senators, on the other hand, are not finished. Finish your work. The Filipino people

are waiting. Kadugay [you’re slow],” Romualdez said.

Through the lens of economic and business leaders, National Economic and Development Authority (Neda) Secretary Arsenio M. Balisacan earlier urged both houses of Congress to iron out the dispute between the two chambers as the uncertainties arising from it may “inhibit” investments in the country.

“Well, I hope that they can agree very soon because we don’t also want those uncertainties because one of the factors that inhibit investments, whether it’s domestic or foreign, is the state of uncertainty. So, we hope that our leaders will come to a common position quickly so that we can move on,” Balisacan said.

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Monday, February 5, 2024 Vol. 19 No. 113

See “No united,” A2

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TIMING WOES PULL DOWN N.G.INFRASPEND BY 29.4% n

P25.00 nationwide | 2 sections 20 pages |

By Reine Juvierre Alberto

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TATE infrastructure spending as of endNovember 2023 fell by 29.4 percent to P56.7 billion from last year’s P80.2 billion, data from the Department of Budget and Management (DBM) showed.

See “Timing,” A2

DOT’S TRAVEL EXTRAVAGANZA WRAPS UP The Department of Tourism (DOT) wraps up the three-day 2024 Travel Tour Expo in Pasay City, led by Tourism Secretary Christina Garcia-Frasco and Transportation Secretary Jaime Bautista, accompanied by a gathering of over 500 exhibitors. The expo proved to be a comprehensive one-stop shop for travel enthusiasts, presenting an array of exciting travel-related offers. NONIE REYES

INVESTING IN EDUCATION KEY TO SECURING JOBS IN A.I. AGE

By Cai U. Ordinario @caiordinario

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NVESTING in Filipinos through education would be crucial in securing their jobs in the age of Artificial Intelligence (AI) and will improve the country’s performance in the Human Development Index, according to experts.

In the recent launch of the Regional Human Development Report (HDR), Thinking Machines Data Science Director for Social Impact and Responsibility PiaFaustinosaidchildrenmustdevelop critical thinking and creativity.

Faustino, quoting the CEO of Thinking Machines Stephanie Sy, said if she had P100, she would invest half of the amount or P50 in basic education while the other half would be used to cultivate the arts.

“[The question was] if you had P100, how would you spend that to harness the power of AI for the Philippines? She said, I would take P50 of that and I would invest in early education,” Faustino shared.

“I would invest in building creativity, building critical thinking, building problem-solving skills, building the unique human capabilities that AI cannot readily replace.

And that’s how we’re going to become resilient against our jobs being threatened by AI,” she added.

Faustino said AI may already be here and part of today’s world but if Filipinos can learn to harness it using STEM capabilities, there is a better chance that AI won’t be able to threaten their jobs.

See “Investing,” A2

PHL qualifies for ‘threshold program’ under the MCC

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LMOST a decade after the Philippines lost its compact prog ram w ith the Millennium Challenge Corporation (MCC), the country has qualified for a new “threshold” program that will renew its engagement with the Washingtonbased institution.

In a recent briefing, MCC Chief Executive Officer (CEO) Alice Albright told reporters that she has met with Finance Secretary Ralph G. Recto and Socioeconomic Planning Secretary Arsenio M. Balisacan to discuss the threshold program and what it will mean for the Philippines.

Albright said the country is one of three that will benefit from the threshold programs—smaller grant programs designed to support policy and institutional

reforms that address economic growth constraints.

“We recently had a change in the legislation that allowed us to have a threshold [program] with a country after the country had a compact so that is a new feature,” Albright said.

“And so we’re very excited about that because it continues to give us more and more sort of options and flexibilities, and choices and pathways [in] working with different countries,” she added.

The first step in accessing this new threshold program, Albright said, begins with the government’s appointment of a national coordinator for the MCC. Once this is done, she said the MCC can start working on the specifics of the new program.

See “PHL,” A2

EXPLAINER »B4

THINK THE NEWS INDUSTRY WAS STRUGGLING ALREADY? THE DAWN OF 2024 IS OFFERING FEW GOOD TIDINGS

PESO EXCHANGE RATES n US 56.1850 n JAPAN 0.3837 n UK 71.6078 n HK 7.1852 n CHINA 7.8253 n SINGAPORE 42.0452 n AUSTRALIA 36.9079 n EU 61.0900 n KOREA 0.0423 n SAUDI ARABIA 14.9827 Source: BSP (February 2, 2024)

MARCO BRIVIO | DREAMSTIME.COM

The budget department traced the decline in infrastructure spending to the “different timing of big-ticket disbursements” in the Department of Public Works and Highways (DPWH).

According to the report, actual payments for approved billings and disbursement vouchers for civil works, supplies, equipment, and right-of-way claims were expected to be taken up in December last year.

In addition, payments by development partners for foreignassisted projects, particularly the Malolos-Clark Railway Project and the North-South Commuter Railway Project, were also lower in November 2023, the DBM said in its end-November 2023 National Government Disbursement Performance Report.

The overall state spending as of end-November last year fell by 4.7 percent to P433.6 billion from

News

BusinessMirror

A2 Monday, February 5, 2024

S. China Sea not just about US-China rivalry–DFA chief

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By Malou Talosig-Bartolome

@maloutalosig

O not romanticize the latest tension in the South China Sea as merely an extension of the geopolitical rivalry between the United States and China.

Foreign Affairs Secretary Enrique Manalo pitched this view during his speech at one of the roundtable discussions of the European Union and Indo-Pacific Ministerial Forum in Brussels Friday.

Manalo said flashpoints in the Indo-Pacific region have changed in the past decade, noting a “pattern of aggression and militarization” that has risen. These include violations of international laws in the South China Sea, as well as increasing tensions in the East China Sea, the Korean Peninsula and the Taiwan Strait.

“Over-characterizing these developments mainly as a function of the US-China strategic rivalry does not help in understanding the situation,” the Philippines’s top envoy said.

“For one, it puts the distinct and legitimate rights and interests of countries such as the Philippines aside, and secondary to the interests

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country coordinator of Asean, and EU High Representative for Foreign Affairs and Security Policy Joseph Borrell Fontelles, cochaired the Asean-EU Foreign Ministers meeting.

During the meeting, foreign ministers had “frank and fruitful discussions on regional and international issues” such as the South China Sea, Myanmar, Ukraine-Russia war, Israel-Palestinian conflict in Gaza, Afghanistan and Korean Peninsula.

of the rivals,” he added.

In an apparent reference to China’s increasing harassment on Philippine vessels in the West Philippine Sea, Manalo said “actions that are clearly illegal in international law and against the United Nations Charter are sometimes justified” when viewed as a “pretext” of the US-China rivalry.

“It obscures our judgement,” Manalo said. “At the same time, remedies to respond to these actions are viewed by a party in the prism of this strategic rivalry.”

Foreign ministers from the European Union and its partners in the Indo-Pacific gathered in Brussels for a roundtable discussion on identifying practical ways to enhance cooperation and deepen solidarity.

Also on Friday, the EU and the Association of Southeast Asian Nations (Asean) held a separate foreign ministers’ meeting in Brussels. Manalo, as

■ On South China Sea: Asean and the EU asked “all countries to avoid any unilateral actions” that endanger peace, security and stability in the region. “We emphasized the need to maintain and promote an environment conducive to the Code of Conduct in the South China Sea [COC] negotiations,” it said.

■ On Ukraine-Russia war: “ Most members strongly condemned the war in Ukraine and stressed it is causing immense human suffering and exacerbating existing fragilities in the global economy—constraining growth, increasing inflation, disrupting supply chains, heightening energy and food insecurity, and elevating financial stability risks.”

Asked the same question, United Nations Development Program (UNDP) Philippines Selva Ramachandran said he would tend to agree with the experts from Thinking Machines.

Ramachandran said education is one important aspect of human development along with health. Investing in people is the reason the human development index is a different

Highlights of their joint statement:

■ On Myanmar: “We strongly condemned the continued acts of violence and urged all parties involved to take concrete action to immediately halt violence. We called for all parties to create a conducive environment for the effective delivery of humanitarian assistance, and inclusive national dialogue.”

■ On North Korea: “We expressed grave concern over the surge in the DPRK’s intercontinental ballistic missile testing and ballistic missile launches, which constitute a flagrant violation of the United Nations Security Council resolutions. We urged the DPRK to cease these launches and to refrain from nuclear tests.”

■ On Afghanistan: “We expressed concern over the continuing humanitarian crisis and human rights situation in Afghanistan. We called for unhindered access to the delivery of basic needs and humanitarian assistance to all regions and all people, including women and children, in the country.”

■ On Israel-Gaza conflict: “We exchanged views and expressed grave concerns over developments in the Middle East.”

■ Condemned all attacks against civilians ■ Some called for a “durable ceasefire.”

measure from just economic growth.

“In my personal opinion, I would agree that investment in education is key and a lot of countries moved very quickly because of investment in the education sector, in educating your own children. You can lift a lot of people from poverty, it’s the talent that will contribute to the country. I do agree [with the opinion],” Ramachandran said.

The Philippines’s HDI score has increased from 0.598 in 1990 to 0.699 in 2021, growing over those three decades alongside the AsiaPacific Region’s trajectory.

It suffered slight declines during Covid-19, keeping it within the group of countries with medium levels of human development.

The Philippines also ranks 7th in the Asean, 16th in the Asia-Pacific Region, and 116th in the world.

UNDP said there are still widespread disparities and persistent structural exclusion in Asia-Pacific and in the Philippines.

With the situation worsened by the pandemic and the rising cost of living amid global crises, persistent challenges of poverty and inequality, gender biases, and a large informal sector make it a challenge for the region to be on track to achieve the Sustainable Development Goals (SDGs) by 2030.

“We are currently faced with a convergence of escalating global tensions, deteriorating climate conditions, regional debt distress, and enduring inequality.

This convergence is exerting considerable strain on the developmental gains we have achieved in the past few decades,” Ramachandran said.

“This not only jeopardizes the attainment of Sustainable Development Goals, but also poses a potential for unprecedented setbacks in human development, economic stability, and climate resilience unless prompt and extensive corrective measures are implemented,” he added.

The report further emphasizes three interconnected ‘risk clusters’ that the region currently confronts: climate change and potential pandemics; the changing globalization trends and increased automation; and a slowing pace of reform attributed to the changing political landscape.

To bring about that change, the report calls for three new directions in human development: to put people at the heart of development, to recalibrate growth strategies to generate more jobs while keeping within planetary bounds, and to focus relentlessly on the politics of reform and the science of delivery to turn ideas into practice.

In the Philippines, these new directions require four major transformations, including a larger and faster green economic and energy transition, and strengthened resilience of families and communities from shocks and disasters.

UNDP also said these transformations include accelerated innovation and digital evolution as tools to accelerating and sustaining growth and future-ready governance that can help to hasten human development.

www.businessmirror.com.ph

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last year’s P455.0 billion, with the report noting lower infrastructure and maintenance expenditures and transfer to local government units (LGUs).

“Disbu rsements for t he 11-month period ended up at P4,675.2 billion, P162.1 billion or 3.6 percent more than the 2022 level,” added the DBM in the report.

For November 2023 alone, state infrastructure spending also went down to P56.7 billion this year, falling 29.4 percent from P80.2 billion in the same month last year.

Overall state spending was reduced by 4.7 percent or P21.3 billion during the month to P433.6 billion from P455.0 billion in the same month in 2022.

According to the budget department, national government expenditures reached P4.6 trillion, as increase of P162.1 billion, or 3.6 percent year-on-year, as of endNovember 2023.

For the remaining months of 2023, the DBM said it expects line agencies to hasten the implementation of their programs and projects in December 2023 with the lapsing of cash allocations and agency closing of books, complemented by the implementation of catch-up plans.

Budget Secreta r y A mena h F. Pangandaman told reporters

earlier this year that the department has ordered national government agencies (NGAs) to spend their budget because they are “not spending enough.”

The secretary said they asked all the NGAs to submit their respective catch-up plans to ascertain the reasons for underperformance and undertake measures to address those.

“With that, nung third quarter, nag-bounce back po tayo, positive na yung contribution ng national government agencies sa ating ekonomiya [during the third quarter, we bounced back and the national government agencies’ contribution to the economy became [positive],” Pangandaman said.

The actual full-year 2023 fiscal performance data will still be released between February and March this year.

The DBM also noted in the report that the recovery of spending performance during the second half of 2023 is notable, particularly the acceleration of infrastructure expenditures.

“This, alongside the cooling of inflation, will hopefully help buttress a strong 2023 GDP growth outturn and put in place a more enabling macroeconomic environment for 2024,” it added.

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Meanwhile, business groups have also shared different takes on amending the Charter. EU Ambassador to the Philippines Luc Véron emphasized that “a lot can be done without touching the Constitution.”

“Most of the things that we are discussing, including on the ease of doing business and so on, do not… have no…the Constitution has no impact. It’s mostly legislation or rules and regulation,” Véron said at a briefing organized by the European Chamber of Commerce of the Philippines (ECCP) last week.

Management Association of the Philippines (MAP) President Rene D. Almendras said that while the business group is willing to work with proponents of Charter change, the elephant in the room is the education crisis in the country, particularly ensuring that the country has ample workforce-ready Filipino graduates.

Foreign chambers such as the American Chamber of Commerce of the Philippines, Inc. (AmCham)

PHL...

and the British Chamber of Commerce of the Philippines (BCCP), meanwhile, expressed support for the removal of foreign equity restrictions from the Constitution.

“AmCham has and will continue to support the removal of foreign equity restrictions in its Constitution,” noting that the Philippines is “one of very few countries that have placed investment restrictions in its Constitution,” said AmCham Executive Director Ebb Hinchliffe.

For BCCP Executive Director Chris Nelson, “Overall, I think you could do it piecemeal. But of course the charter change would bring in a much quicker response.”

“And in that context I would say we are always advocating companies to come do business in the Philippines. It’s an attractive market and it’s also a gateway to Southeast Asia, and anything that can move and further liberate the economy will be supported,” Nelson said in a televised interview in early January of this year.

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This includes the amount as well as areas of cooperation under the program.

Choosing areas for cooperation, Albright said, requires analytical work that will identify the priorities and project design specifics.

“I think what will be very beneficial here is that we already have a long standing history with the Philippines and so there are people who know how we work and how the process goes so I think we’re off to a great start. And we’re very optimistic about the future of the program,” Albright said.

Choosing the Philippines was still based on the MCC score cards, the same ones used to evaluate the eligibility of countries that qualify for compact programs.

The scorecards measure a country’s performance using 20 indicators including fiscal policy; freedom of information; gender in the economy; inflation; civil liberties; and control of corruption, among others.

The MCC said a country is considered to have passed in a given indicator if it performs better than the median score in its income group or the absolute threshold.

A country is considered to “pass” the scorecard if it: “passes” at least 10 of the 20 indicators; “passes” the Control of Corruption indicator; and, “passes” either the Civil Liberties or Political Rights indicator.

Based on the 2024 scorecard, the

Philippines passed 11 indicators but failed in nine. The indicators where it passed are inflation; regulatory quality; trade policy; gender in the economy; land rights and access; employment opportunity; political rights; civil liberties; government effectiveness; natural resource protection; and child health.

The nine indicators where the country failed are fiscal policy; access to credit; control of corruption; rule of law; freedom of information; health expenditures; education expenditures; immunization rates; and girls’ lower second education completion rate.

In December 2023, the MCC Board selected Cabo Verde as newly eligible to develop a compact for the purpose of regional economic integration; while Tanzania and the Philippines were selected to develop threshold programs.

MCC noted that in recent years, both the Philippines and Tanzania have demonstrated renewed commitments to advancing critical reforms to strengthen democratic governance, protect human rights, and fight corruption.

In recognition of these efforts, MCC’s Board selected the Philippines and Tanzania to partner with MCC in the development of threshold programs that focus on the policy and institutional reforms that countries can undertake to reduce poverty and generate economic growth. Cai U. Ordinario

Economy

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

Tap India’s $566.92M mart, exporters urged

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OVERNMENT trade officials are urging Filipino exporters to tap India’s $566.92-million market, especially for food, horticulture, machinery and electronic equipment, personal care and beauty products.

The Export Marketing Bureau of the Department of Trade and Industry (DTI-EMB) reportedly sees India as a “very promising” market given its population of around 1.4 billion, which can be considered a good consumer base.

A statement quoted DTI-EMB Assistant Director Jhino B. Ilano as saying that the value of imports versus exports from and to India are both at 4 percent.

“So there is an opportunity for us to really make our exports higher than what we are importing from it,” Ilano said during a meeting recently organized by the DTI-EMB with members of the Philippine Exporters Confederation Inc. He reportedly said that the unrealized export potential to India in machinery and electronic equipment already translates to $436.96 million, or 77 percent of the total unrealized export pie.

Ilano added that other products the Philippines can export to India include processed food, with unrealized export potential of $3.94 million.

While the untapped export potential is “mostly” on the electronics industry, he pointed out this will have a “ripple effect” on food manufacturers.

For instance, Ilano said, “if Toshiba decides to invest in the Philippines, it will locate here, obviously, many will have jobs. If people have jobs, they will need something to replenish all the energy that they have lost and they will get it from food that many of you are actually producing.”

The busy lifestyle of Indians, coupled with the Philippines’s food offerings could pave the way for tapping India’s export potential on processed food which translates to $3.94 million.

“Simply saying that if you want to sell products to India, the best thing to sell to them would be food. Because the major observation is this: people in India are not actually fond of cooking food for themselves because they are very busy trying to get two to three jobs to maintain a lifestyle. So that’s the reason why in India, there are a lot of

vendors that are actually selling food,” the Trade department’s export marketing official noted.

For personal care and beauty products, Ilano said local firms could unlock at least $1.40 million worth in the Indian market. He told Philippine exporters that they can capture the demand of Indian consumers for coconut oil.

“Indian consumers actually believe that coconut oil has a more moisturizing effect than a usual lotion. So this would tell you that coconut is a very good product that can be sold in the Indian market and coconut is considered to be a tree of life here in the Philippines because nothing is wasted in our coconut products. Now, another important aspect is that in terms of Indian color cosmetics, the market is expected to grow strongly than other beauty products in the country. So coloring in terms of the hair, for the skin, they are very fond of it,” he said.

Meanwhile, for hor ticulture with total unrealized export potential at $1.12 million, Ilano said export products include desiccated coconut, seaweeds and algae, cashew nuts and mangoes that are either fresh or dried.

“Let’s get back to agriculture. We have lots of products that would have great potential but sometimes our farming is just focused primarily on specific products so we really need to look at what products can actually sell,” Ilano said.

Apart from the above-mentioned products, Ilano said the country can export its services such as education and training and creative services, adding that India’s “famous” Bollywood can be a good opportunity for the local firms to engage in.

The franchising sector, he noted, also presents business opportunities.

“Obviously, the food manufacturers would be part of the franchising that can be promoted in India,” Ilano added.

He cited data from the Philippine Franchise Association as showing that the Indian franchise business is expected to touch $140 billion to $150 billion in the next five years.

“So this is a good opportunity for food manufacturers to venture in,” Ilano said.

Andrea E. San Juan

Solon asks NEA to assume control of Palawan co-op

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HE vice-chairman of the Senate Committee on Energy wants the National Electrification Administration (NEA) to assume control over the management of the Palawan Electric Cooperative (Paleco) amid persisting power outages. “[The] Paleco cannot fulfill its mandate of supplying sufficient and affordable electricity to Palawan; then maybe the responsibility of providing power in the province is better off in the hands of [the] NEA,” said Senator Sherwin T. Gatchalian, backing calls made by consumer group Palawan Electric Member-Consumer-Owners (Pemco) for the government-owned and controlled corporation to take over the management of the Paleco.

The NEA had already assigned lawyer Ivan Darwin G. Zamora, department manager of NEA’s Management and Consultancy Services Office, to be the project supervisor to oversee the operations of the electric cooperative.

Latest NEA records show that in terms of “System Average Interruption Frequency Index” performance, the Paleco is not compliant with the reliability standards of 20 occurrences per

year. Unplanned interruptions that are within the control of distribution utilities reached 27.34 in 2022 and 21.878 in 2023, according to Gatchalian.

He added that in terms of power quality, Paleco is also not compliant with the standards set by the Philippine Distribution Code.

“The constant brownout is a big blow to the lives of the people in Palawan. The NEA and the Department of Energy (DOE) must come up with a long-term solution as soon as possible for the sake of consumers,” said Gatchalian.

On July 19, 2023, the NEA given the Paleco an “AA” rating and classified it as a “Yellow” electric cooperative.

An “AAA” rating is the highest score given by the NEA to electric cooperatives that indicates full compliance by power distribution utilities on all parameters, with “D” being the lowest. Cooperatives classified as “Yellow” means they do not comply with four or more of the three key performance standards and parameters of NEA’s guidelines.

In December 2018, the NEA also took over the management of the Paleco amid frequent power outages during that time. Lenie Lectura

Hike in budget to benefit 1.85M SUC students, staff

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HE organization of the 113 state universities and colleges (SUCs) told the House of Representatives that the substantial increase in its 2024 budget will benefit 1.85 million students and thousands of faculty and staff nationwide.

The lower chamber has pushed for the allocation of P128.2 billion for SUC this year, higher than the original proposal of P27.3 billion.

Tirso A. Ronquillo, president of the Philippine Association of State Universities and Colleges (Pasuc), the P27.3-billion budgetary increase benefits 1.85 million students, 72,000 faculty and staff and 50,000 job orders and contracts for service workers across SUCs. The allocation, sourced from unprogrammed funds, includes P20.1 billion for the digital transformation of seven SUCs, P7 billion for FHE deficiencies, and P5.3 billion for the construction, completion, or rehabilitation of classrooms and dormitories in 40 SUCs. Other allocations are broken down as follows: P20.1 billion as capital outlay for the digital transformation or smart campus system for seven SUCs; P7 billion for payment of FHE deficiencies in 2022 and 2023; and P5.3 billion for the construction, completion, or rehabilitation of classrooms and dormitories for 40 SUCs. About P692 million under the maintenance, operating, and other expenses would go to the establishment and support of 22 SUCs that have a College of Medicine. Some P232 million from the P2 million each across-the-board would go to all SUCs for “Capacity Development on Futures Thinking and Strategic Foresight.”

The other allocations are: P273 million for the SUCs’ Tulong Dunong program’ P115 million for the increase in carrying capacity of nursing health

programs of three SUCs; and, P100 million under the miscellaneous personnel benefits fund for the implementation of the reclassification of faculty positions.

Some P30 million would serve as financial assistance to athletes and athletic programs of 16 SUCs while P102 million is allotted for personnel services, P465 million for the yearly MOOE and P43 million for capital outlay.

In a letter dated January 10, Ronquillo said these institutions now have “adequate resources to effectively perform their core mandates of instruction, research, community engagement, and other public undertakings.”

He also commended the crucial role of Speaker Ferdinand Martin G. Romualdez in obtaining additional funding for SUCs in the 2024 General Appropriation Act. He specifically thanked the Lower Chamber for utilizing “unprogrammed funds” to address Free Higher Education (FHE) deficiencies in the 2022 and 2023 school years.

“Your dedication and efforts in enlisting the support of your esteemed fellow congressmen have been instrumental in ensuring that our students have the necessary assistance to succeed in college under the government’s free higher education program,” he said.

“We stand united with the Honorable Speaker in his unwavering commitment to prudent allocation of government resources. Your legislative support shall empower the 113 SUCs to deliver meaningful services to the country and its people,” Ronquillo added.

For his part, the Speaker assured the Pasuc of prioritizing the government’s budget for state-run educational institutions. Jovee Marie N. Dela Cruz

Monday, February 5, 2024

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Pasig River revitalization seen to offer alternative transport

By Cai U. Ordinario

M

@caiordinario

ORE Filipino commuters may be encouraged to take water ferries through the Pasig River rehabilitation project to avoid Metro Manila traffic, according to the Department of Human Settlements and Urban Development (DHSUD).

DHSUD Secretary Jose Rizalino L. Acuzar, who also heads the Inter-Agency Council for the Pasig River Urban Development (IAC-PRUD), said this is one of the reasons the project is not only for beautification.

The revitalization project aims to capitalize on the full

potential of the Pasig River and bring it to the level of other major waterways such as the Thames River in London, the Chao Phraya in Bangkok and the Seine River in Paris. Acuzar said notable among these waterways, aside from being popular tourist attractions, are

the commercial and mixed-use developments that surround it.

With the successful revitalization of the Pasig River, commuters can transition from surface roads to water transport through the project through bridge walks. These will be constructed at major points serving as pickup and drop-off points for the water ferries.

“We intend to implement functional development along the Pasig River that will promote tourism and transportation connectivity for the benefit of ordinary Filipinos,” Acuzar said.

Since its inauguration, the showcase area of the project has been attracting numerous people from all walks of life and has been featured in social and mainstream media.

The project aims to transform the Pasig River into a center of tourism and economic activity while helping address traffic issues in the cities along the river by creating a seamless

connection between road and water transport. The project is divided into nine sections traversing several cities in the metropolis that intersect the river, from Manila Bay to Laguna de Bay. W hen completed, pedestrians and bikers can travel through the entire 25-kilometer stretch of the pathway with seamless connectiv it y. T he project is estimated to be completed in three to five years and will be funded through private donations.

According to the DHSUD, eight other showcase areas similar to the one recently constructed at the back of the Manila Central Post Office will be built along the banks of the river. “(It aims) to provide people with the ideal environment to enjoy a day or evening with their family or friends in a well-lit open-space, park-like setting,” Acuzar said. “Unang phase pa lamang po ‘yan at asahan niyo tuloy tuloy ang aming trabaho.”

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

Monday, February 5, 2024

Authorities urge residents to leave CA junks Binay’s libel as flood waters reach Butuan City case against Trillanes Story & photo

by Erwin M. Mascarinas

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UTUA N CIT Y—Authorities here are calling for the forced evacuation of residents as floodwaters from Agusan del Sur and Davao de Oro start to inundate low-lying communities near the banks of the Agusan River last Sunday morning.

The Butuan City Disaster Risk Reduction Management Office (CDRRMO) has placed 13 barangays under the order of forced evacuation because of the rising water levels of the Agusan River, which was recorded at 2.8 meters—still within the Red Warning Alert Level indicating flood alert warning level 3—at around 10 in the morning of February 4.

A report shared by the Butuan City Public Information Office listed the 13 barangays as Baobaoan, Mandamo, San Vicente, Baan Riverside, Golden R ibbon, Pangabugan, Mahogany, Maon, Buhangin, Agusan Pequeño, Aupagan, Obrero, ug Bading.

The Butuan City PIO posted on their social media account that the affected 13 barangays near the river banks were strongly advised to implement forced evacuation and to monitor their area of responsibility continuously.

According to residents, the flood waters started to rise on February

THIS Sunday, February 4, 2024, photo shows residents of a town in Butuan City walking in flood water that started to inundate lowlying communities near the banks of the Agusan River last Sunday morning.

2 and made it to some of the barangay roads by the third day, which prompted several barangay to order pre-emptive evacuation in areas where waters were rising faster than they had anticipated.

As of 2pm of February 4, around 947 families or around 4,047 individuals were reported by the information office to have been affected by the rising flood waters, prompting the City Social Welfare and Development Department to monitor and assess the 19 evacuation centers in the city.

Liza Mazo, Office of Civil Defense (OCD) regional director, said residents should heed the warning and the call to evacuate. They should

not be complacent while there is still time to transfer to a much safer area.

“Let’s not wait until it [becomes] hard to evacuate and it [is] too late to leave their flooded homes. Most of the dire catastrophic incidents in the past happened because residents became complacent and decided to stay amid the call to evacuate,” said Mazo.

Mazo cited an incident in the past where residents stayed home amid the rising flood waters despite the call to evacuate.

“The problem with those who did not listen to calls to evacuate [is], in most cases they will call for help later in the evening when it will be hard for rescue units to get to their location

and it will also endanger the rescue teams amid the darkness of the narrow passageways or unseen dangers, especially with the fast current of the flood waters,” said Mazo.

Rodulfo Lomuljo, 64, resident of Purok 3, Barangay Buhangin said that they haven’t experienced a large flood in Butuan City since 2014 when Tropical Storm Agaton hit.

“Right now we are not yet that alarmed but the waters are noticeably rising fast compared to the flooding last year. We fear that the water will rise further as the waters from Agusan del Sur will start to reach Butuan City on their water to Butuan Bay,” Lomuljo said.

Lomuljo said the experience during Agaton prompted them to construct their house as high as possible to avoid the annual f lood levels but if the f looding persists, they will seek refuge with a family member in another barangay.

As of 6:00 p.m., hundreds of families remained in their homes, opting to stay in houses as they hope the flood waters will eventually recede.

The OCD Caraga pointed out that it usually takes between three and four days for flood waters in Agusan del Sur to trickle down to Butuan City and urged residents not to wait for the waters to rise before deciding to evacuate.

LPA trough toll rise to 10, affected families near 500k

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AVAO CITY—A day of sunshine after five days of downpour since Wednesday showed a bigger damage, at least to the Davao Region, which was one of the heavily-affected areas in Mindanao due to the extension of a low-pressure area south of the archipelago’s major island-group.

The Office of Civil Defense (OCD) recorded ten dead, double the number from what it recorded before the weekend. The number of families affected also doubled to almost half a million residents.

