BusinessMirror June 07, 2021

FIRB to DTI: Pick tier leaders in perks offer

By Bernadette D. Nicolas @BNicolasBM

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INANCE Secretary Carlos G. Dominguez III urged the Department of Trade and Industry (DTI) to identify at least two leading companies in each industry tier under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law in a bid to determine what incentives to offer these potential investors to encourage them to set up shop in the Philippines.

Dominguez, who chairs the Fiscal Incentives Review Board (FIRB), said the investment promotion agencies (IPAs) can take on these tasks, according to a statement sent by the Department of

Finance at the weekend.

“Let’s already identify these firms. Let’s take a couple in Tier One, a couple in Tier Two, and a couple in Tier Three, and let’s do the research on them. Then, offer them and ask them: ‘What will it take for you to come here?’’ Dominguez said at FIRB’s second meeting last week.

Trade Secretary Ramon Lopez agreed with Dominguez’s proposal, which is seen to transform the IPAs into “marketing arms” from being mere processing agencies for investment applications.

During the meeting, the FIRB also adopted the framework for the grant of incentives to qualified industries under the government’s Strategic Investment Priorities

Plan (SIPP).

As provided in the newly signed CREATE Law that rationalized the country’s corporate tax incentives for investors, this framework puts flesh into the SIPP. The SIPP framework was drafted by the Department of Trade and Industry (DTI)-Board of Investments (BOI).

The menu and length of incentives to be offered to corporations or investors will depend on the tier classification of the enterprise applying for the investment perks.

For instance, Tier 3, which covers sectors deemed “critical to the structural transformation and industrial revolution of the economy” will receive the longest period of

incentives.

The three-tier structure of the incentives offered to priority investors is already contained in the CREATE Law. Under the SIPP, Tier 1 covers investments with high potential for creating jobs, value creation, and providing essential support to sectors critical to industrial development, as well as emerging industries with potential comparative advantage, Trade Undersecretary Rafaelita Aldaba said.

Meanwhile, Tier 2 includes the manufacture of supplies, parts, and components not produced in the country, to encourage import substitution and address gaps in the domestic supply/value chain.

Continued on A4

‘INFLATION PLATEAU MAY GIVE BSP ROOM ON RATES’

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n Monday, June 7, 2021 Vol. 16 No. 236

P25.00 nationwide | 2 sections 18 pages |

WITH PEAK SHIPPING SEASON NEARING, PHL EXPORTERS’ WOES RISE

By Tyrone Jasper C. Piad

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HILIPPINE exporters are seen dealing with potentially an even more severe container crisis in the second half as the local industry ushers in the peak shipping season amid the vessel capacity constraints.

Philippine Exporters Confederation Inc. (Philexport) said that more exporters and shippers have flagged the concerns over the shipment delays, heightened freight fees and container shortage; and have called for government intervention to address the logistics problems.

“We hope that we can resolve this [shipment constraint] soon as the worst is yet to come,” an exporter was cited by Philexport as saying in a recent statement, referring to the peak shipping season.

“The third quarter and fourth quarter surge of exports might

A mother and her daughter push gallons of water on a cart near the National Grid Corp. of the Philippines (NGCP) substation in Las Piñas City at the weekend. Senate Energy committee head Sherwin Gatchalian told DWIZ he will open on June 9 a panel hearing summoning regulators, private power plants and other stakeholders to “look for solutions” and prevent a repeat of recent unscheduled brownouts that hit Luzon, impacting businesses struggling to recover from prolonged pandemicinduced shutdowns as well as online classes. NONIE REYES

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By Bianca Cuaresma

@BcuaresmaBM

HE recent plateau in the country’s inflation numbers could free up some space for the Bangko Sentral ng Pilipinas (BSP) to hold record-low interest rates for as long as possible before it starts tightening monetary policy.

The May inflation is a steady imprint, unchanged from the 4.5 percent inflation rate in March and April, and within the BSP’s forecast range for the month.

ING Bank Manila economist Nicholas Mapa believes that the flat

inflation in the last three months signals a downtrend in the coming months and will give the BSP monetary policy space to “extend its pause” of its accommodative stance.

See “Inflation,” A2

PESO exchange rates n US 48.8060

@Tyronepiad

be a nightmare with this current setup,” the unnamed exporter added.

The industry players have been reeling from the shipment delays amid a pandemic-induced container imbalance since the latter part of 2020—or for over half a year now. Such constraints in delivery of finished goods and raw materials are denting the production and revenues of manufacturers and exporters.

In the garment sector, for example, one company said that shipment delays range from two weeks to nearly two months, Philexport reported.

“The issue of vessel space availability is a huge one for us and our clients,” the garment manufacturer said. “We are seasonal holiday-heavy and [it is] very critical that goods move on time as they have a short selling period.”

See “Shipping season,” A2

‘Fragile’ progress in Filipino households–HDN

By Cai U. Ordinario

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@caiordinario

HILE more Filipinos saw improvements in their socioeconomic status in nearly two decades, their progress remains fragile, according to the latest Human Development Network (HDN) report.

The HDN, led by former University of the Philippines School of Economics Dean Emmanuel S. de Dios, said in its 2020/2021 report

that recent social and economic events could even swell the number of vulnerable households and halt the growth of the Filipino middle class.

The report noted that the country remains a laggard in socioeconomic mobility and great effort must be exerted to reach the progress achieved by the Philippines’s Asian peers.

“At the same time, as recent economic and social events have shown, such modest improve-

ments in income and social mobility are still fragile,” the report stated.

“With the sharp rise in domestic unemployment and the increase in the number of returning overseas Filipinos,” the ranks of the vulnerable “will continue to increase, while progress towards increasing the size of the middle class could be halted,” it added.

Socioeconomic mobility, the report defined, “is the opportunity to

move across social classes or categories on the basis of merit, capacity, or effort.”

The government was urged to take interventions that are welltargeted and help equalize opportunities. These must also be done “better and smarter.”

“Certain levels of access to health, education, material means, and civil liberties lay the foundations for career, citizenship, and personal fulfillment.

Continued on A2

n japan 0.4335 n UK 67.4351 n HK 6.1620 n CHINA 7.4650 n singapore 36.0121 n australia 36.6146 n EU 57.9791 n SAUDI arabia 12.7486

Source: BSP (June 4, 2021)

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A2 Monday, June 7, 2021

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Win sets June 9 hearing on rotational brownouts

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By Butch Fernandez

@butchfBM

HE Senate Energy committee has set for Wednesday (June 9) its hearing on last week’s unplanned and extended power plant maintenance shutdowns that led to brownouts in Metro Manila and Luzon, derailing business recovery efforts.

“Next Wednesday, we will have a hearing and I want this hearing to find solutions,” Senator Win Gatchalian told radio DWIZ in an interview at the weekend.

He said he monitored the hearing on the same problem conducted by the House of Representatives on Friday, “and in my view, the solutions eyed by the DOE [Department of Energy] and ERC [Energy Regulatory Commission] and other agencies to prevent a repeat of the problem are not enough.”

The senator added that, “come Wednesday, we will follow the hearing held by the House, but our focus

will be on solutions, as we do not want [a situation where] every summer we are worried that we might have a problem.”

He ticked off “three solutions” that he initially saw as applicable to what happened. “One, we must focus on red tape” which he said is known to breed “corruption.” Two, he said some private stakeholders that “do not follow policy should be fined” if they breach rules set by regulators.

Third, he said, all involved must “stop finger-pointing.”

He said the energy players must be helped to “resolve this crisis,”

assuring that “the Senate is ready to help them find solutions.”

On the red tape problems that he blamed for the slow process of setting up new power plants despite the interest of many investors, he cited the need to fully implement the existing “Energy One-Stop Shop” and the “Ease of Doing Business” law. He recalled the lawmakers passed a Resolution empowering President Duterte to remove other processes that hinder transactions.

“In fact, many provisions of the Energy One-Stop Shop are not being carried out,” added Gatchalian, partly in Filipino.

“It’s a pity, because the solution is there, the authority is there; but if those are not implemented, the solutions cannot just drop from heaven and the situation will solve itself.”

He recalled that even before the peak of summer, he had called a Senate Energy committee hearing to get updates on the status of the power supply.

In an interview with DWIZ, the senator said, (partly in Filipino): “I don’t think they [DOE] are fooling us; but I think they also do not know what they are doing.”

Gatchalian earlier lamented that the DOE had given assurances it had a firm schedule from power industry players on their planned maintenance shutdowns, which supposedly anticipated higher de-

mand during the hot season.

“We all know that in summer it is so hot and there is always this risk of brownouts, that’s why we called the hearing early enough and we got an assurance that we won’t have brownouts.”

The senator noted the hearing had also tackled the need to ensure no disruptions in the government’s Covid-19 vaccination program, knowing that in the coming months, transitioning from hot summer to rainy season would make its storage “delicate and dangerous.”

The next few months are even more risky, he stressed, as the bulk of vaccines will be flown in, thus, the cold-storage facilities must have guarantees of no-brownouts.

Last week’s rotational brownouts mercifully ended only because, Gatchalian pointed out, storm Dante cooled down temperatures, ending a streak of sizzling days that partly swelled demand just as certain plants either extended maintenance shutdowns beyond the schedule they promised, or simply bogged down.

“A storm came in and the temperatures cooled down,” he noted, adding he reviewed subsequent reports and noted a big drop in power consumption.

Thus, he added, wryly, there were no brownouts the past few days, “not because of efficient management, but due to the weather” that cooled down the temperature.

‘Fragile’ progress in Filipino households–HDN Continued from A1

These make it possible for people to attain—if they so desire and strive for them—the social standings, professions, levels of income and wealth they aspire to,” the report stated.

Based on the report’s estimates, Filipino households deemed very poor—whose daily per capita expenditure was $1.9 or less—declined to 9.61 percent of households in 2015 from 16.39 percent in 1997.

Those considered poor or have per capita expenditures of between $1.9 and $3.1 daily barely moved in 18 years, to 23.34 percent of the population in 2015 from 23.92 percent in 1997.

The vulnerable households— with per capita expenditures of between $3.1 and $5.5 daily—increased to 30.59 percent in 2015 from 27.63 percent in 1997.

Those deemed economically secure also increased to 30.83 percent of households in 2015 from 26.82 percent in 1997. Those classified in this category have per capita expenditures of between $5.5 and $15 daily.

The upper middle income households accounted for 5.42 percent of all families in the country in 2015, an increase from 4.84 percent in 1997. These have a daily per capita expenditure of between $15 and $50.

T he top household s, d at a showed, accounted for 0.21 percent of the nationwide total in 2015, a decline from 0.40 percent in 1997.

These households’ per capita expenditures reached $50 or more daily.

The report noted that between 2003 and 2009, at least 38.5 percent of households moved up in socioeconomic class; 50.2 percent

Shipping season…

“This situation is creating production space issues which are creating a domino effect, [such as] continuing delays in our shipment,” another garment exporter said.

The company pointed out that cash flows may be disrupted even if the vendors finish the production of orders as they cannot ship their goods immediately, delaying the receipt of payments.

Other issues raised by the garment industry are “slow” release of permits and import licenses, higher cost of natural materials and shortage of raw materials, Philexport said. The export group added that such concerns “lead to continuing loss of business in favor of Vietnam and Indonesia.”

In an April interview with the BusinessMirror, the Foreign Buyers Association of the Philippines said garment exporters may lose $450 million to $600 million worth of orders this year due to the shipment delays (Read related story: ‘PHL garment sector faces $600M in losses,’ https://businessmirror. com.ph/2021/04/26/phl-garmentsector-faces-600m-in-losses/).

Inflation…

Continued from A1

Furniture, too

Meanwhile, Philexport said furniture exporters are also seeking assistance from the Chamber of Furniture Industries of the Philippines to secure slots on vessels.

This, in addition to addressing the surging freight rates amid the container shortage.

“Cost of freight has gone up from around $4,000 per 40-foot container to $12,000,” a shipper told Philexport. The industry player said this “makes their products uncompetitive.”

In addressing the increasing freight fees, the Department of Trade and Industry submitted last month to Congress and the Economic Development Cluster the draft bill of the Philippine Shippers’ Act. The proposed measure, which is currently in deliberation, seeks to grant the Maritime Industry Authority (Marina) power to oversee the freight charges being imposed by the logistics service providers.

Addressing limited capacity

Philexport, along with Marina and domestic ship owners, recently

Continued from A1

“Above-target inflation constrains [BSP Governor Benjamin Diokno] from cutting policy rates further while the disappointing first quarter gross domestic product (GDP) reading is likely enough to convince Diokno that rates should stay where they are for now. With bank lending in negative territory for 5 months and counting, it’s clear that the banking sector is still in need of stimulus from monetary authorities,” Mapa said.

“Inflation will likely decelerate in the coming months as supply conditions ease with inflation set to return within target by as early as July. We expect BSP to extend its pause for the balance of the year while penciling a possible rate hike by third quarter 2022 as

economic conditions improve considerably,” he added.

R iza l Commercia l Bank ing Corporation (RCBC) economist Michael R icafort, meanwhile, said further monetar y policy accommodation measures, especially a further cut in banks’ reserve requirement ratio (RRR), remain possible, especially as inflation stabilizes. “[This is] as the economy needs all the support measures that it could get at this time largely due to the adverse economic effects of the Covid-19 lockdowns/pandemic, amid the lack of additional funding for more fiscal stimulus measures, thereby making more accommodative monetary policy measures possible to help improve prospects of economic recovery, going forward,”

remained; and 18 percent moved down. “[Around] 41 percent of the very poor in 2003 were in the same state in 2009, but the rest of them moved upward—in this case the only possible movement. Similarly, 45 percent of the poor, 50 percent of the vulnerable, 64 percent of the economically secure, and 51 percent of upper middle-class households remained in the same status,” said the report.

‘Immobility ratio’

“Half of all households found themselves in the same expenditure category as they were in six years ago, making for an ‘immobility ratio’ of 50.2 percent. On the other hand, 38.5 percent of all households managed to move upward in varying degrees after six years, while the rest, 18 percent, lost ground,” it added.

The report noted that while 47 percent of all households regarded as “extremely poor” in 2003 improved to becoming just “poor” by 2009, very few of these households became economically secure by 2009.

Very few of even those in the upper middle class entered the top bracket. The report said the “very few” moved up or down by three categories and practically no households moved four categories below or above their original level.

Compared to other Asian countries, this progress in the Philippines is “modest at best” over the past 30 years, said the report. It noted that the size of the middle class in the Philippines exceeded the number of those classified as poor only in 2015. participated in an online discussion held by Export Development Council-Networking Committee on Transport and Logistics (EDCNCTL) to tackle the unavailability of vessel space.

“Among the recommendations, which will be presented to the appropriate agencies, is to encourage domestic ship owners to operate within the region to expand vessel capacity,” the exporters’ group noted.

For its part, Philexport said it committed to conduct a survey among its members to pinpoint necessary routes for domestic vessels.

“These priority routes are those that have sufficient volumes to and from the Philippines so local ship owners will see the viability of taking the risk to launch new services,” the group explained.

According to Philexport, during the EDC-NCTL-led meeting, Marina was also urged to facilitate the issuance of a Certificate of Public Convenience allowing domestic ships to provide regional service.

In the first quarter, cargo handled by the local ports rose by 1.2 percent to 54.853 million metric tons (MT) from 54.218 million MT in the previous year for the same period as export volumes recovered.

Ricafort said.

On the other hand, Bank of the Philippine Islands (BPI) economists said in a commentary that the upside risks to inflation are still “significant,” and it might lead to adjustments in monetary policy in the coming months.

“To demonstrate its determination to keep core inflation from consistently breaching the headline target, the monetary authorities may recalibrate the policy rate later this year to maintain its independence and credibility,” BPI said.

“Inflation consistently breaching the 4-percent target can erode the confidence of financial market participants, especially considering the substantial gap between inflation and the policy rate,” it added.

The Monetary Board is expected to convene on June 24 to decide on their next monetary policy move.

This will be the fourth monetary policy meeting of the BSP for the year.

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POEA to temporarily stop sending Pinoys to Myanmar

By Samuel P. Medenilla @sam_medenilla

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HE Philippine Overseas Employment Administration (POEA) will temporarily stop sending newly hired overseas Filipino workers (OFW) in Myanmar amid the ongoing political turmoil in the Southeast Asian country.

Last week, the POEA Governing Board (GB) issued Resolution 2 imposing the temporary deployment ban after the Department of Foreign Affairs (DFA) hoisted a crisis Alert Level 2 (Restriction Phase) in Myanmar.

“The POEA Governing Board, in a meeting duly convened resolves as it hereby resolved, to impose a temporary suspension on the processing and deployment of newly-hired OFWs bound for Myanmar,” Resolution 2 read.

However, the temporary deployment will not apply to returning OFWs with existing employment contracts.

Tension remains high in Myanmar after the military took over its government last February.

In his homily last Sunday, Manila Apostolic Administrator Bishop Broderick S. Pabillo appealed for prayers for the safety of Christians in Myanmar since some churches there were hit by

military bombardment.

No less than Catholic Bishops’ Conference of the Philippines (CBCP) President and Archbishop of Davao Romulo G. Valles sought for the faithful last week to pray for the peace resolution of the political tension in Myanmar.

In a related development, POEA issued its Advisory 73, series of 2021, reminding the public that the deployment for OFWs in Lebanon, which was issued way back in February last year, remain in effect.

It issued the reminder amid reports some unscrupulous individuals were illegally recruiting aspiring OFWs for deployment in Lebanon.

“The Philippine Embassy in Lebanon has also expressed concern over the rising number of undocumented workers becoming victims of trafficking, human rights abuses, and labor contract violations,” POEA Administrator Bernard P. Olalia said.

“The public is warned that until the suspension is lifted, recruitment and placement of Filipinos for deployment to Lebanon is prohibited,” he added.

POEA is already coordinating with authorities to investigate the said illegal recruitment incidents.

Editor: Vittorio V. Vitug • Monday, June 7, 2021 A3

‘PHL must adopt wage, hiring subsidies to ease labor woes’

By Cai U. Ordinario @caiordinario

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AGE and hiring subsidies as well as unemployment insurance are among the global best practices that the Philippines must adopt to address labor market concerns in the post-pandemic world, according to the Asian Development Bank (ADB).

In an Asian Development Blog, experts led by ADB Philippines Country Office Director Kelly Bird said the pandemic reversed many of the gains in employment in the country, wiping out 1.7-million wage and salary jobs in 12 months as of January 2021.

Adopting global practices will help address hysteresis in employment in the Philippines. Hysteresis happens when the skills of workers, who were unemployed over a long period of time due to a recession, deteriorates and makes them unemployable.

“Workers in the Philippines will be facing a challenging next few years as the country rebounds from the pandemic. Further strengthening of active labor market programs will be critical for helping workers and enterprises to make this transition,” the authors said. The authors included Country Specialist Christina Lozano and Senior Economics

Officer Teresa B. Mendoza.

Wage subsidies, the authors said, are an effective tool to save jobs. The subsidies keep workers employed even if there is a slowdown in business activities.

The wage subsidy program of the country of P46 billion last year benefitted 3.1 million workers. The second round of wage subsidies is expected to benefit workers in specific sectors.

Hiring subsidies, they said, can be put in place of the wage subsidies to facilitate the reallocation of displaced workers into new jobs.

Meanwhile, adequate unemployment insurance will provide workers with income stability and allow them to transition to new jobs. This global best practice has been implemented in Malaysia and Chile.

The program in Malaysia uses a national pooled insurance fund in which employers and employees make monthly contributions.

The fund helps support workers when they become involuntarily unemployed.

In Chile, employers and employees make monthly contributions to an account in the name of the employee. This is complemented by a Solidarity Unemployment Fund which can be accessed by workers when their individual

savings have been depleted.

“The Philippines’s unemployment insurance scheme offers limited coverage,” the authors said. “The Chilean scheme does not create contingent fiscal liabilities.”

These practices will help the Philippines since the pandemic may create long lasting effects on employment due to the large shock it has caused on the Philippine economy.

The authors said there are “three transmission channels of the pandemic on modern employment.” The first is an increase in the number of unemployed followed by a large reallocation of jobs across sectors and businesses modifying their business models to rely more on technology.

The number of jobseekers will include people who lost their jobs, school dropouts, and new entrants to the labor force. The authors expressed concern that the longer these workers are unemployed, the more likely they become unemployable in the future due to lost skills.

The reallocation of jobs across sectors may continue to persist in the medium to long-term. This will lead to increased skills mismatch in the labor market.

The third transmission, where firms relied on more technology, will reshape the workforce and change the skills demanded by em-

ployers. This will also worsen the jobs skills mismatch.

“Digital transformation and remote working will transform jobs, facilities, processes, and skills needs, including skills required for higher value-added services,” the authors said.

Last month, the Philippine Statistics Authority (PSA) said economic difficulties caused by the Covid-19 pandemic has forced seniors and undergraduate students to look for work.

The PSA said the country’s unemployment rate eased to 7.1 percent in March 2021, the lowest reported rate since April 2020. The Labor Force Participation Rate (LFPR) improved to 65 percent in March.

However, National Statistician Claire Dennis S. Mapa said the uptick in LFPR was mainly due to Filipinos 15 to 24 year olds and those 65 and over who joined and rejoined the labor force.

Based on data obtained by the BusinessMirror, the LFPR of Filipinos aged 15 to 24 years old and those over 65 years old have been increasing since January 2021.

Data showed that for those aged 15 to 24 years old, LFPR increased to 40.1 percent in March 2021 from 37.7 percent in February and 34.7 percent in January this year.

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A4 Monday, June 7, 2021

Eleazar orders investigation on GenSan media exec’s slay

By Rene Acosta @reneacostaBM

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ATIONAL Police chief Guillermo Lorenzo Eleazar ordered on Sunday a thorough investigation into the killing on Friday of a media executive in General Santos City while directing a manhunt against the killers.

“We strongly condemn this incident. I have directed the local police to thoroughly investigate this

killing and launch manhunt operations against the perpetrators of this crime,” he said.

Yentez Quintoy, 34, executive director and chief of staff of the Brigada Group of Companies, was gunned down by motorcycle-riding gunmen while she was driving home along NLSA Road in Pook Masunurin, Barangay San Isidro, General Santos City.

The victim was shot at close range by suspects who escaped af-

ter the killing.

Eleazar assured that no stone will be left unturned in the investigation and that all angles would be looked into.

“We are looking if the motive into the victim’s killing is job-related, but we are not discounting all other possible angles on this crime,” he said.

The local police will closely coordinate with Quintoy’s family and coworkers as part of the probe. Eleazar urged witnesses to Quintoy’s killing

to come forward and give information to authorities that would help in the speedy resolution of the case.

A P1-million reward has been offered by Brigada for anyone who could provide solid information that would lead to the identification and arrest of the media executive’s killers.

The PNP chief also tasked the local police to intensify visibility to prevent the recurrence of violent incidents and ensure the public’s safety from lawless elements.

Deployment of OFWs to Singapore down by 80%

By Samuel P. Medenilla @sam_medenilla

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EPLOYMENT of overseas Filipino workers (OFW) in Singapore is now down by 80 percent amid the ongoing novel coronavirus disease (Covid-19) pandemic, according to the Department of Labor and Employment (DOLE).

In a statement, Labor Attaché in Singapore Saul T. De Vries said the number of deployed OFWs in Singapore dropped from 140,000 to just 30,000 last year.

De Vries said the crisis, which disrupted business operations worldwide, including Singapore, led to the displacement of 6,000 to 10,000 OFWs. “Since many of them were displaced and stranded due to the pandemic, we assisted them in extending their special passes by closely coordinating with the immigration authorities to keep their stay legal as much as possible,” De Vries said.

He said among the assistance they were able to provide to the affected OFWs includes a one-time $200 or P10,000 under a cash aid program of the DOLE. The OFWs were also given food packs and essential hygiene kits as well as “physical and mental health and wellness activities” to help OFWs in Singapore cope with the community quarantines.

Amid the recent recurrence of Covid-19 cases in Singapore, De Vries said OFWs who will be arriving in the city-state will be required to undergo a 21-day institutiona l quarantine and take reverse transcription polymerase chain reaction (RT-PCR) test thrice.

Data from the Philippine Overseas Labor Office revealed there are about 180,000 to 200,000 OFWs in Singapore.

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Robredo still undecided on post to run for in ’22

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ICE President Maria Leonor “Leni” G. Robredo said she has not decided yet whether she would run for the presidential post or for Camarines Sur’s gubernatorial position in next year’s elections; saying she would want to fix first her party and its lineup before she would make any decisions.

During her regular radio program on Sunday, the vice president said there are also some organizations, aside from former Camarines Sur Representative Rolando G. Andaya Jr., goading her to run for her home province’s highest post.

“It’s not only him (Andaya), it is one group that is inviting me,” she said.

While Andaya has been convincing Robredo to run against for governor, he had also joined former Defense Secretary Gilberto Eduardo G. Teodoro Jr. during the latter’s travel to Davao City wherein he said he was “accompanying his vice president to meet with his president,” implying a presidential and vice presidential tandem of Davao City Mayor Sara Duterte-Carpio and Teodoro.

A photo later circulated showing Teodoro, his wife and Andaya with Duterte. Teodoro even had his antiCovid-19 shot in Davao City.

Robredo said running for Camarines Sur’s gubernatorial post is just an option because she also like its line of work. However, she said she “had other responsibilities.”

“My sense of duty is high. That is why I am saying that my decision will not be based on my personal convenience,” Robredo added.

The vice president disclosed that her supporters have been asking her this early to decide whether she would run for president and carry the flag of the opposition or run for the top provincial post.

“It is hard because if it has to be based only according to what I wanted, I would have decided long time ago. But there are a lot of considerations, lot of considerations,” she said.

“Like now, what I wanted to be pushing up is to have a single candidate for all who is not with the administration. That is what I am working on,” she added.

Robredo said she could only decide to run for governor with “finality” if she had already fixed the problem, adding there are also groups that are convincing her to run for other posts.

