BusinessMirror June 10, 2022

War to heat up fight for key banana markets PHL to fix weak spots in path to $500-B dream

PHL to fix weak spots in path to $500-B dream

By Jasper Emmanuel Y. Arcalas B S A @jearcalas B A C S A News Bloomberg A C HE Philippines’s share in key

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Bloomberg Asian bananaNews markets may HILIPPINES’S incoming ecobe eroded

by Latin American nomic planning secretary HILIPPINES’S incoming Arecobanana producers, who have been senio Balisacan to bolnomic planningplans secretary Arforced toeconomy’s look for alternative buyers ster thesenio weak spots Balisacan plans to as boltothe theateconomy’s disruption caused by the hedue targets least 6-percent annual ster weak spots as growth throughout the term of PresUkraine-Russia war. he targets at least 6-percent annual ident-elect Ferdinand Marcos growth throughout the termJr. of PresPilipino Banana Growers and ExThe next administration ident-elect Ferdinand Marcosmust Jr. it porters Association (PBGEA) said boost investment in agriculture and Th e ofnext administration must is wary the possibility that Latin manufacturing and build infrastrucboost investment in agriculture American exporters, suchand as ture to growbanana the and economy between manufacturing build infrastrucEcuador, will dump their produce in 6-8 percent annually to 2028, Baliture to grow the economy between Asian markets like Japan and China sacan in an interview Wednes6-8 said percent annually to 2028, Baliwhere is already facday. sacan the saidPhilippines in an interview WednesFarm industry output curing stiffand competition. day. rently account for less than 40 perPBGEA Executive Director SteFarm and industry output curcent of gross domestic product, while rently account for less than 40 perphen A. Antig told the Businesscent of gross product, Mirror thatdomestic the closure of the while Rus-

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sian market, due to its war against services contributes the Ecuador majority. and Ukraine, may force “I would like to see those weakestto services contributes theproducers majority. other Latin American points as the priority of the adminis“I would like to see those weakest find alternative markets for their batration,” said the 64-year-old, who’s points as the priority of the adminisnanas with Asia as their top priority. currently chairman of the nation’s tration,” said the the possibility 64-year-old, Antigcommission. said ofwho’s this antitrust currently chairman of the nation’s happening is not far-fetched since Consistently growing at the rate antitrust commission.

American banana exporters ofLatin 6 percent for sixgrowing years will make Consistently at the rate did same in 2008 and will 2009, esPhilippines a for half-a-trillion dollar of 6the percent six years make economy, to Bloomberg pecially ifaccording the war Philippines a Ukraine-Russia half-a-trillion dollar calculations. drags on. Dumping, would economy, according he tosaid, Bloomberg Thedown nation’s rst-quarter expancalculations. pull thefiprices of Philippine sion of percentfiis already among Th8.3 e nation’s rst-quarter expanbanana exports.

Asia’s fastest, thanks istoalready the reopension of 8.3 percent among “Theythe willpandemic. opt to dump their exingAsia’s from Still, Marfastest, thanks to the reopencessteam bananas in our Asianchallengmarkets, cos’s faces immediate ing from the pandemic. Still, Marif it means selling athree lower es:even inflation is at its fastestatinchallengcos’s team faces immediate price and losing some profit in the years, budget defi cit has widened es: inflation is at its fastest in three and the global hashas dimmed. process.

So, outlook rather than losing evyears, budget deficit widened Still, said the erything, they outlook would bite the bullet and theBalisacan global haseconomy dimmed. can expand by atsay least 7topercent Still, Balisacan said the and lose about P1 P2,”economy hethis said. can“That expand at least 7 percent this is by a situation that could

happen. It happened before and if year, within the official esti-be it happens again, we growth might not mate, the from the year,riding within therecovery offi growth estiable to demand thecial kind of prices record contraction in 2020 due tothe mate, riding the recovery from that they are offering because they therecord pandemic.

He saidinhe2020 will push contraction due to [Latin American producers] would forthe more targeted He support measures pandemic. said he will push be cheaper than us.” tofor easemore inflation’s burden on the poor targeted support measures Antig said cheaper bananas from while ensuring “tight” government to ease inflation’s burden on the poor Latin American producers would finances are managed properly. while ensuring “tight” government make itcan more difficult for the Philipachieve more with less,” fi“We nances are managed properly. hepines said, thatitsmore a dominance review toadding maintain in “We can achieve withand less,” streamlining of benefi are key Asianadding markets, as Japan, he said, thatsuch aciaries review and needed.

The nation also cannot streamlining of China. benefi ciaries af-are South Korea and ford removal of certain taxes onafneeded.

Th e nation also cannot The Philippines, the world's second goods asremoval proposed by some sectors, ford of certain taxes on export of bananas, has been helargest said. as goods proposed by some sectors, struggling to maintain its position as he said. the top supplier of bananas to Asian Experienced economist markets due to toughfrom competition BALISACAN will draw his exExperienced economist perience in crafting aand newneighboring economic from Latin America BALISACAN will draw from his exdevelopment plan. such Before taking Asian producers, as Vietnam. perience in crafting a new economic helm of the antitrust he served development plan.body, Before taking (Related story: https://businessmirror.com. helm of the antitrust body, he served ph/2021/05/04/phl-bananas-losing-out-in-

asia-to-latin-america-asean-producers/) as economic “We hopeplanning it does notsecretary happen atof all. the president Benigno Aquino economic planning secretary of Ifasitlate does, we hope the situation will from to 2016.Antig the2012 late president Benigno not be that bad,” said. Aquino To sustain economic growth of at from 2012 to 2016.

Foreign news agencies have releast To 6 percent, the next administrasustain economic growth ofof at ported that Ecuador’s shipments tion must address rednext tape and build least 6 percent, the administrabananas to Russia, the Latin Ameriinfrastructure needed attract intion must address redtotape and build can nation’s top market, have been vestment in manufacturing and ag-ininfrastructure needed to attract halted due logistical and trade riculture, said Balisacan, who holds aagvestment into manufacturing and PhD in Economics from thewho Universanctions.

Prices in Ecuador plunged riculture, said Balisacan, holds a sity ofbananas Hawaii. and were left to rot to a PhD in Economics from thedue UniverGiven ain budget sity of Hawaii. collapse demand.deficit inflated by pandemic-era support Given aexports budget defiprograms, cit inflated Ecuador about 1.5 million companies and multilateral develby pandemic-era support programs, metric agencies tons (MMT) be of bananas opment tappeddeveltoto companies and may multilateral Russiaroads, annually and about 170,000 finance rail and irrigation, he opment agencies may be tapped to MT to Ukraine.

Russia Ukraine’s said.

Balisacan manage thehe finance roads, helped rail andand irrigation, top banana suppliers are Ecuador, CoAquino administration’s flagship said. Balisacan helped manage the public-private partnership infralombia, Costa Rica, and Aquino Guatemala, administration’s fl agship Honduras—all Latin America. public-private from partnership infra-

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AAbroader look at today’s business look at today’s business A■broader broader look at today’s business Thursday, June 2, 2022 Vol. 17 No. 237

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EXPORT EARNINGS ‘PHL’S GROWTH RESTS ‘PHL’S H2 H2 GROWTHGROW RESTS ON TEAM’ SLOWEST SINCE OCTOBER ON NEW NEW ECONOMIC ECONOMIC TEAM’ A www.businessmirror.com.ph www.businessmirror.com.ph www.businessmirror.com.ph

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Friday, JuneJune 10, 2022 Vol. 17 No. 245 Thursday, 2, 2022 Vol. 17 No. 237

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@caiordinario & Andrea E. San Juan

S the world continued to grapple with the slowdown in global trade, the country’s export earnings and import receipts posted their slowest growth since last year, according to preliminary data released by the Philippine Statistics Authority (PSA).

Based on the PSA data, the country’s exports grew 6 percent yearon-year in April 2022, the slowest since October 2021 when earnings only grew 2 percent. Import receipts, meanwhile, rose by 22.8 percent, the slowest since March 2021 when import growth reached 22.1 percent.

However, the Department of Trade and Industry (DTI), citing data from the PSA, said the April 2022 export data was estimated to be 14.5 percent higher than the prepandemic average from 2017 to 2019. Trade Secretary Ramon Lopez attributed

this to the growth of the country’s Purchasing Managers Index (PMI).

“The continuous growth of our PMI is a testament to the efficiency of post-pandemic economic recovery efforts implemented by the Duterte administration. There were several aspects that contributed to this development, but central to this is really the solid growth of outputs, resulting in our sustained exports performance,” Lopez said in a statement.

See “Export,” A2

GLOBAL FDI FLOWS IN ’21 WON’T LIKELY BE SUSTAINED–UNCTAD

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Quezon City Disaster Risk Reduction and Management (QCDRRM) and Quezon City Hall personnel conduct a nationwide simultaneous earthquake drill at City Hall grounds on Thursday, June 9, 2022. The drill trains participants on the proper reactions during disasters and prepare them for the so-called “big one,” a major temblor deemed very possible for the Philippines, which lies on an earthquake belt. NONOY LACZA

PIDS nixes OPSF return, pitches other measures

NITED Nations ConUkraine “on top of the lingering tamount to a reversal of the downBy Lenie Lectura @llectura ference on Trade and effects of the pandemic—is causstream oil industry deregulation.

Development (Unctad) ing a triple food, fuel and finance Dr.inAdoracion M. Navarro, senior THE BRPwarned Melchora Aquino, the second of two multi-role response vessels procured by the Philippine government from Japan, is welcomed by the Philippine Coast Guard at the Port Area Manila on Wednesday, June 1, 2022, completing its maiden voyage from Japan. Constructed by Mitsubishi Shipbuilding Co. in Japan, the ship, named EVIVING the Oil Price Stabithat global foreign dicrisis in many countries around after Tandang Sora, the Grand Woman of the Revolution during the Spanish colonial period, is part of the Maritime Safety Capability Improvement Project of the Coast Guard.

ROY DOMINGO fellow at PIDS and former undersecTHE BRP Melchora Aquino, the second of two multi-role response vessels procured by the Philippine government from Japan, is welcomed by the Philippine Coast Guard at the Port Area in Manila on Wednesday, June 1, 2022, completing its maiden voyage from Japan. Constructed by Mitsubishi Shipbuilding Co. in Japan, the ship, named lization Fund (OPSF) is antirect investment (FDI) flows in the world.” retary of the National Economic and after Tandang Sora, the Grand Woman of the Revolution during the Spanish colonial period, is part of the Maritime Safetypoor, CapabilityasImprovement Projectpublic of the Coast Guard.

ROY DOMINGO the general 2021 were unlikely to be susWith this, the Unctad stressed, B C U. O @caiordinario Development Authority (Neda), said would end up subsidizing oil consumtained due to the recent global investor uncertainty could put B C U. O @caiordinario reform durability should be pursued ers through subsidies from the naeconomic issues such as the war significant downward pressure instead of a policy reversal. tional budget, the semi-government in Ukraine. on global FDI in 2022.

“This call for the revival of the think tank Philippine Institute for Unctad’s 2022 World Invest“The 2021 growth momentum OPSF is worrisome as it implies a Development Studies (PIDS) said. ment Report noted that although is unlikely to be sustained. Global reversal from the current deregulaInstead, it said, several options global FDI flows in 2021 hit $1.58 FDI flows in 2022 will likely move tion policy regime to a highly reguthat have been floated to blunt the trillion, higher by 64 percent from on a downward trajectory, at best UTGOING Senate PresiDrilon moved to elect Majority lated one.

Price stabilization under B J M N. D C and strengthened our political and impact of steadily rising fuel prices the exceptionally low level in remaining flat. New project acdent Vicente Sotto III Leader Juanmoved MigueltoZubiri as the UTGOING Senate PresiDrilon elect Majority an OPSF-like mechanism means the @joveemarie institutions.

B J M N. D C and governmental should be seriously reviewed and strengthened our political and 2020, the global environment for tivity is already showing signs declared at 7:41 pm of acting Senate President Pro Temdent Vicente Sotto III Leader Juan Miguel Zubiri as the government intervene and set “Despite thewill many challenges governmental institutions. those feasible@joveemarie should be pursued.

International business and crossof increased risk aversion among Wednesday as adjourned sine die pore from noon of June 30 until declared at 7:41 pm of acting Senate President Pro Temprices that are stable fixed during Representatives happened during mychallenges tenure “Despite the manyor InHE anHouse onlineofevent on Thursday, that border investment changed drathe third regular session of the July 25, when the 19th Congress Wednesday as adjourned sine die pore from noon of June 30 until the regulatory price period,” onHEWednesday ended your Speaker, we havereset risen and House of said Representatives happened during my tenure the research firm recentthe calls asthat See “Global,” A2 matically in 2022, with the war in 18th on thesession part ofofthe convenes. the Congress third regular the first July 25, when the 19th Congress she said.

18th Congress, ourselves One Conon Wednesday ended the proven as your Speaker,to webe have risen and for the revival of thehighlighting OPSF are tancapping on what Minority in the day, colleagues 18th Congress the part of the fiEarlier rst convenes.

See “PIDS,” A2 Senate, its 3-year achievements, including gress, ready to servetoour people,” 18th Congress, highlighting proven ourselves be One Con- Leader Franklin Drilon thatinZubiri had colleagues secured Senate, capping whatdescribed Minority signaled Earlier the day, laws to helpachievements, the country navigate histo colleagues. its 3-year including Velasco gress, told ready serve our people,” asLeader cabinet can handle the emerging scenario,” the In its latest Market Call report, First Metro “one of Franklin the most Drilon productive sesthe “votes” that of majority senators described signaled Zubiri of had secured through emerge strongernavigate from “One Congress, ready to scrutilaws toand help the country Velasco told his colleagues. report Investment University of Asia First and the sions” of the chamber, a feat made who will sitSource: in 19th Senate, a cabinet handle the In itsCorp. latestand Market Call report, Metro as “one ofnthe most productive ses-arabia the14. “votes” ofthe majority of senators n stated.

UScan52.8990 n emerging japanscenario,” 0.3942then UK 66.3248 n HK 6.7402 n CHINA 7.9131 n singapore 38.4552 n australia 38.0344 EU 56.6971 n SAUDI 1 019 BSP (June 9, 2022) the Covid-19 pandemic. the national budget, pass through and emerge stronger from nize “One Congress, ready to scrutiOne of the major risks that post the most Pacifi c (FMIC-UA&P) Capital Markets Research remarkable by chamber, the fact that much confisit rmed

by Drilon. report stated.

Investment Corp. and University of Asia and the sions” of the a feat made matter who will in the 19th Senate, a In Covid-19 his valedictory laws, conduct hearings, the pandemic. speech, nizetothe national budget,totopropass ofremarkable uncertainty is the Russia-Ukraine saidPacifi thecgrowth momentum which gave rise to One to of the the economy major risks that post the most (FMIC-UA&P) Capital Markets Research it was in a pandemic.

Zubiri confi appears to be the by the fact that much matter rmednow

by Drilon.

Speaker Velascospeech, said vide oversight on the implementaIn Lord his Allan valedictory waruncertainty which willtomark its first 100 days.

The war thesaid 8.3-percent growth in the fiwhich rst quarter laws, to conduct hearings, to prothe economy is the Russia-Ukraine the growth momentum gave will rise to peers heaped praise on only Zubiri likely candidate to stand ofHis it was in a pandemic. appears now to befor the the 18th Congress was Velasco a key and of oversight laws, and on to generally make Speaker Lord Allan said tion began February 24 this anddays. will The reachwar spillthe over to the second quarter. vide the implementawar in which will mark its fiyear rst 100 8.3-percent growth in the first quarter will SottoHis for his leadership, and laudelection as the next Senate Presi-for peers heaped praise on only likely candidate to stand steady partner of President easier theand next 100began days on 3. FMIC-UA&P Capital However, of the economy in the 18th Congress was aDuterte key and it tion offor laws, to Congress generally and make edSotto in June February 24 this year and Markets will reach spill over tothe theperformance second quarter. and thanked as well theand seven after as Sen. Cynthia Villar, earfor his leadership, laud- dent, election the next Senate Presiinsteady passing lawsof that promoted Research saidoncommodity prices, particularly oil the third and fourth quarters will of bethe determined to continue the legpartner President Duterte itsitleadership, easier for the next Congress and other 100 days June 3. FMIC-UA&P Capital Markets However, the performance economy in “graduating” members of seven the lier touted a strong contender, ed and thanked as well the dent, afterasSen. Cynthia Villar, earprices, could remain elevated until the particularly war in East- oil by the the third policies be implemented the new economic development, work for the sake of our in passing laws thatstrengthpromoted islative Research said commodity prices, andtofourth quarters will by be determined its leadership, to continue thekaleg- chamber, including two other of pilwithdrawing other “graduating” members the announced lier toutedshe as awas strong contender, ernprices, Europecould is resolved.

This uncertainty lead economic will greet ened the administration justice babayans,” he added. remain elevated until the will war in Eastby the team. policiesMuch to beuncertainty implemented by thethenew economic development,ofstrengthislative work for the sake of our ka- lars—Drilon and Senate President from the race. chamber, including two other pilannounced she was withdrawing to an ation of above 5 percent in economic managers as the pandemicwill continues and thethe ruleadministration of law, enhanced the ernaverage Europe infl is resolved.

This uncertainty willthelead economic team. Much uncertainty greet the He said the ened of justice babayans,” hepandemic added. forced the Pro Tempore Ralph “Walathe nang [There is no] SP race,” lars—Drilon and Recto.

Senate President from race. country year. inflation of above 5 percent in the andeconomic commodity prices remain protection of labor andenhanced social welto anthis average managers as theelevated. pandemic continues to be dynamic, and the rule of law, the House Heleadership said the pandemic forced the As his “last offi cial act,” Drilon she told reporters, Pro Tempore Ralph Recto.

“Wala nang [Thadding, ere is no]“ISPwant race,” In April, “Thecommodity robustness in the economic country thisthe year.Philippine Statistics Authority and prices remain elevated.recovery, fare, improved of and and proactive. protection of the laborquality and social wel- innovative House leadership to be dynamic, introduced a resolution meant to a simple life” and explained she As his “last offi cial act,” Drilon she told reporters, adding, “I want (PSA) reported that infl ation nationwide increased founded“The heavily on employment gains, should In April, the Philippine Statistics Authority robustness in the economic recovery, increased access to “Despite the lingering threat fare, improved theeducation quality ofand and innovative and proactive. prevent a month-long leadership just wanted to “take care of my adintroduced a resolution meant to a simple life” and explained she to 4.9 percent in April 2022.

The average infl ation spillfounded over intoheavily Q2 [theonsecond quarter].

And while (PSA) reported that inflation nationwide increased employment gains, should information, enhanced our health increased access to education and “Despite the lingering threat gap in the aSenate, as the terms of vocacy, agriculture,” heradprevent month-long leadership just wanted to “takesignaling care of my for tothe4.9first four months of theThe yearaverage stood at a tighter fiscal andsecond inflation pose And serious percent in April 2022. infl3.7 ation spill over intospace Q2 [the quarter]. while C  A and emergencyenhanced response our system, information, health Sotto and endasatthenoon ofof desire to keep her chairmanship gap in theRecto Senate, terms vocacy, agriculture,” signaling of her headwinds anation economic for the first four months of the year stood at 3.7 a tighterinfiH2 scal[second space half], and infl poseteam serious C  A and emergency response system, S “H,” A Butch Fernandez June 30. and Recto end at noon of that committee.

Sotto desire to keep her chairmanship of of high-quality the new President’s headwinds intechnocrats H2 [secondinhalf], an economic team S “H,” A June 30. that committee. Butch Fernandez of high-quality technocrats in the new President’s

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HE performance of the Philippine HE performance of thehalf Philippine economy in the second the second half ofeconomy the year in will rest squarely of the yearofwill squarely on the shoulders therest incoming on the shoulderseconomic of the incoming administration’s team, administration’s economic team, according to a local think tank. according to a local think tank.

PESO exchange rates

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Sotto closes ‘productive’ Sotto closes ‘productive’ PANDEMIC CHALLENGE PANDEMIC CHALLENGE session; Zubiri next SP? MARKS 18TH CONGRESS session; Zubiri next SP? MARKS 18TH CONGRESS

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PESO EXCHANGE RATES ■ US 52.4120 ■ JAPAN 0.4073 ■ UK 66.0496 ■ HK 6.6799 ■ SINGAPORE 38.2625 ■ AUSTRALIA 37.6004 ■ SAUDI ARABIA 13.9750 ■ EU 56.2643 ■ CHINA 7.8555 Source: BSP (June 1, 2022) PESO EXCHANGE RATES ■ US 52.4120 ■ JAPAN 0.4073 ■ UK 66.0496 ■ HK 6.6799 ■ SINGAPORE 38.2625 ■ AUSTRALIA 37.6004 ■ SAUDI ARABIA 13.9750 ■ EU 56.2643 ■ CHINA 7.8555 Source: BSP (June 1, 2022)

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A2 Friday, June 10, 2022

Navy ship BRP ‘Antonio Luna’ sails to Hawaii for Rimpac naval exercise

By Rene Acosta

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@reneacostaBM

HE Philippine Navy (PN) formally sent on Thursday its contingent to the Rim of the Pacific (Rimpac), the world’s biggest military exercise on sea led by the United States, which will be held in Hawaii.

PN officials led by Vice Admiral Adeluis Bordado led the send-off ceremony in Subic for the Navy’s Naval Task Group 80.5 aboard the BRP Antonio Luna, which will be participating in the naval exercise from June 29 to August 4.

“Rimpac’s theme indicates a positive interdependent relationship among nations and the cooperative nature of man-

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Ecuador, Mexico and Guatemala trail behind the Philippines in terms of banana exports to Japan. Ecuador is a distant second in the Asian country with 136,390 metric tons (MT) compared to the Philippines’s 844,307 MT. However, shipments of Latin American producers to Japan have been consistently increasing in the past five years as the Philippines grapples with

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aging maritime security,” Bordado said.

“It also resonates with the orientation of the Philippine Navy’s intention to raise the level of its involvement in international defense and security engagements,” he added.

PN spokesman Cdr. Benjo Negranza said the presence of the Navy at Rimpac should convey the command’s “commitment and cooperation with the US and other regional navies.”

The Rimpac, considered as a world naval exercise, is held biennially to promote regional stability in the Pacific region. This year is the third time that the Navy joined the exercise.

At least 27 countries from Southeast Asia and other parts of the world will

be joining the Rimpac.

Meanwhile, the Philippine Marine Corps (PMC) and the US Marine Corps Forces, Pacific (Marforpac) held a capacity enhancement training on the High Mobility Artillery Rocket System (HIMARS) Rapid Infiltration (HIRAIN) on Wednesday at the Laoag International Airport in Ilocos Norte.

The exercise was part of the ongoing bilateral military training involving both Marine forces.

Marine spokesman Major Emery Torre said the Philippine Air Force and Marforpac participated in the demonstration, which was witnessed by

Laoag City Mayor Michael Marcos Keon and representatives from the Presidential Commission on Visiting Forces Agreement led by Bryce Advincula.

The HIRAIN lectures and demonstrations focused on training related to airfield seizure via air assault and HIRAIN as an application of rapid deployment for coastal defense.

Torre said that before the exercise, Col. Gregorio Hernandez Jr., assistant director of the Exercise Directorate Headquarters (EDH) of Marine Aviation Support Activity 2022 (MASA 22), provided an update on the PMC’s capability development in support of maritime security and area denial.

The development includes the acquisition of the HIMARS that strengthens archipelagic coastal defense.

falling domestic production and deterioration in quality due to diseases.

For instance, Mexico is now exporting at least 70,000 MT of bananas to Japan in the past two years, a far cry from an average of 20,000 MT it used to export to the Asian country.

Guatemala’s shipments to Japan also rose to 25,000 MT last year, from just 10,000 MT. In South Korea, the Philippines remains as the top banana supplier, but the country's annual export volume has been constantly declining in the past 8 years. In contrast, Latin American ba-

nana exporters have been capitalizing on their competitive advantages, particularly low tariffs, to eat into the Philippines’s market share in South Korea.

Ecuador is now exporting some 27,000 MT of bananas annually to South Korea from a mere 18 MT in 2017 while Colombia is steadily exporting above 250,000 MT. The threat of dumping from Latin American banana producers comes at a time when the Philippines is trying to negotiate for higher buying prices from Japanese importers and retailers.

(Related story: https://businessmirror.com.

ph/2022/02/21/manila-pbgea-to-launch-campaignto-promote-phl-bananas-in-japan/) The Philippines remained as the world’s second-largest exporter of bananas for the fourth consecutive year in 2021 despite stiff competition from Latin American producers, according to the United Nations Food and Agriculture Organization. (Related story: https://businessmirror.com.ph/2022/05/30/phl-stillsecond-largest-banana-exporter-fao/) The international agency’s preliminary report titled “International Trade Banana” showed that Philippine banana exports last year reached 2.529 MMT, 33.58 percent lower than the 3.808 MMT it shipped in 2020.

investors: preliminary data for Q1 2022 show Greenfield project numbers down 21 percent and international project finance deals down 4 percent,” the report read.

In developing Asia, Unctad noted, “despite successive waves of Covid-19, FDI rose to an all-time high for the third consecutive year, reaching $619 billion.”

“Asia is the largest recipient region,

accounting for 40 percent of global FDI. However, inflows remain highly concentrated; six economies account for more than 80 percent of FDI to the region,” it added.

The Philippines is one of the countries in Asia that posted a growth in FDI inflows, hitting $10.52 billion in 2021, from $6.82 billion in 2020. The country’s FDI inflows in 2021 is the highest in six years.

The Unctad also noted that despite the growth in foreign direct investments, the effects on investment flows to developing countries in 2022 and beyond are difficult to anticipate.

“Apart from direct effects on countries in Central Asia with close investment ties in the region, the impact on others will be mostly indirect and depend on the extent of their exposure to the triple crisis—in food, fuel and finance—caused by the conflict and their consequent economic and political instability—key determinants of international private investment,” the World Investment Report noted.

Worryingly, the Unctad stressed, some emerging indicators suggest that the war in Ukraine could become a setback in the energy transition, with increased fossil fuel production in countries previously committed to reducing emissions.

“In the first quarter of 2022, most of the 5,000 largest multinational enterprises revised downward their earnings forecasts for 2022,” the Report read.

To achieve the sustainable development goals (SDGs), the Unctad said, “it is imperative that more funds are channeled to where they are most needed, on the ground, in developing countries.”

It’s worthy to note, according to Unctad, that an important effort will also have to come from domestic resource mobilization. However, the conflict in Ukraine has put further pressure on domestic resource mobilization in developing countries, already worsened by the Covid-19 pandemic and the increased frequency of natural disasters in the context of climate change.

“In the midst of rising and unsustainable debt levels, without adequate multilateral mechanisms for restructuring, countries are being forced to reduce their fiscal space at a time when they should be increasing it,” Unctad stressed.

Andrea E. San Juan

Marines

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The country’s trade deficit also increased 54.1 percent to 4.77 billion in April 2022. The trade deficit in March recorded an annual increase of 81.5 percent while in April 2021, it was at 1,555.8 percent.

The trade deficit is measured as the Balance of trade in goods (BoT-G), which is the difference between the value of exports and imports.

The country’s exports posted an average growth of 8.9 percent in the January to April 2022 period while imports posted an increase of 26.7 percent in the first four months of the year.

Commodity groups

“[Some] 32 out of 48 Philippine commodity groups continue to drive the recovery of the country’s export sector, registering consistent increases in export sales compared to three time periods: 2021, 2020, and pre-pandemic average over 2017-2019," DTI, meanwhile, said.

This development was particularly driven by electronics —including Other electronics— Other mineral products, copper cathodes and sections of cathodes, coconut oil and chemicals.

“Electronics remain to be the country’s biggest export, accounting for 59.8 percent yearto-date [YTD] of total exports in January-April. Likewise, doubledigit growth rates were recorded in the Philippine electronics exports of components/devices [semiconductors], control and instrumentation, and automotive electronics,” according to DTI. Moreover, exports of telecommunication products have more than tripled in April 2022, based on both year-on-year and year-to-date values.

Of the $348-million additional exports in April 2022, coconut products contributed $164 million or 47 percent of the incremental export sales for the month.

The DTI said in its statement that this was “primarily driven by exports of coconut oil which grew 2.5 times its export level compared to last year. Since February 2021, exports of coconut oil have been increasing at double-digit growth rates.”

In the first quarter of 2022, export sales went up by $2.1 billion compared to the same period last year. Further, a quarter of these incremental exports consists of sales of coconut products.

In total, exports increased by 8.9 percent to $25.6 billion from $23.5 billion in 2021.

“The Philippines is recognized as one of the global leaders in the coconut industry. With the approval of [Coconut Farmers and Industry Development Plan] CFIDP, our local coconut industry, particularly our farmers, can benefit from government support programs that will allow the sector to strengthen its competitiveness through the development and promotion of more innovative coconut-based

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Further, she explained that policymakers could also make additional commitments to stay the course through legislative amendments and supplemental issuances. Among the proposed legislative amendments are the proposals on minimum inventory requirement and retail price unbundling.

“Having a strategic oil reserve also deserves examination, which, if proven feasible and affordable, should be viewed as strictly a buffer during instances of severe oil supply disruption rather than as a regular price stabilization tool.

Lastly, having targeted assistance programs that facilitate direct income transfer to the poor is preferable to the OPSF and implementing these effectively is also a way to lock in reforms,” she said.

The Department of Energy’s

products,” said Trade Secretary Ramon M. Lopez.

On June 2, President Duterte signed the CFIDP by issuing Executive Order No. 172. DTI said the CFIDP aims to increase overall productivity and income of coconut farmers, alleviate poverty, and modernize and rehabilitate the coconut industry to attain social equity.

Besides the support provided by the CFIDP, the coconut industry will also benefit from export marketing support under the Philippines-European Union (EU) ARISE Plus Project implemented by the International Trade Centre (ITC) and the DTIExport Marketing Bureau (EMB).

Under this Project coconut exporters will obtain market research assistance, capacitybuilding programs focused on sales negotiations, digital marketing and branding, and market linkages through participation in trade fairs and business matching activities.

Markets

The People’s Republic of China was the country’s top trade partner for April 2022. It accounted for the largest chunk of the country's total exports and imports for the month. In a recent briefing, World Bank Philippines Senior Economist Kevin Chua cited the slowdown in China among the primary risks to the Philippine economy.

The slowdown in one of the world’s largest economies, Chua said, has already disrupted global trade and the supply chain.

“China’s structural slowdown and regulatory response to Covid-19 are disrupting global trade and supply chain. China’s slowdown adversely impacts the Philippines as its trade is increasingly oriented towards the Chinese markets,” Chua said.

Based on the latest trade data, China comprised the highest export value of $971.74 million, or a share of 15.9 percent to the total exports during the month.

Other top export markets for the Philippines were the United States of America (USA) which accounted for 15.6 percent of total exports or $955.17 million; Japan, 13.4 percent of the total or $820.96 million; Hong Kong, 12.1 percent of the total or $740.58 million; and Singapore, 6.9 percent of $419.82 million of total shipments.

In terms of imports, China was the country’s biggest supplier, with shipments worth $2.27 billion or 20.8 percent of total imports in April 2022.

Other top import sources were the Republic of Korea which accounted for $1.20 billion or 11.1 percent of total, followed

by Indonesia with $1.01 billion or 9.3 percent; Japan, $922.55 million or 8.5 percent; and Singapore, $741.51 million or 6.8 percent.

Export and import trade statistics are compiled by the PSA from export and import documents submitted to the Bureau of Customs (BOC) by exporters and importers or their authorized representatives as required by law.

