BusinessMirror February 19, 2024

Cabangon named Asia’s influential and exemplary leader in business

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ALC Group Chairman D. Edgard A. Cabangon (right) accepts the recognition as Asia’s Influential and Exemplary Leader in Business. Joining him onstage is Dr. Ronnel Ybañez, President of the Asia’s Influential Leader Awards, during the ceremony held at Okada Manila on February 16, 2024.

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LC Group of Companies Chairman D. Edgard A. Cabangon was recognized as Asia’s Influential and Exemplary Leader in Business. The award was bestowed upon him at the Asia’s Influential Leader Awards held on February 16, 2024, at Okada Manila.

The Asia’s Influential Leader Awards recognizes outstanding individuals who have demonstrated exemplary leadership and made significant contributions to their respective fields. The award acknowledged Cabangon’s outstanding leadership and contributions to the business community.

Among the distinguished awardees were prominent figures including BIR Commissioner Romeo Lumagui Jr.—Asia’s Influential

Leader for Good Governance; Comelec Chairman George Erwin M. Garcia—Asia’s Influential Figure in Election Law; DICT Secretary Ivan John E. Uy —Asia’s Influential Leader in ICT Innovation and Digital Inclusion; Clark Development Corp. (CDC) President and CEO Atty. Agnes Devanadera - Asia’s Remarkable Influential Female Leader; and Global Ferronickel Holdings Inc. Chairman Joseph C Sy—Mining Leadership Excellence Award.

In a st atement, Caba ngon thanked the awarding committee, emphasizing that the honor belonged not just to him but to his father Amb. Antonio L. Cabangon Chua, and the entire ALC Group. “ To the award-giving body, thank you. I am deeply honored

and humbled to accept this award alongside highly respected government officials and business leaders.

But I must say that this recognition is not solely mine to claim. This is for my mentor, my father, Amb. Antonio L. Cabangon Chua, and for the ALC Group of Companies,” he remarked.

Cabangon started to gain valuable experiences working alongside his father in their family businesses when he was as young as high school.

Upon completing his bachelor’s degree at De La Salle University, his father sent him to the United States to manage two gasoline stations with convenience stores. For four years, he worked as a gasoline boy while overseeing their convenience stores.

Despite initially pursuing a law degree at the University of Santo Tomas upon his return to the Philippines, he heeded his father’s call to help him manage their businesses, foregoing his legal studies.

His journey was deeply influenced by the lessons learned from his father, which continue to guide his approach to leadership and life.

Cabangon is the chairman of the ALC Group of Companies, a conglomerate founded by his father, spanning across different industries including media, insurance, pre-need services, car dealership, banking and finance, pawnshops, hotels, real estate development and management, and memorial care, among others.

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‘HIGHER WAGE’S IMPACT: RATE HIKE, SME DAMAGE’ H w

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By Cai U. Ordinario

Monday, February 19, 2024 Vol. 19 No. 127

P25.00 nationwide | 2 sections 20 pages |

@caiordinario

IGH minimum wages could spur new rate hikes by the Bangko Sentral ng Pilipinas (BSP) and cause small and medium enterprises (SMEs) to close shop, according to local economists.

tional wage increase of P100 daily in the private sector, because of its damaging effects on the national economy,” FEF said in a statement.

FEF said the Senate should not disrupt the decision-making process when it comes to wages. The economists said this is done through the Regional Wage Boards.

They said the Regional Wage Boards take into account the interests of both employers and workers and the different cost and employment situations of various regions.

See “Higher,” A2

PANAGBENGA, AND THEN SOME Every February, Baguio City comes alive with a series of celebrations that draw even more visitors to the popular Pines City. Curtain raiser for the celebrations is the opening parade of the Panagbenga Festival on February 3, 2024. A total of 6 participants for the street dance competed at the Melvin Jones Grandstand at the opening rites. See story below left, boxed. MAU VICTA

BAGUIO IN FEBRUARY–ON LOVE, FESTIVALS AND A HOMECOMING

By Marilou Guieb

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T’S that time of the year again when the temperature dips to chill the bones and the festive fever rises to its peak.

Panagbenga indeed can be called the festival of festivals when colors of fire and hues of pastels swirl in street dances and barren grounds in the city come alive with instant landscape gardens so pleasing to look at.

The month-long festival is a festival for the senses—visual delights in the aesthetics of gardens and floral parades, the vibrant sound of gongs, lyre and drums that fill the air, the gastronomical treats offered by Baguio’s known chefs and best secrets, and the scent of flowers can’t be

missed as the essence of the festival is in the blossoms by itself.

As the calendar suggests, the city, like the meaning of Panagbenga—a season of blossoming—wakes up to the line-up of activities the festival offers. And being a month of love, the sense of touch is ever present, with lovers and friends and family strolling hand-in-hand to relish what the festival offers.

Panagbenga opened on February 1 with a ribbon cutting to mark the entry to the space of 11 landscapes—the silent splendor of the festival—and the opening of Baguio Blooms, Market Encounter, a flora and flavor fair on the other extreme, a bustling chaos of exciting products to explore.

See “Baguio,” A2

Govt workers’ PhilHealth contributions now up 5%

By Reine Juvierre S. Alberto

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OVERNMENT employees’ monthly health insurance premium (HIP) contributions to the Philippine Health Insurance Corporation (PhilHealth) for fiscal years 2024 and 2025 have now increased to 5 percent.

This, after the Department of Budget and Management (DBM) issued a circular letter to government agencies, including state universities and colleges (SUCs), constitutional offices, government-owned and -controlled corporations (GOCCs), and local government units (LGUs) on the guidelines for the adjustment in the share as employer for contributions to PhilHealth.

The guidelines are pursuant to Section 55 of the General Provisions under the FY 2024 GAA, which states that any proposed increase in government and employee contributions may only be implemented after consultation by the agency

concerned with the DBM. Effective February 15, monthly premium contributions for FY 2024 to 2025 of employees with an income of P10,000 to P100,000 above rose to 5 percent, according to DBM Circular Letter No. 2024-3.

The 5-percent adjustment also applies to those with a monthly basic salary (MBS) of P10,000 (income floor) to P100,000 (income ceiling) with a monthly premium from P500 to P5,000, as computed directly based on the MBS. Those with monthly salaries worth P100,000 and above will have a fixed monthly premium of P5,000, based on PhilHealth Circular No. 2019-0009.

Currently, the premium rate is at 4 percent, which was supposed to be at 4.5 percent in 2023 since the government deferred the implementation, saying the country is still recovering from the “socioeconomic challenges” of the pandemic.

See “Govt,” A2

EXPLAINER »B4

CHALLENGING ASSUMPTIONS: REEXAMINING AMERICA’S IDENTITY AS A CHRISTIAN NATION

PESO EXCHANGE RATES n US 56.0000 n JAPAN 0.3736 n UK 70.5656 n HK 7.1618 n CHINA 7.7810 n SINGAPORE 41.6171 n AUSTRALIA 36.5344 n EU 60.3400 n KOREA 0.0422 n SAUDI ARABIA 14.9325 Source: BSP (February 16, 2024)

CREATIVE ILLUSTRATION:ED DAVAD

In a statement, the Foundation for Economic Freedom (FEF) warned against passing a P100 national wage increase that could lead to “damaging effects” on the economy.

Last week, a bill providing for a P100 increase in daily minimum wage hurdled the second reading at the Senate.

(See:https://businessmirror.com.ph/2024/02/14/ p100-daily-minimumwage-increase-bill-hurdles2nd-reading/).

“We, the Foundation for Economic Freedom, firmly oppose Senate Bill No. 2534 [SB 2534] mandating a na-

News

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A2 Monday, February 19, 2024

Comelec prolongs anew bid process for ’25 polls OVCS

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By Samuel P. Medenilla

@sam_medenilla

HE Commission on Elections has extended once again the period for the submission, receipt and opening of bids for the Online Voting and Counting System (OVCS) for the upcoming 2025 polls.

The deadline for the submission and eceipt of bids for the project has instead been reset by the poll body’s Special Bids and Awards Committee-Automated Election System (SBAC-AES) from February 20 to February 21. “ Venue for the Submission and Receipt of Bids is still SBAC Secretariat Office, Procurement

Baguio...

Management Department, Commission on Election, 305-A 3/F Annex Building, Far East Managers and Investors Incorporated [FEMII] Building A. Soriano Avenue, Intramuros, Manila on or before 9:00 AM of 21 February 2024,” the SBAC-AES said in its Supplemental/Bid Bulletin No. 3.

The opening of Bids has also

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With the theme “Celebrating Traditions, Embracing Innovation,” the children of the city started the street activities in a drum and lyre competition on February 3 where schoolchildren danced to the melody played by their drum and lyre band.

Participating schools get a subsidy of P100,000 each. Frederico Alquiros, president of the Baguio Flower Festival Foundation (BFFFI) gave tribute to the schoolchildren as the biggest presence and con-

tributor to the city events. And perhaps the most disarming.

It happens that some other highlight occasions happen in the month of February, and are thereby subsumed in the calendar of events.

Just as lively is the city Spring Festival Little Chinatown on February 11 and the dragon dance parade on February 13, a dynamic show of ancient Chinese tradition and a prelude to lovers’ day on February 14.

Families always look forward to

been rescheduled and will be held at the Convention Hall, Bureau of Treasury (BTR), 3rd Floor, Palacio del Gobernador, Intramuros, Manila on the last day of the submission of bids.

The deadline for the submission and the day of the opening bid was originally scheduled to be held on February 8, 2024, before it was reset to February 20, 2024.

Comelec implemented the extension upon the request of the interested bidders for the P465.8million OVCS. It is targeting to start OVCS customization by March 1, 2024.

Aside from the longer window for the submission of bids the Bid Bulletin 3 also contained the list of clarifications issued by Comelec from inquiries from the interested

bidders including the submission of financial statements, the manner of the submission of demo units, the timeline for the delivery of the OVCS, and environmental certification.

The interested bidders also asked if Comelec will require physical access to data centers and if it will be the one to handle the import of overseas voter data. The poll body answered yes to both queries.

Comelec also gave an explanation on the data the bidders will use to screen eligible voters including fingerprints and government IDs. It also stressed it has no data sharing agreement with the Philippine Statistics Authority (PSA) so that the interested bidders can use PhilSys digital signature for verification of voter eligibility.

the Kite Flying Day at the Melvon Jones football ground, this time on February 11.

Undeniably a day of heavy traffic, thousands of guests flocked to the Philippine Military Academy for their Grand Alumni Homecoming and many leading government officials, once stalwart young cadets turned politicians in later years, graced the occasion, with Senate President Juan Miguel Zubiri welcoming the cavaliers as their guest of honor.

In between are school garden activities and competitions and other

floral activities.

A show business treat: Ian Veneracion was the star of a concert “Ligawan: A Valentine Series” on February 15 at the Baguio Convention Center.

Did you know that he loves to sing as much as he loves acting?

A quiet event was the fluvial parade at the Burnham Lake, where swan boats were adorned with floral themes. That is before the grand parades happen—the highlight of the festival that draws the hundreds of thousands of visitors.

Main thoroughfares always burst into a kaleidoscope of movements and colors during the Grand Street Dance Parade and floats magically created into thematic kingdoms made of flowers glide slowly along the roads. They will happen one day apart on February 24 and 25. Neighboring towns will have some kind of participation, one way or another.

Lifetime chair of the BFFFI, former mayor Mauricio Domogan, said that fostering good relationships with the nearby towns is one of the objectives of the flower festival.

The closure of the grand parades opens the main road to Session Road in Bloom, a week-long trade of selected goods and surprise servings by both known and quaint food establishments. Session Road in Bloom, together with the Market Encounter, are the two main revenue drawing events of Panagbenga, keeping it afloat after the city subsidy of P4 million was withdrawn years ago. Alquiros said, “It is best this way because in exchange the city lets us use the roads and the parks for free.” He added that their main sponsors have remained over the years, albeit with small contributions but offset with sponsorships of smaller companies.

The festival routine is well established by now, achieving a level of order as compared to earlier years, and residents have become resigned to both the trifle and big inconveniences. But then again, so is it in life where times offer different surprises to spare one from the humdrum of living.

Peza...

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Higher...

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“We are not against wage increases but we urge the Senate not to tamper with the existing mechanism of regional wage boards to adjust wages if needed,” they also said.

FEF said the legislated P100 increase in national wages would “turbocharge” inflation. This will lead to a wage-price spiral that could significantly reduce purchasing powers of Filipinos.

When this happens, BSP could again hike interest rates. Higher wage hikes is one of the risks to inflation identified by the Monetary Board.

Based on the Monetary Policy Report of the BSP, there are already 15 regional wage boards that approved new wage orders since January 2023.

Given these, the average increase in the non-agriculture industry minimum wage is 8.6 percent for the 15 regions and 8.7 percent for areas outside the National Capital Region (NCR).

The BSP said higher wages in Areas Outside NCR is one of the upside risks to inflation this year.

It was also cited as a factor in the still hawkish stance of the monetary authorities.

“A nationa l wage increase doesn’t take into account the different cost factors and employment situations across different regions. It will force many small and medium-sized enterprises [SMEs], which employ the most in the country, to either close shop and lay off workers,” FEF further said.

Recommendations

INSTEAD of pushing for a nation-

Govt...

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The premium rate in 2019 was at 2.75 percent.

The premium rate hike is in line with the provisions of Section 10 (Premium Contributions) of Republic Act (RA) 11223 or the Universal Healthcare Law. The DBM said that government premium contributions to be remitted to PhilHealth “shall always be duly covered with corresponding appropriations.”

The HIP contributions of the government employees in the national government agencies (NGAs) will come from Agency Specific Budgets and Miscellaneous Personnel Benefits Fund (MPBF) under the FY 2024 General Appropriations Act (GAA).

For casual and contractual employees, the corresponding requirements shall be charged against the agency lump sum appropriations included in the FY 2024 agency budgets.

The GAA as Allotment Order (GAAAO) will cover the amount earmarked for the employer counterpart contributionstoPhilHealthfortheNGAs under the agency-specific budgets.

Meanwhile, the funding requirement for the incremental cost of the employer (government) share to PhilHealth shall be covered by a Special Budget Request which the agency will submit to the DBM. The amounts required for the adjustment in the employer (government) share in the HIP contributions of GOCCs employees shall be charged against their respective

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At a sectoral meeting with the Food and Drug Administration (FDA) on February 13, PEZA said President Ferdinand Marcos Jr. “floated” the idea of establishing Pharma-zones to serve as “one-stop shops” to make the drug application process more accessible and efficient.

For his part, FDA Director General Samuel Zacate said Pharmazones established in Peza-controlled areas will serve as places where the agency can “immediately test and register” medicines upon entry to the Philippines.

Meanwhile, Panga said that Peza is coordinating with the Department of Health (DOH), FDA, Department of Trade and Industry (DTI) and the Philippine Chamber of Pharmaceutical Industries (PCPI) in crafting

ally legislated wage increase, FEF recommended that the government take steps toward liberalizing the country’s food imports.

This would entail reducing the tariffs on rice to 10 percent from the current 35 percent. FEF also called for abolishing import quotas for corn, chicken, pork, and fish.

“Liberalizing food imports will see an immediate fall in the price of food, thereby increasing the purchasing power of all Filipinos, whether formally or informally employed and whether senior citizens or babies,” FEF said.

A national legislated minimum wage increase would not benefit informal workers, such as seasonal workers, fishermen, gig economy workers, and market vendors since they are not part of the formal sector.

“Making more food affordable will help reduce pervasive malnutrition among our children and make our workers healthier and more productive,” FEF said.

“If inflation falls, since food inflation has been the major factor behind recent inflation, the BSP will likely reduce interest rates, which can increase investment spending and boost employment,” it added.

Last week, Estrada steered the passage on second reading of Senate Bill No. 2534, also known as the P100 Daily Minimum Wage Increase Act. The bill aims to ease the financial strain on an estimated 4.2 million minimum wage earners grappling with the rising prices of basic goods and living costs.

the guidelines for the registration of pharma zones under Peza in line with its mandate.

Under the Philippine Development Plan 2023-2028, Peza is tasked to accelerate the implementation of the ecozone transformation roadmap through the creation of different types of economic zones, including pharmaceutical ecozones.

“Pharma-zones shall become home to companies engaged in all aspects of medical and drug manufacturing-related activities, most especially in research and development [R&D], clinical testing and trials,” Peza said in its statement.

The Peza chief said these pharma ecozones “will in the future boost local supply as well as provide business and capability building opportunities particularly for

approved Corporate Operating Budgets under the Personnel Services expense.

The DBM added that GOCCs are not allowed to obtain funding for the payment from loans or subsidies from the National Government for the GOCCs’ programs and projects.

For LGUs, the DBM said the same may be included in the annual/supplemental budget for the purpose, subject to the provisions of Republic Act No. 7160 or the Local Government Code of 1991, and other existing budgeting rules and regulations.

This is to ensure that the budgetary implications of such a proposal are duly considered, the DBM added.

Earlier, the Department of Health (DOH) submitted an appeal to the Palace to suspend the raising of PhilHealth premium to 5 percent this year, citing that they are confident PhilHealth has sufficient funds this year to afford the services of its members even without a rate hike.

(See: https://businessmirror. com.ph/2024/01/18/palace-studies-doh-call-to-halt-philhealthpremium-hike/).

Meanwhile, President Ferdinand R. Marcos, Jr. has told PhilHealth to provide the comprehensive details of the benefits its members will receive from its premium hike after he had a “hard time” deciding whether to defer the rate increase as proposed

by DOH. (See: https://businessmir ror .com.ph /2024/01/24/ pbbm-wants-philhealth-to-showcost-benefit-of-premium-hike/).

Filipino [small and medium enterprises] SMEs into manufacturing and tolling of drugs and food supplements.”

Panga noted that the investment promotion agency can contribute to the DTI’s science, technology and innovation-driven industrialization strategy through the pharma zones that will seek to strengthen partnerships between global drug manufacturing companies and the local industry players with their integration into the ecozone and global value chains.

Under the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) law, domestic marketoriented enterprises to be registered in Peza and other IPAs are granted fiscal incentives depending on their location and activity.

Health-related activities like manufacturing of drugs and medical R&D may enjoy up to 12 years of tax perks.

BusinessMirror

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Monday, February 19, 2024 A3

DELECTABLE FEAST AT THESE AWESM HOMEGROWN RESTAURANTS AT SM

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EBU, also known as the Queen City of the South, offers more than just picturesque beaches and significant landmarks. It is a haven of gastronomic pleasures that can cater to the cravings of those with a sweet tooth, and those in search of savory dishes.

These homegrown Cebuano restaurants who have been part of families’ celebrations are delighted to share their f lavors and experiences to those who visit them in SM City Cebu and SM Seaside City Cebu.

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PAOLITO’S SEAFOOD HOUSE Experience the rich and authentic taste of Filipino cuisine at Paolito’s Seafood House, your go-to destination for fresh and flavorful seafood when in Cebu.

The restaurant's ambiance resembles a museum with its abun-

dance of figurines, memorabilia, and paintings. Paolito’s Seafood House is located in SM City Cebu and SM Seaside City Cebu.

Sinulog celebration, the Lechon Festival is a gathering of Cebu’s different lechoneros from the city and from the province all in one venue. Cebu’s lechon stands out for its crispy exterior, achieved through a distinctive roasting technique.

The use of a special blend of herbs and spices in the marinade sets Cebu’s lechon apart, and it is best paired with “puso” – the very famous native hanging rice.

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CAFÉ LAGUNA, a name that symbolizes the excellence of Filipino cuisine, welcomes Cebuanos & visitors to a sumptuous Filipino cuisine that are from the family’s heirloom recipe and those that highlight the local ingredients as well. The iconic dishes like Puto Bumbong, Karekare, Crispy Pata, Fresh Lumpia, and Palabok Tagalog with baked and shredded Tinapa Flakes have become synonymous with its name. Café Laguna has branches in SM City Cebu and SM Seaside City Cebu.

SM Seaside City brought back the annual Lechon Festival located at the City Wing Atrium. Happening every

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WU YANG. The latest addition to Cebu’s vibrant food scene is Wu Yang, dubbed to be the city’s most authentic Cantonese restaurant. There are many dishes on the menu that are a must-try and highlight the best of Cantonese cuisine. A show-stopper, the Peking duck wrap is expertly roasted and wrapped. The

flavors of Cantonese and Filipino come together in the Lechon Macau, which has tender meat and crispy skin.

A few other standout dishes are their Tofu with mixed vegetables, Char Kway Teow homemade rice noodles, and Cantonese Fried Chicken served with five spices. Its first branch is located in SM Seaside City Cebu.

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MAJESTIC RESTAURANT is a well-loved Chinese restaurant that takes pride in their deep history and loyal customers. Majestic also provides set menus for customers, making it easier to select dishes and stay within a budget. These menus include rice, soups, noodles, two main dishes, and dessert. Majestic Restaurant is located in SM City Cebu and SM Seaside City Cebu.

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SUTUKIL If you love seafood and fried cuisine, try the mouthwatering offerings of Sutukil By The Sea in SM Seaside City Cebu. Sutukil is a traditional seafood preparation and cooking technique that means “sugba, tuwa, kilaw” in Cebuano language. Today, sutukil rose to prominence and became a defining aspect of Cebu's culinary scene. Diners can select from a range of locally sourced, fresh seafood options. They are also willing to accommodate any special requests for preparing your order. Sutukil by the Bay is located in SM Seaside City Cebu.

With its diverse heritage and emphasis on fresh ingredients, Cebuano dishes are sure to satisfy your taste buds and leave you wanting more!

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

Monday, February 19, 2024

NEDA defends govt effort to lower prices

By Cai U. Ordinario @caiordinario

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HE National Economic and Development Authority (Neda) defended the government’s efforts to bring down commodity prices saying the Marcos administration recognizes the urgency of addressing high inflation.

Last Sunday, OCTAResearch fellow Guido David posted on social media the findings of their latest survey that showed 75 percent of their respondents said they were dissatisfied with the way government is managing inflation.

The survey results also showed 46 percent were d issat isf ied with the government’s efforts in reducing poverty; 32 percent, ensuring access to affordable

food; and, 31 percent, creating more jobs.

“The Marcos Administration is accelerating its efforts to manage price increases of basic commodities, such as rice, in light of the El Niño phenomenon we are experiencing and the continuing upward price pressure from the global rice market,” Socioeconomic Planning Secretary Arsenio M. Balisacan said. “ It i s m a k i n g s i g n i f ic a nt strides in realizing substantial foreign direct investments that will generate more and higherquality jobs that will raise the incomes and purchasing power of Filipinos,” Balisacan added.

Based on the data shared by David on his social media account, the highest dissatisfaction came from Visayas where 91 percent of their respondents said the

government’s efforts to manage inflation was insufficient.

This was followed by Mindanao where 79 percent of respondents were dissatisfied with government efforts to curb inflation; National Capital Region (NCR) or Metro Manila, 69 percent; and, Balance Luzon, 68 percent.

In terms of socioeconomic class, it is the Class E or the poorest Filipinos who are considered the most dissatisfied. The data showed 87 percent of Class E Filipinos were not happy with the government’s efforts to curb inflation.

This was followed by Class D at 73 percent while 66 percent of those in Classes A, B, and C or the upper socioeconomic classes were dissatisfied with the government.

It can be noted that the Bot-

‘Outsource Philhealth services’–solon

By Jovee Marie N. Dela Cruz @joveemarie

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O enhance efficiency and expedite assistance to its members, a deputy majority leader has proposed the outsourcing of services provided by the Philippine Health Insurance Corp. (PhilHealth).

House Deputy Majority Leader Janette L. Garin emphasized the need to streamline administrative costs, citing that outsourcing

would lead to faster service delivery and potentially reduce fraudulent activities within the system.

“The streamlining of administrative costs is the primary goal.

Services will be more efficient, and we are likely to see a reduction in fraudulent activities,” Garin said.

The former health secretary suggested that the PhilHealth insurance system should mirror that of private insurance or health maintenance organizations

(HMOs).

“This would operate similarly to an HMO, just like our private insurance. We would outsource services in Luzon, Visayas, and Mindanao through a government procurement process. The winning bidder becomes the service provider, responsible for liaising with hospitals, healthcare providers, and professionals,” explained Garin.

W hen asked if such a move would result in an increase in premium pay, Gar in stressed

tom 30 percent of the population saw consistently higher inflation compared to All Income Households since March 2020, according to data from the Philippine Statistics Authority (PSA).

In that month, inflation for the bottom 30 percent households was as 1.9 percent while All Income Households saw high inflation at 2.2 percent.

In January 2024, inflation for the Bottom 30 percent of households averaged 3.6 percent while All Income Households saw an average inflation rate of 2.8 percent.

“While external factors and domestic polic y coordination challenges resulted in higher inflation in early 2023, both supply- and demand-side interventions worked to bring this down to 2.8 percent by January 2024, that it would be similar but more efficient. “ I t w o n ’t n e c e s s a r i l y b e cheaper, but the difference lies in efficiency,” said the lawmaker from Iloilo.

Earlier, Garin said that the increase in coverage of benefits for PhilHealth members is “doable.”

“Yes, it’s doable (to provide additional benefits without raising PhilHealth premiums). PhilHealth is government insurance, and it is absolutely possible to increase coverage for diseases that can pose financial challenges,” she added.

Unionbank aims to double Shell cobranded cardholders by 2027

By Roderick L. Abad Contributor

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XECUTIVES of the Union Bank of the Philippines (Unionbank) announced recently the lender is targeting to have at least 200,000 cardholders for its cobranded offering with Shell Pilipinas Corp. (SPC) by 2027, following the launch of a credit card.

“The cards business actually is one of the businesses that is doing extremely well,” Unionbank Head of Consumer Banking Manoj Varma told reporters on the sidelines of the launch last Friday.

Overall, Unionbank has 1.7 million credit cardholders to date, according to Varma.

Its cobrand customers with SPC alone now count at around 100,000, he added.

“We expect that this [cobrand] program [together with Shell], with the new features, we want to double it in the next three years.

So that’s what our goal is,” Varma said of the credit card. “This partnership we’ve had more than 25 years now is one of the most successful cobrand partnerships that any bank has had because of the value that it provides.”

The executive said users of the cobranded credit card can expect perks and benefits. By fueling up at any SPC station in the country, cardholders can save up to P15,000 annually on Shell fuel-related expenses alone, Varma said. With rebates of 5 percent or up to P4 off per liter on SPC

fuels, a 10-percent discount on lubricants in SPC stations through “Shell Go+” and 5-percent rebate on toll and auto shops nationwide, the savings quickly add up, he added.

Those applying exclusively at any SPC station can expect an P8 discount per liter on their first fuel purchase, Varma said.

What’s more, zero annual fees for life can be enjoyed by those who apply during the promotional period ending April 30, 2024, he added.

Given such benefits, Varma is confident of reaching their 2027 goal as they are attractive for existing and new cardholders to avail of their latest product since many Filipinos are now looking to save more when

it comes to their fuel expenditures amid the unabated oil price hike.

“We feel that this will actually help improve the profitability of the customers and the portfolio that we are acquiring,” Varma said. “We do also expect that there will be more customers taking it, and there will be more usage, more customers swiping it every day.”

According to him, Unionbank is currently No. 1 in the country in terms of spend per card—about 1.8 times s than the industry average.

“So we are hoping that these new features will help us improve that spend per card even more—apart from getting more customers,” Varma said.

Marina inks deal to foster ‘green growth’ initiatives

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HE Maritime Industry Authority (Marina) and the Global Green Growth Institute (GGGI) have signed a memorandum of understanding that will enable the two organizations to strengthen collaboration on fostering “green growth” initiatives in the maritime sector.

Under the deal, the two groups will work in tandem to promote green growth principles, focusing on decarbonization strategies within the maritime sector.

The collaboration aims to create an ecosystem that enhances synergy

among stakeholders, fostering sustainable transport initiatives and knowledge exchange.

“We are here to support you.

Your program, your ideas, your vision on green growth—we will push or pull a little bit, and perhaps bring forth fresh and new ideas, new innovation in the process,” GGGI Country Representative Marcel Silvius said.

Marina Administrator Sonia B. Malaluan echoed the urgency of addressing climate change, emphasizing the need to reduce greenhouse gas emissions in the

maritime industry.

“As we all know, the world is facing an unprecedented challenge of climate change. The need to reduce greenhouse gas emissions and transition to a low or zero carbon maritime/shipping has never been more urgent,” she said.

Furthermore, she said the collaboration is a timely response to the approved Maritime Industry Development Plan (MIDP) 2028, with expectations that joint initiatives, research projects, and policy recommendations will pave the way for a low-carbon and climateresilient maritime industry in the Philippines.

