BusinessMirror June 08, 2022

Persisting logistics crunch squeezes supply

By Jasper Emmanuel Y. Arcalas

T

@jearcalas

HE Philippines’s food supply continues to reel from persisting global logistics problems, such as lack of vessels and port congestion, forcing delayed arrivals of certain commodities such as french fries, cheese curd and even chicken leg quarters (CLQ).

Cold Chain Association of the Philippines (CCAP) President Anthony S. Dizon said the absence of certain commodities in the domestic market is not caused by supply shortages but by the longstanding global logistical crunch borne out of the Covid-19 pandemic worsened by the UkraineRussia conflict.

“There are no supply constraints

from our sources of french fries and even cheese curd. The problem is purely logistics,” Dizon told the BusinessMirror.

“Shipping lines are still not able to streamline their operations to various disruptions. Supply lines have been constricted because of political disturbances globally,” he added.

Citing estimates from shipping industry players, Dizon said freight costs have gone up this year by 10 times compared to last year’s average quotations.

Dizon explained that food importers are still enduring a lack of shipping vessels and longer transit times due to congestion in key trading ports abroad. “ There is no direct shipping line from the United States or

Europe to Manila. We have to transship and use feeder outs, either in Hong Kong, which is in China, or in Singapore,” he said.

US port congestion

A nother log istics industr y source confirmed to the BusinessMirror that US food exporters continue to wait for weeks for an available vessel due to worsening port congestion. China’s zero Covid-19 policy continues to shock supply chains as the country imposes strict lockdowns even after confirming few cases within a given city or area.

An S&P Global Commodity Insights report last month pointed out that the port congestion situation in both the US, particularly in the West Coast, and China

continue to worsen as container demand continues to exceed current global capacity.

In terms of imported chicken CLQ supply, Dizon explained that the country might be slightly affected by the impact of bird flu on US poultry farms.

Dizon also pointed out that recent dressed chicken inventory reading of about 21,400 metric tons (MT) is quite “thin” relative to previous stock levels that were above 30,000 MT to close to 40,000 MT. But Meat Importers and Traders Association (Mita) spokesperson Paolo Pacis told the BusinessMirror that the country’s pork and chicken supply, particularly See “Logistics,” A2

BusinessMirror BusinessMirror

OF MANILA JOURNALISM AWARDS ROTARYROTARY CLUB OFCLUB MANILA JOURNALISM AWARDS

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

EJAP JOURNALISM AWARDS EJAP JOURNALISM AWARDS

BUSINESS NEWS NEWS BUSINESS SOURCESOURCE OF THE YEAR OF THE YEAR

(2017, 2018, 2019,2018, 2020)2019, 2020) (2017,

DEPARTMENT OF SCIENCE AND TECHNOLOGY DEPARTMENT OF SCIENCE AND TECHNOLOGY 2018 BANTOG MEDIA AWARDS

2018 BANTOG MEDIA AWARDS

broader look atattoday’s today’s business AA Abroader broaderlook lookat today’sbusiness business

www.businessmirror.com.ph

Wednesday, June 8, 2022 Vol. 17 No. 243

P25.00 nationwide | 2 sections 20 pages | 7 days a week

SLOWING POVERTY WAR SEEN ON 5.4% INFLATION n

By Cai U. Ordinario

BSP expected 5+% inflation, but watching risks ahead

@caiordinario

R

ISING consumer pr ices would make it more challenging for the incoming administration to significantly reduce the number of poor Filipinos, according to local economists.

On Tuesday, the Philippine Statistics Authority (PSA) reported that inflation increased to 5.4 percent in May 2022, a 37-month high.

Inflation in May was the highest since November 2018 when inflation reached 6.1 percent.

Based on PSA data, the higher inflation was caused by price surges in food, transportation, and sin products. In May 2021, inflation was at 4.1 percent and was at 4.9 percent in April 2022.

“The Russia-Ukraine conflict has disrupted the global supply chain and elevated commodity prices, particularly for fuel. We have seen how a single crisis can set us back, so the Duterte administration has pursued both short- and long-term interventions to increase the resilience of our domestic economy against external shocks,” Neda chief Karl Kendrick Chua said.

Inflation is only bound to increase, especially in light of the estimates made by Department of Agriculture (DA) Undersecretary for Planning Fermin Adriano that rice prices could increase by at least P4 to P6 per kilo in light of the Russia-Ukraine war and the shipping crisis. (Story here: https://businessmirror.com.ph/2022/06/06/ higher-rice-production-costsseen-to-spur-%e2%82%a76-kilo-price-hike/)

By Bianca Cuaresma @BcuaresmaBM

T

MAGICAL PLACE This dragon fruit plantation near the foot of Mount Banahaw has emerged as one of several showcase agrotourism farms in Dolores, Quezon. The Department of Tourism’s Calabarzon office is moving to draw attention to the region’s farm tourism sites with their vaunted farm-to-table dining experiences, as it recently rolled out its culinary circuits caravan. The farm tourism establishments are touted as safe alternatives to usually crowded tourist spots because of their vast open spaces, besides the healthy food. JOEL C. PAREDES

BUDGET DEFICIT MAY DECLINE TO 3.2% OF GDP BY ‘25

By Bernadette D. Nicolas @BNicolasBM

T

HE Department of Finance (DOF) expects the country’s budget deficit by 2025 to go down further to around 3.2 percent of GDP—near the prepandemic deficit of 3.4 percent—if the government pushes through with fiscal consolidation and generates additional revenue of P250 billion a year.

In an economic bulletin on the national government’s debt

stock as of end-April, Finance Chief Economist and former Undersecretary Gil Beltran said on Tuesday that narrowing budget deficit through fiscal consolidation entails shoring up revenues and cutting non-priority expenditures without sacrificing infrastructure spending.

“Absent new tax measures and further cuts in spending, the latest baseline scenario projects the deficit reaching 4.1 percent of GDP by 2025, down from 2021’s 8.6 percent.

Mobilizing an additional P250 billion a year will cut further the deficit so as to reach around 3.2 percent by 2025, a figure comparable to the prepandemic deficit of 3.4 percent,” Beltran said.

For this year, the DBCC expects the budget deficit-to-GDP to start tapering down to 7.6 percent as revenue collections are expected to grow faster than its expenditures.

Budget deficit occurs when expenditures exceed revenues. To recall, budget deficit as a share of the

economy last year soared to a recordhigh of 8.61 percent.

Beltran said restoring fiscal health and building up reserves is best done while the economic weather is still good, pointing out that the country has “higher odds” of achieving the growth targets set by the Cabinet-level Development Budget Coordination Committee (DBCC) of between 7 and 8 percent this year and 6 and

HE rising prices of consumer goods in the country warrant “close monitoring” after hitting above 5 percent in May, as such could still potentially rise in the coming months due to various local and international economic developments.

In a statement sent to reporters after the announcement of the country’s 5.4 percent inflation print in May, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said while the number is “consistent” with its assessment for the month, they will continue to track emerging developments on prices in the country, especially as the so-called “second round effects” have already been seen in the economy.

“The inflation path continues to be driven primarily by supplyside factors amid volatile global commodity prices. Supply chain disruptions could also contribute to inf lationary pressures, and thus warrant closer monitoring to enable timely intervention to arrest emergence of further secondround effects,” Diokno said.

“The BSP will continue to review emerging price developments

See “GDP,” A2

See “Inflation,” A2

PESO exchange rates

See “BSP,” A2

n US 52.9160 n japan 0.4012 n UK 66.3249 n HK 6.7455 n CHINA 7.9521 n singapore 38.4480 n australia 38.0625 n EU 56.5937 n SAUDI arabia 14.1079

Source: BSP (7 June 2022)

A2

BusinessMirror

Wednesday, June 8, 2022

Ombudsman files graft raps vs BI men in ‘pastillas’ mess

By Joel R. San Juan @jrsanjuan1573

T

HE Office of the Ombudsman on Tuesday filed graft c h a rges before t he Sa nd iga nbay a n aga i nst 42 Bu reau of Immigration (BI) officers and a Chinese national who owns a travel agency, for receiving bribes amounting to millions of pesos from foreigners seeking easy entry into the countr y under the illegal “Pastillas scheme.”

Among those charged were BI Deputy Commissioner for Port Operations Division Marc Red Macariñas, Acting Chief of Port Operations Divisions Grifton San Pedro Medina, Overall head of Border Control Intelligence Unit Erwin Ortañez and Terminal Head-Travel Control and Enforcement Unit Glenn Ford Comia.

GDP. . .

Continued from A1

7 percent next year until 2025.

These growth targets are likely to be achieved given the infrastructure spending in prior years, the lowering of corporate income taxes, and the recently-passed structural reforms such as the amendments to the Foreign Investments Act, Retail Trade Liberalization Act and Public Service Act, Beltran said.

However, he said these growth assumptions were hinged on the absence of negative economic shocks

They were accused of violating Section 3 (e) of Republic Act 3019 or the Anti-Graft and Corrupt Practices Act for giving “unwarranted benefits, preference or advantage” to 143 foreign passengers, particularly Chinese nationals, in exchange of P10,000 for each passenger or a total of P1.43 million for the period 2017 to 2020.

The complaint identified Empire International Travel and Tours as one of the travel agencies that paid “pastillas” money for the smooth entry of Chinese passengers into the country.

The travel agency is owned by Liya Wu, one of those charged by the Ombudsman.

The complaint said the respondents conspired in perpetrating the Pastillas scheme, which was exposed by Senator Risa Hontiveros in February 2020, prompting the National Bureau of Investigation

(NBI) to conduct an extensive probe on the illegal activity in the BI. The illegal activity was called “Pastillas” scheme because the bribe used for the illicit entry of a foreign national was supposedly rolled up in a manner that resembles a “pastillas de leche” treat, a popular Filipino milk-based candy.

Under the scheme, upon the arrival of foreign nationals at the airport, immigration officers are under instruction to allow them entry into the country without instituting the necessary checks, screening, or profiling—the standard process for arriving non-Filipinos.

“The above acts of the accused public officials thus allowed the entry of foreign passengers into the country without going through the regular and stringent profiling and screening processes in violation of

existing immigration rules and procedures, to the prejudice of the government and public interest,” the information read.

A bail bond of P90,000 per accused has been recommended by the Ombudsman.

Meanwhile, Justice Secretary Menardo Guevarra said the justice department would soon release the resolution on the administrative case filed against BI personnel reportedly involved in the “pastillas” bribery scheme.

“The resolution of the separate administrative case is also forthcoming,” he added.

Guevarra explained that the DOJ conducted a parallel administrative investigation after a fact-finding inquiry by the BI. He noted that the respondents in the administrative complaint are not the same ones in the criminal complaint, which was submitted by the NBI to the OMB. “It is the resolution of the administrative case that will determine the disciplinary action that may be taken against the respondents therein,” Guevarra said.

like the resurgence of infections.

“It is therefore important to restore fiscal health and build up reserves when the economic weather is fine so as to have the capacity to respond again should shocks materialize. This is akin to having an insurance that covers for contingencies. Not having one is a fool’s game and fiscal heartaches hit the hardest when it’s too late,” he said.

of nearly P350 billion per year from 2023 to 2027 to help the country outgrow its debt at a faster rate.

The three-package proposed fiscal consolidation and resource mobilization plan includes the imposition of several taxes, 3-year deferment of the second tranche of reduction in personal income tax rates, and the expansion of value-added tax (VAT) base and removal of VAT exemptions, except for education, agricultural products, health, financial sector, and raw food, among others.

Estimated to generate an annual average of P349.3 billion in revenues, the proposed fiscal consolidation

plan will not only help the government accomplish this, but this will also help the country reduce its debt as a share of its economy from the projected 60.7 percent this year to 55.4 percent in 2025. Without the reforms, the country’s debt-to-GDP ratio in 2025 is seen to reach 58.2 percent.

However, incoming finance chief Benjamin Diokno, who is currently the Bangko Sentral ng Pilipinas governor, said he intends to focus on streamlining tax administration before deciding on whether the country needs new taxes as part of its fiscal consolidation program.

As of end-April, the national government’s outstanding debt also hit another record high at P12.76 trillion, just two months before President Duterte steps down from office.

The national government’s debt-to-GDP ratio as of the first quarter of the year rose to a 17-year-high at 63.5 percent, above the internationally recommended 60-percent threshold by multilateral lenders for emerging markets like the Philippines. It is also the highest since the country’s debt-to-GDP ratio hit 65.7 percent in 2005 under the Arroyo administration.

Finance Secretary Carlos G. Dominguez III has since said that the current debt level remains “sustainable” as the country needed to ramp up its borrowings for Covid-19-related expenditures amid weaker revenue collections during the pandemic.

3-package plan The Department of Finance recently unveiled its proposed fiscal consolidation and resource mobilization plan seen to generate a total average

www.businessmirror.com.ph

Inflation. . .

Continued from A1

“Rice is a key element of the consumer price index. Hence, this price increase will significantly affect inflation,” Ateneo Eagle Watch Senior Fellow Leonardo A. Lanzona Jr. told BusinessMirror. “All poverty programs are weakened if inflation increases.”

National Statistician Claire Dennis S. Mapa said the average price of regular milled rice is P39.20 per kilo nationwide and in the National Capital Region (NCR) is P39 per kilo on average.

Special rice varieties are being sold at around P52.70 on average nationwide and at P52.80 on average in NCR or Metro Manila.

The movement of the prices of both regular milled and special rice varieties, he said, remained stable.

However, if prices increase by P4 per kilo or around a 10-percent increase, Mapa said this will greatly impact the average price of rice nationwide, as well as in Metro Manila and Areas Outside NCR. Mapa stressed that rice has a weight of 8.9 percent in the Consumer Price Index (CPI). Food and non-alcoholic beverages have a weight of 37.75 percent in the CPI and rice is one of its largest components.

‘Poverty reduction in peril’

University of the Philippines School of Economics Director for Research Renato Reside explained

Logistics. . .

Continued from A1

imported volume, remains sufficient.

“We are not feeling any supply problems for pork and chicken,” Pacis said in an interview.

However, Pacis noted that meat importers are not spared from the global logistics problems with total sail time from the US to Manila taking as long as three months.

The country’s CLQ imports from January to April declined by 27.73 percent year-on-year to 22,760.293 MT, based on Bureau of Animal Industry (BAI) data.

Dar’s appeal

In a related development, Agriculture Secretary William D. Dar called on the United Nations

BSP. . .

Continued from A1

and the outlook for inflation and growth in the country ahead of the upcoming monetary policy meeting on June 23, 2022. The pace and timing of any further monetary policy actions by the BSP shall be guided by data outcomes, in keeping with the BSP’s price and financial stability objectives,” the governor said.

Per their outlook, the governor said, the balance of risks to the inflation outlook now leans toward the upside for both 2022 and 2023.

“The upside pressures emanate from the potential impact of higher oil prices, including on transport fares, as well as the continued shortage in domestic pork and fish supply. Meanwhile, downside risks are linked mainly to the potential impact of a weaker- than-expected global economic recovery,” the governor said.

Despite hitting its highest in almost three years, inflation could still climb higher in the coming months, according to local economists.

Analysts at the Bank of the Philippine Islands (BPI) said inflation may go up further in the coming months, largely depending on the behavior of oil prices in the global markets.

“Assuming the average price of oil will stay at $100 until the end of

to BusinessMirror that poverty is measured using a poverty line, or the minimum expenditure or income required to meet basic food and food requirements, which include rice, the country’s staple.

“Of course, rising rice prices imperil poverty reduction,” Reside said. “Given that rice is a staple and constitutes a large part of the household budget, it stands to reason that the minimum expenditure required to meet requirements will rise.”

However, Philippine Institute for Development Studies (PIDS) Senior Fellow Roehlano Briones told this newspaper that if rice prices were to increase between P4 and P6 per kilo, the impact would only be 0.6 percent on inflation.

Briones said this is not enough to cause a significant increase in inflation and would also “not harm” the country’s long-term poverty reduction efforts.

Consequences, solutions

One possible consequence of rising consumer prices, De La Salle University economist Maria Ella Oplas said, is the difficulty that economic managers could encounter in raising taxes as this may also become inflationary.

Oplas said it is better for the incoming administration to continue the tax reform program, particularly those under the TRAIN Law which allowed more Filipinos to have a larger take-home pay.

See “Inflation,” A5

Food and Agriculture Organization (FAO) to ensure that global food trade remains unhampered amid a series of export bans imposed by some countries amid the ongoing Ukraine-Russia conflict.

In a letter to FAO DirectorGeneral Qu Dongyu, Dar urged the FAO to “spearhead another global appeal to various countries to keep unhampered the movement of food and agricultural inputs as part of the global effort to build more efficient, inclusive, resilient, and sustainable agriculture and food systems.”

About 21 countries globally have existing active export bans on various commodities including India’s wheat, Malaysia’s chickens, Argentina’s beef, among others, based on a public food and fertilizer export restrictions tracker by the International Food Policy Research Institute.

the year, there is a possibility that inflation will peak in early fourth quarter near 6 percent. However, there are still a lot of uncertainties surrounding the outlook for oil,” BPI said in its research analysis published Tuesday.

The bank also said base effects until July may keep food inflation at an elevated level in the coming months.

Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said wage hikes might also translate into higher prices in the coming months.

“On top of the higher oil and other global commodity prices imported by the countr y due the Russia-Ukraine conflict, the main inflation catalyst now will be higher minimum wages,” Ricafort said.

“The odds increase on higher inflation scenario of 5 to 6 percent if more regions decide to raise wages as well and if there would be transport fare hikes in the coming months, though these are prompted largely by supply-side, external factors due to higher global oil prices imported by the country, not necessarily due to demand-side inflationary pressures,” he added.

Due to this, BPI forecasts a total of 100 basis point hikes from now until the end of the year.

“We believe the economy has enough cushion in case the BSP decides to hike its policy rate further,” BPI said.

www.businessmirror.com.ph

The Nation BusinessMirror

BBM tackles food security, climate change and RE in meetings with envoys

F

OOD security, climate change, and renewable energy (RE) were among the topics discussed by President-elect Ferdinand “Bongbong” R. Marcos Jr. with ambassadors from Spain, Morocco, and Germany during separate meetings on Tuesday morning.

Jorge Moragas, Ambassador of Spain to the Philippines, Ambassador Mohammed Rida El Fassi of Morocco, and German Ambassador Anke Reiffenstuel were received by Marcos Jr. separately during a series of meetings at the BBM headquarters in Mandaluyong.

In a news briefing after the private meeting with Marcos Jr., Ambassador Reiffenstuel said that apart from enhancing cooperation between their two countries, they also discussed global challenges, including food security and climate change.

“We exchanged [views] about the ongoing bilateral cooperation and the cooperation in the international frame in the multilateral formats, and discussed potentials for furthering cooperation not only on mutual interests but also to address global challenge like climate change,” the ambassador said.

The envoy added that she informed the incoming President about the ongoing programs of Germany to help the Philippines in addressing climate change, including their Euro 25 million donation for climate

change-related projects.

They likewise discussed the priority project of Marcos Jr. regarding food security.

“I informed him about the upcoming international ministerial conference on global food security, this is also against the background of the impact of the Russian war against Ukraine with regards to the challenges on global food security,” she noted.

Reiffenstuel also disclosed that they also tackled about the safeguarding of rule of law and the human rights.

“I also underlined the importance of Germany attaches to the rule of law and safeguarding human rights, and of our continued commitment to the same,” she continued.

“In this context that I also mentioned, the [continuing] German support , contribution and funding of the United Nations joint program on human rights here in the Philippines,” she emphasized.

Reiffenstuel disclosed that they also focused their discussion on RE, which is also among Marcos’s campaign promise to provide lower power rates to the people.

“Renewable energies of course are of great importance to us, to Germany, and we exchanged about the experiences and the commitment and the distributions and the shares of renewable energies in our two countries’ power protections,” she added.

Global cyber security provider reports 94% rise in ransomware attacks vs organizations

By Rizal Raoul S. Reyes @brownindio

B

RITISH global cyber security provider Sophos recently reported a 94 percent increase in ransomware attacks against organizations.

In its recently published sectoral survey report, “The State of Ransomware in Healthcare 2022.” Sophos said in 2021, 66 percent of health-care organizations were hit as against a 34 percent during the previous year.

Health-care organizations, however, are getting better in dealing with such ransomware attacks, according to the survey data.

John Shier, senior security expert at Sophos, said the report pointed out that 99 percent of health-care organizations hit by ransomware got at least some of their data back after cybercriminals encrypted such during the attacks.

Other findings in the research include: Health-care organizations had the second-highest average ransomware recovery costs with $1.85 million, taking one week on average to recover from an attack 67 percent of health-care organizations think cyber attacks are more complex, based on their experience of how cyber attacks changed over the last year; the health-care sector had the highest percentage While health-care organizations pay the ransom most often (61 percent), they’re paying the lowest average ransoms, $197,000, compared with the global average of $812,000 (across all sectors in the survey) Of those organizations that paid the ransom, only 2 percent got all their data back 61 percent of attacks resulted in encryption, 4 percent less than the global average (65 percent).

“Ransomware in the health-care space is more nuanced than other industries in terms of both protection and recovery,” Shier said in a recent webinar. “The data that health-care organizations harness is extremely sensitive and valuable, which makes it very attractive to attackers. In addition, the need for efficient and widespread access to this type of data—so that health-care professionals can

provide proper care—means that typical two-factor authentication and zero trust defense tactics aren’t always feasible. This leaves healthcare organizations particularly vulnerable, and when hit, they may opt to pay a ransom to keep pertinent, often lifesaving, patient data accessible. Due to these unique factors, health-care organizations need to expand their anti-ransomware defenses by combining security technology with human-led threat hunting to defend against today’s advanced cyber attackers,” he added.

Right now, Shier said more healthcare organizations (78 percent) are now opting for cyber insurance. However, 93 percent of health-care organizations with insurance coverage report admitted it is a bigger challenge to get policy coverage in the last year.

With ransomware being the single largest driver of insurance claims, Shier said 51 percent reported the level of cyber security needed to qualify is higher, resulting in financial draining on health-care organizations with lower budgets and less technical resources available.

In a response to the findings, Sophos experts recommend the following best practices for all organizations across all sectors: Install and maintain high-quality defenses across all points in the organization’s environment. Review security controls regularly and make sure these continue to meet the organization’s needs Harden the IT environment by searching for and closing key security gaps: unpatched devices, unprotected machines and open Remote Desktop Protocol ports. Extended Detection and Response (XDR) solutions are ideal for helping to close these gaps Make backups, and practice restoring from them so that the organization can get back up and running as soon as possible, with minimum disruption Proactively hunt for threats to identify and stop adversaries before they can execute their attack—if the team lacks the time or skills to do this in house, outsource to a Managed Detection and Response (MDR) specialist Prepare for the worst. Know what to do if a cyber incident occurs and keep the plan updated.

Editor: Vittorio V. Vitug • Wednesday, June 8, 2022 A3

SC clears PCG officer in admin case, reverses conviction of 2 PN officials

By Joel R. San Juan @jrsanjuan1573

T

HE Supreme Court released on Tuesday two separate decisions ordering the reinstatement of former Philippine Coast Guard (PCG) Commander John Esplana to his post after finding him not administratively liable for the irregular release of P689.6 million worth of cash advances in 2014.

In another decision, the SC also reversed and set aside the resolution issued by the Sandiganbayan, which found two high-ranking officials of the Philippine Navy (PN) guilty of graft for their involvement in the illegal procurement of P1.8 million worth of medicines from 1991 to 1992 without conducting any public bidding.

Esplana filed a petition for review before the SC assailing the Court of Appeals’ (CA) decision issued on September 11, 2018, which affirmed the consolidated decision issued by the Office of the Ombudsman on July 19, 2017 that found him, along with 24 other PCG officials, guilty of serious dishonesty, grave misconduct, and conduct prejudicial to the interest of the service.

The CA also affirmed the Ombudsman’s order dismissing Esplana and his co-accused from the service who were involved in the processing, authorizing and disbursing special cash advances (SCDs) to the concerned special disbursing officers (SDOs) despite irregularities in documentary support, fund utilization, and liquidation.

In his petition for review, Esplana

explained that his duties primarily involved matters related to internal control and largely advisory in nature. His mandate, according to the petitioner, does not include the audit of the office’s various transactions.

Esplana contended that was not vested with the authority to approve, authorize or recommend disbursements, including cash advances.

He further explained that he signed the disbursement vouchers (DVs) only after ensuring the propriety of supporting documents.

Since he was not in a position to determine the necessity of cash advances, Esplana limited his checking to the authorities and limitations in the amount of cash advances.

Also, Esplana issued procedures and reminders to ensure the protection of PCG assets and resources, like the submission of specimen signatures of the authorized signatories to prevent the occurrence of forgeries in the preparation of purchase orders; and instruction for the accountable officers to liquidate their cash advances.

Esplana averred that he had no custody of the funds or property, and his functions do not include the determination of which purchases should go through competitive bidding.

In reversing the CA’s decision, the SC ruled that “there is no reasonable ground to believe that Esplana is responsible for the irregularities complained of.”

“In this case, there is a dearth of evidence to prove that Esplana unlawfully and wrongfully used his position to procure some benefit

for himself or for another person.

There is no clear and convincing evidence that Esplana affixed his signature in the DVs which paved the way for the release of the SCAs to the SDOs for personal or selfish ends,” the SC said.

“It was not proven either that there was a willful intent to violate the law or to disregard established rules. As fully explained above, Esplana acted assiduously, making sure that the documents were complete prior to signing the DVs,” it added.

The SC also noted the Sandiganbayan’s previous resolution dismissing the criminal information for violation of the Anti-Graft and Corrupt Practice law against Esplana and his co-accused PCG officials.

It stressed that the dismissal of the criminal information further strengthens the conclusion that Esplana cannot be held administratively liable for grave misconduct, serious dishonesty, and conduct prejudicial to the best interest of the service for lack of substantial evidence.

The Court further noted that Esplana served the country for 22 years with various awards and commendations.

It added that records would show that he has never been administratively charged with any act of irregularity or impropriety. “Accordingly, the administrative complaint against petitioner Cdr. John B. Esplana is dismissed. Petitioner is hereby reinstated to his former government position without loss of seniority rights, with full payment of back salaries and other accrued benefits from the date of his dismissal

up to his actual reinstatement,” the SC declared.

Meanwhile, the Court reversed and set aside the decision of the Sandiganbayan issued on January 12, 2017, which found PN Commodore Francisco Tolin and Commander Manuel Tuason guilty of graft for illegal purchase of medicines worth P1.83 million from 1991 to 1992.

The SC said Tolin and Tuason, who were sentenced to imprisonment of six to 10 years, should be acquitted for failure of the prosecution to prove their guilt beyond reasonable doubt.

The Court said the petitioners acted in good faith in the purchase of the medicines from PMS Commercial since they believed that these were urgently needed as requested by the medical unit and confirmed by the procurement officer.

Furthermore, the SC noted the petitioners ensured that all necessary documentations were attached and all the signatories had approved the request.

It added that there was also no proof of overpricing in the purchase of the medicines.

“The foregoing instances cast doubt on the culpability of petitioners for the crime charged,” the SC explained.

“As already explained, the prosecution did not establish any deceitful intent and motivation behind the procurement of the subject medicines from PMS Commercial.

There was insufficient evidence showing that petitioners were animated by fraudulent and devious motives,” it added.

LTFRB to issue decision on JoyRide’s fare overcharging

By Lorenz S. Marasigan @lorenzmarasigan

T

BREWING COMMUTER ‘CRISIS’

Commuters catch a train ride on one of the Metro Railway Transit (MRT) 3 trains at the North Avenue station amid a hefty increase in fuel pump prices imposed by oil companies, and threats from public utility drivers to suspend their trips.

The Metropolitan Manila Development Authority, meanwhile, has warned that Metro’s commuter “crisis” might get worse with the resumption of in-person classes in the opening of the school year within the next weeks. NONIE REYES

Alleged ISIS-EA spox slain in Maguindanao

By Rene Acosta @reneacostaBM

T

HE reported “spokesman” of the Islamic State in East Asia (ISIS-EA) was killed in a joint military operation in Maguindanao on Monday afternoon, a military official said on Tuesday.

The Armed Forces Western Mindanao Command (Westmincom) said military forces under the Joint Task Force (JTF) Central killed Abdulfatah Omar Alimuden alias Abu Huzaifah in Datu Saudi Ampatuan, Maguindanao.

Westmincom commander Lt. Gen. Alfredo Rosario Jr. said Alimuden was the spokesman of ISIS-EA, which has seen the diminishing of its

influence in the country following its siege of Marawi City.

Rosario said that aside from being the spokesman of the ISIS-EA, Alimuden was also in charge of the financial transactions of the Daulah Islamiyah-Philippines to the ISIS Central.

The terrorist was neutralized during a special operation by elements of the 601st Infantry Brigade, 40th Infantry Battalion and intelligence units at Crossing Salbo, Barangay Poblacion, Datu Saudi Ampatuan, Maguindanao.

In Sulu, the 45th Infantry Battalion under the 1103rd Infantry Brigade facilitated the surrender of five members of the local terrorist Abu Sayyaf Group (ASG).

The five were identified as Bennajir, 24, who had operated ASG under Hajan Sawadjaan and Mudsrimar Sawadjaan from 2015 to 2022; Monib, 24, who worked under Basaron Arok and Radullan Sahiron from 2019 to 2022; Abdurahsi, 48, a member of the group of Abdul Moin Sahiron from 2001 to 2011; Rudy, 36, a member of the ASG under Abdul Moin Sahiron from 1999 to 2008, and Sattari, 33, an ASG member under Salip Salamuddin from 2007 to 2009.

