BusinessMirror February 28, 2024

Govt to focus on ‘high-impact’ infrastructure projects–Neda

By Cai U. Ordinario @caiordinario

THE National Economic and Development Authority (Neda) Board has reduced the number of infrastructure flagship projects (IFPs) that will be undertaken by the national government in the medium term.

Neda said its highest policymaking body chaired by the President, the Neda Board, approved the reduction of IFPs to 185 projects from 198 projects.

However, in terms of cost, the total cost of the 185 projects reached P9.14 trillion.

The 198 projects initially cost

P8.79 trillion.

“Our list of IFPs under the Build-Better-More Program serves as a prioritization tool to identify high-impact infrastructure projects that require immediate government support,” Neda Secretary Arsenio M. Balisacan said.

“By rationalizing the list, we ensure the implementation of as many important infrastructure projects of high significance as possible,” he added.

Balisacan said the Neda Board approved the addition of 23 new projects and delisting of 36 projects from the list of

this year.

“We took into consideration the global recession. This does not yet take into account the legislated minimum wage,” Maritess JocsonAgoncillo, Conwep executive director, told reporters during a virtual press briefing.

Rosette Carillo, Conwep associate director, said consumers tend to be conservative in their personal spending and this trickles down to the supply chain and affects manufacturers of export products.

“When you have a recession people tend to be conservative in their personal spending, consumer spending is down. The inventory of the retail stores [build up] so

Marcos: Pag-IBIG gains show extent of housing need in PHL

PBy Samuel P. Medenilla @sam_medenilla

PRESIDENT Ferdinand R. Marcos Jr. will forge stronger security and economic ties with Canberra during his visit to Australia, according to the Department of Foreign Affairs (DFA).

Marcos will fly to Australia’s capital on the 28th and 29th of February for a state visit upon the invitation of Australian Governor General David Hurley. The President will participate in the Association

of Southeast Asian Nation (ASEAN)-Australia Special Summit in Melbourne upon the invitation of Australian Prime Minister Anthony Albanese during the second leg of this trip from March 4 to 6. The highlight of the state visit will be the chief executive’s address to the Australian Parliament, which will make him the first Filipino to do so. DFA spokesperson Ma. Teresita C. Daza said since it will allow the President to cement

See “DFA,” A

RESIDENT Ferdinand R. Marcos Jr. on Tuesday called on the Department of Human Settlements and Urban Development (DHSUD) to translate the gains of the Home Development Mutual Fund or the Pag-IBIG Fund last year into accessible housing for Filipinos.

Marcos said during the PagIBIG Fund Chairman’s report at the Philippine International Convention Center (PICC) in Pasay City that 2023 was a banner year for Pag-IBIG as it registered significant milestones during the period.

Last year, Pag-IBIG registered a total P925.61 billion of assets, P77.21 billion in gross income and

P49.79 billion in net income. The surge in income prompted Pag-IBIG to allocate P48.76 billion as dividend for its members.

Pag-IBIG’s dividend rate for its Regular Savings is at 6.55 percent while that of MP2 Savings is at 7.05 percent.

“The challenge before us today, including those in the PagIBIG, the housing sector, and the local government units, is to translate these statistics into actual homes that people can live in,” Marcos said. He noted that the Philippines has a housing backlog of 6.5 million units.

See “Pag-IBIG,” A

PARTNERSHIP Citystate Savings Bank President Jaime Valentin L. Araneta (left) and Geniusto Philippines’s President Shane Hermans are seen at their partnership contract signing held at the Ascott Boardroom, Taguig City on Tuesday (February 27, 2024). CSBank intends to come up with its own e-wallet to better serve its clients and boost its digitalization efforts, with its partnership with Geniusto a vital part of that

PCG may file insurance claims for oil spill damage, says DOJ

By Joel R. San Juan @jrsanjuan1573

THE Department of Justice (DOJ) ruled that the Philippine Coast Guard (PCG) has the authority to consolidate and file claims for insurance amounting to more than P5 billion in connection with the damages caused by the oil spill from the sunken M/T Princess Empress.

In a three-page legal opinion signed by DOJ Undersecretary Raul Vasquez “for the secretary of justice,” the justice department said that under Republic Act (RA) 9483 or the “Oil Pollution Compensation Act of 2007,” the PCG “plays an important role in the filing of compensation claims arising from an oil spill incident.”

The National Disaster Risk Reduction and Management Council (NDRRMC) said that as of September 2023, more than 40,000 families from 264 barangays in Oriental Mindoro were affected by the oil spill and that the amount of social assistance provided by the government has already reached P790 million.

Meanwhile, the estimated cost of damage to aquaculture has amounted to around

DFA. . .

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the Philippines’s strategic partnership with Australia.

“This is a very good opportunity for the Philippines not only to underscore the shared vision about the future with Australia and this coming after the two of us elevating our partnership to strategic partnership but will also help us underscore because both countries as maritime nations have actually committed to adherence to the rules-based order international law,” Daza said.

She said the issue of the South China Sea

P4.9 billion.

The DOJ noted that under Section 17 of RA 9483, an action for compensation on account of pollution damage may be brought before the regional trial court against the owner of the polluting ship or the insurer or other person providing financial security of the owner’s liability for pollution.

The said provision further states that the PCG is mandated to investigate any incident, claim for compensation or violation of RA 9483 and thereafter file the necessary case with the trial court.

The PCG’s role in initiating claims for insurance in relation to the oil spill incident, according to the DOJ, is further bolstered in the implementing rules and regulations (IRR) of RA 9483 dated April 12, 2016. The DOJ noted that Section 3 of the IRR outlines the functions and duties of the PCG with respect to filing claims for insurance.

Specifically, the IRR tasked PCG to verify and certify the correctness of the claims for compensation of local government units (LGUs) or individuals affected by oil pollution damage; assist LGUs concerned in the preparation of their claims for compensation; assist individual claimants in

as well as Philippine-Australia defense and security relations will also be raised by the President.

During the state visit, the Philippines and Australia are expected to sign cooperation agreements in addition to those, which were signed during the visit of Albanese in the country last September.

Albanese’s trip led to the signing of a memorandum of understanding (MOU) on holiday visa arrangement and on national soil health strategy.

“So, do expect...that there will be agreements that will be signed relative to other areas of concern of the country, but cannot detail these at this point in time,”

the preparation of their respective claims; and consolidate all claims for the clean-up compensation and file the appropriate action with the trial court.

Furthermore, the PCG is tasked to provide the complainant necessary technical evidence or any assistance, whether testimonial or documentary, insofar as the claim for compensation or violation of RA 9483 is concerned and assist any person suffering from pollution damage in presenting a claim to the International Oil Pollution Compensation Funds (IOPC).

“Hence, based on the pertinent provisions of the Act and its IRR, it is the PCG that has been mandated to assist the affected individuals, communities and entities in the preparation of their claims for compensation,” the legal opinion stated.

“This legal mandate of the PCG can include the act of consolidating the compensation claims, in preparation for filing an action for compensation against the ship owner or its insurer with the Regional Trial Court, or with the IOPC Fund in case the damage exceeds the owner’s limited liability under 1992 International Convention on Civil Liability for Oil Pollution,” it added.

he said. Albanese earlier said Australia is also considering forging agreements on education, resources and the green energy transition with the Philippines.

Core position DFA Assistant Secretary Daniel R. Espiritu said the Asean-Australia Summit will allow the President to present the country’s “core position on regional and international issues.”

He said Marcos will be participating at the leaders plenary and the leaders’ retreat.

“For the leaders plenary, the President may take the opportunity to thank Australia for its unwavering support for the rule of law

However, if the ship owner’s insurer is willing to pay the claims, the DOJ said the filing of a suit before the RTC is no longer necessary as the claims can be directly filed with the insurer.

The DOJ issued the legal opinion upon the request of Undersecretary Ariel Nepomuceno, Executive Director of the National Disaster Risk Reduction and Management Council (NDRRMC) Executive Director.

In his letter-request, Nepomuceno sought the DOJ’s opinion as to which specific government agency will facilitate the consolidation of the claims for insurance in connection with the oil spill that adversely affected the areas of Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon), Mimaropa (Mindoro Occidental, Mindoro Oriental, Marinduqie, Romblon and Palawan) and Region 6.

Nepomuceno noted that the oil spill resulted in costly response operations for the containment of the oil spill, siphoning of oil from the sunken vessel, the provision of social assistance to the affected communities by the various government agencies and long-term environmental impact.

and for the 1982 UNCLOS and the 2016 Arbitral Award,” Espiritu said.

“At the leaders retreat, the President may encourage Australia to remain committed to the peaceful resolution of disputes and to maintain respect for the rules-based international order and multilateralism which is currently very much under challenged,” he added.

The two outcome documents from the summit include the Asean-Australia leaders’ vision statement and the joint declaration for the 2024 Asean-Australia Special Summit to commemorate the 50th Anniversary of the Dialogue Partnership.

At the sidelines of the summit, Marcos will also have a bilateral meeting with Cambodia and New Zealand.

Espiritu said the discussion with Cambodia will cover possible cooperation on rice supply and air connectivity, while for New Zealand it will be “political, economic, and socio-cultural relations.”

While in Melbourne, the President will deliver the keynote remarks at the Lowy Institute.

He will also meet with the Filipino community and businessmen in Australia.

Australia is the third country that Marcos will visit this year. Prior to this, the President visited Brunei and Vietnam.

Neda. . .

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IFPs under the Build-Better-More program during its 14th meeting today, February 27, 2024.

A Neda official told B USINESS M IRROR that some projects that were removed from the list were below P2.5 billion while others were not in the 2024 budget.

The official also said some projects were not included in the Public Infrastructure Program (PIP) or the Three-Year Infrastructure Plan (TRIP). Also excluded are those that did not progress or go beyond the project preparation phase and those in the regular programs of agencies.

However, Balisacan clarified that certain projects removed from the list will still proceed as planned as they were already part of the regular government programs.

“We will continue to monitor, review, and update the list of IFPs as necessary to prioritize the most important infrastructure projects,” Balisacan said.

“The Neda Board is committed to approving measures needed to expedite the implementation of the Build-Better-More Program,” he added.

Neda Undersecretary Joseph J. Capuno reported to the Neda Board the overall progress of the projects from the previous IFP list. As of the fourth quarter of 2023, 74

Conwep. . .

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it trickles down to the supply chain,”

Carillo said.

“If this happens, the buyer does not order and this could minimize orders for the next season. This will now affect the export manufacturers directly,” she added.

Agoncillo also said the sector could lose 21,912 workers in 2024. “Should the legislated wage hike push through, maybe about 20 to 30 percent of the 160,000 [workers in the sector] would stay.”

In a letter dated February 26, 2024 addressed to President Ferdinand R.

Marcos Jr., Conwep said the global economic turmoil over the past two years “pushed down our generated employment to 182,600 by December 2023.”

“Falling consumer purchasing power and rising price cuts leave retail stores with higher inventory, and buyers migrate their orders to more affordable options such as Vietnam, Cambodia, and Indonesia due to preferential trade agreements or competitive sourcing costs and faster deliveries,” the letter read.

“Last February 22, we received advice from a major buyer in New York that orders would be diverted to Indonesia and Cambodia should there be another wage spike aside from the 2023 regional wage board- mandated increase in the daily minimum wage. The factories that stand to lose are in Regions 3, 4-A/4-B and 7,” it added. With this, the group said the wearables in the Philippines are recalibrating their factories’ productivity levels so the country could remain “a viable sourcing hub” for quality apparel.

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DHSUD Chairman and Pag-IBIG exofficio Jose Rizalino L. Acuazar reported that Pag-IBIG approved P20.17 billion of housing loans to help finance 17,791 housing units. He also said there are 34 Pambansang Pabahay para sa Pilipino (4PH) projects

IFPs were already being implemented, 30 had been approved for implementation, 10 were awaiting government approval, and 83 were undergoing either project or pre-project preparation.

In 2023, one project on the IFP list, the Samar Pacific Coastal Road Project, was completed last June 30 and inaugurated last July 14. Among the 74 ongoing projects, 19 are scheduled to be completed this year.

Meanwhile, the Neda Board also approved changes in the scope of the Davao City Bypass Construction Project. The decision came after a review of the overall cost of the project, considering its expanded scope and the new postpandemic market conditions.

Consequently, the Board approved a supplemental loan of P14.6 billion for the project, as the total cost increased to P70.8 billion. The changes will also involve extending the implementation period until December 31, 2027.

This project intends to improve the physical connectivity between Davao City and Panabo City. It is expected to reduce travel time and improve the traffic situation between the two cities from 1 hour and 44 minutes to 49 minutes upon completion.

“While this project was first approved by the Neda Board in 2015, its implementation was hampered by the pandemic. The changes in the project scope and cost will ensure that this key infrastructure project receives the necessary support for its successful completion,” said Balisacan.

The group also asked the President to provide inflation subsidy to minimum wage earners instead of raising salaries via legislation.

It said the government should consider providing a 2-year monthly P1,000 government inflation subsidy to minimum wage earners similar to the Department of Labor and Employment’s Covid-19 Adjustment Measures Program or Small Business Wage Subsidy Program.

“We request a two-year inflation subsidy to allow the industry to recover as the global demand for apparel exports remains soft until March 2026. Other countries such as Vietnam, China, and Cambodia have implemented support programs similar to those of their apparel export sectors in previous years,” it said.

In a Bloomberg report, the head of the World Trade Organization (WTO) was quoted as saying that global commerce, after proving resilient through the pandemic, is performing weaker than forecast amid multiple economic headwinds and a political tilt toward protectionism.

“We need to repair the multilateral trading system, reform it, make it fit for purpose, but don’t take it for granted,”

Director-General Ngozi Okonjo-Iweala said during a press conference in Abu Dhabi, where trade ministers are gathered for the WTO’s 13th biennial conference. The global trading system “is continuing to be quite strained.”

She said that demand is sluggish across most major economies—except for the United States and India, “which are doing quite well.” Meanwhile, wars and climate-related problems like a drought that’s slowing shipping through the Panama Canal are “impinging on the supply side.”

nationwide covering 154,814 housing units.

Pag-IBIG also committed P250 billion to finance the 4PH.

Marcos expressed confidence that Acuazar can address the housing gaps in the country before the end of his term in 2028.

“And I know it is a tall order,” the President said. “But your Secretary of Housing does things not because they are easy, but because they are hard.” Samuel P. Medenilla

access to sufficient water supply at any time, particularly during adverse weather conditions such as El Niño.

“We prioritize infrastructure development as a key driver of our economy to improve the lives of every Filipino,” Balisacan said.

“While significant policy reforms have already been put in place to address longstanding constraints to sustainable and resilient infrastructure, we recognize the need for further efforts to boost infrastructure investment and execution,” he added.

‘Serve the greater good’

MEANWHILE, President Ferdinand R. Marcos Jr. called on local government units (LGUs) to implement projects that will extend beyond their term.

In his speech during the 2024 General Assembly of the League of Municipalities of the Philippines last Tuesday, the chief executive said it takes “courage” to start projects with long building timelines.

“It is about going for ambitious projects that span several terms, without regard for who will inaugurate them when completed, instead of picking ones that are ribboncutting ready before elections and the campaign,” Marcos said.

“In that way serve the greater good, instead of meekly settling for short gestation periods that are only high in optics and in gimmickry,” he added.

The Neda Board also confirmed the Integrated Water Resources Master Plan (IWMP) spearheaded by the Water Resources Management Office of the Department of Environment and Natural Resources.

The IWMP will serve as the comprehensive national policy for managing water resources in the country to ensure that everyone has

The Marcos administration is currently pushing for the implementation of projects, which will help in achieving the 17 Sustainable Development Goals (SDG) of the United Nations.

“It means building better and more without abusing our natural resources; preserving natural capital, such that our children can still continue to live off the interest,” Marcos said.

“That, in essence, is the purpose of the SDGs. These 17 ambitious targets serve as the dials on the global dashboard,” he added. With a report from Samuel P. Medenilla

PANAGBENGA FEELS AT SM: BLOOMS AND CULTURAL SPECTACLES TAKE CENTERSTAGE AT SM CITY BAGUIO

THIS year’s Panagbenga celebration has been truly remarkable, offering a diverse range of experiences and activities, reflecting a continued commitment to supporting culture and the arts in the city.

tition not only adds a new dimension to the Panagbenga celebration but also provided a platform for local artists and designers to showcase their talents on a larger stage. It served as a reminder that creativity knows no bounds and that the Panagbenga festival is a time for the community to come together and celebrate the beauty of art and culture.

Among its highlights was the BANG-ED ID AGIW (Garden in Baguio) Flower Design Competition, a captivating showcase demonstrating their expertise in floral arrangement, emphasizing sustainability, urban gardening and community involvement. With a dedication to supporting the creative community, the events sought to elevate and celebrate Filipino artistry.

Throughout the month, visitors enjoyed the spirit of Panagbenga at the mall which was bustling with festivities, including music highlighting performances by the Dagem Cultural Group, Benguet State University Day-Eng Cultural Dance Troupe, Lucban Elementary School Drum and Lyre, Baguio City National High School Special Program in the Arts, University of the Cordilleras Saeng ya Kasay Cultural Ensemble and University of Baguio Bibak Ubbun Kaafuan (UBBUK).

Paving the way for rising OPM acts with special Live performances from The Edralins, David La Sol, Pastel Sky and Goodluck Mito in the Wish 107.5 Bus.

Residents and visitors eagerly gathered to witness the highly anticipated Grand Float Parade on February 25, where 34 stunningly decorated floats delighted the crowds. SM City Baguio, a hall-of-famer, showcased a non-competing entry, capturing this year’s festival theme of "Celebrating Traditions, Embracing Innovation" with an amusement park-inspired design. -30-

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Adding to the Panagbenga celebrations were lively fireworks, floral displays and light installations throughout the mall. Atop the Sky Terrace is a distinctive attraction, the inflatable coffee guy. This playful addition mirrored the festival's relaxed yet culturally vibrant atmosphere, offering mall-goers a memorable keepsake of their Panagbenga experience at SM City Baguio.

Fur-tastic fun unleashed at SM City Baguio Paw Park as Super Pets Club steals the spotlight. Fur-parents and their beloved companions showcased their super style in a thrilling costume contest. A paw-some day of bonding and laughter marked the start of unforgettable memories for both pets and their loving owners!

The buzz of Panagbenga carried on as MANG WHAWHATTO OF THE CORDILLERA prominently featured indigenous art. Visitors had the chance to engage in a traditional tattooing led by Ammin Acha-ur from the Butbut tribe of Kalinga. It focused on preserving timeless designs and educating attendees about the cultural significance of tattoos, fostering a deeper appreciation for heritage.

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Wednesday, February 28, 2024

Navy confirms increase in WPS ship communication system interference

TBy Rex Anthony Naval

HE Philippine Navy (PN) on Tuesday confirmed that there is an increase in interference in the communication systems of its ships in the West Philippine Sea (WPS) but could not give any definite answer on who could behind this operation.

“Communication interference also increased, but in the absence of data, I

could not say where the source is,” PN spokesperson for the WPS Commodore Roy Vincent Trinidad said at a news briefing in Camp Aguinaldo, Quezon City. The WPS, in this case, includes all areas except Bajo De Masinloc.

And in regards to whether ships in Bajo De Masinloc are experiencing the same thing, Trinidad said he has to check with Naval Forces Northern Luzon to determine this. Trinidad declined to comment on

who is behind these interference pending a detailed investigation and forensic investigation.

“It could come from anybody, again common sense will dictate but I would like to be backed up with an appropriate report,” he explained.

As this developed, Trinidad said that the number of Chinese ships spotted near the Philippine-occupied features in the WPS remained constant.

Stranded dolphin recovering in Subic Bay marine park

By Henry Empeño

SUBIC BAY FREEPORT—A male roughtoothed dolphin which stranded several times in Pangasinan province last week is now recuperating here at the Ocean Adventure theme park’s dolphin rehabilitation facility.

Robert Gonzaga, president and CEO of Subic Bay Marine Exploratorium Inc., the parent firm of Ocean Adventure, said “Hart” was brought here last Tuesday, February 20, and is now getting the best attention possible by Ocean Adventure’s animal care team.

“Hart is receiving tailored treatment, including antibiotics, liver support, electrolytes, and supplements to address various health concerns,” Gonzaga said. “Additionally, physical therapy has been initiated to alleviate the mild scoliosis observed in Hart’s peduncle,” he added.

A dolphin’s peduncle, located between its dorsal fin and its tail, is made up of muscles that help the animal swim through the water and jump out of it. Experts suspect that Hart may have developed mild scoliosis due to restricted swimming space in a rehabilitation pen where he was brought after stranding.

The rough-toothed dolphin (Steno bredanensis) initially stranded in Barangay Aloleng, Agno, Pangasinan on February 13. Local fisherfolk who found him released him back into the sea.

