BusinessMirror February 06, 2024

WB whips out to-do list for faster PHL growth

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SM Supermalls launches February with the 50th-anniversary art exhibition by the esteemed Chan Lim Family, presenting their largest collection to date—available for viewing until February 18, 2024, at the Ground Level of SM Megamall Fashion Hall. In the photo is Alex Chan Lim with his exquisite watercolor artworks. SM SUPERMALLS

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HE Philippines could accelerate its economic growth by sustaining improvements in investment growth, educational outcomes, life expectancy and female labor force participation in the next 10 years, according to the World Bank (WB).

In its latest report titled “Falling Long-Term Growth Prospects: Trends, Expectations, and Policies,” WB said potential growth could be raised by 0.8 percentage point a year by the end of this decade if the Philippines and other countries in East Asia and the Pacific (EAP) will implement “growth-enhancing reforms.”

“More than half of this increase [approximately 0.5 percentage point a year] would come from the boost to investment growth,” it added.

The World Bank said putting in place growth-enhancing reforms is crucial to avoiding its baseline projection for 20222030, which shows a further slowdown in the expansion in EAP’s potential output.

Potential GDP growth in EAP is projected to slow further to an average rate of 4.6 percent a year in 2022-30, down from 6.2 percent a year in 2011-2021.

The report noted that China ac-

counts for much of the projected slowdown, but slowing potential growth is expected to spread to the rest of the region as well.

Part of the projected slowdown is due to the pandemic and the war in Ukraine, the effects of which are expected to be most severe and longest lasting in the countries that have suffered most from the collapse of global tourism and trade.

“Growth prospects have also deteriorated for countries that have recently suffered natural disasters, domestic policy uncertainty, and terms-of-trade shocks. In terms of the produc-

tion function framework, each of the three main drivers of growth in potential output are expected to contribute to the worsening outlook, with weaker capital accumulation accounting for most of the slowdown, followed by falling growth in TFP [total factor productivity] and the supply of labor,” the report read.

Philippine trend

IN contrast, in the Philippines, the World Bank said investment is expected to pick up from depressed levels and boost growth in potential output.

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See “WB,” A2

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‘PHL TO FARE BETTER ON w

n

Tuesday, February 6, 2024 Vol. 19 No. 114

P25.00 nationwide | 2 sections 22 pages |

SLOWER INFLATION’ IN ‘24

By Cai U. Ordinario

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@caiordinario

HE Philippine economy is expected to do better this year on the back of slower inflation that may spur private consumption and investments, according to Moody’s Analytics.

In its latest economic brief, Moody’s Analytics said “fading inflation” will likely prompt the Bangko Sentral ng Pilipinas (BSP) to cut interest rates.

This, Moody’s Analytics said, will bring down costs that could spur private consumption and investments. The earliest interest cut is expected to happen by June 2024.

“Volatile inflation prints in the first half of the year will persuade BSP to stay on hold, leaving us to expect its first rate cut to be in June at the earliest. Until then, household budgets will be under pressure,” Moody’s Analytics said.

Moody’s Analytics said there would also be some improvement in the global economy that would improve demand for semiconductors and electronics.

Semiconductors and electronics is the country’s largest export.

This is expected to brighten the country’s prospects further in the second semester.

See “Slower inflation,” A2

WATERY PLAYGROUND In the flooded streets of Barangay Buhangin, Butuan City, children turn adversity into a playground, engaging in playful activities amid the rising waters. Authorities issued a stern evacuation call as floodwaters from Agusan del Sur and Davao de Oro threaten low-lying communities along the Agusan River banks on Sunday morning. ERWIN M. MASCARIÑAS

PHL GETS ‘CLEAN AND GREEN’ HONORS IN ASEAN TOURISM GAB

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

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HREE Philippine cities and 21 tourism establishments were recognized at the recent Asean Tourism Awards in Vientiane, Laos, the venue for this year’s Asean Tourism Forum (ATF) from January 22 to 27.

Receiving the Asean Clean Tourist City Award were Baguio City, Ilagan in Isabela, and Tabuk in Kalinga, fulfilling the awards’ standard “where the flow of visitors and where

cultural, natural and/or manmade attractions exist,” according to a news statement from the Department of Tourism (DOT).

The Asean Green Hotel Award was awarded to Pearl Farm Beach Resort in Samal Island, Club Paradise Palawan in Coron, the Bohol Beach Club, Seda Nuvali, and The Forest Lodge at Camp John Hay in Baguio, for their commitment to sustainable tourism. These establishments have adopted measures to protect the environment and develop personnel See “PHL,” A2

Ex-Neda chief Sicat:Skirting economic provisions cost us

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HE restrictive provisions of the 1987 Constitution have stymied the country’s economic development for decades, according to a former socioeconomic planning secretary.

In a hearing conducted by the Senate Committee on Constitutional Amendments and Revision of Codes on Monday, former National Economic and Development Authority (Neda) Secretary Gerardo P. Sicat said efforts to skirt the restrictive economic provisions have led to second-best or even third-best solutions for the economy, preventing faster growth.

“I would like to say...at the very outset that I do favor the amendment of the Restrictive Economic Provisions in the Constitution for the reason that

they have been my view, the prominent provisions of law that cannot be changed for which we have suffered as a nation in failing to achieve the goals of economic development over a long period of time,” Sicat said.

The country’s former Chief Economist said that unfortunately, this led to concessions such as bargaining, exchange of favors, rent-seeking, and corruption. Sicat said these have caused the economy—and the ordinary Filipino—strife.

“Those second-best and thirdbest solutions oftentimes lead the country towards greater bargaining of positions, exchange of favors, and so on. So, possibly you can say that all the other things that lead to See “Ex-Neda,” A2

PESO EXCHANGE RATES n US 55.9410 n JAPAN 0.3770 n UK 70.6759 n HK 7.7761 n CHINA 7.7761 n SINGAPORE 41.6848 n AUSTRALIA 36.4232 n EU 60.3380 n KOREA 0.0418 n SAUDI ARABIA 14.9196 Source: BSP (February 5, 2024)

News

BusinessMirror

A2 Tuesday, February 6, 2024

More Pinoys seen to access bank loans amid PHL growth

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By Cai U. Ordinario

@caiordinario

ORE Filipinos are expected to avail themselves of loans this year as the Philippine economy continues to improve, according to an executive of the Bank of the Philippine Islands (BPI).

On Monday, BPI Chief Finance Officer and Chief Sustainability Officer Eric Roberto M. Luchangco told reporters that a year when GDP is expected to improve would tend to make consumers more confident in availing loans.

Luchangco said while BPI’s borrowing mix remains in favor of corporate loans at mid-70 percent, this has already declined from a high70 percent level. Consumer loans, which account for a quarter of loans, are expected to increase further.

“Generally in our conversations

with customers, I think they’re feeling that 2024 is going to be a better year from an overall GDP growth perspective and that’s also our expectation,” Luchangco said.

“Because it’s going to be a better year, that they’re also going to invest more into the year. And so I think that drives our overall outlook that 2024 will be a better year,” he also said.

However, Luchangco said certain risks could still affect their rosy outlook. Among the risks are international developments such as

Slower inflation...

Continued from A1

“The economy will fare better this year, especially in the second half. Fading inflation will give Bangko Sentral ng Pilipinas con-

fidence to lower borrowing costs,” the think tank added.

Meanwhile, Moody’s Analytics said the countr y’s econom-

the health of the US economy and domestic inflation.

“To be honest, there are a lot of things can still happen, right? We are very much affected, continue to be affected, by what happens in the US,” Luchangco said. “If inflation continues to be high or they end up with a hard landing, then what happens here can also be affected by that.”

Green Solutions

MEANWHILE, one of the ways BPI intends to ride this wave of optimism is through its latest offering of Green Solutions.

BPI is the first bank in the country to offer a host of green solutions for their customer’s loan needs when it comes to sustainable living.

BPI is offering a solar mortgage, eco-build financing, and e-vehicle financing to its clients. These loans can be used to finance the installation of solar panels in new or existing homes; sustainable construction of homes; and funds to purchase electric vehicles.

Availing of solar mortgages ic performance last year was mainly driven by consumption spending.

The 5.6 percent GDP growth, the think tank said, was better than its forecast of 4.9 percent, as well as the 5.2 percent aver-

is possible for those who already have an existing BPI housing loan and the solar mortgage can act as a top-up to the existing loan.

Clients can also use their existing car or home as collateral to avail of the mortgage, while those who have existing housing loans in other banks have the option to switch these loans with BPI to avail of the solar mortgage.

The eco-build financing supports consumers who want to construct sustainable homes. This means constructing homes using environment-friendly materials; using energy-efficient designs; and renewable energy systems like solar panels.

Clients who want to own an electric vehicle can avail of BPI’s e-vehicle financing. As a launch promo, BPI said the financing is offered at discounted rates and waived fees of up to P50,000.

It also comes with a 1-year personal accident insurance worth P1 million with BPI and free electronic GCs worth P7,200 for 6 years or P8,400 for 7 years. age growth expectation of the market. However, this remained below the government’s 6 to 7 percent target.

The growth was driven by household and private investments as well as easing inflation, a tight labor market, and strong remittance inflow.

Other drivers were restaurants and hotels, transport, construction, and durable equipment. This, Moody’s Analytics said, was a surprise, given the country’s high borrowing costs.

However, the contraction in government spending and the country’s weak trade performance dragged economic growth.

Ex-Neda...

Continued from A1

corruption and all the things that lead to the rent-seeking within the economy are fostered with ease,” Sicat said.

Since these economic provisions, Sicat said, are part of the country’s fundamental law, legislative mistakes would drag on not just for years but decades, causing the Philippines to grow and develop slower than its Asean peers.

Sicat said the country’s Asean peers—Singapore, Thailand, Malaysia, and Indonesia—have one thing in common. And that is, to have a fundamental law that is mainly political.

He said this contributed to their economic success given that financial policies and legislations that are considered mistakes or no longer attuned to the times could easily be changed and economic growth and development would continue.

Sicat explained that the fundamental laws of the country’s peers were focused on the aspirations of the nation, the structure and form of their government, the duties and responsibilities of the main officers of government.

“If they made mistakes, ordinary laws are so easy to adjust and solve, they can make a mistake and correct them within a year or two. In our case, we made a lot of mistakes, and eight decades from now, we realize this after the fifth decade,” Sicat said.

“We made mistakes, we cannot make the changes. We have three decades since the people power revolution, when we thought that we had changed the world, and we have not been able to correct them,” he added. Cai U. Ordinario

www.businessmirror.com.ph

PHL...

Continued from A1

committed to the same, as well as institutionalized schemes to reduce the consumption of resources and involve the local community in their operations.

but also contribute significantly to the overall advancement and sustainability of the Asean tourism industry,” Frasco said during the Philippine Night Function in Laos.

MICE spaces recognized

Kalakbay 2.0

EVENT spaces, a number of them in hotels, also received the Asean Meeting, Incentive, Convention, Exhibition (MICE) Venue Awards, which recognize venues w ith “quality facilities and impressive services” designed specifically for MICE events. Bai Hotel Cebu, Clark Marriott Hotel, Hilton Clark Sun Valley Resort, Princesa Garden Island Resort & Spa, Seda Hotel Nuvali won in the meeting room category; the World Trade Center Metro Manila (Manila Exposition Complex), SMX Convention Center Manila, Cordillera Convention Hall by Baguio Country Club, Isabela Convention Center, and Iloilo Convention Center won the exhibition hall category; and Palacio del Sur by the Marcian Group, Jpark Island Resort & Waterpark Cebu, Infinity Garden by Baguio Country Club, CAP-John Hay Trade and Cultural Center, Princesa Garden Island Resort and Spa by Modern Asia Inc. won in the event venue category.

Lastly, Daluyon Beach and Mountain Resort was named as a lead partner for “Enchanting Gastronomical Sabang Delights, Beach Forest and Caves” under the Asean Sustainable Tourism Awards.

During the Philippine Night event at the ATF, Tourism Secretary Christina Garcia Frasco hailed the awardees as “the pride of the Philippines. These achievements reflect not only the excellence and dedication that you have put in with the development of tourism

WB...

MEANWHILE, the DOT on Friday launched the Philippine Tourism Awards (PTA) to honor the excellence of industry stakeholders and trailblazers, and patterned after the former Kasama sa Lakbay Kaunlaran ng Bayan (Kalakbay) Awards and Tourism Star Philippines.

Speaking at the PTA launch at the Philippine International Convention Center, Frasco said, “By reviving this program that recognizes the work of our partners in the tourism industry, we foster the improvement of the quality of tourism services across the country, for indeed, that is the goal of the Department of Tourism—to ensure that we can elevate the status of tourism to be at par and globally competitive with our neighbors and the rest of the world.”

Under the PTA will be two major categories: the Philippine Tourism Pillar Awards and the Philippine Tourism Industry Awards.

T he Pi l l a rs recog n i ze t he achievements of pioneering individuals, enterprises, destinations, and organizations in the local tourism sectors, so nominees should be primary tourism enterprises, which have been continuously operating for 50 years or more, while the individuals are those who have been working in the industry for at least 35 years.

The Industry Awards, on the other hand, will periodically recognize both private and public stakeholders involved in the development and promotion of Philippine tourism.

Continued from A1

The Philippines can do this by implementing a number of measures, including the broadening of its tax base to finance infrastructure projects. The World Bank said better infrastructure could foster connectivity and spur innovation in the country.

“Financing such investment will depend on country circumstances: It may need to be accomplished by broadening the tax base [Cambodia, Indonesia, Lao PDR, Malaysia, Mongolia, Papua New Guinea, and the Philippines],” it added.

House...

Reformstoimproveeducationquality would also raise labor force skills and promote productivity growth.

“Now that schools have reopened, measures to adjust school curricula and develop rapid catch-up periods can also mitigate learning losses.”

In the longer term, countries, it said, should seek to develop more resilient and inclusive education systems that can deliver learning in the event of future crises, including through remote learning.

Cai U. Ordinario

Continued from A12

“We have no involvement in the signature drive to amend the Constitution, and it was, in fact, initiated by a private organization.

We, however, respect the people’s initiative, as it clearly manifests the essence of our country’s democratic process. My dear colleagues, in the face of these unfounded indictments, the Speaker has bravely defended the integrity and honor of the House of Representatives. Yet, he continues to call upon our honorable members to be discerning while observing mutual differences in a co-equal legislative body,” Gonzales said.

The resolution stated that the Senate “conducted an investigation without a clear legislative purpose, specifically directed at discrediting” the House.

“While taking criticism is part and parcel of a healthy and working democracy, the House takes exception to the recent statements and allegations made by the Senate that undermine the independence, reputation, and integrity of the House of Representatives and the leadership of the Speaker,” it said.

The House expressed its “strong objection to the accusations, viewing them as a breach of interparliamentary courtesy and a challenge to the integrity of the parliamentary institution.”

It said that in the face of these “unfounded indictments, the Speaker has taken [up] the cudgels

in shepherding the members in steadfastly defending the integrity and honor of the House of Representatives by strictly discerning and observing mutual deference to a co-equal legislative body.”

“With its slogan ‘One House, One Voice’, the House of Representatives stands united in rejecting the unfounded accusations, commits itself to defending the dignity and integrity of the institution, and gives its full and unwavering support to the Speaker,” the resolution stated.

The lawmakers noted that under the Constitution, amendments to or revisions of the Charter may be proposed by Congress, by a constitutional convention, or directly by the people through initiative upon petition of at least 12 percent of the total number of registered voters, of which every legislative district must be represented by at least three percent of the registered voters in such district.

The House pointed out that in support of the goal of President Ferdinand R. Marcos Jr. to make the Philippines investor-friendly and globally competitive, the House passed Resolution of Both Houses (RBH) No. 6, calling for a constitutional convention “for the purpose of amending the economic provisions in the Constitution.” The House adopted the resolution on March 6, 2023, and transmitted it to the Senate the next day, on March 7.

Tuesday, February 6, 2024

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

House heightens alert amid reported ‘Gibo’ affirms DND mandate to defend sovereignty security threats against lawmakers territory; troops told to follow chain of command

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HE House of Representatives has implemented heightened security measures in response to reported threats received by several legislators.

House Secretary General Reginald Velasco disclosed that a memorandum would be issued on Monday to officially enforce these security measures, although the House Sergeant at Arms independently initiated them last Friday.

The memorandum will detail the heightened security alert for all House members, employees, and staff.

When questioned about the origin of the security alert, Velasco explained that it is a routine practice, given the history of threats received by members of Congress and House employees from various groups.

While he did not disclose specific recent threats, he emphasized that these security measures are a standard part of working in government.

“I have talked with the Sergeant at Arms, and I told him to impose strict security on all those who are entering the premises, particularly the non-members of the House who are not employees of this institution.

We do that most of the time, as you know,

there’ve been threats being received by members of Congress, by employees, and by staff from groups,” he added.

I n re s p o n s e t o c o n c e r n s a b o u t potential threats related to constitutional amendments, Velasco did not provide detailed information but mentioned the possibility of threats involving bombing attacks against the House.

The seriousness of these threats has prompted the implementation of special precautions, akin to preparations for a State of the Nation Address (SONA), he said.

Velasco acknowledged reports of motorcycles circling the premises. Consequently, parking regulations for motorcycles have been revised, designating special parking areas outside the main buildings.

Additionally, delivery protocols have been modified, with delivery personnel instructed to stay at the gate while representatives or house employees receive the goods.

In addition to these measures, roving security personnel will conduct patrols around the premises 24/7 to enhance the overall security posture of the House of Representatives. Jovee Marie N. Dela Cruz

Rep. Castro asks DOJ to review dismissal of grave threat suit vs ex-president Duterte

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CT Teachers Partylist Rep. France Castro filed Monday a petition for review before the Department of Justice (DOJ), seeking the reversal of the January 9, 2024 resolution issued by the Quezon City Prosecutor’s Office dismissing the grave threat complaint she filed against former president Rodrigo R. Duterte.

In her petition, Castro maintained that all the elements of the crime of grave threats are present in the criminal complaint that would warrant the finding of probable cause to indict Duterte.

She added that the City Prosecutor erred in not giving weight to the piece of electronic evidence she presented to support her complaint.

Castro filed the grave threat complaint under Article 282 of the Revised Penal Code and Section 6 of the Cybercrime Prevention Act of 2012 in connection with Duterte’s statements he made over a television program at Sonshine Media Network International (SMNI) criticizing Castro and the House of Representative for blocking the budget allocation for her daughter, Vice President Sara Duterte’s confidential funds.

During the said program, Duterte said Sara should have told Castro pointblank that she needed confidential funds to stop the communist insurgency.

“But your first target there, using your intelligence funds, is you, France, you communists who I want to kill. I asked her to tell them that, but she refused, saying, ‘You know Pa, if I did that, they might harass the PMTs [Philippine Military Training institutions],’” Duterte added.

Castro said she filed the complaint against Duterte, as she could not just dismiss his “red-tagging and accompanying grave threats as either figurative, joking, or otherwise benign.”

In dismissing Castro’s complaint, the Prosecutor’s Office also noted that Duterte’s manner of speaking did not convincingly establish that he intended his statements to be taken seriously, as he often made jokes and sarcastic comments throughout his show.

“If the intention of the respondent was really to intimidate and to take seriously such threatening remarks/statements and that his purpose was to create in the mind of the complainant the belief that the alleged threats will be carried into effect, he would not have taken so much prologues and would have just directly and immediately pronounce the threats conceived in his mind,” the resolution read.

Likewise, the City Prosecutor also took into account that the statements were made during the height of the issue on confidential funds.

“Being the father of the Vice-President, the respondent would naturally be disappointed and would come to the defense of her daughter in the midst of such political issues/attacks,” it said.

Castro, however, argued that the City Prosecutor seriously erred in trivializing Duterte’s statements as merely “sarcastic advice or suggestion or opinion” without city any factual or legal basis to support it.

“A careful examination of said subject utterances reveals that respondent-appellee Duterte had not intended to mean the opposite of what he wanted to say,” Castro said.

“The sensitive subject of confidential funds amounting to hundreds of millions of pesos to fund the killing of a public official whom the respondent-appellee wanted to be killed first is not, by any stretch of the imagination, a mere opinion or sarcasm,” she added. Joel R. San Juan

DAVAO FLOOD AID

Personnel of Apex Mining Co., Inc. distribute food supplies to some 1,500 families affected by floods and landslides in Davao de Oro, as heavy rains brought about by shear line weather displace residents in 111 barangays in the province.

Apex Mining, through its “Oplan Tabang Davao de Oro” project, gave food provisions consisting of rice, noodles, sardines and coffee to the Province of Davao de Oro, the LGUs of Maco and Mabini, as well as the Philippine Mining Development Corp.

House panel detains police general, colonel for ‘lying’

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HE House Committee on Public Order and Safety on Monday cited in contempt two more police officers, a general and a colonel, for continuously providing false information during a congressional hearing on the alleged unlawful arrest, arbitrary detention, and robbery of four Chinese in Parañaque in September of the previous year.

In an inquiry, Deputy Majority Leader Erwin Tulfo urged Sta. Rosa, Laguna Representative Dan Fernandez, chair of the

Committee on Public Order and Safety, to cite in contempt Police Brig. Gen. Roderick D. Mariano, former Director of the PNPSouthern Police District (SPD), and Col. Charlie A. Cabradilla, former comptroller head of the SPD. These two individuals were the immediate superiors of the involved police officers.

“Gen. Mariano, I think you are a disgrace to the Philippine National Police [PNP], especially to the officer corps, especially to

By Rex Anthony Naval

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HE Department of National Defense (DND) on Monday said that it is prepared to carry out its mandate in securing Philippine sovereignty and territory “external or internally.”

DND Secretary Gilberto “Gibo” C. Teodoro Jr., in a statement Monday, said this duty is enshrined in the Constitution.

“The mandate of the DND is to secure the sovereignty of the State and integrity of the national territory as enshrined in the Constitution. We will strictly enforce this mandate whether externally or internally,” he stressed.

‘Follow the chain of command’

ARMED Forces of the Philippines (AFP) chief Gen. Romeo Brawner Jr., for his part, stressed a nation’s status is dependent on the strength and unity of its military.

He made this statement following his visit to the Western Mindanao Command (Wesmincom) headquarters in Zamboanga City and the 101st Infantry Brigade in Isabela City, Basilan on February 4.

There, the AFP chief expressed his confidence in the professionalism of the modern Filipino soldier.

“When we entered the service, we swore an oath that we will always follow the chain of command, be loyal to the Constitution and our duly constituted authorities,” Brawner said to Wesmincom and 101st Infantry Brigade troops during his visit.

National Security Adviser Eduardo Año earlier said that calls for the division of the country only serve to undermine its collective progress and prosperity.

“The strength of our countr y lies

in our unity and any attempt to sow division must be rejected by all sectors unequivocally. It is imperative for all Filipinos to uphold the principles enshrined in our Constitution, which espouses the unity and territorial integrity of our nation,” he added.

Año emphasized that 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.

Stay focused

THE AFP chief visited Wesmincom and the 101st Infantry Brigade over the weekend to personally assess the implementation of military campaigns and welfare of its personnel.

In Wesmincom alone, Brawner said that they are facing a great challenge, with all the possible threat groups and problems facing the area—communists, local terrorists, lawless groups, other peace spoilers, and territorial defense and crossborder crimes.

“Let us stay focused on our mandate, keep improving our capabilities, and harness our love for our country to become better servant leaders that our country can rely on for the stability and security of our nation. Let us continue to show that with a strong and united AFP, we will have a strong.”

ULAP and LPP nix call for Mindanao secession

THE Union of Local Authorities of the Philippines (ULAP) and the League of Provinces of the Philippines (LPP) rejected suggestions to secede Mindanao from the rest of the Philippines.

In separate statements, ULAP led

by its President Gov. Dax Cua said ULAP, representing the collective interests of local government units and officials across the nation, declared they steadfastly champion the principle of “One Nation, United, Undivided.”

“Our commitment is to foster unity and progress for all Filipinos, recognizing that our strength lies in our solidarity as an indivisible country,” Cua said. ULAP underscores the importance of maintaining the integrity of the Philippines’ national territory while recognizing and celebrating our diverse local and regional identities.

“We believe that the entire nation, including Mindanao’s abundant resources and untapped potential, can flourish through cooperative and collective efforts.

ULAP calls upon national and local governments, community groups, and civil society organizations to collaborate towards inclusive and sustainable development across the Philippines. We advocate for the active participation and empowerment of local communities, ensuring that their voices contribute to the national dialogue and their needs are effectively addressed,” he said.

To realize these aspirations, ULAP said it supports prioritizing investments in key sectors, such as infrastructure, education, healthcare, social protection, technology, and livelihood development.

Cua said such a strategic approach is designed to create jobs, improve living standards, and enhance the overall quality of life for the Filipino people.

“Through our united efforts in building a thriving and inclusive nation, we are committed to shaping a brighter and more prosperous future for all regions of the Philippines, reinforcing our core belief in

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being ‘One Nation, United, Undivided,’” he said.

For its part, LPP is not supporting the proposal for Mindanao to secede from the rest of the nation.

“While the proposal promotes selfdetermination by its people to chart their future, it is myopic and parochial in a world that is becoming open and borderless,” LPP said.

According to LPP, the proposal destroys the integrity of the nation’s territory, which is already facing unhampered violations of its sovereign rights in the West Philippine Sea. “It promotes division of a nation seeking to be united in diversity and distinctions. It is motivated by politics rather than a genuine regard for autonomy and decentralization,” it said.

The LPP said it is the vanguard of real autonomy and decentralization. Still, it rejects attempts to split the nation into small states and governments that only hinder national progress and development.

To echo the statement of DILG Secretary Benjamin “Benhur” Abalos Jr., “Secession is not the answer to Mindanao’s concerns.” We can successfully pursue political, economic, social, and cultural development within the framework of one nation. We have started the painstaking efforts to bring peace and progress in Mindanao.

“At this juncture, or any time in the future, we need a nation that is united and undivided. We have other options to address the problems besetting, not only Mindanao but other regions as well. We have enlarged local autonomy with the establishment of the Bangsamoro Autonomous Region in Muslim Mindanao and we are seeking other venues, such as the Mindanao Development Authority [MinDA], to increase growth opportunities for the region through a holistic and integrated scheme.

“We may be different, but we are all Filipinos.” With Jonathan L. Mayuga

NHCP commemorates 60th death anniversary of Emilio Aguinaldo

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AWIT, CAVITE—The National Historical Commission of the Philippines (NHCP), together with the Municipality of Kawit, will spearhead the simple commemorative rites for the death anniversary of the first President of the Philippine Republic at the Emilio Aguinaldo Shrine on today, February 6, 2024 at 8:00 a.m.

Kawit Mayor Angelo Emilio G. Aguinaldo

will lead the flag-raising and wreath-laying ceremony. He will be joined by 1st District Rep. Ramon Revilla III; Cavite Governor Juanito Victor C. Remulla; NHCP Chairman Emmanuel Franco Calairo; police Lt. Col Freddie Dantes and Maj. Jean Noche Alagos; Bureau of Fire Protection (BFP) Senior Inspector Precious V. Petalio; Kawit Vice Mayor Edward R. Samala; Engr. Rey Victor Santos of the Municipal Gov-

Sen. Robin files resolution clearly providing for separate voting of chambers in Cha-cha

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HE chairman of the Senate Committee on Constitutional Amendments filed on Monday a resolution seeking to finally address the long-standing issue of whether the Senate and House of Representatives should vote separately or jointly in amending the 1987 Constitution.

In Resolution of Both Houses 7, Senator Robinhood “Robin” C. Padilla sought to amend Section 1 of Article XVII (Amendments or Revisions) in the Constitution to have both houses of Congress voting separately.

He filed the resolution just as a special sub-panel of his committee, created to tackle Resolution of Both Houses No. 6 to tackle Charter-change issues, opened hearings on RBH 6 and invited former Supreme Court justices, constitutionalists and economic managers on the proposal to amend certain economic provisions of the 1987 Charter deemed too restrictive for investors.

The subpanel is chaired by Sen. Juan Edgardo Angara.

In filing his RBH 7 Monday, Padilla said, “There is a need to amend the aforementioned provision [referring to the manner of voting by lawmakers] in order to be consistent with the intention

of the framers of the Constitution to adopt a bicameral legislature and to leave no room for interpretation as to the manner of voting, which over the years have caused disputes among both the Senate and House of Representatives.”

Under RBH 7, Padilla proposed that Section 1 of Article XVII be amended to allow any amendment to—or revision of—the 1987 Constitution to be proposed by Congress, “by a vote of three-fourths of both Houses in joint session assembled, voting separately; or a Constitutional convention.”

In an interview on ANC earlier Monday, Padilla emphasized the issue of voting jointly or separately must be resolved before Congress tackles other aspects of amending the Constitution.

“Kasi hindi matatapos ito , legal question ito. Pati Judiciary, maraming comments.

Kung ang comments m a-absorb nating lahat ang gulo gulo na. Kaya pwede sana magkaroon tayo ng itong Congress na ito ang 19th Congress matapos ang usaping ito at magkaroon ng finality kung ano ang nasa Art 17 Sec 1 na yan. (This is a never-ending legal issue. Even in the Judiciary, several comments have been made. If we just absorb those comments, we’ll get confused. So I hope the 19th Congress will address this

the high-ranking officers, for what you did. It’s very obvious that you are lying, obvious that you are being covered up, obvious that your subordinates choose not to expose you,”he said.

Tulfo continued, suggesting that these individuals be held in contempt, emphasizing, “Sir, let us cite these people in contempt.

Perhaps those six individuals currently detained below are feeling sad; maybe they want to have a party. I suggest including Gen. Mariano and other officers so they can have a party there until they realize that they are lying.”

After several debates with several other

lawmakers, including Fernandez, Antipolo Rep. Romeo Acop, 1-Rider Partylist Rep. Bonifacio Bosita, and Abang Lingkod Partylist Rep. Joseph Stephen Paduano, the motion of Tulfo was approved.

Paduano then suggested that the two police officers be detained in Congress for 30 days.

However, Tulfo also manifested that the detention of the six other police officers, which he also earlier cited in contempt, be extended for another 15 days for again refusing to tell the truth before the

ernment of Kawit; Department of Education District Supervisor Rolando P. Talon, Ph.D.; Mrs. Emilie A. Pulido, descendant of Emilio Aguinaldo; Association of Barangay Captains Councilor Rossel Arellano; Veterans Federation of the Philippines—Region IV Vice President VET Celso C. Voluntad; and President Emilio Aguinaldo Memorial Lodge No. 5 Grand Master MW Ruel Saunoy. with finality),” he said.

Meanwhile, Padilla stressed anew the need to amend the economic provisions of the Constitution to remove stumbling blocks to progress.

He said that while framers of the 1987 Charter promoted a “Filipino First” principle, this may no longer suit the time of globalization—with the Philippines now a dismal 13th of 14 economies in the Asia-Pacific in the Foreign Direct Investment (FDI) Attractiveness Scorecard in 2020.

While the 18th Congress passed the amended Public Services Act to encourage more investments, questions brought before the Supreme Court—where petitions are pending—have been a cause of worry for prospective investors, he pointed out.

“Ito pong hakbang na ito na tunay na aking pinaniniwalaan na makatutulong sa pag-unlad ng ating bansa at makawala po sa tanikala ng pangungutang sapagka’t sa usapin ng lohika, pagka may investment ibig sabihin may puhunan . Pag may puhunan may iikot na pera. At pag umikot ang pera magkakaroon po ng trabaho, magkakaroon ng tamang sweldo at magkakaroon ng ibig sabihin ng pagtakbo at pag-ikot ng ekonomiya . [This hearing will help our country progress and break free of the chains of debt. When there are investments, there are funds. This will lead to jobs, just wages, and a prosperous economy],” he said. Butch Fernandez congressional hearing.

“It would be unfair if we are putting Gen. Mariano and Col. Cabradilla on a 30day arrest while the others are only given 15 days, and yet they are the primary liars.

It’s unjust. It’s clear that they are lying to our faces. Why are we only giving them two weeks? We might as well give them another two weeks,” Tulfo added.

For his part, Fernandez supported the motion to extend the detention of the six other police officers, stating.

Jovee Marie N. Dela Cruz

After the commemorative rites, Rev. Fr. Efren Bugayong will officiate the blessing of Emilio Aguinaldo’s tomb.

The NHCP is the national government agency mandated to promote Philippine history through its museums, research, and publications, and to preserve historical heritage through conservation and the marking of historic sites and structures.

Sen. Go slams UN rapporteur’s call to repeal Anti-Terror law, Cybercrime Prevention Act

S

E N ATO R Christopher “Bong” Go criticized the United Nations (UN) Special Rapporteur for Freedom of Opinion and Expression Irene Khan for urging the Philippine government to repeal the Republic Act No. 11479, or the Anti-Terrorism Law of 2020 (ATL), and RA 10175, or the Cybercrime Prevention Act of 2012.

Go said that Khan should take into consideration the sovereignty of the Philippines and its democratic institutions governed by laws that were thoroughly studied to protect the lives of every Filipino.

“These assumptions do not reflect our country’s reality and needs. These laws were passed by the Philippine legislature to address challenges and the threats that we face from terrorism and cybercrime in order to protect our people and promote national security,” said Go. Go also stated that the country has constitutional processes and democratic mechanisms in place to ensure that these laws are implemented with respect for human rights and the rule of law.

“These laws have safeguards and mechanisms to ensure that they are not abused or misused by anyone. Most importantly, these measures have went through the scrutiny of our legislature based on the collective wisdom of lawmakers, executive agencies, subject matter experts and stakeholders who participated in the legislative process,” he stated.

Nevertheless, Go said that if there is a need to amend or repeal any law, both houses of congress have oversight functions to study this possibility when necessary.