The MIDP has a strong emphasis on the development of the “blue economy framework,” which encompasses a wide range of maritime and coastal activities.

The core idea behind the blue economy is stewardship of the ocean, ensuring that the benefits derived from its waters are balanced with efforts to preserve its health.

The MIDP comprises several strategies and specific program components, aiming to enhance policies and regulatory frameworks, promote research and development, and ensure compliance with international conventions and national regulations for marine environmental protection.

This program seeks to establish a sustainable maritime industry, creating green jobs and redoubling efforts to protect the environment.

Under the MIDP 2028, the Philippines aims to cut by half the number of marine pollution related illnesses/cases, solid waste from ships, and liquid waste from ships in the next five years.

Furthermore, the country aims to reduce the percentage of GHG emissions from Philippine flag vessels by 30 percent by 2028.

“We do not have a choice but to foster cooperation on green growth. It is a necessity for the c ha l lenges posed by c l i m ate change are too great for any one country or organization to tackle alone,” she said. Lorenz S. Marasigan

the lowest since October 2020,” Balisacan said.

The Neda Chief also noted that the country’s challenges have been significant, particularly coming from the lockdowns during the pandemic which caused the economy to contract 9.5 percent in 2020.

However, Balisacan said the economy has already recovered and already posted a growth of 5.6 percent in 2023. He said this is the fastest growth recorded in the region.

“The contraction set us back by about three years, with per capita gross national income (GNI) returning to its pre-pandemic level by the second half of 2023,” Balisacan said.

“We have recovered and have indeed outshone our Asian peers

as we posted a gross domestic product (GDP) growth rate of 5.6 percent in 2023, one of the fastest in the region,” he added.

Balisacan also assured the public that the labor market continues to show promise. The unemployment rate has already reached a historic low of 3.1 percent in December 2023.

He added that the underemployment rate eased to 11.9 percent relative to its 12.6 figure in December 2022.

“We are facilitating massive investments in physical and human capital to create better jobs and improve our economy’s competitiveness while deploying the entire arsenal of policy tools to make food available, accessible, and affordable to the Filipino people,” Balisacan said.

‘Weak implementation hamper Evoss benefits’

By Butch Fernandez @butchfBM

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OTENTIAL ecomic benefits awaiting the energy sectors are being hampered by weak implementation that Senator Sherwin T. Gatchalian expected would promptly be delivered for the potential economic benefit from the Energy Virtual One-Stop Shop (Evoss) system, primarily lower energy prices, only to disappoint Gatchalian over the delayed implementation of the measure intended to attract investments into the renewable energy (RE) sector.

The solon recalled that since its enactment in 2019, a comprehensive implementation of Evoss was “yet to be realized for the country to fully benefit from the measure.

“Further streamlining should be done for investors to enter the local RE market. This is precisely the reason why we vigorously pursued the enactment of Evoss but up to this time it has not been fully implemented,” said Gatchalian, citing that investors still have to go through 167 permits to establish RE projects. Previously, they had to endure 250 permits. Data from the Department of Energy show Evoss implementation stands at 85 percent as of November 2023.

He notes that of September last year, 48 processes from eight national agencies and two local government units have been included in the Evoss process system.

In the case of a hydro project, for instance, the number of calendar days needed to establish such a

project has gone down to 1,697 from 1,835 previously.

Even with the decrease, Gatchalian emphasized that the timeline for the process is still extensive, underscoring the need for additional enhancements in streamlining the procedure for the benefit of prospective investors and consumers down the line.

The principal author of Evoss, Gatchalian emphasized it makes sense for the country to pursue RE projects over other sources of energy as it is a lot cheaper to generate power from RE sources compared to diesel, nuclear, biogas, and even waste, based on variable operational costs of different technologies cited in the 7th Asean Energy Outlook released in 2022.

Currently, he notes there are three additional agencies—National Grid Corporation of the Philippines, Philippine Por ts Authority and National Water Resources Board—with ongoing series of discussions for the integration of their processes in the Evoss system.

“Kapag lubos na ang pagpapatupad ng Evoss, magiging mas mabilis na ang proseso para makapasok sa bansa ang mga mamumuhunan para sa mga proyektong pang enerhiya. Makikinabang din dito nang husto ang mga konsyumer at lalago ang ekonomiya ng bansa,” he said.

[Once Evoss is fully implemented, the process for investors to enter the country for energy projects will be faster. Consumers will also benefit greatly from this and the country’s economy will grow.]

BIR Chief is ‘Asia’s Influential Leader for Good Governance’

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HE Bureau of Internal Revenue (BIR) announced that Commissioner Romeo D. Lumagui Jr. received another prestigious award: “Asia’s Influential Leader for Good Governance,” last February 16. The award was given in recognition of his service as the Commissioner of the BIR since November 2022.

“Good Governance has been my priority ever since I was appointed as the BIR Commissioner. For 2024, the BIR will focus on improving its services and processes in line with the ‘Bagong Pilipinas’ movement of the National Government. ‘Excellent Taxpayer Service’ will be our measure of ‘Good Governance,’” Lumagui was quoted in a statement as saying.

The BIR said the “Asia’s Influential Leader Awards” aims to highlight “outstanding and influential leaders” that can serve as role

models of “commitment, determination and perseverance, associated with integrity and honesty” from all sectors of society, whether in private or public practice. An innovator, leader, or a pioneer has to be nominated, to be deliberated upon by an Awards Council.

Recently, Commissioner was also given the “Business Enabler” award by the Philippine Chamber of Commerce and Industry-Quezon City last January, “Man of the Year” award by Asia Leaders Awards last November 2023, and the “Rising Tiger and National Builder” award by the Rising Tigers Magazine also last November 2023, the statement from the BIR read.

“Ito na po ang ‘Bagong BIR sa Bagong Pilipinas.’ Makakaasa po kayo na ang Serbisyong BIR ay mabilis at laging maasahan”, Lumagui said.

www.businessmirror.com.ph

Special Feature BusinessMirror

Monday, February 19, 2024

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MR.DIY Philippines Marks 500th Store Milestone Event in Panglao, Bohol Celebrating with Store Grand Reveal, Media Round Table, Spectacular Motorcade

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ast February 16, 2024, MR.DIY Philippines celebrated the grand reveal of its 500th store at Bellevue Pavilion, Panglao, Bohol. The key attendees included Roselle Andaya, CEO of MR.DIY Philippines; Panglao, Bohol Mayor Edgardo Arcay and his wife Aniceta along with MR.DIY Philippines executives, Creador leaders, officials from the Local Government Unit of Panglao, Bohol, and trade partners.

The event kicked off with guests being welcomed by musical bands in front of the pavilion, setting the stage for a momentous occasion.

The opening remarks were delivered

by MR.DIY CFO, Froilan De Dios, followed by a warm welcome from Arcay. The highlight of the grand reveal was the business milestone speech by Andaya, expressing the brand's commitment to becoming an integral part of the communities they serve.

Andaya remarked, "Today marks a significant milestone for MR.DIY Philippines as we celebrate our 500th store, a testament to our relentless commitment to improving homes and connecting hearts across the nation. MR.DIY is not just about growth; we strive to become an integral part of the communities we serve, while giving every Filipino family an affordable means to improve their lifestyle."

Artistic opening

THE grand reveal featured an artistic opening of the store projected on the LED screen at the Bellevue Pavilion, with Hudyaka dancers adding to the festive atmosphere. The official pressing of the grand reveal button signified the store's opening, accompanied by a grand toast to commemorate the occasion.

Following the grand reveal, the

event transitioned to the Media Round Table, where guests were greeted with displays showcasing MR.DIY's business journey from its first store in Balagtas, Bulacan, to the 500th store in Panglao, Bohol.

The event featured an AVP presentation on the mural painting on the store's facade, a first for MR.DIY Philippines. The mural artists, Jhacky Aballe and Eric Catot, local artists from Bohol, were recognized for their contribution.

Deputy Head of Marketing, Charles Salecina, welcomed guests and highlighted the CSR initiatives undertaken in Panglao from February 11 to February 14, 2023.

Featured panelists

THE media round table featured panelists including Andaya, the Kramer couple and Salecina, Deputy Head for Marketing. Members of the local media engaged in insightful discussions, exploring MR.DIY's expansion plans, commitment to value for money, and brand alignment with personal values.

In response to a question about growth plans, Andaya stated, "We are committed to opening more stores and expanding our reach further. Our focus remains on providing great value-for-money products, coupled with exciting marketing promotions, ensuring our customers continue to receive the best deals

MR.DIY Philippines Executives in Photo (from left to right), Alberto Lazzari, Senior Associate of Creador; Meynard Mendoza, Executive Director of Creador; Mark Muhaymin, Head of Retail Team Management; Froilan De Dios, Chief Financial Officer; Roselle Andaya, Chief Executive Officer; Ferdinand Gasis, Head of Business Development & Construction; Doug and Cheska Kramer; Deputy Head for Marketing, Charles Salecina; Carmina Valdoz, Finance Controller; Mariz Sausa, Executive Assistant to the CEO; Mydee David, Head of HR; and Rodolfo Madrilino, Senior Manager for Business Development.

Responding to media questions, in the photo from left are Charles Salecina, Deputy Head for Marketing at MR.DIY, Ms. Roselle Andaya, CEO of MR.DIY Philippines, and Doug and Cheska Kramer, MR.DIY Celebrity Endorsers

MR.DIY Philippines celebrated the grand opening of their Panglao, Bohol Branch with a festive and lively reveal, accompanied by the vibrant performance of the local Hudyaka Dancers.

Guests were treated to Doug Kramer’s signature Groufie.

Doug and Cheska from Team Kramer on the MR.DIY Float in Panglao, Bohol, marking the official inauguration of their 500th and largest store among the five in Bohol.

on quality items.”

Salecina highlighted the theme, “500 Stores Strong: Improving homes, Connecting hearts,” explaining how MR.DIY enhances homes by offering quality products and supporting communities through initiatives like the Good Bag Campaign.

DOUG Kramer, discussing their role as celebrity endorsers, emphasized the authenticity of their partnership, aligning with their personal values and resonating with their followers.

The event concluded with the announcement of the winners from the MR.DIY Holi-DIY, where lucky attendees won a Jetour X-70 Travel.

Guests were also treated to MR.DIY Gift Vouchers through trivia questions.

The celebration reached its pinnacle with a motorcade around Panglao, Bohol, featuring the MR.DIY float from the Sinulog Grand Float Parade, Doug and Cheska Kramer, Tuktuk Toda Riders of Panglao, JCI Chocolate Hills, Francisco Dagohoy Eagles Club, and Brgy. Bil-isan Hudyaka Dancers.

MR.DIY Philippines' 500th store milestone celebration in Panglao, Bohol, was a grand spectacle, showcasing the brand's commitment to improving homes and connecting hearts across the nation.

To know more about MR.DIY Milestones, head to MR.DIY’s official website at www.mrdiy.com/ph or follow /mrdiyPH on Facebook, and @mrdiy.philippines on Instagram and TikTok. You can also check out MR.DIY’s stores nationwide here: https://www.mrdiy.com/ph/ storelocator.

Roselle Andaya, CEO of MR.DIY Philippines, shares insights into the business journey of MR.DIY Philippines, highlighting the significance of its AOK programs in fostering a heartfelt connection with local communities.

Panglao, Bohol Mayor Edgardo Arcay welcoming everyone at the 500th Store Milestone Celebration held at the Bellevue Pavilion.

Authenticity of the partnership

MR.DIY Philippines Deputy Head for Marketing, Charles Salecina welcomes everyone at the media round table event.

Cheska and Doug Kramer announcing the winners of the recently concluded Holi-DIY Spend and Win Raffle Promo during the 500th Store Celebration.

The Hudyaka dancers from Barangay Bil-isan, Panglao Bohol, added elegance to the motorcade with their captivating Hudyaka Dance performance.

Guests at the 500th Store Milestone celebration were greeted with MR.DIY Philippines’ Business Journey and Milestone Wall.

MR.DIY Philippines CEO Roselle Andaya together with Doug and Cheska Kramer to push the button officiating the opening of the 500th Store in Panglao, Bohol.

MR.DIY PHILIPPINES’ executives raise their glasses, celebrating MR.DIY Philippines’ 500th Store Milestone Celebration in Panglao, Bohol. In photo, from left, are Alberto Lazzari, Senior Associate of Creador; Meynard Mendoza, Executive Director of Creador; Agnes Puno, Area Manager for Visayas Region; Mark Muhaymin, Head of Retail Team Management; Froilan De Dios, Chief Financial Officer; Roselle Andaya, Chief Executive Officer; Deputy Head for Marketing, Charles Salecina; Cheska and Doug Kramer; Mydee David, Head of HR; Carmina Valdoz, Finance Controller; Rodolfo Madrilino, Senior Manager for Business Development; and Ferdinand Gasis, Head of Business Development & Construction.

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

Monday, February 19, 2024

Marcos Jr. vows to finish land distribution before term ends

By Jonathan L. Mayuga

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@jonlmayuga

RESIDENT Ferdinand R. Marcos Jr. vowed to finish land distribution before he steps down from office in 2028.

Last Friday, Marcos distributed the certificates of land ownership award (CLOAs) TO 2,767 agrarian reform beneficiaries during a distribution ceremony at the Capitol Complex in Patin-ay, Prosperidad City, Agusan del Sur. During the distribution, he called on government agencies to etend help to farmer-beneficiaries to maximize the opportunity brought about by their newly-acquired lands under the Comprehensive Agrarian Reform Program (CARP).

The chief executive, accompanied

by Agrarian Reform Secretary Conrado Estrella III, distributed a total of 3,184 CLOAs covering a total area of 4,659 hectares of agricultural lands.

The DAR has so far awarded land titles covering 109,199 hectares of land nationwide, benefitting 98,203 ARBs from July 2022 to December 2023.

According to Estrella, of the 4,659 agrarian reform beneficiaries (ARBs): 2,394 were given land titles under the “Support to Parcelization

of Land for Individual Titling,” or “SPLIT” project; 350 ARBs from regular land acquisition and distribution; and, 27 ARBs from Executive Order (EO) 75. The recipient-ARBs are from the provinces of Agusan del Norte, Agusan del Sur, Dinagat Islands, Surigao del Norte and Surigao del Sur. The Split project is being implemented to improve land tenure security and provide individual land titles to those who have been awarded with collective Certificates of Land Ownership Award, and EO 75 directs all government instrumentalities to identify all idle public lands for acquisition under the CARP to be distributed to qualified beneficiaries.

Marcos Jr. said there would be no progress in the country, so long as the local farmers are in debt.

“Agrarian reform remains an unrea l ized dream because t he emancipation of farmers does not end with the receipt of titles, declaring ownership of the land they

are already tilling. They must be unshackled from debt, freed from high cost of inputs, relieved of constraints that impoverish them,” the President added.

New Agrarian Emancipation Law MARCOS said the signing of Republic Act (RA) 11953 (New Agrarian Emancipation law) on July 7, 2023, is instrumental in freeing over 600,000 farmers who have been “held captive by land debt.”

He said the issuance of EO 4 on September 13, 2022, which imposed a 1-year moratorium on the payment of amortizations and interest on agrarian debt, “provides farmers that are choked with debt with some financial breathing space at a time when agriculture was battling a fuel and fertilizer crisis.”

“I don’t like band-aid solution. I am looking for a permanent solution,” he said in Filipino, as he reiterated that he signed RA 11953 in July last year that freed 600,000 ARBs from debt.

Marcos said the distribution of land titles to ARBs is just the first step in lifting farmers out of poverty, adding that the government would exhaust all efforts to ease their burden.

Solon: Follow Asean neighbors’ lead in constitutional reforms

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SENIOR lawmaker said the Philippines should follow its Asean neighbors’ lead in constitutional reforms to attract more foreign direct investment, citing the multitude of amendments undertaken by other countries as a benchmark for necessary reform.

Drawing inspiration from Indonesia, Vietnam and Thailand, which have embraced multiple constitutional amendments to adapt to the evolving global landscape, Aklan Rep. Teodorico T. Haresco Jr. highlighted the Philippines’s 37-year “constitutional stagnation” as a factor hindering economic and political progress.

Contrary to the proactive revisions undertaken by other member-countries of the Association of Southeast Asian Nations (Asean), Haresco pointed out that the Philippines’s reluctance to revisit its constitution stems from an unfounded fear of disrupting societal harmony.

He also countered this notion by citing examples like the United States, where a

dynamic economy coexists with a flexible constitutional framework, emphasizing the adaptability of such systems without jeopardizing social cohesion.

Haresco stressed the necessity for the Philippines to reassess its constitutional framework to create a more inclusive and competitive environment.

He asserted that the current constitution impedes the nation’s ability to attract foreign investment, harness technology, and actively participate in the global economy.

“We base our assumption that if we open up the discussion on the Constitution, we’d break up our society. That is completely untrue,” Haresco said through a statement last Sunday. “The US, it is a free economy—you can buy land, whatever you can invest in, whatever, wherever. That’s the land of the free.”

Warning against the consequences of resisting constitutional reform, Haresco cautions that without change, the Philippines risks not only lagging behind Asean but falling behind the broader Asian region.

“If we don’t open ourselves to this debate about opening up the Constitution, we will be not only the laggards of Asean but of Asia,” the solon said.

Flip-flopping timeline

IN a related development, concerns rose over the Senate’s leadership dynamics, with “inconsistencies” in statements by Senate President Juan Miguel F. Zubiri, according to Bataan Rep. Geraldine B. Roman and Iloilo Rep. Janette L. Garin. The lawmakers expressed confusion about the leadership vacuum in the Senate, calling for clarity on decision-making dynamics.

The House officials emphasized the importance of a clear chain of command to ensure efficiency in legislative processes.

Roman and Garin observed an apparent pattern of what some may call a supposed “leadership vacuum” in the Senate.

Zubiri bared and agreed to a ceasefire, but claimed Senator Imee R. Marcos was beyond his power.

Bong Go continues push for Mindanao development thru collaborative efforts towards unity and progress

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ENATOR Christopher “B ong” Go personally attended the 17th Mindanao Development Authority (MinDA) Board of Directors Meeting at the SMX Convention Center in Lanang, Davao City, on Friday, February 16. As an ex-officio member of the board representing the Senate, Go highlighted his support for collaborative efforts in pursuing Mindanao’s continued progress and inclusive development.

Go cited that initiatives and support from the government and various stakeholders, ranging from infrastructure development to socio-economic programs, have driven positive changes across communities in Mindanao and have equipped residents with the necessary tools to withstand adversities and thrive in the face of challenges. “ K a p a g s a m a - s a m a , wa l a p o n g imposible. Not only in peace and order, not only sa development, including din ang sports. As your Chairman ng Senate Committee on Sports, napansin ko po na kapag nagtulungan ang gobyerno at ang pribadong sector, marami pong potential athletes natin na talagang nag-e-excel at nasusuportahan,” Go added.

Go also emphasized the critical need to uphold anti-discrimination measures within the Mindanao region, advocating for equal rights and opportunities for all Filipinos to achieve inclusive development.

“Noong panahon ni [dating]) pangulong Duterte, kahit na taga-Davao siya, tagaMindanao siya, lagi niyang pinagbibilin.

Sabi niya, ‘gusto ko pantay-pantay ang lahat.’ From CAR, region 1, region 2, down sa CARAGA region, sabi niya, ‘Gusto ko lahat ng proyekto [ay] pantay-pantay at walang maiwan’, dahil para sa kanya tayong lahat ay Pilipino,” Go shared.

“Kami naman, [bilang] maraming senador din ang taga-Mindanao, [sisiguraduhin] namin na hindi kayo mahuhuli. Ngayon, ako po bilang isang senador, sisiguraduhin ko po na walang kababayan na maiiwan. Tutulong ako sa abot ng aking makakaya,” he committed.

For his part as the vice chair of the Senate Finance Committee, Go played a key role in advocating for an increase in funding for the Strengthening Indigenous People in Mindanao (STIP-Mindanao) Program within the MinDA budget. Through Go’s initiatives, the program was enhanced with an additional PhP10 million to enrich the cultural heritage of Indigenous communities and improve their quality of life.

Go also supported fellow Senator Ronald “Bato” Dela Rosa’s push for the digitalization efforts of MinDA. As Chairman of the Senate Committee on Sports, Go also pushed for the funding for the conduct of the BIMP-EAGA (bimp-eyaga) games this year.

“Sa tulong ni Senator Bong Go at mga Mindanaoan senators, lahat po sila ay nagkaisa para matulungan ang [MinDA]para mas lalo pang matulungan ang Mindanao.

Php100 million ang naidagdag sa aming annual budget. Dahil mahal po ni Senator Bong Go ang Mindanao at ayaw niya maiwanan ang mga IP o indigenous peoples ng Mindanao, nagdagdag pa siya ng budget para sa Strengthening Indigenous People in Mindanao,” MinDA Secretary Maria Belen Acosta cited in her speech.

“Di niya binanggit, napaka-humble.

Pero yan po ang katotohanan na marami pong budget at suporta, galing sa Senado, lalo na kay Senator Bong Go. Kaya kami po ay naghanda ng resolution na ia-approve po natin later on, for the support that you are giving the Mindanao Development Authority

and the whole Mindanao,” Sec. Acosta added.

Go then underscored the importance of peace and order in Mindanao, a region historically marred by conflict but now on a promising path to stability and growth. The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) was finally established with the approval of the Bangsamoro Organic Law in 2019 which was passed during the term of former President Rodrigo Duterte.

“The government must continuously strive to bring about the much-needed reform and development in the Mindanao region and ensure just, inclusive, and lasting peace in the area,” Go cited.

Meanwhile, Governing Board Member of the National Research Council of the Philippines, Gisela Concepcion, also expressed her gratitude towards the senator’s contributions, saying, “I would like to thank the good senator for your Malasakit Centers programs and to help our country deal with infectious diseases and even mental health.

Thank you so much for your efforts.”

As Chair of the Senate Committee on Health, Go helped bolster healthcare access in Mindanao. Among these are the continuing operations of Malasakit Centers which was institutionalized into law through RA 11463 that he principally authored and sponsored. There are 159 Malasakit centers operating nationwide, 40 of which are in Mindanao to make medical assistance programs more accessible to poor and indigent patients.

In addition to this, Go also advocated for the construction of Super Health Centers across the country. These centers will be instrumental in providing primary care services, and bringing healthcare closer to the people, especially in underserved areas.

“Here in the House, the rules are clearcut. The Speaker [Ferdinand Martin G. Romualdez] is in charge. He gives the command. He tells our Rules Committee chairman, Majority Leader [Manuel Jose M.] Dalipe: This is our priority. Find a way to have this bill passed,” Roman said.

Roman questioned the hierarchy and leadership dynamics within the Senate, seeking clarification on who holds the real reins of power and decision-making, insisting there should be a clear chain of command, that leaves no room for ambiguities.

In his previous meetings with President Ferdinand R. Marcos Jr. and Romualdez, Zubiri has repeatedly promised them that the economic amendments bill, or the Senate Resolution of Both Houses 6 they authored, will be passed by March, before Congress’s Holy Week break. But a senator hinted that this may reach October.

Garin made the same observation about Senate dynamics, urging senators to walk their talk. Jovee Marie N. Dela Cruz “Sa pakikipagtulungan sa DOH, LGUs, at kapwa ko mambabatas, mahigit 700 na Super Health Centers ang ating napondohan...and in Mindanao, 224 were funded to provide immediate health services to our people,” he cited.

Go also successfully sponsored the passage of 69 laws for the upgrade and establishment of public hospitals all over the country. This is aside from various health infrastructure and equipment he supported for various hospitals in Mindanao.

“May cancer center na rin sa Southern Philippines Medical Center sa Davao City. Isa lang ito sa ating pagsisikap na mapaganda pa ang serbisyong pangkalusugan sa Mindanao.

Nasuportahan natin ang pagtatayo ng 300-bed infectious disease building at ng ambulansyang kumpleto sa equipment para sa SPMC,” he earlier shared.

Furthermore, Go is the principal sponsor and one of the authors of RA 11959 or the Regional Specialty Centers Act. These facilities will focus on providing advanced medical care for specific conditions, thereby enhancing capacity to offer specialized treatment in all regions.

In Mindanao hospitals like Zamboanga City Medical Center, Northern Mindanao Medical Center, Mayor Hilarion A. Ramiro Sr. Medical Center, Southern Philippines Medical Center, Davao Regional Medical Center, Cotabato Regional and Medical Center, Caraga Regional Hospital, Adela Serra Ty Memorial Medical Center and Amai Pakpak Medical Center will have specialty centers to address various specialized health concerns.

Commending the strides taken by MinDA, Go acknowledged the significant projects that have been instrumental in boosting Mindanao’s economic and social landscape.

These include the establishment of Mindanao Development corridors and joint planning sessions for vital infrastructure such as roads, bridges, and flood control under the Mindanao Peace and Development Program.

THIS undated photo courtesy of the Department of Foreign Affair (DFA) shows the interior of the DFA Passport Satellite Office in SM City-Consolacion, Cebu City.PHOTO OF COURTESY DFA-OCA

DFA opens new passport office in Cebu

By Malou Talosig-Bartolome

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HE Department of Foreign Affairs will open its third passport satellite office in Cebu to cater to growing demand of travelling Filipinos from the Visayas.

The new DFA passport satellite office will be opened at the second floor of SM City in Barangay Lamac, Consolacion in Cebu City on Monday, February 19.

Since it is only a satellite office, the DFA can only entertain passport applicants who have are renewing their passports and who have made previous appointments.

The DFA is expecting around 150-200 applicants daily from this newest passport satellite office (PSO).

“The opening of the PSO is part of the DFA’s continuing efforts to make passport services easier and more accessible to the

public,” the DFA said in a statement.

The Consolacion PSO will augment the two DFA passport offices in Cebu—in the Pacific Mall in Mandaue City and SM Seaside Cebu City.

The DFA-Office of Consular Affairs estimates that the demand for passport applicants from this new PSO would eventually increase and they would gradually open appointment slots in the next months.

The DFA reminds the public that appointment slots are not for sale, and they can easily book them through DFA website: https://www.passport.gov.ph/.

Passport applicants in the SM-Consolacion PSO who need to follow-up their applications should course through their inquiries to the DFA Consular Office in Mandaue, Cebu (Phone No: 032-5205898; Email: cebu.rco@dfa.gov.ph ).

Solon backs DOJ on indictment of Empress owners

By Jovee Marie de la Cruz @joveemarie

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LAWMAKER on Sunday strongly backed the recommendation of the Department of Justice (DOJ) to indict the owners of the M/T Princess Empress, which caused one of the country’s worst environmental catastrophes when the ship capsized and leaked oil off Oriental Mindoro last year.

Bicol Saro Partylist Rep. Brian Raymund S. Yamsuan said the DOJ’s recommendation sends a “clear and strong message that abuses committed by companies that put profit over compliance with the law and the safety of the environment will not go unpunished.”

“We commend the DOJ for holding accountable those responsible for this massive environmental disaster that affected over 75 kilometers of our coastlines and robbed tens of thousands of families of their means of livelihood,” said Yamsuan, a member of the House Committee on Natural Resources, which investigated the Mindoro oil spill last year.

Justice Secretar y Jesus Crispin C. Remulla has greenlit the recommendation of a DOJ panel of prosecutors to charge corporate officers of RDC Reield Marines Services Inc. (the shipping company that owns M/T Princess Empress), an employee of the Maritime Industry Authority (Marina) and a private individual. This decision comes two weeks before the anniversary of the February 28, 2023, Mindoro oil spill.

The criminal charges include multiple counts of falsification of private documents,

the use of falsified documents, and multiple counts of falsification of public documents.

Almost a year after the incident, the people of the town of Pola in Oriental Mindoro, the area most adversely affected by the oil spill, continue to struggle with the impact of the disaster.

Yamsuan said authorities should also look into the possibility of compelling RDC Reield Marine Services to pay compensatory damages to fisherfolk and other workers who were rendered jobless for several months because of the oil spill.

The sinking of the M/T Princess Empress impacted the livelihood of over 40,000 families and exposed approximately P7 billion worth of marine resources to the adverse effects of the oil spill, as estimated by the Department of Environment and Natural Resources (DENR). The vessel was carrying about 900,000 liters of industrial fuel oil when it sank.

Beyond Oriental Mindoro, the provinces of Palawan, Antique, and Batangas were also affected by the oil spill, with traces reaching Verde Island in Batangas City, a critical marine biodiversity center in the Verde Island Passage.