But again, she admitted that the post of a governor is “attractive” to her. Rene Acosta

Imee supports call to increase budget for 2022 polls by P10B

By Roderick L. Abad @rodrik_28

T MORE ROOMS

This undated photo courtesy of the Department of Public Works and Highways shows workers putting in efforts to complete one of 66 hospital rooms for Covid-19 patients at the Lung Center of the Philippines. Public Works and Highways Secretary Mark A. Villar said that the DPWH Task Force to Facilitate Augmentation of Health Facilities is fast tracking the on-going construction of five cluster units of modular hospital facilities for moderate to severe and critical cases at the Lung Center compound in Quezon Avenue, Quezon City. PHOTO COURTESY OF DPWH

PNP acquires CCTV system for ₧60M

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HE Philippine National Police (PNP) has acquired a CCTV rapid deployment system (RDS) worth around P60 million after saving funds allocated for the body-worn camera system (BWCS) recently bought for policemen.

PNP chief General Guillermo Lorenzo T. Eleazar said that the organization has saved around P45 million in its acquisition of the BWCS, a long sought project of the PNP, which are now being used by police operatives on the ground.

Eleazar disclosed that an initial amount of P333 million was appropriated for the procurement of 2,696 body-worn camera units and its entire system. According to the PNP chief, the BWCS was only actually procured for P288 million after a public bidding conducted by the PNP Bids and Awards Committee.

Included in the BWCS procure-

ment were: accessories; video management software; computer servers; storage and connectivity systems for the body worn cameras; and, the installation of a central data center, a national management and monitoring center, 17 regional monitoring centers and 81 provincial monitoring centers.

Eleazar revealed that the money saved from the BWCS amounting to a total of P45,111,006.28 was combined with the P19,429,717.08 savings from the recent improvement of the PNP Command Center.

According to PGen Eleazar, the CCTV RDS will be used in counterterrorism operations anywhere in the country.

It is composed of 10 deployable CCTVs with Artificial Intelligence, video management system, 10 CCTV mobile trailers and 10 generators.

Each camera of the CCTV RDS can be

loaded with 200 pictures of wanted criminals and terrorists.

Eleazar said each of the 10 CCTV mobile trailers has three cameras, for a total of 30 cameras, in order to maximize the documentation of the operations. The PNP chief said the cameras for the CCTV Rapid Deployment System and the hardware were already delivered. The delivery of the entire system is expected July.

ASG leader slain

MEANWHILE, one of the trusted bomb makers of the late Abu Sayyaf Group leader Furuji Indama was killed in an intelligence-driven police operation in Basilan on Saturday.

Eleazar identified the suspect as Aroy Ittot alias Oroy, a bomber maker of the ASG and the Dawlah Islamiyah member a priority target of Police Regional Office Bangsamoro Autonomous Region. Rene Acosta

FIRB to DTI: Pick tier leaders in perks offer continued from a1 Tier 3 includes research and development (R&D) activities that yield significant high-value added results and higher productivity; breakthroughs in health and science; generation of new knowledge; commercialization of patents, industrial designs, copyrights and utility models; and highly technical manufacturing.

Besides adopting the framework, the FIRB also greenlighted Dominguez’s recommendation for the Board to approve tax incentives for all investments of over P1 billion per venture until the end of 2022.

After this period, the FIRB Technical Committee chaired by Finance Undersecretary Antonette Tionko of the Revenue Operations (ROG) will be in charge of approving incentives for investments of more than P1 billion but not more than P3 billion per venture.

The FIRB also approved Budget Secretary Wendel Avisado’s proposal to establish an appeals process for investment projects disapproved by the Technical Committee, noting that such actions may be appealed with the FIRB board proper.

The FIRB also gave its nod to Tionko’s recommendation to provide the Board with a list of approved and disapproved investment projects.

Moreover, it also gave its go-ahead to the key features of the online Fiscal Incentives Registration and Monitoring System (FIRMS) for investors applying for incentives, with some modifications to ensure that the process fully complies with the provisions of the Ease of Doing Business Law. With FIRMS, potential investors are seen to benefit from an easier and

a more convenient way of applying and tracking the progress of their applications for incentives.

The FIRB also approved the proposals presented by Finance Assistant Secretary and FIRB Secretariat Head Juvy Danofrata on allowing the Technical Committee to recommend to the Board: 1) policies for the development and expansion of the domestic supply chain in order to reduce dependence on imports, promote diversification, and raise the quality of locally consumed and exported products; and 2) place-specific SIPPs during periods of recovery from calamities and post-conflict situations.

Tionko, as head of the Technical Committee, was also authorized by the FIRB to obtain information from other government agencies relevant to the grant of tax subsidies and incentives to businesses.

HE 2022 national election needs additional appropriation to ensure that it is conducted in a safe and secure manner amid the Covid-19 pandemic, a lawmaker and an expert both agreed.

Senate Electoral Reforms Committee Chairperson Imee R. Marcos estimates that the Commission on Elections (Comelec) will require a 30-percent budget hike to achieve this.

This was her response to Ateneo School of Government Dean Ronald U. Mendoza’s statement during the recent Senate Electoral Reforms Committee hearing on next year’s general poll.

The latter cited a study conducted by a non-partisan, pro-democracy coalition called “Participate,” which showed that the government should allocate more than what were appropriated in the previous years.

The Philippine government spent P6.7 billion for the 2016 presidential election and P6 billion for the 2019 senatorial election.

“We found a comparator estimate which suggested that we may have to spend in the order of about P10 billion in addition to what we are normally spending in order to just conduct safe, free, and fair elections,” Mendoza said.

The estimated amount, according to him, is based on their research examining the best practices of a sample of about 100 nations abroad and how much they spent in order to Covidproof their holding of plebiscites or elections under pandemic conditions.

Marcos welcomed his statement, saying “That’s not far from my personal estimate, which is 30 percent plus.”

Given the current situation wherein the pandemic continues to spread globally, Mendoza pointed out that the government cannot just simply put resources on the existing system.

He noted that there is a need to reconsider how the 2022 elections will be conducted.

“We need to rethink about new polling places, innovations in how we arrange the throughput of the people who are voting, and if we do this, we will need to mobilize sufficient inputs from both the public sector and the private sector,” he explained.

The dean of the Ateneo School of Government expressed the academic groups’ willingness to help and support the government in preparing for next year’s poll, including providing physical space in order to prevent the spread of the coronavirus.

Per Mendoza, their very own group, Participate, is ready to enter talks with the Comelec to find ways to help in some of the inputs for the election preparations.

“This may include, for instance, the extra space that Senator Villar was pointing out; that private schools also have extra space. We are also spread out across the country,” he suggested. “As you know, we are already helping also for the vaccination campaign. As Senator Cynthia mentioned, it’s the same set-up potentially for the elections. It’s open air. There are a lot of arrangements already in place. We can actually draw on that learning as well.”

2 earthquakes hit Burgos, Surigao del Norte towns

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WO earthquakes hit the town of Burgos, Surigao del Norte just a few minutes apart Sunday morning, the Philippine Institute of Volcanology and Seismology (Phivolcs) reported.

The first earthquake, with a magnitude of 4.9, was recorded at exactly 10:59 a.m. Intensity IV was recorded in Burgos and Sta. Monica, while Intensity III was felt in Dapa, San Isidro and General Luna, in Surigao del Norte.

Intensity II was felt in Hinunan-

gan, and Silago, in Southern Leyte; Surigao City and Socorro in Surigao del Norte.

The second earthquake, also in the town of Burgos, had a magnitude of 5.8 and occurred at 11:20 a.m. The earthquake recorded Intensity III in Dapat and General Luna towns, also in Surigao del Norte.

Both earthquakes were tectonic in origin.

There were no immediate reports of casualty or damage to property.

Jonathan L. Mayuga

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Monday, June 7, 2021 A5

Govt aims to reduce organic certification cost

By Jasper Emmanuel Y. Arcalas @jearcalas

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HE Department of Agriculture (DA) has launched the participatory guarantee system (PGS), a key feature of the amended Organic Agriculture Act that seeks to reduce the costs of organic certification, allowing small farmers to access such accreditation.

“Made possible by the support of our legislators, RA [Republic Act] 11511 opened opportunities for our small farmers and fisherfolk who want a sustainable and environmentfriendly organic practice through PGS,” Agriculture Secretary William Dar said during the recent launching of the PGS. Under RA 11511 or the amended Organic Agriculture Act, PGS refers to a locally focused quality assurance system, which is developed and practiced by people actually engaged in organic agriculture.

The PGS, which is built on a foundation of trust, social network and knowledge exchange, serves as an alternative to thirdparty certification that certifies actual and active organic agricul-

ture practitioners.

“The PGS will significantly reduce the cost of maintaining organic certification and actively involve our small farmers and fisherfolk with like-minded stakeholders and advocates of organic agriculture by maintaining the integrity of organic products available in the market,” Dar said.

Dar said the implementation of the PGS would also contribute to the DA’s farm consolidation program and will increase the availability of certified organic products of small and medium farmers in the domestic market.

With this, large-scale organic producers can now shift to export markets, Dar added.

Senate Committee on Agriculture and Food Chairperson Cynthia A. Villar said the PGS would help in making organic agriculture in the country a “competitive and sustainable industry.”

“I encourage all the stakeholders present today to continue your efforts and work hand in hand with us and the DA in advancing the national organic agriculture program and making organic agriculture in the Philippines as a

competitive and sustainable industry,” Villar, the principal author of RA 11511, said.

Government agencies that are part of the National Organic Agriculture Board has pledged support to the PGS system including Technical Education and Skills Development Authority, Department of Science and Technology, Department of the Interior and Local Government, Department of Health , Department of Trade and Industr y, Department of Agrarian Reform, and the Nationa l Commission on Indigenous Peoples.

Organic stakeholders including the Local Chief Executives League of Organic Agriculture Municipalities, Cities and Provinces of the Philippines, PGS Pilipinas, and International Federation of Organic Agriculture Movements (IFOAM) also expressed support for the PGS. “We need to ensure that small organic farmers and fisherfolk are not passive participants. We need to actively engage them in the implementation and give due recognition to their experience and expertise,” Dar said.

SANDARI Batulao’s organic garden produces different vegetables. BusinessMirror FILE PHOTO

Bohol farmers get ₧388-M agri projects, machines from govt Local firm ships okra

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ARMERS in Bohol received P388 million worth of interventions, including agri-fishery projects, farm inputs and equipment as well as indemnity checks, the Department of Agriculture (DA) said.

The DA said it turned over the interventions to farmers as well as P25 million worth of support for livestock development and P44 million for soil management initiative and small water impounding project last June 4.

Other interventions provided to the beneficiaries were P5.6 million worth of fishery enhancement projects and a P17-million coconut livelihood program.

“The Philippine Rural Development Project awarded a total of P2.9 million to upgrade the province’s dairy production, while a total of P40.2 million indemnity checks were distributed under the Philippine Crop Insurance Corp.,” it said.

“The DA Regional Field Office in Central Visayas also awarded livelihood projects, as well as extension and support services courtesy of its banner programs amounting to P45 million.”

The DA said farmers’ cooperatives and associations from the 1st, 2nd, and 3rd district of Bohol received P209 million worth of farm machines from the Rice Competitive-

ness Enhancement Fund (RCEF).

“RCEF’s mechanization program aims to provide access to appropriate production and postproduction mechanization technologies to ultimately increase production and income of Filipino rice growers,” Agriculture Secretary William D. Dar said in a statement.

Bohol also became the second province to pilot the implementation of the DA’s Province-led Agriculture and Fisheries Extension Systems, according to the DA. Dar assured Bohol’s local government officials that the DA will continue to “provide support and assistance to uplift the local agri-fishery

sector, and improve gains and income of the farmers and fishers.”

Before Bohol, the DA distributed P30.52 million worth of interventions to various farmers’ associations and local government units in the province of Cebu last June 3.

“The DA through its regional field office in Central Visayas awarded projects under its High Value Crops Development Program and Corn Program totaling more than P28 million. These include a monolithic dome storage and packing facility project turned over to the Malaguete LGU, which amounts to P20 million,” it said. Jasper Emmanuel Y. Arcalas

to S. Korea via flag carrier

QC govt unveils community Worst drought in decades escalates threats across US west urban farm in Novaliches

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O encourage residents to participate in food security, the Quezon City government launched Sharon Farm to provide food and livelihood through urban farming.

The 5,000-square meter farm is now producing nutritious and healthy vegetable seedlings such as kangkong, talong, malunggay, and okra.

Sharon Farm is one of the city’s community model farms under the GrowQC Food Security Program that will serve as a “feeder farm” to other urban gardens and farms by providing seedlings and other agricultural inputs. This was made possible through the partnership inked last year with the Diocese of Novaliches that allowed access to an idle land and make it productive.

As the chairman of the QC Food Security Task Force, Mayor Ma. Josefina Belmonte said she has been consistent in her advocacy to provide long term and sustainable food security projects to QC residents.

“It is heartening to see that more and more urban farms are sprouting up in our city after the local government started this project 10 years ago. This only proves that our Joy of Urban Farming project is a success,” she said in a staement.

“This project will not only enable QC residents to plant food crops and stave off hunger, but it will also allow them to earn an income.”

To ensure a sustainable way of managing the farm, the City Engineering and Environmental Protection and Waste Management Department improved its drainage system including the

composting biodigester facilities.

The farm also demonstrates modern and efficient farming systems like drip irrigation which helps in saving water.

QC Food Security Task Force CoChairman Emmanuel Velasco expressed his gratitude to the urban farmers and the city’s partners for their commitment in helping feed the most food vulnerable and provide income opportunities through urban farming.

“We thank Bishop Gaa and Fr. Joseph Buslon in making this a reality for more residents of Quezon City here in Novaliches. Thank you all again for being here. This is just the beginning and I look forward to a lively community farm and continuous partnership with the diocese. Mabuhay po kayo,” Velasco said in his speech.

This #GrowQC partnership will also provide livelihood and skills training to beneficiaries in different sectors such as Boy Scouts of the Philippines High School Students, SK Gulaynihan, QCPD Station 4, LGBT sector, BEC Novaliches Proper, Unemployed returning OFWs, Kababaihan Women’s Group, SMKP (Labor Ministry), 4Ps of Novaliches Proper, Community Volunteers of Novaliches, Solo Parents, and Barangay Neighborhood Watch Group.

At the same time, Barangay Novaliches Proper Captain Asuncion Visaya signed another Memorandum of Agreement with the Diocese of Novaliches, Department of Agriculture, Philippine Seed Industry Association to collaborate on more programs and improve urban agricultural practices within Sharon Farm.

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LMOST three-fourths of the western United States is gripped by drought so severe that it’s off the charts of anything recorded in the 20-year history of the US Drought Monitor.

Mountains across the West have seen little precipitation, robbing reservoirs of dearly needed snowmelt and rain, said Brad Rippey, a meteorologist and Drought Monitor author with the US Department of Agriculture. The parched conditions mean the wildfire threat is high and farmers are struggling to irrigate crops. Meanwhile, dropping water levels in Lake Oroville, one of California’s largest reservoirs, forced authorities to remove more than 100 houseboats, according to the Weather Channel.

“Water supply is the big story for the West, and we are getting in trouble with all the interests that try to compete for a slice of that water,” Rippey said by telephone. “There is not a lot to go around this year.”

Unlike the eastern US, in the West most water comes in winter months in the form of rain that gushes into reservoirs or snow that piles up on mountainsides. Last year, drought cost the nation $4.5 billion, according to the US National Centers for Environmental Information. This year, what little snow that fell soon melted away and seeped into dusty ground rather than rivers, streams and reservoirs.

“We have never seen a drought at the scale and the intensity that we see right now, and it is possible that this may be the baseline for the future,” Elizabeth Klein, senior counselor for the Department of Interior told a Congressional hearing last week.

“California is currently experiencing its third-driest year on record; the second two driest years on record, and the driest year since 1977.”

Through the end of April, 1.7 million acre-feet of water melted off California’s mountains, down from the normal rate of 8 million, Rippey said. In the last two years, there has only been 4 million.

“This is, by far, the worst recharge year in modern history,” Rippey said.

In addition to the drought figures, officials are concerned about the Colorado River, which powers hydroelectric plants and provides drinking and irrigation water across much of the Southwest and parts of Mexico. So much water is taken out of the Colorado, in fact, that it rarely ever makes it to its historical delta in the Gulf of California.

Based on paleohydrology, scientists say the Colorado is experiencing one of its driest periods in 1,200 years, Klein said.

Drought has afflicted the America Southwest for nearly two decades— the period from 2000 to 2019 was the second-driest in the area since at least 800 C.E. Researchers from Columbia University’s Lamont Doherty Earth Observatory estimated that man-made changes to the climate were responsible for 47 percent of the drought’s severity, in a study published in the journal Science last year.

Worse, the researchers predicted that the Southwest could be entering an era of mega-drought, a period when extremewaterscarcitylastsfordecades ratherthanyears.Foragriculture-heavy California that spells big trouble, especially the water-intensive crops such as lettuces and almonds the state is famous for producing. Bloomberg News

CONTRIBUTED PHOTO

By Recto L. Mercene @rectomercene

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LOCAL company on Sunday shipped 1,800 kilograms of okra to Incheon in South Korea via flag carrier Philippine Airlines (PAL).

PAL said the cargo flight is a milestone for the Philippine agri-business sector. “It reflects the business opportunities that new markets—like Korea—are currently giving the farming and export sectors.”

Okra used to be exported to Japan and now, the exporter, Hi-Las Marketing Corp. and Jet Farm Fresh Produce, has made inroads into the Korean vegetable market.

To celebrate the expansion of okra exports, a send-off ceremony was held Sunday at the PAL International Cargo Terminal.

Agriculture Secretary William D. Dar and Trade Secretary Ramon M. Lopez and other agencies and organizations, such as the Philippine Chamber of Commerce and Industry, Bureau of Plant Industry (BPI), Philippine Okra Producers and Exporters Association (POPEA), were present to witness

the acceptance and cargo-loading of the okra shipment.

The flag carrier thanked the exporter for choosing Philippine Airlines as its ‘cargo’ airline-partner.

The government of Korea announced the completion of the ruling process for the Philippine okra market access to Korea through an official notification from the Ministry of Agriculture, Food and Rural Affairs (MAFRA) on May 6, according to Agriculture Attachè Aleli Maghirang in a report to Dar. Dar said exports of fresh, green okra pods will be sourced initially from Tarlac province, where DA-BPI accredited farms and packing houses are located.

Currently, there are four Philippine okra exporters, namely: Jelfarm Fresh Produce Enterprise; Greenstar Produce, Philippines Inc.; AAMC Foods Corp.; and Hi-Las Marketing Corp. All are members of POPEA. In Korea, Maghirang said okra is not as “mainstream” as radish, cabbage, cucumber, potato, and sprouts, which are parts of many Korean dishes. Some Koreans eat okra as “banchan” (side dish), including “okra muchim” (seasoned) or “okra kimchi” (pickled/fermented).

A6

The World BusinessMirror

Monday, June 7, 2021

Asia-Pacific trade ministers agree to expedite Covid jab distribution

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ANGKOK—Improved access to coronavirus vaccines and other tools needed to fight the pandemic are vital to crushing the pandemic and hastening a recovery, officials said Saturday in an online meeting of Pacific Rim economies.

T he u npre ce de nte d c r i si s brought on by Covid-19 requires a coordinated, cooperative response, said New Zealand's Trade and Export Growth Minister Damien O'Connor, who hosted the meeting. The 21-member APEC gathers economies all along the Pacific Rim, from tiny Brunei to the United States to Chile and New Zealand. One of its long-term aims is to promote a free trade area of the Asia-Pacific region.

The focus Saturday was on "the most pressing problem our region faces, getting people vaccinated against Covid-19 as quickly as possible," O'Connor said, adding he would be asking his counterparts how they could speed up trade in vaccines and other needed goods.

"The successful distribution of vaccines across our region will be critical to our recovery," he said.

APEC has long focused on dismantling trade barriers, and many of its members are still struggling to obtain and deploy enough Covid-19 vaccines to vanquish coronavirus flare-ups.

Nearly 5 billion doses are still needed for the region of almost 3 billion people, O'Connor noted.

In much of the Asia-Pacific region, the share of people vaccinated so far is in the low single digits. That includes places like Thailand and Taiwan that initially managed to avoid initial massive outbreaks but have seen cases rebound recently.

APEC members Japan, South K orea a nd Ne w Z ea l a nd a re ranked among the worst among all developed nations in vaccinating their people for Covid-19, below some developing countries such as Brazil and India. Australia is also performing comparatively poorly.

This week, President Joe Biden announced the US will swiftly donate an initial allotment of 25 million doses of surplus vaccine overseas through the United Nations-backed COVAX program, promising infusions for Asia, South and Central America, Africa and others.

That would be a substantial and immediate boost to the lagging

COVAX effort, which to date has shared just 76 million doses with needy countries.

While some countries at times have limited exports of vaccines, chemicals needed to make them or of protective equipment such as surgical masks, it's unclear whether tariffs and other trade barriers have been the main problem since countries like Japan and New Zealand imposed onerous approval requirements that have slowed inoculations.

The average tariff on vaccines is a low 0.8%, according to the APEC Secretariat. But duties on some other products such as freezing equipment, vials and alcohol solutions can be as high as 30% for some countries.

Control of patents for the vaccines is a contentious issue. The US has urged countries and pharmaceutical companies to waive Covid-19 patents to help increase supplies, and officials said they expected to discuss that issue during their talks this weekend.

But some say such intellectual property rights are crucial for boosting vaccine production and should not be waived.

A broad waiver of such rights requ i res a con sen su s u nder World Trade Organization rules, O'Connor said.

"We're very mindful that the development of the intellectual property is what's enabled us to very quickly get vaccines developed, in a time we previously haven't seen across the globe," he said. "We have to respect that intellectual property."

T he s e a re "e x t r aord i n a r y times," O'Connor said. "We believe if there clearly are barriers to the rollout of vaccines caused by IP, then we should seek a waiver."

"We're actually really encouraged to see more WTO members come forth with proposals on what they can support at the WTO with respect to the intellectual property rules of the WTO and how they apply to the Covid vaccine," said US Trade Representative Katherine Tai. She said the US was carefully reviewing proposals on the issue and hoping to move toward "textbased negotiations."

At a v acc i ne su m m it l a st month, the head of the WTO said it was also crucial to diversify manufacturing and have more jabs produced in Africa and Latin America.

Much is at stake. Beyond potential lives saved or lost, trade in vaccines and related supplies and equipment was estimated at $418.5 billion in 2019, according to the latest available data, and likely surged in 2020.

The APEC meeting additionally focused on "building back better" by reallocating resources to improve health care, education and social safety nets.

Even with the region still staggering from the pandemic and tourism still paralyzed by quarantines and border restrictions, Pacific Rim economies are forecast to regain momentum this year, with growth rebounding to more than 6% from a 1.9% contraction in 2020. AP

Editor: Angel R. Calso

Vietnam PM tells provinces to ease strict virus measures

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ietnam’s Prime Minister Pham Minh Chinh on Saturday called on local governments to ease overly strict pandemic-prevention measures that affect production and business activity, and prevent the nation from achieving its dual goals of fighting the virus and developing the economy.

Vietnam is currently battling its worst Covid-19 outbreak, with about 5,500 cases reported in 39 out of 63 provinces and cities since late April. Several centers, including Hanoi and Ho Chi Minh City, have put social-distancing measures in place to curtail the virus while others have imposed controls on returnees from affected areas, Chinh said in a statement.

“Some locat ions, however, have slapped rigid and extreme measures that have hit production and business activ ities, putting supply chains and largescale production at risk of disruption,” the premier said. He told authorities nationwide to ensure they are putting the correct people in quarantine and are not blocking transportation and banning trade.

T he directive came on the same day that Ho Chi Minh City asked officials in bordering Dong Nai province to adopt a viruscontrol plan that creates favorable conditions for goods transportation and the movement of workers between the city and the province.

Authorities in Dong Nai, home

to 32 industrial parks, have been widely criticized over the province’s 21-day mandatory selfquarantine, or paid quarantine at hotels, for people who return from Ho Chi Minh City from June 5. State media reported national roads linking the city and Dong Nai yesterday were congested with goods trucks, pa ssenger bu ses a nd motor bikes, with many canceling Dong Nai trips to avoid quarantine.

More than 6,000 people working at Ho Chi Minh City’s 17 industrial parks reside in Dong Nai and a large number of Ho Chi Minh residents work in the neighboring province, according to city authorities.

Ho Chi Minh City imposed social-distancing measures from May 31 for 15 days, including shutting non-essential businesses and restricting gatherings of more than 10 people in public places.

It also locked down one district.

At least 15 provinces and cities have mandated quarantines of 14 to 21 days for returnees from Ho Chi Minh City and other virus-hit localities, Tuoi Tre newspaper reported on Friday.

Ho Chi Minh City, which has a population of almost 10 million, has reported 355 local virus cases and one death from May 18, with most infected people tied to a religious group. The worst-affected areas are Bac Giang and Bac Ninh provinces where global electronics makers have factories, and Hanoi, according to the health ministry. Bloomberg News

China’s tech crackdown US senators promise vaccines for Taiwan amid China dispute chills HK’s IPO market

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AIPEI, Taiwan—The US will give Taiwan 750,000 doses of Covid-19 vaccine, part of President Joe Biden's move to share tens of millions of jabs globally, three American senators said Sunday, after the self-ruled island complained that China is hindering its efforts to secure vaccines as it battles an outbreak.

Democratic Sen. Tammy Duckworth of Illinois, who is making a one-day stop in Taiwan with fellow Democrat Christopher Coons of Delaware and Republican Dan Sullivan of Alaska, said their visit underscores bipartisan US support for the democratic island that Beijing claims as its own renegade territory. Taiwan faces a severe vaccine shortage and has geopolitical significance as a flashpoint in USChina relations.

