BusinessMirror February 12, 2024

‘Supply shocks ahead to be worse’ than pre-Covid

T

HE recent slowdown in inflation may not indicate that the season of low commodity prices is here to stay, as certain factors would justify a hawkish stance to be adopted by central banks worldwide, according to Oxford Economics.

In its latest economic brief, Oxford Economics said the mix of supply shocks in the next few years will be even “more damaging than the prepandemic years.”

The impact on shipping by the recent Red Sea attacks is telling; they have already caused global shipping rates to surge by 200 percent and shipping costs between China and Europe to increase by 300 percent.

“It may be more realistic to view

ROTARY CLUB OF MANILA JOURNALISM AWARDS

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

that prepandemic period as exceptional, and to regard the recent run of adverse supply shocks—and resultant sharp swings in inflation— as a return to more ‘normal’ conditions of higher inflation volatility,” Oxford Economics.

The UK-based think tank said this is another argument to support the caution exercised by central banks when it comes to cutting rates too soon.

Oxford Economics said it expects central banks to be more wary of supply shocks moving forward. It said that the theory suggested that increases in inflation would be short-lived, with a horizon of two to three years.

However, the think tank said based on recent developments,

supply shocks have been able to not only increase inflation but also trigger second-round effects that tight monetary policy intends to prevent.

This, Oxford Economics said, means inflation could be higher and more volatile moving forward.

It will also be less anchored on inflation targets.

While the think tank does not expect this to be a sufficient reason to prevent central banks from cutting rates this year, it will convince monetary authorities to take it slow when it comes to easing policy rates.

“If inf lation is more volatile, and expectations react more to actual price swings, it will become more likely that central

banks will have to tighten monetary policy in response to episodes of higher inf lation—even if caused by a shock that may be temporary—to re-anchor expectations and hence prevent persistent second-round effects,” Oxford Economics said.

“The experience of recent years suggests that this may require relatively large interest rate cycles compared to a scenario in which inflation expectations are wellanchored,” it added.

Earlier, the Philippine Statistics Authority (PSA) said commodity prices slowed to 2.8 percent in January. Inflation was the slowest since October 2020 when inflation averaged at 2.3 percent.

BusinessMirror

See “Supply,” A2

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

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

2018 BANTOG MEDIA AWARDS

DOF: EASING INFLATION TO SPUR H2 RATE CUTS w

n

Monday, February 12, 2024 Vol. 19 No. 120

P25.00 nationwide | 2 sections 20 pages |

By Reine Juvierre S.Alberto

T

HE slowdown in commodity prices is expected to fuel Finance Secretary Ralph G. Recto’s confidence that the Monetary Board will start cutting rates in the second semester of the year.

See “DOF,” A2

'DOYA,' ONCE MORE Isuzu Gencars Chairman D. Edgard A. Cabangon (9th from left) beams with pride as he holds the 2023 Dealer of the Year Award bestowed upon Isuzu Makati by Isuzu Philippines Corporation (IPC). He is flanked by IPC President Tetsuya Fujita (8th from left). They are joined in the photo by Isuzu Gencars Makati’s executive officers (from left: Parts Supervisor Jose Gio, Jr., Naga Assistant Aftersales Manager Glenn San Juan, Legazpi Assistant Aftersales Manager Anthony Blasa, Aftersales Manager Ma. Elena Perez, Naga General Manager Moel Montemayor, Gerry Teruel, Sharon Tan, Gencars Operations Executive Giannina Eunice Cabangon, Gencars President Lerma Nacnac, Sales and Marketing Manager Ma. Victoria Albaña, Assistant Service Manager Krislene Faye Omoy, Vice President of Sales and Marketing Albert Zata, and IPC Executive Vice President Shojiro Sakoda. Full story and related photo in Companies, B1. ROY DOMINGO

OVER 100-M PINOYS LIVING IN CITIES BY 2050–WORLD BANK

By Cai U. Ordinario @caiordinario

O

VER 100 million Filipinos or almost the entire country’s population today will be living in urban areas or cities in 2050, according to the World Bank.

In a blog, World Bank urban geographer Sarah Elizabeth Antos and consultant Yimin Zhou said 102 million Filipinos will live in cities—a figure that is estimated to be double the number today.

The experts said in the Philippines, majority or 70 percent of urban local government units (LGUs) are planning for smart cities to accommodate these Filipinos.

“While national government agencies and LGUs’ enthusiasm and

commitment towards smart city transitions are plausible, the journey faces significant challenges. Success requires a structured, collaborative approach involving various stakeholders,” the experts said.

The experts said 61 percent of the country’s LGUs have smart city projects in progress, and 56 percent already have policies to support the development of smart cities.

However, the experts said based on 59 percent of LGUs, their challenges pointed to a lack of digital infrastructure and systems as a challenge while another 57 percent of these LGUs noted that their challenges are focused on the technical competencies and manpower shortage.

See “100-M,” A2

Bangsamoro EZA can now grant incentives to investors

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

D

AVAO CITY—The Bangsamoro Economic Zone Authority (Beza) can now grant incentives to investors.

This was announced by the Fiscal Incentive Review Board (FIRB) in late January. It also said that the BEZA was authorized to be an investment promotion agency (IPA) for the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

Beza Executive Director Sukarno Abas described this status as a milestone that would “enable the agency to fully operationalize its authority to grant fiscal and non-fiscal incentives to investors and enterprises willing to set up

or establish their businesses in the BARMM economic zones.”

This, Abas said, “will entice potential investors to put up businesses that will expand economic opportunities in the region, particularly the industry and services that generate more jobs, increase productivity, and generally improve the quality of the living conditions of the Bangsamoro people.”

He said investment promotion would “create awareness of the current investment opportunities in the country to attract investors with the means to provide job opportunities and increased productivity in the economy.”

The FIRB agreed to certify Beza as an IPA, “giving it the authority to grant incentives under the Corporate Recovery and Tax Incentives See “Bangsamoro,” A2

EXPLAINER »B4

CONFLICT IN THE MIDDLE EAST IS AFFECTING A KEY ENERGY LIFELINE FOR EUROPE. HOW BIG IS THE RISK?

PESO EXCHANGE RATES n US 56.0330 n JAPAN 0.3782 n UK 70.7641 n HK 7.1663 n CHINA 7.7870 n SINGAPORE 41.7129 n AUSTRALIA 36.5223 n EU 60.3756 n KOREA 0.0422 n SAUDI ARABIA 14.9413 Source: BSP (February 8, 2024)

ANTARTIS | DREAMSTIME.COM

Recto told reporters during the 2024 National Tax Campaign that no further rate hikes are expected, now that inflation has slowed to within the Bangko Sentral ng Pilipinas (BSP) expectations.

In January, inflation slowed to 2.8 percent, which is within the BSP’s 2 to 4 percent target, according to the Philippine Statistics Authority (PSA). (See: https://businessmirror.com.ph/2024/02/06/ inflation-slows-to-2-8-in-januaryslowest-since-october-2020-psa/).

“I don’t expect a future rate hike because inflation is going down and it seems like it is going down globally,” Recto, a government sector representative to the Monetary Board, the highest policy-making body of the BSP, said.

News

BusinessMirror

A2 Monday, February 12, 2024

www.businessmirror.com.ph

BIR did ‘good job’ with ₧2.5-T ’23 take, aims for ₧3T in ’24 O

Ombudsman questions PMS Memo to Palace appointees

T

By Reine Juvierre S. Alberto

O meet the Bureau of Internal Revenue’s (BIR) P3-trillion revenue target in 2024, the Department of Finance (DOF) will support its ongoing modernization programs to enhance the processing of taxes, Finance Secretary Ralph G. Recto said.

During the BIR’s 2024 National Tax Campaign, Recto told reporters on the sidelines that the BIR has done a “good job” in its record-high P2.5-trillion revenue collection for 2023 despite falling short of its target of P2.64 trillion.

Recto said one reason BIR failed to meet its target is simply this: the “last quarter for value-added tax (VAT) was paid in 2024.” But, he

added, he still thought BIR “did a good job.”

The DOF chief stressed, “I think the bigger challenge will be for 2024 because the revenue targets are high as well.” There are no plans to revise BIR’s target collection for this year yet.

To ensure that the BIR will reach its revenue targets for 2024, Recto said in his speech at the

Bangsamoro...

Continued from A1

same event that the DOF will support the BIR in its modernization programs to ensure the ease of general tax compliance and taxation equitable.

The DOF, he said, will “act fast” on the BIR’s project proposals to enhance tax administration and align their processes and standards with the “best tax collection services globally.”

He added that the DOF will “strengthen” its enforcement efforts to combat tax evasion and ensure fairness in the tax system to cultivate trust among taxpayers.

“The DOF will prioritize curbing inflation immediately. Keeping prices of goods stable and affordable will ensure continued economic growth, enabling us to boost revenue collection,” Recto said.

Recto said the Finance department is also determined in its thrust for the passage of its refined priority tax measures which will fund development and reduce the deficit.

The refined priority tax measures of the DOF are the valueadded tax (VAT) on digital service providers (DSP); the imposition of excise tax on single-use plastics (SUPs); Package 4 of the Comprehensive Tax Reform Program

for Enterprises (CREATE) Act, which provides tax relief measures for businesses.”

(CTRP); the rationalization of the mining fiscal regime; and, the reform on the Motor Vehicle Users’ Charge (MVUC).

The DOF said the government will generate over P200 billion in fresh revenues from these “refined” tax proposals. (See: https://businessmirror.com.ph/2024/01/26/ gove r n me nt-to-ge ne ratePts200b-in-fresh-revenues-after-passage-of-refined-tax-proposals/) Meanwhile, the DOF said it is currently amending the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to broaden the tax base, address investor concerns, and tailor-fit incentives to attract more strategic investments into the country, Recto said.

“This will prepare the red carpet for an influx of new investments that will provide high-quality jobs for Filipinos and broaden the tax base,” he said.

Recto also assured the public of the efficient execution of the 2024 national budget to ensure the timely implementation of projects and prevent government underspending.

“Rest assured, the taxpayers’ hard-earned money will be spent wisely and efficiently,” Recto said in his speech.

Enterprises registered to Beza can avail themselves of the following tax incentives: a) export enterprises may be granted an income tax holiday of four to seven years depending on the location and industry priorities; b) after the income tax holiday, export enterprises can avail of a 5-percent Special Corporate Income Tax (SCIT) or Enhanced Deductions for 10 years; c) tax-and-duty-free importation of capital equipment, raw materials, spare parts, or accessories; d) value-added tax (VAT) exemption on importation and VAT zero-rating on local purchases for goods and services directly or exclusively used in the registered project or activity of export enterprise for the period of registration of the said project or activity; e) domestic sales allowance of up to 30 percent of total sales; and f) exemption from payment of local government taxes and fees for the duration of the period of availment of the 5-percent SCIT incentive.

The BARMM information office said Republic Act 11054 or the Bangsamoro Organic Law (BOL) grants the Bangsamoro government the authority to establish economic zones, industrial estates, and free ports within the Bangsamoro region, including the creation of Beza. This authority mirrors the powers vested in the Philippine Economic Zone Authority (Peza).

“This office is mandated to operate, administer, manage, and develop the economic zones in the region.

It is also responsible for registering, regulating, and supervising the enterprises in the ecozone,” Abas said.

It said an economic zone or ecozone is a selected area or district within a country in which businesses and investors can benefit from special government policies such as the granting of incentives. The designated areas are chosen for their existing development or potential for growth into agro-industrial, tourism, information technology parks, estates, recreational, commercial, banking, investment, and financial centers.

These zones operate as separate customs territories and are administratively independent from the control of Local Government Units (LGUs).

Abas said the significant impact of the economic zone is on several comparative advantages that can be utilized to improve the current state of the region, its government, and its people. He said the Beza would establish more economic zones, especially for Halal hubs in the region, which comprises six provinces and three cities.

MBUDSMAN Samuel Martires has questioned the issuance of a memorandum by the Office of the Presidential Management Staff (PMS) mandating presidential appointees to submit various clearances needed for a performance review.

In a radio interview, Martires said he has been in government since 1976 and he has never seen a Palace memorandum addressed to all government heads that is not signed by the Executive Secretary.

“It’s the Executive Secretary who should have signed the memorandum,” Martires said.

Martires lamented PMS’s failure to clearly identify those covered by the memorandum and to consider the short deadline period of 30 days.

“Who are these presidential appointees? Do they include cabinet secretaries, undersecretaries, assistant secretaries? Do they include the career executive officers who were promoted by the president?

Do they include those who have specific terms of office? Do they include the members of the Judicial and Bar Council, who were appointed by the president but were confirmed by the Commission on Appointments? Do they include constitutional officers like me?”

DOF...

Martires asked.

The order directed all incumbent presidential appointees appointed before February 1, 2023 to submit their updated personal data sheet and clearances from the Civil Service Commission, National Bureau of Investigation, Office of the Ombudsman and Sandiganbayan.

However, Martires indicated that PMS failed to consider the shortness of the deadline for compliance, only roughly 30 days.

Martires said it is hard to comply with the 30-day deadline imposed by the PMS as the Ombudsman cannot give special or fast-lane treatment to presidential appointees applying for clearances.

The Ombudsman has a backlog of about 4,000 seeking clearances from their central office alone, with another 4,000 or so seeking clearances from their Visayas office.

The Commission on Audit and the Civil Service Commission also require Ombudsman clearances even for government officials seeking only to monetize their leave credits, he said.

Those about to retire or are due for promotion in the National Police and the Armed Forces, also require Ombudsman certifications, Martires added. Joel R. San Juan

Continued from A1

Recto, though, still held out a possibility of an upward adjustment quarter on quarter. Considering that today’s policy rates are “high enough,” Recto said he expects that interest rates will possibly go down in the second half of the year.

“It all depends on what the US Federal Reserve [will do] as well because we look at our own data too,” the Finance chief added.

Recto explained that since inflation is “on its way down” and assuming that it will continue to go down and within the range, “then realistically, ang susunod dyan yung [what happens next is the] lowering of the interest rates, but it’s possible it may go up a bit depending on what happens,” he said.

Earlier, BSP said inflation could increase anew and post an average higher than the target range in the second quarter due to the impact of El Niño weather conditions and positive base effects. (See: https://business-

Supply...

mirror.com.ph/2024/02/07/bsponly-a-sustained-dip-in-pricesjustifies-an-easing/).

BSP said the Monetary Board deems it “necessary to keep monetary policy settings sufficiently tight” until a sustained downtrend in inflation is seen, adding it will “consider the latest inflation and GDP outturns for the MB’s policy meeting on February 15, which is Recto’s first meeting to attend to.

“I think the key would be what happens with the Fed. Are they going to start reducing rates? If they do, then possibly we can start reducing rates,” Recto said.

Recto added that the Fed should cut rates first and then they will look at the Philippines’s own data.

“We live in a global world so we are affected by what the Fed does as well,” he said.

The Fed’s policy rate remains steady at 5.25 to 5.5 percent, with Fed chair Jerome Powell saying that a rate cut in March is likely too soon.

Continued from A1

However, the price of rice, the country’s staple, stood out as the commodity that posted the highest increase in January. (See: https://businessmirror.com.ph/2024/02/06/riceinflation-highest-since-2009-psadata/).

PSA data also showed rice price inflation experienced by All Income Households averaged 22.6 percent, the highest since the 22.9 percent posted in March 2009.

Rice inflation rose to 24.8 percent for the poorest Filipinos or the Bottom 30 percent of households. This is the highest in the series, which began in 2013.

100-M...

This remains a concern since poor regions, including the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and even the so-called rice granary of the Philippines, saw high retail prices for rice in January 2024.

Based on the latest data released by the PSA, retail prices for regular milled rice averaged P48.71 per kilo in the first two weeks of January and P49.9 per kilo in the last two weeks of January. (See: https://businessm ir ror .com.ph /2024/02/09/ p oo r-re g io n s-be a r- b r u nt- ofhigher-rice-prices-in-januarypsa-data). Cai U. Ordinario

Continued from A1

The experts also said 67 percent of the respondents consider resources a concern. Nonetheless, they said 72 percent of LGUs have allocated budgets to support smart city projects.

Antos and Zhou said LGUs had also noted the collaboration is the foundation of success for smart city transitions.

A significant 56 percent of LGUs have existing institutional support or partnerships for smart city implementation.

The experts said the support mainly comes from the national government, according to 63 percent of LGUs; 18 percent cited the private sector support.

However, they said there is a gap in terms of collaborations with the academe.

“Key elements include ongoing support from funding bodies, building strong technical skills, and partnering with academia. Tailoring technologies to the Filipino urban context is essential

for sustainable and inclusive solutions,” the experts said.

In 2022, the Philippine Institute for Development Studies (PIDS) said the lack of interoperability of data systems is another major challenge in smart cities.

The researchers also identified changes in administration as a challenge in building smart cities, since new administrations could overturn smart city policies.

The PIDS researchers said funds are crucial in building smart cities because investments are needed to upgrade equipment like computers, closed-circuit television cameras, and high-tech sensors.

They added that installing faster and more stable internet connection as well as hiring and training ICT staff to support all the technical systems would require significant investment.

Economy

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

Solon wants PhilHealth to pay more for hospital costs

By Jovee Marie N. Dela Cruz @joveemarie

T

HE leadership of the House of Representatives wants the Philippine Health Insurance Corp. (PhilHealth) to pay a greater portion of the hospitalization expenses, including medical bills and physician fees, for patients admitted to private hospitals.

Speaker Ferdinand Martin G. Romualdez said PhilHealth should assume a greater share of the financial burden associated with hospitalization, encompassing medical bills and doctors’ fees incurred by patients admitted to private hospitals.

Romualdez said he plans to meet with officials of the PhilHealth and the Department of Health (DOH) to explore avenues for expanding members’ benefits, particularly by augmenting PhilHealth’s contribution towards private hospital admissions.

“Many have inquired if we can increase PhilHealth’s coverage for billing and doctors’ fees when opting for private rooms or pay wards,” the Speaker said.

Highlighting concerns, especially among indigent patients, Romualdez pointed out that PhilHealth currently covers only 15 percent to 20 percent of hospital bills in

private medical facilities, particularly for those admitted to private wards.

He also addressed complaints about PhilHealth subsidizing only 30 percent of professional fees for physicians and medical specialists attending to private hospital patients.

“Not everyone admitted to the hospital is in the free or charity ward. Charity beds get filled up quickly,” Romualdez added. “People are asking if PhilHealth can cover half of their bill when admitted to private hospitals so that members only need to pay half.”

Private Hospital Association of the Philippines (PHAP) President Jose Rene De Grano supported Romualdez’s proposal, recognizing it as a significant help to the public.

De Grano emphasized the prevalence of patients in pay wards due to the swift depletion of charity ward beds and acknowledged the financial strain of doctors’ fees on patients.

“We will find a solution on how to address this concern of the public without resorting to crafting new laws, as it can be a lengthy process. Definitely, we hear our constituents. Therefore, we have to do something about it,” the physician added.

Monday, February 12, 2024

PHL hospitals’ revenues lower vs pre-pandemic levels

By Andrea San Juan @andreasanjuan

T

HE revenue of hospitals dipped by 5 percent to 10 percent compared to pre-pandemic levels, according to the Philippine Hospital Association (PHA).

“Coping” is the word PHA President Jose P. Santiago Jr. uses to describe the business side of the hospital industry four years after the Covid-19 pandemic gripped the country.

“Hopefully that will not translate to increased health costs; because you have to really pass that also to the healthcare [sector] kasi pag tumaas yung cost mo ng salaries, of course, dapat may pagkukunan din hospital ng income [because when your cost of salaries increases, of course, the hospital must also have a source of income] such as increase in the rates of the laboratory,” Santiago told reporters last week on the sidelines of the briefing for the upcoming Philippine Pharma and Healthcare Expo.

The head of the PHA—an organization of nearly 2,000 members—explained that fixed expenses like salaries and utilities are driving the increase in the operational costs of hospitals.

“And you have to upgrade your machines.

Machines have to be compatible with the present times. Sometimes the old machines that you had before, you need to upgrade and

that would be very expensive on our part,” Santiago added.

Conservative estimate

ACCORDING to Santiago, the dip in the revenues of hospitals, he said, is a “very conservative” estimate, noting that other hospitals are down 20 percent compared to pre-pandemic levels.

“It varies from hospital to hospital,” he said adding that even some of the hospitals within Metro Manila are also losing. He said revenues of other hospitals in the country have not returned to their pre-pandemic levels.

“We’re still looking for the revenues before the pandemic, and up to now, we’re still trying to figure out how we can duplicate revenues before the pandemic. Sa ibang hospitals, hindi pa nila napapantayan yung revenues before the pandemic,” Santiago said.

Moving forward, the PHA chief said in order to drive the revenues of hospitals, there is a need to address the issue of the scarcity of nurses in the country.

“We have to really manage efficiently and I think because of the scarcity of nurses up to now...of course you have to be competitive with the salary,” Santiago said.

He said that the country cannot compete with the salary packages offered by other countries, underscoring that the estimated basic salaries offered by European countries,

for instance, are more than double compared to what’s being offered to Filipino nurses in the Philippines.

“Kasi dito mga P30,000 to P35,000 and I think [in] Europe P90,000 to P100,000 [a month], plus they offer services like free education, free board and lodging, tax incentives for the first 6 months, etc.,” Santiago said. “ So hindi natin kaya.” [We can’t afford that.]

Government support

IN terms of government assistance, Santiago said the organization is “trying to ask the [Department of Health] DOH is to really help us in healthcare infrastructure,” revealing that sometimes the agency is asking a lot of requirements for health facilities, because of the regulations that need to be changed.

“But now I think we’ve bridged that gap with the dialogue between the PHA and DOH,” he said.

Santiago noted the health agency should interpret with “liberality” the situation of old hospitals in terms of keeping up with the requirements in healthcare infrastructure.

Citing an instance, he said, “Yung size ng mga hallway... kasi may mga old hospitals hindi na standard ang s ize niya but of course for old hospitals, syempre mahirap mag cope up sa infrastructures. So minsan it should be interpreted with liberality on

A3

the existing hospitals.”

“They should allow that kasi pag nagrenovate ka , I think you’re going to encounter many requirements for the renovation and they’d be needing more space for the specialty areas like OR, ICU. Y un ang challenge niya ,” Santiago also noted.

Largest exhibition

THE Philippine Pharma and Healthcare Expo, the largest pharmaceutical, medical and healthcare exhibition in the Philippines, which aims to capture the untapped market of the Southeast Asian Region through the Philippines, is expecting to house over 130 exhibitors and 4,000 visitors from nine participating countries during its event which will run from February 14 to 16.

Participating countries in the said trade event are India, Turkey, Indonesia, Egypt, Vietnam, China, Taiwan, Malaysia and Israel.

The organizers of the trade event said pharmacists, heads of medical institutions, heads of regional health authorities, pharmacologists, hospitals are among those that will attend the trade event.

Pharma machinery importers, pharmaceutical firms, technologists, practicing physicians of different specialties, regional dealers and distributors are also expected to visit the three-day expo. (Full story here: https:// businessmirror.com.ph/2024/02/07/ international-pharma-health-care-exposlated-from-february-14-to-16/)

A4

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

Monday, February 12, 2024

High power rates push back Q investors–consumer group

₧186M funding for cash gift of Filipino centenarians assured

By Lenie Lectura

A

@llectura

CONSUMER group said over the weekend that high power rates continue to remain a setback in attracting new investments in the country.

“The foreign investors we are trying to attract will not set up business here due to the prohibited electricity prices those companies are owned by a few oligarch,” Rodolfo B. Javellana Jr., president of United Filipino Consumers and Commuters (UFCC), said while pointing out that the effects of adjusting power rates to reasonable levels would be felt immediately in terms of more investments.

He said this following a 57-centavo per kilowatt hour (kWh) increase in electricity rates of Meralco (Manila Electric Co.) consumers that resulted in an average power rate of P11.9168 per kWh this month.

Power rates in the country, said Javellana, are still among the highest in Asia and are a threat to the economic goals of “Bagong Pilipinas,” the massive reform campaign launched by President Ferdinand R. Marcos Jr.

“The ‘Bagong Pilipinas’ initiatives will not be realized if electricity rates will continue to be expensive and costly,” added Javellana in Filipino.

According to Javellana the high power rates, especially in Meralco service areas accounting for more than 75 percent of the economy, is a major disincentive in efforts to attract more investors, foreign or local.

The UFCC head said that in order to bring a more investor friendly business climate, Congress must dismantle laws allowing monopolies in electric utilities and revise the Electric Power Industry Reform Act (Epira) to lower the cost of electricity in the country.

Javellana said the Epira is “the root of evil” in the power industry and legislators should see it.

“If that is the law, then we should revise or modify, instead of them prioritizing amending the Constitution.

We want the economy to improve, we want more ‘foreign direct investments’, then electricity must be made affordable so that there will a lot of investments going in the country,” Javellana added in Filipino. “The key here is the Epira (which must amended or revised).”

Meralco, for its part, explained that this month’s power rates are mostly a result of higher power generation charge of P0.4552, primarily due to higher cost of power from Independent Power Producers (IPPs) and Power Supply Agreements (PSAs).

IPPs and PSAs accounted for 32.8 percent and 46.8 percent, respectively, of Meralco’s total energy requirement in the last supply month. It said that pass-through charges for generation and transmission are paid by Meralco to the power suppliers and the grid operator, respectively, while taxes, universal charges, and FIT-All are all remitted to the government.

Meanwhile, Meralco said it has energized two new smart substations in Taguig City to cater to the growing power demand in the bustling business center.

The P414-million Fort Bonifacio Global City (FBGC)-2 Gas Insulated Switchgear (GIS) Substation was developed to improve the switching flexibility, reliability and power quality in Bonifacio Global City and nearby areas.

Similarly, the P440-million McKinley Hill GIS substation will improve operational switching flexibility during contingencies in McKinley Hill and its adjacent communities.

Both network improvement projects involved the installation of a 115 kV-34.5 kV GIS, and an 83 MVA power transformer.

Among the communities and establishments that will benefit from the new substations are St. Luke’s Medical Center, Shangri-La The Fort, Arthaland, Uptown Mall, One Residences, Venice Grand Canal Mall, Enderun Colleges Inc., Commerce & Industry Plaza, Science Hub, One Le Grand Tower, 8 Upper McKinley Towers, and One World Square.

Meralco Executive Vice President and Chief Operating Officer Ronnie L. Aperocho said the projects form part of Meralco’s commitment to ensure the delivery of reliable and stable electricity service to help promote economic progress.

“As we energize these new substations, we also strengthen our commitment to continue delivering quality electricity service by strategically investing in projects to further improve our distribution system,” Aperocho said. “Our customers can be assured that Meralco will remain a reliable and active partner of the government in the pursuit of continuous economic growth for all.”

Malasakit Centers: Six years of compassionate service to Filipinos

O

N February 12, 2018, a significant milestone in Philippine healthcare was achieved with the inauguration of the first Malasakit Center at the Vicente Sotto Memorial Medical Center (VSMMC) in Cebu City.

Spearheaded by Senator Christopher “Bong” Go who was then Special Assistant to the President, these centers are one-stop shops which aim to streamline access to healthcare services by consolidating the efforts of the Department of Social Welfare and Development (DSWD), Department of Health (DOH), Philippine Health Insurance Corp. (PhilHealth), and Philippine Charity Sweepstakes Office (PCSO).

Go is the principal author and sponsor of Republic Act 11463 or the Malasakit Centers Act of 2019, which institutionalized the Malasakit Centers program.

As the chairperson of the Senate Committee on Health, Go continues to exercise oversight functions to ensure that the services of Malasakit Centers are consistently

provided in accordance with the law he authored and sponsored.

Six years after their establishment, the Malasakit Centers have expanded to 159 operational units across the nation, significantly impacting around 10 million Filipinos with their extensive reach. These centers are at the heart of six inspiring stories, each depicting profound transformations in the lives of individuals aided by the initiative.

The story of Yazumi, a young patient from Caloocan City who underwent a liver transplant, showcases the vital role of government collaboration and institutions in lightening the load for Filipinos in distress.

At the tender age of four months, Yazumi was diagnosed with biliary atresia, presenting her family with overwhelming hurdles.

After her liver transplant procedure in 2017, the Malasakit Center program provided sustained assistance and support for Yazumi’s health and welfare, including her medications.

In Bohol, the Malasakit Center has also significantly impacted the lives of individuals facing medical challenges.

Roselyn Vente, a mother from Tagbilaran City, shared her distressing journey as she navigated the healthcare system for her two-year-old daughter, Margaret Vente, who was diagnosed with a ventricular septal defect, a serious heart condition.

The support from the Malasakit Centers alleviated the emotional and financial burden of her daughter’s condition.

The story of the Cerillo twins, Divine and

Mercy, from Vinzons, Camarines Norte, also received similar assistance. Born conjoined at the chest, the twins faced daunting odds against their survival.

Through the assistance of Go and the collective programs provided by the Malasakit Center, they were brought to the Philippine General Hospital (PGH) in Manila in 2019 for a complex separation surgery. Despite the challenges, the operation succeeded, adding Divine and Mercy to the roster of success stories facilitated by the program.