However, Hart re-stranded the following day at Barangay Buboy in Agno and persistently returned to the shore despite several attempts by fisherfolk to coach him back into deeper waters.

On February 14, authorities then decided to bring Hart to the rehabilitation pen of the Bureau of Fisheries and Aquatic Resources (BFAR-1) on Cariaz Island in Alaminos for round-the-clock intensive care.

On February 18, animal experts made another attempt to release Hart into the sea, but he stranded again—this time in San Fabian town, more than 90 kilometers away from where he was first found.

Because of Hart’s recurring stranding, Dr. Hasmin Chogsayan of BFAR-1 recom-

Judge gives lighter penalties for cops in mistaken killing of Jemboy Salazar

By Joel R. San Juan @jrsanjuan1573

THE Regional Trial Court of Navotas City convicted Tuesday a policeman for homicide and fourothers for illegal discharge of firearms in connection with the killing of a 17-year-old son of an overseas Filipino worker (OFW) last year.

Six policemen were originally charged with murder by the Department of Justice (DOJ) for the death ofJerhode Jemboy Salazar.

Found guilty of homicide was Police Staff Sergeant Gerry Sabate Maliban, while Police

Executive Master Sergeant (PEMS)Roberto

Dioso Balais Jr., Police Staff Sergeant Nikko Pines Corollo Esquillon, Police Corporal (PCpl)

Edmard Jade Blanco and Patrolman Benedict Danao Mangada were found guilty of illegal discharge of firearms only.

Maliban was sentenced to up to six years and four months of imprisonment and ordered to pay the amount of P100,000 as moral and

civil damages.

On the other hand, the trial courtmeted the four policemen with four months and one day of imprisonment.

The trial court directed Senior Inspector Jose Marie Sabeniano of the Metro Manila District Jail to credit the preventive imprisonment of the said four policemen.

“If after crediting their preventive imprisonment, the said accused have already served the sentence imposed upon the here, it behooves upon him to release from detention PEMS Roberto Balais Jr., PSSg Nikko Pines Corollo Esquillon, PCpl. Edward Jade Blanco and Pat. Benedict Manganda unless any of them s being held for some unlawful cause,” Navotas RTC Branch 286 Presiding Judge Pedro Dabu Jr. said in his 44-page decision promulgated on Tuesday.

Police Staff Sergeant Antonio Balcita Bugayong, one of thesix accused, was exonerated by the trial court because the prosecution failed to prove that he fired his gun during the incident.

Thus, Judge Dabu directed Sabeniano to

As of Monday, the number of China Coast Guard (CCG) vessels detected in Bajo De Masinloc has been placed at four along with 10 to 17 fishing boats.

In Ayungin Shoal, three CCG ships were detected along with four fishing craft. Meanwhile, in Pagasa, one People’s Liberation Army Navy ship was sighted along with a CCG vessel and 16 fishing boats.

“In Parola, two fishing boats [were spotted while] in Panata, nine fishing boats [were detected]. None were monitored in Likas, Lawak, Rizal Reef and Kota,” Trinidad said.

He added that these ships are based from Mischief Reef, which is classed as a safe harbor.

mended his immediate transfer to Ocean Adventure's facility in Subic Bay, reputedly the only place in the country where specialized care could be administered to the animal.

Gonzaga said that Ocean Adventure, which is a member of the Philippine Marine Mammal Stranding Network (PMMSN), provides “the best care possible by people who will go to great lengths and do whatever is necessary to save marine mammals in distress.”

Hart was the latest dolphin to be brought to the rehabilitation facility here in Subic. Last year, animal experts here took care of “Marshy,” an adult female rough-toothed dolphin, who was believed to be the victim of a dynamite blast. Marshy stranded in Barangay Hermosa, Dasol, Pangasinan. Two spinner dolphins (Stenella longirostris), “Valentina” and “Scarlett,” were also brought to Ocean Adventure for rehabilitation after being found beached in Ilocos Norte in 2014. Animal experts said they were evidently survivors of blast fishing but suffered from acoustic trauma.

immediately releaseBugayong from detention unless he is being detained for other cases. The trial court ruled out the crime of murder as the prosecution failed to prove that Jemboy’s killing was premeditated.

In the case of Maliban, it was established that he was the one who fatally shot Jemboy based on the gun cartridge recovered from the crime scene, which positively matched his service firearm.

“This is a story of hot pursuit operation that ended in tragedy. The death of Jerhode Jemboy Salazar, who is not the suspect, could have been avoided had a police officer applied self-restraint, for a police officer is not justified in shooting a person because that person did not heed his call to surrender,” the judge said.

Jemboy was shot dead during a hot pursuit operation being conducted by the six policemen after he jumped from a boat into a river on Babansi Street in Barangay NBBS, Navotas City.

The policemen allegedly mistook Jemboy for a murder suspect they were in pursuit of.

Not happy with the decision

THE Baltazar family, for their part, expressed their grief over the outcome of the case at a news briefing held at the DOJ.

“We’re expecting a conviction but what

happened was the opposite. One policeman was convicted and meted only four years in prison. He will eventually regain his freedom as if my son was not killed,” Jemboy’s mother Rodaliza Baltazar said.

Jemboy’s father, Jessie Baltazar, said the court’s verdict was not commensurate with the crime committed. “It’s very painful on our part, our family is not happy with the decision. I lost my son, who was helping me earn a living.”

For his part, DOJ spokesman Jose Dominic Clavano IV said the agency would continue to support the Baltazar family seeking justice for the death of Jemboy.

Clavano said the prosecutors would be reviewing the decision of the Navotas RTCas instructed by Justice Secretary Jesus Crispin Remulla for the purpose of filing an appeal.

“Our next step is to file an appeal before the Court of Appeals through the Office of the Solicitor General [OSG],” Clavano said.

He said the issue of conspiracy, intent to kill, the reasonableness of the action taken by the police and the reaction that the police when they saw Jemboy trying to flee would be among the arguments that the OSG may raise before the CA.

Clavano stressed that while the DOJ respects the decision of the trial court, it still needsto exhaust all available legal remedies in order deliver justice to the Baltazar family.

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

PCG struggles to recover hacked Facebook account

THE Philippine Coast Guard (PCG) on Tuesday said recovery efforts for its hacked official Facebook account are still ongoing as of this time.

The agency earlier announced that a still unknown entity hacked its Facebook account last Monday, February 26, at around 6 p.m.

PCG spokesperson Rear Admiral Armando Balilo said the Coast Guard Public Affairs Service (CGPAS) already coordinated with Meta and provided needed details to regain page access.

“After initial consultation with the

Philippine National Police Anti-Cybercrime Group, the CGPAS considers the possibility of online security breach through malware [malicious software],” he added.

The CGPAS is also set to meet with Coast Guard Weapons, Communications, Electronics, and Information System Command to conduct backend operations for page recovery.

Based on initial diagnostic, the unknown entity did not leave any digital traces on the official email address and the mobile phone used by the CGPAS to establish a security key as an additional layer of online security protection. Rex Anthony Naval

Romualdez assures House support to LGU development, empowerment

By Jovee Marie N. Dela Cruz  @joveemarie

PRESIDENT Ferdinand R. Marcos Jr. directed the House of Representatives to support local government units (LGU) with bigger share of the annual budget, Speaker Ferdinand Martin G. Romualdez said on Tuesday. Speaking at this year’s general assembly of the League of Municipalities of the Philippines (LMP), Romualdez assured local officials that the House is taking steps to empower communities for the overall development of the nation.

“The directive of our President: do everything necessary and needed for your communities to benefit from the progress of the entire country,” Romualdez told local officials attending the general assembly of the LMP, headed by Mayor Joseph Bernos of La Paz, Abra.

The conference’s theme, “Sustainable Development Goals’ (SDG) Localization: Pathway to Sustainable Municipal Development,” aligns with the global goals set by the United Nations to transform the planet into a place where everyone could live in peace, prosperity, and dignity.

Acknowledging the transformative impact of the Supreme Court’s Mandanas ruling on augmenting local government shares from national taxes, Romualdez emphasized that the House is allocating more funds to LGUs in the 2024 budget.

This shift aims to enhance the fiscal autonomy of LGUs, enabling them to address local developmental needs effectively.

While recognizing the significance of the Mandanas ruling, Romualdez said that additional resources are required to fully meet the developmental needs of LGUs.

He assured that the Executive department, in collaboration with Congress, is committed to identifying and harnessing these resources.

“This ruling signifies a transformative shift, aimed at enhancing the fiscal autonomy of LGUs, thereby empowering you to better address local developmental needs. The 2024 budget reflects this change, ensuring a larger portion of the national tax allotment [NTA] is directed to local governments,” Romualdez said.

He said the increased funding enables each LGU to allot more funds for local

Rotary Clubs ink agreement on HPV awareness, cervical cancer prevention

Tdevelopment projects that are crucial for advancing the SDGs.

The House is actively deliberating on bills aimed at further increasing the National Tax Allotment (NTA) share of local governments, Romualdez said.

“This initiative seeks to deepen local government engagement in national development, ensuring the growth and progress we envision are experienced at the community level,” Romualdez added.

Addressing the concerns of LGUs, Romualdez assured them of the national government’s understanding and commitment to providing necessary assistance.

He emphasized collaboration with LGUs to integrate local health systems into the implementation of Universal Health Care law, ensuring accessible and quality health care for all Filipinos.

“By integrating local health systems into comprehensive province-wide and city-wide systems, we strengthen the foundation of our healthcare infrastructure. This integration is crucial for enhancing the resilience and capabilities of health services, particularly in geographically isolated and disadvantaged areas,” Romualdez said.

He said the commitment to help LGUs “extends to the development and implementation of local investment plans for health, which are essential in ensuring that every Filipino, regardless of where they live, has access to quality health care.”

“This approach aims to enhance primary care services and improve local health system management tools, leading to better health outcomes and more sustainable healthcare delivery at the local level,” he added.

In the pursuit of sustainable municipal development, Romualdez emphasized the need to reinforce the financial base of LGUs.

Aligning the legislative agenda with global objectives, the House advocates for reforms supporting education, poverty eradication, sustainable communities, clean energy, and robust economic growth.

“It is evident that local governments are instrumental in achieving these global objectives. Positioned at the vanguard, your initiatives are critical in tackling challenges such as poverty, health, employment, and climate change, which are central to the SDGs,” Romualdez said.

Photo shows (from left) Joaquin Rodriguez Sr., Rotary District 3810 GovernorElect; Sheine Girao-Sapon, President, Rotary Club of Manila South; Rafael M. Alunan III, President, Rotary Club of Manila; Dr. Jasmin Flores, representing Rotary Club of South San Francisco; Dr. John M. Cutter, Chairman of Rotary Club of

Medical Prevention and Treatment Committee.

Newly signed RA 11982 ensures cash bonanza to seniors, says Rep. Villafuerte

ASENIOR lawmaker revealed that Republic Act (RA) No. 11982, recently signed by President Ferdinand Marcos Jr., ensures that elderly Filipinos receive cash rewards upon reaching the ages of 80, 85, 90, and 95, not just when they turn 100.

The legislation provides a P10,000 cash bonus for senior citizens at these milestones, along with an additional P100,000 when they reach the century mark, said Camarines Sur Rep. LRay Villafuerte.

Highlighting the significance of appreciating the contributions of senior citizens during their more productive years, Villafuerte expressed the government’s acknowledgment through cash incentives at various stages of old age.

He emphasized that this proactive approach aims to recognize the meaningful impact seniors have on society.

“Seldom do Filipinos reach the age of 100, so what better way for the national government and the Congress to show our country’s appreciation for the significant contributions of our grandparents and other seniors to society during their relatively more productive years than to give them a

cash windfall not only when they become centenarians but even when they turn 80, 85, 90, and 95 years old,” Villafuerte said.

Villafuerte was the lead author of House Bill (HB) 302, which was one of the bills consolidated into the final version of the measure (HB 7535) approved by the House of Representatives. He had authored HB 302 with CamSur Reps. Miguel Luis Villafuerte and Tsuyoshi Anthony Horibata, along with the Bicol Saro partylist.

The legislation amends RA 10868 or Centenarians Act of 2016, and mandates the National Commission of Senior Citizens (NCSC) to oversee the implementation of the program, taking over from the Department of Social Welfare and Development (DSWD). With 662 Filipino centenarians identified by the DSWD, Villafuerte’s initiative focuses on addressing the financial well being of the elderly.

In addition to his efforts on RA 11982, Villafuerte has been an active contributor to various legislative acts benefiting senior citizens, persons with disabilities (PWD), and single parents. Jovee Marie N. Dela Cruz

ACB gets UNEA accreditation as intergovernmental organization

THE Asean Centre for Biodiversity (ACB) is now an accredited intergovernmental government organization (IGO) of the United Nations Environment Assembly (UNEA).

ACB’s accreditation was approved at the plenary, along with other IGOs, during the kick-off of the sixth session of UNEA (UNEA6) held in Nairobi, Kenya on Monday, February 26, according to ACB Executive Director Theresa Mundita S. Lim, who is currently attending the ongoing event.

With the accreditation approved, Lim said ACB would now be able to join the meetings of UNEA and participate in important discussions. IGOs cannot vote as Party or Member-States but can deliver statements and facilitate support to their respective organizations. In the case of ACB, it is Asean, which includes the Philippines.

ACB’s accreditation can boost the UN’s goals of addressing the triple planetary crises of biodiversity loss, climate change, and pollution.

“We will now be able to join the meetings of the UNEA. As IGO, we cannot vote as a Party [country members], but we can deliver statements and also facilitate support to the Asean member-states in promoting their positions at the regional level. For UNEA, it is on addressing the triple planetary crises of biodiversity loss, climate change, and

Philippines

aims for wider participation in WTO’s investment facilitation accord

supply chains.”

MBy Andrea E. San Juan @andreasanjuan

ANILA is seeking to maximize the benefits of the investment facilitation agreement at the World Trade Organization (WTO), which aims to make investment policies of member-countries more transparent, streamlined and efficient.

At a Ministerial Event on Investment Facilitation for Development (IFD) on the sidelines of WTO’s 13th Ministerial Conference (MC13), Trade and Industry Secretary Alfredo E. Pascual, who co-chairs the Board of Investments (BOI), one of the leading investment promotion agencies in the Philippines, expressed confidence that the said agreement will create a more “stable” investment environment globally.

With the Philippine government’s thrust to attract more foreign direct investments into the country, the Trade chief said, “We will continue doing our part in encouraging more WTO Members to partake in our shared goal of maximizing the benefits of the IFD Agreement.”

During the event, Pascual emphasized that the increased transparency provisions and facilitation measures in the IFD Agreement “will create a more predictable and stable investment environment around the world.”

But for the Philippines’ part, he shared, “We have started our needs-assessment exercise to determine how we can effectively program our implementation commitments.”

pollution,” Lim told BusinessMirror via Messenger on Tuesday.

UNEA-6 is happening at the UNEP headquarters in Nairobi on February 26 and 27. As the world’s top decision-making body on the environment, UNEA aims to help restore harmony between humanity and nature, improving the lives of the world’s most vulnerable people.

UNEA-6 will focus on how multilateralism can help tackle the triple planetary crisis of climate change, nature, and biodiversity loss, pollution, and waste, according to its website.

“Backed by strong science, political resolve, and engagement with society, the Assembly will be an opportunity for world governments, civil society groups, the scientific community, and the private sector to shape the global environmental policy,” it added.

As the planet’s only universal membership forum for the environment, UNEA provides a unique platform for courageous decisions and new ideas to chart a bold plan of collective environmental action. In so doing, UNEA-6 will support the achievement of the sustainable development goals.

UNEA-6 was preceded by a meeting of the open-ended Committee of Permanent Representatives from February 19 to 23 2024 that helped lay the groundwork for the assembly. Jonathan L. Mayuga

Four fishermen associations receive 20 boats in Malabon

FBalajadia, the groups of fishermen came from Barangays Tañong, Hulong Duhat, Concepcion, and Ibaba and will each receive five boats (20 boats in total). She said that the motorized boats were also

built using fiberglass reinforced plastic boots by Malabueño fishermen who were trained by BFAR. They created the boats for about 20 days, receiving P610 per day as salary under DOLE’s Tulong Panghanapbuhay sa Ating Disadvantaged/ Displaced Workers (TUPAD) program. Aside from the boats, they also received 40 fishing nets that they can use when doing their livelihood.

“During the (Covid-19) pandemic, na-stop talaga yung kanilang pangigisda. So, isa ito sa mganaging advocacy natin,sailalimngtermino ng Mayor Jeannie Sandoval, na bigayan naman ng atensyon ang ating mangingisda. Dahil sa Malabon City, isa sa pangunahing pangkabuhayan nilaayangpangigisda,kayavery masigasigtayo namabigyansilangbangka,” Ms. Balajadia said.

In a statement issued Tuesday, the Department of Trade and Industry (DTI) said the IFD Agreement contains “adequate” Special and Differential Treatment provisions, which it noted “gives participants the flexibility to self-categorize their commitments.”

In the case of the Philippines, the DTI said the country has conducted capacity-building sessions and technical consultations to “identify the gaps and areas for improvement to attract more investments into the Philippines.”

According to the Joint Ministerial Declaration on the IFD Agreement signed by 123 out of the 164 member-nations of WTO, which include the Philippines, the purpose of the said deal is “to improve the transparency of measures, streamline administrative procedures, adopt other investment facilitation measures and promote international cooperation, as a means of facilitating the flow of foreign direct investment between the Parties, particularly to developing and least-developed country Parties, with the aim of fostering sustainable development.”

Some of the member-nations that signed this agreement are Switzerland, Singapore, Philippines, Norway, Mexico, Malaysia, Japan, Hong Kong, European Union, China, Australia and Argentina.

WTO Director-General Ngozi Okonjo-Iweala underscored the importance of the achievement, which is to help the signatories attract foreign direct investment to “drive growth, productivity gains, job creation, and integration into global

She also noted that the Agreement “will contribute to making the global economy more resilient and inclusive.”

Based on the website of the WTO, threequarters of members of the WTO marked the finalization of the IFD Agreement on February 25 in Abu Dhabi to incorporate the IFD Agreement into Annex 4 of the Marrakesh Agreement

Establishing the WTO.

The Geneva-based intergovernmental organization said participants represent three-quarters of the WTO membership, including close to 90 developing economies and 26 least-developed economies.

According to a fact sheet published on the WTO website, the Agreement will help attract “not only more but better, longer-term investment, contributing to achieving the Sustainable Development Goals.”

WTO said the key pillars of the IFD agreement are its Sections on transparency of investment measures; streamlining and speeding-up investment-related authorizations procedures; enhancing international cooperation, information sharing, and the exchange of best practices; and sustainable investment.

“Under the latter section, participating WTO Members have included provisions encouraging the uptake of responsible business conduct principles and standards by investors and enterprises, as well as measures by Members to combat corruption,” WTO said.

Cha-cha will push through despite warning of constitutional challenge–Rep. Gutierrez

By Jovee Marie N. Dela Cruz @joveemarie

PARTYLIST lawmaker

Aon Tuesday expressed optimism regarding the House’s readiness to address constitutional challenges while amending the economic provisions of the 1987 Constitution as they reaffirmed their commitment to the deadline for voting on the resolution to amend economic provisions before the upcoming Holy Week break.

Acknowledging the inevitability of legal scrutiny, 1-RIDER Rep. Rodge Gutierrez emphasized the House’s determination to navigate through legal complexities in pursuit of constitutional reforms.

By Butch Fernandez @butchfBM

ENATORS were in fan mode

Son Tuesday afternoon as they received a very special visitor—former United Nations Secretary General Ban Ki-moon, whom they honored with a unanimous resolution honoring his global contributions.

The South Korean diplomat had served as the 8th Secretary-General of the UN General Assembly. Senate Resolution No. (SRN) 929, introduced by Senate President Protempore Loren Legarda, expressed the “profound sense of the Senate” in honoring Ban and commending his “outstanding global contributions.”

“The Philippine Senate, with deep respect and administration, acknowledges the exceptional contributions of Mr. Ban Ki-moon in shaping the global landscape,” the resolution stated.

Ban and his wife arrived at the Ninoy Aquino International Airport (Naia) Terminal 1 on Monday, February 26, 2024. He was welcomed by the Malacañang Protocol and South Korean Ambassador to Philippines Lee Sang-hwa.

He was later received by President Ferdinand R. Marcos Jr., who expressed his support for the Global Green Growth Institute (GGGI), which Bam currently heads.

Accompanied by South Korean officials and foreign dignitaries, Ban addressed the Philippine Senate on Tuesday.

The former UN Secretary General talked about the pursuit of peace and security, human rights and the values and principles espoused by the UN. He also expressed his gratitude for the sacrifices of the Filipino troops in the Battle of Yultong during the Korean war. However, he said, nations had “stagnated” in achieving the 17 Sustainable Development Goals (SDG) ahead of its target date in 2030. In some sectors, he said, SDG goals had even reversed.