All the dead were accounted in Davao de Oro, formerly Compostela Valley, an interior province marked by a mountain range whose

slopes have been degraded by scattered diggings decades ago by fortune hunters in search of gold and by the mining operations in this gold and copper-rich province.

Maragusan had three dead, New Bataan had two and Compostela had one, killed by either the rampaging waters or buried in the landslides. Seven persons were injured in the province.

Davao de Oro also sustained many barangays flooded, with 38. The Davao Region had a total of 61 flooded barangays, 15 of them also in Davao City and eight in Davao Oriental.

Forty-five barangays had incidents of landslide, 38 of them reported in Davao

de Oro. Seven landslides occurred in Davao Oriental.

The region reported 66 roads and road sections, and nine bridges that were rendered impassable, with the bulk of the incidents reported in Davao de Oro, with 50 impassable roads and four bridges. Houses partially and totally damaged tallied to 64 across the region.

Some 46 local governments called off classes and 26 of them also included work suspension since Wednesday and advised their constituents to resume by Monday.

The OCD also listed 413,663 residents affected by either the flood or landslide, most in Davao Oriental (184,485) because of its situation of being the coastal province

facing the Pacific Ocean, and Davao del Norte (171,683) because it is the low-lying catch-basin province draining the waters to the Davao Gulf.

Of this number of affected families, 57,602 residents had to evacuate to higher grounds or designated evacuation centers.

Almost all of these affected families were the same families affected two weeks ago by the weather shearline, when the hot air currents collide with the cold air currents to bring heavy downpour in its wake. Fourteen residents in the region died and 350,000 were affected.

In borh episodes, Mindanao was the worst affected. Manuel T. Cayon

Bong Go defends NTF-ELCAC amid calls for its abolition

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ENATOR Christopher “Bong” Go expressed his disagreement with the recommendation of United Nations (UN) Special Rapporteur on Freedom of Expression and Opinion Irene Khan that the Philippine government should abolish the National Task Force to End Local Communist Armed Conflict (NTF-ELCAC).

Go said that the NTF-ELCAC was established as a whole-of-government approach to address the country’s various root causes of the insurgency, such as poverty, inaccessible public services and programs, and government neglect in far-flung, often conflict-ridden communities.

He argued that the recent announcement that the government and the communist rebels intend to resume peace talks does not mean government should stop efforts in addressing the root causes of these conflicts through the NTF-ELCAC. “We all hope for peace amid these decades-long armed conflict. Umaasa tayo na magkakaroon ng sinseridad sa anumang peace talks na isinasagawa. Sa parte ng gobyerno, ipakita natin ang ating sinseridad

sa pamamagitan ng pagpapatuloy at pagpapalakas pa ng mga programa sa ilalim ng NTF-ELCAC,” he recommended.

“Hindi ito ang panahon para itigil ang mga programa ng NTF-ELCAC na manghihikayat sa mga rebelde na magbalik-loob. Sa halip, iyan nga ay complementary sa isinasagawang peace talks upang maipakita na committed talaga ang gobyerno na lutasin ang mga problemang pinanggalingan ng hidwaan,” he said.

Go cited the achievements of the NTFELCAC, especially in persuading the rebels to return to the fold of the law and live peacefully with their families. He said that the task force should not waste the efforts that it started since 2018.

“Marami nang nagawang pagbabago ang NTF-ELCAC, lalo na sa paghikayat sa mga rebelde na magbalik-loob na sa pamahalaan at mamuhay ng payapa kasama ang kanilang pamilya. Huwag nating sayangin ang inumpisahan na natin noon. Sa halip, palakasin pa natin lalo,” he said.

Go explained that efforts of NTF-ELCAC to resolve insurgencies must work hand in hand with any effort to pursue peace talks with rebels and “one should not replace the other.”

“Kasama sa pagsulong ng kapayapaan ang pagsulong ng kaayusan at kaginhawahan sa mga pamayanan na mithiin kung bakit itinatag noon ang NTF-ELCAC,” Go explained given that he was part of the Duterte administration that established the task force.

Go also questioned the credibility of Khan, who visited the country for only ten days. He said this was not enough to fully understand the depth and breadth of the real reasons for the rebellion that has been running for over half a century.

“Hindi sapat ang bisita ng isang banyaga upang lubos na maintindihan ang lalim at lawak ng tunay na mga dahilan ng rebelyon na mahigit kalahating siglo nang tumatakbo,” he said.

Go said that, as a Filipino, he desires lasting peace in the country. He said that it is painful to see Filipinos killing each other because of different beliefs in life. He said that the most pitiful are the orphaned children of the rebels and soldiers who die in the conflict.

“Siyempre, bilang isang Pilipino, hangad natin ang pangmatagalang kapayapaan sa ating bansa. Masakit makitang ang mga Pilipino ay nakikipagpatayan sa kapwa Pilipino dahil lang sa magkaiba tayo ng paniniwala sa buhay. Kapag may namamatay, pinakakawawa dito ang mga nauulilang bata ng mga rebelde at sundalo,” he said.

Go’s statement came after Khan, who conducted an official visit to the Philippines from January 23 to February 2, released her preliminary findings and recommendations on freedom of expression and opinion in the country. Among her recommendations was the abolition of the NTF-ELCAC. Go said that without knowing yet the outcome of the said peace talks, there is no reason to abolish the NTF-ELCAC at this point, especially since its goal is to address the root causes of such conflicts in the countryside.

“The task force is founded on the constitutional mandate that the State maintain peace and order. The NTF-ELCAC is one of the government’s methods to ensure that insurgency is kept to a minimum, if not entirely prevented,” stated Go. In 2018, former president Rodrigo Duterte signed Executive Order No. 70, which insti-

tutionalized a whole-of-nation approach to attaining inclusive and sustainable peace. The order also directed the adoption of a National Peace Framework to ensure the harmonized and synchronized delivery of services in conflict-affected and vulnerable areas and provided for the creation of the NTF-ELCAC. “Peace cannot prosper long-term if we do not make a sincere and concerted effort to address all its root causes. That is the premise of establishing the NTF-ELCAC. Its mission for long-lasting peace must continue and must not be derailed by short-term developments,” Go explained.

Previously, Go stressed the critical need to strengthen programs like the Balik-Loob Program, which operates under the NTF-ELCAC. This program is under the management of Task Force Balik-Loob (TFBL).

The TFBL serves as the central coordinating body for the government’s reintegration efforts for members of the Communist Party of the Philippines- New People’s Army- National Democratic Front (CPP-NPA-NDF), including their immediate families.

A notable aspect of the Balik-Loob Program is its Balik-Loob Lending Program, a credit facility offered by LandBank of the Philippines. It is designed to assist former rebels in starting or growing their businesses, ultimately aiding their transition into civilian life.

Aside from Go, Interior Secretary Benjamin Abalos Jr., National Security Adviser Eduardo Año, and Peace Adviser Carlito Galvez Jr., along with Undersecretary Ernesto Torres Jr. of the NTF-ELCAC, have collectively dismissed Khan’s suggestion to disband the Task Force.

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HE Court of Appeals (CA) has affirmed with finality its decision dismissing the libel case filed by former Vice President Jejomar C. Binay Sr. against former Sen. Antonio Trillanes IV in connection with the latter’s reported statements implicating the former in the alleged P100 million a year racket involving “ghost” senior citizens.

In a 2-page resolution, the CA’s Former Fourth Division held that Binay failed to raise new arguments that would warrant the reconsideration of its June 27, 2023, decision.

“Upon careful deliberation of the motion for reconsideration, the Court finds no compelling reason to deviate from its findings and conclusion. The arguments raised in the motion are merely a rehash of the issues which the assailed decision has already passed upon,” the resolution read.

“Petitioner has not been able to establish that the proceedings below were conducted with grave abuse of discretion amounting to lack or excess of jurisdiction, which is the core issue to be resolved in any petition for certiorari,” it added.

In its decision, the CA affirmed the ruling issued by the Regional Trial Court (RTC) in November 2020, which granted the demurrer to evidence filed by Trillanes.

“A demurrer to evidence is a motion to dismiss on the ground of insufficiency of evidence where a defendant cites that the evidence produced by the prosecution is insufficient to make out a case, whether true or not.

Once granted, the case will be dismissed and it is tantamount to an acquittal. If denied, the trial will continue with the presentation of evidence by the accused.

Binay’s motion for reconsideration was denied in January 2021 by the Makati RTC. The libel case stemmed from a 2015

online news article quoting Trillanes accusing Binay of perpetrating a P100million racket a year involving ghost senior citizens in Makati City.

Binay accused Trillanes of conspiring with other unscrupulous individuals to politically assassinate him—being then the consistent front-runner in the 2016 presidential elections—by maligning his reputation.

However, the Makati RTC held that the prosecution failed to present evidence to establish that Trillanes was the one who tested the said statement to the media. It noted that the media personality named as the author of the article was not presented to substantiate Binay’s claim.

While the Makati RTC said it is aware of Trillanes’s counter-affidavit submitted before the DOJ wherein the former senator did not deny making such claim but only alleged that he could not remember the particular interview, however, the prosecution failed to offer the said affidavit as evidence.

It can be recalled that in May 2021, the Makati RTC found Trillanes guilty of libel filed by former Makat Mayor Junjun Binay Jr. in connection with “Justice for Sale” revelation in 2015.

Trillanes accused Binay of bribing two CA justices to secure an injunction order that stopped the Ombudsman from implementing its first suspension order against him issued in March 2015. Trillanes was ordered by the Makati RTC to pay a fine of P100,000, and P500,000 in moral damages.

“Making and releasing the subject statements absent a serious verification and investigation is recklessness bordering on a disregard of what is true or false,” the trial court stressed.

Comelec resets date for online-system bids

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O give more time to interested bidders to prepare, the Commission on Election (Comelec) has reset the date for the submission, receipt and opening of bids for the Online Voting and Counting System (OVCS), which it will use for overseas voting for the 2025 polls.

In its Bid Bulletin 1, the poll body’s Special Bids and Awards CommitteeAutomated Election System (SBAC-AES) announced the deadline for the submission and receipt of bids for the project to its Office in Intramuros, Manila is on or before 9:00 a.m. of 20 February 2024.

By 10:30 a.m. on the same day, the Committee will hold the opening of bids at the Convention Hall, Bureau of Treasury, 3rd Floor, Palacio del Gobernador, Intramuros, Manila.

Both events was originally set on February 8, 2024, but the Comelec decided to postpone it to give “time to all bidders to prepare their bids due to the magnitude and numerous requirements of the project.”

It also noted bidders will have until February 10, 2024 to submit letter of requests/clarifications.

“Response thereto shall be issued on February 13, 2024, at least seven calendar days before the deadline for the Submission and Receipt of bids,” the SBAC-AES said. “The response to requests for clarifications sent/ raised by the bidders on or before January 29, 2024 shall be issued in a separate supplemental/bid bulletin.”

The Approved Budget for the Contract for the OVCS is P465.8 million.

Samuel P. Medenilla

PR, marketing experts focus on DOT’s media contracts Continued from A12

German, who had also been vocal last year about the DOT’s botched launch of its new “Love the Philippines” slogan, pointed out: “One of the primary mandates of the Department of Tourism is to present the Philippines as a stand-out, fully differentiated, and exceptional destination for world travelers. Integrated Marketing, Branding, and Communications is therefore vital to their actuality, so I hope that they have in-house qualified experts within the agency that can comprehensively assess bids of this nature.”

Spox won’t comment

DOT officials continue to remain tightlipped about the three contracts awarded to GeiserMaclang last December to plan, buy, and place advertising for the government agency in traditional media such as television, radio, newspapers, and magazines.

The award was made even as public accusations against the firm’s founder, Amor Maclang, went viral after netizens alleged overcharging and overpromising for an event she organized in November. (See, “Organizer of digital tech event corners P149M in DOT marketing projects,” in the BusinessMirror, January 24, 2024.)

Several Viber messages requesting for comment from Mae Elaine T. Bathan, DOT Undersecretary for Legal and Special Concerns and Chief of Staff to Tourism Secretary Christina Garcia Frasco, remained

unanswered as of press time. Bathan, a lawyer, also oversees the Branding and Marketing Communications Division of the DOT, and is the agency’s designated spokesperson.

It was also the Branding office that approved the controversial video to publicly introduce the DOT’s campaign based on its new “Love the Philippines” slogan. The video was panned by netizens and advertising experts for having used tourist spots abroad in place of local destinations.

‘Get a pro’— former DOT exec

IN a separate interview, a marketing professional and former DOT official spoke on background regarding the new controversy reaped by the tourism agency: “A consolidated approach to worldwide media buying is the most ideal with a single agency of distinction, clout, network, and global stature that can negotiate in favor of the best interests of the Philippines.”

The source added, “That agency can also give premium to our efforts beyond what the contracts basically stipulate. Its representation, ambassadorship, in the realm of global marketing communications.”

The former tourism official also said, the DOT could have separated the media placement contracts for local and international media. “Ideally, for international media placements, there should only be one company awarded, whether it be traditional or digital [platforms],” the marketing professional added.

A6

Monday, February 5, 2024

The World BusinessMirror

US, Britain hit Yemen’s Houthis in new wave, retaliating for attacks by Iran-backed militants

By Kevin Freking

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The Associated Press

ASHINGTON—The United States and Britain struck 36 Houthi targets in Yemen on Saturday in a second wave of assaults meant to further disable Iran-backed groups that have relentlessly attacked American and international interests in the wake of the Israel-Hamas war.

This image provided by the US Navy shows an aircraft launching from USS Dwight D. Eisenhower (CVN 69) during flight operations in the Red Sea on January 22, 2024. The United States and Britain struck 36 Houthi sites in Yemen on Saturday, February 3, in a second wave of assaults meant to further disable Iran-backed groups in the region. Kaitlin Watt/US Navy via AP

But Washington once more did not directly target Iran as it tries to find a balance between a forceful response and intensifying the conflict.

The latest strikes against the Houthis were launched by US warships and American and British fighter jets. The strikes follow an air assault in Iraq and Syria on Friday that targeted other Iranian-backed militias and the Iranian Revolutionary Guard in retaliation for the drone strike that killed three US troops in Jordan last weekend.

The Houthi targets were in 13 different locations and were struck by US F/A-18 fighter jets from the USS Dwight D. Eisenhower aircraft carrier, by British Typhoon FGR4 fighter aircraft and by the Navy destroyers USS Gravely and the USS Carney firing Tomahawk missiles from the Red Sea, according to US officials and the U.K. Defense Ministry. The US officials were not authorized to publicly discuss the military operation and spoke on condition of anonymity.

The US warned that its response after the soldiers' deaths at the Tower 22 base in Jordan last Sunday would not be limited to one night, one target or one group. While there has been no suggestion the Houthis were directly responsible, they have been one of the prime US adversaries since Hamas attacked Israel on Oct. 7, killing more than 1,200 people and taking about 250 hostages. The Health Ministry in Hamas-ruled Gaza said that more than 26,000 people have been killed and more than 64,400 wounded in the Israeli military operation since the war began.

The Houthis have been conducting almost daily missile or drone attacks

said it struck a ground control station west of Yemen's capital, Sanaa, that has been used to control Houthi drones that have launched against vessels in the Red Sea. President Joe Biden was briefed on the strikes before he left Delaware on Saturday for a West Coast campaign trip, according to an administration official.

The latest strikes marked the third time the US and Britain had conducted a large joint operation to strike Houthi weapon launchers, radar sites and drones. The strikes in Yemen are meant to underscore the broader message to Iran that Washington holds Tehran responsible for arming, funding and training the array of militias—from Hezbollah in Lebanon, Hamas in Gaza, the Islamic Resistance in Iraq and the Houthis in Yemen—who are behind attacks across the Mideast against US and international interests.

Video shared online by people in Sanaa included the sound of explosions and at least one blast was seen lighting up the night sky. Residents described the blasts as happening around buildings associated with the Yemeni presidential compound. The Houthi-controlled state-run news agency, SABA, reported strikes in alBayda, Dhamar, Hajjah, Hodeida, Taiz and Sanaa provinces.

Hours before the latest joint operation, the US took another self-defense strike on a site in Yemen, destroying six anti-ship cruise missiles, as it has repeatedly when it has detected a missile or drone ready to launch.

The day before the strikes the US destroyer Laboon and F/A-18s from the Eisenhower shot down seven drones fired from Houthi-controlled areas of Yemen into the Red Sea and the

against commercial and military ships transiting the Red Sea and Gulf of Aden and they have made clear that they have no intention of scaling back their campaign despite pressure from the American and British campaign.

Mohammed al-Bukhaiti, a Houthi official, said "military operations against Israel will continue until the crimes of genocide in Gaza are stopped and the siege on its residents is lifted, no matter the sacrifices it costs us."

He wrote online that the "AmericanBritish aggression against Yemen will not go unanswered, and we will meet escalation with escalation."

The Biden administration has indicated that this is likely not the last of its strikes. The US has blamed the Jordan attack on the Islamic Resistance in Iraq, a coalition of Iranian-backed militias. Iran has tried to distance itself from the drone strike, saying the militias act independently of its direction.

Defense Secretary Lloyd Austin said in a statement that the military action, with support from Australia, Bahrain, Canada, Denmark, the Netherlands, and New Zealand, “sends a clear message to the Houthis that they will continue to bear further consequences if they do not end their illegal attacks on international shipping and naval vessels.”

He added: “We will not hesitate to defend lives and the free flow of commerce in one of the world’s most critical waterways.”

The Defense Department said the strikes targeted sites associated with the Houthis' deeply buried weapons storage facilities, missile systems and launchers, air defense systems, radars and helicopters. The British military

House Republicans announce $17.6 billion military aid to Israel but leave out Ukraine The Associated Press

By Lolita C. Baldor & Tara Copp

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Editor: Angel R. Calso

destroyer Carney shot down a drone fired in the Gulf of Aden and US forces took out four more drones that were prepared to launch.

The Houthis' attacks have led shipping companies to reroute their vessels from the Red Sea, sending them around Africa through the Cape of Good Hope—a much longer, costlier and less efficient passage. The threats also have led the US and its allies to set up a joint mission where warships from participating nations provide a protective umbrella of air defense for ships as they travel the critical waterway that runs from the Suez Canal down to the Bab el-Mandeb Strait.

During normal operations about 400 commercial vessels transit the southern Red Sea at any given time.

In the wake of the strikes Friday in Iraq and Syria, Hussein al-Mosawi, spokesperson for Harakat al-Nujaba, one of the main Iranian-backed militias in Iraq, said Washington “must understand that every action elicits a reaction.” But in an AP interview in Baghdad, he also struck a more conciliatory tone. "We do not wish to escalate or widen regional tensions," he said.

Iraqi officials have attempted to rein in the militias, while also condemning US retaliatory strikes as a violation of Iraqi sovereignty and calling for an exit of the 2,500 US troops who are in the country as part of an international coalition to fight the Islamic State group. Last month, Iraqi and US military officials launched formal talks to wind down the coalition's presence, a process that will likely take years. Associated Press writers Ahmed al-Haj in Sanaa in Yemen, Abdulrahman Zeyad and Ali Jabar in Baghdad, Abby Sewell and Bassem Mroue in Beirut, Jon Gambrell in Jerusalem and Aamer Madhani contributed to this report.

A SHINGTON—House Republicans will move forward with a $17.6 billion package next week that provides military aid to Israel and replenish US weapons, but leaves out more help for Ukraine, underscoring the challenges facing supporters of a comprehensive national security package that would also include billions of dollars for immigration enforcement.

The move gives Speaker Mike Johnson and House Republicans the chance to show support for Israel even though there is little chance the Senate will go along. Meanwhile, text of a broader Senate compromise is expected to be released this weekend and a key test vote on that package will be held during the week.

Johnson said that Senate leadership is aware that by failing to include the House in their negotiations, they have eliminated the ability for swift consideration of any legislation.

“As I have said consistently for the past three months, the House will have to work its will on these issues and our priorities will need to be addressed,” Johnson said in a letter to colleagues.

The House has already approved a nearly $14.5 billion military aid package in November for Israel that the Senate declined to take up. Republicans also insisted it be paid for

with cuts elsewhere. The bill targeted the Internal Revenue Service for cuts, though the nonpartisan Congressional Budget Office said doing so would end up costing the federal government a net $12.5 billion because of lost revenue from tax collections.

The tactic of including IRS cuts also turned it into a more partisan, 226196 vote. Johnson said in his letter to colleagues that removing the offsets should allow for swift passage of the Israel aid.

“During debate in the House and in numerous subsequent statements, Democrats made clear that their primary objection to the original House bill was with its offsets,” Johnson said. “The Senate will no longer have excuses, however misguided, against swift passage of this critical support for our ally.”

Rep. Ken Calvert, R-Calif., released the text of the military assistance bill for Israel. It would provide $4 billion to replenish missile defense systems and $1.2 billion to counter short-range rockets and mortar threats. There's also funding for the procurement of advanced weapons system and to enhance the production of artillery and other munitions.

To ensure the support does not compromise US readiness, it includes $4.4 billion to replenish US stocks of weapons provided to Israel. There’s also $3.3 billion for current US military operations in the region.

Pope reaffirms Christians’ special relationship with Jews amid rising antisemitism, Gaza war Pope Francis presides over a mass for the religious orders in St. Peter’s Basilica at the Vatican on Friday, February 2, 2024. Pope Francis on Saturday reaffirmed Christians special relationship with Jews amid rising antisemitism since the outbreak of the Gaza war in a letter to the Jews of Israel that he said was prompted by messages from Jewish organizations around the world. In the letter that served as a belated fence-mending after Francis was criticized for his initial response to the October 7 Hamas attacks on Israel, Francis said the Holy Land has been “cast into a spiral of unprecedented violence.”

AP Photo/Andrew Medichini

EU is worried that Israel might extend the war in Gaza to a ‘pressure cooker’ town near Egypt

By Lorne Cook

The Associated Press

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RUSSELS—The European Union on Saturday expressed deep concern over reports that the Israeli military intends to take its battle against Hamas to the town of Rafah at Gaza's border with Egypt where more than a million people have escaped the fighting.

The EU’s top diplomat warned that conflict is likely to spread throughout the region unless a cease-fire is agreed between Israel and Hamas, after US airstrikes hit dozens of sites in Iraq and Syria used by Iranian-backed militias and the Iranian Revolutionary Guard.

EU foreign policy chief Josep Borrell said that around 1 million Palestinians "have been displaced progressively against the Egyptian border. They claimed they were safe zones, but in fact what we see is that the bombing affecting the civilian population continues and it is creating a very dire situation.”

Israeli Defense Minister Yoav Gallant said Thursday that after Israeli troops seize the southern city of Khan Younis, from where tens of thousands of people have fled, they will move on to Rafah. He did not give a time frame.

Such an offensive could push the refugees into Egypt, undermining Israel's peace agreement with the country and angering the United States. It might also torpedo

slow-moving peace talks with Hamas and complicate efforts to release scores of Israelis abducted when the militant group rampaged through southern Israel on October 7.

The prospect of a ground war in Rafah has raised fears about where the population would go to find safety. The United Nations said the town is becoming a “pressure cooker of despair.”

Speaking in Brussels, where he was chairing informal talks among EU foreign ministers, Borrell said that the Israel-Hamas war has created “a domino effect,” with conflict also erupting in Lebanon, Iraq, Syria and in the Red Sea area.

“We are living a critical situation in the Middle East, in the whole region,” he said. ”As long as the war in Gaza continues, it is very difficult to believe that the situation in the Red Sea will improve, because one thing is related with the other.”

Belgian Foreign Minister Hadja Lahbib, whose country currently holds the EU’s rotating presidency, warned of “a real risk of spillover of the conflict.”

“It’s a huge concern. We ask for restraint, and we ask for dialogue and diplomacy. It’s the only way we can calm down the situation in the Middle East,” she told reporters.

Radek Sikorski, the foreign minister of Poland, a staunch US ally, said those targeted in the US airstrikes had it coming. “Iran’s proxies have played with fire for months and years and it's now burning them,” he said.

46 reported dead in Chile as forest fires reach densely populated central areas

By Alexandre Plaza & Patricia Luna The Associated Press

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IÑA DEL MAR, Chile—Intense forest fires burning around a densely populated area of central Chile have caused at least 46 deaths, Chile's president said Saturday evening, and officials said at least 1,100 homes had been destroyed.

In a nationally televised address, President Gabriel Boric warned that the death toll could worsen as four large fires burn in the region of Valparaiso, where firefighters have struggled to reach the most threatened neighborhoods.

Boric urged Chileans to cooperate with rescue workers.

“If you are told to evacuate don't hesitate to do it," he said. "The fires are advancing fast and climatic conditions have made them difficult to control. There are high temperatures, strong winds and low humidity.”

Interior Minister Carolina Tohá said earlier Saturday that 92 forest fires were burning in the center and south of the country, where temperatures have been unusually high this week.

The deadliest of the fires were in the Valparaíso region, where authorities urged thousands of people to evacuate their homes.

In areas farther away from the fires, meanwhile, residents were told to stay at home so that fire engines, ambulances and

other emergency vehicles can get about on the roads with greater ease.

Tohá said two fires near the towns of Quilpué and Villa Alemana had burned through at least 8,000 hectares (19,770 acres) since Friday. One of the fires was threatening the coastal resort town of Viña del Mar, where some neighborhoods had already been hit hard.

In Villa Independencia, a hillside neighborhood on the eastern edge of the town, several blocks of homes and businesses were destroyed. Burned cars with broken windows lined the streets, which were covered in ash.

“I’ve been here 32 years, and never imagined this would happen,” said Rolando Fernández, one of the residents who lost his home.

He said he first saw the fire burning on a nearby hill Friday afternoon and within 15 minutes the area was engulfed in flames and smoke, forcing everyone to run for their lives.

“I’ve worked my whole life, and now I’m left with nothing,” Fernández said.

Three shelters were set up in the Valparaíso region, and 19 helicopters and more than 450 firefighters were brought into the area to help battle the blazes, Tohá said.

The fires were burning on mountains that are hard to reach, such as neighborhoods built precariously on the edge of Viña del Mar. Associated Press writer Manuel Rueda in Bogota, Colombia, contributed to this report.

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ATICAN CITY—Pope Francis on Saturday reaffirmed Christians’ special relationship with Jews amid rising antisemitism since the outbreak of the Gaza war in a letter to the Jews of Israel that he said was prompted by messages from Jewish organizations around the world.

The letter served as a belated fencemending after Francis was criticized for his initial response to the October 7 Hamas attacks on Israel. Francis said the Holy Land has been “cast into a spiral of unprecedented violence,” part of what the pope referred to as “a sort of ‘piecemeal world war,’ with serious consequences on the lives of many populations.”

“My heart is torn at the sight of what is happening in the Holy Land, by the power of so much division and so much hatred,” the pontiff wrote.

“The whole world looks on at what is happening in that land with apprehension and pain.”

In November, the pope set off a firestorm by using the word “terrorism” generically after meeting separately with relatives of Israeli hostages in Gaza and Palestinians living through the war.

Jewish leaders criticized his failure to explicitly condemn Hamas’ attack, and bristled after the Palestinian visitors reported he had used the term “genocide” to describe Israel’s actions in Gaza. The Vatican denied he had used the term in the private meeting, but since then Francis has been more

balanced in his remarks and has explicitly condemned the October 7 attack.

Without elaborating, Francis said in the letter to Israeli Jews that he was moved by communication from friends and Jewish organizations around the world to “assure you of my closeness and affection. I embrace each of you and especially those who are consumed by anguish, pain, fear and even anger.”

He said that Catholics “are very concerned about the terrible increase in attacks against Jews around the world we had hoped that ‘never again’ would be a refrain heard by the new generations, yet now we see that the path ahead requires ever closer collaboration to eradicate these phenomena.”

“My heart is close to you, to the Holy Land, to all the peoples who inhabit it, Israelis and Palestinians, and I pray that the desire for peace may prevail in all,” he said.

The reconciliation between Jews and Catholics provides “a horizon” to imagine a future “where light replaces darkness, in which friendship replaces hatred, in which cooperation replaces war.”

“Together, Jews and Catholics, we must commit ourselves to this path of friendship, solidarity and cooperation in seeking ways to repair a destroyed world, working together in every part of the world, and especially in the Holy Land, to recover the ability to see in the face of every person the image of God, in which we were created,” Francis wrote. AP

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Monday, February 5, 2024 A7

Israel issues its most detailed warning yet to Hezbollah as Gaza war marks 4 months

By Najib Jobain & Samy Magdy

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The Associated Press

AFAH, Gaza Strip—Israel's military on Saturday issued its most detailed warning yet to Hezbollah in neighboring Lebanon that it would be “ready to attack immediately” if provoked, as it recounted its actions along the northern border during four months of war in Gaza and made a rare acknowledgement of dozens of airstrikes inside Syria against the militant group.

“We do not choose war as our first priority, but we are certainly prepared,” military spokesperson Daniel Hagari said, adding: “We will continue to act wherever Hezbollah is present, we will continue to act wherever it is required in the Middle East. What is true for Lebanon is true for Syria, and is true for other more distant places.”

The comments followed the defense minister’s warning that a cease-fire in Gaza against the militant group Hamas wouldn’t mean Israel wouldn’t attack Hezbollah as needed.

Efforts to close wide gaps between Israel and Hamas in pursuit of a cease-fire continued in the region where concerns about a wider war with Iran-allied groups remain. A top Hamas official, Osama Hamdan, said they were studying the proposal put forward by the US, Egypt, Qatar and Israel but insist on Israel ac-

cepting conditions including a permanent cease-fire.