They handed over an M-16 rifle, two M-1 Garand rifles and a .45 caliber. They were subsequently presented to Maj. Gen. Ignatius Patrimonio, commander of Joint Task Force Sulu.

HE Land Transportation Franchising and Regulatory Board (LTFRB) is expected to issue within the week a decision against ride-hailing company JoyRide for adding “priority boarding fees” to its fare matrix.

LTFRB Executive Director Tina Cassion said based on the agency’s report, JoyRide was the sole transport network company (TNC) that tweaked its fare matrix by charging customers an optional “priority boarding fee.”

“Among the TNCs that our mystery riders tried to book for a ride, it was only JoyRide that had the priority fee. We also understand that this is also practiced by delivery services, but that it is outside our scope already,” she said in a Viber reply.

To recall, the LTFRB received an anonymous complaint against JoyRide, claiming that it is overcharging passengers for as much as P1,000 per booking.

In response, the public transport regulator deployed “mystery riders” to verify the complaint. Due to the tip, the LTFRB also checked on other TNCs like Grab to check if they added the same fee to their fare matrices.

Under a 2019 memo, sedan-type transport network vehicle services (TNVS) providers are allowed to charge the following: P40 flag down rate, P15 per kilometer rate, and P2 per minute travel rate. Premium cars are allowed the following: P50 flag down rate, P18 per kilometer rate, and P2 per minute travel rate.

Lastly, hatchback or sub-compact type TNVS have P30 flagdown rate, a P13 per kilometer fare rate, and P2 per minute travel fare.

The memo does not provide them the right to charge priority boarding fees.

A4 Wednesday, June 8, 2022 • Editor: Vittorio V. Vitug

Economy BusinessMirror

www.businessmirror.com.ph

DOE exec bats for SMRs to energize remote areas

By Lenie Lectura

@llectura

A

N official of the Department of Energy (DOE) is pushing for the deployment of small modular reactors (SMR) in island provinces, saying this will improve the reliability of energy supply in off-grid areas.

DOE Undersecretary Benito Ranque said the compact size of SMR is ideal for use in remote areas with limited access grid. He strongly believes in the viability of SMRs in the country given their size and relative transportability to provide intermittent power supply with low carbon and predictable supply cost.

Each SMR, he said, has the capacity to light up an entire island like Cebu, Bohol, Negros, Samar, Leyte and other island provinces that often experience brownouts during typhoons.

Ranque said he’d prefer to forge a contract that would include two essential provisions—one is for the supplier of the SMR to administer

its use and number two, for the same supplier to find a place outside the country to dispose of nuclear waste.

“They have the technology in disposing or handling the nuclear waste so it is best for us to include that provision in the contract,” he said.

The DOE’s push to include nuclear

power in the country’s energy mix has been approved by President Rodrigo Duterte who signed Executive Order 164 just a few months away before Duterte ends his six-year term.

“The national government commits to the introduction of nuclear power energy into the state’s energy mix for power generation,”

the EO said.

Taking into consideration the experience of developed economies, Duterte said nuclear power would be tapped as a viable alternative baseload power source as the Philippines seeks to retire coal plants in line with its commitment to help limit climate change.

Sen. Imee pushes bioethanol option to bring down gas and diesel prices

By Butch Fernandez

A

@butchfBM

MID the steady climb in fuel prices and rising inflation, Senator Imee Marcos is

prodding the Department of Energy (DOE) to mandate an increase in the bioethanol content of gasoline and diesel, which she calls a way to cut down costs of fuel.

Citing the public clamor to bring down fuel prices, Marcos maintained that “while lawmakers are stuck in debate over a fuel excise tax suspension, increasing bioethanol content is the clear way forward to give some relief to consumers.”

Marcos, who chairs the Senate Committee on Economic Affairs, aired a warning that Tuesday’s price hikes of P2.70 and P6.55 per liter of gasoline and diesel, respectively, will not be the last, as Western sanctions on Russian oil exports and limited increases in Middle East supply will “make world prices volatile until next year.”

She reminded that the Biofuels Act of 2006 required oil companies to produce a gasoline blend with at least 10 percent bioethanol, but the senator also noted the National Biofuels Board can recommend an increase in the minimum requirement, subject to the DOE secretary’s approval.

Marcos added that based on fuel costs before the latest price hike, she estimated that the price of gasoline can be rolled back by about P3.60 per liter if bioethanol content is increased to 15 percent up to 20 percent —the level deemed safe for vehicles of model year 2001 or later.

Moreover, the lawmaker likewise called on the Department of Agriculture to “promote farming for bioethanol production that will address not just limited local supply and high fuel prices but also expand rural employment and the use of green energy.”

She noted that local production of bioethanol satisfied only about half of demand in 2019 before the Covid-19 pandemic slowed down investment in facilities for bioethanol production.

W hile sugarcane, sorghum, corn, and cassava can be grown in the country to produce bioethanol, the local supply deficit is covered by imports from the US, Australia, and South Korea.

PROTEST VS. PRICEY FUEL

Workers and other members of multi-sectoral organizations hold a protest gathering at a gasoline station along East Avenue in Quezon City to dramatize their protest against the latest “big-time” fuel pump price increase on Tuesday. The group reiterated their call to the government to suspend fuel excise taxes amid soaring global oil prices. NONOY LACZA

Palace: Measures in place to help ₧20/kilo rice Pinoys cope with rising inflation possible under BBM–solon

By Samuel P. Medenilla @sam_medenilla

M

ALACAÑANG has assured that government is already trying to temper the effects of rising inflation with fuel subsidies and minimum wage hikes.

Acting Presidential Spokesman Martin M. Andanar made the assurance on Tuesday after the Philippine Statistics Authority (PSA) reported that inflation rate last month accelerated to 5.4 percent from 4.9 percent last April.

“We continue to monitor the price of main commodities or basic goods,” Andanar said during a virtual news conference.

He blamed the higher inflation rate to rising fuel prices in the

world market.

“That is why we are giving fuel subsidies to [public utility vehicle] drivers and operators,” Andanar said.

He said the Department of Transportation (DOTr) also continues to implement its Service Contracting Program, which provides free rides to commuters.

Aside from transportation, PSA also attributed the acceleration in inflation to the higher cost of food and nonalcoholic beverages.

The new wage orders issued by the 14 regional wage boards, which will take effect this month as reported by the Department of Labor and Employment (DOLE), will also help minimum wage earners cope with the rising cost of living, according to Andanar.

‘Climate change policies should be in sync with socioeconomic agenda’

By Cai U. Ordinario

I

@caiordinario

NTEGRATING climate change policies with socioeconomic planning would ensure not only poverty reduction but also sustained growth for the Philippine economy, according to the National Economic and Development Authority (Neda).

In a virtual summit of the University of the Philippines Los Baños (UPLB) School of Environmental Science and Management, Socioeconomic Planning Secretary Karl Kendrick T. Chua said the outgoing administration has already embarked on efforts to address climate change through mitigation and adaptation. He, however, stressed that more needs to be done.

“If we were to eradicate extreme poverty in the Philippines by 2040, and hand down a better planet to our children and grandchildren, climate change, adaptation and mitigation needs to be placed at the heart of socioeconomic planning,” Chua said.

Chua said Neda has formulated the Philippine action plan for sustainable consumption and production. This was done to provide a framework toward the shift to sustainable and climate smart practice in various sectors and the government.

He also said the outgoing administration has proposed the theme of the next Philippine Development Plan to be “Saving Our Planet, Saving Our Country,” to highlight the importance of climate change to the country in the coming years.

M

AGSASAKA Party-list Rep. Argel Cabatbat on Tuesday said President-elect Ferdinand “Bongbong” R. Marcos Jr.’s campaign promise and “aspiration” to slash rice price to P20 per kilo may be possible if appropriate and timely measures are immediately put in place.

According to Cabatbat, the first step is for policymakers to have faith in Filipino farmers by giving them all the support they need to revitalize rice-planting activities.

“This means pouring more money into the agriculture sector,” he pointed out.

The legislator said a budget of at least P400 billion is needed to ensure basic support services and infrastructure, cut the high cost of production and marketing and laborintensive farm practices.

Earlier, Agriculture Secretary William Dar said his department would propose a P270 billion budget for 2023, saying “that’s the level of budget that we need in the agriculture sector, which have been neglected all these 30 years.”

Moreover, Cabatbat cited the Thailand and Vietnam experience where full government support and a comprehensive mechanization program allowed the two nations to achieve higher yields and cheaper production costs in recent years.

These rice-exporting countries, he speculated, may form a rice cartel due to high global demand for the grain staple.

“We should not doubt the capability of local farmers to produce cheap and quality rice. With enough support, appropriate policy changes, the removal of middle men or brokers, and the right managers in the Department of Agriculture who are pro-farmers, P20 per kilo of rice is possible,” Cabatbat said.

The lawmaker said he is also looking at the use of successful models like the Department of Agrarian Reform’s “mega farm” concept and the Provincial Food Council program of the province of Nueva Ecija.

Cabatbat is also calling on the next Congress for a review of the Rice Tariffication law, which, he said, only allowed imports to flood local markets. Jovee Marie N. Dela Cruz

News BusinessMirror

www.businessmirror.com.ph

IPOPHL readies new IP Code for next Congress’s approval

By Andrea San Juan

T

HE Intellectual Property Office of the Philippines (IPOPHL) will be lobbying for a new Intellectual Property (IP) Code armed with new provisions that will enable the country to be competitive and attract foreign investors in the next Congress.

“The new IP Code provisions that we push for will make the country more competitive and attractive to foreign investors,” IPOPHL Director General Rowel S. Barba said during the 25th Anniversary of the IP Code.

“We will surely intensify work in lobbying with legislators as we hope to see the realization of a new IP Code in the next Congress,” she added.

IPOPHL was established pursuant to Republic Act 8293 or the IP Code signed by then President Fidel V. Ramos on June 6,1997. The law aims to build an effective IP system as it emphasizes IP’s importance in promoting domestic creative and innovative activities, attracting foreign investments and ensuring market access of products.

Two weeks ago, IPOPHL was able to gather different e-commerce platforms and brand owners through a landmark agreement, which aimed to curb counterfeiting and online piracy and has since successfully resulted in more aggressive efforts against infringers and initiated louder calls for more digital economy players to join the accord.

During the first annual review of the memorandum of understanding

(MOU) on May 12, representatives from Lazada, Shopee, Zalora, Golden ABC, Globe Telecom, GlaxoSmithKline (GSK) and Solar Pictures presented their accomplishments under the MOU. In a news statement issued two weeks ago, IPOPHL said among the primary recommendations of the signatories to enhance the MOU was its expansion by having more online platforms, services and other rights holders join and establish an IP Code of Practice.

Apart from IPOPHL’s accomplishment in the e-commerce aspect, the Philippines managed to be kept out of the United States Trade Representative (USTR)’s watch list of the countries with intellectual property (IP) concerns and the country’s efforts to combat counterfeiting and piracy were also recognized.

Meanwhile, for his part, IPOPHL Deputy Director General Nelson P. Laluces revealed that IPOPHL is launching a new program soon as it aims to advance new initiatives for the youth.

“We are advancing new initiatives like the Youth Inventors and Creators Incentive Program, which would waive fees for our young people when they file applications for Inventions, Utility Models, Industrial Designs, Trademarks, or Copyright,” said Laluces.

Laluces also highlighted in his statement that Filipino ingenuity and passion can achieve so much when directed towards helping the people attain a more comfortable quality of life.

Wednesday, June 8, 2022 A5

World Bank cuts growth forecast for PHL, citing supply disruptions

D

By Cai U. Ordinario

@caiordinario

ESPITE the recent recovery in household consumption, the Philippine economy is expected to post slower growth this year and in the next two years, according to the latest estimates of the World Bank.

In its Global Economic Prospects (GEP) report, the Washington-based lender said the Philippines is expected to post a growth of 5.7 percent in 2022 and 5.6 percent in the next two years.

The GDP forecast this year is 0.2 percentage points lower than its forecast in January and the forecast for 2023 is lower by 0.1 percentage points. The growth estimate for 2024 is new.

“Growth is projected to be 5.7 percent in the Philippines in 2022, supported by sustained public investment and recovering household consumption, and then moderate to 5.6 percent in 2023,” the World Bank said.

“Median annual headline consumer inflation in the region is expected to surpass 3 percent in 2022 [above previous expectations], with inflation now envisioned to overshoot the upper bound of inflation targets in several economies [Mon-

golia, the Philippines, Thailand],” the report added.

The GEP said the Philippine economy could be affected by shortages of essential commodities and inputs. This could lead to disruptions in production and weak economic recovery.

The World Bank said this is expected to happen to East Asia and the Pacific countries that are highly dependent on food and fuel imports.

Aside from the Philippines, these countries include Cambodia, Mongolia, Thailand, and many Pacific Island economies.

“Developing economies will have to balance the need to ensure fiscal sustainability with the need to mitigate the effects of today’s overlapping crises on their poorest citizens,” said Ayhan Kose, Director of the World Bank’s Prospects Group.

“Communicating monetar y policy decisions clearly, leveraging

credible monetary policy frameworks, and protecting central bank independence can effectively anchor inflation expectations and reduce the amount of policy tightening required to achieve the desired effects on inflation and activity,” Kose added.

Global growth is expected to slump to 2.9 percent in 2022 from 5.7 percent in 2021. This is significantly lower than the 4.1 percent that was anticipated in January.

It is expected to hover around that pace over 2023 and 2024, as the war in Ukraine disrupts activity, investment, and trade in the near term, pent-up demand fades, and fiscal and monetary policy accommodation is withdrawn.

As a result of the damage from the pandemic and the war, the level of per capita income in developing economies this year will be nearly 5 percent below its prepandemic trend.

“The war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth. For many countries, recession will be hard to avoid,” said World Bank Group President David Malpass.

“Markets look forward, so it is urgent to encourage production and avoid trade restrictions. Changes in fiscal, monetary, climate and debt policy are needed to counter capital misallocation and inequality,” he added.

The World Bank said growth in advanced economies is projected to sharply decelerate from 5.1 percent in 2021 to 2.6 percent in 2022—or 1.2 percentage point below projections in January.

Growth is also expected to moderate to 2.2 percent in 2023, largely reflecting the further unwinding of the fiscal and monetary policy support provided during the pandemic.

Among emerging markets and developing economies, growth is projected to fall to 3.4 percent in 2022 from 6.6 percent in 2021. This is significantly lower than the annual average of 4.8 percent between 2011 and 2019.

“The negative spillovers from the war will more than offset any nearterm boost to some commodity exporters from higher energy prices,” the World Bank said.

Forecasts for 2022 growth have also been revised down in nearly 70 percent of emerging markets and developing economies (EMDE), including most commodity importing countries as well as four-fifths of low-income countries.

The war in Ukraine has led to a surge in prices across a wide range of energy-related commodities.

Higher energy prices will lower real incomes, raise production costs, tighten financial conditions, and constrain macroeconomic policy especially in energyimporting countries.

Group presses government to hasten ratification of Basel Ban Amendment

T

HE Philippines continue to risk becoming the world’s dumping ground unless it ratifies the Basel Ban Amendment, the group Ban Toxics warned.

The group issued the statement following the commencement of the second segment of the Basel, Rotterdam, and Stockholm (BRS) Conventions’ Triple Conference of Parties.

The BRS conventions’ Triple Conference of Parties (COP) is convening for its second in-person segment from June 6 to 17, 2022 in Geneva, Switzerland. The BRS conventions

are multinational environmental treaties with the goal of safeguarding human health and the environment against hazardous chemicals and wastes.

The Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and their Disposal was established to protect both human health and the environment from the harmful effects of improper hazardous waste management around the world.

According to Ban Toxics, despite being a Signatory to the Basel Convention since 1989, the Philippines has

Inflation. . . continued from a2

“With bigger take-home pay, they get to buy what they need most,” Oplas told the BusinessMirror. “This will allow them to have options.”

To combat the possible ill effects of rising consumer prices, economists such as Action for Economic Reforms (AER) Coordinator Filomeno Sta. Ana III said the most immediate solution is providing targeted subsidies to poor households, an option put forward by the Department of Finance.

Sta. Ana said the key strategy is to extend targeted subsidies for fuel and food. These subsidies should target the poor and the users of mass transportation.

This is opposed to a general subsidy which, Sta. Ana said, will only aggravate the problem and widen the deficit, leading to higher interest rates and slower economic growth.

“For the long term, food productivity will have to increase. The Rice Competitiveness Enhancement Program will hopefully enable productivity boost,” Sta. Ana said.

Briones thinks government can also consider removing tariffs on imported rice and adopting a longterm productivity improvement in the rice industry.

Supporting farmers can be done through the Rice Competit iveness En h a ncement Fu nd (RCEF). The RCEF is a guaranteed

P10-billion fund meant to provide seeds, mechanization, and training for farmers.

Apart from these, Lanzona said addressing poverty means increasing productivity which can be done through foreign direct investments that will create jobs and incomes.

This can be supported with safety nets such as extending non-cash subsidies like food-for-work programs along with cash transfers.

Lanzona said social safety nets represent incentives to engage in livelihood programs, especially in agriculture. Programs for food production should also be placed at the core of these programs, he added.

“Government expenditures as its resources dwindle will not be enough.

Innovation also needs to be tied to FDIs in light of expensive imported inputs. Investors should be given incentives to maximize the use of available local resources,” Lanzona told the BusinessMirror.

Reside agreed with the recommendations and added these options: raising output per unit land, reducing spoilage from farm to market, and reducing middlemen, among others.

However, Reside cautioned that the public and the incoming administration must be careful about the “envisioned P 20 per kilo rice” which may not be feasible given the country’s debt and fiscal constraints.

yet to ratify the Basel Ban Amendment, which prohibits member states of the Organization for Economic Cooperation and Development (OECD), the European Union (EU), and Liechtenstein from exporting hazardous wastes to developing countries, whether for recycling or for other uses.

The Ban Amendment aims to protect both human health and the environment from the harmful effects of improper hazardous garbage management around the world.

As of 2022, 101 countries have

already protected their borders from illegal waste importation by ratifying the Ban Amendment.

Ban Toxics reminded that in January 2014, 103 shipping container vans with more than 2,400 tons of waste materials from Canada were discovered at the Manila International Container Port, making it the most well known case of foreign waste dumping in the Philippines.

This was followed by similar events of toxic waste dumping in the Philippines from South Korea, Hong Kong, and Australia.

The group has been advocat-

ing for environmental justice through the promotion of sound chemicals and wastes management. Together with allied environmental groups, the organizations campaigned for the immediate repatriation of the Canadian waste and the ratification of the Basel Ban Amendment.

“With more and more countries ratifying the Ban Amendment, the Philippine administration should follow their footsteps and stop the flow of hazardous wastes on our shores. We call on the attention of President-elect Ferdi-

nand Marcos Jr. to protect the Philippines from becoming the world’s hazardous waste dump site again,” Reynaldo San Juan Jr., executive director of BAN Toxics said in a news release.

Ban Toxics said a repeat incident of the infamous Canada Waste issue could’ve been avoided if the government should take a stronger stance against illegal importation of hazardous wastes by ratifying the Basel Ban Amendment.

“We cannot leave our gates open and at the mercy of richer countries,” the group stressed. Jonathan L. Mayuga

“We can’t subsidize rice for everybody, as richer Pinoys will benefit too. It’s too expensive. Dr. Adriano has an estimate of how much it costs to subsidize rice to P20. It’s very costly,” Reside said.

for more than 50 percent of the total production cost of large-scale broiler and swine farms.

To help maintain or lower electricity prices, EO No. 171 also temporarily eliminates the 7-percent MFN import tariff rate on coal as it is an important raw material in the generation of electricity.

“These temporary measures are expected to increase our food supply and ease higher electricity costs in the short-term,” said Socioeconomic Planning Secretary Karl Kendrick T. Chua.

135, which diversified the country’s rice sources.

Transportation was another major cause of the increase in commodity prices, posting an inflation of 14.6 percent in May 2022 from 13 percent in April 2022. This accounted for 24.4 percent of the uptick in prices in May. The main items that caused transportation inflation to increase was gasoline (inflation rate of 47.2 percent); passenger transportation by road (1.1 percent); and diesel (86.2 percent).

Another major contributor to the surge in inflation were Alcoholic Beverages and Tobacco, posting an increase of 6.8 percent in May 2022 from 5.9 percent in April 2022. This accounted for 3.3 percent of the increase in inflation in May. Cigarettes posted inflation of 7.8 percent followed by spirits and liquors at 4.9 percent and beer, 5.3 percent.

port with an inflation rate of 13.8 percent in May 2022, from 12.3 percent in the previous month.

Following the trend of the Philippines and NCR, inflation in AONCR was higher at 5.5 percent in May 2022, from 5.1 percent in April 2022.

Inflation in AONCR in May 2021 stood at 4.5 percent.

The uptrend of inf lation in AONCR in May 2022 was also mainly brought about by the higher inflation for food and non-alcoholic beverages at 4.9 percent, from 3.8 percent in the previous month.

This was followed by transport, with an inflation of 14.7 percent during the month, from 13.2 percent in April 2022.

Government response

THE National Economic and Development Authority (Neda) said that in order to help cushion the impact of higher fuel prices on the most vulnerable, the government has increased the total budget for targeted subsidies to P6.1 billion.

As of June 1, 2022, over 180,000 PUV drivers and operators have received their P6,500 fuel subsidy under the Pantawid Pasada program. At the same time, more than 158,000 farmers and fisherfolk are also set to receive P3,000 as fuel discounts.

Moreover, to facilitate the entry of more goods at lower prices, President Duterte issued EO No. 171 to modify tariff rates for pork, corn, rice, and coal. This is among the key recommendations of the Economic Development Cluster in addressing the inflationary impact of the RussiaUkraine conflict.

EO No. 171 extends the validity of EO 134 and 135, which lowered the most favored nation (MFN) tariff rates for the importation of pork and rice. The EO also reduces MFN tariff rates for corn to 5 percent in-quota and 15 percent outquota, citing that corn accounts

May inflation

PSA data showed food and non-alcoholic beverages posted an inflation of 4.9 percent in May 2022 from 3.8 percent in April 2022. This represented 70 percent of the increase in inflation.

This was attributed to rising prices of vegetables, tubers, etc. which posted a 15.2 percent inflation in May, followed by meat and others at 5.4 percent; and fish and other seafood, 6.2 percent.

Neda noted that food inflation further accelerated to 5.2 percent in May from 4 percent in April, due to faster inflation rates for vegetables, fish, and meat.

Corn inflation remained high at 24.4 percent due to limited global supply. In contrast, rice inflation remained stable and decelerated to 1.5 percent amid the implementation of the Rice Tariffication Law and EO No.

NCR inflation

MEANWHILE, inflation in NCR increased further to 4.7 percent in May 2022, from 4.4 percent in April 2022.

In May 2021, inflation in the region was observed at 2.6 percent.

The higher inflation in the area was mainly due to the higher annual increase in the food and non-alcoholic beverages index at 4.6 percent in May 2022, from 3.4 percent in the previous month.

Also contributing largely to the uptrend of NCR inflation was trans-

Inflation for poorest

THE poorest Filipinos saw inflation post a 7-month high in May, according to the PSA. Inflation in the Philippines for the bottom 30 percent income households accelerated to 4.3 percent in May 2022 from 3.8 percent in April 2022. Inflation in May 2021 was higher at 4.5 percent.

The average inflation for this income group of consumers from January 2022 to May 2022 was 3.5 percent.

The higher inf lation in the country for the bottom 30 percent income households was traced to the increase in the inflation for food and non-alcoholic beverages at 4.1 percent, from 3.6 percent in April 2022.

A6

BusinessMirror

Wednesday, June 8, 2022

ESTABLISHMENT / ADDRESS No.

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

No.

8 STONE BUSINESS OUTSOURCING OPC 5/f To 10/f, Tower 4 Pitx #01, Kennedy Road, Tambo, City Of Parañaque DINH THI SEN Mandarin Customer Service Representative 1.

Brief Job Description: Interact with customer to provide information, support and problem resolution to inquiries and order status ZHUMAKADYROVA, NURZHAN Mandarin Customer Service Representative

2.

Brief Job Description: Interact with customer to provide information, support and problem resolution to inquiries and order status

Basic Qualification: Fluent in Mandarin both oral and written

BUI THI TUYET MY Vietnamese Customer Service 15.

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

3.

Brief Job Description: Responsible for coordinating with other marketing and sales professionals to implement innovative campaigns for branding or product launches their duties, include research target audience DUONG THANH THU Mandarin Speaking Online Payment Specialist

4.

Brief Job Description: Assist internal and external customers with question related to payments

DUONG THI HANG NGA Mandarin Speaking Online Payment Specialist 5.

Brief Job Description: Assist internal and external customers with question related to payments

FERRY SHANDJAYA Mandarin Speaking Operations Speacialist 6.

Brief Job Description: Develop and maintain standard operating procedure for all business functions

WU, CHENG WEI Mandarin Speaking Operations Speacialist 7.

Brief Job Description: Responsible for the management of workflow throughout all departments within a business

ZHAN, MINGXU Mandarin Speaking Technical Support Specialist 8.

Brief Job Description: Evaluates expansions or enhancements by studying work load and capacity of computer system

Basic Qualification: Good social and presentation skills ; excellent oral and written communication skills

16.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Good oral and written communication skills in Mandarin , at least 6 months’ work related experience Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledge in computer applications. , at least 6 months’ work related experience, Good oral and written communication skills in Mandarin Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Good social and presentation skills ; excellent oral and written communication skills

Brief Job Description: Offer full range of customer service to employer and clients.

NGO HOANG ANH Vietnamese Customer Service 17.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Good oral and written communication skills in Mandarin , at least 6 months’ work related experience

Brief Job Description: Offer full range of customer service to employer and clients.

DIEP THI HANG Vietnamese Customer Service

ACSTREAM MANAGEMENT INC. 2204b/2206, 22/f Pbcom Tower, Ayala Avenue, Bel-air, City Of Makati JIAN, FU-MEI Mandarin Speaking Marketing Supervisor

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Brief Job Description: Offer full range of customer service to employer and clients.

NGUYEN VAN CONG Vietnamese Customer Service 18.

Brief Job Description: Offer full range of customer service to employer and clients.

19.

Brief Job Description: Acts as the company representative

LIN, WENLIANG Field Sales Consultant 20.

Brief Job Description: The one responsible to “get the sale” using various customer sales methods.

9.

Brief Job Description: Developing and implementing strategies, supervising and auditing

SHI, XIUYI Field Sales Consultant 21.

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

10.

Brief Job Description: oversee day to day operations of the company, among others.

Basic Qualification: Business planning, demand and supply planning, supply chain system and marketing

Brief Job Description: The one responsible to “get the sale” using various customer sales methods.

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

ZHANG, ZHUYONG Field Sales Consultant 22.

Basic Qualification: Master degree and with extensive experience in business management.

11.

Brief Job Description: Handles the concerns of the people who buy their company’s products or services.

NGUYEN VIET HOANG Vietnamese Customer Relations Officer 12.

Brief Job Description: Handles the concerns of the people who buy their company’s product or services.

NONG THI HUYEN Vietnamese Customer Relations Officer 13.

Brief Job Description: Handles the concerns of the people who buy their company’s product or services.

VI THI NGOC Vietnamese Customer Relations Officer 14.

Brief Job Description: Handles the concerns of the people who buy their company’s product or services.

Basic Qualification: At least college level and able to speak, read write and type fluently in Vietnamese language.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: At least college level and able to speak, read write and type fluently in Vietnamese language.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: At least college level and able to speak, read write and type fluently in Vietnamese language.

27.

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

Brief Job Description: The one responsible to “get the sale” using various customer sales methods.

23.

Brief Job Description: The mandarin cost officer will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Has excellent problemsolving and communication skills in MANDARIN, with related BPO experience.

NIE, HUALIN Mandarin Quality Inspector 24.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Has excellent problemsolving and communication skills in MANDARIN, with related BPO experience.

Brief Job Description: The mandarin quality inspector will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals.

28.

Basic Qualification: Technical expertise

Brief Job Description: Maintenance of machines

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

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

ZENG, HUIJUN Marketing And Sales Agent 29.

Basic Qualification: Can research accounts and generate or follow through sales leads; can valuate customers skills, needs and build productive longlasting relationships; can meet personal and team sales targets

Basic Qualification: Proven experience as mandarin cost officer, familiarity, knowledge and awareness on machinery and heavy equipment use by company. Demonstrable experience in developing strategic business plan.

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

NAM, HANSAN Senior Process Executive

Basic Qualification: Has excellent problemsolving and communication skills in MANDARIN, with related BPO experience.

Brief Job Description: Carefully assess, review and evaluate the legal complaints, in order to stimulate whether the allegedly violating copyright content must be considered blocking, removing or restricting access to as a legal approach to act in accordance with notices of copyright breach

25.

Basic Qualification: High School Graduate, to work on various queues and complete the assigned tickets on a daily basis within the TAT

30.

Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas

Brief Job Description: Responsible for engaging with Customers in behalf of the company.

DONG, MULAN Customer Service Representative

31.

32.

Brief Job Description: Responsible for engaging with Customers in behalf of the company

Brief Job Description: Responsible for engaging with Customers in behalf of the company DONG, ZHIWEI Customer Service Representative

33.

Brief Job Description: Responsible for engaging with Customers in behalf of the company DU, YUKUN Customer Service Representative

34.

Brief Job Description: Responsible for engaging with Customers in behalf of the company DUAN, JING Customer Service Representative

35.

Brief Job Description: Responsible for engaging with Customers in behalf of the company GAO, XINSHUANG Customer Service Representative

36.