During the joint inquiry on the oil spill conducted by the House Committees on Ecology and Natural Resources last year, Yamsuan pushed for the establishment of interagency protocols that would bring government agencies in close coordination with each other to swiftly mobilize and address the impact of environmental disasters on affected communities and ecosystems.

Siquijor entreps, students receive P10M in cash aid

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TOTAL of 3,000 small entrepreneurs and 2,000 students in Siquijor received a combined amount of P10 million in cash aid as part of the government’s social assistance programs, Speaker Ferdinand Martin G. Romualdez announced last Sunday.

The programs—Start-up, Investment, Business Opportunity, and Livelihood (Sibol) and Integrated Scholarships and Incentives Program (Isip) for the Youth— aim to provide crucial aid to specific sectors during challenging times.

Romualdez, the main proponent of Sibol and Isip, led the implementation of these programs in the province. The distribution of financial support coincided with a service fair in Siquijor.

Recognizing the financial struggles of small entrepreneurs and students amidst the escalating cost of living, the Speaker emphasized the importance of supporting these sectors for national development.

“If we help our entrepreneurs and students succeed in their respective endeavors, we empower them to provide positive contributions to nation-building,” Romualdez said.

These programs, according to the lawmaker, were created in response to the

challenge of President Marcos to the House of Representatives to provide meaningful assistance to those who need it the most.

Sibo, in collaboration with the Department of Social Welfare and Development (DSWD), seeks to provide support not only to aspiring entrepreneurs and existing small businesses but also to individuals seeking better employment opportunities.

“We believe that the business sector deserves this level of support. And why not? Through these enterprises, employment opportunities are generated, and economic growth is propelled forward,” Romualdez said.

Through Sibol, small entrepreneurs in Siquijor will receive P2,000 each. Under Isip, 000 students from the province will receive P2,000 each in financial assistance from the DSWD. The student-beneficiaries will also be enrolled under CHED’s “Tulong Dunong” program where students can get scholarship assistance of up to P15,000 per year.

Isip targets tertiary and vocational students facing financial challenges while pursuing quality education. They will receive financial assistance through a DSWD program every six months to cover tuition fees and other expenses.

Jovee Marie N. Dela Cruz

The World BusinessMirror

Editor: Angel R. Calso

Monday, February 19, 2024 A7

Top UN court to assess legality of Israeli occupation of Palestinian-claimed lands

By Mike Corder & Julia Frankel

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The Associated Press

HE HAGUE, Netherlands—The United Nations’ highest court opens historic hearings Monday into the legality of Israel’s 57-year occupation of lands sought for a Palestinian state, plunging the 15 international judges back into the heart of the decades-long Israeli-Palestinian conflict.

Six days of hearings are scheduled at the International Court of Justice, during which an unprecedented number of countries will participate, as Israel continues its devastating assault on Gaza.

Though the case occurs against the backdrop of the Israel-Hamas war, it focuses instead on Israel's open-ended occupation of the West Bank, Gaza and east Jerusalem.

Palestinian representatives, who speak first on Monday, will argue that the Israeli occupation is illegal because it has violated three key tenets of international law, the Palestinian legal team told reporters Wednesday.

They say that Israel has violated the prohibition on territorial conquest by annexing large swaths of occupied land, has violated the Palestinians' right to self-determination, and has imposed a system of racial discrimination and apartheid.

“We want to hear new words from the court,” said Omar Awadallah, the head of the UN organizations department in the Palestinian Foreign Ministry.

“They’ve had to consider the word genocide in the South Africa case,” he said, referring to a separate case before the court. “Now we want them to con-

sider apartheid.”

Awadallah said an advisory opinion from the court “will give us many tools, using peaceful international law methods and tools, to confront the illegalities of the occupation.”

The court will likely take months to rule. But experts say the decision, though not legally binding, could profoundly impact international jurisprudence, international aid to Israel and public opinion.

"The case will put before the court a litany of accusations and allegations and grievances which are probably going to be uncomfortable and embarrassing for Israel, given the war and the already very polarized international environment," said Yuval Shany, a law professor at Hebrew University and senior fellow at the Israel Democracy Institute.

Israel is not scheduled to speak during the hearings, but could submit a written statement. Shany said Israel will likely justify the ongoing occupation on security grounds, especially in the absence of a peace deal.

It is likely to point to the October 7 attack in which Hamas-led militants from Gaza killed 1,200 people across southern Israel and dragged 250 hostages back to the territory.

A view of the Peace Palace, which houses the International Court of Justice, or World Court, in The Hague, Netherlands, on January 26, 2024. The United Nations' highest court opens historic hearings Monday, February 19, 2024, into the legality of Israel’s 57-year occupation of the West Bank and east Jerusalem, plunging the 15 international judges back into the heart of the decadeslong Israeli-Palestinian conflict. AP Photo/Patrick Post

“There is this narrative that territories from which Israel withdraws, like Gaza, can potentially transform into very serious security risks,” Sha ny said.

“If anything, October 7 underscored the traditional Israeli security rationale to justify unending occupation.”

But Palestinians and leading rights groups say the occupation goes far beyond defensive measures. They say it has morphed into an apartheid system, bolstered by settlement building on occupied lands, which gives Palestinians second-class status and is designed to maintain Jewish hegemony from the Jordan River to the Mediterranean Sea. Israel rejects any accusation of apartheid.

The case arrives at the court after the UN General Assembly voted by a wide margin in December 2022 to ask the world court for a non-binding advisory opinion on one of the world's longest-

running and thorniest disputes. The request was promoted by the Palestinians and opposed vehemently by Israel. Fifty countries abstained from voting.

In a written statement before the vote, Israel’s UN Ambassador Gilad Erdan called the measure “outrageous,” the UN “morally bankrupt and politicized” and any potential decision from the court “completely illegitimate.”

After the Palestinians present their arguments, 51 countries and three organizations—the League of Arab States, the Organization of Islamic Cooperation, and the African Union will address the panel of judges in the wood-paneled Great Hall of Justice.

Israel captured the West Bank, east Jerusalem and Gaza Strip in the 1967 Mideast war. The Palestinians seek all three areas for an independent state. Israel considers the West Bank to be disputed territory, whose future should be decided in negotiations.

It has built 146 settlements, according to watchdog group Peace Now, home to more than 500,000 Jewish settlers. The West Bank settler population has grown by more than 15 percent in the last five years according to a pro-settler group.

Israel also has annexed east Jerusalem and considers the entire city to be its capital. An additional 200,000 Israelis live in settlements built in east Jerusalem that Israel considers to be neighborhoods of its capital. Palestinian residents of the city face systematic discrimination, making it difficult for them to build new homes or expand existing ones.

The international community overwhelmingly considers the settlements to be illegal. Israel’s annexation of east Jerusalem, home to the city’s most sensitive holy sites, is not internationally recognized.

It's not the first time the court has been asked to give an advisory opinion on Israeli policies or to declare an occupation illegal.

In 2004, the court said that a separation barrier Israel built through east Jerusalem and parts of the West Bank was “contrary to international law.” It also called on Israel to immediately halt construction. Israel has ignored the ruling.

In a 1971 case the Palestinian legal team is likely to draw from, the court issued an advisory opinion finding that the South African occupation of Namibia was illegal, and said that South Africa had to immediately withdraw from the country.

Also, late last month, the court ordered Israel to do all it can to prevent death, destruction and any acts of genocide in its campaign in Gaza. South Africa filed the case accusing Israel of genocide, a charge that Israel denied.

South African representatives are scheduled to speak Tuesday. The country’s governing party, the African National Congress, has long compared Israel's policies in Gaza and the West Bank to the apartheid regime of white minority rule in South Africa, which restricted most Black people to "homelands" before ending in 1994. Frankel reported from Jerusalem.

Alexei Navalny’s team confirms his death; says his mother is searching for his body

By Emma Burrows The Associated Press

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lexei Navalny ’s spokesperson confirmed Saturday that the Russian opposition leader had died at a remote Arctic penal colony, saying he was "murdered," but it was unclear where his body was as his family and friends searched for answers.

Navalny’s death at age 47 has deprived the Russian opposition of its most well-known and inspiring politician less than a month before an election that will give President Vladimir Putin another six years in power.

Although neither the imprisoned anticorruption crusader nor other Kremlin critics were in a position to challenge Putin for the presidency, the loss of Navalny was a crushing blow to Russians who had pinned their future hopes on Putin’s seemingly indefatigable foe.

It also prompted questions about what killed him. Russian officials told the politician’s team Saturday that the cause of Navalny’s death had not yet been established and that the results of a new investigation would be released next week, said Navalny spokesperson Kira Yarmysh. Navalny’s mother was told that the body would not be released until those investigations were complete, she said. The decision has prompted speculation that the Russian authorities may be keen to hold on to the body in an attempt to cover up potential foul play. “They’re driving us around in circles and covering their tracks,” Yarmysh said.

A note handed to Navalny’s mother stated that he died at 2:17 p.m. Friday, according to Yarmysh. Prison officials told his mother when she arrived at the penal colony Saturday that her son had perished from “sudden death syndrome,” Ivan Zhdanov, the director of Navalny’s Anti-Corruption Foundation, wrote on X, formerly known as Twitter.

A prison colony employee said the body was taken to the nearby city of Salekhard as part of a post-mortem investigation, Yarmysh

said. When Navalny’s mother and one of the late politician’s lawyers visited the morgue in Salekhard, it was closed, Navalny’s team wrote on its Telegram channel. But the lawyer called the morgue and was told the body was not there, his team said.

Another of Navalny’s lawyers went to Salekhard’s Investigative Committee and was told that the cause of Navalny’s death had not yet been established and that new investigations were being done with the results to be released next week, Yarmysh said.

Russia’s Investigative Committee informed Navalny’s team that the body would not be handed over to his relatives until those investigations were complete, she said.

“It’s obvious that they are lying and doing everything they can to avoid handing over the body," Yarmysh wrote on X, adding that his team demanded that Navalny’s body “be handed over to his family immediately.”

Russia’s Federal Penitentiary Service reported that Navalny felt sick after a walk Friday and fell unconscious at the penal colony in the town of Kharp, in the Yamalo-Nenets region about 1,900 kilometers (1,200 miles) northeast of Moscow. An ambulance arrived, but he couldn’t be revived, the service said, adding that the cause of death is still “being established.”

Maria Pevchikh, head of the board of Navalny’s Anti-Corruption Foundation, said the opposition leader would “live on forever in millions of hearts.”

“Navalny was murdered. We still don’t know how we'll keep on living, but together, we’ll think of something,” she wrote on X. Meanwhile, arrests continued Saturday as Russians came to lay flowers in memory of Navalny at memorials to the victims of Soviet-era purges. OVD-Info, a group that monitors political repression in Russia, said Saturday that more than 273 people had been detained at memorial events since Navalny’s death.

Memorial items laid Friday were removed overnight, but people continued trickling in

with flowers on Saturday. In Moscow, a large group of people chanted “shame” as police dragged a screaming woman from the crowd, video shared on social media showed.

More than 10 people were detained at a memorial in St. Petersburg, including a priest who came to conduct a service for Navalny there.

In other cities across the country, police cordoned off some of the memorials and officers were taking pictures of those who came and writing down their personal data in a clear intimidation attempt.

“After the murder of Alexei Navalny, it's absurd to perceive Putin as the supposedly legitimate head of the Russian state,” Ukrainian President Volodymyr Zelenskyy said at the Munich Security Conference in Germany Saturday. “He is a thug who maintains power through corruption and violence.”

UK Foreign Secretary David Cameron said Saturday that Britain “will be taking action” against the Russians responsible for Navalny’s death.

Speaking to broadcasters in Munich, Cameron said "there should be consequences" for "appalling human rights outrages like this."

He said Britain would "look at whether there are individual people that are responsible and whether there are individual measures and actions we can take." Cameron did not say whether the response would consist of financial sanctions or other measures.

US President Joe Biden said on Friday that Washington doesn't know exactly what happened, “but there is no doubt that the death of Navalny was a consequence of something Putin and his thugs did.”

The Kremlin bristled Friday at the outpouring of anger from world leaders, with Putin's spokesman, Dmitry Peskov, calling the statements—issued before medics have released the cause of Navalny’s death— “unacceptable” and “outrageous.”

Navalny had been jailed since January 2021, when he returned to Moscow after recuperating in Germany from nerve agent

poisoning he blamed on the Kremlin. He was later convicted three times, saying each case was politically motivated, and received a sentence of 19 years for extremism.

After the last verdict, Navalny said he understood he was “serving a life sentence, which is measured by the length of my life or the length of life of this regime.”

Nigel Gould-Davies, a former British ambassador to Belarus and senior fellow for Russia & Eurasia at the International Institute for Strategic Studies in London, said the loss of Navalny shows that “the sentence in Russia now for opposition is not merely imprisonment, but death.”

Associated Press writer Katie Marie Davies in Manchester, England, contributed to this report.

A8

Monday, February 19, 2024

The World BusinessMirror

www.businessmirror.com.ph

Russia takes control of a city in eastern Ukraine after Ukrainian troops withdraw

By Illia Novikov & Barry Hatton

K

The Associated Press

YIV, Ukraine—Russia said its forces took complete control Saturday of a city in eastern Ukraine that was the focus of intense combat for months, a development that Moscow could use to boost morale as the second anniversary of its full-scale invasion of Ukraine approaches with the war largely at a stalemate.

The Russian Defense Ministry’s announcement came the same day Ukraine's military chief said he was withdrawing troops from the city of Avdiivka, where the outnumbered defenders had battled a Russian assault for four months.

Russian Defense Minister Sergei Shoigu told the Kremlin that Russian forces were working to clear final pockets of resistance at the Avdiivka Coke and Chemical Plant, officials said in a statement. Videos on social media Saturday appeared to show soldiers raising the Russian flag over one of the plant's buildings.

Russian President Vladimir Putin sent a personal message of congratulating to his troops in the city, state news agency Tass reported. Kremlin spokesman Dmitry Peskov described Avdiivka’s capture as an “important victory.”

Along with the invasion’s upcoming anniversar y on Februar y 24, Russia also is preparing for a March presidential election that is all but guaranteed to give Putin another sixyear term. The Kremlin has cracked down heavily on dissent during the war, and the death Friday of imprisoned opposition leader Alexei Navalny has silenced the voice of Putin's most formidable foe.

Ukraine is back on the defensive against Russia in the nearly 2-yearold war, hindered by low ammunition supplies and a shortage of personnel.

Speaking at the Munich Security Conference on Saturday, Ukrainian President Volodymyr Zelenskyy warned his country’s allies that an “artificial deficit” of arms for Ukraine risked giving Russia breathing space and allowing “Putin to adapt to the current intensity of the war.”

“Our actions are limited only by... our strength,” Zelenskyy said, pointing to the situation in Avdiivka after the commander of Ukraine’s armed forces said he was withdrawing troops from the city to prevent their encirclement and to save soldiers' lives.

President Joe Biden said he told Zelenskyy in their Saturday phone call that he remains confident Congress will ultimately approve additional funding for Ukraine. But asked if he was confident more US funding would come through before Ukraine loses more territory, Biden acknowledged, “I’m not.”

“Look Ukrainians have fought so bravely, ” Biden said. “There is so much on the line. The idea now when they are running out of ammunition that we’re going to walk away. I find it absurd.”

White House National Security Council spokesperson Adrienne Watson called the withdrawal “the cost of Congressional inaction.”

In a short statement posted on Facebook, Col. Gen. Oleksandr Syrskyi said the Ukrainian troops were moving to “more favorable lines.”

“Our soldiers performed their military duty with dignity, did everything possible to destroy the best Russian military units, inflicted significant losses on the enemy in terms of manpower and equipment.

“We are taking measures to stabilize the situation and maintain our positions,” the statement read.

The withdrawal was Syrskyi's first major test since his appointment this month as Ukraine's new army chief.

In his previous position as commander of Ukraine's ground forces, he faced criticism for holding on to the city of Bakhmut for nine months, a siege that became the war's longest

African heads of state, gather for a group photograph at the 37th Ordinary session of the Assembly of the African Union (AU) Summit at the AU headquarters in Addis Ababa, Ethiopia on Saturday, February 17, 2024. Leaders at an African Union summit in the Ethiopian capital Addis Ababa have condemned Israel’s offensive in Gaza and called for its immediate end. AP Photo

African leaders condemn Israel’s offensive in Gaza A Ukrainian soldier sits in his position in Avdiivka, Donetsk region, Ukraine on August 18, 2023.

Ukrainian troops are under intense pressure from a determined Russian effort to storm the strategically important eastern Ukraine city of Avdiivka, officials say. Kyiv’s army is struggling with ammunition shortages as the Kremlin’s forces pursue a battlefield triumph around the two-year anniversary of Moscow’s full-scale invasion and ahead of a March presidential election in Russia. AP Photo/Libkos

and bloodiest battle and cost Ukraine dearly, but also served to sap Russia's forces.

In recent days, reports emerged that Ukrainian troops in Avdiivka faced a deteriorating situation.

Rodion Kudriashov, deputy commander of the 3rd Assault Brigade, said Friday that Ukrainian troops were still holding out against the onslaught of about 15,000 Russian soldiers, but he expected the situation would “soon become critical.”

“The enemy is trying to penetrate our defense and in some places to bypass our positions,” he told The Associated Press.

The 3rd Brigade said on its social media account Friday that its soldiers were at the huge Avdiivka Coke Plant.

Russian warplanes have been dropping about 60 bombs a day, relentlessly shelling the area and launching assaults with armor and infantry, the brigade said.

A video showed dense black smoke over the factory, said to be caused by burning fuel oil reservoirs. The post said: “Poisonous smog spreads all over the plant.”

Russian media reported the Kremlin's forces were making extensive use of plane-launched glide bombs, which fly at a shallower angle, to batter Ukrainian positions.

Heavily fortified with a web of tunnels and concrete fortifications, Avdiivka lies in the northern suburbs of Donetsk, a city in a region of the same name that Russian forces partially oc-

Former Thai Prime Minister Thaksin released on parole after serving 6 months in a hospital

By Jintamas Saksornchai The Associated Press

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ANGKOK—Former Thai Prime Minister Thaksin Shinawatra was released on parole early Sunday from a Bangkok hospital where he spent six months serving time for corruption-related offenses.

Thaksin was seen wearing a neck support, a sling on his right arm and a surgical mask inside one of the cars in a convoy leaving the Police General Hospital just before sunrise.

He was accompanied by his two daughters and they arrived at his residence in western Bangkok less than an hour later.

A homemade banner with the words “Welcome home” and “We’ve been waiting for this day for so long” was seen hanging at the front gate of his house. Thaksin and his daughters rode straight into the compound and did not give any reaction to a throng of reporters gathered on the street.

Thaksin was accused of corruption and abuse of power during his time in office from 2001 to 2006, when he was toppled in a coup, and he remains one of the most polarizing figures in Thai politics over the last two decades. Analysts believe his release represents a drift toward reconciliation with his enemies in Thailand’s conservative elite, who saw his popularity and brash populist politics as a threat to the monarchy, which is considered a bedrock of Thai society.

Thaksin is still believed to wield huge influence and will continue to “conduct the music behind the scenes” for the ruling Pheu Thai party—led by his daughter Paetongtarn Shinawatra—but how much political power he can now exercise is unclear, said Thitinan Pongsudhirak, a professor of political science at Bangkok's Chulalongkorn University.

Thaksin's original eight-year sentence was commuted to only a year by King Maha Vajiralongkorn on Sept. 1, shortly after he voluntarily returned from more than a decade of self-imposed exile.

Justice Minister Tawee Sodsong confirmed the approval of Thaksin's parole last week, saying he is in the eligible category of inmates who have serious illnesses, are disabled or are aged over 70. Thaksin is 74 years old.

Thaksin will still have to report to parole officers every month for the remainder of his sentence and will have a travel restriction, but he is not required to wear an ankle monitor due to his age and health conditions, officials have said.

But he is not yet clear of all legal hurdles.

Thai officials said earlier this month that they have reopened an investigation into allegations of defaming the monarchy made against Thaksin almost nine years ago. If the Office of the Attorney General decides to indict him, Thaksin could be detained again.

Thaksin arrived back in his homeland the

same day Srettha Thavisin of the Pheu Thai party—the latest incarnation in a string of parties Thaksin has supported since he was removed from office—secured the post of prime minister with the support of military-linked parties. Thaksin was sent straight to prison after his arrival but was moved almost immediately to the hospital on grounds of ill health, without spending a single night behind bars.

Opponents have charged that serving his sentence in a hospital was a special privilege.

After his 2006 ouster, Thaksin's supporters and opponents continued their struggle with violent fights in the streets, contests at the ballot box, showdowns in the courts and another coup in 2014 that ousted a government that had been formed

by Thaksin's sister.

Thaksin, a telecommunications billionaire who used his fortune to build a populist political party, was once considered a symbol for a different Thailand. Parties he has controlled polled first in every general election until last year, when a more progressive rival topped the field. The Move Forward party's unexpected win pointed to a strong mandate from voters for real structural change in Thai politics, and its reformist policy proposals alarmed the conservative forces more than Pheu Thai ever did.

Thaksin announced his plan to return just days before Thailand headed to polls last year

cupy. Capturing Avdiivka could be a timely boost for Moscow and serve as a possible springboard for Russia to drive deeper into the region.

Fewer than 1,000 people remain in the city, according to the Donetsk regional governor, Vadym Filashkin.

The city, with a prewar population of about 31,000, is today a bombed-out shell of what it once was.

Aerial footage of Avdiivka obtained

by The Associated Press in December showed an apocalyptic scene and hinted at Russia’s staggering losses, with the bodies of about 150 soldiers— most wearing Russian uniforms—lying scattered along tree lines where they sought cover.

However, the Institute for the Study of War, a Washington think tank, said Thursday that taking Avdiivka would be more of a symbolic win for the Kremlin and would not bring significant changes to the 1,500-kilometer (930-mile) front line that has barely budged in recent months.

“The potential Russian capture of Avdiivka would not be operationally significant and would likely only offer the Kremlin immediate informational and political victories,” the institute said in an assessment.

“Russian forces would be highly unlikely to make rapid operationally significant advances from Avdiivka if they captured the settlement, and the potential Russian capture of Avdiivka at most would set conditions for further limited tactical gains,” it added.

Hatton reported from Lisbon, Portugal.

when the Pheu Thai party was considered the frontrunner. His movement faded after the party finished second in the election, but after repeated delays, his return plan seemed to become more solidified as Move Forward struggled to win enough support to form the government.

Move Forward was blocked from taking power when the members of the militaryappointed Senate refused to approve its candidate for prime minister.

Military-backed parties fared badly in the election, and Thailand's royalist conservative establishment was believed to have favored reconciliation with Thaksin’s political machine in order to keep the more progressive Move Forward party out of power.

The runner-up Pheu Thai then put together a governing coalition including conservative parties that was acceptable to the Senate and formed the current government.

Pheu Thai has since softened its antimilitary line and many reform agendas it promised during the election campaign.

Real change that voters had hoped to see after the election has become unlikely under this government, and the Pheu Thai party now “functions as a representative of Thailand’s conservative forces to keep the status quo,” said Puangthong Pawakapan, a professor of political science at Chulalongkorn University.

Puangthong says that Pheu Thai has lost a substantial number of supporters and that the party's image is compromised after the wheeling and dealing it employed to take power, but she thinks it will not affect its stability as a government as long as the party “does not touch the (old) power and major capitalists.”

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DDIS ABABA, Ethiopia—Leaders at an African Union summit in the Ethiopian capital Addis Ababa on Saturday condemned Israel's offensive in Gaza and called for its immediate end.

Moussa Faki, the chair of the African Union Commission, said Israel's offensive was the “most flagrant” violation of international humanitarian law and accused Israel of having “exterminated” Gaza’s inhabitants.

Faki spoke alongside Palestinian Prime Minister Mohammad Shtayyeh, who also addressed the summit.

“Rest assured we strongly condemn these attacks that are unprecedented in the history of mankind,” Faki said to applause from delegates. “We want to reassure you of our solidarity with the people of Palestine.”

Azali Assoumani, president of the Comoros and the outgoing chairperson of the African Union, praised the case brought by South Africa against Israel at the International Court of Justice while condemning “the genocide Israel is committing in Palestine under our nose.” “ The international community cannot close its eyes to the atrocities that are committed, that have not only

created chaos in Palestine but also have disastrous consequences in the rest of the world,” Assoumani said.

A quarter of Gaza’s residents are starving because of the war, which began with Hamas’ assault into Israel on October 7, in which militants killed about 1,200 people, mostly civilians, and abducted around 250.

Israel strongly denies committing genocide in Gaza and says it does all it can to spare civilians and is only targeting Hamas militants. It says Hamas’ tactic of embedding in civilian areas makes it difficult to avoid civilian casualties.

During last year’s AU summit, an Israeli delegate was unceremoniously removed from the plenary hall amid a row over the country's observer status at the continental body.

Concern over conflicts and the resurgence of coups across the African continent also underscored the opening of this year’s summit. Faki cited tensions over Senegal’s postponed election and violence in eastern Congo, Sudan, the Sahel, and Libya. He called for a revival of “the spirit of African solidarity and Pan-Africanism” to overcome the many challenges facing the continent of 1.3 billion people. AP

China’s coast guard ramps up patrols near Taiwan after two fishermen die

In this handout photograph provided by Taiwan Coast Guard Administration, Taiwanese coast guards inspect a vessel that capsized during a chase off the coast of Kinmen archipelago in Taiwan on Wednesday, February 14, 2024. The unnamed vessel had been sailing about one nautical mile off the coast of an islet of Kinmen Island and was trespassing, said Taiwan’s Coast Guard Administration. Four fishermen fell into the water and two survived and are in “good shape,” while resuscitation efforts on the other two failed, the vice director of the Coast Guard in Kinmen, Chen Jien-wen, told a local TV channel.

Taiwan Coast Guard Administration via AP

By Huizhong Wu The Associated Press

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ANGKOK—China is stepping up patrols in the waters off the coast of Taiwan’s Kinmen archipelago, days after two of its fishermen drowned while being chased by the Taiwanese coast guard, which accused the boat of trespassing.

The Chinese coast guard's Fujian division will regularly monitor the waters off the southern coast of the city of Xiamen—a few kilometers from Kinmen—to strengthen maritime law enforcement, said the coast guard’s spokesman, Gan Yu, in a statement Sunday.

Fishermen from Taiwan and China regularly sail that stretch of water which has seen a rise in tensions as the number of Chinese vessels—including sand dredgers and fishing boats— have notably increased in the area.

K i n men resident s h ave complained of both the noise and sound pollution from the vessels, as well as losses to their livelihood in fishing.

The fishermen’s deaths are unusual despite the level of Chinese activity in the waters near Kinmen, which is closer to China than it is to Taiwan's main island. China claims all of self-ruled Taiwan as part of its

territory.

On Wednesday, Taiwan’s Coast Guard said two of four Chinese fishermen died after their boat capsized. It said their boat was fishing about one nautical mile away from Kinmen archipelago, which Taiwan has claimed as a restricted area. The other two survivors remain in Taiwan’s custody.

China has issued a furious condemnation and blamed Taiwan’s ruling Democratic Progressive Party for the fishermen’s deaths. It also said that there was no such thing as “restricted” waters.

Taiwan said an investigation was underway and that its Mainland Affairs Council said they were communicating with Chinese authorities.

China's Taiwan A ffairs Office vowed on Sunday further measures, without clarifying further detail.

“The Mainland reserves the right to take further action, and all the consequences will be borne by Taiwan,” said Zhu Fenglian, spokesperson for the Taiwan Affairs Office.

Taiwan split from China during the 1949 civil war, but Beijing continues to regard the island of 23 million with its high-tech economy as Chinese territory and has been ramping up its threat to achieve that by military force if necessary.

Monday, February 19, 2024

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

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Tepid farm output worries monetary authorities

By Cai U. Ordinario

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@caiordinario

HILIPPINE monetary authorities said their inflation expectations remain titled to the upside due to lower farm production in light of a stronger-than-expected El Niño.

El Niño has already caused the destruction of crops in some of parts of the country, but the Bangko Sentral ng Pilipinas (BSP) said in its Monetary Policy Report that the latest forecasts from the government’s weather bureau are pointing to a low probability of a severe dry spell.

“The risk scenario assumes the strong El Niño to persist until the second quarter of 2024, further increasing rice prices due to lower rice production until the end of the year,” BSP said.

“A low probability is assigned to this risk based on the latest climate outlook from PAGASA [Philippine Atmospheric, Geo-

physical and Astronomical Services Administration].”

The BSP said the probability of inflation breaching the high end of the target range is 51.4 percent for 2024 and 37.1 percent for 2025.