The war in Hamas-run Gaza has leveled vast swaths of the tiny besieged enclave, displaced 85 percent of its population and pushed a quarter of residents to starvation. The Health Ministry in Gaza said Saturday that 107 people were killed over the past 24 hours, bringing the wartime total to 27,238. More than 66,000 people have been wounded.

In Gaza’s southernmost town of Rafah, at least 17 people including women and children were killed in two separate airstrikes overnight, according to the registration office at Abu Yousef alNajjar hospital where the bodies were taken.

The first strike hit a residential building east of Rafah, killing at least 13 people from a single family. Four women and three children were among the dead, hospital officials said.

Pro-Palestinian protesters hold up banners, flags and placards during a demonstration in London on Saturday, February 3, 2024, as they demand for a full cease fire and an end to the siege of Gaza. AP Photo/Kin Cheung

“Two children are still under the rubble, and we don’t, still we don't know anything about them,” relative Ahmad Hijazi said. The second strike hit a house in Rafah’s Jeneina area, killing at least two men and two women.

More than half of Gaza’s population of 2.3 million has taken refuge in Rafah and surrounding areas.

Israel ’s defense m i n ister warned earlier in the week that Israel might expand combat to Rafah after focusing on Khan Younis, southern Gaza’s largest city. While the statement alarmed aid officials and international diplomats, Israel would risk significantly disrupting relationships with the United States and neighboring Egypt if it sends troops into Rafah, a key entry point for aid.

In Khan Younis, where Israel’s military said operations would continue for several days, the Palestinian Red Crescent said at least 11 people were injured when Israel’s military fired smoke bombs at displaced people sheltering at its headquarters.

It followed a siege that Israel’s military has laid on the Red Crescent's facilities for 12 days, the group said, adding that it had documented the killing of 43 people, including three staff members, inside the buildings by Israeli fire during that time.

Israel’s military didn’t address the charity’s allegations of firing on the buildings, the killings or the blocking of access, and asserted that the Al-Amal Hospital facilities had adequate fuel and electricity.

Israel says it is determined to crush Hamas and prevent it from

returning to power in Gaza, an enclave it has ruled since 2007, in response to its October 7 attack on Israel that triggered the war.

Hamas still holds dozens of the roughly 250 hostages taken in the attack, after more than 100 were released during a one-week truce in November. Those releases were in exchange for 240 Palestinian prisoners.

Thousands of people gathered again in Tel Aviv on Saturday evening for anti-government protests to express growing frustration at how Prime Minister Benjamin Netanyahu and his administration have handled the war.

"If we need to stop the war now and call for a cease-fire in order to bring those people back home to their families, and start to rebuild them and take care of them, that's the most important thing for us to

do,” said one protester, Karen Levy.

In a sign of Hamas’ resilience despite Israel’s deadly air and ground campaign in the past four months, four residents and a senior official in the militant group said it has begun to resurface in areas where Israel withdrew the bulk of its forces a month ago, deploying police officers and making salary payments to some of its civil servants in Gaza City.

Four Gaza City residents told The Associated Press that in recent days, police officers deployed near police headquarters and other government offices, including near Shifa Hospital, the territory’s largest. The residents said they saw subsequent Israeli airstrikes near the makeshift offices.

The return of police marks an attempt to reinstate order in the devastated city, a Hamas official told AP, speaking on condition of anonymity because he was not authorized to talk to the media.

The official said the group's leaders had given directions to reestablish order in parts of the north where Israeli forces had withdrawn, including by helping prevent the looting of shops and houses abandoned by residents who heeded Israeli evacuation orders and headed to southern Gaza.

Since seizing control of Gaza nearly 17 years ago, Hamas has operated a government bureaucracy with tens of thousands of civil servants, including teachers and police who operate separately from the group’s secretive military wing.

Israeli military leaders had said they had broken up the command structure of Hamas battalions in the north, but that individual fighters were continuing to carry out guerrilla-style attacks. Israel claims to have killed more than 9,000 Hamas fighters. Magdy reported from Cairo. Associated Press writer Julia Frankel in Jerusalem and Bassem Mroue in Beirut contributed to this report.

Shrinking international aid and enduring conflict compound Syrians’ earthquake misery 1 year on

By Kareem Chehayeb & Omar Albam The Associated Press

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INDERIS, Syria—A year ago, Sido Naji woke to his house shaking in northwest Syria.

He was used to the sounds of shelling and airstrikes after more than a decade of war, but this time the assailant was a force of nature: a massive earthquake.

The 16-year-old and his father managed to flee before the house collapsed. As they zig-zagged through a crowded street in Jinderis in Aleppo province, a stone wall crashed onto them, crushing the teen's leg and breaking his arm.

The devastating 7.8 magnitude earthquake on February 6, 2023, killed more than 59,000 people in Syria and Turkey.

For its survivors in Syria, the massive temblor compounded already rampant poverty, destroyed hospitals and electrical and water systems, and forced many Syrians already displaced by war to move into tented settlements.

In Jinderis, as in many of Syria's earthquake-hit areas, there has been nearly no reconstruction and whole blocks still lie in rubble. Naji, whose leg was amputated, lives in a muddy tent.

“It’s cold at night and there is no lumber (for heating) or anything,” he said.

Syria has been wracked by an uprising-turned-civil war since 2011, and the conflict in the oppositionheld northwestern enclave is at its worst in years. Syrian and Russian military shelling and strikes have killed dozens of people and displaced more than 100,000 others there since August.

The earthquake killed at least 6,000 people in Syria, mainly in the northwest, where most of the 4.5 million people rely on humanitarian aid to survive. Some 800,000 people living in tents need to be rehoused.

The World Bank estimates the quake caused more than $5 billion in damage across northern Syria.

Nonetheless, an initial outpouring of international assistance quickly subsided.

United Nations agencies and other humanitarian organizations have been struggling to fund programs that provide a lifeline in Syria, blaming donor fatigue, the Covid-19 pandemic, and conflicts elsewhere that have erupted in recent years.

The UN’s World Food Program, which estimates that over 12 million Syrians lack regular access to food, announced in December that it would stop its main assistance program in Syria in 2024.

Tanya Evans, the International Rescue Committee’s Syria Country Director says needs on both sides of Syria’s frontline have never been higher.

“Families are facing rampant inflation coupled with loss of jobs, and having to make heartbreaking decisions about getting food on the table or going hungry,” Evans told The Associated Press.

Yasmine al-Ali at the Salah adDin camp in the Idlib countryside shivers as she tries to tie her ragged tent together and digs a ditch in the mud to stop water from flooding her makeshift home.

Patting a drenched mat inside the tent, she says: “Look, it’s just water and mud....We need new tents.”

Yasine al-Ahmad, who manages the camp of more than 500 families, says wood for heating is far too ex-

pensive, so most people burn plastic instead, filling the camps with toxic smoke as they do whatever they can to get through the winter. Many have to skip meals due to food insecurity and rationing.

“There’s also been difficulties in supporting water stations, education services, medical support in hospitals,” UN Deputy Regional Humanitarian Coordinator for the Syria Crisis David Carden told the AP during a visit to northwestern Syria in late January. While the needs are growing, he said, “We cannot do more with less.”

The UN was only able to secure 37 percent of the $5.3 billion needed for its 2023 humanitarian response in Syria, which Carden said was one of the lowest funding targets since the conflict started.

And with a political solution nowhere in sight, Syria’s conflict has become a major obstacle for humanitarian organizations.

It is “hard to convince donors to build for longer term, for development,” said Rosa Cresanti, the head of the World Health Organization office in Gaziantep, Turkey. “We are still in a humanitarian situation because of the ongoing conflict. This is the main reason why there are no long-term plans.”

Ahmed Koteich, a construction worker, said people have stopped waiting for aid and are trying to cobble together whatever resources they can to restore and restock their shops and farms.

“The international community said it stood with the residents, with their thoughts and rhetoric,” Koteich said. “But this talk won't help the people here.” Chehayeb reported from Beirut.

Associated Press journalist Ghaith Al-Sayed in Idlib, Syria, contributed to this report.

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Monday, February 5, 2024

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Biden wins South Carolina’s Democratic primary as he gears up for reelection bid

By Will Weissert & Meg Kinnard

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The Associated Press

OLUMBIA, S.C.—President Joe Biden easily won South Carolina’s Democratic primary on Saturday, clinching a state he pushed to lead off his party’s nominating process after it revived his then-struggling White House bid four years ago.

Biden defeated the other longshot Democrats on South Carolina’s ballot, including Minnesota Rep. Dean Phillips and author Marianne Williamson. His reelection campaign invested heavily in driving up turnout in what it saw as a test drive of its efforts to mobilize Black voters, a key Democratic bloc central to Biden’s chances in a likely November rematch against former President Donald Trump.

“In 2020, it was the voters of South Carolina who proved the pundits wrong, breathed new life into our campaign, and set us on the path to winning the presidency,” Biden said in a statement.

“Now in 2024, the people of South Carolina have spoken again and I have no doubt that you have set us on the path to winning the Presidency again—and making Donald Trump a loser—again.”

The Associated Press declared Biden the winner at 7:23 p.m. based on an analysis of initial vote results showing him with a decisive lead in key locations throughout the state. He won all 55 of the state’s Democratic delegates.

The victory comes following the president leading a Democratic National Committee effort to have South Carolina go first in the party’s primary, citing the state’s more racially diverse population compared to the traditional first-in-the-nation states of Iowa and New Hampshire, which are overwhelmingly white.

South Carolina is reliably Re-

publican, but 26 percent of its residents are Black. In the 2020 general election, Black voters made up 11 percent of the national electorate, and 9 in 10 of them supported Biden, according to AP VoteCast, an expansive survey of that election’s voters.

Biden pushed for a revamped primary calendar that will see Nevada go second, holding its primary on Tuesday. The new order also moves the Democratic primary in Michigan, a large and diverse swing state, to February 27, before the expansive field of states voting on March 5, known as Super Tuesday.

New Hampshire rejected the DNC’s plan and held a leadoff primary last month anyway. Biden didn’t campaign and his name wasn’t on the ballot, but still won by a sizable margin after supporters mounted a write-in campaign on his behalf.

South Carolina, where Biden has long held deep relationships with supporters and donors, also played a pivotal role in his 2020 campaign, where a big win revived a flagging effort in other earlyvoting states and propelled him to the nomination.

Biden was aided by longtime South Carolina Rep. Jim Clyburn whose 2020 endorsement served as a long-awaited signal to the state's Black voters that Biden would be the right candidate to advocate for their interests. Clyburn remains a close Biden ally and said Saturday night that he believed New Hamp-

In this Handout photograph released by the Sri Lanka President’s Office HO, Sri Lankan President Ranil Wickremesinghe, second right, poses for a photograph with Thai Prime Minister Srettha Thavisin at the presidential secretariat in Colombo, Sri Lanka on Saturday, February 3, 2024. Sri Lanka President's Office HO via AP

Debt-stricken Sri Lanka signs free trade pact with Thailand

By Bharatha Mallawarachi The Associated Press

President Joe Biden, left, and first lady Jill Biden visit the Biden campaign headquarters in Wilmington, Del., Saturday, February 3, 2024. AP Photo/Alex Brandon

shire’s delegates should be seated at the party's convention this summer and that Democrats should avoid any further infighting.

Both Biden and Vice President Kamala Harris, the first Black woman and Asian American to serve in the role, have consistently thanked South Carolina's Democrats for their support. Biden was traveling this weekend in California and Nevada but called into a series of Black radio stations across South Carolina and told WWDM in Sumter, “The only reason I’m talking to you today as president of the United States of America is because of South Carolina. That is not hyperbole. That’s a fact.”

Campaigning in the state last week, the president said South Carolina was “the reason Donald Trump is a loser. And you’re the reason we’re going to win and beat him again,” framing the likely general election matchup with the GOP's current front-runner.

Earlier in the day, Democratic National Committee Chairman Jaime Harrison said, “We all know that we, because of the color of this, we, our great grandparents, our grandparents, could not always vote here.” Harrison is a South Carolina native who is Black.

“For this president to say, ‘Jaime, for the entirety of your life, we have started this process in Iowa and New Hampshire, and now, we’re going to start it in South Carolina’—no other president be-

fore ever decided to touch that issue,” he added. “But Joe Biden did, and I will always be grateful to the president for giving us a chance, for seeing us, and understanding how much we matter.”

Black voters interviewed during the recent early voting period listed a range of reasons for supporting Biden, from his administration’s defense of abortion rights to appointing Black jurists and other minorities to the federal courts.

Some echoed Biden’s warnings that Trump would threaten democracy as he continues to push lies that the 2020 vote was stolen.

“We can’t live with a leader that will make this into a dictatorship.

We can’t live in a place that is not a democracy. That will be a fall for America,” said LaJoia Broughton, a 42-year-old small business owner in Columbia. “So my vote is with Biden. It has been with Biden and will continue to be with Biden.”

Some voters said they were concerned about the 81-year-old Biden’s age, as many Americans have said they are in public polling.

Trump is 77. Both men have had a series of public flubs that have fueled skepticism about their readiness.

“They’re as old as I am and to have these two guys be the only choices, that's kind of difficult,” said Charles Trower, a 77-year-old from Blythewood, South Carolina.

"But I would much rather have President Biden than even consider the other guy.”

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OLOMBO, Sri Lanka—Debtstricken Sri Lanka signed a trade pact with Thailand on Saturday in a bid to boost trade and investment as the Indian ocean island nation is struggling to recover from its worst economic crisis that hit two year ago.

The Sri Lanka Thailand Free Trade Agreement covering trade in goods, investment, custom procedures and intellectual property rights was signed in the capital Colombo in the presence of Sri Lanka President Ranil Wickremesinghe and Thai Prime Minister Srettha Thavisin.

Sri Lanka began talks with Thailand on a free trade agreement in 2016.

The countries’ two-way trade was worth about $352 million in 2022, with Thailand’s exports at $292 million and Sri Lanka’s exports at $58 million, according to Sri Lankan government's data.

Sri Lanka exports include mainly precious stones, apparel, tea and spices while exports from Thailand include smoked rubber sheets, natural rubber, plastic and cement.

Sri Lanka’s government expects the trade pact would boost two-way trade up to $1.5 billion.

Thavisin said that the countries agreed to promote investment in areas such as fisheries, food processing, tourism and green energy.

Thailand has made over $92 million in direct investment in Sri Lanka from 2005 to 2022.

Giving further boost to tourism, Thavisin said that Thailand's flag carrier Thai Airways would resume

daily flights from Bangkok to Sri Lanka next month.

Sri Lanka has been struggling with an economic crisis since declaring bankruptcy in April 2022 with more than $83 billion in debt, more than half of it to foreign creditors. The crisis led to protests that ousted then-President Gotabaya Rajapaksa.

Severe shortages of food, fuel and medicine have largely abated over the past year under Wickremesinghe. But public dissatisfaction has grown over the government’s effort to increase revenue by raising electricity bills and imposing heavy new income taxes on professionals and businesses. The International Monetary Fund approved a fouryear bailout program last March to help the South Asian country.

Sri Lanka is hoping to restructure $17 billion of its outstanding debt and has already reached agreements with some of its external creditors.

Calling the agreement “a milestone in the economic partnership” between the two countries, Wickremesinghe said Sri Lanka has made “significant progress in economic stabilization” since the crisis erupted.

“As Sri Lanka begins to stabilize its economy and regain international confidence towards recovery and growth, we are looking at Thailand's support as Sri Lanka undertakes this very important journey of economic transformation and integration with Asia,” Wickremesinghe said.

He also said the free trade agreement was Sri Lanka’s second with an Asean member, after Singapore. Sri Lanka is also in talks with neighboring India and China on trade agreements.

Hamas demands Israel release Marwan Barghouti; some Palestinians see him as their Nelson Mandela

By Julia Frankel

The Associated Press

J

ERUSALEM—Some Palestinians view him as their Nelson Mandela, and he's a prime candidate to become their president in the future. He's also the highest-profile prisoner held by Israel.

Now Marwan Barghouti’s freedom is at stake in cease-fire negotiations between Hamas and Israel. Hamas leaders demanded Friday that Israel release Barghouti, a leader of the militant group's main political rival, as part of any deal to end the fighting in Gaza.

The demand brings new attention to Barghouti, who plays a central role in Palestinian politics even after spending more than two decades behind bars. His release could lay the groundwork for his eventual election to national office.

Hamas’ gambit to free him appears to be an attempt to rally public support for the militant group as well as a recognition of his status as a uniquely unifying Palestinian figure.

"Hamas wants to show to the Palestinian people that they are not a closed movement. They represent part of the Palestinian social community.

They are trying to seem responsible," said Qadoura Fares, who heads the Palestinian Ministry of Prisoner Affairs in the occupied West Bank and has long been involved in negotiations over prisoner releases.

Senior Hamas officia l Osama Hamdan called for Barghouti’s release as international mediators try to push Israel and Hamas toward an agreement after nearly four months of war.

Israel is seeking the release of more than 100 hostages still held by Hamas in Gaza. Hamas is demanding an end to Israel's devastating military offensive and the release of thousands of Palestinian prisoners.

The war broke out October 7, when Hamas fighters crossed into Israel, killing some 1,200 people and dragging 250 hostages back to Gaza. The Hamas attack triggered an Israeli ground and air campaign that has killed more than 27,000 Palestinians, according to local health officials, and triggered a humanitarian catastrophe in Gaza.

Over 100 hostages were released during a weeklong truce in November. Israel estimates 136 hostages remain in captivity, though 20 have been pronounced dead. With protests calling for the hostages' immediate release sweeping Israel, and fears that time is running out to bring them home safely, pressure is mounting on Prime Minister Benjamin Netanyahu to reach a deal.

For Palestinians, the plight of their imprisoned loved ones is deeply emotional. While Israel considers “security prisoners” to be terrorists, Palestinians widely see them as heroes battling Israeli occupation. Vir-

Marwan Barghouti, center, raises his handcuffed hands in the air on the opening day of his trial at Tel Aviv’s District Court on August 14, 2002. Hamas officials say that any cease-fire deal with Israel should include the release of prisoner Marwan Barghouti—a leader of the militant group’s main political rival.

The demand by Hamas marks the central role Barghouti plays in Palestinian politics—even after more than two decades behind bars and sentenced by Israel to multiple life terms in prison. AP Photo/Brennan Linsley

tually every Palestinian has a friend, relative or acquaintance that has been imprisoned.

The Israeli human rights group HaMoked says Israel is currently holding nearly 9,000 security prisoners.

Hamas seeks the release of all of them.

But in his remarks Friday, Hamdan mentioned only two by name—Barghouti and Ahmad Saadat.

Saadat heads a small faction that killed an Israeli Cabinet minister in 2001 and is serving a 30-year sentence

for allegedly participating in attacks.

Palestinians see the 64-year-old Barghouti, a member of Palestinian President Mahmoud Abbas’ Fatah party, as a natural successor to the 88-year-old Abbas, who leads the internationally recognized Palestinian Authority, the self-ruled government that administers parts of the Israelioccupied West Bank.

Abbas, whose forces in Gaza were overrun by Hamas in 2007, hopes to regain control of the territory after

the war. But he is deeply unpopular because of corruption within the authority and because of his security coordination with the Israeli army.

Palestinians have not held elections since 2006, when Hamas won a parliamentary majority.

Fares, a Barghouti supporter, said that if Barghouti is released, he could become a consensus candidate in a round of new elections that Hamas, Fatah and other Palestinian factions could rally behind. A wartime opinion poll published in December showed Barghouti to be the most popular politician among Palestinians, ahead of both Abbas and Hamas’ leader, Ismail Haniyeh.

Israelis see Barghouti as an archterrorist, and convincing Israel to free him will be an uphill battle.

Barghouti, a leader in the West Bank during the second Palestinian uprising in the early 2000s, is serving five life terms for his role in several deadly attacks. During that uprising, Palestinian militants carried out deadly suicide bombings and shooting attacks in Israel and the Palestinian territories, targeting buses, restaurants, hotels and Israelis driving in the West Bank, eliciting crushing Israeli military reprisals.

In 2002, Barghouti was arrested on multiple counts of murder. He did not offer a defense, refusing to recognize the court’s authority. Since then, he has repeatedly thrust himself into the spotlight.

In 2021, he registered his own list for parliamentary elections that were later called off. A few years earlier, he led more than 1,500 prisoners in a 40-day hunger strike to call for better treatment in the Israeli prison system.

From jail, he has continued to call for a Palestinian state in the West Bank, Gaza and east Jerusalem—lands Israel seized in the 1967 war.

Barghouti was born in the West Bank village of Kobar in 1962. While studying history and politics at Bir Zeit University, he helped spearhead student protests against the Israeli occupation.

He emerged as an organizer in the first Palestinian uprising, which erupted in December 1987, but Israel eventually deported him to Jordan.

He returned to the West Bank in the 1990s, as part of interim peace agreements that were meant to pave the way for a Palestinian state but got bogged down by the end of the decade when a second uprising erupted.

Barghouti was seen as political leader of the armed wing of Fatah at the time.

Israel has previously rejected calls to free him. It refused to include him in a 2011 exchange of more than 1,000 Palestinian prisoners for a single soldier held captive in Gaza by Hamas, said Fares, who was party to the negotiations. Yehya Sinwar, the current Hamas leader in Gaza and a mastermind of the October 7 attack, was freed in that exchange.

Monday, February 5, 2024

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

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PHL top agri exports decline in ’23—PSA data

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arnings from the country’s top farm exports fell last year, according to the latest data from the Philippine Statistics Authority (PSA).

Figures from the PSA showed that receipts from coconut oil, the Philippines’s top agri export, registered the biggest decline at 44.2 percent. The value of coconut exports, including crude and

refined, reached $1.172 billion in 2023 compared with the previous year’s $2.1 billion.

The drop in international oil prices was the main culprit behind the significant reduction

in earnings from the country’s top agri export last year, based on data from the World Bank.

Figures from the World Bank showed that coconut oil in January to December last year averaged $1,075 per metric ton (MT), lower than the $1,635 per MT recorded in 2022.

In the fourth quarter of 2023 alone, coconut oil averaged $1,090 per MT, down from the previous year’s $1,147 per MT. Other coconut products, such as desiccated coconut and activated carbon, registered lower earnings last year, according to

PSA data.

Dessicated coconut exports fell by 33.1 percent to $247.18 million in 2023, from $369.36 million.

Activated carbon contributed $104.85 million to the country’s exports receipts last year, a third lower than the previous year’s $158.31 million.

Earnings from pineapple and pineapple products also slid last year, according to the PSA. Pineapple shipments to other countries were valued at $727.83 million, from $756.25 million in 2022.

The value of tuna exports was also lower by 1.6 percent last year.

PSA figures showed that outward shipments of tuna reached $369.45 million compared with the $375.48 million recorded in 2022.

Receipts from seaweeds and carageenan declined by 14.3 percent to $299.17 million, from $349.26 million in 2022, according to data from the statistics agency.

Outward shipments of abaca were valued at $19.72 million last year, nearly 13 percent lower than the $22.58 million recorded in 2022.

A bright spot for the Philip-

pines in terms of agricultural exports in 2023 was fresh bananas.

Receipts from the fruit favored

by Asian consumers rose by 11.1 percent to $1.220 billion, from the previous year’s $1.097 billion.

Copra cake or meal also registered an increase last year. Earnings from the commodity went up by 4.6 percent to $65.76 million, from $62.88 million recorded in 2022.

The PSA said the total value of exports in 2023 reached $73.52 billion. The figure is 7.6 percent lower than the previous year’s $79.57 billion.

House vows to pass measures Manila bans live cattle, buffaloes from S. Korea, Thailand that will eliminate hunger M

By Jovee Marie N. Dela Cruz @joveemarie

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he House of Representatives is committed to alleviating the concerns of Filipinos regarding their access to food by approving comprehensive legislative measures to address hunger, according to a lawmaker.

Quezon City Rep. PM Vargas said these measures will ease the worries of Filipinos about bringing food to their tables daily.

He said the proposed policies offer a “multi-pronged approach” to address perpetual challenges in food availability, value-chain production, and sustainable a g r i c u l t u ra l p ra c t i ce s a s m e a n s to promote a more resilient and equitable food system.

Vargas said the House Committee on Food Security and the Committee on Agriculture and Food are actively working on various legislative measures, including HB 3777, known as the “Livestock, Poultry, and Dairy Development Competitive Act,” HB 4562, the “Right to Adequate Food Framework Act,” HB 7898, also referred to as the “Zero Food Waste Act,” and several local

bills advocating for the institutionalization of the Kadiwa ni Ani at Saka Program at the barangay level.

While these measures are presently under consideration by the respective committees, Vargas remains optimistic that they will be expedited to effectively address the increasing incidence of hunger in the Philippines.

According to Vargas, the proposed legislation outlines strategies to reduce hunger by enhancing the affordability, availabilit y, qualit y, and safet y of the countr y’s food; institutionalizing sustainable direct market linkages between accredited local farmers and fisherfolk; and empowering the livestock, poultry, and dairy industries through a comprehensive development roadmap.

A recent survey conducted by the OCTA Research Group for the last quarter of 2023 indicates that half of Filipinos remain concerned about “not having enough to eat every day,” surpassing concerns about secure employment and educational aspirations. The study further highlights that involuntary hunger is most prevalent in the Visayas and Mindanao regions.

anila has slapped a temporary ban on live cattle and buffalo imports, their products and byproducts from Libya, Russia, South Korea and Thailand due to outbreaks of lumpy skin disease (LSD), a viral infection that could be deadly to cattle.

The Department of Agriculture (DA) issued Memorandum Order (MO) 6 which authorized the ban.

It was signed by Agriculture Secretary Francisco P. Tiu Laurel Jr. on February 1.

Laurel ordered the immediate suspension of processing, evaluation and issuance of sanitary and phytosanitary clearances for the import of specific live cattle and buffalo, their products and byproducts according to the recommendations of the World Organisation for Animal Health (WOAH) Terrestrial Animal Health Code Article 11.9.

Safe commodities (skeletal muscle meat, gelatine and collagen, tallow, hooves and horns) are still allowed to be imported from the said country as long as the country is accredited to import following the import terms and conditions of the Philippines, according to the DA. “This memorandum was issued to prevent the spread of LSD to the Philippines’ local cattle population on countries who has an on-going

Bloomberg News

and stable outbreak of LSD,” the DA said.

LSD is a cattle disease caused by a virus that is transmitted by blood-sucking insects such as mosquitoes and ticks, and causes fever, nodules on the skin and may even cause death, particularly those that have had no previous exposure. The virus can cause significant production losses but can be controlled either by culling or by vaccination.

Accord ing to the Nationa l Center for Biotechnolog y Information, the first reported outbreaks of lumpy skin disease (LSD) were reported in Southeast Asia in 2020, affecting Vietnam and Myanmar.

T he d i se a se s u bse que nt ly spread to Thailand and Laos in 2021. No cases have been reported in the Philippines and Indonesia so far, it added. The disease originated in Africa.

Laurel ordered for the confiscation, seizure and disposal of live cattle and buffaloes as well as products and by-products coming from Libya, Russia, South Korea and Thailand of shipments that didn’t comply with the memorandum.

He also ordered the DA’s Veterinary Quarantine Office to undertake a more rigorous and tighter inspection of all arrivals of live cattle and buffaloes as well as products and by-products.

FAO: Food price index down again in January T China’s Lunar New Year pork gloom exposes deep economic trouble he benchmark for world food commodity prices fell further in January, albeit slightly, led by decreases in the prices of cereals and meat, which more than offset an increase in the sugar prices, the Food and Agriculture Organization of the United Nations (FAO) said Friday.

The FAO Food Price Index, which tracks monthly changes in the international prices of a set of globally-traded food commodities, averaged 118 points in January, down 1 percent from December and 10.4 percent from its corresponding value a year ago.

The FAO Cereal Price Index declined by 2.2 percent from the previous month. Global wheat export prices declined in January driven by strong competition among exporters and the arrival of recently harvested supplies in the southern hemisphere countries, while those of maize fell sharply, reflecting improved crop conditions and the start of the harvest in Argentina and larger supplies in the United States of America.

By contrast, price quotations for rice rose 1.2 percent in January, reflecting a strong export demand for Thai and Pakistani higher quality Indica rice and additional purchases by Indonesia.

The FAO Vegetable Oil Price Index rose marginally by 0.1 percent from December - but was still 12.8 percent lower than a year earlier - reflecting moderate increases in international palm and sunflower seed oil prices offsetting declines in the prices of soy and rapeseed oils.

“World palm oil prices were driven by seasonally lower production in major producing countries and concerns over unfavorable weather conditions in Malaysia.

Meanwhile, increased import demand slightly pushed up sunflower seed oil prices.

By contrast, international soy and rapeseed oil prices declined on account of prospects for large supplies from South America and

lingering ample availabilities in Europe, respectively.”

The FAO Dairy Price Index remained vir tually unchanged from its revised December value, standing 17.8 percent below its value a year ago. In January, international price quotations for butter and whole milk powder increased largely due to higher demand from Asian buyers, nearly offsetting declines in those for skim milk powder and cheese.

FAO said its Meat Price Index declined for the seventh consecutive month by 1.4 percent from December, as abundant supplies from leading exporting countries drove down international prices of poultry, bovine and pig meats. By contrast, international ovine meat prices increased on high global import demand and lower supplies of animals for slaughter in Oceania.