Brief Job Description: Responsible for engaging with Customers in behalf of the company HAN, RUI Customer Service Representative

37.

Brief Job Description: Responsible for engaging with Customers in behalf of the company HAN, ZONGPENG Customer Service Representative

38.

Brief Job Description: Responsible for engaging with Customers in behalf of the company HUANG, YUEGUANG Customer Service Representative

39.

Brief Job Description: Responsible for engaging with Customers in behalf of the company

JIANG, MAN Customer Service Representative 40.

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

CRAWFISH HEAVEN CORPORATION Unit No.h-6c Bldg. No. 6 Philippine National Bank Citem Hall Bldg., Diosdado Macapagal Boulevard St., Zone 10, Barangay 76, Pasay City

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

Basic Qualification: Can Contributes Information, Ideas, and Research to Help Develop Marketing Strategies; Can Help to Detail, Design, and Implement Marketing Plans for Each Product or Service Being Offered.

FAYTAR SERVICES CORP. 4/f Caeg Bldg., 7611 Dela Rosa St., Pio Del Pilar, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proven experience as mandarin quality inspector, familiarity, knowledge and awareness on machinery and heavy equipment use by company. Demonstrable experience in developing strategic business plan.

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

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

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

Basic Qualification: Can research accounts and generate or follow through sales leads; can valuate customers skills, needs and build productive longlasting relationships; can meet personal and team sales targets

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

OKUYAMA, TATSUYA Machine Technician

CAO, FANG Customer Service Representative Basic Qualification: Can research accounts and generate or follow through sales leads; can valuate customers skills, needs and build productive longlasting relationships; can meet personal and team sales targets

Basic Qualification: Guests and service oriented, Culinary school diploma

EASTERN GOLD CORPORATION 503, Nueva St., Barangay 289, Binondo, City Of Manila

COGNIZANT TECHNOLOGY SOLUTIONS PHILIPPINES, INC. 2nd, 3rd, And 4th Floors, Science Hub Tower 4 Bldg., Mckinley Hill Cyberpark, Fort Bonifacio, City Of Taguig

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

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

Brief Job Description: Managing F&B operations

FU, TAO Chinese Speaking Data Entry Clerk

CHINA HARBOUR ENGINEERING COMPANY 5/f Section E Ramon Magsaysay Center, 1680 Roxas Blvd., 076, Barangay 699, Malate, City Of Manila

HAO, JIALANG Mandarin Cost Control Officer Basic Qualification: Has excellent problemsolving and communication skills in MANDARIN, with related BPO experience

LI, YOUFA Food And Beverage Manager

QUALIFICATION AND SALARY RANGE

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

Basic Qualification: Benchmarking vessel’s performances Salary Range: Php 150,000 - Php 499,999

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

DURATECH SYSTEM WINDOWS INC. D-868 Tropical Ave, Bf Int’l, B. F. International Village, City Of Las Piñas

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

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

BIG EMPEROR TECHNOLOGY CORP. Eastfield Center, Cbp1, Macapagal Blvd., Barangay 76, Pasay City JIN, GUIDE Mandarin Customer Relations Officer

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

26.

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

BETUR, INC. (COINS.PH) 30/f Union Bank Plaza, Meralco Ave. Cor. Onyx Road, Ortigas Center, San Antonio, City Of Pasig ZHOU, WEI President/ceo

Basic Qualification: At least college level and able to speak, read write and type fluently in Vietnamese language.

No.

DONG, WEIQI Customer Service Representative

ALTAIR GLOBAL SOLUTIONS CO. #409, Shaw Blvd., Brgy. Addition Hills, City Of Mandaluyong HAENDLER, JAY NOAH Chief Operating Officer (coo)

QUALIFICATION AND SALARY RANGE

C’EST LA VIE EVENT MANAGEMENT INC. 230, Narra Street, Marikina Heights, City Of Marikina

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Good oral and written communication skills in Mandarin , at least 6 months work related experience

ESTABLISHMENT / ADDRESS

BOSKALIS PHILIPPINES INC. Unit 3701, 3801 The Orient Square, F. Ortigas Jr. Road, Ortigas Center, San Antonio, City Of Pasig DOKTER, HENDRIK Operations Superintendent

www.businessmirror.com.ph

Brief Job Description: Responsible for engaging with customers in behalf of the company

JIANG, YANBING Customer Service Representative 41.

Brief Job Description: Responsible for engaging with customers in behalf of the company

Basic Qualification: Ability to multi-task and must know how to speak mandarin Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to multi-task and must know how to speak mandarin Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to multi-task and must know how to speak mandarin Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to multi-task and must know how to speak mandarin Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to multi-task and must know how to speak mandarin Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to multi-task and must know how to speak mandarin Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to multi-task and must know how to speak mandarin Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to multi-task and must know how to speak mandarin Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to multi-task and must know how to speak mandarin Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to multi-task and must know how to speak mandarin Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to Multi-task and Must Know How to Speak Mandarin Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to Multi-task and Must Know How to Speak Mandarin Salary Range: Php 30,000 - Php 59,999

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION JIN, BINGYU Customer Service Representative

42.

Brief Job Description: Responsible for engaging with customers in behalf of the company LEI, QIN Customer Service Representative

43.

Brief Job Description: Responsible for engaging with customers in behalf of the company LI, JIAN Customer Service Representative

44.

Brief Job Description: Responsible for engaging with customers in behalf of the company LI, NANBO Customer Service Representative

45.

Brief Job Description: Responsible for engaging with customers in behalf of the company LI, YIMING Customer Service Representative

46.

Brief Job Description: Responsible for engaging with customers in behalf of the company LIANG, HONGYU Customer Service Representative

47.

Brief Job Description: Responsible for engaging with customers in behalf of the company.

LIU, FANG Customer Service Representative

48.

Brief Job Description: Responsible for engaging with customers in behalf of the company.

LIU, HAN Customer Service Representative

49.

Brief Job Description: Responsible for engaging with customers in behalf of the company.

LIU, ZHONGYUAN Customer Service Representative

50.

Brief Job Description: Responsible for engaging with customers in behalf of the company.

MA, CHUANG Customer Service Representative

51.

Brief Job Description: Responsible for engaging with customers in behalf of the company.

MIAO, DEJI Customer Service Representative

52.

Brief Job Description: Responsible for engaging with customers in behalf of the company.

QIN, YUXIU Customer Service Representative

53.

Brief Job Description: Responsible for engaging with customers in behalf of the company.

TAO, JIN Customer Service Representative

54.

Brief Job Description: Responsible for engaging with customers in behalf of the company.

WAN, BOWEN Customer Service Representative

55.

Brief Job Description: Responsible for engaging with customers in behalf of the company.

WANG, XIAOYU Customer Service Representative

56.

Brief Job Description: Responsible for engaging with customers in behalf of the company.

WEI, HONGXU Customer Service Representative

57.

Brief Job Description: Responsible for engaging with customers in behalf of the company.

WU, GUOSEN Customer Service Representative

58.

Brief Job Description: Responsible for engaging with customers in behalf of the company.

XU, CHONGTAO Customer Service Representative

59.

Brief Job Description: Responsible for engaging with customers in behalf of the company.

XU, YUAN Customer Service Representative

60.

Brief Job Description: Responsible for engaging with customers in behalf of the company.

YANG, XIAOFEI Customer Service Representative 61.

Brief Job Description: Responsible for engaging with customers in behalf of the company.

YUAN, FAN Customer Service Representative 62.

Brief Job Description: Responsible for engaging with customers in behalf of the company.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Ability to Multi-task and Must Know How to Speak Mandarin

No.

63.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to Multi-task and Must Know How to Speak Mandarin

ZHANG, NIANSI Customer Service Representative 64.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to Multi-task and Must Know How to Speak Mandarin

65.

66.

Brief Job Description: Responsible for engaging with customers in behalf of the company.

CHENG, KAI-HSIANG a.k.a. RAY CHENG Marketing Consultant (mandarin Speaking Clients) 67.

Brief Job Description: “*Studying company profile and operations to understand its marketing needs. * Implementing a marketing strategy according to objectives and budget.”

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to multi-task and must know how to speak Mandarin.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to multi-task and must know how to speak Mandarin.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to multi-task and must know how to speak Mandarin.

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

WONG YI TING Marketing Consultant (mandarin Speaking Clients) 68.

Brief Job Description: *Studying company profile and operations to understand its marketing needs. * Implementing a marketing strategy according to objectives and budget.

Basic Qualification: Ability to multi-task and must know how to speak Mandarin.

GOERISCH, PHILLIP ROSS General Manager 69.

Brief Job Description: Responsible for the efficient operation of the office while achieving client goals

GURUGE, PASAN BHANU It Technical Consultant 70.

Brief Job Description: Handling financial and Banking Software, Transaction Management and Routing, C/C++ and Oracle.

Salary Range: Php 30,000 - Php 59,999 71.

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

THALA PITIYALAGE, HARITHA MADHUSHANKA RAJARATHNA It Technical Consultant Brief Job Description: Handling financial and Banking Software, Transaction Management and Routing, C/C++ and Oracle.

Salary Range: Php 30,000 - Php 59,999 WEERASINGHE ARACHCHIGE, CHANAKA LAKMAL It Technical Consultant 72.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to multi-task and must know how to speak mandarin.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to multi-task and must know how to speak mandarin.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to multi-task and must know how to speak mandarin.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to multi-task and must know how to speak mandarin.

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

YAJURIS GUANIPA, VICTOR EMILIO Collector

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

79.

Basic Qualification: Ability to multi-task and must know how to speak mandarin.

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

80.

Basic Qualification: Ability to multi-task and must know how to speak mandarin.

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

Basic Qualification: “*Preferably 6 months experience with the above position. *Can multi-task and keen to details. *Any nationality who can speak and write Chinese fluently. “ Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Handling financial and Banking Software, Transaction Management and Routing, C/C++ and Oracle.

ZHU, JIANJIE Front Wed Developer 73.

Brief Job Description: Determining the structure and design of web pages and maintain brand consistency throughout the design.

74.

Brief Job Description: Work on metadata, NSA, MDA, account involves in French and Portuguese language.

GARCIA, JOSEMAR PEDRO CAMPOS Customer Service Process Specialist

75.

Brief Job Description: Technical service desk, voicemails, emails in French and Portuguese language.

KAMBAU, STEVE SHANGONZ Customer Service Process Specialist

76.

Brief Job Description: Technical service desk receive and response calls in French and Portuguese language.

LWAMBA, SERGE MAYANDA Customer Service Process Specialist

77.

Brief Job Description: Taking inbound calls and responding to queries in French and Portuguese.

Brief Job Description: Respond to all inquiries in a timely and accurate manner & escalate difficulties as defined in SOP’s / IOP’s.

FELIZ RODRIGUEZ, BARTOLA Process Expert

81.

Brief Job Description: Respond to all inquiries in a timely and accurate manner & escalate difficulties as defined in SOP’s / IOP’s.

CANO GALINDO, JEAN FRANCO Senior Specialist

82.

Brief Job Description: Has knowledge of standard work routines and methods, general facts and information.

QUALIFICATION AND SALARY RANGE Basic Qualification: Actively follow up with payments and assist with the disputes handling process.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Actively follow up with payments and assist with the disputes handling process.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Assist customers with their issues and inquiries.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Assist customers with their issues and inquiries.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Assist customers with their issues and inquiries.

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

MCKUPLER INC. 2508 High Street South Corporate Plaza Tower 2,, 26th Corner 11th Ave., Bonifacio Global City, Fort Bonifacio, City Of Taguig

Basic Qualification: *Preferably 6 months experience with the above position. *Can multi-task and keen to details. *Any nationality who can speak and write Chinese fluently.

83.

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

MEGALINK, INC. Unit 31-d Rufino Pacific Tower, 6784 Ayala Ave. Cor. V.a Rufino St., San Lorenzo, City Of Makati

ANANDA PATHIRANAGE, SANJEEWA MANOJ THUSHARA Chief Finance Officer

Salary Range: Php 150,000 - Php 499,999

Basic Qualification: Experience in web technologies such as Servlet, JSP, HTML, AJAX, JQuery, Java Script, CSS3,SVN, JSF, JPA, Bugzilla, Teslink and TCP/IP Socket Programming. Knowledge in an Industry standard Application Servers-Web Sphere, Jboss & Apache Tomcat and databases– Oracle, DB2 & PostgreSQL

Basic Qualification: Experience in web technologies such as Servlet, JSP, HTML, AJAX, JQuery, Java Script, CSS3,SVN, JSF, JPA, Bugzilla, Teslink and TCP/IP Socket Programming. Knowledge in an Industry standard Application Servers-Web Sphere, Jboss & Apache Tomcat and databases– Oracle, DB2 & PostgreSQL

Basic Qualification: Experience in web technologies such as Servlet, JSP, HTML, AJAX, JQuery, Java Script, CSS3,SVN, JSF, JPA, Bugzilla, Teslink and TCP/IP Socket Programming. Knowledge in an Industry standard Application Servers-Web Sphere, Jboss & Apache Tomcat and databases– Oracle, DB2 & PostgreSQL

Basic Qualification: Degree in computer science or related field and understanding of key design principles.

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

84.

KIM, YOON HWAN Account Manager, Global Marketing 85.

MAERSK GLOBAL SERVICE CENTRES (PHILIPPINES) LTD. Levels 6-8 North Wing, Estancia Offices, Capitol Commons, Meralco Ave., Oranbo, City Of Pasig

Brief Job Description: Assist the chief, global marketing and/or manager, global marketing in customer development & customer retention for the global marketing, elite market.

Basic Qualification: Experience in gaming host role & in customer service, college graduate, multilingual or ability to converse in foreign language(s) aside from English would be an advantage.

MF CONSULTANCY MANAGEMENT SERVICES INC. Unit 1001 10/f Antel 2000 Corporate Centre, 121 Valero St., Bel-air, City Of Makati LYU, KAIPENG Chinese Speaking Customer Relations Officer 86.

Brief Job Description: To share his expertise and knowledge to help business attain goals.

Basic Qualification: Chinese speaking with excellent customer service and interpersonal skills.

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

MPOTECH DIGITAL SYSTEM INC. 47/f Pbcom Tower, 6795 Ayala Ave. Cor. V.a Rufino St., Bel-air, City Of Makati

ALVIN Indonesian Customer Service Representative 87.

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

CHRISTOPHER NOVICYUS Indonesian Customer Service Representative 88.

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

CLAUDIA TAMARA Indonesian Customer Service Representative

89.

Brief Job Description: Provide product/services, information, answer questions and resolve emerging problems DAVIN YOHAN Indonesian Customer Service Representative

90.

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

DENNIS WIRYA Indonesian Customer Service Representative

91.

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

FENNIATI Indonesian Customer Service Representative

92.

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

GIDEON SETYO Indonesian Customer Service Representative

93.

Basic Qualification: Fluent in oral and written French and Portuguese language.

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

Basic Qualification: At Least 5 Years of Experience in Middle or Senior Management Role in a Nonprofit or for-profit Organization or Association. Experience in Fiscal Management Including Profit and Loss Responsibility, Preparing, and Securing Approval of Complex Budgets.

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

Basic Qualification: Fluent in oral and written French and Portuguese language.

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

Salary Range: Php 150,000 - Php 499,999

MELCO RESORTS LEISURE (PHP) CORPORATION City Of Dreams Manila, Aseana Ave. Cor. Roxas Blvd., Tambo, City Of Parañaque

Basic Qualification: Fluent in oral and written French and Portuguese language.

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

Brief Job Description: Oversee day-to-day operations, including event production and revenue generation. Provide leadership in developing program, organizational, strategic, and financial plans. Drive membership, sponsorship, and inkind donation program. Effectively represent Megalink in business and technology communities.

Basic Qualification: FCA,FCMA,HNDA,MBA in business admin

Salary Range: Php 150,000 - Php 499,999

Basic Qualification: Fluent both oral and written in French & Portuguese language.

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

Brief Job Description: Manage the financial reporting and accounting functions in order to ensure all regulations and standards are followed in the best interest of the company and principals

NALAWATTHAGE, RAVEEN VEDARSHANA JAYATISSA Chief Executive Officer

Basic Qualification: Bachelor’s Degree in Business Management

INFOSYS BPM LIMITED - PHILIPPINE BRANCH 19th-23rd Flr., Bgc Corporate Center, 11th Ave. Corner 30th Sts., City Of Taguig AFONG, GEORGE NSOH Customer Service Process Specialist

Brief Job Description: Monitor report and escalate customers in breach of credit terms.

BOZZANI, JUAN MANUEL Process Expert

INFINITECHNOLOGIES VENTURES INC. Room 506 Estuar Building, #41 Timog Ave., South Triangle, Quezon City

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to multi-task and must know how to speak mandarin.

Basic Qualification: Ability to multi-task and must know how to speak mandarin.

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to multi-task and must know how to speak mandarin.

Brief Job Description: Monitor report and escalate customers in breach of credit terms.

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

Basic Qualification: Ability to multi-task and must know how to speak Mandarin.

Basic Qualification: Ability to multi-task and must know how to speak Mandarin.

78.

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

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

Basic Qualification: Ability to multi-task and must know how to speak Mandarin.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION MEDINA ZAMBRANO, LINA MILANGELA Collector

HITACHI DIGITAL PAYMENT SOLUTIONS PHILIPPINES,INC. Unit 31-d 31/f Rufino Pacific Tower, 6784 Ayala Ave., San Lorenzo, City Of Makati

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

Basic Qualification: Ability to multi-task and must know how to speak Mandarin.

Basic Qualification: Ability to multi-task and must know how to speak mandarin.

No.

GC SERVICES INTERNATIONAL, LLC ( GC SERVICES INTERNATIONAL, LLC- PHILIPPINES BRANCH ) Level 6 South Wing Estancia Mall,, Capitol Commons, Oranbo, City Of Pasig

Basic Qualification: Ability to multi-task and must know how to speak Mandarin.

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

QUALIFICATION AND SALARY RANGE

FLY ASIAN INTERNATIONAL CORPORATION Eighty One Bldg. Newport Blvd., Newport City Vab St., Barangay 183, Pasay City

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to multi-task and must know how to speak Mandarin.

Brief Job Description: Responsible for engaging with customers in behalf of the company.

ZHANG, XIONG Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to Multi-task and Must Know How to Speak Mandarin

Brief Job Description: Responsible for engaging with customers in behalf of the company.

ZHANG, WENJING Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to Multi-task and Must Know How to Speak Mandarin

Brief Job Description: Responsible for engaging with customers in behalf of the company.

A7

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION YUE, YANFENG Customer Service Representative

Wednesday, June 8, 2022

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

SELLYANA Indonesian Customer Service Representative

94.

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

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

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

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

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

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

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

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

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

BusinessMirror

Wednesday, June 8, 2022

A6 A8

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION VARIAN WINNARISTO Indonesian Customer Service Representative

95.

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

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE

No.

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

LY DONG KHAN Vietnamese Customer Service 112.

NANTAI TECHNOLOGY SOLUTIONS INCORPORATED 18th Floor Ore Central Building, 9th Avenue Corner 31st Street, Bonifacio Global City, Fort Bonifacio, City Of Taguig YENNY YAP HUI FANG It Technical Support 96.

Brief Job Description: Maintains the computer networks of all types of organizations, providing technical support and ensuring the whole company runs smoothly.

LIANG, XIAQIAO Mandarin Customer Service 97.

Brief Job Description: Offer full range of customer service to employer and clients.

Basic Qualification: With bachelor’s Degree in Computer Science or any related course with a minimum of 1 year IT experience and able to speak and write in MANDARIN.

113.

114.

NEO INCORPORATED North Tower Centrum Bldg., Aseana Avenue, Entertainment City, Baclaran, City Of Parañaque HA THANH TAM Chinese Speaking Business Development Associate 98.

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

CHEN, WANFA Chinese Customer Service 99.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

FANG, WEN Chinese Customer Service 100.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

Basic Qualification: College Graduate, Preferably 1 year experience in the same field, Speaks and write (Native Language)

115.

116.

101.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

LIANG, JIMIN Chinese Customer Service

102.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

ZHANG, XINGBAO Chinese Customer Service

103.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

ZHANG, ZHIHAO Chinese Customer Service

104.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

DJAP HARTONI Customer Service Representative

105.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

LIU SU FONG Indonesian Customer Service

106.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

CHIN YONG YOU Malaysian Customer Service

107.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

KYAN SHAN HOT Myanmari Customer Service

108.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

SAN SAN HTWE Myanmari Customer Service

109.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

WAI YAN LIN Myanmari Customer Service 110.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

DANG TO SY Vietnamese Customer Service 111.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

TRAN THI THU HUONG Vietnamese Customer Service 117.

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

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

TRAN TUAN ANH Vietnamese Customer Service 118.

GAN, XUEMIN Chinese Customer Service

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

TRAN MANH THANG Vietnamese Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate, Preferably 1 year experience in the same field, Speaks and write (Native Language)

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

TRAN KHANH ANH Vietnamese Customer Service

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

NEW ORIENTAL CLUB88 CORPORATION 3rd, 5th, 6th, 7th, 8th, 9th & 10th/f, Pearl Marina Building Pacific Drive, Don Galo, City Of Parañaque

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

TRAN DI TRIET Vietnamese Customer Service

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

Basic Qualification: With Atleast 6 Months Customer Service Experience/Good in Oral Communication and Written

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

NGUYEN THI NGOC BICH Vietnamese Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: At least college level and able to speak, read write and type fluently in MANDARIN language.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Basic Qualification: College Graduate, Preferably 1 year experience in the same field, Speaks and write (Native Language)

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

VU VIET THANH Vietnamese Customer Service

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

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: College graduate, preferably 1 year experience in the similar field, speak and write fluently (native language & English) Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate, Preferably 1 year experience in the same field, Speaks and write (Native Language) Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate, Preferably 1 year experience in the same field, Speaks and write (Native Language)

KIM, TAE JUN Chinese Speaking Business Development Associate 121.

TSAI, KAI-TSEN Chinese Speaking Business Development Associate 122.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate, Preferably 1 year experience in the same field, Speaks and write (Native Language)

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate, Preferably 1 year experience in the same field, Speaks and write (Native Language) Salary Range: Php 30,000 - Php 59,999

123.

124.

Basic Qualification: College graduate, preferably 1 year experience in the similar field, speak and write fluently (native language & English)

127.

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

LI, BAOSHAN Chef Iii

125.

Brief Job Description: Ensure kitchen team adheres to Sodexo way service standards through training and role modeling; Ensure standard recipes are used and food is presented according to establishment standards; Ensure kitchen and working area comply with health and food safety standards at all times; To participate and contribute in continual improvement process through waste reduction, revenue enhancement, increased customer and staff satisfaction and improved workplace health and safety.

QING, HAI Chef Iii

126.

Brief Job Description: Ensure kitchen team adheres to Sodexo way service standards through training and role modeling; Ensure standard recipes are used and food is presented according to establishment standards; Ensure kitchen and working area comply with health and food safety standards at all times; To participate and contribute in continual improvement process through waste reduction, revenue enhancement, increased customer and staff satisfaction and improved workplace health and safety.

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

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

BALRAJ, VIJAY RAJ Lead Civil Designer For Ehv Substation

Basic Qualification: Preferably 10 years experience employee, specializing in civil/ structural

Brief Job Description: Review designs to ensure these are in accordance to the project requirements, design criteria , actual site conditions, applicable codes and standards.

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

THE LORD’S GRACE MEDICAL AND INDUSTRIAL CLINIC CO. Unit No. 1, Macapagal Blvd. Cor Diokno Blvd. St., Zone 10, Barangay 76, Pasay City Basic Qualification: Fluent in Mandarin

CAI, BINBIN Finance Office Administrative

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

129.

Basic Qualification: College graduate, preferably 1 year experience in the similar field, speak and write fluently (native language & English)

TOP ACCESS INFINITY INC. 27th Floor The Curve Building, 32nd Street Bgc, Fort Bonifacio, City Of Taguig

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

130.

Basic Qualification: College graduate, preferably 1 year experience in the similar field, speak and write fluently (native language & English) Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1 year experience in the similar field, speak and write fluently (native language & English) Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1 year experience in the similar field, speak and write fluently (native language & English)

Basic Qualification: College graduate, preferably 1 year experience in the similar field, speak and write fluently (native language & English)

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficiency in handling customer questions about services or products / excellent mandarin communication skills.

131.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficiency in handling customer questions about services or products / excellent mandarin communication skills.

132.

133.

Basic Qualification: Must be fluent in mandarin; fluency in English is a plus but not a requirement; with wide knowledge in traditional cuisine; able to work with minimum supervision; and with responsible approach to confidentiality.

Salary Range: Php 150,000 - Php 499,999

Brief Job Description: Handle service support calls, emails and chats related to inquiry from clients and/or customers through mandarin to english translation.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Through extensive and fluency in mandarin language and characters.

Brief Job Description: Handle service support calls, emails and chats related to inquiry from clients and/or customers through mandarin to english translation.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Through extensive and fluency in mandarin language and characters.

Brief Job Description: Handle service support calls, emails and chats related to inquiry from clients and/or customers through mandarin to english translation.

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

INDRA KURNIAWAN Customer Relation Representative (mandarin Translation) 134.

Basic Qualification: Through extensive and fluency in mandarin language and characters.

Brief Job Description: Handle service support calls, emails and chats related to inquiry from clients and/or customers through mandarin to english translation.

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

LIANG, PO-CHUN Customer Relation Representative (mandarin Translation) 135.

Basic Qualification: Through extensive and fluency in mandarin language and characters.

Brief Job Description: Handle service support calls, emails and chats related to inquiry from clients and/or customers through mandarin to english translation.

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

MA, ZAIPING Customer Relation Representative (mandarin Translation) 136.

Basic Qualification: Through extensive and fluency in mandarin language and characters.

Brief Job Description: Handle service support calls, emails and chats related to inquiry from clients and/or customers through mandarin to english translation.

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

YENNI VERAWATI Customer Relation Representative (mandarin Translation) 137.

Basic Qualification: Through extensive and fluency in mandarin language and characters.

Brief Job Description: Handle service support calls, emails and chats related to inquiry from clients and/or customers through mandarin to english translation.

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

ZHU, SHENGMING Customer Relation Representative (mandarin Translation) 138.

Basic Qualification: Through extensive and fluency in mandarin language and characters.

Brief Job Description: Handle service support calls, emails and chats related to inquiry from clients and/or customers through mandarin to english translation.

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

TRUONG VI HUNG Customer Relation Representative (mandarin Translation) 139.

Basic Qualification: Through extensive and fluency in mandarin language and characters.

Brief Job Description: Handle service support calls, emails and chats related to inquiry from clients and/or customers through mandarin to english translation.

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

XIN TAI CONSTRUCTION CORP. U502 Ctc Bldg., 2202 Roxas Blvd., St. District 4, Barangay 13, Pasay City ZENG, SHENG General Contractor/coordinator 140.

Brief Job Description: Responisble for producing and obtaining the materials needed for the construction.

Basic Qualification: Knowledgeable in organizational effectiveness.

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

YUTEL CONSTRUCTION DEVELOPMENT INC. Ub 111 Paseo De Roxas Bldg., Paseo De Roxas, San Lorenzo, City Of Makati NAING LIN AUNG Project Manager 141.

Salary Range: Php 150,000 - Php 499,999

Basic Qualification: Through extensive and fluency in mandarin language and characters.

HA PHOI HUY Customer Relation Representative (mandarin Translation)

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

Basic Qualification: Must be fluent in mandarin; fluency in English is a plus but not a requirement; with wide knowledge in traditional cuisine; able to work with minimum supervision; and with responsible approach to confidentiality.

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

CHONG MOI NYUK Customer Relation Representative (mandarin Translation)

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficiency in handling customer questions about services or products / excellent mandarin communication skills.

Brief Job Description: Handles service support calls, emails and chats related to inquiry from clients and/or customers through Mandarin to English translation

BAI, XUEPENG Customer Relation Representative (mandarin Translation)

Basic Qualification: Bachelor’s degree or equivalent with minimum 4 years job related.

Basic Qualification: Proficiency in handling customer questions about services or products / excellent mandarin communication skills.

Basic Qualification: Through, extensive & fluency in Mandarin language and characters.

VICCI BUSINESS CONSULTANCY CORP. 10/f Liberty Plaza, 102 H.v. Dela Costa St., Bel-air, City Of Makati

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

Salary Range: Php 150,000 - Php 499,999

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

Brief Job Description: Assisting financial management

LI, ZHUOXIAN Mandarin Speaking After Sales Assistant Manager

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

SODEXO ON-SITE SERVICES PHILIPPINES, INC. 11/f Ba Lepanto Bldg., 8747 Paseo De Roxas, Bel-air, City Of Makati

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

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

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

LI, SHOU-CHUN Chinese Speaking Customer Service Representative

Basic Qualification: College Graduate, Preferably 1 year experience in the same field, Speaks and write (Native Language)

Basic Qualification: College Graduate, Preferably 1 year experience in the same field, Speaks and write (Native Language)

Brief Job Description: Developing, implementing sales strategies, client service, plan and analyzing sales data.

ADRIAN WEE CHONG JIN Chinese Speaking Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate, Preferably 1 year experience in the same field, Speaks and write (Native Language)

Brief Job Description: Developing, implementing sales strategies, client service, plan and analyzing sales data.

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

KU, XIAOPENG Chinese Speaking Solutions Consultant

SOCIALATEMYIND INC. Unit No. Unit 2c Flr. No. No. 4/f, One E-com Center Bldg., Lot No. 4/f Mall Of Asia Complex Ocean Drive St. District 1, District 4, Barangay 76, Pasay City

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate, Preferably 1 year experience in the same field, Speaks and write (Native Language)

Brief Job Description: Manage the direct cargo sales and marketing activities of qatar.