Lawyer:

By Manuel T. Cayon @awimailbox

DAVAO CITY—The legal counsel of controversial televangelist Pastor Apollo Quiboloy clarified that the latter is in the country and not “totally” in hiding and may still participate in any future Senate inquiry amid the possibility of arrest.

“He is in the Philippines, he is not exactly in hiding but he is taking precautions,” lawyer Ferdinand Topacio told a television news channel.

He added that Quiboloy’s decision to refrain from appear-

“I would say there is no other way but to risk it because any method that we take for constitutional change or Charter change is actually subject to a constitutional challenge,” Gutierrez said in a news conference.

Gutierrez responded to concerns raised by retired Chief Justice Reynato Puno, who acknowledged the potential scrutiny of the phrase “unless otherwise provided by law” in economic provisions.

He highlighted the clarity provided by Puno on constitutional challenges, noting the inherent risks of any method chosen for constitutional change.

Puno was among the invited resource persons at the hearing of the Committee of the Whole convened by the House of Representatives to address Resolution of Both Houses No. 7. This measure mirrors

a similar proposal being deliberated in the Senate, aiming to amend certain economic provisions in the Charter concerning public services, education, and advertising.

“So, by virtue of mere inadvertence, anything that we do, whether it’s in the House or in the Senate, there will always be the possibility of a constitutional challenge,” Gutierrez pointed out.

Despite challenges, Gutierrez underscored the imperative of pressing forward with constitutional amendments, emphasizing that the ultimate deciding factor would be a plebiscite reflecting the sovereign will of the people.

Gutierrez elaborated on the potential legal pitfalls, noting that regardless of the approach taken by the House or the

Senate, any alteration to the wording of proposed amendments could still face constitutional challenges.  He pointed out that even if certain phrases were amended based on advice from the retired chief magistrate, the absence of specific provisions could still lead to inadvertent challenges.

In light of the anticipated legal challenges, Gutierrez expressed confidence in the judiciary’s ability to fairly adjudicate these matters.

“We will leave it to the Supreme Court, which has proper jurisdiction on this, and we trust in their good judgment to make the right decisions,” Gutierrez affirmed.

Moreover, Gutierrez underscored the ultimate authority of the people in the decision-making process. Poe

At present, Ban chairs the Ban Kimoon Foundation for a Better Future, Boao Forum for Asia, Global Center on Adaptation, and Global Green Growth Institute, among others.

Ban was elected in the UN General Assembly for two terms from January 1, 2007 to December 31, 2016 where he “demonstrated unwavering commitment to the principles and objectives of the United Nations Charter, leaving behind an extraordinary legacy.”

“The visionary leadership of the eighth Secretary-General of the United Nations advocated and mobilized world leaders and parliaments for the adoption of various landmark projects, such as the 2030 Agenda for Sustainable Development [UNSDGs], highlighting the importance of collective action to address poverty, hunger, inequality, climate crisis, and other pressing issues facing humanity,” the resolution stated.

SAYING lawmakers had ironed out the flawed provisions of the Bulacan airport bill that drew a presidential veto, Senator Grace Poe on Tuesday sponsored on the Senate floor a measure creating a special economic zone “with the airport project at its heart.”

The envisioned ecozone, she said, will “usher in a new age of economic opportunities and investments in our Gateway to the North—the historic province of Bulacan.”

Poe recalled how in the 18th Congress, she sponsored on the floor the franchise of the New Manila International Airport, which she described as “a game changer as not only the first-ever airport franchise granted by Congress, but is also the biggest private sector investment in the country.”

markets and industries, and seamless collaboration with its neighboring towns and communities.”

She then cited examples of successful ecozones anchored on nearby airports. She cited Ireland’s Shannon Airport and its neighboring Shannon Free Zone— considered to be the world’s first modern special economic zone.

Set up in 1959, “this free trade zone was Ireland’s signal to the world that it is open for business. It now hosts 300 companies and employs about 8,000 individuals. In numbers, the Shannon Airport Group—which consists of the Airport, the Free Zone, and other related ventures—has contributed to about 3.96 billion Euros in 2022 alone to Ireland’s GDP in terms of Gross Value Added.”

“Our climate action on the road to net zero emissions by 2050 lacks the requisite urgency to meet the moment. This is why there has never been a more vital time in history to come together in cooperation, partnership and solidarity to redouble our efforts to achieve the SDGs and implement the Paris Climate Agreement,” Ban stressed.

Ban is in the Philippines for the Asian Development Bank’s Eminent Speakers’ Forum, the statement noted. He was in the country in December 2013, when he visited the Yolanda-hit province of Tacloban.

In co-sponsoring the resolution honoring Ban, Senator Pia Cayetano pointed out, “The Philippines is one of only a handful of countries that actually has a committee on

ing in the inquiry by the committee of Senator Risa Hontiveros was part of the pastor’s desire for “self-preservation.”

Topacio said that despite Hontiveros’ threat to issue the subpoena, the pastor would rather protect himself from perceived threat under the concept of self-preservation, which Topacio cited the Supreme Court as saying that “it is the highest law.”

Topacio added that the series of government actions against his client happened “not by coincidence that, first, it suspended the franchise of the SMNI; second, the House of Representatives is calling for a franchise hearing when it has not taken an active part in the day-to-day activities of the station for several years.”

“And close that is the subpoena from the Senate, and now there are talks about extradition or rendition,” Topacio added.

He explained “we can not blame the good pastor if he sees an unseen hand in all of these developments.” When asked if the camp of Quiboloy has any evidence to show proof of the

sustainable development goals. And this is inspired no less by the work of our distinguished guest. It is under his leadership that the 2030 Agenda for Sustainable Development Goals [SDG] was established.” She gushed over being in the presence of the UN leader who first championed the SDGs, but also turned serious: “And I say this with a big smile, but at the same time, it’s also a warning. We only have 6 years; 2030 is 6 years from now. And all of these goals were established precisely to push us, to push the leadership of every country towards that direction, to attain the goals that were set because these goals will really set the minimum standard, Mr. President, the minimum standard of decent life that we all aspire for in our respective countries.”

pastor’s allegation, including that of the alleged connivance between US government agencies and the Marcos administration, Topacio said, “clandestine operations have rarely any evidence but it can be inferred from the pattern.”

He said Quiboloy did not categorically say he will not participate in Hontiveros’ investigation “but only criticized the process in which the inquiry is being made [and] that it is being made not in aid of legislation but of persecution.”

“This matter is known to other legislators. I heard that [Tarlac] Rep. Rodante Marcoleta and Sen. Francis Tolentino saying that there is something off with the investigation of Hontiveros and that there is no legislation in mind and if would seem that Sen. Hontiveros already pronounced Quiboloy guilty. So there is something wrong, something rotten,” Topacio said. He said the he and the other members of Quiboloy’s legal team would be “consulting with him today [Tuesday] and to determine

Legarda said the former UN chief also actively engaged in decisive efforts to address climate change wherein one of his first major initiatives was the 2007 Climate Change Summit, which highlighted his leadership in particular during the lead-up to the 2015 Paris Agreement, a landmark accord bringing nations together for collective action to combat climate change and limit global temperature rise.

As a staunch advocate for gender equality, Ban pioneered the creation of UN Women, resulting in the increase of the number of women employed within the UN, and he likewise actively supported the HeForShe campaign initiative as the first to declare “I am HeForShe” during the launch of the global campaign, the resolution further stated.

As a global leader, Ban played a crucial role in strengthening UN peace efforts by overseeing various peacekeeping missions, contributing to conflict resolution, and fostering peace and stability in regions afflicted with unrest, it added.

what is the next move.”

Asked what advise he would give to the pastor as to the Congress hearings against him and the franchise of his media station, Topacio said, “I will tell him that there is an absolute grant to any committee of the Senate to issue a subpoena, but there are limitations.”

“It’s not a matter of Hontiveros personally, but a matter of a safeguards as provided by law,” he said, adding that Hontiveros has already insisted that Quiboloy’s Kingdom of Jesus Christ, The Name Above All Names “is a cult.”

“We are not closing the doors to a meaningful dialog with Hontiveros and members of her committee, that the rights of Quiboloy should be respected that his rights should not be transgressed,” he said, citing Sen. Tolentino who he said has stated, “There must be safeguard against any abuse such as in the case of [former] Sen. [Richard] Gordon.”

Gordon has been criticized in the past for allegedly pushing hard on his questions and allegations against the subjects of a Senate inquiry.

The Senate approved that measure “even at the height of the pandemic, when transportation was basically closed, as we believed then in the eventual resurgence of air travel and the new airport’s promise of stimulating economic activity, boosting tourism and employment, and decongesting the long-suffering Ninoy Aquino International Airport,” Poe said.

However, it was vetoed over what the Executive cited as flawed provisions.

The new measure she sponsored on Tuesday has bigger implications and promise, the senator stressed.

“The creation of a special economic zone with the airport project at its heart. No airport is an island.

The success of an airport relies on a whole ecosystem of properly run highways and roads, vibrant

Poe also cited South Korea’s Incheon Free Economic Zone, which houses the Incheon International Airport. “Built on former mudflats, the area has since grown into an economic driving force within South Korea’s economy.”

The ecozone itself has generated $14.756 billion in foreign direct investments, and is poised to attract key investments in bio-industry, tourism, robotics, and tech industry.

The proposed Bulacan Airport City Special Economic Zone and Freeport, or Bulacan Ecozone, Poe added, “aims to follow these success stories by ensuring that the local community grows side by side with the new Airport Project.” It covers approximately 55,505 hectares, spanning most municipalities adjacent to the New Manila International Airport.

Butch Fernandez

Davao City builds warehouse, Bio-laboratory for farm inputs

DAVAO CITY—The city government opened a warehousetostoreagriculture inputs, including seeds and seedlings, and a farm laboratory to facilitate the distribution of inputs needed by farmers in the northern barangays.

The City Agriculturist’s Office (CAgrO), on Tuesday inaugurated the new storage facility and a Bio N Laboratory in Barangay Malagos, Baguio District, and 30 kilometers northwest of downtown Davao.

Two multi-purpose vehicles were also turned over to the warehouse facility, the city information office said.

The storage facility cost P7 million and holds reserves of agricultural inputs, such as seeds and fertilizers, as these await distribution to farmers, the information office said.

The P3.5-million Bio N Laboratory mixing plant would be producing Bio N microbial inoculants and Bio N concentrate to be used by farmers as supplementary fertilizer.

The vehicles were worth P4 million “to ensure smoother and

faster distribution of agriculture inputs to farmers.”

CAgrO head Edgardo Haspe said the budget for these new assets were taken from the city’s Local Disaster Risk Reduction Management Fund.

“Our storage facility has fertilizers, seeds, and others that are needed by our farmers, especially now that there is risk of El Niño,” Haspe said. “At the same time, we also had calamities recently so this will enable us to give immediate support to our farmers,” he added.

Haspe said the Bio N organic fertilizer to be produced in the mixing plant would reduce the farmers’ need by half to buy commercial fertilizers.

“This is especially useful as the prices of commercial fertilizer continue to inflate in the global market.”

The CAgrO has stored in the facility 200 bags of upland rice, 180 bags of corn seeds, and bags of various vegetable seeds. It also holds 2,125 bags of different kinds of fertilizers and 620 liters of fertilizer concentrate that are ready for distribution. Manuel T. Cayon

Hungary’s parliament ratifies Sweden’s NATO bid, clearing the final obstacle to membership

By Justin Spike The Associated Press

BUDAPEST, Hungary—Hungary’s parliament voted Monday to ratify Sweden’s bid to join NATO, ending more than 18 months of delays that frustrated the alliance as it sought to expand in response to Russia’s war in Ukraine.

The vote, which passed with 188 votes for and six against, was the culmination of months of wrangling by Hungary’s allies to convince its nationalist government to lift its block on Sweden’s membership. The government of Prime Minister Viktor Orbán submitted the protocols for approving Sweden’s entry into NATO in July 2022, but the matter stalled in parliament over opposition by governing party lawmakers.

Hungary’s decision paved the way for the second expansion of NATO’s ranks in a year after both Sweden and Finland applied to join the alliance in May 2022 following Russia’s full-scale invasion of Ukraine—an assault that was purportedly intended to prevent further NATO expansion.

Unanimous support among NATO members is required to admit new countries, and Hungary was the last of the alliance’s 31 members to give its backing since Turkey ratified the request last month.

Swedish Prime Minister Ulf Kristersson said his country was “now leaving 200 years of neutrality and nonalignment behind us.”

“It is a big step, we must take that seriously. But it is also a very natural step that we are taking. NATO membership means that we’ve found a new home within a large number of democracies which work together for peace and freedom,” he told a news conference in Stockholm.

Orbán, a right-wing populist who has forged close ties with Russia, has said that criticism of Hungary’s democracy by Swedish politicians soured relations between the two countries and led to reluctance among lawmakers in his Fidesz party.

But addressing lawmakers before the vote, Orbán said: “Sweden and Hungary’s military cooperation and Sweden’s NATO accession strengthen Hungary’s security.”

NATO Secretary-General Jens Stoltenberg told The Associated Press that the vote “makes NATO stronger, Sweden safer and all of us more secure.”

Stoltenberg said Sweden brings with it capable armed forces and a first-class defense industry, and it is spending at least 2 percent of national gross domestic product on defense, which is NATO’s target level.

The vote “also demonstrates that NATO’s door is open” and that Russian President Vladimir Putin “did not succeed in his attempt to close NATO’s door,” he said.

On Monday, Orbán criticized Hungary’s European Union and NATO allies for pressuring his government in recent months to move forward on Sweden’s request to be part of the alliance.

“Hungary is a sovereign country. It does not tolerate being dictated by others, whether it be the content of its decisions or their timing,” he said.

Last weekend, a bipartisan group of US senators visited Hungary and announced it would submit a joint resolution to Congress condemning Hungary’s alleged democratic backsliding and urging Orbán’s government to allow Sweden into NATO.

A presidential signature, which is needed to formally endorse the approval of Sweden’s NATO bid, was expected within a few days.

In the US, White House press secretary Karine Jean-Pierre urged the Hungarian government to quickly complete the process of bringing Sweden into the alliance.

“Having Sweden as a NATO ally will make the United States even safer,” she said, speaking aboard Air Force One as President Joe Biden flew to New York for an appearance.

Kristersson, Sweden’s prime minister, met last week with Orbán in Hungary’s capital, where they appeared to reach a decisive reconciliation after months of diplomatic tensions.

Following their meeting, the leaders announced the conclusion of a defense industry agreement that will include Hungary’s purchase of four Swedish-made JAS 39 Gripen jets and the extension of a service contract for its existing Gripen fleet.

Orbán said the additional fighter jets “will significantly increase our military capabilities and further strengthen our role abroad” and will improve Hungary’s ability to participate in joint NATO operations.

“To be a member of NATO together with another country means we are ready to die for each other,” Orbán said. “A deal on defense and military capacities helps to reconstruct the trust between the two countries.”

Robert Dalsjö, a senior analyst with the Swedish Defense Research Agency, told the AP on Friday that Hungary’s decision to finally lift its opposition came only after Turkey and its president, Recep Tayyip Erdogan, voted in January to ratify Stockholm’s bid.

After becoming the last NATO holdout with the Turkish vote, Orbán had to show some results for his government’s delays, Dalsjö said.

“In hiding behind Erdogan’s back, Orban could play, do some pirouettes,” he said. “Then when Erdogan shifted, Orban wasn’t really prepared for adjusting his position, and he needed something to show that could legitimize his turnaround. And that turned out to be the Gripen deal.”

Monday’s vote was just one matter on a busy agenda for lawmakers in the Hungarian parliament. A vote was also held on accepting the resignation of President Katalin Novák, who stepped down earlier this month in a scandal over her decision to pardon to a man convicted of covering up a string of child sexual abuses.

After accepting Novák’s resignation, lawmakers confirmed Tamás Sulyok, the president of Hungary’s Constitutional Court, as the country’s new president. He is set to formally take office on March 5.

The Associated Press writers David Keyton in Stockholm, Sweden; Jan M. Olsen in Copenhagen, Denmark; and Darlene Superville in Washington contributed to this story.

The World

Israel ready to pause its war in Gaza during Ramadan if hostage deal is reached–Biden

By Tia Goldenberg, Wafaa Shurafa & Samy Magdy The Associated Press

ERUSALEM—Israel would

Jbe willing to pause its war on Hamas in Gaza during the upcoming Muslim fasting month of Ramadan if a deal is reached to release some of the hostages held by the militants, President Joe Biden said in comments released on Tuesday.

There was no immediate Israeli reaction to Biden’s comments on an emerging framework deal, brokered by the United States, Egypt and Qatar, under which Hamas would free some of the dozens of hostages it holds, in exchange for the release of Palestinian prisoners and a six-week halt in fighting. During the temporary pause, negotiations would continue over the release of the remaining hostages and additional Palestinian prisoners held by Israel.

The start of Ramadan, which falls around March 10, is seen as an unofficial deadline for a ceasefire deal. The month is a time of heightened religious observance and dawn-to-dusk fasting for

hundreds of millions of Muslims around the world. Israeli-Palestinian tensions have flared in the past during the holy month.

Biden said on Monday that he hopes a cease-fire deal could take effect by next week.

“Ramadan’s coming up and there has been an agreement by the Israelis that they would not engage in activities during Ramadan as well, in order to give us time to get all the hostages out,” Biden said in an appearance on NBC’s “Late Night With Seth Meyers.”

At the same time, Biden did not call for an end to the war, which was triggered by the deadly Hamas attack on southern Israel on Oct. 7, when militants killed 1,200 people, mostly civilians, and took captive roughly 250 people, according to Israeli authorities.

Biden, who has shown staunch support for Israel throughout the war, left open the door to an eventual Israeli ground offensive in the city of Rafah in southern Gaza, on the border with Egypt, where more than half of Gaza’s population of 2.3 million has fled under Israeli evacuation orders.

The prospect of an invasion of Rafah has prompted global

alarm over the fate of Gaza civilians trapped there. Israeli Prime Minister Benjamin Netanyahu has said a ground operation in Rafah is an inevitable component of Israel’s strategy for crushing Hamas. This week, the military submitted for Cabinet approval operational plans for the offensive, and as well as evacuation plans for civilians there.

Biden said he believes Israel has slowed its bombardment of Rafah.

“They have to and they have made a commitment to me that they’re going to see to it that there’s an ability to evacuate significant portions of Rafah before they go and take out the remainder Hamas,” he said. “But it’s a process.”

Israel’s devastating air, sea and ground campaign in Gaza has killed more than 29,700 people, most of them women and children, according to the Health Ministry in Hamas-run Gaza, which does not distinguish between fighters and noncombatants in its count.

The fighting has obliterated large swaths of the urban landscape, displaced 80 percent of the battered enclave’s population and triggered a humanitarian crisis that has left a quarter of the pop-

ulation starving, according to the United Nations, and sparked concerns of imminent famine.

The first and only deal in the war, in late November, brought about the release of about 100 hostages, mostly women, children and foreign nationals, in exchange for about 240 Palestinians imprisoned by Israel, as well as a brief halt in the fighting.

Roughly 130 hostages remain in Gaza, but Israel says about a quarter of them are dead.

Negotiations were still underway in Qatar on Tuesday to hammer out the deal’s details. A senior official from Egypt has said the draft cease-fire deal includes the release of up to 40 women and older hostages in return for up to 300 Palestinian prisoners, mostly women, minors and older people.

The official, speaking on condition of anonymity to discuss the negotiations, said the proposed six-week pause in fighting would include allowing hundreds of trucks to bring desperately needed aid into Gaza every day, including the hard-hit north.

Shurafa reported from Rafah, Gaza Strip, and Magdy from Cairo.

Peru has declared a health emergency in most provinces as dengue cases soar

By Franklin Briceño The Associated Press

LIMA, Peru—Peru declared a health emergency in most of its provinces on Monday due to a growing number of dengue cases that are occurring at a time of higher than usual temperatures caused by the El Nino weather pattern.

According to the nation’s health ministry, the number of dengue

cases registered during the first seven weeks of this year is twice as high as during the same period in 2023—with more than 31,000 cases recorded.

“This is a grave problem,” health minister Cesar Vásquez said last week, before the emergency was declared. “And it is getting out of hand.”

The health emergency will enable the nation’s government to transfer funds faster to the af-

Putting Western troops

fected regions and also transport doctors and nurses. It will cover 20 of the country’s 24 provinces, including regions that surround the capital city of Lima. A dengue epidemic last year put Peru’s public health system under strain as thousands sought care in emergency rooms.

The disease is spread by Aedys Egypti, a mosquito that reproduces in hot and humid conditions.

Although most dengue cases

on the ground in Ukraine is not ‘ruled out’ in the future, French leader says

By Sylvie Corbet The Associated Press

PARIS—French President Emmanuel Macron said Monday that sending Western troops on the ground in Ukraine is not “ruled out” in the future after the issue was debated at a gathering of European leaders in Paris, as Russia’s full-scale invasion grinds into a third year.