Go stood as godfather of the twins.

The Malasakit Center initiative also proved to be a crucial lifeline for Mohammad Abdelrashid Juhuri, a 29-year-old teacher from Maimbung, Sulu, enabling him to undergo life-saving heart surgery.

Diagnosed with congenital heart disease in 2017, Mohammad faced not only a daunting medical challenge but also the financial burden of the necessary surgery. His journey to the Malasakit Center at the Philippine Heart Center in Quezon City marked a turning point, where the financial assistance provided by them offered him assistance.

Moreover, the story of Regiene Cayabyab and her son Brent Raven from Caloocan City, diagnosed with retinoblastoma, illustrates the lifeline that the Malasakit Centers represent for many Filipino families. The assistance they received during such a devastating time highlights the center’s critical role in the healthcare system, providing financial aid and a sense of community and care.

In 2021, Go played a crucial role in assisting Ribby Ringo Jimenez, a resident of

Naval in Biliran, who suffered from a rare skin condition, successfully underwent surgery with the support of the Malasakit Center at the PGH. Further financial assistance was provided to support Ribby’s essentials and medicines.

Through a personal message, Go acknowledged Ribby’s bravery and resilience, highlighting her journey as an inspiration to many Filipinos facing medical and emotional challenges. He encouraged her to use this experience to lead a healthy, happy life filled with joyful memories alongside her family.

Go, recognized as the father of the Malasakit Centers and dubbed as Mr. Malasakit for his untiring service for the poor, has expressed deep gratitude to all stakeholders for their commitment to making healthcare accessible to every Filipino.

“These stories of hope, resilience, and recovery reflect the essence of what we envisioned when we launched the Malasakit Centers,” said Go. “They stand as a testament to the Filipino spirit of Bayanihan, demonstrating that through unity and compassion, we can overcome health challenges and build a stronger, healthier future for our nation.”

As the Malasakit Centers celebrate their sixth anniversary, the gratitude from those they have helped resonates deeply, illustrating the profound impact of this program. Through their dedication to serving the Filipino people, the Malasakit Centers continue to symbolize hope, embodying the true meaning of ‘malasakit’—compassion and care for one another.

UEZON City Rep. Marvin Rillo has assured Filipinos who are turning 100 years old this year that there is ample f und ing for their P100,000 centenarian gift.

“In the 2024 General Appropriations Law, the sum of P186 million has been earmarked for the tax-free cash gift of Filipino centenarians,” Rillo said in a statement on Sunday.

“We, in Congress, are fully determined to keep up the annual funding for the gift, in recognition of Filipinos who have achieved healthy ageing and longevity,” Rillo, a member of the House committee on appropriations, said.

Among this year’s beneficiaries of the gift is former Senate President and now Chief Presidential Legal Counsel Juan Ponce Enrile, who will be 100 years old on Wednesday, Valentine’s Day. Under the Centenarians Law of 2016, all natural-born Filipinos who reach 100 years old, whether residing in the country or overseas, are entitled to receive the P100,000 one-time cash gift from the national government, along with a letter of felicitation from

the President.

The Department of Social Welfare and Development has spent more than P1.2 billion for the cash gift of 12,186 centenarians since 2017.

In the case of Filipino citizens or dual citizens living abroad, payment of the gift is coursed through Philippine embassies and consulates.

The cash grant is on top of all other rewards that centenarians may receive from other sources, such as their local governments.

Meanwhile, a bill seeking to recognize and reward Filipino octogenarians and nonagenarians is now awaiting President Ferdinand Marcos Jr.’s signature.

Under the bill, elderly Filipinos who reach 80 years old would receive a one-time cash gift of P10,000. They would also receive the one-time P10,000 gift upon reaching the “milestones” of 85 years old, 90 years old, and 95 years old.

The average life expectancy in the Philippines is 71 years, or two years less than the global average of 73 years, according to a World Bank study.

Official sees DAR chief’s order a ‘win’ for Batangas farmers

By Jonathan L. Mayuga @jonlmayuga

D

ESPITE the strong protest being put up by farmers from three disputed haciendas in Nasugbu, Batangas, an official of the Department of Agrarian Reform (DAR) maintained that the resolution of a four decades-long land dispute between the farmers and Roxas and Co. Inc. is a win for farmers.

DAR Undersecretary for Legal Affairs Napoleon U. Galit said the Supreme Court, under GR 12876 dated December 17, 1999, decided in favor of the landowner and ruled that the Notice of Coverage issued by DAR was illegal.

Hence, the decision subsequently rendered invalid the Certificate of Land Ownership Award (CLOA) issued by the agency to the farmers’ groups.

Galit issued the clarification in light of continuing reports that the farmers’ groups were on the losing end of the decision rendered

by DAR Secretary Conrado M. Estrella III in his consolidated order dated December 29, 2023.

The order became final and executory on January 30, 2024, after the period for the filing of a motion for reconsideration or appeal against the consolidated order expired.

The 63-page consolidated order mandated the Nasugbu Provincial Agrarian Reform Officer to consolidate the six titles covering the three haciendas, cancel all previously issued CLOAs, and redistribute 1,322 hectares, or half of the total land area, to qualified farmer-beneficiaries. At the same time, RCI, a publicly-listed company, gets to keep the other 1,322 hectares.

Galit reiterated that the compromise agreement was reached by mutual consensus between both parties, which agreed to withdraw all pending appeals and cases filed before the Office of the President and the SC and yield to the DAR’s jurisdiction and

exclusive authority to facilitate a decision for expediency in the resolution of the dispute.

However, in their motion for reconsideration, which the farmers insist was filed within the regulatory period, they said their former counsel committed fraud and deception, and misled them into agreeing to the voluntary submission for the consolidated order.

The farmers maintained they never consented to the voluntary withdrawal of all pending cases pertinent to the disputed CARP-covered lands.

The withdrawal of all pending appeals and cases and yielding to the DAR’s jurisdiction, Galit said, led to the consolidation of the transfer certificates of title covering Haciendas Palico, Banilad and Caylaway, all located in Nasugbu, Batangas, into one derivative title, under the name of the Republic of the Philippines. The total of 2,644.45 hectares of land, will be divided equally between the farmers groups and RCI. He said the DAR will process the distribution of the parcels of land to the individual members of the farmers’ groups, taking into account all the necessary operational aspects and proceedings involving identification, technical description approval, and issuance of individual CLOAs to the farmers.

Galit emphasized that the DAR’s focus on the resolution of long-standing agrarian cases, is in line with the directive of President Ferdinand R. Marcos Jr., to uphold the delivery of social justice to the farmers, while guaranteeing the right to equal protection under the law, for all the concerned parties.

Fear of being evicted from their CARPawarded lands as CLOA holders are now gripping the farmers because part of the consolidated order is for the farmers to vacate the land that RCI will be able to keep or retain.

Around 50,000 farmers reportedly stand to be affected by the order, which will also subject the farmers to the tedious process of CARP again.

www.businessmirror.com.ph

Special Feature BusinessMirror

Monday, February 12, 2024

A5

U-Bix Corporation at 50

Pioneer in copier machines, office solutions turns gold

B

ack in February 1968, Dr. Felina A. Bravo decided to open Bookhaven Inc. with a starting capital of P2,000. Little did she know that this business would propel her and her husband Edilberto to be the pioneers in the copier machine and office solutions industry that would eventually become a billion-peso business.

Edilberto B. Bravo, President, U-Bix Corporation

Bookhaven Inc., which started in a rented space in A. Mabini Street, was a book dealer of the Philippine Educational Company and retailer/ supplier of office supplies. Dr. Bravo, who was then an office employee, did the purchasing, selling and collection activities. Her assistant was a janitor who helped her with the deliveries.

“I am a lawyer by training and as a lawyer, I assumed that a good business for one, is to start a bookstore because lawyers are expected to read and be familiar with books.

And that’s the underlying reason why we chose to start Bookhaven,” Bravo related.

Book store

BY 1969, the starting capital grew to P30,000, with P20,000 coming from their family friend lawyer Enrique “Ike” Belo. On February 17, 1969, the Bravo couple incorporated Bookhaven together with Belo.

“Even before we incorporated, my wife and I decided that our modest business had developed some interesting business lines which we both wanted to expand. This was specifically related to our business of importing book paper which would be used as the main material for making copies on laser copiers,” Bravo said.

“Since we were already in the business of supplying copy paper to laser print manufacturers, we thought that the natural way was to expand by selling copiers instead of merely supplying copy paper,” he added.

Bravo’s big break into the copier business came in 1973 when he received a call from someone from Japan. This person informed Bravo that Mitsubishi Corporation would be launching a new copying machine that could print on any paper, including newsprint. The catch was that he would have to make a trip to Hannover, Germany in April of 1973 to check out the machine.

Life changing trip

HE did make the trip and while there, he met Mr. Yoneyama who was then a director of the company owned by Mitsubishi whose main product was a plain paper copier with the capability to make copies on any kind of paper, especially bond paper and newsprint.

“I was fascinated by the performance of the machine which was called U-Bix Mark 1. When I asked Mr. Yoneyama why the name U-Bix,

he explained that U-Bix was derived from the word Ubi which means beautiful in Japanese. So, they decided to call their first copier U-Bix Mark 1 and U-Bix became the brand,” Bravo said.

When he inquired about how he could be an agent for the brand, Bravo was told that it would be up to the General Manager of Mitsubishi Corporation in Manila to decide the matter.

With the help of a friend from the University of the Philippines College of Law, Bravo was introduced to Shinroku Morohashi, General Manager of Mitsubishi Corporation.

After a few meetings and setting up an office in a building owned by Belo, U-Bix Corporation was born on January 2, 1974.

“There are those who build businesses and then sell them. I like to build a business and then grow other business from the original business.

When I started in 1969, I imported paper for copier machines. My biggest client then was Xerox. After three years, I decided that I should probably be bringing in my own copier and that is what happened,” Bravo related.

our care are Makati Medical Center, Manila Doctors Hospital, Asian Hospital and Medical Center, Perpetual Help Hospital,” he said.

Other clients include The University of Asia and the Pacific, Colegio de San Agustin and the United States Embassy and Texas Instruments.

Institute of Technology and Diversification

In 1997 and through Facilities Managers Inc., Bravo acquired the ServiceMaster master franchise in the Philippines. It offers pest control services, disinfections and household cleaning, facilities operations and maintenance, and manpower services.

“We have managed to grow to 6,000 service partners in the last 27 years. We take pride in saying that all major hospitals in the Philippines, including schools and colleges. Some of the hospitals under

TO honor his parents who are both teachers, Bravo established the Facilities Management Academy on February 17, 2000. The academy is a technical-vocational school accredited by TESDA and trains entry level workers on skills and work values required to be great service personnel.

By 2017, FMC was legally changed to U-Bix Institute of Technology to show its relationship with its parent company.

Even if he ventured into other businesses like coffee, hotel, donuts and even beer, Bravo continued to find ways to expand the copier business. U-Bix saw the need to keep up with the changing times and

opened “The Color Hub” in 2003.

The hub aims to highlight U-Bix’s thrust toward promoting color products through their multifunction printers.

In 2007, U-Bix acquired the Kodak Imaging Center operation of Kodak Philippines and was renamed UBix Imaging Center. The traditional analog scanning was replaced with LED scanning technology. It became a leading provider of end-to-end data conversion, digitization and document management services.

Strengthening ties

NOW in its 50th year, Bravo attributes the success of U-Bix Corporation to integrity and the relationships he has built over the years.

“Integrity is the world that separates the good leaders from the rest of the pack. Integrity is the choice between what is convenient and what is right. That’s the meaning of integrity

to me. Integrity is nothing more but a choice between what is right and what is convenient,” he said.

Looking back at how the business has grown, Bravo said he would not have been able to get that first copier deal if he did not have the trust of his Japanese principal.

“Integrity is about ethical leadership. All companies, clients, persons and families need to trust you. Integrity leads to trust. Trust leads to influence and influence leads to confidence. Those who work with you, see you as reliable for your actions.

They trust you knowing that their needs are in your mind,” he said.

As to what more could be expected from U-Bix Corporation, Bravo said he believes, “the next 50 years will bring us closer to our dream of becoming a major player in the office copier business, office furniture business and other businesses that we have.”

In the photo are, from left, May Ann Bravo, daughter of Chairman Edilberto Bravo and a Director of U-Bix; Vida C. Ty, Director of U-Bix; Edilberto B. Bravo, and Ricky Bravo, son of Chairman Edilberto Bravo and Director of U-Bix, during the 45th anniversary celebration of UBix Corporation.

Market leader

IN 1977, the company started exporting the U-Bix Mark 1 to Saudi Arabia and Germany. To live up to its reputation of being the leader in setting industry standards for quality service, U-Bix broke ground in 1979 for a new plant, warehouse and service facility in Muntinlupa.

This helped establish a strong infrastructure for the manufacture, assembly, service and distribution of the company’s products throughout the Philippines.

By the late 1970s, U-Bix had become the market leader in its industry, accounting for four out of every 10 copiers sold at that time. This did not stop Bravo as he continued to look for other businesses to invest in. U-Bix opened “Photo Magic” in 1980, a mini photo laboratory which shortened photo development from three days down to six hours and then eventually to two hours.

In the 1990s, U-Bix Corporation had established a solid and growing presence in office equipment. The company then explored other businesses that could be synergized with its office machines business. Office furniture was the natural fit.

Since 1993, U-Bix has distributed and installed innovative office seating, desks and workstations by Japan’s Okamura Corporation to a growing and delighted clientele in the Philippines. U-Bix had expanded into a full-scale office system manufacturer and distributor.

The couples behind Bookhaven Inc. They are, from left, Edilberto B. Bravo, Enrique Belo, Nena Belo, Dr. Felina Bravo.

U-Bix Corporation is a frequent participant of trade shows.

U-Bix opened Photo Magic in 1980.

The U-Bix Mark 1 copier.

Portfolio expansion

IN 1999, U-Bix further expanded its portfolio of products with its agreement to distribute the products of the Riso Kagaku Corporation of Japan. The Riso Digital Duplicator, known as the Risograph, is a highspeed digital printing system that optimizes print jobs at faster speeds and lower cost.

“Our venture into Risograph was in keeping with our plan to expand the office copying business,” Bravo explained.

U-Bix expanded its business to include risographs.

Breaking ground for the new U-Bix warehouse and plant

A6

Monday, February 12, 2024

The World BusinessMirror

Editor: Angel R. Calso

Gaza mediators and others warn Israel of disaster if it launches ground invasion on crowded Rafah

By Najib Jobain, Samy Magdy & Cara Anna

R

The Associated Press

AFAH, Gaza Strip—Israel’s neighbors and key mediators warned Saturday of disaster and repercussions if its military launches a ground invasion in Gaza's southern city of Rafah, where Israel says remaining Hamas strongholds are located—along with over half the besieged territory’s population.

Israeli airstrikes killed at least 44 Palestinians—including more than a dozen children—in Rafah, hours after Prime Minister Benjamin Netanyahu said he asked the military to plan for the evacuation of hundreds of thousands of people ahead of an invasion. He gave no details or timeline.

The announcement set off panic.

More than half of Gaza’s 2.3 million people are packed into Rafah, which borders Egypt. Many f led there after following Israeli evacuation orders that now cover two-thirds of the territory following the October 7 Hamas attack that sparked

the war. It’s not clear where they could go next.

Eg y pt i a n Fore ig n M i n i ster Sameh Shoukry said any Israeli ground offensive on Rafah would have "disastrous consequences," and asserted that Israel aims to eventually force the Palestinians out of their land. Egypt has warned that any movement of Palestinians into Egypt would threaten the four-decade-old peace treaty between Israel and Egypt.

Another mediator, Qatar, also warned of disaster, and Saudi Arabia warned of "very serious repercussions." There's even increasing fric-

A Palestinian wounded in the Israeli bombardment sits in a hospital In Rafah, Gaza Strip on Saturday, February 10, 2024.

AP Photo/Hatem Ali

tion between Netanyahu and the United States, whose officials have said a Rafah invasion with no plan for civilians there would lead to disaster.

“The people in Gaza cannot disappear into thin air,’ German Foreign Minister Annalena Baerbock said on X, adding that an Israeli offensive on Rafah would be a “humanitarian catastrophe in the making.”

Netanyahu has previously said it is impossible to eliminate Hamas while leaving four Hamas battalions in Rafah.

Despite the wave of criticism, he said

he was determined to go ahead.

“Those who say that under no circumstances should we enter Rafah are basically saying lose the war, keep Hamas there,” he told ABC News “This Week with George Stephanopoulos” in comments that aired Saturday.

When asked where the civilians should go, Netanyahu said: “You know, the areas that we've cleared north of Rafah, plenty of areas there. But we are working out a detailed plan to do so.”

Israel has carried out almost daily airstrikes in Rafah, a rare entry point for Gaza's badly needed food and medical supplies, during its current ground combat in Khan Younis just to the north.

Overnight into Saturday, three airstrikes on homes in the Rafah area killed 28 people, according to a health official and Associated Press journalists who saw bodies arriving at hospitals. Each strike killed multiple members of a family, including a total of 10 children, the youngest 3 months old.

Fadel al-Ghannam said one strike tore his loved ones to shreds. He lost his son, daughterin-law and four grandchildren. He

fears even worse with a ground invasion of Rafah, and said the world’s silence has enabled Israel to proceed.

Later on Saturday, an Israeli airstrike on a home in Rafah killed at least 11 people, including three children, according to Ahmed alSoufi, head of Rafah municipality.

"This is what Netanyahu targets — the civilians," said a neighbor, Samir Abu Loulya. Two other strikes in Rafah killed two policemen and three senior officers in the civil police, according to city officials.

In Khan Younis, Israeli forces opened fire at Nasser Hospital, the area’s largest, killing at least two people and wounding five, according to the medical charity Doctors Without Borders. Israeli tanks reached the hospital gates Saturday morning, Ahmed Maghrabi, a physician there, said in a Facebook post.

Health Ministry spokesman Ashraf al-Qidra said hospital staff are no longer able to move between buildings because of the intense fire. He said 450 patients and 10,000 displaced people are sheltering there.

The Israeli military said troops were not operating inside the hospital but called the surrounding area “an active combat zone.”

Israel’s army chief, Lt. Gen. Herzl Halevi, said more than 2,000 Hamas fighters in Khan Younis had been killed in airstrikes and ground combat, but the offensive in the city was far from over.

Gaza death toll tops 28,000

Israel declared war after several thousand Hamas militants burst across the border into southern Israel on October 7, killing about 1,200 people and taking 250 others hostage. Not all are still alive.

The Gaza Health Ministry said the bodies of 117 people killed in Israeli airstrikes were brought to

hospitals over the past 24 hours, raising the overall death toll from the offensive to 28,064, mostly women and children. The ministry said more than 67,000 people have been wounded.

Israel holds Hamas responsible for civilian deaths because it fights from within civilian areas, but US officials have called for more surgical strikes. President Joe Biden has said Israel's response is “over the top.”

The United Nations says the city that's normally home to less than 300,000 people now hosts 1.4 million others who fled fighting elsewhere and is “severely overcrowded.” Roughly 80 percent of Gaza’s people have been displaced.

Elsewhere in Gaza

On Saturday, Israel's military said it had discovered tunnels underneath the main headquarters of the UN agency for Palestinian refugees in Gaza City, alleging that Hamas militants used the space.

An Israeli airstrike on the central town of Deir al-Balah killed five people and wounded about 10 others, according to hospital officials and AP journalists.

In the Tel al-Hawa neighborhood of Gaza City, two medics from the Palestinian Red Crescent were found dead in a destroyed ambulance after going missing 12 days ago. They had tried to rescue 5-year-old Hind Rajab, who had been traveling with family to heed evacuation orders.

The PRC previously released a recording of a call from Hind’s cousin saying the car had come under fire and only she and Hind survived. The cousin went silent mid-call. Hind later died.

The PRC said the rescue mission was coordinated with Israel’s military, which had no comment.

Magdy reported from Cairo, and Anna from New York. Associated Press writer Kirsten Grieshaber in Berlin contributed.

Israeli drone strike in Lebanon kills 2 in one of the deepest hits in the country in weeks

By Bassem Mroue & Abdulrahman Zeyad The Associated Press

B

EIRUT—An Israeli drone struck a car near Lebanon's southern port city of Sidon on Saturday, killing at least two people and wounding two others, security officials said.

The strike came as tensions across the Middle East grow with the Israel-Hamas war, a drone attack last month that killed three US troops in northeastern Jordan near the Syrian border, and attacks by Yemen’s Iran-backed Houthi rebels on vessels passing through the Red Sea. The drone strike near the coastal town of Jadra took place about 60 kilometers (37 miles) from the Israeli border, making it one of the farthest inside Lebanon since violence erupted along the Lebanon-Israel border on October 8, a day after Hamas' attack in southern Israel.

An Israeli security official, speaking on condition of anonymity in line with regulations, said the target of the strike in Sidon was Hamas official Basel Saleh, who was “injured to an unknown extent.”

The official said Saleh was responsible for enlistment of new Hamas recruits in Gaza and the West Bank.

Two Lebanese security officials said the strike damaged a car and killed two people, including one on a motorcycle.

They spoke on condition of anonymity in line with regulations.

Lebanese troops cordoned off the area.

Drone strikes in Lebanon blamed on Israel have so far killed several officials from Hezbollah as well as the Palestinian militant group Hamas. The previous farthest strike was the Jan. 2 attack that killed

top Hamas official Saleh Arouri in Beirut.

On Saturday night, Israeli forces shelled the southern Lebanese border village of Houla, killing one person and wounding nine as they left a mosque after prayers, state-run National News Agency reported.

The agency said that in addition to the artillery shelling, a drone fired a missile toward the mosque. Children were among the wounded, the agency said.

The attacks in Lebanon came as Iran's Foreign Minister Hossein Amirabdollahian met in Beirut with Lebanese leaders including the country's caretaker prime minister, parliament speaker and the head of the militant Hezbollah group.

Amirabdollahian said that if the United States wants to bring stability to the region again, it should work on forcing Israel to end its military operations in the Gaza Strip.

He told reporters after meeting his counterpart Abdallah Bouhabib that after four months of war, Israel and its backers had not achieved "anything tangible."

In an apparent reference to attacks by Iran-backed fighters in Yemen, Iraq, Syria and Lebanon, Amirabdollahian said that "if American wants calm to prevail in the region, then the mechanism and the solution is to stop the genocide, crimes and the war against Gaza and the West Bank."

He blasted Washington, saying the US is working on two tracks, one of which is sending weapons to Israel "and participating in the genocide in Gaza" and at the same time speaking about reaching a political solution to the war.

The US Central Command announced Saturday that the US military conducted self-defense strikes against two mobile unmanned surface vessels, four anti-ship cruise missiles, and one mobile land attack

cruise missile that were prepared to launch against ships in the Red Sea from Yemen.

The military said the missiles and an unmanned vessel in Houthi-controlled areas of Yemen presented an imminent threat to US Navy ships and merchant vessels in the region.

Since November, the rebels have repeatedly targeted ships in the Red Sea over Israel's offensive in Gaza, imperiling a key route for trade between Asia, the Mideast and Europe. However, many of the vessels attacked have tenuous or no clear links to Israel.

The Houthis' media office said the US-led coalition launched three airstrikes on Salif district in the Red Sea province of Hodeida on Saturday.

In response, the US and Britain launched several airstrikes on Houthi-held areas across Yemen, including the rebelheld capital of Sanaa.

The Houthis held a mass funeral in Sanaa Saturday for 17 of their fighters who they said were killed in strikes by the USled coalition, according to the Houthi-run SABA news agency.

The report didn't say when and where the fighters were killed.

In Syria, Israeli airstrikes hit several sites on the outskirts of the capital, Damascus, the Syrian military said Saturday.

The strikes came from the direction of the Israeli-occupied Golan Heights, Syrian state news agency SANA reported, citing an unnamed military official. It added that air defenses shot down some and those that landed resulted in "some material losses."

Zeyad reported from Baghdad. Associated Press writers Abby Sewell in Beirut, Julia Frankel in Jerusalem and Samy Magdy in Cairo contributed to this report.

The World BusinessMirror

www.businessmirror.com.ph

Russian drone strike on Kharkiv, Ukraine’s 2nd largest city, kills 7

Monday, February 12, 2024 A7

Al-Shabab claims attack in Somali capital that kills 3 Emirati troops and 1 Bahraini officer

By Samya Kullab

K

The Associated Press

YIV, Ukraine—A Russian drone strike on Kharkiv, Ukraine's second largest city, killed seven people overnight, including three children, Kharkiv region governor Oleh Syniehubov reported Saturday. Three others sustained injuries, according to the officials.

He said at least 10 drones were launched at Kharkiv, eight of which were shot down. Civilian infrastructure in the Nemyshlyan district of the city was hit, causing a massive fire that burned down 15 private houses, he said.

Syniehubov said that an oil depot was hit, causing the fuel to leak out, which prompted the fire. In a Facebook post, Serhii Bolvinov, head of the investigative department of the National Police, cited a local resident as seeing “a true hell: first the fuel flowed, then everything caught fire.”

Bolvinov said a family of five— including children aged 7, 4 and nine months—burned alive, trapped in their house as the fire raged. Two other adults were killed by the blaze in another house that burned down, he said.

Interior Minister Ihor Klymenko said more than 50 people had been evacuated and that emergency workers had contained the blaze by Satur-

day morning.

In an online statement, President Volodymyr Zelenskyy offered his condolences to the relatives of all the victims and said that “terror can’t remain unpunished. Terror can’t remain without a fair response.

Terrorists must lose this war they had started. Russia must be held accountable for every life it ruined and destroyed.”

The Ukrainian air force said air defense systems destroyed 23 out of 31 Iranian Shahed drones launched by Russia overnight. The drones primarily targeted the northeastern Kharkiv region and the southern province of Odesa, the statement said.

Odesa regional governor Oleh Kiper said four people were injured there by the overnight drone attacks.

The attacks came in three waves, he said. The first targeted the regional capital—the port city of Odesa. All nine drones were shot down, but the debris damaged port infrastructure

Firefighters extinguish a fire after a Russian attack on residential neighborhood in Kharkiv, Ukraine Saturday, February 10, 2024. According to the city administration, about a dozen private houses were under fire and scores of people were evacuated after Russian drones strike on a residential area. AP Photo/Andrii Marienko and injured one person.

The second and the third waves targeted port infrastructure in the Danube river area, Kiper said. A total of 12 drones were shot down and three people were injured.

Romania's Ministry of National Defense said on Saturday that Russia carried out overnight drone attacks on Ukraine's river ports of Ismail and Reni, near the border with Romania.

The ministry said that an F-16 jet of the Turkish Air Force was deployed from a Romanian airbase around 1:15 a.m. to carry out "reconnaissance missions" in national airspace to monitor the situation. Text alerts were also issued to residents in two counties adjacent to the attacks.

NATO member Romania has discovered drone debris on its territory

several times before, following sustained attacks on Ukraine's port infrastructure as Moscow attempted to disrupt Kyiv's ability to export grain and other produce to world markets.

The Russian Defense Ministry, in the meantime, accused Ukraine of targeting Russia's civilian transport vessels in the Black Sea with sea drones on Friday evening. One such drone was destroyed, the ministry said, and others were jammed, with no damage to the ships.

The ministry didn't say how many sea drones were used or how many ships were targeted. There was no immediate comment from Kyiv's officials on the alleged attack. Associated Press writers Stephen McGrath in Sighisoara, Romania, and Dasha Litvinova in Tallinn, Estonia, contributed.

‘They are shooting at us.’ A fleeing Gaza family killed along with the medics sent to find them

By The Associated Press

J

ERUSALEM—The sound of gunfire crackled over the phone as the teenage girl hid in the car and spoke. An Israeli tank was near the vehicle as she and her family were trying to heed Israel's call to evacuate their home in Gaza.

Something had gone hor r ibly wrong. Everyone in the vehicle was dead, the teen said. Everyone but her and her 5-year-old female cousin, Hind.

"They are shooting at us," 15-yearold Layan told the Palestinian Red Crescent. "The tank is next to me."

And then there was a burst of gunfire. She screamed and fell silent.

That began a desperate rescue attempt by medics with the Palestinian Red Crescent, one of many during the war in Gaza and one that ended Saturday with the discovery of their ambulance, blackened and destroyed.

The two medics were dead. The Pal-

estinian Red Crescent accused Israeli forces of targeting the ambulance as it pulled up near the family's vehicle.

The organization said it had coordinated the journey with Israeli forces as in the past.

There was no immediate comment from Israel.

The body of 5-year-old Hind was found, too, along with her family.

Twelve days had passed since the phone call.

The world only sees pinhole views of the fighting in Gaza. Few people are let into the besieged territory, communications have been cut multiple times, and only a few journalists are working there.

Movement around the tiny enclave carries deadly risk as Israel presses its ground and air offensive. Earlier this week, Israel's prime minister announced plans for a ground invasion of the crammed southern city of Rafah and said well over a million people would need to move.

The Health Ministry in Gaza says about two-thirds of more than 28,000 people killed since the start of the war have been children and women.

The ministry does not distinguish in its count between civilians and combatants.