"I'm here to tell you that the United States will not let you stand alone," Duckworth said at the airport after landing on a US military transport plane. "We will be by your side to make sure the people of Taiwan have what they need to get to the other side of the pandemic and beyond."

Taiwan was included on a long list of places announced last week

Taiwan's Foreign Minister Joseph Wu, right, gestures as he welcomes US senators to his right Democratic Sen. Tammy Duckworth of Illinois, Democratic Sen. Christopher Coons of Delaware and Republican Sen. Dan Sullivan of Alaska on their arrival at the Songshan Airport in Taipei, Taiwan on Sunday, June 6, 2021. The bipartisan group of three US senators arrived in Taiwan to meet with senior government officials and discuss US-Taiwan relations and other issues in a trip that is likely to anger China, which claims Taiwan as its territory and objects to Taiwan being called a country. Pool Photo via AP

that would receive 25 million doses from the United States in what the Biden administration says is the first tranche of at least 80 million doses to be distributed globally.

Most of the first tranche, including Taiwan's, will be sent through COVAX, a UN-backed program to dis-

tribute vaccines to low and middleincome countries.

The island of 24 million people, which lies 160 kilometers (100 miles) off China's east coast, is desperate for vaccines after a sudden outbreak that started in late April caught authorities by surprise. Japan shipped 1.2 million doses to Taiwan on Friday, opting to skip the COVAX process in the interest of speed. It was unclear when the 750,000 American doses would arrive.

Taiwan has accused China of blocking its efforts to reach a deal with BioNTech to import the vaccine co-developed by the German company and Pfizer. Beijing has said it is willing to supply vaccines to Taiwan, including BioNTech, through Chinese partner Fosun, and that the island's government is to blame for putting politics above the lives of its people. Taiwanese law bans the import of Chinese-made medicines.

Foreign Minister Joseph Wu, welcoming the senators at the airport, said that Taiwan is fortunate

to have like-minded countries showing support, which he said is about sustaining freedom and democracy in the face of autocracy.

"Taiwan is facing unique challenges in combating the virus," he said. "While we are doing our best to import vaccines, we must overcome obstacles to ensure that these lifesaving medicine are delivered free from troubles of Beijing."

He said China is trying to block Taiwan's international assistance and prevent it from participating in the World Health Organization.

"We are no strangers to that kind of obstructionism," he said.

Taiwan and China split amid civil war in 1949, and most Taiwanese favor maintaining the current state of de facto independence while engaging in robust economic exchanges with the mainland.

China's ruling Communist Party says Taiwan must come under its control, and has in recent months increased pressure on the island, including flying warplanes near Taiwan. The increasing activity and vast improvements in China's military capabilities have raised concern in the US, which is bound by its own laws to ensure Taiwan is capable of defending itself and to regard all threats to the island's security as matters of "grave concern."

Taiwan, which had weathered the pandemic virtually unscathed until the recent outbreak, is now facing its most serious flare-up with more than 10,000 new cases since late April.

President Tsai Ing-wen, meeting with the senators, expressed gratitude to the Biden administration for including Taiwan in the first group to receive vaccines and said the doses will arrive at a critical time for the island.

"I hope that through cooperation with the United States, Japan and other countries, Taiwan will be able to overcome the immediate challenges and... and move towards recovery," she said. AP

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ew Hong Kong listings are tracking at their slowest pace since the aftermath of the global financial crisis, as weaker markets and China’s clampdown on its biggest tech firms chill sentiment.

Just seven companies have gone public in the second quarter so far—on track for the fewest since 2009, according to data compiled by Bloomberg. The muted second-quarter activity stands in sharp contrast to the rush to go public seen last year or even at the start of 2021.

First-day performances have also struggled: May’s initial public offerings—which includes warehouse and distribution company JD Logistics Inc. and property manager Central China Management Co.—delivered the worst average debut performance in 15 months, the data show.

The cool-off comes as China slapped a record fine on Alibaba Group Holding Ltd. and ordered 34 of its largest tech companies to rectify any anti-competitive business practices. That’s making some firms more skittish about going public and investors worry about further actions from regulators. China has said the moves are to protect consumers and maintain financial stability.

“Investors are no longer comfortable paying sky-high valuations for some companies,” said L ou is Tse, Hong Kong-based managing director at Wealthy Securities Ltd. “Because of the intervention of the government, some issuers will have to revise down their multiples.”

China’s top-three tech firms Tencent Holdings Ltd., Alibaba Group Holding Ltd. and Meituan have lost more than $400 billion in value from highs just four months ago. Hong Kong’s stock market tumbled into a technical correction earlier this year, dragging valuations further. The

benchmark Hang Seng Index is one of the world’s worst performers since its February high.

As a result, capital raised on the Hong Kong stock exchange this year is only half of its levels last year, impacting the city’s position as a top fundraising hub.

In comparison, volume on the Nasdaq has already surpassed its 2020 number, thanks to a boom in blank-check company listings earlier this year.

To be sure, Hong Kong’s yearto-date IPO volume is still more than triple the same period last year, with nearly $23.9 billion raised.

Growth trap

Worries about rising inflation are also making tech firms going public a harder sell as investors dump shares with rich valuations.

Beijing’s scrutiny on firms including technology and education has also forced investors to scale back earnings forecasts, investors say.

“We have seen some volatility and that has reflected on investors’ appetite, but deals that are priced appropriately will get done,” said Francesco Lavatelli, head of equity capital markets for the Asia Pacific region at JPMorgan Chase & Co..

Fi ntec h f i r m Ba i rong Inc. slumped 16% when it began trading in late March, while healthcare company Zhaoke Ophthalmology Ltd. dropped 15% in late April. JD Logistics Inc., which raised $3.2 billion, closed only 3% above its offering price in its debut recently in contrast to another JD.com unit, JD Health International Inc., which surged 56% on its first day last year.

The test for whether Hong Kong’s IPO market can stage a revival will come from some upcoming listings, which include share sales by a dairy firm and a maker of invisible teeth aligners.

Bloomberg News

www.businessmirror.com.ph

The World BusinessMirror

Monday, June 7, 2021 A7

G-7 strikes deal to revamp tax rules for biggest firms

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he Group of Seven rich nations secured a landmark deal that could help countries collect more taxes from big companies and enable governments to impose levies on US tech giants such as Amazon Inc. and Facebook Inc. The agreement by the G-7 finance ministers in London satisfies a US demand for a minimum corporate tax rate of “at least 15%” on foreign earnings and paves the way for levies on multinationals in countries where they make money, instead of just where they are headquartered.

The deal is aimed at modernizing the century-old international tax code and cools transatlantic tensions that threatened to spill into a trade war under Donald Trump. But key details are still to be nailed down, more nations must sign on, and full implementation could take years.

US Treasury Secretary Janet Yellen, among the finance chiefs who hailed the announcement as an unprecedented step, said a final accord on which companies could see their profits taxed outside their home countries would include the likes of Amazon and Facebook.

“What you’re seeing is a revival of multilateralism, a willingness of leading nations in the G-7 and G-20, to cooperate

to address the most critical challenges facing the global economies,” Yellen said after the meeting.

Focus will now shift to a July meeting of the Group of 20 finance ministers in Italy and long-running talks between about 140 countries at the Organization for Economic Cooperation and Development.

The G-7 pact marks a step to re-write a global system that critics said allowed big companies to save billions of dollars in tax bills by shifting jurisdictions. It’s also help address complaints that major digital companies can make money in multiple countries and pay taxes only at home.

In response to the announcement, some of the world’s biggest tech companies focused on how the deal could help clear up the rules on where to pay taxes.

“Today’s agreement is a significant first step toward certainty for businesses and strengthening public confidence in the global tax system,” Facebook’s Global Affairs Vice President Nick Clegg said on

Twitter.

An Amazon spokesperson said the OECD-led process “will help bring stability to the international tax system” and described Saturday’s deal as a “welcome step forward in the effort to achieve this goal.”

Under the Trump administration, the US had also refused to allow foreign governments to tax American digital companies, a key European demand.

The transatlantic division spiraled into a battle of unilateral measures and threats of trade sanctions, which although suspended, are still in place.

According to the communiqué after the London meeting, countries where big firms operate would get the right to tax “at least 20%” of profits exceeding a 10% margin. That would apply to “the largest and most profitable multinational enterprises,” potentially enabling the G-7 to square the circle so that digital is included without being targeted.

Asked whether that means companies like Facebook and Amazon would be included, Yellen said they would qualify “by almost any definition,” and “most of those firms are likely to be included in this new scheme.”

The ministers of the UK and France both said they were now assured that tech giants would be in the cross-hairs of new rules, even as the final quantitative criteria are still to be determined.

“We’ve been fighting for four years in all European and international forums, here at the G-7 and the G-20 for a fair taxation of digital giants and for a minimum corporate tax,” France’s Finance Minister Bruno Le Maire said.

The antipathy in recent years was greatest between Paris and Washington. France was the first country to bypass the slowgoing OECD process on how to tax profits, opting for a controversial levy exclusively on the digital revenues of large firms.

The G-7 said that countries would “provide for appropriate coordination” to remove such digital services taxes.

Resolving the exact sequencing of that could prove tricky, with countries unwilling to give up revenues before they have certainty over what they will gain from new global rules.

Italian Finance Minister Daniele Franco said he’ll aim to broaden the discussion when G-20 finance ministers meet in July in Venice. Once the proposal is agreed, Italy will no longer need its digital tax, he said.

Two issues

Highlighting other remaining divisions, the finance minister of Ireland, whose country has attracted some of the world’s big businesses with low taxes, said any deal on a minimum rate must meet the needs of “small and large countries, developed and developing.”

Pushing in the other direction, Le Maire said the 15% is a starting point and France would fight for a higher rate in the coming weeks.

The administration of President Joe Biden still needs approval from Congress and will hope the deal hands it leverage for its massive infrastructure program.

It is seeking support from lawmakers to raise the domestic corporate tax rate to 28% from 21%. An international deal for 15% could help him because it offers multinationals options.

Two top Republican lawmakers said the agreement “appears premature given the many unanswered questions about the Pillar 1 and Pillar 2 proposals and their potential effect on American companies and US revenues.”

“We continue to caution against moving forward in a way that could adversely affect US businesses,” Senate Finance Committee Ranking Member Mike Crapo and House Ways and Means Ranking Member Kevin Brady said in a statement.

The OECD has said a final global deal may not come until October, with delivery requiring nations to pass the plan through national legislatures.

“There is important work left to do,” said OECD Secretary-General Mathias Cormann. “But this decision adds important momentum to the coming discussions.” Bloomberg News

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Monday, June 7, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

The OFW voting bloc

M

eet Angela Marie. Her friends call her “Amie.” She is 32 years old and comes from the Calabarzon Region. A high school graduate, she works at what is classified as an “elementary occupation.” Food preparation assistants and cleaners and helpers in private households, hotels, offices, and hospitals are part of this employment group.

Employed in Saudi Arabia, Amie sends P56,000 home to her family every year. She is one of our overseas Filipino workers that remit billions of dollars to the Philippines every year. Based on the demographics of 2.2 million overseas Filipino workers identified by the Philippine Statistics Authority in 2019, Amie is our “average” OFW. OFWs are a special part of the Philippine society. Their economic contribution has seen them proclaimed as “Heroes of the Republic.”

The story of their lives has been told in movies such as the iconic 2000 film Anak, where Vilma Santos and Claudine Barretto made the OFW narratives come to life. Millions of Filipino families are supported at least in part by an OFW relative.

We must note though that the OFWs are in a sense a separate “class.” The OFW demographics of sex, age, and employment—and obviously, physical location—do not reflect the nation. Not only are the demographics different, but also because of their “long-distance relationship” with the Philippines. They are not able to see what we see on a day-to-day basis. Their sources of news about the country are not the same as ours.

Perhaps these are some of the reasons why the OFW voter turnout in past elections has been so low. In 2016, total registered voter turnout was 80.69 percent. OFW turnout in each major deployment area—North and Latin America, Europe, Asia-Pacific, and the Middle East and Africa—has not reached 50 percent of registered voters in the past five elections. At its highest, it was 42 percent among Filipino voters in the Asia-Pacific region in 2016.

However, the turnout percentage and number of actual votes have been rising. In the 2010 elections, there were some 154,000 votes; in the 2016 elections, over 425,000 OFW votes were tallied. Efforts have increased to make it easier for OFWs to register and vote. Global Internet communications vastly improved between 2010 and 2016.

Perhaps, over the years, OFWs have recognized how important voting has become.

In 2010, Benigno Aquino III received 53 percent of the OFW votes cast for President. In 2016, Duterte received 72 percent of the OFW votes cast for President. Mar Roxas received about the same percentage for Vice President in 2010, with winner Jejomar Binay in third.

“Bongbong” Marcos was the 2016 OFW winner with 41 percent. Cayetano was second, and Robredo, third.

The next national election in 2022 is going to be most interesting as to the OFW “voting bloc.” According to the Department of Labor and Employment, almost 500,000 OFWs have returned home because of the pandemic. The changes that will happen by May 2022 are obviously unknown. Also unknown is the effect of OFW voter registration as the Commission on Elections has reminded them that “OFWs who returned to the Philippines during the Covid-19 pandemic must transfer their registration records to be able to vote in the 2022 elections.”

Will the number of OFW “votes” increase in 2022 with more OFWs returning home? Will that 72 percent voting support for Duterte in 2016 carry over to 2022? Could the vote of Angela Marie and other OFWs—both at home and abroad—swing the next election?

An urgent call to stop using single-use plastic Atty. Jose Ferdinand M. Rojas II

RISING SUN

B

ecause of the pandemic, there has been a kind of break in air pollution and environmental emissions around the world.

But now that countries are slowly opening up and people are cautiously emerging from their homes, we can expect to see a rise in environmental problems once more. Covid-19 did not cancel out climate change, after all. Measures to address climate problems should be part of the recovery strategies that every nation is drawing up at this time.

June is Philippine Environment Month, by virtue of Proclamation 237, s. 1988. We are enjoined to work together and raise environmental consciousness among Filipinos. The theme for this year is “Sama-samang Pagkilos, Sama-samang Paghilom [Ikaw, Ako, Tayo ang Kalikasan].”

According to the Climate Change Commission, “this year’s celebration aims to draw attention and create a united movement for the Earth’s restoration, by reimagining a better

world, reviving the strength of rivers, oceans, and coasts, and rethinking plastic use.”

The Commission seems to be focusing its attention and resources on eradicating the use of single-use plastics in the country. And rightly so, because studies show that there are 164 million pieces of plastic sachets being consumed (and dumped) daily in the Philippines, which was the reason why the country was cited as a top plastic polluter. As a matter

I

There are too many private vehicles crowding our roads and they contribute substantially to our GHG emissions. Reducing their number on the road can be one way that private individuals can help make our overall efforts to fight climate change succeed. It is now high time to review our private vehicle ownership policies.

The Philippines is one of the more vulnerable countries seen suffering the impacts of climate change. Recently, the government announced that it was revising its target to cut greenhouse emissions by 75 percent by 2030 as part of our commitment to the Paris agreement. This will be in the form of nationally determined contributions, mostly in the transport sector, which contributes a third of GHG emissions in the country. Currently being implemented by the government is the public transport modernization that includes the push for clean energy public transport vehicles. On the private transport side, what could have been instrumental in pushing for cleaner air was the shelved mandatory roadworthiness testing of all vehicles.

their transport needs.

But this is a good time to revive such discussions. While the problem of public transport still remains to be fully resolved, the pandemic has somewhat softened the environment for such discussion on vehicle ownership barriers to be revived. One, private vehicle usage has gone down with more office work and schoolwork being done at home. MMDA estimates that present traffic is still half of its numbers before the pandemic. This, despite the continuing suspension of the motor vehicle reduction program or the number coding. Two, the push for micromobility as a viable alternative transport mode has escalated, with many people turning to biking, e-scooter use and even walking. This will continue to grow with the government’s efforts to build more bikeways and green lanes. Three, the infrastructure and transport programs of the government that commenced at the beginning of this administration will

BusinessMirror A broader look at today’s business

Thomas M. Orbos

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of fact, plastics contribute to global warming and climate change. It is indeed obvious that we must all rethink the way we use and consume products in single-use plastics.

Aside from putting legislation in place to make sure that manufacturers and businesses are aligned with the goals, the government is also counting on the Filipino consumers themselves to make more environmentally conscious purchases and to lead a sustainable, earth-friendly lifestyle. And so in celebration of Philippine Environment Month, CCC is urging Filipino citizens and

households to reduce or avoid singleuse plastic consumption.

If you are feeling overwhelmed or clueless as to how to start on this journey, consider the following recommendations from the CCC: n Grow your own food or patronize local, plant-based, and in-season produce; n Consider energy- and cost-efficient transport modes, like walking and biking; n Practice energy conservation measures, such as using low-wattage appliances, unplugging electronics, and converting to LED light bulbs; n Contribute to efficient waste management system by segregating waste, recycling products, and composting food scraps; n Refuse and avoid single-use plastics, such as plastic straws and plastic bags, and use eco-bags and containers; and n Conserve water by collecting rainwater or reusing laundry water for other chores.

It is our responsibility as Filipinos and residents of the planet to help care for the environment and ensure that the next generation can continue to enjoy the gifts of nature.

Private car ownership and climate change

Since 2005

Founder

Studies show that there are 164 million pieces of plastic sachets being consumed (and dumped) daily in the Philippines, which was the reason why the country was cited as a top plastic polluter.

As a matter of fact, plastics contribute to global warming and climate change. It is indeed obvious that we must all rethink the way we use and consume products in single-use plastics.

N just a matter of one month, we had temperatures rising to the high 40s to 50s, which was never heard before, and then we experienced heavier rains than usual at the start of the rainy season. Our energy policy-makers even blamed the rising temperatures for the power outages, allegedly because of so many air conditioners running on full capacity. Whether this is true or not, it just goes to show that global warming is real and we are now experiencing its adverse effects. We need to do something about it immediately and not just plan for the long term.

There is also the proposed policy on embracing electric vehicles, but that is taking its time in the legislature.

In the meantime, an area that could be implemented now would be to limit the ownership of private vehicles. Currently, there is no limit to the number of vehicles one can own so long as one can afford them. Although there were calls from previous administrations to implement this, it was a politically sensitive policy to undertake. This was primarily due to the lack of public transport available and the imposition of motor vehicle reduction program, or more popularly known as the “number coding” as a traffic decongestion measure. Middleincome families normally have two to three vehicles, notwithstanding their lack of parking space, just to address

soon be completed. This will lead to a more efficient commuting with pre-determined schedules and more predictive nature, further lessening the time needed to be on the road.

What are some of the ways to limit car ownership? The most practical one would be equating ownership to garage availability. Only those with proof of parking space would be allowed ownership of vehicles. This would discourage curbside parking that contributes to traffic. There are proposed legislations that can now be reviewed and hastened. Another way would be to do vehicle ownership classification, somewhat similar to gun ownership. One can either just be a regular owner or a collector of several private vehicles. Collectors would be allowed to buy more cars, but with significantly higher registration fees.

In other countries like Singapore, car ownership is even acquired through an auction, precisely to reduce the number of vehicles on the road. We need not be too drastic on this. But we also need to do something about this problem. There are too many private vehicles crowding our roads and they contribute substantially to our GHG emissions.

Reducing their number on the road can be one way that private individuals can help make our overall efforts to fight climate change succeed. It is now high time to review our private vehicle ownership policies.

The author can be reached via his e-mail: thomas_orbos@sloan.mit.edu

Opinion BusinessMirror

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Musings on the amendments of the accountancy law

The ‘kuliglig’ in us Siegfred Bueno Mison, Esq.

THE PATRIOT

Joel L. Tan-Torres

DEBIT CREDIT Fourth part of a series

T

here are other contentious proposals on the amendment to the Accountancy Act of 2004 (Republic Act 9298 or RA 9298) that the Professional Regulatory Board of Accountancy (BOA) has recently presented.

Section 9 of the draft amendatory bill provides for a marked departure from the present setup of certified public accountant (CPA) board licensure examinees to get a “conditional” rating. Presently, Section 16 of RA 9298 provides that “to be qualified as having passed the licensure examination for accountants, a candidate must obtain a general average of 75 percent, with no grade lower than 65 percent in any given subject. In the event a candidate obtains the rating of 75 percent and above in at least a majority of subjects as provided for in this Act, he/she shall receive a conditional credit for the subjects passed: Provided, That a candidate shall take an examination in the remaining subjects within two years from preceding examination: Provided, Further, That if the candidate fails to obtain at least a general average of 75 percent and a rating of at least 65 percent in each of the subjects reexamined, he/she shall be considered as failed in the entire examination.”

The proposed amendment of the BOA provides that the rating system will be a “Passed” or “Failed” mark with no numerical rating indicated and the “Conditional” passing being dispensed with. In the past years, the percentage of conditional passers was about 5 percent. These conditional passers have the chance to become full pledged CPAs if they are able to get at least a 75 percent rating when they retake the one or two CPA examination subjects that they failed in their first attempt. If the proposed amendment is effected, examinees who are not able to get at least a 75 percent rating in all their six examination subjects will be considered as having failed the entire examination. As a result, their only recourse to become CPAs is for them to once again take and pass all the subjects in their retake of the examinations.

The BOA and the Professional Regulations Commission have been encountering challenges in administering the licensure examination with the conditional passing set up. The administrative burdens include tracking the list of conditional passers over the two years that they are entitled to do a retake of the subjects that they failed, the processing of the various requirements of the conditional passers, and others. The BOA also argues that the CPA licensure examination with its conditional passing rule is unique from the rest of the professional board examinations where a straightforward pass or fail rule applies.These are worthwhile

My take here is that the CPA exam topnotchers deserve to be recognized for their achievement of topping the board exam. The release of such list by the BOA is an essential part of this merit salute to them. I should know: I was the CPA Board topnotcher when I took the exams decades ago. points for the recommendation of the BOA. The other proposal of not coming up with numerical ratings of the board examination result needs to be reconsidered. The ratings or grades for each subject of the examination provides much information that the various accountancy stakeholders can use and benefit from. School administrators and teachers may use the information as a gauge on what subjects that they need to focus and improve on their teaching since their graduates and examinees did not fare too well in their CPA exam results. Employers can use this information to assess the competence or expertise of the CPAs applying for employment.

The CPA passer is also personally interested in knowing how he/she performed for each of the CPA exam subjects taken.

The reason being cited by the BOA for discarding the numerical rating is that they would like to address what they perceive as the tendency for review centers and educational institutions in using the CPA exam topnotcher rating list in their “marketing” efforts. The BOA notes that with the release of the list of topnotchers, there is a rush among the various learning organizations to broadcast that these achievers were the “products” of their review or learning system.

My take here is that the CPA exam topnotchers deserve to be recognized for their achievement of topping the board exam. The release of such list by the BOA is an essential part of this merit salute to them. I should know: I was the CPA Board topnotcher when I took the exams decades ago.

To be continued.

Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979.

This column accepts articles for publication from the business and academic community.

Articles not exceeding 600 words can be e-mailed to jltantorres@up.edu.ph.

F

amily and friends from the US East Coast have been complaining about the buzzing-saw-like sound of the periodical cicadas. These creatures, last seen as baby bugs in 2004, have emerged en masse last month after a 17-year life underground. More known as kuliglig in the vernacular, billions of these cicadas have taken center stage particularly in Ohio, Kentucky, Virginia, and New York. Now adults, these bugs hum a new soundtrack for 2021, with their jarring sound muting that of a jet plane.

A lesson in entomology tells us that periodical cicadas have a 13-year or 17year life cycle. From baby bugs falling off the trees, they get burrowed underneath the ground to live for 13 or 17 years, feeding on sap from roots. In the springtime of their 13th or 17th year, they claw their way up to see the light, synchronously and en masse. The cacophonous sound indicates mating season whereby they shed their exoskeletons, attach themselves to trees, mate and lay eggs before bidding the world farewell, all in approximately six weeks. The cycle replicates as if these bugs know how to count the years!

Whatever goes on underground, for that long a time, scientists can only surmise that the nymphs must be engaged in a lingering battle for food, some killing the others. The lengthy lifespan, although underground, may be one of the longest in the insect family. However, only a small fraction of that time is spent above ground.

Wasteful as it may seem, the cicadas’ worth unfolds in due time. However exceedingly prolonged this underground and “growing-up” period may be for these cicadas, they still manage to generate another living creature, in the end. What transpires during that surreptitious life beneath the soil can be a weaning period on growth, metabolism and a few hormonal adjustments. But when the perfect springtime arrives with the appropriate soil temperature, the bugs are more or less adults and come out from their dormant lives and accomplish their noteworthy roles in this earthly co-

existence before their death.

Applying this “kuliglig” life cycle in our mortal lives, we have four stages —survival, success, significance, and service, as my drummer friend Dante M puts it. From infancy to early adulthood, we are in the Survival stage by learning the lessons we experience from one trial to another, with the help of family and friends. During this supposed subdued period of growing up, we eventually enter the workforce, eager and ready to use the talents we have and the skills we developed yet hopefully armed with values to help us discern what is good and evil.

During the Success stage, at least in our professional lives, we, similar to cicadas, enter into this exceedingly prolonged battle “underground” against those around us, trying to be better than the other in our desire to achieve Success.

Only a few who will eventually develop an eternal perspective can leave this Success stage as most are wired to consider fame and fortune as the finish line.

In due time, however, once some can be certain about their purpose in this world, they enter into this phase of Significance. As can be insinuated from the preparation period of the cicadas, a human being’s groundwork, during his lengthier stages of Survival and Success, can be critical if and when he will end up achieving the purpose he was created for in the Significance stage. Depending on what we do at any given time, we can transition ourselves, rather consciously, and become significant to others. And like the cicadas where the period of time to

By Reynaldo A. De Dios

R

ecognizing the importance of protecting the agricultural sector against the multitude of risks, the government set up the Philippine Crop Insurance Corp. (PCIC) on June 11, 1978 as the implementing agency of the government’s agricultural insurance program.