SPEEDWELL INC. 5/f King’s Court 2 Bldg., 2129 Chino Roces Ave., Pio Del Pilar, City Of Makati

128.

QATAR AIRWAYS COMPANY WITH LIMITED LIABILITY (PHILIPPINE BRANCH OFFICE) 101 B One Global Place, 5th Ave. Cor. 25th St., Fort Bonifacio, City Of Taguig

120.

QUALIFICATION AND SALARY RANGE

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

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

CHOUDHARY, DEEPAK Cargo Sales Manager - Philippines

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

STA. CLARA INTERNATIONAL CORPORATION 2f, Unit 7, 8, & 9, Highway 54 Plaza Edsa Cor Stanford, Wack-wack Greenhills, City Of Mandaluyong

119.

Basic Qualification: College graduate, preferably 1 year experience in the similar field, speak and write fluently (native language & English)

No.

Basic Qualification: College graduate, preferably 1 year experience in the similar field, speak and write fluently (native language & English)

Basic Qualification: College Graduate, Preferably 1 year experience in the same field, Speaks and write (Native Language)

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

www.businessmirror.com.ph

Brief Job Description: The project manager will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals.

Basic Qualification: Proven experience as project manager, excellent communication, interpersonal and presentation skills.

Salary Range: Php 30,000 - Php 59,999 *Date Generated: Jun 7, 2022

In the ad material of Notice of Filing of Application for Alien Employment Permits published on JUNE 4, 2022, the name of PARK SEUNGHEE, should have been read as PARK (SPOUSE OF KANG) SEUNGHEE and not as published.

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

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

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

The World BusinessMirror

Wednesday, June 8, 2022

A9

US vows ‘forceful response’ to North Korea’s nuclear test

By Kim Tong-Hyung

S

The Associated Press

EOUL, South Korea—US Deputy Secretary of State Wendy Sherman on Tuesday warned of a forceful response if North Korea carries out its first nuclear test explosion in nearly five years as she traveled to Seoul to meet with South Korean and Japanese allies and discuss the escalating standoff.

US and South Korean officials have said North Korea is all but ready to conduct another detonation at its nuclear testing ground in the northeastern town of Punggye-ri, which last hosted a test in September 2017, when it claimed to have detonated a thermonuclear bomb designed for its intercontinental ballistic missiles.

While the Biden administration

has vowed to push for additional international sanctions if North Korea goes on with the nuclear test, the prospects for meaningful new punitive measures are unclear with the United Nations Security Council divided over Russia’s war on Ukraine.

“Any nuclear test would be in complete violation of UN Security Council resolutions. There would

be a swift and forceful response to such a test,” Sherman said, following a meeting with South Korea Vice Foreign Minister Cho Hyun-dong.

“We continue to urge Pyongyang to cease its destabilizing and provocative activities and choose the path of diplomacy,” she said.

Sherman and Cho are planning a trilateral meeting with Japanese Vice Foreign Minister Mori Takeo on Wednesday over the North Korean nuclear issue. Sherman’s trip to Asia came after North Korea fired a salvo of eight ballistic missiles into the sea Sunday, possibly setting a new high in single-day launches, extending a provocative streak in weapons tests this year that also included the country’s first demonstrations of ICBMs since 2017.

North Korean leader Kim Jong Un could further escalate his brinkmanship by conducting what would be the country’s seventh nuclear test since 2006. Experts say North Korea could use a test claim an ability to build small nuclear bombs that could be clustered on a multiwarhead ICBM or

fit on Kim’s expanding range of short-range, solid-fuel missiles that pose an increasing threat to South Korea and Japan.

Rafael Mariano Grossi, director general of the International Atomic Energy Agency, said Monday there are indications that one of the passages at the Punggye-ri testing ground has been reopened, possibly in preparations for a nuclear test.

Hours before Sherman’s meeting in Seoul, State Department spokesperson Ned Price told reporters in Washington that the United States remains concerned that North Korea could seek is seventh test “in the coming days.”

The Biden administration’s punitive action over North Korea’s weapons tests in recent months have been limited to largely symbolic unilateral sanctions. Russia and China had vetoed a US-sponsored resolution that would have imposed additional sanctions on North Korea over its previous ballistic tests on May 25.

“We have called on members of the international community,

certainly members of the UN Security Council’s permanent five, to be responsible stakeholders in the UN Security Council as a preeminent forum for addressing threats to international peace and security,” Price said.

“Unilateral actions are never going to be the most attractive or even the most effective response, and that is especially the case because we are gratified that we have close allies in the form of Japan and the ROK,” he said, referring to South Korea’s formal name, the Republic of Korea.

Nor th Korean state media have yet to comment on Sunday’s launches. They came after the US aircraft carrier Ronald Reagan concluded a three-day naval drill with South Korea in the Philippine Sea on Saturday, apparently their first joint drill involving a carrier since November 2017, as the countries move to upgrade their defense exercises in the face of North Korean threats.

North Korea has long condemned the allies’ combined military exercises as invasion rehearsals and

often countered with its own missile drills, including shortrange launches in 2016 and 2017 that simulated nuclear attacks on South Korean ports and US military facilities in Japan.

Following the latest North Korean launches, the United States conducted separate joint missile drills with Japan and South Korea, which they said were aimed at displaying their response capability.

Nuclear talks between Washington and Pyongyang have stalled since 2019 over disagreements in exchanging the release of crippling US-led sanctions for the North’s disarmament steps.

Despite facing harsh challenges at home, including a decaying economy and a Covid-19 outbreak, Kim has shown no willingness to fully surrender an arsenal he sees as his strongest guarantee of survival.

His government has so far rejected the Biden administration’s offers for open-ended talks and is clearly intent on converting the dormant denuclearization negotiations into a mutual arms-reduction process, experts say.

A10 Wednesday, June 8, 2022 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Can PHL become food self-sufficient?

T

he Covid-19 pandemic has highlighted the critical role of logistics in ensuring the food security of food-importing countries like the Philippines.

Unfortunately, we continue to rely on other countries to plug the gap in the production of key food items, such as rice and meat. Global supply chain disruptions meant longer waiting times and even higher costs for importers. Exporters, on the other hand, are also facing myriad challenges such as finding ways to ship their products amid uncertainties, like China’s virus-related restrictions.

The reopening of the global economy following the rollout of tools to fight the pandemic has revived demand for consumer goods and food items. The surge in demand has prompted manufacturers, retailers, food producers, and traders to find other ways to deliver items to consumers as freight costs soared due to stiff competition for ships (See, “Global food trade has been upended by container crisis,” in the BusinessMirror, February 7, 2021). The spike in freight costs continues to put pressure on food and other consumer items.

While virus-related restrictions have eased, giving local traders a little respite from the logistical nightmares they encountered last year, DHL, the world’s largest logistics company, said five risks would continue to pose challenges to supply chains this year and beyond. Citing a report released by Everstream Analytics, DHL noted that three of these risks are pandemic-related—ocean freight, labor shortages, and the shift to just-in-case from just-in-time supply chains. China, the only major global economy that pursues a “zero-Covid policy,” will continue to put pressure on supply chains as outbreaks usually lead to shutdowns of its ports.

Beyond the pandemic, traders, retailers and manufacturers would have to brace themselves for environmental, social and governance (ESG) issues. Everstream Analytics noted that Norway and Germany passed new laws holding companies accountable for human-rights violations in their supply chains, and similar European Union legislation is due to be enacted this year. Starting this month, companies operating in the United States will be prohibited from selling materials that are mined, manufactured or produced in the Xinjiang province of China.

Water shortage is another problem confronting traders and supply chain managers. DHL said water scarcity can affect even logistics networks and will pose a challenge to delivering food and other essential items to buyers. In 2019, for instance, low water levels prevented the largest container ships from traveling fully loaded through Panama Canal.

The easing of Covid mobility restrictions is now making it easier for countries to trade with each other, but this does not mean that it will be business as usual after the pandemic. Global trade may be crawling back to pre-pandemic levels, but Manila should not let its guard down. The country’s experience during the pandemic and the shipping crisis it caused should serve as a reminder to the Philippines that it should minimize its dependence on imports because of the associated risks, such as supply chain disruptions. It’s about time for our national leaders to think of ways to ensure our food security.

It’s about time for the Philippines to become self-sufficient in basic food production.

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor

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

Senior Editors

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

Online Editor

Ruben M. Cruz Jr.

Creative Director Chief Photographer Chairman of the Board President Advertising Sales Manager Group Circulation Manager

Eduardo A. Davad Nonilon G. Reyes D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

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

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

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

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

www.businessmirror.com.ph

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

Health care, technology, and sustainability: How the pandemic has changed us

By Jim Falteisek

T

here is no doubt that the Covid-19 pandemic has ushered in a new paradigm. While countries come out of lockdowns, and jobs, schools, and universities return to physical formats, our lives—the way we interact, live, and work—have been forever changed.

With our business centered on using science and innovation to impact daily life, 3M was curious about how the pandemic has and will continue to fundamentally transform life as we know it. Thus, we commissioned an independent study among 22,000 adults across 11 countries.

This is what we uncovered.

The rise of hyper-healthconsciousness

WE are now more health-conscious than ever. Living through a pandemic has changed the way people view health. According to 3M Futures, 76 percent of people globally agreed that the pandemic made them more conscious of their personal health.

The EY Future Consumer Index found that consumers in Asia-Pacific are focusing on their own health and that of their families, and some are even willing to pay a higher price for health products. In the Philippines, a Food Industry Asia (FIA) survey among Filipinos reported that almost all or 99 percent of respondents were keen on adopting healthier eating habits.

The pandemic has even affected how we think about public spaces, with 77 percent agreeing that public spaces need to be re-designed to be more health-conscious—including offices. The pandemic has overturned our idea of workplace interiors, and companies are facing the dual-pronged challenge of creating spaces that invoke a sense of “com-

munity” and still protect the health and well-being of their employees.

A perpetually digital existence— working, interacting, and playing online

When countries entered lockdowns, virtual substitutes quickly took over.

This has brought about divided opinions. Although more than 64 percent preferred to work from home, with a similar portion (58 percent) of respondents willing to try new technological advancements such as sustainable homes and all-electric vehicles, others would rather minimize the role of devices in their lives.

As many as 77 percent noted that they had better interactions with friends and family in-person than when using technology and online platforms. Seven in 10 people also favored hobbies that allows them to unplug from their devices. Another 75 percent highlighted that too much screen time is a health issue that should be addressed.

Approaching an AI future with optimism and fear

AN AI-infused future is already dawning upon us. Globally, 63 percent believe that cutting-edge AI advancements like driverless vehicles will be a part of our lives in the next 10 years. And 55 percent are also willing to accept a ride from a selfdriving car.

Despite this excitement, we continue to question its ethics and impli-

cations, and want more transparency on how technology is being used in society. To truly harness the power of AI and data while not compromising privacy, governments need to design ways that allow for safe sharing of quality data.

In the Philippines, the Department of Trade and Industry is strengthening its investment in AI. Determined to further push the country towards a more digitized future where it becomes one of the biggest AI hubs in the Asean, DTI launched the National Artificial Intelligence Roadmap in 2021. The AI roadmap aims to accelerate the utilization of AI in the country to cultivate industrial development, empower better entrepreneurship, and provide more opportunities for Filipino talent.

Companies will also need to evolve to handle the complexity and speed of the ethical parameters of using data and AI in a principled and ethical way. Governing bodies will have to understand data, breadth and depth, potential uses, now and in the future, tradeoffs between possible very high benefits at a cost of using data without governance.

Sustainability is not just a demand, but also an expectation

When it comes to sustainability, we are also demanding businesses to walk the talk. Three-quarters of respondents worldwide demand transparency from brands that claim sustainable commitments. We also believe businesses should be green and sustainable, instead of using it as a marketing point.

The Philippines announced in 2020 that it will cease to construct new coal-fired power plants, but will it be fast enough? Around the world, most people (73 percent) are willing

to live in sustainable homes, but most do not think society will prioritize sustainable living in the near term.

In fact, 40 percent feel that renewable energy will not become a major part of their cities within the next decade.

Governments will therefore need to find faster ways to implement green policies and practices, and possibly strengthen relationships and form new partnerships with the private sector.

We at 3M are stepping up to the plate. Having committed to ensuring that every new product being commercialized from 2019 onwards demonstrates how it drives impact for the greater good, 3M works every day to design solutions that do more with less materials, and advance our manufacturing processes. On the consumer front, we are developing ways to reduce user touch points, which often leads to waste, and finding digital avenues where possible to reduce environmental costs.

The way forward

For better or for worse, the pandemic has fundamentally changed the way we live, interact, and work.

We had to radically change or reimagine the systems and processes to make them more flexible, convenient, and versatile.

This new paradigm has produced challenges, yet created new opportunities for innovation in science, technology, and design to support a different way forward. Governments, corporate partners, and different stakeholders will need to work quickly to adapt to these changes and find ways to leverage on these new trends.

The author is the senior vice president of 3M Asia Corporate Affairs and managing director of 3M Korea.

US, South Korea fly 20 fighter jets amid NK tensions

S

By Kim Tong-Hyung | The Associated Press

EOUL, South Korea—The South Korean and US militaries flew 20 fighter jets over South Korea’s western sea Tuesday in a continued show of force as a senior US official warned of a forceful response if North Korea goes ahead with its first nuclear test explosion in nearly five years.

South Korea’s Joint Chiefs of Staff said the air demonstration involved 16 South Korean planes—including F-35A stealth fighters—and four US F-16 fighter jets and was aimed at demonstrating their ability to swiftly respond to North Korean provocations.

The flight came a day after the allies fired eight surface-to-surface missiles into South Korea’s eastern waters to match a weekend missile

display by North Korea, which fired the same number of missiles from multiple locations on Sunday in what was likely its biggest single-day testing event.

North Korea may soon up the amp as US and South Korean officials say the country is all but ready to conduct another detonation at its nuclear testing ground in the northeastern town of Punggye-ri.

Its last test and seventh overall was

in September 2017, when it claimed to have detonated a thermonuclear bomb designed for its intercontinental ballistic missiles.

Traveling to Seoul to discuss the standoff with South Korean and Japanese allies, US Deputy Secretary of State Wendy Sherman warned of a “swift and forceful” response if the North carries out another nuclear test.

While the Biden administration has vowed to push for additional international sanctions if North Korea goes on with the nuclear test, the prospects for meaningful new punitive measures are unclear with the UN Security Council divided.

“Any nuclear test would be in complete violation of UN Security Council resolutions. There would

be a swift and forceful response to such a test,” Sherman said, following a meeting with South Korea Vice Foreign Minister Cho Hyun-dong.

“We continue to urge Pyongyang to cease its destabilizing and provocative activities and choose the path of diplomacy,” she said.

Sherman and Cho are planning a trilateral meeting with Japanese Vice Foreign Minister Mori Takeo on Wednesday over the North Korean nuclear issue.

North Korea’s launches on Sunday extended a provocative streak in weapons tests this year that also included the country’s first demonstrations of ICBMs since 2017.

Since taking power in 2011, North Korean leader Kim Jong Un has See “US,” A11

Opinion BusinessMirror

www.businessmirror.com.ph

Why pound’s relief on Boris Johnson victory may not last

By Kristine Aquino & Amelia Pollard | Bloomberg Opinion

A

sigh of relief for UK investors after Boris Johnson’s leadership victory is proving temporary, as focus sharpens on the nation’s worsening economy.

The pound slid against the dollar into the European session, erasing a knee-jerk bounce on Monday spurred by Prime Minister Boris Johnson winning a confidence vote in his leadership. A looming growth slowdown is keeping longer-term measures of sterling sentiment near the most bearish levels since 2020, while political turmoil is set to continue even after the vote.

The battle for the Conservative Party leadership comes amid a costof-living crisis that’s threatening to plunge the economy into a recession.

That’s piling pressure on the Bank of England to support growth and rein in the highest inflation in four decades, while keeping pace with the Federal Reserve and other global peers—a process pound traders will be watching very closely.

“For the time being the focus for sterling will be the BOE versus Fed pricing, global risk sentiment and the twist and turns of this fast-moving business cycle juggling recession versus slowdown risks,” said Jordan Rochester, a currency strategist at Nomura International Plc. Sterling fell as much as 0.8 percent to $1.2431, following the vote, which showed 211 Tory MPs favored Johnson’s leadership compared with 148 against.

The UK currency is the thirdworst performer among Group-of-10 peers this year, trailing only the Japanese yen. One-year risk reversals on the pound versus the dollar —a gauge of sentiment—are near the most negative since September 2020 on a closing basis.

Less secure

Johnson’s victory means he’s immune from another challenge for a year under current party rules, but he’s not necessarily out of the woods.

His predecessor Theresa May survived a similar vote in 2018—and

US. . .

continued from A10

accelerated his weapons development despite limited resources. Experts say with its next test, North Korea could claim an ability to build small bombs that could be clustered on a multiwarhead ICBM or fit on short-range missiles that could reach South Korea and Japan.

Rafael Mariano Grossi, director general of the International Atomic Energy Agency, said Monday there are indications that one of the passages at the Punggye-ri testing ground has been reopened, possibly in preparations for a nuclear test.

Hours before Sherman’s meeting in Seoul, State Department spokesperson Ned Price told reporters in Washington that the United States remains concerned that North Korea could seek is seventh test “in the coming days.”

The Biden administration’s punitive action over North Korea’s weapons tests in recent months have been limited to largely symbolic unilateral sanctions. Russia and China vetoed a US-sponsored resolution that would have imposed additional sanctions on North Korea over its previous ballistic tests on May 25.

“We have called on members of the international community, certainly members of the UN Security Council’s permanent five, to be responsible stakeholders in the UN Security Council as a preeminent forum for addressing threats to international peace and security,” Price said.

“Unilateral actions are never going to be the most attractive or even the most effective response, and that is especially the case because we are

by a wider margin—only to resign months later.

The vote is a signal that his leadership is less secure, “which raises perceived risk of cabinet resignations in coming weeks,” said Alan Ruskin, chief international strategist at Deutsche Bank AG. That said, Johnson’s win won’t likely impact investors’ strategy on the pound in the longer term.

The UK prime minister has faced widespread calls to resign since it was revealed he attended parties at his official London residence on 10 Downing Street in a breach of lockdown rules his own government wrote.

Confidence votes against former premiers—from May to Margaret Thatcher—have moved the pound in the past. But this time, investors are focused on other macroeconomic factors, namely the gap between US and UK interest rates and a looming economic slowdown.

‘Stay aggressive’

With the BOE convening on June 16—a day after the Fed is expected to deliver a half-point rate hike— traders will be watching for just how much the central bank will tighten.

It has unleashed 90 basis points of rate increases since mid-December, which has led to the slowest quarterly growth rate since a contraction in the first three months of 2021.

BOE Governor Andrew Bailey acknowledged the cost-of-living crisis in comments last month, saying it’s holding back the UK economy and that policy makers will take that into account in gauging how much to raise interest rates.

“The BOE will have to stay aggressive in hiking,” said Clifton Hill, global macro portfolio manager at Acadian Asset Management. “Growth will be a problem later this year as rate hikes start to really affect the economy, but solid enough for now.” gratified that we have close allies in the form of Japan and the ROK,” he said, referring to South Korea’s formal name, the Republic of Korea.

North Korean state media have yet to comment on Sunday’s launches. They came after the US aircraft carrier Ronald Reagan concluded a three-day naval drill with South Korea in the Philippine Sea on Saturday, apparently their first joint drill involving a carrier since November 2017, as the countries move to upgrade their defense exercises in the face of North Korean threats.

North Korea has long condemned the allies’ combined military exercises as invasion rehearsals and often countered with its own missile drills, including short-range launches in 2016 and 2017 that simulated nuclear attacks on South Korean ports and US military facilities in Japan.

Following the latest North Korean launches, the United States conducted separate joint missile drills with Japan and South Korea, which they said were aimed at displaying their response capability.

Nuclear talks between Washington and Pyongyang have stalled since 2019 over disagreements in exchanging the release of crippling US-led sanctions for the North’s disarmament steps. Kim has since ramped up his testing activity despite mounting economic problems and has shown no willingness to fully surrender an arsenal he sees as his strongest guarantee of survival.

His government has so far rejected the Biden administration’s offers for open-ended talks and is clearly intent on converting the dormant denuclearization negotiations into a mutual arms-reduction process, experts say.

Wednesday, June 8, 2022 A11

Joy, sadness intertwine at Normandy’s D-Day commemorations

C

By Sylvie Corbet & Jeff Schaeffer | The Associated Press

OLLEVILLE-SUR-MER, France—Joy and sadness in acute doses poured out Monday on the beaches of Normandy.

As several dozen D-Day veterans—now all in their 90s— set foot on the sands that claimed so many colleagues, they are thankful for the gratitude and friendliness of the French toward those who landed here on June 6, 1944. The sadness comes as they think of their fallen comrades and of another battle now being waged in Europe: the war in Ukraine.

As a bright sun rose Monday over the wide band of sand at Omaha Beach, US D-Day veteran Charles Shay expressed thoughts for his comrades who died here 78 years ago.

“I have never forgotten them and I know that their spirits are here,” he told The Associated Press.

The 98-year-old Penobscot Native American from Indian Island, Maine, took part in a sage-burning ceremony near the beach in SaintLaurent-sur-Mer. Shay, who now lives in Normandy, was a 19-yearold US Army medic when he landed on Omaha Beach on June 6, 1944.

He said he was especially sad to see war in Europe once again, so many years later.

“Ukraine is a very sad situation. I feel sorry for the people there and I don’t know why this war had to come, but I think the human beings like to, I think they like to fight. I don’t know,” he said. “In 1944, I landed on these beaches and we thought we’d bring peace to the world. But it’s not possible.”

This year, Shay handed over the remembrance task to another Native American, Julia Kelly, a Gulf War veteran from the Crow tribe, who performed the sage ritual. “Never forget, never forget,” she said. “In this time, in any time, war is not good.”

Shay’s message to young generations would be “to be ever vigilant.”

“Of course I have to say that they should protect their freedom that they have now,” he said.

For the past two years, D-Day ceremonies were reduced to a minimum amid Covid-19 lockdown restrictions. But this year, crowds of French and international visitors—including veterans in their 90s—were back in Normandy to pay tribute to the nearly 160,000 troops from Britain, the US, Canada and elsewhere who landed there to bring freedom.

Several thousand people attended a ceremony at the American Cemetery overlooking Omaha Beach in the French town of Colleville-surMer. They applauded more than 20 WWII veterans who were present at the commemoration.

Amid them was Ray Wallace, 97, a former paratrooper with the 82nd Airborne Division.

On D-Day, his plane was hit and caught fire, forcing him to jump earlier than expected. He landed 20 miles (32 kilometers) away from the town of Sainte-Mere-Eglise, the first French village to be liberated from Nazi occupation.

“We all got a little scared then.

And then whenever the guy dropped us out, we were away from where the

For the past two years, D-Day ceremonies were reduced to a minimum amid Covid-19 lockdown restrictions. But this year, crowds of French and international visitors—including veterans in their 90s—were back in Normandy to pay tribute to the nearly 160,000 troops from Britain, the US, Canada and elsewhere who landed there to bring freedom.

rest of the group was. That was scary,” Wallace told the AP. Less than a month later, he was taken prisoner by the Germans. He was ultimately liberated after 10 months and returned to the US. Still, Wallace thinks he was lucky.

“I remember the good friends that I lost there. So it’s a little emotional,” he said, with sadness in his voice. “I guess you can say I’m proud of what I did but I didn’t do that much.”

He was asked about the secret to his longevity. “Calvados!” he joked, in reference to Normandy’s local alcohol.

On D-Day, Allied troops landed on the beaches code-named Omaha, Utah, Juno, Sword and Gold, carried by 7,000 boats. On that single day, 4,414 Allied soldiers lost their lives, 2,501 of them Americans. More than 5,000 were wounded.

On the German side, several thousand were killed or wounded.

Wallace, who is using a wheelchair, was among about 20 WWII veterans who opened Saturday’s parade of military vehicles in SainteMere-Eglise to great applause from thousands of people, in a joyful atmosphere. He did not hide his pleasure, happily waving to the crowd as par-

ents explained the achievements of World War II heroes to their children.

Many history buffs, wearing military and civilian clothes from the period, also came to stage a reenactment of the events.

In Colleville-sur-Mer on Monday, US Air Force aircraft flew over the American Cemetery during the commemoration ceremony, in the presence of Army Gen. Mark Milley, chairman of the Joint Chiefs of Staff.

The place is home to the gravesites of 9,386 people who died fighting on D-Day and in the operations that followed.

Milley had strong words about Ukraine at the American Cemetery ceremony, vowing that the US and its allies would keep up their “significant” support to Ukraine.

“Kiev may be 2,000 kilometers away from here, they too, right now, today, are experiencing the same horrors as the French citizens experienced in World War II at the hands of the Nazi invader,” Milley said in a speech. “Let not those only here be the last witnesses to a time when our Allies come together to defeat tyranny.”

For 82-year-old Dale Thompson, visiting the site over the weekend was a first.

Thompson, who traveled from Florida with his wife, served in the 101st Airborne Division of the US military in the early 1960s. He was stateside and saw no combat.

Walking amid the thousands of marble headstones, Thompson wondered how he would have reacted if he landed at D-Day. “I try to put myself in their place,” he said. “Could I be as heroic as these people?” AP Journalists Oleg Cetinic and Jeremias Gonzalez contributed to the story.

Elon Musk says Twitter’s lack of info on bots breaches merger deal

By Molly Schuetz & Kurt Wagner | Bloomberg Opinion

E

lon Musk formally and forcefully revived his assertion that Twitter Inc. has a serious bot problem, and threatened to walk away from his deal to buy the company if the social network doesn’t do more to prove its users are real people.

Legal experts widely speculated that Musk is using the bot issue as an excuse to abandon or renegotiate the deal, which has looked better and better for Twitter as the broader stock market has taken a dive in recent weeks.

In a securities filing on Monday, Musk said he thinks Twitter is breaching their agreement by not meeting his demands for more information about spam and fake accounts. But behind the scenes, the deal is proceeding, according to people familiar with the matter. Both sides have been meeting regularly and sharing information, said two of the people, who weren’t authorized to speak publicly.

“He’s jockeying here—he’s trying to create a paper trail,” said Andrew Freedman, a partner at the law firm Olshan Frome Wolosky LLP, who is an expert in activist investment.

“The unfortunate thing for Musk is that termination provisions under merger agreements don’t allow for buyer’s remorse.”

Last month, Musk said he was putting the deal “on hold” until the social media giant can prove bots make up fewer than 5 percent of its users, as the company has stated in public filings. Musk has estimated that fake accounts make up at least 20 percent of all users.

But Twitter said it has indeed shared information with Musk on how it calculates the number of spam accounts on the service, and executives have told employees that Musk can’t just put the deal on hold as the two sides have signed a merger agreement. On Monday the company reiterated that it will hold Musk accountable to the terms of his proposed $44 billion takeover, a suggestion that even the company believes he may be trying to blow up the deal.

In a statement, Twitter said it “has and will continue to cooperatively share information” with Musk. The

company said it believes the deal is in the best interest of all shareholders and intends to “close the transaction and enforce the merger agreement at the agreed price and terms.” It’s possible that Twitter could try to sue Musk to complete the deal if he tries to walk away from the acquisition.

“The board of Twitter is going to get tired of this and file a lawsuit in Delaware and say, ‘I want a declaratory judgment saying that I am not in violation of the agreement and that Musk has to complete the deal,’” said Brian Quinn, an M&A professor at Boston College Law School. “That’ll be Twitter’s next step.”

Twitter’s shares slumped 1.49 percent on Monday, suggesting increased skepticism that Musk will finalize his $54.20-a-share offer and further widening the gap between the market’s expectations and the billionaire’s price. The shares have barely—and only briefly—surpassed $50 since Musk sprung his buyout plan on April 14. The deal came together at breakneck speed in part because Musk waived the chance to look at Twitter’s finances beyond what was publicly available.

Twitter Chief Executive Officer Parag Agrawal has sparred with Musk publicly on Twitter about bots. Agrawal has said the company has human reviewers look at “thousands of accounts” to determine the prevalence of bots, but added that he couldn’t share more specifics because of privacy concerns. “Unfortunately, we don’t believe that this specific estimation can be performed externally, given the critical need to use both public and private information,” Agrawal wrote in May. In the filing Monday, Musk sharply disagreed with Twitter’s assessment on bots.

“Twitter’s latest offer to simply provide additional details regarding the company’s own testing methodologies, whether through written materials or verbal explanations, is

“There’s a lot of money on the table, so he would have to have a lot of evidence to make it worth Twitter’s while to give up rather than fight for the original price,” said Ann M. Lipton, an associate professor in business law and entrepreneurship at Tulane University Law School in New Orleans. It could be “an ugly court battle.” tantamount to refusing Mr. Musk’s data requests,” Musk’s lawyer wrote in a letter to Twitter’s top lawyer, Vijaya Gadde. “Twitter’s effort to characterize it otherwise is merely an attempt to obfuscate and confuse the issue. Mr. Musk has made it clear that he does not believe the company’s lax testing methodologies are adequate so he must conduct his own analysis.

The data he has requested is necessary to do so.”

Musk believes the company’s resistance to provide more information is a “clear material breach of Twitter’s obligations under the merger agreement and Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement.”

Making such a filing wasn’t legally necessary, said Jill Fisch, an expert on business and law at the University of Pennsylvania Carey Law School.