Oil Industry Management Bureau Director Rino Abad said the agency is continuously looking for ways to cushion the recent oil price spikes due to Russia’s invasion of Ukraine. of April 26 this year, the yearto-date net increases in domestic prices are P18.45 per liter for gasoline, P31.45 per liter for diesel, and P25.05 per liter for kerosene.

“The price unbundling policy was issued in 2018, but three courts issued an injunction against us so we were not able to implement it. Ultimately, we will find ways to implement this,” said Abad.

Meanwhile, the Philippine Institute of Petroleum (PIP) said the oil firms will continue to oppose the price unbundling, calling it a form of price control that will reverse deregulation.

The PIP also said that the proposed strategic petroleum reserve “needs more examination,” since there is no word yet if government is committed to funding and administering it.

www.businessmirror.com.ph

The Nation BusinessMirror

Editor: Vittorio V. Vitug • Friday, June 10, 2022 A3

BI tightens screening of Japan-bound Pinoys anew

By Joel R. San Juan @jrsanjuan1573

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HE Bureau of Immigration (BI) is now closely monitoring Japan-bound Filipino travelers after uncovering a new illegal recruitment scheme being used by human traffickers.

In a recent memorandum, Immi-

gration Commissioner Jaime Morente directed immigration inspectors in the ports of exit to “observe due attentiveness” to Filipino passengers bound for Japan.

Morente, in particular, cited departing Filipino passengers with visas for intra-company transferee, short-term visitor, student, and engineer specialist in humani-

ties and international services, as among those who should be rigorously screened.

The BI chief issued the memorandum after receiving reports that said visas are being used by unscrupulous recruiters to circumvent government rules on the documentation and deployment of Filipino workers to Japan.

He said these recruiters are using the scheme to make it appear that the purpose of the Japan-bound Filipino passenger is exempt from securing an overseas employment certificate (OEC).

By using these visas, according to Morente, the passengers are declaring that they are traveling and staying in Japan for only a brief period

although their actual intention is to work in the said country.

“This emerging trend exposes these travelers to the dangers of trafficking in persons and illegal recruitment, which the BI is mandated to prevent,” Morente stressed.

Lawyer Carlos Capulong, BI port operations chief, said immigration inspectors have already been

advised to fully comply with the memorandum in order to curb human trafficking.

“We have instructed them that if the declared purpose of travel of a passenger is doubtful, the latter should be referred for secondary inspection to our travel control and enforcement unit,” Capulong bared.

Poe prods DICT, NTC to step up 11,033 MILF and MNLF members take the Napolcom special exams crackdown against text scams

By Butch Fernandez

S

@butchfBM

EN. Grace Poe pressed the Department of Information and Communications Technology (DICT) and the National Telecommunications Commission (NTC) on Thursday to step up parallel efforts to crackdown against rampant text scams victimizing unsuspecting cellphone users.

Lamenting the “unabated surge of text scams [that] brought further hardship and distress on our people who are already mired in debts,” Poe, chairperson of the Senate Committee on Public Services, stressed in a statement, “This must stop.”

Poe recalled that she, too, had been receiving “a number of unwanted texts” from unidentified owners of prepaid mobile phone numbers “promising jobs, extra income, in-

centives and freebies.”

The senator stressed that concerned regulators should step counter measures “as more rely on digital technology to cope with the hard times,” adding, “So must we intensify all necessary safeguards against heightened risks that can overturn our people’s efforts at recovery.”

For instance, Poe pointed out that despite the NTC’s earlier directive to major telcos Globe, Smart and Dito to warn subscribers against fake jobs from May 28 to June 4, such text messages have persisted with new gimmicks to bait and deceive mobile phone users.

“We should not allow scammers and syndicates to continue to prey on their victims at a time when our people are reeling from the pandemic and soaring oil prices,” she warned.

Noting the still growing number of cell-phone users at end March 2022, with Globe serving 87.4 million subscribers while Smart has 70.3 million, she added that by the end of 2021, Dito reported having 5 million subscribers.

Moreover, Poe prodded telcos to “beef up their continuing efforts to block SIM cards clearly used only in criminal pursuits.”

At the same time, she is urging the lawmakers in the 19th Congress to “take up the SIM card registration bill to help institutionalize protection for millions of mobile phone users in the country.”

The senator recalled that the 18th Congress earlier passed the Poe-sponsored measure, but faced a snag when it was vetoed by the previous administration amid the few remaining session days before sine die adjournment.

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TOTAL of 11,033 out of the 11,075 expected members of the Moro Islamic Liberation Front (MILF) and Moro National Liberation Front (MNLF) took the first National Police Commission (Napolcom) SpecialQualifyingEligibilityExamination (NSQEE) held in Cotabato City and Lamitan City on May 29, 2022.

The NSQEE aims to facilitate the entry of MILF and MNLF members into the Philippine National Police (PNP) as mandated under the Republic Act 11504, otherwise known as the “Organic Law for the Bangsamoro Autonomous Region in Muslim Mindanao [BARMM].”

A first-ever examination held for Moro rebels, the conduct of the NSQEE was witnessed by Napolcom Commissioners Edilberto DC Leonardo, Ricardo Bernabe III and Beatrice Aurora Vega-Cancio, together with Deputy Executive Director IV

Myrna De-Persia Medina.

The examination was successfully held in 14 different school sites, namely, Notre Dame University, Cotabato City Central Pilot School, Cotabato National High School-Main Campus, Cotabato State University, Notre Dame Village High School, Notre Dame Village Elementary School, Sero Central School, Religious of Virgin Mary (RVM), LR Sebastian High School, Tamontaka Elementary School, and Pilot Provincial Science High School and Technology —all in Cotabato City; and Lamitan National High School, Lamitan Central High School, and Claret School of Lamitan in Lamitan City, Basilan.

A total of 1,616 out of the 11,033 qualified exam takers were from Lamitan City, Basilan, while 9,417 were from Cotabato City, BARMM. Examination results will be announced within 45 to 60 days.

The Napolcom stressed that passing the Napolcom Special Qualifying Eligibility (NSQE) does not automatically guarantee their recruitment to the PNP, but will provide them the appropriate eligibility for the rank of Patrolman/Patrolwoman in temporary appointment. Permanent appointment may only be given upon satisfaction of the prescribed educational requirement of a baccalaureate degree, which they have to obtain within 15 years upon entry to the PNP, as prescribed under Section 14 of RA 8551.

The NSQE also shall not automatically entitle the holder to an appointment in the PNP as further prescribed in Napolcom Resolution 2022-0081 entitled “Prescribing Napolcom Special Qualifying Eligibility as Appropriate Eligibility for Temporary Appointment to the Rank of Patrolman/ Patrolwoman in the PNP for members of MILF and MNLF.”

A4 Friday, June 10, 2022 • Editor: Vittorio V. Vitug

Economy BusinessMirror

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P1 fare hike must go with a menu of options, transport bloc tells govt

By Lorenz S. Marasigan @lorenzmarasigan

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HILE the P1 provisional increase on jeepney fares was a welcome reprieve, it is still not enough when compared to the skyrocketing prices of oil.

George San Mateo, a transport group

leader and the president emeritus of Pinagkaisang Samahan ng mga Tsuper at Opereytor Nationwide (Piston), said they welcome the fare hike because “drivers are earning almost nothing due to the continued rise in oil prices.”

“Actually, the P1 increase is not enough compared to the magnitude of the price in-

creases in oil. But we are also considering the plight of our commuters who are also ordinary minimum wage earners,” he said.

San Mateo added that the group has also asked the government to provide “direct financial aid to drivers and heed our call for the immediate suspension of fuel excise tax and value added tax on oil.”

“We appeal to our commuters to understand the plight of the jeepney drivers and other public utility vehicle drivers. Allow them to earn so that they can provide food to the table and so that they can continue to serve commuters,” San Mateo said.

The Land Transportation Franchising and Regulatory Board (LTFRB) late Wednesday granted a P1 fare increase for jeepneys in the National Capital Region (NCR), Region 3, and Region 4, citing oil price hikes in the local and international markets.

LTFRB Executive Director Tina Cassion said the board believes that the increase is not insignificant.

“At first glance, the P1 provisional increase has little effect, but if the whole distance of a route is taken into consideration, the fares will increase. For example, for a 6-kilometer route, the base fare is P10 and the succeeding per kilometer charge is P1.50—that means P13 all in all. Operators and drivers with longer routes will feel the effect of the provisional increase stronger,” she said.

She noted that the provisional increase is one of the LTFRB’s responses to the “plight” of the drivers and operators, a number of who have said to have temporarily stopped operations due to the high prices of oil. Many drivers reportedly shifted to doing construction work, or engaging in small businesses, noting that plying their usual routes these days leaves them with an average take-home of just P300 at best—this, for driving for 14-16 hours.

Oil prices have continued to rise due to the Russian invasion of Ukraine. According to data from the Department of Energy, as of June 7, the year-to-date adjustments for domestic prices are as follows: P26.55/ liter for gasoline; P36.85/liter for diesel; and P33.10/liter for kerosene.

Cassion said the LTFRB hopes that with

the provisional fare increase, jeepney drivers will soon go back on the road.

“We have observed fewer deployments because of the effect of the continuous oil price increases. We hope that they will not be able to return, especially in light of the grant of the provisional increase of P1,” she said.

Fuel excise tax, VAT on oil

SAN Mateo noted that transport groups will continue to “call on the government to implement more meaningful and substantial mitigation by providing direct aid to drivers and the removal of fuel excise tax and VAT on oil.”

“Should the government implement these, it will result in a P25 cut in existing prices of gasoline and diesel. For us, it will be a great help for drivers, commuters, consumers, and the economy as a whole,” he said.

Headline inflation in May reached 5.4 percent due to the continuous increase in fuel prices. Year-to-date inflation is at 4.1 percent.

The Department of Finance (DOF) earlier rejected the temporary suspension of the excise taxes on oil, saying it will cost P105.9 billion in foregone revenues to the government this year.

“We hope that the government will not lament over the P105 billion in taxes if they suspend the taxes on oil because what the drivers and commuters will save will be used to buy basic necessities such as food and there are other taxes that they can maximize,” San Mateo said.

San Mateo thinks the government should run after people who owe government taxes, including the family of President-elect Ferdinand “Bongbong” R. Marcos Jr., whose estate taxes have been an issue in the past campaign.

Marcos Jr. has said the family is not shirking the duty to pay taxes, but rued the “timing” of the issue during the campaign period.

SHDA welcomes inclusion of mass housing in ’22 SIPP

By Roderick L. Abad

Contributor

@rodrik_28

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HE largest alliance of private housing developers in the country has welcomed the government’s announcement to retain the inclusion of mass housing activities in its investment plan for this year.

According to the Subdivision and Housing Developers Association Inc. (SHDA), the move will ensure that incentives will be extended for participating stakeholders in mass housing activities to help address the housing backlog now affecting some 6.7 million poor families and accelerate economic recovery.

The 2022 Strategic Investment Priority Plan (SIPP), which was approved by outgoing President Rodrigo Duterte last May 24, covers the development of mass housing units per a specific price ceiling as part of the incentivized priorities of the government. Likewise, it includes in-city low-cost housing projects for rent, but such is only qualified for registration in the National Capital Region.

Memorandum Order No. 61 Series of 2022-Approving the 2022 SIPP lists the priority economic and business activities that can avail of investment incentives under the Corporate Recovery and Tax Incentives for Enterprises Act.

Mayor Abby convenes Makati City biz devt advisory council

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AKATI Mayor Abby Binay convened on Tuesday the Makati Business Development Council (MBDC) to assist the city government in charting its long-term economic development strategy.

This is the first time the MBDC has convened since the pandemic, and Mayor Abby expressed confidence that the MBDC will help develop highimpact innovations and initiatives that will spur business growth, raise the city’s competitiveness, and secure Makati’s stature as a premier investment destination.

“As we reconvene, we are tasked with facing the challenges of recovery and renewal in the coming years. The MBDC will be playing a critical role in providing advice and guidance on programs and initiatives that will help businesses in Makati to restart, rebuild, and grow,” said Mayor Abby, who is also the chairman of the MBDC. The MBDC was created in January 2003 under the administration of former Vice President and Makati Mayor Jejomar “Jojo” C. Binay to gather representatives from the business sector and discuss business-related matters.

PHL restores 90-day validity for SPSIC for meat imports continued from a16 “From booking orders to shipping them out, the 90-day window is no longer adequate. Most often we have to apply for an extension which means additional cost for import permits,” Pampi said. (Related story: https://businessmirror.com. ph/2022/06/02/da-urged-to-restorespsic-validity-to-90-days-amidlogistics-concerns/) Mita explained that despite the Covid-19 situation improving in certain countries globally, various supply chain and logistics challenges continue to persist

and are “not expected to be resolved anytime soon.”

The group revealed that various shipping lines have stopped reefer services to the Philippines, while others “have significantly cut back their services,” leaving importers scrambling for lines that still service the Philippine route. (Related story: https://businessmirror.com. ph/2022/05/26/da-urged-to-recallorder-on-60-day-validity-of-spsic-onmeat-imports/)

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DOLE eyes revival of PHL salt-making industry in coastal areas to create jobs

By Samuel P. Medenilla @sam_medenilla

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ROUND 100,000 jobs are expected to be created in the proposed revival of the local salt industry, according to the Department of Labor and Employment (DOLE).

In a virtual news conference on Thursday, Labor Assistant Secretary Dominique R. Tutay said they are now in talks with representatives from the said industry to craft the road map for the development of the sector.

“They are saying about 20,000 direct jobs will be generated and another 80,000 indirect jobs in case their agenda will be pushed,” Tutay said.

She noted among the concerns of the local salt industry is how to improve its productivity with the use of technology as well as have better access to the supply chain.

“There are a number of wish lists they have to achieve, especially concerning other government agencies,” Tutay said.

The labor official said they hope the next administration will consider the implementation of the road map

to boost the country’s agriculture sector and create more jobs.

“We found out that there are 14,000 uses of salt here in the country. And what is unfortunate is we import salt instead of harnessing the local industry. We have so many shorelines, which can be utilized for the said purpose,” Tutay said.

Aside from the salt industry, she said they will also urge the next administration to also focus on other key employment generating sectors such as the Information Technology and Business Process Outsourcing (IT-BPO), agriculture, digital work and manufacturing.

Tutay said the sectors would help the National Employment Recovery Strategy (NERS) task force in its goal of generating over a million jobs.

She said the NERS task force is currently working with stakeholders in finalizing its strategy on how it could achieve its job creation target.

“We hope (the strategy) will be complete before we could present it in the upcoming National Employers Conference in July. That is the target date of ECOP (Employers Confederation of the Philippines)," Tutay said.

Solon warns Pinoys at risk of facing a ‘nutrition crisis’

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HE Philippines and Israel have agreed to strengthen economic cooperation and linkages with their respective private sectors, the Department of Trade and Industry (DTI) announced on Thursday.

Trade Secretary Ramon Lopez on Wednesday signed with Israel Economy and Industry Minister Orna Barbivay the memorandum of understanding (MOU) on Economic and Technical Cooperation.

In effect, the ministers tackled ways to strengthen trade and economic relations between Manila and Tel Aviv.

“The MOU seeks the establishment of a bilateral consultative mechanism that will develop and strengthen trade, enhance investments, and advance economic ties between the Philippines and Israel,” DTI said in a news statement issued on Wednesday.

The MOU also gave rise to a Joint Economic Commission (JEC), in which the two countries agree to exchange information on economic issues, identify and implement cooperative projects, organize consultations, missions, and official visits and enhance cooperation and linkages with their respective private sector.

For his part, Lopez highlighted the newly signed JEC as a vehicle towards strengthening the Philippine-Israel economic relations, especially in the post-Covid-19 pandemic recovery period.

“As the country accelerates its efforts for continued recovery from the pandemic and manages to sustain inclusive growth, we continue to actively pursue new partnerships, either through JECs agreements and free trade agreements [FTAs] with strategic and non-traditional partners,” the trade chief emphasized.

Further, the MOU aims to explore and identify sectors where cooperation may be strengthened and consequently propose recommendations, in relation to expanding and diversifying trade and investments.

Lopez, during the meeting, bared his list of priority sectors for investment promotion, including agribusiness or agriculture production, energy efficiency technologies and renewable energy, infrastructure and public private partnership (PPP) projects such as infrastructure, real-estate development, logistics, innovation specifically artificial intelligence, IT-Business Process Management (IT-BPM) including shared services, and manufacturing, particularly electronics and digital infrastructure.

The outgoing trade chief also recognized the country’s economic reforms and key legislations, which enable the Philippines

By Jovee Marie N. Dela Cruz

@joveemarie

MID increasing prices of basic commodities, an economistlawmaker on Thursday warned that the country is at risk of facing a “nutrition crisis.”

House Committee on Ways and Means Chairman Joey Sarte Salceda said an adequate supply of cheap food is crucial to the country’s longterm prospects.

“I fear that if we don’t find a way to get cheap, accessible sources of nutrition among the poor and among children, we will see a nutrition crisis that could affect long-term growth prospects,” he said in a statement.

Citing a recent SWS survey, Salceda said that some 100,000 new families experienced involuntary hunger during the first quarter of 2022.

Manila, Tel Aviv boost economic ties, private sector partnership

By Andrea San Juan

Friday, June 10, 2022 A5

to be positioned as a hub for investment, manufacturing, and innovation. Among the economic reforms are the Ease of Doing Business, Public Service Act (PSA), and Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law. Lopez added, “With the economic reforms instituted over the past six years and the strong domestic rebound, the country is on track to post 7-9 percent growth this year and hopefully achieve upper-middleincome status by next year.”

Israel Minister Barbivay, for his part, commended the initiatives pushed by the outgoing administration of President Rodrigo Duterte to liberalize the Philippine economy and attract more foreign investments. Further, she hopes that more Israeli companies would pour investments into the Philippines, which would place both countries in a win-win economic situation.

In 2021, Israel ranked 35th among the Philippines’ trading partners, 35th among export markets, and 31st among import suppliers. Within the same year, Israel also ranked 12th among the Philippines’s sources of approved investments, amounting to P829.9 million focusing on the real-estate industry.

Lopez acknowledged the presence of Philippine Ambassador to Israel Macairog Alberto, and Israel Ambassador to the Philippines Illan Fluss and Board of Investments (BOI) and Bureau of International Trade Relations (BITR) teams led by Undersecretary Ceferino Rodolfo and BOI Governor Marge Samaniego for working closely in finalizing the agreement.

The MOU follows the signing of the first Investment Promotion and Protection Agreement (IPPA) between Philippines and Israel to encourage more investment opportunities between the two countries.

Lopez highlighted Israel’s expertise in technology, which according to the trade chief will give rise to more competitive products.

“The Philippines eyes Israel’s expertise on innovation, especially in new and smart technologies that will bring about more competitive and efficient products. On the other hand, Israeli investors expressed interest in investing in the infrastructure, agriculture and water, and business process outsourcing [BPO] sectors in the Philippines,” said Lopez.

In a statement on Wednesday in relation to the IPPA, the trade department noted, “The IPPA covers the investment protection elements such as national treatment, most favored nation treatment, free transfers, rules-based expropriation and compensation, and investorstate dispute settlement.”

Salceda was citing the results of the April 19 to 27 survey, which showed that 12.2 percent of the respondents said their families experienced being hungry in the past three months. The figure was 0.4 point above the 11.8 percent or estimated 3 million families that experienced hunger based on the most recent survey conducted in December 2021.

Also, citing a Food and Agriculture Organization (FAO) study, Salceda said that an augmentation by 500 kcal per day could cause as much as a 2.0 percentage point increase in

real GDP per capita.

“That’s huge. Meanwhile, the mean daily energy intake of working adults was 1768 kcal/day or 74 percent of the Estimated Energy Requirements [EER] for this age group, according to another study by the Food and Nutrition Research Institute. That means working-age Filipinos have around 621 calories in deficiency. In my own calculations, that will result in at least P851,000 per person in lost productivity over one’s working lifetime,” Salceda warned.

As caloric intake gets worse, and the quality of calories deteriorates, Filipinos’ long-term productivity will also suffer, the lawmaker said.

“That’s worth a house! Working Filipinos currently lose a house’s worth of productivity because of poor access to nutrition. And that’s about to get worse during this period of high food prices,” Salceda added.

According to Salceda, the government really needs to ensure the public’s access to cheap food.

“In the short-run, we won’t be able to avoid imports until we are able to produce cheaply. But we will also need to supplement our domestic production of the usual staple crops with nutritional buffers such as camote, cassava, small-scale poultry and eggs and easy-to-produce vegetables,” Salceda said.

“That means we will have to support our main food system, but also encourage small-scale and local food production, through initiatives such as community and backyard farming, which we are already doing in my district,” he added.

Also, he said the government needs to pursue programs to boost sectors that are high in nutritional value relative to the cost, such as eggs, legumes, and root crops.

“While supporting rice is good, rice as a foodstuff is extremely lacking in nutritional content. So, it won’t meet what our work force and children need to be more productive participants in the economy,” Salceda added.

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Friday, June 10, 2022

The World BusinessMirror

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

More bodies found in Mariupol as global food crisis escalates

By Bernat Armangué & Yuras Karmanau

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The Associated Press

AKHMUT, Ukraine—Workers pulled scores of bodies from smashed buildings in an “endless caravan of death” inside the devastated city of Mariupol, authorities said Wednesday, while fears of a global food crisis escalated over Ukraine’s inability to export millions of tons of grain through its blockaded ports.

At the same time, Ukrainian and Russian forces battled fiercely for control of Sievierodonestk, a city that has emerged as central to Moscow’s grinding campaign to capture Ukraine’s eastern industrial heartland, known as the Donbas.

As the fighting dragged on, the human cost of the war continued to mount. In many of Mariupol’s buildings, workers are finding 50 to 100 bodies each, according to a mayoral aide in the Russian-held port city in the south.

Petro Andryushchenko said on the Telegram app that the bodies are being taken in an “endless caravan of death” to a morgue, landfills and other places. At least 21,000 Mariupol civilians were killed during the weeks long Russian siege, Ukrainian authorities have estimated.

The consequences of the war

are being felt far beyond Eastern Europe because shipments of Ukrainian grain are bottled up inside the country, driving up the price of food.

Ukraine, long known as the “bread basket of Europe,” is one of the world’s biggest exporters of wheat, corn and sunflower oil, but much of that flow has been halted by the war and a Russian blockade of Ukraine’s Black Sea coast. An estimated 22 million tons of grain remains in Ukraine. The failure to ship it out is endangering the food supply in many developing countries, especially in Africa.

Ru ssi a e x pressed suppor t Wednesday for a UN plan to create a safe corridor at sea that would allow Ukraine to resume grain shipments. The plan, among other things, calls for Ukraine to remove mines from the waters near the Black Sea port of Odesa.

But Russia is insisting that it be allowed to check incoming vessels for weapons. And Ukraine has expressed fear that clearing the mines could enable Russia to attack the coast. Ukrainian officials said the Kremlin’s assurances that it wouldn’t do that cannot be trusted.

European Council President Charles Michel on Wednesday accused the Kremlin of “weaponizing food supplies and surrounding their actions with a web of lies,

Soviet-style.”

While Russia, which is also a major supplier of grain to the rest of the world, has blamed the looming food crisis on Western sanctions against Moscow, the European Union heatedly denied that and said the blame rests with Russia itself for waging war against Ukraine.

“These are Russian ships and Russian missiles that are blocking the export of crops and grain,” Michel said. “Russian tanks, bombs and mines are preventing Ukraine from planting and harvesting.”

The West has exempted grain and other food from its sanctions against Russia, but the US and the EU have imposed sweeping punitive measures against Russian ships. Moscow argues that those restrictions make it impossible to use its ships to export grain, and also make other shipping companies reluctant to carry its product.

Turkey has sought to play a role in negotiating an end to the war and in brokering the resumption of grain shipments. Turkish Foreign Minister Mevlut Cavusoglu met on Wednesday with his Russian counterpart, Sergey Lavrov. Ukraine was not invited to the talks.

Meanwhile, Moscow’s troops continued their painstaking, inchby-inch campaign for the Donbas region with heavy fighting in and around Sievierodonetsk, which had a prewar population of 100,000. It is one of the last cities yet to be taken by the Russians in Luhansk, one of the two provinces that make up the Donbas.

Ukrainian President Volodymyr Zelenskyy called Sievierodonetsk the “epicenter” of the battle for the Donbas and perhaps one of the most difficult battles of the war.

He said the Ukrainian army is defending its positions and inflicting real losses on the Russian forces.

“In many ways, it is there that the fate of our Donbas is being decided,” Zelenskyy said in his nightly video address, which was recorded in the street outside his office in Kyiv.

An adviser to Zelenskyy’s office said Russian forces have changed their tactics in the battle, retreating from the city while pounding it with artillery and airstrikes.

As a result, Oleksiy Arestovych said, the city center is deserted, and the artillery hits an empty place.

“They are hitting hard without any particular success,” he said in his daily online interview.

Luhansk Gov. Serhiy Haidai acknowledged the difficulties of battling Russian forces, saying, “Maybe we will have to retreat, but right now battles are ongoing in the city.”

“Everything the Russian army has—artillery, mortars, tanks, aviation—all of that, they’re using in Sievierodonetsk in order to wipe the city off the face of the Earth and capture it completely,” he said.

The city of Lysychansk, like Sievierodonetsk, is also wedged between Russian forces in Luhansk province. Valentyna Tsonkan, an elderly resident of Lysychansk, described the moment when her house came under attack.

“I was lying on my bed. The shrapnel hit the wall and went through my shoulder,” she said as she received treatment for her wounds.

Russia’s continuing encroachment could open up the possibility of a negotiated settlement between the two nations more than three months into the war, analysts said.

Russian President Vladimir Putin “has the option of declaring his objectives met at more or less any time in order to consolidate Russia’s territorial gains,” said Keir Giles, a Russia expert at the London think tank Chatham House.

At that point, Giles said, Western leaders may “pressure Ukraine to accept their losses in order to bring an end to the fighting.”

Zelenskyy said Russia is unwilling to negotiate because it still feels strong.

Speaking by video link to US corporate leaders, he called for even tougher sanctions to weaken Russia economically, including getting it “off the global financial system completely.”

Zelensk y y sa id U k ra ine is willing to negotiate “to find a way out.” But a settlement cannot come “at the expense of our independence.”

Meanwhile, to the north, Russian shelling of the Kharkiv region killed five people and wounded 12 over the past 24 hours, Ukrainian authorities said.

The Russian military said it used high-precision missiles to hit an armor repair plant near Kharkiv. There was no confirmation from Ukraine of such a plant being hit.

Karmanau reported from Lviv, Ukraine. Associated Press journalists Oleksandr Stashevskyi, John Leicester and David Keyton in Kyiv, Ukraine; Andrew Katell in New York; and Sylvia Hui in London contributed to this report.

A customer talks on his mobile phone as he buys marijuana at the Highland Cafe in Bangkok, Thailand on Thursday, June 9, 2022. Measures to legalize cannabis became effective Thursday, paving the way for medical and personal use of all parts of cannabis plants, including flowers and seeds. AP/Sakchai Lalit

Thailand makes marijuana legal; distributes one million seedlings

By Tassanee Vejpongsa & Grant Peck

B

The Associated Press

ANGKOK—Thailand made it legal to cultivate and possess marijuana as of Thursday, like a dream come true for an aging generation of pot smokers who recall the kick the legendary Thai Stick variety delivered.

The stated intention of the country’s public health minister to distribute 1 million marijuana seedlings, beginning Friday, has added to the impression that Thailand is turning into a weed wonderland.

Some Thai advocates celebrated Thursday morning by buying marijuana at a cafe that had previously been limited to selling products made from the parts of the plant that do not get people high. The dozen or so people who turned up at the Highland Cafe were able to choose from a variety of buds with names such as Sugarcane, Bubblegum, Purple Afghani, and UFO. “I can say it out loud, that I am a cannabis smoker. I don’t need to hide like in the past when it was branded as a illegal drug,” said 24-year-old Rittipong Bachkul, the day’s first customer.

So far, it appears there would be no effort to police what people can grow and smoke at home, aside from registering to do so, and declaring it is for medical purposes.

For the time being, however, wou ld-be ma r iju a na tour ists m ight wa nt to proceed w it h caution.

Thailand’s government has said it is promoting cannabis for medical use only, warning those eager to light up for fun that smoking in public could still considered to be a nuisance, subject to a potential 3-month sentence and 25,000 Thai baht ($780) fine.

And extracted content, such as oil, remains illegal if it contains more than 0.2 percent of tetrahydrocannabinol, or THC, the chemical that makes people high.

The status of marijuana is still in considerable legal limbo because while it is no longer treated as a dangerous drug, Thai lawmakers have yet to pass legislation to regulate its trade.

Thailand has become the first nation in Asia to decriminalize marijuana—also known as cannabis, or ganja in the local lingo—but it is not following the examples of Uruguay and Canada, the only two countries so far that have legalized recreational marijuana on a national basis.

Thailand mainly wants to make a splash in the market for medical marijuana. It already has a welldeveloped medical tourism industry and its tropical climate is ideal for growing cannabis.

“We should know how to use cannabis,” Public Health Minister Anutin Charnvirakul, the country’s biggest marijuana booster, said recently. “If we have the right awareness, cannabis is like gold, something valuable, and should be promoted.”

But he added, “We will have additional Ministry of Health Notifications, by the Department of Health. If it causes nuisances, we can use that law (to stop people from smoking).”

He said the government prefers to “build an awareness” that would be better than patrolling to check on people and using the law to punish them.

Some immediate beneficiaries of the change are people who have been locked up for breaking the old law.

“From our perspective, a major positive outcome of the legal changes is that at least 4,000 people imprisoned for offences relating to cannabis will be released,” Gloria Lai, Asia regional director of the International Drug Policy Consortium, said in an e-mail interview.

“People facing cannabis-related charges will see them dropped, and money and cannabis seized from people charged with cannabis-related offences will be returned to their owners.” Her organization is network of civil society organizations worldwide advocating drug policies “grounded in principles of human rights, health and development.”

However, economic benefits are at the heart of the marijuana reforms, projected to boost everything from national income to small farmers’ livelihoods.

There is concern over whether the benefits will be distributed equitably.

One fear is that giant corporations could be unfairly served by proposed regulations involving complicated licensing processes and expensive fees for commercial use that would handicap small producers.

“We have seen what happened with the alcohol business in Thailand. Only large-scale producers are allowed to monopolize the market,” said Taopiphop Limjittrakorn, a lawmaker from the opposition Move Forward party. “We are worried the similar thing will happen to the cannabis industry if the rules are in favor of big business,” His party wants laws now being drafted to tackle the problem.

Small operators are keen to move into the marijuana sector anyway.

On a hot Sunday afternoon in eastern Thailand’s Sri Racha district, Ittisug Hanjichan, owner of Goldenleaf Hemp, a cannabis farm, led his fifth training course for 40 entrepreneurs, farmers, and retirees. They each paid about $150 to learn tips on nicking seed coats and tending the plants to get quality yields.

One of t he attendees was 18-year-old Chanadech Sonboon, who said his parents used to scold him for trying to secretly grow marijuana plants.

He said his father has changed his mind and now sees marijuana as a medication rather than something to be abused. The family runs a small homestay and café and hopes to one day provide cannabis to its guests. AP

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TheWorld BusinessMirror

Friday, June 10, 2022

A7

Europe’s 1st rate hike in 11 years seen coming amid high inflation A

MSTERDAM—The European Central Bank is expected Thursday to end a key economic stimulus program and map out its plan to raise interest rates for the first time in more than a decade as it

seeks to join the US Federal Reserve and other central banks in tackling high inflation.