Go also suggested that before making remarks about Philippine laws, Khan should also listen and consult with the lawmakers who crafted and passed the ATL and the Cybercrime Prevention Act or the law enforcement agencies implementing them.

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

Tuesday, February 6, 2024

A4

Pangandaman says govt programs to develop Mindanao ‘bearing fruit’

By Reine Juvierre Alberto

A

MID former president Rodrigo Duterte’s call for an independent Mindanao, all mechanisms under the Intergovernmental Relations Body for the National Government (IGRB) to create significant development in the region have been activated.

This was revealed by Budget Secretary Amenah Pangandaman, who is also co-chair of IGRB, in a statement issued on Monday.

Together with Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) Minister Mohaqher Iqbal as co-chair, the IGRB and the Department of Budget and Management (DBM) convened and activated all the seven mechanisms of the IGRB on November 9 last year, the statement read.

Established in 2019 under Section 2, Article VI of Bangsamoro Organic Law (BOL), the IGRB seeks to coordinate and resolve intergovernmental relations issues between the national government and BARMM through regular consultation and negotiation.

The seven IGRB mechanisms are the Philippine Congress-Bangsamoro Parliament Forum, Intergovernmental Fiscal Policy Board, Joint Body for the Zones of Joint Cooperation, Intergovernmental Infrastructure Development Board, Intergovernmental Energy Board, Bangsamoro Sustainable Development Board, and the Council of Leaders.

According to the statement, Professional Regulation Commission (PRC) regional/satellite office was established in BARMM, as well as the recognition of the Bangsamoro Land Transportation Office (BLTO) issuance of driver’s license, renewal of motor vehicle registration, and miscellaneous transactions.

The establishment of Islam in the country was also commemorated to emphasize the importance of Muslim heritage in Philippine history, Pangandaman added.

“A s the only Filipina Muslim member of the Cabinet, I can honestly and proudly say that the efforts at developing Mindanao under Bagong Pilipinas are bearing fruit,”

the Budget chief said.

Also a Maranao, Pangandaman pointed out that they are working “very hard,” along with leaders in BARMM, to maintain and sustain peace in Mindanao.

“The future of Mindanao is bright and as long as we stay focused and united, I am confident that our dreams for the economic transformation and upliftment of this region will be fulfilled,” Pangandaman said.

Earlier, former president Duterte disclosed a plan to launch a so-called independence movement with politicians and “like-minded” political leaders in Mindanao. (See: https://businessmirror.com.ph/2024/01/31/ former-president-duterte-picksm i n d a n aoca rd- ba re s-i n de pe ndence-movement-plan/) Amid the moves to amend the Charter, Duterte advised President Ferdinand R. Marcos Jr. to “just drop” it.

“You just stop,” Duterte said when asked about his tirades against President Marcos, First Lady Liza AranetaMarcos and House Speaker Martin Romualdez, who Duterte said were the triumvirate in the controversial People’s Initiative (PI), the first step to move for the amendment or revision of the 1987 Constitution.

Oil firms raise fuel pump prices anew as power rate hike looms

By Lenie Lectura @llectura

P

UMP prices of petroleum products will increase this week, while power rates would likely to go up this month.

In separate advisories, oil companies announced Monday they will jack up gasoline prices by P0.70 per liter, diesel by P1.50 per liter, and kerosene

by P0.50 per liter.

The price adjustments, which will take effect at 6 a.m. today, February 6, reflect movements in the world oil price market. The new prices marked the fifth straight week of oil price increases for gasoline and diesel, and the second for kerosene.

Petron, Shell, Caltex, Total, Unioil, Seaoil, PTT, Phoenix and Cleanfuel announced their price adjustments on Monday afternoon.

Director Rodela Romero of the Department of Energy (DOE) said the increases were due to Asia’s improving oil appetite, escalating tension in the Middle East, and supply cuts in

We need to grow the manufacturing industry in 2024 team to follow. In the chapters that follow, four key areas of focus in 2024 are explored: n Data is changing the way manufacturers operate n Driving profitability with digital n How smart manufacturing affects your people n The continuous project of supply chain resiliency.

Data is changing the way manufacturers operate

By Henry J. Schumacher

W

E are all convinced that the manufacturing sector in the Philippines has to grow to support the economy, generate employment and drive trade in both directions. Let’s look at some ideas what needs to be done: A main priority for manufacturers in 2024 will be their ability to gather, understand, and implement data effectively across their business. While most manufacturers have the necessary data, they need to continue their quest to be inherently digital to create value. This means investing in critical digital business capabilities and creating data-centric strategies for everyone on the

THE potential for artioficial intelligence (AI) in manufacturing has long been seen as a key to unlocking significant value, but the realization of that value has been unevenly distributed and slow. The rise of generative AI is reigniting the focus on how to embrace the potential of AI and supplemental data across the value chain. Manufacturing has seen digital technologies that have helped fundamentally change the way their operations and how their factories function—but none hold a promise like AI and machine learning (ML) in their ability to transform the industry. How can companies exploit the full potential of their data? The answer is simple: by turning their employees into data literate people.

Driving profitability with digital

MORE companies now have an immense

amount of data; however, they don’t know how to translate it into useful insights because of business analytics capability gaps, disparate data that’s difficult to locate and aggregate, or data governance and quality issues. While this isn’t an overnight problem to solve, companies’ investment to align a data and analytics strategy into insights can result in a double-digit return of investment (ROI).

How smart manu facturing affects your people

GENERAL market uncertainty is returning the focus to cost reduction and efficiency gains, especially across supply chain and manufacturing operations. Investment in digital solutions continues to provide avenues to realize these needs, though efforts are tending to favor more microfocused deployments than large-scale transformations. Generative AI continues to be the new frontier given its disruptive potential, and many companies—especially the more digitally advanced—continue to explore viable use cases that can translate into pilots.

The continuous project of supply-chain resilience

SUPPLY chains have faced disruptions that can’t be fixed overnight—and there’s no

silver bullet to increase durability or agility.

Modern supply chains are complex, with moving parts that must be viewed holistically rather than in isolation. Accordingly, government and the private sector have to focus on improving the transportation infrastructure and address the traffic crisis in Metro Manila.

Conclusion

MANUFACTURERS must understand and implement data effectively across their business. Organizations that strive to be inherently digital will be able to implement data-centric strategies that guide teams to create value and stand strong during potential turbulent markets. While this isn’t new, organizations are strongly urged to remain focused on longer-term goals. By taking the time to evaluate operations and investing in improvements and critical digital business capabilities, your organization can be more efficient and profitable in the future. As we move forward, let’s not forget that sustainability, diversity and digitalization have to be taken into consideration. And finally, my biggest request: Let’s invest in the youth: they are our future in manufacturing, and beyond.

Feedback is appreciated; contact me at hjschumacher59@gmail.com

OPEC+ production.

“Said adjustments are attributed to the renewed optimism for Asian demand and continued tensions in the Middle East despite the increase in the US crude oil inventories.

Also, the production cut of OPEC of around 2.2 million barrels per day of crude also contributed,” said Romero via text message.

Last January 30, oil companies implemented a per liter increase in the price of gasoline, diesel and kerosene

by P2.80, P1.30 and P0.45, respectively.

This brought total adjustment of gasoline and diesel at a net increase of P4.40/liter and P2.90/liter, respectively. Kerosene, on the other hand, has a net decrease for the year of P0.05/liter.

Meanwhile, power rates are expected to go up this month.

“While we have yet to receive all the billings from our suppliers, initial indications show that there may be an upward pressure for electricity bills this month,” according to Manila Electric Company (Meralco) spokesperson Joe Zaldarriaga.

He said this is due to the resumption of the collection of the feed-in tariff allowance or FIT-All, which will be reflected this month as directed by the Energy Regulatory Commission (ERC).

The FIT-All is a uniform charge imposed on all on-grid electricity consumers, and is a component of the electricity bill, that ensures the development and promotion of renewable energy (RE) in the county.

The collection of FIT will result in an additional P0.0364 per kilowatt hour (kWh) in power rates.

Zaldarriaga also said that there is pressure on the generation charge to go up driven by higher fuel prices, particularly of imported liquefied natural gas (LNG) used by gas-fired power plants.

“We hope, however, that this will somehow be mitigated by lower WESM (Wholesale Electricity Spot Market) prices, as well as the lower energy demand due to the cool weather during the January supply month,” he added.

Meralco is set to announce the final rates this week.

Brunei taps IPOPHL for patent service

B

RUNEI Darussalam’s Intellectual Property office (BruIPO) tapped Intellectual Property Office of the Philippines (IPOPHL) to extend its search and examination services to its patent applications, according to IPOPHL. IPOPHL said Monday the “outsourcing arrangement” stemmed from a memorandum of understanding (MOU) signed by IPOPHL Director General Rowel S. Barba and the Attorney General of Brunei Darussalam, Dato Seri Paduka Awang Haji Ahmad Bin Pehin Orang Kaya Laila Setia Bakti Di-Raja Dato Laila Utama Haji Awang Isa, in his capacity as Registrar of BruIPO, in December 2023.

Through this agreement, IPOPHL said its Bureau of Patents will also accept “reexamination, provide opinions in response to an opposition over an amendment to a patent and extend capacity-building activities to help BruIPO adopt international best practices in patent search and examination.”

IPOPHL said it would process a maximum of 200 applications a year from BruIPO over the next five years.

Barba said this is the first time another IP office has outsourced IPOPHL for a core service.

“This shows increased confidence in the efficiency of our processes and our tested and proven expertise in emerging technologies after over 76 years of conducting patent search and examination,” the IPOPHL chief said, adding that the first patent office in the Philippines was established in 1947 through Republic Act 165.

Across Asean, Barba noted the Philippines offers “one of the fastest” turnaround times from application to grant or refusal.

Moreover, the IPOPHL chief said it is the first country to establish a Patent Quality Review System that gained IPOPHL’s patent search and examination services a “high rating” of compliance with international standards.

“We are delighted that our first-ever client is no less than a friend in the Association of Southeast Asian Nations which, like the Philippines, is aiming to sustain its momentum to recover from the pandemic,” said Barba.

The IPOPHL expressed hope that this partnership will “create more wins” for innovation in the Asean and serve as a “global model” for collaborations with meaningful outcomes. Andrea E. San Juan

DENR-EMB ties up with NASA for Metro air quality research

T

HE Philippines will be part of an international collaboration with the National Aeronautics and Space Administration (NASA) to study and address air quality issues in the Asian region, Department of Environment and Natural Resources (DENR) Secretary Maria Antonia Yulo-Loyzaga said in a statement.

Specifically, research on air quality will be conducted in Metro Manila, which is one of the areas of concern when it comes to air pollution due to population and the huge number of motor vehicles that contribute to air pollution.

Yulo-Loyzaga disclosed that NASA will be conducting scientific research flights that are specifically designed to study the atmosphere of Metro Manila and its surrounding regions, with engineers and air quality specialists of the Environmental Management Bureau (EMB) boarding the flights and learning from the NASA scientists on board.

“This collaboration with NASA and other respected partners will lead to significant advances in our understanding of air pollution

and our ability to tackle this pressing issue,” the DENR chief said. “The data gathered from the research flights will be used in our programs to mitigate air quality issues that affect public health and address climate change,” she added.

The partnership, called Airborne and Satellite Investigation of Asian Air Quality (ASIA—AQ), brings together experts from NASA in the United States, the DENR, South Korea’s National Institute of Environmental Research (NIER), Universiti Kebangsaan Malaysia (UKM), and Thailand’s Geo-Informatics and Space Technology Development Agency (GISTDA).

Yulo-Loyzaga said that the NASA mission would be using advanced satellite technology, ground-based observations, and airborne missions to gain a better understanding of the air quality problems specific to Metro Manila. “The collaboration will help to improve air quality models, provide accurate forecasts, and develop effective policies to ensure better air quality in the future,” she added. Jonathan L. Mayuga

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

News BusinessMirror

Tuesday, February 6, 2024

A5

Kaspersky: PHL slides to Top 4 in global ranking of nations most targeted by online threats in ’23

T

HE Philippines has descended to the fourth spot in Kaspersky’s latest global ranking of countries most targeted by online threats, according to the Kaspersky Security Network (KSN) report for 2023.

In comparison to 2022, web threats directed at the Philippines experienced a marginal decrease, from 49.8

percent to 48 percent, leading to the country sliding two positions in the global ranking.

But while this might suggest progress in the nation’s cybersecurity efforts, Kaspersky cautions against complacency.

Yeo Siang Tiong, General Manager for Southeast Asia at Kaspersky, identified two potential factors

behind the slight drop in web threats.

First, he noted the Philippines’ gradual advancements in cybersecurity, classifying the country as part of the intermediate group actively identifying cyberattacks and implementing security measures.The second factor, and a cause for concern, is the evolving tacticsofcybercriminals,whoincreasinglyfavortargeted

attacks over the conventional“spray and pray”approach.

“Complacency, however, is still not an option.

Cybercriminals continue to develop their tools and techniques. They actually surprise cybersecurity experts all the time. Our mindset should be how to be able to hunt threats before they could cause harm and damage. At this point, I recommend that we should be

talking more about threats as we proactively learn to detect and respond to them. This is where threat intelligence comes in handy,” Yeo said.

Web threats, often used by cybercriminals to spread malware, can occur with or without the victim’s involvement. Social engineering, where victims are tricked into compromising their security, and drive-by

downloads, which infect devices when users visit compromised websites, are two common methods.

In the global ranking, the Philippines now trails behind Mongolia (51.8 percent), Moldova (48.9 percent), and Greece (48.8 percent). Notably, the country has consistently remained in the top 10 since 2019. Lorenz S. Marasigan

BusinessMirror

Tuesday, February 6, 2024

A6

ESTABLISHMENT / ADDRESS

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

7 PRIME TECH, INC. 10/f Ewestpod, Eton Westend Square, Yakal St. Cor. Don Chino Roces Ave., San Antonio, City Of Makati ARDILES CANDRO KAMU Indonesian Speaking Customer Service Officer 1.

Brief Job Description: Manage, provide assistance and handle customers concerns.

CHRISTIAN HENDRY Indonesian Speaking Customer Service Officer

2.

Brief Job Description: Manage, provide assistance and handle customers concerns.

JEFTAMANUEL Indonesian Speaking Customer Service Officer

3.

Brief Job Description: Manage, provide assistance and handle customers concerns.

MONALITA RIBKA SAISAB Indonesian Speaking Customer Service Officer

4.

Brief Job Description: Manage, provide assistance and handle customers concerns.

SANDY FEBRIANSAH Indonesian Speaking Customer Service Officer

5.

Brief Job Description: Manage, provide assistance and handle customers concerns.

SECILLIA DWI SHINTA Indonesian Speaking Customer Service Officer

6.

Brief Job Description: Manage, provide assistance and handle customers concerns.

7.

Brief Job Description: General supervision of site work and coordination between different parties, coordination with the logistics manager for pontoon work and organization of spaces, maneuvering, storage, loading/unloading of required materials.

QIN, ZHIHANG Pricing Analyst (Freight Forwarding)

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Foreign language speaking.

8.

Brief Job Description: Execution of new projects and engagement of the business.

HUANG, WENLIN Chinese Speaking Marketing Consultant 9.

Brief Job Description: Assist/help customers, and give customers information about product and services.

SHAN, TIYU Chinese Speaking Marketing Consultant 10.

Brief Job Description: Assists in managing paid advertisements campaign across multiple channels.

SHI, ZEGUI Chinese Speaking Marketing Consultant 11.

Brief Job Description: Prepare monthly report analysis and report status on a daily basis to team leads.

WANG, XUZHAO Chinese Speaking Marketing Consultant 12.

Brief Job Description: Assists in managing paid advertisements campaign across multiple channels.

LI, NAN Chinese Speaking Technical Consultant 13.

Brief Job Description: Implementing the latest technological advancements and solutions.

LIN, YILING Chinese Speaking Technical Consultant 14.

Brief Job Description: Improving system efficiency by consulting with endusers and providing innovative solutions.

17.

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

15.

16.

Brief Job Description: Responding to changes in equipment performance or to abnormalities in production process.

SOUNDARARAJAN, MANIKANNAN Instrumentation Inspection And Assessment Manager Brief Job Description: Provide day to day support for on-site configuration and loop checking for critical loop.

QUALIFICATION AND SALARY RANGE

Brief Job Description: Pricing analysts help businesses determine competitive pricing strategies to gain market share and achieve revenue goals. They analyze data from multiple sources, develop complex pricing models, and collaborate with sales and marketing teams to develop sales strategies.

Basic Qualification: In-depth knowledge of statistical methods and data analysis.

Ability to keep abreast of industry trends and develop dynamic pricing tools. Advanced ability to present pricing analysis reports to relevant stakeholders.

Excellent analytical and communication skills.

Basic Qualification: Foreign language speaking.

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

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

Basic Qualification: In-depth knowledge of statistical methods and data analysis.

Ability to keep abreast of industry trends and develop dynamic pricing tools. Advanced ability to present pricing analysis reports to relevant stakeholders.

Excellent analytical and communication skills.

WU, JIAYANG Pricing Analyst (Freight Forwarding)

Basic Qualification: Foreign language speaking.

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

18.

Basic Qualification: Foreign language speaking.

Brief Job Description: Pricing analysts help businesses determine competitive pricing strategies to gain market share and achieve revenue goals. They analyze data from multiple sources, develop complex pricing models, and collaborate with sales and marketing teams to develop sales strategies.

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

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

Basic Qualification: Foreign language speaking.

WU, ZHIQIANG Pricing Analyst (Freight Forwarding)

Salary Range: Php 30,000 - Php 59,999 19.

Basic Qualification: College graduate. With at least 15 years of work experience in the construction industry.

Proficient in English and Spanish languages.

Salary Range: Php 500,000 and above

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

20.

21.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With experience in a senior marketing position. Good in verbal communication and written.

22.

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

Brief Job Description: Communicates effectively with buyers, merchants and internal customers.

XU, BINBIN Sr. Finops Analyst - Chinese

23.

29.

Basic Qualification: In-depth knowledge of statistical methods and data analysis.

Ability to keep abreast of industry trends and develop dynamic pricing tools. Advanced ability to present pricing analysis reports to relevant stakeholders.

Excellent analytical and communication skills.

Brief Job Description: Managing incoming calls and customer service inquiries.

Brief Job Description: Responsible for daily cash application, customer payback and month end closing.

Basic Qualification: Proficient in Mandarin language.

OUYANG, KAIQING Dynamic Functional Consultant 30.

SA THIEN SOE SAN Burmese Customer Service Representative

Brief Job Description: Are key to finding the right business solution for an organization. Helps an organization implement a new business solution or tweak the existing solution.

QIU, PEIHONG Dynamic Functional Consultant 31.

24.

Brief Job Description: Managing incoming calls and customer service inquiries.

XU, GUOJING Chinese Customer Service Representative 25.

Brief Job Description: Managing incoming calls and customer service inquiries.

PHAM, THI HANH TIEN Vietnamese Customer Service Representative 26.

Brief Job Description: Managing incoming calls and customer service inquiries.

TRAN THE HA Vietnamese Customer Service Representative 27.

Brief Job Description: Managing incoming calls and customer service inquiries.

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

Brief Job Description: Are key to finding the right business solution for an organization. Helps an organization implement a new business solution or tweak the existing solution.

SHEN, YIJIAN Monogram General Operator 32.

Brief Job Description: A Person who partakes for the design conceptualization up to the actual implementation of the designs to various garments using simple to latest and critical sewing machinery.

WANG, SHAOYANG Monogram General Operator 33.

Brief Job Description: A Person who partakes for the design conceptualization up to the actual implementation of the designs to various garments using simple to latest and critical sewing machinery.

WANG, SONGJIANG Monogram General Operator 34.

Basic Qualification: Should have analytical skills, communication skills, and creativeness.

Experience in related field is an edge. Must have any bachelor’s degree like business manage or computer science.

Basic Qualification: Should have analytical skills, communication skills, and creativeness.

Experience in related field is an edge. Must have any bachelor’s degree like business manage or computer science.

Basic Qualification: Experience as monogram general operator is an edge. Solid knowledge of image editing and digital sketching software, like Photoshop, In design and Adobe Illustrator. Ability to collaborate and meet deadlines.

Basic Qualification: Experience as monogram general operator is an edge. Solid knowledge of image editing and digital sketching software, like Photoshop, In design and Adobe Illustrator. Ability to collaborate and meet deadlines.

Brief Job Description: A Person who partakes for the design conceptualization up to the actual implementation of the designs to various garments using simple to latest and critical sewing machinery.

Basic Qualification: Experience as monogram general operator is an edge. Solid knowledge of image editing and digital sketching software, like Photoshop, In design and Adobe Illustrator. Ability to collaborate and meet deadlines.

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

WANG, ZHIJIE Monogram General Operator 35.

Brief Job Description: A Person who partakes for the design conceptualization up to the actual implementation of the designs to various garments using simple to latest and critical sewing machinery.

Basic Qualification: Experience as monogram general operator is an edge. Solid knowledge of image editing and digital sketching software, like Photoshop, In design and Adobe Illustrator. Ability to collaborate and meet deadlines.

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

CHEN, QINGCHI Quality Assurance Specialist

36.

Brief Job Description: Ensure products meet established quality standards and industry benchmarks. They monitor processes and inspect produced goods and services. They propose measures and process improvements to enhance operations, ensure reliability of systems, and minimize downtime, errors, and defects.

CHEN, YIHANG Quality Assurance Specialist

37.

Brief Job Description: Ensure products meet established quality standards and industry benchmarks. They monitor processes and inspect produced goods and services. They propose measures and process improvements to enhance operations, ensure reliability of systems, and minimize downtime, errors, and defects.

HONG, JIABING Quality Assurance Specialist

38.

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

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

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

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

Basic Qualification: Able to speak, read and write Chinese and Vietnamese languages.

Basic Qualification: Able to speak, read and write Chinese and Vietnamese languages.

Basic Qualification: Able to speak, read and write Chinese and Vietnamese languages.

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

Basic Qualification: Able to speak, read and write Chinese and Vietnamese languages.

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

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

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

Basic Qualification: Be familiar with AR invoice and cash application processing.

Basic Qualification: Able to speak, read and write Chinese and Vietnamese languages.

Basic Qualification: Able to speak, read and write Chinese and Vietnamese languages.

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

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

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

QUALIFICATION AND SALARY RANGE

ARISE AND GAIN MERCHANDISE CORP. 65, Road 20, Bahay Toro, Quezon City

ANOC99 CORPORATION 5/f To 10/f Ayala Malls Manila Bay Building D., Macapagal Blvd. Cor. Aseana Street, Tambo, City Of Parañaque

Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Proficient in a foreign language.

Brief Job Description: Pricing analysts help businesses determine competitive pricing strategies to gain market share and achieve revenue goals. They analyze data from multiple sources, develop complex pricing models, and collaborate with sales and marketing teams to develop sales strategies.

HUANG, YAQI AHS Specialist - CN

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

Basic Qualification: Proficient in a foreign language.

Basic Qualification: In-depth knowledge of statistical methods and data analysis.

Ability to keep abreast of industry trends and develop dynamic pricing tools. Advanced ability to present pricing analysis reports to relevant stakeholders.

Excellent analytical and communication skills.

Brief Job Description: Managing incoming calls and customer service inquiries.

VI THI MO Vietnamese Customer Service Representative

AMAZON OPERATION SERVICES PHILIPPINES, INC. B21 Three E-com Moa Complex, Harbour Drive Cor. Bay Shore, Brgy. 076, Pasay City

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

28.

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months customer service experience and good in verbal communication and written.

Brief Job Description: Pricing analysts help businesses determine competitive pricing strategies to gain market share and achieve revenue goals. They analyze data from multiple sources, develop complex pricing models, and collaborate with sales and marketing teams to develop sales strategies.

ZHAN, WEIXIN Pricing Analyst (Freight Forwarding)

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Basic Qualification: With experience in a senior marketing position. Good in verbal communication and written.

Basic Qualification: In-depth knowledge of statistical methods and data analysis.

Ability to keep abreast of industry trends and develop dynamic pricing tools. Advanced ability to present pricing analysis reports to relevant stakeholders.

Excellent analytical and communication skills.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION TRAN VAN THUY Vietnamese Customer Service Representative

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

Basic Qualification: With at least 6 months customer service experience and good in verbal communication and written.

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

Brief Job Description: Pricing analysts help businesses determine competitive pricing strategies to gain market share and achieve revenue goals. They analyze data from multiple sources, develop complex pricing models, and collaborate with sales and marketing teams to develop sales strategies.

YANG, SHIKUN Pricing Analyst (Freight Forwarding)

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

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

No.

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

AD POWERPLANT SERVICES OPC Unit 312a Aic Grande Tower Condominium, Garnet Road, Ortigas Center, San Antonio, City Of Pasig RAMANATHAN, MURUGAVEL Equipment Performance And Process Controller

ESTABLISHMENT / ADDRESS

AM-PRO IMPORTS MARKETING CORP. 16e Residenza Suites, 429 Shaw Blvd., Addition Hills, City Of Mandaluyong

ACE VELOCITY CONSULTANCY INC. Unit 406 4/f Vicente Madrigal Bldg., 6793 Ayala Ave., Bel-air, City Of Makati HU, XIAOZHAN Chinese Speaking Business Consultant

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Basic Qualification: Foreign language speaking.

ACCIONA CONSTRUCTION PHILIPPINES INC. 23/f Tower 2, The Enterprise Center Tower 2, Ayala Ave. Cor. Paseo De Roxas, San Lorenzo, City Of Makati DORADO MORATA, FRANCISCO JOSE Site Manager

No.

www.businessmirror.com.ph

Brief Job Description: Ensure products meet established quality standards and industry benchmarks. They monitor processes and inspect produced goods and services. They propose measures and process improvements to enhance operations, ensure reliability of systems, and minimize downtime, errors, and defects.

HOU, XIUHUA Quality Assurance Specialist

39.

Brief Job Description: Ensure products meet established quality standards and industry benchmarks. They monitor processes and inspect produced goods and services. They propose measures and process improvements to enhance operations, ensure reliability of systems, and minimize downtime, errors, and defects.

Basic Qualification: Outstanding problemsolving and decisionmaking skills. Excellent verbal and writing skills.

Strong analytical and organizational skills.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Outstanding problemsolving and decisionmaking skills. Excellent verbal and writing skills.

Strong analytical and organizational skills.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Outstanding problemsolving and decisionmaking skills. Excellent verbal and writing skills.

Strong analytical and organizational skills.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Outstanding problemsolving and decisionmaking skills. Excellent verbal and writing skills.

Strong analytical and organizational skills.

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

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION LI, YEHAO Quality Assurance Specialist

40.

Brief Job Description: Ensure products meet established quality standards and industry benchmarks. They monitor processes and inspect produced goods and services. They propose measures and process improvements to enhance operations, ensure reliability of systems, and minimize downtime, errors, and defects.

LIN, MANXIA Quality Assurance Specialist

41.

Brief Job Description: Ensure products meet established quality standards and industry benchmarks. They monitor processes and inspect produced goods and services. They propose measures and process improvements to enhance operations, ensure reliability of systems, and minimize downtime, errors, and defects.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Outstanding problemsolving and decisionmaking skills. Excellent verbal and writing skills.

Strong analytical and organizational skills.

No.

YANG, YINGYI Chinese Speaking Trade Marketing Specialist 54.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Outstanding problemsolving and decisionmaking skills. Excellent verbal and writing skills.

Strong analytical and organizational skills.

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

42.

JI, LIQIN Client Back Office Risk Executive Brief Job Description: Initiates and process customer verification.

Salary Range: Php 90,000 - Php 149,999 LOH TUCK FHAI Head Of Risk Assurance 43.

Brief Job Description: Oversee overall function of risk and compliance department and work directly with managing director.

Basic Qualification: Must be native Singaporean. Fluent in English and native language with credible work experience.

Salary Range: Php 500,000 and above

55.

44.

Brief Job Description: Monitor network performance and troubleshoots problem areas as required.

Basic Qualification: Bachelor’s degree in any related field with 1-2 years of work experience.

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

CHINA INTERNATIONAL WATER AND ELECTRIC CORP. (BRANCH OFFICE) 5/f, Two E-com Mall Of Asia Complex Bldg., Harbor Drive St., District 1, Barangay 76, Pasay City

LUO, XIANCHAO TBM Operator/TBM Mechanic 45.

Brief Job Description: Operation, safety and technical of tunnel boring machines (TBM).

Basic Qualification: Bachelor’s degree in Business Management or any related field. Previous experience in tunnel, pipeline, water treatment project or a similar role.

Tunnel Boring Machine (TBM) expertise.

DA ROCHA DUARTE, DANIEL ANTONIO Formwork Device General Foreman 56.

LI, DONG TBM Specialist 46.

Brief Job Description: Operation, safety and technical of tunnel boring machines (TBM).

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

LI, JING TBM Specialist 47.

Brief Job Description: Operation, safety and technical of tunnel boring machines (TBM).

Basic Qualification: Bachelor’s degree in Business Management or any related field. Previous experience in tunnel, pipeline, water treatment project or a similar role.

Tunnel Boring Machine (TBM) expertise.

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

ZHOU, ANFENG TBM Specialist 48.

Brief Job Description: Operation, safety and technical of tunnel boring machines (TBM).

Basic Qualification: Bachelor’s degree in Business Management or any related field. Previous experience in tunnel, pipeline, water treatment project or a similar role.

Tunnel Boring Machine (TBM) expertise.

57.

49.

Brief Job Description: Supporting the marketing team with marketing activities by demonstrating expertise in various areas, including optimization, advertising, social media, direct marketing, and event planning.

LI, MENG Chinese Speaking Sales Marketing Specialist

50.

Brief Job Description: Supporting the marketing team with marketing activities by demonstrating expertise in various areas, including optimization, advertising, social media, direct marketing, and event planning.

SUN, YANG Chinese Speaking Sales Marketing Specialist

51.

Brief Job Description: Supporting the marketing team with marketing activities by demonstrating expertise in various areas, including optimization, advertising, social media, direct marketing, and event planning.

LI, MENGYU Chinese Speaking Trade Marketing Specialist 52.

Brief Job Description: Gives inputs in the analysis of program results and gives recommendations for improvement.

LI, ZHEN Chinese Speaking Trade Marketing Specialist 53.

Brief Job Description: Gives inputs in the analysis of program results and gives recommendations for improvement.

Brief Job Description: Installing new software and hardware components, regular evaluation of IT system to ensure that they met the necessary demands and assisting in the network administration.

SHI, XIONGWEI IT Specialist - Mandarin

58.

Brief Job Description: Installing new software and hardware components, regular evaluation of IT system to ensure that they met the necessary demands and assisting in the network administration.

WANG, WEI IT Specialist - Mandarin

59.

Brief Job Description: Installing new software and hardware components, regular evaluation of IT system to ensure that they met the necessary demands and assisting in the network administration.

ON LE DINH Chinese Speaking Business Financial Officer 60.

Brief Job Description: Writing daily reports, preparing general ledgers, trial balance, and other financial statements.

QIN, LING Chinese Speaking Business Financial Officer 61.

62.

Brief Job Description: Processing the payments and withdrawals of customers.

XIAO, XIAO Chinese Speaking Customer Financial Officer Brief Job Description: Promoting certain financial products and services.

ZHANG, DONG Chinese Speaking Customer Financial Officer 63.

Brief Job Description: Assist/help customers, and give customers information about product and services.

CHEN, QINGSHAN Chinese Speaking Graphic Designer 64.

Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.

LIU, DENGHUI Chinese Speaking Graphic Designer 65.

Brief Job Description: Liaising with clients to determine their requirements, timescale, and budget.

CHEN, YUZHEN Chinese Speaking Program Designer 66.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

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

LIN, CHANG-CHIH Chinese Customer Service Representative 67.

Brief Job Description: Attracts potential customers by answering product and service questions and suggesting information about other products and services.

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

69.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

LIMKHAMDUANG, CHARINTORN Thai Customer Service Representative 70.

Basic Qualification: 5 years of experience for being a formwork foreman. Fluent in Spanish, English and Portuguese languages (verbal and written).

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

Basic Qualification: College graduate. Fluent in Chinese-Mandarin language.

71.

72.

73.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

74.

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

75.

Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for. Fluent in Chinese/ Mandarin language is an advantage.

YU, YI-CHIEH Chinese Customer Service Representative 68.

Brief Job Description: Attracts potential customers by answering product and service questions and suggesting information about other and services.

Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for. Fluent in Chinese/ Mandarin language is an advantage.

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

Brief Job Description: Develop, lead and follow-up a business plan for the country, foster an environment that supports the company values, while at the same time benefits from diversity, ensure an environment that puts the patient first and values-based decision making, lead the implementation of corporate, regional & area guidelines, policies, and business strategies for the country, provide vision, direction & prepare the team to respond to competitive challenges internally & externally and create an environment that can sustain present and future success for the Philippines pharma operation.

Brief Job Description: Provide customers with product knowledge and educate the company’s clientele on the new products and app features to ensure that the clients get the best out of their subscriptions.

CHONJA, MUJANGI Customer Care Specialist - French Speaker

76.

Brief Job Description: Provide customers with product knowledge and educate the company’s clientele on the new products and app features to ensure that the clients get the best out of their subscriptions.

KENGOUM TAMI, CEDRIC Customer Care Specialist - French Speaker

77.

Basic Qualification: Exceptional ability to provide technical support and resolve queries.

Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Foreign language speaking.

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

Basic Qualification: Solid experience of global/ regional senior brand/ marketing leadership and major commercial/ business unit operation with P&L responsibility, strong experience in pharmaceutical operations leadership (business/ commercial/ marketing/ sales / finance) management with previous supervisory experience and outstanding negotiation skills.

Salary Range: Php 500,000 and above

Brief Job Description: Provide customers with product knowledge and educate the company’s clientele on the new products and app features to ensure that the clients get the best out of their subscriptions.