The French leader said that “we will do everything needed so Russia cannot win the war” after the meeting of over 20 European heads of state and government and other Western officials.

“There’s no consensus today to send in an official, endorsed manner troops on the ground. But in terms of dynamics, nothing can be ruled out,” Macron said in a news conference at the Elysee presidential palace.

Macron declined to provide details about which nations were considering sending troops, saying he prefers to maintain some

“strategic ambiguity.”

The meeting included German Chancellor Olaf Scholz and Poland’s President Andrzej Duda as well as leaders from the Baltic nations. The United States was represented by its top diplomat for Europe, James O’Brien, and the U.K. by Foreign Secretary David Cameron.

Duda said the most heated discussion was about whether to send troops to Ukraine and “there was no agreement on the matter. Opinions differ here, but there are no such decisions.”

Poland’s president said he hopes that “in the nearest future, we will jointly be able to prepare substantial shipments of ammunition to Ukraine. This is most important now. This is something that Ukraine really needs.”

Macron earlier called on European leaders to ensure the continent’s “collective security” by providing unwavering support to Ukraine in the face of tougher Russian

offensives on the battlefield in recent months.

“In recent months particularly, we have seen Russia getting tougher,” Macron said.

Macron cited the need to solidify security to head off any Russian attacks on additional countries in the future. Estonia, Lithuania and Latvia as well as much larger Poland have been considered among possible targets of future Russian expansionism. All four countries are staunch supporters of Ukraine.

Estonia’s foreign minister said earlier this month that NATO has about three or four years to strengthen its defenses.

In video speech, Ukraine President Volodymyr Zelenskyy called on the leaders gathered in Paris to “ensure that Putin cannot destroy our achievements and cannot expand his aggression to other nations.”

Several European countries, including France, expressed their support for an initiative launched by the Czech Republic

present light symptoms, the disease can cause severe headaches, fevers and muscle pains.

Last year, a dengue epidemic in Peru killed 18 people, while in the first two months of this year 32 Peruvians have died from the virus.

In December, the World Health Organization said that Peru’s 2023 dengue epidemic was linked to rains and hot temperatures that helped mosquito populations to grow, especially in the north of the country.

to buy ammunition and shells outside the EU, participants to the meeting said.

Dutch Prime Minister Mark Rutte said his country decided to provide over 100 million euros for that purpose.

In addition, a new coalition is to be launched to further “mobilize” nations with capabilities to deliver medium and long-range missiles, Macron said, as France announced last month the delivery of 40 additional long-range Scalp cruise missiles.

European nations are worried that the US will dial back support as aid for Kyiv is teetering in Congress. They also have concerns that former US President Donald Trump might return to the White House and change the course of US policy on the continent.

The Paris conference comes after France, Germany and the UK recently signed 10-year bilateral agreements with Ukraine to send a strong signal of long-term backing as Kyiv works to shore up Western support.

The Associated Press journalists John Leicester and Jeffrey Schaeffer in Paris Monika Scislowska in Warsaw contributed to this report.

Protesting farmers spray Brussels police with liquid manure near EU’s base in a new display of power

By Sylvain Plazy & Lorne Cook The Associated Press

BRUSSELS—Farmers clashed with police in Belgium on Monday, spraying officers with liquid manure and throwing eggs and flares at them in a fresh show of force as the European Union’s agriculture ministers met in search of ways to address the protesters’ concerns.

The farmers are angry at red tape and competition from cheap imports from countries where the EU’s relatively high standards do not have to be met. Brussels police said that 900 tractors had entered the city, many bearing down on the European Council building where

the ministers were meeting. Smoke drifted through the air near where police in riot gear sheltered behind concrete barriers and barbed wire, firing tear gas and water cannons at the protesting farmers. Scores of tractors also lined up down main roads leading to the city’s European quarter, snarling traffic and blocking public transport. A few tractors forced their way through barriers, sending officers scurrying. Belgian Interior Minister Annelies Verlinden urged police to identify “rioters” who hurt people or disobeyed instructions from officers.

“The right to protest is dear to us so it must be used with respect,” she said in a post on X, formerly Twitter.

At the start of the month, a similar demonstration turned violent with farm-

ers torching hay bales and throwing eggs and firecrackers at police near a summit of EU leaders.

Some of the tractors were draped with signs lamenting what farmers see as the slow death of working the land. “Agriculture. As a child you dream of it, as an adult you die of it,” said one.

“We are getting ignored,” Marieke Van De Vivere, a farmer from the Ghent region in northern Belgium, told The Associated Press.

She invited the ministers “to be reasonable to us, to come with us on a day to work on the field, or with the horses or with the animals, to see that it is not very easy...because of the rules they put on us.”

The protests are the latest in a series

of rallies and demonstrations by farmers across Europe.

On Saturday, French President Emmanuel Macron was greeted with boos and whistles at the opening of the Paris Agricultural Fair by farmers who claim that he’s not doing enough to support them. Spain, the Netherlands and Bulgaria have been hit by protests in recent weeks.

The movement, which has gathered pace as political parties campaign for Europe-wide elections between June 6-9, has already produced results. Earlier this month, the EU’s executive branch shelved an anti-pesticide proposal in a concession to the farmers who make up an important voting constituency.

On the other side of the barriers in Brussels, the ministers were keen to show that

they were listening, and a group of farmers’ representatives were allowed in for talks.

The EU presidency, currently held by Belgium, acknowledged that the farmers’ concerns include the burden of respecting environmental policies, a drop in assistance from the bloc’s agricultural subsidy system and the impact of Russia’s attacks on Ukraine’s grain supplies.

“We understand that this situation is difficult,” said David Clarinval, Belgium’s agriculture minister.

“The 27 member states are firm in saying that things cannot remain as they are,” he told reporters after chairing the meeting. “It’s necessary to take rapid measures as well as measures in the longer term at the European level.”

French Agriculture Minister Marc Fesneau told the few reporters who were permitted by police to enter the building that “there’s a need to send signals immediately to tell farmers that something is changing, not only in the short-term but also in the medium and long-term.”

Irish Agriculture Minister Charlie McConalogue said the priority must be to slash administrative red tape.

The EU should ensure that policies are “straightforward, that they’re proportionate and they’re as simple as possible for farmers to implement,” he said. McConalogue underlined that “we do respect the massively important work that farmers carry out every day in terms of producing food.”

The World

Majority of countries argue Israel violated international law in last UN court hearing

By Molly Quell

The Associated Press

THE HAGUE—The United Nations’ highest court on Monday wrapped up historic proceedings into the legality of Israel’s 57-year occupation of lands sought by Palestinians for a future state, with most voices at the hearing arguing against the Israeli government.

Over six days, the International Court of Justice heard from an unprecedented number of countries and the majority argued Israel was violating international law and called for the establishment of an independent Palestinian state.

“The real obstacle to peace is obvious— the deepening occupation by Israel of the Palestinian territories, including East Jerusalem, and failure to implement the two-state vision, Israel and Palestine living side by side,” Turkey’s Deputy Minister of Foreign Affairs Ahmet Yildiz said.

The hearings addressed a request by the U.N. General Assembly for a non-binding opinion on the legality of Israel’s policies. The court says it will issue its opinion in “due course.” On average, advisory opinions are released six months after oral proceedings.

Fiji was one of a handful of countries to argue that the court should refuse the request and directly mentioned the Hamas attacks

that set off the war in Gaza and left about 1,200 people dead while Hamas militants also took nearly 250 others hostage.

“The events of October 7, 2023 have shown us what could happen if there were a complete and unconditional withdrawal without the necessary arrangements in place to guarantee the security of Israel,” Filipo Tarakinikini said on behalf of the South Pacific Island nation.

The United States also cautioned the court against issuing an opinion, calling for an immediate withdrawal from the territories. Acting State Department legal adviser Richard Visek said last week the judges should not seek to resolve the

decades-long Israeli-Palestinian conflict “through an advisory opinion addressed to questions focusing on the acts of only one party.”

Palestinian Foreign Minister Riad Malki had previously urged the 15-judge panel to uphold the Palestinian right to selfdetermination and to declare “that the Israeli occupation is illegal and must end immediately, totally and unconditionally.”

Though the hearings were held against the backdrop of the Israel-Hamas war, which has killed more than 29,000 Palestinians, according to Gaza’s Health Ministry, it predated this round of conflict and focused instead on Israel’s open-ended occupation

of the West Bank, the Gaza Strip and east Jerusalem.

Late last month, the court ordered Israel to do all it can to prevent death, destruction and any acts of genocide in its military offensive in Gaza. South Africa also filed a separate case accusing Israel of genocide because of its actions in the Strip, a charge that Israel denied.

Israel rejects accusations that its treatment of Palestinians amounts to apartheid and has accused U.N. bodies and international tribunals of bias.

It did not participate in the oral proceedings but, in a five-page written submission, Israel said the questions put to

the court are prejudiced and “fail to recognize Israel’s right and duty to protect its citizens.”

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

The peace process has repeatedly stalled because of Palestinian attacks, Israel’s expansion of settlements in occupied territory and the inability of the two sides to agree on issues like final borders, the status of Jerusalem and the fate of Palestinian refugees.

Exploring food vlogs: Tasty delights and the plastic waste challenge

VENDORS and kiosks selling tasty food items are some of the popular videos posted on social media sites like YouTube and Facebook. It is through these videos produced by the so-called vloggers that people are introduced to small restaurants and food peddlers who are familiar to members of a particular community. The content of these vloggers have become a guide of sorts not only for foodies but also for those who are on the lookout for tasty, but cheaper fare.

Some of these kiosks serve dishes that have become an indispensable part of Filipino culture. These include pares, a meat dish paired with garlic fried rice, and sisig, a popular dish made from pork offal. Videos featuring ambulant vendors selling sandwiches are also a hit among users.

Aside from whetting the appetite of Filipinos and foreigners who are fascinated with our dishes, these videos also show the difficulties of managing plastic waste in the country. The food packaging of choice of these vendors and kiosks is disposable plastic that is not biodegradable. This type of plastic can end up in rivers, which serve as direct conduits of trash into lakes and the ocean, according to the United Nations Environment Program (UNEP).

Of the 7 billion tons of plastic waste generated globally so far, UNEP said less than 10 percent has been recycled. Millions of tons of plastic waste are lost to the environment, or sometimes shipped thousands of kilometers to destinations where it is mostly burned or dumped. Cigarette butts—whose filters contain tiny plastic fibers— food wrappers, plastic bottles, plastic caps, plastic grocery bags, plastic straws and stirrers are the common types of plastic waste found in the environment.

UNEP said the amount of plastic waste entering aquatic ecosystems would nearly triple to 37 million tons annually by 2040, from 9-14 million tons per year in 2016, if no significant effort is made to change the way plastic is produced and used. Unfortunately, most plastic items don’t fully disappear. They turn into microplastics, which can enter the human body through inhalation and absorption and accumulate in our organs.

While the Philippines has passed pieces of legislation that aim to combat plastic waste, such as the Extended Producer Responsibility Law, food videos found on social media sites reveal that much needs to be done to encourage consumers and sellers to cut their plastic footprint. For instance, restaurants, hotels, and retailers in Quezon City are prohibited by the local government to distribute single-use plastics and disposable materials, like cutlery in hotels and restaurants. Beyond these establishments, however, single-use plastics remain the packaging material of choice.

There is little incentive, especially for low-income earners, to avoid single-use plastic in the Philippines. It is also an uphill climb for policymakers to encourage micro, small and medium enterprises to use other packaging materials that are more expensive. We hope that the government can find and implement innovative schemes that will allow the Philippines to achieve plastic neutrality in the near future.

Since 2005

Investing in our own country

IPrinted

Mark Villar

THE BUILDER

AM heartened to learn that Maharlika Investment Corp. (MIC), the corporate entity behind Maharlika Investment Fund (MIF), is now exploring various investment opportunities in energy and infrastructure projects within the country.

The route aligns with the vision of MIF as an investment vehicle supporting economic development while maximizing returns for the government. I played a role in crafting the Senate bill that outlined the establishment of the MIF, and it was in this legislation that we expressed the MIF vision.

Enacted into law last year and operational since January 2024 with an initial capitalization of P125 billion, the MIC announced its intention to potentially make its inaugural investment in the renewable energy sector by year-end.

Mr. Rafael Jose “Joel” Consing Jr. was designated as MIC president and CEO, finalizing the organizational structure and corporate governance framework. I am confident in the ability and leadership of Joel, the former senior vice president and

chief financial officer of International Container Terminal Services Inc. (ICTSI), in guiding the MIF to success.

The sovereign wealth fund is also considering other projects, including potential investments in airport development, transportation initiatives, infrastructure and agriculture, per various news outlets. The MIC is also reportedly in discussions to support the development of three economic zones.

As an author of Senate Bill No. 2020 and Republic Act No. 11954, which established the Maharlika Investment Fund, I am confident that MIC will fulfill its mandate to mobilize funds for optimal investment returns and to support economic growth.

The creation of this wealth fund is in accordance with President Fer-

By Ania Nussbaum, Samy Adghirni & Peter Laca

FRANCE and the Netherlands backed a plan to buy ammunition outside Europe to get much-needed military equipment to Ukraine faster, with a proposal expected in early March.

The idea of purchasing hundreds of thousands of rounds from several countries was outlined by Czech Prime Minister Petr Fiala at an extraordinary summit of European leaders in Paris on Monday aimed at showing support for Kyiv and underscoring Western determination to help it win against Russia.

“The Czech proposal is totally consistent with what we’ve done in terms of artillery,” French President Emmanuel Macron told a news conference after the talks. “We have asked non-EU countries to reach solutions. We will participate in this initiative. We are totally open to it. Our only target is efficiency.”

Dutch Prime Minister Mark Rutte told reporters as he left the meeting that his country had agreed to contribute €100 million ($109 million) to the Prague plan and said he hoped

other capitals would follow. The talks came as Europe’s inability to provide Ukraine with sufficient military equipment has opened a rift between eastern and western nations. The mood in diplomatic circles in the east is that should Russia ultimately win, Western Europe won’t be forgiven and the whole European integration project could be jeopardized.

France and other nations have resisted using European Union funds to buy ammunition outside the bloc, with Paris urging that money to be spent instead on developing the EU’s own industries.

Russia is already making advances on the battlefield as Ukraine faces shortages of artillery shells and troops after months of stalemate. Russian soldiers are probing Ukrainian defenses along the front line, and President Volodymyr Zelenskyy has said he expects Moscow to pre-

dinand Marcos Jr.’s 8-Point Socioeconomic Agenda for Poverty Reduction and the Philippine Development Plan (PDP) 2023-2028, aiming for profound economic and social transformation.

Such transformation hinges on the development of robust infrastructure projects facilitating the efficient movement of people, goods and services nationwide. This necessitates investments, a role in which MIC and MIF can play a pivotal part.

Of course, MIC needs all the support and cooperation that it can get to mobilize capital in the country’s growth-enhancing sectors, while adhering to accountability and fiscal responsibility.

To further our economic development, we must undertake more projects. The government has identified 197 high-impact infrastructure flagship projects (IFPs) requiring an investment of P8.7 trillion. These encompass public road networks, tollways, green energy, water, agro-industrial ventures and telecommunications—all promising high returns on investment with significant economic and social impacts.

I believe MIC should regard these projects as investment opportunities yielding long-term returns. With the government needing over P1 trillion annually, or 5 percent of GDP, to fortify our infrastructure, partnerships

become essential.

In the past, our options were limited to foreign grants and official development assistance (ODA) loans for projects such as roads, bridges and flyovers. Now, we have private sector investors and MIC supporting larger and more ambitious endeavors like airports, toll roads, subways, high-speed railways and power plants.

This optimism extends to other sectors where MIC may invest in, such as high-growth industries like oil and gas, mining, tourism and aviation.

I supported the creation of this fund to stimulate economic growth by optimizing government funds for tangible projects within the country. MIF can also explore overseas investments if prudent opportunities arise.

For me, MIF’s primary role lies in financing infrastructure projects in transportation, communication, countryside development and other job-generating endeavors. It can also collaborate with other sovereign wealth funds to co-finance projects in the Philippines, which has emerged as the fastest-growing economy in Southeast Asia.

To ensure accountability, the law mandates that MIF adhere to the Santiago Principles, which outline relevant investment and risk management guidelines.

See “Villar,” A

pare counteroffensives as soon as the end of May.

Fiala said his country’s proposal could be supported by 15 countries, though he didn’t name them. “We estimate that there should be sufficient ammunition production in Europe and Ukraine in 2025, but we need to bridge the period until then,” he said as he left the summit. “The Czech initiative is a way the European states can do that.”

Asked whether the option of sending ground troops to Ukraine was raised, Macron said “everything was discussed tonight.”

“There is currently no consensus to send ground troops in an official and open way,” he said. “But in terms of dynamics, nothing can be ruled out. We will do everything we can to prevent Russia from winning the war.”

Greece’s premier, Kyriakos Mitsotakis said before the news conference that sending European NATO forces into Ukraine was “an issue that does not exist” for Greece and the great majority of his counterparts.

Zelenskyy said earlier on Monday that the EU had so far only delivered 30 percent of the 1 million artillery

shells it had promised by March. The EU already acknowledged at the end of January that it would have to delay the target by several months, just before the bloc overcame opposition from Hungary to agree to a new €50 billion support package.

At the same time, more than $60 billion in additional US aid to Ukraine, the country’s main lifeline as it tries to repel Russian forces, remains stalled in Congress, where Republicans are using the issue as leverage to extract concessions on border security and immigration policy.

Czech President Petr Pavel said at the Munich Security Conference this month that his country had identified 500,000 rounds of 155mm shells and another 300,000 rounds of 122mm caliber that could be delivered within weeks if the money was made available. He didn’t name suppliers. The Defense Ministry in Prague said on Friday it’s coordinating the efforts and secured preliminary commitments from Canada and Denmark, as well as other countries that didn’t wish to be identified. With assistance from Sotiris Nikas and Joao Lima / Bloomberg

Hong Kong prepares sweeping rules to foil  stealthy crypto purchases

By Suvashree Ghosh & Kiuyan Wong

DOTTED across Hong Kong are small shops that convert between cash and crypto with few questions asked, a modernday echo of the city’s freewheeling past. Soon, many may shut under a looming crackdown.

Officials estimate 450 shops, automated teller machines and websites in Hong Kong offer such services. They are a key slice of over-thecounter or OTC crypto trades, which accounted for the bulk of the $64 billion in digital assets that flowed through the city in the year through June, according to Chainalysis.

Some crypto shops are suspected of facilitating banned activity, for instance Chinese nationals flouting foreign-transfer limits or scammers luring investors into frauds. Against that backdrop, Hong Kong plans a licensing regime under the customs department that will force crypto OTC providers to collect customer records and add staff to monitor for misconduct, portending a jump in costs. The city, in parallel, is aiming for a deck of tightly regulated crypto exchanges as the main alternative to the OTC route into digital assets. Such exchanges face a Feb. 29 deadline to obtain or apply for a permit under a rulebook imposed by the Securities & Futures Commission in mid-2023.

‘Consolidation’ likely

THE planned OTC framework “will lead to consolidation and a reduction in the use of these platforms as on-ramps into crypto,” said Chengyi Ong, APAC policy head at Chainalysis, which tracks digital-asset transactions. Providers will have to better manage crime, cybersecurity and other operational risks, she said.

Hong Kong’s Financial Services and the Treasury Bureau this month began a consultation through April 12 on the OTC rules. The focus is on preventing money laundering, terrorism financing and fraudulent activity. The provisions won’t apply to service providers like digital-asset exchanges that are already subject to robust SFC or Hong Kong Monetary Authority oversight.

Bringing the city’s customs department into the mix alongside the other agencies risks giving the impression of regulations being devised on a “piecemeal basis,” said Jason Chan, a Hong Kong-based partner at law firm Howse Williams, which specializes in financial regulatory advice.

A spokesperson for the Financial Services and the Treasury Bureau said the customs department is the most appropriate authority to oversee crypto OTC service providers given the agency’s experience. The planned rulebook delivers needed controls and maximum investor protection, the spokesperson added.

Rising costs

ONE of Hong Kong’s OTC companies is One Satoshi, which operates a chain of stores. Co-founder Roger Li said the business mostly serves retail investors, typically for small trades of HK$10,000 ($1,278) or less.

While the firm already conducts anti-money-laundering and know-

Villar . . .

continued from A

The MIF board includes the Secretary of Finance, the president and CEO of MIC (Joel Consing), the president and CEO of Land Bank of the Philippines, the president and CEO of the Development Bank of the Philippines, two regular directors and three independent directors from the private sector. This composition safeguards the fund and ensures prudent investment in growth projects.