“This is him using the SEC filing to reach the capital markets with this statement.”

Complicating Musk’s claims, though, is the fact that he has been publicly complaining about Twitter’s bots since before he made an offer to buy the company.

“He obviously was aware of the bots issue—he was open about that as something he wanted to fix, as an area to create value,” said Freedman.

“He would likely have to demonstrate that Twitter’s methodology is reckless or negligent” in order to force the company to renegotiate the deal.

The proposed takeover includes a $1 billion breakup fee for each party, but Musk can’t just walk away by paying the charge. The merger agreement includes a specific perfor-

mance provision that allows Twitter to force Musk to consummate the deal, according to the original filing.

That could mean that, should the deal end up in court, Twitter might secure an order obligating Musk to complete the merger rather than winning monetary compensation for any violations of it.

Musk’s lawyer, Mike Ringler of Skadden, Arps, Slate, Meagher & Flom, said Twitter must cooperate by providing the data requested so that Musk can secure the debt financing necessary to consummate the deal.

That claim is also complicated by the fact that numerous financial institutions have handed Musk commitment letters for debt financing, said Quinn.

Musk likely has a different experience with bots on the platform than most. Those designing automated accounts program them to follow popular users on a site, so that they fit in with the crowd and look more human. Musk, with a following of 96 million, probably attracts a higher percentage of bots than most users. His image has also been used by cryptocurrency accounts to run scams.

Though many outside estimates put portion of Twitter bots above the 5 percent threshold that the company has claimed, their assessments and methodologies vary. Andrea Stroppa, a former data consultant for the World Economic Forum and a veteran of scrutinizing online counterfeit goods, estimates that bot accounts have accounted for about 10 percent of Twitter’s global audience over the past nine years.

The rate rises to as much as 20 percent for some specific topics such as cryptocurrencies, the researcher said, and above 30 percent for accounts engaged in certain conspiracy theories. “There’s a lot of money on the table, so he would have to have a lot of evidence to make it worth Twitter’s while to give up rather than fight for the original price,” said Ann M. Lipton, an associate professor in business law and entrepreneurship at Tulane University Law School in New Orleans. It could be “an ugly court battle.” With assistance from Michelle F. Davis, Sarah Frier, Scott Deveau, Chris Dolmetsch, Bob Van Voris and Molly Schuetz

A12 Wednesday, June 8, 2022

Exporters reel as shipping crisis spurs freight cost rise

E

By Andrea E. San Juan

XPORTERS are also bearing the brunt of the shipping crisis as they have to pay higher freight costs to ship their products “Many shipping lines did not field many of their boats during the pandemic. Some are still not in full operation. Priority is being given to bigger economies [that] can guarantee bigger volumes. Developing countries have to wait in line and pay higher prices,” Philippine Exporters Confederation Inc. (PhilExport) President Sergio R. Ortiz-Luis Jr. told BusinessMirror in a text message.

The PhilExport chief noted that although there are many problems in shipping, they are not related to the war between Ukraine and Russia. He also said that they haven’t noticed any signs of the supply chain disruption meddling with the shipping from the Philippines.

However, Ortiz-Luis reiterated that they are having problems involving the Philippine Ports Authority (PPA) and high freight costs.

“Well first there’s the short-

age of ships, the scheduling…

And then there’s the cost, it’s too high; and there’s a problem with [Philippine Ports Authority] PPA which is using their tracking device” which entails additional expense, he explained.

Two weeks ago, PhilExport along with the Philippine Chamber of Commerce and Industry (PCCI), and other business groups signed a joint manifesto seeking immediate revocation of a PPA order that they say threatens the transport and logistics industries and the economy.

The business groups urged the Office of the President and the National Economic and Development Authority (Neda) to look into PPA’s issuance of Administrative Order 04-2021, which could negatively impact business and the country’s recovery.

PCCI President George T. Barcelon said, “We are supposed to

streamline our processes and not add burden by having redundant policies. How would we be able to attract investors and create ease of doing business if our policies are confusing.”

The new policy enables PPA to implement the Trusted Operator Program-Container Registry Monitoring System (TOP-CRMS) and Empty Container Storage Shared Service Facility (ECSSSF), projects to track real-time movement of containers from the time of entry, discharge, return and storage, and re-export.

The business groups said in their joint statement that a fee of P4,900, exclusive of 12-percent value-added tax per tagged container will be charged for TOP-CRMS—a huge burden especially for the micro, small, and medium enterprises.

PCCI noted that this measure is also being implemented by the Bureau of Customs through Administrative Order 08-2019, which institutionalized a container monitoring policy supplemented by the Electronic Tracking of Containerized Cargo (E-TRACC).

Barcelon said consumers and businesses will ultimately bear the brunt of additional logistics costs due to the adhoc charges from using the system, and inefficiency

in cargo growth. The process of tagging and untagging the tracking device on the containers, it explained, spells additional time and truck trips.

From the importer’s perspective, Department of Trade and Industry (DTI) for Consumer Protection Group (CPG) Undersecretary Ruth B. Castelo pointed to the conflict between Ukraine and Russia, on why businesses and restaurants are experiencing shortage of raw materials.

Noted food brands have been impacted, meanwhile, by the supply chain woes. On May 25, Mary Grace cafe said they’re experiencing some global supply issues on a few raw materials which are beyond their control, by way of explaining their “ensaymada” shortage.

On the same day, Randy’s Donuts said on their Facebook page, “Sorry we ran out of flour before we ran out of queues.”

With this, Castelo said, partly in Filipino, “It’s still the UkraineRussia conflict. Most countries are really impacted; our supply is affected, especially those that we get internationally, from the global market; and of course, the rising prices of crude oil on production and distribution; these truly affect prices of goods.”

BEIJING WANTS TO RAMP UP INFRA COOPERATION

By Samuel P. Medenilla @sam_medenilla

T

HE Chinese government is eyeing to intensify infrastructure cooperation projects in the country during the administration of Presidentelect Ferdinand “Bongbong” R. Marcos, Jr. At the sidelines of the turnover ceremony of the last batch of the P140-million broadcast equipment donated by the Chinese government to the Presidential Communications Operations Office (PCOO) on Tuesday, Chinese Ambassador to the Philippines Huang Xilian said this was among the salient points of the previous conversation between Marcos and Chinese President Xi Jinping.

“I believe under the guidance of our two leaders, we will be able to carry forward our cooperation.

Build on what we have achieved and we will be able to match the Build, Build, Build (BBB) program with the national development program of the next administration so that we achieve even greater and bring more benefits to our two people,” Xilian said.

During the said talks, Xilian said, Marcos indicated he wanted the Philippine-China bilateral relations “to shift into higher gear” during his term.

The Chinese embassy earlier said the conversation between Marcos and Xi happened last month.

DTI’s savings tip for weary consumers: Shop in supermarkets

By Andrea E. San Juan

A

S prices of basic goods rise, the Department of Trade and Industry (DTI) has an advice for consumers: shop in groceries and supermarkets to save money.

“First of all, we want to tell them, let’s buy at supermarkets and groceries because these are the ones watched by DTI; we really monitor their compliance with the [suggested retail price] SRP,” said DTI Undersecretary for Consumer Protection Group (CPG) Ruth B. Castelo in a televised interview on Tuesday, where she spoke partly in Filipino.

Castelo also emphasized that the so-called Tier 3 level or the convenience stores, sari-sari stores, among others, vary in prices compared to groceries and supermarkets which are closely monitored by the DTI in terms of complying with SRPs. The trade undersecretary explained that those under Tier 3 level offer higher prices because of the longer supply chain distribution.

“The price for Tier 3 level is different; it’s different when you buy from convenience stores, sari-sari stores or those small stores or small markets. The price is different because of the supply chain; their distribution goes through a longer route; there are more steps involved, so the price goes higher,” explained Castelo.

Castelo pointed that with the recent price hikes due to the supply chain crisis, if consumers want to save their money, they should buy in supermarkets and groceries, since the prices displayed there have been carefully studied by the Trade department.

Apart from this, Castelo advised consumers to utilize the recentlylaunched e-Presyo 2.0 application to help them scout for the cheapest product and the nearest store relative to their location. The updated version of DTI’s online price monitoring system aims to bridge the gap between consumers and retailers on their price monitoring concerns.

The DTI-Consumer Protection

Group launched the online platform last week. This online price monitoring system was enhanced to ensure a faster and more efficient gathering and management of data and accurate generation of reports.

“Besides buying from supermarkets and groceries another tip if they wish to save is, since most everyone carries a cellphone, better to download the upgraded e-Presyo application of DTI,” said the Trade undersecretary.

She reiterated that three manufacturers have already sought permission for a price increase—makers of Pinoy tasty and Pinoy pandesal, detergent bars and one brand of canned sardines.

On the price increase range, the Trade undersecretary emphasized that a 2-10 percent price increase would equate to around 25 centavos to P1.50.

Meanwhile, Castelo said that although manufacurers have already submitted justifications for price adjustment requests, the DTI is only waiting for the month-onmonth and week-on-week prices of raw materials, which the agency will rely on in terms of computing price adjustments.

In approving price-increase requests from manufacturers, the consumers’ capacity to pay will also be considered. She stressed the need to strike the balance between maintaining the product quality for the consumers and at the same time thinking of the welfare of the manufacturers who are also bearing the brunt of the supply chain crisis, since their livelihood also depends on the products they are selling.

Castelo said the price has to be reasonable for both the manufacturers and consumers.

She said they are practically the ones “haggling with manufacturers on behalf of consumers so that when new prices are released, these are really the most reasonable, the most affordable for consumers but won’t be unfair to manufacturers,” she said.

China has already financed several infrastructure projects including the two bridges crossing Pasig River, the New Centennial Water Source-Kaliwa Dam and the Chico River Pump Irrigation project.

In a related development, PCOO Secretary and Acting Presidential spokesperson Martin M. Andanar thanked China for the completion of the donation of broadcast equipment by the Chinese government, which will help in their modernization initiative “I trust the Philippine Broadcasting Service, who’s the direct beneficiary of this donation, will be able to maximize these equipment, even as this administration comes to an end in the weeks to come,” Andanar said.

Among the donated equipment is a 10-kilowatt FM band digital audio broadcasting transmitter that will be placed in the Government Communications Academy in Manolo Fortich, Bukidnon.

“Once operational, we will soon be able to expand our reach in communicating the programs, services and responses of the government to the public, especially in Bukidnon, Misamis Oriental and other neighboring provinces in Mindanao,” Andanar said.

Xilian said he hopes the bilateral relations between Philippines and China will continue to remain strong during the Marcos administration.

BBM, other prexy bets in May race file SOCE

P

RESIDENT-ELECT Ferdinand “Bongbong” R. Marcos, Jr. spent over P623 million worth of contributions for his presidential bid in the May 9, 2022 polls.

In his Statement of Contributions and Expenditures (SOCE), the former senator said he did not spend any personal resources to fund his P623,230,176.68 campaign expenditure.

Instead, he used P624,684,320.09 in contributions, which he got from his supporters.

A considerable portion or P247,234,320.09 of the in-kind contribution Marcos got came from his political party, the Partido Federal ng Pilipinas (PFP).

Marcos also got P373,250,000 cash contribution and P4,200,000 in-kind contribution from sources other than PFP. Republic Act (RA) 7166 allows presidential and vice presidential candidates to spend P10 per voter, while other candidates can spend P3 per voter.

Comelec said there were 65,831,792 registered local voters for the May 9, 2022 polls.

Marcos submitted his SOCE to the Commission on Elections-Campaign Finance Office (Comelec-CFO) on Tuesday.

Aside from Marcos, other presidential candidates who filed their SOCEs are Senator Panfilo Lacson, Vice President Leni Robredo, Manila City Mayor Franciso “Isko” M. Domagoso, and Jose C. Montemayor Jr. Among the vice-presidential bets, only Dr. Willie T. Ong had filed his SOCE as of 4 pm Tuesday.

For the senatorial candidates, the SOCE filers include former National Police chief Guillermo T. Eleazar, former senator Antonio F. Trillanes IV, human-rights lawyer Jose “Chel” Diokno, senator-elect Jinggoy Ejercito Estrada, senatorelect Loren B. Legarda, senator Sherwin T. Gatchalian, broadcaster and nurse Carl E. Balita, and former Quezon City Mayor Herbert M. Bautista.

The deadline for SOCE filing is June 8. Samuel P. Medenilla

Companies

Editor: Jennifer A. Ng

Wednesday, June 8, 2022

B1

North Star defers IPO plans on inflation fears, volatility

N

By VG Cabuag

@villygc

orth Star Meat Merchants Inc. said it has decided to defer its initial public offering (IPO) despite the “warm reception” it received from investors.

In its letter to the Philippine Stock Exchange (PSE), North Star cited increased market volatility caused by inflationary concerns as reason for suspending its IPO. “With great regret, the company, in consultation with its joint lead

underwriters and joint bookrunners BDO Capital and Investment Corp. and China Bank Capital Corp., has decided to defer its proposed IPO,” the meat vendor said in its letter to the PSE. While reception to the company

and its plans has been “positive,” North Star said the company was constrained to defer the IPO due to increased market volatility amid inflationary concerns.

“The company intends to proceed with its expansion plans albeit with an adjusted timetable and funding source. The company continues to believe in its growth prospects and hopes to be able to tap the capital markets in the future.”

The meat vendor was supposed to offer up to 360 million primary shares and 32 million secondary shares with up to 58 million overallotment option shares at an indicative price of P10 per share, or gross proceeds of about P4.5 billion.

The final offer price was sup-

posed to happen on June 8, after the completion of its book building exercise, while tentative listing date for the shares of North Star Meat is on June 24. It will be traded under the ticker symbol NSTAR. The company was supposed to use the capital raised from its IPO to expand its cold chain infrastructure, improve its operating cycle efficiencies and expand its product lines and research and development work.

The company is a meat vendor and supplier that operates 360 meat concessions nationwide. It has 8.09 million kilograms of companyowned cold storage capacity across the country and can deliver up to 120,000 kilograms of meat daily.

Kepco turns to dollar green bond K

orea Electric Power Corp.

(Kepco) is looking to raise even more funds in the face of ballooning losses due to surging fuel costs.

The monopoly power distributor in South Korea is offering dollar-denominated green bonds in two parts, according to a person familiar with the matter on Tuesday.

The company finds itself in a bind due to surging fuel costs that it cannot pass on to consumers. S&P

Global Ratings recently downgraded Kepco’s stand-alone credit profile to reflect likely operating losses in 2022 and 2023.

“Its dollar bond plan shows it still has some cards,” said Jeong Dae-ho, a credit analyst at KB Securities Co. “While spreads on its won bonds may widen a bit more in the second half, they will stabilize somewhat.”

Despite the lowered view, S&P affirmed Kepco’s AA rating given

government support for Kepco was almost certain.

As part of their efforts to stem the tide, Kepco officials held an emergency meeting last month at which potential asset sales were on the agenda. The power company has also already issued a record amount of won notes this year.

Along with accelerating inflation and a hawkish central bank, that surge of supply contributed to worsening of local credit mar-

Stocks drop with US futures in risk-off mood

An electronic screen displays the stock codes for companies including Tencent Holdings Ltd., Meituan and Alibaba Group Holding Ltd. in Hong Kong, China, on Tuesday, March 15, 2022. Photographer: Paul Yeung/Bloomberg

E

uropean stocks fell with United States futures Tuesday as central banks resolute on tightening policy fanned growth fears. The dollar advanced and bond yields stabilized.

The Stoxx Europe 600 Index slipped as telecom and technology stocks weighed. In the UK, the export-heavy FTSE 100 was little changed as the pound slid on concerns about the nation’s growth and risks to Boris Johnson’s leadership.

Investors are reluctant to take on risk and volatility remains elevated.

Equities are struggling to mount a sustainable rebound amid fears policy makers need to be even more aggressive in their withdrawal of stimulus to rein in inflation, hurting the economy and corporate earnings.

“We are going to continue to bounce back and forth through the summer,” Julie Biel, portfolio manager and senior research analyst at Kayne Anderson Rudnick, said on Bloomberg Radio. “Overall, people are trying to find some sense of direction, just how we are going to land

this economy without a recession, this so-called soft landing.”

Rising bond yields are adding to worries about risks to economic growth as central banks ratchet up policy tightening. US benchmark Treasury yields stabilized near 3 percent, a psychological threshold that may burden new supply due this week before crucial inflation data.

The European Central Bank on Thursday is set to end trillions of euros of asset purchases and cement a path to exiting eight years of negative interest rates.

Earlier, the Reserve Bank of Australia blindsided the market with an outsized hike to combat rising costs.

The RBA responded to price pressures with its biggest rate increase in 22 years —predicted by just three of 29 economists—and indicated it remained committed to “doing what is necessary” to rein in inflationary pressures.

Meanwhile, the dollar advanced and the yen sank to a 20-year low.

MSCI Inc.’s gauge of Asia-Pacific shares fell the most in more than a week. Equities in Japan gained as a

falling yen boosted exporters.

China tech stocks

China’s technology stocks are riding a wave of optimism that a regulatory crackdown on the sector may ease, and technical indicators suggest the gains could hold.

The Hang Seng Tech Index rallied to a two-month high on Monday after the Wall Street Journal reported that Chinese regulators were close to wrapping up their probe of Didi Global Inc. Technical signs indicate that the advance may be longerlasting than in previous episodes.

The turnaround mirrors a broader shift in sentiment toward Chinese stocks amid hopes that an easing of virus curbs in major cities may revive spending and investment.

The CSI 300 Index edged higher, and more gains may be in the offing after upbeat forecasts from strategists at JPMorgan Chase & Co. and Morgan Stanley.

The Hang Seng Tech Index fluctuated on Tuesday as traders weighed the government’s regulatory stance. Bloomberg News

ket sentiment. Kepco last sold a dollar note in September, when it priced $300 million of green debt. Bloomberg News

Citi plans to hire 4k tech staff to tap into ‘digital explosion’

C

itigroup Inc. plans to hire more than 4,000 tech staff to help move its institutional clients online in the wake of the pandemic.

More than 1,000 of the recruits will join the markets technology team as part of an aggressive growth strategy, Jonathan Lofthouse, head of markets and enterprise risk technology, said in an interview.

“We’re trying to digitalize as much of our client experience as possible, front and back, and modernize our technology,” he said. “Those firms that can digitalize fastest are going to create competitive advantage.”

Banks are upgrading decades-old technology platforms to make services available remotely for both clients and workers, with multibilliondollar programs that investors are watching closely for signs that this largess will eventually boost returns. At Citi, Chief Financial Officer Mark Mason

said in March the lender raised tech spending by 10 percent to $10 billion last year. JPMorgan Chase & Co. boss Jamie Dimon said last month he just wants “to get it done” on the technology front, amid broader shareholder scrutiny of the bank’s expenses.

Data specialists are in particular demand across banking and the wider jobs market.

Lofthouse said pay was a factor in getting new workers through the door, but training and flexible working models would help to keep them. Citi currently has more than 30,000 software engineers.

“Everyone in lockdown suddenly had to do everything digitally, whether that was getting groceries delivered or watching more Netflix,” he said. “We’ve always seen the tech market to be competitive but particularly at the moment, coming out of the pandemic, we’ve seen a digital explosion across industries.” Bloomberg News

B2

Companies BusinessMirror

Wednesday, June 8, 2022

Cebu Landmasters hikes capex budget for this year

C

By VG Cabuag

@villygc

ebu Landmasters Inc. (CLI), a property developer focusing on the Visayas and Mindanao, said it is allotting some P13 billion for capital expenditures (capex) this year to fund its project launches.

This year’s capex is slightly higher than the P12 billion earmarked in 2021, the company said.

During the firm’s annual stockholders’ meeting, CLI Chairman and CEO Jose R. Soberano III said CLI’s growth trajectory in 2022 will

be supported by a landbank of 103 hectares valued at P12 billion.

The company has 21 pipeline projects this year worth P31.5 billion.

“Notwithstanding mobility restrictions and supply chain interruptions, our team achieved quick

project turnarounds. Our construction activities stayed in full swing throughout 2021. Our track record for delivering projects on time and our responsiveness to customer needs, thanks to digital innovations, allowed us to keep them satisfied and ready to endorse us to others,” Soberano said.

“CLI will continue in 2022 to expand to new business segments, deepen our investments in the Visayas and Mindanao regions while strengthening internal systems to achieve its growth guidance of 20 percent.”

In 2021, CLI’s consolidated revenues grew 35 percent to P11.16 billion with net income to CLI shareholders increasing by 42 percent to P2.61 billion.

The company’s expansion is focused on three townships now under development. On the road to creating a critical mass of residents is the 22-hectare Davao Global Township, which was sold out in four days the first three towers of its first residential project The East Village at DGT.

This prompted the launch of the fourth tower soon, the company said. The project will also start selling lots in 2022.

Planning and development is underway on the 14.3-hectare property in Cagayan de Oro acquired from Xavier University and envisioned to be a mixed-use university town. Reclamation works have also begun on the 100-hectare Minglanilla Techno Business Park in Cebu which is envisioned to be a regional growth center.

“We are preparing the required capital for these plans with a deliberate and prudent approach to raising funds in order to accomplish our objectives in a sustainable way,” company CFO Beauregard Grant L. Cheng said.

“We are working on capital raising plans for both equity and debt that are complementary to our growth strategies, that will enhance and offer an attractive proposition to existing shareholders, and will improve our credit fundamentals and leverage ratios.”

Amazon gains as stock split lowers price tag

A

mazon.com Inc. shares rose on Monday, in the first trading session following a 20-for-1 stock split, the e-commerce company’s first such move in more than two decades.

Shares gained 2 percent, easily outperforming the Nasdaq 100 Index, which rose 0.4 percent, though tech stocks gained broadly after China eased Covid restrictions. The split could make the stock more attractive to retail investors, and nearly 134 million shares exchanged hands on Monday, above the stock’s daily average volume over the past three months.

“While we view this event as a largely non-fundamental one, we believe a stock split and potential retail trading activity could provide an incremental catalyst to turn sentiment,” wrote Rohit Kulkarni, an analyst at MKM Partners.

When the split was first announced in March, Amazon said making the stock “more accessible” for average investors was a reason behind the decision.

The stock is coming off a twoweek gain of about 14 percent, but it remains down more than 10 percent since March 9, when the split was first announced. So far this year, Amazon shares are down 25 percent, compared with a 23-percent decline in the Nasdaq 100 Index.

Among other notable names, Apple Inc shares rose 0.5 percent on Monday, while Microsoft Corp. slipped 0.5 percent, Alphabet Inc. added 2 percent, and Meta Platforms Inc. rose 1.8 percent.

The year’s weakness has come as investors dump tech and other growth names amid an economic backdrop marked by rising interest rates, slowing economic growth, and high inflation. Analysts have also recently pared back their expectations for online retail revenue growth.

Despite the recent weakness in the stock, Wall Street remains almost universally positive on Amazon’s prospects, as about 95 percent of the analysts tracked by Bloomberg recommend buying it, given long-term growth prospects in online retail and cloud computing. Compared with the 56 positive analysts, there is just one firm that recommends holding it, and two advocating selling. The average analyst price target points to upside of more than 40 percent.

Amazon is not the only major company to announce a split this year. Google parent Alphabet announced a 20-to-1 of its own in early February; that is scheduled to take place next month. Shopify announced a 10-for-1 stock split in April, and electric-vehicle company Tesla Inc. in March said it would ask investors this year to approve the creation of additional shares for the purposes of another split, following a 5-for-1 exchange in 2020. Bloomberg News

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

June 7, 2022

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

BDO UNIBANK BANK COMMERCE 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 FILIPINO FUND MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

236,537,536 636,688 96,285,927 1,475,030 814 495,240 88,578,107.50 84,041 2,287,210 2,895 3,138,566 92,756,075 6,259,568.50 572,200 406,640 1,146 1,890,000 33,520 25,788 60,000

-24,182,775 -31,115,854.50 8,055 -189,020 16,243,304 9,920 -7,315,217.50 -169,254.50 1,800,000 7,992 60,000

INDUSTRIAL AC ENERGY 7.43 7.49 7.34 7.49 7.31 7.49 19,537,000 144,987,251 ALSONS CONS 1 1.01 1 1 1 1 10,000 10,000 31.5 31.8 31.45 31.8 31.2 31.8 543,900 17,188,530 ABOITIZ POWER 1.89 1.9 2.07 2.13 1.85 1.89 105,821,000 208,158,150 RASLAG BASIC ENERGY 0.425 0.43 0.44 0.445 0.415 0.425 14,910,000 6,332,500 18.84 19 18.8 19.06 18.6 19 601,400 11,313,082 FIRST GEN 67.5 68 68 68 67.5 67.5 920 62,405 FIRST PHIL HLDG MERALCO 361 362 361.2 363 360 361 137,100 49,482,810 18.2 18.26 17.5 18.2 17.5 18.2 403,500 7,282,380 MANILA WATER 3.33 3.34 3.33 3.35 3.3 3.34 848,000 2,821,540 PETRON PETROENERGY 4.9 4.99 4.99 4.99 4.9 4.9 19,600 96,058 9.3 9.85 9.85 9.85 9.85 9.85 1,000 9,850 PHX PETROLEUM SYNERGY GRID 12.12 12.14 12.14 12.2 12.1 12.14 676,300 8,209,534 PILIPINAS SHELL 18.94 19 19 19.1 18.94 18.94 113,900 2,165,576 10.72 10.74 10.76 10.76 10.68 10.74 294,000 3,157,564 SPC POWER 1.64 1.65 1.57 1.67 1.52 1.65 59,509,000 95,170,090 SOLAR PH AGRINURTURE 4.68 4.74 4.64 4.78 4.56 4.75 179,000 842,320 2.25 2.28 2.23 2.26 2.22 2.26 69,000 154,980 AXELUM 21 21.35 21 21.3 20.95 21 635,600 13,350,960 CENTURY FOOD DEL MONTE 13.28 13.3 13.3 13.3 13.28 13.28 2,000 26,590 6.96 6.97 6.9 7 6.9 6.97 679,000 4,735,970 DNL INDUS 17.5 17.64 17.68 17.84 17.48 17.6 364,000 6,405,106 EMPERADOR SMC FOODANDBEV 60.5 60.8 60.9 60.9 60 60.8 3,460 210,247.50 0.495 0.5 0.495 0.5 0.485 0.495 919,000 450,740 FIGARO COFFEE ALLIANCE SELECT 0.57 0.6 0.6 0.6 0.6 0.6 5,000 3,000 FRUITAS HLDG 1.13 1.14 1.15 1.18 1.13 1.14 8,255,000 9,498,060 107 107.6 108 108 107.6 107.6 16,620 1,790,854 GINEBRA 202.8 203 201.2 205.8 201.2 203 450,560 91,718,342 JOLLIBEE KEEPERS HLDG 1.17 1.2 1.17 1.2 1.16 1.2 1,994,000 2,339,660 19.1 22.95 19.08 19.08 19.08 19.08 400 7,632 LIBERTY FLOUR MAXS GROUP 5.27 5.3 5.36 5.4 5.3 5.3 182,000 969,413 MG HLDG 0.119 0.126 0.12 0.126 0.12 0.126 30,000 3,660 13.8 14 14.22 14.48 13.8 13.8 9,285,700 130,088,380 MONDE NISSIN 6.88 7.05 6.95 7.05 6.95 7.05 1,800 12,585 SHAKEYS PIZZA ROXAS AND CO 0.53 0.54 0.54 0.54 0.53 0.54 1,180,000 636,700 0.099 0.1 0.096 0.1 0.095 0.1 710,000 69,420 SWIFT FOODS UNIV ROBINA 105.9 106 105.6 107 105.1 106 565,430 59,992,818 VITARICH 0.59 0.6 0.59 0.61 0.58 0.6 456,000 272,470 46 63.95 39.1 39.1 39.1 39.1 99,900 3,906,090 CONCRETE B CEMEX HLDG 0.67 0.68 0.69 0.69 0.67 0.68 3,656,000 2,492,550 EAGLE CEMENT 12.16 12.38 12.2 12.38 12.2 12.38 2,700 33,156 EEI CORP 3.35 3.36 3.3 3.4 3.3 3.36 435,000 1,464,510 5.3 5.32 5.28 5.44 5.28 5.3 1,674,300 8,876,302 HOLCIM MEGAWIDE 4.15 4.16 4.2 4.21 4.15 4.17 146,000 609,560 PHINMA 19 19.1 19.8 19.8 19.1 19.1 16,000 309,800 0.85 0.86 0.85 0.86 0.85 0.85 660,000 562,070 VULCAN INDL CROWN ASIA 1.78 1.8 1.8 1.8 1.8 1.8 13,000 23,400 EUROMED 1.04 1.08 1.04 1.04 1.04 1.04 8,000 8,320 2.61 3.9 3.6 3.6 3.6 3.6 4,000 14,400 LMG CORP MABUHAY VINYL 5.2 5.34 5.34 5.34 5.34 5.34 4,100 21,894 PRYCE CORP 5.32 5.62 5.4 5.62 5.32 5.62 62,100 331,086 1.75 1.76 1.76 1.78 1.72 1.76 9,166,000 16,037,450 GREENERGY INTEGRATED MICR 6.8 6.85 6.8 6.82 6.8 6.8 51,000 347,002 PANASONIC 5.85 6.22 6.27 6.27 5.85 6.21 2,200 13,635 1.02 1.04 1.04 1.05 1.04 1.04 44,000 45,800 SFA SEMICON CIRTEK HLDG 2.89 2.9 2.8 2.89 2.78 2.89 970,000 2,740,150