The PCIC is an attached agency of the Department of Agriculture and its principal mandate is to provide insurance protection to farmers against losses arising from natural calamities, plant diseases and pest, and infestations of their palay and corn as well as other

crops. In addition, the PCIC provides protection against damage to/loss of non-crop agricultural assets including but not limited to machineries, equipment, transport facilities and other related infrastructures due to perils insured against. To enhance further the

make a difference is brief (4 to 6 weeks), we also have but a moment—figuratively speaking—to make an impact during this stage.

For those who want to make a difference, say in Philippine politics, candidates should have left their Success mindset. Winning over a rival is without a doubt a success but does it necessarily equate to significance? Rumors as persistent as the bug’s buzz indicate that June 12 is the “springtime,” like that of cicadas, for a supposed united opposition. As this group will herald its list of candidates on such date, the “weaning” stage of interviews, research, and character study may already be completed.

It’s time to come out in the open. Other aspirants from several political parties will have their own cicada “springtime” in the succeeding months. By October, the filing of the certificates of candidacy is the time when these cicadas have harnessed enough strength and fortitude to withstand a political campaign and a subsequent public service.

The last stage in the life cycle of a cicada is when it dies to give birth to another. It serves another, in the end.

Similarly, only a handful of mortals can go thru all the stages of Survival, Success, Significance, and Service. Service to another is not pursued but is given to those who are ready. Those who genuinely want to serve the country and the people, for instance, are those who will go by the rules of decency of a campaign and not resort to vote buying. Among these candidates, the “kuligligs” in politics, credentials as well as timing will spell the difference. Foremost, is it already ripe for such kuliglig to leave “underground”? Has “springtime” arrived for them? What habits have they formed during their “weaning” years? Have they learned lessons from falling and failing?

Secondly, is the kuliglig still in the Success or Significance stage? Is he ready to serve others or is he motivated by selfish interests, stuck in the Success mindset?

Decidedly, the essence of the stage of Significance is simply to think of what is good for others, whereas in Service is to serve, and not to demand. Becoming significant in their discerning years can be such a foreign, if not difficult, concept for some. But truly, it is as basic as getting down on one’s knees to “wipe the feet” (service) of another person, GOD’s WAY,

We are part of #GenerationRestoration

By Dr. Theresa Mundita S. Lim

W

E celebrate World Environment Day every June 5 to generate action on pressing environmental issues. This year, our observance is guided by the theme “Reimagine. Recreate.

Restore.” as we formally launch the UN Decade on Ecosystem Restoration—a broad global movement that resounds a call to halt the worsening environmental degradation and protect the world’s ecosystems.

Earlier, the United Nations Environment Program (UNEP) released a report stating that our current lifestyle uses up natural resources equal to that of 1.6 Earths. Humanity is consuming more than what the planet, our only one, can provide. This contributes to the alarmingly fast rate by which we lose biodiversity compared with our efforts to restore nature.

The economic benefits of restoring forests, farmlands, mountains, freshwaters, and peatlands, and even urban ecosystems to their healthy and stable state far outweigh the costs: restoring 350 million hectares of degraded terrestrial and aquatic ecosystems can generate as much as $9 trillion, according to the report.

How do we do this? What can we do to contribute to this global movement?

While this urgent task seems daunting, there is much that we can do—on our own and collectively. This “wholeof-society” approach, where all sectors across countries work together, is needed

to embed biodiversity in policy-making, development processes, and in our own lifestyle and ways of life. Key stakeholders—from national and local governments, to business, infrastructure, agriculture, education, health, and private sectors, as well as important segments of society such as women, youth, and the indigenous communities—have important roles to play. By implementing various nature-based solutions, the restoration movement, or the #GenerationRestoration, seeks to help alleviate poverty, combat climate change, and prevent the mass extinction of species.

Reforestation and greening initiatives involve regrowing huge tracts of denuded forests, including re-planting of mangrove forests and re-seeding of coral reefs and kelp beds in the marine ecosystems. Regional programs, such as the Asean Green Initiative that aims to plant 10 million trees in 10 years across the region, in support of the UN Decade on Ecosystem Restoration, take into account tree species that are locally

Protecting the risks of the agricultural sector

Monday, June 7, 2021

crop insurance program, it can also be offered as surrogate collateral to banks and other financial institutions. PCIC also insures the livestock of farmers.

Although a low profile agency, PCIC has fulfilled its mission to help stabilize the income of agricultural producers, thus contributing to the nation’s economic development.

In the latest annual report for the year 2019, PCIC President Atty. Jovy C. Bernabe cited the key achievements of the corporation as follows: 1. PCIC insured over 3.14 million farmers and fisherfolk, which is 38.78 percent more than the previous year’s record;

2. The number of those provided free insurance under the special programs rose 36.18 percent to about 2.23 million; 3. The number under the regular program rose 45.54 percent to 917,353; 4. The amount of insurance cover provided grew 40.44 percent to about P112.1 billion; 5. The premium income reached P5.72 billion, which is 17.29 percent more than the year before; 6. PCIC used up the entire P3.5 billion available government subsidy for free insurance and added some more from its Agri Agra Funds to push the entire government subsidy provided to

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as exemplified by Jesus Christ.

Kuligligs in the political arena should look at the Greatest Servant, whose significance transcends both time and space.

Interestingly, former Secretary of Defense, and candidate during the 2010 Presidential elections Gilberto “Gibo” Teodoro Jr. posted rousing quotes on timing and significance. In his Facebook page, he shared on separate occasions, that: “Events in your life happen in sequence…”, and “Service to others is a hard lesson in this competitive and selfish world. Man’s tendency is to demand and take favors only for himself. Serving God’s way, on the other hand, imposes no condition and expects no reward. When Jesus washed the feet of His disciples, He willingly took the task of a servant and showed them how to humbly serve. Make yourself the conduit of God’s love. Serve. Willingly. Silently.

Humbly.” Such ought to be the mantra of any political aspirant in this God-loving country of ours.

To me, following the cicadas’ sequential life, we should all trust in God’s perfect timing, for our “times” are “in His hands” (Psalm 31:15 of the Bible). Just like the cicadas’ passionate pursuit to be of significance and to be of service to others, we should also be zealous in leading a life of substance. Let’s be mindful and aim for the approval of just one Master by laying “eggs” of service in all areas where we can plant them, pursuant to His will.

For, it is so declared: “Each of you should use whatever gift you have received to serve others, as faithful stewards of God’s grace in its various forms. If anyone speaks, they should do so as one who speaks the very words of God. If anyone serves, they should do so with the strength God provides, so that in all things God may be praised through Jesus Christ...” (1 Peter 4:10-11) For those who fail to enter that stage of Significance, God’s way, they will remain as those noisy and rowdy individuals, stuck in the rat race of Success—money and power! Others can be noisy yet productive, by serving a commendable purpose, like how the cicadas pound on our ears to carry out a notable objective. These cicadas or kuligligs are seemingly insignificant creatures yet of service to others. Let’s be a kuliglig, in our own little sphere of influence, by making use of the gifts that were given to us by Him.

adapted to the ecosystem. Citizens join tree-planting activities in their respective local communities, who are often more knowledgeable of endemic and native trees in the area.

Coastal clean-ups also serve as an opportunity to learn more about marine and wetland conservation. The environmental impact of marine pollution costs the Asean region $1.3 billion annually in the tourism, fishing and shipping industries, according to UNEP’s 2019 report on policies and standards on packaging waste in the region.

Helping keep our precious ecosystems intact need not be grand. Shifting to a more sustainable lifestyle, such as supporting eco-friendly products and businesses, will have significant impacts on our homes and communities.

Supporting sustainable agriculture and buying seasonally available food products from our local farmers and markets help shorten the supply chain.

There are also wider options for plantbased diets and wild foods, which contribute to agricultural diversity and use less synthetic chemical inputs.

Patronizing local nature tourism sites and learning from our natural and cultural heritage offer new insights on how we are intrinsically connected to our ecosystems. As travel restrictions are gradually lifted, being mindful and responsible tourists help enrich and respect these local cultures and keep these amazing natural parks

pristine and intact.

Strengthening public participation in ecosystem restoration starts from raising awareness. Joining or organizing various events, online and offline, can help deepen understanding about biodiversity, as well as provide exposure to culture-responsive and naturepositive practices.

In line with encouraging broader participation in biodiversity concerns, the ACB’s recently-launched #WeAreASEANBiodiversity campaign provides a platform for narratives about efforts, commitments, activities, and other actions—simple or grand—to inspire more people to be part of the movement to restore our ecosystems.

The planet, including humanity, is at stake if we do not act fast. More than 20 percent of the world’s known plants and animals call the Asean region their home, and millions of people are dependent on ecosystems for survival, making it imperative for all of us to take part in this crucial movement. The Asean Center for Biodiversity joins the #GenerationRestoration in strengthening our conservation and restoration efforts, bolstered by the Asean Leaders’ support and recognition of biodiversity’s central role in keeping our region, and our planet safe and resilient.

Happy World Environment Day!

P5.49 billion; and 7. PCIC paid P4.17 billion in claims, nearly 20 percent more than the previous year, to 569,344 farmers and fisherfolk.

These achievements were complemented with organizational efforts to continue to increase PCIC’s network of partners for agricultural information and advocacy. The corporation increased the number of provincial extension offices and service desks to better service their stakeholders. It continued to finetune their processes, which enabled them to address over 90 percent of complaints filed in their regional offices within 20 days, much lesser than the 60 days set

by law. PCIC also continues to build its competency-based human resource system and has mapped the competencies and needs of its staff.

Nevertheless, while PCIC has attained significant milestones, it still has a long way toward achieving its optimum in the service of the Filipino farmers and fisherfolk.

At this juncture, we congratulate the management and staff of PCIC for doing a good job and continuing to do so in the future.

Dr. Theresa Mundita S. Lim is the Executive Director of Asean Center for Biodiversity.

The author is a risk management consultant and Editor of Insurance Philippines magazine.

A10 Monday, June 7, 2021

Bill exempting PNOC from fiscal checks risky–solon

H

By Jasper Emmanuel Y. Arcalas

@jearcalas

OUSE Deputy Speaker and Buhay Rep. Lito Atienza on Sunday expressed concern that the funds of the Philippine National Oil Co. (PNOC) might be used for next year’s national elections following an alleged lobby in Congress to exempt the state-run entity from mandatory budget and procurement scrutiny.

“We are gravely worried that freeing PNOC’s spending program from congressional scrutiny and allowing the company to conveniently negotiate the purchase of goods and services might lead to the potential misuse of energy funds in next year’s elections,” Atienza said.

“We are alarmed because PNOC is a cash-rich corporation attached to and run by the Department of Energy; and of all the Cabinet members, Energy Secretary Alfonso Cusi seems to be the one most keenly engaged in partisan political

activities,” Atienza observed.

Atienza noted that the PNOC remitted P7 billion in cash dividends to the National Treasury in 2020.

He disclosed the information following the tug-of-war between Cusi, who serves as the vice chairman of the ruling Partido Demokratiko Pilipino-Lakas ng Bayan (PDP-Laban), and Sen. Manny Pacquiao, its president, for control of their party’s leadership ahead of next year’s presidential elections.

Cusi is the ex-officio chairman of the

board of directors of PNOC and its two subsidiaries —PNOC Exploration Corp.

(PNOC-EC) and PNOC Renewables Corp.

(PNOC RC).

PNOC-EC has a 10-percent stake in the Malampaya deep-water gas-to-power project. PNOC RC is a developer of solar, wind, hydro and geothermal energy projects, Atienza said.

‘Reject HB 8762’

“We would urge our colleagues to throw out House Bill 8762, which emasculates the congressional power of the purse,” Atienza added.

Atienza explained that the bill seeks to discharge PNOC from submitting its annual budget to Congress for examination and approval. The bill also seeks to release PNOC from complying with the Government Procurement Reform Law, or Republic Act 9184, which mandates competitive public bidding as the default mode of procurement of goods and services.

“We maintain that only Congress has the power to authorize all spending of public money by the national government and its attached agencies as well as corporations,” he said.

FOREIGN FILM CREWS LOVE SHOOTING IN THE PHL–DOT

By Ma. Stella F. Arnaldo

I

@akosistellaBM Special to the BusinessMirror

NTERNATIONAL film and TV producers have been beating a path to the country’s doors despite the Covid-19 pandemic, with many of its tourist destinations and provinces providing interesting backdrops to their scripts and actors.

In an interview, Tourism Secretary Bernadette Romulo Puyat revealed a production crew “from the United States” just came to the Philippines to shoot a reality TV show.

“They quarantined for seven days first in Manila—when the quarantine was only seven days—then chartered a plane to go directly to El Nido, where they quarantined again for another seven days. But for these foreigners to be quarantined in the Philippines, wow, we have such a beautiful country. They’re so happy.”

She noted, “It’s interesting that so many film outfits are dying to come to the Philippines. We’ve already given a number of permissions [for them to shoot].” Among the projects that were recently completed were: Holy Craft, a documentary directed by Joseph Mangat and produced by Volos Film of Taiwan, Cinetracts of the US, and the local VY/AC Productions; Discovery Channel’s reality TV series Garden of Eden (Battle Beat Productions LLC/US, Fixer Ink Philippines); the feature film When the Waves are Gone directed by Lav Diaz (Epic Media Productions/ PHL, Film Boutique/France, Snowglobe/ Denmark); and reality series Survivor Israel (About Hameiri/Israel, Philippine Film Studios Inc.).

Now showing

Separately, Tourism Assistant Secretary for Branding and Marketing Communications Howard Lance Uyking told the BusinessMirror the Film Development Council of the Philippines (FDCP) handles the negotiations with the foreign film/TV productions and the incentives that are extended to them. One program, for instance, extends a 20-percent cash rebate on foreign film producers’ local expenses, as long as they work with a Filipino line producer, post-production company, or an animation studio.

FDCP also underscores the cost-efficiency of filming in the country using high-

quality equipment and English-speaking crew and talents, the safety of filmmaking with the implementation of international health and safety protocols, a one-stop for securing permits, visas, and tax-free importation of filming equipment.

The DOT assists by endorsing the film/TV production for approval by the Inter-Agency Task Force on the Management of Emerging Infectious Diseases, said Uyking. “What DOT does is market the country as a film destination, coordinate with the local government units for permits, and also recommend what sites they can film in on the bases of their specifications,” he added.

Coming soon

He said they are “currently assisting two projects whose foreign crew members are in the middle of completing their 14-day quarantine, so they’ll be filming quite soon.” These are the feature film “Nocebo” directed by Lorcan Finnegan of Epic Media/PHL, Lovely Productions (Ireland), Wild Swim (UK); and “Gensan Punch” directed by Brillante Mendoza, and produced by Center Stage Productions (PHL) and Gentle Underground Monkeys Co. Ltd. (Japan).

Others that will start filming “in the coming months,” he added, are History Channel’s Lost Gold of WW2 (Ample Entertainment/US, Mandala Productions/ PHL); Act of God directed by Garrett Batty (Typhoon Trouble LLC/US, DM Creative Corp./PHL); Some Nights I Feel Like Walking directed by Petersen Vargas (Daluyong Studios and TEN17P/PHL, Giraffe Pictures/Singapore), Dolce Vita Films/ France); Survivor France; Electric Child directed by Simon Jaquemet (8Horses GmbH/Switzerland, Epic Media/PHL).

Among the Hollywood films that have been shot in the Philippines include Fritz Lang’s American Guerrilla in the Philippines (1950), Francis Ford Coppola’s Apocalypse Now (1979), Peter Weir’s The Year of Living Dangerously (1982), Oliver Stone’s Platoon (1986) and Born on the Fourth of July (1989), Tony Gilroy’s The Bourne Legacy (2012), to name a few.

The Survivor Series’ various European iterations also frequently shoot in the Caramoan Islands.

Editor: Jennifer A. Ng

Companies BusinessMirror

Monday, June 7, 2021

B1

CA upholds validity of NTC circular covering new telcos

T

By Joel R. San Juan

@jrsanjuan1573

HE Court of Appeals (CA) has declared valid the circular issued by the National Telecommunications Commission (NTC) requiring new players in the telecom industry to post between P14 billion and P24.7 billion in participation and performance securities.

Thus, in a 38-page decision, penned by Associate Justice Alfredo Ampuan, the CA’s First Division dismissed the bid of Now Telecom Company Inc. to participate as a new major player (NMP) in the telecom industry.

The appellate court upheld the order issued by the Regional Trial Court (RTC), Branch 42, Manila dated November 5, 2018 denying Now Telecom’s petition seeking to scrap the implementation of the said NTC circular.

In its November 5, 2018 order, the trial court held that the petitioner failed to show proof that it has an actual or existing right to be protected from the implementation of the NTC circular.

“Even without DICT [Department of Information and Communications Technology] Memorandum Order No. 1 Series of 2018, the NTC, by law, had the authority to issue subject circular and impose certain reservations or qualifications with respect to the entry of participants to become NMP and, subsequently, to the grant of a CPCN in the NMP’s favor,” the CA explained.

“Moreover, contrary to petitioner’s contentions, the subject circular is not confiscatory and anti-compet-

itive in nature,” it said.

Furthermore, the CA said the imposition of the securities and appeal fee cannot be said to be confiscatory and anti-competitive.

“The imposition, albeit excessive to the mind of petitioner, was proper as it was issued precisely to ensure that only qualified and capable bidders could participate in the selection of the NMP,” the CA noted.

In the case of Now Telecom, the trial court found out that it has no vested right over the radio frequencies that it sought to possess by virtue of its legislative franchise since it has no paid up capital of P10 billion when the complaint was filed.

The trial court also noted that the telco company admitted that it has yet to form a consortium that will render it a participant as NMP, having a combined and aggregate capital of P10 billion.

Franchise

Now Telecom is a legislative franchise holder by virtue of Republic Act (RA) 7940 enacted on March 1, 1995, granting it to operate and provide cellular mobile telecommunications services (NMTS).

Its legislative franchise was extended for another 25 years by vir-

tue of RA 10972 that was signed on February 22, 2018.

In December 2017 or after 22 years from the time it was granted a legislative franchise in 1995, Now Telecom was granted a 20MHz contiguous bandwidth ranging from 3520 to 3540MHz under the 35GHz band.

The petitioner, however, insisted that the frequencies are “grossly inadequate” to support a genuine telco service.

It sent the NTC several letters requesting for a frequency allocation so that it can operate its business, but the agency never acted on said requests.

On January 8, 2018, the DICT issued the “Policy Guidelines for the Entry of a New Major Player in the Telecommunications Market.”

As a result, an oversight committee for the entry of a New Major Player (NMP) in the public telecommunications market was created.

In line with this, the NTC issued Memorandum Circular No. (MC) 0909-2018 containing the rules and regulations on the selection process for the NMP. This prompted Now Telecom to file a petition before the lower court seeking to stop the implementation of certain provisions of MC 09-092018.

In particular, Now Telecom is seeking to scrap the requirement for prospective bidders to post a participation security with a face value of P700 million equivalent to one-half percent (0.5%) of the minimum Capital and Operational Expenditure at the end of the commitment period.

It argued that the said provision is void for being “excessive and confiscatory.”

Petitioner also said Section 11 of the circular, which requires the posting of a performance security at 10 percent of the remaining cu-

mulative capital and operational expenditures commitment, is “vague and arbitrary.”

The provision essentially requires a potential participant to post P14 billion to P24 billion for performance security.

It also claimed that the non-refundable appeal fee amounting to P10 million under Section 8 of the circular is excessive.

Contrary to the claim of the petitioner, the CA pointed out that nowhere in RA 7940 and RA 10972 was it stated that it is entitled as a matter of right to particular frequencies to the exclusion of other players in the telco industry.

“The grant of a legislative franchise to operate and provide CMTS in favor of the petitioner does not carry with it the right over particular frequencies,” the appellate court said.

“At the outset, it bears stressing that nowhere in the petitioner’s legislative franchise does it show that it is entitled to specific frequencies, including the radio frequency spectrum allocated to the selected NMP by virtue of the subject circular.”

On the contrary, the CA said an examination of petitioner’s legislative franchise shows that it is still subject to the rules and regulations of the NTC itself.

The appellate court explained that petitioner’s legislative franchise to operate CMTS does not entitle it to particular airwaves which would fill the alleged insufficient frequencies.

It added the NTC is not even prohibited from re-allocating the frequencies previously assigned to a grantee of a legislative franchise based on its sound judgment to ensure a wider access to the limited resource of radio frequencies.

Concurring with the ruling are CA Presiding Justice Remedios A. Salazar-Fernando and Associate Justice Pedro B. Corales.

Razon is new chair of Manila Water board

T

he group of billionaire Enrique K. Razon Jr. has taken over the board of listed East Zone concessionaire Manila Water Co. Inc. from the Ayala Group led by the Zobel de Ayala brothers following a series of transactions which started last year.

Razon will now become Manila Water’s director, chairman of the board, president and CEO and also chairman of the executive committee, replacing Fernando Zobel de Ayala, who was previously the company’s chairman, and Jose Rene Gregory D. Almendras, the company’s former president and CEO. Jaime Augusto Zobel de Ayala, who was the company’s vice chair-

man and director, also resigned from his post along with Delfin L. Lazaro as director; Antonino T. Aquino as member of executive committee; Gerardo C. Ablaza Jr. as director and member of the audit and board risk oversight committee; John Eric T. Francia as director, vice chairman and member of the executive committee; Virgilio C. Rivera Jr. as COO for new business operations and Solomon M. Hermasura as corporate secretary. Sherisa P. Nuesa also ceased to become a member of the executive and operations committees but she will become the member of the corporate governance and talent and remuneration committees of the new board.

The Razon camp appointed Donato C. Almeda as director, chief regulatory officer and member of various committees; Christian Martin R. Gonzalez as director and member of the executive committee; Rafael D. Consing Jr. as director and member of the executive, operations and talent and renumeration committees; Eric Ramon O. Recto as member of the operations committee; Roberto R. Locsin as chief administrative officer; Melvin John M. Tan as COO for non-East Zone and international business and Silverio Benny J. Tan as corporate secretary.

Meanwhile, Abelardo P. Basilio, formerly the company’s COO for

Manila Water operations, is now the company’s COO for East Zone.

In February 2020, the Razon Group through Prime Metroline Holdings Inc., now known as Prime Strategic Holdings Inc., acquired 820 million common shares in Manila Water for P13 apiece. The said shares represent about 11.91 percent of the company and 24.96 percent economic rights in the East Zone concessionaire.

The acquisition allowed the Razon Group’s Trident Water Co. Holdings Inc. to acquire the preferred shares owned by Ayala Group’s Philwater Holdings Co. Inc. to achieve 51 percent voting interest in Manila Water. VG Cabuag

Citicore unit on DOE’s green energy suppliers’ list

C

iticore Power Inc.’s (Citicore) retail electricity supplier (RES) arm, Citicore Energy Solutions, Inc. (CESI), was recently included in the Department of Energy’s (DOE’s) list of entities qualified under the Green Energy Option Program (GEOP).