Its baseline scenario for inflation considered strong El Niño conditions until February 2024. This is expected to ease in the second quarter 2024.

Also, based on the report, of the 315 total Consumer Price Index (CPI) items, the number of items with inflation rates above the threshold of 4 percent fell to 118 in January 2024 from 140 items in December 2023.

These 118 items, the report

BUSINESSMIRROR’S file photo of a farm in Isabela province that bore the brunt of the El Niño dry spell.

stated, accounted for around 40.8 percent of the total CPI weight in January. However, it was lower than the 44.8-percent share in the previous month.

The number of CPI items below target increased to 112 items in January 2024 from 94 items in December 2023. These 112 items accounted for 25.3 percent of the total CPI weight, higher than the 20.3 percent in the previous month.

The remaining 85 CPI items in January 2024 which accounted for 33.8 percent of the total CPI weight were within threshold.

“The effective implementation of government measures to combat the impact of El Niño could lower inflation,” the BSP said.

These measures include improving and concreting of irrigation canals, distribution of pumps and engine sets, and the construction of solar powered

irrigation systems.

The government has also established greenhouses, provided planting materials and farm supplies, various support to fisheries sector, and conducted information campaigns on El Niño.

Meanwhile, rice importation and the end of the El Niño phenomenon in May will provide relief to consumers by slowing down inflation in the coming months, according to a local think tank.

In its latest Market Call report, First Metro Investment Corp.University of Asia and the Pacific (FMIC-UA&P) Capital Markets cited the National Oceanic and Atmospheric Administration (NOAA) which said there is a 75 percent chance of a transition from El Niño to “ENSO-neutral” between April and June this year.

NOAA said there is a 55 percent chance that a La Niña will develop between June and August this year, according to FMIC-UA&P Capital Markets. This means there would be a good harvest of the country’s water-loving food staple in the second semester.

“Thus, we may expect a good rice harvest in H2 [second semester]. But what about H1 [first

semester]? That’s for imports to handle.”

The think tank noted that Vietnam has already committed to sell 2 million metric tons (MT) to the Philippines while Thailand has committed a similar quantity to Indonesia.

“In any case, we have adopted a worst case scenario and still end up with a full year inflation rate of 3.8 percent. Crude oil prices are not worrisome because every time they spike, a correction has occurred in a week or two.”

FMIC-UA&P Capital Markets said the increase in oil prices w ill not deter the dow nward slide of inf lation to within the BSP target.

The think tank said the United States Energy Information Administration projects a downward trend of crude oil price (WTI) to $76.50 by December 2024 and $73.50/bbl by December 2025 from the $80/bbl estimate in February.

“The outlook relies on China’s economic slowdown and abundant supply available from OPEC [Organization of the Petroleum Exporting Countries] and nonOPEC countries.”

PHL wants to regain status as world’s top seaweed exporter House panel gives nod to bill

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HE Philippines can regain its status as the world’s biggest exporter of seaweed if the industry will get the support it requires, according to the Department of Agriculture (DA).

The DA said the local seaweed industry needs more support to boost the potential of seaweed— the second biggest export earner in Philippine aquaculture, next only to the tuna industry.

“We really need to support the industry,” Agriculture Secretary Francisco P. Tiu Laurel Jr. said at a recent gathering of seaweed industry stakeholders.

“Indonesia already surpassed our production…[but] we still have unutilized area of 85,000 hectares. Until we reach that, we shouldn’t stop. If possible, we should accelerate the industry’s area expansion.”

In 1990, the Philippines ac-

counted for 80 percent of the world’s seaweed requirement while Indonesia only produced 10 percent. That has since changed, according to the DA. Indonesia now produces five times more seaweed than the Philippines.

Among the major concerns raised by industry leaders are the limited support for the industry and lack of seedlings, which could be addressed by having bigger tissue culture laboratories and more technicians.

Laurel said logistics issues also need to be resolved, including building more ports to take raw materials to processing plants and more power plants to address the high cost of power.

While most seaweed production comes from Mindanao, processing facilities are in Cebu and Manila. The seaweed industry earned around $250 million even during

the pandemic and generated exp rt sales of $350 million in 2022.

Laurel said the cost of logistics could be lowered if extra containers in Zamboanga are used more efficiently. “There are a lot of dry containers in Zamboanga. I think we can solve the logistics issue there if we coordinate with other industries. It’s a matter of convergence.”

He acknowledged the industry’s proposal to provide support in terms of seedlings, implements, lines, floaters, and counterweights to help seaweed farmers, who could produce 70,000 metric tons of seaweeds a year.

He said once dried, the seaweed harvest would generate around 10,000 tons every year worth P550 million—a good return for a total investment of P1 billion for the industry, including large tissue culture laboratories, dry-

Bamboo seen contributing $3.5B to local economy

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HE Senate has strongly supported the passage of the “Kawayan Act” as bamboo has the potential to contribute $3.5 billion to the economy and strengthen the country’s pollution control under its Sustainable Development Goal commitments.

Senate Bill 2513 or an “Act Institutionalizing the Bamboo Industry in the Philippines and Appropriating Funds Thereforw ” has been broadly supported in the Senate.

An official legislative statement indicated Senator Mark A. Villar’s speech has been “overwhelmingly supported” by the Senate having been co-sponsored by multiple senators, including Senate President Migz Zubiri who is one of the co-authors and co-sponsors of the bill.

Villar, chairman of the Senate Committee for Trade, Commerce, and Entrepreneurship. led sponsorship of the bill.

He cited the multiple economic potentials

and environmental values of the bamboo industry, including its global trade value that is expected to reach $88.43 billion by 2030.

The bamboo industry is also expected to contribute $3.5 billion to the Philippine economy. He also emphasized the efficient pollution control capacity of bamboo as it releases 38 percent more oxygen than trees and sequesters 12 to 17 tons of carbon dioxide per hectare.

“The Institutionalization of the Bamboo Industry Development in the Philippines or the Kawayan Act aims to pursue further efforts that will develop the bamboo industry.

At present, government agencies such as DTI, DOST, DENR and DA implement their own research and development programs,” Villar said during a sponsorship speech last week.

“Yet, these initiatives are fragmented and this is worsened by the perception of the private sector for a lack of a functional governmental

body overseeing the development of the industry which thus hinders its optimization.”

The Kawayan Act seeks to institutionalize the Philippine Bamboo Industry Development Council (PBIDC), which was created

by Executive Order (EO) 879, to serve as the central body for overall policy and program direction for all bamboo stakeholders. The council is also mandated to formulate and implement the Philippine Bamboo Industry Development Roadmap.

The Kawayan Act will further provide a comprehensive approach to the development of the bamboo industry as its provisions mandates DENR, DTI, DOT, DepEd, and DOST and their attached agencies to use bamboo in government programs and to scale up the use, investment promotions, research and development of bamboo.

“The Philippine Bamboo Industry Development Roadmap will be guided with

ers, warehouses and training more technicians.

Last September 2022, the Seaweed Industry Association of the Philippines (SIAP) urged the Marcos administration to hike the budgetary support to the industry to boost domestic production and take advantage of its huge market potential.

SIAP Chairman Alfredo Pedrosa III appealed to the government to revert the annual budgetary support for the seaweed industry to about P250 million.

Pedrosa said government funding for the local seaweed industry has been continuously declining for the past five years, plunging to a mere P40 million in 2022.

He noted that the country earns about $200 million in seaweed exports, but the government channels only about $781,000 to $3.6 million in funding support. actionable, time-bound, and realistic objectives that are aligned with the Philippine Development Plan, in which the former will include substantial and attractive incentives to encourage investments in the bamboo industry,” said Villar.

Agriculture Undersecretary Deogracias Victor B. Savellano has expressed confidence that the legislative support to the institutionalization of the PBIDC will accelerate bamboo’s role in industrialization. It will lure private investors with the incentives granted by the law.

PBIDC Executive Director Rene Butch Madarang said the Kawayan Act will speed up and enhance efficiency of plantation, harvest, and bamboo transport permit approvals.

Savellano who is also PBIDC vice chairman said PBIDC, since the issuance of EO 879 in 2010, has been convening representatives of DENR, DA, DTI, DepEd, and other appointed public and private agencies as mandated, despite budget lack.

granting aid to young farmers

By Jovee Marie N. Dela Cruz @joveemarie

I

N a bid to encourage and empower the youth to actively engage in agriculture and fisheries, a House of Representatives committee has approved a measure establishing a program for young farmers and fisherfolk.

House Committee on Agriculture and Food member Keith Micah Tan of Quezon, principal author of the bill, said the House Committee on Ways and Means recently approved the tax provision of an unnumbered substitute bill, which encourages the youth to pursue a career or engage in activities related to agriculture.

Incentives incorporated into the bill involve tax exemptions for grants, bequests, endowments, donations, and contributions made directly to the Young Farmers and Fisherfolk Challenge Council, which will be created under the proposal.

These financial contributions will be considered allowable deductions from the gross income of the donor, in accordance with the National Internal Revenue Code of 1997, as amended.

Moreover, Tan said the bill will ensure young farmers and fisherfolk participation in policy formulation and program implementation relative to the agriculture sector and provide institutional support for agri-business and agri-entrepreneurship initiatives of the youth “to fully realize their role as agents and partners for development.”

According to Tan, the proposed legislation aims to foster a supportive environment for young individuals, aged 15 to 40 years, who are involved in farming and fishing activities.

He said these young farmers and

Russia blinks on banana ban as Ecuador swaps weaponry with US

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USSIA lifted a ban on five Ecuadorian banana exporters, resolving for now a dispute over the Latin American nation’s swap of decades-old weaponry with the United States.

Ecuador, the world’s biggest banana exporter, solved the impasse “with little noise and quickly thanks to a capable career commerce team,” said Michel Levi, a professor of foreign relations at Universidad Andina Simon Bolivar in Quito.

Alleging pests in shipments earlier this month, Russia’s agriculture and food safety watchdog had banned companies that account for about a fifth of Ecuador’s annual exports of the fruit to the Eurasian country. The tiny Megaselia scalaris flies are harmless and were only reported in 0.3 percent of cargoes, according to Ecuador’s banana exporters’ association.

With the end of the ban, President Daniel Noboa—a millennial heir to a banana fortune—chalked up a second foreign policy

victory in a week after Ecuador’s national assembly ratified a free-trade agreement with Russia’s ally China.

“This decision is proof of the importance of dialog that must exist at all times between two countries that traditionally have had a very close and very positive relationship,” Ecuador’s ambassador to Russia, Fernando Holguin, said in a video distributed by the foreign ministry.

Embroiled in a bid to neutralize rampaging

narco gangs, Noboa plans to receive $200 million in new US weapons in exchange for “scrap” Russian arms from the 1990s. Washington intends to ship the weaponry to Ukraine as it battles for global influence and rallies allies to that country’s defense in its war with Russia.

A Ukrainian transport plane that landed in Guayaquil last month has already brought “international cooperation,” according to Admiral Jaime Vela, the head of Ecuador’s joint chiefs of staff. Bloomberg News

A WORKER packs bananas for export in Milagro, Ecuador. VICENTE GAIBOR/BLOOMBERG

fishermen must be included in the Registry System for Basic Sectors in Agriculture (RSBSA) to be eligible for participation in the program.

Tan said the establishment of the Young Farmers and Fisherfolk Challenge Program is designed to provide support and empowerment for the targeted age group engaged in agricultural and fisheries pursuits.

The bill proposes the creation of the Young Farmers and Fisherfolk Challenge Council, which will play a pivotal role in shaping policies and ensuring effective implementation.

The council, as outlined in the legislation, will be administratively attached to the Department of Agriculture and will oversee the overall direction of concerned agencies, streamlining efforts for the successful execution of the program.

The proposed legislation mandates government agencies, instrumentalities, local government units, government-owned and controlled corporations, and government hospitals to grant exemptions from the collection of fees or charges for young farmers and fishermen who are first-time job seekers.

In an effort to ensure transparency and accountability, the bill directs the council to submit a detailed report to the President and both Houses of Congress, providing a comprehensive account of the effective implementation of the proposal.

Meanwhile, Tan said he remains optimistic about the potential impact of the bill on the youth’s involvement in agriculture and fisheries.

He added that the proposed legislation reflects “a forward-looking approach” to harnessing the potential of the younger generation to sustain and advance the country’s agricultural sector.

A10 Monday, February 19, 2024 • Editor: Angel R. Calso

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editorial BIR action against beauty products giant tells tax cheats it means business

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ax evasion is a significant issue in many countries, including the Philippines. It refers to the illegal practice of intentionally avoiding paying taxes owed to the government by underreporting income, inflating deductions, or engaging in fraudulent transactions. This not only deprives the government of much-needed revenue but also undermines the integrity of the tax system and creates an uneven playing field for honest taxpayers.

The Bureau of Internal Revenue has implemented various programs and initiatives to detect and prosecute tax evaders, such as the Run After Tax Evaders (RATE) and the Run After Tax Evaders Plus (RATE Plus) programs.

These efforts have been further bolstered by the establishment of the Run After Fake Transactions (RAFT) program, which specifically targets fictitious transactions and the use of ghost receipts.

The recent case filed by the BIR against Ever Bilena Cosmetics Inc. underscores the government’s commitment to cracking down on tax evasion and ensuring that all businesses fulfill their tax obligations. This move, made under the Run After Fake Transactions program, serves as a stark reminder that tax evasion will not be tolerated. (Read the BusinessMirror report: “Popular cosmetic brand faces P9.3-million tax rap,” February 2, 2024).

The BIR’s allegations against Ever Bilena highlight the company’s alleged violation of several sections of the National Internal Revenue Code, including tax evasion, failure to provide accurate information, perjury, and making false records or reports. The BIR claims that Ever Bilena engaged in fictitious transactions, creating the illusion of millions of purchases that never took place. By doing so, the company allegedly aimed to over-claim deductions in its tax returns, leading to reduced income and value-added tax payments.

These allegations, if proven true, demonstrate a blatant disregard for the law and an attempt to defraud the government of its rightful revenue. Such actions have significant consequences for the national economy, as tax evasion deprives the government of much-needed funds for public services, infrastructure development, and social welfare programs.

The BIR’s efforts to combat tax evasion extend beyond Ever Bilena. The agency has filed numerous cases against ghost corporations, corporate buyers, and sellers of ghost receipts, collectively amounting to billions of pesos in estimated tax liabilities. These cases, part of the RAFT program, reflect the BIR’s determination to bring tax evaders to justice and recover the lost revenues.

It is commendable that the BIR is taking a proactive approach to address tax evasion, as evidenced by its intensified programs and increased revenue collection performance. The agency’s commitment to filing civil and criminal charges against those involved in tax evasion schemes sends a strong message that individuals and companies will be held accountable for their actions.

Tax evasion not only undermines the government’s ability to provide essential services but also creates an unfair playing field for honest taxpayers and businesses. When some entities evade taxes, it places an additional burden on law-abiding citizens who fulfill their tax obligations. To effectively deter tax evasion and ensure fair taxation from both individuals and businesses, it is crucial for the BIR to persistently enhance its efforts in these areas to ensure that tax evasion is effectively deterred and that all individuals and businesses pay their fair share of taxes.

It is also crucial for the BIR to strengthen its collaboration with other government agencies, such as the Department of Justice, to expedite the legal process and ensure swift and fair resolution of cases. Timely prosecution and appropriate penalties will serve as a strong deterrent to potential tax evaders and reinforce the integrity of the tax system.

Ultimately, the BIR’s actions against Ever Bilena and other entities involved in tax evasion demonstrate the government’s commitment to upholding the rule of law and ensuring that everyone contributes their fair share to the nation’s development. The public expects and deserves a tax system that is fair, transparent, and supportive of economic growth. The BIR’s efforts to combat tax evasion are an essential step towards achieving these goals and fostering a culture of compliance among taxpayers.

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Reskilling and the AI revolution Atty. Jose Ferdinand M. Rojas II

RISING SUN

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rtificial Intelligence (AI) is no longer a distant prospect; we are all experiencing its impact in our daily lives, including the world of work. The profound implications of the AI revolution necessitate a strategic and proactive response from businesses and organizations. Globally and locally, key initiatives are paving the way for a more informed and prepared workforce.

For example, reskilling is imperative. We recognize that AI adoption and automation have the potential to reshape up to 40 percent of the workforce, a figure that might even be conservative. Executives and business leaders would be wise to highlight technical proficiency alongside essential human skills such as leadership, curiosity, and adaptability. It is important to look at reskilling as not just a training exercise but also a profound organizational change initiative.

The focus on reskilling goes beyond traditional training methods.

Online learning platforms, powered

by AI, are becoming crucial in facilitating this transformation. The increasing availability of education platforms is seen as an opportunity to empower individuals, breaking down barriers to quality education.

As far as organizational culture is concerned, it is crucial to foster one that embraces continuous learning and recognizes that reskilling is a dynamic and ongoing process rather than a one-time event.

One such initiative is the World Economic Forum’s Reskilling Revolution platform, which takes a proactive stance in addressing the challenges posed by AI. With a target to

The focus on reskilling goes beyond traditional training methods. Online learning platforms, powered by AI, are becoming crucial in facilitating this transformation. The increasing availability of education platforms is seen as an opportunity to empower individuals, breaking down barriers to quality education. As far as organizational culture is concerned, it is crucial to foster one that embraces continuous learning and recognizes that reskilling is a dynamic and ongoing process rather than a one-time event. reach over 600 million people globally by 2030, the initiative is a collaborative effort involving over 70 CEOs and a network of 34 ministers across 17 countries. This global commitment aims to prepare the workforce for the future by focusing on reskilling efforts in critical areas such as AI, big data, and programming.

The Reskilling Revolution platform operates on a three-pronged approach: sourcing commitments, co-creating solutions, and connecting stakeholders. It recognizes the ur-

Russia’s bid for an orbiting nuclear weapon highlights a new space race

By Katrina Manson

I

T seemed like the 2024 equivalent of a Sputnik moment: In a cryptic statement this week, a US lawmaker privy to US intelligence warned of a grave but unspecified security threat from Russia.

After days of uncertainty, President Joe Biden offered the most detailed account yet Friday of what the danger was. Russia has been developing an anti-satellite space weapon, but it doesn’t pose a “nuclear threat” to those on Earth. In fact, Biden said, it may never go ahead.

“What we found out was there was a capacity to launch a system into space that could theoretically do something that was damaging.

Hadn’t happened yet,” Biden said.

“And my expectation—my hope— was it will not.”

While the threat wasn’t as immediate as the initial panic suggested, the Russian ambition highlights what security experts and the US government say is growing competition among the US, Russia and China to develop attack and counter-attack capabilities in space. That’s fueled growing concern that the once dormant space race between Cold War rivals is kicking back into high gear with a volatile new dimension: potential space wars.

And while the revelation may have

been a shock to most Americans, researchers have spent years tracking and testing for the possible effects of a nuclear blast in space, based on the understanding that Russia or another adversary might try to develop one.

Greg Falco, an aerospace engineering assistant professor at Cornell University who runs a lab focused on weapons in space, said researchers have known for years that China or Russia might attempt to put nuclear weapons in space that could deliberately cause satellite blackouts in specific regions.

“It’s like a solar storm on steroids,” he said of the potential impact.

Experts say the damage from a nuclear weapon exploding in lowearth orbit could fry any satellites for hundreds of miles and that the resulting radiation could cause cumulative harm to satellites passing through the affected region for months. The electronics on spacecraft also risk failure as a result of nuclear blast irradiation.

Whether or not Russia deploys a

nuke, what’s clear is that the US and its two main adversaries, Russia and China, have developed increasingly advanced programs to wage conflict against each other’s assets in orbit, enhancing their capabilities take out satellites and disrupt communications networks.

Powerful pulses

Falco said the Defense Department and others have been looking in recent years at whether China or Russia might be developing capabilities or testing of high-altitude nuclear explosions, which can then create powerful high-altitude electromagnetic pulses.

Moscow and Beijing also have made the assessment that the US depends too much on its communications and spying satellites to give it a tactical advantage.

“China and Russia view the US as overly reliant upon space for military and information superiority,” the US Space Force said in “Competing in Space,” a January report. “Seeking asymmetric advantages in future conflict, both countries are designing, testing, and demonstrating counterspace weapons to deny, disrupt or destroy satellites and space services.”

The US is determined not to be left behind. Although there’s no in-

gency of investing in human capital to create a fairer world and predicts a net positive impact on job growth and decline. The platform is not just a theoretical initiative; it has concrete plans, including accelerating global reskilling efforts, implementing AI-enhanced learning models, and maintaining a geographic focus through country accelerators.

As a testament to its impact, the Reskilling Revolution platform has garnered commitments from prominent companies like IBM, Skillsoft, and SAP for 2024. These commitments span various aspects, from training underrepresented communities in AI to developing skills in design, user experience, networks, cybersecurity, AI, and big data programming. It would be good for local counterparts to study initiatives like this and take part in it or initiate programs that promote collaboration and proactive efforts in navigating the AI revolution.

It will not do anyone good to pretend that AI is not going to affect us.

A comprehensive strategy composed of reskilling, responsible AI practices and global commitments is needed to ensure that our own workforce will be prepared for the challenges and opportunities that lie ahead.

dication the US is putting nuclear weapons in space—which would be a violation of the 1967 Outer Space Treaty—it’s widely seen as the most advanced in the world when it comes to space.

In September, the US conducted the first launch in a new constellation of satellites known as “Silent Barker” designed to track Chinese or Russian spacecraft that could potentially disable or damage orbiting American systems.

Silent Barker is a response to efforts by China and Russia to develop systems capable of launching into orbit and taking out other satellites.

In its annual threat assessment this year, the US Office of the Director of National Intelligence said China has weapons intended to target US and allied satellites, and “counterspace operations will be integral” to operations by its People’s Liberation Army.

And while much of it is in the future, some is happening already.

Russian President Vladimir Putin’s government has floated the prospect of attacking commercial satellite systems that assist its enemies. The US and allies have already accused Russia of being behind a sweeping cyber attack on Viasat satellite modems across Europe that affected the See “Russia,” A11

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Philippines as a global tax leader

Is Universal Health Care really ‘universal’?

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In a public forum, labor activists Luke Espiritu and Leody de Guzman suggested that any UHC policy should be grounded on the premise that the health of each Filipino is a matter of public service. For them, government hospitals and health institutions like PhilHealth should not be profit-oriented but serviceoriented.

In a public forum, labor activists Luke Espiritu and Leody de Guzman suggested that any UHC policy should be grounded on the premise that the health of each Filipino is a matter of public service. For them, government hospitals and health institutions like PhilHealth should not be profit-oriented but serviceoriented. Atty. Luke urged those running PhilHealth to have prudence in the management of allowable investments of the funds generated from PhilHealth contributions. For Ka Leody, PhilHealth should consider investing in projects, not necessarily for a higher rate of return, but to help the healthcare sector, doctors, nurses, and everyone in the medical field. My doctor friends readily admit that although public hospital staff are generally highly skilled, public healthcare in the Philippines remain inadequate in rural areas due to the migration of Filipino medical staff to Western countries, which consequently drains the system of quality workers.

On the part of House Rep. Wilbert Lee, he espoused the belief that health is equally as important as national security. If government can budget billions for infrastruc-

respectively. Congressman Wilbert emphasized that many “killer diseases” such as cancers and diabetes are all preventable. Ergo, PhilHealth should provide more disease prevention or detection packages since some diseases can be fatal and expensive if detected late. Expenses of these diseases gradually drain the system’s funds; yet government leaders appear to prioritize curing instead of preventing.

Hence, any UHC system should prioritize prevention instead of cure, reinforcing healthy roots to create a strong foundation. Plant as many seeds (health awareness programs) in the minds of Filipinos so that risks of preventable but killer diseases can be managed at the onset, with the least burden on our PhilHealth. Regular health check ups, blood chemistry, dietary supplements, and other disease prevention programs sponsored by PhilHealth perhaps can be mandated in the same way employers require NBI clearances prior to any employment, if only to compel compliance.

Echoing what Congressman Wilbert posited, disease prevention is truly far more manageable and cost-efficient than disease treatment as far as our UHC is concerned.

In the spiritual space, roots of faith, when grounded in firm foundation, especially during the younger years, can minimize the risks of getting “spiritually sick” and eventually lose faith in our Almighty God. By daily devotions, quiet reflections, interaction in Bible study groups, and fervent prayer, believers can build or reinvigorate their spiritual health.

Siegfred Bueno Mison, Esq. Joel L. Tan-Torres

DEBIT CREDIT Part 12

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he latest edition of the Model Tax Convention on Income and Capital and its Commentaries (“Model tax treaty”) was released in December 2017 by the Organization for Economic Cooperation and Development (OECD).

This 2017 edition of the OECD Model tax treaty consolidates the treaty-related measures resulting from the ongoing work on the OECD Base Erosion and Profit Shifting (BEPS) Project. This initiative is intended to pursue the BEPS package of 15 measures to address tax avoidance, improve the coherence of international tax rules, and ensure a more transparent tax environment.

In November 2023, the Philippines joined this OECD/Group of 20 collaboration with over 140 member countries and jurisdictions. Though the Philippines was a recent entrant to this collaboration, it is not too late for the Bureau of Internal Revenue (BIR) to take a more prominent role in the ongoing deliberations on BEPS and the continuing updating of the Model tax treaty, and its effective implementation. This can enhance the standing of the BIR in the global tax community.

Towards this end, it is noteworthy that the Philippines became the 68th signatory to the OECD Convention on Mutual Administrative Assistance in Tax Matters (“Convention”) in September 2014. The Convention facilitates international cooperation for a better operation of national tax laws. It provides for all possible forms of administrative cooperation between countries in the assessment and collection of taxes. This cooperation ranges from an exchange of information, including both automatic and spontaneous exchanges, recovery of foreign tax claims, and simultaneous tax examinations. To date, there are 147 countries and jurisdictions which are signatories to the Convention.

Being one of the early signatories to this Convention, the BIR has since issued several guidelines and regulations. It is to the credit of the BIR that even before the signing of the Convention in 2014, the BIR had earlier issued Revenue Regulations 10-2010 that provide guidelines on the exchange of information (“EOI”) under existing international conventions or agreements on tax matters. Since then, nine issuances were promulgated, including several to implement the 2014 Convention.

When I was the Chief of the International Tax Affairs Division (ITAD) of the BIR in the 1990s, I was very much involved in the EOI process.

The ITAD regularly received from the tax treaty countries information on business transactions or receipts of Filipinos originating from their countries. With this information, the ITAD was able to investigate and assess taxpayers for their undeclared receipts of interest, dividends, and others. The BIR should be able to continue this practice and collect tax revenues by utilizing the information on the income of Filipinos from this EOI to ferret out non-reporting of offshore income which can even serve as a best practice in the global tax community.

The BIR should take the lead in pushing for the ratification of this Convention, the last step necessary for the law to take effect, and for the Philippines to finally fulfill its commitment to putting in place an environment that is transparent and compliant with global tax standards.

Russia . . .

US has more to lose.

“If conflict were close to China or Russia and we were operating at longer range, space might be more important to us than it might be to them,” said Eli Niewood, an aerospace engineer with the government-funded research group MITRE. “There’s lots up there that is not hardened.” With assistance from Tony

continued from A10

Ukrainian military’s ability to communicate on the eve of Russia’s invasion of Ukraine in February 2022.

Experts say that neither Russia nor China could detonate a nuclear burst in space without affecting their own systems. But they may judge the

Monday, February 19, 2024 A11

An important development in the EOI was the passage of Republic Act 0021(‘RA 10021”) in March 2010. RA 10021 provides an exemption to the non-disclosure of bank deposit information provided in the Bank Secrecy Law. Due mainly to the pressure of the global and OECD tax leaders for countries, including the Philippines, to follow global standards against tax haven practices, Congress was prompted to enact this measure allowing the BIR to inquire into bank deposits in the Philippines under the EOI of tax treaties. The law also allowed foreign tax authorities to examine the income tax returns filed in the Philippines of specific taxpayers under an EOI request. With these actions of the Philippine government, the country was removed from the “watch or grey list” of taxpayers not complying with the global standards on EOI. The challenge now for the Philippines, with the BIR as the primary mover, is to maintain its compliance with the global tax standards, and perhaps even to surpass these.

The actions to take should include fast-tracking the ratification by the Senate of the Convention signed way back in 2014. It has been about 10 years since the signing of the Convention and this has not yet been ratified.

Per the Senate report, as of November 13, 2023, the Convention on the Mutual Administrative Assistance on Tax Matters is still pending at the Committee level of the Senate. (https:// legacy.senate.gov.ph/19th_congress/ Treaties/Treaties%20-%2019th%20 Congress%20111323.pdf).