But it’s a delicate balance to not further slow economic growth.

Markets will parse remarks from

President Christine Lagarde for clues about how far the bank will go in making credit more expensive in the 19 countries using the euro currency. That is because the meeting likely also will lay out a sharp downgrade to

the bank’s forecasts for economic growth as Russia’s war in Ukraine sends shock waves through the global economy.

Some bank officials have called for more drastic rate hikes of a half-percentage point

instead of the more usual quarter-point, as the Federal Reserve did last month. Lagarde has stressed that bringing interest rates to more normal levels after the recession from the Covid-19 pandemic must be done

gradually, with Europe more exposed to the fallout from the war in Ukraine.

Lagarde and other top officials have See “Inflation,” A10

TheWorld BusinessMirror

A10 Friday, June 10, 2022

China, Russia defend North Korea vetoes in first at UN

By Edith M. Lederer

U

The Associated Press

NITED NATIONS—China and Russia defended their vetoes of a strongly backed US resolution that would have imposed tough new sanctions on North Korea, speaking at a first of its kind General Assembly meeting Wednesday.

The debate was held under new rules requiring the General Assembly to examine any veto wielded in the Security Council by one of its five permanent members.

Close allies China and Russia reiterated their opposition to more sanctions, blaming the United States for rising tensions on the Korean peninsula and insisting that what’s needed now is dialogue between North Korea and the Biden administration.

Nearly 70 countries signed up to speak at the open meeting which General Assembly President Abdalla Shahid hailed as making the UN more efficient and accountable. “It is with good reason that it has been coined as revolutionary’ by several world leaders I have recently met,” he said.

Denmark ’s UN Ambassador Martin Bille Hermann told the 193-member world body as he started his address on behalf of the Nordic countries: “History is being made today.”

The Security Council is entrusted with ensuring international peace and security, he said, and the use of a veto to prevent the council from discharging its duties “is a matter of great concern.”

The General Assembly’s adoption of a resolution on April 26 requiring a debate on the issue not only gives the country or countries casting a veto to explain their reason but it gives all UN member nations “a welcome opportunity to share our views on the matter at hand,” Hermann said.

A united Secur it y Counci l imposed sanctions after North

Korea’s first nuclear test explosion in 2006 and tightened them over the years in a total of 10 resolutions seeking—so far unsuccessfully—to rein in its nuclear and ballistic missile programs and cut off funding.

The 13-2 Security Council vote on May 26 marked a first serious division among its five veto-wielding permanent members—China, Russia, United States, Britain and France—on a North Korea sanctions resolution.

On Sunday, North Korea fired eight short-range missiles in what appeared to be a single-day record for the country’s ballistic launches.

It was the reclusive north Asian country’s 18th round of missile tests in 2022 that included its first launches of intercontinental ballistic missiles in nearly five years.

US deputy ambassador Jeffrey DeLaurentis told the assembly the record number of launches have taken place as North Korea “is finalizing preparations for a potential seventh nuclear test.”

He called the actions by the Democratic People’s Republic of Korea or DPRK—the country’s official name—“unprovoked.”

De Laurentis stressed that US President Joe Biden and Secretary of State Antony Blinken “ have repeatedly and publicly said that we seek a dialogue with Pyongyang, without preconditions,” and that message has been passed through private channels, including China.

“The United States is more than prepared to discuss easing sanctions to achieve the complete

Climate-driven flooding poses well water contamination risks

By Michael Phillis & John Flesher The Associated Press

S

T. LOUIS—After a record-setting Midwestern rainstorm that damaged thousands of homes and businesses, Stefanie Johnson’s farmhouse in Blandinsville, Illinois, didn’t have safe drinking water for nearly two months.

Flood water poured into her well, turning the water a muddy brown and forcing Johnson, her husband and their two young children to use store-bought supplies. Even after sediment cleared, testing found bacteria—including E. coli, which can cause diarrhea. The family boiled water for drinking and cooking. The YMCA was a refuge for showers.

“I was pretty strict with the kids,” said Johnson, who works with a private well protection program at the local health department. “I’d pour bottled water on their toothbrushes.”

Though estimates vary, roughly 53 million US residents—about 17 percent of the population—rely on private wells, according to a study conducted in part by Environmental Protection Agency researchers. Most live in rural areas. But others are in subdivisions near fast-growing metro regions or otherwise

beyond the reach of public water pipes.

While many private wells provide safe water, the absence of regulation and treatment afforded by larger municipal systems may expose some users to health risks, from bacteria and viruses to chemicals and lead, studies have found.

Risks are elevated after flooding or heavy rainfall, when animal and human feces, dirt, nutrients such as nitrogen and other contaminants can seep into wells. And experts say the threat is growing as the warming climate fuels more intense rainstorms and stronger and wetter hurricanes.

“Areas that hadn’t been impacted are now.

New areas are getting flooded,” said Kelsey Pieper, a Northeastern University professor of environmental engineering. “We know the environment is shifting and we’re playing catch-up, trying to increase awareness.”

Pieper is among scientists conducting well testing and education programs in stormprone areas. After Hurricane Harvey caused widespread flooding along the Texas coast in 2017, sampling of more than 8,800 wells in 44 counties found average E. coli levels nearly three times higher than normal, she said.

Sampling of 108 wells in Mississippi following Hurricane Ida in 2021 produced a similar bump in E. coli readings. Other studies

The United Nations Security Council meets on threats to international peace and security on Wednesday, June 8, 2022, at United Nations headquarters. AP/Mary Altaffer

denuclearization of the Korean peninsula,” he said.

Unfortunately, DeLaurentis said, the DPRK has only responded with “destabilizing launches that threaten not only the region but the world.”

Under the General Assembly resolution that required Wednesday’s meeting, the permanent member or members casting a veto are given precedence on the speakers list.

China’s UN Ambassador Zhang Jun addressed diplomats first, accusing the United States of ignoring positive steps taken by the DPRK and returning to its “old path” of “chanting empty slogans for dialogue and increasing sanctions against the DPRK.” This has intensified “the DPRK distrust of the US” and brought talks “to a complete deadlock,” he said.

Zhang blamed “the flip-flop of US policies,” its failure to implement results of the DPRK-US dialogue during the Trump administration, and its disregard for the North’s “reasonable concerns” for tensions on the peninsula today.

“Where the situation goes from here will depend to a large extent on the actions of the US,” he said, “and the key lies in whether the US can face up to the crux of the problem, demonstrate a reasonable attitude, and take meaningful

concrete actions.”

Russia’s deputy UN ambassador A nna Evstig neeva said new sanctions against the DPRK “would be a dead end,” stressing that current UN sanctions have failed to guarantee security in the region “nor moved us any further toward settling the nuclear missile non-proliferation issues.”

“Anyone who is seriously addressing the North Korean problem has long understood that it’s futile to expect Pyongyang to unconditionally disarm under the threat of a spiral of sanctions,” she said. “The creation of new military blocs in the regions such as the formation of the US-Great Britain and Australia casts serious doubt on the good intentions of these countries,” including in Pyongyang.

North Korea’s UN Ambassador Kim Song denounced all UN sanctions and the proposed US resolution as “illegal,” saying they violate the UN Charter and his country’s right to self-defense to prepare for any potential security crisis on the Korean peninsula and in the region.

Modernizing the DPRK’s armaments is essential, he said, to safeguard North Korea’s interests “from direct threat of the United States,” which he insisted has made no move “to abandon its hostile policy.”

turned up higher levels in North Carolina after Hurricane Florence in 2018.

The following year, above-average snowfall and a March storm unleashed flooding in Nebraska. Levees and dams were breached.

Fremont, a city of more than 25,000, turned into an island when the nearby Platte and Elkhorn rivers overflowed.

The municipal system continued to supply drinking water but some nearby private wells were damaged or contaminated. Julie Hindmarsh’s farm was flooded for three days, and it took months to make the well water drinkable again. At times, the cleanup crew wore protective suits.

“They didn’t know what was in that floodwater,” she said.

expert at the University of Illinois.

It doesn’t always take a flood or hurricane to pollute wells. Industrial contamination can reach them by seeping into groundwater.

Around 1,000 residential wells in Michigan’s Kent County were tainted for decades with toxic per- and polyfluoroalkyl substances, or PFAS, in landfill sludge from footwear company Wolverine World Wide.

The pollution, discovered in 2017, spurred lawsuits and a $69.5 million settlement with the state that extended city water lines to affected houses.

“We thought we were getting this pristine, straight-from-nature water and it would be much better for us,” said Sandy Wynn-Stelt, who has lived across from one of the dumpsites since the early 1990s.

She said tests detected high levels of PFAS chemicals in her water and blood, leaving her fearful to drink or even brush her teeth with well water. In a suit later settled, she blamed the contamination for her husband’s 2016 death from liver cancer. She was diagnosed with thyroid cancer four years later.

Contamination risk

Groundwater is often a cleaner source than surface supplies because soil can provide a protective buffer, said Heather Murphy, an epidemiologist at the University of Guelph in Canada. But she said that can give well owners a false sense of security, leading them to forgo testing, maintenance and treatment.

“There’s a big misconception that it’s underground, therefore it’s safe,” said Murphy, who estimates 1.3 million cases of acute gastrointestinal illness in the US are caused annually by drinking untreated water from private wells.

Old, poorly maintained wells are especially vulnerable to floodwaters entering through openings at the top. “It just runs right in and it’s full of bacteria,” said Steven Wilson, a well

Little regulation

While many well owners don’t have the option of hooking up to a public water system, others are happy with well water. They might favor the taste or want to avoid monthly bills and government regulation.

“What I hear from people is freedom,” said Jesse Campbell, private well coordinator for the Midwest Assistance Program Inc., which addresses rural water needs.

www.businessmirror.com.ph

UN watchdog says Iran plans to ramp up uranium enrichment

D

UBAI, United Arab Emirates—Iran plans to install two new cascades of advanced centrifuges that will allow Tehran to rapidly enrich more uranium, the UN’s nuclear watchdog said Thursday, the latest escalation in the standoff over the country’s atomic program.

The decision to add the two IR-6 centrifuges cascades at its underground Natanz nuclear facility comes as countries at an International Atomic Energy Agency meeting in Vienna voted Wednesday night to censure Iran. The rebuke deals with what the watchdog refers to as Iran’s failure to provide “credible information” over man-made nuclear material found at three undeclared sites in the country.

But even before the vote, Iran shut off two devices the IAEA uses to monitor enrichment at Natanz. Iranian officials also threatened to take more steps amid a yearslong crisis that threatens to widen into further attacks.

The IAEA said Thursday that its Director-General Rafael Mariano Grossi told members that Iran informed the agency that it planned to install two new cascades of the IR-6 at Natanz. A cascade is a series of centrifuges hooked together

to rapidly spin uranium gas to enrich it.

An IR-6 centrifuge spins uranium 10 times as fast as the first-generation centrifuges that Iran was once limited to under its 2015 nuclear deal with world powers. As of February, Iran already had been spinning a cascade of IR-6s at its underground facility at Fordo, according to the IAEA. At Natanz, located some 200 kilometers (125 miles) south of the capital, Tehran, Iran earlier said it planned to install one cascade of IR-6s. The IAEA said it “verified” the ongoing installation of that cascade Monday, while the newly promised two new cascades had yet to begin.

Iran and world powers agreed in 2015 to the nuclear deal, which saw Tehran drastically limit its enrichment of uranium in exchange for the lifting of economic sanctions. In 2018, then-President Donald Trump unilaterally withdrew America from the accord, raising tensions across the wider Middle East and sparking a series of attacks and incidents.

Talks in Vienna over Iran’s tattered nuclear deal have been stalled since April. Since the deal’s collapse, Iran runs advanced centrifuges and has a rapidly growing stockpile of enriched uranium. AP

Inflation. . .

blunting economic activity. The bank’s goal is to keep inflation at 2 percent, the rate considered best for the economy.

The World Bank on Tuesday cut its outlook for global economic growth this year to 2.9 percent from 4.1 percent predicted in January. For the eurozone, it downgraded expected growth to 2.5 percent from 4.2 percent.

Low interest rates were aimed at raising protracted low rates of inflation that bank officials attributed to multiple factors such aging populations, the pressure on wages from company’s ability to move jobs to cheaper countries and even online shopping that enables more price comparison. Those concerns seem like ancient history as high oil and natural gas prices fed by Russia’s invasion have sent inflation rates drastically higher.

An ECB move to attack on inflation has raised concerns about the impact of higher interest rates on heavily indebted governments, most notably Italy. Market watchers have speculated that the bank may announce a new bond purchase program that it could hold in reserve to prevent borrowing costs from spiking in any one EU country.

A rate hike in July would be the first in 11 years and signal the end of an extended period of extremely low rates that started during the global financial crisis in 2009.

The bank’s expected increases would start from record lows of zero for its lending rate to banks and minus 0.5 percent on overnight deposits from banks.

The European Central Bank is headquartered in Frankfurt, Germany, but holds occasional meetings in other EU capitals to underline its status as a panEuropean institution. AP

Continued from A7

been unusually explicit about the bank’s plans. They have indicated in blog posts and interviews that Thursday’s meeting in Amsterdam will put an end to the bank’s remaining bond purchases that propped up the economy during the pandemic and set up its first interest rate increases at its July and September meetings.

Carsten Brzeski, global head of Macro at ING bank, called those remarks a “de facto pre-announcement.”

A rate increase as soon as Thursday isn’t impossible but would upend the bank’s promise that it would first end bond purchases, which drive down the cost of longer-term government borrowing, and only then turn to raising interest rates.

The ECB trails other central banks worldwide that have used rate hikes to target surging consumer prices following the rebound from the pandemic and worsened as Russia’s invasion of Ukraine drove up food and energy prices. The Fed raised rates in May for the first time since 2000, and the Bank of England has approved hikes four times since December.

Higher rates are the usual tool to combat inflation, which hit 8.1 percent in the eurozone in May, the highest since statistics started in 1997. By raising its benchmarks, the central bank can influence what financial institutions, companies, consumers and governments have to pay to borrow the money they need. So higher rates can help cool off an overheating economy.

But higher rates can also weigh on growth. That makes the ECB’s job a delicate balance between snuffing out inflation and

Private well owners are responsible for them. While public water systems must meet federal safety standards, those rules don’t apply to wells that have fewer than 15 connections or serve fewer than 25 people.

State and local standards usually involve only construction and design, although some states set tougher rules.

New Jersey requires water quality testing before sales of property with private wells.

Rhode Island requires testing when new wells are built and when property with a well is sold.

But many states rely on public outreach and voluntary action to protect private well users.

“There’s an overall lack of education,” Campbell said. He meets with well owners from Montana to Missouri, providing free inspections and advice.

A lot of harm can be prevented if owners make sure the well’s top keeps out debris and that the pump is turned off before a storm to keep out floodwaters. Experts recommend testing after a flood and decontaminating wells with chlorine if a problem is found.

“People aren’t regularly testing,” said Riley Mulhern, an environmental engineer at the research group RTI International.

Indiana’s health department offers testing for bacteria, lead, copper, fluoride and other contaminants. Some land-grant universities and private labs provide similar services.

While many owners know how to maintain their wells, others ignore problems even if the water isn’t sanitary. Water that tastes fine can still be contaminated.

“I wish I had a nickel for everyone

who’s walked into a workshop and said, ‘I’ve been drinking this water forever and it’s fine,’” said Jason Barrett, who directs a Mississippi State University program that educates well owners.

It provides free testing. But where such assistance isn’t available, costs can run to a few hundred dollars, according to experts.

Some owners avoid testing because they are concerned it will reveal an expensive problem.

Johnson, the Illinois resident whose well was fouled by the 2013 downpour that killed four people and caused $465 million in flood damage, paid about $3,500 for repairs and upgrades.

“Luckily, none of us became ill,” she said.

Even ordinary rainstorms can carry diseases into groundwater, said Mark Borchardt, a microbiologist formerly with the US Department of Agriculture.

“A lot of times people say, ‘Well, no one got sick,’” Borchardt said. “It’s hard to see when people get sick unless it is a huge outbreak.”

Bea and Neil Jobe live in Primm Springs, Tennessee, an hour’s drive from Nashville.

Several times a year, when there is heavy rain and a nearby creek floods, their well water turns “dingy,” Bea Jobe said.

The discoloration disappears after a few days but Jobe takes precautions such as keeping bottled water available.

“I guess I’m used to it,” she said.

Flesher reported from Traverse City, Michigan.

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

No.

ACCENTURE, INC. 7f, Robinsons Cybergate Tower 1, Pioneer St, City Of Mandaluyong

CHAUDHARY, ROHIT Sdo Executive

1.

Brief Job Description: Lead a team of 20k that are in software & platform; manage a P&L of around 150-300m USD; responsible for end-to-end delivery; should have experience in managing scale & complexity; capacity planning, escalation/people management; managing tech clients like google, facebook etc.; well versed with various platforms; strong understanding of: digital marketing, advertising, content display, keeping flatform safe, payment safety, fraud avoidance, SEM, SEO; analytical mindset; client savvy/ customer centricity; innovative & transformational thinking; hit the ground running for the S&P portfolio.

Basic Qualification: 10-20 years’ experience in senior managerial role; with BPO contact center experience. College graduate or undergraduate with relevant experience and training. Experienced in talent management and succession planning.

Extensive knowledge of instructional design theory and learning principles.

Ability to calculate training ROI. Accurate and efficient with very good organizational skills and ability to manage task simultaneously. Adaptable to learn new processes, concepts and skills.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION WANG, MINGHE Chinese Speaking Business Consultant

13.

Brief Job Description: Plan, Organize and Manage Business Projects for Clients.

YU, YANCHUN Chinese Speaking Business Consultant 14.

Brief Job Description: Plan, Organize and Manage Business Projects for Clients.

MA, YANLIN Chinese Speaking Cabling Infrastructure Technician 15.

Salary Range: Php 500,000 and above

Brief Job Description: Installs Cat5e, Cat6, Cat6a and Fiber Optic Cabling System

IMOTO, CHIE Japanese Language Consultant 2.

Brief Job Description: Conduct and improve Japanese language capability of employees, coordinate Japanese related activities.

MATSUSHIMA, SHIGERU Japanese Language Consultant

3.

Brief Job Description: Conduct and improve Japanese language capability of employees, coordinate Japanese related activities.

MITOOKA, KENJI Japanese Language Consultant

4.

Brief Job Description: Conduct and improve Japanese language capability of employees, coordinate Japanese related activities.

NAKAYAMA, MEGUMI Japanese Language Consultant

5.

Brief Job Description: Conduct and improve Japanese language capability of employees, coordinate Japanese related activities.

Basic Qualification: Graduate of any 4 yr course, preferably on the field education of language.

CHEN, LINBIN Mandarin Speaking Project Supervisor 16.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Graduate of any 4 yr course, preferably on the field education of language.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Graduate of any 4 yr course, preferably on the field education of language.

MA, YI Mandarin Speaking Project Supervisor 17.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Graduate of any 4 yr course, preferably on the field education of language.

Brief Job Description: Act as Project Supervisor on Capital Construction and Renovation projects

Brief Job Description: Act as Project Supervisor on Capital Construction and Renovation projects

TANG, WULONG Mandarin Speaking Project Supervisor 18.

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

Brief Job Description: Act as Project Supervisor on Capital Construction and Renovation projects

AFRY CONTRACTING PHILIPPINES, INC. 8/f King’s Court Bldg., 2129 Don Chino Roces Ave., Pio Del Pilar, City Of Makati ENGELBRECHT, JACOBUS DANIEL Operation And Maintenace Manager 6.

Brief Job Description: Direct the efforts of operations personnel towards safe, clean, efficient, and reliable operation of facility equipment and systems when necessary, also participate in facility operations activity.

Basic Qualification: Proven experience in as maintenance manager or other managerial role.

WANG, LEXIN Mandarin Speaking Project Supervisor 19.

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

Brief Job Description: Act as Project Supervisor on Capital Construction and Renovation projects

AJIS PHILIPPINES, INC. U-30b 30/f 23/f Chatham House Bldg., 116 Valero Cor. V.a. Rufino Sts., Bel-air, City Of Makati SATO, TOSHIHARU Director 7.

Brief Job Description: General Operation of the Company, Crew Quality Control, Managing Recruitment & Employee Education

Basic Qualification: College Graduate, Experience in Crew Quality Control & Fluent in English

8.

Brief Job Description: Train new workers in performing equipment inspection and preventive maintenance of the Specialized SANY HEAVY MACHINERY EQUIPMENT

Basic Qualification: Skills and competence for the nature of the work

9.

Brief Job Description: Accelerating our commercial digital agenda and capabilities is a top priority in both the global and regional strategies of Arla Foodservice

Basic Qualification: Has a Bachelor’s Degree or Currently Pursuing a Graduate Degree in Marketing

10.

PANDAY, KISLAY Product Manager Brief Job Description: Lead the ideation, development and launch of products

Basic Qualification: Exceptional ability to drive results and execute against product roadmanp Salary Range: Php 150,000 - Php 499,999

BIG EMPEROR TECHNOLOGY CORP. Eastfield Center, Cbp1, Macapagal Blvd., Barangay 76, Pasay City WU, XIAOJIE Mandarin Customer Relations Officer 11.

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

NANG SEIN SAN Myanmari Customer Relations Officer 12.

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

Brief Job Description: Act as Project Supervisor on Capital Construction and Renovation projects

DU, JUN Chinese Customer Service Representative

21.

Brief Job Description: A customer service representative supports customers by providing helpful information, answering questions, and responding to complaints. They’re the front line of support for clients and customers and they help ensure that customers are satisfied with products, services, and features.

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

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

SITI MALINA Senior Process Executive 22.

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

24.

Basic Qualification: Fluent in English and Mandarin Language and with Analytical Mind and Analysis Skill.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Mandarin and English with good communication skills and preferably 5 years of experience as Chinese Speaking cabling infrastructure technician.

Basic Qualification: College Graduate, outstanding leadership skills, fluent in mandarin and English preferably with 5 years of experience as project supervisor.

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

WEI, LIAN Mandarin Customer Support Representative 25.

Basic Qualification: College Graduate, outstanding leadership skills, fluent in mandarin and English preferably with 5 years of experience as project supervisor.

26.

27.

HOANG HUONG QUYNH Team Lead 23.

Brief Job Description: Service Support Solution includes diagnosis, resolution and reporting of customer issues and questions relating to YouTube paid content products. Service is Tier 1 end user support with escalations to Google

28.

29.

30.

31.

32.

33.

34.

36.

Salary Range: Php 90,000 - Php 149,999 37.

CHINA COMMUNICATIONS SERVICES PHILIPPINES CORPORATION 21st Floor Menarco Tower, 32nd Street, Bonifacio Global City, Fort Bonifacio, City Of Taguig

DECATHLON PHILIPPINES INC. L2- 2093.1 Level 2, Festival Supermall Corporate Ave., Fcc, Alabang, City Of Muntinlupa

Basic Qualification: Able to speak and write in MANDARIN and at least college level with related BPO experience.

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

Basic Qualification: Bachelor’s/college degree in any field.

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

Brief Job Description: Responsible for overall workforce management (wfm) delivery, support & execution across the philippines and will report to the global head of wfm. Manage, support and retain a lean and talented wfm team.

Support 8000+ staff spread across multiple programs & locations, own staffing & service level delivery while driving revenue and margin performance. Partner closely with leaders in operations & enabling functions on projects & initiatives, perform periodic reviews within the wfm team and with internal & external stakeholders, drive improvements, automation and analytics across ex processes. Improve/implement dashboards & reports that inform and enable decisionmaking. Lead from the front, communicate clearly, timely and accurately at all levels of the organization.

Demonstrate tactical leadership in the day-to-day business with a strong bias for execution.

Basic Qualification: With 15+ years of experience leading wfm teams. Solid fundamentals and conceptual clarity in wem, contract centers &finance, exceptional understanding and ease in iterating new dashboards for executive consumption.

Strong personal stake and sense of ownership in the day to day matters of business. Resilient, optimistic, persuasive and persevering in driving change and results. Swift, decisive and common-sense driven approach to problem solving Salary Range: Php 500,000 and above

FLYING DRAGON NETWORK PHILIPPINES INC. Ri Rance Ii Bldg., Block 2 Lot 3 Aseana City, Tambo, City Of Parañaque

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

Basic Qualification: BA or BS Degree, 4 years of relevant work experience); 2 years of client facing experience in account management, customer support, marketing or advertising; Native Vietnamese Speaker

Brief Job Description: Maintaining and monitoring project plans, project schedules, work hours, budget and expenditures.

BABBAR, MANU Vice President - Workforce Management

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

Basic Qualification: BA or BS Degree Holder; Excellent customer relationships management skills, strong verbal and written communication skills, and presentation skills; Native Indonesian Bahasa Speaker

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

EXLSERVICE PHILIPPINES, INC. 6th Floor, One E-com Center, Harbor Drive, Mall Of Asia Complex, Pasay City

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

Basic Qualification: Must be a College graduate; Can Prepare product or service reports by collecting and analyzing customer information; Can contribute to team effort by accomplishing related results as needed; Can Manage large amounts of incoming calls

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

JUNG, JIN HO Project Manager

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

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

Basic Qualification: Experience in the sports retailing industry as a Commercial Director or other relevant roles with excellent knowledge of sales and/or marketing/ communication strategy and/ or product offer construction and/ or operational management.

DSCP, INC. Unit 306, 3/f, Bldg. No. 2, Marbella I Condo Bldg., Roxas Blvd., Barangay 13, Pasay City

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

Basic Qualification: College Graduate, Outstanding leadership skills, fluent in Mandarin and English preferably with 5 years of experience as project supervisor.

Brief Job Description: Implementing the Company’s sales and business strategies consistent with worldwide Decathlon Global corporate policies, and trusts; Leveraging extensive experience and proven knowledge of Decathlon global in-house sales, merchandising and supply chain policies to achieve the Company’s targets; and providing overall management of its business and operational requirements and maintaining and enforcing the Company’s sales, operational and personnel policies and procedures to meet the targets and growth objectives.

QUALIFICATION AND SALARY RANGE

DIGITAL DECODER TECH. INC. Ub 111 Paseo De Roxas Bldg., Paseo De Roxas, San Lorenzo, City Of Makati

Basic Qualification: College Graduate, outstanding leadership skills, fluent in mandarin and English preferably with 5 years of experience as project supervisor.

Basic Qualification: College Graduate, outstanding leadership skills, fluent in mandarin and English preferably with 5 years of experience as project supervisor.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION BIANCHI, JEROME FRANCOIS MICHEL MARIE Commercial Director

35.

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

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

Brief Job Description: Using existing program infrastructure and playbooks, plan and deliver student-facing skilling campaigns and events using Google Cloud Skills Boost, driving engagement and Learners

No.

Basic Qualification: Fluent in English and Mandarin Language and with Analytical Mind and Analysis Skill.

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

Basic Qualification: Handles the concerns of the people who buy their company’s products or services.

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

QUALIFICATION AND SALARY RANGE

CLICKPLAY SOLUTIONS CORP. 11 Ab Cyberzone Plaza Bldg., Eastwood Ave., 3, Bagumbayan, Quezon City

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

ARLA FOODS CORPORATION 24/f Citibank Center Bldg., 8741 Paseo De Roxas, Bel-air, City Of Makati SMITH, THOMAS CHRISTIAN F15 Graduate / Sea Foodservice Digital Transformation Program Lead

20.

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

AMIGO’S EQUIPMENT SOLUTIONS AND TRADING INC. Tanchua Bldg., 432 San Fernando St., 026, Barangay 282, San Nicolas, City Of Manila ZHAO, LINLIN Technical Advisor

WANG, PING Mandarin Speaking Project Supervisor

A11

ESTABLISHMENT / ADDRESS

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

ADVANCED WORLD SYSTEMS, INC. Unit 505 5f Atc Bpo1, Madrigal Ave., Atc, Mbp, Alabang, City Of Muntinlupa

Friday, June 10, 2022

BUI XUAN TA Call Center Agent Brief Job Description: Customer Service

LE NGOC HA Call Center Agent Brief Job Description: Customer Service

NGUYEN THI DI Call Center Agent Brief Job Description: Customer Service

NGUYEN THUA DAI Call Center Agent Brief Job Description: Customer Service

SIM WOOI KEAT Call Center Agent Brief Job Description: Customer Service

TU, JIAHUI Call Center Agent Brief Job Description: Customer Service

VU HOANG ANH Call Center Agent Brief Job Description: Customer Service

WEN, JIAWANG Call Center Agent Brief Job Description: Customer Service

ZHANG, YINA Call Center Agent Brief Job Description: Customer Service

ZHENG, LIANGHAI Call Center Agent Brief Job Description: Customer Service

Basic Qualification: College Graduate/level and fluent in Mandarin/basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/level and fluent in Mandarin/basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/level and fluent in Mandarin/basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/level and fluent in Mandarin/basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/level and fluent in Mandarin/basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/level and fluent in Mandarin/basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/level and fluent in Mandarin/basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/level and fluent in Mandarin/basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/level and fluent in Mandarin/basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/level and fluent in Mandarin/basic English Salary Range: Php 30,000 - Php 59,999

BusinessMirror

A12 A6 Friday, June 10, 2022

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION CHANG, PO-YAO Customer Service Representative

38.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

DAU THI XUAN Customer Service Representative 39.

40.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

DING, TA-KANG a.k.a. MARK DING Customer Service Representative Brief Job Description: Customer Service

FERA AGUSTINA Customer Service Representative 41.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

FOO KEE PIAU Customer Service Representative 42.

43.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

HA QUANG LINH Customer Service Representative Brief Job Description: Customer Service

HOANG VAN THUYEN Customer Service Representative 44.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

LE DUC VU Customer Service Representative 45.

46.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

LE MINH TUNG Customer Service Representative Brief Job Description: Customer Service

LUC VAN TIEN Customer Service Representative 47.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

LUONG DINH HOANG Customer Service Representative 48.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

MAI THI DUNG Customer Service Representative 49.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN HONG MINH Customer Service Representative 50.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN THI DIEM QUYNH Customer Service Representative 51.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN THI HANH Customer Service Representative 52.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN VAN CONG Customer Service Representative 53.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic English.

No.

NGUYEN VAN SON Customer Service Representative 54.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic English.

55.

Basic Qualification: College Graduate/level and fluent in Mandarin/basic English

Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic English.

56.

57.

58.

59.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic english.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/level and fluent in Mandarin/basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic english.

60.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic english.

61.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic English.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic english.

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

VU QUY HAO Customer Service Representative Brief Job Description: Customer Service

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic english.

No.

68.

62.

Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic english.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic English.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/level and fluent in Mandarin/basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic english.

69.

70.

71.

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73.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/level and fluent in Mandarin/basic English

74.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic English.

75.

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

76.

Basic Qualification: Thai Language Proficient.

Brief Job Description: Process invoice all Thai document.

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

Brief Job Description: Make daily or weekly project team meetings to review progress.

Basic Qualification: Can speak Chinese language with two (2) years relevant experience.

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

HCL TECHNOLOGIES PHILIPPINES, INC. Net Cube Center, 3rd Avenue Corner 30th Street, E-square Zone, Bonifacio Global City, City Of Taguig

MISHRA, ROOPESH Director - Hr 63.

Brief Job Description: Work with business leaders and all enabling groups towards building processes and environment for superior performance

Basic Qualification: Key focus and deliverable of the role will be to localize policies, practices and tools towards enhanced employee experience through the life cycle Salary Range: Php 150,000 - Php 499,999

77.

78.

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81.