The FAO Sugar Price Index in January was up 0.8 percent from the previous month, underpinned by concerns over the likely impact of below-average rains in Brazil on sugarcane crops to be harvested from April, coupled with unfavorable production prospects in Thailand and India.

Record cereal output

World cereal production in 2023 is seen on track to hit an all-time record high of 2.836 million tons—up 1.2 percent from 2022, according to new forecasts in the latest Cereal Supply and Demand Brief, also released today.

The global coarse grain output is now pegged at an all-time high of 1.523 million tons, following a 12-million-ton upward adjustment this month. The bulk of the revision reflects new official data from Canada, China (mainland), Turkey and the United States, where a combination of higher yields and larger harvested areas than previously expected has led to higher maize production estimates.

F

or families across China preparing for Lunar New Year, the most important celebration in the calendar, pork is a must.

An ingredient synonymous with prosperity and abundance, it’s used in countless dishes and cured for festive delicacies.

But in Beijing’s Xinmin market, vendor Wu Aizhen is struggling. Though pork prices have fallen by about a fifth compared to a year ago, she is selling a third less than she would in a normal holiday season.

Pork demand has been sluggish for months in China, but its continued weakness even as the country approaches peak season for elaborate meals sends a powerful message about consumption and oversupply in the world’s second-largest economy, as wage declines hit households and weigh on consumer prices.

“It has been very difficult to raise prices this year even though it’s already close to the Lunar New Year,” said Wu, who has held her stall for two decades.

Hundreds of kilometers away in eastern China, pork supplier Gong Cheng is also wringing his hands. Previously, migrant workers—who are pillars of the local construction and textiles industries—would have some 1,000 yuan ($140) to spend on pork to make sausages for the season, he said. Now they spend just 300 yuan or nothing at all, he said.

“Pork consumption apparently clearly hasn’t kept up with supply since China reopened last year, despite a surge in people eating out again,” said Duncan Wrigley, chief China economist at consultancy Pantheon Macroeconomics. While good data is scarce,

he added, farmers have ramped up production in response to swine fever losses and large-scale operations have taken up a greater share of the market.

China accounts for almost half of global pork consumption and hog production, eating five times more of the meat than the United States every year. But last year, consumption fell by 1 million tons to roughly 54 million, according to consultancy Shanghai JCI. While not dramatic, it’s a significant drop at a time when families were supposed to be spending and entertaining again, and production has dramatically increased.

It’s adding to China’s worrying deflation picture. Food makes up a fifth of the consumer price index and pork, in turn, is a large component. Consumer prices fell in December for a third straight month and the declines look likely to extend into 2024.

The cutbacks are particularly noticeable among lower-income consumers, said Darin Friedrichs, co-founder and market research director of Sitonia Consulting, which focuses on Chinese agriculture.

“If you are talking about somebody working in a bank in Shanghai, they are doing fine, they are still going out and spending money,” he said. “But there is a large sector of the economy, the migrant workers, the blue-collar workers that aren’t doing well and are cutting back a lot.”

In a city in wealthy Jiangsu province on the east coast, Li Fumin, who manages a dozen cafeterias supplying meals to tens of thousands of migrant workers, is worried he may have to close restaurants as people trade orders of dishes such as red braised pork for cheaper vegetables.

“It is hard for everyone to make money, so customers are stingy when it comes to

eating meat,” said Li, who has stopped sourcing more expensive meats like beef and mutton altogether.

This drop in appetite, added to changes in eating and entertaining habits, comes after years of expansion and modernization as China has sought to tackle food scares and to improve security of supply, including through the construction of high-rise pig farms.

Data released last month showed China’s pork production in 2023 expanded to the highest level in nine years, while the government had to intervene three times last year to buy pork for its strategic reserves to buoy prices.

Even Pay, an agriculture analyst at Trivium China, a policy research consultancy, said that a decline in pork consumption creates a “vicious cycle” that ends up putting even more supply on the market.

“For example, farming companies that waited to sell their pigs around the MidAutumn Festival and October holiday last fall, hoping for higher prices, instead end up feeding those pigs for longer and selling even fatter pigs onto the market at even lower prices,” she said.

The downturn will likely be most painful for China’s small breeders—who still farm about 40 percent of the country’s hog herd—and accelerate their consolidation.

“The massive losses I see right now in the husbandry industry are something I’m experiencing for the first time in my career,” said Dan Lu, an expert in selective breeding and pig semen seller in south China. Seven of 10 smallholders in the area he covers have closed their farms, he said.

Bloomberg News

A10 Monday, February 5, 2024 • Editor: Angel R. Calso

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editorial

PHL’s corruption problem demands urgent action

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he recent release of the 2023 Corruption Perceptions Index (CPI) by Transparency International (TI) paints a disheartening picture for the Philippines. While the country managed to inch up one spot compared to the previous year, it still finds itself among the ranks of the perceived “most corrupt” nations. This is a grave concern that demands immediate attention from the government and society as a whole. (Read the BusinessMirror report: “Slightly up, PHL still on ‘most corrupt’ list in index, February 1, 2024”).

The Philippines received a CPI score of 34, slightly higher than its 2022 score. However, it ranked 115th out of 180 countries surveyed, a marginal improvement from its 116th position the year before. This places the country alongside Indonesia, Turkey, Sri Lanka, Ecuador, and Malawi in the category of nations with high levels of corruption. It is abundantly clear that the Philippines has not made significant progress in combating this deeply rooted issue.

According to TI, they compiled data from nine corruption indices that monitored various instances of corruption, such as bribery and the misappropriation of public funds. These indices also assessed the impunity enjoyed by officials who exploit their public positions for personal gain, the effectiveness of governments in curbing corruption within the public sector, the presence of excessive bureaucracy that facilitates corruption, incidents of nepotism, access to information, and the strength of anti-corruption legislation.

It would do well for the Philippines to confront the reality that corruption has become deeply entrenched within its governance systems. The Global Corruption Barometer-Asia reveals that 86 percent of people surveyed consider corruption a significant problem in the country. Furthermore, 19 percent admitted to paying bribes to public services over the past year. These statistics highlight the urgent need for decisive action to restore trust and integrity in our public institutions.

When compared to other countries in the Asia-Pacific region, the Philippines falls far behind. New Zealand, Singapore, Australia, Hong Kong, and Japan take the top spots as the least perceived corrupt nations in the region, showcasing the potential for progress and good governance. On the other hand, North Korea, Myanmar, Cambodia, Bangladesh, and Papua New Guinea find themselves at the bottom of the index. The Philippines must strive to emulate the success stories in the region and work towards eradicating corruption.

It is crucial to acknowledge that corruption is not an isolated issue but intersects with other pressing challenges, such as geopolitics and climate change.

The Pacific region, including the Philippines, faces the dual burden of climate change impacts and geopolitical tensions. TI highlighted the risks associated with weak governance systems, which make substantial investments vulnerable to corruption. To address these challenges effectively, the government must prioritize strengthening governance mechanisms and ensuring transparency in financial dealings.

To break free from the cycle of corruption, the Philippines needs a comprehensive and coordinated effort. The government must demonstrate political will to implement robust anti-corruption measures, strengthen institutions, and promote transparency and accountability. It is imperative to protect and empower civil society organizations, the media, and other stakeholders that play a crucial role in exposing corruption and advocating for change.

The fight against corruption requires the collective efforts of all citizens. It is essential for individuals to refuse to participate in corrupt practices, report instances of corruption, and support initiatives that promote integrity and good governance. Education and awareness campaigns can play a vital role in fostering a culture of transparency and ethics from an early age.

The country’s persistent low scores in the Corruption Perceptions Index indicate a lack of commitment from elected officials to tackle corruption. But we believe that the Philippines has the potential to rise above its reputation as one of the most corrupt nations. However, achieving this transformation will require unwavering commitment, decisive action, and a united front against corruption. The time for change is now.

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PNoy’s legacy of service Atty. Jose Ferdinand M. Rojas II

RISING SUN

“You are my only son. You carry my name and the name of my father. I have no material wealth to leave you. I never had time to make money while I was in the hire of our people… The only valuable asset I can bequeath to you now is the name you carry. I have tried my best during my years of public service to keep that name untarnished and respected, unmarked by sorry compromises for expediency. I now pass it on to you, as good, I pray, as when my father, your grandfather, passed it on to me…

There is no greater nation on earth than our Motherland. No greater people than our own. Serve them with all your heart, with all your might and with all your strength.”

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his is an excerpt from a letter penned by the late Senator Benigno “Ninoy” Aquino Jr. to his son, Benigno “Noynoy” Aquino III, the 15th President of the Philippines, who held office from 2010 to 2016. As we commemorate his 64th birth anniversary on February 8th, we take a moment to reflect on his presidency and pay tribute to a remarkable man.

Noynoy Aquino’s presidency marked a significant period in the country’s political landscape, characterized by a steadfast commitment to good governance and economic reforms. One of the pivotal aspects of President Noynoy Aquino’s lead-

ership was his dedication to growing the Philippine economy while championing inclusive development and addressing corruption within the government.

The Aquino administration initiated the “Daang Matuwid” program,

C

True to his passion, Gesmundo’s voice is reassuring: “By the nature of our system, there will typically be a prevailing party and a dissatisfied litigant. So, bearing in mind that not everyone will leave a court proceeding happy, it’s my earnest desire that all sides can walk away feeling that they were heard by the court, and that their cases were adjudicated fairly and within a reasonable time.”

Supreme Court Resolution 0703-02 mandated judges to make jail visitations and submit reports on the names of the PDLs in coordination with the Bureau of Jail Management and Penology. These reports will provide the status of individual PDLs so that those already serving beyond their court sentences can be released.

The court visitation initiative aims to provide judges presiding over PDL cases with fresh perspectives. This aligns with Chief Justice Gesmundo’s program to expedite the resolution of cases and alleviate court docket congestion. Initially, he set a two-year timeframe for the Supreme Court to decide on cases presented before it.

provides recommendations outlined in a 30-page document.

The SPIJ encompasses various dimensions of court cases. Chief Justice Gesmundo views this plan as an opportunity to introduce fresh frameworks and embrace novel approaches while also leveraging and repurposing existing ones. The ultimate goal is to fulfill the longstanding aspiration of providing a justice system that is both responsive and operates in real-time.

Chief Justice Gesmundo’s primary objective is to be recognized as someone whose initiatives have had a positive impact on the lives of ordinary individuals seeking justice.

This overarching goal is at the core of his efforts to cultivate a mindset centered on delivering timely justice without unnecessary delays.

The SPIJ roadmap goes even fur-

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LITO GAGNI

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emphasizing transparency, accountability, and integrity in government transactions. Actively pursuing cases against corrupt officials, it sent a resolute message against graft and corruption. The president focused on addressing the misuse of funds and the release of the multi-billion pork barrel to senators. In 2013, his government successfully brought the alleged pork barrel scam operator, Janet Lim Napoles, to light. His presidency also witnessed dedicated efforts to fortify democratic institutions and uphold the rule of law.

Aquino’s economic policies ex-

tended to improving the country’s fiscal management. The government invested in infrastructure projects, such as the Public-Private Partnership (PPP) program, to boost economic development. Under his tenure, the Philippines experienced remarkable economic growth, with gross domestic product expanding at an average rate of around 6 percent annually.

The president took a firm stance on the territorial dispute with China, even pursuing legal action by bringing China to court over the prolonged disagreement concerning the South China Sea, parts of which the Philippines claims as the West Philippine Sea. As the Philippines grapples with ongoing economic and political challenges, it is important to assess the relevance of the late president’s policies and leadership to the present situation in the country. Our leaders and the entire nation can glean valuable lessons from the service, dedication, and decency he showed as he served the country and its people.

This is clearly Pnoy’s lasting legacy to the Filipino people. We know his father looks down from heaven with pride at his son’s significant accomplishments as a leader.

Chief Justice Gesmundo introduces groundbreaking resolution to address PDL concerns and court delays

✝ Ambassador Antonio L. Cabangon Chua Publisher

Noynoy Aquino’s presidency marked a significant period in the country’s political landscape, characterized by a steadfast commitment to good governance and economic reforms. One of the pivotal aspects of President Noynoy Aquino’s leadership was his dedication to growing the Philippine economy while championing inclusive development and addressing corruption within the government.

hief Justice Alexander G. Gesmundo has once again introduced a groundbreaking resolution that aims to address the issue of Persons Deprived of Liberty. This time, the resolution guarantees that PDLs receive the necessary attention they deserve, allowing judges to witness their plight firsthand. The objective is to prevent situations where PDLs end up incarcerated beyond their court-imposed sentences.

CJ Gesmundo has been crafting programs aimed at addressing the oft-repeated justice-delayed-justicedenied complaints, where he introduced a digitalization program to take out the sting of the delays for those who sought redress from the courts.

Under the leadership of Chief Justice Gesmundo, the Supreme Court has devised a comprehensive strategy called the “Strategic Plan for Judicial Innovations (SPIJ).” This plan serves as a blueprint for achieving a justice system that is responsive and operates in real-time. Spanning a six-year period, the plan is set to conclude in 2027, one year after Chief Justice Gesmundo’s tenure. It addresses the identified issues and

ther by incorporating envisioned revisions in the Rules of Court. It also emphasizes the importance of implementing alternative dispute resolution mechanisms to efficiently resolve civil cases related to corporate matters and financial disputes, thereby alleviating the burden on the courts.

I was informed about the jail visitations initiative devised by the Supreme Court through Atty. Juman Paa, who has been actively advocating for it. Atty. Paa has taken up court cases of PDLs during his visits to different jails in the National Capital Region. Upon learning about this initiative, I promptly reached out to Chief Justice Gesmundo to discuss the Supreme Court Resolution, which was not yet available on the High Court website at that time.

In a sense, the Chief Magistrate had made it a point to look at all angles, much like a journalist, before writing a story. And the “ponencia” that the CJ has will ensure that all the aspects of a case that the court heard had been exhaustively researched and the decision made in a timely manner.

By infusing innovation into judges’ court visitations, the High Court is demonstrating its alignment with the contemporary needs. It is determined to address the issue of court delays that have plagued the system See “Gagni,” A11

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Philippines as a global tax leader

A cruiser experience Siegfred Bueno Mison, Esq. Joel L. Tan-Torres

DEBIT CREDIT Part 10

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he Philippines should not be left behind in the realm of international tax developments and tax administration innovations. In the process, the BIR can enhance its efforts to generate higher and more efficient tax collections. This will also improve the BIR’s standing and recognition in the global tax community.

The BIR must complete its Advance Pricing Arrangement regulations.

In 2014, the BIR started discussions with taxpayers and practitioners on regulations to be issued for the APA. The APA is similar to securing a tax ruling from the BIR. The purpose of this type of tax ruling is to ascertain in advance whether the arm’s length principle is met in specified transactions of the taxpayer applying for the APA ruling. Obtaining such an APA ruling will provide some form of agreement between the BIR and the taxpayer on the mutual reliance on the transfer prices on transactions covered by the APA ruling. This can mitigate disputes on transfer pricing issues. If implemented effectively, the BIR can claim the best practices in APA for sharing with the global tax community.

The BIR should collaborate more effectively with its sister agencies in the Department of Finance, namely the Securities and Exchange Commission and the Bureau of Customs.

These two agencies have certain information that can be shared with the BIR in ferreting out transfer pricing cases for audit by the BIR. The SEC has data on the “beneficial ownership” of corporations coming from the implementation of SEC Circular 1 in early 2021. Corporations are required to submit information to the SEC on the ultimate owners of the stocks of covered corporations. This information is useful to the BIR in ascertaining the extent of the genuine relationship of groups of companies that may be prone to transfer taxing practices to reduce their overall tax liabilities. The Bureau of Customs will have information on the misvalued export and import transactions of taxpayers. These can be shared with the BIR for their reference in assessing the internal revenue tax implications of the transfer pricing practices of these taxpayers identified by the BOC. Department of Finance (DOF) Secretary Ralph Recto should take the lead in having these three agencies under his wing talk to each other to enhance revenue tax collections. The best practices that will arise in this collaboration can be shared by the BIR with other tax

Gagni . . .

continued from A10

for far too long and ensure that they become a thing of the past.

True to his passion, Gesmundo’s voice is reassuring: “By the nature of our system, there will typically be a prevailing party and a dissatisfied litigant. So, bearing in mind that not everyone will leave a court proceeding happy, it’s my earnest desire that all sides can walk away feeling that they were heard by the court, and that their cases were adjudicated fairly and within a reasonable time.”

The Gesmundo Court (a depiction he frowns upon as he insists it is the Supreme Court) is taking a comprehensive approach towards fostering a reformist mindset. This approach encompasses the integration of ethical standards into the conduct of court officials. “I will do the best I can while in office,” Chief Justice Gesmundo told me. His tenure as the chief magistrate exemplifies his commitment, indicating that the longstanding grievances regarding delayed justice will soon be a thing of the past.

The BIR must complete its Advance Pricing Arrangement regulations. In 2014, the BIR started discussions with taxpayers and practitioners on regulations to be issued for the APA. The APA is similar to securing a tax ruling from the BIR. The purpose of this type of tax ruling is to ascertain in advance whether the arm’s length principle is met in specified transactions of the taxpayer applying for the APA ruling. authorities in the process of attaining global tax leadership.

Finally, these efforts of the BIR can lead to the Philippines hosting a Tax Transfer Pricing Academy. A training institute can be organized in the Philippines that will deliver training and research activities in the area of transfer pricing. This academy can take charge of transfer pricing training to the BIR auditors and other parties, including taxpayers, DOF officials, members of the legislature, and others. This academy should also be available for the training of tax officials from other countries. The funding and technical support for the formation and operations of the academy can be funded by the Philippines and other international organizations, such as the World Bank, International Monetary Fund, Asian Development Bank, and the Organization for Economic Cooperation and Development.

These directions can propel the Philippines and the BIR to attain global tax leadership.

To be continued Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business.

Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and Tax partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He is now back to his tax and consultancy practice and can be contacted at joeltantorress@yahoo. com and his firm JL2T Consultancy.

THE PATRIOT

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was recently invited to participate in an off-roading and camping event dubbed Mt. Pinatubo Trek 2024. There were close to about 50 4x4 vehicle owners who tested their driving skills along the rough terrain in Tarlac towards Zambales. Some participants even flew from abroad just to attend this annual gathering. About 14 vehicles came from Nueva Ecija. The main event was the distribution of all kinds of food supplies with the assistance from the 790th Air Base Group of the Philippine Air Force based in Tarlac.

Dra. Juvy Cuyugan-Cruz of Meycauyan, Bulacan also spearheaded the distribution of basic medicines and advice. The Land Cruiser Club of the Philippines ought to be commended as it decided to spend its 25th anniversary leisurely but with a purpose as its members shared their blessings to the many Aeta families in this part of Mt. Pinatubo.

Hitting the campsite at dawn, we put up our rigs—tents, awnings, tables, lights, and cooking paraphernalia. Some participants trekked towards the Pinatubo crater, a good three-hour ordeal traversing the river towards it, after a substantial lahar-filled hike. Some got some shuteye to prepare for night camp activities—eating and drinking with bonfire to boot.

I have done camping before but nothing like this one. I was simply astounded with the way some of these off-roaders camped in style.

One camper worth mentioning flew from Ozamis City to join this event.

A doctor by profession and currently affiliated with the oldest university in the region, Misamis University (1929), Dr. Orlando de Leon certainly showed me the meaning of an “allout” experience outdoors. Doc Orly, as he is fondly called, took more than a day to prepare for this activity. Aside from the basic camping gear, Dr. Orly had some gadgets and equipment that are typically found in “glamping” (or glamour camping) areas. His Cruiser has a large refrigerator and a 55-gallon water tank (with bidet, hose, and all) for his bathing and cooking needs. He brought a wide array of foods not typically seen in camping—shishito pepper, perfectly grilled in a charcoal grill (not butane), a charcuterie board with assorted dried fruits, a variety of quality nuts, Iberico ham, and cheese that comes with its own cutting board and “professional” knife that can make cheese slices the way chefs do! This mouth-watering appetizer was complemented practi-

Monday, February 5, 2024 A11

cally by a “mobile bar” that featured a wine collection from Paso Robles, California. Doc Orly impressively concocted a refreshing sangria using freshly harvested apples and oranges to soothe our senses amidst the volcanic ash-filled atmosphere.

When asked about his ornate and exquisite camping preference, he said that he goes all out whenever he sets his sight on doing something.

For Doc Orly, such mindset is never about extravagance; it is just a matter of enjoying the experience to the fullest. In contrast, my Spartan-like meal of beer, chips, and adobo was simply out of Doc Orly’s league! I will have to prepare much better next time.

By analogy, for believers to “enjoy” the life of being saved and the “luxury” of having an all-powerful God in everything they do, they might as well do a “Doc Orly style” of preparation. We can go “all out” in praising Him, not just by raising hands whenever we sing during church service, but by obedience, which, according to my pastor friend, is the highest form of worship. If we can have that same intricate preparation like what Doc Orly did during our Pinatubo trek in anticipation of the return of the Most High, then we can truly “enjoy” the benefits of His Grace. Lest this preparation for salvation be misunderstood, no amount of work can save us more. But the things we do here on earth to please Him serve as convincing proof of our faith in Him. I noticed that those who express their belief in God, openly and boldly, truly enjoy His blessings and grace as manifested in their freedom “to live according to who God created us to

be,” without fear or shame, stress or anxiety. After all, believers are sure of victory as Jesus said in the Bible, “I have told you these things, so that in me you may have peace.

In this world you will have trouble.

But take heart! I have overcome the world.” (John 16:33).

A believer of Jesus already stands in a position where righteousness has already been crowned over him. He is the righteousness of God in Christ (2 Corinthians 5:21). To fully enjoy this stature, a Christ-believer’s “all out” preparation consists of a daily consciousness of God’s sweet presence in his life (Psalms 16:8), of arming himself with the word of God, meditating on it day and night (Joshua 1:8), and of perfecting himself in God’s love, never fearful of anything (1 John 4:18).

Regardless of our respective professions and endeavors, let us strive to prepare ourselves as thoroughly as Dr. Orly did for the 2024 Mt. Pinatubo trek—deliberate and purposeful cruising towards one goal of enjoyment. Congratulations to the organizers of this event and thank you to spouses Justin and Darlene for inviting me to this memorable cruiser experience.

A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission.

For questions and comments, please e-mail me at sbmison@gmail.com.

American steel buyers hail Nippon deal that scares Washington

By Joe Deaux

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teel traders, automotive customers and even United States Steel Corp. workers are hailing the iconic American company’s decision to sell to a Japanese rival. That has left the steel industry wondering why politicians in Washington are eager to cast doubt on the $14.1 billion deal.

Nippon Steel Corp.’s December offer to buy US Steel—and the subsequent political pushback—was the hot topic when the industry gathered in Florida earlier this week at one of North America’s largest steel conferences. The overriding sentiment was that the deal will make domestic steel pricing more competitive than a takeover by US rival Cleveland-Cliffs Inc., while preserving jobs and avoiding antitrust issues.

“My understanding is steel consumers, steel customers are much happier with Nippon as the buyer,” Wolfe Research analyst Timna Tanners said at the Tampa Steel Conference.

The positive view from the industry hasn’t stopped the deal from becoming a lightning rod in a US election year, with opposition from United Steelworkers union leaders and several politicians. Republican frontrunner Donald Trump is threatening to block the takeover if he wins November’s election.

Both Democratic US Senators from US Steel’s home state of Pennsylvania want the deal killed, citing fears that union jobs at steel plants would be impacted. President Joe Biden’s top economic adviser said the transaction deserves “serious scrutiny” over the impact it might have on national security and supply chains.

Conference attendees dismissed any national security concerns, since Japan is a US ally. Some cited their familiarity with Nippon Steel, given that the Tokyo-based company has had a small US presence for years, as reason not to fear the foreign buyer.

While the Nippon Steel offer makes sense to many in the industry, its main hurdle remains the national security review by the Committee on

Foreign Investment in the United States, or CFIUS. Public comments from top economic aides for Biden hint at the administration’s priorities to preserve union jobs and domestic manufacturing.

Steelworkers can’t block the takeover, but they hold significant sway in the American political arena— representing a chunk of blue-collar workers in swing states as the election season heats up.

“In terms of the union, it’s probably right they can get a pound of flesh and some promise for investment in their union jobs,” said Josh Spoores, the principal steel analyst at CRU Group.

Two of the largest so-called service centers—middlemen who buy the alloy from steelmakers and supply equipment manufacturers and parts producers—noted that, until recently, massive foreign steelmakers were already competing in the US. “This isn’t the first time that a foreign company has owned a lot of capacity in the US,” said Heidtman Steel Chief Executive Officer Tim

Berra, referring to ArcelorMittal SA’s former US footprint.

“For Nippon to come in and purchase the mills doesn’t scare us,” said Berra, whose company sells a significant portion of its material to the auto industry. “If Cliffs would have won the deal and you relied on someone with blast furnace material, you would have been a little concerned about that because they would have owned all the blast furnaces in the US.” In contrast, Marc Lerman of Steel Warehouse said he doesn’t see Nippon’s ownership changing anything “significantly” in terms of industry dynamics.

US Steel and its advisers flagged concerns throughout the company’s sale process that selling to Cliffs posed “substantial” antitrust issues.

Such a combination would mean most of the US automotive steel market and as much as 95 percent of US iron ore output would be controlled by one company—giving it too much power over domestic prices. With assistance from Josh Wingrove / Bloomberg

Iraq says 16 killed in US strikes, calls security risk grave

By Khalid Al-Ansary & Jennifer Jacobs

I

raq’s government said civilians were among at least 16 people killed in a wave of US airstrikes that the Middle Eastern country called a grave risk to security in the region.

Dozens of US strikes late Friday targeted Iranian forces and militias in Iraq and Syria and were taken in retaliation for a drone attack a week ago in northeast Jordan by an Iran-linked militant group in which three American soldiers were killed. The strikes also injured at least 25 and damaged residential building, Iraq said.

“This aggressive strike will put security in Iraq and the region on the brink of an abyss,” Basim AlAwadi, a spokesman for Iraq’s government, said in a statement issued on Saturday.

“Iraq reiterates its refusal to let its lands be an arena for settling scores.”

Separately, an Iranian foreign ministry spokesman called the US

airstrikes a “strategic mistake,” without specifying whether the country’s assets were targeted, and Russia’s foreign ministry said it would ask the UN Security Council to discuss the strikes as soon as possible.

The “adventurous move” by Washington “will have no outcome but escalating tension and instability in the region,” ministry spokesman Nasser Kanaani said in a statement, adding that the strikes were “violations of the sovereignty and territorial integrity” of both Iraq and Syria.

A number of civilians and soldiers were killed or wounded in eastern Syria, near the Iraqi border, the state-run SANA news service reported, citing a statement from the nation’s military. Significant damage was inflicted on public and private property, it added.

Meeting in Brussels, European foreign affairs officials called for an urgent de-escalation, describing the Middle East as a boiler set to explode.

The region has edged closer to an all-out conflict since Hamas mili-

tants struck Israel on Oct. 7, killing some 1,200 people and taking hundreds of hostages, and Israel’s government declared war on the group, deemed a terrorist organization by the US and the European Union, in the Gaza Strip.

Following a daylong meeting of foreign ministers in Brussels, Josep Borrell, the European Union’s foreign affairs chief, once again urged de-escalation.

“We don’t have a military presence on the ground, the only thing we can do is use our diplomatic capacity to avoid this increasing reaction,” Borrell told reporters.

In Friday’s incursion, aircraft including long-range B-1 bombers flown from the US struck 85 targets at seven locations linked to Iran’s Islamic Revolutionary Guards Corps’ Quds Force and militant groups that Iran funds, according to US officials.

The US attacks came days before Secretary of State Antony Blinken is set to embark on a fifth trip to the region since the Hamas attacks on

Israel. He’s expected to touch down in Saudi Arabia, Egypt, Qatar, Israel, and the West Bank over five days.

Blinken’s visit is a bid to help secure a cease-fire and hostage deal in Gaza that officials believe could serve as a tentative step toward ending the conflict between Israel and Hamas.

While backing Israel’s right to defend itself after the October attack, US officials believe a cease-fire could deny Iranian proxies a reason to keep attacking American forces.

Defense Secretary Lloyd Austin said in a statement on Friday that President Joe Biden has directed more action against the IRGC and militias backed by the group, though he didn’t say when that would happen.

US military bases scattered across Iraq and Syria had come under attack more than 160 times since Hamas’s October attack on Israel, but the Jan. 28 fatalities were the first deaths.

The US strikes targeted “logistics and munition supply chain facilities of militia groups and their IRGC sponsors who facilitated attacks

against US and Coalition forces,” Central Command said. Briefing reporters afterward, US officials said the Iraqi government was informed beforehand.

The US blamed the deadly attack in Jordan on an Iranian-backed umbrella group known as the Islamic Resistance in Iraq. That group is part of what’s known as the Axis of Resistance, a web of anti-Israel and anti-US militants in the region that encompasses groups in Syria, Lebanon and Yemen, as well as Hamas in the Gaza Strip. It also includes the Kata’ib Hezbollah militant group, which said earlier in the week that it was halting military operations in Iraq after pressure from the Iraqi government.