The BIR should take the lead in pushing for the ratification of this Convention, the last step necessary for the law to take effect, and for the Philippines to finally fulfill its commitment to putting in place an environment that is transparent and compliant with global tax standards.

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.

Capaccio /Bloomberg

THE PATRIOT

he evolution of a supposed robust and modern health care in this country began with Republic Act 7875, otherwise known as the National Health Insurance Act of 1995. It was considered a major piece of social legislation, with a lofty goal of providing quality health care services through a social health insurance program run by PhilHealth, a government-owned, tax-exempt entity, attached to the Department of Health (DOH). Despite the passage of RA 11223, known as the Universal Health Care (UHC) in 2019, health care services in government hospitals are either perceived as inadequate or actually do not provide adequate medical care. For instance, one prominent public hospital in Manila provides accommodations and professional health services, but not the drugs and medicine needed for proper treatment. PhilHealth did not cover for those expenses. ture, it could earmark just as much for healthcare. As per IBON report, around P325.4 billion (less than 6 percent) of the P5.78 trillion 2024 national budget will go to the health sector. The same report stated that since PhilHealth gets a P101.5 billion budget for 2024, government is clearly pursuing an insurance-driven health care system instead of direct service provisioning. There appears nothing wrong in a health insurance system over direct provisioning provided it caters to the right patients.

Woefully, the DOH social protection program, which benefits indigent patients confined in publicly owned hospitals and facilities, has been defunded by 32 percent, from P32.6 billion approved in 2023 to P22.3 billion proposed for 2024, as per IBON report.

In harmony, Atty. Luke, Ka Leody, and Cong. Wilbert all agreed that prevention of all kinds of illnesses will go a long way in providing the most responsive universal health care. Prevention is far cheaper than cure. Sadly, the 2024 budget for disease prevention of both non-communicable and communicable diseases has been slashed by 41.1 percent and 17.8 percent,

The Bible teaches us that “the seeds on the rocky soil represent those who hear the message and receive it with joy. But since they don’t have deep roots, they believe for a while, then they fall away when they face temptation.” (Luke 8:13). Whether fertile or rocky soil, any foundation can still fall off if not nurtured and cultivated thru the years. Hence, believers, as one pastor suggested, should join small groups or communities to reinforce their faith, collectively and individually. Ideally, the life of a Jesus-follower should start early, dedicating time and effort to connect with his Heavenly Creator daily, and not only in times of distress, illnesses or trouble. God’s Word instructs us to “Keep this Book of the Law always on your lips; meditate on it day and night, so that you may be careful to do everything written in it. Then you will be prosperous and successful.”

(Joshua 1:8).

Truly, as labor advocates Espiritu and de Guzman consider physical health as a matter of public service, we should likewise consider spiritual health as a matter of critical importance in any person’s overall health. Only then we can consider any UHC as universal when it also addresses the spiritual challenges of every person. Indeed, the universality of this health care program under the auspices of DOH and PhilHealth should encompass both the curative and preventive (deterrent or inhibitory) aspects from a physician point of view. But, equally as important is how the spiritual health can be addressed by our government leaders in rendering care from a spiritual point of view.

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.

New directions for human development in the Philippines

By Dr. Selva Ramachandran

H

uman development revolves around elevating peoples’ capabilities, broadening the scope of their choices, upholding their freedom, and advocating for their human rights. This developmental concept transcends mere economic growth, placing people’s lives at its core.

In the Philippines, as in the whole Asia-Pacific Region, human development has been a tale of progress, disparity, and disruption.

Today, we are faced with a convergence of escalating global tensions, deteriorating climate conditions, regional debt distress, and persisting inequality. This convergence is exerting considerable strain on development gains achieved in the past decades. This not only jeopardizes the attainment of the Sustainable Development Goals (SDGs), but also creates a potential for unprecedented setbacks in human development, economic stability as well as climate resilience, unless prompt and extensive corrective measures are implemented.

The UNDP 2024 Regional Human Development Report in the Philippines is launched at a time of great need. The 2024 Regional HDR delivers a compelling narrative: the Asia Pacific Region— known for its stellar economic performance and growth in the past decades—is home to half of the world’s multidimensionally deprived, totaling 500 million people. Across the region, approximately 800 million women are not part of the workforce, while roughly 1.3 billion people rely exclusively on informality for their livelihoods.

Aptly dubbed “Making our Future—New Directions for Human Development in the Asia-Pacific,” the

2024 Regional HDR paints a qualified picture of long-term progress, but also persistent disparity and widespread disruption, foreseeing a turbulent development landscape and urgently calling for new directions to boost human development.

Over the last three decades, the HDI of Asia-Pacific has surged by 19 points—the greatest leap in the world. Rapid economic growth, increase in adult literacy rates, and increased life expectancy rates have significantly contributed to major improvements in human development in the region. For the Philippines, the HDI score has increased from 0.598 in 1990 to 0.699 in 2021, growing over those three decades alongside the Asia-Pacific Region’s trajectory. It declined slightly under the impact of Covid-19, keeping it within the group of countries with medium levels of human development. The Philippines ranks 7th in the Asean, 16th in the Asia-Pacific Region, and 116th in the world.

Beyond the progress in the region, widespread disparities and persistent structural exclusion remain. Worsened by the pandemic and the rising cost of living amid global crises, persistent challenges of poverty and inequality, gender biases, and a large informal sector make it a challenge for the region to keep on track to achieve the SDGs by 2030.

To bring about the needed

The Philippines can gain from decisively addressing the issues which prevent ordinary Filipinos from improving their lives through quality jobs and more secure livelihoods. As the Philippines is expecting to join the ranks of upper middle-income countries soon, a key challenge will be to tackle the lingering issues of precarity and inequality head-on. Doubling down on investments in education, health, and other human capital development needs will not only address a feeling of job insecurity among certain Filipinos, but also to further improve social mobility.

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

In the Philippines, these new directions can foster four major transformations, including: a larger and faster green economic and energy transition; strengthened resilience of families and communities from shocks and disasters; accelerated innovation and digital evolution as tools to accelerating and sustaining growth; and a more future-ready governance that can help to accelerate human development.

The Philippines can gain from decisively addressing the issues which prevent ordinary Filipinos

from improving their lives through quality jobs and more secure livelihoods. As the Philippines is expecting to join the ranks of upper middle-income countries soon, a key challenge will be to tackle the lingering issues of precarity and inequality head-on. Doubling down on investments in education, health, and other human capital development needs will not only address a feeling of job insecurity among certain Filipinos, but also to further improve social mobility.

T his new path also means strengthening the resilience of families and communities from shocks and disasters, which are becoming more frequent. Countries like the Philippines—which bear the brunt of climate change—face an existential crisis that can only be solved through urgent collective action at a global scale.

The Philippine government has wagered on innovation as a primary tool to accelerating and sustaining growth. However, to ensure that this growth benefits all Filipinos requires innovative approaches that are by their nature inclusive and driven by the grassroots. Innovation will need to contribute to transforming communities in “last mile” areas into effective levers of local development.

Finally, future-ready governance can help to accelerate change and human development in the Philippines. Delivering change requires making public institutions, especially at the local level, more fit for the needs, the pace of change, and the capacity to deliver prosperity to communities at risk of being left behind.

Dr. Selva Ramachandran is the UNDP Philippines Resident Representative.

A12 Monday, February 19, 2024

₧900-M PHL shrimp exports to US may be affected by ban

N

By Andrea E. San Juan @andreasanjuan

EARLY a billion pesos worth of shrimp exports to the United States are at risk due to the US’s temporary ban on the importation of shrimp and shrimp products from the Philippines, data processed by the Department of Trade and Industry-Export Marketing Bureau (DTI-EMB) showed.

Last year, Philippine shrimp exports to the US reached nearly P900 million.

In five years, the highest was recorded in 2019 when it hit more than P2 billion.

In an advisory published on DTI-EMB’s website last week, the export marketing arm of DTI revealed that the US temporarily prohibited importation of shrimp caught using commercial fishing technology that “adversely” affects turtles such as the use of Turtle Excluder Devices.

This prohibition is pursuant to Section 609 of US Public Law 101-162.

On May 12, 2023, the US government unveiled the list of shrimp-exporting countries that are eligible to export to the United States.

The list did not include the Philippines.

“For nations, economies, and fisheries not listed above, only shrimp harvested

from aquaculture is eligible to enter the United States,” the US government noted.

Among the countries included in the list were Japan, Korea, Australia, New Zealand, and Sri Lanka.

The advisory noted that “Philippine exporters of shrimp paste or other shrimp products are advised not to ship to the US to avoid shipments being held by the US Customs and Border Protection [CBP] until this issue is resolved.”

With this, the DTI-EMB stated in its advisory that Philippine exporters of shrimp paste or other shrimp products to the US, who are affected of this law, are advised to communicate directly with the Bureau of Fisheries and Aquatic Resources (BFAR) for a “completed” DS 2031 Shrimp Exporter’s/ Importer’s Declaration with Box 7 (A) (1) -

harvested by aquaculture in the Philippines.

Data from the Philippine Statistics Authority (PSA) showed that the Philippines exported $385.92 million or P2.16 billion worth of fish, fresh or preserved; shrimps and prawns in 2023.

In 2023, the United States was the top export destination of the Philippines as the country exported $11.54 billion or P646 billion to the US. This translates to 15.7 percent of the $73.52 billion exports earnings of the Philippines in 2023.

According to the Philippine Shrimp Industry Roadmap 2021-2040, about 8 percent of total shrimp production in the Philippines is exported to other countries.

In 2019, the roadmap noted that shrimp ranked fourth among the major fisheries export commodities with P2.2 billion foreign earnings next to tuna (P24.6 billion), seaweeds (P12.9 billion), and crabs (P5.1 billion).

“Shrimp products exported are either frozen, fresh or chilled, dried, and prepared and preserved. Frozen shrimp, which is equivalent to 84 percent of total volume of shrimp exported, is the most dominant product form, followed by prepared and preserved, fresh or chilled and dried with 13 percent, 3 percent and 1 percent, respectively,” the roadmap said.

As to the countries relying on Philippine shrimp exports, the roadmap said Japan is the top destination of frozen shrimp with 43 percent share, followed by the USA,18 percent; and South Korea, with 14 percent.

‘NO WAY’ TO NIXING CONGRESS ISSUANCE OF TELCO FRANCHISE

By Jovee Marie N. dela Cruz @joveemarie

T

HE minority leader of the House of Representatives on Sunday rejected the proposal by the National Economic and Development Authority (Neda) to scrap the legislative franchise requirement for telecommunications companies.

Minority Leader and 4Ps party-list Rep. Marcelino Libanan said there is “absolutely no way that Congress will give up its power to closely supervise the telecommunications sector, which is heavily imbued with public interest.”

Libanan said, “We are determined to exercise our oversight powers to ensure the supply of dependable and affordable telecommunications services, including internet services, to the public at all times.”

Currently, every telecommunications company must secure a franchise from Congress, which holds the authority to amend, extend, or revoke each franchise.

Libanan emphasized that the Philippine radio airwaves belong to the state and the public. The state, through Congress and the National Telecommunications Commission, assigns certain frequencies to telecommunications firms, subject to user fees, according to Libanan.

“Let’s face it. Telecommunications is an extremely capital-intensive business that requires massive investments over several years. But this should not discourage resolute new players who have the wherewithal to compete,” Libanan said.

Libanan cited the case of Converge ICT Solutions Inc. and DITO Telecommunity

Corp., which recently forged a landmark agreement that will allow them to share select terrestrial and submarine fiber optic cable assets so that they can quickly expand coverage of their telecommunications services.

In a recent policy note, Neda pressed for the removal of the legislative franchise requirement for telecommunications firms to attract more players and foster stronger competition that could improve services.

“The dual licensing process could have a disproportionate negative impact on these small players, potentially influencing market entry dynamics,” Neda said.

However, Libanan pointed out that Congress had actually granted dozens of franchises to new telecommunications firms over the years.

“However, instead of raising more capital to grow their businesses, many of these telecommunications firms merely sold themselves to either PLDT Inc. or Globe Telecom Inc., particularly before the enactment of the law that prohibited anti-competitive mergers and acquisitions,” Libanan said.

Among the telecommunications firms that were acquired by PLDT in the past were Digital Telecommunications Philippines Inc. of the Gokongwei family and Connectivity Unlimited Resource Enterprise Inc. of the late businessman Roberto Ongpin.

Globe, meanwhile, acquired competitors Bayan Telecommunications Inc. (Bayantel) and Isla Communications Inc. (Islacom).

Businessman Ramon Ang’s San Miguel Corp. (SMC) also ended up selling its telecommunications assets under Vega Telecom Inc. to PLDT and Globe in 2016.

COMMEMORATING GOMBURZA The Solidarity for Truth and Justice, in collaboration with urban poor communities, religious groups, and history enthusiasts led by Fr. Robert Reyes, organized a prayer walk from Plaza Roma at Manila Cathedral to the Bagumbayan marker of Gomburza, now situated in Rizal Park. This solemn procession marked the nation’s commemoration of the 152nd martyrdom of Fathers Mariano Gomez, Jose Burgos, and Jacinto Zamora on February 17, 1872, culminating with a poignant reenactment of their execution. BERNARD TESTA

Peza: New pharma ecozone to rise in Bulacan this year

By Andrea E. San Juan @andreasanjuan

A

MODERN Pharma park, a new type of ecozone seen to provide access to affordable medicines and healthcare for Filipinos, is expected to be rolled out within the year in the country, according to the Philippine Economic Zone Authority (Peza).

“We are in talks with three ecozone developers for their proposed Pharma park. We hope to roll out this new type of ecozone within the year with the proclamation of First Bulacan Industrial Park, which is adjacent to the existing First Bulacan Industrial city dubbed as the Pharma City of the North,” Peza Director General Tereso O. Panga told the BusinessMirror in a Viber message over the weekend.

“We will collaborate as well with OSAPEIA and Philippine Chamber of Pharmaceutical Industries for the needed support and assistance

to be able to attract key players in the Pharma industry and to complete the supply chain for drug manufacturing in the country,” he also noted.

In a statement on Friday, Pezasaid that in 2021, Malacañang proclaimed the PEZA-registered First Bulacan Business Park (FBBP), which is seen to host medical R&D for the manufacturing of innovative, over-the-counter and generic drug products, medical instruments/equipment, and pharma cold chain.

FBBP is adjacent to the First Bulacan Industrial City (FBIC) or the Pharma City of the North, home to eight Pharma-related firms including Lloyd Laboratories, Pascual Laboratories, Lumar Pharmaceutical, Cargill Phils. and Cosmetique Asia, Peza noted.

“In all these, we hope to see the pharma parks creating a platform for increased R&D, technology transfer, registration of local

patents, and a complete ecosystem that will enable the country to produce its own medicines and provide access to quality, affordable medicines, medical products and healthcare for all Filipinos,” Panga said.

As of December 2023, the investment promotion agency said it hosts 26 operating companies in the manufacture of pharmaceutical products and medical equipment or devices like Terumo, Arkray Industry, Royale Life Pharma, JMS Healthcare and Philipcare Medical.

These firms, it noted, generate about P25.49 billion of investments and over 19,000 direct jobs for the country.

With this, Peza said it is reviving talks with the leading Filipino firms into pharmaceutical-related activities such as Lloyd Laboratories, Pascual Laboratories and United Laboratories, Inc., for the establishment of a modern pharma park in the country.

See “Peza,” A2

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, February 19, 2024

B1

Quezon Power sets sights PSE to start VWAP trading next month on 1,200-MW thermal plant

Q

By Lenie Lectura

@llectura

uezon Power (Philippines) Ltd. Co. (QPL) is jumping on the liquefied natural gas (LNG) bandwagon with its investment in a 1,200-megawatt (MW) gas-fired thermal power plant.

The company plans to allot some P71 billion for the LNG project, which is expected to start commercial operations in the first quarter of 2028.

In a filing, the power firm disclosed that it is planning to put up the LNG combined cycle gas turbine (CCGT) San Francisco power plant in the north of the existing QPP and San Buenaventura Power Ltd. (SBPL) plant in Mauban, Quezon. Construction is expected to start later this year as soon as the company completes feasibility studies and secures regulatory permits.

The LNG project will include an onshore regasification and storage, power plant, LNG jetty, LNG unload-

ing system to floating storage unit and onshore storage tank, and support facilities.

According to QPL, the proposed LNG project is intended to provide a steady supply of power in Luzon through a reliable and affordable baseload power supply.

“It will contribute to meeting the demand for dependable and reasonably priced baseload power supply for the present and in the future.

As a result of a greater supply base and lower generation cost, there will be increased trade, and lower electricity costs in the future that will further transform the communities into more developed ones,” it said.

Based on Department of En-

ergy (DOE) figures, the total installed generation capacity stood at 26,286 MW in 2020, while energy sales reached 91,369 gigawatt hours (GWh), and peak demand hit 15,282 MW. The country’s energy sales are anticipated to increase to 129,188 GWh by 2025 and up to 355,691 GWh by 2040 based on the DOE’s 2022-2040 Philippine Energy Plan.

Peak demand, meanwhile, will increase to 21,019 MW by 2025 and to approximately 54,655 MW by 2040.

To meet the projected peak demand and electricity sales, the country needs to increase the total installed capacity to 95.7 GW in 2040, a fourfold expansion from 26.3 GW in 2020, which will come from committed and new build power generation capacities. This translates to a total additional capacity of 69.4 GW, about twothirds, or 45.6 GW, of which will be contributed by renewable energy (RE) technologies.

The development of power projects is critical to augment the existing capacities and meet the future electricity demand of a growing economy, according ot the DOE.

QPL said natural gas overtakes coal as the major fuel for power generation with its share increasing to 40 percent of total from nearly 20 percent in 2020. This is attributed to the flexibility of its fuel to support the higher penetration of renewables in the generation mix, specifically solar and wind.

Natural gas, QPPL said, will play a bigger and more crucial role in the country’s energy mix.

It is a transition fuel capable of delivering baseload output to fill the gap when current coal-fired power units begin to retire.

“Natural gas is viewed as a viable transition fuel through which private sector investments in this technology will be supported, enabling the sustainability of major RE capacity expansions while also ensuring the dependability and security of the power system,” QPL said.

The proposed project plans to interconnect to the National Grid Corporation of the Philippines (NGCP) through a new dedicated 230 kilovolt transmission line to be installed within the existing 31 kilometer right-of-way transmission line of QPL and SBPL to NGCP substation in Tayabas, Quezon.

Meralco pegs refund at ₧0.05/kWh M

anila E le c t r ic Co. (Meralco) customers will receive a refund of some 5 centavos per kilowatt hour (kWh) next month after the Energy Regulatory Commission (ERC) declared that there was an unverified cost that was passed on by the firm to consumers.

“Between 4 to 5 centavos for the portion corresponding to the increase in natural gas only,” said Meralco First Vice President and Regulatory Management head Ronald Valles when asked how much will Meralco return to its customers.

The utility firm earlier sought guidance from the ERC on how it should deal with the increase in the price of natural gas from one of its biggest suppliers, First Gas Power Corp. (FGPC).

The ERC, in a letter, cautioned Meralco not to pass on the gas component of the fuel cost of First Gas

plants because even Meralco itself has not yet validated if the hike is justified. The letter, however, came after Meralco had already incorporated this particular cost component in the February electricity rates, citing the cut-off period it must observe in paying its suppliers.

Overall rates of Meralco for February increased to P11.9168 per kilowatt hour (kWh) this month from P11.3430 per kWh in January.

This was brought about by a higher generation charge that led to an increase of P0.5738 per kWh in the February billing.

The generation charge went up by P0.4552 to P7.1020 per kWh primarily due to higher cost of power from independent power producers (IPPs) and power supply agreements (PSAs).

Meralco said charges from IPPs spiked by P1.4764 per kWh due to higher fuel costs of Sta. Rita and San Lorenzo gas plants of First Gas

Power Corp. (FGPC). IPPs and PSAs accounted for 32.8 percent and 46.8 percent, respectively, of Meralco’s total energy requirement in the last supply month.

The ERC said it has not been provided with the results of Meralco’s validation of the impact of the use of gas and the new gas supply contracts.

“On the basis of the foregoing, we are constrained from giving any clearance for the recovery of such costs if Meralco itself has not completed its validation or provided the results of such validation to the Commission. Pending Meralco’s validation of the basis of such charges, passing on of such costs to the consumers may be premature,” ERC Chairperson Monalisa Dimalanta said.

Meralco too has yet receive from FGPC a copy of its gas supply and purchase agreement between FGPC and its suppliers. Given this, the ERC chief said Meralco should not have

passed on the fuel cost component to its consumers if it has not yet validated the amount.

Meralco recognized this and said it will comply with the directive of the ERC. “We just received the reply of ERC Chair to our various letters today.

Based on ERC Chair’s guidance, we are ready to implement a refund in generation charges corresponding to the increase in the gas price of First Gas plants for the January supply month.

As these are pass-through costs, we will also not be in a position to pay the equivalent cost to First Gas,” Valles said after the ERC letter was issued last week.

For the liquefied natural gas component of the fuel cost of First Gas plants, he said Meralco will file the appropriate pleading with ERC for confirmation of the pass-through of these costs. Lenie Lectura

12.64 to 6,408.70, the Property index declined 42.57 to 2,927.22, the Services index climbed 33.70 to 1,747,23 and the Mining and Oil index lost 149.97 to 8,838.41.

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

Top gainers were Medco Holdings Inc., Metro Alliance Holdings and Equities Corp. A shares, TKC Metals Corp., Philippine Infradev Holdings Inc., Philippine Estates Corp., LBC Express Holdings Inc. and Mabuhay Holdings Corp.

Top losers, meanwhile, were Filipino Fund Inc., Apollo Global Capital Inc., Concrete Aggregates Corp. B, Central Azucarera de Tarlac Inc., F and J Prince Holdings Corp. A, Pacific Online Systems Corp. and Basic Energy Corp.

“Hotter than expected US January producer prices and a potential delay in US policy rate cuts may give investors reason to take profits.”

“Nonetheless, resilient buying appetite could provide market support especially if we see sustained net foreign inflows. Traders will take their cue mainly from US and China markets for direction.”

Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said investors are expected to be on the lookout for fresh leads that can provide support to the bullish sentiment.

“Without such, we may see profittaking next week which could lead to a pull back for the market. Investors are expected to wait for fourth quarter corporate results reports. Investors may also look to Wall Street to see if it will continue with its record performances,” he said.

Chartwise, the market is seen to have an immediate support at its 10-day exponential moving average. Its major support is seen at 6,700. Major resistance is seen at 7,000, Tantiangco said.

Corp. said it downgraded its recommendation on the stock of Globe Telecom Inc. to “hold” as it estimated to be registering a low to mid-single digit growth on its topline for the year.

It said capital expenditures (capex) for the year is seen at P55 billion, down from last year’s P70.6 billion.

“Capex is expected to decline further in 2025 as the company works to reduce its capex after years of heavy investments to achieve free cash flow,” the broker said.

It gave a target price of P1,960 on the stock, an upside of 9 percent.

Globe was last traded at P1,781 apiece on Friday.

Meanwhile, the borker has advised clients to sell on rallies on the stock of Converge Information and Communications Technology Solutions Inc., after its share price has finally breached the double-digit resistance. Its shares are now trading at levels last seen four months ago.

“If CNVRG is unable to hold a support at the P10 mark, investors should take the opportunity to take profits now,” it said.

Converge’s share price closed at P9.99 last week. VG Cabuag

STOCK-MARKET OUTLOOK Last week

Share prices inched higher for the fourth straight week after the Bangko Sentral ng Pilipinas (BSP) kept policy rates steady.

The benchmark Philippine Stock Exchange index gained 23.07 points to close at 6,873.23 points.

The main index fell at the start of the week, but made gains for three consecutive trading days before slightly decreasing on Friday.

“The BSP maintained the benchmark rates, leaving them unchanged as expected. Note however, that inflation forecast of the central bank has been bumped to 3.9 percent in 2024 from 4.2 percent in the previous December meeting, hinting at more favorable inflation backdrop this year,” broker 2TradeAsia said.

“This will also mark a full return to the 2-4 percent inflation zone.”

Volume of trade, however, was still low, as it averaged only P4.42 billion.

Other sub-indices ended mixed.

The broader All Shares index gained 23.46 points to close at 3,597.67 points, the Financials index was up 18.57 to 1,983.50, the Industrial index rose 150.80 to 9,341.59, the Holding Firms index fell

This week

Share prices could decline this week, after four straight weeks of gains, as selling pressure mounts.

The base case is for the index to continue consolidating in the 6,750 to 6,950 area, according to Juan Paolo Colet, managing director at China Bank Capital Corp.

Stock picks

Broker Regina Capital Development

By VG Cabuag @villygc

T

he Philippine Stock Exchange Inc. (PSE) said it will implement the volume weighted average price (VWAP) trading starting March 1.

This comes after the Securities and Exchange Commission approved PSE’s VWAP trading rules as well as the briefing of trading participants and onboarding of authorized traders of brokers interested in this facility.

“The ability to easily place VWAP-based orders expands the options available to investors, especially those who prefer to use this approach in trading,” PSE President and CEO Ramon S. Monzon said in a statement. ”We expect foreign and institutional investors who pre-

fer to look through price volatilities during the trading day and focus on the average price instead to avail of this facility.”

The VWAP trading may only be done within a 15-minute window after the market’s run-off period, or from 3 p.m. to 3:15 p.m., using the price computed by the bourse.

VWAP trades may only be executed by authorized salesmen or traders of a broker.

PSE said studied the VWAP rules of other bourses and used them as basis for the bourse’s own VWAP trading rules.

VWAP trading is a tool that improves market transparency, it added.

Institutional investors can make use of VWAP trading to execute large orders to avoid artificially inflating the price of a security.

The rules were approved by the SEC on November 16.

B2

Companies BusinessMirror

Monday, February 19, 2024

Ayala all set to sell stake in Manila Water, LRMC–exec

A

By VG Cabuag

@villygc

yala Corp. may earn some $400 million in revenues from the divestment of assets that it does not control anymore, such as water and railways.

The said amount is part of the $1-billion divestment plan that the company announced more than two years ago. The sale of Ayala’s stake in water and railways will be the final phase of the plan, according to Alberto M. de Larrazabal, the company’s CFO said.

De Larrazabal said the company may earn $350 million to $400 million from the sale of its remaining stake in Manila Water Co., the east zone concessionaire, railway and other smaller assets.

Manila Water is now being controlled by the group of billionaire Enrique K. Razon Jr. “I can’t speak on his (Razon) behalf. But he’s extremely committed to the business. He sees the po-

tential. He’s always indicated the desire to consider (acquiring the stake) if and when we sell,” he said.

Razon does not have the right of first purchase. However, de Larrazabal said he is a partner, “so we will obviously take that into consideration.”

As for Light Rail Manila Corp.

(LRMC), which currently operates LRT lines 1 and 2, it generated interest from investors, including private equity, after it secured the green light from the government to increase rates.

LRMC is operated by the group of businessman Manuel V. Pangilinan.

“We’re not anywhere close to a final decision. He (Pangilinan) is part of the consortium and is very

involved (in the business),” de Larrazabal said.

“My hope is (to c lose t he deal) within the next four to six months.”

As for Manuel B. Villar Jr. supposed interest in acquiring Ayala’s stake in LRMC, de Larrazabal said they’ve had “casual conversations”.

“We have to understand that’s his property at the end. So he will also have a natural interest in this.”

Villar-led Prime Asset Ventures Inc. is proposing to acquire the right to develop and extend the Light Rail Transit-1 by seven additional stations that can go all the way to Silang, Cavite.

Villar, the country’s richest person, said the project is “doable” as

he will not have a difficult time acquiring the right of way for the railway. Right-of-way issues have plagued the construction of the elevated railway in the country.

He said current plans for the 11-kilometer LRT-1 Extension will end at Niog station in Bacoor, Cavite.

The partnership between Metro Pacific Investments Corp. and Ayala Corp. may find it difficult to extend it further into Cavite because of right-of-way issues.

“I can get the right of way since I own the land where the railway will traverse. Real estate is really important,” Villar said, adding that he intends to develop the areas around those stations and build retail outlets.