The law includes ample safeguards, subjecting MIC and MIF to

Puzzling cha-cha liberalization call in an ‘age of chaos’

IHong Kong’s Financial Services and the Treasury Bureau this month began a consultation through April 12 on the OTC rules. The focus is on preventing money laundering, terrorism financing and fraudulent activity. The provisions won’t apply to service providers like digital-asset exchanges that are already subject to robust SFC or Hong Kong Monetary Authority oversight.

your-customer checks, new requirements related to compliance staff and record keeping may lift costs, Li said. OTC firms “will either have to stop the crypto business or apply for the new license,” he said, adding more guidance is awaited. Hong Kong pivoted toward fostering a digital-asset hub in late 2022, part of an effort to appear cuttingedge amid doubts about the city’s future given Beijing’s growing control over the former British colony. The SFC rolled out rules for crypto exchanges last June, welcoming license applications while stressing the need for investor protection given the sector’s history of volatility and fraud. There are currently two authorized digital-asset exchanges, HashKey Exchange and OSL Group. Some 19 others have applied for permits. The SFC is also open to allowing exchange-traded funds that invest directly in crypto, while the city’s monetary authority is framing rules for stablecoins—a type of token meant to hold a constant value, typically $1.

Regulatory challenge

“BRINGING OTC transactions into the regulatory structure is a natural extension of the regime,” said Vince Turcotte, an adviser to crypto exchanges. “The primary impact will be to further legitimize the market in Hong Kong.”

Hong Kong is vying with the likes of Singapore and Dubai to woo digital-asset businesses. The jury is out on how well it will do, as well as whether crypto and its underlying blockchain technology are worth pursuing at scale at all. Last year, the blowup of the unlicensed JPEX crypto platform in Hong Kong led to HK$1.6 billion of losses, highlighting again the risks in the sector. The city’s drive to police the industry and surface transactions is far from a straightforward task, given the plethora of crypto platforms globally as well as opportunities for peer-to-peer trading that are challenging to track.

“The decentralized nature of crypto makes the industry very hard to regulate,” said Carlton Lai, head of blockchain research at Daiwa Capital Markets. “There are numerous crypto exchanges and apps based offshore that users can easily access without oversight from the government.” With assistance from Rebecca Choong Wilkins /Bloomberg

the Government Procurement Reform Act and the provisions of the GOCC Governance Act of 2011.

I believe the Filipino people will benefit from a well-structured and effective sovereign wealth fund, especially when it invests in jobgenerating ventures. Apart from supporting infrastructure development and job creation, the MIF will facilitate more foreign investments, enhance national savings and sustain our economic growth in the years to come. The next generation will surely appreciate these worthwhile projects.

Dr. Rene E. Ofreneo

LABOREM EXERCENS

N his annual assessment of the global order in January this year, UN Secretary General Antonio Guterres declared with utmost frankness that the world is entering an “age of chaos.” He lamented that the UN Security Council is unable to adapt to critical geopolitical and geoeconomic issues. The Council’s permanent members (China, France, Russia, United Kingdom and United States) and the 10 non-permanent members are deadlocked in finding solutions to crises erupting around the world. Guterres angrily spoke on how these conflicts and wars are creating “deadly, daily, hungry hell” for millions of people around the world.

Among these issues include Israel’s genocidal campaign in Gaza. In his latest report, UN Rapporteur Balakrishan wrote that Israel’s attacks have killed more than 28,000 Palestinians, mostly women and children, and have displaced over a million with no access to basic necessities like food, water and sanitation. Balakrishan shared Guterres lament: the failure of the international community to stop Israel’s genocidal campaign is a reflection of the deep-seated divisions within the UN system. Israel’s refusal to heed the global call for ceasefire and an end to its genocidal campaign against the Palestinians is fueling new conflicts in the Middle East, pitting the pro-Palestine Arab countries against Israel and its political allies, Europe and the United States.

Guterres cited another disturbing global development for humanity: the deadly new arms race being waged by the powerful nations. Said Guterres: “After decades of nuclear disarmament, states are competing to make their nuclear arsenals faster, stealthier and more accurate.”

The trouble is that the UN Security Council is unable to come up with binding rules to build peace for the planet and prevent catastrophic armed conflicts. This dangerous reality is clearly reflected in the inability of Russia and Ukraine to sit at the negotiating table. Now entering its third year, the Ukraine-Russia war is threatening to spill into neighboring European countries and weaken the faltering economies of Ukraine’s European supporters such as the United Kingdom and Germany.

To complete the chaotic global picture, one must add the other maladies mentioned by Guterres

in his 2020 Nelson Mandela lecture, namely: the climate crisis or global warming, which is an existential threat to humanity; the widening divide or inequality between developed and developing countries (some countries are “in superyachts while others are clinging to the drifting debris”); the debt crisis driving indebted developing countries further to mass immiseration; the global health crises as epitomized by the Covid-19; and the failure of the UN family of nations to build a “multilateral” world order that works for all. Guterres ended his Mandela lecture with a call for a new “social contract.” This new social contract based on a global social consensus is a laudable but an elusive dream. This elusiveness is most vividly reflected in the changing global economic order.

The unipolar world economic order led by the United States has been melting away, replaced by a multipolar one. China, with its Belt-andRoad Initiative, has been pursuing its own vision of a global economic order connected by China-supported land/maritime infrastructures and China-led trade agreements.

The US dollar, the world’s global reserve, is being ditched by members of the BRICS countries, which are now using their own currencies in trading between and among themselves.

The BRICS originals—Brazil, Russia, India, China and South Africa—have been joined by Saudi Arabia, Iran, Ethiopia, Egypt and United Arab Emirates. Per an IMF calculation, the BRICS’ share of the global GDP is now bigger than the collective share of the G-7 developed Western countries—Canada, France, Ger-

Instead of assessing carefully the economic and political risks facing the country amidst a chaotic multipolar world order and collapsing multilateral trading system, Malacañang and Congress are busy calling for the all-out liberalization of a few remaining segments of the services sector. They are mindless of the warnings being raised by WTO Director-General Ngozi Okonjo-Iweale that the present world economic order is beset with crises, instabilities and uncertainties.

many, Italy, Japan, United Kingdom and United States. Dilma Rousseff, the head of BRICS’ New Development Bank, even projected that by 2028 the BRICS’ global GDP share would be around 40 percent, dwarfing the 27.8 percent of the G-7. However, the United States is fighting back with its “Made in America” program. The Biden administration is waging a campaign enticing American companies to bring back to America industrial production outsourced to China and other countries. The US government also enacted a CHIPS and Science Act, a program providing for industrial subsidies to high-tech American companies in order to ensure American global supremacy in manufacturing and other sectors of the economy. The new-found spirit of American industrial protectionism is also reflected in the way the executive and legislative branches of the US government are blocking in the name of national security foreign acquisition of American companies deemed important to the United States, as amply illustrated in the US Senate inquiry on Nippon Steel buying US Steel.

In Asia, the US is countering China’s growing geo-political and geo-economic influence by promoting its Indo-Pacific “free and open” economic partnership with Asian countries, primarily with India (Asia’s rising star) and with select Asean members. This partnership program is ironically backed up by a non-Asian security and defense program for Asia and the Pacific: the AUKUS or the military pact involving the nuclear-armed Australia, United Kingdom and the United States. The emerging multipolar economic world order and the rising

industrial protectionism among the big and powerful countries have weakened the World Trade Organization, whose 2000 Doha Development Agenda has not taken off despite over two decades of endless trade talks among member states. The WTO’s main achievements are mainly agreements on peripheral issues such as the custom facilitation rules in the movement of goods. There is no progress on major issues such as the phasing out of subsidies given by Europe, the United States, India, China and other countries for agriculture. And the WTO’s dispute settlement body is in paralysis since 2019 due to the United States “blocking efforts” for the constitution of the WTO’s trade appellate system.

The truth is that the WTO’s trade liberalism agenda, dubbed by many as part of the “Washington Consensus” economic doctrine, is being questioned in many places around the globe, with the biggest economic power, United States, spearheading the assault on “free trade” rules by imposing “sanctions” on China and Russia. However, in Latin America and Africa, a “pink tide” swept into power a number of independentminded radical leaders who are openly contesting the Washington Consensus triad neo-liberal dogmas: privatization, deregulation and liberalization.

Now, what is the Philippine government’s response to the foregoing tectonic changes in the global political and economic order?

The answer is surreal. Instead of assessing carefully the economic and political risks facing the country amidst a chaotic multipolar world order and collapsing multilateral trading system, Malacañang and Congress are busy calling for the allout liberalization of a few remaining segments of the services sector. They are mindless of the warnings being raised by WTO Director-General Ngozi Okonjo-Iweale that the present world economic order is beset with crises, instabilities and uncertainties.

Is cha-cha for the all-out liberalization of the few remaining segments of the services sector (education, mass media, advertising, etc.) the answer to the crises, instabilities and uncertainties haunting the world we all live in?

Dr. Rene E. Ofreneo is a Professor Emeritus of the University of the Philippines. For comments, please write to reneofreneo@ gmail.com.

Japan’s inflation tops forecasts, supporting BOJ rate hike bets

By Yoshiaki Nohara, Toru Fujioka & Hidenori Yamanaka

JAPAN’S benchmark inflation topped estimates in January, supporting the case for the central bank to scrap its negative interest rate in the coming months.

Bond yields jumped after consumer prices excluding fresh food rose 2 percent from a year ago, in line with the Bank of Japan’s inflation target. The two-year note yield climbed to the highest level since 2011 after the data from the internal affairs ministry Tuesday exceeded a consensus estimate of 1.9 percent.

“The report is adding to speculation that the BOJ will end negative-rate policy as early as March and is serving as a selling catalyst for bonds,” said Kazuya Fujiwara, a fixed-income strategist at Mitsubishi UFJ Morgan Stanley Securities Co. in Tokyo. The January CPI report underscores persistent inflationary pressures, he said.

The stickier-than-expected inflation data will sustain market speculation that the BOJ is nearing its first interest rate hike since 2007, a move that a majority of central bank watchers expects to happen by April. Japan bank shares extended gains on expectations of greater profitability.

The yen also strengthened a tad after the inflation print, while overnight-indexed swaps now indicate greater certainty that the BOJ will abolish its subzero rate policy by June.

“Today’s data are supportive of BOJ’s normalization in coming months,” said Koya Miyamae, a senior economist at SMBC Nikko Securities. “The bank is stepping closer to its price target. It was good for the bank that it didn’t fall below 2 percent even due to a special factor.”

One of the main factors that helped inflation outpace forecasts was a 63 percent jump in the price of foreign travel packages. While the cheap yen is attracting a flood of tourists coming into Japan, it’s also pushing up the costs of travel abroad by Japanese. Governor Kazuo Ueda signaled confidence over the prospects for anchoring inflation above 2 percent, saying last week he expects a virtuous economic cycle of prices, wages and employment to strengthen.

Inflation readings are expected to rebound in February as the impact of government price relief measures fades in year-on-year comparisons. Those measures were equivalent to a percentage point drag on overall inflation when they were first introduced last year.

The median estimate of 25 economists surveyed by Bloomberg indicates core inflation excluding fresh food will average 2.4 percent in the first and second quarters of 2024.

The core rate is likely to jump above 2.5 percent in February, according to Miyamae.

“The BOJ, which has geared up its communications in preparation for an exit from negative rates, will probably welcome this news. Even so, the CPI report adds to mixed readings on the economy,” said Bloomberg economist Taro Kimura.

It was the 22nd straight month in which inflation matched or exceeded the BOJ’s target. A gauge of inflation that excludes fresh food and energy prices, a key indicator for underlying price trends, also beat consensus, rising 3.5 percent. Economists had estimated it would rise 3.3 percent. Growth in services slowed to 2.2 percent.

Still, current economic fundamentals warrant careful communication by the BOJ if it chooses to start raising interest rates. The economy slipped into a technical recession at the end of last year as consumers and businesses cut spending. Wage

growth has lagged behind inflation, putting pressure on household budgets. That partly explains why Prime Minister Fumio Kishida’s support has sagged.

The yen trading around multi-decade lows versus the dollar may also revive import-driven inflation and hurt consumption further down the line. The weak currency has helped send Japanese stocks to a record high thanks to strong demand from overseas investors, but it’s not boosting sentiment in Japan. Japanese individuals have tended not to invest in stocks as actively as peers in other developed economies.

Tuesday’s report showed prices for electricity and gas fell by more than 20 percent in January from a year earlier. Government subsidies for electricity and gas continued to shave 0.48 percentage point off the overall inflation figure.

Prices of processed food, which had been a key inflation driver, gained 5.9 percent, slowing from 6.2 percent in December. Prices for lodging increased by 27 percent, slowing from 59 percent.

Economists and investors will closely monitor Tokyo inflation figures for February due next week.

Those figures will give the first indication of how much price growth will climb after the initial impact of subsidies falls out of calculations and could further fuel near-term rate hike expectations.  With assistance from Keiko Ujikane and Masaki Kondo /Bloomberg

‘Demand for human skills still strong in Asia Pacific’

By Cai U. Ordinario @caiordinario

SOFT skills, particularly communication, remain in demand across Asia Pacific (APAC) countries, according to the latest research conducted by LinkedIn.

The data was obtained by Linkedin from APAC markets, particularly in the Philippines, Australia, China, India, Indonesia, Japan, and Singapore.

The data showed that 95 percent of Learning and Development (L&D) professionals believe that human skills have become more critical, especially in today’s economy.

“This is not surprising in a new world of work where AI tools are freeing time for professionals to excel in jobs only people can do, like building relationships and collaborating with others,” LinkedIn said.

“In addition, 40 percent of APAC hiring managers consider an individual’s potential for growth and ability to learn the most critical factor when evaluating internal and external candidates,” it added.

The data showed that the top five skills that hiring managers in APAC consider the most important in the era of AI are a combination of both hard and soft skills–problemsolving abilities at 35 percent.

LinkedIn said 27 percent of respondents said communication skills; critical thinking, 25 percent; AI skills, 19 percent; and IT and web skills, 17 percent.

“This is not surprising in a new world of work where AI tools are freeing time for professionals to excel in jobs only people can do, like building relationships and collaborating with others.”

“The resulting surge in demand for AI expertise reflected the challenges many businesses faced in navigating this transformative shift and incorporating cuttingedge technologies into their operations,” said Feon Ang, Vice President of LinkedIn Talent Solutions and Managing Director, APAC.

In terms of continuous learning, LinkedIn said a large majority of com-

panies in APAC, or 91 percent, are also focused on preparing their employees for the future world of work.

This is done by enhancing their skills and capabilities, believing that this will lead to increased confidence and job security.

APAC HR professionals offer online training programs at 44 percent and internal learning and development sessions focused on generative AI at 43 percent.

LinkedIn said as companies increasingly invest in learning opportunities, the focus on creating a learning culture has soared, becoming a top priority for L&D professionals in 2024 across all APAC markets.

The data showed 91 percent of Southeast Asia employees say they can show business value by helping employees gain skills to move into different internal roles.

LinkedIn’s latest research was conducted by Censuswide, among a sample of 4323 Hiring managers (middle management) aged 18-77 in the United Kingdom, Ireland, France, Germany, Italy, Spain, United States, India, Australia, Singapore, Japan, Indonesia, China, Netherlands, Sweden, the Middle East and North Africa region, and Brazil.

CITYSTATE SAVINGS BANK TAPS GENIUSTO PHL FOR E-WALLET

PUBLICLY listed Citystate Savings Bank (CSBank) will develop its e-wallet to better serve its clients and boost its digitalization efforts.

In an interview with BUSINESSMIRROR on Tuesday, CSBank President Jaime Araneta said the bank’s partnership with Geniusto Philippines Inc. will improve their services.

The partnership will enable CSBank to create its own e-wallet. Araneta said this is part of the bank’s plan to become a hybrid bank that occupies both physical and digital spaces.

“This digital banking, I think, will be the game changer for us. Because not only will it allow us to acquire new clients, both the under-banked or underserved, but the fee income potential is quite huge,” Araneta told this newspaper that is also part of the ALC Group of Companies. Araneta said the bank can start operating this once it has secured the approval of the Bangko Sentral ng Pilipinas (BSP). CSBank is preparing the paperwork for the Electronic Payment and Financial Service (EPFS).

He said CSBank intends to apply for the EPFS license by mid-year. If, Araneta said, everything goes according to plan and the BSP approves the license, the bank may have a license for the e-wallet by the end of 2024. “So, we have the basic requirements already now. We intend to go to the BSP to apply for that license by mid-year. And then the countdown will be something like six months. If all goes well, by the end of the year,

we should have that,” he said.

The partnership with Geniusto also provides the multi-tenant approach. As such, Araneta said this opens digital opportunities for the other members of the ALC Group of Companies.

This, he said, can realize the vision of ALC Group Chairman D. Edgard A. Cabangon to improve the synergy within the group. Through digitalization, Araneta said, CSBank will be able to help work toward this goal. Through this synergy, Araneta said, it will also expand the reach of CSBank. Currently, the bank has a branch in Cebu but it has no presence in Mindanao.

“When I joined the bank three and a half years ago, that was one of the things I really wanted to bring to the table, how we can really synergize within the group,” Araneta said.

“Going forward, we will be able to provide wallets for each of the companies, so that they can, in fact, do their own digital transactions, receiving, making payments, and they can even brand it accordingly,” he added.

Geniusto is originally from the United Kingdom but its head office is in Perth, Australia. It has been in operation for 24 years and has 19 Foreign Financial Institutions as Global clients.

Their products include GO Digital Banking Suite, GO Payments Orchestration, GO Rules Engines, GO Ledger, GO Engage, GO Mobile Platform, GO Merchant, and GO Internet Platform. Cai U. Ordinario

Editor:

Coca-Cola to spend $1B in 5-yr expansion in PHL Coca-Cola, Aboitiz urged to be ‘green’

By Samuel P. Medenilla @sam_medenilla

TOP executives of the Coca-Cola Co. promised President Ferdinand R. Marcos Jr. the company would invest $1 billion in the country in the next five years as part of the multinational firm’s expansion plan for its local business.

“We’re

(CCEP) Chairman Sol Daurella Comadrán told the President during their meeting with the Chief Executive last Monday in Malacañang.

“And in the next five years, we’re planning for a $1-billion investment and, in fact, we’ve even doing a new plant, which we are building in Tarlac.”

Marcos welcomed the development since he said it will translate to more local job opportunities.

“Of course, it’s very encouraging that you have decided to expand your operations here. I can, I am sure of the success simply because we have the markets here, growing, the people are, our population is relatively young, and so they are still very much in your market and I can see how the expansion could work,” Marcos said.

Currently, Coca-Cola Beverages Philippines Inc. (CCBPI) has 9,000

direct workers, and an estimated 100,000 indirect employees. CCEP currently owns 60 percent of the shares of CCBPI; its remaining 40 percent is owned by Aboitiz Equity Ventures Inc. (AEV).

AEV bought the CCBPI shares last January 30 for $1.8 billion, which is expected to close towards the end of this month.

Aside from Comadrán, the President also met with businessman Carles Vilarrubí Carrió and AEV President and CEO Sabin M. Aboitiz.

CCBPI is the bottling arm of CocaCola in the country engaged in the manufacturing, production, sale, and trade of both non-alcoholic and alcoholic beverages with 17 brands including Coke and Sprite.

SMC unit best bid for Meralco’s load

By Lenie Lectura @llectura

ASUBSIDIARY of San Miguel Global Power Holdings, Corp. submitted on Tuesday the best bid offer to supply 400 megawatts (MW) of interim baseload power to the Manila Electric Co. (Meralco).

The Meralco said it secured the best bid from Limay Power Inc. (LPI) through a Competitive Selection Process (CSP) for its 400 MW interim supply requirement.

LPI is among the three bidders that expressed interest to participate in the CSP. However, only two submitted their qualification documents, technical proposal, and bid price.

LPI, formerly known as SMC Consolidated Power Corp., offered a total headline electricity rate at P6.2708 per kilowatt-hour (kWh), inclusive of value-added tax (VAT) and line rental, for the entire 400-MW baseload requirement.

The other generation company, Masinloc Power Co. Ltd., submitted the next best bid of P6.2957 per kWh, VAT and line rental inclusive, for 195-MW capacity. Masinloc Power is another wholly-owned subsidiary of San Miguel Global Power.

Meralco said both offers are compliant with the P6.3512 per kWh reserve price set for the bidding.

Also, the submissions passed the criteria contained in bidding documents and pre-qualification evaluation, according to Meralco’s Bids and Awards Committee for Power Supply Agreements (BAC-PSA).

The BAC-PSA is set to conduct a post-qualification evaluation and

submit its recommendation and report to Meralco’s Board of Directors for approval of the best bid as the winning power supplier prior to the issuance of a notice of award.

The conduct of this CSP is in accordance with Department of Energy (DOE) Circular 06-0021 (series of 2023) and Energy Regulatory Commission (ERC) Resolution 16 (series of 2023), which require that the bid be conducted in an open and transparent manner. To further ensure transparency and fairness, CSP observers witnessed the submission and opening of bids and the proceedings were streamed live.