“To be included in the DOE’s GEOP Top 10 List is indeed a very welcome development for Citicore. Currently, we are heavily engaged in expanding

our solar energy pipeline, anchored on an AgroSolar social platform, to wholly optimize the use of land for industrial, agricultural, and social development purposes,” said Citicore President Oliver Tan. The GEOP is a voluntary policy mechanism which allows users consuming at least 100 kilowatts of power to source their supply from qualified retail energy suppliers that generate electricity from renewables. Lenie Lectura

B2

Companies BusinessMirror

Monday, June 7, 2021

PSE STOCK QUOTATIONS

June 4, 2021

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

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

43.1 106.9 85.75 24 7.54 9.62 48.95 10.22 23 55.5 17.22 126 75.75 1.37 4.05 0.58 3 1.35 0.68 204.8

44.65 107 85.85 24.4 8.47 9.65 49.1 10.24 23.05 55.8 17.36 126.2 76.9 1.4 4.09 0.64 3.12 1.43 0.7 206

44.6 105.8 85.7 23.95 8.28 9.69 48.8 10.2 22.65 55.85 17.24 126 75.2 1.26 4.06 0.58 3 1.47 0.7 206

44.65 107.7 86.05 24.4 8.49 9.69 49.3 10.22 23.3 55.85 17.3 126.4 77.1 1.45 4.1 0.58 3 1.47 0.7 206

43.1 105.7 85.5 23.95 8.25 9.59 48.75 10.18 22.6 55.75 17.22 125.1 75.2 1.25 4.05 0.58 3 1.41 0.7 195

43.1 107 85.85 24 8.45 9.65 49.1 10.22 23 55.8 17.22 126 75.75 1.4 4.05 0.58 3 1.42 0.7 206

2,100 3,421,830 671,710 51,100 3,800 172,600 1,236,400 31,600 914,200 340 25,700 264,370 29,840 229,000 43,000 2,000 121,000 46,000 100,000 78,790

93,575 366,555,583 57,670,670 1,244,855 31,747 1,661,042 60,701,450 322,632 20,993,300 18,979 444,266 33,309,421 2,256,466.50 305,760 175,180 1,160 363,000 65,390 70,000 16,182,226

INDUSTRIAL

AC ENERGY ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHX PETROLEUM PILIPINAS SHELL SPC POWER AGRINURTURE AXELUM CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT FRUITAS HLDG GINEBRA JOLLIBEE LIBERTY FLOUR MAXS GROUP MG HLDG MONDE NISSIN SHAKEYS PIZZA ROXAS AND CO RFM CORP SWIFT FOODS UNIV ROBINA VITARICH CONCRETE A CEMEX HLDG DAVINCI CAPITAL EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL CROWN ASIA EUROMED MABUHAY VINYL PRYCE CORP CONCEPCION GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG

7.77 1.34 22.8 0.83 30.75 68.1 281.8 14.88 3.25 4.01 12.78 20.65 11.7 6.27 3.01 24.15 14.9 7.94 9.61 69 0.62 1.42 72.85 194 29.2 6.67 0.26 13.4 8.01 1.04 4.5 0.129 140 0.89 53.1 1.35 2.89 13.34 7.29 6.76 6.78 12.4 1.08 2.12 1.78 1.97 5.1 5.46 21.5 3.88 9.3 1.09 5.9 1.35 5.86

7.78 1.36 22.9 0.84 30.95 68.3 282 14.9 3.26 4.14 12.98 20.7 11.72 6.29 3.02 24.3 14.94 7.95 9.62 70.5 0.64 1.43 73 194.3 29.7 6.68 0.265 13.42 8.09 1.05 4.55 0.13 141.4 0.9 56.9 1.36 2.91 13.4 7.3 6.79 6.79 12.42 1.1 2.13 1.8 1.98 5.2 5.5 21.8 3.9 9.31 1.12 5.96 1.37 5.89

7.54 1.34 22.85 0.82 30.7 68.5 285 14.84 3.18 4.15 12.9 20.8 11.6 6.38 3.01 24.3 14.5 8 9.7 71 0.63 1.47 73 192.5 28.9 6.75 0.255 13.1 7.94 1.06 4.55 0.129 141 0.9 53 1.34 2.93 13.3 7.42 6.52 6.71 12.4 1.06 2.12 1.75 1.94 5.19 5.5 21.5 3.85 9.47 1.06 6.16 1.39 5.97

7.86 1.36 23.15 0.84 31 68.5 285 14.96 3.26 4.15 13 20.8 11.78 6.4 3.02 24.3 14.94 8.14 9.7 71.3 0.64 1.49 73.05 194.7 29.7 6.75 0.265 13.42 8.12 1.07 4.55 0.129 142 0.91 53 1.36 2.93 13.5 7.42 6.8 6.82 12.42 1.1 2.12 1.8 1.97 5.2 5.55 21.85 3.93 9.47 1.12 6.16 1.39 6.04

7.51 1.34 22.65 0.82 30.55 68 281.2 14.8 3.18 4.01 12.74 20.55 11.56 6.2 2.95 23.5 14.4 7.93 9.57 69 0.62 1.42 72.7 192.5 28.9 6.68 0.255 13.1 7.94 1.04 4.55 0.128 138.8 0.88 53 1.31 2.85 13.22 7.25 6.52 6.68 12.4 1.04 2.09 1.74 1.94 5.19 5.45 21.5 3.85 9.2 1.06 5.9 1.32 5.76

7.78 1.36 22.8 0.83 30.95 68.1 282 14.88 3.25 4.14 13 20.7 11.7 6.29 3.02 24.3 14.94 7.94 9.62 69 0.64 1.43 72.85 194 29.7 6.68 0.26 13.4 8.01 1.05 4.55 0.129 140 0.9 53 1.35 2.91 13.34 7.29 6.79 6.79 12.42 1.1 2.12 1.8 1.97 5.2 5.5 21.5 3.9 9.3 1.12 5.9 1.39 5.89

56,791,900 292,000 5,321,100 13,638,000 218,000 129,100 146,890 461,400 2,416,000 66,000 512,200 228,600 659,800 1,850,900 375,000 1,577,000 455,300 4,522,600 644,800 41,200 111,000 17,838,000 87,170 576,480 500 95,800 940,000 22,601,300 76,400 2,277,000 944,000 7,140,000 545,310 3,678,000 10 3,718,000 1,624,000 38,000 60,500 1,852,500 729,500 47,900 180,000 2,214,000 1,131,000 201,000 4,200 706,300 200,300 6,653,000 1,433,800 520,000 27,000 377,000 1,255,000

-4,310 123,807,619 14,366,597.00 -228,688 34,675,385 -4,531,130.00 -77,630 21,738,859 659,345 10,468,712

439,369,838 392,440 122,040,215 11,298,080 6,728,645 8,787,624.50 41,440,484 6,878,796 7,800,430 267,520 6,656,884 4,730,435 7,705,724 11,765,019 1,119,210 38,144,370 6,720,956 36,311,629 6,184,805 2,872,972 69,300 25,799,440 6,353,150.50 111,823,720 14,640 641,488 244,150 301,505,780 612,447 2,379,180 4,295,200 920,020 76,620,030 3,303,370 530 4,975,540 4,695,790 505,526 440,358 12,476,039 4,930,463 594,800 192,310 4,685,640 1,996,480 392,990 21,806 3,888,635 4,306,485 25,910,370 13,363,249 562,140 160,448 514,270 7,414,135

24,554,217 -80,400 -60,843,285 402,820 -2,128,485 -526,359.50 -31,728,464 1,306,778 89,720 53,260 -583,405 -479,800 71,039 143,160 -5,869,670 -60,480 -6,627,171 -732,643.00 335,902 838,620 2,544,265 57,897,995 2,007 54,600 34,816,528 -80,906 165,560 -4,295,200 258,000 -15,161,907 270,000 -396,300 124,650 464,026 860,981 -146,757 -124,200 -17,280 23,100 8,750 19,170 0 -2,170,280 -3,603,293 21,200 480.0001 -498,966

HOLDING & FRIMS ABACORE CAPITAL 1.05 1.06 1.04 1.06 1.02 1.05 4,853,000 5,066,750 ASIABEST GROUP 7.15 7.3 7.36 7.38 7.15 7.3 2,500 17,955 806 806.5 798 807 795 806 146,770 118,064,815 AYALA CORP 38.6 38.65 39.4 39.4 38.65 38.65 606,500 23,515,900 ABOITIZ EQUITY ALLIANCE GLOBAL 10.54 10.6 10.6 10.62 10.5 10.6 827,500 8,738,542 3.14 3.16 3.11 3.17 3.1 3.16 2,039,000 6,412,120 AYALA LAND LOG 6.8 7 6.8 7 6.8 7 5,200 36,185 ANSCOR ANGLO PHIL HLDG 0.83 0.84 0.83 0.84 0.82 0.83 4,333,000 3,570,200 0.68 0.69 0.7 0.7 0.68 0.69 107,000 73,610 ATN HLDG A COSCO CAPITAL 5.25 5.26 5.15 5.26 5.1 5.25 582,200 3,026,039 DMCI HLDG 5.93 5.94 5.88 5.95 5.86 5.93 7,913,900 46,844,209 8.05 8.19 8.19 8.19 8.05 8.05 200 1,624 FILINVEST DEV FORUM PACIFIC 0.26 0.28 0.255 0.28 0.255 0.28 360,000 92,550 GT CAPITAL 580.5 581.5 595 600 578 580.5 198,930 116,351,455 HOUSE OF INV 3.51 3.7 3.59 3.73 3.28 3.55 200,000 674,290 59.15 60 59 60 58.8 60 660,380 39,376,401 JG SUMMIT LODESTAR 0.87 0.88 0.88 0.88 0.86 0.87 547,000 475,380 LOPEZ HLDG 3.18 3.3 3.3 3.3 3.3 3.3 2,000 6,600 13.8 13.84 13.8 13.88 13.7 13.8 743,900 10,257,710 LT GROUP MJC INVESTMENTS 1.55 1.6 1.55 1.56 1.53 1.55 13,000 20,110 METRO PAC INV 4.05 4.06 4.02 4.05 4.01 4.05 15,027,000 60,679,530 3.6 3.64 3.6 3.62 3.6 3.62 15,000 54,080 PACIFICA HLDG PRIME MEDIA 2.86 2.87 2.8 2.86 2.79 2.86 503,000 1,418,370 SOLID GROUP 1.16 1.18 1.16 1.18 1.16 1.18 64,000 75,000 995.5 1,000 999 1,007 992 1,000 229,220 229,069,585 SM INVESTMENTS SAN MIGUEL CORP 118.5 119 120.1 120.1 118.2 118.5 104,540 12,405,926 SOC RESOURCES 0.71 0.73 0.71 0.71 0.7 0.71 275,000 194,950 128.8 132.9 130 130 128.6 130 3,750 487,486 TOP FRONTIER WELLEX INDUS 0.26 0.265 0.255 0.265 0.255 0.265 240,000 61,500 ZEUS HLDG 0.207 0.212 0.209 0.209 0.204 0.209 1,130,000 234,320

209,070 34,775,635 -3,074,550.00 -2,575,528.00 16,810 1,957,422.00 11,135,339 -37,367,210 33,500 12,072,004.50 6,600 -5,604,740 26,009,480.00 285,600 71,266,765 -6,834,585 -

PROPERTY ARTHALAND CORP 0.62 0.64 0.63 0.64 0.61 0.64 461,000 284,790 ANCHOR LAND 7.5 7.83 7.5 7.5 7.5 7.5 4,600 34,500 36.25 36.4 36.6 36.75 36.1 36.4 11,151,600 405,654,170 AYALA LAND 1.16 1.19 1.17 1.19 1.16 1.19 124,000 145,700 ARANETA PROP AREIT RT 36.45 36.5 36.25 36.6 36.25 36.45 426,400 15,534,370 1.39 1.43 1.44 1.44 1.39 1.39 1,221,000 1,708,800 BELLE CORP 0.96 0.97 0.97 0.99 0.96 0.96 1,190,000 1,149,200 A BROWN CITYLAND DEVT 0.9 0.91 0.93 0.93 0.91 0.91 168,000 154,060 0.124 0.126 0.125 0.126 0.125 0.125 390,000 48,770 CROWN EQUITIES CEBU HLDG 6.26 6.6 6.6 6.6 6.6 6.6 100 660 CEB LANDMASTERS 6.94 6.99 7.01 7.14 6.9 6.94 1,709,000 11,927,816 0.4 0.41 0.405 0.41 0.395 0.41 20,970,000 8,415,550 CENTURY PROP 0.32 0.325 0.32 0.32 0.32 0.32 410,000 131,200 CYBER BAY DOUBLEDRAGON 12.24 12.28 12.4 12.42 12.24 12.26 362,500 4,462,442 DDMP RT 1.93 1.94 1.92 1.94 1.92 1.93 6,750,000 13,047,790 6.75 6.8 6.81 6.81 6.7 6.8 5,915,800 39,933,225 DM WENCESLAO EMPIRE EAST 0.27 0.275 0.27 0.275 0.27 0.27 250,000 67,750 EVER GOTESCO 0.195 0.196 0.182 0.204 0.182 0.196 56,530,000 10,918,690 1.07 1.08 1.1 1.1 1.06 1.08 33,678,000 35,901,380 FILINVEST LAND GLOBAL ESTATE 0.87 0.89 0.89 0.89 0.89 0.89 1,000 890 8990 HLDG 7.17 7.4 7.18 7.42 7.12 7.4 45,900 329,906 1.33 1.34 1.33 1.34 1.32 1.33 673,000 897,620 PHIL INFRADEV CITY AND LAND 1.87 1.88 1.95 1.96 1.85 1.87 3,855,000 7,306,250 MEGAWORLD 3.2 3.21 3.2 3.22 3.15 3.21 25,811,000 82,490,350 0.37 0.375 0.37 0.38 0.37 0.37 12,210,000 4,573,950 MRC ALLIED PHIL ESTATES 0.53 0.54 0.54 0.56 0.53 0.54 3,646,000 1,983,950 PRIMEX CORP 3.89 3.9 3.95 4.02 3.8 3.9 4,796,000 18,870,590 17.72 17.76 18.02 18.02 17.7 17.72 833,800 14,817,610 ROBINSONS LAND 0.242 0.249 0.244 0.249 0.24 0.249 2,630,000 632,020 PHIL REALTY ROCKWELL 1.49 1.5 1.49 1.49 1.49 1.49 46,000 68,540 2.65 2.66 2.66 2.66 2.66 2.66 3,000 7,980 SHANG PROP 2.55 2.6 2.52 2.6 2.52 2.6 144,000 373,870 STA LUCIA LAND SM PRIME HLDG 36.8 37 37 37.4 36 37 25,675,400 945,120,860 3.76 3.98 3.88 3.99 3.76 3.99 54,000 212,530 VISTAMALLS SUNTRUST HOME 1.56 1.6 1.6 1.61 1.56 1.56 97,000 155,130 VISTA LAND 3.79 3.8 3.88 3.9 3.79 3.8 16,841,000 64,072,940

SERVICES ABS CBN 11.46 11.5 11.42 11.6 11.34 11.46 90,900 1,036,372 GMA NETWORK 9.53 9.61 9.11 9.8 9.11 9.53 5,257,900 50,398,870 9.8 10 10 10 10 10 30,700 307,000 MLA BRDCASTING GLOBE TELECOM 1,838 1,840 1,838 1,841 1,835 1,840 74,505 137,000,280 PLDT 1,323 1,328 1,318 1,329 1,310 1,328 66,010 87,379,935 0.187 0.188 0.191 0.192 0.186 0.187 85,160,000 16,046,870 APOLLO GLOBAL 20.3 20.35 20.05 20.35 19.86 20.35 5,725,600 115,094,631 CONVERGE DFNN INC 3.92 3.93 3.85 4 3.85 3.93 437,000 1,730,090 9.9 9.91 9.76 10 9.7 9.9 6,621,700 65,387,987 DITO CME HLDG 2.17 2.2 2.22 2.22 2.15 2.2 3,000 6,570 JACKSTONES NOW CORP 2.45 2.46 2.42 2.49 2.42 2.45 716,000 1,757,150 0.415 0.42 0.415 0.42 0.405 0.415 6,310,000 2,593,700 TRANSPACIFIC BR 2.5 2.51 2.49 2.55 2.49 2.5 112,000 279,750 PHILWEB 2GO GROUP 8.8 8.84 8.51 8.9 8.51 8.8 372,100 3,240,315 ASIAN TERMINALS 14.58 15.16 15 15.18 15 15.16 2,700 40,736 3.14 3.15 3.09 3.15 3.07 3.14 1,027,000 3,216,930 CHELSEA CEBU AIR 47.1 47.2 46.8 47.35 46.8 47.2 206,700 9,730,935 INTL CONTAINER 147.8 148 148 149.5 147.7 148 940,540 139,834,216 5.61 5.62 5.35 5.66 5.3 5.61 3,984,500 21,957,669 MACROASIA METROALLIANCE A 2.2 2.27 2.18 2.29 2.18 2.2 364,000 812,980 PAL HLDG 6.06 6.07 6 6.07 6 6.06 181,700 1,100,428 1.19 1.2 1.2 1.2 1.17 1.2 195,000 232,210 HARBOR STAR ACESITE HOTEL 1.65 1.72 1.65 1.72 1.65 1.72 13,000 21,590 BOULEVARD HLDG 0.103 0.104 0.102 0.106 0.102 0.103 204,200,000 21,198,620 3.3 3.5 3.4 3.5 3.25 3.5 239,000 805,210 DISCOVERY WORLD WATERFRONT 0.53 0.56 0.54 0.56 0.53 0.54 823,000 445,750 FAR EASTERN U 599 600 599 600 599 599 220 131,860 7.4 7.85 7.4 7.4 7.2 7.4 3,600 26,340 IPEOPLE STI HLDG 0.375 0.38 0.375 0.38 0.375 0.38 270,000 101,750 BERJAYA 5.05 5.2 5.1 5.1 5.1 5.1 13,000 66,300 7.13 7.15 7.1 7.22 7.1 7.15 2,932,600 21,008,346 BLOOMBERRY 2.05 2.12 2.05 2.12 2.05 2.12 34,000 69,950 PACIFIC ONLINE LEISURE AND RES 1.62 1.66 1.7 1.7 1.61 1.66 1,000,000 1,637,370 1.94 1.95 1.97 1.97 1.9 1.95 1,820,000 3,504,580 PH RESORTS GRP 0.415 0.42 0.405 0.425 0.405 0.42 2,910,000 1,202,500 PREMIUM LEISURE PHIL RACING 5.8 6 5.8 5.82 5.8 5.82 500 2,906 7.57 7.6 7.6 7.6 7.5 7.57 497,100 3,755,051 ALLHOME 1.32 1.33 1.32 1.33 1.3 1.33 2,352,000 3,097,230 METRO RETAIL PUREGOLD 37.75 38 37.95 38.25 37.65 37.75 2,445,300 92,769,280 ROBINSONS RTL 52.9 53 52.5 54 52.4 53 1,161,070 61,629,900.50 1.32 1.34 1.3 1.34 1.26 1.33 3,992,000 5,207,970 SSI GROUP WILCON DEPOT 18.38 18.4 18.3 18.44 18.3 18.4 2,159,000 39,724,424 APC GROUP 0.395 0.4 0.39 0.395 0.38 0.395 860,000 338,500 6.26 6.27 6 6.26 5.99 6.26 12,600 76,862 EASYCALL IPM HLDG 5.18 5.55 5.15 5.18 5.15 5.18 5,500 28,340 PRMIERE HORIZON 1.86 1.87 1.84 1.9 1.83 1.86 12,203,000 22,702,750 4.25 4.35 4.15 4.3 4.15 4.3 7,000 29,650 SBS PHIL CORP

39,618,115 -4,396,535.00 -1,218,100 49,920 1,054,519 -69,700 -674,690 910,980 -371,320 -10,800 -40,720 -27,378,630 97,400 -31,940 -116,300 -19,776,630 356,250 23,450 949,500 -7,504,006 2,660 684,457,800 602,890 -63,637,720 10,325,230 50,300 11,439,283 479,470 -1,514,520 179,360 16,200 19,263.00 314,430 5,535,250 24,831,225 -616,436.00 836,245 -9,460 93,300 -5,990 -3,750 -9,322,436 -84,600 290,240 -514,976 1,156,100 -9,229,655 -19,661,581.50 -52,800 23,240,846.00 -39,500 1,768,790 -

MINING & OIL ATOK 9.73 9.75 9.43 9.8 9.4 9.73 1,607,100 15,576,459 -2,118,787.00 1.77 1.78 1.8 1.8 1.76 1.78 5,386,000 9,594,920 -130,670 APEX MINING 7.09 7.1 7.17 7.17 7 7.09 3,373,300 23,828,708 179,534 ATLAS MINING BENGUET A 4.12 4.19 4.35 4.35 4.12 4.12 429,000 1,796,650 4.06 4.2 4.03 4.2 4.02 4.2 70,000 284,260 BENGUET B COAL ASIA HLDG 0.305 0.31 0.31 0.31 0.3 0.31 280,000 84,800 CENTURY PEAK 2.75 2.85 2.85 2.85 2.75 2.85 30,000 85,100 85,100 6.65 6.75 6.7 6.8 6.59 6.76 10,300 68,900 DIZON MINES FERRONICKEL 2.64 2.65 2.61 2.66 2.6 2.64 3,123,000 8,226,840 103,520 GEOGRACE 0.32 0.325 0.315 0.325 0.315 0.32 550,000 175,850 6,300 0.159 0.16 0.16 0.161 0.156 0.159 40,040,000 6,360,740 LEPANTO A LEPANTO B 0.162 0.167 0.166 0.167 0.166 0.167 600,000 100,150 MANILA MINING A 0.012 0.013 0.013 0.013 0.012 0.013 452,100,000 5,455,800 MANILA MINING B 0.013 0.014 0.014 0.014 0.014 0.014 700,000 9,800 1.28 1.29 1.28 1.3 1.23 1.28 882,000 1,122,640 -20,170 MARCVENTURES NIHAO 1.57 1.58 1.45 1.57 1.45 1.57 2,273,000 3,494,390 NICKEL ASIA 5.13 5.14 5.2 5.2 5.12 5.14 2,535,000 13,056,634 1,169,846 0.395 0.405 0.395 0.405 0.39 0.4 90,000 35,800 OMICO CORP ORNTL PENINSULA 0.96 0.99 0.97 1 0.95 0.99 294,000 283,530 PX MINING 6.86 6.9 6.85 6.93 6.8 6.9 5,144,500 35,260,875 591,464 13.82 13.9 14.04 14.04 13.76 13.82 1,752,600 24,377,680 -6,804,968 SEMIRARA MINING UNITED PARAGON 0.0091 0.0092 0.0091 0.0094 0.009 0.0091 128,000,000 1,174,400 ACE ENEXOR 16.96 17 17.38 17.4 16.9 17 146,100 2,501,838 68,472 0.011 0.012 0.011 0.012 0.011 0.012 25,600,000 283,700 ORNTL PETROL A ORNTL PETROL B 0.012 0.013 0.012 0.013 0.012 0.013 900,000 11,600 PHILODRILL 0.011 0.012 0.011 0.012 0.011 0.011 30,500,000 344,300 8.46 8.47 8.49 8.68 8.3 8.46 438,400 3,699,321 195,850 PXP ENERGY

PREFFERED HOUSE PREF B 101 101.5 101 101 101 101 500 50,500 HOUSE PREF A 101 101.5 101 101.5 101 101.5 1,970 199,455 525.5 535 525.5 525.5 525.5 525.5 1,910 1,003,705 846,055 AC PREF B1 100.6 101 101 101 101 101 970 97,970 ALCO PREF B AC PREF B2R 517.5 520 517.5 517.5 517.5 517.5 1,050 543,375 45.6 45.65 44.6 45.7 44.6 45.65 144,800 6,555,700 441,520 CEB PREF 100.8 101.3 101.4 101.4 100.6 101 3,600 363,592 DD PREF FGEN PREF G 109.8 110 110 110 110 110 30 3,300 505 517.5 504 504 504 504 2,000 1,008,000 GLO PREF P GTCAP PREF A 999 1,005 1,005 1,005 1,005 1,005 2,335 2,346,675 GTCAP PREF B 1,019 1,044 1,019 1,019 1,019 1,019 135 137,565 100.6 100.9 100.9 100.9 100.6 100.9 2,820 284,535 MWIDE PREF MWIDE PREF 2B 100.5 101.8 100.5 100.5 100.5 100.5 200 20,100 PNX PREF 3B 104 106.9 104 106.9 104 106.9 620 66,210 PNX PREF 4 1,001 1,008 1,001 1,008 1,001 1,008 1,950 1,960,350 750,750 79.7 79.95 79.95 79.95 79.95 79.95 12,830 1,025,758.50 SMC PREF 2C SMC PREF 2E 77 77.8 76.95 77.2 76.95 77.2 8,000 616,350 SMC PREF 2F 79.5 79.55 79.6 79.6 79 79.5 17,120 1,352,731.50 78.35 78.8 78.35 78.35 78.35 78.35 23,010 1,802,833.50 SMC PREF 2H SMC PREF 2I 78.5 79 79 79 79 79 300 23,700 SMC PREF 2J 77.1 78.5 77 77 77 77 3,900 300,300 300,300 76.5 76.95 76.95 76.95 76.9 76.95 7,870 605,586.50 -7,695 SMC PREF 2K

PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR 9.12 9.2 8.68 9.25 8.68 9.12 533,900 4,824,877 -1,407,868

WARRANTS LR WARRANT 1.74 1.77 1.74 1.8 1.7 1.77 530,000 922,880 -28,480

SMALL & MEDIUM ENTERPRISES ALTUS PROP 17.5 17.8 17.96 18 17.5 17.82 117,500 2,063,604 8,850 ITALPINAS 2.39 2.4 2.42 2.45 2.38 2.39 333,000 801,430 48,000 5.15 5.34 5.11 5.35 5.11 5.35 10,800 55,345 51,100 KEPWEALTH 2.57 2.71 2.63 2.65 2.63 2.65 32,000 84,660 MAKATI FINANCE MERRYMART 4.81 4.82 4.8 4.84 4.72 4.81 3,627,000 17,412,230 174,510

EXHANGE TRADE FUNDS

FIRST METRO ETF 103 103.1 103.1 103.2 102 103.1 13,770 1,413,562 -11,536

www.businessmirror.com.ph

MinDA thumbs down sale of Mindanao power facility

T

By Lenie Lectura

@llectura

HE Mindanao Development Authority (MinDA) is opposing the privatization of the Agus-Pulangi Hydroelectric Complex (APHC), as the hydropower plants will ensure the stable supply of electricity in Mindanao.

“MinDA’s position is against the privatization of Agus-Pulangi Hydroelectric Complex, which is deemed best left in the hands of the government but defining its role in an era of market competition.

We need these assets to not just tame future supply volatilities but also continue fulfilling its obligation to serve especially the marginalized

areas,” Mindanao Chairman Secretary Emmanuel Piñol said.

Based on the monitoring of Department of Energy (DOE), the peak demand in the Mindanao grid stood at 1,928 MW while capacity reached 2,780 MW. Piñol said that in order for the grid to maintain a reliable supply, his group is pushing for the development of more renewable en-

Xiaomi aims to open more stores in PHL

S

martphone maker Xiaomi Philippines aims to close 2021 with more stores and dealers nationwide, as it strengthens its presence in the country through the introduction of new devices.

During the online launch of the new Redmi Note 10 5G and the Red-

STOCK-MARKET OUTLOOK

ergy sources and, at the same time, rejecting call to privatize APHC. “The Mindanao Development Authority through the Mindanao Power Monitoring Committee (MPMC) assures the consumers and stakeholders of Mindanao of a stable and reliable power supply.

Mindanao’s energy is a crucial factor in the overall socio-economic development of the island making sure that supply is reliable and stable to support economic recovery from the impact of the pandemic and an expected rise in demand when industries return to pre-Covid operational levels,” added Piñol.

The MPMC, which is co-chaired

by MinDA and the DOE, is composed of the Energy Regulation Commission, National Power Corp., National Electrification Administration, Association of Mindanao Rural Electric Cooperatives, Power Sector Assets and Liabilities Man-

agement, National Grid Corporation of the Philippines, Mindanao Power Electric Alliance, and the National Transmission Corp.

“While our power supply is considered to be stable, we continue to pursue measures and approaches to support expected rise in the demand for power while keeping energy rates cost-effective as the economy recovers from the pandemic, and industries reset operations to pre-Covid levels,” Piñol said.

The Agus Complex consists of six cascading power plants which uses the water from Lake Lanao in Marawi City, flowing through the Agus River and down to Maria Cristina Falls in Iligan City.