MUTUAL FUNDS

February 16, 2024

NAV

One Year Three Year

per share

Five Year

Return*

Y-T-D Return

Stock Funds Primarily invested in Peso securities (shares) ALFM Growth Fund, Inc. -a

223.74

ATRAM Alpha Opportunity Fund, Inc. -a

4.23%

0.39%

-3.5%

0%

6.16%

1.5234

4.56%

4.58%

-0.57%

2.06%

3.44% -1.83%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.1027

3.5%

0.51%

-5.73%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7143

1.42%

-2.73%

-5.41% n.a

First Metro Consumer Fund, Inc. -a

-2.09%

-5.34% n.a

6.3%

0.58%

-2.56%

5.63%

0.665

-4.96%

First Metro Save and Learn Equity Fund, Inc. -a 4.89061.76%

0.16%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.73491.28%

0.91% n.a n.a

MBG Equity Investment Fund, Inc. -a

83.19

3.43%

-7.46% n.a

PAMI Equity Index Fund, Inc. -a 45.7205

2.09%

0.1%

Philam Strategic Growth Fund, Inc. -a

475.11

4.05%

-0.05%

-2.79%

0.01%

6.2%

Philequity Dividend Yield Fund, Inc. -a

1.2395

3.15%

2.65%

-1.27%

2.35%

2.84%

Philequity Fund, Inc. -a

2.66%

1.57%

-1.82%

1.77%

5.58%

35.5121

-5.66%

-2.73% n.a

Philequity MSCI Philippine Index Fund, Inc. -a 0.9185 4.35%

1.27%

-2.49% n.a

5.95%

4.8005

2.85%

0.97%

-1.97%

1.68%

6.43%

798.79

2.79%

0.78%

-2.05%

1.66%

0.72

3.29%

0.74%

-4.57% n.a

5% 0.22%

6.43%

2.56%

0.64%

-3.58%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9061 2.57%

0.49%

-2.33% n.a

United Fund, Inc. -a

1.06%

5.55%

3.263

1.37%

0.13%

-2.54%

6.12%

-2.12%

Philippine Stock Index Fund Corp. -a

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.5988

2.23%

6.54%

Philequity PSE Index Fund, Inc. -a Soldivo Strategic Growth Fund, Inc. -a

5.34%

6.97% 6.47%

Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.12192.64% n.a n.a n.a

6.28%

COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 1.0296 n.a n.a n.a n.a 2.48% Philequity Alpha One Fund, Inc. -a

1.0526

-5.41%

Philippine Stock Index Fund Corp. -a

969.82

2.75% n.a n.a n.a

-0.2% n.a n.a

3.3% 6.44%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 108.61993.45% 1.22%

-1.71%

2.36%

6.56%

Primarily invested in foreign currency securities (shares) AsiaPlus Equity Fund, Inc. -b

$0.798

-12.02%

-16.3%

-4.26%

-1.52%

-2.92%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.7244

13.53%

-1.52%

7.06% n.a

ATRAM 3.77%

Balanced Funds Primarily invested in Peso securities (shares) ATRAM Philippine Balanced Fund, Inc. -a 2.2482

4.52%

0.02%

-0.61%

0.65%

1.56%

ATRAM Unicapital Diversified Growth Fund, Inc. -a,41.537

2.96%

-2.55%

-2.33%

-1.22%

1.75%

First Metro Save and Learn Balanced Fund, Inc. -a 2.585

0.64%

0.07%

-0.54%

-0.43%

3.54%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1987

-1.14%

0.68% n.a n.a

4.36% NCM Mutual Fund of the Phils., Inc. -a

1.9962

0.01%

0.75%

0.84%

1.74%

PAMI Horizon Fund, Inc. -a

3.6643

3.68%

-0.54%

0.13%

0.89%

3.05%

Philam Fund, Inc. -a

16.0489

3.64%

-1.24%

-0.53%

0.57%

3.12%

Solidaritas Fund, Inc. -a

2.0921

2.95%

0.43%

-0.59%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.5263 Sun Life Prosperity Dynamic Fund, Inc. -a 0.9331

2.32%

2.9% 2.08%

3.27%

1.42%

3.16%

0.04%

-1.63%

0.48%

-0.72% n.a

3.18%

3.47%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.95411.84%

-1.77%

-0.84% n.a

1.47%

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.88431.7%

-1.57%

-2.26% n.a

4.39%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.8661.32%

-1.63%

-2.66% n.a

4.89%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03256

-0.61%

-5.73%

-1.81%

-0.01%

PAMI Asia Balanced Fund, Inc. -b $0.8785 -8.06%

-9.98%

-2.12%

-1.09%

-4%

-1.96%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.3683

8.59%

-2.94%

4.14%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0371

3.49%

-4.6%

0.62% n.a

3.14%

1.78% -0.37%

Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 391.72

1.76%

2.55%

ATRAM Corporate Bond Fund, Inc. -a

1.9178

1.46%

0.22%

0.6%

0.18%

0.47%

Cocolife Fixed Income Fund, Inc. -a

3.3353

3.12%

2.43%

1.2%

2.36% 2.21%

3.73%

0.31% 0.3%

Ekklesia Mutual Fund, Inc. -a 2.277

2.88%

-0.26%

1.19%

1.55%

-0.4%

First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4498

1.42%

Philam Bond Fund, Inc. -a

0.03%

1.93%

2.25%

-2.52%

1.83%

1.1%

-0.21%

Philam Managed Income Fund, Inc. -a

1.3837

3.9%

1.52%

3.14%

1.85%

0.76%

Philequity Peso Bond Fund, Inc. -a

4.0361

2.58%

0.52%

2.45%

1.85%

0.04%

Soldivo Bond Fund, Inc. -a

2.43%

4.2887

1.0518

1.3%

0.45%

2.94% n.a

0.2%

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

3.3027

3.18%

1.03%

3.13%

2.33%

Sun Life Prosperity GS Fund, Inc. -a

2.46%

0.29%

2.3%

1.67%

-0.36%

1.7631

-0.31%

-0.3%

Corporate Debt Vehicle (units) ATRAM Unitized Corporate Debt Vehicle, Inc. -a,3

1.017 n.a n.a n.a n.a

0.93%

Primarily invested in foreign currency securities (shares) Dollar Bond Fund, Inc. -a

$496.89

2.81%

0.78%

1.96%

2.5%

0.33%

ALFM Euro Bond Fund, Inc. -a Є214.27

1.62%

-0.82%

-0.01%

0.78%

0.13%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0263-0.88% -6.85%

-2.18%

0.02%

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 $0.847 Philam Dollar Bond Fund, Inc. -a

-1.58%

-1.1%

-8.1%

-4.15%

-3.21%

-1.21%

$2.2839

3.12%

-3.38%

0.58%

1.77%

-1.55%

1.49%

-0.77%

1.29%

1.58%

0.44%

0.16%

-5.15%

-1.29%

0.35%

Philequity Dollar Income Fund, Inc. -a $0.0611833

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7392

ALFM

-0.4%

-3.33%

Money Market Funds Primarily invested in Peso securities (shares) AIB Money Market Mutual Fund, Inc. -a,5 1.0986 n.a n.a n.a n.a n.a ALFM Money Market Fund, Inc. -a 137.39

2.85%

1.85%

2.47%

First Metro Save and Learn Money Market Fund, Inc. -a 1.1135 3.36% Sun Life Prosperity Peso Starter Fund, Inc. -a 1.38112.88%

2.07%

2.07% 2% 2.43%

0.38% 2.14% n.a 2.06%

0.46%

0.39%

Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 105.17

4.23% n.a n.a n.a

0.56%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a

$1.1033

2.82%

1.54%

1.6% n.a

0.53%

Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 43.299-0.78% n.a n.a n.a Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a

1.5134

15.81%

0.43%

8.39% n.a n.a

3.01% Sun Life Prosperity World Income Fund, Inc. -a,1

1.0044 n.a n.a n.a n.a

0.47%

Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.797 -2.2% a - NAVPS as of the previous banking day.

1 - Launch date is August 22, 2023.

-7.28% n.a n.a

b - NAVPS as of two banking days ago.

2 - Launch date is October 6, 2023.

-0.71%

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.) 5 - Launch date is February 15, 2024.

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

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

February 16, 2024

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FILIPINO FUND IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

38,915 319,847,004 8,709 362,578,269 11,539,215 382,866 58,343,412.50 82,650 3,661,602 48,100 6,942,565.50 10,022,115 979,560 312,010 5,500 27,000 3,810 275,990 3,900 838,007 2,689,370 281,700

37,486,499 196,078,826 3,219,785 1,739,423.50 1,375,483 -2,256,235 -245,870 2,540 275,990 -518,092 2,689,370 -

INDUSTRIAL ACEN CORP 4.22 4.25 4.25 4.31 4.21 4.24 13,384,000 57,123,680 0.51 0.54 0.51 0.54 0.51 0.54 166,000 87,390 ALSONS CONS 0.8 0.81 0.82 0.82 0.8 0.81 718,000 575,080 ALTERNERGY HLDG 37.3 37.6 37.8 38 37.3 37.3 2,131,100 80,394,560 ABOITIZ POWER 1.18 1.2 1.22 1.22 1.17 1.21 73,000 86,560 RASLAG BASIC ENERGY 0.206 0.207 0.214 0.214 0.206 0.207 530,000 110,350 FIRST GEN 19.34 19.48 19.52 20 19.08 19.34 802,200 15,810,548 FIRST PHIL HLDG 64.85 65.6 65.6 65.8 64.85 64.85 3,700 242,045 367.6 369 362 372 362 369 238,520 87,888,772 MERALCO MANILA WATER 18.96 19 19.16 19.38 18.9 19 8,279,600 157,681,368 3.2 3.24 3.25 3.25 3.19 3.24 1,216,000 3,913,090 PETRON 4.05 4.15 4.15 4.15 4.15 4.15 8,000 33,200 PHX PETROLEUM 7.13 7.16 7.35 7.4 7.16 7.16 14,200 102,191 REPOWER ENERGY 32.5 32.6 32.7 33 32.5 32.5 1,484,900 48,407,350 SEMIRARA MINING 8.61 8.66 8.31 8.76 8.3 8.61 2,590,100 21,995,387 SYNERGY GRID SHELL PILIPINAS 10.58 10.64 10.7 10.74 10.6 10.6 237,300 2,522,554 SPC POWER 8.6 8.69 8.55 8.7 8.55 8.69 97,500 844,618 SP NEW ENERGY 1.15 1.16 1.19 1.2 1.16 1.16 68,396,000 79,886,500 AGRINURTURE 0.5 0.51 0.52 0.54 0.51 0.51 6,578,000 3,377,780 AXELUM 2.3 2.34 2.3 2.3 2.3 2.3 188,000 432,400 18.84 18.88 18.76 18.92 18.76 18.88 91,700 1,730,094 CNTRL AZUCARERA 35.65 36 36 36.1 35.5 35.65 1,640,000 58,892,025 CENTURY FOOD 5.9 5.98 5.98 6 5.9 5.92 6,500 38,802 DEL MONTE 6.85 6.88 6.59 6.92 6.58 6.85 3,441,200 23,331,527 DNL INDUS 20.55 20.6 20.65 20.7 20.5 20.55 475,900 9,779,015 EMPERADOR SMC FOODANDBEV 50 50.25 50 50.45 49.5 50 27,750 1,387,117.50 FIGARO COFFEE 0.7 0.71 0.71 0.72 0.7 0.7 6,828,000 4,839,190 FRUITAS HLDG 0.86 0.87 0.88 0.88 0.87 0.87 843,000 741,270 GINEBRA 160 162 160 161 160 160 15,320 2,451,790 JOLLIBEE 259 259.2 260 262 257 259 786,530 203,889,296 1.42 1.43 1.42 1.44 1.42 1.43 359,000 511,170 KEEPERS HLDG 3.36 3.46 3.42 3.46 3.36 3.36 135,000 460,770 MAXS GROUP 0.09 0.095 0.091 0.091 0.091 0.091 20,000 1,820 MG HLDG 10.82 10.84 10.62 10.88 10.6 10.82 19,554,700 211,159,136 MONDE NISSIN SHAKEYS PIZZA 10.52 10.6 10.6 10.66 10.6 10.6 187,400 1,986,446 ROXAS AND CO 0.59 0.6 0.59 0.61 0.58 0.59 1,730,000 1,033,780 RFM CORP 2.94 2.95 2.96 2.96 2.94 2.95 19,000 56,080 0.06 0.063 0.063 0.063 0.063 0.063 10,000 630 SWIFT FOODS 117.6 118 118.3 119 117.3 118 1,056,790 124,846,359 UNIV ROBINA 0.53 0.54 0.52 0.54 0.51 0.54 484,000 256,620 VITARICH 2.61 2.77 2.85 2.85 2.7 2.82 7,000 19,710 VICTORIAS 40.25 44.95 40.05 40.05 40.05 40.05 100 4,005 CONCRETE B 2.07 2.08 2.16 2.26 2.06 2.08 35,529,000 77,028,180 CEMEX HLDG 0.65 0.66 0.65 0.67 0.65 0.65 359,000 237,690 EC VULCAN CORP EEI CORP 5.5 5.58 5.45 5.6 5.45 5.58 144,200 800,943 3.22 3.24 3.24 3.26 3.2 3.24 776,000 2,499,630 MEGAWIDE PHINMA 20 20.4 20 20.4 20 20.4 103,900 2,078,905 0.42 0.485 0.4 0.485 0.4 0.485 20,000 8,850 TKC METALS 1.63 1.66 1.61 1.66 1.61 1.66 288,000 468,370 CROWN ASIA 0.73 0.78 0.74 0.74 0.73 0.74 25,000 18,270 EUROMED 5.63 5.7 5.78 5.78 5.7 5.7 2,300 13,270 MABUHAY VINYL 5.19 5.2 5.2 5.25 5.19 5.19 674,000 3,504,810 PRYCE CORP 12.88 13 12.88 13 12.88 13 4,300 55,604 CONCEPCION 0.218 0.22 0.221 0.222 0.218 0.22 1,860,000 407,790 GREENERGY INTEGRATED MICR 2.54 2.59 2.58 2.59 2.52 2.54 1,533,000 3,936,580 IONICS 1.13 1.14 1.15 1.17 1.11 1.14 3,818,000 4,304,550 PANASONIC 5.3 5.31 5.88 5.88 5.3 5.31 5,000 28,170 2.41 2.49 2.49 2.5 2.49 2.5 369,000 919,860 SFA SEMICON 1.89 1.9 1.91 1.91 1.88 1.9 94,000 178,100 CIRTEK HLDG

-8,042,540 53,000 24,000 -59,277,575.00 33,040 14,490 -4,182,502 -14,130,694 29,926,144 -1,481,260 -14,717,095 -3,296,918 -2,026,418 -207,030.00 13,531,160 -1,033,950 10,566,770 -683,865 -4,943,320 -909,345.50 502,600 -44,000 128,000 111,366,020.00 8,530 -80,550 -7,852,506 474,874 277,720 43,857,379 52,000 -2,400,640 -29,310 -6,500 -34,910 -1,365,880 384,340.00 36,290

HOLDING & FRIMS

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL JG SUMMIT KEPPEL HLDG A LOPEZ HLDG LT GROUP PACIFICA HLDG PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER WELLEX INDUS

35.25 154.3 6.64 115 34.8 8.88 59.05 8.7 19.3 23.8 73.15 44.9 1.01 2.44 5.78 0.37 0.089 1,200 0.36 187.7 2,552 0.77

1.18 2.72 709 46 11.42 11.94 0.385 5.16 11.08 5.52 695 39.65 5.03 4.3 9.69 1.11 2.55 0.98 905 108 96 0.265

35.45 154.6 6.7 115.4 35 8.89 59.5 8.74 19.36 24 73.2 44.95 1.08 2.45 7.49 0.475 0.127 1,250 0.445 188 2,700 0.79

1.19 3.4 712.5 46.45 11.44 11.96 0.4 5.18 11.16 5.6 697 40 5.99 4.35 9.74 1.36 2.6 1 915 108.5 96.95 0.285

35.45 151 6.7 115 35 8.95 59.4 8.7 19.38 24.05 73.8 45.8 1.05 2.48 5.5 0.45 0.127 1,199 0.39 188.7 2,648 0.76

1.2 3.05 718.5 46.45 11.6 11.96 0.36 5.13 11.3 5.6 715 40.3 5.62 4.35 9.66 1.12 2.5 0.99 919 108.8 96 0.265

35.45 154.9 6.7 115.9 35.3 8.95 59.55 8.7 19.4 24.05 73.8 45.8 1.06 2.48 5.5 0.45 0.127 1,200 0.39 188.7 2,700 0.78

1.25 3.05 722 46.45 11.6 11.98 0.415 5.18 11.32 5.6 717 40.65 5.62 4.35 9.74 1.15 2.59 1.01 919 109.1 96 0.265

35.25 150 6.69 114.2 34.3 8.88 59.05 8.7 19.36 24.05 73.05 44.85 1.04 2.44 5.5 0.45 0.127 1,199 0.39 187.7 2,648 0.76

1.18 3.05 709 46 11.42 11.94 0.36 5.08 11.08 5.6 690 39.6 5.62 4.3 9.66 1.11 2.45 0.99 905 108 96 0.265

35.45 154.3 6.7 115 35 8.89 59.05 8.7 19.36 24.05 73.2 44.9 1.06 2.45 5.5 0.45 0.127 1,200 0.39 187.7 2,700 0.78

1.19 3.05 709 46 11.44 11.96 0.385 5.18 11.08 5.6 695 39.65 5.62 4.3 9.69 1.11 2.59 1 905 108 96 0.265

1,100 2,076,980 1,300 3,146,140 329,200 43,000 984,110 9,500 189,100 2,000 94,800 223,000 932,000 127,000 1,000 60,000 30,000 230 10,000 4,450 1,000 370,000

52,636,000 2,000 263,070 1,351,100 9,937,900 32,900 2,300,000 660,600 1,831,300 2,200 309,960 830,400 200 31,000 999,500 10,000 164,000 117,000 110,970 804,140 9,500 20,000

63,264,590 6,100 187,886,445 62,316,775 113,632,554 393,480 881,150 3,392,741 20,477,468 12,320 216,750,560 33,152,225 1,124 134,800 9,702,335 11,310 416,110 116,810 100,963,580 87,382,877 912,000 5,300

PROPERTY ARTHALAND CORP 0.42 0.46 0.44 0.46 0.44 0.46 90,000 40,200 34.25 34.5 34.7 34.9 34.15 34.25 4,171,100 143,793,125 AYALA LAND 2.05 2.06 2 2.1 2 2.06 1,726,000 3,559,030 AYALA LAND LOG 1.01 1.04 1.01 1.04 1.01 1.04 286,000 293,850 ARANETA PROP 33.95 34.1 34 34.1 33.95 34.1 583,700 19,862,780 AREIT RT A BROWN 0.64 0.65 0.64 0.65 0.64 0.65 3,000 1,940 0.71 0.73 0.7 0.73 0.7 0.73 178,000 128,090 CITYLAND DEVT 0.061 0.063 0.061 0.063 0.061 0.063 160,000 9,910 CROWN EQUITIES 2.64 2.65 2.64 2.66 2.62 2.64 1,074,000 2,838,070 CEB LANDMASTERS CENTURY PROP 0.275 0.28 0.28 0.28 0.275 0.28 1,730,000 483,900 2.68 2.69 2.69 2.7 2.68 2.69 3,869,000 10,410,090 CITICORE RT 8.78 8.79 8.73 9.19 8.65 8.79 803,500 7,155,538 DOUBLEDRAGON 1.2 1.22 1.2 1.23 1.2 1.2 2,473,000 3,005,280 DDMP RT 5.75 5.8 5.8 5.8 5.75 5.75 50,400 289,870 DM WENCESLAO 0.129 0.13 0.129 0.129 0.129 0.129 560,000 72,240 EMPIRE EAST EVER GOTESCO 0.275 0.285 0.27 0.285 0.27 0.285 160,000 45,450 3.18 3.19 3.14 3.19 3.12 3.18 645,000 2,031,810 FILINVEST RT FILINVEST LAND 0.7 0.71 0.7 0.71 0.69 0.71 4,524,000 3,180,960 GLOBAL ESTATE 0.8 0.82 0.8 0.82 0.8 0.8 264,000 211,220 8990 HLDG 8.6 8.68 8.67 8.69 8.66 8.69 60,300 522,906 0.69 0.71 0.58 0.71 0.58 0.71 4,250,000 2,843,460 PHIL INFRADEV 0.81 0.83 0.81 0.83 0.81 0.83 73,000 59,370 CITY AND LAND 1.96 1.97 1.97 1.99 1.97 1.97 9,136,000 18,048,960 MEGAWORLD 1.25 1.28 1.26 1.28 1.23 1.28 64,000 81,000 MRC ALLIED 13.5 13.54 13.44 13.64 13.4 13.54 537,800 7,279,166 MREIT RT PREMIERE RT 1.6 1.61 1.6 1.63 1.59 1.61 1,212,000 1,954,920 5.52 5.6 5.51 5.6 5.45 5.6 1,295,700 7,163,559 RL COMM RT ROBINSONS LAND 16.2 16.4 16.4 16.48 16.2 16.4 417,200 6,838,796 ROCKWELL 1.38 1.42 1.36 1.4 1.36 1.38 469,000 643,550 SHANG PROP 3.7 3.72 3.72 3.75 3.7 3.7 212,000 787,920 3.12 3.45 3.45 3.45 3.45 3.45 3,000 10,350 STA LUCIA LAND 33.95 34 34.25 34.25 33.85 34 3,286,500 111,788,450 SM PRIME HLDG 0.81 0.85 0.81 0.85 0.81 0.85 10,000 8,140 SUNTRUST RESORT 1.67 1.68 1.68 1.68 1.67 1.68 528,000 883,930 VISTA LAND VISTAREIT RT 1.73 1.74 1.74 1.74 1.72 1.73 150,000 258,780

SERVICES ABS CBN 4.31 4.38 4.4 4.4 4.31 4.33 268,000 1,167,170 8.9 8.91 8.84 8.94 8.84 8.91 280,300 2,489,651 GMA NETWORK 1,780 1,781 1,790 1,794 1,770 1,781 35,020 62,466,415 GLOBE TELECOM 1,294 1,300 1,300 1,302 1,289 1,300 46,490 60,284,320 PLDT 0.011 0.012 0.013 0.014 0.011 0.012 1,038,400,000 12,505,400 APOLLO GLOBAL CONVERGE 9.99 10.06 10.16 10.24 9.99 9.99 3,501,800 35,309,257 DFNN INC 2.94 3.14 3 3.15 2.96 3.15 290,000 894,190 DITO CME HLDG 2.38 2.39 2.41 2.42 2.38 2.38 5,959,000 14,232,060 NOW CORP 1.13 1.15 1.16 1.17 1.13 1.15 1,927,000 2,211,200 TRANSPACIFIC BR 0.127 0.13 0.129 0.131 0.126 0.127 2,270,000 294,400 16.32 16.46 16.98 16.98 16.4 16.46 493,000 8,132,948 ASIAN TERMINALS 1.49 1.5 1.48 1.51 1.47 1.49 68,000 100,610 CHELSEA 34.2 34.4 33.85 34.4 33.8 34.4 351,900 12,065,030 CEBU AIR 277 280 275 280 274 280 1,826,840 507,893,168 INTL CONTAINER 0.57 0.62 0.62 0.62 0.62 0.62 4,000 2,480 LORENZO SHIPPNG MACROASIA 4 4.01 3.97 4.04 3.97 4.01 136,000 546,380 PAL HLDG 5.26 5.56 5.35 5.68 5.21 5.21 10,600 56,816 0.73 0.75 0.76 0.77 0.72 0.72 439,000 323,540 HARBOR STAR BOULEVARD HLDG 0.061 0.064 0.062 0.064 0.061 0.061 4,650,000 284,550 0.4 0.41 0.4 0.4 0.4 0.4 1,250,000 500,000 WATERFRONT 8.11 8.7 8.08 8.69 8.08 8.69 4,000 33,540 CENTRO ESCOLAR 561 594.5 567 567 567 567 930 527,310 FAR EASTERN U 7.3 7.46 7.29 7.46 7.29 7.46 11,500 84,078 IPEOPLE 0.69 0.7 0.66 0.7 0.66 0.7 8,743,000 5,953,070 STI HLDG 1.2 1.21 1.19 1.21 1.19 1.2 240,000 288,200 BELLE CORP BLOOMBERRY 11.4 11.5 11.4 11.7 11.38 11.4 4,038,600 46,224,744 PACIFIC ONLINE 3.86 3.87 3.96 4.03 3.87 3.87 821,000 3,205,850 0.83 0.84 0.83 0.85 0.83 0.84 1,091,000 911,530 PH RESORTS GRP PREMIUM LEISURE 0.7 0.71 0.7 0.71 0.69 0.71 7,597,000 5,367,060 DIGIPLUS 7.92 7.93 7.63 8.03 7.63 7.93 5,513,900 43,842,430 1.72 1.77 1.77 1.77 1.72 1.72 206,000 355,310 PHILWEB 0.16 0.162 0.159 0.162 0.159 0.16 3,020,000 484,260 ALLDAY 1.12 1.14 1.12 1.14 1.12 1.14 829,000 939,090 ALLHOME 1.29 1.34 1.3 1.35 1.29 1.34 219,000 283,470 METRO RETAIL PUREGOLD 28 28.15 28.35 28.4 27.9 28 501,100 14,108,620 ROBINSONS RTL 36.95 37 37 37.45 36.95 37 377,200 13,992,765 PHIL SEVEN CORP 77 79 80 80 79 79 12,530 989,890 3.18 3.19 3.19 3.21 3.18 3.19 1,336,000 4,264,910 SSI GROUP UPSON INTL CORP 1.25 1.29 1.29 1.29 1.29 1.29 12,000 15,480 22.95 23 23.1 23.1 22.9 22.95 3,067,400 70,543,860 WILCON DEPOT 0.223 0.232 0.223 0.223 0.223 0.223 10,000 2,230 APC GROUP 2.1 2.3 2.1 2.1 2.1 2.1 4,000 8,400 EASYCALL 3.45 3.47 3.5 3.5 3.47 3.47 12,000 41,940 IPM HLDG 0.315 0.32 0.32 0.32 0.31 0.315 150,000 46,700 MEDILINES PRMIERE HORIZON 0.169 0.17 0.17 0.17 0.169 0.169 520,000 88,300 SBS PHIL CORP 4.38 4.6 4.6 4.6 4.6 4.6 5,000 23,000

MINING & OIL ATOK 4.85 4.89 4.7 4.7 4.5 4.5 47,000 214,000 2.48 2.5 2.56 2.57 2.48 2.48 4,734,000 11,855,710 APEX MINING 4.45 4.54 4.4 4.54 4.4 4.54 35,000 155,760 BENGUET A 4.4 4.48 4.48 4.48 4.48 4.48 1,000 4,480 BENGUET B CENTURY PEAK 3 3.05 3 3 3 3 2,000 6,000 FERRONICKEL 1.97 1.99 1.96 1.99 1.92 1.99 1,095,000 2,136,370 GEOGRACE 0.043 0.044 0.044 0.044 0.043 0.044 2,100,000 92,300 0.07 0.071 0.071 0.071 0.071 0.071 1,540,000 109,340 LEPANTO A 0.07 0.071 0.071 0.071 0.071 0.071 210,000 14,910 LEPANTO B 0.0038 0.004 0.0039 0.004 0.0039 0.004 21,000,000 83,000 MANILA MINING A 0.81 0.82 0.83 0.83 0.81 0.82 413,000 340,290 MARCVENTURES 4.65 4.66 4.65 4.7 4.65 4.65 11,492,000 53,460,300 NICKEL ASIA 0.64 0.66 0.63 0.66 0.63 0.66 151,000 95,370 ORNTL PENINSULA 3.04 3.06 3 3.07 3 3.06 1,549,000 4,656,090 PX MINING ENEX ENERGY 5.02 5.1 5.49 5.49 5 5.1 7,200 36,327 PHILODRILL 0.0073 0.0079 0.0079 0.0079 0.0079 0.0079 1,000,000 7,900 3.77 3.84 3.85 3.87 3.77 3.84 146,000 553,900 PXP ENERGY

PREFFERED ACEN PREF A 1,038 1,052 1,052 1,052 1,052 1,052 265 278,780 1,079 1,089 1,080 1,080 1,080 1,080 3,310 3,574,800 ACEN PREF B 2,484 2,498 2,500 2,500 2,490 2,490 245 610,100 AC PREF AR 455.2 455.4 455.2 455.4 455.2 455.4 90 40,982 ALCO PREF D 487 495 495 495 495 495 4,180 2,069,100 AC PREF B2R BRN PREF A 91.1 97.5 97.5 97.5 97.5 97.5 10 975 33.5 34.95 34 34 34 34 15,000 510,000 CEB PREF 95 95.9 95 95.85 95 95.85 10,860 1,032,294 DD PREF 91.1 98 97 97 97 97 500 48,500 EEI PREF A 960.5 994.5 960.5 960.5 960.5 960.5 160 153,680 JFC PREF A 925 950 950 950 950 950 10 9,500 JFC PREF B 990 997.5 995 995 995 995 70 69,650 PCOR PREF 3A 999 1,000 1,000 1,000 1,000 1,000 160 160,000 PCOR PREF 3B 982 1,000 980 1,000 980 1,000 400 399,000 PCOR PREF 4A 990 1,000 1,000 1,000 1,000 1,000 500 500,000 PCOR PREF 4C SMC PREF 2F 72.6 73.5 72.9 72.95 72.6 72.6 29,900 2,179,970 71 72.55 70.75 72.55 70.75 72.55 1,300 92,515 SMC PREF 2I 70.1 70.5 70.1 70.1 70.1 70.1 2,000 140,200 SMC PREF 2J 70.05 73.8 70.05 70.5 70.05 70.05 54,400 3,811,790 SMC PREF 2K SMC PREF 2L 76.15 78.45 78.45 78.45 78.45 78.45 190 14,905.50 77.05 78.5 77.5 78.5 77 78.5 12,630 978,810 SMC PREF 2N 79 79.5 79.55 79.55 79 79 2,860 227,295 SMC PREF 2O 49 49.5 49 49.3 49 49.3 7,100 349,700 TECH PREF B2D

PHIL. DEPOSITARY RECEIPTS

1,618,410 6,100 4,433,635 -14,581,965 -13,548,410 1,196 513,241 -3,607,698 15,352,185 3,082,090 -1,196,373 15,504,500 -70,681,869 848,640 -6,928,325 120,030.00 -4,709,220 1,796,920 56,000 -5,374,100 -4,090.00 2,420 -41,390 -79,530 -164,820 -119,400 24,300 -3,377,550 -4,296,874 44,250 3,048,314 5,440 14,920 -404,345 -8,771,785 -14,143,475 13,000 -16,442,297 -279,150 1,207,800 64,970.00 101,390 -5,993,270 1,510 -294,065.00 162,520,832 20,050 7,400 77,480 -3,017,498 -126,000 -70,700 -1,420,412 -18,520 41,930 2,351,770 -5,066,485 2,034,080 -3,460,825 11,830 -15,770 6,000 -518,080 -48,403,940 -1,029,030 -1,077 -153,680 500,000 -328,970 314,000 -

ABS HLDG PDR 4.02 4.15 8.52 9 8.52 8.52 8.52 8.52 1,100 9,372 GMA HLDG PDR

-

TECH WARRANT

-

WARRANTS

0.18

0.223

-

-

-

-

-

-

SMALL, MEDIUM & EMERGING

0.425 0.43 0.41 0.415 190,000 79,250 -4,300 0.74 0.75 0.73 0.73 231,000 170,660 1.01 1.05 1.01 1.05 4,410,000 4,563,240 0.71 0.73 0.68 0.7 51,000 36,070 1.03 1.08 1.03 1.04 4,752,000 5,010,530 -290,120 0.25 0.255 0.249 0.25 330,000 82,510 -2,500

EXHANGE TRADE FUNDS

108.6 109.4 108.5 108.7 17,740 1,932,991 213,076

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS MERRYMART XURPAS

FIRST METRO ETF

0.415 0.73 1.04 0.68 1.03 0.249

108.6

0.43 0.74 1.05 0.7 1.04 0.255 108.7

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Banking&Finance BusinessMirror

Perspectives Market polarization: The implications for FMCG companies

F

AST Moving Consumer Goods (FMCG) markets have been through a category polarization process for years, increasing the distance between premium and value extremes. Several factors are driving this trend. Perhaps the most influential factor has been the increasing wealth inequality being experienced in consumer markets worldwide.