Israel says it strikes Hamas targets and holds Hamas responsible for civilian casualties because the militants fight from civilian areas.

The Hamada family was among more than 80% of Gaza's population evacuating their homes. On January 29, near a gas station in Gaza City, in an area designated by Israel as a combat zone, the family encountered a tank.

It was not clear what happened next, but the 5-year-old's great-uncle Bashar Hamada, his wife and three of their children were killed.

Layan was wounded. She managed to call her father's brother, Omar, to say everyone but her and Hind were dead. She urged him to send an ambulance. He connected her with the

Palestinian Red Crescent office in Ramallah, which hoped to instruct her how to save herself and anyone else alive.

It was too late.

The Palestinian Red Crescent dispatched an ambulance after Layan went silent. Hours later, it lost contact with the medics, Yousef Zeino and Ahmed al-Madhoun, as they arrived at the scene.

For days, the organization shared the story of Hind, her family and the missing medics on social media—even posting audio of the phone call with Layan—in a plea for help.

On Saturday, after Israeli troops withdrew from the area and civilians told the Palestinian Red Crescent about the bodies, it shared a photo of the ambulance, crumpled and burned.

Palestinian Red Crescent spokesperson Raed al-Nims said Israel has killed 20 of its staffers and wounded about 30 others since the war began.

Trump warned NATO: Spend more on defense or Russia can ‘do whatever the hell they want’

By Jill Colvin

The Associated Press

N

EW YORK—Republican front-runner Donald Trump said Saturday that, as president, he warned NATO allies that he “would encourage” Russia “to do whatever the hell they want” to countries that are “delinquent” as he ramped up his attacks on foreign aid and longstanding international alliances.

Speaking at a rally in Conway, South Carolina, Trump recounted a story he has told before about an unidentified NATO member who confronted him over his threat not to defend members who fail to meet the trans-Atlantic alliance's defense spending targets.

But this time, Trump went further, saying he told the member that he would, in fact, “encourage” Russia to do as it wishes in that case.

“‘You didn’t pay? You’re delinquent?‘” Trump recounted saying. “‘No I would not protect you. In fact, I would encourage them to do whatever the hell they want. You gotta pay. You gotta pay your bills.‘” NATO allies agreed in 2014, after Russia annexed Ukraine's Crimean Peninsula, to halt the spending cuts they had made after the Cold War and move toward spending 2 percent of their GDPs on defense by 2024.

White House spokesperson Andrew Bates responded, saying that: “Encouraging invasions of our closest allies by murderous regimes is appalling and unhinged—and it endangers American national security, global stability, and our economy at home.”

Trump's comments come as Ukraine remains mired in its efforts to stave off Russia's 2022 invasion and as Republicans in Congress have become increasingly skeptical of providing additional aid money to the country as it

struggles with stalled counteroffensives and weapons shortfalls.

They also come as Trump and his team are increasingly confident he will lock up the nomination in the coming weeks following commanding victories in the first votes of the 2024 Republican nominating calendar.

Earlier Saturday, Trump called for the end of foreign aid "WITHOUT "STRINGS" ATTACHED," arguing that the US should dramatically curtail the way it provides money.

“FROM THIS POINT FORWARD, ARE YOU LISTENING U.S. SENATE(?), NO MONEY IN THE FORM OF FOREIGN AID SHOULD BE GIVEN TO ANY COUNTRY UNLESS IT IS DONE AS A LOAN, NOT JUST A GIVEAWAY,” Trump wrote on his social media network in all-caps letters.

Trump went on to say the money could be loaned “ON EXTRAORDINARILY GOOD TERMS,” with no interest and no date for repayment. But he said that, “IF THE COUNTRY

WE ARE HELPING EVER TURNS AGAINST US, OR STRIKES IT RICH SOMETIME IN THE FUTURE, THE LOAN WILL BE PAID OFF AND THE MONEY RETURNED TO THE UNITED STATES.” During his 2016 campaign, Trump alarmed Western allies by warning that the United States, under his leadership, might abandon its NATO treaty commitments and only come to the defense of countries that meet the alliance's guidelines by committing 2 percent of their gross domestic products to military spending.

Trump, as president, eventually endorsed NATO's Article 5 mutual defense clause, which states that an armed attack against one or more of its members shall be considered an attack against all members. But he often depicted NATO allies as leeches on the US military and openly questioned the value of the military alliance that has defined American foreign policy for decades. Zeke Miller contributed.

Armed al-Shabab fighters ride on pickup trucks as they prepare to travel into the city, just outside the capital Mogadishu, in Somalia on December 8, 2008. The al-Qaida-linked militant group al-Shabab claimed an attack that killed three Emirati troops and a Bahraini military officer on a training mission at a military base in the Somali capital, authorities said Sunday, Februray 11, 2024. AP Photo/Farah Abdi Warsameh

By Jon Gambrell

The Associated Press

D

UBA I, United A rab Emirates—The al-Qaida-linked militant group a l-Shabab claimed an attack that killed three Emirati troops and a Bahraini military officer on a training mission at a military base in the Somali capital, authorities said Sunday.

The attack Saturday targeted the troops at the General Gordon Military Base in Mogadishu. Details about the attack and whether it killed others remained scarce Sunday, though Somali President Hassan Sheikh Mohamud offered his condolences to the UAE for the loss of its troops in the assault.

Early Sunday, the UAE's state-run WAM news agency reported the killing of three of its troops and the Bahraini soldier in a “terrorist act,” without elaborating. It added that the attack wounded two others.

Anwar Gargash, a senior Emirati diplomat, offered condolences to those killed and a quick recovery for those wounded in the attack.

“No treacherous act will prevent us from continuing the message of security and safety and combating extremism and terrorism in all its forms,” Gargash wrote on X, formerly Twitter.

Bahrain, an island nation in the Persian Gulf off the coast of Saudi Arabia, did not immediately acknowledge the attack. The kingdom did not respond to a request for comment.

Al-Shabab claimed the attack in a statement online, alleging it killed multiple people involved in the Emirati military effort. It described the UAE, a federation of seven sheikhdoms on the Arabian Peninsula, as an “enemy” of Islamic Shariah law for

backing the Somali government in its efforts to battle al-Shabab.

Al-Shabab, or “the youth” in Arabic, is a Sunni Islamic extremist group in Somalia born out of that country's years of anarchy following its 1991 civil war. The affiliate of al-Qaida once held Mogadishu. Over time, an African Union-led force, with the backing of the US and other countries, pushed the militants out of Mogadishu. In the years since, al-Shabab has remained a militant threat in Somalia as it seeks to overthrow the Western-backed government there.

Al-Shabab has carried out attacks in neighboring Kenya as well, since Nairobi provides troops and materiel to the African Union force in the country.

Somalia has also been an intense interest for Gulf states, particularly the Qatar diplomatic crisis that gripped the region for several years and saw four nations including the UAE boycott Doha in a political dispute. Somali troops once seized millions of dollars of Emirati cash from a jet at gunpoint, sparking a diplomatic incident between Mogadishu and the UAE that halted its troop training program there.

The UAE in recent years has increasingly invested in ports in East Africa, including in Somalia’s breakaway Somaliland region. Securing Somalia fits into the Emirates’ wider concerns about security in the Gulf of Aden and the Arabian Sea, particularly as Somali piracy has resumed after years amid attacks by Yemen's Houthi rebels on shipping in the region over Israel's war on Hamas in the Gaza Strip.

In 2019, al-Shabab claimed an attack that killed a man working for Dubai’s P&O Ports.

Pakistan hits back at criticism of election; insists cellphone curbs were necessary

I

SLAMABAD—Pakistan on Saturday hit back at criticism over the conduct of its parliamentary elections, which were held amid sporadic militant attacks and an unprecedented stoppage of all mobile phone services.

The strongly worded reaction from the Foreign Ministry insisted the vote was peaceful and successful.

The US State Department said that Thursday's vote was held under undue restrictions on freedoms of expression, association and peaceful assembly. The European Union has also said it regrets the lack of a level playing field due to the inability of some political actors to contest the elections.

The ministry said it was surprised by "the negative tone of some of these statements, which neither take into account the complexity of the electoral process, nor acknowledge the free and enthusiastic exercise of the right to vote by tens of millions of Pakistanis".

It said such statements "ignore the undeniable fact that Pakistan has held general elections, peacefully and successfully, while dealing with serious security threats resulting primarily from foreign sponsored terrorism."

It said there was no nationwide Internet shutdown and “only mobile services were suspended for the day to avoid terrorist incidents on polling day.”

A Commonwealth observer group praised election officials for holding the vote despite multiple attacks, and said it received reports of intimidation and violence against candidates, members of the media and other citizens. Without naming any party, it said it also received reports of arrests and detentions, “especially of supporters and members of a main political party.”

In Thursday’s vote, no political party gained a simple majority and independent candidates backed by imprisoned former Prime Minister Imran Khan took a lead in the vote count.

It forced Khan's main rival, three-time premier Nawaz Sharif, to announce plans to try to form a coalition government. Khan was disqualified from running because of criminal convictions.

Candidates backed by Khan's Pakistan Tehreek-e-Insaf party, or PTI, won 100 out of the 266 seats up for grabs in the National Assembly. Sharif's Pakistan Muslim League party captured 71 seats.

On Saturday, PTI chairman Gohar Khan accused authorities of rigging the vote but said despite that, his party would still form the government. He assured supporters that Khan would be among them soon after being freed, though he did not say how Khan would come out of prison.

A8

Monday, February 12, 2024

The World BusinessMirror

American allies worry US is growing less dependable, whether Trump or Biden wins

L

By Jill Lawless The Associated Press

tion, sticking to the line that it's for Americans to pick their leader.

They are conscious that they will have to work with the eventual winner, whoever it is—and behind the scenes, governments will be doing the "backroom work" of quietly establishing links with the contenders' political teams, said Richard Dalton, a former senior British diplomat.

But many of America's European NATO allies are worried that with or without Trump, the US is becoming less reliable. Some have started to talk openly about the need for members to ramp up military spending, and to plan for an alliance without the United States.

German Chancellor Olaf Scholz said he was "currently on the phone a lot with my colleagues and asking them to do more" to support Ukraine. Germany is the secondlargest donor of military aid to Kyiv, behind the US, but Scholz recently told Die Zeit that the country couldn't fill any gap on its own if "the USA ceased to be a supporter."

Russia, meanwhile, is busy bolstering ties with China, Iran and North Korea and trying to chip away at Ukraine's international support.

Macron also suggested American attention was focused far from Europe. If Washington's top priority is the US, he said its second is China.

"This is also why I want a stronger Europe, that knows how to protect itself and isn't dependent on others," Macron said at a January news conference.

Trump does have supporters in Europe, notably pro-Russia populists such as Hungary's Orbán. But former British Prime Minister Boris Johnson raised some eyebrows when he argued recently that "a Trump presidency could be just what the world needs."

Johnson is a strong supporter of Ukraine in its struggle against Russian invasion, whereas Trump has frequently praised Putin and said he'd end the war within 24 hours.

However, Johnson said in a Daily Mail column that he didn't believe Trump would "ditch the Ukraini-

T

he CEO of one of Nigeria 's largest banks was killed Friday along with his wife and son when a helicopter they were riding in crashed near Interstate 15 in Southern California's Mojave Desert.

Herbert Wigwe, chief executive of Access Bank, was among the six people on board when the aircraft went down shortly after 10 p.m. All six people were killed, including two pilots and Bamofin Abimbola Ogunbanjo, former chair of NGX Group, the Nigerian stock exchange.

The deaths of Wigwe, his family and Ogunbanjo were confirmed Saturday by Ngozi Okonjo-Iweala, a former Nigerian finance minister who is now the directorgeneral of the World Trade Organization.

"Terribly saddened by the news of the terrible loss of Herbert Wigwe...his wife and son as well as Bimbo Ogunbanjo in a helicopter crash," Okonjo-Iweala wrote in a post on X, formerly known as Twitter.

"May the souls of the departed rest in perfect peace."

The death of Wigwe, 57, shocked many

in Nigeria and in the banking sector. He was widely seen as an industry leader, having been involved in two of the country's biggest banks, including Guaranty Trust Bank, where he was previously executive director.

Under Wigwe's leadership, Access Bank's assets and presence grew beyond borders in several African countries.

His death is "a terrible blow" for Nigeria and Africa's banking industry, Nigerian presidential spokesman Bayo Onanuga wrote on X. "Wigwe had a big vision to make Access Holdings (the parent company) Africa's biggest, with all the unquenchable thirst for acquisitions," Onanuga added.

Wigwe's interests also spanned the education sector. His private university, founded in Nigeria's oil-rich Niger Delta region where he was from, is scheduled to open in September. Last year he said the university was "an opportunity for me to give back to society."

"This is surreal and I am lost for words," Festus Keyamo, Nigeria's minister of aviation and aerospace development, wrote in a post on X. "May Almighty God comfort his aged parents and sibling ...

By Niniek Karmini

J

US President Joe Biden walks with Ukrainian President Volodymyr Zelenskyy in Kyiv, Ukraine, on February 20, 2023. As chances rise of a Biden-Donald Trump rematch in the US presidential election race, America’s allies are bracing for a bumpy ride, with concerns rising that the US could grow less dependable regardless of who wins. AP Photo/ Evan Vucci

ans," but instead would help Ukraine win the war, leaving the West stronger "and the world more stable."

Bronwen Maddox, director of the international affairs think tank Chatham House, said arguments like that underestimate "how destabilizing" Trump has been, and likely would continue to be if reelected.

"For those who say his first term did not do much damage to international order, one answer is that he took the US out of the JCPOA, the deal to curb Iran's nuclear program.

Iran's acceleration of its work since then has left it a threshold nuclear weapon state," she said during a recent speech on the year ahead.

Biden was a critic of Trump's Iran policy but hasn't managed to rebuild bridges with Tehran, which continues to flex its muscles across the region.

Dalton, a former UK ambassador to Iran, said prospects for the Middle East would be "slightly worse" under Trump than Biden. But he said divergence on the region's main tensions—the Israeli-Palestinian conflict and Iran's ambitions—would be limited.

"No US administration is going to make a serious effort to resolve differences with Iran through diplomacy," Dalton told The Associated Press. "That ship sailed quite some time ago."

Palestinians and their supporters, meanwhile, implore Biden to temper US support for Israel as the civilian death toll from the war in Gaza climbs. But hardliners in Israel argue the US is already restraining the offensive against Hamas too much.

Itamar Ben-Gvir, Israel's farright national security minister, recently said Biden was not giving Israel his "full backing" and that "if

Trump was in power, the US conduct would be completely different."

Much like its allies, America's rivals are not openly expressing a preference for the election outcome.

Trump developed a strong rapport with Turkey's Erdogan, calling them "very good friends" during a 2019 meeting at the White House.

Yet Turkey-US relations were fraught during his tenure. The Trump administration removed Turkey from its F-35 fighter jet project over Ankara's decision to purchase Russian-made missile defense systems, while Trump himself threatened to ruin Turkey's economy.

Russian Foreign Minister Sergey Lavrov told CBS in January that he doesn't "believe there will be any difference" between a Trump and a Biden presidency. He argued that Russia-US relations have been going downhill since George W. Bush's administration.

China, where leaders' initial warmth toward Trump soured into tit-for-tat tariffs and rising tensions, little changed under Biden, who continued his predecessor's tough stance toward the United States' strategic rival.

Zhao Minghao, a professor of international relations at Fudan University in Shanghai, said that for China, the two candidates were like "two 'bowls of poison.'"

Gift, from University College London, said the move to a more fractured world is "going to happen regardless of whether Donald Trump or Joe Biden is elected."

“It’s just sort of a reality,” he said. Associated Press writers Jiwon Song in Seoul, South Korea, Kirsten Grieshaber in Berlin, Dasha Litvinova in Tallinn, Estonia, Suzan Fraser in Ankara, Turkey, and Nomaan Merchant in Washington contributed to this story.

CEO of major Nigerian bank killed in California helicopter crash, director-general of WTO says

By Adam Beam & Chinedu Asadu The Associated Press

Indonesia’s president, who mingles with people and listens to Metallica, still popular in last term The Associated Press

ONDON—As chances rise of a Joe Biden-Donald Trump rematch in the US presidential election race, America's allies are bracing for a bumpy ride.

Many worry that a second term for Trump would be an earthquake, but tremors already abound—and concerns are rising that the US could grow less dependable regardless of who wins. With a divided electorate and gridlock in Congress, the next American president could easily become consumed by manifold challenges at home—before even beginning to address flashpoints around the world from Ukraine to the Middle East.

French President Emmanuel Macron's recent verdict was blunt: America's "first priority is itself."

The first Trump administration stress-tested the bonds between the US and its allies, particularly in Europe. Trump derided the leaders of some friendly nations, including Germany's Angela Merkel and Britain's Theresa May, while praising authoritarians such as Turkish President Recep Tayyip Erdogan and Russian leader Vladimir Putin. He has called China's Xi Jinping "brilliant" and Hungary's Viktor Orbán "a great leader."

In campaign speeches, Trump remains skeptical of organizations such as NATO, often lamenting the billions the US spends on the military alliance whose support has been critical to Ukraine's fight against Russia's invasion.

Biden, in contrast, has made support for Ukraine a key priority and moral imperative. But Biden's assertion after his election in 2020 that "America is back" on the global stage has not been entirely borne out. Congressional Republicans have stalled more military aid for Ukraine, while America's influence has been unable to contain conflict in the Middle East.

Thomas Gift, director of the Centre on US Politics at University College London, said that whoever wins the presidential race, the direction of travel will be the same – toward a multipolar planet in which the United States is no longer "the indisputable world superpower."

Most allied leaders refrain from commenting directly on the US elec-

www.businessmirror.com.ph

his immediate family members, his staff, friends across Nigeria and dependents."

The crash happened south of I-15 near Halloran Springs Road, about 75 miles (120 kilometers) northeast of Barstow, according to Michael Graham of the National Transportation Safety Board, which is investigating the crash.

Graham said he did not have information about the two crewmembers, a pilot and a safety pilot. The aircraft did not have a cockpit voice recorder or a flight data recorder and was not required to have them, he added.

The Airbus EC-130 left Palm Springs Airport at around 8:45 p.m. on Friday and was traveling to Boulder City, Nevada, Graham said. Boulder City is about 26 miles (40 kilometers) southeast of Las Vegas, where the Kansas City Chiefs and the San Francisco 49ers are set to play in Super Bowl LVIII on Sunday.

It was a charter flight operated by Orbic Air LLC. Several people traveling on I-15 witnessed the crash and called 911, Graham said, and he urged them to contact the NTSB with more details, including photos and videos.

Witnesses reported that it was rain-

ing with a “wintry mix” at the time of the crash, according to Graham. People also reported a fire on the helicopter plus some downed power lines.

“This is the beginning of a long process. We will not jump to any conclusions,” Graham said during a news conference Saturday night. He also "expressed our deepest sympathies to the families and loved ones of those who lost their lives in this terrible tragedy."

The crash site is not far from the California-Nevada border. Halloran Springs Road crosses the highway in an area known to travelers for an abandoned gas station with a sign declaring "Lo Gas" and "Eat." It's a remote area of the desert, with an elevation of nearly 3,000 feet (914.40 meters), and about a 60- to 80-mile (100- to 130-kilometer) drive from Las Vegas.

The crash came just three days after a US Marine Corps helicopter went down in the mountains outside San Diego during historic downpours, killing five Marines.

Beam reported from Sacramento, California, and Asadu reported from Abuja, Nigeria. Associated Press writer Todd Richmond in Madison, Wisconsin, contributed.

AK ARTA, Indonesia—Joko Widodo's phenomenal rise from a riverside slum, where he grew up, to the presidency of Indonesia spotlighted how far the world's third-largest democracy had veered from a brutal authoritarian era a decade ago.

With his second and final fiveyear term ending in October, Widodo—regarded by some as Asia's Barack Obama—is leaving a legacy of impressive economic growth and an ambitious array of infrastructure projects topped by a $33 billion plan to relocate Indonesia's congested capital to the frontier island of Borneo.

Dismissed as a political lightweight by rivals when he first won the presidency in 2014, Widodo built a reputation as a soft-spoken reformer who promised to fight poverty and inequalities by exploiting Indonesia's abundant resources and tourism draw to propel its economy, the largest in Southeast Asia. He served as mayor of Solo city, where he was born to a working-class family in illegally built shacks along a river, then became governor of the capital, Jakarta, before clinching his first presidential term.

Widodo was the first Indonesian president to emerge outside the political and military elite. But critics say he thrived on political compromises, became beholden to political party supporters and accommodated ex-generals who served under the late authoritarian leader Suharto. His pragmatic deals cushioned opposition to his leadership but also threatened Indonesia's fragile democracy that sprang a commoner like him, the son of a wood seller, to power.

Forging political compromises in the world's largest archipelago nation with deep religious, ethnic and economic divides has been a constant struggle even by past leaders.

Widodo was widely criticized when he appointed Prabowo Subianto—his main challenger in two presidential elections—as defense minister in 2019, after winning his second term.

"I am aware that there are people calling me stupid, dumb, ignorant, a pharaoh, a fool," Widodo said in his state of the nation address last year.

"What breaks my heart is that the polite culture and noble character of this nation seem to have ebbed away.

Freedom and democracy are used to vent malice and slander."

A Special Forces general accused of committing human rights atrocities in the Suharto era, Subianto is now the frontrunner in the Feb. 14 elections. His vice-presidential running mate is Widodo's eldest son, Gibran Rakabuming Raka, who is the mayor of Surakarta, Widodo's hometown in Central Java province.

Widodo's son did not meet the age requirement of 40 for his candidacy but the Constitutional Court— headed by the president's brother-inlaw—made an exception in a ruling last year.

A group of critics was considering an impeachment complaint against Widodo but legal experts said the chances of it succeeding are slim.

He's still popular and parliament is dominated by his allies.

Also known as Jokowi, Widodo, now 62, nurtured an image of an Indonesian everyman with a soft spot for the underclass and down-toearth lifestyle that resonated with a wide base of ordinary voters.

He often mingled with workingclass crowds in cheap sneakers and rolled-up sleeves to check on their concerns. He took selfies with hordes of journalists and is one of the biggest fans of Metallica, the American heavy metal band whose concerts in the Indonesian capital he watched when he was the Jakarta governor.

Widodo has enjoyed consistently high approval ratings of over 70% in recent months, an impressive feat in

the final years of a decade long presidency. It also makes him a powerful election endorser, a kingmaker, despite legal restrictions against the practice. Opponents have accused him of covertly using his clout to back his son and Subianto to create a new political dynasty.

He has laughed off the accusations and called on Indonesians to help the next leaders press on with reforms to foster economic growth.

Widodo's flagship projects centered on linking the nation of more than 17,000 islands with bridges, a high-speed train, toll roads, ports and airports.

"Jokowi is not a perfect leader, but still he's the best leader we've ever had," said Dwi Mustikarini, a Jakarta resident, "He made Indonesia better and was respected by world leaders, but unfortunately, his political ambition to create a dynasty was like an obstacle for him to ending his reign with a soft landing."

Aiming to generate more revenues and job opportunities, Widodo banned the export of selected raw materials like nickel ore and encouraged their local processing to get better prices in foreign markets.

In a bid to lure investors and tourists and spur growth and employment beyond traffic-choked and overcrowded destinations like Jakarta, he launched one of the most ambitious and controversial projects of his presidency: relocating the capital about 2,000 kilometers (1,240 miles) away to Borneo, a vast region of lush tropical rainforests where orangutans roam.

In mid-2022, despite warnings from environmental activists of massive deforestation and protests

by Indigenous communities, construction of the new capital began.

It is envisioned as a futuristic green city about twice the size of New York.

A grand inauguration is planned on Aug. 17 coinciding with Indonesia's Independence Day, but authorities say the final stages of the city won't likely be completed until 2045.

Under Widodo, Indonesia saw a period of remarkable growth averaging 5 percent annually, except in 2020, when the economy contracted due to the coronavirus pandemic.

His economic roadmap, called "Golden Indonesia 2045," projects Indonesia becoming one of the world's top five economies with GDP of up to $9 trillion, exactly a century after it won independence from Dutch colonizers.

That could be achieved if future leaders would muster the courage to make "difficult and unpopular decisions" and gain the support of different sectors, Widodo said in his speech last year. He warned that squandering the opportunity could bring Indonesia back to instability.

Largely focused on domestic issues, the Bahasa-speaking Widodo also played a role on the world stage, where he often spoke through an interpreter and at times appeared uncomfortable with formalities and protocol.

In 2022, he became the first Asian leader to visit Ukrainian President Volodymyr Zelenskyy in Kyiv and later Russian leader Vladimir Putin in Moscow to help encourage the two enemies to start a dialogue.

Later that year, he hosted a summit of the G-20 leading rich and developing nations. In a delicate balancing act, he met President Joe Biden in the White House for talks on boosting defense cooperation after meeting Chinese President Xi Jingping in China to expand trade and investment.

Asked by journalists what he would do when he steps down, Widodo said he plans to return to his family in his hometown, where his political journey began, and play an active role in protecting the environment.

"That's the plan," Widodo told Bloomberg Television in a recent interview. "But sometimes, plans can change." Associated Press writer Jim Gomez contributed to this report.

Monday, February 12, 2024

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

A9

‘Agri accounted for 1 in every 4 jobs in PHL’

T

HE government has vowed to invest heavily in the country’s agriculture sector, which accounted for one in every four jobs in December, according to the Department of Agriculture (DA).

Citing data from the Philippine Statistics Authority (PSA), the DA said 24.4 percent of the 50.5 million employed in December were in the agriculture sector, or around 12.3 million Filipinos.

Services accounted for a 57.3

percent share of the jobs in December while industry had an 18.3-percent share.

Agr iculture also generated 715,000 new jobs in December, the second most for the month when the country’s unemployment rate

slipped to 3.1 percent, the lowest in 2023.

“We could do much more in generating jobs and helping more of Filipinos in agriculture to have better lives,” Agriculture Secretary Francisco P. Tiu Laurel Jr. said in a statement.

“The Department of Agriculture is now completing a threeyear strategy that will modernize agriculture, attract more investments, and produce more to ensure food security.”

The government is seeking to increase food productivity to ensure stable supply at reasonable prices and reduce importation. By improving returns from

agriculture, government hopes it could inspire a new generation of farmers to replace an already aging population.

Laurel said the government aims to invest heavily in irrigation, machineries, post-harvest facilities and other farm inputs to boost production, lower cost, improve efficiency and raise returns for farmers.

Initial investments have resulted in record high harvest of 20.06 million metric tons of rice last year, helping reduce imports.

Based on the results of the latest Labor Force Survey, the PSA said the country’s unemployment rate averaged 3.1 percent in December

2023 and 4.3 percent in 2023. The 3.1 percent rate in December is a new record low in the series that began in 2005.

Given this, the country’s employment rate averaged 96.9 percent in December 2023 and 95.7 percent in 2023. The PSA said the rate in December is also the highest since 2005.

An expert from the Asian Development Bank said in October 2020 that returning migrant Filipino workers can turn to agriculture if the government is able to put in place targeted policies and programs that will develop the sector.

In an Asian Development Blog, ADB agriculture economist Mat-

thias Leitner said an improved farm sector would be able to provide employment to thousands of overseas Filipino workers who have been displaced abroad due to the pandemic.

“The agriculture sector will play a crucial role in the country’s [Philippines] recovery from Covid-19 impacts, albeit struggling with persistent low labor productivity,” Leitner said.

“Average wages for non-agricultural workers are about 10 percent higher than the maximum dailywage rate in agriculture. For the sector to absorb additional incoming labor, it needs to modernize and improve its competitiveness.”

Local dairy output in 2023 declines by 4.7%–PSA data FAO launches new portal

T

HE country’s milk production declined last year despite government efforts to beef up the Philippines’s dairy herd, according to the latest data from the Philippine Statistics Authority (PSA).

Figures from the PSA showed that dairy output last year fell to 4.7 percent to 28,858 metric tons (MT), from 30,281 MT recorded in 2022.

The performance of the dairy sector last year was affected by the drop in the output of Region 4-A (Calabarzon) and Region 3 (Central Luzon), the country’s top milk producers.

PSA data indicated that the milk production of top producer Calabarzon slid to 7,792.47 MT last year, from 9,873.15 MT recorded in 2022. Central Luzon, the second largest producer, saw 2023 dairy output fall to 5,415.83 MT, from the previous year’s 7,872.10 MT. An industry update from the National Dairy Authority (NDA) indicated that local milk production as well as imports and exports dropped in the third quarter of 2023.

DAIRY cows graze on a farm near Oxford, New Zealand on October 8, 2018. AP/MARK BAKER

“Nevertheless, there has been an increase in the number of dairy inventory, as well as in the participation of dairy industry players,” the NDA said in a statement.

Philippine milk production as of the third quarter of 2023 fell by 11 percent year-on-year, according to NDA. Despite this, the share of local milk in total supply reached 23 percent.

“Consequently, local milk production contributed to approxi-

mately one glass out of every five glasses of liquid milk supply.”

Data from the NDA also indicated that imports of milk and milk products went down by 18 percent to 2,175.05 MT liquid milk equivalent (LME), from 2,636.93 MT-LME. The import payment bill fell by 16 percent to $1.063 billion in September from the previous year’s $1.259 billion.