INFOSYS BPM LIMITED - PHILIPPINE BRANCH 19th-23rd Flr., Bgc Corporate Center, 11th Ave. Corner 30th Sts., City Of Taguig HABA, ROGER Customer Service Process Specialist 64.

Brief Job Description: Answer make invoices both in oral and written Portuguese language.

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

82.

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

ITOCHU CORPORATION 16/f Oledan Square, 6788 Ayala Avenue, San Lorenzo, City Of Makati

65.

SUGIURA, DAIKI Junior Manager Brief Job Description: Assists in the development of new products.

Basic Qualification: Graduate of any Business Course.

66.

Brief Job Description: The Executive Administrative Officer will provide support to the President and Chief Executive Officer (CEO) in a range of areas including scheduling and calendar maintenance, prioritizing and handling of inbound and outbound communications, preparing agendas and records of meetings, organizing travel, managing expense reports, word processing, and file maintenance.

83.

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

IZUMIGLOBAL INCORPORATED Unit 2403 24/f, 139 Corporate Center Valero St., Bel-air, City Of Makati ISHIMURA, KENJI Executive Administrative Officer

Basic Qualification: At least 5 years of managerial role. Native Japanese required.

Business level English and Filipino proficiency is a plus. Must be willing to relocate to Makati.

84.

85.

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

MHI POWER TECHNICAL SERVICES CORPORATION 27/f Robinsons Cybergate Center, Tower 3, Pioneer St., City Of Mandaluyong

HIRATA, KEISUKE Technical Supervisor 67.

Brief Job Description: Coordinates with other related companies, overseas and domestics regarding it related matters.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

CHEN, ZHENZHOU Call Center Agent Brief Job Description: Customer Service

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

ROBKHOB, KRITTAYOTH Financial Analyst

SU, YUAN Web Project Assistant - Chinese Speaking

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic english.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

QUALIFICATION AND SALARY RANGE

GOLDRIDGE WEB DESIGN STUDIO, OPC Unit 2b 2/f 816, Arnaiz Bldg., San Lorenzo, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic english.

Brief Job Description: Customer Service

ESTABLISHMENT / ADDRESS

FRESENIUS MEDICAL CARE SOLUTIONS SERVICES (PHILIPPINES), INC. 9th Floor Aeon Center, Lot 2a-3a Block 45, Alabang-zapote Rd. Cor. North Bridgeway, Filinvest City, City Of Muntinlupa

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic english.

PHAM VAN SU Customer Service Representative

VU VAN KINH Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic English.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

TRUONG VAN HAI Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/level and fluent in Mandarin/basic English

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN VAN VINH Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic English.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN VAN TUAN Customer Service Representative

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

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

www.businessmirror.com.ph

Basic Qualification: Any 4 yr. Course graduate with at least 10 yrs. Experience in administration (managerial experience included).

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

MOA CLOUDZONE CORP. 4th-11th Flr. Nexgen Tower, C4 Rd. Edsa Ext., Barangay 76, Pasay City

86.

87.

DAO THI NGOC Call Center Agent Brief Job Description: Customer Service

DINH VAN PHONG Call Center Agent Brief Job Description: Customer service

GUO, LEI Call Center Agent Brief Job Description: Customer Service

HA VAN BIEN Call Center Agent Brief Job Description: Customer Service

JIANG, CHUNXIAO Call Center Agent Brief Job Description: Customer Service

KESTER SIA SIE SING Call Center Agent Brief Job Description: Customer service

KHO YIK ZHEN Call Center Agent Brief Job Description: Customer service

LAI KEAN HONG Call Center Agent Brief Job Description: Customer service

LE MINH TUAN Call Center Agent Brief Job Description: Customer Service

LE VAN THANH Call Center Agent Brief Job Description: Customer Service

LIM CHUN VOON Call Center Agent Brief Job Description: Customer service

LIU, YANG Call Center Agent Brief Job Description: Customer Service

LONG, QIUSHUN Call Center Agent Brief Job Description: Customer Service

LY NGOC MAI Call Center Agent Brief Job Description: Customer Service

NGUYEN CONG HAU Call Center Agent Brief Job Description: Customer Service

NGUYEN DAI LOC Call Center Agent Brief Job Description: Customer Service

NGUYEN DINH MAI Call Center Agent Brief Job Description: Customer Service

NGUYEN NGUYEN HOANG Call Center Agent Brief Job Description: Customer Service

NGUYEN THI HUONG Call Center Agent Brief Job Description: Customer Service

QUALIFICATION AND SALARY RANGE Basic Qualification: College Graduate/Level Preferably with Customer Service or Sales experience.

Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level and Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level, and Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level and Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level and Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level and Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level, and Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level, and Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level, and Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level and Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level and Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level, and Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level and Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level and Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level and Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level and Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level and Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level and Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level and Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level and Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

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101.

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105.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION NGUYEN THI NHI Call Center Agent Brief Job Description: Customer Service

NGUYEN THI TRANG Call Center Agent Brief Job Description: Customer Service

PENG, YABAO Call Center Agent Brief Job Description: Customer Service

PHAN THE UT VUONG Call Center Agent Brief Job Description: Customer Service

TANG, KEBO Call Center Agent Brief Job Description: Customer Service

TRAN DUNG Call Center Agent Brief Job Description: Customer Service

TRUONG THI HONG NHUNG Call Center Agent Brief Job Description: Customer service

TRUONG VAN THUYNH Call Center Agent Brief Job Description: Customer Service

VOONG VAN LONG Call Center Agent Brief Job Description: Customer Service

XIA, JIAPENG Call Center Agent Brief Job Description: Customer Service

XIA, YEWEN Call Center Agent Brief Job Description: Customer Service

XU, WENHUA Call Center Agent Brief Job Description: Customer Service

YOSSIA WONG HUI MIN Call Center Agent Brief Job Description: Customer service

CHEN, BINGCHENG Customer Service Representative Brief Job Description: Customer service.

GU, JIAOWEN Customer Service Representative Brief Job Description: Customer Service

LI, BINGXIN Customer Service Representative Brief Job Description: Customer Service

WU, JINBAO Customer Service Representative Brief Job Description: Customer service.

XU, HONGBIN Customer Service Representative Brief Job Description: Customer service.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: College Graduate/Level and Fluent in Mandarin/ Basic English Salary Range: Php 30,000 - Php 59,999

No.

106.

Basic Qualification: College Graduate/Level and Fluent in Mandarin/ Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/ Level Preferably with Customer Service or Sales experience. Fluent in Mandarin/Basic English

107.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/ Level Preferably with Customer Service or Sales experience. Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level and Fluent in Mandarin/ Basic English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/Level, and Fluent in Mandarin/ Basic English

108.

109.

110.

111.

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

112.

113.

Basic Qualification: College Graduate/Level and Fluent in Mandarin/ Basic English

Brief Job Description: Customer Service

ANTONIUS Mandarin Finance Specialist Brief Job Description: Records accounts payable and accounts receivable

TAN ANN GEE Mandarin Finance Specialist Brief Job Description: Records accounts payable and accounts receivable

WANG, CHENGCHENG Mandarin Finance Specialist Brief Job Description: Records accounts payable and accounts receivable

WANG, WEICHAO Mandarin Finance Specialist Brief Job Description: Records accounts payable and accounts receivable

EDWIN SURYA JAYA Indonesian Customer Service Brief Job Description: Customer Support and Data Base Services.

HO, CHIA-WEI a.k.a. OSAMA YAHYA ALI MOHAMMED ALGHASINI Taiwanese Customer Service

LE NHUT LINH Vietnamese Customer Service 114.

Basic Qualification: College Graduate/ Level Preferably with Customer Service or Sales experience. Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999

YANG, XIAOFEN Customer Service Representative

Brief Job Description: Customer Support and Data Base Services.

Basic Qualification: College Graduate/Level and Fluent in Mandarin/ Basic English Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Customer Service

115.

Brief Job Description: Knowledgeable in computer application with good oral and written communication skills.

TRINH NGOC THACH Vietnamese Customer Service Brief Job Description: Customer Support and Data Base Services.

HENDRY WINANDO Customer Service Representative 116.

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

LAI HUE QUAN Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 117.

Brief Job Description: Manage large amounts of incoming calls. Generate sales leads. Identify and assess customers’ needs. Handle customer complaints. Follow communication procedures, guidelines and policies.

MEI QI ZHANG Customer Service Representative 118.

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

NOVIYANTI Customer Service Representative 119.

Basic Qualification: College graduate / level and fluent in mandarin / basic english.

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

PHUN NGOC SINH Customer Service Representative 120.

Brief Job Description: Manage large amounts of incoming calls. Generate sales leads. Identify and assess customers’ needs.

Handle customer complaints. Follow communication procedures, guidelines and policies.

QUALIFICATION AND SALARY RANGE Basic Qualification: Must be a College graduate; Can Prepare product or service reports by collecting and analyzing customer information; Can contribute to team effort by accomplishing related results as needed; Can Manage large amounts of incoming calls

Brief Job Description: Manage large amounts of incoming calls. Generate sales leads. Identify and assess customers’ needs.

Handle customer complaints. Follow communication procedures, guidelines and policies.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Must be a College graduate; Can Prepare product or service reports by collecting and analyzing customer information; Can contribute to team effort by accomplishing related results as needed; Can Manage large amounts of incoming calls

TRUONG KIENG DIEU Customer Service Representative 122.

Basic Qualification: Bachelor’s degree in finance, accounting or any related field of study

Brief Job Description: Manage large amounts of incoming calls. Generate sales leads. Identify and assess customers’ needs.

Handle customer complaints. Follow communication procedures, guidelines and policies.

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree in finance, accounting or any related field of study Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree in finance, accounting or any related field of study

123.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Customer Support and Data Base Services.

OPTUM GLOBAL SOLUTIONS (PHILIPPINES), INC. 6th To 10th Floors, Science Hub Tower 1, Mckinley Hill, Fort Bonifacio, City Of Taguig RAMASAMY, JAYAKUMAR Senior Manager Systems Management

124.

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

Basic Qualification: Must be a College graduate; Can Prepare product or service reports by collecting and analyzing customer information; Can contribute to team effort by accomplishing related results as needed; Can Manage large amounts of incoming calls

Basic Qualification: Must be a College graduate; Can Prepare product or service reports by collecting and analyzing customer information; Can contribute to team effort by accomplishing related results as needed; Can Manage large amounts of incoming calls

Basic Qualification: Must be a College graduate; Can Prepare product or service reports by collecting and analyzing customer information; Can contribute to team effort by accomplishing related results as needed; Can Manage large amounts of incoming calls

Basic Qualification: Must be a College graduate; Can Prepare product or service reports by collecting and analyzing customer information; Can contribute to team effort by accomplishing related results as needed; Can Manage large amounts of incoming calls

Basic Qualification: Must be a College graduate; Can Prepare product or service reports by collecting and analyzing customer information; Can contribute to team effort by accomplishing related results as needed; Can Manage large amounts of incoming calls Salary Range: Php 30,000 - Php 59,999

Basic Qualification: At least 5+ years of experience in leadership and people management, and strong working experience in compute and system operations.

Brief Job Description: Developing and executing strategies capable of transforming reactive organization with empowered, highly efficient and proactive employees; conduct performance management, identify performance improvement opportunities, implement employee development initiatives to empower the team.

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

SC RESERVATIONS (PHILIPPINES), INC. 27/f, 28/f & 29/f Tower Ii Rcbc Plaza, 6819 Ayala Avenue, Bel-air, City Of Makati MPORE, DANIEL Reservations Sales Specialist - French 125.

Brief Job Description: An expert in providing travel advice and solutions.

Provide an industry-leading reservation solution in French. A critical customer touch point for delivering on our IHG brand experience.

Basic Qualification: An expert in providing travel advice and solutions.

Provide an industry-leading reservation solution in French. A critical customer touch point for delivering on our IHG brand experience.

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

SKYLUSTER TECHNOLOGY, INC. 28/f Tower 6789, 6789 Ayala Ave., Bel-air, City Of Makati Basic Qualification: Excellent oral and written communication in MANDARIN.

CHEN, YONGHUA Mandarin It Support Specialist 126.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills.

Brief Job Description: Manage large amounts of incoming calls. Generate sales leads. Identify and assess customers’ needs.

Handle customer complaints. Follow communication procedures, guidelines and policies.

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

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

Basic Qualification: Knowledgeable in computer application with good oral and written communication skills

Basic Qualification: Must be a College graduate; Can Prepare product or service reports by collecting and analyzing customer information; Can contribute to team effort by accomplishing related results as needed; Can Manage large amounts of incoming calls

YANTO HARDI Customer Service Representative

Basic Qualification: Bachelor’s degree in finance, accounting or any related field of study

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

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

Basic Qualification: College graduate / level and fluent in mandarin / basic english.

Brief Job Description: Manage large amounts of incoming calls. Generate sales leads. Identify and assess customers’ needs. Handle customer complaints. Follow communication procedures, guidelines and policies.

121.

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

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

Basic Qualification: College Graduate/ Level Preferably with Customer Service or Sales experience. Fluent in Mandarin/Basic English Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Manage large amounts of incoming calls. Generate sales leads. Identify and assess customers’ needs. Handle customer complaints. Follow communication procedures, guidelines and policies.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

TRAN THI NHO Customer Service Representative

Basic Qualification: College Graduate/ Level Preferably with Customer Service or Sales experience. Fluent in Mandarin/Basic English

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/ Level Preferably with Customer Service or Sales experience. Fluent in Mandarin/Basic English

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

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

Basic Qualification: College Graduate/Level, and Fluent in Mandarin/ Basic English

Basic Qualification: College graduate / level and fluent in mandarin / basic english.

Brief Job Description: Manage large amounts of incoming calls. Generate sales leads. Identify and assess customers’ needs. Handle customer complaints. Follow communication procedures, guidelines and policies.

No.

Basic Qualification: College Graduate/ Level Preferably with Customer Service or Sales experience. Fluent in Mandarin/Basic English

OMNIWEALTH ENTERPRISE INC. 17th Flr. Citibank Square Bldg., No. 188 Rodriguez Jr. Ave., Eastwood City Cyberpark 3, Bagumbayan, Quezon City

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/ Level Preferably with Customer Service or Sales experience. Fluent in Mandarin/Basic English

QUALIFICATION AND SALARY RANGE

NEW ORIENTAL CLUB88 CORPORATION 1331 Pearl Plaza Bldg., Quirino Ave., Tambo, City Of Parañaque

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/ Level Preferably with Customer Service or Sales experience. Fluent in Mandarin/Basic English

YANG, LAICHU Customer Service Representative

A13

ESTABLISHMENT / ADDRESS

MYSTIC REALTY DEVELOPMENT CORP. Ub 111 Paseo De Roxas Bldg., 197 Paseo De Roxas, San Lorenzo, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate/ Level Preferably with Customer Service or Sales experience. Fluent in Mandarin/Basic English

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Friday, June 10, 2022

Brief Job Description: Design and implement software solutions that can be enable the business to operate.

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

LIN, YUEJIN Mandarin Marketing Specialist 127.

Basic Qualification: Excellent oral and written communication in MANDARIN.

Brief Job Description: Deliver prepared sales talks, reading from scripts that describe products or services, in order to persuade potential customers to purchase a product or service

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

TELFA OUTSOURCING SERVICES INC. 21/f Tower 2 The Enterprise Center, 6766 Ayala Ave. Cor. Paseo De Roxas, San Lorenzo, City Of Makati ZHANG, PENG Mandarin Technical Support 128.

Brief Job Description: Installing and configuring computer hardware operating systems and applications

Basic Qualification: Proficient in speaking, reading and writing in mandarin Salary Range: Php 30,000 - Php 59,999

WISHLAND SOFTWARE TECHNOLOGY INC. 28/f Techzone Condo Corp., 213 Buendia Ave., San Antonio, City Of Makati HOANG THI HA TAM Vietnamese Language - Marketing Staff 129.

Basic Qualification: Foreign language speaking.

Brief Job Description: Providing details to clients relative to services being offered.

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

YOUBIN CONSULTANCY INC. 7/f Ba Lepanto Bldg., Paseo De Roxas, Bel-air, City Of Makati YU, CHANG-JUNG Mandarin Audit Associate 130.

Basic Qualification: Proficiency speaking, reading and writing in mandarin.

Brief Job Description: Responsible for completes allocated task to a high standard which meet set reporting and auditing standard.

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

ZXY ECOMMERCE PLATFORM & CONSULTANCY INC. 1960, A Mabini St., 077, Barangay 701, Malate, City Of Manila ZHENG, HUI Mandarin Customer Service Representative 131.

Brief Job Description: Mandarin Customer Service Representative will be incharge of monitoring delivery of products/services to clients; processing client’s orders, Responsible for assisting clients with product information. Ensure customer satisfaction and provide professional customer support.

Basic Qualification: Proficient in English and Mandarin languages (reading and writing). Good typing skills: at least 40 and above WPM. Ability to multitask, prioritize and manage time effectively. Proficient in Microsoft Docs, Excel & Google Sheet.

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

*Date Generated: Jun 9, 2022 In the ad material of Notice of Filing of Application for Alien Employment Permits published on JUNE 8, 2022, the name of ZHAN MINGXU, under ACSTREAM MANAGEMENT INC. should have been read as ZHAN MINGXIU and not as published.

In the ad material of Notice of Filing of Application for Alien Employment Permits published on JUNE 8, 2022, the position FRONT WED DEVELOPER of ZHU JIANJIE under INFINITECHNOLOGIES VENTURES INC, should have been read as FRONT WEB DEVELOPER 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.

A14 Friday, June 10, 2022 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Rebooting PHL-China diplomatic relations

T

he Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) organized a joint virtual event on Wednesday to celebrate in advance the 124th Philippine Independence Day (June 12) and the 21st Filipino-Chinese Friendship Day (June 9). Outgoing President Rodrigo Duterte and incoming President Ferdinand “Bongbong” Marcos, Jr. graced the online event. Also in attendance were incoming Vice President Sara Duterte, former President Gloria Macapagal-Arroyo, lawmakers, diplomats and other guests.

The 68-year-old FFCCCII, which represents over 170 business and trade associations from all over the Philippines, traditionally celebrates the country’s Independence Day over the years. The Filipino-Chinese Friendship Day was incorporated in its celebrations after President Gloria MacapagalArroyo issued Proclamation No. 148 in 2002, declaring June 9 of every year as Filipino-Chinese Friendship Day. The Philippines and China established their diplomatic relations on June 9, 1975.

In his speech, President Duterte focused on the celebration of the 124th Philippine Independence Day by reminding Filipinos about the importance of celebrating Independence Day on June 12 as a testament to how the country’s forefathers fought for the freedoms that we enjoy today.

“Take heart all the learnings from the past, especially the countless hardships that we had to endure as a people. Let our rich histories move to translate our love for this country into real acts of goodwill for all our fellow men. Let us also work together so that we could realize our vision of a more harmonious and progressive Philippines. May we have a meaningful commemoration,” the President said.

For his part, the incoming president expressed optimism on the diplomatic relationship and friendship between the Philippines and China. “The centuries-old relationship and friendship of the Philippines and China has been and will continue to be of great mutual benefit to our people, from trade, arts, culture, athletics to regional peace and stability to the employment opportunities for our people, and all the significantly generous efforts extended to us during the pandemic, the cooperative partnership of our donations continue to reach new heights,” Marcos Jr. said.

“I join you in this celebration as we look forward to more years not only of diplomatic relations but of continuous, fruitful engagements between China and the Philippines as we continue to enjoy the friendship that we develop over the years.”

Chinese Ambassador Huang Xilian earlier said he personally relayed Chinese President Xi Jinping’s message to the incoming president. “I had the honor to convey the congratulatory messages from Chinese President Xi Jinping to President-elect Ferdinand Bongbong Marcos Jr. and from Chinese Vice President Wang Qishan to Vice President-elect Sara Duterte respectively,” he said. “We look forward to working with the next Philippine government to upgrade our Relationship of Comprehensive Strategic Cooperation to new height and bring more tangible benefits to the peoples of our two countries,” he added.

This early, there are auspicious signs that China-Philippine relations will improve under the incoming Marcos administration. But certain quarters said they are getting feelings of déjà vu. Chinese President Xi Jinping, they said, described President Duterte’s first state visit in 2016 as springtime after a winter of mutual discontent.

Pundits said President Xi Jinping and President Duterte have met faceto-face eight times, drawing up strategic blueprints for the continuous development of China-Philippines relations. But in the six years of the Duterte administration, the Philippines has filed hundreds of diplomatic protests against China’s aggressive actions in the South China Sea. President Duterte has considered China a friend of the Philippines.

But China continues to act not as a friend, but as a bully. No wonder some Filipino nationalists are saying that Philippine strategic interests are not served by giving China our complete trust.

Navigating towards a digital world Sonny M. Angara

Better Days

T

he 18th Congress recently concluded its work. And despite the pandemic, we can say that a lot has been accomplished across three very tumultuous years. As Chairman of the Committee on Finance, we ensured that the budget was enacted on time. More importantly, in response to Covid-19, we increased funding for life-saving health services and products like vaccines, as well as for crucial assistance such as fuel subsidies and other forms of much-needed ayuda—without sacrificing other government projects or programs.

Meanwhile, in the other committee that I head, the Committee on Youth, we recognized the need to pay attention to the welfare of young Filipinos who faced their own challenges in the past two years under the Covid-19 pandemic.

Apart from the matters referred to the two committees we chair, we also pushed for a number of bills on digital transformation that we

strongly believe must be institutionalized to prepare our country and its people for the future. The bills we filed were a product of numerous consultations with the different stakeholders from both the government and private sector, who all acknowledged the necessity of preparing the country towards what is rapidly becoming a digital world.

These include SBN 1470: Na-

A guided review

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Dr. Ser Percival K. Peña-Reyes

EAGLE WATCH

L

ike any science, economics is concerned with explanations of observed phenomena. Economic theories are ideas or principles that aim to describe how economies work. Economic models are formal statements of theories—usually mathematical statements of presumed relationships between variables. These models naturally become the basis for making economic predictions.

Students of economics are trained in expressing models in words, equations, and graphs. All three can be used to describe the basic market model, which illustrates how the forces of supply and demand interact to determine prices and quantities of output. Today’s exposition simply focuses on graphs, so readers who are interested in this guided review might want to use pen and paper.

In the basic market model, two axes are drawn perpendicular to each other. The vertical axis measures the unit price of output (either a good or a service), while the horizontal axis measures the quantity of output.

On the one hand, the law of demand presumes an inverse relationship between price and quantity demanded.

If price increases, quantity demanded decreases (and vice versa). This inverse relationship is graphically represented by a downward sloping line from left to right. On the other

hand, the law of supply presumes a direct relationship between price and quantity supplied. If price increases, quantity supplied also increases.

This direct relationship is graphically represented by an upward sloping line from left to right.

The equilibrium point is where the two lines intersect. It shows the price level where quantity demanded and quantity supplied are equal. A shift of either curve means that a change takes place corresponding to a new relationship between price and quantity. A leftward shift of the demand (supply) curve means that consumption (production) of output decreases at all price points, while a rightward shift of the demand (supply) curve means that consumption (production) of output increases at all price points. Shifts of these curves lead to changes in equilibrium points.

Two cases are worth examining.

In the first case, both the demand

tional Digital Transformation Act; SBN 1472: eHealth System and Services Act; SBN 1764: Use of Digital Payments Act; SBN 1943: Information and Communications Technology Officer Act; SBN 1944: Science and Technology Parks Act; and SBN 1834: Philippine Digital Workforce Competitiveness Act. Regrettably, only one of the abovementioned bills—the Philippine Digital Workforce Competitiveness Act—was approved by the Senate on third and final reading. The good news is that our counterparts in the House of Representatives adopted the Senate’s version of the bill, thus facilitating its transmittal to Malacañang for review and signing by the President.

The bill is a substitution of SBN 1469 or the National Digital Careers Act that we filed in 2020 as recommended by the Committee on Labor, Employment and Human Resource Development chaired by the hardworking and now reelected Senator Joel Villanueva. It provides a framework for the development of the digital workforce to ensure that Filipinos are equipped with digital

and 21st century skills.

Our experience in the past two years of the Covid-19 pandemic highlighted the need to upskill the Filipino workforce for them to cope and adjust to the changes in the workplace. In fact, the pandemic accelerated the development of digital skills among our workforce, even at the most basic levels, when almost all the employers implemented workfrom-home arrangements to ensure continuity in their operations when the government imposed restrictions on mobility.

But more than just learning basic digital skills such as operating a computer or telecommuting by means of a smartphone, Filipinos should learn more complex skills that will prepare them for the rapidly changing demands of the workplace and improve their competitiveness.

The bill provides for the establishment of an Inter-Agency Council for Development and Competitiveness of Philippine Digital Workforce that will be chaired by the National Economic and Development Authority.

It will serve as the primary planning, See “Angara,” A15

and supply curves shift to the left.

This can describe what happened during the Enhanced Community Quarantine, when restrictions on the movements of people and output were tightest. As theory predicts, equilibrium output unequivocally decreases, but the effect on equilibrium price is ambiguous (i.e., can stay the same, increase, or decrease).

The effect on equilibrium price depends on how the shifts are drawn.

If the demand curve shifts to the left just as much as the supply curve does, equilibrium price stays the same. If the supply curve shifts to the left more than the demand curve does, equilibrium price increases. This depicts stagflation, which is the combination of lower equilibrium output (higher unemployment, hence, stagnation) and higher equilibrium price (inflation). This means that available output has become even more scarce, and buyers of such output, including those who have lost their jobs and are cutting expenses, will have to face higher prices as well.

Now, if the demand curve shifts to the left more than the supply curve does, equilibrium price decreases.

This deflationary episode implies that there is not enough demand for output at the given level of production, forcing producers to accept lower prices and cut down on production, jobs, and, eventually, workers’ wages, which would mean lower incomes and ability to buy output.

Left unchecked, it could turn into a downward spiral in the economy and a full-blown recession.

In the second case, the demand curve shifts to the right, but the supply curve shifts to the left. This can describe today’s attempt at reopening the economy to prop up demand in the midst of external pressures affecting the supply side. As theory predicts, equilibrium price unequivocally increases, but the effect on equilibrium output is ambiguous.

The effect on equilibrium output depends on how the shifts are drawn. If the demand curve shifts to the right just as much as the supply curve shifts to the left, equilibrium output stays the same. If the demand curve shifts to the right more than the supply curve shifts to the left, equilibrium output increases. This is precisely what the government wants to happen as it undertakes its fiscal consolidation and resource mobilization plan. The economy must generate more income from which more revenues can be collected to sustain public spending and pay off debts. As the Department of Finance sternly warns, having either no tax reform or diluted tax reform will have dire economic consequences.

Now, if the supply curve shifts to the left more than the demand curve shifts to the right, equilibrium output decreases. This, again, depicts stagflation, which is the worst possible scenario.

It is hoped that today’s exposition has been helpful.

Dr. Ser Percival K. Peña-Reyes is the Director of the Ateneo Center for Economic Research and Development.

Opinion BusinessMirror

www.businessmirror.com.ph

Food insecurity: The next pandemic

The persisting memory Tito Genova Valiente

annotations

Manny F. Dooc

TELLTALES

T

he significance of the problem of food insecurity was highlighted when the German ambassador to the Philippines, Her Excellency Anke Reiffenstuel and President-elect Bongbong Marcos discussed the subject during the former’s courtesy call to the incoming president. They agreed that food security shall be given priority in the Marcos administration and acknowledged the significance of the upcoming international ministerial conference on food security to be hosted by the UK on July 28-29, 2022.

The conference will bring together academics, researchers, scientists and leaders from the government and private sectors to share and report their experiences and studies on sustainable agriculture and efforts to promote food security. This international forum reflects the urgency of addressing this major concern that threatens the survival of millions of people around the world, making food insecurity the next pandemic. Sustainable agriculture, food security and nutrition will be the defining issues confronting all governments, rich or poor, in the coming years. Even the US, the land of milk and honey, has recently suffered from a critical shortage of infant milk, which required Nestlé SA to airlift baby formula from Europe to the US. Famine is everyday news in most countries in Africa, which is caused by poverty, extreme weather, unaffordable costs of food and political strife. And food security is fast becoming a worldwide problem. Global food crisis is becoming a reality due to the war in Ukraine, which is considered the breadbasket of Europe and the rest of the world, climate change, and the raging inflation that drives up the cost of food.

The Philippines, despite being blessed with rich natural resources, reels from food scarcity. The Social Weather Stations has reported that over a tenth of all Filipinos, or about 2.5 million families, had suffered from involuntary hunger during the last quarter of 2021. This is better than the hunger rate posted in May 2021 at 16.8 percent. Overall, the country has a hunger rate of 13.1 percent in 2021 versus the 21.1 percent recorded in 2020, the height of the Covid-19 crisis where considerable workers lost their jobs. Food security will be a major headache to the incoming administration. President-elect BBM will need a miracle to attain rice sufficiency or reduce the price of rice to make it affordable to ordinary Filipinos. Instead of importing “galunggong,” which are caught in Philippine waters by foreign poachers, our fishermen should produce enough yields to feed our starving countrymen. Importation and illegal smuggling of vegetables, which could be amply grown in our farms, should be restricted if not stopped, since they kill our own vegetable industry. Our own produce rot in the fields unharvested or unsold due to very low prices. Rural farmers who constitute our largest labor force will go hungry if they don’t earn from their work. President-elect BBM will face one of his biggest challenges in resolving food deficiency and hunger. His economic team of incoming Finance Secretary Ben Diokno and other veteran public servants who are considered experts in their respective fields will have their new jobs cut out for them. How they perform during the first six months of their term bears watching. Their efforts may be hampered by the debt burden and the continuing Covid-19 concerns, but the overwhelming mandate that President-elect BBM had received should give them the vision and the courage to undertake bold measures to put us right on track. By the way, whatever happened to the InterAgency Task Force on Zero Hunger, which President Rodrigo Duterte created in January this year to free more Filipinos from hunger and attain food security? The Task Force headed by

Cabinet Secretary Karlo Nograles was supposed to “outline the government priorities and map efforts to achieve zero hunger.” The vice chairperson is Social Welfare Secretary Joselito Bautista, and the Task Force is backed by relevant cabinet officials such as the secretaries of Agriculture, Budget, Neda, Health, Labor and many others. Nothing much has been heard since its creation, but I trust that it has been working quietly without publicity. Whatever may be the case, it’s expected that it will turn over its work to its successor and render a report so that the people will know about the progress of its work. It’s great if some seminal works have been done, which will definitely help the incoming administration.

It should be noted that despite sustained economic growth before the pandemic hit us, the Philippines has regressed in terms of food security.

The perennial problems of hunger and malnutrition have worsened. In fact, the 2020 Human Development Report by the UN Development Programme “ranked the country 197th out of 189.” Large portions of our population are chronically hungry. Many families do not earn enough income to buy adequate food. Extreme poverty drives people to beg or even scavenge for food, and many people, particularly children, die of hunger, malnutrition or famine. If they survive, they are malnourished and sickly, and suffer from diseases that render them incapable of normal living. Children have stunted growth, poor physical and mental capacities and are vulnerable to illnesses and abnormalities. They grow up only to become burdens of society. Malnutrition and acute food deficiency will add a strain to our overburdened health care system. They crowd our limited health-services and scarce medical facilities, which the government can ill afford.

It does not help that the Philippines ranked number 1 among the most vulnerable countries in the world when it comes to natural disasters. Severe weather conditions result in extreme events like droughts, floods, and extreme heat waves, which reduce agricultural yield and livestock production. Volcanic eruptions and destructive earthquakes have disrupted people’s economic lives and displaced our population.

People who are evacuated to refugee centers don’t have sufficient food and adequate nutrition, and they are prone to sickness. Calamities are major disruptors that impact our economy and people’s livelihood.