The US “is purposefully trying to plunge the largest countries in the region into conflict,” Russian foreign ministry’s spokeswoman Maria Zakharova said in a statement. “It’s obvious the airstrikes are specifically designed to further inflame.” With assistance from Arsalan Shahla, Natalia Drozdiak and Katharina Rosskopf / Bloomberg

A12 Monday, February 5, 2024

OPENS RBH 6 HEARINGS Amid PBBM unity call, Año SENATE AMID PAUSE IN CHACHA WAR warns of ‘force’ vs secession A

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By Samuel P. Medenilla

@sam_medenilla

RESIDENT Ferdinand R. Marcos Jr. has called for national unity following the announcement of a so-called independence movement in Mindanao last week.

At the same time, National Security Adviser Eduardo M. Año said the government is ready to use “resolute force” to prevent any move at secession, which he said is against national interest.

In a video blog posted on his social media accounts last Sunday, the chief executive said the country must remain united so it can achieve the “Bagong Pilipinas” (New Philippines), which his administration is pushing for.

He described the initiative as “a master plan for genuine development” that will benefit all Filipinos.

“The success of this call depends on our unity. In a New Philippines, there is no room for slander. Let’s put our people first. Let’s change because there is no new Philippines without a new Filipino,” Marcos said

in Filipino in the video.

Marcos made the remark after former President Rodrigo R. Duterte disclosed there are now “like-minded” politicians, who would like Mindanao to peacefully secede from the Philippines.

Duterte said the initiative will be spearheaded by Davao del Norte 1st district Rep Pantaleon Alvarez.

Duterte also claimed Marcos Jr.’s name was on a “list” shown him by the Philippine Drug Enforcement Administration (PDEA) when he was Davao City mayor, but the PDEA denied that Marcos Jr. had ever appeared on any list.

Resolute force

AÑO said they are ready to respond with force in case the supposed Mindanao independence move-

ment advances.

“The National Government will not hesitate to use its authority and forces to quell and stop any and all attempts to dismember the Republic,” Año said.

“Any attempt to secede any part of the Philippines will be met by the government with resolute force, as it remains steadfast in securing the sovereignty and integrity of the national territory,” he added.

He also called on Filipinos to be vigilant against individuals, who “sow discord and division.”

“It is imperative for all Filipinos to uphold the principles enshrined in our Constitution which espouses the unity and territorial integrity of our nation. Any suggestion of secession not only runs counter to the Constitution but also threatens to undo the hard-won gains of peace and development, particularly in Mindanao,” Año said.

United opposition

WHILE Malacañang did not directly issue a statement on the matter, it released the positions of various groups and organization, which rejected the proposed split.

These include the statements of Maguindanao del Sur Governor

Bai Mariam Sangki Mangudadatu, Sultan Kudarat Governor Datu Pax Ali Mangudadatu.

The former called the movement as an attempt to destabilize the government and is against the Constitution, while the latter raised concern on the potential impact of secession on the national economy and stability.

The Palace also released the position of Technical Education and Skills Development Authority (Tesda) Director General and former Sultan Kudarat Governor Datu Suharto “Teng” Mangudadatu, advocating a united Philippines to preserve the country’s “economic strength.”

The Tesda chief is the husband of Mariam and the father of Pax. He position was reiterated by the joint statement of the governors of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), as posted by the Presidential Communications Office (PCO) on its Facebook page.

“The Bangsamoro People are resolved not to regress but to forge ahead together a one indomitable force, proudly celebrating our Bangsamoro identity as an integral part of the Philippine Republic,” the joint statement stated.

Presidential Adviser on Peace, Reconciliation and Unity (OPAPRU) Carlito Galvez, Jr. also called out the proposed independence movement for being unconstitutional and undermining government efforts to achieve peace and economic development in Mindanao in a separate statement released last week. Galvez once served as Armed Forces chief of staff of then President Duterte.

SENATE subcommittee mandated to tackle Resolution of Both Houses No. 6 (RB6) on constitutional amendments opens hearings today (Monday, Feb. 5), with its chairman expressing confidence that productive exchanges among lawmakers and resource persons on how to made the 1987 Charter more responsive to the Philippine economy’s needs will help avert a repeat of the heated clashes that marred Charter-change efforts via a divisive People’s Initiative.

Sen. Juan Edgardo Angara, who chairs the special panel on RBH 6 expressed gladness at the weekend that the chiefs of the Senate and the House of Representatives agreed to a ceasefire, for as long as a serious review of the questioned provisions is undertaken.

RBH 6 is focused on amending economic provisions of the Constitution deemed “restrictive” and thus counterproductive to efforts to invite more investors and grow the economy.

Angara told DWIZ the “verbal exchange” between the two chambers had become “too hot,” and must be defused. He gave the radio interview a day after the Senate Committee on Electoral Reforms and People’s Participation (PI) held a hearing in Davao City, revealing more instances of apparent deception in the signature gathering of recent weeks that was undertaken for a PI, and at the behest of House leaders.

The senators had denounced the signature campaign after getting reports that government “ayuda” (financial aid) for marginalized groups had been used to mislead people into signing forms that turned out to be attachments for a PI campaign.

At Friday’s second hearing of the Electoral Reforms panel in davao City, Sen. Imee Marcos, its chairman, said the gathering of the signatures for People’s Initiative would not have been a problem had it been done properly. “But why was there decep-

tion? Why was there ayuda (help) from the government? Why isn’t it (signature gathering) explained well?” Marcos asked in Filipino.

This, after witnesses attested that initiators behind the signature campaign told them people were signing up for the Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD) and other government assistance.

Also at the Marcos-led hearing, Sen. Ronald “Bato” Dela Rosa urged resource persons not to be afraid to tell the truth. “Don’t be afraid. The innocent have nothing to fear.

There is nothing wrong with you if you believed in the promises. I say, you have signed, there is nothing wrong with you, you have nothing to fear. You are the victims here.”

Dela Rosa the Senate is more than ready to hold accountable those responsible for exploiting the witnesses.

At the weekend, Angara told DWIZ that Senate President Juan Miguel Zubiri had directed him to take the lead in discussions on amending the economic provisions to prove that senators are not obstructionist and entirely closed to the idea of Cha-cha.

House Leaders had earlier urged senators to stop their hearings investigating the PI campaign, and just focus on tackling RBH 6 if they are sincere about amending the Charter to make it more responsive.

After all, House leaders said, the Commission on Elections had suspended acceptance of the signature sheets being submitted by PI organizers, though some senators are wary that the same campaign could be revived any time the Comelec lifts the suspension.

Comelec chairman George Garcia said the suspension was done to allow the poll body to review the laws and its rules on supervising a people’s initiative, one of three modes of amending the Charter, as provided by the 1987 Constitution. Butch Fernandez

ARAW NG BIÑAN Mayor Walfredo “Arman” R. Dimaguila Jr., Vice Mayor Gel Alonte, Councilor Dada Reyes, and council members spearheaded the formal opening ceremony of the Araw ng Biñan festivities at Plaza Rizal on February 2, 2023. The occasion marked the significant milestones of the 79th Liberation Day, the 14th Cityhood Anniversary, and the 277th foundation commemoration of Biñan, Laguna—fondly recognized as the City of Lights. BERNARD TESTA

PR, marketing experts focus on DOT’s media contracts

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

A

PHENOMENA L rol lout.

That is what ta xpayers should be getting in exchange for P149 million in government contracts with a company, which earlier drew flak for overpromising and under-delivering on a project.

In a brief exchange with the BusinessMirror, Alan German, president of Agents International

Inc., said the contracts awarded by the Department of Tourism (DOT) to GeiserMaclang Marketing Communications Inc. is a “wide-eyed surprise, particularly about the price. P149 million for six months is roughly P24.8 million a month.

With that amount, the campaign rollout should be really phenomenal.” Agents International is a leading public relations agency and expert in campaign strategies.

While he hasn’t seen the specific provisions of GeiserMaclang’s contracts, German asked, “What

does the country get for spending almost a million a day for six months? Is it just a media-buying strategy? Are we paying that much for a calendarized plan of identified outlets, or are some of the space and airtime costs included?

Is there quantitative and qualitative research involved, including results, monitoring, and analytics? In other words, the services and deliverables have to be aligned with current market rates and industry standards.”

Continued on A4

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, February 5, 2024

B1

Meralco: Electricity sales in OceanaGold files for Didipio IPO January likely rose by 10% O

BusinessMirror file photo

T

By Lenie Lectura

@llectura

he Manila Electric Co. (Meralco) has initially recorded an energy sales volume of over 4,000 gigawatt hours in January.

“There are no final numbers yet but it seems Meralco distribution utility will hit 4,000 plus gigawatt hours, indicative growth of around 10 percent compared to January 2023, with all seg-

ments—residentia l, commercial and industrial—performing better,” said Meralco Senior Vice President and Chief Revenue Officer Ferdinand Geluz.

The Meralco official said that

“a bit warm temperature” from late December last year up to the end of the third week in January led to higher electricity consumption. Also, Geluz said, “I think we have relatively lower base since first quarter last year was not too good.”

“We have months when we hit double digits previously due to a combination of temperature and other factors.”

Mera lco has yet to repor t its 2023 financial performance though Geluz had said the utility firm projected about 4.4 to 4.5 per-

cent in energy sales improvement.

“For 2024, we are projecting about the same. About 4.5 percent.”

“We are really hoping that the construction industry could have some sort of rebound.”

He said residential sales volume this year is expected to increase due to the impact of El Niño. “For industrial, we are expecting a rebound. Commercial, we don’t expect another double-digit growth this year, but still, we’re expecting probably around five or six percent growth.”

From January to September last year, Meralco’s total sales volumes rose by 4 percent to 38,164GWh, with Meralco’s volume rising by 4 percent year-on-year while that of Clark Electric Distribution Corp. improving by 7 percent.

The commercial segment accounted for 37 percent of the total energy sales mix during the ninemonth period, while residential sales and the industrial segment accounted for 35 percent and 28 percent, respectively.

For residential, Meralco noted higher consumption in condominiums and dormitories as onsite classes in colleges and universities resumed and onsite work arrangements increased.

The industrial sector gradually showed signs of recovery as the drop in sales volume narrowed as of end-September 2023.

The company has a consolidated customer count of 7.8 million as of end-September 2023.

Globe: New antenna to boost signal

By Lorenz S. Marasigan

T h i s t e c h no l o g y u p g r a d e could potentially benefit nearly 250,000 residents in these localities, Tan said, as it provides an average 40 percent better coverage range and a 30-percent improvement in signal quality over traditional panel antennas, as well

as seamless integration, costefficiency, and maintenance-free operation.

In layman’s terms, Tan said users—especially those in remote a reas— ca n e x pect dow n load speeds up to four times faster and upload speeds twice as rapid, significantly reducing dropped calls and black spots in network coverage.

“Globe creates opportunities to innovate and implement such creative solutions that are instrumental in addressing localized customer pain points. With that, not only do we attain customer satisfaction but also improve our services and likewise, integrate sustainability into how we operate as a company,” said Tan.

est eye treatments. BLC has conveniently brough the technology right in their backyard,” said BLC General Manager Karlo Serafin Sanchez.

“Our satellite clinic in GenSan will accommodate patients who are planning to undergo surgery by conducting free suitability tests, and comprehensive eye screenings.

If their assessment results show that they are eligible for Lasik, our patients can conveniently travel to our Davao clinic, just a few hours away, for their procedure, which typically lasts 15 to 20 minutes. They can travel back to Gensan afterwards and have their follow-up check-ups in our satellite clinic,” BLC Davao Medical Director Dr. Gary Bunagan added.

BLC has helped “20,000 eyes achieve life-changing vision” as of December 2023, according to BLC Chief Executive Officer and Head Ophthalmologist Ches Heredia. She

attributed this to their investments in “world-class technology and equipment” to ensure the best results for every patient.

One of them is the Schwind Amaris Excimer Laser, a high-performance laser system used in refractive surgery to reshape the cornea and correct vision problems such as myopia (nearsightedness), hyperopia (farsightedness), and astigmatism.

Additionally, BLC is the first and only eye clinic nationwide certified to offer CLEAR Lenticule Extraction also used in Europe, Americas and other parts of the world. This is performed using a machine called the Ziemer Z8 NEO which BLC launched in March 2023.

As part of its grand opening, BLC General Santos offers free consultations and exclusive all-in lasik packages from as low as P50,000 until February 27. Roderick L. Abad

@lorenzmarasigan

G

lobe Telecom Inc. said on Sunday it has integrated a new “hyper gain antenna” that it claims to “boost signal amplification by up to 200 percent in areas with coverage gaps and expands the reach of a cellsite by 40 percent.”

The Spotlight Vega Antenna, supplied by Comarcom Ltd. and Telkha Network Inc., will help address persistent tower site development challenges, said Globe’s Head of Technology Strategy and Innovation Gerhard Tan. “This innovative technology from our partners will help us fill coverage gaps in our network and,

Expansion of Mindanao airport gets underway

T

he Department of Transportation broke ground for the expansion of the Laguindingan Airport Passenger Terminal Building (PTB), highlighting the benefits of a better terminal for Northern Mindanao.

Transportation Secretary Jaime J. Bautista highlighted the expansion’s strategic importance in elevating travel experiences and fostering sustainable aviation operations across Misamis Oriental and neighboring provinces.

“The upcoming expansion project will not only provide better passenger experience but will also push further our goals towards sustainability,” he said. Lorenz S. Marasigan

thus, help us give better service to subscribers.”

The new antenna was recently deployed in Tagaytay City, Abra de Ilog, Occidental Mindoro, and San Fernando, La Union, marking significant advancement in 2G and 4G connectivity across the region.

ceanAGold Corp. said its wholly owned subsidiary, OceanaGold Philippines Inc. (OGPI), has filed paperwork for an initial public offering (IPO).

OGPI has filed a registration statement and draft preliminary prospectus with the Securities and Exchange Commission and a listing application with the Philippine Stock Exchange (PSE). The Philippine subsidiary aims to raise as much as P7.89 billion from the IPO. “We are proud of Didipio’s track record as a proven high-quality, long-life, low-cost gold-copper mine and look forward to welcoming new Filipino and international shareholders to participate in the expected robust free cash flow generation, consistent dividend payments, and future potential at Didipio,” Gerard Bond, president and CEO of OceanaGold, said in a statement last Friday.

OGPI will offer 20 percent of its common shares, with the offering expected to be completed prior to July 2024. The subsidiary holds OceanaGold’s interest in the Didipio mine and, pursuant to the terms of the renewed Financial or Technical Assistance Agreement (FTAA), is required to list at least 10 percent of its common shares on the PSE. “Due to the PSE’s minimum public float requirement of 20 percent, OGPI intends to list all of its issued and outstanding common shares and publicly float 20 percent thereof on the main board of the PSE,” the company said.

The offering will comprise a secondary offering of common shares of OGPI, with the proceeds to be received by a wholly owned subsidiary of OceanaGold.

“The proposed Offering price will be determined in the context of the market through a book building process with a maximum up-to price of P17.28 per share ($0.31 per share), and a maximum sale of 456,000,000 common shares,” the company said.

It is being led by BDO Capital & Investment Corp. as global coordinator and domestic underwriter and bookrunner, with CLSA Limited as international underwriter.

Community fund

OGPI’s Didipio gold and copper mine has allocated P169 million for its community development fund (CDF) for 52 barangays in the provinces of Nueva Vizcaya and Quirino.

T he amount is 24 percent higher than the 2023 allocation

of P136 million.

“We have expanded the CDF coverage to 52 barangays in 2024 from 44 last year. This proves our commitment to mining gold for a better future for our communities in Nueva Vizcaya and Quirino” Joan Adaci-Cattling, president and external afairs and social performance general manager of the Didipio mine operations, said in a statement.

Didipio mine’s CDF proceeds now include the municipalities of Bambang, Bayombong, Solano, Dupax Del Sur, Bagabag, and Diadi in Nueva Vizcaya, and Saguday and Nagtipunan in Quirino, in addition to their original beneficiaries in Kasibu and Dupax del Norte in Nueva Vizcaya and Aglipay, Cabarroguis, Diffun and Maddela in Quirino.

“We are grateful that the Didipio mine has included us in their initiatives, even though we are not directly within the SDMP barangays. We eagerly look forward to exploring more partnership opportunities with the Didipio mine,” Municipality of Solano Sangguniang Bayan Member Regie Valino-Valdez said.

The Didipio mine is hosting a series of Technical Working Group (TWG) meetings with stakeholders to identify potential projects and beneficiaries.

The TWG is chaired by the Mining and Geosciences Bureau (MGB) Region 2. Among its members are representatives from the Commission on Human Rights, the National Commission on Indigenous Peoples (NCIP), and representatives from the different municipalities.

This year’s proceeds are targeted to fund farm-to-market roads, road improvements, and multi-purpose buildings for the barangays in the said municipalities.

“These consultations with the communities under the guidance of the MGB, CHR, and the NCIP ensure that we are on the right track by listening to the proposals of our beneficiaries, allowing us to provide the appropriate multi-sectoral support to our communities,” AdaciCattiling added.

Last year, the P136 million was utilized for the construction of multipurpose buildings, concrete and all-season farm-to-market roads, village roads, health centers, canals and flood river control systems, water systems, school buildings, and facilities, hanging bridges and the CDF-Indigenous peoples’ scholarship program, among others. Jonathan L. Mayuga

PLDT unveils ‘next-gen’ Borough Lasik Center opens in GenSan fiber broadband service

B

orough Lasik Center is all set for further expansion nationwide, after it opened its first satellite clinic in General Santos City.

Located at the 2nd floor of SM City Gensan (in front SM Cinema 3), it adds to the current three fullservice clinics in Manila, Iloilo, and Davao, respectively. The management also announced that BLC will soon open clinics in Cagayan de Oro and Bacolod.

“We have multiple accessible locations in Luzon, Visayas and Mindanao, extending our mission to provide life-changing vision for all to all corners of the country. Citizens from General Santos, including other nearby towns now have access to the latest technology one could offer abroad.

They don’t need to fly to Manila or other countries just to enjoy the new-

P

LDT Inc. said on Sunday its home broadband subsidiary is introducing in March the “next-generation” fiber service called Gigabit Plans, which will offer broadband speeds of up to 10 gigabits (Gbps).

The Gigabit Plans will provide speeds of 1 Gbps, 2.5 Gbps, 5 Gbps, and an unprecedented 10 Gbps.

To put it into perspective, 10 Gbps is equivalent to 10,000 Mbps, surpassing competitors’ offerings by at least tenfold.

This enhancement allows for “lightning-fast downloads,” with a 20GB, 4K video file completing in seconds rather than minutes.

Additionally, multiple users on various devices can simultaneously run bandwidth-intensive applications without delay.

“We are elevating the conversation on Internet access, shifting the focus to gigabits per second from

megabits. We want to make Gbps the standard for connectivity speed across every Filipino home,” Jeremiah de la Cruz, PLDT SVP and Head of Customer Business and PLDT Home, said.

Dela Cruz drew a parallel between the Gigabit Plans and the transition from 4G to 5G in mobile communication, asserting that PLDT Home is pushing the boundaries of Internet access in the Philippines.

“What we are introducing is the next generation of fiber broadband service,” he said. While 10 Gbps Internet connectivity is available in countries such as Norway, South Korea, and the US, PLDT Home sees this initiative as its contribution to the Philippines’ digital transformation. De la Cruz highlighted ongoing investments in new technology and network upgrades, aiming to provide world-class connectivity to more Filipinos. Lorenz S. Marasigan

B2

Companies BusinessMirror

Monday, February 5, 2024

PSE STOCK QUOTATIONS

February 2, 2024

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

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

33.5 148.5 6.6 115.8 31.85 8.72 57.05 8.75 18.52 55.1 22.05 72.25 45 1.05 2.47 0.61 2.68 184 2,550

33.8 148.7 6.7 116.1 31.9 8.77 57.3 8.8 18.6 55.9 22.85 72.35 45.2 1.08 2.5 0.68 2.71 189 2,560

33.7 145.3 6.7 112.5 31.45 8.75 57 8.75 18.5 54 22.15 72 44.9 1.13 2.5 0.61 2.7 187 2550

34.8 149.5 6.7 116.9 32 8.8 57.75 8.75 18.52 55.9 23.45 72.5 45.25 1.13 2.5 0.61 2.7 190 2,550

33.5 145.2 6.7 111.7 31.45 8.7 56.5 8.75 18.46 54 21.4 71.9 44.5 1.05 2.5 0.61 2.7 182 2,550

33.5 148.5 6.7 116.1 31.85 8.72 57.05 8.75 18.52 55.9 22.85 72.35 45.2 1.05 2.5 0.61 2.7 190 2,550

2,700 5,786,030 17,700 3,438,420 181,100 43,100 1,426,710 2,500 33,000 20 18,800 230,690 305,700 758,000 16,000 30,000 2,000 2,070 80

91,290 855,855,843 118,590 397,859,194 5,752,200 377,839 81,715,528 ( 21,875 610,520 1,099 433,495 16,599,329 13,748,955 799,780 40,000 18,300 5,400 387,650 204,000

288,209,539 151,567,501 1,319,005 219,984.9999 22,915,280.5) (559) (196,062) (7,864,485) 285,240 204,000

INDUSTRIAL

ACEN CORP 4.3 4.35 4.25 4.38 4.25 4.35 22,564,000 97,919,190 17,063,080 0.52 0.54 0.55 0.55 0.53 0.54 129,000 68,640 540 ALSONS CONS 0.74 0.75 0.74 0.76 0.74 0.75 472,000 352,940 ALTERNERGY HLDG ABOITIZ POWER 37.35 37.5 37.65 37.85 37.35 37.35 961,700 36,189,360 (7,599,375) RASLAG 1.21 1.22 1.18 1.22 1.18 1.22 54,000 64,330 0.223 0.231 0.235 0.238 0.222 0.231 7,770,000 1,787,530 (215,970) BASIC ENERGY 18.06 18.12 18.04 18.34 18.04 18.12 182,200 3,301,436(2, 447,268.0001) FIRST GEN 64.55 64.6 64.6 64.7 64.55 64.6 112,050 7,236,535(1, 446,824.4999) FIRST PHIL HLDG 363 367 358.4 368.8 358.4 363 238,530 86,683,904 (26,430,820) MERALCO 17.94 17.96 17.64 18.06 17.62 17.96 2,021,000 36,234,700 (6,439,916) MANILA WATER PETRON 3.34 3.39 3.39 3.43 3.33 3.36 872,000 2,937,790 (2,298,000) PETROENERGY 4.31 4.4 4.31 4.4 4.31 4.4 4,000 17,420 7.3 7.38 7.3 7.38 7.3 7.38 4,100 30,050 REPOWER ENERGY 31.2 31.3 31.3 31.3 31 31.2 886,100 27,564,710 (12,427,150) SEMIRARA MINING 7.56 7.65 7.6 7.68 7.5 7.56 450,400 3,414,967 (1,388,636) SYNERGY GRID 10.62 10.64 10.8 10.8 10.6 10.6 195,100 2,089,784 189,280 SHELL PILIPINAS SPC POWER 6.97 6.99 7 7 6.97 6.97 30,400 212,389 1.19 1.2 1.23 1.25 1.19 1.2 30,606,000 37,150,100 16,184,050 SP NEW ENERGY AGRINURTURE 0.6 0.61 0.62 0.63 0.6 0.61 16,056,000 9,886,450 619,290 AXELUM 2.25 2.3 2.25 2.31 2.25 2.25 560,000 1,263,360 6,750 11.38 13 12.9 13 12.9 13 14,700 190,100 CNTRL AZUCARERA 34.1 34.5 34.4 34.75 34.1 34.1 1,365,000 46,986,675 14,430,515 CENTURY FOOD 6.02 6.04 6.29 6.29 6.02 6.02 72,100 434,523 (78,330) DEL MONTE DNL INDUS 6.46 6.47 6.35 6.5 6.3 6.47 1,057,800 6,810,519 (5,319,152) EMPERADOR 20.5 20.6 20.45 20.7 20.45 20.5 2,116,500 43,426,315 (6,033,555) SMC FOODANDBEV 49.45 49.6 49.5 49.8 49.2 49.45 39,000 1,929,060 (1,325,745) FIGARO COFFEE 0.69 0.7 0.68 0.71 0.68 0.7 17,131,000 11,910,190 3,018,460 0.84 0.85 0.87 0.87 0.84 0.84 693,000 585,120 12,650 FRUITAS HLDG 160.6 164 164.5 164.7 160 164 14,920 2,416,731 142,981 GINEBRA 259.8 260 254 262.4 253.8 259.8 620,030 160,579,402 (31,262,870) JOLLIBEE KEEPERS HLDG 1.43 1.45 1.43 1.46 1.43 1.45 1,115,000 1,617,560 3.29 3.38 3.27 3.38 3.25 3.38 92,000 300,500 (55,460) MAXS GROUP MG HLDG 0.09 0.095 0.09 0.09 0.09 0.09 630,000 56,700 9.39 9.42 8.82 9.51 8.8 9.42 36,277,100 336,305,763 78,609,428 MONDE NISSIN 10.6 10.62 10.64 10.64 10.58 10.6 32,900 348,524 327,322 SHAKEYS PIZZA 0.5 0.51 0.48 0.55 0.48 0.5 12,010,000 6,255,600 (102,700) ROXAS AND CO 2.97 2.99 2.92 2.99 2.92 2.97 362,000 1,075,990 RFM CORP ROXAS HLDG 0.61 0.74 0.75 0.75 0.75 0.75 12,000 9,000 110.8 110.9 110.9 111.7 110.7 110.9 4,235,680 470,359,505 (328,541,032) UNIV ROBINA VITARICH 0.5 0.53 0.5 0.53 0.5 0.53 6,000 3,030 2.61 3 2.7 2.7 2.6 2.6 43,000 113,860 VICTORIAS 45.1 53.75 44.85 45 44.8 45 400 17,950 CONCRETE B 0.89 0.91 0.9 0.91 0.89 0.89 170,000 151,860 CEMEX HLDG EC VULCAN CORP 0.64 0.65 0.64 0.67 0.64 0.65 437,000 289,440 5.67 5.75 5.79 5.84 5.64 5.75 233,600 1,336,135 EEI CORP 3.36 3.37 3.4 3.4 3.37 3.37 279,000 943,650 MEGAWIDE 1.7 1.71 1.7 1.71 1.7 1.7 49,000 83,340 CROWN ASIA 5.2 5.3 5.19 5.3 5.19 5.3 27,500 145,200 PRYCE CORP 13 13.22 13.3 13.3 13.22 13.22 3,600 47,688 CONCEPCION 0.229 0.23 0.228 0.234 0.228 0.23 6,720,000 1,565,350 20,700 GREENERGY INTEGRATED MICR 2.52 2.54 2.54 2.58 2.5 2.52 532,000 1,353,960 (825,520) IONICS 1.16 1.18 1.2 1.22 1.14 1.16 4,422,000 5,110,350 14,180 PANASONIC 4.96 5.64 5.62 5.64 5.62 5.64 5,300 29,809 2.4 2.48 2.45 2.48 2.43 2.48 386,000 941,070 (902,190) SFA SEMICON 1.95 1.96 1.94 1.97 1.94 1.96 448,000 876,610 9,710 CIRTEK HLDG

HOLDING & FRIMS

ABACORE CAPITAL 1.08 1.09 1.07 1.09 1.06 1.08 6,537,000 7,050,590 126,740 2.8 2.89 2.79 2.79 2.79 2.79 1,000 2,790 ASIABEST GROUP 672 680 678 690 672 672 238,090 161,458,025 10,775,675 AYALA CORP 47.5 48.55 48.3 48.9 47.5 47.5 2,253,000 107,150,625 (1,219,745) ABOITIZ EQUITY ALLIANCE GLOBAL 11.54 11.56 11.46 11.54 11.38 11.54 4,200,500 48,448,272 (10,214,882) ANSCOR 11.9 11.98 11.98 11.98 11.98 11.98 500 5,990 0.43 0.435 0.43 0.43 0.43 0.43 30,000 12,900 ANGLO PHIL HLDG 0.375 0.38 0.375 0.375 0.375 0.375 330,000 123,750 ATN HLDG A 4.94 4.98 4.98 4.98 4.82 4.95 1,791,000 8,889,080 1,542,360 COSCO CAPITAL 10.8 10.82 10.74 10.82 10.6 10.8 4,330,300 46,582,176 (21,948,024) DMCI HLDG 0.205 0.265 0.205 0.205 0.205 0.205 10,000 2,050 FORUM PACIFIC GT CAPITAL 657.5 664 660 669.5 657 657.5 82,490 54,694,955 9,119,580 JG SUMMIT 39.1 39.5 39 39.5 39 39.5 1,489,200 58,741,835 (26,902,350) KEPPEL HLDG B 5.53 7 7.97 7.97 7 7 300 2,197 4.33 4.35 4.33 4.35 4.33 4.35 153,000 665,510 LOPEZ HLDG 9.5 9.51 9.5 9.52 9.45 9.5 2,587,300 24,499,338 (12,441,267) LT GROUP 1.18 1.39 1.32 1.39 1.18 1.18 3,000 3,890 PACIFICA HLDG PRIME MEDIA 2.62 2.66 2.66 2.66 2.62 2.62 2,000 5,280 0.96 0.99 0.99 0.99 0.99 0.99 1,000 990 SOLID GROUP 912 914 904 926 899.5 914 468,860 428,254,160 114,667,850 SM INVESTMENTS SAN MIGUEL CORP 108 108.3 110.5 110.5 107.5 108 265,160 28,635,936 (19,408,621) 96.05 99.85 96.05 96.05 96.05 96.05 300 28,815 TOP FRONTIER 0.27 0.28 0.27 0.27 0.27 0.27 160,000 43,200 WELLEX INDUS