In a report published last year, the Foreign Agricultural Service

(FAS) of the United States Department of Agriculture in Manila said Philippine milk output will rebound in 2024.

FAS said production will rise to 29,000 MT, boosted by an increase in the dairy herd and the active implementation of the government’s dairy development projects.

“Despite production improvements, the Philippines supplies only one percent of its total annual dairy requirement, with the rest imported,” the report read.

It noted that production growth has been slow in recent years because of the inability to increase the dairy herd, mostly due to insufficient funding and little investment from the private sector.

FAS said the top milk-producing areas are on the island of Luzon, including Laguna, Bulacan, and Batangas. Davao and Bukidnon in southern Mindanao are also major producers.

In 2023, FSA said the PSA had estimated the country’s beginning inventory of dairy cattle (female dairy animals only) at 9,730 heads, while there are 7,240 buffalo, and 14,908 goats.

‘House will continue to fight rice smuggling, hoarding’

By Jovee Marie N. Dela Cruz @joveemarie

T

HE leadership of the House of Representatives on Sunday reiterated its commitment to combating rice hoarders and smugglers as farmers achieved a historic milestone of producing 20.06 million metric tons (MMT) of rice in 2023.

Speaker Ferdinand Martin G. Romualdez, in a statement, expressed his deep admiration for Filipino farmers, saying their accomplishments are seen as a significant contribution to addressing the country’s rice shortage.

Romua ldez reiterated that the House “is firmly committed to ensuring a consistent, stable, and affordable supply of essential commodities for Filipinos.”

“We will exercise the chamber’s mandate to safeguard the interests of farmers and the public to the fullest extent possible,” he said.

Earlier, the Palace lauded the Filipino farmers for their hard work and perseverance after the Philippines registered a recordhigh production volume of 20.06 MMT of palay in 2023, which is 1.5 percent higher than the 19.76 MMT produced in 2022.

Romualdez said this excep-

tional rice production significantly contributed to raising the combined value of the agriculture and fisheries sectors to P1.763 trillion in 2023, exceeding the P1.757 trillion recorded in 2022.

“This exceptional achievement by our hardworking farmers is truly deserving of praise. They are undeniably the cornerstone and solution to our nation’s rice scarcity,” he said.

“This historic rice harvest signifies a glimmer of hope for resolving the rice shortage predicament we faced in the past year.”

Earlier, President Marcos assured Filipino farmers of the government’s support to ensure

the development of Philippine agriculture amid the challenges brought about by both man-made and natural disasters, including the El Niño phenomenon.

Marcos underscored that some parts of the Philippines are now experiencing the effects of the El Niño phenomenon, which is expected to last until June this year amid all the developments in the agriculture sector.

He said his administration has already laid out several programs to mitigate the effects of the El Niño phenomenon and to support the affected farmers to ensure that their harvest will not be affected.

for statistics on food and diet

T

O help close data gaps and contribute to better guidance for nutrition-sensitive agrifood systems policies, the Food and Agriculture Organization of the United Nations (FAO) has created a new domain in the FAOSTAT portal.

The domain presents harmonized food and nutrient statistics from different types and sources of dietary data. It reports statistics on the availability, apparent consumption, and dietary intake of foods, energy and 17 main nutrients thus capturing different dimensions across the food supply chain, from supply through to individual-level consumption.

Statistics are available from 2010 for 186 countries in the section on food and nutrient availability, as they are based on the long-standing work done by FAO on food balance sheets—supply utilization accounts.

Apparent food and nutrient intake is derived from data collected in household consumption and expenditure surveys that, so far, are available only in some of the countries. Information on food and nutrient intake is also presented coming from nationally representative individual intake surveys.

The new domain provides critical information about nutrients— going well beyond calories alone.

FAO hopes that this will help in setting agrifood system priorities and that it will motivate countries to invest in making data from surveys more readily available.

“Diets are the link between food systems and many nutrition and health outcomes. Robust statistics on food and nutrient availability, and household and individual level food and nutrient consumption are needed to help understand the local situation to be able to develop policies and programs that enable healthy diets for all,” FAO Food and Nutrition Director Lynnette Neufeld said in a statement. “ The new domain responds to a critical need to improve the

availability of data to inform the transformation of agrifood systems towards one that produces the nutritious and healthy food needed to achieve healthy diets for all. To achieve this, we needed to harmonize food and nutrient statistics that are publicly available, as highlighted during the Committee on World Food Security’s High-Level Panel of Experts in 2023,” said Jose Rosero Moncayo, FAO Chief Statistician and Director of Statistics Division.

The Food and Diet Domain has four sub-domains, the result of a collaboration between FAO’s Food and Nutrition, Statistics, and Fisheries and Aquaculture Divisions.

Availability, based on supply utilization accounts, offers statistics on food, energy and nutrient supply for 186 countries from 2010.

In a major addition, figures are now available not only for energy, protein and fat but also for carbohydrates, fiber, calcium, iron, magnesium, zinc, phosphorous, potassium, thiamin, riboflavin, vitamin C, vitamin A and other important nutrients that come from aquatic foods.

Statistics on apparent intake c u r re nt ly of fe r i n for m at ion on food and nutrients for 30 countries, based on Household Consumption and Expenditure Surveys.

Statistics from five nationally representative individual quantitative dietary intake surveys from four countries provide information on nutrient intake for some population sub-groups while statistics based on the minimum dietary diversity for women indicator are sourced from ten individual qualitative dietary surveys in nine countries.

The available household and individual level information is disaggregated into income groups, by sex and age, and by rural and urban populations where possible, making the data robust for identifying groups that may be most in need of interventions.

Traders pile in to cocoa options with futures soaring to records

T

RADERS piled in to buy cocoa options this week as futures surged to record highs on concern global supplies will be tight after drought and disease ravaged crops in top West African producers.

Implied volatility—a key measure of options costs—doubled since midJanuary, with an especially high premium being paid for calls protecting against higher prices over the next couple of months. Soaring raw-material costs already are weighing on chocolate makers and may force Hershey Co. to raise prices, the company’s CEO said Thursday.

Poor weather conditions have been a drag on output from Ivory Coast and Ghana, the world’s largest producers. Even if conditions improve in the next season, supply is unlikely to make a quick recovery: new trees take years to bear beans and West African farmers still need higher incomes to invest

in their fields.

Some large speculators may have missed out on the last leg of the rally.

Money managers cut net-long positions in futures and options to the lowest level in 17 weeks in the seven days ending Tuesday, Commodity Futures Trading Commission data showed. Futures rose 9.6 percent since then.

Cocoa prices are climbing fast, and chocolate makers like Hershey Co. may continue raising prices to keep up.

Prices for the all-important ingredient are reaching “historic” levels, Chief Executive Officer Michele Buck said in the company’s earnings statement last Thursday. While the company says its marketing plans, innovation and productivity efforts will help soften the blow, the higher costs are “expected to limit earnings growth this year,” she said.

New York cocoa futures hit a record Thursday morning, after a year that saw prices double as West African growers got hit with extreme weather.

The Reese’s maker said its fourth-quarter confectionery sales in North America increased 2.1 percent, with prices up but volumes down. It expects net sales to grow 2 percent to 3 percent in 2024, mostly driven by higher prices the company has already planned. And prices could go up still more.

Commodities are seeing low-doubledigit percentage inflation, Chief Financial Officer Steve Voskuil said on the call with analysts, with cocoa and sugar as the most inflationary. Noncommodity inflation, he said, is much lower, at mid-single digits, putting the average inflation rate for the company at high single digits.

“We can’t talk about future pricing,” Buck said, but added, “given where cocoa

prices are, we will be using every tool in our toolbox, including pricing, as a way to manage the business.” If prices do go up, the company will see that benefit in the second half of 2024 and into 2025, she said.

Hershey shares rose as much as 5.5 percent in New York trading, the most since July 2020. The stock is up 4.2 percent this year through Wednesday, outpacing the 2.7 percent gain of the S&P 500 consumer-staples index.

Corn ethanol

A CORN ethanol boom that reshaped Brazil’s biofuel industry is nearing an end, according to São Martinho SA, one of the country’s largest producers of the fuel.

Weakness in prices is making it harder for companies to keep investing in new ethanol plants, São Martinho Chief Financial Officer Felipe Vicchiato told investors Friday.

HERSHEY Kisses candy at Hershey’s Chocolate World. BLOOMBERG NEWS

The company makes ethanol from sugar cane and recently started up a new corn plant, but the executive said plans for expanding into corn are no longer economical.

“The bill just doesn’t add up,” Vicchiato said. He added that corn ethanol production will still grow by about 2.5 billion liters in the coming years as some of the recently announced investments start to ramp up.

The pessimistic outlook is a big shift for Brazil, a country that saw an explosion of

corn ethanol plants recently take over an industry that was traditionally dominated by sugar cane. That has hurt financial results of cane mills, which then shifted to produce increasingly more sugar.

Profitability of corn ethanol mills is also being hurt by lower prices of DDGS, a byproduct of corn ethanol used in animal feed. Recent declines in soymeal costs helped push down the price of such products, Vicchiato added. Bloomberg News

A10 Monday, February 12, 2024 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

How rosy labor data can mask true state of the PHL economy

T

he recent release of labor data by the Philippine Statistics Authority (PSA) has sparked debates among economists and policymakers regarding the true state of the country’s labor market. While the record-low unemployment rate in December 2023 may seem like a positive sign, it is essential to delve deeper into the numbers to gain a comprehensive understanding of how well or badly the economy is faring.

According to the latest Labor Force Survey (LFS) results, the PSA has reported that the country’s unemployment rate stood at an average of 3.1 percent in December 2023 and 4.3 percent for the whole year in 2023. The unemployment rate of 3.1 percent in December marks a new historic low in the series that started in 2005. In light of this, the country’s employment rate averaged 96.9 percent in December 2023 and 95.7 percent for the whole year in 2023. The PSA has further mentioned that the December rate is also the highest observed since 2005. (Read the BusinessMirror story: “PHL not a tight labor market—experts,” PSA, February 8, 2024).

Economists and experts, however, remain cautious in their assessment, highlighting the need to consider additional factors beyond these figures. National Statistician Claire Dennis S. Mapa stressed the importance of estimating the country’s natural rate of unemployment to determine if the labor market is truly tight. Furthermore, former Socioeconomic Planning Secretary Dante V. Canlas suggested examining data on hires, fires, and quits to gain a more accurate understanding of the labor market.

One crucial aspect that economists are scrutinizing is the high underemployment rate, which stood at 11.9 percent in December 2023. This rate indicates that many individuals are employed but are still seeking additional work due to low incomes.

Moreover, the number of invisibly underemployed Filipinos increased, reflecting the challenges faced by workers despite being employed.

Research group IBON Foundation Inc. expressed concern over the decline in employed persons in wholesale and retail trade in December 2023, a period known for increased selling and spending. PSA data reveal that the wholesale and retail trade sector experienced the highest job losses in December 2023. In that month, the sector employed 10.27 million workers, reflecting a reduction of 660,000 jobs compared to December 2022, and 655,000 less jobs compared to November 2023 figures of 10.92 million. This decline in employment suggests a potential correlation with weaker demand, which hampers purchasing power and forces individuals to cut back on expenses. (Read the BusinessMirror report: “Dip in wholesale retail trade jobs an alarming sign—Ibon,” February 9, 2024).

Digitalization has also played a significant role in shaping the labor market. While it has created opportunities and encouraged more workers to join, it has also contributed to the availability of low-paying jobs and limited access to higher-quality employment.

This discrepancy highlights the need for policies that ensure digitalization benefits all workers and increases labor productivity.

The discussion on the tightness of the labor market also revolves around wage inflation. While there have been wage increases, wages in the Philippines remain relatively lower compared to other countries. This suggests that employers may not be under significant pressure to attract talent by offering higher wages, which could be an indicator of a less tight labor market.

It is crucial to recognize that the labor market situation is not uniform across the country. While rural areas face difficulties in attracting workers, urban centers like Metro Manila struggle with high unemployment rates. Programs like the “balik probinsiya” initiative aim to address these regional disparities and promote economic growth in rural areas.

To effectively address concerns in the country’s labor sector, it would do well for the government to focus on creating an educated and trained labor force with employable skills. This can be achieved through regulations that ensure digitalization and online labor platforms do not replace jobs but increase labor productivity.

Ultimately, while the headline unemployment and employment rates may suggest a tight labor market, it is crucial to look beyond these numbers to understand the true state of the economy. Factors such as underemployment, wage inflation, and regional disparities play a significant role in shaping the labor market’s dynamics. By taking a comprehensive approach to analyzing labor data, policymakers can develop effective strategies to address the challenges and seize the opportunities presented by the evolving labor market.

‘Ani ng Sining, Bayang Malikhain’ Atty. Jose Ferdinand M. Rojas II

RISING SUN

T

he country is currently celebrating National Arts Month (NAM), in line with Presidential Proclamation 683 signed in 1991. This year’s theme, “Ani ng Sining, Bayang Malikhain” underscores the idea that the abundant harvest of the Filipino creative nation stems from collective human imagination rather than individual aspirations. The National Commission for Culture and the Arts (NCCA) leads the nationwide celebration and related activities.

NAM festivities are taking place in various provinces, local government units (LGUs), the House of Representatives, the Senate, the National Museum, the Metropolitan Theater, Rizal High School, the NCCA Gallery and the Online Film Library, among other locations. A comprehensive list of programs and events includes “Buhay na Dunong: Bukal ng Sining,” “Ani ng Dangal 2024,” “Surat-Tanghal: Reading the

Regions/SURATalakayan and Tanghal-akda,” “Saan Ka Lulugar 2024: Resiliency in the Built and Designed Environment,” “Bagong Biswal 2024,” “Paano Magbasa ng Pelikula,” “Margaha Film Festival,” “Iloilo Film Festival,” “Sayaw Pinoy 2024,” “18th Tanghal University and Communitybased Theater Festival,” “Musikapuluan 2024 Workshops, Lectures and Performances,” “Cinema Rehiyon 16: Decolonizing Regional Cinema,” and

BusinessMirror A broader look at today’s business Founder Publisher Editor in Chief Associate Editor News Editor

T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

Online Editor

Ruben M. Cruz Jr.

Creative Director Chief Photographer

Eduardo A. Davad Nonilon G. Reyes

Chairman of the Board President Advertising Sales Manager Group Circulation Manager

D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines.

Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025.

(Advertising Sales) 893-2019; 817-1351, 817-2807.

(Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com

www.news.businessmirror@gmail.com

Printed by brown madonna Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

Norte, with 30 years of experience, in collaboration with jewelry designer Adam Pereyra. Curated by Marian Pastor Roces, the show explores the rich history of Philippine goldsmithing. “KableArt” is a survey of mounted works by Filipino interdisciplinary artist Ruben Jasareno, conceived as a visual art project in 2018. The project, an ongoing exploration and meditation on Filipino community/social values through reclaimed materials, reflects Jasareno’s commitment to interdisciplinary forms. For inquiries and visits, please contact the NCCA Gallery team at gallery@ncca.gov.ph or call (+63 2) 8527 2192 loc. 309 during office hours. NCCA Gallery hours are from Mondays to Thursdays, 9:00 am to 6:00 pm, and Fridays and Saturdays, 9:00 am to 3:00 pm.

The entire nation is encouraged to participate in the celebrations taking place throughout the country. According to NCCA Commissioner for the Arts Arvin Manuel R. Villalon, “Art has the power to unite the nation towards one goal.” Let us create, appreciate, and let art inspire our lives this February!

Is the PSE inutile against stock market trading violators?

Since 2005

✝ Ambassador Antonio L. Cabangon Chua

more. The grand finale of National Arts Month will take place in Angono, Rizal. For detailed information on these programs and activities, please refer to the NCCA web site.

Among the exhibits featured in the NAM celebrations is the “Buhay na Dunong: Bukal ng Sining Aklan Piña Handloom Weaving Exhibit,” happening at the Senate of the Philippines from February 5 to 29, 2024.

With the recent inscription of the Aklan Piña Handloom Weaving on the UNESCO Representative List of the Intangible Cultural Heritage of Humanity last December 2023, the Office of Senator Loren Legarda, together with NCCA, the Provincial Government Office of Aklan, and Aklan Piña Man-Tra is showcasing the piña woven textiles from Aklan in this special exhibit.

The NCCA Gallery is currently hosting two shows: “Dugong Ginto” and “KableArt,” both running until February 29. “Dugong Ginto” celebrates the enduring legacy of Philippine goldsmithing, featuring the work of Ely “Oslog” Arcilla Jr., a goldsmith from Paracale, Camarines

LITO GAGNI

T

he third year anniversary of the trading irregularity involving the sale of unlisted shares in Abra Mining or AR will be observed in March. This incident affected hundreds of investors, including several foreign funds, who have unfortunately been victimized.

Surprisingly, despite the passage of time, the Philippine Stock Exchange (PSE) has not initiated any legal action regarding this matter.

As a result of the illegal trading of AR, investors who suffered losses have expressed their belief that the PSE is inutile in enforcing trading regulations against market participants who violate its rules. It is not surprising, therefore, that the PSE is falling behind its Asean neighbors in terms of trading volume.

The Philippines was once proud to have established the very first stock exchange in the region. However, it now pales in comparison to Thailand and Indonesia, with daily trading volumes of $3.4 billion and $1.2 billion respectively, while the Philippines only manages $500 million. The apparent indifference of the PSE towards blatant cases of trading irregularities within the exchange has contributed to this situation.

Perhaps this is the reason why

many companies shun the PSE program to add luster to its roster of listed companies, given the inability of the exchange to enforce the law. In fact, the PSE has been eerily quiet on the result of its investigation on the sale of unlisted Abra Mining shares.

What is truly bewildering is that the PSE, having completed its investigation into the matter, is now passing the responsibility to the Securities and Exchange Commission (SEC) like a “hot potato.” Unfortunately, the SEC has remained silent on the issue and has not been transparent about the entire situation, which is rather disheartening.

We suspect that the failure of both the PSE and the SEC to pursue legal action against the officials of Abra Mining has contributed to the Philippines being placed on the gray list of the Financial Action Task Force. This unfavorable status acts as a significant deterrent for foreign investors that are considering enter-

Furthermore, there remains the pressing question of whether the PSE has taken proactive steps to safeguard the interests of the investing public and prevent the recurrence of similar trading irregularities. Regrettably, we have yet to hear an update from the exchange on the kind of risk management system it has implemented in this regard. It is crucial for the bourse to address the concerns of the investing public and provide reassurance that proactive measures are being taken to prevent the reoccurrence of similar trading irregularities in the future.

ing the country.

It is important to note that the SEC is a member of the country’s Anti-Money Laundering Council.

The SEC’s lack of action regarding the Abra Mining trading irregularities, which affected foreign investors, is one of the factors contributing to the Philippines’ ongoing presence on the gray list. Now, the country has a deadline until October to press charges against those involved in money-laundering activities. Failure to do so would result in the country’s blacklisting, cutting us off financial transactions with the rest of the world.

There are valid grounds to assert that the PSE is ineffective in

addressing trading irregularities within the market. In this situation, we rely on the law firm, MOST, to advocate on behalf of affected investors. The law firm has written a letter to the PSE, specifically addressing it to The Hon. Ramon C. Monzon, regarding the Abra Mining trading irregularity incident. Surprisingly, the PSE has not made any public statements or press releases regarding this matter.

The letter was sent almost a year ago, yet, to our surprise, the PSE has not made any official announcements regarding it, except for the “white knight” concept mentioned

by Monzon following the suspension of Abra Mining. We are left wondering what became of this promising idea put forth by the PSE’s leader and why it was not further pursued. Were there any discussions held within the PSE boardroom regarding this matter? However, we digress from the main point.

MOST Law, representing the investors affected by the Abra Mining trading irregularity, penned a letter to PSE’s Monzon on March 31, 2023.

In the letter, they raised six crucial questions pertaining to the blatant trading activities surrounding the sale of unlisted shares in the suspended mining company.

The key inquiries directed to Monzon highlight significant concerns. These include questioning why the listing of certain AR shares was permitted despite not being applied for listing, as well as inquiring See “Gagni,” A11

Opinion BusinessMirror

www.news.businessmirror@gmail.com

Philippines as a global tax leader

Untying the Gordian Knot Siegfred Bueno Mison, Esq. Joel L. Tan-Torres

DEBIT CREDIT Part 11

F

or international tax practitioners, the Model Tax Convention on Income and Capital (“Model tax treaty”) and its Commentaries have long been a leading reference for information. The Organization for Economic Cooperation and Development (OECD) published the first draft of this model tax treaty in 1963, and since then had 11 updates. The latest edition was published in 2017 (https://www.oecd.org/tax/model-tax-convention-on-income-and-oncapital-condensed-version-20745419.htm ).

The Model tax treaty serves as a reference for countries in negotiating and concluding bilateral tax conventions. I recall learning this model in various training courses when I was the Chief of the International Tax Affairs Division of the Bureau of Internal Revenue (BIR) in the 1990s. I have since been involved in negotiations for the conclusion of at least 10 tax treaties with our foreign counterparts as a member of the Philippines Negotiation Panel.

The Model tax treaty also is oftentimes referred to in the implementation of concluded tax treaties.

The various stakeholders, including the BIR, the courts, and taxpayers rely on the notations and commentaries of the Model tax treaty in the interpretation of provisions of existing tax treaties. The provisions and commentaries in the Model tax treaty have been cited in various BIR, Court of Tax Appeals, and Supreme Court decisions.

The Philippines has a total of 43 tax treaties in effect. The last treaty concluded was with Mexico. This was signed in November 2015 and became effective on January 1, 2019.

The BIR can expand its tax treaty network by initiating negotiations or concluding ongoing treaties with countries that have growing investment and trade potential with the Philippines. These can include such African countries as Egypt, South Africa, etc., and South American countries, such as Argentina and Chile. It is also high time that the BIR reviews its existing tax treaties with the end of renegotiating those with contentious or outmoded provisions. This move will put the BIR on the global tax community map as a country that has pursued a robust bilateral tax treaty program.

The stature of the Philippines in the global tax community will also be upgraded if the BIR and the Department of Finance start being active participants in the updating of the Model tax treaty. It has been over six years since the last update and the OECD and the other countries have ongoing discussions on issues and developments to be included in the next set of updates.

It is a good step that last November 2023, the Philippines joined the OECD/G20 Inclusive Framework on Base Erosion and ProfitShifting (BEPS), an international collaboration with over 140 member countries and jurisdictions.

Through its membership, the Philippines has committed to addressing several global tax developments on harmful tax practices, tax challenges arising from the digita-

The Philippines has a total of 43 tax treaties in effect. The last treaty concluded was with Mexico. This was signed in November 2015 and became effective on January 1, 2019. The BIR can expand its tax treaty network by initiating negotiations or concluding ongoing treaties with countries that have growing investment and trade potential with the Philippines. These can include such African countries as Egypt, South Africa, etc., and South American countries, such as Argentina and Chile. It is also high time that the BIR reviews its existing tax treaties with the end of renegotiating those with contentious or outmoded provisions. This move will put the BIR on the global tax community map as a country that has pursued a robust bilateral tax treaty program.

Gagni . . .

date from the exchange on the kind of risk management system it has implemented in this regard.

It is crucial for the bourse to address the concerns of the investing public and provide reassurance that proactive measures are being taken to prevent the reoccurrence of similar trading irregularities in the future.

What we find particularly frustrating is the fact that although the PSE acknowledged the discovery of legal violations, it simply passed the responsibility to the SEC. It is quite perplexing, to say the least.

continued from A10

about the measures taken by the PSE to investigate potential involvement or liability of its own employees, officials, or systems in relation to the alleged irregularities.

Furthermore, there remains the pressing question of whether the PSE has taken proactive steps to safeguard the interests of the investing public and prevent the recurrence of similar trading irregularities. Regrettably, we have yet to hear an up-

lization of the economy, measures to enhance tax transparency, and the BEPS initiatives on the TwoPillar Solution to reform the international taxation rules and ensure that multinational enterprises pay a fair share of tax wherever they operate. The active, if not leadership, role of the BIR in these discussions will result in positive outcomes for the country. Locally, the BIR will be able to put in place the necessary measures on current and best global tax practices that can result in additional tax revenues and oversight of tax irregularities. Equally important, the BIR can become a leading advocate for the concerns of developing tax administrations in the global tax community and institutions.

There are indeed great opportunities for the Philippines, through the BIR, to shine in the arena of international taxation.

To be continued Joel L. Tan-Torres was a former Commissioner of the Bureau of Internal Revenue. He has also held the various positions of Dean of the University of the Philippines Virata School of Business, Chairman of the Professional Regulatory Board of Accountancy, Tax partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co., and director of various corporate boards. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He is now back to his tax and consultancy practice and can be contacted at joeltantorress@yahoo.com and his firm JL2T Consultancy.

THE PATRIOT

D

iscord. Disappointment. Threats. These are the themes that hovered around the week that was, almost suggesting a menacing dilemma piercing our country’s sovereignty. If this contention seems convoluted, a rephrasing could nail the idea right to its tracks. Picture an ex-lover who feels dejected by his beloved. Faced with a ripe opportunity, he makes use of his freedom of speech to rant, even expose the contents of pandora’s box involving his erstwhile darling. Adding bitterness to the already tattered relationship, the recipient talks back, engages in histrionics, and hurls an accusation that he himself is confronted with.

For mer President Rodr igo Duterte has stirred the tides anew when he recently challenged the charter change efforts of President Ferdinand “Bongbong” Marcos Jr. Tensions between the heads of the Duterte clan and the Marcoses exploded into an awkward situation where dirty rugs were laundered. As Duterte accused Marcos of attempting to stay in power beyond his term limits by dancing to a ChaCha, the latter shrugged the allegation off and alluded to foreign investment support as justification for the charter variation. The fuss, however, escalated into tirades of drug use and fentanyl fog, one against the other.

As if taking a cue from the Chinese New Year revelry, Duterte ignited the pyrotechnics early by calling for a secession of his home region Mindanao from the rest of the Republic of the Philippines. Who knows how long the sparklers will carry on.

Whether a separation of the southern islands from the rest of the Philippines will indeed transpire (which I highly doubt), might not invite a ready answer in the horizon, considering that the challenger still holds a significant clout over his many die hard supporters versus the accessible arm of the military

for the leader being challenged. With a growing number of disgruntled PBBM enthusiasts (or so I heard), the secession innuendo remains a possibility but not a probability. Yet former President Duterte insists it can be done, the legal way, citing Timor Leste as an example.

The way I see it though, the quandary is interwoven throughout the woof and warp of the already fragile fabric embracing our current political environment. With the yet unresolved controversy anent confidential funds, the ongoing investigations by an international criminal court, and the buildup of new contestants in the 2028 national elections, the Filipino people could regrettably be a derelict. The confusion amongst our people could metamorphose into something perilous as we are faced with a Gordian Knot in the political and social arena, one that is too difficult to untie with nary a clear remedy at hand. Otherwise stated, it could be a problem insoluble in its own terms.

Harking back to the bold proposal of “divorce” by Mindanao, most Filipinos I know who live in that region are generally satisfied with the Bangsamoro Autonomous Region solution. To them, secession is

Monday, February 12, 2024 A11

not the solution but communication!

As a lawyer friend puts it, the DNA that forms every Filipino wherever he may be found is the same organic chemical that runs through the Filipinos who reside in Mindanao. To separate this region from the one country called Philippines will not make them any less Filipino, except that it will be figuratively detached from its mother-nation. It seems very uncertain that Mindanao can come out stronger after getting disjointed.

The dilemma of cutting the Gordian Knot could be settled by addressing first the need of those residing in Mindanao. The secessionist resolution is a formula expedient for the rest of our challenges, be it in the political sphere, or in our personal lives. In application, one needs an unblemished orientation that the Republic of the Philippines is a sovereign state, with 7,107 islands spanning more than 300,000 square kilometers of territory, and divided into three island groups: Luzon, Visayas, and Mindanao. And by national territory, Article I of the 1987 Constitution states that it “comprises the Philippine archipelago, with all the islands and waters embraced therein, and all other territories over which the Philippines has sovereignty or jurisdiction, consisting of its terrestrial, fluvial and aerial domains, including its territorial sea, the seabed, the subsoil, the insular shelves, and other submarine areas. The waters around, between, and connecting the islands of the archipelago, regardless of their breadth and dimensions, form part of the internal waters of the Philippines.”

The islands may be grouped into three, but their colors reflect one solid territory.

In the spiritual realm, believers cling to the truth that they are the branches of a vine: “I am the vine; you are the branches. Whoever abides in me and I in him, he it is that bears much fruit, for apart from me you can do nothing.” (John 15:5) Our relationship and connection with our Heav-

enly Creator is depicted in this biblical verse—we are needy branches.

Some scholars said that vines are high-maintenance agricultural crops that need constant pruning and attention for clusters of grapes to grow healthy and abundantly. In relation to Jesus, we are branches that need a life-giving and all-sustaining vine.

We can run to Him, confess our neediness and be confident that He can provide. The more we realize that we need Jesus in our lives, and the more conscious we are of our righteousness with God because of Christ’s sacrifice (2 Corinthians 5:21), the easier for us to receive and be a blessing.