Basic Qualification: College graduate. Fluent in French and English languages. With excellent customer service skills.

Salary Range: Php 90,000 - Php 149,999 Basic Qualification: College graduate. Fluent in French and English languages. With excellent customer service skills.

Salary Range: Php 90,000 - Php 149,999 Basic Qualification: College graduate. Fluent in French and English languages. With excellent customer service skills.

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

INFOVINE INC. 9/f Y Tower, Moa Complex, Coral Way Drive Cor. Macapagal, Barangay 76, Pasay City CHONG SOON HIN Chinese Speaking Data Entry Clerk 78.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

CUN SAY QUY Chinese Speaking Data Entry Clerk

79.

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

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

Brief Job Description: Answering employee questions regarding computer systems.

BILA-BILA, TARECK NGOYI Customer Care Specialist - French Speaker

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

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

Brief Job Description: Controlling hardware and software installations.

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

HELLOCONNECT, INC. 7/f Inoza Tower, 40th St., Bonifacio Global City, Fort Bonifacio, City Of Taguig

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

Basic Qualification: With experience in computer aided design.

Good verbal and written communication.

ZEFANYA BAPTIS AGUNG PERKASA Indonesian Quality Control

SEO, SOYOUNG Chairman, President, And General Manager

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Brief Job Description: Control hardware and software installations.

Basic Qualification: Exceptional ability to provide technical support and resolve queries.

GLAXOSMITHKLINE PHILIPPINES, INC. 23rd Flr. The Finance Centre 26th St. Cor. 9th Ave., Bonifacio Global City, Fort Bonifacio, City Of Taguig

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

HOSANA LOY SAMANTRI HUTASOIT Indonesian Quality Control

PARK, WONCHUL Korean IT Support Specialist

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

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Brief Job Description: Attracts potential customers by answering product and service questions and suggesting information about other products and services.

Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for. Fluent in Chinese/ Mandarin language is an advantage.

GIGA INFORMATION TECHNOLOGY AND SOFTWARE DEVELOPMENT INC. 31/f Pbcom Tower 6795 Ayala Ave., Cor. V.a. Rufino St., Bel-air, City Of Makati 2/f Lipam’s Building, 40 Presidents Avenue, B. F. Homes, City Of Parañaque

Basic Qualification: College graduate. Fluent in Chinese-Mandarin language.

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

Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for. Fluent in Chinese/ Mandarin language is an advantage.

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

Basic Qualification: College graduate. Fluent in Chinese-Mandarin language.

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

Brief Job Description: Attracts potential customers by answering product and service questions and suggesting information about other products and services.

QUALIFICATION AND SALARY RANGE

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

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

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

KO, CHENG-HAN Chinese Technical Support Representative

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing.

LIU, FANGFANG Chinese Speaking Data Entry Clerk 80.

GAO SHOU TECHNOLOGY MANAGEMENT, INC. 52/f Pbcom Tower, 6795 Ayala Ave. Cor. V.a. Rufino St., Bel-air, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

DYNAMIC STUDIO TECHNOLOGY INC. 5th To 8th/f & 10th/f Platinum Tower Building, Aseana Ave. Cor. Fuentes Street, Baclaran, City Of Parañaque

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

No.

DA PROSPERITAS HOLDING INC. 2/f National Life Insurances Bldg., 6762 Ayala Ave., San Lorenzo, City Of Makati

COMPLEX TRADE INC. Unit 1100-d 11/f Vicente Madrigal Bldg., 6793 Ayala Ave., Bel-air, City Of Makati Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Brief Job Description: Supervise and train workers and tradespeople who will work on the said formwork devices.

LI, HANXIONG IT Specialist - Mandarin

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

FANG, XIAOQIONG Chinese Speaking Sales Marketing Specialist

QUALIFICATION AND SALARY RANGE

CY-IT SOFTWARE AND BUSINESS SOLUTIONS INCORPORATED 121 Moreno Building Blk 32 Lot 8 William Shaw St., Dist. 2, Barangay 94, City Of Caloocan

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree in Business Management or any related field. Previous experience in tunnel, pipeline, water treatment project or a similar role.

Tunnel Boring Machine (TBM) expertise.

Brief Job Description: Gives inputs in the analysis of program results and gives recommendations for improvement.

A7

ESTABLISHMENT / ADDRESS

CVN PHILS. CONSTRUCTION INC. Rm, 802a 8/f Rci Bldg., 105 Rada St., San Lorenzo, City Of Makati

CHINA COMMUNICATIONS SERVICES PHILIPPINES CORPORATION 21st Floor Menarco Tower, 32nd Street, Bonifacio Global City, Fort Bonifacio, City Of Taguig ZHOU, HONGWEI Chinese Speaking Cabling Infrastructure Technician

Brief Job Description: Gives inputs in the analysis of program results and gives recommendations for improvement.

ZHANG, YANYAN Chinese Speaking Trade Marketing Specialist

AVANTICE CORPORATION 19/f Pbcom Tower, Ayala Ave., Bel-air, City Of Makati Basic Qualification: Must be native Indonesian/Korean/ Thai/ Vietnamese/Cambodian/ Japanese/Malaysian/ Taiwanese/ Chinese and fluent in English & native language. With at least a year of experience in the same field.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Tuesday, February 6, 2024

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

LUO, YI Chinese Speaking Data Entry Clerk

81.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

SONG, BOWEN Chinese Speaking Data Entry Clerk

82.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

XIE, YIN Chinese Speaking Data Entry Clerk 83.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

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

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

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

A6 A8

BusinessMirror

Tuesday, February 6, 2024

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION LI, BO Chinese Speaking Program Designer

84.

Brief Job Description: Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team.

LI, HONGJUN Chinese Speaking Program Designer

85.

Brief Job Description: Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team.

LI, XIAOYING Chinese Speaking Program Designer

86.

Brief Job Description: Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

87.

Brief Job Description: Builds financial strategies and reports to help companies improve their financial health and meet their long-term goals.

SHI, JIAYUAN Chinese Financial System Manager

88.

Brief Job Description: Builds financial strategies and reports to help companies improve their financial health and meet their long-term goals.

YU, GUANGZHI Retention Specialist

89.

Brief Job Description: Track main industry trends in Indonesia through blogs, micro blogs and forums.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

90.

Brief Job Description: Expert in language translation from Mandarin to English language.

LOU, JINGYUAN Translator 91.

Brief Job Description: Expert in language translation from Mandarin to English language.

ZHANG, LEI Translator 92.

Brief Job Description: Expert in language translation from Mandarin to English language.

104.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

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

105.

106.

Basic Qualification: Foreign language speaking.

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

107.

Basic Qualification: Foreign language speaking.

Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Foreign language speaking.

108.

Basic Qualification: At least 1-2 years of working experience as translator. Can speak and write Mandarin and English languages fluently.

109.

110.

111.

93.

94.

95.

96.

97.

98.

99.

100.

101.

102.

Brief Job Description: Administering and receiving customer surveys on occasion.

HUA, THI YEN Customer Service Representative - Vietnamese Speaking

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in speaking Vietnamese language.

Brief Job Description: Administering and receiving customer surveys on occasion.

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

NGUYEN THI MINH Customer Service Representative - Vietnamese Speaking

Basic Qualification: Graduate of a 4 years degree course.

Brief Job Description: Administering and receiving calls on survey.

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

NGUYEN THI THAO LY Customer Service Representative - Vietnamese Speaking

Basic Qualification: Fluent in speaking Vietnamese language.

Brief Job Description: Deferring to management in instances of uncertainty.

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

NGUYEN THI THU HOAI Customer Service Representative - Vietnamese Speaking Brief Job Description: Confirm costumer language preference as you assist them.

NGUYEN THI THU THUY Customer Service Representative - Vietnamese Speaking Brief Job Description: Confirms customers language preference as you assist them.

NGUYEN THI THU UYEN Customer Service Representative - Vietnamese Speaking Brief Job Description: Confirms customer language preference as you assist them.

NGUYEN, THI BICH TUYEN Customer Service Representative - Vietnamese Speaking Brief Job Description: Administering and receiving customer surveys on occasion.

NGUYEN, VAN LAM Customer Service Representative - Vietnamese Speaking Brief Job Description: Administering and receiving customer surveys on occasion.

DO THI TUYET MAI Customer Service Representative – Vietnamese Speaking Brief Job Description: Confirm customers language preference as you assist them.

Basic Qualification: Fluent in speaking Vietnamese language.

112.

113.

114.

115.

116.

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

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

Brief Job Description: Deferring to management in instances of uncertainty.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in speaking Vietnamese language.

Brief Job Description: Confirm customers language preference as you assist them.

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

TRAN THI DIEU Customer Service Representative – Vietnamese Speaking

Basic Qualification: Fluent in speaking Vietnamese language.

Brief Job Description: Deferring to management in instances of uncertainty.

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

Brief Job Description: Provide product/services, and information, answer questions and resolve the emerging problem.

Brief Job Description: Provide product/services, and information, answer questions and resolve the emerging problem.

Brief Job Description: Provide product/services, and information, answer questions and resolve the emerging problem.

Brief Job Description: Provide product/services, information, answer questions and resolve emerging problem.

Brief Job Description: Provide product/services, and information, answer questions and resolve the emerging problem.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

KYI KHIN WIN Chinese Speaking Business Development Associate Brief Job Description: Collating and maintaining client information.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

117.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

SONG, YINFENG Chinese Speaking Business Development Associate 118.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

YOU, XIAOLONG Chinese Speaking Business Development Associate 119.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

CHUONG, DAU PINH Chinese Speaking Data Entry Clerk

120.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

DIP LE VAN Chinese Speaking Data Entry Clerk 121.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION HUANG, QILONG Chinese Speaking Data Entry Clerk

122.

Brief Job Description: Scanning through information to identify pertinent information.

LE THI THUY Chinese Speaking Data Entry Clerk

123.

Basic Qualification: Fluent in speaking Vietnamese language.

Basic Qualification: Fluent in speaking Vietnamese language.

NGUYEN, THANH HOAN Customer Service Representative – Vietnamese Speaking

No.

Basic Qualification: Fluent in speaking Vietnamese language.

NGUYEN NGOC QUYNH ANH Customer Service Representative – Vietnamese Speaking

NIRAMONCHERDCHAY, ANCHISA Chinese Speaking Business Development Associate

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

Basic Qualification: Fluent in speaking Vietnamese language.

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

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

NGUYEN, THI HUONG GIANG Chinese Speaking Business Development Associate

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

Basic Qualification: Fluent in speaking Vietnamese language.

Basic Qualification: Fluent in speaking Vietnamese language.

Brief Job Description: Confirm customers language preference as you assist them.

BUI THI RO NA Chinese Speaking Business Development Associate

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

Basic Qualification: Fluent in speaking Vietnamese language.

QUALIFICATION AND SALARY RANGE

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

LI, JING Chinese Speaking Data Entry Clerk

124.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

LIN, FENGSHI Chinese Speaking Data Entry Clerk

125.

Brief Job Description: Entering and updating information into relevant databases.

LU NHAT LONG Chinese Speaking Data Entry Clerk

126.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing.

NGUYEN, TIEN DUNG Chinese Speaking Data Entry Clerk

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

127.

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

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

128.

129.

130.

131.

132.

133.

134.

135.

136.

137.

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

Brief Job Description: Managing HR records including, résumés, applicant logs, and employee forms.

HE, XIAOGANG Chinese Speaking HR Associate 138.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Brief Job Description: Managing HR records including, resumes, applicant logs, and employee forms.

CHEN, TAIBIN Chinese Speaking HR Associate

Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication.

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

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

CHEN, JINGXIN Chinese Speaking HR Associate

Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication.

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

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

CHEN, YUAN Chinese Speaking Graphic Designer

Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication.

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

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

AUNG MYO KYAW Chinese Speaking Graphic Designer

Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication.

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

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing.

ZHOU, SITONG Chinese Speaking Data Entry Clerk

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

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

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

ZHANG, LONG Chinese Speaking Data Entry Clerk

Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication.

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

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

ZHANG, JIE Chinese Speaking Data Entry Clerk

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

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

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing.

ZHANG, JIAYI Chinese Speaking Data Entry Clerk

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

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing.

PAN, LIU Chinese Speaking Data Entry Clerk

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

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing.

OU, NA Chinese Speaking Data Entry Clerk

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

NEO INCORPORATED North Tower Centrum Bldg., Aseana Avenue, Entertainment City, Baclaran, City Of Parañaque

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in speaking Vietnamese language.

LUU YEN NGOC Customer Service Representative – Vietnamese Speaking

REA EGA VEGA GUNAWAN Indonesian Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in speaking Vietnamese language.

Brief Job Description: Confirm customers language preference as you assist them.

LEONARD EKA PUTRA Indonesian Customer Service Representative

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

Basic Qualification: Fluent in speaking Vietnamese language.

LUONG QUE ANH Customer Service Representative – Vietnamese Speaking

IMMANUEL NOVAL LUCKY HERMAN Indonesian Customer Service Representative

KNW TECHNOLOGY INC. 103 Equinox Plaza, Sierra Madre, Highway Hills, City Of Mandaluyong BUI, DINH CONG Customer Service Representative - Vietnamese Speaking

Brief Job Description: Confirm customers language preference as you assist them.

FELICIA CUACA Indonesian Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: At least 1-2 years of working experience as translator. Can speak and write Mandarin and English languages fluently.

HUYNH XUAN VY Customer Service Representative – Vietnamese Speaking

AYU DATARI MARETA Indonesian Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: At least 1-2 years of working experience as translator. Can speak and write Mandarin and English languages fluently.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

ESTABLISHMENT / ADDRESS

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

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

JOY TECH CORP. 2/f Bachrach Bldg. Ii, Cor. 23rd Cor. Railroad, Barangay 653, Port Area, City Of Manila HU, XIAOLU Translator

103.

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

J-NA ALLOUT TECHNOLOGY SOLUTIONS CORP. Block 16 Lot 7, Rainbow Drive, Goodwill 2 Subdivision, B. F. Homes, City Of Parañaque SHI, HONGTAO Chinese Financial System Manager

No.

www.businessmirror.com.ph

Brief Job Description: Managing HR records including résumés, applicant logs and employee forms.

YAN, ZHIFAN Chinese Speaking HR Associate 139.

Brief Job Description: Managing HR records including, résumés, applicant logs, and employee forms.

CHEN, HAITAO Chinese Speaking Program Designer 140.

Brief Job Description: Document all aspects of software for ongoing maintenance and revisions.

QUALIFICATION AND SALARY RANGE Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent oral and written communication skills and be able to organize their work using tools Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

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

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION CHEN, SHA Chinese Speaking Program Designer

141.

Brief Job Description: Document all aspects of software for ongoing maintenance and revisions.

HOANG, VAN TUNG Chinese Speaking Program Designer 142.

Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.

JI, YANHUI Chinese Speaking Program Designer

143.

Brief Job Description: Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team.

NGUYEN THI HANG NGA Chinese Speaking Program Designer

144.

Brief Job Description: Document all aspects of software for ongoing maintenance and revisions.

SIU HOI SINH Chinese Speaking Program Designer 145.

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

WU, DI Chinese Speaking Program Designer 146.

ESTABLISHMENT / ADDRESS

Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.

QUALIFICATION AND SALARY RANGE Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

No.

CHEN, LIJIE Mandarin Admin Officer 155.

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

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

DERRICK TEH CHUN WEI Mandarin Collection Officer 156.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

ZHANG, JINGQIU Mandarin Coordinator 157.

Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication.

147.

Brief Job Description: Customer support and data base services.

148.

Brief Job Description: Responsible for creating and implementing training programs that enhance the skills and knowledge of our logistics personnel. The candidate will have a strong background in instructional design, logistics operations, and a passion for developing effective learning solutions.

Basic Qualification: 5-10 years’ experience in working for British curriculum schools, post-graduate certificate of education (PGCE) or similar accreditation, excellent computer skills and experience with computer-based training software and current e-learning tools.

YEN, CHIN-YING Mandarin Office Supervisor 158.

HONG, CHENXIANG Sales Representative 149.

Brief Job Description: Build relationship with existing customers, maintaining client records, achieved sales targets, evaluating customer needs, product demonstration and sales presentation and negotiation.

Basic Qualification: College graduate. With previous work experience in a similar field. Fluent in Chinese-Mandarin and English languages.

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

Brief Job Description: Responsible for facilitating the efficient functioning of an office through a range of administrative, clerical, financial and managerial tasks.

150.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation.

Basic Qualification: Fluently speak and write Mandarin language.

MAHARJAN, CHANDRA BAHADUR Construction Manager 159.

Brief Job Description: Confer with management, production and marketing staff to discuss project specs and procedures.

ZHAO, XUEMEI Mandarin Speaking Customer Service 160.

151.

Brief Job Description: Maintains the computer networks of all types of organizations, providing technical support and ensuring the whole company runs smoothly. IT Support monitors and maintains the company computer systems, installs, and configures hardware and software, and solves technical issues as they arise.

161.

162.

Brief Job Description: Check original texts or confer with authors to ensure that translations retain the content, meaning and feeling of the original material.

HUANG, GUANYOU Multilingual Procurement Supervisor Brief Job Description: Develop, lead and execute purchasing strategies.

LIAO, YANYANG Chinese Customer Service Representative 152.

Brief Job Description: Manage large amounts of incoming phone calls, generate sales leads, identify and assess customers’ needs to achieve satisfaction and build sustainable relationships and trust customer accounts through open and interactive communication.

Basic Qualification: College graduate. With at least 3 years of work experience in a related field. Fluent in ChineseMandarin and English languages.

163.

ZHONG, YONGLONG Management Consultant 153.

Brief Job Description: Analyze financial data including expenditure reports, revenue data and employee reports.

Basic Qualification: At least college graduate.

Can speak and write in Mandarin language.

Brief Job Description: Develop, lead and execute purchasing strategies.

Brief Job Description: Supervise the work of laborers, mechanics etc. and give them guidance when needed.

FU, LIGUO Multilingual Project Site Supervisor

164.

Brief Job Description: Analyzing blueprints to ensure that projects meet design, safety, and budget specifications.

ZHU, WEIBIN Mandarin Business Development Specialist 165.

Brief Job Description: Analyzing and expanding business operations toward sustained growth.

HE, XIAOPING Chinese Marketing And Sales Accountant 166.

Brief Job Description: Identify effective marketing campaigns that will reach targeted audiences effectively and efficiently.

154.

Brief Job Description: Perform regular audit on corporate documents in order to ensure that all documents are properly submitted to other department.

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

Basic Qualification: College graduate. With previous work experience in a similar role.

168.

QUALIFICATION AND SALARY RANGE Basic Qualification: Must develop skills in areas like problem-solving, communication, and attention to detail. Strong communication skills are a critical component of an auto mechanic’s abilities.

Time management also helps mechanics estimate how long each repair will take.

Brief Job Description: Automotive mechanics help diagnose and repair various issues for different automotive vehicles, including cars, trucks and vans.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree in business or related field of study. Excellent communication skills.

Proven to possess integrity and probity.

HARPEN CHANDRA Service And Parts Director 169.

Brief Job Description: Provide cost estimates for body damage and internal repairs. Create and maintain a process to effectively manage warranty, customers paid, and internal repair orders.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree in business or related field of study. Excellent communication skills.

Proven to possess integrity and probity.

HEZKIA FEBRIANTO SUPRIADI Service And Parts Director 170.

Brief Job Description: Provide cost estimates for body damage and internal repairs. Create and maintain a process to effectively manage warranty, customers paid, and internal repair orders.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree in business or related field of study. Excellent communication skills.

Proven to possess integrity and probity.

LIDIA ROSWATI Service And Parts Director 171.

Brief Job Description: Provide cost estimates for body damage and internal repairs. Create and maintain a process to effectively manage warranty, customers paid, and internal repair orders.

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

172.

LIN, MINGXIN Chinese Marketing And Sales Consultant 167.

Brief Job Description: Identify effective marketing campaigns that will reach targeted audiences effectively and efficiently.

Brief Job Description: Provide cost estimates for body damage and internal repairs. Create and maintain a process to effectively manage warranty, customers paid, and internal repair orders.

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

WELL SOLUTION CORP. Unit 1100-d 11/f Vicente Madrigal Bldg., 6793 Ayala Avenue, Bel-air, City Of Makati LIAO, SHIH-CHIEH Chinese Speaking Sales Marketing Specialist 173.

Brief Job Description: Supporting the marketing team with marketing activities by demonstrating expertise in various areas, including optimization, advertising, social media, direct marketing, and event planning.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

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

WIKITECH SERVICES INC. 10/f Alphaland Corporate Tower, 7232 Ayala Avenue Ext. Corner Malugay St., Bel-air, City Of Makati LI, MIN Mandarin Technical Support 174.

Basic Qualification: Can speak Mandarin language.

Brief Job Description: Monitoring and maintaining computer systems and networks.

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

YUKI SERVICE CORP. Unit 1206, 12th Floor Trade And Financial Tower, 7th Avenue And 32nd Street Bgc, Fort Bonifacio, City Of Taguig HU, ZEHUI Account Manager

175.

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

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

Brief Job Description: Primary point of contact for customers and they find opportunities to increase sales and implement costsaving measures for their company.

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

XIN, TONG Market Development Manager

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Mandarin and English languages both in written and verbal

Basic Qualification: Bachelor’s degree in business or related field of study. Excellent communication skills.

Proven to possess integrity and probity.

NGUYEN THI HANG Service And Parts Director

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

176.

Brief Job Description: Have a business development role where the focus is on growing stronger business relationships in a specific market while also increasing revenue through both new and existing accounts.

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

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Mandarin and English languages both in written and verbal.

ZHOU, YI Project Manager 177.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Mandarin and English languages both in written and verbal.

178.

179.

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

Brief Job Description: Manage the whole team to reach the KPI/SLA which required in the contract. Improve the whole team ability in technical and communication. Arrange monthly task to the key team member and monitor the achievement. Confirm the monthly workload with customer. Confirm the monthly KPI with customer. And lastly, report to customer in daily/weekly.

BAI, GUOFANG Technical Manager

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

Basic Qualification: Strong knowledge of sales and persuasion techniques coupled with excellent knowledge of the products. Knowledge of data analysis and market research. Intuition about customer desires and practical needs.

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

ZHU, RONGTONG Service Delivery Manager

Basic Qualification: Bachelor’s degree holder. With excellent communication skills.

Basic Qualification: Strong knowledge of sales and persuasion techniques coupled with excellent knowledge of the products. Knowledge of data analysis and market research. Intuition about customer desires and practical needs.

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

Brief Job Description: A professional in charge of ensuring their teams complete all projects on time and within budget.

ZTE PHILIPPINES INC. Unit 25-a 25th Floor Six/neo Building, 5th Avenue Corner 26th Street, Bonifacio Global City, Fort Bonifacio, City Of Taguig

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

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

S-W TRADING CORP. Unit 101, #393 Mindanao Ave. 6, Talipapa, Quezon City CHEN, HUANAN Mandarin Document Controller

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

VEHICLE MASTER SERVICE CORP. #27, T. Santiago St., Canumay West, City Of Valenzuela

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

Basic Qualification: With excellent verbal communication skills specifically Mandarin and English languages.

Basic Qualification: Able to read & write.

Fluent in English language.

Proven experience as Construction Manager.

SUNIWAY GROUP OF COMPANIES INC. Liwasang Darangen Cor. Magdalena Jalandoni And Sen Gil Puyat Ave., Ext., Ccp Complex St. Zone 10, Barangay 76, Pasay City

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

RRA ONE GLOBAL CONSULTANCY CORP. Blk 1 Lot 6 Progressive St., Lucky Homes Subd., Barangay 168, City Of Caloocan

THOR PEK YEAN Multilingual Procurement Supervisor

YE, CHUNYI Multilingual Project Manager

Salary Range: Php 30,000 - Php 59,999 RIDGE OUTSOURCING SERVICES INC. 46/f Pbcom Tower, 6795 Ayala Ave. Cor. V.a. Rufino St., Bel-air, City Of Makati

Basic Qualification: College graduate. Bilingual is a requisite.

Fluent in Cantonese, Taiwanese and Mandarin languages. Must work well under pressure and have excellent interpersonal and communication skills.

At least 1 year experience related to the position applying for.

STONE ASIA AND SPECIALTY PRODUCTS, INC. 350, J.p. Rizal, Namayan, City Of Mandaluyong

POCKETMARKET INTERNATIONAL ECOMMERCE CORP. 11/ef Cyber One Plaza Bldg., Eastwood City Cyberpark, Bagumbayan, Quezon City

LIN, YU-YA IT Support

Basic Qualification: College graduate. Bilingual is a requisite.

Fluent in Cantonese, Taiwanese and Mandarin languages. Must work well under pressure and have excellent interpersonal and communication skills.

At least 1 year experience related to the position applying for.

SKY DWELLER HOLDING INC. U-54b Zeta Ii Bldg., 191 Salcedo St., San Lorenzo, City Of Makati

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

Basic Qualification: In-depth knowledge of computer hardware, software, and networks.

Experience as an IT support specialist is an advantage. Experience in documenting processes and monitoring performance metrics.

Ability to keep up with technical innovation and trends in IT support.

Exceptional interpersonal and communication skills.

Basic Qualification: College graduate. Bilingual is a requisite.

Fluent in Cantonese, Taiwanese and Mandarin languages. Must work well under pressure and have excellent interpersonal and communication skills.

At least 1 year experience related to the position applying for.

SHIMIZU PHILIPPINE CONTRACTORS, INC. King’s Court Bldg. 1, 5/f 2129 P. Tamo St., San Lorenzo, City Of Makati

PHOENIXFIELD, INC. 7/f Iacademy Plaza, 324 Sen. Gil Puyat Ave, Bel-air, City Of Makati TAN, MINGLI Mandarin Language-Support Officer

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

MA, PANPAN General Automotive Mechanic

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

Salary Range: Php 150,000 - Php 499,999 NORTH TIDE INTERNATIONAL TRADE INC. 2nd Floor Bachrach Bldg. Ii, Corner 23rd And Railroad Streets Zone 68, Barangay 653, Port Area, City Of Manila

No.

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

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

NORD ANGLIA INTERNATIONAL SCHOOL MANILA INC. Neo Chinatown Bradco Ave., Aseana, Tambo, City Of Parañaque

NEL, ELISNA Instructional Developer

Brief Job Description: Typically works under a Mandarin manager to maintain office equipment, physical space and telecommunications systems for a single building.

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

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

Basic Qualification: College graduate. Bilingual is a requisite.

Fluent in Cantonese, Taiwanese, and Mandarin languages. Must work well under pressure and have excellent interpersonal and communication skills. At least 1 year of experience related to the position applying for.

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

NEW ORIENTAL CLUB88 CORPORATION 1331 Pearl Plaza Bldg., 133 Quirino Ave., Tambo, City Of Parañaque

NGUYEN HOANG THACH Vietnamese Customer Service

Brief Job Description: Responsible for facilitating the efficient functioning of an office through a range of administrative, clerical, financial and managerial tasks.

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

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

QUALIFICATION AND SALARY RANGE

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

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

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

Brief Job Description: Performs administrative and office support for activities for multiple supervisors. Duties may include fielding telephone calls, receiving and directing visitors, word processing, creating spreadsheets and presentations, and filing.

A9

ESTABLISHMENT / ADDRESS

SERVEAHEAD INCORPORATED Unit Ug 02 & 03 Cityland 10 Tower 1, 156 H.v Dela Costa St., Bel-air, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Tuesday, February 6, 2024

Brief Job Description: Manage technical team of ZTE Philippines, Inc. Attend technical seminar with communication operator.

Help in the business expansion of the company. Give technical training to engineers. And lastly, participate in bidding from communication operator project.

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

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

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

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

*Date Generated: Feb 5, 2024 In the ad material of Notice of Filing of Application for Alien Employment Permits published on February 2, 2024, the position of KOMATSU, SHUMPEI under the company INFINIVAN INC., should have been read as SR. ACCOUNT DEVELOPMENT MANAGER (FOR JAPANESE ACCOUNT) and not as published.

In the ad material of Notice of Filing of Application for Alien Employment Permits published on February 3, 2024, the name PATRICE GILLES PIERRE under the company FLUOR DANIEL, INC. - PHILIPPINES, should have been read as MERLET, PATRICE GILLES PIERRE and not as published.

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

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

TheWorld BusinessMirror

A10 Tuesday, February 6, 2024

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

Shelling kills 28 in Russian-occupied city in Ukraine, Moscow-installed officials say

U

By The Associated Press

KRAINIAN shelling killed at least 28 people at a bakery in the Russian-occupied city of Lysychansk, Moscow-installed officials said.

At least one child was among the dead on Saturday, local leader Leonid Pasechnik wrote in a statement on Telegram. A further 10 people were rescued from under the rubble by emergency services, he said.

Ukrainian officials in Kyiv did

not comment on the incident.

Both Moscow and Kyiv have increasingly relied on longerrange attacks this winter amid largely unchanged positions on the 1,500-kilometer (930-mile) front line in the nearly 2-yearold war.

IN this photo taken from video released by Russian Emergency Ministry Press Service on Saturday, February 3, 2024, Russian Emergency Ministry employees work at the side of a collapsed bakery after an attack of Ukrainian troops, that Russian officials in Luhansk said was conducted by Ukrainian forces, in Lysychansk, Russian-controlled Luhansk region, eastern Ukraine. According to the Russian Emergency Ministry, five people were found dead under the rubble. Eight people were injured and there might be dozens of civilians under the debris, Moscow-installed authorities said. Search and rescue efforts continue.

RUSSIAN EMERGENCY MINISTRY PRESS SERVICE VIA AP

However, Ukrainian forces have come under intense Russian attack over the past 24 hours, with continuous assaults along the front line, Ukraine’s General Staff said in a statement Sunday.

Fighting has been particularly fierce in the eastern city of Avdiivka, where Moscow is attempting to encircle Kyiv’s troops, while Ukrainian forces have also been on the defensive in Kupiansk, Lyman, Bakhmut and Zaporizhzhia, officials said.

One civilian was killed and two injured in a Russian artillery strike in the frontline town of Toretsk, less than 30 kilometers (18.6 miles) from Bakhmut, said Donetsk regional governor Vadym Filashkin.

The military administration for

Ukraine’s northern Sumy region said Sunday that Russian forces had shelled the region in 16 separate attacks the previous day, firing on the border communities of Yunakivka, Bilopillia, Krasnopillia, Velyka Pysarivka, and Esman.

Gen. Serhii Naiev, commander of the Ukrainian Joint Forces, also said that Kyiv’s troops had pushed back Russian sabotage and reconnaissance units attempting to cross the border in the Sumy region.

With Ukraine’s soldiers concentrated in the eastern regions of Donetsk, Zaporizhzhia and Kharkiv, the reported incursion suggests that Moscow could be probing vulnerabilities on a new front to further stretch Ukrainian resources.

Powell: Federal Reserve on track to cut rates this year with inflation slowing and economy healthy

By Christopher Rugaber AP Economics Writer

W

ASHINGTON—Chair Jerome Powell said in an interview broadcast Sunday night that the Federal Reserve remains on track to cut interest rates three times this year, a move that’s expected to begin as early as May. Powell, in an interview recorded Thursday for the CBS news program “60 Minutes,” also said the nation’s job market and economy are strong, with no sign of a recession on the horizon.

“I do think the economy is in a good place,” he said, “and there’s every reason to think it can get better.”

Powel l ’s comments largely echoed remarks he gave at a news conference Wednesday, after the Fed decided to keep its key interest rate steady at about 5.4 percent, a 22-year high. To fight inflation, the Fed raised its benchmark rate 11 times beginning in March 2022, causing loans for consumers and businesses to become much more expensive.

The Fed chair also reiterated that the central bank’s next meeting in March was likely too soon for a rate cut. Most economists think the first cut is likely to come in May or June.

With inflation steadily cooling, nearly all the 19 members of the Fed’s policy-setting committee have agreed that cuts in the central bank’s key rate will be appropriate this year, Powell said in the “60 Minutes” interview. A reduction in that rate would help lower

FEDERAL Reserve Board Chair Jerome Powell speaks during a news conference about the Federal Reserve’s monetary policy at the Federal Reserve on January 31, 2024, in Washington. AP/ALEX BRANDON)

the cost of mortgages, auto loans, credit cards and other consumer and business borrowing.

In December, Fed officials indicated that they envisioned three rate cuts in 2024, reducing their benchmark rate to about 4.6 percent by year’s end. Powell told “60 Minutes” that that forecast likely still ref lected policymakers’ views.

As gauged by the Fed’s preferred measure, inflation fell to just 2.6 percent in December compared with 12 months earlier. And in the second half of 2023, inflation was measured at an annual pace of just 2 percent, matching the Fed’s target level, down drastically from a peak of 7.1 percent in the summer of 2022.

Powell attributed the inflation surge of 2021-2022 to the disruptions of the pandemic, including a shift in spending away from services, like restaurant meals, to goods, like home office fur-

niture and exercise bikes. At the same time, Covid closed down or slowed factories across the globe, severely disrupting supply chains and causing widespread shortages of goods and components.

Both trends, Powell said, accelerated inf lation.

At the same time, Powell acknowledged in the inter view, the Fed misjudged the duration of the resulting inf lation, which it repeatedly suggested would prove shor t-lived. A s he has before, Powell said the central bank moved too slowly to raise its key rate, which can help slow borrowing and spending. Inflation began spiking in mid-2021 yet the Fed didn’t start raising rates until March 2022.

“So in hindsight, it would’ve been better to have tightened policy earlier,” Powell said, referring to rate hikes. “I’m happy to say that.... We thought that the economy was so dynamic that it

would fix itself fairly quickly. And we thought that inflation would go away fairly quickly without an intervention by us.”