The complex should have 7 facilities but the third project, Agus III, has yet to be finished.

The Pulangi complex is a 255-MW hydropower facility with 3 generating units.

mi Note 10S, Xiaomi Philippines PR Manager Tomi Adrias said the group is “working tirelessly in increasing our presence on ground.”

“To date, we now have a total of 24 Mi Stores, 40 Mi Zones, and 1,900 resellers all over the Philippines.

This year, we are targeting a total

of 100 Mi Stores and 5,000 dealers nationwide so that more Filipinos can experience Xiaomi wherever they are,” he said.

Over the weekend, the company introduced 2 new smartphone devices: the Redmi Note 10 5G and the Redmi Note 10S. Lorenz S. Marasigan

mutual funds

June 4, 2021

Last week

Share prices rose last week, with the main index almost returning to the 6,800-point level, thanks to a one-day surge which lifted trade for the week into positive territory.

The benchmark Philippine Stock Exchange Index (PSEi) gained 121.83 points to close at 6,796.34 points.

The main index was down during the three of the five-day trading week but the 214.26-point surge on Wednesday was enough for the PSEi to close in the green.

Monde Nissin Corp., the country’s largest initial public offering to date at P56 billion, also made its debut on PSE. Its shares, however, went down during its first week of trade.

Average daily trade for the week was at P6.7 billion as foreign investors, which make up more than half of the trade, were net buyers at P5.17 billion.

All other sub-indices managed to close in the green, led by the All Shares index that closed 61.11 points higher to 4,108.59, the Financials index gained 36.22 to 1,453.85, the Industrial index climbed 102.03 to 9,091.67, the Holding Firms index rose 126.02 to 6,854.43, the Property index surged 78.29 to 3,352.01, the Services index added 16.74 to 1,527.58 and the Mining and Oil index was up 39.87 to 9,456.51.

For the week, gainers led losers 149 to 75 and 74 shares were unchanged.

Top gainers for the week were Benguet Corp. A and B shares, the Philippine Stock Exchange Inc., Ever-Gotesco Resources and Holdings Inc., MacroAsia Corp., Del Monte Pacific Ltd., Anglo Philippine Holdings Corp. and Primex Corp.

Top losers were Manila Mining Corp. A and B shares, Panasonic Manufacturing Philippines Corp., Philodrill Corp., United Paragon Mining Corp., Atlas Consolidated Mining and Development Corp., Grand Plaza Hotel Corp. and Philex Mining Corp.

This week

Share prices may decline this week as investors may cash in on their gains given the increase in Covid-19 cases in Metro Manila and nearby provinces.

“The Covid-19 situation in the National Capital Region Plus has shown signs of regressing while those in other regions have worsened. If this continues, the risk of the reimposition of stringent quarantine measures in more areas of the country is seen to rise which in turn is expected to weigh on market sentiment. This is as the stringent quarantine measures are expected to further delay the country’s economic recovery,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said.

He said the local market’s immediate support is seen at 6,600 points, and initial resistance at 6,900 points.

Broker 2TradeAsia said range trading may be optimal for now as the main index tests the 7,000-point level.

“A rising tide does not come every day, thus healthy corrections from time to time should be expected given the velocity of the recent ascent. This is also true especially as the index retest the critical 7,000 zone,” it said.

Stock picks

Broker Regina Capital Development Corp. advised to trade the range on the stock of DITO CME Holdings Corp., which shed 3 percent following its 4-day win streak and closed just below its 50-day moving average P9.93 per share.

“However, it is still within the range of P8.70 to P10.13. Recall that the stock started moving sideways in mid-May after a one-day spike of 28.8 percent. The indicators are currently showing some buy signs, but the momentum is tapering. DITO would likely sustain its sideways consolidation over the next couple of days since the buying pressure is already waning,” it said.

DITO’s shares closed last week at P9.90 apiece.

Meanwhile, the broker gave the same advice on the stock of Converge Information and Communications Technology Solutions Inc. (CNVRG) after the stock’s 5-day rally in the middle of last month. It has consolidated between P19.40 and P20.15.

“This as its indicators started showing mixed signals. CNVRG would likely continue its range trading over the next couple of days until the indicators show clearer signals. Currently, the stock is trading above its key 50-day moving average of P18.98) and 100-day moving average of P17.96.

Shares of Converge ICT closed Friday at P20.35 apiece. VG Cabuag

NAV

One Year Three Year Five Year

per share

Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

218.88

7.05%

-5.76%

-3.47%

-3.67%

ATRAM Alpha Opportunity Fund, Inc. -a

1.3034

28.33%

-5.23%

0.8%

-0.73%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.988

8.4%

-10.47%

-5.85%

-4.63%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7651 9.25%

-5.62% n.a.

-4.83%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7113

4.5%

-5.58% n.a.

-4.09%

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

8.3%

-3.91%

-2.29%

-3.39%

First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6897

-0.68%

-7.59%

-7.05%

MBG Equity Investment Fund, Inc. -a

95.56

27.26%

-5.14% n.a.

-6.26%

PAMI Equity Index Fund, Inc. -a

44.7363

8.65%

-3.97%

-2.29%

-4.51%

Philam Strategic Growth Fund, Inc. -a

470.77

7.39%

-3.89%

-2.64%

-3.72%

Philequity Alpha One Fund, Inc. -a,d,5

1.0553

19% n.a. n.a.

-3.83%

Philequity Dividend Yield Fund, Inc. -a 1.1346

9.53%

-3.62%

-1.81%

-2.88%

Philequity Fund, Inc. -a

9.61%

-3.47%

-1.28%

-3.77%

4.7737

33.4585

Philequity MSCI Philippine Index Fund, Inc. -a Philequity PSE Index Fund Inc. -a

0.8699

4.5828

7.12% n.a. n.a.

-4.72%

9.23%

-3.35%

-1.51%

-4.35%

Philippine Stock Index Fund Corp. -a 767.3

9.37%

-3.23%

-1.62%

-4.28%

Soldivo Strategic Growth Fund, Inc. -a

0.6931

8.47%

-7.58%

-5%

-3.59%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.4759

6.72%

-5.63%

-3.05%

-4.08%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8766 8.79%

-3.59%

-1.78%

-4.48%

United Fund, Inc. -a

-3.57%

-0.79%

-3.31%

-3.03%

-1%

3.2092

8.28%

-9.23%

Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c

102.9751

9.34%

-4.26%

Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.2903

37.63%

5.93%

9.36%

7.27%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.7653

31.74%

11.12%

11.71%

5.53%

Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a

1.6692

8.08%

-0.74%

-1.25%

0.04%

ATRAM Philippine Balanced Fund, Inc. -a

2.2172

7.48%

-1.34%

-0.51%

-2.98%

First Metro Save and Learn Balanced Fund Inc. -a 2.5656

4.96%

-0.44%

-0.83%

-2.34%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1921 NCM Mutual Fund of the Phils., Inc. -a

1.9387

4.78%

PAMI Horizon Fund, Inc. -a

3.6529

Philam Fund, Inc. -a

16.3737

Solidaritas Fund, Inc. -a

2.0451

1.8% n.a. n.a.

1.37%

0.66%

-1.29%

4.49%

0.14%

-0.43%

-3.57%

4.95%

0.28%

-0.47%

-3.32%

5.64%

-0.71%

-0.31%

-2.34%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4797 4.69%

-2.04%

-1.42%

-2.62%

Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9766

3.02% n.a. n.a.

-4.5%

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8961

4.34% n.a. n.a.

-5.59%

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8824

5.35% n.a. n.a.

-5.43%

Sun Life Prosperity Dynamic Fund, Inc. -a

5.57%

0.8682

-2.7%

-1.83%

-3.27%

-2.2%

Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a

$0.03799

-0.78%

2.79%

1.29%

-2.89%

PAMI Asia Balanced Fund, Inc. -b

$1.1529

20.22%

3.33%

5.72%

0.23%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.6809 23.82%

8.57%

8.49%

3.72%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.2091 12.54%

4.89%

4.75%

0.58%

Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a

371.54

2.08%

3.16%

2.48%

0.13%

ATRAM Corporate Bond Fund, Inc. -a

1.9161

-1.04%

0.99%

0.17%

0.83%

Cocolife Fixed Income Fund, Inc. -a

3.2259

1.39%

3.84%

4.37%

0.35%

Ekklesia Mutual Fund Inc. -a

2.254

-1.07%

2.22%

1.53%

-1.83%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4342 0.14%

3.17%

1.7%

-0.77%

Philam Bond Fund, Inc. -a

4.4788

-1.53%

4.07%

1.69%

-3.36%

Philam Managed Income Fund, Inc. -a,6

1.3227

2.77%

4.26%

2.76%

0.11%

Philequity Peso Bond Fund, Inc. -a

3.9761

1.46%

4.49%

2.75%

-0.62%

Soldivo Bond Fund, Inc. -a

-1.53%

1.0261

0.3%

4.13%

1.72%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2025

1.71%

5.28%

3.06%

-0.11%

Sun Life Prosperity GS Fund, Inc. -a

0.65%

4.55%

2.36%

-0.57%

1.745

Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a

$484.98

2.79%

3.14%

2.34%

ALFM Euro Bond Fund, Inc. -a

Є219.86

2.33%

1.14%

1.2%

0.31%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1809

-2.65%

2.02%

1.17%

-7.77% -2.63%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259

0.23%

0%

1.59%

0.95%

PAMI Global Bond Fund, Inc -b

$1.049

-1.44%

0.39%

-0.6%

-4%

Philam Dollar Bond Fund, Inc. -a

$2.4927

2.8%

5.01%

2.23%

-1.69%

Philequity Dollar Income Fund Inc. -a $0.062852 4.42%

3.48%

2.23%

0.86%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1556 -0.28%

3.01%

1.08%

-2.11%

2.52%

0.27%

Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a

130.16

1.91%

3.08%

First Metro Save and Learn Money Market Fund, Inc. -a 1.052 1.19% n.a. n.a.

Sun Life Prosperity Money Market Fund, Inc. -a 1.3043

1.83%

2.88%

2.57%

0.37% 0.59%

Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0571

1.27%

1.69% n.a.

0.45%

Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.2453 n.a. n.a. n.a.

10.24%

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2

$1

7.53% n.a. n.a.

2.04%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU).

1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019.

4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019.

6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund).

7 - Launch date is July 6, 2020.

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

www.businessmirror.com.ph

Banking&Finance

Subsidies to GOCCs drop by 38% in Jan-Apr period

By Bernadette D. Nicolas @BNicolasBM

T

HE national government extended 38-percent less subsidies to companies it owns or controls from January to April this year compared to last year.

Data from the Bureau of the Treasury showed subsidies given by the national government to government-owned and -controlled corporations (GOCCs) in the first four months of the year dropped to P35.255 billion from P56.856 billion in the same period a year ago.

Most of the subsidies from January to April this year went to major non-financial government corporations that received a total of P21.762 billion. Meanwhile, the remaining P13.493 billion was taken by other government corporations. Government financial institutions have yet to receive any amount since the start of the year.

The National Irrigation Administration (NIA) received the biggest amount of subsidy during the period at P10.885 billion or equivalent to 30.88 percent of the total subsidies released from January to April.

Taking the next spot after NIA

was Philippine Health Insurance Corp. (PHIC) which received P8.954 billion. It was followed by National Food Administration (P7 billion), National Housing Authority (P3.225 billion) and Bases Conversion and Development Authority (P944 million).

For April alone, the government disbursed P23.836 billion, a 30.74 percent drop from P34.416 billion in the same month last year.

In April this year, the bulk of the amount of subsidies released for the month was given to major non-financial government corporations, which received P13.704 billion while other government corporations got P10.132 billion.

The national government provides subsidies to state-run firms to fund operations not covered by the corporate revenues or to finance specific programs or projects.

Last year, the national government spent a total of P230.42 billion in subsidies to GOCCs, the highest since 1986 when the government started collecting data.

The PHIC cornered the biggest allocation, receiving P62.4 billion or 27 percent of the total subsidies released during the period.

Perspectives The race to decarbonize– Impact of China’s net zero ambition on Asia

O

N September 22, 2020, President Xi Jinping announced China’s plan to become “carbon neutral” before 2060, establishing itself as a climate leader, racing ahead of the United States. China’s “Net Zero” goals could avoid the release of nearly 215 billion tons of CO2 over the next four decades. If successful, this effort alone is expected to cut about 0.2°C to 0.3°C from global warming projections, helping contain the mean global temperature rise to 2.35°C above the pre-industrial levels by 2100, instead of 2.59°C. The country is aiming to reduce its emission intensity by 65 percent by 2030 from 2005 levels.

China’s announcement is expected to influence other developing countries including those in the Association of Southeast Asian Nations (Asean) to follow suit. In fact, Japan and South Korea made their net zero commitments public within weeks of China’s announcement, setting the tone for decarbonized economic growth in Asia. While it is too soon to extrapolate the onset of a trend, their commitments set a precedent and put pressure on big emitters to scale-up their carbon reduction targets. It also creates big opportunities which would be unleashed by the wave of investment into de-carbonization technologies.

With growing focus on mitigating climate risks and achieving the Paris Agreement goals for 2050,

countries worldwide are realizing the importance of decarbonizing the transport sector—which accounts for one-fourth of the global greenhouse gas emissions in 2019.

Direct electrification of transportation (use of electric vehicles or EVs) and the use of green electrolytes (when direct electrification is not possible) are being considered as the most efficient means of reducing sector emissions. However, this has also led to the need for decarbonizing electricity generation.

According to a study by the universities of Nijmegen, Exeter and Cambridge, an electric car’s average lifetime emissions are up to 70-percent less than a petrol car in countries such as France and Sweden (with high share of renewableand nuclear-generated electricity), and nearly 30 percent lower in the United Kingdom. This has led to a heightened demand for renewable electricity and electro fuels, including hydrogen, to promote clean mobility.

The excerpt was taken from “KPMG Thought Leadership, A balancing act: Privacy, security and ethics.” © 2020 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent member-firms affiliated with KPMG International Ltd., a private English company limited by guarantee. All rights reserved.

For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

BusinessMirror

Editor: Dennis D. Estopace • Monday, June 7, 2021

5 senators press BIR: Rescind 150% private school tax hike

A

By Butch Fernandez

@butchfBM

T least five senators have now come out with a strong appeal to the Bureau of Internal Revenue (BIR) to reconsider its implementing rules that increased the income tax of private schools from 10 percent to 25 percent, saying this violated the intent of the law (Republic Act 11534) to raise revenue while granting relief to businesses, including private schools, hard hit by the pandemic.

In separate instances, Senators Sherwin T. Gatchalian and Maria Lourdes Nancy S. Binay added their voice at the weekend to those of Senate President Ralph G. Recto, Juan Edgardo M. Angara and Joel J. Villanueva. These senators had warned the BIR its “wrong” interpretation of RA 11534 grossly twisted the spirit of the measure and will bankrupt many private schools.

It is ridiculous, the three lawmakers stressed, for the BIR to more than double the tax of private schools (who had been paying 10 percent in the past) when RA 11534 or the Corporate Recovery and Tax Incentives for Enterprises (Create) law precisely brought down the corporate income tax of all other businesses to 25 percent in a bid to help them

recover from the lockdown-induced recession.

“The title alone of the law [Create] clearly shows its intention: corporate recovery and tax incentives,” Recto had pointed out. He aired serious concern raised earlier

by Villanueva and Angara who had moved to file a bill redressing BIR’s interpretation of the Create law through its Revenue Regulation (RR) 5-2021 imposing a 150-percent increase on the income tax of private schools.

The BIR last week decided with finality to reject the letter-appeal of the Coordinating Council of Private Education Associations (Cocopea) opposing RR 5-2021. The group wrote the appeal after exhausting legal avenues to have the BIR correct

the tax rate. This, over Cocopea’s plea that such would effectively double the rate they have been paying, of 10 percent.

Gatchalian on DWIZ

IN an interview with DWIZ on Saturday, Gatchalian said, “the BIR must suspend its revenue regulations because that is not the true intent of senators in the Create law.

The senators intended to grant discounts to private school,s because many of them—900, in fact—have closed down.

“Many schools lost students; so the senators would really rather spare them from paying taxes for the meantime,” he said, partly in Filipino.

Gatchalian told the DWIZ he was dismayed that “the opposite happened—those [schools] paying 10 percent are now told to pay 25 percent.”

“So obviously, the BIR is doing the reverse of what lawmakers intended,” the lawmaker said. Gatchalian added “this must be suspended immediately because it is certainly not the intent of the legislature.”

He stressed it was a “wrong interpretation” by BIR and that is why they “want the BIR rules suspended while the executive and legislative talk about this, because the schools are in a dire situation.”

He said the lawmakers’ true intent will be clearly borne out by the transcripts of their deliberations on CREATE, which is to “give tax relief for just three years, because of the pandemic.”

Gatchalian chairs the Senate’s basic education committee.

Binay weighs in

FOR her part, Senator Binay asked the BIR to “have a heart, spare schools from being taxed” wrongly.

“Many of our private schools have closed because of the pandemic. If this revenue regulation is enforced, certainly many more schools will shut down,” Binay said, partly in Filipino, in a statement issued last Sunday.

Under the BIR regulation issued on April 8, 2021, income tax on socalled proprietary educational institutions that are run by stock corporations would be increased to 25 percent from the current 10 percent.

“We passed the Create Law to help businesses survive the effects of the pandemic through tax incentives. The law plainly states (Section 2, paragraph d) the need to create a more equitable tax incentive system that will allow for inclusive growth and generation of jobs. There is nothing in the law that intended to add to the burden of the schools,” Binay said.

Binay said she supports Senate Bill 2272 filed by Angara, which seeks to amend a section of the National Internal Revenue Code and, thus, correct an erroneous interpretation on the tax imposed on proprietary educational institutions. While the Angara bill has yet to be passed, Binay reminded the BIR to be more circumspect in its interpretation of laws and applying additional taxes during a pandemic.

“Everyone is suffering. Many teachers were laid off, schools closed down; many academic institutions are on the brink of collapse—taxing private schools with 25 percent does not make any sense at all. Please, have heart,” she added.

China to make climate info disclosure mandatory

C

HINA aims to make disclosing climate and carbon emission information disclosure mandatory in the future, after first testing it with some commercial banks and listed companies, central bank Governor Yi Gang said.

“Our goal is to make a uniformed disclosure standard, and in the future, we will go in the direction of mandatory disclosure of climaterelated information,” Yi said last Friday during a panel discussion at the Green Swan conference hosted by the Bank for International Settlements.

President Xi Jinping’s pledge to make China carbon neutral by 2060 means the world’s toppolluting nation will need a drastic shift from fossil fuel to clean energy. The People’s Bank of China (PBOC) is seeking to contribute to that change by developing green finance and addressing related financial risks.

To cut emissions, the country will need an estimated 2.2 trillion yuan ($343 billion) of investment every year by 2030, and the figure will rise to 3.9 trillion yuan for the three decades leading to 2060, Yi said in April.

The PBOC has conducted stress tests to assess climate risks and provided policy incentives for banks to extend loans for green projects, according to Yi. It is also assessing the impact on inflation forecasts from the economy’s transition to green energy, he said.

The PBOC will publish the stress test results in the future, according to Yi. The review is part of broader testing that the central bank plans to conduct on all 4,024 banks this year to gauge

Smoke billows from factories. China seeks to make disclosing information on climate and carbon emission mandatory. Bloomberg News

their readiness to deal with potential shocks.

Yi also said China’s green bond taxonomy is about 80 percent similar to a separate one produced by the European Union. The PBOC and the EU are working on converging their taxonomies for green investment, with the aim of publishing a jointly recognized classification standard by the end of this year, he said in March.

The PBOC is tasked to ensure the country’s transition to green energy is a smooth one,

avoiding “sudden moves” that may trigger crises, Yi said.

China and other large developing countries need to set an emission cap and clear roadmaps as soon as possible, in order to show their determination and ensure their promises will be delivered, former PBOC governor Zhou Xiaochuan said in a speech earlier at the conference.

China also must rely on more investment in research and development to cut emission, he said. Bloomberg News

DOJ forms panel for possible case vs persons behind $2.1-billion Wirecard scandal

By Joel R. San Juan @jrsanjuan1573

T

HE Department of JusticeNational Prosecution Service (DOJ-NPS) has created a 2-man panel to conduct a preliminary investigation to determine if there is a probable cause to indict Wirecard AG’s Chief Operating Officer Jan Marsalek, former Department of Transportation Assistant Secretary Mark Kristopher G. Tolentino and several others in connection with the $2.1-billion fund scandal involving the company.

DOJ-NPS Assistant State Prosecutor Honey Rose E. Delgado, spokesman of Prosecutor General Benedicto A. Malcontento, said Senior Assistant State Prosecutor (SASP) Wendell O. Bendoval and Prosecution Attorney Ivn Maj M. Nopuente have been assigned to conduct the preliminary investigation.

The panel has yet to set the date for the hearings or submission of documents by the parties.

Last May 31, the National Bureau of Investigation and Bank of the Philippine Islands (BPI) filed

B3

a criminal complaint against Marselek; Joey Dela Cruz Arellano a.k.a. Joey Cruz Arellano; Judith Singayan Pe; M.K. Tolentino Law Office; and other unidentified individuals.

The NBI and BPI are seeking the indictment of the respondents for falsification of commercial documents in relation to Cybercrime Prevention Act of 2012 for allegedly issuing spurious documents such as bank certifications, account summaries, among others and violation of the provisions of for violation of the provisions of Republic

Act (RA) 8791 (General Banking Act), RA 11211 (New Central Bank Act), RA 10175 (Cybercrime Prevention Act of 2012) and RA 8792 (Electronic Commerce Act).

Delgado also said that aside from investigating the present complaint, the panel of prosecutors would also handle and consolidate pending or future cases that have related parties or involving the same controversy.

She was referring to the case filed by the Bureau of Immigration (BI) against its officers namely Perry Michael Pancho and Marcus Nicodemus for al-

leged falsification of public documents and violating the AntiGraft and Corrupt Practices Act. That case is now pending in court.

The two BI officers were accused of tampering with official records to make it appear that Marsalek entered the country on June 23 and left a day after.

Last year, BPI and BDO Unibank Inc. were dragged into the scandal after it was reported that they were allegedly holding trust accounts worth 1.9 billion Euros or $2.1 billion for the German payments processing firm

Wirecard AG. The money reportedly went missing prompting Wirecard to file for insolvency. But officials later said that the money never entered the country’s financial system.

BSP Governor Benjamin E. Diokno claimed that those behind the anomaly are only using the names of two banks to cover their tracks as initial reports showed none of the missing $2.1 billion entered the Philippine financial system.

Both banks have denied Wirecard was their client.

HarvardManagementUpdate BusinessMirror BusinessMirror

www.businessmirror.com.ph Monday,June 7, 2021 b4

Monday, July 13, 2020 B www.businessmirror.com.ph

Don’t Let Employees Pick Their

Work-From-Home Days

By Nicholas Bloom

A

In research with my colleagues Jose Maria Barrero and Steven J. Davis, as well as discussions with hundreds of managers across different industries, I’m finding that about 70% of firms, from tiny companies to massive multinationals, plan to move to some form of hybrid working.

As businesses make these arrangements, however, one question remains: How much choice should workers have in the matter?

On the one hand, many managers are passionate that their employees should determine their own schedule. We’ve been surveying more than 30,000 Americans monthly since May 2020 and our research data shows that 32% of employees say they do not want to return to working in the office after the pandemic. These are often employees with young children, who live in the suburbs, for whom the commute is painful and home can be rather pleasant.

At the other extreme, 21% of respondents tell us they never want to spend another day working from home. These are often young single employees or empty nesters in city center apartments.

Given such radically different views it seems natural to let them choose. “I treat my team like adults,” one manager told me.

“They get to decide when and where they work, as long as they get their jobs done.”

Others, however, have raised two concerns that lead me to believe that employees shouldn't be left with that choice.

One concern is directly related to the management of hybrid teams. Specifically, I hear endless anxiety about the risk of generating an office in-group and a home out-group by allowing some

people to work from home and others from the office. For example, employees at home can see glances or whispering in the office conference room but can’t tell exactly what is going on. Even when firms try to avoid this by requiring office employees to take video calls from their desks, home employees have told me that they can still feel excluded. They know after the meeting ends that the folks in the office may chat in the corridor or go grab a coffee together.

The second concern is the risk to diversity. It turns out that who wants to work from home after the pandemic is not random. In our research we find, for example, that among college graduates with young children, women want to work from home full-time almost 50% more than men.

This is worrying given the evidence that working from home while your colleagues are in the office can be highly damaging to your career. In a 2014 study I ran in China at a large multinational, we divided 250 volunteers into a group that worked remotely for four days a week and another that remained in the office full time. We found that remote employees had a 50% lower rate of promotion after 21 months compared to their office colleagues. This huge promotion penalty chimes with comments I’ve heard over the years from managers. They often confided that homebased employees in their teams get passed over on promotions because they are out of touch with the office.

Adding this up you can see how allowing employees to choose their work-fromhome schedules could contribute to a diversity crisis. Single young men could all

www.freepik.com

s US states and the federal government start to roll back Covid-19 restrictions, and companies and workers start to firm up their office return plans, one point is becoming clear: The future of work is hybrid.

choose to come into the office five days a week and rocket up the firm, while employees with young children, particularly women, could choose to work remotely for several days each week and get penalized for it. This would be both a diversity loss and a legal time bomb for companies.

So I have started advising firms that managers should decide on which days their team members should work from home. For example, if the manager picks remote work on Wednesday and Friday, everyone would come in on the other

days. The only exceptions should be for new hires, who should be asked to come in for an extra office day each week for their first year in order to bond with other new recruits.

Of course, firms that want to use their office space efficiently will need to manage centrally which teams come in on which days. Otherwise, the building will be empty on Monday and Friday—when everyone wants to work remotely—and overcrowded midweek. To encourage coordination, companies should also make sure

that teams that often work together have at least two days of overlap in the office.