PROPERTY ARTHALAND CORP 0.425 0.45 0.405 0.46 0.405 0.46 270,000 119,050 5.5 6 5.5 5.5 5.5 5.5 6,500 35,750 ANCHOR LAND 33.5 33.95 33.3 34.25 33.2 33.5 5,462,600 183,977,740(36 ,809,959.9996) AYALA LAND AYALA LAND LOG 1.72 1.73 1.7 1.73 1.69 1.72 542,000 927,240 18,630 ALTUS PROP 8.91 9.37 8.91 8.91 8.91 8.91 2,300 20,493 1.11 1.13 1.17 1.18 1.11 1.11 1,983,000 2,261,980 ARANETA PROP 33 33.15 32.65 33.4 32.65 33 1,690,500 55,760,885 (2,962,150) AREIT RT 0.63 0.64 0.64 0.66 0.64 0.64 11,000 7,150 A BROWN 0.69 0.71 0.7 0.72 0.7 0.71 63,000 44,170 CITYLAND DEVT 0.063 0.068 0.062 0.068 0.062 0.068 290,000 18,040 CROWN EQUITIES CEB LANDMASTERS 2.62 2.65 2.63 2.65 2.62 2.62 179,000 471,440 94,480 CENTURY PROP 0.265 0.275 0.265 0.28 0.265 0.275 950,000 259,750 2.66 2.68 2.67 2.69 2.65 2.66 1,416,000 3,783,470 691,970 CITICORE RT 7.64 7.77 7.8 7.8 7.6 7.77 75,900 577,421 13,700 DOUBLEDRAGON 1.21 1.22 1.21 1.22 1.2 1.21 999,000 1,208,070 2,420 DDMP RT 5.7 5.8 5.7 5.8 5.7 5.8 45,000 257,000 DM WENCESLAO EMPIRE EAST 0.126 0.127 0.127 0.128 0.126 0.127 1,190,000 151,220 0.28 0.29 0.285 0.29 0.285 0.29 220,000 63,000 (17,400) EVER GOTESCO FILINVEST RT 3.11 3.12 3.13 3.13 3.11 3.12 128,000 399,390 (3,120) FILINVEST LAND 0.68 0.69 0.68 0.69 0.68 0.69 338,000 230,650 99,650 0.83 0.84 0.83 0.83 0.83 0.83 220,000 182,600 GLOBAL ESTATE 8.41 8.6 8.83 8.83 8.59 8.59 2,100 18,153 8990 HLDG 880 888 869.5 890 869.5 890 410 359,705 (35,200) GOLDEN MV PHIL INFRADEV 0.49 0.495 0.5 0.5 0.48 0.495 168,000 81,690 0.79 0.8 0.8 0.8 0.79 0.8 33,000 26,280 CITY AND LAND 1.97 1.98 1.96 1.98 1.95 1.97 15,281,000 30,063,480 (6,837,940) MEGAWORLD MRC ALLIED 1.29 1.3 1.3 1.32 1.29 1.3 292,000 377,810 13.7 13.74 13.74 13.74 13.6 13.74 58,800 806,504 MREIT RT 0.325 0.345 0.325 0.325 0.325 0.325 30,000 9,750 PHIL ESTATES 1.53 1.54 1.53 1.54 1.52 1.53 27,000 41,270 1,540 PREMIERE RT RL COMM RT 5.36 5.4 5.36 5.4 5.36 5.36 122,300 658,344 (278,162) ROBINSONS LAND 16.04 16.18 15.9 16.22 15.82 16.18 2,949,200 47,280,378 (4,434,014) PHIL REALTY 0.151 0.175 0.162 0.175 0.15 0.15 200,000 31,890 1.39 1.42 1.42 1.42 1.36 1.39 6,000 8,340 (1,420) ROCKWELL 3.93 3.95 3.95 3.95 3.93 3.93 69,000 271,290 SHANG PROP 3.4 3.5 3.49 3.5 3.49 3.5 24,000 83,910 (31,410) STA LUCIA LAND 33.6 33.8 34 34.6 33.6 33.6 9,709,000 328,865,505 (69,155,045) SM PRIME HLDG SUNTRUST RESORT 0.81 0.85 0.81 0.81 0.81 0.81 60,000 48,600 40.05 49 PTFC REDEV CORP 1.73 1.74 1.73 1.75 1.73 1.74 694,000 1,206,520 (159,430) VISTA LAND 1.71 1.72 1.74 1.74 1.71 1.71 1,808,000 3,100,020 VISTAREIT RT

SEC flags illegal securities peddled by 2 local entities

T

By VG Cabuag

@villygc

he Securities and Exchange Commission (SEC) urged the public to avoid investing in Badeth’s Foodhouse and Soao Technology Co. Ltd. OPC as both entities are selling securities to the public without the necessary license.

Badeth’s Foodhouse is fastfood restaurant is in Cupang North Balanga, Bataan. It is owned by Brisek Loresto Mosenabre, and the entity is enticing the public through its Facebook page to invest in its restaurant expansion business.

“Accordingly, a partner investor for a minimum capital of P50,000 would earn a monthly return of 10 percent over a six-month term. As clearly seen in their Facebook post, Badeth’s Foodhouse offers its would

be partner-investors, lucrative monthly returns with no mention of doing anything except to simply invest in its expansion projects,” the SEC said.

Based on the agency’s database, the company is not registered as a corporation or partnership and operates without a license. Badette’s Foodhouse also has the characteristics of Ponzi scheme, where money from new investors are used in paying fake profits to prior investors

STOCK-MARKET OUTLOOK Last week Share prices gained for the second straight week, with the main index rising above the resistance level of 6,700 points.

The benchmark Philippine Stock Exchange index gained 21.16 points to close at 6,707.25 points.

The main index was down for the most part of the week, especially after the release of the 2023 GDP data, which showed that the government missed its growth target of 6 percent to 7 percent due to the dismal economic performance of the country in the fourth quarter.

A more than 1 percent gain on Friday, however, erased the main index’s loss during the previous trading days.

Volume of trade was slightly up, with average value reaching P4.71 billion.

Other sub-indices ended mixed. The broader All Shares index gained 8.21 points to close at 3,516.82 points, the Financials index rose 31.59 to 1,938.54, the Industrial index fell 50.90 to 9,042.78, the Holding Firms index lost 30.24 to 6,364.77, the Property index declined 18.36 to 2,879.82, the Services index climbed 32.29 to 1,634.90 and the Mining and Oil was down 17.73 to 9,227.50.

For the week, losers edged gainers 118 to 89 and 40 shares were unchanged.

Top gainers were LMG Corp., Philippine Racing Club Inc., Philippine Bank of Communications, Roxas Holdings Inc., Basic Energy Corp., Concrete Aggregates Corp. A shares, Roxas and Co. Inc. and NiHAO Mineral Resources International Inc. Top losers, meanwhile, were, Pacifica Holdings Inc., Easycall Communications Philippines Inc., Philippine Realty and Holdings Corp., Manila Mining Corp. A, Agrinurture Inc. and National Reinsurance Corp. of the Philippines.

SERVICES ABS CBN 4.21 4.3 4.11 4.34 4.1 4.22 275,000 1,156,370 8.87 8.88 8.87 8.9 8.87 8.88 415,200 3,687,810 GMA NETWORK 0.181 0.229 0.229 0.229 0.229 0.229 20,000 4,580 MANILA BULLETIN GLOBE TELECOM 1,728 1,744 1730 1,759 1,728 1,728 77,030 134,197,830 41,180,065 PLDT 1,280 1,286 1260 1,286 1,260 1,286 44,990 57,649,770 (9,209,255) APOLLO GLOBAL 0.013 0.014 0.013 0.014 0.013 0.013 48,800,000 634,500 9.46 9.48 9.2 9.58 9.2 9.48 6,241,300 59,135,487 (4,538,792) CONVERGE 2.48 2.49 2.44 2.49 2.38 2.49 3,996,000 9,857,880 2,948,060 DITO CME HLDG 1.12 1.15 1.12 1.15 1.1 1.15 641,000 717,770 (2,240) NOW CORP 0.127 0.129 0.129 0.129 0.126 0.129 250,000 31,560 TRANSPACIFIC BR ASIAN TERMINALS 16.5 16.98 16.52 16.98 16.5 16.5 8,900 147,208 1.45 1.5 1.47 1.5 1.45 1.46 353,000 518,660 CHELSEA 33.4 33.8 32.5 33.8 32.45 33.8 237,400 7,860,305 3,616,010 CEBU AIR 248 250 248.6 250.6 246 248 1,625,630 404,839,348 83,536,928 INTL CONTAINER 3.9 3.94 3.93 3.95 3.88 3.94 675,000 2,642,160 MACROASIA 5.35 5.4 5.29 5.48 5.27 5.48 10,700 57,141 (13,592) PAL HLDG ACESITE HOTEL 1.78 1.89 1.8 1.8 1.8 1.8 45,000 81,000 0.061 0.063 0.063 0.064 0.061 0.061 2,740,000 170,030 BOULEVARD HLDG 0.4 0.45 0.4 0.4 0.4 0.4 310,000 124,000 WATERFRONT 567.5 568 568 568 567.5 568 560 318,070 FAR EASTERN U 0.55 0.57 0.54 0.57 0.54 0.55 1,689,000 939,760 (156,660) STI HLDG 1.15 1.18 1.15 1.17 1.15 1.15 291,000 334,770 (245,050) BELLE CORP 11.28 11.34 11 11.4 11 11.34 15,164,000 171,689,678 (13,168,630) BLOOMBERRY PACIFIC ONLINE 4.21 4.29 4.4 4.4 4.2 4.21 604,000 2,546,670 0.88 0.89 0.85 0.89 0.83 0.89 1,061,000 931,450 PH RESORTS GRP 0.68 0.69 0.7 0.7 0.68 0.68 14,779,000 10,117,430 9,520 PREMIUM LEISURE DIGIPLUS 7.58 7.59 7.85 7.85 7.44 7.58 7,594,400 57,452,668 (1,941,011) 1.72 1.78 1.78 1.8 1.71 1.79 221,000 383,950 PHILWEB 0.156 0.158 0.156 0.158 0.155 0.158 1,860,000 290,750 (6,380) ALLDAY 1.13 1.15 1.13 1.15 1.13 1.13 993,000 1,129,050 (79,400.0001) ALLHOME METRO RETAIL 1.29 1.31 1.3 1.31 1.29 1.31 277,000 357,570 6,550 PUREGOLD 27.4 27.5 27.65 28 27.4 27.4 1,465,900 40,497,815 (25,623,455) ROBINSONS RTL 35.1 35.45 35.6 35.7 35.05 35.1 1,274,000 44,815,555 (10,012,830) 77 79 79.5 79.5 79 79 150,000 11,900,000 (0) PHIL SEVEN CORP 2.65 2.66 2.65 2.66 2.65 2.66 438,000 1,163,170 (108,820) SSI GROUP 21.55 21.65 21.55 22 21.5 21.55 1,215,700 26,401,505 (151,300) WILCON DEPOT 0.315 0.325 0.32 0.325 0.31 0.325 140,000 44,200 3,250 MEDILINES PRMIERE HORIZON 0.167 0.173 0.173 0.173 0.167 0.167 240,000 40,980

MINING & OIL ATOK 4.61 4.7 4.65 4.72 4.6 4.7 175,000 822,200 2.97 2.98 2.97 3.02 2.95 2.98 5,635,000 16,825,770 (406,780) APEX MINING 3.36 3.4 3.37 3.46 3.35 3.36 27,000 90,670 ATLAS MINING BENGUET A 4.56 4.57 4.58 4.6 4.56 4.56 118,000 539,910 4.55 4.58 4.57 4.57 4.57 4.57 30,000 137,100 BENGUET B 2.4 2.55 2.55 2.59 2.45 2.45 24,000 61,300 49,050 DIZON MINES 1.99 2 2 2.03 1.97 1.99 11,078,000 22,146,860 (1,191,540) FERRONICKEL 0.036 0.04 0.042 0.042 0.036 0.036 2,400,000 94,800 GEOGRACE 0.072 0.075 0.075 0.076 0.071 0.075 1,400,000 100,860 LEPANTO A 0.074 0.075 0.072 0.074 0.072 0.074 260,000 19,020 (3,700) LEPANTO B MANILA MINING A 0.0041 0.0045 0 0.0043 0.0043 0.004 0.004 33,000,000 137,100 0.0043 0.0045 0 0.0045 0.0045 0.0044 0.0044 5,000,000 22,200 9,000 MANILA MINING B MARCVENTURES 0.82 0.84 0.82 0.84 0.82 0.84 138,000 113,720 41,500 0.405 0.465 0.405 0.405 0.405 0.405 10,000 4,050 NIHAO 4.77 4.78 4.71 4.79 4.69 4.77 993,000 4,715,610 (51,370.0001) NICKEL ASIA 0.64 0.65 0.65 0.67 0.65 0.65 51,000 33,690 ORNTL PENINSULA PX MINING 3.13 3.15 3.13 3.15 3.12 3.15 1,327,000 4,168,150 4.8 4.94 4.85 4.94 4.8 4.94 36,000 173,040 ENEX ENERGY 3.73 3.79 3.76 3.82 3.7 3.79 210,000 780,640 PXP ENERGY

PREFFERED

ACEN PREF A 1,050 1,085 1048 1,050 1,048 1,050 110 115,300 1,066 1,076 1072 1,072 1,070 1,070 2,675 2,862,350 ACEN PREF B 97 99 99 99 99 99 10 990 ALCO PREF C ALCO PREF D 440.4 479.6 479.6 479.6 479.6 479.6 10 4,796 495 498 490 498 490 498 110 53,980 AC PREF B2R 97.4 98 97.4 98 97.4 98 6,360 620,020 (116,880) BRN PREF A 33.5 34.5 34.9 35 33.95 33.95 20,700 703,815 CEB PREF 94.4 95 94.95 95 94.5 95 32,370 3,067,413 DD PREF 95.7 98 96.6 98 96 98 6,610 637,208 EEI PREF B 94.5 98 98 98 98 98 9,030 884,940 MWIDE PREF 2B MWIDE PREF 4 93 93.5 94 94 93 93 6,730 626,230 100.5 101 100.5 100.5 100.5 100.5 500 50,250 MWIDE PREF 5 28 35 35.75 35.9 35.5 35.9 600 21,365 PNX PREF 3B 220 230 229 237.8 229 237.8 190 43,738 PNX PREF 4 983 994.5 994 994 994 994 20 19,880 PCOR PREF 3A 997.5 999 999 999 999 999 250 249,750 PCOR PREF 3B PCOR PREF 4A 975 1,010 1010 1,010 1,010 1,010 5 5,050 990 1,000 1000 1,000 990 990 1,130 1,128,700 (960,000) PCOR PREF 4C SMC PREF 2F 72.5 72.8 72.8 72.8 72.8 72.8 940 68,432 70.6 72.4 72.45 72.45 72.45 72.45 10 724.5 SMC PREF 2I 70.05 71 70.15 70.15 70 70.05 52,900 3,705,380 SMC PREF 2J 77.95 78.3 78 78 78 78 5,000 390,000 SMC PREF 2L 79.1 79.8 79 79 79 79 200 15,800 () SMC PREF 2O TECH PREF B2C 45.05 49.9 49.9 49.9 49.9 49.9 100 4,990 -

This week

Share prices may fall this week as the two successive weeks of gains is not sustainable, according to analysts.

Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said last week’s value turnover remained tepid on average, implying that the market’s rise still has “weak conviction.”

“The market may test the validity of its breach of the 6,700 -point level. If the market succeeds in sustaining ground at 6,700, this will be its new support while a minor resistance is seen at 6,800. If the market fails however, the market may retest its 10-day exponential moving average,” Tantiangco said.

Investors are expected to watch out for the January inflation data.

“An inflation print lower than December 2023’s 3.9 percent especially one which is near or at the BSP’s [Bangko Sentral ng Pilipinas] 2.8 percent to 3.6 percent [projection] may spur optimism which in turn may drive the market higher. Aside from this, investors may also watch out for our upcoming labor force survey for clues on the health of the local economy.”

Broker 2TradeAsia said with the start of the Chinese Lunar New Year, also comes the fourth quarter reporting season of listed firms, which will be used as guide by investors.

“Corporate results will go a long way in helping the [main] index inch closer to 7,000, amid a more exciting macro backdrop now,” it said.

The broker sees immediate support for the main index at 6,600 points and resistance at 6,900 to 7,000 points.

Stock picks

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR 3.97 4.26 3.91 4.26 3.91 4.26 5,000 20,000 8.6 8.7 8.8 8.8 8.6 8.7 51,300 441,270 430,840 GMA HLDG PDR

WARRANTS TECH WARRANT 0.265 0.28 0.265 0.28 0.265 0.28 40,000 11,000

-

SMALL & MEDIUM ENTERPRISES

BALAI FRUITAS 0.405 0.42 0.41 0.41 0.405 0.405 40,000 16,300 0.73 0.74 0.73 0.73 0.72 0.72 376,000 273,090 CTS GLOBAL 0.97 1 1 1.01 1 1.01 100,000 100,080 HAUS TALK 0.64 0.66 0.63 0.66 0.63 0.66 54,000 35,090 ITALPINAS KEPWEALTH 1.53 1.55 1.55 1.55 1.55 1.55 5,000 7,750 1 1.01 1 1.01 0.99 1.01 2,484,000 2,483,740 11,850 MERRYMART XURPAS 0.255 0.26 0.27 0.27 0.26 0.26 270,000 72,000 (21,600)

EXHANGE TRADE FUNDS FIRST METRO ETF

106

106.4

104.7

106.4

104.5

106.4

37,930

4,018,108

(171,579)

www.businessmirror.com.ph

Philstocks said it sees a better outlook for the consumer sector this year.

“Given that inflation is expected to slow down and that the labor market remains healthy, spending could see an improvement this year on both the staple and retail front,” it said.

“However, growth could be tempered for retailers with nonessential products, such as big ticket items and luxurious items, as we see that households will focus on essential needs amid elevated inflation.”

Consumers are seen to be less optimistic this year compared to 2023, the broker said.

Based on the fourth 2023 Consumer Expectations Survey by the BSP, the overall consumer outlook index for this year reached a score of 15. This was lower than the score of 21.7 which consumers gave moving into 2023.

“Lingering worries over inflation, the possibility of lower incomes and fewer jobs available weighed on consumers’ sentiment for 2024.”

The broker said it liked Jollibee Foods Corp. It gave a target price of P322.50 for stock of the fastfood chain, which closed at P259.80 apiece on Friday.

It is also partial to Puregold Price Club Inc. which was given a target price of P43.50. Puregold shares closed at P27.40 apiece. VG Cabuag

and is designed mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent members in case of scarcity of new investors.

Soao, meanwhile, is enticing the public to invest their money in its Power Generator Rental Scheme with a promise of high monetary rewards or profits.

The group is owned by Girlie Bayot Dichosa, the SEC said.

Based on the reports and information gathered and verified by the agency, Soao entices the public by offering investments in the guise of a power generator rental/lease that will earn P9 per kilowatt for 24 hours or 9kw/24h.

The amount and duration of rental/ lease and power output per 24 hour varies depending on its offering posted on their social media account and website.

An investor will also earn a commission

mutual funds

from recruitment of new investors/ partners up to level C. “As the above-described scheme involves the sale of securities to the public, the Securities Regulation Code [SRC] requires that these securities are duly registered and that the concerned entities and/or its agents have appropriate registration and/or license to sell such securities to the public pursuant to Section 8 and 28 of the SRC,” the SEC said.

All of the units under the Soao group, including the one-person corporation registered with the SEC, are not authorized to offer, solicit, sell or distribute any investment/securities to the public.

“Such activities require a secondary license from the commission and the securities or investment product should likewise be registered with the SEC,” the agency said.

February 2, 2024

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds Primarily invested in Peso securities (shares) ALFM Growth Fund, Inc. -a 215.79 -2.34% -0.19% -4.23% -0.34% 2.39% ATRAM Alpha Opportunity Fund, Inc. -a 1.476 2.39% 5.22% -0.43% 1.90% 0.24% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.998 -3.92% 0.01% -6.27% -2.15% 1.77% Climbs Share Capital Equity Investment Fund Corp. -a 0.7048 -0.72% -2.66% -5.92% n.a 0.87% First Metro Consumer Fund, Inc. -a 0.6359 -9.95% -3.26% -6.16% n.a 1.65% First Metro Save and Learn Equity Fund, Inc. -a 4.715 -4.85% -0.12% -3.25% -0.15% 1.84% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.7081 -5.36% 0.09% n.a n.a 2.25% MBG Equity Investment Fund, Inc. -a 84.02 5.24% -4.16% -7.15% n.a -1.14% PAMI Equity Index Fund, Inc. -a 44.007 -4.82% -0.50% -3.52% n.a 2.55% Philam Strategic Growth Fund, Inc. -a 458.06 -2.69% -0.64% -3.48% -0.32% 2.39% Philequity Dividend Yield Fund, Inc. -a 1.204 -1.12% 2.35% -1.88% n.a -0.12% Philequity Fund, Inc. -a 34.315 -2.97% 1.08% -2.47% 1.48% 2.02% Philequity MSCI Philippine Index Fund, Inc. -a 0.8852 -2.76% 0.58% -3.25% n.a 2.11% 2.49% Philequity PSE Index Fund, Inc. -a 4.623 -3.91% 0.39% -2.75% 1.34% Philippine Stock Index Fund Corp. -a 769.4 -4.01% 0.21% -2.82% 1.32% 2.52% Soldivo Strategic Growth Fund, Inc. -a 0.6953 -3.98% 0.23% -5.24% n.a 1.40% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.453 -4.11% -0.19% -4.32% -0.21% 2.64% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8727 -4.24% -0.09% -3.11% n.a 2.55% United Fund, Inc. -a 3.173 -3.21% -0.23% -3.06% 0.63% 2.64% Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.081 -4.20% n.a n.a n.a 2.43% n.a n.a n.a n.a COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 1.01 0.52% Philequity Alpha One Fund, Inc. -a 1.017 -8.93% -0.78% n.a n.a -0.21% Philippine Stock Index Fund Corp. -a 934.14 -4.06% n.a n.a n.a 2.53% Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 104.56 -3.44% 0.63% -2.51% 2.02% 2.58% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.7719 -16.63% -15.21% -4.87% -1.72% -6.09% Sun Life Prosperity World Voyager Fund, Inc. -a $1.6909 12.49% 0.18% 7.21% n.a 1.75% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Philippine Balanced Fund, Inc. -a 2.223 3.91% -0.06% -0.73% 0.52% 0.44% ATRAM Unicapital Diversified Growth Fund, Inc. -a,4 1.529 2.64% -2.22% -2.43% -1.32% 1.23% First Metro Save and Learn Balanced Fund, Inc. -a 2.523 -3.78% -0.43% -1.03% -0.68% 1.04% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1925 -5.78% -0.07% n.a n.a 1.10% NCM Mutual Fund of the Phils., Inc. -a 1.959 -3.10% 0.43% 0.48% 1.55% 1.33% PAMI Horizon Fund, Inc. -a 3.599 -0.18% -0.85% -0.18% 0.71% 1.21% Philam Fund, Inc. -a 15.766 -0.41% -1.54% -0.86% 0.39% 1.31% 0.23% -0.95% 1.26% 1.27% Solidaritas Fund, Inc. -a 2.054 -0.60% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.449 -1.09% -0.33% -2.02% 0.21% 1.20% Sun Life Prosperity Dynamic Fund, Inc. -a 0.9136 -1.75% 1.97% -1.13% n.a 1.03% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.9456 -0.48% -1.84% n.a n.a 0.56% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8611 -3.63% -1.95% n.a n.a 1.65% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.8414 -4.31% -2.05% n.a n.a 1.91% Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.0329 -5.46% -1.53% 0.17% -0.93% -0.27% PAMI Asia Balanced Fund, Inc. -b $0.8736 -10.16% -9.72% -2.00% -0.98% -4.54% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.3297 7.70% -1.49% 4.35% 3.16% 0.88% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.041 3.17% -3.66% 0.93% n.a 0.00% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 391.56 3.16% 1.77% 2.57% 2.33% 0.27% ATRAM Corporate Bond Fund, Inc. -a 1.915 1.40% 0.20% 0.47% 0.11% 0.34% Cocolife Fixed Income Fund, Inc. -a 3.336 2.35% 1.20% 2.26% 3.75% 0.31% Ekklesia Mutual Fund, Inc. -a 2.284 2.72% -0.22% 1.26% 1.52% -0.11% First Metro Save and Learn Fixed Income Fund, Inc. -a 2.453 1.40% 0.03% 1.93% 1.26% -0.16% Philam Bond Fund, Inc. -a 4.307 1.94% -2.55% 1.99% 1.08% 0.20% Philam Managed Income Fund, Inc. -a 1.384 3.94% 1.51% 3.17% 1.85% 0.75% Philequity Peso Bond Fund, Inc. -a 4.036 2.47% 0.43% 2.49% 1.75% 0.04% Soldivo Bond Fund, Inc. -a 1.052 2.49% 0.42% 2.94% n.a 0.21% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.307 3.18% 1.06% 3.23% 2.30% -0.18% Sun Life Prosperity GS Fund, Inc. -a 1.766 2.42% 0.29% 2.39% 1.66% -0.21% Corporate Debt Vehicle (units) ATRAM Unitized Corporate Debt Vehicle, Inc. -a,3 1.014 n.a n.a n.a n.a 0.65% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $496.63 2.70% 0.83% 1.99% 2.53% 0.28% ALFM Euro Bond Fund, Inc. -a Є214.49 1.71% -0.74% 0.07% 0.82% 0.23% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0382 -0.51% -6.70% -1.84% 0.14% -0.44% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0249 2.89% -1.93% 0.00% n.a 0.00% PAMI Global Bond Fund, Inc. -b $0.8542 -2.11% -7.82% -3.93% -3.13% -0.37% Philam Dollar Bond Fund, Inc. -a $2.3026 2.90% -3.07% 0.84% 1.88% -0.74% Philequity Dollar Income Fund, Inc. -a $0.0611369 1.42% -0.86% 1.32% 1.60% 0.37% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7753 -0.69% -4.71% -0.91% 0.48% -2.06% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 137.23 2.85% 1.83% 2.48% 2.06% 0.26% First Metro Save and Learn Money Market Fund, Inc. -a 1.112 3.33% 1.97% n.a n.a 0.32% Sun Life Prosperity Peso Starter Fund, Inc. -a 1.38 2.86% 2.05% 2.44% 2.05% 0.28% Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 105.01 4.21% n.a n.a n.a 0.41% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.1016 2.75% 1.50% 1.59% n.a 0.37% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 43.443 -0.58% n.a n.a n.a 0.77% Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.499 16.89% 9.87% n.a n.a 2.06% Sun Life Prosperity World Income Fund, Inc. -a,1 1.014 n.a n.a n.a n.a 1.40% Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.7983 -3.40% -6.61% n.a n.a -0.55% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. 1 - Launch date is August 22, 2023. 2 - Launch date is October 6, 2023. 3 - Launch date is May 25, 2023.

4 - Renaming was approved by the SEC last May 21, 2020 (formerly, ATRAM Dynamic Allocation Fund, Inc.) "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.news.businessmirror@gmail.com

Banking&Finance

CIC accredits 4 new SAEs to boost credit reporting

By Cai U. Ordinario

@caiordinario

T

HE Credit Information Corporation (CIC) accredited four new Special Accessing Entities (SAEs), enhancing the availability of information on credit reporting and scoring nationwide.

The four new SAEs are Advintel Inc., Mitou Hongkong Ltd., Finvolution Group, and Trusting Social AI Philippines Inc. CIC said they will be subject to post-qualification evaluation before the execution of their respective terms of accreditation with the corporation.

Once completed, the CIC will now have a total of seven SAEs operating in the market. SAEs are entitled to access CIC’s pool of consolidated basic credit data.

“The accreditation of the new SAEs will enhance the availability of information and accelerate the development of innovative credit reporting and credit scoring services derived from the CIC database, which will benefit lenders, borrowers, as well as the broader Philippine financial system,” CIC President and CEO Ben Joshua A. Baltazar said.

The accreditation authorizes entities to use, retrieve, and evaluate the credit data submitted to the CIC for the development of value-added products and services.

This is following CIC Circular No. 02 Series of 2023 titled “Revised Standards and Rules for Accreditation of Special Accessing Entities to the Credit Information System.”

“The new roster of SAEs is expected to drive product innovation by empowering credit market players to increase the efficiency of their loan evaluations, diversify and tailor their offerings to

BusinessMirror

meet the needs of the different market segments, and enhance their loan portfolio through leveraging credit data for better credit risk management,” Baltazar said.

Baltazar said with the increased visibility of SAEs, more financial institutions providing credit facilities will be encouraged to harness the technological capabilities of these firms to transform their businesses and expand their customer base.

This will enable lenders to become more data-driven and develop products for micro, small, and medium enterprises (MSMEs) and individual consumers, leading to a more inclusive credit ecosystem.

“The CIC recognizes the increasing role of its credit information system on our financial system, especially in improving broader and fairer access to affordable credit for MSMEs and individual borrowers as they thrive towards their financial journey,” Baltazar said.