The terms-of-reference conformity to Meralco’s power supply procurement plan (PSPP) was reviewed and approved by the DOE, according to the firm. The PSPP considers the need for additional available capacity to augment supply to customers through an Interim Power Supply Agreement (Ipsa).

The resulting Ipsa, which will be subject to regulatory proceedings,

Filinvest REIT’s income falls 19% in 2023

By VG Cabuag @villygc

FExcluding

Rental

The company said its occupancy rate is better than the 81 percent as reported by property consultant Colliers in its fourth quarter office market report.

“The new leases that we have in 2024 have been encouraging and we are optimistic that leasing activities will improve further in the second half of the year,” Maricel Brion-Lirio, the company’s president and CEO, said.

“Despite some challenges in the market conditions, we remain committed to expanding our portfolio and steadfast in our goal to significantly increase dividends

for our shareholders in the long term,” she said. The company said it signed new leases of 20,139 square meters, including 2,630 square meters during the fourth quarter last year, coming from the expansion of two BPO companies. This also includes 4,512 square meters of new traditional tenants, reinforcing its strategy of diversifying its tenant base.

The size of new leases in 2023 is almost a four-fold improvement from the signed 5,087 square meters of new leases in 2022. New leases were closed at higher rates against current transacted rates in the Alabang area based on the Colliers report.

In terms of tenant retention, 31,835 square meters, or 77 percent of 41,110 square meters of expiring leases in 2023 were renewed.

For 2023, the WALE, weighted average lease expiry, has improved as renewals and new leases for the year have set in and the addition of Crimson Boracay pushed the WALE to 6.91 years. The Crimson Boracay

lot, which comprises 9 percent of the total gross leasable area, has a 40-year lease.

As part of its strategies, Filreit has been deliberate in diversifying its tenant mix with the addition of traditional tenants and co-working locators. Current tenant mix is comprised of 78 percent multinational BPO companies, 11 percent traditional office and co-working, 11 percent hospitality, and the small remainder taken up by retail tenants. FILRT has zero POGO, or Philippine online gaming operator, exposure.

The company’s board has approved the dividend declaration to all stockholders amounting to P0.067 per outstanding common share, payable on March 26, 2024 to stockholders on record as of March 11.

This first quarterly cash dividend declaration for the year translates to an annualized yield of 8.3 percent based on the previous trading day’s closing price of P3.23 per share.

By Jonathan L. Mayuga @jonlmayuga

FEARING that the future of returnable bottle packaging is at risk following the sale of Coca-Cola Philippines, Environmental groups on Tuesday called on Coca-Cola Europacific Partners and Aboitiz Equity Ventures to commit to increasing reusable beverage packaging throughout the Philippines.

Atty. Gloria Estenzo Ramos and Matt Littlejohn, executives of Oceana Philippines Inc., issued the call after securing information that regulators have greenlit the acquisition of Coca-Cola Philippines (CCPI) by Coca-Cola Europacific Partners Plc. Coca-Cola Beverages Philippines Inc. (CCBPI) and Aboitiz Equity Ventures Inc. (AEV).

Oceana is campaigning for Coca-Cola and its bottlers (including CCEP) to increase returnable beverage bottles in place of single-use plastic in the Philippines and around the world.

will be implemented once approved by the ERC and will be effective until February 2025.

A statement by Oceana Inc. said that CCEP and AEV, as the new owners of CCBPI, must address the Philippines’s growing plastic problem by committing to protecting

and increasing the use of returnable bottles in the Philippines.

“Any reduction in the share of returnable bottles sold could have a catastrophic impact on the Philippines’s rapidly worsening plastic pollution crisis,” it added.

In the Philippines, Oceana noted that CCBPI has failed to prioritize or promote reusable packaging such as returnable bottles, despite strong evidence that doing so could reduce single-use plastics.

Citing a report, Oceana said just a 10-percentage point increase in the sale of reusable beverage packaging worldwide by 2030 could eliminate over 1 trillion single-use plastic bottles and cups.

“Instead, [the] Coca-Cola [Co.] continues to emphasize recycling, which has not been proven to reduce single-use plastic pollution at scale,” the group’s statement read.

According to research commissioned by Coca-Cola, the national collected-for-recycling rate of single-use plastic bottles in the Philippines as of 2018 was only 21 percent. In contrast, the American multinational corporation has reported that 93 percent of their returnable bottles are collected to be reused, globally.

By Roderick L. Abad @rodrik_28 Contributor

DESPITE throwing his support to the recent approval of a P100 daily pay increase for minimum wage earners, Joey Concepcion, lead for the Jobs cluster of the Private Sector Advisory Council (PSAC), expressed concern on its impact to “struggling” entrepreneurs nationwide.

“Not everybody can afford the P100 wage increase. Maybe the large corporations and those who are doing well but many are also not doing well. The micro might be exempted, but what about the medium-sized negosyantes? They will be affected,” he said. “Large corporations can afford it, but what about the SMEs [small and medium enterprises] who are the bulk of the enterprises in the country?”

Concepcion, who is also the founder of Go Negosyo, shared such concern since the investment pitches of President Ferdinand R. Marcos Jr. to foreign investors are just beginning to come into fruition alongside the growing confidence of biggest corporations in the country to bet on infrastructure.

“We worry for those who are barely making it. Having come from the pandemic and now our economy is accelerating, we should be careful not to derail the momentum,” he underscored.

For him, the additional P100 pay should be staggered over time and that it should be made more sustainable by upskilling the Filipino workers.

“I support the wage increase; we want to uplift the lives of people,” he said, adding that the increase in purchasing power of the people due to higher salary is vital for a consumer-driven economy like the Philippines. “As wages increase, consumption spending will increase and help the economy.”

Nevertheless, he believes the stipend growth must not be implemented in one go.  He said: “Let’s spread it out.”

Taking a cue from the previous administrations, Concepcion pointed out “most of the wages were gradually increased over time. Nobody during their term had an immediate increase of P100.”

He cited that the increases ranged from P10, to P20, to P33 during the terms of former presidents Gloria MacapagalArroyo, Benigno Aquino Jr. and Rodrigo Duterte, and that these were made over time. Arroyo increased wages a total of P154 over nine increases, Aquino Jr. a total of P87 over six increases, and Duterte a total of P79 over three increases. More than a year since President Marcos took office, wages have grown by P40.

The PSAC’s lead for the jobs cluster, rather, suggested the government to remain focused on generating more jobs and upskilling the workforce.

“Hopefully our people will upskill and reskill, and they will get a higher pay,” he said. “Our goal in PSAC is to find a way to upskill employees so they get a better wage.”

The entrepreneurial czar emphasized that creating employment is key and what the Council wants to accomplish.

“The more jobs created, the better it is for Filipinos. As the demand increases and there are more jobs, that is what we want to see, and then the wages will follow,” he said.

“How to make it sustainable is to upskill. This is where the private sector is trying to put more focus. There are a lot of opportunities for Filipinos, and this is where I believe why we should start with the senior high school students, so that quality basic education is given,” he added.

Concepcion leaves to experts the determination of how much pay increase is needed.

“Right now, it is at P100. But if it can be staggered, we can let that discussion continue on this basis and see how businesses can live with that,” he said. “Over time, it is manageable.”

It is never a hassle to hustle

Aeveryone achieves success?

Unfortunately, most people enthusiastically thought about success but failed to act on it. Or they may initially pursue it, but not over the long haul. Our “instant” society where everything is served fastpaced like instant noodles and fast foods, influenced our expectations for immediate gratification. Somehow, we forgot that success takes time and requires the right amount of patience and effort on our part in order to achieve it. This is called “hustle.” One needs to passionately and joyfully put in the time, effort and skills in order to achieve what you set out to do. And one does this over the long haul, because a process is involved and usually takes time to evolve.

Sulu begins journey as MSME hub with launch of Pasalubong Center

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

DAVAO CITY—The once troubled province of Sulu down south is set to embark on a journey that seeks to discard its infamous tag as bailiwick of the dreaded Abu Sayyaf Group (ASG) and eventually emerge as a budding business hub for entrepreneurs.

The Sulu Provincial Office of the Bangsamoro Ministry of Trade, Investments, and Tourism (MTIT) inaugurated last week the new Pasalubong Center at the Jolo Port “to harness the economic potential of the region.”

The center would serve as a one-stop shop for local products, ranging from handicrafts to processed foods, fashion accessories, souvenirs, gift items, and home decors.

The business move came as the Bangsamoro government also sought to expand the number of legislative districts of the island province that form part of the country’s southern backdoor, also infamous as the corridor for illicit trafficking of persons and contraband to and from the Philippines’ Asian neighbors.

Dr. Nagdar Sasapan, provincial director of MTIT-Sulu, said

THE Global Foodservice market is anticipated to rise at a considerable rate from 2024 to an extended period as the market is growing at a steady rate and with the rising adoption of strategies by key players here and abroad.

This is just one of the many indications that validated game changer and food business innovator Gem L. Zeñarosa, the man behind the phenomenal pita wraps brand—Turks—to embrace the inevitable expansion that has long been overdue.

While the demands are high, Zeñarosa believes that it is also ripe for the picking to bring the brand outside of the Philippine shores to one of Asia’s top destinations, Tsim Tsa Tsui, Hong Kong (HK).

For someone who truly wants to be successful, it is never a hassle to hustle! Never shy away from a good fight and just do the grind. Proverbs 14:23 says, “Work brings profit, but mere talk leads to poverty! ” Of course, doing the grind is not easy and is often accompanied by challenges and difficulties. But such is the road to success. Edgar Allan Guest, the author of the 1920 poem Don’t Quit, captured it nicely: “Success is failure turned inside out the silver tint of the clouds of doubt, you can never tell how close you are, it may be near when it seems so far; So stick to the fight when you’re hardest hit it s when things seem worst that you must not quit.”

Just do the hustle, and keep doing it. By following this dictum, you don’t only eventually achieve success after going through the process, but you also learn many things as you go through it. And that’s the benefit of a good hustle—you succeed because of it, and become even more successful as you continuously go through it. So remember, for a successful person and for those who aspire to become one, it is never a hassle to hustle.

By God’s grace, you can do it!

Alexey Rola Cajilig is the President of ARCWAY Consultancy Inc., Executive Director of ARC DOCENDI, and the Executive Managing Director of EMCORE Success Academy and EM-CORE Foundation, Inc. He is a Sales Leadership Coach, Strategic Sales Operations Consultant, Christian Motivational Speaker, Human Ecologist and Author of The effective Seller. He is also the creator of ARCH Styles, a behavioral and personality assessment tool. If you have questions and suggestions, you may send an e-mail to salesleadershipcoachlex@gmail.com.

About 16 years ago, Gem Lapid Zeñarosa, only dreamt of establishing a simple business that would subsist his entire family, not realizing that what he had established would start a national love affair between Filipinos and something they’re totally unfamiliar with— the pita wrap.

Branded as Turks, it would soon become a household name that satisfies the Filipinos’ insatiable cravings authentic, flavorful and great meals anytime of the day.

Zeñarosa, who has been called by the franchising community as a food business innovator and visionary, has been thinking of sharing this delight to those who have the penchant for great food. His musings led him to Tsim Tsa Tsui, dubbed as one of the busiest and best places where you can experience the full spectrum of HK, Turks found a new home there. The popular logo of Turks, which delighted many Filipinos for its distinct and elegant design, will now be a sight in the shopping and nightlife district of HK.

Zeñarosa, who started a successful business strategy and pattern, became the benchmark of small and medium entrepreneurs who want to make big in the food cart and franchising business. Turks, which changed how Filipinos appreciate pita wraps snacks, with the opening of its first branch here signals the commitment of Turks to become a strong food business brand across Southeast Asia.

This expansion does not only show the strength of Turks as the No. 1 pita wraps business in the Philip-

the pasalubong center would provide vital support to micro, small, and medium enterprises (MSME) to help them in marketing and promoting their products not only to locals but also to tourists.

“With the advent of our Pasalubong Center, malagguh in hikatabang ta pa mga local MSMEs sin kita. Through [this] Pasalubong Center, Manjari ta cater-run in mga products nila iban mak atabang k ita k anila mag -promote iban magmarket sin mga products [we will be able to further support local MSMEs. Through this Pasalubong Center, we can cater to their products and help them promote and market their products],” Sasapan said in Bahasa Sug. Mayor Kerkhar Tan of the province’s capital of Jolo, expressed gratitude to those who initiated the establishment of the Pasalubong Center.

The center was funded under the Transitional Development Impact Fund of former Member of Parliament Sahie Udjah who mentioned it as one of six other projects from his former office

pines with nearly 700 branches with 183+ franchisees throughout the archipelago, but also signifies the vigor of food business industry of the Philippines.

Turks is the first Filipino pita wrap brand to expand food business footprint outside the borders of the Philippines.

The expansion

A DEVOUT Iglesia ni Cristo, he’s never ashamed of his faith and he knew in his heart that all his dreams will be realized if he will put God first. As Turks continue to grow in the Philippines, the expansion in Asia came after countless inquiries for franchising from different parts of Asia and even in the US and Europe.

Zeñarosa wanted to make sure the brand will stick to its origins in terms of ingredients and preparations without really deviating from its concept.

After years of careful planning and studying the best location for its expansion, Zeñarosa then decided to put up Turks in HK while saying, “Expansion in Hong Kong has been in our expansion plan abroad. I believe it is an excellent location to

that would be turned over this month.

The new Pasalubong Center in Jolo Port marks a crucial step in boosting Sulu’s economy, the Bangsamoro information office said.

This year, Sulu has since been declared free of ASG control and influence.

This came as the Bangsamoro Parliament identified Sulu as among the provinces of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) that would have more legislative districts and enable these places to have more representatives in the region’s lawmaking body.

The Parliament said the proposed “districting” of BARMM provinces would have seven districts for Sulu, which has two existing districts. Basilan would now have three districts, TawiTawi with three districts, with eight districts, Maguindanao del Norte with four districts, Maguindanao del Sur with four districts, Cotabato City with two districts and the Special Geographic Areas with one district.

open a business given the number of foot traffic and healthy economy.” He added that there is a lot of great food and great restaurants, fastfood and even street foods in HK. “We are confident that a “specialty food concept” like Turks with excellent quality would capture the market of HK.”

“Our menu has been our pride making it No.1 in the Philippines amongst all the brand with the same concept. We want to carry the same menu as we expand. Because we believe it would capture the palate of customers in HK just how Filipinos enjoying our product.”

Turks, the Philippines’s unrivaled and top-selling pita wrap as it begins its Southeast Asian stride did

a minor rebranding to imprint a more sophisticated brand recall. “Turks, going abroad, might carry a connotation that it is a Mediterranean food, which is not. Hence, we thought of creating a non-barrier brand, T.Co.—carrying the T logo of Turks. It is somewhat, on the higher end of Turks.”

Bigger plans TURKS participation in the global arena is something the company has been anticipating even before the pandemic stage.

But the owners had to consider certain matters first before committing to that vison of going out the local boarders and grow the business throughout Southeast Asia.

Hongkong is the first destination outside Philippines and will springboard this Pinoy pita wrap to most parts of the globe where people love great food.

“The branch in HK is just laying the foundation for our bigger plans to bolster and accelerate our presence in Southeast Asia. Our brand is constantly growing in the Philippines and I believe this is the right time to go outside of our comfort zone,” Zeñarosa added.

After the opening of this first branch, Turks will open five more stores in different strategic locations in Hong Kong in 2024. Next month, Zenarosa is proud to announce that a second branch in HK will open in Kowloon, a strong indication of his commitment to become a global Filipino brand.

Turks dominated even more the food cart business when it started franchising. Since then, Turks became a household name and the favorite pita wrap snacks of Pinoys. Zeñarosa continuously innovates his businesses and in 2022 he opened Turks first Drive Thru branch in White Plains in Quezon City, making Turks the first pita wrap brand to have a drive thru service.

For more information visit http:// www turks ph or FB Page: /official. turkswebsite.

‘Tax package may be insufficient to meet PHL tax-to-GDP targets’

By Reine Juvierre S. Alberto

THE tax packages pushed by the Department of Finance (DOF) may have a positive impact on the administration’s revenue generation but the World Bank (WB) thinks it is “not sure if it is sufficient” to meet targets in the share of tax in the country’s gross domestic product (GDP).

WB Senior Economist Ralph van Doorn said the tax packages proposed by the DOF and currently pending in Congress are important to the Philippines to broaden the tax base and raise more revenue.

However, reaching the tax-toGDP target of 11.2 percent in 2024 and 11.6 percent by 2025 is deemed insufficient by just relying on these packages.

“We think there may be more

measures that may be needed to broaden the tax base further. There are lots of opportunities,” van Doorn added.

The economist suggested identifying ways to reduce expenditure that, he added, the government have done before.

“There are other ways also to meet the fiscal framework targets through looking at expenditure; to make sure the expenditure is more

efficient,” van Doorn said.

Nonetheless, he said the WB believes Manila is on track to meet the deficit targets.

Data from the Bureau of the Treasury (BTr) showed that as of November last year, national government (NG) expenditures slowed at 4.69 percent or P21.3 billion on a year-on-year basis due to the lower national tax allotment shares of local government units (LGUs).

The NG’s primary deficit as of November 2023 stood at P44.7 billion, posting a year-on-year decrease of 54.31 percent or P53.1 billion.

Fiscal agenda VAN Doorn said the passage of key tax policy and administration reforms will drive the success of the national government’s medium-term fiscal consolidation agenda.

The government has to generate additional tax revenues from new tax policy and administration measures in 2024 to remain on track in reaching its fiscal targets instead of primarily relying on reducing public spending, the economist said.

According to the DOF, the passage of the proposed Passive Income and Financial Intermediary Taxation Act will yield positive revenue collection and help the country meet the Medium-Term Fiscal Framework (MTFF) in 2028.

The government will stand to gain about P13 in additional revenues if all tax measures will be passed. For the next five years, the government will earn about P290 billion from the tax measures.

“If we’re able to pass all the reforms, we expect that our deficit to GDP ratio by 2028 is around 3 percent, similar to the target in MTFF,” Finance Assistant Secretary Karlo Fermin S. Adriano said during the Public Hearing of the Ways and Means on January 29.

The MTFF serves as the government’s blueprint to steer the economy back to its high-growth trajectory. Under the MTFF, the government is targeting faster economic growth at 6.5 percent to 7.5 percent of GDP in 2022 and 6.5 to 8.0 percent of GDP annually from 2023 to 2028.

Malaysian equity firm to fund Asialink’s lending ops

By Cai U. Ordinario @caiordinario

MALAYSIAN private equity firm Creador Sdn Bhd has invested billions of pesos into Asialink Finance Corp. (Asialink) to help expand its lending capacity to small-scale and mediumsized enterprises (SMEs).

“With Creador, Asialink is primed for further growth to help the largely the unbanked part of the business community. This partnership is envisioned to strengthen the SMEs and

ACEN taps Aussie banks to expand RE business

By Lenie Lectura @llectura

AACEN said Tuesday each bank is providing a green term loan facility with up to 75 million Australian dollars.

ANZ and WBC also entered into an accession letters to include ANZ and WBC as lenders under the Common Provisions Agreement dated August 18, 2022.

The loan agreement underlines ACEN’s strategic move to bolster its renewable energy initiatives in Australia, an emerging key market for the company.

ACEN has set an ambitious target of reaching 20 gigawatts (GW) by 2030 in line with its netzero carbon emissions goal. So far, the company has around 4.3 GW of capacity from its facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable energy share of 98 percent.

ACEN President Eric T. Francia said the company reaffirms its commitment to strengthen Australia’s energy security while bolstering its roadmap to a low carbon future.

make them a major contributor to economic growth just like in other developed economies,” Asialink CEO Robert Jordan Jr. said. Creador’s P4-billion investment, equivalent to an 18-percent stake in Asialink, underscores the commitment of both parties to drive Asialink towards sustained growth and market leadership, he added. Paulton & Company acted as Asialink’s financial advisor for this transaction.

Aside from funding Asialink’s lending expansion, Creador will

help improve the lender’s operational efficiency and offer its expertise in business innovation and automation.

In 2023, the company released over P12.6 billion in loans and expects 2024 to be better as it grows its customer base and resources. It had close to 29,500 new borrowers as 2023 drew to a close.

Jordan said that for this year, the company will expand its market share by partnering with dealers selling brand-new cars and trucks

across the Philippines, as well as on-boarding more dealers of secondhand vehicles.

Asialink said it has been forging partnerships with the country’s largest banks and investment firms. It raised P2 billion from a corporate notes facility with four banks with Union Bank of the Philippines Inc. as noteholders; arranged by RCBC Capital Corp. and SB Capital Corp.

It also raised P1 billion from Yuanta Saving Bank and the state-run Small Business Corp.

Chinabank, RCBC used digitalization to sustain net income growth last year

LOCAL banks are leveraging their digitalization efforts to sustain their double-digit net income growth in 2023.