This vine metaphor is the right perspective for every Filipino regardless of which region of the Philippines they may be situated.

Each island in Luzon, Visayas and Mindanao all need the Republic of the Philippines because we emanate from and form part of it. In deference to our original name Las Islas Filipinas in 1521, to our declaration of independence in 1898, and our formal independence as a sovereign nation in 1946, we need only look to our beloved Philippines to sustain our hearts of patriotism. Secession of Mindanao or none, we are still from this country and collectively called “Filipinos.” When we become more conscious of our collective identity by the sacrifice of those who came before us, the easier it will be to untie any Gordian Knot that this country may face. May we not waste these centuries of testing and victory by splitting from our core.

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

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

Slower US inflation is set to fuel Fed cut optimism

By Vince Golle & Craig Stirling

T

he pulse of US inflation likely continued to slow at the start of the year, helping to feed expectations that the Federal Reserve will find interest-rate cuts more palatable in the coming months.

The core consumer price index, a measure that excludes food and fuel for a better picture of underlying inflation, is seen increasing 3.7 percent in January from a year earlier.

That would mark the smallest year-over-year advance since April 2021, and underscore the inroads Fed Chair Jerome Powell and his colleagues have made in beating back inflation. The overall CPI probably rose less than 3 percent for the first time in nearly two years, economists forecast Tuesday’s report to show.

While acknowledging that progress, policymakers have been cool to the idea that rates may be reduced as soon as next month.

Their patience has roots in an economy that’s flashing green lights, the biggest of which is the labor market. Durable employment growth has kept consumers spending. A separate report on Thursday is projected to reveal another increase in retail sales, excluding motor vehicles and gasoline.

The cooling of inflation, along with expectations that borrowing costs will head lower this year, explains the recent improvement in consumer confidence. A University of Michigan survey scheduled for release on Friday is forecast to show an index of sentiment holding near the highest level since July 2021.

Investors will also monitor Fed officials speaking in the days following the CPI data, to gauge the timing of any future rate cut. Among those on the schedule are regional bank presidents Raphael Bostic of Atlanta and Mary Daly of San Francisco, who both vote on policy this year.

“In deciding when to start cutting

rates, the Fed will have to reconcile the data they have in hand – which show inflation on a fast track to the 2 percent target—with risks that inflation could flare up again or the labor market could weaken more sharply. Data in the coming week will factor into that decision—but won’t provide a definitive answer,” said Bloomberg economists Anna Wong, Stuart Paul, Eliza Winger and Estelle Ou. Turning north, Canadian home sales will reveal whether the market continues to heat up ahead of expected mid-year rate cuts. Housing starts and manufacturing data will also be released. Among global highlights this week, Japanese gross domestic product, UK inflation and wages, and testimony by the eurozone central bank chief will feature.

Here’s our wrap of what’s coming up in the global economy:

Asia

Japan’s economy is expected to rebound from its dismal performance over the summer, providing another signal for the Bank of Japan as it prepares to end its negative rate policy.

Figures out Thursday are also set to confirm that Japan has slipped to the fourth-largest economy in the world, behind the US, China and Germany.

China’s markets will be closed for Lunar New Year celebrations, and no major releases are scheduled.

Reserve Bank of India Governor Shaktikanta Das, who kept a hawkish stance at Thursday’s rate meeting, may see some progress in his inflation fight at the start of the week with consumer prices expected to have

grown at a slower pace in January.

That probably won’t be slow enough to prompt talk of a pivot, however.

The Philippine central bank is seen holding rates steady on Thursday after prices continued to weaken there too. Australian jobs figures earlier in the day are seen showing a return to growth after the losses in December.

Singapore will revise its gross domestic product figures ahead of trade data the following day.

RBNZ Governor Adrian Orr sets out his latest position on policy and 2% inflation in a speech Friday morning, with Malaysian GDP numbers closing out the week.

Europe, Middle East, Africa

UK data will take the limelight. On Tuesday, wage numbers may show the weakest pay pressures since 2022, cheering Bank of England officials who—like global peers—are pivoting toward rate cuts.

Policymakers will also scrutinize an anticipated blip higher in inflation on the headline gauge, and the core measure that strips out volatile elements such as energy, in data due Wednesday.

The next day, GDP will point to how BOE tightening is hitting growth. Economists reckon the UK stagnated in the fourth quarter, narrowly avoiding a recession for now.

A series of fourth-quarter GDP numbers are also scheduled, with growth in Eastern European economies and Norway as well likely to have stayed subdued.

Euro-zone industrial production on Thursday is a highlight in the currency region, with a fourth monthly drop in December predicted by economists amid falling factory output in economies including Germany.

Policymaker appearances will draw attention. European Central Bank President Christine Lagarde testifies to lawmakers on Thursday, while multiple events featuring her

colleagues are also scheduled.

In Norway, Governor Ida Wolden Bache will make her annual address to Norges Bank’s supervisory council.

Latin America

The Carnival holiday makes for a quiet start to the week, but Argentina returns on Wednesday to post its January inflation report.

Consumer prices likely rose 21.9 percent last month, according to economists surveyed by the central bank, down from 25 percent in December. That forecast implies an annual rate of over 250 percent, up from 211 percent at year-end 2023.

Inflation has surged in the wake of President Javier Milei’s 54 percent peso devaluation and elimination of price controls on hundreds of everyday consumer products.

Colombia publishes a raft of data, underscoring the precipitous slowdown in what had been one of Latin America’s post-pandemic bright lights.

Industrial output, manufacturing and retail sales have all been negative since March, while fourth-quarter output probably shrank from the previous three months. Full-year GDP growth may only just top 1 percent, well off the 2021 and 2022 readings of 11 percent and 7.5 percent.

Brazil posts December GDP-proxy figures ahead of the quarterly and full-year report due March 1, while Peru publishes December economic activity data along with January unemployment for Lima, the capital and largest city.

Lastly, Chile’s central bank serves up the minutes of its January decision to deliver a 100 basis-point cut, to 7.25 percent. Economists surveyed by the central bank see that hitting 4.75 percent by year-end with inflation back at 3 percent. With assistance from Piotr Skolimowski, Robert Jameson, Monique Vanek, Brian Fowler, Abeer Abu Omar, Tony Halpin and Laura Dhillon Kane/Bloomberg

A12 Monday, February 12, 2024

ADDING P500-M DEVT $14-B investments from trips CANADA AID TO 6 PHL PROVINCES IN ‘24 of PBBM being ‘actualized’ C

By Malou Talosig-Bartolome @maloutalosig

A

By Andrea E. San Juan @andreasanjuan

T least $14 billion in investments bagged from the foreign trips of President Ferdinand R. Marcos Jr., particularly in light manufacturing and IT and Business Process Management (ITBPM) sectors, among others, are now being “actualized,” according to the Department of Trade and Industry (DTI).

Investment pledges from foreign firms during the president’s visits over the past 16 months are already operating and/or have completed the process of registering the project with DTI’s investment promotion agencies (IPAs), said a statement released by DTI over the weekend.

DTI said the $14.2-billion investment figure, involving 46 projects,

translates to 20 percent of total investment pledges or $72.2 billion, which comprises 148 projects.

The DTI, the mother agency of the Board of Investments (BOI), explained that an investment project is considered to have actualized if it has “commenced implementation” which means that it has “spent financial and staff resources to undertake specific, tangible steps for

implementing the project.”

These investments span various sectors, such as manufacturing, IT-BPM, renewable energy, infrastructure, transport and logistics, agriculture, and retail, DTI said.

Among these sectors, DTI said manufacturing has captured the largest share in terms of the number of projects, comprising 16 projects or 35 percent, followed closely by IT-BPM with 10 projects or 22 percent, and renewable energy with 9 projects or 20 percent.

As to the source of investments, DTI said the “most significant” countries with the number of projects already actualized are Japan, with 21 equivalent projects, and the United States with 13 projects.

The department which heads investment promotion agencies in the country explained that the duration of the implementation period depends on the sector to which a particular project belongs.

For one, due to “relatively shorter implementation periods,” investment commitments from the presidential visits in the IT-BPM sector and in light manufacturing have “mostly become operational.”

With this, the agency said the

“early actualization” of investment commitments in these sectors “contributes to the decrease in the unemployment rate in the Philippines,” adding that IT-BPM and manufacturing are “significant generators” of direct employment.

Meanwhile, DTI said foreign investors are still conducting “pre-implementation” and planning activities in their respective countries for the remaining 102 projects which carry investment pledges worth $58 billion.

Trade and Industry Secretary Alfredo E. Pascual emphasized that while presidential visits are “effective platforms” for generating investment pledges, realizing projects demands “relentless follow-through and strategic collaboration.”

As investments materialize, the Philippines will reap the “longterm” benefits of “sustained economic growth and job creation.”

“Our dedication to turning investment pledges into reality is unwavering. We also leverage each presidential visit as a springboard for building up a pipeline of investment opportunities and making the Philippines an investment destination of choice,” the country’s trade chief said.

ANADA is adding CAD 12.5 million (P518 million) to its development assistance to the Philippines this year.

Ahmed Hussein, Canada’s Minister of International Development, announced Friday in Toronto that the development assistance of Canada to the Philippines this year will now total CAD 28.15 (P1.1 billion), the biggest development program to the Philippines in recent years.

Canada will fund the project to enhance climate resilience in six vulnerable provinces in the Philippines.

Alinea International, an international development consultancy group, will implement the half-abillion-peso project, according to Global Affairs Canada.

Building the capacity of national and local governments and womenled organizations on gender-responsive climate adaptation, and disaster risk reduction and management will be the objective of this program.

During his visit to Manila last month, Hussein announced the CAD15 million (P621 million) development assistance to the Philippines on abetting biodiversity loss and improving the healthcare system.

This was reiterated during the press conference in Ottawa Friday.

Forest Foundation Philippines will get the CAD 8 million (P331 million) fund to support vulnerable communities from climate change and biodiversity loss. The foundation will assist

with financing and capacity building to support gender-responsive, nature-based solutions to climate change and biodiversity loss.

Plan International Canada was awarded the $7-million health promotion campaigns project.

Hussein said they are targeting to help 500,000 Filipinos from this project to increase health-care services in remote communities. Local health professionals will be trained by Canadian experts from the University of Montreal School of Public Health.

“These projects demonstrate that our work with the Philippines will build on the strong people-topeople ties that we already have and we’ll bring our expertise to work with common projects and common challenges,” the Canadian minister said during the ceremony.

Canadian Minister of Small Business Rachie Valdez said this recent commitment by the Canadian government is “personal” to her.

Valdez is the first Filipino-Canadian woman elected as member of parliament and appointed to the Cabinet. Her family migrated to Canada when she was nine years old.

“We are the number one country to experience the negative impacts of climate change. So with the announcement today, we are demonstrating our government’s commitment to making a positive impact on the lives of Filipino people around the world,” Valdez said.

Ottawa and Manila will celebrate 75 years of strong bilateral relations this year.

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, February 12, 2024

‘Collective approach key to hastening PHL digital shift’

G

By Lorenz S. Marasigan

@lorenzmarasigan

overnment and private sector telco stakeholders have agreed to devise strategies that will expand connectivity and enhance customer experience, acknowledging the existing barriers hindering widespread access to life-enabling technology.

Globe Telecom Inc. President Ernest Cu said there is a need for a collective approach in achieving equitable connectivity across the nation.

“The telcos cannot do it alone.

We are very large facilities but we have over a hundred million people to connect. The government is doing its share, alleviating requirements and permits and giving incentives.

We need members of the private sector who are very much interested in furthering the connectivity agenda. It’s only by working together that we can come up to speed with other countries out there that are truly digital,” he said

at the Globe RISE 3.0 event.

Anti-Red Tape Authority (Arta) Secretary Ernesto Perez echoed this sentiment, highlighting the government’s commitment to facilitating connectivity advancements.

“Our goal is to cover the entire country for the Philippines to be really called a digital nation and to be able to say that we can provide the kind of services that are streamlined and digitalized in order to fight corruption in the process,” he said.

Data from the Philippine Statistics Authority (PSA) showed that only 56.1 percent of Filipino households have internet access at home.

Disparities in internet speeds between urban and rural areas also persist according to the Asian Development Bank (ADB), with wealthier cities experiencing significantly faster speeds compared to their less affluent counterparts.

A Philippine Institute for Development Studies paper in 2021, meanwhile, showed that access to fiber optic cable was available in only 29 percent of barangays across the country, with rural barangays making up a meager 12 percent of these fiber-connected areas.

Meanwhile, PhilTower Consortium President Devid Gubiani pointed to the crucial tower-user ratio affecting user experience.

With 17,850 cell sites serving 76 million internet users in the Philippines, Gubiani emphasized the need for shared infrastructure to ensure ubiquitous connectivity.

“We need more hands on deck.

Shared infrastructure is key to providing ubiquitous connectivity. We can potentially enable much better service for more Filipinos but also a much broader coverage. It’s about depth and it’s about coverage.”

For his part, Department of Information and Communications Technology (DICT) Undersecretary

Jeffrey Dy outlined the government’s initiatives, including crafting policies on common towers and common poles. Dy also mentioned the exploration of a “Dig Once” Policy to minimize street-level disruption during infrastructure projects.

“Connectivity is the lifeblood of a digital nation. Let us forge collaboration that allows us to build a digitally empowered Philippines that is inclusive, aligned with the Sustainable Development Goals, as directed by DICT Secretary Ivan Uy under the vision of our President Ferdinand Marcos Jr. No one gets left behind.”

Mitch Ora, Site Lifecycle Management Services Vice President at Globe, said there is a need for approximately 40,000 more towers to achieve the ideal toweruser ratio.

She said Globe continues to pursue innovative infrastructure models, such as tower-sharing and fiberco, to enhance connectivity.

“If connectivity improves, consumers will enjoy multiple benefits, including in the worst of circumstances,” said Bill Luz, Chairman of Liveable Cities Philippines and Chief Resilience Officer of the Philippine Disaster Resilience Foundation.

MGreen buys more SPNEC shares

By VG Cabuag @villygc

M

Gen Renewable Energy Inc. (MGreen), a unit of listed power distributor Manila Electric Co. (Meralco), has acquired 2.17 billion shares of SP New Energy Corp. (SPNEC)

from its parent Solar Philippines Power Project Holdings Inc. for P2.5 billion.

This represents 4.34 percent of SPNEC, the company said in its disclosure to the Philippine Stock Exchange.

MGreen has previously acquired 15.7 billion common shares repre-

senting 31.4 percent of SPNEC’s total outstanding common shares, which together with acquiring 19.4 billion preferred shares, brings MGreen’s total voting interest in SPNEC to 50.53 percent In May 2023, conglomerate Metro Pacific Investments Corp. (MPIC) made its initial purchase from So-

lar Philippines of 1.6 billion shares of SPNEC for P2 billion. MPIC is an affiliate of MGreen.

These acquisitions bring MGreen and its affiliates to a total of 19.47 billion common shares of SPNEC, or 38.89 percent of the total outstanding common shares of SPNEC acquired for P20.2 billion.

Isuzu Gencars Makati clinches back-to-back win as Dealer of the Year

I

SUZU Gencars Makati is the back-to-back recipient of the Dealer of the Year Award (DOYA) from Isuzu Philippines Corporation (IPC). The recognition was conferred during the 2023 Dealer of the Year Awards Night, held on February 9, 2024, at the Grand Ballroom of Solaire Hotel in Parañaque.

This feat marks Isuzu Gencars Makati’s fourth DOYA championship. Their journey to success began with a back-to-back win in 2004, the first-ever DOYA given, and 2005, followed by another impressive backto-back triumph in 2022 and 2023.

Additionally, the dealership secured notable placements over the years, clinching 2nd in 2006 and 2010, and 3rd in 2009.

The Dealer of the Year Award serves as a testament to an Isuzu dealership’s unwavering commitment to unparalleled sales and aftersales performance, recognized and appreciated by Isuzu Philippines Corporation.

In addition to the DOYA, Isuzu Gencars Makati triumphed in other categories, securing 2nd Place in the Excellence in Parts Operations and Excellence in Sales Operations categories. While Krisha Ruth Callano, Sales Executive of Isuzu Gencars Makati, placed 4th in the Truck Elite of the Year category.

Excellence in service ops

Moreover, Isuzu Gencars Sta. Rosa, another dealership of the Gencars group, secured 1st Place in the Excellence in Service Operations

Isuzu Gencars Sta. Rosa wins 1st Place in the Excellence in Service Operations category. Pictured from left to right are IPC Section Head for Technical Service Bong Corocoto; Isuzu Gencars executive officers including Sta. Rosa General Manager William Abril, Gencars Operations Executive Giannina Eunice Cabangon, Gencars President Lerma Nacnac, Sta. Rosa Assistant Aftersales Manager Mark Tirso II Dela Cruz, Gencars Chairman D. Edgard A. Cabangon, Sharon Tan; and IPC Section Head for Fleet Support Dennis Esquejo. ROY DOMINGO

category. This achievement is a direct result of their relentless hard work and commitment to going the extra mile for their customers. Through initiatives such as service caravans and securing several local partnership contracts, they have succeeded in making Isuzu services more accessible to their clients. This dedication exemplifies a practice not limited to this branch, but embraced by the entire Gencars group as well.

D. Edgard A. Cabangon, Chairman of Isuzu Gencars, extended his gratitude and appreciation to Isuzu Philippines Corporation, stating, “Our loyalty to the Isuzu family is unwavering. We are deeply grateful for the support and trust that Isuzu Philippines Corporation has bestowed upon the Gencars group for the past 45 years.” He lauded the

hard work and dedication of the employees and salesforce, remarking, “This achievement would not have been possible without the hard work and dedication of our employees and salesforce. Thank you for all that you do for our company.”

He also thanked their clients: “Lastly, we are very grateful to our customers, especially our loyal clients. Without them, the Isuzu Gencars group would not be where we are now.”

Cabangon described it as, “The perfect Chinese New Year gift,” coinciding with the festive occasion. He also shared his personal joy, considering it an early present. “This year, 2024, marks my year—the Year of the Wood Dragon, and on April 9, I will be celebrating my 60th birthday.

This recognition is indeed a mean-

ingful gift for me, and of course, for the entire ALC Group of Companies.”

As these awards inspire Isuzu Gencars in their quest to deliver quality services and achieve customer satisfaction, the company is poised for further expansion within its dealership network. The company has acquired an extensive property in San Pablo, gearing up to unveil a more expansive Isuzu Gencars San Pablo showroom and service area. This new facility, set to be unveiled early this year, promises even more comprehensive and exceptional service to the people of San Pablo and nearby regions.

Additionally, plans are under way for the expansion and Isuzu Outlet Standard (IOS) renovation at its branch in Naga City.

Notably, in January 2015, the company provided the customized Isuzu D-MAX Popemobile utilized

by His Holiness Pope Francis during his historic visit to the Philippines.

Later that same year, Isuzu Gencars gifted a second Popemobile to His Holiness, personally delivered by its chairman D. Edgard A. Cabangon to the Vatican.

Isuzu Gencars currently has a network of seven branches located in Makati City; Batangas City and Sto. Tomas City in Batangas; San Pablo City and Sta. Rosa City in Laguna; and Legazpi City and Naga City in Bicol. It is a member of the ALC Group of Companies, founded by the late Amb. Antonio L. Cabangon Chua, and is currently chaired by D. Edgard A. Cabangon.

B1

Japanese firms to offer eye-in-the-sky data for Nlex roads

BusinessMirror file photo

By Malou Talosig-Bartolome

T

wo Japanese companies are planning to offer big data solutions to the management of the North Luzon Expressway (Nlex) for road maintenance using Japan’s state-of-the-art Quasi-Zenith satellite or Michibiki.

Tokyo-based Pacific Consultants Co. Ltd. and Oriental Consultants Global (OC Global) showed to the media that one of the four satellites of Michibiki was able to monitor the state of road conditions on Nlex.

The Michibiki satellite signal was linked with the pre-installed sensors in the cars passing through the expressway.

In two aerial scans last October 2023 and February 2024 presented to the media Friday that Michibiki system was able to accurately identify and record in the map every bump, elevation or pot hole in Nlex.

Such data is important, according tothe Japanese consultants, as expressway management would be more “proactive” in anticipating roads that would likely be damaged or are already damaged. This could lead to lower maintenance costs.

“We think that the [use of Michibiki satellite technology] will be helpful [in solving] the road infrastructure, transportation operation and maintenance issues in the Philippines,” Shusaku Nakamura,

technical manager of Pacific Consultants, said.

Soichiro Hayashi, deputy general manager of OC Global, said he is hoping that with the results of the feasibility study, Metro Pacific Tollways Corp. (MPTC) would tap the company as its solutions partner.

“The Philippines is an emerging, promising market. As you can see, outside, so many buildings and the roads are expanding, and then some of the roads are already on the stage of maintenance,” Hayasi said, adding that the company is planning to expand to other Southeast Asian countries like Vietnam and Indonesia.

Big data from Michibiki may also be used for other purposes, such as disaster mitigation.

Akihito Hitomi, first secretary of the Japanese Embassy in Manila, said the ¥40-million (P15 million) feasibility study was funded by the Japanese Ministry of Internal Affairs and Communications as part of the cooperation agreement that it signed with its Philippine counterpart—the Department of Information and Communications Technology (DICT).

Michibiki is a Japanese technology developed by the Japanese government to augment the US Global Positioning System in the Asia-Pacific region. It has contracted the Japanese companies to offer data solutions services to companies overseas.

Cebu Pacific takes delivery of new jet

B

udget carrier Cebu Pacific said over the weekend it took delivery of its first jet this year, an Airbus A320 current engine option (CEO).

Cebu Pacific President Xander Lao said the aircraft arrived at the Ninoy Aquino International Airport (Naia) from Airbus’ Chengdu, China office on February 9.

This is the first of the 17 aircraft deliveries scheduled for the year. “ T h i s a i rc r a f t de l iver y i s aligned with our commitment to provide safe, accessible, and affordable flights for every Juan.

We are excited to fly even more passengers to their chosen destinations this year made possible by our growing domestic and international network and ongoing fleet expansion efforts.”

Lao said the carrier expects to achieve a fleet count of 92 this year.

It currently operates one of the youngest fleets in the world, with its diversified fleet mix of eight Airbus A330s, 36 Airbus A320s,

20 Airbus A321s, and 14 ATR turboprop aircraft.

Cebu Pacific plans to order some 100 to 150 aircraft from either Airbus or Boeing, a decision that Lao said should be finalized within the first half of 2024.

This large order is in anticipation of the surge in the demand for air travel in the coming years.

It is, however, still grappling with supply issues given that some of its planes—those that have Pratt & Whitney engines— remain grounded. It even had to sign a damp lease agreement with Bulgaria Air to augment its current capacity.

This year, Cebu Pacific expects to to hit and surpass its pre-pandemic passenger volume of 22 million even as it arrests challenges in jet capacity.

The carrier is aiming to fly 24 million passengers in 2024.

Cebu Pacific is also allotting P50 billion in capital expenditures for next year, a 19-percent hike from P42 billion in 2023.

Lorenz S. Marasigan

B2

Companies BusinessMirror

Monday, February 12, 2024

PSE STOCK QUOTATIONS

February 8, 2024

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

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

1,666,000 990,533,841 119,940 571,266,548 4,395,195 687,088 363,089,355.50 585,225 2,370,844 56,631 1,100 83,730 16,583,072.50 10,978,750 527,510 731,710 6,100 29,870 744,255 814,000 36,905 208,000 188,950

7,000 324,204,336 50,250 37,694,807 -1,846,725 -1,750 90,850,475.50 18,620 -1,304,077 -824,050 -323,920 712,500 814,000 9,290 -39,000 46,500

INDUSTRIAL ACEN CORP 4.37 4.38 4.35 4.43 4.35 4.38 10,847,000 47,556,150 0.52 0.53 0.52 0.52 0.52 0.52 2,000 1,040 ALSONS CONS ALTERNERGY HLDG 0.75 0.76 0.75 0.76 0.74 0.76 385,000 287,910 ABOITIZ POWER 37.6 37.85 37.2 38.1 37.2 37.85 2,060,800 77,926,050 1.18 1.19 1.17 1.19 1.17 1.18 77,000 91,050 RASLAG BASIC ENERGY 0.224 0.226 0.23 0.23 0.22 0.226 4,440,000 995,320 FIRST GEN 17.98 18 17.98 18.02 17.98 18 220,300 3,965,126 64.5 64.7 64.7 65 64.5 64.5 106,910 6,925,349 FIRST PHIL HLDG MERALCO 367 372 372.6 374.4 367 367 245,940 91,076,330 MANILA WATER 18.68 18.7 18.74 18.8 18.7 18.7 1,950,100 36,560,928 3.25 3.3 3.26 3.32 3.25 3.3 442,000 1,445,150 PETRON PHX PETROLEUM 4.13 4.37 4.39 4.4 4.2 4.2 8,000 34,820 7.11 7.27 7.3 7.3 7.14 7.27 46,600 337,841 REPOWER ENERGY 32.65 32.7 32.75 32.8 32.5 32.7 1,448,000 47,325,840 SEMIRARA MINING 7.65 7.68 7.67 7.78 7.67 7.68 448,400 3,460,384 SYNERGY GRID SHELL PILIPINAS 10.76 10.78 10.58 10.78 10.58 10.78 99,500 1,062,552 8.09 8.1 8 8.12 8 8.1 412,000 3,318,849 SPC POWER 1.16 1.17 1.16 1.17 1.15 1.17 10,294,000 11,966,160 SP NEW ENERGY AGRINURTURE 0.54 0.55 0.54 0.58 0.54 0.55 11,288,000 6,271,460 2.25 2.28 2.25 2.25 2.25 2.25 18,000 40,500 AXELUM 20.25 21.2 17.8 21.9 17.8 21.2 348,200 7,107,688 CNTRL AZUCARERA CENTURY FOOD 36 36.5 35.9 36.5 35.25 36 1,183,200 42,677,550 5.9 5.94 5.9 5.94 5.9 5.94 4,200 24,784 DEL MONTE 6.69 6.7 6.57 6.75 6.52 6.7 1,928,300 12,897,862 DNL INDUS EMPERADOR 20.45 20.5 20.45 20.7 20.45 20.5 1,234,300 25,328,810 50 50.25 50 50.45 49.25 50.25 18,530 926,045 SMC FOODANDBEV 0.7 0.72 0.7 0.72 0.7 0.71 15,255,000 10,821,610 FIGARO COFFEE ALLIANCE SELECT 0.45 0.49 0.45 0.45 0.42 0.42 140,000 62,100 FRUITAS HLDG 0.84 0.85 0.85 0.86 0.84 0.84 463,000 391,940 163.1 164.7 164.5 165 164 164.7 3,400 560,531 GINEBRA JOLLIBEE 261.4 262 265 268 261.2 261.4 282,030 74,384,922 KEEPERS HLDG 1.42 1.43 1.42 1.43 1.42 1.42 746,000 1,062,420 13.06 14.7 15.98 15.98 14.7 14.7 200 3,068 LIBERTY FLOUR MACAY HLDG 5.61 6.28 5.61 6.28 5.61 6.28 4,900 27,757 3.31 3.33 3.36 3.36 3.33 3.33 47,000 157,480 MAXS GROUP 0.09 0.091 0.09 0.09 0.09 0.09 20,000 1,800 MG HLDG MONDE NISSIN 9.95 9.97 9.8 10.1 9.68 9.95 19,471,700 193,963,763 SHAKEYS PIZZA 10.52 10.6 10.6 10.68 10.6 10.6 902,200 9,564,936 0.56 0.57 0.56 0.6 0.55 0.57 6,015,000 3,481,440 ROXAS AND CO RFM CORP 2.89 2.95 2.91 2.95 2.88 2.95 387,000 1,123,220 SWIFT FOODS 0.057 0.064 0.067 0.067 0.067 0.067 20,000 1,340 111.2 111.3 111.5 112.3 111.3 111.3 3,919,350 437,500,185 UNIV ROBINA 0.5 0.52 0.495 0.5 0.495 0.5 503,000 251,400 VITARICH VICTORIAS 2.62 2.87 2.62 2.62 2.62 2.62 5,000 13,100 1.81 1.82 1.56 1.84 1.52 1.81 63,812,000 109,192,360 CEMEX HLDG 0.63 0.67 0.63 0.67 0.63 0.67 60,000 38,100 EC VULCAN CORP EEI CORP 5.5 5.52 5.44 5.55 5.43 5.52 448,900 2,456,588 3.28 3.3 3.33 3.33 3.26 3.3 324,000 1,066,540 MEGAWIDE 1.67 1.7 1.7 1.7 1.7 1.7 12,000 20,400 CROWN ASIA MABUHAY VINYL 5.5 5.78 5.7 5.78 5.7 5.78 2,100 12,002 5.19 5.2 5.25 5.25 5.19 5.19 243,800 1,267,727 PRYCE CORP 13.02 13.2 13 13.2 13 13.2 900 11,840 CONCEPCION GREENERGY 0.224 0.225 0.227 0.229 0.223 0.225 16,080,000 3,661,230 2.48 2.51 2.5 2.65 2.48 2.48 5,365,000 13,644,550 INTEGRATED MICR 1.18 1.19 1.21 1.21 1.18 1.19 1,685,000 2,007,750 IONICS PANASONIC 5.1 5.16 5.22 5.22 5.22 5.22 100 522 2.42 2.49 2.47 2.49 2.4 2.49 365,000 898,620 SFA SEMICON 1.86 1.89 1.88 1.91 1.86 1.88 357,000 670,640 CIRTEK HLDG