At his news conference Wednesday, Powell signaled that the Fed was likely to cut rates this year but underscored that central bank officials wanted to see further evidence that inflation is in check.

“It’s not that we’re looking for better data—it’s just that we’re looking for a continuation of the good data that we’ve been getting,” he said. “We just need to see more.”

Also Wednesday, Powell repeatedly acknowledged the strength of the US economy and noted that inflation had slowed without the sharp rise in unemployment and weak growth that many economists had said would be necessary to cool consumer demand and slow price increases.

“We’ve got six months of good inflation data and an expectation that there’s more to come,” Powell said Wednesday. “So this is a good situation. Let’s be honest. This is a good economy.”

Other Fed officials have expressed caution about the prospect of rate cuts, particularly after a government report Friday showed that job growth soared unexpectedly in December, a sign that businesses remain confident enough in the economy to add many workers.

Michelle Bowman, a member of the Fed’s Board of Governors, said Friday that once it was clear that inflation was in check, it would eventually become appropriate to cut rates.

“In my view,” she said, “we are not yet at that point.”

Australia appalled at China’s suspended death sentence for writer Yang Hengjun

S

Y DN E Y— Au st r a l i a s a id Monday it was appalled at China’s suspended death sentence for writer and democracy blogger Yang Hengjun.

Australian Foreign Minister Penny Wong said in a statement it was “harrowing news for Dr. Yang, his family and all who have supported him.”

Yang has been detained in China since January 19, 2019, when he arrived in Guangzhou from New York with his wife and teenage stepdaughter.

He received a closed-door trial on an espionage charge in Beijing in May 2021 and was awaiting a verdict. The details of his case

have not been disclosed.

Yang has denied he has worked as a spy for Australia or the United States.

The Chinese court did not immediately announce the sentence.

In China, suspended sentences are generally commuted to life sentences after a certain length of time.

Yang was born in China and was a diplomat and state security agent before moving to the private sector in Hong Kong and later to Australia. He became an Australian citizen in 2002. China does not recognize dual nationalities.

In Australia, he became known as a writer of spy novels, blogger

and political commentator. In January 2019, he was detained

by Chinese authorities upon landing in the southern metropolis of Guangzhou.

He was initially held under a form of detention known as “residential surveillance at a designated location,” during which he was denied access to his family and lawyers. Yang was later moved to a Beijing detention center.

In a letter to his sons in August last year, Yang said he hadn’t experienced direct sunlight in more than four years. He told his family he feared he would die in detention after being diagnosed with a kidney cyst, prompting supporters

to demand his release for medical treatment.

Wong said Australia “will be communicating our response in the strongest terms” and will continue to press for Dr. Yang’s interests and wellbeing, including appropriate medical care.

In October last year, Australian journalist Cheng Lei was freed after more than three years in detention in China for breaking an embargo with a television broadcast on a state-run TV network.

The plights of Yang and Cheng had frequently been on the agendas of high-level meetings between the countries in recent years. AP

LOCALS clean the rubble of burnt-out houses after forest fires reached their neighborhood in Vina del Mar, Chile on Sunday, February 4, 2024. AP/CRISTOBAL BASAURE

Forest fires rage on in central Chile, killing at least 112 people in 3 days

By Patricia Luna & Manuel Rueda

The Associated Press

S

ANTIAGO, Chile—Firefighters wrestled Sunday with massive forest fires that broke out in central Chile two days earlier, as officials extended curfews in cities most heavily affected by the blazes and said at least 112 people had been killed.

The fires burned with the highest intensity around the city of Viña del Mar, where a famous botanical garden founded in 1931 was destroyed by the flames Sunday. At least 1,600 people were left without homes.

Several neighborhoods on the eastern edge of Viña del Mar were devoured by flames and smoke, trapping some people in their homes. Officials said 200 people were reported missing in Viña del Mar and the surrounding area. The city of 300,000 people is a popular beach resort and also hosts a wellknown music festival during the southern hemisphere’s summer.

On Sunday morning, Chilean President Gabriel Boric visited the town of Quilpé, which was also heavily affected by the fires and reported that 64 people had been killed. Late Sunday, Chile’s Forensic Medicine Service updated the confirmed death toll to 112 people.

Boric said the death toll could rise as rescue workers search through homes that have collapsed. Some of those arriving in hospitals were also in critical condition.

Rodrigo Mundaca, the governor of the Valparaiso region, where Viña del Mar and other affected cities are located, said Sunday he believed some of the fires could have been intentionally caused, echoing a theory that had also been mentioned Saturday by Boric. “ These fires began in four points that lit up simultaneously,” Mundaca said. “As authorities we will have to work rigorously to find

who is responsible.”

The fires around Viña del Mar began in mountainous forested areas that are hard to reach. But they have moved into densely populated neighborhoods on the city’s periphery despite efforts by Chilean authorities to slow down the flames.

On Saturday, Boric said that unusually high temperatures, low humidity and high wind speeds were making it difficult to control the wildfires in central Chile, which have already burnt through 8,000 hectares (30 square miles) of forest and urban areas.

Boric flew over some of the areas burned by the fires Sunday and visited a school that has been turned into a shelter for the displaced. He said that a presidential vacation home on the shores of Viña del Mar that is surrounded by large gardens would be temporarily converted into a leisure center for the children of families affected by the fires.

The president declared two days of national mourning.

“All of Chile is suffering” Boric said. “But we will stand up once again.”

Officials asked people in areas affected by the fires to evacuate their homes as quickly as possible, while those farther from the fires were told to stay at home in order to facilitate the transit of fire engines and ambulances.

Curfews were declared in Viña del Mar and the neighboring cities of Quilpé and Villa Alemana as part of an effort to prevent looting.

The fires broke out during a week of record high temperatures in central Chile. Over the past two months, the El Niño weather pattern has caused droughts and high temperatures in western South America that have also increased the risk of forest fires.

Rueda reported from Bogotá, Colombia

TheWorld BusinessMirror

www.businessmirror.com.ph

Tuesday, February 6, 2024 A11

Second atmospheric river in days churns through California, knocking out power and flooding roads

By Christopher Weber

L

The Associated Press

OS ANGELES—The second of back-to-back atmospheric rivers churned slowly through California early Monday, flooding roadways and knocking out power to hundreds of thousands of people and prompting a rare warning for hurricane-force winds as the already soggy state braced for another day of heavy rains.

The storm inundated streets and brought down trees and electrical lines Sunday across the San Francisco Bay Area, where winds topped 60 mph (96 kph) in some areas. Gusts exceeding 80 mph (128 kph) were recorded in the mountains.

Just to the south in San Jose, emergency crews pulled occupants out of the windows of a car stranded by floodwaters and rescued people from a homeless encampment alongside a rising river.

The storm then moved into Southern California, where off icia ls war ned of potentia l ly

devastating f looding and ordered evacuations for canyons that burned in recent wildfires that are at high risk for mud and debris f lows.

Classes were canceled Monday for schools across Santa Barbara County, which was devastated by mudslides caused by powerful storms in 2018.

Further down the coast, strong winds and heavy rain brought treacherous conditions to the city of Ventura, said Alexis Herrera, who was trying to bail out his sedan, which was filled with floodwater. “All the freeways are

SEARCH and rescue workers investigate a car surrounded by floodwater as heavy rains caused the Guadalupe River to swell on Sunday, February 4, 2024, in San Jose, California. The vehicle was uninhabited. AP/NOAH BERGER

flooded around here,” Herrera said in Spanish. “I don’t know how I’m going to move my car.”

More than 845,000 customers were without electricity statewide

by Sunday evening, according to poweroutage.us.

Winds caused hours-long delays at San Francisco International Airport. By 2:30 p.m. Sunday, 155 departing flights were delayed and 69 had been canceled, according to the tracking website FlightAware.

There were also delays at the airports in San Jose and Sacramento.

Palisades Tahoe, a ski resort about 200 miles (320 kilometers) northeast of San Francisco, said Sunday it was anticipating the heaviest snowfall yet this season,

with accumulations of 6 inches (15 centimeters) per hour for a total of up to two feet (60 centimeters).

Heavy snow was expected into Monday throughout the Sierra Nevada and motorists were urged to avoid mountain roads.

Much of the state had been drying out from the system that blew in last week, causing flooding and dumping welcome snow in mountains. The latest storm, also called a “Pineapple Express” because its plume of moisture stretches back across the Pacific to near Hawaii, arrived offshore in Northern California on Saturday, when most of the state was under some sort of wind, surf or flood watch.

The weather service issued a

Biden warns of ‘nightmare’ future for the country if Trump should win again, and lists reasons why

By Darlene Superville & Gabe Stern The Associated Press

L

AS VEGAS—President Joe Biden on Sunday ticked through a list of reasons he says a second Donald Trump presidency would be a “nightmare” for the country as he urged Nevada Democrats to vote for him in the state’s presidential primary this week and for his party at large in November.

Biden opened a campaign swing with a fundraiser where he focused on Trump’s ample history of provocative statements—his description of January 6 rioters as “hostages,” his musing about a former top military officer deserving execution, his branding of fallen soldiers as “suckers” and “losers,” his wish to be a Day One “dictator,” his vow to supporters that “I am your retribution,” and more.

Then it was on to a community center in a predominantly Black section of Las Vegas, where he told his crowd of several hundred “you’re the reason we’ll make Donald Trump a loser again.”

Biden said the stakes were huge when he took on Trump in 2020— “what made America America, I

PRESIDENT Joe Biden speaks at a campaign event on Sunday, February 4, 2024, in North Las Vegas, Nevada. AP/JOHN LOCHER

thought, was at risk’—and they are even larger now as a likely rematch looms.

He told donors at the private home in Henderson, Nevada, that if they came to Washington, he’d show them the White House dining room table where Trump, according to ex-aides, sat transfixed for hours in front of the TV as the rioters he’d fired up with his rhetoric stormed the Capitol on January 6, 2021.

“We have to keep the White House,” he said. “We must keep the Senate” and win back the House.

Accomplish that, he said, and “we can say we saved American democracy.”

He was equally blunt in talking up his record at his subsequent rally where he implored voters to “imagine the nightmare of Donald Trump.”

Trump campaign spokesperson Steven Cheung responded in kind, saying Biden “has been a nightmare for this country in just three short years in the White House, and no amount of gaslighting will make Americans forget about all the misery and destruction he has

brought.”

In Tuesday’s Nevada Democratic presidential primary, Biden faces only token opposition from author Marianne Williamson and a few relatively unknown challengers. He won Nevada in November 2020 by fewer than 3 percentage points. But he came to Nevada to rouse voters for the fall campaign as well.

The state known largely for its casino and hospitality industries is synonymous with split ticket, hard-to-predict results. It has a transient, working-class population and large Latino, Filipino and Chinese American and Black communities. Nevada has a stark rural-urban divide, with more than 88 percentof active registered voters—and much of its political power—in the two most populous counties, which include the Las Vegas and Reno metro areas.

In 2022, Democrats successfully defended their Senate seat and lost the governor’s office. The six constitutional officers elected statewide are split evenly among Democrats and Republicans.

The narrow victory of Sen. Catherine Cortez Masto helped Democrats party keep control of the Senate for the remainder of

rare “hurricane force wind warning” for the Central Coast, with wind gusts of up to 92 mph (148 kph) possible from the Monterey Peninsula to the northern section of San Luis Obispo County.

Meanwhile, the southern part of the state was at risk of substantial flooding beginning late Sunday because of how slow the system was moving, said Ryan Kittell, a meteorologist at the weather service’s Los Angeles-area office.

“The core of the low pressure system is very deep, and it’s moving very slowly and it’s very close to us. And that’s why we have those very strong winds. And the slow nature of it is really giving us the highest rainfall totals and the flooding risk,” he said at a Sunday briefing.

Evacuation orders and warnings were in effect for mountain and canyon areas of Monterey, Santa Barbara, Ventura and Los Angeles counties. LA County Supervisor Lindsay Horvath urged residents near wildfire burn areas of Topanga and Soledad canyons to heed orders to get out ahead of possible mudslides.

“If you have not already left, please gather your family, your pets, your medications and leave immediately,” Horvath said at a Sunday briefing. The county set up shelters where evacuees could spend the night.

Gov. Gavin Newsom declared a state of emergency for Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo, Santa Barbara and Ventura counties. The Governor’s Office of Emergency Services activated its operations center and positioned personnel and equipment in areas most at risk.

The storm was expected to move down the coast and bring heavy rain, possible flash-flooding and mountain snow to the Los Angeles area late Sunday, before moving on to hammer Orange and San Diego counties on Monday.

As of Sunday afternoon, the Los Angeles Unified School District, the nation’s second largest, said it was planning to open schools as usual Monday. The decision would be reevaluated at 6 a.m.

Monday, said Superintendent Alberto Carvalho.

The weather service forecast up to 8 inches (20 cm) of rainfall across Southern California’s coastal and valley areas, with 14 inches (35 cm) possible in the foothills and mountains. Heavy to moderate rain is expected in Southern California until Tuesday.

Biden’s current term.

Working in Biden’s favor this year is the vast Democratic operation built by the late Sen. Harry Reid. The “Reid Machine” has for years trained operatives and retained organizers and is partially why, despite Nevada’s status as a purple state, Democrats have won every presidential election here since 2008.

But early signs show Biden could have more ground to make up than in past races. Voters are largely dissatisfied with the likely Biden-Trump rematch. A New York Times/Siena poll from November put Biden’s approval rating at 36 percentin Nevada.

“I know from my reelection, the issues that matter to Nevadans are still those kitchen table issues,” Cortez Masto said in an interview.

Biden has built his reelection campaign around the theme that Trump presents a dire threat to US democracy and its founding values. The president also has championed the defense of abortion rights, recently holding his first big campaign rally, in Virginia, where the issue energized Democrats who won control of the state’s House of Delegates.

Biden also promotes his handling of the economy, arguing that his policies have created millions of jobs, combated climate change and improved American competitiveness overseas. But

polls suggest many voters aren’t giving his administration credit.

The Democratic National Committee recently announced a sixfigure ad buy in Nevada and South Carolina, where Biden won the leadoff primary Saturday. The ads are meant to boost enthusiasm among Black, Asian American and Latino voters statewide, including radio, television and digital ads in Spanish, Chinese and Tagalog, and a billboard in Las Vegas’ Chinatown.

As early voting began a week ago in Nevada, Trump asserted without evidence during a campaign rally in Las Vegas that he was the victim of the Biden administration’s weaponizing law enforcement against him. Trump has been indicted four times and faces 91 felonies.

Dan Lee, an associate professor of political science at the University of Nevada, Las Vegas, said that for Biden, “the map says he has to hold on to Nevada.”

The Republican presidential primary is also Tuesday but the state GOP is holding caucuses on Thursday to allocate delegates.

Trump is competing in the caucuses; rival Nikki Haley opted to stay on the nonbinding primary ballot.

The Associated Press videographer Eugene Garcia in Ventura, Calif., and radio reporter Julie Walker in New York contributed to this report.

Stern reported from Reno, Nevada. Associated Press writer Will Weissert in Washington contributed to this report.

Union calls for Lufthansa ground staff at major airports in Germany to strike on Wednesday

B

ER L I N — A u n ion h a s ca l led on Luf t ha nsa’s ground staff to walk off the job for a day on Wednesday in a pay dispute, the latest of several transport strikes in the country.

The Ver.di union said Monday it is calling on ground staff for the German airline at Frankfurt, Munich, Hamburg, Berlin and Duesseldorf airports to strike from 4 a.m.

Wednesday.

The union is seeking a 12.5 percentpay raise, or at least an extra 500 euros ($539) per month, in negotiations for nearly 25,000 employees, including check-in, aircraft handling, maintenance and freight staff.

Lufthansa said it is working on a special timetable and criticized the scale of the strike early in the dispute.

Coinciding contract negotiations in the rail, air and local transport sectors have made

for a frustrating few weeks for travelers and commuters in Germany.

Ver.di last Thursday called security workers at most of Germany’s major airports out on a one-day strike that prompted w idespread f light cancel lations. On Friday, it staged a walkout that led to local buses, trams and subway trains being canceled in much of Germany.

Such several-hour or one-day “warning strikes” are a com-

mon tactic in German contract negotiations.

The German railway system is involved in a dispute that centers on a train drivers’ union’s demand for a shorter working week.

After a five-day strike last month, the GDL union has returned to talks with the stateowned main railway operator, Deutsche Bahn, and has agreed not to stage further strikes before March 3. AP

A PERSON walks near parked Lufthansa aircrafts at the airport in Frankfurt, Germany on March 26, 2023. A union has called on Lufthansa’s ground staff to walk off the job for a day on Wednesday in a pay dispute, the latest of several transport strikes in the country. The Ver.di union said Monday it is calling on ground staff for the German airline at Frankfurt, Munich, Hamburg, Berlin and Duesseldorf airports to strike from 4 a.m. Wednesday.

AP/MICHAEL PROBST

A12 Tuesday, February 6, 2024 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

National unity essential for a prosperous and strong Philippines

T

he recent announcement of a so-called independence movement in Mindanao has sparked concerns and highlighted the need for national unity in the country. President Marcos has rightly called for unity among Filipinos to achieve the vision of a “Bagong Pilipinas” or New Philippines. It is essential that the country remains united to overcome challenges and work towards genuine development that benefits all Filipinos.

President Marcos emphasized the importance of unity in a video blog, stating that a New Philippines requires a new Filipino. Divisions and slander have no place in this vision, and it is crucial that all Filipinos prioritize the well-being of the nation and its people. National unity is the foundation upon which progress and prosperity can be built.

National Security Adviser Eduardo M. Año’s statement that the government is prepared to use “resolute force” to prevent any move towards secession is a clear indication of the government’s commitment to upholding national interest and territorial integrity. Any attempt to dismember the Republic threatens the hard-won gains of peace and development, particularly in Mindanao. It is essential to protect the unity and territorial integrity of the nation while upholding the principles enshrined in the Constitution. (Read the BusinessMirror story: “Amid PBBM unity call, Año warns of ‘force’ vs secession,” February 5, 2024).

Various groups and organizations, including governors and officials from Mindanao, have also expressed their opposition to the proposed split. They rightly point out that such a movement would destabilize the government, undermine the national economy, and jeopardize the progress achieved in terms of peace and development. Their united opposition serves as a reminder that national unity is crucial for the country’s economic progress and development.

The government’s efforts towards peace, reconciliation, and unity should be supported and strengthened. The comprehensive peace process in Mindanao has brought an end to decades of armed conflict and has laid the foundation for sustainable development. Former revolutionary group members are now actively participating in nation building and promoting genuine peace. Mindanao has transformed from a land of volatility and violence to a symbol of hope and solidarity.

On Friday, Secretary Carlito Galvez Jr. of the Office of the Presidential Adviser on Peace, Reconciliation, and Unity (OPAPRU) emphasized the importance of Filipinos rejecting any calls that could destabilize the nation and create divisions. He stressed that unity among Filipinos leads to peace, development, and prosperity, while division results in instability, underdevelopment, and disorder. Secretary Galvez previously served as the Chief of the Armed Forces of the Philippines under former President Rodrigo R. Duterte from April 18 to December 11, 2018. Subsequently, on December 12 of the same year, he was appointed as the head of the Presidential Adviser on the Peace Process, which later evolved into the OPAPRU. (Read the BusinessMirror story: “Ex-president Duterte’s former military chief calls on Pinoys to junk destabilization, divisive calls,” February 2, 2024).

As Filipinos, we must learn from the past and choose the path of peace and unity. Divisions and calls for secession only hinder progress and threaten the gains made through peaceful means. It is crucial to preserve the achievements of the country and continue working towards a future where all Filipinos can thrive.

National unity is not just an aspiration but also a necessity. It is only through unity that Filipinos can overcome challenges, achieve genuine development, and build a prosperous nation. Let us support the government’s peace, reconciliation, and unity agenda, and reject any movement that aims to destabilize our beloved nation. By staying united, we can move forward as one people and one nation, ensuring a brighter future for all Filipinos.

Since 2005

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PSE: The current ‘SITREP’ John Mangun

OUTSIDE THE BOX

T

he Philippine stock market started February on a positive note last Friday. The PSEi index closed 84 points higher at a reading of 6,707 and up a slight 0.32 percent for the week.

Closing the day at the 6,700 level was good but even more positive was the value trading of P5.6 billion. The daily volume was “clean” meaning that often on heavy volume days, there is 10 percent or more that is some sort of large cross-trade. This can be from one stockbroker to another or from one account to another with a single brokerage firm.

These are legitimate trades, but they are not “public” trades from normal retail clients. One data that I watch is the number of individual trades that an issue does so that I can calculate the average size of the trade. A smaller average size means more retail clients are participating.

For January the PSEi closed 3.04 percent higher than from the end of December. For the last three months the PSEi is 10.68 percent higher and

since the October 2023 low at 5,960, the index has gained 12 percent. If you follow the press/media, there is great attention to the daily fluctuations and rarely if ever to the larger picture. Further, the analysis is usually something like, “The stock market was up today because of a general increase in the Asian markets.”

From last Saturday’s press: “Stocks rebound as Wall Street bounces back.” Where is the commentary on the period October to now? And when the PSE is down, it is a very predictable “PSEi tumbles as Fed quashes rate cut hopes.”

As an asset class, equity markets tend to follow a general trend up and down over a longer period of time.

But every PSE trader’s dream is that the PSE would actually closely follow the Dow Jones short term moves.

If anyone bothered to deep-dive the data over 10 years, for example, they would discover that there is about 50 percent chance that if New York is up, the PSE will also be up.

Trading off the Dow is a great way to lose money. Further, and this is fun, the PSE starts the trading week and closes the Monday session before the New York market opens for Monday trading. The same data deep-dive reveals that NYSE has a slightly—actually infinitesimal—chance of being up when the PSE is up the day before.

If you read the press/media reports—and some of the stockbroker analysts’ comments—you might think that professional traders and investors get up every morning and check the news reports before making a stock market decision not unlike looking out the window to see if it is going to rain.

I check the news every morning to see which of my age peer group had died (RIP Carl Weathers), which country the US has started bombing (congrats Yemen), and, lastly just because, the trend of Philippine inflation i.e. crude oil prices (Brent under $80: hooray).

My trading decisions are based on which issues are moving or have moved and which I think will move higher based on the trend that the charts show me. That is how most

Even Olaf Scholz is admitting Germany’s government is in trouble

By Arne Delfs & Michael Nienaber

O

laf Scholz is not known for expressions of self-doubt. So a nation took notice when the German chancellor voiced, for the first time, that things weren’t going to plan.

When quizzed on the dissatisfaction engulfing his three-party coalition Scholz told the weekly Die Zeit: “As chancellor I bear responsibility for the government. Period. So it would be absurd to say that I have nothing to do with it.”

“Is that a form of self-criticism?” the reporters asked, in apparent disbelief. “Yes,” answered the chancellor, shocking German citizens who have come to doubt that he could doubt himself.

Despite an ailing economy, a selfinflicted budget crisis and an electoral menace from the far right, the Social Democrat has long presented himself as a leader with everything under control.

His first reaction after Germany’s top court ruled his budget unconstitutional was to insist on business as usual. When protesters drowned out a speech he gave in the city of Cottbus by honking horns outside, he told the assembled crowd “We live in turbulent times.” He’s brushed away

critics of his leadership with the remark that he is hardly John Wayne.

After his recent, unlikely flash of contrition it wasn’t long before Scholz was back in Teflon mode.

Last week gave him reasons to be cheerful: Germany had taken a hard line on Hungary’s obstruction to the aid package European Union states wanted to pass for Ukraine and, with a little help from fellow leaders, they’d got Prime Minister Viktor Orban to cave.

The win in Brussels will be followed this week by a visit to Washington—the third time US President Joe Biden has received Scholz since he was elected two-and-a-half years ago. The US president’s mantra— compare me not to the almighty, but to the alternative—is one the chancellor’s team are known to enjoy.

Still, the problems tailing his leadership would be hard for even a professional optimist to ignore.

“Downfall of a Know-It-All,” read the cover of Der Spiegel magazine after

the budget court ruling, depicting a disgruntled Scholz holding his wornout briefcase.

Inside it the chancellor likes to keep tomes by authors like Richard Rorty, whose “Pragmatism as AntiAuthoritarianism” he was reading last year.

Under Rorty’s influence, he clings to his belief in the power of an upbeat narrative. “Members of society must be able to tell themselves a story about how everything can get better,” Scholz says on his website, citing the American philosopher.

The economy is one thing that keeps the rest of the country from buying in. Critics and even members of his party worry Scholz and his inner circle don’t have a plan for turning things around.

Through a series of crises, German governments got used to exempting themselves from their own budget rules. Now the crisis is that there isn’t one—at least, not officially—and so, chastened by the high court’s ruling, the government is having to obey the usual austere limits on financing through debt.

That’s resulted in clawbacks that are antagonizing everyone from farmers to businesses trying to embrace clean energy.

people that TRADE the market make their decisions as opposed to those that TALK the market, especially those in the realm of academic “Financial Literacy.”

But don’t external factors strongly influence stock prices? Yes, they do but no, not necessarily in the ways you might think.

Here is the US/global “SITREP” from The Kobeissi Letter. “Since 2024 started five weeks ago: markets have removed an interest rate cut from forecasts, US CPI inflation jumped for the first time since September 2023, US interest rate cuts are no longer expected to start until May 2024, two jobs reports have come in stronger than expected, the US 10-year note yield is up nearly 15 basis points, and the S&P 500 is up 5 percent to a new all-time high while the Magnificent 7 have added $3 trillion in value.”

What does all that have to do with making a buy/sell decision for PSE shares? I do not have a clue. Ask a “Financial Literacy” professor/guru.

I am waiting for one issue that I own to close a trading gap at P3.42 so I can take my 39 percent profit.

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

“We just don’t have any money anymore,” Carsten Schneider, a lawmaker from Scholz’s SPD, said last week.

Members of Scholz’s party have their own motives for gloom. The erosion of the chancellor’s power is unsettling lawmakers in his Social Democrat parliamentary group. For them, the slump in polls requires a major turnaround before the 2025 federal election. Their party’s polling in third place at 14 percent.

Some colleagues expect debate over Scholz’s leadership to reach fever pitch after September, when the far-right Alternative for Germany party is set to place first in three regional elections. Those colleagues shared their views on condition of anonymity, like others who spoke to Bloomberg for this article.

In the state of Thuringia, polls suggest the SPD could even fail to clear the five-percent threshold— meaning it would be kicked out of the regional parliament.

The chancellor must “find a way out of this fatal downward dynamic,” Philipp Tuermer, head of the SPD youth wing and one of the loudest internal critics of Scholz, told RND media—“instead of continuing to See “Scholz,” A13

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Opinion BusinessMirror

Tuesday, February 6, 2024 A13

Hedge funds’ mega returns Can RMC 5-2024 overturn a tax treaty?

Although not squarely related set off demand spiral to digital transactions, a perfect example of a unilateral action for catastrophe bonds Atty. Irwin C. Nidea Jr. that is harmful to a country’s Tax law for business

By Sheryl Tian Tong Lee & Gautam Naik

A

S 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 bestperforming 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.

Niklaus Hilti, head of insurancelinked strategies at the investment arm of Credit Suisse, which is now part of UBS Group AG, says those eyepopping returns are feeding appetite for so-called cat bonds in circles beyond the domain of hedge funds.

“The interest has recently increased amongst institutional investors,” Hilti said. “Even if we believe that these returns won’t be reproduced in 2024, we think that small allocations to the asset class can make sense for investors in order to diversify investment portfolios.”

Catastrophe bonds are used by the insurance industry to shield itself from losses too big to cover. That risk is instead transferred to investors willing to accept the chance that they may lose part or even all of their capital if disaster hits. In exchange, they can garner outsize profits if a contractually pre-defined catastrophe doesn’t occur.

The cat bond market has existed for decades but has recently had a resurgence due to weather events fueled by climate change. Combined with decades-high inflation, which has added to the cost of rebuilding after natural disasters, cat bonds have attracted record levels of issuer and investor activity.

At the same time, some cat bonds have been written with tighter trigger clauses, an outcome that favors investors and cat bond funds because it reduces the likelihood of a payout.

Hedge funds that enjoyed bumper returns on cat bonds and other insurance-linked securities last year include Fermat Capital Management, Tenax Capital and Tangency Capital.

While niche hedge fund investors continue to dominate the market for cat bonds, more mainstream institutional investors are building up their presence, according to data compiled

by Bloomberg. These include Schroders Plc, GAM Holding AG and Credit Agricole SA. That’s coincided with growth in the supply of such securities, with insurers increasing issuance by 50 percent last year.

Daniel Ineichen, Schroders’ head of portfolio management overseeing about $5 billion of insurance-linked securities, says high returns as well as the appeal of cat bonds as a portfolio diversifier have driven business for the asset manager. He notes that a quarter of the investors seeking exposure to cat bonds at Schroders over the past six months are new to the firm’s catastrophe bond team.

A lot of the new interest is coming from institutional investors and wealth-management platforms, Ineichen said.

A Schroders cat bond fund targeting US investors that was launched

Scholz. . .

Continued from A12

work in a mode where no one trusts each other anymore.”

In his first parliamentary speech this year, on Wednesday, Scholz at least managed to rally the SPD behind him again with sharp attacks against conservative opposition leader Friedrich Merz.

“What does your political program actually have to do with the future of Germany?” Scholz shouted at Merz in the Bundestag. “Economic expertise: Zero. That is the truth. No

in the middle of last year has already attracted $100 million, he said. “We have clearly seen that the flavor of the year was cat bonds” and “we see very attractive return patterns for 2024.”

Swiss Re, which has long been involved in the proprietary trading of cat bonds, has been broadening its strategy. In July 2022, it set up an investment manager called Swiss Re Insurance-Linked Investment Advisors Corp., which oversees third-party capital and currently has about $1.5 billion of assets under management.

Given the current market trajectory, those assets may exceed $2 billion by 2025, said Mariagiovanna Guatteri, the group’s chief investment officer. Returns have been in the double digits and that’s attracting interest from a growing roster of non-ILS specialist investors, she said.

To be sure, investors moving into cat bonds are taking on highly complex and highly risky instruments that don’t move in tandem with the rest of the market. And when payment clauses are activated, losses can be considerable.

Globally, the market for insurancelinked securities reached about $100 billion at the end of the third quarter of 2023, insurance broker Aon Plc estimates. Cat bond issuance alone hit an all-time high of more than $16 billion in 2023, including non-property and private transactions, bringing the total market for the securities to $45 billion, according to Artemis, which tracks the ILS market.

“The risk premium has widened significantly over the last two years and, most importantly, structures have been de-risking, so the market is in a more favorable state than in the recent past,” Hilti said.

Last year, everything came together for cat-bond investors. Brett Houghton, a managing director at Fermat, which looks after about $10.8 billion of assets, describes 2023 as a “unicorn year,” with “strong investor interest and the need for the insurance market to issue more and more.”

The spreads on cat bonds “narrowed meaningfully” in January, buoyed by robust investor demand, according to a recent analysts’ report from Bank of America Corp.

The recent gains were buoyed by the fact that the hurricane season was milder than in 2022, meaning bondholders had to cover fewer losses. While the consensus view is it will be hard to achieve a repeat of those uniquely supportive circumstances, Houghton said investors are still seeing “attractive returns.”

Hilti said the gains of 2023 don’t need to be repeated this year for the securities to remain an attractive investment.

Cat bonds will always remain “a niche investment,” Hilti said. But those investors willing to take on the risks are trying to get a foothold after the “stronger momentum and higher risk premia” they’d been waiting for has now arrived, he said. Bloomberg prospects for Germany. No industrial perspective. No prospects for jobs.”

SPD lawmakers cheered the chancellor’s combative speech. For now, at least, he has averted open rebellion.

Recent allegations about a meeting where Scholz’s resignation was discussed he dismissed as “a fairy tale.” When the Die Zeit interviewers reminded him that even Pope Francis, God’s representative on earth, admitted to “moments of doubt and darkness,” Scholz responded: “I also have self-doubt. But your question was whether I had thought about quitting.”

“The answer is: No.” Bloomberg

I

N November 2023, the Philippines joined the OECD/G20 Inclusive Framework on BEPS, an international collaboration with over 140 member countries and jurisdictions. The Philippines has promised to help redefine tax treatments of the digital economy by participating in the Two Pillar Solution.

Pillar Two refers to the global minimum tax of 15 percent. It is designed to ensure that multinational companies will not be able to avoid paying tax by dumping all its income to a low-tax jurisdiction. The OECD has agreed that Pillar Two will be adapted. As a result, many countries have already passed the necessary legislation to enforce Pillar Two. Unfortunately, the Philippines has not even reached the first base in formulating the law.

Pillar One, on the other hand, is centered on the world’s digital revolution where the current international income tax rules are being challenged—are the current tax rules that envisioned a “brick and mortar” economy still applicable to the digital economy?

The fundamental rules, as we know it, that are enshrined in decades old tax treaties and jurisprudence, which defined where taxes should be paid (“nexus” rules based on physical presence) are on shaky grounds.

New business models are created where physical presence in a country is not necessary for a non-resident entity to earn income. This results in friction between countries on how to distribute taxing rights on income generated from cross-border activities. These new business models have also facilitated tax avoidance through the shifting of profits by multinational enterprises (MNEs) to low or no tax jurisdictions.

Pillar One is still a work in prog-

ress. It must be emphasized that member countries have not agreed to change the rules on nexus. The definition of permanent establishment in tax treaties, as we know it, remains.

But there is growing discontent among countries because they find that unfair allocation of taxing rights in the digital economy continues.

This leads to dangerous unilateral actions by some countries, which would be harmful to their economy and to their international standing as a treaty partner.