“We remain committed to ensuring that we continuously make transformative partnerships with credit information market players that redound to a fairer and a more transparent credit ecosystem for Filipino borrowers,” he added.

The CIC is a government-owned and controlled corporation created by Republic Act 9510 or the Credit Information System Act (CISA).

It aims to establish a comprehensive and centralized credit information system for the collection and dissemination of fair and accurate information relevant to, or arising from, credit and credit-related activities of all entities participating in the ecosystem.

Editor: Dennis D. Estopace • Monday, February 5, 2024

B3

Recto wants rapid digital transformation for EODB

F

By Reine Juvierre Alberto

INANCE Secretary Ralph G. Recto wants government digital transformation to be faster by using one of the tools at the state’s disposal: the Public Management Development Program (PMDP).

“Government offices must rapidly integrate digital technologies across the bureaucracy to enhance the ease of doing business, streamline processes, expedite responses, and promptly deliver public services to our people,” Recto was quoted in a speech delivered by Assistant Secretary Niño Raymond B. Alvina during the Development Academy of the Philippines (DAP) Leadership Conference last Thursday. According to Alvina, the chief of the Department of Finance (DOF) believes the PMDP is an “important addition” to the toolkit for digital transformation in the government.

According to the DOF, the PMDP is the national government’s intensive training program for those in public service. The program, im-

plemented by the DAP, will equip public servants with leadership and management skills to become “professional, motivated and energized bureaucracies with adequate means to perform their public service missions.”

The program is steered by an Inter-Agency Steering Committee whose members are composed of representatives from the DOF, the Department of Budget and Management (DBM), the National Economic and Development Authority (Neda), the Civil Service Commission (CSC) and the Career Executive Service Board (CESB).

DOF’s digitalization

ACCORDING to Recto, the DOF “has not only responded to this call but

has made substantial progress in embracing digitalization.”

The Finance chief cited both the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) have established electronic tax payment and filing channels along with modernized customs processes, enabling taxpayers to conveniently file and settle their taxes anytime and anywhere.

These have also helped enhance tax collection and administration, strengthen trade facilitation, curb corruption, and improve the business climate in the country, Recto added.

The BIR, for its part, has ramped up its digital transformation (DX) program to convert the Bureau into a data-driven organization that elevates taxpayer experience, according to the DOF. Some projects under the DX program includes: the Online Registration and Update System (Orus); Project 230X; Online Tax Clearance; Electronic Invoicing/ Receipting and Sales Reporting System (EIS); Enhancement of One-Time Transaction (ONETT) System; and, the Enhanced Digital Queueing System.

The BOC, meanwhile, garnered a 97-percent digitalization rate for digitalizing 161 out of 166 customs processes.

These include the One-Stop Elec-

tronic Travel Declaration System (eTravel System); Overstaying Cargo Tracking System and the National Customs Intelligence System (NCIS).

In a briefing earlier this year with the BOC and BIR, Recto said digitalization would remain a priority in improving their collection efforts.

“In addition, digitalization is key to achieving a truly modern and more effective governance. I urge the BIR and the BOC to accelerate their digital transformation programs and embrace constant innovation,” he added.

Recto also mentioned that the digitalization program of the Securities and Exchange Commission (SEC) which led to an increase in the number of registered corporations in the country. More than 1.2 million companies and 6 million officers/ incorporators have been recorded by the SEC into its UniComDB, as of end-December 2023.

The Bureau of the Treasury was also able to facilitate the buying and selling of Philippine retail treasury bonds through smartphones and digital devices.

“Ultimately, the end goal is to harmonize and streamline public agencies’ digitalization initiatives to ensure that our main clients— the Filipino people—receive the best possible service in the most efficient manner,” Recto said.

Perspectives The evolution of non-financial risk

I

N the ever-evolving landscape of financial services, the significance of non-financial risk (NFR) management has become increasingly vital.

Over the past 15 years, marked by revolutions in service delivery, operational practices and the paramount importance of trust, organizations find themselves navigating a changing terrain.

As the next few years promise accelerated change amid digitization, geopolitical shifts, AI adoption and complex workforce dynamics, proficiency in NFR management emerges as a critical factor for responsible operation and prosperity.

Defined broadly as all risk types excluding credit, market, interest rate, and liquidity risk, NFR encompasses operational, regulatory, environmental, social and governance risks. Ineffective management of these risks has led to substantial losses across industries, emphasizing the need for enhanced risk practices. Looking forward, NFR is poised to remain a focal point for regulators and businesses, with stakeholders demanding transparency and accountability.

KPMG International’s latest paper entitled “The evolution of nonfinancial risk” addresses the imperative for organizations to equip themselves with the tools and resources necessary for resilience against emerging risks and innovation in risk practices, focusing on five key elements for futureproofing:

Achieving efficiency through an integrated NFR function

THE future of NFR is one of convergence and integration across risk types, the business and business support functions.

As organizations become more complex and interconnected, so do the risks they face. This means that traditional siloed approaches to risk management are no longer sufficient. Instead, organizations need to adopt an

integrated approach across all three lines of defense that considers the full range of risks they are exposed to.

Ensuring RMFs are dynamic, relevant and efficient

RISK Management Frameworks (RMFs) provide the guardrails for managing risk and outline the “rules of engagement” for dealing with emerging threats.

Current frameworks are often rigid when responding to shifts in the external or internal environment, resulting in challenges when embedding and enforcing frameworks into the broader business.

RMFs can be perceived as servicing regulatory requirements, adding little practical value and often becoming outdated. By ensuring that frameworks are dynamic and efficient, organizations provide their risk community with optimal conditions to practice effective risk management.

Producing automated risk management information

NFRs are inherently difficult to quantify. However, organizations that aim to identify and prioritize risks effectively should have an element of automated risk MI to support efficient assessment of the likelihood and impact of risks—enabling the effective development and implementation of risk mitigation strategies.

Many organizations have dedicated teams solely responsible for the aggregation, analysis and formatting of MI for regular governance meetings creating significant overhead costs. The resulting MI is often outdated (sometimes over a month old) and does not provide sufficient or accurate information for management to make informed decisions. For example, in the financial services industry, it takes, on average, nine days from identifying a control violation until it

is reported and communicated to the control or process owner.

Using systems and data management

TO ensure improved risk mitigation and operational efficiency objectives are met, businesses need an Integrated Risk Management (IRM) ecosystem that harmonizes solutions across one or more platforms. This ecosystem should cover all three lines of defense using a common set of integrated policies, technology and data.

Most systems architecture today lacks the necessary tools for effective data aggregation and reporting. While policies and procedures are firmly in place, the organization of these systems remains somewhat disorganized, with each operating in isolated silos. There is a clear need for improved collaboration and insights across different business areas, but there is no “one size fits all” approach to achieving IRM with technical solutions. The right approach depends on several factors, including an organization’s key reporting needs, existing assets, licensing agreements, centralized versus decentralized governance approaches, investment ability and willingness to challenge its current ways of working.

Elevating risk and control processes with targeted intelligent automation

INTELLIGENT automation (IA) is the combination of automation and artificial intelligence (AI), which has emerged as a gamechanger in the business world. Its transformative potential is highly useful in addressing NFRs, not by replacing human resources, but rather by collaborating between people and technology, to achieve the best possible risk management outcomes.

According to KPMG 2023 CEO Outlook, business leaders across sectors are focused on

investing heavily in disruptive technology and financial services CEOs are no exception, with 72 percent agreeing that generative AI is the most important investment opportunity for their company.

The age of IA is here, and there is no turning back. Organizations implementing IA have reported significant returns on investment (ROI) and efficiency gains. Forrester Research predicts that IA will significantly impact the global financial services industry, increasing revenue by up to 15 percent and reducing costs by up to 20 percent. The research indicates that AI and IA can automate up to 40 percent of tasks currently performed by humans in the financial services industry. This will free employees to focus on more strategic work.

A sharp focus on non-financial risk is now imperative

SUCCESSFULLY navigating the journey ahead will likely demand innovative non-financial risk management that positions businesses to operate responsibly and prosper in the future. Organizations that fail to address these risks may face significant financial consequences and loss of consumer trust. Change is inevitable. And the time to act is now.

The excerpt was taken from the KPMG Thought Leadership publication: https:// kpmg.com/xx/en/home/insights/2024/01/ the-evolution-of-non-financial-risk.html. © 2024 R.G. Manabat & Co., a Philippine partnership, is a member-firm of a global organization of independent member-firms affiliated with KPMG Int’l Ltd. All rights reserved. E-mail ph-kpmgmla@kpmg.com or visit www.home.kpmg/ph.

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

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

ALLURING BONDS

This October 1, 2022, photo shows the destroyed Pine Island Road following Hurricane Ian in Matlacha Isles, Florida, that year. As hedge funds rake in record profits in one of the riskiest corners of the debt market, the products behind those returns are now drawing in more mainstream investors. Catastrophe bonds, which last year formed the basis for the best-performing hedge fund strategy, have been delivering gains that trounce those of other high-risk fixed-income products. In 2023, the securities soared 20 percent, compared with 13 percent for high-yield US corporate bonds. US Treasuries rose roughly 4 percent. CREDIT: Bloomberg News

Speaker calls on BTr to continue holding financial literacy sessions

By Jovee Marie N. dela Cruz @joveemarie

S

PEAKER Ferdinand Martin G. Romualdez has called on the Bureau of Treasury (BTr) to continue organizing financial literacy sessions to encourage more investments that would help improve not just Filipinos’ lives but national development as a whole.

Romualdez was quoted in a statement as saying he believes these sessions aim to encourage increased investments that contribute to the enhancement of both individual lives and overall national development.

During the forum attended by members of the Cornell Club Philippines, Romualdez, a Cornell University alumnus and lawyer, lauded the proactive approach of government institutions in supporting national development through educational initiatives.

He urged the BTr’s leadership to persist in organizing such seminars, emphasizing his unwavering support.

“It is heartening to witness government institutions pro-actively seeking ways to bolster national development. Such educational initiatives play a crucial role in reinforcing our national fabric,” Romualdez said. “To the leadership of the bureau, I urge you to continue these endeavors with my unwavering support.”

The Speaker emphasized the importance of understanding retail treasury bonds, stating that these low-risk savings instruments represent direct and unconditional obligations of

the Republic of the Philippines. He pointed out that such bonds offer higher returns compared to ordinary savings accounts and time deposits.

“Mobilizing private resources through investments, like those in retail treasury bonds, is pivotal in ensuring that our nation possesses the resources necessary to sustain vital priority development programs and projects,” the Speaker said.

Romualdez said holding financial literacy programs is not merely a financial endeavor but a significant contribution to the nation-building process, as this is BTr’s demonstration and commitment to both personal growth and the nation’s progress.

“Learning about retail treasury bonds is not only about financial literacy but also about understanding how such instruments can aid in our country’s development,” the Speaker said.

“Retail treasury bonds are exceptional as they are low-risk savings instruments and represent direct, unconditional, and general obligations of the Republic of the Philippines,” Romualdez said, noting that such bonds yield higher returns compared to ordinary savings accounts and time deposits.

The Treasury is offering retail treasury bonds with a minimum investment of P5,000.

Romualdez expressed confidence that many would embrace this opportunity not only for personal financial benefits but also as a tangible expression of Cornell University’s core value of impacting society through public engagement.

Explainer BusinessMirror

B4 Monday, February 5, 2024

N

www.businessmirror.com.ph

By David Bauder The Associated Press

EW YORK—On Friday, the National Press Club is offering solace—and a free meal—by giving recently laid-off journalists tacos in recognition of a brutal stretch that seems to offer bad news daily for an already struggling industry.

THIS IS NOT A NEW ISSUE

The news business has been in a free fall for the past two decades, starting when much of its advertising moved online to opportunistic tech companies. Advertising is still a huge part of the problem, although

there are more complex reasons and circumstances unique to individual outlets that also play a part.

The situation is dire at larger, more national organizations and in smaller communities. A Northwestern University study released in November estimated the United States has lost one-third of its newspapers and two-thirds of its newspaper journalism jobs since 2005.

The nation loses 2.5 newspapers per week—a pace that is accelerating, the study found. Through the end of November, the employment firm Challenger, Gray and Christmas estimated 2,681 journalism jobs were lost in 2023, and that tally has increased by hundreds since.

RETHINKING OLD NEWS MODELS

One industry observer, Jeff Jarvis, wondered on his Buzzmachine website this week: “Is it time to give up on old news?”

“There’s an inevitability to what is happening,” Jarvis, author of The Gutenberg Parenthesis: The Age of Print and its Lessons for the Age of the Internet, said in an interview.

“Publications have been trying to preserve their old ways and their old models, and it is time for them to realize that it's not working and now it's too late.”

While there have been some successes in news outlets shifting their business to paid digital subscriptions—most spectacularly at The New York Times—failures are much more numerous. Even The Washington Post, whose subscriptions boomed during the Trump administration, has seen a falloff, leading its management to acknowledge that it was too optimistic in expansion plans and needed to cut costs.

Optimism created by billionaire owners at the Post, with Jeff Bezos, and Los Angeles Times, with Patrick Soon-Shiong, has faded as it became apparent they didn’t have magic fixes. With Covid and the Hollywood strike constricting the advertising market, the Los Angeles Times estimated it was losing between $30 million and $40 million a year.

Philanthropy has offered a boost to some news organizations, including The Associated Press. The MacArthur Foundation and Knight Foundation last year pledged $500

Think the news industry was struggling already?

The dawn of 2024 is offering few good tidings Photographerlondon | Dreamstime.com

For anyone who works in the news media, the list is intimidating—and unremitting.

The news website The Messenger folded on Wednesday after being in operation since only last May, abruptly putting some 300 journalists out of work. The Los Angeles Times laid off more than 100 journalists in recent weeks, Business Insider and Time magazine announced staff cuts, Sports Illustrated is struggling to survive, the Washington Post is completing buyouts to more than 200 staffers. The Post reported Thursday that The Wall Street Journal was laying off roughly 20 people in its Washington bureau; there was no immediate comment from a Journal representative. Pitchfork announced it was no longer a freestanding music site, after digital publications BuzzFeed News and Jezebel disappeared last year.

And journalists at the Los Angeles Times, the Washington Post, New York Daily News and the Condé Nast magazine company have all conducted walkouts to protest how management was dealing with business problems.

All this is taking place as the overall jobs outlook in the nation gets stronger. US employers began 2024 by adding 353,000 jobs in January—a striking spate of hiring. A government report Friday showed that last month’s job gain— roughly twice what economists predicted—topped the December gain of 333,000.

Not so the news industry. Seeing all the damage is what led to the Washington-based National Press Club to open its weekly Taco Night to laid-off colleagues and offer a one-month free membership to people who need a networking opportunity.

“It's very important when people have lost their jobs to know that they have some support behind them,” said Didier Saugy, the club's executive director.

million to seed solutions in the news industry, but such efforts can’t match the scale of the problem, Jarvis said.

“The industry,” he said, “leaps from false messiah to false messiah.”

TECH COMPANIES BACKING AWAY

Employees of the Washington Post picket outside the company’s offices in downtown Washington, Thursday, December 7, 2023, amid a one-day strike over labor issues. The Washington Post is completing buyouts to more than 200 staffers. AP/Mark Schiefelbein

Tech companies are also backing away from news, said Aileen Gallagher, a Syracuse University journalism professor. Through its AI-powered search generative experience, Google is much less frequently directing users to individual news sites, she said.

Publishers have also complained of losing significant business with Facebook much less frequently featuring news articles that bring people to news sites. Twitter, now X, was once like a second home to journalists, but that's become much less the case since Elon Musk's purchase of the site.

“What the news companies may have finally woken up to is that nothing good will come from accepting the scraps that social platforms and search platforms will give the news business,” Gallagher said.

The 2020 election proved a boon for many news outlets, but there are

questions about whether the public will have as much interest in following political news this year.

THE PATH FORWARD IS JUST AS BUMPY

Some of the troubled outlets also have unique issues that contributed to their problems. Sports Illustrated sent layoff notices to employees after the company that publishes its content lost its license to do so. The Messenger's failure angered observers because its business plan—a centrist website that tried to appeal to many instead of a tightly-defined audience—was an uphill battle to start.

“It was business malpractice and human cruelty at an epic scale,” Jim VandeHei, co-founder of Axios and Politico, told the Puck newsletter. “Anyone who knew anything about the economics of media knew it would die quickly, spectacularly and sadly.”

That sadness is apparent in messages left on social media by laid-off journalists from The Messenger and elsewhere.

“I was laid off from my political writing job back in August and haven't been able to find another one since,” wrote

Tara Dublin, author of The Sound of Settling: A Rock and Roll Love Story, on X. “I am terrified about the future of journalism and how anyone is going to be able to trust any news source.”

Steve Reilly, an investigative reporter at The Messenger who saw his job disappear this week, wrote: “If you’ve been affected by recent journalism layoffs at the Messenger or elsewhere, please know that it is not your fault. It has nothing to do with you or your work.”

On Thursday, former employees of The Messenger filed a class action lawsuit in US District Court in New York against the company, saying they hadn't been given the required notice of termination.

Jarvis, who also teaches journalism, said he doesn't pretend to know the answers. He said there needs to be an attitude change from searching for a way to monetize content to seeing journalism as a service to the community.

“We need journalists in society, and we will find a way to fill that need,” he said. “I’m optimistic in the long run. But in the short run, it's going to be ugly.”

Style

BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos • Monday, February 5, 2024

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Turn of the Century (City Mall) MODERN LOVE Century City Mall entices lovers this Valentine’s Month

New approach to beauty, exceptional customer care TOUTED as the total compass of beauty, Idara (www. idara.ph) is making waves in the beauty industry with its unique approach to treatments and commitment to exceptional customer care. In a recent interview, Idara representatives shared insights into their expansion plans, top treatments, and dedication to providing a comprehensive beauty experience for both men and women.

One of the key differentiators of Idara is their extensive training program for their staff. Unlike other clinics that offer only a week of training, Idara ensures that their team is well-equipped with 60 days of comprehensive training. This includes a combination of lectures, hands-on experience, and shadowing senior aestheticians. This rigorous training process ensures that every patient receives consistent and high-quality treatments across all Idara clinics.

When it comes to their top treatments, Idara offers a wide range of options for both medical and nonmedical procedures. In the medical category, K-Botox, Hiko, Mesolipo, Dermal Fillers and Ultherapy are the top five treatments.

For non-medical procedures, intensive whitening for underarms, painless hair removal using Diode Alto technology, whitening laser by Fotona Starwalker and slimming laser by BTL Exilis are the most sought-after treatments. Idara maintains that it provides customized solutions for each patient, ensuring that their specific needs and goals are met.

While Idara primarily caters to young professionals aged 20 to 49, with a majority of female customers, they are also expanding their reach to include more male treatments.

As Idara continues to expand and open new clinics, they remain committed to their core values of providing top-quality treatments, personalized care, and exceptional customer service. With their unique approach to beauty and dedication to their customers, Idara is set to become a leading name in the industry.

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FTER transforming its main atrium into a Winter Wonderland during the holiday season, Century City Mall is in the mood for love this month.

The “Mall of Modern Makati,” located on Kalayaan Avenue in bustling Barangay Poblacion, takes Valentine seriously as besides the shopping splendors that it offers, it installed a “Proposal Booth” at its main entrance.

As the mechanics go, you can pop the question in style and spin the wheel online for a chance to win amazing prizes, like a romantic dinner for two. And you can lock in your love with a cute love-lock activity with M Wedding Proposal Planner making it more memorable.

All these festive activities are leading up to Century City Mall’s 10th anniversary celebrations this year. The mall serves as the heart of other Century Properties projects, steered by CEO and president Jose Marco Antonio, which “amps up the provision of extraordinary convenience and shopping experience to the nearby villages and Century City locators.”

“As the grand celebration for our 10th anniversary looms, the mall is poised for a spectacular showcase.

Plans are underway for extensive collaborations with its array of stores and relevant brands, promising patrons and valued partners an exceptional blend of shopping and entertainment experiences,” shares Kim de Guzman, Century City Mall marketing manager.

It has not always been easy for the mall as the retail landscape all have been through trying times in the last few years. Century City Mall, however, effectively navigated the aftermath of the consumer exodus and remained true to its identity as a boutique community shopping mall in Makati City.

“By recognizing, catering, and adapting to the community needs, Century City Mall has made a successful recovery from the impact of the Covid-19 pandemic.The priority has always been to remain committed to supporting the local community,” says de Guzman.

During the challenging times, the mall ensured that essential services, such as the supermarket, pharmacy and other vital amenities, remained accessible.

“The mall implemented robust safety measures as well to provide a secure environment for visitors, including enhanced cleaning protocols, social distancing guidelines, and the promotion of maskwearing. These measures were crucial in reassuring customers and encouraging them to return to the mall with confidence,” explains de Guzman.

Century City Mall also actively supported local

businesses and entrepreneurs, providing them with opportunities to showcase their products and services in the form of a bazaar. By fostering a sense of community and collaboration, the mall bolstered its reputation as a hub for unique boutique offerings.

“On top of that, the mall heightened community engagement initiatives, such as social media campaigns and partnerships with strong brands, to stay connected with patrons and maintain a sense of belonging,” adds de Guzman.

Since 2020, the mall sadly experienced a shift in its retail landscape, with a transition that saw the departure of over 15 stores due to the challenges posed by the pandemic, among them the beloved Fully Booked bookstore and clothing brand Uniqlo.

In response to the evolving environment and as it embraces the new normal, the mall has embarked on an exciting journey of renewal and growth, with the introduction of nearly 20 new and exciting stores.

This includes Paiks Coffee, the popular Korean brand; and Banana Sisters, another Korean store for stylish

socks. De Guzman says this vibrant expansion reflects the commitment of the mall to reimagine the shopping experience and catering to the diverse needs of the community in this dynamic area, as the mall has witnessed a fascinating evolution in shopping behaviors, marked by a notable shift in the demand for immersive experiences and engaging activities.

Customers are seeking more than just transactions—they crave meaningful interactions and memorable moments. Habitues are also grateful that the Saint Padre Pio Chapel has remained an integral part of the mall.

“As a result, there has been a pronounced pivot towards the elevation of the mall’s experiential offerings, with growing emphasis on curated events, unique promotions, and exclusive sales that go beyond mere transactions,” de Guzman concludes. “This shift underscores the increasing desire for experiences that captivate and delight, shaping a new landscape where the convergence of retail and entertainment forms the heartbeat of the modern shopping journey.” n

Makeup and photos with smiles, thanks to Lavender Ring

ONE of the things that a speaker during Shiseido’s “Lavender Ring: Makeup & Photos with Smiles” event struck me.

“We’re very much in demand during October, which is Breast Cancer Awareness Month. But the rest of the year, it’s quiet,” said the speaker.

What the speaker said struck a chord because cancer patients and survivors are not a theme, although sometimes they probably feel like they’re treated as such. They are people with stories, families, and their own dreams. Sometimes, those dreams never come true and the stories end tragically.

Thus, the speaker said they were thankful for Shiseido, which just debuted the Lavender Ring initiative in the Philippines. Lavender Ring brings together cancer survivors to share their stories with a like-minded community. The initiative helps to support cancer survivors in continuing to live their lives with dignity and smiles. The event in the Philippines was held in in partnership with local nongovernmental organizations, including I Want to Share Foundation, EPCALM Adult Leukemia Foundation, Kanser sa Adolescents, and Young Adults (KAYA) Community, and Kasuso Foundation.

Sixty individuals ranging in age from 15 to 69 joined the event at Shangri-la The Fort, among them Shiseido Philippines’ Lavender Ring ambassadors who have survived cancer themselves—I Want to Share Foundation founder

and chairperson Sheila Romero, chemist and Progressive Laboratories CEO and founder Pinky Tobiano, and fashion and lifestyle content creator and entrepreneur Ida Anduyan Each volunteer was invited to participate in personalized makeup and hairstyling sessions hosted by certified Shiseido Beauty Consultants and hairstylists. Making the day extra special for the participants, the makeovers were supported

by Filipino celebrity makeup artists Mark Qua, Gela Laurel, Iowani Ungpingco and Muriel Vega Perez; as well as celebrity hairstylists Lourd Ramos, Dale Mallari, Jeck Aguilar and

Justine Ocampo.

Lavender Ring harnesses the power of beauty and photography to empower the social and professional lives of people with cancer. Purple represents all types of cancer, while the Lavender Ring motif is a symbol of the networks of cancer survivors coming together as a support community.

Sometimes, I feel so insignificant compared to my colleagues because they write about elections, deaths and calamities while I write paragraphs about face cream and lipstick. But I always think of the teachers in Tacloban who, after Yolanda

devastated the city, wished they had red lipstick so they could wear it and feel like teachers again when they face their students even in the midst of the destruction.

The sessions incorporated Shiseido Life Quality Makeup’s Perfect Cover range, which was specially designed to address changes in appearance from cancer treatments, even skin tone, smooth skin surfaces, and accentuate the beneficiaries’ features to help them feel like their best selves. I have tried the Perfect Cover Foundation myself and I have a lot of thoughts about it. I’ll do a more thorough review in the future.

The Perfect Cover range is equipped with Shiseido’s original optical correction technology to help address blue, red and brown discolorations; dark spots, dullness, and dark circles due to cancer treatments; vitiligo; and uneven surfaces caused by acne and other scars.

Following the makeup and hairstyling session was a special photoshoot, during which the beneficiaries were encouraged to pen a heartfelt message on what they love, as well as what they deem important to them in life. The photos and messages received at the end of the event are on display on Shiseido’s Lavender Ring landing page (www.lavenderring.com/en).

“This is a project that truly embodies Shiseido’s global mission to provide ‘Beauty Innovations For A Better World’ and the brand’s commitment to empowering individuals to be the best versions of themselves through the power of beauty,” said Michael Goh, managing director of Shiseido Philippines.

Justice Z. Demerre, president and CEO of EPCALM, said, “This project is aligned with our public advocacy of giving hope to adult leukemia patients and their families, as we endeavor to provide them with personalized, practical and family-oriented support programs and services in every step of their leukemia journey. Leukemia is curable; it is not a death sentence. Through the smiles of our serviced leukemia survivors, aptly captured by the Shiseido Creative Team, may they inspire other cancer patients and survivors alike for a better quality of life. Truly, there is hope for leukemia; there is hope for cancer.”

MAE ONG (left) of KAYA Community PHOTOS FROM LAVENDER RING CONTENT creator Ida Anduyan, one of Shiseido Philippines’ Lavender Ring ambassadors, is a cancer survivor

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Monday, February 5, 2024

www.businessmirror.com.ph

mWell PARTNERS WITH DICT TO BRING

HEALTHCARE SERVICES TO TURTLE ISLANDS

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ETRO Pacific Investments Corporation’s (MPIC) mWell, the Philippines’ health and wellness mega app, leads the digital healthcare transformation of Turtle Islands by providing telemedicine services to residents of this geographically isolated community in Tawi-Tawi. In partnership with the Department of Information and Communications Technology (DICT), mWell reached Turtle Islands as part of the Broadband ng Masa (BBM) initiative launched to provide better access and connectivity in areas with little to no internet connection.

For residents of Turtle Islands, it would take long hours of boat travel to reach the nearest health facility. Recognizing the plight of its residents, mWell together with

DICT and Huawei Philippines responded to the need for accessible and convenient healthcare by delivering mWell OnTheGo. This groundbreaking portable digital clinic enables almost 6,000 island residents to easily reach doctors 24/7 using the mWell app. The mWell platform delivers essential health services including online doctor consultation, e-prescription, and lab referrals. With the portable clinic, doctors are easily accessible using the mWell app on the Huawei Tablet and internet service provided to the community.

“Our goal is for mWell to demolish the barriers that prevent our countrymen in remote areas from receiving quality healthcare. We are always on the lookout for partnerships that enable us to do just

that,” said mWell Chairman and MPIC Chairman and CEO Manuel V. Pangilinan. mWell CEO and President and MPIC Chief Finance, Risk, and Sustainability Officer Chaye Cabal-Revilla said “As the country’s first and only health and wellness mega app, mWell ’s purpose is to make health and wellness accessible, available, and affordable to all Filipinos anytime, anywhere. Recognizing that good health is very important for livelihood and improving the overall quality of life, we will continue to be an instrument for our country’s sustainable development.”

Just like Turtle Islands, there are also no doctors available in Sacol Island, Zamboanga. Residents of this remote community faced significant challenges in accessing essential healthcare service. Last year, as part of the DICT’s Smart Village initiative, the mWell Team joined DICT Assistant Secretary Maria Teresa M. Camba to equip Sacol Island in Zamboanga with mWell OnTheGo. “We are grateful to Huawei and mWell for responding to our request to make available much needed telemedicine services to Sacol. This island of four barangays and 12,000 people now have access to medical experts from all over the country” said Camba.

This is part of mWell’s commitment to the Smart Village Initiative which aims to provide necessary ICT tools and access to connectivity to improve and expand services in healthcare, education, agriculture, and local governance.

Megaworld Lifestyle Malls is Most Awarded Mall Developer at Quill Awards

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EGAWOR LD L i fest yle Ma l l s emerged triumphant as the most awarded mall developer in the 20th Philippine Quill Award after securing seven recognitions across different categories in the ceremony held at Marriott Grand Ballroom.