The pandemic has started a revolution in how we work, and research shows this can make firms more productive and employees happier. But all revolutions are difficult to navigate, and firms need leadership from the top to ensure the workforce remains diverse and truly inclusive.

Nicholas Bloom is the William Eberle professor of economics at Stanford University.

Data-Driven Approach to Identifying, and Retaining, Top Employees

T

By Kon Leong

he so-called war for talent, a notion bandied about in the media since it was first coined by McKinsey & Company in 1997, is taking on a whole new meaning as we plan for a postCovid world. The competition to find and retain talent has only been exacerbated as workplaces have moved to virtual and hybrid configurations held tenuously together by remote collaboration. The expansion beyond brick-and-mortar operations essentially nullifies many former practices for identifying and nurturing talent; “management by walking around” just doesn’t work anymore.

At the same time, mountains of new data are suddenly available to help companies answer key questions about their workforce and its needs. The rise of digital collaboration platforms and new methods for harvesting data, along with new technologies and novel approaches for finding and managing talent, are redefining how companies will build their workforces going forward.

As an information management company with expertise in big data, we often find ourselves implementing new approaches to identify talent for innovative organizations. And as a CEO in constant search for talent, I’ve seen firsthand how data can elevate a company’s hiring practices beyond the typical “intuition-based approach” to evidence-based decisionmaking that uses meaningful but easy-tomiss indicators. In the spirit of illuminating the path ahead, I’ve compiled some of

our key insights into this new paradigm.

Before looking elsewhere, search within

While “building” rather than “buying” is not a new concept in talent acquisition, the inherent difficulty lies in scouring the current ranks of your workforce to find the best fit for a new position. Internal hires, on average, receive higher performance reviews and cost less than their external counterparts, but 60% of hiring managers suggest internal recruiting could be improved by better identifying skills in existing employees. Thankfully, two digital trends have coalesced in the past year to make the task of identifying internal talent much easier.

First, remote work has increased the sheer volume of digital communications and work product generated by employees, propelled by the mass adoption of collaboration platforms like Microsoft Teams and Slack. Second, since organizations are usually obliged to manage this “unstructured data” for litigation, compliance, records-keeping and privacy, some have taken the next step of leveraging it to glean insights, or “people analytics.”

Employee data represents the keys to the human side of the corporate kingdom, and from it, practically every aspect of performance can be analyzed using technology available today.

Remember that technology is your friend

The utility of people analytics has only recently surfaced, but organizations have already started analyzing email and other messages to drive better in-

ternal hiring and promotion decisions.

For example, high-performing employees often leave electronic communication trails that cross departmental boundaries and place them in the center of informal networks—which can be identified through people analytics. Similarly, subject-matter experts can typically be found through lexical analyses and by examining criteria such as who is asked the most questions by other employees.

Organizations that harness these insights can significantly reduce the level of difficulty involved in finding internal talent and matching individuals with promotion opportunities.

Organizations abound with both new unfilled positions and old positions that may have lost significance in a virtual environment. Consider the field sales rep whose skill set has become underutilized, or the department tasked with managing on-premises technology and infrastructure that’s being displaced by cloud adoption. By looking at changes in communication volume, direction and sentiment, organizations can identify employees whose roles have been most affected. A program for repositioning and promoting certain employees to higherimpact roles can enhance corporate agility and should be a required first step when seeking talent.

Modify the corporate organizational puzzle

Beyond performance assessment, fundamental questions can now be addressed through people analytics. The flow of

communication can tell us a lot about how an organization truly operates. By looking at the whole puzzle, companies can start to understand the pieces they have, the pieces they need and how they fit together. What informal networks are at play that contribute to individual, departmental and companywide performance? How can the company identify and nurture the “movers and shakers” and ensure they are not overlooked, or worse, inadvertently lost? This type of human resource analysis can have an impact on corporate performance that is significant and immediate.

Technology can also help preserve corporate knowledge and memory. For example, the ability to analyze “Who knows what?” can alleviate the constant loss of institutional knowledge that occurs through the departure of key employees, including retiring baby boomers. To cite one instance, a dated software application running at a bank started acting up, and a quick data scan identified the expert who had recently retired. Solving the problem was a simple matter of offering him a new contract.

The possible use cases are limited only by imagination. For example, recruiting policies for sales roles can change drastically when management is able to track and analyze the quality and quantity of activity of new salespeople, thus predicting the probability of success or failure within a mere month or two. Put simply, the risks and costs of hiring errors are dramatically reduced when a company can gauge performance quickly and con-

fidently.

One cautionary note: Employee privacy should always be top of mind. While technology can pose both opportunity and challenge, it’s worth pointing out that strong control of data technology can be used to dial the degree of privacy toward one’s comfort zone.

The (virtual) road ahead in talent management

Technology is revamping talent acquisition and management. We should be aware of the ramifications and embrace them, or brace for the impact. On the plus side, there is a new transparency in human dynamics that can enable the next level of management—especially in our new virtual environments, where technology now spins the invisible web that holds the human network together. Other benefits include the hope that analytics will be more neutrally balanced toward workforce equity and diversity than many of the subjective methods used today. On a more cautionary side, it’s important to keep in mind that the power of such technology can be easily abused without diligent oversight.

Solutions are actively being devised for many areas of talent management still stuck in the shadows. Technology can be the candle, but you do need to strike the match to illuminate your options—and kindle the glow that nurtures your talent pool.

Kon Leong is co-founder and CEO of ZL Technologies.

Style

BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Monday, June 7, 2021

B5

Skin care on a budget: Does it work?

Five easy makeup hacks

Beauty never stops. Online schooling, virtual meetings, or quick errands give us that glimmer of light (if not an excuse) to break out our kikay kits and still be ready to look our best at any given time of the day.

That said, beauty shouldn’t be complicated. With lots of techniques, styles, and shades to choose from, figuring out the best that works for you can be a bit of a challenge. Avon’s Simply Pretty collection (www.avonshop.ph) is a multi-use and multibenefit beauty essential that can cover all the basics and allow you to take it pretty easy at home, at work, in class, or even outdoors.

Here, the global beauty brand shares fool-proof makeup tips you can practice on: Use a BB cream on the go (and blush, too!). Using BB cream does more than just cover up blemishes because it also moisturizes your skin. More importantly, it gives your skin a break from heavy makeup. So if you have no time to go through the whole primer-concealer-foundation base route, this one can help you out. Simply Pretty BB Matte Blush Duo is perfect for that, and also if you want to add some natural flush on your cheeks.

Tamed and on-fleek. Sometimes, a twitch of an eyebrow is all you need to make a statement. That’s why having unruly (most especially sparsed!) eyebrows might make a mistranslation of what you want to say. Applying Simply Pretty Brow Gel Mascara not only tames rowdy brow hairs, but it also tints them to fill in obvious gaps for a fuller look.

Spoon is key. Don’t you just hate it when you put on mascara and your already shaded eyelids get smudged after a few blinks? Well, an ingenious trick is to break out your favorite spoon and hold it over your eyelids while putting on Simply Pretty Full Lash Mascara as you normally would. This shields your eyelids from blotches, and can also serve as a stencil to draw that perfect winged liner.

Connect the dots for a more streamlined eye line. If you want a bolder look that makes you stand out, putting on eyeliner has always been the go-to look because it defines and refines your eyes—the Simply Pretty Eye Defining Pencil does just the trick. If drawing a decent line on your lids remains a challenge, start out with a few dots (or dash lines, whichever works for you) with the same width of the line you want. Connect everything together in one go and you’re set.

Draw your cupid’s bow with an X. Want to get more attention on your lips? Drawing on them will make them look fuller with the Simply Pretty Lip Defining Pencil. A good starting point is to mark an “X” that follows the natural lining of your upper lip. From there, fill in the rest with a lippie of the same shade and voilà.

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ever before has beauty been focused on skin care as it has been in the past year. With many people staying at home, beauty enthusiasts are now using more skin care than makeup.

Good skin care is essential at any age. It doesn’t have to be a full Korean routine with seven to 10 steps.

But it is important to cleanse and protect, if you just have enough patience and time for two steps. Cleanser and sunscreen is all you really need but one or two (or three) more steps won’t hurt.

Good skin-care products aren’t cheap. This is probably one reason why many hesitate to go into it.

But not all skin-care products cost P5,000 or more.

There are those that work and are priced at less than P1,000.

Here are some of them: n The Ordinary Niacinamide 10 percent + Zinc 1 percent is a controversial product that people either love or hate. It is probably The Ordinary’s most popular product, which promises to reduce blemishes, congestion in pores and help control excess oil. So does this work? It does most of the time but patience and time are required. It will not work instantly. Niacinamide helps reduce the appearance of fine lines and enlarged pores and fights the effects of environmental factors such as sunlight, pollutants and free radicals, all of which can harm the skin. Zinc, meanwhile, is an anti-inflammatory. This Deciem product is so popular that there are many fakes in the country’s e-commerce platforms. Be discriminatory and look at reviews of the shops selling them. The prices here range from P500 to P650. A good option would be to order from Cult Beauty and share shipping costs with friends who also want to buy Deciem products. n Hada Labo Goku-jyun Light Lotion is a “lighter” version of the original lotion and is formulated for those with oily, combination and sensitive skin. The main ingredient of this lotion is hyaluronic acid so

this moisturizes skin gently without making you oily.

Hyaluronic acid helps reduce the appearance of fine lines and wrinkles, and creates a plumping effect. The good thing about hyaluronic acid-based products is that they can be used by those with oily skin. The best way to use this lotion is after cleansing and toning and before applying serum and moisturizer. If you are super low maintenance, applying this lotion after cleansing would be okay. You can get this from Mentholathum official store on Lazada and Shopee for less than P700. n Deoproce Green Caviar Vitamin C Ampoule is a good serum for skin brightening. It’s made with green caviar (known to Filipinos as “lato”) that “helps boosts skin moisture and brightens dull skin for a clear and shiny finish.” Green caviar is an algae that helps boost collagen production and reduce the appearance of fine lines. The algae is also high in omega fatty acids, which help boost collagen repair and even out

Uniqlo made a bet on comfortable bras. Now it’s paying off

By Lisa Du & Grace Huang Bloomberg News A years-long bet on comfy bras and underwear has paid off for Japanese fashion retailer Uniqlo, as shoppers gravitated toward functional basics during the pandemic in a trend that looks set to continue in women’s wear.

Uniqlo, part of Fast Retailing Co. and founded

by Japan’s richest man Tadashi Yanai, edged out bra specialist Wacoal Holdings Corp. last year to become the top seller of women’s intimate wear in its home market after doubling its market share in recent years, according to Euromonitor.

That came alongside broader gains made by Fast Retailing during the pandemic, which surpassed Zara owner Inditex SA as the most valuable clothing retailer in the world for a few weeks in February thanks to its focus on basics like sweatpants and T-shirts, as opposed to fast fashion.

Much of the success in underwear was the result of Uniqlo’s decision to double down on producing wireless bras as early as 2011, years before a global shift toward more comfortable styles including sports bras and bralettes took hold. The decision was validated during the pandemic as even more consumers sought out comfort and value which further displaced wire bras.

The success means Uniqlo is now positioned to be a big player in women’s underwear, a rarity among apparel giants such as Zara, which have not focused as much on undergarments as it is a complex and fragmented sector.

“Underwear has become a very important product for Uniqlo’s brand image and for the company to communicate the functionality of its clothes,” said Takahiro Kazahaya, an analyst at Credit Suisse AG in Tokyo. “When a T-shirt’s quality has improved, that’s hard to show. But it’s easy to convey small upgrades in a bra.”

Retail trends during the pandemic also show that there’s continuing demand for wireless bras. In the US, bra sales fell 1 percent in the second half of 2020, compared to 19 percent for the overall apparel industry, according to New York-based market

research firm NPD. However, sales of wireless bras were up 14 percent.

Founder Yanai has staked future growth for the brand overseas, though Uniqlo faces major challenges in replicating its Asian success globally.

The brand has historically struggled in Western markets—its North America operations, which include the US and Canada, hasn’t been profitable for at least the last five fiscal years. Geopolitical tensions could also roil its fortunes, with the US disclosing that it had earlier blocked a shipment of Uniqlo shirts for violating an order that bars imports suspected to be produced by forced labor from China’s Xinjiang region.

It’s also unclear if demand for functional, comfy basics can be sustained as consumers in the US and other major western markets emerge from pandemic restrictions. Underwear sizing may also be tricky, given more diversity in body shapes in the West.

Fast Retailing declined to disclose details on Uniqlo’s innerwear sales, but said the wireless bra

was among the top 30 selling products in most of its markets. It’s also the fastest-growing product in the last decade within the women’s underwear segment, the company said.

Uniqlo managed to weather the pandemic due to profit growth in its Japan business in the last fiscal year and a strong geographic focus in Asia, where many countries managed to keep the coronavirus in check. Though sales decreased 12 percent in the 2020 fiscal year, Fast Retailing did not close many stores or conduct mass layoffs, unlike Hennes & Mauritz AB and Zara.

Andrea Caprotti, a 28-year-old game developer in Austin, Texas, says that Uniqlo’s wireless bras have become her go-to for working from home in the past year. She opts for them over bras from brands like Target or Old Navy due to Uniqlo’s quality, and though they do not give hold or support, “I think that’s what they are there for.”

“I think all women understand that wires are a necessity sometimes, but they really suck,” she said.

your skin tone. Deoproce Green Caviar Vitamin C Ampoule, which works like a serum, is available for around P1,400 from Amorfia.

If you are willing to spend more, Shiseido Philippines is celebrating its 31st anniversary in the country with exciting offers on shop.shiseido.com.ph and its other online channels (Rustans and Lazada). Worth checking out is the Vital Perfection Uplifting and Firming Cream (around P6,000+). This rich face cream promises lifting results in just one week. Vital Perfection is Shiseido’s antiaging range. This cream claims to address the appearance of lines, wrinkles, dark spots, elasticity and firmness.

Skin care is very personal. You may prefer budget products or go for something more expensive. The important thing is that you know what works for you. Consistency is also important in skin care. These products don’t work overnight. You need time and patience to see results. n

Adidas CEO sees sneakers and T-shirts in backto-office fashion Adidas AG’s Kasper Rorsted doesn’t yet know how much his employees will keep working from home in the years to come, but he’s pretty sure those at other companies will start resembling his sportswear-clad staff.

“It’s going to be very difficult to persuade people that have been sitting at home in flip flops and a jogging suit to get into brown shoes and a normal suit,” the chief executive officer of the German company said on a call with reporters on Friday.

Rorsted is predicting that the world’s back-tothe-office trend—however big it becomes—will only accelerate the acceptance of more casual clothing in the corporate world. That could sustain the boom in demand for sneakers and sports apparel that’s benefited Adidas and rivals including Nike Inc. and Puma SE over the past year. An increased focus on public health—and people eager to leave their homes after months in lockdown—should propel a long-term boost for Adidas’s running sneakers and hiking gear, he said. “There might be a slight slowdown on the sandals, but in the bigger picture, that will be minuscule,” he said.

What about Adidas’s staff, which already had some freedom to work from home before the pandemic? The US team is still working from home right now, along with employees in Europe.

In China, everyone is back in the office. Decisions will depend on local safety conditions and regulations, the CEO said.

“The question is, is it the best to work from home?” he said. “We will be discussing with our employees throughout the second part of the year and early next year to figure out what is the right long-term solution.” BLOOMBERG NEWS

PHOTO BY PARK STREET ON UNSPLASH

B6 Monday, June 7, 2021

Make snacking a high point of your lockdown days with Eden and Cheez Whiz by Mondelez

MPIF and MVP Group partner with DABSAJ, launch ‘Bike for Livelihood’

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ETRO Pacific Investments Foundation (MPIF), along with the MVP Group of Companies, launched its partnership with Gretchen Ho’s Donate A Bike, Save A Job (DABSAJ) program today, to collectively celebrate First Pacific Co. Ltd.’s 40th Anniversary, International Bicycle Day, and Chairman Manuel V. Pangilinan’s upcoming 75th birthday.

The “Bike for Livelihood” program with MPIF, First Pacific Co. Ltd., One Meralco Foundation, PLDT-Smart Foundation, and Maynilad, will distribute more than 500 bicycles to beneficiaries across the country, most of whom lost their sources of income to the COVID-19 pandemic.

The 500 bicycles will be distributed to different cities within Metro Manila such as Pasig, Manila, Quezon City, Malabon, and Caloocan.

MPIF also focused its allocation to its Shore It Up! partner sites in Marinduque, Alaminos, Pangasinan, Del Carmen, Siargao, Batangas, and Puerto Galera, Oriental Mindoro. Since these sites are primary tourist areas, most of their workforce lost their jobs due to the lockdown and the subsequent effect on tourist foot traffic. The bicycles, which will come with pocket Wi-Fis, will be used for alternative livelihood programs, intended to augment their affected income sources.

A percentage of the bicycles will also be given to government agencies, primarily to MMDA traffic enforcers who protect bike lanes and to DILGPNP’s physical contact tracers, intended to provide them with safe and individualized transport to carry out their duties efficiently.

Bicycles will also be provided to a specialized television program to be broadcasted by Cignal TV, the group’s television media network company, focused on supporting alternative livelihood and small-scale businesses.

Along with the bikes, 100 Smart Retailer Kits and 100 Smart Pocket WiFis will be distributed to beneficiaries as tools for these programs.

“The best solution to poverty is livelihood. If you could provide [people] with a means of making themselves a livelihood, whether by delivering food or medicine or water, I think that’s something we should

AT THE MVP GROUP’S “BIKE FOR LIVELIHOOD” PROGRAM PARTNERSHIP LAUNCH, 1ST ROW, FROM LEFT: DABSAJ Founder Gretchen Ho, PNP Chief for Administration Lt. Gen. Joselito M. Vera Cruz, Pasig City Mayor Vico Sotto, DILG Usec. Nestor F. Quinsay Jr.; 2nd row: PLDT CRO and Smart President & CEO Al S. Panlilio, MVP Group Chairman Manuel V. Pangilinan, MPIC President & CEO Jose Ma. K. Lim; 3rd row: OMF President Jeff Tarayao, PSF President Esther Santos, and MPIF President Melody del Rosario. support,” Pangilinan said. “I do hope they would use it for their families, so they can uplift their way of living. At the end of day, that’s what we’re all here for.

Social orientation is embedded in our Group's DNA.” “We want to refocus our corporate social responsibility towards more sustainable initiatives, starting with the development of alternative livelihood programs that provide long-term support to our partner communities,” says MPIC President & CEO Jose Ma. K. Lim. “Through this Bike for Livelihood project, we empower individuals whose livelihoods were jeopardized by the pandemic, to move forward to provide for themselves and their families.”

“You help those in need of assistance on mobility, so that they may still be able to go to their workplaces in the absence of sufficient and reliable public transport.

Biking also promotes health and wellness, while providing livelihood,” says Smart Communications President and CEO and PLDT Chief Revenue Officer Alfredo S. Panlilio. “A lot of delivery riders in Makati are riding a bike so maybe you can also open up your own business as a delivery rider so there’s a good perspective.”

A Bike-Friendly Culture

IN line with the partnership, the MVP Group has also pledged to promote a bikefriendly culture across the group. Through

the improvement of its existing facilities such as bicycle parking and shower areas for employees, as well as creating a bike loan program, the companies will take significant strides to support the thriving movement.

Maynilad has also pledged support to the project through the installation of drinking fountains in various local government units. Bikers will have access to these drinking fountains as they will be strategically located along bikers’ routes.

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MHCC properties fully support the United Nations Environment Program (UNEP) in their Campaign to phase out Single-Use Plastics (SUPs) in the Tourism Sector as it partners with the Philippine Center for Environmental Protection and Sustainable Development, Inc. (PCEPSDI) under the Transforming Tourism Value Chains (TVC) Project, and the Department of Tourism through their sustainability thrust Save Our Spots.

The UN Environment Program shares that globally, around one million plastic drinking bottles are being purchased every minute, while five trillion single-use plastic bags are used every year. Consequently, up to eight million tons of plastic are being swept to the world’s oceans annually, which in turn adversely affect marine biodiversity, communities, and wildlife. To add to this, recent reports

right snack, for the right moment and made the right way. It is the maker of iconic cheese brands such as Eden cheese and Cheez Whiz – both with equally rich histories of being part of Filipino snacks through the past decades.

Times may change but these brands remain #1 in their categories because of their unbeatable deliciousness, superior quality and versatility. Who doesn’t love Eden cheese on spaghetti – a Pinoy party classic? Or even Cheez Whiz on a warmly toasted slice of bread or pan de sal.

With more time being spent at home, it’s also right to be more creative with your snacks.

Today’s a good excuse as well to have delicious cheese treats. Good thing Eden cheese and Cheez Whiz can help you with that. Care to try Eden cheese as part of a fun charcuterie or as cheese sticks? Or maybe use Cheez Whiz as a yummy and nutrient-filled topping on fries and nachos? It has a taste that kids love so you can dip, drizzle and spread it along your favorite snacks! Cheez Whiz is also a source of Vitamin A, Vitamin D, Calcium and Phosphorus. There may be some uncertainty outside your homes still, but inside, you can be guaranteed to have fun snack and bonding moments with your favorite cheese brands.

For cheesy snack ideas and recipes, visit https://www.cheeseanything.com/.

Partnership with Donate A Bike, Save a Job

THE Donate A Bike, Save A Job campaign, started last year by Founder and WomanIn-Action Gretchen Ho, provided transport and livelihood to those who have been affected by the pandemic.

What started out with a social media post and 50 bicycles, drew in donations of more than 1000 bicycles given to 10 cities all over Metro Manila, as well as flood victims in Naga and Cagayan.

The “Bike for Livelihood” program coincides with the group’s initiatives for First Pacific Co. Ltd.’s 40th Anniversary.

Starting May 25th, the group has already distributed hot meals and care bags for frontliners, food bags for communities in need, pocket Wi-Fis to public schools and select barangays; and sewing machines for alternative livelihood programs of parishes and displaced tourism workers.

SMHCC properties promote sustainable tourism to phase out single use plastics from the UN Conference reveal that the COVID-19 pandemic worsened plastic pollution due to the heightened use and disposal of single-use times, which include: medical face masks, plastic gloves, hand sanitizer bottles, and food packaging.

“We are glad of the continuous support of SMHCC in our initiatives towards the promotion and implementation of sustainable tourism practices in the Philippines, specifically this campaign to reduce problematic single use plastics. We commend SMHCC in their continuous and creative efforts to minimize our carbon and plastic footprint on the planet,” Mr. June M. Alvarez, President & Executive Director of PCEPSDI shared.

The said campaign aims to strengthen the drive to reduce consumption of problematic single-use plastic items while strictly following health and safety protocols. As such, through awareness and mindful hotel practices that encapsulate hotel management, procurers, staff, tourists, and guests, all SMHCC properties engage in dedicated efforts to address the prevailing problem on the usage of plastics.

Specifically, Pico Sands Hotel and Taal Vista Hotel replaced their single use amenities (shampoo and body wash) with refillable 30mL bottles and have likewise shifted to using biodegradable take-out packaging instead of microwavable plastic containers. The said properties have also stopped utilizing individual water bottles

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RECENT survey on snacking behavior shows that snacking at home has become a bonding moment for more families as we continue to be on lockdown.

Parents also share that snacking has become one of the sources of satisfaction throughout the day, with them choosing snacks that are fun to eat.

According to the global State of Snacking report, snacking has enabled bonding among families during this isolating time of staying at home and having less interaction with people outside your household. Over three quarters of respondents have done something to connect with others via food, while 40% shared that they have made a snack together with their family members while on lockdown. The survey was commissioned by the parent company of snacks maker Mondelez Philippines to understand how the pandemic has affected snacking behaviors globally.

Snacking is an important and growing consumer behavior. Growth in snacking categories is set to outpace the broader food industry. It’s high time we understand more about snacking and the growing role it plays in people’s lives. Based from from the survey, 78% of work from home parents say that snacking is one of the few sources of reward and satisfaction in their day. Snacking makes a great escape and reward for their busier days.

48% of all snackers make sure to enjoy something fun to eat – a creative snack to bring excitement to their everyday at home.

Mondelez is a snacking company with 58 years of heritage in the country. It aims to empower people to snack right, with the

in guest rooms. As a substitute, glass pitchers, which can be refilled outside the room are made available. Meanwhile, Conrad Manila employs eco bags for guests’ laundry and slipper bags, coupled with the use of rice straws and wooden stirrers in their restaurants. Moreover, as part of the property’s commitment to constantly engage in Responsible Business, Radisson Blu Cebu advocates using paper straws, which are being served only upon request. Similarly, the packaging of the hotel’s pastry products has shifted to biodegradable full paper boxes. Collectively, all Park Inn by Radisson properties in Clark, North Edsa, Iloilo, and Davao match the aforementioned efforts with their ‘Refuse the Straw’ or ‘Skip the Straw’ campaigns, together with their strict adherence to using brown bag and environmentfriendly packaging for their takeaway food. Notably, SMX Convention Center likewise diverts its SMX water bottles to a sustainability partner for upcycling.

“Our partnership with PCEPSDI affirms SMHCC’s relentless commitment to the road towards sustainability not only for the present but also for future generations. As stewards of our ‘common home,’ SMHCC properties remain proactive in the efficient and responsible use of our resources that lead to operational productivity and to protecting the environment significantly,” said Ms. Peggy E. Angeles, Executive Vice President of SMHCC.

CLUB ANANDA INVITES SOON TO WED COUPLES TO HALO-HALO DATE. All soon to wed couples are invited to join Club Ananda’s Bridal Halo Halo Date on June 13, Sunday. In this bridal event, guests can view Club Ananda’s venues (Events Hall, Garden, and Waterpark) fully-styled by Il Fiore Flower Boutique and Town’s Delight Catering & Events.