Although not squarely related to digital transactions, a perfect example of a unilateral action that is harmful to a country’s economy is RMC 5-2024. The circular seems to forget that the Philippines has signed treaties with other countries that clearly state that profits of an enterprise of another country shall be taxable only in that country unless the enterprise carries on business in the Philippines through a permanent establishment. Permanent establishment is defined as a fixed place of business through which the business of an enterprise is wholly or partly carried on. Thus, in general, for a foreign enterprise to be taxed in the Philippines, it must have a physical presence in the Philippines where it generates income.

Unfortunately, RMC 5-2024 has singlehandedly changed the fundamental principles of international tax. Almost all services to a Philippine entity that are performed by a foreign entity in their country is now

economy is RMC 5-2024. The circular seems to forget that the Philippines has signed treaties with other countries that clearly state that profits of an enterprise of another country shall be taxable only in that country unless the enterprise carries on business in the Philippines through a permanent establishment.

taxable here in the Philippines. The Philippine entity is now required to withhold the 15 percent income tax and the 12 percent VAT that the foreign entity must pay to the Philippine government. In other words, if I have a lawyer in England and our contract states that his professional fee is P100,000, I must only remit P68,000 to him and I must withhold the remaining P32,000 in favor of the government. Do you think my lawyer will agree that he will only be paid P68,000? In reality, what will happen is that I will be forced to pay the P32,000 tax to ensure that my consultant still receives P100,000.

In effect, I will be paying P132,000 instead of just paying P100,000. I will shoulder the tax since my lawyer will insist that our countries have signed a tax treaty and for him, it is clear that the services he performed outside the Philippines are exempt from tax.

In the end, I and every other Philippine entity will suffer. This additional expense will trickle down to the ultimate Filipino consumer and to the economy as a whole. Since the cost of doing business is more expensive, inflation will be triggered and prices of goods and services will increase.

If Philippine companies will enforce RMC 5-2024 and tax non-resident foreign corporations that have no permanent establishment in the Philippines, we must also be ready when these foreign companies leave

and offer their services elsewhere, where tax treaties are respected.

Generating more income for the government through administrative or judicial legislation may backfire.

We cannot be too excited to change the situs or nexus rules on our own.

As regards digital transactions, our country still respects tax treaties and has agreed to adapt what the OECD will conclude as the binding rule that every member country must follow. Whether the current nexus rule on digital transactions will change, is still up in the air. As of now, there is no consensus. But as a country, we have agreed to participate in the formulation of these new rules while we acknowledge that the prevailing nexus rule should still be followed, in the meantime.

If we are waiting for Pillar One to introduce change in the nexus rule before we abandon the current rule on digital transactions, why is there an attempt to overstretch a Supreme Court decision on a case involving satellite services and apply the peculiar facts of the said case in redefining the nexus rule of crossborder services?

Every policy that imposes tax on non-resident foreign corporations cannot be taken lightly. If we are careful not to be tagged as a lone wolf in imposing income tax on digital transactions by joining the OECD/G20 Inclusive Framework on BEPS, we must be equally cautious not to tax income of services that are performed outside the Philippines. We are a Third World country and we cannot afford to act as if we are indispensable.

The author is a senior partner of Du-Baladad and Associates Law Offices, a member-firm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at irwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.

US vows more Mideast strikes while trying to avert wider war

By Iain Marlow & Jennifer Jacobs

T

he Biden administration vowed more strikes against Iran’s forces and its proxies in the Middle East after three straight days of punishing attacks, even as senior officials insisted the US won’t be pulled into a prolonged regional conflict.

“We will respond forcefully, and we will respond in a sustained way,” White House National Security Advisor Jake Sullivan said on CBS’s Face the Nation. Even so, he said, President Joe Biden doesn’t see the US action in the last three days as “some open-ended military campaign.”

Balancing between those two extremes will be Biden’s main challenge as he plots his next moves and braces for any counterattacks by Iran and its proxies. Officials framed the US strikes—which hit 85 targets in Iraq and Syria on Friday, including some by long-range bombers flown from the US—as a necessary and inevitable response to the killing of three US soldiers in a drone strike in Jordan a week ago. “Yes,” Biden said when asked Sunday in Las Vegas whether the US attacks are working.

The administration made clear it’s responding to other challenges too.

US strikes on Saturday targeted Yemen-based Houthis who have roiled global trade by targeting commercial vessels in the Red Sea, hitting the militants’ weapons-storage facilities deep underground and not solely targets that posed an imminent threat.

That more expansive target list—and the expectation that the Pentagon will launch more strikes against Iranian assets and the country’s proxies—suggested that the US was broadening the scope of its campaign. In an interview with CNN, Sullivan declined to rule out “any activity anywhere,” including in Iran itself.

The Friday night attacks in Syria and Iraq were “designed to navigate

the course between demonstrating, both politically at home and in the region, that we have capacity and capability to strike them hard,” while ensuring there’s no broader escalation, said Aaron David Miller, a former senior State Department official who’s now at the Carnegie Endowment for International Peace.

One senior administration official, who asked not to be identified discussing private deliberations, insisted that Biden isn’t getting pulled deeper into the Middle East conflict.

The official said the US assessment so far is that the strikes in Yemen, Iraq and Syria have been effective in degrading the groups’ capabilities and their ability to resupply their weapons.

US Central Command said its forces on Sunday conducted strikes in self-defense against at least five Houthi anti-ship cruise missiles “prepared to launch against ships in the Red Sea.” US forces also conducted a strike against a Houthi land-attack cruise missile, Central Command said in a statement.

At the same time, the US sees the Houthis adapting, according to another official, who also asked not to be identified discussing internal assessments. The militants are getting better at targeting vessels even though they can’t yet overwhelm US defenses, the official said.

For now, the group says it’s undaunted. Ali Al-Kahoum, a member of the Houthi political council, said there was now an “open war” and that the Houthis have the military capability to strike back. That opened

Officials framed the US strikes— which hit 85 targets in Iraq and Syria on Friday, including some by long-range bombers flown from the US—as a necessary and inevitable response to the killing of three US soldiers in a drone strike in Jordan a week ago. the possibility of even more escalation and suggested the US message wasn’t getting through.

Even as the US contemplates more attacks, it’s pushing forward a deal being mediated by Qatar that would see Israeli and Hamas halt the fighting that began with that militant group’s October 7 attack in southern Israel. In return for an extended cease-fire, Hamas would agree to release most of the almost 140 hostages it still has under the deal, which the US believes is the only real way to defuse the regional crisis, according to one of the US officials.

Secretary of State Antony Blinken was headed back to the region Sunday evening on his fifth extended tour of the Middle East since the war broke out in October. He plans to meet leaders in Israel, Egypt, Saudi Arabia and Qatar to push for more progress on the talks and also shore up support for the US-led attacks despite uneasiness from some partners about their pace and intensity.

Blinken does not see the strikes on the Iran-related targets as affecting chances for a deal providing for the release of Israelis held hostage

by Hamas in tandem with a pause in the fighting in Gaza to allow for humanitarian aid to reach the area, a US official said.

Blinken also believes civilian deaths in Gaza are still too high and a deal to halt fighting would help to reduce that, the official said.

Iraq’s foreign minister summoned

a senior US diplomat, David Burger, to protest the strikes against Iranian assets. Even so, US officials said the international consensus is on their side. Washington’s Arab allies in the Middle East are supportive of the US military response and recognize the US can’t tolerate attacks on its troops, according to one official from the region who asked not to be identified discussing the matter.

In Europe, though, there were reservations about the US actions. After an informal gathering of foreign ministers in Brussels on Saturday, European Union foreign policy chief Josep Borrell said the ministers had expressed “serious concern” about the US airstrikes a day earlier.

“At any moment in this series of attacks and counter-attacks, a spark can create a greater incident,” Borrell said.

Former US officials and analysts said that the Biden team’s strategy — targeting Iran’s Quds force outside of the country’s borders as well as specific groups it said were responsible for attacks on US bases and shipping—seemed clearly designed to send a message without triggering an escalation that could see a direct conflict with Tehran.

“If you look at the policy in totality, there’s an endgame objective of trying to punish Iran’s proxy forces while avoiding inflicting high costs on Iran directly—whether those are military, economic or political costs,” said Richard Goldberg, who served in former President Donald Trump’s National Security Council and is now a senior adviser at the Foundation for Defense of Democracies.

But, he said, “Iran has already escalated—and while it’s never easy putting a genie back in the bottle, the alternative is never-ending chaos, violence and distraction.” With assistance from Peter Martin, Jordan Fabian and Jon Herskovitz /Bloomberg

A14 Tuesday, February 6, 2024

SENATE SEEKS ‘BEST OUTCOME AS CHA-CHA HEARINGS START

S

ENATE President Juan Miguel F. Zubiri assured the Filipino people on Monday that the Senate will work for “the best possible outcome for the people” as it deliberates on the proposals to amend certain economic provisions of the 1987 Constitution.

“We must discuss this with all members of society, not just our learned luminaries here, as well as different sectors that will be affected by the most amendments of our Constitution,” Zubiri said as the special sub-panel of the Committee on Constitutional Amendments and Revision of Codes held its first public hearing on Resolution of Both Houses No. 6, seeking to amend certain economic provisions of the Constitution.

Zubiri expressed his support for Sen. Sonny Angara, who heads the subcommittee, and said the timeline for the hearing is in his hands.

The invited resource persons were split in their support for Charter change. Retired Justice Hilario Davide Jr., a member of the 1986 Constitutional Commission, objected to amending certain provisions, warning it could create more serious and disturbing problems and consequences in the future such as foreign ownership in the country’s basic education system.

“It is my firm and unchangeable stand that there are no valid scenarios and compelling reasons to amend our 1987 Constitution. What our country and our people need today are not amendments to provisions of the Constitution but the full implementation of its principles and state policies,” Davide told senators. In his view, the country’s massive social, economic, political, moral and ethical problems are caused by a failure to fully implement the Charter’s mandates on governance and accountability.

Deputy Minority Leader Risa Hontiveros weighed in also in the antiChacha camp, saying that amending the Charter is not the means for attracting foreign direct investments.

Contrary to what others have been saying about the so-called“restrictive provisions”allegedly enshrined in the Constitution, “our country is open to foreign investments,” she said.

She said laws passed in the 18th Congress have already liberalized various sectors, citing the amendments to the Foreign Bank Liberalization Act, the Retail Trade Liberalization

Act, the Public Service Act, and the Foreign Investments Act. “So much of the Philippine economy is already open to foreign participation,” the deputy minority leader said.

RBH 6 proposes amendments to certain economic provisions of the 1987 Constitution, particularly Articles XII, XIV and XVI. Angara, who with Zubiri and Legarda championed RBH 6 in the Senate, said, “I just wish to reiterate my colleagues’ stand that this [charter change] is not something that needs to be rushed given its importance, especially since it is the most important or highest law in the country, the Constitution itself.”

While constitutional reform is good, it is not enough, Angara stressed. “Let’s not think that this is a miracle, that when we pass it, investors and entrepreneurs will suddenly come knocking on our door...to the extent that it can help. By all means, let us explore the possibilities,” he added.

Sen. Win Gatchalian, who earlier filed a similar measure to review the economic provisions, noted how the Philippines lags behind Asean countries in terms of inbound foreign direct investments (FDIs). “The goal of this representation is to create more jobs by opening up our economy, speed up our growth by attracting more FDIs into our country,” Gatchalian said.

Sen. Robinhood Padilla, chairman of the Committee on Constitutional Amendments and Revision Codes, said the Philippines must keep up with globalization by looking into the restrictions in the Constitution that hamper the country’s growth.

Sen. Ronald “Bato” Dela Rosa also aired support for the review.

He sought the opinion of legal luminaries—notably former Chief Justice Davide, and two framers of the 1987 Charter, former SC Justice Adolf Azcuna and Comelec chairman Christian Monsod—as to how the chamber should go about the proposals to amend the economic provisions of the 1987 Constitution.

Senator Alan Peter Cayetano, for his part, said, “We hope that the Senate can be the kind of institution that will have healthy debate, where all ideas are welcome,” Cayetano said.

Cayetano said a balanced discourse is needed because of its potential impact on the country.

Butch Fernandez

Smuggled? BOC units tracking 2 cars worth ₧330M

By Reine Juvierre S. Alberto

T

HE Bureau of Customs (BOC) is on the hunt for two allegedly smuggled luxury sports cars amounting to P330 million, which did not go through regular customs clearance.

The BOC said on Monday it had issued a Warrant of Seizure and Detention (WSD) against the two Bugatti Chiron without the proper importation documents, worth P165 million each.

In a statement, the BOC disclosed the two units of the 2023 model sports car—one colored blue (with plate number NIM 5448) and one red (with plate number NIM 5450)—are registered to Menguin Zhu and Thu Thrang Nguyen.

The two sports cars were frequently seen in Muntinlupa, Pasig, Pasay and Cavite, based on investigation by Customs Intelligence and Investigation Service-Manila International Container Port (CIISMICP).

The vehicles were also openly advertised in online markets and various social media sites, it added.

Deputy Commissioner for Customs Intelligence Group Juvymax Uy said the Bureau received information last November 17, 2023

about the entry of the vehicles without going through regular customs clearance.

Uy added that the CIIS-MICP conducted a case build-up upon receiving the information.

The owners of the vehicles will be asked to present proper importation documents, or face charges for the possible violation of Section 1400 (Misdeclaration, Misclassification, Undervaluation, in Goods Declaration) in relation to Section 1113 (Property Subject to Seizure and Forfeiture) of the Customs Modernization and Tariff Act (CMTA).

“We ask the public to give us any information about these vehicles if they see them. They can reach out to the BOC’s Intelligence Group or through the BOC Cares portal to report any sightings,” BOC-CIIS Director Verne Enciso said.

Cash rewards equivalent to 20 percent of the actual proceeds from the sale of the two P330-million sports cars will be given to informers or whistleblowers.

This is pursuant to Section 1512 (Reward to Persons Instrumental in the Actual Collection of Additional Revenues Arising from the Discovery of Violations of this Act) of the CMTA and Customs Administrative Order (CAO).

‘Galunggong’ prices to dip 30% with end of fish ban

T

By Samuel P. Medenilla

@sam_medenilla

HE Department of Agriculture (DA) said the price of galunggong (round scad) and other pelagic fish are expected to drop by 30 percent with the end of the fishing ban in parts of Visayas and Mindanao.

The agency also assured the public the price of beef will remain stable despite the existing importation ban for live cattle and buffalo and their by-products from the four countries with outbreaks of lump skin disease (LSD).

Additional supply

DA spokesperson Arnel V. De Mesa said the increased supply of pelagic

fishes with the start of the fishing season in Visayas and Mindanao this month, will make the food item more affordable.

“Probably the prices of galunggong and other pelagic fish will go down by 30 percent,” De Mesa said in Filipino in a television interview with PTV on Monday.

Based on the price monitoring of DA in markets in Metro Manila

last Friday, the price for imported galunggong is at P180 to P260 per kilo, while those fished locally are more costly ranging from P200 to P330 per kilo.

The DA and the National Fisheries and Aquatic Resources Management Council issued a resolution declaring the closed fishing season from November 15, 2023 to February 15, 2024 to help in the recovery of the country’s fish stock.

The fishing ban covered sardines in the East-Sulu Sea, Basilan Strait, and Sibuguey Bay, while in the Visayas it applied to small pelagic fishes.

Import ban

DE MESA noted the ongoing importation ban for cattle and buffalo and some of their byproducts from Libya, Thailand, Russia and South Korea with LSD outbreaks will have no impact on the country’s beef supply.

He explained that the said countries are not “accredited” to supply

the Philippines with beef.

Most of the country’s beef imports, the DA official said, comes from India, South America, America, and Europe.

“It will not affect our overall supply [of beef]. The ban is a precautionary measure because we still have no cases of lumpy skin disease in the Philippines,” De Mesa said.

In its Memorandum Order No. 6 issued last week, DA banned the entry of live cattle and buffaloes including their by-products like milk, and milk products, embryos, skin, and semen from the said four countries.

The issuance remains in effect unless revoked by the DA. LSD is a viral disease, which affects cattle and buffaloes, which causes fever and enlarged superficial lymph nodes. While it is not usually fatal to the infected animals, it may reduce their milk production, stunt their growth and cause their infertility.

CHINATOWN CELEBRATES 430 YEARS To celebrate the upcoming Chinese New Year on February 10, 2024, and pay homage to Binondo’s 430th year as the oldest Chinatown globally, a mall in Binondo, Manila, introduces a captivating 500-foot dragon installation crafted by artist Leeroy New. This attraction promises to be a visual delight and a perfect subject for social-media posts. NONIE REYES

House adopts reso, decries ‘intense assault’ from Senate

By Jovee Marie N. dela Cruz @joveemarie

T

WO-HUNDRED and eightyfour lawmakers from the supermajority of the House of Representatives adopted House Resolution (HR) 1562 on Monday, declaring their strong support for Speaker Ferdinand Martin G. Romualdez and highlighting the chamber’s commitment to upholding the integrity and honor of the institution, especially in the face of what is described as an “intense assault” from the Senate.

In the resolution, the House leaders denounced the “confrontational tactics used by the Senate, which are detrimental to the spirit of cooperative governance and the

public’s confidence in parliamentary processes.”

“In the midst of the Senate’s accusations and confrontational stance, we affirm our unwavering solidarity and support for the leadership of the honorable Speaker Ferdinand Martin G. Romualdez and uphold the integrity and honor of the House of Representatives,” Senior Deputy Speaker Aurelio Gonzales Jr. said in sponsoring HR 1562.

“Our co-equal legislative bodies. The unfounded allegations hurdled by some members of the Senate on the issues surrounding the people’s initiative are a direct violation of inter-parliamentary courtesy and undermine the independence and integrity of the House of Representatives. My honorable colleagues, we

must, as one body, rise in defense of the leadership and dignity of our institution against these ridiculous allegations, unsubstantiated as they are, which foster a climate of mistrust that is detrimental to our nation’s progress. It is imperative that we denounce these underhanded tactics that erode public trust in our parliamentary processes,” Gonzales said.

Sen. Jinggoy Estrada took the floor hours later to denounce the adoption of House Resolution 1562.

Estrada implored the leadership of both Houses to break the impasse that stemmed from the heated Charter change debate.

The resolution highlighted the context surrounding the controversy, beginning with the House’s

passage of Resolution of Both Houses (RBH) 6, titled “Resolution of Both Houses Calling for a Constitutional Convention to Propose Amendments to, or Revision of, the 1987 Constitution of the Republic of the Philippines.”

This resolution aims to amend economic provisions in the Constitution to make the Philippines more investor-friendly and globally competitive.

Pending Senate action on RBH 6, the People’s Initiative for Modernization and Reform Action (Pirma), a private organization, initiated a signature drive to amend the 1987 Constitution, filing the gathered signatures with the local offices of the Commission on Elections.

See “House,” A2

Companies BusinessMirror

Editor: Jennifer A. Ng

Tuesday, February 6, 2024

‘Demand for office spaces in PHL will remain tepid’

R

By VG Cabuag

@villygc

eal estate services firm Cushman & Wakefield Inc. said the return to prepandemic demand for global offices, including those in the Philippines, “remains distant.”

Claro Cordero, the company’s director and head of research, said demand for more outsourcing activities will stimulate occupier demand, but at a slower pace, which will improve the overall market vacancy rates in established central business districts.

“The current confusion on the new legislation allowing remote work schemes must be clarified, as this will further stall expansion decisions of IT-BPM companies. These

future growth plans will stimulate office space absorption in the local market,” Cordero said. “ T he dema nd for sust a inable construction practices and property management is taking shape as large corporate occupiers simultaneously chart their long-term real estate strategies.

The demand for high-quality developments will further highlight the demand for highly-flexible building systems and sustain-

able property management practices as effective ways to ensure healthy occupier demand.”

The company said the office real estate market in Metro Manila remains in recovery phase by the end of 2023.

While majority of the landlords in Metro Manila are keeping their headline rent steady, some had posted slightly lower rents in the fourth quarter last year, bringing the average asking rent down by 1.8 percent to P1,023 per square meter per month from the previous quarter’s reported rent of P1,042 per sqm per month, as a result of prevailing high vacancies in the market.

“Overall vacancies of prime office spaces closed at 16.3 percent in the fourth quarter, a marginal decrease from the previous quarter’s rent of 16.8 percent. With the large volume of office space

expected to be completed in the first half of 2024, as well as the proposed amendments to legislation that will allow for the IT-BPM sector to operate on a more flexible work-arrangement, vacancies are projected to increase,” the company said.

Cordero said large-scale investment transactions may still take time to fully recover in the country, as price expectations remain elevated. He attributed this to high interest rates.

“Office vacancy in the Manila market will continue to breach historical high levels due to balance of new completions in the short- to medium-term, as well as the continuous right-sizing initiatives of most global occupiers.”

The company said it still sees office vacancy figures improving as delayed transactions in 2023 are projected to come up online this year.

Energies PH inks deal with Inyanga

By Manuel T. Cayon Mindanao Bureau Chief @awimailbox

E

nergies PH Inc. said its affiliate San Bernardino Ocean Power Cor p. has signed an agreement with Inyanga Marine Energy Group for the construction of Southeast Asia’s first tidal power generation plant in the Philippines.

The company said in a statement that it awarded the engineering, procurement and construction (EPC) contract to Inyanga.

The tidal power plant will be built on the remote Capul Island in Northern Samar, along the San Bernardino Strait, a passage well-known for the strength of its marine currents.

“As we embark on this pioneer-

ing tidal power plant for the Philippines, our vision is to replicate this in several off-grid sites all over the country to provide electricity in the hinterlands. We see the initial project in Capul as a catapult to achieving our goal of helping create sustainable communities across the Philippines,” said Antonio Ver, co-chairman and CEO of Energies PH. The 1 megawatt project will use

Inyanga’s innovative HydroWing tidal stream technology.

The HydroWing tidal stream turbines will be connected to the electrical network of Capul, an off-grid island currently relying on a 750 kW diesel power plant.

The first stage of the project consists of a 1MW tidal power plant, to be connected into a microgrid network coupled with solar PV and energy storage, delivering a

reliable, sustainable, and costcompetitive alternative to fossilbased power generation.

Richard Parkinson, CEO of Inyanga Marine Energy Group, said: “We are looking forward to working with Energies PH on the delivery of this transformational project for the region. Tidal stream energy is the most predictable and reliable form of renewable energy. Our HydroWing technology is at the cutting edge of innovation and provides a costeffective solution to harvesting the power of the ocean’s tides.”

Other tidal power generation sites planned for subsequent deployment by San Bernardino Ocean Power are in San Antonio Island, also in Northern Samar, and the Calintaan Island in Matnog, Sorsogon.

Boeing finds more misdrilled holes on 737 in latest setback

A Boeing 737 Max 8 aircraft outside the company's manufacturing facility in Renton, Washington, US, on Sunday, January 7, 2024. Bloomberg News

B

oeing Co. found more mistakes with holes drilled in the fuselage of its 737 Max jet, a setback that could further slow deliveries on a critical program already restricted by regulators over quality lapses.

The latest manufacturing slip originated with a supplier and will require rework on about 50 undelivered 737 jets to repair the faulty rivet holes, Boeing commercial chief Stan Deal said in a note to staff. While he didn’t identify the contractor, a spokesman for fuselage supplier Spirit AeroSystems Holdings Inc. said said it’s aware of the issue and will conduct repairs.

The extra time required for inspections and repair work could delay near-term plane deliveries, Deal said in his memo, which was seen by Bloomberg News.

“This is the only course of action given our commitment to deliver perfect airplanes every time,” Deal said in his note.

The defect follows a string of manufacturing lapses at Boeing, including a near-catastrophic panel blowout on an Alaska Airlines 737 Max last month. The Federal Aviation Administration has stepped up scrutiny of Boeing’s manufacturing and supplier systems and has capped 737 production until quality improves.

Boeing shares fell 1.6 percent in

premarket US trading on Monday.

They had declined 20 percent this year through Friday, the worst performance on the Dow Jones Industrial Average. Wichita, Kansas-based Spirit Aero, also slid 1.6 percent. The shares had fallen 12 percent since the start of 2024.

The problem disclosed Sunday is the latest in a series of glitches originating with Boeing’s former aerostructures unit. A drilling fault on an aft pressure bulkhead supplied

by Spirit Aero slowed deliveries of the 737 Max last year, the planemaker’s most important generator of cash flow. A separate issue with tail-fin fittings affected output earlier in 2023.

In the latest instance, Deal said a worker at a Boeing supplier flagged that two holes in the plane’s fuselage may not exactly meet specifications.

The problem “is not an immediate flight safety issue and all 737s can continue operating safely,” he said.

Still, he said many employees have expressed frustration at how unfinished work, either by suppliers or within Boeing’s factories, can ripple through aircraft production lines. To address this, Boeing has recently told a major supplier to hold shipments until all work has been properly completed, he said.

“While this delay in shipment will affect our production schedule, it will improve overall quality and stability,” Deal said. Bloomberg News

DDB Group awarded ‘Agency of the Year’

Davao Light hikes power rate

D

D

avao City—Davao Light and Power Co. Inc. announced that it raised electricity rates for January.

“Residential customers will see a slight increase in their bills for January 2024 as the overall power rate is up by P0.0774 per kilowatthour [kWh],” it said in a statement last January 25.

From P8.74/Kwh in December, it is now P8.82/kWh “due to higher market prices that pushed the generation rate up” it said, adding that this rate applies to bills received from January 11 to February 10.

The company said the increase was driven by the higher cost of power from independent power producers from which Davao Light sources part of its supply requirement.

“The distribution utility sources more than 50 percent of its power requirements from non-renewable sources such as coal, while nearly 50 percent is from renewable sources such as hydropower, a cheaper source, which remains unaffected by the volatility of world market prices.” Manuel T. Cayon

B1

HIGH-LEVEL MEETING

Philippine President Ferdinand R. Marcos Jr. and Vietnam Prime Minister Pham Minh Chinh (center), with their respective cabinet secretaries, pose after a productive high-level meeting in Hanoi, Vietnam that sealed partnerships for increased trade and investment opportunities between the two countries. Filipino businessmen joined Marcos on his official trip. Photo shows officers of the Philippine Chamber of Commerce and Industry (PCCI) officers led by its President Enunina V. Mangio (second row, third from left) with PCCI VP for Regional Affairs Ma. Alegria Sibal Limjoco (second from left); and PCCI Philippines-Vietnam Business Council chair Lloyd Balajadia; with Philippine Franchise Association President Joseph Tanbuntiong (left). With them are Secretary Frederick Go (sixth from left) of the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) and Trade Secretary Alfredo Pascual (front row, 4th from left). This was Mangio’s first business trip joining the President after assuming the PCCI leadership in January this year. The PCCI delegation met with its counterpart Vietnam Chamber of Commerce and Industry (VCCI) and participated in the roundtable meeting hosted by the Department of Trade and Industry.

DB Group Philippines won the highly coveted “Agency of the Year” title at the recently concluded 59th Anvil Awards of the Public Relations Society of the Philippines.

The agency group garnered six Gold and 13 Silver Anvils from its entry submissions this year, comprising the group’s impactful campaigns with some of its valued client partners, namely, Mang Inasal Philippines, Jollibee Philippines, PepsiCo Philippines, PLDT, and Asian Hospital.

Mang Inasal Philippines swept five Anvils for its campaigns with DDB Group’s flagship creative agency, DDB Philippines (DDB PHL).

These include a Gold Anvil for Best Use of Social Media for each of the following campaigns: Mang Inasal Nation Facebook Group, #MangInasalMOMents Mother’s Day Celebration, and #ILoveMangInasal Facebook Page Content Revamp.

The Asian Hospital and Medical Center’s campaign with DDB PHL dubbed “Alagang Deserve, Alagang Sulit” also won a Gold Anvil for Best Use of Social Media, and three Silver Anvils for Marketing and Brand Communication, Corporate Identity/ Corporate Branding Program, and

Best Use of Influencer Marketing for PR Programs.

Jollibee’s various campaigns with DDB Group’s integrated PR solutions company Ripple8 won four Anvils under the PR Programs category. These include a Gold Anvil for Marketing and Brand Communication, a Silver Anvil for Best Use of Digital for Jollibee’s Sarap ng Pasko Campaign, a Silver Anvil for Marketing and Brand Communication for Jollibee’s Christmas Drive-Thru Experience, and a Silver Anvil for Best Use of Influencer Marketing for the Jollibee Chicken Sandwich 2023 Campaign.

PepsiCo Philippines and DDB MNL’s “Pepsico’s Hataw Ang Energy sa Mind and Body Campaign” Campaign bagged two Silver Anvils for Best Use of Digital and Best Use of Influencer Marketing under the PR Programs category. Moreover, their “PepsiCo’s Gatorade No Sugar Sweat Fest” also won Silver under the PR Programs-Health and Wellness category.

PLDT Enterprise’s campaign with DDB MNL titled “Visionaries: Going Further Together” also won a Silver Anvil under the PR Programs-Marketing and Brand Communication category.

B2

Companies BusinessMirror

Tuesday, February 6, 2024

NGCP calls for talks with PPHI on transmission line

T

By Lenie Lectura

@llectura

he National Grid Corporation of the Philippines (NGCP) said Monday its P10.2-billion transmission line from Bulacan to Bataan could not take off because Phirst Park Homes Inc. (PPHI), which partly owns the land where the facility will be built, is stalling its construction.

The grid operator said it has repeatedly reached out to PPHI to settle the issue amicably amid the issuance of a temporary restraining order (TRO) by the Supreme Court (SC) against the expropriation and construction on a portion of the Hermosa-San Jose 500kV Line (HSJ).

The HSJ was already energized last May 27, 2023 to accommodate power generation from Bataan. Its original completion date was set on August 23, 2021.

The NGCP said the court prohibition is affecting the remaining works for its full completion. It currently has a transfer capacity of 2,000 megawatts (MW), only a quarter of the full 8,000 MW capacity of Lines 1 and 2 which cannot be accomplished due to the work

stoppage following the TRO. Upon receipt of the TRO, NGCP immediately stopped project-related activities along Towers 170-178 of the said line, stalling the ongoing stringing of the line’s remaining circuit.

“Regrettably, it appears that the petition filed by PPHI is merely one of its tactics to obstruct NGCP from finalizing the project, despite numerous rounds of negotiations and proposed out-of-court settlements between the involved parties,” said NGCP. As early as February this year, negotiations with PPHI have been ongoing. NGCP had to seek the assistance of the Department of the Interior and Local Government to proceed with construction activities, which PPHI continually tried to

Many of the NGCP’s delayed projects are blamed on right-of-way and permitting challenges in completing its committed projects.

The Cebu-Negros-Panay transmission line project stage 3 (CNP3), which is crucial to the full operation of the P51.3-billion Mindanao-Visayas Interconnection Project (MVIP), is also delayed because of a TRO sought by the Tourism Infrastructure and Enterprise Zone Authority (TIEZA).

It was supposed to be completed in October last year. However, the construction of the Cebu-Magdugo 230kilovolt (kV) line—a component of the CNP3—was halted due to the TRO issued by the SC. The completion of the CNP3 could have prevented the blackouts that crippled the islands of Panay and Guimaras last month, the Department of Energy (DOE) had said.

“It might happen again unless we finish all the projects on time,” said DOE Undersecretary Sharon Garin last month.

NGCP vowed to complete the project by March.

block despite the valid permits and Writs of Possession in NGCP’s favor.

“NGCP made it clear to PPHI that the HSJ is an Energy Project of National Significance [EPNS], and its completion and energization are critical to prevent Luzon-wide power interruptions. NGCP has repeatedly expressed its willingness to negotiate further. Still, we assert that the project’s activities can no longer be delayed given the greater national interest in the project’s immediate completion.”

The HSJ project is meant to strengthen transmission services and accommodate new bulk power generation from the Bataan area.