-15,626,805 -8,903,700 -6,372,050.00 2,403,980 -25,685 -13,636,688 -566,256 -16,650 -6,597,944 18,940 407,494 1,651,700 -439,400 -42,580 381,505 -2,559,931 -197,368 52,322.50 -22,260 -573,534 -21,104,684 1,454,360 -764,498 -23,005,464 -4,935 537,300 -15,560,078 -119,400 -1,537,290 -508,600 -8,720,092 -216,790 -40,800 3,546,200 -14,600

HOLDING & FRIMS

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP METRO PAC INV PRIME MEDIA SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER

128.3 9.5 95 26.75 6.76 7.25 53.1 7.02 18.82 57 19.82 90 82.6 2.13 3.55 3.84 880 0.67 195 2,400

1.51 3.63 678.5 52.95 10.9 8.56 0.88 0.455 4.7 9.05 6.96 497 51.65 0.5 2.98 8.41 3.75 2.05 863 105.4 111

128.9 9.53 95.15 26.8 8.39 7.26 54 7.79 18.84 57.9 19.98 90.1 83.1 2.16 3.56 7.45 900 0.68 199.8 2,450

1.52 4.47 680 53 10.94 9 0.91 0.46 4.72 9.12 7.07 500 52 0.53 3 8.48 3.8 2.06 864 105.9 114

129 9.54 94.55 26.95 8.14 7.3 53 7.01 18.8 57.9 19.8 88.1 83.6 2.01 3.55 3.82 900 0.68 190.3 2,400

1.46 3.61 668 51.7 10.76 8.9 0.9 0.46 4.69 9.05 6.9 502 51.6 0.5 2.98 8.4 3.75 1.95 861 107 111.5

129.9 9.54 95.75 26.95 8.14 7.3 54 7.01 18.9 57.9 19.84 90.1 83.6 2.13 3.55 3.82 900 0.68 200 2,400

1.53 3.61 681 53.05 10.9 9 0.9 0.485 4.77 9.15 6.9 502 52 0.55 3 8.49 3.8 2.12 864 107.1 111.5

127.9 9.5 94.55 26.8 8.14 7.2 52.7 7 18.8 57.9 19.8 87.85 82.6 2.01 3.48 3.82 900 0.67 190.3 2,400

1.46 3.61 665.5 50.8 10.7 8.54 0.88 0.455 4.67 9.04 6.9 497 50.65 0.5 2.98 8.38 3.74 1.95 852 105.1 111

128.3 9.53 95.15 26.8 8.14 7.26 54 7 18.82 57.9 19.82 90.1 82.6 2.13 3.55 3.82 900 0.67 199.8 2,400

1.52 3.61 678.5 53 10.9 9 0.88 0.455 4.72 9.12 6.9 497 51.65 0.54 2.98 8.48 3.8 2.06 864 105.6 111

1,840,300 67,000 1,012,870 55,000 100 68,100 1,655,720 12,000 121,300 50 158,400 1,045,770 75,430 274,000 116,000 300 2,100 50,000 130 25

42,945,000 1,000 228,250 1,996,770 6,555,000 93,500 37,000 510,000 79,000 3,624,100 51,200 110,550 943,620 92,000 187,000 1,964,500 9,623,000 3,143,000 101,090 170,000 170

64,716,100 3,610 154,382,550 105,422,916 70,831,540 815,299 32,660 232,750 372,970 32,983,055 353,280 55,053,793 48,597,184.50 46,090 557,930 16,560,230 36,348,960 6,481,880 87,115,845 17,982,804 18,945

PROPERTY ARTHALAND CORP 0.56 0.58 0.56 0.58 0.53 0.58 96,000 53,330 AYALA LAND 30.65 30.95 30.05 30.95 29.6 30.95 10,554,700 320,990,635 3.98 3.99 4.05 4.05 3.97 3.98 166,000 661,650 AYALA LAND LOG 15.24 16.2 16 16.3 16 16.2 25,800 419,576 ALTUS PROP ARANETA PROP 1.7 1.72 1.67 1.73 1.61 1.72 669,000 1,115,080 39.85 39.95 39.8 40 39.8 39.95 467,400 18,669,065 AREIT RT 0.77 0.79 0.8 0.8 0.8 0.8 5,000 4,000 A BROWN CITYLAND DEVT 0.71 0.73 0.73 0.73 0.71 0.71 90,000 64,890 0.086 0.09 0.092 0.092 0.087 0.087 6,890,000 609,850 CROWN EQUITIES 2.65 2.69 2.7 2.71 2.63 2.69 305,000 819,940 CEB LANDMASTERS CENTURY PROP 0.415 0.42 0.415 0.415 0.41 0.415 100,000 41,300 2.51 2.53 2.54 2.54 2.5 2.51 1,276,000 3,214,520 CITICORE RT CYBER BAY DOUBLEDRAGON 7.68 7.72 7.87 8.09 7.65 7.68 148,000 1,151,064 1.52 1.53 1.54 1.55 1.51 1.52 1,491,000 2,279,850 DDMP RT 6.84 6.85 6.86 6.86 6.8 6.85 49,000 334,820 DM WENCESLAO EMPIRE EAST 0.206 0.21 0.216 0.216 0.21 0.21 5,120,000 1,086,020 0.265 0.27 0.285 0.295 0.25 0.265 68,280,000 18,157,850 EVER GOTESCO 7.24 7.27 7.28 7.28 7.23 7.24 110,700 802,297 FILINVEST RT FILINVEST LAND 0.93 0.94 0.94 0.94 0.92 0.93 1,759,000 1,634,220 0.84 0.87 0.85 0.85 0.84 0.84 12,000 10,190 GLOBAL ESTATE 10.1 10.28 10.14 10.36 10.06 10.28 40,400 410,292 8990 HLDG PHIL INFRADEV 0.99 1 0.96 1 0.96 1 320,000 313,520 0.77 0.78 0.77 0.78 0.77 0.78 110,000 84,740 CITY AND LAND MEGAWORLD 2.71 2.72 2.71 2.74 2.7 2.72 2,639,000 7,176,810 MRC ALLIED 0.208 0.21 0.209 0.209 0.208 0.208 2,040,000 425,150 16.32 16.34 16.4 16.4 16.3 16.34 1,176,900 19,231,900 MREIT RT 0.34 0.36 0.34 0.35 0.34 0.35 390,000 136,100 OMICO CORP PHIL ESTATES 0.39 0.405 0.39 0.4 0.39 0.4 850,000 339,200 1.94 1.95 2 2.03 1.95 1.95 798,000 1,562,260 PRIMEX CORP 6.9 6.91 6.93 6.93 6.89 6.9 3,442,900 23,746,446 RL COMM RT ROBINSONS LAND 19.22 19.3 19.3 19.32 19.2 19.3 418,200 8,067,752 0.223 0.242 0.243 0.243 0.243 0.243 20,000 4,860 PHIL REALTY ROCKWELL 1.26 1.3 1.26 1.26 1.26 1.26 77,000 97,020 STA LUCIA LAND 3.1 3.13 2.97 3.16 2.97 3.13 595,000 1,814,480 39.1 39.5 39.5 40.05 39.1 39.1 15,998,800 633,608,365 SM PRIME HLDG 0.56 0.6 0.55 0.62 0.55 0.6 12,000 7,170 SOC RESOURCES PTFC REDEV CORP 43.15 56.4 43.15 43.15 43.15 43.15 1,900 81,985 2.31 2.32 2.35 2.35 2.3 2.31 1,750,000 4,061,940 VISTA LAND

SERVICES ABS CBN 9.8 9.9 10.16 10.2 9.8 9.9 388,900 3,876,648 GMA NETWORK 11.14 11.16 11.14 11.2 11.08 11.14 338,900 3,776,026 0.35 0.36 0.345 0.38 0.345 0.365 40,000 14,650 MANILA BULLETIN GLOBE TELECOM 2,394 2,398 2,364 2,410 2,352 2,394 90,580 216,717,450 PLDT 1,902 1,932 1,920 1,934 1,900 1,932 44,655 86,059,195 0.044 0.045 0.043 0.045 0.043 0.044 83,500,000 3,629,900 APOLLO GLOBAL 24.2 24.4 23.85 24.65 23.85 24.2 6,919,400 166,967,785 CONVERGE DFNN INC 3.21 3.3 3.22 3.27 3.21 3.27 71,000 228,620 4.11 4.12 4.23 4.23 4.01 4.11 10,090,000 41,296,000 DITO CME HLDG 1.37 1.38 1.34 1.41 1.33 1.37 11,935,000 15,956,630 NOW CORP TRANSPACIFIC BR 0.305 0.31 0.31 0.315 0.305 0.305 5,110,000 1,578,900 7.2 7.25 7.2 7.2 7.2 7.2 2,100 15,120 2GO GROUP CHELSEA 1.45 1.46 1.47 1.48 1.45 1.45 91,000 132,530 CEBU AIR 44.25 44.45 44.5 44.6 44.25 44.45 54,600 2,425,740 212 214 212.8 214.6 211.2 214 841,670 179,578,328 INTL CONTAINER 23.05 25.45 23.05 23.05 23.05 23.05 1,400 32,270 LBC EXPRESS MACROASIA 4.71 4.73 4.8 4.9 4.7 4.71 654,000 3,094,130 6.08 6.1 6.1 6.18 6.1 6.1 18,800 114,696 PAL HLDG HARBOR STAR 0.89 0.9 0.94 0.94 0.88 0.9 300,000 270,120 BOULEVARD HLDG 0.11 0.111 0.11 0.113 0.105 0.11 165,570,000 18,010,590 1.66 1.67 1.67 1.67 1.67 1.67 7,000 11,690 DISCOVERY WORLD FAR EASTERN U 530 540 530 530 530 530 830 439,900 IPEOPLE 7.23 7.95 7.23 7.23 7.23 7.23 900 6,507 1.26 1.27 1.27 1.27 1.27 1.27 40,000 50,800 BELLE CORP 6.24 6.25 6.27 6.3 6.21 6.25 31,784,400 198,991,209 BLOOMBERRY PACIFIC ONLINE 1.29 1.35 1.35 1.35 1.35 1.35 1,000 1,350 1.29 1.3 1.35 1.35 1.29 1.29 3,206,000 4,229,110 LEISURE AND RES PH RESORTS GRP 1.08 1.12 1.17 1.17 1.06 1.13 1,482,000 1,633,080 PREMIUM LEISURE 0.405 0.41 0.41 0.41 0.405 0.41 2,290,000 932,900 3.94 3.95 4.05 4.05 3.76 3.95 3,916,000 15,172,030 PHILWEB 0.36 0.365 0.375 0.38 0.36 0.365 16,770,000 6,193,800 ALLDAY ALLHOME 5.72 5.8 5.8 5.8 5.7 5.8 155,200 887,794 1.44 1.45 1.44 1.45 1.44 1.45 378,000 544,450 METRO RETAIL 33.1 33.95 33.15 33.95 33.05 33.95 596,400 19,889,525 PUREGOLD ROBINSONS RTL 50.9 51.4 52.45 52.45 50.1 50.9 2,291,850 116,745,644.50 54.3 55.45 56 56 54.3 54.3 13,010 715,345 PHIL SEVEN CORP 1.36 1.37 1.34 1.37 1.32 1.37 2,047,000 2,754,530 SSI GROUP WILCON DEPOT 27.5 27.6 26.95 27.6 26.95 27.6 298,000 8,156,105 0.213 0.225 0.22 0.225 0.22 0.225 40,000 8,850 APC GROUP EASYCALL 3.9 4.49 3.95 3.95 3.9 3.9 10,000 39,130 MEDILINES 0.66 0.68 0.67 0.68 0.65 0.67 272,000 181,130 PRMIERE HORIZON 0.41 0.42 0.42 0.42 0.405 0.41 3,050,000 1,253,450 3.81 3.98 3.8 3.98 3.8 3.98 6,000 23,520 SBS PHIL CORP

MINING & OIL

ATOK 7.01 7.41 7.46 7.73 7.01 7.01 369,400 2,690,832 1.63 1.64 1.62 1.65 1.6 1.64 1,128,000 1,840,800 APEX MINING 5.93 5.96 5.96 6 5.93 5.93 215,900 1,283,071 ATLAS MINING BENGUET A 6.85 6.9 6.92 6.92 6.9 6.9 11,900 82,114 6.95 6.99 6.95 6.95 6.95 6.95 15,000 104,250 BENGUET B COAL ASIA HLDG 0.218 0.239 0.241 0.241 0.239 0.239 440,000 105,740 CENTURY PEAK 2.7 2.75 2.65 2.75 2.65 2.75 75,000 206,150 2.64 2.67 2.6 2.69 2.6 2.67 1,248,000 3,291,390 FERRONICKEL 0.139 0.14 0.14 0.14 0.138 0.14 2,310,000 322,960 LEPANTO A MANILA MINING A 0.0095 0.0099 0.0097 0.0099 0.0096 0.0096 10,000,000 96,700 1.69 1.7 1.65 1.71 1.63 1.69 3,025,000 5,052,100 MARCVENTURES 0.96 1.01 0.95 0.97 0.95 0.97 113,000 108,790 NIHAO NICKEL ASIA 7.42 7.43 7.25 7.45 7.18 7.43 8,694,300 64,345,439 0.81 0.84 0.83 0.84 0.81 0.84 64,000 52,780 ORNTL PENINSULA PX MINING 4.41 4.43 4.44 4.49 4.4 4.41 818,000 3,608,910 SEMIRARA MINING 36.4 36.5 35.95 37 35.9 36.5 3,357,200 122,759,305 0.0062 0.0065 0.0063 0.0065 0.0063 0.0065 3,000,000 19,300 UNITED PARAGON ACE ENEXOR 9.56 9.61 10.34 10.58 9 9.61 671,000 6,528,892 ORNTL PETROL A 0.01 0.011 0.011 0.011 0.01 0.011 13,400,000 145,100 0.0089 0.009 0.009 0.009 0.009 0.009 3,000,000 27,000 PHILODRILL PXP ENERGY 4.85 4.88 4.78 4.86 4.73 4.86 49,000 236,040

PREFFERED HOUSE PREF A 99.05 100.9 99 99 99 99 500 49,500 AC PREF B1 501.5 504.5 503 503 503 503 2,800 1,408,400 505 510 519 519 505 505 130 66,070 ALCO PREF D AC PREF B2R 497 502 502 502 502 502 24,000 12,048,000 BRN PREF A 104 107.5 107.5 107.5 107.5 107.5 500 53,750 44.5 46.5 44.5 44.5 44.5 44.5 1,100 48,950 CEB PREF CPG PREF A 100.6 102 102 102 102 102 10 1,020 DD PREF 99.05 100 99.5 100 99.5 100 7,000 699,975 105 107.5 107.4 107.4 105 105 20,000 2,114,072 EEI PREF B GTCAP PREF B 1,022 1,030 1,022 1,022 1,022 1,022 500 511,000 PNX PREF 3B 100.6 101.2 101 101.2 101 101.2 2,230 225,584 975 980 975 980 975 980 580 566,100 PNX PREF 4 PCOR PREF 3A 1,046 1,050 1,050 1,050 1,046 1,046 125 130,850 PCOR PREF 3B 1,065 1,080 1,080 1,080 1,080 1,080 45 48,600 76.85 76.95 76.95 76.95 76.95 76.95 5,940 457,083 SMC PREF 2F SMC PREF 2H 75.4 76.2 75.35 75.35 75.35 75.35 270,000 20,344,500 SMC PREF 2J 74.5 75.1 75.1 75.15 74.5 75.1 7,260 545,457 74.05 74.95 74.95 75 74.85 75 11,180 837,875 SMC PREF 2K TECH PREF B2D 54.1 57 57 57 57 57 60 3,420

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 9.34 9.35 9.39 9.4 9.34 9.34 242,200 2,274,235 GMA HLDG PDR 11.2 11.3 11.3 11.3 11.3 11.3 1,500 16,950

WARRANTS TECH WARRANT 0.5 0.52 0.48 0.52 0.48 0.51 195,000 98,480

14,850,830 -47,263,725 4,047,308.50 8,423,338 -32,240 880 -250,040 6,765,317.00 -18,642,998 -12,639,351 -557,930 -1,272,691 8,029,020 -18,869,680 5,511,379 27,816,285 -155,390 -5,129,200.00 8,520 119,610 76,270 -1,211,150 125,159 -221,850 555,900 644,450.00 -125,382 -1,339,640 -2,550 -4,417,330 -5,583,434.00 -975,000 5,691,022 1,105,320 59,088,670 -2,644,500 -44,296,130 -2,432,605 -4,400 -1,970,570 6,207,890 -13,331,510 305,000 -497,845 -22,714,110 118,550 4,500 -268,600 -38,100 -173,142,603 -1,040,720 296,450 36,750 26,128 14,500 7,841,395 -10,534,292 -356,400 353,450 3,422,700 -98,600 -3,260 -606,139 206,150 -233,020 -413,640 8,743,057 -35,400 5,645,140 -740,028 104,600 -2,274,235 ()

SMALL & MEDIUM ENTERPRISES CTS GLOBAL HAUS TALK ITALPINAS MERRYMART XURPAS

0.88 0.96 0.83 1.5 0.34

0.89 1.02 0.84 1.52 0.35

EXHANGE TRADE FUNDS FIRST METRO ETF

103.4

103.7

0.88 0.98 0.84 1.51 0.35

0.91 1.02 0.85 1.52 0.36

0.86 0.98 0.83 1.5 0.345

0.89 1.02 0.83 1.52 0.345

6,639,000 154,000 190,000 1,188,000 1,810,000

5,941,780 153,360 158,020 1,791,140 634,500

162,890 33,200 15,100 35,000

103.6 103.8 103 103.7 4,870 504,394 18,616

www.businessmirror.com.ph

Entrepreneur BusinessMirror

Editor: Vittorio V. Vitug • Wednesday, June 8, 2022 B3

Mastercard: Pinays emerge as one of ‘most resilient’ entreps for third consecutive year

D

espite the Covid-19 pandemic having a disproportionate impact on women entrepreneurs across the world—especially those in the developing economies —women are demonstrating the resilience to succeed against the odds, according to a recent Mastercard study.

Women in the Philippines have fared particularly well in making entrepreneurial progress, despite significant social-cultural and infrastructural barriers threatening to impede their growth. Lack of government SME (small and medium enterprises) support, poor access to entrepreneurial finances, and a severe lack of education opportunities remain the major constraints to advancing women’s entrepreneurship in the Philippines and Asia’s lowermiddle-income economies overall.

Encompassing 65 economies and 82.4 percent of the global female labor force, the fifth edition of Mastercard’s Index for Women Entrepreneurs (MIWE) examined women’s progress in the global en-

trepreneurship landscape over the last two years.

The findings reveal that despite worldwide efforts to mitigate the pandemic’s effects, women have experienced considerable economic and social implications. As a result, the expected time to overcome the worldwide gender gap may be extended by another 36 years.

MIWE’s latest report also revealed an encouraging trend for women’s entrepreneurship in Southeast Asian economies such as the Philippines, Thailand, Indonesia, and Vietnam. Women in these economies were seen engaging in high levels of entrepreneurship, sometimes at parity with men, even though the envi-

GCash CEO cited for role in Filipinos’ digital shift

By Roderick L. Abad

W

@rodrik_28 | Contributor

ITH her contributions in creating new digital products and services to help improve the lives of Filipinos, GCash President and Chief Executive Officer (CEO) Martha Sazon was feted as a Master Innovator for Digital Transformation Innovation during the recent 2nd Annual Mansmith Innovation Awards and Summit.

In this event, she shared insights on how the mobile digital wallet provider was able to respond to the de- GCASH President and Chief Executive Officer mands of individual and Martha Sazon holds a trophy for winning enterprise customers with the Master Innovator for Digital Transforrelevant financial technol- mation Innovation accolade during the 2nd ogy (fintech) products, thus Annual Mansmith Innovation Awards and resulting to its exponential Summit. Contributed photo growth.

“At GCash, we believe in innovation for good, driven by the real needs of our customers. We look to our customers as our guide, our North Star as we push for financial inclusion. Our contributions in the individual lives of our users add up to a snowball effect that creates meaningful waves of impact in the country,” said Sazon.

GCash has been bringing its services to the grassroots level through microenterprises, which she referred to as the “key to reaching financial inclusion.” With GCash Pera Outlet, sari-sari stores act as hubs for its services for their community while helping the small storeowners earn extra income and livelihood opportunities.

To cater to the unbanked and underserved Filipinos, it introduced breakthrough financial services such as GSave for a savings account, GInvest for easy access to local and global funds for as low as P50, and GInsure for insurance during emergencies.

“At GCash, we’re changing the mindset that financial services are only for the wealthy by making our digital products more accessible, affordable, and easy to understand,” Sazon said.

The top executive added that their company wants to address another concern of unbanked Filipinos—that of having money readily available whenever they need it through GCredit, GLoan, and GGives.

To date, GCredit has already provided over one million users with accessible credit lines while GLoan, as a quick cash loan, has offered affordable and fair rates versus informal lenders.

GGives, with its buy now, pay later proposition, has provided credit to more than 2 percent of the population with accessible installment options.

Sazon also cited that the company has been reinforcing its financial literacy campaigns while educating users how GCash services can help them manage their finances and eventually help them achieve financial freedom.

The Ranking: top economies for women’s advancement outcomes (Component A)

ronment in which they operate remains entrenched with challenges. Despite the comparatively lower participation of women in the workforce, the Philippines remained a global leader for the third consecutive year when it comes to women’s advancement outcomes and are just as driven by opportunity as women in highly business conducive environments.

The graph above shows the latest overall ranking of the 65 economies in relation to women’s advancement outcomes (Component A) where the Philippines takes the top spot for the third consecutive year.

“Women entrepreneurs in the Philippines are a critical part of the country’s economic recovery. Hence, there is a need to ensure that women entrepreneurs, especially owners of smaller businesses, have access to

the knowledge, resources, and tools they need to thrive and scale. Across the world, Mastercard is working with key partners in the public and private sectors to provide 25 million women entrepreneurs with payments technologies and access to initiatives like the company’s Digital Acceleration program, to help them participate in the digital economy and become more resilient,” said Simon Calasanz, Country Manager, Philippines, Mastercard.

Six economies from the Asia Pacific region have found their place on MIWE 2021’s global leaderboard for being the best places in the world for women entrepreneurs.

New Zealand, Australia, and Taiwan have emerged as the regional leaders, propelled by strong scores across all three components that constitute MIWE: women’s ad-

vancement outcomes, knowledge assets, and financial access. These economies continue to furnish the conditions required to facilitate women’s access to financial support and services and their ability to start, operate, thrive, and adapt to the market circumstances. In these economies where the entrepreneurial ecosystem is enabling, women were driven by the pursuit of new opportunities emerging from the pandemic, demonstrating a proactive and upbeat entrepreneurial attitude that will be vital in supporting economic recovery and long-term growth.

In Singapore and Taiwan, access to finance ranked higher than anywhere else in the world, while New Zealand topped global rankings for having the most supportive entrepreneurial conditions. On average, high-income economies in Asia Pacific scored higher in providing a dynamic landscape for women entrepreneurs, unhindered by access to finances and opportunities.

However, in certain high-income economies, such as Japan, women continue to be underrepresented economically and have a limited presence in the business scene.

Gender-focused policies and financial inclusion

Although MIWE points to the

pandemic being particularly taxing on women, fewer than 10 percent of Covid-19 recovery measures implemented worldwide include gendersensitive strategies. In economies such as Canada and Argentina, women’s progress has been positively influenced by gender-focused policies implemented to address women’s economic security during the pandemic.

Likewise, in Asia, women entrepreneurs in Thailand, Singapore, and Taiwan have benefited from initiatives aimed at supporting not them directly but small enterprises where they are highly represented.

Such correlation proves that government policies that intentionally influence women’s entrepreneurship can meaningfully contribute to a swifter recovery.

As part of Mastercard’s commitment to creating a world where women entrepreneurs are equally represented and supported, the company made a global commitment to connect 25 million women entrepreneurs to the digital economy by 2025. Not only will empowering women’s entrepreneurship act as a catalyst for growth and innovation, but also it will strengthen the communities that surround successful women, resulting in a more equitable and long-term global recovery.

Lyger stirs up success in coffee business one small step at a time

C

OFFEE is an integral part of Filipinos’ daily lives. A cup of this top favorite beverage is perfect to drink anytime of the day, hence, there’s no stopping for it to come in various forms and sizes to quench the thirst and craving of every coffee connoisseur.

Joining the fray is Lyger Coffee, a fivemonth-old brand that offers the market with premium flavors. This newbie adds to the ever expanding choices for a caffeine fix that is expected to grow further nationwide in the coming years as consumer spending is projected to increase by 8.1 percent annually from 2022 to 2025 on the back of strong preference of middle-income households for higher quality coffee.

Little step

THE beginning of 2022 saw the birth of Lyger Coffee when its four originators came to realize the local market’s craving for good quality coffee that is both sophisticated to drink and convenient to bring anywhere.

Made from 100 percent Arabica coffee beans from Colombian mountains, what separates it from the other brands is its being the first-ever crystallized coffee in the Philippines. It undergoes an innovative process of freeze-drying, which brings out the best in the coffee beans: clear-cut flavors and aromas at a much higher level than regular dried ones.

Apart from this crystallization method, what make it a stand out are the brand’s convenience and class. To bring out these two elements, the team came up with the idea of serving it in mini cups.

“We thought about how we want to

ESTABLISHED in 2022, Lyger Coffee currently has Americano and Latte flavors which undergo the innovative process of freeze-drying, also known as crystallization, to bring out clear-cut flavors and aroma.

make the coffee taste really good, and we went through different options of beans,” said Lyger Coffee co-founder Philipp Renner. “Then, you can just take these tiny cups with you wherever you go, and you just need any kind of liquid, water, or milk to make your coffee. You can use cold or hot liquid and then you have your own coffee within literally 20 seconds.”

Little did they know, this handy drink is now setting a new trend in the local coffee scene not only by its cute and Intagrammable cups, but also because of its rich taste and the right kick for every sip.

Brewing success

LYGER is made for coffee lovers by the

most exacting coffee aficionados themselves. Currently, it’s available in Americano and Latte flavors.

To bring this world-class coffee right to the Filipinos’ fingertips, the Lyger team searched for a perfect partner to do the delivery for them. Renner recalled: “When we started looking at the market, like who is there and who can do fulfillment—to be honest, it’s quite limited. There are not many companies who can do it, and there are not many who can do it well.”

Luckily, his co-founder, who has been in the country for years, understands the market very well and with a big network, got a good recommendation.

“Locad was a top referral from people we know who have already worked with them. They’ve all had very good experiences with Locad. It was a very easy decision for us to go with Locad,” he shared.

Since it’s responsible for their orders’ logistics and delivery, the team is just focused on production and their operations. Because they can really depend on it in bringing their products to the customers, it’s helpful to lessen their overhead costs and enable them to avoid unexpected newbie problems.

“When I say reliability, I mean that you have the certainty that orders are fulfilled within a certain amount of time that is reasonable. And by actual fulfillment time, I mean that when you book it just yesterday, most of those orders get fulfilled within the day or within every 10 hours. So that fulfillment actually happens and then the customers receive their orders within a reasonable time,” he said.

Renner also lauded Locad’s communication and control tower system that allows them to respond immediately to requests and facilitate a streamlined fulfillment process. He explained: “It’s like you have something like a perfect integration with your store online that perfectly syncs and then there’s also a way to look at it via a dashboard.”

Leapfrogging forward

FOR the customers to enjoy every cup of its coffee even further, Lyger plans to add more items in the coming months.

Complementing this product expansion, the team also enhanced its products with sustainability in mind.

In collaboration with a local nongovernment organization, Lyger has launched the Return Your Mini Cups Program which turns used mini cups into construction bricks. To enjoin patrons in this recycling advocacy, it gives away freebies to those who send back 50 empty mini-cups.

Heeding the customers’ call to go “green” even more, the team recently changed Lyger’s plastic box packaging to a more sustainable recycled paper material. What’s more, it looks forward to continue partnering with Locad to further improve its logistics system.

“They are very open to feedback. They have already implemented some changes based on our feedback not just on our system but also on those of their other clients,” Renner stressed.

With its growth trajectory—business-wise—Lyger is poised to expand into other markets in Southeast Asia soon. Roderick Abad

Bayad Asenso offers extra income to micro-entreps

C

IS Bayad Center Inc., the biggest multi-channel payment platform in the Philippines, is introducing an easy-to-use software solution that will increase the income potential of micro-entrepreneurs, who account for nine in every 10 businessmen, including sari-sari stores owners in the country.

Called Bayad Asenso, it is a featured service within the Bayad App that empowers fledgling entrepreneurs to offer customers safe and convenient access to payment services, especially in areas where financial institutions and payment centers for utilities and other services are not easily accessible.

Bayad, a wholly-owned unit of Manila Electric Co., owns the Bayad App, an allin-one pera transaction app available on Google Play and the App Store.

“We are providing tens of thousands

of Filipino entrepreneurs the opportunity to earn more through an easy-to-use app interface and platform, and an affordable business package to become agents of Bayad to help facilitate bill payments, remittances, electronic wallet loading and other financial services needed by Filipinos,” said Bayad President and CEO, Mr. Lawrence Y. Ferrer.

“The requirements are simple. The prospective agent just needs to have an existing business with a store front and owns a smartphone that has Internet access,” Ferrer added.

For sari-sari store operators, Bayad will not require any minimum capital to make it easier for these small shop owners to become agents of the company.

Bayad Agents are offered multiple funding options for their wallet, account management, reports and transaction history, customer support, QR payment and rewards all backed up by the pioneer and authority in outsourced payment collection service in the Philippines.