Crops are damaged and fishermen cannot go out to the sea to fish. This eventually results in food shortages and spike in prices, which ultimately cause social and civil unrest.

As Hillary Clinton has said, “food security is the issue of our time.” It’s a risk to all nations—rich and poor, big and small. It’s a very basic problem and despite advances in science and technology, we have not truly solved the problem of obtaining a balance between the exponential growth of population and the growth of food supply. Thomas Robert Malthus must be turning in his grave. Despite the early promise that food shortage will not come to pass, food production fails to keep up with population increase and now in 2022 Anno Domini hunger and malnutrition stare us in the face.

T

hey have been demonized and rightly so—these online technologies that connect us seamlessly and so quickly we do not have time to deny them entry into our lives. But these programs and applications, some as common as SMS or texting and as ubiquitous as Facebook, are now not only wreaking havoc on our privacy but also gilding our capacity to remember events and people.

I still recall my first foray into social media, when chat rooms elevated anonymity to the level of trust, when an invented name assured everyone of an expanding universe of relations. It was as if we were re-configuring friendship as we reconstructed all constructs of remembrances and recollections, of recognition. Time and space did not matter anymore. Eternity may not be accepted as happening before us but when we encounter conversations that took place years ago but are preserved online or found online, immortality is there and yet not acknowledged.

These dialogues are accompanied by visual elements—maps, colors, and photos. The amount of photographs we post online is not only staggering but also presently unimaginable.

How many cups of coffee did we post online? With those cups came the mornings that sort of contained the sipping, the delectation of the moment. What kind of sandwiches did we have during that series of weekends? Photos of a thousand and one combinations of hams, eggs and lettuce come to mind. But the deliciousness of that particular day could also trigger the conflict—the endless discussions that punctuate the meetings.

What is it in us human beings that within social media, we always need to document the regular verities around us? We enter a bar or a hall

and we aim our photo on a mirror on the wall, a sofa the color of royal gloom. We sit down and we hold up our tablet and change the direction of the camera away from the world we just invaded and into a self that we duly love to conquer.

Selfie is the new selfishness. It is also a new way of remembering a self engaging not always with the bigger world but with the smallness of that world. Our face is a marvel of inquisition through this selfie; our eyes edited into a tiny rectangle of judgment are our windows to our world, which has ceased to be a cliché because we are the one peering into that anima.

The technologies have provided us the ability to create backdrops for ourselves. Thus, we take seriously the view that behind us is Paris or a Caribbean beach when we are sweltering in the heat of summer in our room. The post-truth is not just about the lies that are more and more difficult to disprove, expose and clarify; this is the season when we compose many visual truths about ourselves, each re-interpretation making us even much lovelier, even much younger, all depending on our whims and illusions for the moment.

Friday, June 10, 2022 A15

Then there are the photos we take of our dear ones—our friends and kin. Long after they are gone, they are ever present online. A person who remembers them, clicks on the posting either with a like or with a host of emoticons, and the images reappear from somewhere. The ether perhaps? Everything is the opposite of burial: while the Dead are buried, their photos are placed on a floating status in memory fluid, waiting for the heart that never forgets to summon them to the surface. That quote about how those who had gone ahead of us vanish forever when no one remembers them as vetted in a parallel universe on the Internet is true. Their photos will be there on a standby in near-anticipation of the

applicable algorithm.

Annoying or disturbing they may be, the misdirected “Happy birthday in Heaven” is actually a greeting that is directed at the resurrection of both body and soul. Which is the problem of the lighted candle with a black ribbon tied around it. With no specific name mentioned, that candle does not light the path of the soul; it imbues what could have been a specific memory, with a prayer directed at no

one in particular.

On the website of ScienceNews, a report of a study about how memories retained should be reassuring.

The study talks about how pain can cause the memories of certain things solid, tough, and embedded in a person. Pain can sear memories, the report states, into the brain. When the respondents were shown photos of neutral object, viewers, including critics talk of how the informants had distinctly accurate memories of a series of objects and could remember them more clearly because they were feeling pain when they first saw—and recalled—those objects and human beings.

Literally, pain can generate more memories. When we look at the photos of a person who has passed away, the memories are always bitter and sweet. If there is a joy in remembering, to follow the study, to have memories can also point back to a painful point in our life.

A neurosurgeon, David Butler, writes of neurosignatures or neurotags. Butler talks of how the nervous system produces memories, which are neurotags. In his book, Butler refers to neurotags as the interconnection of different parts of the nervous system that will produce an output.

In my family, we are still visibly affected by the death of a loved one. Forming a family chat room, our conversation involves reminiscences regarding family members who are gone. Each time we post a photo of that loved one, we are calling across what is nothing the return of that love. Then over and over those photos materialize and off we are to remember again, to contend with tragic overtones of Death while dealing with the Life given by science. There is after all life on the Internet, not just death or cancellation.

E-mail: titovaliente@yahoo.com

North Korean ruling party meets amid expectation of nuclear test

By Kim Tong-Hyung The Associated Press

S

EOUL, South Korea—North Korean leader Kim Jong Un has convened a political conference where he’s expected to review state affairs, including a Covid-19 outbreak, and possibly address relations with Washington and Seoul amid his revived nuclear brinkmanship.

The plenary meeting of the ruling Workers’ Party’s Central Committee began Wednesday in the capital, Pyongyang, the official Korean Central News Agency said Thursday, and may last several days.

The meeting comes amid signs North Korea is preparing for its first nuclear test explosion in nearly five years, which would further escalate a provocative streak in weapons demonstrations this year that has included multiple tests of intercontinental ballistic missiles.

KCNA published photos of the meeting’s participants walking into a party building and said they approved of the agenda that would be discussed, which wasn’t specified.

State media previously said the meeting would review state affairs and make decisions on a “series of important issues.” The meeting is

Angara. . .

continued from A14

coordinating and implementing body in the promotion, development, enhancement and competitiveness of the Philippine digital workforce.

Local government units will play an important role in promoting the growth and development of digital technology, digital careers and innovations in their respective communities. The Department of Trade and Industry is mandated to help es-

likely to address the country’s Covid-19 outbreak. Officials at the World Health Organization said Wednesday they believed the outbreak was worsening and requested more information be shared with the UN health agency.

South Korean officials and experts have said Kim may address relations with the United States and rival South Korea amid long-stalled diplomacy and double down on his ambitions to build a nuclear arsenal that could threaten US allies and the American homeland.

During the party’s previous plenary meeting in December, Kim repeated his vow to boost his military nuclear program and order the production of more powerful and sophisticated weapons systems during discussions that lasted a record five days.

The North Korean meeting took place as US Deputy Secretary of State Wendy Sherman met with her counterparts from South Korea and Japan on Wednesday in Seoul, emphasizing trilateral security cooperation in the face of the accelerating North Korean threat. She warned a “swift and forceful response” if the North proceeds with a nuclear test but didn’t elaborate.

Sherman’s visit to Asia came after North Korea launched a single-day record of eight ballistic missiles into the sea from multiple locations across its territory on Sunday, prompting the US and its Asian allies to respond with tit-for-tat missile launches and aerial demonstrations involving dozens of fighter jets.

In a speech to the UN General Assembly on Wednesday, North Korean envoy Kim Song berated those pushing for strengthened sanctions against the North over its weapons tests. He said his country was exercising its rights to self-defense by modernizing its weapons while facing “direct threats” by the United States, which is “hell bent on reinforcing” its military might in the Korean Peninsula and northern Asia.

His comments were backed by envoys from China and Russia, who questioned the effectiveness of sanctions in slowing North Korea’s nuclear weapons and missile programs. China’s envoy urged the United States to make significant concessions, such as lifting sanctions in certain areas and halting its joint military exercises with Asian allies that North Korea portrays as invasion rehearsals.

Jolting an old pattern of brink-

manship, North Korea has already set an annual record in ballistic launches through the first half of 2022, firing 31 missiles over 18 different launch events, including its first demonstrations of ICBMs since 2017.

The unusually fast pace in testing activity underscores Kim Jong Un’s dual intent to advance his arsenal and pressure the Biden administration over long-stalled negotiations aimed at leveraging its nukes for badly needed economic benefits and security concessions, experts say.

Kim may up the ante soon as US and South Korean officials say North Korea has all but finished preparations to detonate a nuclear device at its testing ground in the northeastern town of Punggye-ri.

The site had been inactive since hosting the North’s sixth nuclear test in September 2017, when it claimed to have detonated a thermonuclear bomb designed for its ICBMs. Kim Jun-rak, a spokesperson for South Korea’s Joint Chiefs of Staff, said the South Korean and US militaries were closely monitoring North Korean activities at nuclear-related facilities and sites but didn’t make specific predictions about the timing of the possible nuclear test.

tablish co-working or shared service facilities to support the development and enhancement of digital skills and competencies of the workers and future members of the workforce. The Department of the Interior and Local Government and the Department of Information and Communications Technology are tasked to assess the readiness of all municipalities, cities, provinces and regions to ensure a thriving digital workforce ecosystem and to ensure that they all have the necessary ICT infrastructure in their respective jurisdictions.

Once enacted into law, this measure will greatly help the incoming Marcos administration in fulfilling one of its priority programs: to develop digital infrastructure and promote digital transformation. Rest assured that I will be re-filing the other digital bills and similar measures in the 19th Congress to help with this goal.

Equipping our people with the necessary digital skills will help them become more competitive, particularly in securing jobs, many of which now require digital competencies. A

whole of nation approach is needed to ensure that everyone is not only numerate, literate, and critical-minded, but also digitally savvy. We cannot afford to stand idly by while the world around us is rapidly moving towards digital.

Senator Sonny Angara has been in public service for 18 years—9 years as Representative of the Lone District of Aurora, and 9 as Senator. He has authored and sponsored more than 250 laws. He is currently serving his second term in the Senate.

E-mail: sensonnyangara@yahoo.com| Facebook, Twitter & Instagram: @sonnyangara

A16 Friday, June 10, 2022

PHL RESTORES 90-DAY VALIDITY OF SPS-IC FOR MEAT IMPORTS

By Jasper Emmanuel Y. Arcalas @jearcalas

T

HE Philippines reinstituted the 90-day validity of sanitary and phytosanitary import clearance (SPS-IC) for imported meat products to ensure the country’s food security, as the arrival of shipments is taking a longer time due to disrupted global supply lines.

Agriculture Secretary William D. Dar issued Administrative Order (AO) 15 series of 2022 to reinstate the temporary extension of the SPS-IC validity for imported meat products to three months from two months.

Dar earlier issued AO 11 s e r i e s o f 2 0 2 2 , re v e r t i n g SPS-IC validity for imported meat products to 60 days, citing the “gradual easing” of the global Covid-19 situation. (Related story: https://businessmirror.com.ph/2022/05/24/darestores-60-day-spsic-validity-for-meat-imports/) Dar’s decision prompted meat industry groups to urge him to keep the 90-day SPS-IC validity, arguing that the global supply chain and logistics remained disrupted amid economic challenges, including the ongoing UkraineRussia war.

In his latest order, Dar conceded that the global shipping situation is still volatile, resulting in delayed arrivals of imported meat products into the country.

He noted that the reintroduc-

tion by other countries of measures to curb the spread of Covid-19 variants affected port and shipping operations, with vessels sailing at partial capacity.

“Major international shipping lines, which represent 80 percent of the overall container trade, reported that at least 30 percent of sailings will be blocked for Chinese companies in the next few months due to an increased demand for their commodities, thus delaying the entire logistics chain of meat commodities to the Philippines,” he said.

“There is an imminent threat of a global food crisis warranting the need to ensure the overall food supply and security of the country,” he added.

The BusinessMirror broke the story earlier this week that the country’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, including meat products. (Related story: https://businessmirror. com.ph/2022/06/07/persisting-logistics-crunch-squeezessupply/) T he Meat Impor ters and Traders Association (Mita) and Philippine Association of Meat Processors Inc. (Pampi) earlier urged Dar to restore the 90-day validity of SPS-ICs for imported meat products, as the industry grapples with a global logistics situation in disarray.

Continued on A4

US keeps up pitch: State Dept official meets Marcos, Locsin

P

By Malou Talosig-Bartolome

@maloutalosig

RESIDENT-ELECT Ferdinand “Bongbong” Marcos Jr. and outgoing Foreign Affairs Secretary Teodoro Locsin Jr. met separately on Thursday with Wendy Sherman, deputy secretary of the US State Department.

Sherman is the highest ranking US State Department official to visit Manila since the pandemic began in 2020.

“I was pleased to meet and congratulate President-elect Marcos.

We discussed strengthening our longstanding alliance, expanding people-to-people ties, deepening our economic relationship, advancing human rights, and preserving a free and open Indo-Pacific,” Sherman said.

Sherman is on a three-nation swing in Asia to build on the momentum from the Leaders’ Summit with Indo-Pacific leaders which US President Joe Biden initiated in May. On Wednesday, she met her Japanese and South Korean counterparts in a trilateral meeting in Seoul. She will also visit Vietnam and Laos.

The Department of Foreign Affairs said the American diplomat discussed with them “concrete ways to further enhance the relations amidst the Philippine government transition.”

“The Deputy Secretary and the

President-Elect (Marcos) highlighted the importance of the USPhilippine Alliance to security and prosperity in the Indo-Pacific region and the world and the importance of fostering respect for human rights and rule of law in the Philippines,” US State spokesman Ned Price said in a statement.

Sherman also met with Marcos’s advisors, including Philippine Ambassador to the United States Jose Manuel Romualdez and incoming Executive Secretary Vic Rodriguez.

“The President-elect and Deputy Secretary agreed on the importance of partnering together to strengthen our economies, including the importance of public-private partnerships, clean energy and our digital economy,” Price added.

Further details on Marcos’s meeting with Sherman were not immediately available, but her trip comes as part of a broader effort to reach out in person to leaders in the region as concern increases over China’s push to expand its own influence in a stra-

PRESIDENT-ELECT Ferdinand “Bongbong” Marcos Jr. shakes hands with US Deputy Secretary of State Wendy Sherman, who met with him and outgoing Foreign Affairs Secretary Teodoro L. Locsin Jr., as part of an Asian swing seen to boost America’s efforts to shore up ties with regional allies. PHOTO COURTESY OF DEPUTY SECRETARY OF STATE

tegically critical area.

It includes the South China Sea, where the Philippines and Vietnam, among others, have squared off with China’s efforts to dominate the strategic waterway it claims virtually in its entirety. The US and its allies have responded with so-called freedom of navigation patrols, sometimes encountering a pushback from China’s military.

Australia protested after it said a Chinese fighter jet made dangerous maneuvers around one of its surveillance aircraft and forced it to return to its base last month.

Beijing rejected the accusation. US

State Department Counselor Derek Chollet is also in the region, meeting with officials in Thailand, Singapore and Brunei.

T he State Department said the two trips highlight American commitment to the Association of Southeast Asian Nations, a 10-member regional bloc known as Asean, as well as Washington’s bilateral partnerships.

US Secretary of Defense Lloyd Austin is also a featured speaker on the weekend at the Shangri-La Dialogue in Singapore, Asia’s premier defense and security forum.

With a report by Associated Press

ADB’s $4.3-B loan to fund Calamba-Metro Mla railway

By Cai U. Ordinario @caiordinario

T

HE Philippines secured a new loan from the Asian Development Bank (ADB) to finance the South Commuter Railway Project (SCRP), which will connect Calamba in Laguna to Metro Manila.

ADB said it approved a loan of $4.3 billion to help finance the construction of nearly 55 kilometers (km) of modern suburban railway line.

The SCRP is part of the North– South Commuter Railway (NSCR) network which is ADB’s largest infrastructure financing in the Asia and Pacific region to date.

“The South Commuter Railway Project will provide affordable, safe, reliable, and fast public transport for commuters,” said ADB VicePresident for East Asia, Southeast Asia, and the Pacific Ahmed M. Saeed. “This project represents ADB’s biggest infrastructure investment and reflects our commitment to helping the Philippines attain its goals of reducing poverty, improving the lives of Filipinos, and achieving green, resilient, and high economic growth.”

The South Commuter Railway

Project will be financed under a multitranche financing facility, with the first tranche of $1.75 billion to be made available starting this year.

The release of the second and third tranches is expected in 2024 and 2026, respectively. ADB will finance civil works for the railway viaduct, stations, bridges, tunnels, and depot buildings. The Japan International Cooperation Agency (Jica) is funding the rolling stock and railway systems.

The project includes the construction of 18 stations designed to provide safe access for all, including the elderly, women, children, and people with disabilities; and a connecting tunnel to allow the operation of direct trains from Calamba to stations on the future Metro Manila Subway system.

All infrastructure will be designed to be disaster-resilient and able to withstand typhoons and earthquakes. The project will reduce travel time by road between Manila and Calamba by over half, from 2.5 hours currently.

Once completed, the South Commuter Railway will offer commuters fast public transport, help ease road traffic congestion, and contribute

to a reduction in greenhouse gas emissions in line with the Philippines’s climate change agenda.

The project follows ADB’s financing of the Malolos-Clark Railway line north of the capital, for which construction is ongoing.

This is the third loan approved by the ADB for the Philippines this year, not including regional financing efforts that the country can also benefit from.

One such loan approved is the Climate Change Action Program, Subprogram 1, where the Philippines will receive $250 million from the ADB’s Ordinary Capital Resources (OCR) and $171.67 million from the French Development Agency. The loan was approved in May 2022.

The Philippines also received a $400-million loan from ADB for the Support to Capital MarketGenerated Infrastructure Financing Program - Subprogram 2. This loan, also to be financed through OCR, was approved in May. The country also received a $2-million grant assistance from the Manila-based multilateral development bank for the Typhoon Odette Emergency Response Project. The grant was approved in February 2022.

PHL joins 120 countries that ratified ILO Charter

O

NLY five more countries need to ratify the 1986 amendment in the International Labour Organization (ILO) Constitution, which will democratize the composition of its governing body, before it could finally take effect.

On Thursday, the Department of Labor and Employment (DOLE) reported that the Philippines also joined the 120 countries that have already ratified the 36-year-old instrument.

Labor and Employment Secretary Silvestre H. Bello III reported the development in his speech in the ongoing International Labour Conference (ILC) in Geneva, Switzerland.

“This is a step closer to its entry

into force towards democratization in the Organization with the end in view of realizing our shared vision of leaving no one behind in the world of work,” Bello said in his speech at the ILC. ILO Director General Guy Ryder and the Tripartite Working Group on Democratization (TWGD) welcomed the country’s ratification of the instrument.

A total of 125 of the 187 members of the ILO must ratify the said amendment before it can take effect.

“Five more votes are needed, including three from countries of chief industrial importance, for the amendment to take into force,” DOLE spokesperson Rolly Francia said.

The so-called countries of “chief industrial importance” are India, Italy, Brazil, China, France, Germany, Japan, Russian Federation, United Kingdom, and the United States. India and Italy have already ratified the amendment.

Once the amendment is enforced, the number of members of the ILO Governing Body will increase from 56 to 112.

Of the 112 seats, 56 would be allocated to government representatives, while employers and workers’ will each get 28 representatives.

It will also abolish the non-elective status or permanent membership of the 10 countries, which are of “chief industrial importance.”

Samuel P. Medenilla

Companies BusinessMirror

Editor: Jennifer A. Ng

Friday, June 10, 2022

PSALM hits Lasureco TRO

T

By Lenie Lectura

@llectura

he Power Sector Assets and Liabilities Management Corp.

(PSALM) said on Wednesday that a court decision that prohibited it from disconnecting an electric cooperative (EC) with unpaid dues amounting to nearly P13 billion was an “unjust move.”

According to the state firm, the Regional Trial Court of Lanao Del Sur issued last June 8 a Temporary Restraining Order (TRO) against PSALM’s disconnection notice to Lanao del Sur Electric Cooperative Inc. (Lasureco).

“The continuous supply of electricity to Lasureco without any indication on who will pay PSALM for such electricity is detrimental and extremely unfair to PSALM, to

the Government, and to all other electricity consumers who are dutifully paying for their electricity,” PSALM said.

The disconnection of the electricity supply of Lasureco is due to its failure to pay its power bills.

Lasureco’s overdue account with PSALM continues to accumulate every month. As of April 30, the cooperative’s outstanding obligation to PSALM amounts P12.9 billion.

The cooperative continues to refuse to sign the Contract for Supply of Electric Energy (CSEE) with PSALM, in direct violation of PSALM’s policy that requires a duly executed CSEE to enable PSALM to supply electricity to any electric cooperative.

Lasureco previously entered into a CSEE with the National Power Corp., but this contract expired in December 2013 and was not renewed. PSALM has consistently maintained that in the absence of a CSEE, PSALM has no contractual obligation to supply Lasureco with its energy requirements.

The cooperative draws its power supply from PSALM because its power lines became directly connected to Agus 1 Hydroelectric Power Plant (HEPP). Based on records, PSALM did not consent or authorize Lasureco to be directly connected to the facilities of Agus 1 HEPP. This irregular and unauthorized connection allowed Lasureco to continue drawing electricity from PSALM even without paying PSALM. PSALM said it has consistently

communicated its concerns to Lasureco and has repeatedly demanded payment. In numerous letters to Lasureco, PSALM asked for Lasureco to immediately pay its outstanding obligations and to submit requirements to aid PSALM in the evaluation of its financial capacity to restructure such obligations and facilitate the execution of a CSEE. However, Lasureco failed to pay and submit any of the documentary requirements.

“It is not PSALM’s legal mandate to give out free electricity to Lasureco and neither does it receive any kind of budgetary allocation from the National Government to subsidize the grant of free electricity to ailing electric cooperatives,” said PSALM. Upon the instruction of the Department of Finance, PSALM served a Notice of Disconnection and Final Demand to Lasureco last May 26 for its failure to settle its outstanding power account, advising the immediate settlement of the said amount within five business days from receipt of the notice.

AEV sets up fund to promote innovation A

boitiz Equity Ventures Inc. (AEV) has approved a P39-million exploration and experimentation fund to support its employees in jumpstarting their own innovative ideas.

AEV President and CEO Sabin M. Aboitiz said every Aboitiz employee is

allotted a seed fund that they can use to work on projects individually or in collaboration with others by pooling their funds for a larger project.

Aboitiz hopes that the initiative will motivate employees to inject the spirit of transformation into their day-to-day

work. “Instilling innovation in Aboitiz is about discovery and experimentation in both our personal and professional lives. We have accelerated transformation across our business processes, decision-making methods, and collective way of thinking—inside and outside our

job titles—to move us forward in our ambition to make Aboitiz a world-class innovator.” VG Cabuag

B1

SEC includes GCash in modes of payment

T

he Securities and Exchange Commission (SEC) on Thursday said it added GCash to the modes of payments for registration, other transaction fees and penalties, through the agency’s Electronic System for Payments to the SEC (eSPAYSEC).

“It has only been a year since we rolled out the eSPAYSEC, but it has already become a preferred payment option for the transacting public because of the convenience and security it offers,” SEC Chairman Emilio B. Aquino said.

“This is proof of the public’s readiness to adapt to digital solutions when they are available, and strengthens the commission’s commitment to its digital transformation initiatives to improve the ease doing business for Filipinos.”

The public may access eSPAYSEC through the SEC’s website at https://espaysec.sec.gov.ph/ payment-portal/home.

To use GCash for their payments, clients only need to enter the reference number provided in the Payment Assessment Form issued by the SEC, select GCash as their payment option, then

provide the required information. Each transaction charges a minimal convenience fee of P10.

Other online payment channels that are accepted by eSPAYSEC include debit and credit cards powered by Visa, Mastercard and JCB, as well as PayMaya wallets.

Launched on March 1 last year, the eSPAYSEC is a web-based system that allows for the payment of fees and penalties to the commission online using debit and credit cards, digital wallets, and other cashless payment options.

The online payment portal has since accepted payments for fees and penalties amounting to P202.32 million from a total of 29,565 transactions, as of June 8.

Of the total amount, P99.57 million was recorded in 2022, bound to surpass the P102.75 million collected online in 2021.

Meanwhile, the SEC said it continues to accept and process payments across its main and extension offices. The public may likewise pay registration and other transaction fees over the counter in select branches of Land Bank of the Philippines. VG Cabuag

B2

Companies BusinessMirror

Friday, June 10, 2022

Meralco partners with Ayala unit for substation in Cavite

T

By Lenie Lectura

@llectura

he Manila Electric Co. (Meralco) and Ayala Land Inc. have forged a partnership for the development of a new power substation at the Vermosa estate in Imus, Cavite.

The utility firm has started the construction of the 115 kV ( k i lovolt) - 3 4. 5kV subst at ion which will be located within Vermosa, a 725-hectare mixed use development located along Daang Hari Road. Vermosa is the fourth largest estate of Ayala Land.

The substation will house three transformer banks, each capable of generating 83 megavolt am-

peres (MVA) of power or a combined capacity of 249 MVA. The substation, which will be fully operational by December this year, will provide adequate capacity to accommodate new and additional load applications in the area. This will guarantee a smooth flow of electricity for Vermosa dwellers, whether from residential customers or the com-

mercial and industrial accounts, catering to the retail, sports and leisure and office markets.

In addition, having the substation will guarantee operational switching flexibility during contingencies and improve voltage regulation for Vermosa’s commercial and institutional locators such as De La Salle Zobel Campus, as well as peripheral developments within Imus, Cavite.

“This project is part of Meralco’s thrust to serve its customers, more so in planning all facilities requirements, which we can ramp up and forecast according to projected turn over, during the master planning stages. This is a critical step to enhance the delivery of electricity services and ensure reliable power across all end users,” said Ferdinand O.

Geluz, Meralco FVP and Head of Customer Retail Services.

Vermosa is masterplanned to offer fundamental mi xed-use components—a wide range of horizontal residential options, a regional mall, a central business district, educational institutions, and leisure establishments that are seamlessly integrated with generous open spaces to allow opportunities for social convergence.

“For several years, we have worked hand in hand with Meralco in the master planning of our estates, offering key utilities to residents, locators and visitors.

Now, we are building towards making Vermosa move-in ready with its own Meralco Substation,” said Vermosa Estate Head Jay Teodoro.

Fight against plastic pollution intensifies

I

n celebration of World Oceans Day, Coca-Cola Philippines and Plastic Bank are intensifying the campaign to prevent plastic wastes from reaching and polluting the ocean.

On Wednesday, through an event dubbed Ecosystem Impact Week held at Robinson’s Place in General Trias, Cavite, Coca-Cola and Plastic Bank announced that they will collect 10 million postconsumer PET plastic bottles this year. They said this will help address the global packaging waste issue while improving the lives of partner collectors and junk shops enrolled in the Plastic Bank Ecosystem Impact Program.

K r i s t i ne Pe d r ito - B a r i son , chairman of the Committee on Environment of the City of General Trias who represented brothers Mayor Antonio Ferrer and 6th District Rep. Luis Ferrer conveyed the local officials’ gratitude to

Coca-Cola Philippines and Plastic Bank for choosing General Trias as its project site.

She said the incoming mayor and congressman of General Trias will continue to support the program and asked every barangay to make the campaign against ocean plastic waste pollution part of their endeavors.

Now in its second year, the partnership between the two institutions has so far made significant impacts on both environment and people. In General Trias, some 8.5 million PET plastic bottles have been collected, helping a total of 526 families in terms of income and livelihood through the program.

In 2021, Coca-Cola and Plastic Bank were able to surpass the target of collecting 5 million used PET bottles that were successfully recycled and diverted from landfills and oceans. Jonathan L. Mayuga

mutual funds

June 9, 2022

NAV One Year Three Year Five Year Y-T-D

per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 217.62 -0.11% -6.38% -4.78% -6.64% ATRAM Alpha Opportunity Fund, Inc. -a 1.4135 7.75% -5.18% -2.69% -15.06% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.9893 0.3% -10.29% -7.39% -7.67% Climbs Share Capital Equity Investment Fund Corp. -a 0.728 -4.61% -8.33% n.a.

-3.77% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6644 -6.96% -8.95% n.a.

-13.82% First Metro Save and Learn Equity Fund,Inc. -a 4.8787 2.49% -3.97% -2.48% -5.87% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.7274 5.57% -6.24% -5.35% -7.14% MBG Equity Investment Fund, Inc. -a 79.14 -17.17% -13.33% n.a.

-16.19% PAMI Equity Index Fund, Inc. -a 44.6386 0.21% -5.28% -3.37% -7.25% Philam Strategic Growth Fund, Inc. -a 466.3 -0.49% -5.17% -3.35% -6.87% Philequity Dividend Yield Fund, Inc. -a 1.3221 17.13% -0.28% -0.05% -2.52% Philequity Fund, Inc. -a 34.1895 2.54% -4.41% -2.27% -6.57% Philequity MSCI Philippine Index Fund, Inc. -a 0.8809 1.56% -5.73% n.a.

-6.43% Philequity PSE Index Fund Inc. -a 4.6171 1.17% -4.65% -2.77% -6.93% Philippine Stock Index Fund Corp. -a 769.73 0.74% -4.7% -2.83% -7.09% Soldivo Strategic Growth Fund, Inc. -a 0.6894 -0.25% -9.89% -5.55% -8.4% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.4668 0.19% -7.37% -4.16% -8.18% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8763 0.4% -5% -3.08% -7.22% United Fund, Inc. -a 3.2229 0.91% -5.07% -2.05% -6.24% Primarily invested in Peso securities (units) Philequity Alpha One Fund, Inc. -a 1.1048 4.8% n.a. n.a.

-4.98% Philippine Stock Index Fund Corp. -a 937.97 n.a. n.a. n.a. n.a.

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 103.7737 1.2% -4.48% -2.42% -6.91% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.969 -24.81% 0.35% -0.44% -13.98% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5758 -10.33% 7.95% 6.21% -14.66% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.5814 -4.98% -3.1% -2.53% -6.54% ATRAM Philippine Balanced Fund, Inc. -a 2.1513 -2.77% -2.59% -2.06% -5.71% First Metro Save and Learn Balanced Fund Inc. -a 2.5842 0.89% -0.98% -0.37% -3.97% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.2003 4.43% n.a. n.a.

-4.16% NCM Mutual Fund of the Phils., Inc. -a 1.9313 -0.17% -0.09% 0.07% -4.23% PAMI Horizon Fund, Inc. -a 3.5478 -2.57% -1.64% -1.25% -5.77% Philam Fund, Inc. -a 15.8942 -2.69% -1.85% -1.3% -5.65% Solidaritas Fund, Inc. -a 2.0291 -0.48% -1.96% -1.29% -4.35% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4246 -1.32% -4.12% -2.12% -6.1% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8952 3.35% -3.65% -1.63% -6.18% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.9202 -5.62% -3.28% n.a.

-7.03% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8642 -3.24% -5.21% n.a.

-8.5% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.8543 -2.83% -5.48% n.a.