MUTUAL FUNDS

February 5, 2024

NAV

One Year Three Year

per share

Five Year

Y-T-D

Return*

Return

Stock Funds Primarily invested in Peso securities (shares) ALFM Growth Fund, Inc. -a

-0.53%

-0.17%

-4.28%

0.06%

ATRAM Alpha Opportunity Fund, Inc. -a 1.4844

218.23

2.3%

4.48%

-0.72%

2.12%

0.79%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.0223

-2.04%

-0.05%

-6.43%

-1.81%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7055 -0.69%

-2.87%

-6.11% n.a

First Metro Consumer Fund, Inc. -a

-6.3% n.a

2.89%

First Metro Save and Learn Equity Fund, Inc. -a 4.7736-2.86% -0.05%

-3.35%

3.1%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.7166-3.54%

0.21% n.a n.a

MBG Equity Investment Fund, Inc. -a

83.97

4.31%

-4.9%

-7.4% n.a

PAMI Equity Index Fund, Inc. -a 44.5723

-2.9%

-0.5%

-3.59% n.a

3.87%

Philam Strategic Growth Fund, Inc. -a

0.6437

-9.11%

-3.02%

3.55%

0.2%

463.27

-0.79%

-0.63%

-3.56%

0.07%

3.56%

Philequity Dividend Yield Fund, Inc. -a

1.2144

-0.89%

2.21%

-2.02% n.a

0.75%

-1.46%

0.99%

-2.56%

1.87%

Philequity MSCI Philippine Index Fund, Inc. -a 0.8956-0.63%

0.62%

-3.37% n.a

3.31%

4.6797

-2.02%

0.37%

-2.84%

1.75%

3.75%

Philippine Stock Index Fund Corp. -a

778.99

-2.13%

0.2%

-2.91%

1.76%

Soldivo Strategic Growth Fund, Inc. -a

0.7019

-1.93%

0.26%

-5.32% n.a

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.4956

-2.17%

-0.1%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8837-2.32%

-0.09%

-3.19% n.a

United Fund, Inc. -a

1.08%

3.57%

-1.9%

-0.26%

-3.17%

3.48%

3.17%

Philequity PSE Index Fund, Inc. -a

3.2016

0.97%

-1.2%

Philequity Fund, Inc. -a

34.6997

2.61%

-4.39%

3.79% 2.36% 0.18%

3.9% 3.84%

Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.0947-2.31% n.a n.a n.a COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2

3.7%

1.016 n.a n.a n.a n.a

1.12% Philequity Alpha One Fund, Inc. -a

1.0281

-8.43%

-0.89% n.a n.a

0.89%

Philippine Stock Index Fund Corp. -a

945.87

-2.16% n.a n.a n.a

3.82%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 105.8891-1.53% 0.63%

-2.59%

2.46%

3.88%

Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b

$0.7757

-17.27%

-16.24%

-4.94%

-1.58%

-5.63%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.6881

11.37%

-0.94%

6.91% n.a

1.58%

Balanced Funds Primarily invested in Peso securities (shares) ATRAM Philippine Balanced Fund, Inc. -a 2.2305

-0.15%

-0.82%

0.7%

0.76%

ATRAM Unicapital Diversified Growth Fund, Inc. -a,41.5328

3.89%

3.68%

-2.35%

-2.56%

-1.13%

1.47%

First Metro Save and Learn Balanced Fund, Inc. -a 2.5429

-2.47%

-0.37%

-1.13%

-0.46%

1.85%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1944

-5.17%

0.05% n.a n.a

2.1% NCM Mutual Fund of the Phils., Inc. -a

1.9706

-2.2%

0.44%

0.44%

1.85%

PAMI Horizon Fund, Inc. -a

3.6222

0.96%

-0.82%

-0.26%

1.02%

1.87%

Philam Fund, Inc. -a

15.8654

0.72%

-1.51%

-0.93%

0.69%

1.94%

Solidaritas Fund, Inc. -a

2.0665

0.47%

0.22%

-1%

1.48%

1.9%

0%

-0.32%

-2.1%

0.46%

-1.19% n.a

1.8%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4722 Sun Life Prosperity Dynamic Fund, Inc. -a 0.9206

-0.63%

1.93%

1.95%

1.89%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.94860.04%

-1.92% n.a n.a

0.88%

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8693-2.27%

-1.97% n.a n.a

2.62%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.85 -2.86%

-2.07% n.a n.a

2.96%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03299 PAMI Asia Balanced Fund, Inc. -b $0.874

-0.87%

-5.34%

-1.55%

0.16%

-10.49%

-2.13%

-0.97%

-4.49%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.329

6.95%

-2.27%

4.14%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0425

2.76%

-3.95%

0.83% n.a

-11.02%

-0.66% 3.29%

0.86% 0.14%

Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 391.57

1.77%

2.57%

ATRAM Corporate Bond Fund, Inc. -a

1.9232

1.81%

0.33%

0.55%

0.16%

0.75%

Cocolife Fixed Income Fund, Inc. -a

3.3357

2.33%

1.2%

2.25%

3.75%

0.31%

Ekklesia Mutual Fund, Inc. -a 2.2833

2.68%

-0.21%

1.25%

1.55%

-0.12%

First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4535

1.37%

0.05%

1.9%

Philam Bond Fund, Inc. -a

1.93%

1.13%

0.21%

4.3068

3.17%

1.87%

-2.45%

0.27%

1.3%

Philam Managed Income Fund, Inc. -a

1.3835

1.49%

3.15%

1.85%

0.75%

Philequity Peso Bond Fund, Inc. -a

4.0388

2.55%

0.44%

2.46%

1.79%

0.11%

Soldivo Bond Fund, Inc. -a

2.78%

0.48%

2.99% n.a

0.49%

1.0548

3.91%

2.33%

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

3.3073

3.16%

1.05%

3.18%

2.34%

Sun Life Prosperity GS Fund, Inc. -a

2.41%

0.29%

2.33%

1.69%

-0.21%

1.7657

-0.15%

-0.17%

Corporate Debt Vehicle (units) ATRAM Unitized Corporate Debt Vehicle, Inc. -a,3

1.0143 n.a n.a n.a n.a

0.66%

Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $496.87

2.65%

0.83%

1.99%

ALFM Euro Bond Fund, Inc. -a Є214.59

1.66%

-0.73%

2.54%

0.33% 0.28%

0.07%

0.8%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0405-0.45% -6.48%

-1.84%

0.15%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0249 2.89%

-1.93%

-0.08% n.a

PAMI Global Bond Fund, Inc. -b $0.8554

-2.09%

-7.78%

-3.96%

-3.13%

-0.23%

Philam Dollar Bond Fund, Inc. -a

$2.3108

2.49%

-2.95%

0.86%

1.93%

-0.39%

1.3%

-0.82%

1.31%

1.6%

0.37%

-1.17%

-4.56%

-0.84%

0.54%

Philequity Dollar Income Fund, Inc. -a $0.0611381

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7878

-0.22% 0%

-1.62% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 137.24

2.48%

2.06%

0.27%

First Metro Save and Learn Money Market Fund, Inc. -a 1.112

2.88%

1.82%

3.33%

1.96%

2.14% n.a

Sun Life Prosperity Peso Starter Fund, Inc. -a 1.37972.87%

2.05%

2.44%

2.05%

0.32%

0.29%

Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 105.02

4.22% n.a n.a n.a

0.42%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.1017

2.75%

1.5%

1.59% n.a

0.38%

Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 43.2431-0.76% n.a n.a n.a Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.4903

17.01%

0.3%

8.73% n.a n.a

1.44% Sun Life Prosperity World Income Fund, Inc. -a,1

1.0065 n.a n.a n.a n.a

0.68%

Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.7974-4.37%

-6.96% n.a n.a

-0.66%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago.

1 - Launch date is August 22, 2023.

2 - Launch date is October 6, 2023.

c - Listed in the PSE.

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.businessmirror.com.ph

PSE STOCK QUOTATIONS

February 5, 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 PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS PHIL STOCK EXCH SUN LIFE VANTAGE

159,830 431,465,385 166,115 392,442,292 6,658,410 300,908 172,479,623 841,252 24,975 18,220 42,356,936 3,376,750 3,335,150 42,240 4,880 5,589,408 624,750 265,650

84,594,137 100,683,386 284,390 -39,723,427.50 -2,480,429.50 -1,361,705 -5,000 -223,990 624,750 -

INDUSTRIAL ACEN CORP 4.32 4.34 4.35 4.41 4.31 4.34 4,166,000 18,123,610 ALSONS CONS 0.51 0.54 0.52 0.55 0.52 0.54 188,000 97,900 ALTERNERGY HLDG 0.74 0.75 0.75 0.76 0.74 0.75 433,000 321,720 ABOITIZ POWER 36.85 37.05 37.4 37.4 36.4 36.85 2,803,000 103,147,835 RASLAG 1.18 1.22 1.19 1.22 1.16 1.22 477,000 569,380 BASIC ENERGY 0.226 0.229 0.226 0.236 0.222 0.229 3,660,000 833,600 FIRST GEN 18 18.04 18.06 18.14 17.9 18 234,900 4,239,850 FIRST PHIL HLDG 64.5 64.7 64.6 64.75 64.5 64.5 114,190 7,370,159.50 MERALCO 368.8 369.2 364 368.8 364 368.8 227,860 83,512,584 MANILA WATER 17.9 17.94 17.96 17.98 17.66 17.94 1,714,900 30,760,638 PETRON 3.3 3.37 3.37 3.37 3.3 3.37 540,000 1,795,410 PETROENERGY 4.31 4.39 4.31 4.4 4.31 4.4 17,000 74,330 PHX PETROLEUM 4.21 4.5 4.2 4.5 4.2 4.5 5,000 21,900 7.21 7.35 7.38 7.38 7.38 7.38 1,700 12,546 REPOWER ENERGY 31.3 31.35 31.25 31.5 31.05 31.3 749,600 23,449,270 SEMIRARA MINING 7.34 7.4 7.65 7.72 7.25 7.34 631,400 4,675,816 SYNERGY GRID 10.9 10.96 10.8 11.04 10.8 10.96 212,900 2,330,888 SHELL PILIPINAS 6.9 7 6.99 7 6.9 7 143,600 999,098 SPC POWER 1.17 1.18 1.2 1.21 1.16 1.18 23,076,000 27,182,250 SP NEW ENERGY 14.52 15.82 14.5 14.5 14.5 14.5 600 8,700 VIVANT AGRINURTURE 0.61 0.62 0.61 0.63 0.6 0.62 7,662,000 4,750,590 2.3 2.32 2.3 2.3 2.3 2.3 45,000 103,500 AXELUM 15 15.44 13 15 12.8 15 120,600 1,670,600 CNTRL AZUCARERA CENTURY FOOD 35.2 35.25 34 35.5 34 35.2 2,950,700 103,566,380 5.93 5.94 6.02 6.02 5.94 5.94 91,400 546,998 DEL MONTE DNL INDUS 6.4 6.41 6.47 6.53 6.33 6.41 1,751,200 11,234,362 EMPERADOR 20.55 20.65 20.45 20.65 20.4 20.55 607,400 12,485,050 SMC FOODANDBEV 49.5 49.7 49.45 49.9 49.35 49.7 11,200 555,630 FIGARO COFFEE 0.68 0.69 0.69 0.7 0.68 0.69 3,482,000 2,395,040 ALLIANCE SELECT 0.455 0.495 0.455 0.455 0.455 0.455 20,000 9,100 FRUITAS HLDG 0.84 0.86 0.85 0.86 0.84 0.84 354,000 299,320 GINEBRA 160.6 163.8 164 164.5 160 163.8 17,790 2,877,138 JOLLIBEE 261.2 261.6 259.8 262 257.4 261.2 290,560 75,647,448 KEEPERS HLDG 1.43 1.44 1.45 1.46 1.43 1.44 1,536,000 2,239,920 MAXS GROUP 3.34 3.37 3.38 3.38 3.27 3.34 49,000 163,750 MG HLDG 0.091 0.097 0.09 0.09 0.09 0.09 10,000 900 MONDE NISSIN 9.54 9.55 9.38 9.57 9.3 9.54 10,984,500 104,364,354 10.52 10.6 10.5 10.64 10.5 10.52 4,400 46,432 SHAKEYS PIZZA 0.52 0.53 0.53 0.57 0.51 0.52 10,254,000 5,524,900 ROXAS AND CO 2.93 2.99 2.99 2.99 2.93 2.99 458,000 1,357,210 RFM CORP ROXAS HLDG 0.6 0.73 0.65 0.65 0.65 0.65 5,000 3,250 SWIFT FOODS 0.058 0.067 0.06 0.06 0.057 0.057 1,080,000 63,100 UNIV ROBINA 111.9 112 111.3 112.5 111.3 112 694,200 77,733,077 0.495 0.53 0.5 0.53 0.5 0.53 451,000 226,100 VITARICH CONCRETE A 40.1 47.95 40.05 40.05 40 40 600 24,010 CEMEX HLDG 1.1 1.12 0.88 1.12 0.87 1.1 4,885,000 5,099,830 0.65 0.67 0.65 0.65 0.65 0.65 37,000 24,050 EC VULCAN CORP EEI CORP 5.55 5.6 5.7 5.75 5.5 5.6 255,000 1,433,175 3.33 3.34 3.35 3.35 3.3 3.33 462,000 1,534,750 MEGAWIDE PHINMA 19.8 20.3 20 20.35 20 20.35 1,000 20,035 TKC METALS 0.355 0.39 0.39 0.39 0.39 0.39 30,000 11,700 CROWN ASIA 1.71 1.73 1.71 1.73 1.71 1.73 195,000 333,530 EUROMED 0.73 0.79 0.79 0.79 0.79 0.79 2,000 1,580 PRYCE CORP 5.21 5.3 5.2 5.3 5.2 5.3 324,600 1,689,110 CONCEPCION 13.04 13.22 13.04 13.22 13.04 13.22 700 9,164 GREENERGY 0.227 0.231 0.23 0.231 0.227 0.231 1,060,000 241,660 INTEGRATED MICR 2.4 2.42 2.52 2.52 2.39 2.4 518,000 1,264,910 IONICS 1.16 1.17 1.14 1.18 1.14 1.17 1,052,000 1,211,960 PANASONIC 4.65 5.19 4.96 5.49 4.96 5.19 24,500 122,740 SFA SEMICON 2.43 2.45 2.48 2.48 2.45 2.45 382,000 935,930 CIRTEK HLDG 1.89 1.9 1.96 1.96 1.87 1.9 424,000 804,400

-155,160 -5,180 -8,945,020 -154,620 -1,522,752 -3,909,344 -10,844,564 -3,922,540.00 -33,460 -1,476 -11,313,320 -1,258,569 -379,106 -526,661 4,432,300 -793,770 -6,900 34,136,600 71,260 -7,497,435 -5,146,790 -94,070 587,190 9,100 4,200 887,200 10,156,654 -57,600 -26,560 24,707,569 31,560 60,110 -17,632,552 2,454,150 -1,732 6,680 -9,200 -175,250 3,420.00 -931,030 -441,010

HOLDING & FRIMS

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG GT CAPITAL JG SUMMIT KEPPEL HLDG B LOPEZ HLDG LT GROUP PACIFICA HLDG PRIME MEDIA REPUBLIC GLASS SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER WELLEX INDUS ZEUS HLDG

34 148.6 6.5 115 32.2 8.66 57.15 18.42 55.1 22.55 71.95 44.45 1 2.48 0.61 187.9 2,550 0.77

1.05 2.66 671 47.5 11.52 11.9 0.4 0.37 4.98 10.7 676 39.8 5.52 4.28 9.69 1.16 2.61 2.8 0.96 900 107.5 96.05 0.27 0.076

34.5 148.8 6.79 115.9 32.5 8.68 57.7 18.52 55.75 22.85 72 44.5 1.03 2.49 0.67 188 2,600 0.82

1.06 2.9 674.5 48.2 11.6 11.98 0.43 0.38 5 10.72 683 40 7.9 4.4 9.7 1.34 2.62 2.9 0.99 910 108 99.45 0.285 0.083

33.8 148.1 6.6 115 31.6 8.7 57 18.52 55.5 22.85 72.4 45.2 1.1 2.48 0.61 184.3 2,550 0.77

1.08 2.68 673.5 47.6 11.54 12 0.435 0.375 4.95 10.8 660 39.45 7.97 4.3 9.5 1.17 2.62 2.9 0.97 907 108 96.05 0.27 0.083

34.5 149.5 6.79 117.8 32.5 8.72 57.7 18.52 55.5 22.85 72.4 45.25 1.1 2.5 0.61 190 2,550 0.77

1.08 2.69 682 48.15 11.66 12 0.435 0.375 5 10.8 683 40.1 7.97 4.35 9.69 1.18 2.62 2.9 0.97 918 109.5 99.8 0.27 0.083

33.8 148 6.5 114.3 31.6 8.66 56.1 18.46 55.5 22.7 71.9 44.5 0.99 2.48 0.61 175 2,550 0.77

1.05 2.68 671 47.5 11.52 11.98 0.41 0.375 4.95 10.48 659.5 38.9 7.97 4.26 9.49 1.16 2.61 2.9 0.97 900 107.5 96.05 0.27 0.083

34 148.6 6.5 115 32.5 8.66 57.7 18.52 55.5 22.7 71.95 44.5 1 2.5 0.61 187.9 2,550 0.77

1.06 2.68 671 47.5 11.52 11.98 0.41 0.375 5 10.7 683 40 7.97 4.26 9.69 1.16 2.61 2.9 0.97 900 107.5 99.8 0.27 0.083

4,700 2,901,280 25,400 3,384,590 208,400 34,700 3,025,200 45,500 450 800 587,500 75,300 3,323,000 17,000 8,000 31,710 245 345,000

3,517,000 20,000 170,010 503,900 1,503,100 7,200 110,000 500,000 565,000 2,866,700 266,320 1,701,400 100 206,000 4,341,500 13,000 61,000 49,000 21,000 184,350 61,940 310 20,000 10,000

3,700,420 53,700 114,479,385 23,988,385 17,383,758 86,390 46,650 187,500 2,814,310 30,590,300 179,537,900 67,899,130 797 885,270 41,728,843 15,220 159,260 142,100 20,370 166,996,865 6,686,826 30,150.50 5,400 830

PROPERTY ARTHALAND CORP 0.43 0.455 0.45 0.46 0.425 0.425 340,000 153,450 ANCHOR LAND 5.25 6 6 6 6 6 200 1,200 AYALA LAND 33.5 33.6 33.4 34.2 33.4 33.6 3,054,000 102,957,700 AYALA LAND LOG 1.68 1.72 1.73 1.73 1.68 1.72 1,417,000 2,400,430 ALTUS PROP 8.91 9.37 9.37 9.37 8.91 8.91 1,900 17,067 ARANETA PROP 1.06 1.07 1.13 1.15 1.05 1.06 2,446,000 2,674,740 AREIT RT 33.1 33.15 33 33.15 32.9 33.1 707,300 23,357,955 A BROWN 0.64 0.66 0.64 0.66 0.64 0.66 8,000 5,180 CITYLAND DEVT 0.69 0.72 0.71 0.72 0.69 0.69 72,000 51,670 CROWN EQUITIES 0.06 0.065 0.063 0.065 0.061 0.061 1,360,000 85,030 CEB LANDMASTERS 2.63 2.64 2.65 2.65 2.63 2.64 166,000 438,380 CENTURY PROP 0.27 0.28 0.27 0.28 0.27 0.27 450,000 123,200 CITICORE RT 2.69 2.7 2.66 2.7 2.65 2.7 3,839,000 10,311,920 7.59 7.6 7.64 7.64 7.6 7.6 106,100 808,616 DOUBLEDRAGON 1.21 1.22 1.2 1.22 1.2 1.21 1,647,000 1,982,610 DDMP RT 5.6 5.62 5.7 5.7 5.6 5.6 63,100 356,160 DM WENCESLAO EMPIRE EAST 0.126 0.128 0.127 0.128 0.126 0.128 1,060,000 133,830 EVER GOTESCO 0.27 0.28 0.265 0.29 0.265 0.27 2,780,000 752,500 3.14 3.15 3.12 3.15 3.09 3.15 238,000 743,560 FILINVEST RT 0.67 0.68 0.68 0.69 0.67 0.68 1,243,000 844,620 FILINVEST LAND 0.82 0.83 0.83 0.83 0.83 0.83 22,000 18,260 GLOBAL ESTATE 8990 HLDG 8.8 8.89 8.6 8.92 8.6 8.9 133,000 1,178,171 GOLDEN MV 888 890 888 890 888 890 140 124,400 CITY AND LAND 0.88 0.89 0.8 0.88 0.8 0.88 867,000 735,740 1.99 2 1.98 2 1.97 2 37,005,000 73,465,400 MEGAWORLD MRC ALLIED 1.3 1.32 1.31 1.32 1.3 1.32 176,000 230,040 MREIT RT 13.72 13.74 13.7 13.74 13.7 13.74 229,400 3,150,708 PREMIERE RT 1.52 1.54 1.53 1.54 1.53 1.54 334,000 511,080 RL COMM RT 5.39 5.42 5.4 5.42 5.3 5.42 1,397,200 7,494,656 ROBINSONS LAND 16 16.1 16.22 16.22 15.98 16 638,300 10,227,970 ROCKWELL 1.37 1.39 1.39 1.42 1.38 1.39 334,000 462,950 SHANG PROP 3.95 4 3.93 4 3.93 4 114,000 452,050 STA LUCIA LAND 3.14 3.5 3.5 3.5 3.4 3.5 122,000 421,000 SM PRIME HLDG 33.9 34.3 33.9 34.7 33.7 33.9 10,660,000 364,231,650 VISTAMALLS 2.29 2.36 2.31 2.36 2.29 2.36 3,000 6,960 SUNTRUST RESORT 0.81 0.84 0.85 0.85 0.84 0.84 37,000 31,110 VISTA LAND 1.72 1.73 1.76 1.76 1.72 1.73 944,000 1,631,660 1.73 1.74 1.7 1.74 1.7 1.74 88,000 152,360 VISTAREIT RT

SERVICES ABS CBN 4.3 4.31 4.29 4.3 4.18 4.3 87,000 372,090 GMA NETWORK 8.89 8.9 8.87 8.9 8.87 8.9 202,200 1,797,278 GLOBE TELECOM 1,733 1,743 1,729 1,745 1,728 1,743 11,750 20,421,675 PLDT 1,275 1,277 1,281 1,285 1,270 1,275 44,395 56,678,395 APOLLO GLOBAL 0.013 0.014 0.014 0.014 0.013 0.014 83,400,000 1,085,500 CONVERGE 9.53 9.54 9.51 9.7 9.35 9.53 6,714,200 64,108,962 DFNN INC 2.98 3.07 2.93 3.07 2.93 3.07 511,000 1,506,100 DITO CME HLDG 2.56 2.57 2.49 2.57 2.45 2.56 7,588,000 19,207,110 JACKSTONES 0.75 1.09 0.76 0.76 0.76 0.76 21,000 15,960 NOW CORP 1.14 1.15 1.12 1.15 1.12 1.15 476,000 539,740 TRANSPACIFIC BR 0.125 0.128 0.126 0.127 0.125 0.125 530,000 66,870 ASIAN TERMINALS 16.5 16.94 16.98 16.98 16.6 16.6 22,000 372,364 CHELSEA 1.46 1.47 1.46 1.49 1.45 1.47 179,000 263,250 33.55 33.65 33.65 33.65 33.45 33.65 82,900 2,782,500 CEBU AIR 255.8 256 250 257.8 250 255.8 1,832,390 468,816,750 INTL CONTAINER 15.06 17.6 17.6 17.6 17.6 17.6 200 3,520 LBC EXPRESS MACROASIA 3.9 3.91 3.94 3.94 3.91 3.91 389,000 1,523,110 0.43 0.44 0.43 0.43 0.43 0.43 10,000 4,300 METROALLIANCE A PAL HLDG 5.37 5.4 5.4 5.4 5.38 5.38 1,000 5,382 HARBOR STAR 0.74 0.77 0.78 0.78 0.73 0.77 454,000 345,280 ACESITE HOTEL 1.78 1.89 1.8 1.8 1.78 1.78 38,000 68,240 BOULEVARD HLDG 0.061 0.062 0.061 0.061 0.061 0.061 4,550,000 277,550 WATERFRONT 0.37 0.375 0.4 0.45 0.35 0.37 9,730,000 3,563,150 CENTRO ESCOLAR 8.4 8.7 8.74 8.74 8.7 8.7 18,700 163,084 565.5 568 568 568 568 568 30 17,040 FAR EASTERN U STI HLDG 0.55 0.56 0.55 0.57 0.55 0.56 281,000 155,770 BELLE CORP 1.14 1.18 1.15 1.15 1.14 1.14 2,447,000 2,792,430 BLOOMBERRY 11.2 11.3 11.34 11.34 11.1 11.3 4,168,900 46,998,102 PACIFIC ONLINE 4.08 4.1 4.21 4.21 4.03 4.1 681,000 2,789,370 PH RESORTS GRP 0.85 0.86 0.89 0.89 0.86 0.86 769,000 664,370 PREMIUM LEISURE 0.68 0.69 0.68 0.69 0.67 0.69 3,298,000 2,245,840 DIGIPLUS 7.57 7.58 7.6 7.69 7.57 7.57 1,192,400 9,066,180 PHILWEB 1.73 1.8 1.81 1.81 1.73 1.8 37,000 65,780 ALLDAY 0.156 0.158 0.156 0.158 0.156 0.156 2,150,000 336,440 ALLHOME 1.14 1.15 1.14 1.15 1.14 1.15 1,301,000 1,489,260 METRO RETAIL 1.29 1.31 1.29 1.31 1.29 1.31 13,000 16,870 PUREGOLD 27.6 27.7 27.4 27.95 27.3 27.7 538,400 14,899,200 35.1 35.7 35.45 35.75 35.1 35.1 317,900 11,236,670 ROBINSONS RTL 2.7 2.72 2.66 2.74 2.66 2.7 2,220,000 5,983,200 SSI GROUP 1.33 1.36 1.32 1.39 1.32 1.39 2,000 2,710 UPSON INTL CORP 21.7 22 21.55 22 21.55 21.7 467,800 10,164,785 WILCON DEPOT 0.218 0.223 0.218 0.223 0.218 0.223 750,000 163,580 APC GROUP MEDILINES 0.31 0.315 0.31 0.325 0.31 0.315 130,000 40,850 0.169 0.17 0.168 0.173 0.168 0.169 470,000 79,070 PRMIERE HORIZON SBS PHIL CORP 4.2 4.6 4.6 4.6 4.5 4.5 9,000 40,800

MINING & OIL ATOK 4.7 4.96 4.7 4.7 4.7 4.7 8,000 37,600 APEX MINING 2.86 2.87 2.87 2.93 2.86 2.86 3,717,000 10,698,650 ATLAS MINING 3.36 3.4 3.35 3.36 3.35 3.36 29,000 97,240 BENGUET A 4.48 4.5 4.55 4.55 4.5 4.5 1,089,000 4,916,480 BENGUET B 4.1 4.5 4.55 4.55 4.5 4.5 207,000 933,770 COAL ASIA HLDG 0.127 0.149 0.14 0.14 0.138 0.138 30,000 4,160 FERRONICKEL 1.99 2 1.99 2 1.98 1.99 144,000 286,570 GEOGRACE 0.034 0.036 0.035 0.036 0.033 0.034 5,200,000 178,800 LEPANTO A 0.072 0.075 0.071 0.071 0.071 0.071 1,100,000 78,100 LEPANTO B 0.072 0.073 0.071 0.072 0.071 0.072 1,580,000 113,750 MANILA MINING A 0.004 0.0043 0.004 0.0044 0.0039 0.0043 16,000,000 64,900 MARCVENTURES 0.84 0.85 0.82 0.85 0.82 0.85 392,000 324,170 0.46 0.55 0.495 0.51 0.455 0.455 570,000 262,650 NIHAO 4.72 4.77 4.77 4.78 4.71 4.72 790,000 3,750,430 NICKEL ASIA 0.65 0.68 0.66 0.66 0.64 0.66 172,000 110,310 ORNTL PENINSULA 3.1 3.12 3.15 3.15 3.1 3.12 259,000 811,040 PX MINING ENEX ENERGY 4.6 4.94 4.92 4.92 4.92 4.92 4,000 19,680 ORNTL PETROL A 0.0079 0.0081 0.0081 0.0081 0.008 0.008 4,000,000 32,300 PHILODRILL 0.0079 0.008 0.0079 0.008 0.0079 0.0079 8,000,000 63,300 PXP ENERGY 3.65 3.74 3.71 3.77 3.65 3.74 431,000 1,593,620

PREFFERED ACEN PREF B 1,070 1,076 1,076 1,076 1,070 1,070 220 236,420 AC PREF B2R 496 500 498 498 498 498 1,090 542,820 CEB PREF 33.5 34.95 33.5 34.95 33.05 33.5 11,000 364,700 DD PREF 93.5 95 94.9 95 92.8 95 62,670 5,943,240 GTCAP PREF B 952.5 979 955 955 952 952 60 57,270 MWIDE PREF 2B 94.3 97.95 98.4 98.4 94.3 94.3 10,090 952,968.50 MWIDE PREF 4 90.55 94.5 93 94.75 90 94.75 44,940 4,106,780 MWIDE PREF 5 101 101.5 101 101 101 101 1,460 147,460 PCOR PREF 3A 983 995 983 994 983 994 2,080 2,066,640 PCOR PREF 3B 998 999 997.5 999 997.5 998 560 558,890 SFI PREF 1.8 1.8 1.8 1.8 1.8 1,000 1,800 SMC PREF 2F 72.5 72.8 72.8 72.8 72.8 72.8 1,350 98,280 SMC PREF 2J 70 71 70 70 69.8 69.8 11,300 789,702 70.55 72 71 71 71 71 57,240 4,064,040 SMC PREF 2K TECH PREF B2D 48.5 48.8 48.5 48.5 48.5 48.5 10,000 485,000

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 4.03 4.24 4 4.05 4 4.05 6,000 24,130 GMA HLDG PDR 8.58 8.7 8.6 8.6 8.6 8.6 1,000 8,600

WARRANTS

TECH WARRANT

0.265

0.28

0.28

0.28

0.275

0.275

100,000

27,600

2,625,000 -7,133,215 -1,944,825 917,488 49,200 -387,450 -11,727,162 45,827,740 -11,098,480 21,746,558 970 -38,758,835 -961,128 -1,200 24,258,030 166,850 -6,705,910 129,250 229,160 76,310 -351,600 -11,600 -221,040 -39,010 56,200 -958,800 677,082 48,960 -5,845,272 2,900,136 -1,420 83,777,375 3,390 50,460 -2,981,855 -4,534,075 -15,832,541 9,000 2,835,700 169,442 742,625 73,902,016 3,850 -20,102 -23,110 -422,780.00 4,176,954 -3,450.00 437,021 32,400 24,960 -513,700 6,550 -5,418,440 -8,903,195 -61,160 1,320 3,460,210 3,250 -245,450 -212,870 35,150 207,650 2,640 3,350 -939,786 -944,112.50 -3,957,722.50 -789,702 8,600 -

SMALL, MEDIUM & EMERGING

0.405 0.405 0.405 0.405 190,000 76,950 0.72 0.74 0.72 0.74 521,000 380,800 0.92 1.01 0.92 1 351,000 341,810 0.67 0.67 0.63 0.67 62,000 41,140 6,300 1.53 1.58 1.53 1.58 16,000 24,930 23,400 0.99 1.01 0.99 1 1,322,000 1,317,400 38,000 0.255 0.26 0.255 0.26 110,000 28,200 -

EXHANGE TRADE FUNDS

106.4 106.7 106.1 106.5 10,630 1,131,098 -28,755

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH MERRYMART XURPAS

FIRST METRO ETF

0.405 0.72 0.94 0.63 1.53 1 0.255 106.4

0.42 0.75 1 0.67 1.56 1.01 0.26

106.5

www.news.businessmirror@gmail.com

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Tuesday, February 6, 2024 B3

Digital-payments progress heartens central bank

T

By Cai U. Ordinario

@caiordinario

HE Bangko Sentral ng Pilipinas (BSP) disclosed that it may have reached its 50-percent digital payments target last year.

BSP Deputy Governor Mamerto E. Tangonan said given this, the central bank remains bullish about the growth of digital payment technologies.

Tangonan also said the central bank is committed to facilitating the efficient delivery of financial services to the unbanked and microsized, small-scale and medium-sized

Make 2024 your best financial year yet: A personal finance guide for Filipinos

A

S we step into the new year, it’s time to focus our energies on making 2024 a year of exceptional financial growth. Whether you’re an experienced investor or just starting your journey towards financial literacy, this guide will help you navigate your way to greater wealth and financial independence.

Invest in knowledge

THE first step on any financial journey is to arm yourself with knowledge. Understanding the basics of personal finance, grasping investment strategies, and learning wealth-building principles are essential. You can start by reading books on the subject, attending finance workshops, joining online forums, and following reputable financial blogs. The internet offers a plethora of resources that can help you understand complex financial concepts and stay updated on market trends. The more informed you are, the better decisions you’ll make regarding your money.

Define your financial goals

SETTING clear and specific financial goals is crucial. These could be anything from saving a set amount of money each month, to paying off a particular debt, to achieving a certain net worth by the end of the year. Having these goals will not only give you a sense of direction but also motivate you to stay on track.

When setting these goals, ensure they are SMART—Specific, Measurable, Achievable, Relevant, and Time-bound.

This way, you can monitor your progress and adjust your strategies if necessary.

Master the art of budgeting

BUDGETING is a vital skill in managing your finances effectively. It allows you to allocate your income towards different expenses, ensuring that you live within your means and avoid unnecessary debt.

There are various budgeting methods available, including the envelope system, zero-based budgeting, and the 50/30/20 rule. Choose the method that best suits your lifestyle and stick to it. Remember, consistency and discipline are key when it comes to effective budgeting.

Invest smartly

INVESTING is a powerful tool that can help you grow your wealth over time.

Consider setting up regular contributions to various investment vehicles like mutual funds, index funds, or Exchange Traded Funds (ETFs). This ‘set and forget’ approach allows your money to work for you without the need for constant monitoring. However, always remember to align your investments with your risk tolerance and financial goals.

Consider the F.I.R.E Movement

THE Financial Independence, Retire Early (F.I.R.E) movement is an approach to personal finance that emphasizes ag-

gressive saving and investing to achieve financial independence at a young age.

Although this might not resonate with everyone, it’s worth considering if you’re aiming for early retirement. Start by building a solid emergency fund that can cover at least one month’s living expenses, then gradually increase your savings rate as you become more comfortable with this lifestyle.

Establish an emergency fund

AN emergency fund is a safety net that can cover unexpected expenses such as medical emergencies, job loss, or urgent home repairs. Aim to have an emergency fund that can cover at least six months of living expenses. This money should be kept in an account that’s easily accessible and not subject to market fluctuations.

Manage your debts

DEBT management is an important aspect of personal finance. High-interest debts, such as credit card debt, can hinder your financial growth. Prioritize paying off these debts and avoid accumulating new ones. If you have multiple debts, consider strategies like debt avalanche or debt snowball to pay them off more effectively.

Diversify your income streams

RELYING on a single source of income can be risky. Consider diversifying your income streams by exploring side hustles, freelance work, or passive income opportunities. This not only provides financial security but also opens up more avenues for saving and investing.

Plan for retirement

REGARDLESS of your age, it’s never too early to start planning for retirement.

Contribute regularly to your retirement fund and take advantage of any employer-matching schemes if available.

In conclusion, achieving your best financial year in 2024 is not a far-fetched dream. It requires determination, discipline, and an eagerness to learn. Remember, financial freedom isn’t achieved overnight. It’s a journey, a marathon that tests your perseverance and commitment.