2,527,540 -55,500 -14,653,370 -111,460 -608,380 -1,595,100 -14,881,362 -3,926,820.00 -339,780 14,925,725 451,771 654,309 5,205,170.00 1,514,240 -151,165 -503,560 -5,900 -1,382,584 -3,062,850 -191,131.50 164,750 49,500 428,745 9,508,968 171,820 -20,110 65,359,950 267,640 -46,500.00 756,190 -237,267,335 1,741,200 -10,900 88,430 20,800 -11,840 18,240 -7,453,740 118,000 -

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

206,030 49,298,835 -14,660,090 -2,120,710 497,798 14,977,180 11,057,975 1,252,410 721,629 155,622,980 814,412 -

HOLDING & FRIMS

35 153.3 6.25 113.4 33 8.8 59.2 8.7 18.6 54 95.05 22.75 73.2 44.55 1.03 2.46 0.61 2.7 4.43 1,101 183.1 2,552 0.77

1.03 700 47.25 11.74 11.84 0.39 0.345 5 10.92 5.1 676 3.55 39.05 0.375 4.27 9.59 2.39 915 108 1.67

35.5 153.6 6.7 114.2 33.5 8.81 59.4 8.75 18.66 55 119.9 23.3 73.3 45.15 1.08 2.56 0.68 2.71 7.5 1,199 183.7 2,600 0.78

1.04 705 48.1 11.78 11.98 0.41 0.36 5.04 11 5.5 684 3.84 39.5 0.42 4.35 9.67 2.45 920 109.8 1.92

35 150.5 6.7 113.1 33.5 8.71 57.8 8.75 18.56 55 110 22.6 73 45.25 1.1 2.48 0.61 2.72 8 1,100 188.4 2,600 0.78

1.02 706.5 47.95 11.7 11.8 0.4 0.36 5.04 10.72 5.58 692 3.84 39.6 0.38 4.26 9.6 2.58 916 107.8 1.67

35 154.8 6.8 114.5 33.5 8.81 59.95 8.75 18.66 55 110 23.3 74.05 45.45 1.1 2.56 0.61 2.72 8.03 1,100 188.4 2,600 0.78

1.06 723 48.3 11.78 12 0.4 0.36 5.05 11 5.58 695 3.84 40.2 0.42 4.39 9.76 2.58 937 110 1.67

35 149.6 6.7 113.1 33 8.7 57.8 8.7 18.52 53.1 110 22.6 72.8 44.55 1.03 2.41 0.61 2.71 7.49 1,100 183.1 2,600 0.77

1.01 700 47.25 11.7 11.8 0.4 0.36 5 10.72 5.5 676 3.84 39.05 0.38 4.26 9.59 2.39 915 107.8 1.67

35 153.6 6.7 113.4 33.5 8.8 59.2 8.7 18.6 55 110 23.3 73.2 44.55 1.06 2.56 0.61 2.71 7.5 1,100 183.1 2,600 0.77

1.04 700 47.25 11.74 11.98 0.4 0.36 5.04 11 5.5 676 3.84 39.05 0.42 4.35 9.59 2.39 915 108 1.67

47,600 6,470,760 17,900 5,015,440 131,500 78,300 6,116,060 66,900 127,500 1,030 10 3,700 225,510 243,800 501,000 292,000 10,000 11,000 99,200 740 200 80 245,000

13,343,000 574,430 1,029,700 1,967,400 14,000 120,000 40,000 841,300 5,380,700 118,600 75,400 1,000 1,071,300 130,000 29,000 1,695,200 189,000 402,640 104,830 1,000

13,754,070 408,283,090 48,906,595 23,115,912 167,174 48,000 14,400 4,239,295 58,913,198 652,321 51,390,010 3,840 42,178,295 50,200 125,470 16,365,614 456,920 371,448,655 11,351,757 1,670

PROPERTY AYALA LAND 34.85 34.9 34.5 35.2 34.45 34.9 12,644,500 442,257,185 1.79 1.8 1.74 1.81 1.74 1.8 2,742,000 4,891,970 AYALA LAND LOG ALTUS PROP 8.97 9.36 9.36 9.36 9.36 9.36 2,600 24,336 1.03 1.05 1.04 1.07 1.02 1.06 1,413,000 1,470,150 ARANETA PROP 34.1 34.2 34.5 34.5 33.95 34.1 581,800 19,870,290 AREIT RT A BROWN 0.63 0.65 0.66 0.66 0.63 0.63 930,000 587,990 0.7 0.71 0.71 0.71 0.7 0.7 3,000 2,120 CITYLAND DEVT 0.061 0.063 0.063 0.063 0.063 0.063 70,000 4,410 CROWN EQUITIES CEB LANDMASTERS 2.63 2.64 2.65 2.65 2.62 2.63 741,000 1,951,200 CENTURY PROP 0.27 0.275 0.27 0.275 0.27 0.27 1,150,000 314,250 2.68 2.69 2.71 2.71 2.69 2.69 1,898,000 5,115,780 CITICORE RT DOUBLEDRAGON 8.04 8.15 7.76 8.15 7.7 8.15 614,100 4,935,274 DDMP RT 1.22 1.23 1.22 1.24 1.22 1.23 1,225,000 1,506,340 5.6 5.98 5.7 5.99 5.7 5.98 23,800 138,249 DM WENCESLAO 0.127 0.129 0.129 0.129 0.127 0.127 1,240,000 158,720 EMPIRE EAST EVER GOTESCO 0.275 0.285 0.27 0.285 0.27 0.285 230,000 65,250 3.15 3.16 3.15 3.16 3.12 3.15 497,000 1,562,930 FILINVEST RT 0.68 0.69 0.67 0.69 0.67 0.68 3,230,000 2,199,570 FILINVEST LAND GLOBAL ESTATE 0.8 0.84 0.8 0.84 0.8 0.84 347,000 277,640 8.52 8.73 8.78 8.82 8.73 8.73 19,400 170,810 8990 HLDG 869.5 890 889 890 889 890 20 17,790 GOLDEN MV PHIL INFRADEV 0.53 0.54 0.55 0.55 0.53 0.54 314,000 171,020 0.8 0.82 0.84 0.84 0.8 0.8 330,000 266,600 CITY AND LAND 2 2.01 1.99 2.02 1.99 2.01 7,583,000 15,229,630 MEGAWORLD MRC ALLIED 1.28 1.31 1.3 1.34 1.28 1.31 233,000 302,370 13.94 13.98 13.98 14 13.9 13.98 303,500 4,241,378 MREIT RT 0.325 0.35 0.325 0.325 0.325 0.325 10,000 3,250 PHIL ESTATES PREMIERE RT 1.58 1.6 1.57 1.6 1.57 1.6 805,000 1,280,680 2.21 2.53 2.52 2.52 2.52 2.52 5,000 12,600 PRIMEX CORP 5.5 5.54 5.46 5.55 5.45 5.5 1,339,200 7,372,817 RL COMM RT ROBINSONS LAND 16.22 16.3 16.36 16.5 16.22 16.22 790,200 12,973,690 PHIL REALTY 0.148 0.165 0.165 0.165 0.148 0.148 390,000 58,570 1.38 1.42 1.38 1.42 1.38 1.42 8,000 11,120 ROCKWELL SHANG PROP 3.8 3.81 3.91 3.91 3.8 3.81 261,000 997,190 STA LUCIA LAND 3.45 3.5 3.5 3.5 3.49 3.5 132,000 461,980 34.65 35 34.8 35.4 34.65 34.65 12,217,300 428,072,285 SM PRIME HLDG VISTAMALLS 2.3 2.38 2.28 2.3 2.28 2.3 45,000 102,850 0.77 0.83 0.8 0.8 0.8 0.8 21,000 16,800 SUNTRUST RESORT 1.69 1.7 1.68 1.7 1.68 1.7 686,000 1,156,310 VISTA LAND VISTAREIT RT 1.73 1.74 1.74 1.75 1.72 1.73 281,000 487,960

SERVICES ABS CBN 4.3 4.38 4.2 4.38 4.2 4.34 325,000 1,402,950 8.93 8.94 8.9 9 8.9 8.94 295,700 2,648,960 GMA NETWORK MLA BRDCASTING 8 8.48 8.5 8.5 8.48 8.48 300 2,547 1,740 1,741 1,748 1,759 1,741 1,741 31,955 55,925,570 GLOBE TELECOM 1,292 1,295 1,300 1,310 1,290 1,295 76,195 98,854,900 PLDT APOLLO GLOBAL 0.013 0.014 0.013 0.014 0.013 0.014 20,700,000 271,900 9.75 9.78 9.7 9.83 9.6 9.78 6,786,900 66,438,759 CONVERGE 2.46 2.47 2.48 2.5 2.4 2.46 3,802,000 9,327,000 DITO CME HLDG NOW CORP 1.1 1.12 1.1 1.13 1.07 1.12 1,355,000 1,486,180 TRANSPACIFIC BR 0.125 0.126 0.127 0.127 0.125 0.126 160,000 20,050 16.82 16.98 16.88 16.98 16.82 16.82 37,200 627,322 ASIAN TERMINALS CHELSEA 1.49 1.53 1.48 1.54 1.48 1.53 212,000 320,110 33.7 33.9 33.75 33.9 33.65 33.9 155,900 5,262,495 CEBU AIR 270.6 271 270 280 268 271 2,042,260 559,386,688 INTL CONTAINER 15.44 17.88 15.34 15.36 15.34 15.36 200 3,070 LBC EXPRESS MACROASIA 4.03 4.04 4 4.07 3.98 4.03 772,000 3,099,790 5.48 5.51 5.48 5.51 5.48 5.48 4,500 24,669 PAL HLDG 0.76 0.78 0.78 0.78 0.75 0.77 62,000 47,560 HARBOR STAR ACESITE HOTEL 1.81 1.89 1.88 1.88 1.8 1.88 45,000 83,960 0.062 0.064 0.064 0.064 0.062 0.064 12,240,000 779,320 BOULEVARD HLDG 1.16 1.22 1.16 1.22 1.16 1.22 9,000 10,500 DISCOVERY WORLD WATERFRONT 0.385 0.4 0.4 0.4 0.4 0.4 80,000 32,000 8.41 8.81 8.81 8.81 8.81 8.81 2,200 19,382 CENTRO ESCOLAR 551 567.5 565 567.5 550 567.5 310 174,925 FAR EASTERN U IPEOPLE 7.01 7.42 7.44 7.44 7.42 7.42 4,100 30,502 0.6 0.61 0.59 0.61 0.58 0.61 3,839,000 2,296,210 STI HLDG 1.16 1.17 1.17 1.18 1.17 1.17 192,000 225,720 BELLE CORP BLOOMBERRY 11.5 11.52 11.74 11.86 11.5 11.5 6,150,200 72,078,458 PACIFIC ONLINE 4.23 4.24 4.2 4.24 4.13 4.24 544,000 2,274,980 0.83 0.85 0.83 0.85 0.83 0.83 909,000 757,630 PH RESORTS GRP PREMIUM LEISURE 0.71 0.72 0.7 0.72 0.7 0.71 7,062,000 5,027,650 DIGIPLUS 7.9 7.91 7.82 7.96 7.77 7.9 9,419,200 74,406,659 1.77 1.78 1.78 1.78 1.76 1.78 214,000 380,570 PHILWEB ALLDAY 0.16 0.161 0.158 0.161 0.157 0.16 12,590,000 2,003,360 BERJAYA 7.7 7.84 7.7 7.7 7.7 7.7 3,000 23,100 1.12 1.14 1.15 1.15 1.1 1.12 2,803,000 3,137,610 ALLHOME METRO RETAIL 1.29 1.3 1.31 1.31 1.29 1.3 90,000 116,590 PUREGOLD 27.45 27.9 27.75 28 27.45 27.45 835,800 23,217,370 36.15 37 37.05 37.5 36.15 36.15 598,400 21,863,715 ROBINSONS RTL PHIL SEVEN CORP 77 78 78.5 78.5 78 78 104,440 8,195,416.50 SSI GROUP 3 3.02 3 3.04 3 3 1,819,000 5,465,690 1.26 1.31 1.36 1.36 1.25 1.31 45,000 56,920 UPSON INTL CORP 22.9 22.95 22.4 23.2 22.4 22.95 1,440,800 33,024,325 WILCON DEPOT APC GROUP 0.204 0.214 0.205 0.206 0.203 0.204 1,230,000 251,520 2.1 2.35 2.1 2.14 2.1 2.14 14,000 29,480 EASYCALL 0.315 0.32 0.315 0.325 0.315 0.315 100,000 31,700 MEDILINES PRMIERE HORIZON 0.169 0.171 0.173 0.173 0.168 0.169 1,050,000 178,210 4.21 4.5 4.4 4.5 4.4 4.5 12,000 53,300 SBS PHIL CORP

MINING & OIL ATOK 4.7 4.79 4.7 4.7 4.7 4.7 25,000 117,500 APEX MINING 2.7 2.72 2.81 2.84 2.65 2.7 17,633,000 48,249,610 ATLAS MINING 3.34 3.4 3.35 3.39 3.34 3.34 162,000 542,020 4.39 4.4 4.45 4.48 4.4 4.4 83,000 366,270 BENGUET A COAL ASIA HLDG 0.134 0.149 0.134 0.134 0.134 0.134 30,000 4,020 3.05 3.09 3.05 3.09 3.05 3.09 6,000 18,340 CENTURY PEAK 1.99 2 2 2 1.98 2 518,000 1,030,560 FERRONICKEL GEOGRACE 0.044 0.047 0.037 0.047 0.037 0.047 2,900,000 121,100 0.07 0.071 0.071 0.071 0.07 0.07 2,100,000 148,210 LEPANTO A 0.071 0.072 0.071 0.071 0.071 0.071 140,000 9,940 LEPANTO B MANILA MINING A 0.004 0.0042 0.0043 0.0043 0.004 0.004 32,000,000 130,900 0.0041 0.0042 0.0042 0.0042 0.0041 0.0042 13,000,000 54,300 MANILA MINING B 0.81 0.82 0.83 0.84 0.81 0.82 467,000 382,820 MARCVENTURES 4.68 4.7 4.75 4.75 4.68 4.68 1,395,000 6,568,090 NICKEL ASIA ORNTL PENINSULA 0.66 0.67 0.65 0.67 0.65 0.66 148,000 98,520 3.1 3.14 3.11 3.12 3.1 3.1 541,000 1,680,120 PX MINING 0.004 0.0048 0.0043 0.0045 0.0043 0.0045 46,000,000 204,000 UNITED PARAGON ENEX ENERGY 4.75 4.9 5.1 5.1 4.7 4.94 26,000 124,750 0.0079 0.008 0.008 0.0081 0.008 0.008 9,000,000 72,100 ORNTL PETROL A 0.0075 0.0078 0.0078 0.0078 0.0075 0.0075 7,000,000 53,300 PHILODRILL PXP ENERGY 3.75 3.76 3.68 3.78 3.67 3.75 32,000 118,360

PREFFERED ACEN PREF B 1,073 1,080 1,072 1,080 1,072 1,080 9,420 10,169,020 2,498 2,502 2,494 2,504 2,494 2,504 25 62,400 AC PREF AR ALCO PREF C 97.05 101.9 101.9 101.9 101.9 101.9 30 3,057 495 500 495 495 495 495 80 39,600 AC PREF B2R 96.5 98 96.95 96.95 96.5 96.95 50,300 4,855,100 BRN PREF A DD PREF 94.75 95 95 95 95 95 33,510 3,183,450 955 978.5 952.5 952.5 952 952 1,080 1,028,660 GTCAP PREF B 925 950 940 940 940 940 60 56,400 JFC PREF B MWIDE PREF 2B 92.05 97.5 92 92 92 92 13,000 1,196,000 93 93.5 93.5 93.5 93.5 93.5 100 9,350 MWIDE PREF 4 101 101.5 100.2 101.5 100.2 101.5 200 20,170 MWIDE PREF 5 PCOR PREF 4C 990 1,000 990 992 990 990 755 747,460 SMC PREF 2F 72.55 72.9 72.5 72.5 72.5 72.5 750 54,375 70.8 72.55 70.65 70.65 70.65 70.65 1,000 70,650 SMC PREF 2I 70 71.95 70.05 70.25 70.05 70.05 19,080 1,336,804 SMC PREF 2J SMC PREF 2L 77.95 78 78 78 78 78 10,000 780,000 77 78.5 78.2 78.5 77 77 38,910 3,006,078.50 SMC PREF 2N 79.45 79.5 79.5 79.5 79.45 79.5 1,940 154,225.50 SMC PREF 2O TECH PREF B2D 48.7 49.3 48.5 48.5 48.5 48.5 200 9,700

PHIL. DEPOSITARY RECEIPTS

73,336,925 -22,980 -220,250 370,700 200,500 -1,651,250 19,823 31,000 133,465 40,640 21,940 -56,440 -3,492 8,890 22,000 3,360 166,740 1,729,326 12,600 -408,615 -220,968 -2,840 57,100 68,625,260.00 -647,710 1,730 -8,662,545 -6,728,385 2,412,175 913,760 515,030 661,890.00 109,830,768 -526,550.00 3,900 1,220 1,067,330 -21,060 -8,801,610 -71,500 40,959,731 1,780 -60,170 -1,945,800 32,500 -6,071,480 -3,616,935.00 409,386.50 3,393,140 4,000 6,710 -6,300 -7,027,990 -10,170 18,340 632,710 -1,267,540 31,100 -495,000 -54,375 -

ABS HLDG PDR 4.01 4.1 4 4.01 4 4.01 82,000 328,720 8.59 8.7 8.57 8.7 8.57 8.7 17,000 147,640 GMA HLDG PDR

-

TECH WARRANT

-

WARRANTS

0.199

0.235

SMALL, MEDIUM & EMERGING BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH LFM PROP MERRYMART XURPAS

0.41 0.72 0.98 0.67 1.52 0.06 1.01 0.255

0.415 0.75 1 0.7 1.6 0.065 1.02 0.26

EXHANGE TRADE FUNDS FIRST METRO ETF

108.1

108.5

0.25

0.25

0.199

0.199

240,000

56,310

0.405 0.415 0.405 0.415 1,000,000 405,600 12,450 0.73 0.75 0.73 0.75 5,000 3,670 0.98 1 0.98 1 1,484,000 1,474,310 0.69 0.7 0.69 0.7 142,000 98,440 1.53 1.53 1.52 1.52 19,000 28,910 0.065 0.065 0.065 0.065 20,000 1,300 1 1.02 1 1.02 663,000 667,280 0.26 0.26 0.248 0.255 40,000 10,230

107.7 109 107.7 108.5 40,260 4,373,301 -632,193

www.businessmirror.com.ph

Aboitiz: Easing power woes requires ‘pragmatic strategy’

A

By Lenie Lectura

@llectura

boitiz Power Corp. said over the weekend that tapping all available sources of power, whether traditional or renewable, and sufficient transmission facilities will address lingering concerns in power stability and reliability.

Company president Emmanuel Rubio said the significance of conventional energy sources ensures a consistent electricity supply in both the short and long term vis-a-vis supporting the growth ambitions of the country.

He also said thermal plants still have a crucial role in providing a reliable and stable source of electricity.

The power firm is targeting a 50:50 balance between its renewable and thermal capacities by 2030. In its website, AboitizPower said it has 20 thermal facilities.

Rubio also said there should be sufficient transmission networks to support the influx of new generation capacity, specifically variable renew-

able energy. This ensures that when it comes online, it can immediately contribute much-needed supply to the grid.

“Finishing long-overdue transmission projects will also be very welcome as it can free stranded capacity like that in Mindanao and help support thin margins elsewhere in the country.”

Other challenges that need to be addressed include global supply chain uncertainties, anticipated effects of El Niño, and the 6.6-percent increase in electricity consumption this year, which will require 600 to 700 megawatts (MW) of additional power.

While several power generating

STOCK-MARKET OUTLOOK

tion conference in Kuala Lumpur, Caballero said AboitizPower advocates for an energy transition that takes into account the financial and industrial aspects of developing nations.

“It should be a transition that prioritizes justice and equity, both on global scale and within individual countries,” he said, adding that it must take into consideration the ability of developing countries to power and aid their socio-economic development.

He noted that the Philippines, like most countries, is feeling the heat of the energy situation as power supply is disturbed and fuel prices remain volatile.

“We wrestle to find the right balance in the energy trilemma—energy security, equity and sustainability,” said Caballero, while stressing the need to always go back to this three-point scale in mapping the role of coal in the energy transition.

Achieving a just and equitable energy transition is not only a moral imperative but also vital for the success and sustainability of global decarbonization efforts, he said.

“It’s essential to ensure that no one is left behind in the pursuit of a cleaner, more sustainable energy future that benefits both current and future generations.”

plants have been put up in the last several years and renewable energy projects are in the pipeline, Rubio said there is a need to shore up the Philippines’s base load capacity that will ensure stable, reliable, and affordable power supply round-theclock.

On the need to address climate change, AboitizPower Thermal Business Group President Celso C. Caballero III underscored the need for a “pragmatic strategy” that considers the context of developing nations like the Philippines.

“COP [Conference of the Parties] 27 calls for a curb on emissions by ‘phasing down’ coal and using lowemission fuels. This more pragmatic strategy from the original ‘phase out’ solution is increasingly cognizant of the needs of developing countries,” he said in his welcome remarks before the Philippine Coal Plant Users’ Group (PCPUG) technical conference last year.

The COP 28, held in Dubai late last year, echoed the “phase down” approach with an agreement that signals the “beginning of the end” of the fossil fuel era by laying the ground for a swift, just, and equitable transition.

In a recent address made before the Enlit Asia annual power genera-

MUTUAL FUNDS

February 8, 2024

NAV

One Year Three Year

per share

Five Year

Return*

Y-T-D Return

Stock Funds

Last week

Share prices surged for the third consecutive week, with the main index reaching the 6,800-point level, on the optimism of investors that the Chinese year of the Wood Dragon will be profitable for the market.

The benchmark Philippine Stock Exchange index (PSEi) gained 142.91 points to close at 6,850.16 points.

Investors were also elated with the January inflation print of 2.8 percent, which was at the lower end of the target range of the Bangko Sentral ng Pilipinas (BSP).

“This is the lowest CPI [consumer price index] recording since October of 2020, at the height of the pandemic with the strictest mobility restrictions; this has strengthened rate cut advocates and are being reflected in trades,” broker 2TradeAsia said.

It was a four-day trading week due to the celebration of the Chinese New Year holiday that started on Friday.

Volume of trade was slightly up, posting an average value of P5.26 billion. Foreign investors, which accounted for just less than half of all the trades, were net buyers at P2.33 billion.

Most of the sub-indices were up, except for the Mining and Oil index which dropped 239.12 points to close at 8,988.38 points.

The broader All Shares index gained 57.39 to 3,574.21, the Financials index rose 26.39 to 1,964.93, the Industrial index added 148.01 to 9,190.79, the Holding Firms index went up 56.57 to 6,421.34, the Property index climbed 89.97 to 2,969.79 and the Services index surged 78.63 to 1,713.53.

For the week, gainers led losers 120 to 107 and 26 shares were unchanged.

Top gainers were Filipino Fund Inc., Cemex Holdings Philippines Inc., Central Azucarera de Tarlac Inc., Jackstones Inc., GEOGRACE Resources Philippines Inc., SPC Power Corp. and Anchor Land Holdings Inc. Top losers, meanwhile, were Concrete Aggregates Corp. A shares, Roxas Holdings Inc., LBC Express Holdings Inc., Easycall Communications Philippines Inc., AgriNurture Inc., National Reinsurance Corp. of the Philippines and Apex Mining Co. Inc.

This week

Share prices may continue its ascent this week, though there will be strong selling pressures as the main index has gone up for the third consecutive week.

Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said the favorable economic data recently seen, including the slowdown in inflation last January and the strong December labor force survey results, may help in sustaining the positive market sentiment.

“Wall Street’s rally, if sustained, may also continue to provide positive spillovers to the local bourse. Still, investors are expected to look for further catalysts that would add reasons to the optimism. Primarily, investors are expected to look forward to our fourth quarter 2023 corporate results.”

2TradeAsia said it took the PSEi nearly one year to revisit the 6,800 level.

“A run towards 7,000 in the short-term will be on the back of more active trading volumes and positive fourth quarter earnings and first half of 2024 outlook over next weeks’ earnings calls, with volatile oscillations from supply pressure,” the broker said.

“That being said, the end game is long-term growth on the back of what could possibly be the best year in terms of earnings quality since 2019.”

Immediate support for the main index is seen at 6,700 points, and resistance at 7,000 points.

Stock picks

COL Financial Group Inc. said it is partial to the stock of Semirara Mining and Power Corp. as the worst may be over for it after making adjustments.

“I would rather buy this into a pullback currently because I think it seems to be losing some momentum. But I think the opportunity is for range traders here and when I give a greeting paddle that means there’s a trading opportunity maybe it might not go back to the previous high but I think if this correct you buy it and you range trade the configuration that you will spot,” Juanis Barredo, COL’s chief technical analyst, said.

Semirara’s shares closed last week at P32.70 apiece.

Meanwhile, Barredo said he is wary of ACEN Corp., even if the stock has been on the downtrend since 2022.

“I guess I’d like to see a lot more in its trend before I can whet my appetite for it. Because I don’t know, if I pick this up now how long I’m gonna have to wait to be correct. So I’d rather be focusing on issues that I can, I can have more confidence in,” he said.

“The problem is, you know, renewables are no longer in vogue right now. I mean, even in other countries, renewables are no longer ‘in fashion’, because I guess they need a lot of funding.

And interest rates are so high,” April Lynn Tan, COL’s chief equity strategist, said.