-8.52% Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03411 -10.21% -2.58% -1% -10.09% PAMI Asia Balanced Fund, Inc. -b $0.9702 -15.64% 0.61% 0.01% -9.08% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.1706 -10.56% 4.49% 3.95% -13.15% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.0534 -11.34% 0.18% 0.78% -12.11% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 372.62 0.29% 2.17% 2.25% -0.45% ATRAM Corporate Bond Fund, Inc. -a 1.889 -1.47% -0.01% 0.11% 0.23% Cocolife Fixed Income Fund, Inc. -a 3.2303 0.12% 2.02% 3.35% -0.42% Ekklesia Mutual Fund Inc. -a 2.1797 -3.39% 0.06% 0.69% -3.19% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4109 -0.99% 1.62% 1.73% -0.62% Philam Bond Fund, Inc. -a 4.2044 -6.28% 0.68% 0.52% -4.35% Philam Managed Income Fund, Inc. -a 1.3097 -1.19% 2.73% 2.65% -0.71% Philequity Peso Bond Fund, Inc. -a 3.8801 -2.31% 2.08% 2.13% -2.16% Soldivo Bond Fund, Inc. -a 1.0066 -2% 2.5% 1.6% -2.1% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1403 -1.98% 2.29% 2.72% -1.48% Sun Life Prosperity GS Fund, Inc. -a 1.6985 -2.68% 1.37% 2.01% -1.85% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $482.62 -0.53% 1.84% 1.86% -1.42% ALFM Euro Bond Fund, Inc. -a Є213.04 -3.12% -0.51% 0.13% -3.17% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0815 -8.4% -2.73% -0.72% -10.17% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0245 -5.77% -1.32% -0.32% -5.77% PAMI Global Bond Fund, Inc -b $0.9182 -12.27% -5.24% -3.18% -10.23% Philam Dollar Bond Fund, Inc. -a $2.2583 -9.45% -0.83% 0.28% -9.87% -2.19% Philequity Dollar Income Fund Inc. -a $0.0609301 -3.12% 1.17% 1.3% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.8193 -10.75% -2.52% -1.22% -11.79% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 131.87 1.3% 2.32% 2.51% 0.52% First Metro Save and Learn Money Market Fund, Inc. -a 1.0629 1.03% 1.61% n.a.

0.49% Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3245 1.53% 2.2% 2.48% 0.68% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0634 0.59% 1.18% n.a.

0.26% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund Inc. -a 44.0758 n.a. n.a. n.a. n.a.

Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.261 1.51% n.a. n.a.

-8.81% Primarily invested in foreign currency securities (units) ALFM Global Multi-Asset Income Fund Inc. -a $0.8573 -14.27% n.a. n.a.

-11.62% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago.

c - Listed in the PSE.

d - in Net Asset Value per Unit

(NAVPU).

1 - Renaming was approved by the SEC last July 8, 2021 (formerly, Sun Life Prosperity Money Market Fund, Inc.).

2 - Adjusted due to stock dividend issuance last November 25, 2021.

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

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

June 9, 2022

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL MANULIFE PHIL STOCK EXCH VANTAGE

96,550 157,440,363 127,740 109,521,575.50 1,288,370 2,490,750 182,184,199.50 4,674 1,870 3,335,118 30,327.50 754,640 75,965,188.50 2,341,481.50 14,609,990 100,050 189,000 2,148,282 53,080

44,000 60,047,306 -12,378,640.50 24,210 -1,152,634 -42,356,635.50 24,021,161 -839,646 189,000 1,997,982 -

INDUSTRIAL AC ENERGY 7.5 7.65 7.55 7.65 7.41 7.65 12,352,400 92,663,102 ALSONS CONS 0.99 1.01 1.03 1.03 1 1 27,000 27,360 ABOITIZ POWER 30.95 31 31.5 31.5 30.7 31 581,400 18,011,690 1.91 1.93 2.03 2.06 1.92 1.92 20,085,000 39,835,800 RASLAG 0.445 0.45 0.445 0.465 0.44 0.445 6,770,000 3,050,900 BASIC ENERGY FIRST GEN 18.88 18.9 19 19.02 18.82 18.9 351,800 6,652,862 FIRST PHIL HLDG 66.9 67 67 67.9 66.9 67 30,300 2,030,368 MERALCO 360.2 370 363 370 359 370 94,770 34,648,914 MANILA WATER 17.8 17.84 18.46 18.46 17.84 17.84 367,300 6,600,214 3.33 3.34 3.34 3.36 3.34 3.34 2,704,000 9,055,690 PETRON 4.88 5.01 4.9 5.03 4.9 5.02 107,200 531,123 PETROENERGY PHX PETROLEUM 9.44 9.84 9.42 9.84 9.42 9.84 17,000 166,830 SYNERGY GRID 12.2 12.24 12.28 12.28 12.2 12.2 611,000 7,475,590 PILIPINAS SHELL 18.72 18.8 19 19 18.72 18.8 110,500 2,097,522 10.36 10.38 10.72 10.72 10.36 10.38 415,500 4,355,948 SPC POWER 1.67 1.68 1.72 1.75 1.66 1.68 42,101,000 72,034,610 SOLAR PH 4.68 4.76 4.82 4.82 4.64 4.75 122,000 575,740 AGRINURTURE AXELUM 2.26 2.3 2.3 2.3 2.28 2.3 44,000 101,160 CNTRL AZUCARERA 10.08 11.08 10.08 10.08 10.08 10.08 900 9,072 21.05 21.3 21 21.45 20.8 21.05 1,156,900 24,333,290 CENTURY FOOD 13.34 13.4 13.32 13.34 13 13.34 49,300 647,660 DEL MONTE 6.87 6.91 7 7.03 6.87 6.87 1,810,400 12,554,289 DNL INDUS EMPERADOR 17.18 17.28 17.46 17.46 17.18 17.28 6,453,500 111,014,332 SMC FOODANDBEV 60.6 60.8 60.8 60.8 60.6 60.8 31,330 1,904,291.50 FIGARO COFFEE 0.5 0.51 0.51 0.52 0.495 0.5 2,403,000 1,206,935 0.57 0.6 0.57 0.57 0.57 0.57 80,000 45,600 ALLIANCE SELECT FRUITAS HLDG 1.14 1.16 1.15 1.16 1.14 1.16 2,987,000 3,439,400 108 110.5 110 110.7 110 110 17,740 1,953,519 GINEBRA JOLLIBEE 207.6 209 209.6 209.6 206 209 313,030 65,310,624 KEEPERS HLDG 1.24 1.25 1.24 1.25 1.23 1.25 1,329,000 1,652,090 5.4 5.52 5.53 5.53 5.52 5.52 2,000 11,041 MAXS GROUP MG HLDG 0.12 0.127 0.127 0.127 0.127 0.127 10,000 1,270 MONDE NISSIN 14.8 15 14 15 13.94 15 7,967,700 117,255,024 SHAKEYS PIZZA 6.8 7 7 7 6.81 6.81 374,900 2,564,259 ROXAS AND CO 0.53 0.54 0.53 0.55 0.53 0.53 217,000 116,010 RFM CORP 4.27 4.29 4.29 4.29 4.29 4.29 2,000 8,580 1.19 1.24 1.17 1.25 1.17 1.19 69,000 82,270 ROXAS HLDG SWIFT FOODS 0.096 0.099 0.096 0.099 0.096 0.099 40,000 3,930 UNIV ROBINA 104.6 105.1 106 106 104.5 105.1 436,820 45,890,344 VITARICH 0.61 0.63 0.61 0.63 0.61 0.63 423,000 260,310 CEMEX HLDG 0.69 0.7 0.7 0.71 0.69 0.69 1,854,000 1,282,700 12.2 12.64 12.22 12.66 12.2 12.64 7,700 94,844 EAGLE CEMENT EEI CORP 3.4 3.44 3.57 3.57 3.44 3.44 737,000 2,574,360 5.5 5.63 5.48 5.51 5.48 5.5 1,109,300 6,100,334 HOLCIM MEGAWIDE 4.16 4.2 4.3 4.3 4.15 4.16 74,000 310,430 PHINMA 19.12 19.76 19.76 19.76 19.76 19.76 1,100 21,736 0.87 0.88 0.87 0.89 0.86 0.88 1,595,000 1,399,990 VULCAN INDL CROWN ASIA 1.78 1.82 1.82 1.83 1.8 1.8 176,000 320,350 EUROMED 1.08 1.11 1.08 1.08 1.08 1.08 2,000 2,160 MABUHAY VINYL 5.2 5.3 5.29 5.3 5.29 5.3 2,500 13,226 CONCEPCION 18.44 19.58 19.66 19.66 19.58 19.58 200 3,924 GREENERGY 1.82 1.83 1.84 1.85 1.79 1.83 10,364,000 18,930,070 6.75 6.8 6.85 6.89 6.8 6.8 126,100 860,862 INTEGRATED MICR IONICS 0.59 0.6 0.59 0.6 0.59 0.59 55,000 32,470 PANASONIC 5.94 6 6.2 6.2 5.93 5.94 9,900 59,859 SFA SEMICON 1.02 1.05 1.02 1.02 1.02 1.02 17,000 17,340 CIRTEK HLDG 2.83 2.84 2.82 2.83 2.81 2.83 186,000 525,140

33,488,087 -13,119,960 166,770 -1,830,456 -485,352 2,693,060 -2,998,082.00 -6,680 -2,739,588 23,446 407,186 -1,029,980 -287,560 13,840 -486,025 406,700 -10,108,052 -1,808,392 34,044 1,040 -2,280 -23,839,976 12,400 54,156,412 -921,535 28,100 -22,948,105 -719,710 -1,953,420 -4,110,700 -142,370 -8,562,910 8,430

HOLDING & FRIMS

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG GT CAPITAL HOUSE OF INV JG SUMMIT KEPPEL HLDG A LOPEZ HLDG LT GROUP METRO PAC INV PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER WELLEX INDUS

43.8 128.6 9.53 97.6 26.75 7.3 51.75 7.01 16.22 18.8 56.1 19.82 92.9 80.5 2.47 3.5 900 195.1 0.72

1.52 671 51.5 10.5 0.87 0.46 0.44 4.6 9.01 500 3.4 52.3 7.25 2.99 8.39 3.79 2.27 0.84 846 107 108.8 0.27

44 129.8 9.56 97.8 26.8 7.36 51.8 7.79 18.68 18.82 58 20 93 80.85 2.49 3.56 1,010 200 0.77

1.53 673.5 52.05 10.6 0.89 0.47 0.49 4.61 9.1 500.5 3.5 53.5 8 3 8.4 3.8 2.28 0.86 862 109.5 111 0.3

43.75 128.5 9.51 97 26.95 7.27 53.8 7.79 18.7 18.82 56 19.84 93.3 81 2.35 3.56 900 200 0.76

1.52 695.5 52.5 10.9 0.87 0.49 0.44 4.69 9.28 505.5 3.5 53.85 6.76 3 8.47 3.79 2.27 0.86 860 106 111 0.27

44 129.8 9.56 98 26.95 7.38 53.8 7.79 18.7 18.86 58 20 93.3 81 2.5 3.58 900 204 0.77

1.55 695.5 52.5 10.9 0.87 0.49 0.44 4.69 9.29 505.5 3.5 53.85 7.25 3 8.5 3.8 2.43 0.86 862 109.5 111 0.27

43.75 128.4 9.5 96.55 26.8 7.25 51.75 7.79 18.7 18.82 56 19.82 92.55 80.35 2.25 3.56 900 192 0.76

1.5 671 51.25 10.5 0.87 0.455 0.44 4.61 8.97 497.4 3.5 52.2 6.76 2.98 8.4 3.72 2.24 0.86 844.5 105.9 111 0.27

44 129.8 9.56 97.8 26.8 7.36 51.8 7.79 18.7 18.82 56.25 19.84 93 80.5 2.47 3.56 900 200 0.77

1.53 671 51.5 10.6 0.87 0.47 0.44 4.61 9.1 500 3.5 53.5 7.25 2.98 8.4 3.8 2.27 0.86 862 109.5 111 0.27

2,200 1,218,680 13,400 1,123,070 48,000 340,000 3,500,540 600 100 177,200 540 38,000 817,350 28,990 5,978,000 28,000 210 10,770 69,000

14,679,000 231,860 844,610 1,527,200 70,000 470,000 30,000 837,000 5,994,700 71,850 10,000 1,081,720 20,000 200,000 1,868,800 5,823,000 4,499,000 100,000 300,980 70,900 2,990 30,000

22,331,410 156,664,960 43,682,291.50 16,210,782 60,900 216,450 13,200 3,871,420 54,446,566 35,866,377 35,000 57,612,543 140,100 597,120 15,761,120 22,017,070 10,440,750 86,000 258,201,385 7,655,375 331,890 8,100

PROPERTY ARTHALAND CORP 0.56 0.57 0.57 0.57 0.57 0.57 10,000 5,700 AYALA LAND 31.65 31.7 31.95 32 31.3 31.7 11,034,800 349,481,180 AYALA LAND LOG 4 4.03 3.95 4.03 3.95 4 331,000 1,318,710 15.3 15.88 16 16 15.98 15.98 300 4,796 ALTUS PROP ARANETA PROP 1.79 1.8 1.83 1.85 1.79 1.8 2,971,000 5,383,860 39.85 40 40 40 39.75 39.85 269,900 10,764,735 AREIT RT A BROWN 0.8 0.82 0.8 0.82 0.8 0.82 42,000 33,640 CITYLAND DEVT 0.69 0.72 0.73 0.73 0.73 0.73 7,000 5,110 CROWN EQUITIES 0.086 0.09 0.089 0.09 0.089 0.09 24,450,000 2,177,390 2.68 2.7 2.69 2.7 2.68 2.7 157,000 421,650 CEB LANDMASTERS 0.41 0.415 0.405 0.41 0.405 0.41 150,000 60,850 CENTURY PROP CITICORE RT 2.46 2.47 2.5 2.5 2.46 2.47 2,812,000 6,968,820 DOUBLEDRAGON 7.7 7.84 7.75 7.89 7.7 7.7 110,100 850,805 DDMP RT 1.51 1.52 1.51 1.54 1.51 1.52 3,094,000 4,710,170 6.76 6.8 6.85 6.85 6.8 6.8 21,000 143,390 DM WENCESLAO EMPIRE EAST 0.208 0.217 0.206 0.208 0.206 0.208 230,000 47,400 EVER GOTESCO 0.28 0.29 0.285 0.295 0.28 0.29 34,950,000 10,130,650 FILINVEST RT 7.14 7.15 7.23 7.23 7.14 7.15 177,400 1,268,341 FILINVEST LAND 0.93 0.94 0.94 0.94 0.92 0.94 1,974,000 1,835,500 10.2 10.4 10.32 10.4 10.3 10.4 92,000 953,860 8990 HLDG 634 674 651 674 649.5 674 280 185,610 GOLDEN MV PHIL INFRADEV 1.01 1.05 1.04 1.06 1.01 1.01 226,000 233,730 CITY AND LAND 0.79 0.82 0.81 0.82 0.79 0.82 31,000 25,040 MEGAWORLD 2.69 2.7 2.7 2.7 2.66 2.69 5,540,000 14,848,270 MRC ALLIED 0.211 0.214 0.206 0.214 0.206 0.214 2,160,000 448,960 16.3 16.38 16.3 16.4 16.3 16.3 393,700 6,431,448 MREIT RT 0.395 0.4 0.395 0.395 0.395 0.395 210,000 82,950 PHIL ESTATES PRIMEX CORP 1.94 1.97 1.94 1.97 1.94 1.97 686,000 1,343,360 RL COMM RT 6.9 6.91 6.92 6.92 6.9 6.9 10,874,700 75,036,401 ROBINSONS LAND 18.82 18.9 19.12 19.14 18.76 18.9 1,617,500 30,602,148 1.25 1.36 1.26 1.26 1.25 1.25 65,000 81,790 ROCKWELL STA LUCIA LAND 2.86 3.1 3.13 3.13 3 3.1 480,000 1,453,120 SM PRIME HLDG 37.6 38.6 39.1 39.1 37.3 38.6 13,599,300 515,691,995 VISTAMALLS 3.25 3.38 3.25 3.38 3.25 3.38 5,000 16,380 VISTA LAND 2.23 2.28 2.32 2.34 2.22 2.23 2,860,000 6,514,810

SERVICES ABS CBN 9.55 9.61 9.7 10 9.6 9.61 182,500 1,756,455 GMA NETWORK 11.52 11.54 11.4 11.68 11.4 11.54 327,100 3,789,892 MANILA BULLETIN 0.345 0.36 0.345 0.36 0.345 0.36 30,000 10,650 8 8.5 9.88 9.88 8.99 8.99 600 5,483 MLA BRDCASTING GLOBE TELECOM 2,394 2,400 2,444 2,444 2,354 2,400 47,165 113,121,130 1,901 1,920 1,914 1,920 1,891 1,920 69,545 132,722,835 PLDT APOLLO GLOBAL 0.045 0.046 0.044 0.046 0.044 0.046 127,400,000 5,786,700 CONVERGE 23.55 24 24 24.15 23 24 18,551,600 435,987,795 DFNN INC 3.23 3.32 3.2 3.4 3.2 3.23 431,000 1,448,250 4.1 4.11 4.15 4.15 4.09 4.11 1,662,000 6,828,990 DITO CME HLDG 1.29 1.3 1.32 1.32 1.29 1.3 2,261,000 2,941,940 NOW CORP TRANSPACIFIC BR 0.3 0.305 0.3 0.305 0.3 0.3 3,960,000 1,191,350 2GO GROUP 6.9 7 7.1 7.1 6.9 6.9 4,200 29,400 CHELSEA 1.37 1.39 1.4 1.42 1.38 1.39 308,000 428,430 44.25 44.6 45.2 45.2 44.25 44.25 119,100 5,321,605 CEBU AIR 202.2 203 211 211.2 200.8 203 3,269,990 667,386,302 INTL CONTAINER 22.15 23.5 23.5 23.5 23.5 23.5 1,200 28,200 LBC EXPRESS MACROASIA 4.75 4.78 4.85 4.85 4.73 4.78 223,000 1,061,210 PAL HLDG 5.98 6.05 6.1 6.1 6 6.05 33,200 199,440 0.94 0.97 0.94 0.97 0.94 0.97 38,000 36,320 HARBOR STAR BOULEVARD HLDG 0.102 0.103 0.112 0.114 0.102 0.103 177,660,000 19,061,290 0.425 0.43 0.42 0.42 0.42 0.42 20,000 8,400 WATERFRONT CENTRO ESCOLAR 6.57 6.84 6.84 6.84 6.54 6.55 4,900 32,887 FAR EASTERN U 530 590 530 530 530 530 830 439,900 IPEOPLE 7.26 7.95 7.23 7.23 7.23 7.23 100 723 0.34 0.35 0.355 0.355 0.34 0.355 740,000 258,300 STI HLDG 1.25 1.26 1.26 1.27 1.26 1.26 193,000 243,200 BELLE CORP BLOOMBERRY 6.25 6.32 6.35 6.35 6.22 6.32 741,000 4,640,087 PACIFIC ONLINE 1.36 1.38 1.34 1.38 1.34 1.38 107,000 144,430 LEISURE AND RES 1.32 1.37 1.33 1.38 1.33 1.37 4,249,000 5,725,900 0.96 1.34 1.35 1.35 1.35 1.35 3,000 4,050 MJC INVESTMENTS PH RESORTS GRP 1.07 1.09 1.11 1.11 1.05 1.09 1,442,000 1,551,610 0.405 0.41 0.41 0.41 0.405 0.41 2,840,000 1,151,650 PREMIUM LEISURE PHILWEB 3.99 4.04 4.15 4.15 3.96 3.99 2,146,000 8,622,460 ALLDAY 0.35 0.355 0.37 0.37 0.345 0.355 30,140,000 10,658,800 ALLHOME 5.3 5.31 5.64 5.64 5.3 5.31 595,300 3,182,807 1.44 1.45 1.44 1.44 1.44 1.44 480,000 691,200 METRO RETAIL PUREGOLD 33.15 33.8 33.75 33.8 33.1 33.8 549,200 18,400,885 ROBINSONS RTL 50.05 50.9 50.6 51.7 50.05 50.05 1,757,100 88,084,500 PHIL SEVEN CORP 53 53.5 53.8 53.8 53.5 53.5 1,364,420 73,343,764 SSI GROUP 1.36 1.37 1.36 1.37 1.34 1.37 781,000 1,055,990 27.1 27.5 27.7 27.7 26.95 27.5 729,600 19,914,230 WILCON DEPOT 0.213 0.22 0.221 0.221 0.213 0.22 500,000 106,860 APC GROUP MEDILINES 0.67 0.69 0.69 0.69 0.67 0.69 997,000 678,790 PRMIERE HORIZON 0.52 0.53 0.475 0.54 0.475 0.53 43,520,000 22,669,850 SBS PHIL CORP 3.85 3.99 3.99 3.99 3.99 3.99 1,000 3,990

MINING & OIL ATOK 7.15 7.2 7.3 7.3 7.15 7.15 15,100 108,770 APEX MINING 1.58 1.61 1.59 1.62 1.58 1.61 3,045,000 4,827,820 5.95 5.99 5.96 5.97 5.95 5.95 39,300 234,160 ATLAS MINING 6.98 6.99 6.97 7.12 6.97 6.99 42,000 293,153 BENGUET A BENGUET B 7 7.12 7.02 7.19 7 7 40,100 283,826 COAL ASIA HLDG 0.218 0.233 0.216 0.216 0.216 0.216 10,000 2,160 CENTURY PEAK 2.62 2.73 2.65 2.73 2.61 2.73 164,000 431,500 FERRONICKEL 2.55 2.56 2.6 2.63 2.55 2.56 4,463,000 11,428,110 0.178 0.197 0.18 0.18 0.18 0.18 180,000 32,400 GEOGRACE LEPANTO A 0.136 0.14 0.14 0.14 0.135 0.136 1,360,000 185,660 LEPANTO B 0.134 0.139 0.134 0.134 0.134 0.134 20,000 2,680 MANILA MINING A 0.0095 0.0098 0.0096 0.0096 0.0096 0.0096 5,000,000 48,000 MANILA MINING B 0.0095 0.0099 0.0095 0.0095 0.0095 0.0095 200,000 1,900 1.67 1.69 1.67 1.71 1.64 1.69 8,258,000 14,004,820 MARCVENTURES 0.97 1.02 0.99 1.02 0.99 1.02 222,000 224,050 NIHAO NICKEL ASIA 7.37 7.41 7.43 7.43 7.27 7.41 2,845,100 20,976,251 ORNTL PENINSULA 0.79 0.8 0.79 0.8 0.78 0.8 185,000 145,570 PX MINING 4.43 4.51 4.49 4.55 4.43 4.43 127,000 568,860 35.65 35.7 36.3 36.4 35.5 35.7 3,247,300 116,382,280 SEMIRARA MINING 0.0061 0.0065 0.0062 0.0062 0.0062 0.0062 1,000,000 6,200 UNITED PARAGON ACE ENEXOR 10.4 10.54 10 10.8 10 10.4 498,600 5,211,656 ORNTL PETROL A 0.011 0.012 0.012 0.012 0.011 0.011 14,200,000 157,800 ORNTL PETROL B 0.012 0.013 0.011 0.012 0.011 0.012 19,600,000 219,000 PHILODRILL 0.009 0.0092 0.0091 0.0092 0.0091 0.0091 5,000,000 45,600 4.78 4.8 4.8 4.8 4.8 4.8 74,000 355,200 PXP ENERGY

PREFFERED HOUSE PREF B 98.5 100 100 100 100 100 1,500 150,000 AC PREF B1 501.5 503 503 503 503 503 8,200 4,124,600 AC PREF B2R 496.4 500 501 502 501 502 2,000 1,003,000 44.5 46.5 46.6 46.6 46.6 46.6 100 4,660 CEB PREF CPG PREF A 101.1 102 101.1 102 101 102 1,990 201,067 DD PREF 97 100 99.15 99.15 98 98 51,970 5,116,772 EEI PREF B 106 107 105 107 105 106 55,400 5,867,200 FGEN PREF G 100.1 105.9 100.1 100.1 100.1 100.1 1,200 120,120 JFC PREF B 967 989 990.5 990.5 967.5 967.5 60 58,280 93.7 98.95 98.95 98.95 98.95 98.95 20 1,979 MWIDE PREF 2A MWIDE PREF 4 98.5 99.8 99.65 99.8 99.65 99.8 1,100 109,731 PNX PREF 4 975 980 978 980 978 980 300 293,980 SMC PREF 2F 76.85 76.95 76.95 76.95 76.95 76.95 650 50,017.50 SMC PREF 2I 76.5 78.6 77 77 76.45 76.45 26,700 2,044,100.50 74.05 75.6 75.7 75.7 75.7 75.7 500 37,850 SMC PREF 2J SMC PREF 2K 74.3 75 75 75 74.05 74.05 3,240 242,487

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 9.33 9.5 9.35 9.35 9.34 9.34 16,000 149,470 GMA HLDG PDR 11.1 11.44 11.2 11.22 11.2 11.2 11,800 132,162

WARRANTS TECH WARRANT 0.51 0.53 0.53 0.54 0.53 0.54 13,000 6,900

7,320,650 -82,951,630 -21,768,336 -10,267,210.00 -2,965,250 8,910,567 -9,919,958 13,714,117.50 -3,591,115 -7,189,970 16,004,855 3,269,991 66,755,720 -146,980 -560,180 -167,810 37,800 -2,332,520 7,428 2,217,950 -1,077,850 -475,454 -1,051,080 83,470 -11,450 -5,094,190 21,180 -1,419,646.00 -1,091,720 -4,262,315 -8,131,292 -55,810,560 -2,604,740 -42,694,270 346,975 36,714,550 -65,040 154,560 27,000 10,990 -258,051,362 371,420 3,550 -1,892,868 39,540 140,050 459,600 -1,539,618 -3,554,330 -27,983,864 -542,006 -67,500 -4,114,840 0 -262,700 -987,790 -25,618 164,200 5,014,840 2,680 193,360 7,310,972 40,050 23,405,120 -1,092,142 9,800 -121,420 60,478

SMALL & MEDIUM ENTERPRISES

CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH MERRYMART XURPAS

0.89 1.01 0.86 2.6 1.52 0.35

0.9 1.02 0.88 3.28 1.54 0.36

EXHANGE TRADE FUNDS FIRST METRO ETF

103

104.2

0.88 1.02 0.87 2.7 1.52 0.35

0.91 1.03 0.88 2.7 1.54 0.365

0.88 0.99 0.86 2.7 1.52 0.345

0.9 1.03 0.88 2.7 1.54 0.35

6,127,000 95,000 205,000 5,000 552,000 4,140,000

5,506,360 96,140 179,200 13,500 843,090 1,461,900

-2,040 -3,030 248,000

104.1 104.5 103 104.1 8,490 880,560 269,883

www.businessmirror.com.ph

Pawnshops post strong growth in ’21–BSP

By Bianca Cuaresma @BcuaresmaBM

P

AWNSHOPS continued to post strong growth in 2021 amid disruptions caused by the pandemic, as evidenced by the industry’s larger asset base, network and capitalization during the year.

The Bangko Sentral ng Pilipinas (BSP) on Thursday reported a 4.7-percent rise on the pawnbroking industry’s total assets in end-2021, hitting P96.9 billion by the end of the year.

The industry’s network also expanded to 1,156 head offices and 14,350 branches nationwide by the end of the first quarter of 2022, from 1,152 head offices and 14,236 branches three months earlier.

This means that pawnshops are present in 1,361 of 1,634 cities and municipalities, or 83.3 percent of all local government units across the country.

BSP data also showed that pawnshops’ capitalization grew by 2.6 percent year-on-year to P42.2 billion at end-2021. At this level, the Central Bank said the industry’s capitalization remains “adequate to support risk-taking activities.”

Diokno said the rise in pawnshops’ capitalization was primarily driven by capital accumulation from continued profitable operations, with earnings of P3.9 billion in 2021. According to the governor, the pawnbroking industry sustained its growth amid continuous diversification, innovation, and digitalization.

“The industry’s multiple financial access points, wide geographical reach, and role of providing accessible loans to households and small entrepreneurs, including the unbanked, all underscore the crucial role of pawnshops in promoting financial inclusion,” Diokno said.

Aside from extending loans on pledged assets, pawnshops in the country have diversified their products and services to include activities such as remittances, money changing, bills payment, and cash agency.

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Friday, June 10, 2022

B3

Govt fails to sell seized luxury cars again

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By Bernadette D. Nicolas

@BNicolasBM

HE government failed to raise money from its auction of four seized luxury cars on Thursday as it once again drew no bidders.

The Inter-Agency Auction Committee was forced to declare failed biddings for all of the four lots with a combined floor price of P22.42 million.

The top two most expensive of the four seized used luxury cars, however, had one interested bidder each. However, the bidders were unable to register after failing to meet the requirements. The bidders signified interests for the 2006 Lamborghini and the 2008 Ferrari Scuderia 430 with floor prices of P10.38 million and P10.45 million, respectively.

This was the first time that the 2006 Lamborghini was put up on the auction block while the remaining three seized luxury cars have already been re-offered three times after the first failed public bidding as it attracted no bidders.

“The prospective bidder did not meet all registration requirements under the rules; hence, no registered bidders to speak of,” Inter-Agency Auction Committee Vice Chairman and Deputy Treasurer Erwin D. Santa Ana told the BusinessMirror in a message following the auction.

Among the requirements that the

bidder failed to meet include the posting of the bond, Santa Ana added.

Customs Deputy Commissioner Edward James Dy Buco also confirmed this to BusinessMirror, saying the bidder was not allowed to register because it did not post a bond.

“Dapat kasi inayos na nila beforehand ang registration at posting of bond,” Dy Buco said. [They should have arranged the registration and posting of bond beforehand.]

Based on the terms and conditions of the public auction, bidders must post duly-receipted bond in cash or manager’s check depending on the floor price. The bond shall be refunded to the losing bidder after the closing of the auction.

Following the declaration of failed bidding for the four seized luxury cars, the committee approved Dy Buco’s motion to re-offer these on June 15.

He told the BusinessMirror that the four seized luxury cars will be re-offered at the same floor price.

Should the next auction be declared a failed bidding again, especially for the three re-offered lots, Dy Buco said this will be the time when they ask principals regarding the next step that should be taken by the committee.

“Probably after that, we will just seek guidance. Pwede pa naman ’yan [It could be offered on a] negotiated sale,” he said.

Apart from the 2006 Lamborghini and the 2008 Ferrari Scuderia 430, the government re-offered on Thursday the 2001 Porsche Boxster and the 2011 Mercedez E220 with floor prices of P809,082.97 and P783,049.46, respectively.

Since the government resumed disposing luxury cars through public auction back in December, it has so far held a total of four public biddings.

Of the four, there was so far only one public auction wherein it awarded bids. After two consecutive failed biddings, the government finally raised

in April this year P6.305 million after it awarded bids for the three seized luxury cars.

Citing the need to infuse funds for pandemic response, the government was announced in December last year that luxury cars seized by the Bureau of Customs (BOC) will be disposed through public auction.

The IAC—composed of representatives from the BOC, Bureau of the Treasury and the Land Bank of the Philippines—was formed to ensure transparency of the process and promote competition through broad dissemination of auction information.

Before this, smuggled vehicles were destroyed instead of being auctioned off as the BOC followed President Duterte’s directive.

Duterte said in 2018 that he wanted to do away with the public auction of smuggled luxury cars as he alleged that smugglers take advantage of the auction to buy the vehicles at a cheaper price.

PHL urges continuous intl aid to help contain financial stability risks

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HE Philippines is urging the international community to continue helping low and middle-income countries in containing financial stability risks and achieving green and inclusive economic growth.

Speaking in a recent forum of the United Nations Economic and Social Council (UN-Ecosoc), Finance Undersecretary Antonette C. Tionko said international cooperation must be strengthened as rebuilding the global economy amid the current and future external shocks will be “arduous.”

“The pandemic highlighted the importance of international cooperation in ensuring that we leave no one behind. The Philippines is grateful for the technical and financial assistance from our development partners in providing budgetary support and vaccine mobilization

for our COVID-19 response,” Tionko said at the UN-Ecosoc Financing for Development forum held last April.

“We strongly support the call for the international community to continue providing assistance, especially to low-income and middle-income countries and developing countries, in the areas of improved vaccine access, liquidity to contain financial stability risks, and a green, resilient and inclusive development in line with the SDGs [Sustainable Development Goals] and global climate goals,” she said.