Every step you take, no matter how small, brings you closer to your financial goals. The tips we’ve discussed will not only help you navigate the complexities of personal finance but also empower you to make informed decisions that align with your financial aspirations.

So, as we step into 2024, let’s embrace these strategies, stay focused on our goals, and make this year a landmark in our financial journey.

Janice Sabitsana is a registered financial planner of RFP Philippines. Her views do not necessarily represent those of the BusinessMirror. To learn more about financial planning, attend the 105th RFP program this January 2024. Please e-mail info@rfp.ph or visit https://www.rfp.ph for details.

enterprises (MSMEs).

“In 2013, we started with a mere 1-percent share of digital to total retail payments. Fast forward to 2022, and we saw a whopping 42.1-percent share in digital retail payments transactions,” Tangonan said. “I believe we reached our 50-percent target by the end of 2023.”

Tangonan credited the significant strides in digital payments to the implementation of the BSP’s 20202023 Digital Payments Transformation Roadmap (DPTR) with the support of its public and private sector partners.

The BSP said the “Bills Pay Ph” has also been launched to unify the country’s fragmented bills payment system and allow users to pay their bills whether or not they have an account with their billers’ payment service provider.

This initiative, BSP said, has two objectives: to streamline financial processes and to bridge the gap between those with and without access to financial services.

Through these digital payment facilities, the central bank said, an even greater portion of the population can now actively participate in

the formal economy.

The BSP is charting the next phase of the country’s digital journey under the 2024-2026 DPTR. According to the central bank, the DPTR was based on a study that showed that increasing the existing share of e-payments in a country by a margin of just 10 percent will generate an increase of 0.5 percent in consumer spending.

“The study also showed that epayment networks have the potential to provide cost savings of at least 1 percent of GDP annually over paperbased systems through increased

velocity, reduced friction and lower costs,” according to the BSP. Hence, the central bank said that armed with “the valuable insights from these studies and customizing these to the unique payment ecosystem of the country,” it identified the three critical areas that the Philippines should focus on to successfully bring the cash-heavy Philippine economy to a cash-lite economy.

The BSP DPTR “is thus anchored on these three pillars: digital payment streams; digital finance infrastructure; and, digital governance standards.

Money transfers via Instapay covered nearly ₧5T

M

ONEY transfers made through InstaPay amounted to P5 trillion covering almost a billion transactions in 2023, according to its operator BancNet Inc. BancNet said there were a total of 838.56 million InstaPay transactions in 2023, a 56 percent increase from 2022. The value of the transactions was 45 percent higher than in 2022.

In the last five years since its launch, InstaPay accumulated more than 2.1 billion transactions worth P12.4 trillion, representing a compounded growth rate of 92 percent for transactions and 83 percent for

the amount.

“We expect InstaPay to continue its upward growth trajectory this year as at least one new use case will be launched, and more participants will offer the existing use cases. New participants will also be onboarded this year, bringing in more end-users of InstaPay,” BancNet CEO Elmarie S. Reyes said.

In December alone, there were over 97 million transactions last December, according to BancNet. The volume of transactions grew by 13 million, or nearly 16 percent from the previous month and it was 41 million, or almost 73 percent, more than the volume in December 2022.

Yields corrected higher for 7th auction of T-bills

By Reine Juvierre S. Alberto

T

HE national government successfully borrowed P15 billion from the domestic market through the sale of Treasury bills (T-bills) as average yields corrected higher for the seventh straight auction.

The Bureau of the Treasury (BTr) made a full award and raised the P15 billion programmed auction of threetenor T-bills on Tuesday.

According to the Treasury, the auction was 3.2 times oversubscribed, attracting P47.5 billion in total tenders, more than three times the total offering of P15 billion. This prompted the committee to “[raise] the full program of P15.0 billion for the auction,” the BTr said.

The Treasury raised the full amount of P5 billion each from the 91-day, 182day and 365-day T-bills.

Auction results showed that the 364day T-bills received the most bids with a total offer of P20.580 billion followed by the 182-day T-bills at P13.940 billion total bids. The 91-day T-bills fetched a total offer of P12.985 billion from investors.

The average rate for the 91-day T-bills settled at 5.46 percent with a range of 5.42 percent to 5.49 percent.

The 182-day T-bills saw its yield averaging at 5.86 percent. The government security rates were between 5.84 percent and 5.87 percent.

Investors’ average rate for the 365day T-bills, meanwhile, was at 6.07 percent with a yield range of 6.05 percent to 6.09 percent.

The all-time high single-day volume of 4.1 million money transfers was recorded on December 15, 2023, the payday before Christmas.

This beat by 2.9 million transactions, or 241.6 percent, the record of 1.2 million set on the same day in 2022. Last December, over 19 million unique customers sent money through InstaPay. InstaPay is an electronic fund transfer system that allows consumers and businesses to transfer small amounts of money between sender and receiver accounts in different banks and e-wallets instantly.

It is accessible anytime through the mobile apps or websites of part-

ner banks and e-wallets. The maximum amount that can be transferred is P50,000.00 per transaction.

InstaPay was introduced by the Bangko Sentral ng Pilipinas (BSP) in 2018 as a priority payment system under the National Retail Payment System (NRPS) with BancNet as its clearing switch operator.

Four years later, the BSP designated InstaPay as a Prominently Important Payment System (PIPS), and authorized BancNet as an operator of a designated payment system (ODPS), which is InstaPay. A PIPS is placed under closer supervision and monitoring by the BSP to protect the public. Cai U. Ordinario

NG to provide insurance cover to farmers in H1

Rizal Commercial Banking Corp.

(RCBC) Chief Economist Michael L. Ricafort said the T-bills average auction yields “again mostly corrected higher” in recent weeks because Bangko Sentral ng Pilipinas (BSP) interest rate benchmarks are still higher.

Ricafort explained this is “similar to the weekly increase in the comparable short-term PHP BVAL yields by up to 0.06; again usually slightly higher vs. comparable PHP BVAL yields as of February 2, 2024.”

“Global crude oil prices declined recently to new two-week lows and also among two-year lows or since December 2021,” Ricafort said on its positive offsetting factor.

The RCBC executive added that Tbills auction yields continued to go up after stronger-than-expected GDP data could somewhat support a hawkish or tight monetary policy stance locally as a matter of prudence to ensure inflation is well anchored towards the BSP’s target range of 2 to 4 percent.

The Treasury targets to raise as much as P210 billion from the domestic market in February from the combined tender of T-bills amounting to P60 billion and P150 billion through Treasury bonds (Tbonds). The Treasury will tender a total of P51.050 billion worth of T-bills and P1.802 trillion worth of T-bonds for the entire 2024.

The Marcos Jr. administration would borrow P1.853 trillion from the domestic market through the sale of T-bills and T-bonds.

By Samuel P. Medenilla @sam_medenilla

T

HE government has allocated P2.3 billion worth of aid to farmers, who will be affected by El Niño this year, according to the Department of Agriculture (DA).

The bulk or P1.8 billion of the assistance will come from Philippine Crop Insurance Corp.

(PCIC).

In a television interview with PTV last Monday, DA Spokesman Arnel V. De Mesa said the amount is expected to provide insurance coverage to 916,000 farmers from January to June.

He said the DA also has allocated a P500 million budget for helping a total of 200,000 El Niño-affected farmers.

DA earlier said the government will make use of the alternate and wetting and drying (AWD) method to minimize water use of rice paddies, irrigation scheduling, and cloud seeding operations.

De Mesa said also part of their intervention is the promotion of hybrid rice varieties, which he said tend to grow well during the dry season, as well as planting crops, which need too much water.

He noted the ongoing El Niño

has already affected water supplies in agricultural lands, which rely on rain to be sustained.

But in areas that have access to irrigation such as Pampanga, Bulacan, Nueva Ecija, Ilocos and the Cagayan Valley, their water supply for their agriculture production remains stable.

Citing the forecast of the Philippine Atmospheric, Geophysical, and Astronomical Services Administration, the lack of rain caused by El Niño, De Mesa said is expected to peak starting this month until March.

“And we expect by April, its [El Niño] effects will be reduced,” De Mesa said.

The BusinessMirror earlier reported that the Philippines’s milled rice output in the first half of next year could decline by as much as almost 190 million kilograms because of the projected impact of the El Niño on local farms, based on DA’s latest projections.

Based on the National Irrigation Administration estimates, the DA noted that there are about 280,000 hectares of rice farms that would be vulnerable to El Niño. (Related story: https://businessmirror.com. ph/2023/12/15/da-sees-domestic-milled-rice-outputdecline-in-h1-2024-amid-elnino-threat/)

Profitable net interest margin, loans boost AUB income

D

ESPITE its strong performance in 2023, Asia United Bank (AUB) said risks on the horizon such as elevated interest rates would require it to remain agile this year.

In a statement on Monday, AUB disclosed that the bank posted a consolidated net income of P8.3 billion in 2023, a 32-percent increase from the previous year’s P6.3 billion and the highest in its 26-year history.

AUB president Manuel A. Gomez this was largely due to robust loan growth as well as a profitable net interest margin (NIM). Gomez also said thhe bank has continuously improved its credit quality and achioeved higher operating efficiency.

“With our stronger performance in 2023, we expect to solidify our lead among the country’s top ten listed universal banks in terms of compounded annual growth rate (CAGR) on key indicators since AUB was listed on the bourse in 2013,” Gomez said.

“However, with interest rates expected to remain elevated this year, and global shocks a continuing concern, we have to remain agile to sustain our performance,” he added.

Based on AUB’s unaudited financial results, the latest income figure translates to a return on equity (ROE) of 18.6 percent and a return on assets (ROA) of 2.38 percent—both record highs since the

bank had its initial public offering (IPO) in 2013.

AUB said the ROE and ROA also increased from the previous year’s at 16.1 percent and 1.9 percent, respectively.

The bank also saw its NIM widen by 17 percent to P15 billion from 2022. Credit quality, as measured by net non-performing loans (NPL), stood at 0.58 percent, well below the industry’s 1.6 percent which led to reduced loan loss provisions of P1.2 billion, 27 percent lower than in 2022.

While operating expenses rose to P6.5 billion in 2023, the bank managed to improve its operating efficiency, as measured by its costto-income which further dropped

to 36.3 percent from the previous year’s 37.6 percent.

Total assets grew by 4 percent to P355.1 billion while total deposits rose to P292 billion, with the bulk still comprised of low-cost CASA deposits.

Equity increased by 23 percent to P49.1 billion year-on-year, translating to a common equity tier 1 ratio of 16.88 percent and a capital adequacy ratio 17.49 percent—both well above the regulatory threshold.

In 2023, AUB declared a 50-percent stock dividend and paid out cash dividends of P2.33 per share (P2 pre-stock dividend and P0.33 post-stock dividend) in three tranches. Cai U. Ordinario

B4

Tuesday, February 6, 2024 • Editor: Gerard S. Ramos

Art

BusinessMirror

www.businessmirror.com.ph

Business as usual for CCP this 2024 as Main Building rehab continues A LOOK at the ongoing rehabilitation of the CCP Main Theater in Pasay City. “We project full completion by 2025; and the Main Building and its theaters will definitely open by 2026,” said CCP president ad interim Michelle Nikki Junia.

PHOTO COURTESY OF CULTURAL CENTER OF THE PHILIPPINES

TODAY’S HOROSCOPE

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Rick Astley, 58; Axl Rose, 62; Kathy Najimy, 67; Tom Brokaw, 84.

HAPPY BIRTHDAY: Take a leadership position and follow your instincts. Be the one who influences others to do what’s right. Push truth, integrity and kindness by setting an excellent example for those tempted to put money and power before justice and fair play. Use your intelligence to develop innovative ideas. Show gratitude, humility and moderation, and you’ll outshine any competition.

Change begins with you. Your numbers are 4, 10, 17, 24, 31, 38, 45.

ARIES (March 21-April 19): Embrace likeminded people, organizations you trust and charitable events you endorse. Be careful when dealing with health or activities that put you at risk. Choose solid investments and avoid emotional or unnecessary purchases for services or subscriptions that you’ll never use. ★★

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HE Cultural Center of the Philippines (CCP) carries on its mission to promote and preserve the best of Filipino arts and culture this year amid the ongoing rehabilitation of its Main Building.

In a press conference last week at the CCP Liwasang Kalikasan in Pasay City, CCP officials laid out the institution’s stacked plans for 2024.

The rundown covered a gamut of CCP’s artistic programming and projects that reinforce arts education and appreciation, while embodying the institution’s promoted values of katotohanan, kagandahan and kabutihan.

“This year, the CCP heralds another year of firsts and good old reliable programming, celebrating and advancing the unique creativity of our people and culture,” said CCP vice chairman Margie MoranFloirendo.

The CCP targets to produce 765 events this year, according to its artistic director Dennis Marasigan, ranging from performances, screenings, exhibits and workshops both onsite, off-site and online. “We hope to reach over 200,000 onsite viewers, and engage over 6,000 artists. For our workshops, we hope they can benefit 16,000 participants,” he said.

This year, fan-favorite festivals such as CCP Pasinaya, Virgin Labfest, the Cinemalaya Philippine Independent Film Festival will continue to provide unique artistic and cultural experiences, with expanded reach to the regions. Meanwhile, gearing up for their respective seasons are CCP’s resident companies, namely, Philippine Philharmonic Orchestra, Philippine Ballet Theater, Bayanihan The National Dance Company, the Philippine Madrigal Singers, Ballet Philippines, and Ramon Obusan Folkloric Group, among others.

Film enthusiasts can also look forward to the CCP’s other popular film programs, such as The Met Live in HD, National Theater Live, Cine Icons, Cinema Under the Stars and Lakbay Sine. The CCP Out-of-the-Box Series also returns for its second edition, while Triple Threats has lined up Leading Ladies concerts.

Marasigan said that the CCP’s offerings for the year go beyond 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,” he said.

Part of the CCP’s plans is art appreciation programming among children. Following a two-year hiatus, the CCP Children’s Biennale returns with its engaging edu-tainment offerings, designed to open the eyes of children to the diversity of Philippine arts, indigenous cultures and natural environment.

In celebration of the centenary this year of Filipino literary titan Francisco Balagtas Baltazar, the CCP BOT-initiated program Kanto Kultura takes flight once again with Baraptasan, a modern take on the Balagtasan. The program will feature literaries battling it out in the different languages of Filipino, Cebuano, Hiligaynon and Ilokano.

Meanwhile, 2024 also marks 45 years of the CCP bringing outreach programs to the regions and the world. Through exchange programs with various

TAURUS (April 20-May 20): You must be astute if you plan to make the right decision.

Mixed emotions and incomplete data will make it difficult for you to envision the possibilities. If you have doubts, step back. It’s better not to jeopardize your reputation, position or income. ★★★★★

GEMINI (May 21-June 20): Dodge anyone trying to push you in a skeptical direction.

Rely on what and who you know, not outside influences trying to take you from your cash. Look for hidden costs before you commit to anything that requires signing contracts or shared expenses. ★★★

CANCER (June 21-July 22): Leap forward.

The timing is right to launch your plans. No more talking; actions will get you where you want to go. It’s time to put all your hard work, education and experience to the test and to reap the rewards you deserve. ★★★

organizations and institutions, the CCP provides glimpses of Philippine cultures and serves as a conduit for cultural exchanges across the regions and different countries. Marasigan said that the CCP looks to celebrate the milestone anniversary by intensifying the institution’s presence in the regions. The plan includes creating new partners with LGUs and cultural organizations, collaborating with “as many artists as we can,” and producing shows in alternative performing spaces and venues across the country.

This year, the CCP will likewise roll out the National Performing Companies (NPAC). Applications are ongoing for the best national performing companies in Dance, Theater, Orchestra, Choral, and Indigenous Performing Ensemble. The NPAC program is a massive boost to the creative industry by conferring national status and providing significant funding to deserving non-government performing arts companies.

Early last year, the CCP announced the closure of its Main Building to give way to an overdue rehabilitation. The project emanated from the building audit that the CCP completed in 2019.

According to the findings, what the 55-yearold building needed was more than its usual maintenance: While the foundation of the building remains strong, there was structural deterioration that required rehabilitation.

“As we all know, [the building] is the work of our National Artist Leandro Locsin. We can’t just overhaul the whole building,” said CCP president ad interim Michelle Nikki Junia. “It has been a delicate balancing act of preserving the design and modernizing the building to keep up with the times.”

Phase One of the rehabilitation project centers on structural retrofitting, including modernizing structural, electrical, plumbing, and mechanical features. Meanwhile, Phase Two focuses on the mechanical and technical capacities of the theaters.

According to the CCP, as of last month, the rehabilitation project has hit 30 percent completion.

With all the consultants already onboard, the CCP expects the work would speed up.

“We project full completion by 2025,” Junia said.

“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 times.” ■

Rodel Gonzalez honors Year of the Dragon with new art pieces THE only Filipino fine artist officially licensed by Disney, Star Wars, and Marvel returns to Newport World Resorts for his sophomore exhibit, the Manila Art Show 2024. A year prior, Rodel Gonzalez debuted his Manila collection, headlined by pop culture characters, in the country’s premiere lifestyle destination. This time around, he pays homage to Year of the Dragon, painting its rich mythology in a breathtaking array of colors, textures and intricate details. Ongoing until February 28 at The Link by Marriott, the year-starter exhibit promises to transport guests, collectors, and the media into a world where myth and imagination prosper.

Gonzalez shares, “I’m excited to present the newest pieces to add to my Manila collection.” A master in the drybrush technique, the celebrated artist continues to push the envelope of his creativity. He considers his recognition for exclusive Disney Fine Art, Star Wars, and Marvel licenses to be one of his greatest points of pride, elevating the realm of Filipino fine art.

With this Manila Art Show 2024, he enchants curious connoisseurs with highly detailed, realistic paintings, from dragons of grandeur and animal portraiture to the eccentricity of Philippine landscapes. Of course, his signature works featuring Disney royalty, Marvel superheroes, and the cinematic universe of Star Wars also join the exhibit. One Gonzalez artwork to keep a keen eye on, and even take home along with the rest of the collection, is the show-stopping “Golden Dragon” in a sea of glittering coins, wishing prosperity to all.

More information about Newport World Resorts and the exhibit can be found at www.newportworldresorts.com.

LEO (July 23-Aug. 22): Explain your position and stand your ground. Don’t let anyone disrupt your plans or tarnish your reputation.

Discuss issues and offer solutions that target the source. Sugarcoating a situation will not help you reach your goal. ★★★

VIRGO (Aug. 23-Sept. 22): Keep making moves until you are satisfied with the results.

Don’t waffle when it’s up to you to bring about change. Gather information that will keep you updated with what’s trending and within reach. Self-improvement will lead to personal gains. ★★★★★

LIBRA (Sept. 23-Oct. 22): Take notes, tally up what’s possible and be picky when faced with a joint endeavor or financial gamble. Hard work will pay off, and research will save you from a loss. Use your insight and accountability to navigate your way to a better place. ★★

SCORPIO (Oct. 23-Nov. 21): Weigh the pros and cons before you proceed.

Consider who is advantageous and who will hold you back. Balance and integrity will be your best ways forward. Refuse to let emotions, power or money lead you in the wrong direction. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Refuse to let anyone’s rhetoric fluster you or entice you with fake facts. Don’t invest in someone or something when you should support your efforts. When in doubt, take a pass and watch from the sideline.

Focus on becoming the best version of yourself. ★★★

CAPRICORN (Dec. 22-Jan. 19): Donating or buying into someone else’s dream won’t get you ahead financially. Make your money work for you.

Put time and energy into something you believe in, and hone your skills to fulfill your pursuits. ★★★

AQUARIUS (Jan. 20-Feb. 18): Listen, evaluate and fact-check before you participate or commit to something that has appeal but lacks substance. Make your voice heard, network, do whatever you can to gather evidence and pin down what’s true. ★★★★

PISCES (Feb. 19-March 20): Go to the source if you want the truth. Prepare to fight for what you want, and align yourself with people who share your sentiments. You’ll attract money, power and culprits eager to take advantage of you. Put reason first. ★★★★ BIRTHDAY BABY: You are articulate, caring and generous.

You are enthusiastic and proud.

‘fabric-ated foods’ BY MARSHAL HERRMANN

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Adrian Johnson/Jared Goudsmit ACROSS 1 Wishy-washy word 6 Posh 11 “___! Humbug!”

14 First-stringers 15 Latin American marinade 16 Become more mature 17 Fluffy treat, like its namesake 19 Three: Prefix 20 The Odyssey, for one 21 $$$ dispenser 22 Playful marine mammal 24 Singer Grande, to fans 26 “Free as a bird” and others 28 Decadent treat, like its namesake 33 Like domestic partners 34 Playground’s place 35 The “vidi” in Caesar’s boast 38 Entrepreneurial deg.

39 Fish-eating raptors 42 “Say what?”

43 Funeral fire 45 Takes a chair 46 Tangential remark

48 Smooth treat, like its namesake 51 Protection from noxious fumes 53 Disco ___ (“The Simpsons” character) 54 Remove ID from, like on Instagram 55 Part of a comic’s set 57 Valley with a wine train 61 Jamaican genre 62 Delicate treats, like their namesake 66 Camera type, in brief 67 Mexican street corn 68 Capital of Western Australia 69 Positive response 70 Taste, for one 71 “In my opinion...”

DOWN 1 Medieval club 2 Upon 3 Himalayan cryptid 4 Headquarters for Bruce Wayne’s alter ego 5 Angsty genre 6 True statement 7 First man in Genesis

8 Negative prefix 9 Compound found in hemp: Abbr.

10 Cellist with a cameo in Glass Onion 11 Hit game?

12 Be on the same page 13 Trust-worthy people?

18 ___ file (salon tool) 23 Kind of torch 25 Give another go 26 Strain’s partner 27 “I’m not touching that!”

28 Kind of roast 29 Genderqueer identity 30 Relatively small celestial bodies 31 Running partner, informally?

32 What the moon orbits 36 Volkswagen subsidiary 37 Cry during a barrel roll 40 Tax data: Abbr.

41 Season, in a way 44 Humor book writer Bombeck 47 Like stinky beer 49 They’re better than birdies 50 Analogy words

51 Dress (up) 52 It’s covered by a high-top sneaker 55 Wagers 56 Frozen drink brand 58 Broadcasts 59 Anti-leather org.

60 Grayish 63 Bitter beer 64 Pull a fast one on 65 Polish brand Solution to today’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos • Tuesday, February 6, 2024

B5

Premium, power and prosperity in the year of the Wooden Dragon

SENIOR vice president and head of GMA Integrated News, Regional TV and Synergy Oliver Victor B. Amoroso (left) and vice president for news programs and specials Michelle Seva received the four prestigious awards on behalf of the network.

Four big awards for GMA at 20th Philippine Quill Awards LEADING media company GMA Network begins the year with four big wins at the 20th Philippine Quill Awards. Projects encouraging compassion for the environment and appreciation for Philippine culture and tradition prove once more that the network provides more than world-class entertainment to audiences while ensuring these are accessible across multiple platforms.

Three projects of the network won under the Communication Skills Division. First is “Sinking Cities,” which is part of the Climate Change Special Reports series of 24 Oras. The feature explored the critical issue of places beginning to sink due to rising sea levels caused by climate change.

Next is The Importance of Sierra Madre, from latenight newscast Saksi, which highlighted the vital role the mountain range plays in protecting places from powerful typhoons.

These special features secured Excellence Awards for GMA Integrated News under Audio/Visual.

Further, original Spotify podcast Sounds and Stories of the Philippines, produced by GMA Integrated News and GMA Public Affairs, received an Excellence Award under Digital Communication/ Communication for the Web. The podcast is aimed at showcasing the best in Philippine culture and designed to be accessed and appreciated by a wider audience. It is also another step undertaken by the network in distributing quality content available on online platforms. Sounds and Stories of the Philippines is told by veteran voiceover artist Shirley Escalante through ASMR. “On behalf of 24 Oras, Saksi, Online and the entire GMA Integrated News, a big thank you to the 20th Philippine Quill Awards for recognizing our work.

These awards fuel our commitment to delivering impactful news and storytelling, inspiring us to keep striving for excellence,” says Oliver Victor B. Amoroso, GMA Network senior vice president and head of GMA Integrated News, Regional TV and Synergy.

Rounding the network’s recognitions is the Merit Award received by the Kapuso ng Kalikasan (KnK) project under the Communication Management Division for Corporate Social Responsibility.

KnK is the network’s flagship program and green strategy. GMA Network (www.gmanetwork. com), through this platform, influences stakeholders in a national effort to mitigate the impact of climate change. KnK spearheads strategic collaborations with industry leaders to integrate environmental consciousness into institutional programs.

“This award reminds us at GMA Network of our role in upholding effective business communication,” says Angel Javier-Cruz, GMA Network vice president for corporate affairs and communications, regarding KnK’s recognition.

“While we want to keep our audiences entertained, we also have the responsibility of educating them on matters about the environment and climate change.

Our Kapuso ng Kalikasan project embodies our commitment to promoting environmental awareness, while also taking on the challenge of creating interesting and informative content that encourages our audience to take part.”

The Philippine Quill Awards is an annual event that honors professional communication practitioners and student communicators that exemplify global standards of excellent, effective and purposeful business communication. It was launched in 2004 by the Association of Business Communicators.

T

HE Year of the Dragon begins on February 10. Generally considered as a powerful and lucky creature in Chinese folklore, the dragon symbolizes toughness, bravery, innovation and creativity.

Unlike the Gregorian calendar that we are used to, the Chinese lunar calendar has variable dates that is dependent on the phases of the moon at a given year.

According to my Taiwanese friend who is deep into the Chinese horoscope and is so passionate about feng shui, the new Year of the Wooden Dragon is filled with glaring opportunities for personal growth and professional success. “It’s the Yang Wood on Dragon, or jia chen in Chinese, and the fixed element of this dragon is Earth which represents stability, persistence and loyalty. That is why the wooden dragon will be the most creative and, to an extent, the most stubborn of all the dragon elements,” my friend, who wishes not to be named, told me.

Growing up with some Filipino-Chinese friends, I always got the impression that those born in the Year of the Dragon are very independent, ambitious, fearless and also very charismatic.

We did a little research on local entertainment celebrities born in the dragon year and discovered that Vice Ganda and Derek Ramsay will both turn 48 this year. These premium personalities are strongwilled and straight-forward during conversation, specifically when giving out answers during interviews. To some extent, they also do not mince words, always calling a spade a spade.

Vice Ganda’s love life is very stable, he remains one of the top TV earners, and he also told us recently that he has committed to do a movie this year. Ramsay’s bent on enjoying life outside being an actor, and trusts that the universe will bless him and his wife Ellen Adarna (who incidentally is also a dragon, 12 years younger than Ramsay) with their own child, after an unfortunate miscarriage last year.

Those turning 36 this dragon year are pop princess Sarah Geronimo, Paolo Avelino and Pauleen Luna.

Geronimo’s family and friends are all hoping that she and husband Matteo Guidicelli will be blessed with a dragon baby. Mrs. Guidicelli was quoted as saying that she is ready to put her powerful career on a freeze mode once she gets pregnant so she can focus on her baby and building a family.

Avelino’s career continues to be on an upswing and he has to be reminded that a trait of those born in the dragon is loyalty, if he wants his relationships to flourish.

Luna just gave birth to her second daughter with actor-host Vic Sotto a few weeks ago, and although baby Thia Marceline was born this new year, she still belongs to the Rabbit sign. Same is the case of

Alex Gonzaga, who was born in January of 1988 but is under the Rabbit sign. Gonzaga is praying that she and her husband Mikee Morada will be blessed with their first child soon.

Among the veterans who will be celebrating their 60th birthday this Year of the Wooden Dragon are Ai Ai de las Alas, Jessica Soho, Zsa Zsa Padilla, Gary Valenciano, Gabby Concepcion and Korina Sanchez.

Let’s see what the lunar new year holds for these celebrities born in the Year of the Dragon, and also to the personalities that are partly Chinese like Xian Lim, Ken Chan, Enchong Dee, David Licauco, Richard Yap, Dennis Trillo (Ho), Michelle Dee, Ricky Lee and Kim Chiu.

Happy Lunar New Year! Cheers to good health, prosperity, success and abundance. n

Japan wants everyone to know: Taylor Swift will make it in time for the Super Bowl

Auburn star apologizes to Morgan Freeman after thinking actor was Ole Miss fan trying to rattle him

TOKYO—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 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 AFC champions face off the San Francisco 49ers, the NFC 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.

OXFORD, Mississippi—Auburn’s Johni Broome met one of his favorite movie stars—and apologized to Morgan Freeman for how it happened.

Broome, who scored 15 points in the 16th-ranked Tigers’ 91-77 victory over Mississippi on Saturday night, tried to save a ball from going out of bounds in the second half when someone in the front row grabbed his jersey.

Thinking it was an Ole Miss fan trying to rattle him, Broome brushed the person’s arm away.

It turned out it was Freeman, the Academy Awardwinning actor who is a big Mississippi fan and attends many Rebels games.

“I kind of got his hand off,” Broome told reporters.

“I saw who it was and I’m a big movie guy. I probably watched one of his movies on the plane coming here.

“But I realized it was him and I was like, ‘Oh my gosh, I’m a big fan. I’m sorry.’ He said, ‘Just keep playing.’”

Broome, calling a personal foul on himself, went back over to Freeman during the game.

“I’m just like, ‘I’m sorry, again,’” Broome said. “He said, ‘You all good. Just keep playing.’ He’s a very good guy. Love him.” AP

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

Clockwise: Derek Ramsay, Sarah Geronimo, Paolo Avelino, Jessica Soho, Vice Ganda and Korina Sanchez.

Nadine, Bea feature in behind-the-scenes film of 5G phone TVC OFFERING an exclusive first look at the OPPO Reno11 Series 5G, brand ambassadors Bea Alonzo and Nadine Lustre create anticipation for the groundbreaking phone as seen in the behind the scenes of the TVC for the newest addition to the Reno series, providing a sneak peek into the new Portrait Expert features that make it stand out.

Filmed amid the vibrant greenery and sparkling waters of Batangas, the natural visual treat accentuated the impressive camera capabilities of the OPPO Reno11 Series 5G. “Shooting against a windy green backdrop was a poetic experience,” said Bea Alonzo expressing how the Reno11, held against her hair, made her feel like

a character in a painting. The 32MP telephoto lens, a standout feature of the phone, is lauded for its ability to capture these moments perfectly, adding a magical touch to the visuals.

The OPPO Reno11 Series 5G debuts as the latest Reno series offering from OPPO, inspired by nature as reflected in the phone’s design with the hues of Pearl White and Wave Green.

Rooted in the elegance of pearl white and the vibrancy of wave green, the phone’s design philosophy sets the stage for a visual masterpiece to capture the essence of the natural world. As seen in the video, scenes outdoors are presented, echoing the OPPO Reno11 Series 5G’s deliberate integration of natural textures into its

design. “Holding the Reno11 Pro 5G while walking on the beach, it felt like I was an explorer uncovering the secrets of pearl white.” Nadine excitedly shares.

The telephoto lens emerges as a signature weapon, capturing a moment within a moment. Bea emphasizes how the lens enhances the vividness of every performance, particularly in capturing interactions with the green scenery of nature. She also shared how the phone captured every subtle movement without disrupting her natural state, allowing the photographer to frame every smile and gaze, revealing her raw, standout emotion.

The OPPO Reno11 Series 5G is now in the Philippines. More information is available at www.oppo.com.phl

BEA ALONZO (right) and Nadine Lustre photographed by the OPPO Reno11 Series 5G smartphone.

B6

Tuesday, February 6, 2024

www.businessmirror.com.ph

INFLUX OF CEMENT IMPORTS FROM VIETNAM

CONTINUE DESPITE ANTI-DUMPING DUTY

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ESPITE the excess capacity of locally manufactured cement in the Philippines, exports from Vietnam continue to flood the market. According to Global Cement News, Vietnam has total capacity of 120 million tons. In 2023, the domestic demand in Vietnam further declined to 57 million tons, or down by 16 percent versus 2022 which is why they are aggressively exporting to the Philippines.

In 2023, despite industry contraction of 6 to 8 percent, imported cement from Vietnam reached 7 million metric tons which is almost the same volume than in 2022.

In recent data collected by the Cement Manufacturers Association of the Philippines (CeMAP) from the Bureau of Customs, the anti-dumping duties imposed beginning March 2023 were only levied on 20 percent of total cement exports to the Philippines.

As it stands, the Philippine cement industry has a total expected capacity this 2024 at 53 million tons (MT) while demand is projected to hover at around 34.5 MT for this year. With government accounting for an estimated 40 percent of total cement demand, there is certainly enough locally

manufactured cement to provide for government infrastructure projects and more.

Based on a previous release from CeMAP, local manufacturers continue investing in additional capacity totaling to 13 million tons per annum (MTPA) over the last five years.

As local cement manufacturers expand capacity, more efficient means of production and innovative cement solutions become available to Filipinos, leading to significant reductions in CO2 emissions, increasing use of low-carbon blended cements, and lessening the dependency on fossil fuels with the use of alternative fuels across the industry.

Local manufacturers likewise invest in their communities through their social development programs, innovation hubs, and other programs that benefit the development and competitiveness of the country’s construction industry.

This is in stark contrast to cement importers and traders who merely import cement, maybe add some additives, repack it, and sell it onwards. With the erosion of the domestic cement market by imports, these investments are put

at risk and, along with it, thousands of Filipino jobs. Furthermore, these developments further diminish the country’s attractiveness for new capital to invest in new and innovative domestic manufacturing capacities for such a vital industry like cement not to mention the potential reduction of taxes coming from local manufacturers that could further boost investments and employment in the country The premature ending of the safeguard measures in 2022 has no doubt contributed to the current imports situation threatening the domestic cement industry. The gestation period of modernizing and building plants takes more or less five years, and the pandemic has further caused delays in the projects. CeMAP believes that the Safeguards Measures should have been extended given the circumstances. The antidumping duties currently being levied on very few Vietnamese exporters has done little to stem the influx of cheap imported cement that enter the market freely. It would appear the Philippines is creating more jobs for Vietnam at the expense of our Filipino employees and their families.