Many of these factors have been exacerbated by the recent pandemic and subsequent inflationary pressures. Regardless of the reasons, the implications of market polarization for consumer goods companies are real. We expect to see significantly increased levels of divestment and acquisition within the industry over the next few years as a result. A KPMG Global report identifies the sectors and subsectors most likely to see heightened divestment and acquisition activity.

The disappearance of the middle class

GLOBALIZATION may have lifted tens of millions out of poverty. Yet it has done little to slow the rising inequality between the top 10 percent of earners and the bottom 50 percent.

Even before the global pandemic, inequality was rising sharply in some markets. Since the mid-1990s, the gap between the low-income and high-income classes has widened.

Unfortunately, previous experiences show how inequality tends to spike in

times of crisis. During the global financial crisis of 2008, sharp job losses and high inflation rates led consumers to seek out lower prices, fueling the growth of what’s known as the “mass market.”

The Covid-19 pandemic created an even deeper shock to inequality levels.

The disappearance of the mass market

AS this gap in income equality widens, markets are seeing the emergence of new customer segments with significantly different purchasing behaviors that gravitate around two polarized segments: “Premium” and “Value.”

For FMCG companies, the main challenge lies in the fact that these segments have significantly different business and operating models. While “Premium” brands usually require sophisticated distribution channels and complex marketing strategies, “Value” products are mainly driven by cost discipline and economies of scale.

This abridged excerpt was taken from the KPMG Thought Leadership publication: https://kpmg. com/xx/en/home/insights/2024/01/marketpolarization.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.

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.

Editor: Dennis D. Estopace • Monday, February 19, 2024

B3

DOJ opts for coco levy trust fund

T

By Joel R. San Juan

@jrsanjuan1573

HE Department of Justice (DOJ) has declared that proceeds from the disposition of coconut levy assets should be remitted not to the national government (NG) but to the Coconut Farmers and Industry Trust Fund (CFITF).

A 5-page legal opinion signed “for the Secretary of Justice” by Undersecretary Raul T. Vasquez clarified a DOJ Opinion (s. 2023) issued on May 31.

The latter held that both the United Coconut Chemicals Inc. (Cocochem) and the Coconut Industry Investment Fund-Oil Mills Group (CIIF-OMG) are government-owned and -controlled corporations (GOCCs) and, thus, required to remit at least 50 percent of their net earnings to the NG pursuant to Republic Act (RA) 7656 (Dividend Law).

The DOJ explained that under RA 11524, the law creating the CFITF, “all coconut levy assets shall be transferred to the Trust Fund for the benefit of coconut farmers.” The said law states that CFITF “shall be maintained in such manner for 50 years under the Coconut Farmers and Industry Development Plan and shall be used for the benefit of farmers and the development of the industry.

“We confirm, therefore, that the

dividends and/or any proceeds of the GOCCs forming part of the Coconut Levy Assets shall be transmitted to the Trust Fund in accordance with the provisions of RA 11524,” the DOJ said.

The DOJ issued the legal opinion upon the request of CFITF-Privatization and Corporate Affairs Group Manager Undersecretary Catherine L. Fong.

Fong sought the DOJ’s confirmation of CFITF’s position that the dividends and/or proceeds of disposition of the coconut levy assets should be remitted to the trust fund, citing Section 7 of RA 11524. Fong also asked the DOJ’s confirmation of CFITF’s position that the Trust Fund Management Committee (TFMC), through the Trust Fund Manager, can withhold remittance of the dividends under RA 7656, as part of the disposition of the coco levy assets and the investment and management of the trust fund.

The CFITF pointed out that during the 13th TFMC meeting on October

6, 2023, it was disclosed that Cocochem’s valuation would be adversely affected if dividends are remitted to the NG. While the remitted dividends could be invested and earn additional income, the committee agreed that there would be a risk of an “unttractive disposition” since Cocochem would be placed in a non-viable or non-profitable state after the dividends remittance.

The DOJ said it falls within the mandate of the TFMC to decide on the remittance of dividends related to the sale of coco levy assets, which includes Cocohem and CIFF-OMG. “The foregoing considered, we defer to the TFM to set any investment strategy necessary and proper for coco levy assets in furtherance of the benefit that may accrue to coconut farmers and the whole coconut industry.”

Explainer BusinessMirror

B4 Monday, February 19, 2024

www.businessmirror.com.ph

Challenging assumptions:

Reexamining America’s identity as a Christian nation

T

By Peter Smith

The Associated Press

Yet large numbers of Americans believe the founders intended the US to be a Christian nation, and many believe it should be one.

Such views are especially strong among Republicans and their white evangelical base. Already such views are being voiced by supporters of Donald Trump amid his bid to recapture the presidency.

The idea of a Christian America means different things to different people. Pollsters have found a wide circle of Americans who hold general God-and-country sentiments.

But within that is a smaller, hardcore group who also check other boxes in surveys—such as that the US Constitution was inspired by God and that the federal government should declare the US a Christian nation, advocate Christian values or stop enforcing the separation of church and state.

For those embracing that package of beliefs, it’s more likely they’ll have unfavorable views toward immigrants, dismiss or downplay the impact of anti-Black discrimination and believe Trump was a good or great president, according to a 2021 Pew Research Center survey.

This latter group reflects a movement widely called Christian nationalism, which fuses American and Christian values, symbols and identity and seeks to privilege Christianity in public life.

The idea of Christian nationhood fills Americans’ need for an origin story, a belief that “we’ve come here for something special, and that we’re here for God’s work,” said Eric McDaniel, an associate professor of government at the University of Texas.

It creates a sense of “national innocence,” so adherents resist confronting uglier parts of U.S. history, he said.

The belief connects to other beliefs past and present, from the Manifest Destiny doctrine that justified continental conquest to Trump’s America First and Make America Great Again slogans, said McDaniel, a co-author of The Everyday Crusade: Christian Nationalism in American Politics.

Trump has echoed some of these ideas, vowing to bar immigrants who “don’t like our religion.”

Many conservatives and Republicans embrace the idea of Christian national origins, even as many reject the “Christian nationalist” label.

Republican House Speaker Mike Johnson has proclaimed that America is and was founded as a Christian nation and that Thomas Jefferson was “divinely inspired” in his writing of the Declaration of Independence, according to a 2015 sermon that drew wider attention with his recent election as speaker.

Wa l lBui lders, an organization Johnson credits for its “profound influence” on him, has spread materials claiming that “revisionist” historians have downplayed America’s Christian origins, but the group has been widely criticized for historically dubious claims.

A lawsuit on its behalf is challenging the Washington Metropolitan Area Transit Authority’s refusal to run its bus ads touting the purported beliefs of founders.

Vocal supporters of Trump have

described current politics as spiritual warfare for the destiny of a country that former Trump aide Steve Bannon described as the “New Jerusalem” and conservative activist Charlie Kirk said was founded by “courageous Bible believing Christians.”

Recent Texas, Oklahoma and Kentucky Republican Party platforms proclaim the country was founded on “Judeo-Christian” principles.

The Rev. Robert Jeffress, pastor of First Baptist Church of Dallas, said he doesn’t identify as a Christian nationalist, but does believe America was founded as a Christian nation.

“I’m not claiming that all of our founders were Christians,” he said in an interview. “Some were deists, some were atheists, but the majority were Christians. I’m also not saying that non-Christians shouldn’t have the same rights as Christians in our country.”

But he said “there’s a case to be made that the Judeo-Christian faith was the foundation for our laws and many of our principles.” He cited founder John Jay—the first Supreme Court chief justice—asserting it was Americans’ duty “in our Christian nation, to select and prefer Christians for their rulers.”

Jeffress said he doesn’t believe America is privileged by God but, as with any nation, “God will continue to bless America to the extent that we follow him.”

Anthea Butler, chair of religious studies at the University of Pennsylvania, said history precludes any idea of a Christian nation.

“It doesn’t mean that Christians weren’t a part of the founding of this nation,” said Butler, a historian of African American and American religion.

“What it does mean is that if you believe that America is a Christian nation and you happen to subscribe to Christian nationalism as a part of that, you’re buying into a myth.”

That America-as-a-Christian-nation idea is “a trope of exclusion,” she said, centering American history on white Anglo-Saxon Protestants as “the ones that are willing and should be running the country both then and now.”

That justifies viewing others as “heathens,” including the enslaved Blacks and the Native Americans whose land was being taken.

Those arguing for a Christian America are generally not historians and not really talking about history—they’re talking politics, said John Fea, author of the 2011 book Was America Founded as a Christian Nation?

“They appeal to a false view of the founding, or at least a partial view of the founding, to advance political agendas of the present,” said Fea, a history professor at Messiah University, a Christian university in Mechanicsburg, Pennsylvania. “These agendas are built on a very weak historical foundation.”

The belief in America’s Christian origins is mainstream.

Six in 10 US adults said the founders intended America to be a Christian nation, according to a 2022 Pew Research Center survey. About 45 percent said the US should be a Christian nation.

Four in five white evangelical Protestants agreed with each assertion.

Generative Illustration: Ed Davad

he US Constitution doesn’t mention Christianity or any specific religion. The Declaration of Independence famously proclaims that people’s rights come from a “Creator” and “Nature’s God”—but doesn’t specify who that is.

By some measures, Democratic President Joe Biden might be seen in that category, citing the importance of his Catholic faith and calling for God’s blessings on America and its troops—but also invoking shared values “whether you’re Christian, whether you’re Jewish, Hindu, Muslim, Buddhist, or any other faith, or no faith at all. ” One-third of US adults surveyed in 2023 said God intended America to be a promised land for European Christians to set an example to the world, according to a Public Religion Research Institute (PRRI)/Brookings report.

Such surveys have found a smaller, more ardent group of believers in Christian nationhood. In another survey, PRRI identified

about 10 percent of Americans as the most committed adherents.

The Constitution prohibits any religious test for office, and its First Amendment bars congressional establishment of any religion, along with guaranteeing free exercise of religion.

Defenders of Christian nationhood can point out that several of the 13 original states funded Protestant churches at their origins, though within a few decades all had followed Virginia’s example in halting the practice. They can point to Christian rhetoric by some founders, such as John Jay, Patrick Henry and Samuel Adams.

But several key founders would never pass a test of orthodoxy. Thomas Jefferson, John

Adams and Benjamin Franklin viewed Jesus as a great teacher but not as God. “Could you find stuff where John Adams talks about religion being the foundation of the republic, like George Washington said in his farewell address?” asked Fea. “Are there states where Christianity was privileged?

Yes, you can find all those things. You can also find things to show the Constitution wants to keep religion and government separate.”

Some secular activists today advocate for an opposite view—that US founders sought to banish religion from public life.

Fea said that also goes too far: “When you’re dealing with the 18th century, nuance and complexity is essential,” he said.

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Editor: Gerard S. Ramos • Monday, February 19, 2024

B5

It’s Heart’s Month HEART EVANGELISTA PHOTOS FROM GCASH AND ULTHERAPY

F

EBRUARY, indeed, is Heart’s Month. Heart Evangelista-Escudero, that is. Before her renewal of vows on February 14, her birthday, with her husband, Sen. Chiz Escudero, Heart was launched as ambassadress in not one but two high-powered products.

The actress-product endorser is the new endorser of GCash, the Philippines’ No. 1 finance app and largest cashless ecosystem, as well as the new face of Ultherapy, the gold standard in non-invasive skinlifting procedures.

#IHEARTGCASH

Form and function get the spotlight LONDON-BASED fashion brand COS (www.cos.com) unveils its Utility Menswear Capsule, seamlessly blending precise form with function to redefine signature designs and silhouettes. Facilitating the shift from winter to spring, adaptable separates present versatile layering options, and utilitarian bags inject personality into wardrobe staples.

Embracing unstructured yet carefully tailored essentials, the capsule combines an elevated sportsinspired aesthetic with practical details. A waterproof hybrid featuring a drawstring hood and adjustable buckles, alongside a fully lined yet lightweight jacket with a stand-up collar provides a formidable shield against the elements. Meanwhile knitwear—from a cropped cable-knit vest to a polo-neck cardigan— offers endless opportunities for transitional styling.

Set-dressing crafted in technical jersey materials, drawstring trousers, and jeans showcase relaxed fits for comfort and ease of wear. Shirts are day-to-night staples adopting the utilitarian feel with indigo denim looks and pocket details.

The ready-to-wear collection, characterized by a neutral color palette, finds contrast through fresh hues in accessories. Messenger and saddle bags, with styles made from suede, chrome-free leather, and water-resistant recycled materials, introduce greens and purples alongside tonal colorways such as muted browns and black for a harmonious blend of classic and contemporary style.

The Utility Capsule is available online and at the COS Store in SM Aura Premier.

“CHOOSING Heart as the new face of GCash was a no-brainer. Beyond being globally admired for her sense of style, creativity and wit, she has always strongly believed in our brand,” said Martha Sazon, president and CEO of Mynt, at the GCash Spotlight event at Shooting Gallery in Makati, where Heart was interviewed by multi-awarded talk show host Boy Abunda.

“Beyond all these, it was heartwarming to hear how GCash is now second nature to her, and how it makes her payments easier and safer. In fact, she is one of the first one million cardholders who enjoy the best rates of our new GCash Visa card,” Siazon added.

“We’re all here today to witness her enter a new era of better spending, saving, and investing habits with GCash. As she says, ‘In my Heart, GCash is the best way to pay.’”

Meanwhile, Neil Trinidad, chief marketing officer of GCash, explained the GCash Wealth Management portfolio featuring GSave, GStocks, and GInsure.

“Earlier we got to hear how for Heart, GCash is her best way to pay—from paying online to buying kwekkwek, to shopping in Paris with her GCash Card,” Trinidad said, “Today marks the new era of Heart, an era of financial progress that we at GCash want all Filipinos to achieve.”

Though Heart wore a cocktail creation by Michael Leyva at the event, what was featured prominently was her campaign photo, where she was clad in a Schiaparelli Haute Couture 2023 dress she previously wore to the GMA Ball. “Loving the time well spent with my @gcashofficial family! You know you’re

BEAUTY BRANDS VISITING UNIVERSITIES, COLLEGES AROUND THE METRO

THE new year is the perfect opportunity to welcome a more confident you. What better way to do that than with leading acne care expert Acnes and the lip-indulgent Mentholatum LipCare—right in your campus?

Kickstarting the year on a fresh and radiant note, Acnes and Mentholatum LipCare are hitting the road on a campus tour. The two brands will join forces and tour universities and colleges around Metro Manila, bringing an interactive experience for students with must-see booths and fun games.

For its first leg, Acnes and Mentholatum LipCare are dropping by Polytechnic University of the Philippines, University of the East, Colegio de San Juan de Letran, Rizal Technological University, and Arellano University with more schools lined up soon.

At each campus stop, students have the chance to sample can’t-miss Acnes products like its Anti-Acne Spot Gel, which extinguishes pesky zits using powerful ingredients like Cica extract, sulfur, salicylic acid, licorice extract, and vitamin E to effectively control oil, unclog pores, and calm the skin.

The gel also works perfectly with Acnes’ invisible Anti-Acne Pimple Patch, which acts as a protective, sweat-proof shield against bacteria and dirt that’s thin enough to wear under makeup Students can also try its Creamy Face Wash, and some schools also have exclusive discounts of 50-percent off on the Acnes Powder Lotion 150ml and Acnes Oil Control Moisturizer 45g.

For Mentholatum LipCare, there is the lip balm swap where students can exchange their existing or current lip balm, any brand whether old or new, for a chance to experience the moisturizing wonders of LipIce Fruity Strawberry enriched with vitamins A, C, and E and SPF15 to keep lips ultra soft and healthy even against dry weather and scorching sunlight. Other choices in the lip balm swap include the unique flavor of LipIce Kids Strawberry and the fresh cooling menthol sensation of Mentholatum Therapy Lip Gel. Acnes and LipCare are available at Watsons stores and online at www. watsons.com.ph and through The Mentholatum Co.’s official store on Shopee and Lazada.

off to a great start, a great first quarter of the year, when you work with the top trusted company used by millions of merchants and individuals! And we’re only just beginning! Cheers to all of us, may we all continue to manifest health, wealth, and happiness this 2024 and onwards,” the style superstar enthused on her Instagram.

‘THE POWER OF U’

“PERFECTION is what we want because it’s inspiring, but it’s not real. Confidence comes from experience, your downfalls. It’s when you learn to love and treasure yourself. I’ve had a few hard times, but because of those moments, I learned to treasure my worth. It’s called a survival instinct,” Heart said during her launch as ambassadress for Ultherapy at Palacio de Memoria in Parañaque City hosted by its Philippine exclusive distributor, Vanguard Aesthetics.

“This campaign rallies behind our most important person, YOU. We celebrate individuality in all its glory. Most importantly, we want to encourage every single one of you in this room, to harness the power of YOU,” explained Tetet Go, sales and marketing director of Vanguard Aesthetics.

“Our goal is simple, and that is to provide a gold standard for everyone and empower them with a

sense of confidence that extends beyond outer beauty.

In the ‘Power of U’ campaign, we take it a step further.

We want you to control your own personal narrative and we believe that Heart is the face of tenacity, grace, confidence with the biggest heart—someone who truly understands her power,” said Go. Heart gets the procedure done regularly such as before going to an event or a shoot.

“As you get older, ‘The Power of U’ becomes very questionable because you’re not as confident as you used to be once you’ve lived through life. Now, I would say I feel like I’m a different person. I have lived a colorful life. I know now that ‘The Power of U’ is being your most authentic self, ” Heart reflected.

“You have to embrace your flaws, normalize being human and imperfect. Your weakness can also be your weapon. That’s what makes you shine the most,” Heart intimated.

“So you just have to accept the things that you don’t want to accept because they make you unique and different from everybody else. In this day and age, there is no specific definition of what beauty is.”

To know more and view the complete list of accredited Ultherapy clinics, visit www.ultherapy-asia. com and follow Ultherapy Philippines on Facebook and Instagram. ■

Donny Pangilinan spends pre-Valentine’s Day with fans in beauty event

THERE is no doubt that Donny Pangilinan is one of the most charismatic actors of his generation. He’s tall, dark, handsome, well-spoken and mannered, and very articulate.

Seven days before Valentine’s Day, Donny took a break from his busy taping schedule (for Can’t Buy Me Love) for a Valentine’s Day Hangout with his QUICKFX family and a number of lucky fans at The Wholesome Table in Salcedo Village, Makati.

Of course, the event wasn’t all about Donny, who is QUICKFX’s brand ambassador.

Frances Jabeguero, QUICKFX Brand and Innovations Lead, and board-certified dermatologist Dr. Jarische Lao-Ong also shared skincare tips during a Q&A session while recommending the best Pimple Eraser product for every acne-prone skin-related concern, from the right Pimple Eraser cleanser, toner, moisturizer and pimple patches.

Jabeguero said the QUICKFX pimple patches are best used on active pimples (those with visible pus).

The QUICKFX Pimple Eraser Spot Patch is an acne patch with Microneedle Technology that claims reduce, flatten, and drain big zits and pimple with pus. Jabeguero said you can expect results in as early as three hours.

The event also served as the soft launch of the QUICKFX Pimple Eraser Powder Mud, a fast-acting acne treatment that claims to dry pimples in as fast as three hours, controls oil production, and fades marks from previous breakouts.

The Pimple Eraser Powder Mud, which comes in a convenient 10g sachet and retails at P109, has kaolin clay (which has antibacterial and exfoliating properties), zinc oxide (which prevents bacteria while accelerating skin healing) and calamine (which helps dry acne and minimize excessive oiliness), and is made in Thailand.

It’s so amazing how QUICKFX has grown as a brand. I remember how I used to buy their skin mattifier, which in the old days was still only in sachets. Now, they have an entire Pimple Eraser line and other products. By the way, Donny’s favorite product is the Pimple Eraser Body Spray. He said, in a previous interview, that it really works against bacne.

Pimple Eraser and other QUICKFX products are available at Watsons stores nationwide, Watsons Online and Watsons App, Watsons Official Store in Lazada, and Watsons Official Store on Shopee.

The event, by the way, also served as Donny’s 26th birthday party with his fans. The actor also obligingly answered questions from members of the press.

One of the questions asked was what kind of person would win his heart, and Donny replied, “By being themselves and thinking of others more than themselves. Seeing the value of not relying on your phone and also like seeing the little things in life is the most important. That’s super cool!”

To cap off the afternoon, Donny surprised guests by handing out Ecuadorian roses to everyone present.

ACTOR Donny Pangilinan hands out roses to guests during the QUICKFX Valentine’s Day Hangout. PHOTO FROM QUICKFX

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PLDT, SMART BAG COMPANY OF THE

YEAR ANEW AT OSCARS OF PR

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LDT and its wireless unit Smart Communications, Inc. (Smart) emerged as the big winners at the recently concluded Anvil Awards, sweeping 20 trophies, and the highly coveted Company of the Year award, for the fourth consecutive year.

Considered as the “Oscars” of public relations in the Phi lippines, the A nv il Awards are presented annually by the Public Relations Society of the Philippines (PR SP) to outstanding PR programs, tools, and practitioners, as

d iscer ned by a mu lti-sectora l board of jurors. This is the 59th year of the PR SP-backed competition.

The Company of the Year honor is awarded to an organization with the greatest quality of entries, and the greatest number of accumulated points based on the value of each Anvil trophy received.

“We are humbled and honored for these citations from the PRSP and this year’s esteemed board of jurors. These awards inspire us and encourage us to continue the work that we do, and to make

communications and meaningful connections serve our customers and communities well,” said Cathy Yang, First Vice President and Head of Group Corporate Communications of PLDT and Smart.

The Group received Gold Anvils for #FarmSmart, a PR Program which demonstrated best use of partnerships to improve the lives and livelihood of farmers through innovation and collaboration; and for TNT SIM Registration, a PR campaign which exhibited effective and impactful use of social media to encourage TNT subscribers to register their SIMs. PLDT and Smart also won 18 silver Anvil awards for PR programs and tools in the areas of brand and corporate communication, cybersecurity, and employee engagement, including the groundbreaking campaigns for PLDT Enter prise, PLDT Home, FIBA Basketball World Cup, and the group’s wireless brands—Smart and TNT. PLDT ICT subsidiar y ePLDT, also bag ged a Si lver A nv i l award for its ePLDT Cybersecurity Awareness Program (eCAP): Making Our Employees Cybersecurity Ambassadors. The mandatory eLearning initiative combined a training portal and simulation tests, to reinforce a cyber aware and cyber secure mindset among ePLDT employees amid escalating phishing threats worldwide.

SM Hotels and Conventions Corp. appoints SVP for Operations

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M Hotels and Conventions C o r p . (S M H C C ) r e c e n t l y a n nou nce s d t he ap p oi nt me nt of Cat her ine H. Nepomuceno as Se nior Vice President for O perat ions.

Nepomuceno i s a v e t e r a n i n t h e ho s p it a l it y i n du s t r y w it h o v e r 3 0 y e a r s o f e x p e r i e n c e , i n c l u d i n g 10 y e a r s o f o v e r s e a s a s s i g n m e nt s a s p a r t o f t he S h a n g r i - L a G roup a nd D i s co v e r y Ho s p it a l it y C o r p o r at io n .

Under her super v ision a re a l l oper at i ng f ra nc h i sed proper t ies i n I loi lo, Bacolod, and Davao under the Park Inn

by R ad isson bra nd , w it h t he object ive

of prov id i ng g reater foc u s on t hem wh i le e x pa nsion pl a ns cont i nue to be

Marian Rivera-Dantes with Tough Mama Appliances CEO and Founder Caroline Yao

Marian Rivera celebrates 5th year with Tough Mama Appliances, her reliable home buddy

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ONG-LASTING partnerships are built on trust and reliability. That much is true for the toughest mama, Marian Rivera-Dantes, and Tough Mama Appliances, maker of reliable home and kitchen appliances.

In an event celebrating her 5th year with Tough Mama Appliances, Marian shares her exciting, never dull, and fulfilling journey as a mom and wife.

From her signature parenting style as a hands-on supermom to spending quality time with her family and whipping up delicious meals, Marian exudes confidence in navigating the twists and turns of raising a beautiful family.

But her world doesn’t stop at home.

Marian also shines bright as one of the biggest stars in the country. Quite recently, alongside her dashing hubby, Dingdong Dantes, Marian made waves with a blockbuster movie that stole the nation’s heart.

Yet amidst the glitz and glamor, Marian’s heart remains rooted in family values, particularly the reliable connections that she makes. That’s why her long-time partnership with Tough Mama Appliances speaks volumes.

When asked about her favorite Tough Mama product, Marian picked the brand’s latest rice cooker as for her and her family, “Rice is life!”

For five remarkable years and counting,

u nder way for t he rest of t he g roup.

With her new role, Nepomuceno will ensure that processes will be streamlined, resources will be maximized, and optimal performance will be achieved in all aspects. Part of her responsibilities is to also keep a close eye on the properties’ assets, seeing to it that they are properly maintained, are improved if needed, and are consistently well-kept.