Bayad has nearly 104 million digital footprint, over 450 brands accepted, and processes more than 10 million bills payments every month.

B4

Banking&Finance BusinessMirror

Wednesday, June 8, 2022 • Editor: Dennis D. Estopace

www.businessmirror.com.ph

Govt lost billions in tax perks to Hanjin–FIRB

O

By Bernadette D. Nicolas

@BNicolasBM

FFICIALS of the Fiscal Incentives Review Board (FIRB) pointed to the billions of pesos the government lost after giving tax breaks to Hanjin Heavy Industries and Construction Philippines Inc., which closed in 2019 after defaulting on loans.

In a statement, the FIRB Secretariat said that the subsidiary of the South Korean shipbuilding giant Hanjin Heavy Industries & Construction Co. Ltd. was granted seven

years of income tax holiday (ITH) and a special corporate income tax rate (SCIT) rate of 5-percent gross income earned (GIE) upon the expiration of its ITH.

The FIRB Secretariat said that for 2015 alone, Hanjin Heavy received tax incentives amounting to P370 million based on the firm’s audited financial statement for that year.

After deducting the tax holiday, Hanjin Heavy earned a net taxable income of P1.234 billion, according to the FIRB. Apart from these perks, the company was granted tax and duty-free importations on raw materials and capital equipment.

On top of the tax incentives, Hanjin Heavy also received power subsidies for its operations at the Subic Bay Freeport Zone amounting to P5.17 billion from 2009 to 2018.

The company enjoyed these perks even though it failed to maintain an estimated employment of 20,000 workers and invest another $2 billion in the planned Mindanao shipyard

that was supposed to create 30,000 jobs. The Mindanao shipyard did not push through.

“This is the reason why we must impose stringent evaluation and impact analysis before the grant of tax incentives,” Finance Assistant Secretary Juvy C. Danofarata said.

Project Agila

DANOFRATA, who also heads the FIRB Secretariat, underscored the mandate of the FIRB to ensure that companies receiving tax privileges are able to deliver on performance commitments such as job creation. She also noted that the FIRB also ensures entities enjoying tax perks amply contribute to the economy.

“Given the failure of this shipyard in Subic, jobs were lost and productivity in the area declined,” Danofrata

said. “The project cost the government so much money in foregone revenues that could have been granted to performing and more deserving business enterprises.”

Hanjin Heavy ceased operations after 13 years when it defaulted on a $1.3-billion outstanding loan, which includes $400 million due to Philippine banks and $900 million owed to South Korean lenders. It went into court receivership and laid off 10,000 workers. Only about 300 local workers were retained.

Just recently, however, the FIRB approved tax perks for the P17billion redevelopment and operations of Hanjin Heavy’s shipyard in the Subic Bay freeport zone in Zambales. The tax perks were given the greenlight by Finance Secretary and FIRB Chairman Carlos G. Dominguez III.

The Department of Finance justified the incentives saying the rehabilitation of the Hanjin Heavy shipyard presents economic potential given its strategic location near the West Philippine Sea. It is also expected to create jobs in the adjacent communities, according to the DOF. The new tax incentives granted to Hanjin Heavy include the following: Special Corporate Income Tax; value-added tax exemption from importation; VAT zero-rating on local purchases; and, duty exemption on importation. To note, the FIRB gives a 5-percent SCIT for 10 years only for export enterprises.

The project—dubbed “Agila” (eagle)—is funded by United Statesbased private equity firm Cerberus Capital Management, according to documents provided by the FIRB.

May inflation prompts bids Child Rights Network asks Duterte to veto Vape bill for higher rates on T-bonds

By Manuel T. Cayon

R

ATES for reissued 7-year Treasury bonds (T-bonds) jumped as the country’s inflation rate in May this year hit a 3-year-high.

This prompted the Bureau of the Treasury to partially award P25.189 billion out of its P35 billion T-bonds offering on Tuesday’s auction.

With a remaining term of 3 years and 8 months, the debt paper fetched an average rate of 5.514 percent, higher than the comparable secondary market benchmark rates.

The average rate is up by 10.1 basis points (bps) compared with the Bloomberg Valuation (BVAL) Service Reference rate for the 4-year tenor at 5.413 percent.

Likewise, this is also higher by 32bps than the BVAL rate for the security itself at 5.194 percent.

Had the Treasury fully awarded the offering, the average rate would have shot up to 5.579 percent.

National Treasurer Rosalia V. De Leon said wariness over possible rate hikes by the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve may explain investor sentiment on Tuesday’s auction when “bids climbed” “Markets remained conscious of both statements from Fed and [BSP] Governor [Benjamin E. Diokno] on respective rate action of 50bps and 25bps hike to temper inflation,” De Leon said.

Total bids during the auction amounted to P48.8 billion, making the auction oversubscribed.

Fastest pace

THE Philippine Statistics Authority reported on June 7 that May infla-

tion quickened to 5.4 percent, the fastest pace since 6.1 percent in November 2018.

With this, the average inflation for the year has already reached 4.1 percent, breaching the government’s original target band of 2 percent to 4 percent for the year.

The BSP announced last month it expects inflation to hit an average of 4.6 percent this year. The Cabinet-level Development Budget Coordination Committee also raised its assumption on the country’s inflation rate this year to a range of 3.7 percent to 4.7 percent from its previous forecast of 2 percent to 4 percent.

For this month, the Treasury is set to borrow P250 billion from the domestic debt market, of which P175 billion is expected to come from auctioning off Treasury Bonds and another P75 billion through its sale of T-bills. Since last week, the Treasury has raised P58.42 billion out of its P100 billion offering.

As of end-April, the national government’s outstanding debt hit another record-high at P12.76 trillion, roughly two months before President Duterte steps down from office.

The national government’s debtto-GDP ratio as of the first quarter of the year rose to a 17-year-high at 63.5 percent, above the internationally recommended 60-percent threshold by multilateral lenders for emerging markets like the Philippines. It is also the highest since the country’s debtto-GDP ratio hit 65.7 percent in 2005 under the Arroyo administration.

Bernadette D. Nicolas

Sweeping US crypto bill eyes stablecoins, mining

A

sweeping bill from a bipartisan Senate duo would buttress rules pertaining to some of the hottest issues facing the crypto industry including sanctions compliance, stablecoin oversight and energy usage.

The legislation, introduced last Tuesday by Wyoming Republican Cynthia Lummis and New York Democrat Kirsten Gillibrand, is one of the most ambitious attempts to regulate the volatile asset class. While chances of passage are slim ahead of November’s midterm elections, it could act as a starting point for negotiations next year.

The lawmakers have been drafting the plan for months, and it was widely anticipated to be favorable to crypto firms because of Lummis’s reputation as an industry ally. Both senators said in statements that it’s important to create guardrails for the industry and ensure consumers are protected, while also allowing room for innovation to flourish.

Here are some highlights of what’s in the Lummis-Gillibrand bill: n A requirement that stablecoin issuers maintain 100 percent reserves and publicly disclose the assets backing their token. Stablecoins have been in focus following the implosion of popular coin TerraUSD. n Tasking US Treasury with devel-

oping guidance to clarify the responsibility of stablecoin issuers to comply with sanctions. n A requirement that the Federal Energy Regulatory Commission—in consultation with the Commodity Futures Trading Commission and the Securities and Exchange Commission—analyze and report on energy consumption in the digital-asset market, including the amount used for activities such as mining. Environmental groups have been calling for both federal and state policymakers to crack down on Bitcoin mining. n A directive that a government watchdog study the opportunities and risks of investing retirement savings in digital assets. n Tasking the CFTC with more authority to regulate coins categorized as commodities directly, which is something crypto exchanges and other firms have supported. n The creation of an advisory committee—comprised of private and public sector members—to help the government keep pace with changes and provide recommendations.

The legislation—which could be broken into smaller bills—would likely have to clear at least three different Senate committees before being brought up for a full chamber vote. Bloomberg News

@awimailbox Mindanao Bureau Chief

D

AVAO CITY—The country’s largest alliance of children’s rights groups, the Child Rights Network (CRN), has called on President Rodrigo Duterte to junk the consolidated House bill and Senate bill on Vape use.

“Once the Vape Bill reaches your desk, Mr. President, on behalf of child rights advocates in the country, we implore you: veto this toxic legislation that has been the product of the tobacco industry’s moneyed lobbying efforts,” CRN Convener Romeo C. Dongeto said.

He said the Vape bill “will singlehandedly undermine your vaunted legacy of fighting against dangerous drugs, illegal substances and smoking.”

“If this becomes a law, it would open the floodgates to a future where dangerous substances can easily reach the Filipino population, especially Filipino children,” Dongeto added.

According to Dongeto’s group, the Vape bill “essentially relaxes regula-

tions on the sale, distribution, use and promotion of electronic nicotine delivery systems (ENDS) or ecigarettes and vaporized nicotine products (VNPs), giving the tobacco industry a free pass to reach even children.”

“Sponsors of the bill parrot the tobacco industry’s line that the Vape Bill seeks to strengthen regulations to discourage minors from using cigarette alternatives. This is far from the truth,” Dongeto said.

Free pass

THE CRN said the consolidated bill lowers the minimum age of access to e-cigarettes from age 21 to 18, “setting aside the proposal of several health experts to maintain 21 years old, which is the existing age restriction based on Republic Act 11467.”

Despite putting several restrictions on flavor descriptors for ENDS and VNPs, the consolidated bill also gives a free pass on producers to use flavors that attract the younger generation and even allows the online sale of e-cigarettes, the CRN added.

“It’s like saying you’ve done nothing wrong even if you put poison in a drink, but skip on labelling it as

poison,” Dongeto said.

It said the World Health Organization and Department of Health have both repeatedly cautioned the public regarding harmful chemicals in ENDs and VNPs such as nicotine, ultra-fine particles, carcinogens, heavy metals and volatile organic compounds. Results generated from peer-reviewed studies show that ecigarette juices contain high levels of addictive nicotine, which can result in acute or even fatal poisoning through ingestion and other means, the CRN said.

Last March 17, “even the Department of Education (DepEd) issued an official statement calling the Vape Bill an anti-health bill, especially as it relaxes the age restriction.

“For School Year 2020-2021, at least 870,000 learners in the basic education sector were 18 years old, according to DepEd’s information system, while close to 1.1 million learners in senior high school were 18 to 20 years old,” the DepEd said.

“This is the number of learners who will become legally allowed to be marketed the harmful products once the bill becomes law.”

“We implore President Duterte

to negate the lobbying of tobacco industry and uphold public health.

Listen to your cabinet members, especially DepEd and DOH. Listen to health experts. Listen to child rights advocates. Veto the Vape Bill,” Dongeto said.

Deliberately held

THE group also accused the bill’s proponents deliberately sat on the bill by holding on to it for months now rather than transmitting it to the President for his signature.

“We have information that despite being ratified last January 31, the consolidated bill has yet to reach the President’s desk, thereby depriving him of his responsibility to act on the measure,” Dongeto said.

The final bill was consolidated from House Bill 9007 and Senate Bill 2239 or the Vaporized Nicotine Products Regulation Bill, which was already done in January but was not submitted to Malacañang.

“We call on Congress to immediately transmit the bill. Almost half a year has passed since its ratification.

Let the president exercise his authority, even in his last days in power,” Dongeto said.

Insurer expands targets LandBank opens Pagadian for financial literacy tack City branch, eyes 14 more

By Rizal Raoul S. Reyes @brownindio

T

HE Manufacturers Life Insurance Co. (Manulife Philippines) announced that more than 500 attendees from six schools participated in the firm’s financial literacy webinars held in partnership with the Corazon Sanchez Atayde Memorial Foundation (CSAMF).

In a statement issued last May 23, the insurer said that through the webinars, employees from Manulife Philippines and Manulife China Bank Life Assurance Corp. (MCBL) taught lessons covering basic financial concepts such as saving, budgeting and investing.

The participants were from these schools: Gubat Elementary School in Albay; Guisad Valley National High School in Baguio; Pembo Elementary School in Makati; Bambang Elementary School; Buting Elementary School; and, Francisco Legaspi Memorial School in Pasig.

Manulife Philippines’s financial literacy program dubbed “Peso Smart” continues to support the Department of Education’s initiatives to expand and improve its financial literacy curriculum for K-12 programs to enrich the capability of learners, teachers and personnel.

Opportunity seen

ACCORDING to Manulife Philippines Chief Marketing Officer Melissa Henson, the company created the financial literacy program to teach young students how to make responsible financial decisions.

“However, in the course of running

the program, we also saw an opportunity to extend it to include teachers, school principals and parents, who play an integral role in helping advance financial literacy,” Henson was quoted in the statement as saying. “By empowering communities to embrace the importance of managing personal finances, we can guide more Filipinos on how to be smarter with their money and financially secure their future.”

“Partnering with Manulife Philippines has given us a better understanding of the country’s current state of financial literacy,” CSAMF Executive Director Margaux Romero Atayde was quoted in the statement as saying. “We saw how the program has helped the families of the children and the teachers from the schools become smarter with their finances, especially during the pandemic. We are happy to continuously work with Manulife in expanding our program so we can help change young Filipinos’ lives.”

Manulife Philippines launched its financial literacy program in 2017 as a series of face-to-face classes dedicated to teaching the importance of saving and investing to students in public elementary schools. During lockdown measures against Covid-19, it redesigned the program to address the demands of remote learning and expanded to more schools nationwide.

The program has also been extended to university students to teach the importance of insurance, investments and financial planning. More than 400 students have graduated from the program since its inception, according to Manulife Philippines.

This undated photograph shows the new branch of Land Bank of the Philippines Inc. in Pagadian City. CREDIT: Land Bank of the Philippines Inc.

P

AGADIAN CITY, Zamboanga del Sur—The Land Bank of the Philippines Inc. (LandBank) officially inaugurated its newest branch in Pagadian City, the first of 15 new branches that the state-run Bank is set to open in 2022.

The state-run lender said its Pagadian-Balintawak branch is located at the President Corazon C. Aquino Regional Government Center in Barangay Balintawak.

It will provide banking services to at least 50 regional government agencies, as well as various business establishments and private customers, the bank said.

The new branch complements the operations of the Pagadian branch located in Santiago District and will assist in servicing depositors from over 300 combined barangays of Pagadian City and seven nearby municipalities, namely San Miguel, Lakewood, Tigbao, Vincenzo Sagun, Dinas, Tabina and Margosatubig, the lender said.

The two onsite automated teller machines (ATMs) of the PagadianBalintawak branch will also help facilitate cash payouts for over 71,000 beneficiaries of the Conditional and Unconditional Cash Transfer programs of the Department of Social Welfare and Development in the area, the bank said.

“We will continue to provide greater banking convenience and accessibility to our growing customers in the province,” LandBank President and CEO Cecilia C. Borromeo was quoted in a statement as saying.

LandBank now operates a total of five branches and a lending center in Zamboanga del Sur. This is complemented by 29 ATMs and three cash deposit machines (CDMs) spread across the province, the bank said.

The state-run bank is targeting to open 14 more branches and branch-lite units in key strategic areas nationwide before the year ends, including 230 new ATMs and 50 CDMs.

Image BusinessMirror

www.businessmirror.com.ph

PR AWARDS GROUP SHORTLISTS PHL AGENCY FOR PLUM HONOR

PHILIPPINE PR agency media.Xchange PR Inc. is one of the finalists in the Boutique PR Consultancy of the Year category of this year’s PR Awards Asia by Campaign Asia-Pacific and PRWeek Asia. This was announced last May 24, as the regional award-giving body released its shortlist of finalists from various countries in the Asia Pacific region.

Now in its 21st year, PR Awards Asia distinguishes outstanding, inspired and successful individuals and companies in the communications industry. “It is a great honor for media.Xchange to be chosen as a finalist among the PR stalwarts in the whole Asia Pacific region. To be shortlisted from hundreds of entries in the region is a timely recognition and a great motivator for us to consistently deliver effective, innovative and the most cost-efficient campaigns for our clients,” shared media.Xchange PR Inc. president Peachy Vibal-Guioguio.

Founded in September 2008, media.Xchange PR Inc. as a boutique PR agency has been fostering a culture of innovation that continuously adapts to address the changing role of PR in a digital world. Some of the agency’s top clients and partners include Cignal TV, TV5, United Nations and its affiliate organizations, The IdeaFirst Company, Radius’ RED Fiber, Ticket2Me, Personal Collection, and HiteJinro, among others.

The PR agency introduces new formats to its clients to elevate brand conversations to global multimedia platforms.

Winners of PR Awards Asia 2022 will be announced on June 8 via the PR Awards Asia web site (www.prawardsasia. com).

LIFESTYLE BRAND CELEBRATES PRIDE MONTH

THIS month is marked by Sperry Pride Party, as the shoe brand celebrates love, acceptance, and individuality with the release of its two Pride-themed shoes.

June commemorates the ongoing pursuit of equality and accomplishments of the LGBTQ+ community, and the brand’s new signature silhouettes—the Soletide sneaker and the A/O Float boat shoe—are reimagined in bold touches of the colors of the rainbow flag. Soletide Pride is Sperry’s classic sneaker taking a stand with a perforated reclaimed leather upper inspired by the Pride flag. A playful rainbow outsole celebrates love and equality. This shoe comes in both men’s and women’s sizes making it the perfect choice for anyone championing the cause.

Meanwhile, A/O Float Pride Boat Shoe is the unisex Authentic Original boat shoe now made to float with this EVA foam version, sporting a unique kelp print upper spanning the colors of the rainbow.

Its super lightweight and flexible construction features strategically placed “gills” on the waterline and breathable “portholes” topside to keep feet fresh. Kelp was chosen as this year’s Pride pattern by Sperry because it’s powerful, beautiful, and plays a crucial role in the ecosystem, just like LGBTQ+ members play a crucial role in our society.

Coming with every Pride Party-theme purchase is a pair of Sperry Socks and P500 voucher. The collection is available on www.sperry.com.ph and selected Sperry retail stores.

Editor: Gerard S. Ramos

• Wednesday, June 8, 2022

Midyear pitstop

A

ND just like that, we are already in the middle of the year. I was talking to my manager a few days back and we realized there were so many things that have happened in the past six months, and even the recent election has invariably influenced our activities. But despite the uncertain circumstances, organizations need to find a way to adapt and thrive in the face of these changes.

One of the ways you can manage your team and how they react to these changes is to do a midyear performance evaluation. While targets are set during the first weeks of the year, the midyear performance review ensures that everyone is still aligned with the organization’s goals, and that issues and risks are mitigated. If your team member is doing poorly, this would be a good opportunity to develop action plans so they can take corrective action before the annual performance review which is the basis for performance bonuses and promotions.

To ensure you maximize the benefits of the midyear review, set an agenda with your team so they can prepare prior to the mid-year evaluation. Meet with them individually and ask them to prepare a list of their accomplishments from the start of the year to the present. If you have a team tracker, it will be easier for them to list their achievements and they have time to reflect on what they did right and what could be improved. Midyear reviews are meant to followup on what was set at the start of the performance evaluation period. It would be good for your team to look at how they are faring and the help they need for the rest of the year.

But make sure to make your own list of your team’s notable accomplishments and use this as an opportunity to build your team’s confidence in their own abilities. Looking at what your team has accomplished and identifying how each of them has contributed to the team’s success will make it easier for you to motivate them for the second half of the year. Do not forget to do a list of areas for improvement also, so that they can work on their professional development.

Meet with your team members individually and set a venue where the two of you can have privacy. This will help both of you discuss freely and provide the freedom to talk about their areas of improvement, or even failures. You can even use the midyear review as a warning for erring employees who do not perform as expected, and use that as an opportunity to lay out a performance improvement program if needed. Depending on your organization’s performance management program, the presence of a Human Resource representative might be advised.

During the review, set the tone by asking engaging questions like what part of their work they enjoy the most, what they want to develop for themselves, or what they need from you to achieve their goal this year. These will make your team members focus on what they can do rather than get stuck in what has happened in the first part of the year.

Remember that you are doing the performance review to help your team realize their full potential, and to motivate them that it is possible to achieve performance targets. It is not a checklist where you rank your team against everyone else and tell them what they need to work on. Some managers reduce it to a checklist of accomplishments and stack ranking which is counterproductive and creates unhealthy competition. Rather, think of the midyear review as a way for you to help every team member become the best version of themselves.

To look into how each of your team members deals with roadblocks, ask them what they had difficulty with during the last half of the year and what they did to overcome it. This will help you uncover underlying issues with the way you lead, or how they deal with other team members. People have an easier time telling stories rather than reporting numbers and figures. It is when you listen to their stories and read between the lines that you truly understand your team member’s motivations. You can discover a lot more when they talk about their achievements.

You also need to discuss specific feedback from people your team works with, so they can work on

those during the year. Your team needs to understand that there are certain expectations which cannot be specifically listed in their job descriptions, but are necessary to ensure that smooth working relationships are maintained. But if the feedback is unjustified and unfair, you need to assure your team members that they did the right thing and commit to support them in their decisions. As their leader, it is true that you should be the first to correct them if they are wrong, but you should also be the first to defend them if they are right.

After the review, follow through on commitments.

If needed, set weekly or monthly check-ins so both of you do not lose track of performance targets, and areas of improvements are addressed. This shows you are committed to helping them improve, and the necessary support is given to them. As their leader, it will also help in your own evaluation because your manager will see that you did everything you could to help them. Your own evaluation will depend on how your team performs so it would be in your best interest to ensure they deliver as expected, or even surpass targets.

Being a people manager is tricky because your evaluation rests on how you handle your team so that they significantly contribute to the organization’s goals. A substantial portion of that is managing people of different temperaments and abilities. Your team needs to understand that you are willing and ready to invest in them, and one of the best ways to do that is to plan their future with them. n

THERAPY ON THE GO: MILDLY DEPRESSED OR SIMPLY STRESSED, PEOPLE ARE TAPPING APPS FOR MENTAL HEALTH CARE

By Lauri Goldkind Fordham University IT might be surprising to think about browsing for therapists and ordering up mental health care the way you can peruse a menu on Grubhub or summon a car on Lyft.

But over the last decade, digital access to therapy has become increasingly common, in some cases replacing the traditional model of in-person weekly sessions between a therapist and client.

Apps for mental health and wellness range from mood trackers, meditation tools and journals to therapy apps that match users to a licensed professional. My team’s research focuses on therapy apps that work by matching clients to a licensed professional.

As a social work researcher, I am interested in understanding how these apps affect clients and practitioners. My research team has studied the care that app users receive. We have talked to therapists who use apps to reach new clients. We’ve also analyzed app contracts that mental health professionals sign, as well as the agreements clients accept by using the apps.

Real questions persist about how apps are regulated, how to ensure user privacy and care quality, and how remote therapy can be reimbursed by insurance. While those debates continue, people are regularly using apps to connect to therapists for help with emotional and mental struggles. And through these apps, therapists are interacting with people who may never have considered therapy before.

A reAdy-mAde mArket IN the first year of the pandemic, rates of depression and anxiety increased by 25 percent worldwide. In a June 2020 survey from the Centers for Disease Control and Prevention, 40.9 percent of respondents reported at least one adverse mental or behavioral health condition, compared to only 19 percent in 2018.

The old model of therapy, in which therapists and patients sat face to face, was already out of reach for many. In fact, mental health apps are a response to the demand from clients seeking more accessible therapy services. The Covid-19 pandemic turbocharged both trends—the growing need for mental health care and using technology to access it. For existing mental health clients, stay-at-home orders closed clinics and therapists’ offices to in-person visits, resulting in an unprecedented shift to online access to therapy.

How mAtcHinG Apps work CONSUMER mental health platforms like Better Help, Alma and TalkSpace match clients to licensed therapy providers. With advertising on television, across social-media channels and on highway billboards, the apps promote flexibility, convenience and the potential to receive support with slogans like “You deserve to be happy” or “Feeling better starts with a single call.”

When app users enter a platform’s online space, its proprietary software offers a digital dashboard and communication tools. These platforms also promise instant access to a professional therapist, immediate responsiveness from them as well as anonymity.

App users choose a therapist by reviewing a list of providers accompanied by thumbnail photos,

résumé-like bios and consumer reviews. Users also choose how they’ll connect with therapists—phone or video calls, e-mail, text or some combination. The apps also let clients change therapists at any time.

As the client and their chosen therapist connect and communicate, behind the scenes the app collects and maintains records, later calculating the chosen therapist’s payment and billing the app user.

Apps And tHeir risks CURIOUSLY, while mental health app platforms promote themselves as providers of mental health services, they actually don’t take responsibility for the counseling services they are providing. The apps consider therapists to be independent contractors, with the platform acting as a matching service. And the apps can help users find a more suitable fit if they request it. But no law or precedent protects consumers or clarifies app users’ rights. This differs from faceto-face therapy, in which practitioners work under the oversight of state licensing boards and federal law.

Some of the major therapy apps have been accused of mining client data and being at risk for data breaches.

Like other virtual spaces, online mental health service domains operate under ever-evolving and localized regulations. wHo Benefits from tHese Apps?

THE social workers our team interviewed talked a lot about who can benefit from this kind of appbased therapy and—importantly—who can’t. For example, the platforms are not set up to treat people with serious mental illness or mental disorders that substantially interfere with a person’s life, activities

and ability to function independently.

Similarly, app-based psychotherapy is not suitable for those having suicidal thoughts. The platforms screen users for risk of self-harm when they sign up.

If a client ever poses harm to themselves or someone else, user anonymity on the apps makes it almost impossible for a therapist to send a crisis response team. App-based practitioners told our research team that they sometimes end up monitoring their clients for signs of crisis by contacting them through the app more frequently. It’s one reason app therapists, who also screen users, sometimes reject potential clients who may need a higher level of care.

For those without severe mental illness, app-based therapy may be helpful in matching clients with a professional familiar with a range of problems and stressors. This makes apps attractive to those with anxiety and mild to moderate depression. They also appeal to people who wouldn’t ordinarily seek out office-based therapy, but who want help with life issues such as marital problems and work-related stress. The apps could also be practical and convenient for those who can’t or won’t get formal therapy, even remotely, from a mental health clinic or office. For instance, the anonymity of apps might appeal to people suffering from conditions like social anxiety or agoraphobia, or for those individuals who can’t or won’t appear on a video call. Therapy apps have helped to normalize the idea that it’s OK to pursue mental health treatment through nontraditional routes. And with high-profile people such as Michael Phelps and Ariana Grande partnering with these apps, they might even be on their way to making mental health treatment cool. THE CONVERSATION

PHOTO BY NICK MORRISON ON UNSPLASH

B5

B6 Wednesday, June 8, 2022

Surge Fitness + Lifestyle launches flagship branch

Republic Cement, Colgate-Palmolive pursue fight against plastic pollution

R

EPUBLIC Cement, a leading construction solutions provider in the Philippines, and Colgate-Palmolive Philippines, a personal health and hygiene products company, renewed their partnership that aims to alleviate the pervasive plastic waste problem in the country.

The Philippines is one of the biggest contributors of marine plastic pollution, generating a staggering 2.7 million tons of plastic waste each year. Colgate-Palmolive Philippines’ partnership with Republic Cement is a step towards addressing the plastic waste crisis, which also aligns with Republic Cement’s commitment to environmental protection and sustainability.

Having worked together since signing the first Memorandum of Agreement in December 2020, both companies pledged to continue their partnership through ecoloop last March 23, 2022. Ecoloop is

Republic’s resource recovery arm, which coprocesses plastic waste and diverts it from landfills and waterways. “Colgate-Palmolive Philippines is committed to contribute to the betterment of the environment,” said Colgate-Palmolive Philippines President and General Manager Arvind Sachdev.

“We are very proud to be part of this system and part of the solution and are happy to have found such a strong partnership with Colgate-Palmolive Philippines,” said Republic Cement CEO Roman Menz.

Republic Cement has been at the forefront of innovative waste management for nearly two decades with a license issued by the Department of Environment and Natural Resources.

Through ecoloop, the recovery of thermal and mineral properties of qualified waste materials and the manufacture of cement are combined in a single operation.

This involves using plastic waste as an alternative fuel, thereby also cutting down the reliance on fossil fuels like coal.

Moreover, the co-processing method completely breaks down the organic molecules in the waste materials, thus reducing carbon emissions. Any byproduct, such as ash, is fully integrated into the production of clinker, which is a key ingredient of cement. Thus, co-processing completely closes the lifecycle loop of plastic waste, preventing them from being leaked back into the environment in any way, whether through land, water, or air.

To further bolster their partnership, the two companies participated in a ceremonial tree planting activity. The renewed agreement signifies both companies’ dedication to creating a healthier and more sustainable environment for future generations.

LEADERS from Republic Cement and Colgate-Palmolive Philippines come together to renew partnership and mark the occasion with a ceremonial tree planting activity at Republic Cement’s Bulacan Plant, they are, from left: Republic Cement Bulacan Plant Manager Rogelio Leonardo, Manufacturing Vice President Lloyd Vicente, CEO Roman Menz, Colgate-Palmolive Arvind Sachdev, Legal Director and Chief Marketing Counsel Atty Rexy Garcia, and Sustainability Lead Nymia Raagas.

Guidelines on PAGCOR and PCSO funds for Universal Health Care signed

T

HE Philippine Health Insurance Corporation (PhilHealth), Department of Finance (DOF), Department of Health (DOH), Philippine Amusement and Gaming Corporation (PAGCOR), and Philippine Charity Sweepstakes Office (PCSO) have signed today the Joint Circular that will operationalize the allocations for Universal Health Care in accordance with Republic Act 11223 or the Universal Health Care Act.