ILOILO City Mayor Jerry Treñas, Vice Mayor Jeffrey Ganzon, Bangko Sentral ng Pilipinas Visayas Regional Office Director Anna Clara Oville and BSP-Iloilo Branch Area Director Joanne Marie Castelo.

Iloilo City is QR-Ready with Starpay through Paleng-QR Ph Plus program

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MERALCO IMPROVES SERVICE QUALITY IN BULACAN WITH NEW CAPACITOR BANK In its continuing pursuit to ensure delivery of safe, stable and reliable power to its customers, the Manila Electric Company (Meralco) has installed a new 115-kilovolt (kV) capacitor bank at its Duhat Substation located in Bocaue, Bulacan. The project, which improved the power quality in the area, involved the mounting of a 50 megavolt-ampere reactive (MVAR), 115 kV 63 kA power circuit breaker, and other ancillary equipment. The energization of this new capacitor bank provides improves voltage regulation, reduces system loss, improves system efficiency, and prevents the risk of power interruption posed by the growing problem in the system due to MVAR deficiency in the areas of Bocaue, Bulacan and other adjacent municipalities.

THE BingoPlus float.

BingoPlus vibrates with Cebuanos for ‘Prititit’ during Sinulog 2024

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INGOPLUS, your comprehensive entertainment and amusement platform and the first online Bingo app in the country, honors the biggest and most popular festival in Cebu City, the Sinulog.

The Sinulog Festival is an annual celebration held every third Sunday of January in Cebu. The festival is also known for its street parties, which happen during the night. It is also tagged as one of the Grandest Festivals in the country.

BingoPlus kicked off its support of the festivities with its on-ground presence through its first booth on January 6, 2024 at the World Tent City. Cebuanos immediately felt the fun and entertainment through the games that were set up in the booths, such as the color game and ring toss. Additional BingoPlus booths were also installed at Fuente Osmena, Plaza Independencia,

and SRP Grandstand to reach a larger audience and to spread the fun and entertainment. Adding up to the activities previously mentioned, photo walls, winner drop ball, roll the dice, and archery were also the other engagement activities in the BingoPlus booth.

To further highlight Sinulog, BingoPlus gave recognition to Cebuanos who are seen dedicated and passionate in their craft in different events such as the Miss Cebu 2024, Sinulog Idol 2024, Sinulog Festival Queen, and Sinulog Dance Crew.

The brand awarded Miss Runway by BingoPlus and a P10,000 cash to Zoe Cameron and Miss BingoPlus Cebu 2024 with a P30,000 cash to Sofia Mendheart Jumamoy during the Miss Cebu PrePageant event held on January 10. Moreover, on January 17 during the Miss Cebu 2024 Coronation

Night, Zoe Cameron received another award which is the Miss Charity by BingoPlus award and a P30,000 cash. The brand also supported the Sinulog Idol 2024 and awarded the BingoPlus Choice Award with P10,000 cash to JayR Panucialman, who was also hailed as the Grand Winner of Sinulog Idol and received an additional P5,000 in cash from BingoPlus. Sinulog Festival Queen and Sinulog Dance Crew both commenced on January 19.

BingoPlus sponsored P10,000 in cash for the BingoPlus Choice Award. On the other hand, Mary Love Lopez was recognized as Miss BingoPlus Festival Queen and received P20,000 cash.

To wrap off the brand presence, BingoPlus participated in the float parade on January 21, where thousands of spectators witnessed all the beautiful, festive, and grandest floats from different sponsors and contingents. People endured the heat to show support to their favorites.

On that same day, BingoPlus variety show Day One was held in Plaza Independencia and in World Tent City for Day Two. Cebuanos were truly entertained in this two-day BingoPlus event as they witnessed performances by Tony Labrusca, Paul Salas, G22 and more. Furthermore, P150,000 worth of raffle prizes (minor and major) and game prizes were given away, and P50,000 in cash was raffled on the second day. It was indeed one successful prititit Sinulog experience for BingoPlus.

Such efforts are the brand’s own way of giving back all the support and gratitude that it has received. It is also indeed a reaffirmation that BingoPlus holds its mission to be the leading leisure and entertainment provider.

BingoPlus and ArenaPlus proudly stand as flagship brands under Digiplus Interactive Corp, solidifying its position as a leading gaming and leisure provider in the country. For more updates, visit www.bingoplus.com and www.arenaplus. net or download the apps now via the App Store and Google Play.

TARPAY recently took part in the exciting PalengQR Ph Plus program in Iloilo City.

Paleng-QR Ph Plus program was jointly developed by the Bangko Sentra ng Pilipinas (BSP) and the Department of the Interior and Local Government (DILG) to bolster the country’s digital payments ecosystem.

Market vendors, community shopkeepers, and tricycle operators and drivers (TODA) in cities and municipalities are encouraged to utilize cashless payments by simply scanning the Paleng-QR Ph Plus code using an e-wallet system like Starpay.

A n e - m o n e y i s s u e r a n d a n o p e rato r o f payment systems licensed by BSP, Starpay offers digital payment solutions and money movement capabilities with e-wallets, disbursements, and collections services.

“We support the efforts of the BSP to boost the digital financial system. At Starpay, we want to enable the unbanked and underbanked–marginalized

Filipinos–to participate in the financial ecosystem, and to benefit from the digital economy through inclusive innovation,” explained Ryan Uy, Starpay Head of Growth and Marketing.

With Paleng-QR Ph Plus, users can enjoy sanitary and convenient cashless payments, reduction of counterfeit bills and less cost for transportation.

It also enables vendors and suppliers to develop a significant financial footprint which is beneficial when they apply for credit.

During the event, a total of 1,625 vendors at the terminal market and 1,870 tricycle drivers were successfully onboarded to the Paleng-QR Ph Plus program. Buyers and commuters can now pay for their purchases and their tricycle fare using Starpay.

In his message, Iloilo City Mayor Jerry Treñas said that the business in the city is made easy with the innovation. “Let us try to use this digital payment because this is for us,” he said.

CHINESE New Year cakes and pastries available at Conrad Manila.

Embrace Good Fortune, Prosperity with Conrad Manila’s Lunar New Year Offerings

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ONRAD Manila welcomes the Year of the Wood Dragon with festive culinary delights, including the auspicious Yee Sang Prosperity Toss, Barbecue Whole Roasted Suckling Pig, Nian Gao Treasures, and a specially curated Chinese set menu.

“This Chinese New Year marks the beginning of another journey to a roaring success and we are thrilled to spend this joyous tradition with our loyal patrons, like in the previous years. We wish everyone happiness, good health, and overf lowing blessings this 2024,” shares Fabio Berto, Conrad Manila’s General Manager.

As part of the Lunar New Year festivities, families may gather and celebrate over a curated set menu at China Blue by Jereme Leung, available now in two tiers until February 10, 2024. With price starting at P49,888 nett for a table of 10 persons, the menu features a selection of traditional favorites such as Roasted Duck, Steamed Live Sea Garoupa, Braised Ten-head Abalone, Yee

Sang And Money Bag, among others.

Bring home or share the good fortune that the season may bring with a traditional Nian Gao set, which comes with one big Koi Fish filled with white almond and six small Koi Fish brimming with the classic flavors of traditional brown coconut caramel and refreshing citrus.

Priced at P2,388 nett, this box of artisanal rice cake delights is packed in an elegantly crafted box that is ideal for gifting and is available until February 10, 2024.

T he celebrations w i l l get even more festive w ith the Lunar New Year-inspired cakes and pastries that are up for grabs at Bru Coffee Bar, starting Februar y 1 until Februar y 29. In addition to that, Conrad Manila will welcome the Year of the Dragon with a lion dance performance on Februar y 10 at 11:08 am.

To learn more about Conrad Manila’s Chinese New Year offerings, please call +632 8833 9999 or email conradmanila@conradhotels.com

World Features

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

BusinessMirror

Tuesday, February 6, 2024

B7

Why New York City apartment buildings are on sale for 50% off

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By Patrick Clark & Prashant Gopal

VEN in the crisp afternoon sunlight, the two-bedroom Manhattan apartment has a ghostly pallor, its cracked walls yellowing like an ancient blackand-white photograph. Paint chips are falling from the ceiling. A dead pigeon lies on the kitchen floor.

Its landlord, Douglas Peterson, is making a stop on a dispiriting tour of a 21-unit building he bought in 2018 for $4.8 million.

Peterson’s City Skyline Realty Inc. specializes in a subgenre of real estate investment: properties subject to the New York City rentregulation system, the oldest and biggest program in America. For this well-situated apartment on West 164th Street in Washington Heights, the quickly gentrifying Dominican enclave immortalized in a Lin-Manuel Miranda musical, he can charge no more than $650 a month, perhaps a quarter of the market rate.

For landlords the playbook had long been simple and lucrative. Buy run-down buildings that are, in New York lingo, rent-stabilized. Fix them up. Pass along the expense to tenants by raising rents, which was allowed under the regulations. Cash out. Repeat.

Once rents approached $2,800 a month, owners could charge what the market would bear, and the apartments became a potential gold mine. “You just had to be patient,” Peterson says.

But his bet on raising rents has gone disastrously bad, as it has for landlords across the city. In 2019, alarmed about the decline in affordable housing, New York state lawmakers rewrote the rules. In one key change they sharply reduced how much landlords could raise rents after renovations. In an even more important shift, the apartments no longer leave the program when rents rise high enough.

Peterson—who’s bought more than 40 properties for $300 million over 20 years—is now in distress. He’s falling behind on his mortgages and scrambling to find money for repairs. In October, Fannie Mae, the governmentbac ked home loa n compa ny, started foreclosure proceedings against a dozen of his properties, including the building on 164th Street. “My career is over,” Peterson says. “Now it’s just a question of: What’s my legacy going to be?

Is it going to be that I abandoned the ship when it was sinking, or that I stayed and fought?”

Last year, New York buildings with at least one rent-­stabilized apartment sold on average for $203,000 a unit, down 34 percent since 2019, according to Maverick Real Estate Partners, a New York investment manager. By contrast, the price of nonregulated apartments rose 23 percent. The value of rent-stabilized units declined by as much as $75 billion, Maverick found. In December the Federal Deposit Insurance Corp. unloaded $15 billion in loans backed primarily by New York rent-stabilized apartments—at a 40 percent discount. Last week, amid concern over real estate exposure, shares of New York Community Bancorp Inc.—which holds about $37 billion in apartment loans, half backed by rent-regulated units— dropped 38 percent in a single day.

“A lot of owners I’m speaking with want to walk away from buildings,”

says Lazer Sternhell, chief executive officer of Cignature Realty Associates Inc. in the city.

These losses highlight an escalating battle over a kind of affordable housing that provides a foothold for the working class in one of the world’s most expensive cities. To landlords such as Lewis Barbanel, owner of Barberry Rose Management Inc., in Woodmere, New York, tighter rent regulation violates their private property rights and will only worsen the housing shortage by discouraging renovation and construction. His company sold 21 rent-stabilized buildings last year at a loss. Barberry parted with one building in Harlem for $3.8 million, 59 percent less than the company paid in 2016. “The politicians are defunding these buildings,” says Barbanel, who’s shifting his investments to New Jersey and elsewhere. “They’re trying to create a situation where the owners fail.”

But to tenants, apartment owners are merely paying the price for reckless borrowing that relied on skyrocketing rents that were bound to spark opposition. The new laws shouldn’t have come as a surprise to property investors, says Cea Weaver, campaign coordinator of Housing Justice for All, who helped lead the fight. “We weren’t being very secret that we were trying to change the rules, nor were the lawmakers in Albany,” Weaver says. “I don’t know if it was hubris or not, but laws change, and that impacts markets.”

Rent control is having something of a comeback after losing favor across more than a generation. In 2019, Oregon became the first state to pass a statewide rent control law, which capped annual hikes at 7 percent plus inflation.

Later the same year, California limited increases to 10 percent.

Two-dozen states last year considered caps, according to the National Multifamily Housing Council, a trade group for landlords.

Countries including Canada, India and Sweden all have regulation.

As rents are climbing in big cities worldwide, governments have looked to expand protections, with mixed results. Denmark instituted a two-year cap in 2023. Berlin in 2020 enacted a five-year freeze, among the world’s most stringent measures. But Germany’s Federal Constitutional Court overturned it the next year.

As a rule, economists hate rent control, saying it distorts markets, leading to housing shortages and higher rents in market-rate buildings. The rules benefit longtime tenants at the expense of newcomers, and they’re an inefficient way to help those who need it most, scholars have found. The International Monetary Fund late last year called on Ireland to abandon its price caps in designated “rent pressure zones” such as Dublin, because restrictions are worsening the housing shortage. Instead, the agency suggested targeted subsidies for poor renters.

But Chris Herbert, managing director of Harvard University’s

IN 2019, alarmed about the decline in affordable housing, New York state lawmakers rewrote the rules. In one key change they sharply reduced how much landlords could raise rents after renovations. BLOOMBERG

Joint Center for Housing Studies, says the market is failing renters.

In classical economics, rising prices should be leading to more construction and moderating rents.

But scarce land in attractive cities and zoning rules cause persistent shortages. In this environment, Herbert says, milder rent control, such as tying increases to inflation, could be a compromise.

New York’s history shows the ebb and flow of rent regulation amid shifts in the relative power of landlords and tenants. Two-thirds of the city’s residents rent their homes, double the nationwide rate, giving tenants greater political sway than in much of the US. New York’s efforts have roots in 19th century attempts to improve the lot of immigrants crowded into dilapidated tenements.

New York has had some form of rent regulation since 1943, when the federal government imposed price controls to combat inflation during World War II. After those protections expired in the early 1950s, the state enacted its own measures, which applied to pre1947 buildings. That older system, known as rent control, severely restricts what tenants pay for as long as they occupy the unit, a feature that’s led some renters to organize their life around an unbelievably cheap real estate deal, sometimes stoking outrage or envy when there are reports of someone affluent or famous living for a song. Only 16,000 of those rent-controlled ­apartments remain.

Rent stabilization, which dates to 1969, covers roughly 1 million apartments, housing a quarter of the city’s population. (Most units have no income restrictions.) Each year landlords submit reports on their income and expenses to the ­m ayor-appointed Rent Guidelines Board, which uses the information to help determine how much owners can raise rents. In New York City, tenants paid a third less for

rent -­stabilized apartments than they would have for equivalent market-rate apartments, an annual discount adding up to $5.4 billion, according to a 2023 paper from researchers at George Washington University, the University of North Texas and Johns Hopkins University.

In the more market-oriented 1990s, city and state ­lawmakers voted to relax the rules. Landlords could then raise rents by 20 percent each time a tenant moved out.

They could set their own rents once they rose past a certain threshold.

For many buildings, owners could also raise monthly rents by $1 for every $40 in renovations, meaning a landlord who invested $60,000 in a vacant apartment could increase the rent by $1,500 on the next tenant.

This system made regulated apartments far more appealing.

“A rent-stabilized unit was viewed as an embedded option to increase rents,” says Shimon Shkury, president of brokerage Ariel Property Advisors.

A new class of investors flocked to a market historically dominated by established local real estate families. These latecomers included smaller companies such as Peterson’s as well as some of the biggest names on Wall Street.

In 2015, Blackstone Inc. led the $5.3 billion purchase of rent— stabilized Stuyvesant Town and Peter Cooper Village. Blackstone, which has since spent more than $375 million in improvements, says it remains confident in the investment.

But the city’s soaring housing prices provoked a backlash. ThenMayor Bill de Blasio and New York Attorney General Letitia James said looser controls provided incentives to harass tenants and promoted gentrification and the deregulation of hundreds of thousands of apartments. A bloc of progressive state lawmakers swept

into office, setting the stage for the 2019 changes that distressed building owners. The timing was especially tough for landlords, who soon after had to contend with unpaid rent during the Covid-19 pandemic, along with rising insurance costs and interest rates.

Some tenant advocates welcome the drop in prices for regulated apartments. With government help, nonprofits or tenants could buy buildings at lower prices, as they did in the 1980s, says Sam Stein, a senior policy analyst for Community Service Society of New York. They could then charge more affordable rents.

Landlords have tried, unsuccessfully, to get the US Supreme Court to intervene on their behalf by ruling against the 2019 rent laws. On social media, Jay Martin, executive director of a trade group called the Community Housing Improvement Program, describes opponents as communists and has pledged a “scorched earth” strategy this year to fight them. “There’s too much at stake,” he said recently on X, formerly Twitter. “We must do everything possible to stop individuals destroying New York’s housing.”

Tay Raymond, 35, grew up on West 116th Street, down the block from the famed soul food restaurant Amy Ruth’s as well as a building where condos sell for $1 million. On this same street, Raymond’s three-bedroom now rents for $1,300, about a third of the cost of the unit down the hall.

But, in January, there was a gaping hole in her bathroom ceiling that had been a problem for years, and she says mice and roaches run rampant. “They want us to self-evict,” says Raymond, who sells vintage clothing online. “Either because we’re not getting the repairs we need or because we’re afraid of getting priced out.”

In 2018 her landlord, a private equity firm called Sugar Hill Capital Partners LLC, contracted to buy 53 small apartment buildings for more than $250 million in the company’s largest deal. Sugar Hill figured each unit would need at least $60,000 in renovations, enough to upgrade plumbing and electrical systems. But once New York State clamped down on renovation-­related rent increases, Sugar Hill could pass on only $15,000 per apartment.

At the end of 2022, Sugar Hill agreed to sell 13 of its buildings at a 54 percent discount to the price the company had paid. Managing Partner Margaret Grossman says she’d like to sell the rest of the rent-stabilized portfolio, including Raymond’s building, and focus

on new projects such as a luxury apartment building in Brooklyn featuring a rooftop deck with an apple orchard. Grossman says that the inability to charge enough rent makes it difficult for Sugar Hill to invest in buildings but that it does all it can to make repairs.

(The company fixed the hole in Raymond’s ceiling after an inquiry about it for this article.)

Victoria Bausch lives with a roommate so she can afford her rent-stabi l ized apar tment in Washington Heights. Last year her rent jumped $300, to $3,300, part of a boroughwide runup that took Manhattan rates to record highs.

On a recent evening, Bausch joins about 15 other tenants in the lobby of her St. Nicholas Avenue building, which includes both regulated and unregulated apartments. There’s a Wall Street executive paying more than $4,500 a month, as well as a retired bus driver and a school administrator. The crowd complains of poor maintenance: water damage in some apartments, as well as a lack of hot water and too little heat.

Over the past two years they’ve filed hundreds of complaints with the city. They also would like to roll back what they consider illegal rent increases.

Bausch, an event planner who used to work in theater, has good news: In a settlement with the state attorney general’s office, the building put her unit back into the rent—stabilization program and reduced her rent. “If things keep going the way they are, we’re going to be priced out of New York City, and I’m not willing to let that happen,” she says.

Peterson’s City Skyline Realty, which last year appeared on a government list of landlords with the most code violations, owns the building. He says that his company promptly addresses complaints and that the city’s tally unfairly penalizes large property owners.

The rent­settlement related to a previous owner, he says.

A 49-year-old Utah native who wears matching golf shirts and hats, Peterson usually has the outgoing bearing of the Mormon missionary he once was when he knocked on doors in declining postindustrial towns in upstate New York. He remembers better days not long ago. In 2014 he bought a building in the Bronx for $8 million and sold it only four years later for a 50 percent profit.

Peterson hasn’t quite given up on his role as a New York City landlord. On his visit to Washington Heights, he warns a bodega worker about an apparent gas leak and makes small talk with teenagers. Adding a note of dark humor about his deteriorating business, he tells one of his building super­ intendents, “You make more money from this building than I do.”

In one of the strange twists of rent regulation that worry economists, Peterson is among the landlords leaving apartments empty because it doesn’t make sense to repair and rent them out at current rates. Thousands of apartments are vacant, according to government and industry estimates.

On West 164th Street, no one has lived in the dead-pigeon apartment for more than two years. Like other units, it needs $100,000 in renovations, including new plumbing, electrical wiring and lead remediation, Peterson says. He figures he can’t make the economics work without raising the rent. “We should have two tenants in here and be collecting $2,500 a month,” he says, wondering why the city’s politicians have turned against him. “Why the hell wouldn’t they want me to do that?”

Clark covers real estate from New York; Gopal, from Boston/Bloomberg Markets

Sports

Ramos strengthens bid for Paris Games

BusinessMirror

B8 | T

uesday, February 6, 2024 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

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OSEGIE RAMOS clinched a bronze medal in the Asian Weightlifting Championships on Monday in Tashkent to solidify her campaign to qualify for the Paris Olympics.

Ramos placed second in the snatch with an 88-kg lift but finished third in the clean and jerk with 102 kgs for a 190 kgs total lift that earned her the women’s -49 kgs class in the championships staged at the Yunusabad Sports Complex in Uzbekistan’ capital.

“She’s already sure of a top 10 spot and that means her Paris Olympics slot is also sure ball especially now that she also bagged a bronze medal,” her trainer coach Allen Diaz, cousin of Olympic champion Hidilyn Diaz-Naranjo, told BusinessMirror on Monday.

Ramos is ranked No. 9 in her class by the International Weightlifting Federation after seeing action in four Olympic qualifying tournaments— the top 12 in the world earn tickets to Paris in July.

North Korea’s Ri Song Gum, the back-to-back Asian Games gold medalists, lifted 95 kgs in snatch, 125 kgs in clean and jerk for a dominating 220 kgs total for three gold medals, while Japan’s Rira Suzuki settled for the bronze with 82 kgs in the snatch and silver in clean and jerk with 109 kgs.

Lovely Inan, who also competed at -49 kgs, was seventh overall with a 181-kg total lift.

Ramos’s youngest sister Rose Jean withdrew from the women’s -45 kgs category because of cramps, while Tokyo Olympian Erleen Ann Ando competed later Monday in women’s -59 kgs.

Diaz-Naranjo, who skipped the Tashkent competition, is currently ranked seventh in the Olympic qualification race for -59 kgs athletes.

Two-time Southeast Asian Games champion Vanessa Sarno will see action in women’s +71 kgs Tuesday.

A very messy Messi tour T

OKYO—It’s all been very messy.

We’re talking about Lionel Messi and Inter Miami’s global tour of exhibition games where the main show has been Argentina’s 2022 World Cup-winning captain.

The matches are about promotion and marketing, hoping to build a new brand by using stars like Messi and Uruguayan Luis Suarez. Instead, the tour is getting mostly bad PR, and results that have not been much better in matches that have stretched from El Salvador, though Dallas, into Saudi Arabia, and then Hong Kong on Sunday.

The next stop is Tokyo’s National Stadium on Wednesday against Vissel Kobe, and a wrap-up match on February 16 in Florida against Newell’s Old Boys—Messi’s boyhood club in Argentina, and the club that might be his final destination before retiring.

Through five games, Inter Miami has been outscored 12-7 and won only once. And that was Sunday in Hong Kong, where a 4-1 victory over the local team was overshadowed

by angry fans holding up signs demanding a refund and booing since neither Messi nor Suarez played— both out injured and aging.

Messi is 36 and Suarez is 37, and both are more and more subject to nagging injuries.

“The marketing hype in promoting the event to global fans creates high expectations, coupled with government subsidy of the event,” John Grady, a sports law professor at the University of South Carolina, told The Associated Press. “This also raises the expectations that marquee players will appear as advertised.”

Even though fans know the games are for practice, and meaningless in the standings, they still choose to pay high prices and attend. As the phrase goes in Latin—caveat emptor, or “let the buyer beware.”

“As more football teams recruit elite talent with large followings, including on social media, it creates a situation where non-appearance causes fan outrage and results in a public relations headaches,” Grady added.

Inter Miami coach Gerardo Martino apologized for Messi’s absence after

By Josef Ramos

Sunday’s Hong Kong match. Fans who saw practice on Saturday at least saw the Argentina captain in a kick-around, with Miami co-owner David Beckham also on the field.

“We understand the disappointment of the fans for the absence of Leo [Messi] and Luis Suarez,” Martino said. “We understand a lot of fans are very disappointed and we ask for their forgiveness. We wish we could have sent Leo and Luis on for at least a while but the risk was too big.”

Messi came on for the last seven minutes in the 6-0 loss at Al-Nassr— one of the two matches in Riyadh, Saudi Arabia—as Inter Miami prepares for its Major League Soccer season opener on February 22.

It’s anyone’s guess if Messi will play on Wednesday in Japan, and if so, how much. Martino will certainly be under pressure to use him some, but Messi is sure to have the final say.

Inter Miami is to practice on Tuesday on the outskirts of Tokyo with snow in the forecast. Wednesday calls for sunny skies but temperatures at game time around freezing. AP

Action down under

Team Australia competes in the mixed team technical event of artistic swimming at the World Aquatics Championships in Doha, Qatar, Monday. AP

Bautista, Dilao pull off thrillers in Fr. Suarez Cup FANS react during a friendly soccer match between Hong Kong Team and US Inter Miami CF while a damaged paper model of Lionel Messi is seen at the Hong Kong Stadium in Hong Kong Sunday. AP

HK urges event organizer: Explain, fans are angry

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ONG KONG—Hong Kong’s sports minister on Monday reiterated the government’s call for an explanation from the organizer of a soccer match between Inter Miami and a local team following widespread disappointment over Lionel Messi remaining on the bench throughout the entire game.

The much-hyped exhibition match on Sunday ended with fans booing Inter Miami co-owner David Beckham and demanding refunds as Messi did not play in the game due to a hamstring strain.

The fans’ reaction was a setback for Hong Kong officials who sought to boost the city’s image as a hub for mega events amid a slow economic recovery and Beijing’s crackdown on dissidents.

In a press briefing Monday, Secretary for Culture, Sports and

Tourism Kevin Yeung said the government’s funding agreement with the match organizer, Tatler Asia, required Messi to play on the field for at least 45 minutes, unless there were safety or health concerns.

Yeung said the organizers had reaffirmed that Messi would be playing in the second half of the match before the start of the game.

When the government noticed the second half did not proceed as planned, the government tried to follow up with the organizer but was told Messi could not play due to an injury, he said.

“We therefore immediately request them to explore other remedies such as Messi appearing in the field to interact with his fans and receiving the trophy. Unfortunately, as you all see, these did not work out,” he said.

Navy gals drown Dream in PBA 3x3

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HILIPPINE Navy-Go For Gold dealt Uratex its first loss in the Women’s Philippine Basketball Association 3x3 Invitational behind a dramatic 18-17 comeback win Monday at the Ayala Malls Market Market.

The Lady Sailors rallied back beh ind the crucial endgame plays of Afril Bernardino and Marizze Andrea Tongco to pull off the victory in the battle between unbeaten teams.

Tongco buried a pressure-packed deuce and Bernardino scored off a give-and-go play to knot the count at 17-17.

And after the Dream turned the ball over with four seconds left, the 27-year-old Bernardino did a perfect spin move off Kaye Pingol to nail the game-winner at the buzzer.

Tongco finished with seven points and Bernardino had six as they combined for six of the Lady Sailors’ last seven points.

It was a heartbreaker for Uratex which controlled the game early on and enjoyed lead of as many as 8-2.

Angelica Anies tallied six points to lead the Dream, who ended the eliminations with a 4-1 record.

Navy however, failed to make a fitting follow up to the win as it lost to Gilas-A in overtime later on, 15-13.

National team member Camille Clarin buried two free throws in the extra period to seal the win for Gilas after the Lady Sailors forged overtime behind the heroics of Bernardino, who top scored for eight points.

It was also the first loss in the eliminations for the Lady Sailors as they ended up sharing the top spot with the Dream.

Both Philippine Navy and Uratex are also already assured of the top two spots in the crossover semifinals slated on February 19 at Ayala Malls Glorietta.

Organizers of the exhibition were awarded 16 million Hong Kong dollars ($2 million) in funding by a government advisory committee and its tickets cost up to 4,880 Hong Kong dollars ($624) each.

On Sunday night, the government expressed its disappointment in two statements, saying its follow-up action might involve reducing the funds allocated for the event.

Yeung said officials would make a decision on the funding issue later.

Tatler Asia on Sunday night insisted it had no information about both football stars would not be playing in advance. It also expressed its “extreme disappointment regarding Lionel Messi and Luis Suárez’s non-participation.”

Inter Miami will conclude its Asian tour in Japan on Wednesday when it plays Vissel Kobe.

Meanwhile, Gilas-A, Gilas-B, and Angelis Resort were all tied for third to fifth places in the standings with similar 2-3 records, with the tiebreaker being applied to determine the last two teams which will make the semifinals.

Angelis Resort suffered a misfortune at the hands of Philippine Air Force, 19-18, that stymied its bid to make the semifinals outright after beating GilasB earlier, 20-19.

MEMBERS of the Philippine NavyGo For Gold team celebrate their victory.

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ANDRA BAUTISTA and Frank Dilao hacked out hard-fought victories to split the 16-andunder titles and Most Valuable Player honors in the Fr. Fernando Suarez M-Cup National Juniors Tennis Championships in Biñan, Laguna over the weekend.

The top-seeded Bautista wore down No. 3 Erynne Ong in a tense finals battle, escaping with a 6-3, 4-6, 14-12 decision and completing back-to-back victories after the Bacoor, Cavite find captured the 16-an-under title at the Valle Verde stop last week.

Dilao, seeded No. 4, prevailed in a sibling rivalry from Sta. Rosa, Laguna, overcoming France Dilao, 2-6, 6-3, 10-7, to top his side of the competition in the Group 2 tournament presented by Rep. LenLen AlonteNaguiat and held in honor of the late

healing priest, a tennis enthusiast and supporter.

Ariel Cabaral from Gen. Trias, Cavite, and Quezon City’s Chloe Mercado shared the 18-and-under trophies, Julio Naredo, also from Quezon City and Muntinlupa’s Ave Maria Policarpio took the 14-andunder crowns, Marcus Go from Quezon City and Pasig City’s Vania Parawan halved the 12-and-under diadems, and Everette Niere from Bogo City topped the 10-and-under unisex category.

The second-ranked Cabaral toppled top seed and doubles partner Darwin Cosca Jr., 6-1, 6-4, to bag the premier class title for the second consecutive week, while Mercado bounced back from a previous finals loss to Mica Emana at Valle Verde with a 1-0 (ret.) win over Bautista.

The unranked Naredo scored a shutout win over top seed Mikael Honrado in the first round then rolled past three other rivals before beating Nicholas Andal in the finals, 6-1, 6-1, while Policarpio repulsed

Ella Paglalunan, 6-2, 6-4, in the tournament held under the Palawan Pawnshop junior program, headed by president and CEO Bobby Castro and sanctioned by the Philippine Tennis Association.

Go, on the other hand, overwhelmed Jan Villeno, 6-0, 6-3, while Parawan repelled Lilith Rufino, 6-4, 6-4, even as Everette Niere upended No. 1 Raven Licayan, 1-4, 4-0, 12-10.

Mercado, Cabaral, Naredo and Everette Niere all finished with two victories as they claimed the doubles crowns with partners Ong, Cosca, Andal and Rayven Licayan, respectively, while Dania Bulanadi and Xophia Oliveros topped the girls’ 14-and-U doubles division.

Meanwhile, action shifts to Davao del Norte for the Gov. Edwin Jubahib Cup, a two-leg Juniors Group 2 tournament on Feb. 8-12 and Feb. 15-19, respectively. For details and registration, contact Mangunay at 0915-4046464.

Parisians vote to charge SUVs with expensive parking fees SUV cars drive on the Champs Elysees Avenue near the Arc de Triomphe in Paris. AP

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ARIS—Parisians voted Sunday to muscle SUVs off the French capital’s streets by making them much more expensive to park, the latest leg in a drive by Socialist Mayor Anne Hidalgo to make the host city for this year’s Olympic Games greener and friendlier for pedestrians and cyclists.

More than 54 percent of the votes cast in the lowturnout election supported the measure to triple parking fees for large SUV drivers from out of town to €18 ($19.50) per hour in

the city’s center, according to French media reports.

Only 5.7 percent of the 1.3 million eligible voters cast ballots at the 39 voting stations around the city, the newspaper Le Monde said.

In get-out-the-vote posts on social media, Hidalgo argued that SUVs take up too much space on narrow Parisian streets, are too polluting and “threaten our health and our planet,” and cause more traffic accidents than smaller cars.

“The time has come to break with this tendency for cars that are always bigger, taller, wider,” she said.

“You have the power to take back ownership of our streets.”

The cost for non-residents to park SUVs in Paris’ central districts, in the arrondissements numbered 1 through 11, would soar to €18 ($19.5) per hour for the first two hours,

compared to 6 euros per hour for smaller cars.

After that, parking would become increasingly punitive. A six-hour stay with an SUV—enough, say, to take in a show and a restaurant—would cost a whopping €225 ($243), compared to €75 for smaller vehicles.

Away from the heart of the city, in Paris’s outer arrondissements numbered 12 through 20, an out-of-town SUV driver would pay 12 euros per hour for the first two hours, progressively rising to €150 for six hours.

The mini-referendum was open to Parisians registered to vote. The question they were asked was: “For or against the creation of a specific rate for the parking of heavy, bulky, polluting individual cars?”

Cyreane Demur, a 20-yearold student, voted in the chic 8th arrondissement that includes that car-clogged Champs-Elysées boulevard and its chaotic traffic circle around the monumental Arc de Triomphe.

Demur said heavier cars make congestion “even more complicated” and that ”one must consider the ecology, the parking issues.” AP