ACEN shares was last traded at P4.38 apiece. VG Cabuag

Primarily invested in Peso securities (shares) ALFM Growth Fund, Inc. -a

2.83%

-0.1%

-3.87%

0.18%

1.5141

4.78%

5.31%

-0.87%

2.27%

2.8%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.0862

222.13

2%

0.17%

-6.01%

-1.62%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7126

0.42%

-3.04%

-5.82% n.a

First Metro Consumer Fund, Inc. -a

-2.52%

-5.8% n.a

5.23%

0.08%

-2.95%

4.94%

ATRAM Alpha Opportunity Fund, Inc. -a

0.6583

-5.67%

First Metro Save and Learn Equity Fund, Inc. -a 4.85860.46%

5.4%

0.38%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.7293-0.34%

0.26% n.a n.a

MBG Equity Investment Fund, Inc. -a

83.16

3.23%

-5.56%

-7.59% n.a

PAMI Equity Index Fund, Inc. -a 45.3874

0.47%

-0.44%

-3.13% n.a

2.61%

471.77

-0.54%

-3.14%

0.22%

5.46%

1.2381

2.01%

2.39%

-1.56% n.a

2.72%

Philequity Fund, Inc. -a

1.33%

1.07%

-2.17%

Philequity MSCI Philippine Index Fund, Inc. -a 0.9147 3.17%

0.7%

4.88%

-2.83% n.a

5.51% 5.65%

Philequity PSE Index Fund, Inc. -a

4.7653

1.28%

0.43%

-2.38%

1.89%

Philippine Stock Index Fund Corp. -a

793.05

1.21%

0.24%

-2.45%

1.9%

5.67%

Soldivo Strategic Growth Fund, Inc. -a

0.7184

2.45%

0.62%

-4.83% n.a

4.77% 0.37%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.5747

1.46%

0.16%

-3.91%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8996 0.99%

-0.04%

-2.74% n.a

United Fund, Inc. -a

1.19%

4.99%

3.2455

0.38%

-0.3%

-2.87%

5.31%

-2.15%

Philequity Dividend Yield Fund, Inc. -a

2%

1.99%

5.77%

Philam Strategic Growth Fund, Inc. -a 35.2753

4.78%

6.25% 5.71%

Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.11421.02% n.a n.a n.a

5.55%

COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 1.0232 n.a n.a n.a n.a 1.84% Philequity Alpha One Fund, Inc. -a

1.0415

Philippine Stock Index Fund Corp. -a

962.9

-6.68%

-0.76% n.a n.a

2.21%

1.17% n.a n.a n.a

5.69%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 107.81091.83% 0.68%

-2.13%

2.6%

5.76%

Primarily invested in foreign currency securities (shares) $0.7943

-12.18%

-15.53%

-4.52%

-1.22%

Sun Life Prosperity World Voyager Fund, Inc. -a

ATRAM AsiaPlus Equity Fund, Inc. -b

$1.71

13.36%

-0.62%

6.97% n.a

-3.37% 2.9%

Balanced Funds Primarily invested in Peso securities (shares) ATRAM Philippine Balanced Fund, Inc. -a 2.2629

0.83%

2.22%

ATRAM Unicapital Diversified Growth Fund, Inc. -a,41.5501

4.98%

-2.16%

-2.3%

-1.02%

2.61%

First Metro Save and Learn Balanced Fund, Inc. -a 2.5741

5.65%

-0.21%

0.06%

-0.54% -0.24%

-0.85%

-0.33%

3.1%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1969

-2.33%

0.2% n.a n.a

3.41% NCM Mutual Fund of the Phils., Inc. -a

1.9895

-0.58%

0.52%

0.67%

PAMI Horizon Fund, Inc. -a

3.6579

3.02%

-0.8%

-0.05%

1.09%

2.87%

Philam Fund, Inc. -a

16.0279

3.02%

-1.48%

-0.71%

0.76%

2.99%

1.92%

Solidaritas Fund, Inc. -a

2.0853

2.34%

0.21%

2.92%

-0.81%

1.55%

2.83%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.5146

2.16%

-0.24%

-1.84%

0.57%

Sun Life Prosperity Dynamic Fund, Inc. -a 0.9317

1.93%

-0.93% n.a

3.03%

1.74%

3.13%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.95251.24%

-2%

-1.09% n.a

1.3%

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.88170.55%

-1.93%

-2.56% n.a

4.08%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.86310.1%

-2.03%

-2.97% n.a

4.54%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03278 PAMI Asia Balanced Fund, Inc. -b $0.8819

-8.1%

-1%

-5.46%

-1.68%

0.12%

-10.08%

-1.97%

-0.77%

-3.63%

-1.29%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.3523

8.2%

-2.15%

4.11%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0392

3.15%

-4.06%

0.68% n.a

3.35%

1.41% -0.17%

Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 391.64

3.15%

1.78%

2.56%

2.33%

ATRAM Corporate Bond Fund, Inc. -a

1.9165

1.41%

0.22%

0.47%

0.12%

0.4%

Cocolife Fixed Income Fund, Inc. -a

3.3354

2.37%

1.19%

2.23%

3.74%

0.3%

Ekklesia Mutual Fund, Inc. -a 2.2829

2.95%

-0.2%

1.24%

1.54%

-0.14%

1.5%

0.05%

1.93%

1.89%

1.13%

0.28%

First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4532 Philam Bond Fund, Inc. -a

4.3099

2.81%

-2.41%

0.29%

1.22%

Philam Managed Income Fund, Inc. -a

1.3843

4%

1.52%

3.15%

1.86%

0.81%

Philequity Peso Bond Fund, Inc. -a

4.0378

2.64%

0.44%

2.42%

1.77%

0.08%

Soldivo Bond Fund, Inc. -a

2.46%

0.4%

2.92% n.a

0.21%

1.0519

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

3.3073

3.26%

1.05%

3.15%

2.36%

Sun Life Prosperity GS Fund, Inc. -a

2.54%

0.29%

2.29%

1.74%

-0.24%

1.7651

-0.17%

-0.17%

Corporate Debt Vehicle (units) ATRAM Unitized Corporate Debt Vehicle, Inc. -a,3

1.0153 n.a n.a n.a n.a

0.76%

Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $496.81

2.69%

0.81%

ALFM Euro Bond Fund, Inc. -a Є214.39

1.54%

-0.77%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.033-1.21%

1.97% 0.03%

2.53% 0.8%

0.32% 0.19%

-6.63%

-2.01%

0.06%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0248 2.48%

-2.06%

-0.16% n.a

PAMI Global Bond Fund, Inc. -b $0.85

-1.62%

-7.96%

-4.07%

-3.19%

-0.86%

Philam Dollar Bond Fund, Inc. -a

$2.293

2.49%

-3.21%

0.69%

1.84%

-1.16%

1.45%

-0.73%

1.31%

1.6%

0.41%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.758

-0.61%

-4.93%

-1.12%

0.43%

Philequity Dollar Income Fund, Inc. -a $0.0611633

-0.94% -0.4%

-2.67%

Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 137.3

2.83%

1.84%

2.47%

2.07%

0.31%

First Metro Save and Learn Money Market Fund, Inc. -a 1.1125 3.33%

1.98%

2.13% n.a

Sun Life Prosperity Peso Starter Fund, Inc. -a 1.38032.88%

2.43%

2.06%

2.06%

0.37%

0.33%

Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 105.08

4.23% n.a n.a n.a

0.48%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a

$1.1023

2.78%

1.52%

1.59% n.a

0.44%

Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 43.2579-1.85% n.a n.a n.a Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.5062

15.45%

0.34%

8.95% n.a n.a

2.52% Sun Life Prosperity World Income Fund, Inc. -a,1

1.0078 n.a n.a n.a n.a

0.81%

Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.7972-3.3% a - NAVPS as of the previous banking day.

1 - Launch date is August 22, 2023.

-6.97% n.a n.a

b - NAVPS as of two banking days ago.

2 - Launch date is October 6, 2023.

-0.69%

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.news.businessmirror@gmail.com

Banking&Finance

DBM vows full support for Mindanao projects

By Reine Juvierre S. Alberto

T

HE Department of Budget and Management (DBM) has committed its full support to the realization of mass transport infrastructure projects of the Department of Transportation (DOTr) in the Mindanao region.

Budget Secretary Amenah F. Pangandaman said that the DBM will provide assistance to ensure the implementation of the Davao Public Transport Modernization Project (DPTMP). The project has been stalled due to lack of funding.

The project costs P73.4 billion as approved by the National Economic Development Authority (Neda).

The funds will be sourced from the Asian Development Bank (ADB), the national government and the Davao City government, according to the DOTr. “The DPTMP is a game-changing project that will transform the public transport landscape here in Davao and its nearby areas,” Pangandaman said during the DOTr’s 125th founding anniversary and signing ceremony for four civil works contracts for the implementation of the DPTMP. The DPTMP will establish a modern public transport system in Davao City with a 672-kilometer bus route network serving 29 interconnected routes with 400 articulated battery electric buses and more than 500 diesel buses which will serve 800,000 passengers daily and generate around 3,000 jobs.

According to the ADB, the project will also “incorporate the Philippines’s first ever just transition program for affected people by providing a comprehensive social development program.”

The partial operation of the DPTMP will start in the fourth quarter of 2025, while its full operation is expected in 2026, the DOTR said.

President Ferdinand R. Marcos Jr., who was also present in the ceremony last February 7, has ordered the DBM and DOTr to make sure that the project will push through.

To bankroll the project, Marcos said

the government may also tap private investors instead of just relying on official development assistance (ODA).

“Civil works, for instance, can be tendered to private investors, rolling stocks can be shouldered by official development assistance, or vice versa,” the President said in his speech.

Marcos also ordered the secretaries of Transportation and Finance to work in tandem to explore financing sources for the 103-kilometer Tagum-Davao-Digos railway.

(See:https://businessmirror.com. ph/2024/02/07/pbbm-government-will-find-funds-to-finishtagum-davao-digos-railway/) “This ambitious project has been stalled by lack of funding, so let us go and hunt for the right funding engine that will pull this project to the finish line... Financing railway models can be creatively packaged in a hybrid way: with each component of the project undertaken, underwritten by different stakeholders,” the president added.

Finance Secretary Ralph G. Recto told reporters last Thursday the Department of Finance will assist them and follow the directives of the president.

“Let’s look for another source because I think it’s an important project as said by the President,” Recto said, adding that many will be interested in the project such as the World Bank.

Pangandaman, for her part, said she believes that the Mindanao Railway Project must push through.

“There is no better time to push it than now. The prioritization of this project translates to the prioritization of Mindanao,” she said, adding that Mindanao is a priority under the Marcos administration.

The Mindanao railway project will connect Davao, General Santos, Cagayan de Oro, Iligan, Cotabato, Zamboanga, Butuan, Surigao and Malaybalay in Bukidnon.

Phase 1 (Tagum-Davao-Digos) alone spans over a hundred kilometers long, with eight stations and is expected to serve 122,000 passengers daily.

BusinessMirror

Editor: Dennis D. Estopace • Monday, February 12, 2024

Bulk of ADB’s $3-B loan, grant pipeline for rail, road projects

T

By Cai U. Ordinario

@caiordinario

HE loan and grant pipeline by the Asian Development Bank (ADB) for the Philippines exceeded $3 billion for 2024 and 2025.

Data from the ADB showed that its pipeline for the Philippines amounts to $3.425 billion for this year and the next. This means these projects are scheduled for approval by the ADB Board within the 2-year period.

The amount covers seven projects; the largest ones are the Manila Metro Rail Transit Line-4 project and the Laguna Lakeshore Road Network project, which are in the 2024 and 2025 pipelines, respectively.

For this year, ADB’s Philippine pipeline amounts to $1.22 billion and this covers loans for four projects.

The loan to be extended for the Manila Metro Rail Transit Line 4 Project amounts to $1 billion. This will be sourced from the Ordinay Capital Resources (OCR) of the Manila-based multilateral development bank.

The MRT 4 will be a fully elevated railway mass-transit system to serve the eastern side of Metro Manila including the highly populated areas of the province of Rizal.

The 13.4-kilometer long railway will have 10 stations and expected to reduce traffic congestions and commute/travel times from Taytay to the Ortigas central business district (CBD) to less than half an hour from currently an hour to three hours by road.

“It will be developed as an integrated public transport system, interconnected to the existing and/ or currently implemented public mass-transit systems (i.e., MRT3 and

the Metro Manila Subway Project), with an intermodal integration of bus feeder routes and jeepney lines and will center on transit-oriented developments along the corridor,” ADB said.

Other projects that will be up for approval this year are: the City Disaster Insurance Pool (PCDIP) project, which will be financed by a $100-million worth loan from ADB; the Mindanao Irrigation Development Project, Phase I with a $62.7-million worth loan; and, the Baguio Resilient City Tourism Project, $61 million.

According to the ADB, the PCDIP will be structured as an insurance pool to provide cities with cost-effective, parametric insurance providing near-immediate payouts for post-disaster response. The ADB said this aims to narrow the funding gap between available funds and postdisaster response costs at local government unit (LGU) level in the event of medium-to-high severity events.

Meanwhile, the Mindanao Irrigation Development Project Phase I aims to increase productivity and resilience of irrigated agriculture in Mindanao.

The ADB said this will be done through the following: strengthening irrigation planning, design and management capacities; developing efficient and climate resilient irrigation systems; and, adopting climate resilient irrigated farming practices.

It aims to provide timely, sufficient and efficient agricultural water

supply is crucial to optimize the level of rice production and diversify into high value crops, improve domestic food supply and enhance resilience of the country’s agriculture system against future hazards.

The Baguio Resilient City Tourism project aims to provide residents and tourists with access to adequate and safely managed sanitation services.

The outcome of the project is to efficiently deliver sanitation services in Baguio City.

The largest project set for approval by the ADB Board next year is the Laguna Lakeshore Road Network project, which is expected to receive a $2-billion loan from the multilateral development bank.

The project aims to support efforts to address the country’s remaining poverty and reducing inequalities; make cities more livable; and accelerate progress in gender equality.

It also aims to tackle climate change, build climate and disaster resilience and enhance environmental sustainability as well as strengthen governance and institutional capacity.

Other initiatives set for a 2025 approval include the Sustainable Tourism Development project, which is being proposed to be financed by a $100.81-million loan from ADB and a grant of $500,000 from the Korean government.

The loan will be sourced from the ADB’s OCR while the grant will be from the Republic of Korea’s “e-Asia and Knowledge Partnership Fund.”

The project will support sustainable, resilient and inclusive oceanbased tourism development in the Coron and El Nido municipalities of Palawan province through the improvement of urban infrastructure needed to reduce pollution and improve oceans health and expand access to basic urban services.

It will also include marine ecosystems protection at key tourist sites by reducing tourism pressures

Perspectives Mastering a multi-cloud environment

L

EADING businesses are embracing the critical advantages of a modern multi-cloud model amid both the global pandemic’s profound impact and the pressing need to optimize data security, costs, business continuity and disaster recovery in today’s dynamic and threatladen digital economy.

The multi-cloud trend going forward is expected to quickly move beyond the current focus on initial adoption—ultimately optimizing capabilities to control rising cloud costs, enhance security and match applications to the best fit among today’s various cloud features and services. Relying on multiple cloud services provides “optionality”—a workload better-suited to the capabilities of one cloud provider is not limited by reliance on a single provider that a business is already working with.

Multiple challenges in a multi-cloud environment

AS more businesses embrace the unmistakable advantages of multi-cloud, they are facing the need to manage significant challenges that include: 1. Complexity and management.

Cloud providers have been differentiating themselves with specialized offerings designed to suit specific and evolving business requirements. While this offers significant advantages, managing multiple cloud environments among different providers also adds complexity to your IT infrastructure. Each cloud provider may have its own set of tools, Application Programming Interfaces (APIs) and management interfaces, requiring additional effort to integrate and coordinate operations across platforms. As these technologies evolve, they grow more complex–

B3

leading to increased costs, resource allocation challenges and potential security risks that cannot be ignored.

2. Interoperability and compatibility. Applications and services designed for one cloud provider may not seamlessly work across others. Porting or migrating applications between different clouds can be complex and time consuming, requiring modifications or redesigning to adapt to different infrastructure and service offerings. Poor interoperability hinders agility and your ability to leverage specific cloud features or tools. The cloud landscape is changing frequently, making it crucial that your cloud-selection strategy remains current to meet workload needs and capitalize on today’s best available services. If a specific workload needs to scale significantly and quickly, for example, how will you choose between various platforms and capabilities?

3. Security and compliance. Managing security and compliance across multiple cloud environments is far more challenging than working with a single cloud provider. The complexity of a multi-cloud architecture can increase the threat of a cyber-attack. Each cloud service and platform may have its own security controls and compliance standards to help ensure consistent security measures and regulatory adherence.

There is also the challenge of ensuring appropriate identity- and access-management mechanisms—giving employees reliable and secure access to diverse systems and processes both today and as workloads evolve amid new cloud features and services. You need appropriate workflows, controls and procedures.

Careful coordination and monitoring of

security and compliance needs is critical.

4. Rising costs. Cost management is a leading concern as businesses pursue multi-cloud’s advantages. While a multicloud strategy enhances flexibility, it can quickly drive-up costs. Services and capabilities can overlap across multiple cloud providers. There is also the challenge of data transfer and egress fees that can mount when shifting data between clouds. Businesses may need to dedicate valuable time and effort to negotiate and establish favorable pricing agreements among multiple service providers and diverse pricing models.

5. Technical expertise. Utilizing multiple cloud platforms requires specialized skills and expertise if you hope to effectively manage each cloud provider’s unique features and ecosystem. The demand today for diverse skillsets can pose significant challenges regarding the recruitment and training of qualified professionals, plus the need to retain these experts as businesses compete for talent and new skills in the digital economy. But new skills are now indispensable to success.

While there are challenges and key considerations in implementing a multicloud environment, businesses in the Philippines continue to invest in enhancing their cloud storage and computing systems to improve their capabilities, recognizing the advantages it brings.

“Transitioning to a multi-cloud environment comes with its challenges, but with proper implementation and unified governance, a secure and resilient multicloud framework can be implemented,” said KPMG in the Philippines Technology Consulting Head Jallain Marcel S. Manrique.

KPMG multi-cloud framework KPMG professionals are working to make a difference for clients with a multi-cloud framework designed to provide smart and informed management of financial, technical and security requirements and operations-governance capabilities. n This approach is designed to provide clients with the advantages of a multi-cloud model covering all phases– from strategy and on-boarding to ongoing operations. n It aims to identify key technical activities in your cloud setup, on-boarding and application migration. n It provides a detailed checklist developed for each stage to help verify that controls are precisely executed as needed.

A multi-cloud model is inevitable for most organizations and KPMG specialists are helping clients transition to this operating model in a secure, compliant, costeffective manner. The framework and methodologies are developed and tested through work with major global enterprises and aligns with common regulatory frameworks and guidelines.

The excerpt was taken from the KPMG Thought Leadership publication: https://kpmg.com/xx/en/home/insights/2023/10/mastering-a-multi-cloud-environment.html. © 2024 R.G. Manabat & Co., a Philippine partnership, is a member firm of a global organization of independent member firms affiliated with KPMG Int’l Ltd. All rights reserved.

E-mail ph-kpmgmla@kpmg.com or visit www.home. kpmg/ph. This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity. The views and opinions expressed herein are those of the author and do not necessarily represent the BusinessMirror, KPMG International or KPMG in the Philippines.

and promotion of alternative livelihoods to address overexploitation of marine resources.

The project will also support for tourism micro-small-and-medium enterprise (MSME) recovery through productivity upgrading support and skills training for tourism-sector workers, with a focus on digital technologies.

The other project set for approval next year is the Mindanao Agro-Enterprise Development Project which is being proposed to be financed by a $100-million loan from ADB’s OCR. The project aims to enhance agricultural diversification and food value chain development in Mindanao through the promotion of private investments in agro-industry; improvements in agricultural logistics and services; and enhancement of product quality and competitiveness.

Earlier, the ADB said it could lend as much as $20 billion to the Philippines in the next five years once its new Country Partnership Strategy (CPS) is completed next year.

ADB Philippine Country Director Pavit Ramachandran recently told reporters the projected annual lending of the bank to the country is $3.5 to $4 billion annually. This is the program lending for 2023 and 2024 which could be the same amount for the next CPS. Ramachandran said the majority of this lending at 70 percent will be dedicated to large project investments while the remaining 30 percent is for budget support. He said the CPS of ADB with the Philippine government is being drafted and may be completed in the second semester of 2024.

For the new CPS, Ramachandran said it will mainly follow the previous CPS but will have a greater focus on climate change-related efforts. These efforts will include financing urban mobility, flood resilience, connectivity and river basin projects.

8 out of 10 Pinoys face inflationary pressure–survey

By Roderick Abad @rodrik_28 Contributor

F

ILIPINOS are still grappling with inflationary pressures despite government statistics showing inflation easing up, a poll by technology firm InVenture Capital Corp. (DBA “Tala”) revealed.

“As the cost of living continues to rise, it is evident that inflation is placing a heavy burden on Filipinos. Our survey findings highlight that inflation continues to affect Filipinos’ ability to afford basic necessities such as food, rent, and utilities,” Tala Global Customer Experience Operations Senior Director Iona Iñigo-Mayo said.

Tala’s poll revealed that 45 percent of respondents reported experiencing a 10-percent to 20-percent increase in utility costs, while 42 percent having noted a 10-percent hike in utility bills. Overall living expenses went up to 84 percent, with 59 percent citing it as their top financial challenge in the past six months, the poll revealed.

Likewise, unexpected medical costs (44 percent) and seasonal expenditures like education (32 percent) add to their burden.

With more than one-third (38 percent) seeing their expenses outpacing their income, Filipinos are forced to make tough choices, according to Tala.

An astounding 89 percent have had to cut back on other expenses just to reach basic necessities, with food and groceries suffering the most (87 percent). To cope up with the situation, 58 percent have taken on an extra work or a part-time job, the poll revealed.

Amid their difficulties, a sense of optimism among 72 percent of the participants as the survey said they feel armed with the tools and resources to manage their finances.

Explainer BusinessMirror

B4 Monday, February 12, 2024

www.businessmirror.com.ph

Conflict in the Middle East is affecting a key energy lifeline for Europe. How big is the risk?

The tanker Maria Energy, left, loaded with liquefied natural gas, is moored at the floating terminal Hoegh Esperanza, in Wilhelmshaven, Germany, January 3, 2023. Sina Schuldt/dpa via AP, file

By David Mchugh & Matthew Daly

M

issiles and drones are flying in the Red Sea, disrupting one of the world's key trade arteries and a chokepoint for energy shipments headed for Europe.

WHAT IS GOING ON WITH RED SEA SHIPPING?

The Iranian-backed Houthis have been firing drones and missiles at ships that pass by territory they control near the narrow Bab alMandab Strait at the southern end of the Red Sea. The Houthis say they are striking Israel-bound ships to support the Hamas militant group in its war with Israel, although other ships have been targeted as well.

In response, the US and the UK have been attacking Houthi launch sites in Yemen since mid-January.

Security concerns have led shipping and some energy companies to reroute vessels around the southern tip of Africa instead of through the Suez Canal at the northern end of the Red Sea. That is lengthening the journey to Europe from suppliers in the Middle East, like Qatar, by a week or more and raising costs.

HOW IMPORTANT IS U.S. GAS TO EUROPE?

Around 70 percent of LNG shipments from Qatar that were headed for Italy’s major terminal on the Adriatic Sea were canceled in January. Last year, Qatar supplied 40 percent of Italy’s LNG.

WHAT IS LNG AND WHY IS IT IMPORTANT?

Cooling natural gas to minus 162° C (minus 260° F) changes it into a liquid and reduces its volume by 600 times so it can be stored and shipped aboard specially designed vessels.

Upon arrival, it’s reheated into gas and transported by pipeline to distribution companies, industrial consumers and power plants.

Europe relied for decades on gas transported through pipelines from Russia. That came to an abrupt end after Russia invaded Ukraine and cut off most of its supply. LNG became a lifeline, with the German government, for example, hastily lining up floating import terminals on its northern coast.

Last year, 12.9 percent of Europe's LNG went through the Red Sea from suppliers in the Middle East, mainly Qatar. That means “an extended shut-in of the Red Sea route from the Middle East poses a supply risk to Europe,” said Kaushal Ramesh, vice president at Rystad Energy.

WHAT’S THE IMPACT ON SUPPLIES AND PRICES?

So far, there’s been little to no impact on natural gas prices. In fact, spot prices for natural gas have fallen since the Houthi attacks began, from around 45 euros ($48.38) per megawatt hour before the start of the Israel-Hamas war to 28.37 euros Tuesday.

Europe is getting a break because demand for natural gas is weak amid a sluggish economy.

Slow growth in China also has reduced competition. And LNG shipments from the US don’t have to go through the Red Sea. Meanwhile, pipeline gas is still flowing from Norway and Azerbaijan, and Europe is buying some LNG from Russia despite sanctions.

A key factor has been Europe’s efforts to fill underground storage with gas ahead of winter: Storage is over 70 percent full with most of the heating season over.

That means “the price impact will be delayed until Europe's gas storage has been drawn down sufficiently,” Rystad’s Ramesh said.

Things were different in 2022 when the war in Ukraine began.

Russia's cutoff sent gas prices rising sharply, surging inflation to record highs and helping drive a cost-of-living crisis. European governments and companies raced to secure alternatives.

But now, Europe’s gas market is “well supplied,” said Simone Tagliapietra, an energy analyst at the Bruegel think tank in Brussels.

Abundant storage means “a very good buffer” against any interruptions or delays in gas shipments.

WHAT COULD GO WRONG?

There are fears the Israel-Hamas war could spread to other countries

Valeriy Kaplun | Dreamstime.com

Attacks by Yemen’s Houthi rebels over Israel’s war with Hamas are posing a new threat to the future of energy supplies to the 27- countr y Europea n Union, which relies on imported natural gas to power factories, generate electricity and heat homes.

Tankers car r y ing liquefied natural gas—which is supercooled to travel by ship instead of pipeline—routinely pass through the Red Sea, and several shipments to Italy already have been canceled.

It’s causing anxiety, especially as Europe still is grappling with the fallout from an energy crisis after Russia largely cut off natural gas to the continent over the invasion of Ukraine.

Here are key things to know about the threat to Europe’s energy supplies from conflict in the Middle East:

war. But the invasion of Ukraine has shown that in the unsettled state of the world, unexpected things can happen.

“There is always a ‘but,’” Tagliapietra said. “The risk is an escalation that affects the Strait of Hormuz.”

A tugboat helps guide a French ship, the LNG Endeavor, near Hackberry, La., on March 31, 2022. The ship was on its way to the Cameron LNG export facility to pick up liquified natural gas. AP/Martha Irvine

The Associated Press

in the region, particularly Iran, and lead to disruption of shipping through the Strait of Hormuz at the end of the Persian Gulf.

That’s a key route not just for LNG but for oil, too. So far, Iran and the US, Israel’s key ally, have indicated they want to avoid a wider

US gas exports rose sharply after Russia invaded Ukraine in February 2022, and the Biden administration has celebrated deliveries to Europe and Asia as a key geopolitical weapon against Russian President Vladimir Putin.

Since then, President Joe Biden has paused approving new proposals for LNG export terminals.

The pause would allow officials to study the impact of LNG projects on climate change, the U.S economy and national security, Energy Secretary Jennifer Granholm said. The action would not affect five terminals that are already approved and under construction, she said.

Industry association Eurogas called Biden’s action “alarming” and said US gas imports are “set to play a crucial role for European energy security” in case of possible shortfalls.

Analyst Tagliapeitra said, however, that with plenty of new export capacity already approved, Biden's decision would have “no short-term or even medium-term impact on Europe.”

U.S. LNG capacity has doubled since exports began in earnest less than a decade ago, and it's set to double again under alreadyapproved projects.

The wisdom of investing more money in fossil fuel infrastructure is also being debated in Europe, which aims to cut greenhouse gas emissions by 55 percent compared to 1990 levels by 2030.

Europe’s gas demand is expected to fall 8 percent over 2022-2026 as renewable energy like solar and wind power is scaled up.

“Expanding LNG infrastructure in the USA and in the EU is a high economic risk that will very likely end up as stranded assets,” said Claudia Kemfert, an economic expert at the German Institute of Economic Research and professor at Leuphana University.

Style

BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos • Monday, February 12, 2024

B5

Kristine Hermosa-Sotto: Beauty is more than SKJN deep KRISTINE HERMOSA-SOTTO

W

COS launches unisex Valentine jewellery capsule GLOBAL brand COS introduces a stackable Valentine jewellery collection inspired by the tactile relationship between an object and the wearer. The carefully curated capsule masters the art of stacking through versatile unisex styles including eclectic rings, earrings, bracelets and charms, which combine semi-precious stones and recycled materials.

Presenting modern styling signatures that transcend seasons, each intricately crafted piece is designed to mark special occasions, honor cherished relationships, and embrace self-love. Championing individuality, a varied size range encourages considered yet experimental mix-andmatch styling, adding impact and injecting personality into wardrobe staples.

Reflecting the brand’s commitment to time-honored design and meticulous material selection, each piece is crafted in recycled brass and plated in silver or gold.

Embellished with striking cut glass and semi-precious stones, an emphasis on surface texture and intricate detailing creates a bold yet relaxed look. Statement rings are complemented by several elegantly understated styles in organic silhouettes and sculpted irregular shapes – an easygoing approach ensures an effortlessly impactful stack that completes any look.

The COS store can be found at SM Aura Premier.

DOUBLING DOWN ON HYDRATION BELOVED since the ‘70s, The Body Shop’s Vitamin E range is renowned for its seriously hydrating prowess. The new and improved formulation is now enriched with naturalorigin hyaluronic acid, able to carry 1000x its weight in water, delivering a boost of hydration for all skin types.

Not only is the product good for you, but they are also great for the planet. The products come in more recyclable packaging, made using aluminum, recycled glass and recycled plastic.

With this, The Body Shop is proud to introduce the newest addition to the range: Vitamin E Bi-Phase Moisture Serum.

“This unique Bi-Phase Serum is an exciting innovation that uses powerful natural-origin ingredients to help deliver happy, hydrated and healthy-looking skin day and night,” says Laura Keane, The Body Shop’s Global Director of Product Development.

The new addition to the range works across two phases to deliver serious results, hydrating skin to up to 30 hours.

1. The serum is powered by natural-origin hyaluronic acid, providing intense hydration.

2. The oil phase is powered by Vitamin E and raspberry seed oil, leaving skin looking plump with moisture all day long.

The Body Shop’s Vitamin E Bi-Phase Moisture Serum is available at Body Shop stores and online at www. thebodyshop.com.ph.

HELP deliver happy, hydrated, healthy-looking skin day and night with The Body Shop’s new Vitamin E Bi-Phase Moisture Serum.

HEN one of the Philippines’ most beautiful faces talks about her skincare routine, everybody takes notes.

The actress Kristine Hermosa, a-still breath-taking mother of five, shared some of her beauty secrets to a jam-packed crowd at the SM Megamall Megatrade Halls 1-3, during the third day of the “Watsons Health Expo 2024,” which ran from February 1 to 4.

Touted as the “Biggest Health and Wellness Expo in the Country,” the event held engaging activities such as raffle draws, talks with health and wellness experts, and appearances by celebrity ambassadors and endorsers.

It reinforces Watsons’ status as a leading health and beauty brand with 1000+ stores in the Philippines serving more than 100,000 customers per day.

The captivating Kristine was last seen on the small screen in ABS-CBN’s Bagani in 2018, and on the big screen in Meant To Beh in 2017. She is happily married to actor Oyo Boy Sotto, and mom to Kristian Daniel, Ondrea Bliss, Kaleb Hanns, Marvic Valentin and Vittorio Isaac.

Even if she has taken a break from acting, Kristine keeps a strong presence in social media. She has 2.2 million followers on Instagram, most of whom are eager to know how she maintains her preternatural prettiness.

At the “Watsons Health Expo 2024,” the former teleserye queen crowed about her use of the TikTokfamous brand SKJN Collagen, with the segment facilitated by the winsome Miss Universe 2020 Fourth Runner-up Billie Hakenson.