Nonetheless, Tionko vowed that the Philippines will “adopt a robust agenda focusing on improved healthcare and transport capacity; easing local and international movement restrictions, especially in global value chains; digital transformation; and resumption of face-to-face learning”

to minimize the economic scarring from the pandemic.

She said the Philippines will continue pursuing its Comprehensive Tax Reform Program, which provides tax relief to individuals, micro, small, and medium, enterprises (MSMEs), and corporations; broadens the tax base; promotes financial inclusion; and increases excise taxes on the consumption of “sin” or harmful products, Undersecretary Tionko said.

In other forums hosted by the UNEcosoc under the Financing for Development umbrella, Finance Assistant Secretary Neil Adrian S. Cabiles also encouraged developed countries to lead the efforts on climate adaptation and mitigation, knowledge and technology transfer, technical assistance, among other means to achieve the goal of saving the planet from the effects of climate change.

“As a shared responsibility, we call on countries, multilateral development banks, and bilateral partners, and all stakeholders, to forge strong alliances and partnerships to innovate ways to reduce carbon emissions and integrate sustainable practices in all forms,” he added.

In the UN-Ecosoc Financing for Development Forum on Expanding Concessional Finance, he also pointed out that partners can extend grants and concessional financing to support climate-resilient projects and investments that conform to sustainable principles.

Developing countries should also continue finding “creative and innovative measures to ensure fiscal sustainability,” he said.

Apart from continuously pursuing tax reform and improvements in tax administration to boost domes-

tic capital markets, Cabiles said the government will sustain infrastructure development while incorporating green and sustainable designs to revitalize the economy, broaden financial inclusion and ensure longterm growth.

“Lastly, we will strengthen fiscal risk mitigation mechanisms to continue protecting economic and development gains,” he said.

“With the continued support of our developing partners and the international community as a whole, the Philippines will continue to ensure judicious financial management and sound fiscal policies that will provide an enabling environment for the attainment of an inclusive and sustainable recovery despite the difficulties we face from ‘black swan’ events,” Cabiles added.

Bernadette D. Nicolas

UnionBank undertakes largest executive promotions LandBank in partnership with private firm for LGU T digital payment solution HE board of directors of Aboitiz-led Union Bank of the Philippines (UnionBank) recently approved and confirmed the largest number of executive promotions by the bank with a total of 74 executive officers. So far, it was the biggest upgrading of positions of the bank.

Ana Maria Aboitiz-Delgado, a fifth-generation business in the Aboitiz clan, leads the newly-promoted executive officers. Aboitiz-Delgado was promoted from Executive Vice

President to Senior Executive Vice President effective June 1, 2022. As the bank’s chief customer experience officer and chief digital channel officer, Delgado made huge contributions in growing UnionBank Online in terms of user base and features, transforming and re-branding of branches even during the pandemic, and creating the business models for self-service branches and Corporate Ark. She played a key role in the seamless signing of the game-changing deal between Citi and UnionBank

Minding mental resiliency

R

ICHARD M. Caballero is a man on a mission.

Born in the Philippines, Richard is founder and CEO of Healthy Mind Solutions, a Canadian digital mental wellness company with a purpose to break the stigma of mental illness in the Philippines by providing research-based mental wellness solutions that are effective, accessible and affordable.

The Philippine Council of Associations and Association Executives (PCAAE) had the opportunity to learn more about Healthy Mind Solutions and its web-based solution, MindWoRx, in Richard’s recent webinar entitled “Building a Mentally Resilient Workforce.” Here are the salient points during his session which may be relevant to associations, too: 1. Definition. Mental resilience is the ability of an individual to adapt to hardships, stress, emotional difficulties and mental health adversities.

Having a strong mental resilience can help protect an individual from various mental health conditions, such as depression and anxiety and can handle day-to-day work stressors and pressures.

Being part of a mentally-resil-

Association World Octavio Peralta ient workforce, an employee can have these benefits: preventative, i.e., being able to adapt to life-changing events, to cope with turbulent times, to handle work pressures and to bounce back from hardships and tragedies; management, i.e., able to better handle, oversee and overcome mental illnesses; and productivity e.g., less likely to take time off due to mental health reasons.

For the employer, benefits include lower employee absences, increased employee productivity and lower employee turnover.

2. Some statistics. Based on a survey, Filipino workers have been struggling: 13 percent file sick leaves due to mental health concerns; 23 percent want to quit their jobs due to stress and anxiety; 47 percent feel overworked; 46 percent cite financial pressures as the top source of dis-

last December 2021 and is now at the forefront of ongoing integration of both banks.

The board likewise approved and confirmed the extension of Edwin R. Bautista as the bank’s president and CEO until December 31, 2025.

Bautista was appointed as the Bank’s President in 2016 and CEO in 2018.

Bautista led the bank’s digital transformation six years ago and has successfully put UnionBank’s name on the global digital map. For his achievements, he was named the In-

tress; 35 percent are unproductive an average of two hours a day due to mental illness.

3. Mental health challenges.

These include societal stigma, accessibility and affordability. For fear of discrimination and potential loss of work associated with mental illness, employees are forced to suffer in silence and are not able to avail of help. In addition, available help is not enough as psychiatrists/psychologists and medical facilities are concentrated in highly urbanized cities. Compounding this is the fact that the cost therapy sessions with a psychologist is beyond the reach of most workers.

4. Groups most affected.

These include: (a) professionals working from home due to isolation from colleague and peers plus job and financial uncertainties that contribute to feelings of anxiety and over time, depression; (b) women balancing challenges of family life in a lockdown, combined with managing childcare and online schooling for their kids that are causing constant stress and anxiety; and, (c) youth suffering separation from friends, issues of online schooling as

ternational Banker’s 2021 Banking CEO of the Year in Asia, and The Asset’s 2020 Digital Banker of the Year for Asia Pacific. Under his leadership, UnionBank reaped numerous recognitions including being named Digital Bank of the Year by The Asset five years in a row and Asia Trailblazer Institution of the Year 2021 by Retail Banker International. Bautista was also the driving force behind the acquisition of the consumer banking business of American banking giant Citi in the Philippines.

well as uncertainty of their future that are major anxiety and depression contributors.

5. An online solution. MindWoRx is a web-based mental health platform to overcome anxiety and depression using the cognitive behavior therapy (CBT) approach. It is anonymous, accessible 24x7 and affordable. MindWoRx is a comprehensive mental health solution for individuals, companies and medical professionals and uses an online mental health assessment tool, mental recovery and resiliency courses and a community support forum.

Mental illness is not a character flaw and is caused by genetic, biological, social and environmental factors. It is not caused by personal weakness and is not cured by personal strength. With appropriate treatment, many people can and do recover from mental illness.

Octavio Peralta is currently the executive director of the Global Compact Network Philippines and founder and volunteer CEO of the Philippine Council of Associations and Association Executives, the “association of associations.” E-mail: bobby@ pcaae.org.

Land Bank of the Philippines Inc. President and CEO Cecilia C. Borromeo (second from right) and Multisys Technologies Corp. President and CEO David L. Almirol Jr. (third from right) sign a Memorandum of Agreement on May 24, 2022, for the integration of LandBankPay and Multisys’s Smart City app to facilitate digital payment and collection for local fees and charges. Witnessing the signing are LandBank Senior Vice President Randolph L. Montesa (rightmost) and Multisys e-Government Head Lyka Pelonio (leftmost). CREDIT: Land Bank of the Philippines Inc.

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HE Land Bank of the Philippines Inc. (LandBank) has partnered with software solutions firm Multisys Technologies Corp. to provide local government units (LGUs) with an efficient digital payment and collection solution for local fees and charges.

Under the partnership, the state-run bank’s all-in-one mobile wallet LandBankPay will be integrated with Multisys’s Smart City App, to allow residents to settle their financial obligations to LGUs without visiting the local offices.

These financial obligations include payments for real property tax, business tax, community tax certificate, local civil registry, health and business permits and licenses.

LandBank President and CEO Cecilia C. Borromeo and Multisys President and CEO David L. Almirol Jr. led the ceremonial signing of the Memorandum of Agreement (MOA) last May 24 at the Landbank Plaza in Malate, Manila, to formalize the partnership. They were joined by LandBank Senior Vice President Randolph L. Montesa and Multisys e-Government Head Lyka R. Pelonio.

“The integration of LandbankPay and the Smart City App will help boost LGU collection rates and generate op-

erational cost savings in the long run,” Borromeo said. “More importantly, we will be providing greater convenience and security to residents when settling local government fees.”

Almirol said that the Smart City App is now being utilized in 75 LGUs nationwide, with the firm set to expand its deployment this year.

The MOA also covers the integration of the LandbankPay with other similar applications that the Multisys may develop in the future, wherein the LandBank app will function as the primary electronic wallet of the Multisysdeveloped applications.

“We believe that this initiative is very vital not only on a local scale but also on a national scale. And we know that LandBAank is our key partner to really accomplish this,” Almirol said.

LandBank’s partnership with Multisys builds on its broader thrust of serving the nation through the delivery of innovative financial products and services powered by digital banking platforms.

From January to March, Landbank facilitated a total of 39.14 million transactions amounting to P567.61 billion through its major digital banking channels.

B4

Friday, June 10, 2022 • Editor: Gerard S. Ramos

Relationships BusinessMirror

Screaming into my mask

www.businessmirror.com.ph

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Kate Upton, 30; Leelee Sobieski, 39; Shane West, 44; DJ Qualls, 44.

THOSE dastardly dinosaurs are back in Jurassic World Dominion.

HAPPY BIRTHDAY: Choose your words wisely.

Misinterpretation will stand between you and what you want. Leave nothing to chance or up to others to handle for you. Explore how you feel about your options; take the path that suits you best. Don’t feel married to someone’s ideas and plans when you have your own to pursue. Balance and integrity will enhance the outcome.

Your numbers are 7, 15, 19, 23, 32, 36, 48.

ARIES (March 21-April 19): Be realistic. Don’t believe everything you hear or take on more than you can handle. Emphasize what you can do to tidy up loose ends. A heart-to-heart chat with a friend or relative will help you put your life in perspective. HHH

W

HEN Jurassic Park was shown in Manila in 1993, I watched it exactly five times. SM Centerpoint, now called SM City Sta. Mesa, was fairly new then and its theaters were quite clean and not that crowded. Each time the T-Rex would come into view at a precise point in the film, I would scream my lungs out, along with the others in the audience. It never got old.

I was such a fan. So much so that I even bought the novel it was based on, authored by Michael Crichton, at National Book Store (when it was, yes, still filled with interesting books across all genres and for all ages, instead of the glorified stationary store that it is today). Directed by Steven Spielberg, Jurassic Park was a huge hit not just because of its brilliant cast (Sam Neill, Laura Dern, Jeff Goldblum and Richard Attenborough), its mind-blowing and totally possible plot—cloned dinosaurs running around in a theme park—but also because of the groundbreaking CGI dinosaur creations crafted in George Lucas’ Industrial Light and Magic.

Produced at a cost of $63 million, the film went on to gross over $912 million worldwide (peanuts by today’s standards, I know), and when it was re-released in 3D in 2013 to celebrate its 20th anniversary, it broke even more theater box-office records, registering over $1 billion in ticket sales.

A few other sequels followed, although not as spectacular as the original, with the sixth and final film just released, Jurassic World Dominion, currently showing in local theaters. (It is the third installment in the Jurassic World franchise which primarily stars Chris Pratt and Bryce Dallas Howard, with BD Wong tying together the Park and World franchises.)

For this final installment of our beloved world

TAURUS (April 20-May 20): Take care of money matters, your reputation and your position. Leave nothing to chance or up to someone likely to step in and take over. Keeping your opinions and plans to yourself will make your life easier.

HHH

GEMINI (May 21-June 20): Do the research. A biased opinion will cause uncertainty, leaving you in a vulnerable position. Go over details, rules and regulations, and make sure you have taken care of anything that can negatively influence what you are trying to achieve. HHHHH

There I was initially groaning in my seat in the darkened theater while a parade of little ones came in with their parents. (Remember those times when kids would hit the back of your chair constantly, or squirm and whine to their mommies just at the exciting part of a movie? Oh no!)

As the first scenes rolled out, I got a tad worried these would be too violent or gruesome for the kids... many of them were below 12 years old. But I didn’t hear a peep from any of them even while the apex predators were attacking each other. I wonder....

Did parents nurture their kids on horrific movies throughout pandemic lockdown such that the Giganotosaursus failed to push their shock buttons?

of dinosaurs, I decided to watch it in the movie theater. Sorry, Tom Cruise, you will have to wait. The velociraptors are far more exciting than your Super Hornet. (Have never really been a fan of the actor, and until the Top Gun sequel Maverick started its cinema run, I watched the original for the second time only two days ago.)

Twenty-nine years since the premiere of Jurassic Park, Jurassic World Dominion brings together the main characters in Park and World for yet another formulaic plot pitting humans versus dinosaurs, and how we must, well...all try to get along. Although a bit underwhelming than the original Park, or World, Dominion still managed to elicit a few screams into my mask.

Curiously, the kids in the audience were quiet.

Continued on B5

LEO (July 23-Aug. 22): Challenging yourself physically will ease stress. Put your energy into something that matters to you, and you’ll find a way to make a difference. Home improvement projects will give you a new lease on life. Stick to a budget. HHHH

VIRGO (Aug. 23-Sept. 22): A change will lift your spirits and put you in the mood to get out and have fun with friends or spend a romantic day with someone you love. Worry less about what others think. Do what makes you happy. HHHH

LIBRA (Sept. 23-Oct. 22): You’ll have the drive and stamina to get things done. Refuse to let someone get in your way or take over. Map out your plan and go about your business. What you learn through experience and doing things yourself will pay off. HHH

SCORPIO (Oct. 23-Nov. 21): Keep life simple. Don’t get into an emotional tiff with a friend, relative or peer. Plan your next move or fix up your space to make it easier to handle your responsibilities. Find an exciting way to use your talents.

HHH

Insurance for fur babies now available DOGS are among the best blessings humans can ever ask for.

Being greeted with an excited, tail-wagging, tongue-sticking out pupper is the ultimate mood booster and stress reliever on a busy day. As the saying goes, we don’t deserve dogs for always being there for us. Where we see them as an additional companion, to them we are their world.

However, with our great love for fur babies comes great responsibility. Whether you are a longtime or new fur parent, you would know it takes a large amount of upkeep to care for your four-legged friends. Raising dogs can be challenging as they require a lot of love, attention, and physical care.

Being a good fur parent is more than just giving baths; it also entails taking them to proper groomers. It is more than providing basic care of food and water, but also ensuring they get the proper nutrients. It is more than deworming and anti-rabies vaccines, but also giving extra supplements and check-ups with the vet when necessary.

As the world opens up and gets back on its feet, people and dogs alike are getting more exposure to the outdoors, which increases health and safety risks. Fortunately, GCash, everyone’s go-to app for payments and financial services, is making moves to support pet owners in showing their love for their dogs by offering affordable, convenient, and comprehensive pet insurance.

“We want to emphasize pet insurance as part of essential pet care to give dog parents a sense of security in cases of unfortunate events. Gcash, through GInsure, makes pet insurance more accessible, convenient and affordable, so pet owners can give their fur babies the best protection and care,”

CANCER (June 21-July 22): Get expert advice before initiating change or starting something new. Make sure your plans fit your budget, and prepare to go the distance before you begin. A physical change will help decide how you want to evolve. HH

said Winsley Royce Bangit, GCash chief customer officer.

With Pet Insure, you can protect both your dogs and yourself as a pet owner, to provide the best care in the face of unexpected circumstances without having to break the bank for every visit to the vet.

For only P267 per month, you can receive full year coverage with 3-in-1 insurance products, and a maximum coverage of P400,000 for you and your dog. Packages include several items to secure your peace of mind, such as: n MEDICAL REIMBURSEMENT: In cases your dog will need to undergo check-ups, tests/scans, surgery, GInsure will cover the expenses based on the covered amount of your insurance plan n CRUCIATE LIGAMENT INJURIES: These are extremely painful knee joint injuries/ruptures that your dog may possibly get due to repeated trauma or arthritic disease. In these cases, your chosen Pet Insure plan can also cover it so long as it is not an intentionally inflicted injury. n BURIAL ASSISTANCE: In the unfortunate circumstance your dog will be needed to be put down due to sickness and/ or old age, GInsure’s Pet Insure can help alleviate the added stress of costly burial services. n OWNER’S LIABILITY: It cannot always be avoided that your fur baby can cause some accidents. Your insurance can help cover any legal liabilities to third parties due to your dog’s actions.

As with all GCash services, getting your pet insurance is convenient and hassle-free. In order to qualify, you will need to have a fully verified GCash account, proof of Philippine

SAGITTARIUS (Nov. 22-Dec. 21): Make yourself comfortable by improving your surroundings. Take charge of your happiness, and don’t give anyone the chance to ruin your day. Get together with someone who challenges you to be better.

A partnership looks promising. HHH

CAPRICORN (Dec. 22-Jan. 19): Spend more time pampering and pleasing yourself. A couple of changes at home will make you feel at ease and assist you in distancing yourself from someone who is a bad influence. Say no to unrestrained behavior.

HHHH

AQUARIUS (Jan. 20-Feb. 18): Take a moment to figure out what others want or expect from you. Don’t feel you have to make a change because someone else does. Stick close to home and work on projects that will make you feel good about your life. HHHHH

PISCES (Feb. 19-March 20): Keep personal and financial information to yourself. The fewer things others know about you, the easier it will be to avoid being asked for handouts and favors and feeling the need to take on responsibilities that don’t belong to you. Protect your assets and reputation. HHH

citizenship or legal residence for foreigners, and a house dog between the ages of six months to eight years.

More information is available at www.gcash.com.

BIRTHDAY BABY: You are persistent, innovative and thoughtful.

You are ambitious and diligent.

‘alternate endings’ BY DAVID BLOOM The Universal Crossword/Edited by David Steinberg

ACROSS 1 Apple tablet 5 Hard tennis shot 10 Palindromic alternative to a Game Boy 13 “Sad” color 14 Cinnabon’s smell, e.g.

15 Beehive State natives 17 Smidge 18 *Retaliate 20 Rushes, like a castle 22 Dos + uno 23 Word after “UV” or “X-” 24 ___: Vegas (CBS show) 25 Play cooperatively 27 Apt job for Joe? 30 Asthma trigger 31 What your patience may gradually do 33 Con artist’s assistant 37 Projectile path 38 Drain problems 41 “I never saw your text,” perhaps 42 Goes up and down and up...

45 Event for Trixie Mattel or RuPaul

48 51 52 56 57 58 59 62

After the penultimate Cold country known for hot springs Heels-over-head stunt French denial Bachelor’s final words Jackrabbit, e.g.

Investigative piece by Ida B. Wells In need, or two words that can follow both parts of each starred clue’s answer 65 Chatted on Slack, say 66 Strange-sounding lake 67 Insults during a roast 68 Jack or Jill 69 The 30th, for June 70 Ore analysis 71 Gleeful look DOWN 1 Nile wader 2 It may thicken...or be full of holes 3 Rome under Augustus, e.g.

4 Outdated letter opener 5 Fresh talk 6 Rocky III actor 7 Vital artery

8 9 10 11 12 16 19 21 25 26 27 28 29 32 34 35 36 39 40 43 44

Mocking looks Olajuwon nicknamed “the Dream” Place to order ale Bart or Ringo Nut in a pie “The ___ the limit!”

These, in Havana Victoria Falls spray Follow surreptitiously “How frustrating!”

NYC theater district Bubbly British chocolate bar Potent part of pot Silent agreement Member of Congress’s “Squad” Cecil or Simba Obscene Many a city street layout Word after “egg” or before “fly” Passe ___ Fierce (onetime Beyoncé alter ego) 46 Group after boomers 47 Like ski trails that aren’t flat 49 Poem unit

50 52 53 54 55 59 60 61 63 64

Time machine on Doctor Who ___-and-seek Love a lot Lose-lose Ultrabright colors Crafty web site Prefix for “final” Biblical utopia The Simpsons neighbor US school in Athens

Solution to today’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Friday, June 10, 2022

COVID SCARE

SO this celebrity went abroad with a small entourage and guess what happened after he returned? He and the people who went with him on the trip were found to be positive for Covid-19 after a couple of tests. They immediately isolated, of course, but before that they had already mingled with other people. One of the people in the group was negative and never had any symptoms and instead of isolating, this person went on with life and even went to work and attended meetings. Naturally, work for the celebrity’s latest project has been delayed but that’s understandable. What’s difficult to understand is why he and his handlers would choose to keep it a secret when they should tell the people they came in contact with.

TOXIC FANS

FANS of a loveteam are known as one of the most toxic online.

Even without any successful projects, the loveteam is being touted as the most popular and most bankable. Their fans are ready to fight anyone they see as threats to the loveteam’s popularity. Toxic fans of loveteams are nothing new. Not all fans of loveteams are toxic but some are. What makes the toxic fans of this loveteam unique is that they seem to have the blessing of one half of the fandom. The young actress has reportedly given the fans who are closest to her the go-signal to defend her and her partner at all cost.

FAKING WITH FANS

ONE secret of many celebrities and socialites is that they wear fakes of designer clothes, shoes and bags. It’s more practical to do that than buy the original designer items. Luxury bags now start at around P100,000 and while these celebrities can afford that, many of them choose to spend that money on something else. Of course, some celebrities refuse to wear anything fake. But they’re not averse to “borrowing” from their suki sellers. That’s what this A-list actress does and she does it to show her rival that her bags, shoes and jewelry are more expensive. The rival’s reaction is so predictable. She shops until she drops, or her husband’s credit card gives up—whichever comes first.

Eating and warring onscreen

SEEKING GREENER PASTURES

SO the real reason why the actress wants to try her luck abroad is really for greener pastures. Her career, as she sees it, is at a dead-end through no fault of hers. First, the pandemic happened and other factors came into play. The way she sees it, she has a fighting chance because of her looks and her parentage. In the Philippines, she is simply a highly-paid influencer who commands paychecks of up to seven figures but the actress wants to act and she knows she can earn more when she acts. So she’s been preparing for this new bid for stardom for about a year now, and she has the support of her family and fans.

SCREAMING INTO MY MASK Continued from B4 Or maybe they were screaming like me, but their masks muffled any sound of terror?

We all know how the main storyline goes. No spoiler alert here. The good guys win. The bad dude ends up dead. What happens to the dinosaurs? Well, you can probably guess the ending as well. Like I said, it is a pretty formulaic film, and the excitement comes from how fast the protagonists can run while being chased by the wily predators.

(Frankly, I kept thinking about how the dinosaurs are like those vicious trolls in social media. Uncaring and uncompassionate...they are just out to satiate their lust for power by tearing down institutions and attacking people.)

I must admit it was a thrill to finally watch a film in a moviehouse, while shoveling popcorn into my mouth and taking a drink. It’s been so long, I don’t remember what was the last movie I watched, prepandemic. (Probably Avengers: Endgame?) But the cost of watching these films on the big screen has risen as well, although my P390 ticket did buy me free popcorn.

There were not really a lot of people in the audience, since I watched it right after lunch. I would imagine queues probably in the evening and on weekends. I know what you’re thinking...is it safe?

Everyone has his or her own comfort level in terms of risks during a time where the Covid-19 virus still exists and continues to mutate. I tried to keep my mask on all throughout the film, except that the lure of the popcorn was too great. But I did put it back on after consuming the entire carton of snack.

I chose a seat in a row which had no people beside me. But, yes, the entire theater is air-conditioned. Do malls keep their cooling systems clean and virusfree? I don’t know.

All I know is, I’m double-boostered which, hopefully, will protect me from the virus if people around me are carrying it. Life is too short to keep worrying about the bad stuff. n

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WO films—one that features actors with food and angst, and another with the story about a war and the most fabulous display of bravery—have preoccupied me lately. This state of thinking, which seldom invades my thought process, could only mean one thing: these two films have touched me in such a way that my mind still lingered over the scenarios in the two works. This does not necessarily mean the films are so excellent that they have become unforgettable—classics, in the language of film aficionados; rather, the films are extraordinary in their, first, appearance, and, second, in their narrative.

Rokohōdō Yotsuiro Biyori (Colorful Days) is one such film. It is a story of four young men working and living together in a cafe/teahouse, kissaten to the Japanese. Headed by Nozomu Kotaki, who plays Kyosui Togoku, the team is composed of three more actors, namely Shono Hayama, Ryusei Onishi and Daichi Saeki. Impossibly cute, irrepressibly charming and most of the time hapless to the verities of the outside real world they all appear to belong to, sheltered by the ancient house.

Is this a case of Boy Love all over again, or yaoi as the genre is known among animé/manga otaku (obsessive fans), or is this a collection of stories about boys suffering through a society that demands so much of men?

The lives of the four men would not go on without troubles. Another young man, less vulnerable, enters their lair and brings in a mysterious conflict. He asks a lot of questions but we do not know why...until he goes back to his office where a man unidentified yet creates

a context for the other man’s intrusive character.

From this relation, the story would travel toward the direction of kinship, the past and its sad questions.

The magic really of the teahouse is in the food it offers. Here is where this film takes on a flight of fancy. Men and women who enter the place end up not only savoring the taste of the dish offered to them; such delectation also makes these customers aware of what has been wrong or lacking in their lives all these years. Suffice it to say that the tea or the cake provides the clients, each with their own sources of malaise or grief, a relief that the plot now moves from the culinary to the enchanting. Hey, make that enchanted.

While the customers appear to have their life crisis resolved by the most sublime of soup or pasta, the four young men seem to wallow in their own troubled present. This condition persists in such a way that we sense vulnerability in males to be a factor in their beauty, certainly a compelling thesis in any rumination about gender—and sexuality—in Japanese society.

While Boy Love remains a cultivated taste, the food presentation in Rokohōdō affirms another allure in Japanese culture—their cuisine and how the ingredients are so arranged to form a discourse on the evanescent, very much like the aesthetics on life and love. For another reference, the viewer may want to check another Japanese film, What Did You Eat Yesterday?, the story of a gay couple living together. (A delightful series based on the film is now streaming on Netflix.) Nowhere in the film is the physical aspect of love ever actualized before us. Love and lust, if you wish, are all there at the table as the lawyer-husband expertly prepares their dinner (sometimes lunch and breakfast) each day and the partner enjoys the regular feast.

Three directors handle the ten episodes of Rokohōdō, which are based on the manga series by Yū Shimizu. The film is an Asahi Film production.

Allow me to jump from the kitchen and table, or from a teahouse, into the warfront. Japan is still involved in this tale but another party is brought to the table—the Americans. It is World War II. Pearl Harbor has been bombed. The Japanese navy is supreme. The Americans, conscious of the imbalance

in war instruments, are scampering to strategize and turn the tides of war.

In Honolulu, the code-breakers are winning this aspect of the battle. As is true with wars, the homefront usually does not feel much of what is happening at the front. The most difficult part is convincing the US mainland authorities that the intelligence forces in the Pacific, insisting they know better the positions and plans of the enemies, are correct.

Welcome to the Battle of Midway. The 2019 version, not 1976 edition.

Why bring up such an unfair comparison? Like the otaku (here, simply to mean avid fans) of the teahouse drama involving four young men, the war-movie enthusiasts cannot stop comparing the live-action scenes of the older Midway film to this film directed by Roland Emmerich.

Here is my point: we all believe in this principle of suspension of disbelief in order to accommodate a story unfolding before us in a play or film. In the case of Midway, I need not suspend anything because the rush of adrenaline was easily induced by the hyperrealism in the shots of the details of war, all generated by a computer.

Onscreen, planes soar from your left screen and bombs explode with the accuracy and vitality of the most active of imaginations. Thrill after thrill of closeup shots of pilots arrest your attention as seemingly no one could survive the hell up in the sky and more hell below with the torpedoes blasting to flaming eternity carriers and destroyers.

The energy is relentless and unforgiving. Where the action stops, it is to give a break to the audience exhausted from all that ride and fantasies, and to listen to the quieter tragedies in bunkholes, homes and command outposts. And allow the women actors to perform.

Midway is produced by Emmerich and, like traditional war movies, is an all-star cast outing. It stars the following actors: Patrick Wilson, Ed Skrein, Luke Evans, Nick Jonas, Aaron Eckhart, Dennis Quaid, Mandy Moore and many others.

Rokohōdō and Midway, like What Did You Eat Yesterday?, are streaming on Netflix. n

‘The World Between Us’ to stream on Netflix beginning June 17 THE hit prime-time GMA series The World Between Us will be available on the popular streaming platform Netflix this June.

The drama revolves around the romance between two individuals whose love hurdles many obstacles but, in the end, brings them together.

The series stars three of the Philippines’s most popular and highly talented actors Alden Richards as Louie Asuncion, the brainy orphan who has a penchant for inventing gadgets and who will work his way up to prove that he is worthy of Lia’s love; Jasmine Curtis-Smith, who charms viewers with her portrayal of Lia Libradilla, the lovable and compassionate youngest member of the affluent Libradilla

family who falls for Louie; and Tom Rodriguez as Brian Libradilla, the stubborn and bullheaded heir of the Libradilla family who does not consider Louie as his equal.

The series begins when Louie is taken under the wings of Rachel Libradilla, CEO of Prime Mobile, the leading cell-phone manufacturing company in the Philippines. He meets Rachel’s children, Brian and Lia. Louie becomes close to Lia and develops feelings for her.

Soon, Lia also falls in love with Louie. However, they cannot reveal their love as Louie does not want to betray Rachel’s trust. He wants to be an asset to Rachel and prove that he is worthy of Lia.

As the years pass, Louie now holds an executive position in Prime Mobile because of his invaluable contribution to the company, and he finally has the courage to tell Lia how he feels. Just when things are starting to fall into place, Brian ruins everything for Louie by setting him up for a crime.

Will Louie be able to regain his status and freedom, and be with the only woman he has ever loved? Will he be able to forgive the people who have wronged him? Will his principles be enough to make him triumph in the end?

Produced by GMA Entertainment Group and directed by Dominic Zapata, viewers can binge-watch The World Between Us on Netflix beginning June 17.

ALDEN RICHARDS and Jasmine Curtis-Smith in GMA’s The World Between Us.

B5

B6 Friday, June 10, 2022

San Pablo City gets highest audit rating from COA

A fiercely creative agency takes pride in its independent streak

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OUNDED in 2000, with only three clients in its roster, Catalytx is a strategic marketing consultancy with effective advertising agency capabilities. Its purpose is to build seamless partnerships to help worthy clients succeed in growing their brands and businesses. Today, Catalytx is among the top independent advertising agencies in the country, and is a strong ally to over 40 local and international brands.

This Philippine Independence month, Catalytx Advertising Inc. takes pride in its independent streak. Free from restrictions, it has the vast potential to welcome new opportunities, new talents and new adventures with more creativity, more purview and more freedom. As a fiercely independent agency, Catalytx can go further than it has thought possible.

As an instinctive agency, Catalytx runs a tight ship. It’s a lean and mean machine powered by strong bonds, genuine trust, and unshakable loyalty. Because they share common values, ethos and beliefs in the workplace, the management and employees are committed, determined and motivated.

Since the company is composed of like-minded individuals, it has developed a closeness akin to being a family. The comfort of being familiar allows for

THE men and women behind Catalytx Advertising Inc. collaborations, discussions, and even fiery brainstorming sessions—all to accomplish the results that will satisfy its clients’ expectations. At Catalytx, management and operations tend to be more entrepreneurial, a quality crucial for long-term profitability. It is not held down by the global or traditional way of doing advertising.