In separate disclosures to the Philippine Stock Exchange (PSE), China Banking Corp. (Chinabank) posted a 15 percent growth to P22 billion while Rizal Commercial Banking Corp. (RCBC) also posted a growth of 15 percent to P12.22 billion in 2023. Chinabank said it intends to leverage digitalization investment this year to improve their services to clients.

“Our strong growth in 2023 solidifies our position as one of the top four banks in the country,” Chinabank President and CEO Romeo D. Uyan Jr. was quoted in the disclosure statement as saying. “We remain focused on executing our business strategies while leveraging our investments in digitalization to deliver better services to our customers.”

Meanwhile, RCBC said it intends to increase their use of Artificial Intelligence (AI) and data science to sustain their performance in 2024.

“RCBC saw another breakthrough year in our financial performance, complemented with more recognitions in digital banking and customer service,” RCBC President and CEO Eugene S. Acevedo was quoted in the disclosure statement as saying. “We will intensify the use of AI and data science across the bank to guide our product innovation and exceptional service delivery.”

According to Chinabank, the growth in its profits were driven by its higher core business revenues. This translated to a return on equity of 15.5 percent and return on assets of 1.6 percent which is still among the best in the industry. It added that its net interest in-

come grew 17 percent to P53.5 billion due to the growth in loans and investments which offset the significantly higher interest expense. Net interest margin was maintained at 4.2 percent.

The bank also reported that the improvement in the Philippine economy reduced its loan loss provisions to P1.2 billion. Asset quality

was stable with a 2.5 percent nonperforming loan (NPL) ratio while NPL coverage remained sufficient at 104 percent.

Chinabank’s operating expenses were 11 percent higher at P27 billion on bigger volume-related taxes and heavier investments in manpower and IT.

The bank is also undertaking substantial overhauls on Chinabank’s IT architecture as an integral component of its ongoing digital transformation endeavors. Cost-to-income ratio was at 50 percent.

“Our continuous drive for operational efficiency and the strong client demand for our services underpin our solid financial performance in 2023. We will continue to strengthen our business fundamentals and capabilities to sustain our growth momentum in the coming years,”

Chinabank Chief Finance Officer Patrick D. Cheng said.

NG falls short of ₧150B goal on nixed bond bids

THE national government only raised P30 billion from Treasury bonds (T-bonds) this month, falling short of its P150 billion goal, after it rejected bids and canceled an auction.

The Bureau of the Treasury (BTr) on Tuesday made a full award of its last T-bonds auction for the month, successfully raising P30 billion for the national government.

The average rate for the new 20year T-bonds was 6.209 percent. The total bids amounting to P91.423 billion were higher than the P53.426 billion in the previous T-bond auction on February 6 this year.

The investors’ yield for the new 20-year T-bonds ranged from 6.000 percent to 6.328 percent. The coupon rate for the fresh government securities was set at 6.250 percent, which the Treasury said is “below the prevailing secondary market.”

“The auction received strong demand, going more than three times oversubscribed as total submitted bids amounted to P91.4 billion,” the Treasury said in a statement after the auction.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the average auction yield, which settled at 6.209 percent, is much lower. Ricafort pointed to the comparable 20-year PHP BVAL yield at 6.40 percent as of February 26, 2024.

The RCBC economist added the 20-year T-bond average auction yield is also lower than the 6.631-percent posted in the previous 20-year Tbond auction more than 11 months

ago on March 21, 2023.

The previous 20-year T-bond auction was fully awarded and had a total bid of P91.423 billion, more than three times the total offering of P30 billion.

Ricafort said the 6.209 percent average yield is still among the 5-year highs, adding that this is in order for investors to lock on relatively higher yields.

This, he added, is “amid the easing inflation trend already within the Bangko Sentral ng Pilipinas’s (BSP) inflation target of 2 to 4 percent that could support local policy rate cuts later this year, especially if the US Federal Reserve (Fed) starts cutting rates.”

The next auction for T-bonds is on March 7 with a 3-year tenor and a value of P30 billion, according to the Treasury.

In the previous T-bonds auction, the Treasury fully rejected the bids for its reissued 5-year T-bonds and failed to raise P30 billion in funds (See: https://businessmirror.com. ph/2024/02/06/ng-fully-rejectsbids-for-5-year-t-bonds/).

The Treasury also canceled the auction on February 13 for a sevenyear T-bond due to the offering of the 5-year retail treasury bonds tranche 30 (RTB 30).

The RTBs, meanwhile, allowed the government to raise a total of P584.86 billion from the sale of fiveyear RTBs, exceeding its P400 billion target (See: https://businessmirror.com.ph/2024/02/26/morethan-%e2%82%b1500b-raisedby-ng-via-tender-of-rtbs/).

Reine Juvierre Alberto

Understanding yield curves

YIELD curves are a graphic representation of interest rates for different maturity tenors.

Essentially, under normal circumstances, the rational expectation is that interest rates will be higher as the maturity tenor becomes longer. Meaning that placements for 1 year will get a higher interest rate than a one-month deposit.

Meanwhile, RCBC said its doubledigit growth in 2023 was driven by its record high profit as its customer loans grew 15 percent year on year, faster than the industry average.

The bank’s CASA deposits increased by 19 percent which also outpaced the industry’s three percent growth.

With total assets of over P1.2 trillion, RCBC cemented its position as the fifth largest private bank in the country. Year-on-year, customer loans reached P622 billion, led by a 29 percent increase in consumer loans, primarily credit cards and housing.

RCBC saw success in data-driven acquisition campaigns, with credit cards consistently outperforming industry in both balances and billings with 48 percent and 45 percent growth, respectively.

In terms of housing loans, the bank recorded its highest bookings to date boosting the portfolio by 22 percent from previous year. The bank also said its total deposits reached P957 billion, spurred by the increase in CASA across all segments.

“The bank’s cash management and payroll solutions, alongside extensive business relationships, provided the double-digit uplift in low-cost CASA deposits,” RCBC said.

RCBC also said its capital rose 31 percent versus previous year on the back of SMBC’s capital infusion last July 2023, with both CAR and CET1 ratios remaining well above regulatory requirements at 17.37 percent and 14.69 percent, respectively.

On the asset quality side, tighter credit policies and prudent remedial management kept the Bank’s gross NPL low at 3.34 percent, an improvement from last year’s 3.75 percent. Cai U. Ordinario

Similarly, if you were on the borrowing side, a fixed rate loan for 5 years will also be higher than a similar 5 year loan where there is a variable interest rate, where the interest rate is adjusted annually. Due to the higher risks involved in longer term maturities and fixed interest rates for longer periods, both investors and lenders would demand a yield premium for this higher liquidity and rate risks. This is referred to as a “Normal” or “Positive” yield curve. The opposite of this is known as an “Inverted” or “Negative” yield curve. An inverted yield curve is when rates are higher for shorter term instruments than longer term papers. This happens when there is a temporary situation in the interest markets such as monetary tightness or a regulatory market intervention similar to what the Federal Reserve System is doing to increase interest rates.

There are two viewpoints on interest rates. On one hand, the Borrower would like to see the interest rates that they are borrowing at the lowest possible levels so that they will pay the least amount.

On the other hand, the Investors would like to see interest rates at the highest levels so they end up with a higher yield.

To complicate matters a bit, you should also understand that fixed interest rates can be good or bad depending on which side of the fence you are on. For example, you got a mortgage on your house with a 30 year fixed interest of 7.32 percent. You might think you made a mistake if the current short term rate is 5.5 percent, however, 30 years is a long time and in a few years the rate moves up to 10 percent then

you are probably doing fine.

As an investor, we invest in papers of blue chip companies to minimize our credit risk, what we fail to take into account is the interest rate risk. If you invested in a 10-year blue chip bond, that had a coupon rate of 5 percent, you could still lose money if new issuances by the same company are already giving a coupon rate of 7 percent.

Why? On the secondary market, no one will buy your bond at 100 percent face value since the yield is only 5 percent. Investors are expecting a yield of 7 percent and will demand for a discount on the face value so that they will get a 7 percent yield.

The only way to get out of this predicament is if you wait until maturity to have your bond redeemed at face value, assuming it has a maturity date, since many bonds now are perpetual, meaning they have no expiry date.

My suggestion is that during times of uncertainty and volatility, keep your investments more liquid by placing your money in short term instruments. Only when you see clarity in the markets that interest rates are moving down, should you consider locking in at a higher interest rate.

The views and comments of Dr. George S. Chua are his own and not of the BusinessMirror or the Financial Executives Institute of the Philippines (Finex). The author was 2016 Finex President, 2010 to 2020 FPI President, an active Entrepreneur in fintech, broadcast, media, telecommunications, properties and a regular member of the National Press Club. Chua is also a Professorial Lecturer 2 at the University of the Philippines’s Diliman and BGC campuses, vice chairman and governor of the Market Governance Board of the PDEx (Philippine Dealing & Exchange Corp.) and a trustee of the Finex Foundation. Comments may be sent to georgechuaph@yahoo.com or gschua@up.edu.ph.)

LOOK

Handling boomerang employees

THE Atrium at The Podium became the home for the highly successful Sinulid 2024 (www.facebook.com/Sinulid.Benilde), a retrospective of distinct organic visions, creative processes, and design possibilities.

Themed Beyond Boundaries, the annual culminating exhibition showcased the knowledge, craftsmanship, and skills of the graduating Fashion Design and Merchandising (FDM) students of the De La Salle-College of Saint Benilde (DLS-CSB) School of Environment and Design.

The event was formally launched by The Podium assistant mall manager Anthony Ryan Sales, Benilde FDM chairman Ionica Abrahan Lim, Benilde FDM educators and mentors Olivia Lopez and Lydia Pajaron, and FDM student and Sinulid 2024 representative Micah Alyanna Gomez. A guest of honor was Evangeline Flor Manalang, head of technology transfer, information, and promotion staff of the Department of Science and Technology-Philippine Textile Research Institute (DOST-PTRI).

The gallery housed over 60 scene-stealing ensembles which took the viewers on temporal and spatial journeys in the multiverse of fashion. Each piece was meticulously conceptualized and handcrafted by the budding talents, who translated their varied narratives and experiences into explorations of the infinite diversities of identities and existences.

The collection, which ranged from ready-to-wear garments to couture mainstays, channeled the young artists’ advocacies to break expectations and address prejudices on what it means to be a designer in the 21st century. It featured works that wove human emotions and sensibilities, championed freedom and eco-feminism, and seamlessly blended comfort and style. Tradition, as well as nostalgia, took centerstage.

Sinulid 2024 exhibits fashion innovations at The Podium ACTION MARKS 30TH ANNIVERSARY

ON January 31, 2024, Action (A Child’s Trust is Ours to Nurture Incorporated) celebrated its 30th anniversary at the Japanese Ambassador’s residence with a special reception marking its significant milestone.

Founded in 1994 by Yokota Hajime after his time in Zambales for the reconstruction efforts following the Mount Pinatubo eruption, Action has been committed to ensuring no

4 safe ways to clean your ears

O“We believe in the transformative

PhilEnergy 2024 Highlights Innovative Energy Solutions in its 4th Edition in March

ONE

anticipated and

is set

set

PhilEnergy was then before a co-located event of Informa Markets’ WATER PHILIPPINES. It was then announced that the energy trade show will be a stand-alone event this year because of the potential of the industry. Thus, PhilEnergy 2024 will also serve as its launch event and will be an “ultimate platform for industry players to explore cutting-edge energy technologies and products.”

This event is expected to welcome more than 4,000 trade visitors from the energy field and industry on top of over a hundred of participating energy and related companies not just from the Philippines and the Southeast Asian region but also from across the globe.

“PhilEnergy is the country’s most comprehensive energy trade event,” said Rungphech Rose’ Chitanuwat, Country General Manager of Informa Markets in the Philippines, the organizer of the PhilEnergy.

“It is a significant trade show as it is a collaborative effort aimed at further propelling

the clean energy revolution towards a sustainable and net-zero future. PhilEnergy promotes the development of innovative renewable solutions that are shaping the crucial energy industry,” she added.

Aside from the exhibition, which will showcase the latest products and innovations in the industry, PhilEnergy 2024 will also mount a series of seminars, workshops, and conferences to be facilitated by partner organizations. These include Smart Grid Technologies by MERALCO, Developing Future Energy Systems in PH by the Asia-Pacific Urban Energy Association, Power System Stability and Control by the National Grid Corporation of the Philippines, and Power System Planning and Optimization by the National Transmission Corporation.

“PhilEnergy indicates a transformative moment in the Philippines’ energy landscape and serves as a catalyst to support the energy transition towards a sustainable, low-carbon future. We are excited to participate in and contribute to this year’s edition of PhilEnergy, which will help shape the future of energy in the Philippines and ASEAN,” said Peter Lundberg, Executive Director of the Asia Pacific Urban Energy Association.

PhilEnergy is also the venue for the Society of Philippine Electrotechnical Constructors and

“First

set for Day 1 will have invited

ambassadors (the UK, Sweden, and Denmark) and major Philippine business leaders (including Ayala Corporation’s Jaime Augusto Zobel de Ayala, JG Summit Holdings’ Lance Gokongwei, and SM Prime Holdings’ Henry Sy) as speakers.

Some of the participating companies for PhilEnergy Expo are AsiaPhil Inc., Daikin Philippines, Lead Core Technology System Incorporation, Prisma Electrical Controls Corporation, Schneider Electric Philippines, Yokogawa Philippines, and to name a few.

PhilEnergy 2024 is expanding the focus of its main energy profiles to five (from just two when it was still RE EE Philippines). Those are Renewable Energy (RE), Energy Efficiency (EE), Electric and Power (E&P), Electric Vehicle (EV), and Energy Storage (ES). This move aligns with the current expansion of the renewable energy sector and with the Philippine government’s push to establish secure, sustainable, and resilient energy strategies.

During the Asia Zero Emission Community (AZEC) leaders’ meeting held in Japan in December 2023, President Ferdinand R. Marcos Jr revealed the national government’s goal to increase the renewable energy share in the country’s power generation mix to 35 percent by the year 2030 and to 50 percent by 2040. He also cited the ongoing policies aimed at promoting renewable energy, including tax incentives and the lifting of foreign ownership limits for renewable energy facilities and businesses.

The Philippines has also just recently granted “green lane processing” for up to P244 billion worth of renewable energy investments. The Board of Investments has approved the seven projects that will be fast-tracked to speed up the roll out and implementation of the initiatives.

PhilEnergy 2024 will be held from March 20 to 22, 2024 at the 2nd floor of SMX Convention Center in Pasay City. Gates will open from 9:30 a.m.

For visitor inquiries, contact Informa Markets representative: Danah F. Castillo through danah. francisco@informa.com or +63 2 8581 1921.

Ginebra San Miguel bags excellence award at 20th PHL Quill Awards

GINEBRA San Miguel Inc. (GSMI) bagged the Award of Excellence in the recently concluded 20th Philippine Quill Awards for its television commercial “Huling Patak ng Bagong Tapang”under the Marketing, Advertising, and Brand Communication category. Launched in 2022 with the uncertainty of the pandemic, the award-winning campaign resonated well with consumers, sending a message of hope, courage, and unity. It featured the stories of sacrifice, resilience, and the never-say-die spirit of real-life, modern-day heroes—a balut vendor down to his last peso, a tricycle driver committed to excel in both his studies and job, a barber shop owner re-opening his business and a frontliner caring for the sick. A highlight story was that of athlete Hidilyn Diaz who gave her all down to the last measure of grit and determination to pull off the lift that brought the country its first Olympic gold. The campaign served as a beacon of encouragement, reminding Filipinos that even in the most trying and lowest of times, there is still that last ounce of courage, that one final push that enables

sales and increasing brand engagement, at

work toward fostering a better quality of life for our students here in Koronadal City. This milestone underscores Filinvest Land’s dedication to sustainability and creating enduring change in the regions where we operate,” said Andres J. Calizo II, Filinvest Land Andres Calizo II, Filinvest Land Assistant Vice President and Regional Product Head for Mindanao. The turnover forms part of Pusong Filinvest, the company’s flagship corporate social responsibility program, and reflects Filinvest Land’s commitment to make a positive and lasting impact in Koronadal City.

By focusing on sustainability, Filinvest

Land aims to create lasting change and improve the overall well-being of Koronadal City’s students.

In Koronadal City, Filinvest Land is best known for Futura Homes Koronadal, a 7.5-residential development featuring modern minimalist homes and refreshing amenities amid wide and open spaces. Visit https : //futurabyfilinvest.com/project/futura-homes-koronadal to know more about this outstanding Filinvest Land development. Aside from Koronadal City, Filinvest Land has a robust residential presence in Mindanao with 19 projects across the cities of Davao, Cagayan de Oro, General Santos, Zamboanga, and Butuan.

MACO RAVANZO and Wino Dela Cruz of I am MAD(Making A Difference) Volunteers Inc.received the award from Vice President and Education Secretary Sara Duterte and DepEd Undersecretary Michael Poa.

DepEd recognizes I am MAD as ‘MATATAG’ partner supporting learners, teachers

THE Department of Education (DepEd) recognized around 173 partner organizations including nonprofit, volunteer-powered group, am MAD (Making A Difference) Volunteers Inc. for their support and intervention in the country›s basic education under its “MATATAG” Agenda, February 20, 2024 at GSIS Theater, Pasay City. DepEd awarded I am MAD as one of the agency’s outstanding civil society organization partners during the national DepEd Partners’ Appreciation and Recognition ceremony.

Maco Ravanzo, Chief Executive Volunteer and Wino Dela Cruz, Chief of Volunteer Programs and Communication of I am MAD accepted the award on behalf of the nonprofit organization from Vice President and Education Secretary Sara Z. Duterte. The award cited am MAD for its “unwavering commitment, exceptional collaboration and invaluable contribution in support of the MATATAG Agenda for the DepEd Basic Education Development Plan, helping DepEd fulfill its mandate in providing

quality basic education to all learners.”

“This recognition from DepEd is a testament to our never-ending passion to make a difference in the lives of our learners,” Ravanzo expressed. He also reflected on the challenges of establishing the organization’s identity and proving its intentions in the past, contrasting it with its current standing alongside established institutions in the field of education and advocacy.

I am MAD has been an active civil society partner of DepEd for more than a decade now as it continuously supplements values formation activities through its main program “MAD Camp” and promotes volunteerism as a lifestyle among the Filipino youth through “MAD Talks”. Join the vibe and volunteer with am MAD by registering at bit.ly/MADcamp2024reg. No time to volunteer, but love giving? Share your blessings through this link bit.ly/bidadonate. For updates, partnerships, and volunteer opportunities, follow and message I am MAD on Facebook (fb.com/IamMakingADifference) or send an email to iammadph@gmail.com

Revealing The Radiance of Sarah Skin

crucial for women as it helps maintain healthy skin, preventing premature aging and addressing specific concerns, ultimately boosting confidence and promoting a radiant complexion. Consistent skincare also establishes a

of self.

Top of Form

THE charismatic force behind skin care products

Sarah Skin has a captivating narrative behind the brand. From its unassuming origins to its current standing as a beauty sensation, Sarah Skin isn’t just a skincare line; it is an unfolding story of love, self-assurance, and entrepreneurial triumph.

Reysan Jamarillo shared that the brand emerged with a lofty goal—to sprinkle happiness like fairy dust. Acknowledging the profound impact of skin woes on confidence levels, Sarah Skin was conceived to be a remedy, a confidence-boosting elixir for those navigating the tumultuous seas of skincare struggles.

What gives Sarah Skin that extra pizzazz? It’s the “touch of love” infused into every product. Jamarillo underscored the importance of not merely launching a brand but ensuring it carries a personal connection. The moniker “Sarah” itself is a testament to this—a name borrowed from her partner’s daughter, weaving a brand that resonates with love and care, much like a cozy cashmere sweater for your skin.

Candidly, Jamarillo spilled the beans on the challenges faced during Sarah Skin’s infancy. The first product, a scrub, faced the skeptics headon, but positive feedback paved the way for an expanded product line. Live selling became the brand’s secret weapon, winning over hearts and building a fan base that rivals the most dedicated fan clubs. Jamarillo painted a vivid picture of her vision—a brand that evolves, thus bringing joy to women of all ethnicities.

From a trio of trailblazers to a team of 24 in just a year, Sarah Skin’s growth trajectory is nothing short of a skincare supernova. The CEO attributes this success to her intuition, love for her products, and treating her employees not as staff but as an extension of the family. Scrubs, lotions, toners, shampoos—the brand’s arsenal has conquered markets in lands near and far.

Jamarillo laid bare her leadership philosophy— not just a boss but a leader, a mentor, a nurturing force. For her, success isn’t a solo journey; it’s a team sport. And in her playbook, succession planning is a pivotal play, a roadmap to pass on the baton of this skincare empire to her own kin.