Kristine was particularly excited that her favorite skincare brand is finally available at Watsons. SKJN Collagen, incidentally, is all the rage in Japan.

For me, when you say Japan, it is quality. They may be a little bit more expensive than other products, but you can be sure of the quality. And that is what I experienced with SKJN Collagen, which is 100 percent Japanese collagen - the purest type of collagen,” explained Kristine.

She started using SKJN Collagen Microtablets in February of 2023 to prepare for her Valentine date with her husband.

“From my experience, it’s true that SKJN Collagen gives me a healthy-looking glow. I thought my skin was OK before. But when I used it, I realized that there is something to make my skin more beautiful and healthy,” she says.

“When I researched [about the product, I learned that] it’s because SKJN Collagen is pure Japanese hydrolyzed collagen. That means, your skin can really absorb the collagen to make the skin more elastic and glowing,” she adds.

The nails, purportedly, also get stronger because of collagen.

“Aside from the nails, what I also noticed is that my hair also became stronger after. My nails are no longer chipping, and also there’s less hair fall after taking SKJN Collagen,” Kristine shares.

How many SKJN Collagen Microtablets does she take per day?

“I take five. By the way, that’s what I love about

SKJN Collagen Microtablets. Before ko sila na-discover, I was taking six super big and hard-to- swallow tablets,” Kristine shared. “Now, I just have to take at least four microtablets which are small and easy to swallow. I usually take them before I sleep kasi best taken ang collagen with an empty stomach.”

For more information, follow @watsonsph on Instagram, like @WatsonsPH on Facebook, and follow @watsonsphilippines on TikTok.

Here’s how to smell good when you’re at an outdoor concert

STADIUM concerts are slowly becoming more and more common, even here in the Philippines where there are probably less than 10 legit stadiums.

During the recent Enhypen concert in New Clark City, it was very apparent that global warming is indeed upon us. The heat was unbearable but the need to stay fresh-smelling was strong. It’s understandable that many people already smelled gnarly. That’s most probably because they didn’t prepare properly.

Of course, it’s understandable for people to smell funky during outdoor events but with the right tools and scents, it can be prevented or minimized.

So, how do you still smell good even when you’ve been sweating all day?

Wash your underarms with Betadine Skin Cleanser and let the lather stay for at least one minute before rinsing. This can eliminate offensive odor and also works for the feet and body. By the way, it also helps with bacne and even facial acne. To use, put two drops on your palm, add some water, and lather before applying on your underarms.

Shower with soap and follow with a body wash for best results. Soap will wash away dirt and grime while body wash will hydrate and moisturize.

When showering before attending an outdoor concert, take your time.

Make sure to spritz with a deodorant on your underarms. If you are a sweaty person, an antiperspirant will provide extra help. Fresh Formula Sgt. At Arms Lightening Deo Spray has powerful active ingredients to keep your underarms smooth and dry all day. It has a quick-drying formula and is paraben-, fragrance-, and cruelty-free.

If you’re going to use lotion and perfume, it’s better to layer with the same fragrance. Stick to light fruity florals or green scents if you know you’ll be in hot weather. Byredo Loves has notes of Bergamot, African marigold, Bucchu, Violet, Cyclamen, Vetiver, and Moroccan cedarwood, which make it perfect for our weather. Another scent I like is Lush Dirty, which is technically a body spray. I love it because it makes you smell like you’ve just gotten out of the shower. I transfer a small amount to a bottle and I use that to retouch my fragrance during the concert.

I don’t have much experience with cooling powders, wipes, and mists except for the Snake Brand Prickly Heat Original Cooling Mist which I used in New Clark City. This provides an instant cooling effect that helps reduce body temperature.

The smell, of course, is menthol, which can clash with your fragrance but when it’s very hot, nobody really cares anymore as long as your scent is pleasant. The product description says you can spray it on your face, which I have never done, but it’s very refreshing when sprayed on the body. The ingredients include Menthol Camphor, Fragrance, Sodium Palmate, Sodium Palm Kernelate, Fragrance, and Aqua.

I believe that drinking a lot of water helps dilute

scents of food and drinks, like coffee, onion and garlic so drink at least six glasses a day, if you can.

Carry a a small toothbrush kit, gum or nonalcoholic mouthwash in your bag to freshen your breath.

Don’t go sock-less. The reaction between your shoe’s material and your bare feet can create an unpleasant smell.

I read somewhere that roller ball fragrances can be used (as a retouch) on the armpits to keep them smelling fresh and not onion-like.

LUSH Dirty Body Spray has Spearmint, Grounding Sandalwood and Herbal Essential Oils to help you smell clean and fresh all day. IMAGE COURTESY OF LUSH

B6

Monday, February 12, 2024

www.businessmirror.com.ph

INLIFE OFFERS DOLLAR SECURE 7 WITH GUARANTEED ANNUAL CASH PAYOUTS

I

NSU L A R L i fe ( I n L i fe) re ce nt ly launched a limited-time, guaranteed issue US Dollar-denominated life insurance plan with guaranteed annual cash payouts called Dollar Secure 7.

Dollar Secure 7 is a seven-year guaranteed issue offer life insurance plan that provides annual cash payouts of up to four percent of paid premiums beginning on the first policy year. Aside from guaranteed cash payouts, clients enjoy life insurance coverage until the policy matures in the 7th year upon which all

premiums paid will be returned regardless of market conditions.

“The pandemic and recent geopolitical conflicts caused many to become riskaverse and uncomfortable with the volatile markets. We also noticed that many of our customers prefer products that have the following features: life insurance coverage, regular guaranteed cash payouts, a return of the premiums they paid, and guaranteed policy issuance. Knowing these, we decided to offer a US Dollar-denominated plan with those features. Aside from our

conservative customers, Dollar Secure 7 is suitable for our clients who may want to de-risk their US Dollar-denominated portfolios into a plan with capital protection to provide for their long-term financial goals,” said Gae L. Martinez, InLife’s Chief Marketing Officer.

Dollar Secure 7 is available for a limited time only. Interested parties are advised to get in touch with an InLife Financial Advisor to know more about this offer and follow InLife’s Facebook Page for product updates, events, and promotions.

Enchanted Kingdom shares magic, love and prosperity this February TEAM ENERGY, CEBU MITSUMI CLOSE POWER SUPPLY AGREEMENT TeaM (Philippines) Energy Corporation (TPEC), a subsidiary of TeaM Energy Corporation, recently closed a retail power supply agreement with manufacturing firm Cebu Mitsumi Inc. (CMI). Shown in photo during the contract signing in CMI’s Cebu offices are representatives of both firms led by Tristan Taghoy, President, TPEC (3rd from left) and Tatsuya Mori, President, CMI (3rd from right). The power supply agreement will help power CMI’s manufacturing plants in Cebu, enabling it to utilize 100 percent renewable energy in both of its facilities in the province. CMI manufactures mechanical and electronic devices and components such as micro actuators, cameras, connectors, and semiconductors. Under the agreement, TPEC will provide an equivalent International Renewable Energy Certificate (I-REC) from a renewable energy plant to match every megawatt-hour consumption of CMI for the duration of the whole supply period. Also in photo are, from left, Raisa Tan, Manager for Marketing, TPEC; Reggie Tarrosa, Senior Manager for Capacity Sourcing, TPEC; Loribel Reyes, Associate for Marketing, TPEC; Karen Mateo, Senior Analyst for Marketing, TPEC; and Caesar Augusto, Vice President/Director, CMI.

BingoPlus Grooves to the Drumbeats of Iloilo Dinagyang Festival 2024

B

INGOPLUS, your comprehensive entertainment and amusement platform and the first online Bingo app in the country, celebrated beauty and festivity in Iloilo as the city transformed into the celebratory spirit of the annual Dinagyang Festival 2024.

The Dinagyang Festival is an awe-inspiring showcase of Iloilo City’s rich cultural heritage and devotion to the Sto. Niño (the Holy Child Jesus). Renowned worldwide for its captivating activities, merrymaking, performances, and dancing, Dinagyang stands as one of the popular festivals in the country.

As a co-presenter, BingoPlus ensured a funfilled and truly entertaining Dinagyang Festival, celebrating the beauty and culture shared by everyone. The festive season commenced with the Miss Iloilo Coronation Night on January 13 at Western Visayas State University, where Alexie

Mae Brooks was awarded Miss Iloilo BingoPlus 2024, taking home a cash prize of P50,000.

Being the Creative City of Gastronomy, the brand organized the Dinagyang Food Festival, enjoyed by thousands of festival goers in Downtown Iloilo that started on January 25.

This showcased the historically rich and diverse food of Iloilo. On January 26, the city culminated the talents, creativity, and craftsmanship of the locals by opening its streets for the Dinagyang ILOmination Streetdance Competition and Floats Parade of Lights. To ensure the enjoyment of this event, BingoPlus awarded P20,000 to Tribu Sidlangan for winning Best in Costume.

The brand also marched through the festive roads with the BingoPlus Illuminating Float, accompanied by the Miss Iloilo Queens.

Furthermore, the brand is committed to making the festival truly entertaining, creating

a memorable experience for everyone. As the leading entertainment platform in the country, BingoPlus engaged in festival competitions from January 27 to 28, such as the Festive Parade Sponsors’ Mardi Gras, Kasadyahan sa Kabanwahanan, and the Dinagyang Tribes Competition. The brand awarded Tribu Silak with the Best in Choreography, providing a cash prize of P20,000 for the tribe competition, adding hype and entertainment to the festival.

All events were enjoyed alongside the activities and prizes brought by BingoPlus and GamePlus in Valeria Street. The brand set up booths until January 28 with games and activities like color game, photo booth, and the 3x3 Bingo Rush. To add more fun and entertainment, the brand organized a two-day variety show in the street, featuring dance and singing competitions and performances from local and mainstream artists and influencers like Tony Labrusca, G22, KD Estrada, Neil Coleta, Jairius Aquino, and more. BingoPlus also distributed a total of P180,000 in prizes for all activities in the street, making the activities more fun. All of this was enjoyed with the distribution of premium festive merchandise throughout the Dinagyang Festival.

Our increasing involvement in local festivals marks a steadfast commitment to enrich local cultures and traditions celebrated generation after generation. Through our unwavering dedication, BingoPlus ensures that such gatherings are enjoyed anytime and anywhere.

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, with its newest product, GamePlus. For more updates, visit www.bingoplus.com and www.arenaplus.net or download the apps now via the App Store and Google Play.

E

NCHANTED Kingdom, the first and only world class theme park in the Philippines, announces its Chinese New Year and Valentine’s offerings for the month of February.

EK welcomes back “Enchanting Dinner in the Sky” featuring a Japanese themed dinner for couples and groups while riding the Wheel of Fate. Enjoy magical views, bring home photo souvenirs and red string bracelets as you create your enchanted story with us. The Enchanting Dinner in the Sky also includes regular day pass tickets and will run on all weekends of February and on Valentine’s Day. In celebration of the Year of the Dragon, EK brings their EnChinese New Year Promo.Family and friends will feel the magic of prosperity as they savor an EKsclusive Chinese lauriat set meal good for four persons, inclusive of four regular day pass tickets until February 29, 2024. Book this promo

now through the EK Online Store.

Meanwhile, Asia’s Got Talent Grand Finalist Power Duo headlined EK’s Chinese New Year Celebration on February 10. They were joined by IOX Dancers and EK’s very own Victoria’s Way and Kingsmen. Park guests witnessed the traditional Chinese Dragon and Lion Dance around the park to welcome the year of the dragon.

Lastly, EK celebrates Hug-A-Palooza, now in its sixth year, as a celebration of the season of love filled with warm hugs shared among family, loved ones, and friends. Sparkle GMA Artist Ken Chan will serenade park goers on Saturday, February 17.

For more information about these events and promos, visit https://www.enchantedkingdom. ph/ and EK’s official social media accounts @ enchantedkingdom.ph for Facebook and Tiktok, and @ek_philippines for Twitter and Instagram.

GIGIL Agency claims Agora’s first-ever ‘Marketing Agency of the Year’ award

G

IGIL Philippines was named “Marketing Agency of the Year” during the 42nd Agora Awards held recently at ShangriLa, The Fort. The creative agency is the firstever winner of this newly created category, underscoring its success in crafting innovative, strategic, and effective marketing ideas.

For the Philippine Marketing Association, the organizer of the Agora Awards, “GIGIL was lauded for outstanding achievements and remarkable performance which have earned the agency a well-deserved place among the country’s marketing enterprise leaders.

T he judging panel, composed of past Agora Awards recipients, was deeply impressed by the strength of GIGIL’s case, which highlighted the agency’s significant contributions to the marketing landscape.

T his success ref lects the positive impact the agency has made on the marketing community as a whole.”

“GIGIL’s goal is to make our clients’ products sell. And the way we’ve done that is to think of interesting marketing ideas. We thank the Agora Awards and the Philippine Marketing Association for recognizing our work,” GIGIL Managing Partner Jake Yrastorza said.

GIGIL Philippines was recently declared as Campaign Brief Asia’s Agency of the Year in the Philippines for 2023 and had been selected by Ad Age as International Small

GIGIL Managing Partner Jake Yrastorza (center) accepts the Marketing Agency of the Year Award during the 42nd Agora Awards at Shangri-La, The Fort.

Agency of the Year in 2021. It also won at the APAC Effie Awards in 2020, 2021, 2022, and 2023 for its skill in crafting campaigns that build client’s business.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, February 12, 2024 B7

www. FREEPIK.COM

Bite-sized ways to a better year

proach to your work.”

3. Respect your personal time.Give your personal time

some thought,” says Isip. “You are worthy of taking time for yourself. Practice respecting your personal time during the year; you’ll learn a lot about yourself.”

4. Use a recently purchased tool. Businesses thrive on tools,

I

Part Two

N last week’s column, we discussed how New Year’s resolutions don’t need sweeping changes for ourselves and for our business.

Rachelle Isip, Productivity Consultant and Time Management Coach, The Order Expert showed us how we can make a difference in bite-sized ways.

“You’ve got countless opportunities for improvement every single day,” she says in an article in Inc.com. “Compounded over the course of a week, month, and year, these seemingly insignificant activities can quickly add up value.”

The challenge is to “allow yourself to value and accept these small actions as tangible and positive steps forward.”

Last week, we shared the first 12 of her 24 Thought-Provoking New Year’s Resolutions to Make in Your Business in 2024. These included writing better emails, meditating and praying daily, starting and ending meetings on time, writing handwritten thank

you notes, and writing a job description of yourself.

With Chinese New Year coming up, we share with you the next 12.

1. Set deadlines for decision making. As PR pros, we are all

bound by deadlines- when we submit stories, report to top management, or simply finish a paper. We are also bound by decisions we have to make every day. Let’s merge the two by creating decision making deadlines.

“Set a deadline for yourself in a day, week, or month,” says Isip.

“When the deadline passes, take the next steps forward in your business as you have planned.

2. Improve a specific soft skill. Time management, energy

management, meeting management, and interpersonal communication are some soft skills we can upgrade. Hire a coach, read books, listen to podcasts, or sign up for a course. “Do whatever you can to improve,” says Isip, “and you’ll see changes in your business and overall ap-

apps, and programs. But these don’t mean anything if they are left on the shelf. You’ll be amazed how these can make a difference when put in use.

5.Write a top-lessons-learned list from 2023. Want to make

a fabulous head start in your business in 2024? Isip suggests that we take a moment to think about what happened in the past year. What lessons did you learn working on a project, dealing with clients, talking with investors, or managing your personal schedule? “Use your learnings to help you begin the new year with solid footing,” she says.

6. Address something you’ve been actively avoiding. There

are things that we tend to put off and off. That’s why Isip says this tip is not those for the faint of heart. “Whether it’s arranging a meeting, sending an email, having a tool repaired or putting in a purchase request, take care of the item right now,” she says. “Repeat as necessary.” You’ll be amazed how liberating this will be.

7. Give yourself the best version of yourself. Think of areas

in your work and personal life

that need a tune-up.

Could you use more sleep at night? Drink more water during the day? Take adequate meal breaks? Incorporate physical movement into your day?

“Choose one item for the next two weeks,” suggests Isip. “Add another item after the first two weeks have passed.” Then you can work closer to being a better/best version of yourself.

8. Let go of doing everything in one day. Avoid cramming ev-

erything in a single day. While your work still has to be done, “when you feel the fear or the guilt of not finishing everything, you’ll find there is more room for expansion, thought, and experimentation,” says Isip.

Don’t turn yourself into a pressure cooker. Create a daily work plan for urgent and important tasks and take action.

9. Be thoughtful about basic needs. Get back to basics as

“there are some simple ways to solve problems right here, right now.” This could be boosting your marketing efforts to get new customers, updating a website, streamlining your operations, or creating welcome kits for new clients. Little things do mean a lot.

10. Unplug your devices.

“Digital devices allow us to work from anywhere, but they are no match, nor are they a replacement, from analog working, and thinking,” says Isip. “Make a conscious daily effort to unplug your digital devices. You can set aside time throughout

your day to be offline for pockets of time. You can also create a ritual for yourself to unplug in the evening so you can relax and unwind.”

11. Think bigger. Sometimes taking a few steps forward can help you see the bigger picture and open your mind to what’s possible. That will allow you to think bigger. “See how much bigger you can make those thoughts and ideas,” says Isip. “You may pleasantly surprise yourself!”

12. Show some integrity.

It takes courage, but actions speak louder than words.

That’s why Isip suggests that we “start showing integrity throughout the day...Pay attention to your actions and recognize when things go wrong.

Keep your word, Apologize when you’ve made a mistake.

Communicate clearly and intently with others. And bring closure to a situation, your actions won’t go unnoticed.”

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world. Millie Dizon, the Senior Vice President for Marketing and Communications of SM, is the former local chairman.

We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.

Sports BusinessMirror

B8 | M

onday, February 12, 2024 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Angels send strong message with Champions League title

T

ALK about efficiency and Petro Gazz got many as the Angels crowned themselves the Philippine National Volleyball Federation (PNVF) Champions League queens of 2024.

But they’re just starting to get energized.

“I do believe that we’re a force to be reckoned with moving forward,” said Brooke Van Sickle after her team’s 25-19, 27-25, 25-22 final victory over Cignal HD on Saturday night at the Rizal Memorial Coliseum.

“We’re slowly proving ourselves and we’re building confidence slowly as each day goes by,” said the 25-year-old Filipino-American who immediately made her mark in her first tournament before Filipino fans by spiking her way to the Most Valuable Player award in the Champions League.

“We’re building that team chemistry and everything,” added Van Sickle—a former Big West Conference MVP in the US NCAA— who was also the Best Open Hitter in the tournament supported by PLDT, Ayala Land, Nuvali, Cignal, One Sports, One Sports+, Mikasa, Senoh, Foton, Philippine Olympic Committee and the Philippine Sports Commission.

Japanese Koji Tsuzurabara also sent a statement in his Philippine coaching debut.

“We’re the challengers and my players gave me their best performance,” said Tsuzurabara, whose

Angels could only settle for the bronze medal in the 2021 Champions League.

Before Cignal, Petro Gazz whipped Chery Tiggo in the semifinals also in straight sets, 25-21, 25-19, 25-14, to get back against both teams who beat the Angels in the prelinaries.

Jonah Sabete (Second Best Open Hitter) and Remy Palma (Second Best Middle Blocker) were also instrumental for Petro Gazz in winning the first event of the year of the PNVF headed by president Ramon “Tats” Suzara.

“There’s still more to come from what we’re working up. We’ve kind of touched the surface, but there’s a lot of cool things that Coach Koji wants to improve that we’re going to still work on.”

Winning individual awards were Aby Maraño (First Middle Blocker) of bronze medalist Chery Tiggo and Gayle Pascual (Best Opposite Spiker) of semifinalist College of Saint Benilde as well as Gel Cayuna (Best Setter) and Dawn Macandili-Catindig (Best Libero) of Cignal.

Saint Benilde, meanwhile, again earned the Fair Play Green Card Award—a system that rewards players or teams who admit to a fault that would forego a potential request for a video challenge— which they got in winning the Champions Cup last November.

Petro Gazz also earned the champion’s prize of P100,000, Cignal HD P70,000 and Chery Tiggo P50,000.

THE Petro Gazz Angels with their Japanese coach Koji Tsuzurabara and Philippine National Volleyball Federation president Ramon “Tats” Suzara. NONIE REYES

Elvis or Super Bowl fan?

A fan has his photo taken with an Elvis impersonator in front of a Super Bowl 58 sign at Caesars Palace in Las Vegas.

The Kansas City Chiefs will play the San Francisco 49ers Sunday. AP

Parisians mull skipping town during Olympics

By John Leicester The Associated Press

P

ARIS—Before the Paris Olympics open and upend the French capital’s usual rhythms, retiree Pierre Schapira plans to hire a car and quit town.

But with the intense Olympic security measures and traffic disruptions they’ll cause, will that even be doable? For his answer, Schapira went straight to the top— popping the question this week to chief of police Laurent Nunez himself.

As he’s already done at other town hall meetings, did so again at this one, and will do at more to come, Nunez ever-so-patiently explained that Parisians are going to have to adapt to the July 26 to August 11 extravaganza but that it›s not going to put their lives and livelihoods on hold.

“It’s not going to stop you from entering or leaving Paris,” Nunez said Thursday to the audience of about 200 people,

Kim & Edward show in CamSur

I

N-FORM Kim Mangrobang and comebacking Edward Macalalad showcased their determination in the bike and run legs to emerge overall champions of the 5150 CamSur in Camarines Sur on Sunday.

Mangrobang took control during the bike event after placing second to Erika Burgos in the swim stage then sustained her pace in the run to cruise to victory in two hours, 22 minutes and 35 seconds over the Olympic-distance course of 1.5-km swim, 40-km bike and 10-km run race that marked the triathlon’s return to its original race destination.

Mangrobang, racing out of Santa Rosa City, drew inspiration from the nostalgic atmosphere and

enthusiastic crowd.

“I’m so happy to race here again in CamSur, I did the 70.3 last 2011 and I think I was the youngest at that time,” said the 32-yearold Mangrobang, who turned in leg times of 1:18 (swim), 1:12:02 (bike) and 45:27 (run) to claim the women’s crown.

“The crowd, the people, they’re the same as before, very enthusiastic,” she added.

Winner of the inaugural 5150 Dapitan last September, Mangrobang attributed her excellent form to consistent training with the national team.

“As part of the national team, we train the whole year and this is just

one of the training races lined up for us,” she said.

Burgos set the pace in the swim but faced challenges in the bike segment before mounting a comeback in the run, securing second place in 2:26:33, while Bea Quiambao placed third with a 2:29:28 clocking.

France’s Amandine Fetaud and Anne Nuñez took the next two spots in 2:41:47 and 2:44.32, respectively.

KIM MANGROBANG gets nostalgic in the win.

IMAGES of Olympians competing amid the architectural beauty of central Paris should, organizers and the government hope, make France shine. AP including some watching via video link in an overflow room next door.

Holding the Games in the bustling heart of such a compact city, rather than in a purpose-built Olympic park in the

outskirts like Rio de Janeiro in 2016 and other previous hosts, was always going to rile and worry some Parisians who can be cantankerous at the best of times. Nunez, Games organizers and

Ubas eyes Paris berth in Asian indoor

S

OUTHEAST Asian Games long jump king Janry Ubas and hurdler John Cabang Tolentino will compete in the 11th Asian Indoor Athletics Championships from February 17 to 19 at the Aftab Enghelab Sports Complex in Tehran, Iran.

Ubas, 30, will try to hit the 8.27 meters men’s long jump Olympic standard to qualify for the Paris Summer Games slated July 26 to August 11.

“If he’s not able to qualify outright at

least he’ll earn Olympic points that could put him in the top 32 entries for Paris,” newlyappointed Philippine Athletics Track and Field Association secretary-general Jasper Tanhueco told BusinessMirror on Sunday.

“So far, Janry is training at PhilSports Complex while Tolentino is in Madrid.

They will both compete and are currently in a good position to qualify for Paris especially Janry,” Tanhueco said.

Tolentino is entered in the men’s

In China: No Messi, No problem

H

ONG KONG—The fallout from Lionel Messi’s failure to play in a club exhibition match in Hong Kong has spread with both of Argentina’s friendly matches as part of a tour of mainland China next month canceled by local football authorities.

The Beijing Football Association said on Saturday it would not organize Argentina’s scheduled friendly against Ivory Coast in Beijing in March, reportedly saying to local media: “Beijing does not plan, for the moment, to organize the match in which Lionel

Dynasty vs Destiny for Super Bowl LVIII IT’S another case of Dynasty vs. Destiny A great team and a multi-champion looking to cement its legacy. That’s the Kansas City Chiefs.

Do the San Francisco 49ers even earn that “team of destiny’ tag? In our opinion, that should be the now dispatched Detroit Lions.

The Kansas City Chiefs are such overwhelming favorites to win their third Super Bowl in five years. Tom Brady is only a year retired and even before he did, the next great quarterback arrived in Patrick Mahomes and the question for him now, what more is he going to achieve? What ghosts are he chasing on his way to the Hall of Fame.

We aren’t suggesting that the Vince Lombardi Trophy be handed to the Chiefs. After all, 19 of the heavy favorites in Super Bowl history have lost. And Kansas experienced that when they lost to Brady’s Tampa Bay Buccaneers, 31-9.

Furthermore, they were underdogs heading into the

post-season and had to defeat the higher seeded Buffalo Bills and Baltimore Ravens.

Now that they have seemed to overcome their regular season woes and are humming like Max Verstappen’s Red Bull, they are heavy favorites.

Let’s sing the Chiefs’ praises…

Kansas has kept ball possession for 2:05:36 in the postseason to the paltry 27:30 of the 49ers. That is a lot shorter than the drive from the Mission District to Oakland!

For all of their offensive struggles, Andy Reid has made sure the Chiefs’ defense has been spot on, holding foes to 17.3 points in the regular season and an even better 13.7 in the post-season.

Mahomes is on pace to win three Super Bowl Most Valuable Player Awards in a five-year span. Should he accomplish that, he will join Brady (five) and San Francisco great Joe Montana (three).

Why are the 49ers underdogs?

The 49ers squeaked past the Green Bay Packers, 24-21, for their first win after trailing by five points or more under head coach Kyle Shanahan. And they also escaped the Lions, 34-31, who blew a 17-point halftime lead.

The last two points give San Francisco a fighting chance.

They are a grind it out team.

The question is, can Mr. Irrelevant, quarterback Brock Purdy—the last player to be selected in the NFL draft two

City Hall officials are finding that out for themselves as they embark on a concerted campaign to win Parisian hearts and minds and get people in the Olympic mood or, at least, get ready.

“We laugh about it...because we are spending nearly all of our evenings together,” Deputy Paris Mayor Pierre Rabadan said after he, Nunez and other organizers spent more than two hours at the meeting detailing Games preparations and responding to questions.

“It’s quite time consuming but necessary,” Rabadan said. One of their aims, he added, is “to go against the talk at the moment that it’s better to leave, that being in Paris is going to be a catastrophe and whatnot. You get that at every Games and obviously we knew that because of our concept, we’d hear that, too.”

By mostly using existing sports venues as well as temporary ones that will be erected in the shadow of the Eiffel Tower and at other iconic sites before being dismantled again, Paris’s goal is to avoid the legacy of waste and vast cost generated by other Games and reduce the megaevent’s environmental impact. AP 60m hurdles which is not an Olympic event but will go after Olympic qualifying points for the 110m.

“Tolentino will earn ranking points to increase his chances, but he can’t qualify outright,” Tanhueco said.

Ubas will be accompanied by coach Dario de Rosas while Tolentino will be joined by trainer Martin Dela Fuente in the three-day competition among athletes frm 26 Asia countries.

Pole vaulter Ernest John “EJ” Obiena has already been qualified for Paris.

Josef Ramos Messi was to participate.”

The news comes a day after Chinese sports authorities canceled Argentina’s scheduled exhibition match against Nigeria.

World Cup champion Argentina, captained by Messi, last month scheduled a tour of China during the international break from March 18 to 26 with games lined up against Nigeria in Hangzhou and Ivory Coast in Beijing. AP

seasons ago lead his 49ers to victory?

Purdy, can be inspired about the feats of the Minnesota Vikings’ Brad Johnson who was selected much lower than himself—277th in 12 draft rounds as opposed to the current seven rounds, and yet, won Super Bowl XXXVII).

And there are the undrafteds in Kurt Warner who won Super Bowl XXXIV and the Super Bowl and NFL MVP with the St. Louis Rams, and Jake Delhomme who led the Carolina Panthers to the Big Dance (Super Bowl XXXVIII) where they ran out of steam against Brady’s Patriots.

The New York Giants Jeff Hostetler started two games in his first four years then suddenly came off the bench when Phil Simms got injured in Week 14 of the 1986-87 season. He led the Giants to the Super Bowl XXV title against the Bills.

So it is possible, and that is why this game is played.

Super Bowl LVIII between the Kansas City Chiefs and the San Francisco 49ers will be televised live in the Philippines on Monday February 12 at 7:30am on the Premier Sports Channel on Skycable and Cignal as well as streaming application Blast TV.