I n t he Sp e c i a l a nd E x p e r ie nt i a l Events categor y, t he premier lifest yle ma l l developer received accolades for si x d if ferent entr ies.

These include the iconic and pioneering pet-friendly event in the metro, “Eastwood City Love & Paw-er: Pet Blessing 2022” which was given an Excellence Award.

“Festive Walk Iloilo Launches the First K-Town in Iloilo and Western Visayas” earned recognition for pioneering multicultural experiences for its patrons from the premier lifestyle mall in Iloilo

Cit y. Meanwhi le, “McK inley W hisk y Park ” stood out as a testament to the brand ’s dedication to creating unique and engaging environments situated in the mall developer’s McKinley Hill property.

“Newport Mall-seum: Championing and Bringing Filipino Artistry Closer to the Mall-going Public” demonstrated Megaworld Lifestyle Malls’ support for the local art scene in the same category.

Additionally, the success of the “Eastwood New Year Countdown to 2023” highlighted the brand ’s ability to organize memorable and exciting events catered to bring the whole community together.

Another remarkable win was secured with the artistry and spectacle of “Leeroy New Christmas: Festive Fungi, Merry Mycelium at Eastwood City,” showcasing

Megaworld Lifestyle Malls’ drive for innovative and immersive experiences for the holidays.

The mall giant further excelled in the Audio/Visual category with “Megaworld Lifestyle Malls: #ExtraChristmas – Going the Extra Mile for the Biggest Christmas Celebration in Years,” emphasizing its dedication to providing a joyous holiday experience for visitors post-pandemic.

“We are incredibly proud to receive these prestigious recognitions at the 20th Philippine Quill Awards. This victory not only symbolizes our steadfast dedication to delivering world-class experiences but also serves as a driving force that motivates us to continually innovate and curate unforgettable moments for our valued patrons,” shared First Vice President and Head of Megaworld Lifestyle Malls Graham Coates.

Corsa Motorcycle Tires, Suzuki partner to dominate the Streets Nationwide

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ORSA Motorcycle Tires Philippines recently announced a groundbreaking collaboration with Suzuki Philippines Inc.-MC Division, marking the commencement of a thrilling nationwide campaign. Dubbed the #PalitCorsa drive, this initiative aims to dominate the streets of the Philippines, which started with Legazpi City in the vibrant Bicol Region on January 21, 2024 as the 1st leg of the 12-leg journey covering Luzon, Visayas, and Mindanao.

On its first leg of dominance, Corsa Tires, renowned for its commitment to safety and performance, conquered the streets on the bustling streets of Metro Manila. This was followed in the vibrant municipality of Pinamalayan in Mindoro on January 28.

The Laguna leg promises a remarkable highlight that will be announced soon. The campaign kicked off with a spectacular showcase featuring the Corsa ambassadors, also known as the Corsa Elites.

Adding an adrenaline-fueled element to the campaign is the stunt team, also known as the Corsa Traction Masters, highlighting the tires’ reliability even in challenging situations. The wave of dominance extends further to motorcycle sports with the Corsa Skills Challenge and Corsa

Tires Racing Team. Additionally, the Corsa basketball team will see action and will be led by none other than basketball enthusiast Gerald Anderson.

Safety Riding Instructor Goku Oritz executed stunt shows to showcase the performance of Corsa Tires. “The Corsa Traction Master team embodies discipline, control, and a deep understanding of their craft. They serve as an inspiration to all, demonstrating the importance of honing one’s skills and pushing the boundaries of what is possible,” Ortiz said.

“As we embark on this exciting journey together, we want to express our unwavering support for Suzuki Philippines as they

go full throttle this year. We are thrilled to be aligned with a brand that shares our passion for excellence, innovation, and pushing the boundaries of performance,” said the Corsa Tires representative as they took on a journey for safety moving dominance nationwide.

The #PalitCorsa campaign goes nationwide in collaboration with Suzuki Philippines Inc-MC Division, providing Corsa Traction Masters with stock Suzuki Smash Fi 115 motorcycles equipped with Corsa tires. This dynamic partnership enables riders to safely roam key cities, putting both man and machine to the test through safety track stunt shows. The aim is to encourage riders to dominate the streets in the safest manner possible with quality motorcycles and tires that make no compromises.

In an exciting addition to the safety track stunt shows, Corsa introduces Jabbre Motocom, a Filipino-brand motorcycle communicator, enhancing the thrill and safety of stunt performances.

Don’t miss out on the nationwide invasion of Corsa at key cities as they redefine the streets with their unparalleled performance and safety. Join Corsa on this epic journey, where the streets belong to those who dare to ride with quality and confidence.

Dermclinic Continues Legacy of Excellence in Skin, Hair Care Under Dr. Angela Pineda

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ERMCLINIC, a name synonymous with quality dermatological care, proudly carries forward the legacy of Dr. Angela Pineda’s father, exemplifying a commitment to providing exceptional skin and hair care services to the public. Dr. Pineda, the torchbearer of her father’s vision, continues to steer Dermclinic with a passion for dermatology and an unwavering dedication to enhancing the well-being of clients.

Dr. Pineda inherits her father’s love for dermatology, a legacy that has been the cornerstone of Dermclinic’s success. This familial dedication to the field has shaped the clinic’s ethos, fostering a genuine commitment to the public’s skin and hair health.

Under hear leadership, Dermclinic adopts a holistic approach to skincare. Beyond addressing immediate concerns, the clinic aims to educate clients on comprehensive skincare practices, empowering them to make informed choices for long-term well-being Dermclinic, while embracing innovation, remains rooted in the principles that have made it a trusted name in dermatology.

The clinic continues to offer a wide array of services, from traditional dermatological consultations to state-of-the-art aesthetic treatments, providing clients with a comprehensive and evolving suite of options.

Under Dr. Pineda’s guidance, the clinic remains deeply committed to serving the community. The clinic actively engages in outreach programs, educational initiatives, and community events to promote dermatological awareness and provide accessible

skincare solutions.

“It’s an honor to carry forward my father’s legacy and continue the tradition of Dermclinic. Our commitment to delivering the best in skincare is not just a professional duty but a heartfelt mission. We strive to create an environment where our clients feel the warmth and care that has been our hallmark for generations.”

World Balance’s Marketing Strategy Elevates Brand, Transforms Celebrities to Brand Ambassadors

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N the dynamic realm of fashion and footwear, World Balance has etched its presence through the dedicated efforts of indiv iduals such as Eric Del acr u z Nadurata. Renow ned for his adeptness in cultivating a robust network of World Balance inf luencers, athletes, rock icons, and celebrities, Nadurata’s approach leaves observers intrigued about the allure that compels these notable figures to proudly sport the iconic “W.” Nadurata, the mastermind behind World Balance’s inf luential partnerships, contends that the linchpin to successful inf luencer marketing lies in identifying individuals who genuinely resonate with the brand, embracing authenticity and relatability. This strategic formula serves to unite a diverse age demographic of supporters.

Addressing the impact of Key Opinion Leaders (KOLs), Nadurata emphasizes, “It’s not merely about the numbers; it’s about forging a genuine connection between the influencer and the brand.” This philosophy underlines World Balance’s deliberate selection of endorsers, ranging from seasoned veterans who left an indelible mark in the 90s, and 00s, to emerging influencers like Kitty and Kakai. Catering to the younger generation or Gen Z, Pam Biares, Nadurata’s protege learned the importance of Influencers and currently spearheads that segment, acknowledging the evolution of the audience.

Over the years, World Balance has seamlessly collaborated with a diverse spectrum of talents, from nano-inf luencers to macro-celebrities. Nadurata, who also manages marketing and PR for WB, affirms, “Our marketing efforts complement, not overshadow, the process of engaging these artists.”

This balanced approach, blending marketing endeavors with authentic relationships, stands as a testament to the brand ’s enduring success.

Nadurata candidly shares, “While some brands perceive these individuals as inf luencers, I see them as friends,” underscoring the significance of authenticit y and fami lia l treatment.

This genuine connection has fostered a loyal following among celebrities and inf luencers, differentiating World Balance in the industry by prioritizing meaningful relationships over mere business transactions.

For World Balance, the journey transcends merely creating stylish and innovative footwear; it revolves around building connections and transforming celebrities into genuine ambassadors of the “W.” Nadurata’s distinctive approach ensures World Balance remains a favored choice for celebrities and inf luencers, positioning the brand at the forefront of the fashion world.

According to Nadurata, the genuine impact lies in selecting inf luencers who evolve with the brand, embracing its mission of delivering quality shoes and wholeheartedly supporting it. “We’re blessed and fortunate to have their unwavering support,” he adds, acknowledging the symbiotic relationship between the brand and its inf luencers.

World Balance’s approach to influencer marketing transcends fleeting fame; it aspires to create a lasting legacy. The brand seeks partnerships that endure trends and resonate with consumers on a profound level, reflecting its commitment to authenticity and relatability.

This ensures that every age group can proudly don the iconic “W.” In conclusion, Nadurata expresses gratitude, stating, “Influencer marketing thrives in an environment free from authoritative dictates, allowing freedom in executing responsibilities.” He extends heartfelt thanks to President Barny Chong for taking a chance and trusting in him, as well as to Marylyn Go, the Marketing director, for believing in his capabilities.

Marketing BusinessMirror

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Monday, February 5, 2024 B7

Bite-sized ways to a better year Part One

1. Hold standing meetings.

Remember how newscasters used to be seated? They’re now standing tall while sharing with us the news with a new energy.

Maybe we can apply the same into a handful of our meetings to shake up things, suggests Isip. But “if you’re unable to add standing to your meetings, try incorporating some sort of physical break during sessions.”

2. Write better emails. With

poorly written emails notorious in the world of work, Isip says we can make a good start by blasting through communication lines “by creating succinct subject lines and avoiding long winded messages.” The more concise and clear you can be in email communications, the more likely your recipient will understand your request.

3. Meditate daily. Meditation

n The Cultural Center

of the Philippines shares 2024 plans with ongoing rehabilitation, and more program

MANILA, PHILIPPINES—Even with the ongoing rehabilitation of its Main Building, the Cultural Center of the Philippines forges ahead and moves forward this 2024 with more relevant artistic programming that reinforces arts education and appreciation among the publics and embodies values of katotohanan (truth), kagandahan (beauty) and kabutihan (goodness).

“This year, the CCP heralds another year of firsts and of good old reliable programming, celebrating and advancing the unique creativity of our people and culture,” said CCP Vice Chair Margie Moran-Floirendo

during the CCP Institutional Press Conference held recently at the LIwasang Kalikhasan’s Bamboo Pavilion.

For 2024, it will be business as usual with CCP’s biggest project to date—the rehabilitation of the iconic Main Building. In 2023, the CCP announced the closure of its Main Building to give way to rehabilitation.

Rehabilitating the CCP Main Building The rehabilitation has been underway since January 2023. The rehabilitation project emanated from the building audit the CCP did from 2018 to 2019. The findings from the audit necessitated that the 55-yearold building needed more than its usual maintenance.

What the audit findings saw were the apparent wear and tear due to the building’s old age. But the deterioration seems much worse beneath the surface, although the foundation of the building remains strong.

“As we all know, CCP is the work of our National Artist Leandro Locsin. We can’t just overhaul the whole building. It has been a deli-

www. FREEPIK.COM

W

HEN we think of New Year resolutions, we often think of making sweeping changes for ourselves and for our business.

But this is not necessarily so, says Rachelle Isip, Productivity Consultant and Time Management Coach, The Order Expert.

“You’ve got countless opportunities for improvement every single day,” she says in an article in Inc.com. “Compounded over the course of a week, month, and year, these seemingly insignificant activities can quickly add up value.”

The challenge is to “allow yourself to value and accept these small actions as tangible and positive steps forward.”

Here, she shares with us 24 Thought-Provoking New Year’s Resolutions to Make in Your Business in 2024.

or prayer are great tools if you want to improve your productivity. Offering us the time and space to simply exist in the present moment, it’s a good idea to meditate or sit quietly for 10 to 15 minutes;

4. Organize your desk according to your preference.

With your workspace and desk crucial to finishing your work, take a moment to consider if your desk is properly organized for your need. Some questions Isip asks us to keep in mind: are materials within easy reach and conveniently located in your desk? Are items grouped in a way that makes it easy for them to be used in tandem, such as pens near a notepad?

5. Create a desk landing pad.

Make space for yourself so you can do your work—like a desk blotter or large piece of paper.

Also, keep things tidy—“return items where they belong, keep the area clean and free of unnecessary items.” That way you’ll have room to write, type, calcu-

cate balancing act of preserving the design and modernizing the building to keep up with the time,” said CCP President Ad Interim Michelle Nikki Junia.

Repairing the damages is a very tedious process. Because these structural works redefine the structural integrity of the building for the next 50 years, the construction has been very meticulous.

For the Phase One of the rehabilitation, the CCP engineers, the construction firm and hired consultants have been doing structural retrofitting following the 2015 building code standards while adopting sustainable options.

The Phase One centers on moder ni zing str uct ura l, electr ica l, plumbing, and mechanical features.

Phase Two will simultaneously happen with Phase One, once the structural works are done. Phase Two focuses on mechanical and technical capacities of the theaters.

As of January 2024, the rehabilitation is about 30% completion. With all the consultants already onboard, the CCP expects that the work would

late, sketch, review, and call.

sponsibilities.”

6. Embrace small pockets of time. Give yourself the gift of

9. Write handwritten thank-you notes. You’ll set

time, says Isip. You’ll be amazed what you can accomplish in a minute or so. Make a phone call, check a balance, come up with an idea, take a break from the screen, savor the hot beverage.

With that, “you’ve more time available than you think.”

7. Start meetings on time.

This year, resolve to start all meetings on time. Make every meeting count by announcing your intentions to meeting attendees in advance...preparing an agenda...designating a timekeeper...and arriving early for the meeting set-up. Above all, “keep your word. Watch the clock and start your meeting on time.”

8. End meetings on time.

It’s also a good idea to end meetings on time. Doing so “allows others to put their full attention and focus on the meeting.

They’ll also have sufficient time afterwards to attend to other re-

speed up.

“We project full completion by 2025. The Main Building and its theaters will definitely open by 2026, welcoming everyone to its theaters with new productions and programs befitting the call of the time,” said Nikki.

Continuing to bring the best performances to the public Despite the rehabilitation work on the Tanghalang Pambansa, the CCP forges ahead with a full-year of artistic programs and projects, led by its Artistic Director Dennis Marasigan.

“For 2024, we are targeting to produce 765 events, ranging from performances, screenings, exhibits and workshops both onsite, offsite, and online. We hope to reach over 200,000 onsite viewers, and engage over 6000 artists. For our workshops, we hope they can benefit 16,000 participants,” shared Dennis.

Well-loved festivals such as CCP Pasinaya, Virgin Labfest, and Cinemalaya Philippine Independent Film Festival will continue to provide unique artistic and cultural experi-

yourself apart from the crowd with handwritten notes to customers, clients, staff, and vendors. While the digital age has made communication quick and easy, nothing will replace a handwritten thank-you note.

That’s because, as Isip says, “a handwritten note gives another layer to you and your recipient.”

10. Put an end to exaggerating. Do you make

things bigger than they seem?

No need to blow situations, scenarios, and circumstances way out of proportion. Chill, play it cool. “You can gain some perspective by writing down your thoughts or asking a trusted person to discuss things with you,” says Isip.

They’ll come back refreshed and relaxed, and raring to return to work.

12. Write a job description for yourself. It’s a good way

to reassess yourself—your strengths, skills, and things you can and should do to improve.

The start of the year is a good time to work on this.

More next week.

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 association for senior professionals around the world. Millie Dizon, the Senior Vice President for Marketing and Communications of SM, is the former local chairman.

can do wonders for your wellbeing. Make time off a priority for your team, urges Isip.

We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.

ences, with expanded reach to the regions. Expect captivating seasons from the resident companies such as Philippine Philharmonic Orchestra, Philippine Ballet Theater, Bayanihan The National Dance Company, the Philippine Madrigal Singers, TheBallet Philippines, and Ramon Obusan Folkloric Group, among others.

Popular film programs such as CCP’s The Met Live in HD, National Theater Live, Cine Icons, Cinema Under the Stars and Lakbay Sine will give unique cinematic experience and truthful storytelling. The CCP Out-of-the-Box Series continues with its second edition, while Triple Threats returns with Leading Ladies concerts.

After two years, the CCP Children’s Biennale with its colorful and “edu-tainment” offerings for children aimed to open their eyes to the diversity of Philippine arts, indigenous cultures, and natural environment. The children’s festival aims to develop their curiosity at no charge through interactive art installations, educational film and play screenings, creative workshops, children’s book

fairs, and other activities.

CCP BOT-initiated program Kanto Kultura takes flight once again with Baraptasan, a modern take on the Balagtasan, in celebration of the centenary of Francisco Balagtas Baltazar. The Baraptasan will feature literary jousting in Filipino, Cebuano, Hiligaynon and Ilokano.

Kanto Kultural aims to bring arts in any of its forms to different kanto all over the country.

“CCP is not just about performances and shows. We are proud of our arts education programs that nurture the next generation of artists and the audiences who will support their work through training, exposure and audience development activities,” added Dennis.

This year, the CCP celebrates 45 years of bringing outreach programs to the regions and to the world.

Through exchange programs with various organizations and institutions, the CCP provides glimpses of the Philippine cultures and becomes conduit for cultural exchanges across the regions and to different countries.

11. Encourage personal and vacation time. Taking time off

She’s no fish out of water

Mexico’s Miranda Barrera Jimenez jumps out of the water while her partner Diego Villalobos Carrillo remains submerged during their routine in mixed duet technical of artistic swimming at the World Aquatics Championships in Doha, Qatar, Saturday. AP

Sports BusinessMirror

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onday, February 5, 2024 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

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EW YORK—A collection of sneakers that superstar Michael Jordan wore as he and the Chicago Bulls won six National Basketball Association (NBA) championships has fetched $8 million at auction, setting a new record for game-worn sneakers, Sotheby’s said.

The six Air Jordan shoes—one apiece from the last games of the 1991, 1992, 1993, 1996, 1997 and 1998 championship series—sold Friday. Sotheby’s dubbed it the “Dynasty Collection.”

“Serving as both a reminder of Michael Jordan’s lasting impact on the world and a tangible expression of his recognized legendary status, its significance is further validated by this monumental result,” Brahm Wachter of Sotheby’s said in a statement. Wachter oversees modern collectables for the auction house.

Sotheby’s didn’t identify the buyer and described the seller only as “a private American collector” who obtained them from a longtime Bulls executive.

Jordan first gave a sneaker to the executive after the championshipwinning game in 1991 and continued the tradition afterward, according to Sotheby’s. The auction lot included photos of Jordan wearing a single shoe as he celebrated the 1992, 1993, 1996 and 1998 wins.

A five-time league MVP and two-time Olympic gold medalist, Jordan was so singular a player that

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By Josef Ramos

USTIN BROWNLEE’S clearance to play for Gilas Pilipinas brings back the impact the naturalized Filipino displayed with savvy and dominance during the Hangzhou Asian Games last year.

“More than a possible win with his presence in the lineup, he will present the Philippines in a way that will make all his countrymen proud,” national team head coach Tim Cone said. “He will set a standard in the program that will live long beyond his playing for the team.”

The Samahang Basketbol ng Pilipinas announced over the weekend that the International Basketball Federation has given

PhilCycling road championships on in Tagaytay

Record $8M for 6 Jordans, Messi contract in a napkin T then-NBA Commissioner David Stern in 1992 called him “the standard by which basketball excellence is measured.” The NBA renamed its MVP trophy for Jordan in 2022.

He also helped shake up the athletic shoe industry and supercharge sneaker culture by teaming up with Nike to create Air Jordans in the mid-1980s.

The pair he wore in the second game of the 1998 NBA Finals was sold through Sotheby’s last April for $2.2 million, a record for a pair of sneakers. The highest auction price for any Jordan memorabilia was $10.1 million for his jersey from the first game at that series, according to Sotheby’s, which sold it 2022.

Simply an unused ticket to Jordan’s 1984 debut with the Bulls was sold through Heritage Auctions in 2022 for $468,000—over 55,000 times the face value.

CONTRACT IN A NAPKIN

LIONEL MESSI’S record-breaking career with Barcelona started with a contract written on a napkin.

AN image provided by Sotheby’s shows a collection of sneakers dubbed the “Dynasty Collection.” AP It’s up for auction in London with a starting price of 300,000 pounds ($379,000).

British auction house Bonhams is selling the napkin in an online auction from March 18 to 27 on behalf of Horacio Gaggioli, an agent from Messi’s home country of Argentina who was part of the deal.

The napkin, bearing the date December 14, 2000, bears the signatures of Gaggioli, another

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Brownlee the green light to play in three upcoming crucial tournaments.

Brownlee was sanctioned after he tested positive for marijuana use after last October’s Hangzhou Asian Games where he keyed the Philippines’ decisive victory over China and gold medal triumph over Jordan.

“His return proves the impact he will have on the team,” Cone added.

Philippine Olympic Committee president Abraham “Bambol” Tolentino also stressed on the

split decision.

“I’m slowly starting to feel it again, it’s a great feeling,” Petecio told BusinessMirror on Sunday.

Petecio is gearing up for a return to the Olympics and will vie in the first World Olympic Qualifier in Busto Arsizio, Italy, from February 29 to March 12.

The podium finishers in Busto Arsizio will earn slots to Paris.

“I can still do it, and it’s still a big step in my campaign to return to the Olympics,” she said. “This victory boosted my confidence.”

No worries, Taylor Swift will be in Las Vegas

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TAYLOR SWIFT’S in demand in Japan and in Super Bowl. AP

agent, Josep Maria Minguella and Barcelona’s then-sporting director, Carles Rexach, who met at a tennis club in Barcelona.

It outlines an agreement in principle to sign Messi and was intended to reassure his father, Jorge Messi, that the deal would go through. A more formal and detailed contract with the club followed soon after.

“This is one of the most thrilling

Brownlee brings savvy, impact back to Gilas Pilipinas program impact Brownlee—who also missed reinforcing Barangay Ginebra San Miguel in the Philippine Basketball Association—brings to Gilas.

“It’s back to the drawing board for the Philippines on the qualifying for Paris,” Tolentino said. “His return means a lot to the Filipino people.”

Brownlee will be joining Cone’s Gilas squad in a FIBA Asia Cup qualifying window on February 22 against Hong Kong at the Tsuen Wan Stadium and Chinese-Taipei on February 25 at the PhilSports Arena

Petecio shoots down Taiwanese world champion ESTHY PETECIO snared a big prey from Chinese Taipei to win one of four gold medals Filipino boxers captured in the Boxam Elite Tournament in La Nucia in Alicante, Spain, Saturday.

Petecio’s victim? Hsiao-Wen Hoang, a 26-year-old amazon who clinched a women’s flyweight bronze medal at the Tokyo Olympics, where Petecio bagged a featherweight silver; and a gold medal each in the 2019 Ulan-Ude, where the Filipina also won in her weight class, and 2023 New Delhi world championships.

Petecio, 31, beat the Taiwanese via

A FRAMED copy of the napkin linking the 13-year-old Lionel Messi to FC Barcelona is seen in Barcelona. AP

OKYO—Taylor Swift, who is holding concerts in Japan through February 10, will make it in time for the Super Bowl to see her partner and football superstar Travis Kelce play.

To make sure all her fans know, the Japanese Embassy in Washington, DC, has sent a message on X, formerly Twitter, alluding to

in Pasig City.

But the most important tournament will be the Olympic Qualifying Tournament in Riga, Latvia, from July 2 to 7 where the Philippines will take on the host squad and Georgia in a Group A action.

Cone’s team is also composed of Scottie Thompson, Calvin Oftana, CJ Perez, Chris Newsome, June Mar Fajardo, Dwight Ramos, AJ Edu, Carl Tamayo, Kai Sotto and Kevin Quiambao.

Women’s middleweight Hergie Bacyadan, on the other hand, dominated Kazakhstan’s Yerzhan Gulsaya for a unanimous decision win and account for the country’s fourth gold medal in the tournament.

Women’s flyweight Aira Villegas relied on her quickness and tactics to outsmart Kyzaibay Nazym of Kazakhstan via split decision and Rogen Ladon, a many-time Southeast Asian Games gold medalist and Rio 2016 Olympian, won by walkover against Hungary’s Istvan Szaka in the men’s flyweight final for the country’s

other gold medals.

“It was a good performance overall.

It’s one month before the first Paris qualifiers, but there’s more work to do, but at least we know we’re taking good steps into that direction,” Association of Boxing Alliances in the Philippines secretary-general Marcus Jarwin Manalo said.

Tokyo Olympics flyweight silver medalist Carlo Paalam, light welterweight Mark Ashley Fajardo, middleweight Ronald Chavez Jr. and lightweight Riza Pasuit lost their opening matches last week.

The team will go to Murcia in Spain for another training camp from February 4 to 28 before flying to Italy for Paris qualifier. Josef Ramos

her hit songs in bold letters.

“Despite the 12-hour flight and 17-hour time difference, the Embassy can confidently speak now to say that if she departs Tokyo in the evening after her concert, she should comfortably arrive in Las Vegas before the Super Bowl begins,” it said.

Swift is in a highly public relationship with Kansas City Chiefs tight end Kelce. The American Football Conference champions face off the San Francisco 49ers, the

National Football Conference champs, February 11.

Noise regulations in Tokyo stipulate that events must stop using the public sound system at 9:30 p.m. That should give Swift plenty of time, given that Japan is a day ahead in the global day.

Swift is performing four nights at the Tokyo Dome as part of her Eras Tour, which continues later in Australia. That means she would have to fly halfway around the world again later in the week. AP

items I have ever handled. Yes, it’s a paper napkin, but it’s the famous napkin that was at the inception of Lionel Messi’s career,” Ian Ehling, the head of fine books and manuscripts at Bonhams New York, said in a statement.

“It changed the life of Messi, the future of FC Barcelona, and was instrumental in giving some of the most glorious moments of football to billions of fans around the globe.” AP

Burgos-Quiambao triathlon duel up in 5150 CamSur

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RIATHLON’S return to Camarines Sur promises a thrilling showdown between the country’s top Olympic distance runners—Erika Burgos and Bea Quiambao—in the 5150 CamSur on February 11.

Both triathletes, dominant in the last two editions of the Sun Life 5150 Bohol, are not only vying for the overall championship in the challenging 1.5km swim, 40-km bike and 10-km run race, but are also set for a fierce duel in the 20-24 age-group category.

Burgos, riding high on confidence after a victory over Quiambao in the 5150 Dapitan last September, enters

FOCUS will be on Erika Burgos and Bea Quiambao.

HE PhilCycling National Championships for Road 2024 flags off today (Monday, February 5) in Tagaytay City with more than 400 riders seeing action in criterium, individual time trial (ITT) and road races spread over five days.

Cambodia Southeast Asian Games double bronze medalist Ronald Oranza is one of the riders to watch in the race organized annually by PhilCycling president Abraham “Bambol” Tolentino, also the head of the Philippine Olympic Committee.

Among the other riders to watch in the championships presented by Standard Insurance and the MVP Sports Foundation are Maura de los Reyes in the women elite category and Kim Bonilla in the women junior class.

The top finishers will be top contenders in the national road cycling team for the next two years, primarily for the Thailand 2025 Southeast Asian Games.

Monday’s kick off will feature the criterium events around a 2.1-km circuit at the Tagaytay City Atrium, followed by the ITT competitions on Tuesday in Tuy and Nasugbu in Batangas.

Also supported by Tagaytay City, Chooks-To-Go, Excellent Noodles, CCN and Fitbar, the road races in men and women junior, under-23 and elite categories take centerstage from Wednesday to Friday.

The winners in the races which will be supported by the Philippine National Police—Tagaytay City, Cavite, Batangas and local government unit commands—will be adorned with the prestigious national champion’s jersey on top of gold, silver and bronze medals.

Rave details and results will be available in PhilCycling’s official Facebook page. the event with a time of 2:21:46 compared to the latter’s 2:26:45.

Quiambao, however, also a previous champion in 5150 Subic, is determined for redemption after an intense offseason preparation.

Registration for the event is currently open, according to the organizing The Ironman Group/Sunrise Event Inc. Details can be found on ironman.com/5150-camsur-register.

Challenging the anticipated clash between Burgos and Quiambao are formidable competitors such as Sophia Capistrano, Araceli Sales, Isabel Locsin, Hanna Bueña and Heart Quiambao.

The event marks the return of the top endurance race to Camarines Sur, which hosted the first Ironman 70.3 in 2009.

Other contenders eyeing agegroup division titles include Joana Moreira, Vivian Balmaceda, Rena Marte, Julie Lorenzano, Leoniza Gusilatar, Charmaine Centeno, Jackie Reazon, Demi delos Reyes, Nese Ozbek, Saray Jervoso, Luisita Jadulco, Amandine Fetaud and TV host/journalist Kara David.

The men’s competition is also tipped to go down-to-the-wire with Denz Velasquez, Ian Consunji, Nicolo Magadia, Christian Velazquez and young Darell Bada, a former Ironkids champion, joining pre-race favorites Jonathan Pagaura and Emil Lorbes in the quest for crown.

The international flavor is also emphasized by participants from countries likes Australia, Bahamas, Bermuda, France, Hong Kong, Japan, the Netherlands, Portugal, Russian Federation, Singapore and Turkey.

The 5150 CamSur will also include the 5150 relay for all-male, all-female and mixed events.