Equitability, along with independence, allows Catalytx to work seamlessly as a marketing partner. It has nurtured harmonious relationships with clients since its founding in 2000. It sincerely cares for clients’ businesses. This makes it easier for the agency to be objective in giving sound advice.

The seamless service it provides is

heightened by a personal approach that can come only from an independent agency. That is to say, clients’ success will be the agency’s success; clients’ needs will be fulfilled, with immediate feedback; and its clients’ brands will be known in a massive and effective way.

Take note, 99% of businesses in the Philippines are small- to medium-scale, local, and competitive. Beyond that, they represent a wide diversity of visions, philosophies, and values that require sincerity, enthusiasm, and authenticity to convey and amplify.

As a proudly independent and passionate agency, that is what Catalytx strives to embody not just in the way it works, but in how it helps brands navigate the path of growth and success.

U

NDER the leadership of Mayor Loreto Amante, San Pablo City Local Government gained the Commission on Audit’s (COA) Unmodified Opinion which is the highest audit rating from the Commission on Audit.

This was conveyed in a letter to Amante in its Annual Audit Report (AAR) on the accounts and operations of the city government for 2021 pursuant to Government Auditing Code of the Philippines.

The “Unmodified” rating means that the financial statements and performance of the city was presented fairly in all material aspects and the results of the operations and financial condition of the LGU are based on existing government standards and compliant with government laws, rules and regulations.

The Lead Audit Team composed of OICAudit Team Leader Jonathan R. de Castro; Audit Team Member Timothy Wilson C. Juliano, OIC-Supervising Auditor Rodolfo M. Asuncion and State Auditor Ma. Rosario G. Sto. Tomas audited the Independent Auditor’s Report, Audited Financial Statements,

ENJOYING the Maragondon River Cruise are DOT-Calabarzon acting regional director Marites Castro, AAP Lakbay president Mina Gabor, and AAP Lakbay tour director Eva Lyn Carmona, with caravan participants.

A

S part of its efforts to reboot tourism in the Southern Tagalog, the Department of Tourism-Calabarzon Region supported the recent caravan of AAP Lakbay which visited the historical, cultural, culinary and natural attractions of Maragondon and Silang, Cavite.

Under the theme “Drive, Dine and Discover”, the caravan drove

Takoyaki chain grows its business via competitive franchising

W

hen the pandemic hit, a lot of sectors were badly affected. The food industry was not spared and entrepreneurs had to revisit their plans and business models.

Stories of hope were hard to come by, but some found the courage to start during this difficult period in our lives.

This includes a group of young entrepreneurs who share the passion of bringing Japanese food closer to homes.

What started out as a humble takoyaki bazaar stall in Iloilo has now grown into a merienda favorite with branches nationwide. Otako Monsta takes pride in its unique business model that was designed to be attractive and beneficial to its future partners. Because they knew they wanted to grow their business through expansion, the team focused on creating a franchisee package that has good profit returns.

Otako Monsta has made franchising less intimidating by removing royalty and marketing fees. Low capital investment also makes the brand a good option for young entrepreneurs who want to invest their money. On top of this, partners enjoy a 125% capital

margin and will reap their return on investment (ROI) within 1 year.

Co-founder Gian Franco Go believes that their guiding principles in running their Japanese street food empire are keeping a wide range of food options, competitive pricing, and fostering a passionate team that will always have their partners’ best interest in mind.

In keeping these beliefs as their core, they make sure they’re always a step ahead from similar food concepts.

Otako Monsta takes pride in its wide variety of Takoyaki flavors which can be enjoyed for as low as P99 for 6 pieces. Their best-selling seafoodfilled takoyaki Monsta, finished off with their matcha dessert balls, will surely keep you coming back for more.

Taking into consideration foot traffic and competition in the vicinity, Otako Monsta has aggressively expanded across Visayas and Mindanao and has recently started opening branches in Luzon. They closed 2021 with over 40 branches, and are continuing to build this number in the months to come.

If you share the same passion as the Otako Monsta team and have locations for new branches in mind, reach out to tinyurl.com/otakoxbm to start your franchisee journey.

Follow Otako Monsta at social media pages and stay tuned for more updates at https://www.facebook.com/ OtakoMonsta and Instagram: https://www.instagram. com/otako_monsta/.

Observations and Recommendations and the Status of Implementation of Prior Year’s Audit Recommendation and the Annexes.

According to City Accountant Arlene Beltijar the city LGU performed well in terms of the financial performance. Thus, the city is a consistent awardee of the Good Financial Housekeeping Award given by the Department of the Interior and Local Government (DILG).

Happy Life introduces two new products to pet care line

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APPY Life Organics, a Philippinebased company that promotes innovative and eco-friendly solutions for pet care, has developed an Ear Wash and an Eye Wash for your fur babies.

The Ear Wash is gently formulated for pets and is made off neem, peppermint and witch hazel. It contains no sulfates, colorants and fragrances. It helps reduce wax build up,

DOT-Calabarzon supports AAP Lakbay Cavite caravan through the Our Lady of the Assumption Church, Bonifacio Trial House Museum, Inuquit River Cruise, Likhang Maragondon, Cornerstone Pottery Farm, and Asiong Caviteño Restaurant.

AAP Lakbay is the drive tourism arm of the Automobile Association of the Philippines (AAP), the country’s national auto club, which has has been doing a series of caravans across the country’s key destinations over the past decade to promote domestic tourism.

The caravan, the third during the Covid-19 pandemic period, is among the private initiatives to promote “green circuits” to tour operators and travelers. The group is lining up more unique destinations off the beaten path through well-curated itineraries to spread tourism’s benefits to provincial communities.

The DOT-Calabarzon Region launched last December the Green Corridor Initiative circuits in Cavite, Laguna, Batangas, Rizal and Quezon which are compliant with the government’s pandemic protocols. It will also be doing a culinary caravan around the region’s home-grown dining establishments for the development of a food trip itinerary for tour operators.

SAN Pablo City Mayor Loreto Amante

removes debris and relieves ear irritation. It is guaranteed cruelty-free product for pets.

The Eye Wash, on the other hand, is incorporated into a saline solution and has no sulfates, colorants and fragrances. It helps remove tear stains and debris and relieves eye irritation. Like the Ear Wash, the Eye Wash is a cruelty free-product.

Happy Life Organics is best known for its Waterless Shampoo, the first product of its kind in the Philippines which is 100 percent natural and pet friendly. It’s an innovative and plant bath alternative to chemical shampoos for for pets.

Happy Life provides all-natural, sustainable eco-friendly solutions to homes across the country. The company promotes a healthier lifestyle with organic home and pet product alternatives that are changing and improving our lives for the better.

The new products are a way of celebrating the company’s 5th year! For more information, visit www.happylifeph.com. You also visit the Lazada and Shopee Flagship malls for Happy Life Organics.

Lenovo EdVision Summit pushes for change to fully realize the modern classroom

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HE EdVision Summit gathered leaders in the education technology industry, such as Lenovo and its partner Microsoft, along with members of the academe in the region to discuss best practices for the modern classroom. Held on 24 March, over 20 speakers from seven markets, including the Philippines, Thailand, Singapore, Malaysia, Vietnam, Hong Kong, and the United States, expressed their thoughts on the future of education. It was attended by over 1,200 educators and stakeholders in the region with almost 700 coming from the Philippines.

This year’s Lenovo summit focuses on the need for change in the quickly-evolving educational landscape, calling on educators and technology leaders to improve learning pedagogies and technologies based on the evolving reality of the classroom and the workplace.

“Evolving approaches to teaching and learning are critical to ensuring that our students are ready for the rapidly changing world they will graduate into,” said Delia DeCourcy, Senior Global Education Solutions Manager, Lenovo United States.

Launched in 2020, the Lenovo EdVision program was launched to hone the digital literacy. The progra m offers distance learning

solutions with technology such as Microsoft Teams and Microsoft 365 Education, for schools and industry partners to promote digital transformation of education.

Hybrid learning is not just about taking classes online. Students need powerful, innovative technologies that empower them to learn more effectively, collaborate better, without compromising on security. With a focus on M365 platform, the updated iteration of the program delivers students a more engaging learning experience. It also builds a community for educators to exchange their insights and strategies to navigate hybrid classrooms.

Micheal Ngan, General Manager, Lenovo Philippines stressed the importance of the collaboration between hardware and software in addressing the challenges of online learning. “We work with Microsoft to certify our educators in the Philippines to raise their digital skills. So far, we’ve trained and certified almost 500 educators and that’s something we plan to carry on,” Ngan said.

“We’ve learned a lot from two years of distance learning and we’re applying what we’ve learned into the solutions and services we offer in order to better serve our partners in delivering quality education,” Ngan adds.

SSS earns P28B, reports net loss in 2021

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HE Social Security System (SSS) registered earnings of P28 billion in 2021 from its operations, with contributions and investment income exceeding benefit payments and operating expenses.

In its 2021 unaudited financial statement, its cash inflows of P262 billion surpassed its cash outflows of P234 billion.

In the last six years, SSS recorded cumulative earnings of P202 billion, even with a recordbreaking P1.1 trillion benefit payments and P254 billion loan releases to its members and pensioners.

SSS’ adoption of the Philippine Financial Reporting Standards (PFRS) 4, which recognizes Social Benefit Liabilities (SBLs) and the Margin for Adverse Deviation (MfAD), resulted in an increase in policy reserves of P872 billion that contributed to the accounting net loss of nearly P844 billion for 2021.

“We want to clarify that the increase in policy reserves is not actual cash that went out of the fund in 2021. These are simply estimates of the required reserves to fund future benefit claims,” SSS President and CEO Michael G. Regino said.

“We recognize these future liabilities as early as now to be more transparent in managing the SSS fund and to create a clearer view of our long-term financial standing. We assure our stakeholders that this does not affect our current cash flows and we remain financially viable in terms of providing benefits to our members,” he added.

Notably, the SSS’ fund life is estimated to last until 2054. The estimated fund life of the social security institutions of other ASEAN countries such as Vietnam and Thailand are until 2027 and 2054, respectively, while the United States Social Security Administration fund is expected to last only until 2034.

Sports BusinessMirror

mirror_sports@yahoo.com.ph | Editor: Jun Lomibao

Friday, June 10, 2022 B7

Business, govt celebrate bike day

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YCLING advocates from both public and private sectors and civil society organizations convened to promote safety and sustainability for Filipinos who bike to work and for whom biking is work at SM by the Bay. The event gathered more than 50 participants composed of delivery riders and local cyclists.

It was co-organized by Makati Business Club, SM by the Bay, SM Cares, Bikers United Movement and Bicycle Friendly Philippines with the support of the Embassy of the Netherlands, JCI Manila, Beseekleta for EveryJuan, CycleHouse Philippines, Grab and foodpanda.

Public and private sector personalities such as SM Supermalls president Steven Tan, Department of Transportation Assistant Secretary Mark Pastor, Bike Lane Program head of the Metropolitan Manila Development Authority

Ching Salinas and Deputy Chief of Mission of the Embassy of The Netherlands Pieter Terpstra joined the event to express their support for safe and sustainable cycling conditions in the Philippines.

Cycling group leaders Karen Crisostomo (Bicycle Friendly Philippines) and Ann Angala (Bikers United Movement) also conducted a Road Safety Seminar where delivery riders learned about the basics of bike commuting and their rights on the road as cyclists.

The event also featured free bike rentals and mechanic services for cyclists in need of basic bike repairs.

Enthusiasts interested in supporting the advocacy can make their the pledges to be a BikingFriendly Business by clicking here: Bike-Friendly Business Pledge or get in touch with MBC’s Business for Biking Team at: https://bit.ly/ ContactMBC-BusinessForBiking.

DEPUTY Chief of Mission of the Embassy of The Netherlands Pieter Terpstra (third from left) is joined in the event by Roy Maceda of Beseekleta for Everyjuan, Coco Alcuaz of the Makati Business Club, Ann Angala of Bikers United Movement, Ching Salinas of the Metropolitan Manila Development Authority, Department of Transportation Assistant Secretary Mark Pastor, Karen Crisostomo of Bicycle Friendly Philippines and SM Supermalls president Steven Tan.

CARDEL TO GUIAO: LOOK WHO’S TALKING Association Philippine Cup game that the Road Warriors won last Wednesday at the Smart Araneta Coliseum.

Guiao told reporters that Terrafirma “should be a champion team for a long time if not only [being

TERRAFIRMA’S John Cardel is not pleased at all with NLEX’s Yeng Guiao’s comments.

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ERRAFIRMA head coach John Cardel expressed displeasure over the comments that his NLEX counterpart Yeng Guiao made after their Philippine Basketball

picked] by the other teams.”

The NLEX coach was apparently alluding to Terrafirma trading its top players to the other teams.

“Look who’s talking…so how about his team?” Cardel told BusinessMirror, adding that Guiao “should look at his team first before commenting about other teams.”

“Even though I lost some good players in the past, my team is fighting throughout the conferences,” Cardel said. “I don’t know if that’s a credit or an insult, but that’s not right.”

Cardel said that NLEX gave away center JP Erram in a trade to TNT Tropang Giga involving a third team, Blackwater two years ago.

“They [NLEX] gave up their fourth overall pick in the 2021

Beermen clash with NLEX five as games shift to Ynares Center

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AN MIGUEL Beer and NLEX clash on Friday chasing victory No. 2 in the Philippine Basketball Association Philippine Cup at the Ynares Sports Center in Antipolo City.

The Beermen square off with the Road Warriors at 3 p.m. after which opening day losers Converge and Magnolia take the floor at the 6 p.m.

Six-time Season Most Valuable Player winner June Mar Fajardo had a remarkable opening game of 24 points, 15 rebounds and three blocks in the San Miguel Beer’s 108-100 win over Phoenix Super LPG last Wednesday at the Araneta Coliseum.

“It’s an indication that he’s almost 100 percent emotionally,

spiritually and physically,” Beermen coach Leo Austria said. “It’s just a matter of time and he’ll be back to his dominating form.”

Austria praised Fajardo for his concern for charity—he will donate P200 for every point and P1,000 every three-point shot he makes each game.

Vic Manuel was also outstanding with 24 points while CJ Perez erupted with 19 points and Chris Ross had an all-around performance of 17 points, 12 assists and seven rebounds for the Beermen.

The Road Warriors, on the other hand, showed grit in beating the Dyip, 105-102, behind Calvin Oftana’s 20 points, 18 of them he made in the fourth quarter.

THE Warriors will wait to find out if Stephen Curry is simply shaken up after getting slammed into by Boston’s Al Horford in the final minutes while a bunch of players are diving for a loose ball, or if he’s re-sprained his left foot—the same injury he had late in the regular season, suffered, ironically, against the Celtics. AP

By Tim Reynolds The Associated Press

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TEPHEN CURRY tried one of his patented floaters from the left side of the rim. Klay Thompson tried a layup from nearly the same spot a few minutes later.

Slightly different shots from the Golden State Warriors in the fourth quarter of Game 3 of the National Basketball Association (NBA) Finals, with exact same result: They were spiked out of bounds by the Boston Celtics.

Robert Williams III had the block on Curry, Jaylen Brown had the block on Thompson, and if there were any lingering questions about whether this stage—the biggest one the NBA has—is too big for the Celtics, they were answered in those sequences.

Thing is, the Celtics might be too big for the Warriors.

Boston has half the job done in these NBA Finals, now up 2-1 over Golden State after running out to a huge lead, wasting every bit of it and then closing strong to win 116-100 on Wednesday night. The Celtics, trailing late in the third quarter, faced pressure and stared it down.

The Warriors now must do the same in Game 4 on Friday night, or else.

“I don’t think at this point there’s any anxiety from the players,” Celtics coach Ime Udoka said. “It is what it is.

CELTICS TOO BIG FOR WARRIORS

We’ve been battle tested throughout the playoffs, and this far into a series, it should be on to the next. I think we’ve seen what makes us successful.”

Everybody has now.

Boston looks every bit the part of an NBA champion: The Celtics were bigger, stronger, faster and tougher in Game 3, and if all that wasn’t damning enough, the Warriors will wait to find out if Curry was simply shaken up after getting slammed into by Boston’s Al Horford in the final minutes while a bunch of players were diving for a loose ball, or if he’s re-sprained his left foot—the same injury he had late in the regular season, suffered, ironically, against the Celtics.

“I’ll be all right,” Curry insisted.

The Warriors know what the alternative would mean.

“We need him,” Thompson said, “if we want to win this thing.”

It’s more than just needing Curry.

At this point, they might need him to be at his very best.

All, to be certain, is not lost. The Warriors have won six consecutive

games after a loss. They’ve been here before. They’ve answered. The core of Curry, Thompson and Draymond Green were down 2-1 in the 2015 finals before rallying to win their first title together. They know how to turn things around.

They need to do it again Friday, or else a Celtics team that was 25-25 after 50 games this season is going to be on the brink of hanging an 18th championship banner.

“We’ll be better,” Green said after finishing with two points, four rebounds, three assists and six fouls, plus after hearing an untold number of loud, profane chants from many in the Boston crowd. “I’ll be better.

Come out, win Game 4. Go back 2-2.”

The confidence is still there.

It’s not shaken on the Boston side, either.

Celtic Pride was on full display in Game 3. An 18-point first-half lead got completely erased in the third quarter, another disaster third for Boston, and the Warriors went up 83-82. This is where a team that has

NCC reopens doors on Saturday with PHL’s first Spartan Stadion

C Rookie Draft also to Tropang Giga via another three-way deal again with Blackwater, which later turned out to be the super rookie Mikey Williams,” Cardel added.

NLEX beat Terrafirma in a game that was decided at crunchtime, 105-102. Josef Ramos “We worked very hard until the end so I look at it as a good sign of the character of this team,” NLEX coach Yeng Guiao said.

Converge and Magnolia try to bounce back from opening day setbacks—the FiberXers lost to Rain or Shine, 77-79, and the Hotshots suffered a 72-78 decision to defending champion TNT Tropang Giga last Sunday.

Josef Ramos

By Josef Ramos

APAS, Tarlac—The New Clark City Athletics Stadium in Capas reopens its doors to the public with the Philippines’s first Spartan Stadion on Saturday.

“The intensity and excitement of the Philippines’s first-ever Spartan Stadion race is exactly what the Bases Conversion and Development Authority (BCDA) is looking to bring back in New Clark City, two years after serving as one of the centerpiece venues of the 2019 Southeast Asian Games,” said

BCDA Senior Vice President for Corporate Services Group Arrey Perez.

Spartan is a series of obstacle races of different lengths and difficulty levels ranging from five kilometers to marathon distances.

All Spartan courses are designed to physically challenge every participant, who are assured to go through mud, water, barbed wire and other obstacles.

In the Stadion, Spartan Race swaps muddy trails for legendary sports arenas like the New Clark City Athletics Stadium, letting participants race

BASES Conversion and Development Authority Senior Vice President for Corporate Services Group Arrey Perez (third to the right), Spartan Race Philippines General Manager and Managing Partner Dr. Mark Laurenze Celis (second to the right), MTD Philippines President Engr. Patrick Nicholas David (extreme right), Spartan Race Philippines Race Director Micca de Joya (extreme left), Spartan Race Philippines Marketing Manager Beef Co (second from left), Spartan Race Ambassador Kitch Gamilla (third from left) and Spartan Race Kids Ambassador Nicolette Celis (center) strike a pose at one of the obstacles.

Baraquiel seeking redemption at ICTSI Pradera Verde Classic

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UNSHINE BARAQUIEL goes all out for redemption as she seeks no less than a top podium finish in the International Container Terminal Services Inc. (ICTSI) Pradera Verde Classic which gets going on June 15 in Lubao, Pampanga.

Baraquiel, who scored her first

Ladies Philippine Golf Tour (LPGT) triumph in wicked conditions at Tagaytay Highlands last November, was on her way to nailing a second championship when she took charge in the second round of the ICTSI Splendido Taal Championship last month.

But late back-to-back double

bogeys ruined her bid, enabling amateur Mafy Singson to snatch victory from her, Chanelle Avaricio and Harmie Constantino.

But the lady pilot is so resolved to rebound from the slip, confident her vastly-improved game will hold at the well-kept Pradera layout noted for its length and sleek,

exactly zero players who had been in the NBA Finals before last week could have panicked and folded. Instead, the Celtics recovered on the fly and outscored Golden State 34-17 the rest of the way.

“We found a way,” the Celtics’ Marcus Smart said. “That’s what makes us such a great team, because we still found a way to counterbalance that and come out with a victory or put ourselves in a good position to win at the end of the game.”

Now, it’s Golden State’s turn.

If Boston had let Game 3 slip away, it would have been incredibly tough for the Celtics to hoist the trophy. Along the same lines, the Warriors know what Game 4 means. It’s not an elimination game, and a 3-1 deficit doesn’t assure defeat—they learned that the hard way in 2016 against Cleveland—but it’s basically a must win.

“We let one slip away,” Thompson said. “We have a beautiful opportunity Friday to even a series and do what we were supposed to do, and that was get one on the road.” where the professionals play.

Previous Spartan Stadion races were held at the futuristic AT&T Stadium in Texas, the iconic Wanda Metropolitano in Madrid, Fenway Park in Boston, Stade de France in Paris and National Stadium in Singapore.

“Hosting this momentous race cements New Clark City’s profile as a prime venue for sporting events and as an ideal destination for developing strong athletes from all walks of life,” Perez said. “We share Spartan Race Philippines’s vision of boosting Filipinos’ confidence in the country’s ability to recover from this health crisis through sports and wellness.”

The New Clark City Athletics Stadium is the first sports facility in the Philippines to receive a Class 1 certification from the World Athletics, the world governing body for track and field.

“After more than 2,790 years, let me just say we’ve just gone full circle.

Today, I am proud to announce that the Stadion is now in the Philippines,” said Dr. Marc Laurenze Celis, general manager and managing partner at Spartan Race Philippines.

Besides the Stadion race, the New Clark City Athletics Stadium will also serve as the venue of the Spartan Hurricane Heat Race on Friday and the Spartan Kids Qualifying Race on Saturday.

Spartan races are held in the United States and have been franchised to 14 countries including Canada, South Korea, Australia, European countries and the Philippines.

undulating putting surface.

“I haven’t played Pradera Verde before so I’m just making sure my ball striking is predictable enough to hit my yardages,” Baraquiel said.

“I think if I’m able to do that next week, I’ll have a good chance.”

She’s also putting premium on putting, saying: “I’m working on my (putting) stroke as well so I can just focus on visualization next week.”

Motoring BusinessMirror

Henry Ford Awards Best Motoring Section 2007, 2008, 2009, 2010 2011 Hall of Fame

B8

Friday, June 10, 2022

Editor: Tet Andolong • www.businessmirror.com.ph

Mitsubishi unveils its two enhanced models Story & photo

by Randy S. Peregrino

M

ITSUBISHI Motors Philippines Corp. (MMPC) concluded the summer season by bringing updated versions of their two best-selling models—the New Xpander and Strada GLS Line. These models represent the brand’s strong presence in the MPV and Pickup truck segments. For the most part, the update’s highlight is the streamlined and tougher looks of the two model’s already fine appearances.

The New Xpander Since its local debut, the hot-selling MPV finally received the much-anticipated enhancements. Mitsubishi claims that the latest iteration redefines the contested segment with a more advanced and progressive look while combining SUV-like luxury and comfort.

“We are excited for Filipinos to finally be able to see in metal the New Xpander. Mitsubishi Motors wanted to further evolve the Xpander and assert its number 1 position in the market.

We have enhanced its unique selling propositions while upholding the traits that have made it the MPV that it is today. Expect a “reimagined ride” that will tap into your adventurous spirit and re-excite you to hit the road and go

The newly-designed Strada GLS Line. Mitsubishi Philippines

The new Xpander outdoors,” said Takeshi Hara, MMPC’s president, and CEO. Exterior-wise, the refreshed look exudes more “active” and “tough” characteristics. The front end now embraces a more horizontal structure with the addition of three-dimensional skid guards. The prominent new black metallic radiator grille and the latest signature T-shape headlight with a restyled LED daytime running lights (DRL) and turn signal. At the back, the updates highlight the adoption of a ho-

mogeneous T-shape taillight unto the reshaped bumper and tailgate garnish and glass. The wheels are now bigger at 17-inch, complementing the more significant side sill garnish.

Inside, Mitsubishi’s Design Identity of “Horizontal Axis” was applied. The dashboard now has a more robust feel with soft padded materials and actual stitch accents. The new tilt and telescopic steering have been restructured with a compact center for better grip. Also incorporated are a new meter cluster and

dynamic opening graphic. Highlighted at the center is the patented seven-inch Smartphone-link Display Audio (SDA3) and the touchscreen infotainment system supported with hands-free functions, Apple CarPlay, and Google Android Auto. Below is a new digital LCD A/C panel, a larger capacity open tray with a 12V outlet and USB port.

Moreover, the center console has armrests with a reorganized and sizeable compartment. The second row now has access to two rear USB ports (TYPE-A and TYPE-C) embedded at the console, along with the rear A/C dial and louver with inviting colors.

Another improvement is the cup holders in the seat armrests. Of course, the rear seats are foldable to create a sizable cargo bay. Still, the only one in the category equipped with Cruise Control and a reverse camera is added for better backing up visibility.

Even steering and suspension settings have been optimized. The enlarged rear absorber, front/rear springs, and high-performance valves result in a flatter and more comfortable ride.

Moreover, a steering wheel return control was integrated for better maneuverability at low speeds. The Electronic Parking Brake (EPB) and Brake Auto

Hold (BAH) buttons are now part of the shift panel. These, together with Active Stability Control (ASC), Hill Start Assist (HAS), and Traction Control (TCL), now come standard for automatic transmission variants.

The best part? The ground clearance is now higher at 225-mm while retaining the 1.5 MIVEC DOHC 16-valve generating 103 hp and 141 N-m of maximum torque. Price starts at P1.050 million with White Pearl, Graphite Gray, Black, Red, Sunshine Orange, and the newest Blade Silver Metallic color options.

The newly-designed Strada GLS Line Meanwhile, MMPC also brought the updated Strada GLS line to the local market. The brand’s all-around pickup truck flaunts a more contemporary and tougher exterior. The dynamic shield fascia now has a blackened radiator grille and front under garnish. A headlight garnish was also added, seamlessly blending with the LED Daytime Running Light (DRL).

The door mirror, step board, outer handles, and 18-inch alloy wheels were also blacked out. The rear gate handle and step bumper have been blacked out.

Inside, smart storage and connectivity

SMC’s train depot; Lexus omotenashi

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AN Miguel Corp. (SMC) just won’t stop on its infrastructure-building spree.

It had just begun constructing on a 20-hectare property in San Jose del Monte, Bulacan a depot-cum-station that will serve as the main stabling area to its ongoing Metro Rail Transit 7 (MRT-7) project.

I am excited as the state-of-the-art railway system traverses my turf that is Commonwealth Avenue in Quezon City.

The depot, a key element of SMC Infrastructure’s first mass rail project, will have enough capacity to accommodate up to 150 train cars.

This will easily exceed the 36 trainsets or 108 rail cars currently set for the project, ensuring enough room for future expansion.

MRT-7’s trains are all made in South Korea by top rail systems provider, Hyundai Rotem, which is expected to fully deliver the full complement of 108 MRT-7 train cars to the country by end of this year. Thousands of commuters will definitely benefit from this.

“This is yet another important milestone reached by our MRT-7 team, who have been diligently working for several years now, even throughout this pandemic, not only to build the physical structure of the rail system, but also to overcome the many right-of-way and property-related challenges faced by a project of this scale,” said SMC president and CEO Ramon S. Ang (RSA).

“With the necessary land area for the MRT-7 depot finally complete, we can’t waste any more time; our people are fully committed to delivering this vital project to the public as soon as possible,” he added.

RSA highlighted the significant benefits of the MRT-7 to the public, emphasizing that mass rail and mass transport projects are key to decongesting Metro Manila, easing traffic on public roads, lowering harmful emissions that result from hours of stand-still traffic, boosting productivity, and decentralizing economic growth to benefit also our provinces.

Currently, RSA said that project completion for the MRT-7 is estimated at over 60 percent, with most of the construction work focused on the first 12 of its total 14 stations.

Construction on the last two stations and the train depot had been delayed due to right-of-way (ROW) issues—long the bane of construction proponents.

Indeed, ROW laws must be reviewed by the new Congress and next institute revisions if we intend to sustain the momentum of an infrastructure surge began in 2016.

Let’s not dampen RSA’s enthusiasm for national progress.

Lexus leads

OMOTENASHI, which punctuates the finest

solutions were seamlessly integrated, such as the front and back smartphone trays and USB charging ports. Retained is the 2.4-liter intercooler-turbodiesel MIVEC engine delivering 178 hp and 430-N-m of maximum torque.

Safety technologies are Mitsubishi Active Stability and Traction Control (M-ASTC)—to help maintain control in slippery conditions or rapid steering maneuvers; Hill Start Assist (HSA)—to prevent rolling back on very steep inclines even when the brake pedal is not thoroughly stepped on; Trailer Stability Assist (TSA)—to detect and counter trailers being towed from swaying avoiding potential hazards; Anti-Lock Braking System (ABS) along with Electronic Brakeforce Distribution (EBD)— to maximize power and provide more steering control under hard braking situations.

Of course, there is the Easy Select 4WD system with drive modes like 2H (2WD High Range)—for smooth and fuel-efficient cruises on highways or regular everyday drives; 4H (4WD High Range)—for added stability and traction on wet roads; and 4LLc (4WD Low Range with Locked Center Differential)—for better turning power and maximum traction on all types of terrain.

“The Mitsubishi Strada was made for both work and play. It’s a pickup truck that Filipinos can confidently rely on to handle whatever and wherever they need to be, especially for the unpredictable weather and road conditions here in the country. So may it be flooding in city streets or a weekend off-roading trip, the Strada has got you covered,” said Hara. “We wanted to re-introduce the Strada’s GLS series with a stronger and more powerful look that appeals across a wider variety of buyers. And although the changes are just on the ‘outer skin,’ customers can look forward to its robust and reliable DNA that has been known for over 40 years since this nameplate was introduced.”

Variants under the GLS line are 2WD M/T, 2WD A/T, and 4WD M/T, with a starting price of P1.293 million.

principles of traditional Japanese hospitality, is now in full use by Lexus.

The platform basically extends exclusive luxury and caring for Lexus clients.

“It begins with the Metrobank Credit Card Zero interest instalment promo,” said Lexus Manila president Raymond T. Rodriguez.

The newest platform provides service and hospitality features to customers, zeroing in on retailer treatment structures in quick anticipation of client needs.

Initially, the Metrobank credit card allows Lexus customers zero interest and easy installment for up to six months.

A minimum expense of P20,000 on services at any Lexus dealer will net the customer three months zero installment. At P40,000, it’s six months zero installment.

Accredited Lexus dealerships are Toyota Mandaue-South, Cebu; Toyota Davao City; Toyota San Fernando, Pampanga; Toyota Santa Rosa; and Toyota La Union.

It is applicable to all Metrobank Peso Visa/Mastercard, Metrobank Vantage Visa/Mastercard, M Mastercard, Titanium Mastercard, Platinum Mastercard, World Mastercard, NCCC Mastercard, PSBank Credit Mastercard, Toyota Mastercard, Rewards Plus Visa, Femme Visa, Femme Signature Visa, Cashback Platinum Visa, and Travel Platinum Visa credit cardholders.

To learn more, Jade B. Sison directs us to lexus.com.ph or to visit Facebook and Instagram @lexusmanila.

The promo is only up to June 30. So, what are you waiting for?

PEE STOP The Honda BR-V can now be purchased with a 60k discount, Colene Jalalon says. The promo also offers a free one-year PMS vouchers for reserved units between June 1-30 that are picked up on or before July 31.