The lady entrepreneur’s unwavering dedication to her products, her team, and her vision has given the world a brand that not only enhances physical beauty but also cradles the spirits of individuals across the globe. In the grand narrative of Sarah Skin, each bottle tells a tale of triumph, a testament to the fact that when you infuse love into what you do, success isn’t just a destination; it’s the journey itself.

By Rizal Raoul S. Reyes

THE Philippine property sector anticipates a fiery run in the Year of the Wooden Dragon. Moreover, the bullish outlook is primarily driven by the real estate industry’s resilience even in the face of economic downturns.

The acid test came during the Covid-19 pandemic, which has proven further the experts’ maxim that property investment, even on a very small scale, remains a tried and true means of building an individual’s cash flow and wealth. The condominium market is definitely one of the stars of the local property market as it could ensure a hefty return for the investors.

In its latest report, property management and consultant firm JLL Philippines reported that the annual supply of condominiums grew by 5,590 units due to the completion of developments in Makati City, Pasig City, Quezon City, and Taguig City. In 2023, JLL Philippines said fresh stock of 11,480 units were added in the residential market across Metro Manila, increasing vacancy levels. Spillovers stacked in the 2024 supply with a total of 65,450 upcoming units. Further, JLL Philippines said in terms of market share, Quezon

City, Makati City and Taguig City continued to house the majority of the ready-for-occupancy units in Metro Manila as of the fourth quarter of 2023.

According to JLL Philippines, an additional supply of around 99,150 units is expected to enter the market by end-2026 wherein most are in Pasig City, Parañaque City, and Quezon City. “By end2026, Quezon City, Makati City and Taguig City are still anticipated to hold the majority of the condominium stock,” JLL Philippines said.

Meanwhile, Colliers Philippines said in its latest report that middle-income projects dominated the launches and take-up in 2023.

Joey Roi Bondoc, research director of Colliers Philippines said fuelling the demand in the residential sector are development more master planned communities, continued offering of ready for occupancy promotions, return of expatriates to support rental

TBy Roderick L. Abad

OP property developer SM Development Corp. (SMDC) is expecting to sell out its rising upscale waterfront development called the Sands Residences by end of this year on the back of renewed interest of homebuyers and investors in real estate, said a ranking official.

“Researchers like Colliers, Lee Chiu, etc. provide data about this, and they are bullish about the property development sector,”

Sands Residences Project Director Sharon Marcial told the B USINESSM IRROR in an interview during their relaunch event held recently at the Diamond Hotel in Manila. “We believe it so because even the Sands, there’s a resurgence of interest and sales, not just abroad but locally as well.”

In fact, 65 percent of the total 2,367 units are already taken up at present, according to her. She said: “It’s more than half of the inventory. And then, there are [more units] that we haven’t made available yet—[those] facing the Manila Bay and the penthouse.”

Launched in 2021, Marcial bared that the 51-floor residential tower is now 40 percent constructed. Given this, she is confident that they are on track to turn over all of the units upon completion of the project by the last quarter of 2026.

Beacon of luxurious living

SANDS Residences is the only new residential project that is now rising along Roxas Boulevard amidst the vibrant mix of modern and historic buildings, thus blending well with the city’s past while embracing its future directions.

Led by ASYA Design Partners, this high-rise condominium project boasts of architectural masterpiece that flawlessly incorporates contemporary style with the

Condominium market to grow further in 2024

markets, the Bangko Sentral ng Pilipinas’ projected 30 percent rise in the overseas Filipino worker’s remittances, and one of the fastest gross domestic product expansion in 2023.

To sustain the demand for residential units, Colliers recommends continued landbanking for future master-planned projects, assess attractive price segments

vast heritage of Manila Bay. The amazing vistas of the world renown natural harbor that serves the Port of Manila catches the core of coastal living. Harmonious to its aesthetic features, X.SPACE Design imparts the interior and landscape with elements influenced by the lively colors of the Bay’s famed sunset, creating a spectacle for both the residents and guests.

This towering vertical project houses a studio and one-bedroom (1BR) unit, spanning from 21 square meters (sq m) to 23 sq m, with prices ranging from P7.5 million to P14.5 million; 1BR end unit with balcony, from P8.7 million to P10 million; 2BR and 2BR end units spanning at 38 sq m, from P11 million to P19 million.

Such master-planned condominium boasts of the city’s skyline and the panoramic views of the stunning sundown. Stepping onto it, a beach-inspired lobby lounge welcomes every guest with its iconic art installations, set amidst green walls, thus creating a vibe similar to the soft sand and seashells along the golden beach.

Luxury and comfort are at their best

here—thanks to its five-star hotel-like amenities and facilities, such as a grand lanai, a lap pool, a kiddie pool, a gym, and The Sand Bar Lounge. Its strategic location offers convenience and accessibility to centers of arts and culture, shopping and entertainment hubs, and key business districts in Manila.

This is the first SMDC project that is BERDEcertified on the back of its “green” features, including the usage of motion light sensors, energy efficient building and construction materials, and waste water collection and waste disposal system in place.

Apart from singles and new families wanting to reside along Roxas Boulevard, Sands Residences also targets investors who want to monetize their investment. With SMDC’s Good Stays, this official leasing arm of the developer will take care of either a long term lease or short stay lease staycation for the units, including the furnishing, housekeeping, maintenance, and repairs.

“Beyond its good location, in the future, it can also be an alternative accommodation for hotels in the area. So it’s a good buy for the investors as they can lease it out,” Marcial said.

for each submarket, integrate sustainable features and property technology, and highlight property’s viability as an investment.

Vista Land’s investment value

VISTA Land Division Head Teresa Tumbaga said the company is definitely one of the top developers in the condominium segment as it has presence in prime loca-

tions, defined as those that are near schools, shopping centers, healthcare facilities, and transportation links. “Each Vista Land condominium reflects our dedication to providing not just a place to live but a lifestyle to cherish,” affirming to the company’s proven track record, emphasis on prime locations, awareness of development

OUR HOME paves the way for an exciting 2024 in furniture, furnishings and accessories as it releases its top trends for the next year. As the leading authority in setting the trends in the interior design industry, here are OUR HOME’s forecasts for the coming year. Take a look as we list down OUR HOME’s best Bs.

BROWN IS THE NEW BLACK

BROWN is making a comeback. Not that it has ever left… but brown has been a staple in interior design for as long as people can say warm and earthy. This year though, brown captures the imagination of interior design as it embraces the luxurious side of brown. For 2024, brown evolves into something sophisticated and elegant as exemplified by plush brown fabrics in furniture upholstery, bed linens and throw pillows. Shades and tones of brown come alive in different gradations as it evokes a neutral appeal. Cinnamon, burnt sienna, chocolate, camel and sand with its tones and shades all give rise to a new look in furniture and furnishings. So why is brown the new black? Because in 2024, brown will go with literally everything. Mix it with subdued and pale hues or go wild with pairing it with vibrant and bright colors and you will never go wrong. And the results will still be comfortable, cozy and warm.

BOUCLE UP

TEXTURE is going to be big by the coming year. Tactile fabrics appeal to a certain sensuality when it comes to interior design, and we are all here for boucle. In furniture fabrics, boucle is now considered a rising star and this star will continue to shine for 2024. There is something to be said for this type of upholstery material that exudes comfort and warmth yet elicits a clean and crisp vibe. Sofas, lounge chairs and accent chairs are given the boucle treatment creating a look that is current and trendy, just what 2024 is all about. So, get ready and buckle up because we’re going to be seeing a lot of boucle.

BRINGING BACK THE CURVE

ANGLES and straight lines are out, and soft edges and curves are in. For next year, comfort takes on another

trends, and a well-earned reputation as a trustworthy guide in every property investor’s journey,” Tumbaga said.

Tumbaga said Vista Land’s highvalue condominium towers are designed and built to differentiate it from the other projects. It has access to business districts and commercial hubs, and even proximity to major road networks and the international airport. Such a strategic approach not only ensures convenience for potential residents but also contributes significantly to the property’s value appreciation, according to Tumbaga.

Tumbaga said forward-thinking investors are quite aware that a condominium property with the potential for sustained appreciation over the years lays a robust foundation for a lucrative investment. She said Vista Land has the foresight and commitment to selecting locations with intrinsic growth potential to mark their condominiums as enduring assets.

“As a final point, investors are also strongly drawn towards Vista Land’s condo projects that are decked out with excellent amenities For instance, a swimming pool is right there for residents who wish to go for a dip. Fitness buffs have their own personal fitness center. Homeowners have access to walkable green spaces, a playground for their kids, a clubhouse for their milestone celebrations, and 24/7 security for their peace of mind,” she said.

level as furniture pieces are doing away with harsh corners and hard edges. Biomorphic shapes and forms in furniture bring back a certain vintage and retro vibe to modern furniture design that will undoubtedly revolutionize spaces. Living room, dining room and bedroom furniture pieces receive a softer treatment as rounded edges, delicate curves and smooth corners dominate the interior design landscape resulting in an ambiance that’s cool and calm, relaxed and restorative.

BUTTONED DOWN

THE tufting detail of the Victorian Period is given a modern treatment come 2024. Buttons become very evident as a design tool in furniture pieces as dining chairs and sofas give off a plusher and posher appearance through the use of tufting. Even headboards are donning the same trend as it levels up the playing field by giving the bedroom an air of aristocracy.

Tufting details on modern and contemporary shapes of furniture pieces speak of quiet luxury and bring forth a certain air of nostalgia without going overboard. It creates an ambiance of 19th century European flair given a totally trendy and current twist.

THE BRIGHT AND THE BEAUTIFUL

IRONICALLY, brown is making a big comeback except… in wood. For 2024, wood is painted and stained in bold, bright and vibrant colors. Chartreuse, teal, periwinkle, cobalt and magenta are just some of the hues that wood would assume for the coming year. Expect center, side and console tables to be made of wood but rendered in bright palettes to give off an exciting and dynamic feel to the room. Old thrift store finds, and flea market cabinets made from any kind of wood are given a make-over by stripping off the varnish and applying a bevy of color tones and voila—the piece automatically transforms into something that’s current and modish. Paint or stain it? It doesn’t matter because the results speak for itself—a new trend emerging in wood finishing. Come 2024, watch out for all these top trends unfolding in all OUR HOME branches nationwide. Be inspired as these trends come to life in lifestyle settings especially curated to elicit the best interior design styling ideas to give your home a 2024 vibe. Only at OUR HOME…Great Designs…

Great Prices!

Marcial promises to showcase ring savvy in fifth pro fight against Thai

Josef Ramos

ESports

B8 WEDNESDAY, FEBRUARY 28, 2024

mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Tough job ahead for Southwoods

have all the firepower they need.

“We have a pretty solid team, but championships are not won on paper,” Delariarte said as Southwoods shoots for its ninth straight title since 2014, a streak that had the squad parading such players as Professional Golfers Association Tour star Tom Kim and DP World Tour standout Yuto Katsuragawa.

Eastridge, meanwhile, will be coming into the event with all the confidence it needs, especially after having gained a year›s worth of experience since a runner-up finish last year in Cebu.

Games at the World Trade Center.

“I’m looking forward to this homecoming fight because the last time I fought in the country was during the 2019 SEA Games,” Marcial said. “I intend to put on a great show for those who will watch and see me live.”

“I believe that I will be more than ready by the time I get to Paris in July,” said Marcial, who already qualified for Paris with his silver medal finish at the Hangzhou 19th Asian Games last October.

Boxing icon Manny Pacquiao is the brainchild of the homecoming fight of the 28-year-old warrior from Zamboanga City.

“I’m very excited to spearhead a fight for Eumir here in the Philippines so everybody will get a chance to see him fight before the Olympics,” Pacquiao said. Marcial is training in Las Vegas but will come home on March 13 to set up camp in Tagaytay City courtesy of its mayor, Philippine Olympic Committee president Abraham “Bambol” Tolentino.

“Mayor Bambol Tolentino is very supportive of Filipino athletes, especially those who are going to the Paris Olympics,” Marcial said. Marcial shoots for his fifth straight victory since turning pro in 2020 against the veteran Thoedsak Sinam, who sports a 23-13 record with 19 knockouts.

He’s under the program of trainer and coach, former US Olympian Kay Koroma, as he trains in the same Las Vegas gym where Cuban super champion Arlan Lopez, Marcial’s tormentor in Hangzhou Chinese Tanglatihan Tuohetaerbieke and his semifinals conqueror in Tokyo Oleksandr Khyzhniak also hold camp.

Japanese bets sparkle in pool

JSouthwoods will still be fielding a

built around pro-

Aidric Chan, Lanz Uy and Ryan Monsalve and Delariarte believes they

And the most important thing for the Binangonan club is that it already knows that taste of winning.      “For sure, we will be coming in better prepared this year,” said Gimo Asuncion, Eastridge GM who will be the non-playing skipper. “The boys are more experienced now and although we really have no expectations, will we be

Spotlight on young, elite cyclists in Sacobia River Bridge criterium

ALL roads lead to the Sacobia River Bridge in the New Clark City and Pampanga area for the opening leg of the Go For Gold Race Series on March 3. The one-day criterium event is open to all cyclists from Luzon, Visayas and Mindanao, who will vie for honors and cash prizes in different age categories for men and women.

Jeremy Go, co-founder of the sponsoring Go For Gold, bared the details of the event during Tuesday’s Philippine Sportswriters Association (PSA) Forum at the Rizal Memorial Sports Complex.

“This event started with the idea of developing more cyclists,” he said during the forum presented by San Miguel Corporation, Philippine Sports Commission, Philippine Olympic Committee, Milo, PLDT/ Smart and ArenaPlus, the leading sports entertainment gateway in the Philippines.

Go, whose Go For Gold also

swam with Iyu Matsuyama, Raito Numata and Hirata Ando, who had earlier bagged the 400m freestyle gold medal.

Shin Ohashi, Toya Hirata, Minami Yui and Mana Ishikawa delivered two gold medals each and Misaki Kasahara got one in the 12-14 category. Ohashi won the 100m breaststroke in 1:02.69 to better the record of fellow Japanese Yamato Okadome (1:04.55), while Hirata topped the 50m backstroke in 26.31 to erase the record of compatriot Ryu

Blessing in disguise for Pacquiao?

IT was but right to disqualify Manny Pacquiao

supports triathlon, basketball and other sports like wrestling and sepak takraw, said they’ve lined up three events this year, including one in Cebu in June or July and a third leg in Mindanao with no definite date yet.

While the main goal is the further development of junior cycling and discovering more talents, Go said the big names in local cycling are joining the race this weekend.

They expect 400 to 500 participants, including ex-professionals.

“This is open to all. If you can come, you’re welcome,” said Go, adding the criterium race will cover 1.6 kilometers per lap.

The event offers a total of P200,000 in  cash prizes with the elite champions getting P41,000 each.

“I’m turning 41 years old on March 12 that’s why it’s P41,000,” said Go, who will accompany the members of his Go For Gold cycling team that will compete in the Tour of Taiwan on March 9 and 10.

Hiroki (27.34) in the boys division. The 400m freestyle relay team of Ohashi, Hirata, Yusei Nishiono and Iori Miyasaki grabbed the gold medal in 3:33.67, shattering the 3:34.60 record of Japan in 2019.   In the girls division, Yui clocked 2:02.27 to win the 200m freestyle, improving the 2:03.50 mark of Japanese Maho Takiguchi, while Ishikawa secured the 200m IM gold medal with a time of 2:15.83,

giving it our all this week.”

Former pro turned businessman Gary Sales will be seeing action in the centerpiece division for the first time and will be the stabilizing presence in the youth-laden Eastridge lineup. Jeff Lumbo, a discovery of Sales, looms as a player to watch.

Del Monte, which won the Seniors title last Sunday, will be leaning on its familiarity of both courses in an effort to win this event for the first time since 2011, which was also the year the Interclub was played in this part of Mindanao.

Three stalwarts of that victorious team that crashed the expected Canlubang-Luisita party will also be seeing action, with playing captain Yoyong Velez making it known that they are not about to back down from the challenge.

The 75th staging of the PAL Interclub is supported by diamond sponsors Mastercard and Asian Journal.

Platinum sponsors include Airbus, Primax Broadcasting Network and Araw Hospitality while gold sponsors are Tanduay and Asia Brewery. Joining the event as silver sponsors are ABS-CBN Global, Radio Mindanao Network and Philippine National Bank.  Visa is a minor sponsor while Must Glow is joining as a donor.

P

Yap in Bossing uniform, Reyes back at TNT in Philippine Cup

THE Philippine Basketball Association opens its Philippine Cup on Wednesday with veteran former MVP James Yap strutting his veteran legs for Blackwater and Chot Reyes back after a year’s tour of duty with the national team on the TNT Tropang Giga bench. Yap, 42, will be playing for his third PBA team with the Bossing of head coach Jeffrey Cariaso who square off with the Meralco Bolts at 4:30 p.m. at the Ynares Sports Center in Antipolo City.

SBlackwater will also field Rey Nambatac, Jaydee Tungcab and big man Justin Chua which it acquired in a trade with NLEX and TNT only two days ago.

“Of course I believe James [Yap] still has a lot left, but what’s crucial there is his leadership, locker room presence advising young players on how to be true professionals and sharing his experiences,” Cariaso said.

Meralco, on the other hand, will field an intact roster under coach Luigi Trillo from the Commissioner’s Cup.

TEPHEN FUERTES  and Marcus Go dominated the boys’ division, while Dhea Cua reaffirmed her mastery in the girls’ side in the Mayor Josef Fortich Cagas National Championships at the Digos City Tennis Club in

of his age,” POC president Bambol Tolentino said. Pacquiao himself had appealed to waive the age rule as early as last year.

The disqualification letter came from James McLeod, the IOC director for National Olympic Committee Relations.  It partly read: “The only valid boxing qualification system in Paris 2024 is the one approved by the IOC Executive Board in September 2022, published and distributed to NOCs [National Olympic Committees] and boxing national federations on 6 December 2022.”

Pacquiao also flunked the grade in the IOC’s universality rule that states: “The universality…will not be allocated to NOCs with an average of more than eight athletes in individual sports/disciplines at the last two Olympic Games in Rio de Janeiro and Tokyo.”

We had 17 athletes alone in Tokyo 2020.

While Pacquiao meant well as he dreamed of giving the country a second Olympic gold, his failed bid could be providential. At age 45, you will never know what’s going to happen

Reyes, on the other hand, has to fill in on team manager Jojo Lastimosa the team manager, has handed who piloted the Tropang Giga to the Governors’ Cup title last April behind Best Import Rondae HollisJefferson.

TNT got the 6-foot-7 GanuelasRosser in that three-way trade to give Reyes added depth to their frontline as center JP Erram’s still on the injury list. But Rain or Shine will be a tough opening game adversary for Meralco in the 7:30 p.m. match. Josef Ramos

Davao del Sur over the weekend. Fuertes, fueled by the support of the home crowd, swept his way to the 16-and-under championship as he conceded only eight games in four matches.

He clinched the title with a 6-2, 6-1 triumph over Kurt Alcantara in the finals of the Group 2 tournament presented by Dunlop.

He also triumphed in the 18-and-under division, essaying a 6-1, 6-1 rout of Maersk Labandero, mirroring his two-title feat in the Gov. Edwin Jubahig Cup in Davao del Norte last week. Go also took the 12- and 14-and-under trophies for the second consecutive week of the country’s longest talentsearch put up by Palawan Pawnshop headed by president and CEO Bobby Castro. The top-seeded Quezon City player crushed No. 2 Kresthan Belacas, 6-1, 6-2, in the 12-and-under finals then as No. 6 in the 14-and-under class, he stunned No. 1 Krelz Jan Gecosala, 6-2, 7-6 (11). The second-ranked Cua, on the other hand, toppled No. 1 Aika Salahuddin from Digos, 6-4, 6-0, to clinch the 16-and-under crown.

The Kidapawan City star then overcame doubles partner Sanschena Francisco, 3-6, 6-1, 10-5, to snare the 18-andunder diadem.

atop the ring.  The risks far outweigh the desired result. Let’s preserve a treasure. Good that we were spared the thought of seeing our Pacquiao come home from Paris crestfallen—as a bird with broken wings. A sure heartbreaker.

THAT’S IT Manila Southwoods will have its hands full defending its Men’s Regular crown starting March 1 in the PAL (Philippine Airlines) Interclub in Cagayan de Oro’s charming Pueblo de Oro and Bukidnon’s iconic Del Monte, with Alabang lurking as the top seed in the 75th edition of the storied  event chiefly sponsored by Mastercard and Asian Journal. Alabang’s lineup include Benjie Sumulong, Arnel Paras, Toti Zara, Kevin Kim, RJ Maclang, Jerome Hernandez, Timmy Yang and Marc Reyes in the four-toplay, three-to-count format. All the best, fellas!...Looking forward to seeing PAL Davao’s Charlie Erojo in Cagayan de Oro. He’s been our resident rock star in many PAL Media Golf events—still is. Rakenrol Charlie!