With Nepomuceno’s wealth of experience, she is geared towards increasing product and service reliability to deliver added value to guests and stakeholders at every opportunity.

Marian and Tough Mama’s CEO and Founder, Carol Yao, have championed a bond that reflects each other’s growth.

Carol shared that she envisions Tough Mama Appliances “to continue creating and introducing appliances that are not only beautiful and useful but also highquality and affordable for the masses.”

The exclusive gathering held at 1120 House in Makati City celebrating Marian’s five years with Tough Mama Appliances also marked an important milestone for the appliances brand as they welcomed 2024 with a renewed partnership and anticipation for another year filled with more affordable, reliable, and tough appliances.

Picture this: sizzling Korean BBQ nights with the Tough Mama Electric 2-in-1 Griller and Skillet, or the Tough Mama Modern Rice Cooker, which comes in an elegant matte black finish, adding flair to your kitchen. Another remarkable introduction is the Tough Mama MultiFunction Griller, Sandwich Maker, and Infrared Cooker, which perfectly offers versatility and durability in every meal prep adventure.

And here’s an additional kicker— Tough Mama appliances aren’t just tough; they’re backed by a lifetime service warranty, ensuring peace of mind for tough mamas like Marian.

With over 10 years in the business, Tough Mama Appliances has certainly established itself as a trusted brand for Filipino moms, offering a wide range of home and kitchen appliances such as rice cookers, kettles, electric fans, and even air-conditioning units.

The gathering further highlighted a brimming future of better appliances and brand growth for Tough Mama, Marian, and its clientele.

RECEIVING the award were, from left, Cluster Graphic Designer, Diana Licop; Cluster Marketing Communications Assistant, Christelle Tolisora; Cluster Director of Marketing Communications, Archiemedes Nicasio; General Manager of Marriott Manila and Multi-Property Vice President of Marriott International —Philippines, Bruce Winton; Cluster Marketing Communications Manager, Belle Cahulogan; Cluster Digital and Social Media Strategist, Jolan Geyrozaga; Cluster Senior Graphic Designer, Jaron Nepomuceno.

Marriott’s Multi-Awarded Campaign ‘Marriott Moments’ wins first Quill Award

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HE Marriott Moments Campaign presented by Marriott Bonvoy, the hotel’s global loyalty program, and led by the Marriott Philippines received an Award of Excellence for Communication Skills during The 20th Philippine Quill Awards organized by the International Association of Business Communicators (IABC) at the Marriott Grand Ballroom last January 23, 2024.

According to IABC, there are more than 800 entries this year—the highest in Philippine Quill history. This award adds to the campaign’s previous accolades namely Anvil Awards by the Public Relations Society of the Philippines setting the record of being the first hotel chain to receive such recognition and Silver Stevie from the Asia-Pacific Stevie Awards.

Receiving this prestigious award were Cluster Graphic Desig ner, Diana Licop; Cluster Marketing Communications Assistant, Christelle Tolisora; Cluster Director of Marketing Communications, Archiemedes Nicasio; General Manager of Marriott Manila and Multi-Property Vice President of Marriott International —Philippines, Bruce

Winton; Cluster Marketing Communications Manager, Belle Cahulogan; Cluster Digital and Social Media Strategist, Jolan Geyrozaga; Cluster Senior Graphic Designer, Jaron Nepomuceno.

Coming from the pandemic, the Marriott Moments Campaign conveyed the message that Marriott remains to be an ally of people in celebrating important milestones, those moments of gathering with valued people that the world truly missed with “Marry Me At Marriott”—a by-invitation signature bridal fashion show of Marriott Manila at the Marriott Grand Ballroom.

This annual event becomes one of the subsets of Marriott Moments Campaign along with Marriott Moments A-Fair: Life’s Big Events Expo held at the MGBX Exhibition Hall that launched Marriott Manila’s new facility and gathered top wedding and event suppliers, and the calibrated My Favorite Travel Channel, the property’s official Youtube Channel with the My Marriott Moments playlist—a showcase of real people sharing their pieces of memorable events held at Marriott Hotel Manila.

Brewed for Success: The Story of Mountaintop Coffee Beans W

HILE Dalgona coffee was enjoying huge popularity at the height of forced lockdowns during the onset of the Covid-19 pandemic, young businesswoman Marie Antonette Medina was taking a sip, starting a new local coffee brand, which has grown rapidly to attract attention and become among the recipients of Philippine Finest Business Awards & Outstanding Achievers 2023.

From a small home-based business that started with just five kilos of freshly ground coffee from the Cordilleras in June 2020, Mountaintop Coffee Beans is now a fast-growing organic coffee drip brand selling more than 1,000 kilos overall each month.

Medina admits that she did not expect the business to perform this well, but reiterates that since the beginning, she has always been confident of the organic coffee’s potential. “With so many coffee products and brands in the local market, I knew that coffee from the Cordillera mountains will always stand out because of its unique texture and smooth taste,” she says.

The 29-year-old entrepreneur started the business in their family residence in San Fernando, Pampanga by herself. Sheordered coffee beans from some Cordillera-based farmers she met before, did the repacking, and sold and delivered the first batch of packs initially to her friends. Through word-of-mouth and social media marketing, orders increased until Medina decided to upgrade the packaging.

Mountaintop Coffee Beans has the best organic coffee since Day 1, but Medina knew investing in high-grade packaging would further work wonders.

She commissioned a freelance graphics artist to do the logo based on her ideas and found an international supplier to produce the premium product packs in different variations and order sizes.

In no time, Mountaintop Coffee Beans drew market attention. Coffee lovers can easily choose among fine grind, medium coarse, or whole beans options in either 250-gram or 500-gram pack. Though the products are available online through the major e-commerce platforms, corporate clients and coffee shops still account for a greater pie of its monthly sales.

Medina is also not ruling out the possibility of putting up Mountain Coffee Beans’ own coffee shop but says, “For now, we are focusing on making the

brand grow more until we export our products to other countries. I have to be careful in making business decisions because there are many other families that are relying on it, not just mine.”

A single mom since she was just 16, Medina is keeping her staff, some also single moms, with the commitment to help them grow their own careers as well along with the business. This early, she reveals that she is grooming each member of the team to eventually lead various operations or aspects of the growing business.

“I know how hard life could be especially for single moms. That is why as much as possible, I want everyone in the team to stay and grow with the business as we share the successes of each milestone.

They are family,” she says.

Medina is also grateful for having a supportive family “despite the disappointments in the past.”

She recalls that she was a consistent honor student until she became a teenage mom. While in college, she managed the pressure of finishing studies while thinking of ways to earn for her daughter.

“My parents continued to support me, but I knew I had to strive harder for my daughter,” she recalls.

That’s when she got into online selling—going to Divisoria in Manila regularly to buy stuff—and eventually putting up her own home-based travel agency. But just like most entrepreneurs during the start of pandemic lockdowns, Medina lost income opportunities, which gave her stressful days thinking of ways to make ends meet—until the coffee business idea knocked at her door.

Aside from the success of Mountaintop Coffee Beans, Medina gets the fulfillment from sincere feedback from its growing fan base. She is also glad to take another milestone this month as the brand received the Philippine Finest Business Awards & Outstanding Achievers 2023.

“I am overjoyed and would like to share this milestone with my team and my family, especially to my brother in Singapore who has believed in me and backed me up during the trying times.

Mountaintop Coffee Beans is proud to bring the best organic coffee fresh from the Cordilleras to the most discerning coffee enthusiasts across the country,” she ends.

Marketing BusinessMirror

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F late, because of the continuing rise of Alzheimer’s Disease which affects a part of the brain involving thought, memory and language, many articles have espoused not retiring from one’s profession because of the health benefits of keeping an active and nimble mind.

If there is one industry where practitioners never really retire, it is in public relations and communications. Why so? Because in this field, one’s experience and expertise is honed over time.

First, the senior practitioner has an enviable network— whether it be the media contacts, the government functionaries, private sector partners and colleagues in the profession—these are people whom you have built relationships with over time.

Trust, a key component and core value of a communications professional, is one that is best tested over time and circumstances.

Second, the seasoned practitioner has a mastery of tools and techniques which make him not just technically competent but an expert.

Third is the maturity and the ability to think strategically. So, an excellent pr professional is one who has a good understanding of the business and how he can support the company’s goals and aspirations. He also has the

n Weta FX’s Ryan Serrano shares his creative journey from clothespin robots to CGI models at Graphika Manila 2024

MANILA, PHILIPPINES— If you tell a young boy who makes robots out of clothespins that, one day, he would actually get to build that and more, his eyes would light up, and the gears in his mind would start whirring faster than any robot imaginable.

That was the case for Ryan Serrano, a 3D character artist working with New Zealandbased visual effects studio Weta FX, who took the stage as one of the esteemed guest speakers of Graphika Manila 2024, held from February 17 to 18 at the SMX Convention Center in Pasay City.

Ryan kicked off his talk by addressing his roots. Born and raised in the Philippines, his passion for drawing and creating things started very young.

Drawing dinosaurs and creat-

ing robot-like figures out of clothespins were some of the ways he exercised his creativity.

Fueled by his passion for creating art and modeling sculptures, Ryan spared no detail in sharing his creative processes and production workflows—a result of a rich, 12-year-long career that gave him the privilege of working on projects such as Lord of the Rings, Star Wars, Marvel, DC, Transformers, Disney, James Cameron’s Avatar, and many more.

Ryan then attributed his career success to grit, growth, and gratitude, which he called the “art of achieving goals.”

“Grit is a force that can get you to the top,” Ryan shared.

“I kept working on my skills, kept thinking positive that someday, somehow, I’ll be given a chance. And if that opportunity comes, I’ll nail it.”

“Our goals lie beyond the fear zone. If you don’t try to cross that part of your journey, you’ll risk getting stuck in the comfort zone. Nothing grows in the comfort zone,” Ryan emphasized. He added that it is essential to understand your strengths and weaknesses and highlighted

ability to work with cross-functional teams and provide value to the team.

And so, if I simply examine the circle of IPRA members, our small group of senior practitioners, no one has really retired and is simply enjoying the fruits of a long and successful career whether as a corporate executive or a business owner. Everyone of us has pursued passion projects, enhanced our talents, discovered and rediscovered new gifts that will allow us to live each day with meaning and purpose.

Like wine, the PR professional gets better over time. Every practitioner must strive to be part of senior management and have the ability to shape policy.

The wisdom and expertise acquired through years of experience can only make a PR professional even more valuable and indispensable.

I myself took an early retirement from my corporate job in the pharmaceutical industry to devote my time in advancing patient rights and working towards health for all. Having been exposed to the health care system, I saw the stark realities of a system that is broken and fragmented. And so, I vowed to do my share albeit in a different capacity where I lead the different patient advocacy groups to have their voices heard by the government.

It is a challenge to advocate for a particular disease. There is

the importance of improving one’s networking skills to get where you need to be in your career.

Ryan concluded his talk by thanking his supporters, associates, and mentors—or “SAM” as he prefers to call it—a reference to Samwise Gamgee from Lord of the Rings, to whom Ryan stated as an important and ideal companion to have in your journey as a creative.

n Failure won’t foil your plans, says The Acid House’s dynamic duo Ivan and Pauline Despi at Graphika Manila 2024

MANILA, PHILIPPINES— Graphika Manila 2024, one of Asia’s biggest and most influential conferences of creativity, returned on February 17 to 18 at the SMX Convention Center in Pasay City.

Boasting a lineup of stellar creatives who showcase their best works at every conference, an unwavering passion and excellence for art, design, and creativity constantly resonate among the audiences.

However, for Ivan and Pauline Despi, the dynamic duo behind motion design and animation company The Acid

www. FREEPIK.COM

Does anyone in PR ever really retire?

often a need to create awareness of the disease in order to make people aware of what patients go through in battling their condition. And this is where the skills of a good communicator are useful because it is about storytelling. The patient is most effective when he is able to share his personal experience with the disease and the challenges he faces on a day-to-day basis.

However, pushing for health policy is a different ballgame altogether. There is a need to be evidence-based, and so facts and statistics play a major role in determining policy. The communicator’s ability to translate evidence into something easily understood and digested comes in handy.

Fourth, the communicators’ skill in amplifying the disease condition and create a sense of urgency to move people into ac-

House, the lessons they imparted were candid and unexpected but certainly nothing short of inspiring.

As the duo mentioned failure and inexperience as vital ingredients to one’s eventual success, all eyes in the room lit up, now more eager to listen to their backstory.

Lesson one: Start before you’re ready

“The first piece of advice we usually give is to start before you’re ready,” Ivan prompted.

He cited their own experience of pitching to big companies and brands while simultaneously launching their studio all within a month. Despite feeling unprepared for the opportunities they have in store, it did not stop the power couple from not only landing projects with mainstream clients such as Rappler but also beginning a shift towards the craft of motion and video art.

Lesson two: Small things lead to bigger things

After featuring an exhibit that sprouted from a sketch in their notebook, the couple encouraged the audience: “Keep your sketches and mini

tion is most critical. And finally, the ability to bring stakeholders to work together is a skill that someone who has earned the trust and respect of people can only be possible. At the end of the day, it will always be a battle of budget and focus and those advocacies which get attention are those who have champions willing to push the agenda forward.

And so here I am, nine years in the non-profit sector and still trying my best to be the change I need to see and articulating a vision for Health for All. 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. Karen Alparce-Villanueva is currently President of the Philippine Alliance

doodles. You don’t know when you’ll use them for something bigger.”

Small things can lead to bigger things—this was emphasized by Ivan as he presented some works he created for 36 Days of Type, an online creative challenge prompting artists and designers to create visually stunning type. His participation in this challenge eventually led to his work being featured as splash screens on Adobe Muse in 2018 and Adobe Creative Cloud in 2019.

Additionally, the couple encouraged embracing hobbies and explorations during moments of idleness, as inspiration can strike even in the most unexpected moments.

Lesson three: Keep an ‘Experience Library’

We are built upon the small things we do every day, and the results of our efforts are no more than a byproduct.

Pauline emphasized the importance of keeping an “experience library,” an archive or compilation of all of the works you’ve done, regardless if it’s a work in progress or a completed project, an accomplished artwork worthy

of Patient Organizations (PAPO) and Founder, Myeloma Support for Patient Empowerment, Access and Knowledge. She is also Board Member of other non-profit organizations namely the Patients For Patient Safety of the International Alliance of Patient Organizations (IAPO) as well as the Patient Safety Advisory Board (Asia-Pacific).

She also sits as Council Member of the International Patient Advisory of the British Medical Journal and Member of the Advisory Board of the Health Equity Program of the College of Public Health University of the Philippines, Manila and Board Member of the Philippine Tuberculosis Society.

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.

of a slot in your portfolio or a rejected piece destined to retire in your trash bin. She explained that it can still serve a purpose despite how one views one’s work. “Everything is part of your research, and all the things you do will build up to something meaningful.”

Ivan echoed his wife’s statement, adding that all the experiences they gained eventually evolved into convergence points in their creative journey.

Perhaps the highlight of their talk was when they defied the norm of showcasing one’s best works in the conference by premiering a showreel of all their failed, abandoned, or rejected works.

The “fail showreel” certainly inspired audiences to keep their work and document their progress.

“Execute your plans. If you’re going to fail, fail faster,” Ivan emphasized. “Each failure is just a learning step to your eventual success.”

Ivan and Pauline Despi concluded their talk with a final and encouraging lesson: “Start something; make things happen. You’re probably not ready, but they better be ready for you.”

It’s Curry over Sabrina in 3-point showdown

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BusinessMirror

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NDIANAPOLIS— Stephen Curry was on a roll—and it was barely enough to beat Sabrina Ionescu.

And fittingly, he won by three.

The Golden State star and the National Basketball Association’s (NBA) all-time 3-point king beat Ionescu 29-26 in the Steph vs. Sabrina competition at All-Star Saturday night, the first such him-vsher event of its kind at the league’s weekend showcase.

“For us to deliver a show like that, it was perfect,” Curry said. “As much excitement as you can build in that short amount of time with two great shooters going at it.

This is something we’ll remember for a long time.”

Ionescu won the WNBA’s 3-point shootout at its AllStar weekend last year with a record 37 points, smashing Curry’s NBA shootout mark of 31 points. From there, a challenge was thrown down and the plan was concocted for them to meet at All-Star weekend.

So they did, and it felt like the main event of the night.

“Hopefully, this isn’t the last time we do this,” Ionescu said.

Given how the fans—and really, everybody from both the NBA and WNBA—seemed to love it, it likely won’t be the last time, especially since Curry and Ionescu talked afterward about adding partners to

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onday, February 19, 2024 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

STEPHEN CURRY beats Sabrina Ionescu, 29-26, in their showdown as Mac McClung dunks over Shaquille O’Neal to highlight his victory in the slam dunk competition. AP the mix next year when All-Star weekend just happens to be in San Francisco, the area where he plays and she calls home.

Curry’s prize was a championship belt, with images of goats—as in, GOATs—on either side.

And he’s the shooting GOAT, without question. But Ionescu, the New York Liberty star, almost gave him more than he could handle.

Ionescu went first and made 18 of 27 shots— starting 7 for 7. Some of them were worth one point, some worth two, giving her a total of 26 points.

She shot from the NBA 3-point line, which is roughly 12 to 18 inches farther from the basket than the WNBA line, depending on the area of the floor. Ionescu used a WNBA ball, which is slightly smaller than the NBA ball Curry used.

Curry had to rally a bit at the end, making nine of his last 10 to finish off the win.

Combined, they shot 39 for 54 (72 percent) in a contest with unconventional elements like a limegreen glass floor in a football stadium with the world watching.

IOC thumbs down Pacquiao’s Paris bid

“This was so authentic for the both of us to be able to be here, finally not in a closed gym, shooting in front of everyone watching and understanding what it means for ourselves but also the bigger picture,” said Ionescu, who has beaten Curry in a H-O-R-S-E competition before without millions of people watching on television. “This is where I wanted to be.... It’s changed the landscape of how people view what we’re doing.”

There’s no rivalry between the two, even though Curry heckled Ionescu during her rehearsal shooting session on Friday. He was booing her as she shot.

“Trying to apply some pressure, for sure,” Curry said.

The reality is he’s been inspiring Ionescu for more than half her life.

Ionescu’s family had season tickets to Warriors games. He gave her a high-five once when he was in the tunnel connecting the locker room and the court. She had a photo of him as her screensaver.

Years later, when Ionescu was starring at Oregon, she was the one high-fiving Curry’s daughters—who love her. And on Saturday, Ionescu said the experience of just being part of something so unique on the AllStar stage taught her a key lesson. AP

OXING icon Manny Pacquiao won’t be showcasing his legendary ring savvy to the Paris Olympics primarily because the former eight-division world professional champion is overaged.

The International Olympic Committee (IOC), in response to a letter from the Philippine Olympic Committee (POC) late last year appealing for the former senator’s stint in Paris, stressed on the 40-year-old age limit for athletes participating in the Olympics.

Pacquiao is already 45 years old.

In the same breadth, had Pacquiao met the age regulation, his possible qualification for the Olympics is to go through qualifiers, one of them last year’s Asian Games where Eumir Felix Marcial earned a light heavyweight clinching silver in Hangzhou.

“Too bad our beloved boxing icon is

‘Pretty Boy’ ready for fight vs Inoue

J

Tigers, this time, make Bulldogs eat dust in UAAP volleyball action

N

COACH Odjie Mamon: It’s about fighting with a big heart.

I

T didn’t take long for Cignal HD to get its throne back in the Philippine National Volleyball Federation (PNVF) Champions League.

In sweeping fashion, the HD Spikers hit two birds with one stone following a 27-25, 31-33, 25-16, 25-18 win over the Iloilo D’Navigators to reign supreme in the PNVF Champions League men’s division over the weekend at the Rizal Memorial Coliseum.

With a perfect 5-0 campaign, the HD Spikers clinched its second title in the PNVF and avenged the tough defeat of their women counterparts against Petro Gazz in the women’s final last week.

“It’s very fulfilling, last year

ATIONAL University (NU) shed its cloak of invincibility following a 25-23, 26-24, 25-19 loss to University of Santo Tomas (UST) in University Athletic Association of the Philippines men’s volleyball action on Sunday at the SM Mall of Asia Arena.

Odjie Mamon, also the national men’s team coach, and the Growling Tigers finally found the brew that dealt the Bulldogs their first loss after a streak of 34 matches that saw them dominating the tournament since Season 80—the UAAP canceled Seasons 81 and 82 because of Covid.

“I’m very happy that the team responded to our preparation,” Mamon said. “It’s not about skills and technic, but rather their mental preparedness, about fighting heart.”

The victory allowed the Tigers their Finals loss to the Bulldogs last season—and as significantly, dealt NU its first setback since losing to Far Eastern University, 25-12, 25-16, 25-19, on opening day in Season 81 on February 16, 2019.

Josh Ybañez led UST with 13 points with seven excellent digs and five excellent receptions while Edlyn Colinares and Jay Rack Dela Noche

added eight points apiece.

Dux Yambao made 18 excellent sets and scored three points in the victory.

NU tried to extend the match behind Jan Abanilla and Jade Disquitado by threatening at 20-17 in the third set, but consecutive errors

by Abanilla and Obed Mukaba gave the momentum back to the Tigers who scored five straight points capped by Gboy Dela Vega’s match-clinching ace.

Mamon said NU helped them secure the victory.

“Our opponents scored points for us,” he said. “They were gifts.”

The Bulldogs committed 25 errors in the one-hour and 17-minute match.

Nico Almendras and Jade Disquitado carried the Bulldogs with 15 and 13 points, respectively, in the match where Mike Buddin injured his right hand and is expected to sit out the next three weeks.

Mukaba was held to just five points, while team captain Joshua Retamar delivered 16 excellent sets.

UST takes on University of the East (0-1) at 12 noon on Wednesday, while NU squares off with Ateneo also at noon on Saturday, 12:00 p.m. at the MOA Arena.

Cignal HD Spikers get throne back at Iloilo’s expense in PNVF tourney we lost, we revamped with young enthusiastic and eager players who want to be champions,” Cignal HD coach Dexter Clamor said. “It’s definitely a satisfying and happy feeling.”

National men’s team spiker Joshua Umandal starred with a 28-point eruption on 23 attacks, four blocks and an ace—numbers that earned him the MVP honors.

He was also named the First Best Outside Hitter with teammates JP Bugaoan (Second Best Middle Blocker), who dropped 23 points in against Iloilo, and Gabriel EJ Casana (Best Setter)

joining him in the Dream Team.

Iloilo’s Jayvee Sumagaysay emerged as the First Middle Blocker, his teammate John Benedict San Andres as the Second Best Outside Hitter, VNS Asereht’s Kevin Montemayor as Best Opposite Spiker and College of Saint Benilde’s Alvin Bryle Gomez as the Best Libero.

VNS was hailed with the Fair Play Award to cap the awardees in the men’s tilt of the PNVF backed by PLDT, Ayala Land, Nuvali, Cignal, One Sports, One Sports+, Mikasa, Senoh, Foton, Philippine Olympic Committee and the Philippine Sports Commission.

Swiftie solutions in sports I AM all right with one cutaway shot of Taylor Swift during the just concluded Super Bowl. But really? Every now and then? Especially when Travis Kelce was on field?

Yes, I get it. The suits are hoping that some of the spillover Swifties will become National Football League (NFL) fans and will buy merchandise.

While I welcome new fans, I have always felt a certain disdain for these superficial tactics.

Don’t get me wrong—it is never too late to become a fan.

The emphasis is on that last word—“fan.”

Case in point, at the height of Azkals-mania in the Philippines, there were a lot of female fans who were cheering on James and Phil Younghusband (and others who caught their fancy) from the stands. Never mind if the vast majority weren’t real football fans or who understood the game.

So where are they now? How come the Philippine Football Federation needs to callout support for recent

home games?

That’s like rapper Drake or Justin Bieber who are as bandwagon as they come.

More so now at how sporting events or leagues market their players. Ethnicity is marketed to draw in new fans.

Again, it’s all good. Except when one mislabels a person as “Filipino” while eschewing or finding themselves in a state of convenient amnesia that the athlete is as American too as apple pie.

disqualified because of his age and that everyone needs to go through qualifiers, in all sports, to be able to participate in Paris,” POC president Abraham “Bambol” Tolentino said on Tuesday.

James McLeod, IOC Director for National Olympic Committee Relations, wrote the POC on its request for Pacquiao to be able to box in Paris.

“The only valid boxing qualification system for Paris 2024 is the one approved by the IOC Executive Board in September 2022 published and distributed to NOCs and boxing national federations on 6 December 2022,” McLeod said in his letter.

“This includes the age limit of 40,” McLeod said.

Pacquiao, too, couldn’t make Paris under the Universality rule.

“The Universality places for the Olympic Games will not be allocated to NOCs with an average of more than eight [08] athletes in individual sports/disciplines at the last two editions of the Olympic Games [Rio and Tokyo],” Mcleod added.

The Philippines had 17 athletes in Tokyo—all in individual sports— with Hidilyn Diaz Naranjo winning the country’s first Olympic gold medal and Carlo Paalam and Nesthy Petecio clnching silver medals and Marcial bagging bronze in boxing.

So far, the four Filipinos have qualified for Paris—world No. 2 pole vaulter Ernest John “EJ” Obiena, Marcial and artistic gymnasts Carlos Yulo and Aleah Finnegan.

THE victorious Cignal HD Spikers pose with their trophy, medals and a replica of their P100,000 cash prize with PNVF president Ramon “Tats” Suzara.

If we follow this silly argument, then should we be counted as Chinese since we all have Chinese blood in our veins? No wonder they are screwing us out of the Spratlys.

Being a fan is you are there through thick and thin.

Through championships and long droughts.

In some way, you’re a gate keeper. Someone who is self-appointed if not conferred the protector of all things tradition and sacred.

Boy, do I know that all too well. I watched Ateneo Blue Eagles basketball in the early 1980s where the team was often in the bottom three of the University Athletic Association of the Philippines standings. Sometimes, there were only five or six of us in the stands watching at the Rizal Memorial Coliseum. I was watching when you could still buy an Ateneo-La Salle ticket at the ticket booth without having to line-up for hours on end.

Being an old time fan though does not give us pause to not accept new fans. Everyone has to start somewhere after all.

We just draw the lines on bandwagoners and hipsters.

Having said that, short-term tactics in wooing faux fans and focusing on celebrities only helps the game for

By Josef Ramos

ERWIN “PRETTY BOY” ANCAJAS and his team arrived in Tokyo on Sunday a week ahead of his title fight with reigning World Boxing Association (WBA) bantamweight champion Takuma Inoue of Japan.

His mission: To become a world champion once more.

“It’s a rare opportunity for a Filipino to get a world title shot, but I feel blessed and thankful for having another chance,” Ancajas told a presss conference arranged by Manny Pacquiao’s MP Promotions president Sean Gibbons at the Ascott Hotel in Makati City Saturday.

Japan’s no strange territory for the 32-year-old from Panabo City, who held the International Boxing Federation junior bantamweight title from 2016 until he lost his belt to former Olympian Fernando Daniel Martinez of Argentina in February 2022 in Las Vegas.

He was tapped as a sparring partner to former World Boxing Council and World Boxing Organization bantamweight champions Shinsuke Yamanaka and Tomoki Kameda in 2011 and 2012.

Ancajas (34-3-2 win-loss-draw with 23 knockouts) said he’s not to be cowed by the younger brother of undisputed and unbeaten super bantamweight champion Naoya Inoue in his own territory.

“We never think that way when we’re fighting abroad or here in our country. As a boxer, I always give my best, convince the judges every round that I dominated the fight,” he said.”

“We are ready to rumble every fight abroad. We never think that way ever since,” his manager and trainer Joven Jimenez said. “Our goal is to win.”

The 28-year-old Inoue is 18-1 record with four knockouts.

Their fight is set at the Kokugikan Arena.

a moment. They can be misleading especially when the going gets tough.

Yes, I get it. It’s a business. And businesses need to make money.

In my opinion, there’s something wrong when money is the only bottom line—you do things that will compromise the game that is already being bastardized by corporate greed.

Many quarters point to say, for example, Netflix’s Drive to Survive, as bringing in many new fans to Formula 1 racing. Whether this helps F1 long-term is anyone’s guess at this point. We will know in a few years.

As a long-time F1 fan, I enjoy the series because it adds more story to what I read on the news, in magazines, and now, social media.

Besides, sports documentaries are as old as the games they feature.

Now back to the original opening statement. I welcome Taylor Swift and her millions of followers to the NFL. I just hope they stay on as real fans. Because that is what the game really needs.