Couples can also get free consultations with accredited suppliers, exciting promos and big discounts exclusive to the event, and wedding day tips and trends. There’s a free halo-halo for every guest, too! For pre-registration, please contact the Marketing Dept. at +639175506873, or go to Club Ananda social media accounts: @clubanandamain on Facebook, and club_ananda on Instagram.

NHMFC maintains ISO 9001:2015 Certification

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HE National Home Mortgage Finance Corporation (NHMFC) successfully maintained its ISO 9001:2015 Certification with zero non-conformities for the Securitization of Housing Loan Portfolios (Purchase of Housing Receivables, Collection of Amortization, Securitization, and Post Issuance of Bonds) and Borrower’s Services amidst the alternative work arrangements in the NHMFC head office and its seven (7) regional/satellite offices.

TÜV SÜD PSB Philippines, Inc. (TUV SUD), NHMFC’s third party certifying body, conducted a 100% remote surveillance audit on all sites on May 24- 28, 2021. TUV SUD auditors Reyshelle Manalo and Brenda Estonanto concluded the 5-day audit with a recommendation of Certificate Maintenance.

No major or minor non-conformities were observed by the auditors. This is a first time for NHMFC since it obtained its ISO 9001 certification in 2013. TUV SUD suggested only two opportunities for improvement (OFI) and only one requires action from the corporation.

“We are full of pride and prestige to be working in an agency that demonstrates and truly showcases world-class products and

services. Our continual efforts to uphold international standards in serving our clienteles are evident in maintaining our ISO 9001:2015 Certification, ” said NHMFC President Carlo Luis P. Rabat.

“NHMFC is committed to raising the bar on government housing services and is also gearing towards its preparation for another international standard, the ISO 27001:2013 or the Certification of Information Security Management System,” he added.

The success of this remote ISO audit is another milestone made possible through the convenient use of ICT tools invested in by the corporation. With the new normal situation, NHMFC has seamlessly transitioned its processes online for alternative work arrangements and continuously revisits its processes to ensure constant compliance with international standards.

NHMFC is one of the government’s key shelter agencies under the supervision of the Department of Human Settlements and Urban Development (DHSUD) headed by Secretary Eduardo Del Rosario. It is uniquely mandated to provide liquidity to the housing sector through its securitization program.

NHMFC officers and employees from the head office and its 7 regional/satellite offices led by President Carlo Luis P. Rabat (top row, 4th from left), gather virtually with TUV SUD auditors Reyshelle Manalo and Brenda Estonato for the closing meeting after a successful 5-day ISO 9001:2015 remote surveillance audit.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, June 7, 2021 B7

‘Silver linings’ in the time of the pandemic

PR Matters

By Joy Lumawig-Buensalido

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ORE than a year after Covid-19 sent us home to isolate or to be socially distanced, it feels like the Universe is causing us to mope over what we can’t do. We cannot hug or kiss our friends. We cannot shake hands. We cannot step out on a whim. We cannot be... spontaneous.

Which makes us wonder: can we be happy during a pandemic? Can we find joy even at this very sad and low point in our lives?

I was recently struck by a message that Pope Francis supposedly wrote, expressing sentiments that should help dispel the sense of isolation we feel while on quarantine.

“Isolation is what the seriously ill are experiencing in the hospital.

Stop saying that you are bored and upset that you cannot leave the house, while everyone in the hospital wants to go home. So thank God if you have to stay at home, because despite everything, with or without money, with or without a job, you are in the best place you could be: at home surrounded by who loves you.”

This led me to think that, indeed, despite all our perceived difficulties, the pain of losing friends and loved ones to a deadly disease, and the frustration we feel from the restrictions on our mobility, we must be thankful for the many blessings we can count. After all, we are still alive and well; there is a marked decline in Covid cases; and more of us are getting jabbed, giving us hope that this pandemic will soon end.

Simple, personal pleasures

Because health and wellness have become our primary concern, the following newly discovered habits help me focus on what is good.

I love to watch the sunrise from

Awards: APAC Tambuli Awards Executive Jury Chair Mark Tutssel shares statement on this year’s winners

MANILA, PHILIPPINES—At the conclusion of tonight’s virtual awards ceremony, the 2021 APAC Tambuli Awards proved to be a groundbreaking and innovative year. After the absence of a Tambuli Platinum winner for four years, the award-giving body has finally announced the recipient

of its most-esteemed Carmencita Esteban Platinum Award.

On this momentous occasion, APAC Tambuli Awards Executive Jury Chair Mark Tutssel shares his insights and congratulatory remarks with us.

This award shines a light on creativity as a force for good in the world. It galvanizes the broader industry to take action. Highlighting solutions that harness creativity and seek to positively impact the world.

Visionary brands understand that. They understand that doing good in the world is beyond public service and social corporate responsibility. People are interested in cultivating their own unique emotional relationships with cer-

my window every single morning as I jump-start the day with my online mass. In the past, I rarely had the chance to go to weekday mass because my daily schedule would be taken over by business meetings and appointments. Today, a 30-minute mass before breakfast has become my regular morning routine—my “me-time” for meditation, reflection, and listening to God’s words. Believe me, prayers are the best way to start and end a day.

The luxury of being able to sleep straight for six to seven hours is most definitely a blessing because so many people I know find it difficult to sleep for various reasons.

It is said that our health depends on the length and quality of our snooze time so I am grateful for my deep and restful sleep—and the pleasant dreams I often have.

Dreams are free!

The frequent downtime likewise gives me time to sort out the fun and happy memories of my life. Going through the countless photographs, letters, souvenirs, cards, journals, and albums I have collected over the years, I indulge in the wonderfully refreshing feeling one gets from poring over memories.

Exercise is another must to maintain good health. While I used to attend Zumba and group fitness classes, I have cheerfully acquired the habit of following “Walk Walk Walk” guru Leslie Sansone on YouTube and sweating it out at 30- to 45-minute sessions.

Biking around our village is another fitness routine I resumed with my husband after last year’s series of lockdown—and what a fresh, exhilarating way to move around and feel the wind against my face (yes, even with a mask)! I am now excited to see the growing

tain brands and will choose to connect with and buy from the ones that share their values and point of view. This is why purpose-driven brands are succeeding.

Purpose can align seamlessly with current trends—both in the world of advertising and human behaviour—giving them strength and momentum. When used effectively, purpose leads to dynamic business change.

A brand’s human purpose must be true to everything about the brand.

It’s simply a concise articulation of why a brand exists, what it believes, and what it’s trying to do.

An authentic purpose shifts the conversation from what a product does, to what it means. Human

number of bikers (kids with their families) in our community, proof that a healthy active lifestyle can wean youngsters from their gadgets and gizmos.

Personally, here’s another wonderful outcome of “sheltering in place”: with the help of technology and some very updated apps, I am able to speak daily with my only sister who resides abroad. It is as if she and I were next-door neighbors!

I also enjoy regular chats with my high-school classmates living in other continents. We tracked each other down, reconnected, and reignited our long-dormant ties.

It’s like magic! No longer stressed by full plates, we find time for what truly matters.

Business/work developments we can be thankful for

IN the realm of business and our former corporate environment, there is always reason to be happy and thankful. I simply gloss over the challenges and difficulties that some of my friends and colleagues whine about—and see the good side to every situation.

For instance, we may have relinquished our expansive office space, but remote work has given us more quality time for ourselves.

We may miss the office wi-fi, the interaction with co-workers, the office equipment, and the centralized air-conditioning, but our WFH mode does away with the stress of rush-hour traffic.

This gives us a little more time to sleep, a little more time to relax, and definitely a little more time for ourselves.

The pandemic has spurred us to switch to cashless payments and transactions, made possible by online banking and e-wallets such as GCash and PayMaya. Once reliant

brand purposes resonate with audiences instantly because they’re true and authentic.

It was an honor to preside over the 2021 APAC Tambuli Awards.

The jury was looking for the most influential creativity this year. Big game-changing ideas that create cultural impact at scale. Work that is brilliant in its thinking and innovative in its expression. Transformative work that positively impacts society and makes a real difference in people’s lives. Work that creates “HUMAN VALUE.” The jury awarded 8 Golds to some of the world’s most valuable brands—McDonald’s, Samsung, 7-Eleven, Telenor, Warner Music and An-Nahar Newspaper. Major brands that understand the best

on check or cash payments, I have made online banking my new best friend. I learned how to view my accounts on my cell phone and use these to transfer funds. Finance payments are now made faster and simpler by depositing these directly in people’s accounts. It may have taken me time to adapt to the digital space but I enjoyed challenging my capacity to learn and gained a new skill set.

Countless opportunities to learn virtually

THE pandemic also presented myriad opportunities for everyone to learn, not only from online courses, seminars and webinars, but also from listening, reading, talking, and simply appreciating virtual events from the confines of one’s home. Without the need to be physically present or with no need to travel great distances, we could instantly hear mass at the Vatican with the Pope, view the live movement of penguins in Australia, watch a global concert of our favorite musical artists, and listen directly to fashion icon Anna Wintour in a Masterclass.

These used to take so much time and resources to set up. But now the possibilities are endless.

Virtual press conferences and media interviews have become more efficient

HOW to hold press and media conferences initially posed the biggest challenge for many public relations practitioners at the start of the pandemic. How do we invite media to virtual media conferences or interviews? Won’t it pose technical glitches such as when the Wi-fi or gadgets or even the zoom connection refuse to cooperate? What about capturing the personality or the message of the person we want to introduce to the media? Won’t it be “lost in translation” somehow? What if the media does not show up?

work transcends advertising and creates something far more valuable for people.

A coveted Grand Prix was awarded to Samsung “Good Vibes.”

Most of technology is now audio-visual, and 500,000+ deafblind people in India have no way to communicate other than using sign language and Braille.

“Good Vibes” is a new form of smartphone communication, which means words aren’t just heard, but felt. This innovative technology translates voice and text messages into Morse Code vibrations, and vice versa, bringing inclusivity to so many Indian people.

And this year the jury awarded the first-ever prestigious Tambuli

As proven in the past year and a half, we in PR and Communications had to be doubly resilient and adaptive to changes. We had to innovate to improve previous practices. Despite recurring technical problems in our country, we managed to launch new products virtually, set up media events in a better organized manner, and enjoyed the support of our media friends. It was just a matter of ensuring that they always got newsworthy information and were provided with a credible source of new materials they could share with their readers. And in all cases, we made sure that they found a valid reason to spend their precious time with us.

In essence, the single common denominator for all the pleasures, the positive corporate practices, and the changes we listed above is simply...time. The availability of more time has allowed us to reassess, review, re-evaluate and restore a good balance to everything we had been too busy with prior to the pandemic. Time has given us the chance to improve ourselves now that we have adjusted to the restrictions and the “isolation.”

Time, which used to be our “enemy,” has turned into an ally and a true and constant friend. It just depends on how we use it.

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premiere association for senior communications professionals around the world. Joy Lumawig-Buensalido is the President and CEO of Buensalido & Associates Public Relations.

PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@ gmail.com.

Platinum award after four years of not having a platinum winner.

It was bestowed upon the winner, Telenor Pakistan, for a project that epitomises the company’s commitment of empowering societies and reducing inequalities. 60 million Pakistani children are invisible in the state as unregistered citizens, which means they are devoid of their legal right of identity. Telenor Pakistan leapfrogged outdated, paper-based processes and launched a simple mobile app, “Digital Birth Registration.” This innovative approach to help remote communities opened up a world of opportunity.

With over 1.2 million birth registrations across 36 districts in the country, means that over a million children now have an identity.

Sports

Dagupan City pride Vasquez vies in Paris Olympic qualifier

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BusinessMirror

B8

| Monday, June 7, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

By Josef Ramos

OHN ENRICO “JOCO” VASQUEZ is a young man on a tough mission in Paris— make Dagupan City proud of having its first Olympian.

Vasquez flew to the French capital at noon on Sunday with his coach Chino Veguillas on board a Singapore Airlines flight. There, he will rendezvous with fellow kata artist Filipino-Japanese Sarah Pangilinan and six other kumite bets who will vie in the Karate Olympic Qualification Tournament.

“I’ll just do my very best. I’ll just do what I learned during my tough training,” Vasquez, 20, told BusinessMirror a few hours before his flight. “I expect myself to be the underdog. I am the smallest participant there, I have to admit.

Vasquez stands a compact 5-foot-1 but in karate’s kata, height isn’t much of a factor—it’s the form that counts.

“Europeans and Westerns are bigger and athletic so they will be more on power, while Asians, small as they are, are more on the athletic side. So I will lean on my speed,” said Vasquez, a junior Accountancy student at San Beda.

The qualifiers are set from June 11 to 13 at the Stade Pierre de Coubertine Sports Hall in Paris Vasquez clinched bronze in the individual and team kata events at the 2019 Southeast Asian Games, thus the Olympics are an enormous stage for him and the Paris qualifiers an extremely crucial task for him to accomplish.

“I’ll fight for my family, for Dagupan City, for Karate Pilipinas and for the country,” said Vasquez, who, like everyone else, had to endure virtual training for more than a year because of the Covid-19 pandemic.

He thanked Dagupan City Mayor Brian Lim for additional funding, the Dagupan City Sports Commission for his anti-Covid-19 vaccine and swab testing, Ken Hadachi (Heiken) and Atty.

Delmar Cruz for processing his Schengen visa.

Vasquez trained at his father’s Dojo, Enrico Vasquez Wado Ryu Karate Home Dojo, near their home in Malued District in Dagupan City.

Ranked No. 20 in the World Karate Federation’s male under-21 category, Vasquez, a product of the Mother Goose Special Science High School, could be the first Filipino Olympian from Dagupan City.

Also vying in the qualifiers are kumite bets Junna Tsukii (women’s -50 kgs), Jamie Lim (women’s 68 kgs), Joanne Orbon (women’s 61 kgs), Ivan Agustin (men’s -75 kgs), Sharief Afif (men’s +75 kgs), Jason Macaalay (men’s -67 kgs) and Alwyn Batican (men’s -67 kg).

JOHN ENRICO “JOCO” VASQUEZ has a tough mission in Paris.

ROGER FEDERER needs four tight sets to reach the French Open’s fourth round. AP

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FEDERER LABORS ON FRENCH CLAY

ARIS—Roger Federer was honest with himself, and everyone else, before the French Open, saying he knew he didn’t have any chance of winning the title. He arrived in Paris, after all, having played just three matches over the preceding year-plus following two knee operations.

Still, neither he, nor anyone else, probably expected Federer to have such a hard time getting out of Week 1 at Roland Garros. Eventually, he avoided what would have been his earliest loss there since 2004 by pulling out a 7-6 (5), 6-7 (3), 7-6 (4), 7-5 victory over 59th-ranked Dominik Koepfer that began Saturday night and ended as 1 a.m. approached—with no crowd present because of a Covid-19 curfew.

“He was a tough nut to crack, really,” Federer said. “My fighting spirit, for once, got me over the line.... I tried to be really motivated, and see what could be done.”

Federer, a 20-time Grand Slam champion who turns 40 on August 8, was last bounced from the French Open in the third round 17 years ago; since then, his successes there included winning the 2009 trophy and getting to four other finals (losing to Rafael Nadal each time).

But Federer couldn’t hit through the court or always successfully employ attacking tactics across the more than three-anda-half hours, with temperatures in the low-60s Fahrenheit that created cooler, heavier conditions than in recent days.

He never quite could wrest complete control against Koepfer, a

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OKYO—Japanese sexual minority groups and their supporters, in a last-ditch effort to get long-sought equality legislation passed before the Tokyo Olympics, submitted requests on Friday to the governing Liberal Democratic Party, whose conservative members have stalled the bill.

The groups also have widened their

RICK OLIVARES | bleachersbrew@gmail.com

BLEACHERS’ BREW and speculating with all the he said, he said? Is that proper public relations? Or are people simply hoping to keep quiet until the next scandal, problem, or concern crops up and people with short memories forget and shift their attention?

Why did this sports official ask a website that a story be taken down?

shook his right fist. On the other side of the net, Koepfer grabbed his own throat. Koepfer showed more frustration in the fourth, when he disagreed with a line call, walked over to the ball mark, then leaned over to spit at it.

That drew a point penalty for unsportsmanlike conduct.

“Can’t spit.... Covid rule,” Koepfer said he was told.

Down a break, he broke back and extended the fourth set until Federer broke in the next-to-last game, then served out the victory.

“However old he is, and he’s still crazy fit,” Koepfer said.

Federer reached the round of 16 at a major for the 68th time, extending his men’s record— ahead of Novak Djokovic, with 54, and Rafael Nadal, with 50.

They are all in the same half of a Grand Slam draw for the first time, and all face Italians on Monday: No. 8-seeded Federer vs. No. 9 Matteo Berrettini, No. 1 Djokovic vs.

Lorenzo Musetti, and No. 3 Nadal vs. No. 18 Jannik Sinner.

Federer made plain last month that he viewed this event as more of a way to prepare for a title bid at Wimbledon, which begins June 28, than any kind of opportunity to break his tie with Nadal for the most Slam trophies for a man.

“I’m just realistic and I know I will not win the French—and whoever thought I would, or could, win it is wrong,” Federer said at the time. ”Of course, crazier things might have happened. But I’m not so sure in the last 50 years at the French Open, somebody just walked up at 40 years old, being out for a year and a half, and just [went] on to win everything.” AP

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EW YORK—Brad Cox insisted he wasn’t sitting around waiting or worrying about whether a disqualification of Bob Baffert’s Kentucky Derby winner would give him his first victory in a Triple Crown race.

Essential Quality captured the Belmont Stakes on Saturday to make sure Cox wouldn’t need to wait a second longer to be a Triple Crown race-winning trainer.

The striking gray colt who was bet down 6-5 as the favorite passed early leader Hot Rod Charlie around the final turn and charged ahead to the wire to win the one-and-a-half mile $1 million race in front of 11,238 mostly maskless fans at Belmont Park.

Cox could be a Derby champion with Mandaloun if Baffert-trained Medina Spirit is disqualified for failing a postrace drug test. Two samples have confirmed the presence of the steroid betamethasone, though Kentucky officials have not yet announced the horse’s disqualification—a move that would elevate Mandaloun to the top spot.

But Cox was able to enjoy this one with Essential Quality beating Hot Rod Charlie by one-andone-fourth lengths. Essential Quality did so in 2:27.11, taking advantage of an unexpected hot pace set by Hot Rod Charlie.

“I thought it benefitted our horse,” Cox said. “Hot Rod Charlie ran a tremendous race and I thought [with] the hot pace we were in a good spot where they would come back.”

Essential Quality, who opened as the 2-1 favorite, paid $4.60 to win, $3 to place and $2.60 to show. Preakness winner Rombauer was third and Known Agenda fourth.

“That was a long way

around there a mile a half, but it was exciting,” Cox said. “It looked like the horse on the inside, he still had run left. I knew it was going to be a battle down the lane.”

Essential Quality finished fourth as a beaten favorite in the Kentucky Derby because of a rough trip. Essential Quality showed in the Belmont why he has long been considered one of the top threeyear-olds in the country.

“He has never run a bad race in his life, and I think he showed today he met the test of a champion,” said Jimmy Bell, president of Godolphin Stable that owns Essential Quality. “To do what he did as a two-year-old and come through these races as a threeyear-old with the mile-and-a-half classic, it’s a great tribute to him.”

Backdooring his way to becoming the first Louisville-born trainer to win the Kentucky Derby wouldn’t allow Cox the same joy of victory as the Belmont, which the up-and-coming star will likely remember as his first true Triple Crown triumph.

And Cox saw this coming. He predicted last summer that Essential Quality would be his horse for the Belmont, and that proved true in beating a tough field of seven other horses.

“Luis did a fantastic job of getting him in position turning for home and he was able to really show his stamina late,” Cox said.

It was something of redemption for Saez, who thought he had his first Triple Crown win finishing first in the 2019 Derby with Maximum Security. But Maximum Security was disqualified for impeding other horses.

There was no DQ this time.

“This is my second home,” said Saez, who dedicated the race to the memory of his younger brother Juan who was killed in a riding accident in 2014. “This was the race I wanted to win.” AP

JOCKEY Luis Saez rides Essential Quality to victory in front of 11,238 mostly maskless fans at Belmont Park. AP

Shiga expresses strong desire to acquire Kiefer

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campaign to gain corporate support for their cause in hopes of pressuring Prime Minister Yoshihide Suga’s pro-business party to support the legislation.

“In order to protect the lives and livelihood of sexual minorities, enacting a LGBT law that states discrimination is not tolerated is an indispensable first step,” said Kane Doi, Japan director for the New Yorkbased group Human Rights Watch.

“An enactment of such a law in Japan ahead of the Olympics is also necessary for the international community,” Doi said, adding that Japan needs to demonstrate its

commitment to ensuring equality for LGBTQ athletes, journalists and other participants in the Olympics, set to begin July 23.

Support and awareness of sexual diversity has slowly grown in Japan, but there is still a lack of legal protections for lesbian, gay, bisexual and transgender people. Japan does not legally recognize same-sex partnerships, and LGBTQ people often suffer discrimination at school, work and even at home, causing many to hide their sexual identities.

“Japan is far behind the international standard,” said Yuri Igarashi, cochairman of the Japan Alliance for LGBT Legislation. She noted growing support from the business community, including Panasonic, which on Friday became the 23rd company pledging support for the cause. AP

HE Shiga Lakestars management canceled a virtual press conference to air its side on the Kiefer Ravena issue on Monday, saying holding the activity at this point in time “may add more confusion to the situation.”

“We have decided to postpone the press conference until a more appropriate time, as holding a press conference with Ravena and us at this time may add more confusion to the situation,” Shiga Lakestars management said in a statement.

“We will continue discussions to resolve this issue.”

The Philippine Basketball Association (PBA) Board of Governors on Saturday told a virtual press conference that it has rejected Ravena’s desire to play in the Japanese B. League, stressing the NLEX superstar must honor his contracts with his team and the league’s Uniform Players’ Contract.”

The Shiga management said in

the same media statement that it would continue its discussion to try to get Ravena’s services.

“On June 2, we had an official announcement of signing Kiefer Ravena for the 2021-2022 season,” the statement said. “However, after the announcement, it was reported in the Philippines that there are issues in his current contract.”

Ravena and his agent Marvin Espiritu didn’t reply to BusinessMirror’s texted questions or returned calls.

Shiba signed Ravena to a oneseason contract, with the former Ateneo ace reportedly receiving four times the salary he receives from NLEX. He signed a fresh three-year contract with the Road Warriors last September and pegged at the league maximum P420,000 a month.

Ravena’s younger brother Thirdy plays for San-en NeoPhoenix also in the Japanese B. League. Josef Ramos

Was it because the writer asked questions to why a certain team’s performance wasn’t so good?

Is it really “good vibes” stories he wants or is he trying to cover his ass because the people he chose for the job got their butts kicked? Why is this person even in that position? Pray tell, what has that person done to deserve it?

What is exactly going on between this boxer and his sports federation? A press release was sent out the other day by the federation talking about how this boxer is doing this and that but why am I told the hatchet has yet to be buried?

Whatever happened to that football team that never paid its players and had dubious owners?

Why were they allowed to operate

in the first place? How is pointing the problem out detrimental to the game?

If someone fooled you with your own pay won’t you raise a ruckus? Why is there a gag order on such? Why does it seem to be widespread? Does sweeping problems under the rug automatically make things go away?

Or did this play right into their hands so people forget the issue?

Why are players afraid to speak up?

Why is there a climate of fear everywhere? Why is there so much incompetence? Why is it so hard to do the right thing? Or is this the blindness that some men wish for?

Do we have a grading system for sports federations? Do they

even have set objectives in a given year or during their tenure? If they do, can’t their grades be the determining factor if they can be accepting to sit in that position again? Why does it have to come from voting when cronies can be in position?

But the corollary to that is who grades them? Is it possible that the oversight committee can be biased for or prejudiced against officials? Can people actually be objective?

So what is the best way to sort out the gaggle of underperforming sports federations and overstaying characters who haven’t really done smack?

Why are basketball teams with dubious coaches and players al-

lowed to operate? Does anyone vet them? Why cannot people tackle the issues of game fixing head on?

Are people afraid? Who is being protected? Is the public continuously being taken for a ride?

Why is it that kissing ass gets you farther than actually doing good? What the heck are we teaching people (and now you wonder why this country is like this)?

Is nothing sacred?

When do people start getting real answers, honest to goodness change, and real results after what seems to be in an interminable amount of time?

I guess when all these things happen, people like me can stop asking questions. Or maybe not.

Wanna bet?

Japanese LGBTQ activists push for equality law before Olympics

A whole lotta questions WHAT is all this secrecy? Why can’t people be more forthright and honest instead of not saying anything?

Was there a release or not? If there was, why was it not forwarded to the powers that be?

If there was none, why was there this social media post?

Why leave the public hanging

27-year-old left-hander from Germany with zero tour-level titles, a losing career record, a best ranking of No. 50 and only one run as far as the fourth round at a major.

Adding to the oddness of it all was the lack of spectators, who almost assuredly would have tried to offer a boost to Federer, who might not have many—any?—more French Open appearances in him.

Scheduled night matches are new this year at Roland Garros, and ticket-holders are ushered out before 9 p.m. as part of pandemic precautions.

So applause at Court Philippe Chatrier was limited to the handful of players’ guests.

“First time [with] no fans in a long, long time—or ever in my career,” Federer said. “That was definitely very unique in many ways.”

Certainly was unusual to hear the clang of Federer hitting balls off advertising signs between points or muttering at himself after some of his 63 unforced errors—23 more than Koepfer.

Koepfer’s serving became increasingly effective in the middle sets, yes, but the biggest issue for Federer was his own propensity for mistakes.

The second-set tiebreaker illustrated that well: From 2-all, four groundstroke errors by Federer gave set points to Koepfer, who played college tennis at Tulane. A wide backhand ceded the set.

“I wasn’t sure after the second set,” Federer said, “how much was left in the tank.”

In the third, Federer fell behind by a break but managed to recover.

When his drop shot drew a wide reply to end that tiebreaker, he

Essential Quality wins Belmont Stakes