The joint circular prescribes the guidelines that will “operationalize the efficient and sustainable funding from PCSO, PAGCOR and National Government to PhilHealth’s individual based services under the Universal Health Care Program, pursuant to Rule IX, Section 37.2 in relation to Section 37.3 of the IRR of RA 11223”.

The UHC Law provides that 50 percent of the National Government share from

THE simple ceremony was hosted by PhilHealth President and CEO Atty. Dante A. Gierran. In attendance were OIC-Deputy Treasurer and PhilHealth Board Member Eduardo Anthony G. Mariño III on behalf of Finance Secretary Carlos G. Dominguez III, Undersecretary Mario Villaverde on behalf of Health Secretary Francisco T. Duque III, PAGCOR Chairperson and CEO Andrea D. Domingo, and PCSO Chairperson Anselmo Simeon P. Pinili.

the income of PAGCOR as provided for in Presidential Decree No. 1869, as amended; and 40 percent of the Charity Fund, net of Documentary Stamp Tax Payments, and mandatory contributions of the PCSO as provided for in RA No. 1169, as amended, shall be transferred to PhilHealth for the improvement of its benefit packages that will cater to the vast majority of members here and abroad.

Among the benefits that will be improved in consultation with PAGCOR and PCSO include select medical and surgical procedures; expansion of case rates for hemodialysis up to 156 sessions; enhancement Z benefit packages for selected orthopedic implants, post kidney transplant, breast cancer, prostate cancer, cervical cancer, open heart surgery for children (ventricular septal defect and tetralogy of fallot); and physical medicine and rehabilitation.

The needed funding for the said benefit expansion shall be released to PhilHealth through the General Appropriations Act starting the year 2023.

Cleen and Green celebrates 2nd anniversary this June

C

LEEN and Green Cleaning Services has always stood above the rest by providing all-around home cleaning services — deep cleaning services, post-construction intensive cleaning, as well as car interior detailing —while putting customers' priority and convenience and observing eco-friendly all-natural practices, using plant-based cleaning agents and modern pro-cleaning technology. As part of their customer first priority principle, Cleen and Green is now offering free cockroach management lol for the entire month of June for every deep house cleaning starting this month as they celebrate their second year anniversary!

Cleen and Green Cleaning Services which approaches another year of high-quality professional eco-friendly home service deep cleaning, has seen vast expansion, sprouting new franchises and branches from its humble beginnings. Cleen and Green skyrockets in advancement with the ecstatic support of the community. It has current locations in Batangas, Cavite, Laguna, Quezon City, and Makati City.

Cleen and Green’s newest franchise owners, Marvin Joseph Amante and Desiree Castillo are the amazing power couple managing Cleen and Green Makati branch. Watch as they lead the

brand uphill towards success!

Every day, Cleen and Green is getting closer to their vision of becoming the top-rated cleaning service nationwide. Cleen and Green stands tall moving forward in its mission towards innovative quality green service, constantly growing and committed to expanding and growing the business.

Happy 2nd Year anniversary Cleen and Green! Follow its FaceBook and Instagram accounts @cleenandgreencleaningservices or visit http://cleenandgreen.com/.

S

URGE Fitness + Lifestyle launched the mega lifestyle hub with a mega event led by brand owner Cheryl delos Santos and SFL brand ambassadors: actor Zanjoe Marudo; child star and TV host Sebastian “Baeby Baste” Granfon, showbiz royalty Sunshine Cruz, with daughters Angelina, Samantha, and Francheska.

Surge Fitness+ Lifestyle, the fastest growing fitness and lifestyle hub in the Philippine market recently launched its first flagship fitness center at the all-new Wellness Wing of Glorietta, Ayala Center in Makati.

The SFL Flagship Fitness Center is a mega lifestyle hub in a sprawling 1,300 sqm. bi-level all-premium complex. Aside from its top of the line, high-tech fitness equipment, the flagship branch also boasts of several firsts and exclusives in Fitness Technologies such as the SURGE CARDIO CAGE which trains agility and reaction time; SURGE VIRTUAL REALITY which makes working out fun and more motivating; SURGE INTERACTIVE FITNESS which allows members to compete against other members on-site and off-site; and many more. SFL is also the first and only full heart-rate-monitored fitness facility in the Philippines.

All branches will have SFL’s signature PlayZone area that is a leisure space fitted with billiard tables, air hockey, and other gaming consoles for members who are looking to unwind and hangout after their workouts.

The locker rooms are equipped with steam and saunas for members to rest and recover.

The Glorietta Flagship branch will have

TASTY HABIT BY SURGE, a concessionaire that serves fresh and healthy drinks and light meals for those who need extra surge fuel.

Surgers or the fitness club members also get access to SURGE GXPERIENCE, a complimentary access to group fitness classes ranging from dance, yoga, spinning, high intensity training, martial arts, and more as well as licensed classes like Les Mills, Pound, Zumba, etc. SURGE GXPERIENCE group classes are best experienced in-club at the most advanced exercise studios that feature the best lighting and sound ambience to keep members motivated. Classes are also available online live through the signature SURGE AT HOME and SURGE ON-DEMAND, for those who want to keep up with classes anywhere.

SFL currently operates two lifestyle centers in Quezon City: Mplace, South Triangle and Holy Spirit Drive, Commonwealth; two lifestyle centers in Makati: Jupiter and Glorietta; and another two opening soon in Alabang: a Flagship Center in Festival Mall and a Boutique in Westgate Center. They will soon operate a Flagship Center in Estancia Mall, Capitol Commons, Pasig as well. All branches operate 24/7 and all members have unlimited access to all SURGE Lifestyle Centers. All branches observe strict health protocols and follow IATF guidelines. SFL intends to have 10 branches by the end of 2022 and lead the Philippines into the Future of Fitness.

To inquire about FRANCHISING, visit https://www.surgefitnesslifestyle.com or follow SFL’s official social media accounts @ SurgeLifestylePH on Facebook and Instagram.

‘Move on from alert levels and focus on economy’

W

ITH COVID-19 cases under control and most areas in the country including the National Capital Region remaining under Alert Level 1, Presidential Adviser for Entrepreneurship and Go Negosyo founder Joey Concepcion believes it might be time to consider easing the country out of a public health emergency status.

He said this would reframe the country’s approach to the pandemic, especially with the economy now entering a crucial stage in its recovery. “The faster way to economic recovery is to approach it now with our victories in mind,” he said.

Infection and hospitalization rates have remained manageable despite vaccination rates having plateaued. “The LGUs have done their best to get people vaccinated,” he said. “It was not for lack of trying, but because of many other factors, not the least of which is vaccine hesitancy,” he said. The unvaccinated, he said, remain at risk even as infections remain low.

Given how freely people are now moving around, Concepcion believes that the government should now apply restrictions based on high-risk areas and activities. Facemasks and a fully vaccinated status, for example, can be required only in areas with rising infection rates

and for activities that are considered high-risk for infections.

Concepcion advised the next administration to address the excess supply of vaccines by giving these as second boosters to economic frontliners.

Second boosters are today only recommended for healthcare workers, senior citizens and those who are immunocompromised. The next administration can now also be guided by data on vaccination rates to recalibrate future vaccination programs.

The World Health Organization, meanwhile, announced that it is working to declare an end to COVID-19 as a public health emergency of international health concern, though it clarified that it is not the end of the pandemic.

The country now remains generally at low-risk levels, and only a weak surge is expected over the next few weeks.

To protect the economy, he suggested continuing an alert level system that is based on healthcare and ICU bed utilization rates rather than on infection rates. “There will be surges and we will just have to apply what we already know about treating and containing the cases, but we should not be alarmed when infection numbers rise as long as our hospitals are within safe limits,” he said.

For fifth straight year, GSIS earns Malacañang’s commendation for 100% resolution of client concerns

S

TATE pension fund Government Service Insurance System (GSIS) was recently lauded by Malacañang’s 8888 Citizens' Complaint Center for attaining 100% resolution rate of citizens’ concerns. This is the fifth consecutive year that it received a perfect rating from the Office of the President.

GSIS was reported to have resolved 299 citizen’s concerns as of March 2022. Last year, from January to December, a total of 1,104 concerns were similarly acted upon within the 72-hour turnaround time. In prior years, from 2018 to 2020, GSIS was similarly commended

by Malacañang for consistently addressing all referrals from the President’s Hotline 8888 within the prescribed period: 1,518 concerns in 2020; 1,275 concerns in 2019; and 1,236 concerns in 2018.

“Nagpapasalamat ako sa bumubuo ng 8888 Citizens’ Complaint Center na patuloy na tumutulong sa GSIS para makapagbigay ng simple, mabilis, at maginhawang aksyon sa concerns ng ating members at pensioners,” GSIS President and General Manager Rolando Ledesma Macasaet said.

The 8888 Citizens' Complaint Center serves as a mechanism where citizens may

report complaints and grievances. It monitors the monthly performance of government agencies and financial institutions through its 8888 portal.

“And, of course, I also thank the men and women of GSIS who continue to immediately respond to our clients’ needs amid the limitations resulting from this pandemic,” he added.

Last year, GSIS was likewise commended

by Anti-Red Tape Authority (ARTA) Director General Jeremiah Belgica for making its Citizen’s Charter, named Guide to Transactions and Processes (GTAP), available online. Secretary Belgica considered the initiative “fully aligned with ARTA’s mandate to make people’s lives easier and faster through streamlining and automation solutions.”

GSIS similarly launched its corporate rebranding campaign in November 2021, dubbed Ginhawa for All, to make its products and services simpler and easier to understand.

Under the new branding program, the benefits and services for members, pensioners and other stakeholders are grouped according to bundle, namely GFAL Active, GFAL Grand, and GFAL Plus.

BusinessMirror

Editor: Tet Andolong

Wednesday, June 8, 2022 B7

Owning a second home appeals to affluent Filipinos

By Rizal Raoul S. Reyes

T

HE property sector saw developers adjusting to the market needs brought about the Covid-19 pandemic. It saw the emergence of a live-work-play community that offers naturecentric exceptional amenities.

F i l i n v e s t M i m o s a +, t h e 201-hectare live-work-play community located in Clark Freeport Zone, Pampanga, offers a suite of exciting things to suit people from vacationers looking for a quick getaway to business or homeowners planning to relocate away from the Metro.

“Our aim at Filinvest Mimosa+ is to make it a self-sustaining, eco-friendly township where residents and guests can conveniently find everything. So far, we are well on our way to achieving this vision with many already existing and soon-to-rise establishments to be completed at Filinvest Mimosa+,” Don Ubaldo, First Vice President for Project Development—Townships told the BusinessMirror in an email interview.

The Quest Plus Conference Center ensures a lovely staycation while its Mimosa Plus Golf Course is a haven for the par busters with its award-winning open course with two par-72, 18hole course for both newbies and professionals.

Ubaldo said the Acacia Park and Acacia Open Grounds offer a refreshing outdoor experience for bikers and joggers while doing their workout routines on the tree-lined bike and jog lanes.

For those who dream of relocating to Clark, Ubaldo said the Golf Ridge Private Estate offers generous living spaces with breathtaking views of the neighboring golf course. Meanwhile, Workplus’ completed buildings offer investors an environment offering business spaces conducive to growth and work-life balance.

T he “soon-to - open” Ret a i l Str ip, the Mimosa+ Lifest yle Mall and the Crib, will provide the rich and colorful lifestyle components.

The Quest Plus Hotel at Mimosa+ has rooms and villas that are ideal for holidays or weekend getaways

The growth of new normal family living Belle Corp., a part of SM Investments portfolio companies, developed Tagaytay Highlands, its mixed-use mountain resort development at the hear t of Cavite, Laguna and Batangas has responded to fill in the demand of affluent families looking for a place to combine work and study.

“Tagaytay Highlands is no longer a secondary home but a primary home with more families seeing our properties as more than just a perfect getaway. Even with a treasured history of more than two and a half decades, the estate continues to adapt and transform and promises to be a place of recreation, connectivity, and learning,” Tagaytay Highlands founder Willy Ocier said in a webinar.

Developed in 1989, Tagaytay Highlands is also embarking on its digital modernization. This entails increased Wi-fi connectivity to facilitate a work-from-home lifestyle and remote schooling.

Ocier pointed out 40 percent of Tagaytay Highlands residential communities’ total development area is dedicated to open spaces, thereby allowing its residents plenty of room for recreation, wellness and communing with nature while having a majestic view of Taal Lake. Tagaytay Highlands,

The Central Garden at Horizon Terraces inspires leisurely pursuits such as a stroll at the Garden Courtyard and sundial

which has a sprawling land area of approximately 1,500 hectares, also has dedicated areas for biking and pedal go-karts, and is known for its Tagaytay Highlands and Midlands golf courses.

The Midlands, a 594-hectare themed residential enclave also featuring wide spaces and is sit-

uated in Talisay, Batangas City with panoramic views of Taal and Mt. Makiling, has been touted as a bird sanctuary offering bird watchers and enthusiasts a welcome respite from work and an avenue for their passion.

Ocier said Belle’s latest development, The Grove at Plantation

Hills in the Greenlands, provides ample green space for nurturing plants. “This 22-hectare leisure farm community is masterplanned to be a residential and farming concept-in-one,” he said.

The Grove’s Orchard lots range from 750 to 1,300 sq m with 65 percent of each lot cut, ideal for

growing fruit trees, herbs, and vegetables in the comfort of one’s own backyard. Its Garden Lots, with lot sizes ranging from 450 to 600 square meters, enable future residents to build their dream farmhouses and surround these with an abundance of greens.

Meanwhile, Highlands Prime Inc., co-developer of Tagaytay Highlands and a subsidiary of SM Prime Holdings Inc., recently expanded the condominium developments at The Midlands with The Horizon Terraces.

Ocier said the Horizon Terraces, which offers the Garden Suites and Garden Villas, dedicates over 70 percent of its land area to recreational and garden space. Blending beautifully with the natural landscape, Ocier said the Central Garden at Horizon Terraces inspires leisurely pursuits such as a stroll at the Garden Courtyard with Sundial; young children to romp and play at the Sensory Garden; seniors to spend quiet moments at the Pocket Gardens; and the entire family to take a dip in resort-inspired swimming pools.

The Garden Suites, 5-story low-density residential condominiums sitting on a 3.2-hectare land, offer one- and two-bedroom units with floor areas from 43 to 68 sq m.

Holcim teams up with Build Change for disaster-resilient construction

By Roderick L. Abad

H

OLCIM Philippines Inc. and Build Change Philippines are working together on disaster-resilient housing projects and vow to push this advocacy among stakeholders. Both parties agreed to initially support areas impacted by Supertyphoon Odette in 2021.

As part of their recently sealed partnership, they will also collaborate on possible initiatives to build or retrofit schools and evacuation centers in calamity-prone sites and promote capacity-building via training and championing of policies or financing strategies to key partners.

Finally, the two organizations are committed to develop a scalable affordable housing program in collaboration with other major allies like microfinance institutions to increase access to cheap yet disaster-resilient homes, particularly for the more vulnerable segments of society.

Build Change Philippines country director Arnel Capili emphasized the importance of making structures more strong in the Philippines since it’s vulnerable to natural catastrophes, such as earthquakes and storms.

Apart from being within the Pacific Ring of Fire and the typhoon belt, he added that climate change further heightens these threats

as it intensifies extreme weather globally.

“The advocacy of Build Change is to build resilient houses and provide Filipinos a safe space when these disasters come. This partnership will help make that come true. This will be as solid as Holcim cement, durable as Build Change house, and as lasting as the friendship and camaraderie that we will forge with Holcim Philippines,” Capili said.

Meanwhile, Holcim Philippines senior vice president and chief sustainability officer Zoe Sibala noted the significance of their partnership to the company’s commitment to build inclusive growth in the country.

“Owning a home remains an elusive dream for many Filipinos.

Build Change has been paving the way for increased access to affordable, decent, and resilient homes in the country so we are happy to complement this effort,” she explained.

According to Sibala, their team up shows the business value that that they can deliver while solving social issues, and key to this is a credible partner with a good track record.

“Through our innovative and sustainable building solutions, and with the right products for the right applications, we look to help Build Change in its mission of building more resilient homes

and realize our vision of building greener, smarter and for all,” she said.

For Holcim Philippines vice president and Head of Communications and Corporate Social Responsibi lit y Cara R amirez, the partnership strengthens the firm’s support for communities to be more disaster resilient having done such projects for survivors of Typhoon Pablo in Compostela Valley and neighbors of its Davao Plant living in flood prone areas.

“This supports our commitment to build progress in the Philippines by contributing to make homes more resilient against extreme weather and natural disasters caused by climate change. Doing so

allows us to contribute to sustainable development as the lives and property of our countrymen are better protected,” Ramirez added.

Build Change has worked in the Philippines since Typhoon Yolanda in 2013. During the time, it has supported both post-disaster reconstruction and work to prevent housing loss against future disasters.

Among its achievements are the construction of over 2,000 safer buildings for 40,000 people, training of over 4,700 individuals in safe construction practices, creation of 560 jobs, and expansion of its network of partners in local government, business sector for greater impact.

Sports

STEPHEN CURRY: SELFLESS STAR

BusinessMirror

B8

| Wednesday, June 8, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

S

WORLD-CLASS VOLLEYBALL UP AT HISTORIC BIG DOME

T

By Josef Ramos

HE world powers of volleyball started descending on Philippine soil following the arrival of teams from Japan and Thailand on Tuesday ahead of the Volleyball Nations League (VNL) that kicks off next week at the Smart Araneta Coliseum.

Tokyo Olympics gold medalist United States, Belgium, China, Bulgaria, Poland and Canada will follow suit in the next few days for Week 2 of the VNL’s women’s competition that opens on June 14 at the Big Dome.

After the women show off their world-class wares, the top eight men’s teams in the world—Japan, Argentina, Slovenia, Netherlands, France, China, Italy and Germany—will take their turn from June 21 to 26 also in Week 2 of the tournament that was known in the past as the World Volleyball Grand Prix.

This marks the first time in years that the country, specifically Quezon City, is hosting the world’s biggest volleyball event, according to Philippine National Volleyball Federation President Ramon “Tats” Suzara.

“The VNL is made up of the top 16 teams in the world,” Suzara told Tuesday’s press conference at the Big Dome’s Green Gate lobby.

“This is world-class volleyball action in the flesh.”

With the level of the tournament set up there, the Philippines won’t be a participant.

But to spice up the event, the PNVF scheduled separate men

and women exhibition matches with the national team.

First up for the Filipinas are the Thais at 6 p.m. on Saturday and the Japanese at 4 p.m. on Sunday at the FilOil Flying V Centre in San Juan.

Quezon City Vice Mayor Gian Sotto represented Mayor Joy Belmonte in the press conference and committed the city’s support to the major volleyball tournament.

“We are here to make sure everything will be safe,”

Sotto said.

Japan remained perfect in four matches in the opening week hosted by the US in Shreveport and Bossier City in Lousiana, followed by China, US, Thailand and Poland at second place at 3-1, and Belgium and Bulgaria at 1-3.

More information are available at the PNVF web site while tickets are sold online.

STEPHEN CURRY expresses as much joy for Jordan Poole hitting the jaw-dropping shot from deep as he would had it been him. AP

AN MIGUEL Beer opens its Philippine Basketball Association Season 47 Philippine Cup campaign against Phoenix Super LPG on Wednesday at the Smart Araneta Coliseum.

But coach Leo Austria has yet to decide whether to rest or utilize the Beermen’s newly-acquired FilipinoAmerican shooting guard Robbie Herndon in their 6 p.m. game against the Fuel Masters.

“We’ve yet to evaluate his condition and what adjustments that we need to do with Robbie [Herndon],” Austria told BusinessMirror on Tuesday. “But we’re excited to get the first win which is very important for us.”

Herndon will be a major addition to San Miguel Beer’s backcourt with scorer Terrence Romeo out for a few weeks because of back spasm. The

Beermen acquired Herndon from Converge for two second round picks in 2023 and 2024.

Austria is also excited over the return of six-time Most Valuable Player June Mar Fajardo.

“I believe June Mar’s full confidence is starting to go back and we’re very excited to see him lead the team anew,” Austria said.

“But I’m not expecting him to score that many. It’s still going to be a collective effort for the team.”

Phoenix, on the other hand, has a new weapon—Javee Mocon.

The PBA approved on Tuesday the trade that sent Nick Demusis and two future round picks—2023 first round and 2024 second round—to Rain or Shine.

“It’s going to be an exciting new chapter in my basketball career.

I’m really excited to play alongside

Tigresses beat Lady Warriors, enter semifinals as third seeds

U

NIVERSITY of Santo Tomas (UST) beating University of the East (UE), 26-24, 25-18, 25-19, on Tuesday to book the third semifinals ticket in the University Athletic Association of the Philippines Season 84 women’s volleyball tournament at the Mall of Asia Arena in Pasay City.

The Golden Tigresses improved to 9-4 won-lost to remain at third place in the standings.

Ypril Tapia led UST’s balanced attack with 13 points, all from attacks, while Eya Laure had 12 points, 12 excellent receptions, and seven digs.

“The girls’ composure is something that crops up in the matches,” said assistant coach Yani Fernandez, who took over from head tactician Kung Fu Reyes who missed the match for personal reasons. “We just remind them that they need to be

Nadal next stop: Wimbledon CASPER RUUD considered himself a victim and he was absolutely right.

He wasn’t supposed to win, in the first place.

The minute Ruud put himself in the French Open Finals, beating the aging Marin Cilic to advance, he

Then, frankly, a real arrogance on the floor, like ‘I’m the best player out here.’ It’s the perfect kind of leader, someone who you feel comfortable with in the locker room but somebody who you can count on to take you where you need to go on the floor.

“That’s what Steph possesses. It’s a very rare combination of qualities.

But it’s what makes him special.”

Curry exhibits that humility in how he goes about his daily business without worrying how many points he scores from night to night, assists he dishes out or arm flexes he gets to perform in the faces of adoring fans who chant “M-V-P!” at every chance.

He is relishing the process of helping the inexperienced Warriors players find their path—for this postseason and well beyond.

Earlier this year, the newly crowned all-time three-point leader took great delight in the spotlight shining on teammate Andrew Wiggins as he earned his first career All-Star Game selection and was named a Western Conference starter.

That unselfish nature goes back years. When Kevin Durant arrived with huge fanfare in 2016, Curry quietly took a back seat and allowed Durant to find his place with a new team. It was an important gesture that ultimately ended with two championships together and consecutive finals MVP honors for KD. “It all starts with Steph. When KD was here, our offense still started with Steph,” Draymond Green said.

“That’s the way it’s going to be.”

Back on the finals stage for a sixth time in eight years, it’s Curry’s time to carry the Warriors again. But he will be thrilled to see Poole hit another 39-footer, for Kevon Looney to crash the boards to create second chances on the offensive glass, or for Wiggins to take on one of the toughest defensive assignments like guarding Jayson Tatum.

“I remember where I started and just the whole journey. You remind yourself of that every day. The fact that from high school to your first All-Star Game, it’s a journey, and everything that had to go right in your life and on the court for that to happen,” Curry said. “Never let myself get too big-headed on that front. That’s how I live my life.

So everything about it in terms of the appreciation and gratitude for everything that happens, all the experiences that you have, everything that you go through, you keep building on that, and usually good things happen because you appreciate everything no matter what happens.”

And if Curry and Co. can win it all once more, he will join a starstudded list of players with two or more MVPs and four titles: Kareem Abdul-Jabbar, Michael Jordan, Bill Russell, LeBron James, Magic Johnson and Duncan.

Green has long admired how Curry never lets the attention surrounding his own stardom affect anything this group accomplishes, nor does he seek to be treated any differently. And Curry accepted ownership when things didn’t go right during an NBA-worst 15-50 pandemic-shortened season two years ago.

“He sets a huge tone in that regard because he is never going to approach you, ‘You are supposed to look at me this way,’ which in turn you end up looking at him more that way,” Green said of the respect level. “...I think when your leader and the face of your franchise is that way, you have no choice but to be that way. What’s your ego compared to his? Why would any of us care if you have an ego, and he doesn’t? So I think it definitely sets a tone, not only for players but for everyone in this organization and how everyone operates.” AP

SMB, Phoenix open PHL Cup campaign

S

PHILIPPINE National Volleyball Federation President Ramon “Tats” Suzara (left) and Quezon City Vice Mayor Gian Sotto strike a pose at Tuesday’s press conference. NONIE REYES

AN FRANCISCO—Jordan Poole knocked down a buzzer-beater from almost midcourt when Stephen Curry made a point to catch his gaze, and that celebratory stare down told so much about the veteran guard’s pride for his young teammate.

Curry expressed as much joy for Poole hitting the jaw-dropping shot from deep as he would had it been him, the superstar who already has more than his share of three-pointers from way, way back. That’s Selfless Steph—never one to let his ego get in the way of Golden State’s success.

Curry still did plenty while scoring 29 points to lead the Warriors to a 107-88 Game 2 National Basketball Association (NBA) Finals victory against the Celtics on Sunday night, evening the best-of-seven series at one game apiece as it shifts to Boston for Wednesday’s Game 3.

He applauded Poole for maintaining momentum going into the final period.

“That was obviously a big shot to get the crowd into it,” Curry said. “Put kind of a dagger on that great third quarter that we had.”

The 34-year-old Curry embraces living in a constant state of reflection—not to mention balance as a father of three young children— while also somehow keeping his mind acutely focused on the moment right in front of him.

Thinking back on how far he has come, from being selected as Golden State’s undersized first-round draft pick out of Davidson College in 2009 to all the losing early on in his career and a remarkable rise into one of the NBA’s greatest ever, Curry regularly acknowledges his gratitude.

“I’ve said it many times, Steph reminds me so much of Tim Duncan,” coach Steve Kerr said. “When I played with Timmy, there was the same vibe, this incredible, authentic humility and humor and joy behind the scenes.

aggressive all the time.”

UE was at set point in the first set but Imee Hernandez’s quick attack and Ja Lana’s back-to-back errors gave UST the early upper hand, 26-24.

The Golden Tigresses were down by a point in the second set when they unleashed a 10-2 blast capped by Mafe Galanza’s dump to move a set shy of clinching the win.

They were again trailing 17-18 in

became a mere footnote in Rafael Nadal’s continuing, unrestrained, march to tennis greatness.

So that to those who missed watching the Nadal-Ruud Finals clash, no worries. You missed nothing, except Ruud’s eulogy: “I am not the first victim. There have been many before me.”

Indeed, the match was a complete Sunday sleeper, Nadal merely going through the motions in wrapping up the win via a 6-3, 6-3, 6-0, blow-by.

Only in the second set did Ruud make his presence felt.

But it was a most unforgettable moment, as in a bit player thrust in a movie minus a dialogue.

Look. When Ruud tried to spoil the party by posting a 3-1 lead after absorbing a first-set thrashing, a stung Nadal reeled off 11 straight games in merciless fashion to win a recordextending 14th French Open and 22nd Grand Slam title.

Nadal is now two Slams ahead of his nearest rivals Novak Djokovic and Roger Federer, tied at 20 majors each.

To achieve his latest feat—Nadal’s 112th win against only three defeats at Roland Garros since his first French Open victory as a 19-year-old rookie in 2005—Nadal

the third when they unleashed an 8-1 closing kick highlighted by a strong hit

by Ysa Jimenez to complete the sweep.

KC Galdones added 11 points for the Golden Tigresses to earn player of the game honors.

No one from UE side scored in double digits Lana getting nine points and Dara Nieva tallying eight points and 13 excellent receptions.

The Lady Warriors fell to 0-13.

Matthew Wright and Jason Perkins,” Mocon said, noting that he already signed up a threeyear maximum contract with the Fuel Masters.

Season 46 Most Improved Player Juami Tiongson and Terrafirma battles NLEX in the first game at 3 p.m.

“We’ll do everything to disrupt NLEX’s offense,” Terrafirma Coach John Cardel said.

KC GALDONES scores for the Golden Tigresses.

became, at age 36, the oldest clay-court king in history.

And to think that he was a doubtful starter, his chronic left foot injury bugging him as early as the Rome event preceding the French Open.

To complete a seven-match wipeout, including two successive wins pocketed after epic battles each lasting nearly four-a-half hours against Felix Auger-Aliassime (five sets, Round of 16) and Djokovic (four sets, quarterfinals), Nadal needed two anesthetic injections each on his two ankle nerves before every match.

Nadal said he needed the 14 injections in order “to sleep the foot,” playing all this time with a numbed foot.

He made it to his seventh straight Finals when Alexander Zverev quit after suffering a twisted ankle with the second set tied at 6.

“Very tough to describe the feeling,” he said after disposing the No. 8 seed Ruud, whose only notable distinction was his being the first Norwegian to reach a men’s majors final.

The victory made Nadal a back-to-back winner of the year’s first two Slams, adding the Australian Open that

he won by erasing a two-set deficit.

Thus, the question now is: Will Nadal be ready for the Wimbledon, which starts on June 27?

“I never believed I would be here at 36 still being competitive,” said Nadal. “It means everything to keep going. It’s incredible.”

He spoke of a bit of uncertainty during the postmatch conference, saying: “I don’t know what can happen in the future.”

When pressed for more, Nadal said: “But I will fight to keep going. Wimbledon is a priority. It has always been.”

Nobody ever skips Wimbledon, the Vatican of tennis.

THAT’S IT We lost a great sportswriter in Ernie Gonzales, who succumbed to cancer last weekend. His fine prose graced many newspapers from pre-Martial Law years to post-Edsa era, the last one being the Philippine Daily Inquirer. The proud son of Malilipot, Albay, will be missed by his peers, who consider him a decent, honest and most polite harvest from the Philippine sportswriting profession. Rest in peace, my friend.